Novo Nordisk A/S (NVO)

Novo Nordisk Income Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	327,800	309,064	290,403	232,261	176,954	140,800
Revenue Growth (YoY)	8.13%	6.43%	25.03%	31.25%	25.68%	10.91%
Cost of Revenue	59,496	58,788	44,522	35,765	28,448	23,658
Gross Profit	268,304	250,276	245,881	196,496	148,506	117,142
Selling, General & Admin	67,384	70,279	67,377	61,598	50,684	41,058
Research & Development	52,015	52,039	48,062	32,443	24,047	17,772
Other Operating Expenses	420	300	2,103	-119	-1,034	-332
Total Operating Expenses	119,819	122,618	117,542	93,922	73,697	58,498
Operating Income	148,485	127,658	128,339	102,574	74,809	58,644
Interest Income	12,288	9,660	6,198	2,945	239	2,887
Interest Expense	-5,094	-6,778	-7,346	-845	-5,986	-2,451
Total Non-Operating Income (Expense)	7,194	2,882	-1,148	2,100	-5,747	436
Pretax Income	155,679	130,540	127,191	104,674	69,062	59,080
Provision for Income Taxes	33,722	28,106	26,203	20,991	13,537	11,323
Net Income	121,957	102,434	100,988	83,683	55,525	47,757
Net Income to Common	121,957	102,434	100,988	83,683	55,525	47,757
Net Income Growth	16.58%	1.43%	20.68%	50.71%	16.27%	13.33%
Shares Outstanding (Basic)	4,445	4,443	4,454	4,483	4,531	4,593
Shares Outstanding (Diluted)	4,448	4,448	4,463	4,495	4,545	4,606
Shares Change (YoY)	-0.20%	-0.34%	-0.71%	-1.10%	-1.34%	-1.58%
EPS (Basic)	27.45	23.06	22.67	18.67	12.26	10.40
EPS (Diluted)	27.41	23.03	22.63	18.62	12.22	10.37
EPS Growth	16.74%	1.77%	21.54%	52.37%	17.84%	15.16%
Shares Outstanding	4,465	4,465	4,442	4,458	4,501	4,579
Free Cash Flow	88,386	58,962	73,804	83,102	66,741	48,665
Free Cash Flow Growth	49.90%	-20.11%	-11.19%	24.51%	37.14%	5.50%
Free Cash Flow Per Share	19.87	13.26	16.54	18.49	14.69	10.57
Dividends Per Share	11.700	11.700	11.400	9.400	6.200	5.200
Dividend Growth	-	2.63%	21.28%	51.61%	19.23%	14.29%
Gross Margin	81.85%	80.98%	84.67%	84.60%	83.92%	83.20%
Operating Margin	45.30%	41.30%	44.19%	44.16%	42.28%	41.65%
Profit Margin	37.20%	33.14%	34.78%	36.03%	31.38%	33.92%
FCF Margin	26.96%	19.08%	25.41%	35.78%	37.72%	34.56%
EBITDA	170,173	149,640	147,446	111,987	82,171	64,669
EBITDA Margin	51.91%	48.42%	50.77%	48.22%	46.44%	45.93%
EBIT	148,485	127,658	128,339	102,574	74,809	58,644
EBIT Margin	45.30%	41.30%	44.19%	44.16%	42.28%	41.65%
Effective Tax Rate	21.66%	21.53%	20.60%	20.05%	19.60%	19.17%

Updated May 6, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q