Novo Nordisk (Buy, TP: DKK1200.00) - Impairment loss in 2024
Based on the interim analysis, the CLARION-CKD phase III trial has been halted, as it failed to meet its primary endpoint. Thus, Novo Nordisk will incur an impairment loss of cDKK5.7bn in Q2, corresponding to a c6%-points negative effect on LCY operating profit growth versus the guidance from Q1. We still expect Novo Nordisk to increase its 2024 guidance for LCY sales growth to 23–31%, but having factored in the impairment loss, we now expect operating profit guidance of 20–28%. 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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