JP Morgan is optimistic about Novo Nordisk (NYSE:NVO) despite competition from Eli Lilly’s new drug, orforglipron.
Its analysts reckon Novo will hold its ground if Lilly’s upcoming trial results match Novo’s existing treatments.
Lilly’s ACHIEVE-1 trial, which tests orforglipron in diabetes patients, is expected to show weight loss of 6-7% and blood sugar reduction of about 1.7-1.8%. This is similar to Novo’s Ozempic and oral semaglutide.
The ATTAIN-1 trial, focused on obese patients, is predicted to show weight loss of 13-15%, in line with Novo’s Wegovy and oral semaglutide.
While orforglipron may have more side effects than current injectables, JP Morgan does not expect doctors to change their preferences.
Diabetes specialists will likely stick with Novo’s stronger injectables, and obesity doctors will continue using them for patients with higher BMIs. With Novo set to launch an oral version of semaglutide in early 2026, the company remains in a strong position.
JPM has maintained its 'overweight' stance on the stock, which was off 1% in afternoon trading at 650.30 DKK.