Novo Nordisk A/S vs Eli Lilly and: Business Model & Financial Comparison 2026
Novo Nordisk A/S · Healthcare / Drug Manufacturers - General·Eli Lilly and · Healthcare / Drug Manufacturers - General
Financial Comparison
| Metric | NVONovo Nordisk A/S | LLYEli Lilly and |
|---|---|---|
| Market Cap | $169.56B | $874.66B |
| Revenue (TTM) | $309.06B | $65.18B |
| Revenue Growth | -7.6% | 42.6% |
| Gross Margin | 82.4% | 83.0% |
| Operating Margin | 44.5% | 44.9% |
| Net Margin | 33.1% | 31.7% |
| Return on Equity | 60.7% | 101.2% |
| P/E (Trailing) | 10.7x | 42.5x |
| P/E (Forward) | 11.4x | 23.3x |
| Free Cash Flow | $376.9M | $1.95B |
| Cash | $26.96B | $7.27B |
| Total Debt | $130.96B | $43.87B |
Data sourced from Yahoo Finance. Green highlights indicate better performance for that metric. Use the interactive tool for real-time data.
Business Model Comparison
Novo Nordisk A/S
Novo Nordisk A/S stands as a leading company in Healthcare. Generating $309.06 billion in annual revenue (growing -7.6% year-over-year) and carrying a market capitalization of $173.66 billion, the company has cemented its position as a foundational player in the global Drug Manufacturers - General landscape. Under the leadership of its leadership team, Novo Nordisk A/S continues to execute on a multi-year strategic vision that balances growth inv…
Full Novo Nordisk A/S analysis →Eli Lilly and
Eli Lilly and Company stands as a leading company in Healthcare. Generating $65.18 billion in annual revenue (growing 42.6% year-over-year) and carrying a market capitalization of $880.04 billion, the company has cemented its position as a foundational player in the global Drug Manufacturers - General landscape. Under the leadership of its leadership team, Eli Lilly and Company continues to execute on a multi-year strategic vision that balances g…
Full Eli Lilly and analysis →SWOT Analysis Comparison
Strengths
Novo Nordisk A/S
- With a market capitalization of $173.66B, Novo Nordisk A/S is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital access tha
- Novo Nordisk A/S's gross margin of 82.4% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 44.5% demonstrates disc
- A return on equity of 60.7% demonstrates that Novo Nordisk A/S generates strong returns from shareholder capital, a hallmark of companies with durable competitive advantages.
Eli Lilly and
- With a market capitalization of $880.04B, Eli Lilly and Company is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital acces
- Eli Lilly and Company's gross margin of 83.0% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 44.9% demonstrates
- Revenue grew 42.6% year-over-year to $65.18B, indicating strong demand for Eli Lilly and Company's products and services and outperformance relative to many industry peers.
Weaknesses
Novo Nordisk A/S
- Novo Nordisk A/S's debt-to-equity ratio of 67.5 indicates meaningful financial leverage. Total debt stands at $130.96B against $26.96B in cash and equivalents.
- Year-over-year revenue declined 7.6%, raising questions about demand for Novo Nordisk A/S's core offerings and requiring management to articulate a credible recovery path.
Eli Lilly and
- With a debt-to-equity ratio of 165.3, Eli Lilly and Company carries significant debt relative to equity. While manageable given its cash flow, elevated leverage limits financial flexibility and increa
Opportunities
Novo Nordisk A/S
- Novo Nordisk A/S operates in the Drug Manufacturers - General segment of the broader Healthcare sector, which represents a $12 trillion global healthcare market by 2030. Even modest share gains in thi
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Novo No
- With $26.96B in cash and strong free cash flow generation, Novo Nordisk A/S is well-positioned to pursue strategic acquisitions that expand its capabilities, customer base, or geographic reach.
Eli Lilly and
- Eli Lilly and Company operates in the Drug Manufacturers - General segment of the broader Healthcare sector, which represents a $12 trillion global healthcare market by 2030. Even modest share gains i
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Eli Lil
- Earnings growth of 51.4% YoY demonstrates Eli Lilly and Company's ability to convert revenue growth into shareholder value. Analysts project continued earnings expansion driven by operating leverage a
Threats
Novo Nordisk A/S
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Novo Nordisk A/S's revenue is not fully insulated from macroeconomic cycles, and a recession
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Novo Nordisk A/S's
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
Eli Lilly and
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Eli Lilly and Company's revenue is not fully insulated from macroeconomic cycles, and a rece
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Eli Lilly and Compa
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
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Open Comparison ToolNovo Nordisk A/S vs Eli Lilly and: FAQ
- Is Novo Nordisk A/S bigger than Eli Lilly and?
- By market capitalization, Eli Lilly and is larger at $874.66B vs Novo Nordisk A/S's $169.56B.
- Which has better profit margins — Novo Nordisk A/S or Eli Lilly and?
- Novo Nordisk A/S has higher net profit margins (33.1%) compared to Eli Lilly and (31.7%). Gross and operating margins are compared in the table above.
- What sectors do Novo Nordisk A/S and Eli Lilly and operate in?
- Novo Nordisk A/S operates in the Healthcare sector (Drug Manufacturers - General). Eli Lilly and operates in the Healthcare sector (Drug Manufacturers - General).
- How does Novo Nordisk A/S's revenue compare to Eli Lilly and's?
- Novo Nordisk A/S generates $309.06B in annual revenue (TTM) while Eli Lilly and generates $65.18B. Novo Nordisk A/S is the larger company by revenue as of 2026.