Re-Recontextualising Novo Nordisk - Not so Cheap Anymore

When I wrote my piece on Novo Nordisk yesterday, I was not expecting their Annual Report to be released the same day along with a 2026 guidance that sent the shares sharply down 14% in a single day.

There were two things that stood out to me on their annual report.

Novo Nordisk now guides a sales decline in 2026 of -5% to -13% and an operating profit decline of -5% to -13% at constant exchange rates. Strengthening of dollar could add additional headwinds here.