How much profit does Novo-Nordisk A/S make?

113.07B DKK over the last twelve months, and 102.43B DKK in fiscal year 2025.

What is Novo-Nordisk A/S's EPS?

25.43 DKK over the last twelve months, and 23.03 DKK in fiscal year 2025.

How many shares does Novo-Nordisk A/S have?

4.44B over the last twelve months, and 4.45B in fiscal year 2025.

What is Novo-Nordisk A/S's operating income?

153.75B DKK over the last twelve months, and 127.66B DKK in fiscal year 2025.

What is Novo-Nordisk A/S's gross margin?

Novo-Nordisk A/S kept 82.0% of its revenue as gross profit over the last twelve months, and 81.0% in fiscal year 2025.

What is Novo-Nordisk A/S's EBITDA?

Novo-Nordisk A/S's EBITDA was 185.02B DKK over the last twelve months, and 156.73B DKK in fiscal year 2025.

When does Novo-Nordisk A/S's fiscal year end?

Novo-Nordisk A/S's fiscal year 2025 ended on 31 December 2025. Its quarters end in March, June, September, December, so its fiscal years do not match the calendar years.

Novo-Nordisk A/S
D
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NVO

Arincen ScoreBeta60/100

60/100B

40.945

USD

0.21

(0.50%)

Market Open

Last updated: 13 Nov, 10:10 GMT-5 · Delayed 15 min

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 0.68Revenue estimate 11.78B

Q4 FY2026 · Earnings report

Wednesday 3 February

EPS estimate 0.68Revenue estimate 11.78B

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 0.68Revenue estimate 11.78B

Q4 FY2026 · Earnings report

Wednesday 3 February

EPS estimate 0.68Revenue estimate 11.78B

Overview Financials News Forecast Earnings Dividends Company

Novo-Nordisk A income statement 1985–2026What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

333.14B DKK over the last twelve months, and 309.06B DKK in fiscal year 2025.

Revenue Operating income Net income

Click a line's chart icon in the table to add it to the chart; hover over it for a quick look.

