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"s10__8__43": {
"value": "1.1 Material accounting policies and key accounting estimates and judgementsThe Consolidated financial statements included in this Annual Report have been \u00aeprepared 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",
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"s10__8__42-1": {
"value": "1.1 Material accounting policies and key accounting estimates and judgementsThe Consolidated financial statements included in this Annual Report have been \u00aeprepared 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, changesare 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 Judgement of whether intangible assets acquired in a business combination are separately identifiable.Management regards those listed below as the key accounting estimates and judgements applied in the preparation of the Consolidated financial statements. Refer to the specific notes for further information on the key accounting estimates and judgements as well as assumptions applied. Key accounting estimates and judgements Risk Note(s)Estimate of US sales deductions and provisions for sales rebates High 2.1, 3.5Estimate in determining fair values of assets acquired in a business combination and in impairment reviews of intangible assetsHigh 3.1, 5.3Judgement of whether intangible assets acquired in a business combination are separately identifiable High 5.3Estimate 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 Accounting Standards 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 that new or amended IFRS Accounting Standards and interpretations issued by the IASB and endorsed by the EU effective on or after 1 January 2024 has not had a significant effect on the Consolidated financial statements. Furthermore, new or amended IFRS Accounting Standards and interpretations issued by the IASB that have not yet become effective are generally not adopted until they become effective and endorsed by the EU. Management does not anticipate any significant impact on the Consolidated financial statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the Income statement and to differentiate between earnings from operating activities, investment activities and financing activities. IFRS 18 will also add additional disclosures but will not change any accounting policies on recognition and measurement, hence it will not change reported net results.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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"s10__8__41-1": {
"value": "1.1 Material accounting policies and key accounting estimates and judgementsThe Consolidated financial statements included in this Annual Report have been \u00aeprepared 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, changesare 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 Judgement of whether intangible assets acquired in a business combination are separately identifiable.Management regards those listed below as the key accounting estimates and judgements applied in the preparation of the Consolidated financial statements. Refer to the specific notes for further information on the key accounting estimates and judgements as well as assumptions applied. Key accounting estimates and judgements Risk Note(s)Estimate of US sales deductions and provisions for sales rebates High 2.1, 3.5Estimate in determining fair values of assets acquired in a business combination and in impairment reviews of intangible assetsHigh 3.1, 5.3Judgement of whether intangible assets acquired in a business combination are separately identifiable High 5.3Estimate 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 Accounting Standards 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 4.9 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 internal and external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to 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 POLICIES Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated servicesare 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 theemployees concerned.ACCOUNTING POLICIES Other operating income and expenses, include mainly licence income and amortisations and impairment losses, which are of a secondary nature in relation to the main activities of Novo Nordisk.Operating profit from wholly owned subsidiaries, not related to Novo Nordisk's main activities, as well as operating profit from non-core manufacturing contracts, are recognised as other operating income and expenses. Other operating income and expenses, also includes transaction costs in connection with acquisition of businesses. Refer to note 5.3 for details on the 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 1,228 million (DKK 1,026 million in 2023).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 transfer of rights of intellectual property 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 thecost 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 acquired separately are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Identifiable intangible assets acquired in a business combination are initially measured at fair value.Amortisation of intellectual property rights 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 know-how, which arises from business combinations, is based on the straight-line method over the estimated useful life of 10 years corresponding to the period in which economic benefits are expected to be realised.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.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: 10-50 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 development 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 initialamount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term.The lease term comprises the non-cancellable period of a lease, together with periods covered by extension options if these are reasonably certain to be exercised.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 regulatoryapproval for the product. The cost is recognised in the income statement as research and development costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.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. 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 in sales and distribution costs. Management measures 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 S&P Ratings 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, wholesalers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on 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 marketassessments of the time value of money and the risks specific to the obligation. 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 net 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 and ratios' 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 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 cumulativevalue 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 transferred 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 4.8.ACCOUNTING POLICIES Issued bonds, loans, commercial papers and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periodsthese 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. For fair value determination refer to note 4.8.Lease liabilities are related to right-of-use assets primarily premises and company carsand 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 outstandingat the commencement date, discounted using the incremental borrowing rate. Lease liabilities are measured using the effective interest method. Lease liabilities are subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms.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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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 held to collect or sell in factoring agreements 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 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.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.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 Accounting 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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"s10__8__44-1": {
"value": "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, changesare 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 Judgement of whether intangible assets acquired in a business combination are separately identifiable.Management regards those listed below as the key accounting estimates and judgements applied in the preparation of the Consolidated financial statements. Refer to the specific notes for further information on the key accounting estimates and judgements as well as assumptions applied. Key accounting estimates and judgements Risk Note(s)Estimate of US sales deductions and provisions for sales rebates High 2.1, 3.5Estimate in determining fair values of assets acquired in a business combination and in impairment reviews of intangible assetsHigh 3.1, 5.3Judgement of whether intangible assets acquired in a business combination are separately identifiable High 5.3Estimate regarding deferred income tax assets and provision for uncertain tax positions Medium 2.6Estimate of ongoing legal disputes, litigation and investigations Medium 3.5KEY 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. 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, against which the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 602 million in 2024 (DKK 360 million in 2023).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 IN DETERMINING FAIR VALUES OF INTANGIBLE ASSETS IN IMPAIRMENT REVIEWSImpairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows. Goodwill and intangible assets not yet available for use are tested for impairment at least annually or when indicators of impairment are identified. Goodwill is allocated to operating segments based on expected future cash flow from products utilising 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 includethe 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 equipmentAn impairment loss is recognised when the carrying amount of intangible assets exceeds the recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.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 ASSETS ACQUIRED IN A BUSINESS COMBINATION AND JUDGEMENT OF WHETHER INTANGIBLE ASSETS ACQUIRED IN A BUSINESS COMBINATION ARE SEPARATELY IDENTIFIABLEManagement makes judgements when determining whether intangible assets, such as know-how related to large-scale production of GLP-1 products as well as know-how to expand capacity in an efficient way, are separately identifiable. This involves assessing if the know-how meets the separability criterion, which means it can be separated from the acquiree and sold, transferred, licensed, rented, or exchanged independently.The application of the acquisition method of accounting 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 assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows.The fair value is based on assumptions made by market participants, which in this business combination is assessed to be a company with similar needs and capacity to acquire assets of the same nature and size as those of the acquired business. The valuation of know-how identified in the acquisition is based on the multi-period excess earnings method, which is used to value unique assets that generate earnings. The economic benefit of the know-how is comprised by net cash flows attributable to the asset which also includes the benefit of accelerated access to production capacity compared to a greenfield construction scenario without the know-how required for commercial production at scale. The net present value of future estimated cash flows is based on projections of sales volumes and prices, valuation period and royalty rates.The valuation of property, plant and equipment identified in the acquisition of the three fill-finish sites is mainly based on the depreciated replacement cost method in combination with the present value of accelerated access to production facilities. The depreciated replacement cost method reflects adjustments for physical deterioration as well as functional and economic obsolescence. Land has been valued using the market approach based on comparable transactions.",
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"s10__8__46": {
"value": "1.2 Changes in accounting policies and disclosuresManagement has assessed that new or amended IFRS Accounting Standards and interpretations issued by the IASB and endorsed by the EU effective on or after 1 January 2024 has not had a significant effect on the Consolidated financial statements. Furthermore, new or amended IFRS Accounting Standards and interpretations issued by the IASB that have not yet become effective are generally not adopted until they become effective and endorsed by the EU. Management does not anticipate any significant impact on the Consolidated financial statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the Income statement and to differentiate between earnings from operating activities, investment activities and financing activities. IFRS 18 will also add additional disclosures but will not change any accounting policies on recognition and measurement, hence it will not change reported net results.",
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"s10__8__50-1": {
"value": "2.1 Net sales and rebatesGross-to-net sales reconciliationDKK million20242023 2022Gross sales 680,563 608,645 455,692US Managed Care and Medicare (238,946) (223,191) (161,123)US wholesaler charge-backs (64,437) (74,435) (56,443)US Medicaid rebates (32,919) (31,821) (24,667)Other US discounts and sales returns (30,737) (28,481) (18,300)US rebates, discounts and sales returns (367,039) (357,928) (260,533)Non-US rebates, discounts and sales returns (23,121) (18,456) (18,205)Total gross-to-net sales adjustments (390,160) (376,384) (278,738)Net sales 290,403 232,261 176,954Provisions for sales rebatesDKK million 2024 2023 2022At the beginning of the year 99,878 69,499 50,822Additional provisions, including increases to existing provisions 318,812 285,266 206,354Amount paid during the year (299,334) (250,316) (189,580)Adjustments regarding prior years, including unused amounts reversed during the year (6,452) (2,364) (1,141)Effect of exchange rate adjustment 5,612 (2,207) 3,044At the end of the year 118,516 99,878 69,499Sales discounts and sales rebates are predominantly issued in the US. As such, total US rebates, discounts and sales returns amounts to DKK (367,039) million, corresponding to 69% of gross sales in the US (74% in 2023 and 75% in 2022).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 arebate 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 DrugPricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Management\u2019s assessment considers interpretations of applicable laws, legal and administrative rulings, as well as attrition and experience from historical claims. During 2024, additional provisions for 340B statutory discounts of net USD 0.8 billion were recognised. As of 31 December 2024, provisions for sales rebates comprise a provision for 340B statutory discounts of USD 4.6 billion. 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. Further, discounts are provided to patients through different programmes.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 2024, Novo Nordisk had 3 major wholesalers distributing products in the US, representing 23%, 17% and 17% respectively of global net sales (22%, 17% and 15% in 2023 and 19%, 14% and 13% in 2022). Sales to these 3 wholesalers are within both Diabetes and Obesity care and Rare disease.Net sales to be recognised from existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 3,753 million within 12 months (DKK 3,166 million in 2023) and DKK 5,822 million thereafter (DKK 443 million). 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. 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. 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 4.9 for more details on hedging.3.5 Provisions and contingent liabilitiesProvisionsProvisionsProvisionsfor salesfor legalfor productOther2024 202312DKK millionrebatesdisputesreturnsprovisionsTotalTotalAt the beginning of the year 99,878 3,786 1,532 1,931 107,127 74,877Additional provisions, including increases to existing provisions 318,812 202 2,148 798 321,960 288,801Additional provisions from acquisition of businesses (note 5.3) \u2014 \u2014 \u2014 1,084 1,084 \u2014Amount used during the year (299,334) \u2014 (693) (191) (300,218) (251,246)Adjustments regarding prior years, including unused amounts reversed during the year (6,452) (31) 80 (320) (6,723) (3,023)Effect of exchange rate adjustment 5,612 222 27 (7) 5,854 (2,282)At the end of the year 118,516 4,179 3,094 3,295 129,084 107,1273Non-current liabilities548 4,154 908 3,145 8,755 6,649Current liabilities 117,968 25 2,186 150 120,329 100,4781. 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 consist of various types of provisions, including contingent payments arising from business combinations and 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 2025 and 2026. 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.Since January 2021, Novo Nordisk has made a number of changes to its policy in the US related to facilitating delivery of its discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. On 30 January 2023, the US Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk\u2019s drug distribution policy was consistent with the 340B statute. On 21 May 2024, the US Court of Appeals for the DC Circuit issued a ruling in a related case involving other pharmaceutical manufacturers that similarly held that their drug distribution policies were consistent with the 340B statute. However, an appeal in another related case is still pending before the US Court of Appeals for the Seventh Circuit, and as such these cases may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of the pending Seventh Circuit ruling and any subsequent appeals in these matters, there may be a material impact on Novo Nordisk\u2019s financial position, net sales, operating profit and cash flow.Other provisions and contingent liabilitiesIn February 2023, a class action lawsuit was filed by the City of Warwick Retirement System (\u201cCity of Warwick\u201d) against Catalent, Inc. (\u201cCatalent\u201d) and co-defendants in the United States District Court for the District of New Jersey. The lawsuit alleges that the defendants artificially inflated Catalent\u2019s revenue and made misleading statements and omissions concerning Catalent\u2019s quality control issues; compliance with the US Generally Accepted Accounting Principles; and the general demand for non-vaccine products. In December 2024, Novo Nordisk acquired three Catalent fill-finish sites from Novo Holding A/S, including a portion of any potential financial liability associated with the City of Warwick lawsuit. Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In addition to the above, Novo Nordisk is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Management, neithersettlement 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.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.ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesalers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on 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 marketassessments of the time value of money and the risks specific to the obligation. 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 net sales value.",
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"s10__8__49-1": {
