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Table of Content
Annual Report 2023
2
Benefitting people and society
On behalf of the Board of the Novo Nordisk Foundation, we are pleased
to present this Annual Report for 2023, which reports on the activities
across the entire Group.
The Novo Nordisk Foundation is categorised as an enterprise founda-
tion, being a non-profit organisation that supports philanthropic activi-
ties using funds that derive from its ownership of and investment in
companies and other financial assets.
Thus, the Foundations annual level of grant giving is determined by the
financial results of our subsidiary holding and investment company,
Novo Holdings A/S. Novo Holdings is the controlling shareholder of the
companies in the Novo Group, Novo Nordisk A/S and Novozymes A/S
(now Novonesis), while managing an investment portfolio with a long-
term return perspective.
The Foundations vision is to contribute to research and development
that improves the lives of people and the sustainability of society and the
planet.
Points of focus in 2023
In 2023, we continued to execute on our plan for philanthropic activities
towards 2030. The plan provides a clear thematic framework and direc-
tion for our grant activities, which revolve around three focus areas: im-
proving peoples health, advancing the sustainability of society and the
planet, and strengthening Denmarks life science ecosystem. During
2023, we have supported scientific research and development efforts in
all three areas through open calls and through initiatives launched in
partnership with others.
Within health, we continue to have a focus on cardiometabolic diseases,
which constitute a growing challenge globally. The activities we support
span research, prevention, treatment and education.
In addition to this, we are supporting efforts to combat infectious dis-
eases. Thus, besides the Pandemic Antiviral Discovery initiative, which
we started in collaboration with the Bill & Melinda Gates Foundation
and Open Philanthropy in the wake of the COVID-19 pandemic, we
launched the ambitious Novo Nordisk Foundation Initiative for Vac-
cines and Immunity (NIVI) in 2023.
Another growing health threat is anti-microbial resistance, which studies
suggest will lead to as many deaths as cancer by 2050. Both the Founda-
tion and Novo Holdings have for a number of years been engaged in a
range of activities, from supporting early drug development to advocat-
ing for payment models that can help rejuvenate the market for antimi-
crobials.
Health challenges like these are adding to the wider problem of inequity
in health, which is something the Foundation is seeking to address, both
through our support of medical research and through social and humani-
tarian development projects.
As human health and planetary health are closely interlinked, advancing
sustainability is high on our agenda. Contributing to the green transition
of society, the Foundation supports the development of innovative and
scalable technologies that are based on biological solutions and can help
us to tackle climate change and lead to sustainable agriculture and food
production.
Seeking to advance knowledge as well as innovation and solutions that
may benefit people and society, we continue to support the entire life
science value chain from fundamental research to initiatives that bridge
the gap between basic discoveries and their clinical or industrial applica-
tion.
2024 and beyond
2024 is a special year, as the Novo Nordisk Foundation is celebrating its
100th anniversary. Our legacy including August Kroghs strong sense
of scientific and societal responsibility is something we will continue
to honour in the years to come. While the level of grant giving was lim-
ited in the beginning, our philanthropic activities as a foundation have
continued to expand in Denmark as well as internationally.
The increase in our grant giving is made possible by the financial results
of Novo Holdings. In 2023, especially the strong results delivered by
Novo Nordisk A/S have contributed to the continued growth within the
Group. But looking at the entire portfolio of assets and investments, we
feel there is reason to be optimistic about the coming years.
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Annual Report 2023
3
We would like to take this opportunity to thank the Novo Groups
Boards of Directors, committee members as well as managements and
employees across the entire Novo Nordisk Foundation Group for their
contributions in 2023.
On behalf of the Board of Directors,
Lars Rebien Sørensen
Lars Henrik Munch
Chair
Vice Chair
Annual Report 2023
4
Activities in 2023
2023 was another busy year for the Foundation. We reached DKK 7.7
billion in grants and a further DKK 1.4 billion was approved for philan-
thropic investments through our balance sheet. A total of DKK 9.1 bil-
lion.
Grants in open competition
The Foundation received an impressive number of high-quality applica-
tions for ambitious and innovative projects in 2023. A total of 3,109 ap-
plications were submitted, of which 751 received a grant.
Among our grants given in open competition are grants under the recur-
rent Challenge Programme, targeted research projects that address major
societal challenges. This year, we funded seven projects at a total of
DKK 378.7 million within themes relating to human health, climate
change mitigation and sustainability.
Through our Pioneer Innovator and Distinguished Innovator Pro-
grammes, we aim to nurture innovation from basic scientific ideas to
maturation of discoveries with commercial potential. From focusing ex-
clusively on health, the scope of both programmes was extended in 2023
to also include sustainability and, for Pioneer Innovator grants, AI. The
Foundation supported a total of 38 grants under these two programmes,
at an amount of DKK 73 million.
Another way in which the Foundation seeks to advance innovation in re-
search is through our Interdisciplinary Synergy Programme. The pur-
pose is to support interdisciplinary high-risk and high-gain projects at
various stages, while helping to build bridges across national borders
and scientific fields. In 2023, we supported 16 grants at a total of DKK
128.5 million.
Under the Research Leader Programme one of our most ambitious
programmes in open competition 37 researchers from Denmark and
other countries received a total of DKK 361 million in grants. The pro-
gramme targets the best and most talented researchers at different stages
of their careers and aims to generate new knowledge and solutions re-
lated to societal challenges within health, disease and sustainability. Re-
search themes in 2023 covered endocrinology and metabolism, clinical
and translational research, bioscience and biomedicine, biotechnology as
well as data science.
Seeking to boost Danish life science and strengthening Danish universi-
ties in the international competition, the Foundation continually offers
grants for research infrastructures and for the recruitment of talented and
leading researchers from abroad. In 2023, we gave out DKK 158 million
for the establishment of world-class research infrastructure under our
Research Infrastructure Programme, while DKK 97 million was
awarded under the RECRUIT Programme, targeted researchers within
the natural and technical sciences. In 2024, we will extend the scope of
RECRUIT to also include biotechnology and sustainability, allocating a
total of up to DKK 200 million.
The Foundation also continues to offer a range of other grants in open
competition, both within our focus areas health, sustainability and the
life science ecosystem, but also covering education, social and humani-
tarian efforts as well as art and art history.
Major initiatives within human and planetary health
The fight against cardiometabolic diseases such as diabetes, obesity and
cardiovascular disease is central to our efforts within human health. In
2023, we continued our support for the Novo Nordisk Foundation Cen-
ter for Basic Metabolic Research (CBMR) at the University of Copenha-
gen, with a grant of up to DKK 1 billion.
Another key area for the Foundation is to contribute to the development
of vaccines to combat serious infectious diseases. One of our biggest ini-
tiatives last year was the launch of the Novo Nordisk Foundation Initia-
tive for Vaccines and Immunity (NIVI), to which we committed up to
DKK 1.8 billion. Focusing on understanding how to generate immunity
in the airway itself, the aim is to develop a means to block infections
and prevent respiratory diseases such as tuberculosis and influenza from
spreading between humans.
We also continued our support of efforts to drive innovation in the fight
against drug-resistant infections, which is turning into a global health
crisis. Among other things, the Foundation committed up to USD 25
million to CARB-X, a global non-profit partnership that supports prod-
uct developers in moving promising drug candidates to early clinical tri-
als.
Innovation within cell therapy is an area of medicine with vast potential.
In 2023, we committed up to DKK 950 million towards the establish-
ment of The Novo Nordisk Foundation Cellerator, a world-class facility
for the development and upscaling of cell therapies for testing in hu-
mans. A key partner in the initiative is the Novo Nordisk Foundation
Center for Stem Cell Medicine (reNEW), a research consortium estab-
lished in 2021, to which Cellerator will be a natural extension, focusing
on translating breakthroughs in cell therapy research into real-world
treatments for people with chronic diseases.
To advance sustainability, the Foundation joined forces with the Bill &
Melinda Gates Foundation to set up a consortium of companies and uni-
versities for creating a sustainable source of proteins for food production
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Annual Report 2023
5
without involving agricultural land use. Exploring the possibility of con-
verting CO2 into acetate that can be used to produce proteins, the pro-
ject addresses two global challenges: supplying nutritious food to a
growing world population and mitigation of climate changes.
Social and humanitarian initiatives
In line with the Foundations plan for our philanthropic activities until
2030, our various social and humanitarian initiatives revolve around eq-
uity in health and fighting non-communicable diseases. One of our most
ambitious development projects in 2023 was the launch of Partnership
for Education of health Professionals (PEP), which focuses on strength-
ening the education of health professionals in low- and middle-income
countries through global partnerships. PEP was initiated in India but will
also be implemented in Kenya and East Africa.
Partnerships
Common to many of the societal challenges we are seeking to address is
that they require collaboration on an international level, given their scale
and complexity. Thus, an increasing number of our activities these years
involve partnerships with research institutions, governments, other foun-
dations as well as local and global organisations.
Mads Krogsgaard Thomsen
CEO
Annual Report 2023
6
The Foundations purpose and vision
The Novo Nordisk Foundation is an independent Danish enterprise
foundation. It supports philanthropic purposes with the aim of improv-
ing peoples health and the sustainability of society and the planet, using
funds deriving from its ownership of and investment in companies and
other financial assets. Its history dates back to 1922, when Nobel Laure-
ate August Krogh was awarded the rights to produce insulin in Scandi-
navia by the Insulin Committee in Toronto.
Under its Articles of Association, the Foundation has the following phil-
anthropic objectives:
» To support physiological, endocrinological, metabolic and other
medical research
» To support research hospital activities within diabetes in Denmark
» To support other scientific, humanitarian and social purposes.
Mission and strategic goals for the Foundations
activities
To fulfil its vision, the Foundation pursues a two-pronged mission relat-
ing to its corporate as well as its philanthropic activities.
Corporate mission
» To be an engaged owner of Novo Nordisk A/S and Novozymes A/S
» To generate attractive investment returns on the Foundations assets
» To make strategic investments with the main goal of supporting the
Foundations strategy
Philanthropic mission
The Foundations philanthropic mission is manifested in the Founda-
tions 2030 Strategy, which was adopted by the Board of Directors in
2022 and sets the direction for how the Foundation wishes to contribute
to society towards 2030.
The 2030 Strategy contains three focus areas for the Foundations phil-
anthropic activities: Health, Sustainability and the Life Science Ecosys-
tem, each containing a number of underlying strategic themes.
» Within Health, the Foundation aims to progress research and inno-
vation in the prevention and treatment of cardiometabolic and in-
fectious diseases, regenerative medicine and equitable health out-
comes. In addition to strengthening prevention and management of
cardiometabolic diseases, the Foundation will focus on decreasing
the burden and threat of infectious diseases, on advancing and ap-
plying regenerative medicine and reducing inequity in health.
» Within Sustainability, the Foundation aims to advance knowledge
and solutions to support the green transition in society. Strategic
themes include the development of sustainable and high-yield agri-
culture, sustainable food for healthy diets, high-impact climate
change mitigation technologies as well as supporting society in the
green transition.
» Within the Life Science Ecosystem, the Foundations mission is to
invest in scientific research, education and innovation to enable a
world class life science ecosystem. Strategic themes include ad-
vancing fundamental research, enabling research infrastructures
and technologies, strengthening the translational capacity and soci-
etal impact of life science and furthering education and science
capital.
While maintaining Denmark as its centre of gravity, the Foundation is
engaging in an increasing number of philanthropic activities with an in-
ternational scope.
Grants awarded
In the period 2019-2023, the Novo Nordisk Foundation has awarded
DKK 34.4 billion through more than 3,440 grants.
Of these, 42% (DKK 14.4 billion) were awarded for physiological, en-
docrinological, metabolic and other medical research, while 2% (DKK
0.6 billion) and 56% (DKK 19.4 billion) have been awarded for research
hospital activities within diabetes and other scientific, humanitarian and
social purposes, respectively.
For further information, please see the Novo Nordisk Foundations re-
porting on its grant-awarding policy, categories, grants and initiatives in
enefitting people, society and the planet Novo Nordisk Foundation
Grant Report 2023 https://novonordiskfonden.dk//app/uploads/Novo-
Nordisk-Foundation-2023-Annual-Impact-Report.pdf, provided in ac-
cordance with Section 77b of the Danish Financial Statements Act.
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Annual Report 2023
7
The Novo Nordisk Foundation Group is comprised of the Novo Nordisk
Foundation (the Parent Foundation), the companies in the Novo Group
as well as the life science companies in which Novo Holdings A/S has
invested and holds majority ownership. The Foundation receives divi-
dends from Novo Holdings A/S, which are used to award grants to soci-
ety.
Novo Holdings A/S income stems from:
» Dividends from Novo Nordisk A/S and Novozymes A/S as well as
participation in their share buy-back programmes
» Returns on its Life Science and Capital Investment Portfolios
In organisational terms, the commercial activities and the grant-award-
ing activities are managed separately. In organisational terms, the com-
mercial activities and the grant-awarding activities are managed sepa-
rately.
The Foundations Board of Directors draws up the charter for the Novo
Group and determines the overall financial strategy and investment
framework.
Novo Holdings A/S manages the Foundations commercial activities
within the framework defined by the Foundations Board of Directors.
The Novo Group is comprised of Novo Holdings A/S, Novo Nordisk
A/S and Novozymes A/S. The Foundations Board of Directors consti-
tutes the Annual General Meeting of Novo Holdings A/S and thereby
approves Novo Holdings Annual Report as well as elects the Board
members of Novo Holdings A/S.
Through its majority ownership in Novo Nordisk A/S and Novozymes
A/S, the Foundation maintains via Novo Holdings A/S a controlling
interest in these companies. The Foundations Board of Directors has
formulated clear principles for the Foundations engaged ownership in
the Novo Group. These principles have been codified into a document
together with Novo Nordisk A/S and Novozymes A/S.
The Novo Nordisk Foundation manages the grant-awarding activities,
for which the Board of Directors determines the grant-awarding strat-
egy, just as the Board makes the grant decisions.
Figure 1 - Organisation and cash flows in the Novo Nordisk Foundation Group in 2023
Note: Novo Nordisk A/S, Novozymes A/S and Novo Holdings A/S make up the Novo Group and are among the most significant research-based companies in Denmarks life science
cluster.
Organisation and governance of the Novo Nordisk Foundation Group
Annual Report 2023
8
The Novo Nordisk Foundation finances its grants through returns from
Novo Holdings A/S. The Foundations Board is required to ensure a rea-
sonable consolidation through appropriate allocations, so that, among
other things, the Foundation can participate to the extent the Board
deems this necessary in future capital increases in Novo Nordisk A/S
and Novozymes A/S or other companies in which Novo Holdings has
substantial ownership.
The Foundations Board has implemented a Code of Conduct containing
a set of principles that describe the conduct expected of employees,
Board members, committee members, persons financed by the Founda-
tions grants as well as persons and organisations that collaborate with
the Foundation and Novo Holdings A/S.
The Code of Conduct covers areas such as discrimination, data security,
abuse of funds and general working conditions. The Code of Conduct is
supplemented by a whistleblower scheme. For further information on
these, see https://novonordiskfonden.dk/da/code-of-conduct/ and
https://novonordiskfonden.dk/da/whistleblower/.1F1F1F
Novo Holdings A/S
Novo Holdings is a holding and investment company that manages the
assets and wealth of the Novo Nordisk Foundation, one of the worlds
largest enterprise foundations. The purpose of Novo Holdings is to im-
prove peoples health and the sustainability of society and the planet by
generating attractive long-term returns on the assets of the Novo
Nordisk Foundation.
Novo Holdings is the controlling shareholder of Novo Nordisk and No-
vozymes* (the Novo Group companies) and manages an investment
portfolio with a long-term return perspective. Novo Holdings invests in
life science companies at all stages of development and, in addition,
manages a broad portfolio of equities, bonds, real estate and infrastruc-
ture assets as well as private equity investments.
Novo Nordisk A/S
Novo Nordisk has for more than 100 years been translating the unmet
medical needs of people living with a serious chronic disease into inno-
vative medicines and delivery systems, like insulin pens. With their
treatments, millions of people living with diabetes, obesity, and rare
blood and endocrine diseases are benefiting.
The purpose is to drive change to defeat serious chronic diseases, built
upon their heritage in diabetes, done by pioneering scientific break-
throughs, expanding access to medicines and working to prevent and ul-
timately cure the diseases they treat.
Novo Nordisk is headquartered in Denmark and employs more than
64,000 people in 80 offices around the world, and market products in
170 countries.
Novozymes A/S
Novozymes is the world leader in biosolutions, producing a wide range
of enzymes, microorganisms, technical and digital solutions, which
among other things help their customers add new features to their prod-
ucts and produce more from less. To fulfil its objective to find biologi-
cal answers for better lives in a growing world Novozymes A/S uses

and delivers innovation to the market and launches new, significant plat-
forms that create value for the customers, helping them to improve their
performance while saving resources, energy and reducing their environ-
mental impact.
The company has its headquarters in Denmark and by the end of 2023, it
employed 6,756 people.
On 29 January 2024, it was announced that the combination of Novo-
zymes and Chr. Hansen was successfully completed with the continuing
name Novonesis.
Annual Report 2023
9
Financial results
The Foundations financial results for 2023 showed a profit of DKK
4,500 million, compared to DKK 34,664 million in 2022. The decrease
is due to dividends from Novo Holdings, which decreased from DKK
38,000 million in 2022 to DKK 0 in 2023. Proceeds from the joint in-
vestment portfolio was up from DKK -3,014 million in 2022 to DKK
3,950 million in 2023.
Total equity amounted to DKK 35,047 million in 2023, of which DKK
15,000 million can be committed to grant-awarding in 2024.
Table 1. Key figures and financial ratios for the Novo Nordisk Founda-
tion (DKK million)
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
























The Novo Nordisk Foundations financial activities are carried out and
administered by Novo Holdings A/S, which has an investment portfolio
valued at DKK 201 billion as of 31 December 2023. The market value
of the shares in Novo Nordisk A/S and Novozymes A/S amounts to
DKK 913 billion as of 31 December 2023, as stated in the Manage-
ments review in Novo Holdings Annual Report for 2023.
The ratio of cost was 6.8% relative to the Foundations payouts and
4.9% relative to grants, net. The corresponding figures for 2022 were
7.1% and 5.2%, respectively. The rate of cost is calculated based on the
Foundations administrative costs (see notes 1 and 2 in the parent foun-
dations Annual Report) and includes, among other things, employee
salaries, equipment, rent, consultancy fees, travel expenses and fees for
committee and board members.
The rate of cost also includes a service level agreement with Novo Hold-
ings A/S, which, provides services to the Novo Nordisk Foundation on
accounting, facility management, IT and financial activities. In return,
the Novo Nordisk Foundation provides Legal, P&O and Communication
services to Novo Holdings A/S.
Salaries and fees in 2023 amounted to 4.2% of grant payouts and 4.9%
of grant awards. The corresponding figures for 2022 were 3.5% and
2.6%.
Novo Nordisk Foundation:
Financial results, grants and payouts
Annual Report 2023
10
Grants and payouts
Figure 2 shows the development in the Foundations grants and payouts
in the period 2019-2023.
The Foundations grant-awarding has increased from DKK 4,893 mil-
lion in 2019 to DKK 7,691 million in 2023. In 2023, grant adjustments
amounted to DKK 97 million. 2023 net grant-awarding from the Foun-
dation amounts to DKK 7,594 million.
During the period, the Foundations annual grant payouts have grown
from DKK 3,611 million in 2019 to DKK 5,834 million in 2023. In
2024, the Foundation expects grant awarding to increase to around DKK
10,150 million, while grant payouts could reach up to DKK 7,700 mil-
lion. The Foundations grant awards in 2023 went primarily to universi-
ties, hospitals and other research institutions in Denmark and the Nordic
region, to new research, as well as humanitarian and social purposes.
In 2023, the DKK 7,691 million that was granted for purposes in accord-
ance with the Foundations Articles of Association has been distributed
as follows:
» 43% (DKK 3,299 million) for physiological, endocrine, metabolic
and other medical research;
» 57% (DKK 4,392 billion) for other scientific, humanitarian and so-
cial causes.
For further information on awarded grants, please see the list of grant re-
cipients for 2023. The list provides the names of recipients as well as
awarded amounts and is submitted to the Danish Business Authority
simultaneously with this Annual Report.
Figure 2 Grants and pay-outs of the Novo Nordisk Foundation, 2019-2023 (DKK million)
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
2019 2020 2021 2022 2023
Grant awards Grant pay-outs
Annual Report 2023
11
The key figures and financial ratios for the Foundation must be seen in
context of the financial development within Novo Holdings A/S, Novo
Nordisk A/S and Novozymes A/S.
The Novo Nordisk Foundation Group
Highlights
Operating profit within the Novo Nordisk Foundation Group increased
by 87% in 2023, from DKK 61 billion in 2022 to DKK 114 billion in
2023. The Groups total assets increased by DKK 91 billion to DKK
573 billion in 2023, and its total equity increased by DKK 39 billion to
DKK 283 billion. The number of employees within the group rose from
74,196 in 2022 to 81,652 in 2023.
In conclusion, the financial performance in 2023 had strong perfor-
mance from Novo Nordisk, Novozymes and Novo Holdings. The result
is above the initial expectations for 2023.
Novo Holdings A/S
Financial results
Since 2000, where Novo Holdings A/S began to establish its portfolio,
mainly by investing in Danish companies, the investment activities have
accelerated considerably. Today, Novo Holdings A/S is an international
investor within the area of life sciences, with investments in more than
170 companies, mainly in Europe and the United States. In addition to
its life science investments, Novo Holdings A/S also has capital invest-
ment activities, in order to ensure adequate cash resources with competi-
tive returns and a suitable risk profile.
Life science investments
Novo Holdings A/S carries out its life science investments in companies
within six areas:
» Principal Investments carries out investments in well-established
and profit-making companies with leading positions in attractive
market segments and strong underlying growth drivers. The objec-
tive is to ensure long-term value creation and diversity in the in-
vestment portfolio.
» Growth Investments carried out its first investment in 2019 and in-
vests in companies that have recently reached, or are close to reach-
ing the commercial stage, and that exhibit a high growth po-tential.
• Bioindustrial Investments was established as a distinct investment
vertical at the end of 2022, and invests in areas where biotechnol-
ogy can deliver returns and improve planetary health.
• Asia Investments was established as in 2021, and is working
closely with the other investment verticals at Novo Holdings in the
Asia Region
» Venture Investments is an active international partner in the life sci-
ences venture industry.
» Seed Investments develops and finances innovative biotech and life
science companies in the Nordic countries through direct in-
vestments, and also assists the Novo Nordisk Foundation in con-
nection with its awarding of Pre-Seed Grants. Investments under the
Pre-Seed Programme are made on commercial terms, i.e. in re-turn
for ownership in the companies.
The value of life science investments increased from DKK 98 billion in
2022 to 103 billion in 2023.
Capital investment activities
Concurrently with its investment activities in life science companies,
Novo Holdings A/S has for more than 10 years expanded its capital in-
vestment activities, building a broad global portfolio. The main objec-
tive of the capital investments is to build a solid liquidity reserve that
generates high returns and mitigates the risk by diversifying the Founda-
tions assets. The investment portfolio comprises listed and unlisted se-
curities in the form of shares, bonds, real estate and infrastructure assets.
By the end of 2023, the value of capital investments was DKK 98 bil-
lion. The Novo Nordisk Foundations share amounted to DKK 31 bil-
lion.
Financial key figures and ratios
Net profit for the year in Novo Holdings A/S amounted to DKK 25 bil-
lion in 2023, against DKK 7 billion in 2022.
Table 2. Key figures and financial ratios for Novo Holdings A/S* (DKK
million)








































Novo Nordisk A/S
Financial results
Operating profit increased by 37% measured in DKK and by 44% meas-
ured in local currencies, to DKK 102.6 billion, within the range of the
Highlights and financial results within the
Novo Nordisk Foundation Group
Annual Report 2023
12
most recent expectation of a 40-46% increase for 2023 (measured in lo-
cal currencies).
Sales of products for the treatment of diabetes and obesity rose by 38%
measured in DKK to DKK 215.1 billion. Novo Nordisk A/S is the
worlds leading company in the field of diabetes treatment, with a global
value market share of 33.8% the corresponding value market share
was 31.9% this time last year. Sales of Rare Disease products decreased
by 19.7% measured in DKK and amounted to DKK 17.2 billion.
Read more about Novo Nordisk A/S financial results in Novo
Nordisks Annual Report 2023, pp. 34-36.
Financial key figures and ratios
Table 3. Key figures and financial ratios for Novo Nordisk A/S (DKK
million)






























Annual Report 2023
13
Novozymes A/S
Financial results
In 2023, sales amounted to DKK 17.9 billion, corresponding to a 2% in-
crease measured in DKK and a 5% organic growth. Organic sales
growth in 2023 was led by strong double-digit growth in Bioenergy
driven by innovation and supported by expansion of cornbased ethanol
production in Latin America and growth in solutions for biodiesel pro-
duction and biomass conversion. Growth was further supported by a
solid development in Household Care driven by innovation and penetra-
tion of enzymatic solutions in emerging markets. The macroeconomic
situation in 2023 with higher inflation and rising interest rates impacted
consumer demand and led to inventory adjustments many food-related
industries, having a negative impact on the food-related parts of Food,
Beverages & Human Health, Grain & Tech Processing and Agriculture,
Animal Health & Nutrition.
EBIT before special items of DKK 4.6 billion in 2023 was on par with
2022, while the EBIT margin ended at 25%, down from 26% in 2022,
corresponding to the most recent expectations of an EBIT margin at 25-
26%.
Read more about Novozymes A/S financial results in Novozymes An-
nual Report 2023, pp. 53-64.
Financial key figures and ratios
Table 4. Key figures and financial ratios for Novozymes A/S (DKK mil-
lion)
























