Novo Nordisk (NVO) Could Be 63% Undervalued Following Its Share Buyback

What happened: Novo Nordisk ($NVO) launched a DKK 15b share repurchase programme, committing up to DKK 11.2b to B shares through early 2027 and already retiring tens of millions of shares. Key numbers: DKK 15b buyback; up to DKK 11.2b for B shares through early 2027; share price US$38.06; 30-day return down 11.63%; year-to-date return down Why it matters: The buyback comes as the share price has fallen sharply and earnings growth has slowed. The most followed narrative sees the stock as undervalued, but GLP-1 competition and regulatory risk could erode pricing power or delay approvals.

Novo Nordisk ($NVO) launched a DKK 15b share repurchase programme, committing up to DKK 11.2b to B shares through early 2027 and already retiring tens of millions of shares.

The buyback comes as the share price has fallen sharply and earnings growth has slowed. The most followed narrative sees the stock as undervalued, but GLP-1 competition and regulatory risk could erode pricing power or delay approvals.