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Results for the year (Tables)
 12 Months Ended
Dec. 31, 2024
Analysis of income and expense [abstract]  
Gross-to-net sales reconciliation
Gross-to-net sales reconciliation
DKK million202420232022
Gross sales680,563608,645455,692
US Managed Care and Medicare(238,946)(223,191)(161,123)
US wholesaler charge-backs(64,437)(74,435)(56,443)
US Medicaid rebates(32,919)(31,821)(24,667)
Other US discounts and sales returns(30,737)(28,481)(18,300)
US rebates, discounts and sales returns(367,039)(357,928)(260,533)
Non-US rebates, discounts and sales returns(23,121)(18,456)(18,205)
Total gross-to-net sales adjustments(390,160)(376,384)(278,738)
Net sales290,403232,261176,954
Provisions for sales rebates
Provisions for sales rebates
DKK million202420232022
At the beginning of the year99,87869,49950,822
Additional provisions, including increases to existing provisions318,812285,266206,354
Amount paid during the year(299,334)(250,316)(189,580)
Adjustments regarding prior years, including unused amounts reversed during the year(6,452)(2,364)(1,141)
Effect of exchange rate adjustment5,612(2,207)3,044
At the end of the year118,51699,87869,499
DKK million
Provisions
for sales
rebates1
Provisions
for legal
disputes
Provisions
for product
returns
Other
provisions2
2024
Total		2023
Total
At the beginning of the year99,8783,7861,5321,931107,12774,877
Additional provisions, including increases to existing provisions318,8122022,148798321,960288,801
Additional provisions from acquisition of businesses (note 5.3)
———1,0841,084—
Amount used during the year(299,334)—(693)(191)(300,218)(251,246)
Adjustments regarding prior years, including unused amounts reversed during the year(6,452)(31)80(320)(6,723)(3,023)
Effect of exchange rate adjustment5,61222227(7)5,854(2,282)
At the end of the year118,5164,1793,0943,295129,084107,127
Non-current liabilities3
5484,1549083,1458,7556,649
Current liabilities117,968252,186150120,329100,478
1. Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid, 340B Drug Pricing Program and other types of US rebates, as well as rebates in a number of European countries and Canada. 2. Other provisions consist of various types of provisions, including contingent payments arising from business combinations and obligations in relation to employee benefits such as jubilee benefits. 3. For non-current liabilities, provisions for sales rebates are expected to be settled after one year, provisions for product returns will be utilised in 2025 and 2026. In the case of provisions for legal disputes, the timing of settlement cannot be determined.
Information by business segment
Operating segments – Key figures
Diabetes and Obesity careRare diseaseTotal
DKK million202420232022202420232022202420232022
Net sales271,764215,098156,41218,63917,16320,542290,403232,261176,954
Cost of goods sold(37,760)(30,483)(23,405)(6,762)(5,282)(5,043)(44,522)(35,765)(28,448)
Sales and distribution costs(57,840)(52,477)(42,392)(4,261)(4,266)(3,825)(62,101)(56,743)(46,217)
Research and development costs(41,490)(28,073)(20,157)(6,572)(4,370)(3,890)(48,062)(32,443)(24,047)
Administrative costs(4,881)(4,435)(3,955)(395)(420)(512)(5,276)(4,855)(4,467)
Other operating income and expenses(2,074)(7)892(29)126142(2,103)1191,034
Segment operating profit 127,71999,62367,3956202,9517,414128,339102,57474,809
Operating margin47.0 %46.3 %43.1 %3.3 %17.2 %36.1 %44.2 %44.2 %42.3 %
Depreciation and amortisation expenses(7,104)(6,042)(5,421)(1,441)(1,247)(1,132)(8,545)(7,289)(6,553)
Impairment losses and reversals(9,262)(2,153)(280)(1,300)29(529)(10,562)(2,124)(809)
Total depreciation, amortisation, impairment losses and reversals(16,366)(8,195)(5,701)(2,741)(1,218)(1,661)(19,107)(9,413)(7,362)
Operating segments
Net sales – Segments and geographical areas
Total International OperationsTotal North America OperationsTotal Novo Nordisk
net sales
Total IOEMEARegion ChinaRest of WorldTotal NAOUS
DKK million202420232022202420232022202420232022202420232022202420232022202420232022202420232022
Diabetes and Obesity care segment:
Ozempic®
29,05526,37817,36916,00114,32710,4175,7624,8212,1967,2927,2304,75691,28769,34042,38184,20163,01038,750120,34295,71859,750
Rybelsus®
