Novo Nordisk (Buy, TP: DKK970.00) - Ozempic drives raised guidance
Despite periodic supply constraints, Ozempic continues its strong growth trajectory and is again the key driver for another guidance increase to 14–17% local currency sales growth and 13–16% EBIT growth. Communication around Wegovy is unchanged with all doses available in the US towards the end of 2022, but we do not expect it to contribute significantly before 2023. We have raised our 2023 Ozempic sales forecast and our target price to DKK970 (930), and reiterate our BUY.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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