"value": "2.1 Net sales and rebatesGross-to-net sales reconciliationDKK million20242023 2022Gross sales 680,563 608,645 455,692US Managed Care and Medicare (238,946) (223,191) (161,123)US wholesaler charge-backs (64,437) (74,435) (56,443)US Medicaid rebates (32,919) (31,821) (24,667)Other US discounts and sales returns (30,737) (28,481) (18,300)US rebates, discounts and sales returns (367,039) (357,928) (260,533)Non-US rebates, discounts and sales returns (23,121) (18,456) (18,205)Total gross-to-net sales adjustments (390,160) (376,384) (278,738)Net sales 290,403 232,261 176,954Provisions for sales rebatesDKK million 2024 2023 2022At the beginning of the year 99,878 69,499 50,822Additional provisions, including increases to existing provisions 318,812 285,266 206,354Amount paid during the year (299,334) (250,316) (189,580)Adjustments regarding prior years, including unused amounts reversed during the year (6,452) (2,364) (1,141)Effect of exchange rate adjustment 5,612 (2,207) 3,044At the end of the year 118,516 99,878 69,499Sales discounts and sales rebates are predominantly issued in the US. As such, total US rebates, discounts and sales returns amounts to DKK (367,039) million, corresponding to 69% of gross sales in the US (74% in 2023 and 75% in 2022).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 arebate 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 DrugPricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Management\u2019s assessment considers interpretations of applicable laws, legal and administrative rulings, as well as attrition and experience from historical claims. During 2024, additional provisions for 340B statutory discounts of net USD 0.8 billion were recognised. As of 31 December 2024, provisions for sales rebates comprise a provision for 340B statutory discounts of USD 4.6 billion. 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. Further, discounts are provided to patients through different programmes.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 2024, Novo Nordisk had 3 major wholesalers distributing products in the US, representing 23%, 17% and 17% respectively of global net sales (22%, 17% and 15% in 2023 and 19%, 14% and 13% in 2022). Sales to these 3 wholesalers are within both Diabetes and Obesity care and Rare disease.Net sales to be recognised from existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 3,753 million within 12 months (DKK 3,166 million in 2023) and DKK 5,822 million thereafter (DKK 443 million). 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. 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. 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 4.9 for more details on hedging.Operating segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2024 2023 2022 2024 2023 2022 2024 2023 2022Net sales 271,764 215,098 156,412 18,639 17,163 20,542 290,403 232,261 176,954Cost of goods sold (37,760) (30,483) (23,405) (6,762) (5,282) (5,043) (44,522) (35,765) (28,448)Sales and distribution costs (57,840) (52,477) (42,392) (4,261) (4,266) (3,825) (62,101) (56,743) (46,217)Research and development costs (41,490) (28,073) (20,157) (6,572) (4,370) (3,890) (48,062) (32,443) (24,047)Administrative costs (4,881) (4,435) (3,955) (395) (420) (512) (5,276) (4,855) (4,467)Other operating income and expenses (2,074) (7) 892 (29) 126 142 (2,103) 119 1,034Segment operating profit 127,719 99,623 67,395 620 2,951 7,414 128,339 102,574 74,809Operating margin 47.0% 46.3% 43.1% 3.3% 17.2% 36.1% 44.2% 44.2% 42.3%Depreciation and amortisation expenses (7,104) (6,042) (5,421) (1,441) (1,247) (1,132) (8,545) (7,289) (6,553)Impairment losses and reversals (9,262) (2,153) (280) (1,300) 29 (529) (10,562) (2,124) (809)Total depreciation, amortisation, impairment losses and reversals (16,366) (8,195) (5,701) (2,741) (1,218) (1,661) (19,107) (9,413) (7,362)Operating segments Novo Nordisk operates in two 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 segments. There are no sales or other transactions between the segments. Costs have generally been split between 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.In 2024, the US contributed 10% or more of total net sales. In 2023, 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 (99.2 % in 2023). Sales are attributed to geographical areas according to the location of the customer.Net sales \u2013 Segments and geographical areasTotal International Operations Total North America OperationsTotal Novo Nordisk net salesTotal IO EMEA Region China Rest of World Total NAO USDKK million 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022Diabetes and Obesity care segment:\u00aeOzempic29,05526,37817,36916,00114,32710,4175,7624,8212,1967,2927,2304,75691,28769,34042,38184,20163,01038,750120,34295,71859,750\u00aeRybelsus12,2317,3893,1557,1364,2321,714511131634,5843,0261,37811,07011,3618,14410,79511,0608,01123,30118,75011,299\u00aeVictoza3,6864,8505,6721,4222,1662,7249751,2561,4781,2891,4281,4701,7963,8146,6501,6993,6136,4065,4828,66412,322Total GLP-144,97238,61726,19624,55920,72514,8557,2486,2083,73713,16511,6847,604104,15384,51557,17596,69577,68353,167149,125123,13283,371Long-acting insulin12,88411,33911,4037,6867,1037,1572,6961,6491,6362,5022,5872,6106,2113,5665,3385,5382,9314,68519,09514,90516,741\u00ae\u2022 of which Awigli15\u2014\u20149\u2014\u20146\u2014\u2014\u2014\u2014\u20144\u2014\u2014\u2014\u2014\u201419\u2014\u2014\u00ae\u2022 of which Tresiba6,4945,8646,0923,8763,4353,4859788481,0501,6401,5811,5573,4111,8883,2612,8061,3332,7239,9057,7529,353\u00ae\u2022 of which Xultophy4,2172,8872,4002,1851,8311,7161,414409456186476392863324092813253994,5033,2192,809\u00ae\u2022 of which Levemir2,1582,5882,9111,6161,8371,9562983925412443594142,5101,3461,6682,4511,2731,5634,6683,9344,579Premix insulin10,1439,34210,0232,6372,5702,6224,7844,4414,9122,7222,3312,48964623253963221651710,7899,57410,562\u00ae\u2022 of which Ryzodeg4,9293,7302,8897015874952,7821,9651,2181,4461,1781,176\u2014\u2014\u2014\u2014\u2014\u20144,9293,7302,889\u00ae\u2022 of which NovoMix5,2145,6127,1341,9361,9832,1272,0022,4763,6941,2761,1531,3136462325396322165175,8605,8447,673Fast-acting insulin10,56310,41510,8266,9346,6956,4561,4741,5451,9422,1552,1752,4287,9595,5346,6377,7735,2656,24718,52215,94917,463\u00ae\u2022 of which Fiasp1,6091,5121,3541,2891,2661,138\u2014\u2014\u20143202462162606616492136186061,8692,1732,003\u00ae\u2022 of which NovoRapid8,9548,9039,4725,6455,4295,3181,4741,5451,9421,8351,9292,2127,6994,8735,9887,5604,6475,64116,65313,77615,460Human insulin5,3886,1346,5081,7621,9191,9838061,2131,8122,8203,0022,7131,5791,4601,6781,5351,4061,6056,9677,5948,186Total insulin38,97837,23038,76019,01918,28718,2189,7608,84810,30210,19910,09510,24016,39510,79214,19215,4789,81813,05455,37348,02252,952Other Diabetes care1,8561,9872,4286886617177828921,1813864345302643257972132676602,1202,3123,225Total Diabetes care85,80677,83467,38444,26639,67333,79017,79015,94815,22023,75022,21318,374120,81295,63272,164112,38687,76866,881206,618173,466139,548\u00aeWegovy11,4251,913547,5131,91354196\u2014\u20143,716\u2014\u201446,78129,4306,13445,77029,4306,13458,20631,3436,188\u00aeSaxenda5,5636,4025,8322,9203,7803,5611021461332,5412,4762,1381,3773,8874,8447773,3064,3686,94010,28910,676Total Obesity care 16,9888,3155,88610,4335,6933,6152981461336,2572,4762,13848,15833,31710,97846,54732,73610,50265,14641,63216,864Diabetes and Obesity care total102,79486,14973,27054,69945,36637,40518,08816,09415,35330,00724,68920,512168,970128,94983,142158,933120,50477,383271,764215,098156,412Rare disease segment: Rare blood disorders6,4426,4326,6713,9244,0213,7953633726042,1552,0392,2725,6965,3445,0355,3875,0704,71012,13811,77611,706\u2022 of which Haemophilia A1,9061,9391,7691,2311,2711,137236223814394455515484835695374685432,4542,4222,338\u2022 of which Haemophilia B6495844794363772941713131961941726574772804863361521,3061,061759\u00ae\u2022 of which NovoSeven3,7353,7894,3352,1682,2852,3111101365101,4571,3681,5144,2484,1693,9734,1354,0653,8117,9837,9588,308Rare endocrine disorders2,0322,0454,9041,0386992,232412162469531,1302,4262,9611,7912,2342,9221,7572,2054,9933,8367,138Other Rare disease9631,0061,0027417818049562132201925455456961602033581,5081,5511,698Rare disease total9,4379,48312,5775,7035,5016,8314135938563,3213,3894,8909,2027,6807,9658,4697,0307,27318,63917,16320,542Total sales by geographical area112,231 95,632 85,847 60,402 50,867 44,236 18,501 16,687 16,209 33,328 28,078 25,402 178,172 136,629 91,107 167,402 127,534 84,656 290,403 232,261 176,954Total sales growth as reported 17.4% 11.4% 16.7% 18.7% 15.0% 17.3% 10.9% 2.9% 1.2% 18.7% 10.5% 28.2% 30.4% 50.0% 35.4% 31.3% 50.6% 34.4% 25.0% 31.3%",
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"s10__8__51-1": {
"value": "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 arebate 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 DrugPricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Management\u2019s assessment considers interpretations of applicable laws, legal and administrative rulings, as well as attrition and experience from historical claims. During 2024, additional provisions for 340B statutory discounts of net USD 0.8 billion were recognised. As of 31 December 2024, provisions for sales rebates comprise a provision for 340B statutory discounts of USD 4.6 billion. 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. Further, discounts are provided to patients through different programmes.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.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. 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. 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 4.9 for more details on hedging.",
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"s10__8__54": {
"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 4.9 for more details on hedging.",
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"s10__8__55": {
"value": "2.2 Segment informationOperating segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2024 2023 2022 2024 2023 2022 2024 2023 2022Net sales 271,764 215,098 156,412 18,639 17,163 20,542 290,403 232,261 176,954Cost of goods sold (37,760) (30,483) (23,405) (6,762) (5,282) (5,043) (44,522) (35,765) (28,448)Sales and distribution costs (57,840) (52,477) (42,392) (4,261) (4,266) (3,825) (62,101) (56,743) (46,217)Research and development costs (41,490) (28,073) (20,157) (6,572) (4,370) (3,890) (48,062) (32,443) (24,047)Administrative costs (4,881) (4,435) (3,955) (395) (420) (512) (5,276) (4,855) (4,467)Other operating income and expenses (2,074) (7) 892 (29) 126 142 (2,103) 119 1,034Segment operating profit 127,719 99,623 67,395 620 2,951 7,414 128,339 102,574 74,809Operating margin 47.0% 46.3% 43.1% 3.3% 17.2% 36.1% 44.2% 44.2% 42.3%Depreciation and amortisation expenses (7,104) (6,042) (5,421) (1,441) (1,247) (1,132) (8,545) (7,289) (6,553)Impairment losses and reversals (9,262) (2,153) (280) (1,300) 29 (529) (10,562) (2,124) (809)Total depreciation, amortisation, impairment losses and reversals (16,366) (8,195) (5,701) (2,741) (1,218) (1,661) (19,107) (9,413) (7,362)Operating segments Novo Nordisk operates in two 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 segments. There are no sales or other transactions between the segments. Costs have generally been split between 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 2024, Novo Nordisk operated in two main commercial units:\u2022 International Operations\u2022 EMEA: Europe, the Middle East and Africa.\u2022 Region 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 2024, the US contributed 10% or more of total net sales. In 2023, 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 (99.2 % in 2023). Sales are attributed to geographical areas according to the location of the customer. Total property, plant and equipment and intangible assets amounts to DKK 273,578 million (DKK 151,367 million in 2023), of which DKK 177,471 million is located in Denmark (DKK 82,274 million in 2023) and DKK 57,141 million is located in the US (DKK 46,609 million in 2023).Net sales \u2013 Segments and geographical areasTotal International Operations Total North America OperationsTotal Novo Nordisk net salesTotal IO EMEA Region China Rest of World Total NAO USDKK million 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022Diabetes and Obesity care segment:\u00aeOzempic29,05526,37817,36916,00114,32710,4175,7624,8212,1967,2927,2304,75691,28769,34042,38184,20163,01038,750120,34295,71859,750\u00aeRybelsus12,2317,3893,1557,1364,2321,714511131634,5843,0261,37811,07011,3618,14410,79511,0608,01123,30118,75011,299\u00aeVictoza3,6864,8505,6721,4222,1662,7249751,2561,4781,2891,4281,4701,7963,8146,6501,6993,6136,4065,4828,66412,322Total GLP-144,97238,61726,19624,55920,72514,8557,2486,2083,73713,16511,6847,604104,15384,51557,17596,69577,68353,167149,125123,13283,371Long-acting insulin12,88411,33911,4037,6867,1037,1572,6961,6491,6362,5022,5872,6106,2113,5665,3385,5382,9314,68519,09514,90516,741\u00ae\u2022 of which Awigli15\u2014\u20149\u2014\u20146\u2014\u2014\u2014\u2014\u20144\u2014\u2014\u2014\u2014\u201419\u2014\u2014\u00ae\u2022 of which Tresiba6,4945,8646,0923,8763,4353,4859788481,0501,6401,5811,5573,4111,8883,2612,8061,3332,7239,9057,7529,353\u00ae\u2022 of which Xultophy4,2172,8872,4002,1851,8311,7161,414409456186476392863324092813253994,5033,2192,809\u00ae\u2022 of which Levemir2,1582,5882,9111,6161,8371,9562983925412443594142,5101,3461,6682,4511,2731,5634,6683,9344,579Premix insulin10,1439,34210,0232,6372,5702,6224,7844,4414,9122,7222,3312,48964623253963221651710,7899,57410,562\u00ae\u2022 of which Ryzodeg4,9293,7302,8897015874952,7821,9651,2181,4461,1781,176\u2014\u2014\u2014\u2014\u2014\u20144,9293,7302,889\u00ae\u2022 of which NovoMix5,2145,6127,1341,9361,9832,1272,0022,4763,6941,2761,1531,3136462325396322165175,8605,8447,673Fast-acting insulin10,56310,41510,8266,9346,6956,4561,4741,5451,9422,1552,1752,4287,9595,5346,6377,7735,2656,24718,52215,94917,463\u00ae\u2022 of which Fiasp1,6091,5121,3541,2891,2661,138\u2014\u2014\u20143202462162606616492136186061,8692,1732,003\u00ae\u2022 of which NovoRapid8,9548,9039,4725,6455,4295,3181,4741,5451,9421,8351,9292,2127,6994,8735,9887,5604,6475,64116,65313,77615,460Human insulin5,3886,1346,5081,7621,9191,9838061,2131,8122,8203,0022,7131,5791,4601,6781,5351,4061,6056,9677,5948,186Total insulin38,97837,23038,76019,01918,28718,2189,7608,84810,30210,19910,09510,24016,39510,79214,19215,4789,81813,05455,37348,02252,952Other Diabetes care1,8561,9872,4286886617177828921,1813864345302643257972132676602,1202,3123,225Total Diabetes care85,80677,83467,38444,26639,67333,79017,79015,94815,22023,75022,21318,374120,81295,63272,164112,38687,76866,881206,618173,466139,548\u00aeWegovy11,4251,913547,5131,91354196\u2014\u20143,716\u2014\u201446,78129,4306,13445,77029,4306,13458,20631,3436,188\u00aeSaxenda5,5636,4025,8322,9203,7803,5611021461332,5412,4762,1381,3773,8874,8447773,3064,3686,94010,28910,676Total Obesity care 16,9888,3155,88610,4335,6933,6152981461336,2572,4762,13848,15833,31710,97846,54732,73610,50265,14641,63216,864Diabetes and Obesity care total102,79486,14973,27054,69945,36637,40518,08816,09415,35330,00724,68920,512168,970128,94983,142158,933120,50477,383271,764215,098156,412Rare disease segment: Rare blood disorders6,4426,4326,6713,9244,0213,7953633726042,1552,0392,2725,6965,3445,0355,3875,0704,71012,13811,77611,706\u2022 of which Haemophilia A1,9061,9391,7691,2311,2711,137236223814394455515484835695374685432,4542,4222,338\u2022 of which Haemophilia B6495844794363772941713131961941726574772804863361521,3061,061759\u00ae\u2022 of which NovoSeven3,7353,7894,3352,1682,2852,3111101365101,4571,3681,5144,2484,1693,9734,1354,0653,8117,9837,9588,308Rare endocrine disorders2,0322,0454,9041,0386992,232412162469531,1302,4262,9611,7912,2342,9221,7572,2054,9933,8367,138Other Rare disease9631,0061,0027417818049562132201925455456961602033581,5081,5511,698Rare disease total9,4379,48312,5775,7035,5016,8314135938563,3213,3894,8909,2027,6807,9658,4697,0307,27318,63917,16320,542Total sales by geographical area112,231 95,632 85,847 60,402 50,867 44,236 18,501 16,687 16,209 33,328 28,078 25,402 178,172 136,629 91,107 167,402 127,534 84,656 290,403 232,261 176,954Total sales growth as reported 17.4% 11.4% 16.7% 18.7% 15.0% 17.3% 10.9% 2.9% 1.2% 18.7% 10.5% 28.2% 30.4% 50.0% 35.4% 31.3% 50.6% 34.4% 25.0% 31.3%",
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"s10__8__60": {
"value": "Operating segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2024 2023 2022 2024 2023 2022 2024 2023 2022Net sales 271,764 215,098 156,412 18,639 17,163 20,542 290,403 232,261 176,954Cost of goods sold (37,760) (30,483) (23,405) (6,762) (5,282) (5,043) (44,522) (35,765) (28,448)Sales and distribution costs (57,840) (52,477) (42,392) (4,261) (4,266) (3,825) (62,101) (56,743) (46,217)Research and development costs (41,490) (28,073) (20,157) (6,572) (4,370) (3,890) (48,062) (32,443) (24,047)Administrative costs (4,881) (4,435) (3,955) (395) (420) (512) (5,276) (4,855) (4,467)Other operating income and expenses (2,074) (7) 892 (29) 126 142 (2,103) 119 1,034Segment operating profit 127,719 99,623 67,395 620 2,951 7,414 128,339 102,574 74,809Operating margin 47.0% 46.3% 43.1% 3.3% 17.2% 36.1% 44.2% 44.2% 42.3%Depreciation and amortisation expenses (7,104) (6,042) (5,421) (1,441) (1,247) (1,132) (8,545) (7,289) (6,553)Impairment losses and reversals (9,262) (2,153) (280) (1,300) 29 (529) (10,562) (2,124) (809)Total depreciation, amortisation, impairment losses and reversals (16,366) (8,195) (5,701) (2,741) (1,218) (1,661) (19,107) (9,413) (7,362)",
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"s10__8__59-1": {
"value": "Operating segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2024 2023 2022 2024 2023 2022 2024 2023 2022Net sales 271,764 215,098 156,412 18,639 17,163 20,542 290,403 232,261 176,954Cost of goods sold (37,760) (30,483) (23,405) (6,762) (5,282) (5,043) (44,522) (35,765) (28,448)Sales and distribution costs (57,840) (52,477) (42,392) (4,261) (4,266) (3,825) (62,101) (56,743) (46,217)Research and development costs (41,490) (28,073) (20,157) (6,572) (4,370) (3,890) (48,062) (32,443) (24,047)Administrative costs (4,881) (4,435) (3,955) (395) (420) (512) (5,276) (4,855) (4,467)Other operating income and expenses (2,074) (7) 892 (29) 126 142 (2,103) 119 1,034Segment operating profit 127,719 99,623 67,395 620 2,951 7,414 128,339 102,574 74,809Operating margin 47.0% 46.3% 43.1% 3.3% 17.2% 36.1% 44.2% 44.2% 42.3%Depreciation and amortisation expenses (7,104) (6,042) (5,421) (1,441) (1,247) (1,132) (8,545) (7,289) (6,553)Impairment losses and reversals (9,262) (2,153) (280) (1,300) 29 (529) (10,562) (2,124) (809)Total depreciation, amortisation, impairment losses and reversals (16,366) (8,195) (5,701) (2,741) (1,218) (1,661) (19,107) (9,413) (7,362)Operating segments Novo Nordisk operates in two 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 segments. There are no sales or other transactions between the segments. Costs have generally been split between 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.DKK million 2024 2023 2022Employee costs (note 2.4) 15,923 12,429 9,952Amortisation, intangible assets (note 3.1) 931 649 604Impairment losses and reversals, intangible assets (note 3.1) 7,912 1,108 760Depreciation, property, plant and equipment (note 3.2) 1,120 1,053 898Impairment losses, property, plant and equipment (note 3.2) 78 260 24Clinical trial cost 12,232 9,468 6,313Other research and development costs 9,866 7,476 5,496Total research and development costs 48,062 32,443 24,047As percentage of net sales 16.6% 14.0% 13.6%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 digital scientific methodologies and other 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 operational 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 internal and external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to 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.",
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"s10__8__63": {
"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.",
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"s10__8__62-1": {
