Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products.
Profile & Fundamentals
Novo Nordisk A/S: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Novo Nordisk A/S Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides NovoPen 6 and NovoPen Echo Plus, smart insulin pens; Dose Check, an insulin dose guidance application; growth hormone pens and injection needles; and Wegovy pill an oral glucagon-like peptide-1 (GLP-1) receptor agonist therapy for weight management. The company has a collaboration with Anthropic accelerate the development of new medicines and advance AI-driven software development. It operates in Europe, Canada, the United States, Japan, Korea, Oceania, Southeast Asia, Mainland China, Hong Kong and Taiwan, Latin America, the Middle East, and Africa. It has a strategic collaboration with Orbis Medicines to discover and develop oral macrocycle therapeutics for cardiometabolic diseases. The company was formerly known as Novo Industri A/S and changed its name to Novo Nordisk A/S in April 1989. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.
Company profile record
Novo Nordisk A/S
Common Stock · Health Care · Biotechnology
Company
- Company / asset
- Novo Nordisk A/S
- Security type
- Common Stock
- Sector
- Health Care
- Industry
- Biotechnology
- HQ
- 🇩🇰 DK
- Head office
- Novo Alle 1, Bagsvaerd, Denmark, 2880
Leadership & scale
- Chief executive
- Mr. Maziar Mike Doustdar B.A.
- CEO year born
- 1970
- Full-time employees
- 66.7K
- Fiscal year end
- December
Fundamentals snapshot
- Market Cap
- EUR 146.6B
- P/E
- 9.2x
- Revenue (Q2 26)
- DKK 78.5B
- Profit (Q2 26)
- DKK 21.0B
- Dividend Yield
- 4.6%
- Revenue (FY 25)
- DKK 308.4B
- Shares in public float
- 3.2B
- Insider ownership
- 5.27%
Reporting & identifiers
- Symbol
- NOV.XETRA
- Listing
- 🇩🇪 Germany | Dividend Tax: 26.38%
- Ticker Currency
- EUR
- Income Statement Currency
- DKK
- Balance Sheet Currency
- DKK
- Cash Flow Currency
- DKK
- EPS Currency
- DKK
- Contract Type
- SPOT
- ISIN
- DK0062498333
- Asset ID
- equity_179c3802-40a8-5085-82d2-acaf9de8ff19
Ownership
Shares Outstanding
Latest: 4.4B | Max: 4.9B | Min: 4.4B
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
71.53%
3.2B latest reported shares
Insider Ownership
5.27%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 4,914,395,600 |
| 2018-01-01 | 4,822,393,800 |
| 2019-01-01 | 4,726,600,000 |
| 2020-01-01 | 4,652,498,100 |
| 2021-01-01 | 4,581,200,000 |
| 2022-01-01 | 4,522,800,000 |
| 2023-01-01 | 4,477,400,000 |
| 2024-01-01 | 4,460,500,000 |
| 2025-01-01 | 4,449,400,000 |
| 2026-01-01 | 4,435,800,000 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Novo Nordisk's headline financial results show a marked transition from hyper-growth to operational consolidation. In fiscal 2025, revenue grew 6.2% to DKK 308 billion while operating income remained flat at DKK 128 billion due to statutory US price cuts and elevated clinical development spending. First-half 2026 results displayed sharp quarterly swings, as a massive first-quarter net income of DKK 48.6 billion was followed by a 20.8% year-over-year decline in the second quarter to DKK 21.0 billion. Crucially, these headline fluctuations conceal a highly profitable operational engine generating over USD 18 billion in trailing net earnings. The quarterly earnings volatility was heavily influenced by a non-recurring USD 4.2 billion reversal of US 340B rebate provisions in early 2026 and subsequent non-cash pipeline impairments. Core metabolic prescription volumes remain robust, confirming that underlying cash flow has stabilized.
Novo Nordisk's headline financial results show a marked transition from hyper-growth to operational consolidation. In fiscal 2025, revenue grew 6.2% to DKK 308 billion while operating income remained flat at DKK 128 billion due to statutory US price cuts and elevated clinical development spending. First-half 2026 results displayed sharp quarterly swings, as a massive first-quarter net income of DKK 48.6 billion was followed by a 20.8% year-over-year decline in the second quarter to DKK 21.0 billion. Crucially, these headline fluctuations conceal a highly profitable operational engine generating over USD 18 billion in trailing net earnings. The quarterly earnings volatility was heavily influenced by a non-recurring USD 4.2 billion reversal of US 340B rebate provisions in early 2026 and subsequent non-cash pipeline impairments. Core metabolic prescription volumes remain robust, confirming that underlying cash flow has stabilized.
