NOVO NORDISK A S
NVO, NONOF · Pharmaceutical Preparations · EDGAR filings ↗
Grade
A89Dominant, wide-moat GLP-1/diabetes franchise with top-decile returns and cash generation, freshly de-risked by a wave of clean positive Phase 3 obesity and diabetes readouts.
Strengths
- Best-in-class profitability and returns: operating margin 96th pct, net margin 91st, ROIC 99th, ROA 95th, FCF 98th, interest coverage 98th — a scaled franchise with durable pricing power and IP.
- Materially positive clinical slate: multiple confirmatory Phase 3 wins (STEP UP 7.2 mg ~13–19% weight loss p<0.0001, oral semaglutide OASIS, IcoSema superiority over icodec and semaglutide) defend and extend the obesity/diabetes moat.
Risks
- Weak near-term liquidity (current ratio 0.80, 14th pct; quick ratio 0.57, 12th pct) and only mid-pack growth this period (revenue +6.4%, 47th pct; net income +1.4%, 53rd).
- Competitive and binary-pipeline risk: intensifying tirzepatide rivalry, plus a 'mixed' NNC0480-0389 combo that added nothing over semaglutide and several non-efficacy/single-arm bridging readouts that are inconclusive.
Notable findings
- Weak liquidityCurrent ratio 0.80 (<1)
- Strong balance sheetStrong balance sheet — $4.2B cash & investments
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2026-04-21 — PHASE3 · Haemophilia A and B With and Without Inhibitors
Key metrics
Gross margin
81.0%
Operating margin
41.3%
Net margin
33.1%
Return on equity
52.8%
Return on assets
18.9%
ROIC
31.0%
Revenue growth (QoQ)
20.1%
Net-income growth
14.4%
Debt / equity
0.7×
Interest coverage
30.3×
Current ratio
0.8×
Free cash flow
$9.3B
Tangible book value
$27.4B
Cash & investments
$4.2B
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT01511393 ↗ | An Active Surveillance Program for Cases of Medullary Thyroid Carcinoma (MTC) Diabetes, Diabetes Mellitus, Type 2 | — | Enrolling By Invitation | 2039-12-01 |
| NCT06709040 ↗ | A Study to Follow Paediatric Participants With Growth Hormone Deficiency Treated With Somapacitan for Long Term Safety Information and Clinical Parameters Growth Hormone Deficiency, Neoplasms | — | Enrolling By Invitation | 2034-04-14 |
| NCT05718570 ↗ | A Study to Follow Patients With Adult Growth Hormone Deficiency (AGHD) Treated With Sogroya® for Long Term Safety Information Adult Growth Hormone Deficiency | — | Enrolling By Invitation | 2032-12-15 |
| NCT05872022 ↗ | A Study to Evaluate Safety of Exposure to Wegovy During Pregnancy Pregnancy, Obesity | — | Enrolling By Invitation | 2032-10-31 |
| NCT06831734 ↗ | Post-marketing Surveillance (Special Use-results Surveillance) on Treatment With Alhemo Haemophilia A, Haemophilia B | — | Enrolling By Invitation | 2031-01-31 |
| NCT06609226 ↗ | A Research Study Looking at Long-term Treatment With Etavopivat in People With Sickle Cell Disease or Thalassaemia Sickle Cell Disease, Thalassemia | PHASE3 | Recruiting | 2030-12-30 |
| NCT06285071 ↗ | Post-Marketing Surveillance (All Case Surveillance) on Treatment With Alhemo® in Patients With Haemophilia A or Haemophilia B With Inhibitors Haemophilia A, Haemophilia B | — | Enrolling By Invitation | 2030-04-30 |
| NCT07253285 ↗ | A Research Study on How Well Cagrilintide and CagriSema Work in Children and Adolescents With Excess Body Weight Overweight, Obesity | PHASE3 | Recruiting | 2030-03-20 |
