Novo Nordisk (Hold, TP: DKK1330.00) - Demand above supply capacity
Q2 missed our estimates, but the 2023 guidance was increased to local currency sales growth of 27–33% and operating profit growth of 31–37%. However, we believe focus should be on Wegovy’s US supply constraints, which management now expects to continue into 2024. We have lowered our 2024 Wegovy sales estimate by c5.9%. We have cut our target price to DKK1,330 (1,380) and downgraded to HOLD (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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