Novo Nordisk: Initiating Buy, Calling The Bottom

I initiate Novo Nordisk with a BUY rating and $68 price target, viewing current valuation as an attractive entry point. Oral Wegovy is expanding the treated obesity market, not just cannibalizing injectables, supported by strong prescription growth and efficacy data. Pipeline assets like high-dose Wegovy, CagriSema, and Zenagamtide offer risk-adjusted lifecycle support but face efficacy and tolerability challenges. NOVO's robust cash generation and balance sheet minimize financing risk, with key risks being competition, pricing pressure, and semaglutide's 2032 patent cliff.

Investment Thesis and Company Overview I initiate coverage of Novo Nordisk ( NVO ) with a non-consensus BUY rating and a $68 price target . As a way of background, my thesis is not predicated on