NVO Q3 2023 Earnings Report — Novo Nordisk A/S Revenue & Financial Results | Market Cap Arena

Novo Nordisk A/SNVO

Q3 2023 Earnings

Reported September 29, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2023	Q2 2023	Q3 2022	QoQ Change	YoY Change
Revenue	$9.2B	$8.5B	$7.1B	8.2%	28.9%
Op. Income	$4.2B	$3.7B	$3.2B	12.7%	33.3%
Gross Margin	83.5%	85.5%	84.2%	-2.1pp	-0.7pp
Net Margin	38.3%	35.8%	31.6%	2.5pp	6.7pp
EPS (Diluted)	$0.78	$0.68	$0.50	15.7%	57.2%
Free Cash Flow	$4.8B	$3.4B	$3.1B	40.9%	51.6%

Revenue Flow

Item	Amount
REVENUE	$9.2B
Cost of Revenue	$1.5B
GROSS PROFIT	$7.7B
R&D Expenses	$1.3B
Selling & Marketing	$2.0B
General & Administrative	$197M
SG&A Expenses	$2.2B
Other Expenses	-$15M
Operating Expenses	$3.5B
Cost & Expenses	$5.0B
OPERATING INCOME	$4.2B
Interest Income	$520M
Interest Expense	$340M
Other Income/Expenses	$180M
INCOME BEFORE TAX	$4.4B
Income Tax Expense	$875M
Net Income from Continuing Ops	$3.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.5B
D&A	$396M
EBIT	$4.7B
EBITDA	$5.1B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$9.2B
Cost of Revenue	$1.5B
GROSS PROFIT	$7.7B
R&D Expenses	$1.3B
Selling & Marketing	$2.0B
General & Administrative	$197M
SG&A Expenses	$2.2B
Other Expenses	-$15M
Operating Expenses	$3.5B
Cost & Expenses	$5.0B
OPERATING INCOME	$4.2B
Interest Income	$520M
Interest Expense	$340M
Other Income/Expenses	$180M
INCOME BEFORE TAX	$4.4B
Income Tax Expense	$875M
Net Income from Continuing Ops	$3.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.5B
D&A	$396M
EBIT	$4.7B
EBITDA	$5.1B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$3.5B
Depreciation & Amortization	$396M
Stock-Based Compensation	$0
Deferred Income Tax	$875M
Other Non-Cash Items	-$202M
Change in Working Capital	$1.8B
OPERATING CASH FLOW	$6.4B
Capital Expenditure	-$1.7B
Acquisitions (Net)	$0
Purchases of Investments	-$757M
Sales/Maturities of Investments	$347M
Other Investing Activities	-$751M
NET CASH FROM INVESTING	-$2.1B
Net Debt Issuance	-$41M
Common Stock Repurchased	-$962M
Common Dividends Paid	-$2.1B
Other Financing Activities	$0
NET CASH FROM FINANCING	-$3.1B
FREE CASH FLOW	$4.8B
Net Change in Cash	$1.3B

Balance Sheet

Item	Amount
Cash & Equivalents	$671M
Short-Term Investments	$388M
Net Receivables	$1.2B
Inventory	$657M
Other Current Assets	$243M
TOTAL CURRENT ASSETS	$3.2B
PP&E (Net)	$1.8B
Goodwill	$0
Intangible Assets	$1.2B
Long-Term Investments	$33M
Tax Assets	$418M
Other Non-Current Assets	$10M
TOTAL NON-CURRENT ASSETS	$3.5B
TOTAL ASSETS	$6.7B
Account Payables	$447M
Short-Term Debt	$147M
Deferred Revenue	$0
Other Current Liabilities	$3.0B
TOTAL CURRENT LIABILITIES	$3.8B
Long-Term Debt	$443M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$175M
Other Non-Current Liabilities	$150M
TOTAL NON-CURRENT LIABILITIES	$769M
TOTAL LIABILITIES	$4.6B
Common Stock	$10M
Additional Paid-In Capital	$0
Retained Earnings	$2.0B
Treasury Stock	-$111.2K
Accum. Other Comp. Income	$18M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$6.7B
Total Debt	$590M
Net Debt	-$80M