Novo’s 2027 Growth Rebound Faces Fresh Doubts From Deutsche Bank – Even As China Wegovy Milestone Offers Retail Hope

• Deutsche Bank downgraded Novo Nordisk to Sell from Hold with a price target of DKK 265, down from DKK 290, according to The Fly.
• Fiscal.ai estimates show annual sales slipping from DKK 309 billion in 2025 to DKK 299 billion in 2026 before edging up to DKK 304.25 billion in 2027
• China’s drug regulator accepted Novo’s application to sell the oral version of weight-loss drug Wegovy.

Novo Nordisk’s (NOVO) prospects for a growth rebound in 2027 are facing fresh doubts from Deutsche Bank, although a key regulatory milestone for Wegovy in China offers a potential bright spot.

NVO shares were down around 2% in pre-market trading.

Deutsche Bank Turns Bearish Over Growth Prospects

Deutsche Bank downgraded Novo to ‘Sell’ from ‘Hold’ and cut its price target to DKK 265 ($41.28) from DKK 290, implying a 10% potential downside from current levels. The firm said the potential upside from Medicare prescriptions appears limited, while Ziltivekimab is “now effectively out of the picture.”

Ziltivekimab is an experimental antibody that targets the IL-6 pathway in people with cardiovascular disease, chronic kidney disease and inflammation. IL-6 is a protein that helps regulate the body’s inflammatory and immune responses.

Novo recently said its Phase 3 study failed to show that Ziltivekimab reduced major adverse cardiovascular events, such as heart attacks and strokes, compared with a placebo. However, safety results were similar between the two groups. The company expects a non-cash impairment charge in the third quarter but no change to its 2026 adjusted operating-profit outlook.

Deutsche flagged concerns about Novo’s ability to return to growth next year and the impact of longer-term patent expirations, especially for the weight-loss formulation, Semaglutide. Fiscal.ai estimates show annual sales slipping from DKK 309 billion in 2025 to DKK 299 billion in 2026 before edging up to DKK 304.25 billion in 2027. That would leave revenue broadly flat over the three-year period.

China Offers A Potential Bright Spot

On Thursday, Chinese regulators accepted Novo’s application for the oral version of Wegovy. The milestone opens a path into a weight-management market that could reach RMB30 billion (around $4.5 billion) within five to seven years, according to a Reuters report citing JPMorgan.

However, Novo must compete with rival Eli Lilly (LLY), which was among the first to enter the market. Lilly has reportedly submitted its application for Orforglipron in China and plans to invest $3 billion over the next decade.

Retail Sees China Hopes

Retail sentiment surrounding NVO on Stocktwits remained in the ‘bearish’ zone over the past 24 hours, even as chatter was generally positive.

One user said they were “super bullish” on Novo’s Wegovy application acceptance in China.

The stock has declined more than 10% so far in 2026.

 For updates and corrections, email newsroom[at]stocktwits[dot]com