"value": "Total property, plant and equipment and intangible assets amounts to DKK 273,578 million (DKK 151,367 million in 2023), of which DKK 177,471 million is located in Denmark (DKK 82,274 million in 2023) and DKK 57,141 million is located in the US (DKK 46,609 million in 2023).3.1 Intangible assetsAmortisationDKK million 2024 2023 2022Cost of goods sold 1,400 982 846Sales and distribution costs \u2014 9 34Research and development costs 931 649 604Administrative costs 14 41 19Other operating income and expenses 167 153 96Total amortisation 2,512 1,834 1,599Impairment losses and reversalsDKK million 2024 2023 2022Research and development costs 7,912 1,108 760Other operating income and expenses 1,601 306 \u2014Total impairment losses and reversals 9,513 1,414 760Intellectual property Software Total rights and and other intangible DKK million Goodwillknow-howintangiblesassets2024Cost at the beginning of the year 4,464 60,745 5,584 70,793 Additions from acquisition of businesses (note 5.3) 15,323 41,154 311 56,788 Additions during the year \u2014 4,165 710 4,875 Disposals during the year \u2014 (213) (70) (283) Effect of exchange rate adjustment 277 858 89 1,224 Cost at the end of the year 20,064 106,709 6,624 133,397 Amortisation and impairment losses at the beginning of the year \u2014 8,225 2,162 10,387 Amortisation for the year \u2014 2,257 255 2,512 Impairment losses for the year \u2014 9,441 72 9,513 Amortisation and impairment losses reversed on disposals during the year \u2014 (213) (70) (283) Effect of exchange rate adjustment \u2014 163 15 178 Amortisation and impairment losses at the end of the year \u2014 19,873 2,434 22,307 Carrying amount at the end of the year 20,064 86,836 4,190 111,090 2023Cost at the beginning of the year 4,615 49,731 5,281 59,627 Additions during the year \u2014 12,567 500 13,067 Disposals 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 70,793 Amortisation and impairment losses at the beginning of the year \u2014 6,737 1,951 8,688 Amortisation for the year \u2014 1,621 213 1,834 Impairment losses for the year \u2014 1,776 20 1,796 Impairment 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) 96 Amortisation and impairment losses at the end of the year \u2014 8,225 2,162 10,387 Carrying amount at the end of the year 4,464 52,520 3,422 60,406Material intangible assets Intellectual property rights and know-how with a carrying value of DKK 86,836 million (DKK 52,520 million in 2023), comprise intellectual property and licenses related mainly to marketed products, know-how attributable to manufacturing, products and technologies in development as well as technologies used in the research and development phase.Know-how with a carrying value of DKK 40,944 million (DKK nil in 2023), and a remaining useful life of 10 years, is recognised in the acquisition of three fill-finish sites in 2024 and is primarily attributable to the documented processes and systems for efficient and large-scale production of GLP-1 products as well as know-how to expand capacity in an efficient way. Intellectual property and licenses related to \u00aemarketed products include Rybelsus with a carrying value of DKK 5,453 million (DKK 6,018 million in 2023) and a remaining useful life of 10 years (11 years in 2023). Technologies used in the research and development phase include a RNAi technology platform with a carrying value of DKK 9,530 million (DKK 9,480 million in 2023), with a remaining estimated useful life of 20 years (21 years in 2023).Intellectual property rights and know-how as well as Software and other intangibles contain assets not yet available for use amounting to DKK 23,893 million (DKK 29,548 million in 2023). Impairment losses on intellectual property rightsImpairment losses on intellectual property rights amounted to DKK 9,441 million (DKK 1,776 million in 2023). The single-largest impairment loss recognised in 2024 amounted to DKK 5,650 million arising from the impairment of ocedurenone. The impairment loss is linked to the termination of a phase 3 trial with ocedurenone which failed to meet its primary endpoints, hence the recoverable amount was estimated to nil. The impairment loss is recognised in research and development costs in the segment Diabetes and Obesity.Impairment review of goodwillGoodwill is allocated to the segments Diabetes and Obesity care by DKK 19,592 million (DKK 4,018 million in 2023) and to Rare Disease by DKK 472 million (DKK 446 million in 2023). The annual impairment review showed that the recoverable amount in the forecast period significantly exceeds 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 operating segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated based on fair value, with fair value being estimated at net present value using an income-approach. The applied post-tax discount rates are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period comprises 9 years. The key estimations relate to volume of market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Assumptions are affected by external factors such as market and generic competition, and price regulation.Key assumptions reflect past experience adjusted for market specific risks or expectedchanges. Fair value is determined using largely unobservable inputs. KEY ACCOUNTING ESTIMATES IN DETERMINING FAIR VALUES OF INTANGIBLE ASSETS IN IMPAIRMENT REVIEWSImpairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows. Goodwill and intangible assets not yet available for use are tested for impairment at least annually or when indicators of impairment are identified. Goodwill is allocated to operating segments based on expected future cash flow from products utilising 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 includethe 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 equipmentAn impairment loss is recognised when the carrying amount of intangible assets exceeds the recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal. 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 transfer of rights of intellectual property 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 thecost 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 acquired separately are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Identifiable intangible assets acquired in a business combination are initially measured at fair value.Amortisation of intellectual property rights 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 know-how, which arises from business combinations, is based on the straight-line method over the estimated useful life of 10 years corresponding to the period in which economic benefits are expected to be realised.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.",
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},
"s10__8__61-1": {
"value": "Total property, plant and equipment and intangible assets amounts to DKK 273,578 million (DKK 151,367 million in 2023), of which DKK 177,471 million is located in Denmark (DKK 82,274 million in 2023) and DKK 57,141 million is located in the US (DKK 46,609 million in 2023).3.2 Property, plant and equipmentAssets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2024Cost at the beginning of the year 48,990 40,951 8,979 39,663 138,583 Additions from acquisition of businesses (note 5.3) 6,709 18,460 278 \u2014 25,447 Additions during the year 3,789 872 874 46,650 52,185 Disposals during the year (632) (1,305) (547) (524) (3,008) Transfer and reclassifications 2,342 3,602 509 (6,453) \u2014 Effect of exchange rate adjustment 943 618 74 42 1,677 Cost at the end of the year 62,141 63,198 10,167 79,378 214,884 Depreciation and impairment losses at the beginning of the year 18,325 23,834 5,463 \u2014 47,622 Depreciation for the year 2,786 2,099 1,148 \u2014 6,033 Impairment losses for the year 43 474 8 524 1,049 Depreciation and impairment losses reversed on disposals during the year (563) (918) (538) (524) (2,543) Effect of exchange rate adjustment 113 69 53 \u2014 235 Depreciation and impairment losses at the end of the year 20,704 25,558 6,134 \u2014 52,396 Carrying amount at the end of the year 41,437 37,640 4,033 79,378 162,488 2023Cost at the beginning of the year 43,403 37,548 8,114 22,361 111,426 Additions during the year 2,681 47 873 27,830 31,431 Disposals during the year (690) (952) (624) (562) (2,828) Transfer and reclassifications 4,246 4,679 731 (9,656) \u2014 Effect of exchange rate adjustment (650) (371) (115) (310) (1,446) Cost at the end of the year 48,990 40,951 8,979 39,663 138,583 Depreciation and impairment losses at the beginning of the year 16,781 22,935 5,039 \u2014 44,755 Depreciation for the year 2,450 1,919 1,086 \u2014 5,455 Impairment losses for the year 6 118 24 562 710 Depreciation 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 47,622 Carrying amount at the end of the year 30,665 17,117 3,516 39,663 90,961DepreciationDKK million 2024 2023 2022Cost of goods sold 3,799 3,522 3,205Sales and distribution costs 487 500 423Research and development costs 1,120 1,053 898Administrative costs 554 354 408Other operating income and expenses 73 26 20Total depreciation 6,033 5,455 4,954Of which related to leased assets 1,500 1,251 1,052Impairment lossesDKK million 2024 2023 2022Cost of goods sold 962 446 24Sales and distribution costs 9 4 1Research and development costs 78 260 24Total impairment losses 1,049 710 49Of which related to leased assets 9 \u2014 \u2014Novo 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.Leased property, plant and equipmentDKK million 2024 2023Land and buildings 6,067 5,157Other equipment 775 768Total 6,842 5,925The total cash outflow for leases amounted to DKK 2,211 million (DKK 2,022 million in 2023 and DKK 1,438 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: 10-50 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 development 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 initialamount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term.The lease term comprises the non-cancellable period of a lease, together with periods covered by extension options if these are reasonably certain to be exercised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__65": {
"value": "2.3 Research and development costsDKK million 2024 2023 2022Employee costs (note 2.4) 15,923 12,429 9,952Amortisation, intangible assets (note 3.1) 931 649 604Impairment losses and reversals, intangible assets (note 3.1) 7,912 1,108 760Depreciation, property, plant and equipment (note 3.2) 1,120 1,053 898Impairment losses, property, plant and equipment (note 3.2) 78 260 24Clinical trial cost 12,232 9,468 6,313Other research and development costs 9,866 7,476 5,496Total research and development costs 48,062 32,443 24,047As percentage of net sales 16.6% 14.0% 13.6%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 digital scientific methodologies and other 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 operational 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 internal and external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__67-1": {
"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 internal and external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to 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 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 transfer of rights of intellectual property 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 thecost 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__66-1": {
"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 internal and external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to 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 development costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__68-1": {
"value": "2.4 Employee costsDKK million 2024 2023 2022Wages and salaries 52,311 42,867 34,575Share-based payment costs (note 5.1) 2,289 2,149 1,539Pensions \u2013 defined contribution plans 4,235 3,267 2,472Pensions \u2013 defined benefit plans 156 126 185Other social security contributions 3,505 3,039 2,713Other employee costs 4,929 4,066 3,105Total employee costs for the year 67,425 55,514 44,589Employee costs capitalised as intangible assets and property, plant and equipment (3,540) (2,337) (1,451)Change in employee costs capitalised as inventories (470) (409) (70)Total employee costsin the income statement 63,415 52,768 43,068Included in the income statement:Cost of goods sold 20,074 15,490 11,766Sales and distribution costs 22,920 20,810 17,700Research and development costs 15,923 12,429 9,952Administrative costs 4,265 3,962 3,517Other operating income and expenses 233 77 133Total employee costs in theincome statement 63,415 52,768 43,068Number of employeesNumber 2024 2023 2022Average number of full-time employees 69,480 59,552 51,046Year-end number of full-time employees 76,302 63,370 54,393Year-end employees (total) 77,349 64,319 55,185ACCOUNTING POLICIES Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated servicesare 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 theemployees concerned.Share-based payment expensed in the income statementDKK million 2024 2023 2022Restricted stock units to employees 380 365 265Long-term share-based incentive programme (Management Board) 314 304 250Long-term share-based incentive programme (Management group below Management Board) 1,403 1,271 819Restricted stock units to individual employees 192 209 205Share-based payment expensed in the income statement 2,289 2,149 1,539Restricted 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.General terms and conditions of 2022-2024 programmesEmployees' 100 year anniversary Management group below programme Management BoardManagement Board Individual employeesYear of launch2023 2024 2023 2022 2024 2023 2022 2024 2023 20221Preliminary number of shares to be allocated (million) 3.0 0.3 0.6 0.7 1.5 3.1 3.3 0.2 0.3 0.8 Fair value per restricted stock unit at grant date (DKK) 446 767 456 320 767 456 320 794 544 371 Performance and vesting period 2023 to 2026 2024 to 2026 2023 to 2025 2022 to 2024 2024 to 2026 2023 to 2025 2022 to 2024 2024 to 2027 2023 to 2026 2022 to 2025Allocation date Aug 2026 Feb 2027 Feb 2026 Feb 2025 Feb 2027 Feb 2026 Feb 2025 2027 2026 2025Amortisation period 3.5 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years1. 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's performance during the 3-year performance period is higher or lower compared to targets determined by the Board. The maximum number is capped.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__69": {
"value": "Number of employeesNumber 2024 2023 2022Average number of full-time employees 69,480 59,552 51,046Year-end number of full-time employees 76,302 63,370 54,393Year-end employees (total) 77,349 64,319 55,185",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__70": {
"value": "ACCOUNTING POLICIES Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated servicesare 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 theemployees concerned.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__71": {
"value": "2.5 Other operating income and expensesACCOUNTING POLICIES Other operating income and expenses, include mainly licence income and amortisations and impairment losses, which are of a secondary nature in relation to the main activities of Novo Nordisk.Operating profit from wholly owned subsidiaries, not related to Novo Nordisk's main activities, as well as operating profit from non-core manufacturing contracts, are recognised as other operating income and expenses. Other operating income and expenses, also includes transaction costs in connection with acquisition of businesses. Refer to note 5.3 for details on the acquisition of businesses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__74": {
"value": "2.6 Income taxes and deferred income taxesIncome taxes expensed DKK million 2024 2023 2022Current tax on profit for the year 32,082 25,918 17,829Deferred tax on profit for the year (5,484) (4,464) (3,806)Tax on profit for the year 26,598 21,454 14,023Current tax adjustments recognised for prior years 172 (916) 339Deferred tax adjustments recognised for prior years (567) 453 (825)Income taxes in the income statement 26,203 20,991 13,537Tax on other comprehensive income for the year, (income)/expense (1,343) 359 889Computation of effective tax rateDKK million 2024 2023 2022Statutory 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) (0.5%) (0.9%) (1.1%) Non-taxable income less non-tax-deductible expenses (net) (0.7%) (0.7%) (0.5%) Other adjustments (net) (0.2%) (0.3%) (0.8%) Effective tax rate 20.6% 20.1% 19.6% Income taxes paidDKK million 2024 2023 2022Income taxes paid in Denmark for current year 21,810 16,899 7,481Income taxes paid outside Denmark for current year 7,826 8,998 7,034Income taxes paid 29,636 25,897 14,515The 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 prior years.From 1 January 2024 Novo Nordisk is subject to Global Minimum Tax (OECD BEPS Pillar 2 rules). The rules did not have a material impact on the tax position of Novo Nordisk in 2024.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, against which the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 602 million in 2024 (DKK 360 million in 2023).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.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 1,228 million (DKK 1,026 million in 2023).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.Development in deferred income tax assets and liabilitiesProperty,Offsetplant and Intangiblewithinequipmentassets Inventories Liabilities Othercountries TotalDKK million2024Net deferred tax asset/(liability) at the beginning of the year (2,561) (10,241) 1,717 14,427 6,876 \u2014 10,218Income/(charge) to the income statement (207) 427 2,142 3,485 204 \u2014 6,051Income/(charge) to other comprehensive income \u2014 (254) (71) 17 1,622 \u2014 1,314Income/(charge) to equity \u2014 254 \u2014 \u2014 (314) \u2014 (60)Additions from acquisitions (2,723) 3,693 \u2014 25 102 \u2014 1,097Effect of exchange rate adjustment (116) (145) 2 773 67 \u2014 581Net deferred tax asset/(liability) at the end of the year (5,607) (6,266) 3,790 18,727 8,557 \u2014 19,201Classified as follows:Deferred tax asset at the end of the year 497 225 3,847 18,989 13,112 (12,043) 24,627Deferred tax liability at the end of the year (6,104) (6,491) (57) (262) (4,555) 12,043 (5,426)2023Net 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)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__73": {
"value": "2.6 Income taxes and deferred income taxesIncome taxes expensed DKK million 2024 2023 2022Current tax on profit for the year 32,082 25,918 17,829Deferred tax on profit for the year (5,484) (4,464) (3,806)Tax on profit for the year 26,598 21,454 14,023Current tax adjustments recognised for prior years 172 (916) 339Deferred tax adjustments recognised for prior years (567) 453 (825)Income taxes in the income statement 26,203 20,991 13,537Tax on other comprehensive income for the year, (income)/expense (1,343) 359 889Computation of effective tax rateDKK million 2024 2023 2022Statutory 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) (0.5%) (0.9%) (1.1%) Non-taxable income less non-tax-deductible expenses (net) (0.7%) (0.7%) (0.5%) Other adjustments (net) (0.2%) (0.3%) (0.8%) Effective tax rate 20.6% 20.1% 19.6% Income taxes paidDKK million 2024 2023 2022Income taxes paid in Denmark for current year 21,810 16,899 7,481Income taxes paid outside Denmark for current year 7,826 8,998 7,034Income taxes paid 29,636 25,897 14,515The 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 prior years.From 1 January 2024 Novo Nordisk is subject to Global Minimum Tax (OECD BEPS Pillar 2 rules). The rules did not have a material impact on the tax position of Novo Nordisk in 2024.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, against which the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 602 million in 2024 (DKK 360 million in 2023).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.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 1,228 million (DKK 1,026 million in 2023).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.Development in deferred income tax assets and liabilitiesProperty,Offsetplant and Intangiblewithinequipmentassets Inventories Liabilities Othercountries TotalDKK million2024Net deferred tax asset/(liability) at the beginning of the year (2,561) (10,241) 1,717 14,427 6,876 \u2014 10,218Income/(charge) to the income statement (207) 427 2,142 3,485 204 \u2014 6,051Income/(charge) to other comprehensive income \u2014 (254) (71) 17 1,622 \u2014 1,314Income/(charge) to equity \u2014 254 \u2014 \u2014 (314) \u2014 (60)Additions from acquisitions (2,723) 3,693 \u2014 25 102 \u2014 1,097Effect of exchange rate adjustment (116) (145) 2 773 67 \u2014 581Net deferred tax asset/(liability) at the end of the year (5,607) (6,266) 3,790 18,727 8,557 \u2014 19,201Classified as follows:Deferred tax asset at the end of the year 497 225 3,847 18,989 13,112 (12,043) 24,627Deferred tax liability at the end of the year (6,104) (6,491) (57) (262) (4,555) 12,043 (5,426)2023Net 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)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__76-1": {
"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 1,228 million (DKK 1,026 million in 2023).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, against which the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 602 million in 2024 (DKK 360 million in 2023).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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__75": {
"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 1,228 million (DKK 1,026 million in 2023).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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__84-1": {
"value": "AmortisationDKK million 2024 2023 2022Cost of goods sold 1,400 982 846Sales and distribution costs \u2014 9 34Research and development costs 931 649 604Administrative costs 14 41 19Other operating income and expenses 167 153 96Total amortisation 2,512 1,834 1,599Intellectual property Software Total rights and and other intangible DKK million Goodwillknow-howintangiblesassets2024Cost at the beginning of the year 4,464 60,745 5,584 70,793 Additions from acquisition of businesses (note 5.3) 15,323 41,154 311 56,788 Additions during the year \u2014 4,165 710 4,875 Disposals during the year \u2014 (213) (70) (283) Effect of exchange rate adjustment 277 858 89 1,224 Cost at the end of the year 20,064 106,709 6,624 133,397 Amortisation and impairment losses at the beginning of the year \u2014 8,225 2,162 10,387 Amortisation for the year \u2014 2,257 255 2,512 Impairment losses for the year \u2014 9,441 72 9,513 Amortisation and impairment losses reversed on disposals during the year \u2014 (213) (70) (283) Effect of exchange rate adjustment \u2014 163 15 178 Amortisation and impairment losses at the end of the year \u2014 19,873 2,434 22,307 Carrying amount at the end of the year 20,064 86,836 4,190 111,090 2023Cost at the beginning of the year 4,615 49,731 5,281 59,627 Additions during the year \u2014 12,567 500 13,067 Disposals 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 70,793 Amortisation and impairment losses at the beginning of the year \u2014 6,737 1,951 8,688 Amortisation for the year \u2014 1,621 213 1,834 Impairment losses for the year \u2014 1,776 20 1,796 Impairment 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) 96 Amortisation and impairment losses at the end of the year \u2014 8,225 2,162 10,387 Carrying amount at the end of the year 4,464 52,520 3,422 60,406Assets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2024Cost at the beginning of the year 48,990 40,951 8,979 39,663 138,583 Additions from acquisition of businesses (note 5.3) 6,709 18,460 278 \u2014 25,447 Additions during the year 3,789 872 874 46,650 52,185 Disposals during the year (632) (1,305) (547) (524) (3,008) Transfer and reclassifications 2,342 3,602 509 (6,453) \u2014 Effect of exchange rate adjustment 943 618 74 42 1,677 Cost at the end of the year 62,141 63,198 10,167 79,378 214,884 Depreciation and impairment losses at the beginning of the year 18,325 23,834 5,463 \u2014 47,622 Depreciation for the year 2,786 2,099 1,148 \u2014 6,033 Impairment losses for the year 43 474 8 524 1,049 Depreciation and impairment losses reversed on disposals during the year (563) (918) (538) (524) (2,543) Effect of exchange rate adjustment 113 69 53 \u2014 235 Depreciation and impairment losses at the end of the year 20,704 25,558 6,134 \u2014 52,396 Carrying amount at the end of the year 41,437 37,640 4,033 79,378 162,488 2023Cost at the beginning of the year 43,403 37,548 8,114 22,361 111,426 Additions during the year 2,681 47 873 27,830 31,431 Disposals during the year (690) (952) (624) (562) (2,828) Transfer and reclassifications 4,246 4,679 731 (9,656) \u2014 Effect of exchange rate adjustment (650) (371) (115) (310) (1,446) Cost at the end of the year 48,990 40,951 8,979 39,663 138,583 Depreciation and impairment losses at the beginning of the year 16,781 22,935 5,039 \u2014 44,755 Depreciation for the year 2,450 1,919 1,086 \u2014 5,455 Impairment losses for the year 6 118 24 562 710 Depreciation 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 47,622 Carrying amount at the end of the year 30,665 17,117 3,516 39,663 90,961DepreciationDKK million 2024 2023 2022Cost of goods sold 3,799 3,522 3,205Sales and distribution costs 487 500 423Research and development costs 1,120 1,053 898Administrative costs 554 354 408Other operating income and expenses 73 26 20Total depreciation 6,033 5,455 4,954Of which related to leased assets 1,500 1,251 1,052",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__81-1": {
