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Novo Nordisk A S (NVO) earnings and revenue breakdown

Latest: FY2025 · 20-F filed Feb 4, 2026 · Novo Nordisk A S (NVO) FY2025 earnings results →

FY2025 Revenue up 6% year over year to $309.1B · 33¢ of every $1 of revenue kept as net profit · operating margin 41.3%

Novo Nordisk A S made $309.1B in FY2025 (+6% Y/Y). Operating margin 41.3%, net earnings $102.4B. See where every dollar goes — costs, profit and cash — as a Sankey from the 20-F filed Feb 4, 2026.

Revenue$309.1B

Year over year+6%

Operating margin41.3%

Net earnings$102.4B

Operating cash flow$119.1B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was DKK 309.1B in FY2025, up 6% year over year.

Gross margin was 81.0%, down 3.7 points from FY2024. Operating profit was DKK 127.7B, a 41.3% margin (down 2.9 points year over year). Operating profit fell DKK 0.68B even though revenue rose DKK 18.7B versus FY2024, so costs grew faster than sales. Operating expenses grew 4% against revenue growth of 6%. The fastest-growing cost line was General & admin (+13%). Net earnings were DKK 102.4B, up 1% year over year. The effective tax rate was 21.5%.

Operating cash flow was DKK 119.1B (down 2% year over year), 116% of net earnings. Non-cash charges added back DKK 14.7B of depreciation and amortization and DKK 1.4B of share-based compensation. Capital expenditures of DKK 60.1B left free cash flow of DKK 59.0B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
FY2025	20-F	Feb 4, 2026	$309.1B	+6%	41.3%	$102.4B	$119.1B
FY2024	20-F	Feb 5, 2025	$290.4B	+25%	44.2%	$101.0B	$121.0B

Charts

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

GLP-1 & obesity drugs · Incretin drugs