Share and ownership structure

Novo Nordisk share strucure


Note: As of 28 April 2020. Treasury shares are included, however voting rights of treasury shares cannot be exercised

Share capital and ownership

Novo Nordisk’s total share capital of DKK 470,000,000 is divided into an A share capital of nominally DKK 107,487,200 and a B share capital of nominally DKK 362,512,800. The company’s A shares are not listed and are held by Novo Holdings A/S, a Danish public limited liability company wholly owned by the Novo Nordisk Foundation. The Foundation has a dual objective: to provide a stable basis for the commercial and research activities conducted by the companies within the Novo Group (of which Novo Nordisk is the largest), and to support scientific and humanitarian purposes. According to the Articles of Association of the Foundation, the A shares cannot be divested.

As of 28 April 2020, Novo Holdings A/S also held a B share capital of nominally DKK 27,152,800. Novo Nordisk’s A and B shares are calculated in units of DKK 0.20. Each A share carries 200 votes and each B share carries 20 votes.


Average number of outstanding shares in 2019 (million)


Average number of shares outstanding (excluding treasury shares)


Dilutive effect of average outstanding shares 


Average outstanding numbers of shares incl. dilutive effect of outstanding joint share pool