Bloomberg Talks

Novo Nordisk CEO Mike Doustdar Talks Drug Sales

Date: November 5, 2025
Host: Bloomberg
Guest: Mike Doustdar (CEO, Novo Nordisk)

Episode Overview

This episode centers on the leadership transition at Novo Nordisk and the company's strategic direction amid increased competition and shifting pharmaceutical markets, particularly around obesity and diabetes treatments. CEO Mike Doustdar discusses quarterly results, competition with Eli Lilly, the acquisition of Matsera, access to obesity medication, regulatory and pricing negotiations, and the impact of compounders on the business. The conversation offers insight into how Novo Nordisk is responding to challenges and opportunities in the rapidly evolving pharmaceutical landscape.

Key Discussion Points and Insights

1. Novo Nordisk’s Financial Performance and Market Sentiment

• Quarterly Results: Novo Nordisk is experiencing slowing quarterly growth, projecting that Q4 will be a financial low point.
  • Quote:
    “If you project our numbers for the full year, actually you see that quarter four should be in negative territory so that you see mathematics at the low point.”
    — Mike Doustdar (01:04)
• Market View: Despite challenges, share prices are up, possibly signaling investor confidence that the worst is behind.
• Perspective on Adversity:
  “We are in a business of marathons and not sprints.”
  — Mike Doustdar (01:37)

2. Strategic Direction and Competitive Landscape

• Leadership & M&A Moves: Doustdar has been CEO for just 91 days, already addressing cost cuts and a major M&A deal.
• Competition with Eli Lilly: Asked directly about matching Eli Lilly’s performance, Doustdar stresses patient focus rather than competitive obsession.
  • Quote:
    “My job is to put the patient in the center of what I do, and not necessarily just my competitor.”
    — Mike Doustdar (02:51)

3. Matsera Acquisition: Why Buy?

• Strategic Fit: Matsera’s pipeline complements Novo’s and is necessary as treatments become more complex and individualized.
  • Quote:
    “When the ambition is in billions and not millions, you need basically all the great assets to get great assets, but complementary.”
    — Mike Doustdar (03:15)
• Patient-Centric Rationale: Disease variability and patient preference require a diverse product portfolio (e.g., oral vs. injectables, weekly vs. monthly dosing).
  • Quote:
    “Obesity and diabetes is not a single disease. It's an individual disease. You basically have different preferences.”
    — Mike Doustdar (03:38)
• Market Concerns: Acquisition not a signal of lack of confidence in current products, but an effort to widen the offering.

4. Acquisition Bidding Dynamics

• Competing with Pfizer: Doustdar plays down rivalry, focusing on whether they’re getting value at the right price.
• On Overpaying: Due diligence has been done, confident Matsera is worth the proposed price.
  • Quote:
    “We know this company very well. We have seen this company for a long time and we like what we have seen.”
    — Mike Doustdar (05:19)

5. U.S. Pricing Negotiations and Regulatory Issues

• White House Discussions: Negotiations are ongoing with the Trump administration to improve patient access and affordability.
  • Quote:
    “We both would like to provide access to many more patients out there, affordable access.”
    — Mike Doustdar (05:49)
• Impact of Compounders: Concern about unapproved compounders entering the market; Novo Nordisk is lobbying for regulatory clarity.
  • Quote:
    “Taking an API, the raw ingredient of a medication that has not been approved by FDA, and injecting that into human beings is something very far from what we have been educated in this industry. So we will continue to lobby to...this is simply not right.”
    — Mike Doustdar (06:36)

Notable Quotes & Memorable Moments

• “We are in a business of marathons and not sprints.” (01:37, Mike Doustdar)
• “Obesity and diabetes is not a single disease. It's an individual disease.” (03:38, Mike Doustdar)
• On pricing strategy and Pfizer rivalry:
  “My focus is on Novo Nordisk. The way I see this is there's a company for sale. There's a buyer and a seller. And basically one of the buyers doesn't like the price and the other one does.” (04:39, Mike Doustdar)
• On compounding pharmacies:
  “Taking an API, the raw ingredient of a medication that has not been approved by FDA, and injecting that into human beings is something very far from what we have been educated in this industry.” (06:36, Mike Doustdar)

Timeline of Important Segments

• 00:29 – 01:04: Q3 earnings, current headwinds, analyst outlook
• 01:44 – 02:43: Strategy under Doustdar, competition in obesity market
• 02:43 – 03:13: Comparison with Eli Lilly; prioritizing patients over rivals
• 03:13 – 04:21: Details on Matsera acquisition, expanding treatment options
• 04:33 – 05:28: Acquisition bidding, rationale, and pricing discipline
• 05:39 – 06:29: U.S. White House pricing discussion, affordable access
• 06:29 – 06:59: Compounding concerns, regulatory advocacy

Tone and Takeaways

Doustdar projects a calm, pragmatic confidence, focusing on the long-term, patient-centric mission of Novo Nordisk, while also signaling readiness for vigorous competition and dynamic strategic moves. He is open about the industry’s challenges and transparent about growth strategy, M&A rationale, and regulatory hurdles—emphasizing diligence, discipline, and adaptability as Novo Nordisk faces a new chapter.

For listeners: This episode offers an inside look at how one of the world’s leading pharma CEOs is steering his company through post-boom turbulence, strategic acquisitions, and high-stakes negotiations to maintain leadership in a fast-changing industry.