Annual Report 2023
14
Outlook for the Novo Nordisk Foundation
Group
The outlook for the Novo Nordisk Foundation Group is closely linked to
the outlook for the subsidiaries in the Novo Group as well as the devel-
opments in the international financial markets. The outlook for the sub-
sidiaries in the Novo Group is described in more detail in the compa-
nies Annual Reports for 2023 see the links on pp. 11-13.
Business related and financial risks
The most significant risks for the Novo Nordisk Foundation Group are
linked to those of the Novo Group. The Foundation follows an overall
financial strategy where the policy for managing the Foundations finan-
cial and investment risks is defined.
Within Novo Holdings A/S, the main risks are associated with invest-
ments in companies. In addition, there are risks connected to invest-
ments in securities which depend on the development in the financial
markets.
Novo Nordisk applies a dual-lensed approach to risk management. This
means that Novo Nordisk identifies and mitigates both operational risks
that pose a threat to the short to medium-term plans, as well as strategic
risks that could reduce the ability to achieve the corporate strategy over
the long term.
Read more about Novo Nordisk A/S risk management process on pages
41-42 in the Novo Nordisk Annual Report for 2023.
Novozymes operates in a global environment across many industries,
which means that Novozymes business is exposed to different risks.
Novozymes has a risk management framework in place to identify, as-
sess, and mitigate business risks that may impact Novozymes ability to
grow Novozymes business sustainability and be a reliable partner to
Novozymes customers and the communities Novozymes operates in.
Read more about Novozymes A/S risk management process on pages
39-45 in the Novozymes Annual Report for 2023.
Prospects for the Novo Nordisk Foundations and Novo Holdings
A/S results
The Novo Nordisk Foundations result is contingent on Novo Holdings
A/S result, and this especially includes the results for Novo Nordisk
A/S and Novozymes A/S, from which Novo Holdings receives divi-
dends. In addition to this, Novo Holdings A/S expects to participate in
any of the two companies share buy-back programmes, for the purpose
of increasing its revenue and facilitating further grant-awarding activi-
ties for the Novo Nordisk Foundation.
Novo Holdings A/S expects that in 2024, the long-term economic
tendencies within the life sciences area will remain positive, and that
this will form a basis for continued consolidation and development of
investments within Novo Holdings A/S focus areas. Novo Holdings
A/S expects to deliver returns on par with capital markets. Combined
with the expected income from the Novo Group companies as described
above, Novo Holdings A/S expectations are to deliver positive income
and returns, as well as operating profit in 2024, on par with 2023.
The Groups results are primarily contingent on the development within
Novo Nordisk A/S, which for 2024 expects a 18-26% increase in sales
and 21-29% increase in operating profit.
Annual Report 2023
15
The Novo Nordisk Foundation Groups corporate social responsibil-
ity
The Foundations Board of Directors has a clear focus on societal im-
pact as an integrated part of the Foundations grant-awarding policy and
commercial activities. The Foundation Group defines its corporate so-
cial responsibility in terms of initiatives that benefit society, whether
economically, scientifically, socially, in terms of health, resources or in
relation to the climate or the environment. It also encompasses initia-
tives that contribute to a healthy and inspiring work environment with
development opportunities for employees in the entire Group. In accord-
ance with Section 99a and 99b of the Danish Financial Statements Act,
an account of the Novo Nordisk Foundation Groups corporate social re-
sponsibility is provided in Annex A.
Annex A contains a section on the Novo Nordisk Foundations corpo-
rate social responsibility as well as a section summarising the social re-
sponsibility for the respective companies in the Novo Group. Novo
Nordisk A/S and Novozymes A/S publish their own CSR reports, con-
taining, among other things performance measurements and results in
accordance with the Danish Financial Statements Act. Novo Nordisk
A/S include information on their social as well as environmental respon-
sibility in their Annual Report, and Novozymes A/S provide a supple-
ment to its Annual Report. Novo Holdings A/S include information
about its policies in relation to responsible investments and their ESG
responsibility in their Annual Report. The three annual reports are avail-
able at: https://assets.novoholdings.dk/novo-holdings-2023-annual-re-
port.pdf, https://www.novonordisk.com/investors/annual-report.html
and https://investors.novozymes.com/investors/financial-reports/annual-
reports/default.aspx.
Diversity policy in the Novo Nordisk Foundation Group
Section 99b of the Danish Financial Statements Act requires that Danish
companies of a certain size report on diversity.
The Novo Nordisk Foundation Group welcomes and promotes diversity
among its staff, managements and boards, as diversity in relation to gen-
der, age, education, cultural background and international experience
helps to ensure a broad range of skills, which in turn contributes to de-
velopment, renewal, and quality in work efforts. Furthermore, it lays the
foundation for an inclusive culture with respect for individuals, ongoing
personal development, health and safety. Diversity is promoted through
the recruitment and development processes in the Group.
In 2023, the Board of Directors of the Foundation approved a new ver-
sion of the 2019 diversity policy for the Novo Nordisk Foundation and
Novo Holdings A/S. The Foundation Groups two commercial compa-
nies have formulated their own diversity policies in line with the Foun-
dations policy.
Novo Nordisk Foundation diversity and inclusion policy is available at:
Diversity-Policy_December-2023.pdf (novonordiskfonden.dk)
Novo Nordisk A/S: www.novonordisk.com/sustainable-business/esg-
portal/principles-positions-and-policies/diversity-inclusion-policy.html.
Novozymes A/S: https://www.novozymes.com/en/about-us/positions-
policies
Diversity policy for the Novo Nordisk Foundation and Novo Hold-
ings A/S
The diversity policy reflects the core values of the Novo Nordisk Foun-
dation and Novo Holdings A/S. The policy sets the goals, defines the
scope and provides guiding principles for the work with diversity. The
Novo Nordisk Foundation and Novo Holdings A/S follow international
standards and procedures and in some case take a lead. The diversity
policy is an important part of the decision-making process related to re-
cruitments, to ensure diversity across all departments. In 2023, the joint
Personnel and Organisation department between the Novo Nordisk
Foundation and Novo Holdings A/S were split into two departments
with one for each entity. The Foundations Impact department provides
diversity analyses on recruitments and on the grant-giving and commer-
cial activities, including their measured effects. The Novo Nordisk
Foundation collaborates with the Danish universities to promote diver-
sity, for example in relation to employees fully or partly funded by the
Foundations grants.
The foundation continuously strives to be an attractive and flexible
workplace where all employees can grow, develop, and realise their pro-
fessional potential in a collaborative and inclusive manner. Our existing
workforce represents a rich diversity of educational backgrounds, indus-
try- and sector experiences and differences in nationalities, genders, and
ages. This ensures that a variety of perspectives is brought to the table,
which is key for future success of the foundation.
During 2023, Novo Nordisk Foundation launched an aspirational target
of achieving a balanced gender representation across all managerial lev-
els with a minimum of 40% of the underrepresented gender across our
Board and our Executive Leadership Team by the end of 2027.
https://novonordiskfonden.dk/en/diversity-policy/
By the end of 2023, our gender distribution amongst the Foundations
employees is considered gender balanced with 60% females and 40%
males. Our leaders directly referring to C-level (CEO) consist of 37 %
female leaders and 63% males, which means that we at this level already
now live up to our target. The gender distribution in our Board of Direc-
tors is currently at 29% females and 71% male. The composition of the
Board of Directors met the gender diversity requirements set out in Dan-
ish legislation.
Efforts are being made continuously to be able attract more female tal-
ent. Based on the guiding precipice in the diversity policy adopted by
the Board of Directors of the Novo Nordisk Foundation, the Foundation
will in 2024 continue the work that supports the development towards
more diversity.
Beyond gender diversity we value and monitor diversity in teams more
broadly. When we look at our age and nationality distribution, we have
23 % of colleagues coming from other countries than Denmark and a
great representation across four generations.
Annual Report 2023
16
Table 5. Gender diversity in the Novo Nordisk Foundation

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




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
*) Top management (CEO), **) Management levels are (C-level and all managers referring to the C-level)
Diversity in Novo Holdings A/S
During 2023, Novo Holdings A/S launched an aspirational target of
achieving a balanced gender representation across all managerial levels
with a minimum of 40% of the underrepresented gender across the
Board and Executive Leadership Team by the end of 2025.
By the end of 2023, the gender distribution amongst Novo Holdings
employees is considered gender balanced with 40% females and 60%
male. Our leaders directly referring to C-level consist of 33 % female
leaders and 67% males. The gender distribution in Novo Holdings
Board of Directors is currently at 33% females and 67% male. Efforts
are being made continuously to be able attract more female talent. Based
on the guiding precipice in the diversity policy adopted by the Board of
Directors of the Novo Nordisk Foundation, Novo Holdings A/S will in
2024 continue the work that supports the development towards more di-
versity.
Data ethics in the Novo Nordisk Foundation Group
Section 99d of the Danish Financial Statements Act requires that Danish
companies of a certain size report on their policy on data ethics.
The Novo Nordisk Foundation Group welcomes and promotes ethical
use of data. In 2020, the Novo Nordisk Foundation Group initiated the
work on formulating policies on data ethics for each of companies in the
group. In 2023, the focus was on training to secure compliance with the
principles of the policies.
Novo Nordisk Foundation
The Novo Nordisk Foundation complies with both Danish and EU law
on data and privacy protection. In addition, the Foundation recognises
that the fast pace of technological development, along with evolving
risks and benefits from large scale data use, requires thoughtful and re-
sponsible decision-making where existing laws and regulations do not
necessarily provide clear ethical guidance. The Foundation has devel-
oped a policy on data ethics based on six principles for how to handle
data in an ethical way. The rules describe how the Novo Nordisk
Foundation must use and process both personal data and non-identifia-
ble (e.g., anonymised, aggregated, non-personal) data as well as data
and information that applicants submit when applying for a grant using
the Foundations application system. Read more at: https://novonordisk-
fonden.dk//app/uploads/Novo-Nordisk-Foundation-2023-Annual-Grant-
Report.pdf.
Novo Holdings A/S
To cope with the challenges that arise from the fast-moving technologi-
cal development, along with evolving risks and benefits from large scale
data use, Novo Holdings has developed a policy on how to use and han-
dle data in an ethical way. Read more at: novoholdings_policy-on-data-
ethic.pdf
Novo Nordisk A/S
In 2021, data ethics principles were enhanced and will be implemented
through policies and trainings across the organisation in 2023. The data
ethics principles support ethical decision-making when using data across
the value chain. The integration of data protection and human rights
risks into the business ethics risk management processes has been fur-
ther strengthened. Read more on: Data ethics | Novo Nordisk data ethics
principles.
Novozymes A/S
Novozymes has adopted a policy, which sets the overall principles for
the ethical management of data in Novozymes and supplements our gen-
eral commitment to integrity and compliance. In 2023, the focus has
been on how to use Artificial Intelligence (AI) in an ethical way. Link to
data ethics report 99d-Statutory-report-on-data-ethics-for-Annual-Re-
port-2023.pdf (q4cdn.com).
Annual Report 2023
17
Board of Directors
The Board in 2023
The Foundations Board of Directors consists of ten members: Seven
members are elected in accordance with the Foundations Articles of
Association, and three members are Group employee representatives,
currently from Novo Nordisk A/S and Novozymes A/S. At least two of
the members elected under the Articles of Association have a medical or
natural science background. Two members elected under the Articles of
Association are independent and the Chairmanship is independent in re-
lation to Novo Nordisk A/S and Novozymes A/S. The Chair of the
Board also serves as Chair of the Board of Novo Holdings A/S.
Chairmanship
The Chair and the Vice Chair of the Board of Directors constitute the
Foundations Chairmanship. The Board has adopted a charter that sets
out the framework for the Chairmanships work.
Recommendations on good foundation governance
In accordance with Danish law, The Committee on Good Foundation
Governance has prepared a set of recommendations on foundation gov-
ernance, which foundations with corporate interests must address. If
there are recommendations that the foundations do not comply with, this

principle).
The Novo Nordisk Foundation follows all recommendations except the
recommendation on the election period for board members. The Com-
mittee recommends that board members be elected for a minimum pe-
riod of two years and a maximum period of four years. In 2004, the
Foundations Board of Directors decided, with the approval of the au-
thorities, to change the election period for members elected under the
Articles of Association from three years to one year. The Board deems
that an election period of one year better allows for coordinating the suc-
cession in the boards of the whole Novo Nordisk Foundation Group.
For a description of the Foundations degree of compliance with the
individual recommendations, see: novonordiskfonden.dk/en/about-
the-foundation/recommendations-on-foundation-governance/
For Novo Nordisk A/S, Novozymes A/S and Novo Holdings A/S, which
are all covered by Section 99b of the Danish Financial Statements Act,
key figures have been defined for the respective Boards of Directors.
Diversity
In September 2023, the Board adopted a revised Diversity policy includ-
ing to set a target of at least 40% of the underrepresented gender across
our Board of Directors, our Executive Management and at our Senior
Vice President level by the end of 2027.
Nomination Committee
In 2017, the Board of Directors appointed a Nomination Committee
consisting of two members from the Board. In September 2023, the
Nomination Committee was expanded with one member and consists
now of three members from the Board. The Board of Directors has
adopted a charter that sets out the framework for the Committees work.
The Committee is comprised of Lars Rebien Sørensen (Chair),Lars Hen-
rik Munch and Nana Bule Sejbæk. The Nomination Committee assists
the Board of Directors with the task of reviewing the competency profile
of the Board, nominating candidates for election to the Board as well as
reviewing Novo Holdings A/S nominations for its Board of Directors.
The Nomination Committee further assists the Board of Directors with
nominating candidates for entities in which the Foundation has appoint-
ment rights.
Scientific Advisory Group
In December 2021, the Scientific Advisory Group (SAG) was decom-
missioned as a board committee. The two members of the former SAG
have had a formal advisory role in relation of the appointment of new
committee members until Q1 2023.
Art Committee
In 2022, the Board of Directors appointed an Art Committee with the
purpose of building a collection of important artworks over a number of
years to inspire employees of the Foundation and visitors alike. The
Committee is comprised of two members, of which one is Vice Chair
Lars Henrik Munch.
Communications policy
The Board of Directors has adopted a communications policy with
guidelines for the Foundations external communication, including in-
structions on who can and should act as public spokespersons for the
Foundation and in relation to what subject matters. More specifically, it
has been decided that the Chair will serve as spokesperson of the Board
and speak on behalf of the Foundation in relation to its commercial ac-
tivities. The CEO will represent the Foundation in relation to grant-giv-
ing policies and strategies that have been adopted by the Board, and in
connection with all operational matters concerning the Foundations ac-
tivities. Employees with leadership responsibilities may serve as public
spokespersons on matters that fall within their area of expertise, includ-
ing grants and publications.
Remuneration
In March 2023, the Board of the Foundation approved to raise the an-
nual fee to DKK 416,000 for board members, DKK 832,000 for the
Vice Chair and DKK 1,664,000 for the Chair. The fee for the Chair of
the Nomination Committee is DKK 208,000, while the other members
of the Nomination Committee will receive DKK 104,000. The fee for
members of the Art Committee is DKK 104,000.
In September 2023, the Board approved to implement a travel allowance
of EUR 5,000 per Board and/or Board committee meeting, if a member
has one to five hours of air travel each way to such meeting; and of EUR
10,000 per Board and/or Board committee meeting, if a member has five
or more hours of air travel each way to such meeting.
The Foundations Board of Directors, committees, panels and Executive
Management
Annual Report 2023
18
Table 6. Board fees, Novo Group 2023 (DKK)
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Table 7. Remuneration to Board members within the Novo Group 2023 (DKK thousand)
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

































Annual Report 2023
19
Table 8. Members of the Novo Nordisk Foundation Board of Directors, 2023



























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




Annual Report 2023
20
Table 8. Members of the Novo Nordisk Foundation Board of Directors, 2023 - continued























































































Annual Report 2023
21
Committees and panels of the Novo Nordisk Foundation
The Foundation supports research, innovation and education in open competition, and has for this purpose appointed 26 committees and panels with
external members who receive honoraria for their work. 23 of the appointed committees carry out the task of implementing the Boards decisions
concerning assessment and awarding of grants. In addition to this, the Foundation awards grants for strategic and stand-alone projects. The Founda-
tion has appointed various advisory panels which the Board consults before making its grant-awarding decisions in connection with specific applica-
tions and projects. Furthermore, the Foundations Board of Directors makes use of international peer review.
See the Foundations website for further details and an overview of our committees https://novonordiskfonden.dk/en/committees/ and Articles of
Association https://novonordiskfonden.dk/en/who-we-are/articles-of-association/. The members of the committees and panels are internationally
recognised experts in their field, often supplemented by experience gained as members of research councils and other academic research committees.
The Foundation has adopted a set of rules for eligibility to ensure a fair, equal and unbiased assessment of all applications. The rules can be accessed
on the Foundations website: https://novonordiskfonden.dk/en/who-we-are/rules-for-eligibility/.
Table 9. Fees for committee and panel members in 2023 DKK thousands










































































Annual Report 2023
22
Table 9. Fees for committee and panel members in 2023 (continued) DKK thousands


























































In addition to the above, the Foundation has four internal committees (Committee for Research Infrastructure, NNF Symposium Committee, Com-
mittee for RECRUIT and Committee for Start Package Grants, which are comprised of employees from the Novo Nordisk Foundation). None of
these internal members receive fees for their work.
Executive Management
In 2023 the CEO Office, which undertakes the daily management of the Novo Nordisk Foundation, was comprised of the Foundations CEO Mads
Krogsgaard Thomsen. The CEO Office is responsible for all operational matters and for the implementation of the strategy and policies that have
been decided by the Board of Directors. The Board approves the appointment of the CEO based on the recommendations of the Chairmanship, which
also assesses the CEOs performance every year. In 2023, the Foundation paid DKK 9,651,000 in ordinary salary, short term incentives and pension
to CEO Mads Krogsgaard Thomsen.
Annual Report 2023
23
Table 10. Key figures and financial ratios in the Novo Nordisk Foundation Group















































































































Annual Report 2023
24
Managements statement
The Board of Directors and Executive Management have today considered and adopted the Annual Report of Novo Nordisk Fonden for the financial
year 1 January - 31 December 2023.
The Annual Report is prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Finan-
cial Statements Act.
In our opinion, the Consolidated Financial Statements and Financial Statements give a true and fair account of the Groups and the Parent Founda-
tions assets and liabilities as well as financial position as per 31 December 2023, as well as of the Groups and the Parent Foundations operations
and cash flows for the financial year 2023.
In our opinion, the Managements review includes a true and fair account of the development in the Groups and the Parent Foundations operations
and financial circumstances, as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Foun-
dation.
Hellerup, 16 May 2024
Executive Management:
Mads Krogsgaard Thomsen
(CEO)
Søren Nedergaard
(COO)
Erika Söderberg Johnsson
(CFO)
Board of Directors:
Lars Rebien Sørensen
(Chair)
Lars Henrik Munch
(Vice Chair)
Steen Riisgaard
Nana Bule Sejbæk
Lars Henrik Fugger
Liselotte Højgaard
Christopher A. Voigt
Ole Jakob Müller
Mads Boritz Grøn
Stig Strøbæk
Annual Report 2023
25
To the Board of Directors of Novo Nordisk Fonden
Opinion
In our opinion, the Consolidated Financial Statements and the Parent Foundations Financial Statements give a true and fair view of the Groups and
the Parent Foundations financial position at 31 December 2023 and of the results of the Groups and the Parent Foundations operations and cash
flows for the financial year 1 January to 31 December 2023 in accordance with IFRS Accounting Standards as adopted by the EU and further require-
ments in the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Foundations Financial Statements of Novo Nordisk Fonden for the financial
year 1 January - 31 December 2023, pp 28-95, which comprise income statement and statement of comprehensive income, balance sheet, statement
of changes in equity, cash flow statement and notes, including material accounting policy information, for both the Group and the Parent Foundation
( financial statements).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our
responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial State-
ments section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants Interna-
tional Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have ful-
filled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have ob-
tained is sufficient and appropriate to provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Managements Review, pp 2-26 and pp 96-107.
Our opinion on the financial statements does not cover Managements Review, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Managements Review and, in doing so, consider whether Man-
agements Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be
materially misstated.
Moreover, it is our responsibility to consider whether Managements Review provides the information required under the Danish Financial State-
ments Act.
Based on the work we have performed, in our view, Managements Review is in accordance with the Consolidated Financial Statements and the
Parent Foundations Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did
not identify any material misstatement in Managements Review.
Management’s Responsibilities for the Financial Statement
Management is responsible for the preparation of Consolidated Financial Statements and Parent Foundations Financial Statements that give a true
and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act,
and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Independent auditors Re-
port
Annual Report 2023
26
In preparing the financial statements, Management is responsible for assessing the Groups and the Parent Foundations ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial state-
ments unless Management either intends to liquidate the Group or the Parent Foundations or to cease operations, or has no realistic alternative but to
do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit proce-
dures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, inten-
tional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Groups and the Parent Foundations internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Man-
agement.
• Conclude on the appropriateness of Managements use of the going concern basis of accounting in preparing the financial statements and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Groups and the Parent Foundations ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions
may cause the Group and the Parent Foundations to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial state-
ments represent the underlying transactions and events in a manner that gives a true and fair view.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express
an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
Hellerup, 16 May 2024
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR-nr. 33 77 12 31
Mogens Nørgaard Mogensen
State Authorised Public Accountant
mne21404
Tue Stensgård Sørensen
State Authorised Public Accountant
mne32200
Annual Report 2023
27


Annual Report 2023
Annual Report 2023
28
Income statement and statement of comprehensive income for the year
1 January – 31 December
DKK million
Note
2023
2022


Administration costs






Result of primary activities
-394
37,628



Profit before tax
4,499
34,663

Profit for the year
4,500
34,664
Proposed distribution of profit








4,500
34,664
Annual Report 2023
29
Balance sheet at 31 December
DKK million
Note
2023
2022
Assets















Total non-current assets
24,193
24,827











Total current assets
33,466
34,087
Total assets
57,659
58,914
Equity and liabilities









Total equity
35,047
38,141



Total non-current liabilities
15,820
15,205











Total current liabilities
6,792
5,568
Toal liabilities
22,612
20,773
Total equity and liabilities
57,659
58,914



Annual Report 2023
30
Statement of changes in equity at 31 December
DKK million
Note
Capital base
Retained
earnings
Reserve for
future grants
Total
2022











Equity as of 31 December
22
23,119
15,000
38,141
2023












Equity as of 31 December
22
20,025
15,000
35,047
Annual Report 2023
31
Cash flow statement for the year ended 31 December
DKK million
2023
2022
Profit for the year
4,500
34,664









Cash flow before changes to working capital
-390
37,673





Cash flow from operating activities
-398
37,687





















Cash flow from investing activities
6,191
-32,440






Cash flow from grants
-5,774
-5,234
Net cash flow
19
13


Cash and cash equivalents at the end of the year
41
22
Annual Report 2023
32
Notes
Note 1 Accounting policies
The accounting policies are the same as for the consolidated financial statements with the adjustments described below. For a description of the ac-
counting policies of the Group, please refer to the consolidated financial statements.
Investments in subsidiaries
Investments in subsidiaries are recognised at cost price and the dividends received from the subsidiaries are included in the profit and loss.
Gain and losses on sale of shares in subsidiaries are included in the profit and loss.
Grants
Grants are recognised as deductions once the Foundation is obligated towards the grant recipient. From that point in time and until the grant has been
paid out, the grant is included in grants payable.
Note 2 Employee costs
DKK million
2023
2022











260
206




Total salaries and fees
245
184




10
8

Total
16
13




Average number of full-time employees
200
160
Annual Report 2023
33
Note 3 Fees to statutory auditors
DKK million
2023
2022












Fees to statutory auditors
1.8
1.1
Note 4 Net financial items
DKK million
2023
2022







Net financial items
4,893
-2,965
Note 5 Grants
DKK million
2023
2022
Grants awarded in the year:
























Total grants awarded in the year
7,691
7,464





Grants awarded in the year after adjustments
7,594
7,144
Grant liability at the begining of year
20,702
18,792






Grant liability at the end of year
22,522
20,702
Expected pay out of the Grant liability









22,522
20,702
Annual Report 2023
34
Note 6 Investments in subsidiaries
DKK million
2023
2022





Carrying amount at the end of the year
2,425
2,143




Note 7 Contingent liabilities




Note 8 Related party transactions
DKK million
2023
2022






Novo Holdings A/S


























NNF India A/S



The Novo Nordisk Group


Annual Report 2023
35
The Novozymes Group





Note 9 – Other disclosures
Novo Nordisk Foundation subsidiaries
Company name
Country
Ownership(%)/voting rights



















Tax


Annual Report 2023
36



Annual Report 2023
Annual Report 2023
37
Income statement and statement of comprehensive income for the year 1 January -
31 December
DKK million
Note
2023
2022
Income statement

269,066
208,240


-57,288
-46,082
Gross profit
211,778
162,158


-60,477
-49,470


-34,682
-26,417


-8,725
-6,836

14,025
-15,353


-8,135
-3,087
Operating profit
113,784
60,995

458
3,345

3,484
950

-3,281
-7,436
Profit before income taxes
114,445
57,854

-21,100
-13,210
Net profit
93,345
44,644


61,245
42,510

32,100
2,134
Net profit
93,345
44,644
Statement of comprehensive income
Net profit
93,345
44,644
Other comprehensive income:


12
630


-1,888
2,361

-1,026
1,740

1,593
1,218

257
36

-377
-940
Other comprehensive income, net of tax
-1,429
4,973
Total comprehensive income
91,916
49,617



60,153
46,264

31,763
3,353
Total comprehensive income
91,916
49,617
Annual Report 2023
38
Balance sheet at 31 December
DKK million
Note
2023
2022
Assets

104,361
90,289


107,223
84,439


25,085
27,088


10,086
9,777


146,309
125,887

18,146
16,205
Total non-current assets
411,210
353,685


38,190
30,586


71,940
57,092

474
417

3,124
1,480


2,449
2,860

10,102
7,638

15,838
10,921

19,085
15,949


332
1,051
Total current assets
161,534
127,994
Total assets
572,744
481,679
Annual Report 2023
39
Balance sheet at 31 December
DKK million
Note
2023
2022
Equity and liabilities

22
22

170,505
147,238

15,000
15,000

-425
483
Total equity parent foundation
185,102
162,743


98,131
81,242
Total equity
283,233
243,985


15,820
15,205


60,581
57,411

12,449
13,594


7,524
5,471


1,047
3,024
Total non-current liabilities
97,421
94,705


10,109
7,538

28,920
18,900

7,384
7,002


36,650
30,075


1,343
3,011

67
146


6,702
5,497


100,915
70,621


0
199
Total current liabilities
192,090
142,989
Total liabilities
289,511
237,694
Total equity and liabilities
572,744
481,679














Annual Report 2023
40
Statement of changes in equity at 31 December
DKK million
2023

























22
147,238
15,000
6
301
176
483
81,242
243,985

0
0
0
-511
0
0
-511
-222
-733

0
-2,907
0
0
0
0
0
-455
-3,362
22
144,331
15,000
-505
301
176
-28
80,565
239,890

0
24,506
7,594
0
0
0
0
61,245
93,345

0
60
0
-496
163
64
-397
-1,092
-1,429
Total comprehensive income
0
24,566
7,594
-496
163
-64
-397
60,153
91,916

0
659
0
0
0
0
0
1,643
2,302

0
28
0
0
0
0
0
70
98

0
238
0
0
0
0
0
-21,464
-21,226

0
102
0
0
0
0
0
118
220

0
0
0
0
0
0
0
-24,837
-24,837

0
0
-7,594
0
0
0
0
0
-7,594


0
581
0
0
0
0
0
1,883
2,464
Balance at the end of the year
22
170,505
15,000
-1,001
464
112
-425
98,131
283,233
2022

22
156,326
10,599
-411
-601
311
-701
60,615
226,861

0
0
0
30
0
0
30
20
10

0
12
0
0
0
0
0
12
0
22
156,338
10,599
-441
-601
311
-731
60,623
226,851

0
-9,411
11,545
0
0
0
0
42,510
44,644

0
5
0
447
902
-135
1,214
3,754
4,973
Total comprehensive income
0
-9,406
11,545
447
902
-135
1,214
46,264
49,617

