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Novo Nordisk A/S (NVO)

Novo Nordisk makes medicines for obesity and diabetes. The filing calls it a global healthcare company and a world leader in obesity and diabetes care. It was formed in 1989 by the merger of two Danish companies whose businesses date from 1923 and 1925, and both began by producing and selling insulin. It is headquartered in Bagsværd, Denmark, employs more than 69,500 people in around 80 countries, markets its products in approximately 170, and states its figures in Danish kroner. The B shares are listed on Nasdaq Copenhagen and the depositary receipts on the New York Stock Exchange.

Novo Nordisk A/S

Novo Nordisk makes medicines for obesity and diabetes. The filing calls it a global healthcare company and a world leader in obesity and diabetes care. It was formed in 1989 by the merger of two Danish companies whose businesses date from 1923 and 1925, and both began by producing and selling insulin. It is headquartered in Bagsværd, Denmark, employs more than 69,500 people in around 80 countries, markets its products in approximately 170, and states its figures in Danish kroner. The B shares are listed on Nasdaq Copenhagen and the depositary receipts on the New York Stock Exchange.

The products

The portfolio runs across obesity and diabetes care and rare disease: a range of GLP-1 receptor agonists, modern and human insulins, and growth hormone and haemophilia products. Ozempic, launched in the United States and Canada in February 2018 for adults with type 2 diabetes, is the biggest seller, with global sales of DKK 127,089 million in 2025. Wegovy, in its fifth year after launch, grew 36% to DKK 79,106 million and has reached the United States and more than 50 other countries. Rybelsus was DKK 22,093 million, Saxenda was DKK 3,241 million and Victoza was DKK 3,020 million, down from DKK 5,482 million the year before. Three drugs are marketed for obesity: Saxenda, injectable Wegovy, and Wegovy Pill, which launched in the first quarter of 2026.

The competition

The filing names Novo Nordisk and Eli Lilly as the companies with the largest market share in the global GLP-1 market, in diabetes and in anti-obesity medication. The filing states that the company lost volume market share in GLP-1 during 2025 in both US and other markets, and that Wegovy's position as the leading anti-obesity medication in the United States by weekly prescriptions, and Ozempic's as the leading GLP-1 for type 2 diabetes, were each overtaken by a competing GLP-1 product. The global branded obesity market doubled by volume in 2025. Compounding pharmacies introduced unapproved copies of the GLP-1 products during the 2024 and 2025 shortage, which the filing says has illicitly continued since the shortage was resolved. Generic filings have been made against Victoza, Saxenda, Ozempic, Wegovy and Rybelsus, and licensed generic versions of Victoza have been on sale in the United States since 22 June 2024.

Prices and payers

Most countries where the company sells insulin and GLP-1 subsidise or control the price, and in most markets these are prescription drugs. In the United States, pharmacy benefit managers have pressed on price. The second round of Medicare Part D price negotiations concluded in 2025 covered the semaglutide products Ozempic, Rybelsus and Wegovy, with the negotiated price taking effect in 2027. A separate agreement with the U.S. Administration is to widen access to semaglutide medicines through Medicare Part D, Medicaid and a direct-to-patient self-pay channel during 2026.

Where it is made

Active pharmaceutical ingredient production sits in Denmark, mainly at Kalundborg with secondary sites at Hillerød and Gentofte, and in New Hampshire and North Carolina in the United States. The major production sites by area are Kalundborg at 168,300 square metres, Hillerød at 156,900, Bagsværd at 111,200, Clayton in North Carolina at 89,000 and Gentofte at 62,900. Other production is in France, China and Brazil, with the Tianjin facilities on land whose leases have 28 and 32 years to run. Supply constraints affected some products in some markets during 2025, including Ozempic, and the filing reports the position improved through the year as manufacturing was scaled.

The year's changes

Maziar Mike Doustdar became president and chief executive on 7 August 2025, having joined in 1992. On 10 September 2025 a company-wide reorganisation began, aimed at simplifying the structure and speeding up decisions, and around 9,000 employees were let go; it was largely complete by the end of the year. An extraordinary general meeting on 14 November 2025 elected Lars Rebien Sørensen as Chair. On 9 December 2025 the company acquired Akero Therapeutics, a clinical-stage developer of treatments for metabolic diseases including MASH, for USD 54 per share.

