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Novo Nordisk A S vs Merck: NVO and MRK compared
Novo Nordisk A S is the larger company: $309.1B of revenue in its latest quarter (FY2025) against $18.1B for Merck (Q3 2026). Novo Nordisk A S is growing faster (+6% against +5% a year earlier). Novo Nordisk A S is more profitable, with an operating margin of 41.3% against 30.7%.
Where the money goes: NVO and MRK
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.
Merck (MRK) · Q3 2026
Merck, Q3 2026: revenue $18.1B (+5% year over year), operating margin 30.7%, net earnings $5.1B, operating cash flow $6.6B. The chart follows the revenue to costs, profit and cash.
| Novo Nordisk A S (NVO) | Merck (MRK) | |
|---|---|---|
| Latest quarter | FY2025 | Q3 2026 |
| Revenue | $309.1B | $18.1B |
| Revenue growth, Y/Y | +6% | +5% |
| Gross margin | 81.0% | — |
| Operating margin | 41.3% | 30.7% |
| Net earnings | $102.4B | $5.1B |
| Net margin | 33.1% | 28.0% |
| Operating cash flow | $119.1B | $6.6B |
| Free cash flow | $59.0B | $5.5B |
| Market value | $186.0B | $363.6B |
| P/E | 1.8× | 151.3× |
| Analysts’ mean target | $45.56 | $161.53 |
Questions
Which is bigger, Novo Nordisk A S or Merck?
Novo Nordisk A S is the larger company: $309.1B of revenue in its latest quarter (FY2025) against $18.1B for Merck (Q3 2026).
Is Novo Nordisk A S or Merck growing faster?
Novo Nordisk A S is growing faster (+6% against +5% a year earlier).
Which is more profitable, Novo Nordisk A S or Merck?
Novo Nordisk A S is more profitable, with an operating margin of 41.3% against 30.7%.
More: Novo Nordisk A S earnings · how Novo Nordisk A S makes money · Merck earnings · how Merck makes money
From the companies' latest 10-Q, 10-K or earnings release (20-F filed Feb 4, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.