Novo Nordisk A/S (NVO) Financials

$47.12 +0.13 (+0.27%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$46.80 -0.33 (-0.69%)

As of 08:19 AM Eastern

Annual Income Statements for Novo Nordisk A/S

This table shows Novo Nordisk A/S's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	5,853	6,926	7,269	7,988	12,418	14,017	16,096
Consolidated Net Income / (Loss)	5,853	6,926	7,269	7,988	12,418	14,017	16,096
Net Income / (Loss) Continuing Operations	5,853	6,926	7,269	7,988	12,418	14,017	16,096
Total Pre-Tax Income	7,295	8,733	8,992	9,935	15,533	17,654	20,512
Total Operating Income	7,886	8,897	8,925	10,762	15,221	17,813	20,059
Total Gross Profit	15,316	17,425	17,829	21,363	29,159	34,128	39,327
Total Revenue	18,344	20,866	21,429	25,456	34,466	40,308	48,564
Operating Revenue	18,344	20,866	21,429	25,456	34,466	40,308	48,564
Total Cost of Revenue	3,619	3,441	3,601	4,092	5,307	6,180	9,238
Operating Cost of Revenue	3,619	3,441	3,601	4,092	5,307	6,180	9,238
Total Operating Expenses	7,430	8,529	8,903	10,602	13,937	16,315	19,267
Selling, General & Admin Expense	5,384	6,063	6,249	7,291	9,141	9,352	11,043
Research & Development Expense	2,137	2,541	2,705	3,459	4,814	6,671	8,177
Other Operating Expenses / (Income)	-90	-76	-51	-149	-18	292	47
Total Other Income / (Expense), net	0.00	-164	66	-827	312	-159	453
Interest Expense	-	431	373	861	125	1,020	1,065
Interest & Investment Income	-	268	439	34	437	860	1,518
Income Tax Expense	1,443	1,807	1,723	1,947	3,115	3,637	4,416
Basic Earnings per Share	$16.41	$18.05	$10.40	$1.76	$2.77	$3.15	$3.62
Weighted Average Basic Shares Outstanding	-	-	2.31B	2280T	4.51B	4.47B	4.47B
Diluted Earnings per Share	$16.38	$18.01	$10.37	$1.76	$2.76	$3.14	$3.62
Weighted Average Diluted Shares Outstanding	-	-	2.31B	2280T	4.51B	4.47B	4.47B
Weighted Average Basic & Diluted Shares Outstanding	-	-	2.31B	2280T	4.51B	4.47B	4.47B

No quarterly income statements for Novo Nordisk A/S are available.

This table details how cash moves in and out of Novo Nordisk A/S's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	1,695	-449	1,562	312	5,014	5,321	7,221
Net Cash From Operating Activities	8,369	8,539	9,189	11,348	18,216	22,000	21,135
Net Cash From Continuing Operating Activities	8,369	8,523	9,189	11,309	18,216	16,790	21,135
Net Income / (Loss) Continuing Operations	5,853	6,926	7,269	7,988	12,418	14,017	16,096
Consolidated Net Income / (Loss)	5,853	6,926	7,269	7,988	12,418	14,017	16,096
Depreciation Expense	851	946	917	1,059	1,397	2,652	3,454
Non-Cash Adjustments To Reconcile Net Income	732	720	659	4,389	-1,639	1,334	-3,418
Changes in Operating Assets and Liabilities, net	934	-69	344	-2,127	6,040	3,996	5,004
Net Cash From Investing Activities	-1,341	-3,688	-3,747	-3,585	-3,829	-17,891	-9,450
Net Cash From Continuing Investing Activities	-1,341	-3,628	-3,747	-3,140	-3,829	-17,891	-9,450
Purchase of Property, Plant & Equipment	-1,342	-2,672	-964	-375	-3,829	-6,546	-9,450
Acquisitions	0.00	0.00	-2,783	-1,018	0.00	-11,404	0.00
Net Cash From Financing Activities	-5,332	-5,300	-3,880	-7,451	-9,372	1,212	-4,464
Net Cash From Continuing Financing Activities	-5,332	-5,300	-3,880	-7,451	-9,372	1,212	-4,464
Repayment of Debt	-124	-156	-1,018	-1,960	-218	-879	-12,443
Repurchase of Common Equity	-2,304	-2,770	-2,960	-3,465	-4,441	-2,801	-218
Payment of Dividends	-2,916	-3,307	-3,275	-3,640	-4,714	-6,127	-8,134
Issuance of Debt	12	934	3,373	1,613	0.00	11,019	16,331
Cash Interest Paid	31	-	40	-	73	85	537
Cash Interest Received	9.62	16	37	40	159	261	220
Cash Income Taxes Paid	-	-	2,197	-	3,843	4,113	5,030

No quarterly cash flow statements for Novo Nordisk A/S are available.

This table presents Novo Nordisk A/S's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	23,821	29,604	34,706	46,668	64,630	85,308
Total Current Assets	10,817	13,027	15,564	20,723	22,456	27,098
Short-Term Investments	383	257	392	348	878	1,050
Accounts Receivable	4,559	6,186	7,273	9,612	9,987	11,134
Inventories, net	3,047	2,986	3,508	4,721	5,670	7,797
Prepaid Expenses	-	767	864	1,197	1,874	2,118
Current Deferred & Refundable Income Taxes	48	170	135	360	396	762
Plant, Property, & Equipment, net	8,263	8,426	9,591	0.00	0.00	0.00
Total Noncurrent Assets	4,535	8,030	9,474	12,174	19,119	24,488
Long-Term Investments	-	-	-	186	316	336
Goodwill	-	-	-	-	2,778	3,118
Intangible Assets	3,395	6,571	7,328	8,964	12,604	17,317
Noncurrent Deferred & Refundable Income Taxes	964	1,320	2,000	3,024	3,421	3,716
Total Liabilities & Shareholders' Equity	23,821	29,604	34,706	46,668	64,630	85,308
Total Liabilities	13,412	18,836	22,696	30,855	44,714	54,817
Total Current Liabilities	11,551	15,146	17,398	25,176	30,205	33,888
Short-Term Debt	1,450	2,415	629	1,150	2,865	2,207
Accounts Payable	940	1,350	2,242	3,800	2,379	3,105
Current Deferred & Payable Income Tax Liabilities	643	557	1,020	1,056	1,349	1,322
Other Current Liabilities	8,517	10,824	13,507	19,170	4,950	6,300
Total Noncurrent Liabilities	1,861	3,690	5,298	5,679	14,509	20,929
Long-Term Debt	476	1,973	3,498	3,046	12,447	18,690
Noncurrent Deferred & Payable Income Tax Liabilities	411	802	1,016	1,508	765	1,039
Noncurrent Employee Benefit Liabilities	230	195	110	110	125	135
Other Noncurrent Operating Liabilities	744	721	675	1,015	969	900
Total Equity & Noncontrolling Interests	10,409	10,767	12,010	15,813	19,916	30,491
Total Preferred & Common Equity	10,708	10,767	12,010	15,813	19,916	30,491
Total Common Equity	10,708	10,767	12,010	15,813	19,916	30,491
Common Stock	77	70	66	67	62	70
Retained Earnings	10,482	10,959	11,593	15,558	20,049	30,688
Treasury Stock	-1.31	-0.91	-0.86	-0.74	-0.28	-0.31
Other Equity Adjustments	150	-261	352	189	-195	-266

