Da hele verden lærte at sige Ozempic
Novo Nordisk · PESTEL · Read the study: maxnoble.com/study/0003
For the class
1What do the six letters of PESTEL stand for, and what turns a PESTEL into a strategy analysis?
2Novo Nordisk sold for DKK 309 billion in 2025. Why did its shares fall 18 per cent on 4 February 2026?
3Which three of the six lenses point the same way, and what is the study's verdict?
Answers · for the teacher
No. 0003 · Da hele verden lærte at sige Ozempic
1What do the six letters of PESTEL stand for, and what turns a PESTEL into a strategy analysis?
Political, Economic, Social, Technological, Environmental and Legal: six lenses on the world outside the company, which no company controls. Each lens starts with something that is changing and ends with a consequence for the company (the "so what?"). That is the difference between a list of news and a strategy analysis.
In the study: Screens: The moment; The analysis
2Novo Nordisk sold for DKK 309 billion in 2025. Why did its shares fall 18 per cent on 4 February 2026?
Because it said sales in 2026 would fall by 5 to 13 per cent. Patients were still there (in the US there were more of them); the problem was the price. A deal with the White House put Wegovy and Ozempic at about DKK 2,300 a month, and from 2027 Medicare pays about DKK 1,800, against a list price of about DKK 6,300.
In the study: Screens: The moment; The analysis (P)
3Which three of the six lenses point the same way, and what is the study's verdict?
Political, social and legal. Politicians help set the price, patients compare and choose like consumers, and the patent expires in 2026 in China, India, Brazil and Canada (Europe is protected until 2031). Verdict: Novo has not lost its patients, but the power to set the price on its own.
In the study: Screens: The observation; Your verdict
Hand out page 1 after the reading. Page 2 holds the answers. Every answer is in the study; nothing new is added.