Novo Nordisk is cutting 4,000 additional jobs to streamline operations as part of a restructuring that has reduced total staffing by roughly 13,000 positions. Shares of the Danish drugmaker plunged as much as 7% on Monday after it outlined a strategy to launch more than five multi-blockbuster drugs by 2030 to combat "unprecedented" competition. The company targets more than $23 billion in pipeline sales by 2035 and a capacity to serve 10 times more obesity patients with oral GLP-1s.

Investors cited a lack of specific near term growth targets as the company prepares for the loss of U.S. exclusivity for semaglutide in 2032. The strategy includes at least 10 Phase 3 programs across obesity, diabetes, and other therapeutic areas to diversify the portfolio before Ozempic and Wegovy patents expire early next decade. CEO Mike Doustdar noted the company has already fallen behind Eli Lilly in the obesity market and now targets serving over 60 million patients globally by 2030.