"value": "Impairment losses and reversalsDKK million 2024 2023 2022Research and development costs 7,912 1,108 760Other operating income and expenses 1,601 306 \u2014Total impairment losses and reversals 9,513 1,414 760Intellectual property Software Total rights and and other intangible DKK million Goodwillknow-howintangiblesassets2024Cost at the beginning of the year 4,464 60,745 5,584 70,793 Additions from acquisition of businesses (note 5.3) 15,323 41,154 311 56,788 Additions during the year \u2014 4,165 710 4,875 Disposals during the year \u2014 (213) (70) (283) Effect of exchange rate adjustment 277 858 89 1,224 Cost at the end of the year 20,064 106,709 6,624 133,397 Amortisation and impairment losses at the beginning of the year \u2014 8,225 2,162 10,387 Amortisation for the year \u2014 2,257 255 2,512 Impairment losses for the year \u2014 9,441 72 9,513 Amortisation and impairment losses reversed on disposals during the year \u2014 (213) (70) (283) Effect of exchange rate adjustment \u2014 163 15 178 Amortisation and impairment losses at the end of the year \u2014 19,873 2,434 22,307 Carrying amount at the end of the year 20,064 86,836 4,190 111,090 2023Cost at the beginning of the year 4,615 49,731 5,281 59,627 Additions during the year \u2014 12,567 500 13,067 Disposals 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 70,793 Amortisation and impairment losses at the beginning of the year \u2014 6,737 1,951 8,688 Amortisation for the year \u2014 1,621 213 1,834 Impairment losses for the year \u2014 1,776 20 1,796 Impairment 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) 96 Amortisation and impairment losses at the end of the year \u2014 8,225 2,162 10,387 Carrying amount at the end of the year 4,464 52,520 3,422 60,406Impairment losses on intellectual property rightsImpairment losses on intellectual property rights amounted to DKK 9,441 million (DKK 1,776 million in 2023). The single-largest impairment loss recognised in 2024 amounted to DKK 5,650 million arising from the impairment of ocedurenone. The impairment loss is linked to the termination of a phase 3 trial with ocedurenone which failed to meet its primary endpoints, hence the recoverable amount was estimated to nil. The impairment loss is recognised in research and development costs in the segment Diabetes and Obesity.Impairment review of goodwillGoodwill is allocated to the segments Diabetes and Obesity care by DKK 19,592 million (DKK 4,018 million in 2023) and to Rare Disease by DKK 472 million (DKK 446 million in 2023). The annual impairment review showed that the recoverable amount in the forecast period significantly exceeds 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 operating segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated based on fair value, with fair value being estimated at net present value using an income-approach. The applied post-tax discount rates are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period comprises 9 years. The key estimations relate to volume of market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Assumptions are affected by external factors such as market and generic competition, and price regulation.Key assumptions reflect past experience adjusted for market specific risks or expectedchanges. Fair value is determined using largely unobservable inputs. KEY ACCOUNTING ESTIMATES IN DETERMINING FAIR VALUES OF INTANGIBLE ASSETS IN IMPAIRMENT REVIEWSImpairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows. Goodwill and intangible assets not yet available for use are tested for impairment at least annually or when indicators of impairment are identified. Goodwill is allocated to operating segments based on expected future cash flow from products utilising 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 includethe 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 equipmentAn impairment loss is recognised when the carrying amount of intangible assets exceeds the recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.Recognition and measurementIntangible assets acquired separately are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Identifiable intangible assets acquired in a business combination are initially measured at fair value.Amortisation of intellectual property rights 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 know-how, which arises from business combinations, is based on the straight-line method over the estimated useful life of 10 years corresponding to the period in which economic benefits are expected to be realised.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.Assets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2024Cost at the beginning of the year 48,990 40,951 8,979 39,663 138,583 Additions from acquisition of businesses (note 5.3) 6,709 18,460 278 \u2014 25,447 Additions during the year 3,789 872 874 46,650 52,185 Disposals during the year (632) (1,305) (547) (524) (3,008) Transfer and reclassifications 2,342 3,602 509 (6,453) \u2014 Effect of exchange rate adjustment 943 618 74 42 1,677 Cost at the end of the year 62,141 63,198 10,167 79,378 214,884 Depreciation and impairment losses at the beginning of the year 18,325 23,834 5,463 \u2014 47,622 Depreciation for the year 2,786 2,099 1,148 \u2014 6,033 Impairment losses for the year 43 474 8 524 1,049 Depreciation and impairment losses reversed on disposals during the year (563) (918) (538) (524) (2,543) Effect of exchange rate adjustment 113 69 53 \u2014 235 Depreciation and impairment losses at the end of the year 20,704 25,558 6,134 \u2014 52,396 Carrying amount at the end of the year 41,437 37,640 4,033 79,378 162,488 2023Cost at the beginning of the year 43,403 37,548 8,114 22,361 111,426 Additions during the year 2,681 47 873 27,830 31,431 Disposals during the year (690) (952) (624) (562) (2,828) Transfer and reclassifications 4,246 4,679 731 (9,656) \u2014 Effect of exchange rate adjustment (650) (371) (115) (310) (1,446) Cost at the end of the year 48,990 40,951 8,979 39,663 138,583 Depreciation and impairment losses at the beginning of the year 16,781 22,935 5,039 \u2014 44,755 Depreciation for the year 2,450 1,919 1,086 \u2014 5,455 Impairment losses for the year 6 118 24 562 710 Depreciation 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 47,622 Carrying amount at the end of the year 30,665 17,117 3,516 39,663 90,961Impairment lossesDKK million 2024 2023 2022Cost of goods sold 962 446 24Sales and distribution costs 9 4 1Research and development costs 78 260 24Total impairment losses 1,049 710 49Of which related to leased assets 9 \u2014 \u2014Novo 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__90": {
"value": "Material intangible assets Intellectual property rights and know-how with a carrying value of DKK 86,836 million (DKK 52,520 million in 2023), comprise intellectual property and licenses related mainly to marketed products, know-how attributable to manufacturing, products and technologies in development as well as technologies used in the research and development phase.Know-how with a carrying value of DKK 40,944 million (DKK nil in 2023), and a remaining useful life of 10 years, is recognised in the acquisition of three fill-finish sites in 2024 and is primarily attributable to the documented processes and systems for efficient and large-scale production of GLP-1 products as well as know-how to expand capacity in an efficient way. Intellectual property and licenses related to \u00aemarketed products include Rybelsus with a carrying value of DKK 5,453 million (DKK 6,018 million in 2023) and a remaining useful life of 10 years (11 years in 2023). Technologies used in the research and development phase include a RNAi technology platform with a carrying value of DKK 9,530 million (DKK 9,480 million in 2023), with a remaining estimated useful life of 20 years (21 years in 2023).Intellectual property rights and know-how as well as Software and other intangibles contain assets not yet available for use amounting to DKK 23,893 million (DKK 29,548 million in 2023).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUsefulLifeIntangibleAssetsOtherThanGoodwill",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__91": {
"value": "Impairment losses on intellectual property rightsImpairment losses on intellectual property rights amounted to DKK 9,441 million (DKK 1,776 million in 2023). The single-largest impairment loss recognised in 2024 amounted to DKK 5,650 million arising from the impairment of ocedurenone. The impairment loss is linked to the termination of a phase 3 trial with ocedurenone which failed to meet its primary endpoints, hence the recoverable amount was estimated to nil. The impairment loss is recognised in research and development costs in the segment Diabetes and Obesity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__89": {
"value": "Impairment review of goodwillGoodwill is allocated to the segments Diabetes and Obesity care by DKK 19,592 million (DKK 4,018 million in 2023) and to Rare Disease by DKK 472 million (DKK 446 million in 2023). The annual impairment review showed that the recoverable amount in the forecast period significantly exceeds 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 operating segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated based on fair value, with fair value being estimated at net present value using an income-approach. The applied post-tax discount rates are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period comprises 9 years. The key estimations relate to volume of market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Assumptions are affected by external factors such as market and generic competition, and price regulation.Key assumptions reflect past experience adjusted for market specific risks or expectedchanges. Fair value is determined using largely unobservable inputs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__88-1": {
"value": "Impairment review of goodwillGoodwill is allocated to the segments Diabetes and Obesity care by DKK 19,592 million (DKK 4,018 million in 2023) and to Rare Disease by DKK 472 million (DKK 446 million in 2023). The annual impairment review showed that the recoverable amount in the forecast period significantly exceeds 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 operating segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated based on fair value, with fair value being estimated at net present value using an income-approach. The applied post-tax discount rates are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period comprises 9 years. The key estimations relate to volume of market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Assumptions are affected by external factors such as market and generic competition, and price regulation.Key assumptions reflect past experience adjusted for market specific risks or expectedchanges. Fair value is determined using largely unobservable inputs.Recognition and measurementIntangible assets acquired separately are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Identifiable intangible assets acquired in a business combination are initially measured at fair value.Amortisation of intellectual property rights 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 know-how, which arises from business combinations, is based on the straight-line method over the estimated useful life of 10 years corresponding to the period in which economic benefits are expected to be realised.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__86-1": {
"value": "Impairment review of goodwillGoodwill is allocated to the segments Diabetes and Obesity care by DKK 19,592 million (DKK 4,018 million in 2023) and to Rare Disease by DKK 472 million (DKK 446 million in 2023). The annual impairment review showed that the recoverable amount in the forecast period significantly exceeds 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 operating segments, Diabetes and Obesity care and Rare disease. The recoverable amount is estimated based on fair value, with fair value being estimated at net present value using an income-approach. The applied post-tax discount rates are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by Management. The forecast period comprises 9 years. The key estimations relate to volume of market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Assumptions are affected by external factors such as market and generic competition, and price regulation.Key assumptions reflect past experience adjusted for market specific risks or expectedchanges. Fair value is determined using largely unobservable inputs. KEY ACCOUNTING ESTIMATES IN DETERMINING FAIR VALUES OF INTANGIBLE ASSETS IN IMPAIRMENT REVIEWSImpairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows. Goodwill and intangible assets not yet available for use are tested for impairment at least annually or when indicators of impairment are identified. Goodwill is allocated to operating segments based on expected future cash flow from products utilising 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 includethe 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 equipmentAn impairment loss is recognised when the carrying amount of intangible assets exceeds the recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.Recognition and measurementIntangible assets acquired separately are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Identifiable intangible assets acquired in a business combination are initially measured at fair value.Amortisation of intellectual property rights 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 know-how, which arises from business combinations, is based on the straight-line method over the estimated useful life of 10 years corresponding to the period in which economic benefits are expected to be realised.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__94": {
"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 transfer of rights of intellectual property 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 thecost 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__99": {
"value": "Assets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2024Cost at the beginning of the year 48,990 40,951 8,979 39,663 138,583 Additions from acquisition of businesses (note 5.3) 6,709 18,460 278 \u2014 25,447 Additions during the year 3,789 872 874 46,650 52,185 Disposals during the year (632) (1,305) (547) (524) (3,008) Transfer and reclassifications 2,342 3,602 509 (6,453) \u2014 Effect of exchange rate adjustment 943 618 74 42 1,677 Cost at the end of the year 62,141 63,198 10,167 79,378 214,884 Depreciation and impairment losses at the beginning of the year 18,325 23,834 5,463 \u2014 47,622 Depreciation for the year 2,786 2,099 1,148 \u2014 6,033 Impairment losses for the year 43 474 8 524 1,049 Depreciation and impairment losses reversed on disposals during the year (563) (918) (538) (524) (2,543) Effect of exchange rate adjustment 113 69 53 \u2014 235 Depreciation and impairment losses at the end of the year 20,704 25,558 6,134 \u2014 52,396 Carrying amount at the end of the year 41,437 37,640 4,033 79,378 162,488 2023Cost at the beginning of the year 43,403 37,548 8,114 22,361 111,426 Additions during the year 2,681 47 873 27,830 31,431 Disposals during the year (690) (952) (624) (562) (2,828) Transfer and reclassifications 4,246 4,679 731 (9,656) \u2014 Effect of exchange rate adjustment (650) (371) (115) (310) (1,446) Cost at the end of the year 48,990 40,951 8,979 39,663 138,583 Depreciation and impairment losses at the beginning of the year 16,781 22,935 5,039 \u2014 44,755 Depreciation for the year 2,450 1,919 1,086 \u2014 5,455 Impairment losses for the year 6 118 24 562 710 Depreciation 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 47,622 Carrying amount at the end of the year 30,665 17,117 3,516 39,663 90,961DepreciationDKK million 2024 2023 2022Cost of goods sold 3,799 3,522 3,205Sales and distribution costs 487 500 423Research and development costs 1,120 1,053 898Administrative costs 554 354 408Other operating income and expenses 73 26 20Total depreciation 6,033 5,455 4,954Of which related to leased assets 1,500 1,251 1,052Impairment lossesDKK million 2024 2023 2022Cost of goods sold 962 446 24Sales and distribution costs 9 4 1Research and development costs 78 260 24Total impairment losses 1,049 710 49Of which related to leased assets 9 \u2014 \u2014Novo 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.Leased property, plant and equipmentDKK million 2024 2023Land and buildings 6,067 5,157Other equipment 775 768Total 6,842 5,925The total cash outflow for leases amounted to DKK 2,211 million (DKK 2,022 million in 2023 and DKK 1,438 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__103": {
"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: 10-50 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 development 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 initialamount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term.The lease term comprises the non-cancellable period of a lease, together with periods covered by extension options if these are reasonably certain to be exercised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__100": {
"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: 10-50 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 development 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 initialamount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term.The lease term comprises the non-cancellable period of a lease, together with periods covered by extension options if these are reasonably certain to be exercised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__102": {
"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 development costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__104": {
"value": "3.3 InventoriesDKK million 2024 2023Raw materials 13,369 9,500Work in progress 22,335 17,601Finished goods 8,873 7,224Total inventories (gross) 44,577 34,325Write-downs at year-end (3,728) (2,514)Total inventories (net) 40,849 31,811Indirect production costs included in work in progress and finished goods 15,082 13,101Share of total inventories (net) 37% 41% Movements in inventory write-downs:Write-downs at the beginning of the year 2,514 1,715Write-downs during the year 2,660 1,808Utilisation of write-downs (1,401) (718)Reversal of write-downs (45) (291)Write-downs at the end of the year 3,728 2,514All write-downs in both 2024 and 2023 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 regulatoryapproval for the product. The cost is recognised in the income statement as research and development costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__105": {
"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 regulatoryapproval for the product. The cost is recognised in the income statement as research and development costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__106-1": {
