Novo Nordisk ADR

Novo Nordisk produced a double-digit operational profit and strong revenue growth, driven by excellent commercial execution in their therapy areas and critical countries. The company delivered an all-around beat as North America experienced particularly high sales growth due to the increased number of patients seeking their GLP-1 medications for diabetes and obesity. In all of their therapeutic categories, they have observed positive trial readouts. They also started the first two Phase I trials based on the Dicerna in the siRNA technology platform. In diabetes, the management anticipates starting the Phase III trial program with CagriSema in the second half of 2023, following the incredibly promising Phase II results. The ONWARDS 1 and 6 studies using insulin icodec have also completed the 26-week safety extension periods. The results show that insulin icodec may be the best insulin for persons with Type 2 diabetes, though Type 1 diabetes still has to be evaluated further. Besides that, Novo anticipates starting a Phase IIIb trial with Ziltivekimab in the first half of 2023 to treat heart failure with preserved ejection fraction. We give Nordisk  a ‘Hold’ rating with a revised target price.