From Novo Nordisk's annual report on Form 20-F for the year ended 31 December 2025. The filing

Compare with another name

Novo Nordisk A/S files a 20-F with the SEC once a year, in Danish kroner. In the year to 31 December 2025 it reported revenue of DKK 309,064 million ($46.8 billion at the year's average rate), up 6.4% on the year before. Its profit was DKK 102,434 million, up 1.4%, and diluted earnings per share DKK 23.03.

Novo Nordisk (NVO) in brief

Novo Nordisk (NVO) reported revenue of DKK 309 billion for the year to 31 December 2025, up 6.4% on the year before.
Read moreProfit attributable to shareholders was DKK 102 billion and diluted earnings per share DKK 23.03. Revenue was DKK 290 billion in 2024, DKK 232 billion in 2023, DKK 177 billion in 2022 and DKK 141 billion in 2021. Profit attributable to shareholders in the same years was DKK 101 billion, DKK 83.7 billion, DKK 55.5 billion and DKK 47.8 billion. Revenue grew 19.5% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of Novo Nordisk was $181.7 billion, 11.8 times its earnings for 2025.

The share in the US

Last close$40.70 on 10 November 2026
52-week range$35.29 (30 March 2026) to $63.98 (26 January 2026)
Over one yeardown 11.4%
Market cap$181.7 billion: 4,465,000,000 shares outstanding at 31 December 2025 (20-F, A and B shares; the ADR is one B share), each US share standing for one ordinary share
P/E, latest fiscal year11.8: the last close over diluted EPS for the year to Dec 2025, DKK 23.03 per ordinary share, $3.44 at 6.70 DKK per US dollar on 6 November 2026 (FRED DEXDNUS). The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE52.8%
ROCE39.3%
Operating margin41.3%
Net margin33.1%
FCF margin19.1%
Interest cover18.83
Debt to equity0.67
Cash conversion1.16
Share count, last 12 months-0.2%
Sales CAGR, 3 years20.4%
Profit CAGR, 3 years22.6%
EPS$3.44

At the close of 10 November 2026

Price$40.70
Market cap$181.7 billion
Stock P/E11.84
Price to book6.28
EV / EBITDAn/a
Dividend yield4.3%
Market cap / sales3.94
52-week high$63.98
52-week low$35.29
Price, 1 year-11.4%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total Novo Nordisk A/S states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.
NVOgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. Years before a share split are put on today's shares. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on NVO

DividendsDKK 11.70 a share in FY2025
Filings80 in twelve months: 76 reports on Form 6-K, most often novo Nordisk A/S - Share repurchase programme (39); trading in Novo Nordisk shares by board members, executives and associated persons (7); novo provides update on the denecimig Biologics License Application (BLA) in the US (1); CHMP recommends EU approval of FREHEMGO® (denecimig), the first factor VIIIa mimetic offering monthly, once every two weeks and weekly dosing in a pre-filled pen, for the treatment of haemophilia A (1); novo Nordisk provides update on the ZEUS phase 3 trial in people with ASCVD, CKD and inflammation (1)
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.68 by open interest at the 10 November 2026 close; the straddle prices a 2.9% move to 13 November 2026
13F holders1,361 funds reported a position for the quarter to 30 June 2026; largest Dodge & Cox
Congress3 House trades disclosed in six months
Short interest38.3 million shares short, 4.04 days to cover at 30 October 2026

Income statement (profit and loss), 7 fiscal years

Year toDec 2019Dec 2020Dec 2021Dec 2022 †Dec 2023Dec 2024 †Dec 2025
Revenue122,021126,946140,800176,954232,261290,403309,064
Cost of sales20,08820,93223,65828,44835,76544,52258,788
Gross profit101,933106,014117,142148,506196,496245,881250,276
Research and development14,22015,46217,77224,04732,44348,06252,039
Operating profit52,48354,12658,64474,809102,574128,339127,658
Finance costs3,9952,6242,4515,9868457,3466,778
Profit before tax48,55353,13059,08069,062104,674127,191130,540
Income tax9,60210,99211,32313,53720,99126,20328,106
Profit for the year38,95142,13847,75755,52583,683100,988102,434
Profit attributable to shareholders38,95142,13847,75755,52583,683100,988102,434
Filing20-F20-F20-F20-F20-F20-F20-F
DKK million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2022, Dec 2024); the first-filed figure is in the CSV. Profit attributable to shareholders is the profit for the year; the company reports no minority interests. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2019Dec 2020Dec 2021Dec 2022 †Dec 2023Dec 2024 †Dec 2025
Diluted EPS16.3818.0110.3712.2218.6222.6323.03
Basic EPS16.4118.0510.4012.2618.6722.6723.06
Filing20-F20-F20-F20-F20-F20-F20-F

