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NVO

Novo Nordisk A/S

NVO

Novo Nordisk A/S • NYSE
$49.46 ▲ 1.54% (+0.75)
Market Cap $219.85 B
52w High $112.52
52w Low $43.08
Dividend Yield 1.68%
P/E 13.7
Volume 769.26K
Outstanding Shares 4.45B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $74.976B ▼ $33.39B ▲ $20.006B ▼ 26.683% ▼ $4.5 ▼ $33.761B ▼
Q2-2025 $76.857B ▼ $30.562B ▲ $26.503B ▼ 34.484% ▼ $5.96 ▼ $43.596B ▼
Q1-2025 $78.087B ▼ $26.406B ▼ $29.034B ▲ 37.182% ▲ $6.54 ▲ $46.046B ▲
Q4-2024 $85.683B ▲ $35.922B ▲ $28.23B ▲ 32.947% ▼ $6.34 ▲ $40.298B ▲
Q3-2024 $71.311B $26.181B $27.301B 38.284% $6.13 $37.355B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.583B ▲ $512.288B ▲ $342.392B ▲ $169.896B ▲
Q2-2025 $18.934B ▼ $482.153B ▼ $314.087B ▼ $168.066B ▲
Q1-2025 $41.55B ▲ $489.162B ▲ $350.622B ▲ $138.54B ▼
Q4-2024 $26.308B ▼ $465.795B ▲ $322.309B ▲ $143.486B ▲
Q3-2024 $74.881B $397.441B $276.919B $120.522B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $20.006B ▼ $46.107B ▲ $-15.425B ▼ $-17.096B ▲ $13.649B ▲ $32.479B ▲
Q2-2025 $26.503B ▼ $40.785B ▲ $-14.248B ▼ $-46.23B ▼ $-20.503B ▼ $24.51B ▲
Q1-2025 $29.034B ▲ $24.591B ▲ $-6.673B ▲ $5.451B ▼ $23.283B ▲ $10.005B ▲
Q4-2024 $28.23B ▲ $12.301B ▼ $-91.216B ▼ $36.835B ▲ $-41.363B ▼ $-4.257B ▼
Q3-2024 $27.301B $43.85B $-20.904B $-18.401B $4.197B $31.731B

Five-Year Company Overview

Income Statement

Income Statement Novo Nordisk’s income statement shows a business that has shifted from solid to exceptionally strong over the last five years. Sales have grown very quickly, especially in the last couple of years, driven largely by diabetes and obesity drugs. Profit has grown even faster than sales, which means margins have widened and the business is becoming more efficient and more profitable per unit of revenue. Earnings per share have climbed sharply as well, reflecting not only higher profits but also disciplined cost control. Overall, the core business looks very profitable, with strong momentum and no obvious signs of margin strain so far.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting the company’s growth and investment needs. Total assets have increased a lot, showing heavy investment in capacity and infrastructure. Shareholders’ equity has steadily risen, which is a sign of accumulated profits being retained in the business. Debt has jumped more recently from relatively low levels, likely to help fund the rapid scale-up in manufacturing and other projects. While leverage is clearly higher than a few years ago, it still appears manageable relative to the company’s size, profitability, and cash generation. Cash on hand has grown modestly, but the company is not sitting on excessive idle cash; it looks positioned to fund growth but not overextended.

Cash Flow

Cash Flow Cash flow from operations is strong and has grown substantially, closely tracking the rise in profits. The company consistently generates more cash than it spends to run the business, which is a sign of healthy, cash-rich operations. Free cash flow remains robust even after a notable ramp-up in capital spending, especially in the most recent years as Novo Nordisk invests heavily in new manufacturing capacity and infrastructure. This pattern—strong cash inflows combined with rising but still well-covered investment outflows—suggests a business in expansion mode, funding growth largely from its own cash generation rather than relying entirely on borrowing.

Competitive Edge

Competitive Edge Novo Nordisk holds a very strong competitive position, especially in diabetes and obesity care. Its GLP-1 drugs, including brands like Ozempic and Wegovy, have become category-defining products with powerful brand recognition among doctors and patients. The company benefits from decades of experience in metabolic disease, large-scale manufacturing, and deep relationships with healthcare systems and payers. Strong patent protection and high regulatory and scientific barriers make it difficult for new rivals to break in quickly. At the same time, the company faces growing competition—most notably from Eli Lilly—and rising scrutiny around pricing, access, and supply constraints. Its moat is wide, but the intensity of competition and political attention around obesity and diabetes drugs is clearly increasing.

Innovation and R&D

Innovation and R&D Innovation is at the core of Novo Nordisk’s strategy. The company has long-standing expertise in protein and peptide medicines, which enabled the creation of semaglutide and other GLP-1 drugs. It continues to invest heavily in research, using advanced tools like artificial intelligence to speed discovery and development. The pipeline includes oral versions of key drugs, next-generation obesity treatments like CagriSema, and new mechanisms such as amycretin that could deliver even greater benefits. Novo Nordisk is also exploring broader uses of its GLP-1 technology in areas such as liver and cardiovascular disease. The upside from this pipeline could be significant, but it comes with the usual drug development risks: trial failures, safety questions, regulatory uncertainty, and the possibility that competitors move just as fast or faster.

Summary

Overall, Novo Nordisk looks like a highly profitable, fast-growing healthcare company that has been transformed by the success of its diabetes and obesity medicines. Its income statement shows strong growth and expanding margins, its balance sheet reflects a larger but still solid capital base, and its cash flows demonstrate the ability to fund substantial investment from internal resources. Competitively, it enjoys a strong moat built on scientific know-how, scale, patents, and brand strength, though rivalry and political scrutiny are both intensifying. The innovation engine appears robust, with multiple promising candidates and new indications that could extend the GLP-1 franchise and diversify the business over time. The main risks center around concentration in a few blockbuster products, regulatory and pricing pressures, manufacturing scale-up challenges, and the race with other large pharma players, rather than any obvious weakness in the current financial profile.

NEWS

November 25, 2025 · 6:24 AM UTC

Novo Nordisk phase 2 trial with amycretin reports significant weight loss and HbA1c reduction in type 2 diabetes

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November 24, 2025 · 6:21 AM UTC

Novo Nordisk A/S: Evoke phase 3 trials did not demonstrate a statistically significant reduction in Alzheimer's disease progression

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November 19, 2025 · 10:20 AM UTC

Novo Resources Releases 2025 Sustainability Report Highlighting Commitment to Integrity, People and the Environment

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November 17, 2025 · 8:58 AM UTC

Novo Nordisk A/S: Trading in Novo Nordisk shares by board members, executives and associated persons

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November 13, 2025 · 5:38 PM UTC

Novo Nordisk A/S: Candidate for the Board of Directors will not seek election

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