Novo Nordisk A/S (NVO) balance sheet

NYSE · Healthcare · Drug Manufacturers - General · 68,794 employees · CEO Maziar Mike Doustdar

Price: $40.00 +2.20%
Market cap: $176B
Enterprise value: DKK 1.27T
Last report: Q2 '26 filed 2026-08-04
Next report: 2026-11-04

At the end of Q2 '26 Novo Nordisk A/S (NVO) held DKK 45B in cash and short-term investments against DKK 140B of debt incl. leases. Total assets DKK 595B, total liabilities DKK 374B, shareholders' equity DKK 221B.

Balance sheet

Balance sheet	Q3 '23	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26
Assets
Cash & equivalents	DKK 4.28B	DKK 14.4B	DKK 6.32B	DKK 7.59B	DKK 57B	DKK 15.7B	DKK 38.9B	DKK 18.4B	DKK 32.1B	DKK 26.5B	DKK 21.1B	DKK 44.5B
Short-term investments	DKK 2.48B	DKK 15.8B	DKK 2.98B	DKK 1.41B	DKK 17.9B	DKK 10.7B	DKK 2.61B	DKK 499M	DKK 499M	DKK 498M	DKK 499M	DKK 500M
Receivables	DKK 7.69B	DKK 75.3B	DKK 71.8B	DKK 9.55B	DKK 69.5B	DKK 87.4B	DKK 86.4B	DKK 85.8B	DKK 92.4B	DKK 75.7B	DKK 100B	DKK 109B
Inventory	DKK 4.19B	DKK 31.8B	DKK 33.6B	DKK 5.22B	DKK 37.9B	DKK 40.8B	DKK 42.9B	DKK 45.7B	DKK 47.5B	DKK 49.6B	DKK 51.4B	DKK 51.4B
Other current assets	DKK 1.55B	DKK 2.34B	DKK 1.77B	DKK 1.73B	DKK 2.71B	DKK 6.33B	DKK 3.63B	DKK 12.3B	DKK 9.42B	DKK 20.2B	DKK 4.07B	DKK 3.85B
Current assets	DKK 20.2B	DKK 140B	DKK 116B	DKK 25.5B	DKK 195B	DKK 161B	DKK 174B	DKK 163B	DKK 182B	DKK 172B	DKK 177B	DKK 209B
Property, plant & equipment (net)	DKK 11.6B	DKK 91B	DKK 98.2B	DKK 15.8B	DKK 120B	DKK 162B	DKK 172B	DKK 181B	DKK 193B	DKK 208B	DKK 220B	DKK 232B
Long-term investments	DKK 209M	DKK 1.66B	DKK 1.65B	DKK 238M	DKK 2.05B	DKK 2.68B	DKK 2.7B	DKK 2.64B	DKK 2.73B	DKK 2.51B	DKK 2.24B	DKK 2.33B
Goodwill	DKK 0	DKK 4.46B	DKK 0	DKK 0	DKK 0	DKK 20.1B	DKK 0	DKK 0	DKK 0	DKK 19.8B	DKK 19.9B	DKK 19.9B
Intangible assets	DKK 7.91B	DKK 55.9B	DKK 59.6B	DKK 7.98B	DKK 54.5B	DKK 91B	DKK 109B	DKK 108B	DKK 107B	DKK 110B	DKK 110B	DKK 102B
Deferred tax assets	DKK 2.67B	DKK 20.4B	DKK 21B	DKK 3.24B	DKK 23.5B	DKK 24.6B	DKK 26.3B	DKK 23.7B	DKK 22.8B	DKK 23.6B	DKK 23.8B	DKK 23.7B
Other non-current assets	DKK 61.1M	DKK 1.43B	DKK 2.01B	DKK 313M	DKK 2.46B	DKK 4.02B	DKK 4.04B	DKK 4.44B	DKK 5.08B	DKK 5.86B	DKK 5.99B	DKK 6.43B
Non-current assets	DKK 22.4B	DKK 175B	DKK 183B	DKK 27.6B	DKK 202B	DKK 305B	DKK 315B	DKK 319B	DKK 330B	DKK 370B	DKK 382B	DKK 386B
Total assets	DKK 42.6B	DKK 314B	DKK 299B	DKK 53.1B	DKK 397B	DKK 466B	DKK 489B	DKK 482B	DKK 512B	DKK 543B	DKK 559B	DKK 595B
