Revenue growth accelerated to 24.0% in 2026Q1, supported by a structural expansion in gross margins to 86.0% as the company capitalizes on its high-margin biologic portfolio.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 327.8B | 309.06B | 290.4B | 232.26B | 176.95B | 140.8B | 126.95B | 122.02B | 111.83B | 111.7B | 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 | 14.9B |
| Revenue Growth % | 8.13% | 6.43% | 25.03% | 31.25% | 25.68% | 10.91% | 4.04% | 9.11% | 0.12% | -0.08% | 3.57% | 21.53% | 6.26% | 7.11% | 17.6% | 9.16% | 18.99% | 11.85% | 9.02% | 8.09% | 14.94% | 15.33% | 9.85% | 5.8% | 6.06% | 13.94% | 26.6% | 20.47% | -19.64% | 13.96% | 8.68% |
| Cost of Goods Sold | 59.5B | 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 | 13.46B | 12.59B | 11.68B | 10.44B | 10.13B | 9.8B | 9.59B | 9.17B | 8.11B | 7.46B | 6.62B | 5.96B | 4.38B | 3.63B | 3.22B | 4.72B | 4.17B |
| COGS % of Revenue | - | 19.02% | 15.33% | 15.4% | 16.08% | 16.8% | 16.49% | 16.46% | 15.75% | 15.79% | 15.37% | 15% | 16.4% | 16.92% | 17.26% | 18.97% | 19.22% | 20.44% | 22.19% | 23.4% | 24.74% | 27.19% | 27.73% | 28.04% | 26.34% | 25.15% | 21.04% | 22.08% | 23.57% | 27.8% | 27.96% |
| Gross Profit | 268.3B | 250.28B | 245.88B | 196.5B | 148.51B | 117.14B | 106.01B | 101.93B | 94.21B | 94.06B | 94.6B | 91.74B | 74.24B | 69.43B | 64.56B | 53.76B | 49.1B | 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 |
| Gross Margin % | 81.85% | 80.98% | 84.67% | 84.6% | 83.92% | 83.2% | 83.51% | 83.54% | 84.25% | 84.21% | 84.63% | 85% | 83.6% | 83.08% | 82.74% | 81.03% | 80.78% | 79.56% | 77.81% | 76.6% | 75.26% | 72.81% | 72.27% | 71.96% | 73.66% | 74.85% | 78.96% | 77.92% | 76.43% | 72.2% | 72.04% |
| Gross Profit Growth % | - | 1.79% | 25.13% | 32.32% | 26.77% | 10.5% | 4% | 8.19% | 0.16% | -0.56% | 3.12% | 23.56% | 6.93% | 7.54% | 20.1% | 9.49% | 20.81% | 14.37% | 10.75% | 10.02% | 18.8% | 16.19% | 10.32% | 3.36% | 4.38% | 8.01% | 28.28% | 22.81% | -14.92% | 14.21% | 8.63% |
| Operating Expenses | 119.82B | 122.62B | 117.54B | 93.92B | 73.7B | 58.5B | 51.89B | 49.45B | 46.97B | 45.1B | 46.16B | 42.3B | 39.75B | 37.94B | 35.09B | 31.38B | 30.2B | 25.71B | 23.13B | 23.13B | 20.04B | 16.47B | 14.1B | 12.75B | 12.56B | 12.16B | 12.19B | 9.89B | 9B | 9.93B | 8.76B |
| OpEx % of Revenue | - | 39.67% | 40.48% | 40.44% | 41.65% | 41.55% | 40.87% | 40.53% | 42% | 40.37% | 41.3% | 39.19% | 44.76% | 45.4% | 44.97% | 47.3% | 49.7% | 50.33% | 50.65% | 55.22% | 51.72% | 48.86% | 48.23% | 47.9% | 49.92% | 51.25% | 58.57% | 60.16% | 65.94% | 58.46% | 58.75% |
| Selling, General & Admin | 67.38B | 70.28B | 67.38B | 61.6B | 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 | 14.9B | 14B | 11.79B | 10.3B | 9.67B | 9.42B | 9.06B | 7.93B | 6.36B | 5.36B | 6.02B | 7.69B |
| SG&A % of Revenue | - | 22.74% | 23.2% | 26.52% | 28.64% | 29.16% | 29.06% | 29.36% | 29.79% | 28.76% | 28.93% | 29.81% | 30.13% | 32.17% | 31.86% | 33.53% | 34.98% | 35.6% | 34.65% | 35.56% | 36.12% | 34.98% | 35.22% | 36.35% | 37.45% | 38.18% | 38.11% | 38.67% | 39.29% | 35.42% | 51.59% |
| Research & Development | 52.02B | 52.04B | 48.06B | 32.44B | 24.05B | 17.77B | 15.46B | 14.22B | 14.8B | 14.01B | 14.56B | 13.61B | 13.76B | 11.73B | 10.9B | 9.63B | 9.6B | 7.86B | 7.87B | 8.55B | 6.32B | 5.07B | 4.38B | 4.2B | 4.13B | 3.96B | 3.22B | 2.59B | 2.65B | 2.77B | 0 |
