ANNUAL
REPORT
Novo Nordisk employees Steve Piaget and Marie Ange Gahozo from our site in Kalundborg,
Denmark, overseeing an active construction project. This project is part of our investment of
more than DKK 80 billion in new active pharmaceutical ingredient facilities. These significant
expansions aim to scale up production of life-changing treatments, including GLP-1-based
medicines, to benefit many more people living with serious chronic diseases.
MANAGEMENT REPORT
101 Consolidated financial statements
102
Income statement and Statement
of comprehensive income
103 Cash flow statement
104 Balance sheet
105 Equity statement
106 Notes to the Consolidated
financial statements
138 Statements and auditor’s reports
138 Statement by the Board of Directors
and Executive Management
139 Independent auditor’s report
141 Independent auditor’s limited assurance
report on Sustainability statement
143 Additional information
144
More information
145
Product overview
146 Financial statements of the parent company
47 General information
47 ESG performance
49 Basis for preparation of the
Sustainability statement
50 Sustainability governance
51 Interests and views of stakeholders
52 Double materiality assessment
54 Environment
54 Climate change
60 Resource use and circular economy
64 Pollution
65 Water
67 Biodiversity and ecosystems
69 EU Taxonomy
71 Social
71 Patient protection and quality of life
80 Own workforce
88 Workers in the value chain
90 Governance
90 Business conduct
95 Appendix
Annual review Sustainability statement Financial statements
and additional information
4 Introducing Novo Nordisk
5 Letter from the Chair and the CEO
7 Key figures
8 Purpose and strategy
9 Value creation
10 Strategic Aspirations 2025 progress
11 Strategic Aspirations
12 Purpose and sustainability
17 Innovation and therapeutic focus
26 Commercial execution
32 Financials
38 Risks
41 Management
42 Board of Directors
45 Executive Management
2
We have been committed to integrated reporting since 2004, when we
first started evaluating our performance based on social, environmental
and financial impact. This commitment was further strengthened in 2019
with the adoption of our Strategic Aspirations 2025, which cover our
financial and sustainability ambitions.
This year, in line with the CSRD, we have conducted a double materiality
assessment to identify the sustainability matters that are most important
to Novo Nordisk, considering both societal and financial implications.
The essential topics identified include patient protection and quality
of life, climate change, resource use and circular economy, and own
workforce – reflecting our aspirations of progress towards zero
environmental impact, being respected for adding value to society
and being a sustainable employer.
The outcomes of this assessment have provided us with key metrics to
track our performance across our material sustainability topics. You can
read more about our progress towards achieving our sustainability
ambitions in the Annual review on page 12, while detailed breakdowns of
our performance can be found in the Sustainability statement on page 46.
Together, these sections make up this year’s Management report.
Moreover, our commitment to sustainability is reflected in our incentive
programmes, which incorporate our Strategic Aspirations 2025 into
both individual and corporate performance targets. This highlights our
dedication to driving sustainable growth and creating long-term value
for all stakeholders.
A new chapter in our integrated reporting
The Annual Report 2024 marks a significant step in the evolution of Novo Nordisk’s integrated reporting. This year,
our Sustainability statement is for the first time prepared according to the EU Corporate Sustainability Reporting
Directive (CSRD) requirements.
Strategic Aspirations
3
§
Corporate Sustainability Reporting Directive
including a double materiality assessment
Material topics and
key metrics
INTRODUCING
NOVO NORDISK
5 Letter from the Chair and the CEO
7 Key figures
8 Purpose and strategy
9 Value creation
10 Strategic Aspirations 2025 progress
Harish Manikandan lives with obesity in Chile. Harish
maintains an active lifestyle in the bustling city of
Santiago and, amid his daily duties as head chef
at a restaurant, finds tranquility on his electric bike,
commuting to work, cycling in the city’s expansive
parks and cruising Santiago in the evenings when
the temperature cools and the traffic is light.
4
Building a healthier tomorrow
The global prevalence of serious chronic diseases is growing by the day, impacting millions
of lives and placing a heavy burden on overstretched healthcare systems. This has created
unprecedented demand for our life-changing GLP-1-based medicines. Over the past four
years, we have more than quadrupled the number of people reached with these treatments
and increased our volume market share in the GLP-1 segment to 63%. In 2024, we served
more than 45.2 million people living with serious chronic diseases, while our global sales
and operating profit both grew by 26% at constant exchange rates.
As we strive to keep pace with the growing demand for our medicines, our production
capacity has been stretched. In response, we have continued to invest heavily in scaling up
our manufacturing capabilities with capital expenditure and acquisitions amounting to more
than DKK 129 billion in 2024. The acquisition of three fill-finish sites formerly run by contract
and development manufacturer Catalent Inc., along with significant expansions of our existing
production facilities in Denmark, France, Brazil, China and the US, are testament to our
commitment to improving supply stability.
In order to meet increasing demand and ensure a stable supply of our medicines, we are also
taking steps to consolidate our product portfolio by gradually phasing out some of our older
insulin products. This will create much-needed space in our global manufacturing network as
we seek to reach millions more people with our medicines over the next decade. At the same
time, we strive not to leave existing patients without alternative treatment options, either from
Novo Nordisk or other companies, and we remain committed to working closely with local
health authorities and the medical community to enable access to affordable care.
Our belief that health is a fundamental human right drives our extensive partnership
programmes and access initiatives. In times of geopolitical instability, safeguarding access to
care for those in conflict zones and underserved areas is paramount. Our partnerships with
humanitarian organisations such as the Danish Red Cross play a crucial role in this effort,
demonstrating our dedication to making a difference where it is needed most.
2024 was a year of significant growth for Novo Nordisk, characterised by continued innovation, capacity expansions and strong
commercial execution. As we reflect on our progress, we also recognise the magnitude of the challenges that lie ahead.
Chair of the Board
of Directors,
Helge Lund (left) and
President and CEO,
Lars Fruergaard
Jørgensen (right).
5
Annual review / Introducing Novo Nordisk / Letter from the Chair and the CEO
Moreover, we are increasing our investment in preventive health measures through initiatives like
Cities for Better Health – a pioneering urban health partnership now active in 51 cities worldwide
– and our collaboration with UNICEF to prevent childhood obesity. These efforts aim to address
the root causes of serious chronic diseases, thereby reducing the global health burden and
fostering a healthier future. Our Transformational Prevention Unit complements our partnership-
driven approach, looking to develop scalable, science-based solutions that can predict and
pre-empt obesity and its consequences.
The same scientific rigour is being applied across our R&D activities, which are driving
transformative change across multiple therapy areas. Rooted in our deep understanding of
proteins and peptides and fuelled by research partnerships, AI-driven drug discovery and the
acquisition of new technology platforms, we are striving to accelerate the discovery of new
targets and optimise our clinical trials to the benefit of people living with serious chronic diseases.
Innovation remains our core contribution to society and the driving force behind our continued
growth. The past year has seen us add to the growing body of clinical evidence supporting the
broad cardiometabolic and societal benefits of semaglutide – the molecule at the heart of our
flagship GLP-1-based medicines Ozempic
®
, Wegovy
®
and Rybelsus
®
– and we are confident that
our pipeline has the potential to add even more value.
In obesity, we completed the first phase 3 trial of CagriSema, currently in development for the
treatment of obesity or overweight and type 2 diabetes. After 68 weeks, if all people adhered to
treatment, CagriSema demonstrated a statistically significant weight loss of 22.7% vs 2.3% with
placebo alone. This is among the highest weight reductions yet seen in a phase 3a programme
for a GLP-1 combination therapy. We intend to further explore the weight loss potential of
CagriSema in an additional study.
Earlier in our obesity pipeline, topline results from a phase 1b/2a trial of subcutaneous amycretin
have demonstrated the weight lowering potential of the unimolecular GLP-1 and amylin receptor
agonist, supporting previous data seen with the oral formulation. When evaluating the effects of
treatment if all people adhered to treatment, those receiving a 20 mg dose of amycretin experienced
an estimated average weight loss of 22.0% over 36 weeks compared to 2% weight gain with placebo.
In diabetes, the first launches of Awiqli
®
– the world’s first once-weekly basal insulin – exemplify
our enduring commitment to innovation in this space more than 100 years after we first started
producing insulin. Moreover, our dedication to addressing unmet needs within rare disease is
exemplified by the pending regulatory submission of Mim8 for the treatment of haemophilia A.
The growth of our business has inevitably led to an increase in our environmental footprint, and
we are stepping up efforts to mitigate this impact. We have introduced comprehensive, updated
roadmaps targeting reductions in our emissions, plastic footprint and impact on nature and
biodiversity. Achieving these ambitions will be no small feat given the increasing global demand for
our medicines, but we are rising to the challenge. Our roadmaps include measures to decouple our
environmental impact from our continued growth by incorporating the use of low-carbon materials
across our value chain, supporting our suppliers through a transition to renewable energy and
facilitating a switch from disposable to reusable injection devices for our medicines wherever possible.
Our operating environment is also becoming more complex, shaped by geopolitical tensions,
global conflicts and technological advancements. Our unique ownership structure, underpinned
by the Novo Nordisk Foundation as controlling shareholder, provides us with the stability we need
to navigate these uncertainties. This model supports our sustainable growth by allowing us to take
a long-term view on our investments and strategies; crucial in a volatile world where short-term
market pressures can often lead to reactive decision-making.
We are similarly mindful of the importance of sustainably scaling our organisation. We are now
77,349 colleagues worldwide – an increase of 20% compared to 2023 that reflects our commitment
to scaling up in the face of growing demand. Our focus is on ensuring new hires receive the
support and resources they need to fully integrate into our global workforce and connect with the
Novo Nordisk Way – the core guiding principles that underpin everything we do. This approach
also safeguards our focus on diversity and inclusion, fostering an environment where every
employee feels valued and included.
As we look forward to 2025 and beyond, we are optimistic about the opportunities that lie ahead
as we strive to serve millions more people with serious chronic diseases. However, we are also
mindful of the challenges inherent to our growth and the need to balance short-term costs with
long-term societal value.
Our purpose remains clear: driving change to defeat serious chronic diseases. By staying true
to our purpose and values, we are confident in our ability to navigate the complexities of the
ever-evolving global healthcare landscape and to continue making a meaningful difference in
the lives of millions of people worldwide.
We would like to extend our gratitude to all Novo Nordisk colleagues worldwide for their hard
work and dedication at a time of unprecedented demand for our life-changing medicines, and
to our shareholders for their continued support of our company.
Helge Lund
Chair of the Board of Directors
Lars Fruergaard Jørgensen
President and CEO
Annual review / Introducing Novo Nordisk / Letter from the Chair and the CEO
6
DKK million 2020 2021 2022 2023 2024 2023-24
Financial ratios Change
Gross margin
3
83.5% 83.2% 83.9% 84.6% 84.7%
Sales and distribution costs in
percentage of sales 25.9% 26.3% 26.1% 24.4% 21.4%
Research and development costs in
percentage of sales 12.2% 12.6% 13.6% 14.0% 16.6%
Operating margin
3
42.6% 41.7% 42.3% 44.2% 44.2%
Net profit margin
3
33.2% 33.9% 31.4% 36.0% 34.8%
Cash to earnings
1
67.8% 61.4% 103.3% 81.6% (14.6%)
Return on invested capital
1
82.8% 69.0% 73.6% 88.5% 63.9%
Share performance and capital allocation
Basic earnings per share/ADR in DKK
3
9.03 10.40 12.26 18.67 22.67 21%
Diluted earnings per share/ADR in DKK
3
9.01 10.37 12.22 18.62 22.63 22%
Total number of shares (million),
end of year 4,700 4,620 4,560 4,510 4,465 (1%)
Dividend per share in DKK
4
4.55 5.20 6.20 9.40 11.40 21%
Total dividend (DKK million)
4
21,066 23,711 27,950 41,987 50,683 21%
Dividend payout ratio
3
50.0% 49.6% 50.3% 50.2% 50.2%
Share repurchases (DKK million) 16,855 19,447 24,086 29,924 20,181 (33%)
Closing share price (DKK) 214 368 469 698 624 (11%)
DKK million 2020 2021 2022 2023 2024 2023-24
Financial performance Change
Net sales 126,946 140,800 176,954 232,261 290,403 25%
Sales growth as reported 4.0% 10.9% 25.7% 31.3% 25.0%
Sales growth in constant
exchange rates
1
6.7% 13.8% 16.4% 35.6% 25.7%
Operating profit 54,126 58,644 74,809 102,574 128,339 25%
Operating profit growth as reported 3.1% 8.3% 27.6% 37.1% 25.1%
Operating profit growth in constant
exchange rates
1
6.8% 12.7% 14.6% 43.7% 26.2%
Depreciation, amortisation and
impairment losses 5,753 6,025 7,362 9,413 19,107 103%
EBITDA
1,2
59,879 64,669 82,171 111,987 147,446 32%
EBITDA growth as reported 3.0% 8.0% 27.1% 36.3% 31.7%
EBITDA growth in constant
exchange rates 6.7% 12.0% 14.9% 42.4% 32.7%
Net financials (996) 436 (5,747) 2,100 (1,148)
Profit before income taxes 53,130 59,080 69,062 104,674 127,191 22%
Effective tax rate
3
20.7% 19.2% 19.6% 20.1% 20.6%
Net profit 42,138 47,757 55,525 83,683 100,988 21%
Purchase of property, plant
and equipment
3
5,825 6,335 12,146 25,806 47,164 83%
Purchase of intangible assets
3
16,256 1,050 2,607 13,090 4,145 (68%)
Cash used for acquisition of businesses — 18,283 7,075 — 82,163
Free cash flow
1
28,565 29,319 57,362 68,326 (14,707)
Total assets 144,922 194,508 241,257 314,486 465,795 48%
Equity 63,325 70,746 83,486 106,561 143,486 35%
Key figures
77,349
million people living with
diabetes and obesity reached
employees worldwide
countries with
R&D facilities
countries with
production facilities
countries with
affiliates
1. See Non-IFRS financial measures. 2. EBITDA is defined as ’net profit’, adjusted for ‘income taxes’, ‘financial items’, ‘depreciation and amortisation’ and ‘impairment losses and reversals’. 3. See Financial definitions and ratios.
4. Total dividend for the year including interim dividend of DKK 3.50 per share, corresponding to DKK 15,583 million, which was paid in August 2024. The remaining DKK 7.90 per share, corresponding to DKK 35,100 million,
will be paid subject to approval at the Annual General Meeting in March 2025.
7
Annual review / Introducing Novo Nordisk / fi
Purpose and strategy
At Novo Nordisk, our purpose is clear: driving change to defeat serious chronic diseases. Through our
life-changing innovations, we are building a healthier future for generations to come.
Diabetes
Strengthen leadership
by offering innovative
medicines and driving
patient outcomes
Rare Disease
Secure a leading position
by leveraging full portfolio and
expanding into adjacent areas
Obesity
Strengthen leadership through
market development and by
offering innovative medicines and
driving patient outcomes
Cardiovascular &
Emerging Therapy Areas
Establish position in
cardiovascular disease and
build a presence in emerging
therapy areas
N
o
v
o
N
o
r
d
i
s
k
W
a
y
S
u
s
t
a
i
n
a
b
l
e
b
u
s
i
n
e
s
s
Driving change
to defeat serious
chronic diseases
We are dedicated to reinforcing our leadership in diabetes and
obesity, securing a leading position in rare diseases and establishing
ourselves as a key player in cardiovascular disease. Additionally,
we are actively building our presence in the treatment of metabolic
dysfunction-associated steatohepatitis, chronic kidney disease and
Alzheimer’s disease.
We create value on multiple fronts. Through the Novo Nordisk Way,
we ensure our employees thrive in a supportive and innovative
environment. We operate as a responsible business, striving to
address environmental and social impacts, to create value for society
and fulfil our financial commitments to shareholders, ensuring
sustainable growth and success.
Our value chain is similarly comprehensive, encompassing every
stage from the initial concept of a new treatment to its final delivery
to people living with serious chronic diseases. This includes our own
operations in R&D and manufacturing, as well as collaborations with
suppliers to source materials and distribute our treatments effectively.
8
Annual review / Introducing Novo Nordisk / Purpose and strategy
Research and developmentResources Manufacturing Distribution Patients
Insights from patients,
healthcare experts and partners
Raw
materials
Diverse
talent
Financial
resources
Reached more than 45.2
million people living with
serious chronic diseases
Invested more than DKK 129 billion –
mainly in production capacity – to meet
demand for current and future products
Added employees bringing Novo Nordisk’s
total workforce to 77,349, while supporting
job-creation amongst our suppliers
Invested more
than DKK
billion in R&D
Reached 8.4 million
vulnerable people
living with diabetes
Ownership structure
The Novo Nordisk Foundation awards
grants in three strategic areas: health,
sustainability and the life science
ecosystem. In 2024, more than
DKK 10 billion were awarded.
The Novo Nordisk Foundation
holds % of votes and %
of shares in Novo Nordisk A/S
through Novo Holdings A/S.
This unique ownership
structure supports sustainable
growth by allowing us to take
a long-term view on our
strategies and investments
while maintaining short-term
transparency on performance.
Paid out more
than DKK billion
via dividends and
share buybacks
to shareholders,
including Novo
Holdings A/S
Value creation
We focus on creating lasting value for society and our business with a strong commitment to financial, environmental
and social responsibility. Following the Novo Nordisk Way, we are dedicated to delivering long-term value for people living
with serious chronic diseases, our employees, partners, shareholders and society at large.
9
Annual review / Introducing Novo Nordisk / Value creation
Strategic Aspirations 2025 progress
Strategic Aspirations 2025 Progress
Purpose and
sustainability
Progress towards zero environmental impact • Overall CO
2
e emissions (scope 1, 2 and full scope 3) increased by 23% compared to 2023
Being respected for adding value to society • Medical treatment provided to 43.0 million people living with diabetes and 2.2 million people living with obesity
• Reached more than 64,000 children in the Changing Diabetes
®
in Children programme
Being recognised as a sustainable employer • Share of women in senior leadership positions has increased by 0.7 percentage point to 42% compared to 2023
Sustainable supply chain • Acquisition of Catalent by Novo Holdings and the related acquisition by Novo Nordisk of three manufacturing sites from
Novo Holdings completed
Innovation and
therapeutic focus
Further raise the innovation-bar for Diabetes treatment • Awiqli
®
approved in the EU, Japan and China
• Complete Response Letter received for insulin icodec in the US
• Successful completion of phase 3a programme with IcoSema
• US approval and positive EU opinion for an update of the Ozempic
®
label based on the FLOW kidney trial
• Submission of the SOUL cardiovascular outcomes trial and STRIDE functional outcomes trial in the US and EU
Develop a leading portfolio of superior treatment solutions for Obesity • Phase 2 trial initiated with once-weekly GIP/GLP-1 dual agonist
• Phase 2a trial with monlunabant completed
• CagriSema demonstrated superior weight loss in the REDEFINE 1 trial
• Phase 3b trials, STEP UP and STEP UP T2D, with semaglutide 7.2 mg successfully completed
• Phase 1b/2a trial with injectable amycretin successfully completed
• Phase 1 trial with a tri-agonist (Triple) initiated
Strengthen and progress the Rare disease pipeline • Phase 3a trial, FRONTIER 2, with Mim8 successfully completed in people with haemophilia A
• Successful completion of the phase 2 part (interim) of the etavopivat HIBISCUS phase 2/3 trial
• Alhemo
®
(Concizumab) approved in the US and EU for the treatment of haemophilia A and B with inhibitors
• Alhemo
®
submitted in the EU for the treatment of haemophilia A and B without inhibitors
Establish presence in Cardiovascular & Emerging Therapy Areas focusing
on CVD, MASH and CKD
• Agreement to acquire Cardior Pharmaceuticals and lead asset CDR132L in phase 2 development for treatment of heart failure
• Phase 3 development initiated with ziltivekimab in HFpEF and AMI
• Phase 3 trial CLARION-CKD trial stopped as ocedurenone failed to meet primary endpoint
• Successful completion of part I of phase 3 trial ESSENCE with semaglutide 2.4 mg in MASH
Commercial
execution
Strengthen Diabetes leadership – aim at global value market share of more than 1/3 • Diabetes value market share remained unchanged at 33.7% (MAT)
More than DKK 25 billion in Obesity sales by 2025 • Obesity care sales increased by 57% (CER) to DKK 65.1 billion
Secure a sustained growth outlook for Rare disease • Rare disease sales increased by 9% (CER) to DKK 18.6 billion
Financials
Deliver solid sales and operating profit growth • Sales growth of 26% (CER)
• Operating profit growth of 26% (CER), negatively impacted by impairment losses related to intangible assets
Drive operational efficiencies across the value chain to enable investments in future growth assets • Operational leverage reflecting sales growth, when excluding impairment losses
Deliver free cash flow to enable attractive capital allocation to shareholders • Free cash flow of DKK (14.7) billion, negatively impacted by the Catalent transaction
• DKK 64.3 billion returned to shareholders
10
Annual review / Introducing Novo Nordisk / Strategic Aspirations 2025 progress
STRATEGIC
ASPIRATIONS
12 Purpose and sustainability
17 Innovation and therapeutic focus
26 Commercial execution
32 Financials
Novo Nordisk employees Jayashri Seshadri and Merlin Till Witte in our laboratories in
Måløv, Denmark. Jayashri and Merlin are part of a transformational research unit working
to improve the lives of people living with serious chronic diseases through innovative
stem cell-based therapies.
11
PURPOSE AND SUSTAINABILITY
Driving change in human
and planetary health
As the global prevalence of serious chronic diseases continues to increase, overburdened healthcare
systems face growing pressure to deliver cost-effective, quality care, while millions of people lack
access to essential treatments. In 2024, we reached more than 45.2 million people with our life-
changing medicines – an increase of 3.6 million compared to 2023. As our business grows, so does
our social responsibility to support vulnerable populations, and this year we were able to reach 8.4
million vulnerable people living with diabetes – a slight decrease compared to 2023. With the aim
of addressing growing health inequities, we are broadening our access and affordability initiatives,
including programmes like Changing Diabetes
®
in Children. Since its inception in 2009, this
programme has provided care and support to more than 64,000 young people – keeping us on
track to achieve our ambition of reaching a total of 100,000 children by 2030.
Prevention is similarly critical to reducing the global health burden, and we are investing more in
preventive health measures than ever before. Our GLP-1-based medicines hold the potential to deliver
substantial long-term healthcare savings by improving patient outcomes and reducing the need for
more intensive treatments. Meanwhile, the 2024 expansion of our pioneering urban health initiative,
Cities for Better Health, showcases our growing ambition to drive change outside the clinic. Building
upon a decade of insights, this expanded partnership programme now includes a Childhood Obesity
Prevention Initiative (COPI) aiming to deliver measurable, community-driven interventions that
promote healthy eating and physical activity among children living in underprivileged urban
communities. Initially launching in six cities across five continents, COPI complements our existing
work with UNICEF to prevent this escalating problem.
We also prioritise environmental sustainability – including nature and biodiversity – across our value
chain and have a clear focus on decoupling our environmental impact from our growth as we progress
towards our net zero 2045 emissions target. This will be a significant challenge with emissions continuing
to rise as our business expands to keep pace with demand, but we are determined to step up to the task.
To this end, we have updated roadmaps targeting reductions in our emissions, plastic footprint and
impact on nature and biodiversity, each laying out a clear path towards creating a more sustainable
business. Key focus areas include supporting our suppliers through a transition to renewable energy,
switching to reusable injection devices for our medicines wherever possible and exploring the use of
low-impact glucose alternatives in our production processes.
Despite the scale of the challenges ahead, our commitment to improving human and planetary
health remains unwavering. We are determined to do more with less – reaching more vulnerable
people with our life-saving medicines and doing more to curb the rising prevalence of serious
chronic diseases, all while minimising our environmental impact.
