We Plan to Lower Our Novo Nordisk FVE; Novelty of Diabetes Therapies Can't Sustain Pricing Power
Novo Nordisk’s third-quarter performance was a continuation of weakness seen in the second quarter due to the competitive landscape in diabetes and hemophilia, but disappointing 2017 preliminary guidance and Novo’s decision to lower long-term operating profit growth guidance from 10% to 5% (the guidance for 10% growth was given in February 2016) show that competitive threats are accelerating and will affect the firm’s long-term prospects. While our model already incorporated average annual opera...
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