Finance and Corporate Governance

Doing business in a responsible way is the basis for long-term viability growth and profitability of a company. 

At Novo Nordisk, we manage our business in a way that delivers competitive financial returns for shareholders through ethical business conduct and transparent business practices while contributing to socio-economic development.


Corporate Governance

Corporate Governance refers to the way a company is directed and controlled. Our values are consistent with the principles of good governance. Please click the below links to read more about how we work:



Share Information

Our B shares are listed on Nasdaq Copenhagen and on the New York Stock Exchange as American Depository Receipts (ADRs). Please refer to the table below.


Stock exchange Listing type Stock name
Copenhagen Listed shares DK0060534915 (ISIN)
New York ADRs  NVO



On the following pages, you can read more about our shares such as share capital and dividend payments. To search and download share price data for a specific date or date range, please use the ‘shareholder tools’.



Responsible Tax

Our tax approach is to pursue a competitive tax level in a responsible way. ‘Competitive tax level’ implies achieving a tax level around the peer-group average. ‘Responsible way’ implies doing business in a way that meets expectations of a good corporate citizen. This means paying taxes where profits are earned in accordance with international transfer pricing rules, having a balanced tax risk profile and not engaging in tax-avoidance activities.

As a general rule, Novo Nordisk subsidiaries pay corporate taxes in the countries in which they operate and where business activity generates profits, earned in accordance with international transfer pricing rules. The company has a balanced tax risk profile and does not engage in tax avoidance activities.

In order to increase transparency around the Novo Nordisk tax approach, management has decided to publish the total tax contribution of the Novo Nordisk Group in the Novo Nordisk Annual Report 2018.

The finance policy and the tax strategy are endorsed by the Board of Directors of Novo Nordisk.

More information about our tax approach

See our Tax Approach


Long- and short-term investments

We balance growth in the short term with long-term investments. This includes tackling unmet medical needs through research and development (R&D), tailoring production and distribution facilities, and building local healthcare capacity.

In January 2017, Novo Nordisk entered into a collaboration with the University of Oxford on a type 2 diabetes research centre. The commitment is to invest GBP 115m over a period of 10 years. The partnership took concrete form in September 2018, with the opening of Novo Nordisk Research Centre Oxford. The Centre aims to leverage the shared expertise of some of the brightest minds in science and academia to enhance Novo Nordisk's understanding of cardiometabolic diseases. 

For more information, click here.


Financial Performance

Novo Nordisk uses long-term financial targets to drive the business towards long-term sustainable growth. These targets help our Executive Management balance growth in the short term with investments in longer-term growth, such as new production facilities and research and development activities. 

For more information about our financial performance, please visit our investor site or the Novo Nordisk Annual Report 2018.