This table presents Novo Nordisk A/S's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2020	Q4 2021	Q4 2022	Q4 2023	Q4 2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	23,821	29,604	34,706	46,668	64,652
Total Current Assets	10,817	13,027	15,564	20,723	22,333
Short-Term Investments	383	257	392	348	878
Accounts Receivable	4,559	6,186	7,273	9,612	9,987
Inventories, net	3,047	2,986	3,508	4,721	5,670
Prepaid Expenses	-	767	864	1,197	1,751
Current Deferred & Refundable Income Taxes	48	170	135	360	396
Plant, Property, & Equipment, net	8,263	8,426	9,591	0.00	0.00
Total Noncurrent Assets	4,535	8,030	9,474	12,174	19,154
Intangible Assets	3,395	6,571	7,328	8,964	15,419
Noncurrent Deferred & Refundable Income Taxes	964	1,320	2,000	3,024	3,418
Other Noncurrent Operating Assets	175	139	146	-	316
Total Liabilities & Shareholders' Equity	23,821	29,604	34,706	46,668	64,652
Total Liabilities	13,412	18,836	22,696	30,855	44,737
Total Current Liabilities	11,551	15,146	17,398	25,176	30,193
Short-Term Debt	1,450	2,415	629	1,150	2,865
Accounts Payable	940	1,350	2,242	3,800	4,004
Current Deferred & Payable Income Tax Liabilities	643	557	1,020	1,056	1,349
Other Current Liabilities	8,517	10,824	13,507	19,170	21,975
Total Noncurrent Liabilities	1,861	3,690	5,298	5,679	14,544
Long-Term Debt	476	1,973	3,498	3,046	12,447
Noncurrent Deferred & Payable Income Tax Liabilities	411	802	1,016	1,508	753
Noncurrent Employee Benefit Liabilities	230	195	110	110	125
Other Noncurrent Operating Liabilities	744	721	675	1,015	1,218
Total Equity & Noncontrolling Interests	10,409	10,767	12,010	15,813	19,916
Total Preferred & Common Equity	10,708	10,767	12,010	15,813	19,916
Total Common Equity	10,708	10,767	12,010	15,813	19,916
Common Stock	77	70	66	67	62
Retained Earnings	10,482	10,959	11,593	15,558	20,049
Treasury Stock	-1.31	-0.91	-0.86	-0.74	-0.28
Other Equity Adjustments	150	-261	352	189	-195

