33761201 2022-01-01 2022-12-31 33761201 2022-01-01 2022-12-31 1 33761201 2022-01-01 2022-12-31 1 33761201 2022-01-01 2022-12-31 2 33761201 2022-01-01 2022-12-31 3 33761201 2022-01-01 2022-12-31 1 33761201 2022-01-01 2022-12-31 2 33761201 2021-01-01 2021-12-31 33761201 2020-01-01 2020-12-31 33761201 2019-01-01 2019-12-31 33761201 2018-01-01 2018-12-31 33761201 2018-01-01 2018-12-31 1 33761201 2019-01-01 2019-12-31 1 33761201 2020-01-01 2020-12-31 1 33761201 2021-01-01 2021-12-31 1 33761201 2022-01-01 2022-12-31 1 33761201 2018-01-01 2018-12-31 2 33761201 2019-01-01 2019-12-31 2 33761201 2020-01-01 2020-12-31 2 33761201 2021-01-01 2021-12-31 2 33761201 2022-01-01 2022-12-31 2 33761201 2022-12-31 33761201 2021-12-31 33761201 2020-12-31 33761201 2019-12-31 33761201 2018-12-31 33761201 2021-12-31 fsa:ContributedCapitalMember 33761201 2021-12-31 fsa:RetainedEarningsMember 33761201 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 33761201 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 33761201 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 33761201 2022-12-31 fsa:ContributedCapitalMember 33761201 2022-12-31 fsa:RetainedEarningsMember 33761201 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 33761201 2020-12-31 fsa:ContributedCapitalMember 33761201 2020-12-31 fsa:RetainedEarningsMember 33761201 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 33761201 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 33761201 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK Novo Nordisk NorthAmerica Operations A/S Novo Allé 1 2880 Bagsværd Denmark 33761201 Statement by the Board of Directors and Executive ManagementToday, the Board of Directors and Executive Management have approved the Annual Report of Novo Nordisk North America Operations A/S for the year 2022.The Annual Report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the Financial Statements give a true and fair view of the financial position of the company at 31 December 2022 and of the results of the company's operations for 2022 in accordance with the Danish Financial Statements Act.Further, in our opinion, the Management’s review gives a fair review of the development in the company’s operations and financial matters and the results of the company’s operations and financial position.We recommend that the Annual Report be adopted at the Annual General Meeting. Bagsværd Peter Bøggild Karsten Munk Knudsen Linette Tangsgaard Nielsen Tomas Haagen Chairman To the Shareholder of Novo Nordisk North America Operations A/S OpinionWe have audited the financial statements of Novo Nordisk North Anerica Operations A/S for the financial year 1 January 2022 - 31 December 2022, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31 December 2022 and of the results of its operations for the financial year 1 January 2022 - 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibility for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the management commentaryManagement is responsible for the management commentary.Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. Copenhagen DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Sumit Sudan Yassir Iqbal State Authorised Public Accountant State Authorised Public Accountant 31296000 188931000 19706000 0 0 448029000 -422171000 -19707000 -29000 -25000 Net financials & profit/(loss) in subsidiaries Net financials & profit/(loss) in subsidiaries Net financials & profit/(loss) in subsidiaries Net financials & profit/(loss) in subsidiaries Net financials & profit/(loss) in subsidiaries -21402000 -77566000 70752000 182982000 184038000 334269000 -467036000 34830000 189945000 183827000 Financial assets Financial assets Financial assets Financial assets Financial assets 0 0 273796000 716799000 495071000 1040898000 9624072000 10963882000 728760000 518224000 639162000 7810442000 9214437000 728462000 498467000 Main activitiesThe company's main activities are the holding of equity investments in companies, and other investments, as well as financial activities, and – at the discretion of the Board of Directors – supporting the operations of such companies. Development during the financial yearNet profit for Novo Nordisk North America Operations A/S ended at DKK 334,269 thousand for the year 2022 compared with net loss of DKK 467,036 thousand for the year 2021.The result is impacted by the sales of intellectual property rights to Novo Nordisk A/S. The net profit is in line with the expectations stated in the Annual Report 2021.Events after the balance sheet dateNo events have occurred after the