Strategic Aspirations 2025
1
Progress towards zero
environmental impact
2
Being respected for adding
value to society
3
Being recognised as
a sustainable employer
In an increasingly complex and unpredictable world, the intersection
of climate change, health inequity and the rising prevalence of serious
chronic diseases presents an unprecedented risk to both human and
planetary health. Recognising the magnitude of these challenges,
we are aiming to expand the reach and societal impact of our life-
changing medicines and preventive health initiatives while striving to
reduce our CO
2
e emissions, plastic footprint and impact on nature.
12
Annual review / Strategic Aspirations / Purpose and sustainability
2024
2023
8.4
8.8
Vulnerable people living with
diabetes reached
1
Million
1. The 2023 figure has been restated. Read more on page 75.
2023 47
512024
We are taking determined action to prevent serious chronic
diseases, focusing on improving urban health for vulnerable
communities and preventing childhood overweight and obesity.
These efforts are complemented by our Transformational
Prevention Unit, which aims to develop scalable and accessible
science-based solutions that can predict and pre-empt obesity
and its consequences.
Our pioneering urban health programme, Cities for Better
Health (CBH), sits at the forefront of our prevention efforts.
Now with a broadened scope that aligns with our expansion
into new therapy areas, this public-private partnership drives
action to prevent serious chronic diseases across a global
network of 51 large cities.
The Childhood Obesity Prevention Initiative (COPI) is the
latest initiative to come out of CBH. Taking aim at childhood
overweight and obesity, it seeks to deliver measurable,
community-driven interventions promoting healthy eating
and physical activity among children living in underprivileged
urban communities.
Guided by a global evidence-based framework, these measures
will target children aged between six and 13, aiming to positively
affect diet and physical activity, improve health-related quality of
life and promote healthy weight. The initiative complements our
ongoing collaboration with UNICEF to tackle childhood obesity,
where we are focusing on building healthy environments that
enable and empower children to eat well and be active.
Driving change in chronic
disease prevention
Tackling growing
health disparities
Cities reached via our Cities for
Better Health programme
Children playing in Campinas, Brazil,
one of the launch cities of COPI.
Bilguissa Balde was one of the first people
supported by CDiC. Today, she guides and
inspires younger children also living with
type 1 diabetes in Guinea.
Millions currently lack access to diabetes care due to high costs
or unavailability, often with devastating consequences.
In 2024, we reached 8.4 million vulnerable people with diabetes,
a 5% decrease from last year, mainly due to reduced tender sales of
human insulins. Despite this, our commitment to addressing health
inequity remains unwavering. We are intensifying efforts to make
care more affordable for vulnerable populations, improve supply
chains and build capacity for diagnosis and disease management.
Key initiatives include Changing Diabetes
®
in Children (CDiC),
which has reached over 64,000 children with type 1 diabetes
in low- and middle-income countries since 2009. Support can
include free life-saving medicine, blood glucose monitoring
equipment and medical supplies for young people under 25.
In the past year, the programme integrated new digital elements
to support access to care in vulnerable settings. This includes the
‘Diabetes Besties’ video series, which helps bridge the gap in
patient education for children living with diabetes.
Other initiatives include Partnering for Change, a collaboration
with the Danish Red Cross to address health issues in
humanitarian crises, and iCARE, an integrated business model
aimed at breaking down barriers to diabetes care in Middle Africa
and Indonesia. iCARE provides affordable insulin, trains healthcare
providers and empowers people with diabetes to improve their
health and quality of life.
13
Annual review / Strategic Aspirations / Purpose and sustainability
1. The 2023 figure has been restated; read more about this and our emissions targets on page 57.
Our commitment to delivering life-changing medicines to
millions of people worldwide compels us to responsibly manage
our use of water, energy and resources.
We have made significant progress in reducing our scope 1 and
2 emissions since 2019. However, our scope 3 emissions, which
comprise about 96% of our total emissions, continue to rise as
we grow to meet increasing demand for our medicines. To achieve
net zero emissions by 2045, we have a roadmap to reduce scope 3
emissions by 33% by 2033, using 2024 as the baseline. This
target – which covers nearly 70% of our scope 3 emissions in
accordance with Science Based Targets initiative (SBTi) provisions
– is aligned with climate science and has been submitted to the
SBTi for validation.
Key decarbonisation measures include switching to low-carbon
materials and feedstock across our production network, shifting
our distribution model to low-emissions transportation and
supporting our suppliers in transitioning to renewable energy. To
date, more than 1,800 suppliers have already committed to make
the switch. At the same time, we acknowledge that these measures
will not be enough to meet our target, and will therefore investigate
additional levers – including new technologies – to close this gap.
Additionally, we have sharpened our focus on the impact of our
operations on nature and biodiversity, setting an ambition to halt
nature loss across our value chain by 2033 and achieving nature-
positive status by 2045.
Decoupling environmental
impact from our growth
Reducing our
plastic footprint
Around the world, millions of people with serious chronic
diseases depend on medical devices. Once used, many of
these devices end up in landfills or are incinerated, wasting
tonnes of valuable materials that could be recycled. As the
number of people who rely on our medicines increases, so
does our obligation to help address the related environmental
issues – including plastic waste.
To this end, we are targeting a 30% reduction in the amount of
plastic used per patient by 2033, underpinned by the adoption
of a reduce, change and avoid approach across our diabetes
and obesity portfolio. We aim to achieve this by transitioning
from disposable to reuseable devices and by developing new
medicines designed to be administered less frequently.
In addition, we are scaling up our ReMed™ device take-back
scheme to avoid plastic waste ending up in landfills. ReMed™
is built on the success of our local take-back pilot programmes,
enabling pen users to return their used devices to give the
plastic a new life. Four years on, and more than four million
returned pens since the launch of the first pilot, the scheme is
now active in seven key markets – including Denmark, where
we collaborate with other healthcare companies to offer a
unique industry-wide solution. The same collaborative model
will be piloted in the UK in 2025.
“We are targeting a 30%
reduction in the amount
of plastic used per patient
by 2033”
0.4
0.3
0.2
0.1
0
Plastic footprint
Plastic footprint per patient, kg/patient/year
2024 2033
Plastic Target
0.35
0.25
0
20242023
2,500
2,000
1,500
1,000
500
0
20452033
Scope 1, 2 and 3 emissions
1
CO
2
e emissions (1,000 tonnes)
Scope 1:
Direct emissions from
owned/controlled sources
Scope 2:
Indirect emissions from
purchased energy
Scope 3:
Indirect emissions in the
value chain
Scope for 2033 target
Target
1,000
+23%
-33%
-30%
1,836
2,261
14
Annual review / Strategic Aspirations / Purpose and sustainability
We create value by
having a patient-centred
business approach.
We set ambitious goals
and are empowered to
achieve them.
We are accountable
for our financial,
environmental and
social performance.
We are curious and
innovate for the benefit
of patients and society
at large.
We build and maintain
good relations with
our stakeholders.
We value diversity
and treat everyone
with respect.
We focus on
performance and
personal development.
We have a healthy and
engaging working
environment.
We strive for agility
and simplicity in
everything we do.
We never compromise
on quality and ethics.
The extraordinary surge in demand for our life-changing medicines in recent years has led to
a substantial increase in the number of new hires as we expand our workforce to keep pace.
Last year alone, we added 13,030 employees across our global organisation, which now
comprises 77,349 colleagues worldwide.
Our focus is on sustainably scaling our organisation; ensuring it is run efficiently, our priorities
remain clear and our resources are used optimally. This approach helps safeguard the
wellbeing of our expanding workforce and bolsters our reputation as a highly engaged and
supportive place to work. Last year, we recorded an overall engagement score of 85% in our
annual company survey, which saw a record 90% of all employees participate.
To support the integration of our new colleagues, we aim to equip all new hires with the
support and resources they need to onboard and connect with our strong company culture
and purpose, which remain essential to our success.
By dedicating additional time and resources to this integration process, we also help to foster
an environment that values diverse perspectives and ensures every employee feels included.
Moreover, it is crucial that we maintain a sustainable work-life balance for all our employees.
As our business grows, we are carefully monitoring workplace stress levels, targeting a 10%
annual reduction in the number of employees reporting symptoms of stress. Although we did
not meet this target in 2024, when overall stress levels remained unchanged year-on-year at
13.8%, we will continue to implement new measures to address symptoms of stress at the
earliest opportunity.
The foundation of our commitment to supporting the wellbeing and development of our
employees is the Novo Nordisk Way; a set of guiding principles constituting the core of our
identity and operations. It bridges our company’s past, present and future, steering our
strategy, decisions and behaviours. By familiarising new employees with the 10 Essentials that
direct the decisions and actions of every Novo Nordisk colleague, we uphold our dedication to
the company’s core values of openness, accountability and respect. We employ a distinctive,
systematic approach known as facilitation – value audits – to ensure that all employees adhere
to these Essentials.
Sustainably scaling
our organisation
The Novo Nordisk Way Essentials
1
2
3
4
5
8
9
10
7
6
“Our focus is on sustainably scaling our organisation; ensuring it is run
efficiently, our priorities remain clear and our resources are used optimally”
15
Annual review / Strategic Aspirations / Purpose and sustainability
16
Annual review / Strategic Aspirations / Purpose and sustainability
INNOVATION AND THERAPEUTIC FOCUS Our evolution from a diabetes-centric company to an organisation with a broader focus on
metabolic and cardiovascular health requires even sharper prioritisation across our portfolio.
To do this, we have established the role, purpose and ambition level for each therapy area based
on future opportunities, while at the same time assessing our competitive strengths and the
capabilities required to unlock these opportunities.
The result is a clear set of priorities that guide our R&D and external business development
activities across therapy areas. These include significant investments in novel technological
platforms as well as strategic collaborations and acquisitions that expand our research horizons
and ensure we remain at the forefront of therapeutic innovation.
Our primary strategic focus remains on strengthening our leadership position in diabetes and
obesity. The latter is an increasingly critical area of unmet medical need, impacting more than one
billion people worldwide. Our robust pipeline underscores our ambition to develop transformative
treatment solutions. Notable advancements include the phase 3 development of CagriSema, an
innovative once-weekly combination of an amylin analogue (cagrilintide) and GLP-1 receptor agonist
(semaglutide), and successfully completing the phase 1b/2a trial with subcutaneous amycretin,
a unimolecular long-acting GLP-1 and amylin receptor agonist.
Driven by a strong focus on strategic partnerships and external innovation, our modality portfolio
has expanded significantly in recent years, and now incorporates diverse approaches including
proteins and peptides, small interfering ribonucleic acid (siRNA), small molecules, cell therapy
and gene editing. This diversification enables us to leverage multiple modalities for target biology,
enhancing our ability to address complex diseases. Ongoing projects include collaborations with
biotech firms including Heartseed (cell therapy) and Ventus Therapeutics (small molecules) to
identify novel drug candidates for the treatment of heart failure and atherosclerotic cardiovascular
disease, while the acquisition of the megaTAL technology platform from longstanding partner
2seventy bio has enhanced our in-house gene editing capabilities in haemophilia.
Artificial intelligence (AI) and human data also play a pivotal role in our R&D activities. By leveraging
real-world evidence and diverse data cohorts, we are able to enhance our early discovery processes,
while our AI-driven data mining and analyses help us mitigate risks involved in translating findings
from animal models to humans. This approach accelerates the discovery of new targets and
increases the likelihood of clinical success. Our R&D hub in the greater Boston area, a world-leading
life sciences cluster, exemplifies this forward-thinking approach, working with local partners to
leverage the power of machine learning, big data and AI to enhance our R&D capabilities.
As healthcare innovation accelerates at an unprecedented rate,
Novo Nordisk is driving transformative change across multiple therapy
areas, with a particular focus on meeting unmet patient needs in
diabetes, obesity, cardiovascular diseases and rare blood disorders.
Through strategic investments in AI-driven drug discovery, clinical trial
optimisation and new technological platforms, our ambition is to set new
standards for innovation that deliver tangible, lasting improvements to
the lives of the people we serve.
Empowering patients
with life-changing
innovations
Strategic Aspirations 2025
1
Further raise the innovation-bar for Diabetes treatment
2
Develop a leading portfolio of superior treatment
solutions for Obesity
3
Strengthen and progress the Rare disease pipeline
4
Establish presence in Cardiovascular & Emerging
Therapy Areas focusing on CVD, MASH and CKD
1
1. Cardiovascular disease, metabolic dysfunction-associated steatohepatitis and chronic kidney disease.17
Annual review / Strategic Aspirations / Innovation and therapeutic focus
Developing breakthrough
innovations in obesity
Obesity is a public health crisis impacting more than one billion people worldwide. Meeting unmet
needs in obesity is a critical focus area for Novo Nordisk, and our aim is to build a differentiated portfolio
of superior treatment solutions that go beyond weight loss to deliver meaningful improvements in
overall metabolic and cardiovascular health and physical function. Over the past year, we have
strengthened our leadership position in this dynamic and rapidly-growing space. At the forefront
of these advancements are two promising investigational therapies: CagriSema and amycretin.
CagriSema, currently in phase 3 development for the treatment of obesity or overweight and type 2
diabetes, aims to combine the proven efficacy of semaglutide with the potential complementary
benefits of cagrilintide, a novel amylin analogue. Topline results from the pivotal REDEFINE 1 phase 3a
trial demonstrated 22.7% weight loss vs 2.3% with placebo alone after 68 weeks if all people adhered to
treatment – among the highest reductions yet seen in a phase 3a programme for a GLP-1 combination
therapy. CagriSema appeared to have a safe and well-tolerated profile in the study. The most common
adverse events were gastrointestinal, and the vast majority were mild to moderate and diminished over
time, consistent with the GLP-1 receptor agonist class. With the insights obtained from the REDEFINE 1
trial, we plan to further explore the weight loss potential of CagriSema in an additional study.
Amycretin, a novel unimolecular GLP-1 and amylin receptor agonist, aims to combine the physiological
effects of these two biologies, enhancing glucose-dependent insulin secretion, inhibiting glucagon
release, slowing gastric emptying and promoting satiety. Findings from a phase 1b/2a study of
subcutaneous amycretin demonstrated a safety profile consistent with incretin-based therapies.
The most common adverse events were gastrointestinal and the vast majority were mild to moderate
in severity. When evaluating the effects of treatment if all people adhered to treatment, amycretin
demonstrated an estimated body weight loss of 9.7% on 1.25 mg (20 weeks), 16.2% on 5 mg (28 weeks)
and 22.0% on 20 mg (36 weeks). People treated with placebo experienced an estimated 1.9%, 2.3% and
2.0% body weight gain, respectively. These results support the weight lowering potential of amycretin
previously seen with the once-daily oral formulation, which demonstrated 13.1% weight loss after 12
weeks in a phase 1 study.
In addition to these developments, we successfully completed two phase 3b obesity trials with
semaglutide 7.2 mg. When evaluating the effects of treatment if all people adhered to treatment over
72 weeks, semaglutide 7.2 mg demonstrated 20.7% weight loss vs 2.4% with placebo in people with
obesity in the STEP UP study, and 14.1% weight loss vs 3.6% with placebo in people with obesity and
type 2 diabetes in the STEP UP T2D study.
We are also continuing to unpack the full data sets from our landmark SELECT trial programme, which
include samples from approximately 11,000 people collected over a five-year period. Enhanced by AI
and digital capabilities, these data can help us identify new targets and biomarkers for future projects
and predict disease progression and treatment response.
Patricio Argüelles
lives with obesity
in Mexico.
18
Annual review / Strategic Aspirations / Innovation and therapeutic focus
Pioneering transformational
treatments for diabetes
The discovery of insulin more than 100 years ago transformed diabetes from a death sentence
into a manageable disease.
Today, we are still driving change in diabetes by improving quality of life through innovative
new treatments and delivery devices. The past year has been no exception, characterised by
advancements in our diabetes pipeline that demonstrate our commitment to raising the bar
for innovation in this ever-evolving therapy area.
CagriSema is a once-weekly combination of an amylin analogue (cagrilintide) and a GLP-1
receptor agonist (semaglutide). It is currently in phase 3 development for the treatment of
type 2 diabetes in the REIMAGINE programme to assess its effects on blood glucose
regulation, body weight and broader metabolic health parameters. A separate phase 3
programme – REDEFINE – is also investigating CagriSema for the treatment of obesity.
We are also making progress in the development of a once-weekly GIP/GLP-1 receptor dual
agonist, aiming to leverage the combined benefits of two powerful incretin hormones. By
activating both GIP (gastric inhibitory polypeptide) and GLP-1 receptors, this investigational
therapy aims to enhance blood sugar control, increase insulin secretion, reduce glucagon
levels and promote weight loss.
In type 1 diabetes, our early-stage pipeline has similarly transformative potential. Key projects
include Pumpsulin, which aims to deliver a novel fast-acting insulin optimised for use in
future insulin pump-based fully closed-loop CSII (Continuous Subcutaneous Insulin Infusion)
systems, and our work on developing a glucose-sensitive insulin. Currently in phase 1 clinical
development, this cutting-edge therapy is designed to automatically respond to the body’s
glucose levels, offering a more dynamic and physiological approach to insulin treatment.
Another notable example is our DNA immunotherapy project. Targeted at individuals recently
diagnosed and at risk of developing type 1 diabetes, this investigational therapy aims to
transform the management of the disease by addressing the root cause of the immune
system’s harmful response. Administered through regular injections, it seeks to ‘retrain’ the
immune system to stop attacking insulin-producing cells in the pancreas. By doing so, the
therapy aims to preserve the body’s natural ability to produce insulin, potentially preventing
or delaying the onset of type 1 diabetes.
Novo Nordisk
employee Jacob
Sten Petersen and
his daughter Vita at
the Breakthrough
T1D Walk in the US.
Vita was diagnosed
with type 1 diabetes
at age three.
“The therapy aims to preserve the body’s natural ability to produce insulin,
potentially preventing or delaying the onset of type 1 diabetes”
19
Annual review / Strategic Aspirations / Innovation and therapeutic focus
CARDIOVASCULAR & EMERGING THERAPY AREAS
Cardiovascular disease,
the world’s biggest killer
Cardiovascular diseases (CVD) are the leading cause of death globally, taking an estimated
17.9 million lives each year. The prevalence of CVD is on the rise, driven by factors such as
ageing populations, lifestyle changes and increasing rates of obesity and diabetes. This
growing burden underscores the urgent need for innovative treatments to manage and
mitigate the impact of cardiovascular (CV) conditions.
Although CVD is a crowded, highly competitive therapy area, significant unmet needs persist.
Our GLP-1-based therapies Ozempic
®
, Wegovy
®
and Rybelsus
®
have all demonstrated a
reduction in risk of major adverse CV events in separate cardiovascular outcomes trials, adding
to the growing body of evidence supporting the robust cardiometabolic profile of semaglutide.
Beyond our portfolio of GLP-1-based medicines, we are also developing a pipeline of CV assets
targeting specific, underserved areas where we can leverage our expertise in metabolic
diseases. Central to these efforts is ziltivekimab, our lead CV candidate currently in phase 3
development across multiple CV indications.
Acquired as part of a business development deal to bring Boston-based biotech firm Corvidia
Therapeutics in-house back in 2020, ziltivekimab is an investigational monoclonal antibody
designed to target interleukin-6 (IL-6), a protein in the inflammation pathway linked to the
development of different CV conditions. By targeting IL-6, ziltivekimab is under investigation
to reduce inflammation and potentially improve outcomes across a spectrum of CV conditions
– including atherosclerotic cardiovascular disease, heart failure with preserved ejection
fraction, and acute myocardial infarction.
Phase 2 data demonstrated that ziltivekimab significantly lowers inflammation biomarkers
linked to atherosclerosis in individuals with advanced chronic kidney disease. With phase 3 trials
now in progress, our goal is to establish the first-in-class therapy as a foundational treatment
for high-risk cardiovascular patients, aiming to improve cardiovascular outcomes by targeting
systemic inflammation.
With the potential to improve outcomes across several indications, ziltivekimab exemplifies our
commitment to strengthening our position in the CVD space.
Greg Patterson
lives with
cardiovascular
disease in the US.
“Phase 2 data demonstrated that ziltivekimab significantly lowers
inflammation biomarkers linked to atherosclerosis in individuals with
advanced chronic kidney disease”
20
Annual review / Strategic Aspirations / Innovation and therapeutic focus
CARDIOVASCULAR & EMERGING THERAPY AREAS
Tania DaSilva works at Novo Nordisk
in the US and lives with MASH.
Semaglutide has already proven its effectiveness in enhancing
glycaemic control, promoting weight loss and reducing
cardiovascular risk. Now, it has demonstrated potential as a
treatment for metabolic dysfunction-associated steatohepatitis
(MASH), a progressive liver disease that affects more than
250 million people worldwide.
MASH is characterised by liver inflammation and damage
due to fat accumulation. If left untreated, this condition can
progress to cirrhosis and liver failure, posing a significant
health risk. Yet with only one pharmacological treatment
approved specifically for MASH, there is significant unmet
need in the space for effective therapeutic options.
According to the headline results from part one of the
ESSENCE trial, semaglutide 2.4 mg demonstrated a statistically
significant and superior improvement in liver fibrosis with
no worsening in steatohepatitis – as well as resolution of
steatohepatitis with no worsening of liver fibrosis at 72 weeks.
This initial phase of the study included 800 people with MASH
and moderate to advanced liver fibrosis.
Part two of the trial, designed to evaluate the long-term impact
of semaglutide 2.4 mg on liver-related clinical events, is set to
continue until 2029. Meanwhile, Novo Nordisk plans to file for
regulatory approval in the US and EU in the first half of 2025.
“Semaglutide 2.4 mg
demonstrated a statistically
significant and superior
improvement in liver fibrosis
with no worsening in
steatohepatitis”
“By combining AI
with high-throughput
experimentation, we have
assessed one billion virtual
molecules via computer
modelling and screened
approximately 2,500
compounds in the lab”
Emerging therapies
for MASH
We are revolutionising our R&D efforts through artificial
intelligence (AI), particularly in drug discovery, molecular design
and clinical trial optimisation.
In drug discovery, AI is playing a pivotal role in identifying
new compounds. By combining AI with high-throughput
experimentation, we have assessed one billion virtual molecules
via computer modelling and screened approximately 2,500
compounds in the lab. This led to the discovery of a highly
selective amylin compound that closely mimics the natural
hormone, requiring 50-75% fewer design rounds.
Molecular design has also advanced through AI. By leveraging
predictive pharmacology and knowledge mining, we are able
to accelerate the design cycles of new molecules, expediting
development and enhancing the precision of targeted therapies.
AI is also optimising our clinical trials by identifying subpopulations,
improving trial design and site selection and forecasting outcomes.
For example, harmonising data from around 1,600 clinical trials,
including SELECT and STEP, has provided best-in-class
cardiometabolic data, leading to improved disease insights,
patient stratification and drug target identification.
We are also enhancing our AI capabilities through strategic
partnerships. Our recently expanded collaboration with Valo
Health is a prime example of our approach, seeking to accelerate
the development of up to 20 novel drug programmes within the
cardiometabolic space by leveraging cutting-edge AI technology
and extensive human datasets.
Pioneering AI in
research and development
ARTIFICIAL INTELLIGENCE
Yogesh Shelke works in US R&D at
Novo Nordisk.
21
Annual review / Strategic Aspirations / Innovation and therapeutic focus
Pioneering new treatments
for rare blood disorders
Ebrar Oruc lives
with haemophilia A
in Turkey.
Novo Nordisk has a long-standing legacy of pioneering advancements in the treatment of rare
blood disorders, and our pipeline is primed to extend this tradition. In haemophilia A, our
investigational treatment Mim8 represents an optimised therapeutic approach that could redefine
the standard of care for patients worldwide, while a novel oral Factor VIIIa mimetic could be on
the horizon with Inno8.
