Novo Nordisk Shares Remain Fairly Valued; GLP-1 Franchise Appears Well Defended
Novo Nordisk's GLP-1 strength countered restructuring costs in the third quarter, allowing management to maintain a steady operating profit growth forecast for the year. We're not making any significant changes to our model or fair value estimate as a result, and we continue to view shares as fairly valued. Even though Lilly's GIP-GLP-1 is now emerging as an injectable competitor to Novo's GLP-1 franchise, with a potential launch in 2023, we think Novo is well-positioned with its oral semaglutid...
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