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Novo Nordisk A S vs GSK: NVO and GSK compared
Novo Nordisk A S is the larger company: $79.2B of revenue in its latest quarter (Q3 2026) against $8.9B for GSK (Q3 2026). Novo Nordisk A S is growing faster (+6% against +4% a year earlier). Novo Nordisk A S is more profitable, with an operating margin of 29.1% against 23.9%.
Where the money goes: NVO and GSK
Novo Nordisk A S (NVO) · Q3 2026
Novo Nordisk A S, Q3 2026: revenue $79.2B (+6% year over year), operating margin 29.1%, net earnings $16.7B, operating cash flow $41.7B. The chart follows the revenue to costs, profit and cash.
GSK (GSK) · Q3 2026
GSK, Q3 2026: revenue $8.9B (+4% year over year), operating margin 23.9%, net earnings $1.5B, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Novo Nordisk A S (NVO) | GSK (GSK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $79.2B | $8.9B |
| Revenue growth, Y/Y | +6% | +4% |
| Gross margin | 77.0% | 73.1% |
| Operating margin | 29.1% | 23.9% |
| Net earnings | $16.7B | $1.5B |
| Net margin | 21.1% | 17.4% |
| Operating cash flow | $41.7B | $3.1B |
| Free cash flow | $28.5B | — |
| Market value | $186.0B | — |
| P/E | 1.8× | — |
| Analysts’ mean target | $45.56 | — |
Where the revenue comes from
Novo Nordisk A S
- Ozempic ®: $29.7B (38%)
- Wegovy ® injectable: $20.4B (26%)
- Insulin: $12.3B (15%)
- Ozempic ® pill / Rybelsus ®: $4.9B (6%)
GSK
- Specialty Medicines: $3.9B (44%)
- General Medicines: $2.4B (27%)
- Other Paediatric & Adult Vaccines: $832M (9%)
- Shingles (Shingrix): $780M (9%)
Questions
Which is bigger, Novo Nordisk A S or GSK?
Novo Nordisk A S is the larger company: $79.2B of revenue in its latest quarter (Q3 2026) against $8.9B for GSK (Q3 2026).
Is Novo Nordisk A S or GSK growing faster?
Novo Nordisk A S is growing faster (+6% against +4% a year earlier).
Which is more profitable, Novo Nordisk A S or GSK?
Novo Nordisk A S is more profitable, with an operating margin of 29.1% against 23.9%.
More: Novo Nordisk A S earnings · how Novo Nordisk A S makes money · GSK earnings · how GSK makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Nov 4, 2026; 6-K filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.