Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2023-12-31 | 314486000000 | dkk |
| ifrs-full:Assets | 2022-12-31 | 241257000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 232261000000 | dkk |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 176954000000 | dkk |
| ifrs-full:Revenue | 2021-01-01 | 2021-12-31 | 140800000000 | dkk |
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<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="s13_notesesefdkgaap__8__32" xml:lang="en">Empowering colleagues through diversity and inclusionDiversity and inclusion are central to our business and purpose. In our rapidly growing organisation, we aim to create an inclusive culture where all employees feel valued and are given equal opportunities to realise their potential and where, together, we better reflect the diversity of the patients and communities we serve. Encouraging diverse perspectives and promoting inclusive leadership adds value to Novo Nordisk by bringing out the best in our people, fostering new ideas and sparking innovation. Our aim is to achieve balanced gender representation across all managerial levels, with a minimum of 45% women and 45% men in senior leadership roles by the end of 2025. There is still work to be done but we are making significant progress. At the end of 2023, 41% of senior leadership positions were filled by women, compared to 39% one year earlier. Gender is only one element of diversity, and we want to build a more representative workforce across all dimensions, including ethnicity, race, age, nationality, disability status and sexual orientation â not to mention diversity of thought. We are committed to including these important parameters globally as we embed them into our people processes and the employee experience, from initial attraction and recruitment through to talent development and leadership training. In the context of the rapid growth of our global organisation, this is no small feat. We added more than nine thousand employees to Novo Nordisk in 2023, and have gone to great lengths to sharpen our focus on onboarding and upskilling our new colleagues into their new roles, nurturing a workplace culture built upon foundational values of openness, accountability and respect. We measure our success in this regard by tracking employee engagement via a yearly all-company Evolve survey, recording an overall engagement score of 86% in 2023 â up from 85% in 2022 and placing us in the top quartile of Most Engaged Companies for the first time. WOMEN IN LEADERSHIP (%)2019 2020 2021 2022 2023EVP/SVP 18 24 28 29 36CVP 33 37 39 40 41VP 35 36 36 40 42Senior leadership 33 35 36 39 41Director 43 41 44 44 47Manager and team lead 40 42 43 45 46All leaders 40 41 43 44 46Statutory gender reporting under Danish lawListed companies not having equal representation of genders on the Board of Directors are required to set a target for the share of the underrepresented gender. As of 1 January 2023, listed companies are also required to set a target and a policy for the share of the 1underrepresented gender in upper management. 2SHARE OF THE UNDERREPRESENTED GENDER (2023)Share of the Target for the share of the underrepresented genderunder represented gender2022 20233Board of Directors33% (3/9) 38% (3/8) Not required4Upper management38% (19/50) 42% (19/45) Min. 45% by 2025As of 31 December 2023, the Board of Directors is regarded as having equal gender representation and is therefore not legally required to set 5a gender target. Since diversity remains important for the Board, it has maintained a voluntary 2025 target of having at least three shareholder-elected Board members who are men and three who are women.As of 31 December 2023, the share of the underrepresented gender in upper management at Novo Nordisk A/S is 42%. Accordingly, we have achieved equal gender representation as defined under the Danish companies act. However, we have not yet achieved the targeted level of 45% and therefore maintain our diversity and inclusion policy to keep making progress. This policy states our strong belief that diversity and inclusion brings value to the company, by enabling a diverse line of thought, increasing innovation and leading to better decision-making. The policy focuses on three primary drivers: mitigating bias, creating an inclusive workplace and having leaders serve as role models. Its most significant activities include yearly equal pay reviews, a global gender-neutral parental leave policy, tracking of gender representation across all managerial levels and aspirational gender diversity targets.Further reporting on diversity and inclusion is included in note 8.3 on Gender diversity, and for the Board of Directors, also in the Corporate Governance Report. Novo Nordiskâs diversity and inclusion policy is available at: www.novonordisk.com/sustainable-business/esg-portal/principles-positions-and-policies/diversity-inclusion-policy.html.</mrv:StatementOfTheDiversityPolicies>
