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Capital structure and financial items (Tables)
 12 Months Ended
Dec. 31, 2024
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract]  
Earnings per share
202420232022
Net profitDKK million100,98883,68355,525
Average number of shares outstanding1
in million shares4,453.94,482.84,530.6
Dilutive effect of restricted
stock units		in million shares9.112.014.0
Average number of shares outstanding, including
dilutive effect		in million shares4,463.04,494.84,544.6
Basic earnings per shareDKK22.6718.6712.26
Diluted earnings per shareDKK22.6318.6212.22
1. Excluding treasury shares.
Distribution to shareholders
DKK million202420232022
Interim dividend for the year15,58313,4309,613
Dividend for prior year28,55718,33715,690
Dividend payout in the year44,14031,76725,303
Share repurchases for the year20,18129,92424,086
Total distribution for the year64,32161,69149,389
DKK million202420232022
Interim dividend1
15,58313,4309,613
Final dividend2
35,10028,55718,337
Total dividend50,68341,98727,950

DKK per share202420232022
Interim dividend1
3.503.002.12
Final dividend2
7.906.404.08
Total dividend11.409.406.20
1. Interim dividend was declared and paid in August 2024. 2. Final dividend for 2024 is expected to be distributed pending approval at the Annual General Meeting in March 2025. Final dividend for 2023 was declared and paid in March 2024.
Development In Number of Shares
Number of shares (million)A sharesB sharesTotal issued sharesTreasury sharesOut-standing shares
Shares beginning of 20231,0753,4854,560(60)4,500
Shares cancelled in 2023—(50)(50)50—
Released allocated shares to employees———99
Shares purchased in 2023———(51)(51)
Number of shares end
of 2023		1,0753,4354,510(52)4,458
Shares cancelled in 2024—(45)(45)45—
Released allocated shares to employees———88
Shares purchased in 2024———(25)(25)
Number of shares end of 2024
1,0753,3904,465(24)4,441
Specification of Other reserves
Specification of Other reserves
DKK millionExchange rate adjustments
Cash flow hedges1
Tax and other itemsTotal
Reserve at 1 January 2022
(904)(1,740)930(1,714)
Other comprehensive
income, net		2,2892,766(892)4,163
Reserve at 31 December 2022
1,3851,026382,449
Other comprehensive income, net(1,404)586(355)(1,173)
Reserve at 31 December 2023
(19)1,612(317)1,276
Other comprehensive
income, net		3,096(6,221)1,343(1,782)
Transferred to
intangible assets2
—(1,154)254(900)
Reserve at 31 December 2024
3,077(5,763)1,280(1,406)
1. Refer to note 4.5 for information on cash flow hedges. 2. A gain from cash flow hedges related to acquisition of businesses of DKK 1,154 million is transferred directly from the cash flow hedge reserve on an after-tax basis to the initial cost of net assets acquired leading to a net hedging effect of DKK 900 million. Refer to note 5.3 for information of acquisition of businesses.
Financial risks
Management has assessed the following key financial risks:

TypeFinancial risk
Foreign exchange riskHigh
Credit riskLow
Interest rate riskLow
Liquidity riskLow
Credit exposure for cash at bank, marketable securities and
derivative financial instruments (fair value)
DKK millionCash at
bank		Marketable securitiesDerivative financial instrumentsTotal
2024
AAA range—10,653—10,653
AA range6,582—1,7738,355
A range8,278—4,55312,831
BBB range172——172
Not rated or below
BBB range		623——623
Total15,65510,6536,32632,634
2023
AAA range—15,838—15,838
AA range6,451—9127,363
A range7,292—1,4328,724
BBB range17——17
Not rated or below
BBB range		632——632
Total14,39215,8382,34432,574
Key currencies
Exchange rates applied for selected currencies
USDCNYCADJPYBRL
Average exchange rate applied (DKK per 100)
2024689965034.56129
2023689975114.91138
20227081055435.40137
Year-end exchange rate applied (DKK per 100)
2024714984964.53115
2023674955094.77139
20226971015155.29132
Foreign exchange sensitivity analysis
Sensitivity of an immediate 5% decrease in currency rates on
31 December vs DKK1
DKK million20242023
Sensitivity of all currencies
Income statement(323)(117)
Other comprehensive income8,0126,058
Total7,6895,941
Hereof sensitivity of USD
Income statement14870
Other comprehensive income7,1785,082
Total7,3265,152
1. An immediate 5% increase would have the opposite impact of the above.
Financial contracts
Financial contracts coverage at year end
MonthsUSD
CNY2
CADJPYBRL
202412120120
202312129120
2. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.
