Novo Nordisk (NOVO) AGM 2025 summary

Opening remarks and agenda

• The meeting was held on 27 March 2025 at Bella Center, Copenhagen, with options for in-person, virtual, or webcast participation, and nearly 1,000 attendees representing 90% of voting rights.

• The agenda included customary AGM topics, financial reports, board elections, shareholder proposals, and practical instructions for participation and voting.

Financial performance review

• Sales and operating profit both grew by 26% at constant exchange rates in 2024, with free cash flow at -DKK 14.7 billion due to major acquisitions.

• Net profit increased by 21%, and total assets rose to DKK 466 billion, mainly from the acquisition of three Catalent sites.

• GLP-1 diabetes sales grew by 22% globally, obesity care sales by 57%, and rare disease sales by 9%.

• Total dividend for 2024 set at DKK 11.40 per share, a 21% increase over 2023, representing a 50.2% payout ratio.

Board and executive committee updates

• Re-election proposed for Helge Lund as chair and Henrik Poulsen as vice chair, both for one-year terms, with six shareholder-elected board members also up for re-election.

• Board composition fulfills diversity and independence ambitions, with employee-elected members serving four-year terms expiring in 2026.

• Board evaluation in 2024 confirmed effective operation, balanced competencies, and a constructive culture.