Zealand Pharma

Sep 16, 2023

A Stock Investor’s Guide to Navigating Weight Loss Opportunities Ukraine Recap: EU Grain Import Ban Ends; Kim Meets With Shoigu BP Ends Its Week of CEO Chaos With Many Unanswered Questions Flood of Russian Wheat Halves World Prices From Wartime High Scholz’s Dream of Climate Revolution to Revive Germany Is Dying China’s Contagious Crisis, Singapore Fun: Saturday Asia Briefing A $188 Billion Exodus Shows China’s Heft Fading in World Markets Mexico's Credito Real to File Wind-Down Deal Backed by Holders Lumen Creditors Propose Debt Extension, Fresh Cash for Company Moody’s Puts Greece a Step Before Investment With Two-Notch Lift Morgan Stanley to Keep Some of Its Contentious Preferred Shares Canada Autoworkers’ Strike Deadline Looms Troubled Shadow Bank Zhongrong Gets Help From China State Giants Corporate Borrowers Are Giving In to High Rates, Wells Fargo Says TSX recap: Index ekes out small 0.26% gain Friday U.S. stock drop has VIX rising from pre-pandemic level Eastern Europe Misses Out on Emerging-Market Currency Rally Beyond the AI Euphoria Is a Worrying Stock Signal on US Growth Ex-JPMorgan Gold Trader Sentenced to Six Months in ‘Spoof’ Case Planet Fitness Tumbles While Wall Street Mulls Abrupt CEO Departure Bank of Canada rate pause opens sweet spot for savers: Dale Jackson 3 silent portfolio killers that could drain your retirement savings Registered Education Savings Plan tips for parents and students Millennials’ debt has 'ballooned': RBC economist Dale Jackson: Options could be the right option for your portfolio Canadian tech company uses AI to assess loan qualifications Don’t shy away from asking for a raise, even with recession fears: Experts Finding the right investments for a FHSA can be tricky Canadian spending habits showing early signs of slowing, RBC report finds Dale Jackson: Is your mutual fund really an overpriced ETF? Young Canadians flocking to First Home Savings Accounts, banks say Spending on fun isn’t impossible — it’s just hard, experts say Majority of parents worry about their kid's financial future: Survey Bank of Canada delivers growth and security to retirement portfolios What to consider before budgeting with the cash-stuffing method Northwest Territories to increase minimum wage by nearly 5.6 per cent WonderFi interim CEO on possible changes now that crypto merger is finalized Debt, savings worries up as higher interest rates and costs take a toll: surveys Set your investment portfolio for summer, but don’t forget it 70-year amortization periods not realistic: OSFI National home sales fall 4% between July and August as market slows: CREA US Envoy Says Mexico Energy Dispute Merits a Formal Trade Panel Vacant offices can help fix the housing crisis, former deputy PM argues Weekly ABS Issuance Jumps to Highest in Years US Economic Reports on Jobs, Inflation Would Be Delayed in Shutdown El-Erian Warns of ‘Massive’ Corporate Refinancing Next Year Aramco Buys Retailer Esmax in Chile to Expand Fuel Distribution Canadian Home Sales Fall for Second Month While Prices Creep Higher Goldman Says City of London Office Market Risks Oversupply US Homebuyers Cancel Purchases at Highest Rate in 10 Months Billionaire Peugeot Clan Wades Into Banking, Italian Luxury China Shrinks Budget Deficit in Sign of Weak Fiscal Support Chinese Developer Sino-Ocean Suspends Offshore Debt Payments Finland Set for Slow Recovery From Recession, Central Bank Says China Says Youth Employment Improving But Provides No Proof China’s Economy Picks Up in August on Travel Boom, Policy Push Country Garden Delays Yuan Bond Extension Vote to Monday Singapore Home Sales Slump 72% to Seven-Month Low on Weak Demand California Sues Exxon, Shell, BP on Deception Claims, NYT Says A Stock Investor’s Guide to Navigating Weight Loss Opportunities Ukraine Recap: EU Grain Import Ban Ends; Kim Meets With Shoigu BP Ends Its Week of CEO Chaos With Many Unanswered Questions BP CEO Search Is Big Oil’s Best Chance to Fix Its Gender Problem Sweden Holds Grim Warning for the $4 Billion Padel Craze The Week a Trade Battle Erupted Started With a Ceasefire Plea Kim Jong Un Inspects Next-Gen Missile System During Meeting With Russia’s Defense Minister The Eight Most Anticipated Dining Spots in Dubai