ACIU
AC Immune S.A.
ACIU offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over ACIU overall, supported by stronger fundamentals and lower modeled downside.
ACIU Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Under pressure | |
| Strong |
ACIU's balance sheet is currently strong, but its revenue, profitability and cash flow are under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ACIU PE Valuation
ACIU has no meaningful PE right now: it lost money over the past year.
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.
ACIU Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect ACIU to return to profit, 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.
ACIU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.52 | +$0.08 |
| Q1 2026 | -$0.79 | -$0.16 |
| Q4 2025 | -$0.84 | -$0.23 |
| Q3 2025 | -$0.85 | -$0.35 |
| Q2 2025 | -$0.60 | +$0.18 |
| Q1 2025 | -$0.63 | +$0.11 |
| Q4 2024 | -$0.61 | +$0.17 |
| Q3 2024 | -$0.50 | +$0.48 |
ACIU is still losing money, but far less than before: $0.52 per share over the past year, against $1.23 at its worst in mid-2021.
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 has the edge over ACIU on earnings quality, reporting a profit while its opponent remains loss making.
ACIU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $18.2M | +1057% |
| Q1 2026 | $1.3M | +13% |
| Q4 2025 | $406.9K | -70% |
| Q3 2025 | $1.1M | -96% |
| Q2 2025 | $1.6M | +90% |
| Q4 2024 | $1.4M | -92% |
| Q4 2023 | $17.8M | +1479813% |
| Q4 2020 | $1.1M | +9.8% |
ACIU's revenue is recovering but still below its 2019 peak: $18M last quarter, up 1057% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 7.9% | +1492 points |
| Q1 2026 | -1322% | +635 points |
| Q4 2025 | -4262% | -2625 points |
| Q3 2025 | -1722% | -1750 points |
| Q2 2025 | -1485% | +1567 points |
| Q1 2025 | -1957% | N/A |
| Q4 2024 | -1637% | -1614 points |
| Q3 2024 | 29% | N/A |
ACIU's operating margin was 7.9% last quarter, up 1492 points from the same quarter a year ago.
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 ACIU 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 ACIU on profitability, with a higher operating margin.
ACIU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | +$19.2M |
| Q1 2026 | $0 | +$23.1M |
| Q4 2025 | -$19.9M | -383% |
| Q3 2025 | -$22.1M | -$4.9M |
| Q2 2025 | -$19.2M | -122% |
| Q1 2025 | -$23.1M | -2575% |
| Q4 2024 | $7M | +$26.7M |
| Q3 2024 | -$17.2M | -$881.2K |
ACIU has burned cash in most quarters: −$42M over the past year, against −$53M the year before.
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 has the edge over ACIU on cash generation, producing positive trailing cash flow while its opponent burns cash.
ACIU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.9% | -2M shares |
| 3 years | +17% | +14.5M shares |
| 5 years | +34% | +25M shares |
| Available history | +37% | +26.4M shares |
ACIU has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $6,019 |
| Q4 2024 | — |
| Q3 2024 | — |
ACIU hasn't bought back shares in the past year.
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 4.4B diluted shares, about the same as a year ago.
| 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.
ACIU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2019 | -4.3x | Net Cash |
| Q3 2019 | -4.3x | Net Cash |
ACIU has more cash than debt.
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).
ACIU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.0 | Neutral |
| Stochastic | 18.0 | Oversold |
ACIU's weekly RSI is 40 (neutral) and its Stochastic is 18 (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).
ACIU PE vs Healthcare Sector
| Metric | ACIU | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
ACIU has no meaningful PE right now: it lost money over the past year.
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.
ACIU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.39 | 10% below |
| 20 week MA | $2.47 | 13% below |
| 50 week MA | $2.74 | 22% below |
| 100 week MA | $2.57 | 17% below |
| 200 week MA | $2.81 | 24% below |
ACIU is in a downtrend: it's below all five of its weekly moving averages, and 24% below its 200-week average.
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 the edge over ACIU on trend strength, trading above more of its moving averages.
ACIU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.39 | $5.51 | -34% |
| 2021 | $5.51 | $5.39 | -2.2% |
| 2022 | $5.39 | $1.75 | -68% |
| 2023 | $1.75 | $5.00 | +186% |
| 2024 | $5.00 | $2.73 | -45% |
| 2025 | $2.73 | $3.13 | +15% |
| 2026 YTD | $3.13 | $2.14 | -32% |
ACIU's yearly returns have swung widely, from +186% in 2023 to −68% in 2022. It's down 32% so far in 2026.
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 the edge over ACIU on returns for 2026, with the stronger performance.