Novo Nordisk A/S (NVO) Income Statement
NVO 2025 at a glance
Fiscal year ended December 31, 2025 · Danish kronerNVO revenue and net income
Where NVO's revenue goes
2025Each bar shows an amount and its share of revenue. NVO kept 33.1% of revenue as net income.
NVO profit margins
NVO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.4% | +20.4% | +19.5% | +11.1% |
| Gross profit | +1.8% | +19.0% | +18.7% | +10.6% |
| Operating income | −0.5% | +19.5% | +18.7% | +9.9% |
| Net income | +1.4% | +22.6% | +19.4% | +11.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NVO income statement in Danish kroner
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 309.06B | DKK 290.40B | DKK 232.26B | DKK 176.95B | DKK 140.80B | DKK 126.95B | DKK 122.02B | DKK 111.83B | DKK 111.70B | DKK 111.78B |
| Cost of revenue | DKK 58.79B | DKK 44.52B | DKK 35.77B | DKK 28.45B | DKK 23.66B | DKK 20.93B | DKK 20.09B | DKK 17.62B | DKK 17.63B | DKK 17.18B |
| Gross profit | DKK 250.28B | DKK 245.88B | DKK 196.50B | DKK 148.51B | DKK 117.14B | DKK 106.01B | DKK 101.93B | DKK 94.21B | DKK 94.06B | DKK 94.60B |
| Research & development | DKK 52.04B | DKK 48.06B | DKK 32.44B | DKK 24.05B | DKK 17.77B | DKK 15.46B | DKK 14.22B | DKK 14.80B | DKK 14.01B | DKK 14.56B |
| Sales, general & admin | DKK 70.28B | DKK 67.38B | DKK 61.60B | DKK 50.68B | DKK 41.06B | DKK 36.89B | DKK 35.83B | DKK 3.92B | DKK 3.78B | DKK 32.34B |
| Total operating expenses | DKK 122.62B | DKK 117.54B | DKK 93.92B | DKK 73.70B | DKK 58.50B | DKK 51.89B | DKK 49.45B | DKK 46.97B | DKK 45.10B | DKK 46.16B |
| Operating income | DKK 127.66B | DKK 128.34B | DKK 102.57B | DKK 74.81B | DKK 58.64B | DKK 54.13B | DKK 52.48B | DKK 47.25B | DKK 48.97B | DKK 48.43B |
| Interest income | DKK 2.88B | DKK 1.84B | DKK 1.07B | DKK 239.0M | DKK 558.0M | DKK 337.0M | DKK 3.76B | DKK 439.0M | DKK 219.0M | DKK 549.0M |
| Interest expense | DKK 4.21B | DKK 1.64B | DKK 542.0M | DKK 378.0M | DKK 289.0M | DKK 390.0M | DKK 220.0M | DKK 85.0M | DKK 90.0M | DKK 65.0M |
| Income before taxes | DKK 130.54B | DKK 127.19B | DKK 104.67B | DKK 69.06B | DKK 59.08B | DKK 53.13B | DKK 48.55B | DKK 47.62B | DKK 48.68B | DKK 47.80B |
| Income taxes | DKK 28.11B | DKK 26.20B | DKK 20.99B | DKK 13.54B | DKK 11.32B | DKK 10.99B | DKK 9.60B | DKK 8.99B | DKK 10.55B | DKK 9.87B |
| Net income | DKK 102.43B | DKK 100.99B | DKK 83.68B | DKK 55.52B | DKK 47.76B | DKK 42.14B | DKK 38.95B | DKK 38.63B | DKK 38.13B | DKK 37.92B |
| EBITDA | DKK 156.73B | DKK 147.94B | DKK 114.63B | DKK 76.80B | DKK 65.39B | DKK 59.27B | DKK 54.43B | DKK 51.62B | DKK 51.95B | DKK 51.06B |
| Gross margin | 81.0% | 84.7% | 84.6% | 83.9% | 83.2% | 83.5% | 83.5% | 84.2% | 84.2% | 84.6% |
| Operating margin | 41.3% | 44.2% | 44.2% | 42.3% | 41.7% | 42.6% | 43.0% | 42.2% | 43.8% | 43.3% |
| Net margin | 33.1% | 34.8% | 36.0% | 31.4% | 33.9% | 33.2% | 31.9% | 34.5% | 34.1% | 33.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 78.49B | DKK 96.82B | DKK 79.14B | DKK 74.98B | DKK 76.86B | DKK 78.09B | DKK 85.68B | DKK 71.31B | DKK 68.06B | DKK 65.35B | DKK 65.86B | DKK 58.73B |
| Cost of revenue | DKK 17.10B | DKK 13.60B | DKK 15.15B | DKK 17.90B | DKK 12.85B | DKK 12.89B | DKK 13.02B | DKK 11.31B | DKK 10.27B | DKK 9.92B | DKK 10.01B | DKK 9.71B |
| Gross profit | DKK 61.39B | DKK 83.22B | DKK 64.00B | DKK 57.07B | DKK 64.01B | DKK 65.20B | DKK 72.66B | DKK 60.00B | DKK 57.79B | DKK 55.43B | DKK 55.85B | DKK 49.02B |
| Research & development | DKK 17.79B | DKK 10.28B | DKK 14.65B | DKK 15.39B | DKK 11.69B | DKK 10.31B | DKK 13.80B | DKK 9.49B | DKK 16.17B | DKK 8.61B | DKK 10.46B | DKK 8.13B |
