The Global Week Ahead: Has Novo Nordisk Overcome the 'Climb of Uncertainty

• will travel to Copenhagen to speak with the company's new CEO after a turbulent few months.

• Despite this, Berenberg is positive about the stock and says Novo has overcome the "climb of uncertainty."

• It was once Europe's most valuable company.

• Now, as Danish pharmaceutical group Novo Nordisk prepares to release its third-quarter earnings on Wednesday, the picture looks quite different.

• Reed will travel to Copenhagen to speak with the company's new CEO, Marc Doustdar, who has been with the company for 30 years and has held the top position since August.

• The journey so far has not been easy, as the group has announced a sharp decline in sales, pressure on profits, numerous job cuts, and continued competition from US rivals in the market of large anti-obesity drug makers.

• Analysts' Views

• Despite this, Berenberg is positive on the stock, saying Novo has reached the "peak of uncertainty."

• The bank further stated, "Novo's superior growth profile and benefits from best-in-class research and development (R&D) warrant a high premium in its valuation compared to its peers."

• Other analysts are less tolerant.

• Jefferies recently gave the stock a weak rating, citing competitive pressures in the US and pricing concerns. Meanwhile, UBS analysts are concerned that Novo's one-time costs of 8 billion Danish krone ($1.23 billion) related to its restructuring have not been fully reflected in its profits, and they also noted that investors are questioning the group's lack of consumer experience in the US market.

On October 17, US President Donald Trump said at a press conference that the price of Novo's blockbuster weight loss drug, Ozempic, would be "significantly reduced" as part of the administration's pricing talks with the company.

• The stock price has been under pressure since the beginning of the year.

Boardroom Turmoil

Novo Nordisk is preparing to hold an extraordinary general meeting (AGM) on November 14 to elect a new board. This meeting follows the sudden resignation of the company's chairman and six other directors amid speculation of a dispute with the holding company, Novo Holdings.

However, this turmoil at the top level hasn't slowed merger and acquisition (M&A) activity. Last week, Novo entered the bidding race for biotech group Metsera with a $9 billion bid, and now it's poised to take on rival Pfizer. Novo said in a statement that the acquisition "would be consistent with its long-term strategy to treat millions more people suffering from obesity and diabetes."

In early October, Novo offered $5.2 billion for Akero Therapeutics, a US-based group focused on treating liver diseases.

Earnings released this week:

Monday: Ryanair, Berkshire Hathaway

Tuesday: BP, Philips, Ferrari, Uber, Pfizer

Wednesday: Novo Nordisk, BMW, Ørsted, ARM, McDonald's

Thursday: AstraZeneca, Commerzbank, Diageo, ArcelorMittal, Airbnb

Friday: Daimler