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Novo-Nordisk A/S NVO

US equityMarket cap rank #89
$38.41
+$0.24 (+0.63%)
Market open · Sep 24, 1:10 pm ET
After hours $38.21 +0.11%
Open$37.97
Prev close$38.17
Day range$37.92 – $38.72
Volume12.40M
Market cap$171.50B
P/E (TTM)9.6
Dividend yield4.64%

Fundamentals

Latest reported quarter: Q2, ended Jun 2026 · reported in DKK

RevenueDKK 78.49B+2.1% YoY
Operating profitDKK 27.06B-19.1% YoY
Net profitDKK 20.99B-20.8% YoY
Diluted EPSDKK 4.74-20.5% YoY
Free cash flowDKK 12.05B+18.7% YoY
Operating cash flowDKK 24.08B

Revenue, last 8 quarters

DKK 71.3BSep '24DKK 85.7BDec '24DKK 78.1BMar '25DKK 76.9BJun '25DKK 75.0BSep '25DKK 79.1BDec '25DKK 96.8BMar '26DKK 78.5BJun '26

Net profit, last 8 quarters

DKK 27.3BSep '24DKK 28.2BDec '24DKK 29.0BMar '25DKK 26.5BJun '25DKK 20.0BSep '25DKK 26.9BDec '25DKK 48.6BMar '26DKK 21.0BJun '26

Diluted EPS by quarter

6.12Sep '246.34Dec '246.53Mar '255.96Jun '254.50Sep '256.04Dec '2510.91Mar '264.74Jun '26

Free cash flow by quarter

DKK 37.3BJun '24DKK 31.3BSep '24DKK -4.3BDec '24DKK 10.1BMar '25DKK 25.5BJun '25DKK 29.6BSep '25DKK -36.2BDec '25DKK 12.0BMar '26

Annual revenue

DKK 126.9BFY20DKK 140.8BFY21DKK 177.0BFY22DKK 232.3BFY23DKK 290.4BFY24DKK 309.1BFY25

Profitability & balance sheet

Gross margin80.6%
Operating margin43.1%
Net margin35.3%
Return on equity59.8%
Return on assets21.6%
Return on invested capital36.8%
Current ratio0.87
Liabilities / assets62.8%
Cash & investmentsDKK 44.98B
Total debtDKK 140.13B
Net cash (debt)-DKK 95.15B
Free cash flow / sales14.5%

Where the revenue comes from

Quarter 2026/Q2

By business line

  • Obesity and Diabetes careDKK 73.58B 93.7%
  • Rare DiseaseDKK 4.91B 6.3%

This company reports in its own local currency, not U.S. dollars. Every figure below is labeled with its real currency, not automatically converted.

