Novo Nordisk has named Maziar Mike Doustdar, currently the company’s EVP of international operations, as the new CEO.
Doustdar will succeed Lars Fruergaard Jørgensen, whose surprise abdication was announced in May. Doustdar will assume the chief executive post on Aug. 7, a day after Novo reports its half-year performance, the company said Tuesday.
The CEO transition comes as Novo struggles to maintain its lead in the burgeoning weight-loss market amid growing competition from Eli Lilly and GLP-1 compounders. Also on Tuesday, Novo lowered its 2025 sales outlook by 5 and 7 percentage points on the low- and high-end, respectively. The firm now expects full-year sales to grow between 8% and 14%.
Novo chalked up the reduced sales outlook to slower growth of its semaglutide—sold as Wegovy for obesity and Ozempic and Rybelsus for diabetes—in the U.S., as well as lower-than-expected penetration for Wegovy in certain international markets, which are overseen by Doustdar.
“For Wegovy in the US, the sales outlook reflects the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition,” Novo said in its July 29 release.
The Danish pharma also slashed its operating profit expectations to a growth range of 10% to 16%, versus the previous 16% to 24%.
Novo’s share price plunged more than 20% in early trading Tuesday morning following the release of the outlook.
The appointment of Doustdar, a Novo insider who has been leading the ex-U.S. market, is a bit of a surprise, too. Industry watchers have pinned Novo’s falling behind in the competitive GLP-1 market on the company’s cautious culture. The expectation of an ideal new helmsman would therefore be an external candidate who’s more familiar with the U.S. market.
The CEO-to-be has been with the company for more than three decades, starting out as an office clerk in Vienna, Austria, in 1992. He rose to the SVP ranks of Novo’s international operations in 2013 before getting an upgrade to EVP. His resume on Novo’s website doesn’t show any previous leadership roles in the U.S., although the Iranian-born Austrian national grew up in the U.S.
Novo picked Doustdar after “a comprehensive process that included external and internal candidates,” the company said in a July 29 release.
“Mike has consistently demonstrated the ability to drive growth through strong commercial execution and building high-performing teams,” Novo Nordisk Chair Helge Lund said in a statement.
“This is an important moment for Novo Nordisk,” Lund continued. “The market is developing rapidly, and the company needs to address recent market challenges with speed and ambition. I believe Novo Nordisk will build on its strengths as a global leader in obesity and diabetes, and Mike has a clear vision of how to unlock the full potential of the opportunities ahead.”
Doustdar’s current title will be taken over by Emil Kongshøj Larsen, currently SVP of the Europe and Canada region.
In parallel, Novo announced that it’s merging early R&D and development under one leadership. Martin Holst Lange, M.D., Ph.D., currently EVP of development will become chief scientific officer on Aug. 7. Marcus Schindler, EVP of research & early development and CSO, will retire from the company.
Lange will work closely with Doustdar to drive Novo’s R&D projects from both within and outside of the company, with a significant focus on the diabetes and obesity areas, Novo said.
Novo’s struggle does not necessarily mean Lilly and its rival tirzepatide franchise are having the best of times.
Although Novo’s forecast could imply better market share for the Indianapolis pharma, Novo’s language of challenge for the overall market could serve as a warning for the entire GLP-1 class, Citi analysts said in a Tuesday note.
Mass compounding of semaglutide and other GLP-1s is no longer allowed after the FDA deemed that shortages of those drugs have ended. Even as an FDA grace period ended on May 22, Novo said unlawful mass compounding of GLP-1s has continued.
“Novo Nordisk is pursuing multiple strategies, including litigation, to protect patients from knockoff ‘semaglutide’ drugs,” the company said Tuesday. “Novo Nordisk is deeply concerned that, without aggressive intervention by federal and state regulators and law enforcement, patients will continue to be exposed to the significant risks posed by knockoff ‘semaglutide’ drugs made with illicit or inauthentic foreign active pharmaceutical ingredients.”
Both Novo and Lilly have launched direct-to-consumer options for their GLP-1 products, allowing patients to pay with cash at a discount. However, Novo said the penetration of Wegovy within the cash channel has been lower than expected because of compounders.
Launched in March 2025, NovoCare Pharmacy is getting about 11,000 Wegovy prescriptions weekly, while the retail cash channel has about 20,000 weekly scripts, Novo noted.