In Q4'25, NVO's operating expenses reached a total of approximately 32.09B USD, with SG&A Expenses at 17.44B USD and R&D Expenses at 14.65B USD, reflecting a slight moderation from the elevated Q3'25 levels but remaining robust amid ongoing investments. From Q1'23 to Q4'25, operating expenses exhibited strong overall growth, increasing from 20.21B USD to 32.09B USD, driven by significant expansions in both R&D (from 6.73B USD to 14.65B USD) and SG&A (from 13.48B USD to 17.44B USD), with notable spikes in Q2'24 (R&D at 16.17B USD) and Q4'24 (SG&A at 20.28B USD) indicating intensified research and administrative activities; however, periodic fluctuations, such as dips in Q1'24 and Q1'25, suggest strategic adjustments in spending patterns across the quarterly timeframe.