ABUS
Arbutus Biopharma Corporation
ABUS has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
ABUS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Unavailable |
ABUS's revenue, profitability and cash flow are currently healthy. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ABUS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 3.6x | $4.03 | — |
| Cheap | 5.2x | $5.83 | +45% |
| Fair | 5.5x | $6.20 | +54% |
| Expensive | 6.3x | $7.07 | +75% |
Historical ranges are pointers, not guarantees.
ABUS has the edge over NVO in the historical PE scenario, which offers more potential upside but is not a forecast.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
ABUS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect ABUS's losses to shrink, with revenue growing.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
ABUS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $1.13 | +$1.36 |
| Q2 2026 | $0.79 | +$1.08 |
| Q1 2026 | $0.83 | +$1.24 |
| Q4 2025 | -$0.17 | +$0.21 |
| Q3 2025 | -$0.23 | +$0.20 |
| Q2 2025 | -$0.29 | +$0.16 |
| Q1 2025 | -$0.41 | +$0.03 |
| Q4 2024 | -$0.38 | +$0.06 |
ABUS has returned to profit: it earned $1.13 per share over the past year, after losing money the year before.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
ABUS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $299K | -43% |
| Q2 2026 | $1M | -91% |
| Q1 2026 | $179.1M | +10055% |
| Q4 2025 | $1.1M | -33% |
| Q3 2025 | $529K | -60% |
| Q2 2025 | $10.7M | +522% |
| Q1 2025 | $1.8M | +15% |
| Q4 2024 | $1.6M | -27% |
ABUS's revenue is growing: $299,000 last quarter, down 43% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -3510% | -1873 points |
| Q2 2026 | -588% | -602 points |
| Q1 2026 | 94% | +1551 points |
| Q4 2025 | -503% | +382 points |
| Q3 2025 | -1637% | -36 points |
| Q2 2025 | 14% | +1264 points |
| Q1 2025 | -1457% | -193 points |
| Q4 2024 | -885% | +82 points |
ABUS's operating margin was −3510% last quarter, down 1873 points from the same quarter a year ago, near the bottom of its range since 2019.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over ABUS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over ABUS on profitability, with a higher operating margin.
ABUS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $239.8M | +$245.6M |
| Q2 2026 | -$6M | +$9.7M |
| Q1 2026 | -$8.1M | +$5.3M |
| Q4 2025 | -$4.7M | +$5.7M |
| Q3 2025 | -$5.8M | +$14.9M |
| Q2 2025 | -$15.7M | -$1.2M |
| Q1 2025 | -$13.4M | +$6M |
| Q4 2024 | -$10.4M | +$6.9M |
ABUS has the edge over NVO on cash flow, with more consistent year-over-year improvement.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
ABUS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.1% | +2.2M shares |
| 1 year | +4.1% | +7.8M shares |
| 3 years | +19% | +32.1M shares |
| 5 years | +106% | +103M shares |
| Available history | +190% | +131M shares |
ABUS has 200M diluted shares, up 4.1% from a year ago.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over ABUS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
ABUS Net Leverage
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
ABUS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 12.4 | Oversold |
ABUS's weekly RSI is 42 (neutral) and its Stochastic is 12 (oversold).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
ABUS PE vs Healthcare Sector
| Metric | ABUS | Sector median | Relative |
|---|---|---|---|
| PE | 3.6x | 26x | 86% below |
| PE % | 0 | 29 | 29 pts below |
ABUS has the edge over NVO on valuation relative to its sector.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
ABUS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.23 | 4.7% below |
| 20 week MA | $4.58 | 12% below |
| 50 week MA | $4.45 | 9.4% below |
| 100 week MA | $4.03 | 0% above |
| 200 week MA | $3.43 | 17% above |
ABUS has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
ABUS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.49 | $3.87 | +55% |
| 2021 | $3.87 | $4.16 | +7.5% |
| 2022 | $4.16 | $2.39 | -43% |
| 2023 | $2.39 | $2.50 | +4.6% |
| 2024 | $2.50 | $3.21 | +28% |
| 2025 | $3.21 | $4.78 | +49% |
| 2026 YTD | $4.78 | $4.03 | -16% |
ABUS has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.