GEvose
1
Letter from the Chairmanship
Letter from the CEO
Management’s review
Management’s statement
Independent auditor’s Report
Financial statements of the Parent Foundation
Income statement and statement of comprehensive income for the year
–
Notes
Consolidated financial statements Novo Nordisk Foundation Group
Income statement and statement of comprehensive income for the year
-
Cash flow statement
Notes
Annex A
Table of Content
4
2
Benefitting people and society
which reports on the
-
that derive from its ownership of and investment in companies and
Novonesis
-
-
-
-sci-
search and the
P
oints of focus in 2024 and beyond
Once again
the first time we
awarded more in philanthropic grants and invest-
ments
convened in Elsi-
nore north of Copenhagen
new partnership
to accel-
erate ghealth eimpact
In the coming
-giving ca-
national initiatives to
As an example
– the larg-
est single – for grants in
help to implement the visions of this historic
initiative
ng at the entire
Letter from the Chairman-
ship
4
3
4
Chair
Vice Chair
4
4
Activity highlights in 2024
-
Grants in open competition
-
Strengthening the Danish research environment
for world-
Partnerships and major initiatives
-
-
-
early-stage development of tools to
-
-off international open call in a partnership with the
health im-
pacts of climate change
ew state-of-the-art AI
Gefion
-private partnership
Letter from the CEO
4
5
Sustainability
En-
environment will help pave the way for the development of resilient
over the next
Education
on of health profes-
-
Social and humanitarian initiatives
-
-saving health response and
CEO
4
6
The Foundation’s purpose and vision
phil-
»
medical research
»
»
Mission and strategic goals for the Foundation’s
activities
a two-pronged mission re-
lating to its corporate as well as its philanthropic activities
Corporate mission
» nesis A/S
»
sets
»
Philanthropic mission
phil-
anthropic
» aims to improve the prevention
and treatment of health as well as
a healthy life and treatment
In addition to strengthening prevention and management of car-
decreasing
the and on advancing and
» aims
-yield
climate
transition in society
»
ternational scope
Grants awarded
-
nitarian
porting on its grant-
”Benefi – N
4
loads/Novo-----Grant-
Management’s review
4
7
d to award
» nesis A/S as well as
-
» and Capital Investment Portfolios
-award-
mercial activities and the grant-awarding activities are managed sepa-
A/S and Novonesis
nesis
– via Novo Holdings A/S – a controlling
nesis A/S
-
for which the Board of -awarding strat-
Figure
1 - Organisation and cash flows in the Novo Nordisk Foundation Group in 2024
nesis -
Organisation and governance of the Novo Nordisk Foundation Group
4
8
– to the extent the
Board deems this necessary –
nesis A/S or other companies in which Novo
The has
cthe
Novo Holdings A/S
-of-con-
and
Novo Holdings A/S
Novo Holdings is a holding and investment company that manages the
iety and the planet
-
Novo Holdings is the controlling
voznesis* an investment
portfolio with a long-term
life science companies at all stages of development and
real estate and infra-
Novo Nordisk A/S
treatments
fiting
The p
their
they
Novo employs more than
Novonesis A/S
Novonesis is the world leader
of enzymes microorganismswhich
among other things
ce more from less–
– Novonesis A/S
4
it employed
4
9
Financial results
4
million in Proceeds from
million
Total million in 4
-
Table 1. Key figures and financial ratios for the Novo Nordisk Foundation
(DKK million)
investment assets val-
4
nesis
4
4
The ratio of cost was % relative
% relative to grants were
% and 4
s
tion on and In
LegalP&O and Com-
services
4 4% %
were 4% and
4
Novo Nordisk Foundation:
Financial results, grants and payouts
4
10
Grants and payouts
-
- mil-
lion to million in In grant
million net grant-
s to million
4 million in 4
expects grant awarding to increase
millionwhile g mil-
lions grant awards in
»
and other medical research;
»
grant
recipients
loads/Novo----Grant-- The
Figure
2 – Grants and pay-outs of the Novo Nordisk Foundation, 2020-2024 (DKK million)
Grant awards
4
11
Novonesis
The Novo Nordisk Foundation Group
Highlights
sold three Catalent sites with sterile fill-
increased
4
4The net profit for million was impacted
-appre
The
4
g in
to 4
4 had strong perfor-
Novonesis and Novo Holdings
is 4
Novo Holdings A/S
Financial results
capital diversify its portfolio and to en-
Life science investments
nies within six
» -
and profit-
-
-he in-
»
-
» Planetary Health Investments invest-
ment vertical at the invests
technology
» Asia in
with the other investment verticals at Novo Holdings in the Asia
»
»
-
-
nection with its awarding of Pre-
the Pre--
to 4 4
Capital investment activities
diversifying
real estate and as-
sets By the 4capital
Financial key figures and ratios
Net profit for the year in Novo Holdings A/S
4 against
Highlights and financial results within the
Novo Nordisk Foundation Group
4
12
Table 2. Key figures and financial ratios for Novo Holdings A/S* (DKK mil-
lion)
nesis
A/S
**
*
**
----
*
**
4
13
Novo Nordisk A/S
Financial results
%
within the range of
the most recent expectation of a -4
% –
months de
in
4-4
Financial key figures and ratios
Table 3. Key figures and financial ratios for Novo Nordisk A/S (DKK mil-
lion)
-
4
14
Novonesis A/S
Financial results
4 n %
organic growth
EBIT of 4 4 was
EBIT margin ended at
to the most recent expectations of an EBIT margin –
nesis nesi
4-
Financial key figures and ratios
Table 4. Key figures and financial ratios for Novonesis A/S (DKK million)
nesi
-
Novo
nesis A/S
Annual Report 2024
15
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 de-
velopments in the international financial markets. The outlook for the
subsidiaries in the Novo Group is described in more detail in the com-
panies’ Annual Reports for 2024 – 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 Foundation’s fi-
nancial 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 opera-
tional 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 cor-
porate strategy over the long term.
Read more about Novo Nordisk A/S’ risk management process on
pages 39-40 in the Novo Nordisk Annual Report for 2024.
Novonesis operates in a global environment across many industries,
which means that Novonesis business is exposed to different risks. No-
vonesis has a risk management framework in place to identify, assess,
and mitigate business risks that may impact Novonesis’ ability to grow
Novonesis’ business sustainability and be a reliable partner to Novo-
nesis’ customers and the communities Novonesis operates in.
Read more about Novonesis ’ risk management process on pages 41-
43 in the Novonesis Annual Report for 2024.
Prospects for the Novo Nordisk Foundation’s and Novo Holdings A/S’
results
The Novo Nordisk Foundation’s result is contingent on Novo Holdings
A/S’ result, and this especially includes the results for Novo Nordisk
A/S and Novonesis 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 pur-
pose of increasing its revenue and facilitating further grant-awarding
activities for the Novo Nordisk Foundation.
For 2025 Novo Nordisk is not expected to initiate a share buyback
programme but Novo Holdings will maintain its ownership of around
28% of the Novo Nordisk B share capital. Also, following completion of
the merger of Chr. Hansen and Novozymes in 2024, Novo Holdings in-
tends to maintain a 25.5% ownership in the combined entity, Novo-
nesis. Strong fundamentals within Novo Holdings’ portfolio companies
along with continued positive momentum from the macro environ-
ment and new allocations to fast growing transformational sectors help
cement the Company’s expectations for 2025 for positive income and
returns driven by the general market and portfolio company develop-
ment.
The Group’s results are primarily contingent on the development
withi
n Novo Nordisk A/S, which for 2025 expects a 13-21% increase in
sales and 16-24% increase in operating profit.