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s13_notesesefdkgaap__8__31" xml:lang="en">Sustainable tax approachOur overall guiding principle within taxation is to have a sustainable tax approach, emphasising our business-anchored approach to managing the impact of taxes while remaining true to the Novo Nordisk values of operating our business in a responsible and transparent manner. Our legal structures are based on business-anchored considerations and substance. Consequently, we pay tax where value is generated and always respect international and domestic tax rules. As a global business, we conduct cross-border trading, which is subject to transfer pricing regulations. We apply a âPrincipal structureâ in line with OECD principles, meaning all legal entities, except for the principals, perform their functions under contract onbehalf of the principals. As a result, entities contracted by the principals are being allocated an activity-based profit according to a benchmarked profit margin. The tax outcome of this operational model is reflected in the overview to the right, which shows our corporate income taxes by region.To ensure alignment between tax authorities regarding the allocation of profit between our entities, we aim to have Advance Pricing Agreements and similar tax rulings in place for geographies representing around 70% of our revenue worldwide. Our tax policy has been approved by the Board of Directors. Read more about this at: www.novonordisk.com/sustainable-business/esg-portal/principles-positions-and-policies/tax-policy.html. In addition to corporate income taxes, we also pay other taxes. Please refer to note 8.7 on Total tax contribution for further information.TAXES BY REGION (THREE-YEAR AVERAGE 2021-2023)Intellectual Corporate Total tax property income taxes contribution 67ProductionSalesRegionrights(DKK billion)(DKK billion)International Operations 14.2 32.8Denmark 12.2 21.6 EMEA (excluding Denmark) 1.0 5.4China 0.6 2.6 Rest of the world 0.4 3.2 North America Operations 1.1 7.1US 1.0 7.0 Total three-year average 15.3 39.9 Minor or no activities Share of category Significant activitiesSetting high standards for how we do businessOur business has come under increasing scrutiny over the past year â particularly with regard to our GLP-1-based products â as the level of public interest in our company has grown significantly. Against this backdrop, we have remained steadfast in our commitment to uphold high ethical standards and adhere to the regulatory requirements of different authorities. In the face of unprecedented demand for our medicines â particularly our GLP-1-based therapies â we have also strengthened our focus on ensuring that only the approved indications of our products are promoted.At times, however, we were challenged in our aspirations. In the UK, for example, we received a two-year suspension from The Association of the British Pharmaceutical Industry (ABPI) in 2023 after the trade body found Novo Nordisk to be in breach of the industryâs self-regulatory code of practice. The breach related to the provision of insufficient information regarding our sponsorship of a weight management course offered by a third-party clinical training provider for healthcare professionals. When mistakes are made, we learn from them. Over the past year, we invested substantial resources in robust training for colleagues with the aim of ensuring we always deliver the right message, whether we are addressing the general public or healthcare professionals. We have also strengthened our governance processes in key affiliates via local ethics and compliance committees, and we are ready to step up our monitoring efforts by significantly increasing the number of internal checks and reviews in 2024. More broadly, our new global code of conduct sets out the fundamental principles and required behaviours for our employees and collaborators and is rooted firmly in the Novo Nordisk Way Essentials â a foundational set of guiding principles that shape and inform everything we do. We use a unique, systematic approach known as facilitation to ensure everyone lives up to these Essentials. In 2023, 42 units and approximately 2,300 employees were facilitated, compared to 36 units and 1,700 employees in 2022. Any issues are addressed locally, and a consolidated report is shared with the Board of Directors and Executive Management. We also measure the extent to which we live up to societiesâ expectations through several other governing processes. These include our company reputation score among key stakeholders (see pages 41-42 for more information), regular product quality and supplier audits, and an enduring commitment to ensuring the accuracy of our financial and ESG reporting via both internal and external audit processes. Our financial reporting and associated processes are audited according to the Sarbanes-Oxley Act by an independent audit firm elected at the Annual General Meeting, and we voluntarily include an Assurance Report from an independent external auditor for ESG reporting in the Annual Report.The Novo Nordisk Way Essentials We create value by having a patient-centred 1business approach. We set ambitious goals and are empowered 2to achieve them. We are accountable for our financial, environmental 3and social performance. We are curious and innovate for the benefit 4of patients and society at large. We build and maintain good relations with 5our stakeholders. We value diversity and treat everyone 6with respect. 7 We focus on performance and personal development. We have a healthy and engaging working 8environment. We strive for agility and simplicity 9in everything we do. 10We never compromise on quality and ethics.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors contextRef="ctx-1" id="s13_notesesefdkgaap__8__34" xml:lang="en">As of 31 December 2023, the Board of Directors is regarded as having equal gender representation and is therefore not legally required to set 5a gender target. Since diversity remains important for the Board, it has maintained a voluntary 2025 target of having at least three shareholder-elected Board members who are men and three who are women.</mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors>
