Novartis vs Novo Nordisk: Revenue, Profit and Business Model
Novartis had $56.7B of annual revenue in FY2025 and $14B of net income. Novo Nordisk had ~$47B of annual revenue in FY2025 and ~$15.6B of net income.
Latest financial snapshot
Novartis
- Latest annual revenue
- $56.7B (FY2025)
- Net income
- $14B
- Net margin
- 24.7%
- Revenue growth
- +6.5% a year, FY2021–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
Novartis
Novartis grew FY2025 net sales 8% to $54.5 billion with a core operating margin above 40% and free cash flow of $17.6 billion. 2026 is a reset year: US generics of Entresto and Promacta cut Q1 2026 net sales 5% at constant currencies to $13.1 billion and core operating income 14%. Q2 2026 net sales rose 1% cc to $14.4 billion with a 41.2% core margin, though net income fell 19%. Management guides for low single-digit sales growth and a low single-digit decline in core operating income for 2026 at constant currencies. Novartis is a Swiss multinational pharmaceutical corporation with a market valuation generally 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
Novartis
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $56.7B | $14B | 24.7% | +9.6% | Source |
| FY2024 | $51.7B | $11.9B | 23.1% | +10.8% | Source |
| FY2023 | $46.7B | $14.8B | 31.8% | +7.4% | Source |
| FY2022 | $43.5B | $7B | 16.0% | -1.2% | Source |
| FY2021 | $44B | $24B | 54.6% | — | 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
Novartis
- Cardiovascular, Renal, And MetabolicMajor
Medicines such as Entresto and Leqvio sold through specialist and primary-care channels.
- OncologyMajor
Cancer medicines and radioligand therapies including Kisqali, Pluvicto, and Scemblix.
- ImmunologyMajor
Autoimmune and inflammatory disease products, including Cosentyx.
- NeuroscienceMaterial
Neurology products including Kesimpta and related pipeline programs.
- Established Brands And Other Medicines
Complementary
Remaining prescription medicines sold across global markets.
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
Novartis
How it makes money
Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries. FY2025 net sales of $54.5 billion came from four core areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology) plus established brands.
Growth strategy
Novartis concentrates on four therapeutic areas and on the US, its largest market. It pairs internal research with bolt-on acquisitions of late-stage or platform biotechs: Chinook (2023, kidney disease), MorphoSys (2024, myelofibrosis), Kate Therapeutics (2024, gene therapy capsids) and Avidity Biosciences (closed February 27, 2026, about $12 billion, neuromuscular RNA medicines).
Competitive advantage
Novartis's edge rests on scale in late-stage development and specialist platforms that are hard to copy. It owns the leading commercial radioligand therapy franchise (Pluvicto and Lutathera) along with dedicated isotope manufacturing sites in the US and Europe, an siRNA cardiovascular drug (Leqvio), and, since February 2026, Avidity Biosciences' antibody-oligonucleotide conjugate platform.
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 Novartis vs Novo Nordisk
Which company has higher revenue — Novartis AG or Novo Nordisk A/S?
Novartis AG had $56.7B (FY2025), while Novo Nordisk A/S had ~$47B (FY2025). By latest annual revenue, Novartis AG is the larger business, with Novo Nordisk A/S showing a smaller revenue base.
What is the market cap of Novartis AG vs Novo Nordisk A/S?
Novartis AG's market capitalisation stands at $275.3B, while Novo Nordisk A/S's is $170.0B. Novartis AG 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 Novartis AG and Novo Nordisk A/S?
Novartis AG has $753k / 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 Novartis AG and Novo Nordisk A/S make money?
Novartis AG and Novo Nordisk A/S generate revenue in fundamentally different ways. Novartis AG: Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries. Novo Nordisk A/S: Novo Nordisk sells prescription medicines through two segments.
Which company is valued higher relative to revenue — Novartis AG or Novo Nordisk A/S?
On a price-to-sales (P/S) basis, Novartis AG trades at 4.9x P/S and Novo Nordisk A/S at 3.6x P/S. Novartis AG 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 Novartis AG bigger than Novo Nordisk A/S?
By last reported revenue, Novartis AG ($56.7B (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 Novartis vs Novo Nordisk overview