Traditional treatments for haemophilia A often require intravenous infusions and cumbersome
administration procedures, posing a significant burden for patients. Mim8 offers a promising
alternative, administered subcutaneously in a weekly, bi-weekly or monthly dose. It mimics the
function of missing clotting Factor VIII (FVIII) by bridging Factor IXa and Factor X to restore the
body’s ability to form blood clots. Mim8 is currently pending submission for regulatory review.
Inno8 holds the potential to become the first-ever oral treatment for haemophilia A. Inno8 is a
small antibody fragment that – like Mim8 – mimics FVIIIa function, but the size of the molecule
is small enough to enable oral absorption. The Inno8 development programme is focused on a
fast-to-market approach with overlapping clinical trials, seeking to provide a convenient and
efficacious alternative to regular infusions.
We have also partnered with a pioneering biotech firm, 2seventy bio, to develop a groundbreaking
gene editing treatment for haemophilia A. This collaboration – which was initiated in 2019,
extended in 2022 and resulted in the acquisition of the megaTAL technology platform in 2024
– aims to correct the clotting factor deficiency in patients, potentially eliminating the need for
regular treatments.
Our efforts extend beyond haemophilia to haemoglobinopathies, a group of inherited genetic
blood disorders affecting the structure or production of the haemoglobin molecule. Here, we are
building a research portfolio to address the underlying disease pathophysiology. We are utilising
our innovative technology platforms to restore red blood cell health and reduce inflammation
and organ damage. Etavopivat, an investigational oral once-daily therapeutic developed to
improve anaemia and red blood cell health in people with sickle cell disease (SCD), is at the
forefront of our efforts in this area.
Etavopivat was acquired as part of the deal that brought Forma Therapeutics in-house back in 2022,
and is currently in a phase 3 clinical trial in adolescents and adults with SCD, and a phase 2 trial for
people with transfusion-dependent SCD and thalassemia, another hereditary haemoglobinopathy
disorder. Results from the phase 2 part of the HIBISCUS trial programme were presented at the
Annual Meeting of the American Society of Hematology in 2024, and indicate that etavopivat has
the potential to improve haemoglobin levels and reduce the incidence of vaso-occlusive crises
compared to placebo – severe pain caused when blood vessels are blocked and deprive tissues of
oxygen – in people with SCD.
22
Annual review / Strategic Aspirations / Innovation and therapeutic focus
Annual review / Strategic Aspirations / Innovation and therapeutic focus
RARE DISEASEOBESITYDIABETES CARDIOVASCULAR & EMERGING THERAPY AREAS
Project Indication Description Phase
IcoSema
NN1535
T2D
1
A combination of GLP-1
2
receptor
agonist semaglutide and insulin
icodec intended for once-weekly
subcutaneous treatment.
Icodec
NN1436
T1D
3
and T2D
A long-acting basal insulin analogue
intended for once-weekly
subcutaneous treatment.
CagriSema
NN9388
T2D A combination of amylin analogue
cagrilintide and GLP-1 receptor
agonist semaglutide intended for
once-weekly subcutaneous treatment.
OW GIP
4
/GLP-1
NN9541
T2D A dual GLP-1/GIP receptor agonist
intended for once-weekly
subcutaneous treatment.
GELA
NN9506
T2D A collaboration with GE Healthcare,
using ultrasound for once-monthly
treatment.
Amycretin
NN9490
T2D A unimolecular long-acting GLP-1 and
amylin receptor agonist intended for
once-daily oral treatment and
once-weekly subcutaneous treatment.
Pumpsulin
NN1471
T1D A novel insulin analogue for use in
closed loop pump systems.
DNA
immuno therapy
NN9041
T1D A novel plasmid encoding
pre-proinsulin, TGF
5
-beta1, IL
6
-10 and
IL-2 intended for subcutaneous
treatment.
OW Oral
Semaglutide
NN9904
T2D An oral version of the GLP-1 receptor
agonist intended for once-weekly
treatment.
GSI
7
NN1644
T1D An injectable glucose sensitive insulin
intended for once daily treatment.
Project Indication Description Phase
Oral Semaglutide
NN9932
Obesity A long-acting GLP-1 receptor agonist,
25 mg and 50 mg, intended for
once-daily oral treatment.
Semaglutide
7.2 mg
NN9536
Obesity A long-acting GLP-1 receptor agonist,
7.2 mg, intended for once-weekly
subcutaneous treatment.
CagriSema
NN9838
Obesity A combination of amylin analogue
cagrilintide and GLP-1 receptor
agonist semaglutide intended for
once-weekly subcutaneous treatment.
GELA
NN9505
Obesity A collaboration with GE Healthcare,
using ultrasound for once-monthly
treatment.
Monlunabant
NN9440
Obesity CB-1
8
receptor inverse agonist
intended for once-daily oral
treatment.
Cagrilintide
NN9833
Obesity An amylin analogue intended for
once-weekly subcutaneous treatment.
Amycretin
NN9487
Obesity A unimolecular long-acting GLP-1 and
amylin receptor agonist intended for
once-daily oral treatment and
once-weekly subcutaneous treatment.
INV-347
NN9441
Obesity CB-1 receptor inverse agonist
intended for once-daily oral
treatment.
OW GIP/GLP-1
NN9542
Obesity A dual GLP-1/GIP receptor agonist
intended for once-weekly
subcutaneous treatment.
Triple
NN9662
Obesity Tri-agonist.
Amylin 355
NN9638
Obesity Amylin analogue developed for
once-weekly subcutaneous treatment.
Project Indication Description Phase
Mim8
NN7769
Haemophilia
A w/wo
inhibitors
A next generation FVIIIa mimetic
bispecific antibody intended for
subcutaneous prophylaxis for
haemophilia A.
Etavopivat
NN7535
Sickle cell
disease
A second-generation small molecule
PKR
9
-activator intended for once-daily
oral treatment.
Etavopivat
NN7536
Thalassemia A second-generation small molecule
PKR-activator intended for once-daily
oral treatment.
NDec
NN7533
Sickle cell
disease
An oral combination of decitabine and
tetrahydrouridine. The project is
developed in collaboration with
EpiDestiny.
TMPRSS2
RNAi
10
Hereditary
haemo-
chromatosis
Small interfering RNA intended for
once every 1 to 3 months
subcutaneous treatment.
Inno8
NN7441
Haemophilia
A w/wo
inhibitors
An antibody intended for oral
administration.
Project Indication Description Phase
Ziltivekimab
NN6018
CKD
11
ASCVD
12
AMI
13
HFpEF
14
A once-monthly monoclonal antibody
intended for inhibition of IL-6 activity.
Coramitug
NN6019
CVD
15
An anti-amyloid immunotherapy
intended for intravenous treatment.
CM4HF
NN9003
CVD An investigational cell therapy
intended for restoring heart function
in people with chronic heart failure.
Anti-ANGPTL3
mAb NN6491
CVD An ANGPTL3
16
neutralising sweeping
antibody intended for once-monthly
subcutaneous treatment.
Semaglutide
NN6535
Alzheimer’s A long-acting GLP-1 receptor agonist
intended for once-daily oral or
once-weekly subcutaneous treatment.
Semaglutide
NN9931
MASH
17
A long-acting GLP-1 receptor
agonist intended for once-weekly
subcutaneous treatment.
CagriSema
NN9588
MASH A combination of amylin analogue
cagrilintide and GLP-1 analogue
semaglutide intended for once-weekly
subcutaneous treatment.
Zalfermin
NN9500
MASH A long-acting FGF21
18
analogue
intended for once-weekly
subcutaneous treatment.
CDR132L
NN6706
Heart
failure
An RNA
19
-based oligonucleotide
inhibitor developed for once-monthly
intravenous treatment.
LXRa
20
NN6582
MASH A siRNA
21
targeting LXRa intended for
once-monthly subcutaneous treatment.
MARC1
22
NN6581
MASH A siRNA molecule targeting MARC1
intended for once-monthly
subcutaneous treatment.
SC4PD
NN9001
Parkinson’s Cryopreserved cell therapy developed
for disease modifying treatment.
DCR-XDH
NN4004
Gout An RNA-based oligonucleotide
intended for subcutaneous treatment.
Ventus NLRP3i
23
NN6022
CVD Small molecule NLRP3 inhibitor
intended for once-daily oral treatment.
CNP HF
NN6537
Heart failure C-type natriuretic peptide intended for
once-weekly subcutaneous treatment.
PD-L1
24
NN4003
Oncology A PD-L1 GalXC™-derived lipid
conjugate intended for once-monthly
subcutaneous treatment.
STAT3
NN4002
Oncology A GalXC™-derived lipid conjugate
one-time subcutaneous treatment.
1. T2D: Type 2 diabetes. 2. GLP-1: Glucagon-like peptide-1. 3. T1D: Type 1 diabetes. 4. GIP: Gastric inhibitory polypeptide. 5. TGF: Transforming growth factor. 6. IL: Interleukin. 7. GSI: Glucose-sensitive insulin. 8. CB-1: Cannabinoid receptor-1.
9. PKR: Pyruvate kinase-R. 10. RNAi: Ribonucleic acid interference. 11. CKD: Chronic kidney disease. 12. ASCVD: Atherosclerotic cardiovascular disease. 13. AMI: Acute miocardial infarction. 14. HFpEF: Heart failure with preserved ejection
fraction. 15. CVD: Cardiovascular disease. 16. ANGPTL3: Angiopoietin-like 3. 17. MASH: Metabolic dysfunction-associated steatohepatitis. 18. FGF21: Fibroblast growth factor 21. 19. RNA: Ribonucleic acid. 20. LXRa: Liver X receptor alpha.
21. siRNA: Small interfering RNA. 22. MARC1: Mitochondrial amidoxime-reducing component 1. 23. NLRP3i: NOD-like receptor protein 3 inhibitor. 24. PD-L1: Programmed death ligand 1.
Phase 1 Phase 2 Phase 3 Submission and/or approval
Status in 2023 Progress in 2024
Pipeline overview
23
RARE DISEASEOBESITYDIABETES CARDIOVASCULAR & EMERGING THERAPY AREAS
Regulatory events
• Awiqli
®
, once-weekly insulin icodec, was approved by the
EMA (European Medicines Agency) and PMDA
(Pharmaceuticals and Medical Devices Agency) for the
treatment of T2D and T1D and by the CDE (Center for
Drug Evaluation) for the treatment of T2D.
• Icodec received a complete response letter from the FDA
(Food and Drug Administration).
• Rybelsus
®
(oral semaglutide) received approval by the
EMA and the FDA for three formulation changes of
tablets (1.5 mg, 4 mg, 9 mg).
• Ozempic
®
label expansion was approved by the EMA to
reflect the reduction in kidney disease related events in
people with T2D based on FLOW results.
• FLOW results were submitted for Ozempic
®
(semaglutide
injection, 1 mg) to FDA, PMDA and CDE for the treatment
of chronic kidney disease in patients with T2D.
• IcoSema was submitted to the EMA and CDE for initial
marketing authorisation for the treatment of T2D.
• Zegalogue
®
(dasiglucagon) was approved by the EMA for
treating severe hypoglycaemia (low blood glucose levels)
in adults and children from 6 years.
• DuraTouch
®
device has received the CE (Conformitée
Européenne) mark in all countries of the European union.
Clinical progress
• Phase 3a trial programme, COMBINE, investigating
once-weekly IcoSema in people with T2D was completed.
• Phase 3a trials, REIMAGINE 1 and 3, investigating
CagriSema as monotherapy and as add-on to insulin in
people with T2D respectively were initiated.
• Phase 3b trials of the REIMAGINE programme
comparing CagriSema (2.4/2.4 mg) vs tirzepatide (15 mg)
and comparing CagriSema (1/1 mg) vs tirzepatide (5 mg)
in patients with T2D were initiated.
• Phase 3b trials, ONWARDS 8 and 10, investigating icodec
in people with T2D were initiated.
• Phase 3b trial, ONWARDS 9, investigating icodec in
insulin-naive people with T2D was completed.
• Phase 3b trial, COMBINE 4, investigating IcoSema vs
glargine in a post OAD (oral anti-diabetic) population
was initiated.
• Phase 3b CVOT (cardiovascular outcomes trial), SOUL,
investigating Rybelsus
®
, oral semaglutide 14 mg, on
cardiovascular outcomes in people with T2D and
established cardiovascular disease and/or chronic kidney
disease was completed.
• Phase 3b trial, STRIDE, investigating semaglutide
subcutaneous 1.0 mg in people living with T2D and
peripheral arterial disease was completed.
• Phase 3b outcomes trial, FLOW, investigating
semaglutide sc. 1.0 mg in people living with T2D and
chronic kidney disease was completed.
• Phase 2 programme investigating OW GIP/GLP-1 in
people living with chronic kidney disease and a dose
finding study in people living with diabetes were initiated.
• Phase 2 trial, a dose finding trial, investigating
subcutaneous amycretin in people living with diabetes
was initiated.
• Phase 2 trial investigating CagriSema in people living
with T2D and chronic kidney disease was initiated.
• Phase 1/2, a first in human dose and multiple dose trial,
investigating DNA immunotherapy in development for
T1D was completed.
• Phase 1 trial investigating GSI in people living with T1D
was initiated.
• Once-monthly GIP/GLP-1 developed for glycaemic
control in people with T2D was terminated.
Regulatory events
• Wegovy
®
was approved by the FDA to reduce the risk of
major cardiovascular events (MACE) and EMA adopted a
positive opinion to reflect risk reduction of major
cardiovascular events in people with overweight or
obesity and established cardiovascular disease in the
label based on SELECT CVOT results.
• Wegovy
®
was approved by the CDE for weight
management in people living with overweight or obesity.
• Wegovy
®
label expansion was approved by the EMA to
reflect the reduction in symptoms and improved physical
limitations and exercise function in people with
obesity-related heart failure with preserved ejection
fraction (HFpEF) based on STEP-HFpEF results.
• Wegovy
®
label expansion was approved by the EMA to
reflect the reduction of pain and improved physical
function related to knee osteoarthritis in people living
with obesity based on the results of the STEP 9 trial.
Clinical progress
• Phase 3a trial, REDEFINE 1, investigating efficacy and
safety of cagrilintide (2.4 mg) in combination with
semaglutide (2.4 mg) in people with overweight or
obesity was completed. The extension study of
REDEFINE 1 is ongoing.
• Phase 3b trial, REDEFINE 9, investigating CagriSema
(1.7 mg/1.7 mg) and CagriSema (1.0 mg/1.0 mg) effects
on weight reduction in people with overweight or
obesity was initiated.
• Phase 3b trial, OASIS 4, investigating oral semaglutide
(25 mg) weight loss in people living with overweight with
weight-related comorbidities or obesity was completed.
• Phase 3b trials, STEP UP and STEP UP T2D, investigating
semaglutide (7.2 mg) on weight loss were completed.
• Phase 2a trial investigating monlunabant (INV-202) in
patients with obesity and metabolic syndrome has been
completed.
• Phase 1 first in human dose trial investigating amylin
355 in people with overweight or obesity was initiated.
• Phase 1 trial studying the safety and tolerability of oral
amycretin was completed.
• Phase 1b trial, a dose-finding study investigating oral
amycretin was initiated.
• Phase 1b/2a trial, investigating subcutaneous amycretin
was completed.
• Phase 1 Triple first in human trial was initiated.
Regulatory events
• Esperoct
®
was approved by the CDE for treatment and
prevention or reduction of number of bleeding episodes
in people with haemophilia A.
• Alhemo
®
(concizumab) was approved by the EMA and
FDA for the treatment of haemophilia A and B disease
with inhibitors and by the PMDA for the treatment of
haemophilia A and B disease with and without
inhibitors.
Clinical progress
• Phase 3a trials, FRONTIER 2 and 5, investigating
once-weekly to once-monthly subcutaneous Mim8 in
people aged 12 or older with haemophilia A were
completed.
• Phase 3a trial, HIBISCUS 2, investigating etavopivat in
adolescents and adults living with sickle cell disease was
initiated.
• Phase 2 trial investigating etavopivat on cerebral
haemodynamic response in children with sickle cell
disease was initiated.
• Phase 2 trials investigating etavopivat for the treatment
of myelodysplastic syndromes (MDS) have been closed.
The MDS programme was terminated.
• Phase 1 first in human trial investigating Inno8 was
initiated.
• Phase 1 trial investigating TMPRSS6 RNAi in people
living with hereditary haemochromatosis was initiated.
Clinical progress
• Phase 3a trial, ESSENCE, investigating semaglutide
subcutaneous 2.4 mg efficacy and safety in people with
MASH completed its primary interim data readout, the
trial is continuing to investigate the effect on outcomes
in people with MASH.
• Phase 3a trial, CLARION-CKD, investigating ocedureone
in patients with uncontrolled hypertension and
advanced chronic kidney disease was terminated. The
ocedureone programme was terminated.
• Phase 3a CVOT, ARTEMIS, investigating the effect of
ziltivekimab on outcomes in people with acute
myocardial infarction was initiated.
• Phase 3a trial, ATHENA, investigating the effect of
ziltivekimab on functional outcomes in HFpEF patients
was initiated (SPA).
• Novo Nordisk acquired Cardior with lead asset CDR132L.
• Phase 1 trial investigating VAP-1i, a GLP-1/GIP receptor
agonist for people living with MASH was terminated.
• Phase 1 first in human trial investigating Ventus NRLP31
was completed.
• Phase 1 trial investigating DCR-XHD in people living with
refractory gout was initiated.
• Phase 1 first in human and single ascending dose trial
investigating CNP HF was initiated.
• Phase 1 trial, investigating safety and tolerability of
PD-L1 in adult oncology patients with solid tumours
refractory to standard therapy was initiated.
Research and development progress
24
Annual review / Strategic Aspirations / Innovation and therapeutic focus
1. This overview does not include products whose sales represent less than 0.5% of Novo Nordisk’s total sales. 2. Patent status varies from country to country. The figures in the table are based on Germany.
3. For Ozempic
®
in Canada, regulatory data protection applies until 2026. 4. Modern insulins are NovoRapid
®
(NovoLog
®
), NovoMix
®
30 (NovoLog
®
Mix 70/30) and Levemir
®
. 5. Formulation patent; active ingredient patent has expired.
Patent status for products with marketing authorisation
Product US China Japan Europe
2
Ozempic
®3
2032 2026 2031 2031
Human insulin
and Modern
insulins
4
Expired Expired Expired Expired
Rybelsus
®
2032 2026 2031 2031
Tresiba
®
2029 Expired 2027 2028
Victoza
®
Expired Expired Expired Expired
Ryzodeg
®
2029 Expired Expired 2028
Xultophy
®
2029 Expired Expired 2028
Fiasp
®
2030
5
2030
5
2030
5
2030
5
Product US China Japan Europe
2
Wegovy
®
2032 2026 2031 2031
Saxenda
®
Expired Expired Expired Expired
Product US China Japan Europe
2
NovoSeven
®
Expired Expired Expired Expired
Norditropin
®
(SimpleXx
®
)
Expired Expired Expired Expired
Esperoct
®
2032 2029 2034 2034
The patent expiry dates for products with marketing
authorisation
1
are shown in the tables on the right.
The dates provided are for expiry in the US, China, Japan
and Europe of patents on the active ingredient, unless
otherwise indicated, and include actual and estimated
extensions of patent term, when applicable. For several
products, in addition to the active ingredient patent, Novo
Nordisk holds other patents on manufacturing processes,
formulations or uses that may be relevant for exclusivity
beyond the expiration of the active ingredient patent.
Furthermore, regulatory data protection and/or orphan
exclusivity may apply.
25
Annual review / Strategic Aspirations / Innovation and therapeutic focus
COMMERCIAL EXECUTION
Safeguarding supply and
improving access across
expanding markets
Balancing the growing needs of our patients with effective management of our resources
is key to how we operate. As global demand increases we have refined our portfolio
strategy to maximise the reach and impact of our treatments. This includes efforts to
optimise our diabetes portfolio by gradually phasing out some of our older insulin products
to free up manufacturing capacity and resources across our supply chain. By doing so, we
can dedicate more space in our manufacturing network to innovative, scalable solutions
– and ultimately expand the reach of our life-changing innovations to millions more
patients over the next decade.
At the same time, we are striving to provide those who are impacted by the changes to
our portfolio with access to alternative treatment options, either from Novo Nordisk or
other companies. We are working closely with local health authorities and the medical
community in affected markets to develop new access initiatives for at-risk individuals.
Furthermore, our extensive range of partnership programmes – including iCARE and our
Access to Insulin Commitment – continue to provide access to affordable care for
vulnerable populations living in low- and middle-income countries.
We are also increasing our production capacity through site expansions and acquisitions.
A significant milestone in 2024 was the acquisition of three fill-finish sites previously
run by the global contract manufacturing and development organisation Catalent Inc.
This move will enable us to expand our manufacturing capacity and provide future
optionality and flexibility for our existing supply network, while complementing our
significant ongoing internal supply chain expansions.
The unprecedented scale of our capital expenditure, which includes record investments
in the expansion of existing production sites, underscores our commitment to meeting
the growing demand for our medicines. In 2024, work continued on major expansions of
our production sites in Denmark, France, Brazil, China and the US – investments that will
ultimately enable us to reach millions more people worldwide with our innovations.
Ensuring uninterrupted access to treatment options for people already using Novo Nordisk
medicines also remains a top priority. By adopting clear prioritisation principles, we are
focusing on the responsible and equitable launch and distribution of new and existing
products across geographies and patient groups. This includes allocating a proportion of
Wegovy
®
volumes in every new launch market for people with a high medical need and
low socioeconomic status.
Amid escalating diabetes and obesity crises, Novo Nordisk is
experiencing unprecedented global demand for our life-changing
medicines. With mounting evidence of the broad systemic impact
and societal value of our GLP-1-based treatments, we have developed
innovative commercial strategies to safeguard patient access and
strengthen supply chain resilience worldwide.
Strategic Aspirations 2025
1
Strengthen Diabetes leadership
– aim at global value market
share of more than 1/3
2
More than DKK 25 billion
in Obesity sales by 2025
3
Secure a sustained growth
outlook for Rare disease
26
Annual review / Strategic Aspirations / Commercial execution
60
50
40
30
20
29.9%
43.3%
52.8%
31.8%
44.2%
54.9%
33.7%
%
43.6% %
54.8%
%
2021 2023 20242022
250
200
150
100
50
0
20242021 20232022
%
13%
29%
14%
Ozempic
®
sales uptake further
strengthens our leadership in
diabetes care
Demand for Novo Nordisk’s GLP-1-based medicines, particularly Ozempic
®
, continued to soar
throughout 2024, reflecting the growing global prevalence of diabetes.
Administered as a once-weekly injection for the treatment of type 2 diabetes, Ozempic
®
maintains
its position as the world’s biggest-selling diabetes medicine, backed by its proven efficacy in
controlling blood sugar and reducing body weight, as well as a growing body of evidence
demonstrating broader cardiometabolic benefits. Over the past year alone, the clinical profile of
Ozempic
®
has been further boosted by data demonstrating a reduction in the risk of kidney disease
progression in people with type 2 diabetes and chronic kidney disease, as well as functional
improvements in people with type 2 diabetes and symptomatic peripheral artery disease vs placebo.
Now available in more than 70 markets, Ozempic
®
sales have been central to the continued growth
in sales of our diabetes products. Our strategic aspiration to secure a value market share of at least
one-third by 2025 has already been achieved, and the continued uptake of Ozempic
®
across launch
markets has enabled us to maintain a value market share of 33.7% in 2024. This demand has been
fuelled by a broader acceptance and understanding of the importance of GLP-1-based therapies
among healthcare professionals, patients and payers as a cornerstone of effective diabetes care
and management.
