Bryan Garnier - Novo Nordisk (novob) NOVO NORDISK: Very solid first quarter drives guidance upgrade | BUY | DKK490(+6%)

Report

Bryan Garnier

Eric Le Berrigaud

NOVO NORDISK: Very solid first quarter drives guidance upgrade | BUY | DKK490(+6%)

NOVO NORDISK - BUY | DKK490(+6%)
Very solid first quarter drives guidance upgrade

Q1 performance well ahead of CS expectations
Rybelsus disappoints
The P&L structure is in line with estimates
Guidance is increased but new one is already reflected in CS numbers

05/05/2021 4 EN

Underlying

Novo Nordisk

See profile

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.

See profile

Analysts

Eric Le Berrigaud

Other Reports on these Companies

New Street Research

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

Following the orfo’ P3 data, latest Wegovy scrips & rapidly faltering Ozempic growth, we conduct a wholesale review of our obesity market model, Wegovy & Ozempic scrip models & our Novo financial model. The outcome of this analysis is that we downgrade our 2030 sales by 20% and EPS by 24%. We now assume Novo only achieve a 25% obesity market share by 2030. We are 19% below consensus sales & 23% below EPS in 2030. We also provide a detailed hypothesis as to why US obesity demand growth is so lacklustre & conclude demand growth will be slow in the absence of Medicare approval. PT cut to DKK350 &...

EUR 4395.00

April 22, 2025 April 22, 2025 1 EN

New Street Research

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

Following a number of recent events, we discuss in this note what we think is the most likely outcome for the Pharma industry. We show that broad based tariffs on drugs are highly unlikely, that even if it were to happen, the impact of a 20% tariff is

EUR 4395.00

April 17, 2025 April 17, 2025 1 EN

New Street Research

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

We show that Big Pharma would not have to shift a single element of supply chain to the US and can mitigate most, if not all, of a 20% tariff on drugs, just by changing their transfer pricing strategy. In a scenario where the US corporation tax rate falls to 15% but tariffs are 20%, we show that Big Pharma profits would be unchanged, while the US government tax take would more than double. The losers would be low tax jurisdictions like Ireland, but they would get to keep their manufacturing base, at least in the medium-term. We also show that the impact of 20% tariffs with no tax mitigation wo...

EUR 4395.00

April 3, 2025 April 3, 2025 1 EN

Lhyfe: EUR53m debt financing

Lhyfe yesterday announced that it has secured EUR53m debt financing for a portfolio of four green hydrogen projects. This transaction allows Lhyfe to complete the financing and refinance part of the investment already made in four units in France and Germany, with already operating and under develo

2h / 40m 2h / 40m 1 EN

Mahaut Arnaud ... (+3)

Mahaut Arnaud
Paul de Froment
Thomas Mordelle

Nel: poor Q1 results

This morning, Nel has reported Q1 2025 revenue at NOK155m (-63% QoQ, -44% YoY), 37% below cons. at NOK245m. The quarter was impacted by temporary production halts, with a significant slowdown in the alkaline division negatively impacting (-69% YoY) the scale and the revenue mix. EBITDA loss stood a

2h / 46m 2h / 46m 1 EN

Oscar Haffen Lamm

Oscar Haffen Lamm

Egetis: US trial tracking slowly, Emcitate to be launched in Germany May 1st

Egetis reported Q1 with an operating loss of SEK 62.9m and a cash position of SEK273m. Regarding the US phase 3 trial, it is tracking slowly where 12 patients have now completed the randomization phase (vs 11 previously), 1 is currently in the randomization phase and 1 which is in the run-in period

2h / 52m 2h / 52m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

NOVO NORDISK: Very solid first quarter drives guidance upgrade | BUY | DKK490(+6%)

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

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

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

Lhyfe: EUR53m debt financing

Nel: poor Q1 results

Egetis: US trial tracking slowly, Emcitate to be launched in Germany May 1st

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe