Investor Presentation - First Six Months of 2021
16
Investor presentation
First six months of 2021
Attractive capital allocation to shareholders
DKK
billion
45
Annual cash return to shareholders
30
18
17
15
15
Capital allocation
• 3-year average² cash-to-earnings ratio of ~80%
• Ongoing DKK 18 billion share repurchase programme for 2021
• Interim dividend of DKK 3.50 per share will be paid in August 2021
Novo NordiskⓇ
8
15
7
7
8
• Eurobond issuance of EUR 1.3 billion during the second quarter of 2021
under the established EUR 5 billion Euro Medium Term Note (EMTN)
programme
12
12
13
14
0
2018
Dividend
2019
2020
2021E'
Interim dividend
Share repurchase
Free cash flow guidance
Free cash flow
1 For 2021, expected free cash flow is DKK 39-44 billion; 2 Calculated as average cash to earnings for full-year 2018-2020
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 2021View entire presentation