Novo Nordisk (Hold, TP: DKK710.00) - Ozempic and obesity strong Novo Nordisk reported strong Q3 sales growth in local currencies of c15% YOY (c14% in IO, c17% in NAO). Operating profit grew c19% in local currencies. The 2021 guidance from 29 October for s
Novo Nordisk (NOVOB DC, Hold) - Ozempic and obesity strong Novo Nordisk reported strong Q3 sales growth in local currencies of c15% YOY (c14% in IO, c17% in NAO). Operating profit grew c19% in local currencies. The 2021 guidance from 29 October for sales growth and the EBIT margin remains 12–15% (previously 10–13%) and 12–15% (previously 9–12%), respectively. We expect limited consensus EPS revisions and a neutral share price reaction today. Q3 beat consensus on revenue and EBIT. Sales were DKK35,622m (we forecast DKK34,740m, consensus DKK34,628m), driven by Ozempic, Saxenda, and Wegovy, and reported EBIT was DKK15,249m (we forecast DKK14,595m, consensus DKK14,528m). Sales growth and EBIT growth were above consensus at c15% and c19% YOY in local currency, respectively (we forecast 12.6% and 13.9%; consensus 12.9% and 14.6%). (11 pages)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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