12,2317,3893,1557,1364,2321,714511131634,5843,0261,37811,07011,3618,14410,79511,0608,01123,30118,75011,299
Victoza®
3,6864,8505,6721,4222,1662,7249751,2561,4781,2891,4281,4701,7963,8146,6501,6993,6136,4065,4828,66412,322
Total GLP-144,97238,61726,19624,55920,72514,8557,2486,2083,73713,16511,6847,604104,15384,51557,17596,69577,68353,167149,125123,13283,371
Long-acting insulin12,88411,33911,4037,6867,1037,1572,6961,6491,6362,5022,5872,6106,2113,5665,3385,5382,9314,68519,09514,90516,741
•of which Awigli®
15——9——6—————4—————19——
•of which Tresiba®
6,4945,8646,0923,8763,4353,4859788481,0501,6401,5811,5573,4111,8883,2612,8061,3332,7239,9057,7529,353
•of which Xultophy®
4,2172,8872,4002,1851,8311,7161,414409456186476392863324092813253994,5033,2192,809
•of which Levemir®
2,1582,5882,9111,6161,8371,9562983925412443594142,5101,3461,6682,4511,2731,5634,6683,9344,579
Premix insulin10,1439,34210,0232,6372,5702,6224,7844,4414,9122,7222,3312,48964623253963221651710,7899,57410,562
•of which Ryzodeg®
4,9293,7302,8897015874952,7821,9651,2181,4461,1781,176——————4,9293,7302,889
•of which NovoMix®
5,2145,6127,1341,9361,9832,1272,0022,4763,6941,2761,1531,3136462325396322165175,8605,8447,673
Fast-acting insulin10,56310,41510,8266,9346,6956,4561,4741,5451,9422,1552,1752,4287,9595,5346,6377,7735,2656,24718,52215,94917,463
•of which Fiasp®
1,6091,5121,3541,2891,2661,138———3202462162606616492136186061,8692,1732,003
•of which NovoRapid®
8,9548,9039,4725,6455,4295,3181,4741,5451,9421,8351,9292,2127,6994,8735,9887,5604,6475,64116,65313,77615,460
Human insulin5,3886,1346,5081,7621,9191,9838061,2131,8122,8203,0022,7131,5791,4601,6781,5351,4061,6056,9677,5948,186
Total insulin38,97837,23038,76019,01918,28718,2189,7608,84810,30210,19910,09510,24016,39510,79214,19215,4789,81813,05455,37348,02252,952
Other Diabetes care1,8561,9872,4286886617177828921,1813864345302643257972132676602,1202,3123,225
Total Diabetes care85,80677,83467,38444,26639,67333,79017,79015,94815,22023,75022,21318,374120,81295,63272,164112,38687,76866,881206,618173,466139,548
Wegovy®
11,4251,913547,5131,91354196——3,716——46,78129,4306,13445,77029,4306,13458,20631,3436,188
Saxenda®
5,5636,4025,8322,9203,7803,5611021461332,5412,4762,1381,3773,8874,8447773,3064,3686,94010,28910,676
Total Obesity care 16,9888,3155,88610,4335,6933,6152981461336,2572,4762,13848,15833,31710,97846,54732,73610,50265,14641,63216,864
Diabetes and Obesity care total102,79486,14973,27054,69945,36637,40518,08816,09415,35330,00724,68920,512168,970128,94983,142158,933120,50477,383271,764215,098156,412
Rare disease segment:
Rare blood disorders6,4426,4326,6713,9244,0213,7953633726042,1552,0392,2725,6965,3445,0355,3875,0704,71012,13811,77611,706
•of which Haemophilia A
1,9061,9391,7691,2311,2711,137236223814394455515484835695374685432,4542,4222,338
•of which Haemophilia B
6495844794363772941713131961941726574772804863361521,3061,061759
•of which NovoSeven®
3,7353,7894,3352,1682,2852,3111101365101,4571,3681,5144,2484,1693,9734,1354,0653,8117,9837,9588,308
Rare endocrine disorders2,0322,0454,9041,0386992,232412162469531,1302,4262,9611,7912,2342,9221,7572,2054,9933,8367,138
Other Rare disease9631,0061,0027417818049562132201925455456961602033581,5081,5511,698
Rare disease total9,4379,48312,5775,7035,5016,8314135938563,3213,3894,8909,2027,6807,9658,4697,0307,27318,63917,16320,542
Total sales by geographical area112,23195,63285,84760,40250,86744,23618,50116,68716,20933,32828,07825,402178,172136,62991,107167,402127,53484,656290,403232,261176,954
Total sales growth as reported17.4 %11.4 %16.7 %18.7 %15.0 %17.3 %10.9 %2.9 %1.2 %18.7 %10.5 %28.2 %30.4 %50.0 %35.4 %31.3 %50.6 %34.4 %25.0 %31.3 %25.7 %
Research and development costs
DKK million202420232022
Employee costs (note 2.4)
15,92312,4299,952
Amortisation, intangible assets (note 3.1)
931649604
Impairment losses and reversals, intangible assets (note 3.1)
7,9121,108760
Depreciation, property, plant and equipment (note 3.2)
1,1201,053898
Impairment losses, property, plant and equipment (note 3.2)
7826024
Clinical trial cost12,2329,4686,313
Other research and development costs9,8667,4765,496
Total research and development costs48,06232,44324,047
As percentage of net sales16.6%14.0%13.6%
