Novo Nordisk A/S (NVO · NYSE)

Novo Nordisk shares have fallen 24.0% over three months to $38.64, leaving the stock 36.7% below its 52-week high, after the EPO revoked another patent (EP 3 448 416) covering Ozempic and Wegovy. The company has responded with over £4 billion in deals to acquire new weight-loss and cardiometabolic treatments ahead of semaglutide patent expiries. Fundamentals remain strong but decelerating: trailing revenue of $329.43B grew just 2.1% year over year while earnings fell 20.6%, though margins stay high (82.0% gross, 42.5% operating) and leverage is modest at 0.8x debt/EBITDA. The stock trades at a 9.45 P/E with an analyst target of $46.09, and beat estimates in three of its last four quarters, including the most recent ($0.96 vs. $0.82 expected).