NVO Q4 Earnings: Record Profits vs. Cash Flow Crisis

Описание: Novo Nordisk just reported Q4 2025 earnings, and the numbers tell a tale of two different companies. On the surface, NVO is printing money with $26.89 billion in net profit, but dig deeper into the cash flow statement, and you'll find a massive deficit. Why is the king of weight-loss drugs burning through cash while dominating the market?

Key Highlights:
Revenue hit $79.14 billion with impressive 80.98% gross margins.
Massive Capital Expenditures (CapEx) of $18.43 billion wiped out operating cash flow.
Free Cash Flow turned negative (-$10.81 billion) despite strong profitability.
Inventory Days (DIO) spiked to 292 days as the company attempts to fix global supply chains.

Investment Thesis:
The core conflict for NVO right now is a "generational mismatch" between explosive demand for GLP-1 drugs and the physical constraints of manufacturing. The company is aggressively pivoting from an R&D-focused model to heavy manufacturing, spending billions to build a defensive moat. While this crushes short-term cash flow, it is a necessary gamble to secure long-term pricing power and supply capability in the obesity market.

Risk Factors:
Execution risk on massive manufacturing facility expansions and integration.
Continued pressure on cash conversion cycles and working capital efficiency.
Potential pricing pressure from competitors and regulators impacting margins.

Full analysis: https://www.100baggers.club/en/compan...

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Disclaimer: This video is for educational and informational purposes only and does not constitute investment advice. All analysis is based on publicly available information. Investing involves risk. Please do your own research.