Income statement

Line item 2026 Q2
(DKK)		 2026 Q1
(DKK)		 2025 ANNUAL
(DKK)		 2025 Q4
(DKK)		 2025 Q3
(DKK)
Total Revenue as Reported DKK 78.49B DKK 96.82B DKK 309.06B DKK 79.14B DKK 74.98B
Total Operating Revenue DKK 78.49B DKK 96.82B DKK 309.06B DKK 79.14B DKK 74.98B
Cost of Revenue DKK 17.10B DKK 13.60B DKK 58.79B DKK 15.15B DKK 17.90B
Gross Profit DKK 61.39B DKK 83.23B DKK 250.28B DKK 64.00B DKK 57.07B
Operating Expense DKK 34.33B DKK 23.61B DKK 122.62B DKK 32.26B DKK 33.39B
Selling and Admin Expenses DKK 16.31B DKK 13.22B DKK 70.28B DKK 17.44B DKK 17.88B
-Selling & Marketing Expense DKK 15.00B DKK 12.08B DKK 64.31B DKK 15.89B DKK 16.00B
-General & Admin Expense DKK 1.31B DKK 1.14B DKK 5.97B DKK 1.55B DKK 1.88B
Research & Development DKK 17.79B DKK 10.28B DKK 52.04B DKK 14.65B DKK 15.39B
Other Operating Expenses DKK 234.00M DKK 106.00M DKK 300.00M DKK 174.00M DKK 117.00M
Operating Profit DKK 27.06B DKK 59.62B DKK 127.66B DKK 31.74B DKK 23.68B
Net Non-Operating Interest Income (Expense) -DKK 186.00M DKK 2.55B -DKK 3.18B DKK 2.45B DKK 1.84B
Non-Operating Interest Income DKK 1.31B DKK 6.05B DKK 1.27B DKK 2.45B DKK 1.84B
Non-Operating Interest Expense DKK 1.50B DKK 3.50B DKK 4.21B -DKK 4.41B –
Pretax Profit DKK 26.88B DKK 62.17B DKK 130.54B DKK 34.19B DKK 25.52B
Tax DKK 5.89B DKK 13.62B DKK 28.11B DKK 7.29B DKK 5.51B
Net Profit DKK 20.99B DKK 48.56B DKK 102.43B DKK 26.89B DKK 20.01B
Profit from Continuing Operations DKK 20.99B DKK 48.56B DKK 102.43B DKK 26.89B DKK 20.01B
Net Income to Parent Company DKK 20.99B DKK 48.56B DKK 102.43B DKK 26.89B DKK 20.01B
Net Income to Common Stockholders DKK 20.99B DKK 48.56B DKK 102.43B DKK 26.89B DKK 20.01B
Basic EPS DKK 4.74 DKK 10.93 DKK 23.06 DKK 6.06 DKK 4.50
Diluted EPS DKK 4.74 DKK 10.91 DKK 23.03 DKK 6.04 DKK 4.50
Dividend Per Share DKK 0.00 DKK 7.94 DKK 11.61 DKK 0.00 DKK 3.73
Total Other Finance Costs – – DKK 241.00M – –
Other Income (Expense) – – DKK 6.06B – –
Gain on Sale of Security – – DKK 6.08B – –
Earnings from Equity Interest – – -DKK 17.00M – –

