Novo Nordisk's Wegovy Pill to Buoy Sales, but Investors Likely to Stay Sidelined
Dow Jones
Yesterday
0842 GMT - Novo Nordisk third-quarter sales could come in just above consensus after the strong Wegovy pill launch in the U.K., Citi analysts write. The bank forecasts sales 1% ahead of consensus, with sales of the Wegovy pill posting a 16% beat, while adjusted operating income is likely to land only in line, due to higher research and development costs which will weigh on margins. While Citi expects a Wegovy pill beat would be welcome, it still sees poor visibility on injectable Wegovy pricing and growing long-term competition threats from Eli Lilly, Roche, Pfizer and AstraZeneca as likely to keep many investors on the sidelines. The bank lowers its target price to 296 Danish kroner from 310 kroner and keeps its neutral rating. Shares rise 1.3% to 253.15 kroner.
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