Novo Nordisk (NOVOb.CO) Wegovy pill remains the key short term driver, but longer term LOE risk will continue to weigh

Equity Research 6 August 2026 | 6:16AM BST

Novo Nordisk (NOVOb.CO) Wegovy pill remains the key short term driver, but longer term LOE risk will continue to weigh

NOVOb.CO 12m Price Target: Dkr285.00 Price: Dkr294.30 Downside: 3.2% NEUTRAL NVO 12m Price Target: $44.00 Price: $44.53 Downside: 1.2% James Quigley | Goldman Sachs International Novo reported strong 2Q26 results, with a 5% revenue beat and a Rajan Sharma 15% beat on operating profit (both on an underlying basis - see | Goldman Sachs International here) and a FY26 guidance raise, increasing the mid-point of Theodora Rowe Beadle revenue/ operating profit guidance by 5pp and suggesting upside to | Goldman Sachs International consensus estimates on both metrics of around 2%, all else equal. However, the shares closed down 4%, as Wegovy pill missed consensus expectations by a very modest DKK50m/$7m (although Key Data _____________________________________ Market cap: Dkr1.3tr / $202.6bn some investors we speak with had expected higher revenues than Enterprise value: Dkr1.4tr / $223.1bn 3m ADTV: Dkr1.5bn / $237.6mn consensus due to greater expected stocking), but also as the failure Denmark Europe Pharma & Life Sciences of the ZEUS and REIMAGINE-4 trials brought the lack of recent R&D M&A Rank: 3 success to the forefront of investor minds - renewing fears around Leases incl. in net debt & EV?: Yes

the competitiveness of Novo’s obesity portfolio and the long term GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E risk from the semaglutide Loss of Exclusivity. Going forward with Revenue (Dkr mn) New 309,064.0 325,312.7 307,972.7 326,157.1 limited clinical data to support long term revenues, investor focus Revenue (Dkr mn) Old 309,064.0 316,385.3 299,540.8 315,254.5 EBIT (Dkr mn) 127,658.0 139,128.7 124,328.3 130,079.8 will shift to Business Development/M&A plans as well as the strategy EPS (Dkr) New

update at the CMD (September 21st), however, investors are EPS (Dkr) Old P/E (X) skeptical given Novo’s lack of track record integrating larger Dividend yield (%) 2.7 4.1 4.3 4.5

acquisitions and given disappointing data from bolt-on acquisitions CROCI (%) N debt/EBITDA (ex lease,X) (ocedurenone, monlunabant, ziltivekimab), although more pipeline successes will help to diversify concentration risk associated with EPS (Dkr) 3/26 10.91 6/26E 4.75 9/26E 4.68 12/26E 3.97 the obesity franchise. The commercial bright spot, in our view GS Factor Profile ______________________________ (despite the modest miss in the quarter), remains the Wegovy pill, Growth

particularly with 300k patients on therapy in the UK after just three Financial Returns weeks, a much faster run-rate than seen in the US (c.80-90k patients at the same timepoint). While this ramp in the UK likely includes Multiple

some bolus, if this trend continues and is even partially replicated in Integrated

other ex-US countries, it could be an underappreciated growth driver. Given this and stronger underlying performance in 2Q26, in Percentile 20th 40th 60th 80th 100th

the near term, we have increased our revenue estimates by around NOVOb.CO relative to Europe Coverage

2% and our operating profit estimates by around 3%, but longer NOVOb.CO relative to Europe Pharma & Life Sciences

term, we have removed ziltivekimab sales following the ZEUS failure Source: Company data, Goldman Sachs Research estimates. See disclosures for details. and moderated CagriSema forecasts (peak now $3.4bn vs. c.$5bn

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Goldman Sachs Novo Nordisk (NOVOb.CO)

Novo Nordisk (NOVOb.CO) Balance Sheet (Dkr mn) _____________________________________ NEUTRAL Rating since Mar 2, 2026 12/25 12/26E 12/27E 12/28E Cash & cash…