Novo Nordisk (Buy, TP: DKK380.00) - Q3 set to see strong GLP-1 growth
We believe the focus for the Q3 results (due at 07:30 CET on 1 November) will be on the GLP-1 franchise, where market growth picked-up in Q3, while the EBIT margin could be under pressure from provisions related to the R&D restructuring announced. However, we expect Q3 to support the 2018 guidance, which we expect to be narrowed to the top end of the range, with limited FX movement since the Q2 report. We reiterate our BUY recommendation and DKK380 target price.Novo-Nordisk is a global healthcare company engaged in the innovation of diabetes care. Co. also provides haemophilia care, growth hormone therapy and hormone replacement therapy. The Diabetes care business segment includes research, development, manufacturing and marketing of products within the areas of insulin, GLP-1 and related delivery systems, oral antidiabetic products (OAD) and obesity. The Biopharmaceuticals business segment includes research, development, manufacturing and marketing of products within the areas of haemophilia, growth hormone therapy, hormone replacement therapy, inflammation therapy and other therapy areas.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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