Nuvalent (NUVL) Operating Expenses (2020 - 2026)
Nuvalent's Operating Expenses came in at $119.41 million for Q1 2026, up 25.9% from $94.81 million a year earlier and up 16.8% from the prior quarter.
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Analysis
Nuvalent (NUVL) Operating Expenses (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Mar 31, 2026, Nuvalent reported Operating Expenses of $438.9 million, up 36.1% year-over-year; for FY2025, it was $414.31 million, up 47.8% from FY2024.
- Operating Expenses has increased in each of the last five years, with a five-year compound annual growth rate of 89.6% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $280.37 million in FY2024 (+87.5%), $149.49 million in FY2023 (+73.6%), $86.11 million in FY2022 (+87.9%) and $45.82 million in FY2021 (+171.0%).
- The Q1 2026 figure represents the highest quarterly Operating Expenses in data going back to Q2 2020.
- Year-over-year, Operating Expenses has increased for 20 consecutive quarters, with growth averaging 63.3% over the last eight quarters.
- The year-over-year growth in Operating Expenses has ranged between 18.5% (Q4 2025) and 233.3% (Q4 2021) over the last five years.
- Business Quant data shows NUVL's Operating Expenses at $102.23 million (Q4 2025), $112.7 million (Q3 2025) and $104.57 million (Q2 2025) in the three quarters before Q1 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Johnson & Johnson | 645.01 Bn | 563.54 Bn | 17.26 Bn | 10.12 Bn |
| 2 | AbbVie | 465.23 Bn | 438.39 Bn | 12.70 Bn | 10.56 Bn |
| 3 | Merck | 368.40 Bn | 322.83 Bn | 12.21 Bn | 12.80 Bn |
| 4 | Novartis Ag | 278.02 Bn | 233.89 Bn | 11.24 Bn | -6.09 Bn |
| 5 | Astrazeneca | 254.57 Bn | 228.13 Bn | 12.86 Bn | -9.70 Bn |
| 6 | Amgen | 229.02 Bn | 184.42 Bn | 7.24 Bn | 6.54 Bn |
| 7 | Gilead Sciences | 187.74 Bn | 161.85 Bn | 6.22 Bn | 18.20 Bn |
| 8 | Pfizer | 163.75 Bn | 110.70 Bn | 10.94 Bn | 6.68 Bn |
| 9 | Vertex Pharmaceuticals | 133.45 Bn | 105.45 Bn | 2.84 Bn | 2.09 Bn |
| 10 | Nuvalent | 9.75 Bn | 9.75 Bn | - | 119.41 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | 119.41 Mn |
| Dec 31, 2025 | 102.23 Mn |
| Sep 30, 2025 | 112.70 Mn |
| Jun 30, 2025 | 104.57 Mn |
| Mar 31, 2025 | 94.81 Mn |
| Dec 31, 2024 | 86.30 Mn |
| Sep 30, 2024 | 76.33 Mn |
| Jun 30, 2024 | 65.15 Mn |
| Mar 31, 2024 | 52.59 Mn |
| Dec 31, 2023 | 46.44 Mn |
| Sep 30, 2023 | 38.78 Mn |
| Jun 30, 2023 | 34.06 Mn |
| Mar 31, 2023 | 30.21 Mn |
| Dec 31, 2022 | 29.30 Mn |
| Sep 30, 2022 | 20.39 Mn |
| Jun 30, 2022 | 18.73 Mn |
| Mar 31, 2022 | 17.69 Mn |
| Dec 31, 2021 | 17.38 Mn |
| Sep 30, 2021 | 12.43 Mn |
| Jun 30, 2021 | 9.85 Mn |
API Access
Nuvalent Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=NUVL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "NUVL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=NUVL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();