Novo Nordisk A/S (NVO) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 96.82B | 79.14B | 74.98B | 76.86B | 78.09B | 85.68B | 71.31B | 68.06B | 65.35B | 65.86B | 58.73B | 54.3B | 53.37B | 48.09B | 45.57B | 41.27B | 42.03B | 38.33B | 35.62B | 33.04B |
| Revenue Growth % | 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% |
| Cost of Goods Sold | 13.6B | 15.15B | 17.9B | 12.85B | 12.89B | 13.02B | 11.31B | 10.27B | 9.92B | 10.01B | 9.71B | 7.86B | 8.18B | 8.26B | 7.2B | 6.07B | 6.92B | 6.24B | 6.06B | 5.55B |
| COGS % of Revenue | 14.04% | 19.14% | 23.88% | 16.71% | 16.51% | 15.2% | 15.86% | 15.1% | 15.17% | 15.2% | 16.54% | 14.47% | 15.33% | 17.18% | 15.8% | 14.71% | 16.46% | 16.28% | 17.01% | 16.79% |
| Gross Profit | 83.22B | 64B | 57.07B | 64.01B | 65.2B | 72.66B | 60B | 57.79B | 55.43B | 55.85B | 49.02B | 46.44B | 45.19B | 39.83B | 38.37B | 35.2B | 35.11B | 32.09B | 29.56B | 27.49B |
| Gross Margin % | 85.96% | 80.86% | 76.12% | 83.29% | 83.49% | 84.8% | 84.14% | 84.9% | 84.83% | 84.8% | 83.46% | 85.53% | 84.67% | 82.82% | 84.2% | 85.29% | 83.54% | 83.72% | 82.99% | 83.21% |
| Gross Profit Growth % | 27.65% | -11.92% | -4.88% | 10.77% | 17.61% | 30.1% | 22.41% | 24.42% | 22.68% | 40.22% | 27.76% | 31.96% | 28.68% | 24.11% | 29.78% | 28.01% | 25.44% | 21.02% | 14.71% | 8.96% |
| Operating Expenses | 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 | 16.8B | 15.97B | 18.46B | 14.31B | 12.71B |
| OpEx % of Revenue | 24.38% | 40.76% | 44.53% | 39.76% | 33.82% | 41.92% | 36.71% | 46.8% | 36.09% | 44.16% | 37.64% | 41.54% | 37.81% | 47.29% | 39.9% | 40.72% | 37.99% | 48.15% | 40.18% | 38.48% |
| Selling, General & Admin | 13.22B | 17.44B | 17.88B | 18.85B | 16.11B | 20.28B | 16.59B | 16.09B | 14.41B | 18.63B | 14.07B | 15.41B | 13.48B | 15.09B | 12.61B | 11.83B | 11.15B | 12.82B | 10.14B | 8.9B |
| SG&A % of Revenue | 13.65% | 22.03% | 23.85% | 24.52% | 20.63% | 23.67% | 23.27% | 23.64% | 22.06% | 28.28% | 23.97% | 28.39% | 25.26% | 31.38% | 27.67% | 28.67% | 26.54% | 33.45% | 28.47% | 26.95% |
| Research & Development | 10.28B | 14.65B | 15.39B | 11.69B | 10.31B | 13.8B | 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 |
| R&D % of Revenue | 10.62% | 18.51% | 20.53% | 15.21% | 13.2% | 16.11% | 13.31% | 23.75% | 13.17% | 15.88% | 13.84% | 13.13% | 12.61% | 16.81% | 12.36% | 12.41% | 12.39% | 14.69% | 11.94% | 11.94% |
| Other Operating Expenses | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K |
| Operating Income | 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 |
| Operating Margin % | 61.57% | 40.1% | 31.59% | 43.52% | 49.68% | 42.88% | 47.43% | 38.1% | 48.73% | 40.64% | 45.82% | 43.99% | 46.86% | 35.53% | 44.3% | 44.57% | 45.55% | 35.57% | 42.81% | 44.73% |
| Operating Income Growth % | 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% | 27.8% | 21.97% | 19.06% | 6.8% |
| EBITDA | 63.15B | 37.3B | 31.44B | 38.28B | 42.62B | 41.94B | 35.97B | 34.78B | 34.76B | 29.76B | 29.44B | 26.07B | 26.73B | 18.31B | 22.23B | 20.03B | 20.8B | 15.72B | 16.6B | 16B |
| EBITDA Margin % | 65.23% | 47.13% | 41.93% | 49.81% | 54.58% | 48.94% | 50.44% | 51.1% | 53.19% | 45.18% | 50.12% | 48% | 50.08% | 38.08% | 48.78% | 48.53% | 49.48% | 41% | 46.59% | 48.41% |
| EBITDA Growth % | 48.18% | -11.06% | -12.6% | 10.07% | 22.62% | 40.92% | 22.2% | 33.43% | 30.06% | 62.5% | 32.45% | 30.15% | 28.51% | 16.52% | 33.9% | 25.2% | 27.13% | 25.16% | 11.11% | 6.67% |
