Has the Danish Healthcare Sector valuation changed over the past few years?

Investors are pessimistic on the Danish Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 11.7x which is lower than its 3-year average PE of 30.6x. The 3-year average PS ratio of 8.8x is higher than the industry's current PS ratio of 3.7x.

Which industries have driven the changes within the Danish Healthcare sector?

Investors are most optimistic about the Healthcare Services industry which is trading above its 3-year average PE ratio of 630x. Analysts are expecting annual earnings growth of 87.6%, which is higher than its past year's earnings decline of 99.7% per year.

Danish (OMX) Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 13 May 2026	DKK 1.7t	DKK 467.6b	DKK 148.5b	20.7x	11.7x	3.7x
Fri, 10 Apr 2026	DKK 1.5t	DKK 447.3b	DKK 130.0b	18x	11.3x	3.3x
Sun, 08 Mar 2026	DKK 1.5t	DKK 448.2b	DKK 131.1b	17.1x	11.6x	3.4x
Tue, 03 Feb 2026	DKK 2.1t	DKK 453.6b	DKK 136.8b	17.8x	15.7x	4.7x
Thu, 01 Jan 2026	DKK 1.9t	DKK 453.7b	DKK 136.9b	17.2x	14.2x	4.3x
Sat, 29 Nov 2025	DKK 1.9t	DKK 454.1b	DKK 137.0b	17.5x	14x	4.2x
Mon, 27 Oct 2025	DKK 2.0t	DKK 447.8b	DKK 141.8b	18.7x	14.3x	4.5x
Wed, 24 Sep 2025	DKK 2.2t	DKK 447.1b	DKK 141.6b	18.9x	15.2x	4.8x
Fri, 22 Aug 2025	DKK 2.1t	DKK 444.8b	DKK 139.9b	29.1x	14.7x	4.6x
Sun, 20 Jul 2025	DKK 2.3t	DKK 423.3b	DKK 124.5b	29.9x	18.4x	5.4x
Tue, 17 Jun 2025	DKK 2.7t	DKK 423.4b	DKK 124.6b	31.2x	21.6x	6.3x
Thu, 15 May 2025	DKK 2.4t	DKK 423.4b	DKK 124.9b	23.3x	19x	5.6x
Sat, 12 Apr 2025	DKK 2.3t	DKK 409.3b	DKK 121.3b	21.9x	19x	5.6x
Mon, 10 Mar 2025	DKK 3.2t	DKK 409.5b	DKK 121.3b	27x	26.1x	7.7x
Wed, 05 Feb 2025	DKK 3.2t	DKK 388.1b	DKK 111.2b	28.6x	28.9x	8.3x
Fri, 03 Jan 2025	DKK 3.4t	DKK 387.5b	DKK 111.3b	30.4x	30.2x	8.7x
Sun, 01 Dec 2024	DKK 3.9t	DKK 387.3b	DKK 111.3b	31.2x	35.2x	10.1x
Tue, 29 Oct 2024	DKK 4.0t	DKK 372.2b	DKK 107.2b	34x	37.3x	10.7x
Thu, 26 Sep 2024	DKK 4.3t	DKK 371.9b	DKK 107.1b	37x	40.5x	11.7x
Sat, 24 Aug 2024	DKK 4.7t	DKK 371.6b	DKK 107.0b	36.6x	43.6x	12.6x
Mon, 22 Jul 2024	DKK 4.6t	DKK 355.3b	DKK 106.2b	35.6x	43.3x	12.9x
Wed, 19 Jun 2024	DKK 4.9t	DKK 355.3b	DKK 106.2b	35.7x	46.4x	13.9x
Fri, 17 May 2024	DKK 4.6t	DKK 355.7b	DKK 106.8b	35.1x	43.5x	13.1x
Sun, 14 Apr 2024	DKK 4.5t	DKK 341.3b	DKK 99.7b	33.5x	45.1x	13.2x
Tue, 12 Mar 2024	DKK 4.6t	DKK 341.2b	DKK 99.6b	40x	46.3x	13.5x
Thu, 08 Feb 2024	DKK 4.2t	DKK 339.6b	DKK 98.7b	33.9x	42.6x	12.4x
Sat, 06 Jan 2024	DKK 3.8t	DKK 320.5b	DKK 90.0b	33.3x	41.7x	11.7x
Mon, 04 Dec 2023	DKK 3.6t	DKK 320.5b	DKK 90.0b	32.8x	40.3x	11.3x
Wed, 01 Nov 2023	DKK 3.5t	DKK 305.6b	DKK 82.3b	27.9x	42.5x	11.4x
Fri, 29 Sep 2023	DKK 3.4t	DKK 305.5b	DKK 82.2b	32.9x	41.8x	11.2x
Sun, 27 Aug 2023	DKK 3.4t	DKK 305.2b	DKK 82.1b	35x	41.2x	11.1x
Tue, 25 Jul 2023	DKK 3.0t	DKK 287.0b	DKK 75.5b	36.4x	39.7x	10.4x
Thu, 22 Jun 2023	DKK 3.0t	DKK 287.1b	DKK 75.5b	40.1x	39.7x	10.4x
Sat, 20 May 2023	DKK 3.2t	DKK 286.5b	DKK 75.3b	41.9x	42x	11x


