AstraZeneca vs Novo Nordisk: Revenue, Profit and Business Model
AstraZeneca had $58.7B of annual revenue in FY2025 and $10.2B of net income. Novo Nordisk had ~$47B of annual revenue in FY2025 and ~$15.6B of net income.
Latest financial snapshot
AstraZeneca
- Latest annual revenue
- $58.7B (FY2025)
- Net income
- $10.2B
- Net margin
- 17.4%
- Revenue growth
- +11.0% a year, FY2016–FY2025
Novo Nordisk
- Latest annual revenue
- ~$47B (FY2025)
- Net income
- ~$15.6B
- Net margin
- 33.1%
- Revenue growth
- +16.8% a year, FY2019–FY2025
Financial summary
AstraZeneca
AstraZeneca's Total Revenue fell from $33.6 billion in 2011 to a trough of $22.1 billion in 2018 as Seroquel, Nexium and Crestor lost exclusivity. Under Pascal Soriot the company redirected spending into oncology and specialty medicines, and revenue then grew every year to $58.7 billion in 2025, with profit for the year of $10.2 billion and gross profit of $48.1 billion on cost of sales of $10.6 billion. R&D investment reached $14.2 billion in 2025, about a quarter of Total Revenue, and the $39 billion Alexion acquisition added a rare disease business the company did not have before 2021. AstraZeneca is a massive global biopharmaceutical company, sustaining a market valuation often exceeding $200 billion.
Novo Nordisk
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 and profit by year
AstraZeneca
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $58.7B | $10.2B | 17.4% | +8.6% | Source |
| FY2024 | $54.1B | $7B | 13.0% | +18.0% | Source |
| FY2023 | $45.8B | $6B | 13.0% | +3.3% | Source |
| FY2022 | $44.4B | $3.3B | 7.4% | +18.5% | Source |
| FY2021 | $37.4B | $115M | 0.3% | +40.6% | Source |
| FY2020 | $26.6B | $3.1B | 11.8% | +9.2% | Source |
| FY2019 | $24.4B | $1.2B | 5.0% | +10.4% | Source |
| FY2018 | $22.1B | $2B | 9.3% | -1.7% | Source |
| FY2017 | $22.5B | $2.9B | 12.8% | -2.3% | Source |
| FY2016 | $23B | $3.4B | 14.8% | — | Source |
Novo Nordisk
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$47B | ~$15.6B | 33.1% | +6.4% | Source |
| FY2024 | ~$44.1B | ~$15.4B | 34.8% | +25.0% | Source |
| FY2023 | ~$35.3B | ~$12.7B | 36.0% | +31.3% | Source |
| FY2022 | ~$26.9B | ~$8.4B | 31.4% | +25.7% | Source |
| FY2021 | ~$21.4B | ~$7.3B | 33.9% | +10.9% | Source |
| FY2020 | ~$19.3B | ~$6.4B | 33.2% | +4.0% | Source |
| FY2019 | ~$18.5B | ~$5.9B | 31.9% | — | Source |
Where the revenue comes from
AstraZeneca
- Product Sales~95%
Product Sales were $55,573 million in 2025, up 9%, or about 95% of Total Revenue. This is the direct sale of AstraZeneca-manufactured prescription medicines to wholesalers, pharmacies, hospitals and government buyers. Oncology was the largest therapy area at roughly $25.6 billion of revenue, up 17%, followed by Cardiovascular, Renal and Metabolism, with Respiratory and Immunology and Rare Disease making up most of the balance.
- Alliance Revenue~5%
Alliance Revenue was $3,067 million in 2025, up 39%, or about 5% of Total Revenue. It is mostly AstraZeneca's share of profits on co-commercialised medicines, led by the Enhertu and datopotamab deruxtecan antibody-drug conjugates developed with Daiichi Sankyo, plus Tezspire with Amgen and Lynparza and Koselugo with Merck in certain markets.
- Collaboration Revenue<1%
Collaboration Revenue was $99 million in 2025, down 89% from $923 million in 2024, so less than 1% of Total Revenue. It covers upfront fees, milestone payments and royalties on out-licensed assets, and moves sharply year to year because it depends on when individual deals are signed.
Novo Nordisk
- GLP-1 Diabetes MedicinesMajor
Ozempic, Rybelsus, and related diabetes products sold globally.
