In Q4'25, Novo Nordisk's cash and short-term investments stood at $27B USD, reflecting a modest increase from $32B in Q3'25 but remaining below the peak of $75B observed in Q3'24. Meanwhile, total debt reached $131B USD, up from $101B in Q3'25 and continuing a sharp upward trajectory that has more than quadrupled since Q1'23's $26B level. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited high volatility, surging to a high of $75B in Q3'24 before fluctuating downward with notable dips to $9B in Q1'24 and $9B in Q2'24, suggesting irregular liquidity management possibly tied to operational or investment activities. In contrast, debt showed a consistent upward trend, climbing steadily from $26B in Q1'23 to $131B in Q4'25, with acceleration in 2024 driven by jumps to $57B in Q2'24 and $103B in Q4'24, indicating aggressive borrowing that has outpaced cash growth and widened the net debt position significantly. This pattern highlights potential financing strategies for expansion, though it raises concerns about leverage amid volatile cash reserves.