NVO on NYSE

Novo

Danish pharmaceutical company

Novo Nordisk A/S, doing business as Novo, is a Danish multinational pharmaceutical company. Novo manufactures and markets pharmaceutical products and services, primarily diabetes and obesity medications and devices.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

309.1BRevenue, fiscal 2025⁴

102.4BNet income, fiscal 2025⁴

1923Founded¹

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TickerNVO on NYSE¹
Industrypharmaceutical industry¹
HeadquartersBagsværd¹
Websitewww.novonordisk.com
Legal formaktieselskab¹
Listed onNasdaq Copenhagen A/S (NOVO), New York Stock Exchange (NVO)¹
Business addressNovo Alle Dk 2880, Bagsvaerd Denmark, G7 00000⁵
Filer categoryLarge accelerated filer⁵

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in DKK, the currency the company reports in.

Key numbers, fiscal 2025

81.0%Gross margin⁴

41.3%Operating margin⁴

33.1%Net margin⁴

6.4%Revenue growth, 2025⁴

52.8%Return on equity⁴

59.0B DKKFree cash flow⁴

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Obesity and Diabetes care brought in 94% of the revenue Novo broke down this way in fiscal 2025.

Obesity and Diabetes care289.5B DKK⁴94%up 7% from 2024
Rare Disease19.6B DKK⁴6%up 5% from 2024

Business segments by year

Business segments	2023	2024	2025
Obesity and Diabetes care	215.1B DKK	271.8B DKK	289.5B DKK
Rare Disease	17.2B DKK	18.6B DKK	19.6B DKK

Regions

United States brought in 56% of the revenue Novo broke down this way in fiscal 2025.

United States173.2B DKK⁴56%up 3% from 2024
Eucan66.1B DKK⁴21%up 15% from 2024
Emerging Markets30.4B DKK⁴10%up 3% from 2024
APAC20.7B DKK⁴7%up 19% from 2024
China18.7B DKK⁴6%up 1% from 2024

Regions by year

Regions	2023	2024	2025
United States	127.5B DKK	167.4B DKK	173.2B DKK
Eucan	48.1B DKK	57.5B DKK	66.1B DKK
Emerging Markets	24.8B DKK	29.5B DKK	30.4B DKK
APAC	15.1B DKK	17.4B DKK	20.7B DKK
China	16.7B DKK	18.5B DKK	18.7B DKK

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Other costs67¢206.6B DKK
Profit33¢102.4B DKK

Out of 309.1B DKK in revenue.⁴

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending50¢60.1B DKK
Kept or used elsewhere50¢59.0B DKK

Out of 119.1B DKK of cash from operations.⁴

Financial statements

Revenue⁷⁸⁹¹⁰⁴309.1B DKK in 2025+153% since 2019

Gross profit⁷⁸⁹¹⁰⁴250.3B DKK in 2025+146% since 2019

Operating income⁷⁸⁹¹⁰⁴127.7B DKK in 2025+143% since 2019

Net income⁷⁸⁹¹⁰⁴102.4B DKK in 2025+163% since 2019

Every line of the income statement in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Net sales	309.1B DKK	290.4B DKK	232.3B DKK
Cost of goods sold	-58.8B DKK	-44.5B DKK	-35.8B DKK
Gross profit	250.3B DKK	245.9B DKK	196.5B DKK
Sales and distribution costs	-64.3B DKK	-62.1B DKK	-56.7B DKK
Research and development costs	-52.0B DKK	-48.1B DKK	-32.4B DKK
Administrative costs	-6.0B DKK	-5.3B DKK	-4.9B DKK
Other operating income and expenses	-300.0M DKK	-2.1B DKK	119.0M DKK
Operating profit	127.7B DKK	128.3B DKK	102.6B DKK
Financial income	9.7B DKK	6.2B DKK	2.9B DKK
Financial expenses	-6.8B DKK	-7.3B DKK	-845.0M DKK
Profit before income taxes	130.5B DKK	127.2B DKK	104.7B DKK
Income taxes	-28.1B DKK	-26.2B DKK	-21.0B DKK
Net profit	102.4B DKK	101.0B DKK	83.7B DKK
Basic earnings per share (DKK per share)	23.06 DKK	22.67 DKK	18.67 DKK
Diluted earnings per share (DKK per share)	23.03 DKK	22.63 DKK	18.62 DKK

