Want to see NVO full AI Analyst Report?
Top Page
Novo Nordisk
(NYSE:NVO)
Select Model
Select Model
Rating:76Outperform
Price Target:
$42.00
▼(-13.69% Downside)
Action:Reiterated
Date:10/02/26
NVO scores well primarily due to standout financial performance (exceptional growth and margins) and attractive valuation (low P/E and strong dividend yield). The score is held back by weak technicals (price below key moving averages and negative MACD) and a mixed earnings outlook, as 2026 guidance remains flat-to-down amid pricing, competition, and loss-of-exclusivity headwinds.
Positive Factors
Exceptional growth and profitability
Novo combines rapid revenue expansion with unusually high profitability, indicating strong product economics and pricing power in chronic-care medicines. These margins can support substantial reinvestment in manufacturing, commercial expansion and research while providing resilience through normal business-cycle fluctuations.
Negative Factors
Challenging 2026 outlook
Management’s flat-to-declining 2026 outlook signals that near-term growth is being pressured by lower realized prices, competition, coverage reductions and semaglutide exclusivity losses. These forces could persist across the next several quarters and make recent exceptional growth harder to sustain.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional growth and profitability
Novo combines rapid revenue expansion with unusually high profitability, indicating strong product economics and pricing power in chronic-care medicines. These margins can support substantial reinvestment in manufacturing, commercial expansion and research while providing resilience through normal business-cycle fluctuations.
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
$172.55B
Dividend Yield4.59%
Average Volume (3M)13.29M
Price to Earnings (P/E)9.9
Beta (1Y)1.11
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. Volume9,412,420
30 Day Avg. Volume13,294,298
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 Cap1.32
Enterprise Value/Revenue0.69
Enterprise Value/Gross Profit0.86
Enterprise Value/Ebitda1.26
Forecast
1Y Price Target
$42.53Price Target Upside-12.59% Downside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)3.35
Revenue Forecast (FY)$45.60B
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:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call was broadly constructive, supported by strong GLP-1 volume growth, rapid Wegovy pill uptake in the U.S. and international markets, continued pipeline advancement, Q2 sales growth of 7%, operating profit growth of 11%, and transformation savings ahead of plan. However, the company faces material headwinds from lower realized prices, declining gross margin, U.S. competition and coverage pressure, semaglutide loss of exclusivity, declining international market share, and the unsuccessful ZEUS cardiovascular outcomes trial. Overall, the highlights significantly outweigh the lowlights, although management characterized 2026 as a challenging year.Positive Updates
Expanded Patient Reach
Novo Nordisk is serving more than 46 million people living with obesity and diabetes. The company is treating almost 70% more people living with obesity than a year ago, with nearly 5 million people using its obesity treatments.
Negative Updates
ZEUS Trial Failed to Reduce Cardiovascular Events
The ZEUS trial of ziltivekimab did not demonstrate a reduction in major adverse cardiovascular events, with a hazard ratio of 0.99, despite target engagement and expected reductions in free IL-6 and hsCRP.
Read all updates
Q2-2026 Updates
Positive
Negative
Expanded Patient Reach
Novo Nordisk is serving more than 46 million people living with obesity and diabetes. The company is treating almost 70% more people living with obesity than a year ago, with nearly 5 million people using its obesity treatments.
Read all positive updates
Company Guidance
For 2026, adjusted sales growth is now expected to be 0% to -6% at constant exchange rates, and adjusted operating profit is now expected to be 0% to -6% at constant exchange rates; the outlook includes continued volume penetration for GLP-1 treatments and market expansion in International Operations, negative impacts from the compound patent expiry of the semaglutide molecule in certain markets, intensifying competition and negative impact from reduced obesity medication coverage in Medicaid in U.S. Operations, and further lower realized prices linked to investments in market access, amplified by the most favored nations agreements with the U.S. administration. The company is ahead of plan to deliver the DKK 8 billion of savings from the company-wide transformation, and expects a U.S. decision for CagriSema in obesity at the end of 2026, with a potential launch in 2027; the phase II trial for the triple agonist is expected to read out in the second half of 2027, UBT251 is expected to read out by the end of 2027, and 2027 guidance will come in February next year.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
Neutral
48.66
Price Trends
41.77
Negative
44.29
Negative
43.99
Negative
Market Momentum
-0.60
Negative
46.36
Neutral
69.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NVO, the sentiment is Neutral. The current price of 48.66 is above the 20-day moving average (MA) of 38.42, above the 50-day MA of 41.77, and above the 200-day MA of 43.99, indicating a neutral trend. The MACD of -0.60 indicates Negative momentum. The RSI at 46.36 is Neutral, neither overbought nor oversold. The STOCH value of 69.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $172.55B | 9.93 | 59.09% | 4.59% | 13.21% | 12.68% | |
76 Outperform | $1.20T | 42.79 | 92.58% | 0.52% | 49.58% | 95.08% | |
71 Outperform | $99.94B | 22.81 | 5.52% | 5.79% | 23.68% | -30.90% | |
70 Outperform | $240.38B | 27.41 | 89.32% | 2.24% | 9.89% | 31.69% | |
70 Outperform | $281.94B | 23.38 | 29.64% | 3.08% | 2.33% | -4.08% | |
60 Neutral | $346.91B | 111.60 | 6.60% | 2.42% | 4.51% | -80.62% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
NVO
Novo Nordisk
38.67
-11.67
-23.18%
AMGN
Amgen
447.95
163.74
57.61%
LLY
Eli Lilly & Co
1,281.91
466.95
57.30%
MRK
Merck & Company
141.82
57.27
67.74%
NVS
Novartis
156.86
35.80
29.57%
SNY
Sanofi
41.89
-7.21
-14.69%
Novo Nordisk Corporate Events
Novo Nordisk Details Progress of DKK 15 Billion Share Buyback Programme
Sep 28, 2026
On 28 September 2026, Novo Nordisk reported progress on its ongoing share repurchase programme, part of a broader capital return plan of up to DKK 15 billion over the 12-month period that began on 4 February 2026. Initiated on 6 May 2026 under the...
Novo Nordisk Details Progress on DKK 15 Billion Share Buyback Programme
Sep 21, 2026
Novo Nordisk A/S, the Danish healthcare group specialising in treatments for serious chronic diseases with a heritage in diabetes, operates in about 170 countries and employs roughly 68,800 people. Its B shares trade on Nasdaq Copenhagen and its A...
Novo Nordisk Wins EMA Panel Backing for New Haemophilia A Therapy FREHEMGO
Sep 17, 2026
Novo Nordisk announced on 17 September 2026 that the European Medicines Agency’s Committee for Medicinal Products for Human Use has issued a positive opinion recommending EU marketing authorisation for FREHEMGO (denecimig) to treat haemophil...
Novo Nordisk Nears DKK 9.3 Billion in Share Buybacks Under 2026 Programme
Sep 15, 2026
Novo Nordisk has been executing a substantial share repurchase programme as part of its capital-allocation strategy, targeting up to DKK 15 billion in B-share buybacks over a 12‑month period that began on 4 February 2026. The programme, cond...
Novo Nordisk Advances DKK 15 Billion Share Buyback, Holding 1% of Capital in Treasury Stock
Sep 9, 2026
Novo Nordisk has continued executing its previously announced share repurchase programme, which forms part of a broader plan to buy back up to DKK 15 billion of B shares over the 12-month period beginning 4 February 2026. Between 31 August and 4 S...
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 ...
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.