NOVO NORDISK A S financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data NOVO NORDISK A S files with the SEC in its annual reports.

In DKK millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	122,021	126,946	140,800	176,954	232,261	290,403	309,064
Cost of revenue	20,088	20,932	23,658	28,448	35,765	44,522	58,788
Gross profit	101,933	106,014	117,142	148,506	196,496	245,881	250,276
Research and development	14,220	15,462	17,772	24,047	32,443	48,062	52,039
General and administrative	4,007	3,958	4,050	4,467	4,855	5,276	5,969
Operating income	52,483	54,126	58,644	74,809	102,574	128,339	127,658
Interest expense	3,995	2,624	2,451	5,986	845	7,346	6,778
Interest income	65	1,628	2,887	239	2,945	6,198	9,660
Pre-tax income	48,553	53,130	59,080	69,062	104,674	127,191	130,540
Income tax	9,602	10,992	11,323	13,537	20,991	26,203	28,106
Net income	38,951	42,138	47,757	55,525	83,683	100,988	102,434
EBITDA				81,362	109,863	136,884	142,324
EPS, basic	8.21	9.03	10.40	12.26	18.67	22.67	23.06
EPS, diluted	8.19	9.01	10.37	12.22	18.62	22.63	23.03

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15,411	12,226	10,719	12,653	14,392	15,655	26,464
Inventory		18,536	19,621	24,388	31,811	40,849	49,623
Total current assets		65,809	85,595	108,194	139,646	161,788	172,453
Property, plant and equipment		50,269	55,362	66,671	90,961
Lease right-of-use assets		3,380	3,839	4,131	5,925	6,842	8,481
Goodwill						20,017	19,845
Intangible assets		20,657	43,171	50,939	60,406	90,804	110,208
Total assets		144,922	194,508	241,257	314,486	465,630	542,902
Short-term debt		7,459	13,684	1,466	6,478	13,113	12,017
Total current liabilities		70,273	99,516	120,940	169,655	217,614	215,661
Lease liabilities		2,897	3,307	3,543	4,552	5,428	7,236
Total liabilities		81,597	123,762	157,771	207,925	322,144	348,855
Total debt	4,483	10,356	26,645	25,784	27,006	102,787	130,958
Retained earnings		63,774	72,004	80,587	104,839	144,448	195,298
Total equity	57,593	63,325	70,746	83,486	106,561	143,486	194,047
Total liabilities and equity		144,922	194,508	241,257	314,486	465,630	542,902

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	38,951	42,138	47,757	55,525	83,683	100,988	102,434
Depreciation and amortization				6,553	7,289	8,545	14,666
Cash from operations	46,782	51,951	55,000	78,887	108,908	120,968	119,102
Capital expenditures	-8,932	-5,825	-6,335	-12,146	-25,806	-47,164	-60,140
Cash from investing	-11,509	-22,436	-31,605	-24,918	-43,892	-128,895	-79,158
Debt issued	81	5,682	22,160	11,215	0	79,391	103,931
Debt repaid	-822	-950	-6,689	-13,623	-1,467	-6,335	-79,188
Share buybacks	-15,334	-16,855	-19,447	-24,086	-29,924	-20,181	-1,388
Dividends paid	-19,409	-20,121	-21,517	-25,303	-31,767	-44,140	-51,763
Cash from financing	-35,484	-32,244	-25,493	-51,797	-63,158	8,735	-28,408
Exchange rate effect	-7	-456	591	-238	-119	455	-727
Free cash flow	37,850	46,126	48,665	66,741	83,102	73,804	58,962
Interest paid	204	422	261	272	491	612	3,419
Income taxes paid	10,936	10,106	14,438	14,515	25,897	29,636	32,014

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	81.0%	Gross profit / revenue.
Operating margin	41.3%	Operating income / revenue.
EBITDA margin	46.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	42.2%	Pre-tax income / revenue.
Net margin	33.1%	Net income / revenue.
FCF margin	19.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.5%	Cash from operations / revenue.
Effective tax rate	21.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	20.3%	Net income / average total assets.
R&D / revenue	16.8%	Research and development expense / revenue.
Capex / revenue	19.5%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-0.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	1.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	23.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-20.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	30.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.80x	Current assets / current liabilities.
Quick ratio	0.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / assets	24.1%	Total debt / total assets.
Liabilities / assets	64.3%	Total liabilities / total assets.
Net debt	DKK 104.49B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.73x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.8x	Operating income / interest expense.
Working capital	-DKK 43.21B	Current assets - current liabilities.
Goodwill and intangibles / assets	24.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Inventory turnover	1.30x	Cost of revenue / average inventory.
Days inventory	281 days	365 x average inventory / cost of revenue.
FCF conversion	57.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	50.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	DKK 23.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	DKK 23.06	Net income per basic share, as reported (split-adjusted).
Payout ratio	50.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	87.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	2.4%	Share buybacks / free cash flow, when free cash flow is positive.

What was NOVO NORDISK A S's revenue in fiscal 2025?

NOVO NORDISK A S reported revenue of DKK 309.06B for fiscal 2025, 6.4% higher than the year before.

Was NOVO NORDISK A S profitable in fiscal 2025?

Yes. Net income was DKK 102.43B, a net margin of 33.1%.

How much free cash flow did NOVO NORDISK A S generate in fiscal 2025?

Cash from operations of DKK 119.10B minus capital expenditures of DKK 60.14B left free cash flow of DKK 58.96B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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