FICC Research Economics 10 January 2025 US Outlook When tempest tossed, embrace chaos Winds are blowing, literately and figuratively, intensifying uncertainty about what the flood of upcoming policy announcements on January 20 will mean for activity and rates. With activity resilient and disinflationary confidence intact, the FOMC seems content to downplay rate hikes. As the page turns to 2025, a figurative tempest... Much has happened since our most recent publication, on December 20, living up to expectat ...

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: Novo Nordisk - **Industry**: European Pharmaceuticals & Life Sciences Core Insights and Arguments - **Market Performance**: In 3Q24, Novo Nordisk reported total prescriptions (TRx) of 7.60 million for Ozempic, 0.78 million for Rybelsus, and 2.69 million for Wegovy. For 4Q24, projections estimate TRx to be approximately 7.64 million for Ozempic, 0.75 million for Rybelsus, and 2.90 million for Wegovy, indicating growth rates of +0.5%, -3.7%, and +7.8% quarter-over-quarter respectively [3][10] - **Sales Forecast**: North America sales for Ozempic, Rybelsus, and Wegovy are projected at DKK 24.3 billion, DKK 3.1 billion, and DKK 14.2 billion for 4Q24, reflecting growth rates of +6.5%, +22.6%, and +10.7% quarter-over-quarter [10] - **Weekly Prescription Trends**: As of December 20, 2024, new prescriptions (NRx) for Wegovy's starting doses showed a decrease of -3.0% for 0.25mg and an increase of +4.5% for 0.5mg. Higher doses also saw increases of +3.0% to +2.5% [4] - **Overall Market Growth**: The total NRx and TRx for key diabetes therapies increased by +0.5% and +0.8% respectively, with Ozempic and Rybelsus contributing positively to this growth [8] Additional Important Insights - **GLP-1 Drug Market**: The sum of NRx/TRx for GLP-1 drugs used in diabetes increased by +1.1%/+1.0% last week, with Ozempic and Rybelsus showing significant growth [8] - **Obesity Treatment Trends**: Wegovy's NRx/TRx increased by +2.0%/+2.6% last week, indicating a positive trend in the obesity treatment market [8] - **Valuation Metrics**: The net present values (NPVs) for Ozempic, Rybelsus, and Wegovy are estimated at DKK 167, DKK 41, and DKK 122 per share respectively, based on peak sales estimates [12] - **Investment Rating**: Novo Nordisk is rated as "Overweight" with a positive industry outlook, and a price target of DKK 900.00, representing a potential upside of +44.6% from the current price of DKK 622.60 [8][70] Conclusion The conference call highlighted Novo Nordisk's strong performance in the diabetes and obesity markets, with positive growth trends in prescriptions and sales. The company's strategic positioning in the GLP-1 drug market and favorable valuation metrics suggest a robust outlook for investors.

Investment Rating - The report emphasizes the importance of responsible AI development and usage in global development, particularly in low- and middle-income countries (LMICs) [6][19]. Core Insights - The report outlines a playbook for leveraging AI to achieve sustainable development goals (SDGs) while addressing associated risks [6][21]. - It highlights the need for multi-stakeholder collaboration to maximize AI benefits and mitigate risks, particularly in LMICs [9][15]. - The report identifies key areas for action, including enhancing AI-related skills, building sustainable digital infrastructure, and ensuring equitable access to data and computing resources [11][12][13]. Summary by Sections Introduction - The report discusses the potential of AI to accelerate progress towards SDGs while acknowledging the risks it poses [6][15]. - It emphasizes the need for a collaborative ecosystem involving various stakeholders to harness AI effectively [15][19]. Executive Summary - The playbook serves as a guide for the U.S. and its partners to promote responsible AI practices globally [7][8]. - It aims to integrate existing research and provide practical recommendations for safe and trustworthy AI deployment [8][9]. Opportunities and Challenges - There is a critical shortage of AI expertise in many LMICs, which hinders the potential benefits of AI for sustainable development [22]. - Investing in responsible AI skills is essential for building a resilient workforce and ensuring equitable distribution of AI benefits [22][23]. Key Recommendations - Enhance capabilities by promoting AI-related skills across all sectors and levels while protecting the workforce [11][22]. - Build trustworthy and sustainable digital infrastructure to improve access to AI technologies [12][13]. - Expand access to data storage and computing resources to support local AI innovations [12][13]. - Create representative local datasets to ensure AI solutions are culturally relevant and effective [12][13]. - Develop strategies to implement AI commitments in practice through rigorous testing and evidence-sharing [12][13]. - Advance good governance frameworks to ensure the safe and rights-respecting development and use of AI systems [12][13]. - Foster trust in AI through openness, transparency, and explainability [12][13]. - Deploy AI for climate action to enhance energy efficiency and contribute to global climate change efforts [13][19].