Investor Presentation First Nine Months of 2023
145
Investor presentation
First nine months of 2023
Net profit has been converted to cash and returned to
shareholders
Cash conversion and allocation (2022)
DKK
billion
70
56
60
60
50
50
40
30
20
10
forma
THERAPEUTICS
(100%)
a Novo Nordisk company
49
(88%)
0
Net profit
57
40
Strategic capital allocation priorities
Business development investments to enhance R&D pipeline
CAPEX investments to meet demand including R&D pipeline
Deliver competitive capital allocation to shareholders
Continued share buybacks and dividends
25
25
Financial flexibility within current credit ratings
Moody's: A1 since 2012, S&P Global: AA- since 2013
Net debt to EBITDA ratio around zero
24
Free cash flow
Cash return
Dividend
Share buyback
Mainly debt finance major business development projects
2021 bond issuance at an all-inclusive interest rate of -0%
2022 bond issuance at an all-inclusive interest rate of ~1%
Note: Net cash used for the acquisition of Forma Therapeutics was 5,605 million DKK adjusted for marketable securities per note 5.3 of the 2022 Novo Nordisk Annual Report
R&D: Research and Develoment; CAPEX: Capital expenditure; EBITDA: Earnings before interest, taxes, depreciation and amortisation
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