Novo Nordisk (Hold, TP: DKK750.00) - Company consensus added
We forecast Q4 LCY sales growth of 36.4% YOY (consensus 37.0%) and LCY operating profit growth of 61.7% (consensus 58.5%). For Q4 Ozempic and Wegovy sales, we are well below consensus, with our calculations indicating consensus has included inventory build-up well above our forecasts. We expect 2024 guidance for 18–24% LCY sales growth and 22–28% LCY operating profit growth. We reiterate our HOLD and DKK750 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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