The Novo Nordisk Foundation Group’s net sales for 2025 is expected
to be in the interval of DKK 375 billion – 425 billion. The operating
profit for 2025 is expected to be in the interval of DKK 160 billion – 180
billion.
4
16
The Novo Nordisk Foundation Group’s corporate social responsibility
s
-awarding policy
economically
development
Novo-
nesis A/S
among other
infor-
mation in the
es its
-holdings--perfor-
mance-
-holdings---
- and
-report
Diversity policy in the Novo Nordisk Foundation Group
nt and development processes in the
In approved a new ver-
sion of the
-
--
portal/principles-positions-and-policies/diversity--
Novonesis--
policies
Diversity policy for the Novo Nordisk Foundation and Novo Holdings
A/S
The
- and sector experiences and differences in nationali-
of perspectives is
the
-policy/
% females and
-O
of % female leaders and
level already now lives
principles
have
4
17
Table 5. Gender diversity in the Novo Nordisk Foundation
2020 2021 2022 2023
2024
Target (2027)
Board of Directors
Top management*
Management levels**
All employees
NA
Top management -level and all managers referring to the C-
Gas
Diversity in Novo Holdings A/S
By the end of 4the g
4% females and %
maleLeaders directly referring to C-level consist of % female lead-
% males
Data ethics in the Novo Nordisk Foundation Group
The is
Novo Nordisk Foundation
developed a data ethics
with
laws on data
six principles for the ethical handling of
se principles
personal and non-personal
data ed
-ethics/
Novo Holdings A/S
To cope with the challenges that arise from the fast-moving technolog-
and handle data in an ethical wa
-on-data-
Novo Nordisk A/S
adopted a set of principles for data and artif
-
as principle
literacy trethics | Novo
Novonesis A/S
Novonesis les for
the ethical management of data in Novonesis
report
4
18
Board of Directors
The Board in 2024
ten seven
elected Articles of Association and
three employee Novo-
nesis elected
have a medical or scientific research
in medical research T
are independent and the Chairmanship is
Novonesis A/S
Chair of the Board also serves as Chair of the Board of Novo Holdings
Chairmanship
Recommendations on foundation governance
In
governance
does not comply with a specific recommendation
in its
the recommendation on the appointment
appointed for a
of the
with the
-the--on-
dation-governance/
Gender Diversity
Nomination Committee
The Nomination Committee consists of from the
B
The Committee is
the Board and its
assists the
nominating candidates for entities in which the
Art Committee
n Art Committee with the
of years to inspire The
-year term and
Art Commit-
Communications policy
The Chair serves as
s
s
tion in all operational matters in relation to grant-giving poli-
cies and strategies that ha
Remuneration
T in
is
Chair The fee for the Chair of the
s of
of the Art Committee
In a fixed travel allowance of
and
five or more
The Foundation’s Board of Directors, Committees and Executive Manage-
ment
4
19
Table 6. Board fees, Novo Group 2024 (DKK)
Position
Novo Nordisk Fonden Novo Holdings A/S Novo Nordisk A/S Novonesis A/S
Table 7. Remuneration to Board members within the Novo Group 2024 (DKK thousand)
Member
Novo Nordisk
Fonden
Novo Holdings
A/S
Novo Nordisk
A/S
Novonesis
A/S
Committees
Travel and other
allowance
Total
4,375
1,189
2,738
491
491
846
591
491
595
715
5,824 2,990 0 0 720 2,988 12,522
tee
Novonesis A/S Lars Novonesis Steen
Novonesis A/S
in Novonesis
-
4
20
Table 8. Members of the Novo Nordisk Foundation Board of Directors, 2024
Name, position, title, year of
birth,
gender
Date of acces-
sion
End of current
term
Managerial and other board assignments
Competencies (only for members appointed under the provisions of the
Articles of Association)
-IB
B
Vice
B
B
-
-
s
art
s
CEO
E
-
-
- is
4
21
Table 8. Members of the Novo Nordisk Foundation Board of Directors, 2024*
Name, position, title, year of
birth, gender
Date of acces-
sion
End of current
term
Managerial and other board assignments
Competencies (only for members appointed under the provisions of the
Articles of Association)
B
a
at
-
-
He
-
-in-
co-
-
--
at
at Novonesis
at
4
22
Committees and panels of the Novo Nordisk Foundation
committees with exter-
cerning assessment of grant applications -alone
-awarding decisions in connec-
and Articles
of Association -we-are/articles-of-association/
academic research
-we--for-
Table 9. Fees for committee and panel members in 2024 DKK thousands
Innovation Committee
Committee on
4
23
Table 9. Fees for committee and panel members in 2024 DKK thousands
-–
-
five internal
mittee for Committee and which are comprised of employees from
Executive Management
4 Chief Operating
Officer and ö
The Board ap-
assesses the CEO
4 in ordinary short term incentives and pension to CEO
4
24
Table 10. Key figures and financial ratios in the Novo Nordisk Foundation Group
DKK million
2024 2023 2022 2021 2020
-
-
-
Cash flow
- - - - -
in - - - -
Financial ratios
- %
- %
4
25
Executive Management:
(CEO )
(COO )
(CFO )
Board of Directors:
(Chair )
(Vice Chair)
4
26
4
27
CVR-nr. 33 77 1 2 31
mne23331
mne32200
4
28
Financial statements of
the
Parent Foundation
4
29
Income statement and statement of comprehensive income for the year
1 January – 31 December
DKK million
Note 2024 2023
Administration costs
- -
- -
Result of primary activities
4,996 -394
Profit before tax
10,791 4,499
Profit for the year
10,791 4,500
Proposed distribution of profit
-
10,791 4,500
4
30
Balance sheet at 31 December
DKK
million Note 2024 2023
Assets
Total
non-current assets 22,021 24,193
Total current assets
39,528 33,466
Total assets
61,549 57,659
Equity and liabilities
Total equity
37,760 35,047
Total non
-current liabilities
Total current liabilities
7,656 6,792
To
tal liabilities 23,789 22,612
Total equity and liabilities
61,549 57,659
4
31
Statement of changes in equity at 31 December
DKK million
Note Capital base
Retained
earnings
Reserve for
future grants Total
2023
-
- -
Equity as of 31 December
22 20,025 15,000 35,047
2024
- -
Equity as of 31 December
22 22,738 15,000 37,760
4
32
Cash flow statement for the year ended 31 December
DKK million
2024 2023
Profit for the year
10,791 4,500
Income
- -
-
- -
Cash flow before changes to working capital
5,010 -390
-
-
Cash flow from operating activities
5,049 -398
- -
- -
-
- -
Cash flow from investing activities
1,876 6,191
- -
Cash flow from grants
-6,937 -5,774
Net cash flow
-12 19
Cash and cash equivalents at the end of the year
29 41
4
33
Notes
Note 1 Accounting policies
The policies
Investments in subsidiaries
Ithe dividends
Grants
Grants are recogniss
Note 2 Employee costs
DKK million
2024 2023
Pensions
-
es
313 260
- -
Total salaries and fees
310 245
-term incentives
Pension
19 10
Total
25 16
-term
-
Average number of
full-time employees 245 200
4
34
Note 3 Fees to statutory auditors
DKK million
2024 2023
Fees to statutory auditors
1.8 1.8
Note 4 Net financial items
DKK million
2024 2023
Income
income
Net financial items
5,795 4,893
Note 5 Grants
DKK million
2024 2023
Grants awarded in the year:
Innovation
Total grants awarded in the year
8,150 7,691
- -
Grants awarded in the year after adjustments
8,078 7,594
Grant liability at the
beginning of year 22,522 20,702
- -
Grant liability at the end of year
23,666 22,522
Expected pay out of the Grant liability
-
23,666 22,522
4
35
Note 6 Investments in subsidiaries
DKK million
2024 2023
Carrying amount at the end of the year
3,263 2,425
-
-
Innovation
ator P/S
Note 7 Contingent liabilities
Note 8 Related party transactions
DKK million
2024 2023
-
Novo Holdings A/S
ei
Danish Centre for AI Innovation A/S
NNF India A/S
4
36
Novo Nordisk Foundation Cellerator P/S
The Novo Nordisk Group
The Novonesis Group
n no transac-
Note 9 Other disclosures
Novo Nordisk Foundation subsidiaries
Company name
Country
Ownership(%)/voting rights
N
P/S
Tax
not
4
37
Consolidated financial
statements Novo Nordisk
Foundation
Group
4
38
Annual Report 2024
Income statement and statement of comprehensive income for the year 1 January - 31
December
DKK million
Note
2024
2023
Income
statement
Net
sales
2
Cost of goods sold
3,5
-
-
Gross
profit
Sales and distribution costs
3,5
-
-
Research and development costs
3,5
-
-
Administrative costs
3,4,5
-
-
Return on investment activities and other operating income
6
Other operating expenses
3,5
-
-8,135
Operating
profit
Income from associated companies
Financial income
7
Financial expenses
7
-
-
Profit before
income taxes
Income taxes
8
-
-
Net
profit
Net profit for the year is specified as follows:
Non-controlling interests
Controlling interests
Net
profit
Statement
of comprehensive
income
Net
profit
Other
comprehensive
income:
Items that will not be reclassified subsequently to the income statement:
Remeasurement of retirement benefit obligations
-
Items that will be reclassified subsequently to the income statement:
Exchange rate adjustments of investments in subsidiaries and associated companies
-
Cash flow hedges, realisation of previously deferred gains/losses
-
-
Cash flow hedges, deferred gains/losses incurred during the period
-
Other
items
-
Tax on other comprehensive income, income/expense
-
Other comprehensive income, net of tax
-
-
Total
comprehensive
income
Total comprehensive income for the year is specified as follows:
Non-controlling interests
28
Controlling interests
Total
comprehensive
income
39
Annual Report 2024
Balance sheet at 31 December
DKK million
Note
2024
2023
Assets
Intangible assets
9
Tangible assets
10.11
Investment property
12
Investments in associated companies
14
Financial assets
15
Deferred tax assets
8
Total non-current assets
Inventories
16
Trade receivables
17
Contractual assets
Tax receivables
Derivative financial instruments
23
Other receivables and prepayments
Marketable securities
Cash at bank
Assets held for sale
29
Total current assets
Total
assets
40
Annual Report 2024
Balance sheet at 31 December
DKK million
Note
2024
2023
Equity and liabilities
Capital base
Retained earnings
Reserve for future grants
Other
reserves
-
-
Total equity parent foundation
Non-controlling interests
28
Total
equity
Grants payable
Borrowings
19
Deferred income tax liability
8
Other
provisions
18
Other
liabilities
20
Total non-current liabilities
Borrowings
19
Trade payables
Tax payables
Other
liabilities
20
Derivative financial instruments
23
Contractual obligations
Grants payable
Other
provisions
18
Total current liabilities
Total
liabilities
Total equity and liabilities
Commitments and contingent liabilities
24
Share-based payments schemes
25
Financial risks
26
Related party transactions
27
Subsidiaries with significant non-controlling interests
28
Events after the reporting date
30
41
Annual Report 2024
Statement
of
changes
in
equity
at
31
December
DKK million
2024
Capital
base
Retained
earnings
Reserve
for
future
grants
Currency
adjust-
ments
Cash
flow
hedges
Other
adjust-
ments
Total
other
compre-
hensive
income
Minority
interests
Total
Balance at the beginning of the year
-
-
Currency adjustments of subsidiaries
Change in effective ownership
0
-
Balance at beginning of the year
-
Net
profit
Other comprehensive income
-85
-
-
-
-
Total
comprehensive
income
-
-
Share-based payments
Tax related to equity postings
Purchase of treasury shares
0
-
Sale of treasury shares
Dividends
0
-
Grants, net
0
-
Business acquisitions and other adjust-
ments
Balance at the end of the year
-
-
2023
Balance at the beginning of the year
Currency adjustments of subsidiaries
0
-
-
-
Change in effective ownership
0
-
-
Balance at beginning of the year
-
-
Net
profit
Other comprehensive income
0
-64
-
-
-
Total
comprehensive
income
-
-
-
Share-based payments
Tax related to equity postings
Purchase of treasury shares
0
-
Sale of treasury shares
Dividends
0
-
Grants, net
0
-
Business acquisitions and other adjust-
ments
Balance at the end of the year
-
-
42
Annual Report 2024
Cash flow statement
DKK million
Note
2024
2023
Operating
profit
Adjustment of non-cash items:
Depreciations, amortisation and impairment losses
5
Other non-cash items
21
Income taxes paid
-
-
Interest received and other financial income
Interest paid and other financial expenses
-
-
Cash flow before changes to working capital
Increase/decrease in receivables
-
-
Increase/decrease in inventory
-
-
Increase/decrease trade in payables and other debt
Currency adjustments
-
Cash flow from operating activities
Business acquisitions
-
-
Divestments
Purchase of financial assets - Life Science Investments
-9,614
-
Sale of financial assets - Life Science Investments
Purchase of financial assets - other
-
-
Sale of financial assets - other
Purchase of intangible assets
-
-
Purchase of tangible assets including investment property
-
-
Sale of tangible assets
Payments for marketable securities
-
-
Proceeds from sale of marketable securities
Received dividend
Cash flow from investing activities
-
-
Proceeds from borrowing
Repayment of borrowings
-
-
Purchase of treasury shares
-
-
Sale of treasury shares
Repayment leasing
-
-
Paid dividend to non-controlling interests
-33,696
-
Purchase of non-controlling interests
-
-
Paid grant Novo Nordisk Foundation, net
-
-
Net cash flow used in financing activities
-
Net cash generated from activities
Cash and cash equivalents at the beginning of the year
Exchange gains/(losses) on cash and cash equivalents
-
Cash and cash equivalents at the end of the year
22
4
43
Notes
Net sales –
Employee costs
Income taxes
Leases
Investment property
Associated companies
Inventories
Other provisions
Borrowings
Other non-cash items
Share-
-controlling interest
Assets held for sale
Events after the reporting date
4
44
Accounting policies
Principal accounting policies and key accounting
estimates
adopted
Measurement basis
vestments
T
consistently in the preparation of the consolidated financial statements
Principal accounting policies
Applying materiality
sented in classes of similar items in the consolidated financial state-
Key accounting estimates and judgements
the preparation of the parent and consolidated financial statements
the period in which the esti-
nagement in Novo NordNovonesis
in
Novo regards the following as
the consolidated financial statements
and provisions
Estimate in determinin when acq
ing n
transaction is an asset
l
statements
4
45
Changes in accounting policies and disclosures
Adoption of new or amended IFRS
that
s
4 has not had a
significant effect on the consolidated financial statements
act on the
consolidated financial statements in the period of initial application
expected to change the presentation of the Income statement and to
General policies
Principles of consolidation
The consolidated financial statements incorporate the financial state-
ments of the parent
the the
-
sed inter-
Translation of foreign currencies
Functional and presentation currency
tion
rrency of the
parent company
Translation of transactions and balances
-end exchange rates
ment
n-
Translation of Group companies
the
year to the exchange rates at the end of the reporting period;
the
come at average to year-
Other Accounting policies
Research and development costs
in the development of
-approval activ-
and impairment losses
4
46
porting date for
Financial assets and liabilities
–
–
– other comprehensive income
tial recognition and re-
Recognition and measurement
ship
Financial assets 'at fair value through the income statement'
he end of the
assets held
for sale
assets are recognised in the income statement as financial income or
Financial assets 'at amortised cost'
-derivative
The
-to-
d as non-
they are
Financial assets 'at fair value through other comprehensive income'
Financial liabilities 'at fair value through the income statement'
Financial liabilities 'at amortised cost'
Financial assets (Investments)
two main typesLife Sci-
ence Investments and 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
Investments that do not meet the definition y are
defined as
inancial assets that fall into the category of either life science or
ties are recognised
profit or recognised
please refer to
Financial definitions
Operating profit
Operating profit as percentage of sales
Net profit margin (incl. non-controlling interests)
Equity ratio
Total shareholders non-controlling
age of total assets at year-
Supplementary accounting policies for the parent
foundation
Investments in subsidiaries
In the financial statements of the parent
are recognised at cost price and dividend received from
Gain and losses on sale of shares in
Grants
Grants are recognised once the
ligated
4
47
Net sales – business areas
DKK million
2024 2023
e
Total net sales
342,798 269,066
Total net sales by geographical area
342,798 269,066
Accounting policy
sold
single
on
ises sales when the
-or-
ale-or-
ptance rates for
well
-
are rec-
ognised
-
4
48
Key accounting estimates and judgements
Estimate of sales deductions and provisions for sales rebates
he
ovisions for sales re-
ficant reversal of the
as well as the attrition and
Employee costs
DKK million
Note 2024 2023
-
Pensions
-
Pensions
-
Total employee costs for the year
84,520 68,528
- -
- -
Total employee costs in the income statement
80,463 65,661
Total
employee costs in the income statement
80,463 65,661
-term incentives
Pension
4
49
DKK
thousands Novo Nordisk Foundation Other Group companies Total
Committees Committees
4,375
1,189
2,738
491
491
846
591
491
595
715
5,824 720 2,990 2,988 12,522
-
Number
2024 2023
- 95,741 81,652
Accounting Policy
-
-
Fees to statutory auditors
DKK million
2024 2023
-
Fees to statutory auditors
527 121
Fees to other auditors
111 71
4
50
Amortisation, depreciation and impairment losses
DKK million
2024 2023
Total
amortisation, depreciation and impairment losses 25,656 15,578
Return on investment activities and other operating income
DKK million
2024 2023
Return on investment activities and other operating income 17,879 14,025
Financial income and expenses
Financial income
DKK million
2024 2023
Interest income
Total financial income
6,761 3,484
Financial expenses
DKK million
2024 2023
Leases
Total financial expenses
11,313 3,281
4
51
Accounting policy
ash flow hedged
transferred from other comprehensive income to the income statement when the hedged transaction is recognised in th
-
Income taxes
DKK million
2024 2023
- -
- -
Income taxes in the income statement
27,079 21,100
- -
-
are
-% -
Non
--tax- -% -
-% -
Effective tax rate
17.5% 18.5%
Accounting policy
Accounting policy
in provisions for
ompanies and
carry forwards
the tax rates as-
4
52
Key accounting estimates and judgements
recognises deferred income tax
the c
deviate and depends
Development in deferred income tax assets and liabilities
DKK million
2024 2023
- -
-
-
- -
-
Net deferred tax asset/(liability) at the end of the year
4,056 5,697
- -
4,056 5,697
2024
Assets Liabilities Total
- -
- -
Inventories
-
Provisions
-
-
-
14,622 -10,079 4,056
4
53
2023
- -
- -
Inventories
-
Provisions
-
- -
21,600 -15,903 5,697
-
18,146 -12,449 5,697
Intangible assets
DKK million
Goodwill
Patents,
licenses
and
know
how
Other
intangib-
les Total
2024
- - - -
-
Cost at the end of the year
104,604 140,636 45,180 290,420
-
- - - -
-
Amortisation/depreciation and impairment
losses at the end of the year 0 26,900 7,987 34,887
Carrying amount at the end of the year
104,604 113,736 37,193 255,533
2023
- - - -
- - -
-
Cost at the end of the year
34,922 72,147 17,209 124,278
4
54
-
- -
- - -
-
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
-
and licenses related mainly to -
-
y-
and systems for efficient and large---how to expand capaci
-
f - % approved
-
Goodwill is specified
DKK million
2024 2023
Carrying amount at the end of the year
104,549 33,917
4
55
Accounting policy
Goodwill
of the consideration
-
Patents, licenses and other intangible assets
achievement
-depend-
ing
r example a significant
e straight-line method over the esti-
-
Acquisition of entities
sed at their fair val-
consideration arrange-
Research and development projects
which represent
ghts to the transfer of
reflected in the cost
Key accounting estimates and judgements
ement in relation to the identification of cash-
s
4
56
s
asset
tion
Tangible assets
DKK million
Land and
buildings
Plant and
machi-
nery
Other
equipme
nts
Assets
under
construc-
tion
Total
2024
- - - - -
- -
Cost at the end of the year
86,308 89,754 17,196 90,913 284,171
- - - - -
-
Amortisation/depreciation and impairment losses at the end of the year
25,936 36,638 8,742 371 71,687
Carrying amount at the end of the year
60,372 53,116 8,454 90,542 212,484
Leased assets included in the end of the year
2,810 95 191 0 3,096
2023
- - - - -
- - - - -
- -
Cost at the end of the year
60,490 58,554 12,903 42,568 174,515
4
57
- - - -
- - - - -
- - - -
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
Accounting policy
of self-
-
-
P
-
O
- years
Leases
DKK milliion
2024 2023
Amounts recognised in the income statement
Total amounts recognised in the income statement
494 2,127
Total paid amount related to leases
2,541 2,197
Within 1
year 1-3 year 3-5 year
More
than 5
year Total
Undiscounted lease commitments
1,869 3,011 1,717 3,100 9,697
4
58
Accounting policy
-of-
--of-
-of--line method over the
-of-
-
end the lease or
the right
--of-
pensed on a straight
-
Investment property
Accounting policy
and any directly asso-
-
an investment property are
missioning
4
59
DKK million
2024 2023
- -
Cost at
the end of the year 28,314 27,817
- -
- -
- -
Value adjustments at the end of the year
-2,849 -2,732
Fair value at the end of the year
25,465 25,085
The properties' average weighted return requirement
2024 2023
-
Change
Change inAverage return in
% Carrying amount
-
-
Basis
Interval
Share of portfolio Average rate of return
Average price per
m2 in DKK
-
-
-
%
4
60
-
-
-
-
%
-
-
Rent per m2 per year in
DKK Rental percentage %
Average rate of re-
turn in %
Business acquisitions
DKK million
NN and NH
Catalent
Novonesis
Chr. Hansen Others Total
-
Inventories
- - - -
- - - -
-
Acquired net assets
111,698 28,122 1,685 141,505
Non
- - - -
Group's share
111,207 28,122 -1,055 138,274
Goodwill
20,358 39,597 9,018 68,973
131,565 67,719 7,963 207,247
Purchase price
-
Total purchase price
131,565 67,719 7,963 207,247
4
61
Cash flow for acquisitions
- - - -
Cash outflow for acquisitions
116,859 -284 7,719 124,294
Accounting policy
the date when control was
s
also recogni
scognised in
s
s
are recognis
Transaction costs are recogni
s
Key accounting estimates and judgements
f the identified
--
--
-
-
d replacement cost
Business acquisitions in 2024
Business acquisitions in 2024 in Novo Holdings and Novo Nordisk
Catalent
pproximately
sterile fill-
4
62
About Catalent
--tested experience in develop-
-
and technicians and the latest technology platforms
-enhancing and life-
Strategic rationale and synergies (post Novo Nordisk’s acquisition of three fill-finish sites)
nt has assisted in
-
hared mission of
Details of the acquisition (post Novo Nordisk’s acquisition of three fill-finish sites)
assets -
-
-
Novo Nordisk’s acquisition of the three fill-finish sites from Novo Holdings A/S
Three fill--finish sites from Novo Holdings A/S in connection with a
three fill-
Strategic rationale
-
Details of the acquisition
identify and deter-
-
cient and large---how to expand ca
--
finish capacity and high demand for GLP--
place at the three fill-
- million is in-
ed additional net
d
rt of the main
-
4
63
Business acquisitions in 2024 in Novonesis
the date of the
-changing potential
-related assets of million
-
-
Assets held for sale of
x related to the
-
million
- -
mil-
-
million -
million and additional depreciation and amortization of -
are recognized in the
Other business acquisitions in 2024 in Novo Holdings
Single Use Support
e-
About Single Use Support
and filtration
-and---
Strategic rationale and synergies
-
4
64
Stingray Marine Solutions
fish health tech-
About Stingray Marine Solutions
--
-tim
Strategic Rationale
tion that en-
Business acquisitions in 2023
Business acquisitions in 2023 in Novo Nordisk
Business acquisitions in 2023 in Novonesis
Business acquisitions in 2023 in Novo Holdings
Adjustment to prior-year business acquisitions
-
Associated companies
DKK million
2024 2023
Cost
in
-
-
Cost at the end of the year
9,478 11,643
- -
-
- -
-
-
Value adjustments end of year
-2,029 -1,557
Carrying amount at the end of the year
7,449 10,086
4
65
Fair value of shares in listed stocks in associated companies
-” statement as
investment
Accounting policy
associated compa-
nvestments in associated compa-
Financial assets
DKK million
2024 2023
investments
assets
investments
assets
Investments
Cost at
-
to - - - -
-
- - - - -
Cost at the end of the year
39,595 64,354 5,518 109,468 40,970 72,609 2,256
115,835
-
- - -
to - -
- -
Value adjustments at the end of the year
10,861 27,027 3,143 41,029 8,901 21,001 572 30,474
Fair value at the end of the year
50,455 91,381 8,661 150,497 49,871 93,610 2,828
146,309
Split on asset classes
Financial assets
50,455 91,381 8,661 150,497 49,871 93,610 2,828
146,309
4
66
Fair value measurement by hierarchy
50,455 91,381 8,661 150,497 49,871 93,610 2,828
146,309
Change in the value not based on observ-
able market data (level 3)
- - - - - - -
- -
investments
- -
41,241 31,846 8,661 81,748 40,697 19,614 2,828 63,139
Key accounting estimates and judgements
Life Science Investments and Securities
preparation of the financial state-
al investments on
portfolio o
Fair value estimation
stment
e
Hierarchy of fair value inputs
Level 1
Level 2
Level 3
the investment is
Policy for determining when transfers between levels are deemed to have occurred
4
67
Valuation method and inputs
s
tion of a modelling
maintaina-
Fair value measurement by hierarchy
DKK million
Level 1 Level 2 Level 3 Total
53,565 15,184 81,748 150,497
Total
53,565 15,184 81,748 150,497
DKK million
Level 1 Level 2 Level 3 Total
Total investments
65,450 17,720 63,139 146,309
4
68
Total
65,450 17,720 63,139 146,309
-
-
Valuation approach
Valuation methodology
Estimation and assumptions
Value
DKK
million
2024
Value
DKK
million
2023
Income
-
-
-
N/A
Cost at recent transaction
N/A
Total
72,722 63,139
reviews of the total In-
Asset class
Valuation methodology
used
Unobservable input used
Sensitivity in fair value in case of changes in unob-
servable input
• N/A
• N/A
• Cost at recent transaction
rates
• Cost at recent transaction
• N/A
• N/A
• N/A
–
4
69
-
• Cost at recent transaction
• Cost at recent transaction
-
• N/A
to
• N/A
• N/A
-
• N/A
•
• N/A
• N/A
vate
–
• Cost at recent
vate
–
• N/A
• N/A
• N/A
Inventories
DKK million
2024 2023
-- - -
Total inventories
52,264 38,190
-
-
- - -
- - -
Write
-downs at the end of the year 4,140 2,803
4
70
Accounting policy
--
-down is rec-
-sed in the income statement as re-
-
Key accounting estimates and judgements
--
on costs for capi-
Trade receivables
DKK million
2024 2023
- -
Carrying amount at the end of the year
85,769 71,940
- -
- -
- -
Allowance at the end of the year
2,858 2,200
-
Carrying amount at the end of the year
85,769 71,940
4
71
Accounting
policy
Allowance for expected credit loss for trade receivables
forward
-
Other provisions
DKK million 2024 2023
Provisions
Provisions
Provisions
-
- - - - - -
- - - - -
- -
At the end of the year
118,566 3,102 1,630 4,188 3,881 131,367 108,439
Non
-
At the end of the year
118,566 3,102 1,630 4,188 3,881 131,367 108,439
-
Provisions for sales rebates
Provision for retirement benefit obligations
c
-
-
4
72
Other provisions
Other -
Accounting policy
Provision for sales rebates
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 reaso
nably accurate esti-
mate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. Th
e provision is measured at gross
sales value.
R
etirement benefit obligations
-
o other comprehen-
Pension plan assets are only
can
-
cost trend rate and inflation are
-
Provision for legal disputes
of past events
-
ncrease in the provision for interest is
recognised as a financial expense
Key accounting estimates and judgements
tes regarding provi-
4
73
Borrowings
DKK million 2024 2023
Contractual
undiscounted cash flows
-
Total
230,191 81,592
Non
-
Carrying amount at the end of the year
188,040 70,690
Fair value of borrowings at the end of the year
185,977 70,343
Reconciliation of liabilities from financing activities
-
Liabilities from financing activities 31 December
188,040 70,690
Other liabilities
-
Other non-cash items
DKK million
2024 2023
- -
-
-
- -
Total other non
-cash items 1,704 23,511
Cash and cash equivalents
DKK million
2024 2023
-
statement 37,254 19,083
4
74
Accounting policy
non
-cash items are reversed considered
-
--
vities in the cash flow state-
Derivative financial instruments
DKK million
2024 2023
Contract
-
Positive
-
-
Contract
-
Positive
-
-
Forward contracts, cash flow hedges
159,825 122 6,212 126,941 1,928 318
9,024 90 0 896 2 3
Forward contracts, fair value hedges
93,242 6,216 1,640 94,821 463 1,002
262,091 6,428 7,852 222,658 2,393 1,323
4
75
Included in the balance sheet as :
Derivative financial instruments
6,361 7,776 2,393 1,323
Other financial assets
67 76
T
nd to a lesser ex-
Net investments
ting as either hedges of fair
Accounting policy
Use of derivative financial instruments
Initial recognition and measurement
Fair value hedges
Cash flow hedges
ment of these contracts is transferred from other comprehensive income to the income statement when the hedged tra
nsaction is recognised in
-
Discontinuance of cash flow hedging
ve gain or loss
ately transferred to
Fair value determination
4
76
generally accepted
-
Commitments and contingent liabilities
Contractual obligations
DKK million 2024 2023
Purchase obligations, tangible assets
12,713 6,216
e
Purchase obligations, financial assets
22,602 20,395
Purchase obligation medical equipment and consumer goods
94,389 51,941
Purchase obligation research and development
86,826 63,410
Other guarantees
2,380 1,878
Collateral
418 429
Contingent liabilities
ile provisions
connected with these
Pending litigation against Novo Nordisk
4
77
-
xpect these matters to have a material
-
--
-
-
-
e
co-
--
Other contingent liabilities
In addition to the f
to have a material
Share-based payment schemes
-nesisellia -
The share-pay-
ment schemes in SonionXellia -
-
-exercise price for options in the
4
78
--
Long-term share-based incentive programme
nesis and NNIT
There are schemes for management
DKK million
2024 2023
Fair market value share options
- conditions Novo Nordisk
2,289
2,149
Fair market value share options
- conditions Novonesis
–-
215 151
Fair market value share options
- conditions NNIT
-
1 1
Number of outstanding share options/restricted stock units
(RSU) Novo Nordisk A/S Novonesis A/S NNIT A/S
(RSU) (share options) (RSU)
million thousand
Outstanding at the beginning of the year 2024
18.9 7,482,830 209
Outstanding at the end of the year 2024
13.3 6,553,614 106
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
Number of awarded and outstanding shares
Novo Nordisk
Employees' 100 year anni-
versary programme
Shares for Manage-
ment Board
Shares for Management Group
below Management Board
Shares allocated to indi-
vidual employees
2024 2023 2024 2023 2024 2023 2024 2023
-
-
-
-
-
4
79
Accounting policy
--
of any non
--
Financial risks
nesis
Foreign exchange risk
-
GBP
Average hedge rate
4
Interest rate risk
-
most -
e
Credit risk
-
4
80
Liquidity risk
Price risk
To
Related party transactions
the the Novonesis the the the the Altasciences
the the the
the
cant transactions
agreements
-most of the agreements are valid for one year
Subsidiaries with significant non-controlling interest
2024
Novo Nordisk A/S Novonesis A/S Other non-controlling interests Total
Non
-
Total comprehensive income:
-
Non
- - 73,062
Balance
Non
-
Non
-
Non
- 179,701
Dividends
Non
- 33,696
Cash flow
- -
-
4
81
2023
Novo Nordisk A/S Novonesis A/S Other non-controlling interest Total
Non
-
Total comprehensive income:
- -
Non
- - 60,153
Balance
Non
-
Non
-
Non
- 98,131
Dividends
Non
- 24,837
Cash flow
- -
- -
Assets held for sale
2024 2023
Cost at the end of the year
87 332
Liabilities directly associated with the assets classified as held for sale
0 0
Net assets classified as held for sale
87 332
4
Accounting policy
r the items they
4
82
Events after the reporting date
-
No other events of importance to the consolidated financia
Grants payable
DKK million
2024 2023
Non
-
Carrying amount at the end of the year
23,666 22,522
Expected pay out of the Grant liability
-
23,666 22,522
4
83
Group companies
Company name
Country
Ownership(%)/votings rights
Novo Nordisk Foundation subsidiaries
I Innovation A/S
Novo Holdings A/S subsidiaries
Novo Nordisk A/S
Novonesis A/S
NNIT A/S
4
84
Company name
Country
Ownership(%)/votings rights
Rive Therapeutics, Inc.
Sedna HoldCo AS
Single Use Support TopCo GmbH
Life Science Investments and Capital Investments
Akylox
Therapeutics ApS
4
85
Company name
Country
Ownership(%)/votings rights
Orexo AB
4
86
Company name
Country
Ownership(%)/votings rights
Novo Nordisk Group subsidiaries
North America Operations
Region International Operations
Region EMEA
vina
Croatia
Estonia
4
87
Company name
Country
Ownership(%)/votings rights
Greece
Latvia
Novo
Novo
Novo
4
88
Company name
Country
Ownership(%)/votings rights
Region China
Novo
Taiwan
Region Rest of World
Novo
Iran
Novo
Panama
Vietnam
Other
subsidiaries and associated companies
NNE A/S
NNIT A/S
4
89
Company name
Country
Ownership(%)/votings rights
Novozymes Group subsidiaries
-
Greece
Greece
4
90
Company name
Country
Ownership(%)/votings rights
Iran
-LLC
4
91
Company name
Country
Ownership(%)/votings rights
Joint
operations/associates
Altasciences Group
subsidiaries
Amalthea Acquisition Holdings, LP
- subsidiaries
-
4
92
Company name
Country
Ownership(%)/votings rights
Associated companies
BBI Group subsidiaries
BBI Solutions Group Ltd.
– subsidiaries
-
BBI
4
93
Company name
Country
Ownership(%)/votings rights
KabaFusion Group subsidiaries
NH Kronos Ultimate Holdings, LP
- subsidiaries
NH
NH Kronos Holdings, LP
- subsidiaries
NH Kronos Parent, Inc.
- subsidiaries
Pri
-
4
94
Company name
Country
Ownership(%)/votings rights
MKG Group subsidiaries
Novo Maia, LP
- subsidiaries
Maia
Aggregator LP - subsidiaries
Maia Blocker Inc.
- subsidiaries
Maia Acquisition Holdings LLC
- subsidiaries
4
95
Company name
Country
Ownership(%)/votings rights
Ritedose Group subsidiaries
Novo Rhea Aggregator, LP
- subsidiaries
Rhea Acquisition Holdings, LP
– subsidiaries
Catalent Group subsidiaries
Creek Holdings, LP
- subsidiaries
Creek Topco, Inc.
- subsidiaries
Creek Intermediate I, Inc.
- subsidiaries
Creek Intermediate II, Inc.
- subsidiaries
Creek Parent, Inc.
- subsidiaries
4
96
Company name
Country
Ownership(%)/votings rights
Catalent, Inc.
- subsidiaries
4
97
Company name
Country
Ownership(%)/votings rights
Stingray
Marine Solutions Group subsidiaries
Sedna HoldCo AS
- subsidiaries
Sedna BidCo AS
- subsidiaries
4
98
Company name
Country
Ownership(%)/votings rights
Single Use Support
Group subsidiaries
Single Use Support TopCo GmbH
- subsidiaries
Single Use Support MidCo GmbH
- subsidiaries
Single Use Support GmbH
- subsidiaries
Ellab Group subsidiaries
Echo TopCo A/S
- subsidiaries
Echo BidCo A/S
- subsidiaries
Ellab A/S
- subsidiaries
Ellab (UK) Ltd.
- subsidiaries
4
99
Company name
Country
Ownership(%)/votings rights
Ellab Ireland Ltd.
- subsidiaries
Dades Group subsidiaries
Associated companies
Annual Report 2024
100
(a part of Management’s Review)
Novo Nordisk Foundation
Risks related to societal responsibility
The primary risks associated with the Novo Nordisk Foundation
Group’s economic, social and environmental responsibilities are
largely connected to the risks faced by its subsidiary companies. These
risks include climate impact, diversity, human rights, and corruption is-
sues. While the economic, social and environmental risks related to the
Foundation’s granting activities are relatively small, they are effectively
managed through adherence to the Foundation’s article of association
and the Foundation’s various policies designed to promote responsi-
ble conduct and maintaining positive social role in society.
The Novo Nordisk Foundation’s philanthropic activities will continue
to have Denmark as their centre of gravity, while we at the same time
will increase our international reach and activity level, leveraging inter-
national collaboration opportunities to build scale and impact and cat-
alyse changes that can benefit people and society globally. The Foun-
dation’s corporate activities remain international in accordance with
the separate strategies of the companies in the Group.
Code of conduct, including anti-bribery & corruption and the whistle-
blower scheme
The Novo Nordisk Foundation (“the Foundation”) is committed to
making sure it upholds the highest ethical standards in its conduct, just
as a leading global philanthropic foundation should.
In Fall 2024, the Foundation’s board approved new internal and exter-
nal codes of conduct which have been drafted to address NNF’s cur-
rent and future scope, risks, and profile, as well as align with best prac-
tices for a global foundation. The Internal Code of Conduct, which co-
vers the NNF Board, Registered Officers, and employees, focuses on
the most relevant issues for this group and has expanded sections on
conflicts of interests, political activities, due diligence on partners, and
reporting concerns, among others. The Partner Code of Conduct co-
vers individuals and organisations such as grant recipients, committee
members, suppliers, and wholly owned subsidiaries of the Foundation.
The Partner Code of Conduct is tailored to the partners’ role vis-à-vis
the Foundation and has updated content on, among others, standards
for good research practice and reporting concerns. Read more at:
https://novonordiskfonden.dk/en/who-we-are/code-of-conduct/
Both codes of conduct maintain a zero-tolerance policy on corruption
and bribery in all forms, including facilitation payments. Consequences
Annex A
Novo Nordisk Founda-
tion Group Corporate
Social Re
sponsibility
This appendix is the Novo Nordisk Foundation Group's reporting on corpo-
rate social responsibility, cf. section 99a and section 99b of the Danish Finan-
cial Statements Act. The statement first reviews the corporate social responsi-
bility for the Novo Nordisk Foundation's grant-awarding activities and then
the corporate social responsibility for the Foundation Group's commercial ac-
tivities. Finally, the diversity policy for the Novo Nordisk Foundation and
Novo Holdings A/S is reviewed.
Annual Report 2024
101
for code of conduct violations may include a letter of reprimand, re-
quiring a funds to be repaid, or referral to law enforcement. Read more
at: https://novonordiskfonden.dk/en/who-we-are/code-of-conduct/
The Foundation maintains a confidential whistleblower channel, ena-
bling anonymous reporting of code of conduct violations. The whistle-
blower channel aims to bolster transparency and accountability with
regards to Foundation and partner behaviour. This channel is also uti-
lised by Novo Holdings A/S and may be further adopted by other
Foundation subsidiaries.
In 2024, the Foundation received ten reports via the whistleblower
channel, all of which were reviewed internally and via external legal
counsel. The Foundation continues to maintain a dedicated compli-
ance function. Based on the annual compliance risk assessment, cur-
rent focus is on due diligence processes, training to detect grant fraud
or misuse, unauthorised knowledge transfer, conflicts of interest, glob-
alisation of the compliance program, and data privacy and AI regula-
tions.
Economic and scientific responsibility
In 2024, the Foundation awarded DKK 10.1 billion in grants and philan-
thropic investments while its payouts amounted to DKK 7.8 billion.
The foundation's grant-awarding activities funded, in whole or in part,
the employment of around 12,000 people within scientific fields of ed-
ucation, research and innovation, mainly at universities, educational in-
stitutions and hospitals in Denmark and the Nordic countries. In addi-
tion, Foundation grants helped fund employees in social and humani-
tarian projects in Denmark and abroad. Grant-awarding activities and
payouts are described in more detail in the Novo Nordisk Foundation
Grant Report 2024 novonordiskfonden.dk/en/news-media/ media-li-
brary/. Societal impacts are described in more details in the Novo
Nordisk Foundation Impact Report 2024 novonordisk-
fonden.dk/en/news-media/ media-library/.
The Foundation supports free and independent research, primarily
within biomedicine, public health, biotechnology, engineering, com-
puter and natural and technical sciences at public research institutions.
The institutions contribute to generations of new knowledge, inven-
tions, education and innovation. The research results and any patents
belong to the researchers and the public universities and hospitals that
employ the researchers. 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
activities based on the grant recipients' systematic reporting. For the
year 2024 alone, the Foundation's grant recipients reported more than
40,000 activities, of which more than 4,580 were various scientific pub-
lications. 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 in-
ternational co-authors, over half take place in interdisciplinary collabo-
rations, and every ninth journal article is published together with in-
dustry researchers. The proportion of grant recipients’ international
journal articles that are among the top 10% most cited worldwide was
24% for the period 2019-2022.
Overall, the Foundation’s contributions increase the volume of excel-
lent research and training of researchers in Denmark. In addition, a sig-
nificant contribution is made to the internationalisation of Danish and
Nordic research as well as to the researchers’ collaboration with re-
searchers internationally and in the industry.
Please find the Grant Report 2024 and the 2024 Annual Impact Report:
novonordiskfonden.dk/en/news-media/ media-library/ and the NNF
Dashboard: www.novonordiskfonden.dk/facts-and-figures/
Social responsibility
The Foundation contributes to the creation and development of dy-
namic 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
attracting highly qualified researchers and graduates from outside
Denmark.
The Foundation has funded the establishment of Steno Diabetes Cen-
tres in each of the five Danish administrative regions as well as in
Greenland and Faroe Islands. Each centre makes an important contri-
bution to research 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 approx-
imately 30,000 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,
humanitarian and health initiatives in Denmark by supporting a wide
range of activities, including initiatives that focus on education and
competence development for vulnerable citizens. The Foundation also
supports humanitarian efforts globally. The social and humanitarian
grant-giving amounted to DKK 0.9 billion in 2024, and the public health
and medical science grant-giving amounted to DKK 1.9 billion in 2024.
In 2023, the Foundation agreed to strengthen the strategic partnership
with World Diabetes Foundation (WDF) through the establishment of a
seven-year Partnership Framework Agreement totalling DKK 289 mil-
lion. The agreement is based on the achievements in the previous first
five years of collaboration, and it has as the overall vision to accelerate
Non-Communicable Diseases prevention and care for vulnerable pop-
ulations in Low- and Middle-Income Countries (LMICs).
Since 2023 the WDF has reached more than 9000 health care profes-
sionals with training, enrolled more than 17,000 children in Type 1 dia-
betes care programmes and treated more the 197,000 patients at the
563 clinics that has been established or strengthened through training
and facility upgrades.
In 2024, as an example of social efforts, the Foundation supported the
Best of OS project with DKK 150 million grant making the total budget
for the project reach 180 million. The initiative is a collaborative effort
between the Foundation, Det Obelske Familiefond and the North Jut-
land Region. Together the three organizations strive to address and
implement an improved, regionally anchored, and family-centered
stepped-care model for faster assessment and enhanced treatment of
children and young people with mental health problems and disor-
ders.
Annual Report 2024
102
In the strategy period 2023-2030, the long-term goal of the Founda-
tion’s mission on health is to “Progress research and innovation in the
prevention and management of cardiometabolic and infectious dis-
eases, regenerative medicine, and equitable health outcomes” and the
focus will be on the following four themes and ambitions:
o Theme 1. Preventing and managing cardiometabolic diseases
o Ambition: Prevent and manage cardiometabolic dis-
eases through research-based action to reduce their
global burden
o Theme 2. Decreasing the burden and threat of infectious diseases
o Ambition: Support research into prevention, diagnosis,
and treatment of infectious diseases
o Theme 3. Advancing and applying regenerative medicine
o Ambition: Facilitate regenerative medicine solutions for
disease treatment and research advancement
o 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 recognises 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
“Advance knowledge and solutions to support the green transition in
society”. In the strategy period, the Foundation focuses within its sus-
tainability mission on the following four themes and ambitions to pro-
mote environmental sustainability:
• Theme 1. Sustainable and high yield agriculture:
o Ambition: Advance research and innovation in agricultural
production by understanding, controlling and utilising eco-
systems.
