Goldman Sachs has repeated a 'Buy' rating on Ozempic and Wegovy maker Novo Nordisk (NYSE:NVO), but cautions that earnings momentum into 2026 remains uncertain.
The American broker expects the Danish pharma to narrow the top end of its 2025 guidance when it reports third-quarter results on 5 November.
Analysts, in a note, said they are 2% below consensus on sales and 22% below on operating profit for the quarter, citing lower Ozempic forecasts and restructuring charges not yet fully factored into consensus. For Wegovy, estimates remain broadly in line.
The focus is shifting to the upcoming EVOKE and EVOKE+ trials of oral semaglutide in Alzheimer’s disease, data for which are due in December. While Goldman Sachs sees the trials as high risk, it believes the potential upside to sentiment and valuation is material.
Looking ahead, the broker expects clarity on 2026 earnings momentum will hinge on consensus resets following third-quarter numbers, as well as pricing dynamics for GLP-1 drugs and key trial readouts for CagriSema.
Goldman's 12-month price target is unchanged at DKK392, implying around 12% upside from the last close.