Copenhagen, Feb 2, 2026, 10:58 CET — Regular session
- Shares of Novo Nordisk dropped roughly 1.6% in Copenhagen trading.
- ABG Sundal Collier downgrades its rating from “buy” to “hold” and drops its price target.
- Investors are positioning themselves ahead of the company’s Feb. 4 earnings report and 2026 outlook.
Novo Nordisk shares dipped Monday following a broker downgrade just before this week’s earnings, adding to the Danish drugmaker’s stock pressure in early February trading.
Timing is key. Novo is set to release full-year results on Wednesday, with investors eager to see if demand and pricing for its obesity and diabetes treatments remain strong amid growing competition.
That report will probably reset expectations for 2026. The stock has turned into a stand-in for the broader weight-loss drug market, with guidance usually driving the shifts.
At 10:58 a.m. in Copenhagen, shares of Novo Nordisk (NOVO-B.CO) had slipped roughly 1.6%, trading at 363.7 Danish crowns. The stock had ended Friday at 369.6. So far today, the price fluctuated between 357.5 and 365.0.
ABG Sundal Collier downgraded the stock to “hold” from “buy” and trimmed its price target to 350 crowns from 400, a note reported by Finwire shows. MarketScreener
Analysts forecast Novo’s operating profit for the fourth quarter at 31.47 billion crowns, a drop from 36.74 billion crowns the previous year. Sales are projected to hit 76.99 billion crowns, based on a Bloomberg consensus referenced by Finwire.
The company plans to announce its results ahead of the Nasdaq Copenhagen opening on Feb. 4 and will host an earnings call at 1300 CET.
Traders aren’t just focused on the fourth quarter. They’re looking ahead to 2026, searching for new insights on competition, supply, and payer behavior surrounding GLP‑1 drugs — the class of diabetes and weight-loss treatments that mimic a gut hormone and suppress appetite.
That said, the outlook works both ways. Even a beat in the short term might be overshadowed if investors interpret the guidance as signaling more price pressure or sluggish demand in crucial markets.
On Jan. 31, the company announced that Thomas Rantzau, an employee representative, resigned from the board. His alternate, Tanja Villumsen, has stepped in immediately as the new employee representative.
