Novo Nordisk S/A (NYSE:NVO)'s investment story has changed dramatically. The stock has declined by over 25% since the start of 2026. The selloff has changed the stock's valuation. Yahoo Finance's latest data puts Novo Nordisk at 11.83 times forward earnings, compared with 13.33 in September 2025. That makes Novo look considerably less demanding than it did when investors were pricing in years of uninterrupted obesity-drug growth. But the lower valuation is not happening without reason. Novo Nordisk S/A (NYSE:NVO) is facing stronger competition from Eli Lilly, pricing pressure in the U.S., slower-than-expected momentum from its new Wegovy pill, and questions about whether its next generation of obesity medicines can close the efficacy gap.
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