Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease. The Diabetes and Obesity care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides insulin pens, growth hormone pens, and injection needles. In addition, it offers smart solutions for diabetes treatment, such as smart insulin pens and Dose Check, an insulin dose guidance application. The company has a collaboration agreement with Aspen Pharmaceuticals to produce insulin products. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

Novo Nordisk looks like a company with very strong profitability, but no longer a cheap valuation on a number of key multiples. A P/E ratio of 11.0 is noticeably below the industry median, which supports the idea that it is undervalued on earnings; however, P/B, P/S, and P/FCF remain above industry benchmarks, which limits the potential for a rerating. It is especially important that ROE, ROA, ROI, and operating and net profit margins are significantly above the median and remain at very high levels, meaning the business is generating profits efficiently. At the same time, margin trends are generally strong, but not without fluctuations: gross margin is around 82%, and operating margin and net margin remain outstanding, although some periods show slight pressure. Revenue, net income, and EBITDA are generally growing, which confirms the company’s fundamental resilience and its ability to scale the business. On the other hand, liquidity is weak: the quick ratio and current ratio are significantly below industry levels, so short-term financial cushion appears limited. Leverage is moderate, but debt/equity is above the median, and long-term debt continues to rise, which adds caution to the valuation. Dividend yield remains low and is not the main driver of the investment case. Overall, this is not a story of deep undervaluation, but rather a high-quality, profitable asset that is expensive in terms of balance-sheet and revenue-based multiples. For the target price, this implies a moderately negative adjustment: strong operating efficiency supports the valuation, but expensive P/B, P/S, and P/FCF, as well as weak liquidity and rising debt, do not allow for an aggressive upward revision of the forecast. For an investor, it is more important to monitor whether earnings growth remains intact and whether the balance sheet begins to deteriorate than to expect a quick upside from multiple expansion.

Novo Nordisk A/S

Сильный индекс, незначительно вырос. Быки крепко уверены в своих позициях.

Strong index, slightly up. The bulls are very confident in their positions.

Сильный индекс, без изменений. Рынок не поддерживает быков.

Strong index, flat. The market does not support the bulls.

Сильный индекс, значительно упал. Отток средств из лонгов на высоком уровне.

Strong index, significantly down. Outflow of funds from longs at a high level.

Strong profitability and revenue growth support the valuation, but high P/B, P/S, and P/FCF multiples, together with weak liquidity and rising debt, limit the upside.

Novo Nordisk A/S has announced transactions under its share repurchase programme. On 6 May 2026, the company initiated a share repurchase programme in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016. This programme is part of an overall share repurchase programme of up to DKK 15 billion to be executed during a 12-month period beginning 4 February 2026. Under the programme initiated 6 May 2026, the company will repurchase B shares for an amount up to DKK 11,200,000,010.45 in the period from 6 May 2026 to 1 February 2027.
Since the announcement 19 October, transactions were executed daily from 19 October 2026 to 23 October 2026. These transactions brought the accumulated total under the programme to 25,515,000 B shares with a transaction value of 7,387,348,112 DKK. With these transactions, Novo Nordisk A/S owns a total of 54,314,876 B shares of DKK 0.10 as treasury shares, corresponding to 1.2% of the share capital. The total amount of A and B shares in the company is 4,465,000,000 including treasury shares.
As of 23 October 2026, Novo Nordisk A/S has since 4 February 2026 repurchased a total 40,274,179 B shares at an average share price of DKK 277.78 per B share equal to a transaction value of DKK 11,187,348,102.
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Novo Nordisk A/S Reports Share Repurchase Transactions Under DKK 15 billion Programme

Key Points
When evaluating the current baseline comparison between the two distinct businesses, Bristol Myers Squibb generated higher top-line results throughout seven of the last eight charted periods, establishing a consistent overall lead despite a single isolated revenue spike reported by Novo Nordisk in early 2026.
Over the entirety of the measured two-year time frame, Bristol Myers Squibb maintained a mostly steady and gradual quarter-over-quarter upward trajectory, whereas Novo Nordisk experienced noticeable fluctuations and isolated short-term spikes in its reported U.S. dollar financial results across that exact same timeline.
Individual investors assessing these specific financial results should closely monitor whether the revenue gap separating the two companies remains largely consistent over the long term, or if future reported quarters begin to indicate shifting momentum as time progresses.
Bristol-Myers Squibb: Delivering Stable Revenue Across Recent Quarters
Bristol-Myers Squibb (NYSE:BMY) earns most of its revenue by commercializing complex prescription medications for cancer, cardiovascular conditions, and immunological diseases.
During the most recent period, it announced a multibillion-dollar financial investment to establish a multimodal manufacturing campus located in Texas, while also securing an accelerated regulatory approval from the FDA for a combination therapy intended to treat multiple myeloma.
Novo Nordisk: Experiencing Fluctuation in Reported Quarterly Revenue
Novo Nordisk (NYSE:NVO) earns most of its revenue by manufacturing and globally distributing medical treatments for diabetes and obesity.
It recently experienced a regulatory delay when the FDA formally extended the initial review period for an investigational hemophilia treatment candidate, and it concurrently hosted an investor presentation outlining strategic plans to launch several new therapies.
Why Revenue Matters for Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, providing a fundamental baseline measurement of the complete financial scale a business operates at before expenses.
Bristol-Myers Squibb vs. Novo Nordisk Revenue over the last 8 quarters. Figures: Novo Nordisk shown in U.S. dollars, converted from Danish kroner.
Quarterly Revenue for Bristol Myers Squibb and Novo Nordisk
Q3 2024
$11.9 billion (quarter ended Sept. 30, 2024)
$10.5 billion (quarter ended Sept. 30, 2024)
Q4 2024
$12.3 billion (quarter ended Dec. 31, 2024)
$12.2 billion (quarter ended Dec. 31, 2024)
Q1 2025
$11.2 billion (quarter ended March 31, 2025)
$11.0 billion (quarter ended March 31, 2025)
Q2 2025
$12.3 billion (quarter ended June 30, 2025)
$11.7 billion (quarter ended June 30, 2025)
Q3 2025
$12.2 billion (quarter ended Sept. 30, 2025)
$11.7 billion (quarter ended Sept. 30, 2025)
Q4 2025
$12.5 billion (quarter ended Dec. 31, 2025)
$12.3 billion (quarter ended Dec. 31, 2025)
Q1 2026
$11.5 billion (quarter ended March 31, 2026)
$15.1 billion (quarter ended March 31, 2026)
Q2 2026
$13.0 billion (quarter ended June 30, 2026)
$12.2 billion (quarter ended June 30, 2026)
Data source: Financial Modeling Prep. Novo Nordisk's figures are converted from Danish kroner to U.S. dollars. Data as of Oct. 13, 2026.
Foolish Take
It's easy to notice the anomaly in the chart above. In Q1 2026, Novo Nordisk's reported revenue jumped 32% on a constant-currency basis, as it launched its Wegovy weight-loss pill in the United States. Novo Nordisk is often seen as a competitor to Eli Lilly due to its GLP-1 portfolio, which includes Wegovy for obesity and Ozempic for type 2 diabetes. And it's safe to say that patient and investor interest has been high.
But it was a different story in Q2. Although revenue was higher year over year, it was down sequentially against a tough comparison, due to seasonal and ordering patterns, price erosion in the U.S. market, and a slowdown in new product sales.
Shares dropped about 6% following Novo's Q2 2026 earnings report on Aug. 4, 2026, despite the company beating top- and bottom-line estimates and raising its full-year guidance. It's a good reminder for long-term investors to stay the course of a company they believe in, rather than relying on one product or one quarter's worth of results.
That said, Ozempic and Wegovy make up about 70% of Novo Nordisk's total sales and revenue -- investors will want to monitor its progress against rival Eli Lilly.
Bristol Myers Squibb, on the other hand, does not have a GLP-1 medication in its portfolio. While it's missed out on the explosive investor and patient interest in the drug, it's still managing to deliver revenue growth. In Q2, its growth portfolio made up 58% of revenue, indicating that newer drugs are now overshadowing the legacy products that can often weigh on a drugmaker's results.
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Sarah Sidlow has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bristol Myers Squibb, Eli Lilly, and Novo Nordisk. The Motley Fool has a disclosure policy.

