I ran the DCF, FCFE, and Ben Graham formulas, all indicate fair value is well into triple digits.
Yes, they are losing market share.
Yes, margins are compressing.
However, isn't the turnaround story real?
The pill prescription numbers are not only promising, it is crushing LLY. However, NVO being NVO, they didn't go around and make PR news about it.
Even in markets where patents have expired, like China and India, sales haven't been affected much. People are still willing to pay a premium for the name brand instead of generic.
Yet, the stock keeps getting punished.