Novo Nordisk, the Danish maker of the weight-loss drug Wegovy, has struggled to convince analysts at an investor day meant to map out its future beyond its blockbuster obesity franchise.
The company used its biennial capital markets day in London to refresh its strategy, but the reception was cool.
Deutsche Bank kept its "sell" rating and trimmed its target price to DKK245 from DKK265, against a last close of DKK260.
Analyst Emmanuel Papadakis said the event drew a "punishing" market response, having fallen short of the more optimistic hopes going in.
He said Novo had largely repeated familiar messaging, offered soft medium-term financial guidance and disclosed little new clinical data.
There was also scant detail on possible acquisitions, though dealmaking clearly remains on the agenda.
Citi was similarly unmoved, sticking with a "neutral" stance.
The bank noted that Novo's ambition for mid-single-digit annual sales growth between 2026 and 2030 matched forecasts, but that its guidance for broadly stable margins came in below.
Much of the day focused on preparing for the era after semaglutide, the compound behind Wegovy and Ozempic, loses patent protection.
Novo is planning more than five major drug launches by 2030 and targeting over DKK150 billion of risk-adjusted pipeline sales by 2035.
Citi flagged plans to expand capacity for oral, or pill-based, obesity treatments tenfold, alongside a push into new areas including cardiovascular and liver disease.
It said the 2027 launch of CagriSema, an experimental obesity drug, could beat forecasts, though the market remains sceptical.
Both banks agreed the plumbing of the strategy was sound, but that little on show justified a change of view.
