Novo Nordisk (Buy, TP: DKK930.00) - Guidance raised – Wegovy delayed
Q2 reported revenue was in line with consensus while EBIT outperformed (driven by the GLP-1 segment and obesity franchise), but both missed our expectations. The 2022 sales growth guidance was raised to 12–16% and EBIT to 11–15% in LCY (c7%-points and c11%-points higher in reported terms, respectively), with the 2022 FCF guidance lifted to cDKK57bn–62bn. We expect positive consensus 2022e EPS revisions of 1–3% but believe a negative share price reaction is warranted with the Wegovy delay and SELECT interim miss.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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