- Total Income and Investment Returns in 2025 were DKK 21 billion (€2.8 billion). For 2025, Total Income and Investment Returns consisted of Income from dividends from the Novo Group companies (DKK 15 billion or €2.0 billion) and Returns from the Investment Assets Portfolio1 (DKK 5.8 billion or €0.8 billion).
- Novo Holdings generated returns on the Investment Portfolio2 of 2.3% in DKK, and 9.2% in Constant Exchange Rates (CER). The return for 2024 in CER was 14.8%.
- Novo Holdings’ 5- and 10-year returns are at 8.0% and 8.9%, respectively, in CER and stand well above benchmark.
- Total Income and Returns were negatively affected by the lack of proceeds from a share buyback from Novo Nordisk A/S (Novo Nordisk A/S suspended its buyback in 2025), and the significant depreciation in the US Dollar.
- Total Assets under Management amounted to DKK 694 billion (€93 billion) in 2025, down from DKK 1,060 billion (€142 billion) in 2024, primarily reflecting the significant drop in the market value of Novo Nordisk A/S. The Investment Portfolio grew from DKK 216 billion (€29 billion) in 2024 to DKK 226 billion (€30 billion) in 2025.
COPENHAGEN, Denmark, March 12, 2026 (GLOBE NEWSWIRE) — Novo Holdings today announced its financial results for 2025. The Novo Holdings Investment Portfolio continued to perform well on both an absolute and relative basis, with a return of 9.2% in CER. However, the depreciation of the US dollar by more than 11% against the Danish krone materially offset performance in Danish kroner.
Kasim Kutay, CEO of Novo Holdings, said: “We delivered a strong performance during the year, driven by, among other things, significant monetisations such as the exit of Clario and KabaFusion.3 This was achieved against a backdrop of considerable headwinds for the life sciences industry.”
Novo Holdings’ Investment Portfolio comprises Life Science Investments, the investment activities that are focused on human and planetary health, making up 52% of …