# Novo Nordisk A/S (NVO)

> NVO · NYSE · Health care, pharmaceuticals · Denmark · IFRS · Fiscal year ends December
>
> Latest report: FY2025, the fiscal year ended 31 December 2025, released 4 February 2026. Snapshot FY2025_e7e4de91.

Page: https://annalist.io/company/novo-nordisk/

Identifiers: LEI 549300DAQ1CVT6CXN342, CIK 0000353278

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, fiscal year | DKK309bn | 309064000000 | DKK | +6.4% year on year | FY2025 | 2025-12-31 | 20-F 2025-12 |
| Operating profit, fiscal year | DKK128bn | 127658000000 | DKK | −0.5% year on year | FY2025 | 2025-12-31 | 20-F 2025-12 |
| Diluted EPS, fiscal year | DKK23.03 | 23.03 | DKK/shares | +1.8% year on year | FY2025 | 2025-12-31 | 20-F 2025-12 |
| Operating margin, fiscal year | 41.3% | 41.3047 | % | −2.9pp year on year | FY2025 | 2025-12-31 | 20-F 2025-12 |
| Return on invested capital, fiscal year | 34.2% | 34.1527 | % | −17.8pp year on year | FY2025 | 2025-12-31 | 20-F 2025-12 |

- Operating margin: Operating income / revenue.
- Return on invested capital: Operating income x (1 - effective tax rate) / average (total equity + total debt).

## Key Findings

Each finding is a sentence written by a fixed rule from the figures; the mark in brackets is how the finding moved against the report before.

- Revenue for the fiscal year ended 31 December 2025 was DKK309.1 billion, 6.4% higher than in the previous fiscal year. [Weakened in FY2025] Sources: 20-F 2025-12.
- The operating margin for fiscal 2025 was 41.3%, 2.9 percentage points lower than a year earlier. [New in FY2025] Sources: 20-F 2025-12.
- Return on invested capital for fiscal 2025 was 34.2%, against 51.9% a year earlier. [Strengthened in FY2025] Sources: 20-F 2025-12, 20-F 2024-12.
- Free cash flow for fiscal 2025 was DKK59.0 billion. [Weakened in FY2025] Sources: 20-F 2025-12.
- Net debt was DKK113.1 billion at 31 December 2025, 0.8 times EBITDA for fiscal 2025. [Strengthened in FY2025] Sources: 20-F 2025-12.
- Lease-adjusted debt was 0.9 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 82.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. [Confirmed in FY2025] Sources: 20-F 2025-12.
- Cash, short-term investments and operating cash flow for fiscal 2025 equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends. [Weakened in FY2025] Sources: 20-F 2025-12.
- The Altman Z'' score for fiscal 2025 was 2.81, above the safe threshold of 2.60. [New in FY2025] Sources: 20-F 2025-12.

## Fiscal Years

| Fiscal year | Year end | Item | Value | Exact value | Unit | Source documents |
| --- | --- | --- | --- | --- | --- | --- |
| FY2025 | 2025-12-31 | Revenue | DKK309bn | 309064000000 | DKK | 20-F 2025-12 |
| FY2025 | 2025-12-31 | Operating profit | DKK128bn | 127658000000 | DKK | 20-F 2025-12 |
| FY2024 | 2024-12-31 | Revenue | DKK290bn | 290403000000 | DKK | 20-F 2025-12 |
| FY2024 | 2024-12-31 | Operating profit | DKK128bn | 128339000000 | DKK | 20-F 2025-12 |
| FY2023 | 2023-12-31 | Revenue | DKK232bn | 232261000000 | DKK | 20-F 2025-12 |
| FY2023 | 2023-12-31 | Operating profit | DKK103bn | 102574000000 | DKK | 20-F 2025-12 |
| FY2022 | 2022-12-31 | Revenue | DKK177bn | 176954000000 | DKK | 20-F 2024-12 |
| FY2022 | 2022-12-31 | Operating profit | DKK74.8bn | 74809000000 | DKK | 20-F 2024-12 |
| FY2021 | 2021-12-31 | Revenue | DKK141bn | 140800000000 | DKK | 20-F 2023-12 |
| FY2021 | 2021-12-31 | Operating profit | DKK58.6bn | 58644000000 | DKK | 20-F 2023-12 |

