Novo Nordisk (CPH: NOVO-B) financial statements

The consolidated income statement, balance sheet and cash flow statement of Novo Nordisk for its last 7 fiscal years, as filed with the regulator, in millions of Danish kroner. At the end of fiscal 2025 it had DKK 542,902m in total assets and DKK 194,047m in equity.

Income statement

Item	2025	2024	2023	2022	2021	2020	2019
Revenue	DKK 309,064m	DKK 290,403m	DKK 232,261m	DKK 176,954m	DKK 140,800m	DKK 126,946m	DKK 122,021m
Cost of sales	DKK 58,788m	DKK 44,522m	DKK 35,765m	DKK 28,448m	DKK 23,658m	DKK 20,932m	DKK 20,088m
Gross profit	DKK 250,276m	DKK 245,881m	DKK 196,496m	DKK 148,506m	DKK 117,142m	DKK 106,014m	DKK 101,933m
Operating profit	DKK 127,658m	DKK 128,339m	DKK 102,574m	DKK 74,809m	DKK 58,644m	DKK 54,126m	DKK 52,483m
Finance costs	DKK 6,778m	DKK 7,346m	DKK 845.0m	DKK 5,986m	DKK 2,451m	DKK 2,624m	DKK 3,995m
Profit before tax	DKK 130,540m	DKK 127,191m	DKK 104,674m	DKK 69,062m	DKK 59,080m	DKK 53,130m	DKK 48,553m
Income tax	DKK 28,106m	DKK 26,203m	DKK 20,991m	DKK 13,537m	DKK 11,323m	DKK 10,992m	DKK 9,602m
Net profit	DKK 102,434m	DKK 100,988m	DKK 83,683m	DKK 55,525m	DKK 47,757m	DKK 42,138m	DKK 38,951m
Earnings per share	DKK 23.06	DKK 22.67	DKK 18.67	DKK 24.51	DKK 20.79	DKK 18.05	DKK 16.41
Diluted earnings per share	DKK 23.03	DKK 22.63	DKK 18.62	DKK 24.44	DKK 20.74	DKK 18.01	DKK 16.38

Balance sheet

Item	2025	2024	2023	2022	2021	2020	2019
Total assets	DKK 542,902m	DKK 465,795m	DKK 314,486m	DKK 241,257m	DKK 194,508m	DKK 144,922m	DKK 125,612m
Current assets	DKK 172,453m	DKK 160,897m	DKK 139,646m	DKK 108,194m	DKK 85,595m	DKK 65,809m	DKK 62,456m
Inventories	DKK 49,623m	DKK 40,849m	DKK 31,811m	DKK 24,388m	DKK 19,621m	DKK 18,536m	DKK 17,641m
Property, plant and equipment	DKK 208,378m	DKK 162,488m	DKK 90,961m	DKK 66,671m	DKK 55,362m	DKK 50,269m	DKK 50,551m
Goodwill	DKK 19,845m	DKK 20,017m	—	—	—	—	—
Cash	DKK 26,464m	DKK 15,655m	DKK 14,392m	DKK 12,653m	DKK 10,719m	DKK 12,226m	DKK 15,411m
Total liabilities	DKK 348,855m	DKK 322,309m	DKK 207,925m	DKK 157,771m	DKK 123,762m	DKK 81,597m	DKK 68,019m
Current liabilities	DKK 215,661m	DKK 217,528m	DKK 169,655m	DKK 120,940m	DKK 99,516m	DKK 70,273m	DKK 58,983m
Equity	DKK 194,047m	DKK 143,486m	DKK 106,561m	DKK 83,486m	DKK 70,746m	DKK 63,325m	DKK 57,593m
Equity including minorities	DKK 194,047m	DKK 143,486m	DKK 106,561m	DKK 83,486m	DKK 70,746m	DKK 63,325m	DKK 57,593m

Cash flow statement

Item	2025	2024	2023	2022	2021	2020	2019
Operating cash flow	DKK 119,102m	DKK 120,968m	DKK 108,908m	DKK 78,887m	DKK 55,000m	DKK 51,951m	DKK 46,782m
Investing cash flow	−DKK 79,158m	−DKK 128,895m	−DKK 43,892m	−DKK 24,918m	−DKK 31,605m	−DKK 22,436m	−DKK 11,509m
Financing cash flow	−DKK 28,408m	DKK 8,735m	−DKK 63,158m	−DKK 51,797m	−DKK 25,493m	−DKK 32,244m	−DKK 35,484m
Capital expenditure	DKK 60,140m	DKK 47,164m	DKK 25,806m	DKK 12,146m	DKK 6,335m	DKK 5,825m	DKK 8,932m
Dividends paid	DKK 51,763m	DKK 44,140m	DKK 31,767m	DKK 25,303m	DKK 21,517m	DKK 20,121m	DKK 19,409m

Where each figure comes from

From the annual report Novo Nordisk files every year in the European single electronic format (ESEF). The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Novo Nordisk page.

Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.