DKK per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by segment

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Obesity and Diabetes caren/an/an/an/a215,098271,764289,45693.7%
Rare disease19,18118,92619,20320,54217,16318,63919,6086.3%
Diabetes and Obesity care102,840108,020121,597156,412n/an/an/an/a
Obesity and Diabetes care FY2023 to FY2025Rare diseaseDiabetes and Obesity care FY2019 to FY2022
122.0Dec 2019126.9Dec 2020140.8Dec 2021177.0Dec 2022232.3Dec 2023290.4Dec 2024309.1Dec 2025

DKK billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

DKK million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Revenue by region

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
United Statesn/an/an/an/a127,534167,402173,16656.0%
EUCANn/an/an/an/a48,14857,54766,09121.4%
Emerging Marketsn/an/an/an/a24,78429,51530,4369.8%
APACn/an/an/an/a15,10817,43820,7136.7%
China12,84414,08416,01916,20916,68718,50118,6586.0%
EMEA32,20834,29737,70644,236n/an/an/an/a
North America Operations60,45761,11767,26391,107n/an/an/an/a
Rest of World16,51217,44819,81225,402n/an/an/an/a
United States FY2023 to FY2025EUCAN FY2023 to FY2025Emerging Markets FY2023 to FY2025APAC FY2023 to FY2025ChinaNorth America Operations FY2019 to FY2022EMEA FY2019 to FY2022Rest of World FY2019 to FY2022
122.0Dec 2019126.9Dec 2020140.8Dec 2021177.0Dec 2022232.3Dec 2023290.4Dec 2024309.1Dec 2025

DKK billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

DKK million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2019Dec 2020Dec 2021Dec 2022 †Dec 2023Dec 2024 †Dec 2025
Cash from operations46,78251,95155,00078,887108,908120,968119,102
Purchase of property, plant and equipment8,9325,8256,33512,14625,80647,16460,140
Free cash flow37,85046,12648,66566,74183,10273,80458,962
Cash from investing-11,509-22,436-31,605-24,918-43,892-128,895-79,158
Cash from financing-35,484-32,244-25,493-51,797-63,1588,735-28,408
Depreciation and amortisationn/an/an/a6,5537,2898,54514,666
Buybacks15,33416,85519,44724,08629,92420,1811,388
Dividends paid19,40920,12121,51725,30331,76744,14051,763
Filing20-F20-F20-F20-F20-F20-F20-F
DKK million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2019Dec 2020Dec 2021Dec 2022 †Dec 2023Dec 2024 †Dec 2025
Funded by
Equity attributable to shareholders57,59363,32570,74683,486106,561143,486194,047
Borrowings, as filed4,48310,35626,64525,78427,006102,787130,958
Lease liabilitiesn/a3,6724,1294,5295,7266,7668,572
Other liabilitiesn/a67,56992,988127,458175,193212,591209,325
Total equity and liabilitiesn/a144,922194,508241,257314,486465,630542,902
Owned
Property, plant and equipmentn/a50,26955,36266,67190,961161,680208,378
Goodwilln/an/an/an/an/a20,01719,845
Other intangible assetsn/a20,65743,17150,93960,40690,804110,208
Cash and cash equivalents15,41112,22610,71912,65314,39215,65526,464
Inventoriesn/a18,53619,62124,38831,81140,84949,623
Other assetsn/a43,23465,63586,606116,916136,625128,384
Total assetsn/a144,922194,508241,257314,486465,630542,902
Filing20-F20-F20-F20-F20-F20-F20-F
DKK million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2019Dec 2020Dec 2021Dec 2022 †Dec 2023Dec 2024 †Dec 2025
Gross margin83.5%83.5%83.2%83.9%84.6%84.7%81.0%
Operating margin43.0%42.6%41.7%42.3%44.2%44.2%41.3%
Net margin31.9%33.2%33.9%31.4%36.0%34.8%33.1%
Free cash flow margin31.0%36.3%34.6%37.7%35.8%25.4%19.1%
Return on year-end equity67.6%66.5%67.5%66.5%78.5%70.4%52.8%
Effective tax rate19.8%20.7%19.2%19.6%20.1%20.6%21.5%
Filing20-F20-F20-F20-F20-F20-F20-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was Novo Nordisk's revenue in 2025?

Novo Nordisk (NVO) reported revenue of DKK 309 billion for the year to 31 December 2025, up 6.4% on the year before.

