Novo Nordisk: ADA takeaways - LLY reta set to be a strong new competitor from '27, PFE's bero also likely enters in '28. NOVOB's UBT TripleG interesting, but still early

Research evidence excerpt

Novo Nordisk: ADA takeaways - LLY reta set to be a strong new competitor from '27, PFE's bero also likely enters in '28. NOVOB's UBT TripleG interesting, but still early

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

8 June 2026

Novo Nordisk

ADA takeaways - LLY reta set to be

a strong new competitor from '27,

NOVOb.CO/NOVOB DC EQUAL WEIGHTPFE's bero also likely enters in '28.

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

SciencesNOVOB's UBT TripleG interesting,

Price Target DKK 300.00

Price (04-Jun-26) DKK 283.85but still early Potential Upside/Downside +5.7%

LLY pres. strong Phase 3 data for reta TripleG, new high in Source: Bloomberg, Barclays Research

weight loss, set to launch in Obesity in '27. Also PFE had solid

bero monthy GLP1 Phase 2, targeting '28 launch. Injectables Biotechnology & Life Sciences

set to get even more competitive. NOVOB's Chinese UBT James Gordon +44 (0)20 7116 2784

TripleG Phase 2 data could allow a catch-up, but still early. james.gordon@barclays.com

Barclays, UK

Over the weekend we attended the ADA Obesity and Diabetes conference in New Orleans, Yihan Li, PhD

where from a NOVOB perspective, we saw / attended: (1.) NOVOB's Analyst meeting, +44 (0)20 3555 3563

yihan.li@barclays.com(2.) NOVOB's Chinese Triple G, UBT251, Phase 1/2 Obesity data, (3.) LLY's reta Triple G Phase 3

Obesity and Diabetes data and (4.) PFE's berobenatide monthly GLP1 Obesity and Diabetes

data. Sidhartha Modi

+91 (0)22 6175 1326

Overall, presentations over the weekend highlighted the next wave of intensifying competition sidhartha.modi@barclays.com

in Injectable Obesity and Diabetes therapies, with very strong data for LLY's reta likely to Barclays, UK

increase pressure on NOVOB's franchise from next year.