Novo Nordisk Keeps Buying Back Stock as FDA Slaps NAION Warning on GLP-1 Labels and BMO Raises Target

Novo Nordisk disclosed that it has repurchased roughly 42.6 million B-shares since February 4, spending about DKK 11.8 billion under its mandatory notification. Of that total, some 27.8 million B-shares — costing around DKK 8.01 billion — were bought under the programme that began on May 6.

The buyback update lands alongside a pair of developments that have shaped the stock's recent narrative: a regulatory label change affecting the entire GLP-1 drug class and a price-target increase from BMO Capital.

FDA Requires NAION Warning Across GLP-1 Class

The US Food and Drug Administration ordered Novo Nordisk to add warnings about a possible elevated risk of the eye condition NAION to the US product information for Ozempic and Wegovy. The directive, issued yesterday, applies to the whole GLP-1 class. According to Reuters, it also covers Eli Lilly's Mounjaro and Zepbound. The agency wants the notice placed in the warnings and precautions section.

NAION can disrupt blood supply to the optic nerve and cause sudden, painless vision loss that may be permanent and typically affects one eye. No treatment is known to reverse the loss. The FDA advises patients who experience sudden vision loss, blurred vision or blind spots to seek immediate medical help, and says those diagnosed with NAION should discuss their medication with a doctor rather than stopping it on their own.

Fifteen Probable Cases in 126 Trials

The agency reviewed 126 clinical trials involving more than 134,000 patients and identified 15 probable NAION cases in total. The observed frequency was 6.4 cases per 100,000 patient-years among GLP-1 users, versus 3.8 cases in comparator groups. A supplementary FDA review in adults with type-2 diabetes produced mixed results depending on the comparison drug: an elevated risk appeared against DPP-4 inhibitors, while the difference against SGLT-2 inhibitors was not statistically significant. The safety assessment therefore depends partly on which treatment groups are compared.

BMO analysts view the risk to Novo Nordisk and Eli Lilly as limited given the rarity of the condition — a view that supports Novo Nordisk provided the low frequency holds up in further research. The shares rose 1.9% yesterday, holding firm on the day of the FDA order.

Guidance Raised a Third Time

The regulatory news follows Novo Nordisk's November 4 business update, when the company lifted its full-year outlook for the third time. Reuters reported that quarterly sales of the Wegovy tablet beat expectations. For 2026, Novo Nordisk expects adjusted sales growth and adjusted operating profit growth each in a range of minus 2% to plus 2% at constant exchange rates, compared with earlier guidance of between a 6% decline and flat. In the third quarter, adjusted operating profit rose 27% at constant currencies to DKK 31.7 billion.

BMO Lifts Target to $44

BMO Capital raised its price target on Novo Nordisk on Thursday to $44 from $40 while keeping a "Market Perform" rating, according to media reports. Analyst Evan Seigerman pointed to the Wegovy tablet's sales growth outpacing consensus estimates. He tied further upside in 2027 to sustained tablet growth, a strong international business and a successful launch of CagriSema.

Novo Nordisk has said it will present further CagriSema analyses and Wegovy real-world data at ObesityWeek 2026, with 26 scientific abstracts scheduled for the event, which runs from November 14 to 17 in Washington, D.C.