Novo Nordisk - ADR
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+ FollowMarket Cap$186.73B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Q3 performance: clear rebound in growth + strong profitability/cash
- Adjusted sales: +4% YoY to DKK 79.2bn (driven by continued GLP-1 volume growth, mainly obesity).
- Adjusted operating profit: +27% YoY (benefiting from a favorable prior-year base after ~DKK 9bn transformation costs recognized in Q3 2025; partially offset by ~DKK 3.5bn one-time costs in Q3 2026).
- Adjusted operating profit / FCF generation: DKK 32bn adjusted operating profit and >DKK 28bn free cash flow in Q3.
- Surprising/good: both U.S. and International returned to growth territory this quarter.
Volume turnaround: patient additions are the key driver (and across both obesity + diabetes)
- Patient volumes: after flat Q4’25 and slight decline in Q1’26, Novo added +1.2m patients in Q2 and +1.3m in Q3.
- Obesity: added patients every single quarter (+0.8m in Q2, +0.7m in Q3).
- Diabetes: shifted from losing ~0.8m in Q1 to adding ~1.0m over the past two quarters.
- Interpretation for investors: growth is increasingly tied to sustained volume recovery, not just price/mix.
Guidance for full-year 2026 raised modestly (CER)
- Adjusted sales growth: now -2% to +2% at CER.
- Adjusted operating profit growth: now -2% to +2% at CER.
- Free cash flow outlook (2026): improved to DKK 60–70bn.
- What changed: improved expectations for GLP-1 product sales (notably IO growth), while still assuming U.S. sales decline and lower realized prices from market-access investments (including MFN impacts).
- Risk framing: guidance is still centered on pricing/mix headwinds and assumptions about U.S. and IO trajectory.
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$65.88
56.2% upside
Current Fair Value
56.2% upsideUndervalued by 56.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $186.73 Billion |
|---|---|
| Enterprise Value | $302.84 Billion |
| Annual dividend | $1.16 |
| Dividend yield | 4.40% |
| Earnings per Share | $23.06 |
| Beta | 0.35 |
| Outstanding Shares | 4,428,059,000 |
Return
| Return on Equity | 52.62% |
|---|---|
| Return on Assets | 19.57% |
| Return on Invested Capital | 40.14% |
Valuation & Multiples
| P/E Ratio | 10.15 |
|---|---|
| PEG | -48.78 |
| Price to Sales | 0.57 |
| Price to Book Ratio | 0.86 |
| Enterprise Value to Revenue | 0.92 |
| Enterprise Value to EBIT | 2.12 |
| Enterprise Value to Net Income | 2 |
| Total Debt to Enterprise | 0.53 |
| Debt to Equity | 0.73 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.73
Consensus analyst estimateRevenue Estimate
$11.07 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$0.70
Consensus analyst estimateRevenue Estimate
$11.50 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.07, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0660▼ 112.62% |
|---|---|
| Total Calls | 139,300▼ 99.63% |
| Total Puts | 9,200▼ 99.98% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.67%▼ 6.74% |
|---|---|
| Total Invested | $1.13B▼ 92.81% |
| Investors Holding | 512▼ 944.00% |
About Novo Nordisk
68,794 employees
CEO: Lars Fruergaard Joergensen
Novo Nordisk A/S, along with its affiliated companies, focuses on the discovery, production, and global sale of pharmaceutical goods. Its market presence extends across Europe, the Middle East, Africa, North America, and various Asian te...