0
487
0
0
0
0
0
1,193
1,680

0
44
0
0
0
0
0
101
145

0
-8
0
0
0
0
0
-17,612
-17,620

0
49
0
0
0
0
0
125
174

0
0
0
0
0
0
0
-19,318
-19,318

0
0
-7,144
0
0
0
0
0
-7,144


0
-266
0
0
0
0
0
9,866
9,600
Balance at the end of the year
22
147,238
15,000
6
301
176
483
81,242
243,985
Annual Report 2023
41
Cash flow statement
DKK million
Note
2023
2022
Operating profit
113,784
60,995


15,578
10,435


23,511
39,436

-26,999
-14,696

3,340
396

-2,586
-7,248
Cash flow before changes to working capital
126,628
89,318

-19,297
-12,697

-7,613
-6,040

15,168
11,970

-1,233
1,340
Cash flow from operating activities
113,653
83,891

-3,195
-15,354

920
0

0
3,949

-10,123
-10,894

11,004
5,293

-44,676
-65,558

35,997
66,239

-13,457
-3,087

-29,065
-15,716

427
30

-13,018
-9,566

8,261
6,770

405
371
Cash flow from investing activities
-56,520
-37,523

6,347
16,169

-4,728
-17,293

-21,226
-17,620

248
174

-247
-142

-24,837
-19,318

-3,551
0

-5,774
-5,234
Net cash flow used in financing activities
-53,768
-43,264
Net cash generated from activities
3,365
3,104
Cash and cash equivalents at the beginning of the year
15,925
13,068

-207
-247
Cash and cash equivalents at the end of the year

19,083
15,925
Annual Report 2023
42

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2023
43
Accounting policies
Principal accounting policies and key account-
ing estimates
The consolidated financial statements included in this Annual Report
have been prepared in accordance with IFRS Accounting Standards as
issued by the International Accounting Standards Board (IASB) and in
accordance with IFRS Accounting Standards as adopted by the EU and
further requirements in the Danish Financial Statements Act.
Measurement basis
The consolidated financial statements have been prepared on the histori-
cal cost basis except for derivative financial instruments, equity invest-
ments and trade receivables in a factoring portfolio, which are measured
at fair value.
The principal accounting policies set out below have been applied con-
sistently in the preparation of the consolidated financial statements for
all the years presented.
Principal accounting policies
Novo Nordisk Foundations accounting policies are described in each of
the individual notes to the consolidated financial statements. Accounting
policies listed below are regarded as the principal accounting policies
applied by Management:
Net sales (note 2)
Income taxes and deferred income taxes (note 8)
Intangible assets (note 9)
Financial assets (note 15)
Provisions and contingent liabilities (note 18)
Acquisitions of businesses (note 13)
Applying materiality
The consolidated financial statements are a result of processing large
numbers of transactions and aggregating those transactions into classes
according to their nature or function. The transactions are presented in
classes of similar items in the consolidated financial statements. If a line
item is not individually material, it is aggregated with other items of a
similar nature in the consolidated financial statements or in the notes.
Management provides specific disclosures required by IFRS unless the
information is not applicable or is considered immaterial to the decision
making of the primary users of these financial statements.
Key accounting estimates and judgements
The use of reasonable estimates and judgements is an essential part of
the preparation of the parent and consolidated financial statements.
Given the uncertainties inherent in Novo Nordisk Foundation Group
business activities, Management must make certain estimates regarding
valuation and make judgements on the reported amounts of assets, lia-
bilities, net sales, expenses and related disclosures.
The key accounting estimates identified are those that have a significant
risk of resulting in a material adjustment to the measurement of assets
and liabilities in the following reporting period. Management bases its
estimates on historical experience and various other assumptions that are
held to be reasonable under the circumstances. The estimates and under-
lying assumptions are reviewed on an ongoing basis. If necessary,
changes are recognised in the period in which the estimate is revised.
Management considers the key accounting estimates to be reasonable
and appropriate based on currently available information. The actual
amounts may differ from the amounts estimated as more detailed infor-
mation becomes available.
In addition, Management makes judgements in the process of applying
the entitys accounting policies, for example classification of a transac-
tion as an asset acquisition or a business combination.
The estimates are made by Management in Novo Nordisk, Novozymes
and Novo Holdings and subsequently evaluated by Management in
Novo Nordisk Foundation. The Foundation regards the following as the
key accounting estimates and judgements used in preparation of the con-
solidated financial statements:
Estimate of US sales deduction and provisions for sales rebates (note 2
and 18)
Estimate in determining the fair value of intangible assets when acquir-
ing assets in a business combination (note 13)
Judgment and estimate regarding deferred income tax assets and provi-
sion for uncertain tax positions (note 8)
Estimate regarding impairment of assets and judgement of whether a
transaction is an asset acquisition or a business combination (note 9
and 13)
Fair value measurement and valuation of unquoted investments (note
15)
Estimate of ongoing legal disputes, litigation and investigations (note
18)
The estimates are described in the notes to the consolidated financial
statements.
Annual Report 2023
44
Changes in accounting policies and disclosures
Adoption of new or amended IFRS
Management has assessed the impact of new or amended and revised ac-
counting standards and interpretations (IFRS) issued by the IASB and
IFRSs endorsed by the European Union effective on or after 1 January
2023.
It is assed that the application of amendments effective 1 January 2023
has not had a material impact on the consolidated financial statements
for 2023. Furthermore, Management does not anticipate any significant
impact in future years from adoption of these amendments.
General policies
Principles of consolidation
The consolidated financial statements incorporate the financial state-
ments of the parent foundation Novo Nordisk Foundation and entities
controlled by the Novo Nordisk Foundation. Control exists when the
Novo Nordisk Foundation has effective power over the entity and has
the right to variable returns from the entity.
Where necessary, adjustments are made to bring the financial statements
of subsidiaries in line with the Novo Nordisk Foundation Groups ac-
counting policies. All intra-Group transactions, balances, income and
expenses are eliminated in full when consolidated.
The results of subsidiaries acquired or disposed of during the year are
included in the consolidated income statement from the effective date of
acquisition and up to the effective date of disposal.
Entities in which the Group directly or indirectly controls at least 20%
but not more than 50% of the voting power are accounted for as associ-
ates and measured using the equity method.
The consolidated financial statements are prepared by combining items
of a uniform nature and subsequently eliminating intercompany transac-
tions, internal stockholdings and balances, and unrealised intercompany
profits and losses.
Translation of foreign currencies
Functional and presentation currency
Items included in the financial statements of Novo Nordisk Founda-
tions entities are measured using the currency of the primary economic
environment in which the entity operates (functional currency). The con-
solidated financial statements are presented in Danish kroner (DKK),
which is also the functional and presentation currency of the parent
company.
Translation of transactions and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the transaction dates. Foreign ex-
change gains and losses resulting from the settlement of such transac-
tions and from the translation at year-end exchange rates of monetary
assets and liabilities are recognised in the income statement.
Foreign currency differences arising from the translation of effective
qualifying cash flow hedges are recognised in other comprehensive in-
come.
Translation of Group companies
Financial statements of foreign subsidiaries are translated into DKK at
the exchange rates prevailing at the end of the reporting period for bal-
ance sheet items, and at average exchange rates for income statement
items.
All effects of exchange rate adjustments are recognised in other compre-
hensive income, i.e.:
the translation of foreign subsidiaries net assets at the beginning of the
year to the exchange rates at the end of the reporting period;
the translation of foreign subsidiaries statements of comprehensive in-
come at average to year-end exchange rates.
Other Accounting policies
Research and development costs
The Group expenses all research costs related to Novo Nordisk. In line
with industry practice, internal and subcontracted development costs are
also expensed as they are incurred, due to significant regulatory uncer-
tainties and other uncertainties inherent in the development of new prod-
ucts. This means that they do not qualify for capitalisation as intangible
assets until marketing approval by a regulatory authority is obtained or
considered highly probable. Costs for post-approval activities that are
required by authorities as a condition for obtaining regulatory approval
are recognised as research and development costs.
Research and development costs primarily comprise employee costs,
and internal and external costs related to execution of studies, including
manufacturing costs and facility costs of the research centres. The costs
also comprise amortisation, depreciation and impairment losses related
to software and property, plant and equipment used in the research and
development activities. Impairment losses recognised on intangible as-
sets not yet available for use related to research and development pro-
jects are presented in research and development costs.
For acquired research and development projects, patents and licences,
the likelihood of obtaining future commercial sales is reflected in the
cost of the asset, and thus the probability recognition criteria are always
considered to be satisfied. As the cost of acquired research and develop-
ment projects can often be measured reliably, these projects fulfil the
capitalisation criteria as intangible assets on acquisition. Subsequent
milestone payments payable on achievement of a contingent event (e.g.
commencement of phase 3 trials) are accrued and capitalised into the
cost of the intangible asset when the achievement of the event is proba-
ble. Development costs incurred subsequent to acquisition are treated
consistently with internal project development costs.
Assets that are subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable.
If the carrying amount of intangible assets exceeds the recoverable
amount based on the existence of one or more of the above indicators of
impairment, any impairment is measured based on discounted projected
cash flows. Impairments are reviewed at each reporting date for possible
reversal
Financial assets and liabilities
Depending on purpose, the Group classifies investments into the follow-
ing categories:
Annual Report 2023
45
Financial assets at fair value through the income statement
Financial assets at amortised cost
Financial assets at fair value through other comprehensive income
Management determines the classification of its financial assets on ini-
tial recognition and re-evaluates this at the end of every reporting period
to the extent that such a classification is permitted or required.
Recognition and measurement
Purchases and sales of financial assets are recognised on the settlement
date. These are initially recognised at fair value.
Fair value disclosures are made separately for each class of financial in-
struments at the end of the reporting period.
Financial assets are removed from the balance sheet when the rights to
receive cash flows have expired or have been transferred, and the Group
has transferred substantially all the risks and rewards of ownership.
Financial assets ‘at fair value through the income statement’
Financial assets at fair value through the income statement consist of eq-
uity investments and forward exchange contracts. Equity investments
are included in other financial assets unless management intends to dis-
pose of the investment within 12 months of the end of the reporting pe-
riod. In that case, the current part is included in assets held for sale.
Net gains and losses arising from changes in the fair value of financial
assets are recognised in the income statement as financial income or ex-
penses. The fair values of quoted investments are based on current bid
prices at the end of the reporting period. Financial assets for which no
active market exists are carried at fair value based on a valuation meth-
odology.
Financial assets ‘at amortised cost’
Financial assets at amortised cost are cash at bank and non-derivative fi-
nancial assets solely with payments of principal and interest. The Group
normally holds-to-collect the financial assets to attain the contractual
cash flows. If collection is expected within one year (or in the normal
operating cycle of the business if longer), they are classified as current
assets. If not, they are presented as non-current assets.
Trade receivables are initially recognised at transaction price and other
receivables are recognised initially at fair value. Subsequently, they are
measured at amortised cost using the effective interest method, less al-
lowance for doubtful receivables.
Financial assets ‘at fair value through other comprehensive income’
Financial assets at fair value through other comprehensive income are
trade receivables that are held to collect or to sell in factoring agree-
ments.
Financial liabilities ‘at fair value through the income statement’
Financial liabilities at fair value through the income statement consist of
forward exchange contracts.
Financial liabilities ‘at amortised cost’
Financial liabilities at amortised cost consist of bank overdrafts, trade
payables and other liabilities.
Financial assets (Investments)
The Group divides the financial assets into two main types: Life Science
Investments and securities, and two minor types: other financial assets
and contract assets.
Life Science Investments are defined as direct or indirect investments in
financial assets that are primarily related to either healthcare or bioin-
dustrial segments.
Investments that do not meet the definition of the above category are de-
fined as securities.
Financial assets that fall into the category of either life science or securi-
ties are recognised in accordance with IFRS 9 at fair value through
profit or loss. Investments are initially recognised at fair value and sub-
sequently adjusted to fair value. For more information, please refer to
note 14.
Financial definitions
Operating profit
Operating profit as percentage of sales.
Net profit margin (incl. non-controlling interests)
Net profit margin as percentage of sales.
Equity ratio
Total shareholders equity (incl. non-controlling interests) as a percent-
age of total assets at year-end.
Supplementary accounting policies for the par-
ent foundation
Investments in subsidiaries
In the financial statements of the parent foundation, investments in sub-
sidiaries are recognised at cost price and dividend received from the
subsidiaries are included in the profit and loss.
Gain and losses on sale of shares in subsidiaries are included in the
profit and loss.
Grants
Grants are recognised as deductions once the parent foundation is obli-
gated towards the grant recipient. From that point in time and until the
grant has been paid out, the grant is included in grants payable.
Annual Report 2023
46
Net sales – business areas
DKK million
2023
2022

































Total net sales
269,066
208,240













Total net sales by geographical area
269,066
208,240
Accounting policy
Revenue from sale of goods is recognised when the control of products sold has been transferred to the buyer and it is probable that the Group will
collect the considerations to which it is entitled for transferring the products. Transfer of control of products to the buyer is effectuated at a single
point in time, typically on delivery. The amount of sale to be recognised is based on the consideration the Group expects to receive in exchange for
its goods.
When sales are recognised, the Group also records estimates for a variety of sales deductions, including product returns as well as rebates and dis-
counts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions
are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration).
Where contracts contain customer acceptance criteria, the Group recognises sales when the acceptance criteria are satisfied.
In some markets, the Group sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future
returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, without
sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established
products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption
or when the right of return has expired.
Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recog-
nised as other liabilities.
Key accounting estimates and judgements
Estimate of sales deductions and provisions for sales rebates
Sales deductions are estimated and provided for at the time the related sales are recorded. These estimates of unsettled rebate, discount and product
return obligations require use of significant judgement, as not all conditions are known at the time of the sale, for example total sales volume to a
Annual Report 2023
47
given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the
basis of a percentage of sales for each product as defined by the contracts with the various customer groups. Provisions for sales rebates are adjusted
to actual amounts as rebates, discounts and returns are processed.
The main sales discounts and sales rebates are issued in the US and include US Managed Care, Medicare, Medicaid and other minor US rebate types.
Revenue related to the 340B Drug Pricing Program can only be recognised to the extent that it is highly probable that a significant reversal of the
recognised revenue will not occur. Significant estimation is required to determine the amount of revenue to recognise. Management has considered
interpretations of applicable laws, whether the consideration is highly susceptible to factors outside Novo Nordisks influence, as well as the experi-
ence of historical claims. Refer to note 18 and 24 for information on the ongoing litigation related to the 340B Drug Pricing Program.
The Group considers the provisions established for sales rebates to be reasonable and appropriate based on currently available information. However,
the actual number of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available.
Employee costs
DKK million
Note
2023
2022



















Total employee costs for the year
68,528
56,030






Total employee costs in the income statement
65,661
54,449
















Total employee costs in the income statement
65,661
54,449











The Executive Management constitutes the Key Management Personnel.
DKK thousands
Novo Nordisk Foundation
Other Group companies
Total
Annual Report 2023
48











3,741


208




2,626



951



566



442




578



541


416


416


416
5,928
707
3,929
337
10,901
Number
2023
2022

81,652
74,196
Accounting Policy
Wages, salaries, social security contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are recognised in the year in
which the employees render the associated services. Where the Group provides long-term employee benefits, the costs are accrued to match the ren-
dering of the services.
Fees to statutory auditors
DKK million
2023
2022










Fees to statutory auditors
121
90









Fees to other auditors
71
91
Amortisation, depreciation and impairment losses
Annual Report 2023
49
DKK million
2023
2022
















Total amortisation and impairment losses
15,578
10,435
Return on investment activities and other operating income
DKK million
2023
2022






Return on investment activities and other operating income
14,025
-15,353
Financial income and expenses
Financial income
DKK million
2023
2022












Total financial income
3,484
950
Financial expenses
DKK million
2023
2022















Total financial expenses
3,281
7,436
Accounting policy
Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedged trans-
ferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement.
Annual Report 2023
50
In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the
hedged asset or liability that are attributable to the hedged risk. Finally, value adjustments of foreign currency assets and liabilities in non-hedged
currencies will impact financial income and financial expenses.
Income taxes
DKK million
2023
2022












