NVO Q1 2023 Earnings Report — Novo Nordisk A/S Revenue & Financial Results | Market Cap Arena

Novo Nordisk A/SNVO

Q1 2023 Earnings

Reported March 31, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2023	Q4 2022	Q1 2022	QoQ Change	YoY Change
Revenue	$8.4B	$7.5B	$6.6B	11.0%	27.0%
Op. Income	$3.9B	$2.7B	$3.0B	46.4%	30.6%
Gross Margin	84.7%	82.8%	83.5%	1.8pp	1.1pp
Net Margin	37.1%	28.3%	33.8%	8.9pp	3.3pp
EPS (Diluted)	$0.69	$0.47	$0.49	45.8%	41.2%
Free Cash Flow	$3.9B	$335M	$3.4B	1068.8%	14.7%

Revenue Flow

Item	Amount
REVENUE	$8.4B
Cost of Revenue	$1.3B
GROSS PROFIT	$7.1B
R&D Expenses	$1.1B
Selling & Marketing	$1.9B
General & Administrative	$168M
SG&A Expenses	$2.1B
Other Expenses	-$5M
Operating Expenses	$3.2B
Cost & Expenses	$4.4B
OPERATING INCOME	$3.9B
Interest Income	$133M
Interest Expense	$176M
Other Income/Expenses	-$42M
INCOME BEFORE TAX	$3.9B
Income Tax Expense	$771M
Net Income from Continuing Ops	$3.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.1B
D&A	$269M
EBIT	$4.1B
EBITDA	$4.3B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$8.4B
Cost of Revenue	$1.3B
GROSS PROFIT	$7.1B
R&D Expenses	$1.1B
Selling & Marketing	$1.9B
General & Administrative	$168M
SG&A Expenses	$2.1B
Other Expenses	-$5M
Operating Expenses	$3.2B
Cost & Expenses	$4.4B
OPERATING INCOME	$3.9B
Interest Income	$133M
Interest Expense	$176M
Other Income/Expenses	-$42M
INCOME BEFORE TAX	$3.9B
Income Tax Expense	$771M
Net Income from Continuing Ops	$3.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.1B
D&A	$269M
EBIT	$4.1B
EBITDA	$4.3B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$3.1B
Depreciation & Amortization	$269M
Stock-Based Compensation	$0
Deferred Income Tax	$771M
Other Non-Cash Items	$2.1B
Change in Working Capital	-$1.6B
OPERATING CASH FLOW	$4.7B
Capital Expenditure	-$752M
Acquisitions (Net)	$306M
Purchases of Investments	-$370M
Sales/Maturities of Investments	$81M
Other Investing Activities	-$306M
NET CASH FROM INVESTING	-$1.0B
Net Debt Issuance	-$75M
Common Stock Repurchased	-$814M
Common Dividends Paid	-$2.9B
Other Financing Activities	$532M
NET CASH FROM FINANCING	-$3.2B
FREE CASH FLOW	$3.9B
Net Change in Cash	$358M

Balance Sheet

Item	Amount
Cash & Equivalents	$341M
Short-Term Investments	$293M
Net Receivables	$1.2B
Inventory	$585M
Other Current Assets	$204M
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$1.6B
Goodwill	$0
Intangible Assets	$1.2B
Long-Term Investments	$28M
Tax Assets	$322M
Other Non-Current Assets	$7M
TOTAL NON-CURRENT ASSETS	$3.1B
TOTAL ASSETS	$5.7B
Account Payables	$230M
Short-Term Debt	$29M
Deferred Revenue	$0
Other Current Liabilities	$2.6B
TOTAL CURRENT LIABILITIES	$3.0B
Long-Term Debt	$554M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$180M
Other Non-Current Liabilities	$138M
TOTAL NON-CURRENT LIABILITIES	$873M
TOTAL LIABILITIES	$3.9B
Common Stock	$10M
Additional Paid-In Capital	$0
Retained Earnings	$1.8B
Treasury Stock	-$137.1K
Accum. Other Comp. Income	$54M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$0
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$5.7B
Total Debt	$583M
Net Debt	$242M