How much did Novo Nordisk earn in 2025?

Profit attributable to shareholders was DKK 102 billion for the year to 31 December 2025, and diluted earnings per share DKK 23.03.

What is Novo Nordisk's P/E ratio?

At the close of 10 November 2026, Novo Nordisk traded at 11.8 times its earnings for 2025.

What is Novo Nordisk's market cap?

The market cap of Novo Nordisk was $181.7 billion at the close of 10 November 2026.

Peers: Pharmaceutical Products

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Eli Lilly & Co. LLY$1.35 trillion46.5168.5%n/a45.5%1.230.4%
Johnson & Johnson JNJ$675.9 billion42.5419.7%n/a7.8%0.551.9%
AbbVie Inc. ABBV$519.4 billion50.58n/a32.2%10.7%n/a2.4%
Merck & Co., Inc. MRK$364.8 billion152.575.5%n/a4.9%1.202.3%
Novartis AG NVS *$311.5 billion22.8330.3%n/a8.4%0.622.5%
AstraZeneca PLC AZN *$289.7 billion28.5621.0%23.4%8.6%0.571.7%
Abbott Laboratories ABT$191.3 billion41.219.2%13.8%10.0%0.612.3%
Novo Nordisk A/S NVO *$181.7 billion11.8452.8%41.3%6.4%0.674.3%
Pfizer Inc. PFE$167.3 billion41.944.5%n/a1.3%0.705.9%
Vertex Pharmaceuticals Inc. VRTX$138.9 billion35.2419.0%33.2%10.5%0.22n/a
Bristol-Myers Squibb Co. BMY$128.4 billion13.9239.5%22.6%4.2%1.834.0%
Sanofi SNY *$117.6 billion13.5710.9%n/a6.2%0.264.6%
All 174 in Pharmaceutical Products
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Eli Lilly & Co. LLY$1.35 trillion46.5168.5%n/a45.5%1.230.4%
Johnson & Johnson JNJ$675.9 billion42.5419.7%n/a7.8%0.551.9%
AbbVie Inc. ABBV$519.4 billion50.58n/a32.2%10.7%n/a2.4%
Merck & Co., Inc. MRK$364.8 billion152.575.5%n/a4.9%1.202.3%
Novartis AG NVS *$311.5 billion22.8330.3%n/a8.4%0.622.5%
AstraZeneca PLC AZN *$289.7 billion28.5621.0%23.4%8.6%0.571.7%
Amgen Inc. AMGN$251.6 billion26.9865.4%32.4%8.2%3.762.2%
Gilead Sciences, Inc. GILD$212.1 billionn/a-29.6%-7.6%6.5%2.011.9%
Abbott Laboratories ABT$191.3 billion41.219.2%13.8%10.0%0.612.3%
Novo Nordisk A/S NVO *$181.7 billion11.8452.8%41.3%6.4%0.674.3%
Pfizer Inc. PFE$167.3 billion41.944.5%n/a1.3%0.705.9%
Vertex Pharmaceuticals Inc. VRTX$138.9 billion35.2419.0%33.2%10.5%0.22n/a
Bristol-Myers Squibb Co. BMY$128.4 billion13.9239.5%22.6%4.2%1.834.0%
Sanofi SNY *$117.6 billion13.5710.9%n/a6.2%0.264.6%
GSK plc GSK *$102.8 billion13.8034.9%24.3%4.1%1.083.3%
Moderna, Inc. MRNA$101.3 billionn/a-40.8%-116.0%13.1%0.52n/a
Regeneron Pharmaceuticals, Inc. REGN$96.8 billion20.2314.4%28.8%18.6%0.060.4%
Takeda Pharmaceutical Company Limited TAK *$66.1 billionn/a-2.1%0.1%-1.7%0.663.1%
argenx SE ARGX *$60.1 billion49.6617.6%n/a89.9%0.00n/a
IDEXX Laboratories Inc. IDXX$54.9 billion46.9563.2%32.3%11.9%0.45n/a
Teva Pharmaceutical Industries Ltd. TEVA$49.5 billion98.596.4%8.3%2.7%2.10n/a