<mrv:PrimaryActionsForFulfillmentOfTargetFigureOtherManagementLevels contextRef="ctx-1" id="s13_notesesefdkgaap__8__36" xml:lang="en">As of 31 December 2023, the share of the underrepresented gender in upper management at Novo Nordisk A/S is 42%. Accordingly, we have achieved equal gender representation as defined under the Danish companies act. However, we have not yet achieved the targeted level of 45% and therefore maintain our diversity and inclusion policy to keep making progress. This policy states our strong belief that diversity and inclusion brings value to the company, by enabling a diverse line of thought, increasing innovation and leading to better decision-making. The policy focuses on three primary drivers: mitigating bias, creating an inclusive workplace and having leaders serve as role models. Its most significant activities include yearly equal pay reviews, a global gender-neutral parental leave policy, tracking of gender representation across all managerial levels and aspirational gender diversity targets.</mrv:PrimaryActionsForFulfillmentOfTargetFigureOtherManagementLevels>
<mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels contextRef="ctx-1" id="s13_notesesefdkgaap__8__35" xml:lang="en">As of 31 December 2023, the share of the underrepresented gender in upper management at Novo Nordisk A/S is 42%. Accordingly, we have achieved equal gender representation as defined under the Danish companies act. However, we have not yet achieved the targeted level of 45% and therefore maintain our diversity and inclusion policy to keep making progress. This policy states our strong belief that diversity and inclusion brings value to the company, by enabling a diverse line of thought, increasing innovation and leading to better decision-making. The policy focuses on three primary drivers: mitigating bias, creating an inclusive workplace and having leaders serve as role models. Its most significant activities include yearly equal pay reviews, a global gender-neutral parental leave policy, tracking of gender representation across all managerial levels and aspirational gender diversity targets.</mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels>
<mrv:TheMainContentOfThePolicyOfTheUnderrepresentedGenderOtherManagementLevels contextRef="ctx-1" id="s13_notesesefdkgaap__8__37" xml:lang="en">The policy focuses on three primary drivers: mitigating bias, creating an inclusive workplace and having leaders serve as role models. Its most significant activities include yearly equal pay reviews, a global gender-neutral parental leave policy, tracking of gender representation across all managerial levels and aspirational gender diversity targets.</mrv:TheMainContentOfThePolicyOfTheUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-53"
decimals="2"
id="s13_notesesefdkgaap__9__39"
unitRef="pure">0.33</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-53"
decimals="0"
id="s13_notesesefdkgaap__9__40"
unitRef="pure">9</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-37"
decimals="2"
id="s13_notesesefdkgaap__8__41"
unitRef="pure">0.38</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-37"
decimals="0"
id="s13_notesesefdkgaap__8__42"
unitRef="pure">8</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-53"
decimals="2"
id="s13_notesesefdkgaap__9__43"
unitRef="pure">0.38</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-53"
decimals="0"
id="s13_notesesefdkgaap__9__44"
unitRef="pure">50</mrv:TotalNumberOfOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-37"
decimals="2"
id="s13_notesesefdkgaap__8__45"
unitRef="pure">0.42</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-37"
decimals="0"
id="s13_notesesefdkgaap__8__46"
unitRef="pure">45</mrv:TotalNumberOfOtherManagementLevels>
<mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-37"
decimals="2"
id="s13_notesesefdkgaap__8__47"
unitRef="pure">0.45</mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-37" id="s13_notesesefdkgaap__8__48" xml:lang="en">2025</mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="s13_notesesefdkgaap__8__30" xml:lang="en">www.novonordisk.com/about/corporate-governance.html</mrv:LinkToCorporateGovernanceReport>
<mrv:CorporateGovernanceReport contextRef="ctx-1" id="s13_notesesefdkgaap__8__29" xml:lang="en">Corporate GovernanceGovernance structure The shareholders of Novo Nordisk exercise their rights at the Annual General Meeting, which is the supreme governing body of the company. The general meeting inter alia adopts the companyâs Articles of Association, approves the Annual Report and elects the Board of Directors.Any shareholder has the right to raise questions at general meetings. Resolutions can generally be passed by a simple majority. However, resolutions to amend the Articles of Association require two-thirds of the votes cast and capital represented, unless other adoption requirements are imposed by the Danish Companies Act. Novo Nordisk has a two-tier management structure consisting of the Board of Directors and Executive Management. The governance structure and rules of Novo Nordisk are further described in our Articles of Association andour Corporate Governance Report, both available at: www.novonordisk.com.Foundation ownershipNovo Holdings A/S, a Danish company wholly owned by the Novo Nordisk Foundation, holds the majority of votes at Novo Nordisk A/Sâ general meetings. The combination of foundation ownership and stock listing enables Novo Nordisk to embark on long-term sustainable strategies while maintaining short-term transparency on performance. Our foundation ownership supports the overarching imperative to be both commercially successful and responsive to the wider needs of society. The objectives of the Novo Nordisk Foundation are to provide a stable basis for the commercial and research activities of Novo Nordisk and Novozymes, and to support scientific, humanitarian and