New Street Research - Novo Nordisk (novob) Novo - Ozempic Drives Upgrade to BUY (TP DKK900 [800], 20 pgs)

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4298.50 For Business Accounts Only

Novo - Ozempic Drives Upgrade to BUY (TP DKK900 [800], 20 pgs)

Whilst Wegovy has been a major driver of Novo’s recent share price performance, our analysis of the latest US Ozempic scrip data by dose shows that high-dose Ozempic could be a $4.5bn opportunity by 2025 & we do not believe cons. has fully accounted for this opportunity. We also show the high efficacy GLP-1 market could add $11bn to the GLP-1 diabetes market. We show Ozempic 2.0mg already accounts for 9% of total Ozempic scrips in 4mths. We upgrade our Ozempic 2027 sales by ~70% & are 8% above cons. 2024 EBIT entirely due to Ozempic where we see further potential for upside. U/G to Buy.
For access to the full note, please contact Naresh Chouhan ( )

27/10/2022 1 EN

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Novo Nordisk

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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:

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Analysts

Dominic Rose

Naresh Chouhan

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