Novo Nordisk

Beat on 24 numbers - Somewhat weak guidance could prompt consensus downgrade.

Beat on FY results but weak guidance for 25 and a cost cutting plan

FY25 results better. 25 Guidance is soft but trend is positive.

Slight beat on profitability, guidance for 25 is fully priced in. Cautious is warranted.

Target Price upgraded from €90 to €110