Novo Nordisk Sees Solid Volume Growth in 1Q; Shares Slightly Undervalued Ahead of Rebate Reform
We're maintaining our $53 per ADR fair value estimate for Novo Nordisk and slightly adjusting our local share fair value to DKK 353 per share from DKK 346 as Novo's 4% constant-currency top-line growth in the first quarter matched our expectations. Diving deeper, however, U.S. sales were weaker than we had anticipated as a result of inventory destocking, and international sales were stronger than we expected, partly due to the timing of orders in Latin America and other emerging markets. On a mo...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.
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