Filing Flows › Novo Nordisk A S (NVO) › Q3 2025
Novo Nordisk A S (NVO) Q3 2025 earnings results (third quarter 2025)
6-K filed Nov 5, 2025
Novo Nordisk A S (NVO) reported revenue of $75.0B for the third quarter 2025 (Q3 2025), +5% from a year earlier. Operating margin was 31.6%, net earnings $20.0B (26.7% of revenue).
Novo Nordisk A S, Q3 2025: revenue $75.0B (+5% year over year), operating margin 31.6%, net earnings $20.0B, operating cash flow $46.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $75.0B | — | +5% |
| Gross profit | $57.1B | — | -5% |
| Operating profit | $23.7B | — | -30% |
| Net earnings | $20.0B | — | -27% |
| Operating cash flow | $46.1B | — | — |
| Free cash flow | $32.5B | — | — |
What changed
Revenue was DKK 75.0B in Q3 2025, up 5% year over year. US Operations was the largest line at 55% of revenue. EUCAN added DKK 2.7B year over year (up 19%), 73% of the total change. Emerging Markets declined 20%.
Gross margin was 76.1%, down 8.0 points from a year earlier. Operating profit was DKK 23.7B, a 31.6% margin (down 15.8 points year over year). Operating profit fell DKK 10.1B even though revenue rose DKK 3.7B versus a year earlier, so costs grew faster than sales. Operating expenses grew 28% against revenue growth of 5%. The fastest-growing cost line was Research & development (+62%). Net earnings were DKK 20.0B, down 27% year over year. The effective tax rate was 21.6%.
Operating cash flow was DKK 46.1B, 230% of net earnings. Working capital and other items added DKK 26.1B. Capital expenditures of DKK 13.6B left free cash flow of DKK 32.5B.
Questions
What was Novo Nordisk A S' revenue in the third quarter 2025?
Novo Nordisk A S (NVO) reported revenue of $75.0B for the third quarter 2025 (Q3 2025), +5% from a year earlier.
Was Novo Nordisk A S profitable in the third quarter 2025?
Operating profit was $23.7B (31.6% of revenue) and net earnings $20.0B.
Source: Novo Nordisk A S 6-K on SEC EDGAR.