Financials Novo Nordisk A/S

Equities

NOVO B

DK0062498333

Pharmaceuticals

Real-time Estimate Cboe Europe Other stock markets 04:35:10 2025-01-21 am EST			5-day change	1st Jan Change
565.70 ^DKK	+2.61%		-5.22%	-10.06%

Jan. 03	New Year, Soft Start
Jan. 03	BNP Paribas Exane Cuts Novo Nordisk PT, Maintains at Outperform	MT

Projected Income Statement: Novo Nordisk A/S

income-statement-evolution-chart NOVO-NORDISK-A-S

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	122,021	126,946	140,800	176,954	232,261	286,196	347,259	407,471
Change	-	4.04%	10.91%	25.68%	31.26%	23.22%	21.34%	17.34%
EBITDA ¹	58,144	59,879	64,669	82,171	111,987	141,904	173,060	206,640
Change	-	2.98%	8%	27.06%	36.29%	26.71%	21.96%	19.4%
EBIT ¹	52,483	54,126	58,644	74,809	102,574	126,110	157,183	186,570
Change	-	3.13%	8.35%	27.56%	37.11%	22.95%	24.64%	18.7%
Interest Paid ¹	-3,930	-996	436	-5,747	2,100	-106.2	-2,489	-1,493
Earnings before Tax (EBT) ¹	48,553	53,130	59,080	69,062	104,674	125,878	155,392	185,683
Change	-	9.43%	11.2%	16.9%	51.57%	20.26%	23.45%	19.49%
Net income ¹	38,951	42,138	47,757	55,525	83,683	100,585	123,602	147,515
Change	-	8.18%	13.33%	16.27%	50.71%	20.2%	22.88%	19.35%
Announcement Date	2/5/20	2/3/21	2/2/22	2/1/23	1/31/24	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	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
Net sales ¹	32,417	33,875	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	80,534	79,738	82,655	89,643	92,984
Change	-	4.5%	-11.42%	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%	12.93%	-0.99%	3.66%	8.45%	3.73%
EBITDA ¹	13,271	17,388	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	35,204	37,718	42,963	46,208	45,878
Change	-	31.02%	-13.76%	-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%	-2.13%	7.14%	13.9%	7.55%	-0.72%
EBIT ¹	11,873	16,302	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	33,453	34,205	37,086	43,241	42,480
Change	-	37.3%	-15.11%	-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%	-1.09%	2.25%	8.42%	16.6%	-1.76%
Charge d'intérêts ¹	-794	-1,281	-422	-	824	956	138	-137	-521	-1,228	-1,596	-2,152	-771	-270	-	-	-	72	-602	562	-135.5	-805	-845	-775	-725
Earnings before Tax (EBT) ¹	11,079	15,021	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	32,265	31,968	35,909	43,650	41,941
Change	-	35.58%	-10.69%	-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%	-6.16%	-0.92%	12.33%	21.56%	-3.92%
Net income ¹	8,717	11,897	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	26,110	27,605	28,788	32,951	31,200
Change	-	36.48%	-10.69%	-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%	-4.36%	5.73%	4.28%	14.46%	-5.31%
Announcement Date	2/5/20	5/6/20	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	-	-	-	-	-

¹DKK in Million

Estimates

Forecast Balance Sheet: Novo Nordisk A/S

balance-sheet-analysis-chart NOVO-NORDISK-A-S

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-10,992	-2,401	9,160	2,210	-3,224	60,266	26,589	2,409
Change	-	-121.84%	281.51%	-75.87%	-245.88%	1,769.29%	-55.88%	-90.94%
Announcement Date	2/5/20	2/3/21	2/2/22	2/1/23	1/31/24	-	-	-

¹DKK in Million

Estimates

Cash Flow Forecast: Novo Nordisk A/S

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	8,932	5,825	6,335	12,146	25,806	45,497	45,336	45,040
Change	-	-34.79%	8.76%	91.73%	112.47%	76.31%	-0.35%	-0.65%
Free Cash Flow (FCF) ¹	34,451	28,565	29,319	57,362	68,326	70,383	92,647	120,742
Change	-	-17.09%	2.64%	95.65%	19.11%	3.01%	31.63%	30.32%
Announcement Date	2/5/20	2/3/21	2/2/22	2/1/23	1/31/24	-	-	-

¹DKK in Million

Estimates

Forecast Financial Ratios: Novo Nordisk A/S

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	47.65%	47.17%	45.93%	46.44%	48.22%	49.58%	49.84%	50.71%
EBIT Margin (%)	43.01%	42.64%	41.65%	42.28%	44.16%	44.06%	45.26%	45.79%
EBT Margin (%)	39.79%	41.85%	41.96%	39.03%	45.07%	43.98%	44.75%	45.57%
Net margin (%)	31.92%	33.19%	33.92%	31.38%	36.03%	35.15%	35.59%	36.2%
FCF margin (%)	28.23%	22.5%	20.82%	32.42%	29.42%	24.59%	26.68%	29.63%
FCF / Net Income (%)	88.45%	67.79%	61.39%	103.31%	81.65%	69.97%	74.96%	81.85%
Profitability
ROA	32.96%	31.15%	28.14%	25.48%	30.12%	26.63%	28.16%	29.39%
ROE	71.19%	69.7%	71.24%	72%	88.07%	82.32%	73.7%	67.97%
Financial Health
Leverage (Debt/EBITDA)	-	-	0.14x	0.03x	-	0.42x	0.15x	0.01x
Debt / Free cash flow	-	-	0.31x	0.04x	-	0.86x	0.29x	0.02x
Capital Intensity
CAPEX / Current Assets (%)	7.32%	4.59%	4.5%	6.86%	11.11%	15.9%	13.06%	11.05%
CAPEX / EBITDA (%)	15.36%	9.73%	9.8%	14.78%	23.04%	32.06%	26.2%	21.8%
CAPEX / FCF (%)	25.93%	20.39%	21.61%	21.17%	37.77%	64.64%	48.93%	37.3%
Items per share
Cash flow per share ¹	9.837	11.1	11.94	17.36	24.23	23.54	28.96	35.55
Change	-	12.85%	7.57%	45.37%	39.6%	-2.85%	23.01%	22.75%
Dividend per Share ¹	4.175	4.55	5.2	6.2	9.4	10.93	13.94	16.95
Change	-	8.98%	14.29%	19.23%	51.61%	16.29%	27.54%	21.58%
Book Value Per Share ¹	12.21	13.47	15.31	18.31	23.77	31.7	46.45	58.18
Change	-	10.32%	13.65%	19.56%	29.84%	33.37%	46.5%	25.27%
EPS ¹	8.19	9.005	10.37	12.22	18.62	22.36	27.49	33.23
Change	-	9.95%	15.16%	17.84%	52.37%	20.11%	22.93%	20.89%
Nbr of stocks (in thousands)	4,703,720	4,624,923	4,557,801	4,517,704	4,458,288	4,440,662	4,440,662	4,440,662
Announcement Date	2/5/20	2/3/21	2/2/22	2/1/23	1/31/24	-	-	-