end of the reporting period that materially affect the financial position of the company.Outlook for the company, including specific assumptions and elements of uncertaintyThe company's most important activity in 2023 is expected to comprise the holding of equity investment in the Canadian subsidiary.The company's financial performance reflects the development in the underlying subsidiary. Management expects to record a postive return in 2023.Specific risksFor other specific risks and presentation of capital resources please see management review included in the annual report of Novo Nordisk A/S. 31296000 188931000 107346000 611078000 30000 24000 524109000 0 448029000 -422171000 -18037000 -76693000 1685000 18000 5050000 891000 426627000 -499737000 92358000 -32701000 334269000 -467036000 0 7478893000 112000 95000 112000 7478988000 1034906000 2137281000 357000 0 5523000 7803000 1040786000 2145084000 1040898000 9624072000 1000000 1000000 38162000 309442000 600000000 7500000000 639162000 7810442000 176907000 85510000 0 1645356000 176907000 1730866000 107287000 0 113609000 57312000 3933000 25452000 224829000 82764000 401736000 1813630000 1040898000 9624072000 1000000 309442000 7500000000 7810442000 334269000 334269000 600000000 -600000000 0 7500000000 7500000000 5549000 5549000 1000000 38162000 600000000 639162000 1000000 8251437000 962000000 9214437000 0 0 -467036000 -467036000 7500000000 -7500000000 0 962000000 962000000 -25041000 -25041000 1000000 309442000 7500000000 7810442000 Accounting basisThe Annual Report of the company is prepared in accordance with the Danish Financial Statements Act for a medium-sized class C enterprise.The Annual Report is presented in DKK 1,000.Translation of foreign currenciesAssets and debt in foreign currencies are translated into Danish kroner at the exchange rates at the balance sheet date. Financial statements of foreign subsidiaries are translated into Danish kroner at the exchange rates at the balance sheet date for the balance sheet items and at average exchange rates for income statement items.All exchange rate adjustments are recognised in the income statement except exchange rate adjustments arising from:- translation of subsidiaries' net assets at the beginning of the year at the exchange rates at the balance sheet date- translation of subsidiaries' income statements at average exchange rates and translation of their balance sheet items at the exchange rates at the balance sheet date- translation of non-current intra-Group receivables that are considered a supplement to the net assets of the subsidiaries.The above currency translation differences are recognised directly in equity.Royalty incomeIFRS 15 has been used as interpretation for revenue recognition and measurement. Income from service activity is recognised as earned.Operating costsOperating costs comprises costs related to the amortisation of intellectual property rights.Administrative costsAdministrative costs comprise expenses for the management and administration of the company.According to the Danish Financial Statements Act §98b (3) executive management remuneration is not disclosed.Other operating incomeOther operating income comprises income of a secondary nature in relation to the main activities of the Company. Other operating income is related to sales of intellectual property rights.Financial itemsFinancial income and expenses include interest income and expenses, realised and unrealised capital gains and losses on securities, debt and transactions in foreign currencies, amortisation of financial assets and liabilities. Financial income and expenses are recognised by the amounts pertaining to the financial year.Intangible assetsIntellectual property rights comprises milestones, royalty payments and other related costs. The intellectual property rights are carried at historical cost less accumulated amortisation and any impairment loss. The estimated useful life is the legal duration or the economic useful life depending on which is shorter, and not exceeding 15 years. The amortisation of intellectual property rights, patents and licenses begins after regulatory approval has been obtained or when the intangible asset is considered available for use as intended by management. Amortisation is based on the straight-line method over the estimates useful life. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of impairment, any impairment is measured based on discounted projected cash flows. Impairments are reviewed at each reporting date for possible reversal.Gains and losses on disposal of intangible assets are determined as the sales price less selling costs and the carrying amount at the disposal date. Gains and losses are recognised in Other operating income. Financial assetsInvestments in subsidiaries are recorded under the equity method, using the respective share of the net asset values in subsidiaries. The equity method is used as a measurement basis rather than a consolidation method. Contingent consideration is accounted for as adjustment to the cost price.The share of profit or loss in subsidiaries is recognised in the income statement of the parent company.Internal business combinations are recognised using the pooling of interests method, meaning that assets and liabilities are recognised at the carrying amounts that would have applied if the Group relationship had been established at the beginning of the comparative period, without any subsequent revaluation. When using the pooling of interests method, there is no recognition of goodwill. The difference between the amount paid as capital and the equity in the acquired company is recognised directly in equity.Net revaluation of equity investments in subsidiaries exceeding the declared dividend of the subsidiaries is transferred to equity as net revaluation reserve according to the equity method.Subsidiaries with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date.Other financial assetsShares in Novo Nordisk affiliated companies are recognised at fair value.Amounts owed by affiliated companiesReceivables are stated at amortised cost less write-downs for potential losses on doubtful debts. Any write-downs are based on an individual assessment of each debtor.TaxDeferred tax is provided for using the balance sheet liability method and comprises all temporary differences between the carrying amount and tax base of assets and liabilities. The tax value of tax loss carry-forwards is included in the statement of deferred tax if the losses are likely to be utilised in the future. Deferred tax is provided for using the tax rate expected to apply when the temporary differences are expected to be eliminated.Novo Nordisk recognises deferred income tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences can be utilised.Tax payable/receivable includes tax payable computed on the basis of the expected taxable income for the year and any adjustments of taxes payable for previous years.Income tax in the income statement comprises current tax for the year and any change in the provision for deferred tax.The company is jointly taxed with the Danish companies in the Novo Holdings A/S Group. The tax effect of the joint taxation with the parent company and other subsidiaries is allocated to the companies in proportion to their taxable incomes (full allocation). The current tax in the joint taxation is paid by the ultimate parent company, Novo Holdings A/S, which functions as the tax administration company. The jointly taxed Danish enterprises have adopted the on-account taxation scheme.DividendsProposed dividends (not yet declared) for the accounting period are recognised in the equity as proposed dividends.ProvisionsProvisions are related to investments in subsidiaries recorded under the equity method and are measured at net realisable value. true Statement of cash flowsIn accordance with paragraph 86, section 4 of the Danish Financial Statements Act, no separate cash flow statement has been prepared for the parent company. Reference is made to the cash flow statement in the Consolidated Financial Statements for the Novo Nordisk Group. 1 - Non-reoccurring itemsNon-reoccurring items comprise of significant income and expenses that are considered special due to the nature or the amount of the items. Non-reoccurring items includes unusual and infrequently occurring significant items that are not considered a part of the Company’s ordinary activities. In 2022, a gain on disposal of the SNAC technology amounting to DKK 524 million has been recognised in the Income statement in the line item ‘Other operating income’. 