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"s13_notesesefdkgaap__8__62": {
"value": "1.2 Changes in accounting policies and disclosuresManagement has assessed the impact of new or amended accounting standards and interpretations (IFRSs) issued by the IASB and IFRSs endorsed by the European Union effective on or after 1 January 2023. Management assessed that application of these has not had a material impact on the consolidated financial statements for 2023. Furthermore, Management has assessed the impact of new or amended accounting standards and interpretations (IFRSs) issued by the IASB that have not yet become effective. No new or amended accounting standards or interpretations (IFRSs) have been early adopted. Management does not anticipate any significant impact on the consolidated financial statements in the period of initial application after the adoption of these amendments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__60": {
"value": "1.1 Material accounting policies and key accounting estimatesThe consolidated financial statements included in this Annual Report have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__59-1": {
"value": "1.1 Material accounting policies and key accounting estimatesThe consolidated financial statements included in this Annual Report have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act.Measurement basisThe consolidated financial statements have been prepared on the historical cost basis except for derivative financial instruments, equity investments, marketable securities and trade receivables in a factoring portfolio, which are measured at fair value.Material accounting policiesApart from the general accounting policies, which are described in note 5.6, Novo Nordisk\u2019s accounting policies are described in each of the individual notes to the consolidated financial statements. The accounting policies have been applied consistently in the preparation of the consolidated financial statements for all the years presented.Key accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements. Given the uncertainties inherent in Novo Nordisk\u2019s business activities, Management must make certain estimates regarding valuation and make judgements on the reported amounts of assets, liabilities, net sales, expenses and related disclosures.The key accounting estimates identified are those that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities in the following reporting period. An example being the estimation of US sales deductions and provisions for sales rebates. When determining estimates and assumptions, Management has assessed the qualitative and quantitative impact of climate-related matters. It is Management\u2019s assessment that the effect of climate-related matters does not significantly impact estimates and assumptions.Management bases its estimates on historical experience and various other assumptions that are held to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. If necessary, changes are recognised in the period in which the estimate is revised. Management considers the key accounting estimates to be reasonable and appropriate based on currently available information. The actual amounts may differ from the amounts estimated as more detailed information becomes available. In addition, Management may make certain judgements in the process of applying the entity\u2019s accounting policies, for example the classification of a transaction as an asset acquisition or a business combination.Management regards those listed below as the key accounting estimates applied in the preparation of the consolidated financial statements. Refer to the specific notes for further information on the key accounting estimates as well as assumptions applied. Management did not identify material judgements made in the current reporting period apart from those involving estimations.Key accounting estimates Risk Note(s)Estimate of US sales deductions and provisions for sales rebates High 2.1, 3.5Estimate in determining the fair value of intangible assets and assessment of impairment of intangible assets Medium 3.1Estimate regarding deferred income tax assets and provision for uncertain tax positions Medium 2.6Estimate of ongoing legal disputes, litigation and investigations Medium 3.5Applying materialityThe consolidated financial statements are a result of processing large numbers of transactions and aggregating those transactions into classes according to their nature or function. The transactions are presented in classes of similar items in the consolidated financial statements. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements or in the notes. Management provides the specific disclosures required by IFRS unless the information is not applicable or is considered immaterial to the decision-making of the primary users of these financial statements.1.2 Changes in accounting policies and disclosuresManagement has assessed the impact of new or amended accounting standards and interpretations (IFRSs) issued by the IASB and IFRSs endorsed by the European Union effective on or after 1 January 2023. Management assessed that application of these has not had a material impact on the consolidated financial statements for 2023. Furthermore, Management has assessed the impact of new or amended accounting standards and interpretations (IFRSs) issued by the IASB that have not yet become effective. No new or amended accounting standards or interpretations (IFRSs) have been early adopted. Management does not anticipate any significant impact on the consolidated financial statements in the period of initial application after the adoption of these amendments.5.6 General accounting policiesPrinciples of consolidationThe consolidated financial statements incorporate the financial statements of the parent company Novo Nordisk A/S and entities controlled by Novo Nordisk A/S. Control exists when Novo Nordisk has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.Functional and presentation currencyItems included in the financial statements of Novo Nordisk's entities are measured using the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is also the functional and presentation currency of the parent company.Translation of transactions and balancesForeign currency transactions are translated into the functional currency using the prevailing exchange rates at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities are recognised in the income statement. Foreign currency differences arising from the translation of effective qualifying cash flow hedges are recognised in other comprehensive income.Translation of Group companiesFinancial statements of foreign subsidiaries are translated into DKK at the exchange rates prevailing at the end of the reporting period for balance sheet items, and at average exchange rates for income statement items. All effects of exchange rate adjustments are recognised in other comprehensive income.Cash flow statementThe Cash flow statement is presented in accordance with the indirect method commencing with net profit for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__58-1": {
"value": "1.1 Material accounting policies and key accounting estimatesThe consolidated financial statements included in this Annual Report have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act.Measurement basisThe consolidated financial statements have been prepared on the historical cost basis except for derivative financial instruments, equity investments, marketable securities and trade receivables in a factoring portfolio, which are measured at fair value.Material accounting policiesApart from the general accounting policies, which are described in note 5.6, Novo Nordisk\u2019s accounting policies are described in each of the individual notes to the consolidated financial statements. The accounting policies have been applied consistently in the preparation of the consolidated financial statements for all the years presented.Key accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements. Given the uncertainties inherent in Novo Nordisk\u2019s business activities, Management must make certain estimates regarding valuation and make judgements on the reported amounts of assets, liabilities, net sales, expenses and related disclosures.The key accounting estimates identified are those that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities in the following reporting period. An example being the estimation of US sales deductions and provisions for sales rebates. When determining estimates and assumptions, Management has assessed the qualitative and quantitative impact of climate-related matters. It is Management\u2019s assessment that the effect of climate-related matters does not significantly impact estimates and assumptions.Management bases its estimates on historical experience and various other assumptions that are held to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. If necessary, changes are recognised in the period in which the estimate is revised. Management considers the key accounting estimates to be reasonable and appropriate based on currently available information. The actual amounts may differ from the amounts estimated as more detailed information becomes available. In addition, Management may make certain judgements in the process of applying the entity\u2019s accounting policies, for example the classification of a transaction as an asset acquisition or a business combination.Management regards those listed below as the key accounting estimates applied in the preparation of the consolidated financial statements. Refer to the specific notes for further information on the key accounting estimates as well as assumptions applied. Management did not identify material judgements made in the current reporting period apart from those involving estimations.Key accounting estimates Risk Note(s)Estimate of US sales deductions and provisions for sales rebates High 2.1, 3.5Estimate in determining the fair value of intangible assets and assessment of impairment of intangible assets Medium 3.1Estimate regarding deferred income tax assets and provision for uncertain tax positions Medium 2.6Estimate of ongoing legal disputes, litigation and investigations Medium 3.5Applying materialityThe consolidated financial statements are a result of processing large numbers of transactions and aggregating those transactions into classes according to their nature or function. The transactions are presented in classes of similar items in the consolidated financial statements. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements or in the notes. Management provides the specific disclosures required by IFRS unless the information is not applicable or is considered immaterial to the decision-making of the primary users of these financial statements.ACCOUNTING POLICIES Revenue from sale of goods is recognised when Novo Nordisk has transferred control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired. Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.The impact of foreign currency hedging in the income statement is recognised as part of financial items. Refer to notes 4.4, 4.5 and 4.10 for more details on hedging.ACCOUNTING POLICIES Operating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.ACCOUNTING POLICIES Novo Nordisk expenses all research costs. Due to significant regulatory uncertainties and other uncertainties inherent in the development of new products, internal and subcontracted development costs are also expensed as they are incurred, in line with industry practice. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internaland external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, deprecia-tion and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. Royalty expenses paid to partners after regulatory approval are also expensed as cost of goods sold.Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.ACCOUNTING POLICIESWages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated services are rendered by employees of Novo Nordisk. Where Novo Nordisk provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees concerned.ACCOUNTING POLICIES Other operating income and expenses, comprises licence income and income of a secondary nature in relation to the main activities of Novo Nordisk. Licence income from royalties on net sales is recognised as the underlying customers' sale occurs and from sales milestones once the contingent sale milestone is achieved in accordance with the terms of the relevant agreement.Operating profit from the wholly owned subsidiary NNE A/S, not related to Novo Nordisk's main activities, is recognised as other operating income and expenses. Other operating income and expenses, also includes income from the sale of intellectual property rights as well as transaction costs incurred in connection with acquisition of businesses.ACCOUNTING POLICIES The tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 1,026 million (DKK 567 million in 2022). The value of future tax deductions in relation to share programmes is recognised as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.ACCOUNTING POLICIES Research and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable; refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the services are received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. The discount rate used is based on the Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. Fair value is determined using largely unobservable inputs. Accordingly, the valuation technique and inputs used to measure fair value are classified as level 3 in the fair value hierarchy. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realised sales trending below predicted sales\u2022 Changes or anticipated changes in participation rates or reimbursement policies\u2022 Inconsistent or unfavourable clinical readouts\u2022 Changes in the legal framework covering patents, rights and licences\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand names\u2022 Changes in the economic lives of similar assets\u2022 Relationship to other intangible assets or property, plant and equipment If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.ACCOUNTING POLICIES Property, plant and equipment is measured at historical cost less accumulated depreciations and any impairment loss. The cost of self-constructed assets includes costs directly attributable to the construction of the assets. Any subsequent cost is included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to Novo Nordisk, and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets (buildings: 12-50 years, plant and machinery: 5-25 years and other equipment: 3-10 years. Land is not depreciated). Climate-related matters, including the commitment to reach net zero emissions, were considered when estimating the useful lives of property, plant and equipment.Depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The asset's residual value and useful life is reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and develop-ment costs. For contracts which are, or contain, a lease, the Group recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, being the initial amount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and reduced by any impairment losses. The lease term determined by the Group is the non-cancellable period of a lease, together with extension/termination option, if these are reasonably certain to be exercised. For contracts with a rolling term (evergreen leases), the Group estimates the leasing period to be equal to the termination period, if no probable scenario exists for estimating the leasing period. If the lease liability is remeasured due to a change in future lease payments a corresponding adjustment is made to the right-of-use asset, or in the income statement when the right-of-use asset has been fully depreciated. For a description of accounting policies for lease liabilities, refer to note 4.9.ACCOUNTING POLICIES Inventories are stated at cost or net realisable value, whichever is lower. Cost is determined using the first-in, first-out method. Cost comprises direct production costs such as raw materials, consumables and labour. Production costs for work in progress and finished goods include indirect production costs such as employee costs, depreciation, maintenance, etc. If the expected sales price less completion costs to execute sales (net realisable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalised but immediately written down, until there is a high probability of regulatory approval for the product. The cost is recognised in the income statement as research and develop-ment costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.ACCOUNTING POLICIES Trade receivables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less allowance for doubtful trade receivables. The split of trade receivables and allowance for trade receivables is based on the location of the customer.Before being sold, trade receivables in factoring portfolios are measured at fair value with changes recognised in other comprehensive income. The allowance for doubtful receivables is deducted from the carrying amount of trade receivables, and the amount of the loss is recognised in the income statement under sales and distribution costs. Subsequent recoveries of amounts previously written off are credited against sales and distribution costs.Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which requires the use of the lifetime expected loss provision for all trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days past due. Generally, invoices are due for payment within 90 days from shipment of goods. Loss allowance is calculated using an ageing factor, geographical risk and specific customer knowledge. The allowance is based on a provision matrix on days past due and a forward looking element relating mainly to incorporation of Dun & Bradstreet country risk ratings and an individual assessment. Refer to note 4.4 for a general description of credit risk.ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesal-ers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.ACCOUNTING POLICIES Earnings per share is presented as both basic and diluted earnings per share. Basic earnings per share is calculated as net profit divided by the monthly average number of shares outstanding. Diluted earnings per share is calculated as net profit divided by the sum of monthly average number of shares outstanding, including the dilutive effect of the outstanding share pool. Refer to 'Financial definitions' for a description of calculation of the dilutive effect.ACCOUNTING POLICIES On initiation of the contract, Novo Nordisk designates each derivative financial contract that qualifies for hedge accounting as one of:\u2022 hedges of the fair value of a recognised asset or liability (fair value hedge)\u2022 hedges of the fair value of a forecast financial transaction (cash flow hedge). All contracts are initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.Fair value hedgesValue adjustments of fair value hedges are recognised in the income statement along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.Cash flow hedgesValue adjustments of the effective part of cash flow hedges are recognised in other comprehensive income. The cumulative value adjustment of these contracts is transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. For cash flow hedges of foreign currency risk on highly probable non-financial asset purchases, the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised.Discontinuance of cash flow hedgingWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement under financial income or financial expenses. For additional disclosures on accounting policies for financial instruments refer to note 4.9.ACCOUNTING POLICIES The lease liabilities are related to IFRS 16 leases, primarily for premises and company cars and include the present value of future lease payments during the lease term. Lease liabilities are initially measured at the present value of the lease payments outstanding at the commencement date, discounted using the incremental borrowing rate. The lease liability is measured using the effective interest method. The lease liability is subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms. Issued bonds, loans and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periods these are measured at amortised cost using the effective interest method. The difference between the proceeds received and the nominal value is recognised in financial income or financial expenses over the term of the loan. Where substantially all the risks and rewards of ownership are retained in financial assets that have been transferred, the assets are not derecognised and the proceeds obtained are recognised as a financial liability. For fair value determination refer to note 4.9.ACCOUNTING POLICIES Cash and cash equivalents consist of cash offset by short-term bank overdrafts. Where short-term bank overdrafts are consistently overdrawn, they are excluded from cash and cash equivalents. The movement in such facilities is presented under financing activities in the cash flow statement.ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.ACCOUNTING POLICIES As described in note 4.4, Management has chosen to classify the result of hedging activities as part of financial items in the income statement, except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.ACCOUNTING POLICIES Novo Nordisk operates equity-settled, share-based compensation plans.The fair value of the employee services received in exchange for the grant of shares is recognised as an expense and allocated over the vesting period.The total amount to be expensed over the performance and vesting period is determined by reference to the fair value of the shares granted, excluding the impact of any non-market vesting conditions. The fair value is fixed at the grant date, and adjusted for expected dividends during the vesting period. Non-market vesting conditions are included in assumptions about the number of shares that are expected to vest. At the end of each reporting period, Novo Nordisk revises its estimates of the number of shares expected to vest. Novo Nordisk recognises the impact of the revision of the original estimates, if any, in the income statement and in a corresponding adjustment to equity (change in proceeds) over the remaining vesting period. Adjustments relating to previous years are included in the income statement in the year of adjustment.1ACCOUNTING POLICIES The acquisition method of accounting is used to account for all business combinations. The purchase price for a business comprises the fair values of the assets transferred, liabilities incurred to the former owners including warrant holders of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value at the date of acquisition by applying relevant valuation methods. Acquisition-related costs are expensed as incurred. Goodwill is recognised at the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.5.6 General accounting policiesPrinciples of consolidationThe consolidated financial statements incorporate the financial statements of the parent company Novo Nordisk A/S and entities controlled by Novo Nordisk A/S. Control exists when Novo Nordisk has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.Functional and presentation currencyItems included in the financial statements of Novo Nordisk's entities are measured using the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is also the functional and presentation currency of the parent company.Translation of transactions and balancesForeign currency transactions are translated into the functional currency using the prevailing exchange rates at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities are recognised in the income statement. Foreign currency differences arising from the translation of effective qualifying cash flow hedges are recognised in other comprehensive income.Translation of Group companiesFinancial statements of foreign subsidiaries are translated into DKK at the exchange rates prevailing at the end of the reporting period for balance sheet items, and at average exchange rates for income statement items. All effects of exchange rate adjustments are recognised in other comprehensive income.Cash flow statementThe Cash flow statement is presented in accordance with the indirect method commencing with net profit for the year.",
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"value": "ACCOUNTING POLICIES Revenue from sale of goods is recognised when Novo Nordisk has transferred control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired. Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.The impact of foreign currency hedging in the income statement is recognised as part of financial items. Refer to notes 4.4, 4.5 and 4.10 for more details on hedging.",
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"s13_notesesefdkgaap__8__66-1": {
"value": "2.1 Net sales and rebatesGross-to-net sales reconciliationDKK million20232022 2021Gross sales 608,645 455,692 340,180US Managed Care and Medicare (223,191) (161,123) (112,929)US wholesaler charge-backs (74,435) (56,443) (40,354)US Medicaid rebates (31,821) (24,667) (19,810)Other US discounts and sales returns (28,481) (18,300) (14,119)Non-US rebates, discounts and sales returns (18,456) (18,205) (12,168)Total gross-to-net sales adjustments (376,384) (278,738) (199,380)Net sales 232,261 176,954 140,800Provisions for sales rebatesDKK million 2023 2022 2021At the beginning of the year 69,499 50,822 34,052Additional provisions, including increases to 285,266 206,354 155,602existing provisionsAmount paid during the year (250,316) (189,580) (141,370)Adjustments, including unused amounts (2,364) (1,141) (284)reversed during the yearEffect of exchange rate adjustment (2,207) 3,044 2,822At the end of the year 99,878 69,499 50,822Sales discounts and sales rebates are predominantly issued in the US. As such, rebates amount to 74% of gross sales in the US (75% in 2022 and 75% in 2021). Provisions for sales rebates include US Managed Care, Medicare, Medicaid, 340B Drug Pricing Program and other US rebate types, as well as rebates in a number of European countries and Canada.Pricing mechanisms in the US market In the US, sales rebates are paid in connection with public healthcare insurance programmes, including Medicare and Medicaid, as well as rebates to pharmacy benefit managers (PBMs) and managed healthcare plans. Key customers in the US include private payers, PBMs and government payers. PBMs and managed healthcare plans play a role in negotiating price concessions with drug manufacturers for both the commercial and government channels, and determine which drugs are covered on their formularies (or 'preferred drug lists').US Managed Care and MedicareFor Managed Care and Medicare, rebates are offered to a number of PBMs and managed healthcare plans. These rebate programmes allow the customer to receive a rebate after attaining certain performance parameters relating to formulary status or pre-established market share thresholds. Rebate provisions are estimated according to the specific terms in each agreement, historical experience, anticipated channel mix, growth rates and market share information. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Managed Care and Medicare rebates are generally settled around 100 days from the transaction date.US wholesaler charge-backsWholesaler charge-backs relate to contractual arrangements between Novo Nordisk and indirect customers in the US whereby products are sold at contract prices lower than the list price originally charged to wholesalers. Chargeback provisions are estimated using a combination of factors such as historical experience, current wholesaler inventory levels, contract terms and the value of claims received but not yet processed. Wholesaler charge-backs are generally settled within 30 days after receipt of claim. In January 2021, Novo Nordisk changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk has recognised revenue related to the 340B Drug Pricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Refer to note 3.5 for a more elaborate description of the ongoing litigation related to the 340B Drug Pricing Program.US Medicaid rebatesMedicaid is a government insurance programme. Medicaid rebates have been estimated using a combination of historical experience, product and population growth, price changes and the impact of contracting strategies. The calculation also involves interpretation of relevant regulations that are subject to changes in interpretative guidance from government authorities. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Medicaid rebates are generally settled around 150 days from the transaction date.Other US and non-US discounts and sales returnsOther discounts are provided to distributors, wholesalers, hospitals, pharmacies, etc. They are usually linked to sales volume or provided as cash discounts. Discounts are calculated based on historical data and recorded as a reduction in gross sales at the time the related sales are recorded. Sales returns relate to damaged or expired products. Other net sales disclosuresIn 2023, Novo Nordisk had 3 major wholesalers distributing products in the US, representing 22%, 17% and 15% respectively of global net sales (19%, 14% and 13% in 2022 and 18%, 13% and 13% in 2021). Sales to these 3 wholesalers are within both Diabetes and Obesity care and Rare disease.Net sales to be recognised from fulfilling existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 3,166 million within 12 months (DKK 1,835 million in 2022) and DKK 443 million thereafter (DKK 798 million in 2022).Novo Nordisk's sales are impacted by exchange rate changes. Refer to note 4.4 for development in key exchange rates.ACCOUNTING POLICIES Revenue from sale of goods is recognised when Novo Nordisk has transferred control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired. Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.The impact of foreign currency hedging in the income statement is recognised as part of financial items. Refer to notes 4.4, 4.5 and 4.10 for more details on hedging.KEY ACCOUNTING ESTIMATES OF SALES DEDUCTIONS AND PROVISIONS FOR SALES REBATESSales deductions are estimated and provided for at the time the related sales are recorded. These estimates of unsettled rebate, discount and product return obligations is considered a key accounting estimate as not all conditions are known at the time of sale, for example total sales volume to a given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the basis of a percentage of sales for each product as defined by the contracts with the various customer groups. Provisions for sales rebates are adjusted to actual amounts as rebates, discounts and returns are processed. Revenue related to the 340B Drug Pricing Program can only be recognised to the extent that it is highly probable that a significant reversal of the recognised revenue will not occur. Significant estimation is required to determine the amount of revenue to recognise. Management has considered interpretations of applicable laws, whether the consideration is highly susceptible to factors outside Novo Nordisk's influence, as well as the experience of historical claims. Refer to note 3.5 for information on the ongoing litigation related to the 340B Drug Pricing Program.Novo Nordisk considers the provisions established for sales rebates to be reasonable and appropriate based on the information currently available. However, the actual amount of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available.3.5 Provisions and contingent liabilitiesProvisionsProvisionsProvisionsfor salesfor legalfor productOther2023 20221disputesreturnsprovisionsDKK millionrebatesTotalTotalAt the beginning of the year 69,499 2,376 1,030 1,972 74,877 55,894Additional provisions, including increases to existing provisions 285,266 1,937 1,010 588 288,801 207,715Amount used during the year (250,316) (226) (531) (173) (251,246) (190,278)Adjustments, including unused amounts reversed during the year (2,364) (240) 12 (431) (3,023) (1,668)Effect of exchange rate adjustment (2,207) (61) 11 (25) (2,282) 3,214At the end of the year 99,878 3,786 1,532 1,931 107,127 74,8773Non-current liabilities451 3,763 613 1,822 6,649 4,590Current liabilities 99,427 23 919 109 100,478 70,2871. Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid, 340B Drug Pricing Program and other types of US rebates, as well as rebates in a number of European countries and Canada. 2. Other provisions consists of various types of provisions, including obligations in relation to employee benefits such as jubilee benefits. 3. For non-current liabilities, provisions for sales rebates are expected to be settled after one year, provisions for product returns will be utilised in 2024 and 2025. In the case of provisions for legal disputes, the timing of settlement cannot be determined.Contingent liabilitiesNovo Nordisk is currently involved in pending litigations, claims and investigations arising out of the normal conduct of its business. While provisions that Management deems to be reasonable and appropriate have been made for probable losses, there are inherent uncertainties connected with these estimates.Pending litigation against Novo NordiskSince January 2021, Novo Nordisk has made a number of changes to its policy in the US related to facilitating delivery of its discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. On 30 January 2023, the US Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk\u2019s drug distribution policy was consistent with the 340B statute. However, rulings in similar cases involving other manufacturers are pending before the US Courts of Appeals for the Seventh and DC Circuits, and such cases may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent rulings and appeals in these matters, there may be a material impact on Novo Nordisk\u2019s financial position, net sales and cash flow.Mosaic Health Inc. and Central Virginia Health Services, Inc. (both 340B covered entities) filed a putative class action lawsuit in Federal Court in New York against Novo Nordisk, Eli Lilly and Company, Sanofi and AstraZeneca alleging a conspiracy among the manufacturers to artificially fix prices of diabetes medications through changes to their policies relating to the distribution of 340B drugs. The lawsuit was subsequently dismissed by the Court on 2 September 2022. Plaintiffs have filed an amended complaint. Novo Nordisk does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is currently defending several lawsuits, including putative class actions, relating to the pricing of diabetes medicines in the US. The first lawsuit was filed in 2017 and in August 2023 a multi-district litigation was created in the United States District court for the District of New Jersey. Nearly all pending matters also name Eli Lilly and Company and Sanofi as defendants, while certain matters also name Pharmacy Benefit Managers (PBMs) and related entities. Plaintiffs generally allege that the manufacturers and PBMs colluded to artificially inflate list prices paid by consumers for diabetes products, while offering reduced prices to PBMs through rebates used to secure formulary access. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In 2016, Novo Nordisk received a Civil Investigative Demand (CID) from the US \u00aeDepartment of Justice (DOJ) relating to potential off-label marketing of NovoSeven(including high dose and for prophylactic use) and interactions with physicians and patients. The DOJ investigation was likely prompted by a lawsuit filed in 2015 by a former Novo Nordisk employee, who alleged Novo Nordisk caused the submission of false claims to Medicare, Medicaid, Federal Employees Health Benefits Program and private insurers in California as a result of the same conduct that was the subject of the DOJ CID. In May 2023, at the Plaintiffs\u2019 request, the case was transferred to the United States District Court for the Western District of Washington. Following transfer, in July 2023, Plaintiffs filed a motion to revive their nationwide Medicare claims and their Delaware Medicaid claims. Novo Nordisk filed a motion to dismiss these claims. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Novo Nordisk, along with Eli Lilly, are defendants in numerous product liability lawsuits (including in the US) related to the use of GLP-1-based treatments. Plaintiffs have alleged \u00ae\u00ae, Wegovy and Rybelsusthat the use of these treatments, including Ozempic, have caused various gastrointestinal and other injuries. Novo Nordisk is taking actions to address the lawsuits. Novo Nordisk does not expect these lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Pending claims against Novo Nordisk and Investigations involving Novo NordiskNovo Nordisk has received Civil Investigative Demands (CIDs) or subpoenas from several US authorities including Attorneys General from the states of Minnesota, New Mexico, Washington, Colorado, Vermont, Texas and the US Federal Trade Commission that call for the production of documents and information relating to, among other things, the company\u2019s trade practices relating to its insulin and GLP-1-based products. Novo Nordisk is cooperating with the relevant government authorities in each of these investigative matters and does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In December 2021, Novo Nordisk received a CID from the DOJ relating to the company\u2019s \u00aefinancial relationships with healthcare professional and prescriptions for Ozempic and \u00aeRybelsus during the period of 1 January 2016 to present. Novo Nordisk is cooperating with the DOJ in this investigation and does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Other contingent liabilitiesIn addition to the above, Novo Nordisk is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Management, neither settlement nor continuation of such proceedings, nor such pending audits and investigations, are expected to have a material effect on Novo Nordisk\u2019s financial position, operating profit or cash flow.ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesal-ers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.KEY ACCOUNTING ESTIMATES REGARDING ONGOING LEGAL DISPUTES, LITIGATION AND INVESTIGATIONSProvisions for legal disputes consist of various types of provisions linked to ongoing legal disputes. Management makes estimates regarding provisions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently uncertain future events. When determining likely outcomes of litigation, etc., Management considers the input of external counsel on each case, as well as known outcomes in case law. Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.",
