ASTRAZENECA PLC vs NOVO NORDISK A/S, two Drug Manufacturers stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two European pharma giants, and the margin ladder runs opposite to the price ladder: Novo Nordisk earns a 41.3% operating margin and 33.1% net against AstraZeneca's 23.4% and 17.4%, yet trades at half the multiple, 14.2 times earnings against 28.5. Gross margins are twins near 81-82%; the difference is what survives R&D and SG&A, and Novo keeps far more. Returns on equity, 52.8% against 21%, widen the same gap. Both are debt-free with free-cash yields near 4%. The discount prices one fear, GLP-1 competition eroding the obesity franchise, while AstraZeneca's premium prices oncology-pipeline durability. Rarely does the market let the stronger income statement cost half as much; this page is one of those times.
Comparison updated 2026-07-10.
| Metric | AZN | NVO |
|---|---|---|
| Price | $188.37 | $48.01 |
| Market cap | $292.0B | $213.3B |
| Sector | Drug Manufacturers | Drug Manufacturers |
| Stage | Mature | Growth |
| Implied growth (priced in) | +22.0% | — |
| P/E | 28.5 | 14.2 |
| P/B | 5.99 | 7.47 |
| P/S | 4.97 | 4.69 |
| EV/EBITDA | 20.8 | 10.0 |
| Revenue growth | +12.1% | +22.1% |
| Gross margin | 81.9% | 81.0% |
| Operating margin | 23.4% | 41.3% |
| Net margin | 17.4% | 33.1% |
| Return on equity | 21.0% | 52.8% |
| Return on assets | 9.0% | 18.9% |
| Return on invested capital | 23.3% | 51.6% |
| FCF yield | 4.0% | 4.1% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 0.94 | 0.80 |
| Altman Z (solvency) | 3.71 | 4.25 |
| Piotroski F (quality) | 8 / 9 | 4 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.