Novo Nordisk A/S (NVO) revenue breakdown
By segment, Obesity and Diabetes care is the largest at 94% of fiscal 2025 revenue, growing 19% a year over 6 years.
By region, USA is the largest at 56% of fiscal 2025 revenue; EUCAN grew fastest, 17% a year over 2 years.
Revenue by segment
Fiscal years, as Novo Nordisk A/S reports them in its 10-K filings; fiscal 2025 total $309.1B.
| Segments | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|
| Obesity and Diabetes care | $102.8B | $108.0B | $121.6B | $156.4B | $215.1B | $271.8B | $289.5B | 94% |
| Rare disease | $19.2B | $18.9B | $19.2B | $20.5B | $17.2B | $18.6B | $19.6B | 6% |
Revenue by region
Fiscal years, as Novo Nordisk A/S reports them in its 10-K filings; fiscal 2025 total $309.1B.
| Regions | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|
| USA | — | — | — | — | $127.5B | $167.4B | $173.2B | 56% |
| EUCAN | — | — | — | — | $48.1B | $57.5B | $66.1B | 21% |
| Emerging Markets | — | — | — | — | $24.8B | $29.5B | $30.4B | 10% |
| APAC | — | — | — | — | $15.1B | $17.4B | $20.7B | 7% |
| Region China | — | — | — | — | $16.7B | $18.5B | $18.7B | 6% |
| North America Operations | $60.5B | $61.1B | $67.3B | $91.1B | — | — | — | — |
| International Operations | — | — | — | $85.8B | — | — | — | — |
| EMEA | $32.2B | $34.3B | $37.7B | — | — | — | — | — |
| Rest of World | $16.5B | $17.4B | $19.8B | — | — | — | — | — |
| China | $12.8B | $14.1B | $16.0B | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NVO.
Open NVO in InvestinglyQuestions
Where does Novo Nordisk A/S make its money?
In fiscal 2025, by segment: Obesity and Diabetes care $289.5B, Rare disease $19.6B.
From Novo Nordisk A/S's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.