Total assets⁷⁸⁹¹⁰⁴542.9B DKK in 2025+275% since 2020

Total liabilities⁷⁸⁹¹⁰⁴348.9B DKK in 2025+328% since 2020

Shareholders’ equity⁷⁸⁹¹⁰⁴194.0B DKK in 2025+274% since 2018

Cash⁷⁸⁹¹⁰⁴26.5B DKK in 2025+69% since 2018

Every line of the balance sheet in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Intangible assets	110.2B DKK	90.8B DKK
Goodwill	19.8B DKK	20.0B DKK
Property, plant and equipment	208.4B DKK	161.7B DKK
Investments in associated companies	366.0M DKK	400.0M DKK
Deferred income tax assets	23.6B DKK	24.6B DKK
Other receivables and prepayments	5.9B DKK	4.0B DKK
Other financial assets	2.1B DKK	2.3B DKK
Total non-current assets	370.4B DKK	303.8B DKK
Inventories	49.6B DKK	40.8B DKK
Trade receivables	70.9B DKK	71.9B DKK
Tax receivables	4.8B DKK	2.9B DKK
Other receivables and prepayments	13.5B DKK	13.5B DKK
Marketable securities	498.0M DKK	10.7B DKK	15.8B DKK
Derivative financial instruments	6.7B DKK	6.3B DKK
Cash at bank	26.5B DKK	15.7B DKK
Total current assets	172.5B DKK	161.8B DKK
Total assets	542.9B DKK	465.6B DKK
Share capital	446.0M DKK	446.0M DKK
Treasury shares	-2.0M DKK	-2.0M DKK
Retained earnings	195.3B DKK	144.4B DKK
Other reserves	-1.7B DKK	-1.4B DKK
Total equity	194.0B DKK	143.5B DKK	106.6B DKK
Borrowings	118.9B DKK	89.7B DKK
Deferred income tax liabilities	6.6B DKK	5.5B DKK
Retirement benefit obligations	861.0M DKK	903.0M DKK
Provisions	5.7B DKK	7.0B DKK
Sales deductions and product returns	1.1B DKK	1.5B DKK	1.1B DKK
Total non-current liabilities	133.2B DKK	104.5B DKK
Borrowings	12.0B DKK	13.1B DKK
Trade payables	19.8B DKK	17.1B DKK
Tax payables	8.4B DKK	9.7B DKK
Other liabilities	39.7B DKK	35.4B DKK
Derivative financial instruments	2.0B DKK	7.5B DKK
Liabilities for product returns	374.0M DKK	289.0M DKK
Sales deductions and product returns	133.3B DKK	134.5B DKK	116.6B DKK
Total current liabilities	215.7B DKK	217.6B DKK
Total liabilities	348.9B DKK	322.1B DKK
Total equity and liabilities	542.9B DKK	465.6B DKK

Cash from operations⁷⁸⁹¹⁰⁴119.1B DKK in 2025+155% since 2019

Capital spending⁷⁸⁹¹⁰⁴60.1B DKK in 2025+573% since 2019

Free cash flow⁷⁸⁹¹⁰⁴59.0B DKK in 2025+56% since 2019

Every line of the cash flow in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Net profit	102.4B DKK	101.0B DKK	83.7B DKK
Income taxes in the income statement	28.1B DKK	26.2B DKK	21.0B DKK
Depreciation, amortisation and impairment losses	22.0B DKK	19.1B DKK	9.4B DKK
Other non-cash items	-3.1B DKK	445.0M DKK	424.0M DKK
Changes in working capital	3.7B DKK	2.6B DKK	19.7B DKK
Interest received	1.4B DKK	1.9B DKK	1.1B DKK
Interest paid	-3.4B DKK	-612.0M DKK	-491.0M DKK
Income taxes paid	-32.0B DKK	-29.6B DKK	-25.9B DKK
Net cash flows from operating activities	119.1B DKK	121.0B DKK	108.9B DKK
Purchase of intangible assets	-30.0B DKK	-4.1B DKK	-13.1B DKK
Purchase of property, plant and equipment	-60.1B DKK	-47.2B DKK	-25.8B DKK
Cash used for acquisition of businesses	0 DKK	-82.2B DKK	0 DKK
Settlement for prior year's acquisition of businesses	1.0B DKK	0 DKK	0 DKK
Proceeds from other financial assets	30.0M DKK	0 DKK	33.0M DKK
Purchase of other financial assets	-225.0M DKK	-786.0M DKK	-271.0M DKK
Purchase of marketable securities	-498.0M DKK	-19.0B DKK	-13.0B DKK
Sale of marketable securities	10.6B DKK	24.4B DKK	8.3B DKK
Net cash flows from investing activities	-79.2B DKK	-128.9B DKK	-43.9B DKK
Purchase of treasury shares	-1.4B DKK	-20.2B DKK	-29.9B DKK
Dividends paid	-51.8B DKK	-44.1B DKK	-31.8B DKK
Proceeds from borrowings	103.9B DKK	79.4B DKK	0 DKK
Repayment of borrowings	-79.2B DKK	-6.3B DKK	-1.5B DKK
Net cash flows from financing activities	-28.4B DKK	8.7B DKK	-63.2B DKK
Net cash generated from activities	11.5B DKK	808.0M DKK	1.9B DKK
Exchange gains/(losses) on cash and cash equivalents	-727.0M DKK	455.0M DKK	-119.0M DKK

