Novo Nordisk (NOVO) AGM 2025 summary

Opening remarks and agenda

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

• The agenda included the board report, adoption of the 2024 annual report, profit distribution, remuneration, board elections, auditor appointment, shareholder proposals, and practical instructions for participation and voting.

• Real-time translation and hybrid participation options were provided.

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 22% globally, obesity care sales rose 57%, and rare disease sales increased by 9%.

• Cost of goods sold increased by 24%, R&D costs by 48%, reflecting expanded clinical activities and impairments.

• Audited Annual Report 2024 was presented for adoption and is available on the company website.

Dividend announcements

• Total dividend for 2024 set at DKK 11.40 per share, a 21% increase over 2023, with final payment in March 2025 and a 50.2% payout ratio.

• Over DKK 64 billion was returned to shareholders through buybacks and dividends; no new buyback program planned for 2025 due to high CapEx.

• Dividend will be transferred via VP Securities after withholding tax.