Research, Charts & Company Announcements
Research Tree offers NOVO NORDISK A S-B research coverage from 1 professional analysts, and we have 8 reports on our platform.
Our simple but effective charting function allows for a quick scan of NOVO NORDISK A S-B's performance over multiple time horizons.
|28/10/2016 06:30:00||GlobeNewswire||Novo Nordisk increased adjusted operating profit by 7% in local currencies in the first nine months of 2016|
|27/10/2016 12:40:00||GlobeNewswire||Novo Nordisk A/S - Share repurchase programme|
|25/10/2016 19:20:00||GlobeNewswire||Novo Nordisk submits application to regulatory authorities to include LEADER data in Victoza® label|
|19/10/2016 12:03:00||GlobeNewswire||Novo Nordisk A/S - Share repurchase programme|
|10/10/2016 12:20:00||GlobeNewswire||Novo Nordisk A/S - Share repurchase programme|
|03/10/2016 14:40:00||GlobeNewswire||Novo Nordisk A/S: Status regarding Novo Nordisk's holding of its own shares (30 September 2016)|
|03/10/2016 11:59:00||GlobeNewswire||Novo Nordisk A/S - Share repurchase programme|
Frequency of research reports
Research reports on NOVO NORDISK A S-B
Providers covering NOVO NORDISK A S-B
Another downgrade triggers panic; our first take on the results
28 Oct 16
Novo Nordisk released its Q3 results today with a mixed set of numbers for the quarter but yet another downgrade was the biggest disappointment. It has further revised down its long-term operating profit growth guidance from 10% to 5%, following the first downgrade at the beginning of this year from 15% (set in 1996) to 10%. While the revision from 15% to 10% was a practical acknowledgment of the market’s realities and hence was not perturbing for us, today’s revision is worrying. For 2016 as well, the outlook has been narrowed from 5-7% to 5-6% for sales and from 5-8% to 5-7% for operating profit. NB all sales numbers are in local currencies, unless specified otherwise. The Q3 sales grew by 5% in LC (6% in Q2) and by 3% in DKK to DKK27.5bn, with the main underperformance coming from the mature modern insulins – NovoRapid (-3%), NovoMix (-3%) and Levemir (-4%) – witnessing a combined sales decline of 4%. The new-generation insulin – Tresiba and Ryzodeg – fared well (combined sales of DKK1.1bn), while Victoza grew at a sequentially lower 10% (13% in Q2 and 15% in Q1), primarily due to a 4% decline in Europe (vs 3% growth in Q2). In total, the Diabetes segment grew by 5% (vs 7% growth in Q2 and Q1) to DKK22.3bn. The Biopharma business continued on Q2’s lines with 1% growth (vs 15% in Q1) to DKK5.2bn. Operating profit increased by 5% in LC and by 4% in DKK; the margin improved by 40bp yoy to 45.1% (vs 45.5% in Q2). Net profit grew by 17% in DKK to DKK9.8bn.
Correction opens the buying window
17 Oct 16
The massive sell-off triggered by the weak Q2 performance has been accelerated by the subsequent negative news-flow in the last few months, sending it back into the value-stock zone. After truncating the sales growth outlook for FY16 from 5-9% to 5-7% and the operating profit growth from 5-9% to 5-8%, Novo Nordisk has, most recently, reported receiving the CRL from the FDA on FIAsp (Faster-Acting Insulin Aspart – a combination of rapid-acting insulin aspart (NovoLog), nicotinimide and arginine).
