Novo Nordisk Income Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	309,064	290,403	232,261	176,954	140,800
Revenue Growth (YoY)	6.43%	25.03%	31.25%	25.68%	10.91%
Cost of Revenue	58,788	44,522	35,765	28,448	23,658
Gross Profit	250,276	245,881	196,496	148,506	117,142
Selling, General & Admin	70,279	67,377	61,598	50,684	41,058
Research & Development	52,039	48,062	32,443	24,047	17,772
Other Operating Expenses	300	2,103	-119	-1,034	-332
Operating Income	127,658	128,339	102,574	74,809	58,644
Interest Income	9,660	6,198	2,945	239	2,887
Interest Expense	-6,778	-7,346	-845	-5,986	-2,451
Total Non-Operating Income (Expense)	2,882	-1,148	2,100	-5,747	436
Pretax Income	130,540	127,191	104,674	69,062	59,080
Provision for Income Taxes	28,106	26,203	20,991	13,537	11,323
Net Income	102,434	100,988	83,683	55,525	47,757
Net Income to Common	102,434	100,988	83,683	55,525	47,757
Net Income Growth	1.43%	20.68%	50.71%	16.27%	13.33%
Shares Outstanding (Basic)	4,448	4,454	4,483	4,531	4,593
Shares Outstanding (Diluted)	4,448	4,463	4,495	4,545	4,606
Shares Change (YoY)	-0.34%	-0.71%	-1.10%	-1.34%	-1.58%
EPS (Basic)	23.06	22.67	18.67	12.26	10.40
EPS (Diluted)	23.03	22.63	18.62	12.22	10.37
EPS Growth	1.77%	21.54%	52.37%	17.84%	15.16%
Free Cash Flow	58,962	73,804	83,102	66,741	48,665
Free Cash Flow Growth	-20.11%	-11.19%	24.51%	37.14%	5.50%
Free Cash Flow Per Share	13.26	16.54	18.49	14.69	10.57
Dividends Per Share	11.700	11.400	9.400	6.200	5.200
Dividend Growth	2.63%	21.28%	51.61%	19.23%	14.29%
Gross Margin	80.98%	84.67%	84.60%	83.92%	83.20%
Operating Margin	41.30%	44.19%	44.16%	42.28%	41.65%
Profit Margin	33.14%	34.78%	36.03%	31.38%	33.92%
FCF Margin	19.08%	25.41%	35.78%	37.72%	34.56%
EBITDA	149,640	147,446	111,987	82,171	64,669
EBITDA Margin	48.42%	50.77%	48.22%	46.44%	45.93%
EBIT	127,658	128,339	102,574	74,809	58,644
EBIT Margin	41.30%	44.19%	44.16%	42.28%	41.65%
Effective Tax Rate	21.53%	20.60%	20.05%	19.60%	19.17%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.