Income taxes in the income statement
21,100
13,210
























Effective tax rate
18.5%
22.9%
Annual Report 2023
51
Accounting policy
The tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncer-
tain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive
income.
Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.
Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from
realisable tax loss carry forwards. The tax value of tax loss carry forwards is included in deferred tax assets to the extent that these are expected to be
utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in
which the assets are expected to be utilised.
Deferred tax is not calculated for investments in subsidiaries, branches or associated companies, as these are permanent deviations. Deferred tax is
only calculated if the deviations are tax deductible. In general, the Danish tax rules related to dividends from group companies provide exemption
from tax for most repatriated profits. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned.
The value of future tax deductions in relation to share programs is recognised as deferred tax, until the shares are paid out to the employees. Any
estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.
Key accounting estimates and judgements
The Group is subject to income taxes around the world. Significant judgement and estimates are required in determining the worldwide accrual for
income taxes, deferred income tax assets and liabilities, and provisions for uncertain tax positions. The Group recognises deferred income tax assets
if it is probable that sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be
utilised. Management has considered future taxable income and applied its judgement in assessing whether deferred income tax assets should be
recognised. In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management judgement is
applied to assess the possible outcome of such disputes. The ‘most probable outcome’ method is applied when making provisions for uncertain tax
positions, and Novo Nordisk foundation considers the provisions made to be adequate. However, the actual obligation may deviate and depends on
the result of litigation and settlements with the relevant tax authorities
Development in deferred income tax assets and liabilities
DKK million
2023
2022
Net deferred tax asset/(liability) at the beginning of the year
2,611
3,042
Income/(charge) to the income statement
5,098
4,315
Additions during the year from acquisitions of companies
-777
-3,169
Adjustment to prior year
-477
-397
Income/(charge) to other comprehensive income
-425
-880
Income/(charge) to equity
-120
36
Effect of exchange rate adjustments
-213
-336
Net deferred tax asset/(liability) at the end of the year
5,697
2,611
Deferred tax asset at 31 December
18,146
16,205
Deferred tax liability at 31 December
-12,449
-13,594
5,697
2,611
2023
Assets
Liabilities
Total
Tangible assets
0
-5,177
-5,177
Intangible assets
194
-11,286
-11,092
Inventories
2,060
-237
1,823
Annual Report 2023
52
Provisions
14,899
-361
14,538
Share options
277
-633
-356
Tax loss carryforward
75
0
75
Other
4,095
1,791
5,886
21,600
15,903
5,697
Offset within countries
-3,454
3,454
0
18,146
12,449
5,697
2022
Tangible assets
0
-7,415
-7,415
Intangible assets
196
-8,407
-8,211
Inventories
2,935
-186
2,749
Provisions
11,064
-20
11,044
Share options
67
0
67
Tax loss carryforward
636
-395
241
Other
6,423
-2,287
4,136
21,321
-18,710
2,611
Offset within countries
-5,116
5,116
0
16,205
-13,594
2,611
Intangible assets
DKK million
Goodwill
Patents,
licenses
and
know
how
Other in-
tangibles
Total
2023
Costs at the beginning of year
31,340
61,316
14,076
106,732
Effect of exchange rate adjustments
-611
-101
-158
-870
Additions during the year from acquisition of companies
4,114
36
3,198
7,348
Additions during the year
79
12,573
815
13,467
Disposals during the year
0
-1,790
-609
-2,399
Transfer and reclassifications
0
113
-113
0
Transferred to assets classified as held for sale
0
0
0
0
Cost at the end of the year
34,922
72,147
17,209
124,278
Amortisation/depreciations and impairment losses at the beginning of the year
175
10,976
5,292
16,443
Effect of exchange rate adjustments
6
79
-37
48
Amortisation/depreciations for the year
0
2,194
971
3,165
Impairment losses for the year
824
1,936
65
2,825
Impairment losses reversed during the year
0
-382
0
-382
Amortisation/depreciation and impairment losses reversed on disposals during the year
0
-1,783
-399
-2,182
Transfer and reclassifications
0
108
-108
0
Amortisation/depreciation and impairment losses at the end of the year
1,005
13,128
5,784
19,917
Carrying amount at the end of the year
33,917
59,019
11,425
104,361
Annual Report 2023
53
2022
Costs at the beginning of year
18,225
48,744
9,085
76,054
Effect of exchange rate adjustments
242
979
-3
1,218
Additions during the year from acquisition of companies
13,826
10,370
3,585
27,781
Additions during the year
232
1,377
1,619
3,228
Disposals during the year
-1,185
-155
-64
-1,404
Transfer and reclassifications
0
1
-1
0
Transferred to assets classified as held for sale
0
0
-145
-145
Cost at the end of the year
31,340
61,316
14,076
106,732
Amortisation/depreciations and impairment losses at the beginning of the year
175
8,389
4,514
13,078
Effect of exchange rate adjustments
0
80
19
99
Amortisation/depreciations for the year
0
1,872
845
2,717
Impairment losses for the year
0
788
2
790
Amortisation/depreciation and impairment losses reversed on disposals during the year
0
-153
-29
-182
Transfer and reclassifications
0
0
0
0
Transferred to assets classified as held for sale
0
0
-59
-59
Amortisation/depreciation and impairment losses at the end of the year
175
10,976
5,292
16,443
Carrying amount at the end of the year
31,165
50,340
8,784
90,289
When performing the impairment tests, the value of each cash-generating unit’s discounted cash flow is compared to the booked value of the unit.
The Group has applied a discount rate of 7 - 12% to calculate the discounted cash flow. Cash flow projections are based on budgets appproved by
Management.
In 2023, an impairment loss of DKK 2,825 million on intangible assets was recognised. The impairment was related to Novo Nordisk and the Xellia
Group.
Goodwill is specified on a CGU level below.
DKK million
2023
2022
Novo Nordisk Group
4,464
4,615
Novozymes Group
1,975
2,007
NNIT Group
686
696
Altasciences Group
3,438
3,525
BBI Group
3,026
2,956
KabaFusion Group
3,745
3,818
Medical Knowledge Group
7,238
7,399
Ritedose Group
2,840
2,671
Ellab Group
3,867
0
Sonion Group
2,638
2,643
Xellia Group
0
835
Carrying amount at the end of the year
33,917
31,165
Annual Report 2023
54
Accounting policy
Goodwill
Goodwill arising from business combinations is recognised and measured as the difference between the total of the fair value of the consideration
transferred compared to the fair value of identifiable net assets on the date of acquisition.
Goodwill is not amortised, but the carrying amount is tested at relevant cash generating unit level (CGU-level) for impairment once a year. Goodwill
is written down to its recoverable amount through the income statement if lower than the carrying amount.
Patents, licenses and other intangible assets
Patents and licences, including patents and licences acquired for research and development projects, are carried at historical cost less accumulated
amortisation and any impairment loss. Upfront fees and acquisition costs are capitalised and subsequent milestone payments payable on achievement
of a contingent event will be capitalised on the contingent event being probable of being achieved.
Amortisation is based on the straight-line method over the estimated useful life. This means the legal duration or the economic useful life depending
on which is shorter, and not exceeding 15 years. The amortisation of patents and licences begins after regulatory approval has been obtained.
Internal development of software for internal use are recognised as intangible assets if the recognition criteria are met, for example a significant busi-
ness system where the expenditure leads to the creation of a durable asset. Amortisation is based on the straight-line method over the estimated useful
life of 3-15 years. The amortisation begins when the asset is in the location and condition necessary for it to be capable of operating in the manner
intended by Management.
Acquisition of entities
On acquisition of companies, the identifiable assets acquired, and the liabilities and contingent liabilities assumed are recognised at their fair values at
the acquisition date. The consideration transferred includes the fair value at the acquisition date of any contingent consideration arrangement.
Goodwill may subsequently be adjusted for changes in the fair value of the consideration transferred and/or changes in the fair value of the identifia-
ble net assets acquired until 12 months after the acquisition date, to the extent such changes relate to facts and circumstances present at the acquisi-
tion date. Acquired companies are consolidated from the date of acquisition.
Research and development projects
Internal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent
with industry practice, development costs are also expensed until regulatory approval is obtained or is probable.
Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent sub-
contracted research and development work are expensed as the services are received. Payments which represent rights to the transfer of intellectual
property, developed at risk by the third party, are capitalised.
For acquired research and development projects, patents and licences, the likelihood of obtaining future commercial sales is reflected in the cost of
the asset, and thus the probability recognition criteria are always considered to be satisfied. As the cost of acquired research and development projects
can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments
payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset
when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project
development costs.
Key accounting estimates and judgements
Management assesses the risk of impairment of the Group’s intangible assets. This requires judgment in relation to the identification of cash-generat-
ing units (CGUs) and the underlying assumptions in the Group’s impairment models. Intangible assets with indefinite useful life and intangible assets
not yet available for use are not subject to amortization. They are tested annually for impairment, irrespective of whether there is any indication that
they may be impaired.
Annual Report 2023
55
If there is any indication of impairment, value in use is estimated and compared with the carrying amount. The calculation of value in use is based on
the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams
and the rate used to discount the cash flows.
Management makes judgements related to intangible assets when assessing whether a transaction is a business combination or an asset acquisition.
An asset acquisition will arise when substantially all the transaction value is concentrated in a single asset or when there are no substantive business
processes in the acquired entity. Judgements are also made in evaluating whether payments under collaboration arrangements are acquisition of assets
or prepayments of R&D services.
Tangible assets
DKK million
Land
and
buildings
Plant
and ma-
chinery
Other
equip-
ments
Assets
under
construc-
tion
Total
2023
Cost at the beginning of the year
54,384
53,776
11,688
26,667
146,515
Effect of exchange rate adjustments
-878
-724
-165
-409
-2,176
Additions during the year from acquisition of companies
61
1
87
0
149
Additions during the year
3,052
468
1,210
29,771
34,501
Disposals during the year
-1,185
-1,105
-820
-621
-3,731
Transfer and reclassifications
5,056
6,138
903
-12,840
-743
Cost at the end of the year
60,490
58,554
12,903
42,568
174,515
Amortisation/depreciation and impairment losses at the beginning of the year
21,556
33,114
7,239
167
62,076
Effect of exchange rate adjustments
-351
-417
-132
9
-891
Amortisation/depreciation for the year
2,920
2,839
1,449
0
7,208
Impairment losses for the year
524
1,210
96
932
2,762
Amortisation/depreciation and impairment losses reversed on disposals during the year
-1,040
-1,074
-776
-562
-3,452
Transfer and reclassifications
-134
-278
2
-1
-411
Amortisation/depreciation and impairment losses at the end of the year
23,475
35,394
7,878
545
67,292
Carrying amount at the end of the year
37,015
23,160
5,025
42,023
107,223
Leased assets included in the end of the year
5,450
82
850
0
6,382
In 2023, an impairment loss of DKK 2,762 million on tangible assets was recognised. The impairment was related to Novo Nordisk and the Xellia
Group.
2022
Annual Report 2023
56
Cost at the beginning of the year
51,986
50,954
11,758
12,932
127,630
Effect of exchange rate adjustments
516
708
48
690
1,962
Additions during the year from acquisition of companies
720
385
79
80
1,264
Additions during the year
907
364
966
16,143
18,380
Disposals during the year
-486
-275
-804
-40
-1,605
Transfer and reclassifications
1,134
1,640
345
-3,119
0
Transferred to assets classified as held for sale
-393
0
-704
-19
-1,116
Cost at the end of the year
54,384
53,776
11,688
26,667
146,515
Amortisation/depreciation and impairment losses at the beginning of the year
19,430
30,411
7,112
78
57,031
Effect of exchange rate adjustments
-49
248
78
3
280
Amortisation/depreciation for the year
2,746
2,681
1,345
0
6,772
Impairment losses for the year
16
17
3
119
155
Amortisation/depreciation and impairment losses reversed on disposals during the year
-445
-253
-790
-33
-1,521
Transfer and reclassifications
0
10
-10
0
0
Transferred to assets classified as held for sale
-142
0
-499
0
-641
Amortisation/depreciation and impairment losses at the end of the year
21,556
33,114
7,239
167
62,076
Carrying amount at the end of the year
32,828
20,662
4,449
26,500
84,439
Leased assets included in the end of the year
3,914
87
681
0
4,682
Accounting policy
Property, plant and equipment is measured at historical cost less accumulated depreciation and any impairment loss. The cost of self-constructed
assets includes costs directly and indirectly attributable to the construction of the assets.
Any subsequent cost is included in the asset’s carrying amount or recognised as a separate asset only when it is probable that future economic bene-
fits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Depreciation is based on the straight-line method over the estimated useful lives of the assets:
Buildings, 12-50 years
Plant and machinery: 5-25 years
Other equipment: 3-18 years
Land is not depreciated.
The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operat-
ing in the manner intended by Management.
The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset’s carrying
amount is higher than its estimated recoverable amount, it is written down to the recoverable amount.
Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment
with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as re-
search and development costs.
Leases
Annual Report 2023
57
DKK milliion
2023
2022
Amounts recognised in the income statement
Total amounts recognised in the income statement
2,127
1,663
Total paid amount related to leases
2,197
1,613
Within 1
year
1-3 year
3-5 year
More
than 5
year
Total
Undiscounted lease commitments
1,613
2,277
1,363
1,758
7,011
Accounting policy
The Group mainly leases office buildings, warehouses, laboratories and vehicles. The right-of-use asset is presented in property, plant and equipment
and the lease liability in borrowings.
For contracts which are or contain a lease, the Group recognises a right-of use asset and a lease liability. The right-of-use asset is initially measured at
cost, being the initial amount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease
term. The right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and reduced by any impairment losses.
The lease term determined by the Group is the non-cancellable period of a lease, together with extension/termination option if these are reasonably
certain to be exercised.
When determining the term, Management considers multiple factors that create economic incentives to exercise an option to extend the lease or not to
terminate the lease, including termination penalties, potential relocation costs and whether significant leasehold improvements have been capitalised
on the lease, with a remaining useful life which exceeds the fixed minimum duration of the lease.
For contracts with a rolling term (evergreen leases), the Group estimates the leasing period to be equal to the termination period if no probable sce-
nario exists for estimating the leasing period.
The lease liability is initially measured at the present value of the lease payments outstanding at the commencement date, discounted using the incre-
mental borrowing rate. The lease liability is measured using the effective interest method. Variable lease payments not based on an index or a rate are
recognised as an expense in the income statement as incurred. Residual value guarantees that are expected to be paid are included in the initial meas-
urement of the lease liability.
The lease liability is remeasured when there is a change in future lease payments, typically due to a change in index or rate (e.g. inflation) on property
leases, or if there is a reassessment of whether an extension or termination option will be exercised. A corresponding adjustment is made to the right-
of use asset, or in the income statement when the right-of-use asset has been fully depreciated.
New lease contracts with a lease term of 12 months or less and lease of low value assets are not recognised on the balance sheet. These are expensed
on a straight-line basis over the lease term or another systematic basis. Lease of low value assets include personal computers, telephones and small
items of office equipment.
Investment property
Accounting policy
Investment properties are measured upon initial recognition at cost price, which includes the purchase price of the property and any directly associ-
ated costs. Investment properties are subsequently measured at estimated fair value. The measurement is made by using a 10-annual discounted cash
flow model (DCF model), where the future cash flows from ownership of the investment properties are discounted back to present value. The return
requirement (discounting factors) is determined property by property.
Costs that add to an investment property, in the form of new or improved features compared to the time of acquisition and thereby improve or ensure
the property’s future return, are added as an improvement. Costs that do not add new or improved features to an investment property are expensed in
the income statement. Housing projects are also measured at fair value from the expected value at the time of commissioning weighted by assessed
degree of completion. Investment properties have like other tangible assets, except for reasons, a limited life. The impairment that takes place as an
Annual Report 2023
58
investment property becomes obsolete, is reflected in the investment property’s ongoing valuation at fair value. Systematic depreciation is therefore
not carried out over the useful life of the investment properties.
Value adjustments are entered via the income statement.
DKK million
2023
2022
Cost at the beginning of the year
27,508
0
Additions during the year from acquisition of companies
0
27,738
Additions during the year
467
399
Disposals during the year
-158
-629
Cost at the end of the year
27,817
27,508
Value adjustments at the beginning of the year
-420
0
Value adjustments during the year
-2,059
-420
Value adjustments on disposals during the year
-253
0
Value adjustments at the end of the year
-2,732
-420
Fair value at the end of the year
25,085
27,088
Investment property relates to the Dades Group.
The properties’ average weighted return requirement
2023
2022
Investment properties, Dades Group
5.28
4.82
Changes in yield requirements are a significant element that affects property value. The sensitivity and
the connection between net worth in the group and various requirements for the property’s return:
Change in required return and property value
Change
Change in Average return
in %
Carrying amount
-0.50
4.78
27,848
-0.25
5.03
26,407
Basis
5.28
25,085
0.25
5.53
23,944
0.50
5.78
22,882
The distribution of applied rates of return on the entire portfolio as well as the average price per m2.
Interval
Share of portfolio
Average rate of return
Average price
per m2 in DKK
Rate of return: 7.50% - 9.00%
1%
7.50%
6,738
Rate of return: 7.00% - 7.49%
5%
7.19%
10,982
Rate of return: 6.50% - 6.99%
13%
6.71%
18,422
Annual Report 2023
59
Rate of return: 6.00% - 6.49%
15%
6.29%
17,755
Rate of return: 5.50% - 5.99%
7%
5.79%
18,237
Rate of return: 5.00% - 5.49%
10%
5.19%
26,258
Rate of return: 4.50% - 4.99%
26%
4.63%
28,906
Rate of return: 4.00% - 4.49%
15%
4.25%
37,228
Rate of return: 3.50% - 3.99%
8%
3.84%
39,432
Most significant unobservable assumptions used when calculating
the fair value
Rent per m2 per year
in DKK
Rental percentage %
Average rate of
return in %
31 December 2023
1,381
94
5.28
31 December 2022
1,357
95
4.82
Business acquisitions
DKK million
Novo
Holdings
Others
Total
Ellab
Others
2023
Intangible assets excluding goodwill
3,177
57
3,234
Tangible assets
149
0
149
Financial assets
3
0
3
Inventories
96
0
96
Trade and other receivables
208
0
208
Cash at bank and cash equivalents
115
0
115
Current and deferred tax liabilities, net
-722
0
-722
Financial and other liabilities
-1,780
-304
-2,084
Other net assets
0
0
0
Acquired net assets
1,246
-247
999
Non-controlling interest
-1,803
0
-1,803
Group’s share
-557
-247
-804
Goodwill
3,867
247
4,114
3,310
0
3,310
Purchase price:
Cash
3,310
0
3,310
Settlement of pre-existing relationships
0
0
0
Fair value of existing shareholdings
0
0
0
Contingent considerations
0
0
0
Deferred considerations
0
0
0
Total purchase price
3,310
0
3,310
Cash flow for acquisitions:
Annual Report 2023
60
Cash payment
3,310
0
3,310
Less cash and cash equivalents in acquired business
-115
0
-115
Cash outlfow for acquisitions
3,195
0
3,195
Accounting policy
When accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.
Upon acquisition of new entities, the acquired assets, liabilities, and contingent liabilities are measured at fair value at the date when control was
achieved.
The consideration transferred as payment for the acquiree consist of the fair value of assets transferred, liabilities incurred to former owners of the
acquiree, and equity instruments issued. Contingent considerations dependent on future events or the performance of contractual obligations are also
recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recognised in the
income statement until final settlement.
Identifiable intangible assets are recognised if they arise from a contractual right or can otherwise be separately identified.
Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in
compliance with local tax legislation.
The differences between the fair value of the acquisition cost and the fair value of the acquired identifiable net assets is recognised as goodwill.
Transaction costs are recognised as operating costs as they are incurred. If measurement of the identifiable net assets is uncertain at the date of acqui-
sition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done up to 12
months following the date of acquisition.
Business acquisitions in 2023
Business acquisitions in 2023 in Novo Nordisk
No transactions completed during 2023 were classified as acquisitions of businesses.
Business acquisitions in 2023 in Novozymes
No acquisitions were made in 2023. On 29 January 2024 the final regulatory approvals were obtained and the final registration of the statutory mer-
ger between Novozymes and Chr. Hansen successfully completed with the Danish Business Authority. The merger will be accounted for as a busi-
ness combination using the acquisition method under IFRS 3 where Novozymes was identified as the acquirer and Chr. Hansen was identified as the
acquiree. An initial purchase price allocation is still under preparation.
Business acquisitions in 2023 in Novo Holdings
Ellab
In September 2023, the Group acquired Ellab, a global leader in validation and monitoring solutions primarily for the pharmaceutical industry. In
October 2023 the Group sold a non-controlling interest of 34% in Ellab to the Lundbeck Foundation.
About Ellab
Headquartered in Hillerød, Denmark, Ellab provides mission-critical validation- and monitoring solutions used for measuring and documenting criti-
cal parameters such temperature, pressure and CO2 in mainly biotech and pharma processes. The Company serves all of the top 20 biotech compa-
nies and all of the top 40 pharma companies globally helping them ensure consumer safety and regulatory compliance, while reducing time to market
and the risk of product loss.
Strategic rationale and synergies
Annual Report 2023
61
Ellab is an innovative company with a high-quality offering that positions the company to benefit from a growing underlying sector exposed to in-
creasing quality requirements. Ellab is expected to benefit from the Group’s extensive expertise in pharmaceutical manufacturing and industry rela-
tionships.
Transaction costs of DKK 68 million have been recognised as expenses in 2023.
The accounting for the Ellab acquisition is considered provisional at 31 December 2023.
Earnings impact
From the acquisition date to 31 December 2023, Ellab contributed net sales of DKK 306 million and a net loss of DKK 145 million. If the acquisition
had occurred on 1 January 2023, the full year impact on the Group’s net sales and net loss would have been DKK 963 million and DKK 145 million
respectively.
Business acquisitions in 2022
For a description of business acquisitions in 2022, please refer to note 13 in the 2022 Annual Report.
Business acquisitions in 2022 in Novo Nordisk
On 14 October 2022, Novo Nordisk acquired all outstanding shares of the publicly held US company Forma Therapeutics Holdings, Inc. at a price of
USD 20 per share via a cash tender offer, equal to a total purchase price of DKK 8,102 million. At end of 2022, the initial accounting for goodwill,
intellectual property rights, other intangible assets and deferred tax assets and liabilities remained provisional. The valuation of these were finalised
in 2023 with the result that net deferred tax liabilities were reduced retrospectively by DKK 524 million to a total of DKK 709 million. The reduction
was offset by a corresponding amount to goodwill. The valuation of intellectual property rights and other intangible assets remain unchanged.
Business acquisitions in 2022 in Novozymes
No acquisitions were made in 2022.
Business acquisitions in 2022 in Novo Holdings
Adjustment to prior-year business acquisitions
The fair value and allocation of acquired assets, liabilities and non-controlling interests in Medical Knowledge Group, Ritedose, KabaFusion and
Dades were finalised in 2023, which did not lead to any adjustments.
Associated companies
DKK million
2023
2022
Cost at the beginning of the year
11,559
12,865
Effect of exchange rate adjustments
2
2
Additions during the year from acquisition of companies
0
271
Additions during the year
86
0
Disposals during the year
-4
-1,579
Transferred to investments
0
0
Cost at the end of the year
11,643
11,559
Value adjustment at the beginning of the year
-1,782
-2,075
Effect of exchange rate adjustment
-66
-89
Share of result for the year
458
582
Received dividend
-405
-371
Disposals during the year
0
362
Other adjustments
238
-191
Value adjustments end of year
-1,557
-1,782
Carrying amount at the end of the year
10,086
9,777
Fair value of shares in listed stocks in associated companies
Annual Report 2023
62
Chr. Hansen Holding A/S
16,410
14,483
ConvaTec Group PLC
8,814
8,197
Accounting policy
Investments in associated companies are recorded under the equity method, using the respective share of the net values in the associated companies
using the Group accounting principles. Goodwill related to associated companies is included in the value of investments in associated companies.
Financial assets
DKK million
2023
2022
Life science
investments
Securities
Other
financial
assets
Total
Life science
investments
Securities
Other
financial
assets
Total
Investments
Cost at the beginning of
the year
42,187
63,149
2,784
108,120
36,818
64,160
1,288
102,266
Transferred from associa-
ted companies
0
0
-1
-1
0
0
0
0
Additions from acquisition
of companies
0
0
3
3
0
-3,100
15
-3,085
Additions during the year,
net
-1,217
9,460
-530
7,713
5,369
2,089
1,481
8,939
Cost at the end of the
year
40,970
72,609
2,256
115,835
42,187
63,149
2,784
108,120
Value adjustments at the
beginning of the year
3,988
14,414
-635
17,767
17,006
23,938
-592
40,352
Effect of foreign exchange
adjustments
0
0
0
0
0
-4
0
-4
Transferred from associa-
ted companies
0
0
0
0
0
437
0
437
Appreciations to fair
value, net
4,913
6,587
1,207
12,707
-13,018
-9,957
-43
-23,018
Value adjustments at the
end of the year
8,901
21,001
572
30,474
3,988
14,414
-635
17,767
Fair value at the end of
the year
49,871
93,610
2,828
146,309
46,175
77,563
2,149
125,887
Split on asset classes
Public Equity
7,704
41,656
0
49,360
9,966
35,579
0
45,545
Private Equity
25,266
4,660
0
29,926
22,148
3,621
0
25,769
Venture capital
16,703
1,931
0
18,634
14,059
2,364
0
16,423
Credit
198
13,060
0
13,258
2
12,192
0
12,194
Real assets
0
11,431
2,828
14,259
0
6,731
2,149
8,880
Bonds
0
20,872
0
20,872
0
17,076
0
17,076
Financial assets
49,871
93,610
2,828
146,309
46,175
77,563
2,149
125,887
Annual Report 2023
63
Fair value measurement
by hierarchy
Level 1
9,174
56,276
0
65,450
14,252
46,055
0
60,307
Level 2
0
17,720
0
17,720
0
17,019
0
17,019
Level 3
40,697
19,614
2,828
63,139
31,923
14,489
2,149
48,561
49,871
93,610
2,828
146,309
46,175
77,563
2,149
125,887
Change in the value not
based on observable mar-
ket data (level 3)
At the beginning of the
year
31,923
14,489
2,149
48,561
32,276
13,919
696
46,891
Additions during the year
11,057
6,464
4
17,525
5,268
4,138
1,608
11,014
Disposals during the year
-5,056
-426
-532
-6,014
-2,069
-226
-127
-2,422
Gains through profit and
loss
3,950
-913
1,205
4,242
-2,456
599
-43
-1,900
Change in hierarchy due to
investments that com-
pleted an IPO during the
year
-1,177
0
0
-1,177
-1,096
0
0
-1,096
Transferred
0
0
2
2
0
-3,941
15
-3,926
40,697
19,614
2,829
63,139
31,923
14,489
2,149
48,561
Accounting policy
The Group divides the financial assets into two main types: Life Science Investments and securities, and two minor types: other financial assets and
contract assets.
Life Science Investments are defined as direct or indirect investments in financial assets that are primarily related to either healthcare or bioindustrial
segments.
Investments that do not meet the definition of the above category are defined as securities.
Financial assets that fall into the category of either Life Science Investments or securities are recognised in accordance with IFRS 9 at fair value
through profit and loss. Investments are initially recognised at fair value and subsequently adjusted to fair value.
Key accounting estimates and judgements
Life Science investments and Securities
Life Science Investments and Securities are valued at fair value if this can be determined with a sufficient degree of reliability. By nature, uncertain-
