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Stocks / Foreign companies / NVO · Pharmaceutical Preparations

Novo Nordisk A/S (NVO)

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, 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.

Earnings per share are per ordinary share, in Danish kroner. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on NVO

Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.91 by open interest on 26 September 2026; the straddle prices a 3.1% move to 2 October 2026
Holders9 of the followed funds hold it; largest Dodge & Cox; 0 Schedule 13D or 13G filings in twelve months
Congress1 House trade disclosed in six months
Short interest26.3 million shares short, 2.92 days to cover at 15 September 2026

Profit and loss, 7 fiscal years

Year toDec 2025Dec 2024*Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
Revenue309,064290,403232,261176,954140,800126,946122,021
Cost of sales58,78844,52235,76528,44823,65820,93220,088
Gross profit250,276245,881196,496148,506117,142106,014101,933
Research and development52,03948,06232,44324,04717,77215,46214,220
Operating profit127,658128,339102,57474,80958,64454,12652,483
Finance costs6,7787,3468455,9862,4512,6243,995
Profit before tax130,540127,191104,67469,06259,08053,13048,553
Income tax28,10626,20320,99113,53711,32310,9929,602
Profit for the year102,434100,98883,68355,52547,75742,13838,951
Profit attributable to shareholders102,434100,98883,68355,52547,75742,13838,951

DKK million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the IFRS tags the company filed. A 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 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.

Year toDec 2025Dec 2024*Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
Diluted EPS23.0322.6318.6212.2210.3718.0116.38
Basic EPS23.0622.6718.6712.2610.4018.0516.41

DKK per ordinary share, as filed.

Cash flow

Year toDec 2025Dec 2024*Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
Cash from operations119,102120,968108,90878,88755,00051,95146,782
Purchase of property, plant and equipment60,14047,16425,80612,1466,3355,8258,932
Free cash flow58,96273,80483,10266,74148,66546,12637,850
Dividends paid51,76344,14031,76725,30321,51720,12119,409

DKK million. Purchase 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.

Balance sheet at year end

Year toDec 2025Dec 2024*Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
Total assets542,902465,630314,486241,257194,508144,922n/a
Equity attributable to shareholders194,047143,486106,56183,48670,74663,32557,593
Cash and cash equivalents26,46415,65514,39212,65310,71912,22615,411
Borrowings, as filed130,958102,78727,00625,78426,64510,3564,483
Lease liabilities8,5726,7665,7264,5294,1293,672n/a
Inventories49,62340,84931,81124,38819,62118,536n/a
Goodwill19,84520,017n/an/an/an/an/a

DKK million, at each fiscal year end. 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 2025Dec 2024*Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
Gross margin81.0%84.7%84.6%83.9%83.2%83.5%83.5%
Operating margin41.3%44.2%44.2%42.3%41.7%42.6%43.0%
Net margin33.1%34.8%36.0%31.4%33.9%33.2%31.9%
Free cash flow margin19.1%25.4%35.8%37.7%34.6%36.3%31.0%
Return on year-end equity52.8%70.4%78.5%66.5%67.5%66.5%67.6%
Effective tax rate21.5%20.6%20.1%19.6%19.2%20.7%19.8%

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.

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

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