Cash returned to shareholders

Novo Nordisk’s guiding principle is that any excess capital, after the funding of organic growth opportunities and potential acquisitions, should be returned to investors. The company applies a pharmaceutical industry payout ratio to dividend payments, which are complemented by share repurchase programmes.

At the Annual General Meeting on 22 March 2018, the Board of Directors approved a final dividend of DKK 4.85 for 2017 per share. The total dividend for 2017 was DKK 7.85 per share, of which DKK 3.00 per share was paid as interim dividend in August 2017.

The Board of Directors has approved an interim dividend for 2018 of DKK 3.00 per share of DKK 0.20 to be paid in August 2018. Novo Nordisk does not pay a dividend on its holding of treasury shares