Bristol Myers Squibb vs. Novo Nordisk: Stable Scale vs. GLP-1 Volatility

Key Points
Novo has experienced several setbacks, especially in its core therapeutic area.
The company boasts some exciting pipeline candidates that could help it bounce back.
Novo could be an intriguing play for long-term investors at current levels.
It's been a rough past two years for Novo (NYSE: NVO). The healthcare giant has lost market share in the GLP-1 industry, leading to a more than 60% drop in its share price. Novo is now trading at 11.8x forward earnings, well below the 18.6x average for healthcare stocks. Is Novo far too cheap to ignore at current levels? Or is it a value trap? Let's find out.
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Digging deeper into Novo's troubles
Novo generates the lion's share of its revenue from its GLP-1 products, particularly Wegovy, a weight-loss medicine, and Ozempic, a diabetes drug. Competition from Eli Lilly (NYSE: LLY) has led to declining sales growth for both products. But that's only part of the story. Another issue is that Novo has experienced several clinical setbacks, prompting many investors to question whether it can remain a leader in the GLP-1 space.
For instance, the company's CagriSema, although highly effective, fell short of management's 25% mean weight-loss target in a Phase 3 study. Also, CagriSema lost to Eli Lilly's Zepbound in a head-to-head weight-loss clinical trial. CagriSema could earn approval by the end of the year, but based on clinical trial data, it may not allow Novo to close the gap with Eli Lilly.
Further, Novo has also experienced setbacks outside of its core area of expertise. For instance, the company's ziltivekimab failed to show significant efficacy in a Phase 3 clinical trial targeting risk reduction of major adverse cardiovascular events in patients with atherosclerotic cardiovascular disease, chronic kidney disease, and inflammation.
This setback dealt a blow to Novo's efforts to diversify its pipeline. Some analysts projected that ziltivekimab could achieve peak revenue of about $3 billion, and in fairness, the medicine is undergoing studies in other indications. Still, it was yet another letdown for a company that is desperate for wins. Meanwhile, Novo's financial results have been mediocre.
In the second quarter, the company's net sales increased by just 2% year over year to 78.5 billion Danish kroner (about $11.8 billion), while its adjusted earnings per share came in at 6.18 DKK (about $0.93), 5% higher than the prior-year quarter.
The path forward
There has been one area where Novo has made good progress: The oral weight loss market. In January, the company launched the Wegovy pill, the first oral GLP-1 medicine approved for weight loss. Oral Wegovy has helped the company expand its addressable market. As it pointed out, as of June, more than three million prescriptions had been filled in the U.S., and more than 80% of them were for people who had never taken GLP-1s before.
Oral Wegovy won't be enough to allow the company to bounce back, though. Novo will have to develop new products. The good news is that the Denmark-based pharmaceutical giant boasts several exciting candidates. One of them is called zenagamtide. It is currently undergoing Phase 3 studies for weight loss. There are at least two things to note about this investigational medicine. First, it mimics the action of two gut hormones: GLP-1 and amylin.
Novo hopes that the dual-hormone pathway approach will yield greater efficacy. Second, and relatedly, zenagamtide has already posted very promising clinical trial results. In a Phase 1b/2a study, it resulted in a mean weight loss of up to 24.3% over 36 weeks. If it can deliver similarly strong results over longer periods in Phase 3 studies, it could eventually become a leader in the weight-loss market and help Novo improve its position in the industry. Novo has several other promising pipeline candidates, including some triple agonists (medicines that mimic the actions of three gut hormones).
The healthcare company is also pursuing diversification efforts, with several products in Phase 2 and Phase 3 studies. Novo's pipeline is deep, and even though it's important to recognize that some of its advanced programs might fail, my view is that the market has already partially factored this into the share price after recent clinical setbacks. Novo's outlook remains somewhat uncertain, but at current levels, it could gain substantial market value over the next five years, provided it can expand its approved portfolio.
Is Novo the buying opportunity of the decade? Not really. There's too much uncertainty for that to be the case. But at current levels, it could deliver solid returns over the medium term.
Should you buy stock in Novo Nordisk right now?
Before you buy stock in Novo Nordisk, consider this:
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Prosper Junior Bakiny has positions in Eli Lilly and Novo Nordisk. The Motley Fool has positions in and recommends Eli Lilly and Novo Nordisk. The Motley Fool has a disclosure policy.

Novo Trades at Less Than 12 Times Earnings. Is This the Buying Opportunity of the Decade?

