As of Q4'25, NVO's gross margin reached 98.5%, operating margin was 53.6%, and net profit margin stood at 42.1%. These figures represent a significant increase compared to the previous quarter, particularly for gross and operating margins, which both saw notable jumps. From Q1'23 to Q4'25, the profit margins displayed moderate volatility with periods of stability followed by sharp movements, especially in the second half of 2025. Gross margin generally remained high, fluctuating between 83.3% and 85.5% before spiking to 98.5% in Q4'25. Operating margin and net profit margin followed a similar pattern, with both experiencing a dip in Q3'25 (31.6% and 26.7% respectively) before rebounding strongly in Q4'25. This suggests a recent and substantial improvement in profitability after a period of margin compression.