Novo Nordisk A/S Sponsored ADR (NVO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$4.98	$6.18	+24.1%	—	$78.5B	—
Q1 26	$6.96	$6.63	-4.7%	—	$96.8B	—
Q4 25	$5.9	$6.04	+2.4%	—	$79.1B	—
Q3 25	$4.24	$4.5	+6.1%	—	$75B	—
Q2 25	$6	$5.96	-0.7%	—	$76.9B	—
Q1 25	$6.07	$6.53	+7.6%	—	$78.1B	—
Q4 24	$5.97	$6.34	+6.2%	—	$13.6B	—
Q3 24	$5.92	$6.12	+3.4%	—	$11B	—
Q2 24	$4.91	$4.49	-8.6%	—	$68.1B	—
Q1 24	$5.42	$5.68	+4.8%	—	$65.3B	—
Q4 23	$4.45	$4.91	+10.3%	—	$65.9B	—
Q3 23	$4.71	$5	+6.2%	—	$58.7B	—
Q2 23	$4.5	$4.32	-4.0%	—	$54.3B	—
Q1 23	$4.02	$4.39	+9.2%	—	$53.4B	—
Q4 22	$3.13	$3.01	-3.8%	—	$48.1B	—
Q3 22	$3.12	$3.17	+1.6%	—	$45.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$23.1	—	—	$309.1B	—
FY24	—	$22.7	—	—	$45.9B	—
FY23	—	$18.7	—	—	$232.3B	—
FY22	—	$12.3	—	—	$177B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$111.8B	$111.7B	$111.8B	$122B	$126.9B	$140.8B	$177B	$232.3B	$45.9B	$309.1B
YoY change	+3.57%	-0.08%	+0.12%	+9.11%	+4.04%	+10.9%	+25.7%	+31.3%	-80.2%	+572.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	111.8B	111.7B	111.8B	122B	126.9B	140.8B	177B	232.3B	45.9B	309.1B
Cost of revenue	17.2B	17.6B	17.6B	20.1B	20.9B	23.7B	28.4B	35.8B	7B	58.8B
Gross profit	94.6B	94.1B	94.2B	101.9B	106B	117.1B	148.5B	196.5B	38.9B	250.3B
Gross margin	84.6%	84.2%	84.2%	83.5%	83.5%	83.2%	83.9%	84.6%	84.7%	81%
Research & development	14.6B	14B	14.8B	14.2B	15.5B	17.8B	24B	32.4B	7.6B	52B
Selling, general & administrative	32.3B	32.1B	33.3B	35.8B	36.9B	41.1B	50.7B	61.6B	10.7B	70.3B
Operating expenses	46.2B	45.1B	47B	49.5B	51.9B	58.5B	73.7B	93.9B	18.6B	122.6B
Operating income	48.4B	49B	47.2B	52.5B	54.1B	58.6B	74.8B	102.6B	20.3B	127.7B
Operating margin	43.3%	43.8%	42.2%	43%	42.6%	41.7%	42.3%	44.2%	44.2%	41.3%
Non-operating income, net	-536M	-198M	473M	-3.5B	-793M	616M	-5.4B	1.8B	-167.2M	6.1B
Pretax income	47.8B	48.7B	47.6B	48.6B	53.1B	59.1B	69.1B	104.7B	20.1B	130.5B
Income tax	9.9B	10.6B	9B	9.6B	11B	11.3B	13.5B	21B	4.1B	28.1B
Net income	37.9B	38.1B	38.6B	39B	42.1B	47.8B	55.5B	83.7B	16B	102.4B
Net margin	33.9%	34.1%	34.5%	31.9%	33.2%	33.9%	31.4%	36%	34.8%	33.1%
EBITDA	51.6B	52.2B	51.2B	57.8B	60.2B	64.8B	82B	112.9B	21.9B	150.7B
EPS	7.5	7.71	7.98	8.21	9.03	10.4	12.3	18.7	22.7	23.1
Diluted EPS	7.48	7.7	7.96	8.19	9.01	10.4	12.2	18.6	22.6	23

