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The Q2 23 results were driven by robust momentum for the firm’s GLP-1 diabetes drugs and obesity portfolio. While the management again upgraded the 2023 guidance, the markets seemed disappointed with the continued restrictions on the Wegovy supply. Overall, despite the stellar growth prospects and laudable operating performance, we remain cautious in terms of our recommendation, as Novo trades at expensive valuations on the back of the obesity market frenzy.
Companies: Novo Nordisk (NOVO-B:CPH)Novo Nordisk A/S Class B (NOVO.B:CSE)
AlphaValue
Q1 beat was largely driven by FX tailwinds as quarterly sales and operating profit CER growth were already provided during April 2023’s guidance upgrade. While GLP-1 and obesity drugs continued their stellar momentum, markets were probably spooked by another temporary supply reduction guidance for Wegovy and/or Eli Lilly’s progress on Alzheimer’s which could increase expectations for Novo to deliver in that area. Overall, despite robust growth prospects and operational excellence, Novo remains p
Catalent, Novo’s main contract manufacturer for its hyped obesity drug Wegovy, is facing productivity issues at three of its manufacturing plants. While this is the same company that faced issues in late-2021, leading to limited Wegovy supplies for most of 2022, this time it is unclear if Wegovy’s production is likely to be impacted. Nonetheless, it is worth tracking this development since any adverse news flow could prompt an abrupt reaction from the Novo share price.
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren
Companies: PIN HAT ME AVO APAX 4503 BHC 4568 FCSS GLXO HLUNB HIK HZNP IBT JAZZ JAZZ JNJ JNJ 4578 REGN REGN STX 4507 4506 4502 TEVA UTHR UTHR VRTX VRTX VTRS UCB UCB SAN SAN PFE PFE PFIZ NOVOB NOVOB NOT MRNA MRNA MRK
Hardman & Co
Q4 sales again exceeded expectations, driven by GLP-1 products and obesity care offerings, which overshadowed insulins’ weakness. With all doses for Wegovy available from December 2022 onwards, obesity care should get a further impetus. For 2023, strong growth and higher capex, to meet increasing demand, are guided by management. Overall, despite being a quality stock, Novo seems expensive, especially given the looming competitive risks and interest rate hikes (possibly) nearing a peak resulting
While diabetes has been Novo’s traditional stronghold, the firm is also the front-runner to grab a big share of the rapidly-growing obesity market. A combination of changing market dynamics, including patient perspectives and innovation, has created a big obesity market opportunity, which could be worth $50bn by 2030. While Novo is likely to face competition from Eli Lilly, both firms have a clear first mover advantage. Overall, despite its expensive price tag (2022 PE of 33x), the firm’s invest
Novo’s quarterly results again topped expectations, driven by robust momentum for GLP-1 and obesity. Consequently, the 2022 guidance was upgraded. Overall, while the firm remains on a strong footing underpinned by its dominance in diabetes, sustained growth for focus areas and a healthy balance sheet – leaving room for (inorganic) growth/diversification opportunities – we maintain our cautious stance mainly because of the stock’s expensive valuation (2022 PE of 33x). There is limited scope for m
Research Tree provides access to ongoing research coverage, media content and regulatory news on Novo Nordisk. We currently have 58 research reports from 5 professional analysts.
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
Edison
Companies: Warpaint London PLC
Shore Capital
Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
An official NHS Supply Chain case study has quantified the savings made by an NHS Trust from adopting Creo Medical’s Speedboat device to perform Speedboat Submucosal Dissection (SSD) in comparison to surgical alternatives. In total, the net cash saving from 130 SSD procedures for the NHS Trust was calculated at £687k, including savings from reduced length of hospital stay and reduced theatre costs. Notably, these savings did not include the patient and financial benefits associated with reduced
Companies: Creo Medical Group Plc
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Companies: e-Therapeutics plc
Companies: IGP RUA BOOM
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Total reported revenues and other income were $17.5m (our forecast $16m) in 2023 vs $5.5m in 2022. The composition of that revenue was different to our expectations such that Accrufer US revenues of $11.6m compared with $3.6m in 2022 but came in below our estimate of $13.6m. In the release, the company has noted that the methodology used by the third-party data provider for US Accrufer scrips has resulted in an overstatement for 2023. Revised figures for 2023 have been given showing 77,000 total
ANGLE’s investment case rests on where Parsortix’s position in mainstream cancer diagnostics eventually lands. The place of liquid biopsies is now established and, increasingly, the additional clinical value that CTC (circulating tumour cells) assays bring is becoming clear. Addressing the many, varied opportunities directly is challenging and time consuming, with numerous barriers to overcome. Management is creating industry awareness through its demonstration and acceleration activities, which
Companies: ANGLE plc
Trinity Delta
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