Jefferies Lowers Novo Nordisk Target Amid GLP-1 Pricing Concerns and Oral Wegovy Launch Uncertainty

Jefferies has trimmed its price target on Novo Nordisk to DKK270 from DKK275, maintaining a 'hold' rating ahead of first-quarter results. The broker flags uncertainty around GLP-1 pricing, oral Wegovy's launch trajectory, and the risk that the new pill cannibalises rather than grows the overall franchise. Jefferies sees the total GLP-1 franchise failing to grow in aggregate, with oral uptake pulling patients away from injectable products rather than attracting new ones.