Novo Nordisk (Buy, TP: DKK930.00) - Another guidance increase
Novo Nordisk reported strong revenue and EBIT (driven by the GLP-1 segment and obesity franchises), above consensus expectations. The 2022 guidance for sales and operating profit growth was raised to 14–17% and 13–16% in LCY, respectively (c10%-points and c15%-points higher in reported terms), with the FCF guidance lowered to DKK54bn–59bn, reflecting the Forma acquisition. We expect positive consensus 2022e EPS revisions of c1–2% and a 1–3% positive share price reaction.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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