Novo Nordisk reported 18% sales growth and 40% operating profit growth in Q2. However, they lowered 2025 growth guidance for sales and operating profit. The incoming CEO will focus on diabetes and obesity. Market share for GLP-1 therapies is declining due to competition and compounders. Fair value estimate is DKK 458/USD 71, reflecting potential headwinds and tailwinds.

Wegovy’s exclusive position on the CVS national formulary is boosting sales. Launch of oral semaglutide in 2026 could help combat compounded versions. Approval of semaglutide for liver disease and Alzheimer’s data could boost sales potential. Global GLP-1 market expected to reach $200 billion by 2031. Novo Nordisk facing challenges but undervalued shares may see growth.

Read more at Morningstar: CVS Deal, Oral Semaglutide Support Growth Despite Compounding Uncertainty