nana
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 (a part of Management’s Review)
Table of Content
5
2
Benefitting people and society
-
that derive from its ownership of and investment in companies and
Novonesis
-
-
-sci-
search and the
Points of focus in 2025
nternational
-
ellcome
-
these events
-
-year period and go towards pro-
tion over
-
e
-
Letter from the Chairman-
ship
5
3
rns on its in-
Chair
Vice Chair
5
4
Activity highlights in 2025
-
awarding a total
Grants in open competition
-
-
-tier re-
--
tions
-
-
i-
plinary -career
interdisciplinary researchers long-
-
-
tion -
lating innovative research while strengthening the regenerative medi-
AI and quantum computing
-of-the--
ir research against
-
Fighting cardiometabolic disease
-
-
Major partnerships and collaborations
-
-grown school meals
mil-
ng
-
tor (Gr--
-
priority pathogens and are among the leading
AMR-
Letter from the CEO
5
5
Gr-
-powered platform will provide a state-of-the
Supporting major initiatives in Denmark
one-point-of-
research as well as driving personalised medicine and innovative
across
mitted towards the green
Cli-
mate
New organisational structure
-
5
6
The Foundation’s purpose and vision
ment in companies
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
Overarching principles for the Foundation’s phil-
anthropic activities
an array of scientific and non-
partners that are:
Excellent:
»
porting world-
rating with relevant o
Innovative:
»
Management’s review
5
7
innovative approaches are sometimes necessary to solve
Collaborative:
»
and more effect
Knowledge-sharing:
»
Diverse:
»
Grants awarded
-
and -
search
5
8
n
Novo Holdings A/S’ income stems from:
» nesis A/S as well as
-
» and Capital Investment ortfolios
-award-
Novo Holdings A/S manages the assets and wealth of
A/S and Novonesis
nesis
nesis A/S
-
-awarding strat-
Figure
1 - Organisation and cash flows in the Novo Nordisk Foundation Group in 2025
nesis -
Organisation and governance of the Novo Nordisk Foundation Group
5
9
– t
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
-t
Novo Holdings is the controlling
vonesis 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 peo-
5
Novonesis A/S
Novonesis is the world leader
of enzymes microorganismswhich
among other things
ce more from less–
- Novonesis A/S
5
it employed people
Changes in the Leadership and Board of Directors
of Novo Nordisk A/S during 2025
General Meet-
-
that the company is optimally positioned to sec
-
»
implementing its transformation plans and regaining the
»
5
10
Financial results
5
million million in roceeds from
was down 5 million in
million 5
Total million in 5
Table 1. Key figures and financial ratios for the Novo Nordisk Foundation
(DKK million)
Grant
investment assets val-
5
nesis
5
5
The ratio of cost was relative
55 relative to grants were
s
tion on and In re-
and Com-
services
5
were 5
Novo Nordisk Foundation:
Financial results, grants and payouts
5
11
Grants and payouts
-
- mil-
lion to million in In grant
million5 net grant-
s
million in 5In
s grant awarding to increase
million while g mil-
lion
as the Green Tri-
ll inter-
nationally
5
» million
and other medical research;
» m
grant
recipients 5:
loads/Novo----- The list
Figure
2 – Grants and pay-outs of the Novo Nordisk Foundation, 2021-2025 (DKK million)
Grant awards
5
12
nesis
The Novo Nordisk Foundation Group
Highlights
de-
creased 5
5The net profit for illion was
the depreciation of
55 5
average -time
employees within the g to in
5
5 had strong headwind
from perfor-
Novonesis and Novo Holdings
is 5
Novo Holdings A/S
Financial results
capital diversify its portfolio and to en-
Life science investments
nies within areas:
» -
and profit-
tive --
»
o-
» h Investments invest-
ment vertical at the invests
technology
» Asia in
with the other investment verticals at Novo Holdings in the Asia
Region
»
»
-
-
the --
de
to 5the
to historical levels
Capital investment activities
diversifying
real estate and as-
sets 5capital
