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The latest data point for NVO's EV/Sales ratio is 2.31 in Q1'26. This represents a continued decrease from the previous quarter's value of 2.87, marking the lowest valuation multiple in the observed period. From Q2'23 to Q1'26, the EV/Sales ratio exhibited a clear downward trend after peaking at 8.60 in Q1'24. Following this peak, the valuation multiple experienced a steady and significant decline, dropping below 5.00 by Q4'24 and continuing to compress throughout FY2025. This persistent contraction suggests that while enterprise value may be stabilizing or declining, sales growth is likely outpacing valuation adjustments, leading to a more conservative revenue multiple over time.