Fiscal year	TTM 30 Sept 2026	FY2025 31 Dec 2025	FY2024 31 Dec 2024	FY2023 31 Dec 2023	FY2022 31 Dec 2022	FY2021 31 Dec 2021	FY2020 31 Dec 2020	FY2019 31 Dec 2019	FY2018 31 Dec 2018	FY2017 31 Dec 2017	FY2016 31 Dec 2016	FY2015 31 Dec 2015	FY2014 31 Dec 2014	FY2013 31 Dec 2013	FY2012 31 Dec 2012	FY2011 31 Dec 2011	FY2010 31 Dec 2010	FY2009 31 Dec 2009	FY2008 31 Dec 2008	FY2007 31 Dec 2007	FY2006 31 Dec 2006	FY2005 31 Dec 2005	FY2004 31 Dec 2004	FY2003 31 Dec 2003	FY2002 31 Dec 2002	FY2001 31 Dec 2001	FY2000 31 Dec 2000	FY1999 31 Dec 1999	FY1998 31 Dec 1998	FY1997 31 Dec 1997	FY1996 31 Dec 1996	FY1995 31 Dec 1995	FY1994 31 Dec 1994	FY1993 31 Dec 1993	FY1992 31 Dec 1992	FY1991 31 Dec 1991	FY1990 31 Dec 1990	FY1989 31 Dec 1989	FY1988 31 Dec 1988	FY1987 31 Dec 1987	FY1986 31 Dec 1986	FY1985 31 Dec 1985
RevenueWhat is revenue? Revenue is the money a company brings in from selling its goods and services over a period, before any costs. It is the top line of the income statement.	333.14B	309.06B	290.40B	232.26B	176.95B	140.80B	126.95B	122.02B	111.83B	111.70B	111.78B	107.93B	88.81B	83.57B	78.03B	66.35B	60.78B	51.08B	45.67B	41.89B	38.75B	33.71B	29.23B	26.61B	25.15B	23.72B	20.82B	16.44B	13.65B	16.98B	14.90B	13.71B	13.52B	13.15B	10.67B	9.83B	8.33B	7.62B	5.63B	5.03B	4.19B	4.16B
Revenue growth	+5.56%	+6.43%	+25.03%	+31.26%	+25.68%	+10.91%	+4.04%	+9.11%	+0.12%	-0.08%	+3.57%	+21.53%	+6.26%	+7.11%	+17.60%	+9.16%	+18.99%	+11.85%	+9.02%	+8.10%	+14.94%	+15.33%	+9.85%	+5.80%	+6.06%	+13.94%	+26.60%	+20.47%	-19.64%	+13.96%	+8.68%	+1.44%	+2.83%	+23.19%	+8.56%	+17.97%	+9.36%	+35.34%	+11.97%	+20.07%	+0.70%	—
Cost of revenue	59.93B	58.79B	44.52B	35.77B	28.45B	23.66B	20.93B	20.09B	17.62B	17.63B	17.18B	16.19B	14.56B	14.14B	13.47B	12.59B	11.68B	10.44B	10.13B	9.80B	9.59B	9.17B	8.11B	7.46B	6.62B	5.96B	4.38B	3.63B	3.22B	4.72B	4.17B	3.83B	3.83B	6.41B	2.53B	4.80B	4.13B	3.76B	2.72B	2.59B	3.29B	2.07B
Gross profit	273.21B	250.28B	245.88B	196.50B	148.51B	117.14B	106.01B	101.93B	94.21B	94.06B	94.60B	91.74B	74.24B	69.43B	64.56B	53.76B	49.10B	40.64B	35.53B	32.09B	29.16B	24.55B	21.13B	19.15B	18.53B	17.75B	16.44B	12.81B	10.43B	12.26B	10.74B	9.88B	9.68B	6.74B	8.14B	5.03B	4.21B	3.85B	2.91B	2.44B	893.58M	2.09B
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.	82.01%	80.98%	84.67%	84.60%	83.92%	83.20%	83.51%	83.54%	84.25%	84.21%	84.63%	85.00%	83.60%	83.08%	82.74%	81.03%	80.78%	79.56%	77.81%	76.60%	75.26%	72.81%	72.27%	71.96%	73.66%	74.85%	78.96%	77.92%	76.43%	72.20%	72.04%	72.07%	71.64%	51.26%	76.32%	51.22%	50.49%	50.59%	51.75%	48.49%	21.34%	50.14%
Research and development	—	52.04B	48.06B	32.44B	24.05B	17.77B	15.46B	14.22B	14.81B	14.01B	14.56B	13.61B	13.76B	11.73B	10.90B	9.63B	9.60B	7.86B	7.87B	8.55B	6.32B	5.07B	4.38B	4.20B	4.13B	3.96B	3.22B	2.59B	2.65B	2.77B	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general and administrative	63.22B	70.28B	67.38B	61.60B	50.68B	41.06B	36.89B	35.83B	33.31B	32.12B	32.34B	32.17B	26.76B	26.89B	24.86B	22.25B	21.26B	18.18B	15.82B	14.90B	14.00B	11.79B	10.30B	9.67B	9.42B	9.06B	7.93B	6.36B	5.36B	6.02B	7.69B	6.87B	6.79B	3.99B	6.29B	3.04B	2.63B	2.33B	1.65B	1.52B	0.00	1.15B
Operating expenses	119.45B	122.62B	117.54B	93.92B	73.70B	58.50B	51.89B	49.45B	46.97B	45.10B	46.17B	42.30B	39.75B	37.94B	35.09B	31.38B	30.21B	25.71B	23.13B	23.13B	20.04B	16.47B	14.10B	12.75B	12.56B	12.16B	12.19B	9.89B	9.00B	9.93B	8.76B	8.01B	7.84B	4.79B	6.99B	3.63B	3.15B	2.80B	1.98B	1.79B	224.68M	1.35B
