HRMY
Harmony Biosciences Holdings, Inc.
HRMY has the edge over NVO overall, supported by stronger valuation and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
HRMY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
HRMY's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
HRMY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.7x | $33.80 | — |
| Cheap | 11x | $33.44 | -1.1% |
| Current | 11x | $33.80 | — |
| Fair | 13x | $39.95 | +18% |
| Expensive | 22x | $66.11 | +96% |
Historical ranges are pointers, not guarantees.
HRMY's PE is in its cheap range at 11x. If earnings grow as analysts expect, today's price would be 8.7x next year's earnings.
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 has the edge over HRMY in the historical PE scenario, which offers more potential upside but is not a forecast.
HRMY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
HRMY has the edge over NVO on the outlook, with more favorable earnings expectations.
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.
HRMY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.90 | +29% |
| Q3 2026 | $3.02 | -5% |
| Q2 2026 | $3.08 | -0.6% |
| Q1 2026 | $2.48 | -5.3% |
| Q4 2025 | $2.71 | +8% |
| Q3 2025 | $3.18 | +50% |
| Q2 2025 | $3.10 | +58% |
| Q1 2025 | $2.62 | +13% |
| Q4 2024 | $2.51 | +18% |
HRMY earned $3.02 per share over the past year, down 5% from 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 has the edge over HRMY on earnings, with more consistent year-over-year improvement.
HRMY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $268.9M | +12% |
| Q2 2026 | $261.3M | +30% |
| Q1 2026 | $215.4M | +17% |
| Q4 2025 | $243.8M | +21% |
| Q3 2025 | $239.5M | +29% |
| Q2 2025 | $200.5M | +16% |
| Q1 2025 | $184.7M | +19% |
| Q4 2024 | $201.3M | +20% |
HRMY has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -7.2 points |
| Q2 2026 | 34% | +10 points |
| Q1 2026 | 17% | -13 points |
| Q4 2025 | 16% | -12 points |
| Q3 2025 | 27% | -5.8 points |
| Q2 2025 | 24% | +12 points |
| Q1 2025 | 30% | -3.2 points |
| Q4 2024 | 28% | +3.8 points |
HRMY's operating margin was 20% last quarter, down 7.2 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's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| 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 HRMY on profitability, with a higher operating margin.
HRMY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | $126M | +68% |
| Q3 2025 | $108.7M | +54% |
| Q2 2025 | $79.3M | +89% |
| Q1 2025 | $33.9M | +8.7% |
| Q4 2024 | $75M | -2% |
| Q3 2024 | $70.5M | +12% |
| Q4 2023 | $76.6M | +187% |
| Q3 2023 | $63.1M | +14% |
HRMY has the stronger cash trend. Its trailing FCF is up 128% versus its history, compared with NVO at down 14%.
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.
HRMY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.6% | +924K shares |
| 1 year | +1.6% | +961K shares |
| 3 years | -1.7% | -1M shares |
| 5 years | +3.4% | +2M shares |
| Available history | +8% | +4.4M shares |
HRMY has 60M diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | $50M |
| Q4 2020 | — |
| Q2 2020 | $167,000 |
| Q1 2020 | — |
| Q4 2019 | — |
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 HRMY 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.
HRMY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | -1.9x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q1 2025 | -1.4x | Net Cash |
| Q4 2024 | -1.3x | Net Cash |
| Q3 2024 | -1.0x | Net Cash |
| Q2 2024 | -0.7x | Net Cash |
| Q1 2024 | -0.6x | Net Cash |
| Q4 2023 | -0.6x | Net Cash |
HRMY 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).
HRMY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.6 | Neutral |
| Stochastic | 23.6 | Neutral |
HRMY's weekly RSI is 44 (neutral) and its Stochastic is 24 (neutral).
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).
HRMY PE vs Healthcare Sector
| Metric | HRMY | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 26x | 57% below |
| PE % | 18 | 32 | 14 pts below |
HRMY is trading at 11x earnings, a 57% discount to the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over HRMY on valuation relative to its sector.
HRMY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.6 | 10% below |
| 20 week MA | $38.0 | 11% below |
| 50 week MA | $35.0 | 3.4% below |
| 100 week MA | $34.2 | 1.2% below |
| 200 week MA | $34.0 | 0.7% below |
HRMY is in a downtrend: it's below all five of its weekly moving averages, and 0.7% 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 HRMY on trend strength, trading above more of its moving averages.
HRMY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.0 | $36.5 | +1.3% |
| 2021 | $36.5 | $43.9 | +20% |
| 2022 | $43.9 | $56.7 | +29% |
| 2023 | $56.7 | $32.3 | -43% |
| 2024 | $32.3 | $34.2 | +5.9% |
| 2025 | $34.2 | $38.1 | +11% |
| 2026 YTD | $38.1 | $33.8 | -11% |
HRMY 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.