Novo Nordisk (NVO)
NYSE:NVO
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Novo Nordisk
(NYSE:NVO)
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Rating:77Outperform
Price Target:
$50.00
▲(23.40% Upside)
Action:Reiterated
Date:06/06/26
The score is driven primarily by strong underlying profitability and multi-year revenue growth, supported by an attractive valuation (low P/E and solid dividend). The main offsets are higher leverage and weaker recent free-cash-flow conversion, alongside neutral-to-weak technical positioning relative to key moving averages and KPI-indicated concentration/region volatility that can pressure near-term consistency.
Positive Factors
Obesity franchise expansion
Regulatory backing for a high‑dose single‑dose Wegovy pen materially strengthens product convenience and clinical differentiation. This durable improvement in dosing and planned EU launch should deepen patient uptake, extend market penetration, and entrench Novo Nordisk’s leadership in the fast‑growing obesity segment against new entrants.
Negative Factors
Rising leverage
Material rise in leverage reduces financial flexibility and raises interest‑rate sensitivity, limiting the firm's ability to absorb shocks or fund opportunistic M&A without higher funding costs. Higher debt increases risk to capital allocation priorities and could constrain investment or shareholder returns if macro or pricing pressures intensify.
Read all positive and negative factors
Positive Factors
Negative Factors
Obesity franchise expansion
Regulatory backing for a high‑dose single‑dose Wegovy pen materially strengthens product convenience and clinical differentiation. This durable improvement in dosing and planned EU launch should deepen patient uptake, extend market penetration, and entrench Novo Nordisk’s leadership in the fast‑growing obesity segment against new entrants.
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
$197.20B
Dividend Yield3.58%
Average Volume (3M)15.01M
Price to Earnings (P/E)10.2
Beta (1Y)1.22
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. Volume14,791,877
30 Day Avg. Volume15,009,651
Financial Highlights & Ratios
PEG Ratio8.17
Price to Book (P/B)7.42
Price to Sales (P/S)4.66
P/FCF Ratio49.64
Enterprise Value/Market Cap6.95
Enterprise Value/Revenue4.18
Enterprise Value/Gross Profit5.11
Enterprise Value/Ebitda7.38
Forecast
1Y Price Target
$46.00Price Target Upside13.52% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)3.33
Revenue Forecast (FY)$45.09B
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:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: strong commercial momentum in obesity and GLP-1 franchises (notably the successful Wegovy pill launch, robust GLP-1 volume share, and meaningful R&D readouts such as CagriSema and zenagamtide) alongside solid cash generation and shareholder returns. Offsetting these positives are substantial near-term headwinds driven by pricing pressure, policy impacts (MFN/MFP), loss of exclusivity risk, margin compression and a conservative 2026 outlook (adjusted sales and operating profit guidance of -5% to -13% CER). Management is bullish on long-term market expansion and pipeline potential but explicit near-term guidance and exceptional costs temper the tone. Overall, positives (product launches, R&D wins, market leadership and cash generation) are significant, but the company has signaled a pronounced near-term earnings challenge driven by pricing and policy — producing a balanced, watchful outlook.Positive Updates
Top-line growth and profit performance (2025)
Sales grew 10% in 2025 and operating profit increased ~6% at constant exchange rates (reported operating profit was down 1% in DKK but +6% CER excluding currency effects). Net profit was DKK 102 billion and cash from operations was close to DKK 120 billion.
Negative Updates
2026 guidance – material near-term contraction expected
Adjusted sales growth for 2026 is guided at -5% to -13% at constant exchange rates; adjusted operating profit growth is also guided at -5% to -13% CER. Reported growth in DKK is expected to be several percentage points lower due to currency effects. Management cites pricing headwinds, MFN impacts and loss of exclusivity as main drivers.
Read all updates
Q4-2025 Updates
Positive
Negative
Top-line growth and profit performance (2025)
Sales grew 10% in 2025 and operating profit increased ~6% at constant exchange rates (reported operating profit was down 1% in DKK but +6% CER excluding currency effects). Net profit was DKK 102 billion and cash from operations was close to DKK 120 billion.