Operating income	153.75B	127.66B	128.34B	102.57B	74.81B	58.64B	54.13B	52.48B	47.25B	48.97B	48.43B	49.44B	34.49B	31.49B	29.47B	22.37B	18.89B	14.93B	12.40B	8.95B	9.12B	8.08B	7.03B	6.40B	5.97B	5.60B	4.24B	2.92B	1.43B	2.33B	1.98B	1.87B	1.84B	1.94B	1.16B	1.40B	1.05B	1.05B	936.24M	647.45M	668.90M	733.26M
Operating income growth	+15.90%	-0.53%	+25.12%	+37.11%	+27.56%	+8.35%	+3.13%	+11.08%	-3.51%	+1.10%	-2.05%	+43.35%	+9.52%	+6.85%	+31.73%	+18.44%	+26.51%	+20.38%	+38.53%	-1.81%	+12.94%	+14.87%	+9.78%	+7.20%	+6.72%	+31.91%	+45.30%	+103.78%	-38.61%	+17.88%	+5.74%	+1.77%	-5.35%	+67.80%	-17.48%	+33.40%	+0.23%	+12.14%	+44.60%	-3.21%	-8.78%	—
Operating marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.	46.15%	41.30%	44.19%	44.16%	42.28%	41.65%	42.64%	43.01%	42.25%	43.84%	43.33%	45.81%	38.84%	37.68%	37.77%	33.72%	31.08%	29.24%	27.16%	21.38%	23.53%	23.95%	24.05%	24.06%	23.75%	23.60%	20.39%	17.76%	10.50%	13.74%	13.29%	13.66%	13.61%	14.79%	10.86%	14.28%	12.63%	13.78%	16.63%	12.88%	15.97%	17.63%
Interest income	—	1.27B	1.84B	1.07B	239.00M	231.00M	337.00M	65.00M	51.00M	69.00M	52.00M	56.00M	101.00M	56.00M	124.00M	274.00M	235.00M	375.00M	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Interest expense	—	4.21B	1.64B	542.00M	378.00M	289.00M	390.00M	220.00M	85.00M	90.00M	65.00M	67.00M	39.00M	55.00M	58.00M	275.00M	500.00M	1.27B	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other non-operating income	-9.23B	2.88B	-1.15B	2.10B	-5.75B	436.00M	-996.00M	-3.93B	367.00M	-287.00M	-634.00M	-5.96B	-396.00M	1.05B	-1.66B	-449.00M	-605.00M	-945.00M	320.95M	2.03B	45.21M	144.99M	477.44M	1.18B	318.50M	417.70M	601.59M	436.19M	1.75B	837.39M	549.22M	281.53M	91.21M	-72.03M	514.35M	58.54M	85.48M	-660.75K	-30.93M	49.99M	119.68M	143.42M
Pretax income	144.53B	130.54B	127.19B	104.67B	69.06B	59.08B	53.13B	48.55B	47.62B	48.68B	47.80B	43.48B	34.10B	32.54B	27.81B	21.93B	18.29B	13.99B	12.73B	10.98B	9.17B	8.22B	7.51B	7.58B	6.29B	6.01B	4.84B	3.36B	3.18B	3.17B	2.53B	2.15B	1.93B	1.87B	1.67B	1.46B	1.14B	1.05B	905.31M	697.44M	788.58M	876.68M
Income tax	31.46B	28.11B	26.20B	20.99B	13.54B	11.32B	10.99B	9.60B	8.99B	10.55B	9.87B	8.62B	7.62B	7.36B	6.38B	4.83B	3.88B	3.22B	3.06B	2.45B	2.71B	2.36B	2.46B	2.53B	2.20B	2.16B	1.76B	1.35B	1.16B	952.42M	726.73M	592.44M	499.85M	441.68M	400.19M	532.22M	377.75M	303.28M	267.40M	217.04M	267.27M	268.92M
Effective tax rate	21.77%	21.53%	20.60%	20.05%	19.60%	19.17%	20.69%	19.78%	18.87%	21.67%	20.66%	19.83%	22.33%	22.60%	22.94%	22.02%	21.23%	23.02%	24.04%	22.35%	29.59%	28.76%	32.75%	33.39%	34.98%	35.97%	36.26%	40.31%	36.47%	30.03%	28.73%	27.50%	25.88%	23.59%	23.92%	36.39%	33.20%	28.90%	29.54%	31.12%	33.89%	30.67%
Net income	113.07B	102.43B	100.99B	83.68B	55.53B	47.76B	42.14B	38.95B	38.63B	38.13B	37.93B	34.86B	26.48B	25.18B	21.43B	17.10B	14.40B	10.77B	9.67B	8.54B	6.45B	5.86B	5.05B	4.87B	4.09B	3.85B	3.09B	2.42B	2.41B	2.22B	1.80B	1.56B	1.43B	1.43B	1.27B	930.19M	760.12M	745.99M	637.91M	480.40M	521.32M	607.76M
Net income growth	+8.96%	+1.43%	+20.68%	+50.71%	+16.27%	+13.33%	+8.18%	+0.84%	+1.31%	+0.54%	+8.79%	+31.64%	+5.15%	+17.51%	+25.36%	+18.70%	+33.76%	+11.40%	+13.25%	+32.27%	+10.19%	+16.00%	+3.63%	+19.10%	+6.22%	+24.71%	+27.74%	+0.15%	+8.78%	+23.11%	+15.42%	+9.10%	+0.08%	+12.39%	+36.82%	+22.37%	+1.89%	+16.94%	+32.79%	-7.85%	-14.22%	—
Net marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.	33.94%	33.14%	34.78%	36.03%	31.38%	33.92%	33.19%	31.92%	34.54%	34.14%	33.93%	32.30%	29.82%	30.13%	27.47%	25.77%	23.70%	21.08%	21.17%	20.38%	16.65%	17.37%	17.27%	18.31%	16.26%	16.24%	14.84%	14.70%	17.69%	13.07%	12.09%	11.39%	10.59%	10.88%	11.93%	9.46%	9.12%	9.79%	11.33%	9.56%	12.45%	14.62%