| NCT05779475 ↗ | An Observational Study of Patients With Moderate Parkinson's Disease Parkinson Disease | — | Enrolling By Invitation | 2030-03-11 |
| NCT03972345 ↗ | Influence of Adherence to Growth Hormone Therapy (GHT) With Norditropin® on Near Final Height in Patients With Growth Hormone Deficiency (GHD) and Born Small for Gestational Age (SGA) Growth Hormone Deficiency in Children, Born Small for Gestational Age | — | Enrolling By Invitation | 2029-06-30 |
| NCT07207811 ↗ | CLEOPATTRA: A Research Study to Look at the Effects of Treatment With a Medicine Called Coramitug (NNC6019-0001) in People With Heart Failure Due to Transthyretin Amyloid (ATTR) Amyloidosis Transthyretin Amyloid Cardiomyopathy (ATTR CM) | PHASE3 | Recruiting | 2029-06-29 |
| NCT07339423 ↗ | AMAZE 1: A Research Study Investigating How Well the Medicine NNC0487-0111 Helps People With Excess Body Weight Lose Weight Obesity | PHASE3 | Recruiting | 2029-06-26 |
| NCT04822181 ↗ | Research Study on Whether Semaglutide Works in People With Non-alcoholic Steatohepatitis (NASH) Non-alcoholic Steatohepatitis | PHASE3 | Active Not Recruiting | 2029-04-25 |
| NCT06571383 ↗ | STEP TEENS Weight Maintenance: A Research Study on How Well Semaglutide Helps Teenagers With Excess Body Weight to Lose Weight and Maintain Weight Loss Obesity | PHASE4 | Active Not Recruiting | 2028-11-15 |
| NCT07301034 ↗ | A Research Study to Look at the Effect of Ziltivekimab on Plaque in the Blood Vessels of the Heart, Compared to Placebo, in People With a Heart Attack Myocardial Infarction | PHASE3 | Recruiting | 2028-11-14 |
| NCT06780449 ↗ | A Research Study to Look Into the Long-term Effect on Weight Loss of CagriSema in People With Obesity Obesity | PHASE3 | Active Not Recruiting | 2028-08-28 |
| NCT07055607 ↗ | A Two-year Prospective, Observational Study of Wegovy in Real-world Clinical Practice Obesity | — | Enrolling By Invitation | 2028-08-15 |
| NCT07481630 ↗ | A Research Study Investigating How Well the Medicine NNC0487-0111 Helps People With Excess Body Weight and Knee Osteoarthritis Lose Weight and Reduce Pain Obesity, Knee Osteoarthritis (OA) | PHASE3 | Recruiting | 2028-08-14 |
| NCT07509307 ↗ | AMAZE 6: A Research Study Investigating How Well the Medicine NNC0487-0111 Helps People With Excess Body Weight and Knee Osteoarthritis Lose Weight and Reduce Pain Obesity, Overweight | PHASE3 | Recruiting | 2028-08-14 |
| NCT07533175 ↗ | AMAZE 2: A Research Study Investigating How Well the Medicine NNC0487-0111 Helps People With Excess Body Weight and Type 2 Diabetes Lose Weight Diabetes Mellitus, Overweight | PHASE3 | Recruiting | 2028-08-07 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (1)
Suppliers (1)
Named in the 10-K; linked when we track them.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-04 | 2025-12-31 | 0000353278-26-000012 ↗ |
| 20-F | 2025-02-05 | 2024-12-31 | 0001628280-25-003920 ↗ |
| 20-F | 2024-01-31 | 2023-12-31 | 0001628280-24-002635 ↗ |
| 20-F | 2023-02-01 | 2022-12-31 | 0001628280-23-001868 ↗ |
| 20-F | 2022-02-02 | 2021-12-31 | 0001628280-22-001639 ↗ |
| 20-F | 2021-02-03 | 2020-12-31 | 0001628280-21-001364 ↗ |
| 20-F | 2020-02-05 | 2019-12-31 | 0001628280-20-001021 ↗ |
| 20-F | 2019-02-04 | 2018-12-31 | 0001628280-19-000875 ↗ |
| 20-F | 2018-02-08 | 2017-12-31 | 0001628280-18-001266 ↗ |
| 20-F | 2017-02-09 | 2016-12-31 | 0001171843-17-000780 ↗ |
| 20-F | 2016-02-10 | 2015-12-31 | 0001171843-16-007795 ↗ |