High-margin GLP-1 pharma (81% gross, 41% operating, 71% ROE). Liquidity is tight (0.80 current ratio). A ~12x P/E reflects guidance for a 2026 earnings decline.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: stockanalysis · Yahoo Finance (margins, debt, liquidity, P/B are TTM), as of 2026-07-08
A pharma company leading the diabetes and obesity drug market with the GLP-1 semaglutide franchise (Ozempic, Wegovy). It sustains top-tier industry profitability with an FY2025 gross margin of 81.0% and operating margin of 41.3%. Oral Wegovy won FDA approval in December 2025, and the Novo Nordisk Foundation holds about 77% of the voting rights. That said, its U.S. GLP-1 prescription share was about 40% at the end of 2025, behind Eli Lilly (~57-60%).
| Semaglutide franchise | Ozempic (diabetes), Wegovy (obesity), Rybelsus (oral). Oral Wegovy won FDA approval in December 2025 — the first oral GLP-1 obesity drug. |
| Top-tier profitability | FY2025 gross margin 81.0%, operating margin 41.3% (company annual report 2025). |
| Capacity expansion | The Catalent acquisition added sterile fill-finish capacity for injectables — addressing GLP-1 supply constraints. |
| Ownership structure | The Novo Nordisk Foundation (Novo Holdings) is a long-term controlling owner with about 28% of capital and 77% of voting rights. |
FY2025 revenue was about $46B (DKK 309.1B, +10% in local currency), for a 9-year revenue CAGR of +12.2%. Operating margin fell from 44.2% in FY2024 to 41.3% in FY2025, and gross margin from 84.7% to 81.0%. On May 6, 2026, the company guided FY2026 revenue and operating profit to -4 to -12% in local currency (CER), its first projected earnings decline. Reported Q1 2026 operating profit of +53.7% includes a one-off provision reversal of about $4.2B; on an adjusted basis it was roughly -6%.
| Year | Revenue (B$) | Op. Income (B$) | EPS ($) | P/E (x) | ROE (%) | Op. Margin (%) |
|---|---|---|---|---|---|---|
| 2016 | 16.6 | 7.2 | 1.12 | — | 82.2 | 43.3 |
| 2017 | 17.2 | 7.5 | 1.17 | — | 80.2 | 43.8 |
| 2018 | 17.6 | 7.4 | 1.25 | — | 76 | 42.3 |
| 2019 | 18.3 | 7.9 | 1.23 | — | 71.2 | 43 |
| 2020 | 19.7 | 8.4 | 1.38 | — | 68 | 42.6 |
| 2021 | 22 | 9.2 | 1.65 | 35.3 | 71.2 | 41.7 |
| 2022 | 25 | 10.6 | 1.73 | 38.5 | 72 | 42.3 |
| 2023 | 33.7 | 14.9 | 2.7 | 37.5 | 88.1 | 44.2 |
| 2024 | 42.1 | 18.6 | 3.28 | 27.2 | 80.8 | 44.2 |
| 2025 | 46.8 | 19.3 | 3.49 | 14.1 | 60.7 | 41.3 |
Quarterly operating income YoY growth:
9-Year CAGR: Revenue +12.2% · Operating Income +11.6% · Net Income +11.7% · EPS +13.5%
Sources: Novo Nordisk annual report · SEC 6-K, macrotrends (USD conversion at average annual FX). *Q1 2026 operating profit of +53.7% includes a one-off ~$4.2B reversal of a U.S. drug-pricing litigation provision — about -6% on an adjusted (CER) basis.
NVO's forward P/E of 16.2x is about half of Eli Lilly's (LLY) 32.3x, and operating margins are similar (41.3% vs. 40.4%). However, revenue growth is faster at LLY (~+45% in FY2025) than at NVO (+10% in local currency), and U.S. GLP-1 prescription share has flipped, with LLY at ~57-60% > NVO at ~40% at the end of 2025. Merck (MRK), a traditional large-cap pharma, grows slowly (~+2% revenue) but is cheaper at a forward P/E of about 21x.
| Metric | ★ NVO | LLY | MRK |
|---|---|---|---|
| Forward P/E | 16.2 | 32.3 | ~21 |
| Operating Margin | 41.3% | 40.4% | ~33% |
| Revenue Growth (YoY) | +10%* | +45% | ~+2% |
| ROE (TTM) | 71.4% | 107.5% | ~37% |
* NVO revenue growth is on a local-currency (CER) basis. Forward P/E and ROE from stockanalysis (2026-07); market share from each company's FY2025 IR and CNBC. LLY's high ROE reflects its equity base and buybacks. MRK's TTM is distorted by a one-off Q1 2026 IPR&D write-off → shown on a normalized (FY2025) basis.
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