Balance sheet

Line item 2026 Q2
(DKK)		 2026 Q1
(DKK)		 2025 ANNUAL
(DKK)		 2025 Q4
(DKK)		 2025 Q3
(DKK)
Total Assets DKK 594.94B DKK 559.22B DKK 542.90B DKK 542.90B DKK 512.29B
Total Current Assets DKK 208.70B DKK 177.32B DKK 172.45B DKK 172.45B DKK 181.88B
Cash and Cash Equivalents & Short-Term Investments DKK 44.98B DKK 21.63B DKK 26.96B DKK 26.96B DKK 32.58B
-Cash and Cash Equivalents DKK 44.48B DKK 21.13B DKK 26.46B DKK 26.46B DKK 32.08B
-Short Term Investments DKK 500.00M DKK 499.00M DKK 498.00M DKK 498.00M DKK 499.00M
Receivables DKK 108.51B DKK 100.27B DKK 89.19B DKK 89.19B DKK 92.37B
-Accounts Receivable DKK 88.95B DKK 82.57B DKK 70.86B DKK 70.86B DKK 75.42B
-Taxes Receivable DKK 4.95B DKK 5.24B DKK 4.85B DKK 4.85B DKK 4.58B
-Other Receivables DKK 14.61B DKK 12.47B DKK 13.48B DKK 13.48B DKK 12.38B
Inventory DKK 51.35B DKK 51.35B DKK 49.62B DKK 49.62B DKK 47.50B
Total Non-Current Assets DKK 386.25B DKK 381.90B DKK 370.45B DKK 370.45B DKK 330.41B
Net PPE DKK 231.76B DKK 219.97B DKK 208.38B DKK 208.38B DKK 193.24B
Investments and Advances DKK 2.33B DKK 2.24B DKK 2.51B DKK 2.51B DKK 2.73B
-Available for Sale Securities DKK 2.12B DKK 2.03B DKK 2.14B DKK 2.14B DKK 2.34B
-Long Term Equity Investment DKK 207.00M DKK 207.00M DKK 366.00M DKK 366.00M DKK 390.00M
Non Current Accounts Receivables DKK 6.43B DKK 5.99B DKK 5.86B DKK 5.86B DKK 5.08B
Goodwill and Other Intangible Assets DKK 122.06B DKK 129.91B DKK 130.05B DKK 130.05B DKK 106.59B
-Goodwill DKK 19.89B DKK 19.88B DKK 19.85B DKK 19.85B –
-Other Intangible Assets DKK 102.17B DKK 110.03B DKK 110.21B DKK 110.21B DKK 106.59B
Non-Current Deferred Assets DKK 23.67B DKK 23.79B DKK 23.65B DKK 23.65B DKK 22.77B
Total Liabilities DKK 373.66B DKK 356.16B DKK 348.86B DKK 348.86B DKK 342.39B
Total Current Liabilities DKK 239.08B DKK 225.16B DKK 215.66B DKK 215.66B DKK 234.36B
Payables DKK 175.25B DKK 150.20B DKK 161.52B DKK 161.52B DKK 46.24B
-Accounts Payable DKK 154.79B DKK 134.05B DKK 153.11B DKK 153.11B DKK 23.90B
-Total Tax Payable DKK 20.46B DKK 16.15B DKK 8.42B DKK 8.42B DKK 22.34B
Short-Term Debt and Capital Lease Obligation DKK 18.33B DKK 27.21B DKK 12.02B DKK 12.02B DKK 12.03B
-Current Debt DKK 18.33B DKK 27.21B DKK 10.68B DKK 10.68B DKK 12.03B
Current Provisions DKK 1.88B DKK 140.00M DKK 374.00M DKK 374.00M DKK 131.49B
Other Current Liabilities DKK 43.62B DKK 47.61B DKK 41.75B DKK 41.75B DKK 44.60B
Total Non-Current Liabilities DKK 134.58B DKK 131.00B DKK 133.19B DKK 133.19B DKK 108.03B
Long Term Accounts Payable and Other Payables DKK 1.53B DKK 1.37B DKK 1.05B DKK 1.05B DKK 19.00M
Long Term Debt and Capital Lease Obligation DKK 121.79B DKK 119.17B DKK 118.94B DKK 118.94B DKK 89.18B
-Long Term Debt DKK 121.79B DKK 119.17B DKK 111.71B DKK 111.71B DKK 89.18B
Non-Current Liabilities DKK 6.20B DKK 4.62B DKK 5.73B DKK 5.73B DKK 8.82B
Non-Current Deferred Liabilities DKK 4.27B DKK 5.01B DKK 6.61B DKK 6.61B DKK 9.27B
Employee Benefits DKK 787.00M DKK 824.00M DKK 861.00M DKK 861.00M DKK 751.00M
Total Equity DKK 221.28B DKK 203.07B DKK 194.05B DKK 194.05B DKK 169.90B
Stockholders' Equity DKK 221.28B DKK 203.07B DKK 194.05B DKK 194.05B DKK 169.90B
Capital Stock DKK 446.00M DKK 446.00M DKK 446.00M DKK 446.00M DKK 446.00M
-Common Stock DKK 446.00M DKK 446.00M DKK 446.00M DKK 446.00M DKK 446.00M
Retained Earnings DKK 224.16B DKK 206.42B DKK 195.30B DKK 195.30B DKK 168.53B
Less: Treasury Stock DKK 4.00M DKK 2.00M DKK 2.00M DKK 2.00M DKK 2.00M
Gains/Losses Not Affecting Retained Earnings -DKK 3.33B -DKK 3.80B -DKK 1.70B -DKK 1.70B DKK 923.00M
-Gross PPE – – DKK 267.31B DKK 267.31B –
-Accumulated Depreciation – – -DKK 58.94B -DKK 58.94B –
-Current Capital Lease Obligation – – DKK 1.34B DKK 1.34B –
-Long Term Capital Lease Obligation – – DKK 7.24B DKK 7.24B –
Other Non-Current Liabilities – – – – DKK 19.00M

