Novo Nordisk: 2Q26 Results Preview

研报英文原文证据摘录

Novo Nordisk: 2Q26 Results Preview

Global Research

13 July 2026ab

Novo Nordisk Equities

Denmark2Q26 Results Preview

Pharmaceuticals

12-month rating Neutral

UBS expectation: Positive/Neutral

Novo Nordisk will report 2Q results on Wednesday 5 August. In Figure 1 we set out 12m price target DKr332.00

detailed UBS expectations for 2Q results, compared with VisibleAlpha consensus. UBS

estimates for 2Q are broadly in line with consensus, albeit we have 26% higher oral

Price (09 Jul 2026) DKr320.15

Wegovy sales, which includes an assumption of some further stocking as US demand

builds. RIC: NOVOb.CO BBG: NOVOB DC

Trading data and key metrics

What to watch

52-wk range DKr452.10-228.50

We see a number of key focus topics for 2Q results:

Market cap. DKr1,423b/US$218b

Oral Wegovy. UBS estimates for 2Q26 oral Wegovy are 26% ahead of Shares o/s 4,444m (ORD)

VA consensus, but for FY26 we are broadly aligned. Our 2Q estimates assume Free float 74%

further stocking benefits in 2Q as the channel builds inventory given the continued Avg. daily volume ('000) 5,503

sustainable demand in the market. One key debate is whether we will see Avg. daily value (m) DKr1,566.7

continued momentum in dose titration from oral Wegovy users. Our base case is Common s/h equity (12/26E) DKr220b

that the higher doses (9mg and 25mg currently $299/mo) are likely to see price P/BV (12/26E) 6.4x

reductions in 2H to $249/mo and the current 4mg special price ($149/mo until 31 Net debt to EBITDA (12/26E) 0.9x

Aug vs $199/mo) will be maintained.

EPS (UBS, diluted) (DKK)

P3 readouts. R&D replacement power beyond the semaglutide patent expiry UBS Cons.

remains the key risk to Novo, in our view. In 2H26 we expect P3 results for 12/26E 20.50 21.70

ziltevekimab in ZEUS CV risk reduction and efruxifermin in MASH.