Analyst Note
| Karen Andersen |While Novo Nordisk’s 2022 top- and bottom-line performance met our expectations, the massive demand for the firm’s GLP-1 products in both diabetes and obesity has led to ongoing supply issues. We’ve significantly raised our capital expenditure assumptions as Novo Nordisk moves aggressively to expand supply for current and future products. We’ve slightly lowered our 2023 forecast to account for a reversal to foreign exchange headwinds and supply issues, although we now think long-term GLP-1 demand could be slightly higher than what we had previously modeled, based on strong sales for obesity drug Wegovy with the return of all dose levels to the U.S. market in December.