Key Points
The two main GLP-1 manufacturers are poised to gain the most.
Some snack makers are prepared to weather the storm, while others are suffering.
Occasionally, an innovation comes along that causes consumers to significantly alter their habits or behavior. When that happens, some companies will benefit, while others will suffer. And when such an innovation is a major one, the impact on various companies and sectors can be pronounced.
We're seeing that right now with the growth of GLP-1 drugs like Wegovy and Zepbound, which are dramatically altering the way people eat because of their powerful ability to reduce appetite.
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And the use of these drugs is growing rapidly. According to polling firm Gallup, Americans' use of GLP-1 injectables for weight loss has nearly quadrupled since 2024. The percentage of U.S. adults taking these weight loss drugs has risen to 11% this year, from 3% just two years ago. And 15% of U.S. adults report having used the medicine at some point.
The drugs are effective at treating obesity. The adult obesity rate in the U.S. has fallen from 39.9% in 2022 to 36.8% in 2026.
That effectiveness means more people will turn to the drugs for weight loss. And that's exactly what market watchers are forecasting. J.P. Morgan Global Research forecasts that some 25 million Americans will be on GLP-1 treatment by 2030, up from about 10 million last year. That includes people taking the drugs for type 2 diabetes, but the effects on appetite are the same.
That's just the U.S. market. Penetration of GLP-1 drugs globally is lower, but it too is expected to balloon in the coming years, especially as the introduction of generic drugs and oral pills grows.
Snack food sales are suffering due to growing GLP-1 use
At the same time, users of the drugs are spending less on groceries and snacks. A December 2025 study in the Journal of Marketing Research looked at purchases by GLP-1-using households and found that, within six months of starting a GLP-1 medication, grocery spending by these households fell by 5.3% on average, and 8% among higher-income households.
Purchases of ultra-processed and calorie-dense foods saw the largest declines, with spending on savory snacks dropping by about 10%, along with similarly large decreases in spending on sweets, baked goods, and cookies.
That decrease in spending is expected to accelerate. "GLP-1 treatments are projected to lead to an annual revenue reduction of $30 billion–$55 billion by 2030–2034 for the food and beverage industry, with consumers taking in 21% fewer calories and spending 31% less on groceries," according to J.P. Morgan.
So, which companies collect and which ones pay as the use of GLP-1 drugs continues to spread around the globe?
Well, the biggest beneficiaries will likely be the makers of these drugs. Eli Lilly (NYSE: LLY) makes Mounjaro and Zepbound, with combined sales of $36.5 billion in 2025. In fact, the GLP-1 drug in each of those brand names, tirzepatide, is now the world's best-selling drug.
Competitor Novo Nordisk (NYSE: NVO) makes Wegovy and Ozempic, which together generated $31 billion in revenue last year. The surge in demand for GLP-1 drugs has made Novo Nordisk Denmark's largest company, with a market cap of about one-third of the country's economic output.
Lilly's share price has climbed more than 400% during the past five years, primarily because, at least for now, it seems to be winning the race to become the world's largest GLP-1 provider. Novo's shares are down during that time, but only because investors are choosing Lilly over the Danish firm. In fact, Novo's revenue more than doubled between 2021 and 2025.
Some snack companies will suffer, but others are adapting
And how about snack companies? Well, so far, Coca-Cola (NYSE: KO) is holding up well. While studies show that people using GLP-1 drugs consume less full-sugar soda, some 68% of the company's portfolio consists of low- or no-calorie options.
The situation is similar for Monster Beverage (NASDAQ: MNST), as energy drinks seem to be less impacted by GLP-1 use. Coca-Cola shares are up 34% over the past year, and Monster's share price has climbed 27%.
But some snack makers are already feeling the squeeze from GLP-1s. Shares of PepsiCo (NASDAQ: PEP) are down 12% during the past year. The company's major snack brands are highly exposed to consumers cutting back on processed snacks. Lay's is considered one of the products most exposed to the shift in calorie intake due to GLP-1s.
Shares of snack maker Mondelez International (NASDAQ: MDLZ) are little changed during the past year. So far, the maker of Oreo and Chips Ahoy! cookies hasn't felt a significant hit from GLP-1 drugs, but that may be because 75% of its sales are outside the U.S., with a big chunk in emerging markets. GLP-1 drugs have much lower penetration in those countries, but they, too, will likely adopt these weight-loss products eventually. It seems that investors already sense that.
Hershey (NYSE: HSY) is down about 17% over the past year. So far, GLP-1 use has had a modest negative impact on the iconic candy manufacturer. Sales of its popular snacks have declined.
But there's a silver lining there, too: There's been a surge in demand for breath mints to combat GLP-1 side effects that include dry mouth and bad breath. So, the company is seeing growth in sales of Ice Breakers and Breath Savers.
One thing is certain: Sales of GLP-1 drugs look set to accelerate. So investors will need to watch the consequences for other industries and companies.
Should you buy stock in Eli Lilly right now?
Before you buy stock in Eli Lilly, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Eli Lilly wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,408,822!*
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Matthew Benjamin has positions in Novo Nordisk. The Motley Fool has positions in and recommends Eli Lilly, Hershey, Monster Beverage, and Novo Nordisk. The Motley Fool has a disclosure policy.

As GLP-1 Drugs Change How People Eat, Drugmakers Collect and Snack Makers Feel the Squeeze

