Novo Nordisk (Buy, TP: DKK1200.00) - Wegovy roll-out continues
While Q2 LCY sales growth was below expectations, LCY operating profit growth beat our forecast, partly due to lower realised S&D costs. We maintain our 2024 rebate assumption for Wegovy but have raised our Ozempic rebate estimate based on high Q2 rebates. The 2024 guidance was raised to LCY sales growth of 22–28% (previously 19–27%) and operating profit growth of 20–28% (16–24%). 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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