| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 74 | 10.8x | 17.8x | Top tier | |
Growth | 33 | 5.6% | 7.1% | Bottom tier | |
Quality | 89 | 34.0% | 4.5% | Top tier | |
Safety | 80 | 0.6x | 2.6x | Top tier | |
Capital Return | 64 | 4.12% | 2.12% | Around median | |
Momentum | 45 | -12.1% | 2.9% | Around median | |
Sentiment | 66 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Novo Nordisk A/S is a pharmaceutical company focused on obesity and diabetes treatments, generating its core revenue from its GLP-1 portfolio, which includes Wegovy and Ozempic, alongside treatments for blood disorders and rare conditions and a broader clinical pipeline. In Q1 FY2026, the company was serving more than 45 million people living with obesity or diabetes, including more than 4 million users of obesity treatments, an increase of more than 50% in one year. FY2025 revenue was approximately $309.1 billion, gross profit was $250.3 billion, net income was $102.4 billion, and earnings per share were 23.03, compared with revenue of $290.4 billion and net income of $101.0 billion in FY2024.
In Q2 FY2026, revenue was $12.13 billion and earnings per share were $0.96, while adjusted sales grew 7%, supported by obesity and diabetes treatments. The data showed a gross margin of 81.8% and an operating margin of 45.3%, but Wegovy sales fell short of market expectations, overshadowing the increase in FY2026 sales and operating profit guidance. This divergence shows that Novo Nordisk's results remain closely tied to the performance of the Wegovy franchise and the quality of growth, rather than merely exceeding quarterly earnings expectations.
Q1 FY2026 details reveal a clear divergence across markets and products: adjusted sales declined 4%, US operations fell 11%, and diabetes GLP-1 sales dropped 11%, while international operations grew 6% and obesity care sales increased 22%. Obesity care sales in international operations rose 44% to DKK 9.2 billion and grew 9% in the United States. Reported group sales reached DKK 96.8 billion, but this figure included exceptional effects, including the reversal of a $4.2 billion provision related to the 340B drug pricing program.
The average analyst price target is $47, identical to both the highest and lowest targets, with the consensus rating classified as Buy; however, the complete uniformity of the targets means the available estimate range offers little diversity of opinion. The $47 target falls within the 52-week range of $35.12 to $64.16 and is approximately 27% below the high of that range, consistent with the stock's revaluation following slower adjusted sales, pricing and margin pressures, disappointing Wegovy sales, and the failure of the ziltivekimab trial. Conversely, high profitability and the adoption of Wegovy pill and Wegovy High-Dose support the positive view, but the absence of a forward earnings multiple in the provided data prevents a reliable earnings-based comparison.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Volume growth is being led by the GLP-1 franchise, particularly Wegovy pill and Wegovy High-Dose, despite adjusted sales declining 4% in Q1 FY2026. Wegovy pill surpassed 1 million users and 2 million prescriptions during its first 16 weeks, while weekly prescriptions reached 207 thousand in the week ended April 17, 2026. Obesity care sales also grew 22%, including 44% in international operations and 9% in the United States, before the group's adjusted sales recorded growth of 7% in Q2 FY2026.
Wegovy pill generated approximately 1.3 million prescriptions in Q1 FY2026 and surpassed 2 million prescriptions and more than 1 million users since launch. Approximately 80% of users were new to the GLP-1 class, with some patients switching from competing products and limited switching from injectable Wegovy. Pill sales reached approximately DKK 2.3 billion in the quarter, but nearly $150 million of that was related to distribution channel inventory stocking, so not all revenue represents final patient demand.
Wegovy sales fell short of market expectations, causing the stock to decline more than 6% after the results were announced on August 4, 2026 despite the higher annual guidance. Analysts cited in August 5, 2026 news reports indicated that the strength of the results benefited from rebate adjustments and temporary factors, rather than organic sales growth alone. This response highlights the sensitivity of Novo Nordisk's valuation to Wegovy's performance, even with quarterly revenue of $12.13 billion and earnings per share of $0.96.
Automated analysis for informational purposes only — not investment advice.
US operations declined 11% in Q1 FY2026, and the diabetes GLP-1 business fell 11%, while Ozempic price erosion in the United States ranged between 10% and 15%. In China, the addition of a competing product to the reimbursement list led to price reductions, while two generic products are approved in Canada, where rules require a 65% reduction from the list price after the entry of three generic products. FY2026 guidance also assumes stronger competition, lower realized prices, and a negative impact from reduced Medicaid coverage of obesity drugs.
CagriSema achieved an HbA1c reduction of up to 1.8 percentage points and weight loss of up to 13.8% after 40 weeks in the REIMAGINE 1 study. UBT251 recorded weight loss of 19.7% after 24 weeks in a Phase 2 obesity study, alongside a maximum HbA1c reduction of 2.16 percentage points in a diabetes study. Etavopivat reduced vaso-occlusive crises by 27% in HIBISCUS and achieved a hemoglobin response in 48.7% of patients, compared with 7.2% with placebo.
The company expects adjusted sales to decline between 4% and 12% at constant exchange rates and expects the same range for adjusted operating profit. Raising the range by one percentage point reflects greater confidence in Wegovy pill prescriptions and the approval of Wegovy High-Dose, but it does not change the fact that the guidance still indicates an annual contraction. The assumptions include lower realized prices, intensifying competition, the expiration of the semaglutide patent in some markets, and the reinvestment of targeted savings of DKK 8 billion in growth opportunities.