DK Market	1.40%
Healthcare	3.18%
Life Sciences	4.21%
Medical Equipment	4.15%
Pharma	3.29%
Biotech	0.98%
Healthcare Services	-3.34%
Healthtech	-5.47%

Company	Last Price	7D	1Y	Valuation
NOVO B Novo Nordisk	DKK 296.50	3.7% +DKK 47.0b	-32.4%	PE10.8x
DEMANT Demant	DKK 237.80	16.1% +DKK 7.0b	-7.0%	PE21.2x
ZEAL Zealand Pharma	DKK 336.00	10.0% +DKK 2.2b	-19.0%	PE3.7x
BAVA Bavarian Nordic	DKK 198.40	4.6% +DKK 675.1m	25.1%	PE11.1x
COLO B Coloplast	DKK 407.10	0.6% +DKK 585.4m	-35.8%	PE23x

Announcement • 4h

Novo Nordisk A/S Demonstrates Wegovy Delivers Substantial Weight Loss and Health Benefits for Women Across All Menopause Stages

Novo Nordisk A/S announced data demonstrating that Wegovy (semaglutide 2.4 mg and 7.2 mg) delivers substantial and consistent weight-loss results for women with obesity across reproductive life stages, from premenopausal years through the menopause transition and beyond. The findings are based on the STEP UP clinical weight management trial, the landmark SELECT clinical cardiovascular trial and one large-scale real-world evidence study, all presented at the European Congress on Obesity (ECO) 2026 in Istanbul, Türkiye. The studies show that when women with obesity lose weight with semaglutide, they improve their body composition with reduced waist circumference, indicative of less visceral fat, and they also reduce their risk of heart attacks and strokes while improving their quality of life, from migraine burden to depression and menopause symptoms. Nearly one in five women worldwide are now living with obesity, and the burden intensifies during the menopause years, when hormonal changes drive weight gain, redistribute fat to the abdomen, and increase cardiometabolic risk. During menopause years, women’s risk of heart attack rises notably and to the same level of men’s cardiovascular risk. Cardiovascular disease remains the leading cause of death in women worldwide, claiming more lives than all cancers combined. In a post-hoc analysis of the STEP UP trial, premenopausal women with obesity lost an average of 22.6% of their body weight on once-weekly high-dose Wegovy (semaglutide 7.2 mg) with over 4 in 10 (41.4%) achieving exceptional 25% or more weight loss, compared with placebo. Perimenopausal and postmenopausal women achieved weight loss of 19.7% and 19.8%, respectively. By the end of the trial (week 72), nearly half of women in all groups had shifted from obesity categories (body mass index =30 kg/m2) to the overweight (body mass index =25 kg/m2) or normal range weight categories (body mass index 18.5-24.9 kg/m2). The average waist circumference reduction was 17.5%, 15.6% and 15.3% in pre, peri, and postmenopausal women, respectively, indicating major loss of dangerous visceral fat. These findings indicate that treatment with semaglutide consistently benefits women with significant weight loss throughout all life stages and that early treatment, before the menopause transition begins, could lead to additional weight loss. In a post-hoc analysis of the SELECT trial, perimenopausal and postmenopausal women with obesity and heart disease experienced meaningful risk reductions in heart attacks, strokes and cardiovascular death. The results were consistent with the overall SELECT trial findings and showed a numerically larger risk reduction in the perimenopausal women (42% lower risk compared to placebo) compared to the postmenopausal women (13% lower risk compared to placebo), although the difference between the groups was not statistically significant. These findings suggest that semaglutide can lower the cardiovascular risks significantly in women with obesity