FINANCIAL MODEL

Novo Nordisk A/S

NVO · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	111,780	111,696	111,831	122,021	126,946	140,800	176,954	232,261	290,403	309,064
Cost of Goods Sold	17,183	17,632	17,617	20,088	20,932	23,658	28,448	35,765	44,522	58,788
Gross Profit
SG&A	32,339	32,124	33,313	35,830	36,886	41,058	50,684	61,598	67,377	70,279
R&D	14,563	14,014	14,805	14,220	15,462	17,772	24,047	32,443	48,062	52,039
EBITDA
D&A	3,193	3,182	3,925	5,661	5,753	6,025	7,362	9,413	19,107	21,982
EBIT (Operating Income)	48,432	48,967	47,248	52,483	54,126	58,644	74,809	102,574	128,339	127,658
Interest Expense	65	90	85	220	390	289	378	542	1,640	4,207
Pre-Tax Income	47,798	48,680	47,615	48,553	53,130	59,080	69,062	104,674	127,191	130,540
Tax Expense	9,873	10,550	8,987	9,602	10,992	11,323	13,537	20,991	26,203	28,106
Net Income	37,925	38,130	38,628	38,951	42,138	47,757	55,525	83,683	100,988	102,434
Diluted EPS	14.96	15.39	15.93	16.38	18.01	20.74	24.44	18.62	22.63	23.03
Diluted Shares (M)	2,534.7	2,478.1	2,424.4	2,378.7	2,340.0	2,303.1	2,272.3	4,494.8	4,463.0	4,447.7
Balance Sheet
Total Cash & Equivalents	18,690	18,852	15,638	15,475	12,757	10,720	12,653	14,392	15,655	26,464
Short-term Debt	0	1,694	515	1,474	7,459	13,684	1,466	6,478	13,113	12,017
Long-term Debt	0	0	0	3,009	2,897	12,961	24,318	20,528	89,674	118,941
Total Debt
Net Debt
Total Current Assets		60,080	59,067	62,456	65,809	85,595	108,194	139,646	160,897	172,453
Total Current Liabilities		47,056	54,164	58,983	70,273	99,516	120,940	169,655	217,528	215,661
Total Assets	97,539	102,355	110,769	125,612	144,922	194,508	241,257	314,486	465,795	542,902
Total Liabilities	52,270	52,540	58,930	68,019	81,597	123,762	157,771	207,925	322,309	348,855
Shareholders' Equity	45,269	49,815	51,839	57,593	63,325	70,746	83,486	106,561	143,486	194,047
Minority Interest
Intangibles & Goodwill		3,325	5,145	5,835	20,657	43,171	51,416	60,406	111,090	130,053
PP&E		35,247	41,891	50,551	50,269	55,362	66,671	90,961	162,488	208,378
Receivables		20,165	22,786	24,912	27,734	40,643	50,560	64,770	71,949	70,856
Payables		5,610	6,756	6,358	5,717	8,870	15,587	25,606	28,846	19,758
Inventory		15,373	16,336	17,641	18,536	19,621	24,388	31,811	40,849	49,623
Retained Earnings	46,111	48,977	53,406	57,817	63,774	72,004	80,587	104,839	144,448	195,298
Cash Flow
Cash from Operations	48,314	41,168	44,616	46,782	51,951	55,000	78,887	108,908	120,968	119,102
Capital Expenditures	7,068	7,626	9,636	8,932	5,825	6,335	12,146	25,806	47,164	60,140
Free Cash Flow
Stock-Based Compensation	368	292	414	363	823	1,040	1,539	2,149	2,289	1,435
Dividends Paid	23,830	18,844	19,048	19,409	20,121	21,517	25,303	31,767	44,140	51,763
Share Repurchases	15,057	16,845	15,567	15,334	16,855	19,447	24,086	29,924	20,181	1,388