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Novo Nordisk
(NYSE:NVO)
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Rating:74Outperform
Price Target:
$56.00
▲(38.20% Upside)
Action:Reiterated
Date:07/03/26
The score is driven primarily by strong underlying financial quality (exceptional profitability) and supportive valuation (low P/E with an attractive dividend). These positives are meaningfully tempered by earnings-call-driven near-term headwinds (negative 2026 guidance and pricing/reimbursement pressure) and technicals that look overextended, increasing the risk of short-term volatility.
Positive Factors
Market-leading Wegovy franchise
Rapid, large-scale prescription uptake demonstrates durable demand and broad patient adoption for Novo Nordisk's oral GLP-1. High early penetration and large treatment base underpin structural revenue potential, strengthen bargaining position with payers, and create a high barrier to entry for competitors over the next several quarters.
Negative Factors
Rising leverage
Material increase in debt/equity tightens financial flexibility and raises interest‑rate sensitivity. Higher leverage limits the company's buffer to absorb prolonged revenue softness or higher funding costs, potentially constraining capital allocation choices and amplifying downside risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Market-leading Wegovy franchise
Rapid, large-scale prescription uptake demonstrates durable demand and broad patient adoption for Novo Nordisk's oral GLP-1. High early penetration and large treatment base underpin structural revenue potential, strengthen bargaining position with payers, and create a high barrier to entry for competitors over the next several quarters.
Read all positive factors
Novo Nordisk Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Novo Nordisk is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Novo Nordisk is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyNovo Nordisk (NVO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$219.41B
Dividend Yield3.58%
Average Volume (3M)12.62M
Price to Earnings (P/E)11.7
Beta (1Y)1.17
Revenue Growth16.79%
EPS Growth26.24%
CountryUS
Employees77,406
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)27.45
Shares Outstanding3,390,128,000
10 Day Avg. Volume11,343,646
30 Day Avg. Volume12,617,700
Financial Highlights & Ratios
PEG Ratio8.16
Price to Book (P/B)7.42
Price to Sales (P/S)4.66
P/FCF Ratio49.64
Enterprise Value/Market Cap6.35
Enterprise Value/Revenue4.25
Enterprise Value/Gross Profit5.19
Enterprise Value/Ebitda7.50
Forecast
1Y Price Target
$44.67Price Target Upside10.23% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)3.29
Revenue Forecast (FY)$44.63B
Novo Nordisk Business Overview & Revenue Model
Company Description
Novo Nordisk A/S is a global pharmaceutical firm dedicated to the investigation, creation, manufacturing, and distribution of medicinal products across a vast international footprint. Its market presence extends throughout Europe, the Middle East,...
How the Company Makes Money
Novo Nordisk makes money primarily by selling branded prescription medicines to healthcare systems, wholesalers, pharmacies, hospitals, and other distributors. Its revenue is largely generated from (1) Diabetes and Obesity Care, where it markets G...
Novo Nordisk Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Neutral
The call highlights very strong commercial and clinical momentum—especially for the Wegovy franchise (oral and high‑dose launches), positive pivotal and Phase II readouts (Etavopivat, UBT251), significant prescription uptake and clear execution on launches and shareholder returns. However, these commercial and R&D successes are balanced by meaningful near‑term financial headwinds: adjusted sales and operating profit declines, margin pressure from lower realized prices, pricing and reimbursement pressures (U.S. and international), guidance implying negative group growth for 2026, and supply/inventory nuances. Overall, product and pipeline momentum is robust, but the company faces material pricing and market access challenges that temper the near‑term financial outlook.Positive Updates
Strong Wegovy pill uptake
Since launch ~16 weeks ago, Wegovy pill generated >2 million total prescriptions and treated >1 million patients; Q1 TRxs were 1.3 million and weekly prescriptions reached ~207,000 (week ending April 17). Close to 80% of Wegovy pill users are GLP-1 treatment‑naive.
Negative Updates
Adjusted sales decline
Adjusted sales declined by 4% (at CER) in Q1, driven by lower realized prices that only partly were offset by GLP‑1 volume growth and market expansion.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Wegovy pill uptake
Since launch ~16 weeks ago, Wegovy pill generated >2 million total prescriptions and treated >1 million patients; Q1 TRxs were 1.3 million and weekly prescriptions reached ~207,000 (week ending April 17). Close to 80% of Wegovy pill users are GLP-1 treatment‑naive.
