Novo Nordisk GLP-1 Sales Hit DKK63.25B; Citigroup Lifts Target to DKK290
Novo Nordisk's GLP-1 drugs Wegovy and Ozempic generated DKK63.25 billion in Q1 2026, representing nearly 65% of the company's total quarterly revenue. Citigroup maintained a Neutral rating but raised its 12-month price target to DKK290 from DKK275, cautioning on portfolio price erosion and long-term competitive pressures.
1. Q1 GLP-1 Drug Revenue
In Q1 2026, Wegovy and Ozempic generated DKK63.25 billion in sales, representing nearly 65% of Novo Nordisk's quarterly revenue. This heavy contribution highlights the growing importance of GLP-1 therapies in the company's diabetes and obesity treatment portfolio.
2. Analyst Price Target Revision
Citigroup retained its Neutral rating on Novo Nordisk's stock and raised the 12-month price target to DKK290 from DKK275, reflecting confidence in ongoing GLP-1 momentum. The revised target incorporates stronger-than-expected drug sales but balances optimism with caution over future pricing trends.
3. Competitive Risks and Outlook
Citigroup flagged potential pressure from portfolio price erosion and intensifying competition, particularly from Eli Lilly's expanding obesity treatment lineup. These factors underpin the cautious outlook despite robust Q1 performance and signal ongoing challenges in sustaining high GLP-1 margins.