Liabilities
Accounts payable	DKK 2.85B	DKK 25.6B	DKK 13B	DKK 4.28B	DKK 24.1B	DKK 28.8B	DKK 19.6B	DKK 28.2B	DKK 23.9B	DKK 19.8B	DKK 134B	DKK 155B
Accrued expenses	DKK 0	DKK 99.4B	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0
Short-term debt	DKK 939M	DKK 5.3B	DKK 10.2B	DKK 784M	DKK 5.52B	DKK 11.8B	DKK 22.4B	DKK 12B	DKK 12B	DKK 12B	DKK 27.2B	DKK 18.3B
Taxes payable	DKK 12.3B	DKK 7.12B	DKK 5.96B	DKK 5.91B	DKK 14.7B	DKK 9.72B	DKK 15.5B	DKK 16.9B	DKK 0	DKK 0	DKK 16.1B	DKK 20.5B
Other current liabilities	DKK 19B	DKK 38.1B	DKK 136B	DKK 21.1B	DKK 164B	DKK 166B	DKK 179B	DKK 150B	DKK 176B	DKK 175B	DKK 47.7B	DKK 45.5B
Current liabilities	DKK 24.5B	DKK 170B	DKK 166B	DKK 27B	DKK 208B	DKK 218B	DKK 236B	DKK 208B	DKK 234B	DKK 216B	DKK 225B	DKK 239B
Long-term debt	DKK 2.83B	DKK 16B	DKK 16.8B	DKK 7.42B	DKK 51.5B	DKK 84.2B	DKK 96.3B	DKK 87.3B	DKK 89.2B	DKK 110B	DKK 119B	DKK 122B
Lease obligations (non-current)	DKK 0	DKK 4.55B	DKK 0	DKK 0	DKK 0	DKK 5.43B	DKK 0	DKK 0	DKK 0	DKK 8.57B	DKK 0	DKK 0
Deferred tax liabilities	DKK 1.12B	DKK 10.2B	DKK 9.66B	DKK 1.3B	DKK 8.66B	DKK 5.43B	DKK 8.71B	DKK 9.8B	DKK 9.27B	DKK 6.61B	DKK 5.01B	DKK 4.27B
Other non-current liabilities	DKK 958M	DKK 7.58B	DKK 7.98B	DKK 1.19B	DKK 8.45B	DKK 9.68B	DKK 9.49B	DKK 9.46B	DKK 9.59B	DKK 7.64B	DKK 6.82B	DKK 8.52B
Non-current liabilities	DKK 4.91B	DKK 38.3B	DKK 34.4B	DKK 9.91B	DKK 68.6B	DKK 105B	DKK 115B	DKK 107B	DKK 108B	DKK 133B	DKK 131B	DKK 135B
Total liabilities	DKK 29.4B	DKK 208B	DKK 200B	DKK 36.9B	DKK 277B	DKK 322B	DKK 351B	DKK 314B	DKK 342B	DKK 349B	DKK 356B	DKK 374B
Equity
Common stock & paid-in capital	DKK 64M	DKK 451M	DKK 451M	DKK 64.1M	DKK 446M	DKK 446M	DKK 446M	DKK 446M	DKK 446M	DKK 446M	DKK 446M	DKK 446M
Retained earnings	DKK 13B	DKK 105B	DKK 99.1B	DKK 16.1B	DKK 122B	DKK 144B	DKK 137B	DKK 164B	DKK 169B	DKK 195B	DKK 206B	DKK 224B
Accumulated other comprehensive income	DKK 115M	DKK 1.28B	-DKK 585M	-DKK 10.5M	-DKK 1.59B	-DKK 1.41B	DKK 777M	DKK 3.17B	DKK 923M	-DKK 1.7B	-DKK 3.8B	-DKK 3.33B
Shareholders' equity	DKK 13.2B	DKK 107B	DKK 98.9B	DKK 16.2B	DKK 121B	DKK 143B	DKK 139B	DKK 168B	DKK 170B	DKK 194B	DKK 203B	DKK 221B
Debt
Total debt (incl. leases)	DKK 3.77B	DKK 27B	DKK 26.9B	DKK 8.2B	DKK 57B	DKK 103B	DKK 119B	DKK 99.3B	DKK 101B	DKK 131B	DKK 146B	DKK 140B
Net debt (debt - cash)	-DKK 512M	DKK 12.6B	DKK 20.6B	DKK 609M	-DKK 46M	DKK 87.1B	DKK 79.8B	DKK 80.8B	DKK 69.1B	DKK 104B	DKK 125B	DKK 95.6B