- Obesity Care
Major growth
Wegovy and related obesity-care products sold through prescription channels.
- Insulin And Diabetes CareMaterial
Insulin and other diabetes medicines across developed and emerging markets.
- Rare Disease
Complementary
Hemophilia, growth hormone, and rare endocrine therapies.
- Pipeline And Lifecycle ExpansionFuture
New indications, formulations, and next-generation metabolic medicines.
Business model and strategy
AstraZeneca
How it makes money
AstraZeneca discovers, develops and sells prescription medicines, and the economics turn on patent-protected pricing funded by heavy research spending. It invested $14.2 billion in research and development in 2025, about a quarter of Total Revenue, and reported gross profit of $48.1 billion on cost of sales of $10.6 billion.
Growth strategy
AstraZeneca's growth strategy relies on extending its existing cancer drugs into earlier stages of treatment, before the cancer spreads, which increases the number of patients who can be treated. The $39 billion acquisition of Alexion Pharmaceuticals in 2021 also took it into rare diseases, where drugs treat small patient populations, carry high prices and face little generic competition.
Competitive advantage
AstraZeneca's main advantage is the depth of its oncology portfolio and the Phase III evidence behind it. Tagrisso, Imfinzi, Enhertu, Lynparza and Calquence each rest on trials that changed treatment practice, and the company had more than 100 Phase III studies running at the end of 2025 after 16 positive Phase III readouts during the year.
Novo Nordisk
How it makes money
Novo Nordisk sells prescription medicines through two segments. Diabetes and Obesity care is the bulk of sales: GLP-1 drugs (Ozempic, Rybelsus, Wegovy injection, the Wegovy pill launched in the US in January 2026 and Wegovy HD 7.2 mg), plus insulins such as Tresiba and NovoRapid. Rare disease covers haemophilia, growth hormone and other endocrine products.
Growth strategy
Under CEO Mike Doustdar the strategy is to cut costs (about 9,000 roles targeted in 2025, with reported headcount down further since), push volume through cheaper self-pay and oral options such as the Wegovy pill, roll out Wegovy 7.2 mg internationally, and rebuild the pipeline through deals such as the Akero Therapeutics acquisition for MASH and in-licensing agreements.
Competitive advantage
Novo Nordisk's edge is a century of peptide and insulin manufacturing know-how, large owned API and fill-finish capacity (including three former Catalent sites bought for $11B in 2024), outcomes data such as SELECT (20% lower risk of major cardiovascular events) and FLOW, and the first approved oral GLP-1 for obesity. Foundation control also lets it invest for the long term without takeover risk.
Questions about AstraZeneca vs Novo Nordisk
Which company has higher revenue — AstraZeneca PLC or Novo Nordisk A/S?
AstraZeneca PLC had $58.7B (FY2025), while Novo Nordisk A/S had ~$47B (FY2025). By latest annual revenue, AstraZeneca PLC is the larger business, with Novo Nordisk A/S showing a smaller revenue base.
What is the market cap of AstraZeneca PLC vs Novo Nordisk A/S?
AstraZeneca PLC's market capitalisation stands at $254.6B, while Novo Nordisk A/S's is $170.0B. AstraZeneca PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Novo Nordisk A/S.
How does revenue per employee compare for AstraZeneca PLC and Novo Nordisk A/S?
AstraZeneca PLC has $611k / employee in revenue per employee, while Novo Nordisk A/S has $704k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do AstraZeneca PLC and Novo Nordisk A/S make money?
AstraZeneca PLC and Novo Nordisk A/S generate revenue in fundamentally different ways. AstraZeneca PLC: AstraZeneca discovers, develops and sells prescription medicines, and the economics turn on patent-protected pricing funded by heavy research spending. Novo Nordisk A/S: Novo Nordisk sells prescription medicines through two segments.
Which company is valued higher relative to revenue — AstraZeneca PLC or Novo Nordisk A/S?
On a price-to-sales (P/S) basis, AstraZeneca PLC trades at 4.3x P/S and Novo Nordisk A/S at 3.6x P/S. AstraZeneca PLC commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Novo Nordisk A/S. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AstraZeneca PLC bigger than Novo Nordisk A/S?
By last reported revenue, AstraZeneca PLC ($58.7B (FY2025)) is the larger company compared to Novo Nordisk A/S (~$47B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AstraZeneca vs Novo Nordisk overview