Novo Nordisk: Oddo still on hold
(CercleFinance.com) - (CercleFinance.
com) -Oddo maintains its "neutral" rating on Novo Nordisk shares, with an unchanged price target of 705 Danish kronor.
The broker says that Novo Nordisk has received the results of the tenders in China for the VBP program, the Chinese government's tender to supply insulin to Chinese hospitals.
The VBP for insulin is expected to be implemented in the first half of 2022. We should have a little more detail in the annual results expected on 2 February 2022, analysts say.
In this context, the group's global sales are expected to grow by 10.4% LFL in 2022 vs. 12% this year (2021 guidance is between 12-15% LFL). We believe that a topline revision of 1%-2% could therefore occur and bring Novo Nordisk into high single-digit growth for 2022 driven by its Obesity franchise, the analyst concludes.
The market is even more cautious today, with the share down almost 2% in late morning trading.
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