Bryan Garnier - Novo Nordisk (novob) NOVO NORDISK: Aspiration 2025 missed the target in our view | NEUTRAL | DKK368 vs. DKK365 (0%)

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Bryan Garnier

Eric Le Berrigaud

NOVO NORDISK: Aspiration 2025 missed the target in our view | NEUTRAL | DKK368 vs. DKK365 (0%)

NOVO NORDISK - NEUTRAL | DKK368 vs. DKK365 (0%)
Aspiration 2025 missed the target in our view

Unintended key take-away message: flat margins towards 2025
NN strongly focused on the sustainability of its top-line growth
IO will drive growth
Cut in numbers over 2020-2021

21/11/2019 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: Aspiration 2025 missed the target in our view | NEUTRAL | DKK368 vs. DKK365 (0%)

Novo - Worrying Times (SELL, TP DKK350 [460], 13pgs)

US Tariffs - Broad Tariffs are Highly Unlikely (7pgs)

US Tariffs - Transfer Pricing Could Negate Impact (6pgs)

Fielmann: margin potential unleashed

Fielmann: strong margin delivery in Q1 2025

Lhyfe: EUR53m debt financing

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