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	58.7B	65.9B	65.3B	68.1B	11B	13.6B	78.1B	76.9B	75B	79.1B	96.8B	78.5B
Cost of revenue	9.7B	10B	9.9B	10.3B	1.8B	2.1B	12.9B	12.8B	17.9B	15.1B	13.6B	17.1B
Gross profit	49B	55.8B	55.4B	57.8B	9.3B	11.5B	65.2B	64B	57.1B	64B	83.2B	61.4B
Gross margin	83.5%	84.8%	84.8%	84.9%	84.1%	84.8%	83.5%	83.3%	76.1%	80.9%	86%	78.2%
Research & development	8.1B	10.5B	8.6B	16.2B	1.5B	2.2B	10.3B	11.7B	15.4B	14.6B	10.3B	17.8B
Selling, general & administrative	14.1B	18.6B	14.4B	16.1B	2.6B	3.2B	16.1B	18.8B	17.9B	17.4B	13.2B	16.3B
Operating expenses	22.1B	29.1B	23.6B	31.9B	4.1B	5.7B	26.4B	30.6B	33.4B	32.3B	23.6B	34.3B
Operating income	26.9B	26.8B	31.8B	25.9B	5.2B	5.8B	38.8B	33.4B	23.7B	31.7B	59.6B	27.1B
Operating margin	45.8%	40.6%	48.7%	38.1%	47.4%	42.9%	49.7%	43.5%	31.6%	40.1%	61.6%	34.5%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	28.1B	27.6B	31.9B	25.3B	5.3B	5.6B	37B	33.8B	25.5B	34.2B	62.2B	26.9B
Income tax	5.6B	5.7B	6.5B	5.3B	1.1B	1.2B	8B	7.3B	5.5B	7.3B	13.6B	5.9B
Net income	22.5B	22B	25.4B	20.1B	4.2B	4.5B	29B	26.5B	20B	26.9B	48.6B	21B
Net margin	38.3%	33.3%	38.9%	29.5%	38.3%	32.9%	37.2%	34.5%	26.7%	34%	50.2%	26.7%
EBITDA	32.8B	28.5B	36.9B	35.7B	5.8B	5.5B	46B	43.6B	31.4B	37.3B	69.2B	28.4B
EPS	5.02	—	5.7	4.5	6.13	—	6.54	5.96	4.5	6.06	10.9	4.74
Diluted EPS	5	—	5.68	4.49	6.12	—	6.53	5.96	4.5	6.04	10.9	4.74

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	653.2B	955.7B	802.6B	989.5B	1.2T	1.9T	2.2T	3.3T	—	—	171B
Enterprise value	632.8B	938.6B	787.5B	978.5B	1.2T	1.9T	2.2T	3.3T	—	—	40.7B
Shares outstanding	36.4B	35.6B	34.8B	34.2B	33.6B	33.1B	32.6B	32.2B	704.4M	4.4B	4.4B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.2	25.1	20.8	25.4	27.9	38.8	39.8	39.8	—	—	9.69
P/S	5.84	8.56	7.18	8.11	9.25	13.2	12.5	14.3	—	—	0.52
P/B	14.4	19.2	15.5	17.2	18.5	26.2	26.4	31.3	—	—	5.01
EV/EBITDA	12.3	18	15.4	16.9	19.5	28.7	26.9	29.5	—	—	1.54
EV/Sales	5.66	8.4	7.04	8.02	9.23	13.2	12.5	14.3	—	—	0.81
Earnings yield	5.81%	3.99%	4.81%	3.94%	3.59%	2.58%	2.52%	2.51%	—	—	10.3%
FCF yield	6.13%	3.4%	4.01%	3.59%	2.54%	2.57%	2.91%	2.1%	—	—	3.36%
PEG	—	—	—	—	—	—	—	—	—	—	-0.47

