Novo Nordisk Kept at Buy as Berenberg Notes Obesity Market Focus, FY26 Headwinds

02:02 AM EST, 12/08/2025 (MT Newswires) -- Berenberg maintained its buy rating and price target of 400 Danish kroner for Novo Nordisk (NOVO-B.CO), as Chief Financial Officer Karsten Munk Knudsen noted the Danish drugmaker's focus on its obesity drug pipeline and confirmed expected headwinds for 2026. "The CFO reiterated commentary on the multiple headwinds faced in 2026, each of which represents a negative low single-digit percentage: 1) semaglutide ex-US patent expiries, 2) US obesity drug price cuts (cash pay started, Medicare pilot scheme active from April 1), 3) 2025 rebate adjustment and inventory unwind. Volume upside relating to the Medicare obesity pilot programme can begin to unlock into the back end of 2026 with a more meaningful build into 2027 and beyond," the research firm said Dec. 5 after hosting the Novo Nordisk executive for its annual Pharma CFO series. Analysts project the 2026 total revenue to be down 2% and the operating margin to be 40% lower, with a 7% EPS decline. The drug manufacturer expects a regulatory decision for the Wegovy pill by the end of 2025, adding that the company is ready to launch within weeks of approval, as the medicine is considered an important driver. Novo Nordisk expects the oral pill, offered at a lower price, to capture a new segment of the obesity market. Other key pipeline catalysts for 2026 include readouts of obesity treatment CagriSema and cardiovascular disease therapy ziltivekimab, along with US approval for high-dose Wegovy.