Citi Raises Novo Nordisk Price Target on Strong Wegovy Pill Launch
Citi has raised its price target on Novo Nordisk (NYSE:NVO) to DKK330 from DKK300 ahead of the company's second-quarter results on August 5, citing the strength of the Wegovy oral pill launch. The broker increased its 2026 sales and operating income estimates by 4% to 5%, and its earnings per share forecasts for 2027 to 2030 by around 7%, driven by currency movements and stronger second-quarter Wegovy trends. For Q2, Citi forecasts adjusted operating income of DKK27.2 billion (down 9% at constant currencies) on sales of DKK72.7 billion (down 1%), both excluding US 340B rebate effects. The declines reflect continued price pressure across obesity and diabetes franchises, partially offset by the oral Wegovy launch, forecast to contribute DKK4 billion ($630 million). Citi kept its neutral rating, seeing a guidance upgrade as expected and already priced in.
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