Novo Nordisk is set to release its full-year 2025 earnings on Feb. 4, with a focus on the US launch of the Wegovy pill and competition from Eli Lilly’s oral competitor. The company is also expected to provide guidance for 2026 and discuss potential acquisitions. Morningstar has lowered its fair value estimate for Novo Nordisk to DKK 423 per share based on various factors.

Investors are eager to see how Novo Nordisk will address competition from Eli Lilly’s products and maintain its growth trajectory in the face of patent expirations and pricing pressures. The company’s economic moat rating remains strong due to its focus on diabetes and related diseases, but risks from policy reforms and governance issues persist. Novo’s financial strength is exemplified by its sound balance sheet and strategic investments.

Novo Nordisk faces risks and uncertainties related to price pressure, reliance on the GLP-1 class, and exposure to US policy changes. The company’s Uncertainty Rating remains high, with environmental, social, and governance risks playing a minimal role. Bulls believe Novo’s products have significant sales potential, while bears point to challenges in defending market share and slow uptake of certain products.

Read more at Morningstar: Ahead of Earnings, Is Novo Nordisk Stock a Buy, a Sell, or Fairly Valued?