ADA A to Z — Z is for Zenagamtide Updates

Research evidence excerpt

ADA A to Z — Z is for Zenagamtide Updates

June 7, 2026 | 23:52 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

ADA A to Z — Z is for Zenagamtide Updates malcolm.hoffman@bmo.com (646) 438-2627

Conor MacKay VP Associate

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

Bottom Line: Legal Entity: BMO Capital Markets Corp.

Novo ADA presentations and investor event reaffirm positioning of CagriSema

2YR Price Volume Chart

while zenagamtide tolerability updates raise questions. Discussion of CagriSema 160

REIMAGINE-1/2/3 data sets confirm product efficacy in reducing weight loss while 140

providing strong HbA1c control, but differentiation vs. approved agents like tirzepatide 120100

may be more limited. Ph 2 subcutaneous zenagamtide data shows higher rates of 80 150

nausea and vomiting with rates of adverse events leading to drug withdrawal reaching 60 100

34%. While some withdrawals were likely driven by greater than desired weight loss, 40 50

questions about tolerability may add muted pressure to NVO. 20 Dec Jun Dec Jun0

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

Key Points Company Data in $

Dividend $1.29 Shares O/S (mm) 4,465.0Full REIMAGINE data is likely in line with expectations, showing efficacy in

improving patient blood sugar control with established weight loss benefits. Yield 3.0% Market Cap (mm) $191,816

Presented full data from Novo's CagriSema REIMAGINE-1/2/3 trials in T2D patients 52-Week High $81 AD Vol. (mm) 10.86

further support the agents use in the indication, but commercial approval remains BMO Estimates in DKK

further in the future.