9 Best Stocks to Buy in 2024 According to Billionaire George Soros

3. Novo Nordisk A S (NYSE:NVO)

Billionaire George Soros’s Q1’2024 Stake Value: $102,413,894

It seems billionaire George Soros’s fund went bearish on Novo Nordisk A S (NYSE:NVO) during the first quarter as the fund cut its stake in Novo Nordisk A S (NYSE:NVO) by 49%, ending the period with a $102.4 million stake. However, Wall Street is growing bullish on the stock amid Novo Nordisk A S’s (NYSE:NVO) promising position in the weight loss industry, where total addressable market is expected to $80 billion – $100 billion according to some industry estimates.  Analysts believe Novo Nordisk A S’s (NYSE:NVO) Wegovy’s potential to reduce cardiovascular risks has created new growth catalysts for the stock.  Novo Nordisk A S (NYSE:NVO) has seen sales growth of about 30% on a YoY basis in the recent quarters following the launch of Ozempic and Wegovy. During the first quarter Novo Nordisk A S (NYSE:NVO) said sales of Ozempic and Wegovy jumped 25% on a YoY basis, with sales in North American operations rising 34%. For the full year, Novo Nordisk A S (NYSE:NVO) expects sales growth in the range of 19% to 27% at constant exchange rates, slightly up from its previous projection of 18% to 26%. Because of this high growth, Novo Nordisk A S’s (NYSE:NVO) forward P/E of 32.63 based on 2025 earnings estimate isn’t as high when compared to peers.

Polen Global Growth Strategy stated the following regarding Novo Nordisk A/S (NYSE:NVO) in its fourth quarter 2023 investor letter:

“As we discussed in last quarter’s commentary, Novo Nordisk A/S (NYSE:NVO) is a newer addition to the strategy. Over the fourth quarter, we continued to build the position to an average weight. As a reminder, Novo Nordisk is a global pharmaceutical company based in Denmark and has long been the leader in developing insulin for diabetes patients. In recent years, the company’s innovation into GLP-1 drugs has been shown not only to help diabetics control blood sugar levels but also to have significant efficacy in weight loss. Obesity has become a global epidemic, creating materially negative knock-on effects for humans that range from an increase in cardiovascular events and, thus, higher mortality to a lower general quality of life. We believe that, over time, payors will recognize the value of these obesity treatments to both patients and the overall healthcare system.”