What investors are saying about Novo Nordisk A/S (NVO)

Summary

In the past 30 days, 2 people on 2 investor and market shows discussed Novo Nordisk A/S (NVO) in 5 views. Going by each speaker's latest call, 2 are bullish. Chorus has followed Novo Nordisk A/S since October 20, 2026.

Who talks about it most

• Hari Ramachandra · 4
• Tim Seymour · 1

The latest views

Newest first. Every quote is checked against the episode's transcript.

• Hari Ramachandra · SalesforceBearish

  Semaglutide generics abroad and Medicare negotiated prices will pressure Novo's margins in the near term.

  Medicare negotiated prices take effect next year and may squeeze margins. Semaglutide patents have expired in India, China, Canada, Brazil and other countries, so generics are expected soon, adding another near-term margin headwind. Ramachandra treats these as the near-term risks that the market is pricing in alongside Lilly's share gains.

  “they all expired in India, China, Canada, [Brazil], and other countries. So you can expect that generics will show up soon.”at 7:08

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Hari Ramachandra · SalesforceBullish

  Novo's amycretin and oral obesity pipeline could drive large upside if it succeeds, which the price ignores.

  Novo's oral obesity pill is already picking up sales, with an annualized run-rate estimate near $2 billion. Its next-generation drug amycretin is in phase three and could launch by 2028. Ramachandra argues the market prices Novo as a permanent number-two player, so success with amycretin or other drugs would change the valuation and drive returns of roughly 18-22%. He admits that figure is hard to model and says this is not a double-next-year pitch.

  “I'll be watching out for that because that will change the equation. If it is successful, that upside is not at all baked in.”at 10:58

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Hari Ramachandra · SalesforceBearish

  Eli Lilly's tirzepatide has the efficacy edge and about 60% share, so Novo faces real share risk.

  Lilly's tirzepatide works better for weight loss than Novo's drugs, including the next-generation Kagrisema, and Lilly now holds about 60% of the market while Novo is a close second. Novo is positioning itself as the cheaper alternative with slightly lower efficacy, and it ignored the approach Lilly took. Ramachandra thinks the market is big enough and patients respond differently to each drug, so the market is not winner-take-all. Still, he calls Lilly's edge a real risk that investors must factor in.

  “Eli has definitely an edge over them, and they have 60% market share today.”at 15:13

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Hari Ramachandra · SalesforceBullish

  Novo's bad news is priced in at about 12x forward earnings, so base-case returns are a modest 8-10%.

  Novo trades about 40% below its 52-week high at roughly 12x forward earnings, versus about 24x for Eli Lilly, and only Pfizer is in a similar range. The market prices Novo as a mediocre company that stays number two in obesity and diabetes and competes on price. Ramachandra's base case is mid-single-digit earnings growth, a 4.5% dividend yield and a 50% payout ratio, giving roughly 8-10% total returns over five years. He flags risks: free cash flow fell below net income last year because of factory capex, so the payout is not fully covered; a new CEO is restructuring; and the 2030-2032 patent cliff looms. He still argues the downside is protected because most bad news is already in the price.

  “So my thesis here is most of the bad news is baked in.”at 21:32

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Tim Seymour · Seymour Asset ManagementBullish

  Novo's obesity drug is essentially as good as Lilly's, yet the data is treated more favorably to Lilly.

  As someone who is long both Novo and Lilly, he is struck by how the data flow is disproportionately positive for Lilly, especially at the upper ranges of weight loss and sustainability. He argues the two drugs are very similar at their core, and Novo currently has a bigger share of the global market. He frames the recent move as sector rotation, with healthcare looking attractive after years of underperformance by some of the largest companies, and sees Novo as undervalued relative to Lilly on that basis.

  “At their core, they're very similar. Frankly, Novo has a bigger market share right now, at least globally.”at 23:43

  CNBC Fast Money: Netflix & SpaceX Report Results… And Next Move For Neoclouds 10/20/26 · October 20, 2026