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Novo Nordisk: Oddo BHF remains 'neutral' after results

(CercleFinance.com) - Oddo BHF is maintaining its 'neutral' rating on Novo Nordisk shares, with an unchanged target price of 990 DKK, after the company published quarterly results this morning that were broadly in line, but whose product mix could lead to some volatility this morning, the analyst believes.


EBIT is logically impacted by the ocederunone impairment (R&D costs), while Marketing costs are generally well under control (21.9% of sales), Oddo BHF adds.

The broker points out that the positive surprise once again comes from insulin sales.

As expected, Novo is taking advantage of this publication to adjust its 2024 guidance to include the ocederunone impairment. The upward adjustment of sales should therefore lead to a limited revision of expectations, the broker concludes.


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