Read all positive updates
Company Guidance
Novo Nordisk updated its 2026 outlook to adjusted sales growth of -4% to -12% (CER) and adjusted operating profit growth of -4% to -12% (CER) — a one‑percentage‑point upward shift — reflecting Q1 adjusted sales down 4% (CER) and adjusted operating profit down 6% (CER) despite reported sales of DKK 96.8 billion (+32%); Q1 adjusted gross margin fell to 80.6% from 83.5% in 2025. The company invested about DKK 22 billion in R&D and commercial initiatives in Q1, returned nearly DKK 38 billion to shareholders, remains on track to deliver DKK 8 billion of transformation savings, and ended Q1 with ~68,000 FTEs (down ~10,000 y/y). The guidance incorporates expected GLP‑1 volume penetration and Wegovy pill uptake but also assumes negative impacts from semaglutide LOE in some markets, reduced Medicaid obesity coverage, further realized price declines (including Most‑Favored‑Nations effects) and channel‑mix shifts; SG&A for the full year is expected to be in the low 20s as a percentage of sales.Novo Nordisk Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 327.80B | 309.06B | 290.40B | 232.26B | 176.95B | 140.80B |
| Gross Profit | 268.30B | 250.28B | 245.88B | 196.50B | 148.51B | 117.14B |
| EBITDA | 185.82B | 156.73B | 147.94B | 114.63B | 76.80B | 65.39B |
| Net Income | 121.96B | 102.43B | 100.99B | 83.68B | 55.52B | 47.76B |
Balance Sheet | ||||||
| Total Assets | 559.22B | 542.90B | 465.80B | 314.49B | 241.26B | 194.51B |
| Cash, Cash Equivalents and Short-Term Investments | 21.63B | 26.96B | 26.31B | 30.23B | 23.57B | 17.48B |
| Total Debt | 146.38B | 130.96B | 102.79B | 27.01B | 25.78B | 26.64B |
| Total Liabilities | 356.16B | 348.86B | 322.31B | 207.93B | 157.77B | 123.76B |
| Stockholders Equity | 203.06B | 194.05B | 143.49B | 106.56B | 83.49B | 70.75B |
Cash Flow | ||||||
| Free Cash Flow | 31.03B | 28.99B | 69.66B | 70.01B | 64.13B | 47.62B |
| Operating Cash Flow | 118.59B | 119.10B | 120.97B | 108.91B | 78.89B | 55.00B |
| Investing Cash Flow | -84.20B | -79.16B | -128.90B | -43.89B | -24.92B | -31.61B |
| Financing Cash Flow | -51.29B | -28.41B | 8.73B | -63.16B | -51.80B | -25.49B |
Novo Nordisk Technical Analysis
Positive
40.52
Price Trends
45.21
Positive
41.91
Positive
46.80
Positive
Market Momentum
1.50
Negative
62.23
Neutral
54.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NVO, the sentiment is Positive. The current price of 40.52 is below the 20-day moving average (MA) of 46.67, below the 50-day MA of 45.21, and below the 200-day MA of 46.80, indicating a bullish trend. The MACD of 1.50 indicates Negative momentum. The RSI at 62.23 is Neutral, neither overbought nor oversold. The STOCH value of 54.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NVO.
Novo Nordisk Risk Analysis
Novo Nordisk disclosed 17 risk factors in its most recent earnings report. Novo Nordisk reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Novo Nordisk Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $219.41B | 11.67 | 66.36% | 3.58% | 16.79% | 26.24% | |
74 Outperform | $168.63B | 18.17 | 42.16% | 2.52% | 3.83% | 55.01% | |
71 Outperform | $634.06B | 29.88 | 26.26% | 2.50% | 7.87% | -3.56% | |
69 Neutral | $104.04B | 19.17 | 14.41% | 4.58% | 11.19% | -0.23% | |
64 Neutral | $117.50B | 16.28 | 39.05% | 4.33% | 1.78% | 33.76% | |
64 Neutral | $137.07B | 18.51 | 8.37% | 6.65% | 1.36% | -5.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
NVO
Novo Nordisk
48.88
-17.77
-26.66%
BMY
Bristol-Myers Squibb
57.94
13.23
29.58%
GILD
Gilead Sciences
134.84
27.98
26.19%
JNJ
Johnson & Johnson
259.10
105.15
68.30%
PFE
Pfizer
24.25
0.28
1.15%
SNY
Sanofi
43.90
-2.85
-6.09%
Novo Nordisk Corporate Events
Novo Nordisk Accelerates Share Buybacks Under DKK 15 Billion Programme
Jun 29, 2026
On 6 May 2026, Novo Nordisk launched a share repurchase programme under EU Safe Harbour rules as part of a broader plan to buy back up to DKK 15 billion of B shares over 12 months starting 4 February 2026. Between 22 and 26 June 2026, the company ...
Novo Nordisk Details Progress in DKK 15 Billion Share Buyback
Jun 24, 2026
Novo Nordisk has stepped up its ongoing DKK 15 billion share repurchase programme, launched on 4 February 2026, under safe harbour regulations to support capital allocation and shareholder returns. Under the sub-programme initiated on 6 May 2026, ...
Novo Nordisk Expands 2026 Share Buyback, Holding 0.8% of Capital in Treasury Shares
Jun 15, 2026
On 15 June 2026, Novo Nordisk provided an update on its ongoing share repurchase programme launched on 4 February 2026, which aims to buy back up to DKK 15 billion of B shares over 12 months. The buybacks are executed under EU Safe Harbour rules, ...
