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Novo Nordisk A/S

Novo Nordisk A/S

NYSE•NVO
CEO: Mr. Lars Fruergaard Jorgensen
Sector: Healthcare
Industry: Drug Manufacturers - General
Listing Date: 1981-04-30
Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease. The Diabetes and Obesity 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 insulin pens, growth hormone pens, and injection needles. In addition, it offers smart solutions for diabetes treatment, such as smart insulin pens and Dose Check, an insulin dose guidance application. The company has a collaboration agreement with UNICEF to tackle childhood obesity; and with Valo Health, Inc. to discover and develop novel drug programmes for cardiometabolic space. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.
Contact Information
Novo Alle 1, Bagsvaerd, 2880, Denmark
45-44-44-88-88
www.novonordisk.com
Market Cap
$229.41B
P/E (TTM)
13.3
49.7
Dividend Yield
3.5%
52W High
$93.80
52W Low
$43.08
52W Range
17%
Rank11Top 0.8%
7.4
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Strong • 7.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$11.74B+5.14%
4-Quarter Trend

EPS

$0.70-26.59%
4-Quarter Trend

FCF

$5.09B+2.36%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Wegovy Revenue Surges 86% GLP-1 obesity product Wegovy revenue grew 86% in 2024, reaching DKK 58B; driving strong growth across therapy areas.
Ozempic Sales Exceed 120B Leading product Ozempic global sales surpassed DKK 120B in 2024, maintaining market leadership in type 2 diabetes treatment.
Major Capacity Acquisition Completed Acquired three fill-finish sites for USD 11.7B (DKK 82.1B) to expand manufacturing capacity and provide future supply flexibility.
Obesity Care Sales Jump Total obesity care product sales reached DKK 65.1B in 2024, up from DKK 41.6B in 2023, reflecting massive market expansion.

Risk Factors

US Pricing Pressure Continues Average prices after rebates for the portfolio in the US declined in 2024; payers demand higher rebates, impacting net prices.
Periodic Supply Constraints Expected High product demand caused periodic supply constraints in 2024; continued constraints expected across products and geographies in 2025 outlook.
Victoza Sales Decline Post-Patent Victoza sales dropped to DKK 5.48B in 2024 from DKK 8.66B in 2023, following compound patent expiration and generic competition launch.
Cybersecurity Breach Risk High Reliance on complex global IT systems exposes company to risk of breaches, potentially causing critical system downtime or data disclosure.

Outlook

Massive API Capacity Investment DKK 42.4B expenditure planned for Kalundborg API production expansion (170,000 sqm), expected fully operational by 2029.
US Manufacturing Expansion Planned DKK 27.0B investment planned for Clayton, US manufacturing site expansion (130,000 sqm), adding aseptic production, operational 2029.
R&D Spending Ratio Increasing R&D cost to sales ratio expected to gradually increase, modestly expanding upon current 14-16% of sales due to increased clinical trial activities.

Peer Comparison

Revenue (TTM)

UnitedHealth Group IncorporatedUNH
$435.16B
+10.5%
Merck & Co., Inc.MRK
$64.24B
+1.7%
Pfizer Inc.PFE
$62.79B
+3.9%

Gross Margin (Latest Quarter)

Merck & Co., Inc.MRK
81.9%
+6.4pp
AstraZeneca PLCAZN
81.2%
+3.9pp
Gilead Sciences, Inc.GILD
79.8%
+0.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
UNH$294.22B16.818.6%25.4%
AZN$285.69B34.120.2%28.5%
NVS$272.24B19.134.1%29.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-1.4%
Flat Growth
4Q Net Income CAGR
-8.1%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 4, 2026
|
EPS:$0.90
|
Revenue:$11.95B
Reports
All Years
  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 5, 2025|
    Revenue: $42.12B+25.0%
    |
    EPS: $3.29+21.4%
    Beat
  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Jan 31, 2024|
    Revenue: $33.71B+31.3%
    |
    EPS: $2.71+52.3%
    Beat
  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Feb 1, 2023|
    Revenue: $25.00B+25.7%
    |
    EPS: $1.73+17.9%
    Beat
  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Feb 2, 2022|
    Revenue: $22.38B+10.9%
    |
    EPS: $1.65+15.2%
    Meet
  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Feb 3, 2021|
    Revenue: $19.42B+4.0%
    |
    EPS: $1.38+9.9%
    Meet