Novo Nordisk

The Wegovy pill delivers the strongest GLP-1 launch ever, free cash flow jumps 44%, and management raises its guidance. However, behind the adj. figures, the reported bottom line fell 21%, the pipeline disappointed (ZEUS, monlunabant, CagriSema), and a ~50% price reduction in the US looms from January 1, 2027. We have run the financial statements through our red flag analysis - see the 3 biggest positive and 3 biggest negative share price triggers.