social causes. Please refer to the section about value creation on page 7. For more information about the ownership structure of Novo Nordisk, see page 38.Corporate Governance reportingNovo Nordisk reports in accordance with the Danish Corporate Governance Recommendations designated by Nasdaq Copenhagen as well as the Corporate Governance Standards of the New York Stock Exchange applicable to foreign private issuers. In 2023, Novo Nordisk complied with the Danish Corporate Governance Recommendations as we either complied with or explained our approach to the recommendations. You can find further information about our corporate governance practices in our 2023 Corporate Governance Report, in accordance with section 107b of the Danish Financial Statements Act, available at: www.novonordisk.com/about/corporate-governance.html. RemunerationExecutive remuneration is linked to performance on financials as well as non-financials (e.g. innovation, sustainability). Novo Nordisk has prepared a separate Remuneration Report describing the remuneration awarded or due during 2023 to the Board of Directors and Executives registered with the Danish Business Authority. The Remuneration Report is submitted to the Annual General Meeting for an advisory vote. The Remuneration Policy and the Remuneration Report are available at: www.novonordisk.com/about/corporate-governance.html.Disclosure regarding change of control provisions1The EU Takeover Bids Directive,as partially implemented by the Danish Financial Statements Act, requires listed companies to disclose information that may be of interest to the market and potential take-over bidders, in particular in relation to disclosure of change-of-control provisions in material contracts.It is disclosed that Novo Nordisk does not have any material contracts that take effect, alter or terminate upon a change of control of Novo Nordisk following implementation of a takeover bid. In relation to the registered management of Novo Nordisk A/S, the current employment contracts allow for severance payments of up to 24 monthsâ fixed base salary plus pension contributions in the event of a merger, acquisition or takeover of Novo Nordisk.Data ethicsNovo Nordisk has adopted a set of data ethics principles to support ethical decision-making when using data. In 2023, we trained employees in our Data Ethics Principles, which were expanded to identify and address risks related to artificial intelligence. You can read more about these principles, in accordance with the Danish Financial Statements Act Section 99d, at: www.novonordisk.com/data-privacy-and-user-rights/data-ethics.html.</mrv:CorporateGovernanceReport>
<fsa:AverageNumberOfEmployees contextRef="ctx-1"
decimals="0"
id="s13_notesesefdkgaap__8__53"
unitRef="pure">51046</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-54"
decimals="0"
id="s13_notesesefdkgaap__9__53"
unitRef="pure">46171</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s13_notesesefdkgaap__8__191" xml:lang="en">The Board of Directors and Executive Management have today considered and approved the Annual Report for Novo Nordisk A/S for the financial year 1 January 2023 â 31 December 2023. The consolidated financial statements are presented in accordance with IFRS Accounting Standards as endorsed by the EU. The parent financial statements are presented in accordance with the Danish Financial Statements Act. Furthermore, the Annual Report is prepared in accordance with disclosure requirements for listed companies.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Groupâs and the parent companyâs financial position at 31 December 2023, as well as of the results of their operations and cash flows for the financial year 1 January 2023 - 31 December 2023. In our opinion, the Management review contains a fair review of the development of the Groupâs and the parent companyâs business and financial matters, the results for the year and of the parent companyâs financial position and the financial position as a whole of the entities included in the consolidated financial statements, together with a description of the principal risks and uncertainties that the Group and the parent company face.In our opinion, the Annual Report of Novo Nordisk A/S for the financial year 1 January 2023 to 31 December 2023 identified as NOVO-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.The consolidated ESG statement for 1 January â 31 December 2023 has been prepared in accordance with the Danish Financial Statements Act, the Greenhouse Gas (GHG) Protocol and the reporting principles of materiality, inclusivity, responsiveness and environmental, social and governance accounting policies. In our opinion, the consolidated ESG statement gives a true and fair account and a balanced and reasonable presentation of the organisationâs environmental, social and governance performance in accordance with these principles.We recommend the Annual Report for adoption at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" id="s13_notesesefdkgaap__8__194" xml:lang="en">Lars Fruergaard Jørgensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-38" id="s13_notesesefdkgaap__8__195" xml:lang="en">President and CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="s13_notesesefdkgaap__8__196" xml:lang="en">Karsten Munk Knudsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-39" id="s13_notesesefdkgaap__8__197" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="s13_notesesefdkgaap__8__198" xml:lang="en">Helge Lund</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" id="s13_notesesefdkgaap__8__199" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="s13_notesesefdkgaap__8__200" xml:lang="en">Henrik Poulsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" id="s13_notesesefdkgaap__8__201" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="s13_notesesefdkgaap__8__202" xml:lang="en">Elisabeth Dahl Christensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="s13_notesesefdkgaap__8__203" xml:lang="en">Laurence Debroux</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="s13_notesesefdkgaap__8__204" xml:lang="en">Andreas Fibig</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="s13_notesesefdkgaap__8__205" xml:lang="en">Sylvie Grégoire</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="s13_notesesefdkgaap__8__206" xml:lang="en">Liselotte Hyveled</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="s13_notesesefdkgaap__8__207" xml:lang="en">Mette Bøjer Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="s13_notesesefdkgaap__8__208" xml:lang="en">Kasim Kutay</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" id="s13_notesesefdkgaap__8__209" xml:lang="en">Christina Law</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" id="s13_notesesefdkgaap__8__210" xml:lang="en">Martin Mackay</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" id="s13_notesesefdkgaap__8__211" xml:lang="en">Thomas Rantzau</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s13_notesesefdkgaap__8__192" xml:lang="en">Bagsværd</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s13_notesesefdkgaap__8__193">2024-01-31</sob:DateOfApprovalOfAnnualReport>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s13_notesesefdkgaap__8__213" xml:lang="en">To stakeholders of Novo Nordisk A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s13_notesesefdkgaap__8__214" xml:lang="en">OpinionWe have audited the consolidated financial statements and the parent financial statements of Novo Nordisk A/S for the financial year 1 January 2023 â 31 December 2023, which comprise the income statement, balance sheet, equity statement and notes, including a summary of material accounting policy information, for the Group as well as the Parent, and the statement of comprehensive income and the cash flow statement of the Group (collectively referred to as the âFinancial Statementsâ). The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as endorsed by the EU and additional requirements of the Danish Financial Statements Act, and the parent financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements give a true and fair view of the Groupâs financial position at 31 December 2023, and of the results of its operations and cash flows for the financial year 1 January 2023 â 31 December 2023 in accordance with IFRS Accounting Standards as endorsed by the EU and additional requirements under the Danish Financial Statements Act.Further, in our opinion, the parent financial statements give a true and fair view of the Parentâs financial position at 31 December 2023, and of the results of its operations for the financial year 1 January 2023 â 31 December 2023 in accordance with the Danish Financial Statements Act.Our opinion is consistent with our Long-form Auditorâs report issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s13_notesesefdkgaap__8__215" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs responsibilities for the audit of the consolidated financial statements and the parent financial statements section of this auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ 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.To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014.We were appointed auditors of Novo Nordisk A/S for the first time on 25 March 2021, for the financial year 2021. We have been reappointed annually by decision of the general meeting for a total continuous engagement period of three years up to and including the financial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s13_notesesefdkgaap__8__216" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements and the parent financial statements for the financial year 1 January 2023 â 31 December 2023. These matters were addressed in the context of our audit of the consolidated financial statements and the parent financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Key audit matter US sales rebatesRefer to notes 2.1 and 3.5 in the consolidated financial statements.In the United States (US), sales rebates are paid in connection with public healthcare insurance programmes, namely Medicare and Medicaid, as well as rebates to pharmacy benefit managers and managed healthcare plans. In January 2021, the Group changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk has only recognised revenue related to the 340B Drug Pricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. When sales are recognised, Novo Nordisk also records provisions for the expected value of the sales deductions (variable consideration) at the time the related sales are recorded.The US sales rebates, including provisions related to the 340B Drug Pricing Program, involved significant measurement uncertainty as the provisions are based on legal interpretations of applicable laws and regulations, historical claims experience, payer channel mix, current contract prices, unbilled claims, claims submission time lags and inventory levels in the distribution channel. Consequently, we considered this to be a key audit matter. How our audit addressed the key audit matterWe evaluated the appropriateness of the methodology used to develop sales rebates provisions, including provisions related to the 340B Drug Pricing Program, by involving audit professionals with industry and quantitative analytics experience to assist us in performing our auditing procedures.We tested the effectiveness of controls relating to sales rebates, including controls over the assumptions and data used to estimate these rebates.We tested rebate claims processed, including evaluating those claims for consistency with the conditions and terms of rebate arrangements. We tested the overall reasonableness of the accruals recorded at period end by developing an expectation for comparison to actual recorded balances.We evaluated Managementâs ability to estimate sales rebates accurately by considering the historical accuracy of the estimates in prior year.