Financial key figures and ratios
Net profit for the year in Novo Holdings A/S
5 against 5
Highlights and financial results within the
Novo Nordisk Foundation Group
5
13
Table 2. Key figures and financial ratios for Novo Holdings A/S* (DKK mil-
lion)
A/S
-
:
----
-
: :
5
14
Novo Nordisk A/S
Financial results
Operating profit deincreased
constant within
the range of the of a - 5
in constant
5
– a decrease from
of in5
5-
Financial key figures and ratios
Table 3. Key figures and financial ratios for Novo Nordisk A/S (DKK mil-
lion)
289,456 271,764
19,608 18,639
309,064 290,403
127,658 128,339
102,434 100,988
194,047 143,486
542,902 465,630
41% 44%
36% 31%
:
-
5
15
Novonesis A/S
Financial results
5
growth
of 5 was
ended at
of –
nesis nesi
5-
Financial key figures and ratios
Table 4. Key figures and financial ratios for Novonesis A/S (DKK million)
31,050 27,473
4,358 2,192
81,069 80,092
122,098 108,902
21% 17%
66% 74%
nesi:
-
Novo
nesi
5
16
Outlook for the Novo Nordisk Foundation Group
more detail in the com-
5 – -5
Business related and financial risks
those of
-’
As part of their integrated
pages - 5
Novonesis
which means that Novonesis’
Novonesis f
sess
nesis
Novonesis’ 5-
in the Novonesis 5
Prospects for the Novo Nordisk Foundation’s and Novo Holdings A/S’
results
A/S and Novonesis A/S Novo Holdings receives divi-
dends
any of -
-awarding
gramme and Novo
ment Assets portfolio are
and ap-
pany development and
Novo Holdings on par or
their
in
-decrease in sales
and in
5 –
profit for –
5
17
The Novo Nordisk Foundation Group’s corporate social responsibility
s
-awarding policy
economically
development
cordance with Section
Novo-
nesis A/S
among other
infor-
mation in the
es its
-holdings-performance-re-
port- https://as-
-holdings---
- and
-report
Diversity policy in the Novo Nordisk Foundation Group
nt and development processes in the
-
--por-
-
Novonesis A/S: --
policies
Diversity policy for the Novo Nordisk Foundation and Novo Holdings
A/S
The
-
of perspectives is
the
Management
-policy/
ring to
means that we at this level already now live
of
cles of Association
and
to attract more female
Beyond gender diversity
5
18
Table 5. Gender diversity in the Novo Nordisk Foundation
NA
--
Diversity in Novo Holdings A/S
Holdings’
leadership level consists of
diverse
principles
Data ethics in the Novo Nordisk Foundation Group
Novo Nordisk Foundation
Tmaintains a data ethics policy which
principles de
cesses personal and non-ed
ead more at: https://novo-
-ethics-and-ai-policy/
on
to
appropriate
Novo Holdings A/S
To cope with the challenges that arise from the fast-moving technolog-
-on-data-
Novo Nordisk A/S
adopted a set of principles for data and AI et
cision-
ead more on:
principles
Novonesis A/S
Novonesis les for
the ethical management of data in Novonesis
report
The Foundation’s Board of Directors, Committees and Executive Manage-
ment
5
19
Board of Directors
The Board in 2025
ten seven
elected Articles of Association (“Articles”) and
three employee Novo-
nesis
research
in medical research
Chairmanship
Recommendations on foundation governance
t
governance nterprise
does not comply with a specific recommendation
in its
the recommendation on the appointment
appointed for a
coordination with the
rectors has decided a one year
The Board deems that an election period of one
with the
:
-the--on-
dation-governance/
Gender Diversity
and
5elected
was
Nomination Committee
The Nomination Committee consists of from the
B
The Committee is
Board and reviewing Novo Holdings A/S’ nominations for its Board of
rectors with nominating candidates for entities
tion has
The Nomination Committee assists the Board
Art Committee
In 5decided to the
Art Committee
date to a w
Communications policy
The Chair serves as
s
s
tion in in relation to grant-giving poli-
cies and strategies that ha
Remuneration
T was
revised as of 5 and is
5 The fee
s
In
connection with a Board meeting or Board committee meeting receive
5
20
Table 6. Board fees, Novo Group 2025 (DKK)
Position
