Filing Flows › Novo Nordisk A S (NVO) › Q2 2025
Novo Nordisk A S (NVO) Q2 2025 earnings results (second quarter 2025)
6-K filed Aug 6, 2025
Novo Nordisk A S (NVO) reported revenue of $76.9B for the second quarter 2025 (Q2 2025), +13% from a year earlier. Operating margin was 43.5%, net earnings $26.5B (34.5% of revenue).
Novo Nordisk A S, Q2 2025: revenue $76.9B (+13% year over year), operating margin 43.5%, net earnings $26.5B, operating cash flow $40.8B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $76.9B | — | +13% |
| Gross profit | $64.0B | — | +11% |
| Operating profit | $33.4B | — | +29% |
| Net earnings | $26.5B | — | +32% |
| Operating cash flow | $40.8B | — | — |
| Free cash flow | $26.1B | — | — |
What changed
Revenue was DKK 76.9B in Q2 2025, up 13% year over year. US Operations was the largest line at 56% of revenue. US Operations added DKK 4.6B year over year (up 12%), 52% of the total change. Region China declined 14%.
Gross margin was 83.3%, down 1.6 points from a year earlier. Operating profit was DKK 33.4B, a 43.5% margin (up 5.4 points year over year). Of the extra revenue versus a year earlier, 85% reached operating profit, above the 38% margin then. Operating expenses fell 4% while revenue rose 13%. Net earnings were DKK 26.5B, up 32% year over year. The effective tax rate was 21.6%.
Operating cash flow was DKK 40.8B, 154% of net earnings. Working capital and other items added DKK 14.3B. Capital expenditures of DKK 14.7B left free cash flow of DKK 26.1B.
Questions
What was Novo Nordisk A S' revenue in the second quarter 2025?
Novo Nordisk A S (NVO) reported revenue of $76.9B for the second quarter 2025 (Q2 2025), +13% from a year earlier.
Was Novo Nordisk A S profitable in the second quarter 2025?
Operating profit was $33.4B (43.5% of revenue) and net earnings $26.5B.
Source: Novo Nordisk A S 6-K on SEC EDGAR.