Novo Nordisk (NVO) PT Raised to $57 at BMO Capital

BMO Capital analyst Evan Seigerman raised the price target on Novo Nordisk (NYSE: NVO) to $57.00 (from $47.00) while maintaining a Market Perform rating.

The analyst commented: "Flat TRx and GTN erosion may drive US sales down in both 4Q25 and 2026. In 4Q25, we saw ~flat TRx for Wegovy vs. 3Q25, reflecting weak positioning vs. Lilly’s Zepbound (17% QoQ TRx growth) in an expanding incretin market, despite favorable factors like the CVS exclusivity agreement. This, combined with anticipated QoQ pricing erosion, lowers our 2025 Wegovy sales estimate to DKK 77.8B from DKK 79.8B (vs. consensus of DKK 78.4B). As management has guided for similar patient access in the US in 2026 (here), we expect US TRx to remain largely flat in 2026 vs. 2025, resulting in negative YoY US net sales growth due to gross-to-net erosion. Declining US sales may be partially offset by ex-US growth, yielding ~3% WW sales growth in 2026 in our model."

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