Pharma

Novo Nordisk CEO to step down in the face of rising market challenges

The Danish pharmaceutical giant cited rising ‘market challenges’ as a reason for new leadership.

Heerea Rikhraj

May 16, 2025

11:31 am

Credit: Getty Images / Liselotte Sabroe / Stringer

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Novo Nordisk announced on Friday morning that its CEO Lars Fruergaard Jørgensen is stepping down after leading the company for eight years.

In a release announcing the decision, the Danish pharma giant cited rising ‘market challenges’ and competition as reasons why it was looking for new leadership.

Despite its commercial success with blockbuster drugs like Wegovy and Ozempic, Novo faced challenges developing next-generation weight loss drugs amid its fierce rivalry with Eli Lilly.

Notably, its experimental drug CagriSema has fallen short of market expectations, leading to a decline in share price despite the treatment meeting primary endpoints in studies.

Meanwhile, current GLP-1 offerings like Ozempic and Wegovy are also subject to the next round of Medicare drug pricing negotiations in the U.S.

“Considering the recent market challenges, the share price decline, and the wish from the Novo Nordisk Foundation, the Novo Nordisk Board and Lars Fruergaard Jørgensen have jointly concluded that initiating a CEO succession is in the best interest of the company and its shareholders,” said the company in a statement.

The company said that Jørgensen will be sticking around to help ensure a new smooth leadership transition as the search for a successor is ongoing.

In addition to Jørgensen’s pending departure, Lars Rebien Sørensen, chair of the Novo Nordisk Foundation, will join the Novo board, initially as an observer.

Under Jørgensen’s eight-year tenure, Novo’s sales, profits and share price have almost tripled. The CEO led the company through launches of blockbuster diabetes and weight loss drugs, as well as expanding access to these offerings through partnerships with telehealth companies.

However, recent shifts in the market, including the Trump administration’s decision to dismiss a proposal from the Biden administration to have Medicare cover GLP-1s for weight loss, contributed to uncertainties in the future for these drugs.

While Novo Nordisk still remains one of the biggest players in the pharma landscape, the company faces competition from rivals like Lilly and other ascendant drugmakers firms in the obesity and diabetes care market — which is expected to be worth $130 billion by the end of the decade.

Additionally, the company’s share price has fallen more than 50% in the last year due to changes.

Novo’s stock price fell after the announcement but JP Morgan reiterated its ‘Buy’ rating for the company.

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Novo Nordisk CEO to step down in the face of rising market challenges

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