Novo Nordisk A/S, a healthcare company, engages in the research, development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes and Obesity care, and Rare Disease. The Diabetes and Obesity care segment provides products in the areas of insulins, GLP-1 and related delivery systems, oral antidiabetic products, obesity, glucagon, needles, and other chronic diseases. The Rare Disease segment offers products in the areas of haemophilia, blood disorders, endocrine disorders, growth disorders, and hormone replacement therapy. The company has a collaboration agreement with Gilead Sciences, Inc.; and research collaboration with Novo Nordisk to discover cell-specific carriers of nucleic acid therapeutics. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

Novo Nordisk A/S

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Revenue

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	103,773	111,068	104,615	100,988	94,721	89,898
Net Profit
Depreciation & Amortization	21,618	16,011	20,023	19,107	16,901	17,276
Depreciation, Amortisation and Impairment Losses
Other Adjustments	38,710	40,519	44,812	41,232	55,237	36,914
Income Taxes in the Income Statement
NNIT Non-Recurring Income Included in 'Other Operating Income'
Other Non-Cash Items
Changes in Other Operating Activities	-40,317	-45,741	-37,875	-40,359	-48,311	-28,607
Change in Working Capital
Income Taxes Paid
Interest Received
Interest Paid
Interest Received
Interest Paid
Cash from Operating Activities	123,784	121,527	131,245	120,968	118,218	115,334
Net Cash Flows from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-57,812	-56,303	-52,112	-47,164	-40,470	-34,179
Purchase of Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Sale of Property, Plant and Equipment
Purchases of Intangible Assets	-5,022	-3,620	-4,774	-4,145	-10,717	-15,128
Purchase of Intangible Assets
Purchases of Investments	-578	-13,503.5	-22,786.5	-19,814	-20,409	-16,804
Purchase of Marketable Securities
Purchase of Other Financial Assets
Investment in Associated Companies
Proceeds from Sale of Investments	17,833	17,863	18,294	24,391	19,867	22,044
Sale of Marketable Securities
Proceeds from Other Financial Assets
Dividend Received from Associated Companies
Proceeds from the Divestment of Group and Associated Companies
Payments for Business Acquisitions	—	—	—	-82,163	—	—
Cash Used for Acquisition of Businesses
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from the Partial Divestment of NNIT a/S
Cash from Investing Activities	-127,562	-149,816	-156,299	-128,895	-69,171	-60,667
Net Cash Provided by Investing Activities
Net Cash Flows from Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	152,583	151,989	141,267	79,391	—	—
Proceeds from Issue of Bonds
Proceeds from Borrowings
Repayments of Long-Term Debt	-78,468	-77,854	-18,050	-6,335	-6,257	-5,986
Repayment of Borrowings
Repayment of Borrowings, Net
Net Issuance / (Repayments) of Long-Term Debt	74,115	74,135	123,217	73,056	-6,257	-5,986
Repurchases of Common Shares	—	-11,978	-18,733	-20,181	-22,451	-26,187
Purchase of Treasury Shares
Net Issuance / (Repurchases) of Common Shares	—	-11,978	-18,733	-20,181	-22,451	-26,187
Common Share Dividends Paid	-59,554.5	-58,474.5	-72,927	-44,140	-65,133.5	-62,980.5
Dividends Paid
Cash from Financing Activities	-21,040	-22,345	40,568	8,735	-38,216	-39,647
Net Cash Flows from Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	65,972	65,224	79,133	73,804	77,748	81,155
NOPAT	104,360.7	112,661.7	106,969.7	101,899.5	94,017.3	88,724.7
Levered Free Cash Flow	101,377	64,327	123,025	105,628	16,254	38,402
Unlevered Free Cash Flow	27,849.7	26,298.7	36,675.7	33,483.5	21,807.3	43,214.7
Net Change in Cash	-24,818	-33,859	32,289	808	27,606	15,020