Filing Flows › Comparisons › NVO vs LLY
Novo Nordisk A S vs ELI Lilly: NVO and LLY compared
Novo Nordisk A S is the larger company: $309.1B of revenue in its latest quarter (FY2025) against $24.4B for ELI Lilly (Q3 2026). ELI Lilly is growing faster (+39% against +6% a year earlier). Novo Nordisk A S is more profitable, with an operating margin of 41.3% against 34.5%.
Where the money goes: NVO and LLY
Novo Nordisk A S (NVO) · FY2025
Novo Nordisk A S, FY2025: revenue $309.1B (+6% year over year), operating margin 41.3%, net earnings $102.4B, operating cash flow $119.1B. The chart follows the revenue to costs, profit and cash.
ELI Lilly (LLY) · Q3 2026
ELI Lilly, Q3 2026: revenue $24.4B (+39% year over year), operating margin 34.5%, net earnings $6.5B, operating cash flow $11.4B. The chart follows the revenue to costs, profit and cash.
| Novo Nordisk A S (NVO) | ELI Lilly (LLY) | |
|---|---|---|
| Latest quarter | FY2025 | Q3 2026 |
| Revenue | $309.1B | $24.4B |
| Revenue growth, Y/Y | +6% | +39% |
| Gross margin | 81.0% | — |
| Operating margin | 41.3% | 34.5% |
| Net earnings | $102.4B | $6.5B |
| Net margin | 33.1% | 26.4% |
| Operating cash flow | $119.1B | $11.4B |
| Free cash flow | $59.0B | $8.2B |
| Market value | $186.0B | $1.22T |
| P/E | 1.8× | 44.3× |
| Analysts’ mean target | $45.56 | $1453.40 |
Where the revenue comes from
ELI Lilly
- Net product revenue: $22.7B (93%)
- Other oncology: $1.1B (4%)
- Other immunology: $579M (2%)
Questions
Which is bigger, Novo Nordisk A S or ELI Lilly?
Novo Nordisk A S is the larger company: $309.1B of revenue in its latest quarter (FY2025) against $24.4B for ELI Lilly (Q3 2026).
Is Novo Nordisk A S or ELI Lilly growing faster?
ELI Lilly is growing faster (+39% against +6% a year earlier).
Which is more profitable, Novo Nordisk A S or ELI Lilly?
Novo Nordisk A S is more profitable, with an operating margin of 41.3% against 34.5%.
More: Novo Nordisk A S earnings · how Novo Nordisk A S makes money · ELI Lilly earnings · how ELI Lilly makes money
From the companies' latest 10-Q, 10-K or earnings release (20-F filed Feb 4, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.