Novo Nordisk: Slight revenue beat drives good quarter and guidance increase
NEUTRAL, Fair Value DKK980 (+2%)
Novo-Nordisk reported this morning a good set of quarterly results for Q2 2013. Most of the lines in the P&L are very close to expectations and the difference is in the end driven by a slight beat at the revenue level. OADs, protein-related products and more significantly NovoSeven are behind this good performance. This allows the company to revise upwards its annual guidance for both revenues and operating profit growth. Considering the new guidance, it provides some upside to the consensus numbers at the revenue level but EBIT is already well aligned with it. Aside the Q2 numbers, Novo-Nordisk confirms it will file liraglutide 3mg in obesity at the turn of the year, start the cv outcomes study for Tresiba by year-end (with 2 to 3 years required to file interim data with the FDA) whereas filing of NN79999 in haemophilia B will only take place in 2015 after some more manufacturing stuff.
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