Read all positive updates
Company Guidance
Novo Nordisk guided 2026 adjusted sales growth of minus 5% to minus 13% at constant exchange rates and adjusted operating profit growth of minus 5% to minus 13% at constant exchange rates (noting reported DKK sales growth is expected to be ~3 percentage points lower and reported operating profit growth ~5 percentage points lower given current FX), with the outlook reflecting assumed continued global GLP‑1 market expansion offset by lower realized prices (including MFN impacts) and loss‑of‑exclusivity in some markets and a sales decline in the U.S. management described as being driven largely by price declines and channel mix; the company will exclude a non‑cash USD 4.2 billion 340B provision reversal from adjusted metrics, expects free cash flow (operating cash less PP&E) of DKK 35–45 billion, capital expenditure of ~DKK 55 billion, total cash returns to shareholders of over DKK 60 billion in 2026 and a new share buyback program of up to DKK 15 billion.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
42.69
Positive
42.67
Positive
47.35
Negative
Market Momentum
0.02
Positive
50.51
Neutral
74.81
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 43.78, below the 50-day MA of 42.69, and below the 200-day MA of 47.35, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 50.51 is Neutral, neither overbought nor oversold. The STOCH value of 74.81 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $197.20B | 10.21 | 66.36% | 3.58% | 16.79% | 26.24% | |
74 Outperform | $154.33B | 17.15 | 42.16% | 2.52% | 3.83% | 55.01% | |
71 Outperform | $114.85B | 15.71 | 39.05% | 4.11% | 1.78% | 33.76% | |
71 Outperform | $567.28B | 27.33 | 26.26% | 2.50% | 7.87% | -3.56% | |
69 Neutral | $105.78B | 8.80 | 14.41% | 4.58% | 11.19% | -0.23% | |
63 Neutral | $148.19B | 19.78 | 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
43.55
-28.33
-39.41%
BMY
Bristol-Myers Squibb
55.92
10.94
24.32%
GILD
Gilead Sciences
127.23
21.97
20.88%
JNJ
Johnson & Johnson
235.18
85.66
57.29%
PFE
Pfizer
26.04
3.61
16.08%
SNY
Sanofi
44.05
-2.32
-5.01%
Novo Nordisk Corporate Events
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...
Novo Nordisk Details Progress in DKK 15 Billion Share Buyback Programme
Mar 30, 2026
Novo Nordisk, a leading Danish healthcare group specialising in treatments for serious chronic diseases, including diabetes, employs about 68,800 people and sells its products in roughly 170 countries. Its B shares trade on Nasdaq Copenhagen and i...
Novo Nordisk Updates Articles of Association and Capital Increase Mandate
Mar 27, 2026
On March 27, 2026, Novo Nordisk A/S filed an updated set of Articles of Association outlining its corporate governance framework, share structure and shareholder rights. The document confirms a fully paid-up share capital of DKK 446.5 million spli...
Novo Nordisk Wins FDA Nod for First Once‑Weekly Basal Insulin Awiqli in U.S.
Mar 27, 2026
On 27 March 2026, Novo Nordisk announced that the U.S. Food and Drug Administration approved Awiqli, the first once-weekly, long-acting basal insulin for adults with type 2 diabetes, offering an alternative to daily basal injections. The drug, del...
Novo Nordisk AGM Backs 2025 Dividend, Expands Capital Mandates and Refreshes Board
Mar 26, 2026
Novo Nordisk held its Annual General Meeting in Bagsværd, Denmark, on 26 March 2026, approving the 2025 statutory annual report, profit distribution and a total 2025 dividend of DKK 11.70 per A and B share, including a final DKK 7.95 to be pa...
Novo Nordisk Advances DKK 15 Billion Share Buyback, Holds 0.6% in Treasury Shares
Mar 23, 2026
Novo Nordisk has been executing a significant share repurchase programme as part of its capital allocation strategy, targeting up to DKK 15 billion of B-share buybacks over a 12‑month period that began on 4 February 2026. The plan is conduct...
Novo Nordisk Wins U.S. Approval for High‑Dose Wegovy to Deepen Obesity Franchise
Mar 20, 2026
Novo Nordisk has secured U.S. FDA approval for Wegovy HD, a once-weekly 7.2 mg semaglutide injection for long-term weight management, marking the first GLP-1 cleared under the Commissioner’s National Priority Voucher pilot programme as annou...
Novo Nordisk Ramps Up 2026 Share Buy‑Back, Holding 0.5% of Capital as Treasury Stock
Mar 17, 2026
Novo Nordisk has been executing a sizeable share repurchase initiative as part of its capital allocation strategy, targeting buy‑backs of up to DKK 15 billion over the 12‑month period that began on 4 February 2026. Within this broader ...
Novo Nordisk Details Progress of DKK 15 Billion Share Buyback Programme
Mar 9, 2026
On 4 February 2026, Novo Nordisk launched a DKK 15 billion, 12‑month share repurchase programme, with a sub‑programme to buy back up to DKK 3.8 billion of B shares between 4 February and 4 May 2026. As of 6 March 2026, the company had ...
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.
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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.