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Stocks · Health care · Pharmaceutical Preparations

NOVO NORDISK A S

NVO Clue Score75
Denmark Fiscal year ends December CIK 0000353278
$38.64 +1.20% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $38.64 −60.73% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue111.78Operating income48.43Net income37.93EPS, diluted14.96Fiscal year 2017Revenue111.70 −0.1%Operating income48.97Net income38.13 +0.5%EPS, diluted15.39Fiscal year 2018Revenue111.83 +0.1%Operating income47.25Net income38.63 +1.3%EPS, diluted15.93Fiscal year 2019Revenue122.02 +9.1%Operating income52.48Net income38.95 +0.8%EPS, diluted16.38Fiscal year 2020Revenue126.95 +4.0%Operating income54.13Net income42.14 +8.2%EPS, diluted18.01Fiscal year 2021Revenue140.80 +10.9%Operating income58.64Net income47.76 +13.3%EPS, diluted10.37Fiscal year 2022Revenue176.95 +25.7%Operating income74.81Net income55.53 +16.3%EPS, diluted12.22Fiscal year 2023Revenue232.26 +31.3%Operating income102.57Net income83.68 +50.7%EPS, diluted18.62Fiscal year 2024Revenue290.40 +25.0%Operating income128.34Net income100.99 +20.7%EPS, diluted22.63Fiscal year 2025Revenue309.06 +6.4%Operating income127.66Net income102.43 +1.4%EPS, diluted23.03
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 111.78 111.70 111.83 122.02 126.95 140.80 176.95 232.26 290.40 309.06
Growth −0.1% +0.1% +9.1% +4.0% +10.9% +25.7% +31.3% +25.0% +6.4%
Operating income 48.43 48.97 47.25 52.48 54.13 58.64 74.81 102.57 128.34 127.66
Net income 37.93 38.13 38.63 38.95 42.14 47.76 55.53 83.68 100.99 102.43
Growth +0.5% +1.3% +0.8% +8.2% +13.3% +16.3% +50.7% +20.7% +1.4%
EPS, diluted 14.96 15.39 15.93 16.38 18.01 10.37 12.22 18.62 22.63 23.03

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin84.6%Operating margin43.3%Net margin33.9%Free cash flow margin36.9%Fiscal year 2017Gross margin84.2%Operating margin43.8%Net margin34.1%Free cash flow margin30.0%Fiscal year 2018Gross margin84.2%Operating margin42.2%Net margin34.5%Free cash flow margin31.3%Fiscal year 2019Gross margin83.5%Operating margin43.0%Net margin31.9%Free cash flow margin31.0%Fiscal year 2020Gross margin83.5%Operating margin42.6%Net margin33.2%Free cash flow margin36.3%Fiscal year 2021Gross margin83.2%Operating margin41.7%Net margin33.9%Free cash flow margin34.6%Fiscal year 2022Gross margin83.9%Operating margin42.3%Net margin31.4%Free cash flow margin37.7%Fiscal year 2023Gross margin84.6%Operating margin44.2%Net margin36.0%Free cash flow margin35.8%Fiscal year 2024Gross margin84.7%Operating margin44.2%Net margin34.8%Free cash flow margin25.4%Fiscal year 2025Gross margin81.0%Operating margin41.3%Net margin33.1%Free cash flow margin19.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 84.6% 84.2% 84.2% 83.5% 83.5% 83.2% 83.9% 84.6% 84.7% 81.0%
Operating margin 43.3% 43.8% 42.2% 43.0% 42.6% 41.7% 42.3% 44.2% 44.2% 41.3%
Net margin 33.9% 34.1% 34.5% 31.9% 33.2% 33.9% 31.4% 36.0% 34.8% 33.1%
Free cash flow margin 36.9% 30.0% 31.3% 31.0% 36.3% 34.6% 37.7% 35.8% 25.4% 19.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow48.31Capital expenditure−7.07Free cash flow41.25Buybacks−15.06Dividends paid−23.83Fiscal year 2017Operating cash flow41.17Capital expenditure−7.63Free cash flow33.54 −18.7%Buybacks−16.85Dividends paid−18.84Fiscal year 2018Operating cash flow44.62Capital expenditure−9.64Free cash flow34.98 +4.3%Buybacks−15.57Dividends paid−19.05Fiscal year 2019Operating cash flow46.78Capital expenditure−8.93Free cash flow37.85 +8.2%Buybacks−15.33Dividends paid−19.41Fiscal year 2020Operating cash flow51.95Capital expenditure−5.83Free cash flow46.13 +21.9%Buybacks−16.86Dividends paid−20.12Fiscal year 2021Operating cash flow55.00Capital expenditure−6.34Free cash flow48.67 +5.5%Buybacks−19.45Dividends paid−21.52Fiscal year 2022Operating cash flow78.89Capital expenditure−12.15Free cash flow66.74 +37.1%Buybacks−24.09Dividends paid−25.30Fiscal year 2023Operating cash flow108.91Capital expenditure−25.81Free cash flow83.10 +24.5%Buybacks−29.92Dividends paid−31.77Fiscal year 2024Operating cash flow120.97Capital expenditure−47.16Free cash flow73.80 −11.2%Buybacks−20.18Dividends paid−44.14Fiscal year 2025Operating cash flow119.10Capital expenditure−60.14Free cash flow58.96 −20.1%Buybacks−1.39Dividends paid−51.76
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 48.31 41.17 44.62 46.78 51.95 55.00 78.89 108.91 120.97 119.10
Capital expenditure −7.07 −7.63 −9.64 −8.93 −5.83 −6.34 −12.15 −25.81 −47.16 −60.14
Free cash flow 41.25 33.54 34.98 37.85 46.13 48.67 66.74 83.10 73.80 58.96
Growth −18.7% +4.3% +8.2% +21.9% +5.5% +37.1% +24.5% −11.2% −20.1%
Buybacks −15.06 −16.85 −15.57 −15.33 −16.86 −19.45 −24.09 −29.92 −20.18 −1.39
Dividends paid −23.83 −18.84 −19.05 −19.41 −20.12 −21.52 −25.30 −31.77 −44.14 −51.76