The table above shows hedge coverage horizon existing at year-end to cover the expected future cash flow for the disclosed number of months. The hedging of CAD has been phased out during
Disclosure of credit risk
Credit exposure for cash at bank, marketable securities and
derivative financial instruments (fair value)
DKK millionCash at
bank		Marketable securitiesDerivative financial instrumentsTotal
2024
AAA range—10,653—10,653
AA range6,582—1,7738,355
A range8,278—4,55312,831
BBB range172——172
Not rated or below
BBB range		623——623
Total15,65510,6536,32632,634
2023
AAA range—15,838—15,838
AA range6,451—9127,363
A range7,292—1,4328,724
BBB range17——17
Not rated or below
BBB range		632——632
Total14,39215,8382,34432,574
Derecognised receivables
At year-end, the Group had derecognised receivables without recourse having
due dates after 31 December 2024 amounting to:

DKK million202420232022
US3,2145,0591,394
Japan1,8342,0502,273
Cash and cash equivalents and financial reserves
Financial reserves
DKK million202420232022
Cash at bank15,65514,39212,653
Marketable securities10,65315,83810,921
Undrawn committed credit facility3
22,38011,55211,527
Undrawn bridge facility6,341——
Borrowings(11,775)(5,431)(480)
Financial reserves43,25436,35134,621
3. The undrawn committed credit facility comprises a facility of EUR 3,000 million in 2024
(EUR 1,550 million in 2023 and 2022) committed by a portfolio of international banks. The facility matures in 2029.
Derivative financial instruments
20242023
DKK millionAverage rateContract
amount
at year-end		Positive
fair value
at year-end		Negative
fair value
at year-end		Average rateContract
amount
at year-end		Positive
fair value
at year-end		Negative
fair value
at year-end
Forward contracts USD676137,781135,704676104,0221,600193
Forward contracts CNH and JPY1
16,91010918120,24629590
Forward contracts, cash flow hedges154,6911225,885124,2681,895283
Forward contracts USD68375,8646,1351,57767565,870330946
Forward contracts EUR, CNH, JPY and others17,451696928,52011943
Forward contracts, fair value hedges93,3156,2041,64694,390449989
Total derivative financial instruments248,0066,3267,531218,6582,3441,272
Recognised in the income statement6,2041,646449989
Recognised in other comprehensive income1225,8851,895283
1. For 2023 the relevant currencies are CNH, CAD and JPY.
Borrowings
Reconciliation of liabilities arising from financing activitiesNon-cash movements