Novo Nordisk is not the only healthcare company investing in the growth and development of
the GLP-1 segment, and competition has increased significantly over the past year. Nevertheless,
we remain the market leader in the diabetes GLP-1 space with a value share of 55.1%, a slight
increase compared to 2023 when our value share stood at 54.8%.
Despite the sales penetration of Ozempic
®
, high demand has also posed challenges, necessitating
strategic decisions to prioritise distribution to regions and patient groups with the most pressing
needs. We have also continued to invest heavily in expanding production capacity, seeking to stabilise
supply and ensure that Ozempic
®
remains accessible to the growing number of patients who have
already initiated treatment.
Through our industry-leading portfolio, relentless focus on innovation and robust pipeline of
next-generation treatments, we remain well-positioned to maintain and enhance our leadership
position in diabetes care.
Diabetes value
market share
(%)
GLP-1
Insulin
Total diabetes
Source: IQVIA MAT,
Nov 2024.
Diabetes sales
(DKK billion)
Sales as reported
Growth at CER
“Demand has been fuelled by a broader acceptance and understanding of
the importance of GLP-1-based therapies”
27
Annual review / Strategic Aspirations / Commercial execution
Awiqli
®
approval underscores
our continuing commitment
to insulin
Our company is built upon a century-long legacy of innovation in diabetes care, and we are
still pushing boundaries as we search for new breakthroughs in this ever-evolving space.
These efforts are exemplified by the launch of Awiqli
®
– the world’s first once-weekly basal
insulin – in China, Germany and Canada.
Awiqli
®
represents a critical and innovative addition to our diabetes portfolio and a key
milestone for patients seeking to reduce some of the challenges of diabetes management –
particularly the burden of multiple injections. Its approval in the EU was based on phase 3a
clinical trial results demonstrating superior blood sugar reduction and superior time in range
(time spent within the recommended blood sugar range), compared with daily basal insulin in
people living with type 2 diabetes not previously treated with insulin. Trial data also showed low
rates of clinically significant or severe hypoglycaemia – less than one event per patient-year of
exposure – with no statistically significant difference compared to daily basal insulin in insulin
naïve people living with type 2 diabetes.
However, the therapy’s journey to market in the US has been more challenging, with the US
Food and Drug Administration (FDA) issuing a Complete Response Letter (CRL) in July 2024.
This followed a meeting of the FDA Endocrinologic and Metabolic Drugs Advisory Committee
in May 2024, where a panel of independent scientific experts discussed the benefit-risk of
once-weekly insulin icodec in type 1 diabetes. The panel determined that the data available
were not sufficient to conclude on a positive benefit-risk in type 1 diabetes.
In the CRL, the FDA requests more information relating to the manufacturing process and
the type 1 diabetes indication before the review of the application can be completed. The CRL
did not mention the use of once-weekly insulin icodec in type 2 diabetes. Novo Nordisk is
evaluating the content of the CRL and will work closely with the FDA to fulfil the requests.
Despite this setback in the US, the rollout of Awiqli
®
in other major markets underscores our
continuing commitment to insulin innovation more than 100 years after our founders first
commercialised production of this life-saving medicine.
Kyle Sam lives with
type 2 diabetes
and is part of the
DUDES Club, a
brotherhood to
support men’s health
and wellbeing in
British Columbia,
Canada.
“Awiqli
®
represents a critical and innovative addition to our diabetes portfolio
and a key milestone for patients seeking to reduce some of the challenges of
diabetes management”
28
Annual review / Strategic Aspirations / Commercial execution
80
60
40
20
0
2021 2023 20242022
55%
154%
%
84%
2020 2025 20352030
60
50
40
30
20
Wegovy
®
maintains
market-leading position in
increasingly dynamic sector
The past year has been transformative for the burgeoning obesity market, marked by
increasing competition and soaring demand for GLP-1 receptor agonists and other
incretin-based therapies. Wegovy
®
, our flagship obesity therapy, has been at the forefront
of this competitive landscape, maintaining its market-leading position despite new entrants
to the segment.
Following its initial launch in the US, Wegovy
®
is now available in more than 15 markets
worldwide. As the obesity market continues to grow worldwide, so does the demand for
Wegovy
®
. This is driven by the rising global prevalence of obesity – which has more than
tripled over the past 50 years – and a broader shift in the perception of treatment. Once
considered a lifestyle issue, obesity is now widely recognised as a serious chronic disease
that requires medical intervention.
We have responded by investing heavily in scaling up our production capacity and carefully
prioritising launches and distribution. Our expanding global production network is operating
around the clock to ensure a stable and consistent supply of Wegovy
®
and a proportion of
Wegovy
®
volumes is being allocated in every launch market for people with a high medical
need and low socioeconomic status.
The continued success of Wegovy
®
is underpinned by its clinical profile as the world’s
first weight management therapy also approved to reduce the risk of major adverse
cardiovascular events – a key differentiator in an increasingly competitive segment. This
has enabled us to capture much of the growth to date in a rapidly-expanding and dynamic
market, helping us to build on our position of strength and reputation as first-movers in
the space following the success of our first-generation GLP-1-based therapy, Saxenda
®
.
Despite advancements in treatment and growing acceptance of obesity as a serious chronic
disease, significant unmet needs remain. Many people living with obesity still lack access to
effective therapies, and there is a clear need for continued innovation to develop treatments
that can deliver greater efficacy and additional benefits. Moreover, there is a need for more
holistic, preventive approaches that can address the multifaceted nature of obesity – including
behavioural, psychological and environmental factors.
Novo Nordisk is dedicated to addressing these unmet needs through a steadfast commitment
to innovation. Our obesity pipeline includes numerous promising candidates aiming to further
reduce the burden of obesity and related conditions on patients and healthcare systems alike.
By leveraging our expertise in GLP-1-based therapies and exploring new therapeutic avenues,
we are well-placed to continue leading the way in obesity treatment.
Adults with
overweight or
obesity as a
proportion of all
adults globally
(%)
Obesity
Source: World
Obesity Atlas 2024.
Obesity sales
(DKK billion)
Sales as reported
Growth at CER
42%
50%
54%
46%
29
Annual review / Strategic Aspirations / Commercial execution
Elroy ‘Spoonface’ Powell lives with
obesity in the UK.
The robust clinical profile of our market-leading weight loss
therapy, Wegovy
®
, has been further validated after regulatory
bodies approved label expansions acknowledging its efficacy
in mitigating cardiovascular risks. These updates highlight the
extensive cardiometabolic benefits of our market-leading
GLP-1-based therapy, extending beyond weight reduction.
The new indications are based on robust clinical evidence
from key trial programmes SELECT and STEP HFpEF. Data
from SELECT demonstrated that Wegovy
®
reduced the risk
of major adverse cardiovascular events in people with
overweight or obesity and established cardiovascular disease,
on top of cardiovascular standard of care treatments vs
placebo. Findings from the STEP HFpEF trials, meanwhile,
showed that Wegovy
®
reduced symptoms of heart failure and
physical limitations in people with obesity and heart failure
with preserved ejection fraction (HFpEF) vs placebo.
These data add to a growing body of evidence showcasing
semaglutide’s potential to address critical unmet needs in
cardiovascular health.
By broadening the approved uses of Wegovy
®
and helping
to differentiate the treatment in an increasingly competitive
market, we are aspiring to both strengthen our leadership
position in obesity and enhance our impact on broader
public health.
Wegovy
®
label expansions underscore
broader cardiometabolic benefits
2024 has been a year of significant progress in our rare
disease portfolio, building on our strong legacy of innovation
in rare blood and endocrine disorders. With the pending
submission of Mim8, first launches of Alhemo
®
and continued
rollout of Sogroya
®
, we are building on a return to growth for
our Rare Disease franchise following a positive year in which
overall sales increased 9% at constant exchange rates (CER).
Sales of our rare endocrine disorder products increased by
31% at CER over the course of the year, mainly driven by the
rollout of Sogroya
®
– the world’s first once-weekly treatment
for both children and adults with growth hormone deficiency.
Sogroya
®
is now available in seven countries, including the US.
In rare blood disorders, phase 3 clinical trials have
demonstrated the transformative potential of Mim8 in
reducing bleeds. The investigational therapy is designed
to mimic the activity of Factor VIIIa, the clotting protein
missing or defective in people with haemophilia A.
Alhemo
®
addresses significant unmet needs in haemophilia
A and B with inhibitors – the latter being an area with very
limited treatment options. Administered once-daily by
subcutaneous injection, the therapy offers routine treatment
to prevent bleeding in a prefilled pen device. Alhemo
®
is now
approved in several markets worldwide, including the US and EU.
Gearing up for new launches
in our rare disease portfolio
2021 2022 2023 2024
25
20
15
10
5
0
Rare disease sales
(DKK billion)
4%
-15%
%
1%
Sales as reported Growth at CER
“Alhemo
®
addresses significant
unmet needs in haemophilia A
and B with inhibitors – the
latter being an area with very
limited treatment options”
“These data add to a growing
body of evidence showcasing
semaglutide’s potential to
address critical unmet needs
in cardiovascular health”
30
Annual review / Strategic Aspirations / Commercial execution
2021 2024
20
15
10
5
0
2021 2023 20242022
150
125
100
75
50
25
0
4%
7%
%
11%
Unprecedented investment
in production lays foundation
for continued growth
Over the past four years, we have more than quadrupled the global reach of our GLP-1-based medicines,
increasing our volume market share in the GLP-1 segment to 63% over the same period. With demand
still growing, we continued to expand our production network throughout 2024, making significant
investments in capital expenditure (CapEx) and acquisitions totalling more than DKK 129 billion.
Through the targeted acquisitions of brownfield sites, the strategic expansion of existing facilities, the
establishment of new sites and the upscaling of our global production workforce, we are equipping
ourselves to support the launch of multiple next-generation therapies and meet the needs of millions
more people worldwide.
The scope of these investments is measured not only in financial terms, but also by the increased
volume of active pharmaceutical ingredients (API) and the number of devices we can produce.
By investing in state-of-the-art, multi-product facilities designed to accommodate current and future
products, we are laying a foundation for sustainable long-term growth.
The ongoing expansions of our production sites across the globe exemplify our approach to scaling
up. We are investing more than DKK 80 billion into expanding our API production capacity, including
the construction of a new 170,000 square metre, multi-product API facility in Kalundborg, Denmark.
Alongside additional expansions of sites in Denmark, France, Brazil, China and the US, these efforts
will significantly enhance our ability to meet future demand across our portfolio.
Our acquisition of three new fill-finish sites at the turn of the year complements the ongoing
expansion of our internal supply chain, enabling us to expand our manufacturing capacity and
provide future optionality and flexibility for our existing supply network. The three former Catalent
sites were acquired as part of a transaction that saw Novo Holdings – the holding and investment
company responsible for managing the wealth and assets of the Novo Nordisk Foundation – acquire
the US-based contract manufacturing and development organisation. Approximately 3,200 highly
skilled Catalent employees became part of Novo Nordisk under the terms of the agreement, which
will ensure that existing obligations towards other customers currently being served by the three
sites will be honoured.
Removing bottlenecks in our existing supply chain also remains a top priority as we seek to keep
pace with demand. The consolidation of our insulin portfolio will free up vital capacity and resources
for production of our next-generation innovations, while our transition towards reusable devices
and once-weekly rather than once-daily formulations continues.
Investments in CapEx
and acquisitions
related to expansion of
production capacity
(DKK billion)
CapEx
Acquisitions
CapEx and acquisitions
to sales ratio
People with diabetes
and obesity reached with
GLP-1-based medicines
(Million)
Novo Nordisk
1
Others
2
Volume market share (%)
Source: IQVIA R3M, Nov 2024.
1. Includes liraglutide and
semaglutide. 2. Includes
beinaglutide, biosimilar
liraglutide, biosimilar
semaglutide, dulaglutide,
exenatide, lixisenatide,
peg-loxenatide and tirzepatide.
PRODUCTION
63%
55%
“We are investing more than DKK 80 billion into expanding our API production
capacity, including the construction of a new 170,000 square metre, multi-product
API facility in Kalundborg, Denmark”
4x
31
Annual review / Strategic Aspirations / Commercial execution
FINANCIALS
Financial performance
Sales increased by 25% measured in Danish kroner and by 26% at CER to DKK 290,403 million in
2024. Novo Nordisk’s 2024 sales and operating profit performance measured at CER were within
the ranges provided in November 2024. The effective tax rate, capital expenditure as well as
depreciation, amortisation and impairment losses were all in line with the guidance. The free cash
flow in 2024 was realised at DKK -14.7 billion, mainly impacted by the USD 11.7 billion acquisition
price related to the three Catalent manufacturing sites.
Geographic sales development
Sales in North America Operations increased by 30% in both Danish kroner and at CER.
Sales in International Operations increased by 17% measured in Danish kroner and by 19% at
CER. Sales in EMEA increased by 19% in both Danish kroner and at CER. Sales in Region China
increased by 11% measured in Danish kroner and by 13% at CER. Sales in Rest of World
increased by 19% measured in Danish kroner and by 23% at CER.
Sales development across therapeutic areas
Sales in Diabetes care increased by 19% measured in Danish kroner and by 20% at CER. Sales of
Obesity care products, Wegovy
®
and Saxenda
®
, increased by 56% measured in Danish kroner and
by 57% at CER. Sales of Rare disease products increased by 9% in both Danish kroner and at CER.
In the following sections, unless otherwise noted, market data are based on moving annual total
(MAT) from November 2023 and November 2024 provided by the independent data provider IQVIA.
2024 performance
and 2025 outlook
20222021 20212023 20222024 2023 2024
Financial performance
(DKK billion)
Sales by therapeutic area
(DKK billion)
North America Operations net sales
International Operations net sales
Growth at CER
Diabetes care Obesity care
Rare disease Growth at CER
300
250
200
150
100
50
0
300
250
200
150
100
50
0
14% 14%
16% 16%
36%
%
36%
%
Strategic Aspirations 2025
1
Deliver solid sales and operating
profit growth
2
Drive operational efficiencies across
the value chain to enable investments
in future growth assets
3
Deliver free cash flow to enable attractive
capital allocation to shareholders
32
Annual review / Strategic Aspirations / Financials
at CER to DKK 4,993 million. Novo Nordisk is working on gradually re-establishing supply of rare
endocrine disorder products following a reduction of manufacturing output. Sogroya
®
has been
launched in six countries, and the initial feedback from patients and physicians is encouraging.
Rare blood disorders
Sales of Rare blood disorder products increased by 3% in both Danish kroner and at CER to DKK
12,138 million mainly driven by increased haemophilia B sales.
Development in costs and operating profit
The cost of goods sold increased by 24% measured in Danish kroner and by 25% at CER
to DKK 44,522 million, resulting in a gross margin of 84.7% measured in Danish kroner,
compared with 84.6% 2023. The increase in gross margin mainly reflects a positive product
mix driven by increased sales of GLP-1-based treatments and a positive price impact due to
gross-to-net sales adjustments in the US. This is partially countered by costs related to ongoing
capacity expansions.
Sales and distribution costs increased by 9% measured in Danish kroner and by 10% at CER
to DKK 62,101 million. The increase in costs is driven by both North America Operations and
International Operations. In North America Operations, the cost increase is mainly driven by
promotional activities related to Wegovy
®
. In International Operations, the increase is mainly
related to Obesity care market development activities and Wegovy
®
launch activities as well as
promotional activities for GLP-1 diabetes products. The increase in sales and distribution costs
is negatively impacted by adjustments to legal provisions in 2023. Sales and distribution costs
amounted to 21.4% as a percentage of sales.
Research and development costs increased
by 48% in both Danish kroner and at CER to
DKK 48,062 million compared to 2023, mainly
reflecting increased late-stage clinical trial
activity, increased early research activities as
well as impairment losses related to intangible
assets. Research and development costs
amounted to 16.6% as a percentage of sales.
Administration costs increased by 9% in both
Danish kroner and at CER to DKK 5,276 million.
Other operating income and expenses (net)
showed a loss of DKK 2,103 million compared
to an income of DKK 119 million in 2023.
Diabetes care
Sales in Diabetes care increased by 19% measured in Danish kroner and by 20% at CER to DKK
206,618 million driven by growth of GLP-1-based products and insulins. Novo Nordisk’s global
diabetes value market share remains unchanged over the last 12 months at 33.7%.
The market share was driven by market share gains in North America Operations, offset by a
market share decline in International Operations.
GLP-1-based therapy for type 2 diabetes
Sales of GLP-1-based products for type 2 diabetes (Rybelsus
®
, Ozempic
®
and Victoza
®
) increased by
21% measured in Danish kroner and by 22% at CER to DKK 149,125 million. The estimated global
GLP-1 share of total diabetes prescriptions has increased to 6.7% compared with 6.0% 12 months
ago. Novo Nordisk is the global market leader in the GLP-1 segment with a 55.1% value market share.
Ozempic
®
sales increased by 26% in both Danish kroner and at CER to DKK 120,342 million.
Sales growth was driven by both North America Operations and International Operations. Sales
growth has resulted in periodic supply constraints and related drug shortage notifications across
geographies.
Rybelsus
®
sales increased by 24% measured in Danish kroner and by 26% at CER to DKK 23,301
million. Sales growth was driven by EMEA and Rest of World.
Victoza
®
sales decreased by 37% measured in Danish kroner and by 36% at CER to DKK 5,482
million. The decline was driven by the GLP-1 diabetes market moving towards once-weekly
treatments in both North America Operations and International Operations.
Insulin sales
Sales of insulin increased by 15% measured in Danish kroner and by 17% at CER to DKK 55,373 million.
Obesity care
Sales of Obesity care products, Wegovy
®
and Saxenda
®
, increased by 56% measured in Danish kroner
and by 57% at CER to DKK 65,146 million. Sales growth was driven by both North America Operations
and International Operations. The volume growth of the global branded obesity market was 119%.
Novo Nordisk is the global market leader with a volume market share of 70.4%.
Rare disease
Rare disease sales increased by 9% in both Danish kroner and at CER to DKK 18,639 million.
Rare endocrine disorders
Sales of Rare endocrine disorder products increased by 30% measured in Danish kroner and by 31%
Operating profit and margin
(DKK billion)
Operating profit (left axis)
Operating profit margin (right axis) Growth at CER
2021 2022 2023 2024
150
120
90
60
30
0
100%
80%
60%
40%
20%
0%
13%
15%
44%
26%
Annual review / Strategic Aspirations / Financials
33
1. Expectations
for 2025.
The loss is mainly reflecting impairments related to a partnership agreement of a company
previously acquired by Novo Nordisk and transaction costs related to the Catalent transaction.
Operating profit increased by 25% measured in Danish kroner and by 26% at CER to DKK
128,339 million, reflecting the sales growth and impairments related to intangible assets.
EBITDA increased by 32% measured in Danish kroner and by 33% at CER.
Financial items (net) and tax
Financial items (net) showed a net loss of DKK 1,148 million compared with a net gain of DKK
2,100 million in 2023. This primarily reflects losses on non-hedged currencies.
In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo
Nordisk have been hedged, primarily through foreign exchange forward contracts. The foreign
exchange result was a net loss of DKK 1,023 million compared with a net gain of DKK 1,652 million
in 2023.
As per the end of December 2024, a negative market value of financial contracts of approximately
DKK 5.8 billion has been deferred for recognition in 2025.
The effective tax rate was 20.6% in 2024 compared with an effective tax rate of 20.1% in 2023.
Net profit increased by 21% to DKK 100,988 million and diluted earnings per share increased
by 22% to DKK 22.63. Net profit and diluted earnings per share are impacted by impairments
related to intangible assets.
Cash flow and capital allocation
Free cash flow in 2024 was realised at DKK
-14.7 billion compared to DKK 68.3 billion in
2023. The lower free cash flow in 2024 is
mainly impacted by the USD 11.7 billion
acquisition price related to the three Catalent
manufacturing sites. Free cash flow is also
impacted by increasing capital expenditure,
partially countered by net cash generated
from operating activities.
Capital expenditure for property, plant and
equipment was DKK 47.2 billion compared
with DKK 25.8 billion in 2023, primarily
reflecting investments in additional capacity
for active pharmaceutical ingredient (API) production and fill-finish capacity for both current and
future injectable and oral products. Capital expenditure related to intangible assets was DKK 4.1
billion in 2024 compared with DKK 13.1 billion in 2023 reflecting business development activities.
Income under the 340B Program has been partially recognised.
2025 outlook
Sales growth is expected to be 16% to 24% at CER. Given the current exchange rates versus the
Danish krone, sales growth reported in DKK is expected to be 3 percentage points higher than at CER.
The guidance reflects expectations for sales growth in both North America Operations and
International Operations, mainly driven by volume growth of GLP-1-based treatments for Obesity
and Diabetes care. Intensifying competition and continued pricing pressure within Diabetes and
Obesity care is included in the guidance.
Following higher-than-expected volume growth in recent years, including GLP-1-based products
such as Ozempic
®
and Wegovy
®
, combined with the expectation of continued volume growth and
capacity limitations at some manufacturing sites, the outlook also reflects expected continued
periodic supply constraints and related drug shortage notifications across a number of products
and geographies. Novo Nordisk is investing in internal and external capacity to increase supply
both short and long-term.
Operating profit growth is expected to be 19% to 27% at CER. Given the current exchange rates
versus the Danish krone, growth reported in DKK is expected to be 5 percentage points higher
than at CER. The expectation for operating profit growth primarily reflects the sales growth outlook
and continued investments in future and current growth drivers within Research, Development,
Commercial and Manufacturing. Within R&D, investments are related to the continued expansion
and progression of the early and late-stage pipeline. Commercial investments are mainly related to
Obesity care market development and activities as well as investments within GLP-1 diabetes care.
Within Manufacturing, investments are mainly related to ongoing scaling of capacity efforts, and a
negative mid-single-digit operating profit growth impact related to the acquisition of the three
Catalent manufacturing sites is also included in the guidance.
Novo Nordisk expects financial items (net) for 2025 to amount to a loss of around DKK 9 billion.
This is driven by expected losses on hedged currencies, primarily the US dollar due to the increased
USD/DKK rate, and increased interest expenses related to funding of the Catalent transaction, as
the acquisition is mainly debt-financed.
The effective tax rate for 2025 is expected to be in the range of 21-23%. The increase compared to
2024 is mainly driven by country and therapy sales mix.
2022 2023 2024 2025E
1
Cash flow and capital allocation
(DKK billion)
Dividend for prior year Interim dividend
Share repurchases
70
60
50
40
30
20
10
0
Annual review / Strategic Aspirations / Financials
34
Expectations are as reported, if not otherwise stated Expectations 5 February 2025
Sales growth
at CER 16% to 24%
as reported Around 3 percentage points higher than at CER
Operating profit growth
at CER 19% and 27%
as reported Around 5 percentage points higher than at CER
Financial items (net) Loss of around 9 bDKK
Effective tax rate 21% to 23%
Capital expenditure (PP&E) Around 65 bDKK
Depreciation, amortisation and impairment losses Around DKK 17 billion
Free cash flow (excluding impact from business development) Between 75 and 85 bDKK
Capital expenditure is expected to be around 65 billion DKK in 2025, reflecting expansion of
the global supply chain. The investments will create additional capacity across the supply
chain, including manufacturing of active pharmaceutical ingredients (API), additional aseptic
production and finished production processes as well as packaging capacity. In the coming
years, the capital expenditure to sales ratio is still expected to be low double-digit.
Depreciation, amortisation and impairment losses are expected to be around DKK 17 billion,
and include depreciations and amortisations related to the Catalent transaction.
The free cash flow is expected to be DKK 75-85 billion reflecting the sales growth, a favourable
impact from rebates in the US, countered by increased investments in capital expenditure.
