Just noticed something interesting about Novo Nordisk that most people seem to be sleeping on right now. The stock's down 66% from its 2024 peak and everyone's writing it off after that weak 2026 guidance. But here's the thing - sometimes the market overcorrects, and this could be one of those cases where undervalued stocks to buy now are hiding in plain sight.

Let me break down what happened. Novo was first to market with GLP-1 weight loss shots, but they couldn't scale fast enough. Enter Eli Lilly with Mounjaro and Zepbound - better efficacy, better execution. So yeah, on the surface it looks like Novo lost the game. The 2026 guidance hit hard too, with revenue and earnings expected to decline.

But here's where it gets interesting. Novo just launched the pill version of their GLP-1 drug - and they beat Eli Lilly to it. People prefer pills over shots, obviously. The uptake has been surprisingly strong. This could be a game-changer when you think about market expansion. Plus, they're working on a more competitive formulation, and now that production is finally matching demand, they're getting more aggressive with generic competition.

The valuation math is hard to ignore. NVO trading at 13.5x earnings versus Lilly at 45x. And the dividend yield? 3.7% compared to Lilly's 0.6%. Payout ratio sits around 40%, so it's sustainable. This is the kind of setup where undervalued stocks to buy now actually make sense for income-focused investors.

Look, 2026 might be rough, but there's real potential here if the pill strategy works. For contrarian dividend players, Novo Nordisk is worth a serious look right now. The risk-reward feels off in their favor at these prices.