going through menopause, regardless of their menopausal stage. As well as risks to physical health, obesity can drastically impact quality of life and is a recognised risk factor for chronic migraine – a debilitating condition that disproportionately affects women. In a 1-year US real-world study of over 34,000 women during menopause took menopausal hormone therapy alone, Wegovy alone or a combination of both. The women taking Wegovy alone versus menopausal hormone therapy alone had an average 42–45% lower risk of migraine starting six months after initiation and continuing throughout the study, and 25% lower risk of depression, compared with those who took menopausal hormone therapy alone. Findings showed that taking Wegovy with or without menopausal hormone therapy, was associated with a lower risk of migraine and depression compared to taking menopausal hormone therapy alone. Wegovy is approved as once-daily Wegovy pill (semaglutide tablet 25 mg) by the FDA and once-weekly Wegovy injection (2.4 mg and 7.2 mg) by the FDA, EMA and other regulatory authorities worldwide. The Wegovy pill is currently pending marketing approval from the EMA and other regulatory authorities. Wegovy is indicated to reduce excess body weight and maintain weight reduction long term in adults with obesity or overweight and in the presence of at least one weight-related comorbid condition, and approved by the FDA to reduce the risk of major adverse cardiovascular events, such as death, heart attack or stroke in adults with known heart disease and either obesity or overweight. Furthermore, Wegovy injection is indicated to reduce excess body weight and maintain long-term weight reduction in paediatric patients aged 12 years and older. It is approved by the FDA for the treatment of MASH in adults with moderate to advanced liver scarring (fibrosis), but not in those with cirrhosis of the liver. Novo Nordisk has completed two trials, STEP UP and STEP UP T2D, investigating the efficacy and safety of semaglutide 7.2 mg in people with obesity with or without type 2 diabetes. The 72-week STEP UP trial was a randomised, double-blinded, parallel-group, placebo-controlled, superiority trial designed to evaluate the efficacy and safety of semaglutide 7.2 mg compared to semaglutide 2.4 mg and placebo as an adjunct to lifestyle intervention. The trial included 1,407 adults with a BMI =30 kg/m2 without diabetes. The primary objective was to demonstrate the superiority of semaglutide 7.2 mg against placebo on weight loss. Key confirmatory secondary endpoints included the number of participants achieving 10%, 15%, 20% and 25% weight loss, respectively. The 72-week STEP UP T2D trial investigated semaglutide 7.2 mg in 512 adults with obesity and type 2 diabetes, with the primary objective to demonstrate superiority of semaglutide 7.2 mg against placebo on weight loss. SELECT was a randomised, double-blind, parallel-group, placebo-controlled trial designed to evaluate the efficacy of Wegovy (semaglutide 2.4 mg) versus placebo as an adjunct to standard of care for the prevention of MACE in people with overweight or obesity and established CVD with no prior history of diabetes. People included in the trial were aged =45 years with a body mass index (BMI) of =27 kg/m2. The primary objective of the SELECT trial was to demonstrate the superiority of Wegovy compared to placebo with respect to reducing the incidence of 3-point MACE consisting of cardiovascular death, non-fatal heart attack (myocardial infarction) or non-fatal stroke.

Danish (OMX) Healthcare Sector Analysis

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