Novo finished 2021 on a strong note, with growth again driven by the healthily-growing GLP-1 diabetes franchise, and strong launch for the obesity drug, i.e. Wegovy. However, euphoric gains of 2021 are unlikely to be repeated in 2022 due to issues such as supply challenges for Wegovy and further price pressure expected for insulins. Moreover, the group’s ever-expensive valuation and increasingly maturing diabetes markets (leaving limited scope to sustain the exceptional results), our cautious st ....
