Morgan Stanley sees downside to 2026–27 consensus for Novo

** Morgan Stanley cuts its rating on Danish drugmaker Novo Nordisk NOVO_B to "underweight" from "equal-weight", citing a "tough path ahead" due to rising competition

** The broker sees downside to 2026-27 consensus estimates, forecasting slower prescription growth for Novo's GLP-1 drugs

** MS highlights stagnating U.S. prescriptions for Ozempic and Wegovy amid "fierce competition" from rivals like Eli Lilly LLY, compounded drugs, and emerging generics

** A risky catalyst path with potential downside includes the EVOKE Alzheimer's trial and the upcoming US Medicare Part D price announcement for its key drug semaglutide, MS adds

** The brokerage cuts its PT by over a fifth to DKK 300, expecting valuation multiples to compress as the 2031-32 patent cliff for semaglutide approaches