Novo Nordisk NVO financials

Healthcare & Pharma · Statements and segments from its SEC filings, 2019 to 2025.

Novo Nordisk revenue, gross and operating margin, net income, free cash flow, cash and debt by quarter and by fiscal year, and revenue by segment, read from the company's own filings with the US Securities and Exchange Commission. Free to everyone; the Risk & Quality report that scores the company is the paid step.

revenue by segment: Obesity and Diabetes care, Rare disease, Diabetes and Obesity care
revenue by region: USA, EUCAN, Emerging Markets, APAC, Region China, North America Operations, EMEA, Rest of World
operating income by segment: Obesity and Diabetes care, Rare disease, Diabetes and Obesity care

The numbers

Annual figures

Line	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	DKK 122B	DKK 126.9B	DKK 140.8B	DKK 177B	DKK 232.3B	DKK 290.4B	DKK 309.1B
Gross profit	DKK 101.9B	DKK 106B	DKK 117.1B	DKK 148.5B	DKK 196.5B	DKK 245.9B	DKK 250.3B
Operating income	DKK 52.5B	DKK 54.1B	DKK 58.6B	DKK 74.8B	DKK 102.6B	DKK 128.3B	DKK 127.7B
Net income	DKK 39B	DKK 42.1B	DKK 47.8B	DKK 55.5B	DKK 83.7B	DKK 101B	DKK 102.4B
EPS (diluted)	DKK 16.38	DKK 18.01	DKK 10.37	DKK 12.22	DKK 18.62	DKK 22.63	DKK 23.03
Operating cash flow	DKK 46.8B	DKK 52B	DKK 55B	DKK 78.9B	DKK 108.9B	DKK 121B	DKK 119.1B
Free cash flow	DKK 37.9B*	DKK 46.1B*	DKK 48.7B*	DKK 66.7B*	DKK 83.1B*	DKK 73.8B*	DKK 59B*
Cash & equivalents	DKK 15.4B	DKK 12.2B	DKK 10.7B	DKK 12.7B	DKK 14.4B	DKK 15.7B	DKK 26.5B
Total debt	DKK 4.5B	DKK 10.4B	DKK 26.6B	DKK 25.8B	DKK 27B	DKK 102.8B	DKK 131B
Gross margin	83.5%	83.5%	83.2%	83.9%	84.6%	84.7%	81.0%
Operating margin	43.0%	42.6%	41.7%	42.3%	44.2%	44.2%	41.3%
Net margin	31.9%	33.2%	33.9%	31.4%	36.0%	34.8%	33.1%

Latest quarters

Line	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	DKK 76.9B	DKK 75B	DKK 79.1B	DKK 96.8B	DKK 78.5B
Gross profit	DKK 64B	DKK 57.1B	DKK 64B	DKK 83.2B	DKK 61.4B
Operating income	DKK 33.4B	DKK 23.7B	DKK 31.7B	DKK 59.6B	DKK 27.1B
Net income	DKK 26.5B	DKK 20B	DKK 26.9B	DKK 48.6B	DKK 21B
EPS (diluted)	DKK 5.96	DKK 4.50	DKK 6.04	DKK 10.91	DKK 4.74
Operating cash flow	DKK 41.8B	DKK 45B	DKK 7.6B	DKK 24.1B	DKK 55.2B
Free cash flow	DKK 25.5B*	DKK 29.6B*	-DKK 36.2B*	DKK 12B*	DKK 42.4B*
Cash & equivalents	DKK 18.4B	DKK 32.1B	DKK 26.5B	DKK 21.1B	DKK 44.5B
Total debt	DKK 99.3B	DKK 101.2B	DKK 131B	DKK 146.4B	DKK 140.1B
Gross margin	83.3%	76.1%	80.9%	86.0%	78.2%
Operating margin	43.5%	31.6%	40.1%	61.6%	34.5%
Net margin	34.5%	26.7%	34.0%	50.2%	26.7%

Revenue by segment

Line	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Obesity and Diabetes care	-	-	-	DKK 215.1B	DKK 271.8B	DKK 289.5B
Rare disease	DKK 18.9B	DKK 19.2B	DKK 20.5B	DKK 17.2B	DKK 18.6B	DKK 19.6B
Diabetes and Obesity care	DKK 108B	DKK 121.6B	DKK 156.4B	-	-	-

Revenue by region

Line	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
USA	-	-	-	DKK 127.5B	DKK 167.4B	DKK 173.2B
EUCAN	-	-	-	DKK 48.1B	DKK 57.5B	DKK 66.1B
Emerging Markets	-	-	-	DKK 24.8B	DKK 29.5B	DKK 30.4B
APAC	-	-	-	DKK 15.1B	DKK 17.4B	DKK 20.7B
Region China	DKK 14.1B	DKK 16B	DKK 16.2B	DKK 16.7B	DKK 18.5B	DKK 18.7B
North America Operations	DKK 61.1B	DKK 67.3B	DKK 91.1B	-	-	-
EMEA	DKK 34.3B	DKK 37.7B	DKK 44.2B	-	-	-
Rest of World	DKK 17.4B	DKK 19.8B	DKK 25.4B	-	-	-

Operating income by segment

Line	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Obesity and Diabetes care	-	-	-	DKK 99.6B	DKK 127.7B	DKK 126.4B
Rare disease	DKK 10.4B	DKK 9.1B	DKK 7.4B	DKK 3B	DKK 620M	DKK 1.2B
Diabetes and Obesity care	DKK 43.7B	DKK 49.5B	DKK 67.4B	-	-	-

* derived: a fourth quarter as the year less the three filed quarters, or a remainder as the total less the parts. All other figures are as filed.

About this page

Every figure on this page is read from Novo Nordisk's own SEC filings: the statement lines from the SEC's XBRL company-facts feed, the revenue splits from the segment and revenue notes of each 10-K and 10-Q. Nothing is typed in or estimated. The cache refreshes daily.

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