This Season Flood of Russian Wheat Halves World Prices From Wartime High Scholz’s Dream of Climate Revolution to Revive Germany Is Dying Swatch CEO Opens Factory to Show Budget Blancpain Isn’t Plastic China’s Contagious Crisis, Singapore Fun: Saturday Asia Briefing Jaguars QB Trevor Lawrence to Settle FTX Endorsement Fraud Suit TikTok Plans Steep Holiday Discounts, Bringing Amazon Price War MGM Resorts Hackers Broke in After Tricking IT Service Desk A New Bar Will Test Whether Mealworm Margaritas Sell in Singapore Google Barred From Claim DOJ’s Kanter Is Biased in Ad Tech Feud Detroit Automakers, UAW Spend Strike’s First Day in War of Words California Sues Exxon, Shell, BP on Deception Claims, NYT Says Ukraine Recap: EU Grain Import Ban Ends; Kim Meets With Shoigu BP Ends Its Week of CEO Chaos With Many Unanswered Questions BP CEO Search Is Big Oil’s Best Chance to Fix Its Gender Problem Flood of Russian Wheat Halves World Prices From Wartime High Scholz’s Dream of Climate Revolution to Revive Germany Is Dying Colombia’s Petro Says Cocaine Among Country’s Top Exports A $188 Billion Exodus Shows China’s Heft Fading in World Markets Chinese EV Makers Pin Hopes on Europe’s Fading Auto Dealers Ex-Deutsche Bank Banker Poised to Plead Guilty to Crypto Fraud States Beg Biden to Bolster Offshore Wind While Projects Flounder Ex-JPMorgan Gold Trader Sentenced to Six Months in ‘Spoof’ Case Saudi-Israel Normalization Remains ‘Difficult,’ Blinken Says Hedge Funds Hiked Bullish Oil Bets to 15-Month High on OPEC+ Cuts Bitcoin Miner Core Scientific Settles With Celsius Over Fees Texas Monitor Says New Grid Rules Raised Costs by $8 Billion EU Ends Ukraine Crop Import Ban, Heightening Trade Tensions Shale Drillers Boost US Gas Rigs for the First Time Since July US Envoy Says Mexico Energy Dispute Merits a Formal Trade Panel Canadian automakers, union stare down Monday strike deadline The Daily Chase: U.S. autoworkers on strike; Trudeau pushes grocers on food costs Statistics Canada says manufacturing sales up 1.6% in July after falling in June U.S. auto strike expected to affect Canada in deeply integrated industry Analyst says auto industry should brace for U.S. strike In Congress, a mounting push to bring Latin American countries under USMCA umbrella Wholesale sales excluding petroleum products and oilseeds and grains up in July 'One family, one lawyer' model promises to save divorcing couples time and money ​The Daily Chase: Laurentian review wraps; Fuel boosts Empire earnings Europe's central bank hikes interest rates again even as threat of recession grows ​Credit balances hit record high in Q2: Equifax Canada Canada's economy appears to be slowing down: RBC Economics The Daily Chase: U.S. inflation creeps higher; Dollarama sales up U.S. CPI rose 3.7% in August Consumer spending down with new focus on business practices The Daily Chase: Earnings from Roots; When will oil demand peak? The Daily Chase: First Quantum strike averted; Canopy Growth shares up Bank of Canada may need to raise rates again, despite this week's hold: Macklem Economists weigh in on surprise August jobs gain Ukraine Recap: EU Grain Import Ban Ends; Kim Meets With Shoigu Kim Jong Un Inspects Next-Gen Missile System During Meeting With Russia’s Defense Minister Rishi Sunak’s Last-Ditch Plan to Save His Job: Don’t Look Back Scholz’s Dream of Climate Revolution to Revive Germany Is Dying Mexico Extradites ‘El Chapo’ Son Ovidio Guzman to US Colombia’s Petro Says Cocaine Among Country’s Top Exports Mike Pence Pushes Ban on TikTok, Calling It a Communist Platform US Soccer Moving HQ to Atlanta From Chicago Ahead of World Cup Marijuana Bill Set Up for Vote in Senate Banking Committee Troubled Shadow Bank Zhongrong Gets Help From China State Giants Saudi-Israel Normalization Remains ‘Difficult,’ Blinken Says Hunter Biden’s Gun Charges Is Likely a Prelude to Bigger Tax Case EU Ends Ukraine Crop Import Ban, Heightening Trade Tensions Nigerian President Tinubu Nominates Cardoso as Central Bank Governor US Envoy Says Mexico Energy Dispute Merits a Formal Trade Panel US Must Face Tough Lessons on Race, Supreme Court’s Jackson Says US Economic Reports on Jobs, Inflation Would Be Delayed in Shutdown Abortion Rules in Chile Survive Threat of