Novo Nordisk rapporterte resultater under våre forventninger

Vi reduserer vår fair value estimat moderat fra 345 DKK til 341 DKK, aksjekursen falt 10 % på fredag. 

Karen Andersen, CFA 08.08.2016 | 9:36

Novo Nordisk reported second-quarter results and U.S. pricing guidance for 2017 that were slightly below our estimates, and we've modestly reduced our fair value estimate to DKK 341 ($51 per ADR). While shares fell significantly on the news, our previous estimates of 5% top-line and 9% bottom-line CAGRs over the next five years were well below consensus (closer to 7% and 12%, respectively), as we remain wary of the receptiveness of U.S. payers to Novo's newest insulin therapies and of the sustainability of the firm's hemophilia franchise. Novo remains the most innovative player in the diabetes space, and cost advantages as well as significant intangible assets in the therapeutic protein space give it a stable, wide moat.

Novo's top line grew 7% at constant currencies in the second quarter, with similar growth in both diabetes care and bioopharmaceuticals. Novo’s growth normally comes primarily from the U.S. market, but second-quarter growth came equally from the U.S. (relatively weak 3% growth) and China (explosive growth of 19%). In diabetes care, basal insulin Tresiba and GLP-1 product Victoza drove growth, but older modern insulin therapies like NovoLog and Levemir saw constant currency sales declines in the lucrative U.S. market, as formulary exclusions and increased pricing pressure weigh on sales. Management sees low to mid-single-digit pricing pressure on its U.S. diabetes franchise for 2017, as the firm was forced to offer Tresiba at pricing parity to Levemir and Lantus through some channels to maintain patient access.

In biopharmaceuticals, NovoSeven sales fell 13% in the quarter, driven by weakness in the U.S. market from marketed competitors (Shire's Feiba) and clinical trial recruitment (Roche's emicizumab and Alnylams fitusiran). While Novo continues to invest in longer-acting hemophilia therapy, we remain concerned that disruptive threats from Roche and Alnylam could lead to long-term sales erosion for NovoSeven. 

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Karen Andersen, CFA  Karen Andersen, CFA, is a senior stock analyst with Morningstar.

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