All of the above expectations are based on assumptions that the global or regional
macroeconomic and political environment will not significantly change business conditions
for Novo Nordisk during 2025, including energy and supply chain disruptions, the potential
implications from major healthcare reforms and legislative changes, taxation changes, including
changes in tariffs and duties, as well as outcome of legal cases including litigations related to
the 340B Drug Pricing Program in the US, and that the currency exchange rates, especially the
US dollar, will remain at the current level versus the Danish krone. The guidance is also based on
assumptions in relation to the estimation of gross-to-net developments in the US gross sales.
Finally, the guidance does not include the financial implications of any new significant business
development transactions and significant impairments of intangible assets during 2025.
Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies, and,
all other things being equal, movements in key invoicing currencies will impact Novo Nordisk’s
operating profit as outlined in note 4.4 on Financial risks.
Forward-looking statements
Novo Nordisk’s statutory Annual Report 2024, Form 20-F, any quarterly financial reports, and
written information released, shown, or oral statements made, to the public in the future by
or on behalf of Novo Nordisk, may contain certain forward-looking statements relating to the
operating, financial and sustainability performance and results of Novo Nordisk and/or the
industry in which it operates. Forward-looking statements can be identified by the fact that they
do not relate to historical or current facts and include guidance. Words such as ‘believe’, ‘expect’,
‘may’, ‘will’, ‘plan’, ‘strategy’, ‘transition plan’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’,
‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any
discussion of future operating, financial or sustainability performance identify forward-looking
statements. Examples of such forward-looking statements include, but are not limited to:
• Statements of targets, future guidance, (transition) plans, objectives or goals for future
operations, including those related to operating, financial and sustainability matters,
Novo Nordisk’s products, product research, product development, product introductions
and product approvals as well as cooperation in relation thereto;
• Statements containing projections of or targets for revenues, costs, income (or loss),
earnings per share, capital expenditures, dividends, capital structure, net financials and
other financial measures;
• Statements regarding future economic performance, future actions and outcome of
contingencies, such as legal proceedings; and
• Statements regarding the assumptions underlying or relating to such statements.
These statements are based on current plans, estimates, opinions, views and projections.
Although Novo Nordisk believes that the expectation reflected in such forward-looking
statements are reasonable, there can be no assurance that such expectation will prove to
be correct. By their very nature, forward-looking statements involve risks, uncertainties and
assumptions, both general and specific, and actual results may differ materially from those
contemplated, expressed or implied by any forward-looking statement.
Factors that may affect future results include, but are not limited to, global as well as local
political, economic and environmental conditions, such as interest rate and currency exchange
rate fluctuations or climate change, delay or failure of projects related to research and/or
development, unplanned loss of patents, interruptions of supplies and production, including
as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies,
shortages of supplies, including energy supplies, product recalls, unexpected contract breaches
or terminations, government-mandated or market-driven price decreases for Novo Nordisk’s
products, introduction of competing products, reliance on information technology including the
risk of cybersecurity breaches, Novo Nordisk’s ability to successfully market current and new
products, exposure to product liability and legal proceedings and investigations, changes in
Annual review / Strategic Aspirations / Financials
35
Novo Holding A/S
A shares
1,075m shares
24.07% of capital and
76.02% of votes
B shares
3,390m shares
75.93% of capital and
23.98% of votes
Novo Nordisk A/S
22.72%
of votes
71.95%
of capital
77.28%
of votes
28.05%
of capital
100%
Novo Nordisk
Foundation
Institutional and
private investors
governmental laws and related interpretation thereof, including on reimbursement,
intellectual property protection and regulatory controls on testing, approval, manufacturing
and marketing, and taxation changes, including changes in tariffs and duties, perceived or
actual failure to adhere to ethical marketing practices, investments in and divestitures of
domestic and foreign companies, unexpected growth in costs and expenses, strikes and other
labour market disputes, failure to recruit and retain the right employees, failure to maintain a
culture of compliance, epidemics, pandemics or other public health crises, effects of domestic
or international crises, civil unrest, war or other conflict and factors related to the foregoing
matters and other factors not specifically identified herein.
For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s
results or the accuracy of forward-looking statements in this Annual Report 2024, reference is
made to the overview of risk factors in ‘Risks’ of this Annual Report 2024.
None of Novo Nordisk or its subsidiaries or any such person’s officers, or employees accept any
responsibility for the future accuracy of the opinions and forward-looking statements expressed
in the Annual Report 2024, Form 20-F, any quarterly financial reports, and written information
released, shown, or oral statements made, to the public in the future by or on behalf of Novo
Nordisk or the actual occurrence of the forecasted developments.
Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise
any forward-looking statement, whether as a result of new information, future events, or otherwise.
Shares and capital structure
Through open and proactive communication, Novo Nordisk aims to provide the basis for fair and
efficient pricing of our shares.
Share capital and ownership
Novo Nordisk’s share capital of DKK 446.5 million is divided into A and B share capital. The A and
B shares are calculated in units of DKK 0.10, amounting to 4.5 billion shares. The A share capital,
consisting of 1,075 million shares, has a nominal value of DKK 107,487,200 and the B share capital,
consisting of 3,390 million shares, has a nominal value of DKK 339,012,800. Each A share carries
100 votes and each B share carries 10 votes. Novo Nordisk’s B shares are listed on Nasdaq
Copenhagen and on the New York Stock Exchange (NYSE) as American Depository Receipts (ADRs).
The general meeting has authorised the Board of Directors to distribute extraordinary dividends,
issue new shares in accordance with the Articles of Association and repurchase shares in
accordance with authorisations granted.
Ownership structure
2
The company’s A shares are not listed and are
held by Novo Holdings A/S
3
, a Danish public
limited liability company wholly owned by the
Novo Nordisk Foundation. According to the
Articles of Association of the Foundation, the A
shares cannot be divested. Special rights attached
to A shares include pre-emptive subscription
rights in the event of an increase in the A share
capital and pre-emptive purchase rights in the
event of a sale of A shares, while B shares take
priority for liquidation proceedings. A shares take
priority for dividends below 0.5%, and B shares
take priority for dividends between 0.5 and 5%.
However, in practice, A and B shares receive the
same amount of dividend per share.
Geographical split of shareholders
4
(% of share capital)
Denmark
North America
UK
Other
38
31
28
3
4. Split of
shareholders
is denoted
according to the
location of legal
deposit-owners.
2. Treasury shares
are included;
however, voting
rights of treasury
shares cannot be
exercised.
3. Novo Holdings
A/S’s registered
address is Tuborg
Havnevej 19,
DK-2900 Hellerup,
Denmark.
Annual review / Strategic Aspirations / Financials
36
As of 31 December 2024, Novo Holdings A/S held a B share capital of nominally DKK 17,756,050.
Together with the A shares, Novo Holdings A/S’s total ownership amounted to nominally DKK
125,243,250. Novo Holdings A/S ownership is reflected in the ‘Ownership structure’ chart.
There is no complete record of all shareholders; however, based on available sources of
information, as of 31 December 2024 it is estimated that shares were geographically distributed
as shown in the ‘Geographical split of shareholders’ chart. As of 31 December 2024, the free float
of listed B shares was 94.06% (of which approximately 13.82% are listed as ADRs), excluding
Novo Holdings A/S and Novo Nordisk’s holding of shares. As of 31 December 2024, Novo
Holdings A/S and Novo Nordisk’s holding of B shares equalled 201,220,032 shares and had a
nominal value of DKK 20,122,003. For details about the share capital, see note 4.3 to the
Consolidated financial statements.
Capital structure
Novo Nordisk’s Board of Directors and Executive Management consider that the current capital
and share structure of Novo Nordisk serve the interests of the shareholders and the company
well. Novo Nordisk’s capital structure strategy offers a balance between long-term shareholder
value creation and competitive shareholder return in the short term.
In 2024, Novo Nordisk issued Eurobonds totaling EUR 4.65 billion. The total outstanding
Eurobonds as of the end of 2024 amounted to 6.8 billion.
Dividend policy
The company’s dividend policy applies a pharmaceutical industry benchmark to ensure a
competitive payout ratio for dividend payments, may be complemented by share repurchase
programmes. The final dividend for 2023 paid in March 2024 was equal to DKK 6.40 per A and B
share of DKK 0.10 as well as for ADRs. The total dividend for 2023 was DKK 9.40 per A and B
share of DKK 0.10, corresponding to a payout ratio of 50.2%. The 2023 pharma peer group
average was 53.0%.
In August 2024, an interim dividend was paid equalling DKK 3.50 per A and B share of DKK 0.10
as well as for ADRs. For 2024, the Board of Directors will propose a final dividend of DKK 7.90 to
be paid in March 2025, equivalent to a total dividend for 2024 of DKK 11.40 and a payout ratio
of 50.2%. The company expects to distribute an interim dividend in August 2025. Further
information regarding this interim dividend will be announced in connection with the financial
report for the first six months of 2025. Dividends are paid from distributable reserves. Novo
Nordisk does not pay a dividend on its holding of treasury shares.
Annual General Meeting 2025 27 Mar 2025
Ex-dividend, B shares 28 Mar 2025
Ex-dividend, ADRs 31 Mar 2025
Record date, B-shares and ADRs 31 Mar 2025
Payment, B shares 1 Apr 2025
Payment, ADRs 8 Apr 2025
fi 7 May 2025
fi 6 Aug 2025
Ex-dividend, B-shares 14 Aug 2025
Ex-dividend, ADRs 18 Aug 2025
Record date, B-shares and ADRs 18 Aug 2025
Payment, B shares 19 Aug 2025
Payment, ADRs 26 Aug 2025
fi 5 Nov 2025
Financial statement for 2025 and Annual Report 2025 4 Feb 2026
DKK
Jan Apr May Jun Aug Sep NovFeb Mar Jul Oct Dec
Share repurchase programme for 2024/2025
During the twelve-month period beginning 6 February 2024, Novo Nordisk repurchased
shares worth DKK 20 billion. The share repurchase programme has primarily been
conducted in accordance with the safe harbour rules in the EU Market Abuse Regulation
(MAR). Novo Nordisk’s capital allocation priorities focus on internal growth investments,
including supply chain expansions, dividends as well as external growth opportunities,
including acquiring the three Catalent manufacturing sites. Consequently, Novo Nordisk
is not expecting to initiate a share buyback programme in 2025.
Share price development
Since end of December 2023 until end of December 2024, Novo Nordisk’s share price
decreased from DKK 698 to DKK 624, a decrease of 10.6%. The total market value of
Novo Nordisk’s B shares, excluding treasury shares and Novo Holdings A/S shares, was
DKK 1,990,516,353,626 as of 30 December 2024.
5. OMXC25 and
pharmaceutical
industry
development
have been
rebased to Novo
Nordisk share
price in January
2024.
6. AstraZeneca,
Bristol-Meyers,
Eli Lilly,
GlaxoSmithKline,
Lundbeck, Merck,
Novartis, Pfizer,
Roche and Sanofi.
Share price performance 2024
Novo Nordisk share price and indexed peers
5
(%)
2024 financial calendar
Novo Nordisk OMXC25 Peer group
6
1,100
1,000
900
800
700
600
500
Annual review / Strategic Aspirations / Financials
37
RISKS
39 Risk management
40 Key operational risks
Participants at the 2024 World Panna Championships in Copenhagen, Denmark. ‘Panna’ is an
increasingly popular type of street football, and the Pannahouse organisation champions physical
and mental health, cultural understanding and robust communities within urban youth culture.
Photo: UP MEDIA.
38
Rigorous and systematic risk management is essential. The current risk landscape is impacted by elevated
geopolitical uncertainties and market dynamics in the segments in which we operate.
We apply a dual-lensed approach to risk management. This means that we aim to identify and mitigate both
operational risks that pose a threat to our short- to medium-term plans, and strategic risks that could reduce
our ability to realise our corporate strategy over the long term.
Addressing risks in our strategic planning
Scenario and risk-thinking exercises are part of our strategic planning. These exercises involve analysing
market trends and considering the effects of socioeconomic, environmental, geopolitical and political
changes that could pose risks to, or create opportunities for, our business. Annually, Executive Management
and the Board of Directors review and discuss a strategic risk profile. Further, strategic risks and the
conclusions from our double materiality assessment in the Sustainability statement are compared to better
integrate sustainability risks in our risk outlooks and strategic direction. The main strategic risks are:
Innovation and competition
Novo Nordisk faces a concentration risk with multiple brands being dependent on the semaglutide
compound as the active pharmaceutical ingredient. To remain competitive in the long term and thereby
mitigate the innovation risk, we invest in internal and external pipeline opportunities as well as effectively
attracting talent to continue providing patients with innovative treatments.
Production capacity and supply chain risks
Demand fluctuations, resource shortages, geopolitical instability, trade disputes and local manufacturing
requirements are all factors that can pressure global supply chains. Furthermore, expanding production
capacity is complex and associated with a long lead times. Therefore, planning and management of our
production capacity and supply chain are key to mitigate this risk.
Access and affordability
Access to affordable care is a global issue as healthcare systems struggle to provide quality care at a
sustainable cost, while the burden of chronic diseases keeps rising. Ensuring access and affordability is a
risk and responsibility Novo Nordisk shares with all stakeholders involved in healthcare. We continue to
scale our capacity to meet patient demand and thereby broaden access to medicines and to meet our
social responsibilities.
Healthcare reform
Some governments are adopting changes to their pharmaceutical frameworks that introduce further
complexity in healthcare systems and uncertainties in the regulatory environment. This may lead to additional
price pressure, potentially impacting our profitability. We continuously educate healthcare providers about
the value and benefits of our products as well as engage in a dialogue with policymakers and stakeholders,
communicating potential consequences of healthcare reform to the innovative life science environment.
Digital disruption
New digital technologies could provide an opportunity to deliver more value to our stakeholders and help
patients live a life with fewer limitations. We recognise that there is also a risk of digital disruption leading
to increased competition through accelerated and enhanced drug discovery and development. To ensure
we remain competitive, we continuously innovate and integrate these technologies into our processes.
Environmental impact
Novo Nordisk’s current expansion efforts, including scaling of production capacity, significantly increases
our current and projected greenhouse gas emissions. We are addressing this challenge through our Circular
for Zero strategy. This includes an increased focus on our global emissions, also encompassing scope 3
emissions, as well as assessing, monitoring and mitigating environmental risks across the value chain.
Geopolitical uncertainty
Ongoing conflicts, geopolitical tensions and social unrest represent a volatile landscape which has led to
governments introducing trade restrictions and tariffs. If escalating tensions persist, there is a risk that
further tariffs may be imposed. Most notably, the new US administration considers to impose a range of trade
actions on all articles imported into the US. We navigate this elevated degree of geopolitical uncertainty by
monitoring geopolitical developments, actively engaging in policy making and diversifying our supply chain.
Ethics and compliance
Our commitment to ethics and compliance remains at the forefront of all our operations. Any inability to
uphold our ethical standards could lead to reputational implications, with potential effects on market access
and pricing negotiations. Our values, encapsulated in the Novo Nordisk Way, guide every decision we make.
OneCode, our code of conduct, further empowers us to conduct our operations responsibly. These guidelines
help us to maintain integrity, thereby enabling us to fulfil our purpose effectively.
Operational risk management process
In the short- to medium-term, we are exposed to risks throughout our value chain. Some risks are inherent in
the pharmaceutical industry, such as delays or failures of potential late-stage medicines in the R&D pipeline.
Other risks, such as geopolitical instability, supply disruptions and competition, are common amongst
manufacturing companies with global production. We will not compromise on product quality, patient safety
and business ethics: these are front and centre of our enterprise-wide risk management set-up. We assess
risks with regard to their corresponding likelihood of financial loss or reputational damage.
Executive Management, the Board of Directors and the Audit Committee review a risk grid of our biggest
operational risks every three months. This grid is based on insights from management teams across the
organisation and includes all types of risks that could cause significant disruptions to the business over a
three-year horizon, including potential environmental, social and governance risks. An overview of our key
operational risks, along with detailed descriptions, is provided on the next page. For more information, see
our Corporate Governance Report available at: www.novonordisk.com/about/corporate-governance.html.
Risk management
39
Annual review / Risks / Risk management
1
2
3
4
5
6
HighLow
High
Impact
Likelihood
1. Risk is also captured as part of the double materiality assessment conclusions in the Sustainability statement; read more on page 52.
Key operational risks (illustrative)
Risk area Description Impact Mitigating actions
1
Research and
clinical pipeline
risks
1
Findings in clinical activities, regulatory
processes or misjudging of commercial
potential, leading to delays or failure of
products in the pipeline.
• Patients would not be provided with innovative treatment options.
• Could have an adverse impact on sales, profits and market position.
• Pre-clinical and clinical activities to demonstrate safety and
efficacy.
• Consultations with regulators to review pre-clinical and
clinical findings and obtain guidance on development path.
2
Product supply,
quality and
safety risks
Higher-than-expected demand or
disruption of product supply due to, e.g.
geopolitical instability or quality issues,
may compromise product availability,
ultimately impacting patients and
representing a lost commercial
opportunity. In addition, there could be
risks related to safety and product liability.
• Product shortages could have potential implications for patients.
• Could jeopardise reputation and license to operate if regulatory compliance is not
ensured.
• Compromised patient safety and exposure to product liability legal proceedings.
• Could diminish trust in Novo Nordisk, impacting our reputation.
• Could have an adverse impact on sales, profits and market position.
• Significantly expanding global production with multiple
facilities and safety stock to reduce supply risk.
• Planning and management of supply chain.
• Regular quality audits of internal units and suppliers to
document Good Manufacturing Practice (GMP) compliance.
• Identification and correction of root causes when issues are
identified. If necessary, products are recalled.
3
Commercialisation
risks
1
Competitive pressures, as well as market
dynamics and geopolitical, macroeconomic
or healthcare crises (e.g. pandemics)
leading to reduced payer ability and
willingness to pay.
• Market dynamics could impact price levels and patient access.
• Could have an adverse impact on sales, profits and market position.
• Innovation of novel products, clinical trial data and real-world
evidence demonstrate added value of new products.
• Payer negotiations to ensure improved patient access.
• Increased and new access and affordability initiatives.
4
IT security
risks
Disruption to IT systems, such as
cyber-attacks or infrastructure failure,
resulting in business disruption or breach
of data confidentiality.
• Could limit our ability to produce and safeguard product quality.
• Could compromise patients’ or other individuals’ privacy.
• Could limit our ability to maintain operations or limit future business opportunities
if proprietary information is lost.
• Could have an adverse impact on sales, profits and market position.
• Proactive company-wide information security awareness
initiatives.
• Continuity plans for non-availability of IT systems.
• Company-wide internal audit of IT security controls.
• Detection and protection mechanisms in IT systems and
business processes.
5
Financial
risks
Exchange rate fluctuations (mainly in USD,
CNY, JPY, CAD and BRL), geopolitical risks
(e.g. tariffs), disputes with tax authorities
and changes to tax legislation and
interpretation.
• Could lead to tax adjustments, fines and higher-than-expected tax level.
• Could have an adverse impact on sales and profits.
• Geopolitical actions could lead to an increase in corporate taxes and duties.
• Hedging for selected currencies.
• Integrated treasury management.
• Applicable taxes paid in jurisdictions where business activity
generates profits and multi-year Advance Pricing Agreements
with tax authorities.
6
Legal, patents
and compliance
risks
1
Breach of legislation, industry codes or
company policies. Competitors asserting
patents against Novo Nordisk or
challenging patents critical for protection
of commercial product and pipeline
candidates.
• Potential exposure to investigations, criminal and civil sanctions and other penalties.
• Could compromise our reputation and the rights and integrity of individuals
involved.
• Could lead to unexpected loss of exclusivity for, or injunctions against, existing and
pipeline products.
• Could have an adverse impact on sales, profits and market position.
• Code of Conduct integrated in our business.
• Compliance Hotline in place.
• Legal review of key activities and internal audit of compliance
with business ethics standards.
• Internal controls to minimise vulnerability to patent
infringement and invalidity actions.
Key operational risks
40
Annual review / Risks / Key operational risks
MANAGEMENT
42 Board of Directors
45 Executive Management
Zilda Maria da Silva was terrified when diagnosed with type 2 diabetes
age 19, especially given her father’s early death from diabetes complications.
15 years later, Zilda started insulin treatment to prolong her life. Today, she
lives in São Paulo, Brazil, and is training for a marathon at 71 years old.
41
Board of Directors
Danish. Born September 1967. Male.
Member since 2021. Term 2025. Chair
of the Remuneration Committee and
member of the Audit Committee and
the Chair Committee.
Positions and management duties
Chair of the supervisory board, chair
of the people & culture committee and
member of the remuneration committee
of Carlsberg A/S. Chair of the board of
directors and chair of the nomination
& remuneration committee of Faerch
A/S. Member of the board of directors
of Novo Holdings A/S. Member of the
supervisory board of Bertelsmann
SE & Co. KGaA. Senior advisor to
A.P. Møller Holding A/S.
Competences
Global corporate leadership;
finance and accounting; business
development, M&A and external
innovation sourcing; human capital
management;
environmental, social
and governance (ESG).
Norwegian. Born October 1962. Male.
Member since 2017
1
. Term 2025.
Chair of the People and Governance
Committee and the Chair Committee.
Positions and management duties
Chair of the board of directors and chair
of the people, culture and governance
committee of BP p.l.c. Chair of the board
of directors of Inkerman AS. Chair of the
board of directors of Stiftelsen Værekraft.
Member of the board of directors and
member of the remuneration committee
of Belron SA. Member of the board of
directors of P/F Tjaldur. Member of the
board of trustees of the International
Crisis Group. Operating advisor to
Clayton Dubilier & Rice.
Competences
Global corporate leadership;
healthcare and pharma industry;
finance and accounting; business
development, M&A and external
innovation sourcing; human capital
management; environmental, social
and governance (ESG).
Danish. Born November 1965. Female.
Member since 2022. Term 2026.
Employee representative. Member
of the Remuneration Committee.
Positions and management duties
Full-time union representative at
Novo Nordisk A/S.
Competences
Not mapped for employee
representatives.
French. Born July 1969. Female.
Member since 2019. Term 2025. Chair
of the Audit Committee and member
of the Remuneration Committee.
Positions and management duties
Member of the board of directors, chair
of the audit committee and member of
the ESG committee of Exor N.V. Member
of the supervisory board and chair of the
audit committee of Randstad N.V. Member
of the board of directors of Institut
Mérieux, HEC Paris Business School and
Kite Insights Limited (the Climate School).
Competences
Global corporate leadership;
healthcare and pharma industry;
finance and accounting; business
development, M&A and external
innovation sourcing; human capital
management; environmental, social
and governance (ESG).
German. Born February 1962. Male.
Member since 2018. Term 2025.
Member of the Research & Development
Committee.
Positions and management duties
Member of the board of directors of
Indigo Agriculture Inc., Evodiabio ApS
and ExlService Holdings, Inc. Honorary
director of the German American
Chamber of Commerce.
Competences
Global corporate leadership; healthcare
and pharma industry; technology, data
and digital; finance and accounting;
business development, M&A and
external innovation sourcing; human
capital management; environmental,
social and governance (ESG).
Canadian and American. Born
November 1961. Female. Member
since 2015. Term 2025. Member of
the Audit Committee, the Research
& Development Committee and the
People and Governance Committee.
Positions and management duties
Co-founder and member of the board
of directors of CervoMed, Inc. Chair
of the board of directors of Abivax SA.
Member of the board of directors of
F2G Ltd. Advisor to the Soffinova
Telethon Fund.
Competences
Global corporate leadership; healthcare
and pharma industry; medicine and
science; finance and accounting;
business development, M&A and
external innovation sourcing; human
capital management.
Helge Lund
Chair
Henrik Poulsen
Vice chair
Elisabeth Dahl
Christensen
Laurence
Debroux
Andreas
Fibig
Sylvie
Grégoire
1. Helge Lund was also a member of the Board of Directors for a one-year term from 2014-2015.42
Annual review / Management / Board of Directors
Board of Directors (continued)
Danish. Born December 1975. Female.
