BMO Says Novo's 2030 Growth Plan 'Slightly Less Transformational' Than Expected

04:11 AM EDT, 09/22/2026 (MT Newswires) -- BMO Capital Markets said Monday that Novo Nordisk's (NOVO-B.CO) new 2030 growth targets met baseline expectations but were "slightly less transformational" than expected. The Danish pharmaceutical giant's updated 2030 roadmap, announced at its capital markets day, focuses on matching biopharma peer revenue growth at a 3.6% compound annual growth rate, alongside plans to launch over five multi-blockbusters to generate more than 150 billion Danish kroner in pipeline sales by 2035 to prepare for semaglutide losing patent exclusivity. However, the research firm noted in two research reports that current consensus models a 3.53% revenue CAGR for Novo from 2026 to 2030, slightly below the expected broader biopharma peer average of 3.65%. Analysts highlighted that Novo is leveraging direct-to-consumer channels, Medicare Part D expansion, and a broader international Wegovy pill rollout to defend Ozempic and drive global market share recovery. This operational push builds on strong US traction from its Wegovy pill and renewed momentum in Europe. Even so, BMO said the presentation offered little unexpected news, with the event reinforcing the strategy to expand its core franchises, diversify into new therapeutic areas, and capitalize on larger production and distribution capabilities. "Still, many of the most important value drivers remain early, and the 2030 targets depend on successful development, launches, and market expansion amid intensifying competition and pricing pressure. For us, Novo remains a show-me story, with better visibility on pipeline execution and commercial uptake needed to rebuild confidence in the longer-term growth outlook," analysts wrote. BMO rates Novo at market perform, with a price target of $47.