Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Shareholder Meeting (March 2024)
55 slides from Novo Nordisk A/s Class B's shareholder meeting presentation, Mar 21, 2024
Slide 1: Novo Nordisk A/S Annual General Meeting
Novo Nordisk A/S Annual General Meeting 21 March 2024 Erik Hageman (on the right) is one of Denmark’s longest-living people with type 1 diabetes, pictured here with his son Lars, who also has type 1 diabetes, and his grandchildren (from the left) Clara, Emilie and Holger.
Slide 2: novo nordisk
O oe novo nordisk
Slide 3: Board of Directors
Novo Nordisk® Board of Directors Helge Lund Henrik Poulsen Andreas Fibig Laurence Debroux Sylvie Grégoire Kasim Kutay Martin Mackay Christina Law Elisabeth Dahl Christensen Liselotte Hyveled Thomas Rantzau Mette Bøjer Jensen
Slide 4: Executive Management
Novo Nordisk® Executive Management Lars Fruergaard Jørgensen President and chief executive officer (CEO) International Rare Disease Finance, Legal & North America Development Corporate People & Research & Commercial Strategy Product Supply, Operations Procurement Operations Development Organisation
Slide 5: Anders Dons
Novo Nordisk® Anders Dons
Slide 6: Anders Ørjan Jensen and Louise Korpela
Novo Nordisk® Anders Ørjan Jensen and Louise Korpela
Slide 7: Agenda
Novo Nordisk® 1. The Board of Directors’ oral report on the Company’s activities in the past financial year 2. Presentation and adoption of the audited Annual Report 2023 3. Resolution to distribute the profit according to the adopted Annual Report 2023 Agenda Agenda 4. Presentation of and advisory
Slide 8: Shareholders participating in person: how to log in using the QR code
Novo Nordisk® Shareholders participating in person l How to log in using the QR code Log in to the meeting 1. Scan the QR code with the camera on your mobile phone or the provided device to log in into the meeting. Please note that the QR code is personal. Connect to Wi-Fi To connect to the Wi-Fi ne
Slide 9: Shareholders participating in person: how to vote
Novo Nordisk® Shareholders participating in person l How to vote 1. When voting motions are put forward, the motion will automatically appear on your screen. 3. Your vote has been 2. To vote, simply select cast when the green your voting direction check mark appears. from the options shown on screen
Slide 10: Shareholders participating virtually: how to submit a question via Q&A
Novo Nordisk® Shareholders participating virtually l How to submit a question via Q&A 1. Click on the Q&A icon. 2. Type your question and press ‘Send’.
Slide 11: Shareholders participating virtually: how to vote (part 1)
Novo Nordisk® Shareholders participating virtually l How to vote (part 1) 1. When voting motions are put forward, a bar with a link to the voting tab will automatically appear on your screen. Click on the Vote icon. 2. To vote, simply select your voting direction from the options shown on screen.
Slide 12: Shareholders participating virtually: how to vote (part 2)
Novo Nordisk® Shareholders participating virtually l How to vote (part 2) 3. Your vote has been cast when the green check mark appears. You can change your vote as long as the vote is open by clicking ‘Click here to change your vote’.
Slide 13: Agenda
Novo Nordisk® 1. The Board of Directors’ oral report on the Company’s activities in the past financial year 2. Presentation and adoption of the audited Annual Report 2023 3. Resolution to distribute the profit according to the adopted Annual Report 2023 Agenda Agenda 4. Presentation of and advisory
Slide 14: Agenda
Novo Nordisk® 1. The Board of Directors’ oral report on the Company’s activities in the past financial year 2. Presentation and adoption of the audited Annual Report 2023 3. Resolution to distribute the profit according to the adopted Annual Report 2023 Agenda Agenda 4. Presentation of and advisory
Slide 15: novo nordisk
O oe novo nordisk
Slide 16: Strategic aspirations 2025
Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for obesity sustainability • Being respected for adding value
Slide 17: Strategic aspirations 2025 - highlights for full year 2023: Purpose and sustainability
Novo Nordisk® Strategic aspirations 2025 - highlights for full year 2023 Progress towards zero environmental impact: • Carbon emissions from operations and transportation decreased by 34% vs 2019 (decreased by 8% compared to 2022) Adding value to society: • Medical treatment provided to 40.5 million
Slide 18: Innovation and therapeutic focus
Novo Nordisk® Strategic aspirations 2025 - highlights for full year 2023 Further raise innovation bar for Diabetes treatment: • FLOW kidney outcomes trial stopped based on interim analysis due to efficacy • Regulatory submission of once-weekly insulin icodec in the EU, the US and China • Successful
Slide 19: Commercial execution