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"value": "2.1 Net sales and rebatesGross-to-net sales reconciliationDKK million20232022 2021Gross sales 608,645 455,692 340,180US Managed Care and Medicare (223,191) (161,123) (112,929)US wholesaler charge-backs (74,435) (56,443) (40,354)US Medicaid rebates (31,821) (24,667) (19,810)Other US discounts and sales returns (28,481) (18,300) (14,119)Non-US rebates, discounts and sales returns (18,456) (18,205) (12,168)Total gross-to-net sales adjustments (376,384) (278,738) (199,380)Net sales 232,261 176,954 140,800Provisions for sales rebatesDKK million 2023 2022 2021At the beginning of the year 69,499 50,822 34,052Additional provisions, including increases to 285,266 206,354 155,602existing provisionsAmount paid during the year (250,316) (189,580) (141,370)Adjustments, including unused amounts (2,364) (1,141) (284)reversed during the yearEffect of exchange rate adjustment (2,207) 3,044 2,822At the end of the year 99,878 69,499 50,822Sales discounts and sales rebates are predominantly issued in the US. As such, rebates amount to 74% of gross sales in the US (75% in 2022 and 75% in 2021). Provisions for sales rebates include US Managed Care, Medicare, Medicaid, 340B Drug Pricing Program and other US rebate types, as well as rebates in a number of European countries and Canada.Pricing mechanisms in the US market In the US, sales rebates are paid in connection with public healthcare insurance programmes, including Medicare and Medicaid, as well as rebates to pharmacy benefit managers (PBMs) and managed healthcare plans. Key customers in the US include private payers, PBMs and government payers. PBMs and managed healthcare plans play a role in negotiating price concessions with drug manufacturers for both the commercial and government channels, and determine which drugs are covered on their formularies (or 'preferred drug lists').US Managed Care and MedicareFor Managed Care and Medicare, rebates are offered to a number of PBMs and managed healthcare plans. These rebate programmes allow the customer to receive a rebate after attaining certain performance parameters relating to formulary status or pre-established market share thresholds. Rebate provisions are estimated according to the specific terms in each agreement, historical experience, anticipated channel mix, growth rates and market share information. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Managed Care and Medicare rebates are generally settled around 100 days from the transaction date.US wholesaler charge-backsWholesaler charge-backs relate to contractual arrangements between Novo Nordisk and indirect customers in the US whereby products are sold at contract prices lower than the list price originally charged to wholesalers. Chargeback provisions are estimated using a combination of factors such as historical experience, current wholesaler inventory levels, contract terms and the value of claims received but not yet processed. Wholesaler charge-backs are generally settled within 30 days after receipt of claim. In January 2021, Novo Nordisk changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk has recognised revenue related to the 340B Drug Pricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Refer to note 3.5 for a more elaborate description of the ongoing litigation related to the 340B Drug Pricing Program.US Medicaid rebatesMedicaid is a government insurance programme. Medicaid rebates have been estimated using a combination of historical experience, product and population growth, price changes and the impact of contracting strategies. The calculation also involves interpretation of relevant regulations that are subject to changes in interpretative guidance from government authorities. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Medicaid rebates are generally settled around 150 days from the transaction date.Other US and non-US discounts and sales returnsOther discounts are provided to distributors, wholesalers, hospitals, pharmacies, etc. They are usually linked to sales volume or provided as cash discounts. Discounts are calculated based on historical data and recorded as a reduction in gross sales at the time the related sales are recorded. Sales returns relate to damaged or expired products. Other net sales disclosuresIn 2023, Novo Nordisk had 3 major wholesalers distributing products in the US, representing 22%, 17% and 15% respectively of global net sales (19%, 14% and 13% in 2022 and 18%, 13% and 13% in 2021). Sales to these 3 wholesalers are within both Diabetes and Obesity care and Rare disease.Net sales to be recognised from fulfilling existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 3,166 million within 12 months (DKK 1,835 million in 2022) and DKK 443 million thereafter (DKK 798 million in 2022).Novo Nordisk's sales are impacted by exchange rate changes. Refer to note 4.4 for development in key exchange rates.ACCOUNTING POLICIES Revenue from sale of goods is recognised when Novo Nordisk has transferred control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired. Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.The impact of foreign currency hedging in the income statement is recognised as part of financial items. Refer to notes 4.4, 4.5 and 4.10 for more details on hedging.KEY ACCOUNTING ESTIMATES OF SALES DEDUCTIONS AND PROVISIONS FOR SALES REBATESSales deductions are estimated and provided for at the time the related sales are recorded. These estimates of unsettled rebate, discount and product return obligations is considered a key accounting estimate as not all conditions are known at the time of sale, for example total sales volume to a given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the basis of a percentage of sales for each product as defined by the contracts with the various customer groups. Provisions for sales rebates are adjusted to actual amounts as rebates, discounts and returns are processed. Revenue related to the 340B Drug Pricing Program can only be recognised to the extent that it is highly probable that a significant reversal of the recognised revenue will not occur. Significant estimation is required to determine the amount of revenue to recognise. Management has considered interpretations of applicable laws, whether the consideration is highly susceptible to factors outside Novo Nordisk's influence, as well as the experience of historical claims. Refer to note 3.5 for information on the ongoing litigation related to the 340B Drug Pricing Program.Novo Nordisk considers the provisions established for sales rebates to be reasonable and appropriate based on the information currently available. However, the actual amount of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available.2.2 Segment information Business segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2023 2022 2021 2023 2022 2021 2023 2022 2021Net sales 215,098 156,412 121,597 17,163 20,542 19,203 232,261 176,954 140,800Cost of goods sold (30,483) (23,405) (19,363) (5,282) (5,043) (4,295) (35,765) (28,448) (23,658)Sales and distribution costs (52,477) (42,392) (33,791) (4,266) (3,825) (3,217) (56,743) (46,217) (37,008)Research and development costs (28,073) (20,157) (15,600) (4,370) (3,890) (2,172) (32,443) (24,047) (17,772)Administrative costs (4,435) (3,955) (3,504) (420) (512) (546) (4,855) (4,467) (4,050)Other operating income and expenses (7) 892 199 126 142 133 119 1,034 332Segment operating profit 99,623 67,395 49,538 2,951 7,414 9,106 102,574 74,809 58,644Operating margin 46.3% 43.1% 40.7% 17.2% 36.1% 47.4% 44.2% 42.3% 41.7%Depreciation, amortisation and impairment losses expensed (8,195) (5,701) (4,895) (1,218) (1,661) (1,130) (9,413) (7,362) (6,025)Business segments Novo Nordisk operates in two business segments based on therapies: Diabetes and Obesity care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas:\u2022 Diabetes and Obesity care: diabetes, obesity, cardiovascular and emerging therapy areas\u2022 Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.Segment performance is evaluated on the basis of operating profit, consistent with the consolidated financial statements. Financial income and expenses and income taxes are managed at Group level and are not allocated to business segments. There are no sales or other transactions between the business segments. Costs have generally been split between business segments according to a specific allocation. Certain corporate overhead costs are allocated between segments based on overall allocation keys. Other operating income and expenses have been allocated to the two segments based on the same principle. ACCOUNTING POLICIES Operating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.Geographical areasIn 2023, Novo Nordisk operated in two main commercial units:\u2022 International Operations\u2022 EMEA: Europe, the Middle East and Africa.\u2022 China: Mainland China, Hong Kong and Taiwan.\u2022 Rest of World: All other countries except for North America.\u2022 North America Operations (the US and Canada).In 2023, the US contributed 10% or more of total net sales. In 2022, the US also contributed 10% or more of total net sales. The country of domicile is Denmark, which is part of EMEA. Denmark is immaterial to Novo Nordisk's activities in terms of sales as 99.2% of total net sales are realised outside Denmark (99.8 % in 2022). Sales are attributed to geographical areas according to the location of the customer. Out of total property, plant and equipment and intangible assets of DKK 151,367 million (DKK 117,610 million in 2022), DKK 82,274 million is located in Denmark (DKK 54,492 million in 2022) and DKK 46,609 million is located in the US (DKK 44,267 million in 2022) where the majority of production facilities and intangible assets are located. Refer to note 5.7 for an overview of companies in the Novo Nordisk Group based on geographical areas.Net sales \u2013 Business segments and geographical areasTotal International Operations Total North America Operations Total Novo Nordisk net salesTotal IO EMEA China Rest of World Total NAO USDKK million 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021Diabetes and Obesity care segment:Rybelsus\u00ae7,389 3,155 524 4,232 1,714 289 131 63 \u2014 3,026 1,378 235 11,361 8,144 4,314 11,060 8,011 4,243 18,750 11,299 4,838Ozempic\u00ae26,378 17,369 8,856 14,327 10,417 6,393 4,821 2,196 303 7,230 4,756 2,160 69,340 42,381 24,849 63,010 38,750 23,168 95,718 59,750 33,705Victoza\u00ae4,850 5,672 6,726 2,166 2,724 3,527 1,256 1,478 1,544 1,428 1,470 1,655 3,814 6,650 8,328 3,613 6,406 8,031 8,664 12,322 15,054Total GLP-1 38,617 26,196 16,106 20,725 14,855 10,209 6,208 3,737 1,847 11,684 7,604 4,050 84,515 57,175 37,491 77,683 53,167 35,442 123,132 83,371 53,597Long-acting insulin 11,339 11,403 11,074 7,103 7,157 6,729 1,649 1,636 2,080 2,587 2,610 2,265 3,566 5,338 6,990 2,931 4,685 6,412 14,905 16,741 18,064\u2022 of which Tresiba\u00ae5,864 6,092 5,486 3,435 3,485 2,979 848 1,050 1,095 1,581 1,557 1,412 1,888 3,261 4,243 1,333 2,723 3,793 7,752 9,353 9,729\u2022 of which Xultophy\u00ae2,887 2,400 2,135 1,831 1,716 1,693 409 45 3 647 639 439 332 409 522 325 399 512 3,219 2,809 2,657\u2022 of which Levemir\u00ae2,588 2,911 3,453 1,837 1,956 2,057 392 541 982 359 414 414 1,346 1,668 2,225 1,273 1,563 2,107 3,934 4,579 5,678Premix insulin 9,342 10,023 10,512 2,570 2,622 2,879 4,441 4,912 5,224 2,331 2,489 2,409 232 539 691 216 517 665 9,574 10,562 11,203\u2022 of which Ryzodeg\u00ae3,730 2,889 1,711 587 495 392 1,965 1,218 283 1,178 1,176 1,036 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 3,730 2,889 1,711\u2022 of which NovoMix\u00ae5,612 7,134 8,801 1,983 2,127 2,487 2,476 3,694 4,941 1,153 1,313 1,373 232 539 691 216 517 665 5,844 7,673 9,492Fast-acting insulin 10,415 10,826 10,903 6,695 6,456 6,454 1,545 1,942 2,288 2,175 2,428 2,161 5,534 6,637 6,784 5,265 6,247 6,357 15,949 17,463 17,687\u00ae1,512 1,354 1,106 1,266 1,138 965 \u2014 \u2014 \u2014 246 216 141 661 649 642 618 606 605 2,173 2,003 1,748\u2022 of which Fiasp\u2022 of which NovoRapid\u00ae8,903 9,472 9,797 5,429 5,318 5,489 1,545 1,942 2,288 1,929 2,212 2,020 4,873 5,988 6,142 4,647 5,641 5,752 13,776 15,460 15,939Human insulin 6,134 6,508 7,453 1,919 1,983 2,152 1,213 1,812 2,692 3,002 2,713 2,609 1,460 1,678 1,599 1,406 1,605 1,515 7,594 8,186 9,052Total insulin 37,230 38,760 39,942 18,287 18,218 18,214 8,848 10,302 12,284 10,095 10,240 9,444 10,792 14,192 16,064 9,818 13,054 14,94948,022 52,952 56,006Other Diabetes care 1,987 2,428 2,644 661 717 713 892 1,181 1,432 434 530 499 325 797 950 267 660 806 2,312 3,225 3,594Total Diabetes care 77,834 67,384 58,692 39,673 33,790 29,136 15,948 15,220 15,563 22,213 18,374 13,993 95,632 72,164 54,505 87,768 66,881 51,197 173,466 139,548 113,197Wegovy\u00ae1,913 54 \u2014 1,913 54 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 29,430 6,134 1,386 29,430 6,134 1,386 31,343 6,188 1,386Saxenda\u00ae6,402 5,832 3,117 3,780 3,561 1,809 146 133 61 2,476 2,138 1,247 3,887 4,844 3,897 3,306 4,368 3,526 10,289 10,676 7,014Total Obesity care 8,315 5,886 3,117 5,693 3,615 1,809 146 133 61 2,476 2,138 1,247 33,317 10,978 5,283 32,736 10,502 4,912 41,632 16,864 8,400Diabetes and Obesity care total 86,149 73,270 61,809 45,366 37,405 30,945 16,094 15,353 15,624 24,689 20,512 15,240 128,949 83,142 59,788 120,504 77,383 56,109 215,098 156,412 121,597Rare disease segment: Rare blood disorders 6,432 6,671 5,784 4,021 3,795 3,712 372 604 222 2,039 2,272 1,850 5,344 5,035 4,433 5,070 4,710 4,170 11,776 11,706 10,217\u2022 of which Haemophilia A 1,939 1,769 1,625 1,271 1,137 1,162 223 81 24 445 551 439 483 569 487 468 543 460 2,422 2,338 2,112\u2022 of which Haemophilia B 584 479 400 377 294 268 13 13 4 194 172 128 477 280 237 336 152 102 1,061 759 637\u2022 of which NovoSeven\u00ae3,789 4,335 3,673 2,285 2,311 2,225 136 510 194 1,368 1,514 1,254 4,169 3,973 3,548 4,065 3,811 3,461 7,958 8,308 7,221Rare endocrine disorders 2,045 4,904 4,880 699 2,232 2,212 216 246 167 1,130 2,426 2,501 1,791 2,234 2,423 1,757 2,205 2,400 3,836 7,138 7,303Other Rare disease 1,006 1,002 1,064 781 804 837 5 6 6 220 192 221 545 696 619 203 358 330 1,551 1,698 1,683Rare disease total 9,483 12,577 11,728 5,501 6,831 6,761 593 856 395 3,389 4,890 4,572 7,680 7,965 7,475 7,030 7,273 6,900 17,163 20,542 19,203Total sales by geographical area 95,632 85,847 73,537 50,867 44,236 37,706 16,687 16,209 16,019 28,078 25,402 19,812 136,629 91,107 67,263 127,534 84,656 63,009 232,261 176,954 140,800Total sales growth as reported 11.4% 16.7% 11.7% 15.0% 17.3% 9.9% 2.9% 1.2% 13.7% 10.5% 28.2% 13.5% 50.0% 35.4% 10.1% 50.6% 34.4% 9.0% 31.3% 25.7% 10.9%",
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"s13_notesesefdkgaap__8__67": {
"value": "Sales discounts and sales rebates are predominantly issued in the US. As such, rebates amount to 74% of gross sales in the US (75% in 2022 and 75% in 2021). Provisions for sales rebates include US Managed Care, Medicare, Medicaid, 340B Drug Pricing Program and other US rebate types, as well as rebates in a number of European countries and Canada.Pricing mechanisms in the US market In the US, sales rebates are paid in connection with public healthcare insurance programmes, including Medicare and Medicaid, as well as rebates to pharmacy benefit managers (PBMs) and managed healthcare plans. Key customers in the US include private payers, PBMs and government payers. PBMs and managed healthcare plans play a role in negotiating price concessions with drug manufacturers for both the commercial and government channels, and determine which drugs are covered on their formularies (or 'preferred drug lists').US Managed Care and MedicareFor Managed Care and Medicare, rebates are offered to a number of PBMs and managed healthcare plans. These rebate programmes allow the customer to receive a rebate after attaining certain performance parameters relating to formulary status or pre-established market share thresholds. Rebate provisions are estimated according to the specific terms in each agreement, historical experience, anticipated channel mix, growth rates and market share information. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Managed Care and Medicare rebates are generally settled around 100 days from the transaction date.US wholesaler charge-backsWholesaler charge-backs relate to contractual arrangements between Novo Nordisk and indirect customers in the US whereby products are sold at contract prices lower than the list price originally charged to wholesalers. Chargeback provisions are estimated using a combination of factors such as historical experience, current wholesaler inventory levels, contract terms and the value of claims received but not yet processed. Wholesaler charge-backs are generally settled within 30 days after receipt of claim. In January 2021, Novo Nordisk changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk has recognised revenue related to the 340B Drug Pricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Refer to note 3.5 for a more elaborate description of the ongoing litigation related to the 340B Drug Pricing Program.US Medicaid rebatesMedicaid is a government insurance programme. Medicaid rebates have been estimated using a combination of historical experience, product and population growth, price changes and the impact of contracting strategies. The calculation also involves interpretation of relevant regulations that are subject to changes in interpretative guidance from government authorities. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Medicaid rebates are generally settled around 150 days from the transaction date.Other US and non-US discounts and sales returnsOther discounts are provided to distributors, wholesalers, hospitals, pharmacies, etc. They are usually linked to sales volume or provided as cash discounts. Discounts are calculated based on historical data and recorded as a reduction in gross sales at the time the related sales are recorded. Sales returns relate to damaged or expired products. Other net sales disclosuresIn 2023, Novo Nordisk had 3 major wholesalers distributing products in the US, representing 22%, 17% and 15% respectively of global net sales (19%, 14% and 13% in 2022 and 18%, 13% and 13% in 2021). Sales to these 3 wholesalers are within both Diabetes and Obesity care and Rare disease.Net sales to be recognised from fulfilling existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 3,166 million within 12 months (DKK 1,835 million in 2022) and DKK 443 million thereafter (DKK 798 million in 2022).Novo Nordisk's sales are impacted by exchange rate changes. Refer to note 4.4 for development in key exchange rates.ACCOUNTING POLICIES Revenue from sale of goods is recognised when Novo Nordisk has transferred control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired. Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.The impact of foreign currency hedging in the income statement is recognised as part of financial items. Refer to notes 4.4, 4.5 and 4.10 for more details on hedging.KEY ACCOUNTING ESTIMATES OF SALES DEDUCTIONS AND PROVISIONS FOR SALES REBATESSales deductions are estimated and provided for at the time the related sales are recorded. These estimates of unsettled rebate, discount and product return obligations is considered a key accounting estimate as not all conditions are known at the time of sale, for example total sales volume to a given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the basis of a percentage of sales for each product as defined by the contracts with the various customer groups. Provisions for sales rebates are adjusted to actual amounts as rebates, discounts and returns are processed. Revenue related to the 340B Drug Pricing Program can only be recognised to the extent that it is highly probable that a significant reversal of the recognised revenue will not occur. Significant estimation is required to determine the amount of revenue to recognise. Management has considered interpretations of applicable laws, whether the consideration is highly susceptible to factors outside Novo Nordisk's influence, as well as the experience of historical claims. Refer to note 3.5 for information on the ongoing litigation related to the 340B Drug Pricing Program.Novo Nordisk considers the provisions established for sales rebates to be reasonable and appropriate based on the information currently available. However, the actual amount of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available.",
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"s13_notesesefdkgaap__8__56-1": {
"value": "KEY ACCOUNTING ESTIMATES OF SALES DEDUCTIONS AND PROVISIONS FOR SALES REBATESSales deductions are estimated and provided for at the time the related sales are recorded. These estimates of unsettled rebate, discount and product return obligations is considered a key accounting estimate as not all conditions are known at the time of sale, for example total sales volume to a given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the basis of a percentage of sales for each product as defined by the contracts with the various customer groups. Provisions for sales rebates are adjusted to actual amounts as rebates, discounts and returns are processed. Revenue related to the 340B Drug Pricing Program can only be recognised to the extent that it is highly probable that a significant reversal of the recognised revenue will not occur. Significant estimation is required to determine the amount of revenue to recognise. Management has considered interpretations of applicable laws, whether the consideration is highly susceptible to factors outside Novo Nordisk's influence, as well as the experience of historical claims. Refer to note 3.5 for information on the ongoing litigation related to the 340B Drug Pricing Program.Novo Nordisk considers the provisions established for sales rebates to be reasonable and appropriate based on the information currently available. However, the actual amount of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available.KEY ACCOUNTING ESTIMATES REGARDING DEFERRED INCOME TAX ASSETS AND PROVISIONS FOR UNCERTAIN TAX POSITIONSManagement has considered future taxable income and has estimated the amount of deferred income tax assets that should be recognised. The estimate is based on an assessment of whether sufficient taxable income will be available in the future, againstwhich the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 360 million in 2023 (DKK 318 million in 2022).In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management has estimated the expected outcome of the disputes by using the \u2018most likely outcome\u2019 method to determine the provisions for uncertain tax positions. Management considers the provisions made to be adequate. However, the actual obligation may deviate and depends on the result of litigation and settlements with the relevant tax authorities.KEY ACCOUNTING ESTIMATES ON INTANGIBLE ASSETSImpairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. When collaboration agreements contain elements of acquisition of intangible assets and research and development activities to be performed by the counterpart, Management estimates the allocation of payments that should be deferred to the acquisition of intangible assets and prepaid research and development activities respectively.KEY ACCOUNTING ESTIMATES REGARDING ONGOING LEGAL DISPUTES, LITIGATION AND INVESTIGATIONSProvisions for legal disputes consist of various types of provisions linked to ongoing legal disputes. Management makes estimates regarding provisions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently uncertain future events. When determining likely outcomes of litigation, etc., Management considers the input of external counsel on each case, as well as known outcomes in case law. Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.KEY ACCOUNTING ESTIMATES IN DETERMINING THE FAIR VALUE OF INTANGIBLE ASSETS The application of the acquisition method involves the use of significant estimates because the identifiable net assets of the acquiree are recognised at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows. For the 2022 acquisition of Forma Therapeutics Holdings, Inc. valuations of intellectual property rights were based on estimated and risk adjusted net present value of future cash flows.Key accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements. Given the uncertainties inherent in Novo Nordisk\u2019s business activities, Management must make certain estimates regarding valuation and make judgements on the reported amounts of assets, liabilities, net sales, expenses and related disclosures.The key accounting estimates identified are those that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities in the following reporting period. An example being the estimation of US sales deductions and provisions for sales rebates. When determining estimates and assumptions, Management has assessed the qualitative and quantitative impact of climate-related matters. It is Management\u2019s assessment that the effect of climate-related matters does not significantly impact estimates and assumptions.Management bases its estimates on historical experience and various other assumptions that are held to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. If necessary, changes are recognised in the period in which the estimate is revised. Management considers the key accounting estimates to be reasonable and appropriate based on currently available information. The actual amounts may differ from the amounts estimated as more detailed information becomes available. In addition, Management may make certain judgements in the process of applying the entity\u2019s accounting policies, for example the classification of a transaction as an asset acquisition or a business combination.Management regards those listed below as the key accounting estimates applied in the preparation of the consolidated financial statements. Refer to the specific notes for further information on the key accounting estimates as well as assumptions applied. Management did not identify material judgements made in the current reporting period apart from those involving estimations.Key accounting estimates Risk Note(s)Estimate of US sales deductions and provisions for sales rebates High 2.1, 3.5Estimate in determining the fair value of intangible assets and assessment of impairment of intangible assets Medium 3.1Estimate regarding deferred income tax assets and provision for uncertain tax positions Medium 2.6Estimate of ongoing legal disputes, litigation and investigations Medium 3.5",
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},
"s13_notesesefdkgaap__8__73": {
"value": "2.2 Segment information Business segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2023 2022 2021 2023 2022 2021 2023 2022 2021Net sales 215,098 156,412 121,597 17,163 20,542 19,203 232,261 176,954 140,800Cost of goods sold (30,483) (23,405) (19,363) (5,282) (5,043) (4,295) (35,765) (28,448) (23,658)Sales and distribution costs (52,477) (42,392) (33,791) (4,266) (3,825) (3,217) (56,743) (46,217) (37,008)Research and development costs (28,073) (20,157) (15,600) (4,370) (3,890) (2,172) (32,443) (24,047) (17,772)Administrative costs (4,435) (3,955) (3,504) (420) (512) (546) (4,855) (4,467) (4,050)Other operating income and expenses (7) 892 199 126 142 133 119 1,034 332Segment operating profit 99,623 67,395 49,538 2,951 7,414 9,106 102,574 74,809 58,644Operating margin 46.3% 43.1% 40.7% 17.2% 36.1% 47.4% 44.2% 42.3% 41.7%Depreciation, amortisation and impairment losses expensed (8,195) (5,701) (4,895) (1,218) (1,661) (1,130) (9,413) (7,362) (6,025)Business segments Novo Nordisk operates in two business segments based on therapies: Diabetes and Obesity care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas:\u2022 Diabetes and Obesity care: diabetes, obesity, cardiovascular and emerging therapy areas\u2022 Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.Segment performance is evaluated on the basis of operating profit, consistent with the consolidated financial statements. Financial income and expenses and income taxes are managed at Group level and are not allocated to business segments. There are no sales or other transactions between the business segments. Costs have generally been split between business segments according to a specific allocation. Certain corporate overhead costs are allocated between segments based on overall allocation keys. Other operating income and expenses have been allocated to the two segments based on the same principle. ACCOUNTING POLICIES Operating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__72-1": {
"value": "2.2 Segment information Business segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2023 2022 2021 2023 2022 2021 2023 2022 2021Net sales 215,098 156,412 121,597 17,163 20,542 19,203 232,261 176,954 140,800Cost of goods sold (30,483) (23,405) (19,363) (5,282) (5,043) (4,295) (35,765) (28,448) (23,658)Sales and distribution costs (52,477) (42,392) (33,791) (4,266) (3,825) (3,217) (56,743) (46,217) (37,008)Research and development costs (28,073) (20,157) (15,600) (4,370) (3,890) (2,172) (32,443) (24,047) (17,772)Administrative costs (4,435) (3,955) (3,504) (420) (512) (546) (4,855) (4,467) (4,050)Other operating income and expenses (7) 892 199 126 142 133 119 1,034 332Segment operating profit 99,623 67,395 49,538 2,951 7,414 9,106 102,574 74,809 58,644Operating margin 46.3% 43.1% 40.7% 17.2% 36.1% 47.4% 44.2% 42.3% 41.7%Depreciation, amortisation and impairment losses expensed (8,195) (5,701) (4,895) (1,218) (1,661) (1,130) (9,413) (7,362) (6,025)Business segments Novo Nordisk operates in two business segments based on therapies: Diabetes and Obesity care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas:\u2022 Diabetes and Obesity care: diabetes, obesity, cardiovascular and emerging therapy areas\u2022 Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.Segment performance is evaluated on the basis of operating profit, consistent with the consolidated financial statements. Financial income and expenses and income taxes are managed at Group level and are not allocated to business segments. There are no sales or other transactions between the business segments. Costs have generally been split between business segments according to a specific allocation. Certain corporate overhead costs are allocated between segments based on overall allocation keys. Other operating income and expenses have been allocated to the two segments based on the same principle. ACCOUNTING POLICIES Operating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.2.3 Research and development costsDKK million 2023 2022 2021Employee costs (note 2.4) 12,429 9,952 7,328Amortisation and impairment losses, intangible assets (note 3.1) 1,757 1,364 744Depreciation and impairment losses, property, plant and equipment (note 3.2) 1,313 922 736Clinical trial cost 9,468 6,313 4,214Other research and development costs 7,476 5,496 4,750Total research and development costs 32,443 24,047 17,772As percentage of net sales 14.0% 13.6% 12.6%Novo Nordisk's research and development is mainly focused on:\u2022 Insulins, GLP-1s and other therapeutic compounds for diabetes treatment\u2022 GLP-1s, combinations and new modes of action for Obesity care\u2022 Blood-clotting factors and new modes of action for treatment of haemophilia and other rare blood disorders\u2022 Novel targets within cardiovascular disease focusing on ASCVD and Heart failure\u2022 Human growth hormone and new modes of action for treatment of growth disorders and other rare endocrine disorders\u2022 New indications with existing assets within MASH, Alzheimer\u2019s disease and chronic kidney disease\u2022 Research technology platforms including cell therapy and RNAi for treatment of MASH, cardiovascular disease, chronic kidney disease and Parkinson's disease, among othersThe research activities mainly utilise biotechnological methods based on advanced protein chemistry and protein engineering. These methods have played a key role in the development of the production technology used to manufacture insulin, GLP-1, recombinant blood-clotting factors and human growth hormone. Research activities further utilise new technology platforms including stem cells, gene therapy, small molecules and RNAi therapies.Research and development activities are mainly carried out by Novo Nordisk's research and development centres, in Denmark, the US, the UK and China. Clinical trials are carried out all over the world. Novo Nordisk also enters into partnerships and licence agreements.Other research and development costs mainly comprise external consulting fees, IT services, facilities, consumables and other internal costs.ACCOUNTING POLICIES Novo Nordisk expenses all research costs. Due to significant regulatory uncertainties and other uncertainties inherent in the development of new products, internal and subcontracted development costs are also expensed as they are incurred, in line with industry practice. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internaland external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, deprecia-tion and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. Royalty expenses paid to partners after regulatory approval are also expensed as cost of goods sold.Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__70": {
