reports
Resolutions from the annual shareholders’ meeting 2024
Resolutions from the annual shareholders’ meeting 2024 Today an ordinary shareholders’ meeting was conducted. The following resolutions were made:• Approval of the audited Annual Report for 2023• Approval of distribution of profit with payment of an ordinary dividend of DKK 2.00 or EUR 0.27 per A/B share of DKK 2 for the last four months (September 1 - December 31) of 2023. Legacy Novozymes shareholders will then have received a total pay-out of the 2023 adjusted net profit of DKK 6.20 per share, which equals an increase of 3% compared with 2022.• Approval of the Remuneration Report fo...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1100.00) - Company consensus added
We are slightly below consensus on Q1e LCY sales growth (we forecast 19.4%, consensus 21.4%) and LCY operating profit growth (we forecast 16.8%, consensus 19.5%), due to lower expected Wegovy sales. However, we believe the Ozempic US prescription trend will prompt management to raise the 2024 guidance to LCY sales growth of 20–28% (18–26%) and LCY operating profit growth of 23–31% (21–29%). We reiterate our BUY and DKK1,100 target price.
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1100.00) - Ozempic to drive raised guidance
We are slightly below consensus on Q1 LCY sales growth (we forecast 19.4%, consensus 20.1%) and LCY operating profit growth (we forecast 16.8%, consensus 17.3%), due to lower expected Wegovy sales. However, we believe the trend in Ozempic US prescriptions will prompt management to raise the 2024 guidance to LCY sales growth of 20–28% (18–26%) and LCY operating profit growth of 23–31% (21–29%). We reiterate our BUY and DKK1,100 target price.
- Dominic Rose
- Naresh Chouhan
Novo - Wegovy Stockpiling Almost $5bn (BUY, TP DKK1100, 5 pgs)
Our latest analysis shows that Novo could drive material consensus upgrades by starting to release a potential ~$5bn Wegovy stockpile. With Novo restricting Wegovy supply between Nov-21 & Dec-22, and then from May-23 onwards, they have built up a substantial stockpile of product, in our view. Our analysis of their inventory shows there is likely as much as $5bn of finished or close-to-finished Wegovy product at current US net prices. Our analysis of the supply chain and distribution strategy exp...
Invitation to the annual shareholders’ meeting
Invitation to the annual shareholders’ meeting The annual shareholders’ meeting will be held on Tuesday April 30, 2024 at 4:00 pm CET at Bella Center, Center Boulevard 5, Denmark. The distribution of profit will be addressed at the meeting and the Board of Directors proposes an ordinary dividend of DKK 2 or EUR 0.27 per A/B share for the last four months (September 1 - December 31) of 2023. This equals a pay-out ratio of 53.2% of Novonesis’ adjusted net profit for the four-month period. Following the approval of the proposed dividend, legacy Novozymes shareholders will have received a ...
Share-based legacy RSU program granted
Share-based legacy RSU program granted Share-based legacy RSU program granted Novonesis’ Board of Directors has following the merger with Chr. Hansen Holding A/S (“Chr. Hansen”) today approved the continuation in 2024 of a legacy Chr. Hansen annual short-term incentive program comprising of up to 125,000 restricted share units (RSUs) for around 130 legacy Chr. Hansen key employees below the Executive Management level. Receipt of the RSUs is subject to specified KPIs and criteria supporting performance and retention. The KPIs include personal targets and financial performance indi...
2024 outlook and pro forma financials
2024 outlook and pro forma financials Novonesis provides outlook for 2024 with expected 5-7% organic sales growth and ~35% adj. EBITDA margin. Pro forma financials disclosed. Ester Baiget, CEO of Novonesis, said: “Today we provide key pro forma numbers as well as the first outlook for our new company. On a pro forma basis, 2023 was a solid year for Novonesis, including a Chr. Hansen that on a stand-alone basis delivered well in range of its latest full year outlook. We expect a solid 2024 performance with overall organic sales growth of 5-7% including growth across all subareas, and a ...
Novonesis will host a conference call regarding 2024 outlook and 2023 ...
Novonesis will host a conference call regarding 2024 outlook and 2023 pro forma financials on March 21 Novonesis will host a conference call regarding 2024 outlook and 2023 pro forma financials on March 21 at 9.00am CET. To join the live webcast, please click . To register and receive access details for the conference call, please click . Attachment
- Dominic Rose
- Naresh Chouhan
Novo - 8 Reasons It’s Going to DKK1100 (BUY, TP DKK1100 [850], 18 pgs)
Novo are just too good to bet against. We now increase our 2030 obesity franchise sales to $50bn and most importantly show that sema’ is only 27% of group sales in 2031. Therefore, if sema’ sales halve by 2034, it’s only a ~5% p.a. headwind to group sales 2032-34. Greater visibility on the post-sema outlook is a strong reason for the Novo multiple to be retained into 2025. We see 8 reasons why Novo will hit DKK1100 in the next year, driven by EPS upgrades, increased supply & P3 readouts. We see ...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1100.00) - Raising the bar with amycretin
At its CMD, the company maintained its strategic aspirations for 2025. It also expects increasing operating profit margins in the coming years. A key focus was the phase I trial results for amycretin in obesity, showing 13.1% weight loss (no signs of plateau). While not confirmed, we still expect it to go directly to phase III development. We reiterate our BUY and have increased our target price to DKK1,100 (1,000) on higher pipeline valuation.