## Source Documents

- 20-F 2025-12: 20-F for the year to 31 December 2025, 4 Feb 2026 (https://www.sec.gov/Archives/edgar/data/353278/000035327826000012/nvo-20251231.htm)
- 20-F 2024-12: 20-F for the year to 31 December 2024, 5 Feb 2025 (https://www.sec.gov/Archives/edgar/data/353278/000162828025003920/nvo-20241231.htm)
- 20-F 2023-12: 20-F for the year to 31 December 2023, 31 Jan 2024 (https://www.sec.gov/Archives/edgar/data/353278/000162828024002635/nvo-20231231.htm)

## Reliability

- 211 checks compare these figures with other official figures; 0 failed.
- 0 values are withheld because the filings do not prove them; a withheld value is absent, never estimated.
- Every earlier snapshot stays published: https://annalist.io/api/v1/companies/novo-nordisk/snapshots.json

## Cite

Annalist, Novo Nordisk A/S, snapshot novo-nordisk/FY2025_e7e4de91; <item>, <period>; source <document>. Link the page https://annalist.io/company/novo-nordisk/ and the source document of the figure.

A figure of a statement has an address of its own, which opens the page at that figure with its source documents: https://annalist.io/company/novo-nordisk/?fig=<statement>/<period>/<item>, for example https://annalist.io/company/novo-nordisk/?fig=pl_annual/FY2025/revenue

## Full Data

- [Every statement, ratio and document of this snapshot (JSON)](https://annalist.io/api/v1/companies/novo-nordisk/snapshots/FY2025_e7e4de91/info.json)
- [Latest snapshot, at an address that does not change (JSON)](https://annalist.io/api/v1/companies/novo-nordisk/latest.json)
- [Income statement, annual (CSV)](https://annalist.io/api/v1/companies/novo-nordisk/snapshots/FY2025_e7e4de91/pl_annual.csv)
- [Balance sheet, year end (CSV)](https://annalist.io/api/v1/companies/novo-nordisk/snapshots/FY2025_e7e4de91/balance_sheet.csv)
- [Cash flow, annual (CSV)](https://annalist.io/api/v1/companies/novo-nordisk/snapshots/FY2025_e7e4de91/cf_annual.csv)
- [Ratios, annual (JSON)](https://annalist.io/api/v1/companies/novo-nordisk/snapshots/FY2025_e7e4de91/ratios/annual.json)
- [Key findings with their history (JSON)](https://annalist.io/api/v1/companies/novo-nordisk/findings.json)
- [New reports and findings (Atom feed)](https://annalist.io/company/novo-nordisk/feed.xml)
- [Excel workbook](https://annalist.io/company/novo-nordisk/novo-nordisk.xlsx)
- [Buyout model on these figures](https://annalist.io/deal-lab/buyout/novo-nordisk/)
- [Lenders, customers, suppliers and owners (brief in Markdown)](https://annalist.io/atlas/novo-nordisk/brief.md)
- [Lenders, customers, suppliers and owners (JSON)](https://annalist.io/api/v1/atlas/novo-nordisk.json)

## Peers

- [AbbVie Inc.](https://annalist.io/company/abbvie/brief.md)
- [AstraZeneca PLC](https://annalist.io/company/astrazeneca/brief.md)
- [Bristol-Myers Squibb Company](https://annalist.io/company/bristol-myers-squibb/brief.md)
- [Side by side](https://annalist.io/compare/?c=novo-nordisk,abbvie,astrazeneca,bristol-myers-squibb)

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Figures come from official filings and are provided as they are, without warranty of accuracy or completeness. They are not investment advice.