Difficult US prompts another guidance downgrade, this time for 2016
07 Aug 16
Novo Nordisk released disappointing numbers for its Q2. Sales of DKK27.5bn were behind our as well as the consensus estimates. They represented a LC growth of 6% (vs 9% in Q1 16), with currency headwinds shaving off 5% points (vs 1% negative impact in Q1 15) from this. NB All sales growth numbers are in LC, unless specified otherwise. The underperformance came from a contract loss for Novolog in the US, lower price increases compared to historical years, wholesaler inventory management and lower NovoSeven sales due to competition. The diabetes and obesity care business grew by 7% (at par with 7% in Q1 16), but granular assessment shows that the lower growth in the US (+5% vs 9% in Q1), and International markets (+8% vs 14% in Q1) was balanced surprisingly by 20% growth (vs 3% in Q1) in China. Although the new-generation insulin (+205%; Tresiba, Ryzodeg and Xultophy) came up along the expected lines, modern insulins (-2% vs +3% in Q1 16) came as a negative surprise to us. All the three modern insulins – NovoRapid, NovoMix and Levemir – were worst hit in the US with a combined decline of 8% (vs 1% growth in Q1), mitigated to some extent by impressive growth in China (+26%). Victoza’s strong, though sequentially softer, growth (Q2 16:+13%, Q1:+15%) drove the 5% growth of the total diabetes business in the US. The Biopharma business aggravated the pain at a mere 1% growth (vs +15% in Q1) with underperformance again coming primarily from the US (-3% vs +21% in Q1) as the competition intensifies. The operating profit increased by 5% in LC (flat in DKK), with the margin declining by 60bp due to the lower sales of high-margin NovoSeven, increased spending on the ramp-up of capacity and marketing spend on Saxenda, NovoEight and Tresiba. The hedging gain of DKK105m (vs loss of DKK1.9bn in Q2 15), however, provided fillip to net profit (+19% in DKK), which came in at ~DKK10bn. Outlook in LC has been clipped, due to the competition in both the US diabetes market as well as the biopharmaceutical business. The top-line growth range of 5-9% for 2016 has been revised down to 5-7%, while the range of operating profit has been narrowed from 5-9% to 5-8%. The financial loss associated with forex hedging contracts has been increased from DKK200m to DKK600m. Capex requirement remains high due to the expansion of the manufacturing capacity for biopharma products, for API production, an expansion of the diabetes care filling capacity and construction of new research facilities.
Excellent pipeline support as fx tailwind dissipates
16 May 16
Novo Nordisk’s Q1 16 sales were up by 9% in LC (+8% in DKK) to DKK27.2bn, with the highest contribution coming from Victoza (+15%, 16% in DKK), followed by Tresiba (+117%, +113% in DKK) and Levemir (+9%, 8% in DKK). Overall, the Diabetes and Obesity franchise was up 7% (+6% in DKK) and the Biopharma business grew by 9% (+8% in DKK). The forex tailwind that the company enjoyed last year was absent this time, leading to the 9% LC sales growth translating into 8% DKK-reported growth. 64% of the growth came from the US (+12%), primarily driven by Victoza, Levemir and Tresiba, and also by a net positive impact of a one-off adjustment to rebates in the Medicaid patient segment, but offset to some extent by the declines in NovoRapid (-7%), NovoMix (-8%), Human Insulin and Novolog. International geographies (+15%; 3% in DKK) were driven by all three modern insulins (+16%), Victoza (+29%) and Tresiba (+142%), while Europe and China remained unimpressive at 1% and 3% growth, respectively. Adjusted operating profit, excluding the income from the partial divestment of NNIT last year, was up by 7% (in DKK; below the 2016-20 growth target of 10%) to DKK11.5bn, reflecting a 40bp dip in the margin to 45.2%. Outlook for 2016 in LC has been maintained but fx is likely to have a bigger headwind than anticipated earlier. DKK sales growth guidance has been lowered to 2-6% (from 4-8% earlier), while the operating profit growth guidance has been revised down to 1-5% (from 4-8% earlier). At the net profit level, however, we expect the hedging gains (mainly related to the $/DKK) to cover up for the fx losses.
Results strong but market perturbed by lower guidance
09 Feb 16
Novo Nordisk’s Q4 performance was in line with our expectations, although downward revision of long-term growth expectation and waning forex benefit weighed on the stock. The share price plunged 7% on 3 February when the results were announced and, aggravated by sector volatility, has lost another 10% since then (as of 8 February). Sales for the quarter grew by 8% in LC and 17% in DKK to DKK29.9bn, led by Victoza (+10% in LC and 22% in DKK), Levemir (+22% in LC and 34% in DKK) and healthy forex benefits. EBIT grew by 21% to DKK11.1bn (although the margin has been sliding sequentially – 46% in Q2, 45% in Q3 and 38.5% in Q4). For the year, sales growth of 8% in LC (+22% reported) was in line with management guidance of 7–9%. Adjusted operating profit was up by 14% in LC (36% in DKK) to DKK47bn. However, hedging losses worth DKK5bn from forward contracts pared some forex benefits from the net profit which ended 32% higher to DKK34.9bn (including DKK2.4bn gain on partial divestment of NNIT). The dvidend was increased by 28% to DKK6.4, representing a payout of 47%, pretty much in line with our expectation. Introduction of a bi-annual dividend has been proposed, along with the new share buy-back plan worth DKK14bn for 2016. The outlook for 2016 is disappointing at 5-9% LC growth for both revenue and operating profit. A strengthening DKK will remove the forex windfall that it enjoyed in 2015; consequently, the growth in DKK is now guided to be a percentage point lower than the LC growth (unlike the 22% sales growth in DKK vis-a-vis 8% LC growth in 2015). Capex guidance of DKK7bn, representing the investments going towards expanding manufacturing capacity, is higher than our expectation. A bigger disappointment for the market, however, was the pruning down of long-term operating profit growth guidance of 15% to 10%.
