(AOF) – Novo Nordisk (+7.93% to 804.50 Danish crowns) posts the biggest increase in the Copenhagen Stock Exchange index, OMX C25, after announcing a 22% jump in its operating profit for the first nine months of 2024, at 91.60 billion Danish crowns (12.28 billion euros. The Danish pharmaceutical laboratory is riding the craze for its anti-diabetes and anti-obesity drugs with net sales up 24% to 204.72 billion crowns (27.45 billion euros).
Novo Nordisk tightens its annual outlook as expected, now counting on between 23 and 27% in local currencies, compared to 22 and 28% previously. Operating profit for 2024 is expected to increase by 21 to 27%, compared to 20-28% initially.
If the 22% growth in overall turnover narrowly misses (1%) the analysts’ consensus, the increase in sales of the flagship anti-obesity product Wegowy stands out 9 points above expectations with +44% to 43, 7 billion crowns
Jefferies remains at Underperform with a price target of 575 crowns. The broker, however, welcomes a “robust” publication, which represents a relief after the recent weakness in the price. UBS remains neutral with a price target of 1,100 crowns, underscoring the even tight outlook remains quite broad as future sales depend on supply and discounts in the US market. The midpoint, however, remains above consensus.
