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Earnings Analysis

Healthcare

Summary

Novo Nordisk A/S reported Q1 '26 headline growth, but adjusted EPS and revenue declined due to a one-off US 340B benefit exclusion.

The NVO GLP-1 franchise, especially Wegovy, drives robust volume growth, yet U.S. pricing pressure and margin compression persist, reflected in cautious FY26 guidance.

NVO trades at a 25% discount to sector median P/E and over 50% below historical EV multiples, despite dominance in obesity and diabetes therapeutics.

I see an attractive risk-reward for long-term NVO investors, as volume-led growth and margin stabilization could drive earnings recovery beyond 2026.

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Thesis

Novo Nordisk A/S ( NVO ) has just reported a Q1 '26 miss on both EPS and revenue when looking at adjusted figures.…