Investor Presentation: First Nine Months of 2020
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Investor presentation First nine months of 2020
Cash return to shareholders in 2020
DKK
billion
45
Annual cash return to shareholders
30
17
17
15
15
8
15
7
7
7
11
12
12
13
0
2017
2018
2019
2020E
Dividend
Interim dividend
Share repurchase
Free cash flow
Free cash flow guidance
1 For 2020, expected free cash flow is DKK 34-39 billion.
Note: Share repurchase programmes run for 12 months starting Feb until end-Jan of the following year.
Cash return priorities
Novo NordiskⓇ
• Share repurchase programme of up to DKK 17 billion to be executed
during 12 months, starting 5 February 2020
• Total programme may be reduced in size if significant bolt-on
acquisition opportunities arise during 2020
• For 2019, the total dividend increased 2.5% to DKK 8.35 per share of
DKK 0.20 (including interim dividend of DKK 3.00 per share paid in
August 2019), resulting in a total pay-out ratio of 50.5%
• For 2020, the interim dividend of DKK 3.25 was paid in August 2020View entire presentation