Member since 2018. Term 2026.
Employee representative. Member
of the Audit Committee.
Positions and management duties
Wash & Sterilisation specialist in
Product Supply, Novo Nordisk A/S.
Competences
Not mapped for employee
representatives.
Danish. Born January 1966. Female.
Member since 2022
2
. Term 2026.
Employee representative. Member
of the Research & Development
Committee.
Positions and management duties
Chief patient officer and principal vice
president of Patient Voice Strategy &
Alliances, Novo Nordisk A/S. Member
of the board of directors of TriSalus
Life Sciences.
Competences
Not mapped for employee
representatives.
British. Born May 1965. Male. Member
since 2017. Term 2025. Member of the
People and Governance Committee and
the Research & Development Committee.
Positions and management duties
CEO of Novo Holdings A/S. Member
of the board of directors and member
of the nomination and remuneration
committee of Novonesis A/S.
Competences
Global corporate leadership; healthcare
and pharma industry; finance and
accounting; business development,
M&A and external innovation sourcing;
human capital management.
Chinese. Born January 1967. Female.
Member since 2022. Term 2025.
Member of the Audit Committee.
Positions and management duties
Group CEO of Raintree Group of
Companies. Member of the board of
directors of Raintree Group Limited,
Raintree Investment Pte Ltd. and Air
Liquide S.A. Member of the board of
directors of La Fondation des Champions.
Member of the board of directors and
chair of the development committee of
National Gallery Singapore.
Competences
Global corporate leadership; technology,
data and digital; business development,
M&A and external innovation sourcing;
human capital management.
American and British. Born April 1956.
Male. Member since 2018. Term 2025.
Chair of the Research & Development
Committee and member of the
Remuneration Committee.
Positions and management duties
Co-founder and non-executive chair of
the board of directors of Rallybio LLC.
Member of the board of directors and
member of the science and technology
committee and the responsible animal
use committee of Charles River
Laboratories International, Inc. Member
of the board of directors and member
of the compensation committee and
research and development committee of
SpringWorks Therapeutics, Inc. Scientific
advisor at Pivotal BioVenture Partners.
Member of the external advisory board
of Boston Children’s Hospital.
Competences
Global corporate leadership; healthcare
and pharma industry; medicine and
science; technology, data and digital;
business development, M&A and
external innovation sourcing; human
capital management.
Danish. Born March 1972. Male.
Member since 2018. Term 2026.
Employee representative. Member of
the People and Governance Committee.
Positions and management duties
Lead auditor, Internal Audits,
Novo Nordisk A/S.
Competences
Not mapped for employee
representatives.
Liselotte
Hyveled
Mette Bøjer
Jensen
Kasim
Kutay
Christina
Law
Martin
Mackay
Thomas
Rantzau
2. Liselotte Hyveled was also an employee-elected member of the Board of Directors for one four-year term from 2014-2018.43
Annual review / Management / Board of Directors
Meeting attendance in 2024
3
Name Independence
4
Board of
Directors
Chair
Committee
Audit
Committee
10
People and Governance
Committee
Remuneration
Committee
R&D
Committee
Helge Lund Independent 9/9 8/8 3/3
Henrik Poulsen Not independent
5, 6, 7, 8
9/9 8/8 5/5 6/6
Elisabeth Dahl Christensen Not independent
9
9/9 5/6
Laurence Debroux Independent
6, 7, 8
9/9 5/5 6/6
Andreas Fibig Independent 8/9 5/6
Sylvie Grégoire Independent
6
9/9 5/5 3/3 6/6
Liselotte Hyveled Not independent
9
8/9 6/6
Mette Bøjer Jensen Not independent
6, 9
9/9 5/5
Kasim Kutay Not independent
5
8/9
11
3/3 5/6
Christina Law Independent
6
9/9 5/5
Martin Mackay Independent 9/9 6/6 6/6
Thomas Rantzau Not independent
9
9/9 3/3
3. Number of meetings attended by each Board member out of the total number of meetings within the member’s term. 4. In accordance with recommendation 3.2.1 of the Danish Corporate Governance Recommendations. 5. Member of the board of directors or executive
management of Novo Holdings A/S. 6. Pursuant to the US Securities Exchange Act, Laurence Debroux, Sylvie Grégoire and Christina Law qualify as independent Audit Committee members, while Mette Bøjer Jensen and Henrik Poulsen rely on an exemption from the independence
requirements. 7. Laurence Debroux and Henrik Poulsen possess the qualifications within accounting and auditing required under part 8 of the Danish Act on Approved Auditors and Audit Firms. 8. Designated as financial experts as defined by the US Securities and Exchange
Commission (SEC). 9. Elected by employees of Novo Nordisk. 10. Collectively, the members have relevant industry expertise. 11. Kasim Kutay was recused from an extraordinary meeting of the Board of Directors due to a conflict of interest.
Independence and meeting attendance overview
44
Annual review / Management / Board of Directors
Executive Vice President. International
Operations. Born August 1970. Male.
Other positions and management duties
Member of the board of directors and the
personnel and remuneration committee of
Orion Corporation.
President and Chief Executive Officer (CEO).
Born November 1966. Male.
Other positions and management duties
President of the European Federation of
Pharmaceutical Industries and Associations
(EFPIA). Member of the board of directors at
Danmarks Nationalbank (the Danish central bank).
Executive Vice President. Rare Disease.
Born July 1974. Male.
Other positions and management duties
President of the Novo Nordisk Haemophilia
Foundation Council.
Executive Vice President. Chief Financial
Officer (CFO). Born December 1971. Male.
Other positions and management duties
Member of the board of directors and chair of
the audit committee of Hempel A/S. Member of
the board of directors, chair of the audit & ESG
committee of 3Shape Holding A/S.
Lars Fruergaard
Jørgensen
1
Executive Vice President. US Operations &
Business Development. Born January 1974. Male.
Other positions and management duties
Member of the board of directors of
Novasenta Inc.
David
Moore
Maziar Mike
Doustdar
Ludovic
Helfgott
Karsten Munk
Knudsen
1
Executive Vice President. Global People &
Organisation. Born July 1977. Female.
Other positions and management duties
No other management positions.
Executive Vice President. Research & Early
Development and Chief Scientific Officer (CSO).
Born September 1966. Male.
Other positions and management duties
Adjunct Professor of Pharmacology at
the University of Gothenburg.
Executive Vice President. Commercial Strategy &
Corporate Affairs. Born November 1972. Female.
Other positions and management duties
Member of the board of directors of Danish
Crown A/S and Argenx SE.
Executive Vice President. Product Supply,
Quality & IT. Born November 1970. Male.
Other positions and management duties
Member of the board of directors of
Grundfos Holding A/S.
Tania
Sabroe
Marcus
Schindler
Camilla
Sylvest
Henrik
Wulff
Executive Vice President. Development.
Born October 1970. Male.
Other positions and management duties
Member of the board of directors of
Pharmacosmos A/S.
Martin Holst
Lange
Executive Management
1. Lars Fruergaard Jørgensen and Karsten Munk Knudsen are registered as executives with the Danish Business Authority. The other members of Executive Management are not registered as executives with the Danish Business Authority.
45
Annual review / Management / Executive Management
47 General information
54 Environment
71 Social
90 Governance
95 Appendix
Aida Diop lives with type 2 diabetes. Together with her close friend Buosso, Aida committed to helping other people living with
diabetes. Before Buosso passed away, Aida promised her friend that she would continue educating and motivating others by
sharing their experiences. To this day, Aida remains a community leader in Senegal, empowering others living with diabetes.
46
Sustainability statement / General information / 1.1 ESG performance
1
Sustainability statement / General information / 1.1 ESG performance
47
Sustainability statement / General information / 1.1 ESG performance
2
48
Sustainability statement / General information / 1.1 ESG performance
Sustainability statement / General information / 1.2 Basis for preparation of the Sustainability statement
3
49
Sustainability statement / General information / 1.2 Basis for preparation of the Sustainability statement
Sustainability statement / General information / 1.3 Sustainability governance
4
Oversees strategic
direction and advises
on ambition level.
Decides on strategic
direction, ambition level,
targets, roadmaps and
central funding, as well as
financial and ESG reporting.
Takes operational decisions to implement
Executive Management’s decisions regarding
core sustainable business priorities.
Drive social initiatives, related
to global health equity, business
ethics and others.
Board of
Directors
Executive
Management
Sustainable Business
Execution Steering Group
Social steering
groups
Drive environmental initiatives,
related to product circularity
and decarbonisation.
Environmental
steering groups
Provides guidance on ESG reporting,
including implementation of new
regulatory requirements.
ESG Reporting
Steering Group
Oversees financial and
sustainability reporting.
Assesses the competencies
of the Board of Directors,
including within ESG.
Audit
Committee
People and
Governance
Committee
Determines executive
remuneration structure,
including based on
sustainability targets.
Remuneration
Committee
Provides non-binding recommendations
on our Strategic Aspirations regarding
purpose and sustainability. Composed
of external experts.
Sustainability
Advisory Council
50
Sustainability statement / General information / 1.3 Sustainability governance
Sustainability statement / General information / 1.4 Interests and views of stakeholders
5
51
Sustainability statement / General information / 1.4 Interests and views of stakeholders
Sustainability statement / General information / 1.5 Double materiality assessment
6
52
Sustainability statement / General information / 1.5 Double materiality assessment
DMA topics Category Resources R&D Manufacturing Distribution Patients Time horizon Page
Climate change
CO
2
e emissions across our operations and value chain contribute to climate change
54
Potential reputational risks associated with rising CO
2
e emissions
54
Potential weather-related hazards impacting safety at our sites and in our value chain
54
Resource use and circular economy
Resource use and waste associated with manufacturing and products
60
Potential reputational risks associated with resource consumption
60
Pollution
Chemicals affecting human health or ecosystems
64
Water
Availability and deterioration of water resources
65
Biodiversity and ecosystems
Reliance on natural resources and ecosystem services
67
Reliance on vulnerable species in research
67
Patient protection and quality of life
Improving quality of life through medicine
71
Innovation
2
Potential new discoveries to serve patient needs
71
Prevention
2
Reducing and preventing serious chronic diseases
71
Health equity in clinical trials Health equity for vulnerable patients
71
Safe clinical trials Product quality and safety
71
Falsified medicines
2
Protection against falsified medicines
71
Protecting clinical
trial information
Protecting patient information
71
Potential reputational and regulatory risks
71
Own workforce
Employee benefits and flexible working conditions
80
Potential human rights incidents
80
Healthy and safe work environment
80
Equal opportunities fostering innovation
80
Attracting talent to enable continued innovation
80
Workers in the value chain
Protecting working conditions
and human rights
Protecting working conditions and human rights
88
Business conduct
Ethical working culture through Novo Nordisk Way
90
Interacting with all stakeholders in accordance with our business ethics standards
90
Promoting public health
90
Bioethics
2
Upholding high bioethical standards
90
Reliance on animals in research
90
Positive impact
Negative impact
Opportunity
Risk
2. Entity-specific topics.
Sustainability statement / General information / 1.5 Double materiality assessment
7
Short-term Medium-term Long-term
Negative impactPositive impact Opportunity Risk
+
!
S4
S1E1
E5
G1S2
E3 E4
E2
Financial materiality
Impact materiality
Low High
High Essential topics
Non-material topics Important topics
Non-material topics
- Pollution of air (E2)
- Pollution of water (E2)
- Pollution of soil (E2)
- Pollution of living organisms
and food resources (E2)
- Microplastics (E2)
- Water discharge in oceans (E3)
- Extraction of marine resources (E3)
- Invasive alien species (E4)
- Desertification (E4)
- Soil sealing (E4)
- Other (E4)
- Employment with disabilities
(S1 and S2)
- Adequate housing (S1 and S2)
- Diversity (S2)
- Gender equality (S2)
- Water and sanitation (S2)
- Work-life balance (S2)
- Affected communities (S3)
UPSTREAM
OWN OPERATIONS
DOWNSTREAM
2. Entity-specific topics.
DMA topics
Category
Resources
R&D
Manufacturing Distribution Patients
Time horizon Page
E1
Climate change CO
2
e emissions across our operations and value chain contribute to climate change 54
!
Potential reputational risks associated with rising CO
2
e emissions 54
Potential weather-related hazards impacting safety at our sites and in our value chain 54
E5
Resource use and circular economy Resource use and waste associated with manufacturing and products 60
!
Potential reputational risks associated with resource consumption 60
E2
Pollution Chemicals affecting human health or ecosystems 64
E3
Water Availability and deterioration of water resources 65
E4
Biodiversity and ecosystems Reliance on natural resources and ecosystem services 67
Reliance on vulnerable species in research
67
S4
Patient protection and quality of life
+
Improving quality of life through medicines
71
Innovation
2
Potential new discoveries to serve patient needs
71
Prevention
2
+
Reducing and preventing serious chronic diseases
71
+
Health equity in clinical trials Health equity for vulnerable patients
71
Safe clinical trials Product quality and safety
71
Falsified medicines
2
Protection against falsified medicines
71
Protecting clinical
trial information
Protecting patient information
71
!
Potential reputational and regulatory risks
71
S1
Own workforce
+
Employee benefits and flexible working conditions
80
Potential human rights incidents
80
Healthy and safe work environment
80
+
Equal opportunities fostering innovation
80
!
Attracting talent to enable continued innovation
80
S2
Workers in the value chain
Protecting working
conditions and human rights
Protecting working conditions and human rights
88
G1
Business conduct
+
Ethical working culture through Novo Nordisk Way
90
Interacting with all stakeholders in accordance with our business ethics standards
90
+
Promoting public health
90
Bioethics
2
+
Upholding high bioethical standards
90
Reliance on animals in research 90
53
Sustainability statement / General information / 1.5 Double materiality assessment
Positive impact Negative impact Opportunity Risk
Sustainability statement / Environment / 2.1 Climate change
8
Purchased goods
and services
1,215 ktCO₂e
Fuel and energy
related activities
74 ktCO₂e
Upstream
transportation
and distribution
101 ktCO₂e
Downstream
transportation
and distribution
57 ktCO₂e
End-of-life
treatment of
sold products
2 ktCO₂e
Waste generated
in operations
6 ktCO₂e
Business travel
188 ktCO₂e
Employee
commuting
52 ktCO₂e
Emissions and energy
use in own operations
101 ktCO₂e
Capital goods
465 ktCO₂e
CO
2
e emissions across Novo Nordisk's value chain
CO
2
e emissions across Novo Nordisk’s value chain
Negative impactPositive impact Opportunity Risk
54
Sustainability statement / Environment / 2.1 Climate change
Sustainability statement / Environment / 2.1 Climate change
9
55
Sustainability statement / Environment / 2.1 Climate change
Sustainability statement / Environment / 2.1 Climate change
10
56
Sustainability statement / Environment / 2.1 Climate change
Sustainability statement / Environment / 2.1 Climate change
11
-33%
(Scope 3)
-100%
(Scope 3)
-100%
(Scope 1+2)
Main decarbonisation levers for our scope 1+2 target (0 by 2030), scope 3 target (-33% by 2033) and net-zero target (2045)
4
Target year 2033 Decarbonisation
levers
Decarbonisation
levers
Growth
Full scope 3
2024: 2,160
1,000 tCO
2
e
Target year 2045Base year 2024
1,493
101
1,500
1,000
Removals
Scope 1+2 incl. gap
Scope 3
Scope 3 gap
Scope 3 excluded from 2033 target
4. The figure represents the main decarbonisation levers and their estimated overall quantitative contributions to achieve GHG emission reduction targets, including expected growth projections.
Does not include future acquisitions. Target year for scope 1+2 is 2030.
131
Scope 3
levers:
2,200
700
57
Sustainability statement / Environment / 2.1 Climate change
Sustainability statement / Environment / 2.1 Climate change
12
58
Sustainability statement / Environment / 2.1 Climate change
Sustainability statement / Environment / 2.1 Climate change
13
Crude oil and petroleum
Natural gas
Electricity, heat and steam from fossil sources
Electricity, heat and steam from non-contractual biomass
Renewable sources, including biofuels
Electricity, heat and steam from renewable sources
Renewable
sources: 752,820
Fossil and other
sources: 647,408
187,881
195,773
90,665
173,089
153,779
599,041
2.1.3 Energy consumption and mix
(MWh)
Total:
1,400,228
59
Sustainability statement / Environment / 2.1 Climate change
Positive impact Negative impact Opportunity Risk
Sustainability statement / Environment / 2.2 Resource use and circular economy
14
Resource inflows
Resource outflows
Reusable devices
Biological and
technical materials
Reuse of water, energy,
and ethanol in production
Reduced
plastic use
Circular
design
ReMed
TM
Waste from
production
and product
end-of-life
Optimising resource inflows and outflows and reducing waste
Negative impactPositive impact Opportunity Risk
60
Sustainability statement / Environment / 2.2 Resource use and circular economy
Sustainability statement / Environment / 2.2 Resource use and circular economy
15
61
Sustainability statement / Environment / 2.2 Resource use and circular economy
Sustainability statement / Environment / 2.2 Resource use and circular economy
16
62
Sustainability statement / Environment / 2.2 Resource use and circular economy
Sustainability statement / Environment / 2.2 Resource use and circular economy
17
14,09926,022
12,614
Preparation for reuse
Recycling
Other recovery operations
Incineration
Landfil
Other disposal operations
Waste directed to disposal: 7,863
Waste diverted
from disposal: 168,845
149,853
18,952
7,743
Non-hazardous:
176,708 tonnes
Hazardous:
52,982 tonnes
2.2.3 Resource outflow – Waste
(tonnes)
Waste directed to
disposal: 26,269
Waste diverted from
disposal: 26,713
40
120
247
63
Sustainability statement / Environment / 2.2 Resource use and circular economy
Sustainability statement / Environment / 2.3 Pollution
18
64
Sustainability statement / Environment / 2.3 Pollution
Positive impact Negative impact Opportunity Risk
Sustainability statement / Environment / 2.4 Water
19
Negative impactPositive impact Opportunity Risk
65
Sustainability statement / Environment / 2.4 Water
Sustainability statement / Environment / 2.4 Water
20
66
Sustainability statement / Environment / 2.4 Water
Positive impact Negative impact Opportunity Risk
Sustainability statement / Environment / 2.5 Biodiversity and ecosystems
21
Negative impactPositive impact Opportunity Risk
67
Sustainability statement / Environment / 2.5 Biodiversity and ecosystems
Sustainability statement / Environment / 2.5 Biodiversity and ecosystems
22
68
Sustainability statement / Environment / 2.5 Biodiversity and ecosystems
Sustainability statement / Environment / 2.6 EU Taxonomy
23
69
Sustainability statement / Environment / 2.6 EU Taxonomy
Sustainability statement / Environment / 2.6 EU Taxonomy
24
70
Sustainability statement / Environment / 2.6 EU Taxonomy
Sustainability statement / Social information / 3.1 Patient protection and quality of life
25
Prevention
of serious chronic
diseases
p. 73
Innovation
Core contribution to society
p. 72
Information-related impacts
Labelling and product communication
p. 79
Social inclusion
of patients
Access and affordability
p. 73
Patient safety
Quality and safety of products and
clinical trials, incl. falsified medicines
p. 76
Social sustainability roadmaps
Efforts linked to ensuring patient protection and quality of life
71
Sustainability statement / Social / 3.1 Patient protection and quality of life
Sustainability statement / Social information / 3.1 Patient protection and quality of life
26
72
Sustainability statement / Social / 3.1 Patient protection and quality of life
Sustainability statement / Social / 3.1 Patient protection and quality of life
27
73
Sustainability statement / Social / 3.1 Patient protection and quality of life
®
Sustainability statement / Social / 3.1 Patient protection and quality of life
28
74
Sustainability statement / Social / 3.1 Patient protection and quality of life
Sustainability statement / Social / 3.1 Patient protection and quality of life
29
75
Sustainability statement / Social / 3.1 Patient protection and quality of life
Sustainability statement / Social / 3.1 Patient protection and quality of life
30
76
Sustainability statement / Social / 3.1 Patient protection and quality of life
Sustainability statement / Social / 3.1 Patient protection and quality of life
31
77
Sustainability statement / Social / 3.1 Patient protection and quality of life
Sustainability statement / Social / 3.1 Patient protection and quality of life
32
78
Sustainability statement / Social / 3.1 Patient protection and quality of life
Sustainability statement / Social / 3.1 Patient protection and quality of life
33
79
Sustainability statement / Social / 3.1 Patient protection and quality of life
Positive impact Negative impact Opportunity Risk
Sustainability statement / Social / 3.2 Own workforce
34
Health and safety
p. 83
Equal opportunities
p. 85
Working conditions
p. 81
Efforts linked to ensuring a good workplace
Negative impactPositive impact Opportunity Risk
80
Sustainability statement / Social / 3.2 Own workforce
Sustainability statement / Social / 3.2 Own workforce
35
81
Sustainability statement / Social / 3.2 Own workforce
Sustainability statement / Social / 3.2 Own workforce
36
82
Sustainability statement / Social / 3.2 Own workforce
Sustainability statement / Social / 3.2 Own workforce
37
83
Sustainability statement / Social / 3.2 Own workforce
Sustainability statement / Social / 3.2 Own workforce
38
84
Sustainability statement / Social / 3.2 Own workforce
Sustainability statement / Social / 3.2 Own workforce
39
85
Sustainability statement / Social / 3.2 Own workforce
Sustainability statement / Social / 3.2 Own workforce
40
86
Sustainability statement / Social / 3.2 Own workforce
Sustainability statement / Social / 3.2 Own workforce
41
87
Sustainability statement / Social / 3.2 Own workforce
Positive impact Negative impact Opportunity Risk
Sustainability statement / Social / 3.3 Workers in the value chain
42
Negative impactPositive impact Opportunity Risk
88
Sustainability statement / Social / 3.3 Workers in the value chain
Sustainability statement / Social / 3.3 Workers in the value chain
43
89
Sustainability statement / Social / 3.3 Workers in the value chain
Positive impact Negative impact Opportunity Risk
Sustainability statement / Governance / 4.1 Business conduct
44
90
Sustainability statement / Governance / 4.1 Business conduct
Sustainability statement / Governance / 4.1 Business conduct
45
91
Sustainability statement / Governance / 4.1 Business conduct
Sustainability statement / Governance / 4.1 Business conduct
46
92
Sustainability statement / Governance / 4.1 Business conduct
Sustainability statement / Governance / 4.1 Business conduct
47
93
Sustainability statement / Governance / 4.1 Business conduct
Sustainability statement / Governance / 4.1 Business conduct
48
94
Sustainability statement / Governance / 4.1 Business conduct
Sustainability statement / Appendix
49
95
Sustainability statement / Appendix
1. In addition, a detailed description of the material IROs is given in the topical sections of this Sustainability statement. ESRS 2 MDR-P (65a): The Novo Nordisk
Sustainability statement / Appendix
50
96
Sustainability statement / Appendix
Sustainability statement / Appendix
51
97
Sustainability statement / Appendix
Sustainability statement / Appendix
52
98
Sustainability statement / Appendix
Sustainability statement / Appendix
53
99
Sustainability statement / Appendix
From the moment Logan Phippen first saw cycling on television as a child, he knew it was his calling.
Even after being diagnosed with type 1 diabetes in 2016, Logan remained undeterred. Understanding
that it was a manageable disease, he quickly returned to racing and joined Team Novo Nordisk’s
development team. Five years later, Logan achieved his long-held dream by joining the pro team,
becoming Team Novo Nordisk’s only professional rider from the US.