Constitutional Rewrite Ukraine Recap: Zelenskiy Expected to Meet With Biden, Congress Kim Jong Un Inspects Next-Gen Missile System During Meeting With Russia’s Defense Minister China’s Contagious Crisis, Singapore Fun: Saturday Asia Briefing Jaguars QB Trevor Lawrence to Settle FTX Endorsement Fraud Suit TikTok Plans Steep Holiday Discounts, Bringing Amazon Price War MGM Resorts Hackers Broke in After Tricking IT Service Desk Google Barred From Claim DOJ’s Kanter Is Biased in Ad Tech Feud Chinese EV Makers Pin Hopes on Europe’s Fading Auto Dealers Mike Pence Pushes Ban on TikTok, Calling It a Communist Platform Ex-Deutsche Bank Banker Poised to Plead Guilty to Crypto Fraud Lumen Creditors Propose Debt Extension, Fresh Cash for Company 32 Trump Twitter Messages Were Handed Over in Election Probe Apple iPhone 15 Pro Deliveries Slip to October in Sign of Demand Beyond the AI Euphoria Is a Worrying Stock Signal on US Growth South Africa’s Spar Loses Information Technology Chief After SAP Bungle Bitcoin Miner Core Scientific Settles With Celsius Over Fees Bitcoin Is Headed for Its First Weekly Gain Since August Canadian tech organization urges 'responsible' approach to AI regulation Lina Khan Got Stuck in the Fallout of the MGM Hack at Las Vegas Marcelo Claure’s Bicycle Capital Makes First Startup Investment The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Dow Industrials Paying Price for Leaving Out Amazon and Alphabet Cathie Wood, Boaz Weinstein Among Winners From Bitcoin Fund Bet Taiwan Bourse Taps Into New Crop of Tech Companies to Diversify Zero-Day Options Boom Is Spilling Into $7.4 Trillion ETF Market Crypto Seeks Lifeline in Asia as US Crackdown Spurs More Layoffs Fund Managers See Water Risk in Semiconductor Bets Being Mispriced Crypto Volatility Picks Up on Looming Sales From FTX’s $3.4 Billion Token Hoard Franklin Templeton Joins Race to Offer US Spot Bitcoin ETF ETF Traders Are Pouring Cash Into EM’s Non-China Growth Engines Fear of Stock Market Dive Creeps Back as Hedging Costs Climb Bitcoin ETFs With a $100 Billion Promise Put Old Funds in Danger Making the Case for Buying the Dip Nomura Crypto Chief Warns Market Rout May Delay Unit’s Profit Crypto Trading Volume Slumped to Lowest Level of the Year in August Winklevoss Claims Fuel US Investigation of Barry Silbert’s DCG Crypto Empire China Is Being Left Out by a Record Number of New EM Stock Funds Traders Unfazed as Soft-Landing Calls Stoke Bets on Market Calm Breach of Microsoft Engineer’s Account Likely Led to Hack of US Officials 21Shares and Cathie Wood’s ARK File for First US Spot-Ether ETF Playing for global basketball and sponsorship glory Awareness still at disadvantage in decades-long battle for tennis pay equity FanDuel, Rivalry deliver something new for betting customers Corporations considering Canadian cricket Curling Canada announces Montana’s as new sponsor of Brier Difficult conversations regarding hockey's 'toxic masculinity' continue at summit Suspended Spanish soccer federation president Rubiales resigns after kiss scandal at World Cup MLB makes strides in attracting younger fans, ticket buyers in growing the game Pegula appoints himself Sabres president, dissolves parent company Royals unveil proposed ballpark, entertainment district plans for two locations NHL eyeing 2025 best-on-best tournament, set international play schedule Canadian clubs talk 'Messi effect' as superstar grabs headlines Lisa Pham, Madison Muller and Naomi Kresge, Bloomberg News , Source: Morgan Stanley (Bloomberg) -- For investors, there's a whole lot more to the boom in demand for weight-loss drugs than the rising stock prices of Novo Nordisk A/S and Eli Lilly & Co. While Ozempic maker Novo has surged into pole position as Europe's biggest company by market value, the question on the minds of many fund managers is what other stocks and sectors stand to benefit. And just as importantly, who is likely to lose. Potential winners include the likes of syringe maker Gerresheimer AG and drug distributor McKesson Corp., while takeaway outlets and beermakers may struggle amid changing eating habits. Meanwhile, weight-loss treatments could lead to a healthier population overall, spurring demand for exercise equipment from Peloton Interactive Inc. and