"value": "3.4 Trade receivablesGross Net carrying Loss carrying DKK millionamountallowanceamount2024Not yet due 71,245 (1,049) 70,1961-90 days 1,452 (230) 1,22291-180 days 415 (110) 305181-270 days 328 (102) 226271-360 days 341 (341) \u2014More than 360 days past due 295 (295) \u2014Trade receivables 74,076 (2,127) 71,9492023Not 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) 64,770Allowance for doubtful trade receivablesDKK million 2024 2023Carrying amount at the beginning of the year 1,794 1,520Reversal of allowance on realised losses (70) (39)Net movement recognised in income statement 445 413Effect of exchange rate adjustment (42) (100)Allowance at the end of the year 2,127 1,794Novo 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. No loss allowance has been recognised on trade receivables in factoring portfolios in 2024 and 2023. Refer to note 4.4 for more information on credit exposures.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. 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 in sales and distribution costs. Management measures 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 S&P Ratings country risk ratings and an individual assessment. Refer to note 4.4 for a general description of credit risk.Credit risk exposure to non-financial counterpartiesNovo Nordisk considers its maximum credit exposure to trade receivables, other receivables (less prepayments and VAT receivables) and other financial assets to be DKK 77,572 million (DKK 67,209 million in 2023). Refer to note 4.8 for details of the Group's total financial assets. Outside 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. Trade receivable programmesAt year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2024 amounting to:DKK million 2024 2023 2022US 3,214 5,059 1,394Japan 1,834 2,050 2,273Novo 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__107": {
"value": "3.4 Trade receivablesGross Net carrying Loss carrying DKK millionamountallowanceamount2024Not yet due 71,245 (1,049) 70,1961-90 days 1,452 (230) 1,22291-180 days 415 (110) 305181-270 days 328 (102) 226271-360 days 341 (341) \u2014More than 360 days past due 295 (295) \u2014Trade receivables 74,076 (2,127) 71,9492023Not 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) 64,770Allowance for doubtful trade receivablesDKK million 2024 2023Carrying amount at the beginning of the year 1,794 1,520Reversal of allowance on realised losses (70) (39)Net movement recognised in income statement 445 413Effect of exchange rate adjustment (42) (100)Allowance at the end of the year 2,127 1,794",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__108": {
"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. 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 in sales and distribution costs. Management measures 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 S&P Ratings country risk ratings and an individual assessment. Refer to note 4.4 for a general description of credit risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__111": {
"value": "3.5 Provisions and contingent liabilitiesProvisionsProvisionsProvisionsfor salesfor legalfor productOther2024 202312DKK millionrebatesdisputesreturnsprovisionsTotalTotalAt the beginning of the year 99,878 3,786 1,532 1,931 107,127 74,877Additional provisions, including increases to existing provisions 318,812 202 2,148 798 321,960 288,801Additional provisions from acquisition of businesses (note 5.3) \u2014 \u2014 \u2014 1,084 1,084 \u2014Amount used during the year (299,334) \u2014 (693) (191) (300,218) (251,246)Adjustments regarding prior years, including unused amounts reversed during the year (6,452) (31) 80 (320) (6,723) (3,023)Effect of exchange rate adjustment 5,612 222 27 (7) 5,854 (2,282)At the end of the year 118,516 4,179 3,094 3,295 129,084 107,1273Non-current liabilities548 4,154 908 3,145 8,755 6,649Current liabilities 117,968 25 2,186 150 120,329 100,4781. 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 consist of various types of provisions, including contingent payments arising from business combinations and 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 2025 and 2026. 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.Since January 2021, Novo Nordisk has made a number of changes to its policy in the US related to facilitating delivery of its discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. On 30 January 2023, the US Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk\u2019s drug distribution policy was consistent with the 340B statute. On 21 May 2024, the US Court of Appeals for the DC Circuit issued a ruling in a related case involving other pharmaceutical manufacturers that similarly held that their drug distribution policies were consistent with the 340B statute. However, an appeal in another related case is still pending before the US Court of Appeals for the Seventh Circuit, and as such these cases may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of the pending Seventh Circuit ruling and any subsequent appeals in these matters, there may be a material impact on Novo Nordisk\u2019s financial position, net sales, operating profit and cash flow.Pending litigation against Novo NordiskMosaic 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. The plaintiffs appealed the dismissal of the complaint to the United States Court of Appeals for the Second Circuit. That appeal is currently pending. 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 numerous 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 these matters 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 (the \u201cRelator\u201d), who alleged Novo Nordisk caused the submission of false claims to Medicare, Medicaid, Federal Employees Health Benefits Program and private insurers in California. In September 2022, DOJ ceased its investigation and declined to intervene in the lawsuit. The Relator and the Washington State Attorney General have proceeded with the lawsuit, which was transferred to the United States District Court for the Western District of Washington in May 2023. 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, along with Eli Lilly, are defendants in numerous product liability lawsuits (mainly in in the US) related to the use of GLP-1-based medicines. Plaintiffs \u00ae\u00aehave alleged that the use of these treatments, including Victoza, Ozempic, \u00ae\u00aeWegovy and Rybelsus, have caused various gastrointestinal and other injuries. The US lawsuits have been consolidated in a multi-district litigation in the United States District Court for the Eastern District of Pennsylvania. Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. On 13 September 2024, five former employees filed a putative class action against Novo Nordisk Inc. (\"NNI\"), the NNI Board of Directors, and the NNI Retirement Committee alleging claims for breach of fiduciary duty in connection with the management of the NNI Retirement Plan. The complaint alleges that, from September 2018 to the present, certain conduct violated the Employee Retirement Income Security Act of 1974. Novo Nordisk does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.On 24 January 2025, a class-action lawsuit was filed against Novo Nordisk A/S, Chief Executive Officer Lars Fruergaard Jorgensen and Executive Vice President, Development Martin Holst Lange in the United States District Court for the District of New Jersey by a proposed class of purchasers of Novo Nordisk American DepositoryReceipts (ADRs) between 2 November 2022 and 19 December 2024. The lawsuit relatesto REDEFINE-1 and alleges that the company failed to disclose or otherwise misled investors as to the nature of the dosages provided to patients in the study and that thecompany misleadingly exhibited confidence in its expected 25% average weight loss outcome. Novo Nordisk does not expect the litigation to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Other provisions and contingent liabilitiesIn February 2023, a class action lawsuit was filed by the City of Warwick Retirement System (\u201cCity of Warwick\u201d) against Catalent, Inc. (\u201cCatalent\u201d) and co-defendants in the United States District Court for the District of New Jersey. The lawsuit alleges that the defendants artificially inflated Catalent\u2019s revenue and made misleading statements and omissions concerning Catalent\u2019s quality control issues; compliance with the US Generally Accepted Accounting Principles; and the general demand for non-vaccine products. In December 2024, Novo Nordisk acquired three Catalent fill-finish sites from Novo Holding A/S, including a portion of any potential financial liability associated with the City of Warwick lawsuit. Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In addition to the above, Novo Nordisk is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Management, neithersettlement 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.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.ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesalers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on 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 marketassessments of the time value of money and the risks specific to the obligation. 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 net sales value.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__112": {
"value": "On 24 January 2025, a class-action lawsuit was filed against Novo Nordisk A/S, Chief Executive Officer Lars Fruergaard Jorgensen and Executive Vice President, Development Martin Holst Lange in the United States District Court for the District of New Jersey by a proposed class of purchasers of Novo Nordisk American DepositoryReceipts (ADRs) between 2 November 2022 and 19 December 2024. The lawsuit relatesto REDEFINE-1 and alleges that the company failed to disclose or otherwise misled investors as to the nature of the dosages provided to patients in the study and that thecompany misleadingly exhibited confidence in its expected 25% average weight loss outcome. Novo Nordisk does not expect the litigation to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__114": {
"value": "ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesalers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on 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 marketassessments of the time value of money and the risks specific to the obligation. 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 net sales value.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__113": {
"value": "ACCOUNTING POLICIES Provisions for sales rebates and discounts granted to government agencies, wholesalers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on 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 marketassessments of the time value of money and the risks specific to the obligation. 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 net sales value.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__115": {
"value": "4.1 Earnings per share2024 2023 2022Net profit DKK million 100,988 83,683 55,525Average number of shares in million 1outstandingshares 4,453.9 4,482.8 4,530.6Dilutive effect of restricted in million stock unitsshares 9.1 12.0 14.0Average number of shares outstanding, including in million dilutive effectshares 4,463.0 4,494.8 4,544.6Basic earnings per share DKK 22.67 18.67 12.26Diluted earnings per share DKK 22.63 18.62 12.221. Excluding treasury shares.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 and ratios' for a description of calculation of the dilutive effect.",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__116": {
"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 and ratios' for a description of calculation of the dilutive effect.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__117-1": {
"value": "4.2 Distribution to shareholdersDKK million 2024 2023 2022Interim dividend for the year 15,583 13,430 9,613Dividend for prior year 28,557 18,337 15,690Dividend payout in the year 44,140 31,767 25,303Share repurchases for the year 20,181 29,924 24,086Total distribution for the year 64,321 61,691 49,389Novo Nordisk's dividend pay-outs in the year was complemented by share repurchase programmes. Novo Nordisk's guiding principle is that any excess capital after the funding of organic growth opportunities and potential acquisitions should be returnedto investors. No dividend is declared on treasury shares.DKK million 2024 2023 20221Interim dividend15,583 13,430 9,6132Final dividend35,100 28,557 18,337Total dividend 50,683 41,987 27,950DKK per share 2024 2023 20221Interim dividend3.50 3.00 2.122Final dividend7.90 6.40 4.08Total dividend 11.40 9.40 6.201. Interim dividend was declared and paid in August 2024. 2. Final dividend for 2024 is expected to be distributed pending approval at the Annual General Meeting in March 2025. Final dividend for 2023 was declared and paid in March 2024.Specification of Other reservesExchange rate Cash flow Tax and 1DKK millionadjustmentshedgesother items TotalReserve at 1 January 2022 (904) (1,740) 930 (1,714)Other comprehensive income, net 2,289 2,766 (892) 4,163Reserve at 31 December 2022 1,385 1,026 38 2,449Other comprehensive income, net (1,404) 586 (355) (1,173)Reserve at 31 December 2023 (19) 1,612 (317) 1,276Other comprehensive income, net 3,096 (6,221) 1,343 (1,782)Transferred to 2intangible assets\u2014 (1,154) 254 (900)Reserve at 31 December 2024 3,077 (5,763) 1,280 (1,406)1. Refer to note 4.5 for information on cash flow hedges. 2. A gain from cash flow hedges related to acquisition of businesses of DKK 1,154 million is transferred directly from the cash flow hedge reserve on an after-tax basis to the initial cost of net assets acquired leading to a net hedging effect of DKK 900 million. Refer to note 5.3 for information of acquisition of businesses.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 2024, distributable reserves total DKK 121,931 million (DKK 78,779 million in 2023), corresponding to the parent company's retained earnings and Reserve for cash flow hedges and exchange rate adjustments.Material transactions with related partiesDKK million 2024 2023 2022Novo Holdings A/SPurchase of Novo Nordisk B shares 10,164 8,775 6,984Acquisition of fill-finish sites (note 5.3) 82,146 \u2014 \u2014Dividend payment to Novo Holdings A/S 12,502 9,028 7,207Services provided by Novo Nordisk (33) (17) (24)Novonesis GroupServices provided by Novo Nordisk (48) (48) (78)Services provided by Novonesis 117 112 92Altasciences Group Services provided by Altasciences 146 229 70Other subsidiaries of Novo Holding A/SServices provided to Novo Nordisk 93 \u2014 \u2014NNIT GroupServices provided by NNIT 257 436 660",
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"s10__8__120": {
"value": "4.3 Share capital, Treasury shares and Other reservesDevelopment in number of sharesTotal Out-Number of shares A B issued Treasury standing (million)sharessharessharessharessharesShares beginning of 2023 1,075 3,485 4,560 (60) 4,500Shares cancelled in 2023 \u2014 (50) (50) 50 \u2014Released allocated shares to employees \u2014 \u2014 \u2014 9 9Shares purchased in 2023 \u2014 \u2014 \u2014 (51) (51)Number of shares end of 2023 1,075 3,435 4,510 (52) 4,458Shares cancelled in 2024 \u2014 (45) (45) 45 \u2014Released allocated shares to employees \u2014 \u2014 \u2014 8 8Shares purchased in 2024 \u2014 \u2014 \u2014 (25) (25)Number of shares end of 2024 1,075 3,390 4,465 (24) 4,441The A share capital and number of A shares of DKK 0.10 was unchanged in 2024, 2023 and 2022. In 2024, the B share capital decreased by DKK 4.5 million (equal to cancellation of 45 million shares of DKK 0.10). The corresponding decrease in 2023 was DKK 5 million (equal to cancellation of 50 million shares of DKK 0.10) and decrease in 2022 of DKK 6 million (equal to cancellation of 60 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.At the end of 2024, the holding of treasury shares amounted to 0.5% of the total outstanding shares (1.1% of the outstanding shares in 2023). 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 2023 share repurchase programme, totalling DKK 1.6 billion, and the DKK 20 billion Novo Nordisk B share repurchase programme for 2024, of which DKK 1.4 billion was outstanding at year-end. The programme ended on 3 February 2025. Specification of Other reservesExchange rate Cash flow Tax and 1DKK millionadjustmentshedgesother items TotalReserve at 1 January 2022 (904) (1,740) 930 (1,714)Other comprehensive income, net 2,289 2,766 (892) 4,163Reserve at 31 December 2022 1,385 1,026 38 2,449Other comprehensive income, net (1,404) 586 (355) (1,173)Reserve at 31 December 2023 (19) 1,612 (317) 1,276Other comprehensive income, net 3,096 (6,221) 1,343 (1,782)Transferred to 2intangible assets\u2014 (1,154) 254 (900)Reserve at 31 December 2024 3,077 (5,763) 1,280 (1,406)1. Refer to note 4.5 for information on cash flow hedges. 2. A gain from cash flow hedges related to acquisition of businesses of DKK 1,154 million is transferred directly from the cash flow hedge reserve on an after-tax basis to the initial cost of net assets acquired leading to a net hedging effect of DKK 900 million. Refer to note 5.3 for information of acquisition of businesses.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 2024, distributable reserves total DKK 121,931 million (DKK 78,779 million in 2023), corresponding to the parent company's retained earnings and Reserve for cash flow hedges and exchange rate adjustments.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__119": {
"value": "Development in number of sharesTotal Out-Number of shares A B issued Treasury standing (million)sharessharessharessharessharesShares beginning of 2023 1,075 3,485 4,560 (60) 4,500Shares cancelled in 2023 \u2014 (50) (50) 50 \u2014Released allocated shares to employees \u2014 \u2014 \u2014 9 9Shares purchased in 2023 \u2014 \u2014 \u2014 (51) (51)Number of shares end of 2023 1,075 3,435 4,510 (52) 4,458Shares cancelled in 2024 \u2014 (45) (45) 45 \u2014Released allocated shares to employees \u2014 \u2014 \u2014 8 8Shares purchased in 2024 \u2014 \u2014 \u2014 (25) (25)Number of shares end of 2024 1,075 3,390 4,465 (24) 4,441The A share capital and number of A shares of DKK 0.10 was unchanged in 2024, 2023 and 2022. In 2024, the B share capital decreased by DKK 4.5 million (equal to cancellation of 45 million shares of DKK 0.10). The corresponding decrease in 2023 was DKK 5 million (equal to cancellation of 50 million shares of DKK 0.10) and decrease in 2022 of DKK 6 million (equal to cancellation of 60 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.At the end of 2024, the holding of treasury shares amounted to 0.5% of the total outstanding shares (1.1% of the outstanding shares in 2023). 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 2023 share repurchase programme, totalling DKK 1.6 billion, and the DKK 20 billion Novo Nordisk B share repurchase programme for 2024, of which DKK 1.4 billion was outstanding at year-end. The programme ended on 3 February 2025.",
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"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__118": {
"value": "Development in number of sharesTotal Out-Number of shares A B issued Treasury standing (million)sharessharessharessharessharesShares beginning of 2023 1,075 3,485 4,560 (60) 4,500Shares cancelled in 2023 \u2014 (50) (50) 50 \u2014Released allocated shares to employees \u2014 \u2014 \u2014 9 9Shares purchased in 2023 \u2014 \u2014 \u2014 (51) (51)Number of shares end of 2023 1,075 3,435 4,510 (52) 4,458Shares cancelled in 2024 \u2014 (45) (45) 45 \u2014Released allocated shares to employees \u2014 \u2014 \u2014 8 8Shares purchased in 2024 \u2014 \u2014 \u2014 (25) (25)Number of shares end of 2024 1,075 3,390 4,465 (24) 4,441The A share capital and number of A shares of DKK 0.10 was unchanged in 2024, 2023 and 2022. In 2024, the B share capital decreased by DKK 4.5 million (equal to cancellation of 45 million shares of DKK 0.10). The corresponding decrease in 2023 was DKK 5 million (equal to cancellation of 50 million shares of DKK 0.10) and decrease in 2022 of DKK 6 million (equal to cancellation of 60 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.",
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"s10__8__122": {