Basic shares	4.43B	4.45B	4.45B	4.48B	4.53B	4.59B	4.67B	4.75B	4.84B	4.96B	5.07B	5.16B	5.26B	5.39B	5.48B	5.65B	5.81B	5.99B	6.18B	6.31B	6.42B	6.57B	6.76B	6.83B	6.93B	6.89B	6.92B	7.02B	7.35B	7.54B	7.47B	7.51B	7.47B	7.52B	7.51B	5.83B	6.27B	8.06B	5.16B	5.08B	5.07B	5.02B
Diluted sharesWhat are shares outstanding? Shares outstanding are all the shares a company has issued that investors hold, insiders included. Their number times the share price is the market value.	4.44B	4.45B	4.46B	4.49B	4.54B	4.61B	4.68B	4.76B	4.85B	4.96B	5.07B	5.16B	5.26B	5.39B	5.52B	5.70B	5.85B	6.04B	6.23B	6.36B	6.46B	6.59B	6.79B	6.88B	6.98B	6.94B	6.94B	7.02B	7.35B	7.54B	7.47B	7.51B	7.47B	7.52B	7.51B	5.83B	6.27B	8.06B	5.16B	5.08B	5.07B	5.02B
Change in diluted shares	-0.25%	-0.34%	-0.71%	-1.10%	-1.34%	-1.58%	-1.63%	-1.89%	-2.17%	-2.25%	-1.68%	-1.97%	-2.35%	-2.35%	-3.24%	-2.62%	-3.11%	-2.95%	-2.05%	-1.58%	-1.98%	-2.95%	-1.31%	-1.46%	+0.66%	-0.06%	-1.13%	-4.49%	-2.48%	+0.88%	-0.57%	+0.56%	-0.60%	+0.04%	+28.99%	-7.03%	-22.29%	+56.42%	+1.41%	+0.25%	+0.98%	—
EPS (basic)	25.47	23.06	22.67	18.67	12.26	10.40	9.03	8.21	7.98	7.71	7.50	6.78	5.05	4.70	3.91	3.03	2.48	1.80	1.56	1.35	1.00	0.89	0.75	0.71	0.59	0.56	0.45	0.34	0.33	0.29	0.24	0.21	0.19	0.19	0.17	0.16	0.12	0.09	0.13	0.10	0.11	0.12
EPS (diluted)What is EPS (earnings per share)? EPS (earnings per share) is a company's net income divided by its number of shares: the profit that belongs to each share over a period.	25.43	23.03	22.63	18.62	12.22	10.37	9.01	8.19	7.97	7.70	7.48	6.76	5.04	4.68	3.89	3.00	2.46	1.78	1.55	1.34	1.00	0.89	0.74	0.71	0.59	0.56	0.44	0.34	0.33	0.29	0.24	0.21	0.19	0.19	0.17	0.16	0.12	0.09	0.13	0.10	0.11	0.12
EPS growth	+9.05%	+1.77%	+21.54%	+52.37%	+17.84%	+15.09%	+10.01%	+2.76%	+3.51%	+2.94%	+10.65%	+34.13%	+7.69%	+20.31%	+29.67%	+21.95%	+38.20%	+14.84%	+15.67%	+34.00%	+12.36%	+20.27%	+4.23%	+20.34%	+5.36%	+27.27%	+29.41%	+3.03%	+13.79%	+20.83%	+14.29%	+10.53%	0.00%	+11.76%	+6.25%	+33.33%	+29.73%	-28.85%	+36.84%	-13.64%	-8.33%	—
Dividends per share	1.80	1.73	1.45	1.03	0.80	0.74	0.65	0.61	0.63	0.57	0.71	0.37	0.42	0.31	0.25	0.19	0.14	0.11	0.09	0.06	0.05	0.04	0.04	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend growth	+4.04%	+19.41%	+40.62%	+28.54%	+8.68%	+13.23%	+6.03%	-3.30%	+10.85%	-18.94%	+93.38%	-12.08%	+33.84%	+23.60%	+33.06%	+38.76%	+25.21%	+15.20%	+52.16%	+28.92%	+12.07%	+18.48%	+38.38%	+32.17%	+25.35%	+26.65%	+11.73%	+82.76%	+7.39%	+33.69%	+9.88%	+46.52%	-4.90%	+3.54%	-10.63%	-3.78%	+34.69%	-11.30%	+26.09%	-15.75%	+32.81%	—
EBITDAWhat is EBITDA? EBITDA is earnings before interest, taxes, depreciation and amortization: operating profit with the yearly cost of wearing out assets added back.	185.02B	156.73B	147.94B	114.63B	76.80B	65.39B	59.27B	54.43B	51.63B	51.95B	51.06B	46.51B	37.57B	35.39B	30.56B	24.94B	21.25B	17.80B	14.86B	11.97B	11.26B	10.00B	8.93B	8.02B	7.30B	6.67B	5.28B	3.87B	2.42B	3.48B	3.05B	3.01B	2.90B	2.74B	1.85B	2.00B	1.57B	1.52B	1.26B	913.87M	893.58M	933.15M
EBITDA margin	55.54%	50.71%	50.94%	49.35%	43.40%	46.44%	46.69%	44.61%	46.16%	46.51%	45.68%	43.09%	42.31%	42.35%	39.17%	37.59%	34.97%	34.86%	32.54%	28.58%	29.06%	29.67%	30.56%	30.15%	29.04%	28.14%	25.36%	23.52%	17.73%	20.47%	20.45%	21.96%	21.42%	20.87%	17.36%	20.30%	18.88%	19.97%	22.38%	18.18%	21.34%	22.44%
EBIT	163.57B	134.75B	128.83B	105.22B	69.44B	59.37B	53.52B	48.77B	47.70B	48.77B	47.86B	43.55B	34.14B	32.59B	27.87B	22.20B	18.79B	15.25B	12.41B	8.96B	9.12B	8.08B	7.03B	6.40B	5.97B	5.60B	4.24B	2.92B	1.43B	2.33B	1.98B	1.87B	1.84B	1.94B	1.16B	1.40B	1.05B	1.05B	936.24M	647.45M	668.90M	733.26M

