Novozymes: Initiation of Coverage- Can Double-Digit Organic Growth & Global Diversification Fuel Long-Term Outperformance? 

Novonesis has delivered a robust performance in the first quarter of 2025, highlighted by an 11% organic sales growth. This includes a 10% growth driven by volume and an additional 1% from pricing. The company has shown widespread geographic stability with emerging markets experiencing a substantial 15% growth, while developed markets reported a 9% increase. The introduction of six new biosolutions, particularly in the Household Care and Food sectors, is noteworthy and aligns with Novonesis’ strategy to enhance its diversified product offerings.