reports
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1150.00) - CagriSema set to raise the bar
We remain below Visible Alpha consensus on Q3 LCY figures, likely due to our lower assumptions of realised Wegovy and Ozempic US prescriptions. With the Q3 results, we still expect management to narrow the 2024 guidance for LCY sales growth of 24–28% YOY (22–28%) and LCY operating profit growth of 22–28% YOY (20–28%). We focus on the REDEFINE-1 headline results (due in Q4) and expect CagriSema to show a c27% weight loss. We reiterate our BUY and DKK1,150 target price.
- Damien Choplain
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/03/2024
After a stress episode in the first few days of the month, the equity markets finished August on a gain. US markets ended slightly ahead of Europe, thanks notably to the latest good US GDP numbers, but this performance is erased by the strong rise of the euro. The main driver was short rates falling in anticipation of rate cuts by central banks, with 2-year rates coming close to 10-year rates in the US and Europe. Tech stocks took a hit but less so than in July, and the two worst per...
- Damien Choplain
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/09/2024
Après leur stress tout début août, les marchés actions finissent le mois dans le vert. Les marchés américains terminent légèrement devant l’Europe, notamment grâce aux derniers bons chiffres du PIB USA, mais cette performance est effacée par la forte remontée de l’euro. Ce sont surtout les taux courts qui ont reculé, anticipant des baisses de taux par les banques centrales, le 2 ans revenant proche du 10 ans aux USA comme en Europe. Les valeurs technologiques ont souffert mais moins q...
- Damien Choplain
ODDO : IRA : rabais de la première liste en ligne avec nos attentes
>Discount de la première liste Medicare enfin dévoilé (-66% en médiane) - Le 15 août dernier, l’administration Biden-Harris a officiellement communiqué le rabais qui sera appliqué aux 10 médicaments (voir tableau en deuxième page) de la première liste établie par Medicare dans le cadre de l’IRA. Il ressort donc de ces négociations un discount appliqué sur le list price allant de -38% (Imbruvica ; oncologie) à -79% (Januvia ; diabète) avec une médiane à -66%, ce qui d...
- Damien Choplain
ODDO : IRA: discount on the first list in line with our forecasts
>Discount for the first Medicare list finally announced (median of -66%) - On 15 August, the Biden-Harris administration officially announced the discount that will be applied to the 10 drugs (see the list on page 2) of the first list set out by Medicare within the IRA framework. The result of the negotiations is an applied discount to the list price ranging from -38% (Imbruvica, oncology) to -79% (Januvia, diabetes) with a median of -66%, which should generate savin...
Novo Nordisk AS: 1 director
A director at Novo Nordisk AS bought 1,500 shares at 912.629DKK and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
Novartis AG: 2 directors
A director at Novartis AG sold 6,566 shares at 111.720USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
Abbvie Inc: 1 director
A director at Abbvie Inc sold 66,500 shares at 186.520USD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1200.00) - Wegovy roll-out continues
While Q2 LCY sales growth was below expectations, LCY operating profit growth beat our forecast, partly due to lower realised S&D costs. We maintain our 2024 rebate assumption for Wegovy but have raised our Ozempic rebate estimate based on high Q2 rebates. The 2024 guidance was raised to LCY sales growth of 22–28% (previously 19–27%) and operating profit growth of 20–28% (16–24%). We reiterate our BUY and DKK1,200 target price.
Moody's Ratings affirms AbbVie's A3 ratings; revises outlook to positi...
Moody's Ratings (Moody's) affirmed the ratings of AbbVie Inc. ("AbbVie") including the A3 senior unsecured notes, A3 issuer rating and the Prime-2 senior unsecured commercial paper rating. At the same time, we revised AbbVie's outlook to positive from stable. The change in AbbVie's outlook to posi...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1200.00) - Company consensus added
We are slightly above consensus on Q2e LCY sales growth (we forecast 26.8%, consensus 26.4%), but below on LCY operating profit growth (we forecast 4.4%, consensus 8.7%), as we believe the DKK5.7bn impairment loss is not fully reflected in consensus. We expect management to raise the 2024 guidance for YOY LCY sales growth to 23–31% (currently 19–27%) and LCY operating profit growth to 20–28% (16–24% including the c6%-points drag from the impairment loss in Q2). We reiterate our BUY and DKK1,200 ...
