NOVO.B-CSE: ADA 2026 Event Highlights Continued Enthusiasm For Wegovy Pill Launch, Though Pipeline Remains a Show-Me Story

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NOVO.B-CSE: ADA 2026 Event Highlights Continued Enthusiasm For Wegovy Pill Launch, Though Pipeline Remains a Show-Me Story

FLASH NOTE

June 8, 2026

Seamus Fernandez seamus.fernandez@guggenheimpartners.com NOVO.B-CSE: ADA 2026 Event Highlights Continued

617 859 4637 Enthusiasm For Wegovy Pill Launch, Though Pipeline

Alana Lelo, Ph.D.

alana.lelo@guggenheimpartners.com Remains a Show-Me Story

212 518 9955

Colleen Garvey, Ph.D. Key Message: We attended both NOVO.B's symposium on the CagriSema REIMAGINE

colleen.garvey@guggenheimpartners.com T2DM program and their investor event at the American Diabetes Association (ADA) 617 859 4664

meeting this year. Overall investor sentiment sees NOVO.B as a battleground stock -

Evan Wang while the Wegovy Pill's strong launch of >3M prescriptions dispensed in just the first 22

evan.wang@guggenheimpartners.com weeks has a growing number of investors expecting a Wegovy-Pill driven 2Q26 guidance

212 651 9756 increase, the rest of NOVO's portfolio is not gathering much interest. We note that the

Zach Dunn, Ph.D. EU CagriSema launch is contingent on the REDEFINE 3 CVOT data readout in 2H27.

zach.dunn@guggenheimpartners.com With zenagamtide (amycretin), mgmt focused on the broad development portfolio with

617 859 4603 subQ and oral, and while admittedly a lot of patients discontinued the Ph 2, mgmt expects

the tolerability profile to improve meaningfully with Ph 3 protocol changes. On the early

stage pipeline, mgmt again highlighted UBT251's (triple G) Ph 2 Chinese study, believing

NOVO.B- thatpotentiallyit has thedeliveringpotentialbetterto showtolerabilityparity inwithglobalrespectstudies,to weightsupportingloss withtheirretatrutideplans to initiatewhile

More details below. CSE a Ph 3 "in short order."

Novo Nordisk A/S