Novo Nordisk

Governance 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 company's 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 and our Corporate Governance Report, both available at: www.novonordisk.com/about/corporate-governance.html.

Foundation ownership

Novo Holdings A/S, a Danish company wholly owned by the Novo Nordisk Foundation, holds the majority of votes at Novo Nordisk A/S' 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 Novo Nordisk Foundation has two objectives: to provide a stable basis for the commercial and research activities of Novo Nordisk, Novonesis and additional companies in Novo Holdings' investment portfolio; and to support scientific, humanitarian and social causes.

Corporate governance reporting

Novo Nordisk reports in accordance with the Danish Corporate Governance Recommendations, which are implemented by Nasdaq Copenhagen in the Nordic Main Market Rulebook for Issuer of Shares, as well as the Corporate Governance Standards of the New York Stock Exchange applicable to foreign private issuers.

Novo Nordisk complies with the Danish Corporate Governance Recommendations as we account for which recommendations we comply with or deviate from and explain our chosen approach. You can find further information about our corporate governance practices and statement on our approach to each of the Danish Corporate Governance Recommendations as well as the Corporate Governance Standards of the New York Stock Exchange in our Corporate Governance Report, available at: www.novonordisk.com/about/corporate-governance.html.

Remuneration

Executive remuneration is linked to financial performance as well as non-financial performance (e.g. innovation and sustainability). Novo Nordisk has prepared a separate Remuneration Report describing the remuneration awarded or due during 2024 to the Board of Directors and Executive Management members 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.

Strategic Aspirations integration

Our commitment to sustainability is reflected in our incentive programmes, which incorporate our Strategic Aspirations 2025 into both individual and corporate performance targets. This highlights our dedication to driving sustainable growth and creating long-term value for all stakeholders.

Purpose and strategy

At Novo Nordisk, our purpose is clear: driving change to defeat serious chronic diseases. Through our life-changing innovations, we are building a healthier future for generations to come.

We are dedicated to reinforcing our leadership in diabetes and obesity, securing a leading position in rare diseases and establishing ourselves as a key player in cardiovascular disease. Additionally, we are actively building our presence in the treatment of metabolic dysfunction-associated steatohepatitis, chronic kidney disease and Alzheimer's disease.

Value chain

Our value chain is similarly comprehensive, encompassing every stage from the initial concept of a new treatment to its final delivery to people living with serious chronic diseases. This includes our own operations in R&D and manufacturing, as well as collaborations with suppliers to source materials and distribute our treatments effectively.

Business model

We create value on multiple fronts. Through the Novo Nordisk Way, we ensure our employees thrive in a supportive and innovative environment. We operate as a responsible business, striving to address environmental and social impacts, to create value for society and fulfil our financial commitments to shareholders, ensuring sustainable growth and success.

Strategic focus areas

• Diabetes: Strengthen leadership by offering innovative medicines and driving patient outcomes
• Obesity: Strengthen leadership through market development and by offering innovative medicines and driving patient outcomes
• Rare Disease: Secure a leading position by leveraging full portfolio and expanding into adjacent areas
• Cardiovascular & Emerging Therapy Areas: Establish position in cardiovascular disease and build a presence in emerging therapy areas

Key metrics

• Reached more than 45.2 million people living with serious chronic diseases
• Added 13,030 employees bringing Novo Nordisk's total workforce to 77,349
• Invested more than DKK 52 billion in R&D
• Invested more than DKK 129 billion in production capacity
• Reached 8.4 million vulnerable people living with diabetes

Stakeholder engagement

We focus on creating lasting value for society and our business with a strong commitment to financial, environmental and social responsibility. Following the Novo Nordisk Way, we are dedicated to delivering long-term value for people living with serious chronic diseases, our employees, partners, shareholders and society at large.

Key stakeholder groups

• People living with serious chronic diseases: Our primary focus is reaching more people with our life-changing medicines
• Employees: We are sustainably scaling our organisation to 77,349 colleagues worldwide
• Shareholders: Paid out more than DKK 64 billion via dividends and share buybacks to shareholders, including Novo Holdings A/S
• Partners and suppliers: We work closely with suppliers and partners across our value chain
• Society: The Novo Nordisk Foundation awards grants in three strategic areas: health, sustainability and the life science ecosystem. In 2024, more than DKK 10 billion were awarded.

