Novo Nordisk (Buy, TP: DKK1130.00) - Wide 2023 guidance
The 2022 guidance was reached, with Q4 group revenue in line with our forecast but a miss on operating profit. The 2023 guidance was wide for local currency sales growth and operating profit growth of 13–19% (c4.0%-points and c5.0%-points lower in reported currency, respectively), while the FCF guidance was DKK60bn–68bn. We expect c2–4% negative consensus for 2023e EPS revisions due to FX and a neutral share price reaction 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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