Novo Nordisk A S balance sheet

At the end of fiscal 2025, Novo Nordisk A S had total assets of $85.31bn, total liabilities of $54.82bn and shareholders' equity of $30.49bn. It held $4.16bn in cash against $41.49bn of debt: net debt of $37.33bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Novo Nordisk A S: balance sheet, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	2.3	2.0	1.6	1.8	2.1	2.2	4.2
Inventory	—	3.0	3.0	3.5	4.7	5.7	7.8
Total current assets	—	10.8	13.0	15.6	20.7	22.5	27.1
Goodwill	—	—	—	—	—	2.8	3.1
Total assets	—	23.8	29.6	34.7	46.7	64.6	85.3
Total current liabilities	—	11.6	15.1	17.4	25.2	30.2	33.9
Short-term debt	—	2.5	4.2	0.4	2.6	4.2	5.3
Long-term debt	—	0.5	3.4	6.5	5.4	18.9	36.2
Total debt	0.7	2.9	7.6	6.9	8.1	23.1	41.5
Total liabilities	—	13.4	18.8	22.7	30.9	44.7	54.8
Shareholders' equity	8.7	10.4	10.8	12.0	15.8	19.9	30.5
Net debt (negative = net cash)	−1.6	0.9	6.0	5.1	5.9	20.9	37.3
Shares outstanding	4,800m	4,700m	4,620m	4,500m	4,458m	4,441m	4,444m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Novo Nordisk A S's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Novo Nordisk A S.