Financials Novo Nordisk A/S

Equities

NOVO B

DK0062498333

Pharmaceuticals

Real-time Estimate Cboe Europe Other stock markets 08:45:22 2025-07-11 EDT			5-day change	1st Jan Change
445.30 ^DKK	-2.25%		+2.06%	-28.40%

07-10	Mining, healthcare prop up European shares; US-EU trade talks in focus	RE
07-09	Major deals involving U.S. drugmakers and biotechs over the past decade	RE

Projected Income Statement: Novo Nordisk A/S

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	126,946	140,800	176,954	232,261	290,403	330,930	379,439	420,030
Change	-	10.91%	25.68%	31.26%	25.03%	13.96%	14.66%	10.7%
EBITDA ¹	59,879	64,669	82,171	111,987	147,446	165,833	193,232	216,112
Change	-	8%	27.06%	36.29%	31.66%	12.47%	16.52%	11.84%
EBIT ¹	54,126	58,644	74,809	102,574	128,339	150,081	175,415	195,234
Change	-	8.35%	27.56%	37.11%	25.12%	16.94%	16.88%	11.3%
Interest Paid ¹	-996	436	-5,747	2,100	-1,148	-5,791	-2,179	-1,736
Earnings before Tax (EBT) ¹	53,130	59,080	69,062	104,674	127,191	148,401	173,827	193,393
Change	-	11.2%	16.9%	51.57%	21.51%	16.68%	17.13%	11.26%
Net income ¹	42,138	47,757	55,525	83,683	100,988	116,323	137,000	153,437
Change	-	13.33%	16.27%	50.71%	20.68%	15.18%	17.78%	12%
Announcement Date	2/3/21	2/2/22	2/1/23	1/31/24	2/5/25	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	30,006	30,927	32,138	33,804	33,041	35,622	38,333	42,301	41,265	45,566	48,092	53,367	54,300	58,731	65,863	65,349	68,060	71,311	85,683	78,087	76,762	81,983	91,473	84,785	90,215	93,595	100,460
Change	-	3.07%	3.92%	5.18%	-2.26%	7.81%	7.61%	10.35%	-2.45%	10.42%	5.54%	10.97%	1.75%	8.16%	12.14%	-0.78%	4.15%	4.78%	20.15%	-8.87%	-1.7%	6.8%	11.58%	-7.31%	6.4%	3.75%	7.33%
EBITDA ¹	14,996	14,938	12,557	16,359	15,996	16,598	15,716	20,797	20,027	22,225	19,122	26,726	26,065	29,438	29,758	34,760	34,779	35,972	41,935	42,621	39,161	40,945	41,449	-	-	-	-
Change	-	-0.39%	-15.94%	30.28%	-2.22%	3.76%	-5.31%	32.33%	-3.7%	10.98%	-13.96%	39.77%	-2.47%	12.94%	1.09%	16.81%	0.05%	3.43%	16.58%	1.64%	-8.12%	4.56%	1.23%	-	-	-	-
EBIT ¹	13,838	12,808	11,178	14,982	14,779	15,249	13,634	19,147	18,391	20,184	17,087	25,007	23,888	26,913	26,766	31,846	25,934	33,822	36,737	38,791	34,861	37,417	38,305	-	-	-	-
Change	-	-7.44%	-12.73%	34.03%	-1.35%	3.18%	-10.59%	40.44%	-3.95%	9.75%	-15.34%	46.35%	-4.47%	12.66%	-0.55%	18.98%	-18.56%	30.42%	8.62%	5.59%	-10.13%	7.33%	2.37%	-	-	-	-
Charge d'intérêts ¹	-422	-	824	956	138	-137	-521	-1,228	-1,596	-2,152	-771	-270	-	-	-	72	-602	562	-1,180	-1,758	-969	-1,861	-1,757	-480	-520	-475	-400
Earnings before Tax (EBT) ¹	13,416	12,691	12,002	15,938	14,917	15,112	13,113	17,919	16,795	18,032	16,316	24,737	24,254	28,063	27,620	31,918	25,332	34,384	35,557	37,033	34,665	37,290	41,695	-	-	-	-
Change	-	-5.4%	-5.43%	32.79%	-6.41%	1.31%	-13.23%	36.65%	-6.27%	7.37%	-9.52%	51.61%	-1.95%	15.7%	-1.58%	15.56%	-20.63%	35.73%	3.41%	4.15%	-6.39%	7.57%	11.81%	-	-	-	-
Net income ¹	10,625	10,298	9,318	12,623	12,123	12,119	10,892	14,210	13,318	14,405	13,592	19,814	19,428	22,478	21,963	25,407	20,050	27,301	28,230	29,034	27,081	28,875	32,048	32,500	32,427	34,836	33,653
Change	-	-3.08%	-9.52%	35.47%	-3.96%	-0.03%	-10.12%	30.46%	-6.28%	8.16%	-5.64%	45.78%	-1.95%	15.7%	-2.29%	15.68%	-21.08%	36.16%	3.4%	2.85%	-6.73%	6.62%	10.99%	1.41%	-0.22%	7.43%	-3.4%
Announcement Date	8/6/20	10/30/20	2/3/21	5/5/21	8/4/21	11/3/21	2/2/22	4/29/22	8/3/22	11/2/22	2/1/23	5/4/23	8/10/23	11/2/23	1/31/24	5/2/24	8/7/24	11/6/24	2/5/25	5/7/25	-	-	-	-	-	-	-