Revenue, Net Income, and Free Cash Flow
Latest: DKK 308.4B | Max: DKK 308.4B | Min: DKK 29.9B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 15x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Operating profitability has retreated from historical pandemic peaks but remains among the highest in global healthcare. Consolidated gross margin softened from 84.7% in 2024 to 81.0% in 2025, while operating margin compressed to 41.4%. This margin contraction stems directly from mandated US government rebates, introductory discounts for oral Wegovy, and elevated facility depreciation charges from recently commissioned plants. Crucially, this margin moderation represents an intentional operational transition toward high-volume distribution rather than structural business decay. Even with lower unit prices, an 81% gross margin and 33% net profit margin provide immense structural protection. As high-speed automated packaging reaches optimal utilization, operating margins will structurally stabilize near 40% to 42%, securing industry-leading return on equity.
Operating profitability has retreated from historical pandemic peaks but remains among the highest in global healthcare. Consolidated gross margin softened from 84.7% in 2024 to 81.0% in 2025, while operating margin compressed to 41.4%. This margin contraction stems directly from mandated US government rebates, introductory discounts for oral Wegovy, and elevated facility depreciation charges from recently commissioned plants. Crucially, this margin moderation represents an intentional operational transition toward high-volume distribution rather than structural business decay. Even with lower unit prices, an 81% gross margin and 33% net profit margin provide immense structural protection. As high-speed automated packaging reaches optimal utilization, operating margins will structurally stabilize near 40% to 42%, securing industry-leading return on equity.
Profitability Margins
Latest: 81.0% | Max: 84.7% | Min: 31.4%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
81.0%
Gross profit / revenue
Operating Margin
41.4%
Operating income / revenue
Net Margin
33.1%
Net income / revenue
FCF Margin
19.1%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
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| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 118,486,800,000 | 40,200,500,000 | 42,449,820,000 |
| 2017-12-31 | 132,918,240,000 | 45,374,700,000 | 38,698,800,000 |
| 2018-12-31 | 17,178,341,013.82 | 5,933,640,553 | 4,947,158,218.13 |
| 2019-12-31 | 18,321,471,471.47 | 5,848,498,498.5 | 5,337,987,987.99 |
| 2020-12-31 | 20,844,991,789.82 | 6,919,211,822.66 | 4,904,761,904.76 |
| 2021-12-31 | 21,529,051,987.77 | 7,302,293,577.98 | 7,280,581,039.76 |
| 2022-12-31 | 25,461,007,194.24 | 7,989,208,633.09 | 9,227,913,669.06 |
| 2023-12-31 | 255,487,100,000 | 92,051,300,000 | 77,013,200,000 |
| 2024-12-31 | 302,019,120,000 | 105,027,520,000 | 9,674,861,111.11 |
| 2025-12-31 | 48,488,352,987.42 | 16,070,638,993.71 | 9,250,415,094.34 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 14.55 | Trailing four quarters |
| 2024-12-31 | 26.68 | Trailing four quarters |
| 2023-12-31 | 37.94 | Trailing four quarters |
| 2022-12-31 | 76.93 | Annual net income |
| 2021-12-31 | 70.6 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 84.63 | 43.33 | 33.93 | 35.83 |
| 2017-12-31 | 84.21 | 43.84 | 34.14 | 29.11 |
| 2018-12-31 | 84.25 | 42.25 | 34.54 | 28.8 |
| 2019-12-31 | 83.54 | 43.01 | 31.92 | 29.14 |
| 2020-12-31 | 83.51 | 42.64 | 33.19 | 23.53 |
| 2021-12-31 | 83.2 | 41.65 | 33.92 | 33.82 |
| 2022-12-31 | 83.92 | 42.28 | 31.38 | 36.24 |
| 2023-12-31 | 84.6 | 44.16 | 36.03 | 30.14 |
| 2024-12-31 | 84.67 | 44.19 | 34.78 | 3.2 |
| 2025-12-31 | 80.98 | 41.4 | 33.14 | 19.08 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-22.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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