Novo Nordisk (Buy, TP: DKK525.00) - The next STEP
The obesity opportunity is still underappreciated in our view, but with Novo Nordisk due to report headline data from all STEP trials with semaglutide by end-Q2 and the encouraging STEP 4 data, the potential is set to unfold. We have raised our probability of approval to 95% (70%), and thus our target price to DKK525 (500). We forecast unadjusted obesity sales to account for 20% of group sales, or cDKK54bn, by 2030e, and we retain our BUY.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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