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Strong Novo Nordisk Earnings Of Little Credit Impact

HEALTHCARE


  • Noting Novo Nordisk equity +1%, having touched levels above +4% earlier in the session
  • The company posted Q4 results with small beats across most watched metrics and product lines with the exception of Obesity Care where their Wegovy product fell short (though management plans to significantly increase their capacity here in years to come).
  • FY24’s outlook appears strong broadly being described as strong and likely to drive sales and EBIT consensus upgrades: 18-26% and 21% to 29% for sales and op profit at constant FX.
  • Credit metrics remain strong with net leverage of zero and cash of over DKK 3.2bn though FCF was negative on the back of Wegovy capex (FY24 FCF guidance looks stable at DKK 64-74bn from DKK 68bn this year).
  • Not much of a credit impact as expected given the high rating – Danske note that bonds trade tight of higher rated AA bonds which they see as reflective of their strong diabetes market position.
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