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Novo Nordisk: Oddo still on hold, but raises TP

( - Oddo has confirmed its "neutral" rating on Novo Nordisk shares, while increasing its target price for them from 747 Danish kronor to 780 Danish kronor.

The broker reports that Novo Nordisk yesterday reported quarterly results that are pretty much in line with expectations: +1% above top line (DKK41.3bn, +15% CER) and +2.5% EBIT (DKK18.4bn, 10% CER).

The real disappointment in this publication comes from the interim review of the SELECT trial results, which does not enable the trial to be stopped. Indeed, an external monitoring committee has just recommended that the SELECT trial (evaluation of semaglutide for cardiovascular events in obese patients) be continued, the broker said.

Its results are now expected in mid-2023. The analyst says that this delay is bad news for Novo Nordisk, which will have to contain the rise of Mounjaro in the diabetes market but also increase its leadership in the treatment of obesity with Wegovy before the arrival of Mounjaro in this indication.

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