Deutsche Bank Sees 3.6% Upside as Novo Nordisk Pledges DKK450m Obesity Research
NVO•Deutsche Bank sets a DKK290 target for Novo Nordisk, implying 3.6% upside from DKK280.10 and maintains a hold rating while warning ziltivekimab’s ZEUS trial is unlikely to address a $30 billion patent cliff in 2031. Separately, the Novo Nordisk Foundation commits DKK450 million over six years to obesity and metabolic disease research.
1. ZEUS Trial Forecast and Price Target
Deutsche Bank has assigned a DKK290 price target to Novo Nordisk shares, representing just 3.6% upside, while maintaining a hold rating and expressing uncertainty over ziltivekimab’s ability to meet expectations in the ongoing ZEUS trial.
2. Patent Cliff Threat
The company faces a potential $30 billion revenue loss in 2031 as key diabetes and obesity drugs lose patent protection, a challenge that ziltivekimab’s success is unlikely to fully mitigate.
3. CardioMetabolic Bridge Initiative
The Novo Nordisk Foundation will invest DKK450 million over six years in its CardioMetabolic Bridge network to support obesity, type 2 diabetes and cardiovascular research, starting with a laboratory in London and planned sites in Germany and Italy.
4. Investor Considerations
With limited upside from the ZEUS trial and long-term patent risks, investors will look to the pipeline of obesity and metabolic drug research for meaningful catalysts beyond near-term clinical data.