Resolutions from the Extraordinary Shareholders’ Meeting 2024
Resolutions from the Extraordinary Shareholders’ Meeting 2024 Company Announcement no. 10 March 4, 2024Today an extraordinary shareholders’ meeting was conducted. The following resolutions were made: Adoption of Novonesis A/S as secondary name and amendment of the Articles of Association in accordance herewithElection of Jesper Brandgaard as Vice Chair of the Board of DirectorsElection of Lise Kaae, Kevin Lane and Kim Stratton as members of the Board of Directors Following the extraordinary shareholders’ meeting, the Board of Directors consists of the following members: Cornelis ...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1000.00) - Catalent: game changer
We believe the move by Novo Holding to acquire Catalent and re-sell the three fill-finish facilities to Novo Nordisk is inspired, and underpins the strength of having the foundation as a major shareholder. With the acquisition, the obesity opportunity moves from supply to demand-driven, while at the same time making scale a significant competitive advantage. We have upgraded to BUY (HOLD) and raised our target price to DKK1,000 (800).
Invitation to an extraordinary shareholders’ meeting of Novozymes A/S
Invitation to an extraordinary shareholders’ meeting of Novozymes A/S An extraordinary shareholders’ meeting of Novozymes A/S will be held on Monday March 4, 2024 at 4:00 pm CET at Boege Alle 10-12, 2970 Hoersholm, Denmark. Attachments
The Novozymes Report 2023
The Novozymes Report 2023 This annual report has been released subsequent to the approval of the combination of Novozymes and Chr. Hansen on January 29, 2024. The new combined group is called Novonesis. As an annual report is required to cover the activities of a group during a financial year, this report only discloses Novozymes’ financial and non-financial performance in 2023. Non-financial elements concerning the combined group, Novonesis, are provided in separate and clearly labeled sections. Read more about Novonesis in the section The next step on our strategic journey. T...
Novo Nordisk AS: 6 directors
Six Directors at Novo Nordisk AS sold after exercising options/sold 388,571 shares at between 797.100DKK and 823.090DKK. The significance rating of the trade was 75/100. 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 ...
Trading by management and close relations of management
Trading by management and close relations of management Trading by management and close relations of management In accordance with article 19 in Regulation (EU) No 596/2014 of 16 April 2014 on market abuse (the Market Abuse Regulation) and commission delegated regulation (EU) 1052/2016 of 8 March 2016, Novozymes reports the following transactions under ISIN DK0060336014, Novozymes B shares under the symbol NZYM B. The Executive Leadership Team has on February 1st, 2024 from Novozymes A/S received the allocated shares from the incentive program for the period 2021-2023. An o...
Settlement of the combination of Novozymes and Chr. Hansen Holding suc...
Settlement of the combination of Novozymes and Chr. Hansen Holding successfully completed Settlement of the combination of Novozymes and Chr. Hansen Holding successfully completed February 2, 2024Company announcement No. 07 On January 29, 2024, following the satisfaction of all conditions precedent, the combination of Novozymes A/S ("Novozymes") and Chr. Hansen Holding A/S ("Chr. Hansen") by way of a statutory merger of the two companies (the "Combination") was successfully completed. Reference is made to Novozymes' company announcement no. 2 of January 29, 2024. As previously...
- Rune Majlund Dahl
Novo Nordisk (Hold, TP: DKK800.00) - Solid wide guidance
The wide 2024 guidance for local currency (LCY) growth of 18–26% for sales and 21–29% for operating profit reflects the uncertainty over supply and demand for Ozempic and Wegovy. Yet the sharp capex increase highlights confidence in the long-term growth outlook. We reiterate our HOLD but have raised our target price to DKK800 (750) on a solid Q4 result and outlook.
Legacy Novozymes delivers solid last full-year results
Legacy Novozymes delivers solid last full-year results Legacy Novozymes is delivering solid growth and earnings in a year characterized by changing market demands, with 6% organic sales growth in Q4 and 5% organic sales growth in 2023. This marks the last financial reporting from legacy Novozymes, and the new company, Novonesis, is already a reality. COPENHAGEN, Denmark – February 1, 2024. In the 2023 financial year, legacy Novozymes delivers 5% organic sales growth – 6% organic sales growth in the fourth quarter alone – an EBIT-margin before special items[*] of 25.4%, and ROI...
Results update for 2023 – unaudited
Results update for 2023 – unaudited 6% organic sales growth in Q4 and 5% for the full year with solid margins and free cash flow generation As Novozymes just closed the combination with Chr. Hansen on January 29, and the annual report now is expected to be released on February 8, this announcement only contains unaudited numbers. Full audited financial statements as well as non-financial numbers will be released with the annual report on February 8. This result update allows us to provide selected numbers for Novozymes standalone as early as possible. Ester Baiget, President & CEO: “...
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