Royalty Pharma plc RPRX$38.7 billion45.696.9%57.1%11.4%0.881.3%
Biogen Inc. BIIB$37.4 billion108.211.8%4.3%2.3%0.41n/a
Genmab A/S GMAB *$34.7 billion35.1916.5%28.6%19.2%0.90n/a
Zoetis Inc. ZTS$33.6 billion14.0275.3%n/a1.0%2.742.5%
Roivant Sciences Ltd. ROIV$29.8 billionn/a-8.6%-1,358.1%102.1%0.00n/a
Insmed Inc. INSM$26.2 billionn/a-83.4%-37.1%240.0%0.76n/a
United Therapeutics Corp. UTHR$24.9 billion22.1919.6%41.4%1.9%0.00n/a
Viatris Inc. VTRS$23.9 billionn/a-4.4%-0.0%4.3%0.972.3%
BioNTech SE BNTX *$21.9 billionn/a-5.9%-49.0%4.3%0.01n/a
Alnylam Pharmaceuticals, Inc. ALNY$20.3 billion7.8775.6%19.5%56.2%0.28n/a
Exelixis, Inc. EXEL$17.3 billion21.1248.3%40.2%9.1%0.00n/a
Neurocrine Biosciences Inc. NBIX$17.1 billion25.0918.1%24.0%38.0%0.00n/a
Jazz Pharmaceuticals plc JAZZ$15.8 billion83.524.9%9.0%13.5%1.33n/a
BridgeBio Pharma, Inc. BBIO$15.4 billionn/an/a-38.5%167.3%n/an/a
Kiniksa Pharmaceuticals International, plc KNSA$14.9 billion73.1415.4%13.8%58.2%0.00n/a
Elanco Animal Health Inc. ELAN$13.4 billionn/a-2.2%n/a12.1%0.52n/a
Dr. Reddy’s Laboratories Limited RDY *$12.4 billion27.1511.4%15.0%3.2%0.210.6%
Halozyme Therapeutics, Inc. HALO$11.7 billion26.22n/a37.4%45.0%n/an/a
Kymera Therapeutics, Inc. KYMR$11.7 billionn/a-21.6%-396.0%133.8%0.00n/a
Bio-Techne Corp. TECH$11.4 billion66.817.9%19.6%0.9%0.090.4%
Biomarin Pharmaceutical Inc. BMRN$11.1 billionn/a-0.3%3.1%18.1%0.67n/a
Madrigal Pharmaceuticals, Inc. MDGL$10.0 billionn/a-24.8%-10.7%92.8%0.54n/a
Repligen Corp. RGEN$9.9 billionn/a-0.6%2.3%13.8%0.27n/a
TG Therapeutics, Inc. TGTX$9.7 billion97.3918.5%21.5%68.8%1.30n/a
Krystal Biotech, Inc. KRYS$9.1 billion41.6015.7%48.4%26.0%0.00n/a
Protagonist Therapeutics, Inc. PTGX$8.9 billion28.8531.5%58.6%163.7%0.00n/a
Twist Bioscience Corp. TWST$8.3 billionn/a-30.7%-33.6%19.2%0.03n/a
Corcept Therapeutics Inc. CORT$8.0 billion57.7619.5%11.5%30.0%0.00n/a
Rhythm Pharmaceuticals, Inc. RYTM$7.9 billionn/a-220.3%-66.7%61.0%1.17n/a
Cytokinetics Inc. CYTK$7.8 billionn/an/a-625.2%29.9%n/an/a
Alkermes plc. ALKS$7.8 billionn/a-0.0%3.7%15.3%0.81n/a
Amneal Pharmaceuticals, Inc. AMRX$7.5 billion50.9325.1%15.0%8.9%5.87n/a
Axsome Therapeutics, Inc. AXSM$7.4 billionn/a-149.2%-17.5%54.2%1.78n/a
ImmunityBio, Inc. IBRX$7.2 billionn/an/a-150.2%121.2%n/an/a
Arrowhead Pharmaceuticals, Inc. ARWR$6.9 billionn/a-68.7%-33.8%16.8%1.86n/a
Lantheus Holdings, Inc. LNTH$6.6 billion25.0319.9%18.6%2.4%0.42n/a
CG Oncology, Inc. CGON$6.5 billionn/a-24.0%-4,293.5%183.6%0.00n/a
Ligand Pharmaceuticals Inc. LGND$6.3 billion140.125.4%9.5%1.0%1.17n/a
Mirum Pharmaceuticals, Inc. MIRM$6.2 billionn/an/a-133.6%42.2%n/an/a
Scholar Rock Holding Corp. SRRK$5.9 billionn/an/an/an/a1.16n/a
