Novo Nordisk A/S (NVO) financial statements

Healthcare · Drug Manufacturers - General · Market cap $161.1B

Novo Nordisk A/S reported revenue of 309.1B DKK in fiscal 2025, up 12.0% a year over 9 years.

Net income was 102.4B DKK and the operating margin 41.3%, against 43.3% in 2016.

Free cash flow was 29.0B DKK, and the company returned 51.8B DKK in dividends and 1.4B DKK in net buybacks.

The diluted share count fell 12% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions (DKK).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/NVO/financials">Novo Nordisk A/S financials</a> on Investingly</p>

Income statement

Fiscal years, in DKK, from Novo Nordisk A/S's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	111.8B DKK	111.7B DKK	111.8B DKK	122.0B DKK	126.9B DKK	140.8B DKK	177.0B DKK	232.3B DKK	290.4B DKK	309.1B DKK
Cost of revenue	17.2B DKK	17.6B DKK	17.6B DKK	20.1B DKK	20.9B DKK	23.7B DKK	28.4B DKK	35.8B DKK	44.5B DKK	58.8B DKK
Gross profit	94.6B DKK	94.1B DKK	94.2B DKK	101.9B DKK	106.0B DKK	117.1B DKK	148.5B DKK	196.5B DKK	245.9B DKK	250.3B DKK
Research and development	14.6B DKK	14.0B DKK	14.8B DKK	14.2B DKK	15.5B DKK	17.8B DKK	24.0B DKK	32.4B DKK	48.1B DKK	52.0B DKK
Selling, general and admin	4.0B DKK	3.8B DKK	3.9B DKK	4.0B DKK	4.0B DKK	4.0B DKK	4.5B DKK	4.9B DKK	5.3B DKK	6.0B DKK
Operating income	48.4B DKK	49.0B DKK	47.2B DKK	52.5B DKK	54.1B DKK	58.6B DKK	74.8B DKK	102.6B DKK	128.3B DKK	127.7B DKK
Interest expense	65M DKK	90M DKK	85M DKK	220M DKK	390M DKK	289M DKK	378M DKK	542M DKK	1.6B DKK	4.2B DKK
Pre-tax income	47.8B DKK	48.7B DKK	47.6B DKK	48.6B DKK	53.1B DKK	59.1B DKK	69.1B DKK	104.7B DKK	127.2B DKK	130.5B DKK
Income tax	9.9B DKK	10.6B DKK	9.0B DKK	9.6B DKK	11.0B DKK	11.3B DKK	13.5B DKK	21.0B DKK	26.2B DKK	28.1B DKK
Net income	37.9B DKK	38.1B DKK	38.6B DKK	39.0B DKK	42.1B DKK	47.8B DKK	55.5B DKK	83.7B DKK	101.0B DKK	102.4B DKK
EPS (diluted)	7.48 DKK	7.70 DKK	7.96 DKK	8.19 DKK	9.01 DKK	10.37 DKK	12.22 DKK	18.62 DKK	22.63 DKK	23.03 DKK
Diluted shares	5.07B	4.96B	4.85B	4.76B	4.68B	4.61B	4.54B	4.49B	4.46B	4.45B
Gross margin	84.6%	84.2%	84.2%	83.5%	83.5%	83.2%	83.9%	84.6%	84.7%	81.0%
Operating margin	43.3%	43.8%	42.2%	43.0%	42.6%	41.7%	42.3%	44.2%	44.2%	41.3%
Net margin	33.9%	34.1%	34.5%	31.9%	33.2%	33.9%	31.4%	36.0%	34.8%	33.1%

