Novo Nordisk A/S (NVO) — Financial statements
Income statement, balance sheet, and cash flow for Novo Nordisk A/S — annual and quarterly history with growth and margin analysis.
| Metric (DKK Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 309,064↑6.4% | 290,403↑25.0% | 232,261↑31.3% | 176,954↑25.7% | 140,800 | |
| Cost of Revenue | 58,788↑32.0% | 44,522↑24.5% | 35,765↑25.7% | 28,448↑20.2% | 23,658 | |
| Gross Profit | 250,276↑1.8% | 245,881↑25.1% | 196,496↑32.3% | 148,506↑26.8% | 117,142 | |
| Operating Expenses | ||||||
| R&D Expenses | 52,039↑8.3% | 48,062↑48.1% | 32,443↑34.9% | 24,047↑35.3% | 17,772 | |
| General & Administrative Expenses | 5,969↑13.1% | 5,276↑8.7% | 4,855↑8.7% | 4,467↑10.3% | 4,050 | |
| Selling & Marketing Expenses | 64,310↑3.6% | 62,101↑9.4% | 56,743↑22.8% | 46,217↑24.9% | 37,008 | |
| SG&A Expenses | 70,279↑4.3% | 67,377↑9.4% | 61,598↑21.5% | 50,684↑23.4% | 41,058 | |
| Other Expenses | 300↓85.7% | 2,103↑1867.2% | -119↑88.5% | -1,034↓211.4% | -332 | |
| Operating Expenses | 122,618↑4.3% | 117,542↑25.1% | 93,922↑27.4% | 73,697↑26.0% | 58,498 | |
| Total Costs & Expenses | 181,406↑11.9% | 162,064↑25.0% | 129,687↑27.0% | 102,145↑24.3% | 82,156 | |
| Operating Results | ||||||
| Operating Income | 127,658↓0.5% | 128,339↑25.1% | 102,574↑37.1% | 74,809↑27.6% | 58,644 | |
| Depreciation & Amortization | 21,982↑15.0% | 19,107↑103.0% | 9,413↑27.9% | 7,362↑22.2% | 6,025 | |
| EBITDA | 156,729↑5.9% | 147,938↑29.1% | 114,629↑49.3% | 76,802↑17.4% | 65,394 | |
| EBIT | 134,747↑4.6% | 128,831↑22.4% | 105,216↑51.5% | 69,440↑17.0% | 59,369 | |
| Interest & Other Income | ||||||
| Net Interest Income | -2,938↓1583.8% | 198↓62.4% | 527↑479.1% | -139↓139.7% | -58 | |
| Interest Income | 1,269↓31.0% | 1,838↑71.9% | 1,069↑347.3% | 239↑3.5% | 231 | |
| Interest Expense | 4,207↑156.5% | 1,640↑202.6% | 542↑43.4% | 378↑30.8% | 289 | |
| Non-Operating Income | -7,089↓1340.9% | -492↑81.4% | -2,642↓149.2% | 5,369↑840.6% | -725 | |
| Other Income / Expenses | 2,882↑351.0% | -1,148↓154.7% | 2,100↑136.5% | -5,747↓1418.1% | 436 | |
| Income Before Tax | 130,540↑2.6% | 127,191↑21.5% | 104,674↑51.6% | 69,062↑16.9% | 59,080 | |
| Income Tax Expense | 28,106↑7.3% | 26,203↑24.8% | 20,991↑55.1% | 13,537↑19.6% | 11,323 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 102,434↑1.4% | 100,988↑20.7% | 83,683↑50.7% | 55,525↑16.3% | 47,757 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 102,434↑1.4% | 100,988↑20.7% | 83,683↑50.7% | 55,525↑16.3% | 47,757 | |
| Bottom-Line Net Income | 102,434↑1.4% | 100,988↑20.7% | 83,683↑50.7% | 55,525↑16.3% | 47,757 | |
| EPS (Basic) | 23.06↑1.7% | 22.67↑21.4% | 18.67↑52.3% | 12.26↑17.9% | 10.40 | |
| EPS (Diluted) | 23.03↑1.8% | 22.63↑21.5% | 18.62↑52.4% | 12.22↑17.8% | 10.37 | |
| Weighted Average Shares | 4,448↓0.1% | 4,454↓0.6% | 4,483↓1.1% | 4,531↓1.4% | 4,593 | |
| Weighted Average Diluted Shares | 4,448↓0.3% | 4,463↓0.7% | 4,495↓1.1% | 4,545↓1.3% | 4,606 | |
* All figures in Millions of DKK, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.