2 - Financial assets 2022 2021DKK '000 DKK '000Capital investments in subsidiariesCost at the beginning of the year 3.743.987 3.743.987 Cost at the end of the year 3.743.987 3.743.987 Value adjustments at the beginning of the year (3.829.497) (3.470.191) Profit/(loss) before tax 135.945 102.679 Income taxes on profit for the year (153.982) (179.372) Dividends (67.811) (307.654) Effect of exchange rate adjustment (5.549) 25.041 Value adjustments at the end of the year (3.920.894) (3.829.497) Carrying amount at the end of the year (176.907) (85.510) The capital investment in subsidiary is the fully owed subsidiary Novo Nordisk Canada Inc., incorporated in Canada.Financial assets - - Provisions (176.907) (85.510) Carrying amount at the end of the year (176.907) (85.510) 3 - Financial income 2022 2021DKK '000 DKK '000Value adjustment of other financial assets 17 18 Foreign exchange rate gain (net) 1.557 - Interests receivables 17 - Other financial income 94 - Total financial income 1.685 18 4 - Financial expenses 2022 2021DKK '000 DKK '000Interest expenses relating to affiliated companies 998 - Interest related to tax 3.900 - Foreign exchange rate loss (net) - 634 Other financial expenses 152 257 Total financial expenses 5.050 891 5 - Income taxes20222021DKK '000DKK '000Tax on the profit/(loss) for the year 1.734.723 71.502 Deferred tax on the profit/(loss) for the year (1.645.357) (103.790) Withholding tax dividend 3.391 15.383 Adjustments recognised for current tax of prior periods (399) (15.796) Income taxes 92.358 (32.701) 600000000 7500000000 -265731000 -7967036000 334269000 -467036000 7 - Intangible assets 2022 2021DKK '000 DKK '000Cost at the beginning of the year 7.990.050 7.990.050 Additions during the year - - Disposals during the year (7.990.050) - Cost at the end of the year - 7.990.050 Depreciation at the beginning of the year 511.157 39.384 Amortisation for the year 78.629 471.773 Disposals during the year (589.786) - Amortisation at the end of the year - 511.157 Carrying amount at the end of the year - 7.478.893 The intellectual property rights have in 2022 been sold to Novo Nordisk A/S. 8 - Share capitalThe share capital consists of 1,000,010 shares of nominal value DKK 1. No shares carry any special rights. 9 - Provisions 2022 2021DKK '000 DKK '000Provisions at the beginning of the year 85.510 - Change for the year 91.397 85.510 Provisions at the end of the year 176.907 85.510 The provisions is expected to fall due within the following periods from the balance sheet date:After 5 years 176.907 85.510 Provisions at the end of the year 176.907 85.510 The provision is related to subsidiaries with negative equity value. 10 - ContingenciesThe company is jointly taxed with the Danish companies in the Novo Holdings A/S Group. The joint taxation also covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish companies are jointly and individually liable for the joint taxation. Any subsequent adjustments to income taxes and withholding taxes may lead to a larger liability. The tax for the individual companies is allocated in full on the basis of the expected taxable income.The company has no other contingent liabilities. 11 - Events after the balance sheet dateNo events have occurred after the end of the reporting period that materially affect the financial position of the company. 12 - Related party transactionsIn accordance with paragraph 112, section 1 of the Danish Financial Statements Act, consolidated financial statements have not been prepared. The consolidated financial statements of the parent company, Novo Nordisk A/S, and the ultimate parent company, Novo Nordisk Fonden, in which Novo Nordisk North America Operations A/S is fully consolidated, can be ordered from Novo Nordisk A/S (CVR no. 24 25 67 90), Novo Allé, 2880 Bagsværd, Denmark, and from the Novo Nordisk Fonden (CVR no. 10 58 29 89), Tuborg Havnevej 19, 2900 Hellerup, Denmark.All transactions with related parties have been carried out at arm’s length principle. Controlling interests Novo Nordisk A/S, Novo Allé 1, 2880 Bagsværd, Denmark Novo Holdings A/S, Tuborg Havnevej 19, 2900 Hellerup, Denmark Novo Nordisk Fonden, Tuborg Havnevej 19, 2900 Hellerup, Denmark BasisPrincipal shareholder, owns 100%Controls Novo Nordisk A/SUltimate parent of the Group In accordance with section 112 of the Danish Financial Statements Act, consolidated financial statements have not been prepared. The consolidated financial statements of the parent company, Novo Nordisk A/S, and the ultimate parent company, Novo Nordisk Fonden, in which Novo Nordisk North America Operations A/S is fully consolidated, can be ordered from Novo Nordisk A/S (CVR no. 24 25 67 90), Novo Allé 1, 2880 Bagsværd, Denmark, and from the Novo Nordisk Fonden (CVR no. 10 58 29 89), Tuborg Havnevej 19, 2900 Hellerup, Denmark. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-05-17 Søren Fink Reporting class C, medium-size enterprise 2023-05-17 24256790 Novo Nordisk A/S Novo Allé 1 2880 Bagsværd Opinion Basis for Opinion 2023-05-17 mne33716 mne45103 33963556 Deloitte Statsautoriseret Revisionspartnerselskab