Novo Nordisk Q2 2026: Better numbers, but the market is still worried
Novo Nordisk Q2 2026: Better numbers, but the market is still worried
Novo Nordisk just reported Q2, and I think the reaction is more interesting than the headline numbers.
Adjusted operating profit came in at DKK 33.4B, up 11% YoY, and management raised its 2026 outlook. Adjusted sales and operating profit growth are now expected to be between 0% and -6% at constant exchange rates.
So why did the stock still struggle?
The market seems much more focused on what happens after the current semaglutide franchise.
Oral Wegovy generated DKK 3.22B in sales. That's strong for a relatively new launch, but slightly below expectations.
More importantly, competition with Eli Lilly remains intense. CagriSema has also failed to establish the clear advantage over tirzepatide that investors once hoped for.
To me, that creates an interesting valuation question:
How much of Novo's current valuation reflects temporary problems and how much reflects a genuine deterioration in its long-term competitive position?
I went through the Q2 numbers, growth assumptions, risks and valuation in my latest analysis:
Curious what others think: Is Novo becoming attractive at these levels, or does Lilly's momentum justify the discount?
AI disclosure: AI was used to assist with editing and structuring this post. The analysis, assumptions and conclusions are my own.