Management Meeting Highlights Sources Of Near-Term Momentum; Model Updated

Research evidence excerpt

Management Meeting Highlights Sources Of Near-Term Momentum; Model Updated

Pharmaceuticals/Major

Novo Nordisk

TD SECURITIES (USA) LLC ESTIMATE CHANGES

June 29, 2026

Price: $48.07 | DKK317.95 (06/26/2026) Management Meeting Highlights Sources Of

Price Target: $42.00 | DKK270.00 Near-Term Momentum; Model Updated

HOLD (2)

Michael Nedelcovych, Ph.D. THE TD COWEN INSIGHT

617 946 3744

Top management struck a confident tone around Wegovy Pill commercial dynamics

michael.nedelcovych@tdsecurities.com

and upcoming ex-US launches. Wegovy Pill could enjoy longer exclusivity in Canada via

Steve Scala, R.Ph., CFA formulation patents. BD a higher priority than in the company's past. Medicare a meaningful

617 946 3923 opportunity, but messaging remains conservative. ZEUS data not yet in-house. Etavopivat

stephen.scala@tdsecurities.com

could be undervalued. Model updated.

Chris LoBianco

617 946 3734 Cost Savings Being Redeployed Toward R&D

chris.lobianco@tdsecurities.com

Management struck a confident tone regarding Novo Nordisk’s ongoing corporate

Paul Kuhn, Ph.D. transformation, highlighting substantial organizational streamlining with headcount reduced

646 562 1328

from 81,000 employees to approximately 67,000. Savings are being redirected primarily

paul.kuhn@tdsecurities.com

toward R&D investment.

Key Data

New Emphasis On Business Development

Symbol NYSE: NVO | CSE: NOVOb.CO

Beta: 0.79 | 1.50 The company emphasized a greater willingness to pursue external innovation, noting that

52-Week Range: $71.70-$35.29 | DKK455.55-DKK228.50 Novo is now participating in more business development opportunities ("in more data rooms"

Market Cap: $164.3B | DKK1,077.9B than ever before) and is prepared to bid more competitively for attractive assets while