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Novo-Nordisk A/S

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Novo Nordisk has a strong presence in the diabetes care market. Products like Victoza, Tresiba, Saxenda and Xultophy are expected to continue boosting the top line. We are encouraged by the company’s efforts to develop its pipeline candidates. Although the company expects modern insulins and new launches to continue performing well, headwinds will come in the form of a patent expiry in the U.S., healthcare reforms, intensifying competition in the diabetes and biopharmaceuticals markets, and unfavorable macroeconomic conditions in many international markets. We remain concerned about the company’s insulin product prices that are either subsidized or are subject to price control. Patent expiration issues faced by several products in Novo Nordisk’s portfolio are also concerning. Estimates have been positive lately ahead of the company’s Q3 earnings release. The company has a positive record of earnings surprises in recent quarters.


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