Foundation ownership model

Our unique ownership structure, underpinned by the Novo Nordisk Foundation as controlling shareholder, provides us with the stability we need to navigate uncertainties. This model supports our sustainable growth by allowing us to take a long-term view on our investments and strategies; crucial in a volatile world where short-term market pressures can often lead to reactive decision-making.

The Novo Nordisk Foundation holds 77.3% of votes and 28.1% of shares in Novo Nordisk A/S through Novo Holdings A/S. This unique ownership structure supports sustainable growth by allowing us to take a long-term view on our strategies and investments while maintaining short-term transparency on performance.

Material impacts, risks and opportunities

This year, in line with the CSRD, we have conducted a double materiality assessment to identify the sustainability matters that are most important to Novo Nordisk, considering both societal and financial implications. The essential topics identified include patient protection and quality of life, climate change, resource use and circular economy, and own workforce – reflecting our aspirations of progress towards zero environmental impact, being respected for adding value to society and being a sustainable employer.

Strategic Aspirations 2025 integration

The outcomes of this assessment have provided us with key metrics to track our performance across our material sustainability topics. These are integrated into our Strategic Aspirations 2025, which cover our financial and sustainability ambitions.

Key material topics identified:

Environmental

• Climate change: Progress towards zero environmental impact
• Resource use and circular economy: Reducing plastic footprint and waste
• Pollution: Environmental impact management
• Water: Responsible water use
• Biodiversity and ecosystems: Impact on nature and biodiversity

Social

• Patient protection and quality of life: Access to medicines and health equity
• Own workforce: Being recognised as a sustainable employer
• Workers in the value chain: Supply chain responsibility
• Affected communities: Community impact

Governance

• Business conduct: Ethics and compliance

Interaction with strategy and business model

Recognising the magnitude of these challenges, we are aiming to expand the reach and societal impact of our life-changing medicines and preventive health initiatives while striving to reduce our CO2e emissions, plastic footprint and impact on nature.

As our business grows, so does our social responsibility to support vulnerable populations, and this year we were able to reach 8.4 million vulnerable people living with diabetes. The growth of our business has inevitably led to an increase in our environmental footprint, and we are stepping up efforts to mitigate this impact.

This year, in line with the CSRD, we have conducted a double materiality assessment to identify the sustainability matters that are most important to Novo Nordisk, considering both societal and financial implications.

The essential topics identified include patient protection and quality of life, climate change, resource use and circular economy, and own workforce – reflecting our aspirations of progress towards zero environmental impact, being respected for adding value to society and being a sustainable employer.

The outcomes of this assessment have provided us with key metrics to track our performance across our material sustainability topics. You can read more about our progress towards achieving our sustainability ambitions in the Annual review on page 12, while detailed breakdowns of our performance can be found in the Sustainability statement on page 46.

The Annual Report 2024 marks a significant step in the evolution of Novo Nordisk's integrated reporting. This year, our Sustainability statement is for the first time prepared according to the EU Corporate Sustainability Reporting Directive (CSRD) requirements.

We have been committed to integrated reporting since 2004, when we first started evaluating our performance based on social, environmental and financial impact. This commitment was further strengthened in 2019 with the adoption of our Strategic Aspirations 2025, which cover our financial and sustainability ambitions.

The Annual Report 2024 includes:

• Annual review (page 4-45): Strategic progress and performance
• Sustainability statement (page 46-99): CSRD-compliant sustainability reporting
• Financial statements (page 101-147): Consolidated and parent company financials

Together, the Annual review and Sustainability statement make up this year's Management report, providing comprehensive coverage of our material sustainability topics and ESRS disclosure requirements.

Net zero emissions target

We have a clear focus on decoupling our environmental impact from our growth as we progress towards our net zero 2045 emissions target.

Scope 3 emissions reduction target

To achieve net zero emissions by 2045, we have a roadmap to reduce scope 3 emissions by 33% by 2033, using 2024 as the baseline. This target – which covers nearly 70% of our scope 3 emissions in accordance with Science Based Targets initiative (SBTi) provisions – is aligned with climate science and has been submitted to the SBTi for validation.