"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 foreign exchange exposures are in USD, EUR, CNY, CAD, JPY and BRL. The foreign exchange risk is most significant in USD. The exchange rate risk exposure in EUR 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. In selected currencies, Novo Nordisk hedges assets and liabilities as well as future expected cash flows up to a maximum of 24 months, including selected business development activities (acquisition of businesses). 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. Exchange rates applied for selected currenciesUSD CNY CAD JPY BRLAverage exchange rate applied (DKK per 100)2024 689 96 503 4.56 1292023 689 97 511 4.91 1382022 708 105 543 5.40 137Year-end exchange rate applied (DKK per 100)2024 714 98 496 4.53 1152023 674 95 509 4.77 1392022 697 101 515 5.29 132Sensitivity of an immediate 5% decrease in currency rates on 131 December vs DKKDKK million 2024 2023Sensitivity of all currenciesIncome statement (323) (117)Other comprehensive income 8,012 6,058Total 7,689 5,941Hereof sensitivity of USDIncome statement 148 70Other comprehensive income 7,178 5,082Total 7,326 5,1521. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's financial instruments, including 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. The main impact is driven by forward contracts used for hedging activities.Financial contracts coverage at year end2Months USD CNYCAD JPY 2024 12 12 0 12 02023 12 12 9 12 02. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows hedge coverage horizon existing at year-end to cover the expected future cash flow for the disclosed number of months. The hedging of CAD has been phased out during 2024. Average hedge rate for USD cash flow hedges is 676 at the end of 2024 (676 at the end of 2023).Credit riskCredit risk arises from the possibility that transactional counterparties may default on their obligations towards the Group. Credit exposure for cash at bank, marketable securities and derivative financial instruments (fair value)Derivative Cash atMarketable financial DKK millionbanksecuritiesinstruments Total2024AAA range \u2014 10,653 \u2014 10,653AA range 6,582 \u2014 1,773 8,355A range 8,278 \u2014 4,553 12,831BBB range 172 \u2014 \u2014 172Not rated or below BBB range 623 \u2014 \u2014 623Total 15,655 10,653 6,326 32,6342023AAA 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 32,574Credit risk exposure to financial counterpartiesNovo Nordisk considers its maximum credit exposure to financial counterparties to be DKK 32,634 million (DKK 32,574 million in 2023). 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 AAA credit ratings. Credit risk exposure to non-financial counterpartiesNovo Nordisk considers its maximum credit exposure to trade receivables, other receivables (less prepayments and VAT receivables) and other financial assets to be DKK 77,572 million (DKK 67,209 million in 2023). Refer to note 4.8 for details of the Group's total financial assets. Outside 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. Trade receivable programmesAt year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2024 amounting to:DKK million 2024 2023 2022US 3,214 5,059 1,394Japan 1,834 2,050 2,273Novo 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.Interest rate riskNovo Nordisk's exposure to interest rate risk is deemed low, primarily attributable to the capital structure. The company's interest-bearing liabilities comprise a mix of fixed rate Eurobonds and variable rate instruments. The risk associated with variable interest-bearing liabilities is offset to some extent by variable interest-bearing assets. These assets consist of cash, cash equivalents, and marketable securities with a low portfolio duration. Taking into account these balancing factors, the overall interest rate risk is assessed to be low.Liquidity riskNovo Nordisk\u00b4s liquidity risk is considered to be low. The availability of the required liquidity is ensured through a combination of cash pools for cash centralisation, highly liquid investment portfolios and both uncommitted and committed credit facilities. In combination these factors mitigate short-term liquidity risk. Furthermore, the Board of Directors has decided not to initiate a new share repurchase program in 2025.Financial reservesDKK million 2024 2023 2022Cash at bank 15,655 14,392 12,653Marketable securities 10,653 15,838 10,9213Undrawn committed credit facility22,380 11,552 11,527Undrawn bridge facility 6,341 \u2014 \u2014Borrowings (11,775) (5,431) (480)Financial reserves 43,254 36,351 34,6213. The undrawn committed credit facility comprises a facility of EUR 3,000 million in 2024 (EUR 1,550 million in 2023 and 2022) committed by a portfolio of international banks. The facility matures in 2029. Financial reserves comprise of sources of liquidity, as shown in the table above, less borrowings that are contractually obliged to be repaid within 12 months. Borrowings, which reduces the financial reserves, consist of current borrowings (DKK 13,113 million) excluding leasing (DKK 1,338 million). ",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s10__8__124-1": {
"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 foreign exchange exposures are in USD, EUR, CNY, CAD, JPY and BRL. The foreign exchange risk is most significant in USD. The exchange rate risk exposure in EUR 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. In selected currencies, Novo Nordisk hedges assets and liabilities as well as future expected cash flows up to a maximum of 24 months, including selected business development activities (acquisition of businesses). 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. Exchange rates applied for selected currenciesUSD CNY CAD JPY BRLAverage exchange rate applied (DKK per 100)2024 689 96 503 4.56 1292023 689 97 511 4.91 1382022 708 105 543 5.40 137Year-end exchange rate applied (DKK per 100)2024 714 98 496 4.53 1152023 674 95 509 4.77 1392022 697 101 515 5.29 132Sensitivity of an immediate 5% decrease in currency rates on 131 December vs DKKDKK million 2024 2023Sensitivity of all currenciesIncome statement (323) (117)Other comprehensive income 8,012 6,058Total 7,689 5,941Hereof sensitivity of USDIncome statement 148 70Other comprehensive income 7,178 5,082Total 7,326 5,1521. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's financial instruments, including 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. The main impact is driven by forward contracts used for hedging activities.Financial contracts coverage at year end2Months USD CNYCAD JPY 2024 12 12 0 12 02023 12 12 9 12 02. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows hedge coverage horizon existing at year-end to cover the expected future cash flow for the disclosed number of months. The hedging of CAD has been phased out during 2024. Average hedge rate for USD cash flow hedges is 676 at the end of 2024 (676 at the end of 2023).DKK million 2024 2023 2022Financial income1Interest income1,838 1,069 239Foreign exchange gain (net) \u2014 308 \u2014Financial gain from forward contracts (net) 4,358 1,344 \u2014Capital gain on marketable securities 2 143 \u2014Result of associated companies \u2014 81 \u2014Total financial income 6,198 2,945 239Financial expensesInterest expenses on debts and borrowings 1,640 542 378Foreign exchange loss (net) 5,381 \u2014 2,885Financial loss from forward contracts (net) \u2014 \u2014 1,766Capital loss on investments 19 106 124Capital loss on marketable securities \u2014 \u2014 463Result of associated companies 17 \u2014 189Other financial expenses 289 197 181Total financial expenses 7,346 845 5,9861. Interest income include DKK 399 million from marketable securities at fair value through the income statement (2023: DKK 370 million; 2022: DKK 78 million) while the remaining interest income is derived from financial assets at amortised cost.Financial impact from forward contracts, specifiedDKK million 2024 2023 2022Income/(loss) transferred from other comprehensive income 1,612 1,026 (1,740)Realised fair value adjustment of transferred contracts (2,903) 214 (3,772)Unrealised fair value adjustments of 2forward contracts4,558 (540) (1,202)Realised foreign exchange gain/(loss) on forward contracts 1,091 644 4,948Financial income/(expense) from forward contracts 4,358 1,344 (1,766)2. Refer to note 4.5 for information on open fair value hedge contracts at 31 December. ACCOUNTING POLICIES 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.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__123": {
"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 foreign exchange exposures are in USD, EUR, CNY, CAD, JPY and BRL. The foreign exchange risk is most significant in USD. The exchange rate risk exposure in EUR 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. In selected currencies, Novo Nordisk hedges assets and liabilities as well as future expected cash flows up to a maximum of 24 months, including selected business development activities (acquisition of businesses). 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. Exchange rates applied for selected currenciesUSD CNY CAD JPY BRLAverage exchange rate applied (DKK per 100)2024 689 96 503 4.56 1292023 689 97 511 4.91 1382022 708 105 543 5.40 137Year-end exchange rate applied (DKK per 100)2024 714 98 496 4.53 1152023 674 95 509 4.77 1392022 697 101 515 5.29 132Sensitivity of an immediate 5% decrease in currency rates on 131 December vs DKKDKK million 2024 2023Sensitivity of all currenciesIncome statement (323) (117)Other comprehensive income 8,012 6,058Total 7,689 5,941Hereof sensitivity of USDIncome statement 148 70Other comprehensive income 7,178 5,082Total 7,326 5,1521. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's financial instruments, including 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. The main impact is driven by forward contracts used for hedging activities.Financial contracts coverage at year end2Months USD CNYCAD JPY 2024 12 12 0 12 02023 12 12 9 12 02. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows hedge coverage horizon existing at year-end to cover the expected future cash flow for the disclosed number of months. The hedging of CAD has been phased out during 2024. Average hedge rate for USD cash flow hedges is 676 at the end of 2024 (676 at the end of 2023).",
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"s10__8__125": {
"value": "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.",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__126": {
"value": "Credit riskCredit risk arises from the possibility that transactional counterparties may default on their obligations towards the Group. Credit exposure for cash at bank, marketable securities and derivative financial instruments (fair value)Derivative Cash atMarketable financial DKK millionbanksecuritiesinstruments Total2024AAA range \u2014 10,653 \u2014 10,653AA range 6,582 \u2014 1,773 8,355A range 8,278 \u2014 4,553 12,831BBB range 172 \u2014 \u2014 172Not rated or below BBB range 623 \u2014 \u2014 623Total 15,655 10,653 6,326 32,6342023AAA 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 32,574Credit risk exposure to financial counterpartiesNovo Nordisk considers its maximum credit exposure to financial counterparties to be DKK 32,634 million (DKK 32,574 million in 2023). 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 AAA credit ratings. Credit risk exposure to non-financial counterpartiesNovo Nordisk considers its maximum credit exposure to trade receivables, other receivables (less prepayments and VAT receivables) and other financial assets to be DKK 77,572 million (DKK 67,209 million in 2023). Refer to note 4.8 for details of the Group's total financial assets. Outside 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. Trade receivable programmesAt year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2024 amounting to:DKK million 2024 2023 2022US 3,214 5,059 1,394Japan 1,834 2,050 2,273Novo 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.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__128": {
"value": "Liquidity riskNovo Nordisk\u00b4s liquidity risk is considered to be low. The availability of the required liquidity is ensured through a combination of cash pools for cash centralisation, highly liquid investment portfolios and both uncommitted and committed credit facilities. In combination these factors mitigate short-term liquidity risk. Furthermore, the Board of Directors has decided not to initiate a new share repurchase program in 2025.Financial reservesDKK million 2024 2023 2022Cash at bank 15,655 14,392 12,653Marketable securities 10,653 15,838 10,9213Undrawn committed credit facility22,380 11,552 11,527Undrawn bridge facility 6,341 \u2014 \u2014Borrowings (11,775) (5,431) (480)Financial reserves 43,254 36,351 34,6213. The undrawn committed credit facility comprises a facility of EUR 3,000 million in 2024 (EUR 1,550 million in 2023 and 2022) committed by a portfolio of international banks. The facility matures in 2029. Financial reserves comprise of sources of liquidity, as shown in the table above, less borrowings that are contractually obliged to be repaid within 12 months. Borrowings, which reduces the financial reserves, consist of current borrowings (DKK 13,113 million) excluding leasing (DKK 1,338 million). ",
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"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__129-1": {
"value": "4.5 Derivative financial instruments2024 2023ContractPositiveNegativeContractPositiveNegativeAverage amountfair valuefair valueAverage amountfair valuefair valueDKK millionrateat year-endat year-endat year-endrateat year-endat year-endat year-endForward contracts USD 676 137,781 13 5,704 676 104,022 1,600 1931Forward contracts CNH and JPY16,910 109 181 20,246 295 90Forward contracts, cash flow hedges 154,691 122 5,885 124,268 1,895 283Forward contracts USD 683 75,864 6,135 1,577 675 65,870 330 946Forward contracts EUR, CNH, JPY and others 17,451 69 69 28,520 119 43Forward contracts, fair value hedges 93,315 6,204 1,646 94,390 449 989Total derivative financial instruments 248,006 6,326 7,531 218,658 2,344 1,272Recognised in the income statement 6,204 1,646 449 989Recognised in other comprehensive income 122 5,885 1,895 2831. For 2023 the relevant currencies are CNH, CAD and JPY.Deferred losses of DKK 5,763 million from cash flow hedges open at 31 December 2024 were recorded in Other Comprehensive Income along with deferred gains from cash flow hedges related to acquisition of businesses of DKK 1,154 million which was, upon maturity, transferred directly from the cash flow hedge reserve to the initial costof net assets acquired on an after-tax basis. Forward contracts are expected to impact the income statement within the next 12 months through financial income or expenses. There is no ineffectiveness recognised at 31 December 2024.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 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 cumulativevalue 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 transferred 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 4.8.DKK million 2024 2023Financial assets by categoryOther financial assets 1,530 571Marketable securities 10,653 15,838Financial assets at fair value through the income statement 12,183 16,409Derivative financial instruments (note 4.5) 6,326 2,344Derivatives used as hedging instruments (assets) 6,326 2,344Other financial assets 747 682Trade receivables 25,996 31,729Other receivables and prepayments (current and non-current) 16,628 9,498\u2022 less prepayments and VAT receivables (13,282) (8,312)Cash at bank (note 4.4) 15,655 14,392Financial assets at amortised cost 45,744 47,989Trade receivables eligible for factoring 45,953 33,041Financial assets at fair value through other comprehensive income 45,953 33,041Total financial assets at the end of the year by category 110,206 99,783Financial liabilities by categoryDerivative financial instruments (note 4.5) 7,531 1,272Derivatives used as hedging instruments (liability) 7,531 1,2721Borrowings (non-current) (note 4.6)89,674 20,5281Borrowings (current) (note 4.6)13,113 6,478Trade payables 28,846 25,606Other liabilities (non-current) 23 189Other liabilities (current) 37,993 28,705\u2022 less VAT and duties payable (960) (600)Financial liabilities measured at amortised cost 168,689 80,906Total financial liabilities at the end of the year by category 176,220 82,1781. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2024 2023Active market data (level 1) 10,833 16,052Directly or indirectly observable market data (level 2) 6,326 2,344Not based on observable market data (level 3) 47,303 33,398Total financial assets at fair value 64,462 51,794Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 7,531 1,272Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 7,531 1,272Financial 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 2024or 2023. 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.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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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.",
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"s10__8__131-1": {
"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 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 cumulativevalue 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 transferred 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 4.8.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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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.",
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"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 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 cumulativevalue 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 transferred 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 4.8.",
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"s10__8__132": {
"value": "4.6 BorrowingsReconciliation of liabilities arising from financing activities Non-cash movementsBeginning of Re-Exchange End of the 1DKK millionthe yearpayments Proceeds AdditionsDisposalsrates Otheryear2024Lease liabilities 5,726 (1,417) \u2014 2,383 (3) 71 6 6,766Eurobonds 20,824 (4,849) 34,513 \u2014 \u2014 12 28 50,528Loans \u2014 \u2014 39,494 201 \u2014 6 \u2014 39,701Commercial papers \u2014 \u2014 5,344 \u2014 \u2014 (1) \u2014 5,343Bank overdrafts 456 (69) 40 \u2014 \u2014 22 \u2014 449Total borrowings 27,006 (6,335) 79,391 2,584 (3) 110 34 102,7872023Lease liabilities 4,529 (1,448) \u2014 2,809 (4) (170) 10 5,726Eurobonds 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 27,0061. Non-cash additions include additions from acquisitions of businesses.Issuance of Eurobonds Nominal value in millionsInterest Issue date Maturity EUR DKK0.750% Fixed Mar 2022 Mar 2025 500 3,7303.375% Fixed May 2024 May 2026 1,300 9,6981.125% Fixed Mar 2022 Sep 2027 500 3,7300.125% Fixed Jun 2021 Jun 2028 650 4,8493.125% Fixed May 2024 Jan 2029 1,000 7,4601.375% Fixed Mar 2022 Mar 2030 500 3,7303.250% Fixed May 2024 Jan 2031 1,000 7,4603.375% Fixed May 2024 May 2034 1,350 10,071EurobondsFour tranches of Eurobonds with an aggregate nominal amount of EUR 4.65 billion, corresponding to DKK 34.7 billion, were issued under the Novo Nordisk\u2019s European Medium Term Note (EMTN) programme in 2024. Net proceeds of the issuances contributed to the financing of the acquisition of three fill-finish sites from Novo Holdings A/S in connection with a transaction where Novo Holdings A/S acquired Catalent, Inc. (note 5.3). No bonds were issued in 2023. The fair value of Eurobonds approximates the carrying value.Loans Loans comprise mainly of unsecured bank loans, intended as temporary funding of the acquisition of three fill-finish sites from Novo Holdings A/S, which carries a variable interest rate. The fair value of the loans approximates their carrying value.A portion of loans arises from a sale and repurchase agreement of marketable securities (REPO). On 31 December 2024, the carrying amount of the assets transferred was DKK 2,200 million, and the carrying value of associated liabilities amounted to DKK 2,200 million. The repurchase is fixed, and Novo Nordisk has therefore retained full exposure from fair value changes of the marketable securities. Therefore, the transaction is treated as a collateralised lending arrangement. 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.Commercial papersCommercial papers comprise of short-term, unsecured promissory notes, intended as temporary funding of the acquisition of three fill-finish sites from Novo Holdings A/S, which carries a fixed interest rate. The fair value of the commercial papers approximates their carrying value.ACCOUNTING POLICIES Issued bonds, loans, commercial papers and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periodsthese 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. For fair value determination refer to note 4.8.Lease liabilities are related to right-of-use assets primarily premises and company carsand 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 outstandingat the commencement date, discounted using the incremental borrowing rate. Lease liabilities are measured using the effective interest method. Lease liabilities are subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms.Contractual undiscounted cash flows 2024Commercial Bank DKK million Leases Eurobonds Loanspapersoverdrafts Total2024Within 1 year 1,510 4,842 3,279 5,356 449 15,4361-3 years 2,327 11,829 37,945 \u2014 \u2014 52,1013-5 years 1,558 17,700 28 \u2014 \u2014 19,286More than 5 years 2,056 23,403 \u2014 \u2014 \u2014 25,459Total 7,451 57,774 41,252 5,356 449 112,282Carrying amount end of the year 6,766 50,528 39,701 5,343 449 102,787Non-current borrowings 5,428 46,799 37,447 \u2014 \u2014 89,674Current borrowings 1,338 3,729 2,254 5,343 449 13,1132023Within 1 year 1,318 4,975 \u2014 \u2014 456 6,7491-3 years 1,902 3,948 \u2014 \u2014 \u2014 5,8503-5 years 1,253 8,695 \u2014 \u2014 \u2014 9,948More than 5 years 1,612 3,819 \u2014 \u2014 \u2014 5,431Total 6,085 21,437 \u2014 \u2014 456 27,978Carrying amount end of the year 5,726 20,824 \u2014 \u2014 456 27,006Non-current borrowings 4,552 15,976 \u2014 \u2014 \u2014 20,528Current borrowings 1,174 4,848 \u2014 \u2014 456 6,478",
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"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s10__8__133": {
"value": "ACCOUNTING POLICIES Issued bonds, loans, commercial papers and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periodsthese 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. For fair value determination refer to note 4.8.Lease liabilities are related to right-of-use assets primarily premises and company carsand 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 outstandingat the commencement date, discounted using the incremental borrowing rate. Lease liabilities are measured using the effective interest method. Lease liabilities are subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__134": {
