24257924 2023-01-01 2023-12-31 24257924 2023-01-01 2023-12-31 1 24257924 2023-01-01 2023-12-31 1 24257924 2023-01-01 2023-12-31 2 24257924 2023-01-01 2023-12-31 3 24257924 2023-01-01 2023-12-31 1 24257924 2023-01-01 2023-12-31 2 24257924 2022-01-01 2022-12-31 24257924 2023-12-31 24257924 2022-12-31 24257924 2022-12-31 fsa:ContributedCapitalMember 24257924 2022-12-31 fsa:RetainedEarningsMember 24257924 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 24257924 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 24257924 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 24257924 2023-12-31 fsa:ContributedCapitalMember 24257924 2023-12-31 fsa:RetainedEarningsMember 24257924 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 24257924 2021-12-31 fsa:ContributedCapitalMember 24257924 2021-12-31 fsa:RetainedEarningsMember 24257924 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 24257924 2021-12-31 24257924 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 24257924 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK Novo Nordisk Pharmaceuticals A/S Novo Allé 1 2880 Bagsværd Denmark 24257924 Bagsværd Peter Bøggild Karsten Munk Knudsen Linette Tangsgaard Nielsen Kristine Aachmann Bethe Chairman Today, the Board of Directors and Executive Management have approved the Annual Report of Novo Nordisk Pharmaceuticals A/S for the year 2023.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 2023 and of the results of the company's operations for 2023 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. To the Shareholder of Novo Nordisk Pharmaceuticals A/S We have audited the financial statements of Novo Nordisk Pharmaceuticals A/S for the financial year 1 January 2023 - 31 December 2023, 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 2023 and of the results of its operations for the financial year 1 January 2023 - 31 December 2023 in accordance with the Danish Financial Statements Act. We 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 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. Our 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. Copenhagen DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Sumit Sudan Yassir Iqbal State Authorised Public Accountant State Authorised Public Accountant Management 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 by relevant law and regulations.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 in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Main activitiesThe company's main activities are holding of equity investments in companies and other investments, and – at the discretion of the Board of Directors – supporting the operations of such companies. Novo Nordisk Pharmaceuticals A/S owns 1.41% of the shares in Novo Nordisk Pharma Argentina SA, 2.52% of the shares in Novo Nordisk Saglik Ürünleri Ticaret Ltd., Turkey, and up to 1% of shares in some other Novo Nordisk affiliated companies. Development during the financial yearNovo Nordisk Pharmaceuticals A/S ended with a net loss of DKK 2,258 thousand for the year 2023 compared with net profit DKK 5,443 thousand for the year 2022. 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. 0 6259000 46000 41000 -46000 6218000 -5812000 -2664000 4674000 16000 5000 9727000 -1189000 -6157000 1069000 -714000 -2258000 -5443000 6000000 11831000 6000000 11831000 37000 193156000 0 6000 105132000 5252000 105169000 198414000 111169000 210245000 1002000 1002000 2331000 104589000 100000000 0 103333000 105591000 6773000 42552000 1017000 62056000 46000 46000 7836000 104654000 7836000 104654000 111169000 210245000 1002000 104589000 0 105591000 -2258000 -2258000 100000000 -100000000 0 1002000 2331000 100000000 103333000 1002000 110032000 2740000000 2851034000 -5443000 -5443000 2740000000 2740000000 1002000 104589000 0 105591000 true true 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.Royalty incomeIFRS 15 has been used as interpretation for revenue recognition and measurement.Administrative costsAdministrative costs comprise expenses for the management and administration of the company, such as expenses for audit fee, administrative staff, management, office premises, office costs etc, as well as depreciation, amortisation and impairment losses.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.Financial assetsFinancial assets consist of investments in minor equity investments in Novo Nordisk affiliated companies. Financial assets are initially measured at cost, being the acquisition amount and costs related to the investment. The financial assets is subsequently remeasured at fair value at the end of the reporting period.Amounts owed by affiliated companiesAmounts owed by affiliated companies are measured at amortised cost less write-downs for potential losses on doubtful debts. The write-downs are based on an individual assessment of each debtor.Amounts owed to affiliated companiesAmounts owed to affiliated companies are measured at amortised cost.DividendProposed dividends (not yet declared) for the accounting period are recognised in the equity as proposed dividends.TaxThe 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.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.Income tax in the income statement comprises current tax for the year and any change in the provision for deferred tax. 1 - Financial income 2023 2022DKK '000 DKK '000Foreign exchange rate gain (net) 79 -Interests receivable 3.166 - Other financial income 1.429 16 Total financial income 4.674 16 2 - Financial expenses 2023 2022DKK '000 DKK '000Foreign exchange rate loss - 1.009 Value adjustment of financial assets - 7.529 Interest expenses relating to affiliated companies - 1.178 Other financial expenses 5 11 Total financial expenses 5 9.727 100000000 0 -102258000 -5443000 -2258000 -5443000 4 - Financial assets2023 Shares in affiliated Royaltycompanies contracts TotalDKK '000 DKK '000 DKK '000Fair value beginning of year 11.831 - 11.831 Disposal - Dividends (19) - (19) Fair value adjustments for the year recognised in income statement (5.812) (5.812) Fair value end of period 6.000 - 6.000 2022 Shares in affiliated Royaltycompanies contracts TotalDKK '000 DKK '000 DKK '000Fair value beginning of year 14.682 2.828.082 2.842.764 Disposal - (2.820.553) (2.820.553) Dividends (187) - (187) Fair value adjustments for the year recognised in income statement (2.664) (7.529) (10.193) Fair value end of period 11.831 - 11.831 The royalty contract was acquired in December 2020. The fair value corresponds to the cost price less received royalties from acquisition date to balance sheet date. The royalty rights have in 2022, been sold to Novo Nordisk A/S. 5 - Share capital 2023 2022DKK '000 DKK '000Share capital 1 January 1.002 1.002 Balance at the end of the year 1.002 1.002 6 - 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. 7 - Related parties and ownershipControlling interests BasisNovo Nordisk A/S, Novo Allé 1, 2880 Bagsværd, Denmark Principal shareholder, owns 100%Novo Holdings A/S, Tuborg Havnevej 19, 2900 Hellerup, Denmark Controls Novo Nordisk A/SNovo Nordisk Fonden, Tuborg Havnevej 19, 2900 Hellerup, Denmark Ultimate parent of the GroupThe company is included in the consolidation financial statements of Novo Nordisk A/S and the ultimate parent company, Novo Nordisk Fonden, in which Novo Nordisk Pharmaceuticals A/S is fully consolidated, can by ordered from Novo Nordisk A/S (CVR no. 24 25 67 90), Novo Allé 1, 2880 Bagsværd, Denmark, and from Novo Nordisk Fonden (CVR no. 10 58 29 89), Tuborg Havnevej 19, 2900 Hellerup, Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-05-23 Søren Fink Reporting class B 2024-05-23 24256790 NOVO NORDISK A/S Novo Allé 1 2880 Bagsværd Opinion Basis for Opinion 2024-05-23 mne33716 mne45103 33963556 Deloitte Statsautoriseret Revisionspartnerselskab