Substances of concern and substances of very high concern

Policies

Novo Nordisk's environmental policy states our commitment to handling chemicals safely and striving to avoid the use of harmful chemicals, when developing or designing new products and processes. Our screening of harmful chemicals applies to both in-house and outsourced product development processes. For treatments already on the market, we strive to minimise the use of these chemicals and substitute them where possible.

All of Novo Nordisk's production facilities are ISO 14001 certified for environmental management and thus mitigate, control, and prevent negative environmental impacts, including pollution-related incidents and emergency situations. We reuse chemicals where possible and ensure the best possible handling of hazardous waste and emissions. We also ensure compliance with the terms of the environmental permit for each production site. In case of breaches of regulatory terms, we register an environmental non-conformity, investigate, and implement corrective actions.

Actions

We work with several innovation projects in both our own and outsourced production processes to reduce the environmental impacts of our products on an ongoing basis.

Key action: Reducing chemicals in production and medicines - Recurring action to minimise the use of specific chemicals in production processes through substitution or purification for reuse, and to optimise efficacy of medicines with lower chemical use. Scope: In-house and outsourced production processes. The use of relevant chemicals is tracked through environmental assessments at production sites and during product design and development processes to monitor effectiveness.

Performance

We continuously track our use of chemicals through various internal KPIs and environmental assessments to ensure that we mitigate negative impacts on the environment or human health.

A total of 2,304 tonnes of SCs and SVHCs were procured in 2024. Most of their use is linked to solvents used in the production of our API. We are seeking to reduce the use of these chemicals through substitution initiatives or purification for reuse. During the production process, almost all of SCs and SVHCs are collected as waste and handled safely in accordance with our policies and any relevant regulations.

The remaining substances, leaving Novo Nordisk in the form of emissions or as part of products, were estimated to be 11 tonnes of SCs and SVHCs during 2024. SCs leaving our facilities as part of our products make up 5 tonnes, and originate primarily from one substance used as an excipient in extremely low concentrations to preserve our medicines. The remaining SCs and SVHCs leave our facilities as emissions to air and water. In 2024, this amounted to approximately 5 tonnes of SCs and 1 tonne of SVHCs, primarily linked to the production of API. The reported volumes of SCs and SVHCs leaving our facilities are within regulatory limits.

In addition to the disclosures above, we also report in accordance with the European Pollutant Release and Transfer Register.

Quantitative disclosure

Note: If a material belongs to more than one main hazard class, the weight of the substance is reported in both hazard classes. Consequently, the sum of the sub-categories exceeds the total.

Accounting policies

The figures reported are manually calculated from the available data and are subject to significant uncertainty. The weight of substances is calculated according to their concentration in the material. If information on concentration is not available, the assumption is that 100% of the material consists of substance(s) in scope. Consequently, certain metrics might be overestimated. The scoping of the materials included in the calculations may not be exhaustive.

Main hazard classes: Defined by chemical subject matter experts, based on the specific hazards they present and includes following hazard class codes: Human health hazard (hazard class code H3xx or EUH3xx), environmental hazard (hazard class code H4xx or EUH4xx or EUH059) and physical hazard (hazard class code H2xx or EUH2xx). If a material belongs to more than one main hazard class (human health and environmental hazard) the weight of the substance is reported in both hazard classes. Consequently, the sum of the sub-categories exceeds the total. Main hazard classes are not applicable to SVHCs.

Total weight of substances of concern/substances of very high concern: Comprise the total weight of substances procured into production, categorised into main hazard classes. Data sources include receipts of materials and purchase orders mapped against a chemical database indicating hazard class.

Amount of substances of concern and substances of very high concern that leave facilities as emissions: Total weight of SCs and SVHCs that leave production sites as emissions to air or water, split into main hazard classes. The estimated volumes of substances are based on available data for our API production and estimated for Chemistry, Manufacturing and Control (CMC) processes. Laboratories were deemed immaterial and are not in scope. Novo Nordisk Pharmatech A/S will be included from 2025.

Amount of substances of concern that leave facilities as products or part of products: Total weight of SCs and SVHCs that leave Novo Nordisk as products or part of products split into main hazard classes. Products or parts of products are defined as either excipients or devices. Data sources include production data (with final product quantities), bills of materials and purchase orders mapped against a chemical database indicating hazard class.

