Novo Nordisk Wins EU Nod for Haemophilia Drug FREHEMGO as Wegovy Pill Fuels a Third Outlook Upgrade

Novo Nordisk picked up European approval for a new haemophilia treatment on the same day its shares advanced 2.4% to €37.66, with the Danish drugmaker also confirming fresh buyback spending and fielding a mixed round of analyst verdicts.

The European Commission cleared FREHEMGO, whose active ingredient is denecimig, for preventing or reducing bleeding episodes in adults and children with haemophilia A. Novo Nordisk said the rollout will begin in the first European countries next year rather than across the whole continent at once.

Liver data and a buyback tally

The company also flagged a post-hoc analysis of study data in adults with MASH and liver scarring, published on 8 November. The review covered 106 participants with a body mass index below 27 kg/m². According to Novo Nordisk, several liver-related measures improved under semaglutide versus placebo after 72 weeks at a 2.4 mg dose; the findings stem from a retrospective analysis.

On the capital-return front, Novo Nordisk reported buybacks under its repurchase programme on Monday. A filing with the US Securities and Exchange Commission put the transaction value of B-shares bought back since 4 February at roughly DKK 11.8 billion through 6 November.

Berenberg stays neutral ahead of CagriSema

Berenberg reiterated its hold rating in a study published yesterday, with analyst Kerry Holford keeping a DKK 305.00 price target. Deutsche Bank, by contrast, reaffirmed its sell recommendation on Wednesday, as reported in the media, with analyst Emmanuel Papadakis holding a DKK 240.00 target. Neither house altered its rating or its price objective.

The cautious stances sit alongside an improving operating picture. Novo Nordisk has now raised its full-year guidance for a third time, a positive signal ahead of the planned launch of CagriSema. BMO Capital Markets likewise pairs better expectations with a neutral view, crediting the strength of the Wegovy tablet: US sales ran 17% above consensus in the firm's assessment. For both brokers, a more favourable stock rating hinges on further progress.

Oral Wegovy delivers the upgrade

In the third quarter of 2026, Novo Nordisk posted adjusted revenue of DKK 79.2 billion, beating analyst forecasts. The tablet version of Wegovy generated quarterly sales of DKK 5.39 billion, up 53% from the prior quarter — concrete evidence of commercial momentum as the company prepares to bring CagriSema to market.

That performance underpins the revised outlook. For 2026, Novo now expects revenue and operating profit to land anywhere between a 2% decline and 2% growth. The upgrade only pays off for shareholders if the company can meet stronger demand as it widens distribution.

Twenty-plus markets by mid-2027

The Wegovy pill launched in the US in January. Novo plans to offer it in more than 20 countries by mid-2027, contingent on sufficient manufacturing capacity and the necessary approvals — a key test of whether international marketing can open additional sales channels.

Further out, pressure looms: core Novo Nordisk products face staggered patent expiries from 2031, with Lilly among the competitors. The central question for investors is whether Novo can extend the tablet's strong run beyond its current markets. The raised guidance offers operating support; a broader growth base depends on those launches coming off as planned.