Novo Nordisk has become big pharma’s newest powerhouse thanks to the meteoric success of its weight loss and diabetes drugs, Wegovy and Ozempic.
The Denmark-based company’s revenue more than doubled from $21B to $44B between 2021 and 2024. It’s estimated to have driven half of Denmark’s GDP growth last year.
This financial windfall has supercharged Novo Holdings, the company’s venture arm and majority shareholder, with investment capacity. Armed with this war chest, Novo Nordisk is positioning itself to shape the future of pharmaceuticals.
Using CB Insights data, we uncovered strategic priorities highlighted by Novo’s acquisitions, investments, and partnerships since Q1’23. We then used these to predict where Novo will go next.
Here are 3 key takeaways from our analysis:
- Novo Nordisk is waging a two-front battle against obesity, combining immediate clinical development with long-term technological moonshots to counter Eli Lilly’s market advances. The company is running 21 active trials (nearly double Lilly’s 12) while investing $33B in manufacturing and pursuing strategic partnerships in cutting-edge technologies.
- Manufacturing muscle isn’t just for GLP-1s — Novo is quietly building a biologics production powerhouse. While its $17B purchase of one of the largest contract manufacturing organizations, Catalent, grabbed 2024 headlines, strategic investments in Evosep, Elektrofi, and Sangon Biotech reveal a deeper push into emerging therapeutic frontiers like gene editing and stem cell therapies.
- Novo’s latest sustainability bet? The future of food. Recent aquaculture tech acquisitions (Benchmark Genetics, Stingray Marine Solutions) align with Novo Holdings’ green tech commitment and showcase its confidence in sustainable protein production.
