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Fly News Breaks for January 3, 2020
NVO
Jan 3, 2020 | 08:27 EDT
Guggenheim analyst Seamus Fernandez downgraded Novo Nordisk to Neutral from Buy, stating that his below-consensus estimates for sales and EPS in 2020 reflect increasing competition and payer pressure across the global insulin business. While his bullish stance on prospects for the semaglutide franchise are unchanged, his above-consensus estimates for Ozempic and Rybelsus already include Obesity, implying little room for upside, Fernandez tells investors. Additionally, the increasing concentration in diabetes and GLP-1 limits Novo's diversity and "returning Bio-Pharma to growth will be no small task," Fernandez contends.
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