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	53,008	43,560	35,319	28,424	23,658
Gross Profit	256,056	246,843	196,942	148,530	117,142
Selling, General & Admin	67,865	67,368	61,594	50,683	41,058
Research & Development	43,806	40,072	31,075	23,263	17,199
Other Operating Expenses	45	502	-425	-1,034	-332
Operating Expenses	111,716	107,942	92,244	72,912	57,925
Operating Income	144,340	138,901	104,698	75,618	59,217
Interest Expense	-4,207	-1,640	-542	-378	-289
Interest & Investment Income	1,269	1,838	1,069	239	231
Earnings From Equity Investments	-17	-17	81	-189	-24
Currency Exchange Gain (Loss)	6,007	-1,023	1,652	-4,651	344
Other Non Operating Income (Expenses)	-241	-289	-197	-181	-122
EBT Excluding Unusual Items	147,151	137,770	106,761	70,458	59,357
Merger & Restructuring Charges	-9,366	-	-	-	-
Gain (Loss) on Sale of Investments	71	-17	37	-587	296
Asset Writedown	-7,316	-10,562	-2,124	-809	-573
Pretax Income	130,540	127,191	104,674	69,062	59,080
Income Tax Expense	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)	4,443	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 Per Share	13.26	16.54	18.49	14.69	10.56
Dividend 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	82.85%	85.00%	84.79%	83.94%	83.20%
Operating Margin	46.70%	47.83%	45.08%	42.73%	42.06%
Profit Margin	33.14%	34.77%	36.03%	31.38%	33.92%
Free Cash Flow Margin	19.08%	25.41%	35.78%	37.72%	34.56%
EBITDA	157,017	145,691	110,736	81,119	63,770
EBITDA Margin	50.80%	50.17%	47.68%	45.84%	45.29%
D&A For EBITDA	12,677	6,790	6,038	5,501	4,553
EBIT	144,340	138,901	104,698	75,618	59,217
EBIT Margin	46.70%	47.83%	45.08%	42.73%	42.06%
Effective Tax Rate	21.53%	20.60%	20.05%	19.60%	19.17%

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