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Digging Deeper – Understanding Novo Nordisk

Digging Deeper, Stock Stories

Novo Nordisk celebrates its 100th anniversary this year. In the past year or so, it has become a household name thanks to Wegovy and Ozempic. What are the risks that stem from that attention, and just how significant is the long-term opportunity? In the first of a series of Digging Deeper conversations, Investment Manager, Lindsay Scott shares her thoughts on the obesity and diabetes markets and the outlook for Novo Nordisk.

Key takeaways

  • The diabetic population is enormous but the obese population is even bigger, and Novo Nordisk’s products are game-changing for this market.
  • The company is likely to surpass its 2025 obesity sales target this year.
  • Competition exists but it is not a winner-takes-all market – and Novo Nordisk alongside Eli Lilly have a significant head start.
  • The company has increased capacity and diversity of supply via CMOs and investing heavily in internal capacity.
  • Novo Nordisk’s culture underpins its success, with down-to-earth management that’s not afraid to say when things haven’t gone to plan.
  • Areas to watch include how long should people take the drug for, who will pay for it, and can the company maintain its culture amid rapid growth.

Important Information
This video is provided for general information only and should not be construed as investment advice or a recommendation. This information does not represent and must not be construed as an offer or a solicitation of an offer to buy or sell securities, commodities and/or any other financial instruments or products. This video may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such an offer or solicitation is unlawful or not authorised.

Stock Examples
The information provided in this video relating to stock examples should not be considered a recommendation to buy or sell any particular security. Any examples discussed are given in the context of the theme being explored.

George Dent
Client Investment Manager
Lindsay Scott
Investment Manager


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