Novo Nordisk A S
NVO · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31 · Reports in DKK
Novo Nordisk A S reported revenue of DKK 309B in the fiscal year ended Dec 2025, up 6.4% from the year before. Operating income was DKK 128B, an operating margin of 41.3%, and net income was DKK 102B. Operating cash flow of DKK 119B less capital expenditure of DKK 60.1B left free cash flow of DKK 59B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | DKK 141B | DKK 177B | DKK 232B | DKK 290B | DKK 309B |
| Cost of revenue | DKK 23.7B | DKK 28.4B | DKK 35.8B | DKK 44.5B | DKK 58.8B |
| Gross profit | DKK 117B | DKK 149B | DKK 196B | DKK 246B | DKK 250B |
| Research & development | DKK 17.8B | DKK 24B | DKK 32.4B | DKK 48.1B | DKK 52B |
| Operating income | DKK 58.6B | DKK 74.8B | DKK 103B | DKK 128B | DKK 128B |
| Interest expense | DKK 289M | DKK 378M | DKK 542M | DKK 1.6B | DKK 4.2B |
| Pre-tax income | DKK 59.1B | DKK 69.1B | DKK 105B | DKK 127B | DKK 131B |
| Income tax | DKK 11.3B | DKK 13.5B | DKK 21B | DKK 26.2B | DKK 28.1B |
| Net income | DKK 47.8B | DKK 55.5B | DKK 83.7B | DKK 101B | DKK 102B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | DKK 10.7B | DKK 12.7B | DKK 14.4B | DKK 15.7B | DKK 26.5B |
| Inventory | DKK 19.6B | DKK 24.4B | DKK 31.8B | DKK 40.8B | DKK 49.6B |
| Current assets | DKK 85.6B | DKK 108B | DKK 140B | DKK 162B | DKK 172B |
| Net PP&E | DKK 55.4B | DKK 66.7B | DKK 91B | – | – |
| Goodwill | – | – | – | DKK 20B | DKK 19.8B |
| Total assets | DKK 195B | DKK 241B | DKK 314B | DKK 466B | DKK 543B |
| Current liabilities | DKK 99.5B | DKK 121B | DKK 170B | DKK 218B | DKK 216B |
| Total liabilities | DKK 124B | DKK 158B | DKK 208B | DKK 322B | DKK 349B |
| Shareholders' equity | DKK 70.7B | DKK 83.5B | DKK 107B | DKK 143B | DKK 194B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | DKK 55B | DKK 78.9B | DKK 109B | DKK 121B | DKK 119B |
| Capital expenditure | DKK 6.3B | DKK 12.1B | DKK 25.8B | DKK 47.2B | DKK 60.1B |
| Free cash flow | DKK 48.7B | DKK 66.7B | DKK 83.1B | DKK 73.8B | DKK 59B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.7% | 31.3% | 25.0% | 6.4% |
| Operating income growth (YoY) | – | 27.6% | 37.1% | 25.1% | −0.5% |
| Gross margin | 83.2% | 83.9% | 84.6% | 84.7% | 81.0% |
| Operating margin | 41.7% | 42.3% | 44.2% | 44.2% | 41.3% |
| Net margin | 33.9% | 31.4% | 36.0% | 34.8% | 33.1% |
| Return on equityBlank when equity is negative | 67.5% | 66.5% | 78.5% | 70.4% | 52.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 61.7% | 62.2% | 70.8% | 51.7% | 39.0% |
| Free cash flow margin | 34.6% | 37.7% | 35.8% | 25.4% | 19.1% |
| Cash conversion (CFO ÷ net income) | 1.15x | 1.42x | 1.30x | 1.20x | 1.16x |
| Inventory days | 303 | 313 | 325 | 335 | 308 |
| Interest cover | 203x | 198x | 189x | 78.3x | 30.3x |
| Current ratio | 0.86x | 0.89x | 0.82x | 0.74x | 0.80x |
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.