Investor Presentation First Nine Months of 2023
150
Investor presentation
First nine months of 2023
Attractive capital allocation to shareholders
DKK billion
70
60
60
Annual cash return to shareholders
50
50
10
40
40
8
8
16
30
14
13
20
20
10
17
0
2020
30
30
20
20
24
2021
2022
Dividend
Interim Dividend
13
2023E
Share Repurchase
Capital allocation
• Return of free cash flow through both share buy backs and dividends
• For 2022, the total dividend per share increased 19.2% to DKK 12.40
(including interim dividend of DKK 4.25 per share paid in August 2022)
• For 2023, the interim dividend of DKK 6.00 per share will be paid in
August 2023
• Overall share repurchase programme for 2023 of up to DKK 30 billion
• To secure liquidity for both the Novo Nordisk B shares and American
Depositary Receipts, the Board of Directors has decided to split the
share in a two-for-one ratio in September 2023
Note: Share repurchase programmes run for 12 months starting in February. The total programme may be reduced in size if significant business development opportunities arise during 2023. Dividend for 2023E added for illustrative purposes only
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