NVO

MKT CAP:$183B

Novo Nordisk A/S

Market Cap

$183B

Healthcare·Drug Manufacturers - General·🇩🇰 Denmark·NYSE

Healthcare·Drug Mfg.·🇩🇰·NYSE

Stock Price

$41.09-$11.30 (-21.58%)

Apr 24, 2026

Company Details

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and in...

CEO

Maziar Mike Doustdar

IPO Date

Apr 30, 1981

Website

www.novonordisk.com

Key Metrics TTM

Revenue

$48.4B

+6.4% YoY

Net Income

$16.0B

EPS (Diluted)

$3.61

Free Cash Flow

$4.5B

Revenue / Share

$10.89

Gross Margin

81.0%

Operating Margin

41.3%

Net Margin

33.1%

FCF Margin

9.4%

P/S

3.8x

P/E

11.4x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 4, 2026

$48.4B+6.4%EPS $3.61

Q4 2025

Feb 3, 2026

$12.4B-7.6%EPS $0.95

Q3 2025

Nov 5, 2025

$11.7B+5.1%EPS $0.70

Q2 2025

Aug 6, 2025

$12.0B+12.9%EPS $0.93

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$6.6B	$5.5B	$3.0B
Q2 22	$6.5B	$5.5B	$2.9B
Q3 22	$7.1B	$6.0B	$3.2B
Q4 22	$7.5B	$6.2B	$2.7B
Q1 23	$8.4B	$7.1B	$3.9B
Q2 23	$8.5B	$7.3B	$3.7B
Q3 23	$9.2B	$7.7B	$4.2B
Q4 23	$10.3B	$8.7B	$4.2B
Q1 24	$10.2B	$8.7B	$5.0B
Q2 24	$10.7B	$9.1B	$4.1B
Q3 24	$11.2B	$9.4B	$5.3B
Q4 24	$13.4B	$11.4B	$5.8B
Q1 25	$12.2B	$10.2B	$6.1B
Q2 25	$12.0B	$10.0B	$5.2B
Q3 25	$11.7B	$8.9B	$3.7B
Q4 25	$12.4B	$10.0B	$5.0B

Valuation

Quarter	P/S	P/E
Q1 22	10.5x	31.8x
Q2 22	10.4x	32.4x
Q3 22	8.8x	27.9x
Q4 22	11.1x	35.5x
Q1 23	12.1x	37.4x
Q2 23	11.3x	33.9x
Q3 23	12.2x	34.7x
Q4 23	13.0x	36.2x
Q1 24	14.9x	40.7x
Q2 24	16.0x	46.0x
Q3 24	12.5x	35.7x
Q4 24	8.4x	24.1x
Q1 25	6.5x	18.8x
Q2 25	6.3x	17.6x
Q3 25	5.0x	15.2x
Q4 25	4.7x	14.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3.7B	$3.4B
Q2 22	$3.8B	$3.4B
Q3 22	$3.8B	$3.1B
Q4 22	$1.1B	$335M
Q1 23	$4.7B	$3.9B
Q2 23	$4.5B	$3.4B
Q3 23	$6.4B	$4.8B
Q4 23	$1.5B	-$1.1B
Q1 24	$2.2B	$831M
Q2 24	$7.9B	$5.8B
Q3 24	$6.9B	$4.9B
Q4 24	$1.9B	-$667M
Q1 25	$3.9B	$1.6B
Q2 25	$6.4B	$3.8B
Q3 25	$7.2B	$4.8B
Q4 25	$1.2B	-$5.7B

