Novo Nordisk Shares Overvalued; We’re Cautious on Insulin/Hemophilia Competition and GLP-1 Reliance
Novo Nordisk released results for 2017 that were slightly disappointing on the top line but relatively in line with our EPS projections, and guidance for 2018 (preliminary guidance was issued with third-quarter results) reflects continued competitive pressure in diabetes and biopharma segments, as well as recent foreign exchange headwinds. While the recent approval of once-weekly GLP-1 therapy Ozempic bodes well for Novo’s ability to regain lost share in this market (which is growing at a double...
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