Financials Novo Nordisk A/S

Equities

NOVO B

DK0062498333

Pharmaceuticals

Market Closed - Nasdaq Copenhagen Other stock markets 11:20:00 2024-12-09 am EST			5-day change	1st Jan Change
782.30 ^DKK	-0.41%		+3.30%	+12.06%

Dec. 09	NOVO NORDISK : UBS reaffirms its Neutral rating	ZD
Dec. 09	NOVO NORDISK : Bernstein reiterates its Sell rating	ZD

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	286,781	345,071	404,952
Change	-	4.04%	10.91%	25.68%	31.26%	23.47%	20.33%	17.35%
EBITDA ¹	58,144	59,879	64,669	82,171	111,987	142,068	174,093	207,312
Change	-	2.98%	8%	27.06%	36.29%	26.86%	22.54%	19.08%
EBIT ¹	52,483	54,126	58,644	74,809	102,574	127,470	158,717	187,914
Change	-	3.13%	8.35%	27.56%	37.11%	24.27%	24.51%	18.4%
Interest Paid ¹	-3,930	-996	436	-5,747	2,100	-104.6	-1,823	-884.4
Earnings before Tax (EBT) ¹	48,553	53,130	59,080	69,062	104,674	127,203	156,987	187,649
Change	-	9.43%	11.2%	16.9%	51.57%	21.52%	23.42%	19.53%
Net income ¹	38,951	42,138	47,757	55,525	83,683	101,241	125,215	149,221
Change	-	8.18%	13.33%	16.27%	50.71%	20.98%	23.68%	19.17%
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	81,326	79,926	80,975	83,684	90,806
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%	14.04%	-1.72%	1.31%	3.35%	8.51%
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	35,144	37,721	45,048	42,416	45,093
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%	-2.3%	7.33%	19.42%	-5.84%	6.31%
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	34,769	34,364	37,902	40,154	42,301
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%	2.8%	-1.16%	10.3%	5.94%	5.35%
Charge d'intérêts ¹	-794	-1,281	-422	-	824	956	138	-137	-521	-1,228	-1,596	-2,152	-771	-270	-	-	-	72	-602	562	-136.7	-1,162	-916	-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	34,418	32,846	36,915	40,920	42,752
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%	0.1%	-4.57%	12.39%	10.85%	4.48%
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	27,647	28,254	29,372	32,016	32,292
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%	1.27%	2.2%	3.95%	9.01%	0.86%
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	17,726	-468	-17,809
Change	-	-121.84%	281.51%	-75.87%	-245.88%	449.81%	-102.64%	-3,905.34%
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	45,159	44,619	44,297
Change	-	-34.79%	8.76%	91.73%	112.47%	74.99%	-1.2%	-0.72%
Free Cash Flow (FCF) ¹	34,451	28,565	29,319	57,362	68,326	68,190	94,607	120,345
Change	-	-17.09%	2.64%	95.65%	19.11%	-0.2%	38.74%	27.2%
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%	49.54%	50.45%	51.19%
EBIT Margin (%)	43.01%	42.64%	41.65%	42.28%	44.16%	44.45%	46%	46.4%
EBT Margin (%)	39.79%	41.85%	41.96%	39.03%	45.07%	44.36%	45.49%	46.34%
Net margin (%)	31.92%	33.19%	33.92%	31.38%	36.03%	35.3%	36.29%	36.85%
FCF margin (%)	28.23%	22.5%	20.82%	32.42%	29.42%	23.78%	27.42%	29.72%
FCF / Net Income (%)	88.45%	67.79%	61.39%	103.31%	81.65%	67.35%	75.56%	80.65%
Profitability
ROA	32.96%	31.15%	28.14%	25.48%	30.12%	26.86%	28.75%	30.64%
ROE	71.19%	69.7%	71.24%	72%	88.07%	82.3%	77.04%	72.63%
Financial Health
Leverage (Debt/EBITDA)	-	-	0.14x	0.03x	-	0.12x	-	-
Debt / Free cash flow	-	-	0.31x	0.04x	-	0.26x	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.32%	4.59%	4.5%	6.86%	11.11%	15.75%	12.93%	10.94%
CAPEX / EBITDA (%)	15.36%	9.73%	9.8%	14.78%	23.04%	31.79%	25.63%	21.37%
CAPEX / FCF (%)	25.93%	20.39%	21.61%	21.17%	37.77%	66.23%	47.16%	36.81%
Items per share
Cash flow per share ¹	9.837	11.1	11.94	17.36	24.23	23.94	29.71	34.99
Change	-	12.85%	7.57%	45.37%	39.6%	-1.21%	24.09%	17.78%
Dividend per Share ¹	4.175	4.55	5.2	6.2	9.4	11.27	14.62	17.68
Change	-	8.98%	14.29%	19.23%	51.61%	19.91%	29.74%	20.9%
Book Value Per Share ¹	12.21	13.47	15.31	18.31	23.77	32.09	42.87	54.43
Change	-	10.32%	13.65%	19.56%	29.84%	34.98%	33.61%	26.96%
EPS ¹	8.19	9.005	10.37	12.22	18.62	22.6	28.4	34.24
Change	-	9.95%	15.16%	17.84%	52.37%	21.38%	25.65%	20.57%
Nbr of stocks (in thousands)	4,703,720	4,624,923	4,557,801	4,517,704	4,458,288	4,424,320	4,424,320	4,424,320
Announcement Date	2/5/20	2/3/21	2/2/22	2/1/23	1/31/24	-	-	-