ties exist regarding fair value assessment of investments not based on observable market data. Consequently, preparation of the financial statements
requires the application of certain estimates and judgements. Management reviews and assesses the value of the individual investments on an ongoing
basis with specific and planned reviews of the total investment portfolio on a quarterly basis. Investments are initially recognised at fair value and
subsequently adjusted to fair value.
Fair value estimation
Fair value is the price that would be received by selling an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date.
The Group has implemented fair value guidelines and procedures which ensure a consistent fair value measurement of each individual investment
over time. Moreover, the fair value guidelines provide a framework for reasonable, consistent and transparent selection of valuation methodologies
for valuing the investments. The selection criteria are in line with the value hierarchy in IFRS 13.
Hierarchy of fair value inputs
Annual Report 2023
64
Investments measured at fair value are classified according to a fair value hierarchy depending on the inputs used in the valuation method. The fair
value hierarchy distinguishes between observable and unobservable inputs, which are classified at one of the following levels:
Level 1: Unadjusted quoted market prices for identical assets in an active market.
Level 2: Inputs other than quoted market prices included within level 1, which are observable either directly (i.e. as prices) or indirectly (i.e. derived
from prices). Quoted prices for similar assets are level 2 inputs.
Level 3: Inputs for the asset that are not based on observable market data.
Securities traded on active markets are classified at level 1. Securities traded on inactive markets are generally classified at level 2. Securities in pri-
vate unlisted operating companies are generally classified at level 3.
Investments in private investment companies are classified at level 2 or level 3, depending on the nature of their investment portfolios, their ability to
liquidate their underlying investments and any other restrictions on the disposition of the investments. If the investment can be redeemed at the re-
ported net asset value on the measurement date or in the near future, the investment is classified at level 2. Otherwise, the investment is classified at
level 3.
Policy for determining when transfers between levels are deemed to have occurred
Transfers to level 3 occur when quoted market prices (level 1) or other observable inputs (level 2) are no longer available. Transfers out of level 3
occur if quoted market prices (level 1) or other observable inputs (level 2) become available (e.g. when a private company goes public through an
IPO,) equity investments in the company transfers from level 3 to level 1 as the shares can be valued using the quoted market price (level 1).
Valuation method and inputs
The general principle applied in the selection of valuation approach maximises the use of observable inputs and minimises the use of unobservable
inputs.
If a security trades in an active market, the closing price is applied. An active market is defined as one in which transactions for the security occur
with sufficient frequency and volume to provide pricing information on an ongoing basis.
Should a security not trade in an active market, it is initially booked and held at cost in the first twelve months succeeding the investment, unless any
material events occur within this timeframe. Beyond the twelve months window, the valuation methodology follows the following hierarchy:
When independent broker quotes representing contemporaneous trades exist, these will be applied in estimating the fair value of the security. If a
portfolio company has carried out any financing rounds within the last twelve months and the pricing in the financing round is likely to represent a
fair value, the fair value estimate is based on the price obtained in the financing round.
If neither independent broker quotes nor pricing from financing rounds are available, the fair value will be based on application of a modelling ap-
proach, which again follows a strict hierarchy:
1. If the company runs an established business with an identifiable stream of continuing earnings or cash flows that are considered to be
maintainable, and it is possible to identify comparable companies in terms of risk attributes and earnings growth prospects, the fair value
shall be based on application of the market approach (i.e. relevant multiples based on a set of comparable companies);
2. If no comparable companies in terms of risk attributes and earnings growth prospects can be identified, the fair value shall be based on
application of an income approach (i.e. a discounted cash flow model);
3. If the company does not run an established business with an identifiable stream of continuing earnings or cash flows that are maintainable,
the fair value shall be based on a value trigger approach, by which the fair value changes based on the occurrence of value triggering
events.
Fair value measurement by hierarchy
Overview of investments by category at 31 December 2023:
DKK million
Level 1
Level 2
Level 3
Total
Public Equity
41,905
4,617
2,838
49,360
Private Equity
21
0
29,905
29,926
Venture capital
4,308
0
14,326
18,634
Credit
4,074
7,373
1,811
13,258
Real assets
0
0
14,259
14,259
Bonds
15,142
5,730
0
20,872
Annual Report 2023
65
Total investments
65,450
17,720
63,139
146,309
Total Life Science Investments
9,174
0
40,697
49,871
Total securities
56,276
17,720
19,614
93,610
Total other financial assets
0
0
2,828
2,828
Total
65,450
17,720
63,139
146,309
Overview of investments by category at 31 December 2022:
DKK million
Level 1
Level 2
Level 3
Total
Public Equity
39,946
5,599
0
45,545
Private Equity
19
0
25,750
25,769
Venture capital
4,287
0
12,136
16,423
Credit
4,258
6,141
1,795
12,194
Real assets
0
0
8,880
8,880
Bonds
11,797
5,279
0
17,076
Total investments
60,307
17,019
48,561
125,887
Total Life Science Investments
14,252
0
31,923
46,175
Total securities
46,055
17,019
14,489
77,563
Total other financial assets
0
0
2,149
2,149
Total
60,307
17,019
48,561
125,887
For the investments in unquoted equities, estimations of fair value rely substantially on non-observable input (level 3) such as pro forma adjusted
operating income multiplied by relevant multiples (e.g. EV/EBITDA) for a set of comparable companies less net interest-bearing debt. If comparable
companies are not available or applicable, fair value estimation will rely on other inputs such as projected cash flows discounted with a weighted
average cost of capital (WACC).
Valuation approach
Valuation methodology
Estimation and assumptions
Value
DKK
million
2023
Value
DKK
million
2022
Income-based approaches
Discounted cash flows
Cash flows and discount rates
7,045
4,496
Market-based approaches
Trading multiples
Selection of comparable companies,
trading multiples, sales and profit forecast
11,877
7,203
Value trigger approach
Relative adjustments based
on pre-defined
value triggers
Relative adjustment to previous valuation
9,732
6,262
Financing round approach
Price at recent financing
round
N/A
3,113
3,976
LP approach
Adjusted reported NAV
Latest reported NAV adjusted for capital calls, capital returns
and pricing development (if relevant)
27,267
23,284
Cost approach
Cost at recent transaction
N/A
4,105
3,340
Total
63,139
48,561
Management reviews and assesses the value of the individual investments on an ongoing basis with specific and planned reviews of the total Invest-
ment Portfolio on a quarterly basis.
The discount rates used range from 5% to 18% whereas the EV/EBITDA multiples are in the range from 16x to 22x. These ranges should be seen as
a result of our diversified investment portfolio.
The following table details the applied valuation methods for determination of fair value for each asset class:
Annual Report 2023
66
Asset class
Valuation methodology
used
Unobservable input used
Sensitivity in fair value in case of changes in unob-
servable input
Public Equity
• Closing prices according
to exchange markets
• Estimated market price
based on observable in-
put*
• N/A
• N/A
Private Equity
(direct)
• Discounted cash flows
• Trading multiples
• Cost at recent transaction
• Cash flows and discount rates
• Trading multiples
• Cost at recent transaction
• If trading multiples decreased by 10%, the fair value
would decrease by DKK 1,319 million (2022: DKK
1,142 million)
• If the WACC increased by 0.25pp, the fair value
would decrease by DKK 131 million (2022: DKK 3
million)
Private Equity
(LP)
• Adjusted reported NAV
• Latest reported NAV adjusted for capital
calls, capital returns and pricing develop-
ment (if relevant)
• N/A
Venture Capital
(Public)
• Closing prices according
to exchange markets
• N/A
• N/A
Venture Capital
(Private – direct)
• Discounted cash flows
• Trading multiples
• Relative adjustment
based on pre-
defined value triggers
• Cost at recent transaction
• Financing round
• Cash flows and discount rates
• Trading multiples
• Value trigger assumptions
• Cost at recent transaction
• Price at financing round
• If trading multiples decreased by 10%, the fair value
would decrease by DKK 21 million (2022: DKK 17
million)
• If the WACC increased by 0.25pp, the fair value
would decrease by DKK 0 (2022: DKK 0)
Venture Capital
(Private - LP)
• Adjusted reported NAV
• Latest reported NAV adjusted for capital
calls, capital returns and pricing develop-
ment (if relevant)
• N/A
Credit
• Closing prices according
to exchange markets
• Estimated market price
based on observable input
• N/A
• N/A
Credit (Private -
LP)
• Adjusted reported NAV
• Latest reported NAV adjusted for capital
calls, capital returns and pricing develop-
ment (if relevant)
• N/A
EM debt
• Closing prices according
to exchan
• Estimated market price
based on observable input
• N/A
• N/A
Real Assets (Pri-
vate – Direct)
• Discounted cash flows
• Cost at recent
• Cash flows and discount rates
• Price at financing round
• If the WACC increased by 0.25pp, the fair value
would decrease by DKK 35 million (2022: DKK 142
million)
Real Assets (Pri-
vate – LP)
• Adjusted reported NAV
• Latest reported NAV adjusted for capital
calls, capital returns and pricing develop-
ment (if relevant)
• N/A
Bonds
• Closing prices according
to exchange markets
• Estimated market price
based on observable input
• N/A
• N/A
* The fair value of certain total return swaps and bonds included as collateral under Public Equity is estimated based on observable input.
Inventories
DKK million
2023
2022
Raw materials
10,870
7,816
Annual Report 2023
67
Work in progress
19,373
15,387
Finished goods
10,750
9,340
Write-downs at year-end
-2,803
-1,957
Total inventories
38,190
30,586
Write-down at the beginning of the year
1,957
2,453
Write-downs during the year
1,996
1,242
Utilisation of write-downs
-805
-1,523
Reversal of write-downs
-349
-215
Write-downs at the end of the year
2,799
1,957
Indirect production costs included in the work in progress and finished goods
14,238
11,716
All write-downs in both 2023 and 2022 mainly relate to fully impaired inventory.
A part of the reversal of write-downs is attributable to written-down inventory being reused in production.
Accounting policy
Inventories are stated at cost or net realisable value, whichever is lower.
Cost is determined using the first-in, first-out method. Cost comprises direct production costs such as raw materials, consumables and labour as well
as indirect production costs.
Production costs for work in progress and finished goods include indirect production costs such as employee costs, depreciation, maintenance, etc. If
the expected sales price less completion costs to execute sales (net realisable value) is lower than the carrying amount, a write-down is recognised for
the amount by which the carrying amount exceeds its net realisable value.
Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalised but immediately provided for, until there is a high probabil-
ity of regulatory approval for the product. A write-down is made against inventory, and the cost is recognised in the income statement as research and
development costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original
cost.
Key accounting estimates and judgements
Inventories are stated at cost or net realisable value, whichever is lower. Cost is determined using the first-in, first-out method. Cost comprises direct
production costs such as raw materials, consumables and labour as well as indirect production costs. Production costs for work in progress and fin-
ished goods include indirect production costs such as employee costs, depreciation, maintenance, etc.
Indirect production costs are measured using a standard cost method. This is reviewed regularly to ensure relevant measures of capacity utilisation,
production lead time, cost base and other relevant factors, hence inventory is valued at actual cost. When calculating total inventory, Management
must make judgements about cost of production, standard cost variances and idle capacity in estimating indirect production costs for capitalisation.
Changes in the parameters for calculation of indirect production costs could have an impact on the gross margin and the overall valuation of invento-
ries.
Trade receivables
DKK million
2023
2022
Gross carrying amount
74,140
59,116
Annual Report 2023
68
Loss allowance
-2,200
-2,024
Carrying amount at the end of the year
71,940
57,092
Movements in allowance for doubtful trade receivables
Carrying amount at the beginning of the year
2,024
1,609
Reversal of allowance on realised losses
-185
-59
Change of allowance during the year
495
310
Effect of exchange rate adjustments
-109
-111
Realised loss
-28
-35
Additions from acquisition of companies
3
310
Allowance at the end of the year
2,200
2,024
Not yet due
69,333
55,330
Due between 1-90 days
2,107
1,213
More than 90 days due
500
549
Carrying amount at the end of the year
71,940
57,092
Accounting policy
Trade receivables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less
allowance for doubtful trade receivables. The allocation of trade receivables and allowance for trade receivables is based on the location of the cus-
tomer.
Allowance for expected credit loss for trade receivables
Trade receivables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less
allowance for doubtful trade receivables. The allocation of trade receivables and allowance for trade receivables is based on the location of the cus-
tomer.
The allowance for expected credit losses for trade receivables and contract assets is based on historical credit loss experience combined with forward-
looking information on macroeconomic factors affecting the credit risk. The expected loss rates are updated at each reporting date.
Other provisions
DKK million
2023
2022
Provisions for
sales rebates
Provisions for
product returns
Retirement bene-
fit obligations
Provisions for
legal disputes
Other
provi-
sions
Total
Total
At the beginning of the year
69,559
1,039
820
2,408
2,266
76,092
57,720
Additional provisions, including in-
creases to existing provisions
285,283
1,010
2
1,961
814
289,070
207,886
Amount used during the year
-250,316
-532
-8
-230
-267
-251,353
-190,348
Adjustments, including unused
amounts reversed during the year
-2,379
12
-20
-261
-436
-3,084
-2,209
Effect of exchange rate adjustment
-2,208
11
0
-62
-27
-2,286
3,043
At the end of the year
99,939
1,540
794
3,816
2,350
108,439
76,092
Non-current liabilities
451
613
749
3,816
1,895
7,524
5,471
Current liabilities
99,488
927
45
0
455
100,915
70,621
At the end of the year
99,939
1,540
794
3,816
2,350
108,439
76,092
Annual Report 2023
69
For non-current liabilities, provisions for sales rebates are expected to be settled after one year, provisions for product returns will be utilised in 2024
and 2025. In the case of provisions for legal disputes, the timing of settlement cannot be determined.
Provisions for sales rebates
Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid, 340B Drug Pricing Program and other types of US rebates, as well
as rebates in a number of European countries and Canada.
Provision for retirement benefit obligations
The Group operates a number of defined contribution plans throughout the world. Group companies’ contributions to the defined contribution plans
are charged to the income statement in the year to which they relate. The yearly costs for defined benefit plans are determined using the projected
unit credit method. This reflects services rendered by employees to the valuation dates and is based on actuarial assumptions primarily regarding
discount rates used in determining the present value of benefits and projected rates of remuneration growth. Discount rates are based on the market
yields of high-rated corporate bonds in the country concerned.
The net obligation recognised in the balance sheet is reported as non-current liabilities.
Other provisions
Other provisions consist of various types of provisions, including obligations in relation to employee benefits such as jubilee benefits, company-
owned life insurance, etc.
Accounting policy
Provision for sales rebates
Provisions for sales rebates and discounts granted to government agencies, wholesalers, retail pharmacies, Managed Care and other customers are
recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on historical experience and
the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where abso-
lute amounts are known, the rebates are recognised as other liabilities.
Provision for product returns
The Group issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate
of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales
value.
Retirement benefit obligations
The Group operates a number of defined contribution plans throughout the world.
The costs for the year for defined benefit plans are determined using the projected unit credit method. This reflects services rendered by employees to
the valuation dates and is based on actuarial assumptions primarily regarding discount rates used in determining the present value of benefits and
projected rates of remuneration growth. Discount rates are based on the market yields of high-rated corporate bonds in the country concerned.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive
income in the period in which they arise. Past service costs are recognised immediately in the income statement. Pension plan assets are only recog-
nised to the extent that the Group can derive future economic benefits such as refunds from the plan or reductions of future contributions.
Costs recognised for retirement benefits are included in cost of goods sold, sales and distribution costs, research and development costs, and adminis-
trative costs. The net obligation recognised in the balance sheet is reported as non-current liabilities.
Actuarial valuations are performed annually for all major defined benefit plans. Assumptions regarding future mortality are based on actuarial advice
in accordance with published statistics and experience in each country. Other assumptions such as medical cost trend rate and inflation are also con-
sidered in the calculation. Significant actuarial assumptions for the determination of the retirement benefit obligation (not considering plan assets) are
discount rate and expected future remuneration increases. The sensitivity analysis has been determined based on reasonably likely changes in the
assumptions occurring at the end of the period.
The net obligation recognised in the balance sheet is reported as non-current liabilities.
Provision for legal disputes
Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred because of past events and it is probable that
there will be an outflow of resources that can be reliably estimated. In this case, the Group arrives at an estimate based on an evaluation of the most
likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.
Annual Report 2023
70
Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised
as a financial expense
Key accounting estimates and judgements
Provisions for legal disputes consist of various types of provision linked to ongoing legal disputes. Management makes estimates regarding provi-
sions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently
uncertain future events. When determining likely outcomes of litigation etc., Management considers the input of external counsels on each case as
well as known outcomes in case law.
Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no
assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.
Borrowings
DKK million
2023
2022
Within 1 year
11,218
9,150
1-5 years
37,270
31,240
More than 5 years
33,104
37,838
Total
81,592
78,228
Carrying amount at the end of the year
70,690
64,949
Non-current liabilities
60,581
57,411
Current liabilities
10,109
7,538
Carrying amount at the end of the year
70,690
64,949
Fair value of borrowings at the end of the year
70,343
62,874
Reconciliation of liabilities from financing activities
Liabilities from financing activities 1 January
64,949
41,241
Additions from acqusition of companies
1,663
22,911
Financing cash flows
1,372
-1,266
Currency translation adjustments
-67
153
Other changes
2,773
1,910
Liabilities from financing activities 31 December
70,690
64,949
Other liabilties
Other liabilities primarily comprise employee cost payables, payables related to non-current assets, and sales rebates.
Other non-cash items
Annual Report 2023
71
DKK million
2023
2022
Unrealised (gain)/loss on securities
-9,143
17,586
Unrealised (gain)/loss on currency
-136
0
Increase(decrease) in provisions
32,228
19,076
Share-based payment costs
2,353
1,666
Other
-1,791
1,108
Total other non-cash items
23,511
39,436
Cash and cash equivalents
DKK million
2023
2022
Cash and cash equivalents at the end of the year
19,085
15,949
Credit facility at the end of the year (overdrafts)
-2
-24
Cash and cash equivalents at the end of the year in the cash flow statement
19,083
15,925
Accounting policy
The cash flow statement is presented in accordance with the indirect method commencing with net profit for the year. Cash flows in foreign curren-
cies are translated to DKK at the average exchange rate for the respective year.
Cash from operating activities converts income statement items from the accrual basis of accounting to cash basis. As such, starting with net profit,
non-cash items are reversed, and actual payments included. The change in working capital is also considered, as this shows the development in
money tied up in the balance sheet.
Cash from investing activities shows payments related to the purchase and sale of long-term investments. This includes fixed assets such as construc-
tion of new production sites, intangible assets such as patents and licenses, and financial assets.
Cash and cash equivalents consist of cash offset by short-term bank overdrafts. Where short-term bank overdrafts are consistently overdrawn, they
are excluded from cash and cash equivalents. The movement in such facilities is presented under financing activities in the cash flow statement.
Financial reserves comprise the sum of cash and cash equivalents at the end of the year and undrawn committed credit and loan facilities, with a ma-
turity of more than 12 months, less loans and bank overdrafts classified as liabilities arising from financing activities contractually obliged for repay-
ment within 12 months of the balance sheet date.
Derivative financial instruments
DKK million
2023
2022
Contract
amount at
year-end
Positive
fair value
at year-end
Negative
fair value
at year-end
Contract
amount at
year-end
Positive
fair value
at year-end
Negative
fair value
at year-end
Annual Report 2023
72
Forward contracts, cash flow hedges
Forward contracts, net:
USD
106,623
1,633
198
63,293
1,648
949
JPY, GBP, CHN and other
20,318
295
120
10,762
373
62
126,941
1,928
318
74,055
2,021
1,011
Currency and interest rate swaps:
EUR/EUR
0
0
0
174
16
0
DKK/DKK
596
2
0
0
0
0
USD/USD
300
0
3
924
32
0
896
2
0
1,098
48
0
Forward contracts, fair value hedges
Forward contracts:
USD
66,580
335
946
38,660
639
1,962
Other
28,241
128
56
4,169
152
38
94,821
463
1,002
42,829
791
2,000
Total derivative financial instruments
222,658
2,393
1,323
117,982
2,860
3,011
Recognised in the income statement
463
1,002
797
2,000
Recognised in other comprehensive income
1,930
321
2,063
1,011
Included in the balance sheet as :
Derivative financial instruments
2,393
1,323
2,860
3,011
The Group uses financial instruments to reduce the impact of foreign exchange on financial results. the derivative financial instruments are used to
manage the exposure to market risk. None of the derivatives are held for trading. The Group uses forward exchange contracts and to a lesser extent,
currency options to hedge forecast transactions, asset and liabilities. The overall policy is to hedge the majority of total currency exposure. Net in-
vestments in foreign subsidiaries are currently not hedged.
The table above states the fair value of the Group’s derivative financial instruments divided into types of hedges and main currencies.
On initiation of the contract, the Group designates each derivative financial contract that qualifies for hedge accounting as either hedges of fair value
of a recognised asset or liability (fair value hedge) or hedges of the fair value of a forecast financial transaction (cash flow hedge). All contracts are
initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.
Accounting policy
The Group uses financial instruments to reduce the impact of foreign exchange on financial results.
Use of derivative financial instruments
The derivative financial instruments are used to manage the exposure to market risk. None of the derivatives are held for trading.
The Group uses forward exchange contracts and, to a lesser extent, currency options to hedge forecast transactions, assets and liabilities. The overall
policy is to hedge the majority of total currency exposure.
Net investments in foreign subsidiaries are currently not hedged.
Initial recognition and measurement
On initiation of the contract, the Group designates each derivative financial contract that qualifies for hedge accounting as one of:
Annual Report 2023
73
hedges of the fair value of a recognised asset or liability (fair value hedge);
hedges of the fair value of a forecast financial transaction (cash flow hedge).
All contracts are initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.
Fair value hedges
Value adjustments of fair value hedges are recognised in the income statement along with any value adjustments of the hedged asset or liability that
are attributable to the hedged risk.
Cash flow hedges
Value adjustments of the effective part of cash flow hedges are recognised directly in other comprehensive income. The cumulative value adjustment
of these contracts is transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income
statement.
For cash flow hedges of foreign currency risk on highly probable non-financial asset purchases, the cumulative value adjustments are transferred
directly from the cash flow hedge reserve to the initial cost of the asset when recognised.
Discontinuance of cash flow hedging
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing
in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income
statement under financial income or financial expenses.
Fair value determination
The fair value of derivative financial instruments is measured on the basis of quoted market prices of financial instruments traded in active markets. If
an active market exists, the fair value is based on the most recently observed market price at the end of the reporting period.
If a financial instrument is quoted in a market that is not active, the Group bases its valuation on the most recent transaction price.
Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to
be motivated by normal business considerations. If an active market does not exist, the fair value of standard and simple financial instruments, such
as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation
techniques. Market-based parameters are used to measure the fair value.
Commitments and contingent liabilities
Contractual obligations
DKK million
2023
2022
Purchase obligations, tangible assets
6,216
4,065
The purchase obligations primarily relate to purchase agreements regarding tangible assets. The Group expects to
fund these commitments with existing cash and cash flow from operations.
Purchase obligations, financial assets
20,395
21,193
The purchase obligations primarily concern purchase agreements in connection with investments in financial fixed
assets. The Group expects to fund these commitments through cash flow from operations.
Purchase obligation medical equipment and consumer goods
51,941
37,217
The purchase obligations concern purchase agreements regarding medical equipment and consumer goods. The
Group expects to fund these commitments with existing cash and cash flow from operations.
Purchase obligation research and development
63,410
26,555
The Group is engaged in research and development projects with external companies.
Annual Report 2023
74
Other guarantees
1,878
1,829
Other guarantees primarily relate to performance guarantees.
Collateral
429
436
Booked value of property, plant and equipment.
Contingent liabilities
The Group is currently involved in pending litigations, claims and investigations arising out of the normal conduct of its business. While provisions
that Management deems to be reasonable and appropriate have been made for probable losses, there are uncertainties connected with these estimates.
In connection with the proposed merger of Novozymes and Chr. Hansen, the Group had made certain commitments under given terms and conditions
in support of the merger. The merger was completed end January 2024.
Pending litigation against Novo Nordisk
Since January 2021, Novo Nordisk has made a number of changes to its policy in the US related to facilitating delivery of its discounted medicines to
commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. On 30 January 2023, the US Court of
Appeals for the Third Circuit issued a ruling holding that Novo Nordisk’s drug distribution policy was consistent with the 340B statute. However,
rulings in similar cases involving other manufacturers are pending before the US Courts of Appeals for the Seventh and DC Circuits, and such cases
may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent rulings and
appeals in these matters, there may be a material impact on Novo Nordisk’s financial position, net sales and cash flow.
Mosaic Health Inc. and Central Virginia Health Services, Inc. (both 340B covered entities) filed a putative class action lawsuit in Federal Court in
New York against Novo Nordisk, Eli Lilly and Company, Sanofi and AstraZeneca alleging a conspiracy among the manufacturers to artificially fix
prices of diabetes medications through changes to their policies relating to the distribution of 340B drugs. The lawsuit was subsequently dismissed by
the Court on 2 September 2022. Plaintiffs have filed an amended complaint. Novo Nordisk does not expect this matter to have a material impact on
Novo Nordisk’s financial position, operating profit or cash flow.
Novo Nordisk is currently defending several lawsuits, including putative class actions, relating to the pricing of diabetes medicines in the US. The
