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DKK 255.25
Market Capi
DKK 1.1T
Growth-adj P/E (3-yr hist)i
0.6x
Growth-adj P/E (3-yr proj)i
114x
P/S 26Ei
3.8x
P/S 28Ei
3.5x
EV/EBIT 26Ei
10x
EV/EBIT 28Ei
9.3x
P/E 26Ei
11x
P/E 28Ei
11x
P/S 26Ei
3.8x
EV/EBIT 26Ei
10x
P/E 26Ei
11x
P/S 28Ei
3.5x
EV/EBIT 28Ei
9.3x
P/E 28Ei
11x
Revenue
2026E
DKK 299B
Gross Margini
83%
Hist. CAGRi
20%
Proj. CAGRi
1.4%
EBIT
2026E
DKK 123B
Op. Margini
46%
Hist. CAGRi
23%
Proj. CAGRi
-2.3%
Net profit
2026E
DKK 98B
Net Margini
33%
Hist. CAGRi
22%
Proj. CAGRi
0.1%
Business Model
Recent Developments
Average Targeti
DKK 307.56+24%
Consensusi
Hold
24 analysts covering
Net debti
DKK 121B
Div. Yieldi
4.6%
Dilutioni
0.0%
Market Capi
DKK 1.1T
P/E 26Ei
11x
Adj. P/E (fwd.)i
114x
Revenue 26E
DKK 299B
Proj. CAGRi
1.4%
Gross Margini
83%
EBIT 26E
DKK 123B
Proj. CAGRi
-2.3%
Op. Margini
46%
Net Profit 26E
DKK 98B
Proj. CAGRi
0.1%
Net Margini
33%
Average Targeti
DKK 307.56+24%
Consensusi
Hold
24 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.
Martin Holst Lange
Lange has served as Executive Vice President for Research & Development and Chief Scientific Officer since August 2025, consolidating scientific leadership under a single role as Novo's R&D organization advances next-generation GLP-1/amylin combinations, oral therapies, and rare disease programs. His appointment came as the company sharpened its R&D focus ahead of CagriSema's 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. He was re-elected Chairman at the March 2026 Annual General Meeting, and his tenure 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
Q2 2026 adjusted sales rose 7% at constant exchange rates to DKK 78.5 billion, with adjusted operating profit up 11% CER to DKK 33.4 billion, reported 4 August 2026. Reported operating profit fell year-on-year on a DKK 6.3 billion non-cash impairment on pipeline intangibles and the absence of a prior-year U.S. rebate reversal.
Obesity Care sales growth slowed to 4% CER as realized prices softened, even as overall GLP-1 volumes kept growing.
Management raised full-year 2026 guidance for the second time this year, moving adjusted sales growth to 0% to -6% CER from -4% to -12%, citing stronger GLP-1 demand.
Recent developments
Oral Wegovy has captured roughly 90% of the U.S. oral obesity-medication market, passing 5 million cumulative prescriptions globally since its January 2026 launch.
On 10 August 2026, the company announced a strategic partnership with Amazon Web Services to accelerate AI-driven drug discovery.
On 7 September 2026, Phase 3 STEP Young data showed 40.4% of adolescents with obesity reached a BMI below the obesity threshold on semaglutide plus lifestyle intervention.
Novo Nordisk holds its Capital Markets Day on 21 September 2026, where Executive Management is expected to detail pipeline and strategy priorities.
Debate & sentiment
Bulls cite the GLP-1 franchise's durability and this year's guidance raises as signs the growth deceleration is stabilizing, with oral Wegovy adding a new leg of demand.
Bears note Eli Lilly keeps gaining obesity-market share with tirzepatide and is readying its own oral rival, while CagriSema underperformed tirzepatide on glycemic control in a head-to-head trial, clouding the next-generation pipeline.
Sentiment stays cautious, reflected in a Hold-leaning analyst consensus, though some see the sharp valuation de-rating as already pricing in most competitive risk.
Consensusi
Hold
Average targeti
DKK 307.56+24%
Highest targeti
DKK 452.00+82%
Lowest targeti
DKK 203.00-18%
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