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Novo Nordisk
(NYSE:NVO)
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Rating:77Outperform
Price Target:
$53.00
▲(8.92% Upside)
Action:Reiterated
Date:09/07/26
The score is primarily driven by strong financial performance, including standout growth and best-in-class profitability, partially offset by rising leverage and weaker free-cash-flow conversion. Valuation further supports the rating with a low P/E and an above-average dividend yield. Technical signals are neutral, with consolidation around key moving averages and muted momentum indicators.
Positive Factors
Exceptional growth and profitability
Novo Nordisk combines exceptional revenue growth with best-in-class profitability, demonstrating strong demand and substantial operating leverage. These economics can support continued investment in capacity, research and commercial expansion while preserving meaningful earnings power over the next several quarters.
Negative Factors
Rising leverage
Debt has increased substantially faster than the prior baseline, raising leverage and reducing financial flexibility. Although earnings power remains strong, continued borrowing at this pace could constrain capital allocation and make the business less resilient if product cycles or industry conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional growth and profitability
Novo Nordisk combines exceptional revenue growth with best-in-class profitability, demonstrating strong demand and substantial operating leverage. These economics can support continued investment in capacity, research and commercial expansion while preserving meaningful earnings power 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
$205.85B
Dividend Yield3.86%
Average Volume (3M)12.86M
Price to Earnings (P/E)11.4
Beta (1Y)1.12
Revenue Growth13.21%
EPS Growth12.68%
CountryUS
Employees68,794
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)26.23
Shares Outstanding3,390,128,000
10 Day Avg. Volume10,108,204
30 Day Avg. Volume12,858,453
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$45.00Price Target Upside-7.52% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)3.4
Revenue Forecast (FY)$46.15B
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 and related drug-delivery devices to healthcare systems and channel partners worldwide. Its core revenue model is volume-and-price driven sales of patented pharmaceutical...
Novo Nordisk Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 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 | 329.43B | 309.06B | 290.40B | 232.26B | 176.95B | 140.80B |
| Gross Profit | 265.68B | 250.28B | 245.88B | 196.50B | 148.51B | 117.14B |
| EBITDA | 180.91B | 156.73B | 147.94B | 114.63B | 76.80B | 65.39B |
| Net Income | 116.44B | 102.43B | 100.99B | 83.68B | 55.52B | 47.76B |
Balance Sheet | ||||||
| Total Assets | 594.94B | 542.90B | 465.80B | 314.49B | 241.26B | 194.51B |
| Cash, Cash Equivalents and Short-Term Investments | 44.98B | 26.96B | 26.31B | 30.23B | 23.57B | 17.48B |
| Total Debt | 140.13B | 130.96B | 102.79B | 27.01B | 25.78B | 26.64B |
| Total Liabilities | 373.66B | 348.86B | 322.31B | 207.93B | 157.77B | 123.76B |
| Stockholders Equity | 221.28B | 194.05B | 143.49B | 106.56B | 83.49B | 70.75B |
Cash Flow | ||||||
| Free Cash Flow | 48.92B | 28.99B | 69.66B | 70.01B | 64.13B | 47.62B |
| Operating Cash Flow | 133.01B | 119.10B | 120.97B | 108.91B | 78.89B | 55.00B |
| Investing Cash Flow | -82.71B | -79.16B | -128.90B | -43.89B | -24.92B | -31.61B |
| Financing Cash Flow | -24.19B | -28.41B | 8.73B | -63.16B | -51.80B | -25.49B |
Novo Nordisk Technical Analysis
Positive
48.66
Price Trends
47.59
Negative
45.42
Positive
45.45
Positive
Market Momentum
-0.16
Negative
49.77
Neutral
54.18
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 48.66 is above the 20-day moving average (MA) of 46.39, above the 50-day MA of 47.59, and above the 200-day MA of 45.45, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 49.77 is Neutral, neither overbought nor oversold. The STOCH value of 54.18 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 | $205.85B | 11.40 | 59.09% | 3.86% | 13.21% | 12.68% | |
76 Outperform | $1.08T | 38.47 | 92.58% | 0.58% | 49.58% | 95.08% | |
76 Outperform | $106.23B | 23.32 | 5.52% | 5.47% | 23.68% | -30.90% | |
75 Outperform | $236.38B | 26.96 | 89.32% | 2.27% | 9.89% | 31.69% | |
68 Neutral | $292.70B | 24.28 | 29.64% | 2.96% | 2.33% | -4.08% | |
62 Neutral | $370.89B | 119.32 | 6.60% | 2.24% | 4.51% | -80.62% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
NVO
Novo Nordisk
46.60
-5.89
-11.23%
AMGN
Amgen
437.23
164.60
60.38%
LLY
Eli Lilly & Co
1,149.36
415.35
56.59%
MRK
Merck & Company
150.33
68.96
84.75%
NVS
Novartis
159.99
33.75
26.74%
SNY
Sanofi
44.24
-0.77
-1.70%
Novo Nordisk Corporate Events
Novo Nordisk Advances DKK 15 Billion Share Buyback Programme Through Late August 2026
Aug 31, 2026
Novo Nordisk, a Danish healthcare company specialising in treatments for serious chronic diseases such as diabetes, operates globally with a workforce of about 68,800 and a commercial footprint in around 170 countries. Its B shares trade on Nasdaq...