first lawsuit was filed in 2017 and in August 2023 a multi-district litigation was created in the United States District court for the District of New
Jersey. Nearly all pending matters also name Eli Lilly and Company and Sanofi as defendants, while certain matters also name Pharmacy Benefit
Managers (PBMs) and related entities. Plaintiffs generally allege that the manufacturers and PBMs colluded to artificially inflate list prices paid by
consumers for diabetes products, while offering reduced prices to PBMs through rebates used to secure formulary access. Novo Nordisk does not
expect the lawsuits to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow.
In 2016, Novo Nordisk received a Civil Investigative Demand (CID) from the US Department of Justice (DOJ) relating to potential off-label market-
ing of NovoSeven® (including high dose and for prophylactic use) and interactions with physicians and patients. The DOJ investigation was likely
prompted by a lawsuit filed in 2015 by a former Novo Nordisk employee, who alleged Novo Nordisk caused the submission of false claims to Medi-
care, Medicaid, Federal Employees Health Benefits Program and private insurers in California as a result of the same conduct that was the subject of
the DOJ CID. In May 2023, at the Plaintiffs’ request, the case was transferred to the United States District Court for the Western District of Washing-
ton. Following transfer, in July 2023, Plaintiffs filed a motion to revive their nationwide Medicare claims and their Delaware Medicaid claims. Novo
Nordisk filed a motion to dismiss these claims. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk’s financial
position, operating profit or cash flow.
Novo Nordisk, along with Eli Lilly, are defendants in numerous product liability lawsuits (including in the US) related to the use of GLP-1-based
treatments. Plaintiffs have alleged that the use of these treatments, including Ozempic®, Wegovy® and Rybelsus®, have caused various gastrointes-
tinal and other injuries. Novo Nordisk is taking actions to address the lawsuits. Novo Nordisk does not expect these lawsuits to have a material im-
pact on Novo Nordisk’s financial position, operating profit or cash flow. Pending claims against Novo Nordisk and Investigations involving Novo
Nordisk Novo Nordisk has received Civil Investigative Demands (CIDs) or subpoenas from several US authorities including Attorneys General from
the states of Minnesota, New Mexico, Washington, Colorado, Vermont, Texas and the US Federal Trade Commission that call for the production of
documents and information relating to, among other things, the company’s trade practices relating to its insulin and GLP-1-based products. Novo
Nordisk is cooperating with the relevant government authorities in each of these investigative matters and does not expect these matters to have a
material impact on Novo Nordisk’s financial position, operating profit or cash flow.
In December 2021, Novo Nordisk received a CID from the DOJ relating to the company’s financial relationships with healthcare professional and
prescriptions for Ozempic® and Rybelsus® during the period of 1 January 2016 to present. Novo Nordisk is cooperating with the DOJ in this investi-
gation and does not expect this matter to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow.
Annual Report 2023
75
Other contingent liabilities
In addition to the above, the Group is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Man-
agement, neither settlement or continuation of such proceedings, nor such pending audits and investigations, are expected to have a material effect on
the Group’s financial position, operating profit or cash flow.
Share-based payment schemes
Novo Nordisk Foundation Group operates share-based payment schemes in Novo Nordisk, Novozymes, NNIT, Sonion, Xellia and other sub-groups
to motivate and retain a qualified management and to ensure common goals for management and shareholders. The sharebased payment schemes in
Sonion, Xellia and other sub-groups are not material for the Group as a whole.
The allocation of share options/restricted stock units under the Group’s share-based payment schemes is conditional on the fulfilment of shareholder
value targets, as defined by the Boards in accordance with the companies’ long-term financial targets. The exercise price for options in the listed
companies corresponds to the market share price at the time of issue/establishment of the scheme.
The schemes are primarily equity-settled, share-based compensation plans. The fair value of the employee services received in exchange for the grant
of shares is recognised as an expense and allocated over the vesting period.
Long-term share-based incentive programme
Novo Nordisk, Novozymes and NNIT.
There are schemes for management board and management group.
DKK million
2023
2022
Fair market value share options - conditions Novo Nordisk
The fair value is fixed at the grant date and adjusted for expected dividends during the vesting period. Adjustments relating to prior
years are included in the income statement in the year of adjustment.
Expensed in the income statement, DKK million
2,149
1,539
Fair market value share options - conditions Novozymes
The fair value is measured using the Black–Scholes option-pricing model.
Expensed in the income statement, DKK million
151
127
Fair market value share options - conditions NNIT
Shares are recognised over the four-year vesting period at the market value at the grant date.
Expensed in the income statement, DKK million
1
1
Number of outstanding share options/restricted stock units(RSU)
Novo Nordisk A/S
Novozymes A/S
NNIT A/S
(RSU)
(share options)
(RSU)
million
thousand
Outstanding at the beginning of the year 2023
21.4
7,276,257
141
Outstanding at the end of the year 2023
18.9
7,482,830
209
Annual Report 2023
76
Outstanding at the beginning of the year 2022
19.8
7,010,328
190
Outstanding at the end of the year 2022
21.4
7,276,257
141
Number of awarded and outstanding shares
Novo Nordisk
Employees’ 100 year an-
niversary programme
Shares for Manage-
ment Board
Shares for Management Group
below Management Board
Shares allocated to indi-
vidual employees
2023
2023
2022
2023
2022
2023
2022
Preliminary number of shares
to be allocated (million)
3.0
0.6
0.7
3.1
3.3
0.3
0.8
Fair value per restricted stock
unit at grant date (DKK)
446
456
320
456
320
544
371
Performance and vesting pe-
riod
2023 to
2026
2023 to
2025
2022 to
2024
2023 to
2025
2022 to
2024
2023 to
2026
2022 to
2025
Allocation date
Aug 2026
Feb 2026
Feb 2025
Feb 2026
Feb 2025
2026
2025
Amortisation period
3.5 years
3 years
3 years
3 years
3 years
3 years
3 years
Accounting policy
Novo Nordisk operates equity-settled, share-based compensation plans. The fair value of the employee services received in exchange for the grant of
shares is recognised as an expense and allocated over the vesting period.
The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares granted, excluding the impact of
any non-market vesting conditions. The fair value is fixed at the grant date and adjusted for expected dividends during the vesting period. Non-mar-
ket vesting conditions are included in assumptions about the number of shares that are expected to vest. At the end of each reporting period, the
Group revises its estimates of the number of shares expected to vest. The Group recognises the impact of the revision of the original estimates, if any,
in the income statement and in a corresponding adjustment to equity (change in proceeds) over the remaining vesting period. Adjustments relating to
prior years are included in the income.
Financial risks
Due to its global activities, several financial risk factors affect the Novo Nordisk Foundation Group’s income and balance. The Group has central-
ised the control of its financial risks in Novo Nordisk A/S, Novozymes A/S and Novo Holdings A/S. The respective boards of these companies
have established and approved the general framework for the financial risk management described in the companies’ financial and investment poli-
cies.
Foreign exchange risk
Currency risk arises due to imbalances between income and costs in each individual currency and because the Group has more assets than liabilities
in foreign currencies in connection with global operations. The overall objective of foreign exchange risk management is to reduce the short-term
negative impact of exchange rate fluctuations on earnings and cash flow, thereby contributing to the predictability of the financial results.
The Group hedges existing assets and liabilities in key currencies as well as future expected cash flows up to a maximum of 24 months forward.
Hedging is managed by entering derivatives like forward contracts, currency options and swaps. Hedge effectiveness is assessed regularly.
The foreign exchange risk is most significant in USD, GBP and CNY, while the EUR exchange rate risk is regarded as low because of Denmark’s
fixed exchange rate policy towards EUR.
The sensitivity analysis below shows the impact on net profit of a 5% change in DKK versus the key currencies to which the Group was exposed at
end of year:
Annual Report 2023
77
2023
2022
USD
9,833
7,203
GBP
983
921
CNY
500
500
For all other currencies together, a change of 5% would impact the net profit by less than DKK 1,000 million.
Average hedge rate
The average hedge rate for USD cash flow hedges is 676 at the end of 2023 (699 at the end of 2022).
Interest rate risk
Interest rate exposure arises in relation to interest-bearing investments and there is the risk of financial loss from a change in interest rates.
The Group’s policy is to allocate most of the interest-bearing asset exposure to Danish government bonds and domestic mortgage credit bonds, and
a minority to high yield debt. The interest rate risk is not hedged through derivatives, but the duration of the portfolio is adjusted to a desired expo-
sure.
Credit risk
Credit risk occurs in relation to bonds and other contractual obligations and is the risk of financial loss from the failure of a counterparty to meet the
contractual obligations.
The Group’s policy is to limit the risk of financial loss from counterparty default by having most of the interest-bearing investments in Danish gov-
ernment bonds and domestic mortgage credit bonds with low credit risk and a minor share in high yield debt with lower credit rating. Credit ratings
are considered and monitored by the investment teams to evaluate the risk of loss from default. Investments are made across a variety of issuers to
reduce the concentration of credit risk. Based on individual consideration of each asset, it is decided whether the credit risk should be hedged
through derivatives.
The Group has no significant concentration of credit risk related to trade receivables or other receivables and prepayments, as the exposure is spread
over many counterparties and customers.
Liquidity risk
The liquidity risk is considered low. The Group ensures the availability of the required liquidity through a combination of cash management, highly
liquid investment portfolios and both uncommitted and committed credit facilities.
Price risk
Price risk is the risk that the value of the investment portfolio will fluctuate due to changes in the market price, caused by factors specific to the
individual investment, the sector in which the investment operates or factors generally affecting all similar investments traded in the market. To
minimise the price risk while still achieving an attractive return, the investment portfolio is allocated to a predefined set of risk tolerances levels
with specific risk measures. The defined risk measures and portfolio allocation are monitored monthly.
Related party transactions
Novo Holdings A/S, the Novo Nordisk Group, the Novozymes Group, the NNIT Group, the Xellia Group, the Sonion Group, the Altasciences
Group, the BBI Group, the Ritedose Group, the Medical Knowledge Group, the KabaFusion Group, the Ellab Group, the Dades Group, other subsidi-
aries, associated companies and the boards and executive managements of these companies, including the Novo Nordisk Foundation, are considered
to be related parties. There have not been any significant transactions with related parties. Fees to the executive management are stated in note 3 of
the Group Annual Report. All agreements have been negotiated on market-based terms, and most of the agreements are valid for one year.
Subsidiaries with significant non-controlling interest
2023
Novo Nordisk A/S
Novozymes A/S
Other non-controlling interests
Total
Non-controlling interest
71.6%
70.4%
Total comprehensive income:
Annual Report 2023
78
Net sales
232,261
17,899
Net profit for the year
83,683
3,039
Other comprehensive income
-1,160
-554
Total comprehensive income
82,523
2,485
Non-controlling share of total comprehensive income
59,103
1,749
-699
60,153
Balance
Non-current assets
174,840
18,929
Current assets
139,646
9,462
Non-current liabilities
38,270
6,778
Current liabilities
169,655
7,262
Non-controlling share of equity
76,319
10,211
11,601
98,131
Dividends
Dividends
31,767
2,856
Non-controlling share of dividends
22,752
2,010
75
24,837
Cash flow
Cash flow from operating activities
108,908
4,152
Cash flow from investing activities
-43,892
-2,133
Cash flow from financing activities
-63,158
-1,889
2022
Novo Nordisk A/S
Novozymes A/S
Other non-controlling interest
Total
Non-controlling interest
71.6%
74.0%
Total comprehensive income:
Net sales
176,954
17,553
Net profit for the year
55,525
3,686
Other comprehensive income
4,778
253
Total comprehensive income
60,303
3,939
Non-controlling share of total comprehensive income
43,159
2,907
198
46,264
Balance
Non-current assets
133,063
18,742
Current assets
108,194
9,241
Non-current liabilities
36,831
6,792
Current liabilities
120,940
6,963
Non-controlling share of equity
59,751
10,630
10,861
81,242
Dividends
Dividends
25,303
1,525
Non-controlling share of dividends
18,096
1,129
93
19,318
Cash flow
Cash flow from operating activities
78,887
4,006
Cash flow from investing activities
-24,918
-2,672
Cash flow from financing activities
-51,797
-1,250
Assets held for sale
DKK million
2023
2022
Annual Report 2023
79
Intangibles assets
0
86
Tangible assets
332
475
Deferred taxes
0
19
Deposits
0
7
Transition cost
0
80
Trade receivables
0
234
Work in progress
0
82
Prepayments
0
68
Cost at the end of the year
332
1,051
Employee benefit obligations
0
1
Prepayments received, transition cost
0
46
Prepayments received, work in progress
0
30
Employee costs payables
0
85
Tax payables
0
22
Other current liabilities
0
15
Liabilities directly associated with the assets classified as held for sale
0
199
Net assets classified as held for sale
332
852
Assets and liabilities directly associated with assets classified as held for sale relates to Novozymes in 2023 and NNIT in 2022.
Accounting policy
Assets classified as held for sale comprise assets and liabilities for which it is highly likely that the value will be recovered through a sale within 12
months rather than through continued use. Assets and liabilities classified as held for sale are measured at the lower of the carrying amount and fair
value less cost to sell at the classification date as “held for sale”. Assets held for sale are not depreciated. Impairment losses arising on first classifica-
tion as “held for sale” and gains and losses from the subsequent measurement is recognized in the income statement under the items they concern.
Events after the reporting date
The merger of Novozymes and Chr. Hansen was completed on 29 January 2024.
The Group has entered into an agreement to acquire Catalent Inc. in an all-cash transaction. The transaction is subject to customary closing condi-
tions. The total transaction is valuing Catalent at USD 16.5 billion.
No other events of importance to the consolidated financial statements have occurred after the reporting date.
Grants payable
DKK million
2023
2022
Non-current liabilities
15,820
15,205
Current liabilities
6,702
5,497
Carrying amount at the end of the year
22,522
20,702
Expected pay out of the Grant liability
Within 1 year
6,702
5,497
Annual Report 2023
80
1-5 years
13,178
12,146
More than 5 years
2,642
3,059
22,522
20,702
Group companies
Company name
Country
Ownership(%)/votings rights
Novo Nordisk Foundation subsidiaries
Novo Holdings A/S
Denmark
100
NNF India A/S
Denmark
100
Quantum Foundry P/S
Denmark
100
NNF General Partner ApS
Denmark
100
Annual Report 2023
81
Novo Nordisk Foundation Cellerator P/S
Denmark
100
NVAC P/S
Denmark
100
Novo Holdings A/S subsidiaries
Novo Nordisk A/S
Denmark
28.1/77.1
Novozymes A/S
Denmark
29.2/74.0
NNIT A/S
Denmark
33.5
21st.Bio A/S
Denmark
52
Acesion Pharma ApS
Denmark
57
Aloop Therapeutics ApS
Denmark
100
Altasciences HoldCo A/S
Denmark
100
Antraka ApS
Denmark
100
Arya BidCo Ltd.
UK
100
Availity HoldCo A/S
Denmark
100
Avilex Pharma ApS
Denmark
56
BBI HoldCo A/S
Denmark
100
BiOrigin ApS
Denmark
100
Claris Biotherapeutics, Inc.
USA
53
Dades A/S
Denmark
58
Echo Top
Co A/S
Denmark
64
Ejendomsselskabet Novo Holdings P/S
Denmark
100
Ejendomsselskabet Novo Holdings Komplementar ApS
Denmark
100
ENV HoldCo A/S i likvidation
Denmark
100
ERT HoldCo A/S
Denmark
100
HyperBio Therapeutics ApS
Denmark
100
Indkøbsselskabet Novo Holdings A/S
Denmark
100
Komplementarselskabet Novo Capital Investors ApS
Denmark
100
NH Capital Investors US Inc.
USA
100
NH Kronos GP, LLC
USA
100
NH Kronos Ultimate Holdings, LP
USA
89
Novo 1999 Advisory Shanghai Ltd.
China
100
Novo Capital Investors P/S
Denmakr
100
Novo DP2, Inc.
USA
100
Novo Holdings Equity Asia Pte. Ltd.
Singapore
100
Novo Holdings Invest Asia A/S
Denmark
100
Novo Holdings US Inc.
USA
100
(continues)
Company name
Country
Ownership(%)/votings rights
Novo Invest 1 A/S
Denmark
100
Novo Invest 2A A/S
Denmark
100
Novo Invest 2E A/S
Denmark
100
Novo Maia, LP
USA
77
Novo Ventures (US), Inc.
USA
100
Novo Ventures 1 P/S
Denmark
100
Annual Report 2023
82
Obis Medicines ApS
Denmark
98
Ritedose HoldCo A/S
Denmark
100
Rive Therapeutics, Inc.
USA
83
Sonion HoldCo A/S
Denmark
100
Xellia HoldCo A/S
Denmark
100
Life Science Investments and Capital Investments
Allievex Corporation
USA
46
Antag Therapeutics ApS
Denmark
40
Asgard Therapeutics AB
Sweden
25
Bactolife ApS
Denmark
26
Biomason Inc.
USA
30
Biosyntia ApS
Denmark
34
Breye Therapeutics ApS
Denmark
50
Centauri Therapeutics Ltd.
UK
21
Chr. Hansen Holding A/S
Denmark
22
Chromologics ApS
Denmark
27
Commit Biologics ApS
Denmark
24
Convatec Group Plc.
UK
20
Draupnir Bio ApS, Denmark
Denmark
28
Engimmune Therapeutics AG
Switzerland
31
Evosep ApS
Denmark
20
F2G Limited
UK
25
Glentra Holding P/S
Denmark
20
Glentra GP ApS
Denmark
20
Glycomine, Inc.
USA
33
Hemab ApS
Denmark
33
Heparegenix GmbH
Germany
24
Hoba Therapeutics ApS
Denmark
36
Inspirna, Inc.
USA
23
Karus Therapeutics Ltd.
UK
25
Muna Therapeutics ApS
Denmark
20
NIP Norway Gardermoen Logistikkbygg Holding AS
Norway
27
Nuvig Therapeutics Inc.
USA
28
Orexo AB
Sweden
28
Revagenix, Inc.
USA
45
Renewable Energy Partnership P/S
Denmark
33
(continues)
Company name
Country
Ownership(%)/votings rights
Renewable Energy Partnership 1 GP ApS
Denmark
33
STipe Therapeutics ApS
Denmark
29
Tarveda Therapeutics, Inc.
USA
37
The Protein Brewery BV
Netherlands
22
Tribune Therapeutics AB
Sweden
33
Urban Partners A/S
Denmark
25
Annual Report 2023
83
Vestaron Corporation
USA
25
Company name
Country
Ownership(%)/votings rights
Novo Nordisk Group subsidiaries
North America Operations
Inversago Pharma Inc.
Canada
100
Novo Nordisk Canada Inc.
Canada
100
Novo Nordisk Inc.
USA
100
Annual Report 2023
84
Novo Nordisk North America Operations A/S
Denmark
100
Novo Nordisk Pharmaceutical Industries LP
USA
100
Novo Nordisk Pharmatech US, Inc.
USA
100
Novo Nordisk Pharma, Inc.
USA
100
Novo Nordisk Research Center Indianapolis, Inc.
USA
100
Novo Nordisk Research Center Seattle, Inc.
USA
100
Novo Nordisk US Bio Production, Inc.
USA
100
Novo Nordisk US Commercial Holdings, Inc.
USA
100
Novo Nordisk US Holdings Inc.
USA
100
Dicerna Pharmaceuticals, Inc.
USA
100
Emisphere Technologies, Inc.
USA
100
Forma Therapeutics, Inc.
USA
100
Region International Operations
Novo Nordisk Pharmaceuticals A/S
Denmark
100
Novo Nordisk Pharma Operations A/S
Denmark
100
Novo Nordisk Region AAMEO and LATAM A/S
Denmark
100
Novo Nordisk Region Europe A/S
Denmark
100
Novo Nordisk Region Japan & Korea A/S
Denmark
100
Region EMEA
Aldaph SpA
Algeria
100
Novo Nordisk Pharma GmbH
Austria
100
S.A. Novo Nordisk Pharma N.V.
Belgium
100
Novo Nordisk Pharma d.o.o.
Bosnia and Herzegovina
100
Novo Nordisk Pharma EAD
Bulgaria
100
Novo Nordisk Hrvatska d.o.o.
Croatia
100
Novo Nordisk s.r.o.
Czech Republic
100
Novo Nordisk Denmark A/S
Denmark
100
Novo Nordisk Pharmatech A/S
Denmark
100
Novo Nordisk Egypt LLC
Egypt
100
Novo Nordisk Egypt Pharmaceuticals Ltd.
Egypt
100
Novo Nordisk Estonia OÜ
Estonia
100
Novo Nordisk Farma OY
Finland
100
Biocorp Production S.A.
France
100
(continues)
Company name
Country
Ownership(%)/votings rights
Novo Nordisk
France
100
Novo Nordisk Production SAS
France
100
Novo Nordisk Pharma GmbH
Germany
100
Novo Nordisk Hellas Epe.
Greece
100
Novo Nordisk Hungária Kft.
Hungary
100
Novo Nordisk Limited
Ireland
100
Annual Report 2023
85
Novo Nordisk Ltd.
Israel
100
Novo Nordisk S.P.A.
Italy
100
Novo Nordisk Kazakhstan LLP
Kazakhstan
100
Novo Nordisk Kenya Ltd.
Kenya
100
Novo Nordisk Latvia SIA
Latvia
100
Novo Nordisk Pharma SARL
Lebanon
100
UAB Novo Nordisk Pharma
Lithuania
100
Novo Nordisk Farma dooel
North Macedonia
100
Novo Nordisk Pharma SAS
Morocco
100
Novo Nordisk B.V.
Netherlands
100
Novo Nordisk Finance (Netherlands) B.V.
Netherlands
100
Novo Nordisk Pharma Limited
Nigeria
100
Novo Nordisk Norway AS
Norway
100
Novo Nordisk Pharmaceutical Services Sp. z.o.o.
Poland
100
Novo Nordisk Pharma Sp.z.o.o.
Poland
100
Novo Nordisk Portugal Lda.
Portugal
100
Novo Nordisk Farma S.R.L.
Romania
100
Novo Nordisk Limited Liability Company
Russia
100
Novo Nordisk Production Support LLC
Russia
100
Novo Nordisk Saudi for Trading
Saudi Arabia
100
Novo Nordisk Pharma d.o.o. Belgrade (Serbia)
Serbia
100
Novo Nordisk Slovakia s.r.o.
Slovakia
100
Novo Nordisk d.o.o.
Slovenia
100
Novo Nordisk (Pty) Limited
South Africa
100
Novo Nordisk Pharma S.A.
Spain
100
Novo Nordisk Scandinavia AB
Sweden
100
Novo Nordisk Health Care AG
Switzerland
100
Novo Nordisk Pharma AG
Switzerland
100
Novo Nordisk Tunisie SARL
Tunisia
100
Novo Nordisk Saglik Ürünleri Tic. Ltd. Sti.
Turkey
100
Novo Nordisk Ukraine LLC
Ukraine
100
Novo Nordisk Pharma Gulf FZE
United Arab Emirates
100
Novo Nordisk Holding Limited
UK
100
Novo Nordisk Limited
UK
100
Novo Nordisk Research Centre Oxford Limited
UK
100
(continues)
Company name
Country
Ownership(%)/votings rights
Region China
Novo Nordisk (China) Pharmaceuticals Co. Ltd.
China
100
Novo Nordisk (Shanghai) Pharma Trading Co. Ltd
China
100
Novo Nordisk Region China A/S
Denmark
100
Novo Nordisk Hong Kong Limited
Hong Kong
100
Novo Nordisk Pharma (Taiwan) Ltd.
Taiwan
100
Annual Report 2023
86
Beijing Novo Nordisk Pharmaceuticals Science & Technology Co. Ltd
China
100
Region Rest of World
Novo Nordisk Pharma Argentina S.A.
Argentina
100
Novo Nordisk Pharmaceuticals Pty. Ltd.
Australia
100
Novo Nordisk Pharma (Private) Limited
Bangladesh
100
Novo Nordisk Produção Farmacêutica do Brasil Ltda.
Brazil
100
Novo Nordisk Farmacêutica do Brasil Ltda.
Brazil
100
Novo Nordisk Farmacéutica Limitada
Chile
100
Novo Nordisk Colombia SAS
Colombia
100
Novo Nordisk India Private Limited
India
100
Novo Nordisk Service Centre (India) Pvt. Ltd.
India
100
PT. Novo Nordisk Indonesia
Indonesia
100
Novo Nordisk Pars
Iran
100
Novo Nordisk Pharma Ltd.
Japan
100
Novo Nordisk Pharma (Malaysia) Sdn Bhd
Malaysia
100
Novo Nordisk Pharma Operations Sdn Bhd
Malaysia
100
Novo Nordisk Mexico S.A. de C.V.
Mexico
100
Novo Nordisk Pharmaceuticals Ltd.
New Zealand
100
Novo Nordisk Pharma (Private) Limited
Pakistan
100
Novo Nordisk Panama S.A.
Panama
100
Novo Nordisk Peru S.A.C.
Peru
100
Novo Nordisk Pharmaceuticals (Philippines) Inc.
Philippines
100
Novo Nordisk Pharma (Singapore) Pte Ltd.
Singapore
100
Novo Nordisk India Holding Pte Ltd.
Singapore
100
Novo Nordisk Pharma Korea Ltd.
South Korea
100
Novo Nordisk Lanka (PVT) Ltd
Sri Lanka
100
Novo Nordisk Pharma (Thailand) Ltd.
Thailand
100
Novo Nordisk Vietnam Ltd.
Vietnam
100
Other subsidiaries and associated companies
NNE A/S
Denmark
100
NNIT A/S
Denmark
18
CS Solar Fund XIV LLC
USA
99
Companies without significant activities are not included in the list. NNE A/S subsidiaries are not included in the list.
Company name
Country
Ownership(%)/votings rights
Novozymes Group subsidiaries
Novozymes BioAg S.A.
Argentina
100
Novozymes Australia Pty. Ltd.
Australia
100
Novozymes Belgium BV
Belgium
100
Novozymes Latin America Ltda.
Brazil
100
Novozymes BioAg Productos Para Agricultura Ltda.
Brazil
100
Annual Report 2023
87
Novozymes BioAg Limited
Canada
100
Novozymes Canada Limited
Canada
100
Nuocheng Trillion Food (Tianjin) Co., Ltd.
China
100
Novozymes (China) Biotechnology Co. Ltd.
China
100
Novozymes (China) Investment Co. Ltd.
China
100
Novozymes (Shenyang) Biologicals Co. Ltd.
China
100
Suzhou Hongda Enzyme Co. Ltd.
China
96
Novozymes OneHealth Biotechnology (Shanghai) Co. Ltd
China
100
Novozymes Bioindustrial A/S
Denmark
100
Novozymes Bioindustrial China A/S
Denmark
100
Novozymes Biopharma DK A/S
Denmark
100
Novozymes BioAg A/S
Denmark
100
Novozymes EG SSC
Egypt
100
Novozymes France S.A.S.
France
100
Novozymes Deutschland GmbH
Germany
100
Novozymes Berlin GmbH
Germany
100
Novozymes Greece Single Member SA
Greece
100
Novozymes Hong Kong Ltd.
Hong Kong
100
Novozymes South Asia Pvt. Ltd.
India
100
Riata Life Sciences Pvt. Ltd.
India
60
Synergia Life Sciences Pvt. Ltd.
India
60
PT Novozymes Indonesia Biotechnology
Indonesia
100
PrecisionBiotics Group Ltd.
Ireland
100
Novozymes Italia S.r.l.
Italy
100
Novozymes Japan Ltd.
Japan
100
Novozymes Kenya Ltd.
Kenya
100
Novozymes Malaysia Sdn. Bhd.
Malaysia
100
Novozymes Mexicana, S.A. de C.V.
Mexico
100
Novozymes Mexico, S.A. de C.V.
Mexico
100
Novozymes Nederland B.V.
Netherlands
100
Novozymes RUS LLC
Russia*
100
Novozymes Singapore Pte. Ltd.
Singapore
100
Novozymes South Africa (Pty) Ltd.
South Africa
100
Novozymes Korea Limited
South Korea
100
Novozymes Spain S.A.
Spain
100
Novozymes Switzerland AG
Switzerland
100
(continues)
Company name
Country
Ownership(%)/votings rights
Novozymes (Thailand) Ltd.
Thailand
100
Novozymes Enzim Dis Ticaret Ltd. Sirketi
Turkey
100
Novozymes UK Ltd.
UK
100
Novozymes BioAg, Inc.
USA
100
Novozymes Biologicals, Inc.
USA
100
Novozymes Blair, Inc.
USA
100
Novozymes, Inc.
USA
100
Annual Report 2023
88
Physicians Exclusive LLC (d.b.a) Microbiome Labs
USA
100
Novozymes North America, Inc.
USA
100
Novozymes US, Inc.
USA
100
*Sales to Russia have been discontinued and the sales office in Russia has been closed.
Joint operations/associates
Grundejerforeningen Smørmosen
Denmark
Grundejerforeningen Hallas Park
Denmark
21st.BIO A/S
Denmark
40,6
Microbiogen PTY Ltd.
Australia
23,1
Tecnol s.r.l. in liqudiazione (formerly Beta Renewables S.p.A.)
Italy
9,95
MagnaBioAnalytics LLC
USA
19,35
NNIT Group subsidiaries
NNIT (Tianjin) Technology Co.Ltd
China
100
NNIT Digital & Life Sciences Philippines Inc
Phillippines
100
NNIT Switzerland AG
Switzerland
100
NNIT Germany GMBH
Germany
100
NNIT Inc.
USA
100
NNIT Czech Republic s.r.o.
Czech Republic
100
NNIT UK Ltd
UK
100
SCALES A/S
Denmark
100
NNIT Ireland Ltd.
Ireland
100
NNIT Poland Sp. Z.o.o.
Poland
100
NNIT Singapore Holdings Pte. Ltd.
Singapore
100
NNIT Singapore Pte. Ltd.
Singapore
100
Excellis Health Solutions LLC
USA
100
Excellis Europe Ltd.
UK
100
SL Controls Limited
Ireland
100
SL Controls USA Inc
USA
100
NNIT Italy S.r.l.
Italy
100
Prime4Services ESP S.L.
Spain
100
Company name
Country
Ownership(%)/votings rights
Xellia Group subsidiaries
New Xellia Group A/S
Denmark
100
Otnortopco AS
Norway
100
Xellia Group AS
Norway
100
Xellia Pharmaceuticals AS
Norway
100
Annual Report 2023
89
Xellia Pharmaceuticals AS Shanghai Rep. Office
Norway
100
Xellia Group ApS
Denmark
100
Xellia Pharmaceuticals ApS
Denmark
100
Xellia Pharmaceuticals ApS (Dubai Branch)
Denmark
100
Xellia Pharmaceuticals ApS (Panama Branch)
Denmark
100
Xellia Pharmaceuticals Ltd.
Hungary
100
Xellia Pharmaceuticals Inc.
USA
100
Nippon Axellia Co. Ltd.
Japan
100
Xellia Hong Kong Ltd.
Hong Kong
100
Xellia d.o.o.
Croatia
100
Xellia Pharmaceuticals Private Limited
India
100
Xellia Pharmaceuticals USA LLC
USA
100
Crane Pharmaceuticals LLC
USA
100
Xellia Pharmaceuticals Shanghai Co. Ltd.
China
100
Xellia (Taizhou) Pharmaceuticals Company Ltd.
China
51
Sonion Group subsidiaries
Sonion InvestCo A/S
Denmark
100
Sonion Holding A/S
Denmark
100
Sonion A/S
Denmark
100
Sonion Nederland B.V
Nederlands
100
Sonion US, Inc.
USA
100
Sonion Polska S.P.zoo
Poland
100
Sonion Vietnam Ltd, Inc.
Vietnam
100
Sonion Vietnam II Ltd, Inc.
Vietnam
100
Sonion Philippines, Inc.
Phillippines
100
Xilco (CH) AG
Switzerland
100
Company name
Country
Ownership(%)/votings rights
Altasciences Group subsidiaries
Amalthea GP, LLC
USA
100
Amalthea Acquisition Holdings, LP
USA
90
Annual Report 2023
90
Amalthea Acquisition Holdings, LP - subsidiaries
Amalthea Acquisition I, LP
USA
100
Amalthea Acquisition II, LP
USA
100
Amalthea Parent Inc
USA
100
Altasciences Holdings Inc
USA
100
Altsciences US Acquisition Inc
USA
100
Altasciences Clinical Kansas Inc.
USA
100
Altascience Preclinical Seattle LLC
USA
100
Altasciences Clinical Los Angeles, Inc
USA
100
Calvert Laboratories Inc.
USA
100
Altasciences CDMO Phillidelphia, LLA
USA
100
Altasciences USA, LLC
USA
100
9360-1318 Quebec Inc
Canada
100
Altasciences Company Inc.
Canada
100
9186-5328 Quebec Inc
Canada
100
Altasciences Maintenance, LLC
USA
100
Altasciences Real Estate, LLC
USA
100
Altasciences Preclinical Columbia, LLC
USA
100
Altasciences Clinical Fargo, LLC
USA
100
Amalthea UK Ltd.
UK
100
Valley Biosystems
USA
100
Associated companies
Sinclair Bio Parent, LLC
USA
49
Pet Foods Solutions, LLC
USA
49
Sinclair Bio Resources, LLC
USA
49
BBI Group subsidiaries
BBI Solutions Group Ltd.
UK
97
BBI Solutions Group Ltd. – subsidiaries
Baduhenna Holdco Ltd.
UK
100
Baduhenna BidCo Limited
UK
100
BioTeZ Berlin-Buch GmbH
Germany
100
Steffens Biotechnische Analysen GmbH
Germany
100
BBI Acquisition Limited
UK
100
(continues)
Company name
Country
Ownership(%)/votings rights
BBI Diagnostics Group Limited
UK
100
BBI Detection Limited
UK
100
BBI Resources Limited
UK
100
BBI Solutions OEM Limited
UK
100
BBI Detection LLC
USA
100
Annual Report 2023
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BBI Solutions LLC
USA
100
BBI Enzymes (USA) Limited
UK
100
BBI Enzymes SA (Pty) Limited
South Africa
100
Vision Biotech Proprietary Limited
South Africa
100
Novarum DX Limited
UK
100
BBI US Holding LLC
USA
100
BBI US Group LLC
USA
100
Maine Biotechnology Services Inc
USA
100
BBI Biotechnology (Shanghai) Co Limited
China
100
BBI Solutions GmbH
Germany
100
Diarect GmbH
Germany
100
BBI USD Limited
UK
100
BBI GBP Limited
UK
100
KabaFusion Group subsidiaries
NH Kronos Ultimate Holdings, LP
USA
89
NH Kronos Ultimate Holdings, LP - subsidiaries
NH Kronos Holdings, LP
USA
82
NH Kronos Holdings, LP - subsidiaries
NH Kronos Parent, Inc.
USA
100
NH Kronos Intermediate I, Inc.
USA
100
NH Kronos Intermediate II, Inc.
USA
100
NH Kronos Intermediate III, Inc.
USA
100
NH Kronos Buyer, Inc.
USA
100
KabaFusion PPC Parent LLC
USA
100
KabaFusion Holdings LLC
USA
100
Pri-Med Infusion Services, Inc.
USA
100
EDCO Holding, Inc.
USA
100
IVEDCO, LLC
USA
100
KabaFusion, LLC
USA
100
KabuFusion, Inc.
