Novo Nordisk A/S
Financial Performance
Novo Nordisk Revenue & Financials
Revenue
~$47B (FY2025)
Market Cap
$170B
Net Income
~$15.6B
Employees
66,700
What is Novo Nordisk's revenue?
Novo Nordisk had ~$47B in revenue for fiscal year 2025, up 6.4% from 2024. Net income was ~$15.6B.
- Latest revenue
- ~$47B (FY2025)
- Year-over-year
- +6.4%
- Growth rate (CAGR)
- 16.8% over 6 years
- Peak revenue
- ~$47B (FY2025)
- Years of data
- 7
- Employees
- 66,700
- How much profit does Novo Nordisk make?
- Novo Nordisk reported net income of ~$15.6B for fiscal year 2025. sec.gov
- How many employees does Novo Nordisk have?
- Novo Nordisk has about 66,700 employees.
Financial Analysis
Sales grew from ~$18.5B (DKK 122.0B) in 2019 to ~$47B (DKK 309.1B) in 2025, and net profit rose from ~$5.93B (DKK 39.0B) to ~$15.6B (DKK 102.4B), driven by Ozempic and Wegovy. Growth slowed to 6.4% in reported DKK in 2025 as US prices fell and competition rose. In H1 2026 reported sales were ~$26.6B (DKK 175.3B), inflated by a one-off 340B rebate provision reversal; adjusted sales were ~$22.6B (DKK 148.6B). Q2 2026 adjusted sales rose 7% at constant exchange rates, and management guided full-year 2026 adjusted sales and operating profit growth of 0% to -6% at CER.
Revenue Trend Analysis
YoY Change
+6.4%
6-Year CAGR
+16.8%
Peak Year
2025
Trend
Consistent Growth
Novo Nordisk A/S has 7 full fiscal year figures on this page, compounding at +16.8% annually over 6 years. The most recent year saw a 6.4% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at ~$47B. Of 6 comparable year-over-year steps, 6 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | ~$47B | ~$15.6B | +6.4% | NOVO NORDISK A/S annual report (Form 20-F, SEC EDGAR, filed 2026-02-04) Fiscal year ended 2025-12-31. |
| FY2024 | ~$44.1B | ~$15.4B | +25.0% | NOVO NORDISK A/S annual report (Form 20-F, SEC EDGAR, filed 2026-02-04) Fiscal year ended 2024-12-31. |
| FY2023 | ~$35.3B | ~$12.7B | +31.3% | NOVO NORDISK A/S annual report (Form 20-F, SEC EDGAR, filed 2026-02-04) Fiscal year ended 2023-12-31. |
| FY2022 | ~$26.9B | ~$8.4B | +25.7% | NOVO NORDISK A/S annual report (Form 20-F, SEC EDGAR, filed 2025-02-05) Fiscal year ended 2022-12-31. |
| FY2021 | ~$21.4B | ~$7.3B | +10.9% | NOVO NORDISK A/S annual report (Form 20-F, SEC EDGAR, filed 2024-01-31) Fiscal year ended 2021-12-31. |
| FY2020 | ~$19.3B | ~$6.4B | +4.0% | NOVO NORDISK A/S annual report (Form 20-F, SEC EDGAR, filed 2023-02-01) Fiscal year ended 2020-12-31. |
| FY2019 | ~$18.5B | ~$5.9B | — | NOVO NORDISK A/S annual report (Form 20-F, SEC EDGAR, filed 2022-02-02) Fiscal year ended 2019-12-31. |
Click any row to see year details.
Novo Nordisk A/S balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 20-F, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | ~$18.1B | ~$9.1B | ~$82.5B | ~$53B | ~$9B | Form 20-F |
| FY2024ended Dec 31, 2024 | ~$18.4B | ~$7.2B | ~$70.8B | ~$49B | ~$11.2B | Form 20-F |
| FY2023ended Dec 31, 2023 | ~$16.6B | ~$3.9B | ~$47.8B | ~$31.6B | ~$12.6B | Form 20-F |
| FY2022ended Dec 31, 2022 | ~$12B | ~$1.8B | ~$36.7B | ~$24B | ~$10.1B | Form 20-F |
| FY2021ended Dec 31, 2021 | ~$8.4B | ~$962.9M | ~$29.6B | ~$18.8B | ~$7.4B | Form 20-F |
| FY2020ended Dec 31, 2020 | ~$7.9B | ~$885.4M | ~$22B | ~$12.4B | ~$7B | Form 20-F |
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Novo Nordisk Revenue and Financial FAQ
What was Novo Nordisk's revenue in 2025?
Novo Nordisk reported FY2025 net sales of DKK 309.064 billion (about $46 billion), up 6.4% from ~$44.1 billion (DKK 290.4 billion) in 2024, and net profit of ~$15.6 billion (DKK 102.4 billion).
How did Novo Nordisk perform in Q2 2026?
Q2 2026 net sales were ~$11.9 billion (DKK 78.5 billion). Adjusted sales rose 7% and adjusted operating profit rose 11% to ~$5.08 billion (DKK 33.4 billion) at constant exchange rates; reported operating profit fell 16% after ~$958 million (DKK 6.3 billion) in pipeline impairments.
What is Novo Nordisk's 2026 guidance?
In August 2026 Novo guided adjusted sales and adjusted operating profit growth of 0% to -6% at constant exchange rates, up from a prior range of -4% to -12%.
How fast has Novo Nordisk grown?
Sales rose from ~$18.5 billion (DKK 122.0 billion) in 2019 to ~$47 billion (DKK 309.1 billion) in 2025. Growth peaked at 31% in 2023 and slowed to 6.4% in 2025.
What dividend did Novo Nordisk pay for 2025?
The total dividend for 2025 was DKK 11.70 per share: an interim DKK 3.75 paid in August 2025 and a final DKK 7.95 paid in March 2026.
What is Novo Nordisk's operating profit margin profile and how does semaglutide drive it?
Novo Nordisk generates industry-leading operating profit margins between 43% and 46%, powered by the exceptional pricing power and high gross margins (exceeding 84%) of its semaglutide franchise (Ozempic, Wegovy, and Rybelsus) in the United States and international markets.
What is Novo Nordisk's multi-billion-dollar manufacturing capital expenditure program?
To resolve severe global supply shortages for Wegovy and Ozempic, Novo Nordisk commits over $6 billion to $9 billion annually in manufacturing capex, expanding massive API fermentation facilities in Kalundborg, Denmark, Chartres, France, and Clayton, North Carolina.
How does Novo Nordisk distribute free cash flow through shareholder dividends and share buybacks?
Novo Nordisk returns substantial cash flow through biannual dividend payments (yielding ~1.2% to 1.5%) alongside multi-billion-dollar share repurchase programs, repurchasing approximately DKK 20 billion to DKK 30 billion of its shares annually while maintaining a pristine net cash balance sheet.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Novo Nordisk Revenue & Financials." CorpDigest, https://corpdigest.com/company/novo-nordisk/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Novo Nordisk reported ~$47B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/novo-nordisk/financials" target="_blank" rel="noopener">CorpDigest — Novo Nordisk financials</a></div>Related Financial Audits
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