CORRECTED: Here Wego(vy), Novo Recaps Its Pipeline

Research evidence excerpt

CORRECTED: Here Wego(vy), Novo Recaps Its Pipeline

Pharmaceuticals EU

NOVO NORDISK (NOVO-B) June 8, 2026

CORRECTED: Here Wego(vy), Novo Recaps Its Pipeline Rating:

Peer PerformNovo's investor event at ADA largely a recap of company progress. The IR Price:

event held last night largely reviewed the R&D progress of Novo's (NOVOB) broad DKK245.45

pipeline, focusing mostly on obesity/T2D but touching quickly on therapeutic areas Price Target:

NMbeyond that. On commercial, Wegovy Pill has continued to track well, with NOVOB

highlighting they reached 1M prescriptions in the first 12 weeks, and then 2M Source: FactSet, Wolfe Research

prescriptions in the subsequent 10 weeks. This launch, according to the company, has Priced as of 06/05/26

created a halo effect around its Wegovy franchise, inclusive of the injectables. We

think NOVOB does have an interesting pipeline that looks to capitalize on both chronic

weight management / type 2 diabetes & beyond, but we'd highlight here the three

topical assets in focus last night. Our take on CagriSema's REIMAGINE data linked

here! Alexandria Hammond

●Zenagamtide: Formerly amycretin, its Phase 2 T2D data were presented in ahammond@wolferesearch.com (646) 582-9320

a poster during the conference, which displayed up to 14.6% weight loss at View Alexandria’s Research

the highest dose of zenagamtide at 36 weeks, but were accompanied by a View NOVO-B Model

rather harsh GI toxicity profile (e.g., 38%/50%/37% nausea at the 5/20/40 mg View Comp Table

doses). Withdrawal rates due to AEs related to zenagamtide were top of mind, Cameron DeGuzman

with 34% discontinuations at the higher 20 and 40 mg doses. Here, mgmt. cdeguzman@wolferesearch.com646-582-9324

noted that the trial did tend to push the dose escalation, and blamed some of