food ingredients from Novozymes A/S. “Weight-loss treatments change the landscape in health care because of the switch towards more preventive measures,” said Henk Grootveld, head of trends investing at Lombard Odier Investment Managers. “Besides the health-care space it could also have huge consequences on consumer and lifestyle trends given these treatments reduce appetite.”Here are some of the stocks and sectors that are likely to see the biggest impact: Drugmakers Novo Nordisk became Europe’s most valuable company this month thanks to the success of its Wegovy and Ozempic injectable drugs, a class of medicines known as GLP-1s. Shares in Eli Lilly are up 57% this year in anticipation of an expected US approval to use its Mounjaro diabetes medicine to treat obesity. Berenberg estimates the global obesity market could be worth $85 billion by 2030, with Novo’s and Lilly’s products driving growth this decade. Analysts see more optimism ahead. JPMorgan Chase & Co. boosted its price target on the Danish drugmaker’s shares this month and increased estimates for Lilly given the company’s higher obesity sales potential. Meanwhile, other companies are developing potential treatments, such as Zealand Pharma A/S and closely held Boehringer Ingelheim GmbH which are moving to a late-stage study of their experimental drug. Zealand, whose shares are up 48% this year, is a “key player” in the “next wave of obesity therapeutics” and has the potential to be acquired, said Lucy Codrington, an analyst at Jefferies International Ltd. Some drugmakers are further behind. Pfizer Inc. this year halted development of an experimental pill, though it’s continuing to test another drug that outperformed a placebo in a study. Viking Therapeutics Inc. has started a mid-stage trial, while Gilead Sciences Inc. is looking into a treatment with Novo for nonalcoholic steatohepatitis, a liver disease that is linked to obesity. Ailsa Craig, co-manager of the International Biotechnology Trust Plc, is keeping an eye on Amgen Inc., which is developing a therapy that involves less frequent injections than Lilly’s drug. Results from a mid-stage study are expected next year. Suppliers Novo is making more medicine than ever before as it struggles to keep up with demand, which is good news for suppliers including Catalent Inc. which fills Wegovy pens with the clear liquid. The drugmaker has also brought on Thermo Fisher Scientific Inc. to help keep up with demand, according to Reuters. Novo Chief Executive Officer Lars Fruergaard Jorgensen told Bloomberg TV this month that it has a policy of not talking about the names of the companies it works with. Meanwhile, Gerresheimer has said it plans to expand capacity for making syringe systems, auto injectors and pens to take advantage of the opportunity from GLP-1s. Shares in the German company are up 65% this year and analysts see the stock rising almost 30% more, according to the average price target compiled by Bloomberg. Drug distributors such as McKesson also will benefit, said Dan Lyons, a fund manager at Janus Henderson Investors. Both McKesson and Cencora Inc. raised their full-year guidance last month, with high volumes of weight-loss drugs boosting sales. Medical Device Makers The excitement around obesity treatments has hurt shares of device makers treating sleep apnea such as ResMed Inc. and Inspire Medical Systems Inc. The stocks have been trending lower since August, when a study showed Novo’s Wegovy reduced the risk of heart attacks and strokes, prompting investors to wonder which other health conditions might see less demand for therapies. Shares of Zimmer Biomet Holdings Inc., which makes knee and hip implants for patients with osteoarthritis, are down 12% since the start of August. Obesity is a contributing factor to osteoarthritis, so a reduction in obesity could mean fewer people need implants. Still, CEO Ivan Tornos said this month that GLP-1s will benefit implant sales in the short term: Many patients who are too obese to go through implant surgery will be able to get the procedure if their body mass index improves. Another area that has been hit is diabetes device makers including Insulet Corp. and Tandem Diabetes Care Inc., on the assumption that patients taking obesity