Novo Nordisk (Buy, TP: DKK1380.00) - Ozempic set to boost guidance
We have updated our preview for company-compiled consensus. We forecast Q2 local currency sales growth of 38.0% (consensus 38.4%) and an operating profit margin of 45.4% (consensus 44.7%). Led by Ozempic, we continue to expect higher 2023 guidance for local currency sales growth of 26–32%, local currency operating profit growth of 30–36%, and FCF of DKK74bn–82bn. We reiterate our BUY and DKK1,380 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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