Novo Nordisk (Buy, TP: DKK1130.00) - Capacity constraints for Wegovy
We attended a management roundtable discussion in London today. The focus was on Wegovy, including its capacity constraints and the efforts to establish its presence in the obesity market outside of the US, as well as the opportunities in non-alcoholic steatohepatitis (NASH) and other serious chronic disease areas. Management was confident in Novo Nordisk’s market position, products and pipeline, but acknowledged Wegovy’s supply constraints for 2023. We reiterate our BUY and target price of DKK1,130.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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