¹DKK in Million

Estimates

Forecast Balance Sheet: Novo Nordisk A/S

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,401	9,160	2,210	-3,224	76,479	64,191	34,812	6,982
Change	-	481.51%	-75.87%	-245.88%	2,472.18%	-16.07%	-45.77%	-79.94%
Announcement Date	2/3/21	2/2/22	2/1/23	1/31/24	2/5/25	-	-	-

¹DKK in Million

Estimates

Cash Flow Forecast: Novo Nordisk A/S

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	5,825	6,335	12,146	25,806	47,164	63,724	51,394	45,638
Change	-	8.76%	91.73%	112.47%	82.76%	35.11%	-19.35%	-11.2%
Free Cash Flow (FCF) ¹	28,565	29,319	57,362	68,326	73,804	66,458	101,360	126,120
Change	-	2.64%	95.65%	19.11%	8.02%	-9.95%	52.52%	24.43%
Announcement Date	2/3/21	2/2/22	2/1/23	1/31/24	2/5/25	-	-	-

¹DKK in Million

Estimates

Forecast Financial Ratios: Novo Nordisk A/S

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	47.17%	45.93%	46.44%	48.22%	50.77%	50.11%	50.93%	51.45%
EBIT Margin (%)	42.64%	41.65%	42.28%	44.16%	44.19%	45.35%	46.23%	46.48%
EBT Margin (%)	41.85%	41.96%	39.03%	45.07%	43.8%	44.84%	45.81%	46.04%
Net margin (%)	33.19%	33.92%	31.38%	36.03%	34.78%	35.15%	36.11%	36.53%
FCF margin (%)	22.5%	20.82%	32.42%	29.42%	25.41%	20.08%	26.71%	30.03%
FCF / Net Income (%)	67.79%	61.39%	103.31%	81.65%	73.08%	57.13%	73.99%	82.2%
Profitability
ROA	31.15%	28.14%	25.48%	30.12%	25.88%	22.86%	23.52%	23.73%
ROE	69.7%	71.24%	72%	88.07%	80.78%	66.67%	59.68%	54.35%
Financial Health
Leverage (Debt/EBITDA)	-	0.14x	0.03x	-	0.52x	0.39x	0.18x	0.03x
Debt / Free cash flow	-	0.31x	0.04x	-	1.04x	0.97x	0.34x	0.06x
Capital Intensity
CAPEX / Current Assets (%)	4.59%	4.5%	6.86%	11.11%	16.24%	19.26%	13.54%	10.87%
CAPEX / EBITDA (%)	9.73%	9.8%	14.78%	23.04%	31.99%	38.43%	26.6%	21.12%
CAPEX / FCF (%)	20.39%	21.61%	21.17%	37.77%	63.9%	95.89%	50.7%	36.19%
Items per share
Cash flow per share ¹	11.1	11.94	17.36	24.23	27.1	22.92	30.45	36.89
Change	-	7.57%	45.37%	39.6%	11.85%	-15.43%	32.84%	21.14%
Dividend per Share ¹	4.55	5.2	6.2	9.4	11.4	13.18	15.34	17.04
Change	-	14.29%	19.23%	51.61%	21.28%	15.63%	16.38%	11.06%
Book Value Per Share ¹	13.47	15.31	18.31	23.77	32.31	46.16	57.28	70.7
Change	-	13.65%	19.56%	29.84%	35.92%	42.86%	24.1%	23.42%
EPS ¹	9.005	10.37	12.22	18.62	22.63	26.05	30.76	34.63
Change	-	15.16%	17.84%	52.37%	21.54%	15.13%	18.07%	12.57%
Nbr of stocks (in thousands)	4,624,923	4,557,801	4,517,704	4,458,288	4,441,340	4,439,053	4,439,053	4,439,053
Announcement Date	2/3/21	2/2/22	2/1/23	1/31/24	2/5/25	-	-	-