Citigroup: Given the uncertainty, the valuation of Novo Nordisk appears reasonable.

Citigroup analysts wrote that, given the recent and long-term uncertainties, Novo Nordisk's valuation currently appears to be basically reasonable. After the company's stock price fell by over 70% from its mid-2024 peak, finding support in the fourth quarter of 2025, the stock has rebounded by over 20% so far this year. Citigroup believes that the prospects for 2026 are difficult due to factors such as U.S. pricing, generic drugs, expiration of semaglutide patents, and a sluggish diabetes market. The bank added that Wegovy's impressive initial listing performance is a potential offsetting factor, but it is still too early to make conclusions based on just two weeks of data. The obesity market represents huge sales opportunities, but prices are being eroded and competition is bringing uncertainties. Citigroup initiated coverage of Novo Nordisk stock for the first time, giving it a neutral rating with a target price of 400 Danish krone. The stock closed at 397.05 krone.