Novo Nordisk A/S
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The substance is beyond dispute: a 37.2 percent equity ratio, Aa3/AA credit ratings, interest coverage of about 30 times and DKK 55.3 billion of free cash flow in the first half of 2026 — there is no solvency risk in the sense of our traffic light. What remains open is one material operating question, and a big one: whether volumes can absorb the price erosion is unproven. The company forecasts 0 percent to minus 6 percent on an adjusted basis for 2026, the diabetes core business is shrinking, the gross margin gives ground quarter after quarter, and the largest diversification attempt failed on July 31, 2026. Hence yellow — not because of the share price, but because of that open question. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Novo Nordisk is a financially first-class global leader whose volumes keep growing while its realized prices fall. The headline first-half 2026 revenue jump rests mostly on a provision reversal with no cash behind it; adjusted growth was 2 percent, and the company itself expects a range of 0 percent to minus 6 percent for 2026. Add a failed diversification bet (ZEUS, July 31, 2026) and an announced halving of the US list price effective January 1, 2027. Anyone who invests here is betting that volume outruns price. Not investment advice.
Market position and demand
Novo Nordisk is one of two companies that define the global GLP-1 market. The number of people treated with its obesity products rose 69 percent within twelve months to 4.9 million as of June 30, 2026; outside the United States the obesity business grew 40 percent at constant exchange rates in the first half of 2026, and 57 percent in Europe and Canada. The Wegovy pill has passed five million prescriptions since its US launch on January 5, 2026.
Balance sheet and financial strength
As of June 30, 2026 the equity ratio stood at 37.2 percent (DKK 221.3 billion of DKK 594.9 billion), and free cash flow in the first half reached DKK 55.3 billion against DKK 38.4 billion a year earlier. Credit ratings are Aa3 (Moody's) and AA (S&P), interest coverage runs at about 30 times (data as of August 13, 2026). No solvency risk is visible.
Earnings quality and transparency
Reported first-half 2026 revenue rose 18 percent at constant exchange rates; adjusted, it rose 2 percent. The DKK 26.8 billion difference is a provision reversal tied to the US 340B program with no cash impact. On the positive side, Novo Nordisk publishes both series side by side and names the effect itself. On the negative side, anyone reading only the IFRS numbers will see a 2026 growth picture that the company's own guidance contradicts.
Price trajectory
US sales of the Wegovy injectable fell 22 percent at constant exchange rates in the second quarter of 2026 and 17 percent across the half year — on rising volumes, purely because of lower realized prices. The adjusted gross margin fell to 78.2 percent in the quarter from 82.7 percent. Effective January 1, 2027 the group cuts the US list price of Wegovy and Ozempic to $675 (roughly minus 50 percent and minus 35 percent), with an expected drag on 2027 cash flow.
Pipeline and concentration
The overwhelming share of revenue depends on the semaglutide molecule. The phase 3 ZEUS trial with ziltivekimab missed its primary endpoint on July 31, 2026 (hazard ratio 0.99; confidence interval 0.88 to 1.11); the second quarter of 2026 brought DKK 6.3 billion of non-cash impairments on pipeline assets, DKK 4.0 billion of it on monlunabant. In parallel, semaglutide patent protection is lapsing in certain markets; Cipla has filed a US generic application and Sandoz sued on June 30, 2026 to revoke an EU patent.
Ownership and shareholder voice
Novo Holdings A/S, the investment arm of the Novo Nordisk Foundation, holds every A share according to the annual report for 2025 and therefore 76.02 percent of the votes on roughly a quarter of the capital; the A shares cannot be sold for as long as the foundation exists. On the NYSE the group qualifies as a controlled company and is exempt from three governance rules. The structure has shielded Novo Nordisk from short-term pressure for decades — but minority shareholders have effectively no say, as the extraordinary general meeting of November 14, 2025 demonstrated.
Worth Noting
Hook: on August 13, 2026 Novo Nordisk ranked among the most-discussed names on the hot list of a large German retail-investor forum — an attention signal, not a quality signal.
Data basis: SEC annual report on Form 20-F for 2025 (04.02.2026) and interim reports on Form 6-K filed 03.02.2026, 06.05.2026, 31.07.2026 and 04.08.2026; every 6-K through 10.08.2026 reviewed. Market data as of August 13, 2026.
