NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
REGN
Regeneron Pharmaceuticals, Inc.
REGN has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
REGN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Healthy | |
| Strong |
REGN's revenue, profitability, cash flow and balance sheet are all currently healthy.
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 REGN in the historical PE scenario, which offers more potential upside but is not a forecast.
REGN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $951 | — |
| Cheap | 13x | $589 | -38% |
| Fair | 18x | $822 | -14% |
| Current | 21x | $951 | — |
| Expensive | 25x | $1,135 | +19% |
Historical ranges are pointers, not guarantees.
REGN's PE is in its expensive range at 21x. If earnings grow as analysts expect, today's price would be 12x next year's earnings, in its cheap range.
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.
REGN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
REGN has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
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 REGN on earnings, with stronger typical year-over-year growth.
REGN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $79.95 | +77% |
| Q3 2026 | $45.21 | +8.1% |
| Q2 2026 | $40.38 | +1.6% |
| Q1 2026 | $40.96 | +4.1% |
| Q4 2025 | $41.48 | +8.2% |
| Q3 2025 | $41.82 | +3.4% |
| Q2 2025 | $39.74 | +5.2% |
| Q1 2025 | $39.34 | +16% |
| Q4 2024 | $38.34 | +10% |
REGN's earnings per share have fallen from their peak: $45.21 over the past year, against $71.97 in late 2021.
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 REGN on sales, with stronger typical year-over-year growth.
| 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's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
REGN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.1B | +36% |
| Q2 2026 | $4.3B | +17% |
| Q1 2026 | $3.6B | +19% |
| Q4 2025 | $3.9B | +2.5% |
| Q3 2025 | $3.8B | +0.9% |
| Q2 2025 | $3.7B | +3.6% |
| Q1 2025 | $3B | -3.7% |
| Q4 2024 | $3.8B | +10% |
REGN's revenue has grown year over year for six quarters in a row: $5.1B last quarter, up 36% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +13 points |
| Q2 2026 | 30% | +0.8 points |
| Q1 2026 | 18% | -1.7 points |
| Q4 2025 | 23% | -3.5 points |
| Q3 2025 | 27% | -4.3 points |
| Q2 2025 | 29% | -0.8 points |
| Q1 2025 | 20% | -4.4 points |
| Q4 2024 | 26% | -2.2 points |
REGN has the edge over NVO on profitability, with a higher operating margin.
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.
REGN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.5B | +4.6% |
| Q2 2026 | $572.8M | -38% |
| Q1 2026 | $848.3M | +4% |
| Q4 2025 | $922M | -13% |
| Q3 2025 | $1.4B | +35% |
| Q2 2025 | $925.4M | +433% |
| Q1 2025 | $815.8M | -41% |
| Q4 2024 | $1.1B | +27% |
REGN still generates free cash flow, though less than at its 2021 peak: $3.8B over 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.
REGN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -400K shares |
| 1 year | -1.5% | -1.6M shares |
| 3 years | -6.9% | -7.8M shares |
| 5 years | -7.3% | -8.3M shares |
| Available history | -7.9% | -9M shares |
REGN has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $399.7M |
| Q2 2026 | $1.2B |
| Q1 2026 | $794.3M |
| Q4 2025 | $671.7M |
| Q3 2025 | $664M |
| Q2 2025 | $1.1B |
| Q1 2025 | $1B |
| Q4 2024 | $973M |
REGN spent $3B buying back its own shares over the past year, down 19% from the year before.
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).
REGN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.1x | Net Cash |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.3x | Net Cash |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | -0.0x | Very low |
| Q1 2025 | -0.3x | Net Cash |
| Q4 2024 | -0.1x | Net Cash |
REGN has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
REGN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.3 | Neutral |
| Stochastic | 83.3 | Overbought |
REGN's weekly RSI is 69 (neutral) and its Stochastic is 83 (overbought).
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 REGN on valuation relative to its sector.
REGN PE vs Healthcare Sector
| Metric | REGN | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 26x | 19% below |
| PE % | 70 | 29 | 41 pts above |
REGN is trading at 21x earnings, a 19% discount to the Healthcare sector's median of 26x.
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.
REGN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $831.1 | 14% above |
| 20 week MA | $783.7 | 21% above |
| 50 week MA | $749.7 | 27% above |
| 100 week MA | $681.9 | 39% above |
| 200 week MA | $782.7 | 22% above |
REGN has the edge over NVO on trend strength, trading above more of its moving averages.
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.
REGN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $373.3 | $488.9 | +31% |
| 2021 | $488.9 | $625.4 | +28% |
| 2022 | $625.4 | $726.7 | +16% |
| 2023 | $726.7 | $878.3 | +21% |
| 2024 | $878.3 | $712.4 | -19% |
| 2025 | $712.4 | $785.0 | +10% |
| 2026 YTD | $785.0 | $951.2 | +21% |
REGN has the edge over NVO on returns for 2026, with the stronger performance.