"value": "4.7 Cash flow statement specificationsOther non-cash itemsDKK million 2024 2023 2022Interest income and interest expenses, net (note 4.9) (198) (527) 139Capital gain/(loss) on investments, net (note 4.9) 19 106 124Result of associated companies (note 4.9) 17 (81) 189Share-based payment costs (note 5.1) 2,289 2,149 1,539Increase/(decrease) in provisions and retirement benefit obligations 22,118 32,230 18,465Exchange rate effects on provisions and retirement benefit obligations (5,846) 2,277 (3,238)Adjustment for remeasurements of retirement benefit obligations (119) 13 615Adjustment of provisions and retirement benefit obligations related to acquisition of businesses (1,088) \u2014 \u2014Unrealised gain/(loss) on fair value hedge through profit or loss (note 4.9) (5,098) (662) 2,448Other 2,935 (1,988) 2,228Total other non-cash items 15,029 33,517 22,509Change in working capitalDKK million 2024 2023 2022Inventories (9,038) (7,423) (4,767)Trade receivables (7,179) (14,210) (9,917)Other receivables and prepayments (4,544) (2,063) (968)Trade payables 3,240 10,019 6,717Other liabilities 9,288 5,099 4,006Adjustment for payables related to non-current assets (3,520) (2,432) (1,567)Adjustment related to acquisition of businesses 1,134 \u2014 (143)Other non-current receivables 1and prepayments(2,586) (1,224) 611Other non-current liabilities(166) 89 (260)Change in working capital including exchange rate adjustments (13,371) (12,145) (6,838)Exchange rate adjustments 1,376 (1,235) 1,303Cash flow change in working capital (11,995) (13,380) (5,535)1. Other non-current receivables and prepayments and Other non-current liabilities relating to 2023 and 2022 have been reclassified from Total other non-cash items to Cash flow changes in operating assets, net.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__140": {
"value": "4.8 Financial assets and liabilitiesDKK million 2024 2023Financial assets by categoryOther financial assets 1,530 571Marketable securities 10,653 15,838Financial assets at fair value through the income statement 12,183 16,409Derivative financial instruments (note 4.5) 6,326 2,344Derivatives used as hedging instruments (assets) 6,326 2,344Other financial assets 747 682Trade receivables 25,996 31,729Other receivables and prepayments (current and non-current) 16,628 9,498\u2022 less prepayments and VAT receivables (13,282) (8,312)Cash at bank (note 4.4) 15,655 14,392Financial assets at amortised cost 45,744 47,989Trade receivables eligible for factoring 45,953 33,041Financial assets at fair value through other comprehensive income 45,953 33,041Total financial assets at the end of the year by category 110,206 99,783Financial liabilities by categoryDerivative financial instruments (note 4.5) 7,531 1,272Derivatives used as hedging instruments (liability) 7,531 1,2721Borrowings (non-current) (note 4.6)89,674 20,5281Borrowings (current) (note 4.6)13,113 6,478Trade payables 28,846 25,606Other liabilities (non-current) 23 189Other liabilities (current) 37,993 28,705\u2022 less VAT and duties payable (960) (600)Financial liabilities measured at amortised cost 168,689 80,906Total financial liabilities at the end of the year by category 176,220 82,1781. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2024 2023Active market data (level 1) 10,833 16,052Directly or indirectly observable market data (level 2) 6,326 2,344Not based on observable market data (level 3) 47,303 33,398Total financial assets at fair value 64,462 51,794Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 7,531 1,272Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 7,531 1,272Financial 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 2024or 2023. 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. Cash at bank at 31 December 2024 includes DKK 867 million that is restricted (DKK 857 million in 2023). The restricted cash balance relates to subsidiaries in which availability of currency for remittance of funds is temporarily scarce.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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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 held to collect or sell in factoring agreements 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__141-1": {
"value": "DKK million 2024 2023Financial assets by categoryOther financial assets 1,530 571Marketable securities 10,653 15,838Financial assets at fair value through the income statement 12,183 16,409Derivative financial instruments (note 4.5) 6,326 2,344Derivatives used as hedging instruments (assets) 6,326 2,344Other financial assets 747 682Trade receivables 25,996 31,729Other receivables and prepayments (current and non-current) 16,628 9,498\u2022 less prepayments and VAT receivables (13,282) (8,312)Cash at bank (note 4.4) 15,655 14,392Financial assets at amortised cost 45,744 47,989Trade receivables eligible for factoring 45,953 33,041Financial assets at fair value through other comprehensive income 45,953 33,041Total financial assets at the end of the year by category 110,206 99,783Financial liabilities by categoryDerivative financial instruments (note 4.5) 7,531 1,272Derivatives used as hedging instruments (liability) 7,531 1,2721Borrowings (non-current) (note 4.6)89,674 20,5281Borrowings (current) (note 4.6)13,113 6,478Trade payables 28,846 25,606Other liabilities (non-current) 23 189Other liabilities (current) 37,993 28,705\u2022 less VAT and duties payable (960) (600)Financial liabilities measured at amortised cost 168,689 80,906Total financial liabilities at the end of the year by category 176,220 82,1781. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2024 2023Active market data (level 1) 10,833 16,052Directly or indirectly observable market data (level 2) 6,326 2,344Not based on observable market data (level 3) 47,303 33,398Total financial assets at fair value 64,462 51,794Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 7,531 1,272Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 7,531 1,272Financial 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 2024or 2023. 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.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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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 held to collect or sell in factoring agreements 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__139": {
"value": "DKK million 2024 2023Financial assets by categoryOther financial assets 1,530 571Marketable securities 10,653 15,838Financial assets at fair value through the income statement 12,183 16,409Derivative financial instruments (note 4.5) 6,326 2,344Derivatives used as hedging instruments (assets) 6,326 2,344Other financial assets 747 682Trade receivables 25,996 31,729Other receivables and prepayments (current and non-current) 16,628 9,498\u2022 less prepayments and VAT receivables (13,282) (8,312)Cash at bank (note 4.4) 15,655 14,392Financial assets at amortised cost 45,744 47,989Trade receivables eligible for factoring 45,953 33,041Financial assets at fair value through other comprehensive income 45,953 33,041Total financial assets at the end of the year by category 110,206 99,783Financial liabilities by categoryDerivative financial instruments (note 4.5) 7,531 1,272Derivatives used as hedging instruments (liability) 7,531 1,2721Borrowings (non-current) (note 4.6)89,674 20,5281Borrowings (current) (note 4.6)13,113 6,478Trade payables 28,846 25,606Other liabilities (non-current) 23 189Other liabilities (current) 37,993 28,705\u2022 less VAT and duties payable (960) (600)Financial liabilities measured at amortised cost 168,689 80,906Total financial liabilities at the end of the year by category 176,220 82,1781. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2024 2023Active market data (level 1) 10,833 16,052Directly or indirectly observable market data (level 2) 6,326 2,344Not based on observable market data (level 3) 47,303 33,398Total financial assets at fair value 64,462 51,794Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 7,531 1,272Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 7,531 1,272Financial 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 2024or 2023. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__137-1": {
"value": "DKK million 2024 2023Financial assets by categoryOther financial assets 1,530 571Marketable securities 10,653 15,838Financial assets at fair value through the income statement 12,183 16,409Derivative financial instruments (note 4.5) 6,326 2,344Derivatives used as hedging instruments (assets) 6,326 2,344Other financial assets 747 682Trade receivables 25,996 31,729Other receivables and prepayments (current and non-current) 16,628 9,498\u2022 less prepayments and VAT receivables (13,282) (8,312)Cash at bank (note 4.4) 15,655 14,392Financial assets at amortised cost 45,744 47,989Trade receivables eligible for factoring 45,953 33,041Financial assets at fair value through other comprehensive income 45,953 33,041Total financial assets at the end of the year by category 110,206 99,783Financial liabilities by categoryDerivative financial instruments (note 4.5) 7,531 1,272Derivatives used as hedging instruments (liability) 7,531 1,2721Borrowings (non-current) (note 4.6)89,674 20,5281Borrowings (current) (note 4.6)13,113 6,478Trade payables 28,846 25,606Other liabilities (non-current) 23 189Other liabilities (current) 37,993 28,705\u2022 less VAT and duties payable (960) (600)Financial liabilities measured at amortised cost 168,689 80,906Total financial liabilities at the end of the year by category 176,220 82,1781. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.Fair value measurement hierarchyDKK million 2024 2023Active market data (level 1) 10,833 16,052Directly or indirectly observable market data (level 2) 6,326 2,344Not based on observable market data (level 3) 47,303 33,398Total financial assets at fair value 64,462 51,794Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 7,531 1,272Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 7,531 1,272Financial 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 2024or 2023. 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.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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__143-1": {
"value": "Fair value measurement hierarchyDKK million 2024 2023Active market data (level 1) 10,833 16,052Directly or indirectly observable market data (level 2) 6,326 2,344Not based on observable market data (level 3) 47,303 33,398Total financial assets at fair value 64,462 51,794Active market data (level 1) \u2014 \u2014Directly or indirectly observable market data (level 2) 7,531 1,272Not based on observable market data (level 3) \u2014 \u2014Total financial liabilities at fair value 7,531 1,272Financial 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 2024or 2023. 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.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 held to collect or sell in factoring agreements 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__144": {
"value": "Cash at bank at 31 December 2024 includes DKK 867 million that is restricted (DKK 857 million in 2023). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__151": {
"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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__149": {
"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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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 held to collect or sell in factoring agreements 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__148": {
"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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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 held to collect or sell in factoring agreements 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__147": {
"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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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 held to collect or sell in factoring agreements 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__146": {
"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 used as hedging instruments, 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 (issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily accruals for promotional and distribution activities, accrued employee-related costs and accrued payables related to assets under construction). 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 held to collect or sell in factoring agreements 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__153": {
"value": "4.9 Financial income and expensesDKK million 2024 2023 2022Financial income1Interest income1,838 1,069 239Foreign exchange gain (net) \u2014 308 \u2014Financial gain from forward contracts (net) 4,358 1,344 \u2014Capital gain on marketable securities 2 143 \u2014Result of associated companies \u2014 81 \u2014Total financial income 6,198 2,945 239Financial expensesInterest expenses on debts and borrowings 1,640 542 378Foreign exchange loss (net) 5,381 \u2014 2,885Financial loss from forward contracts (net) \u2014 \u2014 1,766Capital loss on investments 19 106 124Capital loss on marketable securities \u2014 \u2014 463Result of associated companies 17 \u2014 189Other financial expenses 289 197 181Total financial expenses 7,346 845 5,9861. Interest income include DKK 399 million from marketable securities at fair value through the income statement (2023: DKK 370 million; 2022: DKK 78 million) while the remaining interest income is derived from financial assets at amortised cost.Financial impact from forward contracts, specifiedDKK million 2024 2023 2022Income/(loss) transferred from other comprehensive income 1,612 1,026 (1,740)Realised fair value adjustment of transferred contracts (2,903) 214 (3,772)Unrealised fair value adjustments of 2forward contracts4,558 (540) (1,202)Realised foreign exchange gain/(loss) on forward contracts 1,091 644 4,948Financial income/(expense) from forward contracts 4,358 1,344 (1,766)2. Refer to note 4.5 for information on open fair value hedge contracts at 31 December. ACCOUNTING POLICIES 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__152": {
"value": "DKK million 2024 2023 2022Financial income1Interest income1,838 1,069 239Foreign exchange gain (net) \u2014 308 \u2014Financial gain from forward contracts (net) 4,358 1,344 \u2014Capital gain on marketable securities 2 143 \u2014Result of associated companies \u2014 81 \u2014Total financial income 6,198 2,945 239Financial expensesInterest expenses on debts and borrowings 1,640 542 378Foreign exchange loss (net) 5,381 \u2014 2,885Financial loss from forward contracts (net) \u2014 \u2014 1,766Capital loss on investments 19 106 124Capital loss on marketable securities \u2014 \u2014 463Result of associated companies 17 \u2014 189Other financial expenses 289 197 181Total financial expenses 7,346 845 5,9861. Interest income include DKK 399 million from marketable securities at fair value through the income statement (2023: DKK 370 million; 2022: DKK 78 million) while the remaining interest income is derived from financial assets at amortised cost.Financial impact from forward contracts, specifiedDKK million 2024 2023 2022Income/(loss) transferred from other comprehensive income 1,612 1,026 (1,740)Realised fair value adjustment of transferred contracts (2,903) 214 (3,772)Unrealised fair value adjustments of 2forward contracts4,558 (540) (1,202)Realised foreign exchange gain/(loss) on forward contracts 1,091 644 4,948Financial income/(expense) from forward contracts 4,358 1,344 (1,766)2. Refer to note 4.5 for information on open fair value hedge contracts at 31 December.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__155": {
"value": "ACCOUNTING POLICIES 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__156": {
"value": "5.1 Share-based payment schemesShare-based payment expensed in the income statementDKK million 2024 2023 2022Restricted stock units to employees 380 365 265Long-term share-based incentive programme (Management Board) 314 304 250Long-term share-based incentive programme (Management group below Management Board) 1,403 1,271 819Restricted stock units to individual employees 192 209 205Share-based payment expensed in the income statement 2,289 2,149 1,539Restricted 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 BoardThe LTIPs commenced in 2022, 2023 and 2024 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 30 months' base salary for the CEO, 24 months' base salary for executive vice presidents and up to 15.6 months' base salary for senior vice presidents.Hence the LTIP is capped at a number of shares at the time of grant. For 2024 onward,the Board sets both financial and non-financial targets for a three-year period which are linked to three-year average growth in sales, operating profit and non-financial performance. All targets are aligned to Novo Nordisk's Strategic Aspirations 2025: Purpose & Sustainability, Innovation & Therapeutic Focus, Commercial Execution and Financials. Target achievement is assessed by the Board. The grant date of the 2024-programme was 31 January 2024, and the share price used for the determining the grant date fair value of the award (DKK 767) was the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the period 31 January 2024 to 13 February 2024, adjusted for the expected dividend. Based on the split of participants at the grant date, 50% of the shares is allocated to members of Executive Management and 50% to other members of the Management Board.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. For 2024 onward, the Board sets both financial and non-financial targets for a three-year period.On 31 December 2024, a total of 13.3 million shares (18.9 million in 2023 and 21.4 million in 2022) 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.General terms and conditions of 2022-2024 programmesEmployees' 100 year anniversary Management group below programme Management BoardManagement Board Individual employeesYear of launch2023 2024 2023 2022 2024 2023 2022 2024 2023 20221Preliminary number of shares to be allocated (million) 3.0 0.3 0.6 0.7 1.5 3.1 3.3 0.2 0.3 0.8 Fair value per restricted stock unit at grant date (DKK) 446 767 456 320 767 456 320 794 544 371 Performance and vesting period 2023 to 2026 2024 to 2026 2023 to 2025 2022 to 2024 2024 to 2026 2023 to 2025 2022 to 2024 2024 to 2027 2023 to 2026 2022 to 2025Allocation date Aug 2026 Feb 2027 Feb 2026 Feb 2025 Feb 2027 Feb 2026 Feb 2025 2027 2026 2025Amortisation period 3.5 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years1. 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's performance during the 3-year performance period is higher or lower compared to targets determined by the Board. The maximum number is capped.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__157-1": {
"value": "Share-based payment expensed in the income statementDKK million 2024 2023 2022Restricted stock units to employees 380 365 265Long-term share-based incentive programme (Management Board) 314 304 250Long-term share-based incentive programme (Management group below Management Board) 1,403 1,271 819Restricted stock units to individual employees 192 209 205Share-based payment expensed in the income statement 2,289 2,149 1,539Long-term share-based incentive programmeManagement BoardThe LTIPs commenced in 2022, 2023 and 2024 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 30 months' base salary for the CEO, 24 months' base salary for executive vice presidents and up to 15.6 months' base salary for senior vice presidents.Hence the LTIP is capped at a number of shares at the time of grant. For 2024 onward,the Board sets both financial and non-financial targets for a three-year period which are linked to three-year average growth in sales, operating profit and non-financial performance. All targets are aligned to Novo Nordisk's Strategic Aspirations 2025: Purpose & Sustainability, Innovation & Therapeutic Focus, Commercial Execution and Financials. Target achievement is assessed by the Board. The grant date of the 2024-programme was 31 January 2024, and the share price used for the determining the grant date fair value of the award (DKK 767) was the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the period 31 January 2024 to 13 February 2024, adjusted for the expected dividend. Based on the split of participants at the grant date, 50% of the shares is allocated to members of Executive Management and 50% to other members of the Management Board.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. For 2024 onward, the Board sets both financial and non-financial targets for a three-year period.On 31 December 2024, a total of 13.3 million shares (18.9 million in 2023 and 21.4 million in 2022) were outstanding including all ongoing programmes.General terms and conditions of 2022-2024 programmesEmployees' 100 year anniversary Management group below programme Management BoardManagement Board Individual employeesYear of launch2023 2024 2023 2022 2024 2023 2022 2024 2023 20221Preliminary number of shares to be allocated (million) 3.0 0.3 0.6 0.7 1.5 3.1 3.3 0.2 0.3 0.8 Fair value per restricted stock unit at grant date (DKK) 446 767 456 320 767 456 320 794 544 371 Performance and vesting period 2023 to 2026 2024 to 2026 2023 to 2025 2022 to 2024 2024 to 2026 2023 to 2025 2022 to 2024 2024 to 2027 2023 to 2026 2022 to 2025Allocation date Aug 2026 Feb 2027 Feb 2026 Feb 2025 Feb 2027 Feb 2026 Feb 2025 2027 2026 2025Amortisation period 3.5 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years1. 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's performance during the 3-year performance period is higher or lower compared to targets determined by the Board. The maximum number is capped.Remuneration to Executive Management and Board of Directors DKK million 2024 2023 2022Salary and short-term incentive 180 173 141Pension 18 17 131Benefits55 19 92Long-term incentive112 121 973Executive Management in total365 330 2604Fees to Board of Directors23 22 20Total 388 352 2801. In 2024, an amount of DKK 45.4 million relates to recruitment arrangements as well as a conditional amount payable at the end of employment. 2. Refer to note 5.1 for further information on share-based payment schemes. 3. Total remuneration for persons registered as members of Executive Management with the Danish Business Authority amounts to DKK 88 million (DKK 195 million in 2023 and DKK 175 million in 2022). 4. All members of the Board of Directors are registered with the Danish Business Authority.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:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__162": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__163": {
