REAL-TIME GLOBAL RESEARCH
Tracking Europe GLP-1 sales – Q2‘26
Research evidence excerpt
Tracking Europe GLP-1 sales – Q2‘26
Update
July 10, 2026 03:00 AM GMT
Morgan Stanley & Co. International plc+MNovo Nordisk A/S | Europe Thibault Boutherin
Equity Analyst
Tracking Europe GLP-1 sales – Thibault.Boutherin@morganstanley.comMorgan Stanley & Co. LLC +44 20 7425-9688
Terence C Flynn, Ph.D.
Equity AnalystQ2'26 Terence.Flynn@morganstanley.com +1 212 761-2230
IQVIA data up to May 2026 for injectable GLP-1 indicate that Morgan Stanley & Co. International plc+
Sarita Kapila
Novo Nordisk injectable GLP-1 sales continue to grow, although Equity Analyst
the franchise resumed market share loss to Eli Lilly over January- Sarita.Kapila@morganstanley.com +44 20 7425-1320
Adithya Venkat
May 2026. Google search trends in the UK suggest a spike in Research Associate
interest in Wegovy ahead of the pill launch. Adithya.Venkat@morganstanley.com +44 20 7425-2216
Novo Nordisk A/S (NOVOb.CO, NOVOB DC)
Key Takeaways ADRNVO.N
Pharmaceuticals | Denmark
We analyse European IQVIA sales data up to May 2026 for weekly injectable Stock Rating Equal-weight
GLP-1 for diabetes and obesity Industry View In-Line
Price target DKr 250.00
The data suggest that the Novo injectable franchise continues to grow in Europe, Shr price, close (Jul 9, 2026) DKr 320.15
52-Week Range DKr 464.60- 224.25
although it is losing market share to Eli Lilly Mkt cap, curr (mn) DKr 1,439,010
After a stabilisation of market share over September-December 2025, Eli Lilly Fiscal Year Ending 12/25 12/26e 12/27e 12/28e
resumed market share gains over January-May 2026 Sales / Revenue (DKr 309,064 311,397 285,327 299,415
mn)**
Mounjaro is now the highest selling GLP-1 in Germany, the UK, Spain and Italy, EBITDA (DKr mn)** 149,640 164,435 137,465 144,172
EBIT (DKr mn)** 127,658 140,338 110,869 116,963
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