Quarter	Q3 FY2026 30 Sept 2026	Q2 FY2026 30 Jun 2026	Q1 FY2026 31 Mar 2026	Q4 FY2025 31 Dec 2025	Q3 FY2025 30 Sept 2025	Q2 FY2025 30 Jun 2025	Q1 FY2025 31 Mar 2025	Q4 FY2024 31 Dec 2024	Q3 FY2024 30 Sept 2024	Q2 FY2024 30 Jun 2024	Q1 FY2024 31 Mar 2024	Q4 FY2023 31 Dec 2023	Q3 FY2023 30 Sept 2023	Q2 FY2023 30 Jun 2023	Q1 FY2023 31 Mar 2023	Q4 FY2022 31 Dec 2022	Q3 FY2022 30 Sept 2022	Q2 FY2022 30 Jun 2022	Q1 FY2022 31 Mar 2022	Q4 FY2021 31 Dec 2021	Q3 FY2021 30 Sept 2021	Q2 FY2021 30 Jun 2021	Q1 FY2021 31 Mar 2021	Q4 FY2020 31 Dec 2020	Q3 FY2020 30 Sept 2020	Q2 FY2020 30 Jun 2020	Q1 FY2020 31 Mar 2020	Q4 FY2019 31 Dec 2019	Q3 FY2019 30 Sept 2019	Q2 FY2019 30 Jun 2019	Q1 FY2019 31 Mar 2019	Q4 FY2018 31 Dec 2018	Q3 FY2018 30 Sept 2018	Q2 FY2018 30 Jun 2018	Q1 FY2018 31 Mar 2018	Q4 FY2017 31 Dec 2017	Q3 FY2017 30 Sept 2017	Q2 FY2017 30 Jun 2017	Q1 FY2017 31 Mar 2017	Q4 FY2016 31 Dec 2016
RevenueWhat is revenue? Revenue is the money a company brings in from selling its goods and services over a period, before any costs. It is the top line of the income statement.	78.68B	78.49B	96.82B	79.14B	74.98B	76.86B	78.09B	85.68B	71.31B	68.06B	65.35B	65.86B	58.73B	54.30B	53.37B	48.09B	45.57B	41.27B	42.03B	38.33B	35.62B	33.04B	33.80B	32.14B	30.93B	30.01B	33.88B	32.42B	30.28B	30.04B	29.29B	29.73B	27.76B	27.41B	26.93B	27.99B	26.61B	28.64B	28.45B	29.57B
Revenue growth	+4.94%	+2.12%	+23.99%	-7.63%	+5.14%	+12.93%	+19.49%	+30.09%	+21.42%	+25.34%	+22.45%	+36.95%	+28.89%	+31.59%	+26.97%	+25.46%	+27.92%	+24.89%	+24.34%	+19.28%	+15.18%	+10.11%	-0.21%	-0.86%	+2.15%	-0.10%	+15.65%	+9.03%	+9.06%	+9.59%	+8.77%	+6.22%	+4.31%	-4.30%	-5.35%	-5.34%	-3.35%	+4.29%	+4.56%	+2.41%
Cost of revenue	14.08B	17.10B	13.60B	15.15B	17.90B	12.85B	12.89B	13.02B	11.31B	10.27B	9.92B	10.01B	9.71B	7.86B	8.18B	8.26B	7.20B	6.07B	6.92B	6.24B	6.06B	5.55B	5.81B	5.62B	5.16B	4.77B	5.39B	5.43B	5.08B	4.85B	4.73B	4.65B	4.42B	4.35B	4.20B	4.70B	4.27B	4.41B	4.25B	4.92B
Gross profit	64.60B	61.39B	83.23B	64.00B	57.07B	64.01B	65.20B	72.66B	60.00B	57.79B	55.43B	55.85B	49.02B	46.44B	45.19B	39.83B	38.37B	35.20B	35.11B	32.09B	29.56B	27.49B	27.99B	26.52B	25.77B	25.23B	28.49B	26.99B	25.20B	25.19B	24.56B	25.08B	23.35B	23.06B	22.73B	23.29B	22.34B	24.23B	24.20B	24.65B
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.	82.10%	78.21%	85.96%	80.86%	76.12%	83.29%	83.49%	84.80%	84.14%	84.90%	84.83%	84.80%	83.46%	85.53%	84.67%	82.82%	84.20%	85.29%	83.54%	83.72%	82.99%	83.21%	82.81%	82.52%	83.33%	84.10%	84.10%	83.24%	83.24%	83.86%	83.84%	84.35%	84.10%	84.12%	84.42%	83.21%	83.95%	84.60%	85.06%	83.37%
Research and development	—	17.79B	10.28B	14.65B	15.39B	11.69B	10.31B	13.80B	9.49B	16.17B	8.61B	10.46B	8.13B	7.13B	6.73B	8.09B	5.63B	5.12B	5.21B	5.63B	4.25B	3.94B	3.94B	4.48B	3.91B	3.29B	3.78B	4.38B	3.60B	3.56B	2.68B	4.54B	3.64B	3.30B	3.32B	3.98B	3.33B	3.41B	3.29B	4.47B
