Novo Nordisk $NOVO B (+4,16%) has gone through a sharp rerating, and in my view the market is now pricing in a much more pessimistic scenario than the business deserves. The stock is trading around 39.50euro.
What makes the setup interesting is that the market is comparing Novo directly with Eli Lilly, and Lilly’s $LLY (+0,59%) stronger near-term growth profile is clearly weighing on Novo’s valuation. Lilly has been guiding to much faster sales growth in 2026, while Novo has been hit by pricing pressure, a tougher U.S. environment, and lower guidance for the year.
That said, the oral Wegovy launch is a real catalyst, not just a narrative. In Q1 2026, the oral version crossed 2 million total prescriptions since launch, with weekly prescriptions surpassing 200,000 in mid-April.
From my perspective, the key question is not whether Novo is under pressure today — it clearly is — but whether the market is underestimating the optionality of the oral franchise and the company’s ability to reaccelerate growth over the next few years.
I own shares because I think the current valuation reflects too much short-term fear and not enough credit for the long-term obesity and GLP-1 opportunity. If the oral segment keeps scaling and Novo executes well, the gap between sentiment and fundamentals could narrow meaningfully.
$NOVO B (+4,16%)
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