"value": "2.2 Segment information Business segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2023 2022 2021 2023 2022 2021 2023 2022 2021Net sales 215,098 156,412 121,597 17,163 20,542 19,203 232,261 176,954 140,800Cost of goods sold (30,483) (23,405) (19,363) (5,282) (5,043) (4,295) (35,765) (28,448) (23,658)Sales and distribution costs (52,477) (42,392) (33,791) (4,266) (3,825) (3,217) (56,743) (46,217) (37,008)Research and development costs (28,073) (20,157) (15,600) (4,370) (3,890) (2,172) (32,443) (24,047) (17,772)Administrative costs (4,435) (3,955) (3,504) (420) (512) (546) (4,855) (4,467) (4,050)Other operating income and expenses (7) 892 199 126 142 133 119 1,034 332Segment operating profit 99,623 67,395 49,538 2,951 7,414 9,106 102,574 74,809 58,644Operating margin 46.3% 43.1% 40.7% 17.2% 36.1% 47.4% 44.2% 42.3% 41.7%Depreciation, amortisation and impairment losses expensed (8,195) (5,701) (4,895) (1,218) (1,661) (1,130) (9,413) (7,362) (6,025)Business segments Novo Nordisk operates in two business segments based on therapies: Diabetes and Obesity care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas:\u2022 Diabetes and Obesity care: diabetes, obesity, cardiovascular and emerging therapy areas\u2022 Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.Segment performance is evaluated on the basis of operating profit, consistent with the consolidated financial statements. Financial income and expenses and income taxes are managed at Group level and are not allocated to business segments. There are no sales or other transactions between the business segments. Costs have generally been split between business segments according to a specific allocation. Certain corporate overhead costs are allocated between segments based on overall allocation keys. Other operating income and expenses have been allocated to the two segments based on the same principle. ACCOUNTING POLICIES Operating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.Geographical areasIn 2023, Novo Nordisk operated in two main commercial units:\u2022 International Operations\u2022 EMEA: Europe, the Middle East and Africa.\u2022 China: Mainland China, Hong Kong and Taiwan.\u2022 Rest of World: All other countries except for North America.\u2022 North America Operations (the US and Canada).In 2023, the US contributed 10% or more of total net sales. In 2022, the US also contributed 10% or more of total net sales. The country of domicile is Denmark, which is part of EMEA. Denmark is immaterial to Novo Nordisk's activities in terms of sales as 99.2% of total net sales are realised outside Denmark (99.8 % in 2022). Sales are attributed to geographical areas according to the location of the customer. Out of total property, plant and equipment and intangible assets of DKK 151,367 million (DKK 117,610 million in 2022), DKK 82,274 million is located in Denmark (DKK 54,492 million in 2022) and DKK 46,609 million is located in the US (DKK 44,267 million in 2022) where the majority of production facilities and intangible assets are located. Refer to note 5.7 for an overview of companies in the Novo Nordisk Group based on geographical areas.Net sales \u2013 Business segments and geographical areasTotal International Operations Total North America Operations Total Novo Nordisk net salesTotal IO EMEA China Rest of World Total NAO USDKK million 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021Diabetes and Obesity care segment:Rybelsus\u00ae7,389 3,155 524 4,232 1,714 289 131 63 \u2014 3,026 1,378 235 11,361 8,144 4,314 11,060 8,011 4,243 18,750 11,299 4,838Ozempic\u00ae26,378 17,369 8,856 14,327 10,417 6,393 4,821 2,196 303 7,230 4,756 2,160 69,340 42,381 24,849 63,010 38,750 23,168 95,718 59,750 33,705Victoza\u00ae4,850 5,672 6,726 2,166 2,724 3,527 1,256 1,478 1,544 1,428 1,470 1,655 3,814 6,650 8,328 3,613 6,406 8,031 8,664 12,322 15,054Total GLP-1 38,617 26,196 16,106 20,725 14,855 10,209 6,208 3,737 1,847 11,684 7,604 4,050 84,515 57,175 37,491 77,683 53,167 35,442 123,132 83,371 53,597Long-acting insulin 11,339 11,403 11,074 7,103 7,157 6,729 1,649 1,636 2,080 2,587 2,610 2,265 3,566 5,338 6,990 2,931 4,685 6,412 14,905 16,741 18,064\u2022 of which Tresiba\u00ae5,864 6,092 5,486 3,435 3,485 2,979 848 1,050 1,095 1,581 1,557 1,412 1,888 3,261 4,243 1,333 2,723 3,793 7,752 9,353 9,729\u2022 of which Xultophy\u00ae2,887 2,400 2,135 1,831 1,716 1,693 409 45 3 647 639 439 332 409 522 325 399 512 3,219 2,809 2,657\u2022 of which Levemir\u00ae2,588 2,911 3,453 1,837 1,956 2,057 392 541 982 359 414 414 1,346 1,668 2,225 1,273 1,563 2,107 3,934 4,579 5,678Premix insulin 9,342 10,023 10,512 2,570 2,622 2,879 4,441 4,912 5,224 2,331 2,489 2,409 232 539 691 216 517 665 9,574 10,562 11,203\u2022 of which Ryzodeg\u00ae3,730 2,889 1,711 587 495 392 1,965 1,218 283 1,178 1,176 1,036 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 3,730 2,889 1,711\u2022 of which NovoMix\u00ae5,612 7,134 8,801 1,983 2,127 2,487 2,476 3,694 4,941 1,153 1,313 1,373 232 539 691 216 517 665 5,844 7,673 9,492Fast-acting insulin 10,415 10,826 10,903 6,695 6,456 6,454 1,545 1,942 2,288 2,175 2,428 2,161 5,534 6,637 6,784 5,265 6,247 6,357 15,949 17,463 17,687\u00ae1,512 1,354 1,106 1,266 1,138 965 \u2014 \u2014 \u2014 246 216 141 661 649 642 618 606 605 2,173 2,003 1,748\u2022 of which Fiasp\u2022 of which NovoRapid\u00ae8,903 9,472 9,797 5,429 5,318 5,489 1,545 1,942 2,288 1,929 2,212 2,020 4,873 5,988 6,142 4,647 5,641 5,752 13,776 15,460 15,939Human insulin 6,134 6,508 7,453 1,919 1,983 2,152 1,213 1,812 2,692 3,002 2,713 2,609 1,460 1,678 1,599 1,406 1,605 1,515 7,594 8,186 9,052Total insulin 37,230 38,760 39,942 18,287 18,218 18,214 8,848 10,302 12,284 10,095 10,240 9,444 10,792 14,192 16,064 9,818 13,054 14,94948,022 52,952 56,006Other Diabetes care 1,987 2,428 2,644 661 717 713 892 1,181 1,432 434 530 499 325 797 950 267 660 806 2,312 3,225 3,594Total Diabetes care 77,834 67,384 58,692 39,673 33,790 29,136 15,948 15,220 15,563 22,213 18,374 13,993 95,632 72,164 54,505 87,768 66,881 51,197 173,466 139,548 113,197Wegovy\u00ae1,913 54 \u2014 1,913 54 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 29,430 6,134 1,386 29,430 6,134 1,386 31,343 6,188 1,386Saxenda\u00ae6,402 5,832 3,117 3,780 3,561 1,809 146 133 61 2,476 2,138 1,247 3,887 4,844 3,897 3,306 4,368 3,526 10,289 10,676 7,014Total Obesity care 8,315 5,886 3,117 5,693 3,615 1,809 146 133 61 2,476 2,138 1,247 33,317 10,978 5,283 32,736 10,502 4,912 41,632 16,864 8,400Diabetes and Obesity care total 86,149 73,270 61,809 45,366 37,405 30,945 16,094 15,353 15,624 24,689 20,512 15,240 128,949 83,142 59,788 120,504 77,383 56,109 215,098 156,412 121,597Rare disease segment: Rare blood disorders 6,432 6,671 5,784 4,021 3,795 3,712 372 604 222 2,039 2,272 1,850 5,344 5,035 4,433 5,070 4,710 4,170 11,776 11,706 10,217\u2022 of which Haemophilia A 1,939 1,769 1,625 1,271 1,137 1,162 223 81 24 445 551 439 483 569 487 468 543 460 2,422 2,338 2,112\u2022 of which Haemophilia B 584 479 400 377 294 268 13 13 4 194 172 128 477 280 237 336 152 102 1,061 759 637\u2022 of which NovoSeven\u00ae3,789 4,335 3,673 2,285 2,311 2,225 136 510 194 1,368 1,514 1,254 4,169 3,973 3,548 4,065 3,811 3,461 7,958 8,308 7,221Rare endocrine disorders 2,045 4,904 4,880 699 2,232 2,212 216 246 167 1,130 2,426 2,501 1,791 2,234 2,423 1,757 2,205 2,400 3,836 7,138 7,303Other Rare disease 1,006 1,002 1,064 781 804 837 5 6 6 220 192 221 545 696 619 203 358 330 1,551 1,698 1,683Rare disease total 9,483 12,577 11,728 5,501 6,831 6,761 593 856 395 3,389 4,890 4,572 7,680 7,965 7,475 7,030 7,273 6,900 17,163 20,542 19,203Total sales by geographical area 95,632 85,847 73,537 50,867 44,236 37,706 16,687 16,209 16,019 28,078 25,402 19,812 136,629 91,107 67,263 127,534 84,656 63,009 232,261 176,954 140,800Total sales growth as reported 11.4% 16.7% 11.7% 15.0% 17.3% 9.9% 2.9% 1.2% 13.7% 10.5% 28.2% 13.5% 50.0% 35.4% 10.1% 50.6% 34.4% 9.0% 31.3% 25.7% 10.9%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__75": {
"value": "ACCOUNTING POLICIES Operating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__74-1": {
"value": "Out of total property, plant and equipment and intangible assets of DKK 151,367 million (DKK 117,610 million in 2022), DKK 82,274 million is located in Denmark (DKK 54,492 million in 2022) and DKK 46,609 million is located in the US (DKK 44,267 million in 2022) where the majority of production facilities and intangible assets are located. Refer to note 5.7 for an overview of companies in the Novo Nordisk Group based on geographical areas.3.2 Property, plant and equipmentAssets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2023Cost at the beginning of the year 43,403 37,548 8,114 22,361 111,426Additions during the year 2,681 47 873 27,830 31,431Disposals during the year (690) (952) (624) (562) (2,828)Transfer and reclassifications 4,246 4,679 731 (9,656) \u2014Effect of exchange rate adjustment (650) (371) (115) (310) (1,446)Cost at the end of the year 48,990 40,951 8,979 39,663 138,583Depreciation and impairment losses at the beginning of the year 16,781 22,935 5,039 \u2014 44,755Depreciation for the year 2,450 1,919 1,086 \u2014 5,455Impairment losses for the year 6 118 24 562 710Depreciation and impairment losses reversed on disposals during the year (664) (942) (597) (562) (2,765)Effect of exchange rate adjustment (248) (196) (89) \u2014 (533)Depreciation and impairment losses at the end of the year 18,325 23,834 5,463 \u2014 47,622Carrying amount at the end of the year 30,665 17,117 3,516 39,663 90,9612022Cost at the beginning of the year 41,076 35,944 7,776 11,091 95,887Additions from acquisition of businesses (note 5.3) 297 2 14 \u2014 313Additions during the year 706 143 645 13,160 14,654Disposals during the year (205) (123) (621) (33) (982)Transfer and reclassifications 1,000 1,152 329 (2,481) \u2014Effect of exchange rate adjustment 529 430 (29) 624 1,554Cost at the end of the year 43,403 37,548 8,114 22,361 111,426Depreciation and impairment losses at the beginning of the year 14,669 21,138 4,718 \u2014 40,525Depreciation for the year 2,245 1,793 916 \u2014 4,954Impairment losses for the year 3 10 3 33 49Depreciation and impairment losses reversed on disposals during the year (188) (123) (615) (33) (959)Effect of exchange rate adjustment 52 117 17 \u2014 186Depreciation and impairment losses at the end of the year 16,781 22,935 5,039 \u2014 44,755Carrying amount at the end of the year 26,622 14,613 3,075 22,361 66,671Depreciation and impairment lossesDKK million 2023 2022 2021Cost of goods sold 3,968 3,229 2,836Sales and distribution costs 504 424 409Research and development costs 1,313 922 736Administrative costs 354 408 386Other operating income and expenses 26 20 19Total depreciation and impairment losses 6,165 5,003 4,386Of which related to leased assets 1,251 1,052 899Capital expenditure in the reporting period was primarily related to investments in facility upgrades and new production facilities for active pharmaceutical ingredients (API) for current and future diabetes and obesity care products, mainly in Kalundborg. The investments will establish additional capacity across the entire global value chain from manufacturing of API to assembly and packaging, with the majority being invested in API capacity. Leased property, plant and equipmentDKK million 2023 2022Land and buildings 5,157 3,544Other equipment 768 587Total 5,925 4,131Novo Nordisk mainly leases office buildings, warehouses, laboratories and vehicles. The right-of-use asset is presented in property, plant and equipment and the lease liability in borrowings. In 2023, the total amount recognised in the income statement related to leases was DKK 1,832 million (DKK 1,491 million in 2022 and DKK 1,303 million DKK 2021). The total cash outflow for leases amounted to DKK 2,022 million (DKK 1,438 million in 2022 and DKK 1,275 million in 2021). As of 31 December 2023, the lease liability of DKK 5,726 million excludes potential lease payments of DKK 4,051 million (undiscounted) related to optional lease term extension rights on properties that were not considered reasonably certain to be exercised (DKK 3,723 million in 2022). Refer to note 4.6 for a maturity analysis of lease payments and 5.2 for commitments not recognised in the balance sheet related to leases. ACCOUNTING POLICIES Property, plant and equipment is measured at historical cost less accumulated depreciations and any impairment loss. The cost of self-constructed assets includes costs directly attributable to the construction of the assets. Any subsequent cost is included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to Novo Nordisk, and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets (buildings: 12-50 years, plant and machinery: 5-25 years and other equipment: 3-10 years. Land is not depreciated). Climate-related matters, including the commitment to reach net zero emissions, were considered when estimating the useful lives of property, plant and equipment.Depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The asset's residual value and useful life is reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and develop-ment costs. For contracts which are, or contain, a lease, the Group recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, being the initial amount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and reduced by any impairment losses. The lease term determined by the Group is the non-cancellable period of a lease, together with extension/termination option, if these are reasonably certain to be exercised. For contracts with a rolling term (evergreen leases), the Group estimates the leasing period to be equal to the termination period, if no probable scenario exists for estimating the leasing period. If the lease liability is remeasured due to a change in future lease payments a corresponding adjustment is made to the right-of-use asset, or in the income statement when the right-of-use asset has been fully depreciated. For a description of accounting policies for lease liabilities, refer to note 4.9.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__80": {
"value": "2.4 Employee costsDKK million 2023 2022 2021Wages and salaries 42,867 34,575 28,939Share-based payment costs (note 5.1) 2,149 1,539 1,040Pensions \u2013 defined contribution plans 3,267 2,472 2,022Pensions \u2013 defined benefit plans 126 185 139Other social security contributions 3,039 2,713 2,203Other employee costs 4,066 3,105 2,189Total employee costs for the year 55,514 44,589 36,532Employee costs capitalised as intangible assets and property, plant and equipment (2,337) (1,451) (1,240)Change in employee costs capitalised as inventories (409) (70) (56)Total employee costsin the income statement 52,768 43,068 35,236Included in the income statement:Cost of goods sold 15,490 11,766 9,611Sales and distribution costs 20,810 17,700 15,003Research and development costs 12,429 9,952 7,328Administrative costs 3,962 3,517 3,098Other operating income and expenses 77 133 196Total employee costs in theincome statement 52,768 43,068 35,236Number of employeesNumber 2023 2022 2021Average number of full-time employees 59,552 51,046 46,171Year-end number of full-time employees 63,370 54,393 47,792Year-end employees (total) 64,319 55,185 48,478Remuneration to Executive Management and Board of Directors DKK million 2023 2022 2021Salary and short-term incentive 173 141 126Pension 17 13 12Benefits 19 9 101Long-term incentive121 97 100Severance payments \u2014 \u2014 292Executive Management in total330 260 2773Fees to Board of Directors22 20 17Total 352 280 2941. Refer to note 5.1 for further information on share-based payment schemes. 2. Total remuneration for persons registered as members of Executive Management with the Danish Business Authority amounts to DKK 195 million (DKK 175 million in 2022 and DKK 202 million in 2021). 3. All members of the Board of Directors are registered with the Danish Business Authority. ACCOUNTING POLICIESWages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated services are rendered by employees of Novo Nordisk. Where Novo Nordisk provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees concerned.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__81-1": {
"value": "Number of employeesNumber 2023 2022 2021Average number of full-time employees 59,552 51,046 46,171Year-end number of full-time employees 63,370 54,393 47,792Year-end employees (total) 64,319 55,185 48,4785.1 Share-based payment schemesShare-based payment expensed in the income statementDKK million 2023 2022 2021Restricted stock units to employees 365 265 189Long-term share-based incentive programme 1(Management Board)304 250 234Long-term share-based incentive programme (Management group below Management Board) 1,271 819 598Restricted stock units to individual employees 209 205 19Share-based payment expensed in the income statement 2,149 1,539 1,0401. In 2021, Novo Nordisk introduced a new share-based compensation programme with terms, which amortises the grant date valuation over three years (the 2020 programme was amortised over four years). The 2023 expense includes amortisation of the 2020, 2021, 2022 and 2023 programmes. Restricted stock units to employeesIn connection with Novo Nordisk's 100 year anniversary and in appreciation of the efforts of employees during recent years, as of 1 February 2023, all eligible employees in the company were offered 74 restricted stock units. Each restricted stock unit gives the holder the right to receive one Novo Nordisk B share free of charge in August 2026, subject to continued employment. The cost of the DKK 1,331 million programme is amortised over the vesting period. Long-term share-based incentive programmeManagement BoardDuring 2023, Management Board participated in four long-term incentive programmes (LTIP) which commenced in 2020, 2021, 2022 and 2023 respectively. The LTIPs commenced in 2021, 2022 and 2023 have a three-year performance period, subject to continued employment, and a subsequent two-year holding period. Targets are set at the beginning of the performance period and include determination of threshold, on-target level of performance and level of performance to achieve maximum allocation of shares. The maximum share allocation at grant cannot exceed 26 months\u2019 base salary for the CEO, 19.5 months\u2019 base salary for executive vice presidents and up to 15.6 months\u2019 base salary for senior vice presidents. Hence the LTIP is capped at a number of shares at the time of grant. Financial targets are set by the Board for a three-year period, and are linked to three-year average growth in sales and operating profit, while every year the Board has set the non-financial targets for a one-year period. All targets are aligned to Novo Nordisk\u2019s Strategic Aspirations 2025: Purpose and sustainability, Innovation and therapeutic focus, Commercial execution and Financials. Target achievement is assessed by the Board. The grant date of the 2023-programme was February 2023, and the share price used for the determining the grant date fair value of the award (DKK 456) was the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the period 2-16 February 2023, adjusted for the expected dividend. Based on the split of participants at the grant date, 46% of the allocated shares is be allocated to members of Executive Management and 54% to other members of the Management Board.The LTIP which commenced in 2020 is likewise subject to a three-year performance period in which the number of allocated shares may increase or decrease in line with performance, which is linked to financial targets, including sales growth and economic value creation, and non-financial targets, including achievement of clinical trial milestones and market authorisation for specific products. The maximum share allocation is capped in a similar way as the LTIPs described above.All restricted stock units and shares allocated to Management are settled by transfers of treasury shares at the time of vesting.Management group below the Management BoardThe Management group below the Management Board has a share-based incentive programme with similar performance criteria as Management Board. Financial targets are set by the Board for a three-year period, while the non-financial targets have been set by the Board each year.On 31 December 2023, a total of 18.9 million shares (21.4 million in 2022 and 19.8 million in 2021) were outstanding including all ongoing programmes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__77": {
"value": "2.3 Research and development costsDKK million 2023 2022 2021Employee costs (note 2.4) 12,429 9,952 7,328Amortisation and impairment losses, intangible assets (note 3.1) 1,757 1,364 744Depreciation and impairment losses, property, plant and equipment (note 3.2) 1,313 922 736Clinical trial cost 9,468 6,313 4,214Other research and development costs 7,476 5,496 4,750Total research and development costs 32,443 24,047 17,772As percentage of net sales 14.0% 13.6% 12.6%Novo Nordisk's research and development is mainly focused on:\u2022 Insulins, GLP-1s and other therapeutic compounds for diabetes treatment\u2022 GLP-1s, combinations and new modes of action for Obesity care\u2022 Blood-clotting factors and new modes of action for treatment of haemophilia and other rare blood disorders\u2022 Novel targets within cardiovascular disease focusing on ASCVD and Heart failure\u2022 Human growth hormone and new modes of action for treatment of growth disorders and other rare endocrine disorders\u2022 New indications with existing assets within MASH, Alzheimer\u2019s disease and chronic kidney disease\u2022 Research technology platforms including cell therapy and RNAi for treatment of MASH, cardiovascular disease, chronic kidney disease and Parkinson's disease, among othersThe research activities mainly utilise biotechnological methods based on advanced protein chemistry and protein engineering. These methods have played a key role in the development of the production technology used to manufacture insulin, GLP-1, recombinant blood-clotting factors and human growth hormone. Research activities further utilise new technology platforms including stem cells, gene therapy, small molecules and RNAi therapies.Research and development activities are mainly carried out by Novo Nordisk's research and development centres, in Denmark, the US, the UK and China. Clinical trials are carried out all over the world. Novo Nordisk also enters into partnerships and licence agreements.Other research and development costs mainly comprise external consulting fees, IT services, facilities, consumables and other internal costs.ACCOUNTING POLICIES Novo Nordisk expenses all research costs. Due to significant regulatory uncertainties and other uncertainties inherent in the development of new products, internal and subcontracted development costs are also expensed as they are incurred, in line with industry practice. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internaland external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, deprecia-tion and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. Royalty expenses paid to partners after regulatory approval are also expensed as cost of goods sold.Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__79": {
"value": "ACCOUNTING POLICIES Novo Nordisk expenses all research costs. Due to significant regulatory uncertainties and other uncertainties inherent in the development of new products, internal and subcontracted development costs are also expensed as they are incurred, in line with industry practice. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internaland external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, deprecia-tion and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. Royalty expenses paid to partners after regulatory approval are also expensed as cost of goods sold.Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__78-1": {
"value": "ACCOUNTING POLICIES Novo Nordisk expenses all research costs. Due to significant regulatory uncertainties and other uncertainties inherent in the development of new products, internal and subcontracted development costs are also expensed as they are incurred, in line with industry practice. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internaland external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, deprecia-tion and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. Royalty expenses paid to partners after regulatory approval are also expensed as cost of goods sold.Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.Depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The asset's residual value and useful life is reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and develop-ment costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__84": {
"value": "2.5 Other operating income and expensesACCOUNTING POLICIES Other operating income and expenses, comprises licence income and income of a secondary nature in relation to the main activities of Novo Nordisk. Licence income from royalties on net sales is recognised as the underlying customers' sale occurs and from sales milestones once the contingent sale milestone is achieved in accordance with the terms of the relevant agreement.Operating profit from the wholly owned subsidiary NNE A/S, not related to Novo Nordisk's main activities, is recognised as other operating income and expenses. Other operating income and expenses, also includes income from the sale of intellectual property rights as well as transaction costs incurred in connection with acquisition of businesses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__87": {
"value": "2.6 Income taxes and deferred income taxesIncome taxes expensed DKK million 2023 2022 2021Current tax on profit for the year 25,918 17,829 13,871Deferred tax on profit for the year (4,464) (3,806) (1,528)Tax on profit for the year 21,454 14,023 12,343Current tax adjustments recognised for prior years (916) 339 (603)Deferred tax adjustments recognised for prior years 453 (825) (417)Income taxes in the income statement 20,991 13,537 11,323Tax on other comprehensive income for the year, (income)/expense 359 889 (1,005)Computation of effective tax rateDKK million 2023 2022 2021Statutory corporate income tax rate in Denmark 22.0% 22.0% 22.0%Deviation in foreign subsidiaries' tax rates compared to the Danish tax rate (net) (0.9%) (1.1%) (1.5%)Non-taxable income less non-tax-deductible expenses (net) (0.7%) (0.5%) (0.3%)Other adjustments (net) (0.3%) (0.8%) (1.0%)Effective tax rate 20.1% 19.6% 19.2%Income taxes paidDKK million 2023 2022 2021Income taxes paid in Denmark for current year 16,242 9,181 9,703Income taxes paid outside Denmark for current year 8,906 5,647 3,439Income taxes paid/(repayments) relating to prior years 749 (313) 1,296Income taxes paid 25,897 14,515 14,438The deviation in foreign subsidiaries' tax rates from the Danish tax rate is mainly driven by Swiss and US business activities. Other adjustments consist of tax related to acquisitions and adjustments to prior years.From 1 January 2024 Novo Nordisk will be subject to Global Minimum Tax (OECD BEPS Pillar 2 rules). The rules are not expected to have a material impact on the tax position of Novo Nordisk in 2024. ACCOUNTING POLICIES The tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 1,026 million (DKK 567 million in 2022). The value of future tax deductions in relation to share programmes is recognised as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.KEY ACCOUNTING ESTIMATES REGARDING DEFERRED INCOME TAX ASSETS AND PROVISIONS FOR UNCERTAIN TAX POSITIONSManagement has considered future taxable income and has estimated the amount of deferred income tax assets that should be recognised. The estimate is based on an assessment of whether sufficient taxable income will be available in the future, againstwhich the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 360 million in 2023 (DKK 318 million in 2022).In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management has estimated the expected outcome of the disputes by using the \u2018most likely outcome\u2019 method to determine the provisions for uncertain tax positions. Management considers the provisions made to be adequate. However, the actual obligation may deviate and depends on the result of litigation and settlements with the relevant tax authorities.Development in deferred income tax assets and liabilitiesProperty,Offsetplant and IntangiblewithinDKK millionequipmentassets Inventories Liabilities Othercountries Total2023Net deferred tax asset/(liability) at the beginning of the year (2,402) (8,279) 2,595 11,007 3,922 \u2014 6,843Income/(charge) to the income statement (213) (2,106) (645) 3,973 3,002 \u2014 4,011Income/(charge) to other comprehensive income \u2014 \u2014 (224) (6) (129) \u2014 (359)Income/(charge) to equity \u2014 \u2014 \u2014 \u2014 (120) \u2014 (120)Additions from acquisitions \u2014 \u2014 \u2014 \u2014 62 \u2014 62Effect of exchange rate adjustment 54 144 (9) (547) 139 \u2014 (219)Net deferred tax asset/(liability) at the end of the year (2,561) (10,241) 1,717 14,427 6,876 \u2014 10,218Classified as follows:Deferred tax asset at the end of the year 433 245 1,820 14,792 6,986 (3,896) 20,380Deferred tax liability at the end of the year (2,994) (10,486) (103) (365) (110) 3,896 (10,162)2022Net deferred tax asset/(liability) at the beginning of the year (1,980) (7,375) 3,195 6,932 2,629 \u2014 3,401Income/(charge) to the income statement (413) 674 (465) 3,999 836 \u2014 4,631Income/(charge) to other comprehensive income \u2014 \u2014 (130) (141) (608) \u2014 (879)Income/(charge) to equity \u2014 \u2014 \u2014 \u2014 234 \u2014 2341Additions from acquisition of businesses (note 5.3)\u2014 (1,475) \u2014 \u2014 766 \u2014 (709)1Effect of exchange rate adjustment(9) (103) (5) 217 65 \u2014 1651Net deferred tax asset/(liability) at the end of the year(2,402) (8,279) 2,595 11,007 3,922 \u2014 6,843Classified as follows:1Deferred tax asset at the end of the year579 195 2,627 11,027 4,646 (5,170) 13,904Deferred tax liability at the end of the year (2,981) (8,474) (32) (20) (724) 5,170 (7,061)1. Comparatives were restated to reflect change in the provisional valuation of net identifiable assets from a business combination completed in 2022. Reference is made to note 5.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__86": {
"value": "2.6 Income taxes and deferred income taxesIncome taxes expensed DKK million 2023 2022 2021Current tax on profit for the year 25,918 17,829 13,871Deferred tax on profit for the year (4,464) (3,806) (1,528)Tax on profit for the year 21,454 14,023 12,343Current tax adjustments recognised for prior years (916) 339 (603)Deferred tax adjustments recognised for prior years 453 (825) (417)Income taxes in the income statement 20,991 13,537 11,323Tax on other comprehensive income for the year, (income)/expense 359 889 (1,005)Computation of effective tax rateDKK million 2023 2022 2021Statutory corporate income tax rate in Denmark 22.0% 22.0% 22.0%Deviation in foreign subsidiaries' tax rates compared to the Danish tax rate (net) (0.9%) (1.1%) (1.5%)Non-taxable income less non-tax-deductible expenses (net) (0.7%) (0.5%) (0.3%)Other adjustments (net) (0.3%) (0.8%) (1.0%)Effective tax rate 20.1% 19.6% 19.2%Income taxes paidDKK million 2023 2022 2021Income taxes paid in Denmark for current year 16,242 9,181 9,703Income taxes paid outside Denmark for current year 8,906 5,647 3,439Income taxes paid/(repayments) relating to prior years 749 (313) 1,296Income taxes paid 25,897 14,515 14,438The deviation in foreign subsidiaries' tax rates from the Danish tax rate is mainly driven by Swiss and US business activities. Other adjustments consist of tax related to acquisitions and adjustments to prior years.From 1 January 2024 Novo Nordisk will be subject to Global Minimum Tax (OECD BEPS Pillar 2 rules). The rules are not expected to have a material impact on the tax position of Novo Nordisk in 2024. ACCOUNTING POLICIES The tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 1,026 million (DKK 567 million in 2022). The value of future tax deductions in relation to share programmes is recognised as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.KEY ACCOUNTING ESTIMATES REGARDING DEFERRED INCOME TAX ASSETS AND PROVISIONS FOR UNCERTAIN TAX POSITIONSManagement has considered future taxable income and has estimated the amount of deferred income tax assets that should be recognised. The estimate is based on an assessment of whether sufficient taxable income will be available in the future, againstwhich the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 360 million in 2023 (DKK 318 million in 2022).In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management has estimated the expected outcome of the disputes by using the \u2018most likely outcome\u2019 method to determine the provisions for uncertain tax positions. Management considers the provisions made to be adequate. However, the actual obligation may deviate and depends on the result of litigation and settlements with the relevant tax authorities.Development in deferred income tax assets and liabilitiesProperty,Offsetplant and IntangiblewithinDKK millionequipmentassets Inventories Liabilities Othercountries Total2023Net deferred tax asset/(liability) at the beginning of the year (2,402) (8,279) 2,595 11,007 3,922 \u2014 6,843Income/(charge) to the income statement (213) (2,106) (645) 3,973 3,002 \u2014 4,011Income/(charge) to other comprehensive income \u2014 \u2014 (224) (6) (129) \u2014 (359)Income/(charge) to equity \u2014 \u2014 \u2014 \u2014 (120) \u2014 (120)Additions from acquisitions \u2014 \u2014 \u2014 \u2014 62 \u2014 62Effect of exchange rate adjustment 54 144 (9) (547) 139 \u2014 (219)Net deferred tax asset/(liability) at the end of the year (2,561) (10,241) 1,717 14,427 6,876 \u2014 10,218Classified as follows:Deferred tax asset at the end of the year 433 245 1,820 14,792 6,986 (3,896) 20,380Deferred tax liability at the end of the year (2,994) (10,486) (103) (365) (110) 3,896 (10,162)2022Net deferred tax asset/(liability) at the beginning of the year (1,980) (7,375) 3,195 6,932 2,629 \u2014 3,401Income/(charge) to the income statement (413) 674 (465) 3,999 836 \u2014 4,631Income/(charge) to other comprehensive income \u2014 \u2014 (130) (141) (608) \u2014 (879)Income/(charge) to equity \u2014 \u2014 \u2014 \u2014 234 \u2014 2341Additions from acquisition of businesses (note 5.3)\u2014 (1,475) \u2014 \u2014 766 \u2014 (709)1Effect of exchange rate adjustment(9) (103) (5) 217 65 \u2014 1651Net deferred tax asset/(liability) at the end of the year(2,402) (8,279) 2,595 11,007 3,922 \u2014 6,843Classified as follows:1Deferred tax asset at the end of the year579 195 2,627 11,027 4,646 (5,170) 13,904Deferred tax liability at the end of the year (2,981) (8,474) (32) (20) (724) 5,170 (7,061)1. Comparatives were restated to reflect change in the provisional valuation of net identifiable assets from a business combination completed in 2022. Reference is made to note 5.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__89-1": {
"value": "ACCOUNTING POLICIES The tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 1,026 million (DKK 567 million in 2022). The value of future tax deductions in relation to share programmes is recognised as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.KEY ACCOUNTING ESTIMATES REGARDING DEFERRED INCOME TAX ASSETS AND PROVISIONS FOR UNCERTAIN TAX POSITIONSManagement has considered future taxable income and has estimated the amount of deferred income tax assets that should be recognised. The estimate is based on an assessment of whether sufficient taxable income will be available in the future, againstwhich the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 360 million in 2023 (DKK 318 million in 2022).In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management has estimated the expected outcome of the disputes by using the \u2018most likely outcome\u2019 method to determine the provisions for uncertain tax positions. Management considers the provisions made to be adequate. However, the actual obligation may deviate and depends on the result of litigation and settlements with the relevant tax authorities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__88": {
"value": "ACCOUNTING POLICIES The tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 1,026 million (DKK 567 million in 2022). The value of future tax deductions in relation to share programmes is recognised as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__82-1": {
"value": "Remuneration to Executive Management and Board of Directors DKK million 2023 2022 2021Salary and short-term incentive 173 141 126Pension 17 13 12Benefits 19 9 101Long-term incentive121 97 100Severance payments \u2014 \u2014 292Executive Management in total330 260 2773Fees to Board of Directors22 20 17Total 352 280 2941. Refer to note 5.1 for further information on share-based payment schemes. 2. Total remuneration for persons registered as members of Executive Management with the Danish Business Authority amounts to DKK 195 million (DKK 175 million in 2022 and DKK 202 million in 2021). 3. All members of the Board of Directors are registered with the Danish Business Authority.5.1 Share-based payment schemesShare-based payment expensed in the income statementDKK million 2023 2022 2021Restricted stock units to employees 365 265 189Long-term share-based incentive programme 1(Management Board)304 250 234Long-term share-based incentive programme (Management group below Management Board) 1,271 819 598Restricted stock units to individual employees 209 205 19Share-based payment expensed in the income statement 2,149 1,539 1,0401. In 2021, Novo Nordisk introduced a new share-based compensation programme with terms, which amortises the grant date valuation over three years (the 2020 programme was amortised over four years). The 2023 expense includes amortisation of the 2020, 2021, 2022 and 2023 programmes. Restricted stock units to employeesIn connection with Novo Nordisk's 100 year anniversary and in appreciation of the efforts of employees during recent years, as of 1 February 2023, all eligible employees in the company were offered 74 restricted stock units. Each restricted stock unit gives the holder the right to receive one Novo Nordisk B share free of charge in August 2026, subject to continued employment. The cost of the DKK 1,331 million programme is amortised over the vesting period. Long-term share-based incentive programmeManagement BoardDuring 2023, Management Board participated in four long-term incentive programmes (LTIP) which commenced in 2020, 2021, 2022 and 2023 respectively. The LTIPs commenced in 2021, 2022 and 2023 have a three-year performance period, subject to continued employment, and a subsequent two-year holding period. Targets are set at the beginning of the performance period and include determination of threshold, on-target level of performance and level of performance to achieve maximum allocation of shares. The maximum share allocation at grant cannot exceed 26 months\u2019 base salary for the CEO, 19.5 months\u2019 base salary for executive vice presidents and up to 15.6 months\u2019 base salary for senior vice presidents. Hence the LTIP is capped at a number of shares at the time of grant. Financial targets are set by the Board for a three-year period, and are linked to three-year average growth in sales and operating profit, while every year the Board has set the non-financial targets for a one-year period. All targets are aligned to Novo Nordisk\u2019s Strategic Aspirations 2025: Purpose and sustainability, Innovation and therapeutic focus, Commercial execution and Financials. Target achievement is assessed by the Board. The grant date of the 2023-programme was February 2023, and the share price used for the determining the grant date fair value of the award (DKK 456) was the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the period 2-16 February 2023, adjusted for the expected dividend. Based on the split of participants at the grant date, 46% of the allocated shares is be allocated to members of Executive Management and 54% to other members of the Management Board.The LTIP which commenced in 2020 is likewise subject to a three-year performance period in which the number of allocated shares may increase or decrease in line with performance, which is linked to financial targets, including sales growth and economic value creation, and non-financial targets, including achievement of clinical trial milestones and market authorisation for specific products. The maximum share allocation is capped in a similar way as the LTIPs described above.All restricted stock units and shares allocated to Management are settled by transfers of treasury shares at the time of vesting.Management group below the Management BoardThe Management group below the Management Board has a share-based incentive programme with similar performance criteria as Management Board. Financial targets are set by the Board for a three-year period, while the non-financial targets have been set by the Board each year.On 31 December 2023, a total of 18.9 million shares (21.4 million in 2022 and 19.8 million in 2021) were outstanding including all ongoing programmes.",