| D&A (Non-Cash Add-back) | 3.54B | 5.56B | 7.76B | 4.83B | 3.83B | 5.2B | 2.15B | 8.85B | 2.91B | 2.99B | 2.52B | 2.18B | 1.72B | 1.23B | 2.04B | 1.64B | 1.65B | 2.08B | 1.35B | 1.22B |
| EBIT | 65.67B | 31.74B | 23.68B | 38.76B | 42.22B | 40.65B | 35.2B | 26.89B | 33.99B | 25.52B | 30.23B | 24.54B | 25.86B | 8.28B | 21.76B | 20.05B | 19.36B | 11.73B | 16.04B | 14.78B |
| Net Interest Income | 2.55B | 2.45B | 1.83B | 356M | -1.76B | -1.18B | 562M | -602M | 72M | -916M | 1.15B | 366M | -270M | -730.5M | -2.15B | -1.6B | -1.23B | -525.23M | -137M | 138M |
| Interest Income | 6.05B | 2.45B | 1.83B | 5.31B | 3.42B | 3.91B | 1.38B | 960M | 2.15B | 0 | 3.32B | 647M | 852M | 0 | 1.57B | 1.66B | 210M | 256.06M | 790M | 138M |
| Interest Expense | 3.5B | 0 | 0 | 4.96B | 5.18B | 5.09B | 821M | 1.56B | 2.07B | 916M | 2.17B | 281M | 1.12B | 730.5M | 3.73B | 3.25B | 1.44B | 781.3M | 927M | 0 |
| Other Income/Expense | 2.55B | 2.45B | 1.83B | 356M | -1.76B | -1.18B | 562M | -602M | 72M | 854M | 1.15B | 366M | -270M | -771M | -2.15B | -1.6B | -1.23B | -521M | -137M | 138M |
| Pretax Income | 62.17B | 34.19B | 25.52B | 33.8B | 37.03B | 35.56B | 34.38B | 25.33B | 31.92B | 27.62B | 28.06B | 24.25B | 24.74B | 16.32B | 18.03B | 16.8B | 17.92B | 13.11B | 15.11B | 14.92B |
| Pretax Margin % | 64.21% | 43.19% | 34.03% | 43.98% | 47.43% | 41.5% | 48.22% | 37.22% | 48.84% | 41.94% | 47.78% | 44.67% | 46.35% | 33.93% | 39.57% | 40.7% | 42.63% | 34.21% | 42.42% | 45.15% |
| Income Tax | 13.62B | 7.29B | 5.51B | 7.3B | 8B | 7.33B | 7.08B | 5.28B | 6.51B | 5.66B | 5.58B | 4.83B | 4.92B | 2.72B | 3.63B | 3.48B | 3.71B | 2.22B | 2.99B | 2.79B |
| Effective Tax Rate % | 21.9% | 21.34% | 21.6% | 21.6% | 21.6% | 20.61% | 20.6% | 20.85% | 20.4% | 20.48% | 19.9% | 19.9% | 19.9% | 16.7% | 20.11% | 20.7% | 20.7% | 16.94% | 19.81% | 18.73% |
| Net Income | 48.56B | 26.89B | 20.01B | 26.5B | 29.03B | 28.23B | 27.3B | 20.05B | 25.41B | 21.96B | 22.48B | 19.43B | 19.81B | 13.59B | 14.4B | 13.32B | 14.21B | 10.89B | 12.12B | 12.12B |
| Net Margin % | 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% |
| Net Income Growth % | 67.24% | -4.74% | -26.72% | 32.18% | 14.28% | 28.53% | 21.46% | 3.2% | 28.23% | 61.59% | 56.04% | 45.88% | 39.44% | 24.79% | 18.86% | 9.86% | 12.57% | 16.89% | 17.68% | 14.1% |
| Net Income (Continuing) | 48.56B | 26.89B | 20.01B | 26.5B | 29.03B | 28.23B | 27.3B | 20.05B | 25.41B | 21.96B | 22.48B | 19.43B | 19.81B | 13.59B | 14.4B | 13.32B | 14.21B | 10.89B | 12.12B | 12.12B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 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 |
| EPS Growth % | 67.07% | -4.58% | -26.47% | 32.74% | 14.96% | 28.92% | 22.4% | 3.94% | 29.39% | 63.12% | 57.23% | 47.44% | 41.16% | 26.47% | 20.45% | 11.41% | 13.92% | 19% | 19.46% | 15.86% |
| EPS (Basic) | 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 |
| Diluted Shares Outstanding | 4.45B | 4.45B | 4.45B | 4.45B | 4.45B | 4.46B | 4.46B | 4.47B | 4.47B | 4.48B | 4.49B | 4.5B | 4.51B | 4.52B | 4.54B | 4.55B | 4.57B | 4.59B | 4.59B | 4.61B |
| Basic Shares Outstanding | 4.44B | 4.45B | 4.45B | 4.45B | 4.44B | 4.45B | 4.45B | 4.46B | 4.46B | 4.46B | 4.48B | 4.49B | 4.5B | 4.51B | 4.52B | 4.54B | 4.55B | 4.57B | 4.58B | 4.6B |
| Dividend Payout Ratio | 72.72% | - | 83.29% | 0.66% | 121.49% | - | 57.08% | - | 112.4% | - | 59.75% | - | 92.55% | - | 66.73% | - | 110.42% | - | 66.19% | 0.01% |