Morgan Stanley downgrades NVO to underweight; $40 PT implies downside from current levels due to growth concerns and patent cliff risks.

All right. And last but not least, we look at Novo Nordisk. I saw a downgrade and a price target below where we are now.

Yeah. And the ADR is under some pressure now off by about 1 and a4% here. Morgan Stanley is downgrading to novel Nordis to underweight from equal weight. They are maintaining their $40 price target.

Uh but that would signal some downside from where we sit right now. Um they see a challenging combination they say of a subdued medium-term growth um and then long-term patent risk.

They're worried about the patents because they pointed out that Noval still heavily dependent on simaglletide. That's the active ingredient in Ompic and WGOI which were have been its blockbuster drugs.

Uh at the same time even with that blockbuster drug, Eli Liy has been eating their lunch with Mjaro, no pun intended there. Uh Morgan Stanley is estimating that magnetide will generate roughly 75% of Noble sales this year.

So that's a big chunk. And they're worried I guess about the patent cliff in the long term. patent protection expected to expire in Europe in 2031, here in the US in 2032. So there is still some time to fill in their uh pipeline here.

Um and the challenge is once they lose that exclusivity exclusivity, the competition and generics.