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"s13_notesesefdkgaap__8__83": {
"value": "ACCOUNTING POLICIESWages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated services are rendered by employees of Novo Nordisk. Where Novo Nordisk provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees concerned.",
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"s13_notesesefdkgaap__8__96-1": {
"value": "3.1 Intangible assetsAmortisation and impairment lossesDKK million 2023 2022 2021Cost of goods sold 982 846 844Sales and distribution costs 9 34 39Research and development costs 1,757 1,364 744Administrative costs 41 19 11Other operating income and expenses 459 96 1Total amortisation and impairment losses 3,248 2,359 1,639Total amortisation 1,834 1,599 1,066Total impairment losses 1,414 760 573Intellectual Software Total property and other intangible DKK million Goodwillrightsintangiblesassets2023Cost at the beginning of the year 4,615 49,731 5,281 59,627Additions during the year \u2014 12,567 500 13,067Disposals during the year \u2014 (1,629) (158) (1,787)Effect of exchange rate adjustment (151) 76 (39) (114)Cost at the end of the year 4,464 60,745 5,584 70,793Amortisation and impairment losses at the beginning of the year \u2014 6,737 1,951 8,688Amortisation for the year \u2014 1,621 213 1,834Impairment losses for the year \u2014 1,776 20 1,796Impairment losses reversed during the year \u2014 (382) \u2014 (382)Amortisation and impairment losses reversed on disposals during the year \u2014 (1,629) (16) (1,645)Effect of exchange rate adjustment \u2014 102 (6) 96Amortisation and impairment losses at the end of the year \u2014 8,225 2,162 10,387Carrying amount at the end of the year 4,464 52,520 3,422 60,4062022Cost at the beginning of the year 4,346 41,802 3,434 49,5821Additions from acquisition of businesses (note 5.3)\u2014 5,766 492 6,258Additions during the year \u2014 1,310 1,426 2,736Disposals during the year \u2014 (151) (33) (184)1Effect of exchange rate adjustment269 1,004 (38) 1,2351Cost at the end of the year4,615 49,731 5,281 59,627Amortisation and impairment losses at the beginning of the year \u2014 4,652 1,759 6,411Amortisation for the year \u2014 1,404 195 1,599Impairment losses for the year \u2014 760 \u2014 760Amortisation and impairment losses reversed on disposals during the year \u2014 (149) (13) (162)Effect of exchange rate adjustment \u2014 70 10 80Amortisation and impairment losses at the end of the year \u2014 6,737 1,951 8,6881Carrying amount at the end of the year4,615 42,994 3,330 50,9391. Comparatives were restated to reflect change in provisional valuation of net identifiable assets from a business combination completed in 2022. Reference is made to note 5.3.Description of material additions2023 additionsNovo Nordisk acquired Ocedurenone for uncontrolled hypertension with potential application in cardiovascular and kidney disease from KBP Biosciences PTE., Ltd. Ocedurenone is an orally administered, small molecule, non-steroidal mineralocorticoid receptor antagonist (nsMRA) that is currently being examined in the phase 3 trial CLARION-CKD in patients with uncontrolled hypertension and advanced chronic kidney disease (CKD). The transaction has been accounted for as an asset acquisition, with DKK 5,650 million recognised in intellectual property rights.Novo Nordisk acquired Inversago Pharma Inc. and obtained ownership of the development asset INV-202. INV-202, an oral CB1 inverse agonist, is designed to preferentially block the receptor protein CB1, which plays an important role in metabolism and appetite regulation. The transaction has been accounted for as an asset acquisition, with DKK 4,321 million recognised in intellectual property rights.Novo Nordisk acquired Biocorp Production in a transaction accounted for as an asset acquisition with DKK 1,221 million recognised in intellectual property rights.Of the total additions of intangible assets, DKK 500 million relates to internally generated software and other intangibles (DKK 544 million in 2022). 2022 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Forma Therapeutics Holdings, Inc., which primarily includes the lead candidate Etavopivat, which is recognised within intellectual property rights; refer to note 5.3 for details on the business combination.3.2 Property, plant and equipmentAssets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2023Cost at the beginning of the year 43,403 37,548 8,114 22,361 111,426Additions during the year 2,681 47 873 27,830 31,431Disposals during the year (690) (952) (624) (562) (2,828)Transfer and reclassifications 4,246 4,679 731 (9,656) \u2014Effect of exchange rate adjustment (650) (371) (115) (310) (1,446)Cost at the end of the year 48,990 40,951 8,979 39,663 138,583Depreciation and impairment losses at the beginning of the year 16,781 22,935 5,039 \u2014 44,755Depreciation for the year 2,450 1,919 1,086 \u2014 5,455Impairment losses for the year 6 118 24 562 710Depreciation and impairment losses reversed on disposals during the year (664) (942) (597) (562) (2,765)Effect of exchange rate adjustment (248) (196) (89) \u2014 (533)Depreciation and impairment losses at the end of the year 18,325 23,834 5,463 \u2014 47,622Carrying amount at the end of the year 30,665 17,117 3,516 39,663 90,9612022Cost at the beginning of the year 41,076 35,944 7,776 11,091 95,887Additions from acquisition of businesses (note 5.3) 297 2 14 \u2014 313Additions during the year 706 143 645 13,160 14,654Disposals during the year (205) (123) (621) (33) (982)Transfer and reclassifications 1,000 1,152 329 (2,481) \u2014Effect of exchange rate adjustment 529 430 (29) 624 1,554Cost at the end of the year 43,403 37,548 8,114 22,361 111,426Depreciation and impairment losses at the beginning of the year 14,669 21,138 4,718 \u2014 40,525Depreciation for the year 2,245 1,793 916 \u2014 4,954Impairment losses for the year 3 10 3 33 49Depreciation and impairment losses reversed on disposals during the year (188) (123) (615) (33) (959)Effect of exchange rate adjustment 52 117 17 \u2014 186Depreciation and impairment losses at the end of the year 16,781 22,935 5,039 \u2014 44,755Carrying amount at the end of the year 26,622 14,613 3,075 22,361 66,671Depreciation and impairment lossesDKK million 2023 2022 2021Cost of goods sold 3,968 3,229 2,836Sales and distribution costs 504 424 409Research and development costs 1,313 922 736Administrative costs 354 408 386Other operating income and expenses 26 20 19Total depreciation and impairment losses 6,165 5,003 4,386Of which related to leased assets 1,251 1,052 899Capital expenditure in the reporting period was primarily related to investments in facility upgrades and new production facilities for active pharmaceutical ingredients (API) for current and future diabetes and obesity care products, mainly in Kalundborg. The investments will establish additional capacity across the entire global value chain from manufacturing of API to assembly and packaging, with the majority being invested in API capacity. Leased property, plant and equipmentDKK million 2023 2022Land and buildings 5,157 3,544Other equipment 768 587Total 5,925 4,131Novo Nordisk mainly leases office buildings, warehouses, laboratories and vehicles. The right-of-use asset is presented in property, plant and equipment and the lease liability in borrowings. In 2023, the total amount recognised in the income statement related to leases was DKK 1,832 million (DKK 1,491 million in 2022 and DKK 1,303 million DKK 2021). The total cash outflow for leases amounted to DKK 2,022 million (DKK 1,438 million in 2022 and DKK 1,275 million in 2021). As of 31 December 2023, the lease liability of DKK 5,726 million excludes potential lease payments of DKK 4,051 million (undiscounted) related to optional lease term extension rights on properties that were not considered reasonably certain to be exercised (DKK 3,723 million in 2022). Refer to note 4.6 for a maturity analysis of lease payments and 5.2 for commitments not recognised in the balance sheet related to leases.",
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"s13_notesesefdkgaap__8__95-1": {
"value": "3.1 Intangible assetsAmortisation and impairment lossesDKK million 2023 2022 2021Cost of goods sold 982 846 844Sales and distribution costs 9 34 39Research and development costs 1,757 1,364 744Administrative costs 41 19 11Other operating income and expenses 459 96 1Total amortisation and impairment losses 3,248 2,359 1,639Total amortisation 1,834 1,599 1,066Total impairment losses 1,414 760 573Intellectual Software Total property and other intangible DKK million Goodwillrightsintangiblesassets2023Cost at the beginning of the year 4,615 49,731 5,281 59,627Additions during the year \u2014 12,567 500 13,067Disposals during the year \u2014 (1,629) (158) (1,787)Effect of exchange rate adjustment (151) 76 (39) (114)Cost at the end of the year 4,464 60,745 5,584 70,793Amortisation and impairment losses at the beginning of the year \u2014 6,737 1,951 8,688Amortisation for the year \u2014 1,621 213 1,834Impairment losses for the year \u2014 1,776 20 1,796Impairment losses reversed during the year \u2014 (382) \u2014 (382)Amortisation and impairment losses reversed on disposals during the year \u2014 (1,629) (16) (1,645)Effect of exchange rate adjustment \u2014 102 (6) 96Amortisation and impairment losses at the end of the year \u2014 8,225 2,162 10,387Carrying amount at the end of the year 4,464 52,520 3,422 60,4062022Cost at the beginning of the year 4,346 41,802 3,434 49,5821Additions from acquisition of businesses (note 5.3)\u2014 5,766 492 6,258Additions during the year \u2014 1,310 1,426 2,736Disposals during the year \u2014 (151) (33) (184)1Effect of exchange rate adjustment269 1,004 (38) 1,2351Cost at the end of the year4,615 49,731 5,281 59,627Amortisation and impairment losses at the beginning of the year \u2014 4,652 1,759 6,411Amortisation for the year \u2014 1,404 195 1,599Impairment losses for the year \u2014 760 \u2014 760Amortisation and impairment losses reversed on disposals during the year \u2014 (149) (13) (162)Effect of exchange rate adjustment \u2014 70 10 80Amortisation and impairment losses at the end of the year \u2014 6,737 1,951 8,6881Carrying amount at the end of the year4,615 42,994 3,330 50,9391. Comparatives were restated to reflect change in provisional valuation of net identifiable assets from a business combination completed in 2022. Reference is made to note 5.3.Description of material additions2023 additionsNovo Nordisk acquired Ocedurenone for uncontrolled hypertension with potential application in cardiovascular and kidney disease from KBP Biosciences PTE., Ltd. Ocedurenone is an orally administered, small molecule, non-steroidal mineralocorticoid receptor antagonist (nsMRA) that is currently being examined in the phase 3 trial CLARION-CKD in patients with uncontrolled hypertension and advanced chronic kidney disease (CKD). The transaction has been accounted for as an asset acquisition, with DKK 5,650 million recognised in intellectual property rights.Novo Nordisk acquired Inversago Pharma Inc. and obtained ownership of the development asset INV-202. INV-202, an oral CB1 inverse agonist, is designed to preferentially block the receptor protein CB1, which plays an important role in metabolism and appetite regulation. The transaction has been accounted for as an asset acquisition, with DKK 4,321 million recognised in intellectual property rights.Novo Nordisk acquired Biocorp Production in a transaction accounted for as an asset acquisition with DKK 1,221 million recognised in intellectual property rights.Of the total additions of intangible assets, DKK 500 million relates to internally generated software and other intangibles (DKK 544 million in 2022). 2022 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Forma Therapeutics Holdings, Inc., which primarily includes the lead candidate Etavopivat, which is recognised within intellectual property rights; refer to note 5.3 for details on the business combination. Impairment test Intangible assets other than goodwillIn 2023, an impairment loss of DKK 1,796 million (DKK 760 million in 2022) was recognised. The entire DKK 1,796 million (DKK 250 million in 2022) of the impairment was related to the Diabetes and Obesity care segment. DKK 382 million was recognised as a reversal of prior impairment related to Rare disease (DKK 510 million impairment loss in 2022). The entire impairment loss in 2023, including the reversal of prior impairment, was recognised in research and development costs (DKK 760 million in research and development costs in 2022). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2023 or in 2022.Goodwill As of 31 December 2023, goodwill is allocated to the segments Diabetes and Obesity care DKK 4,018 million (DKK 4,154 million in 2022) and Rare Disease DKK 446 million (DKK 461 million in 2022). No impairment of goodwill was recognised in 2023 or 2022 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flow from the budget and forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 34,012 million (DKK 27,536 million in 2022), primarily intellectual property rights and goodwill. The carrying amount of internally generated intangible assets amounts to DKK 1,277 million at end of 2023 (DKK 1,017 million in 2022).Intellectual property rights include DKK 5,650 million related to Ocedurenone (acquired in 2023), DKK 5,740 million related to Etavopivat (DKK 5,546 million in 2022), DKK 4,648 million related to Ziltivekimab (DKK 4,648 million in 2022), all of which are intangible assets under development. \u00aeIn addition, intellectual property rights contain DKK 6,018 million related to Rybelsus(DKK 6,584 million in 2022), which has a remaining useful life of 11 years (12 years in 2022), DKK 4,206 million related to Nedosiran (DKK 3,704 million in 2022) with a remaining useful life of 13 years and DKK 9,480 million (DKK 10,251 million in 2022) related to the RNAi technology platform, with a remaining estimated useful life of 21 years (22 years in 2022). ACCOUNTING POLICIES Research and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable; refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the services are received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. The discount rate used is based on the Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. Fair value is determined using largely unobservable inputs. Accordingly, the valuation technique and inputs used to measure fair value are classified as level 3 in the fair value hierarchy. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realised sales trending below predicted sales\u2022 Changes or anticipated changes in participation rates or reimbursement policies\u2022 Inconsistent or unfavourable clinical readouts\u2022 Changes in the legal framework covering patents, rights and licences\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand names\u2022 Changes in the economic lives of similar assets\u2022 Relationship to other intangible assets or property, plant and equipment If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal. KEY ACCOUNTING ESTIMATES ON INTANGIBLE ASSETSImpairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. When collaboration agreements contain elements of acquisition of intangible assets and research and development activities to be performed by the counterpart, Management estimates the allocation of payments that should be deferred to the acquisition of intangible assets and prepaid research and development activities respectively.3.2 Property, plant and equipmentAssets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2023Cost at the beginning of the year 43,403 37,548 8,114 22,361 111,426Additions during the year 2,681 47 873 27,830 31,431Disposals during the year (690) (952) (624) (562) (2,828)Transfer and reclassifications 4,246 4,679 731 (9,656) \u2014Effect of exchange rate adjustment (650) (371) (115) (310) (1,446)Cost at the end of the year 48,990 40,951 8,979 39,663 138,583Depreciation and impairment losses at the beginning of the year 16,781 22,935 5,039 \u2014 44,755Depreciation for the year 2,450 1,919 1,086 \u2014 5,455Impairment losses for the year 6 118 24 562 710Depreciation and impairment losses reversed on disposals during the year (664) (942) (597) (562) (2,765)Effect of exchange rate adjustment (248) (196) (89) \u2014 (533)Depreciation and impairment losses at the end of the year 18,325 23,834 5,463 \u2014 47,622Carrying amount at the end of the year 30,665 17,117 3,516 39,663 90,9612022Cost at the beginning of the year 41,076 35,944 7,776 11,091 95,887Additions from acquisition of businesses (note 5.3) 297 2 14 \u2014 313Additions during the year 706 143 645 13,160 14,654Disposals during the year (205) (123) (621) (33) (982)Transfer and reclassifications 1,000 1,152 329 (2,481) \u2014Effect of exchange rate adjustment 529 430 (29) 624 1,554Cost at the end of the year 43,403 37,548 8,114 22,361 111,426Depreciation and impairment losses at the beginning of the year 14,669 21,138 4,718 \u2014 40,525Depreciation for the year 2,245 1,793 916 \u2014 4,954Impairment losses for the year 3 10 3 33 49Depreciation and impairment losses reversed on disposals during the year (188) (123) (615) (33) (959)Effect of exchange rate adjustment 52 117 17 \u2014 186Depreciation and impairment losses at the end of the year 16,781 22,935 5,039 \u2014 44,755Carrying amount at the end of the year 26,622 14,613 3,075 22,361 66,671Depreciation and impairment lossesDKK million 2023 2022 2021Cost of goods sold 3,968 3,229 2,836Sales and distribution costs 504 424 409Research and development costs 1,313 922 736Administrative costs 354 408 386Other operating income and expenses 26 20 19Total depreciation and impairment losses 6,165 5,003 4,386Of which related to leased assets 1,251 1,052 899Capital expenditure in the reporting period was primarily related to investments in facility upgrades and new production facilities for active pharmaceutical ingredients (API) for current and future diabetes and obesity care products, mainly in Kalundborg. The investments will establish additional capacity across the entire global value chain from manufacturing of API to assembly and packaging, with the majority being invested in API capacity. Leased property, plant and equipmentDKK million 2023 2022Land and buildings 5,157 3,544Other equipment 768 587Total 5,925 4,131Novo Nordisk mainly leases office buildings, warehouses, laboratories and vehicles. The right-of-use asset is presented in property, plant and equipment and the lease liability in borrowings. In 2023, the total amount recognised in the income statement related to leases was DKK 1,832 million (DKK 1,491 million in 2022 and DKK 1,303 million DKK 2021). The total cash outflow for leases amounted to DKK 2,022 million (DKK 1,438 million in 2022 and DKK 1,275 million in 2021). As of 31 December 2023, the lease liability of DKK 5,726 million excludes potential lease payments of DKK 4,051 million (undiscounted) related to optional lease term extension rights on properties that were not considered reasonably certain to be exercised (DKK 3,723 million in 2022). Refer to note 4.6 for a maturity analysis of lease payments and 5.2 for commitments not recognised in the balance sheet related to leases.",
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"s13_notesesefdkgaap__8__94": {
"value": "3.1 Intangible assetsAmortisation and impairment lossesDKK million 2023 2022 2021Cost of goods sold 982 846 844Sales and distribution costs 9 34 39Research and development costs 1,757 1,364 744Administrative costs 41 19 11Other operating income and expenses 459 96 1Total amortisation and impairment losses 3,248 2,359 1,639Total amortisation 1,834 1,599 1,066Total impairment losses 1,414 760 573Intellectual Software Total property and other intangible DKK million Goodwillrightsintangiblesassets2023Cost at the beginning of the year 4,615 49,731 5,281 59,627Additions during the year \u2014 12,567 500 13,067Disposals during the year \u2014 (1,629) (158) (1,787)Effect of exchange rate adjustment (151) 76 (39) (114)Cost at the end of the year 4,464 60,745 5,584 70,793Amortisation and impairment losses at the beginning of the year \u2014 6,737 1,951 8,688Amortisation for the year \u2014 1,621 213 1,834Impairment losses for the year \u2014 1,776 20 1,796Impairment losses reversed during the year \u2014 (382) \u2014 (382)Amortisation and impairment losses reversed on disposals during the year \u2014 (1,629) (16) (1,645)Effect of exchange rate adjustment \u2014 102 (6) 96Amortisation and impairment losses at the end of the year \u2014 8,225 2,162 10,387Carrying amount at the end of the year 4,464 52,520 3,422 60,4062022Cost at the beginning of the year 4,346 41,802 3,434 49,5821Additions from acquisition of businesses (note 5.3)\u2014 5,766 492 6,258Additions during the year \u2014 1,310 1,426 2,736Disposals during the year \u2014 (151) (33) (184)1Effect of exchange rate adjustment269 1,004 (38) 1,2351Cost at the end of the year4,615 49,731 5,281 59,627Amortisation and impairment losses at the beginning of the year \u2014 4,652 1,759 6,411Amortisation for the year \u2014 1,404 195 1,599Impairment losses for the year \u2014 760 \u2014 760Amortisation and impairment losses reversed on disposals during the year \u2014 (149) (13) (162)Effect of exchange rate adjustment \u2014 70 10 80Amortisation and impairment losses at the end of the year \u2014 6,737 1,951 8,6881Carrying amount at the end of the year4,615 42,994 3,330 50,9391. Comparatives were restated to reflect change in provisional valuation of net identifiable assets from a business combination completed in 2022. Reference is made to note 5.3.Description of material additions2023 additionsNovo Nordisk acquired Ocedurenone for uncontrolled hypertension with potential application in cardiovascular and kidney disease from KBP Biosciences PTE., Ltd. Ocedurenone is an orally administered, small molecule, non-steroidal mineralocorticoid receptor antagonist (nsMRA) that is currently being examined in the phase 3 trial CLARION-CKD in patients with uncontrolled hypertension and advanced chronic kidney disease (CKD). The transaction has been accounted for as an asset acquisition, with DKK 5,650 million recognised in intellectual property rights.Novo Nordisk acquired Inversago Pharma Inc. and obtained ownership of the development asset INV-202. INV-202, an oral CB1 inverse agonist, is designed to preferentially block the receptor protein CB1, which plays an important role in metabolism and appetite regulation. The transaction has been accounted for as an asset acquisition, with DKK 4,321 million recognised in intellectual property rights.Novo Nordisk acquired Biocorp Production in a transaction accounted for as an asset acquisition with DKK 1,221 million recognised in intellectual property rights.Of the total additions of intangible assets, DKK 500 million relates to internally generated software and other intangibles (DKK 544 million in 2022). 2022 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Forma Therapeutics Holdings, Inc., which primarily includes the lead candidate Etavopivat, which is recognised within intellectual property rights; refer to note 5.3 for details on the business combination. Impairment test Intangible assets other than goodwillIn 2023, an impairment loss of DKK 1,796 million (DKK 760 million in 2022) was recognised. The entire DKK 1,796 million (DKK 250 million in 2022) of the impairment was related to the Diabetes and Obesity care segment. DKK 382 million was recognised as a reversal of prior impairment related to Rare disease (DKK 510 million impairment loss in 2022). The entire impairment loss in 2023, including the reversal of prior impairment, was recognised in research and development costs (DKK 760 million in research and development costs in 2022). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2023 or in 2022.Goodwill As of 31 December 2023, goodwill is allocated to the segments Diabetes and Obesity care DKK 4,018 million (DKK 4,154 million in 2022) and Rare Disease DKK 446 million (DKK 461 million in 2022). No impairment of goodwill was recognised in 2023 or 2022 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flow from the budget and forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 34,012 million (DKK 27,536 million in 2022), primarily intellectual property rights and goodwill. The carrying amount of internally generated intangible assets amounts to DKK 1,277 million at end of 2023 (DKK 1,017 million in 2022).Intellectual property rights include DKK 5,650 million related to Ocedurenone (acquired in 2023), DKK 5,740 million related to Etavopivat (DKK 5,546 million in 2022), DKK 4,648 million related to Ziltivekimab (DKK 4,648 million in 2022), all of which are intangible assets under development. \u00aeIn addition, intellectual property rights contain DKK 6,018 million related to Rybelsus(DKK 6,584 million in 2022), which has a remaining useful life of 11 years (12 years in 2022), DKK 4,206 million related to Nedosiran (DKK 3,704 million in 2022) with a remaining useful life of 13 years and DKK 9,480 million (DKK 10,251 million in 2022) related to the RNAi technology platform, with a remaining estimated useful life of 21 years (22 years in 2022). ACCOUNTING POLICIES Research and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable; refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the services are received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. The discount rate used is based on the Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. Fair value is determined using largely unobservable inputs. Accordingly, the valuation technique and inputs used to measure fair value are classified as level 3 in the fair value hierarchy. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realised sales trending below predicted sales\u2022 Changes or anticipated changes in participation rates or reimbursement policies\u2022 Inconsistent or unfavourable clinical readouts\u2022 Changes in the legal framework covering patents, rights and licences\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand names\u2022 Changes in the economic lives of similar assets\u2022 Relationship to other intangible assets or property, plant and equipment If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal. KEY ACCOUNTING ESTIMATES ON INTANGIBLE ASSETSImpairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. When collaboration agreements contain elements of acquisition of intangible assets and research and development activities to be performed by the counterpart, Management estimates the allocation of payments that should be deferred to the acquisition of intangible assets and prepaid research and development activities respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__93": {
"value": "3.1 Intangible assetsAmortisation and impairment lossesDKK million 2023 2022 2021Cost of goods sold 982 846 844Sales and distribution costs 9 34 39Research and development costs 1,757 1,364 744Administrative costs 41 19 11Other operating income and expenses 459 96 1Total amortisation and impairment losses 3,248 2,359 1,639Total amortisation 1,834 1,599 1,066Total impairment losses 1,414 760 573Intellectual Software Total property and other intangible DKK million Goodwillrightsintangiblesassets2023Cost at the beginning of the year 4,615 49,731 5,281 59,627Additions during the year \u2014 12,567 500 13,067Disposals during the year \u2014 (1,629) (158) (1,787)Effect of exchange rate adjustment (151) 76 (39) (114)Cost at the end of the year 4,464 60,745 5,584 70,793Amortisation and impairment losses at the beginning of the year \u2014 6,737 1,951 8,688Amortisation for the year \u2014 1,621 213 1,834Impairment losses for the year \u2014 1,776 20 1,796Impairment losses reversed during the year \u2014 (382) \u2014 (382)Amortisation and impairment losses reversed on disposals during the year \u2014 (1,629) (16) (1,645)Effect of exchange rate adjustment \u2014 102 (6) 96Amortisation and impairment losses at the end of the year \u2014 8,225 2,162 10,387Carrying amount at the end of the year 4,464 52,520 3,422 60,4062022Cost at the beginning of the year 4,346 41,802 3,434 49,5821Additions from acquisition of businesses (note 5.3)\u2014 5,766 492 6,258Additions during the year \u2014 1,310 1,426 2,736Disposals during the year \u2014 (151) (33) (184)1Effect of exchange rate adjustment269 1,004 (38) 1,2351Cost at the end of the year4,615 49,731 5,281 59,627Amortisation and impairment losses at the beginning of the year \u2014 4,652 1,759 6,411Amortisation for the year \u2014 1,404 195 1,599Impairment losses for the year \u2014 760 \u2014 760Amortisation and impairment losses reversed on disposals during the year \u2014 (149) (13) (162)Effect of exchange rate adjustment \u2014 70 10 80Amortisation and impairment losses at the end of the year \u2014 6,737 1,951 8,6881Carrying amount at the end of the year4,615 42,994 3,330 50,9391. Comparatives were restated to reflect change in provisional valuation of net identifiable assets from a business combination completed in 2022. Reference is made to note 5.3.Description of material additions2023 additionsNovo Nordisk acquired Ocedurenone for uncontrolled hypertension with potential application in cardiovascular and kidney disease from KBP Biosciences PTE., Ltd. Ocedurenone is an orally administered, small molecule, non-steroidal mineralocorticoid receptor antagonist (nsMRA) that is currently being examined in the phase 3 trial CLARION-CKD in patients with uncontrolled hypertension and advanced chronic kidney disease (CKD). The transaction has been accounted for as an asset acquisition, with DKK 5,650 million recognised in intellectual property rights.Novo Nordisk acquired Inversago Pharma Inc. and obtained ownership of the development asset INV-202. INV-202, an oral CB1 inverse agonist, is designed to preferentially block the receptor protein CB1, which plays an important role in metabolism and appetite regulation. The transaction has been accounted for as an asset acquisition, with DKK 4,321 million recognised in intellectual property rights.Novo Nordisk acquired Biocorp Production in a transaction accounted for as an asset acquisition with DKK 1,221 million recognised in intellectual property rights.Of the total additions of intangible assets, DKK 500 million relates to internally generated software and other intangibles (DKK 544 million in 2022). 2022 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Forma Therapeutics Holdings, Inc., which primarily includes the lead candidate Etavopivat, which is recognised within intellectual property rights; refer to note 5.3 for details on the business combination. Impairment test Intangible assets other than goodwillIn 2023, an impairment loss of DKK 1,796 million (DKK 760 million in 2022) was recognised. The entire DKK 1,796 million (DKK 250 million in 2022) of the impairment was related to the Diabetes and Obesity care segment. DKK 382 million was recognised as a reversal of prior impairment related to Rare disease (DKK 510 million impairment loss in 2022). The entire impairment loss in 2023, including the reversal of prior impairment, was recognised in research and development costs (DKK 760 million in research and development costs in 2022). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2023 or in 2022.Goodwill As of 31 December 2023, goodwill is allocated to the segments Diabetes and Obesity care DKK 4,018 million (DKK 4,154 million in 2022) and Rare Disease DKK 446 million (DKK 461 million in 2022). No impairment of goodwill was recognised in 2023 or 2022 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flow from the budget and forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 34,012 million (DKK 27,536 million in 2022), primarily intellectual property rights and goodwill. The carrying amount of internally generated intangible assets amounts to DKK 1,277 million at end of 2023 (DKK 1,017 million in 2022).Intellectual property rights include DKK 5,650 million related to Ocedurenone (acquired in 2023), DKK 5,740 million related to Etavopivat (DKK 5,546 million in 2022), DKK 4,648 million related to Ziltivekimab (DKK 4,648 million in 2022), all of which are intangible assets under development. \u00aeIn addition, intellectual property rights contain DKK 6,018 million related to Rybelsus(DKK 6,584 million in 2022), which has a remaining useful life of 11 years (12 years in 2022), DKK 4,206 million related to Nedosiran (DKK 3,704 million in 2022) with a remaining useful life of 13 years and DKK 9,480 million (DKK 10,251 million in 2022) related to the RNAi technology platform, with a remaining estimated useful life of 21 years (22 years in 2022). ACCOUNTING POLICIES Research and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable; refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the services are received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. The discount rate used is based on the Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. Fair value is determined using largely unobservable inputs. Accordingly, the valuation technique and inputs used to measure fair value are classified as level 3 in the fair value hierarchy. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realised sales trending below predicted sales\u2022 Changes or anticipated changes in participation rates or reimbursement policies\u2022 Inconsistent or unfavourable clinical readouts\u2022 Changes in the legal framework covering patents, rights and licences\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand names\u2022 Changes in the economic lives of similar assets\u2022 Relationship to other intangible assets or property, plant and equipment If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal. KEY ACCOUNTING ESTIMATES ON INTANGIBLE ASSETSImpairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. When collaboration agreements contain elements of acquisition of intangible assets and research and development activities to be performed by the counterpart, Management estimates the allocation of payments that should be deferred to the acquisition of intangible assets and prepaid research and development activities respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__99-1": {
"value": "Impairment test Intangible assets other than goodwillIn 2023, an impairment loss of DKK 1,796 million (DKK 760 million in 2022) was recognised. The entire DKK 1,796 million (DKK 250 million in 2022) of the impairment was related to the Diabetes and Obesity care segment. DKK 382 million was recognised as a reversal of prior impairment related to Rare disease (DKK 510 million impairment loss in 2022). The entire impairment loss in 2023, including the reversal of prior impairment, was recognised in research and development costs (DKK 760 million in research and development costs in 2022). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2023 or in 2022.Goodwill As of 31 December 2023, goodwill is allocated to the segments Diabetes and Obesity care DKK 4,018 million (DKK 4,154 million in 2022) and Rare Disease DKK 446 million (DKK 461 million in 2022). No impairment of goodwill was recognised in 2023 or 2022 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flow from the budget and forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 34,012 million (DKK 27,536 million in 2022), primarily intellectual property rights and goodwill. The carrying amount of internally generated intangible assets amounts to DKK 1,277 million at end of 2023 (DKK 1,017 million in 2022).Intellectual property rights include DKK 5,650 million related to Ocedurenone (acquired in 2023), DKK 5,740 million related to Etavopivat (DKK 5,546 million in 2022), DKK 4,648 million related to Ziltivekimab (DKK 4,648 million in 2022), all of which are intangible assets under development. \u00aeIn addition, intellectual property rights contain DKK 6,018 million related to Rybelsus(DKK 6,584 million in 2022), which has a remaining useful life of 11 years (12 years in 2022), DKK 4,206 million related to Nedosiran (DKK 3,704 million in 2022) with a remaining useful life of 13 years and DKK 9,480 million (DKK 10,251 million in 2022) related to the RNAi technology platform, with a remaining estimated useful life of 21 years (22 years in 2022).ACCOUNTING POLICIES Research and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable; refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the services are received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. The discount rate used is based on the Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. Fair value is determined using largely unobservable inputs. Accordingly, the valuation technique and inputs used to measure fair value are classified as level 3 in the fair value hierarchy. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realised sales trending below predicted sales\u2022 Changes or anticipated changes in participation rates or reimbursement policies\u2022 Inconsistent or unfavourable clinical readouts\u2022 Changes in the legal framework covering patents, rights and licences\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand names\u2022 Changes in the economic lives of similar assets\u2022 Relationship to other intangible assets or property, plant and equipment If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__98-1": {
