Novo Shares Look Overvalued Post-3Q; Our Semaglutide Estimates Are Countered by Basal Weakness
We're not making any substantial changes to our DKK 268/$42.50 per ADR fair value estimate for Novo Nordisk after third-quarter results, as the firm’s U.S. basal insulin business showed slightly weaker performance in the quarter than we had expected, but this is countered by a boost to our once-weekly semaglutide projections, based on strong data in the recent Sustain 7 trial. With steady 3% sales growth and 6% operating profit growth in local currencies now extending through the first nine mont...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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