Novo Nordisk A/S (NVO) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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NVO Revenue Growth
Revenue Breakdown
NVO's revenue distribution by segment and geography
By Geography
NVO Revenue Analysis (2014–2025)
As of May 6, 2026, Novo Nordisk A/S (NVO) generated trailing twelve-month (TTM) revenue of $297.20 billion, reflecting significant decline in growth of -21.5% year-over-year. The most recent quarter (Q4 2025) recorded $67.28 billion in revenue, down 10.3% sequentially.
Looking at the longer-term picture, NVO's 5-year compound annual growth rate (CAGR) stands at +18.5%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $297.20 billion in 2025, representing a new all-time high.
When compared to Healthcare sector peers including LLY (+47.4% YoY), SNY (+14.1% YoY), and AZN (+9.9% YoY), NVO has underperformed the peer group in terms of revenue growth. Compare NVO vs LLY →
NVO Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NVOCurrent | $297.2B | -21.5% | +18.5% | 41.4% | |
 LLY | $65.2B | +47.4% | +21.6% | 45.6% | |
 SNY | $46.7B | +14.1% | +4.6% | 13.6% | |
 AZN | $58.7B | +9.9% | +17.2% | 23.4% | |
 NVS | $54.8B | +5.3% | +1.9% | 31.2% | |
 ROG | $811M | +0.7% | +0.2% | 6.4% |
NVO Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $297.20B | +2.3% | $240.66B | 81.0% | $123.04B | 41.4% |
| 2024 | $290.40B | +25.0% | $245.88B | 84.7% | $128.34B | 44.2% |
| 2023 | $232.26B | +31.3% | $196.50B | 84.6% | $102.57B | 44.2% |
| 2022 | $176.95B | +25.7% | $148.51B | 83.9% | $74.81B | 42.3% |
| 2021 | $140.80B | +10.9% | $117.14B | 83.2% | $58.64B | 41.7% |
| 2020 | $126.95B | +4.0% | $106.01B | 83.5% | $54.13B | 42.6% |
| 2019 | $122.02B | +9.1% | $101.93B | 83.5% | $52.48B | 43.0% |
| 2018 | $111.83B | +0.1% | $94.21B | 84.2% | $47.25B | 42.2% |
| 2017 | $111.70B | -0.1% | $94.06B | 84.2% | $48.97B | 43.8% |
| 2016 | $111.78B | +3.6% | $94.60B | 84.6% | $48.43B | 43.3% |
Full NVO Stock Analysis
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Start ComparisonNVO — Frequently Asked Questions
Quick answers to the most common questions about buying NVO stock.
Is NVO's revenue growth accelerating or slowing?
NVO revenue declined -21.5% year-over-year, contrasting with the 5-year CAGR of +18.5%. TTM revenue fell to $297.2B. This reverses the prior growth trend.
What is NVO's long-term revenue growth rate?
Novo Nordisk A/S's 5-year revenue CAGR of +18.5% reflects the variable expansion pattern. Current YoY growth of -21.5% is below this long-term average.
How is NVO's revenue distributed by segment?
NVO reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.