Rovi's Strategic Move to Manufacture Medicines for Novo Nordisk Starting in 2026

Rovi Pharmaceuticals has secured a transformative five-year manufacturing partnership with Novo Nordisk, set to begin in 2026, marking a pivotal moment in its evolution as a contract development and manufacturing organization (CDMO). This agreement, which involves producing pre-filled syringes for Novo Nordisk's flagship GLP-1 drugs-Wegovy and Ozempic-positions Rovi to benefit from the surging global demand for obesity and diabetes treatments. According to a report by El Economista, the partnership will generate between €81.8 million and €184.18 million in revenue for Rovi starting in 2027, with production commencing at its Madrid-based facility. This represents a significant uplift for Rovi's CDMO division, which had faced declining activity in 2024 due to reduced client demand, according to The Pharma Navigator.

Financial Implications and Revenue Catalysts

The Novo Nordisk partnership is not Rovi's only major catalyst. In parallel, the company is acquiring a $250 million manufacturing facility in Phoenix, Arizona, from Bristol Myers Squibb (BMS). This acquisition includes a five-year production agreement guaranteeing Rovi a minimum of $50 million annually, according to Fierce Pharma. Combined with the Novo Nordisk deal, these contracts are projected to double Rovi's CDMO revenue to €672.4 million over the next five years, the El Economista report says. Such diversification across geographies and therapeutic areas-ranging from obesity drugs to vaccines-reduces reliance on a single client and enhances long-term stability.

Novo Nordisk's own aggressive investments in manufacturing infrastructure further underscore the strategic alignment. The Danish pharma giant is allocating $9 billion in 2025 to expand its global supply chain, including aseptic production and API manufacturing, according to Pharma Manufacturing. Rovi's role in this ecosystem positions it as a critical enabler of Novo Nordisk's capacity to meet demand for Wegovy and Ozempic, which saw 67% year-on-year sales growth in Q2 2025, Pharma Manufacturing reported.

Strategic Positioning in a Competitive Landscape

Rovi's expansion into high-potent cytotoxic and mRNA vaccine production-bolstered by its decade-long collaboration with Moderna-adds another layer of differentiation. The company's Madrid facility recently received FDA clearance to produce Spikevax doses for the U.S. market, as reported by Pharma Manufacturing, demonstrating regulatory credibility. Meanwhile, Novo Nordisk's $16.5 billion acquisition of Catalent is expected to intensify competition in fill-and-finish services, according to DCAT VCI. However, Rovi's dual focus on advanced therapies and established GLP-1 manufacturing creates a moat against rivals.

A key risk lies in the CDMO sector's cyclical nature. Rovi's CDMO division faced a 2024 profit warning due to declining activity, as reported by The Pharma Navigator, but the Phoenix and Novo Nordisk deals are designed to reverse this trend. The Phoenix facility, with its 34,000-square-meter capacity, is expected to produce 100 million units annually, including obesity drugs and vaccines, the Fierce Pharma piece notes, aligning with global health priorities.

High-Conviction Investment Thesis

For investors, Rovi's 2026 partnership with Novo Nordisk represents a high-conviction opportunity. The company is leveraging its operational expertise to capitalize on two megatrends: the obesity epidemic and the shift toward biologics. Novo Nordisk's own financial strength-7.5% revenue growth in 2025 and an 83.5% gross margin-ensures a stable partner, according to El Economista. Additionally, Rovi's Phoenix acquisition provides a $50 million annual revenue floor, insulating it from short-term volatility.

Conclusion

Rovi's strategic alignment with Novo Nordisk and BMS, coupled with its expansion into cutting-edge manufacturing, positions it as a compelling long-term investment. While challenges such as competitive pressures and sector cyclicality persist, the company's diversified revenue streams and regulatory expertise mitigate these risks. As the global demand for GLP-1 drugs and advanced therapies accelerates, Rovi is well-placed to deliver outsized returns for investors in 2026 and beyond.