Novonesis A/S
Table 7. Remuneration to Board members within the Novo Group 2025 (DKK thousand)
A/S
A/S
Novonesis
A/S
Committees
,
,
,
,
, , ,
Not
: M
M
Novonesis A/S
Novonesis A/S
Novonesis
-
5
21
Table 8. Members of the Novo Nordisk Foundation Board of Directors, 2025
sion
term
/
-IB
B
as
Vice B
B
-
-
A/S
s
MSc
Ma
-
5
22
Table 8. Members of the Novo Nordisk Foundation Board of Directors, 2025
sion
term
Managerial and other board assignments/Competencies (only for members ap-
pointed under the provisions of the Articles of Association)
tion
A/S
s
-
-in-–
-
-
5
23
Table 8. Members of the Novo Nordisk Foundation Board of Directors, 2025
sion
term
/
Ma
at
Ma
at Novonesis
Ma
at
5
24
Committees and panels of the Novo Nordisk Foundation
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 2025 DKK thousands
Committee
on Innovation
5
25
Table 9. Fees for committee and panel members in 2025 DKK thousands
Com
Committee serves as m
Executive Management
5 C
Thomsen
rThe Board
approves the appointment of the C
of the ’s -
5
26
Table 10. Key figures and financial ratios in the Novo Nordisk Foundation Group
-
-
-
to
- - - - -
- - - -
-
terests)
ratio -
Annual Report 2025
27
Executive Management:
(CEO )
Board of Directors:
(C ha ir )
Annual Report 2025
28
Annual Report 2025
29
27 May 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR
-nr. 33 77 12 31
mne23331
mne32200
5
30
Financial statements of
the
Parent Foundation
5
31
Income statement and statement of comprehensive income for the year
1 January – 31 December
DKK million
Note 2025 2024
Administration costs
- -
- -
Result of primary activities
5,405 4,996
Profit before tax
8,038 10,791
Profit for the year
8,038 10,791
Proposed distribution of profit
-
8,038 10,791
5
32
Balance sheet at 31 December
DKK million
Note 2025 2024
Assets
Total non
-current assets
14,687 22,021
I
Total current assets
47,314 39,528
Total assets
62,001 61,549
Equity and liabilities
Total equity
34,972 37,760
Total non
-current liabilities
Total current liabilities
8,999 7,656
Total liabilities
27,029 23,789
Total equity and liabilities
62,001 61,549
5
33
Statement of changes in equity at 31 December
DKK million
Note Capital base
Retained
earnings
Reserve for
future grants
Total
2024
- -
Equity as of 31 December
22 22,738 15,000 37,760
2025
-
- -
Equity as of 31 December
22 19,950 15,000 34,972
5
34
Cash flow statement for the year ended 31 December
DKK million
2025 2024
Profit for the year
8,038 10,791
- -
- -
Cash flow before changes to working capital
5,413 5,010
-
- -
Cash flow from operating activities
5,420 5,049
- -
- -
-
- -
Cash flow from investing activities
2,273 1,876
- -
Cash flow from grants
-7,659 -6,937
Net cash flow
34 -12
Cash and cash equivalents at the end of the year
63 29
5
35
Notes
Note 1 Accounting policies
The
policies
Inve
stments in subsidiaries
Ithe dividends
Grants
Grants are recogniss
Note 2 Employee costs
DKK million
2025 2024
-
committees
355 313
- -
Total salaries and fees
350 310
-term incentives
16 19
6
Total
23 25
-
-
Average number of full
-time employees 270 245
5
36
Note 3 Fees to Statutory Auditors
DKK million
2025 2024
Fees to statutory auditors
2.1 1.8
Note 4 Net financial items
DKK million
2025 2024
Net financial items
2,633 5,795
Note 5 Grants
DKK million
2025 2024
Grants awarded in the year:
Total grants awarded in the year
10,913 8,150
- -
-
Grants awarded in the year after adjustments
10,826 8,078
Grant liability at the
beginning of year 23,666 22,522
- -
-
Grant liability at the end of year
26,832 23,666
Expected pay out of the Grant liability
-
26,832 23,666
5
37
Note 6 Investments in subsidiaries
DKK million
2025 2024
Carrying amount at the end of the year
3,988 3,263
-
-
Note 7 Contingent liabilities
Note 8 Related party transactions
DKK million
2025 2024
-
Novo Holdings A/S
n
Danish Centre for AI Innovation A/S
5
38
BioInnovation Institute
Grant
Novo Holdings Business & People Support P/S
NNF India A/S
Quantum Foundry A/S
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
