NOVO NORDISK A S (NVO) Annual Reports
NOVO NORDISK A S is listed on NYSE, classified by the SEC under Pharmaceutical Preparations (SIC 2834). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.
Company profile
- Exchange： NYSE
- Fiscal year end： 12/31
- SEC CIK： 353278 →
Website：Official site ↗
Financial Highlights
| Current | Prior year | YoY | |
|---|---|---|---|
| Revenue | 3,091億 DKK | 2,904億 DKK | +6.4% |
| Operating income | 1,277億 DKK | 1,283億 DKK | -0.5% |
| Net income | 1,024億 DKK | 1,010億 DKK | +1.4% |
| EPS (diluted) | 23.03 DKK | 22.63 DKK | +1.8% |
ADR filer (Form 20-F): annual data only. Amounts in DKK.
Source: SEC EDGAR (XBRL company facts)
Financial history
Show table：Income statement
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 108 | 112 | 112 | 112 | 122 | 127 | 141 | 177 | 232 | 290 | 309 |
| Gross profit | 91.7 | 94.6 | 94.1 | 94.2 | 102 | 106 | 117 | 149 | 197 | 246 | 250 |
| Operating income | 49.4 | 48.4 | 49.0 | 47.3 | 52.5 | 54.1 | 58.6 | 74.8 | 103 | 128 | 128 |
| Net income | 34.9 | 37.9 | 38.1 | 38.6 | 39.0 | 42.1 | 47.8 | 55.5 | 83.7 | 101 | 102 |
Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.
Show table：Balance sheet
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current assets | — | 59.8 | 60.1 | 59.1 | 62.5 | 65.8 | 85.6 | 108 | 140 | 161 | 172 |
| Total assets | 91.8 | 97.5 | 102 | 111 | 126 | 145 | 195 | 241 | 314 | 466 | 543 |
| Current liabilities | — | 47.4 | 47.1 | 54.2 | 59.0 | 70.3 | 99.5 | 121 | 170 | 218 | 216 |
| Total liabilities | — | 52.3 | 52.5 | 58.9 | 68.0 | 81.6 | 124 | 158 | 208 | 322 | 349 |
| Equity | 47.0 | 45.3 | 49.8 | 51.8 | 57.6 | 63.3 | 70.8 | 83.5 | 107 | 143 | 194 |
Positive = cash in, negative = cash out.
Show table：Cash flow statement
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 38.3 | 48.3 | 41.2 | 44.6 | 46.8 | 52.0 | 55.0 | 78.9 | 109 | 121 | 119 |
| Investing | -6.10 | -6.79 | -6.57 | -12.1 | -11.5 | -22.4 | -31.6 | -24.9 | -43.9 | -129 | -79.2 |
| Financing | -30.1 | -38.9 | -35.7 | -34.5 | -35.5 | -32.2 | -25.5 | -51.8 | -63.2 | 8.74 | -28.4 |
| Cash at period end | 15.8 | 18.5 | 17.2 | 15.6 | 15.4 | 12.2 | 10.7 | 12.7 | 14.4 | 15.7 | 26.5 |
Gross, operating and net margin = the respective profit ÷ revenue.
Show table：Profitability
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 85.0% | 84.6% | 84.2% | 84.3% | 83.5% | 83.5% | 83.2% | 83.9% | 84.6% | 84.7% | 81.0% |
| Operating margin | 45.8% | 43.3% | 43.8% | 42.3% | 43.0% | 42.6% | 41.6% | 42.3% | 44.2% | 44.2% | 41.3% |
| Net margin | 32.3% | 33.9% | 34.1% | 34.5% | 31.9% | 33.2% | 33.9% | 31.4% | 36.0% | 34.8% | 33.1% |
ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.
Show table：Returns & leverage
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 74.2% | 82.2% | 80.2% | 76.0% | 71.2% | 69.7% | 71.2% | 72.0% | 88.1% | 80.8% | 60.7% |
| ROA | 38.0% | 40.1% | 38.1% | 36.3% | 33.0% | 31.1% | 28.1% | 25.5% | 30.1% | 25.9% | 20.3% |
| Debt ratio | — | 53.6% | 51.3% | 53.2% | 54.1% | 56.3% | 63.6% | 65.4% | 66.1% | 69.2% | 64.3% |
Show table：EPS
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EPS（） | 13.52 | 14.96 | 15.39 | 15.93 | 16.38 | 18.01 | 20.74 | 24.44 | 18.62 | 22.63 | 23.03 |
Source: SEC EDGAR (XBRL company facts)
Annual reports by year
| 20-F | |
|---|---|
| 2025 | Open full text → |
| 2024 | Open full text → |
| 2023 | Open full text → |
20-F: annual report of a foreign private issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.
FAQ
Where can I read NOVO NORDISK A S (NVO) annual reports?
Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.
What is the difference between a 10-K and a 20-F?
A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.
Are earnings call materials available here?
No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.
Back to US annual reports, or see the supply-chain maps.