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Danish pharmaceutical company and global leader in diabetes and obesity treatments, including GLP-1 drugs like Ozempic and Wegovy.
Danish pharmaceutical company and global leader in diabetes and obesity treatments, including GLP-1 drugs like Ozempic and Wegovy.
Earns mostly from injectable GLP-1 medicines for diabetes and obesity, sold through pharmacies and health systems, so the business now depends heavily on one drug family. The Novo Nordisk Foundation, through Novo Holdings, controls the votes. It is spending heavily on manufacturing, including three plants taken over from Catalent in 2024.
In one line: Denmark's Eli Lilly..
Moat: wide (IP / patents, scale, brand). Patent-protected GLP-1 franchise plus decades of diabetes-care manufacturing scale and physician trust.
Headquarters: Bagsvaerd, Denmark · Founded: 1923 · Employees: 68,794
Size Novo Nordisk A/S (NOVO-B.CO) is a Denmark Health Care company (Pharmaceuticals: Major) with a market value of $190B, the largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 269.45 on 6 Nov 2026.
Performance Over six months the shares fell 7.2%, against +21.8% for the median peer and +8.8% for the Denmark market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +6.0%); the operating margin is 48.3% (peer median 27.2%).
Valuation It trades at 11.9× forward earnings against a peer median of 18.3× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 31.3 points above its cost of capital (9.8% WACC).
Credit Novo Nordisk A/S has 18 bonds outstanding ($16.9B), rated AA by the agencies and trading like AA at a weighted spread of 68 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 334B | DKK 309B | DKK 290B | DKK 232B | DKK 177B |
| Revenue growth | — | +6% | +25% | +31% | — |
| Gross profit | DKK 274B | DKK 248B | DKK 243B | DKK 193B | DKK 146B |
| EBITDA | DKK 178B | DKK 150B | DKK 148B | DKK 111B | DKK 81.0B |
| Net income | DKK 113B | DKK 102B | DKK 101B | DKK 83.7B | DKK 55.5B |
| Free cash flow | DKK 70.4B | DKK 59.0B | DKK 73.8B | DKK 83.1B | DKK 66.7B |
| Capital expenditure | DKK 82.4B | DKK 90.1B | DKK 51.3B | DKK 38.9B | DKK 14.8B |
| Total debt | DKK 134B | DKK 131B | DKK 103B | DKK 27.0B | DKK 25.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Novo Nordisk A/S NOVO-B.CO | $190B | -7% | +6% | 48% | 11.9× | 0.1% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 18.3× | 14.5% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NOVO-B.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.8% | +9.6% | 8th lowest of 20 |
| 6-month return | -7.2% | +21.8% | 2nd lowest of 20 |
| Distance from 52-week high | -34.3% | -6.5% | 2nd lowest of 20 |
| Revenue growth (TTM) | +5.7% | +6.0% | 10th lowest of 20 |
| Operating margin | 48.3% | 27.2% | 2nd highest of 20 |
| Forward P/E | 11.9× | 18.3× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 0.1% | 3.0% | 7th least demanding of 20 |
| Growth delivered (Del g) | +19.5% | +6.0% | 2nd highest of 20 |
| Hurdle (Req g minus delivered) | -19.4 pp | -4.1 pp | least demanding of 20 |
| ROIC minus cost of capital | +31.3 pp | +10.7 pp | 2nd highest of 20 |
| EV / EBITDA | 7.6× | 14.5× | 2nd cheapest of 17 |
| Net debt / EBITDA | 0.5× | 1.5× | 4th least indebted of 17 |
| Bond spread | 68 bp | 65 bp | 5th widest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Novo Nordisk A/S NOVO-B.CO | Denmark | $190B | -7% | +6% | 48% | 11.9× | 0.1% | +19.5% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| AstraZeneca AZN.L | United Kingdom | $291B | +1% | +5% | 23% | 18.3× | 14.5% | +15.7% |
| Novartis NOVN.SW | Switzerland | $298B | +15% | -4% | 30% | 18.4× | 1.7% | -0.2% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Merck & MRK | United States | $362B | +33% | +5% | 18% | 17.4× | 4.1% | +9.3% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| Roche RO.SW | Switzerland | $385B | +22% | -1% | 31% | 19.6× | 0.9% | +1.1% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| AbbVie ABBV | United States | $515B | +45% | +11% | 36% | 18.4× | -0.1% | +6.0% |
| WuXi AppTec 603259.SS | China | $67.0B | +34% | +32% | 43% | 18.1× | 7.8% | +22.3% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Johnson & Johnson JNJ | United States | $665B | +26% | +8% | 26% | 24.5× | 3.5% | +2.7% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
Novo Nordisk A/S has 18 bonds outstanding with $16.9B face value. The agencies rate it AA; its bonds trade like AA. Weighted yield 3.79%, a spread of 68 bp over government bonds.