Bryan Garnier - Novo Nordisk (novob) NOVO NORDISK: A clean sheet for Novo-Nordisk in the third quarter | NEUTRAL | DKK365(-2%)

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Bryan Garnier

Eric Le Berrigaud

NOVO NORDISK: A clean sheet for Novo-Nordisk in the third quarter | NEUTRAL | DKK365(-2%)

NOVO NORDISK - NEUTRAL | DKK365(-2%)
A clean sheet for Novo-Nordisk in the third quarter

Overall sales are in line but with plus & minus across the portfolio
P&L-wise, COGS and R&D offset each other out, tax makes the diff
The guidance is marginally adjusted

01/11/2019 3 EN

Underlying

Novo Nordisk

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Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Eric Le Berrigaud

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NOVO NORDISK: A clean sheet for Novo-Nordisk in the third quarter | NEUTRAL | DKK365(-2%)

Novo - Upgrade to HOLD (PT DKK300, 8pgs)

Novo - Oversize Downgrade - PT Cut to DKK300 (SELL, TP DKK300 [350], 8pgs)

Novo - Mounjaro Efficacy Slowing GLP-1 Growth (SELL, TP DKK350, 11pgs)

Deliveroo: strengthening growth/margin profile ahead of DoorDash deal

Valneva : FDA lifts age restriction on IXCHIQ

Ahold Delhaize: navigating investments and FX headwinds well

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