Comprehensive Stock Comparison
Compare Novo Nordisk A/S (NVO) vs Biogen Inc. (BIIB) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | NVO | 2.3% revenue growth vs BIIB's 1.4% |
| Value | NVO | Lower P/E (1.8x vs 12.2x) |
| Quality / Margins | NVO | 33.1% net margin vs BIIB's 13.2% |
| Stability / Safety | BIIB | Beta 0.61 vs NVO's 1.08, lower leverage |
| Dividends | NVO | 4.7% yield; 8-year raise streak; BIIB pays no meaningful dividend |
| Momentum (1Y) | BIIB | +36.5% vs NVO's -57.3% |
| Efficiency (ROA) | NVO | 18.1% ROA vs BIIB's 4.4%, ROIC 34.9% vs 6.5% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Novo Nordisk is a global pharmaceutical company specializing in diabetes and obesity treatments. It generates revenue primarily from diabetes care products—mainly insulin and GLP-1 drugs—which account for over 80% of sales, with its obesity segment growing rapidly. The company's moat comes from its deep expertise in peptide-based therapies, extensive clinical data, and strong brand recognition in diabetes care.
Biogen is a biotechnology company focused on developing and commercializing therapies for neurological and neurodegenerative diseases. It generates revenue primarily from multiple sclerosis drugs like TECFIDERA and VUMERITY (~40% of sales), spinal muscular atrophy treatment SPINRAZA (~25%), and biosimilars for autoimmune conditions. The company's competitive advantage lies in its deep neuroscience expertise and specialized manufacturing capabilities for complex biologics.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
NVO leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). BIIB leads in 2 (Total Returns, Risk & Volatility).
Financial Metrics (TTM)
NVO is the larger business by revenue, generating $297.2B annually — 30.3x BIIB's $9.8B. NVO is the more profitable business, keeping 33.1% of every revenue dollar as net income compared to BIIB's 13.2%. On growth, BIIB holds the edge at -7.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NVONovo Nordisk A/S | BIIBBiogen Inc. |
|---|---|---|
| RevenueTrailing 12 months | $297.2B | $9.8B |
| EBITDAEarnings before interest/tax | $144.2B | $2.8B |
| Net IncomeAfter-tax profit | $98.5B | $1.3B |
| Free Cash FlowCash after capex | $56.2B | $2.1B |
| Gross MarginGross profit ÷ Revenue | +81.0% | +70.5% |
| Operating MarginEBIT ÷ Revenue | +41.4% | +19.1% |
| Net MarginNet income ÷ Revenue | +33.1% | +13.2% |
| FCF MarginFCF ÷ Revenue | +18.9% | +21.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -21.5% | -7.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -4.6% | -118.0% |
Valuation Metrics
At 10.3x trailing earnings, NVO trades at a 53% valuation discount to BIIB's 21.7x P/E. On an enterprise value basis, NVO's 6.3x EV/EBITDA is more attractive than BIIB's 11.4x.
| Metric | NVONovo Nordisk A/S | BIIBBiogen Inc. |
|---|---|---|
| Market CapShares × price | $126.3B | $28.2B |
| Enterprise ValueMkt cap + debt − cash | $142.8B | $32.1B |
| Trailing P/EPrice ÷ TTM EPS | 10.30x | 21.72x |
| Forward P/EPrice ÷ next-FY EPS est. | 1.76x | 12.16x |
| PEG RatioP/E ÷ EPS growth rate | 0.50x | — |
| EV / EBITDAEnterprise value multiple | 6.27x | 11.41x |
| Price / SalesMarket cap ÷ Revenue | 2.69x | 2.87x |
| Price / BookPrice ÷ Book value/share | 5.44x | 1.54x |
| Price / FCFMarket cap ÷ FCF | 14.11x | 13.73x |
Profitability & Efficiency
NVO delivers a 50.8% return on equity — every $100 of shareholder capital generates $51 in annual profit, vs $7 for BIIB. BIIB carries lower financial leverage with a 0.38x debt-to-equity ratio, signaling a more conservative balance sheet compared to NVO's 0.67x.
