Introduction to Novo Holdings' Success

In a significant announcement, Novo Holdings, the manager of the Novo Nordisk Foundation's investment activities, revealed a stunning financial performance for 2024. The company reported record-breaking total income and investment returns of DKK 60 billion (approximately €8.0 billion), marking a remarkable increase from DKK 31 billion (€4.2 billion) in 2023. This growth underscores Novo Holdings' strategic investment prowess and its commitment to maximizing returns while focusing on sustainability and societal impact.

Key Financial Highlights

• Record Returns: The investment portfolio yielded an impressive return of 18.0%, substantially higher than the 9.4% achieved in 2023. Including Special Investments, the total investment return for 2024 reached 19.2%.
• Income Breakdown: The total income of DKK 60 billion comprises DKK 23 billion from dividends and share repurchases of the Novo Group companies (Novo Nordisk A/S and Novonesis A/S) and DKK 37 billion from the Investment Portfolio.
• Assets Under Management (AUM): Novo Holdings closed 2024 with total AUM of DKK 1,060 billion (€142 billion), slightly down from DKK 1,114 billion (€149 billion) in 2023, mainly due to a decline in Novo Nordisk's market value.

Strong Performance of Novo Group Companies

The Novo Group companies, including Novo Nordisk A/S and Novonesis A/S, contributed significantly to the strong financial results. Novo Nordisk experienced a remarkable sales growth of 25% in DKK and 26% at constant exchange rates, while Novonesis reported 8% organic sales growth.

Novo Nordisk's Financial Performance

Novo Nordisk's impressive financial performance was characterized by:

• Net Sales: Increased to DKK 290,403 million, up 25% from 2023.
• Operating Profit: Rose by 25% to DKK 128,339 million.
• EBITDA Growth: Achieved 32% growth, reaching DKK 147,446 million.

Capital Investments and Life Sciences Performance

The Capital Investments team at Novo Holdings played a crucial role in driving overall performance by expanding its global exposure across sectors beyond life sciences. The team focused on public equity, fixed income, private equity, venture capital, real assets, and credit, while emphasizing investments in green infrastructure and renewable energy.

Key Capital Investments Highlights:

• Investment Assets: Capital Investments closed the year with DKK 95 billion (€13 billion) in assets.
• Profit Generation: Generated profits of DKK 13 billion (€1.7 billion), a significant increase from DKK 7.6 billion (€1.0 billion) in 2023.
• Notable Investments:
• A DKK 1.1 billion (€150 million) follow-on investment in EuroClear.
• A DKK 485 million (€65 million) renewable energy investment in Germany.

Life Science Investments

Life Sciences form a significant portion of Novo Holdings' investment portfolio, encompassing:

• Venture Investments: Novo Holdings was highly active in venture investments, deploying a record DKK 4.9 billion and committing DKK 3.2 billion to 20 new investments.
• Portfolio Exits: Realized total proceeds of DKK 3.7 billion from exits, including sales of publicly traded stocks and divestments.

Conclusion: Future Growth and Sustainability

Novo Holdings' outstanding performance in 2024 is a testament to its strategic investment approach, focusing on both financial returns and societal impact. As the company continues to drive growth and sustainability, its commitment to improving health and environmental sustainability remains unwavering. With plans to expand its portfolio further and diversify investments, Novo Holdings is poised for continued success in the years ahead.

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