Novo Nordisk® Strategic aspirations 2025 - highlights for full year 2023 Strengthen diabetes leadership to more than one-third: • Diabetes value market share increased by 1.9 percentage points to 33.8% (MAT1) More than DKK 25 billion in Obesity care sales by 2025: • Obesity care sales increased by 1
Slide 20: Financials
Novo Nordisk® Strategic aspirations 2025 - highlights for full year 2023 Sales growth of 36% (CER) and Operating profit growth of 44% (CER) • Sales in International Operations grew by 16% (CER) • Sales in North America Operations grew by 54% (CER) Operational leverage reflecting sales growth Financi
Slide 21: Sales growth of 36% driven by GLP-1 based treatments in diabetes and obesity
Novo Nordisk® Sales growth of 36% driven by GLP-1 based treatments in diabetes and obesity Reported therapy area sales and growth for 2023 DKK billion 36% 52% -6% 154% -15% 250 200 150 100 50 0 Total1 GLP-1 diabetes Insulin Obesity care Rare disease International Operations North America Operations
Slide 22: Obesity care sales grew by 154% in 2023 mainly driven by the US
Novo Nordisk® Obesity care sales grew by 154% in 2023 mainly driven by the US NN sales and volume BAOM market growth Branded AOM TRx in the US2 DKK within Obesity care billion TRx count (‘000s) 15 55%1 84%1 154%1 130% 160 116% 147 140 12 100% 120 9 70% 100 92 80 6 40% 60 40 3 10% 20 0 -20% 0 4 2021
Slide 23: Key R&D milestones expected for 2024
Novo Nordisk® Key R&D milestones expected for 2024 Regulatory decision on insulin icodec Regulatory submission of FLOW kidney outcomes trial Diabetes care Phase 3 results for STRIDE PAD functional outcome study Phase 3 results for SOUL cardiovascular outcomes trial Phase 1 results for once-weekly GL
Slide 24: Step-up in CAPEX to meet demand for current and future products
Novo Nordisk® Step-up in CAPEX to meet demand for current and future products CAPEX investments Ensure readiness to meet future demands DKK billion 48 ~45 42 11% 36 9% 7% 7% 7% 30 5% 26 4% 24 • Capital expenditure is expected to be around DKK 45 billion in 2024 18 • Investments reflect both ongoing
Slide 25: Strategic aspirations 2025
Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for obesity sustainability • Being respected for adding value
Slide 26: novo nordisk
O oe novo nordisk
Slide 27: Agenda item 2 | Consolidated income statement
Novo Nordisk® Agenda item 2 | Consolidated income statement In DKK million 2023 2022 Change Sales 232,261 176,954 31% Cost of goods sold (35,765) (28,448) 26% Sales and distribution costs (56,743) (46,217) 23% Research and development costs (32,443) (24,047) 35% Administration costs (4,855) (4,467)
Slide 28: Agenda item 2 | Consolidated balance sheet per 31 December
Novo Nordisk® Agenda item 2 | Consolidated balance sheet per 31 December 2023 Assets Equity and liabilities (DKK million) 2023 2022 (DKK million) 2023 2022 Non-current assets 174,840 133,063 Equity 106,561 83,486 Inventories, trade receivables and other 125,254 95,541 Non-current liabilities 38,270
Slide 29: Agenda item 2 | Financial outlook for 2024
Novo Nordisk® Agenda item 2 | Financial outlook for 2024 Expectations 31 January 2024 Sales growth – at CER 18% to 26% Sales growth - reported Around 1 percentage point lower Operating profit growth – at CER 21% to 29% Operating profit growth - reported Around 2 percentage points lower Financial ite
Slide 30: Agenda item 3 | Resolution to distribute the profit according to the adopted Annual Report 2023
Novo Nordisk® Agenda item 3 | Resolution to distribute the profit according to the adopted Annual Report 2023 DKK million 2023 Net profit in the parent company, Novo Nordisk A/S 83,407 Proposed appropriation Interim dividend for the year – DKK 3.00 paid in August 2023* 13,430 Proposed final dividend
Slide 31: novo nordisk
O oe novo nordisk
Slide 32: Agenda
Novo Nordisk® 1. The Board of Directors’ oral report on the Company’s activities in the past financial year 2. Presentation and adoption of the audited Annual Report 2023 3. Resolution to distribute the profit according to the adopted Annual Report 2023 Agenda Agenda 4. Presentation of and advisory
Slide 33: Agenda item 4 | Presentation of and advisory vote on the Remuneration Report 2023
Novo Nordisk® Agenda item 4 | Presentation of and advisory vote on the Remuneration Report 2023 Remuneration Policy 2023 Remuneration Report 2023
Slide 34: Agenda item 5 | Remuneration
Novo Nordisk® Agenda item 5 | Remuneration Remuneration • Item 5.1 Approval of the remuneration of the Board of Directors for 2024 • Item 5.2 Indemnification of the Board of Directors and the Executive Management • Item 5.2(a) Indemnification of the Board of Directors • Item 5.2(b) Indemnification o
Slide 35: Agenda item 5.1 | Approval of the remuneration of the Board of Directors for 2024
