Is destined Novo Nordisk for GLP-1 the NOKIA for the mobiles?

Today, Oct 22, 2025 shares of Novo Nordisk fell about 3% after the Novo Nordisk Foundation, its top shareholder, proposed a major board shake-up.

The foundation said Chair Helge Lund and six independent directors will step down next month following disagreements over the company’s pace of change. It plans to appoint former CEO Lars Rebien Sørensen, now the foundation’s chair, as company chair for up to three years, and add six new board members.

Novo Nordisk’s shares, already down more than 53% YoY, lost another $10 billion in market value since Monday. 

The Danish company faces growing competition from Eli Lilly and Company, whose Mounjaro is gaining market share from Wegovy and Ozempic, while Trump administration's proposals to cut weight-loss drug prices increase regulatory and pricing pressure. 

The company’s heavy reliance on a few blockbuster drugs and high exposure to the U.S. market make it vulnerable to sudden shifts, much like Nokia’s dominance in mobile phones before being overtaken by Apple. 

Novo Nordisk’s recent board restructuring seeks to strengthen its U.S. strategy, but continued market turbulence could threaten both growth and investor confidence. 

Given Novo Nordisk’s pivotal role in the Danish economy and its substantial presence in pension funds, any major setback in the U.S. market could trigger wide-ranging economic impacts and unforeseen consequences for Denmark.