As of Q4'25, NVO reported a net income of USD 25.4B, representing a year-over-year decline of 9.9%. This marks a reversal from the previous quarter’s lower net income of USD 20B and negative YoY growth, indicating some recovery in absolute profit but continued pressure on annual growth rates. From Q1'23 to Q4'25, NVO’s net income exhibited notable volatility, with strong growth through 2023—peaking at USD 29B in Q1'25—followed by a sharp drop to USD 20B in Q3'25. Year-over-year growth rates were robust in 2023, consistently above 28%, but decelerated significantly in 2024 and turned negative in the latter half of 2025. This suggests a period of rapid expansion followed by normalization and recent contraction, highlighting the importance of monitoring future quarters for signs of sustained recovery or further decline.