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 2019 the Board of Directors approved to pay an interim dividend of 3.00 DKK per 0.2 DKK share
At the Annual General Meeting March 2020, the Board of Directors approved a final dividend of DKK 5.35 for 2019 per share. The total dividend for 2019 was DKK 8.35 per share, of which DKK 3.00 per share was paid as interim dividend in August 2019.
Novo Nordisk does not pay a dividend on its holding of treasury shares.
In March 2020, at the Annual General Meeting, the Board of Directors proposed a further reduction in the company’s B share capital, by cancelling 10,000,000 treasury shares. After the implementation of the share capital reduction, Novo Nordisk’s share capital will amount to DKK 470,000,000, divided into A share capital of DKK 107,487,200 and B share capital of DKK 362,512,800.