COPENHAGEN, Denmark, April 2, 2025 /PRNewswire/ -- Novo Holdings today announced its financial results for 2024.* Record returns from the Investment Portfolio and growth of the Novo Group companies drive Total Income and Investment Returns to DKK 60 billion (€8.0 billion) for 2024, up from DKK 31 billion (€4.2 billion) in 2023. The Investment Portfolio generated a return of 18.0%, compared with 9.4% in 2023. Including Special Investments,** the Total Investment Return for 2024 is 19.2%.

Total Income and Investment Returns of DKK 60 billion consist of Income from dividends and the share repurchase programmes of the Novo Group companies (Novo Nordisk A/S and Novonesis A/S), totalling DKK 23 billion (€3.1 billion), and Returns from the Investment Portfolio generating an income of DKK 37 billion (€4.9 billion). The 5- and 10-year trailing returns of the Investment Portfolio are 10% for both horizons.

Novo Holdings closed 2024 with Total Assets under Management of DKK 1,060 billion (€142 billion), down from 1,114 billion (€149 billion) in 2023, driven by a decline in the market value of Novo Nordisk.

Kasim Kutay, CEO of Novo Holdings, said:
"2024 was a very strong year for Novo Holdings, with our Investment Portfolio delivering its best ever performance and the Novo Group companies contributing significantly to our Total Income and Returns of DKK 60 billion (€8.0 billion). These results enable us to continue delivering on our purpose of improving people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation."

Strong year for both Life Science and Capital Investments

The Novo Holdings Investment Portfolio comprises Life Science Investments (Principal Investments, Growth Investments, Venture Investments, Seed Investments, Asia Investments and Planetary Health Investments), making up 59% of the total portfolio, and Capital Investments, making up the remaining 41% of the portfolio.

The Capital Investments team provides global exposure beyond the life science sectors and, in alignment with the Novo Holdings Strategy 2030, is actively expanding and diversifying the total portfolio. The team focuses on public equity, fixed income, private equity and venture capital (non-life sciences), real assets, and credit. Further, Capital Investments enhances Novo Holdings' focus on the green transition by investing in the scaling of green infrastructure and renewable energy.

In 2024, Capital Investments closed the year with DKK 95 billion (€13 billion) of Investment Assets and generated profits of DKK 13 billion (€1.7 billion).

In Life Science Investments, the investment activities are focused on addressing human health and, increasingly, on the health of the planet via Novo Holdings' Planetary Health Investments platform.

In 2024, Life Science Investments closed the year with DKK 134 billion (€18 billion) of Investment Assets and generated profits of DKK 24 billion (€3.2 billion).

The Life Science Investments teams invested in a range of biotechnologies to advance new treatments for conditions such as cancer, cardiometabolic diseases, and neurodegenerative disorders, among other areas in which innovative therapies are crucial for improving patient outcomes. In 2024, Novo Holdings deployed DKK 34 billion (€4.6 billion) into life sciences.

In total, 43 new companies were welcomed to the Investment Portfolio in 2024, and multiple follow-on investments were made. By year-end, Novo Holdings had exited 27 companies, and the Investment Portfolio comprised 181 companies.

Landmark acquisition of Catalent

With the $16.5 billion (DKK 118 billion) acquisition of Catalent, a global CDMO (Contract Development and Manufacturing Organisation), Novo Holdings' buyout platform, Principal Investments, led the largest healthcare buyout globally in 2024.

Each year, Catalent supplies nearly 70 billion doses of more than 7,000 products and assembles over 320,000 clinical supply patient kits across 1,200 different protocols. Catalent has 1,500 active development programmes supported by more than 2,500 scientists and technicians and has supported nearly 50% of the FDA new drug approvals in the last 10 years, demonstrating the strength of its industry-leading capabilities.

Christoffer Søderberg, Managing Partner, Principal Investments, said:
"We are delighted to welcome Catalent to our portfolio. The pharma services sector is core to our investment strategy and aligns with our focus on fostering innovation and sustainable value creation across the life sciences ecosystem. Through our engaged ownership model we will leverage our extensive network and deep sector expertise to support Catalent's continued development, enabling the Company to expand its market leadership and deliver even greater value to its customers."

In 2024, Novo Holdings embarked on the execution of its Strategy 2030, which encompasses operational scaling of our investment platforms and the acceleration of Planetary Health Investments to advance the green transition of society.

