Investor Presentaiton
Investor presentation
First three months of 2017
Slide 113
Organic growth enables steady cash return to shareholders
via dividends and share repurchase programmes
Annual cash return to shareholders
Share repurchase
Free cash flow
Interim dividend Dividend
Free cash flow guidance
15
Cash return priorities and business
development activities
Cash return priorities
•
•
DKK
billion
45
40
35
30
25
17
16
20
15
8
14
15
10
16
5
10
12
13
11
0
•
2013
2014
2015
2016
2017E*
·
Dividend to match pharma peer-group
Dividend distributed twice a year as interim in August and
final in connection with the Annual General Meeting in
March the following year
Share repurchase to at least correspond to remaining cash
flow
• The total 2017 programme may be reduced in size, if
significant product in-licensing or bolt-on acquisition
opportunities are undertaken during 2017
Business development activities
External academic and business collaborations
Bolt-on within Biopharm and adjacent disease areas
Ramp-up in internal organisational capabilities
* Interim dividend for 2017 not decided. For illustration only.
Note: Dividends are allocated to the year of dividend pay. For 2017 expected free cash flow is DKK 29-33
billion. Share repurchase programmes run for 12 months starting February until end January of the
following year.
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