Novo Nordisk’s Controlling Shareholder Novo Holdings Reports Record Total Income, Investment Returns In 2024: Retail Stays Bullish

Novo Holdings, the controlling shareholder of drug maker Novo Nordisk, said on Wednesday that its total income and investment return in 2024 nearly doubled to DKK 60 billion ($8.69 billion), hitting a record high.

This consists of income from dividends and the share repurchase programs of Novo Group companies Novo Nordisk A/S and Novonesis A/S, totalling DKK 23 billion, as well as returns from its investment portfolio.

Novo Holdings CEO Kasim Kutay said that 2024 was a very strong year for the company, with its investment portfolio delivering the best performance and the Novo Group companies contributing significantly to its total Income and returns.

Novo Holdings is an investment company responsible for managing the wealth of the Novo Nordisk Foundation.

The company’s investment portfolio comprises Life Science Investments focused on addressing human health, which makes up 59% of the total portfolio, and Capital Investments, which makes up the remaining 41%. The Capital Investments team provides global exposure beyond the life science sectors.

In 2024, the company added 43 new companies to its investment portfolio while exiting 27. By year-end, the company’s investment portfolio comprised 181 companies.

The company said that its investment portfolio generated a return of 18% in 2024, compared to 9.4% the year before.

It ended 2024 with total assets under management of DKK 1,060 billion, down from DKK 1,114 billion in 2023, owing to a decline in market value of Novo Nordisk, it said. Novo Holdings holds over 77% of voting shares of Novo Nordisk.

NYSE-listed shares of Novo Nordisk have lost nearly half of their value over the past 12 months, owing to a fierce competition in the obesity drug market dominated by players including Eli Lilly.

On Stocktwits, retail investor sentiment about Novo Nordisk slipped slightly in the ‘extremely bullish’ territory (80/100), while message volume dropped from ‘extremely high’ to ‘high’ levels over the past 24 hours.

NVO's Sentiment Meter and Message Volume as of 8:00 a.m. ET on April 2, 2025 | Source: Stocktwits

A Stocktwits user expressed disappointment at the company’s falling share price.

Another, however, noted that the company’s products are in high demand.

NVO shares have lost over 22% this year.

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(Exchange Rate: DKK1= $0.14)<