Balance sheet	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Assets
Cash & equivalents	DKK 18.7B	DKK 18.9B	DKK 15.6B	DKK 15.5B	DKK 12.8B	DKK 10.7B	DKK 12.7B	DKK 14.4B	DKK 15.7B	DKK 26.5B
Short-term investments	DKK 2.01B	DKK 0	DKK 0	DKK 0	DKK 0	DKK 6.77B	DKK 10.9B	DKK 15.8B	DKK 10.7B	DKK 498M
Receivables	DKK 24.2B	DKK 23.6B	DKK 26.9B	DKK 29.2B	DKK 32.2B	DKK 46.8B	DKK 57.5B	DKK 75.3B	DKK 87.4B	DKK 75.7B
Inventory	DKK 14.3B	DKK 15.4B	DKK 16.3B	DKK 17.6B	DKK 18.5B	DKK 19.6B	DKK 24.4B	DKK 31.8B	DKK 40.8B	DKK 49.6B
Other current assets	DKK 529M	DKK 5.69B	DKK 4.31B	DKK 188M	DKK 2.33B	DKK 1.69B	DKK 9.67B	DKK 2.34B	DKK 6.33B	DKK 20.2B
Current assets	DKK 59.8B	DKK 60.1B	DKK 59.1B	DKK 62.5B	DKK 65.8B	DKK 85.6B	DKK 108B	DKK 140B	DKK 161B	DKK 172B
Property, plant & equipment (net)	DKK 30.2B	DKK 35.2B	DKK 41.9B	DKK 50.6B	DKK 50.3B	DKK 55.4B	DKK 66.7B	DKK 91B	DKK 162B	DKK 208B
Long-term investments	DKK 2.2B	DKK 1.76B	DKK 1.77B	DKK 1.81B	DKK 1.65B	DKK 1.44B	DKK 1.34B	DKK 1.66B	DKK 2.68B	DKK 2.51B
Goodwill	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 4.35B	DKK 5.09B	DKK 4.46B	DKK 20.1B	DKK 19.8B
Intangible assets	DKK 2.71B	DKK 3.33B	DKK 5.15B	DKK 5.84B	DKK 20.7B	DKK 38.8B	DKK 46.3B	DKK 55.9B	DKK 91B	DKK 110B
Deferred tax assets	DKK 2.68B	DKK 1.94B	DKK 2.89B	DKK 4.12B	DKK 5.87B	DKK 8.67B	DKK 13.4B	DKK 20.4B	DKK 24.6B	DKK 23.6B
Other non-current assets	DKK 0	DKK 0	DKK 0	DKK 841M	DKK 674M	DKK 267M	DKK 206M	DKK 1.43B	DKK 4.02B	DKK 5.86B
Non-current assets	DKK 37.8B	DKK 42.3B	DKK 51.7B	DKK 63.2B	DKK 79.1B	DKK 109B	DKK 133B	DKK 175B	DKK 305B	DKK 370B
Total assets	DKK 97.5B	DKK 102B	DKK 111B	DKK 126B	DKK 145B	DKK 195B	DKK 241B	DKK 314B	DKK 466B	DKK 543B
Liabilities
Accounts payable	DKK 6.01B	DKK 5.61B	DKK 6.76B	DKK 6.36B	DKK 5.72B	DKK 8.87B	DKK 15.6B	DKK 25.6B	DKK 28.8B	DKK 19.8B
Accrued expenses	DKK 5.07B	DKK 5.62B	DKK 6.58B	DKK 0	DKK 0	DKK 0	DKK 0	DKK 99.4B	DKK 0	DKK 0
Short-term debt	DKK 229M	DKK 1.69B	DKK 515M	DKK 659M	DKK 6.68B	DKK 12.9B	DKK 480M	DKK 5.3B	DKK 11.8B	DKK 12B
Taxes payable	DKK 5.05B	DKK 5.42B	DKK 5.04B	DKK 4.21B	DKK 3.91B	DKK 3.66B	DKK 7.09B	DKK 7.12B	DKK 9.72B	DKK 0
