Novo Nordisk A/S (CPH:NOVO.B)

Novo Nordisk Income Statement

Financials in millions DKK. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	311,938	290,403	232,261	176,954	140,800	126,946
Revenue Growth (YoY)	20.91%	25.03%	31.25%	25.68%	10.91%	4.04%
Cost of Revenue	49,106	43,560	35,319	28,424	23,658	20,932
Gross Profit	262,832	246,843	196,942	148,530	117,142	106,014
Selling, General & Admin	71,825	67,368	61,594	50,683	41,058	36,886
Research & Development	42,998	40,072	31,075	23,263	17,199	15,462
Other Operating Expenses	-630	-476	-425	-1,034	-332	-460
Operating Expenses	114,193	106,964	92,244	72,912	57,925	51,888
Operating Income	148,639	139,879	104,698	75,618	59,217	54,126
Interest Expense	-8,606	-1,640	-542	-378	-289	-390
Interest & Investment Income	7,451	1,838	1,069	239	231	337
Earnings From Equity Investments	-17	-17	81	-189	-24	149
Currency Exchange Gain (Loss)	-542	-1,023	1,652	-4,651	344	-747
Other Non Operating Income (Expenses)	-289	-289	-197	-181	-122	-150
EBT Excluding Unusual Items	146,636	138,748	106,761	70,458	59,357	53,325
Merger & Restructuring Charges	-978	-978	-	-	-	-
Gain (Loss) on Sale of Investments	-17	-17	37	-587	296	-195
Asset Writedown	-4,862	-10,562	-2,124	-809	-573	-
Pretax Income	140,779	127,191	104,674	69,062	59,080	53,130
Income Tax Expense	29,711	26,203	20,991	13,537	11,323	10,992
Net Income	111,068	100,988	83,683	55,525	47,757	42,138
Net Income to Common	111,068	100,988	83,683	55,525	47,757	42,138
Net Income Growth	23.55%	20.68%	50.71%	16.27%	13.33%	8.18%
Shares Outstanding (Basic)	4,447	4,454	4,483	4,531	4,593	4,668
Shares Outstanding (Diluted)	4,451	4,463	4,495	4,545	4,606	4,680
Shares Change (YoY)	-0.57%	-0.71%	-1.10%	-1.34%	-1.58%	-1.63%
EPS (Basic)	24.98	22.67	18.67	12.26	10.40	9.03
EPS (Diluted)	24.95	22.63	18.62	12.22	10.37	9.01
EPS Growth	24.25%	21.54%	52.37%	17.84%	15.16%	9.95%
Free Cash Flow	65,224	73,804	83,102	66,741	48,665	46,126
Free Cash Flow Per Share	14.65	16.54	18.49	14.69	10.56	9.86
Dividend Per Share	11.650	11.400	9.400	6.200	5.200	4.550
Dividend Growth	17.68%	21.28%	51.61%	19.23%	14.29%	8.98%
Gross Margin	84.26%	85.00%	84.79%	83.94%	83.20%	83.51%
Operating Margin	47.65%	48.17%	45.08%	42.73%	42.06%	42.64%
Profit Margin	35.61%	34.77%	36.03%	31.38%	33.92%	33.19%
Free Cash Flow Margin	20.91%	25.41%	35.78%	37.72%	34.56%	36.34%
EBITDA	159,261	146,669	110,523	81,119	63,770	58,565
EBITDA Margin	51.05%	50.51%	47.59%	45.84%	45.29%	46.13%
D&A For EBITDA	10,622	6,790	5,825	5,501	4,553	4,439
EBIT	148,639	139,879	104,698	75,618	59,217	54,126
EBIT Margin	47.65%	48.17%	45.08%	42.73%	42.06%	42.64%
Effective Tax Rate	21.11%	20.60%	20.05%	19.60%	19.17%	20.69%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.