New Street Research - Novo Nordisk A/S Class B (NOVO B) In Defence of Our Buy Case

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4271.00 For Business Accounts Only

In Defence of Our Buy Case

We have faced considerable investor pushback on our Novo Buy Case since we upgraded in August. In this note we tackle each one of these challenges to our thesis and show that the Novo growth story has less risk than many in the market believe. Thus, the premium rating that Novo currently enjoys should be sustained. S-T share performance is likely to be driven by Ozempic beats and a positive PIONEER 6 study giving confidence in the oral semaglutide opportunity.

24/09/2018 13 EN

Underlying

Novo Nordisk A/S Class B

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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DK0060534915 Nasdaq Nordic Copenhagen Denmark

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Analysts

Dominic Rose

Naresh Chouhan

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In Defence of Our Buy Case

Novo Nordisk AS: 1 director

Zealand Pharma (Buy, TP: DKK950.00) - Dapiglutide likely next catalyst

Novo Nordisk (Buy, TP: DKK900.00) - Accelerated Wegovy roll-out ahead

Meta Platforms (META, Buy, Raising target to $900 from $775) Five new revenue breakouts in our model

SATS: How should Investors Interpret the Sounds of Silence?

Kuaishou 2Q25 Results: E-commerce Remains Resilient in 3Q

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