Novo Nordisk (Buy, TP: DKK1200.00) - Expecting strong top-line growth
We forecast solid LCY sales growth of 26.8% YOY in Q2 (consensus 24.6%), driven by GLP-1, but just 4.4% LCY operating profit growth (consensus 19.1%), hurt by a DKK5.7bn impairment. We expect management to revise its 2024 guidance for LCY sales growth to 23–31% (19–27%) and LCY operating profit growth to 20–28 (22–30%), including a c6%-point drag from the impairment loss. We reiterate our BUY and DKK1,200 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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