Novo Nordisk: Can the GLP1 mix effect drive another margin step-up?

NEUTRAL, Fair Value DKK400 vs. DKK355 (+1%)
News published on August Friday 7, 2015
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In the end Q2 2015 numbers, once restated for one-offs, were very much in line with expectations and upcoming quarters should be decisive to assess whether Novo-Nordisk is ready for a new stage in its history. Although we recognise that the probability exists, we think it is too early to bet on it and keep a Neutral rating based on a FV that is adjusted upwards to DKK400.

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