We have sharpened our focus on the impact of our operations on nature and biodiversity, setting an ambition to halt nature loss across our value chain by 2033 and achieving nature-positive status by 2045.

Plastic footprint reduction target

We are targeting a 30% reduction in the amount of plastic used per patient by 2033, underpinned by the adoption of a reduce, change and avoid approach across our diabetes and obesity portfolio.

ESRS E5-4 Resource Inflows

Novo Nordisk discloses resource inflows as part of its Circular for Zero strategy and efforts to decouple resource use and waste from growth in patient volumes.

Overall Resource Inflows

In 2024, the overall total weight of products and technical and biological materials used for the manufacture of medicines amounted to 226 thousand tonnes, with approximately two thirds being technical materials and one third biological components.

Resource Inflows Table

Material Composition

The main products and materials sourced that relate to resource inflows include:

• Biological materials: Agricultural commodities (e.g., glucose) and printed packaging
• Technical materials: Acids and bases, solvents, plastic components and plastic raw materials
• Critical raw materials: While not directly purchased, some purchased items include magnesium, manganese, and phosphorus

Sustainably Sourced Materials

Novo Nordisk does not currently procure certified sustainably sourced biological materials, leading to a reported share of 0% for sustainably sourced biological materials.

Recycled and Reused Materials

In 2024, the total weight of reused or recycled materials was 3 tonnes (representing 1% of total materials), primarily from:

• Sourcing of gowning
• Recycled pallet shippers and shipper boxes

Context

The company notes that while it strives to source reused, recycled, and renewable biological materials, patient safety and stringent regulatory requirements applicable to the pharmaceutical sector are paramount considerations. The pharmaceutical industry faces restrictions on the use of recycled materials in medicines and devices due to regulatory standards.

Resource outflows

Product durability

Prefilled devices:

• Expected durability of unopened prefilled devices: 24-36 months (shelf-life)
• Prefilled devices for single use: 1 use
• Prefilled devices for multiple use: 7 uses
• Industry range: 12-36 months (unopened); 7 uses (multiple use)

Reusable devices:

• Expected durability: 60 months
• Industry range: 12-72 months

Recyclability

Products:

• Recyclable content in products: 0%
• Rationale: While many components of devices can be recycled individually, there is no established recycling infrastructure for pharmaceutical waste in many markets. Novo Nordisk conservatively assumes zero recyclable content in products.

Packaging:

• Recyclable content in products packaging: 28% (conservative estimate reflecting the lowest share according to product lifecycle assessments)
• Full range across markets: 28-88%, with variation due to differing packaging compositions across core products and three key geographies (Europe, US and Japan)
• Note: Data on total packaging weights by geography have not been available for 2024, but establishing this data foundation is a priority for 2025.

Design for circularity

Novo Nordisk applies circular design guidelines to every design process for devices and packaging, considering:

1. Design for expected lifetime
2. Design for sustainable materials
3. No unnecessary waste in production
4. Recyclability after use

The company is developing a cost-efficient reusable pen with a competitive environmental profile across its injection pen portfolio, with launch planned for 2026. Future plans include delivering the majority of daily insulins in reusable devices.

ReMed™ take-back programme

ReMed™ is a device take-back scheme launched in 2020 to enable pen users to return used devices for recycling, preventing plastic from ending up in landfills. The scheme is now active in seven key markets including Denmark, Brazil, France, Italy, UK, Japan, and Germany.

• Return rate: 32% achieved for all injection devices in Danish industry scheme (2024)
• Recycling rate for returned pens: Increased from 50% in early 2024 to 70% by end of 2024
• Total pens returned since first pilot: Over 4 million
• Denmark operates a unique industry-wide collaboration with other healthcare companies
• UK pilot planned for 2025

Waste

Total waste and composition

In 2024, Novo Nordisk's total waste increased by 21% compared to 2023, primarily due to:

• Increased production volumes (19% increase in waste generated in production)
• Inclusion of non-production entities in the total waste metric (2%)

The company's largest waste streams by volume are:

• Organic residue (e.g., yeast slurry)
• Water waste (waste fraction with high water content treated as waste)
• Ethanol waste

The majority of organic residues is diverted from disposal through recycling and other recovery operations.