drugs would have less need for insulin pumps. But continuous glucose monitoring devices such as those made by Dexcom Inc. and Abbott Laboratories could benefit, given weight loss drugs tend to be prescribed with a lifestyle change program and the devices help measure that change, according to Lombard Odier’s Grootveld. Although Dexcom has been a “victim,” the medical-technology firm should perhaps be “in the survivors’ camp,” he said. Dexcom recently told investors that more people on insulin were using a continuous glucose monitoring device after starting GLP-1 therapy than beforehand. In comments to Bloomberg News, an Abbott spokesperson said it’s “very possible” that weight loss drugs could further expand usage of such devices. WW International Inc., better known as WeightWatchers, has been integrating with Abbott’s Freestyle Libre system to better monitor blood glucose levels in diabetic clients. WW shares soared earlier this year after the company bought telehealth obesity-drug provider Sequence. Meanwhile, shares of companies involved with bariatric surgery — procedures to help people lose weight when diet and exercise don’t work — have been trending lower since July. That’s when surgical-robot maker Intuitive Surgical Inc. said patient interest in weight-loss drugs was hurting demand for the operation. Teleflex Inc., which makes the Titan stomach stapler, suggested that GLP-1 treatments had led to decreased demand. Medtronic Plc also noted that the therapies were having a “little bit of impact” on bariatric surgery,  which was a small part of its business. Equipment provider Conmed Corp. estimated that about 2% of its instruments were used in bariatric procedures. Side Effects Novo’s drugs for diabetes and weight loss share the same active ingredient called semaglutide. They work by suppressing the appetite as well as slowing the movement of food through the digestive tract, and common side effects include nausea, vomiting and uncontrollable diarrhea. As such, over-the-counter medicines and supplements may see a boost as patients look to alleviate the side effects, according to Barclays Plc analysts. Haleon Plc generates about one-fifth of its sales from digestive health and other remedies, while Reckitt Benckiser Group Plc’s probiotics product provides digestive support. The Barclays analysts see Haleon as being best placed to benefit among European consumer health peers, while French cosmetics company L’Oreal SA could benefit from consumers trying to hide their so-called “Ozempic face,” which is the hollowing of the face and sagging skin caused by losing weight quickly. To help keep the weight off, lifestyle changes could become more commonplace after patients start taking the drug. “Fitness trackers, fitness apparel and fitness centers could become more attractive to patients,” said Gregoire Biollaz, senior investment manager at Pictet Asset Management. Food and Drink Weight-loss drugs are also having an impact on the way that people consume food. A research survey conducted by Morgan Stanley found that patients tended to cut back on the number of meals and snacking occasions while taking weight loss drugs, and also consumed less alcohol and carbonated drinks. Meanwhile, the majority of the 300 survey participants visited fast-food and pizza restaurants less frequently since they started taking the drugs. There’s a growing industry for alternative ingredients that lessen the need for sugar and help keep insulin levels more stable, according to Pictet Asset Management. The firm highlighted Danish ingredients manufacturer Novozymes, which has developed enzymes to make milk products naturally sweeter. Chr. Hansen Holding A/S and Givaudan SA also make ingredients for food producers. Since obesity is linked to the development of other conditions including diabetes, sleep apnea and heart failure, the impact of the weight-loss drugs may only grow if future studies show the medicines reduce the risk of those diseases. “The real value here is the medical benefits this treatment will offer,” said John Bowler, a fund manager at Schroders Plc. “The next 12-36 months are going to be really critical in just gauging that medical benefit.” --With assistance from Jonas Ekblom. ©2023 Bloomberg L.P.