- Price
- $37.91 → $38.64(+1.9%)
- Discount
- 9.7% → 8.0%(−1.7 pts)
- Balance sheet
- Cash: DKK 44.5B
Debt: DKK 131.5B
Net debt: DKK 86.5B
EBITDA, last 12 months: DKK 169.0B
Net debt / EBITDA: 0.5× (low)
Interest cover: 31×
Debt due within 12 months: DKK 18.3B
Ratings: S&P AA (stable outlook), Moody's Aa3 (stable outlook)
Novo Nordisk had almost no net debt until 2024. Then it borrowed to buy three fill-finish plants from its controlling shareholder Novo Holdings, which came with the Catalent deal. Later it borrowed, and later to buy Akero Therapeutics. At June 30, 2026, borrowings excludingDebt excludes leases were DKK 131.5 billion, with DKK 18.3 billion due within one year. Most of thisit is fixed-rate Eurobonds under a EUR 30 billion EMTN programme. There are also some Swiss franc bonds, bank loans and commercial paper. After cash of DKK 44.5 billion, net debt was DKK 86.5 billion. ThisInterest cover is about half of the DKK 169 billion of EBITDAoperating profit over the 12 months to June 2026. Interestinterest paid of DKK 2.8 billion in the first half of 2026 was small next to operating profit of DKK 86.7 billion. S&P Global rates Novo AA and Moody's rates it Aa3, both with a stable outlook. An undrawn EUR 3.3 billion committed credit facility, which matures in 2030, adds liquidity. In the first half of 2026, free cash flow was DKK 55.3 billion. It paid for DKK 35.3 billion of dividends and DKK 5.9 billion of share buybacks. The buybacks are part of a DKK 15 billion programme that runs to February 2027. The debt does not limit Novo's choices. Falling profits would cut buybacks and acquisitions before they put the high credit ratings at risk.
As of 2026-06-30.