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	84.6%	84.2%	84.2%	83.5%	83.5%	83.2%	83.9%	84.6%	84.7%	81%	78.2%
Operating margin	43.3%	43.8%	42.2%	43%	42.6%	41.7%	42.3%	44.2%	44.2%	41.3%	42.5%
Net margin	33.9%	34.1%	34.5%	31.9%	33.2%	33.9%	31.4%	36%	34.8%	33.1%	35.3%
ROE	83.8%	76.5%	74.5%	67.6%	66.5%	67.5%	66.5%	78.5%	70.4%	52.8%	59.8%
ROA	38.9%	37.3%	34.9%	31%	29.1%	24.6%	23%	26.6%	21.7%	18.9%	18.7%
ROIC	155%	117.4%	104.4%	90.3%	70.5%	59.3%	70.2%	79.4%	46.3%	33.6%	35.2%
Return on tangible assets	41.2%	39.8%	38.4%	34.2%	40.7%	44.2%	39.8%	43.2%	41.5%	36.2%	33.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.26	1.28	1.09	1.06	0.94	0.86	0.89	0.82	0.74	0.8	0.87
Quick ratio	0.96	0.95	0.79	0.76	0.67	0.66	0.69	0.64	0.55	0.57	0.66
Debt / equity	0.01	0.03	0.01	0.08	0.16	0.38	0.31	0.25	0.72	0.67	0.63
Debt / assets	0	0.02	0	0.04	0.07	0.14	0.11	0.09	0.22	0.24	0.24
Net debt / EBITDA	-0.4	-0.33	-0.3	-0.19	-0.04	0.14	0.03	-0.03	0.55	0.69	0.57
Interest coverage	736.4	541.9	561.2	221.7	137.2	205.4	183.7	194.1	78.6	32	32
Effective tax rate	20.7%	21.7%	18.9%	19.8%	20.7%	19.2%	19.6%	20.1%	20.6%	21.5%	21.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.07	3.14	3.21	3.57	3.78	4.26	5.42	7.21	65.2	69.6	74.2
EPS (basic)	7.5	7.71	7.98	8.21	9.03	10.4	12.3	18.7	22.7	23.1	23.1
EPS (diluted)	7.48	7.7	7.96	8.19	9.01	10.4	12.2	18.6	22.6	23	3.99
Book value per share	1.24	1.4	1.49	1.68	1.88	2.14	2.56	3.31	32.2	43.7	7.72
FCF per share	1.1	0.91	0.92	1.04	0.89	1.44	1.97	2.17	15.6	6.53	10.8
Cash per share	0.57	0.53	0.45	0.45	0.38	0.53	0.72	0.94	5.91	6.07	10.2
Capex per share	0.19	0.21	0.28	0.26	0.17	0.19	0.37	0.8	10.6	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.32%	6.82%	8.6%	7.32%	4.58%	4.5%	6.86%	11.1%	16.2%	—	—
Capex / operating cash flow	14.9%	14.9%	19.6%	17.4%	10.1%	11.9%	16.1%	24.7%	35.7%	—	—
Payout ratio	62.8%	49.4%	49.3%	49.8%	47.8%	45.1%	45.6%	38%	43.7%	50.5%	44.5%
Dividend yield	3.65%	1.97%	2.37%	1.96%	1.71%	1.16%	1.15%	0.95%	—	—	2.99%

Yield

2.99%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.579

ex-dividend Aug 17, 2026

Payout ratio

44%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.579
Mar 30, 2026	$1.275
Aug 18, 2025	$0.584
Mar 31, 2025	$1.0992
Aug 16, 2024	$0.5126
Mar 22, 2024	$0.9298
Aug 18, 2023	$0.221

