Novo Nordisk (Buy, TP: DKK550.00) - Tirzepatide ready for approval
Eli Lilly has reported tirzepatide data from Surpass-2, a head-to-head study with semaglutide 1mg. Tirzepatide showed superior HbA1c reduction and decreased body weight in all three doses, but with higher side-effects and discontinuation rates than semaglutide. We still see tirzepatide as a strong competitor in GLP-1, obesity and NASH, and are not concerned about our sales estimates. We retain our BUY and DKK550 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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