Novo Nordisk (Buy, TP: DKK410.00) - Strong start to the year
Novo Nordisk reported strong Q1 YOY sales growth in local currency of c5% (despite tough YOY comparables in Diabetes Care) and a consensus beat on operating profit (c6% growth in local currencies despite increased opex-related activities). The 2018 sales and operating profit growth guidance in local terms were narrowed to the high end at 3–5% and 2–5%, respectively. We expect comments on 2019e to be a drag on the share price performance today and see flattish performance.
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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