How Novo Nordisk makes money

Period

FY2025

How does Novo Nordisk make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Novo Nordisk A/S · FY2025 · year ended 2025-12-31

Revenue$46.6BGross profit$37.8B · 81%Cost of revenue$8.9B · 19%Operating income$19.3B · 41%Operating expenses$18.5B · 40%R&D$7.9B · 17%Other opex$10.7B · 23%Pre-tax income$19.7B · 42%Other income$435M · 1%Net income$15.5B · 33%Income tax$4.2B · 9%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.