Citi cuts target for Novo Nordisk stock to DKK 296.00

Published on 10/09/2026 at 11:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Novo Nordisk lifted adjusted sales 7.00 percent in Q2 2026. Novo Nordisk stock costs EUR 33.98 on October 9, 2026 after a EUR 34.02 prior close.

Key points in brief

Citi cut its Novo Nordisk target from DKK 310.00 to DKK 296.00 while keeping a neutral rating on October 9, 2026.
Novo Nordisk reported adjusted Q2 2026 sales of DKK 78.49 billion, up 7.00 percent at constant exchange rates.
The stock was trading at EUR 33.98 at Lang & Schwarz on October 9, 2026, minus 0.12 percent versus the EUR 34.02 prior close.
Novo Nordisk is scheduled to announce first three-quarter 2026 results on November 4, 2026.

Flatlay mit Spritze, Teststreifen, Notizbuch und Apfel auf weißem Untergrund — Novo Nordisk A/S (DK0062498333): Flatlay mit Spritze, Blutzucker-Teststreifen, Notizbuch und Apfel auf Weiß, Illustration mit AI erstellt.

Novo Nordisk (ISIN DK0062498333) was trading at EUR 33.98 at Lang & Schwarz on October 9, 2026 at 11:00 a.m. CEST, while Citi cut its target from DKK 310.00 to DKK 296.00 and kept a neutral rating, according to Investing.com on October 9, 2026. The cut puts margin expansion at the center of the valuation debate.

Citi trims the valuation case

Citi said its target reduction reflected guidance for broadly stable margins through 2030 and lower adjusted operating profit forecasts for 2028 through 2030 by 2.00 percent to 4.00 percent. The analysts also lowered expected annual earnings per share growth for 2027 through 2030 to 9.00 percent from 12.00 percent, according to Investing.com.

The same analysis raised Citi's 2026 and 2027 adjusted operating profit forecasts by 2.00 percent to 3.00 percent, citing higher expected sales of the Wegovy pill outside the United States. It also lifted the peak sales estimate for the pill to USD 13.00 billion from USD 10.00 billion.

Three events reshape the outlook

On August 4, 2026, Novo Nordisk reported adjusted Q2 2026 sales of DKK 78.49 billion, up 7.00 percent at constant exchange rates, and adjusted operating profit of DKK 33.39 billion, up 11.00 percent, according to GlobeNewswire.

On September 21, 2026, the company held its Capital Markets Day and presented its strategy, pipeline and operations, according to Novo Nordisk. At that event, the company said it intended to launch the Wegovy pill in at least 20 countries by the end of 2027, as reported by Investing.com. On October 9, 2026, Citi cut its target to DKK 296.00 from DKK 310.00.

What does the next report test?

Novo Nordisk is scheduled to announce results for the first three quarters of 2026 on November 4, 2026, before the opening of Nasdaq Copenhagen, according to Novo Nordisk. The report will show whether pill launches and GLP-1 volume can offset pricing pressure and the margin constraints highlighted by Citi.

Stock trades near EUR 34.00

Novo Nordisk stock was trading at EUR 33.98 at Lang & Schwarz on October 9, 2026 at 11:00 a.m. CEST, minus 0.12 percent versus the EUR 34.02 prior close. The further course of trading is shown by the continuously updated real-time quote of Novo Nordisk stock.