Novo Nordisk – Oral Therapy at the Heart of Its Plan Through 2030
On September 21, Novo Nordisk presented its 2030 targets at its Capital Markets Day in London. The group aims to bring more than five so-called multiblockbusters to market and achieve risk-adjusted revenue of more than DKK 150 billion from its pipeline by 2035. It is targeting revenue growth in line with industry peers, while the operating margin is expected to remain largely stable. In addition, capacity for oral GLP-1 is to grow by 2030 to allow ten times as many people affected by obesity to be treated. However, this is only a plan, not a forecast.
There was a setback in court at the end of October. On October 26, a judge in Trenton rejected Novo’s application for a preliminary injunction against Eli Lilly’s advertising for Zepbound and Mounjaro. Novo had filed a lawsuit in July because Lilly’s advertisements for Zepbound and Mounjaro compare higher doses of these drugs with lower doses of Wegovy and Ozempic. According to the judge, the advertisements had at most a negligible impact between April and July, with prescriptions for Novo’s products remaining unchanged. The proceedings continue. It therefore remains unclear whether the allegations will hold up on their merits.
On November 4, the group will present its third-quarter results. These should reveal how much the oral version of Wegovy contributes to the business. If capacity for the tablet expands as announced, the trend toward more convenient administration could play into Novo’s hands. It also aims to treat more than 60 million patients worldwide by 2030 and launch or even complete at least five Phase 3 programmes in obesity and diabetes, as well as five more in other therapeutic areas. At the same time, Eli Lilly remains a strong competitor. The latest figures will make it easier to assess where Novo Nordisk is heading.
MustGrow Biologics – Field trials in Europe validate TerraMG™
Why Europe in particular? Regulations are stricter there, and farmers have fewer chemical crop protection products at their disposal. Field trials came into focus at MustGrow Biologics at the end of October. On October 28, Colin Bletsky of MustGrow and Ralf Glaubitz of Bayer discussed the collaboration in a fireside chat. Bayer confirmed that the pre-registered biocontrol product TerraMG™ can be applied using conventional European application equipment and provides effective control of nematodes and soil-borne diseases under field conditions. The agreement dates back to December 2023. Under the licensing agreement, Bayer holds the rights for Europe, the Middle East and Africa (EMEA). Having strong partners makes a difference.
TerraSante™ is already on the market. The biological soil fertility product is registered in several US states, including California, Florida, Arizona, Idaho, Oregon, Washington, and Georgia, among others, and is certified for organic farming. As of August 15, revenue had reached CAD 875,000, a substantial 46% above the total for the whole of 2025. The area of land treated has increased steadily in recent years, from around 150 acres in 2024 to around 1,000 acres in 2025 and around 2,000 acres so far this year. In total, around 5.6 million acres in the US are planted with high-value crops, of which 187,000 acres are organically farmed. The market for biological fertilisers is expected to grow to USD 6.3 billion by 2032, with 12.2% growth. This could bring further growth opportunities for MustGrow’s business.
There is fresh momentum at the top. Since November 1, Kevin Helash has been leading the company as Chief Executive Officer. He previously headed Biotalys, Marrone Bio Innovations and Agrinos. At Marrone, he led a realignment that culminated in the USD 235 million merger with Bioceres Crop Solutions in 2022. Corey Giasson will take on the role of Chief Operating Officer. According to the company’s estimates, TerraSante™ production capacity of around 550 tonnes equates to revenue potential of CAD 20 million, at an estimated gross margin of 20 to 40%. If capacity is expanded to between 2,000 and 3,900 tonnes, revenue of CAD 50 million to CAD 100 million could be achievable based on these estimates. The gross margin would then range between 40% and 60%. This could accelerate the product’s commercialisation.
Nestlé – Health division in focus, volume growth accelerates
Nestlé Health Science brings together the group’s health businesses in three areas, namely active lifestyles, medical nutrition and pharmaceutical therapies. The division has existed since 2011, and its stated purpose is to enable healthier lives through nutrition. Its portfolio currently includes brands such as Garden of Life, Vital Proteins and BOOST. Those seeking to live healthier lives can find products for everyday use as well as medical needs there. The group is therefore active where consumers engage with their health. The question is which brands benefit most from this.
The group provided an answer on September 1. Nestlé intends to sell Nature’s Bounty and six other brands, along with its US private-label supplements business, to Yellow Wood Partners for USD 1 billion. This also includes manufacturing, packaging, warehousing and distribution. According to Nestlé, the business generated revenue of USD 1.2 billion in 2025, and completion is expected by the first half of 2027. Solgar and Pure Encapsulations will be the focus going forward. Group CEO Philipp Navratil explained that the rationale was to deploy resources where the competitive advantage is greatest. This sharpens the focus.
On October 22, Nestlé presented its third-quarter results. Organic growth was 4.0%, up from 3.7% in the second quarter. Volume growth rose to 2.8%, compared with 1.8% in the previous quarter. Russia is weighing on performance. Following an intervention by Russian authorities, the business is under temporary external administration, and Nestlé has not consolidated it since the end of September. The forecast of 3 to 4% organic growth for 2026 remains unchanged. Revenue in the first nine months was CHF 65,865 million, compared with CHF 65,869 million in the previous year. Growth is gaining momentum.
Conclusion
Anyone looking to live a healthier life needs to pay attention not only to their eating habits, but also to organic quality and where they buy their products. Novo Nordisk has unveiled its plan through 2030, focusing on the oral version of Wegovy. On November 4, the third-quarter figures will show how far the company has progressed. MustGrow Biologics is advancing field trials in Europe with Bayer, while TerraSante™ sales continue to grow and a new CEO, Kevin Helash, has joined the company. Nestlé is parting with Nature’s Bounty and sharpening its profile in premium brands. The business is growing organically.
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