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash18.46Shareholders’ equity45.27Fiscal year 2017Cash17.16Shareholders’ equity49.82Fiscal year 2018Cash15.63Total debt0.52Net cash (debt)15.11Shareholders’ equity51.84Debt to equity0.01Fiscal year 2019Cash15.41Total debt4.48Net cash (debt)10.93Shareholders’ equity57.59Debt to equity0.08Fiscal year 2020Cash12.23Total debt10.36Net cash (debt)1.87Shareholders’ equity63.33Debt to equity0.16Fiscal year 2021Cash10.72Total debt26.65Net cash (debt)−15.93Shareholders’ equity70.75Debt to equity0.38Fiscal year 2022Cash12.65Total debt25.78Net cash (debt)−13.13Shareholders’ equity83.49Debt to equity0.31Fiscal year 2023Cash14.39Total debt27.01Net cash (debt)−12.61Shareholders’ equity106.56Debt to equity0.25Fiscal year 2024Cash15.66Total debt102.79Net cash (debt)−87.13Shareholders’ equity143.49Debt to equity0.72Fiscal year 2025Cash26.46Total debt130.96Net cash (debt)−104.49Shareholders’ equity194.05Debt to equity0.67
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 18.46 17.16 15.63 15.41 12.23 10.72 12.65 14.39 15.66 26.46
Total debt n/a n/a 0.52 4.48 10.36 26.65 25.78 27.01 102.79 130.96
Net cash (debt) n/a n/a 15.11 10.93 1.87 −15.93 −13.13 −12.61 −87.13 −104.49
Shareholders’ equity 45.27 49.82 51.84 57.59 63.33 70.75 83.49 106.56 143.49 194.05
Debt to equity n/a n/a 0.01 0.08 0.16 0.38 0.31 0.25 0.72 0.67

In billions of DKK, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of DKK, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
111.78 111.70 111.83 122.02 126.95 140.80 176.95 232.26 290.40 309.06
Growth −0.1% +0.1% +9.1% +4.0% +10.9% +25.7% +31.3% +25.0% +6.4%
17.18 17.63 17.62 20.09 20.93 23.66 28.45 35.77 44.52 58.79
94.60 94.06 94.21 101.93 106.01 117.14 148.51 196.50 245.88 250.28
Growth −0.6% +0.2% +8.2% +4.0% +10.5% +26.8% +32.3% +25.1% +1.8%
14.56 14.01 14.81 14.22 15.46 17.77 24.05 32.44 48.06 52.04
48.43 48.97 47.25 52.48 54.13 58.64 74.81 102.57 128.34 127.66
Growth +1.1% −3.5% +11.1% +3.1% +8.3% +27.6% +37.1% +25.1% −0.5%
47.80 48.68 47.62 48.55 53.13 59.08 69.06 104.67 127.19 130.54
9.87 10.55 8.99 9.60 10.99 11.32 13.54 20.99 26.20 28.11
37.93 38.13 38.63 38.95 42.14 47.76 55.53 83.68 100.99 102.43
Growth +0.5% +1.3% +0.8% +8.2% +13.3% +16.3% +50.7% +20.7% +1.4%
Per share
14.99 15.42 15.96 16.41 18.05 10.40 12.26 18.67 22.67 23.06
14.96 15.39 15.93 16.38 18.01 10.37 12.22 18.62 22.63 23.03
Growth +2.9% +3.5% +2.8% +10.0% −42.4% +17.8% +52.4% +21.5% +1.8%
2,530 2,473 2,420 2,374 2,334 4,593 4,531 4,483 4,454 4,443
2,535 2,478 2,424 2,379 2,340 4,606 4,545 4,495 4,463 4,448
Growth −2.2% −2.2% −1.9% −1.6% +96.8% −1.3% −1.1% −0.7% −0.3%

† The diluted share count jumps at 2021, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Shown in DKK as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 19.5% a year over five years.
  • Operating margin is down 1.3 points on five years ago, at 41.3%.
  • Profitable in every one of the 10 years on file.