PTC Therapeutics, Inc. PTCT$5.4 billionn/an/a12.8%-35.1%n/an/a
Travere Therapeutics, Inc. TVTX$5.0 billionn/a-538.0%-20.5%49.4%26.72n/a
Adaptive Biotechnologies Corp. ADPT$4.7 billionn/a-40.0%-16.2%17.9%1.90n/a
Ionis Pharmaceuticals Inc. IONS$4.7 billionn/a-138.8%-58.8%-0.7%3.36n/a
Liquidia Corp. LQDA$4.6 billionn/an/a-15.6%798.4%n/an/a
Relay Therapeutics, Inc. RLAY$4.4 billionn/a-35.9%-3,094.9%23.9%0.00n/a
Crispr Therapeutics AG CRSP$4.4 billionn/a-27.7%-2,114.8%-34.3%0.36n/a
Tango Therapeutics, Inc. TNGX$4.1 billionn/a-21.2%n/an/a0.00n/a
AbCellera Biologics Inc. ABCL$4.1 billionn/a-14.0%-298.0%92.1%0.00n/a
Xenon Pharmaceuticals Inc. XENE$4.1 billionn/a-37.4%n/an/a0.00n/a
Iovance Biotherapeutics, Inc. IOVA$3.7 billionn/a-27.1%-60.8%51.3%0.00n/a
Viking Therapeutics, Inc. VKTX$3.7 billionn/a-106.6%n/an/a0.43n/a
Organon & Co. OGN$3.6 billion18.2717.9%n/a-3.2%7.170.6%
Tarsus Pharmaceuticals, Inc. TARS$3.6 billionn/a-675.0%-102.0%86.3%0.700.0%
DBV Technologies S.A. DBVT$3.6 billionn/a-139.5%-5,420.1%-31.5%0.00n/a
Viridian Therapeutics, Inc. VRDN$3.5 billionn/a-78.1%-1,781.4%-62.8%0.63n/a
Arcutis Biotherapeutics, Inc. ARQT$3.5 billion130.5712.3%6.9%60.0%0.45n/a
Supernus, Inc. SUPN$3.4 billion8.03n/a40.6%16.4%n/an/a
Denali Therapeutics Inc. DNLI$3.2 billionn/an/an/an/a0.00n/a
Acadia Pharmaceuticals Inc. ACAD$3.2 billion8.6626.1%10.2%14.8%0.00n/a
Bausch Health Companies Inc. BHC$3.1 billionn/an/a11.2%10.8%n/an/a
Ideaya Biosciences, Inc. IDYA$3.1 billionn/an/an/an/a0.00n/a
Vericel Corp. VCEL$3.0 billion92.278.7%8.3%25.3%0.00n/a
Xencor Inc. XNCR$2.9 billionn/a-21.0%-72.7%33.5%0.17n/a
Xeris Biopharma Holdings, Inc. XERS$2.9 billionn/a-13.3%12.7%38.4%3.89n/a
Adma Biologics, Inc. ADMA$2.8 billion16.4441.6%46.5%6.3%0.45n/a
Silence Therapeutics plc SLN$2.8 billionn/a-155.8%-11,106.8%-97.7%0.00n/a
Beam Therapeutics Inc. BEAM$2.6 billionn/a-11.2%-267.7%163.3%0.11n/a
Neogen Corp. NEOG$2.5 billionn/a-2.7%-0.8%-0.3%0.37n/a
Septerna, Inc. SEPN$2.5 billionn/a-13.8%-76.2%336.7%0.00n/a
Schrodinger, Inc. SDGR$2.4 billionn/a-19.6%-49.6%4.8%0.00n/a
Celldex Therapeutics, Inc. CLDX$2.4 billionn/a-47.6%-213,033.8%-94.0%0.00n/a
Arcus Biosciences, Inc. RCUS$2.4 billionn/a-126.5%-475.0%-58.3%0.28n/a
Perrigo Co. plc PRGO$2.3 billionn/a-72.5%-39.4%-4.5%1.356.9%
NewAmsterdam Pharma Co. N.V. NAMS$2.3 billionn/a-32.5%-900.1%-26.4%0.00n/a
Zymeworks Inc. ZYME$2.2 billion60.5016.8%16.6%97.8%1.31n/a
Vir Biotechnology, Inc. VIR$2.2 billionn/a-20.6%-69.8%1,696.0%0.00n/a
Aurinia Pharmaceuticals Inc. AUPH$2.2 billion7.1247.8%48.6%21.0%0.00n/a
Prestige Consumer Healthcare Inc. PBH$2.1 billion13.898.0%25.0%5.1%1.07n/a
Immunome Inc. IMNM$2.1 billionn/a-62.2%n/an/a0.00n/a
