Novo Nordisk is a Danish pharmaceutical company. Its focus is diabetes and weight-loss drugs such as insulins, Ozempic and Wegovy, plus treatments for rare blood and hormone disorders. ADRs are traded in the US. As of Oct 11, 2026
According to the company, Novo Nordisk is a global healthcare company based in Denmark that makes and sells medicines. The group reports in the segments obesity and diabetes, and rare diseases. Its range includes active ingredients that activate the GLP-1 receptor for treating obesity and diabetes as well as modern and human insulins for diabetes. In rare diseases, the group mainly offers growth hormones and treatments for hemophilia. For the manufacture, development, marketing and reimbursement of its products, the group depends on government approvals.
Automatically summarized from SEC annual report (20-F, filed Feb 4, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 15, 2026
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
No buy zone
There is currently no buy zone for this symbol under our Elliott rule. One only forms when the price pulls back after a strong rise.
An observation, not investment advice
Rule (4-hour candles) No entry in the zone history yet (recording since Oct 12, 2026). Zone historyThe zone history shows since when a buy zone has applied, when it was adjusted and when the price touched or left it. Recording began on Oct 12, 2026, only runs forward and fills nothing in – older zones are marked “known at start of recording” or “already existing when added”.Example: New buy zone on Oct 14, no adjustment since → “zone valid since Oct 14, 2026 · unchanged since”.More in the Academy: Lesson buy zone and Fibonacci
Weekly candles (1W) Zone known when recording started (recording since Oct 12, 2026) · Setup confirmed on Aug 3, 2026 · last changed in the Week from Oct 5, 2026 Zone historyThe zone history shows since when a buy zone has applied, when it was adjusted and when the price touched or left it. Recording began on Oct 12, 2026, only runs forward and fills nothing in – older zones are marked “known at start of recording” or “already existing when added”.Example: New buy zone on Oct 14, no adjustment since → “zone valid since Oct 14, 2026 · unchanged since”.More in the Academy: Lesson buy zone and Fibonacci
Watcher Full history: every change of the buy zone with its date.
Timeframe 1 week · As of Oct 23, 2026 · display only, the rule works on 4-hour candles
Elliott count: Flat (running), Corrective pattern (upward), C complete (2 of 3 guidelines) · B = 151% of A; C = 99% of A
Comparison: The rule treats the last rise as the possible start of an upward impulse (without checking its history and structure). The Elliott count reads it as the end of an upward correction (C).
Alternative (not drawn): Impulse, Impulse pattern (upward), Wave 2 in progress (1 of 3 guidelines)
Note: Running flat: rare, only in strong trends.
Note: Structure ambiguous: leg A, C can also be read as three- or five-part.
Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.
Automated analysis (rule-based): the rule calculates waves and Fibonacci levels from the completed weekly candles; the chart is recalculated every day. Not investment advice. On this timeframe the chart only shows the rule setup (swing detection 2 × ATR) – the rule itself works on 4-hour candles. Axis and values: distance from the top of the buy zone in %, no prices. Fibonacci measured logarithmically (weekly candles).
On phones the drawing toolbar is hidden – drawing works better on a desktop.
Timeframe 1 day · As of Oct 27, 2026 · display only, the rule works on 4-hour candles
Elliott count: Zigzag (A-B-C), Corrective pattern (downward), C complete (2 of 2 guidelines) · B = 59% of A; C = 140% of A
provisional count The inner sub-waves cannot be seen on this timeframe – the hard Elliott rules are met, the internal structure remains open. Provisional – check the count yourself on the chart.
Alternative (not drawn): Impulse, Impulse pattern (downward), Wave 4 in progress (2 of 4 guidelines)
Note: Structure open: leg A cannot be broken down into sub-waves on this timeframe – provisional, check the count yourself on the chart.
Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.
No buy zone of the rule on this timeframe – the chart shows only the Elliott count from the completed daily candles (recalculated every day). Not a recommendation, not investment advice. Without a buy zone there is no reference for percentages – so no value axis and no prices; measurements are ratios of wave lengths.
Timeframe 4 hours · As of Oct 27, 2026
Elliott count: Zigzag (A-B-C), Corrective pattern (downward), C complete (2 of 2 guidelines) · B = 59% of A; C = 140% of A
Alternative (not drawn): Impulse, Impulse pattern (downward), Wave 4 in progress (2 of 4 guidelines)
Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.
No buy zone of the rule on this timeframe – the chart shows only the Elliott count from the completed 4-hour candles (recalculated every hour). Not a recommendation, not investment advice. Without a buy zone there is no reference for percentages – so no value axis and no prices; measurements are ratios of wave lengths.
Timeframe 1 hour · As of Oct 27, 2026 · display only, the rule works on 4-hour candles
Elliott count: Flat (type known only after C), Corrective pattern (downward), C in progress (3 of 3 guidelines) · B = 107% of A; C = 93% of A
Comparison: The rule treats the last rise as the possible start of an upward impulse (without checking its history and structure). The Elliott count reads it as countermove B in a correction.
