Citi initiated coverage of Novo Nordisk with a Neutral rating and set a DKK 400 price target, citing a fair valuation at current levels despite sustained high demand for obesity treatments. The outlook reflects confidence in the company’s competitive positioning, balanced by pricing and market‐share pressures. Novo Nordisk allocated nearly $500 million to U.S. advertising for its GLP-1 treatments in the first nine months of 2025. The company directed $316 million to Wegovy, a 54% year-over-year increase, and $169 million to Ozempic, up 44%, marking more than double the spend of its nearest rival. With supply constraints easing and Eli Lilly’s Zepbound gaining weight-loss prescriptions, Novo Nordisk is bolstering its market defense. Management plans to immediately promote an upcoming oral formulation of Wegovy and expand distribution through cash-pay and direct-to-consumer channels to sustain growth against intensifying competition.