Novo Nordisk A/S
NYSE: NVO · HEALTHCARE · DRUG MANUFACTURERS - GENERAL
Updated 2026-06-05
Novo Nordisk A/S (NVO) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $44.70B | $47.80B | $50.73B | $54.74B | $61.40B | $64.70B | $65.67B | $70.34B | $77.06B | $91.80B | $97.54B | $102.36B | $110.77B | $18.87B | $23.82B | $194.51B | $241.26B | $314.49B | $465.80B | $542.90B |
| Cash & equivalents | $3.27B | $4.83B | $8.80B | $11.30B | $12.02B | $13.41B | $11.55B | $10.73B | $14.40B | $16.92B | $18.69B | $18.85B | $15.64B | $2.32B | $2.10B | $10.72B | $12.65B | $14.39B | $15.65B | $26.46B |
| Current assets | $20.84B | $24.33B | $29.14B | $32.67B | $37.29B | $39.59B | $40.16B | $42.06B | $46.29B | $55.14B | $59.77B | $60.08B | $59.07B | $9.38B | $10.82B | $85.59B | $108.19B | $139.65B | $160.90B | $172.45B |
| Total liabilities | $14.57B | $15.57B | $17.67B | $19.01B | $24.44B | $27.25B | $25.04B | $27.77B | $36.77B | $44.83B | $52.27B | $52.54B | $58.93B | $10.22B | $13.41B | $123.76B | $157.77B | $207.93B | $322.31B | $348.86B |
| Current liabilities | $10.16B | $10.66B | $12.99B | $13.41B | $18.48B | $20.78B | $21.64B | $24.23B | $33.69B | $40.87B | $47.44B | $47.06B | $54.16B | $8.86B | $11.55B | $99.52B | $120.94B | $169.66B | $217.53B | $215.66B |
| Long-term debt | $207.87M | $188.26M | $183.19M | $186.87M | $89.71M | $87.60M | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | $9.65B | $20.77B | $15.98B | $84.25B | $118.94B |
| Shareholder equity | $30.13B | $32.22B | $33.06B | $35.73B | $36.97B | $37.45B | $40.63B | $42.57B | $40.29B | $46.97B | $45.27B | $49.81B | $51.84B | $8.65B | $10.41B | $70.75B | $83.49B | $106.56B | $143.49B | $194.05B |
| Retained earnings | $28.81B | $30.70B | $33.51B | $35.15B | $36.10B | $37.11B | $39.00B | $41.14B | $41.28B | $46.82B | $46.11B | $48.98B | $53.41B | $8.69B | $10.48B | $72.00B | $80.59B | $104.84B | $144.45B | $195.30B |
| Accounts receivable | $6.50B | $7.31B | $8.72B | $9.13B | $10.94B | $11.67B | $12.55B | $11.61B | $15.79B | $17.74B | $24.20B | $23.55B | $26.89B | $3.86B | $4.61B | $46.80B | $57.51B | $75.26B | $87.41B | $75.70B |
| Inventory | $8.40B | $9.03B | $9.63B | $10.02B | $9.69B | $9.43B | $9.54B | $9.55B | $11.36B | $12.76B | $14.34B | $15.37B | $16.34B | $2.65B | $3.05B | $19.62B | $24.39B | $31.81B | $40.85B | $49.62B |
| Goodwill | $16.95M | $66.48M | $13.27M | $14.26M | $70.00M | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.35B | $5.09B | $4.46B | $20.06B | $19.84B |
Frequently asked questions
What is Novo Nordisk A/S's revenue?
Novo Nordisk A/S's trailing twelve-month revenue is $327.80B, and consensus projects about $388.20B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NVO?
In its most recent fiscal year, NVO ran a gross margin of 80.98%, an operating margin of 41.30%, and a net margin of 33.14%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NVO generate?
NVO produced $28.99B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NVO's balance sheet healthy?
NVO holds $26.46B in cash and equivalents against $118.94B in long-term debt, on $194.05B of shareholder equity. That debt is best read against the cash flow the business throws off each year.