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 ....