| Metric | NVONovo Nordisk A/S | BIIBBiogen Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +50.8% | +7.1% |
| ROA (TTM)Return on assets | +18.1% | +4.4% |
| ROICReturn on invested capital | +34.9% | +6.5% |
| ROCEReturn on capital employed | +42.8% | +7.7% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.67x | 0.38x |
| Net DebtTotal debt minus cash | $104.5B | $3.6B |
| Cash & Equiv.Liquid assets | $26.5B | $3.0B |
| Total DebtShort + long-term debt | $131.0B | $6.9B |
| Interest CoverageEBIT ÷ Interest expense | 20.26x | 8.80x |
Total Returns (with DRIP)
A $10,000 investment in NVO five years ago would be worth $11,607 today (with dividends reinvested), compared to $7,020 for BIIB. Over the past 12 months, BIIB leads with a +36.5% total return vs NVO's -57.3%. The 3-year compound annual growth rate (CAGR) favors BIIB at -10.8% vs NVO's -16.7% — a key indicator of consistent wealth creation.
| Metric | NVONovo Nordisk A/S | BIIBBiogen Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -28.5% | +7.9% |
| 1-Year ReturnPast 12 months | -57.3% | +36.5% |
| 3-Year ReturnCumulative with dividends | -42.2% | -28.9% |
| 5-Year ReturnCumulative with dividends | +16.1% | -29.8% |
| 10-Year ReturnCumulative with dividends | +76.8% | -26.1% |
| CAGR (3Y)Annualised 3-year return | -16.7% | -10.8% |
Risk & Volatility
BIIB is the less volatile stock with a 0.61 beta — it tends to amplify market swings less than NVO's 1.08 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BIIB currently trades 94.8% from its 52-week high vs NVO's 40.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NVONovo Nordisk A/S | BIIBBiogen Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.08x | 0.61x |
| 52-Week HighHighest price in past year | $91.90 | $202.41 |
| 52-Week LowLowest price in past year | $37.31 | $110.04 |
| % of 52W HighCurrent price vs 52-week peak | +40.8% | +94.8% |
| RSI (14)Momentum oscillator 0–100 | 23.7 | 50.7 |
| Avg Volume (50D)Average daily shares traded | 20.3M | 1.3M |
Analyst Outlook
Wall Street rates NVO as "Buy" and BIIB as "Buy". Consensus price targets imply 25.5% upside for NVO (target: $47) vs 7.8% for BIIB (target: $207). NVO is the only dividend payer here at 4.72% yield — a key consideration for income-focused portfolios.
| Metric | NVONovo Nordisk A/S | BIIBBiogen Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $47.00 | $206.76 |
| # AnalystsCovering analysts | 39 | 47 |
| Dividend YieldAnnual dividend ÷ price | +4.7% | — |
| Dividend StreakConsecutive years of raises | 8 | 0 |
| Dividend / ShareAnnual DPS | $11.19 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.2% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Novo Nordisk A/S (NVO) | 100 | 192.83 | +92.8% |
| Biogen Inc. (BIIB) | 100 | 54.62 | -45.4% |
Novo Nordisk A/S (NVO) returned +16% over 5 years vs Biogen Inc. (BIIB)'s -30%. A $10,000 investment in NVO 5 years ago would be worth $11,607 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Novo Nordisk A/S (NVO) | $111.8B | $297.2B | +165.9% |
| Biogen Inc. (BIIB) | $11.4B | $9.8B | -14.3% |
Novo Nordisk A/S's revenue grew from $111.8B (2016) to $297.2B (2025) — a 11.5% CAGR. Biogen Inc.'s revenue grew from $11.4B (2016) to $9.8B (2025) — a -1.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Novo Nordisk A/S (NVO) | 33.9% | 33.1% | -2.3% |
| Biogen Inc. (BIIB) | 32.3% | 13.2% | -59.2% |
Novo Nordisk A/S's net margin went from 34% (2016) to 33% (2025). Biogen Inc.'s net margin went from 32% (2016) to 13% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Novo Nordisk A/S (NVO) | 3.5 | 2.2 | -37.1% |
| Biogen Inc. (BIIB) | 26.7 | 19.9 | -25.5% |
Novo Nordisk A/S has traded in a 2x–6x P/E range over 9 years; current trailing P/E is ~10x. Biogen Inc. has traded in a 9x–33x P/E range over 9 years; current trailing P/E is ~22x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Novo Nordisk A/S (NVO) | 7.48 | 23.03 | +207.9% |
| Biogen Inc. (BIIB) | 16.93 | 8.83 | -47.8% |
Novo Nordisk A/S's EPS grew from $7.48 (2016) to $23.03 (2025) — a 13% CAGR. Biogen Inc.'s EPS grew from $16.93 (2016) to $8.83 (2025) — a -7% CAGR.
