2021 started on a high as Novo reported robust growth, despite ‘tough comps’, i.e. forward buying-driven Q1 20. Moreover, as management expects this momentum to be maintained, the 2021 outlook has been revised upwards. While diabetes-heavy Novo is doing well via newer innovations in the GLP-1 area and also targeting diabetes-related areas, it lacks major growth catalysts. Hence, even after estimates being revised upwards, the upside is likely to be limited.
