Citi downgrades Novo Nordisk on slowing GLP-1 drug prescriptions, signaling stock downside.

Citi has reiterated a 'sell' rating on Novo Nordisk, citing a slowdown in new prescriptions for its key GLP-1 obesity drugs, except oral Wegovy. Data up to August 21, 2026, shows significant declines in Rybelsus prescriptions and negative growth for Ozempic, while subcutaneous Wegovy shows some growth. Citi's analysis suggests potential double-digit upside for some drugs but overall pressure on the stock due to weakening new-patient trends. The sell rating implies around 9% further downside from recent prices.