# Novo Nordisk A/S reported Q1 '26 headline growth, but adjusted EPS and revenue declined due to a one-off US 340B benefit exclusion.

*biotech · news · 2026-05-06 · Seeking Alpha*

## Key points

- Novo Nordisk's Q1 '26 adjusted EPS and revenue declined due to a one-off US 340B benefit exclusion.
- Despite robust GLP-1 franchise volume growth, the company faces enduring U.S. pricing pressure and margin compression.
- Novo Nordisk trades at a 25% discount to sector median P/E and over 50% below historical EV multiples.
- FY26 guidance is cautious, reflecting current margin pressures despite dominance in obesity and diabetes therapeutics.

**Companies:** Novo Nordisk A/S
**Countries:** United States

[Read the full story on Seeking Alpha](https://seekingalpha.com/article/4899482-novo-nordisk-misread-q1-earnings-mispriced-stock)

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