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 7 May 2021, Novo Holdings A/S also held a B share capital of nominally DKK 23,225,800. 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 shares outstanding (excluding treasury shares): 2,374

Dilutive effect of average outstanding shares: 4

Average outstanding numbers of shares incl. dilutive effect of outstanding joint share pool: 2,378

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Annual Report

Annual Report 2020

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