1310 GMT - Novo Nordisk's report had some bright spots, with the development of its obesity business the main positive, Sydbank's Soren Lontoft Hansen writes. Overall though, first-quarter earnings were characterized by pricing pressure in the commercial segment, just as the Most Favored Nation pricing agreement with the Trump administration has led to lower prices in the cash paying segment in the U.S., Hansen adds. Despite the pricing impact, Sydbank says that the Danish pharmaceutical company is showing the first early signs that it can offset lower prices with increased volume growth. "Although uncertainty is high right now, in our opinion the share price still reflects some very bleak earnings scenarios," Hansen says. "We consider the earnings scenarios to be too bleak in relation to the opportunities that exist." Shares fall 3.9%. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

May 18, 2026 09:10 ET (13:10 GMT)

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