Biotechnology & Enzymes

Novonesis A/S (NSIS-B.CO) is a Copenhagen-listed Danish biotechnology platform leader formed in January 2024 through the merger of Novozymes, the global leader in industrial enzymes, and Chr. Hansen, the global leader in probiotics, with FY2025 revenue of DKK 32,376M and an adjusted EBITDA margin of 37.1%. Its two divisions span Food & Health, built around probiotics, enzymes, and the microbiome, and Planetary Health, built around industrial enzymes, feed, and agricultural biosolutions, while Novo Holdings controls 25.5% of the economics and 63.35% of the votes. Research rating Watch: a high-quality compounder with merger synergies already delivered, but the current valuation is near the upper end of fair value and leaves limited margin of safety against EUR/USD pressure and integration risk.