5 Best Growth Stocks To Buy According To George Soros

4. Novo Nordisk A/S (NYSE:NVO)

Stake Value: $138.7M

Denmark-headquartered Novo Nordisk A/S (NYSE:NVO) ranks 4th in our list of the best growth stocks to buy according to George Soros’ hedge fund. Earlier this month Novo Nordisk A/S (NYSE:NVO) posted third quarter results. Revenue in the quarter increased by about 29% year over year to DKK 58.73 billion.

In Q3 earnings call Novo Nordisk A/S (NYSE:NVO) talked about Ozempic, its popular Diabetes drug. Novo Nordisk A/S (NYSE:NVO) said:

 “We now expect the sales growth to be between 32% and 38% at constant exchange rates. The increased sales outlook is primarily reflecting higher full year expectations to Ozempic volumes sold in the US and gross to net adjustments for Ozempic and Wegovy in the US. The guidance reflects expectations for sales growth in both North America operations and international operations. The guidance is mainly driven by volume growth of GLP-1 based treatments for diabetes and obesity care.

This is partially countered by declining sales in rare disease due to a temporary reduction in manufacturing output. The guidance reflects the level of volume growth of GLP-1 based treatments. The inherent uncertainty of the pace of Ozempic — obesity care market expansion following the re-launch of Wegovy in the US and a limited rollout in international operations are also included in the guidance range. Finally, the sales outlook reflects expected continued periodic supply constraints and related drug shortage notifications across a number of products and geographies. Novo Nordisk is investing in internal and external capacity to increase supply both short and long-term. While supply capacity for Wegovy is gradually being expanded, the lower dose strength in the US will remain restricted to safeguard continuity of care.”

Read the full earnings call transcript here.

During the third quarter, George Soros’ fund bought a new position in the company, amassing 1,525,830 shares of Novo Nordisk A/S (NYSE:NVO) worth about $139 million.