Novo Nordisk (Buy, TP: DKK930.00) - Strong increase to guidance likely
We believe focus in the Q2 results will be on whether volume growth held up for Ozempic and Rybelsus. We forecast 19.4% LCY group sales growth YOY and an EBIT margin of 44.7%. We expect the 2022 guidance for sales and EBIT growth to be raised to 14–17% (c8%-points and c12%-points higher in reported terms, respectively), and FCF guidance to cDKK60bn–65bn. We have added company-collected consensus to our preview, and reiterate our BUY and DKK930 target price.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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