| R&D % of Revenue | - | 16.84% | 16.55% | 13.97% | 13.59% | 12.62% | 12.18% | 11.65% | 13.24% | 12.55% | 13.03% | 12.61% | 15.5% | 14.04% | 13.97% | 14.51% | 15.8% | 15.4% | 17.24% | 20.41% | 16.3% | 15.05% | 15% | 15.8% | 16.43% | 16.7% | 15.49% | 15.74% | 19.41% | 16.31% | - |
| Other Operating Expenses | 4M | 300M | 2.1B | -119M | -1.03B | -332M | -460M | -600M | -1.15B | -1.04B | -737M | -3.48B | -770M | -682M | -666M | -494M | -657M | -341M | -567.01M | -317.07M | -271.23M | -397.15M | -581.71M | -1.13B | -997.95M | -860.46M | 1.03B | 946.3M | 987.2M | 1.14B | 1.07B |
| Operating Income | 148.49B | 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 | 12.4B | 8.95B | 9.12B | 8.08B | 7.03B | 6.4B | 5.97B | 5.6B | 4.24B | 2.92B | 1.43B | 2.33B | 1.98B |
| Operating Margin % | 45.3% | 41.3% | 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% | 23.6% | 20.39% | 17.76% | 10.5% | 13.74% | 13.29% |
| Operating Income Growth % | - | -0.53% | 25.12% | 37.11% | 27.56% | 8.35% | 3.13% | 11.08% | -3.51% | 1.1% | -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% | 7.2% | 6.72% | 31.91% | 45.3% | 103.78% | -38.61% | 17.88% | 5.74% |
| EBITDA | 170.17B | 149.64B | 147.45B | 111.99B | 82.17B | 64.67B | 59.88B | 58.14B | 51.17B | 52.15B | 51.63B | 52.4B | 37.93B | 34.29B | 32.17B | 25.11B | 21.36B | 17.48B | 14.85B | 11.97B | 11.26B | 10B | 8.93B | 8.03B | 7.3B | 6.67B | 5.28B | 3.87B | 2.42B | 3.48B | 3.05B |
| EBITDA Margin % | 51.91% | 48.42% | 50.77% | 48.22% | 46.44% | 45.93% | 47.17% | 47.65% | 45.76% | 46.69% | 46.18% | 48.55% | 42.71% | 41.03% | 41.23% | 37.85% | 35.14% | 34.23% | 32.53% | 28.57% | 29.06% | 29.67% | 30.56% | 30.17% | 29.04% | 28.14% | 25.36% | 23.52% | 17.73% | 20.47% | 20.45% |
| EBITDA Growth % | 9.57% | 1.49% | 31.66% | 36.29% | 27.06% | 8% | 2.98% | 13.62% | -1.87% | 1.01% | -1.48% | 38.17% | 10.6% | 6.61% | 28.1% | 17.57% | 22.16% | 17.7% | 24.13% | 6.26% | 12.57% | 11.98% | 11.27% | 9.93% | 9.43% | 26.47% | 36.5% | 59.76% | -30.38% | 14.07% | 1.19% |
| D&A (Non-Cash Add-back) | 21.69B | 21.98B | 19.11B | 9.41B | 7.36B | 6.03B | 5.75B | 5.66B | 3.92B | 3.18B | 3.19B | 2.96B | 3.44B | 2.8B | 2.69B | 2.74B | 2.47B | 2.55B | 2.45B | 3.01B | 2.14B | 1.93B | 1.9B | 1.63B | 1.33B | 1.08B | 1.03B | 946.3M | 987.2M | 1.14B | 1.07B |
| EBIT | 159.85B | 134.75B | 128.83B | 105.22B | 69.44B | 59.37B | 53.52B | 48.77B | 47.7B | 48.77B | 47.86B | 43.55B | 34.13B | 32.59B | 27.87B | 22.2B | 18.79B | 15.25B | 12.41B | 8.96B | 9.12B | 8.08B | 7.03B | 6.4B | 5.97B | 5.6B | 4.24B | 2.92B | 1.43B | 2.33B | 1.98B |
| Net Interest Income | 7.19B | -2.94B | 198M | 527M | -139M | -58M | -203M | -436M | -106M | -89M | -98M | -92M | -49M | -95M | -17M | -100M | -311M | -890M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 15.65B | 1.27B | 1.84B | 1.07B | 239M | 231M | 337M | 65M | 51M | 69M | 52M | 56M | 101M | 56M | 124M | 274M | 235M | 375M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.46B | 4.21B | 1.64B | 542M | 378M | 289M | 390M | 220M | 85M | 90M | 65M | 67M | 39M | 55M | 58M | 275M | 500M | 1.26B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.19B | 2.88B | -1.15B | 2.1B | -5.75B | 436M | -996M | -3.93B | 367M | -287M | -634M | -5.96B | -396M | 1.05B | -1.66B | -449M | -605M | -945M | 320.95M | 2.03B | 45.2M | 144.99M | 477.44M | 1.18B | 318.5M | 417.7M | 601.59M | 436.19M | 1.75B | 837.39M | 549.22M |
| Pretax Income | 155.68B | 130.54B | 127.19B | 104.67B | 69.06B | 59.08B | 53.13B | 48.55B | 47.62B | 48.68B | 47.8B | 43.48B | 34.1B | 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 |