Innovation A/S
5
39
of votesshall have the casting vote
Tax
5
40
Income statement and statement of comprehensive income for the year -
Consolidated financial
statements Novo Nordisk
Foundation
Group
5
5
41
Income statement and statement of comprehensive income for the year 1 January - 31
December
DKK million
Note 2025 2024
Income statement
-105,139 -76,114
Gross profit
-71,569 -68,108
-55,852 -52,071
-14,235 -9,834
-13,997 -8,280
Operating profit
-14,087 -11,313
Profit before income taxes
-29,073 -27,079
Net profit
Non
-
Net profit
Statement of comprehensive income
Net profit
104,321 126,171
Other comprehensive income:
-14,576 3,579
-2,675 1,374
Other comprehensive income, net of tax
-5,560 -1,816
Total comprehensive income
Non
-
Total comprehensive income
5
42
Balance sheet at 31 December
DKK million
Note 2025 2024
Assets
Total non
-current assets
Inventories
Total current assets
Total assets
5
43
Balance sheet at 31 December
DKK million Note 2025 2024
Equity and liabilities
-2,991 -409
Total equity parent foundation
Non
-
Total equity
Total non
-current liabilities
Total current liabilities
Total liabilities
Total equity and liabilities
-
-
other
44
Annual Report 2025
Statement
of
changes
in
equity
at
31
December
DKK million
2025
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
-
-
Change in effective ownership
0
Balance at beginning of the year
-
-
Net
profit
Other comprehensive income
0
-
-
-
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
0
-
Balance at the end of the year
-
-
2024
Balance at the beginning of the year
-
-
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
-
-
45
Annual Report 2025
Cash flow statement
DKK million
Note
2025
2024
Operating
profit
Adjustment of non-cash items:
Depreciations, amortisation and impairment losses
9,
10
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
-12,923
-
Divestments
Purchase of financial assets - Life Science Investments
-11,525
-
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
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
-
-
Purchase of non-controlling interests
0
Paid grant Novo Nordisk Foundation, net
-7,633
-
Net cash flow used in financing activities
-
Net cash generated from activities
Cash and cash equivalents at the beginning of the year
Reclassification of bank overdraft to financing activities
Exchange gains/(losses) on cash and cash equivalents
-
Cash
and
cash
equivalents
at
the
end
of
the
year
22
5
46
Notes
Net sales –
7
Investment property
Associated companies
Inventories
Other provisions
Borrowings
ities
Other non-cash items
Share-
Related party transactions
-controlling interest
Assets held for sale
5
47
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
Net sales (note )
)
)
5)
)
)
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-
Management co
Management in Novo NordNovonesis
Management in
regards the following as
the consolidated financial statements:
and provisions (note
)
in determinin when acq
ing (n)
(note )
transaction is an asset (note
)
(note
5)
(note
)
l
statements
5
48
Changes in accounting policies and disclosures
Adoption of new or amended IFRS
Management has assessed that
s
5 has not had a
significant effect on the consolidated financial statements
act on the
consolidated financial statements in the period of initial application
Changes to presentation of provisions for ‘sales deductions and prod-
uct returns’
presented as a separate line item to enhance clarity of presentation
en reclassified to the new
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
the parent company
Translation of transactions and balances
transactions and from the translation at year-en
n-
Translation of Group companies
:
the
;
the
come at average to year-
Other Accounting policies
Research and development costs
in the development of
-approval activ-
and impairment losses
5
49
porting date for
Financial assets and liabilities
lowing categories:
–
–
– other comprehensive income
