Investor Presentaiton
Novo Nordisk Annual Report 2023
PERFORMANCE HIGHLIGHTS
Financial highlights
Introducing Novo Nordisk Strategic Aspirations
Risks
Management
Consolidated statements
Additional information
9
DKK million
Financial performance
Net sales
Sales growth as reported
2019
2020
2021
2022
2023
2022-23
Change
DKK million
2019
2020
2021
2022
2023
2022-23
Financial ratios
Change
Sales growth in constant exchange rates¹
6.7%
Operating profit
Operating profit growth as reported
11.1%
52,483 54,126
3.1%
Operating profit growth in constant exchange rates¹
5.6%
6.8%
122,021 126,946 140,800 176,954 232,261
9.1% 4.0% 10.9% 25.7% 31.3%
5.6%
13.8% 16.4% 35.6%
58,644 74,809 102,574
27.6%
37.1%
14.6%
31%
Gross margin³
37%
Sales and distribution costs in percentage of sales
Research and development costs in percentage of sales
Operating margin³
8.3%
12.7%
Net profit margin³
43.7%
Cash to earnings¹
Depreciation, amortisation and impairment losses
EBITDA 1,2,3
5,661
5,753
6,025
Net financials
Profit before income taxes
Effective tax rate³
Net profit
Purchase of property, plant and equipment³
Purchase of intangible assets³
Cash used for acquisition of businesses
58,144 59,879 64,669
(3,930) (996)
48,553 53,130 59,080
19.8% 20.7% 19.2%
38,951 42,138 47,757
8,932 5,825 6,335
2,299 16,256 1,050
18,283
436
7,362 9,413
82,171 111,987
(5,747) 2,100
69,062 104,674
19.6% 20.1%
55,525 83,683
12,146 25,806
2,607 13,090
28%
Return on invested capital'
83.5% 83.5% 83.2% 83.9%
26.1% 25.9% 26.3% 26.1%
11.7%
12.2% 12.6% 13.6%
43.0% 42.6% 41.7% 42.3%
31.9% 33.2% 33.9% 31.4%
88.4% 67.8% 61.4% 103.3%
98.0% 82.8% 69.0% 73.6%
84.6%
24.4%
14.0%
44.2%
36.0%
81.6%
88.5%
36%
Share performance and capital allocation
Basic earnings per share/ADR in DKK3.5
8.21
9.03
10.40
12.26
18.67
52%
52%
51%
112%
Diluted earnings per share/ADR in DKK3.5
Total number of shares (million), end of year 3.5
Dividend per share in DKK3,4,5
Total dividend (DKK million)4
8.19
9.01
10.37
12.22
18.62
52%
4,800 4,700
4,620
4,560
4,510
(1%)
4.18
4.55
5.20
6.20
9.40
52%
19,651
21,066 23,711 27,950
41,987
50%
402%
Dividend payout ratio³,5
7,075
Free cash flow¹
Total assets
Equity
34,451 28,565 29,319 57,362 68,326
125,612 144,922 194,508 241,257 314,486
57,593
63,325 70,746 83,486 106,561
19%
30%
28%
Share repurchases (DKK million)
Closing share price (DKK)3,5
50.5% 50.0% 49.6% 50.3% 50.2%
15,334 16,855 19,447 24,086 29,924
24%
194
214
368.
469
698
49%
1. See Non-IFRS financial measures. 2. EBITDA is defined as 'net profit', adjusted for 'income taxes', 'financial items', 'depreciation and amortisation' and 'impairment losses'. 3. See Financial definitions. 4. Total dividend for the year including interim dividend of DKK 3.00 per share, corresponding to DKK 13,430 million, which was paid in August 2023.
The remaining DKK 6.40 per share, corresponding to DKK 28,557 million, will be paid subject to approval at the Annual General Meeting in March, 2024. 5. As of 13 September 2023, the trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen and ADRs listed on the New York Stock Exchange (NYSE) was changed from DKK 0.20 to DKK
0.10. Comparative figures have been restated to reflect the change in trading unit from DKK 0.20 to DKK 0.10.View entire presentation