Novo Nordisk (Buy, TP: DKK560.00) - Good underlying growth in Q1
Novo Nordisk delivered strong underlying sales growth in Q1, and, despite tough comparables from stocking last year, reported growth in local currencies was c7% YOY (c9% in IO and c6% in NAO). Operating profit grew c3% in local currencies. The 2021 sales growth and operating profit growth guidance was upped to 6–10% (5–9%) and 5–9% (4–8%), respectively. The share buyback programme has been increased to DKK18bn. We expect positive consensus EPS revisions of 1–2% for 2021e and a positive share price reaction of 1–3% 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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