Novo Nordisk: Good quarter but no real surprise after one-offs are restatedNEUTRAL, Fair Value Under Review
Novo-Nordisk released a good set of numbers for the second quarter of the year but more balanced in our view than it looks like, as the revenue beat is driven by Victoza and Norditropin in the US that far exceeded underlying prescription trends, thus reflecting stocking effects and rebate reversals. Corrected from these effects, revenues would have been very much in line with expectations or even a touch lower. The guidance for the year is maintained at 7-9% growth for sales. The operating profit is now expected to grow 19% (vs 17%) as other income will rise faster. Nothing material. That said, and beyond other income, we have some adjustments to make, including semaglutide PoS of 50% that has to be increased now that first phase III data are out and positive. FV under review.