Novo Nordisk Advances DKK 15 Billion Share Buyback as Treasury Stake Reaches 0.8%
Jun 8, 2026
Novo Nordisk, the Danish healthcare group focused on chronic diseases such as diabetes, continued executing its previously announced share repurchase plans in early June 2026 as part of a broader capital return strategy. The company’s buybac...
Novo Nordisk Details Progress of 2026 Share Buyback Programme
Jun 1, 2026
On 6 May 2026, Novo Nordisk launched a share repurchase programme under EU Safe Harbour rules as part of a broader plan to buy back up to DKK 15 billion of B shares over 12 months starting 4 February 2026. Between 26 and 29 May 2026 the company re...
Novo Nordisk Details Progress in DKK 15 Billion Share Buyback Programme
May 27, 2026
Novo Nordisk, a global leader in diabetes and chronic disease therapies, continues to leverage its strong position in pharmaceuticals with widely marketed treatments and listings on both Nasdaq Copenhagen and the New York Stock Exchange. The compa...
Novo Nordisk Wins CHMP Backing for High-Dose Wegovy Single-Dose Pen in EU
May 22, 2026
On May 22, 2026, Novo Nordisk announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a positive opinion recommending EU marketing authorisation for Wegovy 7.2 mg in a once‑weekly singleR...
Novo Nordisk Wins EMA Panel Backing for First Oral Wegovy Obesity Pill in EU
May 22, 2026
Novo Nordisk said on 22 May 2026 that the European Medicines Agency’s Committee for Medicinal Products for Human Use has issued a positive opinion recommending EU marketing authorisation for Wegovy pill, a once-daily 25 mg oral semaglutide, ...
Novo Nordisk Details Progress on DKK 15 Billion Share Buyback Programme
May 18, 2026
Novo Nordisk has provided an update on its previously announced DKK 15 billion, 12‑month share repurchase programme that began on 4 February 2026, carried out under EU safe harbour rules. As part of this, a specific programme launched on 6 M...
Novo Nordisk Discloses Gifted Share Transactions Linked to CFO Associates
May 13, 2026
Novo Nordisk, the Danish healthcare group specializing in treatments for serious chronic diseases such as diabetes, reported insider-related share transactions involving persons closely associated with its chief financial officer. The disclosure i...
Novo Nordisk Q1 2026 Boosted by 340B Reversal as Wegovy Pill Delivers Record U.S. Launch
May 6, 2026
For the first quarter of 2026, Novo Nordisk reported a 32% increase in sales at constant exchange rates and a 65% rise in reported operating profit, both heavily boosted by a large provision reversal linked to the U.S. 340B Drug Pricing Program. E...
Novo Nordisk Concludes First DKK 3.8bn Tranche of 2026 Share Buyback
May 5, 2026
Novo Nordisk has completed the first leg of its 12‑month share repurchase programme, which is part of a broader plan to buy back up to DKK 15 billion of its B shares starting 4 February 2026. The Danish drugmaker’s B shares are listed ...
Novo Nordisk Updates on DKK 15 Billion Share Buyback Programme
Apr 27, 2026
Novo Nordisk, a Danish-based global healthcare group specialising in treatments for serious chronic diseases such as diabetes, employs roughly 68,800 people and sells its products in about 170 countries, with its B shares listed on Nasdaq Copenhag...
Novo Nordisk Details Progress of DKK 15 Billion Share Buyback Programme
Apr 20, 2026
On 4 February 2026, Novo Nordisk launched a DKK 15 billion, 12‑month share repurchase programme under EU Safe Harbour rules, including up to DKK 3.8 billion of B‑share buybacks scheduled between 4 February and 4 May 2026. Between 13 an...
Novo Nordisk’s Etavopivat Hits Phase 3 Goals in Sickle Cell Disease, Regulatory Filing Planned for Late 2026
Apr 20, 2026
On 20 April 2026, Novo Nordisk reported topline phase 3 results from its pivotal HIBISCUS trial of once‑daily oral etavopivat in adolescents and adults with sickle cell disease, showing the drug met both co‑primary endpoints versus pla...
Novo Nordisk Advances DKK 15 Billion Share Buyback, Holds 0.6% in Treasury Stock as of 10 April 2026
Apr 13, 2026
Novo Nordisk on 13 April 2026 reported progress under the B share repurchase programme it launched on 4 February 2026 as part of a broader plan to buy back up to DKK 15 billion of shares over 12 months. Between 7 and 10 April 2026, the company rep...
Novo Nordisk Updates Progress on 2026 DKK 15 Billion Share Buyback
Apr 7, 2026
On 4 February 2026, Novo Nordisk began a share repurchase programme under EU Safe Harbour Rules as part of a broader plan to buy back up to DKK 15 billion of B shares over 12 months. Under the specific tranche running from 4 February to 4 May 2026...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.