"2024 was a successful year for Novo Holdings, not only in terms of financial performance, but also in strengthening our organisation with the addition of talented new colleagues. Their expertise will be instrumental as we advance the execution of Strategy 2030, with the continued scaling of our investment activities on our various platforms across both Capital Investments and Life Science Investments," said Kasim Kutay. "In 2025, we will build on this momentum, with a particular focus on Asia as we establish an office in India." 

_{*This performance report is an unaudited version of the 2024 performance of Novo Holdings. The audited version of the 2024 Annual Report of Novo Holdings is expected to be released in May 2025, since this is dependent on the release of the consolidated financial statements of the Novo Nordisk Foundation, expected to be released later than in previous years due to the merger of Chr. Hansen and Novozymes.}

_{**The Investment Portfolio excludes Special Investments, which comprise impact investments and assets held for Novo Nordisk Foundation strategic purposes. Total Investment Return including all assets is 19.2%.} 

2024 highlights

The Novo Group Companies, Novo Nordisk A/S and Novonesis A/S delivered strong annual results. Novo Nordisk's sales increased by 25% in DKK and by 26% at constant exchange rates, and Novonesis reported 8% organic sales growth in 2024.

The Capital Investments Portfolio generated a profit of DKK 13 billion (€1.7 billion), compared with DKK 7.6 billion (€1.0 billion) in 2023. Capital Investments' overall public investments portfolio had a strong performance in 2024 and delivered high absolute returns and outperformed its benchmark. The public equity portfolio delivered returns significantly above long-term average returns, but below the benchmark for the year. The private portfolio had a solid year, with performance improving after a difficult 2023.
The overall performance was underpinned by declining interest rates and growth in underlying business fundamentals. Notable investments in 2024 include a DKK 1.1 billion (€150 million) follow-on investment in EuroClear, a global provider of financial market infrastructure, and a DKK 485 million (€65 million) renewable energy investment in Germany through a partnership with European Energy.

Life Sciences – Principal Investments completed two new investments in 2024, deploying an aggregate amount of DKK 22.2 billion ($3.1 billion). One was the DKK 118 billion ($16.5 billion) acquisition of the US-listed global CDMO, Catalent. In connection with the Catalent transaction, Novo Holdings sold three of Catalent's nearly 50 global sites to Novo Nordisk for approximately DKK 79 billion ($11 billion). The second transaction was the investment in Single Use Support, a leading bioprocessing company and the first buyout for Novo Holdings in the strategically important DACH region. Principal Investments realised total proceeds of DKK 6.1 billion ($0.9 billion), mainly from full or partial divestments of public shareholdings, including the circa 17% shareholding in SYNLAB, which was sold to Cinven. Proceeds were also generated by partial monetisations in the private portfolio, including through recapitalisations in a number of portfolio companies.

Life Sciences – Growth Investments had an active 2024, characterised by a significant acceleration of its investment activities, deploying DKK 1 billion ($0.2 billion). The team made three new investments, including leading a DKK 537 million ($75 million) financing round for Cleveland Diagnostics, a leading cancer diagnostics company; a DKK 430 million (£60 million) investment in Oxford Nanopore Technologies, a sequencing company at the forefront of nanopore-based molecular sensing technology; and a DKK 358 million ($50 million) investment in the Series F extension equity financing round for Route 92, a neurovascular intervention company. Additionally, the team led a Series E financing round, raising over DKK 430 million ($60 million) for Quanta Dialysis Technologies, an existing Novo Holdings portfolio company focused on making kidney care more accessible.

Life Sciences – Venture Investments had one of its most active years, deploying a record DKK 4.9 billion ($0.7 billion), including DKK 3.2 billion ($0.4 billion) committed to 20 new investments. New portfolio companies include Obsidian Therapeutics, AvenCell Therapeutics, Kivu Biosciences, SiteOne Therapeutics, Convergent Therapeutics, Crystally, Arrivent Biopharma, Reunion Neurosciences, Myricx Bio, Asceneuron, Zenas Biopharma and Magenta Medical. Venture Investments exited 12 investments and realised total proceeds of DKK 3.7 billion ($0.5 billion) from the sales of publicly traded stock as well as from the divestments of several of its portfolio companies.