Balance sheet

Fiscal years, in DKK, from Novo Nordisk A/S's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	20.5B DKK	17.2B DKK	15.6B DKK	15.4B DKK	12.2B DKK	10.7B DKK	12.7B DKK	14.4B DKK	15.7B DKK	26.5B DKK
Receivables	20.2B DKK	20.2B DKK	22.8B DKK	24.9B DKK	27.7B DKK	40.6B DKK	50.6B DKK	64.8B DKK	71.9B DKK	70.9B DKK
Inventory	14.3B DKK	15.4B DKK	16.3B DKK	17.6B DKK	18.5B DKK	19.6B DKK	24.4B DKK	31.8B DKK	40.8B DKK	49.6B DKK
Total current assets	59.8B DKK	60.1B DKK	59.1B DKK	62.5B DKK	65.8B DKK	85.6B DKK	108.2B DKK	139.6B DKK	161.8B DKK	172.5B DKK
Property, plant and equipment	30.2B DKK	35.2B DKK	41.9B DKK	50.6B DKK	50.3B DKK	55.4B DKK	66.7B DKK	91.0B DKK	161.7B DKK	208.4B DKK
Goodwill	—	—	—	—	—	—	—	—	20.0B DKK	19.8B DKK
Total assets	97.5B DKK	102.4B DKK	110.8B DKK	125.6B DKK	144.9B DKK	194.5B DKK	241.3B DKK	314.5B DKK	465.6B DKK	542.9B DKK
Total current liabilities	47.4B DKK	47.1B DKK	54.2B DKK	59.0B DKK	70.3B DKK	99.5B DKK	120.9B DKK	169.7B DKK	217.6B DKK	215.7B DKK
Long-term debt	—	—	0 DKK	3.0B DKK	2.9B DKK	13.0B DKK	24.3B DKK	20.5B DKK	89.7B DKK	118.9B DKK
Total liabilities	52.3B DKK	52.5B DKK	58.9B DKK	68.0B DKK	81.6B DKK	123.8B DKK	157.8B DKK	207.9B DKK	322.1B DKK	348.9B DKK
Shareholders' equity	45.3B DKK	49.8B DKK	51.8B DKK	57.6B DKK	63.3B DKK	70.7B DKK	83.5B DKK	106.6B DKK	143.5B DKK	194.0B DKK
Net debt	-18.2B DKK	-15.5B DKK	-15.1B DKK	-10.9B DKK	-1.9B DKK	15.9B DKK	13.1B DKK	12.6B DKK	87.1B DKK	104.5B DKK

Cash flow

Fiscal years, in DKK, from Novo Nordisk A/S's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	48.3B DKK	41.2B DKK	44.6B DKK	46.8B DKK	52.0B DKK	55.0B DKK	78.9B DKK	108.9B DKK	121.0B DKK	119.1B DKK
Capital spending	8.3B DKK	8.6B DKK	12.4B DKK	11.2B DKK	22.1B DKK	7.4B DKK	14.8B DKK	38.9B DKK	51.3B DKK	90.1B DKK
Free cash flow	40.0B DKK	32.5B DKK	32.2B DKK	35.6B DKK	29.9B DKK	47.6B DKK	64.1B DKK	70.0B DKK	69.7B DKK	29.0B DKK
Stock-based compensation	368M DKK	292M DKK	414M DKK	363M DKK	823M DKK	1.0B DKK	1.5B DKK	2.1B DKK	2.3B DKK	1.4B DKK
Dividends paid	23.8B DKK	18.8B DKK	19.0B DKK	19.4B DKK	20.1B DKK	21.5B DKK	25.3B DKK	31.8B DKK	44.1B DKK	51.8B DKK
Share buybacks (net)	-15.1B DKK	-16.8B DKK	-15.6B DKK	-15.3B DKK	-16.9B DKK	-19.4B DKK	-24.1B DKK	-29.9B DKK	-20.2B DKK	-1.4B DKK
Net borrowing	0 DKK	0 DKK	94M DKK	-741M DKK	4.7B DKK	15.5B DKK	-2.4B DKK	-1.5B DKK	73.1B DKK	24.7B DKK
Free cash flow margin	35.8%	29.1%	28.8%	29.1%	23.5%	33.8%	36.2%	30.1%	24.0%	9.4%
Dividends per share	4.70 DKK	3.80 DKK	3.93 DKK	4.08 DKK	4.30 DKK	4.67 DKK	5.57 DKK	7.07 DKK	9.89 DKK	11.64 DKK

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Questions

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

309.1B DKK in fiscal 2025, from its 10-K filing.

How much free cash flow does Novo Nordisk A/S generate?

29.0B DKK in fiscal 2025 (operating cash flow minus capital spending).

From Novo Nordisk A/S's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.