Employee costs and remuneration to executive management and board of directors
DKK million202420232022
Wages and salaries52,31142,86734,575
Share-based payment costs (note 5.1)
2,2892,1491,539
Pensions – defined contribution plans4,2353,2672,472
Pensions – defined benefit plans156126185
Other social security contributions3,5053,0392,713
Other employee costs4,9294,0663,105
Total employee costs for the year67,42555,51444,589
Employee costs capitalised as intangible assets and property, plant and equipment(3,540)(2,337)(1,451)
Change in employee costs capitalised
as inventories		(470)(409)(70)
Total employee costs
in the income statement		63,41552,76843,068
Included in the income statement:
Cost of goods sold20,07415,49011,766
Sales and distribution costs22,92020,81017,700
Research and development costs15,92312,4299,952
Administrative costs4,2653,9623,517
Other operating income and expenses23377133
Total employee costs in the
income statement		63,41552,76843,068

Number of employees
Number202420232022
Average number of full-time employees69,48059,55251,046
Year-end number of full-time employees76,30263,37054,393
Year-end employees (total)77,34964,31955,185
Income taxes expensed and paid
Income taxes expensed
DKK million202420232022
Current tax on profit for the year32,08225,91817,829
Deferred tax on profit for the year(5,484)(4,464)(3,806)
Tax on profit for the year26,59821,45414,023
Current tax adjustments recognised
for prior years		172(916)339
Deferred tax adjustments recognised
for prior years		(567)453(825)
Income taxes in the income statement26,20320,99113,537
Tax on other comprehensive income
for the year, (income)/expense		(1,343)359889
Computation of effective tax rate
DKK million202420232022
Statutory corporate income tax rate in Denmark22.0 %22.0 %22.0 %
Deviation in foreign subsidiaries' tax rates compared to the Danish tax rate (net)(0.5%)(0.9%)(1.1%)
Non-taxable income less non-tax-deductible expenses (net)(0.7%)(0.7%)(0.5%)
Other adjustments (net)(0.2%)(0.3%)(0.8%)
Effective tax rate20.6 %20.1 %19.6 %
Income taxes paid
DKK million202420232022
Income taxes paid in Denmark for
current year		21,81016,8997,481
Income taxes paid outside Denmark
for current year		7,8268,9987,034
Income taxes paid29,63625,89714,515
Computation of effective tax rate
Computation of effective tax rate
DKK million202420232022
Statutory corporate income tax rate in Denmark22.0 %22.0 %22.0 %
Deviation in foreign subsidiaries' tax rates compared to the Danish tax rate (net)(0.5%)(0.9%)(1.1%)
Non-taxable income less non-tax-deductible expenses (net)(0.7%)(0.7%)(0.5%)
Other adjustments (net)(0.2%)(0.3%)(0.8%)
Effective tax rate20.6 %20.1 %19.6 %
Development in deferred income tax assets and liabilities
Development in deferred income tax assets and liabilitiesProperty,
plant and
equipment		 Intangible
assets		Inventories
Liabilities		OtherOffset
within
countries		Total
DKK million
2024
Net deferred tax asset/(liability) at the beginning of the year(2,561)(10,241)1,71714,4276,876—10,218
Income/(charge) to the income statement(207)4272,1423,485204—6,051
Income/(charge) to other comprehensive income—(254)(71)171,622—1,314
Income/(charge) to equity—254——(314)—(60)
Additions from acquisitions(2,723)3,693—25102—1,097
Effect of exchange rate adjustment(116)(145)277367—581
Net deferred tax asset/(liability) at the end of the year(5,607)(6,266)3,79018,7278,557—19,201
Classified as follows:
Deferred tax asset at the end of the year4972253,84718,98913,112(12,043)24,627
Deferred tax liability at the end of the year(6,104)(6,491)(57)(262)(4,555)12,043(5,426)
2023
Net deferred tax asset/(liability) at the beginning of the year(2,402)(8,279)2,59511,0073,922—6,843
Income/(charge) to the income statement(213)(2,106)(645)3,9733,002—4,011
Income/(charge) to other comprehensive income——(224)(6)(129)—(359)
Income/(charge) to equity————(120)—(120)
Additions from acquisitions————62—62
Effect of exchange rate adjustment54144(9)(547)139—(219)
Net deferred tax asset/(liability) at the end of the year(2,561)(10,241)1,71714,4276,876—10,218
Classified as follows:
Deferred tax asset at the end of the year4332451,82014,7926,986(3,896)20,380
Deferred tax liability at the end of the year(2,994)(10,486)(103)(365)(110)3,896(10,162)