Novo Nordisk A/S (NVO) Financial Statements

Executive TeamFinancials

Novo Nordisk A/S financial statements at a glance

Novo Nordisk A/S reported revenue of 309.06 billion DKK for fiscal year 2025 (ended December 31, 2025), up 6.4% from fiscal year 2024. Net income was 102.43 billion DKK, a net margin of 33.1%, and diluted earnings per share were 23.03 DKK.

At the end of fiscal year 2025 it had total assets of 542.90 billion DKK, total liabilities of 348.86 billion DKK and shareholders' equity of 194.05 billion DKK, with cash and short-term investments of 26.96 billion DKK and total debt of 130.96 billion DKK.

Its operations brought in 119.10 billion DKK of cash; capital spending was 90.11 billion DKK, leaving free cash flow of 28.99 billion DKK.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in DKK; latest fiscal year ended December 31, 2025.

NVO logo

Novo Nordisk A/S

NVODenmark
Healthcare
DKK (Local)

Income Statement

Annual • DKK

Total Revenue
309.06B
Prev Year: 290.40B
YoY: +6.4%
Operating Revenue
729.42B
Prev Year: 680.56B
YoY: +7.2%
Total Unusual Items Excluding Goodwill
6.08B
Prev Year: -1.04B
YoY: +684.4%
Total Unusual Items
6.08B
Prev Year: -1.04B
YoY: +684.4%
Normalized EBITDA
150.65B
Prev Year: 138.42B
YoY: +8.8%
Tax Rate for Calcs
0.215
Prev Year: 0.206
YoY: +4.5%
Tax Effect of Unusual Items
1.31B
Prev Year: -214.24M
YoY: +710.8%
Total Operating Income as Reported
127.66B
Prev Year: 128.34B
YoY: -0.5%
Equity in Earnings of Affiliates
-17.00M
Prev Year: -17.00M
YoY: 0.0%
Total Other Finance Cost
241.00M
Prev Year: 289.00M
YoY: -16.6%
Other Operating Expenses
300.00M
Prev Year: 2.10B
YoY: -85.7%
Selling and Marketing Expense
64.31B
Prev Year: 62.10B
YoY: +3.6%
Cost of Revenue
58.79B
Prev Year: 44.52B
YoY: +32.0%
Gross Profit
250.28B
Prev Year: 245.88B
YoY: +1.8%
Operating Expense
122.62B
Prev Year: 117.54B
YoY: +4.3%
Selling General and Administrative
70.28B
Prev Year: 67.38B
YoY: +4.3%
General and Administrative Expense
5.97B
Prev Year: 5.28B
YoY: +13.1%
Other General and Administrative
5.97B
Prev Year: 5.28B
YoY: +13.1%
Research and Development
52.04B
Prev Year: 48.06B
YoY: +8.3%
Operating Income
127.66B
Prev Year: 128.34B
YoY: -0.5%
Net Non Operating Interest Income Expense
-3.18B
Prev Year: -91.00M
YoY: -3393.4%
Non-operating Interest Income
1.27B
Prev Year: 1.84B
YoY: -31.0%
Non-operating Interest Expense
4.21B
Prev Year: 1.64B
YoY: +156.5%
Other Income Expense
6.06B
Prev Year: -1.06B
YoY: +673.4%
Gain on Sale of Securities
6.08B
Prev Year: -1.04B
YoY: +684.4%
Pre-tax Income
130.54B
Prev Year: 127.19B
YoY: +2.6%
Provision for Income Taxes
28.11B
Prev Year: 26.20B
YoY: +7.3%
Net Income Common Stockholders
102.43B
Prev Year: 100.99B
YoY: +1.4%
Net Income
102.43B
Prev Year: 100.99B
YoY: +1.4%
Net Income Including Non-Controlling Interests
102.43B
Prev Year: 100.99B
YoY: +1.4%
Net Income from Continuing Operations
102.43B
Prev Year: 100.99B
YoY: +1.4%
Diluted NI Available to Com Stockholders
102.43B
Prev Year: 100.99B
YoY: +1.4%
Basic EPS
23.06
Prev Year: 22.67
YoY: +1.7%
Diluted EPS
23.03
Prev Year: 22.63
YoY: +1.8%
Weighted Average Shares (basic)
4.44B
Prev Year: 4.45B
YoY: -0.2%
Weighted Average Shares (diluted)
4.45B
Prev Year: 4.46B
YoY: -0.3%
Total Expenses
181.41B
Prev Year: 162.06B
YoY: +11.9%
Net Income from Continuing and Discontinued Operation
102.43B
Prev Year: 100.99B
YoY: +1.4%
Normalized Income
97.66B
Prev Year: 101.81B
YoY: -4.1%
Interest Income
1.27B
Prev Year: 1.84B
YoY: -31.0%
Interest Expense
4.21B
Prev Year: 1.64B
YoY: +156.5%
Net Interest Income
-3.18B
Prev Year: -91.00M
YoY: -3393.4%
EBIT
134.75B
Prev Year: 128.83B
YoY: +4.6%
EBITDA
156.73B
Prev Year: 137.38B
YoY: +14.1%
Reconciled Cost of Revenue
58.79B
Prev Year: 44.52B
YoY: +32.0%
Reconciled Depreciation
21.98B
Prev Year: 8.54B
YoY: +157.2%
Net Income from Continuing Operation Net Minority Interest
102.43B
Prev Year: 100.99B
YoY: +1.4%
Values in DKK

Novo Nordisk A/S key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue309.1B DKK290.4B DKK232.3B DKK177.0B DKK140.8B DKK
Gross profit250.3B DKK245.9B DKK196.5B DKK148.5B DKK117.1B DKK
Operating income127.7B DKK128.3B DKK102.6B DKK74.8B DKK58.6B DKK
Net income102.4B DKK101.0B DKK83.7B DKK55.5B DKK47.8B DKK
Diluted EPS23.03 DKK22.63 DKK18.62 DKK12.22 DKK10.37 DKK
Total assets542.9B DKK465.8B DKK314.5B DKK241.3B DKK194.5B DKK
Total liabilities348.9B DKK322.3B DKK207.9B DKK157.8B DKK123.8B DKK
Shareholders' equity194.0B DKK143.5B DKK106.6B DKK83.5B DKK70.7B DKK
Cash and short-term investments27.0B DKK26.3B DKK30.2B DKK23.6B DKK17.5B DKK
Total debt131.0B DKK102.8B DKK27.0B DKK25.8B DKK26.6B DKK
Operating cash flow119.1B DKK121.0B DKK108.9B DKK78.9B DKK55.0B DKK
Capital spending90.1B DKK51.3B DKK38.9B DKK14.8B DKK7.4B DKK
Free cash flow29.0B DKK69.7B DKK70.0B DKK64.1B DKK47.6B DKK

In DKK. Fiscal years as reported by the company; statements on this page go back to fiscal year 2020.

Questions and answers

What was Novo Nordisk A/S's revenue in fiscal year 2025?

309.06 billion DKK, up 6.4% from 290.40 billion DKK in fiscal year 2024.

How much profit does Novo Nordisk A/S make?

Novo Nordisk A/S reported net income of 102.43 billion DKK for fiscal year 2025 (33.1% of revenue); operating income was 127.66 billion DKK.

How much cash and debt does Novo Nordisk A/S have?

At the end of fiscal year 2025: cash and short-term investments of 26.96 billion DKK and total debt of 130.96 billion DKK.

What is Novo Nordisk A/S's free cash flow?

28.99 billion DKK in fiscal year 2025 (operating cash flow of 119.10 billion DKK minus capital spending of 90.11 billion DKK).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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