Favourable AdCom vote
Novo Nordisk (NOVOB DC, Hold) - Favourable AdCom voteLast night, the FDA’s advisory committee (AdCom) voted 16:0 in favour of approving Novo Nordisk’s semaglutide, as we expected, and we believe the FDA will follow the recommendation. AdCom’s main concern was increased risk of retinopathy, with some voters voicing a follow-up study post approval, but generally the panel believed the benefits of semaglutide outweighed the risks. Following the vote we have raised our estimates for semaglutide to reflect a higher probability of approval, and lifted our target price to DKK340 (310); our recommendation remains HOLD.
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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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