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In 2023, it was the Yahoo Finance ‘Company of the Year’; Lars Fruergaard Jørgensen was the FT ‘CEO of the Year’; its stock rose ~53% to become the largest company in
Novo Nordisk: SOTP After Impressive FY23 And Weight Loss Going Mainstream, Maintain Buy
Summary
- Novo Nordisk had a near perfect FY23. Fundamentally, FY24 should look quite similar.
- In reviewing FY23 results and commentary, we discuss key points like SELECT outcomes; CagriSema progress; and expansion into cardiovascular disease.
- Though expensive, we argue that it's somewhat reasonable given expectations.
- We continue to like the story.
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