Novo Nordisk A/S (NVO) Financial Statements & Analysis

Novo Nordisk A/S (NVO) Income Statement

Novo Nordisk A/S reported revenue of DKK 309.06B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 6.4% from DKK 290.40B a year earlier. Net income was DKK 102.43B, up 1.4% year over year, a net margin of 33.1%. Gross margin was 81.0% and operating margin 41.3%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was DKK 78.49B, up 2.1% from the same quarter a year earlier.

Novo Nordisk A/S Income Statement Analysis

Values in billions DKK

Income Statement Balance Sheet Cash Flow Ratios

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Novo Nordisk A/S income statement - Annual data in billions DKK
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	309.06	290.40	232.26	176.95	140.80	126.95	122.02	111.83	111.70
Cost of Revenue	58.79	44.52	35.77	28.45	23.66	20.93	20.09	17.62	17.63
Gross Profit	250.28	245.88	196.50	148.51	117.14	106.01	101.93	94.21	94.06
Operating Expenses
Research & Development	52.04	48.06	32.44	24.05	17.77	15.46	14.22	14.81	14.01
Selling, General & Administrative	70.28	67.38	61.60	50.68	41.06	36.89	35.83	33.31	32.12
Operating Expenses	122.62	117.54	93.92	73.70	58.50	51.89	49.45	46.97	45.10
Operating Income	127.66	128.34	102.57	74.81	58.64	54.13	52.48	47.25	48.97
Other Income/Expense
Interest Income	1.27	1.84	1.07	0.24	0.23	0.34	0.07	0.05	0.07
Interest Expense	4.21	1.64	0.54	0.38	0.29	0.39	0.22	0.09	0.09
Other Income/Expense	6.06	-1.06	2.10	-5.43	0.44	-1.00	-3.93	0.37	-0.29
Income
Income Before Tax	130.54	127.19	104.67	69.06	59.08	53.13	48.55	47.62	48.68
Income Tax Expense	28.11	26.20	20.99	13.54	11.32	10.99	9.60	8.99	10.55
Net Income	102.43	100.99	83.68	55.53	47.76	42.14	38.95	38.63	38.13
Net Income - Continuous Operations	102.43	100.99	83.68	55.53	47.76	42.14	38.95	38.63	38.13
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	149.41	137.38	114.63	76.80	65.39	59.27	54.43	51.63	51.95
EBIT	134.75	128.83	105.22	69.44	59.22	-	-	-	-
Depreciation & Amortization	14.67	8.55	9.41	7.36	6.03	5.75	5.66	3.93	3.18
Earnings Per Share
Basic EPS	23.00	23.00	19.00	12.00	10.00	9.00	8.00	8.00	8.00
Diluted EPS	23.00	23.00	19.00	12.00	10.00	9.00	8.00	8.00	8.00
Basic Shares Outstanding	4.44	4.45	4.48	4.53	4.59	4.67	4.75	4.84	4.96
Diluted Shares Outstanding	4.45	4.46	4.49	4.54	4.61	4.68	4.76	4.85	4.96

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Novo Nordisk A/S Financial Statements

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

Novo Nordisk A/S reported revenue of DKK 309.06B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 6.4% from DKK 290.40B a year earlier.

Is Novo Nordisk A/S profitable?

Yes. Novo Nordisk A/S earned net income of DKK 102.43B in fiscal 2025, a net margin of 33.1%. In fiscal 2024 it earned DKK 100.99B.

What is Novo Nordisk A/S's operating margin?

Novo Nordisk A/S's operating income was DKK 127.66B on revenue of DKK 309.06B in fiscal 2025, an operating margin of 41.3%, compared with 44.2% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition