Novo Nordisk（NVO）的股票在2024年6月的历史最高点上达到了148.15美元，这是自2019年以来的五倍增长。然而，此后的股票从其峰值价值下降了60％。

尽管丹麦生物技术巨头的增长和收入势头强劲，但随着竞争的加剧，丹麦生物技术巨头对GLP-1受体激动剂的迅速变化市场的定位进行了审查。

Novo Nordisk (NYSE:NVO) stock hit an all-time high of $148.15 in June 2024, marking a remarkable fivefold surge since 2019. Yet the stock has since plummeted 61% from its peak value.

Novo Nordisk（NYSE：NVO）的股票在2024年6月的历史最高点上达到了148.15美元，这是自2019年以来的惊人五倍增长。然而，此后该股票与其峰值相比下降了61％。

Despite strong growth and earnings momentum, the Danish biotech giant faces scrutiny over its positioning in the rapidly changing market for GLP-1 receptor agonists, as competition intensifies. Still, the company's fundamental strengths, including a solid financial outlook for the year ahead, make it worth a closer look.

尽管丹麦生物技术巨头的增长和收入势头强劲，但随着竞争的加剧，丹麦生物技术巨头对GLP-1受体激动剂的迅速变化市场的定位进行了审查。尽管如此，该公司的基本优势，包括未来一年的坚实财务前景，它值得仔细观察。

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现在在哪里投资1,000美元？我们的分析师团队刚刚透露了他们认为现在要购买的10种最佳股票。继续 ”

Is it time to buy the dip in Novo Nordisk stock? Here's what you need to know.

是时候购买Novo Nordisk股票的蘸酱了吗？这是您需要知道的。

The global market leader in GLP-1 drugs

GLP-1药物的全球市场领导者

With a history dating back more than 100 years, Novo Nordisk has long been a leader in diabetes care. Its breakthrough came with the development of semaglutide, a GLP-1 receptor agonist. That's part of the class of medications that mimic a hormone responsible for regulating blood-sugar levels and stimulating insulin production, and it proved highly effective for managing type 2 diabetes.

随着历史可以追溯到100多年来，Novo Nordisk长期以来一直是糖尿病护理的领导者。它的突破是GLP-1受体激动剂的Semaglutide的发展。这是模仿负责调节血糖水平和刺激胰岛素产生的激素类药物的一部分，并且证明对管理2型糖尿病非常有效。

Following the initial Food and Drug Administration (FDA) approval of Ozempic in 2017, Novo Nordisk found success in expanding the semaglutide platform. This included the 2021 approval of Wegovy as a treatment for obesity, recognized for its transformative and clinically proven weight loss benefits.

在2017年Ozempic批准Ozempic之后，Novo Nordisk在扩展Semaglutide平台方面取得了成功。其中包括2021年Wegovy作为肥胖症治疗的批准，以其变革性和临床证明的减肥益处而认可。

Image source: Getty Images.

图像来源：盖蒂图像。

Novo Nordisk has seen explosive growth, commanding a 63% share (by volume) of the global GLP-1 market, and nearly tripling its patient base to over 12 million in the past three years.

Novo Nordisk的增长爆炸性增长，在全球GLP-1市场中占63％（按数量），在过去三年中，其患者基础几乎将其患者基础提高到超过1200万。

The worldwide demand has also translated into impressive financial trends. In 2024, net revenue reached $42 billion, up 25% year over year and more than double the figure from 2021. Profitability has also been strong, with 2024 earnings per share (EPS) increasing by 22% from the prior year.

全球需求也转化为令人印象深刻的财务趋势。 2024年，净收入达到420亿美元，同比增长了25％，比2021年的数字增加了两倍。盈利能力也很高，每股收益为2024年（EPS）比上一年增长了22％。

An intense competitive landscape

激烈的竞争格局

Now, Novo Nordisk faces the challenge of navigating an increasingly competitive landscape, as emerging alternatives threaten its GLP-1 dominance.

