26236266 2024-01-01 2024-12-31 26236266 2024-01-01 2024-12-31 1 26236266 2024-01-01 2024-12-31 1 26236266 2024-01-01 2024-12-31 2 26236266 2024-01-01 2024-12-31 3 26236266 2024-01-01 2024-12-31 1 26236266 2024-01-01 2024-12-31 2 26236266 2023-01-01 2023-12-31 26236266 2024-12-31 26236266 2023-12-31 26236266 2023-12-31 fsa:SharePremiumMember 26236266 2023-12-31 fsa:RetainedEarningsMember 26236266 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 26236266 2024-12-31 fsa:SharePremiumMember 26236266 2024-12-31 fsa:RetainedEarningsMember 26236266 2022-12-31 fsa:SharePremiumMember 26236266 2022-12-31 fsa:RetainedEarningsMember 26236266 2022-12-31 26236266 2023-01-01 2023-12-31 fsa:RetainedEarningsMember iso4217:DKK Novo Nordisk Region Europe A/S Novo Allé 1 2880 Bagsværd Denmark 26236266 Bagsværd, Peter Bøggild Karsten Munk Knudsen Linette Tangsgaard Nielsen John Francis Kuckelman Chairman The Board of Directors and the Executive Management have approved the Annual Report of Novo Nordisk Region Europe A/S for the year 2024.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 2024 and of the results of the company's operations for 1 January - 31 December 2024 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 Region Europe A/S OpinionWe have audited the financial statements of Novo Nordisk Region Europe A/S for the financial year 1 January 2024 - 31 December 2024, 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 2024 and of the results of its operations for the financial year 1 January 2024 – 31 December 2024 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 responsibilities 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 responsibilities 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.• Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.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 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. Copenhagen, DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Sumit Sudan Yassir Iqbal State Authorised Public Accountant State Authorised Public Accountant 2024 2023 2022 2021 2020DKK '000 DKK '000 DKK '000 DKK '000 DKK '000Income statement:Operating profit/(loss) (225) (222) (237) (162) (165) Net financials & profit/(loss) in subsidiaries 1,595,062 242,358 717,675 225,247 265,513 Net profit/(loss) for the year 1,592,420 237,683 713,520 221,894 266,452 Balance sheet:Financial assets 17,241,874 8,414,112 4,166,053 3,296,624 3,200,917 Total assets 17,335,717 9,213,080 4,166,893 3,570,863 3,216,793 Equity 16,565,637 7,804,365 3,370,436 2,477,988 2,138,505 Development during the financial yearNet profit for Novo Nordisk Region Europe A/S ended at DKK 1,592,420 thousand for the year 2024 compared with a net profit of DKK 237,683 thousand for the year 2023. The increase in net profit is related to an increase in net profit in subsidiaries. The net profit is higher than expectations stated in the Annual Report 2023, which is driven by higher profit and one-off tax impacts in underlying subsidiaries.Outlook for the company, including specific assumptions and elements of uncertaintyThe company's most important activity, also in 2025, is expected to comprise the holding of equity investments in a portfolio of subsidiaries.The company's financial performance reflects the development in the underlying subsidiaries. The 2024 result has been positively affected by one-off tax impacts. When adjusting for this, management expects to record a similar return in 2025 compared with 2024.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.Reporting on social responsibility In accordance with the Danish Financial Statements Act §99a, section 7 information regarding social responsibility is included in the Annual Report of Novo Nordisk A/S, which can be found at https://www.novonordisk.com/sustainable-business/esg-portal/integrated-reporting.htmlReporting on data ethicsIn accordance with Danish Financial Statements Act §99d, section 3, reporting on Data ethics has not been prepared. Instead we refer to the consolidated financial statements of the parent company Novo Nordisk A/S (CVR no. 24 25 67 90). Please find more information at https://www.novonordisk.com/data-privacy-and-user-rights/data-ethics.html 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. 