| Pretax Margin % | 47.49% | 42.24% | 43.8% | 45.07% | 39.03% | 41.96% | 41.85% | 39.79% | 42.58% | 43.58% | 42.76% | 40.29% | 38.39% | 38.94% | 35.64% | 33.05% | 30.09% | 27.39% | 27.87% | 26.22% | 23.65% | 24.38% | 25.68% | 28.48% | 25.01% | 25.36% | 23.28% | 20.41% | 23.29% | 18.67% | 16.97% |
| Income Tax | 33.72B | 28.11B | 26.2B | 20.99B | 13.54B | 11.32B | 10.99B | 9.6B | 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 | 2.2B | 2.16B | 1.76B | 1.35B | 1.16B | 952.42M | 726.73M |
| Effective Tax Rate % | 21.66% | 21.53% | 20.6% | 20.05% | 19.6% | 19.17% | 20.69% | 19.78% | 18.87% | 21.67% | 20.66% | 19.83% | 22.33% | 22.6% | 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% |
| Net Income | 121.96B | 102.43B | 100.99B | 83.68B | 55.52B | 47.76B | 42.14B | 38.95B | 38.63B | 38.13B | 37.92B | 34.86B | 26.48B | 25.18B | 21.43B | 17.1B | 14.4B | 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 | 1.8B |
| Net Margin % | 37.2% | 33.14% | 34.78% | 36.03% | 31.38% | 33.92% | 33.19% | 31.92% | 34.54% | 34.14% | 33.93% | 32.3% | 29.82% | 30.13% | 27.47% | 25.77% | 23.7% | 21.08% | 21.17% | 20.38% | 16.65% | 17.37% | 17.27% | 18.31% | 16.26% | 16.24% | 14.84% | 14.7% | 17.69% | 13.07% | 12.09% |
| Net Income Growth % | 16.58% | 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% | 18.7% | 33.76% | 11.4% | 13.25% | 32.27% | 10.19% | 16% | 3.63% | 19.1% | 6.22% | 24.71% | 27.74% | 0.15% | 8.78% | 23.11% | 15.42% |
| Net Income (Continuing) | 121.96B | 102.43B | 100.99B | 83.68B | 55.52B | 47.76B | 42.14B | 38.95B | 38.63B | 38.13B | 37.92B | 34.86B | 26.48B | 25.18B | 21.43B | 17.1B | 14.4B | 10.77B | 9.67B | 8.54B | 6.45B | 5.86B | 5.05B | 4.87B | 4.09B | 3.85B | 3.09B | 2B | 2.02B | 2.22B | 1.8B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 414.01M | 394.88M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 73.93M | 64.96M | 55.46M | 8.34M |
| EPS (Diluted) | 27.41 | 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 |
| EPS Growth % | 16.79% | 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% | 38.2% | 14.84% | 15.67% | 34% | 12.36% | 20.27% | 4.23% | 20.34% | 5.36% | 27.27% | 29.41% | 3.03% | 13.79% | 20.83% | 14.29% |
| EPS (Basic) | - | 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 |
| Diluted Shares Outstanding | 4.45B | 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 | 5.7B | 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 |
| Basic Shares Outstanding | 4.44B | 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 |
| Dividend Payout Ratio | - | 50.53% | 43.71% | 37.96% | 45.57% | 45.06% | 47.75% | 49.83% | 49.31% | 49.42% | 62.83% | 37.02% | 44.81% | 38.58% | 36.12% | 33.34% | 30.55% | 33.9% | 28.92% | 26.02% | 30.14% | 27.22% | 29.47% | 25.61% | 28.37% | 23.64% | 22.34% | 23.24% | 17.68% | 12.59% | 10.34% |
Manufacturing capacity and regulatory pricing
As reported in the most recent quarterly filings, NVO achieved a significant 24.0% revenue growth rate in 2026Q1, signaling a robust acceleration in demand for its core metabolic portfolio that appears to be outpacing previous seasonal trends observed throughout the 2024 and 2025 fiscal periods.
The sharp uptick in top-line performance suggests that the company is successfully navigating supply chain constraints to meet the massive global demand for its GLP-1 franchise. Investors should monitor whether this growth trajectory remains sustainable as the company scales its manufacturing footprint to address the persistent backlog in obesity care.