"value": "5.2 CommitmentsContractual obligations not recognised in the balance sheetNon-DKK million (undiscounted) Currentcurrent Total20241Leases 288 3,893 4,181Research and development obligations 12,101 23,215 35,316Research and development \u2013 potential 2milestone payments 2,076 32,507 34,583Commercial product launch \u2013 potential 2milestone payments 384 16,543 16,927Purchase obligations relating to investments in property, plant and equipment 8,305 3,354 11,659Purchase obligations relating to contract manufacturers 8,925 62,136 71,061Other purchase obligations 10,531 8,463 18,994Total obligations not recognised in the balance sheet 42,610 150,111 192,72120231Leases 144 2,053 2,197 Research and development obligations 8,678 13,235 21,913 Research and development \u2013 potential 2milestone payments 1,234 27,311 28,545 Commercial product launch \u2013 potential 2milestone payments \u2014 12,952 12,952 Purchase obligations relating to investments in property, plant and equipment 4,222 1,693 5,915 Purchase obligations relating to contract manufacturers 6,315 26,792 33,107Other purchase obligations 7,151 5,888 13,039 Total obligations not recognised in the balance sheet 27,744 89,924 117,668 1. 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 commitments relating to clinical trials, 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 feesand 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 commercial 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. 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. Purchase obligations related to contract manufacturers relate to commitments entered to secure future manufacturing capacity.Other purchase obligations 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 2,380 million (DKK 1,878 million in 2023) and primarily relate to performance guarantees issued by Novo Nordisk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s10__8__164": {
"value": "5.3 Acquisition of businessesFair value recognised at date of acquisition2024Fill-finish sites Other DKK million(Catalent)acquisitions TotalKnow-how 41,102 \u2014 41,102Intellectual property rights and other intangible assets 311 52 363Property, plant and equipment 24,839 608 25,447Deferred tax assets (liabilities), net 992 (7) 985Provisions (1,084) \u2014 (1,084)Other net assets 1,290 (2) 1,288Net identifiable assets acquired 67,450 651 68,101Goodwill 15,293 30 15,323Purchase price 82,743 681 83,424Settlement of pre-existing relationships (597) \u2014 (597)Cash consideration transferred 82,146 681 82,827Cash acquired (664) \u2014 (664)Cash used for acquisition of businesses; net of cash acquired 81,482 681 82,163Business combinations in 2024Three fill-finish sites (Catalent)On 18 December 2024, Novo Nordisk acquired three fill-finish sites from Novo Holdings A/S in connection with a transaction where Novo Holdings A/S acquired Catalent, Inc. (\u201cCatalent\u201d), a global contract development and manufacturing organisation.The three fill-finish sites are specialised in the sterile filling of drugs and located in Bloomington (Indiana, US), Anagni (Italy) and Brussels (Belgium) and employ around 3,500 people. Novo Nordisk and Novo Holdings are related parties. Novo Nordisk\u2019s Board of Directors has approved the acquisition, finding it to be in the best interest of Novo Nordisk and its shareholders. Strategic rationaleThe acquisition of the fill-finish sites is aligned with Novo Nordisk\u2019s strategy of reaching more people living with diabetes and obesity with current and future treatments. It is expected to enable an expansion of the manufacturing capacity and provide future optionality and flexibility for Novo Nordisk\u2019s existing supply network. The acquisition is expected to gradually increase Novo Nordisk's filling and finish capacity.Details of the acquisitionThe total cash consideration transferred was USD 11,723 million (DKK 82,146 million including hedging effects). The purchase price allocation for the acquisition is considered provisional since the transaction was closed only on 18 December 2024, leaving limited time to identify and determine fair value of assets acquired and liabilities assumed. Know-how is primarily comprised of the documented processes and systems for efficient and large-scale production of GLP-1 products as well as know-how to expand capacity in an efficient way. The fair value of both property, plant and equipment and know-how incorporate a significant value of accelerated access to capacity as a reflection of the current shortage of fill-finish capacity and high demand for GLP-1 products in the market. Goodwill primarily reflects the value of a highly-skilled assembled workforce in place at the three fill-finish sites and expected synergies from Novo Nordisk\u2019s existing know-how and production capabilities. Goodwill is fully allocated to the Diabetes and Obesitycare segment.Acquisition related costs of DKK 978 million are included in other operating income and expenses and a gain on pre-existing relationships of DKK 597 million is included in cost of goods sold. Had the business combination taken place on 1 January 2024, Net profit would have likely included additional net costs of around DKK 9 billion reflecting significant integration costs, amortisation of fair value adjustments made in purchase price allocation and interest expenses from planned borrowings incurred to finance the transaction. Net sales would have remained largely unchanged as revenues from existing manufacturing and development contracts are included in Other operating income and expenses as these are not part of the main revenue-generating activities of Novo Nordisk. Other acquisitionsOther acquisitions of businesses in 2024 comprise the acquisition of a production site in Ireland for a total purchase price of DKK 681 million.KEY ACCOUNTING ESTIMATES IN DETERMINING THE FAIR VALUE OF ASSETS ACQUIRED IN A BUSINESS COMBINATION AND JUDGEMENT OF WHETHER INTANGIBLE ASSETS ACQUIRED IN A BUSINESS COMBINATION ARE SEPARATELY IDENTIFIABLEManagement makes judgements when determining whether intangible assets, such as know-how related to large-scale production of GLP-1 products as well as know-how to expand capacity in an efficient way, are separately identifiable. This involves assessing if the know-how meets the separability criterion, which means it can be separated from the acquiree and sold, transferred, licensed, rented, or exchanged independently.The application of the acquisition method of accounting 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 assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows.The fair value is based on assumptions made by market participants, which in this business combination is assessed to be a company with similar needs and capacity to acquire assets of the same nature and size as those of the acquired business. The valuation of know-how identified in the acquisition is based on the multi-period excess earnings method, which is used to value unique assets that generate earnings. The economic benefit of the know-how is comprised by net cash flows attributable to the asset which also includes the benefit of accelerated access to production capacity compared to a greenfield construction scenario without the know-how required for commercial production at scale. The net present value of future estimated cash flows is based on projections of sales volumes and prices, valuation period and royalty rates.The valuation of property, plant and equipment identified in the acquisition of the three fill-finish sites is mainly based on the depreciated replacement cost method in combination with the present value of accelerated access to production facilities. The depreciated replacement cost method reflects adjustments for physical deterioration as well as functional and economic obsolescence. Land has been valued using the market approach based on comparable transactions. 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 Accounting 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.",
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"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__166-1": {
"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 Accounting 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 ASSETS ACQUIRED IN A BUSINESS COMBINATION AND JUDGEMENT OF WHETHER INTANGIBLE ASSETS ACQUIRED IN A BUSINESS COMBINATION ARE SEPARATELY IDENTIFIABLEManagement makes judgements when determining whether intangible assets, such as know-how related to large-scale production of GLP-1 products as well as know-how to expand capacity in an efficient way, are separately identifiable. This involves assessing if the know-how meets the separability criterion, which means it can be separated from the acquiree and sold, transferred, licensed, rented, or exchanged independently.The application of the acquisition method of accounting 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 assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows.The fair value is based on assumptions made by market participants, which in this business combination is assessed to be a company with similar needs and capacity to acquire assets of the same nature and size as those of the acquired business. The valuation of know-how identified in the acquisition is based on the multi-period excess earnings method, which is used to value unique assets that generate earnings. The economic benefit of the know-how is comprised by net cash flows attributable to the asset which also includes the benefit of accelerated access to production capacity compared to a greenfield construction scenario without the know-how required for commercial production at scale. The net present value of future estimated cash flows is based on projections of sales volumes and prices, valuation period and royalty rates.The valuation of property, plant and equipment identified in the acquisition of the three fill-finish sites is mainly based on the depreciated replacement cost method in combination with the present value of accelerated access to production facilities. The depreciated replacement cost method reflects adjustments for physical deterioration as well as functional and economic obsolescence. Land has been valued using the market approach based on comparable transactions.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__165": {
"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 Accounting 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__168": {
"value": "5.4 Related party transactionsMaterial transactions with related partiesDKK million 2024 2023 2022Novo Holdings A/SPurchase of Novo Nordisk B shares 10,164 8,775 6,984Acquisition of fill-finish sites (note 5.3) 82,146 \u2014 \u2014Dividend payment to Novo Holdings A/S 12,502 9,028 7,207Services provided by Novo Nordisk (33) (17) (24)Novonesis GroupServices provided by Novo Nordisk (48) (48) (78)Services provided by Novonesis 117 112 92Altasciences Group Services provided by Altasciences 146 229 70Other subsidiaries of Novo Holding A/SServices provided to Novo Nordisk 93 \u2014 \u2014NNIT GroupServices provided by NNIT 257 436 660Novo 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 77.3% 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.Novonesis Group, Altasciences Company Inc., and other subsidiaries of Novo Holdings A/S are considered related parties to Novo Nordisk A/S. As an associated company of Novo Nordisk A/S, NNIT Group is also considered related party. In 2024, Novo Nordisk A/S acquired 12.6 million B shares, worth DKK 10,164 million, from Novo Holdings A/S as part of the DKK 20,000 million 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 2024.Remuneration to Executive Management and Board of Directors DKK million 2024 2023 2022Salary and short-term incentive 180 173 141Pension 18 17 131Benefits55 19 92Long-term incentive112 121 973Executive Management in total365 330 2604Fees to Board of Directors23 22 20Total 388 352 2801. In 2024, an amount of DKK 45.4 million relates to recruitment arrangements as well as a conditional amount payable at the end of employment. 2. Refer to note 5.1 for further information on share-based payment schemes. 3. Total remuneration for persons registered as members of Executive Management with the Danish Business Authority amounts to DKK 88 million (DKK 195 million in 2023 and DKK 175 million in 2022). 4. All members of the Board of Directors are registered with the Danish Business Authority.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": {
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"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__171": {
"value": "5.5 Fees to statutory auditorsDKK million 2024 2023 20221Statutory audit35 30 38Audit-related services 5 3 2Tax advisory services 9 8 3Other services 13 18 12Total fees to statutory auditors 62 59 551. Statutory audit fees in 2024 include DKK 5 million of additional fees mainly related to business acquisitions. Statutory audit fees in 2022 include DKK 9 million of additional fee related to 2021.Fees for services other than statutory audit of the financial statements amount to DKK 27 million (DKK 29 million in 2023 and DKK 17 million in 2022).In 2024, Deloitte Statsautoriseret Revisionspartnerselskab provided other services than statutory audit in the amount of DKK 6 million (DKK 18 million in 2023 and DKK 12 million in 2022) which relate to tax services relating to acquisitions, tax compliance, financial due diligence, management consulting, educational training and other assurance assessments and opinions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__172": {
"value": "Principles 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__175": {
"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": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__176": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__177": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__178": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s10__8__179": {
"value": "5.7 Companies in the Novo Nordisk Group Activity: \u2022Sales and marketing\u2022 Production\u2022Research and development\u2022 Services/investmentsCompany and countryActivityParent companyNovo Nordisk A/S, DenmarkSubsidiaries by geographical areaCompany and countryPercentage of shares ownedNorth America OperationsInversago Pharma Inc., Canada100Novo Nordisk Canada Inc., Canada100Novo Nordisk North America Operations A/S, Denmark100Novo Nordisk Inc., US100Novo Nordisk Pharmaceutical Industries LP, US100Novo Nordisk Pharmatech US, Inc., US100Novo Nordisk Pharma, Inc., US100NN Corporate Development US, Inc., US100NN Research & Development US, Inc., US100Novo Nordisk US Bio Production, Inc., US100Novo Nordisk US Holdings Inc., US100Dicerna Pharmaceuticals, Inc., US100Emisphere Technologies, Inc., US100Forma Therapeutics, Inc., US100Catalent Indiana LLC, US 100Region International OperationsNovo Nordisk Pharmaceuticals A/S, Denmark100Novo Nordisk Pharma Operations A/S, Denmark100Novo Nordisk Region AAMEO and LATAM A/S, Denmark100Novo Nordisk Region Europe A/S, Denmark100Novo Nordisk Region Japan & Korea A/S, Denmark100Region EMEAAldaph SpA, Algeria100Novo Nordisk Pharma GmbH, Austria100S.A. Novo Nordisk Pharma N.V., Belgium100Catalent Belgium S.A, Belgium 100Novo Nordisk Pharma d.o.o., Bosnia and Herzegovina100Novo Nordisk Pharma EAD, Bulgaria100Novo Nordisk Hrvatska d.o.o., Croatia100Novo Nordisk s.r.o., Czech Republic100Novo Nordisk Production Czech s.r.o, Czech Republic100Novo Nordisk Denmark A/S, Denmark100Novo Nordisk Pharmatech A/S, Denmark100Novo Nordisk Egypt LLC, Egypt100Novo Nordisk Egypt Pharmaceuticals Ltd., Egypt100Company and country Percentage of shares ownedNovo Nordisk Estonia O\u00dc, Estonia100Novo Nordisk Farma OY, Finland100Biocorp Production S.A., France100Novo Nordisk, France100Novo Nordisk Production SAS, France100Novo Nordisk Pharma GmbH, Germany100Cardior Pharmaceuticals GmbH, Germany100Novo Nordisk Hellas Epe., Greece100Novo Nordisk Hung\u00e1ria Kft., Hungary100Novo Nordisk Limited, Ireland100Novo Nordisk Production Ireland Ltd., Ireland100Novo Nordisk Ltd, Israel100Novo Nordisk S.P.A., Italy100Catalent Anagni S.R.L, Italy100Novo Nordisk Kazakhstan LLP, Kazakhstan100Novo Nordisk Kenya Ltd., Kenya100Novo Nordisk Latvia SIA, Latvia100Novo Nordisk Pharma SARL, Lebanon100UAB Novo Nordisk Pharma, Lithuania100Novo Nordisk Farma dooel, North Macedonia100Novo Nordisk Pharma SAS, Morocco100Novo Nordisk B.V., Netherlands100Novo Nordisk Finance (Netherlands) B.V., Netherlands100Novo Nordisk Pharma Limited, Nigeria100Novo Nordisk Norway AS, Norway100Novo Nordisk Pharmaceutical Services Sp. z.o.o., Poland100Novo Nordisk Pharma Sp.z.o.o., Poland100Novo Nordisk Portugal, Lda., Portugal100Novo Nordisk Farma S.R.L., Romania100Novo Nordisk Limited Liability Company, Russia100Novo Nordisk Production Support LLC, Russia100Novo Nordisk Saudi for Trading, Saudi Arabia100Novo Nordisk Pharma d.o.o. Belgrade (Serbia), Serbia100Novo Nordisk Slovakia s.r.o., Slovakia100Novo Nordisk, d.o.o., Slovenia100Novo Nordisk (Pty) Limited, South Africa100Novo Nordisk Pharma S.A., Spain100Novo Nordisk Scandinavia AB, Sweden100Novo Nordisk Health Care AG, Switzerland100Novo Nordisk Pharma AG, Switzerland100Novo Nordisk Tunisie SARL, Tunisia100Novo Nordisk Saglik \u00dcr\u00fcnleri Tic. Ltd. Sti., Turkey100Novo Nordisk Ukraine, LLC, Ukraine100Novo Nordisk Pharma Gulf FZE, United Arab Emirates100Novo Nordisk Limited, UK100Novo Nordisk Research Centre Oxford Limited, UK100Company and country Percentage of shares owned Region ChinaNovo Nordisk (China) Pharmaceuticals Co. Ltd., China100Novo Nordisk (Shanghai) Pharma Trading Co., Ltd., China100Novo Nordisk Region China A/S, Denmark100Novo Nordisk Hong Kong Limited, Hong Kong100Novo Nordisk Pharma (Taiwan) Ltd., Taiwan100Beijing Novo Nordisk Pharmaceuticals Science & Technology 100Co., Ltd., ChinaRegion Rest of WorldNovo Nordisk Pharma Argentina S.A., Argentina100Novo Nordisk Pharmaceuticals Pty. Ltd., Australia100Novo Nordisk Pharma (Private) Limited, Bangladesh100Novo Nordisk Produ\u00e7\u00e3o Farmac\u00eautica do Brasil Ltda., Brazil100Novo Nordisk Farmac\u00eautica do Brasil Ltda., Brazil100Novo Nordisk Farmac\u00e9utica Limitada, Chile100Novo Nordisk Colombia SAS, Colombia100Novo Nordisk India Private Limited, India100Novo Nordisk Service Centre (India) Pvt. Ltd., India100PT. Novo Nordisk Indonesia, Indonesia100Novo Nordisk Pars Co. (PJS), Iran100Novo Nordisk Pharma Ltd., Japan100Novo Nordisk Pharma (Malaysia) Sdn Bhd, Malaysia100Novo Nordisk Pharma Operations Sdn Bhd, Malaysia100Novo Nordisk Mexico S.A. de C.V., Mexico100Novo Nordisk Service Centre Mexico, Sociedad Anonim, Mexico 100Novo Nordisk Pharmaceuticals Ltd., New Zealand100Novo Nordisk Pharma (Private) Limited, Pakistan100Novo Nordisk Panama S.A., Panama100Novo Nordisk Peru S.A.C., Peru100Novo Nordisk Pharmaceuticals (Philippines) Inc., Philippines100Novo Nordisk Pharma (Singapore) Pte Ltd., Singapore100Novo Nordisk Pharma Korea Ltd., South Korea100Novo Nordisk Lanka (PVT) Ltd, Sri Lanka100Novo Nordisk Pharma (Thailand) Ltd., Thailand100Novo Nordisk Vietnam Ltd., Vietnam 100Other subsidiaries and associated companiesNNE A/S, Denmark100NNIT A/S, Denmark 18 CS Solar Fund XIV, LLC, US 99 Companies 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",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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}