This table displays calculated financial ratios and metrics derived from Novo Nordisk A/S's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	13.75%	2.70%	18.79%	35.40%	16.95%	20.48%
EBITDA Growth	0.00%	12.66%	0.00%	20.10%	40.58%	23.15%	14.89%
EBIT Growth	0.00%	12.82%	0.32%	20.57%	41.44%	17.03%	12.61%
NOPAT Growth	0.00%	11.53%	2.25%	19.92%	40.64%	16.23%	11.29%
Net Income Growth	0.00%	18.34%	4.94%	9.89%	55.47%	12.88%	14.83%
EPS Growth	0.00%	9.95%	4.94%	9.89%	57.18%	13.68%	15.21%
Operating Cash Flow Growth	0.00%	2.04%	7.61%	23.50%	60.52%	20.77%	-3.93%
Free Cash Flow Firm Growth	0.00%	0.00%	312.89%	108.99%	173.52%	-66.29%	180.99%
Invested Capital Growth	0.00%	0.00%	35.15%	1.32%	-90.07%	518.17%	26.61%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	83.49%	83.51%	83.20%	83.92%	84.60%	84.67%	80.98%
EBITDA Margin	47.63%	47.17%	45.93%	46.44%	48.22%	50.77%	48.42%
Operating Margin	42.99%	42.64%	41.65%	42.28%	44.16%	44.19%	41.30%
EBIT Margin	42.99%	42.64%	41.65%	42.28%	44.16%	44.19%	41.30%
Profit (Net Income) Margin	31.90%	33.19%	33.92%	31.38%	36.03%	34.78%	33.14%
Tax Burden Percent	80.22%	79.31%	80.83%	80.40%	79.95%	79.40%	78.47%
Interest Burden Percent	92.51%	98.16%	100.74%	92.32%	102.05%	99.11%	102.26%
Effective Tax Rate	19.78%	20.69%	19.17%	19.60%	20.05%	20.60%	21.53%
Return on Invested Capital (ROIC)	0.00%	157.42%	68.45%	70.94%	180.35%	323.26%	53.04%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	175.40%	-44.24%	-11.36%	176.87%	324.20%	60.98%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-24.33%	0.20%	-0.81%	-91.08%	-244.80%	10.82%
Return on Equity (ROE)	0.00%	133.08%	68.65%	70.14%	89.26%	78.46%	63.86%
Cash Return on Invested Capital (CROIC)	0.00%	-42.58%	38.55%	69.63%	344.23%	178.96%	29.56%
Operating Return on Assets (OROA)	0.00%	37.35%	33.41%	33.47%	37.41%	32.00%	26.76%
Return on Assets (ROA)	0.00%	29.08%	27.21%	24.84%	30.52%	25.18%	21.47%
Return on Common Equity (ROCE)	0.00%	136.91%	69.62%	70.14%	89.26%	78.46%	63.86%
Return on Equity Simple (ROE_SIMPLE)	0.00%	64.68%	67.50%	66.51%	78.53%	70.38%	0.00%
Net Operating Profit after Tax (NOPAT)	6,326	7,056	7,215	8,652	12,169	14,144	15,740
NOPAT Margin	34.49%	33.82%	33.67%	33.99%	35.31%	35.09%	32.41%
Net Nonoperating Expense Percent (NNEP)	0.00%	-17.98%	112.69%	82.30%	3.48%	-0.94%	-7.94%
Return On Investment Capital (ROIC_SIMPLE)	-	57.20%	47.61%	53.62%	60.82%	40.15%	30.63%
Cost of Revenue to Revenue	19.73%	16.49%	16.80%	16.08%	15.40%	15.33%	19.02%
SG&A Expenses to Revenue	29.35%	29.06%	29.16%	28.64%	26.52%	23.20%	22.74%
R&D to Revenue	11.65%	12.18%	12.62%	13.59%	13.97%	16.55%	16.84%
Operating Expenses to Revenue	40.50%	40.87%	41.55%	41.65%	40.44%	40.48%	39.67%
Earnings before Interest and Taxes (EBIT)	7,886	8,897	8,925	10,762	15,221	17,813	20,059
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8,736	9,842	9,842	11,821	16,618	20,466	23,514
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	11,562,076.90	12,547,067.02	29.18	19.48	7.53
Price to Tangible Book Value (P/TBV)	0.00	0.00	29,663,488.40	32,184,362.22	67.38	86.28	22.82
Price to Revenue (P/Rev)	0.00	0.00	5,809,450.94	5,919,642.60	13.39	9.62	4.73
Price to Earnings (P/E)	0.00	0.00	17,127,765.41	18,865,455.88	37.16	27.68	14.26
Dividend Yield	2.29%	1.97%	1.37%	1.21%	0.00%	1.68%	3.40%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	2.69%	3.61%	7.01%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	10,274,981.41	12,274,627.82	381.76	53.42	7.51
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	5,809,451.14	5,919,642.75	13.50	9.98	5.13
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	12,648,575.36	12,747,860.72	27.99	19.66	10.59
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	13,948,071.75	14,002,385.59	30.56	22.59	12.41
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	17,255,105.62	17,416,168.46	38.22	28.45	15.82
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	13,548,618.09	13,278,543.53	25.54	18.29	11.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	30,638,061.71	17,745,057.43	20.03	51.39	28.38
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.19	0.41	0.34	0.27	0.77	0.69
Long-Term Debt to Equity	0.00	0.05	0.18	0.29	0.19	0.63	0.61
Financial Leverage	0.00	-0.14	0.00	0.07	-0.52	-0.76	0.18
Leverage Ratio	0.00	2.29	2.52	2.82	2.92	3.12	2.97
Compound Leverage Factor	0.00	2.25	2.54	2.61	2.98	3.09	3.04
Debt to Total Capital	0.00%	15.62%	28.95%	25.57%	20.97%	43.47%	40.66%
Short-Term Debt to Total Capital	0.00%	11.76%	15.94%	3.89%	5.75%	8.13%	4.29%
