Novo Nordisk is NOT cheap and NOT a buy right now.

GLP-1 was supposed to drive growth but market share is slipping in favor of competition. Growth guidance was cut three times and there are no near-term catalysts nor clarity on what the future will be like.

From today’s earnings.

The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk's GLP-1 treatments within diabetes and obesity.

Lower growth → lower cash generation → lower multiples.

This is how the market works. Comparing today's valuation to the last two years' is like comparing apples to bananas. Conditions changed.

Novo is a fantastic company. Just not a great stock, yet. There are no reasons to rush any purchase, better be patient. It’s time will come.