Tracking Europe GLP-1 sales – Q2‘26

研报英文原文证据摘录

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