Johnson & Johnson JNJ and Pfizer PFE are two major healthcare companies with significant exposure to oncology. J&J also has a diversified portfolio spanning immunology, neuroscience, cardiovascular and metabolic diseases, pulmonary hypertension and infectious diseases, along with a large medical devices business. Pfizer has established operations in inflammation and immunology, rare diseases and vaccines.
Both companies are navigating, or preparing for, significant loss-of-exclusivity (LOE) pressures that could affect future revenues. Against this backdrop, a comparison of their fundamentals, growth drivers and key risks can provide useful insight into which stock may offer the more compelling investment case today.
The Case for J&J Stock
J&J’s biggest strength is its diversified business model, operating through pharmaceuticals and medical devices divisions, which reduces dependence on any single product or market. It has more than 275 subsidiaries and boasts 28 platforms or products with more than $1 billion in annual sales, with the aim of adding even more. Its diversification helps it to withstand economic cycles more effectively. It also boasts strong cash flows and has increased its dividends for 64 consecutive years. J&J believes the depth of its portfolio and pipeline is stronger than ever.
Innovative Medicine segment is the company’s primary growth engine. The segment's sales rose 6.2% organically in the first half of 2026, despite the LOE of the blockbuster drug, Stelara. Growth was driven by J&J’s key drugs like Darzalex, Erleada and Tremfya. New drugs like Carvykti, Tecvayli, Talvey, Rybrevant and Spravato also contributed significantly to growth.
J&J’s MedTech growth slowed in the second quarter, reflecting weakness in Cardiovascular, particularly Abiomed due to slow procedure volumes, and continued China VBP headwinds.
The company’s new cancer drugs, Carvykti, Tecvayli, Talvey and Rybrevant/Lazcluze are contributing significantly to top-line growth, driven by market share gains. Its recent pipeline launches, including Inlexzo, Imaavy and Icotyde, are gaining traction and could become significant growth drivers in future quarters.
J&J believes 10 of its new products in the Innovative Medicine segment have the potential to reach peak sales of $5 billion, including Talvey, Tecvayli, Imaavy, Caplyta, Inlexzo, Rybrevant, plus Lazcluze and Icotyde.
J&J expects 2026 to be a year of accelerated growth. It is confident about achieving its target of generating more than $100 billion in revenues in 2026, with $49.4 billion already generated in the first half. It expects sales to continue to improve in 2027, with a “line of sight” to double-digit growth by the end of the decade. J&J believes that it is already achieving this growth. Though J&J’s total revenues are currently rising in a mid-single-digit range, excluding Stelara, its top line grew in a double-digit range in both the first and second quarters of 2026.
J&J also expects its MedTech business to do better in the second half of the year compared with the first, driven by strength in Vision, Orthopedics, Surgery and better performance in Cardiovascular. While the Abiomed softness creates a new overhang, it accounts for less than 2% of sales, and J&J has other top-line drivers to compensate.
J&J faces its share of headwinds like the Stelara patent cliff, the upcoming LOE of key drugs Opsumit and Simponi, and softness in MedTech. Though the litigation issue is close to resolution, it has not yet been fully resolved. However, J&J looks quite confident that it will be able to navigate these challenges.
The Case for PFE Stock
Pfizer's business mix has changed significantly over the past few years. During the pandemic, the company became heavily dependent on COVID-19 products. However, it is gradually diversifying its portfolio through a combination of internal product launches like Abrysvo, Zavzpret, Elrexfio, Hympavzi, Litfulo and others, strategic acquisitions like Seagen, Metsera and Biohaven and the continued growth of several established brands like Vyndaqel, Padcev and Eliquis.
The company expects its recently launched and acquired products to record continued double-digit growth. Reflecting this trend, sales from these products increased 22% operationally in the first quarter of 2026 and 18% in the second quarter.
Pfizer is one of the world’s leading oncology drugmakers with a broad portfolio of marketed cancer therapies as well as a deep oncology pipeline. Its oncology revenues grew 5% in the first half of 2026, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev. Pfizer considers Padcev to be a potential growth driver in the oncology segment and plans to invest in this asset.
The company is also rebuilding its pipeline in oncology and obesity, which it believes can drive growth in 2028 and beyond. Pfizer plans an extensive phase III program for berobenatide, its monthly GLP-1 receptor agonist added from last year’s Metsera acquisition. It also plans 10 phase III studies for berobenatide for obesity and obesity-related comorbidities, including knee osteoarthritis and obstructive sleep apnea. Three phase III studies on berobenatide have already begun. Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028. However, in the obesity space, Pfizer lags far behind leaders like Eli Lilly LLY and Novo Nordisk NVO.
A key candidate in its oncology pipeline is PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025. Pfizer has initiated nine studies, including two pivotal phase III studies for PF-08634404 in first-line metastatic colorectal cancer and first-line NSCLC. Pfizer aims to establish PF-08634404 as a potential backbone therapy across multiple tumor types. By 2030, Pfizer expects to have eight or more blockbuster oncology medicines in its portfolio.
Pfizer’s significant cost reduction and efforts to improve R&D productivity measures are also driving profit growth. Pfizer offers one of the highest dividend yields in the sector.
However, the company faces a significant patent cliff later this decade. Pfizer expects a significant negative impact on revenues from the LOE cliff in the 2026-2030 period as several of its key products, including Eliquis, Ibrance, Xeljanz and Xtandi, face patent expirations. The LOE cliff is expected to hurt sales by approximately $1.1 billion in 2026. Sales of its COVID products also continue to decline.
Pfizer’s revenue guidance for 2026 indicates mostly flat to slightly negative year-over-year growth.
Although Pfizer’s 2026 sales guidance indicates minimal growth, the company expects a high single-digit revenue CAGR for five years, starting from year-end 2028. Pfizer expects its recently launched and acquired products, along with a strong pipeline, to help it return to growth from 2029 onward.
How Do Estimates Compare for JNJ & PFE?
The Zacks Consensus Estimate for J&J’s 2026 implies a 7.4% year-over-year increase in sales and 7.0% in EPS. The Zacks Consensus Estimate for 2026 earnings has declined from $11.59 to $11.54 over the past 60 days, while that for 2027 earnings has declined from $12.80 per share to $12.64 over the same time frame.
JNJ Estimate Movement
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Pfizer’s 2026 sales and EPS implies a year-over-year decrease of 0.2% and 7.5%, respectively. The Zacks Consensus Estimate for 2026 earnings has risen from $2.95 per share to $2.98 per share, while that for 2027 has risen from $2.85 per share to $2.95 per share over the past 60 days.
PFE Estimate Movement
Image Source: Zacks Investment Research
Price Performance and Valuation of J&J & PFE
Year to date, J&J stock has risen 23.7%, while Pfizer stock is up 11.7%. The industry has risen 9.5% in the same time frame.
Image Source: Zacks Investment Research
Pfizer looks more attractive than J&J from a valuation standpoint. Going by the price/earnings ratio, J&J’s shares currently trade at 20.69 forward earnings, higher than 17.60 for the industry and the stock’s 5-year mean of 15.65. Pfizer’s shares currently trade at 9.41 forward earnings, lower than the industry but higher than the stock’s 5-year mean of 9.25.
Image Source: Zacks Investment Research
Johnson & Johnson's dividend yield is 2.1%, while Pfizer's is 6.2%.
PFE or JNJ: Which Stock is a Better Pick?
J&J and Pfizer have a Zacks Rank #3 (Hold) each at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
This makes choosing one stock a difficult task.
J&J enjoys a diversified revenue base, a large cash-generating business and a long history of returning capital to shareholders. It is witnessing steady sales and earnings growth, continued strength in its Innovative Medicine business, and improving fundamentals and outlook. Despite several headwinds, J&J looks quite confident that it will be able to navigate these challenges. J&J has also seen some positive developments recently surrounding its long-running talc litigation.
On the other hand, after taking a hit over the past three years largely due to a sharp decline in sales of its COVID-related products, Pfizer’s stock is gradually recovering. However, the market is still concerned about Pfizer’s ability to replace declining COVID-related revenues and offset upcoming patent expirations through new product launches, pipeline development and contributions from acquisitions.
J&J’s price appreciation, consistent earnings and sales growth, important new launches and pipeline depth make it a clear winner over Pfizer despite the latter’s better valuation and dividend yield.
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Pfizer vs. J&J: Comparing Growth, Patent Risks and Valuation