According to the provided income statement data, NVO's gross margin reached an impressive 86.0% in 2026Q1, reflecting a consistent upward trend from the 80.9% level recorded in 2025Q4, which suggests increasing pricing power and a favorable shift toward higher-margin, patent-protected biologic therapies.
This margin expansion appears to be a direct result of the product mix shifting away from legacy insulin toward high-value semaglutide-based treatments. While this level of profitability is elite, it warrants investigation into whether future gross-to-net adjustments or competitive pricing pressures might eventually temper these gains.
Based on the company's financial statements, operating income surged to $59.6B in 2026Q1, demonstrating significant operating leverage as the company's ability to scale revenue growth appears to be outpacing the growth of its SG&A and R&D expenditures relative to previous, more volatile quarters.
The improvement in operating margin to 61.6% indicates that the company is successfully managing its overhead costs despite the massive capital requirements for manufacturing expansion. This trend suggests that the core business model is becoming increasingly efficient as it achieves greater economies of scale in its primary therapeutic segments.
As evidenced by the reported figures, NVO maintains a clean earnings profile with zero stock-based compensation, which implies that the 67.1% EPS growth observed in 2026Q1 is driven entirely by operational performance rather than accounting adjustments or the dilution of existing shareholder equity.
The absence of stock-based compensation is a notable indicator of management's commitment to shareholder value and suggests that the reported net income is of high quality. Investors should continue to monitor the tax rate and non-operating items, as these could introduce volatility into future earnings reports despite the current operational strength.
While current performance is strong, the historical data shows significant quarterly volatility in operating margins, such as the dip to 31.6% in 2025Q3, which suggests that the company's profitability may be more sensitive to supply chain disruptions and R&D spending cycles than the current headline figures imply.
Short-term fluctuations in R&D and SG&A spending indicate that the company's cost structure remains subject to the lumpy nature of clinical trial investments and manufacturing integration costs. A cautious analyst might argue that the current margin expansion could be vulnerable to future legislative pricing interventions or increased competition in the GLP-1 space.
Quick answers to the most common questions about buying NVO stock.
For fiscal year 2025, Novo Nordisk A/S (NVO) reported total revenue of $309.06B. This represents a 1973.7% increase compared to $14.90B in 1996.
Novo Nordisk A/S (NVO) is profitable, generating $102.43B in net income for the fiscal year ending 2025 with a net profit margin of 33.1%.
Novo Nordisk A/S (NVO) reported an operating income of $127.66B, resulting in an operating profit margin of 41.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Novo Nordisk A/S (NVO) generated $250.28B in gross profit for the year, representing a gross profit margin of 81.0%. This demonstrates the company's core pricing power and production efficiency.