NOVA Income Statement - Novo Nordisk A/S

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Price: 35.14 EUR

Market Cap: €119B

N	Novo Nordisk A/S XMUN:NOVA	DK
N	Nepi Rockcastle NV JSE:NRP	NL
	Extreme Networks Inc NASDAQ:EXTR	US
	Take-Two Interactive Software Inc BMV:TTWO	US
B	BASF SE BET:BASF	DE
F	FirstRand Ltd XMUN:FSRA	ZA
N	National Australia Bank Ltd DUS:NAL	AU
	Xilam Animation SA PAR:ALXIL	FR
	Global Industrial Co F:GML0	US
E	Edison International SWB:EIX	US
	Recruit Holdings Co Ltd OTC:RCRRF	JP
D	Dubber Corp Ltd F:O5A	AU
H	Hargreaves Services PLC SWB:H6W	UK

Financial profile · Q2 FY2026

A cash-generative pharmaceutical model balancing GLP-1 growth with heavier reinvestment

Novo Nordisk has historically combined rapid revenue expansion with scalable operating margins and substantial operating cash generation. The model is becoming more capital intensive as manufacturing and pipeline investment rise, while cash generation continues to fund reinvestment and shareholder distributions.

What is developing

The latest comparable results preserve volume-led growth and positive cash generation, but reported profitability is more volatile because exceptional items and the larger investment program now matter more. This is a development rather than a clear inflection: the TTM profile remains cash-generative, while the quarter highlights greater sensitivity to impairment, pricing and rebate effects, and capacity spending.

What matters next

Whether operating cash flow continues covering capital spending while reported operating margin recovers after the Q2 impairment.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Revenue	111.8B	111.7B	111.8B	122B	126.9B	140.8B	177B	232.3B	290.4B	309.1B
Cost of Revenue	(17.2B)	(17.6B)	(17.6B)	(19.6B)	(20.9B)	(23.7B)	(28.4B)	(35.8B)	(43.6B)	(58.8B)
Gross Profit	94.6B	94.1B	94.2B	102.5B	106B	117.1B	148.5B	196.5B	246.8B	250.3B
Operating Expenses	(45.6B)	(44.8B)	(47B)	(48.8B)	(51.4B)	(57.8B)	(72.8B)	(91.8B)	(107.9B)	(122.6B)
Selling, General & Administrative	(32.6B)	(32.4B)	(33.7B)	(35.3B)	(36.1B)	(40.4B)	(49.9B)	(60.8B)	(66.5B)	(70.3B)
R&D	(13.6B)	(13.3B)	(13.6B)	(13.5B)	(13.7B)	(16.3B)	(21.8B)	(29.4B)	(38B)	(52B)
Depreciation & Amortization	(513m)	(586m)	(1.3B)	(856m)	(2.2B)	(1.6B)	(2.5B)	(2.3B)	(3.3B)	—
Other Operating Expenses	1.2B	1.5B	1.5B	855m	588m	548m	1.3B	681m	(29m)	(300m)
Operating Income	49B	49.3B	47.2B	53.7B	54.6B	59.4B	75.7B	104.7B	138.9B	127.7B
Net Interest Income (Expense)	(549m)	(219m)	439m	(3.8B)	(846m)	558m	(5.6B)	2.3B	(859m)	2.9B
Interest Expense	65m	90m	85m	328m	390m	289m	378m	542m	1.6B	4.2B
Non-Recurring Items	(542m)	(312m)	6m	(1.2B)	(477m)	(714m)	(860m)	(2.1B)	(10.6B)	—
Total Other Income	(85m)	(68m)	(72m)	(173m)	(150m)	(122m)	(181m)	(197m)	(289m)	—
Pre-Tax Income	47.8B	48.7B	47.6B	48.6B	53.1B	59.1B	69.1B	104.7B	127.2B	130.5B
Tax Provision	(9.9B)	(10.6B)	(9B)	(9.6B)	(11B)	(11.3B)	(13.5B)	(21B)	(26.2B)	(28.1B)
Income from Continuing Operations	37.9B	38.1B	38.6B	39B	42.1B	47.8B	55.5B	83.7B	101B	102.4B
Net Income	37.9B	38.1B	38.6B	39B	42.1B	47.8B	55.5B	83.7B	101B	102.4B
EPS (Diluted)	7.48	7.69	7.97	8.19	9.00	10.37	12.22	18.62	22.63	23.03