Selling, general and administrative	16.26B	16.31B	13.22B	17.44B	17.88B	18.85B	16.11B	20.28B	16.59B	16.09B	14.41B	18.63B	14.08B	15.41B	13.48B	15.09B	12.61B	11.83B	11.15B	12.82B	10.14B	8.91B	9.19B	10.96B	9.18B	8.23B	8.52B	10.77B	8.77B	8.43B	7.86B	10.00B	8.06B	7.94B	7.32B	9.41B	7.39B	7.62B	7.70B	9.08B
Operating expenses	29.26B	34.33B	23.61B	32.26B	33.39B	30.56B	26.41B	35.92B	26.18B	31.85B	23.59B	29.08B	22.11B	22.56B	20.18B	22.74B	18.18B	16.81B	15.97B	18.46B	14.31B	12.72B	13.01B	15.34B	12.96B	11.40B	12.19B	15.11B	12.28B	11.74B	10.32B	14.30B	11.53B	10.85B	10.29B	13.25B	10.30B	10.84B	10.71B	13.45B
Operating income	35.34B	27.06B	59.62B	31.74B	23.68B	33.45B	38.79B	36.74B	33.82B	25.93B	31.85B	26.77B	26.91B	23.89B	25.01B	17.09B	20.18B	18.39B	19.15B	13.63B	15.25B	14.78B	14.98B	11.18B	12.81B	13.84B	16.30B	11.87B	12.92B	13.45B	14.24B	10.78B	11.81B	12.20B	12.45B	10.05B	12.04B	13.39B	13.49B	11.21B
Operating income growth	+49.23%	-19.10%	+53.69%	-13.61%	-29.98%	+28.98%	+21.81%	+37.25%	+25.67%	+8.57%	+27.35%	+56.65%	+33.34%	+29.89%	+30.61%	+25.33%	+32.36%	+24.44%	+27.80%	+21.97%	+19.06%	+6.80%	-8.10%	-5.85%	-0.86%	+2.87%	+14.49%	+10.11%	+9.36%	+10.23%	+14.39%	+7.33%	-1.92%	-8.83%	-7.72%	-10.34%	-3.03%	+7.11%	+9.59%	+0.73%
Operating marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.	44.92%	34.48%	61.57%	40.10%	31.59%	43.52%	49.68%	42.88%	47.43%	38.10%	48.73%	40.64%	45.82%	43.99%	46.86%	35.53%	44.30%	44.57%	45.55%	35.57%	42.81%	44.73%	44.32%	34.78%	41.41%	46.12%	48.12%	36.63%	42.67%	44.79%	48.61%	36.27%	42.55%	44.53%	46.22%	35.89%	45.25%	46.74%	47.41%	37.89%
Interest income	—	1.31B	6.05B	2.45B	1.84B	5.31B	3.43B	3.91B	1.38B	960.00M	2.15B	—	3.32B	647.00M	852.00M	—	1.57B	1.66B	210.00M	256.06M	790.00M	138.00M	1.75B	61.00M	162.00M	97.00M	17.00M	20.00M	17.00M	15.00M	13.00M	—	—	1.04B	1.20B	—	418.00M	421.00M	258.00M	—
Interest expense	1.13B	1.50B	3.50B	—	—	4.96B	5.18B	5.09B	821.00M	1.56B	2.07B	916.00M	2.17B	281.00M	1.12B	730.50M	3.73B	3.25B	1.44B	781.30M	927.00M	—	797.00M	—	279.00M	519.00M	1.30B	—	829.00M	1.32B	1.03B	—	675.00M	745.00M	37.00M	—	26.00M	1.16B	744.00M	—
Other non-operating income	-14.05B	-186.00M	2.55B	2.45B	1.84B	356.00M	-1.76B	-1.18B	562.00M	-602.00M	72.00M	854.00M	1.15B	366.00M	-270.00M	-771.00M	-2.15B	-1.60B	-1.23B	-521.00M	-137.00M	138.00M	956.00M	824.00M	-117.00M	-422.00M	-1.28B	-794.00M	-812.00M	-1.31B	-1.02B	-413.00M	-675.00M	294.00M	1.16B	524.00M	418.00M	-743.00M	-486.00M	-264.00M
Pretax income	21.29B	26.88B	62.17B	34.19B	25.52B	33.81B	37.03B	35.56B	34.38B	25.33B	31.92B	27.62B	28.06B	24.25B	24.74B	16.32B	18.03B	16.80B	17.92B	13.11B	15.11B	14.92B	15.94B	12.00B	12.69B	13.42B	15.02B	11.08B	12.11B	12.15B	13.22B	10.37B	11.14B	12.50B	13.61B	10.57B	12.46B	12.64B	13.00B	10.94B
