Novo's Leading Insulin and GLP-1 Therapies and Innovative Pipeline Support a Wide Moat
Novo reported 2018 results that were in line with our estimates, with relatively strong guidance for 2019 (2%-5% top line growth and 2%-6% operating profit growth at constant currencies) given the increased discounts in Medicare Part D (an expected DKK 2 billion headwind from a greater donut hole responsibility in 2019) and continued headwinds with insulin pricing and hemophilia competition. We're maintaining our DKK 346 per B share/$53 per ADR fair value estimate for Novo, and we continue to th...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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