Novo Nordisk ADR (NVO) financial statements: income statement, balance sheet and cash flow
Novo Nordisk ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Novo Nordisk ADR reported revenue of $309.1B (+6.4% year on year).
Income statement
Novo Nordisk ADR income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net sales
$309.1B
$290.4B
$232.3B
$177.0B
Cost of goods sold
($58.8B)
($44.5B)
($35.8B)
($28.4B)
Gross profit
$250.3B
$245.9B
$196.5B
$148.5B
Sales and distribution costs
($64.3B)
($62.1B)
($56.7B)
($46.2B)
Research and development costs
($52.0B)
($48.1B)
($32.4B)
($24.0B)
Administrative costs
($6.0B)
($5.3B)
($4.9B)
($4.5B)
Other operating income and expenses
($300.0M)
($2.1B)
$119.0M
$1.0B
Operating profit
$127.7B
$128.3B
$102.6B
$74.8B
Financial income
$9.7B
$6.2B
$2.9B
$239.0M
Financial expenses
($6.8B)
($7.3B)
($845.0M)
($6.0B)
Profit before income taxes
$130.5B
$127.2B
$104.7B
$69.1B
Income taxes
($28.1B)
($26.2B)
($21.0B)
($13.5B)
Net profit
$102.4B
$101.0B
$83.7B
$55.5B
Basic earnings per share (DKK per share)
$23.06
$22.67
$18.67
$24.51
Diluted earnings per share (DKK per share)
$23.03
$22.63
$18.62
$24.44
Balance sheet
Novo Nordisk ADR balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Intangible assets
$110.2B
$111.1B
$60.4B
$51.4B
Goodwill
$19.8B
—
—
—
Property, plant and equipment
$208.4B
$162.5B
$91.0B
$66.7B
Investments in associated companies
$366.0M
$400.0M
$410.0M
$327.0M
Deferred income tax assets
$23.6B
$24.6B
$20.4B
$13.4B
Other receivables and prepayments
$5.9B
$4.0B
$1.4B
$206.0M
Other financial assets
$2.1B
$2.3B
$1.3B
$1.0B
Total non-current assets
$370.4B
$304.9B
$174.8B
$133.1B
Inventories
$49.6B
$40.8B
$31.8B
$24.4B
Trade receivables
$70.9B
$71.9B
$64.8B
$50.6B
Tax receivables
$4.8B
$2.9B
$2.4B
$940.0M
Other receivables and prepayments
$13.5B
$12.6B
$8.1B
$6.0B
Marketable securities
$498.0M
$10.7B
$15.8B
$10.9B
Derivative financial instruments
$6.7B
$6.3B
$2.3B
$2.7B
Cash at bank
$26.5B
$15.7B
$14.4B
$12.7B
Total current assets
$172.5B
$160.9B
$139.6B
$108.2B
Total assets
$542.9B
$465.8B
$314.5B
$241.3B
Share capital
$446.0M
$446.0M
$451.0M
$456.0M
Treasury shares
-2.0M
-2.0M
-5.0M
-6.0M
Retained earnings
$195.3B
$144.4B
$104.8B
$80.6B
Other reserves
($1.7B)
($1.4B)
$1.3B
$2.4B
Total equity
$194.0B
$143.5B
$106.6B
$83.5B
Borrowings
$118.9B
$89.7B
$20.5B
$24.3B
Deferred income tax liabilities
$6.6B
$5.4B
$10.2B
$7.1B
Retirement benefit obligations
$861.0M
$903.0M
$742.0M
$762.0M
Provisions
$5.7B
$8.8B
$6.6B
$4.6B
Sales deductions and product returns
$1.1B
—
—
—
Total non-current liabilities
$133.2B
$104.8B
$38.3B
$36.8B
Borrowings
$12.0B
$13.1B
$6.5B
$1.5B
Trade payables
$19.8B
$28.8B
$25.6B
$15.6B
Tax payables
$8.4B
$9.7B
$7.1B
$7.1B
Other liabilities
$39.7B
$23.0M
$189.0M
$100.0M
Derivative financial instruments
$2.0B
$7.5B
$1.3B
$2.9B
Liabilities for product returns
$374.0M
$120.3B
$100.5B
$70.3B
Sales deductions and product returns
$133.3B
—
—
—
Total current liabilities
$215.7B
$217.5B
$169.7B
$120.9B
Total liabilities
$348.9B
$322.3B
$207.9B
$157.8B
Total equity and liabilities
$542.9B
$465.8B
$314.5B
$241.3B
Novo Nordisk ADR balance sheet, quarters
Line item
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Intangible assets
$20.7B
$5.8B
$5.1B
$3.3B