Novo Nordisk Details Progress in DKK 15 Billion Share Buyback Programme
Aug 24, 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 a 12‑month period starting 4 February 2026. Under this specific program...
Novo Nordisk Expands Treasury Stock as 2026 Share Buyback Passes DKK 8 Billion
Aug 18, 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 the 12 months starting 4 February 2026. Under the specific programme running ...
Novo Nordisk Expands Treasury Position as 2026 Share Buyback Nears DKK 8 Billion
Aug 10, 2026
Novo Nordisk reported on August 10, 2026 the latest progress in its ongoing share repurchase programme, part of a broader plan to buy back up to DKK 15 billion of B shares over the 12‑month period starting February 4, 2026. Under the subR...
Novo Nordisk reports vesting of 100th Anniversary restricted shares to board and EVP
Aug 10, 2026
On 6 August 2026, Novo Nordisk disclosed a series of insider transactions involving board members and a senior executive, reported under EU market abuse rules. The filings show that several directors and Executive Vice President for International ...
Novo Nordisk Lifts 2026 Guidance as Wegovy Pill Drives Q2 Obesity Growth
Aug 4, 2026
In its financial report for the period 1 January to 30 June 2026, Novo Nordisk reported Q2 2026 adjusted operating profit of DKK 33,389 million, up 11% at constant exchange rates, with adjusted sales rising 7% on strong GLP-1 volume growth. Report...
Novo Nordisk Lifts 2026 Outlook After Strong Q2 Adjusted Results
Aug 4, 2026
Novo Nordisk reported its adjusted financial performance for the second quarter of 2026 on 4 August 2026, highlighting a 7% increase in adjusted sales and an 11% rise in adjusted operating profit at constant exchange rates. These figures exclude n...
Novo Nordisk Details Progress in DKK 15 Billion Share Buyback Programme
Aug 4, 2026
Novo Nordisk A/S reported progress on its previously announced share repurchase programme, part of a broader plan to buy back up to DKK 15 billion of B shares over 12 months beginning 4 February 2026. The initiative forms a significant element of ...
Novo Nordisk’s ZEUS Trial Finds No Cardiovascular Event Reduction With Ziltivekimab
Jul 31, 2026
Novo Nordisk said on July 31, 2026, that its ZEUS phase 3 cardiovascular outcomes trial in more than 6,300 patients with atherosclerotic cardiovascular disease, chronic kidney disease and inflammation failed to show a reduction in major adverse ca...
Novo Nordisk Boosts Treasury Stock as 2026 Share Buyback Passes DKK 7.1 Billion
Jul 27, 2026
On 6 May 2026, Novo Nordisk launched a B-share repurchase programme under EU safe harbour rules, forming part of a broader plan to buy back up to DKK 15 billion of shares over 12 months starting 4 February 2026. Under this specific programme, the ...
Novo Nordisk Ramps Up DKK 15 Billion Share Buyback Programme
Jul 21, 2026
On 6 May 2026, Novo Nordisk A/S launched a share repurchase programme under EU Safe Harbour rules, forming part of a broader plan to buy back up to DKK 15 billion of shares over 12 months starting 4 February 2026. Under this specific programme, th...
Novo Nordisk Ramps Up Share Buybacks Under DKK 15 Billion Programme
Jul 13, 2026
Novo Nordisk A/S reported progress on its ongoing share repurchase programme, part of a broader capital return plan of up to DKK 15 billion to be executed over the 12 months starting 4 February 2026. The programme, conducted under EU market-abuse ...
Novo Nordisk Updates DKK 15 Billion Share Buyback as Treasury Stake Reaches 0.9%
Jul 6, 2026
Novo Nordisk A/S, a leading global healthcare company headquartered in Denmark, specializes in treatments for serious chronic diseases, particularly diabetes, and markets its products in around 170 countries. The group employs about 67,900 people ...
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...
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.