Bryan Garnier - Novo Nordisk (novob) NOVO NORDISK: Positive underlying trends but not as much as first glance suggests | NEUTRAL | DKK350(+7%)

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Bryan Garnier

Eric Le Berrigaud

NOVO NORDISK: Positive underlying trends but not as much as first glance suggests | NEUTRAL | DKK350(+7%)

NOVO NORDISK - NEUTRAL | DKK350(+7%)
Positive underlying trends but not as much as first glance suggests

First look into Q1 figures suggests explosive quarter
The quarter is full of one-offs
The underlying performance is more in line
In the end, the guidance is simply reiterated

03/05/2019 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: Positive underlying trends but not as much as first glance suggests | NEUTRAL | DKK350(+7%)

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)

Fastned: H1 results, GM recovery, roll-out acceleration expected in H2

Avantium: financing package update

Valneva : Strong H1 - Key Lyme vaccine catalyst ahead in Q4

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