Novo Nordisk has published positive results from the SUSTAIN 7 trial showing that Semaglutide is superior to dulaglutide (Eli Lilly) in both glucose control and weight loss in people with type 2 diabetes. We view superiority as a very strong selling point and reiterate that patients/doctors have few good arguments for choosing Trulisity once semaglutide is available. We maintain our HOLD recommendation but have raised our target price to DKK310 (300) based on the strong SUSTAIN 7 data.
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