New Street Research - Accesso Technology Group (ACSO) ... Novo - $7bn Wegovy This Year – PT Now DKK1300 (BUY, TP 1300 [1100], 10 pgs)

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4668.50 For Business Accounts Only

Novo - $7bn Wegovy This Year – PT Now DKK1300 (BUY, TP 1300 [1100], 10 pgs)

We increase our 2023 Wegovy forecasts to $7bn (from $4bn) which drives 50% EPS growth this year putting us 20% above consensus & far ahead of company guidance. Our bottom-up scrip-based 2023 Wegovy model has been well validated & we now have high confidence that Wegovy can sell $7bn in the US alone & that Novo can supply this demand. Moreover, we show that if no new patients started then 2023 sales would be at $4.2bn in the US and that the net price should be 50% higher this year. Our analysis leads us to increase our PT to DKK1300. The biggest question for us is no longer how big Wegovy could be, but what Novo will do with the estimated $50bn additional FCF windfall from Wegovy by 2028.
For access to the full note, please contact Naresh Chouhan ( )

20/03/2023 1 EN

Underlyings

Accesso Technology Group

Accesso Technology Group is engaged in the development and application of ticketing, mobile and eCommerce technologies, and virtual queuing solutions for the attractions and leisure industry. Co.'s solutions include accesso LoQueue, accesso Passport, accesso Siriusware and accesso ShoWare. Co. primarily has operations or customers in the U.K., the U.S., Canada, Italy, Germany, Australia, Brazil, and Mexico.

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GB0001771426 London Stock Exchange United Kingdom

Novo Nordisk

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Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

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Pan European Telecom Services and Cable

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Analysts

Dominic Rose

Naresh Chouhan

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Novo - $7bn Wegovy This Year – PT Now DKK1300 (BUY, TP 1300 [1100], 10 pgs)

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