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DKK 329.90
Market Capi
DKK 1.5T
Growth-adj P/E (3-yr hist)i
0.6x
Growth-adj P/E (3-yr proj)i
n/a
P/S 26Ei
5.0x
P/S 28Ei
4.6x
EV/EBIT 26Ei
13x
EV/EBIT 28Ei
12x
P/E 26Ei
14x
P/E 28Ei
14x
P/S 26Ei
5.0x
EV/EBIT 26Ei
13x
P/E 26Ei
14x
P/S 28Ei
4.6x
EV/EBIT 28Ei
12x
P/E 28Ei
14x
Revenue
2026E
DKK 292B
Gross Margini
83%
Hist. CAGRi
20%
Proj. CAGRi
1.2%
EBIT
2026E
DKK 122B
Op. Margini
46%
Hist. CAGRi
23%
Proj. CAGRi
-2.8%
Net profit
2026E
DKK 99B
Net Margini
33%
Hist. CAGRi
22%
Proj. CAGRi
-0.1%
Business Model
Recent Developments
Average Targeti
DKK 315.66-5%
Consensusi
Outperform
25 analysts covering
Net debti
DKK 127B
Div. Yieldi
3.4%
Dilutioni
0.0%
Market Capi
DKK 1.5T
P/E 26Ei
14x
Adj. P/E (fwd.)i
—
Revenue 26E
DKK 292B
Proj. CAGRi
1.2%
Gross Margini
83%
EBIT 26E
DKK 122B
Proj. CAGRi
-2.8%
Op. Margini
46%
Net Profit 26E
DKK 99B
Proj. CAGRi
-0.1%
Net Margini
33%
Average Targeti
DKK 315.66-5%
Consensusi
Outperform
25 analysts covering
Profile
Novo Nordisk is a Danish pharmaceutical company focused on cardiometabolic disease and rare disorders. Its revenue breaks into two segments:
Industry
Novo Nordisk sells almost exclusively through institutional channels — pharmacies, hospitals, and pharmacy benefit managers — with end patients on prescription therapy. The U.S. generates more than half of total revenue and is the most strategically critical market; Europe and Canada contribute roughly a fifth. China and Asia-Pacific together add around 13%. The pharmaceutical sector is IP-driven with high barriers to entry: branded GLP-1 drugs command significant pricing power, but face formulary negotiation pressure and policy risk (340B pricing, IRA drug pricing reform). Competitive intensity in obesity and diabetes has risen sharply with Eli Lilly's growing GLP-1 portfolio.
Key metrics
Economic moat
Novo Nordisk's moat is built on decades of proprietary GLP-1 and insulin IP, manufacturing scale, and deep regulatory expertise. The company pioneered the GLP-1 class and holds manufacturing capacity that is extremely difficult to replicate quickly — a bottleneck that has constrained even well-funded competitors. Brand loyalty in chronic disease management is high; once a patient is stable on a GLP-1 regimen, switching is infrequent. The Novo Nordisk Foundation's ~75% voting control through a dual-share structure insulates management from short-term shareholder pressure, enabling long-duration R&D investments that have produced multiple blockbuster franchises.
Maziar Mike Doustdar
Doustdar became CEO in August 2025, replacing Lars Fruergaard Jørgensen amid investor pressure following a period of share price decline and market share concerns. He had previously served as EVP of International Operations at Novo Nordisk, giving him deep institutional familiarity with the company's commercial operations globally. His early public communications have emphasized the oral Wegovy launch execution and pricing strategy as proof points of operational discipline.
Karsten Munk Knudsen
Knudsen has served as CFO since February 2018, providing continuity through Novo's peak growth phase and the subsequent adjustment period. He has been central to the company's capital allocation decisions, including its aggressive manufacturing capacity expansion investments to address GLP-1 supply constraints. His long tenure gives him significant institutional knowledge across multiple product cycles.
Filip Krag Knop & Martin Lange
Novo restructured its R&D leadership in late 2025, appointing both Filip Krag Knop (since November 2025) and Martin Lange (since August 2025) to senior scientific roles alongside Thilde Hummel Bogebjerg (since April 2025). The parallel structure reflects the breadth of the pipeline — spanning next-generation GLP-1/amylin combinations, oral therapies, and rare disease — and a strategic intent to deepen scientific leadership depth as CagriSema approaches its FDA decision.
Lars Rebien Sørensen
Sørensen returned as Chairman in November 2025, a significant signal given that he previously served as CEO from 2000 to 2016 and presided over the original semaglutide development era. His return is widely interpreted as a stabilizing move to restore investor confidence during a period of leadership transition and competitive pressure.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of DKK.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of DKK.
Margins
Rentability
Balance sheet
Values in billions of DKK.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Novo Nordisk reported Q1 2026 results on May 6, 2026, with the standout being the oral Wegovy pill's debut quarter: the tablet generated DKK 2.26 billion in revenue, roughly double analyst expectations, on approximately 1.3 million U.S. prescriptions — the strongest-ever GLP-1 volume launch in the U.S. market.
Injectable Wegovy sales rose 22% in obesity care on an adjusted constant-currency basis, while Ozempic declined modestly year-on-year but beat consensus estimates. The underlying operating profit performance was solid, supporting management's confidence in the full-year outlook.
Management narrowed the lower end of full-year guidance, now targeting adjusted sales and operating profit growth of 4–12% in constant-currency terms, versus the prior range of minus 5% to minus 13%. The tightening upward reflects accelerating GLP-1 prescription volumes.
Recent developments
On June 3, 2026, Novo Nordisk launched the Wegovy pill in the UAE, continuing its push to expand oral obesity therapy access globally.
At the American Diabetes Association Scientific Sessions (opening June 5, 2026), Novo is presenting new data on CagriSema and zenagamtide, coinciding with a scheduled investor R&D event on June 7 — a carefully timed moment ahead of the FDA's anticipated Q4 2026 decision on CagriSema's NDA, which was submitted in December 2025.
The EMA's CHMP recommended approval of both a Wegovy 7.2 mg single-dose injector and an oral Wegovy 25 mg tablet for weight loss — the first oral GLP-1 cleared by a European regulatory body — with EU launch expected in Q3 2026. The Phase 3 AMAZE-12 trial for Amycretin, a dual GLP-1/amylin receptor agonist, began recruiting on May 18, 2026.
Debate & sentiment
Bulls point to the oral Wegovy pill's early traction as transformative: an affordable, convenient pill format could dramatically expand the addressable market beyond injectable users, and Novo retains approximately 65% of new U.S. obesity prescriptions despite mounting competition.
Bears focus on intensifying pressure from Eli Lilly, whose Mounjaro and Zepbound injectable GLP-1 drugs posted triple-digit and high-double-digit sales growth respectively, threatening Novo's market share trajectory. Ozempic's year-on-year decline and U.S. pricing headwinds from the 340B Drug Pricing Program add further near-term margin concern.
The CagriSema FDA decision (expected Q4 2026) is a binary catalyst the market is closely watching: approval would reinforce Novo's next-generation obesity pipeline and potentially reset the growth narrative; a setback would raise questions about the company's ability to stay ahead of Lilly's pipeline and sustain current valuation multiples.
Consensusi
Outperform
Average targeti
DKK 315.66-5%
Highest targeti
DKK 454.00+37%
Lowest targeti
DKK 200.00-40%
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