Novo Nordisk (Hold, TP: DKK750.00) - US pricing dynamic unchanged
Q3 local currency (LCY) sales and operating profit growth was driven by Q1–Q3 rebate adjustments for Wegovy and Ozempic. We have cut our 2023 Wegovy rebate assumptions but see unchanged pricing dynamics with higher rebates. We look to the detailed SELECT data, set for release at the AHA conference on 10 November. Novo Nordisk has filed for label extension with the FDA (priority review). 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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