Novo Nordisk (Buy, TP: DKK410.00) - Strong IO growth continues
Novo Nordisk reported strong Q2 sales growth in local currencies of c4% YOY (c12% in IO and c0% in NAO), and also beat consensus on operating profit (delivering c4% growth in local currencies). The 2019 sales growth guidance in local terms was upgraded to 4–6% (previously 2–5%), and operating profit growth is now expected to be 4–6% (previously 2–6%). We expect positive EPS consensus revisions of 1–2% for 2019e and the share price to be up 2–3% today.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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