Chart 6Free Cash Flow — 5 Years
Novo Nordisk A/S generated $57B FCF in 2025 (+19% vs 2021). Biogen Inc. generated $2B FCF in 2025 (-39% vs 2021).
NVO vs BIIB: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NVO or BIIB a better buy right now?
Novo Nordisk A/S (NVO) offers the better valuation at 10.3x trailing P/E (1.8x forward), making it the more compelling value choice. Analysts rate Novo Nordisk A/S (NVO) a "Buy" — based on 39 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NVO or BIIB?
On trailing P/E, Novo Nordisk A/S (NVO) is the cheapest at 10.3x versus Biogen Inc. at 21.7x. On forward P/E, Novo Nordisk A/S is actually cheaper at 1.8x.
03Which is the better long-term investment — NVO or BIIB?
Over the past 5 years, Novo Nordisk A/S (NVO) delivered a total return of +16.1%, compared to -29.8% for Biogen Inc. (BIIB). A $10,000 investment in NVO five years ago would be worth approximately $12K today (assuming dividends reinvested). Over 10 years, the gap is even starker: NVO returned +76.8% versus BIIB's -26.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NVO or BIIB?
By beta (market sensitivity over 5 years), Biogen Inc. (BIIB) is the lower-risk stock at 0.61β versus Novo Nordisk A/S's 1.08β — meaning NVO is approximately 75% more volatile than BIIB relative to the S&P 500. On balance sheet safety, Biogen Inc. (BIIB) carries a lower debt/equity ratio of 38% versus 67% for Novo Nordisk A/S — giving it more financial flexibility in a downturn.
05Which has better profit margins — NVO or BIIB?
Novo Nordisk A/S (NVO) is the more profitable company, earning 33.1% net margin versus 13.2% for Biogen Inc. — meaning it keeps 33.1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NVO leads at 41.4% versus 19.1% for BIIB. At the gross margin level — before operating expenses — NVO leads at 81.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is NVO or BIIB more undervalued right now?
On forward earnings alone, Novo Nordisk A/S (NVO) trades at 1.8x forward P/E versus 12.2x for Biogen Inc. — 10.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NVO: 25.5% to $47.00.
07Which pays a better dividend — NVO or BIIB?
In this comparison, NVO (4.7% yield) pays a dividend. BIIB does not pay a meaningful dividend and should not be held primarily for income.
08Is NVO or BIIB better for a retirement portfolio?
For long-horizon retirement investors, Novo Nordisk A/S (NVO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.08), 4.7% yield). Both have compounded well over 10 years (NVO: +76.8%, BIIB: -26.1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between NVO and BIIB?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: NVO is a mid-cap deep-value stock; BIIB is a mid-cap quality compounder stock. NVO pays a dividend while BIIB does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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