Novo Nordisk A/S Class B
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Am I Missing Something, or Is the Market Overreacting?
I’m genuinely surprised by the market’s reaction to Novo Nordisk’s Q2 results. A ~6% sell-off after these numbers feels excessive to me.
I’ve gone through both the earnings report, trying to understand whether I was missing something, but I still struggle to find a reason that justifies such a sharp correction.
There are certainly some negatives.
The biggest one is the ongoing pricing pressure in the U.S. The report repeatedly mentions lower realized prices, so although volumes continue to grow, average selling prices remain under pressure. I completely understand why the market is focused on this.
Gross margin also declined from 82.7% to 78.2%, but management explained that roughly DKK 3 billion of the impact came from one-off manufacturing expansion costs and restructuring expenses. To me, that looks more like a temporary investment than a structural deterioration.
Then there’s the disappointment around the ZEUS trial, which removes one potential long-term growth avenue in cardiovascular disease.
However, beyond those points, I actually thought the report was very strong.
- Adjusted operating profit (EBIT) increased 11%, comfortably beating consensus.
- Management raised full-year sales and operating profit guidance.
- Cash generation remains outstanding.
- The balance sheet continues to be exceptionally strong.
- The obesity business is still delivering double-digit growth.
- International sales continue to expand at an impressive pace.
What caught my attention the most was the Wegovy Pill.
According to the company, it has already surpassed 5 million prescriptions since launch and is now running at approximately 265,000 weekly prescriptions, making it the most successful launch of an oral GLP-1 therapy to date.
Management also highlighted that Novo continues to lead in attracting new patients despite intense competition from Eli Lilly. That suggests they’re still gaining market share rather than simply defending their existing position.
Finally, I found the tone of management during the conference call remarkably confident. There was no noticeable change in their long-term narrative or signs that the business is deteriorating. If anything, they sounded optimistic about the years ahead.
So I’m curious to hear other opinions.
Is the market simply repricing the stock because of pricing pressure and margin compression, or is there something important in the report or conference call that I’ve overlooked?
Novo Nordisk Q2 Earnings: Delivers Growth Despite Updated Outlook
⠀
• Q2 adjusted sales reached DKK 78.49 billion and adjusted operating profit totaled DKK 33.39 billion, with sales up 7% and operating profit up 11% at constant exchange rates.
• Novo Nordisk expects full-year adjusted sales growth of -6% to 0% at constant exchange rates, broadly in line with market expectations of -5.9%.
• The company also forecasts full-year adjusted operating profit growth of -6% to 0% at constant exchange rates.
Surprise! Novo has released the figures!
Here's the hot stuff from Novo Nordisk
$NOVO B (+3,13 %) / $NOVO-B Q2 2026 Earnings Release, fresh from Bagsværd:
🚀 Top-line Performance & GLP-1 Booster
Novo Nordisk is gaining significant momentum in the second quarter of 2026 with its blockbuster obesity and diabetes drugs, posting robust revenue growth:
Adjusted total revenue: Climbed by +7% CER (at constant exchange rates) to 78.49 billion DKK.
Wegovy pill takes off: The Wegovy pill, launched in the U.S. at the beginning of the year, is rapidly expanding its market share and has surpassed the mark of 265,000 weekly prescriptions.
Growth drivers: Unabated strong demand for the GLP-1 medications Wegovy and Ozempic largely offsets price pressure in the U.S.
🔮 Profitability & One-Time Charge
Operating leverage continues to take effect in the core business, but is masked on the books by a pipeline impairment charge:
Adjusted Operating Profit: Increased by +11% CER to 33.39 billion DKK —meaning the core operating business continues to generate reliable profits.
Impairment charge: Novo recorded a non-cash special impairment charge of DKK 6.3 billion on development assets (of which DKK 4.0 billion to the obesity asset Monlunabant accounts for this amount aloneaccording to current study data).
🤖 2026 Full-Year Forecast Raised (Guidance Upgrade)
Thanks to strong demand and high sales figures in the first half of the year, management is significantly raising the bar for the full year 2026:
Forecast Upgrade (Adjusted): Adjusted revenue and profit growth for the full year 2026 is now projected to be 0% to -6% CER (a significant improvement over the previous range of -4% to -12% CER).
Unadjusted Outlook (Midpoint): On a reported basis, management now estimates full-year revenue and operating profit growth at approximately +5% and +12%, respectively, on a CER basis.
⚡ 💡 Jack’s Take
A reassuring and strong signal from the Danish pharma market leader! Demand for Wegovy and Ozempic is red-hot, and the rush for the Wegovy pill is exceeding expectations. The fact that the full-year forecast is being raised significantly despite fierce competition and price pressure demonstrates the company’s incredible operational strength. While the special write-down on monlunabant hurts the balance sheet, it doesn’t change the fact that Novo Nordisk is successfully defending its market leadership in the GLP-1 market!
On the Path to Financial Freedom - July Update 📊
With the temperatures in July, my portfolio finally started to pick up again, even if not quite as much as I’d hoped 😉. After the somewhat challenging past few months, this little breather comes at just the right time!
July Portfolio Overview:
👉🏻 July:
Starting value: 1,219,254 euros + 428 cash
End: 1,270,244 euros + 16.65 cash
Deposit: 3,200 euros
Profit: +47,378.65 euros (+3.87%)
One positive aspect of the portfolio’s performance is that the growth was actually driven almost exclusively by my other (non-gold-related) holdings, as my gold and silver holdings performed neutrally to slightly negatively this month.