Long-Term Debt to Total Capital	0.00%	3.86%	13.02%	21.68%	15.22%	35.33%	36.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	86.81%	71.05%	74.43%	79.03%	56.53%	59.34%
Debt to EBITDA	0.00	0.20	0.45	0.35	0.25	0.75	0.89
Net Debt to EBITDA	0.00	-0.06	0.42	0.32	0.22	0.71	0.83
Long-Term Debt to EBITDA	0.00	0.05	0.20	0.30	0.18	0.61	0.79
Debt to NOPAT	0.00	0.27	0.61	0.48	0.34	1.08	1.33
Net Debt to NOPAT	0.00	-0.08	0.57	0.43	0.30	1.02	1.24
Long-Term Debt to NOPAT	0.00	0.07	0.27	0.40	0.25	0.88	1.19
Altman Z-Score	0.00	0.00	3,965,536.12	3,983,640.87	11.14	7.02	4.27
Noncontrolling Interest Sharing Ratio	0.00%	-2.88%	-1.41%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	0.94	0.86	0.89	0.82	0.74	0.80
Quick Ratio	0.00	0.61	0.43	0.44	0.40	0.36	0.36
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,909	4,063	8,492	23,227	7,830	8,772
Operating Cash Flow to CapEx	623.84%	235.35%	953.01%	534.72%	475.68%	336.06%	223.65%
Free Cash Flow to Firm to Interest Expense	0.00	-4.43	10.89	9.86	185.23	7.68	8.24
Operating Cash Flow to Interest Expense	0.00	19.80	24.63	13.18	145.27	21.58	19.84
Operating Cash Flow Less CapEx to Interest Expense	0.00	11.39	22.05	10.71	114.73	15.16	10.97
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.88	0.80	0.79	0.85	0.72	0.65
Accounts Receivable Turnover	0.00	4.58	3.99	3.78	4.08	4.11	4.60
Inventory Turnover	0.00	1.13	1.19	1.26	1.29	1.19	1.37
Fixed Asset Turnover	0.00	2.53	2.57	2.83	0.00	0.00	0.00
Accounts Payable Turnover	0.00	3.66	3.15	2.28	1.76	1.58	3.37
Days Sales Outstanding (DSO)	0.00	79.74	91.50	96.49	89.41	88.73	79.37
Days Inventory Outstanding (DIO)	0.00	323.22	305.78	289.63	282.96	306.85	266.06
Days Payable Outstanding (DPO)	0.00	99.69	116.05	160.20	207.77	230.46	108.34
Cash Conversion Cycle (CCC)	0.00	303.27	281.23	225.92	164.60	165.13	237.09
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	8,965	12,116	12,277	1,218	7,532	33,161
Invested Capital Turnover	0.00	4.66	2.03	2.09	5.11	9.21	1.64
Increase / (Decrease) in Invested Capital	0.00	8,965	3,152	160	-11,058	6,314	6,969
Enterprise Value (EV)	0.00	0.00	124,493,291,098	150,689,711,919	465,156	402,384	248,979
Market Capitalization	0.00	0.00	124,493,286,967	150,689,708,184	461,494	387,950	229,469
Book Value per Share	$0.00	$0.00	$4.66	$0.00	$0.00	$4.42	$6.83
Tangible Book Value per Share	$0.00	$0.00	$1.82	$0.00	$0.00	$1.00	$2.25
Total Capital	0.00	12,335	15,155	16,137	20,009	35,228	51,388
Total Debt	0.00	1,927	4,388	4,127	4,196	15,312	20,896
Total Long-Term Debt	0.00	476	1,973	3,498	3,046	12,447	18,690
Net Debt	0.00	-554	4,130	3,734	3,663	14,434	19,510
Capital Expenditures (CapEx)	1,341	3,628	964	2,122	3,829	6,546	9,450
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-1,764	39	-1,597	-3,651	-5,873	-5,633
Debt-free Net Working Capital (DFNWC)	0.00	717	296	-1,205	-3,303	-4,995	-4,583
Net Working Capital (NWC)	0.00	-734	-2,119	-1,834	-4,453	-7,860	-6,789
Net Nonoperating Expense (NNE)	474	130	-54	665	-249	127	-355
Net Nonoperating Obligations (NNO)	0.00	-1,444	1,349	267	-14,595	-12,384	2,670
Total Depreciation and Amortization (D&A)	851	946	917	1,059	1,397	2,652	3,454
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-8.45%	0.18%	-6.28%	-10.59%	-14.57%	-11.60%
Debt-free Net Working Capital to Revenue	0.00%	3.43%	1.38%	-4.73%	-9.58%	-12.39%	-9.44%
Net Working Capital to Revenue	0.00%	-3.52%	-9.89%	-7.20%	-12.92%	-19.50%	-13.98%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$12.26	$18.67	$3.15	$3.62
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	4560T	4.51B	4.47B	4.47B
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$12.22	$18.62	$3.14	$3.62
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	4560T	4.51B	4.47B	4.47B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	4560T	4.51B	4.47B	4.47B
Normalized Net Operating Profit after Tax (NOPAT)	6,326	7,056	7,215	8,652	12,169	14,144	15,740
Normalized NOPAT Margin	34.49%	33.82%	33.67%	33.99%	35.31%	35.09%	32.41%
Pre Tax Income Margin	39.77%	41.85%	41.96%	39.03%	45.07%	43.80%	42.24%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	20.63	23.93	12.50	121.39	17.47	18.83
NOPAT to Interest Expense	0.00	16.36	19.34	10.05	97.05	13.87	14.78
EBIT Less CapEx to Interest Expense	0.00	12.21	21.34	10.03	90.85	11.05	9.96
NOPAT Less CapEx to Interest Expense	0.00	7.95	16.76	7.58	66.51	7.45	5.91
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	49.83%	47.75%	45.06%	45.57%	37.96%	43.71%	50.53%
Augmented Payout Ratio	89.20%	87.75%	85.78%	88.95%	73.72%	63.69%	51.89%

