Novo Nordisk (Buy, TP: DKK740.00) - Strong 2022 guidance
Q4 group revenue was in line with our forecast and consensus, while operating profit missed. The 2022 guidance is in line with our expectations, with sales growth of 6–10% in local currencies but c5%-points higher in reported currencies, while the guidance for operating profit growth is 4–8% (c7%-points higher in reported currencies). We see minimal EPS consensus revisions for 2022e, and expect the shares to trade up 1–3% today on positive Wegovy supply comments.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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