Cash flow

Line item 2026 Q1
(DKK)		 2025 ANNUAL
(DKK)		 2025 Q4
(DKK)		 2025 Q3
(DKK)		 2025 Q2
(DKK)
Operating Cash Flow DKK 24.08B DKK 119.10B DKK 7.62B DKK 44.98B DKK 41.77B
Net cash flow from continuing operations DKK 24.08B DKK 119.10B DKK 7.62B DKK 44.98B DKK 41.77B
Net Income from Continuing Operations DKK 48.56B DKK 102.43B DKK 26.89B DKK 20.01B DKK 26.50B
Depreciation & Depletion & Amortization DKK 3.54B DKK 21.98B DKK 5.56B DKK 7.76B DKK 4.83B
Deferred Tax DKK 13.62B DKK 28.11B DKK 7.29B DKK 5.51B DKK 7.30B
Other Non-Cash Items -DKK 2.46B -DKK 3.12B -DKK 28.77B DKK 22.78B DKK 924.00M
Change in Working Capital -DKK 33.23B DKK 3.74B DKK 20.37B -DKK 9.16B DKK 7.94B
Net cash flow from investing -DKK 11.71B -DKK 79.16B -DKK 42.81B -DKK 16.25B -DKK 14.12B
Net Cash Flow from Continuing Investing Activities -DKK 11.71B -DKK 79.16B -DKK 42.81B -DKK 16.25B -DKK 14.12B
Net PPE Purchase and Sale -DKK 11.31B -DKK 60.14B -DKK 18.43B -DKK 13.63B -DKK 14.66B
Net Intangibles Purchase and Sale -DKK 728.00M -DKK 29.97B -DKK 25.41B -DKK 1.79B -DKK 1.61B
Net Business Purchase and Sale DKK 44.00M DKK 1.00B DKK 1.00B DKK 0.00 DKK 0.00
Net Investment Purchase and Sale DKK 21.00M DKK 9.95B DKK 21.00M -DKK 10.00M DKK 2.03B
Financing Cash Flow -DKK 17.43B -DKK 28.41B DKK 29.47B -DKK 15.14B -DKK 47.35B
Net Cash Flow from Continuing Financing Activities -DKK 17.43B -DKK 28.41B DKK 29.47B -DKK 15.14B -DKK 47.35B
Net Issuance Payments Of Debt DKK 14.75B DKK 24.74B DKK 29.47B -DKK 433.00M -DKK 19.62B
Net Common Stock Issuance -DKK 2.40B -DKK 1.39B DKK 0.00 DKK 0.00 DKK 0.00
Cash Dividends Paid -DKK 35.31B -DKK 51.76B DKK 0.00 -DKK 16.66B DKK 174.00M
Net Other Financing Charges DKK 6.48B – – – –
Ending Cash Balance DKK 21.13B DKK 26.46B DKK 26.46B DKK 32.08B DKK 18.44B
Net Change in Cash -DKK 5.06B DKK 11.54B -DKK 5.73B DKK 13.59B -DKK 19.69B
Beginning Cash Balance DKK 26.46B DKK 15.66B DKK 32.08B DKK 18.44B DKK 38.94B
Effect of Exchange Rate Changes -DKK 276.00M -DKK 727.00M DKK 106.00M DKK 63.00M -DKK 810.00M
Free Cash Flow DKK 12.05B DKK 28.99B -DKK 36.22B DKK 29.56B DKK 25.50B
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