BMO Notes 'Cautious Optimism' for Novo into 2027 Following Investor Meetings

06:56 AM EST, 11/11/2026 (MT Newswires) -- BMO Capital Markets noted "cautious optimism" for Novo Nordisk (NOVO-B.CO) going into 2027, following a series of investor meetings in Toronto, Canada. "2027 framed as continuation of recent commercial momentum; still headwinds could temper results. While not formal guidance (expected in conjunction with 4Q26 results in early February 2027), every conversation touched on 'pushes and pulls' of next year's commercial set up. Novo started the year off with very conservative guidance of -13% to -5% adjusted sales and adjusted operating profit growth at CER, given a decline in Ozempic scripts at the end of 2025. While guidance has come up over the course of the year (currently at -2% to +2% adjusted sales and operating profit growth at CER, as of 3Q26); commercial performance provides more stable base heading into 2027," analysts said Wednesday after hosting the Danish drugmaker's investor relations team post-third-quarter 2026 results. The research firm said "favorable factors" for Novo in 2027 include the continued uptake of the Wegovy pill, with the company projecting the drug to reach over 20 markets by the first half of the year. BMO also sees further upside from the anticipated launch of CagriSema after an expected year-end 2026 approval. Concurrently, analysts flagged "unfavorable factors," such as the annualization of semaglutide patent expirations in Canada and Brazil, alongside an impending loss of exclusivity in China in 2027. Pricing dynamics are expected to stabilize post-2026, but the research firm still expects headwinds to impact sales in the coming year. BMO rates the stock at market perform, with a price target of $44.