Novo Remains Fairly Valued After 2Q; Bar for Portfolio Differentiation Is High in the Long Run
We're not making any substantial changes to our valuation of Novo Nordisk after second-quarter results, with a slight modification for foreign exchange fluctuations leading to our new DKK 268/$42.50 per ADR fair value estimate. With steady 3% sales growth and 6% operating profit growth in local currencies so far this year, management slightly raised the low end of sales growth guidance (now 1%-3% growth) and boosted its operating profit growth outlook for the year to 1%-5% (foreign currency tren...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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