Key Points
Novo Nordisk is a leading GLP-1 company, but its portfolio beyond that is limited.
Pfizer hasn't entered the GLP-1 race yet, but the company has a diversified business and a long history of success.
Pfizer's yield is 6%, while Novo Nordisk's is 4.7%.
Dividend investors are usually drawn like moths to high-yield stocks. That makes total sense, but a string of recent dividend cuts announced by companies like Conagra (NYSE: CAG) and Campbell's (NASDAQ: CPB) in the historically resilient consumer staples sector should leave dividend lovers on edge.
In the pharmaceutical space, another sector known for resilience, two of the highest-yielding stocks are Pfizer (NYSE: PFE) and Novo Nordisk (NYSE: NVO), with yields of 6% and 4.7%, respectively. Which one is the better choice?
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
The traditional metrics favor Novo Nordisk
One of the first things that dividend investors look at when assessing dividend safety is the payout ratio. Novo Nordisk's payout ratio is a very comfortable 33%. Pfizer's payout ratio is a very worrying 220%. But the payout ratio compares a company's dividend to its earnings. Dividends are paid from cash flows, with the financial impact reflected on the cash flow statement. So the cash dividend payout ratio can provide a more accurate view of a company's dividend-paying ability.
Novo Nordisk's cash dividend payout ratio is 110%. Pfizer's cash dividend payout ratio is roughly 90%. That flips the script, though at 90%, it would be hard to suggest that Pfizer's dividend safety is particularly strong. In fact, the real takeaway is that dividend investors are taking on material risk by investing in either of these pharmaceutical stocks.
Novo Nordisk lacks Pfizer's diversification
Novo Nordisk is actually at the leading edge of a new market in the drug sector, as it was the first to introduce a GLP-1 weight-loss shot and pill. That's the good news. The bad news is that it quickly lost its GLP-1 lead to rival Eli Lilly (NYSE: LLY), due to both self-inflicted wounds (Novo couldn't keep up with early demand) and normal industry dynamics (Eli Lilly's GLP-1 shot was more effective).
So, even though Novo Nordisk is at the cutting edge, it isn't executing particularly well right now. In fact, it is even shifting its model to focus on volume, which is pressuring short-term profits. Investors are downbeat. But the longer-term problem is potentially more concerning, as Novo Nordisk doesn't have a particularly diverse drug portfolio. If it can't develop new drugs, patent expirations on its GLP-1 drugs could be particularly painful. Investors are in a show-me mood, which is why the stock is so depressed and the yield is so high.
Pfizer's story isn't actually much better. It is facing a number of large patent expiries, and its pipeline hasn't produced any major new winners to replace the lost revenue. In fact, an internally developed GLP-1 drug flamed out, which was a major black eye for the highly respected healthcare company. Patent expirations follow a schedule, but research and development doesn't, so a mismatch isn't actually an odd occurrence in the drug space.
What's different about Pfizer compared to Novo Nordisk is that Pfizer has a much broader product portfolio and a long history of successful drug development. Given enough time, it is highly likely that Pfizer will either develop or acquire exciting new products. In fact, after its own GLP-1 drug was dropped, the company quickly bought a company with a more compelling GLP-1 candidate. Notably, Pfizer has stated that it intends to back its dividend while it works through the new drug development process.
Neither dividend is 100% safe, but Pfizer may be better
When you step back and look at the big picture, dividend investors have very real reasons to worry about Novo Nordisk and Pfizer. Both are highly likely to survive their current headwinds; however, Novo Nordisk is undertaking a more material business shift than Pfizer, which is essentially operating the same way it always has. The amount of cash flow Novo Nordisk needs to divert to its drug development efforts may be particularly large. When balancing risk versus reward, Pfizer's higher yield may actually be the more attractive option.
Should you buy stock in Pfizer right now?
Before you buy stock in Pfizer, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Pfizer wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $361,650!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,437,517!*
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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Eli Lilly, Novo Nordisk, and Pfizer. The Motley Fool recommends Campbell's. The Motley Fool has a disclosure policy.
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Better High-Yield Dividend Stock: Pfizer or Novo Nordisk?

