Novo Nordisk (Buy, TP: DKK550.00) - Solid 2021 guidance
Q4 revenues were in line with our forecast and consensus, but operating profit missed due to FX. The 2021 guidance is solid with sales growth of 5–9% in local currencies and c4%-points lower in reported currencies, while the guidance for operating profit growth is 4–8% (c6%-points lower in reported currencies). We see negative EPS consensus revisions of 1–2% for 2021e on FX and expect the shares to trade down c3% today. In addition, the CSO is leaving the company to retire.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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