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Jerôme Bodin
FP TOTAL SE
AC ACCOR SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
CA CARREFOUR SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ROG ROCHE HOLDING LTD
SK SEB SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
CPG COMPASS GROUP PLC
NESN NESTLE S.A.
VIV VIVENDI SE
NRG NRJ GROUP SA
RF EURAZEO SA
KER KERING SA
ELE ENDESA S.A.
SAN SANOFI
VER VERBUND AG CLASS A
EZJ EASYJET PLC
REP REPSOL SA
SOI SOITEC SA
SIX2 SIXT SE
MOCORP METSO OUTOTEC OYJ
MONC MONCLER SPA
IBE IBERDROLA SA
AZN BANCO SANTANDER S.A.
VOD ASTRAZENECA PLC
STM VODAFONE GROUP PLC
BESI STMICROELECTRONICS NV
ULA BE SEMICONDUCTOR INDUSTRIES N.V.
ERF UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
STLA EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
UMG STELLANTIS N.V.
DSY UNIVERSAL MUSIC GROUP NV
ML DASSAULT SYSTEMES SA
GSK COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 GSK PLC
SGSN DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B SGS SA
NOVO NORDISK A/S
- Jerôme Bodin
FP TOTAL SE
AC ACCOR SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
CA CARREFOUR SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ROG ROCHE HOLDING LTD
SK SEB SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
CPG COMPASS GROUP PLC
NESN NESTLE S.A.
VIV VIVENDI SE
NRG NRJ GROUP SA
RF EURAZEO SA
KER KERING SA
ELE ENDESA S.A.
VER SANOFI
EZJ VERBUND AG CLASS A
REP EASYJET PLC
SOI REPSOL SA
SIX2 SOITEC SA
MOCORP SIXT SE
MONC METSO OUTOTEC OYJ
IBE MONCLER SPA
SAN IBERDROLA SA
AZN BANCO SANTANDER S.A.
VOD ASTRAZENECA PLC
STM VODAFONE GROUP PLC
BESI STMICROELECTRONICS NV
ULA BE SEMICONDUCTOR INDUSTRIES N.V.
ERF UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
STLA EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
UMG STELLANTIS N.V.
DSY UNIVERSAL MUSIC GROUP NV
ML DASSAULT SYSTEMES SA
GSK COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 GSK PLC
SGSN DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B SGS SA
NOVO NORDISK A/S
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Team Pharma
ODDO : Solid Q2 results for pharma driving guidance upgrades
>AstraZeneca: Q2 broadly in line with forecasts, guidance upgraded as expected - AZN just published its Q2 results which are broadly in line with expectations. Group revenues came to $ 12.9bn (+4% vs cs). However, we see a mixed product performance: Imfinzi, Enhertu and Lynparza are a bit disappointing but this was offset by good resilience from Symbicort (emerging market). China continues its rebound. The core operating profit margin is 31.7%, a bit lower than expec...
- Team Pharma
ODDO : Solid Q2 results for pharma driving guidance upgrades
>AstraZeneca: Q2 broadly in line with forecasts, guidance upgraded as expected - AZN just published its Q2 results which are broadly in line with expectations. Group revenues came to $ 12.9bn (+4% vs cs). However, we see a mixed product performance: Imfinzi, Enhertu and Lynparza are a bit disappointing but this was offset by good resilience from Symbicort (emerging market). China continues its rebound. The core operating profit margin is 31.7%, a bit lower than expec...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/07/2024
A l’occasion du flash sectoriel sur les compagnies aériennes publié ce matin par nos analystes sectoriels, nous sortons Ryanair de notre liste de valeurs recommandées Large Caps. L’opinion passe de Surperformance à Neutre et l’objectif de cours est abaissé de 26 € à 20 €. - ...
LHA DEUTSCHE LUFTHANSA AG
PUB PUBLICIS GROUPE SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
VACN VAT GROUP AG
SAP SAP SE
BHP BHP GROUP LTD
ASML ASML HOLDING NV
NEXI NEXI S.P.A.
AF AIR FRANCE - KLM
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