Energy Morning - 6 November 2024

Ørsted : Underlying earnings a shade below our expectations

>Release boosted by reversal of exceptional charges - Ørsted reported yesterday its operating performances for Q3 2024. Adjusted EBITDA came to DKK 9,548m (vs DKK 5,055m forecast by ODDO BHF and DKK 4,657m by the consensus). This significant beat reflects the completion of the negotiation of the contract for Orsted’s exit from Ocean Wind 1 which resulted in lower costs than initially expected at DKK 5.1bn. This amount is recognised in the group’s EBITDA but is not inc...

Vonovia SE : Q3 2024 figures are in line with expectations – growth strategy to be implemented after having reached disposal target for FY 2024

>Q3 2024 figures in line with our estimates – 2024 guidance confirmed - Vonovia (VNA) this morning published Q3 2024 figures which were overall in line with our estimates and confirmed its FY 2024 adjusted EBT guidance at the upper end of € 1.7bn-1.8bn. VNA provided an initial adjusted EBT guidance for FY 2025 of € 1.75bn-1.85bn which was in line with our estimate of € 1.8bn and the Visible Alpha consensus of € 1.8bn.Rental income increased +2.6% y-o-y to € 828.0...

Novo Nordisk : Results penalised by GLP1s in diabetes; Wegovy reassuring

>GLP1s prescribed in diabetes treatments fell short of expectations - Novo Nordisk this morning reported Q3 2024 results that fell short of expectations at the sales level but which were in line on the margin thanks to good control of costs: -1.5% below expectations for the top line (DKK 71.3bn, +21%) but +0.5% above for EBIT (DKK 33.8bn, +26%). The GLP-1 franchise in diabetes was strongly penalised by Victoza. GLP-1s were mainly affected by negative adjustments ...

AstraZeneca : The investigations in China continue to drag on the share

>The facts - Last week, we learned that the president of AZN China was cooperating with the local authorities as part of an ongoing investigation and more recently Bloomberg published an article with further details. According to the press, the investigation is focused on “aggressive sales tactics used for at least two of its oncology drugs, the lung cancer treatment Tagrisso and the immunotherapy treatment Imjud”.The media describe vendors who use unorthodox met...