225000 222000 -225000 -222000 1584066000 221904000 11002000 20459000 6000 5000 1594837000 242136000 2417000 4453000 1592420000 237683000 17241874000 8414112000 3000 2000 17241877000 8414114000 93665000 781842000 175000 17124000 93840000 798966000 17335717000 9213080000 108371000 108371000 16457266000 7695994000 16565637000 7804365000 712455000 990230000 712455000 990230000 42525000 413890000 1677000 4452000 13423000 143000 57625000 418485000 770080000 1408715000 17335717000 9213080000 108371000 7695994000 7804365000 1592420000 1592420000 7207287000 7207287000 -82505000 -82505000 -44070000 -44070000 108371000 16457266000 16565637000 108371000 3262065000 3370436000 237683000 237683000 4155446000 4155446000 15754000 15754000 -24926000 -24926000 120000 120000 108371000 7695994000 7804365000 Accounting basisThe Annual Report of the Novo Nordisk Region Europe A/S is prepared in accordance with the Danish Financial Statements Act for a large 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.Income StatementAdministrative costsAdministrative costs comprise of audit fee and other administrative costs.According to the Danish Financial Statements Act §98b, (3), executive management remuneration is not disclosed.Other operating income/(expense)Income/expense in connection with re-invoicing for services.Retirement benefit obligationsA few of the company’s subsidiaries operate defined benefit plans. The cost for the year for defined benefit plans are determined using the projected unit credit method based on actuarial assumptions. Gains and losses arising from changes in actuarial assumptions are charged directly to Equity.Financial itemsFinancial income and expenses include interest income and expenses, realised and unrealised capital gains and losses on debt and transactions in foreign currencies, amortisation of financial assets and liabilities, as well as surcharges and allowances under the tax prepayment scheme etc. Financial income and expenses are recognised by the amounts pertaining to the financial year.Balance SheetFinancial 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.The share of profit or loss in subsidiaries is recognised in the income statement of the company.For business combinations the acquisition method is used, resulting in a revaluation of the acquired companies’ assets and liabilities and recognition of goodwill. Goodwill is amortised over a period of 10 - 20 years, based on life expectancy, and an impairment test is conducted annually.Subsequent 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.Amounts owed by affiliated companiesAmounts owed by affiliated companies 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, including an evaluation of payment risk associated with individual countries.Cash at bankCash at bank is valued at nominal value.DividendsProposed dividends (not yet declared) for the accounting period are recognised in the equity as proposed dividends.TaxTax 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.ProvisionsProvisions are related to investments in subsidiaries recorded under the equity method and are measured at net realisable value.Loans from affiliated company and amounts owed to affiliated companiesLoans from affiliated company and amounts owed to affiliated companies are measured at amortised cost.Other liabilitiesOther liabilities are measured at amortised cost.Audit feeIn accordance with the Danish Financial Statements Act §96, (3), audit fees has not been presented for the company. Reference is made to the audit fees in the consolidated financial statements of Novo Nordisk A/S.Segment informationThe company only has one business segment and one geographical segment consisting of equity participation in a portfolio of European companies, as well as to service these operationally. true Statement of cash flowsIn accordance with the Danish Financial Statements Act §86, (4), no separate cash flow statement has been prepared for the company. Reference is made to the cash flow statement in the consolidated financial statements of Novo Nordisk A/S. 1 - Financial assets 2024 2023DKK '000 DKK '000Capital investments in subsidiariesCost at the beginning of the year 11,715,554 7,549,671 Investments during the year 8,938,923 4,165,883 Cost at the end of the year 20,654,477 11,715,554 Value adjustments at the beginning of the year (4,291,672) (3,711,685) Profit/(loss) before tax 2,590,950 1,769,086 Income taxes on profit for the year (1,004,822) (1,543,683) Amortisation and write-down of goodwill (2,062) (3,499) Remeasurements of defined benefit plans (82,505) 15,754 Dividends (1,379,017) (842,691) Effect of exchange rate adjustment 44,070 24,926 Other adjustments - 120 Value adjustments at the end of the year (4,125,058) (4,291,672) Carrying amount at the end of the year 16,529,419 7,423,882 Capital investments on subsidiaries are recognised as followsFinancial assets 17,241,874 8,414,112 Provisions (712,455) (990,230) Carrying amount at the end of the year 16,529,419 7,423,882 The carrying amount of equity investments in subsidiaries includes goodwill of DKK 579 million (2023: DKK 0 million), which occurred in connection with the acquisition of subsidiaries. A list of capital investments in subsidiaries is shown in note 12. 