DKK millionBeginning of the yearRe-paymentsProceeds
Additions1
DisposalsExchange ratesOtherEnd of the year
2024
Lease liabilities5,726(1,417)—2,383(3)7166,766
Eurobonds20,824(4,849)34,513——122850,528
Loans——39,494201—6—39,701
Commercial papers——5,344——(1)—5,343
Bank overdrafts456(69)40——22—449
Total borrowings27,006(6,335)79,3912,584(3)11034102,787
2023
Lease liabilities4,529(1,448)—2,809(4)(170)105,726
Eurobonds20,775————46320,824
Bank overdrafts480(19)———(4)(1)456
Total borrowings25,784(1,467)—2,809(4)(128)1227,006
1. Non-cash additions include additions from acquisitions of businesses.
Issuance of EurobondsNominal value in millions
InterestIssue dateMaturityEURDKK
0.750% Fixed
Mar 2022Mar 20255003,730
3.375% Fixed
May 2024May 20261,3009,698
1.125% Fixed
Mar 2022Sep 20275003,730
0.125% Fixed
Jun 2021Jun 20286504,849
3.125% Fixed
May 2024Jan 20291,0007,460
1.375% Fixed
Mar 2022Mar 20305003,730
3.250% Fixed
May 2024Jan 20311,0007,460
3.375% Fixed
May 2024May 20341,35010,071
Contractual undiscounted cash flows
Contractual undiscounted cash flows 2024
DKK million LeasesEurobondsLoansCommercial papersBank overdraftsTotal
2024
Within 1 year1,5104,8423,2795,35644915,436
1-3 years2,32711,82937,945——52,101
3-5 years1,55817,70028——19,286
More than 5 years2,05623,403———25,459
Total7,45157,77441,2525,356449112,282
Carrying amount end of the year6,76650,52839,7015,343449102,787
Non-current borrowings5,42846,79937,447——89,674
Current borrowings1,3383,7292,2545,34344913,113
2023
Within 1 year1,3184,975——4566,749
1-3 years1,9023,948———5,850
3-5 years1,2538,695———9,948
More than 5 years1,6123,819———5,431
Total6,08521,437——45627,978
Carrying amount end of the year5,72620,824——45627,006
Non-current borrowings4,55215,976———20,528
Current borrowings1,1744,848——4566,478
Other non-cash items
Other non-cash items
DKK million202420232022
Interest income and interest expenses, net (note 4.9)
(198)(527)139
Capital gain/(loss) on investments, net
(note 4.9)
19106124
Result of associated companies (note 4.9)
17(81)189
Share-based payment costs (note 5.1)
2,2892,1491,539
Increase/(decrease) in provisions and retirement benefit obligations22,11832,23018,465
Exchange rate effects on provisions and retirement benefit obligations(5,846)2,277(3,238)
Adjustment for remeasurements of retirement benefit obligations(119)13615
Adjustment of provisions and retirement benefit obligations related to acquisition
of businesses		(1,088)——
Unrealised gain/(loss) on fair value hedge through profit or loss (note 4.9)
(5,098)(662)2,448
Other2,935(1,988)2,228
Total other non-cash items15,02933,51722,509
Change in working capital
Other non-cash items
DKK million202420232022
Interest income and interest expenses, net (note 4.9)
(198)(527)139
Capital gain/(loss) on investments, net
(note 4.9)
19106124
Result of associated companies (note 4.9)
17(81)189
Share-based payment costs (note 5.1)
2,2892,1491,539
Increase/(decrease) in provisions and retirement benefit obligations22,11832,23018,465
Exchange rate effects on provisions and retirement benefit obligations(5,846)2,277(3,238)
Adjustment for remeasurements of retirement benefit obligations(119)13615
Adjustment of provisions and retirement benefit obligations related to acquisition
of businesses		(1,088)——
Unrealised gain/(loss) on fair value hedge through profit or loss (note 4.9)
(5,098)(662)2,448
Other2,935(1,988)2,228
Total other non-cash items15,02933,51722,509
Financial assets
DKK millionGross carrying amountLoss allowanceNet carrying amount
2024
Not yet due71,245(1,049)70,196
1-90 days1,452(230)1,222
91-180 days415(110)305
181-270 days328(102)226
271-360 days341(341)—
More than 360 days past due295(295)—
Trade receivables74,076(2,127)71,949
2023
Not yet due64,327(1,095)63,232
1-90 days1,557(160)1,397
91-180 days211(100)111
181-270 days111(81)30
271-360 days90(90)—
More than 360 days past due268(268)—
Trade receivables66,564(1,794)64,770

Allowance for doubtful trade receivables
DKK million20242023
Carrying amount at the beginning of the year1,7941,520
Reversal of allowance on realised losses(70)(39)
Net movement recognised in income statement445413
Effect of exchange rate adjustment(42)(100)
Allowance at the end of the year2,1271,794
DKK million20242023
Financial assets by category
Other financial assets1,530571
Marketable securities10,65315,838
Financial assets at fair value through
the income statement		12,18316,409
Derivative financial instruments (note 4.5)
6,3262,344
Derivatives used as hedging instruments (assets)6,3262,344
Other financial assets747682
Trade receivables25,99631,729
Other receivables and prepayments
(current and non-current)		16,6289,498
•less prepayments and VAT receivables
(13,282)(8,312)
Cash at bank (note 4.4)
15,65514,392
Financial assets at amortised cost45,74447,989
Trade receivables eligible for factoring45,95333,041
Financial assets at fair value through other comprehensive income45,95333,041
Total financial assets at the end
of the year by category		110,20699,783
Financial liabilities by category
Derivative financial instruments (note 4.5)
7,5311,272
Derivatives used as hedging
instruments (liability)		7,5311,272
Borrowings (non-current) (note 4.6)1
89,67420,528
Borrowings (current) (note 4.6)1
13,1136,478
Trade payables28,84625,606
Other liabilities (non-current)23189
Other liabilities (current)37,99328,705
•less VAT and duties payable
(960)(600)
Financial liabilities measured at
amortised cost		168,68980,906
Total financial liabilities at the end
of the year by category		176,22082,178
1. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.