Life Sciences – Seed Investments also had an active 2024, raising DKK 3.9 billion (€523 million) for its portfolio from international investors and deploying DKK 683 million (€92 million) in total. It also saw the launch of a Seed Investments sub-team, Novo Holdings Quantum Investments, committing DKK 1.4 billion (€188m) to invest in companies focused on disruptive technologies at the intersection of quantum technologies and the life sciences. Notable transactions in 2024 include closing of the DKK 1.0 billion ($135 million) Series B financing round for Adcendo and raising DKK 597 million ($80 million) for Antag Therapeutics' Series B financing. Seed Investments also closed a DKK 223 million (€30 million) Series A financing for Asgard Therapeutics and launched Orbis medicines, following a DKK 194 million (€26 million) seed financing and initiating its DKK 671 million (€90 million) Series A financing.

Seed Investments continued to support the REPAIR Impact Fund for AMR (antimicrobial resistance) in 2024. Highlights from its portfolio include LimmaTech Biologics entering a strategic partnership with Valneva to accelerate the development of the LimmaTech-developed Tetravalent Shigella Bioconjugate Vaccine (S4V2). Paratek Pharmaceuticals announced strong efficacy data for NUZYRA® against anthrax.

Life Sciences – Asia Investments, experienced a year of significant expansion, with several new investments and the decision to open our third Asia office in Mumbai, India, in 2025. Asia Investments deployed DKK 768 million ($107 million) in 2024. Notable transactions in 2024 include follow-on investments in Manipal Hospitals, a leading private hospital chain in India, and a pre-IPO investment in Medi Assist, a top-tier health benefits administrator serving patients across India. Asia Investments also invested in AgNext, an agricultural and food technology company, developing AI-based solutions for more sustainable agriculture. The transaction marked Novo Holdings' first investment in the planetary health sector in Asia. Additionally, Asia Investments participated in Qure.ai's Series D financing round as an existing investor.

Life Sciences – Planetary Health Investments deployed DKK 2.6 billion (€348 million) in 2024. Notable transactions in 2024 include a DKK 1.1 billion (€150 million) co-investment in CIRCTEC, a company focused on end-of-life tyre recycling and an investment in Sejet Plant Breeding, a Danish company specialising in the development of new and improved crop varieties. Planetary Health Investments also closed a buyout of Norwegian aquaculture health company, Stingray Marine Solutions.

Return on the Investment Portfolio
The following table shows the 5- and 10-year returns for Life Science Investments, Capital Investments and the Total Investment Portfolio.*** The results for 2023 are included for comparison along with the long-term returns.

Photo: https://mma.prnewswire.com/media/2655720/Novo_1.jpg

_{***The Investment Portfolio excludes Special Investments, which comprise impact investments and assets held for Novo Nordisk Foundation strategic purposes. Total Investment Return including all assets is 19.2%.}

Income and Investment Returns (in DKK (EUR) billion):

Photo: https://mma.prnewswire.com/media/2655719/Novo_2.jpg

As a holding and investment company, Novo Holdings invests to generate long-term returns. The Total Value of the Holding and Assets under Management was DKK 1,060 billion (€142 billion) at the end of 2024.

Assets under Management (in DKK (EUR) billion): 

Photo: https://mma.prnewswire.com/media/2655718/Novo_3.jpg

_{Notes: Income from the Novo Group includes dividends received from Novo Nordisk A/S and Novonesis A/S, in addition to income related to the sale of shares in Novo Group companies. Total Assets under Management (at market value) include Novo Group companies with A and B shares of the companies valued using the quoted B-price at close on 31 December of the respective year. Income and Investment Returns as well as Total Assets under Management include the Novo Nordisk Foundation's share of returns and assets.}

About the performance overview of the Investment Portfolio
All returns are calculated in DKK and reflect total returns excluding internal costs. The returns on Life Science Investments are calculated as Internal Rate of Return (IRR) based on the book value at the end of the measurement period and cash flows within the measurement period, compared with the book value at the beginning of the measurement period. Capital Investments' returns and Investment Portfolio returns are based on Time Weighted Returns (TWR).

Read the Novo Holdings Performance Report 2024 here.

About Novo Holdings A/S

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.

As of year-end 2024, Novo Holdings had total assets of €142 billion. Further information: www.novoholdings.dk

About the Novo Nordisk Foundation

Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people's health and the sustainability of society and the planet. The Foundation's mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support the green transition of society.

Further information: www.novonordiskfonden.dk/en/

 

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