Waste by type and destination

Waste composition:

• 15% of total waste was directed to disposal (non-recycled)
• 85% was recycled, recovered or prepared for reuse
• Hazardous waste accounted for 23% of total, with equal split between further recycling/recovery operations and waste directed to disposal through incineration

Detailed breakdown (from visual representation in report):

Non-hazardous waste (176,708 tonnes):

• Waste diverted from disposal: 149,853 tonnes
  • Preparation for reuse: minimal
  • Recycling: 26,022 tonnes
  • Other recovery operations: 14,099 tonnes
  • (Remainder unlabelled in breakdown)
• Waste directed to disposal: 7,743 tonnes
  • Incineration: 247 tonnes
  • Landfill: 120 tonnes
  • Other disposal operations: 40 tonnes
  • (Remainder unlabelled)

Hazardous waste (52,982 tonnes):

• Waste diverted from disposal: 26,713 tonnes
  • (Breakdown not fully detailed)
• Waste directed to disposal: 26,269 tonnes
  • Incineration: 12,614 tonnes
  • (Remainder unlabelled)

Radioactive waste:

• 20kg Isotope 125-I solid
• 15kg Isotope 125-I Liquid
• 15kg Isotope 3-H, solid
• 37kg Isotope 3-H, solid

Waste management approach and policies

Novo Nordisk's environmental policy prioritises the waste hierarchy, addressing all levels from prevention and reuse to recycling, energy recovery and disposal. The company works systematically to avoid and reduce waste over waste treatment where possible.

Key principles:

• All production facilities are ISO 14001 certified for environmental management
• Waste is measured by weight receipts or other data from certified waste management companies
• December data is estimated
• Waste data for offices and affiliates outside Denmark are extrapolated based on headcount data
• All waste categories are split between hazardous and non-hazardous according to the EU's Waste Framework Directive
• Radioactive waste is reported separately and handled in compliance with applicable regulations

Targets and progress

Zero landfill target:

• Target: Zero waste to landfill from production sites by 2030
• Baseline: 2019
• 2024 progress: 94 tonnes waste to landfill from production
• Achievement: 92% reduction compared to baseline (2019)

Plastic footprint target:

• Target: 30% reduction in plastic footprint per patient by 2033
• Baseline: 0.35 kg/patient in 2024
• 2024 absolute plastic footprint: 15,654 tonnes

Circular production processes

Novo Nordisk implements circular production processes including:

• Internal reuse of ethanol at the two largest API production sites, reducing use of new ethanol by almost 90%
• At site Kalundborg, Denmark, remaining ethanol waste together with yeast slurry is turned into energy and fertiliser for local farmers as part of the Kalundborg Symbiosis

The Novo Nordisk Way Essentials

1. We create value by having a patient-centred business approach.
2. We set ambitious goals and are empowered to achieve them.
3. We are accountable for our financial, environmental and social performance.
4. We are curious and innovate for the benefit of patients and society at large.
5. We build and maintain good relations with our stakeholders.
6. We value diversity and treat everyone with respect.
7. We focus on performance and personal development.
8. We have a healthy and engaging working environment.
9. We strive for agility and simplicity in everything we do.
10. We never compromise on quality and ethics.

The foundation of our commitment to supporting the wellbeing and development of our employees is the Novo Nordisk Way; a set of guiding principles constituting the core of our identity and operations. It bridges our company's past, present and future, steering our strategy, decisions and behaviours. By familiarising new employees with the 10 Essentials that direct the decisions and actions of every Novo Nordisk colleague, we uphold our dedication to the company's core values of openness, accountability and respect.

We are carefully monitoring workplace stress levels, targeting a 10% annual reduction in the number of employees reporting symptoms of stress. Although we did not meet this target in 2024, when overall stress levels remained unchanged year-on-year at 13.8%, we will continue to implement new measures to address symptoms of stress at the earliest opportunity.

Our focus is on ensuring new hires receive the support and resources they need to fully integrate into our global workforce and connect with the Novo Nordisk Way. This approach also safeguards our focus on diversity and inclusion, fostering an environment where every employee feels valued and included.

Share of women in senior leadership positions has increased by 0.7 percentage point to 42% compared to 2023.