USA
100
Home Care Services, Inc.
USA
100
Medilink Homecare, Inc.
USA
100
Stellar Healthcare, Inc.
USA
100
At Home Infusion Services LLC
USA
100
(continues)
Company name
Country
Ownership(%)/votings rights
Private Home Care Unlimited, Inc.
USA
100
KabaFusion of MI, LLC
USA
100
Complete Infusion Services, LLC
USA
100
OCT Pharmacy, L.L.C.
USA
100
KabaFusion IN, LLC
USA
100
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92
KabaFusion NY, LLC
USA
100
Lincare of New York, Inc.
USA
100
KabaFusion KY, LLC
USA
100
Gamma Acquisition Inc.
USA
100
KabaFusion AL, LLC
USA
100
KabaFusion VA, LLC
USA
100
KabaFusion AR, LLC
USA
100
KabaFusion NC, LLC
USA
100
KabaFusion WY, LLC
USA
100
KabaFusion MD, LLC
USA
100
KabaFusion NV, LLC
USA
100
KabaFusion of Colorado, LLC
USA
100
KabaFusion LA, LLC
USA
100
KabaFusion ME, LLC
USA
100
KabaFusion MN, LLC
USA
100
KabaFusion OH, LLC
USA
100
KabaFusion TN, LLC
USA
100
KabaFusion PPC Holdings LLC
USA
100
KabaFusion Inc. PA
USA
100
MKG Group subsidiaries
Novo Maia, LP
USA
77
Novo Maia, LP - subsidiaries
Maia Aggregator LP
USA
100
Maia Aggregator LP - subsidiaries
Maia Blocker Inc.
USA
100
Maia Blocker Inc. - subsidiaries
Maia Acquisition Holdings LLC
USA
100
Maia Acquisition Holdings LLC - subsidiaries
Maia Acqusition, LLC
USA
100
CSC MKG TopCo LLC
USA
100
CSC MKG InterCo LLC
USA
100
Medical Knowledge Group, LLC
USA
100
(continues)
Company name
Country
Ownership(%)/votings rights
MKG Philomena Buyer, Inc.
USA
100
MKG Philomena Opco, LLC
USA
100
Synapse Medical Communications, LLC
USA
100
CTLS, LLC
USA
100
Medical Events International, LLC
USA
100
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81qd, LLC
USA
100
SciMed, LLC
USA
100
Helathlogix, LLC
USA
100
Ritedose Group subsidiaries
Rhea GP, LLC
USA
100
Novo Rhea Aggregator, LP
USA
63
Novo Rhea Aggregator, LP - subsidiaries
Rhea Acquisition Holdings, LP
USA
96
Rhea Acquisition Holdings, LP – subsidiaries
Rhea Intermediate, LP
USA
100
Rhea Intermediate II, Inc.
USA
100
Rhea Parent, Inc.
USA
100
The Ritedose Corporation
USA
100
TRC Propco, Inc.
USA
100
Ritedose Pharmaceuticals, LLC
USA
100
Ritedose (Wuhan) Pharmaceuticals Co. Ltd.
China
100
Ellab Group subsidiaries
Echo TopCo A/S
Denmark
64
Echo TopCo A/S - subsidiaries
Echo BidCo A/S
Denmark
100
Echo BidCo A/S - subsidiaries
Kelvin HoldCo A/S
Denmark
100
Kelvin HoldCo A/S - subsidiaries
Kelvin BidCo A/S
Denmark
100
Kelvin BidCo A/S - subsidiaries
Saballe TopCo ApS (in liquidation)
Denmark
100
(continues)
Company name
Country
Ownership(%)/votings rights
Saballe TopCo ApS (in liquidation) - subsidiaries
Ellab A/S
Denmark
100
Ellab A/S - subsidiaries
Ellab Inc.
USA
100
Annual Report 2023
94
Ellab S.A.R.L
France
100
Ellab (UK) Ltd.
UK
100
Ellab Philippines Corp.
Philippines
100
Ellab Benelux B.V.
Netherlands
100
Ellab FZCO
Dubai
100
Ellab GmbH
Germany
100
Ellab Solutions Spain SLU
Spain
100
Ellab Monitoring Solutions Ltd.
UK
100
Ellab S.R.L
Italy
100
Ellab AG
Switzerland
100
Ellab Ireland Ltd.
Ireland
100
Ellab Singapore PTE. LTD.
Singapore
100
Ellab Austria GmbH
Austria
100
Ellab Inc. - subsidiaries
Integrated Commissioning & Qualification Consultants, LLC
USA
100
Evolution Scientific, Inc.
USA
100
PharmaSys, Inc.
USA
100
Ellab (UK) Ltd. - subsidiaries
Complete Technical Solutions (CQV) Limited
UK
100
Arena Instrumentation Ltd.
UK
100
Ellab Ireland Ltd. - subsidiaries
Autocal Ireland Limited
Ireland
100
CalX Instrumentation Services Limited
Ireland
100
Dades Group subsidiaries
Dades Center/Box Holding ApS
Denmark
100
Dades Erhverv/Bolig Holding ApS
Denmark
100
Dades Center Vest ApS
Denmark
100
Dades Center Øst ApS
Denmark
100
Dades Box ApS
Denmark
100
Dades Erhverv ApS
Denmark
100
Dades Bolig ApS
Denmark
100
Waves ApS
Denmark
100
Fisketorvet 2 Odense ApS
Denmark
100
Rådhuspladsen ApS
Denmark
100
(continues)
Company name
Country
Ownership(%)/votings rights
Køge Kyst I ApS
Denmark
100
Soeborg Ejendomme ApS
Denmark
100
Snedkerhaven Hvidovre ApS
Denmark
100
Bækkeskovvej ApS
Denmark
100
Slotengen Hillerød ApS
Denmark
100
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95
Color 1 ApS
Denmark
100
Kulturporten Farum ApS
Denmark
100
Christiasvej Glostrup ApS
Denmark
100
Dades 4 ApS – Dades 10 ApS*
Denmark
100
* The companies are without any activity
Associated companies
Davista A/S
Denmark
49
Davista K/S
Denmark
49
Annual Report 2023
96
(a part of management’s review)
Novo Nordisk Foundation
Risks related to societal responsibility
The main risks of the Novo Nordisk Foundation Group in relation to its
economic, social and environmental responsibility are connected to the
risks of the companies in the Group and include issues such as climate
impact, diversity, human rights and anti-corruption. The economic, so-
cial and environmental risks of the Foundation’s funding activities are
small and limited through observance of the Foundation’s article of as-
sociation and its various policies for acting responsibly and maintaining
a responsible role in society (see below). The Novo Nordisk Founda-
tion’s philanthropic activities will continue to have Denmark as their
centre of gravity, while we at the same time will increase our interna-
tional reach and activity level, leveraging international collaboration op-
portunities to build scale and impact and catalyse changes that can bene-
fit people and society globally. The Foundation’s corporate activities re-
main international in accordance with the separate strategies of the com-
panies in the Group.
Code of conduct, including anti-bribery & corruption and the whis-
tleblower scheme
The Novo Nordisk Foundation (“the Foundation”) is determined to
maintain the highest standards of integrity and ethical behaviour across
its activities and maintains a zero-tolerance policy for bribery and cor-
ruption in all forms.
The Foundation’s Code of Conduct, adopted by the Foundation’s Board
of Directors in 2020, applies to all individuals affiliated with the
Foundation, including Novo Holdings A/S, members of the Board of Di-
rectors and employees of the Foundation and Novo Holdings A/S, all
grant recipients and their employees fully or partially funded by the
Foundation, members of the Foundation’s committees, as well as indi-
viduals, institutions and organisations that collaborate with the Founda-
tion, Novo Holdings A/S, the BII Foundation and the LIFE Foundation.
Read more at: https://novonordiskfonden.dk/en/who-we-are/code-of-
conduct/
The Foundation and Novo Holdings A/S maintain a confidential whis-
tleblower channel, enabling anonymous reporting of Code of Conduct
violations. The whistleblower channel aims to bolster transparency and
accountability with regards to Foundation and partner behaviour. Conse-
quences of violations include a letter of reprimand, requiring a grant to
be repaid, or referral to law enforcement. Read more at: https://novo-
nordiskfonden.dk/en/whistleblower/
In 2023, the Foundation received nine reports via the whistleblower
channel, all of which were reviewed internally and via external legal
counsel. Furthermore, it created a dedicated compliance function this
year within the Legal Department. Based on risk assessment conducted
by the legal department, current focus is on the Foundations Code of
Conduct, including due diligence processes, potential misuse of grants,
conflicts of interest, and personal data protection. The Foundation is also
working closely with partners to address potential security risks related
to its grant activity, including those linked to unauthorized transfer of
Annex A
Novo Nordisk Foundation
Group Corporate
Social Responsibility
This appendix is the Novo Nordisk Foundation Group’s reporting on corporate
social responsibility, cf. section 99a and section 99b of the Danish Financial
Statements Act. The statement first reviews the corporate social responsibility
for the Novo Nordisk Foundation’s grant-awarding activities and then the cor-
porate social responsibility for the Foundation Group’s commercial activities.
Finally, the diversity policy for the Novo Nordisk Foundation and Novo Hold-
ings A/S is reviewed.
Annual Report 2023
97
knowledge and technology to foreign actors. linked to unauthorized
transfer of knowledge and technology to foreign actors.
Going forward we expect to continue working with and promoting our
Code of Conduct, anticorruption agenda and Whistleblower Scheme.
Economic and scientific responsibility
In 2023, the Foundation awarded DKK 9.1 billion in grants and philan-
thropic investments while its payouts amounted to DKK 5.8 billion. The
foundation’s grant-awarding activities funded, in whole or in part, the
employment of around 9,600 people within scientific fields of educa-
tion, research and innovation, mainly at universities, educational institu-
tions and hospitals in Denmark and the Nordic countries. In addition,
Foundation grants helped fund employees in social and humanitarian
projects in Denmark and abroad. Grant-awarding activities and payouts
are described in more detail in The Novo Nordisk Foundation Grant Re-
port 2023: https://novonordiskfonden.dk//app/uploads/Novo-Nordisk-
Foundation-2023-Annual-Grant-Report.pdf. Societal impacts are de-
scribed in more details in the Novo Nordisk Foundation Impact Report
2023: https://novonordiskfonden.dk//app/uploads/Novo-Nordisk-Foun-
dation-2023-Annual-Impact-Report.pdf
The Foundation supports free and independent research, primarily
within biomedicine, public health, biotechnology, engineering, computer
and natural and technical sciences at public research institutions. The in-
stitutions contribute to generations of new knowledge, inventions, edu-
cation and innovation. The research results and any patents belong to the
researchers and the public universities and hospitals that employ the re-
searchers. No company in the Novo Nordisk Foundation Group or other
privately held companies has preferential access to the research results
funded by grants from the Foundation.
The Foundation measures and monitors the effects of its grant-giving ac-
tivities based on the grant recipients’ systematic reporting. For the year
2023 alone, the Foundation’s grant recipients reported more than 30,000
activities, of which more than 4,100 were various scientific publications.
90% of publications are articles published in international peer-reviewed
scientific journals. Nearly three out of five of the journal articles are
published as collaborations between grant holders and international co-
authors, over half take place in interdisciplinary collaborations, and
every ninth journal article is published together with industry research-
ers. The proportion of grant recipients’ international journal articles that
are among the top 10% most cited worldwide was 23% in 2019-2022.
Overall, the Foundation’s contributions increase the volume of excellent
research and training of researchers in Denmark. In addition, a signifi-
cant contribution is made to the internationalisation of Danish and Nor-
dic research as well as to the researchers’ collaboration with researchers
internationally and in the industry.
Read more at:
• Grant Report 2023: https://novonordiskfonden.dk//app/up-
loads/Novo-Nordisk-Foundation-2023-Annual-Grant-Re-
port.pdf.
• 2023 Annual Impact Report: https://novonordisk-
fonden.dk//app/uploads/Novo-Nordisk-Foundation-2023-An-
nual-Impact-Report.pdf
• The NNF Dashboard: https://novonordiskfonden.dk/facts-
and-figures/
Social responsibility
The Foundation contributes to the creation and development of dynamic
research environments at universities and hospitals. For society, this
means strengthening research-based education and increasing the supply
of talented university graduates, researchers and clinicians, and attract-
ing highly qualified researchers and graduates from outside Denmark.
The Foundation has funded the establishment of Steno Diabetes Centers
in each of the five Danish administrative regions as well as in Greenland
and Faroe Islands. Each centre makes an important contribution to re-
search hospital activities in the field of diabetes, including specialised
services for diabetic patients within treatment, education, and health
promotion. On a quarterly basis the centres treated approximately
29,000 people with diabetes in 2023.
The Foundation wishes to support a sustainable societal development.
Sustainability includes climate and environmental issues as well as so-
cial, humanitarian and health considerations, including that employees
work in a healthy and safe working environment and that people as well
as animals are treated in the best possible way and in accordance with
current rules. The Novo Nordisk Foundation contributes to social, hu-
manitarian and health initiatives in Denmark by supporting a wide range
of activities, including initiatives that focus on education and compe-
tence development for vulnerable citizens. The Foundation also supports
humanitarian efforts globally. The social and humanitarian grant-giving
amounted to DKK 0.4 billion in 2023, and the public health and medical
science grant-giving amounted to DKK 4.2 billion in 2023.
In 2023, as an example of the Foundation’s support for humanitarian ef-
forts globally, the Foundation agreed to strengthen the strategic partner-
ship with World Diabetes Foundation (WDF) through the establishment
of a seven-year Partnership Framework Agreement totalling DKK 289
million. The new agreement is based on the achievements under the first
five years of collaboration, and it has as the overall vision to accelerate
Non Communicable Diseases prevention and care for vulnerable popula-
tions in Low- and Middle-Income Countries (LMICs).
During these first five years the WDF has reached more than 8000
health care professionals with training, enrolled more than 21,000 chil-
dren in Type 1 diabetes care programmes and trained 117,000 children,
parents and teachers in healthy living and prevention.
In 2023, as an example of social efforts, the Foundation supported the
GAME project with DKK 3.4 million making the total granted amount
for the GAME project DKK 24 million. The initiative is a collaborative
effort between GAME, an international non-profit street organization,
and Health Promotion Research at Steno Diabetes Center Copenhagen.
Together the two organizations strive to address and mitigate the preva-
lence of obesity and diabetes among vulnerable youth.
In the strategy period 2023-2030, the long-term goal of the Foundation’s
mission on health is to “Progress research and innovation in the preven-
tion and management of cardiometabolic and infectious diseases, regen-
erative medicine, and equitable health outcomes” and the focus will be
on the following four themes and ambitions:
Annual Report 2023
98
• Theme 1. Preventing and managing cardiometabolic diseases
o Ambition: Prevent and manage cardiometabolic
diseases through research-based action to reduce
their global burden
• Theme 2. Decreasing the burden and threat of infectious dis-
eases
o Ambition: Support research into prevention, diag-
nosis, and treatment of infectious diseases
• Theme 3. Advancing and applying regenerative medicine
o Ambition: Facilitate regenerative medicine solu-
tions for disease treatment and research advance-
ment
• Theme 4. Reducing inequity in health
o Ambition: Reduce inequities in health with a focus
on people in vulnerable positions
Environmental responsibility
The Foundation helps to build and strengthen Denmark’s positions
within environmental sustainability. It recognizes that there is an urgent
need to tackle climate change and unsustainable food production. In its
2030 strategy, the long-term goal of the sustainability mission is to “Ad-
vance knowledge and solutions to support the green transition in soci-
ety”. In the strategy period, the Foundation focuses within its sustaina-
bility mission on the following four themes and ambitions to promote
environmental sustainability::
• Theme 1. Sustainable and high yield agriculture
o Ambition: Advance research and innovation in ag-
ricultural production by understanding, controlling
and utilising ecosystems
• Theme 2. Sustainable food for healthy diets
o Support the transformation of our food systems
towards improved planetary and human health
through research and translation within
sustainable production and consumption
• Theme 3. High-impact climate change mitigation
technologies
o Ambition: Eliminate greenhouse gas emissions
from high-carbon production and remove
atmospheric CO
2
by supporting and driving
research for scalable climate change mitigation
technologies
• Theme 4. Supporting society in the green transition:
o Ambition: Build knowledge, networks and systems
to help support the green transition in society.
In 2023, the Novo Nordisk Foundation in collaboration with Bill &
Melinda Gates Foundation funded a new consortium of companies and
university that will utilise CO2 to produce proteins for human food. This
ambitious project addresses two of the biggest global challenges: sup-
plying nutritious food to a growing world population and mitigation of
climate change. The two Foundations are supporting the initiative with
up to DKK 200 million. The funding is part of the Novo Nordisk Foun-
dation’s work to advance the sustainability of society and the planet, one
of three focus areas in the Foundation’s 2030 strategy.
In 2023, the Novo Nordisk Foundation has awarded a total amount of
DKK 674 million for research grants in the field of biotechnical science.
In 2023, the consumption of energy (3,000 GJ) and water (1,000 M3) re-
mained unchanged compared to 2022. As in 2022 100% of the energy
consumption in 2023 came from renewable energy. The amount of
waste increased by from 30 to 50 tonnes compared to 2022 due to an
25% increase in the number of employees. 99% of the total waste was
recycled.
2022 was the first ever year that the Foundation did a comprehensive
analysis of emissions from own operations (Scope 1+2). The analysis
was repeated in 2023 and showed that the GHG emissions in Scope 1 +
2 were 80 tonnes, which was a decrease of 28 % compared to 110 tons
in 2022. For scope 3 emissions the total in 2023 were reduced by 1%
compared to the 4,690 tons in 2022. The majority of the Scope 3 emis-
sions come from purchase of goods and services (43%), business travel
(54%) and employee commuting (2%).
Table A and B in this annex shows figures for the Novo Nordisk Foun-
dation Group’s social and environmental footprint.
The Novo Nordisk Foundation as a workplace
As a workplace, the Novo Nordisk Foundation is rooted in a strong pur-
pose-driven culture with employees dedicated to the mission to improve
people’s health and sustainability of society and the planet.
The Foundation emphasises diversity among its staff, cf. the section on
the Foundation’s diversity policy: https://novonordiskfonden.dk/en/di-
versitetspolitik/
Annual Report 2023
99
The commercial activities of the Foundation
The following description of Corporate Social Responsibility at group
level applies to all the companies in the Novo Nordisk Foundation
Group. The Foundation’s Board of Directors has adopted a common set
of values, “Charter for companies in the Novo Group”, which all com-
panies in the Novo Group must demonstrate a willingness, ability and
resolve to fulfil.
• Company products and services make a significant difference
in improving the way people live and work.
• The company is perceived to be an innovator – in technology,
in products, in services and/or in market approach.
• The company is among the best in its business and a challeng-
ing place to work.
• The company delivers competitive financial performance.
Companies in the Novo Group commit to:
• Value-based management
• Open and honest dialogue with its stakeholders
• Continuous improvement of
o financial performance
o environmental performance
o social performance
• Reporting in accordance with relevant, internationally ap-
proved conventions.
Based on the charter, the companies in the Novo Group have formulated
their own policies for social responsibility and publish independent re-
ports of their work with these, e.g., policies for economic, environmen-
tal and social responsibility (including anti-corruption), compliance with
conventions (e.g., human rights), value-based management and open and
honest dialogue with its stakeholders. On the basis of the charter, Novo
Holdings A/S has defined its own values, which are the basis for the
company’s investments in and collaborations with other companies. The
values can be found at www.novoholdings.dk
Risks in relation to societal responsibility
The main risks of the Novo Nordisk Foundation Group in relation to
economic, social, and environmental responsibility are related to the
risks of the companies in the Group. The risks are minimised through
the Charter for the companies in the Group as well as the companies’
own policies for responsibility, as described in the companies’ inde-
pendent corporate social responsibility reports. Read more about the
Novo Nordisk Foundation’s role as a committed owner here: https://no-
vonordiskfonden.dk/en/about-the-foundation/ownership/
The companies’ main risks are particularly linked to the international
development in the financial and economic markets, including exchange
rate uncertainty, uncertainty in international trade policy and thus the
development in the global sales markets, uncertainty with share and
bond prices, etc. Companies seek to address these risks through portfolio
Companies in which Novo Holdings A/S has a controlling interest either report on
their social and environmental responsibility in accordance with the Danish Financial
Statements Act or refer to the Novo Nordisk Foundation’s annual report.
diversification in the areas of investment, trading and financial transac-
tions, price hedging and investments in innovation and research and de-
velopment.
Novo Holdings A/S includes information about its policies in relation to
responsible investments in the company’s annual report. Novo Nordisk
A/S includes information about the company’s social and environmental
responsibility in its annual report, while Novozymes A/S publishes a
supplement to its annual report. The three annual reports are available
at: : https://assets.novoholdings.dk/novo-holdings-2023-annual-re-
port.pdf, https://www.novonordisk.com/investors/annual-report.html
and https://investors.novozymes.com/investors/financial-reports/annual-
reports/default.aspx
.
Anti-corruption
Novo Holdings A/S
Novo Holdings A/S’s management approach to handling anti-corruption
and business integrity is an integral part of the company’s guiding prin-
ciples and values, which are based on Novo Holdings A/S’ mission.
Novo Holdings A/S strives to be a respected company and is subject to
the Foundation’s Code-of-Conduct and Whistleblower scheme.
Novo Nordisk A/S
Novo Nordisk A/S keeps a close eye on compliance with all applicable
local and international anti-corruption laws, regulations and standards,
such as the US Foreign Corruption Practices Act and the UK Bribery
Act. These requirements are spelled out in the company’s Business Eth-
ics Compliance Framework. Any suspected breaches of the company’s
standards can be reported anonymously by employees and external par-
ties through the Compliance Hotline. Breaches are investigated and, if
substantiated, action is taken immediately.
Novozymes A/S
Novozymes A/S’ management approach to addressing anti-corruption
and business integrity is embedded in the company’s corporate values
and policies. Novozymes A/S has a dedicated compliance function han-
dling business integrity-related matters, including training of employees.
Moreover, Novozymes A/S works proactively to prevent, detect and re-
spond to fraud. An internal control system enables the identification of
fraud cases and concerns raised, either through Novozymes’ whistle-
blower scheme or other reporting channels.
Economic and scientific responsibility
Novo Holdings A/S
In 2023, the Novo Nordisk Foundation Group paid DKK 16.8 billion in
corporation tax in Denmark, of which Novo Nordisk A/S accounted for
by far the largest share. A large part of the Foundation’s income via
Novo Holdings A/S are dividends from Novo Nordisk A/S and Novo-
zymes A/S, which primarily earn their profits outside Denmark. By end
of 2023, Novo Holdings A/S had 179 employees.
Annual Report 2023
100
Novo Holdings A/S’ other investments in life-science and biotech com-
panies result in thousands of jobs worldwide. The Novo Group and the
life-science portfolio employed 134,000 in 2023, an 25% increase com-
pared to 2020, where 107,000 were employed.
Novo Nordisk A/S
Novo Nordisk A/S had sales of DKK 232 billion in 2023, North Amer-
ica accounted for 59%, Europe, the Middle East and Africa for 22%,
China for 7% and the rest of the world for 12% of total revenue. For
Novo Nordisk A/S, less than one percent of the revenue is realized in
Denmark. In 2023, Novo Nordisk A/S had 64,319 employees world-
wide. The number of employees increased in most areas with the highest
growth in Product Supply, Quality & IT. The employee turnover rate de-
creased from 8.2% in 2022 to 5.5% in 2023. The company investment in
research and development increased to DKK 32 billion reflecting in-
creased late-stage clinical trial activity and increased early research ac-
tivities compared to 2022. The acquisition of Forma Therapeutics Inc. in
2022 and Inversago Pharma also increased R&D spending.
In the European Commission’s 2023 overview (https://iri.jrc.ec.eu-
ropa.eu/scoreboard/2023-eu-industrial-rd-investment-scoreboard) on the
world’s 2,500 largest companies’ investments in R&D, Novo Nordisk
A/S ranks as number 15 in Europe and as number 65 globally.
Novozymes A/S
Novozymes A/S’ turnover in 2023 was DKK 17,899 million. 65% from
activities outside Europe, the Middle East and Africa, of which the
United States alone accounts for 32%. Novozymes A/S realized 98.7%
of revenue outside Denmark. The company has 6,756 employees. In
2023, Novozymes A/S invested DKK 2,017 million in R&D, or 11.3 %
of the revenue, in R&D. Novozymes A/S is ranked as number 145 in
Europe and 769 globally on R&D investments.
Social Responsibility
Novo Holdings A/S
Novo Holdings A/S has a Responsible Investment Process which is an-
chored in the Environmental, Social and Governance (ESG) policies.
The aim is to integrate Environmental, Social and Governance consider-
ations as well as societal impact into the investment strategy, investment
processes and engaged ownership activities to provide better investment
decisions and returns. Prior to an investment, Novo Holdings A/S exam-
ines among other things whether the entity’s actions are compliant with
the Novo Nordisk Foundation Group’s charter. If it is a direct invest-
ment, it is Novo Holdings A/S’ responsibility to ensure that the entity
does not act irresponsibly at the social or environmental level. If an in-
vestment is made through a third party, it is also Novo Holdings A/S’
task to ensure that the third party is not socially or environmentally irre-
sponsible in its actions. Each investment undergoes this process, and if it
is deemed that a company or third party does not meet the criteria, the
investment is rejected. As Novo Holdings A/S wishes to act as an active
and responsible shareholder, through employees Novo Holdings A/S are
represented on the boards of Novo Nordisk A/S, Novozymes A/S, and
with a few exceptions in all other portfolio companies.
Novo Nordisk A/S
Novo Nordisk A/S Articles of Association state that the company will
"strive to conduct its activities in a financially, environmentally, and so-
cially responsible way," framing Novo Nordisk A/S’ long-term strategy
of being a sustainable business.
Novo Nordisk A/S’ global code of conduct sets out the fundamental
principles and required behaviours for its employees and collaborators
and is rooted firmly in the Novo Nordisk Way Essentials. The Novo
Nordisk Way Essentials are a foundational set of ten guiding principles
that shape and inform everything the company does, including balancing
financial, environmental and social performance.
The combination of foundation ownership and stock listing enables
Novo Nordisk A/S to embark on long-term sustainable strategies while
maintaining short-term transparency on performance. The company’s
foundation ownership supports the overarching imperative to be both
commercially successful and responsive to the wider needs of society.
Novo Nordisk A/S supports the UN’s Sustainable Development Goals.
The company has been an active participant to the UN Global Compact
since 2002 and submits the ‘Communication on Progress’ focusing on
governance, human rights, labour, environment and anti-corruption on
an annual basis.
The Novo Nordisk Way, the company’s Business Code of Ethics “One-
Code” and international and local standards for responsible business
conduct set the foundation for ethics and compliance in Novo Nordisk
A/S. This covers anti-fraud, anti-bribery, anti-off-label promotion, trans-
parency in dealing with healthcare professionals and organisations, pro-
tection of personal data and respect to human rights.
Ethics and compliance training is conducted on an annual basis and
mandatory for all employees, including all new hires. Business ethics re-
views are performed by Group Internal Audit (GIA) in subsidiaries, pro-
duction sites, vendors and headquarters. Supplier audits concluded by
Novo Nordisk’s Corporate Quality function consist of responsible sourc-
ing audits and quality audits conducted at suppliers. A compliance hot-
line enables employees, stakeholders and external parties to report po-
tential violations of the company’s policies or applicable laws and regu-
lations.
Novozymes A/S
Novozymes A/S works with transparency and responsibility across all
its business activities, and proactively shares information with stake-
holders via various platforms and information channels, e.g., by report-
ing annually on its progress toward implementing the UN Global Com-
pact’s Ten Principles in the company’s Communication on Progress re-
port.
Novozymes is recognized for its sustainability leadership and perfor-
mance by many leading rating agencies, including CDP, MSCI, Sus-
tainalytics, Ecovadis and more. In 2023, Novozymes was recognized in
CDP’s Climate Change A List (leadership ranking) for their commit-
ment to environmental transparency and action on climate change.
Novozymes are committed to high standards and ambitious actions to
improve their climate footprint across scopes 1, 2 and 3 with the aim of
reaching net-zero by 2050. Novozymes was among the first companies
Annual Report 2023
101
in the world to receive validation of its net-zero targets by SBTi. Novo-
zymes commit to reach net-zero GHG emissions across the value chain
by 2050 from a 2018 base year. To do so Novozymes strives to decouple
environmental impact from business growth, and they define targets and
metrics that measure and drive their sustainability performance.
Read more about Novozymes’ approach to sustainability at:
https://www.novozymes.com/en/about-us/positions-policies.
Health responsibility
Novo Nordisk A/S
Novo Nordisk A/S’ purpose is to drive change to defeat serious chronic
diseases. In 2023, Novo Nordisk A/S delivered medical treatment to
more than 40.5 million diabetic patients worldwide, a 12% increase
compared to 36.3 million patients 2022. The 12% increase was primarily
driven by the GLP-1 franchise, followed by the new-generation insulin
and human insulin franchises.