FINANCIAL
STATEMENTS
101 Consolidated financial statements
138 Statements and Auditor’s Reports
100
Consolidated financial statements
Income statement and Statement of comprehensive income 102
Cash flow statement 103
Balance sheet 104
Equity statement 105
Notes to the Consolidated financial statements 106
Section 1 106
Basis of preparation 106
1.1 Material accounting policies and key accounting estimates and judgements 106
1.2 Changes in accounting policies and disclosures 106
Section 2 107
Results for the year 107
2.1 Net sales and rebates 107
2.2 Segment information 108
2.3 Research and development costs 110
2.4 Employee costs 110
2.5 Other operating income and expenses 111
2.6 Income taxes and deferred income taxes 111
Section 3 113
Operating assets and liabilities 113
3.1 Intangible assets 113
3.2 Property, plant and equipment 115
3.3 Inventories 116
3.4 Trade receivables 116
3.5 Provisions and contingent liabilities 117
Section 4 119
Capital structure and financial items 119
4.1 Earnings per share 119
4.2 Distribution to shareholders 119
4.3 Share capital, Treasury shares and Other reserves 119
4.4 Financial risks 120
4.5 Derivative financial instruments 122
4.6 Borrowings 123
4.7 Cash flow statement specifications 125
4.8 Financial assets and liabilities 126
4.9 Financial income and expenses 127
Section 5 128
Other disclosures 128
5.1 Share-based payment schemes 128
5.2 Commitments 130
5.3 Acquisition of businesses 130
5.4 Related party transactions 131
5.5 Fees to statutory auditors 132
5.6 General accounting policies 132
5.7 Companies in the Novo Nordisk Group 133
Part of the Annual review (not audited) 134
Financial definitions
and ratios 134
Non-IFRS financial measures 135
Consolidated financial statements
101
fi
Income statement and Statement of comprehensive income
for the year ended 31 December
DKK million Note 2024 2023 2022
Income statement
Net sales 2.1, 2.2 290,403 232,261 176,954
Cost of goods sold 2.2 (44,522 ) (35,765 ) (28,448 )
Gross profit 245,881 196,496 148,506
Sales and distribution costs 2.2 (62,101 ) (56,743 ) (46,217 )
Research and development costs 2.2, 2.3 (48,062 ) (32,443 ) (24,047 )
Administrative costs 2.2 (5,276 ) (4,855 ) (4,467 )
Other operating income and expenses 2.2, 2.5 (2,103 ) 119 1,034
Operating profit 128,339 102,574 74,809
Financial income 4.9 6,198 2,945 239
Financial expenses 4.9 (7,346 ) (845 ) (5,986 )
Profit before income taxes 127,191 104,674 69,062
Income taxes 2.6 (26,203 ) (20,991 ) (13,537 )
Net profit 100,988 83,683 55,525
Earnings per share
Basic earnings per share (DKK) 4.1 22.67 18.67 12.26
Diluted earnings per share (DKK) 4.1 22.63 18.62 12.22
DKK million Note 2024 2023 2022
Statement of comprehensive income
Net profit 100,988 83,683 55,525
Other comprehensive income:
Remeasurements of retirement benefit obligations (119 ) 13 615
Items that will not be reclassified subsequently to the income statement (119 ) 13 615
Exchange rate adjustments of investments in subsidiaries
4.3
Cash flow hedges:
Realisation of previously deferred (gains)/losses 4.3, 4.5 (1,612 ) (1,026 ) 1,740
Deferred gains/(losses) related to acquisition of businesses 4.3, 4.5 1,154 — —
Deferred gains/(losses) on hedges open at year-end 4.3, 4.5 (5,763 ) 1,612 1,026
Tax and other items 4.3 1,343 (355 ) (892 )
Items that will be reclassified subsequently to the income statement (1,782 ) (1,173 ) 4,163
Other comprehensive income (1,901 ) (1,160 ) 4,778
Total comprehensive income 99,087 82,523 60,303
Consolidated financial statements / Income statement and Statement of comprehensive income
2
102
fi / Income statement and Statement of comprehensive income
Cash flow statement
for the year ended 31 December
DKK million Note 2024 2023 2022
Cash flow statement
Net profit 100,988 83,683 55,525
Adjustment of non-cash items:
Income taxes in the income statement 2.6 26,203 20,991 13,537
Depreciation, amortisation and impairment losses 3.1, 3.2 19,107 9,413 7,362
Other non-cash items 4.7 15,029 33,517 22,509
Changes in working capital 4.7 (11,995 ) (13,380 ) (5,535 )
Interest received 1,884 1,072 276
Interest paid (612 ) (491 ) (272 )
Income taxes paid 2.6 (29,636 ) (25,897 ) (14,515 )
Net cash flows from operating activities 120,968 108,908 78,887
Purchase of intangible assets 3.1 (4,145 ) (13,090 ) (2,607 )
Purchase of property, plant and equipment 3.2 (47,164 ) (25,806 ) (12,146 )
Cash used for acquisition of businesses 5.3 (82,163 ) — (7,075 )
Proceeds from other financial assets — 33 —
Purchase of other financial assets (786 ) (271 ) (169 )
Purchase of marketable securities (19,028 ) (13,018 ) (9,566 )
Sale of marketable securities 24,391 8,260 6,645
Net cash flows from investing activities (128,895 ) (43,892 ) (24,918 )
DKK million Note 2024 2023 2022
Purchase of treasury shares 4.2 (20,181 ) (29,924 ) (24,086 )
Dividends paid 4.2 (44,140 ) (31,767 ) (25,303 )
Proceeds from borrowings 4.6 79,391 — 11,215
Repayment of borrowings 4.6 (6,335 ) (1,467 ) (13,623 )
Net cash flows from financing activities 8,735 (63,158 ) (51,797 )
Net cash generated from activities 808 1,858 2,172
Cash and cash equivalents at the beginning of the year 14,392 12,653 10,719
Exchange gains/(losses) on cash and cash equivalents 455 (119 ) (238 )
Cash and cash equivalents at the end of the year 15,655 14,392 12,653
Consolidated financial statements / Cash flow statement
3
103
fi / fl
Balance sheet
at 31 December
DKK million Note 2024 2023
Assets
Intangible assets 3.1 111,090 60,406
Property, plant and equipment 3.2 162,488 90,961
Investments in associated companies 400 410
Deferred income tax assets 2.6 24,627 20,380
Other receivables and prepayments 4.8 4,016 1,430
Other financial assets 4.8 2,277 1,253
Total non-current assets 304,898 174,840
Inventories 3.3 40,849 31,811
Trade receivables 3.4 71,949 64,770
Tax receivables 2,853 2,423
Other receivables and prepayments 4.8 12,612 8,068
Marketable securities 4.4 10,653 15,838
Derivative financial instruments 4.5 6,326 2,344
Cash at bank 4.4 15,655 14,392
Total current assets 160,897 139,646
Total assets 465,795 314,486
DKK million Note 2024 2023
Equity and liabilities
Share capital 4.3 446 451
Treasury shares 4.3 (2 ) (5 )
Retained earnings 144,448 104,839
Other reserves 4.3 (1,406 ) 1,276
Total equity 143,486 106,561
Borrowings 4.6 89,674 20,528
Deferred income tax liabilities 2.6 5,426 10,162
Retirement benefit obligations 903 742
Other liabilities 4.8 23 189
Provisions 3.5 8,755 6,649
Total non-current liabilities 104,781 38,270
Borrowings 4.6 13,113 6,478
Trade payables 28,846 25,606
Tax payables 9,716 7,116
Other liabilities 4.8 37,993 28,705
Derivative financial instruments 4.5 7,531 1,272
Provisions 3.5 120,329 100,478
Total current liabilities 217,528 169,655
Total liabilities 322,309 207,925
Total equity and liabilities 465,795 314,486
Consolidated financial statements / Balance sheet
4
104
fi / Balance sheet
Equity statement
at 31 December
2024 2023 2022
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Balance at the beginning of the year 451 (5 ) 104,839 1,276 106,561 456 (6 ) 80,587 2,449 83,486 462 (6 ) 72,004 (1,714 ) 70,746
Net profit 100,988 100,988 83,683 83,683 55,525 55,525
Other comprehensive income (119 ) (1,782 ) (1,901 ) 13 (1,173 ) (1,160 ) 615 4,163 4,778
Total comprehensive income 100,869 (1,782 ) 99,087 83,696 (1,173 ) 82,523 56,140 4,163 60,303
Transfer of cash flow hedge reserve to intangible assets (note 4.3) (900 ) (900 ) — — — —
Transactions with owners:
Dividends (note 4.2) (44,140 ) (44,140 ) (31,767 ) (31,767 ) (25,303 ) (25,303 )
Share-based payments (note 5.1) 2,289 2,289 2,149 2,149 1,539 1,539
Purchase of treasury shares (note 4.3) (2 ) (20,179 ) (20,181 ) (4 ) (29,920 ) (29,924 ) (6 ) (24,080 ) (24,086 )
Reduction of the B share capital (note 4.3) (5 ) 5 — (5 ) 5 — (6 ) 6 —
Tax related to transactions with owners 770 770 94 94 287 287
Balance at the end of the year 446 (2 ) 144,448 (1,406 ) 143,486 451 (5 ) 104,839 1,276 106,561 456 (6 ) 80,587 2,449 83,486
Refer to note 4.3 for details of movements in Other reserves.
Consolidated financial statements / Equity statement
5
105
fi / Equity statement
Notes to the Consolidated financial statements
Section 1
Basis of preparation
Consolidated financial statements / Notes to the Consolidated financial statement / 1.1 Material accounting policies and key accounting estimates and judgements
6
106
fi fi 1.1 Material accounting policies and key accounting estimates and judgements
Section 2
Results for the year
Consolidated financial statements / Notes to the Consolidated financial statement / 2.1 Net sales and rebates
7
107
fi / fi / 2.1 Net sales and rebates
Consolidated financial statements / Notes to the Consolidated financial statement / 2.2 Segment information
8
108
fi / fi / 2.2 Segment information
25.7%
Consolidated financial statements / Notes to the Consolidated financial statement / 2.2 Segment information
9
109
fi / fi / 2.2 Segment information
Consolidated financial statements / Notes to the Consolidated financial statement / 2.3 Research and development costs
10
110
fi / fi / 2.3 Research and development costs
Consolidated financial statements / Notes to the Consolidated financial statement / 2.5 Other operating income and expenses
11
111
fi / fi / 2.5 Other operating income and expenses
Consolidated financial statements / Notes to the Consolidated financial statement / 2.6 Income taxes and deferred income taxes
12
112
fi / fi / 2.6 Income taxes and deferred income taxes
Section 3
Operating assets and
liabilities
Consolidated financial statements / Notes to the Consolidated financial statement / 3.1 Intangible assets
13
113
fi / fi / 3.1 Intangible assets
Consolidated financial statements / Notes to the Consolidated financial statement / 3.1 Intangible assets
14
114
fi / fi / 3.1 Intangible assets
Consolidated financial statements / Notes to the Consolidated financial statement / 3.2 Property, plant and equipment
15
115
fi / fi / 3.2 Property, plant and equipment
Consolidated financial statements / Notes to the Consolidated financial statement / 3.3 Inventories
16
116
fi / fi / 3.3 Inventories
Consolidated financial statements / Notes to the Consolidated financial statement / 3.5 Provisions and contingent liabilities
17
117
fi / fi / 3.5 Provisions and contingent liabilities
Consolidated financial statements / Notes to the Consolidated financial statement / 3.5 Provisions and contingent liabilities
18
118
fi / fi / 3.5 Provisions and contingent liabilities
Section 4
Capital structure and
financial items
Consolidated financial statements / Notes to the Consolidated financial statement / 4.1 Earnings per share
19
119
fi / fi / 4.1 Earnings per share
Consolidated financial statements / Notes to the Consolidated financial statement / 4.4 Financial risks
20
120
fi / fi / 4.4 Financial risks
BRL
Consolidated financial statements / Notes to the Consolidated financial statement / 4.4 Financial risks
21
121
fi / fi / 4.4 Financial risks
Consolidated financial statements / Notes to the Consolidated financial statement / 4.5 Derivative financial instruments
22
122
fi / fi / fi
Consolidated financial statements / Notes to the Consolidated financial statement / 4.6 Borrowings
23
123
fi / fi / 4.6 Borrowings
Consolidated financial statements / Notes to the Consolidated financial statement / 4.6 Borrowings
24
124
fi / fi / 4.6 Borrowings
Consolidated financial statements / Notes to the Consolidated financial statement / 4.7 Cash flow statement specifications
25
125
fi / fi / fl fi
Consolidated financial statements / Notes to the Consolidated financial statement / 4.8 Financial assets and liabilities
26
126
fi / fi / 4.8 Financial assets and liabilities
Consolidated financial statements / Notes to the Consolidated financial statement / 4.9 Financial income and expenses
27
127
fi / fi / 4.9 Financial income and expenses
Section 5
Other disclosures
Consolidated financial statements / Notes to the Consolidated financial statement / 5.1 Share-based payment schemes
28
128
fi / fi / 5.1 Share-based payment schemes
Consolidated financial statements / Notes to the Consolidated financial statement / 5.1 Share-based payment schemes
29
129
fi / fi / 5.1 Share-based payment schemes
Consolidated financial statements / Notes to the Consolidated financial statement / 5.2 Commitments
30
130
fi / fi / 5.2 Commitments
Consolidated financial statements / Notes to the Consolidated financial statement / 5.4 Related party transactions
31
131
fi / fi / 5.4 Related party transactions
Consolidated financial statements / Notes to the Consolidated financial statement / 5.5 Fees to statutory auditors
32
132
fi / fi / 5.5 Fees to statutory auditors
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Consolidated financial statements / Notes to the Consolidated financial statement / 5.7 Companies in the Novo Nordisk Group
33
133
fi / fi / 5.7 Companies in the Novo Nordisk Group
Financial definitions and ratios
(part of the Annual review – not audited)
Financial ratios have been calculated in accordance with the guidelines from the
Danish Society of Financial Analysts, and supplemented by certain key ratios for
Novo Nordisk. Financial ratios are described below and in the section 'Non-IFRS
financial measures'.
FINANCIAL DEFINITIONS
ADR
An American Depository Receipt (ADR) represents ownership of shares in a non-US
company and trades in US financial markets.
EBITDA
EBITDA is defined as ’net profit’, adjusted for 'income taxes', 'financial items',
'depreciation and amortisation' and 'impairment losses and reversals'.
Number of shares outstanding
The total number of shares, excluding the holding of treasury shares.
Shares
The share capital of Novo Nordisk comprises of A-shares and B-shares, with B-shares
listed on Nasdaq Copenhagen in trading units of nominal value DKK 0.10 and ADRs,
that equals B-shares of nominal value DKK 0.10, being listed on New York Stock
Exchange (NYSE). Key ratios per share, including number of outstanding shares, are
aligned with trading units of nominal value DKK 0.10.
Working capital
Working capital is the net of operating assets and operating liabilities.
FINANCIAL RATIOS
Basic earnings per share (EPS)
Net profit divided by the average number of shares outstanding.
Diluted earnings per share
Net profit divided by average number of shares outstanding, including the dilutive
effect of the outstanding restricted stock units.
Dividend payout ratio
Total dividends for the year as a percentage of net profit. Total dividends for the year
comprise of interim dividend paid during the year and proposed ordinary dividend for
the year.
Effective tax rate
Income taxes as a percentage of profit before income taxes.
Gross margin
Gross profit as a percentage of net sales.
Operating margin
Operating profit as a percentage of net sales.
Net profit margin
Net profit as a percentage of net sales.
Part of the Annual review – not audited
34
134
Part of the Annual review – not audited
Non-IFRS financial measures
(part of the Annual review – not audited)
In the Annual review, Novo Nordisk discloses certain financial measures of the Group’s
financial performance, financial position and cash flows that reflect adjustments to the
most directly comparable measures calculated and presented in accordance with IFRS
Accounting Standards. These non-IFRS financial measures may not be defined and
calculated by other companies in the same manner, and may therefore not be
comparable.
The non-IFRS financial measures presented in the Annual review are:
• Net sales and operating profit in constant exchange rates (CER)
• 'Net profi
t’, adjusted for 'income taxes', 'financial items', 'depreciation and
amortisation' and 'impairment losses and reversals' (EBITDA) and EBITDA at
constant exchange rates
• Return on invested capital (ROIC)
• Free cash flow
• Cash to earnings
IFRS refers to an IFRS financial measure.
Net sales and operating profit growth in constant exchange rates
'Growth in constant exchange rates' means that the effect of changes in exchange
rates is excluded. It is defined as sales/operating profit for the period measured at the
average exchange rates for the same period of the prior year, compared with net
sales/operating profit for the same period of the prior year. Price adjustments within
hyperinflation countries as defined in IAS 29 'Financial reporting in hyperinflation
economies' are excluded from the calculation to avoid growth in constant exchange
rates being artificially inflated. Growth in constant exchange rates is considered to be
relevant information for investors in order to understand the underlying development
in sales and operating profit by adjusting for the impact of currency fluctuations.
Net sales in constant exchange rates
DKK million 2024 2023 2022
Net sales IFRS 290,403 232,261 176,954
Effect of exchange rate 1,575 7,658 (13,024)
Net sales in constant exchange rates 291,978 239,919 163,930
Net sales previous year 232,261 176,954 140,800
% increase/(decrease) in reported
currencies 25.0% 31.3% 25.7%
% increase/(decrease) in constant
exchange rates 25.7% 35.6% 16.4%
Operating profit in constant exchange rates
DKK million 2024 2023 2022
Operating profit IFRS 128,339 102,574 74,809
Effect of exchange rate 1,096 4,898 (7,578)
Operating profit in constant
exchange rates 129,435 107,472 67,231
Operating profit previous year 102,574 74,809 58,644
% increase/(decrease) in reported
currencies 25.1% 37.1% 27.6%
% increase/(decrease) in constant
exchange rates 26.2% 43.7% 14.6%
EBITDA and EBITDA at constant exchange rates
Novo Nordisk defines EBITDA as ’net profit’ adjusted for 'income taxes', 'financial
items', 'depreciation and amortisation' and 'impairment losses and reversals'.
Management believes EBITDA is a useful measure as it helps analyse operating
results from core business operations without including the effects of capital
structure, tax rates, depreciation, amortisation and impairment losses and reversals.
"EBITDA at CER" means that the effect of changes in exchange rates is excluded by
measuring EBITDA (as defined above) at the average exchange rates for the same
period prior year. EBITDA at CER is considered to be useful information for investors
in order to understand the underlying development by adjusting for the impact of
currency fluctuations.
EBITDA and EBITDA at constant exchange rates
DKK million 2024 2023 2022
Net profit IFRS 100,988 83,683 55,525
Income taxes IFRS 26,203 20,991 13,537
Financial income IFRS (6,198) (2,945) (239)
Financial expenses IFRS 7,346 845 5,986
Operating profit (EBIT) IFRS 128,339 102,574 74,809
Depreciation and amortisations 8,545 7,289 6,553
Impairment losses and reversals 10,562 2,124 809
EBITDA 147,446 111,987 82,171
Effect of exchange rate 1,146 5,043 (7,841)
EBITDA in constant exchange rates 148,592 117,030 74,330
EBITDA previous year 111,987 82,171 64,669
% increase/(decrease) in reported
currencies 31.7% 36.3% 27.1%
% increase/(decrease) in constant
exchange rates 32.7% 42.4% 14.9%
Part of the Annual review – not audited
35
135
Part of the Annual review – not audited
Return on invested capital (ROIC)
ROIC is defined as 'operating profit after tax' (using the effective tax rate) as a
percentage of average inventories, receivables, property, plant and equipment,
intangible assets and deferred tax assets, less non-interest-bearing liabilities including
provisions and deferred tax liabilities (where the average is the sum of the above
assets and liabilities at the beginning of the year and at year-end divided by two).
Management believes ROIC is a useful measure in providing investors and
Management with information regarding the Group's performance. The calculation
of this financial target is a widely accepted measure of earnings efficiency in relation
to total capital employed.
The following tables show the reconciliation of ROIC with operating profit/equity in
%, the most directly comparable IFRS financial measure:
Operating profit/equity in %
DKK million 2024 2023 2022
Operating profit IFRS 128,339 102,574 74,809
/ Equity IFRS 143,486 106,561 83,486
Operating profit/equity in % 89.4% 96.3% 89.6%
ROIC
DKK million 2024 2023 2022
Operating profit after tax 101,901 81,957 60,146
/ Average net operating assets 159,548 92,566 81,744
ROIC in % 63.9% 88.5% 73.6%
ROIC numerator
Reconciliation of operating profit to operating profit after tax
DKK million 2024 2023 2022
Operating profit IFRS 128,339 102,574 74,809
Tax on operating profit (using effective
tax rate) (26,438) (20,617) (14,663)
Operating profit after tax 101,901 81,957 60,146
ROIC denominator
DKK million 2024 2023 2022
Intangible assets 111,090 60,406 50,939
Property, plant and equipment 162,488 90,961 66,671
Deferred income tax assets 24,627 20,380 13,904
Other receivables and prepayments (non-
current) 4,016 1,430 206
Inventories 40,849 31,811 24,388
Trade receivables 71,949 64,770 50,560
Tax receivables 2,853 2,423 940
Other receivables and prepayments
(current) 12,612 8,068 6,005
Deferred income tax liabilities (5,426) (10,162) (7,061)
Retirement benefit obligations (903) (742) (762)
Other liabilities (non-current) (23) (189) (100)
Provisions (non-current) (8,755) (6,649) (4,590)
Trade payables (28,846) (25,606) (15,587)
Tax payables (9,716) (7,116) (7,091)
Other liabilities (current) (37,993) (28,705) (23,606)
Provisions (current) (120,329) (100,478) (70,287)
Net operating assets 218,493 100,602 84,529
Average net operating assets 159,548 92,566 81,744
Reconciliation of net operating assets to equity IFRS
DKK million 2024 2023 2022
Equity IFRS 143,486 106,561 83,486
Investment in associated companies (400) (410) (327)
Other financial assets (2,277) (1,253) (1,016)
Marketable securities (10,653) (15,838) (10,921)
Derivative financial instruments (6,326) (2,344) (2,727)
Cash at bank (15,655) (14,392) (12,653)
Borrowings – non-current 89,674 20,528 24,318
Borrowings – current 13,113 6,478 1,466
Derivative financial instruments 7,531 1,272 2,903
Net operating assets 218,493 100,602 84,529
Part of the Annual review – not audited
36
136
Part of the Annual review – not audited
Free cash flow
Free cash flow is a measure of the amount of cash generated in the period which is
available for the Board to allocate between Novo Nordisk's capital providers, through
measures such as dividends, share repurchases and repayment of debt (excluding
lease liability repayments) or for retaining within the business to fund future growth.
The following table shows a reconciliation of free cash flow with net cash generated
from operating activities, the most directly comparable IFRS financial measure:
Free cash flow
DKK million 2024 2023 2022
Net cash generated from operating
activities IFRS 120,968 108,908 78,887
Net cash used in investing activities IFRS (128,895) (43,892) (24,918)
Net purchase/(net sale) of marketable
securities IFRS (5,363) 4,758 2,921
Addition on marketable securities
through acquisition of business IFRS — — 1,470
Repayment on lease liabilities IFRS (1,417) (1,448) (998)
Free cash flow (14,707) 68,326 57,362
Cash to earnings
Cash to earnings is defined as 'free cash flow as a percentage of net profit'.
Management believes that cash to earnings is an important performance metric
because it measures the Group’s ability to turn earnings into cash. Since Management
wants this measure to capture the ability of the Group’s operations to generate cash,
free cash flow is used as the numerator instead of net cash flow.