Management determines the classification of its financial assets on ini-
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 types: ife Sci-
ence Investments and and two minor types: other financial
assets and contract assets
Science Investments are defined as direct or indirect investments
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
5
Financial definitions
Operating profit
Operating profit as percentage of sales
Net profit margin (incl. non-controlling interests)
Equity ratio
Total shareholders’ non-controlling interests) as a percent-
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
5
50
Grants
Grants are recognised once the
ligated
5
51
Net sales and rebates
Gross-to-net sales reconciliation
DKK million
2025
2024
Gross sales
-
-
holesaler charge-
-
-
-
-
-
-
-
-
Non-
-
-
Total gross-to-
-
-
Net sales
384,724
342,798
Net sales geographical areas:
Region China
Region North America
Rest of the world
Total net sales by geographical area
384,724
342,798
Liabilities for sales deductions and product returns
DKK million
2025
2024
Sales deductions at beginning of the year
118,566
99,939
-
-
-
-
-
Sales deductions at the end of the year
131,368
118,566
Sales deductions and product returns
134,469
121,668
Pricing mechanisms in the US market
US Managed Care and Medicare
e pro-
pre-
5
52
US wholesaler charge-backs
-
-
-
longer provides
reflecting an as-
sessment note fo
US Medicaid rebates
olves interpretation of rele-
Other US and non-US discounts and sales returns
Accounting policy
sold
single
on
ises sales when the
-or-
ale-or-
ptance rates for
well
-
are rec-
ognised
-
Key accounting estimates and judgements
Estimate of sales deductions and provisions for sales rebates
5
53
As disclosed in note
ecame final and
-
Employee costs
Note
-
-
-
-
-
- -
,
-term incentives
13 11
9 30
- 114,156 95,741
5
54
Accounting Policy
-
-
Fees to statutory auditors
-
17
113
Amortisation, depreciation and impairment losses
Return on investment activities and other operating income
Financial income and expenses
Financial income
-
5
55
Interest income
Financial expenses
Accounting policy
ash flow hedged
transferred from other comprehensive income to the income statement when the hedged transaction is recognised in th
-
Income taxes
- -
- -
-
- -
are
in
- -
5
56
Non
--- - -
- -
Effective tax rate
21.3% 17.5%
Accounting policy
in provisions for
ompanies and
Key accounting estimates and judgements
the c
deviate and depends
Development in deferred income tax assets and liabilities
DKK million
2025 2024
- -
-
- -
-
Net deferred tax asset/(liability) at the end of the year
1,549 4,056
- -
1,549 4,056
5
57
Assets
- -
- -
Inventories
-
-
-
-
-
-
- -
- -
Inventories
-
-
-
-
-
Intangible assets
Patents,
- - - -
- - - -
-
- - -
- -
-
5
58
- - - -
-
-
- - - -
-
-
-
-5
-s
---how to
-
-
--term financial
ctations for the
-
ighting of the cost of
In and
There was no
Goodwill is specified
5
59
en
,
Accounting policy
Goodwill
of the consideration
-
Patents, licenses and other intangible assets
-
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
5
60
reflected in the cost
Key accounting estimates and judgements
ement in relation to the identification of cash-
s
s
asset
tion
Tangible assets
ments
Assets
construc-
tion
- - - - -
- - - - -
- -
- - - - -
- - - - -
- -
5
61
- - - - -
- -
- - - - -
-
Accounting policy
of self-
-
-
-
-
If an asset’s carrying
5
62
Leases
4
- -
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-
-
million
5
63
an investment property are
missioning
DKK million
2025
2024
-
-
Cost at the end of the year
28,839
28,314
-
-
-
-
-
Value adjustments at the end of the year
-2,562
-2,849
Fair value at the end of the year
26,277
25,465
--
return in %
amount
-
-
Basis
5
64
-
-
-
-
-
-
-
-
-
DKK
Business acquisitions
Business acquisitions in 2025
Novonesis
E
Genetics
Tota
Inventories
(
Non
-
5
65
)
Business acquisitions in 2025 in Novo Nordisk
-finish sites remained provisional at
Business acquisitions in 2025 in Novonesis
-
-
Novonesis and dsm-
