Novo Nordisk A/S:

Bagsværd, Denmark, 11 May 2020 — This document discloses the data of the transaction(s) made in Novo Nordisk shares by the company’s board members, executives and their associated persons in accordance with Article 19 of Regulation No. 596/2014 on market abuse.

The company’s board members, executives and their associated persons have given Novo Nordisk power of attorney on their behalf to publish trading in Novo Nordisk shares by the company’s board members, executives and their associated persons.

Further information

Media:  
Mette Kruse Danielsen
Ken Inchausti (US)
   
Investors:  
Daniel Muusmann Bohsen
Valdemar Borum Svarrer
Ann Søndermølle Rendbæk
Mark Joseph Root
Kristoffer Due Berg US)

Company announcement No 32 / 2020

Attachment

EN
11/05/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Novo Nordisk A/S Class B

Rune Majlund Dahl
  • Rune Majlund Dahl

Novo Nordisk (Buy, TP: DKK1100.00) - Ozempic to drive raised guidance

We are slightly below consensus on Q1 LCY sales growth (we forecast 19.4%, consensus 20.1%) and LCY operating profit growth (we forecast 16.8%, consensus 17.3%), due to lower expected Wegovy sales. However, we believe the trend in Ozempic US prescriptions will prompt management to raise the 2024 guidance to LCY sales growth of 20–28% (18–26%) and LCY operating profit growth of 23–31% (21–29%). We reiterate our BUY and DKK1,100 target price.

Rune Majlund Dahl
  • Rune Majlund Dahl

Novo Nordisk (Buy, TP: DKK1100.00) - Raising the bar with amycretin

At its CMD, the company maintained its strategic aspirations for 2025. It also expects increasing operating profit margins in the coming years. A key focus was the phase I trial results for amycretin in obesity, showing 13.1% weight loss (no signs of plateau). While not confirmed, we still expect it to go directly to phase III development. We reiterate our BUY and have increased our target price to DKK1,100 (1,000) on higher pipeline valuation.

Rune Majlund Dahl
  • Rune Majlund Dahl

Novo Nordisk (Buy, TP: DKK1000.00) - Catalent: game changer

We believe the move by Novo Holding to acquire Catalent and re-sell the three fill-finish facilities to Novo Nordisk is inspired, and underpins the strength of having the foundation as a major shareholder. With the acquisition, the obesity opportunity moves from supply to demand-driven, while at the same time making scale a significant competitive advantage. We have upgraded to BUY (HOLD) and raised our target price to DKK1,000 (800).

Novo Nordisk AS: 6 directors

Six Directors at Novo Nordisk AS sold after exercising options/sold 388,571 shares at between 797.100DKK and 823.090DKK. The significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all ...

Rune Majlund Dahl
  • Rune Majlund Dahl

Novo Nordisk (Hold, TP: DKK800.00) - Solid wide guidance

The wide 2024 guidance for local currency (LCY) growth of 18–26% for sales and 21–29% for operating profit reflects the uncertainty over supply and demand for Ozempic and Wegovy. Yet the sharp capex increase highlights confidence in the long-term growth outlook. We reiterate our HOLD but have raised our target price to DKK800 (750) on a solid Q4 result and outlook.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch