Novo Nordisk (Buy, TP: DKK870.00) - Set to disclose Wegovy figures
We believe investor focus will probably be on the Wegovy sales, which Novo Nordisk will disclose in its Q1 report (results due at 07:30 CET on 4 May). We estimate Q1 sales growth of 11.9% (consensus: 11.1%) in local currencies YOY and an EBIT margin of 43.3% (consensus: 43.6%). We expect the company to raise its 2022 sales growth guidance, but it might be too early with the Q1 report. We reiterate our BUY and have lifted our target price to DKK870 (850).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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