--
-
identified as the
ional handover and
-
right to sell and
from complementary
-
with strong insights
-
-
-
5
66
-
Business acquisitions in 2025 in Novo Holdings
About Benchmark
-
-
Strategic rationale and synergies
chains that determine
Mega trends -segments
hard-to-
Details of the acquisition
identified as the
• which collec-
• -
•
The contingent (earn-d
-
-
company’s estimat
5
67
Purchase price adjustments made in 2025 for prior acquisitions
Catalent
-finish sites from Novo Holdings A/S in connection with a transaction where Novo Hold-
h consideration transferred
2024
DKK million
Fill-finish sites
Other acquisi-
tions
Total
Provisional
Final
-how
Other net assets
Net identifiable assets acquired
67,450
66,494
651
67,145
Goodwill
Purchase price
82,743
81,739
681
82,420
Settlement of pre-
Cash consideration transferred
82,146
82,146
681
82,827
Cash used for acquisition of businesses; net of cash acquired
81,482
81,482
681
82,163
-
highly---how and pro-
--
mented processes and systems for efficient and large--apacity in an efficient
-
--
Single Use Support
for SinAthe goodwill re-
in the following
presentation:
5
68
DKK million
Before PPA
(31.12.2024)
Neutral
reclassification
After PPA
(01.01.2025)
Change 2025
As at
31.12.2025
Goodwill
-
-
-
-
-
-
Ellab
in an increase of
DKK million
Provisional PPA
(31.12.2024)
Change 2025
Final PPA
(31.12.2025)
-
-
-
-
-
(5)
Net identifiable assets acquired
15
4
19
Goodwill
Purchase price
69
(1)
67
Business acquisitions in 2024
Novonesis
-
Inventories
- - - -
- - - -
-
Non
- - - -
-
5
69
-
- - - -
-
Catalent
-
About Catalent
--
-
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)
recognition of a goodwill
--
Novo Nordisk’s acquisition of the three fill-finish sites from Novo Holdings A/S
Three fill-finish sites (Catalent)
-finish sites from Novo Holdings A/S in connection with a transaction where Novo Hold-
fill-finish sites are special-
Strategic rational
5
70
-
Details of the acquisition
price allocation for
imited time to identify and deter-
-
cient and large---
--
--
place at the three fill-
-
ed additional net
se price allocation and
rt of the main
-
Business acquisitions in 2024 in Novonesis
Novozymes A/S
the date of the
-
-
-
commerci
-
-f receiva-
--
-
-
ep-
Business acquisitions in 2024 in Novo Holdings
Single Use Support
5
71
e-
About Single Use Support
and filtration
-and-- single-
Strategic rationale and synergies
-
Stingray Marine Solutions
fish health tech-
About Stingray Marine Solutions
--
-tim
Strategic Rationale
tion that en-
Accounting policy
the date when control was
red to former owners of the
ations are recognised in
certain at the date of
5
72
Key accounting estimates and judgements
f the identified
--
--
-
-
d replacement cost
Associated companies
-
-
- -
-
-
- -
-
-
- -
-
Accounting policy
associated compa-
nvestments in associated compa-
5
73
Financial assets
investments
assets
investments
assets
Investments
- - -
- -
-
- - -
- - -
- -
- -
- -
- - - - - -
-
5
74
- -
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
e following levels:
Level 1
Level 2
Level 3
the investment is
Policy for determining when transfers between levels are deemed to have occurred
Valuation method and inputs
s
y follows the following hierarchy:
tion of a modelling
5
75
maintaina-
:
:
-
t interest-
DKK
DKK
Income
-
5
76
-
-
N/A
Cost at recent transaction
N/A
the total Invest-
• N/A
• N/A
rect)
• Cost at recent transaction
• Cost at recent transaction
(
• N/A
• N/A
• N/A
–
-
• Cost at recent transaction
• Cost at recent transaction
)
-
• N/A
• N/A
• N/A
-
• N/A
• N/A
• N/A
5
77
–
• Cost at recent
–
• N/A
• N/A
• N/A
Inventories
-- - -
-
-
- - -
- - -
Write
-
Accounting policy
--
-down is rec-
-sed in the income statement as re-
-
5
78
Key accounting estimates and judgements
--
on costs for capi-
Trade receivables
- -
- -
- -
- -
-
Accounting policy
Allowance for expected credit loss for trade receivables
forward
-
5
79
Other provisions
DKK million
2025
2024
Retirement
