NVO
Novo Nordisk A/S
NYSE: NVO · HEALTHCARE · DRUG MANUFACTURERS - GENERAL
$42.22
+4.79% today
Updated 2026-04-30
Market cap
$182.60B
P/E ratio
11.40
P/S ratio
0.59x
EPS (TTM)
$3.61
Dividend yield
4.38%
52W range
$35 – $78
Volume
21.0M
Novo Nordisk A/S (NVO) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.75B | $41.89B | $45.67B | $51.08B | $60.78B | $66.35B | $78.03B | $83.57B | $88.81B | $107.93B | $111.78B | $111.70B | $111.83B | $122.02B | $126.95B | $140.80B | $176.95B | $232.26B | $290.40B | $309.06B |
| Revenue growth (YoY) | — | +8.1% | +9.0% | +11.9% | +19.0% | +9.2% | +17.6% | +7.1% | +6.3% | +21.5% | +3.6% | -0.1% | +0.1% | +9.1% | +4.0% | +10.9% | +25.7% | +31.3% | +25.0% | +6.4% |
| Cost of revenue | $9.59B | $9.80B | $10.13B | $10.44B | $11.68B | $12.59B | $13.46B | $14.14B | $14.56B | $16.19B | $17.18B | $17.63B | $17.62B | $20.09B | $20.93B | $23.66B | $28.45B | $35.77B | $44.52B | $58.79B |
| Gross profit | $29.16B | $32.09B | $35.53B | $40.64B | $49.10B | $53.76B | $64.56B | $69.43B | $74.24B | $91.74B | $94.60B | $94.06B | $94.21B | $101.93B | $106.01B | $117.14B | $148.51B | $196.50B | $245.88B | $250.28B |
| Gross margin | 75.3% | 76.6% | 77.8% | 79.6% | 80.8% | 81.0% | 82.7% | 83.1% | 83.6% | 85.0% | 84.6% | 84.2% | 84.2% | 83.5% | 83.5% | 83.2% | 83.9% | 84.6% | 84.7% | 81.0% |
| R&D | $6.32B | $8.55B | $7.87B | $7.86B | $9.60B | $9.63B | $10.90B | $11.73B | $13.76B | $13.61B | $14.56B | $14.01B | $14.80B | $14.22B | $15.46B | $17.77B | $24.05B | $32.44B | $48.06B | $52.04B |
| SG&A | $14.00B | $14.90B | $15.82B | $2.76B | $3.06B | $3.25B | $3.31B | $3.51B | $3.54B | $3.86B | $3.96B | $3.78B | $3.92B | $4.01B | $3.96B | $4.05B | $4.47B | $4.86B | $5.28B | $5.97B |
| Operating income | $9.12B | $8.95B | $12.40B | $14.93B | $18.89B | $22.37B | $29.47B | $31.49B | $34.49B | $49.44B | $48.43B | $48.97B | $47.25B | $52.48B | $54.13B | $58.64B | $74.81B | $102.57B | $128.34B | $127.66B |
| Operating margin | 23.5% | 21.4% | 27.2% | 29.2% | 31.1% | 33.7% | 37.8% | 37.7% | 38.8% | 45.8% | 43.3% | 43.8% | 42.2% | 43.0% | 42.6% | 41.7% | 42.3% | 44.2% | 44.2% | 41.3% |
| EBITDA | $11.26B | $11.97B | $14.86B | $17.80B | $21.25B | $24.94B | $30.56B | $35.39B | $37.57B | $46.51B | $51.06B | $51.95B | $51.63B | $54.43B | $59.27B | $65.39B | $76.80B | $114.63B | $147.94B | $156.73B |
| EBITDA margin | 29.1% | 28.6% | 32.5% | 34.9% | 35.0% | 37.6% | 39.2% | 42.4% | 42.3% | 43.1% | 45.7% | 46.5% | 46.2% | 44.6% | 46.7% | 46.4% | 43.4% | 49.4% | 50.9% | 50.7% |
| EBIT | $9.12B | $8.96B | $12.41B | $15.25B | $18.79B | $22.20B | $27.87B | $32.59B | $34.13B | $43.55B | $47.86B | $48.77B | $47.70B | $48.77B | $53.52B | $59.37B | $69.44B | $105.22B | $128.83B | $134.75B |
| Interest expense | $0.00 | $0.00 | $0.00 | $1.26B | $500.00M | $275.00M | $58.00M | $55.00M | $39.00M | $67.00M | $65.00M | $90.00M | $85.00M | $220.00M | $390.00M | $289.00M | $378.00M | $542.00M | $1.64B | $4.21B |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $6.45B | $8.54B | $9.67B | $10.77B | $14.40B | $17.10B | $21.43B | $25.18B | $26.48B | $34.86B | $37.92B | $38.13B | $38.63B | $38.95B | $42.14B | $47.76B | $55.52B | $83.68B | $100.99B | $102.43B |
| Net income growth (YoY) | — | +32.3% | +13.2% | +11.4% | +33.8% | +18.7% | +25.4% | +17.5% | +5.2% | +31.6% | +8.8% | +0.5% | +1.3% | +0.8% | +8.2% | +13.3% | +16.3% | +50.7% | +20.7% | +1.4% |
| Profit margin | 16.7% | 20.4% | 21.2% | 21.1% | 23.7% | 25.8% | 27.5% | 30.1% | 29.8% | 32.3% | 33.9% | 34.1% | 34.5% | 31.9% | 33.2% | 33.9% | 31.4% | 36.0% | 34.8% | 33.1% |