NOVO
Novo Nordisk A/S
Is NOVO Halal?
Pharmaceutical treatments are generally permissible; the latest annual known financial ratios pass, while product and income classification remains incomplete.
What You Should Know
Novo Nordisk's December 31, 2025 Form 20-F reports DKK 542,902 million of assets, DKK 130,958 million of borrowings, DKK 26,464 million of cash, DKK 498 million of identifiable securities and DKK 76,720 million of receivables. Debt/assets is 24.12%, liquidity/assets is 4.97%, receivables-plus-cash/assets is 19.01% and finance income is 3.13% of revenue; known asset-based ratios pass. Diabetes, obesity and other pharmaceutical products are generally permissible, subject to ordinary product-level review.
⚠️ Concerns
- •Product and collaboration mix requires ordinary ethical review
- •Finance income is 3.13% of annual revenue on a conservative upper-bound basis
- •Global pharmaceutical and licensing activities are broad
- •No universal prohibited-revenue numerator or fixed purification percentage is disclosed
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-15.
130,958 / 542,902
26,962 / 542,902
103,184 / 542,902
9,660 / 309,064
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 24.12%, liquidity/assets is 4.97%, receivables-plus-cash/assets is 19.01% and finance income is 3.13% of revenue; activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios are below the examined MSCI limits; activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Known debt and liquidity ratios are below the examined Malaysia limits; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed and reproducible historical market-cap series is not stored.
Business-activity disclosure
Novo Nordisk develops and sells diabetes, obesity and other pharmaceutical treatments. Pharmaceutical research and treatment are generally permissible, while product, collaboration and ingredient questions remain qualitative and school-dependent.
Limitation: The Form 20-F does not provide a universal prohibited-revenue numerator for every product, collaboration and market.
Purification
Finance income is disclosed, but no scholar-approved purification percentage or complete prohibited-revenue numerator is asserted.
Inputs, assumptions and primary sources
- Amounts are DKK millions from Novo Nordisk's December 31, 2025 Form 20-F.
- Debt combines $118,941 million of long-term borrowings and $12,017 million of the current portion of long-term borrowings.
- Cash is DKK 26,464 million and current financial assets at fair value are DKK 498 million; the latter is treated conservatively as identifiable securities.
- Receivables combine DKK 70,856 million of current trade receivables and DKK 5,864 million of other receivables and prepayments.
- Annual revenue is DKK 309,064 million; finance income of DKK 9,660 million is used as a conservative upper-bound income numerator.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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