Novo Nordisk (Buy, TP: DKK740.00) - Headwinds well reflected
We expect Q4 organic sales growth of 15.8% YOY and the 2021 guidance to be achieved. Focus is likely to be on 2022, where we expect guidance for 6–9% sales and 4–8% EBIT growth in local currency. We now see the Wegovy supply issues in H1 2022 and China’s VBP reform fully reflected in consensus. As a result, we have upgraded to BUY (HOLD) and reiterate our target price of DKK740.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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