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.

In August 2022 the Board of Directors approved to pay an interim dividend of 4.25 DKK per 0.20 DKK share

At the Annual General Meeting March 2022, the Board of Directors approved a final dividend of DKK 6.90 for 2021 per share. The total dividend for 2021 was DKK 10.40 per share, of which DKK 3.50 per share was paid as interim dividend in August 2021.

Novo Nordisk does not pay a dividend on its holding of treasury shares.

In March 2022, at the Annual General Meeting, the Board of Directors proposed a further reduction in the company’s B share capital, by cancelling 6,000,000 treasury shares. After the implementation of the share capital reduction, Novo Nordisk’s share capital will amount to DKK 456,000,000, divided into A share capital of DKK 107,487,200 and B share capital of DKK 348,512,800.

Table Share capital history

    Year       Stock split library       Ratio of B-shares to ADRs  
2014      January 2, B shares 1:5.   January 9, ADRs 1:5   1:1
2007 December 3, 2007, B-shares 1:2, ADRs 1:2 1:1
2001 April 4, 2001, B-shares 1:5, ADRs 1:2.5 1:1
2000   1:2
1999   1:2
1998   1:2
1997     January 2, 1997 B-shares 1:2     1:2


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Annual Report

Cover page of the Novo Nordisk Annual Report 2021

Annual Report 2021

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