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Novo Reports Progress on Obesity Drug Results at CMD

HEALTHCARE
  • Novo {NOVOB DC Equity} is doing well this morning on positive experimental results on its daily obesity treatment pill (from CMD remarks). Its high-grade (A1,AA-) cash bonds are little changed, but might be having some impact on Fresenius {FME GY Equity} who's lower rated Baa3, BBB-,BBB- Triple Neg lines are 1-8bps wider.
  • Positive updates to the Ozempic drug in treating people with diabetes and chronic kidney disease in the past has been seen as cannibalising the dialysis market (which is what FMEGR operates in).
  • Competitor to Novo in obesity drugs, {LLY US Equity} is weaker in US pre-market - again its high-grade (A1, A+; S) cash lines unch.

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