Novo Nordisk vs Pfizer: Revenue, Profit and Business Model
Novo Nordisk reported ~$47B of revenue in FY2025 and ~$15.6B of net income. Pfizer reported $62.6B of revenue in FY2025 and $7.8B of net income.
Latest financial snapshot
Novo Nordisk
- Latest revenue
- ~$47B (FY2025)
- Net income
- ~$15.6B
- Net margin
- 33.1%
- Revenue growth
- +16.8% a year, FY2019–FY2025
Pfizer
- Latest revenue
- $62.6B (FY2025)
- Net income
- $7.8B
- Net margin
- 12.4%
- Revenue growth
- +1.9% a year, FY2016–FY2025
Financial summary
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.
Pfizer
Pfizer revenue rose from $41.7 billion in 2020 to $81.3 billion in 2021 and $101.2 billion in 2022 on Comirnaty and Paxlovid, then fell to $59.6 billion in 2023 as COVID demand collapsed. It recovered to $63.6 billion in 2024 and was $62.6 billion in 2025, with net income of $7.8 billion. In Q2 2026 revenue was $15.0 billion, up 1% operationally, or 5% excluding COVID products, and Pfizer raised the midpoint of its 2026 revenue guidance to $60.5 billion to $62.5 billion with adjusted EPS guidance of $2.80 to $3.00. The roughly $31 billion of debt raised for Seagen in 2023 and an ongoing cost-reduction program shape capital allocation alongside a dividend yield near 6%.
Revenue and profit by year
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 |
Pfizer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $62.6B | $7.8B | 12.4% | -1.6% | Source |
| FY2024 | $63.6B | $8B | 12.6% | +6.8% | Source |
| FY2023 | $59.6B | $2.1B | 3.6% | -41.1% | Source |
| FY2022 | $101.2B | $31.4B | 31.0% | +24.5% | Source |
| FY2021 | $81.3B | $22B | 27.0% | +95.2% | Source |
| FY2020 | $41.7B | $9.2B | 22.0% | +1.8% | Source |
| FY2019 | $40.9B | $16B | 39.2% | +0.2% | Source |
| FY2018 | $40.8B | $11.2B | 27.3% | -22.3% | Source |
| FY2017 | $52.5B | $21.3B | 40.6% | -0.5% | Source |
| FY2016 | $52.8B | $7.2B | 13.7% | — | Source |
Where the revenue comes from
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.
Pfizer
- Patented medicines
Core revenue
Prescription drugs protected by exclusivity and clinical differentiation.
- Vaccines
Major revenue contributor
Adult, pediatric, pneumococcal, RSV, and COVID-related vaccines.
- Oncology
Strategic growth driver
Cancer medicines, antibody-drug conjugates, and Seagen-related assets.
- Hospital and anti-infective products
Meaningful contributor
Sterile injectables, anti-infectives, and hospital therapies.
- Collaborations and alliances
Supplemental
Co-promoted products and partnered scientific platforms.
Business model and strategy
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.
Pfizer
How it makes money
Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market. Revenue is concentrated in large franchises such as Eliquis (co-commercialized with Bristol Myers Squibb), the Prevnar pneumococcal vaccines, the Vyndaqel tafamidis family, Ibrance, Xtandi and the Seagen antibody-drug conjugates.
Growth strategy
Pfizer's growth plan has three parts. Oncology: the $43 billion Seagen deal (closed December 2023) added Padcev, Adcetris, Tukysa and Tivdak, and Pfizer licensed 3SBio's PD-1xVEGF bispecific in 2025 and signed a 12-program cancer collaboration with Innovent Biologics in May 2026 ($650 million upfront, up to $10.5 billion total).
Competitive advantage
Pfizer's advantage is scale in late-stage development, regulatory filings, manufacturing and commercialization. The BioNTech partnership showed it: BioNTech supplied the mRNA science, while Pfizer ran the global Phase 3 trial with more than 40,000 participants, built ultra-cold distribution and manufactured billions of Comirnaty doses.
Questions about Novo Nordisk vs Pfizer
Which company has higher revenue — Novo Nordisk A/S or Pfizer Inc.?
Novo Nordisk A/S reported ~$47B (FY2025), while Pfizer Inc. reported $62.6B (FY2025). By last reported revenue, Pfizer Inc. is the larger business, with Novo Nordisk A/S reporting a smaller revenue base.
What is the market cap of Novo Nordisk A/S vs Pfizer Inc.?
Novo Nordisk A/S's market capitalisation stands at $170.0B, while Pfizer Inc.'s is $160.3B. Novo Nordisk A/S carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Pfizer Inc..
Which is more financially efficient — Novo Nordisk A/S or Pfizer Inc.?
Novo Nordisk A/S generates $704k / employee in revenue per employee, while Pfizer Inc. generates $834k / employee. Pfizer Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Novo Nordisk A/S and Pfizer Inc. make money?
Novo Nordisk A/S and Pfizer Inc. generate revenue in fundamentally different ways. Novo Nordisk A/S: Novo Nordisk sells prescription medicines through two segments. Pfizer Inc.: Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market.
Which company is valued higher relative to revenue — Novo Nordisk A/S or Pfizer Inc.?
On a price-to-sales (P/S) basis, Novo Nordisk A/S trades at 3.6x P/S and Pfizer Inc. at 2.6x P/S. Novo Nordisk A/S commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Pfizer Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Novo Nordisk A/S bigger than Pfizer Inc.?
By last reported revenue, Pfizer Inc. ($62.6B (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 Novo Nordisk vs Pfizer overview