Maze Therapeutics, Inc. MAZE$2.0 billionn/an/an/an/a0.09n/a
Recursion Pharmaceuticals, Inc. RXRX$2.0 billionn/a-52.5%-725.4%56.2%0.01n/a
Harmony Biosciences Holdings, Inc. HRMY$2.0 billion11.1116.7%22.2%19.8%0.14n/a
Eton Pharmaceuticals, Inc. ETON$1.9 billion44.3657.4%28.8%100.6%0.27n/a
Zenas BioPharma, Inc. ZBIO$1.9 billionn/an/an/an/a1.41n/a
Biocryst Pharmaceuticals Inc. BCRX$1.9 billionn/an/a-30.1%60.3%n/an/a
Agios Pharmaceuticals, Inc. AGIO$1.9 billionn/a-38.1%-297.7%214.4%0.00n/a
Trulieve Cannabis Corp. TRLV$1.9 billionn/a-57.8%-25.6%-9.1%0.37n/a
Generate Biomedicines, Inc. GENB$1.8 billionn/an/an/an/a0.00n/a
Stoke Therapeutics, Inc. STOK$1.8 billionn/a-69.0%-913.1%-86.3%0.00n/a
Sarepta Therapeutics, Inc. SRPT$1.8 billionn/a-7.5%-2.5%-18.9%0.56n/a
Nurix Therapeutics, Inc. NRIX$1.7 billion6.8730.5%41.3%738.8%0.000.0%
Novavax Inc. NVAX$1.7 billionn/an/a-21.2%-61.3%n/an/a
Immunocore Holdings plc IMCR$1.7 billionn/a-7.7%-6.8%13.1%0.940.0%
Ultragenyx Pharmaceutical Inc. RARE$1.6 billionn/an/a-64.0%15.8%n/an/a
Precigen, Inc. PGEN$1.6 billion129.2029.1%21.4%n/a1.12n/a
ANI Pharmaceuticals Inc. ANIP$1.6 billion14.0318.3%16.0%25.9%0.95n/a
uniQure N.V. QURE$1.6 billionn/a-79.0%-1,001.7%28.0%0.17n/a
Intellia Therapeutics, Inc. NTLA$1.6 billionn/a-69.5%-821.2%-8.1%0.12n/a
Nuvation Bio Inc. NUVB$1.5 billionn/a-59.6%-61.2%654.2%1.25n/a
Pacira BioSciences, Inc. PCRX$1.5 billion39.235.3%4.8%3.7%0.41n/a
Ocular Therapeutix, Inc. OCUL$1.5 billionn/a-74.1%-680.9%-9.7%0.17n/a
Phibro Animal Health Corp. PAHC$1.4 billion13.8524.6%12.5%10.1%1.761.4%
Korsana Biosciences, Inc. KRSA$1.4 billionn/an/an/an/a0.00n/a
Taysha Gene Therapies, Inc. TSHA$1.4 billionn/a-38.6%-2,792.3%-32.3%0.13n/a
Avalyn Pharma Inc. AVLN$1.4 billionn/an/an/an/a0.04n/a
Innoviva, Inc. INVA$1.4 billion9.5917.0%38.8%12.8%0.23n/a
Mannkind Corp. MNKD$1.4 billionn/an/a-2.9%31.7%n/an/a
Inhibrx Biosciences, Inc. INBX$1.3 billionn/an/an/an/an/an/a
Opko Health, Inc. OPK$1.3 billionn/a-13.3%-25.5%-21.9%0.43n/a
Cronos Group Inc. CRON$1.3 billion20.065.4%3.4%55.8%0.00n/a
Rapport Therapeutics, Inc. RAPP$1.2 billionn/an/an/an/a0.00n/a
Omeros Corp. OMER$1.2 billionn/an/an/an/an/an/a
UroGen Pharma Ltd. URGN$1.2 billionn/an/a-12.4%159.3%n/an/a
Amphastar Pharmaceuticals, Inc. AMPH$1.2 billion13.2812.1%18.7%3.1%0.75n/a
Harrow, Inc. HROW$1.1 billionn/a-97.6%-2.0%21.3%10.03n/a
Cryoport, Inc. CYRX$1.1 billionn/a-7.8%-20.0%1.1%0.39n/a
Odyssey Therapeutics, Inc. ODTX$957 millionn/an/an/an/a0.00n/a
Aktis Oncology, Inc. AKTS$934 millionn/an/an/an/a0.00n/a
MeiraGTx Holdings plc MGTX$906 million13.5436.6%46.3%948.3%0.46n/a
Monte Rosa Therapeutics, Inc. GLUE$896 millionn/a-26.4%-214.5%-61.3%0.00n/a
