JPMorgan increased its price target for Novo Nordisk to DKK 275 from DKK 250, maintaining a Neutral rating as the bank upgraded its long-term growth outlook for GLP-1 therapies including Ozempic and Wegovy.
The upgrade follows Novo Nordisk’s Q2 2026 results, which exceeded Wall Street estimates with adjusted earnings per share of US$ 0.9527 versus an expected US$ 0.7815 and revenue of US$ 12.1 billion against a forecast of US$ 10.94 billion. The company’s gross profit margin stood at 82% over the trailing twelve months to June 30.
JPMorgan raised its 2026 sales projection by 5%, citing stronger-than-anticipated demand for Ozempic amid slower-than-expected generic erosion and favorable U.S. market dynamics. For the 2027-2030 period, the bank lifted its sales growth forecast by 6-7%, with 5 percentage points attributed to the higher 2026 base and an additional 1-2 points reflecting expanding Wegovy Oral adoption outside the U.S.
The bank also increased its adjusted earnings per share projections for 2026-2030 by 4-8%, while maintaining stable revenue expectations for 2026 and modest growth of about 1% in 2027. Sales growth is projected to accelerate to roughly 2% in 2028, with further upside contingent on the development pipeline, including the experimental obesity drug zenagamtide.
Novo Nordisk’s market capitalization remains near US$ 211 billion. The company’s strong performance has been driven by robust demand for GLP-1 medications, particularly for obesity treatment, and the rapid uptake of Wegovy’s oral formulation globally.
Berenberg, in contrast, downgraded Novo Nordisk to Hold from Buy, cutting its price target to US$ 47 from US$ 50, citing intensifying competition in the oral obesity drug segment expected in the second half of the year.
