Novo Nordisk (Hold, TP: DKK750.00) - Higher US Wegovy rebate for 2024e
Data from the North Carolina Health Plan indicates a c9%-point higher US Wegovy rebate YOY for 2024. Thus, we have raised our 2024e US Wegovy rebate assumption from 50% to 53.6% and forecast global Wegovy sales of DKK57,955m (down c7% on unchanged prescription assumptions). We expect continued strong Ozempic momentum for 2024 and reported sales growth of c26% YOY. 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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