0540 GMT - Novo Nordisk's capital markets day offered little to change Citi's cautious view, with topline growth ambitions in line with consensus but margins below expectations. The company is positioning for the post-semaglutide era through more than five planned multi-blockbuster launches by 2030 and more than 150 billion Danish kroner of pipeline sales by 2035, which is largely reflected in consensus, Citi says. Updated oral obesity capacity and more than 20 Wegovy pill market launches in 2027 are encouraging, but execution is key. Novo also intends to broaden growth beyond obesity and diabetes into cardiovascular, liver, blood, and endocrine disorders, while a 2027 launch of CagriSema is a key opportunity to beat consensus, Citi adds. "M&A focus remains bolt-on but management did not rule out a large transaction, creating some inherent risk."