Through the Access to Insulin Commitment programme, Novo Nordisk
A/S guarantees supply of low-priced human insulin to the least devel-
oped countries and other low-income countries as well as to organisa-
tions providing relief in humanitarian settings. The programme guaran-
tees a ceiling price of USD 3 per vial in 77 low- and middle-income
countries (LMICs) around the world. Over the past year, Novo Nordisk
A/S reached 6.7 million people living with diabetes globally with its in-
sulin medicines through access and affordability initiatives. The com-
pany extended support to more than 52,000 children with type 1 diabetes
through the Changing Diabetes® in Children (CDiC) programme. In the
US, the company provided access to affordable insulin for 1.4 million
people and supported a further 2.8 million with initiatives relating to its
GLP-1-based therapies.
In 2023, the estimated number of patients with diabetes reached with
Novo Nordisk A/S’ human insulin vials through the Access to Insulin
Commitment was 2.4 million, compared to 1.8 million in 2022. Novo
Nordisk A/S also sold human insulin vials below the ceiling price of
USD 3 in countries outside the commitment, reaching an estimated addi-
tional 2.6 million patients in 2023. This equates to a total of 5 million
patients with diabetes reached with human insulin in vials below USD 3
per vial globally.
Through the Changing Diabetes® in Children programme, Novo
Nordisk A/S reached 52,249 children with type 1 diabetes in 29 low-re-
source countries in 2023, compared to 41,033 in 2022. Almost half of
the newly enrolled children were reached through expansion in Asian
countries, mainly India, Pakistan, Indonesia, and Vietnam. The children
received access to diabetes care in clinics (e.g., patient education) as
well as medical supplies if needed.
Novo Nordisk’s childhood obesity partnership with UNICEF, launched
in 2019 and expanded in 2023, aims to reach 10 million children across
the globe. The partnerships focus on risk factors driving the obesity epi-
demic through policies, programmes and practices that directly impact
the nutrition, wellbeing and development of children. Since its launch,
the partnership has positively impacted the lives of more than 2.7 mil-
lion children and caregivers across Latin America and the Caribbean.
The expanded partnership will bring a proven approach to new geogra-
phies with an increased focus on driving policy change at national level
and action at city level. Through local engagement and cross-sector
collaboration, Novo Nordisk and UNICEF are focusing on interventions
with demonstrable track records.
The world’s vulnerable population groups are in focus in Novo Nordisk
A/S’ humanitarian programme. Through the Partnering for Change pro-
gramme with the International Committee of the Red Cross, the Danish
Red Cross and other organisations, the company aims to ensure treat-
ment for people with diabetes and other serious chronic diseases in hu-
manitarian crises.
In 2023, Novo Nordisk A/S donated DKK 119 million to humanitarian
and social causes via the World Diabetes Foundation (WDF). WDF is an
independent fund established by Novo Nordisk A/S in 2002 with the
aim of promoting diabetes prevention and treatment in developing coun-
tries. WDF provides assistance to sustainable partnerships and acts as a
catalyst to help others do more. Read more at www.worlddiabetesfoun-
dation.org
Novo Nordisk A/S provides financial support to improve global access
to haemophilia treatment. In 2023, the company donated DKK 19 mil-
lion to the Novo Nordisk Haemophilia Foundation, established in 2005.
Read more at www.nnhf.org
Novozymes A/S
As a UN Global Compact LEAD member, Novozymes A/S is strongly
involved in several UN-led initiatives as well as in local UNGC net-
works in Brazil, China, Denmark, India and the USA. At the UN Gen-
eral Assembly in New York in September 2015, Novozymes A/S joined
the rest of the world in welcoming the 17 UN Sustainable Development
Goals (World Goals for Sustainable Development). By 2030, countries
and multinationals are expected to use these goals to implement policies,
allocate funding and drive change that will help build a fair and more
sustainable world for all.
Novozymes A/S was among the first to adapt its strategy to the Sustain-
able Development Goals by applying cutting-edge biotechnological so-
lutions that have the potential to address some of the global challenges.
For Novozymes A/S, the goals are a frame of reference for guiding deci-
sions, managing risks, and securing future business opportunities. More
information about how Novozymes A/S delivers on the Sustainable De-
velopment Goals can be found in the company’s CSR reporting, which
can be downloaded at: https://investors.novozymes.com/investors/finan-
cial-reports/annual-reports/default.aspx
Environmental and climate responsibility
Resource utilisation
Novo Holdings A/S
In 2023, the consumption of energy decreased by 1 MGJ and water con-
sumption remained unchanged compared to 2022 were a total of 1.000
m
3
. As in 2022 100% of the energy consumption in 2023 came from re-
newable energy. The amount of waste increased by from 30 to 50 tonnes
compared to 2022 due to increase in the number of employees and the
opening of new international offices. 99% of the total waste was recy-
cled.
Annual Report 2023
102
Novo Nordisk A/S
Novo Nordisk A/S has a target of reaching net-zero emissions by 2045.
More near term, the company has pledged to reach zero emissions from
its operations and transportation by 2030.
Novo Nordisk A/S’ Scope 1 and 2 CO
2
e
emissions remained broadly
unchanged from 2022 due to energy savings projects and renewable
power initiatives. Scope 3 emissions increased by 55% due to substan-
tial investments in production capacity and increase in supply chain ac-
tivities to support company growth.
In 2023, production sites consumed 4,150 thousand m3 of water, an in-
crease of 6% compared to 2022 due to higher production volumes and
ramp-up activities within production sites. Novo Nordisk continues to
focus on ways to be more energy efficient, and energy-saving projects
implemented in 2023 within production sites resulted in annual savings
of 64,000 GJ. 100% of the electricity consumption at production plants
came from renewable sources such as biomass, wind, and hydropower.
These efforts could not fully mitigate the increased production volumes,
ramp-up activities and impact from adverse local weather conditions,
and consequently energy consumption for production increased by 4%.
Reducing water consumption continues to be a focus area for production
sites around the world - especially in areas of water scarcity or high sea-
sonal variations, like in France, Brazil, China, US, Iran and Algeria.
Through implementation of water conservation projects in water-
stressed areas a savings of 14 thousand cubic metres of water was
achieved in 2023.
The amount of waste decreased by 11% compared to 2022 due to waste
reduction initiatives, reuse of waste and implementation of zero landfill
waste strategies. 78% of the total waste was either recycled, used for bi-
ogas production, or incinerated at plants where energy is used for heat
and power production.
Novozymes A/S
With increasing pressure on global resources, Novozymes A/S is fo-
cused on optimizing operations from year to year in order to reduce the
consumption of natural resources and reduce the negative environmental
consequences of production. Long-term efficiency targets for energy,
CO2 and water have been set to optimize production processes, thereby
reducing the consumption of limited resources and reducing costs.
Novozymes strives to decouple environmental impact from business
growth. In 2023, the consumption of energy and water decreased by 9%
and 11% respectively compared to 2022. The decrease was driven by
changes in product mix towards less resource consuming products,
lower production volumes and implementation of efficiency-enhancing
projects. 51% of energy consumption in 2023 came from renewable en-
ergy - an improvement compared to 50% in 2022.
Starting 2023, Novo Nordisk has started reporting in CO2e, expanding scope of re-
porting to include all green-house gases. While historic emission related data is still in
Climate
Novo Holdings A/S
2022 was the first ever year that Novo Holdings did a comprehensive
analysis of emissions from own operations (Scope 1+2). The analysis
was repeated in 2023 and showed that the GHG emissions in Scope 1 +
2 were 250 tonnes, which was an increase of 25 % compared to 200 tons
in 2022. In 2023 the scope 3 emissions excluding the downstream in-
vestments were reduced by 17% compared to 2022. The majority of the
Scope 3 emissions are downstream investments (97%). Purchase of
goods and services, business travel and employee commuting account
for the remaining (3%).
Novo Nordisk A/S
In 2018, Novo Nordisk A/S committed itself to a set of long-term envi-
ronmental targets for the share of energy derived from renewable energy
sources as well as its energy consumption and water consumption. The
overall goal is net zero emissions across the company’s entire value
chain by 2045 and along the way to achieve zero CO
2
e emissions from
all operations and transport by 2030.
Novo Nordisk A/S has made significant progress in curbing the com-
pany’s emissions. Since 2020, all of the company’s production sites
have sourced 100% renewable power and the company aims to reach
zero CO
2
e emissions from operations and transportation by 2030. How-
ever, focusing solely on its own activities is not enough. Novo Nordisk
A/S must also ensure its 60,000-plus suppliers play their part in this
transformation, since their activities account for the majority of the com-
pany’s total CO
2
e emissions – amounting to 98% in 2023.
Novo Nordisk’s target is that all goods and services from suppliers will
be based on 100% sourced renewable power by 2030. The company is
engaging with suppliers in high-impact areas to understand how they
can collectively reduce emissions using novel approaches to decarboni-
sation. This involves working on innovative Power-to-X solutions that
use renewable electricity to produce green fuels and low-carbon chemi-
cals or using organic waste materials to produce biofuels.
Recent examples include Novo Nordisk’s membership in the Sustaina-
ble Aviation Buyers Alliance (SABA) to support the expansion of sus-
tainable aviation fuel facilities, and the company’s partnership with
global logistics firm Maersk on low-emission fuels for ocean freight.
Both investments are contributing to the global uptake of innovative
green technologies.
Novo Nordisk A/S’ emissions from production-related Scope 1 and 2
CO
2
e emissions increased by 19% in 2023 compared to 2022, due to in-
crease in scope of reporting to also include CO
2
e from cooling agents,
starting 2023.
Novo Nordisk A/S reduced its CO
2
e emissions from operations and
transportation by 8% in 2023 versus 2022 through energy-saving pro-
jects, renewable power initiatives and procurement of sustainable avia-
tion fuel.
CO2, the change impacts 2023 emission reporting as well as all emission related tar-
gets which have now been shifted to CO2e.
Annual Report 2023
103
Read more about Novo Nordisk’s environmental results in the Annual
Report: https://www.novonordisk.com/annual-report.html
Novozymes A/S
Sustainability plays a central role in the strategy of Novozymes A/S.
Many of Novozymes A/S’ biological solutions enable the company’s
customers to reduce their environmental footprint compared to the use
of conventional technologies. The solutions create higher quality prod-
ucts with lower costs and allow customers to reduce their CO
2
emis-
sions. For more than 10 years, Novozymes A/S has used life cycle as-
sessments (LCA) to document the environmental consequences of the
company’s biological solutions. The LCA studies are usually completed
in collaboration with customers and based on data from customers’ spe-
cific applications of Novozymes’ technology.
As part of the journey towards becoming a net-zero emission company
in 2050, Novozymes aim to achieve a 75% reduction in scopes 1 and 2
GHG emissions from Novozymes’ own operations, and a 35% reduction
in scope 3 emissions from the full supply chain, all from a 2018 base-
line. Novozymes’ GHG emissions from own operations (Scope 1+2) in
2023 were 143,000 tonnes, which was a decrease of 12 % compared to
161,000 tons in 2022. For scope 3 emissions the total in 2023 were re-
duced by 12% compared to 2022. In 2023, Novozymes has achieved a
67% reduction of GHG emissions in own operations (scope 1+2) from a
2018 baseline.
By 2025, Novozymes will exclusively buy electricity from renewable
sources. On the way towards that goal, 84% of the company’s total elec-
tricity consumption in 2023 was derived from renewable sources.
The Novo Group as a workplace
The Novo Nordisk Foundation Group puts emphasis on offering a com-
mitted and professional workplace where the employees thrive, are chal-
lenged and have opportunities to develop their potential. It involves an
inclusive culture with respect for the individual, continuous develop-
ment, health and safety. And further, development of leadership, people
and organisation. This agenda is centred around leadership, people
growth, and building an even stronger collaborative and inclusive cul-
ture with seamless, digital, and efficient processes.
Novo Nordisk Foundation
In the Novo Nordisk Foundation, a high level of engagement among em-
ployees is vital. The Foundation is continuously growing, both in terms
of new employees and activities in our programme areas. The number of
employees of the Foundation has grown by 25% in 2023 with an internal
workforce on 202 employees by the end of the year. Our voluntary turn-
over remains low on 6%. To support the development goals of the Foun-
dation, it is crucial that the organisation continuously strive to be an in-
spiring and attractive workplace with highly engaged employees.
The engagement survey, that we run each year, continues to show high
engagement amongst our employees with 91% engagement and a 98%
respondent rate, above global benchmark. The categories around pur-
pose and inclusion were specifically scored high this year and wellbeing
has improved significantly.
The Novo Nordisk Foundation wishes to promote gender equality in
across all people processes and in 2023 we conducted a salary and pro-
motion gender gap analysis that showed that all promotions and
performance payout were equally distributed across genders, and we do
not see any pay gap disparity between male and female employees.
Novo Holdings A/S
At Novo Holdings A/S, maintaining a high level of engagement among
employees is a key priority. Given the continuous growth, both in terms
of additional employees and geographical expansion, it is crucial that
Novo Holdings remains an inspiring and attractive workplace. Novo
Holdings has grown by 15% in 2023 with an internal workforce on now
179 employees. However, our voluntary turnover remains low on only
5%.
In April 2023, Novo Holdings A/S carried out a survey focused on em-
ployee engagement survey, in which 96% of the employees participated.
The results were very positive, with a satisfaction score of 94, especially
within the categories: Company Culture, Pride in Company, Trust & Re-
spect and Diversity & Inclusion. Novo Holdings A/S will continue to
strive to be an excellent workplace, always aiming to achieve our pur-
pose and live out the Novo Holdings Way of Performance, Respect and
Responsibility.
Novo Nordisk A/S
The 2023 employee engagement survey “Evolve” revealed an increase
in the already high overall engagement, bringing it to 86% favourable
compared to 85% favourable in 2022. Novo Nordisk A/S continues to
score in the top decile against external organisations when it comes to
providing a purpose-driven workplace.
In 2022, Novo Nordisk A/S launched an aspirational target of achieving
a balanced gender representation across all managerial levels with a
minimum of 45% for both women and men in senior leadership posi-
tions by the end of 2025. By the end of 2023, 54% of all leadership posi-
tions are held by men and 46% are held by women. Across senior lead-
ership positions, the gender split is 59% men and 41% women. There is
still work to be done but Novo Nordisk A/S are making significant pro-
gress. At the end of 2023, 41% of senior leadership positions were filled
by women, compared to 39% one year earlier.
Novozymes A/S
Novozymes focus on employee development throughout the organiza-
tion. The focus is supported and driven by management, as a key ele-
ment in relation to improving employee satisfaction and motivation. The
annual engagement survey showed a thrive score of 84, which is three
points higher than the industry benchmark. Novozymes is especially
proud of this achievement during what was a year of change due to the
planned merger with Chr. Hansen. Such a significant event can naturally
be a cause of uncertainty for people.
Novozymes’ proactive attitude to avoid discrimination and promote
equal opportunities is reflected in specific goals for managers and across
all professionals in relation to gender. By 2030, Novozymes aim to
achieve gender balance by striving for a minimum of 45% women and
45% men across all professionals and in senior management. There is
still work to be done but Novozymes A/S are progressing towards its
goals. And the end of 2023, 36% of senior management positions were
filled by women, compared to 33% one year earlier. In
Annual Report 2023
104
addition, gender balance across all professionals remained at 43%
women and 57% men, as in 2022.
Diversity policy in the Novo Nordisk Founda-
tion Group
Section 99b of the Danish Financial Statements Act requires that Danish
companies of a certain size report on diversity.
The Novo Nordisk Foundation Group welcomes and promotes diversity
among its staff, managements and boards, as diversity in relation to gen-
der, age, education, cultural background and international experience
helps to ensure a broad range of skills, which in turn contributes to de-
velopment, renewal, and quality in work efforts. Furthermore, it lays the
foundation for an inclusive culture with respect for individuals, ongoing
personal development, health and safety. Diversity is promoted through
the recruitment and development processes in the Group.
In 2023, the Board of Directors of the Foundation approved a new ver-
sion of the 2019 diversity policy for the Novo Nordisk Foundation and
Novo Holdings A/S. The Foundation Group’s two commercial compa-
nies have formulated their own diversity policies in line with the Foun-
dation’s policy.
Novo Nordisk Foundation diversity and inclusion policy is available at:
Diversity-Policy_December-2023.pdf (novonordiskfonden.dk)
Novo Nordisk A/S: www.novonordisk.com/sustainable-business/esg-
portal/principles-positions-and-policies/diversity-inclusion-policy.html.
Novozymes A/S: https://www.novozymes.com/en/about-us/positions-
policies
Diversity policy for the Novo Nordisk Foundation and Novo Hold-
ings A/S
The diversity policy reflects the core values of the Novo Nordisk Foun-
dation and Novo Holdings A/S. The policy sets the goals, defines the
scope and provides guiding principles for the work with diversity. The
Novo Nordisk Foundation and Novo Holdings A/S follow international
standards and procedures and in some case take a lead. The diversity
policy is an important part of the decision-making process related to re-
cruitments, to ensure diversity across all departments. In 2023, the joint
Personnel and Organisation department between the Novo
Nordisk Foundation and Novo Holdings A/S were split into two depart-
ments with one for each entity. The Foundation’s Impact department
provides diversity analyses on recruitments and on the grant-giving and
commercial activities, including their measured effects. The Novo
Nordisk Foundation collaborates with the Danish universities to promote
diversity, for example in relation to employees fully or partly funded by
the Foundation’s grants.
The foundation continuously strives to be an attractive and flexible
workplace where all employees can grow, develop, and realise their pro-
fessional potential in a collaborative and inclusive manner. Our existing
workforce represents a rich diversity of educational backgrounds, indus-
try- and sector experiences and differences in nationalities, genders, and
ages. This ensures that a variety of perspectives is brought to the table,
which is key for future success of the foundation.
During 2023, Novo Nordisk Foundation launched an aspirational target
of achieving a balanced gender representation across all managerial lev-
els with a minimum of 40% of the underrepresented gender across our
Board and our Executive Leadership Team by the end of 2027.
https://novonordiskfonden.dk/en/diversity-policy/
By the end of 2023, our gender distribution amongst the Foundation’s
employees is considered gender balanced with 60% females and 40%.
Our leaders directly referring to C-level (CEO) consist of 37 % female
leaders and 63% males, which means that we at this level already now
live up to our target. The gender distribution in our Board of Directors is
currently at 29% females and 71% male. The composition of the Board
of Directors met the gender diversity requirements set out in Danish leg-
islation.
Efforts are being made continuously to be able attract more female tal-
ent. Based on the guiding precipice in the diversity policy adopted by
the Board of Directors of the Novo Nordisk Foundation, the Foundation
will in 2024 continue the work that supports the development towards
more diversity.
Beyond gender diversity we value and monitor diversity in teams more
broadly. When we look at our age and nationality distribution, we have
23 % of colleagues coming from other countries than Denmark and a
great representation across four generations.
Annual Report 2023
105
Table A. Gender diversity in the Novo Nordisk Foundation
2019
2020
2021
2022
2023
Target (2027)
Board of Directors
Total number of individuals
6
6
6
6
7
Underrepresented gender (pct)
33%
33%
33%
33%
29%
40%
Top management*
Total number of individuals
1
1
1
1
1
Underrepresented gender (pct)
0%
0%
0%
0%
0%
40%
Management levels**
Total number of individuals
15
15
17
17
19
Underrepresented gender (pct)
40%
40%
29%
29%
37%
40%
All employees
Total number of individuals
159
187
131
167
202
Underrepresented gender (pct)
55%
55%
59%
60%
60%
NA
*) Top management (CEO), **) Management levels are (C-level and all managers referring to the C-level)
Diversity in Novo Holdings A/S
During 2023, Novo Holdings A/S launched an aspirational target of
achieving a balanced gender representation across all managerial levels
with a minimum of 40% of the underrepresented gender across the
Board and Executive Leadership Team by the end of 2025.
By the end of 2023, the gender distribution amongst Novo Holdings’
employees is considered gender balanced with 40% females and 60%
male. Our leaders directly referring to C-level consist of 33 % female
leaders and 67% males. The gender distribution in Novo Holdings’
Board of Directors is currently at 33% females and 67% male. Efforts
are being made continuously to be able attract more female talent. Based
on the guiding precipice in the diversity policy adopted by the Board of
Directors of the Novo Nordisk Foundation, Novo Holdings A/S will in
2024 continue the work that supports the development towards more di-
versity.
Policy on data ethics
Section 99d of the Danish Financial Statements Act requires that Danish
companies of a certain size report on their policy on data ethics.
The Novo Nordisk Foundation Group welcomes and promotes ethical
use of data. In 2020, the Novo Nordisk Foundation Group initiated the
work on formulating policies on data ethics for each of companies in the
group. In 2023, the focus was on training to secure compliance with the
principles of the policies.
Novo Nordisk Foundation
The Novo Nordisk Foundation complies with both Danish and EU law
on data and privacy protection. In addition, the Foundation recognises
that the fast pace of technological development, along with evolving
risks and benefits from large scale data use, requires thoughtful and re-
sponsible decision-making where existing laws and regulations do not
necessarily provide clear ethical guidance. The Foundation has devel-
oped a policy on data ethics based on six principles for how to handle
data in an ethical way. The rules describe how the Novo Nordisk Foun-
dation must use and process both personal data and non-identifiable
(e.g., anonymised, aggregated, non-personal) data as well as data and in-
formation that applicants submit when applying for a grant using the
Foundation’s application system. Read more at: https://novonordisk-
fonden.dk//app/uploads/Novo-Nordisk-Foundation-2023-Annual-Grant-
Report.pdf.
Novo Holdings A/S
To cope with the challenges that arise from the fast-moving technologi-
cal development, along with evolving risks and benefits from large scale
data use, Novo Holdings has developed a policy on how to use and han-
dle data in an ethical way. Read more at: novoholdings_policy-on-data-
ethic.pdf
Novo Nordisk A/S
In 2021, data ethics principles were enhanced and will be implemented
through policies and trainings across the organisation in 2023. The data
ethics principles support ethical decision-making when using data across
the value chain. The integration of data protection and human rights
risks into the business ethics risk management processes has been fur-
ther strengthened. Read more on: Data ethics | Novo Nordisk data ethics
principles.
Novozymes A/S
Novozymes has adopted a policy, which sets the overall principles for
the ethical management of data in Novozymes and supplements our gen-
eral commitment to integrity and compliance. In 2023, the focus has
been on how to use Artificial Intelligence (AI) in an ethical way. Link to
data ethics report 99d-Statutory-report-on-data-ethics-for-Annual-Re-
port-2023.pdf (q4cdn.com)
Annual Report 2023
106
Table B: Sustainability indicators - Social footprints
Novo Nordisk Fonden
Novo Holdings A/S
Novo Nordisk A/S
Novozymes A/S
Indicators
2023
2022
2021
2023
2022
2021
2023
2022
2021
2023
2022
2021
Employees
Number of employees 31.12
202
162
131
179
152
132
64,319
55,185
48,478
6,756
6,781
6,527
Average number of employees
in the year (FTE)
(1)
201
160
131
166
93
89
63,370
51,046
46,171
6,805
6,690
6,240
Gender (Women %)
- Board of Directors
29
22
33
33
25
14
50
46
33
33
29
29
- Committee members
(2)
40
42
41
-
-
-
-
-
-
-
-
-
- Management
37
29
38
33
22
29
46
44
43
36
33
33
- All employees
60
60
59
41
36
38
49
49
49
40
39
38
Country of origin (%)
- Denmark
77
81
89
50
52
61
45
42
35
43
43
43
- European Union other than
Denmark
13
11
8
12
9
9
7
8
11
3
2
2
- Outside the European Union
10
7
3
38
39
30
48
50
49
54
55
55
Human capital
Sick leave (%)
2
2
2
1
1
0
-
-
-
3
3
2
Turnover (%)
9
12
8
5
11
11
6
8
11
11
11
12
Employee satisfaction
(3)
91
89
91
94
89
96
86
85
84
84
83
82
Research & Development
Number of journal articles
(4), (7)
4377
4,097
4,130
-
-
-
499
437
427
51
59
67
Number of patents and patents
applications
(5)
347
291
229
-
-
-
18,787
18,225
17,827
17,638
16,997
16,496
Number of R&D personnel
(6)
9,654
9,367
6,552
-
-
-
7,924
8,426
6,867
1,208
1,279
1,330
PhD students
1,802
1,701
1,183
-
-
-
-
-
-
-
-
-
Post Doc fellows
1,873
1,657
970
-
-
-
-
-
-
-
-
-
(1)
Novo Nordisk Foundation calculates the number of employees as full-time equivalents (FTEs). For Novo Holdings the number of full-time equivalents does not include Global
subsidiary companies.
(2)
Committee members are both internal experts and externals used for peer review.
(3)
In 2021, the engagement survey conducted in both Novo Nordisk and in the Novo Nordisk Foundation was entirely redesigned to support the strategic goals of the organisations.
As a result, comparison to previous surveys is not possible. In 2021, Novo Holdings conducted a company culture survey and not an engagement survey, hence the results cannot
be compared with previous results.
(4)
Number of journal and review articles reported by grant recipients of the Novo Nordisk Foundation.
(5)
Number of patents and patent applications reported by grant recipients of the Novo Nordisk Foundation. Counted on NNF and centres from 2013 and onwards. The source Novo
Nordisk A/S and Novozymes A/S number of patents and patents applicants has been changed to Digital Science - Dimensions compared to last year increasing the coverage in
jurisdictions and the resulting number shown.
(6)
Employees partly or fully financed by grants from the Novo Nordisk Foundation.
(7)
The yearly number of publications includes an estimation of the total number of publications reported in subsequent years.
Annual Report 2023
107
Table C: Sustainability indicators - Environmental footprints
Novo Nordisk Fonden
(9)
Novo Holdings A/S
(15)
Novo Nordisk A/S
Novozymes A/S
Indicators
2023
2022
2021
2023
2022
2021
2023
2022
2021
2023
2022
2021
Energy (1,000 GJ)
3
3
3
2
3
2
3,784
3,677
3,387
4,396
4,840
4,475
Renewable energy
(%)
100
100
-
100
100
-
100
(12)
100
(12)
100
(12)
51
(12)
50
(12)
42
(12)
CO2 equivalent emission
(1,000 tonnes)
(8)
Scope 1 Total
0.01
0.01
-
0.03
0.03
-
78
76
77
40
46
43
Scope 2 Total
(14)
0.07
0.10
-
0.24
0.17
-
15
16
16
103
115
175
Purchased goods
and services
2.76
2.01
-
3.82
4.74
-
2,067
1,473
-
477
545
510
Fuel and energy
related activities
0.04
0.05
-
0.10
0.07
-
56
55
-
100
109
108
Upstream trans-
portation and dis-
tribution
-
-
-
-
-
-
113
123
71
53
67
59
Waste generated in
operations
0.02
0.02
-
0.02
0.01
-
6
5
-
7
7
6
Business travel
1.72
2.51
-
3.37
3.70
-
83
73
10
7
6
1
Capital goods
-
-
-
-
-
-
1,315
614
-
-
-
-
Employee com-
muting
0.11
0.10
-
0.09
0.11
-
43
35
-
-
-
-
End-of-life treat-
ment of sold prod-
ucts
-
-
-
-
-
-
3
3
-
-
-
-
Downstream trans-
portation and dis-
tribution
-
-
-
-
-
-
52
37
-
-
-
-
Downstream in-
vestment
(16)
-
-
-
N/A
(17)
314.48
-
-
-
-
-
-
-
Scope 3 total
4.65
4.69
-
7.40
323.11
-
3,738
2,418
-
644
734
684
Total scope 1+2+3
emission
4.73
4.80
-
7.67
323.28
-
3,831
2,510
-
787
895
902
Water (1.000 m3)
Water consumed
1
1
1
1
1
1
4,150
3,918
3,368
7,793
8,720
7,998
Waste
Waste (1.000
tonnes)
0.05
0.03
0.02
0.05
0.03
0.02
189
(10)
214
(10)
181
(10)
15
(11)
21
(11)
15
(11)
Waste recyclable
(%)
99
98
-
99
98
-
78
(10)
84
(10)
-
74
(13)
63
(13)
62
(13)
(8)
Scope 1: Direct GHG emissions that occur from sources controlled or owned by an organisation. Scope 2: indirect GHG emission associated with purchased energy. Scope 3:
All other GHG emissions resulting from activities not owned or controlled by the company, but which form part of the value chain.
(9)
Office at Tuborg Havnevej 19, DK-2900 Hellerup. Consumption is based on invoices from suppliers.
(10)
Waste from production sites.
(11)
Solid waste, excluding biomass where 99% is recycled.
(12)
Share of renewable power for production sites
(13)
Percentage of solid waste (non-biomass waste) recycled
(14)
Market based approach.
(15)
Energy, water and waste metrics are for Tuborg Havnevej, 19, DK-2900 Hellerup. CO2 emissions cover Novo Holdings locations globally.
(16)
Equity share approach. Calculations include Novo Nordisk A/S and Novozymes A/S.
(17)
Not available at time of reporting.
Annual Report 2023
108
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