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The story

Founded by August Kongsted, August Krogh, Hans Christian Hagedorn and Marie Krogh in 1923.¹

Leadership

Who has led Novo, and when. Pick a name to see everywhere that person has worked.

Chief executive

197019801990200020102020

FounderAugust Kongsted¹
FounderAugust Krogh¹
FounderHans Christian Hagedorn¹
FounderMarie Krogh¹
Chief executive officerLars Fruergaard Jørgensen Jan 1, 2017 to now¹
Chief executive officerLars Rebien Sørensen Nov 13, 2000 to Dec 31, 2016¹
Chief executive officerMike Doustdar¹

Board members and other officers (5)

Chief scientific officerDennis Madsen May 1, 2023 to now¹
Chief scientific officerThomas Hoeg-Jensen Jul 1, 1995 to now¹
Board memberGopal Karemore May 1, 2022 to now¹
Board memberKristoffer Tømmeraas Jan 1, 2021 to now¹
Board memberErik M Wulff Jan 1, 1998 to Nov 14, 2018¹

Products and brands

Insulin degludec
Insulin degludec/insulin aspart
estradiol/norethisterone acetate
glucagon
glucagon-like peptide-1 agonist
growth hormone
insulin aspart
insulin detemir
liraglutide
preproinsulin
recombinant factor VIIa
semaglutide
sex steroid
turoctocog alfa

Listed on Wikidata.¹

Subsidiaries and ownership

Parent company

Novo Holdings

Owners

Novo Holdings 77.1%
Novo Nordisk Foundation 28.1%

Subsidiaries

NNE A/S
Novo Nordisk (Algeria)
Novo Nordisk (Germany)
Novo Nordisk (Switzerland)
Novo Nordisk (United States)
Novo Nordisk s.r.o.

Also owns

NNIT

From Wikidata.¹

Employees over time

Novo employees by year¹68.8K in 2025+161974% since 2016

202568,794¹
202474,156¹
202364,319¹
202255,185¹
201642¹

Timeline

Jan 1, 2017New chief executive Lars Fruergaard Jørgensen becomes CEO¹
Nov 13, 2000New chief executive Lars Rebien Sørensen becomes CEO¹
1923Founded Founded¹

Recent filings

Oct 13, 20266-K
Oct 6, 20266-K
Oct 5, 20266-K
Sep 28, 20266-K
Sep 21, 20266-K
Sep 17, 20266-K
Sep 15, 20266-K
Sep 9, 20266-K
Aug 31, 20266-K
Aug 24, 20266-K
Aug 18, 20266-K
Aug 10, 20266-K
Aug 10, 20266-K
Aug 4, 20266-K
Aug 4, 20266-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataNovo on Wikidata
2
SEC EDGARNovo filings on SEC EDGAR
3
WikipediaNovo on Wikipedia
4
SEC EDGARNovo 10-K for fiscal 2025
5
SEC EDGARNovo filings on SEC EDGAR
6
Wikimedia CommonsNovo photo by News Øresund - Johan Wessman, CC BY 3.0
7
SEC EDGARNovo 10-K for fiscal 2019
8
SEC EDGARNovo 10-K for fiscal 2020
9
SEC EDGARNovo 10-K for fiscal 2021
10
SEC EDGARNovo 10-K for fiscal 2022