Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week:

• Novo Nordisk - will investments in production lift the lid on 2024 growth guidance?
• We’ll find out if fourth-quarter cash flows have clammed up for Shell
• Diageo will be hoping to avoid any more earnings disappointments

Among those currently scheduled to release results next week:

*Events on which we will be updating investors.

Novo Nordisk – Derren Nathan, Head of Equity Research

Novo Nordisk’s growth of late has been propelled by sales of its GLP-1 medicines in diabetes, with even stronger momentum in obesity care. We look forward to full year numbers next week, where the latest guidance suggests an increase of 32-38% for sales and 40-46% for operating profit.

The forthcoming results provide an opportunity for Novo to set initial guidance for 2024. We hope to hear how investments in manufacturing are relieving production bottlenecks. We’ll also be looking out for an update on the regulatory pathway for a once weekly insulin injection for diabetics, IcoSema, which has recently seen positive clinical trials data.

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Shell – Derren Nathan, Head of Equity Research

We’re not expecting to see a dip in oil & gas production in Shell’s fourth quarter numbers next week. However, lower refinery utilisation and weaker commodities prices have the potential to dent cash flows.

Volatile pricing is part and parcel of being an energy company. However, an increased commitment to shareholder distributions and significant investment plans in both traditional and renewable energy means that there’s growing competition for funds. Meanwhile, there’s been mounting pressure for Shell to double down on its renewable commitments. So, we’ll be keeping a close eye on Shell’s plans to allocate its cash in 2024.

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Diageo – Aarin Chiekrie, Equity Analyst

Back in November 2023, Diageo shocked markets by warning that this year’s revenue and profit would both be lower than expected. This came as performance in its Latin America and Caribbean region was materially weaker than anticipated, with first-half organic sales set to decline by more than 20%. Because of this, first-half operating profit looks set to fall around 4.3% to £3.6bn when the group reports next week.

In the group’s other major regions, momentum is expected to remain positive, with sales rising across the board. The Guinness brewer has a strong portfolio of brands under its belt, which should help it to return to 5-7% organic sales growth over the medium term. We’ll be keeping a close eye on the demand picture, with any further weakness likely to bring this guidance into question.

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Unless otherwise stated estimates are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

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