Moreover, it is crucial that we maintain a sustainable work-life balance for all our employees. As our business grows, we are carefully monitoring workplace stress levels, targeting a 10% annual reduction in the number of employees reporting symptoms of stress. Although we did not meet this target in 2024, when overall stress levels remained unchanged year-on-year at 13.8%, we will continue to implement new measures to address symptoms of stress at the earliest opportunity.

Sustainable supply chain

Acquisition of Catalent by Novo Holdings and the related acquisition by Novo Nordisk of three manufacturing sites from Novo Holdings completed.

Key decarbonisation measures include switching to low-carbon materials and feedstock across our production network, shifting our distribution model to low-emissions transportation and supporting our suppliers in transitioning to renewable energy. To date, more than 1,800 suppliers have already committed to make the switch.

Prevention initiatives

Our pioneering urban health programme, Cities for Better Health (CBH), sits at the forefront of our prevention efforts. Now with a broadened scope that aligns with our expansion into new therapy areas, this public-private partnership drives action to prevent serious chronic diseases across a global network of 51 large cities.

The Childhood Obesity Prevention Initiative (COPI) is the latest initiative to come out of CBH. Taking aim at childhood overweight and obesity, it seeks to deliver measurable, community-driven interventions promoting healthy eating and physical activity among children living in underprivileged urban communities.

Patient access and protection

As the global prevalence of serious chronic diseases continues to increase, overburdened healthcare systems face growing pressure to deliver cost-effective, quality care, while millions of people lack access to essential treatments. In 2024, we reached more than 45.2 million people with our life-changing medicines – an increase of 3.6 million compared to 2023.

Access initiatives for vulnerable populations

As our business grows, so does our social responsibility to support vulnerable populations, and this year we were able to reach 8.4 million vulnerable people living with diabetes – a slight decrease compared to 2023.

Changing Diabetes® in Children programme

Key initiatives include Changing Diabetes® in Children (CDiC), which has reached over 64,000 children with type 1 diabetes in low- and middle-income countries since 2009. Support can include free life-saving medicine, blood glucose monitoring equipment and medical supplies for young people under 25.

Other access programmes

• Partnering for Change: collaboration with the Danish Red Cross to address health issues in humanitarian crises
• iCARE: integrated business model aimed at breaking down barriers to diabetes care in Middle Africa and Indonesia
• Access to Insulin Commitment: providing access to affordable care for vulnerable populations

Ethics and compliance

In Novo Nordisk, we have an ethics and compliance programme which comprises of a code of conduct (OneCode), requirements (The Ethics Navigator), processes and awareness and capability building as stipulated in the seven elements of an effective compliance programme.

Data privacy is a key component in our ethical principles, ensuring guardrails are in place to manage and mitigate risks, thus safeguarding our patients and society at large.

We have also adopted a set of principles for data and artificial intelligence (AI) ethics to support ethical decision-making. We have initiated building our AI Ethics & Compliance framework, incorporating elements such as principles, requirements and risk assessments, as well as building AI literacy training and capabilities.

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.

Corporate culture foundation

We employ a distinctive, systematic approach known as facilitation – value audits – to ensure that all employees adhere to these Essentials. The foundation of our commitment to supporting the wellbeing and development of our employees is the Novo Nordisk Way; a set of guiding principles constituting the core of our identity and operations.

Supply chain management

Key decarbonisation measures include switching to low-carbon materials and feedstock across our production network, shifting our distribution model to low-emissions transportation and supporting our suppliers in transitioning to renewable energy. To date, more than 1,800 suppliers have already committed to make the switch.

Catalent acquisition

Acquisition of Catalent by Novo Holdings and the related acquisition by Novo Nordisk of three manufacturing sites from Novo Holdings completed. A significant milestone in 2024 was the acquisition of three fill-finish sites previously run by the global contract manufacturing and development organisation Catalent Inc. This move will enable us to expand our manufacturing capacity and provide future optionality and flexibility for our existing supply network.

In Novo Nordisk, we have an ethics and compliance programme which comprises of a code of conduct (OneCode), requirements (The Ethics Navigator), processes and awareness and capability building as stipulated in the seven elements of an effective compliance programme.

We have also adopted a set of principles for data and artificial intelligence (AI) ethics to support ethical decision-making. We have initiated building our AI Ethics & Compliance framework, incorporating elements such as principles, requirements and risk assessments, as well as building AI literacy training and capabilities.