Novo's shares have fallen more than 60% after losing GLP-1 market share to Eli Lilly, and the stock trades at 11.8x forward earnings versus an 18.6x average for healthcare stocks. The article cites clinical setbacks, including CagriSema missing a 25% mean weight-loss target and losing a head-to-head trial to Zepbound, plus a failed Phase 3 study of ziltivekimab. Second-quarter net sales rose 2% to 78.5 billion Danish kroner, and adjusted earnings per share rose 5% to 6.18 DKK. Oral Wegovy has helped widen the market, and the pipeline includes zenagamtide, which showed up to 24.3% mean weight loss over 36 weeks in an early study. The author concludes Novo is not a once-in-a-decade buy, though it could deliver solid returns over the medium term.
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