Investor Presentation First Nine Months of 2022
145
Investor presentation First nine months of 2022
Net profit has been converted to cash and returned to
shareholders
Cash conversion and allocation (2021)
DKK
billion
48
48
50
(100%)
(100%)
41
(86%)
40
40
Dicerna
pharmaceuticals
19
30
30
20
20
10
0
Net profit
29
22
22
Novo NordiskⓇ
Strategic capital allocation priorities
Business development investments to enhance R&D pipeline
CAPEX investments to meet demand including R&D pipeline
Free cash flow
Cash return
Share buyback
Dividends
Deliver competitive capital allocation to shareholders
Continued share buybacks and dividends
Financial flexibility within current credit ratings
Moody's: A1 since 2012, S&P Global: AA- since 2013
Net debt to EBITDA ratio around zero
Mainly debt finance major business development projects
• 2021 bond issuance at an all-inclusive interest rate of ~0%
Note: Cash used for the acquisition of Dicerna Pharmaceuticals was 18,282 million DKK per note 5.3 of the 2021 Novo Nordisk Annual Report
R&D: Research and Develoment; CAPEX: Capital expenditure; EBITDA: Earnings before interest, taxes, depreciation and amortisationView entire presentation