Victoza and Levemir buoy the quarter despite competition
06 Nov 15
Novo reported a strong quarter driven by Victoza, Levemir and currency tailwinds. Q3 revenue increased by 20% (8% in LC) to DKK26.8bn, with Victoza growing by 20% (LC), Levemir by 10% (LC) and currency contributing 12% to the LC growth. Others in the portfolio lent a steady support. The operating expenses were dominated primarily by launch costs related to Saxenda and NovoEight, preparatory expenses for Tresiba and sales force investments in some markets, offset to some extent by lower R&D (-10%) attributable to sale of inflammatory business in 2014. Operating profit of c.DKK12bn (+40% in DKK and 17% in LC) translated into net profit of DKK8.4bn (+29% in DKK). The outlook for 2016 sales was maintained at 7-9%, while the operating profit outlook has been upped from 19% to 20% in LC. The initial outlook for 2016 of mid-to-high single-digit sales growth is behind our estimates and reflects the challenges ahead in the diabetes sector, even though Novo Nordisk is better placed than Sanofi. There will be a Capital Markets Day on 19 November.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
Panmure Morning Note 27-10-2016
27 Oct 16
CareTech announces that trading to September 2016 is in line with market expectations. The company continues to trade at a significant discount to peers, we believe this is unjustified given the consistent performance in recent periods, including double digit EBITDA growth and high dividend yield. We maintain our BUY recommendation and 380p price target.
N+1 Singer - Morning Song 26-10-2016
26 Oct 16
Verona Pharma has been awarded its second Venture and Innovation Award from the UK Cystic Fibrosis Trust for the development of RPL554 in Cystic Fibrosis (CF). The award signals the significant potential for RPL554 to be developed as a novel treatment for Cystic Fibrosis. Preliminary data supports the molecule’s potential utility in this indication, demonstrating RPL554’S ability to activate an ion channel known to be dysfunctional in CF. The award will support a Phase IIa clinical trial expected to commence in H1 2017. Preparations have also started for Phase IIb trials of RPL554 as a nebulised treatment for COPD with clinical dosing expected to commence in Q2 2017. We remain extremely encouraged by the expanding opportunity of RPL554 and Verona Pharma’s future prospects.
25 Oct 16
"London’s blue chip index is called some 15 points higher during this morning’s opening trade, which should see the FTSE-100 test the psychologically important 7000 level once again. The US markets, whose principal indices all closed higher overnight, remain Europe’s main influence as investors track the territory’s latest round of deals and earnings. While broadly pleasing investors, technology issues continue to lead the way which resulted in the NASDAQ registering a full 1% rise on good trading volumes. Against this background, the Federal Reserve Bank of Chicago President, Charles Evans, delivered a speech in which he predicted three US interest-rate rises before the end of 2017, while effectively suggesting that the central bank should allow its inflation target to be overshot before responding with confidence strangling hikes. Generally, however, his forecasts are not far from the current consensus, although he refused to be drawn of the timing of the first move which the markets continue to anticipate in the form of a 25bp move being delivered before the 2016 year-end. By comparison, Asia ended mixed, with the Shanghai Composite finishing unchanged as a weaker Yuan was countered by gains in resource stocks; the latter also boosted the ASX’s commodity-heavy index while a weaker Yen resulted in the Nikkei closing the session with the region’s strongest gain. No major UK macro data are due for release today, which means that traders will eyes will remain focussed on the US disclosure of consumer confidence and housing figures due this afternoon, with neither the ECB President Mario Draghi’s scheduled lecture or the Bank of England Governor, Mark Carney’s appearance before the Lord’s Committee, expected to provide significant new market-sensitive information. Earnings or trading updates are expected from Anglo American Carpetright (AAL.L), GKN (GKN.L), National Express (NEX.L) and Whitbread (WTB.L). Significant quarterly earnings also due from US majors due this afternoon include Apple and General Motors. " - Barry Gibb, Research Analyst
FY 2016 results
17 Oct 16
Full-year results were 7% ahead of the August trading update. Revenue growth of 27% was driven by Vitamin D, up c55%, and sterling's depreciation, which contributed c11% to growth. A higher final dividend together with a 20p special dividend implies a combined yield of 2.9%. Management is confident that Siemens will launch its troponin-based assay contributing to and largely replacing lost NT proBNP royalties in FY 2018. We have increased our target price to 1450p to reflect a 5% EPS upgrade to 2017 earnings and introduced a 2018 forecast, calling for EPS of 72.7p.