NOVO NORDISK A S (NVO) Financial Statements — Income, Balance Sheet, Cash Flow

Overview Financials Chart Business Summary Filings Ownership Valuation

Financial Statements — NVO

Balance Sheet

(in billions DKK)

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Cash & Equivalents	26.46	15.66	14.39	12.65	10.72	12.23	15.41
Inventory	49.62	40.85	31.81	24.39	19.62	18.54	17.64
Total Current Assets	172.45	160.90	139.65	108.19	85.60	65.81	62.46
Goodwill	19.85	15.32	--	--	--	--	--
Total Non-current Assets	370.45	304.90	174.84	133.06	108.91	79.11	63.16
Total Assets	542.90	465.80	314.49	241.26	194.51	144.92	125.61
Total Current Liabilities	215.66	217.53	169.66	120.94	99.52	70.27	58.98
Total Non-current Liabilities	133.19	104.78	38.27	36.83	24.25	11.32	9.04
Total Liabilities	348.86	322.31	207.93	157.77	123.76	81.60	68.02
Retained Earnings	195.30	144.45	104.84	80.59	72.00	63.77	57.82
Total Stockholder Equity	194.05	143.49	106.56	83.49	70.75	63.33	57.59

Income Statement

(in billions DKK) (except per-share rows)

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Total Revenue	309.06	290.40	232.26	176.95	140.80	126.95	122.02
Cost of Revenue*	58.79	44.52	35.77	28.45	23.66	20.93	20.09
Gross Profit	250.28	245.88	196.50	148.51	117.14	106.01	101.93
Research & Development	52.04	48.06	32.44	24.05	17.77	15.46	14.22
Total Operating Expenses*	122.62	117.54	93.92	73.70	58.50	51.89	49.45
Operating Income	127.66	128.34	102.57	74.81	58.64	54.13	52.48
Interest Expense	4.21	1.64	0.54	0.38	0.29	0.39	0.22
Pretax Income	130.54	127.19	104.67	69.06	59.08	53.13	48.55
Tax Provision	28.11	26.20	20.99	13.54	11.32	10.99	9.60
Net Income	102.43	100.99	83.68	55.53	47.76	42.14	38.95
Basic EPS	23.06	22.67	18.67	24.51	20.79	18.05	16.41
Diluted EPS	23.03	22.63	18.62	24.44	20.74	18.01	16.38

* Derived from reported values

Cash Flow Statement

(in billions DKK)

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Operating Cash Flow	119.10	120.97	108.91	78.89	55.00	51.95	46.78
Investing Cash Flow	(79.16)	(128.90)	(43.89)	(24.92)	(31.60)	(22.44)	(11.51)
Financing Cash Flow	(28.41)	8.74	(63.16)	(51.80)	(25.49)	(32.24)	(35.48)