BUZZ-Jefferies starts Novo Nordisk coverage at 'underperform' on rising competition
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Jefferies has initiated coverage of Novo Nordisk with an 'underperform' rating, citing increased competition in the GLP-1 ecosystem due to rising manufacturing capacity and weaker pipeline prospects. The firm notes a surge in imports of semaglutide and tirzepatide from China, indicating lower barriers to production. This could pressure pricing power for Novo Nordisk and Eli Lilly, with market growth for peptide CDMOs expected to slow as competition increases. Jefferies also downgraded Bachem to 'underperform'.
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