Capital Expenditures

Quarter	CapEx
Q1 22	$279M
Q2 22	$403M
Q3 22	$662M
Q4 22	$777M
Q1 23	$752M
Q2 23	$1.1B
Q3 23	$1.7B
Q4 23	$2.6B
Q1 24	$1.4B
Q2 24	$2.1B
Q3 24	$2.0B
Q4 24	$2.6B
Q1 25	$2.3B
Q2 25	$2.5B
Q3 25	$2.4B
Q4 25	$6.9B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+24.3%	+21.6%
Q2 22	+24.9%	+25.3%
Q3 22	+27.9%	+24.6%
Q4 22	+25.5%	+25.5%
Q1 23	+27.0%	+23.9%
Q2 23	+31.6%	+33.0%
Q3 23	+28.9%	+25.4%
Q4 23	+37.0%	+26.1%
Q1 24	+22.5%	+18.1%
Q2 24	+25.3%	+38.5%
Q3 24	+21.4%	+17.8%
Q4 24	+30.1%	+25.2%
Q1 25	+19.5%	+17.3%
Q2 25	+12.9%	+3.0%
Q3 25	+5.1%	+36.8%
Q4 25	-7.6%	-3.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$241M	3.2%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$816M	$152M	$1.6B
Q2 22	$803M	$155M	$1.7B
Q3 22	$882M	$181M	$1.8B
Q4 22	$1.3B	$211M	$2.2B
Q1 23	$1.1B	$168M	$1.9B
Q2 23	$1.1B	$168M	$2.2B
Q3 23	$1.3B	$197M	$2.0B
Q4 23	$1.6B	$228M	$2.7B
Q1 24	$1.3B	$181M	$2.1B
Q2 24	$2.5B	$181M	$2.3B
Q3 24	$1.5B	$217M	$2.4B
Q4 24	$2.2B	$248M	$2.9B
Q1 25	$1.6B	$191M	$2.3B
Q2 25	$1.8B	$206M	$2.7B
Q3 25	$2.4B	$295M	$2.5B
Q4 25	$2.3B	$243M	$2.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$314M	$158M	$472M
Q2 22	$501M	$182M	$684M
Q3 22	$588M	$186M	$773M
Q4 22	$2.0B	$1.7B	$3.7B
Q1 23	$341M	$293M	$635M
Q2 23	$495M	$341M	$836M
Q3 23	$671M	$388M	$1.1B
Q4 23	$2.3B	$2.5B	$4.7B
Q1 24	$991M	$467M	$1.5B
Q2 24	$1.2B	$221M	$1.4B
Q3 24	$8.9B	$2.8B	$11.7B
Q4 24	$2.5B	$1.7B	$4.1B
Q1 25	$6.1B	$409M	$6.5B
Q2 25	$2.9B	$78M	$3.0B
Q3 25	$5.0B	$78M	$5.1B
Q4 25	$4.1B	$78M	$4.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	4.57B	-0.4%	-1.4%
Q2 22	4.55B	-0.3%	-1.3%
Q3 22	4.54B	-0.3%	-1.3%
Q4 22	4.52B	-0.3%	-1.4%
Q1 23	4.51B	-0.2%	-1.2%
Q2 23	4.50B	-0.2%	-1.1%
Q3 23	4.49B	-0.3%	-1.1%
Q4 23	4.48B	-0.3%	-1.0%
Q1 24	4.47B	-0.2%	-0.9%
Q2 24	4.47B	-0.1%	-0.8%
Q3 24	4.46B	-0.1%	-0.6%
Q4 24	4.46B	0.0%	-0.4%
Q1 25	4.45B	-0.3%	-0.5%
Q2 25	4.45B	+0.0%	-0.4%
Q3 25	4.45B	-0.0%	-0.3%
Q4 25	4.45B	+0.0%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$146.3K	45K
Q2 22	$143.7K	45K
Q3 22	$158.6K	45K
Q4 22	$150.7K	50K
Q1 23	$167.2K	50K
Q2 23	$170.1K	50K
Q3 23	$184.0K	50K
Q4 23	$172.0K	60K
Q1 24	$170.6K	60K
Q2 24	$177.7K	60K
Q3 24	$186.2K	60K
Q4 24	$179.0K	75K
Q1 25	$163.1K	75K
Q2 25	$160.5K	75K
Q3 25	$156.6K	75K
Q4 25	$178.4K	70K

Revenue / Employee