Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have watched Novo Nordisk for years with the same admiration we reserve for any business that dominates a category so thoroughly it becomes synonymous with the disease it treats. What Coca-Cola did for thirst, Novo has done for diabetes — and now obesity. The stock has fallen 75% from its June 2024 peak of $148, and at $37.52 it trades at roughly 10 times earnings, a valuation we have not seen on this business in over a decade. The question before us is whether the market has correctly identified a permanent impairment of competitive position, or whether it has done what markets periodically do: overreact to a cluster of bad news and hand long-term investors a gift.
Recent filings analysed: 20-F (2026-02-04).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation