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 ....