• 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 2024, the Novo Nordisk Foundation decided to contribute to the
Green Tripartite agreement between the Government and leading ag-
ricultural, industrial and environmental organisations. The collabora-
tion with the Government of Denmark covers a historical innovative
approach to change the land use in Denmark. As part of the agreement
the Foundation has committed a total of DKK 10 billion over a 10-year
period for converting land in Denmark to enable space for more nature
and biodiversity and for agricultural production based on modern
technologies.
In 2024, the Novo Nordisk Foundation has awarded a total amount of
DKK 2.6 billion for research grants in the field of biotechnical science.
In 2024, the consumption of energy (4,000 GJ) and water (2,000 M
3
) in-
creased significantly due to an increase in the number of employees
and offices. As in 2023 100% of the energy consumption in 2024 came
from renewable energy. The amount of waste increased from 50 to 70
tonnes compared to 2023 due to a 26% increase in the number of em-
ployees. 99% of the total waste was recycled.
2024 was the third year that the Foundation did a comprehensive anal-
ysis of emissions from own operations (Scope 1+2). The analysis was
repeated in 2024 and showed that the GHG emissions in Scope 1 + 2
were 63 tonnes, which was a decrease of 21 % compared to 80 tons in
2023. For scope 3 emissions the total in 2024 was reduced by 6%
compared to 4,650 tons in 2023. The majority of Scope 3 emissions
come from the purchase of goods and services (67%), business travel
(27%) and employee commuting (4%). A reduction in business travel
accounts for the majority (100%) of the scope 3 reduction.
Table B and C in this annex show figures for the Novo Nordisk Founda-
tion Group's social and environmental footprint.
4
103
The commercial activities of the Foundation
•
• – in technol-
•
•
• -
•
•
o financial performance
o environmental performance
o social performance
•
Policy-on-Engaged-Ownership-of-Novo-
-
Based on the charter and the Policy on Engaged Ownership
-
-
Risks in relation to societal responsibility
nde-
Companies in which Novo Holdings A/S has a controlling interest either report on
-the-
ncertainty with
In
Novo Holdings A/S es
-investment-report-
report
-holdings---re-
-
and -report
Anti-corruption
Novo Holdings A/S
-
performance with respect and
Code-of-
-code-of-
Novo Nordisk A/S
anti-
OneCode policyAll employees and ex-
pliance Hotline or in person
Novonesis A/S
Novonesis -
4
104
Novonesis
-
Novonesis
Novonesis
Economic and scientific responsibility
Novo Holdings A/S
In
Novo-
nesis
-science
life- 4
Novo Nordisk A/S
rnover rate decreased from
The company investment in research and de-
flecting increased late-
In
---rd-investment-
Novonesis A/S
% from
A/S realized %
In
% of
Novonesis
and
Social Responsibility
Novo Holdings A/S
Novo
chored in the
-
-investment-
considerations as well as societal im-
pact into the
ownership activities to
nes among
med
Novonesis
Novo Nordisk A/S
ticles of Association state that the company will
framing -term strategy
of
in
to
-
and social per-
formance
-
maintaining short-
The the OneCode policy and international and lo-
-
anti--off-
healthcare professionals
Ethics and compliance training is
Novonesis A/S
Novonesis
4
105
Novonesis is recognis
Novonesis
improve their
reaching net-
in the world to receive validation of its net-
nesis commits to reach net-
Novonesis
--positions
Health responsibility
Novo Nordisk A/S
A/S
% increase
--
-
-
- and middle-
with
-driven interventions promot-
-
-
mil-
Novonesis A/S
Novonesis A/S is strongly in-
-
Novonesis
that wi
Novonesis
-
Novonesis
Novonesis
re-
report and
-report
Environmental and climate responsibility
Novo Holdings A/S
t
generated
to
employees and the opening of new international
Novo Nordisk A/S
4
106
waste was directed to disposal and therefore non-
-
n to halt the loss of
savings pro-
Total water savings in
was in
areas of high water-
Novonesis A/S
Novonesis A/S is fo-
-term efficiency targets
Novonesis
In grew less than
The implementation
of efficiency-
- an improvement compared to % in
Climate
Novo Holdings A/S
ana
was repeated in
a decrease of % compared to
tons in In the
investments was increased % compared to
emissions
Novo Nordisk A/S
and is committed to
te Net-
-
-
e
the
-
– pri-
–
---report-
Novonesis A/S
Novonesis
Novonesis
Novonesis
Novonesis
-zero emission company
GHG emissions from
ne which is a
Novonesis
The Novo Group as a workplace
4
107
leader-
Novo Nordisk Foundation
terms of new employees and aThe
sion were specifically scored high this year and
The N
promotion gender gap analysis that showed that all promotions and
do not see any pay
Novo Holdings A/S
that Novo Holdings remains an inspiring and attract
the
Novo Nordisk A/S
pose-
Novonesis A/S
es
s
showed a thriving
Novonesis aims
Novonesis A/S is progressing to-
fessionals % women and
Diversity policy in the Novo Nordisk Foundation
Group
nt and development processes in the
In approved a new ver-
sion of the
-
--
portal/principles-positions-and-policies/diversity--
Novonesis--
policies
Diversity policy for the Novo Nordisk Foundation and Novo Holdings
A/S
follow international
in some case The diversity
4
108
policy is an important part of the decision-
Personnel and Organisation department he Novo
were split into two de-
Impact department provides diversity analyses on
on the grant-
The
- and sector experiences and differences in nationali-
-policy/
-
Efforts
principles
Diversity in Novo Holdings A/S
By the 4the g
% females and %
-
Efforts
Based
Table A. Gender diversity in the Novo Nordisk Foundation
2020 2021 2022 2023 2024 Target (2027)
Board of Directors
Top management*
Management levels**
All employees
NA
Top management -level and all managers referring to the C-
4
109
Policy on data ethics
The is
Novo Nordisk Foundation
developed a data ethics
with
laws on data
six principles for the ethical handling of
se principles
personal and non-personal
data
-ethics/
Novo Holdings A/S
To cope with the challenges that arise from the fast-moving technolog-
and handle data in an ethical wa
--on-data-
Novo Nordisk A/S
adopted a set of principles for data and artif
-
as principle
literacy tr
Novonesis A/S
Novonesis les for
the ethical management of data in Novonesis
report --report-on-data-ethics-for---
Table B: Sustainability indicators - Social footprints
Novo Nordisk Fonden
Novo Holdings A/S
Novo Nordisk A/S
Novonesis A/S
Indicators
2024
2023
2022
2024
2023
2022
2024
2023
2022
2024
2023
2022
Employees
Gender (Women
%)
-
tors
- Committee
- - - - - - - - -
-
-
Country of origin
(%)
-
-
-
Human capital
-
-
-
-
Research & Devel-
opment
4
110
- - -
- - -
- - -
--time
A/S
-
A/SIa nwas
Table C: Sustainability indicators - Environmental footprints
Novo Nordisk Fonden
(9)
Novo Holdings A/S
(15)
Novo Nordisk A/S
Novozymes A/S
Indicators
2024
2023
2022
2024
2023
2022
2024
2023
2022
2024
2023
2022
CO2 equivalent emission
(1,000 tonnes)
services
-
activities
-
- - - - - -
-
erations
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
--
- - - - - - - - - -
- - - - - - - - - -
ment
- - - - - - - - - -
-
emission
-
Water (1.000 m3)
Waste
-
-
-
-
4
111
4
112