"value": "Impairment test Intangible assets other than goodwillIn 2023, an impairment loss of DKK 1,796 million (DKK 760 million in 2022) was recognised. The entire DKK 1,796 million (DKK 250 million in 2022) of the impairment was related to the Diabetes and Obesity care segment. DKK 382 million was recognised as a reversal of prior impairment related to Rare disease (DKK 510 million impairment loss in 2022). The entire impairment loss in 2023, including the reversal of prior impairment, was recognised in research and development costs (DKK 760 million in research and development costs in 2022). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2023 or in 2022.Goodwill As of 31 December 2023, goodwill is allocated to the segments Diabetes and Obesity care DKK 4,018 million (DKK 4,154 million in 2022) and Rare Disease DKK 446 million (DKK 461 million in 2022). No impairment of goodwill was recognised in 2023 or 2022 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flow from the budget and forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 34,012 million (DKK 27,536 million in 2022), primarily intellectual property rights and goodwill. The carrying amount of internally generated intangible assets amounts to DKK 1,277 million at end of 2023 (DKK 1,017 million in 2022).Intellectual property rights include DKK 5,650 million related to Ocedurenone (acquired in 2023), DKK 5,740 million related to Etavopivat (DKK 5,546 million in 2022), DKK 4,648 million related to Ziltivekimab (DKK 4,648 million in 2022), all of which are intangible assets under development. \u00aeIn addition, intellectual property rights contain DKK 6,018 million related to Rybelsus(DKK 6,584 million in 2022), which has a remaining useful life of 11 years (12 years in 2022), DKK 4,206 million related to Nedosiran (DKK 3,704 million in 2022) with a remaining useful life of 13 years and DKK 9,480 million (DKK 10,251 million in 2022) related to the RNAi technology platform, with a remaining estimated useful life of 21 years (22 years in 2022).ACCOUNTING POLICIES Research and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable; refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the services are received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. The discount rate used is based on the Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. Fair value is determined using largely unobservable inputs. Accordingly, the valuation technique and inputs used to measure fair value are classified as level 3 in the fair value hierarchy. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realised sales trending below predicted sales\u2022 Changes or anticipated changes in participation rates or reimbursement policies\u2022 Inconsistent or unfavourable clinical readouts\u2022 Changes in the legal framework covering patents, rights and licences\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand names\u2022 Changes in the economic lives of similar assets\u2022 Relationship to other intangible assets or property, plant and equipment If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__97": {
"value": "Impairment test Intangible assets other than goodwillIn 2023, an impairment loss of DKK 1,796 million (DKK 760 million in 2022) was recognised. The entire DKK 1,796 million (DKK 250 million in 2022) of the impairment was related to the Diabetes and Obesity care segment. DKK 382 million was recognised as a reversal of prior impairment related to Rare disease (DKK 510 million impairment loss in 2022). The entire impairment loss in 2023, including the reversal of prior impairment, was recognised in research and development costs (DKK 760 million in research and development costs in 2022). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2023 or in 2022.Goodwill As of 31 December 2023, goodwill is allocated to the segments Diabetes and Obesity care DKK 4,018 million (DKK 4,154 million in 2022) and Rare Disease DKK 446 million (DKK 461 million in 2022). No impairment of goodwill was recognised in 2023 or 2022 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flow from the budget and forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 34,012 million (DKK 27,536 million in 2022), primarily intellectual property rights and goodwill. The carrying amount of internally generated intangible assets amounts to DKK 1,277 million at end of 2023 (DKK 1,017 million in 2022).Intellectual property rights include DKK 5,650 million related to Ocedurenone (acquired in 2023), DKK 5,740 million related to Etavopivat (DKK 5,546 million in 2022), DKK 4,648 million related to Ziltivekimab (DKK 4,648 million in 2022), all of which are intangible assets under development. \u00aeIn addition, intellectual property rights contain DKK 6,018 million related to Rybelsus(DKK 6,584 million in 2022), which has a remaining useful life of 11 years (12 years in 2022), DKK 4,206 million related to Nedosiran (DKK 3,704 million in 2022) with a remaining useful life of 13 years and DKK 9,480 million (DKK 10,251 million in 2022) related to the RNAi technology platform, with a remaining estimated useful life of 21 years (22 years in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__100": {
"value": "Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 34,012 million (DKK 27,536 million in 2022), primarily intellectual property rights and goodwill. The carrying amount of internally generated intangible assets amounts to DKK 1,277 million at end of 2023 (DKK 1,017 million in 2022).Intellectual property rights include DKK 5,650 million related to Ocedurenone (acquired in 2023), DKK 5,740 million related to Etavopivat (DKK 5,546 million in 2022), DKK 4,648 million related to Ziltivekimab (DKK 4,648 million in 2022), all of which are intangible assets under development. \u00aeIn addition, intellectual property rights contain DKK 6,018 million related to Rybelsus(DKK 6,584 million in 2022), which has a remaining useful life of 11 years (12 years in 2022), DKK 4,206 million related to Nedosiran (DKK 3,704 million in 2022) with a remaining useful life of 13 years and DKK 9,480 million (DKK 10,251 million in 2022) related to the RNAi technology platform, with a remaining estimated useful life of 21 years (22 years in 2022).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUsefulLifeIntangibleAssetsOtherThanGoodwill",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__102": {
"value": "ACCOUNTING POLICIES Research and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable; refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the services are received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. The discount rate used is based on the Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. Fair value is determined using largely unobservable inputs. Accordingly, the valuation technique and inputs used to measure fair value are classified as level 3 in the fair value hierarchy. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realised sales trending below predicted sales\u2022 Changes or anticipated changes in participation rates or reimbursement policies\u2022 Inconsistent or unfavourable clinical readouts\u2022 Changes in the legal framework covering patents, rights and licences\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand names\u2022 Changes in the economic lives of similar assets\u2022 Relationship to other intangible assets or property, plant and equipment If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__107": {
"value": "3.2 Property, plant and equipmentAssets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2023Cost at the beginning of the year 43,403 37,548 8,114 22,361 111,426Additions during the year 2,681 47 873 27,830 31,431Disposals during the year (690) (952) (624) (562) (2,828)Transfer and reclassifications 4,246 4,679 731 (9,656) \u2014Effect of exchange rate adjustment (650) (371) (115) (310) (1,446)Cost at the end of the year 48,990 40,951 8,979 39,663 138,583Depreciation and impairment losses at the beginning of the year 16,781 22,935 5,039 \u2014 44,755Depreciation for the year 2,450 1,919 1,086 \u2014 5,455Impairment losses for the year 6 118 24 562 710Depreciation and impairment losses reversed on disposals during the year (664) (942) (597) (562) (2,765)Effect of exchange rate adjustment (248) (196) (89) \u2014 (533)Depreciation and impairment losses at the end of the year 18,325 23,834 5,463 \u2014 47,622Carrying amount at the end of the year 30,665 17,117 3,516 39,663 90,9612022Cost at the beginning of the year 41,076 35,944 7,776 11,091 95,887Additions from acquisition of businesses (note 5.3) 297 2 14 \u2014 313Additions during the year 706 143 645 13,160 14,654Disposals during the year (205) (123) (621) (33) (982)Transfer and reclassifications 1,000 1,152 329 (2,481) \u2014Effect of exchange rate adjustment 529 430 (29) 624 1,554Cost at the end of the year 43,403 37,548 8,114 22,361 111,426Depreciation and impairment losses at the beginning of the year 14,669 21,138 4,718 \u2014 40,525Depreciation for the year 2,245 1,793 916 \u2014 4,954Impairment losses for the year 3 10 3 33 49Depreciation and impairment losses reversed on disposals during the year (188) (123) (615) (33) (959)Effect of exchange rate adjustment 52 117 17 \u2014 186Depreciation and impairment losses at the end of the year 16,781 22,935 5,039 \u2014 44,755Carrying amount at the end of the year 26,622 14,613 3,075 22,361 66,671Depreciation and impairment lossesDKK million 2023 2022 2021Cost of goods sold 3,968 3,229 2,836Sales and distribution costs 504 424 409Research and development costs 1,313 922 736Administrative costs 354 408 386Other operating income and expenses 26 20 19Total depreciation and impairment losses 6,165 5,003 4,386Of which related to leased assets 1,251 1,052 899Capital expenditure in the reporting period was primarily related to investments in facility upgrades and new production facilities for active pharmaceutical ingredients (API) for current and future diabetes and obesity care products, mainly in Kalundborg. The investments will establish additional capacity across the entire global value chain from manufacturing of API to assembly and packaging, with the majority being invested in API capacity. Leased property, plant and equipmentDKK million 2023 2022Land and buildings 5,157 3,544Other equipment 768 587Total 5,925 4,131Novo Nordisk mainly leases office buildings, warehouses, laboratories and vehicles. The right-of-use asset is presented in property, plant and equipment and the lease liability in borrowings. In 2023, the total amount recognised in the income statement related to leases was DKK 1,832 million (DKK 1,491 million in 2022 and DKK 1,303 million DKK 2021). The total cash outflow for leases amounted to DKK 2,022 million (DKK 1,438 million in 2022 and DKK 1,275 million in 2021). As of 31 December 2023, the lease liability of DKK 5,726 million excludes potential lease payments of DKK 4,051 million (undiscounted) related to optional lease term extension rights on properties that were not considered reasonably certain to be exercised (DKK 3,723 million in 2022). Refer to note 4.6 for a maturity analysis of lease payments and 5.2 for commitments not recognised in the balance sheet related to leases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__111": {
"value": "ACCOUNTING POLICIES Property, plant and equipment is measured at historical cost less accumulated depreciations and any impairment loss. The cost of self-constructed assets includes costs directly attributable to the construction of the assets. Any subsequent cost is included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to Novo Nordisk, and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets (buildings: 12-50 years, plant and machinery: 5-25 years and other equipment: 3-10 years. Land is not depreciated). Climate-related matters, including the commitment to reach net zero emissions, were considered when estimating the useful lives of property, plant and equipment.Depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The asset's residual value and useful life is reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and develop-ment costs. For contracts which are, or contain, a lease, the Group recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, being the initial amount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and reduced by any impairment losses. The lease term determined by the Group is the non-cancellable period of a lease, together with extension/termination option, if these are reasonably certain to be exercised. For contracts with a rolling term (evergreen leases), the Group estimates the leasing period to be equal to the termination period, if no probable scenario exists for estimating the leasing period. If the lease liability is remeasured due to a change in future lease payments a corresponding adjustment is made to the right-of-use asset, or in the income statement when the right-of-use asset has been fully depreciated. For a description of accounting policies for lease liabilities, refer to note 4.9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__108": {
"value": "ACCOUNTING POLICIES Property, plant and equipment is measured at historical cost less accumulated depreciations and any impairment loss. The cost of self-constructed assets includes costs directly attributable to the construction of the assets. Any subsequent cost is included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to Novo Nordisk, and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets (buildings: 12-50 years, plant and machinery: 5-25 years and other equipment: 3-10 years. Land is not depreciated). Climate-related matters, including the commitment to reach net zero emissions, were considered when estimating the useful lives of property, plant and equipment.Depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The asset's residual value and useful life is reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and develop-ment costs. For contracts which are, or contain, a lease, the Group recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, being the initial amount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and reduced by any impairment losses. The lease term determined by the Group is the non-cancellable period of a lease, together with extension/termination option, if these are reasonably certain to be exercised. For contracts with a rolling term (evergreen leases), the Group estimates the leasing period to be equal to the termination period, if no probable scenario exists for estimating the leasing period. If the lease liability is remeasured due to a change in future lease payments a corresponding adjustment is made to the right-of-use asset, or in the income statement when the right-of-use asset has been fully depreciated. For a description of accounting policies for lease liabilities, refer to note 4.9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__110": {
"value": "Depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The asset's residual value and useful life is reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and develop-ment costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__112": {
"value": "3.3 InventoriesDKK million 2023 2022Raw materials 9,500 6,392Work in progress 17,601 13,673Finished goods 7,224 6,038Total inventories (gross) 34,325 26,103Write-downs at year-end (2,514) (1,715)Total inventories (net) 31,811 24,388Indirect production costs included in work in progress and finished goods 13,101 10,640Share of total inventories (net) 41% 44%Movements in inventory write-downs:Write-downs at the beginning of the year 1,715 2,256Write-downs during the year 1,808 1,110Utilisation of write-downs (718) (1,482)Reversal of write-downs (291) (169)Write-downs at the end of the year 2,514 1,715All write-downs in both 2023 and 2022 relate to fully impaired inventory.ACCOUNTING POLICIES Inventories are stated at cost or net realisable value, whichever is lower. Cost is determined using the first-in, first-out method. Cost comprises direct production costs such as raw materials, consumables and labour. Production costs for work in progress and finished goods include indirect production costs such as employee costs, depreciation, maintenance, etc. If the expected sales price less completion costs to execute sales (net realisable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalised but immediately written down, until there is a high probability of regulatory approval for the product. The cost is recognised in the income statement as research and develop-ment costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__113": {
"value": "ACCOUNTING POLICIES Inventories are stated at cost or net realisable value, whichever is lower. Cost is determined using the first-in, first-out method. Cost comprises direct production costs such as raw materials, consumables and labour. Production costs for work in progress and finished goods include indirect production costs such as employee costs, depreciation, maintenance, etc. If the expected sales price less completion costs to execute sales (net realisable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalised but immediately written down, until there is a high probability of regulatory approval for the product. The cost is recognised in the income statement as research and develop-ment costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__115": {
"value": "3.4 Trade receivablesGross Net carrying Loss carrying DKK millionamountallowanceamount2023Not yet due 64,327 (1,095) 63,2321-90 days 1,557 (160) 1,39791-180 days 211 (100) 111181-270 days 111 (81) 30271-360 days 90 (90) \u2014More than 360 days past due 268 (268) \u2014Trade receivables 66,564 (1,794) 64,770EMEA 10,183 (859) 9,324China 1,865 (9) 1,856Rest of World 6,396 (843) 5,553North America Operations 48,120 (83) 48,037Trade receivables 66,564 (1,794) 64,7702022Not yet due 50,649 (920) 49,7291-90 days 729 (113) 61691-180 days 194 (77) 117181-270 days 149 (51) 98271-360 days 57 (57) \u2014More than 360 days past due 302 (302) \u2014Trade receivables 52,080 (1,520) 50,560EMEA 9,486 (859) 8,627China 1,138 \u2014 1,138Rest of World 5,297 (632) 4,665North America Operations 36,159 (29) 36,130Trade receivables 52,080 (1,520) 50,560Movements in allowance for doubtful trade receivablesDKK million 2023 2022Carrying amount at the beginning of the year 1,520 1,430Reversal of allowance on realised losses (39) (15)Net movement recognised in income statement 413 212Effect of exchange rate adjustment (100) (107)Allowance at the end of the year 1,794 1,520",
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"s13_notesesefdkgaap__8__114-1": {
"value": "3.4 Trade receivablesGross Net carrying Loss carrying DKK millionamountallowanceamount2023Not yet due 64,327 (1,095) 63,2321-90 days 1,557 (160) 1,39791-180 days 211 (100) 111181-270 days 111 (81) 30271-360 days 90 (90) \u2014More than 360 days past due 268 (268) \u2014Trade receivables 66,564 (1,794) 64,770EMEA 10,183 (859) 9,324China 1,865 (9) 1,856Rest of World 6,396 (843) 5,553North America Operations 48,120 (83) 48,037Trade receivables 66,564 (1,794) 64,7702022Not yet due 50,649 (920) 49,7291-90 days 729 (113) 61691-180 days 194 (77) 117181-270 days 149 (51) 98271-360 days 57 (57) \u2014More than 360 days past due 302 (302) \u2014Trade receivables 52,080 (1,520) 50,560EMEA 9,486 (859) 8,627China 1,138 \u2014 1,138Rest of World 5,297 (632) 4,665North America Operations 36,159 (29) 36,130Trade receivables 52,080 (1,520) 50,560Movements in allowance for doubtful trade receivablesDKK million 2023 2022Carrying amount at the beginning of the year 1,520 1,430Reversal of allowance on realised losses (39) (15)Net movement recognised in income statement 413 212Effect of exchange rate adjustment (100) (107)Allowance at the end of the year 1,794 1,520Novo Nordisk\u2019s customer base is comprised of government agencies, wholesalers, retail pharmacies and other customers. Novo Nordisk closely monitors the current economic conditions of countries impacted by currency fluctuations, high inflation and an unstable political climate. These indicators, as well as payment history, are taken into account in the valuation of trade receivables. Overall, the country risk ratings in 2023 have remained unchanged from 2022. No loss allowance has been recognised on trade receivables in factoring portfolios in 2023 and 2022. Refer to note 4.4 for more information on the trade receivable programmes.ACCOUNTING POLICIES Trade receivables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less allowance for doubtful trade receivables. The split of trade receivables and allowance for trade receivables is based on the location of the customer.Before being sold, trade receivables in factoring portfolios are measured at fair value with changes recognised in other comprehensive income. The allowance for doubtful receivables is deducted from the carrying amount of trade receivables, and the amount of the loss is recognised in the income statement under sales and distribution costs. Subsequent recoveries of amounts previously written off are credited against sales and distribution costs.Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which requires the use of the lifetime expected loss provision for all trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days past due. Generally, invoices are due for payment within 90 days from shipment of goods. Loss allowance is calculated using an ageing factor, geographical risk and specific customer knowledge. The allowance is based on a provision matrix on days past due and a forward looking element relating mainly to incorporation of Dun & Bradstreet country risk ratings and an individual assessment. Refer to note 4.4 for a general description of credit risk.Credit riskCredit risk arises from the possibility that transactional counterparties may default on their obligations, causing financial losses for the Group. Credit exposure for cash at bank, marketable securities and derivative financial instruments (fair value)Derivative Cash atMarketable financial DKK millionbanksecuritiesinstruments Total2023AAA range \u2014 15,838 \u2014 15,838AA range 6,451 \u2014 912 7,363A range 7,292 \u2014 1,432 8,724BBB range 17 \u2014 \u2014 17Not rated or below BBB range 632 \u2014 \u2014 632Total 14,392 15,838 2,344 32,5742022AAA range 6 10,797 \u2014 10,803AA range 5,507 \u2014 963 6,470A range 6,550 124 1,764 8,438BBB range 124 \u2014 \u2014 124Not rated or below BBB range 466 \u2014 \u2014 466Total 12,653 10,921 2,727 26,301Credit risk exposure to financial counterpartiesNovo Nordisk considers its maximum credit exposure to financial counterparties to be DKK 32,574 million (DKK 26,301 million in 2022). In addition, Novo Nordisk considers its maximum credit exposure to trade receivables, other receivables (less prepayments and VAT receivables) and other financial assets to be DKK 67,209 million (DKK 52,714 million in 2022). Refer to note 4.9 for details of the Group's total financial assets. To manage credit risk regarding financial counterparties, Novo Nordisk only enters into derivative financial contracts and money market deposits with financial counterparties possessing a satisfactory long-term credit rating from at least two of the three selected rating agencies: Standard and Poor's, Moody's and Fitch. Furthermore, maximum credit lines defined for each counterparty diversify the overall counterparty risk. The credit risk on marketable securities is low, as investments are made in highly liquid bonds with predominantly AAA credit ratings. Credit risk exposure to non-financial counterpartiesOutside the US, Novo Nordisk has no significant concentration of credit risk related to trade receivables or other receivables and prepayments, because the exposure in general is spread over a large number of counterparties and customers. In the US, the three major wholesalers account for a large proportion of total net sales, see note 2.1. However, US wholesaler credit ratings are monitored, and part of the trade receivables are sold on full non-recourse terms; see below for details. Novo Nordisk closely monitors the current economic conditions of countries impacted by currency fluctuations, high inflation and an unstable political climate. These indicators, as well as payment history are taken into account in the valuation of trade receivables. The country risk ratings in 2023 have overall remained unchanged from 2022 to 2023. Trade receivable programmesAt year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2023 amounting to:DKK million 2023 2022 2021US 5,059 1,394 1,313Japan 2,050 2,273 2,453Novo Nordisk's subsidiaries in the US and Japan employ trade receivable programmes in which trade receivables are sold on full non-recourse terms to optimise working capital.Refer to note 3.4 for the split of allowance for trade receivables by geographical segment.",
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"s13_notesesefdkgaap__8__116": {
"value": "ACCOUNTING POLICIES Trade receivables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less allowance for doubtful trade receivables. The split of trade receivables and allowance for trade receivables is based on the location of the customer.Before being sold, trade receivables in factoring portfolios are measured at fair value with changes recognised in other comprehensive income. The allowance for doubtful receivables is deducted from the carrying amount of trade receivables, and the amount of the loss is recognised in the income statement under sales and distribution costs. Subsequent recoveries of amounts previously written off are credited against sales and distribution costs.Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which requires the use of the lifetime expected loss provision for all trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days past due. Generally, invoices are due for payment within 90 days from shipment of goods. Loss allowance is calculated using an ageing factor, geographical risk and specific customer knowledge. The allowance is based on a provision matrix on days past due and a forward looking element relating mainly to incorporation of Dun & Bradstreet country risk ratings and an individual assessment. Refer to note 4.4 for a general description of credit risk.",
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"s13_notesesefdkgaap__8__119": {
"value": "3.5 Provisions and contingent liabilitiesProvisionsProvisionsProvisionsfor salesfor legalfor productOther2023 20221disputesreturnsprovisionsDKK millionrebatesTotalTotalAt the beginning of the year 69,499 2,376 1,030 1,972 74,877 55,894Additional provisions, including increases to existing provisions 285,266 1,937 1,010 588 288,801 207,715Amount used during the year (250,316) (226) (531) (173) (251,246) (190,278)Adjustments, including unused amounts reversed during the year (2,364) (240) 12 (431) (3,023) (1,668)Effect of exchange rate adjustment (2,207) (61) 11 (25) (2,282) 3,214At the end of the year 99,878 3,786 1,532 1,931 107,127 74,8773Non-current liabilities451 3,763 613 1,822 6,649 4,590Current liabilities 99,427 23 919 109 100,478 70,2871. Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid, 340B Drug Pricing Program and other types of US rebates, as well as rebates in a number of European countries and Canada. 2. Other provisions consists of various types of provisions, including obligations in relation to employee benefits such as jubilee benefits. 3. For non-current liabilities, provisions for sales rebates are expected to be settled after one year, provisions for product returns will be utilised in 2024 and 2025. In the case of provisions for legal disputes, the timing of settlement cannot be determined.Contingent liabilitiesNovo Nordisk is currently involved in pending litigations, claims and investigations arising out of the normal conduct of its business. While provisions that Management deems to be reasonable and appropriate have been made for probable losses, there are inherent uncertainties connected with these estimates.Pending litigation against Novo NordiskSince January 2021, Novo Nordisk has made a number of changes to its policy in the US related to facilitating delivery of its discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. On 30 January 2023, the US Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk\u2019s drug distribution policy was consistent with the 340B statute. However, rulings in similar cases involving other manufacturers are pending before the US Courts of Appeals for the Seventh and DC Circuits, and such cases may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent rulings and appeals in these matters, there may be a material impact on Novo Nordisk\u2019s financial position, net sales and cash flow.Mosaic Health Inc. and Central Virginia Health Services, Inc. (both 340B covered entities) filed a putative class action lawsuit in Federal Court in New York against Novo Nordisk, Eli Lilly and Company, Sanofi and AstraZeneca alleging a conspiracy among the manufacturers to artificially fix prices of diabetes medications through changes to their policies relating to the distribution of 340B drugs. The lawsuit was subsequently dismissed by the Court on 2 September 2022. Plaintiffs have filed an amended complaint. Novo Nordisk does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is currently defending several lawsuits, including putative class actions, relating to the pricing of diabetes medicines in the US. The first lawsuit was filed in 2017 and in August 2023 a multi-district litigation was created in the United States District court for the District of New Jersey. Nearly all pending matters also name Eli Lilly and Company and Sanofi as defendants, while certain matters also name Pharmacy Benefit Managers (PBMs) and related entities. Plaintiffs generally allege that the manufacturers and PBMs colluded to artificially inflate list prices paid by consumers for diabetes products, while offering reduced prices to PBMs through rebates used to secure formulary access. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In 2016, Novo Nordisk received a Civil Investigative Demand (CID) from the US \u00aeDepartment of Justice (DOJ) relating to potential off-label marketing of NovoSeven(including high dose and for prophylactic use) and interactions with physicians and patients. The DOJ investigation was likely prompted by a lawsuit filed in 2015 by a former Novo Nordisk employee, who alleged Novo Nordisk caused the submission of false claims to Medicare, Medicaid, Federal Employees Health Benefits Program and private insurers in California as a result of the same conduct that was the subject of the DOJ CID. In May 2023, at the Plaintiffs\u2019 request, the case was transferred to the United States District Court for the Western District of Washington. Following transfer, in July 2023, Plaintiffs filed a motion to revive their nationwide Medicare claims and their Delaware Medicaid claims. Novo Nordisk filed a motion to dismiss these claims. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Novo Nordisk, along with Eli Lilly, are defendants in numerous product liability lawsuits (including in the US) related to the use of GLP-1-based treatments. Plaintiffs have alleged \u00ae\u00ae, Wegovy and Rybelsusthat the use of these treatments, including Ozempic, have caused various gastrointestinal and other injuries. Novo Nordisk is taking actions to address the lawsuits. Novo Nordisk does not expect these lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Pending claims against Novo Nordisk and Investigations involving Novo NordiskNovo Nordisk has received Civil Investigative Demands (CIDs) or subpoenas from several US authorities including Attorneys General from the states of Minnesota, New Mexico, Washington, Colorado, Vermont, Texas and the US Federal Trade Commission that call for the production of documents and information relating to, among other things, the company\u2019s trade practices relating to its insulin and GLP-1-based products. Novo Nordisk is cooperating with the relevant government authorities in each of these investigative matters and does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In December 2021, Novo Nordisk received a CID from the DOJ relating to the company\u2019s \u00aefinancial relationships with healthcare professional and prescriptions for Ozempic and \u00aeRybelsus during the period of 1 January 2016 to present. Novo Nordisk is cooperating with the DOJ in this investigation and does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Other contingent liabilitiesIn addition to the above, Novo Nordisk is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Management, neither settlement nor continuation of such proceedings, nor such pending audits and investigations, are expected to have a material effect on Novo Nordisk\u2019s financial position, operating profit or cash flow.ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesal-ers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.KEY ACCOUNTING ESTIMATES REGARDING ONGOING LEGAL DISPUTES, LITIGATION AND INVESTIGATIONSProvisions for legal disputes consist of various types of provisions linked to ongoing legal disputes. Management makes estimates regarding provisions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently uncertain future events. When determining likely outcomes of litigation, etc., Management considers the input of external counsel on each case, as well as known outcomes in case law. Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.",
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},
"s13_notesesefdkgaap__8__118-1": {