Not to be confused: Novo Nordisk A/S (NYSE: NVO) is not the same entity as Novo Holdings A/S, its controlling shareholder, nor as Novonesis A/S, the enzyme group also controlled by the foundation.
Currency note: Novo Nordisk reports under IFRS in Danish kroner while the ADR trades in US dollars. The conversion anchor is the first-half 2026 average rate of about DKK 6.40 to the dollar. The Altman Z-score and net current asset value per share are deliberately not reported.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at NVO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 35.30 $ to 64.00 $ · Last price: 38.80 $ (As of: September 25, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/25/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Drug Manufacturers - General
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Novo Nordisk A/S NVO | 168.8 | 9.5 | 8.8 | 82.0 | 42.5 | 6.4 | -31.0 |
| Eli Lilly and Company LLY | 1,055.4 | 45.6 | 26.1 | 83.4 | 49.4 | 44.7 | 66.7 |
| Johnson & Johnson JNJ | 631.6 | 33.2 | 19.9 | 68.1 | 27.4 | 6.1 | 56.1 |
| AbbVie Inc ABBV | 460.9 | 137.9 | 27.4 | 72.8 | 32.2 | 8.6 | 24.7 |
| Merck & Company Inc MRK | 354.9 | 44.0 | 29.1 | 75.9 | 38.6 | 1.2 | 97.4 |
| Amgen Inc AMGN | 222.3 | 29.5 | 15.0 | 71.9 | 33.8 | 9.9 | 57.1 |
| Gilead Sciences Inc GILD | 187.1 | 21.1 | 117.8 | 79.6 | 39.3 | 2.4 | 39.4 |
| Pfizer Inc PFE | 168.9 | 23.1 | 15.6 | 74.7 | 31.6 | -1.7 | 30.0 |
| Bristol-Myers Squibb Company BMY | 129.9 | 18.0 | 9.4 | 71.7 | 33.0 | -0.2 | 51.8 |
| Median of companies shown | 222.3 | 29.5 | 19.9 | 74.7 | 33.8 | 6.1 | 51.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year krM
Revenue Operating income Net income
| Fiscal Year | Revenue (krM) | EBIT (krM) | Net Income (krM) | EPS (kr) | Operating Cash Flow (krM) | Equity (krM) | Total Assets (krM) |
|---|---|---|---|---|---|---|---|
| 2016 | 111,780 | 48,432 | 37,925 | 7.48 | 48,314 | 45,269 | 97,539 |
| 2017 | 111,696 | 48,967 | 38,130 | 7.69 | 41,168 | 49,815 | 102,355 |
| 2018 | 111,831 | 47,248 | 38,628 | 7.97 | 44,616 | 51,839 | 110,769 |
| 2019 | 122,021 | 52,483 | 38,951 | 8.19 | 46,782 | 8,651 | 18,869 |
| 2020 | 126,946 | 54,126 | 42,138 | 9.00 | 51,951 | 10,409 | 23,822 |
| 2021 | 140,800 | 58,644 | 47,757 | 10.37 | 55,000 | 70,746 | 194,508 |
| 2022 | 176,954 | 74,809 | 55,525 | 12.22 | 78,887 | 83,486 | 241,257 |
| 2023 | 232,261 | 102,574 | 83,683 | 18.62 | 108,908 | 106,561 | 314,486 |
| 2024 | 290,403 | 128,339 | 100,988 | 22.63 | 120,968 | 143,486 | 465,795 |
| 2025 | 309,064 | 127,658 | 102,434 | 23.03 | 119,102 | 194,047 | 542,902 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (krM) | Sales YoY (%) | Net Margin (%) | OCF (krM) | FCF (krM) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 6.12 | 738.40 | 71,311 | 21.40 | 38.30 | 43,850 | 31,346 |
| 2024: Q4 | 6.34 | 793.00 | 85,683 | 30.10 | 32.90 | 12,301 | -4,257 |
| 2025: Q1 | 6.53 | 686.70 | 78,087 | 19.50 | 37.20 | 24,591 | 10,005 |
| 2025: Q2 | 5.96 | 803.00 | 76,857 | 12.90 | 34.50 | 40,785 | 24,510 |
| 2025: Q3 | 1.02 | -83.30 | 74,976 | 5.10 | 26.70 | 46,107 | 30,692 |
| 2025: Q4 | 6.04 | -4.70 | 79,144 | -7.60 | 34.00 | 7,619 | -36,218 |
| 2026: Q1 | 6.63 | 1.50 | 96,823 | 24.00 | 50.20 | 24,084 | 12,045 |
| 2026: Q2 | 0.96 | -83.90 | 78,488 | 2.10 | 26.70 | 55,199 | 42,398 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (kr) | EPS Range (kr) | Revenue Estimate (krM) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 23.23 | 22.25 – 24.53 | 299,843 | 0.9% | 6 |
