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Mar 26, 2026

Novo Nordisk chairman Lars Rebien Sorensen faces investors on March 26, 2026 at the company's annual meeting for the first time since orchestrating a boardroom coup that ousted former CEO Lars Fruergaard Jorgensen in May 2025. Since the leadership change, Novo Nordisk shares have plunged 45% while competitor Eli Lilly briefly became the world's first $1 trillion drugmaker with market value growing by a fifth during the same period. The struggling Danish pharmaceutical company has cut Wegovy prices in South Africa twice since launching there in August 2025, with the lowest dose dropping 60% to $110 and the highest falling 27% to $221, as it battles Eli Lilly's market dominance. New CEO Mike Doustdar and Sorensen have had only months to remake Novo Nordisk into a more aggressive competitor after a failed acquisition attempt of a Pfizer obesity startup and a gloomy 2026 forecast that further rattled markets.

Novo Nordisk leadership crisis and investor concerns

▪Novo Nordisk shares have fallen about 45% since Lars Rebien Sorensen intervened to oust former CEO Lars Fruergaard Jorgensen in May 2025.
▪Eli Lilly briefly became the world's first $1 trillion drugmaker between May 2025 and March 2026.
▪Novo Nordisk surprised the market in 2026 with a gloomy forecast that sent Novo Nordisk shares plunging.
▪Novo Nordisk chairman Lars Rebien Sorensen will face investors at Novo Nordisk's annual meeting on Thursday March 26, 2026 for the first time after his boardroom coup.
▪Novo Nordisk failed in an attempt to acquire an obesity startup from Pfizer in fall 2025.
▪Eli Lilly's market value grew by a fifth between May 2025 and March 2026.

Wegovy pricing strategy in South Africa amid competition

▪The highest dose of Wegovy in South Africa fell 27% to $221.
▪A 12% cut to the 1.7-milligram dose of Wegovy in South Africa awaits approval as of March 26, 2026.
▪Novo Nordisk reduced Wegovy prices in South Africa in December 2025.
▪The lowest injected dose of Wegovy in South Africa dropped 60% to $110.
▪Novo Nordisk is cutting South African prices of Wegovy for a second time since Wegovy launched in South Africa in August 2025.
▪Novo Nordisk launched Wegovy in South Africa in August 2025 when reference pricing was uncertain due to talks with the U.S. administration on its proposed most-favored nation policy.
▪Novo Nordisk submitted another Wegovy price reduction in South Africa on March 25, 2026.

Perspective of Novo Nordisk investors

▪Novo Nordisk's failed acquisition attempt of a Pfizer obesity startup in fall 2025 represents a missed opportunity to strengthen the company's competitive position.
▪Novo Nordisk investors have experienced approximately 45% share value decline since the May 2025 CEO ousting, contrasting sharply with Eli Lilly's market gains.

Perspective of Eli Lilly

▪Eli Lilly's achievement as the world's first $1 trillion drugmaker between May 2025 and March 2026 occurred during the same period Novo Nordisk lost 45% of its market value.