gations
for legal
Other
provisions
Total
Total
-
-
-
-
-
-
-
-
-
-
-
-
At the end of the year
1,435
3,687
3,594
8,716
9,699
Non-
At the end of the year
1,435
3,687
3,594
8,716
9,699
Provision for retirement benefit obligations
-
-
Provisions for legal disputes
Other provisions
-
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
-
5
80
o other comprehen-
can
-
cost trend rate and inflation are
ion (not considering plan
-
Provision for legal disputes
of past events
-
ncrease in the provision for interest is
Key accounting estimates and judgements
tes regarding provi-
Borrowings
-
Non
-
5
81
-
Other liabilities
-
Other non-cash items
-
-
-
-
-
- -
Cash and cash equivalents
Accounting policy
non
-cash items are reversed considered
-
--
vities in the cash flow state-
5
82
Derivative financial instruments
Contract
-
-
-
Contract
-
-
-
T
Net investments
ting as either hedges of fair
Accounting policy
Use of derivative financial instruments
5
83
Initial recognition and measurement
one of:
H
H
edges
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
generally accepted
-
Commitments and contingent liabilities
5
84
on policy was con-
stent with
r-
d ent
ling from the Seventh
cant reversal in the
Pending litigation against Novo Nordisk
-
5
85
--
-
I Retirement Com-
-
-
-
-
--
Other provisions and contingent liabilities
-
th
s; and the general demand for non-
-
-
Share-based payment schemes
-nesisellia -
The share-pay-
ment schemes in Sonion-
5
86
-
-
--
Long-term share-based incentive programme
nesis and NNIT
There are schemes for management
-
-
–-
-
-
(RSU) Novonesis A/S NNIT A/S
(RSU) (RSU)
-
5
87
Accounting policy
--
of any non
--
Financial risks
nesis
-
5 (
-
most -
e
-
5
88
To
Related party transactions
agements of
een negotiated on
-
Subsidiaries with significant non-controlling interest
Novonesis A/S -
Non
-
- -
Non
- - ,
Non
-
Non
-
Non
-
Non
-
- -
-
5
89
Novonesis A/S -
Non
-
-
Non
- -
Non
-
Non
-
Non
-
Non
-
- -
-
Assets held for sale
5
Accounting policy
ent losses arising on first clas-
sification as “held for sale” and gains and losses fro
Events after the reporting date
No events of importance to the consolidated financia
Grants payable
5
90
Non
-
-
Group companies
A/S
Novonesis A/S
5
91
Associates
5
92
Associates
5
5
5
93
5
94
Croatia
Greece
Morocco
Romania
5
95
r
Taiwan
Iran
5
96
Vietnam
NNIT A/S
-
5
97
Greece
Greece
Iran
Romania
-
5
98
5
99
Croatia
Sonion InvestCo A/S
Sonion A/S
Vietnam
Vietnam
-
5
100
-
-
rica
rica
5
101
-
-
NH Kronos Parent, Inc.
-
-
5
102
Novo Maia, LP
-
-
-
-
5
103
-
–
5
104
5
105
-
-
-
-
-
-
5
106
-
-
-
5
107
-
-
5
108
Novo Nordisk Foundation
Risks related to societal responsibility
The primary associated with the
are
largely companies
is-
related to the
granting activities are relatively small
managed adherence to
and designed to promote responsi-
and maintaining positive social role in society
ld scale and impact and cat-
dation’s corporate activities remain international in accordance with
Code of conduct, including anti-corruption and the whistle-
blower scheme
-à-
dation and
Read more at: https://novo-
-we-are/code-of-
Annex A (a part of Management’s Review)
Novo Nordisk Founda-
tion Group Corporate
Social Re
sponsibility
-awarding activities and then the corporate
5
109
https://novo-
-we-are/code-of-
affiliates and
In thirteen reports via the whistle-
dedicated
Based on an
of the ethics and compliance program
conflicts of
interestand data privacy and
Economic and scientific responsibility
In 5
thropic investments while its grant
mpanies has preferential access to the
-giving
-impact
Social responsibility
this means strengthening research-
n-
tre
and that people as
-
medical science grant-
In 5
initiative
-
for large-scale impl
st
--
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
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
s
-
“Advance knowledge and solutions to support the green transition in
society”.
5
110
• 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.
