As of Q4'25, NVO's latest reported operating expenses show R&D Expenses at USD 10.67B and SG&A Expenses at USD 14.54B. This reflects a slight decrease in both categories compared to the previous quarter, where R&D was USD 15.39B and SG&A was USD 17.88B. From Q1'23 to Q4'25, both R&D and SG&A expenses have demonstrated significant volatility, with notable spikes in Q2'24 (R&D at USD 16.17B) and Q4'24 (SG&A at USD 20.28B). Despite these fluctuations, the overall trend suggests a general increase in operating expenses over the observed period, punctuated by sharp rises and subsequent corrections, indicating dynamic changes in spending priorities and possible strategic investments.