Novo Nordisk Annual Report 2021
Contents Introducing Novo Nordisk
Strategic Aspirations
Key risks
Management
Consolidated statements
Additional information
Novo Nordisk Annual Report 2021
9
Performance highlights
Financial
highlights
DKK million
2017
2018
2019
2020
2021
Financial performance
2020-21
Change
Net sales
111,696
111,831
122,021
Sales growth as reported
(0.1%)
0.1%
9.1%
126,946
4.0%
140,800
11%
10.9%
Sales growth in constant exchange rates (CER)1
2.3%
4.6%
5.6%
6.7%
13.8%
Operating profit
48,967
47,248
52,483
54,126
58,644
8%
Operating profit growth as reported
1.1%
(3.5%)
11.1%
3.1%
8.3%
Operating profit growth in constant exchange rates (CER)1
4.8%
2.8%
5.6%
6.8%
12.7%
Depreciation, amortisation and impairment losses
3,182
3,925
5,661
5,753
6,025
Net financials
(287)
367
(3,930)
(996)
436
Profit before income taxes
48,680
47,615
48,553
53,130
59,080
11%
Effective tax rate²
21.7%
18.9%
19.8%
20.7%
19.2%
Sales by geographic area
North America
EMEA
Net profit
38,130
38,628
38,951
42,138
47,757
13%
Purchase of intangible assets²
1,022
2,774
2,299
16,256
1,050
(94%)
Region China
14%
Rest of World
Purchase of property, plant and equipment²
7,626
9,636
8,932
5,825
6,335
9%
Cash used for acquisition of businesses
18,283
Free cash flow¹
32,588
32,536
34,451
28,565
29,319
3%
11%
Total assets
Equity
Financial ratios
102,355
110,769
125,612
144,922
194,508
34%
49,815
51,839
57,593
63,325
70,746
12%
48%
Gross margin²
84.2%
84.2%
83.5%
83.5%
83.2%
Sales and distribution costs in percentage of sales
25.4%
26.3%
26.1%
25.9%
26.3%
27%
Research and development costs in percentage of sales
12.5%
13.2%
11.7%
12.2%
12.6%
Operating margin²
43.8%
42.2%
43.0%
42.6%
41.7%
Net profit margin²
34.1%
34.5%
31.9%
33.2%
33.9%
Sales by therapeutic area
Diabetes care
Cash to earnings¹
85.5%
84.2%
88.4%
67.8%
61.4%
Obesity care
Biopharm
Operating profit after tax to net operating assets¹
143,2%
116,7%
98.0%
82.8%
69.0%
Dividend payout ratio²
50.4%
50.6%
50.5%
50.0%
49.6%
14%
Share performance
Basic earnings per share/ADR in DKK²
15.42
15.96
16.41
18.05
20.79
15%
6%
Diluted earnings per share/ADR in DKK²
15.39
15.93
16.38
18.01
20.74
15%
Total number of shares (million), 31 December
2,500
2,450
2,400
2,350
2,310
(2%)
Dividend per share in DKK
7.85
8.15
8.35
9.10
10.403
14%
Total dividend (DKK million)
19,206
19,547
19,651
21,066
23,7113
13%
Share repurchases (DKK million)
16,845
15,567
15,334
16,855
19,447
15%
80%
Closing share price (DKK)
335
298
387
427
735
72%
1. See 'Non-IFRS financial measures' 2. See 'Financial definitions'. 3. Total dividend for the year including interim dividend of DKK 3.50 per share, corresponding to DKK 8,021 million,
which was paid in August 2021. The remaining DKK 6.90 per share, corresponding to DKK 15,690 million, will be paid subject to approval at the Annual General Meeting.View entire presentation