Novo Nordisk Holds Buyback Course as Lilly's Oral Pill Gains EMA Backing and Oddo BHF Lifts Target
Published on 10/20/2026 at 15:11 | Editorial boerse-global.de
Oddo BHF raised its price target on Novo Nordisk to 305 Danish kroner from 221 on Wednesday, though the broker kept its rating at "Neutral" — a stance that mirrors the wider mood on the Danish drugmaker. The shares edged up 0.8% to EUR 34.52 in German trading, a modest stabilization after several sessions of losses.
The cautious consensus is hard to miss. Of 36 research houses tracked, 21 rate the stock neutral, and the average target sits at 307 kroner, according to Bloomberg.
A Buyback Running Alongside Regulatory News
Novo Nordisk said yesterday that it had repurchased 39,074,179 B-shares since the program began in February through mid-October, for a total transaction value of DKK 10,875,024,304. The framework is capped at DKK 15 billion overall. The buybacks shrink the share count and support the capital structure — and they come as strategic challenges in metabolic therapies dominate the agenda. The company had already reported earlier interim totals about a week ago.
On the product front, the European Medicines Agency's Committee for Human Medicinal Products issued a positive opinion on 15 October recommending a label update for Novo Nordisk's Kyinsu, reinforcing the regulatory footing of that portfolio asset in Europe.
Should investors sell immediately? Or is it worth buying Novo Nordisk?
Lilly's Foundayo Clears an EMA Hurdle
Competitive pressure is building at the same time. Reuters reported that the EMA has recommended approval of Foundayo (orforglipron), an oral treatment from US rival Eli Lilly, for both obesity and type-2 diabetes. The drug targets the same space as Novo's oral formulation of Wegovy, sharpening the contest in tablet-based therapies across Europe.
Pricing Clouds the November 4 Print
Investors now have 4 November 2026 circled, when Novo Nordisk reports third-quarter results. Beyond the operating figures, the outlook for future US price concessions is weighing on expectations. A Medicare negotiated price for 2027 of an average USD 274 per monthly supply has been agreed for key medicines including Ozempic and Wegovy.
To counter that pressure on established injectable products, the company is pushing development and the global rollout of Wegovy in tablet form. Ole-Andreas Krohn of DNB Carnegie sees confirmed launches of the Wegovy tablet during 2027 as a potential fresh catalyst for investors. He also expects the looming end of the company's heavy investment phase to more than double free cash flow by 2030, giving Novo extra room for dividends or share buybacks.
A Rough Year on the Board
The stock closed at EUR 34.25 yesterday, down 0.7% on the prior session, and is off 22% since the start of the year. Beyond the US pricing debate, intensifying competition in the GLP-1 segment is capping valuation — rivals such as Eli Lilly are pressing into the field with their own products and positive trial data, dimming the growth narrative that once made Novo a market darling.
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