No quarterly metrics and ratios for Novo Nordisk A/S are available.

Financials Breakdown Chart

Key Financial Trends

Here are key balance-sheet trends for Novo Nordisk A/S (NVO) based on the FY2022–FY2024 statements provided. The data show notable growth in assets and equity, a substantial rise in liabilities (including debt), and ongoing liquidity dynamics driven by current assets versus current liabilities.

Total assets increased from about $34.71B in 2022 to about $64.65B in 2024, reflecting growth in noncurrent assets and overall scale.
Total equity rose from roughly $12.01B in 2022 to about $19.92B in 2024, signaling a stronger capital base and retained earnings accumulation.
Intangible assets grew significantly, from about $7.33B in 2022 to about $15.42B in 2024, indicating a expanding IP portfolio and product pipeline value.
Retained earnings climbed from about $11.59B in 2022 to about $20.05B in 2024, contributing to higher equity on the balance sheet.
Short-term investments increased to about $878M in 2024 (up from roughly $392M in 2022), improving near-term liquidity cushions.
Total current assets rose from about $15.56B in 2022 to about $22.33B in 2024, supporting ongoing operating needs and liquidity.
PPE, net appears as 0.0 in all years in this dataset, which may reflect reporting format or restatements rather than an absence of property, plant, and equipment.
2023 results are restated, which can affect comparability across years and should be kept in mind when evaluating trends.
Long-term debt rose markedly to about $12.45B by 2023 and remained at that level in 2024, contributing to higher liabilities but not necessarily immediate cash burden.
Total liabilities grew from about $30.85B in 2022 to about $44.74B in 2024, signaling a higher leverage position driven by debt and other obligations.
Working capital position remained negative throughout (current assets < current liabilities), deteriorating to about -$7.86B in 2024, indicating tighter near-term liquidity.

05/14/26 07:10 AM ETAI Generated. May Contain Errors.

Novo Nordisk A/S Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Novo Nordisk A/S's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Novo Nordisk A/S's net income appears to be on an upward trend, with a most recent value of $16.10 billion in 2025, rising from $5.85 billion in 2019. The previous period was $14.02 billion in 2024. Check out Novo Nordisk A/S's forecast to explore projected trends and price targets.

Novo Nordisk A/S's total operating income in 2025 was $20.06 billion, based on the following breakdown:

Total Gross Profit: $39.33 billion
Total Operating Expenses: $19.27 billion

Over the last 6 years, Novo Nordisk A/S's total revenue changed from $18.34 billion in 2019 to $48.56 billion in 2025, a change of 164.7%.

Novo Nordisk A/S's total liabilities were at $54.82 billion at the end of 2025, a 22.6% increase from 2024, and a 308.7% increase since 2020.

Over the last 6 years, Novo Nordisk A/S's book value per share changed from 0.00 in 2019 to 6.83 in 2025, a change of 682.9%.

Related Companies

Financial statements for NYSE:NVO last updated on 2/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Novo Nordisk A/S (NVO) Financials

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Novo Nordisk A/S (NVO) Financials

Annual Income Statements for Novo Nordisk A/S

Quarterly Income Statements for Novo Nordisk A/S

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Quarterly Cash Flow Statements for Novo Nordisk A/S

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Quarterly Balance Sheets for Novo Nordisk A/S

Annual Metrics And Ratios for Novo Nordisk A/S

Quarterly Metrics And Ratios for Novo Nordisk A/S

Financials Breakdown Chart

Key Financial Trends

Novo Nordisk A/S Financials - Frequently Asked Questions

When does Novo Nordisk A/S's financial year end?

How has Novo Nordisk A/S's net income changed over the last 6 years?

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

How has Novo Nordisk A/S's revenue changed over the last 6 years?

How much debt does Novo Nordisk A/S have?

How has Novo Nordisk A/S's book value per share changed over the last 6 years?

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