Key Points
Novo Nordisk maintains high profitability through its specialization in chronic disease management and metabolic health.
Pfizer is aggressively diversifying its portfolio through strategic acquisitions in oncology and obesity to counter upcoming patent expirations.
Which pharmaceutical leader is the better long-term addition to your portfolio?
As the global healthcare landscape shifts toward weight-loss treatments and chronic care, investors are weighing two giants. Should you invest in Novo Nordisk A/S (NYSE:NVO) or Pfizer Inc.(NYSE:PFE) today?
Novo Nordisk A/S has built a dominant position in the diabetes market, while Pfizer offers a broad range of vaccines and medicines. They are now competing more directly as Pfizer expands into metabolic health. This comparison looks at their financials, risks, and valuations to determine which stock is the better choice for your portfolio.
The case for Novo Nordisk A/S
Novo Nordisk A/S focuses on serious chronic diseases, specifically diabetes and obesity. It operates a global business, marketing products in roughly 170 countries with a workforce of nearly 70,000 employees. The company maintains a specialized focus that distinguishes it from more diversified players among healthcare stocks. It does not report any single customer accounting for more than 10% of total revenue.
In FY 2025, revenue reached about $46.5 billion, representing a growth rate of roughly 6.4% compared to the previous year. The company remains highly profitable, generating net income of approximately $15.4 billion for the same period. This resulted in a strong net margin of roughly 33%, which measures how much profit the company keeps for every dollar of sales. This trend of high profitability has been consistent over the last three fiscal years.
As of its December 2025 balance sheet, the company maintains a debt-to-equity ratio of roughly 0.7x. This metric, which compares total debt to the value of what shareholders own, suggests a manageable debt load. Its current ratio stands at approximately 0.8x, measuring the ability to cover short-term debts with short-term assets. In FY 2025, the company generated free cash flow of about $4.4 billion, which is the cash left over after paying for operations and equipment.
The case for Pfizer Inc.
Pfizer discovers and manufactures a vast array of medicines and vaccines used in roughly 200 countries. Its business is currently centered on building a massive presence in oncology and obesity through the acquisitions of Seagen and Metsera. The company deals with significant customer concentration, as its top 12 products accounted for about 65% of its total 2025 revenue. Its drug Eliquis is a major contributor, representing approximately 13% of its total annual sales.
In FY 2025, revenue reached around $62.6 billion, which was a slight decrease of roughly 1.6% from the prior year. Despite the revenue dip, the company reported net income of around $7.8 billion for the fiscal year. This performance resulted in a net margin of approximately 12.4%. While its total revenue is higher than that of its peers, Pfizer is currently managing a period of transition as it integrates new business units and adjusts to changing drug demands.
As of its December 2025 balance sheet, Pfizer carries a debt-to-equity ratio of roughly 0.8x. This level of total debt relative to shareholder equity is comparable to its industry peers. Its current ratio is approximately 1.2x, indicating a solid ability to meet short-term financial obligations. For FY 2025, the company produced around $9.1 billion in free cash flow, providing significant capital for dividends and further business development.
Risk profile comparison
Novo Nordisk A/S faces significant risks from increasing competition in the obesity and diabetes drug markets. Regulatory bodies in various countries are also scrutinizing drug prices, which could impact the high net margin the company currently enjoys. Additionally, the company must successfully manage complex manufacturing and supply chains to meet the massive global demand for its injectable therapies. Any disruption in production could lead to immediate loss of market share to new entrants.
Pfizer is navigating a substantial revenue reduction through 2030 as several of its major products lose patent protection. It is also subject to intense pricing pressure from the Inflation Reduction Act, which allows the government to set prices for drugs like Eliquis and Ibrance. Furthermore, the company faces ongoing litigation regarding products like Depo-Provera and Chantix. It must also compete for market share in the vaccine space against rivals such as Moderna Inc (NASDAQ:MRNA).
Valuation comparison
Pfizer currently offers a lower entry point based on earnings and sales, while Novo Nordisk A/S carries a higher valuation reflecting its superior net margin.
Metric
Novo Nordisk A/S
Pfizer
Forward P/E
11.2x
9.5x
P/S ratio
3.4x
2.5x
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
The P/S ratio mentioned above measures the stock price relative to sales over the past twelve months. The Forward P/E measures the current stock price against future earnings estimates.
Which stock would I buy in 2026?
Pfizer isn't a hot growth stock, but it's also one of the giants of the pharmaceutical industry.
The company had a post-COVID 19 letdown of sorts, as pandemic-related demand ebbed, but the business has been flexing its might this year. In its first quarter of this year, Pfizer beat Wall Street analysts' expectations on sales and net income. That is partly because Pfizer has been buying growth -- it recently acquired oncology specialist Seagen and posted 20% growth in that business's products.
Pfizer is also allocating significant resources to new drug development, with 20 drug development starts scheduled for 2026 and eight data readouts expected, which report on the progress of treatments in development. After falling behind in the GLP-1 weight-loss drug market, Pfizer is also making strides toward becoming a competitor, with very positive Phase II (of III) trial results for an injectable GLP-1 reported earlier this year.
For the current fiscal year, Pfizer revenue is seen slumping to $62.2 billion mildly, though net income is seen rising $1.2 billion to $8.9 billion for the year.
Novo Nordisk has the blockbuster drugs Wegovy and Ozempic (the same drug marketed for different purposes), but faces investor doubts about its market position given a deal with the federal government to lower prices for the GLP-1s, the emergence of generic competitors, and the apparent advances by Eli Lilly & Co (NYSE:LLY) in developing weight loss drugs expected to be superior to Novo's offerings.
Still, the introduction of the once-a-day Wegovy pill in the U.S. has been a resounding success, and the business has a patent on injectable Ozempic/Wegovy till 2032, providing it some competitive moat. Still, Wall Street sees sales declining by about 3% in fiscal 2026, with net income contracting by 4% as pricing pressures erode margins slightly. Long-term, analysts expect the company to reverse the 2026 decline and start growing again as new products come online.
Both are pharma giants under some pressure this year. Pfizer's value-style ratios and its improving net income this year make it the stock to choose compared to Novo Nordisk.
Should you buy stock in Novo Nordisk right now?
Before you buy stock in Novo Nordisk, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Novo Nordisk wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $365,910!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,418,530!*
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*Stock Advisor returns as of October 2, 2026.
Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Eli Lilly, Moderna, Novo Nordisk, and Pfizer. The Motley Fool has a disclosure policy.

Novo Nordisk vs. Pfizer: Which Healthcare Stock Is a Better Buy in 2026?