Income tax	4.66B	5.89B	13.62B	7.29B	5.51B	7.30B	8.00B	7.33B	7.08B	5.28B	6.51B	5.66B	5.59B	4.83B	4.92B	2.72B	3.63B	3.48B	3.71B	2.22B	2.99B	2.79B	3.32B	2.68B	2.39B	2.79B	3.12B	2.36B	1.91B	2.55B	2.78B	1.87B	2.10B	2.16B	2.86B	2.32B	2.69B	2.69B	2.85B	2.24B
Effective tax rate	21.90%	21.90%	21.90%	21.34%	21.60%	21.60%	21.60%	20.61%	20.60%	20.85%	20.40%	20.48%	19.90%	19.90%	19.90%	16.70%	20.11%	20.70%	20.70%	16.94%	19.81%	18.73%	20.80%	22.36%	18.86%	20.80%	20.80%	21.32%	15.80%	21.00%	21.00%	18.06%	18.86%	17.24%	21.00%	21.93%	21.60%	21.29%	21.90%	20.50%
Net income	16.63B	20.99B	48.56B	26.89B	20.01B	26.50B	29.03B	28.23B	27.30B	20.05B	25.41B	21.96B	22.48B	19.43B	19.81B	13.59B	14.41B	13.32B	14.21B	10.89B	12.12B	12.12B	12.62B	9.32B	10.30B	10.63B	11.90B	8.72B	10.19B	9.60B	10.45B	8.50B	9.04B	10.34B	10.75B	8.25B	9.77B	9.95B	10.16B	8.70B
Net income growth	-16.87%	-20.81%	+67.24%	-4.74%	-26.72%	+32.18%	+14.28%	+28.53%	+21.46%	+3.20%	+28.23%	+61.59%	+56.04%	+45.88%	+39.44%	+24.79%	+18.86%	+9.86%	+12.57%	+16.89%	+17.68%	+14.10%	+6.10%	+6.89%	+1.02%	+10.73%	+13.90%	+2.59%	+12.80%	-7.23%	-2.85%	+2.96%	-7.50%	+3.94%	+5.86%	-5.13%	-0.34%	-0.17%	+7.41%	+5.34%
Net marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.	21.14%	26.74%	50.15%	33.98%	26.68%	34.48%	37.18%	32.95%	38.28%	29.46%	38.88%	33.35%	38.27%	35.78%	37.13%	28.26%	31.61%	32.27%	33.81%	28.41%	34.02%	36.69%	37.34%	28.99%	33.30%	35.41%	35.12%	26.89%	33.67%	31.95%	35.66%	28.58%	32.55%	37.74%	39.92%	29.48%	36.71%	34.75%	35.70%	29.42%
Basic shares	4.42B	4.43B	4.44B	4.45B	4.45B	4.45B	4.44B	4.45B	4.45B	4.46B	4.46B	4.46B	4.48B	4.49B	4.50B	4.51B	4.52B	4.54B	4.55B	4.57B	4.58B	4.60B	4.62B	4.64B	4.66B	4.68B	4.70B	4.72B	4.74B	4.76B	4.78B	4.83B	4.83B	4.85B	4.87B	4.94B	4.93B	4.90B	4.99B	5.03B
Diluted sharesWhat are shares outstanding? Shares outstanding are all the shares a company has issued that investors hold, insiders included. Their number times the share price is the market value.	4.42B	4.44B	4.45B	4.45B	4.45B	4.45B	4.45B	4.46B	4.46B	4.47B	4.47B	4.48B	4.49B	4.50B	4.51B	4.52B	4.54B	4.55B	4.57B	4.59B	4.59B	4.61B	4.63B	4.66B	4.67B	4.69B	4.71B	4.73B	4.75B	4.77B	4.78B	4.84B	4.84B	4.86B	4.88B	4.95B	4.94B	4.91B	5.00B	5.03B
Change in diluted shares	-0.54%	-0.25%	+0.05%	-0.28%	-0.31%	-0.42%	-0.54%	-0.38%	-0.63%	-0.83%	-0.95%	-1.00%	-1.06%	-1.09%	-1.17%	-1.38%	-1.25%	-1.31%	-1.39%	-1.50%	-1.62%	-1.65%	-1.66%	-1.64%	-1.61%	-1.62%	-1.49%	-2.27%	-1.90%	-1.95%	-2.13%	-2.10%	-2.03%	-1.03%	-2.31%	-1.72%	-2.43%	-3.33%	-1.96%	-2.25%
EPS (basic)	3.74	4.74	10.93	6.06	4.50	5.96	6.54	6.34	6.13	4.50	5.70	4.92	5.02	4.33	4.40	3.02	3.17	2.93	3.11	2.38	2.65	2.63	2.74	2.01	2.21	2.27	2.54	1.85	2.15	2.02	2.19	1.76	1.87	2.13	2.21	1.67	1.98	2.01	2.04	1.73
