J.P. Morgan increased its price target for Novo Nordisk to 275 Danish crowns from 250 crowns, citing stronger sales momentum for its diabetes and obesity treatments.
The new target, based on 12 times estimated 2027 adjusted earnings per share, maintains a neutral rating on the stock. The firm raised its 2026 sales forecast by 5%, driven by higher expectations for Ozempic and Wegovy, partially offset by reduced projections for Oral Wegovy. Sales forecasts for 2027 through 2030 were lifted by 6-7%, with the upward revision split between a higher 2026 base and incremental growth from ex-U.S. Oral Wegovy expansion.
Adjusted earnings per share estimates for 2026-2030 were increased by 4-8%, reflecting the improved revenue outlook. Novo Nordisk’s top-line growth is projected at roughly 1% in 2027 and 2% in 2028, following flat sales in 2026 at constant exchange rates.
Ozempic’s 2026 sales forecast was raised by 8% to 113 billion crowns, supported by delayed generic competition in Canada and favorable U.S. pricing dynamics. Wegovy’s 2026 sales forecast climbed 7% to 82 billion crowns, while Oral Wegovy’s outlook was cut 11% to 18 billion crowns due to slower U.S. prescription growth. Insulin sales forecasts were increased by 5% for 2026.
Growth beyond 2027 is expected to be driven by Oral Wegovy, the upcoming launches of Mim8 for hemophilia A and CagriSema for obesity in the U.S., though these gains may be tempered by Ozempic volume declines and U.S. price reductions under the Inflation Reduction Act. Analysts noted that zenagamtide, Novo Nordisk’s experimental obesity drug, could provide a longer-term boost if Phase III results—expected no earlier than 2028—support its oral formulation.