| Sales, general & admin | DKK 16.31B | DKK 13.22B | DKK 17.44B | DKK 17.88B | DKK 18.85B | DKK 16.11B | DKK 20.28B | DKK 16.59B | DKK 16.09B | DKK 14.41B | DKK 18.63B | DKK 14.07B |
| Total operating expenses | DKK 34.33B | DKK 23.61B | DKK 32.26B | DKK 33.39B | DKK 30.56B | DKK 26.41B | DKK 35.92B | DKK 26.18B | DKK 31.85B | DKK 23.59B | DKK 29.08B | DKK 22.11B |
| Operating income | DKK 27.06B | DKK 59.62B | DKK 31.74B | DKK 23.68B | DKK 33.45B | DKK 38.79B | DKK 36.74B | DKK 33.82B | DKK 25.93B | DKK 31.85B | DKK 26.77B | DKK 26.91B |
| Interest income | DKK 1.31B | DKK 6.05B | DKK 2.45B | DKK 1.83B | DKK 5.31B | DKK 3.42B | DKK 447.0M | DKK 1.38B | DKK 960.0M | DKK 2.15B | DKK 2.82B | DKK 1.15B |
| Interest expense | DKK 1.50B | DKK 3.50B | DKK 8.63B | DKK 5.01B | DKK 4.96B | DKK 5.18B | DKK 5.09B | DKK 821.0M | DKK 1.56B | DKK 2.07B | DKK 916.0M | DKK 2.17B |
| Income before taxes | DKK 26.88B | DKK 62.17B | DKK 34.19B | DKK 25.52B | DKK 33.80B | DKK 37.03B | DKK 35.56B | DKK 34.38B | DKK 25.33B | DKK 31.92B | DKK 27.62B | DKK 28.06B |
| Income taxes | DKK 5.89B | DKK 13.62B | DKK 7.29B | DKK 5.51B | DKK 7.30B | DKK 8.00B | DKK 7.33B | DKK 7.08B | DKK 5.28B | DKK 6.51B | DKK 5.66B | DKK 5.58B |
| Net income | DKK 20.99B | DKK 48.56B | DKK 26.89B | DKK 20.01B | DKK 26.50B | DKK 29.03B | DKK 28.23B | DKK 27.30B | DKK 20.05B | DKK 25.41B | DKK 21.96B | DKK 22.48B |
| EBITDA | DKK 38.68B | DKK 69.21B | DKK 39.75B | DKK 33.27B | DKK 43.60B | DKK 46.05B | DKK 45.85B | DKK 37.35B | DKK 35.74B | DKK 36.91B | DKK 28.51B | DKK 32.76B |
| Gross margin | 78.2% | 86.0% | 80.9% | 76.1% | 83.3% | 83.5% | 84.8% | 84.1% | 84.9% | 84.8% | 84.8% | 83.5% |
| Operating margin | 34.5% | 61.6% | 40.1% | 31.6% | 43.5% | 49.7% | 42.9% | 47.4% | 38.1% | 48.7% | 40.6% | 45.8% |
| Net margin | 26.7% | 50.2% | 34.0% | 26.7% | 34.5% | 37.2% | 32.9% | 38.3% | 29.5% | 38.9% | 33.3% | 38.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in Danish kroner as reported in NVO's financial statements (latest annual report filed February 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NVO financial results
In fiscal year 2025 (ended December 31, 2025), Novo Nordisk A/S reported revenue of DKK 309.1 billion, up 6.4% from the year before. It had net income of DKK 102.4 billion (up 1.4%), a net profit margin of 33.1%. Over five years revenue grew at an average rate of 19.5% a year. Figures are in Danish kroner, the currency of its financial statements.
See the NVO stock overview for the latest quote and news, or the NVO chart for price history and technical indicators.
NVO income statement FAQ
What is Novo Nordisk A/S's annual revenue?
Novo Nordisk A/S reported total revenue of DKK 309.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.4% from DKK 290.4 billion the previous year.
Is Novo Nordisk A/S profitable?
Yes. Novo Nordisk A/S reported net income of DKK 102.4 billion in fiscal 2025, a net profit margin of 33.1%; its operating margin was 41.3%.
What is Novo Nordisk A/S's gross margin?
Novo Nordisk A/S's gross margin was 81.0% in fiscal 2025: for every $100 of revenue, Novo Nordisk A/S kept $81 after the direct cost of its products and services.
How much does Novo Nordisk A/S spend on research and development?
Novo Nordisk A/S spent DKK 52.0 billion on research and development in fiscal 2025, 16.8% of revenue.
How fast is Novo Nordisk A/S growing?
Revenue grew 19.5% a year on average over the last five fiscal years, from DKK 126.9 billion to DKK 309.1 billion.
When will Novo Nordisk A/S report its next earnings?
Novo Nordisk A/S is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does Novo Nordisk A/S's fiscal year end?
Novo Nordisk A/S's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 4, 2026.