Are you not entertained?

CMD Day 2 a master class on Novo's LT sustainable supply edge. FDA approval for SELECT data on label, another long-term advantage. TP DKK 1100 (900) on 2024e P/E rolling ionto 2025e: BUY.

CMD Day 1 low in news, high in calorie content

CMD looking mostly positive

CMD 7 March at HQ in Denmark, Kalundborg site visit 8 March. Positive newsflow likely, supportive for obesity market size. Estimates and TP of DKK 900 unchanged as we await CMD.

De-risking, speeding up and problem solving

The numbers are mind-boggling

Strong Q4 with 43% sales and 66% EBIT growth. 2024 newsflow looks supportive for sentiment and the stock. EPS +3% and TP DKK 900 (860), BUY on obesity and earnings growth.

Guidance dispells 2024 growth worries

Heads-up for report 31 January

Another year of strong earnings growth ahead

Q4e: 41% local currency revenue growth and 59% EBIT growth. 2024e 24% CER growth; wide guidance range likely. BUY as strong earnings growth quickly overpowers P/E multiple.

SELECT to change CV clinical practice

A smorgasbord of goodies

Strong Q3, and yet still growth acceleration into Q4e. 2024e estimate uptrend theme de-risked after Q3. Novo growing very quickly into its valuation: BUY.

DKK 30bn in FCF in Q3

Heads-up for report 2 November

Blows estimates out of the water again

'23 guidance up 9pp due to demand and supply availability. Novo can't spend money fast enough, sizeable margin expansion. '23-'25e EBIT +10-23%, TP DKK 860 (700). BUY on obesity theme.

36% Q2 CER growth...not too shabby

Q2 EBIT 1-4% light, but solid underlying report. Main drivers Ozempic and Wegovy delivered the goods. Keep BUY, TP 1400 (1250) on peer valuation and growth.

Q2 strong, but not strong enough

SELECT is a major win for Novo

Strong Q2 and guidance upgrade on the cards

Q2e: 36% CER revenue growth and 53% EPS growth. Low visibility on supply availability, scope for upside to guidance. Attractive 30x '23e P/E opens for a stock rebound. BUY.

Bringing Insulin Icodeg to an obesity fight

Strong earnings growth outshines blemishes

A 6-7% Q1 EBIT beat, turned to 1-3% FY EPS cut on FX. Cheap growth, deep discount and obesity megatrend - BUY, TP DKK 1,250.

Strong numbers, weakish stock