"value": "3.5 Provisions and contingent liabilitiesProvisionsProvisionsProvisionsfor salesfor legalfor productOther2023 20221disputesreturnsprovisionsDKK millionrebatesTotalTotalAt the beginning of the year 69,499 2,376 1,030 1,972 74,877 55,894Additional provisions, including increases to existing provisions 285,266 1,937 1,010 588 288,801 207,715Amount used during the year (250,316) (226) (531) (173) (251,246) (190,278)Adjustments, including unused amounts reversed during the year (2,364) (240) 12 (431) (3,023) (1,668)Effect of exchange rate adjustment (2,207) (61) 11 (25) (2,282) 3,214At the end of the year 99,878 3,786 1,532 1,931 107,127 74,8773Non-current liabilities451 3,763 613 1,822 6,649 4,590Current liabilities 99,427 23 919 109 100,478 70,2871. Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid, 340B Drug Pricing Program and other types of US rebates, as well as rebates in a number of European countries and Canada. 2. Other provisions consists of various types of provisions, including obligations in relation to employee benefits such as jubilee benefits. 3. For non-current liabilities, provisions for sales rebates are expected to be settled after one year, provisions for product returns will be utilised in 2024 and 2025. In the case of provisions for legal disputes, the timing of settlement cannot be determined.Contingent liabilitiesNovo Nordisk is currently involved in pending litigations, claims and investigations arising out of the normal conduct of its business. While provisions that Management deems to be reasonable and appropriate have been made for probable losses, there are inherent uncertainties connected with these estimates.Pending litigation against Novo NordiskSince January 2021, Novo Nordisk has made a number of changes to its policy in the US related to facilitating delivery of its discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. On 30 January 2023, the US Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk\u2019s drug distribution policy was consistent with the 340B statute. However, rulings in similar cases involving other manufacturers are pending before the US Courts of Appeals for the Seventh and DC Circuits, and such cases may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent rulings and appeals in these matters, there may be a material impact on Novo Nordisk\u2019s financial position, net sales and cash flow.Mosaic Health Inc. and Central Virginia Health Services, Inc. (both 340B covered entities) filed a putative class action lawsuit in Federal Court in New York against Novo Nordisk, Eli Lilly and Company, Sanofi and AstraZeneca alleging a conspiracy among the manufacturers to artificially fix prices of diabetes medications through changes to their policies relating to the distribution of 340B drugs. The lawsuit was subsequently dismissed by the Court on 2 September 2022. Plaintiffs have filed an amended complaint. Novo Nordisk does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is currently defending several lawsuits, including putative class actions, relating to the pricing of diabetes medicines in the US. The first lawsuit was filed in 2017 and in August 2023 a multi-district litigation was created in the United States District court for the District of New Jersey. Nearly all pending matters also name Eli Lilly and Company and Sanofi as defendants, while certain matters also name Pharmacy Benefit Managers (PBMs) and related entities. Plaintiffs generally allege that the manufacturers and PBMs colluded to artificially inflate list prices paid by consumers for diabetes products, while offering reduced prices to PBMs through rebates used to secure formulary access. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In 2016, Novo Nordisk received a Civil Investigative Demand (CID) from the US \u00aeDepartment of Justice (DOJ) relating to potential off-label marketing of NovoSeven(including high dose and for prophylactic use) and interactions with physicians and patients. The DOJ investigation was likely prompted by a lawsuit filed in 2015 by a former Novo Nordisk employee, who alleged Novo Nordisk caused the submission of false claims to Medicare, Medicaid, Federal Employees Health Benefits Program and private insurers in California as a result of the same conduct that was the subject of the DOJ CID. In May 2023, at the Plaintiffs\u2019 request, the case was transferred to the United States District Court for the Western District of Washington. Following transfer, in July 2023, Plaintiffs filed a motion to revive their nationwide Medicare claims and their Delaware Medicaid claims. Novo Nordisk filed a motion to dismiss these claims. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Novo Nordisk, along with Eli Lilly, are defendants in numerous product liability lawsuits (including in the US) related to the use of GLP-1-based treatments. Plaintiffs have alleged \u00ae\u00ae, Wegovy and Rybelsusthat the use of these treatments, including Ozempic, have caused various gastrointestinal and other injuries. Novo Nordisk is taking actions to address the lawsuits. Novo Nordisk does not expect these lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Pending claims against Novo Nordisk and Investigations involving Novo NordiskNovo Nordisk has received Civil Investigative Demands (CIDs) or subpoenas from several US authorities including Attorneys General from the states of Minnesota, New Mexico, Washington, Colorado, Vermont, Texas and the US Federal Trade Commission that call for the production of documents and information relating to, among other things, the company\u2019s trade practices relating to its insulin and GLP-1-based products. Novo Nordisk is cooperating with the relevant government authorities in each of these investigative matters and does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In December 2021, Novo Nordisk received a CID from the DOJ relating to the company\u2019s \u00aefinancial relationships with healthcare professional and prescriptions for Ozempic and \u00aeRybelsus during the period of 1 January 2016 to present. Novo Nordisk is cooperating with the DOJ in this investigation and does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Other contingent liabilitiesIn addition to the above, Novo Nordisk is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Management, neither settlement nor continuation of such proceedings, nor such pending audits and investigations, are expected to have a material effect on Novo Nordisk\u2019s financial position, operating profit or cash flow.ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesal-ers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.KEY ACCOUNTING ESTIMATES REGARDING ONGOING LEGAL DISPUTES, LITIGATION AND INVESTIGATIONSProvisions for legal disputes consist of various types of provisions linked to ongoing legal disputes. Management makes estimates regarding provisions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently uncertain future events. When determining likely outcomes of litigation, etc., Management considers the input of external counsel on each case, as well as known outcomes in case law. Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.5.2 CommitmentsContractual obligations not recognised in the balance sheetNon-DKK million (undiscounted) Currentcurrent Total20231Leases144 2,053 2,197Research and development obligations 8,678 13,235 21,913Research and development \u2013 potential 2milestone payments1,234 27,311 28,545Commercial product launch \u2013 potential 2milestone payments\u2014 12,952 12,952Purchase obligations relating to investments in property, plant and equipment 4,222 1,693 5,915Purchase obligations relating to contract manufacturers 6,315 26,792 33,107Other purchase obligations 7,151 5,888 13,039Total obligations not recognised in the balance sheet 27,744 89,924 117,66820221Leases205 1,641 1,846Research and development obligations 5,988 7,582 13,570Research and development \u2013 potential 2milestone payments376 5,011 5,387Commercial product launch \u2013 potential 2milestone payments\u2014 7,598 7,598Purchase obligations relating to investments in property, plant and equipment 1,696 1,427 3,123Purchase obligations relating to contract manufacturers 3,537 9,825 13,362Other purchase obligations 15,225 4,541 19,766Total obligations not recognised in the balance sheet 27,027 37,625 64,6521. Predominantly relates to estimated variable property taxes, leases committed but not yet commenced and low value leases. 2. Potential milestone payments are associated with uncertainty because they are linked to successful achievements in research activities.Contractual obligationsResearch and development obligations include contingent payments related to achieving development milestones. Such amounts entail uncertainties in relation to the period in which payments are due because a proportion of the obligations are dependent on milestone achievements. Exercise fees and subsequent milestone payments under in-licensing option agreements are excluded, as Novo Nordisk is not contractually obligated to make such payments. Commercial product launch milestones include contingent payments solely related to achievement of a commer-cial product launch following regulatory approval. The increase in research and development obligation is driven by the general increase in business activities. Commercial milestones, royalties and other payments based on a percentage of sales generated from sale of goods following marketing approval are excluded from the contractual commitments analysis because of their contingent nature, related to future sales. The purchase obligations related to investments in property, plant and equipment primarily relates to production capacity expansion projects. Novo Nordisk expects to fund these commitments with existing cash and cash flow from operations. Other purchase commitments mainly consist of commitments related to promotional and media activities, professional and consulting activities and strategic sourcing contracts.The contractual obligations not recognised in the balance sheet represent contractual payments and are not discounted and are not risk-adjusted. Other guaranteesOther guarantees amount to DKK 1,878 million (DKK 1,222 million in 2022). Other guarantees primarily relate to performance guarantees issued by Novo Nordisk.",
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"s13_notesesefdkgaap__8__120": {
"value": "Pending litigation against Novo NordiskSince January 2021, Novo Nordisk has made a number of changes to its policy in the US related to facilitating delivery of its discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. On 30 January 2023, the US Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk\u2019s drug distribution policy was consistent with the 340B statute. However, rulings in similar cases involving other manufacturers are pending before the US Courts of Appeals for the Seventh and DC Circuits, and such cases may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent rulings and appeals in these matters, there may be a material impact on Novo Nordisk\u2019s financial position, net sales and cash flow.",
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},
"s13_notesesefdkgaap__8__122": {
"value": "ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesal-ers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__121-1": {
"value": "ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesal-ers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.KEY ACCOUNTING ESTIMATES REGARDING ONGOING LEGAL DISPUTES, LITIGATION AND INVESTIGATIONSProvisions for legal disputes consist of various types of provisions linked to ongoing legal disputes. Management makes estimates regarding provisions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently uncertain future events. When determining likely outcomes of litigation, etc., Management considers the input of external counsel on each case, as well as known outcomes in case law. Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__124": {
"value": "4.1 Earnings per share2023 2022 2021Net profit DKK million 83,683 55,525 47,757Average number of shares in million 1outstandingshares 4,482.8 4,530.6 4,593.2Dilutive effect of average in million outstanding share poolshares 12.0 14.0 13.0Average number of shares outstanding, including dilutive in million effect of outstanding share poolshares 4,494.8 4,544.6 4,606.2Basic earnings per share DKK 18.67 12.26 10.40Diluted earnings per share DKK 18.62 12.22 10.371. Excluding treasury shares. For further information on the development in treasury shares, refer to note 4.3.The trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen was changed from DKK 0.20 to DKK 0.10 as of 13 September 2023. The ADRs listed on the New York Stock Exchange (NYSE) were similarly split as of 20 September 2023. Comparative figures have been restated to reflect the change in trading unit from DKK 0.20 to DKK 0.10.ACCOUNTING POLICIES Earnings per share is presented as both basic and diluted earnings per share. Basic earnings per share is calculated as net profit divided by the monthly average number of shares outstanding. Diluted earnings per share is calculated as net profit divided by the sum of monthly average number of shares outstanding, including the dilutive effect of the outstanding share pool. Refer to 'Financial definitions' for a description of calculation of the dilutive effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__126-1": {
"value": "4.2 Distribution to shareholdersDKK million 2023 2022 2021Interim dividend for the year 13,430 9,613 8,021Dividend for prior year 18,337 15,690 13,496Share repurchases for the year 29,924 24,086 19,447Total distribution for the year 61,691 49,389 40,964Novo Nordisk's guiding principle is that any excess capital after the funding of organic growth opportunities and potential acquisitions should be returned to investors. The net cash distribution to shareholders in the form of dividends and share repurchases amounts to DKK 61,691 million, compared with a free cash flow of DKK 68,326 million. The total dividend for 2023 amounts to DKK 41,987 million (DKK 9.40 per share). A final dividend for 2023 of DKK 28,557 million (DKK 6.40 per share) is expected to be distributed pending approval at the Annual General Meeting. The interim dividend of DKK 13,430 million (DKK 3.00 per share) was declared and paid in August 2023. The total dividend for 2022 was DKK 27,950 million (DKK 6.20 per share), of which the final dividend of DKK 18,337 million (DKK 4.08 per share) was declared and paid in March 2023. No dividend is declared on treasury shares.Novo Nordisk's dividend pay-outs are complemented by share repurchase programmes.Specification of Other reservesExchange Tax and rate Cash flow other 1DKK millionadjustmentshedgesitems Total2021Reserve at the beginning of the year (2,528) 1,802 (185) (911)Other comprehensive income, net 1,624 (3,557) 1,117 (816)Transferred to intangible assets \u2014 15 (2) 13Reserve at the end of the year (904) (1,740) 930 (1,714)2022Other comprehensive income, net 2,289 2,766 (892) 4,163Reserve at the end of the year 1,385 1,026 38 2,4492023Other comprehensive income, net (1,404) 586 (355) (1,173)Reserve at the end of the year (19) 1,612 (317) 1,2761. For information on derivatives refer to note 4.5.According to Danish corporate law, reserves available for distribution as dividends are based on the financial statements of the parent company, Novo Nordisk A/S. Dividends are declared and paid from distributable reserves. As of 31 December 2023, distributable reserves total DKK 78,779 million (DKK 63,136 million in 2022), corresponding to the parent company's retained earnings and Reserve for cash flow hedges and exchange rate adjustments.5.4 Related party transactionsMaterial transactions with related partiesDKK million 2023 2022 2021Novo Holdings A/SPurchase of Novo Nordisk B shares 8,775 6,984 6,695Dividend payment to Novo Holdings A/S 9,028 7,207 6,144NNIT GroupServices provided by NNIT 436 660 593Dividend payment from NNIT \u2014 \u2014 (4)Altasciences Group Services provided by Novo Nordisk \u2014 \u2014 \u2014Services provided by Altasciences 229 70 11Novozymes GroupServices provided by Novo Nordisk (48) (78) (116)Services provided by Novozymes 112 92 78Novo Nordisk A/S is controlled by Novo Holdings A/S (incorporated in Denmark), which owns 28.1% of the share capital in Novo Nordisk A/S, representing 77.1% of the total number of votes. The remaining shares are widely held. The ultimate parent of the Group is the Novo Nordisk Foundation (incorporated in Denmark). Both entities are considered related parties.As associated companies of Novo Nordisk A/S, NNIT Group and Churchill Stateside Solar Fund XIV, LLC ('CS Solar Fund XIV') are considered related parties. As associated companies of Novo Holdings A/S, Unchained Labs, Inc. and Altasciences Company Inc. are considered related parties to Novo Nordisk A/S. As Novo Holdings is a controlling shareholder, the Novozymes Group, Sonion Group and Xellia Pharmaceuticals are also considered to be related parties, as well as the Board of Directors and Executive Management of Novo Nordisk A/S.In 2023, Novo Nordisk A/S acquired 14,025 B shares, worth DKK 8.8 billion, from Novo Holdings A/S as part of the DKK 30.0 billion share repurchase programme. The transaction price for each transaction was calculated as the average market price in the open window period following the announcements of the financial results for the first and third quarters in 2023.There were no transactions with the Board of Directors or Executive Management besides remuneration. There were no material unsettled balances with related parties at the end of the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__127-1": {
"value": "Novo Nordisk's guiding principle is that any excess capital after the funding of organic growth opportunities and potential acquisitions should be returned to investors. The net cash distribution to shareholders in the form of dividends and share repurchases amounts to DKK 61,691 million, compared with a free cash flow of DKK 68,326 million. The total dividend for 2023 amounts to DKK 41,987 million (DKK 9.40 per share). A final dividend for 2023 of DKK 28,557 million (DKK 6.40 per share) is expected to be distributed pending approval at the Annual General Meeting. The interim dividend of DKK 13,430 million (DKK 3.00 per share) was declared and paid in August 2023. The total dividend for 2022 was DKK 27,950 million (DKK 6.20 per share), of which the final dividend of DKK 18,337 million (DKK 4.08 per share) was declared and paid in March 2023. No dividend is declared on treasury shares.Novo Nordisk's dividend pay-outs are complemented by share repurchase programmes.According to Danish corporate law, reserves available for distribution as dividends are based on the financial statements of the parent company, Novo Nordisk A/S. Dividends are declared and paid from distributable reserves. As of 31 December 2023, distributable reserves total DKK 78,779 million (DKK 63,136 million in 2022), corresponding to the parent company's retained earnings and Reserve for cash flow hedges and exchange rate adjustments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__131": {
"value": "4.3 Share capital, Treasury shares and Other reservesDevelopment in number of sharesDKK million A shares B shares TotalShares beginning of 2022 1,075 3,545 4,620Shares cancelled in 2022 \u2014 (60) (60)Outstanding shares end of 2022 1,075 3,485 4,560Shares cancelled in 2023 \u2014 (50) (50)Outstanding shares end of 2023 1,075 3,435 4,510At the end of 2023, the share capital amounted to DKK 107 million in A share capital (DKK 107 million in 2022 and 2021) and DKK 344 million in B share capital (DKK 349 million in 2022 and DKK 355 million in 2021). The A share capital and number of A shares of DKK 0.10 was in 2023 unchanged besides the effect of the split in trading units, and unchanged in 2022 and 2021. In 2023, the B share capital decreased by DKK 5 million (equal to cancellation of 50 million shares of DKK 0.10). The corresponding decrease in 2022 was DKK 6 million (equal to cancellation of 60 million shares of DKK 0.10) and decrease in 2021 of DKK 8 million (equal to cancellation of 80 million shares of DKK 0.10). Each A share of DKK 0.10 per share carries 100 votes and each B share of DKK 0.10 per share carries 10 votes.Treasury shares 2023 2022Number of Number of Market B shares of B shares of valueDKK 0.10 DKK 0.10(DKK million)(million)(million)Holding at the beginning of the year28,242 60.2 62.2Cancellation of treasury shares (23,450) (50.0) (60.0)Released allocated shares to employees (4,433) (9.5) (3.7)Purchase during the year 29,924 51.0 61.7Value adjustment 5,817 \u2014 \u2014Holding at the end of the year 36,100 51.7 60.2At the end of 2023, the holding of treasury shares amounted to 1.1% of the total outstanding shares (1.3% of the outstanding shares in 2022). Treasury shares are primarily acquired to reduce the company's share capital. In addition, a limited part is used to finance Novo Nordisk's long-term share-based incentive programme and restricted stock units to employees. Treasury shares are deducted from the share capital on cancellation at their nominal value of DKK 0.10 per share. Differences between this amount and the amount paid to acquire or received for disposing of treasury shares are deducted directly in retained earnings. The purchase of treasury shares during the year relates to the remaining part of the 2022 share repurchase programme, totalling DKK 1.5 billion and the DKK 30 billion Novo Nordisk B share repurchase programme for 2023, of which DKK 1.6 billion was outstanding at year-end. The programme ended on 29 January 2024. The trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen and the ADRs listed on the New York Stock Exchange (NYSE) was split in 2023. Comparative figures have been restated to reflect the split. Specification of Other reservesExchange Tax and rate Cash flow other 1DKK millionadjustmentshedgesitems Total2021Reserve at the beginning of the year (2,528) 1,802 (185) (911)Other comprehensive income, net 1,624 (3,557) 1,117 (816)Transferred to intangible assets \u2014 15 (2) 13Reserve at the end of the year (904) (1,740) 930 (1,714)2022Other comprehensive income, net 2,289 2,766 (892) 4,163Reserve at the end of the year 1,385 1,026 38 2,4492023Other comprehensive income, net (1,404) 586 (355) (1,173)Reserve at the end of the year (19) 1,612 (317) 1,2761. For information on derivatives refer to note 4.5.According to Danish corporate law, reserves available for distribution as dividends are based on the financial statements of the parent company, Novo Nordisk A/S. Dividends are declared and paid from distributable reserves. As of 31 December 2023, distributable reserves total DKK 78,779 million (DKK 63,136 million in 2022), corresponding to the parent company's retained earnings and Reserve for cash flow hedges and exchange rate adjustments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__128": {
"value": "4.3 Share capital, Treasury shares and Other reservesDevelopment in number of sharesDKK million A shares B shares TotalShares beginning of 2022 1,075 3,545 4,620Shares cancelled in 2022 \u2014 (60) (60)Outstanding shares end of 2022 1,075 3,485 4,560Shares cancelled in 2023 \u2014 (50) (50)Outstanding shares end of 2023 1,075 3,435 4,510At the end of 2023, the share capital amounted to DKK 107 million in A share capital (DKK 107 million in 2022 and 2021) and DKK 344 million in B share capital (DKK 349 million in 2022 and DKK 355 million in 2021). The A share capital and number of A shares of DKK 0.10 was in 2023 unchanged besides the effect of the split in trading units, and unchanged in 2022 and 2021. In 2023, the B share capital decreased by DKK 5 million (equal to cancellation of 50 million shares of DKK 0.10). The corresponding decrease in 2022 was DKK 6 million (equal to cancellation of 60 million shares of DKK 0.10) and decrease in 2021 of DKK 8 million (equal to cancellation of 80 million shares of DKK 0.10). Each A share of DKK 0.10 per share carries 100 votes and each B share of DKK 0.10 per share carries 10 votes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__129": {
"value": "Treasury shares 2023 2022Number of Number of Market B shares of B shares of valueDKK 0.10 DKK 0.10(DKK million)(million)(million)Holding at the beginning of the year28,242 60.2 62.2Cancellation of treasury shares (23,450) (50.0) (60.0)Released allocated shares to employees (4,433) (9.5) (3.7)Purchase during the year 29,924 51.0 61.7Value adjustment 5,817 \u2014 \u2014Holding at the end of the year 36,100 51.7 60.2At the end of 2023, the holding of treasury shares amounted to 1.1% of the total outstanding shares (1.3% of the outstanding shares in 2022). Treasury shares are primarily acquired to reduce the company's share capital. In addition, a limited part is used to finance Novo Nordisk's long-term share-based incentive programme and restricted stock units to employees. Treasury shares are deducted from the share capital on cancellation at their nominal value of DKK 0.10 per share. Differences between this amount and the amount paid to acquire or received for disposing of treasury shares are deducted directly in retained earnings. The purchase of treasury shares during the year relates to the remaining part of the 2022 share repurchase programme, totalling DKK 1.5 billion and the DKK 30 billion Novo Nordisk B share repurchase programme for 2023, of which DKK 1.6 billion was outstanding at year-end. The programme ended on 29 January 2024. The trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen and the ADRs listed on the New York Stock Exchange (NYSE) was split in 2023. Comparative figures have been restated to reflect the split.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__130": {
"value": "At the end of 2023, the holding of treasury shares amounted to 1.1% of the total outstanding shares (1.3% of the outstanding shares in 2022). Treasury shares are primarily acquired to reduce the company's share capital. In addition, a limited part is used to finance Novo Nordisk's long-term share-based incentive programme and restricted stock units to employees. Treasury shares are deducted from the share capital on cancellation at their nominal value of DKK 0.10 per share. Differences between this amount and the amount paid to acquire or received for disposing of treasury shares are deducted directly in retained earnings. The purchase of treasury shares during the year relates to the remaining part of the 2022 share repurchase programme, totalling DKK 1.5 billion and the DKK 30 billion Novo Nordisk B share repurchase programme for 2023, of which DKK 1.6 billion was outstanding at year-end. The programme ended on 29 January 2024. The trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen and the ADRs listed on the New York Stock Exchange (NYSE) was split in 2023. Comparative figures have been restated to reflect the split.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__125": {
"value": "ACCOUNTING POLICIES Earnings per share is presented as both basic and diluted earnings per share. Basic earnings per share is calculated as net profit divided by the monthly average number of shares outstanding. Diluted earnings per share is calculated as net profit divided by the sum of monthly average number of shares outstanding, including the dilutive effect of the outstanding share pool. Refer to 'Financial definitions' for a description of calculation of the dilutive effect.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__134": {
"value": "4.4 Financial risksManagement has assessed the following key financial risks: Type Financial riskForeign exchange risk HighCredit risk LowInterest rate risk LowLiquidity risk LowNovo Nordisk has centralised management of the Group's financial risks. The overall objectives and policies for the company's financial risk management are outlined in the internal Treasury Policy, which is approved by the Board of Directors. The Treasury Policy consists of the Foreign Exchange Policy, the Investment Policy, the Financing Policy and the Policy regarding Credit Risk on Financial Counterparts, and includes a description of permitted use of financial instruments and risk limits.Novo Nordisk only hedges commercial exposures and consequently does not enter into derivative transactions for trading or speculative purposes. Novo Nordisk uses a fully integrated treasury management system to manage all financial positions, and all positions are marked-to-market. Foreign exchange riskForeign exchange risk is the most important financial risk for Novo Nordisk and can have a significant impact on the income statement, statement of comprehensive income, balance sheet and cash flow statement. The majority of Novo Nordisk's sales are in USD, EUR, CNY, CAD, JPY and GBP. The foreign exchange risk is most significant in USD, CNY and CAD, while the EUR exchange rate risk is regarded as low because of Denmark's fixed exchange rate policy towards EUR. The overall objective of foreign exchange risk management is to reduce the short-term negative impact of exchange rate fluctuations on earnings and cash flow, thereby contributing to the predictability of the financial results. Novo Nordisk hedges existing assets and liabilities in key currencies as well as future expected cash flows up to a maximum of 24 months forward. Hedge accounting is applied to match the impact of the hedged item and the hedging instrument in the consolidated income statement. The currency hedging strategy balances risk reduction and cost of hedging by use of foreign exchange forwards and foreign exchange options matching the due dates of the hedged items. Expected cash flows are continually assessed using historical inflows, budgets and monthly sales forecasts. Hedge effectiveness is assessed on a regular basis. Management has chosen to classify the result of hedging activities as part of financial items.Key currenciesUSD CNY CAD JPY GBPAverage exchange rate applied (DKK per 100)2023 689 97 511 4.91 8572022 708 105 543 5.40 8732021 629 97 502 5.73 865Year-end exchange rate applied (DKK per 100)2023 674 95 509 4.77 8582022 697 101 515 5.29 8382021 657 103 517 5.70 885Foreign exchange rate sensitivity analysisAt year-end, an immediate 5% decrease in the disclosed currencies versus DKK and EUR is estimated by Management to have the following impact on Novo Nordisk's operating profit for the next 12 months.1Sensitivity on operating profit of an immediate 5% decrease in key currenciesDKK million USD CNY CAD JPY GBP2024 (5,700) (500) (530) (210) (150)2023 (3,180) (500) (320) (240) (160)1. An immediate 5% increase would have the opposite impact of the above. As per the end of 2023, a positive market value of financial contracts related to hedging of foreign exchange risk of DKK 1,612 million had been deferred for recognition in 2024 (in 2022 a positive market value of DKK 1,026 million was deferred for recognition in 2023). Sensitivity of an immediate 5% decrease in currency rates on 231 December versus DKKDKK million 2023 2022Sensitivity of all currenciesIncome statement (117) (37)Other comprehensive income 6,058 3,431Total 5,941 3,394Hereof sensitivity of USDIncome statement 70 150Other comprehensive income 5,082 2,923Total 5,152 3,0732. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's cash, trade receivables and trade payables, current loans, current and non-current financial investments, lease liabilities and foreign exchange forwards. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.Financial contracts coverage at year end3Months USD CNYCAD JPY GBP2023 12 12 9 12 02022 12 0 9 12 113. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows financial contracts existing at year-end to cover the expected future cash flow for the disclosed number of months. During 2023, the hedging horizon varied between 9 and 12 months for USD, CAD and JPY. The hedge horizon for CNY has been increased from 0 to 12 months, while GBP has been phased out. Average hedge rate for USD cash flow hedges is 676 at the end of 2023 (696 at the end of 2022).Credit riskCredit risk arises from the possibility that transactional counterparties may default on their obligations, causing financial losses for the Group. Credit exposure for cash at bank, marketable securities and derivative financial instruments (fair value)Derivative Cash atMarketable financial DKK millionbanksecuritiesinstruments Total2023AAA range \u2014 15,838 \u2014 15,838AA range 6,451 \u2014 912 7,363A range 7,292 \u2014 1,432 8,724BBB range 17 \u2014 \u2014 17Not rated or below BBB range 632 \u2014 \u2014 632Total 14,392 15,838 2,344 32,5742022AAA range 6 10,797 \u2014 10,803AA range 5,507 \u2014 963 6,470A range 6,550 124 1,764 8,438BBB range 124 \u2014 \u2014 124Not rated or below BBB range 466 \u2014 \u2014 466Total 12,653 10,921 2,727 26,301Credit risk exposure to financial counterpartiesNovo Nordisk considers its maximum credit exposure to financial counterparties to be DKK 32,574 million (DKK 26,301 million in 2022). In addition, Novo Nordisk considers its maximum credit exposure to trade receivables, other receivables (less prepayments and VAT receivables) and other financial assets to be DKK 67,209 million (DKK 52,714 million in 2022). Refer to note 4.9 for details of the Group's total financial assets. To manage credit risk regarding financial counterparties, Novo Nordisk only enters into derivative financial contracts and money market deposits with financial counterparties possessing a satisfactory long-term credit rating from at least two of the three selected rating agencies: Standard and Poor's, Moody's and Fitch. Furthermore, maximum credit lines defined for each counterparty diversify the overall counterparty risk. The credit risk on marketable securities is low, as investments are made in highly liquid bonds with predominantly AAA credit ratings. Credit risk exposure to non-financial counterpartiesOutside the US, Novo Nordisk has no significant concentration of credit risk related to trade receivables or other receivables and prepayments, because the exposure in general is spread over a large number of counterparties and customers. In the US, the three major wholesalers account for a large proportion of total net sales, see note 2.1. However, US wholesaler credit ratings are monitored, and part of the trade receivables are sold on full non-recourse terms; see below for details. Novo Nordisk closely monitors the current economic conditions of countries impacted by currency fluctuations, high inflation and an unstable political climate. These indicators, as well as payment history are taken into account in the valuation of trade receivables. The country risk ratings in 2023 have overall remained unchanged from 2022 to 2023. Trade receivable programmesAt year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2023 amounting to:DKK million 2023 2022 2021US 5,059 1,394 1,313Japan 2,050 2,273 2,453Novo Nordisk's subsidiaries in the US and Japan employ trade receivable programmes in which trade receivables are sold on full non-recourse terms to optimise working capital.Refer to note 3.4 for the split of allowance for trade receivables by geographical segment. Interest rate riskNovo Nordisk\u2019s exposure to interest rate risk is considered to be low due to the capital structure. Non-current debt consists of fixed rate instruments. Interest rate risk on marketable securities of DKK 15,838 million is considered low due to a low portfolio duration. Liquidity riskThe liquidity risk is considered to be low. Novo Nordisk ensures the availability of the required liquidity through a combination of cash management, highly liquid investment portfolios and both uncommitted and committed credit facilities. Novo Nordisk uses cash pools for optimisation and centralisation of cash management.Financial reservesDKK million 2023 2022 2021Cash and cash equivalents (note 4.7) 14,392 12,653 10,719Marketable securities 15,838 10,921 6,7654Undrawn committed credit facility11,552 11,527 11,526Borrowings (Note 4.6) (5,431) (480) (12,861)Financial reserves 36,351 34,621 16,1494. The undrawn committed credit facility comprises a facility EUR 1,550 million in 2023 and EUR 1,550 million in 2022 committed by a portfolio of international banks. The facility matures in 2025. Financial reserves comprise the sum of cash and cash equivalents at the end of the year, marketable securities with original term to maturity exceeding three months and undrawn committed credit and loan facilities, with a maturity of more than 12 months, less Eurobonds and bank overdrafts contractually obliged for repayment within 12 months of the balance sheet date.",
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"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__137-1": {
"value": "Foreign exchange riskForeign exchange risk is the most important financial risk for Novo Nordisk and can have a significant impact on the income statement, statement of comprehensive income, balance sheet and cash flow statement. The majority of Novo Nordisk's sales are in USD, EUR, CNY, CAD, JPY and GBP. The foreign exchange risk is most significant in USD, CNY and CAD, while the EUR exchange rate risk is regarded as low because of Denmark's fixed exchange rate policy towards EUR. The overall objective of foreign exchange risk management is to reduce the short-term negative impact of exchange rate fluctuations on earnings and cash flow, thereby contributing to the predictability of the financial results. Novo Nordisk hedges existing assets and liabilities in key currencies as well as future expected cash flows up to a maximum of 24 months forward. Hedge accounting is applied to match the impact of the hedged item and the hedging instrument in the consolidated income statement. The currency hedging strategy balances risk reduction and cost of hedging by use of foreign exchange forwards and foreign exchange options matching the due dates of the hedged items. Expected cash flows are continually assessed using historical inflows, budgets and monthly sales forecasts. Hedge effectiveness is assessed on a regular basis. Management has chosen to classify the result of hedging activities as part of financial items.Key currenciesUSD CNY CAD JPY GBPAverage exchange rate applied (DKK per 100)2023 689 97 511 4.91 8572022 708 105 543 5.40 8732021 629 97 502 5.73 865Year-end exchange rate applied (DKK per 100)2023 674 95 509 4.77 8582022 697 101 515 5.29 8382021 657 103 517 5.70 885Foreign exchange rate sensitivity analysisAt year-end, an immediate 5% decrease in the disclosed currencies versus DKK and EUR is estimated by Management to have the following impact on Novo Nordisk's operating profit for the next 12 months.1Sensitivity on operating profit of an immediate 5% decrease in key currenciesDKK million USD CNY CAD JPY GBP2024 (5,700) (500) (530) (210) (150)2023 (3,180) (500) (320) (240) (160)1. An immediate 5% increase would have the opposite impact of the above. As per the end of 2023, a positive market value of financial contracts related to hedging of foreign exchange risk of DKK 1,612 million had been deferred for recognition in 2024 (in 2022 a positive market value of DKK 1,026 million was deferred for recognition in 2023). Sensitivity of an immediate 5% decrease in currency rates on 231 December versus DKKDKK million 2023 2022Sensitivity of all currenciesIncome statement (117) (37)Other comprehensive income 6,058 3,431Total 5,941 3,394Hereof sensitivity of USDIncome statement 70 150Other comprehensive income 5,082 2,923Total 5,152 3,0732. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's cash, trade receivables and trade payables, current loans, current and non-current financial investments, lease liabilities and foreign exchange forwards. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.Financial contracts coverage at year end3Months USD CNYCAD JPY GBP2023 12 12 9 12 02022 12 0 9 12 113. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows financial contracts existing at year-end to cover the expected future cash flow for the disclosed number of months. During 2023, the hedging horizon varied between 9 and 12 months for USD, CAD and JPY. The hedge horizon for CNY has been increased from 0 to 12 months, while GBP has been phased out. Average hedge rate for USD cash flow hedges is 676 at the end of 2023 (696 at the end of 2022).ACCOUNTING POLICIES As described in note 4.4, Management has chosen to classify the result of hedging activities as part of financial items in the income statement, except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.Translation of transactions and balancesForeign currency transactions are translated into the functional currency using the prevailing exchange rates at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities are recognised in the income statement. Foreign currency differences arising from the translation of effective qualifying cash flow hedges are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__136-1": {
