Novo Nordisk could run with healthcare stocks as tech sells off, helped by the midterm health trend of the last 20 years. The market seems to be looking for value in health and pharma. Novo's $11.8 billion in free cash flow and major buybacks at these levels should eventually lift its depressed price once investors realize Novo and Eli Lilly can both do well in oral GLP-1s, where Novo leads. Novo might have found a bottom. x.com 

Eli Lilly cannot keep charging 2-4x the price of Novo Nordisk's older weight-loss drugs if Novo aggressively defends market share on price, because Lilly's drugs are only marginally more effective. That makes HSBC's view that weight-loss drug expectations are overinflated look obviously correct. x.com 

Eli Lilly's broader biology opportunity leaves far more upside than most appreciate. Q3 earnings crushed estimates as expected: revenue was $24.4B versus $22.6B expected, and adjusted EPS was $7.48 versus $6.50. GLP-1s fund its longer-term drug-discovery platform rather than defining the whole thesis. x.com 

Novo Nordisk is cheap at about 9x earnings, even assuming zero earnings growth. At 15x its current earnings it would be worth about $61 a share, and at 20x about $82. That $82 level is roughly a return to the 200-week moving average, about 115% upside, so the fundamental rerating and the technical target point to the same area. x.com 

Novo Nordisk is worthwhile even with underwhelming 2030 targets, because the market prices in almost zero growth and it does not need 10% annual growth to pay off. Its goal of revenue growth in line with major pharma peers is realistic and puts growth back on the table, though clearer numbers are needed. Management credibility is a concern after a hot mic at its Capital Markets Day caught someone saying it is almost impossible to provide guidance, per @investseekers. x.com  x.com  x.com  x.com 

Eli Lilly should see further positive revenue revisions as it expands the weight-loss market by reducing gastrointestinal side effects and lowering treatment costs. Strong demand for Mounjaro and Zepbound drove a second FY2026 revenue guidance raise in three months, to $91B-$92B from $85B-$87B. Lilly Direct and the Medicare Bridge program for seniors aim to make treatment cheaper. At 29x 2027 earnings against 15% revenue and 20% EPS growth projected for 2027-30, Lilly still looks cheap. x.com 

Novo Nordisk is an attractive name to own now, undervalued against Eli Lilly while the GLP-1 market grows. Its earnings were excellent yet the stock barely moved, and it announced a new partnership with Amazon. x.com 

Novo Nordisk trades at its lowest valuation ever, about 7x earnings, in the same year it launched one of the most in-demand oral medications in the world. Competition from Eli Lilly is a real headwind, but even if Novo's oral market share fell to 50% it should do fine, and an expected 1-3% earnings drop next year hardly justifies 7x. Novo should still be competing at a similar scale in seven years. x.com  x.com  x.com  x.com  x.com 

Eli Lilly is reasonably valued, not priced for perfection, given its growth and pipeline. @janthecurious1 argues that retatrutide's TRIUMPH-2 tolerability, including 33.6% diarrhea and 11.6% discontinuation at 9 mg, puts Lilly's roughly 28x forward P/E against Novo Nordisk's 12x in question. Novo Nordisk, by contrast, is priced for bankruptcy and needs good news and a return to growth. x.com 

Novo Nordisk is priced as if its story were permanently broken, and it is not. GLP-1 competition, pricing pressure and weaker guidance are fair concerns, but it remains one of the most important healthcare companies in the world, in one of the biggest markets on earth. Along with ServiceNow, it is one of the two names most liked at current levels, and its drawdown looks interesting. x.com