Alternative (not drawn): Combination (W-X-Y), Corrective pattern (upward), Y complete (3 of 3 guidelines)
Note: Flat type (regular, expanded, running) can only be decided once C is complete.
Note: Structure ambiguous: leg B can also be read as three- or five-part.
Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.
Automated analysis (rule-based): the rule calculates waves and Fibonacci levels from the completed hourly candles; the chart is recalculated every hour. Not investment advice. On this timeframe the chart only shows the rule setup (swing detection 4 × ATR) – the rule itself works on 4-hour candles. Axis and values: distance from the top of the buy zone in %, no prices.
On phones the drawing toolbar is hidden – drawing works better on a desktop.
Timeframe 1 week · As of Oct 23, 2026 · from the Elliott count in the analysis chart
Weighting Main scenario: ahead (2 of 3 guidelines, medium) · Alternative: behind (1 of 3, weak) Guidelines (strength of the count)Guidelines are typical features of a count, such as usual Fibonacci lengths or a change in the form of correction. Strong means: at least three quarters met, medium: at least half, otherwise weak. Even a strong count can flip.Example: 3 of 3 guidelines → strong; 2 of 4 → medium; 1 of 3 → weak.More in the Academy: Lesson wave degrees
Weighting by guidelines met – not a probability.
As long as the weekly close stays below the end of C, this applies: flat countermove upward in three waves (Flat, running), C complete – count points to falling prices.
Invalid if the weekly close is above the end of C (+27.6% from the top of the zone)
If that breaks, the alternative moves to the front: Upward move in five waves (Impulse) – count points to rising prices, as long as the weekly close stays above the start of wave 1.
Invalid if the weekly close is below the start of wave 1 (−14.0% from the top of the zone)
Timeframe 1 day · As of Oct 27, 2026 · from the Elliott count in the analysis chart
Weighting Main scenario: ahead (2 of 2 guidelines, strong) · Alternative: behind (2 of 4, medium) Guidelines (strength of the count)Guidelines are typical features of a count, such as usual Fibonacci lengths or a change in the form of correction. Strong means: at least three quarters met, medium: at least half, otherwise weak. Even a strong count can flip.Example: 3 of 3 guidelines → strong; 2 of 4 → medium; 1 of 3 → weak.More in the Academy: Lesson wave degrees
Weighting by guidelines met – not a probability.
provisional count The inner sub-waves cannot be seen on this timeframe – the hard Elliott rules are met, the internal structure remains open. Provisional – check the count yourself on the chart. No visible sub-waves in: A.
As long as the daily close stays above the end of C, this applies: sharp countermove downward in three waves (Zigzag A-B-C), C complete – count points to rising prices.
Invalid if the daily close is below the end of C
If that breaks, the alternative moves to the front: Downward move in five waves (Impulse) – count points to falling prices, as long as the daily close stays below the end of wave 1.
Invalid if the daily close is above the end of wave 1
Timeframe 4 hours · As of Oct 27, 2026 · from the Elliott count in the analysis chart
Weighting Main scenario: ahead (2 of 2 guidelines, strong) · Alternative: behind (2 of 4, medium) Guidelines (strength of the count)Guidelines are typical features of a count, such as usual Fibonacci lengths or a change in the form of correction. Strong means: at least three quarters met, medium: at least half, otherwise weak. Even a strong count can flip.Example: 3 of 3 guidelines → strong; 2 of 4 → medium; 1 of 3 → weak.More in the Academy: Lesson wave degrees
Weighting by guidelines met – not a probability.
As long as the 4-hour close stays above the end of C, this applies: sharp countermove downward in three waves (Zigzag A-B-C), C complete – count points to rising prices.
Invalid if the 4-hour close is below the end of C
If that breaks, the alternative moves to the front: Downward move in five waves (Impulse) – count points to falling prices, as long as the 4-hour close stays below the end of wave 1.
Invalid if the 4-hour close is above the end of wave 1
Timeframe 1 hour · As of Oct 27, 2026 · from the Elliott count in the analysis chart
Weighting Main scenario and alternative: level (3 of 3 guidelines each, strong) – the simpler or clearer pattern counts as the main scenario. Guidelines (strength of the count)Guidelines are typical features of a count, such as usual Fibonacci lengths or a change in the form of correction. Strong means: at least three quarters met, medium: at least half, otherwise weak. Even a strong count can flip.Example: 3 of 3 guidelines → strong; 2 of 4 → medium; 1 of 3 → weak.More in the Academy: Lesson wave degrees
Weighting by guidelines met – not a probability.
As long as the hourly close stays below the end of B, this applies: flat countermove downward in three waves (Flat, type known only after C), C in progress – count points to falling prices.
Invalid if the hourly close is above the end of B (+2.2% from the top of the zone)
If that breaks, the second reading no longer applies either: complex countermove upward (Combination W-X-Y), Y complete – then there is no valid count for now; the next candles will produce a new one.
Invalid if the hourly close is above the end of Y (+2.2% from the top of the zone)
Novo Nordisk (ADR) · amounts in DKK
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 4, 2026.
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
81.0% Fiscal year 2025
No rank: too few peers or not computed yet.
Share of revenue left after the direct cost of the products sold.
41.3% Fiscal year 2025
No rank: too few peers or not computed yet.
Operating income divided by revenue: what the core business earns before interest and taxes.
33.1% Fiscal year 2025
No rank: too few peers or not computed yet.
Profit after all costs, interest and taxes divided by revenue.
52.8% Fiscal year 2025
No rank: too few peers or not computed yet.
Net income divided by equity at fiscal year end.
18.9% Fiscal year 2025 (total assets at year end)
No rank: too few peers or not computed yet.
Net income divided by total assets at fiscal year end.
35.7% Fiscal year 2025
No rank: too few peers or not computed yet.
Equity as a share of total assets. Usually low for banks.
19.1% Fiscal year 2025
No rank: too few peers or not computed yet.
Free cash flow divided by revenue.
59.0B DKK Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
+20.4% per year
No rank: too few peers or not computed yet.
Average growth per year over 3 fiscal years.
+19.5% per year
No rank: too few peers or not computed yet.
Average growth per year over 5 fiscal years.
−2.0% per year
No rank: too few peers or not computed yet.
Growth of earnings per share per year, adjusted for stock splits.
+5.0% per year
No rank: too few peers or not computed yet.
Growth of earnings per share per year, adjusted for stock splits.
5 of 9 Fiscal year 2025
No rank: too few peers or not computed yet.
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
0.67 at fiscal year end
No rank: too few peers or not computed yet.
Long-term financial debt divided by equity.
0.80 at fiscal year end
No rank: too few peers or not computed yet.
Current assets divided by current liabilities.
+90.4% in 5 years
No rank: too few peers or not computed yet.
Change in diluted share count. Negative = share buybacks, positive = new shares.
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
20-F filer (foreign company): amounts in the reporting currency, no price-based criteria.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
No reported values for “Dividend per share” in this interval.
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 309.1B DKK · Net income 102.4B DKK · Net margin 33.1%
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Of 100 DKK of revenue, 81.0 DKK gross profit, 41.3 DKK operating income and 33.1 DKK net income remained.
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 309.1B DKK | 100.0% |
| Gross profit | 250.3B DKK | 81.0% |
| Cost of revenue | 58.8B DKK | 19.0% |
| Operating income | 127.7B DKK | 41.3% |
| Research & development | 52.0B DKK | 16.8% |
| Other operating expenses | 70.6B DKK | 22.8% |
| Net income | 102.4B DKK | 33.1% |
| Taxes, interest & other | 25.2B DKK | 8.2% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
The operating margin fell in 5 years from 42.6% to 41.3%.
Gross marginOperating marginNet marginReturn on equity fell in 5 years from 66.5% to 52.8%.
Return on equityReturn on assetsThe equity ratio fell in 5 years from 43.7% to 35.7%.
EquityLong-term debt in DKK Long-term debt, depending on the filing, includes the current portion or leases.The current ratio fell in 5 years from 0.94 to 0.80.
Current ratioFree cash flow rose in 5 years from 46.1B DKK to 59.0B DKK.
Operating cash flowCapital expenditureFree cash flow in DKKThe share count rose in 5 years by 90.4% – more new shares were issued than repurchased (dilution).
Average share countFrom annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
20-F filer or other currency: earnings per share and share count do not reliably match the price of the US listing (ADR) – so there is no price-based valuation here.
Each light follows a simple, disclosed rule. This symbol has no sector assignment – lights with a sector comparison stay gray or use only the basic rule.
+19.5% per year, last 5 years
What does this mean? Revenue: over 5 years it grew by 19.5% per year on average. Comparable values for a sector comparison are missing.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
+19.4% per year, last 5 years
per share: +5.0% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 19.4% per year on average. Comparable values for a sector comparison are missing.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
33.1% last fiscal year
What does this mean? Of every 100 DKK in revenue, 33.14 DKK remained as profit. Comparable values for a sector comparison are missing.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
0.67 latest balance sheet
What does this mean? For every 1 DKK of equity there is 0.67 DKK of financial debt. Without a sector comparison this is hard to put into context.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
– Dividend / earnings per share
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
7 of 7 fiscal years with a profit
What does this mean? In 7 of the last 7 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 309.1B | 102.4B | 33.1% | 23.03 | – | – |
| 2024 | Dec 31, 2024 | 290.4B | 101.0B | 34.8% | 22.63 | – | – |
| 2023 | Dec 31, 2023 | 232.3B | 83.7B | 36.0% | 18.62 | – | – |
| 2022 | Dec 31, 2022 | 177.0B | 55.5B | 31.4% | 24.44 | – | – |
| 2021 | Dec 31, 2021 | 140.8B | 47.8B | 33.9% | 20.74 | – | – |
| 2020 | Dec 31, 2020 | 126.9B | 42.1B | 33.2% | 18.01 | – | – |
| 2019 | Dec 31, 2019 | 122.0B | 39.0B | 31.9% | 16.38 | – | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
In the last 12 months, insiders of this stock have not acquired or disposed of shares on the market (SEC Form 4).
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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