Novo Nordisk® Agenda item 5.1|Approval of the remuneration of the Board of Directors for 2024 Audit Nomination Renumeration R&D Board Committee Committee Committee Committee Multiplier DKK Multiplier DKK Multiplier DKK Multiplier DKK Multiplier DKK Chair 4 3,360,000 1 840,000 0.5 420,000 0.5 420,000
Slide 36: Agenda item 5.2 | Indemnification of the Board of Directors and the Executive Management
Novo Nordisk® Agenda item 5.2|Indemnification of the Board of Directors and the Executive Management Background • The Danish Business Authority has in a recent letter described new guiding principles for indemnification schemes for board members and executives in Danish companies. Proposal • With a
Slide 37: Agenda item 5.3 | Approval of the Remuneration Policy
Novo Nordisk® Agenda item 5.3|Approval of the Remuneration Policy Background • In line with the Danish Companies Act, the full Remuneration Policy is to be submitted for a vote every fourth year • The Board of Directors and the Remuneration Committee have undertaken a general review of the Remunerat
Slide 38: novo nordisk
O oe novo nordisk
Slide 39: Agenda
Novo Nordisk® 1. The Board of Directors’ oral report on the Company’s activities in the past financial year 2. Presentation and adoption of the audited Annual Report 2023 3. Resolution to distribute the profit according to the adopted Annual Report 2023 Agenda Agenda 4. Presentation of and advisory
Slide 40: Agenda item 6 | Election of members to the Board of Directors
Novo Nordisk® Agenda item 6|Election of members to the Board of Directors Election of members to the Board of Directors, including chair and vice chair • Item 6.1 Election of chair • Item 6.2 Election of vice chair • Item 6.3 Election of other members to the Board of Directors
Slide 41: novo nordisk
O oe novo nordisk
Slide 42: Agenda item 6.1 | Election of chair
Novo Nordisk® Agenda item 6.1| Election of chair Helge Lund Chair
Slide 43: Agenda item 6.2 | Election of vice chair
Novo Nordisk® Agenda item 6.2| Election of vice chair Henrik Poulsen Vice chair
Slide 44: Agenda item 6.3 | Election of other members to the Board of Directors
Novo Nordisk® Agenda item 6.3| Election of other members to the Board of Directors Laurence Debroux Andreas Fibig Sylvie Grégoire Kasim Kutay Christina Law Martin Mackay
Slide 45: Employee-elected members of the Board of Directors
Novo Nordisk® Employee-elected members of the Board of Directors Elisabeth Dahl Christensen Liselotte Hyveled Mette Bøjer Jensen Thomas Rantzau
Slide 46: Agenda item 7 | Appointment of auditor
Novo Nordisk® Agenda item 7|Appointment of auditor Appointment of Deloitte Statsautoriseret Revisionspartnerselskab as auditor regarding financial and sustainability reporting.
Slide 47: novo nordisk
O oe novo nordisk
Slide 48: Agenda
Novo Nordisk® 1. The Board of Directors’ oral report on the Company’s activities in the past financial year 2. Presentation and adoption of the audited Annual Report 2023 3. Resolution to distribute the profit according to the adopted Annual Report 2023 Agenda Agenda 4. Presentation of and advisory
Slide 49: Agenda item 8 | Proposals from the Board of Directors and/or shareholders
Novo Nordisk® Agenda item 8|Proposals from the Board of Directors and/or shareholders Proposals from the Board of Directors and shareholders • Item 8.1 Reduction of the Company’s B share capital • Item 8.2 Authorisation to the Board of Directors to repurchase own shares • Item 8.3 Authorisation to t
Slide 50: Agenda item 8.1 | Reduction of the Company's B share capital
Novo Nordisk® Agenda item 8.1|Reduction of the Company’s B share capital Proposal • Reduction of the Company’s B share capital from DKK 343,512,800 to 339,012,800 by cancellation of part of the Company’s own holding of B shares at a nominal value of DKK 4,500,000 divided into 45,000,000 B shares of
Slide 51: Agenda item 8.2 | Authorisation to the Board of Directors to repurchase own shares
Novo Nordisk® Agenda item 8.2|Authorisation to the Board of Directors to repurchase own shares Proposal • Authorisation of the Board of Directors, until the Annual General Meeting in 2025, to allow the Company to repurchase own shares of up to 10% of the share capital, subject to a holding limit of
Slide 52: Agenda item 8.3 | Authorisation to the Board of Directors to increase the share capital
Novo Nordisk® Agenda item 8.3|Authorisation to the Board of Directors to increase the share capital Proposal • Extend the Board of Directors' authorisations of issuing new shares with or without pre- emptive rights for existing shareholders by one year until 25 March 2026 and to limit the maximum sh
Slide 53: novo nordisk
O oe novo nordisk
Slide 54: Agenda item 9 | Any other business
Novo Nordisk® Agenda item 9|Any other business
Slide 55: novo nordisk
O oe novo nordisk