Novo Nordisk (NOVO) AGM 2025 summary

Opening remarks and agenda

• AGM held on 27 March 2025 as a hybrid meeting, with in-person, virtual and webcast participation options.

• Helge Lund described 2024 as a year of significant growth, innovation, manufacturing expansion and commercial execution, while acknowledging ongoing healthcare challenges.

• Nearly 1,000 attendees participated, with 90% of voting rights represented; real-time translation was available.

• Agenda covered the annual report, profit distribution, remuneration, board elections, auditor appointment, shareholder proposals and other business.

Financial performance review

• Sales and operating profit each grew 26% at constant exchange rates in 2024; net profit increased 21%, while free cash flow was -DKK 14.7 billion following major acquisitions.

• Total assets reached DKK 466 billion, mainly reflecting the acquisition of three Catalent sites; cost of goods sold rose 24% and R&D costs 48%.

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

• Therapeutic innovations in 2024 benefited more than 45 million people living with diabetes and obesity worldwide.

Board and executive committee updates

• Helge Lund and Henrik Poulsen were re-elected as chair and vice chair; Laurence Debroux, Andreas Fibig, Sylvie Grégoire, Christina Law, Kasim Kutay and Martin Mackay were re-elected as board members.

• Board evaluation confirmed effective operation, balanced competencies and a constructive culture; diversity, succession planning and expertise in R&D and pharma remain priorities.

• Committee chairs appointed: Helge Lund for People and Governance, Henrik Poulsen for Remuneration, Laurence Debroux for Audit and Martin Mackay for Research & Development.