Born on the Bayou - Novo Analyst Dinner Highlights Focus on Change Underway

Research evidence excerpt

Born on the Bayou - Novo Analyst Dinner Highlights Focus on Change Underway

June 7, 2026 | 14:03 ET~

Novo Nordisk A/S Sponsored ADR Class B

NVO-NYSE Rating Price: Jun-5 Target Total Rtn BioPharma

Market Perform $42.96 $45.00 8%

Evan David Seigerman Analyst

evan.seigerman@bmo.com (212) 444-4328

Malcolm Hoffman, CFA VP Associate

Born on the Bayou - Novo Analyst Dinner Highlights malcolm.hoffman@bmo.com (646) 438-2627

Conor MacKay VP AssociateFocus on Change Underway

conor.mackay@bmo.com (347) 988-4235

Bottom Line: Legal Entity: BMO Capital Markets Corp.

Novo analyst dinner with management acknowledges challenges of the past

2YR Price Volume Chart

year while providing confidence that change is afoot. Following attending Novo's 160

analyst dinner with management including CEO Mike Doustdar, CFO Karsten Knudsen, 140

and several others, we note the company has made significant efforts to reengage 120100

with the investor community and rebuild trust following multiple challenging readouts 80 150

and guidance changes. With Doustdar at the helm now, we get the sense that change 60 100

is a fundamental priority, pushing the company to reevaluate historical processes 40 50

regardless of how established they are. 20 Dec Jun Dec Jun0

LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Key Points Company Data in $

Dividend $1.29 Shares O/S (mm) 4,465.0Novo analyst dinner highlights efforts management has made to regain investor

trust and form a credible path for the company going forward. Following prior Yield 3.0% Market Cap (mm) $191,816

guidance cuts and clinical readouts that have hampered NVO share sentiment over 52-Week High $81 AD Vol. (mm) 10.86

the past two years, Novo has made significant efforts to reengage with the investor BMO Estimates in DKK