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s13_notesesefdkgaap__8__217" xml:lang="en">Statement on the management reviewManagement is responsible for the management review.Our opinion on the consolidated financial statements and the parent financial statements does not cover the management review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management review and, in doing so, consider whether the management review is materially inconsistent with the consolidated financial statements and the parent 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 review provides the information required by the Danish Financial Statements Act and article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation).Based on the work we have performed, we conclude that the management review is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act and article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). We did not identify any material misstatement of the management review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s13_notesesefdkgaap__8__218" xml:lang="en">Managementâs responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as endorsed by the EU and additional requirements of the Danish Financial Statements Act as well as the preparation of parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Groupâs and the Parentâs 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 consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s13_notesesefdkgaap__8__219" xml:lang="en">Auditorâs responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs 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 consolidated financial statements and these parent 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 consolidated financial statements and the parent 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 Groupâs and the Parentâs 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 Managementâs use of the going concern basis of accounting in preparing the consolidated financial statements and the parent 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 Groupâs and the Parentâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the consolidated financial statements and the parent 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 auditorâs report. However, future events or conditions may cause the Group and 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.⢠Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. 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.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, safeguards put in place and measures taken to eliminate threats.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s13_notesesefdkgaap__8__220" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the Financial Statements of Novo Nordisk A/S, we performed procedures to express an opinion on whether the annual report of Novo Nordisk A/S for the financial year 1 January 2023 to 31 December 2023 with the file name NOVO-2023-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:⢠The preparing of the annual report in XHTML format;⢠The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary;⢠Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and⢠For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:⢠Testing whether the annual report is prepared in XHTML format;⢠Obtaining an understanding of the Companyâs iXBRL tagging process and of internal control over the tagging process;⢠Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes;⢠Evaluating the appropriateness of the Companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified;⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and⢠Reconciling the iXBRL tagged data with the audited consolidated financial statements.In our opinion, the annual report of Novo Nordisk A/S for the financial year 1 January to 31 December 2023 with the file name NOVO-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s13_notesesefdkgaap__8__221" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s13_notesesefdkgaap__8__222">2024-01-31</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-52" id="s13_notesesefdkgaap__8__223" xml:lang="en">DeloitteStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-52" id="s13_notesesefdkgaap__8__224" xml:lang="en">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-52" id="s13_notesesefdkgaap__8__225" xml:lang="en">Anders Vad Dons</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-52" id="s13_notesesefdkgaap__8__226" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-52" id="s13_notesesefdkgaap__8__227" xml:lang="en">mne25299</cmn:IdentificationNumberOfAuditor>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2023-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2023-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2022-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2022-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1" xml:lang="en">549300DAQ1CVT6CXN342</gsd:LegalEntityIdentifierOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-1" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
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