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$58.7B	$65.9B	$65.3B	$68.1B	$11B	$13.6B	$78.1B	$76.9B	$75B	$79.1B	$96.8B	$78.5B
YoY change	+28.9%	+37%	+22.5%	+25.3%	-81.2%	-79.4%	+19.5%	+12.9%	+578.8%	+484.1%	+24%	+2.12%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	20.7B	18.9B	15.6B	15.5B	12.8B	17.5B	23.6B	30.2B	4.2B	27B
Receivables	20.2B	20.2B	22.8B	24.9B	27.7B	40.6B	50.6B	64.8B	11.4B	70.9B
Inventory	14.3B	15.4B	16.3B	17.6B	18.5B	19.6B	24.4B	31.8B	6.5B	49.6B
Total current assets	59.8B	60.1B	59.1B	62.5B	65.8B	85.6B	108.2B	139.6B	25.4B	172.5B
Property, plant & equipment	30.2B	35.2B	41.9B	50.6B	50.3B	55.4B	66.7B	91B	25.7B	208.4B
Goodwill & intangibles	5.4B	6.7B	10.3B	11.7B	41.3B	86.3B	101.9B	120.8B	35.1B	260.1B
Total assets	97.5B	102.4B	110.8B	125.6B	144.9B	194.5B	241.3B	314.5B	73.7B	542.9B
Accounts payable	6B	5.6B	6.8B	6.4B	5.7B	8.9B	15.6B	25.6B	4.6B	153.1B
Short-term debt	229M	1.7B	515M	1.5B	7.5B	13.7B	1.5B	6.5B	2.1B	12B
Total current liabilities	47.4B	47.1B	54.2B	59B	70.3B	99.5B	120.9B	169.7B	34.4B	215.7B
Long-term debt	—	—	—	3B	2.9B	13B	24.3B	20.5B	14.2B	118.9B
Total liabilities	52.3B	52.5B	58.9B	68B	81.6B	123.8B	157.8B	207.9B	51B	348.9B
Shareholders' equity	45.3B	49.8B	51.8B	57.6B	63.3B	70.7B	83.5B	106.6B	22.7B	194B
Total debt	229M	1.7B	515M	4.5B	10.4B	26.6B	25.8B	27B	16.3B	131B
Net debt	-18.5B	-17.2B	-15.1B	-11B	-2.4B	15.9B	13.1B	12.6B	13.8B	104.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	47.6B	30.2B	9.3B	62.7B	11.6B	4.2B	41.5B	18.9B	32.6B	27B	21.6B	45B
Receivables	52.6B	64.8B	57B	63.6B	10.3B	11.4B	69.5B	69.6B	75.4B	70.9B	82.6B	88.9B
Inventory	29.5B	31.8B	33.6B	36.4B	5.9B	6.5B	42.9B	45.7B	47.5B	49.6B	51.4B	51.4B
Total current assets	142.2B	139.6B	116.4B	177.5B	30.2B	25.4B	174.4B	162.7B	181.9B	172.5B	177.3B	208.7B
Property, plant & equipment	—	91B	—	—	—	25.7B	—	—	—	208.4B	—	—
Goodwill & intangibles	55.7B	120.8B	59.6B	55.5B	8.4B	35.1B	218.8B	215.7B	213.2B	260.1B	259.8B	244.1B
Total assets	300.1B	314.5B	298.9B	369.4B	61.6B	73.7B	489.2B	482.2B	512.3B	542.9B	559.2B	594.9B
Accounts payable	20.1B	25.6B	13B	29.8B	3.7B	4.6B	19.6B	28.2B	23.9B	153.1B	134.1B	154.8B
Short-term debt	6.6B	6.5B	10.2B	5.5B	855M	2.1B	22.4B	12B	12B	12B	27.2B	18.3B
Total current liabilities	172.6B	169.7B	165.6B	187.9B	32.3B	34.4B	236.1B	207.5B	234.4B	215.7B	225.2B	239.1B
Long-term debt	19.9B	20.5B	16.8B	51.6B	8B	14.2B	96.3B	87.3B	89.2B	118.9B	119.2B	121.8B
