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Novo Nordisk A/S (NVO)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Novo Nordisk A/S Income Statement 2025-2011 | NVO
Brief overview of income trends at Novo Nordisk A/S
The conclusions below are based on five years of reported results. The revenue attributed to Novo Nordisk A/S moved from 127 billion DKK to 309 billion DKK between the two endpoints. The cumulative result was +143.5%, corresponding to roughly 19.5% per year. The trajectory reflects meaningful expansion of the business.
Gross profit was 106 billion DKK at the start and 250 billion DKK at the end of the period (+136.1%). Direct costs outpaced revenue, limiting the benefit of changes in sales. Comparing the endpoints gives gross margins of 83.5% and 81%. A lower margin indicates deterioration in the economics of the core business.
The five-year EBITDA result moved by +149.9%: from 59.9 billion DKK to 150 billion DKK. There was no major divergence between EBITDA and revenue. The EBITDA share of revenue changed from 47.2% to 48.4%. Operating efficiency did not change materially.
Net income changed from 42.1 billion DKK to 102 billion DKK (+143.1%). Net income reached a five-year high at the end of the interval.
Market value was 163 billion DKK at the start and 219 billion DKK at the end. Capitalization grew more slowly than the underlying results.
Summary assessment
Positive developments coexist with areas of weakness. Key strengths include a larger revenue base, net-income growth and an improving EBITDA margin. The weaker side of the profile includes weaker gross profitability. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Novo Nordisk A/S
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
219 B | 384 B | 543 B | 830 B | 257 B | 163 B | 132 B | 114 B | 140 B | 90.3 B | 144 B | 117 B | 103 B | 101 B | 65.7 B |
Shares |
4.44 B | 4.45 B | 4.48 B | 4.53 B | 2.3 B | 2.37 B | 2.37 B | 2.42 B | 2.47 B | 2.53 B | 2.57 B | 2.62 B | 2.68 B | 2.74 B | 2.83 B |
Historical Prices |
49.3 | 86.2 | 121 | 183 | 112 | 68.5 | 55.6 | 43.2 | 49 | 31.8 | 50.1 | 36 | 30.8 | 24.7 | 15.9 |
Net Income |
102 B | 101 B | 83.7 B | 55.5 B | 47.8 B | 42.1 B | 39 B | 38.6 B | 38.1 B | 37.9 B | 34.9 B | 26.5 B | 25.2 B | 21.4 B | 17.1 B |
Revenue |
309 B | 290 B | 232 B | 177 B | 141 B | 127 B | 122 B | 112 B | 112 B | 112 B | 108 B | 88.8 B | 83.6 B | 78 B | 66.3 B |
Cost of Revenue |
58.8 B | 44.5 B | 35.8 B | 28.4 B | 23.7 B | 20.9 B | 20.1 B | - | - | - | - | - | - | - | - |
Gross Profit |
250 B | 246 B | 196 B | 149 B | 117 B | 106 B | 102 B | 94.2 B | 94.1 B | 94.6 B | 91.7 B | 74.2 B | 69.4 B | 64.6 B | 53.8 B |
Operating Income |
128 B | 128 B | 103 B | 74.8 B | 58.6 B | 54.1 B | 52.5 B | - | - | - | - | - | - | - | - |
Interest Expense |
4.21 B | 1.64 B | 542 M | 378 M | 289 M | 390 M | 220 M | - | - | - | - | - | - | - | - |
EBITDA |
150 B | 147 B | 112 B | 82.2 B | 64.7 B | 59.9 B | 58.1 B | 51.2 B | 52.1 B | 51.6 B | 52.4 B | 37.9 B | 34.3 B | 32.2 B | 22.4 B |
Operating Expenses |
- | - | - | - | - | 51.9 B | 10.4 B | 9.88 B | 9.53 B | 9.41 B | 8.7 B | 9.68 B | 9.28 B | 8.39 B | 8.22 B |
General and Administrative Expenses |
- | - | - | - | - | 3.96 B | 4.01 B | 3.92 B | 3.78 B | 3.96 B | 3.86 B | 3.54 B | 3.51 B | 3.31 B | 3.24 B |
All numbers in DKK currency
Quarterly Income Statement Novo Nordisk A/S
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
4.44 B | 4.45 B | 4.48 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
102 B | 101 B | 83.7 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
309 B | 290 B | 232 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
58.8 B | 44.5 B | 35.8 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
250 B | 246 B | 196 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
128 B | 128 B | 103 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
4.21 B | 1.64 B | 542 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
150 B | 147 B | 112 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in DKK currency
The income statement is one of the three key financial reports of a company Novo Nordisk A/S (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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