Key Points
Novo Nordisk could strengthen its obesity pipeline by buying out Kailera Therapeutics and Viking Therapeutics.
These two biotechs boast highly promising mid and late-stage programs.
Even without acquisitions, Novo could have a significantly improved approved portfolio within a few years.
Novo Nordisk (NYSE: NVO) has a problem. The company generates most of its revenue from its diabetes and obesity products, but stiff competition from Eli Lilly (NYSE: LLY) in these markets has significantly disrupted its business. To make matters worse, other drugmakers will launch brand-new products in this field over the next few years. Novo Nordisk could struggle even more in a more competitive environment.
To Novo Nordisk's credit, the company has a fairly attractive pipeline, but it could expand it through licensing deals or acquisitions. In fact, Novo recently acquired three obesity assets from Kallyope, a privately held biotech. Could the pharmaceutical giant acquire smaller companies to further beef up its pipeline? If Novo does decide to go that route, here are two companies that could be great targets: Kailera Therapeutics (NASDAQ: KLRA) and Viking Therapeutics (NASDAQ: VKTX).
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
1. Kailera Therapeutics
Kailera Therapeutics went public earlier this year in what, at the time, broke the record for the largest biotech IPO in history. It's not hard to understand why. Kailera has a pipeline of multiple weight-loss candidates that it licensed from a China-based company. Some of Kailera's attractive candidates include ribupatide, a medicine that mimics the actions of the GLP-1 and GIP hormones, which is being developed in subcutaneous and oral formulations. Ribupatide is being tested in obesity and diabetes. The subcutaneous version is undergoing a Phase 3 study in weight loss for which we should have data in 2028.
We have already seen results from some of ribupatide's studies, including those conducted in China. And so far, it looks promising. Kailera's pipeline also includes KAI-7535, an investigational oral weight-loss medicine undergoing a global Phase 2 obesity study. Then there is KAI-4729, a medicine that mimics the action of three gut hormones: GLP-1, GIP, and glucagon.
This approach could potentially produce substantial weight loss, as Eli Lilly has demonstrated with its own triple agonist, retatrutide, which has posted impressive Phase 3 results. Of course, Eli Lilly's success doesn't guarantee that KAI-4729 will follow in its footsteps, but Kailera has several highly promising pipeline candidates and could be a great acquisition target for any company looking to improve its position in this space. So, perhaps Novo might take a second look at Kailera.
2. Viking Therapeutics
Viking Therapeutics is proving to be a notable contender in the weight-loss market. The company's subcutaneous VK2735 posted excellent Phase 2 results and is now undergoing two Phase 3 clinical trials. Viking Therapeutics is also developing an oral formulation of this medicine and plans to begin late-stage studies soon. Further, earlier this year, Viking started Phase 1 studies for a newer weight loss drug called VK3019. This medicine mimics the actions of the hormones amylin and calcitonin.
In theory, Viking Therapeutics could combine VK2735 with VK3019 to target four hormone pathways, though we are a long way from that. Still, the possibility is enticing and one of the factors that makes Viking an attractive acquisition target. Here's another: The company recently posted excellent results in a maintenance study for subcutaneous VK2735.
After about five months of weekly doses of the medicine, during which patients lost between 16% and 19% of their weight, they switched to either monthly or every-other-week dosing, which helped keep significantly more weight off than those who took a placebo over 12 weeks. Viking's pipeline looks increasingly promising and could help Novo Nordisk strengthen its portfolio.
What does the future hold?
Of course, we can't be sure that Novo Nordisk will acquire either one of these companies. It might go for a different biotech company focused on weight-loss medicines, or it may even choose to diversify its lineup and pipeline -- something management has highlighted as a priority -- by acquiring a company with a completely different specialization.
Importantly, Novo's own weight loss and diabetes pipeline is strong. Phase 3 assets like zenagamtide look promising, and it boasts several other exciting candidates, including UBT251, a triple agonist.
Novo looks likely to remain a leader in this area even without an acquisition, and provided it can post excellent clinical trial results for leading candidates over the next couple of years, its shares could soar. The company also runs the risk of clinical setbacks, but given the depth of its pipeline and its financial flexibility, which enables it to pursue acquisitions or licensing deals, Novo's shares are attractive at current levels.
Should you buy stock in Novo Nordisk right now?
Before you buy stock in Novo Nordisk, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Novo Nordisk wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,396,103!*
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*Stock Advisor returns as of September 30, 2026.
Prosper Junior Bakiny has positions in Eli Lilly, Novo Nordisk, and Viking Therapeutics. The Motley Fool has positions in and recommends Eli Lilly and Novo Nordisk. The Motley Fool recommends Viking Therapeutics. The Motley Fool has a disclosure policy.

Novo Is Open to Acquisitions. Here Are 2 Companies That Would Be Great Candidates to Buy

Key Points
Viking Therapeutics' leading candidate recently performed well in a maintenance clinical trial.
The medicine could eventually become a notable player in the weight-loss market.
Viking Therapeutics' prospects look promising, but there are significant risks to consider.
Investors looking to capitalize on the rapidly expanding weight loss drug market have increasingly more options. Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO) are still the leaders, but several other drugmakers are making significant clinical headway. One of them is Viking Therapeutics (NASDAQ: VKTX), a clinical-stage biotech. Viking Therapeutics was having a fairly uneventful year until recently, when it posted highly encouraging results from a clinical trial, sending the stock soaring by more than 30% in one day. Let's look deeper into these results and determine what they could mean for Viking's prospects.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Viking makes a case for maintenance dosing
Let's start with some background on how GLP-1-based weight loss medicines work. By mimicking naturally occurring hormones such as GLP-1, which promotes satiety, these medications help patients feel fuller for longer, leading them to eat less and aiding weight loss.
However, many people gain the weight back after stopping treatment, partly because of the return of food noise. Several companies are looking for ways to help people keep the weight off. Viking Therapeutics tested various doses of its leading anti-obesity candidate, VK2735, administered subcutaneously every other week or monthly (VK2735 also mimics the action of the GIP hormone).
The results were impressive. Patients lost an average of about 16% to 19% of their weight over 21 weeks, after which they switched to less frequent dosing. Those taking the medicine every other week maintained up to 97% of their weight loss three months after switching to this new dosing schedule, and patients taking it monthly maintained up to 90% of their weight loss. Those taking a placebo maintained only 61% of their weight loss over the same period. These results suggest that patients may not need to continue weekly injections to maintain most of their previously achieved weight loss.
They could, potentially, switch to a more convenient dosing schedule. There is also an important opportunity here for Viking Therapeutics to steal some of its competitors' patients. Suppose someone loses a significant amount of weight with Wegovy or Zepbound but is worried about gaining it back once they stop treatment. This person may be able to switch to Viking's VK2735 on an every-other-week or monthly regimen and receive 12 or 26 doses per year instead of 52 -- that's a huge difference.
The caveat here is that these results apply only to patients who initially lost weight on VK2735, so we can't extrapolate these results to patients who lost weight on Zepbound or Wegovy. Also, the study was fairly small, with only about 180 patients. That was enough to provide proof-of-concept evidence, but Viking Therapeutics will need similar successes in larger clinical trials.
There are more catalysts ahead
Viking Therapeutics plans to run a second part of this study, in which it will test oral maintenance dosing regimens using an oral formulation of VK2735. The company is also testing subcutaneous VK2735 in two Phase 3 studies, and it should start late-stage clinical trials for oral VK2735 by the end of the year. Viking Therapeutics' shares may have soared after its recent clinical win, but there is plenty more upside ahead, provided the company can deliver further successes in ongoing and upcoming studies.
The recent data once again highlighted just how promising VK2735 is. Even beyond the maintenance results, the first part yielded a robust mean weight loss of roughly 16% to 19% over 21 weeks (versus 0.1% for those taking a placebo). That said, there are potential risks to consider. One of them is share dilution. After Viking's shares soared following its clinical win, the company announced a capital raise that included issuing new shares. This move was hardly surprising. Clinical-stage biotech companies that generate no revenue and are consistently unprofitable have only so many options to raise funds.
But investors should keep that in mind: there could be more dilutive funding rounds in the future following clinical trial successes. Also, the weight-loss market will become increasingly competitive in the coming years. And finally, Viking has yet to post excellent results for its leading candidate in a Phase 3 clinical trial. And if data from its ongoing late-stage studies fall short of expectations, the stock will fall off a cliff and will have a lot of trouble recovering. The bottom line: Viking Therapeutics is a risky stock.
The company could deliver market-beating returns over the next five years if it establishes itself as a notable player in the anti-obesity space, but there is also a very real possibility that it will destroy shareholders' wealth over this period. Invest accordingly.
Should you buy stock in Viking Therapeutics right now?
Before you buy stock in Viking Therapeutics, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Viking Therapeutics wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,396,103!*
Now, it’s worth noting Stock Advisor’s total average return is 933% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 30, 2026.
Prosper Junior Bakiny has positions in Eli Lilly, Novo Nordisk, and Viking Therapeutics. The Motley Fool has positions in and recommends Eli Lilly and Novo Nordisk. The Motley Fool recommends Viking Therapeutics. The Motley Fool has a disclosure policy.