Total liabilities	207.1B	207.9B	200B	256.9B	42.9B	51B	350.6B	314.1B	342.4B	348.9B	356.2B	373.7B
Shareholders' equity	93B	106.6B	98.9B	112.5B	18.7B	22.7B	138.5B	168.1B	169.9B	194B	203.1B	221.3B
Total debt	26.5B	27B	26.9B	57.1B	8.8B	16.3B	118.7B	99.3B	101.2B	131B	146.4B	140.1B
Net debt	-3.6B	12.6B	20.6B	4.2B	-7.1M	13.8B	79.8B	80.8B	69.1B	104.5B	125.3B	95.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	37.9B	38.1B	38.6B	39B	42.1B	47.8B	55.5B	83.7B	16B	102.4B
Depreciation & amortization	3.2B	3.2B	3.9B	5.7B	5.8B	6B	7.4B	9.4B	1.4B	22B
Stock-based compensation	368M	292M	414M	363M	823M	1B	1.5B	2.1B	362M	—
Change in working capital	-3.7B	-2.5B	-3.5B	-3.7B	-5.2B	-9B	-3.8B	-9.8B	-1.3B	—
Operating cash flow	47.3B	51.2B	49B	51.2B	57.8B	53.2B	75.6B	104.4B	20.9B	119.1B
Capital expenditure	-7.1B	-7.6B	-9.6B	-8.9B	-5.8B	-6.3B	-12.1B	-25.8B	-7.5B	—
Investing cash flow	-5.6B	-5.6B	-9.3B	-9.2B	-6.2B	-30.6B	-22.3B	-30.8B	-19.7B	11B
Dividends paid	-23.8B	-18.8B	-19B	-19.4B	-20.1B	-21.5B	-25.3B	-31.8B	-7B	-51.8B
Share repurchases	-15.1B	-16.8B	-15.6B	-15.3B	-16.9B	-19.4B	-24.1B	-29.9B	-3.2B	-1.4B
Financing cash flow	-38.9B	-35.7B	-34.4B	-35.5B	-32.2B	-25.5B	-51.8B	-63.2B	1.4B	-28.4B
Net change in cash	2.8B	9.9B	5.2B	6.5B	19.4B	-2.8B	1.5B	10.4B	2.6B	101.6B
Free cash flow	40B	32.5B	32.2B	35.6B	29.9B	47.6B	64.1B	70B	11B	29B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	22.5B	22B	25.4B	20.1B	4.2B	4.5B	29B	26.5B	20B	26.9B	48.6B	21B
Depreciation & amortization	2.5B	3B	2.9B	8.8B	333M	-848.3M	3.8B	4.8B	7.8B	5.6B	3.5B	10.3B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	32.6B	-4.3B	35B	44.6B	8.6B	446.1M	43.8B	40.6B	45B	7.6B	24.1B	55.2B
Capital expenditure	-5.8B	-9.4B	-8.5B	-10.5B	-1.9B	-2.5B	-13.4B	—	—	—	—	—
Investing cash flow	-8.4B	-7.7B	4.5B	-17.3B	-3.2B	-14.4B	-5.5B	2B	-10M	1B	65M	-43M
Dividends paid	-13.4B	0	-28.6B	0	-2.4B	0	-35.3B	174M	-16.7B	0	-35.3B	0
Share repurchases	-6.1B	-9.8B	-2.8B	-7.4B	-372.5M	-1.2B	-1.4B	0	0	0	-2.4B	-3.5B
Financing cash flow	-19.8B	-10.1B	-26.4B	22B	-2.9B	5.8B	5.5B	-19.4B	-17.1B	29.5B	-16.5B	-10.8B
Net change in cash	4.3B	-22.1B	13.1B	49.3B	2.5B	-8.1B	43.8B	23.2B	27.9B	38.1B	7.7B	44.3B
Free cash flow	30.3B	-6.9B	5.3B	37.3B	4.9B	-673.2M	10B	24.4B	29.6B	-36.2B	12B	42.4B

Date	Ratio
Sep 20, 2023	2:1
Jan 9, 2014	5:1
Dec 17, 2007	2:1
Apr 11, 2001	5:2
Apr 18, 1994	4:1

Novo Nordisk A/S Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history