Pursuing Large Cardiometabolic Opportunities Amidst Fierce Competition

Research evidence excerpt

Pursuing Large Cardiometabolic Opportunities Amidst Fierce Competition

| DKK1,083.8B

New CEO Will Have To Navigate Several Challenges

Net Debt (MM): $19,236.4 | DKK124,756.0

Cash/Share: $1.44 | DKK8.91 Novo has selected a new CEO who will have to find a way to 1) rejuvenate Wegovy and

Dil. Shares Out (MM): 4,448.7 | 4,448.7 Wegovy Pill prospects in the US obesity market as it loses share to Lilly's Zepbound and faces

Enterprise Value new competition from Foundayo, 2) find a way to grow Ozempic in the global diabetes market

$236,973.8 | DKK1,547,005.4

(MM): as the GLP-1 class matures and Lilly's Mounjaro takes share, and 3) bring key pipeline agents

ROE (LTM): 15.8%

to the fore to help weather these competitive threats, most notably CagriSema, amycretin,

BV/Share: $7.05 | DKK45.69 cagrilintide, and its triple agonist incretins.

Dividend: $1.23 | DKK11.70

Yield: 2.5% | 3.7% Wegovy Pill Early Launch Very Impressive

Oral semaglutide 25mg was launched in the US as Wegovy Pill in January 2026, and the first

FY 2025A 2026E 2027E few months of prescription data point to robust initial uptake. We have leaned cautious on

(Dec)

the oral opportunity for weight loss drugs as many of our KOLs believe injectable incretins will

EPS

remain the mainstays of obesity treatment. Many also expect Lilly's Foundayo – launched in

Q1 DKK6.53 DKK6.17A DKK5.56 April 2026 – to gain the upper hand in the oral weight loss segment though it has so far lagged

Q2 DKK5.72 DKK4.66 DKK5.10 its competitor.

Q3 DKK4.50 DKK4.86 DKK5.07

CagriSema Obesity Program Stumbles

Q4 DKK6.04 DKK4.41 DKK4.62

Year DKK22.79 DKK20.10 DKK20.35 CagriSema, the once-weekly fixed-dose combination of semaglutide and amylin analogue

Consensus EPS $3.64 $3.29 $3.28 cagrilintide, is in Phase III for obesity and T2D.