PayPal ($PYPL (-0,12 %) ), Accenture ($ACN), and Xiaomi ($1810 (-2,95 %) ).
PayPal is one of the investments I’ve held for quite some time—currently with a cost basis of about 55 euros—and I’ve weathered a long rough patch with it. I took advantage of the price decline to consistently buy more shares, as I’m convinced of the company’s value. The takeover offer a few weeks ago at around 53 euros has at least brought PayPal back into the spotlight, and I’m glad that there are others who also see value in PayPal. At the same time, however, I’m also glad that PayPal rejected the offer. In my view, a sale shouldn’t even be considered for less than 75 euros per share—and preferably even more. The quarterly results have shown that PayPal is still growing and is fundamentally very strong. Thanks to the consistent share buybacks, more and more shares are staying with us shareholders… so I’m holding on to my shares!
Accenture and Xiaomi also contributed positively to the portfolio’s performance. However, I see this more as a technical rebound from the massive (excessive) sell-off than as a result of actual operational news—but of course, I’ll take it anyway!
At the end of the month, performance was boosted once again by Novo Nordisk ($NOVO B (+3,13 %) ) and Western Union ($WU (+0,61 %) ). While Novo was hit with a -10% intraday drop because a study on a potential new drug missed its targets, Western Union fell by over 20% as its quarterly results fell far short of expectations. Nevertheless, I’m holding on to both companies!
The portfolio’s performance will, however, continue to be determined primarily by the future performance of mining stocks. Given the uncertain situation surrounding Iran, I expect volatility to remain elevated going forward. At the company level, all mining stocks (K92 Mining, Equinox Gold, Santacruz Silver Mining) delivered very strong production figures. And the gold price also appears to have found a floor around $4,000 per ounce for now. But in the short term, what happens next will likely be determined by Trump’s whims 😉 ...
Let’s see how things play out! Tomorrow’s trading session looks like it’ll be another exciting one.... Deal, no deal, deal, no deal, deal.... 😅
➡️🆓: On my way toward $4 million in total assets, I’m now 41.5% of the way there.
Here’s to successful stock market trades! 😊
Quarterly Results August 3–7, 2026
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$LUMN (+1,82 %)
$KTOS (+1,39 %)
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$DHL (-0,2 %)
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$OKLO
Let's move on to the next round!
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$KTOS (+1,39 %)
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$LLY (+1,51 %)
$SHOP (-0,76 %)
$UBER (+0,75 %)
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$CIRC
$NOVO B (+3,13 %)
$U (+0,33 %)
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$OKLO
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$ACMR (-1,3 %)
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$UAA (-0,09 %)
Keep collecting...
The slight setback following the figures from $CARR (+0,32 %) and the weakness in $ACLN (-0,65 %) to make a small additional purchase. I also did the same with $NESN (+0,34 %) and $MCD (+0,4 %) I made small one-time purchases outside of my savings plans.
I’m already very excited about the $ABBV (+0,33 %) and $NOVO B (+3,13 %) results.
Other than that, the portfolio also hit a new all-time high 🤓
Novo Nordisk Stock 2026: P/E Ratio 11, Dividend Yield 4.4% — Is the Weight-Loss-Injection Stock a Bargain Right Now?
Summary:
Yes—based on the key metrics, Novo Nordisk is cheaper than it has been in a long time: An estimated P/E ratio of just 11.6 for 2026 is well below the historical ten-year average of over 23, coupled with a dividend yield that at times reached 4.4%. The catch: The stock is still trading about 46% below its all-time high, and the company is battling on several fronts at once. On July 16, 2026, the decisive Phase 3 data for the promising drug CagriSema were locked away—the results could be released at any time. On July 21, 2026, Novo Nordisk sued its archrival Eli Lilly for misleading advertising. On the same day, Trump announced new tariffs on the pharmaceutical industry—but upon closer inspection, these primarily affect generic drug manufacturers and won’t take effect until 2028, leaving Novo Nordisk’s patent-protected core business untouched. Cheap, yes—but is the low price justified in this case?
Key points:
• 2026 P/E ratio (estimated): 11.6 — well below the 10-year average of 23.36
• Dividend yield: currently approx. 3.7%, at times as high as 4.4% during the annual low in March
• CagriSema Phase 3 data withheld since July 16, 2026—publication possible at any time
• Lawsuit filed against Eli Lilly on July 21, 2026, for misleading advertising
• Trump tariffs (July 21): 100–200% on generic drugs starting in 2028/2029 — Wegovy/Ozempic are patent-protected and not directly affected
• Share buyback: up to 15 billion DKK — 44% of the annual target already achieved
• Wegovy pill: fifth global approval, over 3 million U.S. prescriptions since January
• GLP-1 market share in the U.S.: now only about 40% — Eli Lilly at about 60%
• Next quarterly results (Q2): August 5, 2026
How are you going to handle $NOVO B (+3,13 %) now??
Quote:
“Novo Nordisk’s pill hit the market about three months earlier and is said to lead to greater weight loss, which is why doctors have been prescribing it much more frequently than the pill from its U.S. competitor. In June, Novo Nordisk’s drug also received approval in the United Kingdom, and this week it was approved in the EU as well.
Another piece of positive news is that Medicare, the U.S. health insurance program that primarily covers older adults, has been covering most of the costs for weight-loss drugs since the beginning of the month. Eligible patients will then only have to pay a copay of $50 per month. And since many surveys show that most people would rather take pills than give themselves injections on a regular basis, Novo Nordisk could generally regain ground against Eli Lilly.”
Could! Not must.
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