现在，随着新兴的替代方案威胁到其GLP-1优势，Novo Nordisk面临着竞争日益激烈的挑战。

Eli Lilly (NYSE:LLY) is posting faster growth with its GLP-1 platform, including Mounjaro for type 2 diabetes and Zepbound for weight loss. These products have shown superior efficacy based on some benchmarks, outperforming Novo Nordisk's semaglutide. Additionally, Eli Lilly recently reported very encouraging phase 3 results for its experimental GLP-1 agonist, orforglipron, a more convenient oral formulation for weight loss.

Eli Lilly（NYSE：LLY）正在使用其GLP-1平台发布更快的增长，其中包括用于2型糖尿病的Mounjaro和减肥的Zepbough。这些产品基于某些基准表现出卓越的功效，表现优于Novo Nordisk的Semaglutide。此外，Eli Lilly最近报道了其实验性GLP-1激动剂Orforglipron的令人鼓舞的3阶段结果，Orforglipron是一种更方便的口服体重，以减轻体重。

Moreover, companies like Viking Therapeutics are advancing a new platform that combines GLP-1 and gastric inhibitory polypeptide (GIP) agonists. Recent data suggests this combination has the potential for even faster weight loss and fewer side effects.

此外，Viking Therapeutics等公司正在推进一个新平台，该平台结合了GLP-1和胃抑制多肽（GIP）激动剂。最近的数据表明，这种组合具有更快的减肥和更少的副作用的潜力。

The concern is that Novo Nordisk is at risk of losing its dominant market share in the GLP-1 space.

令人担忧的是，Novo Nordisk有失去其在GLP-1领域中占主导地位的市场份额的风险。

Continued growth and an attractive valuation

持续增长和有吸引力的估值

Novo Nordisk plans to defend its leadership position in the GLP-1 market, which experts forecast will reach $150 billion by 2030. It recently expanded its production capacity to meet this growth opportunity, with the approval of Wegovy for sale in China late last year. This opens the door for Novo Nordisk to serve over 100 million patients in the booming local diabetes and obesity market, acting as an important growth driver.

Novo Nordisk的计划捍卫其在GLP-1市场中的领导地位，专家预测到2030年将达到1500亿美元。它最近扩大了其生产能力以实现这一增长机会，并在去年年底在中国批准了Wegovy出售。这为Novo Nordisk的大门打开了大门，为蓬勃发展的当地糖尿病和肥胖市场提供服务，成为重要的增长驱动力。

The company is also advancing an extensive pipeline. This includes new indications for semaglutide; its next-generation weight loss drug CagriSema; and a move to diversify into rare diseases, with several data readouts expected this year.

该公司还正在推进一条广泛的管道。这包括Semaglutide的新指示；它的下一代减肥药cagrisema;并将多元化为罕见疾病多样化，今年预计将有几次数据读数。

In 2025, Novo Nordisk is guiding for annual sales growth between 16% and 24%, while Wall Street analysts project an 18% increase in earnings per share (EPS) from 2024.

2025年，Novo Nordisk指导年度销售增长在16％至24％之间，而华尔街分析师项目的每股收益（EPS）从2024年开始增长18％。

Although the growth trajectory has been reset lower compared to the loftier expectations of the past few years, Novo Nordisk's attraction as an investment now lies in its attractive valuation. Shares are trading at a forward price-to-earnings (P/E) ratio of 14 based on its consensus 2025 EPS, a relative bargain compared to Eli Lilly's forward P/E of around 37:

尽管与过去几年的高度期望相比，增长轨迹的重置较低，但Novo Nordisk作为一项投资的吸引力现在在于其有吸引力的估值。股票根据其共识2025 EPS的远期市盈率（p/e）比率为14，这是相对便宜的，而Eli Lilly的远期P/E则为37左右：

NVO PE Ratio (Forward) data by YCharts.

YCHARTS的NVO PE比（正向）数据。

Time to turn cautiously bullish

是时候谨慎看涨了

I'm cautiously bullish on Novo Nordisk stock, as the sell-off this year seems overdone. The company's potential to deliver better-than-expected results in the coming quarters could reaffirm its growth potential and spark a sharp rebound in the stock.

我对Novo Nordisk股票的看法谨慎，因为今年的抛售似乎过度了。该公司在未来几个季度提供超过预期的结果的潜力可能会重申其增长潜力，并在股票中产生急剧的反弹。