Financial liabilities
DKK million20242023
Financial assets by category
Other financial assets1,530571
Marketable securities10,65315,838
Financial assets at fair value through
the income statement		12,18316,409
Derivative financial instruments (note 4.5)
6,3262,344
Derivatives used as hedging instruments (assets)6,3262,344
Other financial assets747682
Trade receivables25,99631,729
Other receivables and prepayments
(current and non-current)		16,6289,498
•less prepayments and VAT receivables
(13,282)(8,312)
Cash at bank (note 4.4)
15,65514,392
Financial assets at amortised cost45,74447,989
Trade receivables eligible for factoring45,95333,041
Financial assets at fair value through other comprehensive income45,95333,041
Total financial assets at the end
of the year by category		110,20699,783
Financial liabilities by category
Derivative financial instruments (note 4.5)
7,5311,272
Derivatives used as hedging
instruments (liability)		7,5311,272
Borrowings (non-current) (note 4.6)1
89,67420,528
Borrowings (current) (note 4.6)1
13,1136,478
Trade payables28,84625,606
Other liabilities (non-current)23189
Other liabilities (current)37,99328,705
•less VAT and duties payable
(960)(600)
Financial liabilities measured at
amortised cost		168,68980,906
Total financial liabilities at the end
of the year by category		176,22082,178
1. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.
Fair value measurement hierarchy
Fair value measurement hierarchy
DKK million20242023
Active market data (level 1)10,83316,052
Directly or indirectly observable market data (level 2)6,3262,344
Not based on observable market data (level 3)47,30333,398
Total financial assets at fair value64,46251,794
Active market data (level 1)——
Directly or indirectly observable market data (level 2)7,5311,272
Not based on observable market data (level 3)——
Total financial liabilities at fair value7,5311,272
Financial income
DKK million202420232022
Financial income
Interest income1
1,8381,069239
Foreign exchange gain (net)—308—
Financial gain from forward
contracts (net)		4,3581,344—
Capital gain on marketable securities2143—
Result of associated companies—81—
Total financial income6,1982,945239
Financial expenses
Interest expenses on debts and borrowings1,640542378
Foreign exchange loss (net)5,381—2,885
Financial loss from forward
contracts (net)		——1,766
Capital loss on investments19106124
Capital loss on marketable securities——463
Result of associated companies17—189
Other financial expenses289197181
Total financial expenses7,3468455,986
1. Interest income include DKK 399 million from marketable securities at fair value through the income statement (2023: DKK 370 million; 2022: DKK 78 million) while the remaining interest income is derived from financial assets at amortised cost.
Financial expenses
DKK million202420232022
Financial income
Interest income1
1,8381,069239
Foreign exchange gain (net)—308—
Financial gain from forward
contracts (net)		4,3581,344—
Capital gain on marketable securities2143—
Result of associated companies—81—
Total financial income6,1982,945239
Financial expenses
Interest expenses on debts and borrowings1,640542378
Foreign exchange loss (net)5,381—2,885
Financial loss from forward
contracts (net)		——1,766
Capital loss on investments19106124
Capital loss on marketable securities——463
Result of associated companies17—189
Other financial expenses289197181
Total financial expenses7,3468455,986
1. Interest income include DKK 399 million from marketable securities at fair value through the income statement (2023: DKK 370 million; 2022: DKK 78 million) while the remaining interest income is derived from financial assets at amortised cost.
Financial impact from forward contracts
Financial impact from forward contracts, specified
DKK million202420232022
Income/(loss) transferred from other comprehensive income1,6121,026(1,740)
Realised fair value adjustment of transferred contracts(2,903)214(3,772)
Unrealised fair value adjustments of forward contracts2
4,558(540)(1,202)
Realised foreign exchange gain/(loss) on forward contracts1,0916444,948
Financial income/(expense) from forward contracts4,3581,344(1,766)
2. Refer to note 4.5 for information on open fair value hedge contracts at 31 December.