Viking Therapeutics Stock Soars 36% on Weight-Loss Drug Data. Why It's Not Too Late to Buy the Stock.

Novo NVO announced new real-world data from the COMPETE SWITCH Cardiovascular (CV) study comparing treatment strategies in adults with type II diabetes (T2D) who were already receiving a 1-mg dose of Ozempic (semaglutide) injection.
The analysis found that patients who increased their Ozempic dose had a lower observed risk of major adverse cardiovascular events (MACE) than those who switched to Lilly’s LLY Mounjaro (tirzepatide).
Ozempic and Mounjaro are competing therapies in the U.S. diabetes market.
Ozempic is a once-weekly GLP-1 receptor agonist developed by Novo. It is approved with diet and exercise to improve blood-sugar control and to lower the risk of major cardiovascular events, including heart attack, stroke and cardiovascular death, in adults with T2D and established cardiovascular disease. It is also approved for adults with T2D and chronic kidney disease to reduce the risk of sustained eGFR decline, end-stage kidney disease and cardiovascular death.
Meanwhile, Lilly’s Mounjaro is approved, in combination with diet and exercise, to improve blood-sugar control in patients aged 10 years and older with T2D. In August 2026, it also gained approval to reduce the risk of MACE in adults with T2D who are at high cardiovascular risk.
Year to date, shares of Novo have lost 22.2% against the industry’s 14.9% growth.
NVO’s Treatment Patterns Observed in COMPETE SWITCH CV Study
Novo conducted the COMPETE SWITCH CV study to assess real-world treatment patterns and compare outcomes in patients who intensified Ozempic to 2 mg versus those who switched to Mounjaro.
Within 365 days, 67.2% remained on Ozempic 1 mg, 29.2% increased their dose to 2 mg, and 3.6% switched to Mounjaro. By 720 days of follow-up, 57.4% remained on semaglutide 1 mg, while 36.9% had escalated to 2 mg and 5.7% had switched to Mounjaro.
After adjustment for between-group differences, patients who increased their dose to Ozempic 2 mg had a statistically significant 6% lower risk of MACE than those who switched to Mounjaro, including doses of up to 15 mg. A subset of patients with available HbA1c or weight data showed similar findings. MACE included all-cause death, heart attack and stroke.
For Novo, the findings provided additional real-world evidence supporting continued use of higher-dose Ozempic among appropriate patients who require treatment intensification.
However, the study showed an association, not proof, that Ozempic 2 mg directly reduces cardiovascular risk more than Mounjaro. Importantly, safety outcomes were not evaluated in this analysis.
NVO's Zacks Rank & Stocks to Consider
Novo currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Precigen PGEN and AC Immune ACIU, currently sporting a Zacks Rank #1 each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Over the past 60 days, estimates for Precigen’s 2026 bottom line have improved from a loss of 2 cents to earnings per share of 24 cents. Over the same period, earnings estimates for 2027 have risen from 25 cents to 73 cents. PGEN shares have gained 92.6% year to date.
Precigen’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 108.96%.
Over the past 60 days, estimates for AC Immune’s 2026 loss per share have narrowed from 84 cents to 60 cents. Over the same period, earnings estimates for 2027 remained unchanged at 17 cents per share. ACIU shares have lost 17.2% year to date.
AC Immune’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 33.25%.
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Indicator	Apr 26	Jun 26	Jul 26	Aug 26	Sep 26	TTM	Median
P/E	—	—	11.01	—	—	11.01	20.61
Price/Sales	4.01	4.09	—	3.96	3.27	3.27	2.97
P/B	9.06	7.29	7.16	6.89	—	6.89	2.47
P/FCF	18.43	22.80	—	21.56	—	21.56	19.25

Indicator	Apr 26	Jun 26	Jul 26	Aug 26	Sep 26	TTM	Median
ROE	—	—	—	—	—	67.11	19.40
ROA	—	21.31	—	—	—	21.31	7.13
ROI	—	38.06	—	—	—	38.06	9.52
Net Worth	187.78	—	209.48	201.69	—	201.69	0.24
Quick Ratio	—	—	—	—	—	0.56	1.73
Current Ratio	—	0.87	—	—	—	0.87	2.86

Indicator	Apr 26	Jun 26	Jul 26	Aug 26	Sep 26	TTM	Median
Net Profit Margin	—	35.47	—	—	—	35.47	11.18
Operating Margin	—	43.36	—	—	—	43.36	14.10
Gross Margin	—	—	—	—	—	81.92	75.17
Return on tangible equity	—	157.00	—	—	—	157.00	41.05

Novo Nordisk A/S

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue

Indicator	Apr 26	Jun 26	Jul 26	Aug 26	Sep 26	TTM	Median
EPS	—	—	—	—	—	0.71	0.46
EPS Forecast	—	—	—	—	—	0.66	0.38
Revenue	—	—	—	—	—	15.16B	19.00M
Gross Profit	—	9.55B	—	—	—	9.55B	—
EBITDA	—	—	—	—	—	9.89B	—