Syndax Pharmaceuticals Inc. SNDX$851 millionn/an/a-61.7%159.5%n/an/a
Lexicon Pharmaceuticals, Inc. LXRX$838 millionn/a-38.1%-147.4%-45.6%0.32n/a
Rigel Pharmaceuticals Inc. RIGL$827 million2.8369.0%26.3%2.2%0.02n/a
Verastem, Inc. VSTM$824 millionn/an/an/an/a11.82n/a
Ironwood Pharmaceuticals Inc. IRWD$797 million5.35n/a62.9%18.1%n/an/a
QuidelOrtho Corp. QDEL$791 millionn/a-20.6%-4.9%-4.5%1.64n/a
Ginkgo Bioworks Holdings, Inc. DNA$775 millionn/a-63.9%-242.5%-44.2%0.00n/a
Nektar Therapeutics NKTR$770 millionn/a-17.4%-257.8%-27.2%0.00n/a
Arbutus Biopharma Corp. ABUS$762 million3.38256.5%81.1%1,142.6%0.00n/a
Collegium Pharmaceutical, Inc. COLL$760 million24.4612.9%15.2%7.7%3.65n/a
Ardelyx, Inc. ARDX$754 millionn/a-33.8%-7.7%17.6%1.54n/a
Janux Therapeutics, Inc. JANX$736 millionn/a-11.0%-599.3%132.9%0.00n/a
Zevra Therapeutics, Inc. ZVRA$709 million9.8632.7%60.8%75.1%0.00n/a
Kura Oncology, Inc. KURA$695 millionn/a-1,630.7%-394.3%n/a0.55n/a
Design Therapeutics, Inc. DSGN$679 millionn/a-36.6%n/an/a0.00n/a
Wave Life Sciences, Inc. WVE$671 millionn/a-52.4%-320.9%n/a0.00n/a
Geron Corp. GERN$627 millionn/an/an/an/a0.53n/a
Aclaris Therapeutics, Inc. ACRS$626 millionn/a-47.7%-1,414.0%-59.3%0.00n/a
Myriad Genetics Inc. MYGN$541 millionn/a-48.0%-14.3%-2.6%0.45n/a
Monopar Therapeutics MNPR$481 millionn/an/an/an/a0.00n/a
Arvinas, Inc. ARVN$452 millionn/a-1.8%-12.1%-11.8%0.00n/a
Gyre Therapeutics, Inc. GYRE$452 millionn/a-37.5%-20.6%13.5%0.00n/a
Evolus, Inc. EOLS$450 millionn/an/a-4.8%13.9%n/an/a
Phathom Pharmaceuticals, Inc. PHAT$442 millionn/an/a-9.3%86.8%n/an/a
Aquestive Therapeutics, Inc. AQST$442 millionn/an/a-114.1%12.5%n/an/a
CytomX Therapeutics, Inc. CTMX$434 millionn/a-30.0%-676.5%-87.7%0.00n/a
Puma Biotechnology, Inc. PBYI$420 million17.6516.3%11.3%9.4%0.00n/a
CorMedix Inc. CRMD$416 million2.5040.6%47.0%n/a0.00n/a
Crescent Biopharma, Inc. CBIO$386 millionn/an/an/an/a0.00n/a
Canopy Growth Corp. CGC$251 millionn/an/a-54.2%10.7%0.38n/a
Atrium Therapeutics, Inc. RNA$141 millionn/an/an/an/an/an/a
Gossamer Bio, Inc. GOSS$69 millionn/an/a-140.0%78.0%n/an/a
124 companies share its SEC industry code (Pharmaceutical Preparations); the rest are the names nearest in size in its wider industry, Pharmaceutical Products, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 20254 February 2026EDGAR
20-F31 December 20245 February 2025EDGAR
20-F31 December 202331 January 2024EDGAR
20-F31 December 20221 February 2023EDGAR
20-F31 December 20212 February 2022EDGAR
20-F31 December 20203 February 2021EDGAR
20-F31 December 20195 February 2020EDGAR
20-F31 December 20184 February 2019EDGAR
20-F31 December 20178 February 2018EDGAR
20-F31 December 20169 February 2017EDGAR