EPS (diluted)What is EPS (earnings per share)? EPS (earnings per share) is a company's net income divided by its number of shares: the profit that belongs to each share over a period.	3.74	4.74	10.91	6.04	4.50	5.96	6.53	6.33	6.12	4.49	5.68	4.91	5.00	4.32	4.39	3.01	3.18	2.93	3.11	2.38	2.64	2.63	2.73	2.00	2.21	2.27	2.53	1.84	2.15	2.02	2.18	1.75	1.87	2.13	2.20	1.67	1.98	2.01	2.03	1.73
EPS growth	-16.89%	-20.47%	+67.08%	-4.58%	-26.47%	+32.74%	+14.96%	+28.92%	+22.40%	+3.94%	+29.39%	+63.12%	+57.23%	+47.44%	+41.16%	+26.47%	+20.45%	+11.41%	+13.92%	+19.00%	+19.46%	+15.86%	+7.91%	+8.70%	+2.79%	+12.38%	+16.06%	+5.14%	+14.97%	-5.16%	-0.91%	+4.79%	-5.56%	+5.97%	+8.37%	-3.47%	+2.06%	+2.55%	+9.14%	+8.13%
Dividends per share	0.58	0.00	1.22	0.00	0.58	1.14	1.14	0.00	0.52	0.00	0.93	0.00	0.44	0.00	0.59	0.00	0.29	0.00	0.51	0.00	0.28	0.00	0.46	0.00	0.26	0.00	0.39	0.00	0.22	0.00	0.39	0.00	0.23	0.00	0.40	0.00	0.24	0.00	0.34	0.00
Dividend growth	-0.88%	-100.00%	+6.55%	—	+13.04%	—	+22.94%	—	+17.97%	—	+57.44%	—	+51.68%	—	+15.47%	—	+4.99%	—	+10.88%	—	+6.28%	—	+17.83%	—	+15.21%	—	+0.72%	—	-2.79%	—	-3.60%	—	-2.43%	—	+20.23%	—	+4.49%	—	-30.04%	—
EBITDAWhat is EBITDA? EBITDA is earnings before interest, taxes, depreciation and amortization: operating profit with the yearly cost of wearing out assets added back.	37.38B	38.68B	69.21B	39.75B	33.27B	43.60B	46.05B	45.85B	37.36B	35.74B	36.91B	28.51B	32.76B	26.71B	27.58B	9.51B	23.80B	21.68B	21.01B	13.81B	17.39B	16.13B	18.11B	11.68B	15.10B	15.09B	17.41B	9.52B	15.03B	14.58B	15.31B	10.72B	12.60B	14.01B	14.38B	9.68B	12.75B	14.67B	14.46B	11.64B
EBITDA margin	47.51%	49.28%	71.48%	50.22%	44.38%	56.72%	58.97%	53.51%	52.38%	52.51%	56.48%	43.29%	55.77%	49.19%	51.68%	19.76%	52.23%	52.55%	49.98%	36.02%	48.81%	48.83%	53.58%	36.33%	48.82%	50.30%	51.38%	29.36%	49.64%	48.53%	52.27%	36.05%	45.37%	51.12%	53.39%	34.60%	47.91%	51.23%	50.81%	39.36%
EBIT	35.34B	28.38B	65.67B	34.19B	25.52B	38.76B	42.22B	40.65B	35.21B	26.89B	33.99B	25.52B	30.23B	24.54B	25.86B	8.28B	21.76B	20.05B	19.36B	11.73B	16.04B	14.92B	16.74B	10.30B	12.97B	13.94B	16.32B	8.12B	12.94B	13.47B	14.25B	9.08B	11.81B	13.24B	13.65B	8.78B	12.04B	13.81B	13.75B	10.52B

Figures in DKK. Shares and EPS are adjusted for stock splits. Quarterly growth is on the same quarter a year before; TTM is the last four quarters.

Common questions about Novo-Nordisk A's income statement

Source: Financial Modeling PrepVerified against SEC filings

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Novo-Nordisk A income statement 1985–2026What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

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Novo-Nordisk A income statement 1985–2026What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

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