2 - Financial income 2024 2023DKK '000 DKK '000Interest income relating to affiliated companies 5,534 2,810 Foreign exchange rate gain (net) 1,712 861 Interest income 3,755 16,788 Other financial income 1 - Total financial income 11,002 20,459 3 - Financial expenses 2024 2023DKK '000 DKK '000Other financial expenses 6 5 Total financial expenses 6 5 4 - Income taxes 2024 2023DKK '000 DKK '000Tax on the profit/(loss) for the year 2,417 4,453 Income taxes 2,417 4,453 1592420000 237683000 1592420000 237683000 6 - Share capitalThe share capital consists of 1,083,705 shares of nominal value DKK 100. No shares carry any special rights. 7 - Provisions 2024 2023DKK '000 DKK '000Provisions at the beginning of the year 990,230 328,067 Change for the year (277,775) 662,163 Provisions at the end of the year 712,455 990,230 The provisions is expected to fall due within the following periods from the balance sheet date:After 5 years 712,455 990,230 Provisions at the end of the year 712,455 990,230 The provision is related to subsidiaries with negative equity value. 8 - ContingenciesThe company has sold an asset where the company’s acquisition price included contingent consideration. The company has hereby retained obligations related to contingent consideration of the disposed asset. Whether the obligations will materialize depends on whether future milestones are met. The company will not receive any benefits if the contingent liability materialises. The company does not have any impact on whether these events will occur. The maximum obligation amounts to DKK 357 million (USD 50 million) in development milestones and DKK 7,714 million (USD 1,080 million) in approval/sales milestones. The 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. 9 - 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. 10 - Related party transactionsAll transactions with related parties have been carried out at arm’s length principle. 11 - 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 GroupIn accordance with the Danish Financial Statements Act paragraph 112, section 1, consolidated financial statements have not been prepared. The consolidated financial statements of the parent, Novo Nordisk A/S, and the ultimate parent, Novo Nordisk Fonden, in which Novo Nordisk Region Europe 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. 12 - Subsidiaries ActivityPercentage of Countryshares owned▲ ■ ● □SubsidiariesNovo Nordisk Pharma GmbH Austria 100 ■S.A. Novo Nordisk Pharma N.V. Belgium 100 ■Novo Nordisk Pharma d.o.o. Bosnia-Hercegovina 100 ■Novo Nordisk Pharma EAD Bulgaria 100 ■Novo Nordisk Hrvatska d.o.o. Croatia 100 ■Novo Nordisk s.r.o. Czech Republic 100 ■Novo Nordisk Production Czech s.r.o. Czech Republic 100 ▲Novo Nordisk Denmark A/S Denmark 100 ■Novo Nordisk Estonia OÜ Estonia 100 ■Novo Nordisk Farma OY Finland 100 ■Biocorp Production S.A. France 100 ▲ ●Novo Nordisk France 100 ■Novo Nordisk Production SAS France 100 ▲Novo Nordisk Pharma GmbH Germany 100 ■Cardior Pharmaceuticals GmbH Germany 100 ●Novo Nordisk Hellas Epe. Greece 100 ■Novo Nordisk Hungária Kft. Hungary 100 ■Neotope Neuroscience Limited Ireland 100 ●Novo Nordisk Limited Ireland 100 ■Novo Nordisk Production Ireland Ltd. Ireland 100 ▲Novo Nordisk S.P.A. Italy 100 ■Novo Nordisk Production Italy S.r.l. Italy 100 ▲Novo Nordisk Latvia SIA Latvia 100 ■UAB Novo Nordisk Pharma Lithuania 100 ■Novo Nordisk Farma dooel North Macedonia 100 ■Novo Nordisk B.V. Netherlands 100 ■Novo Nordisk Finance (Netherlands) B.V. Netherlands 100 □Novo Nordisk Norway AS Norway 100 ■Novo Nordisk Pharma Sp. z o.o. Poland 100 ■Novo Nordisk Pharmaceutical Services Sp. z.o.o Poland 100 ■Novo Nordisk Portugal Lda. Portugal 99 ■Novo Nordisk Farma S.R.L. Romania 100 ■Novo Nordisk Pharma d.o.o. Belgrade (Serbia) Serbia 100 ■Novo Nordisk Slovakia s.r.o. Slovakia 100 ■Novo Nordisk d.o.o. Slovenia 100 ■Novo Nordisk Pharma S.A. Spain 100 ■Novo Nordisk Scandinavia AB Sweden 100 ■Novo Nordisk Pharma AG Switzerland 100 ■SwissCo CDMO Operations GmbH Switzerland 100 ■Novo Nordisk Holding Limited United Kingdom 100 □Novo Nordisk Limited United Kingdom 100 ■Novo Nordisk Research Centre Oxford Limited United Kingdom 100 ● Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-05-19 Anna Claudius Stadil Regnskabsklasse C, stor virksomhed 2025-05-19 24256790 Novo Nordisk A/S Novo Allé 1 2880 Bagsværd Opinion Basis for Opinion 2025-05-19 mne33716 mne45103 33963556 Deloitte Statsautoriseret Revisionspartnerselskab