NVO FY 2023 Earnings Report — Novo Nordisk A/S Revenue & Financial Results | Market Cap Arena

Novo Nordisk A/SNVO

FY 2023 Earnings

Reported January 31, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$36.4B	—	$27.7B	—	31.3%
Op. Income	$16.1B	—	$11.7B	—	37.1%
Gross Margin	84.6%	—	83.9%	—	0.7pp
Net Margin	36.0%	—	31.4%	—	4.7pp
EPS (Diluted)	$2.92	—	$1.91	—	52.4%
Free Cash Flow	$11.0B	—	$10.0B	—	9.2%

Revenue Flow

Item	Amount
REVENUE	$36.4B
Cost of Revenue	$5.6B
GROSS PROFIT	$30.8B
R&D Expenses	$5.1B
Selling & Marketing	$8.9B
General & Administrative	$761M
SG&A Expenses	$9.7B
Other Expenses	-$19M
Operating Expenses	$14.7B
Cost & Expenses	$20.3B
OPERATING INCOME	$16.1B
Interest Income	$167M
Interest Expense	$85M
Other Income/Expenses	$329M
INCOME BEFORE TAX	$16.4B
Income Tax Expense	$3.3B
Net Income from Continuing Ops	$13.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$13.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$13.1B
D&A	$1.5B
EBIT	$16.5B
EBITDA	$18.0B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$36.4B
Cost of Revenue	$5.6B
GROSS PROFIT	$30.8B
R&D Expenses	$5.1B
Selling & Marketing	$8.9B
General & Administrative	$761M
SG&A Expenses	$9.7B
Other Expenses	-$19M
Operating Expenses	$14.7B
Cost & Expenses	$20.3B
OPERATING INCOME	$16.1B
Interest Income	$167M
Interest Expense	$85M
Other Income/Expenses	$329M
INCOME BEFORE TAX	$16.4B
Income Tax Expense	$3.3B
Net Income from Continuing Ops	$13.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$13.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$13.1B
D&A	$1.5B
EBIT	$16.5B
EBITDA	$18.0B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$13.1B
Depreciation & Amortization	$1.5B
Stock-Based Compensation	$337M
Deferred Income Tax	$3.3B
Other Non-Cash Items	$770M
Change in Working Capital	-$1.9B
OPERATING CASH FLOW	$17.1B
Capital Expenditure	-$6.1B
Acquisitions (Net)	$0
Purchases of Investments	-$2.1B
Sales/Maturities of Investments	$1.3B
Other Investing Activities	-$2.1B
NET CASH FROM INVESTING	-$6.9B
Net Debt Issuance	-$230M
Common Stock Repurchased	-$4.7B
Common Dividends Paid	-$5.0B
Other Financing Activities	$0
NET CASH FROM FINANCING	-$9.9B
FREE CASH FLOW	$11.0B
Net Change in Cash	$272M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.3B
Short-Term Investments	$2.5B
Net Receivables	$11.8B
Inventory	$5.0B
Other Current Assets	$367M
TOTAL CURRENT ASSETS	$21.9B
PP&E (Net)	$14.3B
Goodwill	$699M
Intangible Assets	$8.8B
Long-Term Investments	$261M
Tax Assets	$3.2B
Other Non-Current Assets	$224M
TOTAL NON-CURRENT ASSETS	$27.4B
TOTAL ASSETS	$49.3B
Account Payables	$4.0B
Short-Term Debt	$831M
Deferred Revenue	$0
Other Current Liabilities	$6.0B
TOTAL CURRENT LIABILITIES	$26.6B
Long-Term Debt	$2.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.6B
Other Non-Current Liabilities	$1.2B
TOTAL NON-CURRENT LIABILITIES	$6.0B
TOTAL LIABILITIES	$32.6B
Common Stock	$71M
Additional Paid-In Capital	$0
Retained Earnings	$16.4B
Treasury Stock	-$783.3K
Accum. Other Comp. Income	$200M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$16.7B
Minority Interest	$0
TOTAL EQUITY	$16.7B
TOTAL LIABILITIES & EQUITY	$49.3B
Total Debt	$4.2B
Net Debt	$2.0B