瑞银对诺和诺德2026年三季度业绩作出前瞻，公司将于11月4日发布三季报。瑞银预计三季度销售额与VisibleAlpha一致预期基本持平，基础营业利润较一致预期低3%。重点议题包括：全年指引及进入2027年的增长基础——二季度公司将2026年调整后销售与营业利润增速指引上调至0%至-6%（CER），瑞银预计处于区间上沿（销售-2%、EBIT 0%）；以及Wegovy口服片、Wegovy注射剂、Ozempic高基数、Ozempic口服片等产品的销售表现。催化剂包括Wegovy口服片/CagriSema上市进展、Efruxifermin三期安全性数据及CagriSema REDEFINE-11数据。短期核心争议在于2027年肥胖业务增量能否抵消Ozempic下滑与美国定价压力，可见度有限支撑中性评级；长期看semaglutide专利2031年到期后管线补充能力不足仍是隐忧。
UBS previews Novo Nordisk's 3Q26 results, due 4 November. UBS estimates 3Q sales in line with VisibleAlpha consensus and underlying operating profit 3% lower. Key focus topics include: FY26 guidance and the exit rate into 2027 — at 2Q Novo raised FY26 adjusted sales and operating profit growth guidance to 0% to -6% CER, with UBS estimates at the upper end of the ranges (UBSe -2% sales, 0% EBIT); and product performance for Wegovy Pill, Wegovy Injectable, Ozempic (tough comps) and Ozempic Pill. Catalysts include Wegovy Pill/CagriSema launch progress, Efruxifermin P3 SYNCHRONY safety data, and CagriSema REDEFINE-11 data. The key near-term debate is whether incremental obesity growth can offset Ozempic declines and US pricing pressure in 2027, with limited visibility supporting UBS's Neutral stance; longer term, the lack of pipeline replacement power relative to the semaglutide patent cliff from 2031 remains a concern. UBS sets a 12-month price target of DKr332.00 with a Neutral rating.