Novo Nordisk (NYSE:NVO)’s latest results have impressed analysts at Citi, who see little to stop the pharma’s value increasing even further as weight control drug Wegovy grows in the US.
Citi said: “While periodic supply constraints continue to impact the business, scaling supply remains management's number one priority.
“Commentary that starter doses will more than quadruple (previously double) going forward is clearly encouraging.
“Regardless, sales growth in 2024 is still expected to rise 19-27% with operating leverage also evident (22-30% growth)."
Citi notes also that an Ad Com has been convened to discuss Wegovy in HFpEF and to understand better how competitive the high-dose Ph II semaglutide data is in diabetes.
Buy is the bank’s conclusion.