WSJ医疗板块Market Talks汇编：Deutsche Bank下调Novo Nordisk至卖出（基于近月前ziltivekimab临床失败），Jefferies大幅上调Olympus目标价，Ramsay Health Care FY26业绩超预期已涨13%

The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0721 GMT – Novo Nordisk faces persistent concerns over the scope for a return to growth in 2027 and a large patent cliff problem further out, Deutsche Bank analyst Emmanuel Papadakis writes. The bank also notes that a bump in U.S. Medicare prescriptions looks limited, while Novo Nordisk’s ziltivekimab is now effectively out of the picture, after the drug failed to reduce risk of heart attack or stroke in a late-stage clinical trial. The company has an important capital markets day next month, the bank adds. Deutsche Bank downgrades the stock to sell from hold and lowers its target price to 265 Danish kroner from 290 kroner. Shares fall 1.6% to 300.10 kroner. (dominic.chopping@wsj.com)

0601 GMT – Innovent Biologics’ outlicensing drug deals with multinational corporations could remain a key share-price driver, say DBS Group Research analysts in commentary. The Chinese biopharmaceutical company’s previous deal with Pfizer in May boosted its stock by around 33% over two months. Innovent likely has around three early stage treatment products that could yield around $955 million in upfront payments, the analysts estimate. The company’s balance sheet also remains strong, with net cash of around 16.2 billion yuan as of June, they add. DBS Group Research maintains its buy rating and 144.00 Hong Kong dollar target price. Shares drop 2.55% to HK$107.00. (megan.cheah@wsj.com)

0600 GMT – Olympus is likely to deliver both sustained revenue growth and meaningful margin expansion in the coming years, Jefferies analysts say in a note. For the quarter ended June, its key gastro endoscopes division achieved an operating-profit margin of about 23%, which was better than the U.S. bank had expected. Gastrointestinal endoscopy remains an attractive growth market, Jefferies says. In addition, stronger commercial execution, improved product availability and restructuring benefits are already visible in results, the bank says. Robotic and minimally invasive surgery provide additional growth opportunities in the longer term, it says. Jefferies raises its target price on the stock to 3,300 yen from Y2,300 and maintains a buy rating. Shares are 0.8% higher at Y2,150.5. (kosaku.narioka@wsj.com; @kosakunarioka)

0511 GMT – Private hospital operator Ramsay Health Care delivered impressive FY26 results across the board, says Jarden analyst Steve Wheen. He was heartened by Ramsay’s cost control and operating leverage in Australia. Margin growth of 30 bps in Australia beat consensus, despite the impact of a new funding mechanism affecting its Joondalup public campus in the west. Overall, group Ebit rose by 11.5% and beat consensus by 7.4%. “Outlook for FY27 is similarly bullish, with Ebit growth and margin improvement across both Australia and the U.K.,” Jarden says. “Great result.” Ramsay is up 13% at A$49.69, representing a more than two-year high. (david.winning@wsj.com; @dwinningWSJ)