Novo - 2025 Growth Sensitivities (BUY, TP DKK1150, 8pgs)
Following management commentary on sales growth in 2025, we have calculated the implied sensitivity to Wegovy supply & the potential impact on consensus group sales. We show that high-teens group sales growth implies 40% US Wegovy sales growth in 2025. This is below consensus. Given our previous analysis [here] on falling Wegovy prices but higher volumes, the CTLT deal is now the most important catalyst, in our view: even more important than the cagrisema readout, which we forecast accounts for just 27% of Novo’s obesity sales by 2030. The recent sell-off seems to reflect the growing risks on supply & increasing complexity of the thesis.For access to the full results, please contact Naresh Chouhan ( )
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
We provide debt research on:
- Pan European Telecom Services and Cable
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