"value": "Foreign exchange riskForeign exchange risk is the most important financial risk for Novo Nordisk and can have a significant impact on the income statement, statement of comprehensive income, balance sheet and cash flow statement. The majority of Novo Nordisk's sales are in USD, EUR, CNY, CAD, JPY and GBP. The foreign exchange risk is most significant in USD, CNY and CAD, while the EUR exchange rate risk is regarded as low because of Denmark's fixed exchange rate policy towards EUR. The overall objective of foreign exchange risk management is to reduce the short-term negative impact of exchange rate fluctuations on earnings and cash flow, thereby contributing to the predictability of the financial results. Novo Nordisk hedges existing assets and liabilities in key currencies as well as future expected cash flows up to a maximum of 24 months forward. Hedge accounting is applied to match the impact of the hedged item and the hedging instrument in the consolidated income statement. The currency hedging strategy balances risk reduction and cost of hedging by use of foreign exchange forwards and foreign exchange options matching the due dates of the hedged items. Expected cash flows are continually assessed using historical inflows, budgets and monthly sales forecasts. Hedge effectiveness is assessed on a regular basis. Management has chosen to classify the result of hedging activities as part of financial items.Key currenciesUSD CNY CAD JPY GBPAverage exchange rate applied (DKK per 100)2023 689 97 511 4.91 8572022 708 105 543 5.40 8732021 629 97 502 5.73 865Year-end exchange rate applied (DKK per 100)2023 674 95 509 4.77 8582022 697 101 515 5.29 8382021 657 103 517 5.70 885Foreign exchange rate sensitivity analysisAt year-end, an immediate 5% decrease in the disclosed currencies versus DKK and EUR is estimated by Management to have the following impact on Novo Nordisk's operating profit for the next 12 months.1Sensitivity on operating profit of an immediate 5% decrease in key currenciesDKK million USD CNY CAD JPY GBP2024 (5,700) (500) (530) (210) (150)2023 (3,180) (500) (320) (240) (160)1. An immediate 5% increase would have the opposite impact of the above. As per the end of 2023, a positive market value of financial contracts related to hedging of foreign exchange risk of DKK 1,612 million had been deferred for recognition in 2024 (in 2022 a positive market value of DKK 1,026 million was deferred for recognition in 2023). Sensitivity of an immediate 5% decrease in currency rates on 231 December versus DKKDKK million 2023 2022Sensitivity of all currenciesIncome statement (117) (37)Other comprehensive income 6,058 3,431Total 5,941 3,394Hereof sensitivity of USDIncome statement 70 150Other comprehensive income 5,082 2,923Total 5,152 3,0732. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's cash, trade receivables and trade payables, current loans, current and non-current financial investments, lease liabilities and foreign exchange forwards. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.Financial contracts coverage at year end3Months USD CNYCAD JPY GBP2023 12 12 9 12 02022 12 0 9 12 113. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows financial contracts existing at year-end to cover the expected future cash flow for the disclosed number of months. During 2023, the hedging horizon varied between 9 and 12 months for USD, CAD and JPY. The hedge horizon for CNY has been increased from 0 to 12 months, while GBP has been phased out. Average hedge rate for USD cash flow hedges is 676 at the end of 2023 (696 at the end of 2022).4.10 Financial income and expensesDKK million 2023 2022 2021Financial income1Interest income1,069 239 231Foreign exchange gain (net) 308 \u2014 \u2014Financial gain from forward contracts (net) 1,344 \u2014 2,316Capital gain on investments \u2014 \u2014 340Capital gain on marketable securities 143 \u2014 \u2014Result of associated companies 81 \u2014 \u2014Total financial income 2,945 239 2,887Financial expensesInterest expenses on debts and borrowings 542 378 289Foreign exchange loss (net) \u2014 2,885 1,972Financial loss from forward contracts (net) \u2014 1,766 \u2014Capital loss on investments 106 124 \u2014Capital loss on marketable securities \u2014 463 44Result of associated companies \u2014 189 24Other financial expenses 197 181 122Total financial expenses 845 5,986 2,4511. Interest income include DKK 370 million from marketable securities at fair value through the income statement (2022: DKK 78 million; 2021: DKK 30 million) while the remaining interest income is derived from financial assets at amortised cost.Financial impact from forward contracts, specifiedDKK million 2023 2022 2021Income/(loss) transferred from other comprehensive income 1,026 (1,740) 1,802Realised fair value adjustment of transferred contracts 214 (3,772) (1,411)Unrealised fair value adjustments of 2forward contracts(540) (1,202) 1,246Realised foreign exchange gain/(loss) on forward contracts 644 4,948 679Financial income/(expense) from forward contracts 1,344 (1,766) 2,3162. Refer to note 4.5 for information on open fair value hedge contracts at 31 December. ACCOUNTING POLICIES As described in note 4.4, Management has chosen to classify the result of hedging activities as part of financial items in the income statement, except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__135": {
"value": "Foreign exchange riskForeign exchange risk is the most important financial risk for Novo Nordisk and can have a significant impact on the income statement, statement of comprehensive income, balance sheet and cash flow statement. The majority of Novo Nordisk's sales are in USD, EUR, CNY, CAD, JPY and GBP. The foreign exchange risk is most significant in USD, CNY and CAD, while the EUR exchange rate risk is regarded as low because of Denmark's fixed exchange rate policy towards EUR. The overall objective of foreign exchange risk management is to reduce the short-term negative impact of exchange rate fluctuations on earnings and cash flow, thereby contributing to the predictability of the financial results. Novo Nordisk hedges existing assets and liabilities in key currencies as well as future expected cash flows up to a maximum of 24 months forward. Hedge accounting is applied to match the impact of the hedged item and the hedging instrument in the consolidated income statement. The currency hedging strategy balances risk reduction and cost of hedging by use of foreign exchange forwards and foreign exchange options matching the due dates of the hedged items. Expected cash flows are continually assessed using historical inflows, budgets and monthly sales forecasts. Hedge effectiveness is assessed on a regular basis. Management has chosen to classify the result of hedging activities as part of financial items.Key currenciesUSD CNY CAD JPY GBPAverage exchange rate applied (DKK per 100)2023 689 97 511 4.91 8572022 708 105 543 5.40 8732021 629 97 502 5.73 865Year-end exchange rate applied (DKK per 100)2023 674 95 509 4.77 8582022 697 101 515 5.29 8382021 657 103 517 5.70 885Foreign exchange rate sensitivity analysisAt year-end, an immediate 5% decrease in the disclosed currencies versus DKK and EUR is estimated by Management to have the following impact on Novo Nordisk's operating profit for the next 12 months.1Sensitivity on operating profit of an immediate 5% decrease in key currenciesDKK million USD CNY CAD JPY GBP2024 (5,700) (500) (530) (210) (150)2023 (3,180) (500) (320) (240) (160)1. An immediate 5% increase would have the opposite impact of the above. As per the end of 2023, a positive market value of financial contracts related to hedging of foreign exchange risk of DKK 1,612 million had been deferred for recognition in 2024 (in 2022 a positive market value of DKK 1,026 million was deferred for recognition in 2023). Sensitivity of an immediate 5% decrease in currency rates on 231 December versus DKKDKK million 2023 2022Sensitivity of all currenciesIncome statement (117) (37)Other comprehensive income 6,058 3,431Total 5,941 3,394Hereof sensitivity of USDIncome statement 70 150Other comprehensive income 5,082 2,923Total 5,152 3,0732. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's cash, trade receivables and trade payables, current loans, current and non-current financial investments, lease liabilities and foreign exchange forwards. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.Financial contracts coverage at year end3Months USD CNYCAD JPY GBP2023 12 12 9 12 02022 12 0 9 12 113. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows financial contracts existing at year-end to cover the expected future cash flow for the disclosed number of months. During 2023, the hedging horizon varied between 9 and 12 months for USD, CAD and JPY. The hedge horizon for CNY has been increased from 0 to 12 months, while GBP has been phased out. Average hedge rate for USD cash flow hedges is 676 at the end of 2023 (696 at the end of 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__138": {
"value": "Credit riskCredit risk arises from the possibility that transactional counterparties may default on their obligations, causing financial losses for the Group. Credit exposure for cash at bank, marketable securities and derivative financial instruments (fair value)Derivative Cash atMarketable financial DKK millionbanksecuritiesinstruments Total2023AAA range \u2014 15,838 \u2014 15,838AA range 6,451 \u2014 912 7,363A range 7,292 \u2014 1,432 8,724BBB range 17 \u2014 \u2014 17Not rated or below BBB range 632 \u2014 \u2014 632Total 14,392 15,838 2,344 32,5742022AAA range 6 10,797 \u2014 10,803AA range 5,507 \u2014 963 6,470A range 6,550 124 1,764 8,438BBB range 124 \u2014 \u2014 124Not rated or below BBB range 466 \u2014 \u2014 466Total 12,653 10,921 2,727 26,301Credit risk exposure to financial counterpartiesNovo Nordisk considers its maximum credit exposure to financial counterparties to be DKK 32,574 million (DKK 26,301 million in 2022). In addition, Novo Nordisk considers its maximum credit exposure to trade receivables, other receivables (less prepayments and VAT receivables) and other financial assets to be DKK 67,209 million (DKK 52,714 million in 2022). Refer to note 4.9 for details of the Group's total financial assets. To manage credit risk regarding financial counterparties, Novo Nordisk only enters into derivative financial contracts and money market deposits with financial counterparties possessing a satisfactory long-term credit rating from at least two of the three selected rating agencies: Standard and Poor's, Moody's and Fitch. Furthermore, maximum credit lines defined for each counterparty diversify the overall counterparty risk. The credit risk on marketable securities is low, as investments are made in highly liquid bonds with predominantly AAA credit ratings. Credit risk exposure to non-financial counterpartiesOutside the US, Novo Nordisk has no significant concentration of credit risk related to trade receivables or other receivables and prepayments, because the exposure in general is spread over a large number of counterparties and customers. In the US, the three major wholesalers account for a large proportion of total net sales, see note 2.1. However, US wholesaler credit ratings are monitored, and part of the trade receivables are sold on full non-recourse terms; see below for details. Novo Nordisk closely monitors the current economic conditions of countries impacted by currency fluctuations, high inflation and an unstable political climate. These indicators, as well as payment history are taken into account in the valuation of trade receivables. The country risk ratings in 2023 have overall remained unchanged from 2022 to 2023. Trade receivable programmesAt year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2023 amounting to:DKK million 2023 2022 2021US 5,059 1,394 1,313Japan 2,050 2,273 2,453Novo Nordisk's subsidiaries in the US and Japan employ trade receivable programmes in which trade receivables are sold on full non-recourse terms to optimise working capital.Refer to note 3.4 for the split of allowance for trade receivables by geographical segment.",
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"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__140": {
"value": "Liquidity riskThe liquidity risk is considered to be low. Novo Nordisk ensures the availability of the required liquidity through a combination of cash management, highly liquid investment portfolios and both uncommitted and committed credit facilities. Novo Nordisk uses cash pools for optimisation and centralisation of cash management.Financial reservesDKK million 2023 2022 2021Cash and cash equivalents (note 4.7) 14,392 12,653 10,719Marketable securities 15,838 10,921 6,7654Undrawn committed credit facility11,552 11,527 11,526Borrowings (Note 4.6) (5,431) (480) (12,861)Financial reserves 36,351 34,621 16,1494. The undrawn committed credit facility comprises a facility EUR 1,550 million in 2023 and EUR 1,550 million in 2022 committed by a portfolio of international banks. The facility matures in 2025. Financial reserves comprise the sum of cash and cash equivalents at the end of the year, marketable securities with original term to maturity exceeding three months and undrawn committed credit and loan facilities, with a maturity of more than 12 months, less Eurobonds and bank overdrafts contractually obliged for repayment within 12 months of the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__141-1": {
"value": "4.5 Derivative financial instruments2023 2022ContractPositiveNegativeContractPositiveNegativeamountfair valuefair valueamountfair valuefair valueDKK millionat year-endat year-endat year-endat year-endat year-endat year-end1Forward contracts USD104,022 1,600 193 59,292 1,591 9072Forward contracts CNH, CAD and JPY20,246 295 90 10,677 373 31Forward contracts, cash flow hedges 124,268 1,895 283 69,969 1,964 9381Forward contracts USD65,870 330 946 38,432 639 1,9422Forward contracts EUR, CNH, CAD and others28,520 119 43 4,111 124 23Forward contracts, fair value hedges 94,390 449 989 42,543 763 1,965Total derivative financial instruments 218,658 2,344 1,272 112,512 2,727 2,903Recognised in the income statement 449 989 763 1,965Recognised in other comprehensive income 1,895 283 1,964 9381. Average hedge rate for USD cash flow hedges is 676 at the end of 2023 (696 at the end of 2022) and average hedge rate for USD fair value hedges is 675 at the end of 2023 (714 at the end of 2022). 2. For 2022 the relevant currencies are CAD, JPY and GBP.The fair value of cash flow hedges at year-end 2023, a gain of DKK 1,612 million, has been recognised in other comprehensive income. The financial contracts are expected to impact the income statement within the next 12 months, with deferred gains and losses on cash flow hedges then being transferred to financial income or financial expenses. There is no expected ineffectiveness at 31 December 2023, primarily because hedging instruments match currencies of hedged cash flows. Use of derivative financial instrumentsThe derivative financial instruments are used to manage the exposure to foreign exchange risk. None of the derivatives are held for trading. Novo Nordisk uses forward exchange contracts to hedge forecast transactions, assets and liabilities. Net investments in foreign subsidiaries are currently not hedged.ACCOUNTING POLICIES On initiation of the contract, Novo Nordisk designates each derivative financial contract that qualifies for hedge accounting as one of:\u2022 hedges of the fair value of a recognised asset or liability (fair value hedge)\u2022 hedges of the fair value of a forecast financial transaction (cash flow hedge). All contracts are initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.Fair value hedgesValue adjustments of fair value hedges are recognised in the income statement along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.Cash flow hedgesValue adjustments of the effective part of cash flow hedges are recognised in other comprehensive income. The cumulative value adjustment of these contracts is transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. For cash flow hedges of foreign currency risk on highly probable non-financial asset purchases, the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised.Discontinuance of cash flow hedgingWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement under financial income or financial expenses. For additional disclosures on accounting policies for financial instruments refer to note 4.9.4.9 Financial assets and liabilitiesDKK million 2023 2022Financial assets by categoryOther financial assets 571 559Marketable securities 15,838 10,921Financial assets at fair value through the income statement 16,409 11,480Derivative financial instruments (note 4.5) 2,344 2,727Derivatives used as hedging instruments (assets) 2,344 2,727Other financial assets 682 457Trade receivables 31,729 16,593Other receivables and prepayments (current and non-current) 9,498 6,211\u2022 less prepayments and VAT receivables (8,312) (5,073)Cash at bank (note 4.7) 14,392 12,653Financial assets at amortised cost 47,989 30,841Trade receivables in a factoring portfolio 33,041 33,967Financial assets at fair value through other comprehensive income 33,041 33,967Total financial assets at the end of the year by category 99,783 79,015Financial liabilities by categoryDerivative financial instruments (note 4.5) 1,272 2,903Derivatives used as hedging instruments (liability) 1,272 2,9031Borrowings (non-current) (note 4.6)20,528 24,3181Borrowings (current) (note 4.6)6,478 1,466Trade payables 25,606 15,587Other liabilities (non-current) 189 100Other liabilities (current) 28,705 23,606\u2022 less VAT and duties payable (600) (875)Financial liabilities measured at amortised cost 80,906 64,202Total financial liabilities at the end of the year by category 82,178 67,1051. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2023 2022Active market data (level 1) 16,052 11,288Directly or indirectly observable market data (level 2) 2,344 2,727Not based on observable market data (level 3) 33,398 34,159Total financial assets at fair value 51,794 48,174Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 1,272 2,903Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 1,272 2,903Financial assets and liabilities measured at fair value can be categorised using the fair value measurement hierarchy above. There were no transfers between the 'Active market data' and 'Directly or indirectly observable market data' categories during 2023 or 2022. The fair value of issued Eurobonds, which is disclosed in note 4.6, are based on 'Active market data'. There are no significant intangible assets or items of property, plant and equipment measured at fair value. For a description of the credit quality of financial assets such as trade receivables, cash at bank, current debt and derivative financial instruments, refer to notes 4.4 and 4.5.ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
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"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s13_notesesefdkgaap__8__142": {
"value": "The fair value of cash flow hedges at year-end 2023, a gain of DKK 1,612 million, has been recognised in other comprehensive income. The financial contracts are expected to impact the income statement within the next 12 months, with deferred gains and losses on cash flow hedges then being transferred to financial income or financial expenses. There is no expected ineffectiveness at 31 December 2023, primarily because hedging instruments match currencies of hedged cash flows. Use of derivative financial instrumentsThe derivative financial instruments are used to manage the exposure to foreign exchange risk. None of the derivatives are held for trading. Novo Nordisk uses forward exchange contracts to hedge forecast transactions, assets and liabilities. Net investments in foreign subsidiaries are currently not hedged.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__144": {
"value": "ACCOUNTING POLICIES On initiation of the contract, Novo Nordisk designates each derivative financial contract that qualifies for hedge accounting as one of:\u2022 hedges of the fair value of a recognised asset or liability (fair value hedge)\u2022 hedges of the fair value of a forecast financial transaction (cash flow hedge). All contracts are initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.Fair value hedgesValue adjustments of fair value hedges are recognised in the income statement along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.Cash flow hedgesValue adjustments of the effective part of cash flow hedges are recognised in other comprehensive income. The cumulative value adjustment of these contracts is transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. For cash flow hedges of foreign currency risk on highly probable non-financial asset purchases, the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised.Discontinuance of cash flow hedgingWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement under financial income or financial expenses. For additional disclosures on accounting policies for financial instruments refer to note 4.9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__143": {
"value": "ACCOUNTING POLICIES On initiation of the contract, Novo Nordisk designates each derivative financial contract that qualifies for hedge accounting as one of:\u2022 hedges of the fair value of a recognised asset or liability (fair value hedge)\u2022 hedges of the fair value of a forecast financial transaction (cash flow hedge). All contracts are initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.Fair value hedgesValue adjustments of fair value hedges are recognised in the income statement along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.Cash flow hedgesValue adjustments of the effective part of cash flow hedges are recognised in other comprehensive income. The cumulative value adjustment of these contracts is transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. For cash flow hedges of foreign currency risk on highly probable non-financial asset purchases, the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised.Discontinuance of cash flow hedgingWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement under financial income or financial expenses. For additional disclosures on accounting policies for financial instruments refer to note 4.9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__145": {
"value": "4.6 BorrowingsReconciliation of liabilities arising from financing activities Non-cash movementsBeginning Re-Exchange End of the 1DKK millionof the yearpayments Proceeds AdditionsDisposalsrates Otheryear2023Lease liabilities 4,529 (1,448) \u2014 2,809 (4) (170) 10 5,726Issued Eurobonds 20,775 \u2014 \u2014 \u2014 \u2014 46 3 20,824Bank overdrafts 480 (19) \u2014 \u2014 \u2014 (4) (1) 456Total borrowings 25,784 (1,467) \u2014 2,809 (4) (128) 12 27,0062022Lease liabilities 4,129 (998) \u2014 1,358 (1) 43 (2) 4,529Issued Eurobonds 9,654 \u2014 11,120 \u2014 \u2014 (2) 3 20,775Loans 12,503 (12,623) \u2014 \u2014 \u2014 120 \u2014 \u2014Bank overdrafts 359 (3) 95 \u2014 \u2014 27 2 480Total borrowings 26,645 (13,624) 11,215 1,358 (1) 188 3 25,7841. 2022 figures include additions from acquisition of business.Issuance of EurobondsNominal value in millionsInterest Maturity EUR DKK0.000% Fixed Jun 2024 650 4,8440.750% Fixed Mar 2025 500 3,7261.125% Fixed Sep 2027 500 3,7260.125% Fixed Jun 2028 650 4,8441.375% Fixed Mar 2030 500 3,726EurobondsIn 2022, three tranches of Eurobonds with an aggregate principal amount of EUR 1.5 billion corresponding to DKK 11.1 billion were launched under the programme. Net proceeds of the issuances were used for general corporate purposes, including refinancing of the bridge loan facility established in connection with Novo Nordisk\u2019s acquisition of Dicerna Pharmaceuticals, Inc. No bonds have been issued in 2023. The total fair value of issued Eurobonds amounts to DKK 19.7 billion (DKK 18.7 billion in 2022). ACCOUNTING POLICIES The lease liabilities are related to IFRS 16 leases, primarily for premises and company cars and include the present value of future lease payments during the lease term. Lease liabilities are initially measured at the present value of the lease payments outstanding at the commencement date, discounted using the incremental borrowing rate. The lease liability is measured using the effective interest method. The lease liability is subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms. Issued bonds, loans and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periods these are measured at amortised cost using the effective interest method. The difference between the proceeds received and the nominal value is recognised in financial income or financial expenses over the term of the loan. Where substantially all the risks and rewards of ownership are retained in financial assets that have been transferred, the assets are not derecognised and the proceeds obtained are recognised as a financial liability. For fair value determination refer to note 4.9.Contractual undiscounted cash flows 2023Issued Bank DKK million LeasesEurobondsoverdrafts Total2023Within 1 year 1,318 4,975 456 6,7491-3 years 1,902 3,948 \u2014 5,8503-5 years 1,253 8,695 \u2014 9,948More than 5 years 1,612 3,819 \u2014 5,431Total 6,085 21,437 456 27,978Carrying amount end of the year 5,726 20,824 456 27,006Non-current liabilities 4,552 15,976 \u2014 20,528Current liabilities 1,174 4,848 456 6,4782022Within 1 year 1,088 127 480 1,6951-3 years 1,566 8,811 \u2014 10,3773-5 years 923 3,905 \u2014 4,828More than 5 years 1,416 8,672 \u2014 10,088Total 4,993 21,515 480 26,988Carrying amount end of the year 4,529 20,775 480 25,784Non-current liabilities 3,543 20,775 \u2014 24,318Current liabilities 986 \u2014 480 1,466",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__146": {
"value": "ACCOUNTING POLICIES The lease liabilities are related to IFRS 16 leases, primarily for premises and company cars and include the present value of future lease payments during the lease term. Lease liabilities are initially measured at the present value of the lease payments outstanding at the commencement date, discounted using the incremental borrowing rate. The lease liability is measured using the effective interest method. The lease liability is subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms. Issued bonds, loans and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periods these are measured at amortised cost using the effective interest method. The difference between the proceeds received and the nominal value is recognised in financial income or financial expenses over the term of the loan. Where substantially all the risks and rewards of ownership are retained in financial assets that have been transferred, the assets are not derecognised and the proceeds obtained are recognised as a financial liability. For fair value determination refer to note 4.9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__147": {
"value": "4.7 Cash and cash equivalentsDKK million 2023 2022 2021Cash at bank 14,392 12,653 10,720Borrowings (note 4.6) \u2014 \u2014 (1)Cash and cash equivalents 14,392 12,653 10,719Cash and cash equivalents at 31 December 2023 includes DKK 857 million that is restricted (DKK 458 million in 2022). The restricted cash balance relates to subsidiaries in which availability of currency for remittance of funds is temporarily scarce.ACCOUNTING POLICIES Cash and cash equivalents consist of cash offset by short-term bank overdrafts. Where short-term bank overdrafts are consistently overdrawn, they are excluded from cash and cash equivalents. The movement in such facilities is presented under financing activities in the cash flow statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__148": {
"value": "Cash and cash equivalents at 31 December 2023 includes DKK 857 million that is restricted (DKK 458 million in 2022). The restricted cash balance relates to subsidiaries in which availability of currency for remittance of funds is temporarily scarce.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__149": {
"value": "ACCOUNTING POLICIES Cash and cash equivalents consist of cash offset by short-term bank overdrafts. Where short-term bank overdrafts are consistently overdrawn, they are excluded from cash and cash equivalents. The movement in such facilities is presented under financing activities in the cash flow statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__150": {
"value": "4.8 Cash flow statement specificationsOther non-cash itemsDKK million 2023 2022 2021Interest income and interest expenses, net (note 4.10) (527) 139 58Capital gain/(loss) on investments, net (note 4.10) 106 124 (340)Result of associated companies (note 4.10) (81) 189 24Other non-current receivables and prepayments (1,224) 61 407Other non-current liabilities 89 (260) \u2014Share-based payment costs (note 5.1) 2,149 1,539 1,040Increase/(decrease) in provisions (note 3.5) and retirement benefit obligations 32,243 19,080 16,581Other (373) 1,438 (4,354)Total other non-cash items 32,382 22,310 13,416Change in working capitalDKK million 2023 2022 2021Inventories (7,423) (4,767) (1,085)Trade receivables (14,210) (9,917) (12,909)Other receivables and prepayments (2,063) (968) (876)Trade payables 10,019 6,717 3,153Other liabilities 5,099 4,006 2,595Adjustment for payables related to non-current assets (2,432) (1,567) (15)Adjustment related to acquisition of businesses \u2014 (143) (1,409)Change in working capital including exchange rate adjustments (11,010) (6,639) (10,546)Exchange rate adjustments (1,235) 1,303 1,483Cash flow change in working capital (12,245) (5,336) (9,063)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__155": {
"value": "4.9 Financial assets and liabilitiesDKK million 2023 2022Financial assets by categoryOther financial assets 571 559Marketable securities 15,838 10,921Financial assets at fair value through the income statement 16,409 11,480Derivative financial instruments (note 4.5) 2,344 2,727Derivatives used as hedging instruments (assets) 2,344 2,727Other financial assets 682 457Trade receivables 31,729 16,593Other receivables and prepayments (current and non-current) 9,498 6,211\u2022 less prepayments and VAT receivables (8,312) (5,073)Cash at bank (note 4.7) 14,392 12,653Financial assets at amortised cost 47,989 30,841Trade receivables in a factoring portfolio 33,041 33,967Financial assets at fair value through other comprehensive income 33,041 33,967Total financial assets at the end of the year by category 99,783 79,015Financial liabilities by categoryDerivative financial instruments (note 4.5) 1,272 2,903Derivatives used as hedging instruments (liability) 1,272 2,9031Borrowings (non-current) (note 4.6)20,528 24,3181Borrowings (current) (note 4.6)6,478 1,466Trade payables 25,606 15,587Other liabilities (non-current) 189 100Other liabilities (current) 28,705 23,606\u2022 less VAT and duties payable (600) (875)Financial liabilities measured at amortised cost 80,906 64,202Total financial liabilities at the end of the year by category 82,178 67,1051. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2023 2022Active market data (level 1) 16,052 11,288Directly or indirectly observable market data (level 2) 2,344 2,727Not based on observable market data (level 3) 33,398 34,159Total financial assets at fair value 51,794 48,174Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 1,272 2,903Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 1,272 2,903Financial assets and liabilities measured at fair value can be categorised using the fair value measurement hierarchy above. There were no transfers between the 'Active market data' and 'Directly or indirectly observable market data' categories during 2023 or 2022. The fair value of issued Eurobonds, which is disclosed in note 4.6, are based on 'Active market data'. There are no significant intangible assets or items of property, plant and equipment measured at fair value. For a description of the credit quality of financial assets such as trade receivables, cash at bank, current debt and derivative financial instruments, refer to notes 4.4 and 4.5.ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__154": {
"value": "4.9 Financial assets and liabilitiesDKK million 2023 2022Financial assets by categoryOther financial assets 571 559Marketable securities 15,838 10,921Financial assets at fair value through the income statement 16,409 11,480Derivative financial instruments (note 4.5) 2,344 2,727Derivatives used as hedging instruments (assets) 2,344 2,727Other financial assets 682 457Trade receivables 31,729 16,593Other receivables and prepayments (current and non-current) 9,498 6,211\u2022 less prepayments and VAT receivables (8,312) (5,073)Cash at bank (note 4.7) 14,392 12,653Financial assets at amortised cost 47,989 30,841Trade receivables in a factoring portfolio 33,041 33,967Financial assets at fair value through other comprehensive income 33,041 33,967Total financial assets at the end of the year by category 99,783 79,015Financial liabilities by categoryDerivative financial instruments (note 4.5) 1,272 2,903Derivatives used as hedging instruments (liability) 1,272 2,9031Borrowings (non-current) (note 4.6)20,528 24,3181Borrowings (current) (note 4.6)6,478 1,466Trade payables 25,606 15,587Other liabilities (non-current) 189 100Other liabilities (current) 28,705 23,606\u2022 less VAT and duties payable (600) (875)Financial liabilities measured at amortised cost 80,906 64,202Total financial liabilities at the end of the year by category 82,178 67,1051. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2023 2022Active market data (level 1) 16,052 11,288Directly or indirectly observable market data (level 2) 2,344 2,727Not based on observable market data (level 3) 33,398 34,159Total financial assets at fair value 51,794 48,174Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 1,272 2,903Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 1,272 2,903Financial assets and liabilities measured at fair value can be categorised using the fair value measurement hierarchy above. There were no transfers between the 'Active market data' and 'Directly or indirectly observable market data' categories during 2023 or 2022. The fair value of issued Eurobonds, which is disclosed in note 4.6, are based on 'Active market data'. There are no significant intangible assets or items of property, plant and equipment measured at fair value. For a description of the credit quality of financial assets such as trade receivables, cash at bank, current debt and derivative financial instruments, refer to notes 4.4 and 4.5.ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__153": {
"value": "4.9 Financial assets and liabilitiesDKK million 2023 2022Financial assets by categoryOther financial assets 571 559Marketable securities 15,838 10,921Financial assets at fair value through the income statement 16,409 11,480Derivative financial instruments (note 4.5) 2,344 2,727Derivatives used as hedging instruments (assets) 2,344 2,727Other financial assets 682 457Trade receivables 31,729 16,593Other receivables and prepayments (current and non-current) 9,498 6,211\u2022 less prepayments and VAT receivables (8,312) (5,073)Cash at bank (note 4.7) 14,392 12,653Financial assets at amortised cost 47,989 30,841Trade receivables in a factoring portfolio 33,041 33,967Financial assets at fair value through other comprehensive income 33,041 33,967Total financial assets at the end of the year by category 99,783 79,015Financial liabilities by categoryDerivative financial instruments (note 4.5) 1,272 2,903Derivatives used as hedging instruments (liability) 1,272 2,9031Borrowings (non-current) (note 4.6)20,528 24,3181Borrowings (current) (note 4.6)6,478 1,466Trade payables 25,606 15,587Other liabilities (non-current) 189 100Other liabilities (current) 28,705 23,606\u2022 less VAT and duties payable (600) (875)Financial liabilities measured at amortised cost 80,906 64,202Total financial liabilities at the end of the year by category 82,178 67,1051. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2023 2022Active market data (level 1) 16,052 11,288Directly or indirectly observable market data (level 2) 2,344 2,727Not based on observable market data (level 3) 33,398 34,159Total financial assets at fair value 51,794 48,174Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 1,272 2,903Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 1,272 2,903Financial assets and liabilities measured at fair value can be categorised using the fair value measurement hierarchy above. There were no transfers between the 'Active market data' and 'Directly or indirectly observable market data' categories during 2023 or 2022. The fair value of issued Eurobonds, which is disclosed in note 4.6, are based on 'Active market data'. There are no significant intangible assets or items of property, plant and equipment measured at fair value. For a description of the credit quality of financial assets such as trade receivables, cash at bank, current debt and derivative financial instruments, refer to notes 4.4 and 4.5.ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__152": {
