NOVO NORDISK: GLP-1 & obesity franchises should represent a stronger growth driver than expected | NEUTRAL vs. SELL | DKK703 VS. DKK617 (-10%)
NOVO NORDISK - NEUTRAL vs. SELL | DKK703 VS. DKK617 (-10%)GLP-1 & obesity franchises should represent a stronger growth driver than expected
GlP-1 and Obesity franchises were the very good surprise in Q1 22. It is fair to recognise that Q1 sales of Ozempic (GLP-1) and Obesity franchise were much stronger than expected beating the CS by 12% and 28% respectively. Furthermore, this strong performance was not due to any one-time event but to fundamental items like volume growth and market share increase. That is why we revised upward our sales forecast for these two franchises by about 20%. Therefore, we increased our EPS by an average of 10% between 2022 and 2028. Our target price came in at DKK703 vs DKK617 and we change our rating to Neutral vs Sell.
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