Deferred revenue	DKK 38.6B	DKK 39.4B	DKK 44.9B	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0
Other current liabilities	DKK 32.2B	DKK 29.9B	DKK 40.3B	DKK 46.9B	DKK 53.2B	DKK 73.3B	DKK 96.8B	DKK 38.1B	DKK 166B	DKK 175B
Current liabilities	DKK 47.4B	DKK 47.1B	DKK 54.2B	DKK 59B	DKK 70.3B	DKK 99.5B	DKK 121B	DKK 170B	DKK 218B	DKK 216B
Long-term debt	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 9.65B	DKK 20.8B	DKK 16B	DKK 84.2B	DKK 110B
Lease obligations (non-current)	DKK 0	DKK 0	DKK 0	DKK 3.01B	DKK 2.9B	DKK 3.31B	DKK 3.54B	DKK 4.55B	DKK 5.43B	DKK 8.57B
Deferred tax liabilities	DKK 13M	DKK 846M	DKK 118M	DKK 80M	DKK 2.5B	DKK 5.27B	DKK 7.06B	DKK 10.2B	DKK 5.43B	DKK 6.61B
Other non-current liabilities	DKK 4.82B	DKK 4.64B	DKK 4.65B	DKK 5.95B	DKK 5.93B	DKK 6.01B	DKK 5.45B	DKK 7.58B	DKK 9.68B	DKK 7.64B
Non-current liabilities	DKK 4.83B	DKK 5.48B	DKK 4.77B	DKK 9.04B	DKK 11.3B	DKK 24.2B	DKK 36.8B	DKK 38.3B	DKK 105B	DKK 133B
Total liabilities	DKK 52.3B	DKK 52.5B	DKK 58.9B	DKK 68B	DKK 81.6B	DKK 124B	DKK 158B	DKK 208B	DKK 322B	DKK 349B
Equity
Common stock & paid-in capital	DKK 510M	DKK 500M	DKK 490M	DKK 480M	DKK 470M	DKK 462M	DKK 456M	DKK 451M	DKK 446M	DKK 446M
Retained earnings	DKK 46.1B	DKK 49B	DKK 53.4B	DKK 57.8B	DKK 63.8B	DKK 72B	DKK 80.6B	DKK 105B	DKK 144B	DKK 195B
Accumulated other comprehensive income	-DKK 1.34B	DKK 349M	-DKK 2.05B	-DKK 694M	-DKK 911M	-DKK 1.71B	DKK 2.45B	DKK 1.28B	-DKK 1.41B	-DKK 1.7B
Shareholders' equity	DKK 45.3B	DKK 49.8B	DKK 51.8B	DKK 57.6B	DKK 63.3B	DKK 70.7B	DKK 83.5B	DKK 107B	DKK 143B	DKK 194B
Debt
Total debt (incl. leases)	DKK 229M	DKK 1.69B	DKK 515M	DKK 4.48B	DKK 10.4B	DKK 26.6B	DKK 25.8B	DKK 27B	DKK 103B	DKK 131B
Net debt (debt - cash)	-DKK 18.5B	-DKK 17.2B	-DKK 15.1B	-DKK 11B	-DKK 2.4B	DKK 15.9B	DKK 13.1B	DKK 12.6B	DKK 87.1B	DKK 104B

Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in DKK.

Cash, investments and debt

quarter ends

The other statements

Income statementRevenue, costs, operating income, net income and EPSOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in DKK as reported; price and market cap in USD.