Property, plant and equipment
$50.3B
$50.6B
$41.9B
$35.2B
Investments in associated companies
$582.0M
$474.0M
$531.0M
$784.0M
Deferred income tax assets
$5.9B
$4.1B
$2.9B
$1.9B
Other receivables and prepayments
$674.0M
$841.0M
—
—
Other financial assets
$1.1B
$1.3B
$1.2B
$978.0M
Total non-current assets
$79.1B
$63.2B
$51.7B
$42.3B
Inventories
$18.5B
$17.6B
$16.3B
$15.4B
Trade receivables
$27.7B
$24.9B
$22.8B
$20.2B
Tax receivables
$289.0M
$806.0M
$1.0B
$958.0M
Other receivables and prepayments
$4.2B
$3.4B
$3.1B
$2.4B
Derivative financial instruments
$2.3B
$188.0M
$204.0M
$2.3B
Cash at bank
$12.8B
$15.5B
$15.6B
$18.9B
Total current assets
$65.8B
$62.5B
$59.1B
$60.1B
Total assets
$144.9B
$125.6B
$110.8B
$102.4B
Share capital
$470.0M
$480.0M
$490.0M
$500.0M
Treasury shares
-8.0M
-10.0M
-11.0M
-11.0M
Retained earnings
$63.8B
$57.8B
$53.4B
$49.0B
Other reserves
($911.0M)
($694.0M)
($2.0B)
$349.0M
Total equity
$63.3B
$57.6B
$51.8B
$49.8B
Borrowings
$2.9B
$3.0B
—
—
Deferred income tax liabilities
$2.5B
$80.0M
$118.0M
$846.0M
Retirement benefit obligations
$1.4B
$1.3B
$1.3B
$1.3B
Provisions
$4.5B
$4.6B
$3.4B
$3.3B
Total non-current liabilities
$11.3B
$9.0B
$4.8B
$5.5B
Borrowings
$7.5B
$1.5B
—
—
Trade payables
$5.7B
$6.4B
$6.8B
$5.6B
Tax payables
$3.9B
$4.2B
$4.6B
$4.2B
Other liabilities
$17.0B
$15.1B
$14.1B
$14.4B
Derivative financial instruments
$1.4B
$734.0M
$2.0B
$309.0M
Provisions
$34.8B
$31.1B
$26.2B
$20.8B
Total current liabilities
$70.3B
$59.0B
$54.2B
$47.1B
Total liabilities
$81.6B
$68.0B
$58.9B
$52.5B
Total equity and liabilities
$144.9B
$125.6B
$110.8B
$102.4B
Cash flow statement
Novo Nordisk ADR cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net profit
$102.4B
$101.0B
$83.7B
$55.5B
Income taxes in the income statement
$28.1B
$26.2B
$21.0B
$13.5B
Depreciation, amortisation and impairment losses
$22.0B
$19.1B
$9.4B
$7.4B
Other non-cash items
($3.1B)
$15.0B
$32.4B
$22.3B
Changes in working capital
$3.7B
($12.0B)
($12.2B)
($5.3B)
Interest received
$1.4B
$1.9B
$1.1B
$276.0M
Interest paid
($3.4B)
($612.0M)
($491.0M)
($272.0M)
Income taxes paid
($32.0B)
($29.6B)
($25.9B)
($14.5B)
Net cash flows from operating activities
$119.1B
$121.0B
$108.9B
$78.9B
Purchase of intangible assets
($30.0B)
($4.1B)
($13.1B)
($2.6B)
Purchase of property, plant and equipment
($60.1B)
($47.2B)
($25.8B)
($12.1B)
Cash used for acquisition of businesses
$0
($82.2B)
$0
($7.1B)
Settlement for prior year's acquisition of businesses
$1.0B
—
—
—
Proceeds from other financial assets
$30.0M
$0
$33.0M
$0
Purchase of other financial assets
($225.0M)
($786.0M)
($271.0M)
($169.0M)
Purchase of marketable securities
($498.0M)
($19.0B)
($13.0B)
($9.6B)
Sale of marketable securities
$10.6B
$24.4B
$8.3B
$6.6B
Net cash flows from investing activities
($79.2B)
($128.9B)
($43.9B)
($24.9B)
Purchase of treasury shares
-1.4B
-20.2B
-29.9B
-24.1B
Dividends paid
($51.8B)
($44.1B)
($31.8B)
($25.3B)
Proceeds from borrowings
$103.9B
$79.4B
$0
$11.2B
Repayment of borrowings
($79.2B)
($6.3B)
($1.5B)
($13.6B)
Net cash flows from financing activities
($28.4B)
$8.7B
($63.2B)
($51.8B)
Net cash generated from activities
$11.5B
$808.0M
$1.9B
$2.2B
Cash and cash equivalents at the beginning of the year
$15.7B
$14.4B
$12.7B
$10.7B
Exchange gains/(losses) on cash and cash equivalents