"value": "4.9 Financial assets and liabilitiesDKK million 2023 2022Financial assets by categoryOther financial assets 571 559Marketable securities 15,838 10,921Financial assets at fair value through the income statement 16,409 11,480Derivative financial instruments (note 4.5) 2,344 2,727Derivatives used as hedging instruments (assets) 2,344 2,727Other financial assets 682 457Trade receivables 31,729 16,593Other receivables and prepayments (current and non-current) 9,498 6,211\u2022 less prepayments and VAT receivables (8,312) (5,073)Cash at bank (note 4.7) 14,392 12,653Financial assets at amortised cost 47,989 30,841Trade receivables in a factoring portfolio 33,041 33,967Financial assets at fair value through other comprehensive income 33,041 33,967Total financial assets at the end of the year by category 99,783 79,015Financial liabilities by categoryDerivative financial instruments (note 4.5) 1,272 2,903Derivatives used as hedging instruments (liability) 1,272 2,9031Borrowings (non-current) (note 4.6)20,528 24,3181Borrowings (current) (note 4.6)6,478 1,466Trade payables 25,606 15,587Other liabilities (non-current) 189 100Other liabilities (current) 28,705 23,606\u2022 less VAT and duties payable (600) (875)Financial liabilities measured at amortised cost 80,906 64,202Total financial liabilities at the end of the year by category 82,178 67,1051. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2023 2022Active market data (level 1) 16,052 11,288Directly or indirectly observable market data (level 2) 2,344 2,727Not based on observable market data (level 3) 33,398 34,159Total financial assets at fair value 51,794 48,174Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 1,272 2,903Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 1,272 2,903Financial assets and liabilities measured at fair value can be categorised using the fair value measurement hierarchy above. There were no transfers between the 'Active market data' and 'Directly or indirectly observable market data' categories during 2023 or 2022. The fair value of issued Eurobonds, which is disclosed in note 4.6, are based on 'Active market data'. There are no significant intangible assets or items of property, plant and equipment measured at fair value. For a description of the credit quality of financial assets such as trade receivables, cash at bank, current debt and derivative financial instruments, refer to notes 4.4 and 4.5.ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__156": {
"value": "Fair value measurement hierarchyDKK million 2023 2022Active market data (level 1) 16,052 11,288Directly or indirectly observable market data (level 2) 2,344 2,727Not based on observable market data (level 3) 33,398 34,159Total financial assets at fair value 51,794 48,174Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 1,272 2,903Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 1,272 2,903Financial assets and liabilities measured at fair value can be categorised using the fair value measurement hierarchy above. There were no transfers between the 'Active market data' and 'Directly or indirectly observable market data' categories during 2023 or 2022. The fair value of issued Eurobonds, which is disclosed in note 4.6, are based on 'Active market data'. There are no significant intangible assets or items of property, plant and equipment measured at fair value. For a description of the credit quality of financial assets such as trade receivables, cash at bank, current debt and derivative financial instruments, refer to notes 4.4 and 4.5.ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__159": {
"value": "ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__158": {
"value": "ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__157": {
"value": "ACCOUNTING POLICIES Depending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2022 Financial assets at fair value through the income statement\u2022 Derivatives used as hedging instruments\u2022 Financial assets at amortised cost\u2022 Financial assets at fair value through other comprehensive income\u2022 Financial liabilities at amortised costRecognition and measurementFinancial assets measured at fair value through the income statement consist of other financial assets, which comprise of equity investments, and marketable securities. These financial instruments are initially recognised at fair value. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, refer to note 4.5.Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, refer to note 3.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to assets under construction, sales rebates and deferred income). These are initially recognised at the fair value less transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. For initial recognition of lease liabilities refer to note 4.6. Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input is used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__161": {
"value": "4.10 Financial income and expensesDKK million 2023 2022 2021Financial income1Interest income1,069 239 231Foreign exchange gain (net) 308 \u2014 \u2014Financial gain from forward contracts (net) 1,344 \u2014 2,316Capital gain on investments \u2014 \u2014 340Capital gain on marketable securities 143 \u2014 \u2014Result of associated companies 81 \u2014 \u2014Total financial income 2,945 239 2,887Financial expensesInterest expenses on debts and borrowings 542 378 289Foreign exchange loss (net) \u2014 2,885 1,972Financial loss from forward contracts (net) \u2014 1,766 \u2014Capital loss on investments 106 124 \u2014Capital loss on marketable securities \u2014 463 44Result of associated companies \u2014 189 24Other financial expenses 197 181 122Total financial expenses 845 5,986 2,4511. Interest income include DKK 370 million from marketable securities at fair value through the income statement (2022: DKK 78 million; 2021: DKK 30 million) while the remaining interest income is derived from financial assets at amortised cost.Financial impact from forward contracts, specifiedDKK million 2023 2022 2021Income/(loss) transferred from other comprehensive income 1,026 (1,740) 1,802Realised fair value adjustment of transferred contracts 214 (3,772) (1,411)Unrealised fair value adjustments of 2forward contracts(540) (1,202) 1,246Realised foreign exchange gain/(loss) on forward contracts 644 4,948 679Financial income/(expense) from forward contracts 1,344 (1,766) 2,3162. Refer to note 4.5 for information on open fair value hedge contracts at 31 December. ACCOUNTING POLICIES As described in note 4.4, Management has chosen to classify the result of hedging activities as part of financial items in the income statement, except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__160": {
"value": "4.10 Financial income and expensesDKK million 2023 2022 2021Financial income1Interest income1,069 239 231Foreign exchange gain (net) 308 \u2014 \u2014Financial gain from forward contracts (net) 1,344 \u2014 2,316Capital gain on investments \u2014 \u2014 340Capital gain on marketable securities 143 \u2014 \u2014Result of associated companies 81 \u2014 \u2014Total financial income 2,945 239 2,887Financial expensesInterest expenses on debts and borrowings 542 378 289Foreign exchange loss (net) \u2014 2,885 1,972Financial loss from forward contracts (net) \u2014 1,766 \u2014Capital loss on investments 106 124 \u2014Capital loss on marketable securities \u2014 463 44Result of associated companies \u2014 189 24Other financial expenses 197 181 122Total financial expenses 845 5,986 2,4511. Interest income include DKK 370 million from marketable securities at fair value through the income statement (2022: DKK 78 million; 2021: DKK 30 million) while the remaining interest income is derived from financial assets at amortised cost.Financial impact from forward contracts, specifiedDKK million 2023 2022 2021Income/(loss) transferred from other comprehensive income 1,026 (1,740) 1,802Realised fair value adjustment of transferred contracts 214 (3,772) (1,411)Unrealised fair value adjustments of 2forward contracts(540) (1,202) 1,246Realised foreign exchange gain/(loss) on forward contracts 644 4,948 679Financial income/(expense) from forward contracts 1,344 (1,766) 2,3162. Refer to note 4.5 for information on open fair value hedge contracts at 31 December. ACCOUNTING POLICIES As described in note 4.4, Management has chosen to classify the result of hedging activities as part of financial items in the income statement, except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__163": {
"value": "ACCOUNTING POLICIES As described in note 4.4, Management has chosen to classify the result of hedging activities as part of financial items in the income statement, except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__165": {
"value": "5.1 Share-based payment schemesShare-based payment expensed in the income statementDKK million 2023 2022 2021Restricted stock units to employees 365 265 189Long-term share-based incentive programme 1(Management Board)304 250 234Long-term share-based incentive programme (Management group below Management Board) 1,271 819 598Restricted stock units to individual employees 209 205 19Share-based payment expensed in the income statement 2,149 1,539 1,0401. In 2021, Novo Nordisk introduced a new share-based compensation programme with terms, which amortises the grant date valuation over three years (the 2020 programme was amortised over four years). The 2023 expense includes amortisation of the 2020, 2021, 2022 and 2023 programmes. Restricted stock units to employeesIn connection with Novo Nordisk's 100 year anniversary and in appreciation of the efforts of employees during recent years, as of 1 February 2023, all eligible employees in the company were offered 74 restricted stock units. Each restricted stock unit gives the holder the right to receive one Novo Nordisk B share free of charge in August 2026, subject to continued employment. The cost of the DKK 1,331 million programme is amortised over the vesting period. Long-term share-based incentive programmeManagement BoardDuring 2023, Management Board participated in four long-term incentive programmes (LTIP) which commenced in 2020, 2021, 2022 and 2023 respectively. The LTIPs commenced in 2021, 2022 and 2023 have a three-year performance period, subject to continued employment, and a subsequent two-year holding period. Targets are set at the beginning of the performance period and include determination of threshold, on-target level of performance and level of performance to achieve maximum allocation of shares. The maximum share allocation at grant cannot exceed 26 months\u2019 base salary for the CEO, 19.5 months\u2019 base salary for executive vice presidents and up to 15.6 months\u2019 base salary for senior vice presidents. Hence the LTIP is capped at a number of shares at the time of grant. Financial targets are set by the Board for a three-year period, and are linked to three-year average growth in sales and operating profit, while every year the Board has set the non-financial targets for a one-year period. All targets are aligned to Novo Nordisk\u2019s Strategic Aspirations 2025: Purpose and sustainability, Innovation and therapeutic focus, Commercial execution and Financials. Target achievement is assessed by the Board. The grant date of the 2023-programme was February 2023, and the share price used for the determining the grant date fair value of the award (DKK 456) was the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the period 2-16 February 2023, adjusted for the expected dividend. Based on the split of participants at the grant date, 46% of the allocated shares is be allocated to members of Executive Management and 54% to other members of the Management Board.The LTIP which commenced in 2020 is likewise subject to a three-year performance period in which the number of allocated shares may increase or decrease in line with performance, which is linked to financial targets, including sales growth and economic value creation, and non-financial targets, including achievement of clinical trial milestones and market authorisation for specific products. The maximum share allocation is capped in a similar way as the LTIPs described above.All restricted stock units and shares allocated to Management are settled by transfers of treasury shares at the time of vesting.Management group below the Management BoardThe Management group below the Management Board has a share-based incentive programme with similar performance criteria as Management Board. Financial targets are set by the Board for a three-year period, while the non-financial targets have been set by the Board each year.On 31 December 2023, a total of 18.9 million shares (21.4 million in 2022 and 19.8 million in 2021) were outstanding including all ongoing programmes.ACCOUNTING POLICIES Novo Nordisk operates equity-settled, share-based compensation plans.The fair value of the employee services received in exchange for the grant of shares is recognised as an expense and allocated over the vesting period.The total amount to be expensed over the performance and vesting period is determined by reference to the fair value of the shares granted, excluding the impact of any non-market vesting conditions. The fair value is fixed at the grant date, and adjusted for expected dividends during the vesting period. Non-market vesting conditions are included in assumptions about the number of shares that are expected to vest. At the end of each reporting period, Novo Nordisk revises its estimates of the number of shares expected to vest. Novo Nordisk recognises the impact of the revision of the original estimates, if any, in the income statement and in a corresponding adjustment to equity (change in proceeds) over the remaining vesting period. Adjustments relating to previous years are included in the income statement in the year of adjustment.1General terms and conditions of 2020-2023 programmesEmployees' 100 year anniversary programme Management Board Management group below Management Board Individual employees2023 2023 2022 2021 2020 2023 2022 2021 2020 2023 2022 20212Preliminary number of shares to be allocated (million) 3.0 0.6 0.7 1.0 0.9 3.1 3.3 3.0 2.4 0.3 0.8 0.3Fair value per restricted stock unit at grant date (DKK) 446 456 320 212 206 456 320 212 206 544 371 269Performance and vesting period 2023 to 2026 2023 to 2025 2022 to 2024 2021 to 2023 2020 to 2023 2023 to 2025 2022 to 2024 2021 to 2023 2020 to 2023 2023 to 2026 2022 to 2025 2021 to 2024Allocation date Aug 2026 Feb 2026 Feb 2025 Feb 2024 Feb 2024 Feb 2026 Feb 2025 Feb 2024 Feb 2024 2026 2025 2024Amortisation period 3.5 years 3 years 3 years 3 years 4 years 3 years 3 years 3 years 4 years 3 years 3 years 3 years1. As of 13 September 2023, the trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen and ADRs listed on the New York Stock Exchange (NYSE) was changed from DKK 0.20 to DKK 0.10. Comparative figures have been restated to reflect the change in trading unit from DKK 0.20 to DKK 0.10. 2. The number of shares to be allocated under the LTIPs to Management Board and management group below Management Board, respectively, may potentially be reduced or increased depending on whether Novo Nordisk\u2019s performance during the three-year performance period is higher or lower compared to targets determined by the Board. The maximum number is capped.",
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"s13_notesesefdkgaap__8__168": {
"value": "ACCOUNTING POLICIES Novo Nordisk operates equity-settled, share-based compensation plans.The fair value of the employee services received in exchange for the grant of shares is recognised as an expense and allocated over the vesting period.The total amount to be expensed over the performance and vesting period is determined by reference to the fair value of the shares granted, excluding the impact of any non-market vesting conditions. The fair value is fixed at the grant date, and adjusted for expected dividends during the vesting period. Non-market vesting conditions are included in assumptions about the number of shares that are expected to vest. At the end of each reporting period, Novo Nordisk revises its estimates of the number of shares expected to vest. Novo Nordisk recognises the impact of the revision of the original estimates, if any, in the income statement and in a corresponding adjustment to equity (change in proceeds) over the remaining vesting period. Adjustments relating to previous years are included in the income statement in the year of adjustment.1",
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"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s13_notesesefdkgaap__8__170": {
"value": "5.2 CommitmentsContractual obligations not recognised in the balance sheetNon-DKK million (undiscounted) Currentcurrent Total20231Leases144 2,053 2,197Research and development obligations 8,678 13,235 21,913Research and development \u2013 potential 2milestone payments1,234 27,311 28,545Commercial product launch \u2013 potential 2milestone payments\u2014 12,952 12,952Purchase obligations relating to investments in property, plant and equipment 4,222 1,693 5,915Purchase obligations relating to contract manufacturers 6,315 26,792 33,107Other purchase obligations 7,151 5,888 13,039Total obligations not recognised in the balance sheet 27,744 89,924 117,66820221Leases205 1,641 1,846Research and development obligations 5,988 7,582 13,570Research and development \u2013 potential 2milestone payments376 5,011 5,387Commercial product launch \u2013 potential 2milestone payments\u2014 7,598 7,598Purchase obligations relating to investments in property, plant and equipment 1,696 1,427 3,123Purchase obligations relating to contract manufacturers 3,537 9,825 13,362Other purchase obligations 15,225 4,541 19,766Total obligations not recognised in the balance sheet 27,027 37,625 64,6521. Predominantly relates to estimated variable property taxes, leases committed but not yet commenced and low value leases. 2. Potential milestone payments are associated with uncertainty because they are linked to successful achievements in research activities.Contractual obligationsResearch and development obligations include contingent payments related to achieving development milestones. Such amounts entail uncertainties in relation to the period in which payments are due because a proportion of the obligations are dependent on milestone achievements. Exercise fees and subsequent milestone payments under in-licensing option agreements are excluded, as Novo Nordisk is not contractually obligated to make such payments. Commercial product launch milestones include contingent payments solely related to achievement of a commer-cial product launch following regulatory approval. The increase in research and development obligation is driven by the general increase in business activities. Commercial milestones, royalties and other payments based on a percentage of sales generated from sale of goods following marketing approval are excluded from the contractual commitments analysis because of their contingent nature, related to future sales. The purchase obligations related to investments in property, plant and equipment primarily relates to production capacity expansion projects. Novo Nordisk expects to fund these commitments with existing cash and cash flow from operations. Other purchase commitments mainly consist of commitments related to promotional and media activities, professional and consulting activities and strategic sourcing contracts.The contractual obligations not recognised in the balance sheet represent contractual payments and are not discounted and are not risk-adjusted. Other guaranteesOther guarantees amount to DKK 1,878 million (DKK 1,222 million in 2022). Other guarantees primarily relate to performance guarantees issued by Novo Nordisk.",
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"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s13_notesesefdkgaap__8__171": {
"value": "5.3 Acquisition of businessesFair value recognised at date of acquisition2022DKK million Forma TherapeuticsIntellectual property rights 5,766Other intangible assets 492Financial assets 77Marketable securities 1,470Cash 1,027Deferred tax assets (liabilities), net (709)Other net assets (21)Net identifiable assets acquired 8,102Goodwill \u2014Consideration transferred 8,102Cash acquired (1,027)Cash used for acquisition of businesses 7,075Business combinations in 2023No transactions completed during 2023 were classified as acquisitions of businesses.Business combinations in 2022On 14 October 2022, Novo Nordisk acquired all outstanding shares of the publicly held US company Forma Therapeutics Holdings, Inc. at a price of USD 20 per share via a cash tender offer, equal to a total purchase price of DKK 8,102 million. At end of 2022, the initial accounting for goodwill, intellectual property rights, other intangible assets and deferred tax assets and liabilities remained provisional. The valuation of these were finalised in 2023 with the result that net deferred tax liabilities were reduced retrospectively by DKK 524 million to a total of DKK 709 million. The reduction was offset by a corresponding amount to goodwill. The valuation of intellectual property rights and other intangible assets remain unchanged.ACCOUNTING POLICIES The acquisition method of accounting is used to account for all business combinations. The purchase price for a business comprises the fair values of the assets transferred, liabilities incurred to the former owners including warrant holders of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value at the date of acquisition by applying relevant valuation methods. Acquisition-related costs are expensed as incurred. Goodwill is recognised at the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.KEY ACCOUNTING ESTIMATES IN DETERMINING THE FAIR VALUE OF INTANGIBLE ASSETS The application of the acquisition method involves the use of significant estimates because the identifiable net assets of the acquiree are recognised at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows. For the 2022 acquisition of Forma Therapeutics Holdings, Inc. valuations of intellectual property rights were based on estimated and risk adjusted net present value of future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__173-1": {
"value": "ACCOUNTING POLICIES The acquisition method of accounting is used to account for all business combinations. The purchase price for a business comprises the fair values of the assets transferred, liabilities incurred to the former owners including warrant holders of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value at the date of acquisition by applying relevant valuation methods. Acquisition-related costs are expensed as incurred. Goodwill is recognised at the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.KEY ACCOUNTING ESTIMATES IN DETERMINING THE FAIR VALUE OF INTANGIBLE ASSETS The application of the acquisition method involves the use of significant estimates because the identifiable net assets of the acquiree are recognised at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows. For the 2022 acquisition of Forma Therapeutics Holdings, Inc. valuations of intellectual property rights were based on estimated and risk adjusted net present value of future cash flows.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__172-1": {
"value": "ACCOUNTING POLICIES The acquisition method of accounting is used to account for all business combinations. The purchase price for a business comprises the fair values of the assets transferred, liabilities incurred to the former owners including warrant holders of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value at the date of acquisition by applying relevant valuation methods. Acquisition-related costs are expensed as incurred. Goodwill is recognised at the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.KEY ACCOUNTING ESTIMATES IN DETERMINING THE FAIR VALUE OF INTANGIBLE ASSETS The application of the acquisition method involves the use of significant estimates because the identifiable net assets of the acquiree are recognised at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows. For the 2022 acquisition of Forma Therapeutics Holdings, Inc. valuations of intellectual property rights were based on estimated and risk adjusted net present value of future cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s13_notesesefdkgaap__8__178": {
"value": "5.4 Related party transactionsMaterial transactions with related partiesDKK million 2023 2022 2021Novo Holdings A/SPurchase of Novo Nordisk B shares 8,775 6,984 6,695Dividend payment to Novo Holdings A/S 9,028 7,207 6,144NNIT GroupServices provided by NNIT 436 660 593Dividend payment from NNIT \u2014 \u2014 (4)Altasciences Group Services provided by Novo Nordisk \u2014 \u2014 \u2014Services provided by Altasciences 229 70 11Novozymes GroupServices provided by Novo Nordisk (48) (78) (116)Services provided by Novozymes 112 92 78Novo Nordisk A/S is controlled by Novo Holdings A/S (incorporated in Denmark), which owns 28.1% of the share capital in Novo Nordisk A/S, representing 77.1% of the total number of votes. The remaining shares are widely held. The ultimate parent of the Group is the Novo Nordisk Foundation (incorporated in Denmark). Both entities are considered related parties.As associated companies of Novo Nordisk A/S, NNIT Group and Churchill Stateside Solar Fund XIV, LLC ('CS Solar Fund XIV') are considered related parties. As associated companies of Novo Holdings A/S, Unchained Labs, Inc. and Altasciences Company Inc. are considered related parties to Novo Nordisk A/S. As Novo Holdings is a controlling shareholder, the Novozymes Group, Sonion Group and Xellia Pharmaceuticals are also considered to be related parties, as well as the Board of Directors and Executive Management of Novo Nordisk A/S.In 2023, Novo Nordisk A/S acquired 14,025 B shares, worth DKK 8.8 billion, from Novo Holdings A/S as part of the DKK 30.0 billion share repurchase programme. The transaction price for each transaction was calculated as the average market price in the open window period following the announcements of the financial results for the first and third quarters in 2023.There were no transactions with the Board of Directors or Executive Management besides remuneration. There were no material unsettled balances with related parties at the end of the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s13_notesesefdkgaap__8__176": {
"value": "5.4 Related party transactionsMaterial transactions with related partiesDKK million 2023 2022 2021Novo Holdings A/SPurchase of Novo Nordisk B shares 8,775 6,984 6,695Dividend payment to Novo Holdings A/S 9,028 7,207 6,144NNIT GroupServices provided by NNIT 436 660 593Dividend payment from NNIT \u2014 \u2014 (4)Altasciences Group Services provided by Novo Nordisk \u2014 \u2014 \u2014Services provided by Altasciences 229 70 11Novozymes GroupServices provided by Novo Nordisk (48) (78) (116)Services provided by Novozymes 112 92 78Novo Nordisk A/S is controlled by Novo Holdings A/S (incorporated in Denmark), which owns 28.1% of the share capital in Novo Nordisk A/S, representing 77.1% of the total number of votes. The remaining shares are widely held. The ultimate parent of the Group is the Novo Nordisk Foundation (incorporated in Denmark). Both entities are considered related parties.As associated companies of Novo Nordisk A/S, NNIT Group and Churchill Stateside Solar Fund XIV, LLC ('CS Solar Fund XIV') are considered related parties. As associated companies of Novo Holdings A/S, Unchained Labs, Inc. and Altasciences Company Inc. are considered related parties to Novo Nordisk A/S. As Novo Holdings is a controlling shareholder, the Novozymes Group, Sonion Group and Xellia Pharmaceuticals are also considered to be related parties, as well as the Board of Directors and Executive Management of Novo Nordisk A/S.In 2023, Novo Nordisk A/S acquired 14,025 B shares, worth DKK 8.8 billion, from Novo Holdings A/S as part of the DKK 30.0 billion share repurchase programme. The transaction price for each transaction was calculated as the average market price in the open window period following the announcements of the financial results for the first and third quarters in 2023.There were no transactions with the Board of Directors or Executive Management besides remuneration. There were no material unsettled balances with related parties at the end of the year.",
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"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s13_notesesefdkgaap__8__179": {
"value": "5.5 Fees to statutory auditorsDKK million 2023 2022 20211Statutory audit30 38 26Audit-related services 3 2 3Tax advisory services 8 3 4Other services 18 12 4Total fees to statutory auditors 59 55 371. 2022 statutory audit fee includes DKK 9 million of additional fee related to 2021.Fees for services other than statutory audit of the financial statements amount to DKK 29 million (DKK 17 million in 2022 and DKK 11 million in 2021). In 2023, Deloitte Statsautoriseret Revisionspartnerselskab provided other services than statutory audit in the amount of DKK 18 million (DKK 12 million in 2022 and DKK 6 million in 2021) which relate to tax due diligence and transfer pricing, management consulting for strategic projects, leadership training, review of ESG data and other assurance assessments and opinions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s13_notesesefdkgaap__8__180": {
"value": "5.6 General accounting policiesPrinciples of consolidationThe consolidated financial statements incorporate the financial statements of the parent company Novo Nordisk A/S and entities controlled by Novo Nordisk A/S. Control exists when Novo Nordisk has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.",
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"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s13_notesesefdkgaap__8__183": {
"value": "Functional and presentation currencyItems included in the financial statements of Novo Nordisk's entities are measured using the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is also the functional and presentation currency of the parent company.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s13_notesesefdkgaap__8__186": {
"value": "Translation of Group companiesFinancial statements of foreign subsidiaries are translated into DKK at the exchange rates prevailing at the end of the reporting period for balance sheet items, and at average exchange rates for income statement items. All effects of exchange rate adjustments are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s13_notesesefdkgaap__8__187": {
"value": "Cash flow statementThe Cash flow statement is presented in accordance with the indirect method commencing with net profit for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s13_notesesefdkgaap__8__188": {
"value": "5.7 Companies in the Novo Nordisk Group Activity: \u2022Sales and marketing\u2022 Production\u2022Research and development\u2022 Services/investmentsCompany and country ActivityParent companyNovo Nordisk A/S, DenmarkSubsidiaries by geographical areaCompany and country Percentage of shares owned North America OperationsInversago Pharma Inc., Canada 100Novo Nordisk Canada Inc., Canada 100Novo Nordisk North America Operations A/S, Denmark 100Novo Nordisk Inc., US 100Novo Nordisk Pharmaceutical Industries LP, US 100Novo Nordisk Pharmatech US, Inc., US 100Novo Nordisk Pharma, Inc., US 100Novo Nordisk Research Center Indianapolis, Inc., US 100Novo Nordisk Research Center Seattle, Inc., US 100Novo Nordisk US Bio Production, Inc., US 100Novo Nordisk US Commercial Holdings, Inc., US 100Novo Nordisk US Holdings Inc., US 100Dicerna Pharmaceuticals, Inc., US 100Emisphere Technologies, Inc., US 100Forma Therapeutics, Inc., US 100Region International OperationsNovo Nordisk Pharmaceuticals A/S, Denmark 100Novo Nordisk Pharma Operations A/S, Denmark 100Novo Nordisk Region AAMEO and LATAM A/S, Denmark 100Novo Nordisk Region Europe A/S, Denmark 100Novo Nordisk Region Japan & Korea A/S, Denmark 100Region EMEAAldaph SpA, Algeria 100Novo Nordisk Pharma GmbH, Austria 100S.A. Novo Nordisk Pharma N.V., Belgium 100Novo Nordisk Pharma d.o.o., Bosnia and Herzegovina 100Novo Nordisk Pharma EAD, Bulgaria 100Novo Nordisk Hrvatska d.o.o., Croatia 100Novo Nordisk s.r.o., Czech Republic 100Novo Nordisk Denmark A/S, Denmark 100Novo Nordisk Pharmatech A/S, Denmark 100Novo Nordisk Egypt LLC, Egypt 100Novo Nordisk Egypt Pharmaceuticals Ltd., Egypt 100Company and country Percentage of shares ownedNovo Nordisk Estonia O\u00dc, Estonia 100Novo Nordisk Farma OY, Finland 100Biocorp Production S.A., France 100Novo Nordisk, France 100Novo Nordisk Production SAS, France 100Novo Nordisk Pharma GmbH, Germany 100Novo Nordisk Hellas Epe., Greece 100Novo Nordisk Hung\u00e1ria Kft., Hungary 100Novo Nordisk Limited, Ireland 100Novo Nordisk Ltd, Israel 100Novo Nordisk S.P.A., Italy 100Novo Nordisk Kazakhstan LLP, Kazakhstan 100Novo Nordisk Kenya Ltd., Kenya 100Novo Nordisk Latvia SIA, Latvia 100Novo Nordisk Pharma SARL, Lebanon 100UAB Novo Nordisk Pharma, Lithuania 100Novo Nordisk Farma dooel, North Macedonia 100Novo Nordisk Pharma SAS, Morocco 100Novo Nordisk B.V., Netherlands 100Novo Nordisk Finance (Netherlands) B.V., Netherlands 100Novo Nordisk Pharma Limited, Nigeria 100Novo Nordisk Norway AS, Norway 100Novo Nordisk Pharmaceutical Services Sp. z.o.o., Poland 100Novo Nordisk Pharma Sp.z.o.o., Poland 100Novo Nordisk Portugal, Lda., Portugal 100Novo Nordisk Farma S.R.L., Romania 100Novo Nordisk Limited Liability Company, Russia 100Novo Nordisk Production Support LLC, Russia 100Novo Nordisk Saudi for Trading, Saudi Arabia 100Novo Nordisk Pharma d.o.o. Belgrade (Serbia), Serbia 100Novo Nordisk Slovakia s.r.o., Slovakia 100Novo Nordisk, d.o.o., Slovenia 100Novo Nordisk (Pty) Limited, South Africa 100Novo Nordisk Pharma S.A., Spain 100Novo Nordisk Scandinavia AB, Sweden 100Novo Nordisk Health Care AG, Switzerland 100Novo Nordisk Pharma AG, Switzerland 100Novo Nordisk Tunisie SARL, Tunisia 100Novo Nordisk Saglik \u00dcr\u00fcnleri Tic. Ltd. Sti., Turkey 100Novo Nordisk Ukraine, LLC, Ukraine 100Novo Nordisk Pharma Gulf FZE, United Arab Emirates 100Novo Nordisk Holding Limited, UK 100Novo Nordisk Limited, UK 100Novo Nordisk Research Centre Oxford Limited, UK 100Company and country Percentage of shares owned Region ChinaNovo Nordisk (China) Pharmaceuticals Co. Ltd., China 100Novo Nordisk (Shanghai) Pharma Trading Co., Ltd., China 100Novo Nordisk Region China A/S, Denmark 100Novo Nordisk Hong Kong Limited, Hong Kong 100Novo Nordisk Pharma (Taiwan) Ltd., Taiwan 100Beijing Novo Nordisk Pharmaceuticals Science & Technology Co., Ltd., China100Region Rest of WorldNovo Nordisk Pharma Argentina S.A., Argentina 100Novo Nordisk Pharmaceuticals Pty. Ltd., Australia 100Novo Nordisk Pharma (Private) Limited, Bangladesh 100Novo Nordisk Produ\u00e7\u00e3o Farmac\u00eautica do Brasil Ltda., Brazil 100Novo Nordisk Farmac\u00eautica do Brasil Ltda., Brazil 100Novo Nordisk Farmac\u00e9utica Limitada, Chile 100Novo Nordisk Colombia SAS, Colombia 100Novo Nordisk India Private Limited, India 100Novo Nordisk Service Centre (India) Pvt. Ltd., India 100PT. Novo Nordisk Indonesia, Indonesia 100Novo Nordisk Pars, Iran 100Novo Nordisk Pharma Ltd., Japan 100Novo Nordisk Pharma (Malaysia) Sdn Bhd, Malaysia 100Novo Nordisk Pharma Operations Sdn Bhd, Malaysia 100Novo Nordisk Mexico S.A. de C.V., Mexico 100Novo Nordisk Pharmaceuticals Ltd., New Zealand 100Novo Nordisk Pharma (Private) Limited, Pakistan 100Novo Nordisk Panama S.A., Panama 100Novo Nordisk Peru S.A.C., Peru 100Novo Nordisk Pharmaceuticals (Philippines) Inc., Philippines 100Novo Nordisk Pharma (Singapore) Pte Ltd., Singapore 100Novo Nordisk India Holding Pte Ltd., Singapore 100Novo Nordisk Pharma Korea Ltd., South Korea 100Novo Nordisk Lanka (PVT) Ltd, Sri Lanka 100Novo Nordisk Pharma (Thailand) Ltd., Thailand 100Novo Nordisk Vietnam Ltd., Vietnam 100Other subsidiaries and associated companiesCompany and country Percentage of shares owned NNE A/S, Denmark 100NNIT A/S, Denmark 18CS Solar Fund XIV, LLC, US 99Companies without significant activities are not included in the list. NNE A/S subsidiaries are not included in the list.",
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"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
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}