The following table shows the reconciliation of cash to earnings to cash flow
from operating activities/net profit in %, the most directly comparable IFRS
financial measure:
Cash flow from operating activities/net profit in %
DKK million 2024 2023 2022
Net cash generated from operating
activities IFRS 120,968 108,908 78,887
/ Net profit IFRS 100,988 83,683 55,525
Cash flow from operating
activities/net profit in % 119.8% 130.1% 142.1%
Cash to earnings
DKK million 2024 2023 2022
Free cash flow (14,707) 68,326 57,362
/ Net profit IFRS 100,988 83,683 55,525
Cash to earnings (14.6%) 81.6% 103.3%
Part of the Annual review – not audited
37
137
Part of the Annual review – not audited
Statement by the Board of Directors and Executive Management
Registered Executive Management Board of Directors
Statements and Auditor´s Report / Statement by the Board of Directors and Executive Management
38
138
Statements and auditor’s reports / Statement by the Board of Directors and Executive Management
Independent auditor’s report
Report on the Financial Statements
139
Statements and auditor’s reports / Independent auditor’s report
Business Registration No 33 96 35 56
140
Statements and auditor’s reports / Independent auditor’s report
141
Statements and auditor’s reports / Independent auditor’s limited assurance report on Sustainability statement
142
Statements and auditor’s reports / Independent auditor’s limited assurance report on Sustainability statement
ADDITIONAL
INFORMATION
144 More information
145 Product overview
146 Financial statements of the parent company
Families participating in the 2024 Breakthrough T1D Walk in the greater
Boston area. The fundraising walk supports scientific research for
better treatment options for people living with type 1 diabetes (T1D).
Over 200 US Novo Nordisk employees participated in the Boston walk
in support of patients worldwide.
143
Additional reporting
Novo Nordisk provides additional disclosure to satisfy legal requirements and stakeholder interests.
Supplementary reports can be downloaded at: www.novonordisk.com/annualreport, while additional
information can be found at: www.novonordisk.com.
Annual Report
This Annual Report is Novo Nordisk’s full statutory Annual Report pursuant to Section 149(1) of
the Danish Financial Statements Act. The statutory Annual Report will be presented and adopted
at the Annual General Meeting on 27 March 2025 and will subsequently be submitted to and
be available at the Danish Business Authority. The Consolidated financial statements included in
this Annual Report have been prepared in accordance with IFRS Accounting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB) and in accordance with IFRS
Accounting Standards endorsed by the EU and further requirements in the Danish Financial
Statements Act.
The Sustainability statement included in this Annual Report has been prepared in accordance
with the European Sustainability Reporting Standards (ESRS) as required by the Danish Financial
Statement Act, as well as article 8 in the EU Taxonomy regulation.
Form 20-F
The Form 20-F is filed using a standardised reporting form so that investors can evaluate the company
alongside US domestic equities. It is an annual reporting requirement by the US Securities and
Exchange Commission (SEC) for foreign private issuers with equity shares listed on exchanges in the
United States.
Corporate Governance Report
The Corporate Governance Report discloses Novo Nordisk’s compliance with corporate governance to
meet the requirements of the Danish Financial Statements Act.
Remuneration Report
The Remuneration Report describes the remuneration awarded or due during 2024 to members of the
Board and Executive Management registered with the Danish Business Authority in accordance with
section 139b of the Danish Companies Act. The Remuneration Report is submitted to the Annual
General Meeting for an advisory vote.
Disclaimer
The patients, employees and relatives portrayed in this Annual Report and ancillary reports
have participated of their own accord and solely to express their own personal opinions on
topics referred to, which do not necessarily reflect the views and opinions of Novo Nordisk.
Use of the pictures as illustrations is in no way intended to associate the patients, employees
or relatives with the promotion of any Novo Nordisk products.
Credits
Design and production: Kontrapunkt.
Illustrations: Kontrapunkt.
More information
144
Financial statements and additional information / Additional information / More information
Once-weekly insulin
• Awiqli
®
, insulin icodec
New generation insulin and combinations
• Tresiba
®
, insulin degludec
• Ryzodeg
®
, insulin degludec/insulin aspart
• Fiasp
®
, fast-acting insulin aspart
• Xultophy
®2
, insulin degludec/liraglutide
Modern insulin
• Levemir
®
, insulin detemir
• NovoRapid
®3
, insulin aspart
• NovoMix
®
30, biphasic insulin aspart
• NovoMix
®
50, biphasic insulin aspart
Human insulin
• Insulatard
®
isophane (NPH) insulin
• Actrapid
®
, regular human insulin
• Mixtard
®
30, biphasic human insulin
• Mixtard
®
50, biphasic human insulin
Glucagon-like peptide-1
• Victoza
®
, liraglutide
• Ozempic
®
, semaglutide
• Rybelsus
®
, oral semaglutide
Pre-filled delivery systems
• FlexTouch
®
, U100, U200
• FlexPen
®
• InnoLet
®
• Ozempic
®
, FlexTouch
®
Durable delivery systems
• NovoPen
®
6
• NovoPen
®
5
• NovoPen
®
4
• NovoPen Echo
®
Plus
• NovoPen Echo
®
Other delivery systems
• PumpCart
®
, NovoRapid
®
and Fiasp
®
cartridge
to be used in pump
• Penfill
®
cartridge
• Mallya
®
Oral antidiabetic agents
• NovoNorm
®
, repaglinide
Glucagon
• GlucaGen
®
, glucagon (vial and Hypokit
®
)
• Zegalogue
®
, dasiglucagon
Needles
• NovoFine
®
Plus
• NovoFine
®
• NovoTwist
®
• NovoFine
®
AutoCover
®
Glucagon-like peptide-1
• Saxenda
®
, liraglutide 3.0 mg
• Wegovy
®
, semaglutide 2.4 mg
Obesity delivery systems
• Saxenda
®
, FlexTouch
®
• Wegovy
®
, Single Dose Device and FlexTouch
®
Rare blood disorders
• NovoSeven
®
, eptacog alfa (recombinant activated factor VII)
• NovoEight
®4
, turoctocog alfa (recombinant factor VIII)
• Esperoct
®
, turoctocog alfa pegol, N8-GP (recombinant factor VIII)
• Alhemo
®
, concizumab (anti-TFPI monoclonal antibody)
• Refixia
®5
, nonacog beta pegol, N9-GP (recombinant factor IX)
• NovoThirteen
®6
, catridecacog (recombinant factor XIII)
Rare haemato-renal disorders
• Rivfloza™, nedosiran (small interfering RNA)
Rare endocrine disorders
• Norditropin
®
, somatropin (rDNA origin)
• Sogroya
®
, somapacitan (rDNA origin)
Pre-filled human growth hormone delivery systems
• FlexPro
®
• NordiFlex
®
Other delivery systems
• PenMate
®
, automatic needle inserter for FlexPro
®
Hormone replacement therapies
• Vagifem
®7
, estradiol hemihydrate
• Activelle
®
, estradiol/norethisterone acetate
• Kliogest
®
, estradiol/norethisterone acetate
• Novofem
®
, estradiol/norethisterone acetate
• Trisequens
®
, estradiol/norethisterone acetate
• Estrofem
®
, estradiol
Product overview
1
1. Products listed may not be available or approved in all markets. 2. In the US approved under the brand name Xultophy
®
100/3.6. 3. In the US called NovoLog
®
. 4. In the US written Novoeight
®
.
5. In the US approved under the name of REBINYN
®
. 6. In the US approved under the name tretten
®
. 7. In the UK also called gina
®
.
145
Financial statements and additional information / Additional information / Product overview
Financial statements of the parent company 2024
The following pages comprise the financial statements of the parent company, the legal entity Novo Nordisk A/S. Apart from ownership of the subsidiaries in the
Novo Nordisk Group,
activities of the parent company mainly comprises sales, research and development, production, corporate activities and support functions.
Income statement
For the year ended 31 December
DKK million Note 2024 2023
Net sales 2 261,712 198,078
Cost of goods sold 3 (48,930) (38,433)
Gross profit 212,782 159,645
Sales and distribution costs 3 (48,921) (42,291)
Research and development costs 3 (40,296) (28,731)
Administrative costs 3 (1,905) (2,002)
Other operating income and expenses 692 1,315
Operating profit 122,352 87,936
Profit in subsidiaries, net of tax 8 8,578 15,973
Financial income 4 6,230 3,636
Financial expenses 4 (12,568) (4,581)
Profit before income taxes 124,592 102,964
Income taxes (22,908) (19,557)
Net profit 101,684 83,407
Balance sheet
At 31 December
DKK million Note 2024 2023
Assets
Intangible assets 6 93,202 28,755
Property, plant and equipment 7 86,376 53,822
Financial assets 8 116,186 87,543
Other receivables and prepayments 9 3,429 1,238
Total non-current assets 299,193 171,358
Raw materials 11,075 8,415
Work in progress 20,439 16,211
Finished goods 5,038 4,311
Inventories 36,552 28,937
Trade receivables 3,289 2,348
Amounts owed by affiliated companies 47,106 30,398
Tax receivables 7 8
Other receivables and prepayments
9
6,402 5,494
Receivables 56,804 38,248
Marketable securities 10,653 15,838
Derivative financial instruments 11 6,326 2,344
Cash at bank 11,750 10,623
Total current assets 122,085 95,990
Total assets 421,278 267,348
DKK million Note 2024 2023
Equity and liabilities
Share capital 10 446 451
Net revaluation reserve 18,952 24,696
Development costs reserve 1,994 1,756
Reserve for cash flow hedges and
exchange rate adjustments (4,243) 1,594
Retained earnings 126,174 77,185
Total equity 143,323 105,682
Borrowings 12 85,368 16,855
Deferred income tax liabilities 5 4,886 6,282
Other provisions 13 1,576 1,280
Total non-current liabilities 91,830 24,417
Borrowings 12 11,557 5,072
Derivative financial instruments 11 7,531 1,272
Trade payables 9,099 6,778
Amounts owed to affiliated companies 137,678 108,865
Tax payables 3,883 3,046
Other liabilities 16,377 12,216
Total current liabilities 186,125 137,249
Total liabilities 277,955 161,666
Total equity and liabilities 421,278 267,348
Financial statements and additional information / Financial statements of the parent company 2024
1
146
Financial statements and additional information / Financial statements of the parent company 2024
Equity statement
DKK million
Share
capital
Net
revaluation
reserve
Development
costs reserve
Reserve for
cash flow
hedges and
exchange rate
adjustments
Retained
earnings 2024 2023
Balance at the beginning of the year 451 24,696 1,756 1,594 77,185 105,682 82,901
Appropriated from net profit 59,946 59,946 33,116
Appropriated from net profit to net revaluation reserve (8,945) (8,945) 8,304
Exchange rate adjustments of investments in subsidiaries 3,201 (135) 3,066 (1,393)
Realisation of previously deferred (gains)/losses on cash flow hedges (1,547) (1,547) (998)
Deferred gains/(losses) on cash flow hedges incurred during the period (5,763) (5,763) 1,547
Tax related to cash flow hedges 1,608 1,608 (121)
Development costs 238 (238) — —
Other adjustments 155 155 (496)
Transactions with owners:
Total dividend for the year 50,683 50,683 41,987
Interim dividends paid during the year (15,583) (15,583) (13,430)
Dividends paid for prior year (28,557) (28,557) (18,337)
Reduction of the B share capital (5) 5 — —
Purchase of treasury shares (20,181) (20,181) (29,924)
Share-based payments (note 3) 626 626 562
Share-based payments in subsidiaries 1,663 1,663 1,587
Tax related to share-based payments 470 470 377
Balance at the end of the year 446 18,952 1,994 (4,243) 126,174 143,323 105,682
Proposed appropriation of net profit:
Interim dividend for the year 15,583 13,430
Final dividend for the year 35,100 28,557
Appropriated to net revaluation reserve (8,945) 8,304
Transferred to retained earnings 59,946 33,116
Distribution of net profit 101,684 83,407
Refer to note 4.3 in the Consolidated financial statements for details on the number of shares, treasury shares and total number of A and B shares in Novo Nordisk A/S.
Financial statements and additional information / Financial statements of the parent company 2024
2
147
Financial statements and additional information / Financial statements of the parent company 2024
Notes
1 Accounting policies
The financial statements of the parent company have been prepared in accordance
with the Danish Financial Statements Act (Class D) and other accounting regulations
for companies listed on Nasdaq Copenhagen.
The accounting policies for the financial statements of the parent company are
unchanged from the previous financial year, except for the addition of access to
capacity under intangible assets. The accounting policies are the same as for the
Consolidated financial statements with the adjustments described below. For a
description of the accounting policies of the Group, refer to the Consolidated
financial statements.
No separate statement of cash flows has been prepared for the parent company;
refer to the statement of cash
flows for the Group.
Supplementary accounting policies for the parent company
In the Parent Financial Statements the acquisition of three fill-finish sites from Novo
Holdings A/S is accounted for as acquisition of shares in subsidiaries and intangible
assets (access to capacity).
Intangible assets
Access to capacity asset is amortised over 10 years.
Financial assets
In the financial statements of the parent company, investments in subsidiaries and
associated companies are recorded under the equity method, using the respective
share of the net asset values in subsidiaries and associated companies. The equity
method is used as a measurement method rather than a consolidation method.
The net profit of subsidiaries and associated companies less unrealised intra-group profits
and amortisation of goodwill is recorded in the income statement of the parent company.
To the extent that net profit exceeds declared dividends from such companies, the net
revaluation of investments in subsidiaries and associated companies is transferred to net
revaluation reserve under equity according to the equity method.
Goodwill recognised in subsidiaries is amortised over 10-23 years, which reflects
the useful life of the underlying assets and activities generating the goodwill.
Amounts owed by affiliates, where settlement is neither planned nor likely within
the foreseeable future, are treated as part of net-investments in subsidiaries, with
exchange rate adjustments recognised directly in equity through reserve for cash
flow hedges and exchange rate adjustments.
Tax
For Danish tax purposes, the parent company is assessed jointly with its Danish
subsidiaries. The Danish jointly taxed companies are included in a Danish on-account
tax payment scheme for Danish corporate income tax. All current taxes under the
scheme are recorded in the individual companies. Novo Nordisk A/S and its jointly
taxed subsidiaries are included in the joint taxation of the parent company,
Novo Holdings A/S.
2 Sales
DKK million 2024 2023
Sales by segment
Diabetes and Obesity care 261,556 197,969
Rare disease 156 109
Total sales 261,712 198,078
Sales by geographical segment
North America Operations 165,689 124,860
International Operations:
EMEA 47,810 40,038
Region China 23,356 12,800
Rest of World 24,857 20,380
Total sales 261,712 198,078
Sales are attributed to a geographical segment based on location of the customer.
For definitions of segments, refer to note 2.2 in the Consolidated financial statements.
3 Employee costs
DKK million 2024 2023
Wages and salaries 25,252 19,525
Share-based payment costs 626 562
Pensions 2,211 1,709
Other social security contributions 417 301
Other employee costs 1,371 1,039
Total employee costs 29,877 23,136
Average number of full-time employees 29,288 23,754
Year-end number of full-time employees 31,096 26,111
For information regarding remuneration to the Board of Directors and Executive
Management, refer to note 5.4 in the Consolidated financial statements.
4 Financial income and financial expenses
DKK million 2024 2023
Interest income relating to subsidiaries 227 487
Interest income relating to external counterparties 1,589 936
Foreign exchange gain (net) — 772
Financial gain from forward contracts (net) 4,355 1,263
Capital gain from marketable securities (net) 2 144
Other financial income 57 34
Total financial income 6,230 3,636
Interest expenses relating to subsidiaries 6,763 4,225
Interest expense relating to external counterparties 529 148
Result of associated company 4 38
Foreign exchange loss (net) 5,076 —
Other financial expenses 196 170
Total financial expenses 12,568 4,581
5 Deferred income tax assets/(liabilities)
DKK million 2024 2023
Net deferred tax asset/(liability) at the beginning
of the year (6,282) (2,967)
Income/(charge) to the income statement (349) (2,797)
Additions from acquisitions 254 —
Income/(charge) to equity 1,491 (518)
Net deferred tax asset/(liability)
at the end of the year (4,886) (6,282)
The Danish corporate tax rate is 22% in 2024 (22% in 2023), which is used for the
calculation of the deferred tax liability.
Financial statements and additional information / Financial statements of the parent company 2024
3
148
Financial statements and additional information / Financial statements of the parent company 2024
6 Intangible assets
DKK million
Intellectual
property rights
and similar
rights
Software and
other
intangibles 2024 2023
Cost at the beginning of the year 31,514 4,143 35,657 23,820
Additions during the year 72,095 597 72,692 11,837
Disposals during the year (949) (70) (1,019) —
Cost at the end of the year 102,660 4,670 107,330 35,657
Amortisation at the beginning of the year 5,011 1,891 6,902 4,371
Amortisation during the year 1,178 221 1,399 1,011
Impairment losses for the year 5,985 71 6,056 1,520
Amortisation and impairment losses reversed on disposals during the year (159) (70) (229) —
Amortisation at the end of the year 12,015 2,113 14,128 6,902
Carrying amount at the end of the year 90,645 2,557 93,202 28,755
Intangible assets primarily relate to intellectual property rights, access to capacity asset amounting to DKK 57,496 million (acquired in 2024), internally developed software and
costs related to major IT projects. Intangible assets which are not yet available for use amount to DKK 17,610 million (DKK 19,993 million in 2023).
For further information on impairments, refer to note 3.1 in the Consolidated financial statements.
7 Property, plant and equipment
DKK million
Land and
buildings
Plant and
machinery
Other
equipment
Assets
under
construction 2024 2023
Cost at the beginning of the year 24,890 25,554 4,882 31,025 86,351 65,692
Additions during the year 1,127 337 171 34,184 35,819 22,420
Disposals during the year (135) (375) (180) (244) (934) (1,761)
Transfer from/(to) other items 1,286 2,388 261 (3,935) — —
Cost at the end of the year 27,168 27,904 5,134 61,030 121,236 86,351
Depreciation and impairment losses at the beginning of the year 12,149 17,310 3,070 — 32,529 31,145
Depreciation for the year 1,297 1,248 393 — 2,938 2,748
Impairment losses for the year 22 50 6 244 322 409
Depreciation reversed on disposals during the year (130) (378) (177) (244) (929) (1,773)
Depreciation and impairment losses at the end of the year 13,338 18,230 3,292 — 34,860 32,529
Carrying amount at the end of the year 13,830 9,674 1,842 61,030 86,376 53,822
Of which related to leased property, plant and equipment 1,377 — 84 — 1,461 1,083
Leased property, plant and equipment primarily relates to lease of office buildings, warehouses, laboratories and vehicles.
Financial statements and additional information / Financial statements of the parent company 2024
4
149
Financial statements and additional information / Financial statements of the parent company 2024
8 Financial assets
DKK million
Investments
in subsidiaries
Amounts
owed by
affiliated
companies
Investment in
associated
company
Other
securities and
investments 2024 2023
Cost at the beginning of the year 59,801 2,447 105 818 63,171 60,497
Investments during the year 33,977 868 145 34,990 6,094
Divestments and repayments during the year — (476) — (476) (3,420)
Cost at the end of the year 93,778 2,839 105 963 97,685 63,171
Value adjustments at the beginning of the year 41,271 21 52 (345) 40,999 34,521
Profit/(loss) before tax 20,823 20,823 18,112
Share of result after tax in associated company (4) (4) (38)
Income taxes on profit for the year (3,377) (3,377) (1,332)
Market value adjustment (34) (34) (6)
Dividends received (21,762) (21,762) (9,127)
Divestments during the year — — — 54
Effect of exchange rate adjustment charged to the income statement 24 18 42 (367)
Effect of exchange rate adjustment charged to equity 2,920 (135) 2,785 (2,285)
Other adjustments 4,243 4,243 1,467
Value adjustments at the end of the year 44,118 (90) 48 (361) 43,715 40,999
Unrealised internal profit at the beginning of the year (16,627) (16,627) (16,712)
Unrealised internal profit movements in the year (8,868) (8,868) (807)
Effect of exchange rate adjustment charged to equity 281 281 892
Unrealised internal profit at the end of the year (25,214) — — — (25,214) (16,627)
Carrying amount at the end of the year 112,682 2,749 153 602 116,186 87,543
For a list of companies in the Novo Nordisk Group, refer to note 5.7 in the Consolidated financial statements.
9 Other receivables and prepayments
Other receivables and prepayments includes prepayments of DKK 7,571 million
(DKK 5,375 million in 2023)
, primarily related to prepaid contract manufacturing
and R&D activities
10 Share capital
For information on share capital, refer to note 4.3 in the Consolidated financial
statements.
11 Derivatives
For information on derivative financial instruments, refer to note 4.5 in the
Consolidated financial statements. All derivatives in the group are entered into
with Novo Nordisk A/S as the counterpart.
12 Borrowings
DKK million 2024 2023
Within 1 year 11,557 5,072
1-5 years 63,815 12,889
More than 5 years 21,553 3,966
Total borrowings 96,925 21,927
Borrowings mainly consist of debt to fund the acquisition of shares in subsidiaries and
intangible assets (access to capacity), and loans from Novo Nordisk Finance
(Netherlands) B.V. related to issuance of Eurobonds. For further information on
borrowings, refer to note 4.6 in the Consolidated financial statements.
Financial statements and additional information / Financial statements of the parent company 2024
5
150
Financial statements and additional information / Financial statements of the parent company 2024
13 Other provisions
Provisions for pending litigations are recognised as other provisions. For information
on pending litigations, refer to note 3.5 in the Consolidated financial statements.
Furthermore, as part of normal business Novo Nordisk issues credit notes for
expired goods. Consequently, a provision for future returns is made, based on
historical product return statistics.
14 Related party transactions
For information on transactions with related parties, refer to note 5.4 in the
Consolidated financial statements.
The parent company’s share of services provided by NNIT Group amounts to
DKK 189 million (DKK 327 million in 2023). The parent company’s share of services
provided to Novonesis Group amounts to DKK 38 million (DKK 38 million in 2023).
Novo Nordisk A/S is included in the Consolidated financial statements of the
Novo Nordisk Foundation.
15 Fee to statutory auditors
DKK million 2024 2023
Statutory audit
1
14 9
Audit-related services 3 2
Tax advisory services 4 4
Other services 13 15
Total fee to statutory auditors 34 30
1. 2024 statutory audit fee includes DKK 5 million of additional fees mainly related to business
acquisitions
16 Commitments and contingencies
DKK million 2024 2023
Commitments
Leases
1
2,657 804
Research and development obligations 31,511 18,448
Research and development - potential milestones
2
33,614 25,218
Commercial product launch - potential milestones
2
15,749 11,780
Purchase obligations relating to investments in
property plant and equipment 4,956 1,072
Purchase obligation relating to contract manufacturers 71,061 33,107
Other purchase obligations 5,027 2,742
Guarantees given for subsidiaries
3
68,081 35,608
Other guarantees 1,003 993
1. Lease commitments predominantly relate to lease agreements executed but not commenced
and estimated variable property taxes and low value assets.
2. Potential milestone payments are associated with uncertainty as they are linked to successful
achievements in research activities; refer to note 5.2 in the Consolidated financial statements.
3. Guarantees given for subsidiaries mainly relate to guarantees towards Novo Nordisk Finance
(Netherlands) B.V. related to issuance of Eurobonds.
Novo Nordisk A/S and its Danish subsidiaries are jointly taxed with the Danish
companies in Novo Holdings A/S. The joint taxation also covers withholding taxes
in the form of dividend tax, royalty tax and interest tax. The Danish companies are
jointly and severally liable for the joint taxation. Any subsequent adjustments to
income taxes and withholding taxes may lead to a larger liability. The tax for the
individual companies is allocated in full on the basis of the expected taxable income.
For information on Purchase obligation related to contract manufacturers, refer to
note 5.2 in the Consolidated financial statements. For information on pending
litigation and other contingencies, refer to notes 3.5 and 5.2 in the Consolidated
financial statements.
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