nnovative
-year
for pro-
55m
) in-
The
decreased from
crease of
5 increas
ness travel (
B and C
5
111
The commercial activities of the Foundation
and resolve to
The criteria are:
•
• – in technol-
•
•
• -
•
•
o financial performance
o environmental performance
o social performance
•
-on--Ownership-of-Novo-
-
Based on the charter
-
-
Risks in relation to societal responsibility
nde-
Companies in which Novo Holdings A/S has a controlling interest either report on
-the-
ncertainty with
invest-
ment approach and policy In
es
-
holdings--investment-report--delivering--
with-lasting-impact
-holdings---
- and
-report
Anti-corruption
Novo Holdings A/S
Novo Holdings A/S’ management approach to handling anti-
t define the way we
-of-
Novo Nordisk A/S
anti-
Reports
Novonesis A/S
Novonesis A/S’ management approach to addressing anti-
Novo-
nesis
tegrity-
5
112
Novonesis
Novonesis’
Economic and scientific responsibility
Novo Holdings A/S
5
5
Novo Nordisk A/S
-
the end of
-
vestment in re-search and development incr eased
-
In Commission’s overview -
pository - on the
Novonesis A/S
Novonesis A/S’ net sales in
A/S realized
In
Social responsibility
Novo Holdings A/S
Novo Holdings A/S a
in the Novo Holdings is
-investment--
By integrating societal impact and
processes and engaged ownership activities
deliver stronger financial re-
-
-
As an ac-
ongoing monitoring of investment performance and portfolio com-
Novo Nordisk A/S
-term strategy
in
to
ards -
-
maintaining short-
The the OneCode policy and international and lo-
-
anti--off-
healthcare professionals
and respect of
Novonesis A/S
5
113
Novonesis is
reaching net-
in the world to receive validation of its net-
nesis commits to reach net-
Novonesis strives to de-
--positions
Health responsibility
Novo Nordisk A/S
-
-
tries and other low- and middle-
- and middle-income
-
-
-
-Sa-
nd im-
Read more at
Novonesis A/S
heir positive im-
Environmental and climate responsibility
Novo Nordisk A/S
-
p has an overarch-
5
114
estimated as water
rn (SVHCs) and
Novonesis A/S
-term and long-
tiative (SBTi)
-
- an
Climate
Novo Holdings A/S
long-
-
SBTi-
-aligned opera-
-setting and
Novo Nordisk A/S
-
e emissions re-
-
Corporate Net-m the Science Based Target initiative
-year of
-
e
-
nd CO
– primarily renew-
-– ac-
Report:
---report-
Novonesis A/S
science-
-reviewed life cycle
these data-
-zero emission company
5
115
In Novonesis reached its goal
The Novo Group as a workplace
Novo Nordisk Foundation
terms of new employees and aThe
increased to employ-
of organisational attractiveness
5
promotion gender gap analysis that showed that all promotions and
Novo Holdings A/S
5
Novo Nordisk A/S
ations regarding
-
aspiration for senior leadership was
Novonesis A/S
striving for a mini-
Diversity policy in the Novo Nordisk Foundation
Group
nt and development processes in the
-
--
portal/principles-positions-and-policies/diversity--pol-
Novonesis A/S: --
policies
Diversity policy for the Novo Nordisk Foundation and Novo Holdings
A/S
5
116
in some case The diversity
policy is an important part of the decision-
S were split into two de-
-
The
-
-policy/
By the end of
which means that we at this level already now lives
female and
principles
tion will in
e have
Diversity in Novo Holdings A/S
By the end of
and
leadership level consists of
diverse
principles
con-
T
able A. Gender diversity in the Novo Nordisk Foundation
()
NA
--
Policy on data ethics
Novo Nordisk Foundation
117
cesses personal and non-
https://novo-
-ethics-and-ai-policy/
Novo Holdings A/S
-
-on-data-
Novo Nordisk A/S
adopted a set of principles for data and artificial intelligence (AI) ethics
-
-and--rights/data-eth-
Novonesis A/S
Novonesis
the ethical management of data in Novonesis
report
Tab
le B: Sustainability indicators - Social footprints
Novonesis A/S
-
/
/
/
-
-
-
-
-
-
-
-
-
-
-
/
/
-
-
-
-
-
-
-
-
-
(
N/A
-
-
-
-
cations
- - - N/A
N/A
N/A
-
-
-
N/A
-
-
-
-
-
-
-
-
-
N/A
-
-
-
-
-
-
-
-
-
--
A/S o
A/S o
ions
118
Tab
le C: Sustainability indicators - Environmental footprints
, )
, )
Novonesis A/S
/G)
)
)
)
)
)
services
-
-
-
-
-
-
-
activities
- - - - - -
erations
-
-
-
--
- - - - - - - - -
- - - - - - - - -
ment
- - - - - - - - - -
emission
,
Waste
’
-
N A/S
-
-
)
)
-
-
-
(
)
-
--
119