Market capitalisation
?
Share price multiplied by shares outstanding. It does not measure company cash.
Company analysis·NVO
Preparing the analysis
We’re preparing the company’s analysis.
NYSE·NVO
Novo Nordisk A/S
Share price$40.67Price as of: Nov 9, 2026
Novo Nordisk A/S (NVO) is a company listed on NYSE, classified under Drug Manufacturers - General.
Novo Nordisk develops, manufactures, and distributes medicines globally in two main lines: Obesity And Diabetes Care (treating diabetes, obesity, and related diseases) and Rare Disease (targeting rare blood/endocrine…
Revenue · FY 2025
?
Sales generated during the period, before costs and expenses.
Net margin · FY 2025
?
Net income as a proportion of revenue.
“Our take” and other explanations are generated with artificial intelligence from the data, without human review of each text. They are descriptive, not recommendations. Learn more
Explore questions
P1 · What does it do and how does it make money?
Of every kr100 it takes in,94 come from Obesity And Diabetes Care.
Obesity And Diabetes Care is its largest source of revenue (93.7%), followed by Rare Disease (6.3%). Here you will see what it sells, where, and how that mix is changing.
kr309bnrevenue in FY 2025
2business lines with data
2business lines with data
Full fiscal year ended Dec 31, 2025
After that close
Q3 2026, ended Sep 30, 2026: total revenue +4.9% against the same quarter a year earlier.
This is the revenue of the whole company. The split by lines and regions on this page is still that of the full fiscal year.01How it makes money
The data does not separate products from services.
Not all revenue behaves the same way. A one-off sale depends on someone buying again; a service is billed again and again while the customer stays.
Its business lines · FY 2025
02Where revenue comes from
A single line brings in half or more.
Each rectangle is a business line and its size is the share of revenue it brings in. Select one to see the detail.
No room for a label in the mosaic
Area = share of total revenue for the year. It does not show profit: the company does not report what each line earns.
What is a segment's weight?
The part of everything the company takes in that comes from that line. If a line weighs 49%, then of every 100 in sales, 49 come from it.
How to read it
The more a line weighs, the more revenue depends on it. A high weight is neither good nor bad by itself: it shows where to look first.
03Where sales come from
The regions stop at FY 2023.
Latest breakdown we have · FY 2023, ended Dec 31, 2023
- North America58.8%
- EMEA21.9%
- Rest of World12.1%
It is from FY 2023: it is not compared with FY 2025 and does not describe today's split.
04How the mix is changing
The mix barely changes.
Weight of each part in 2024 and in 2025. A line gains weight when it grows faster than the total.
FY 2024FY 2025
pp = percentage points: the difference between two percentages (from 25% to 27% is 2 pp).
05Read with care
What we can deduce from the data. And what we cannot.
We can deduceWe cannot conclude
01
The 6.4% revenue growth in FY 2025 did not convert equally into net profit (+1.4%) because net margin dropped to 33.1%. Reliance on sales growth added risk to earnings.
That Obesity And Diabetes Care's margin still warranted its dominance: without profit by line, the margin drop could be mix, pricing or costs not shown here.
Our take
Novo Nordisk relies almost entirely on Obesity And Diabetes Care for both revenue and growth; true diversification is extremely limited.
- 01Shown by the figures
Extreme dependence on one line
Obesity And Diabetes Care controls almost all revenue and nearly all growth: real diversification across lines is minimal. Rare Disease barely impacts the result if it fluctuates.
- 02Shown by the figures
Growth did not boost profitability
Despite revenue growth in FY 2025, net profit barely increased and net margin fell: sales expansion was not matched by earnings. We do not know if any line supported margin better.
What is not proven
If Rare Disease grew faster, could it ever reduce dependence on Obesity And Diabetes Care? Profitability by line is missing to know if it diversifies earnings.
See the calculations behind it
- Obesity And Diabetes Care brought DKK 17.7B of the DKK 18.7B by which revenue grew in FY 2025 (94.8%), although it weighed 93.6%. Without that line, the rest grew 5.2%.
- Dependence on Obesity And Diabetes Care barely changes: 93.6% of revenue in FY 2024 and 93.7% in FY 2025.
- Obesity And Diabetes Care accounts for 94.8% of the change in revenue in FY 2025 and weighed 93.6%.
- Obesity And Diabetes Care weighs more than all the other lines together: 93.7% of revenue in FY 2025.
With data to Nov 4, 2026. Analysis written by a language model from our calculations, which supply every figure. It is not investment advice.
Next step