| 12/31/2027 | 21.91 | 16.88 – 23.74 | 304,107 | -5.7% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
In sämtlichen SEC-Berichten von Novo Nordisk — Jahresbericht 20-F für 2025 und allen Zwischenmitteilungen 6-K bis 10.08.2026 — kommt kein einziger Beleg für Künstliche Intelligenz vor: weder „artificial intelligence“ noch „machine learning“ noch ein Algorithmus- oder Datenanalyse-Bezug als Geschäfts-, Produkt- oder Kostenfaktor; das Geschäft beruht ausschließlich auf Wirkstoffforschung, Zulassung und Vertrieb von Peptid- und Proteinpräparaten.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 20-F 2026-02-04 · 6-K 2026-08-04 · 6-K 2026-08-04 · 6-K 2026-07-31 · 6-K 2026-05-06 · 6-K 2026-02-03
Rated on August 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 20.4%
- More than 10% revenue growth is expected for the coming year -76.4%
- Share count grows by less than 3% a year -0.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 15.8%
- Gross margin at 40% or higher and without meaningful erosion 81.0%
- Goodwill from acquisitions does not grow faster than revenue 3.7%
- Net debt below twice EBITDA 0.7 x EBITDA
- Operating cash flow covers the profits of the last three years 61,873 m
- Return on capital at 15% or higher, or up versus two years ago 39.0%
- Insiders hold at least 10% or are net buyers 0.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 12.0%
- Exp. sales growth 3Y > 5% -0.8%
- EBIT growth 10Y > 5% 11.4%
- Exp. EBIT growth 3Y > 5% -2.5%
- Net debt < 4x EBIT 0.8x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 3.5%
- Return on equity > 15% 160.1%
- ROCE > 15% 39.0%
- Expected return > 10% 0.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides NovoPen 6 and NovoPen Echo Plus, smart insulin pens; Dose Check, an insulin dose guidance application; growth hormone pens and injection needles; and Wegovy pill an oral glucagon-like peptide-1 (GLP-1) receptor agonist therapy for weight management. It operates in Europe, Canada, the United States, Japan, Korea, Oceania, Southeast Asia, Mainland China, Hong Kong and Taiwan, Latin America, the Middle East, and Africa. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.
- Employees
- 66,700
- Headquarters
- Bagsvaerd, Denmark
- Address
- Novo Alle 1, 2880 Bagsvaerd, Denmark
- Phone
- 45 44 44 88 88
- Website
- novonordisk.com
- IPO Date
- 01/04/1982
- ISIN
- US6701002056
- Stock Split
- 2:1 on 09/20/2023
- Stock Split
- 5:1 on 01/09/2014
- Stock Split
- 2:1 on 12/17/2007
Management
| Name | Title | Birth Year |
|---|---|---|
| Karsten Munk Knudsen | Executive VP, CFO & Member of the Management Board | 1971 |
| Maziar Mike Doustdar B.A. | President, CEO & Member of the Management Board | 1970 |
| Martin Holst Lange | EVP of R&D, Chief Scientific Officer and Member of the Management Board | 1970 |
| Tania Sabroe | EVP of People, Organisation and Corporate Affairs & Member of Management Board | 1977 |
| Thilde Hummel Bogebjerg | Executive VP of Enterprise IT & Quality and Member of Management Board | 1982 |
| John F. Kuckelman | SVP, Group General Counsel, Global Legal, IP & Security and Member of Management Board | 1972 |
| Emil Kongshoej Larsen | EVP of International Operations & Member of Management Board | 1975 |
| Elin Jager | SVP, Chief of Staff to CEO, Corporate Strategy & Sustainability and Member of Management Board | 1986 |
| Jamey Millar | Executive VP of US Operations & Member of Management Board | 1968 |
| Hong Chow | Executive VP of Product & Portfolio Strategy and Member of Management Board | 1971 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.