Eli Lilly and CompanyLLY
Mentioned
Impact on stocks 2
Biotech & Genomic Medicine
Eli Lilly and Company
Novo Nordisk A/SNOV
Mentioned
Berenberg downgraded Novo Nordisk to Hold from Buy, sending shares down 2.23% intraday. The broker cut its Copenhagen target to DKK 305 from DKK 325 and its ADR target to $47 from $50, with analyst Kerry Holford arguing the Wegovy pill upside that underpinned the Buy rating has already played out. Berenberg and consensus now model around DKK 15 billion of Wegovy pill sales for 2026, leaving little room to surprise, though the broker raised its 2026 revenue estimate 2.9% to DKK 296.18 billion and lifted recurring EPS 10.8% to DKK 23.12. Longer-term cuts include 2028 revenue down 2.3% to DKK 308.76 billion and 2028 EBIT down 2.8% to DKK 125.05 billion on weaker CagriSema assumptions, with the stock now trading at 13.4x 2027 earnings, in line with European pharma peers. Berenberg also expects Eli Lilly to take a disproportionate share of the Medicare weight-loss opening and sees Lilly's direct-to-consumer spending intensifying in the second half.
Eli Lilly and CompanyNovo Nordisk A/S