Bristol Myers Squibb vs. Novo Nordisk: Stable Scale vs. GLP-1 Volatility
Key Points
When evaluating the current baseline comparison between the two distinct businesses, Bristol Myers Squibb generated higher top-line results throughout seven of the last eight charted periods, establishing a consistent overall lead despite a single isolated revenue spike reported by Novo Nordisk in early 2026.
Over the entirety of the measured two-year time frame, Bristol Myers Squibb maintained a mostly steady and gradual quarter-over-quarter upward trajectory, whereas Novo Nordisk experienced noticeable fluctuations and isolated short-term spikes in its reported U.S. dollar financial results across that exact same timeline.
Individual investors assessing these specific financial results should closely monitor whether the revenue gap separating the two companies remains largely consistent over the long term, or if future reported quarters begin to indicate shifting momentum as time progresses.
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Bristol-Myers Squibb: Delivering Stable Revenue Across Recent Quarters
Bristol-Myers Squibb (NYSE:BMY) earns most of its revenue by commercializing complex prescription medications for cancer, cardiovascular conditions, and immunological diseases.
During the most recent period, it announced a multibillion-dollar financial investment to establish a multimodal manufacturing campus located in Texas, while also securing an accelerated regulatory approval from the FDA for a combination therapy intended to treat multiple myeloma.
Novo Nordisk: Experiencing Fluctuation in Reported Quarterly Revenue
Novo Nordisk (NYSE:NVO) earns most of its revenue by manufacturing and globally distributing medical treatments for diabetes and obesity.
It recently experienced a regulatory delay when the FDA formally extended the initial review period for an investigational hemophilia treatment candidate, and it concurrently hosted an investor presentation outlining strategic plans to launch several new therapies.
Why Revenue Matters for Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, providing a fundamental baseline measurement of the complete financial scale a business operates at before expenses.
Bristol-Myers Squibb vs. Novo Nordisk Revenue over the last 8 quarters. Figures: Novo Nordisk shown in U.S. dollars, converted from Danish kroner.
Quarterly Revenue for Bristol Myers Squibb and Novo Nordisk
| Calendar quarter | Bristol-Myers Squibb Revenue | Novo Nordisk Revenue |
|---|---|---|
| Q3 2024 | $11.9 billion (quarter ended Sept. 30, 2024) | $10.5 billion (quarter ended Sept. 30, 2024) |
| Q4 2024 | $12.3 billion (quarter ended Dec. 31, 2024) | $12.2 billion (quarter ended Dec. 31, 2024) |
| Q1 2025 | $11.2 billion (quarter ended March 31, 2025) | $11.0 billion (quarter ended March 31, 2025) |
| Q2 2025 | $12.3 billion (quarter ended June 30, 2025) | $11.7 billion (quarter ended June 30, 2025) |
| Q3 2025 | $12.2 billion (quarter ended Sept. 30, 2025) | $11.7 billion (quarter ended Sept. 30, 2025) |
| Q4 2025 | $12.5 billion (quarter ended Dec. 31, 2025) | $12.3 billion (quarter ended Dec. 31, 2025) |
| Q1 2026 | $11.5 billion (quarter ended March 31, 2026) | $15.1 billion (quarter ended March 31, 2026) |
| Q2 2026 | $13.0 billion (quarter ended June 30, 2026) | $12.2 billion (quarter ended June 30, 2026) |
Data source: Financial Modeling Prep. Novo Nordisk's figures are converted from Danish kroner to U.S. dollars. Data as of Oct. 13, 2026.
Foolish Take
It's easy to notice the anomaly in the chart above. In Q1 2026, Novo Nordisk's reported revenue jumped 32% on a constant-currency basis, as it launched its Wegovy weight-loss pill in the United States. Novo Nordisk is often seen as a competitor to Eli Lilly due to its GLP-1 portfolio, which includes Wegovy for obesity and Ozempic for type 2 diabetes. And it's safe to say that patient and investor interest has been high.
But it was a different story in Q2. Although revenue was higher year over year, it was down sequentially against a tough comparison, due to seasonal and ordering patterns, price erosion in the U.S. market, and a slowdown in new product sales.
Shares dropped about 6% following Novo's Q2 2026 earnings report on Aug. 4, 2026, despite the company beating top- and bottom-line estimates and raising its full-year guidance. It's a good reminder for long-term investors to stay the course of a company they believe in, rather than relying on one product or one quarter's worth of results.
That said, Ozempic and Wegovy make up about 70% of Novo Nordisk's total sales and revenue -- investors will want to monitor its progress against rival Eli Lilly.
Bristol Myers Squibb, on the other hand, does not have a GLP-1 medication in its portfolio. While it's missed out on the explosive investor and patient interest in the drug, it's still managing to deliver revenue growth. In Q2, its growth portfolio made up 58% of revenue, indicating that newer drugs are now overshadowing the legacy products that can often weigh on a drugmaker's results.
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Sarah Sidlow has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bristol Myers Squibb, Eli Lilly, and Novo Nordisk. The Motley Fool has a disclosure policy.
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