Industry

Health Care

Sector

Pharmaceuticals

Country

Denmark

Company description

Novo Nordisk is the largest pharmaceutical company in Denmark. The key products includes diabetes care medications and devices. The company also has activities within hemostasis management, growth hormone therapy and hormone replacement therapy. Today Novo Nordisk is the lagest publicly traded company in the Nordic countries by market capitalization. The todays corporation came about in a merger between the two danish companies Novo Therapeutic Laboratory and Nordisk Insulinlaboratory, which date back to the 1920s.

Market cap.

DKKm 713,245

Share price

DKK 298

Earnings per share (EPS)

DKK 16

Dividend per share (DPS)

DKK 8

Price / earnings

18.5x

Price / sales

6.4x

Price / book value

13.8x

Enterprise value / EBITDA

13.7x

CEO

Lars Joergensen

Chairman of the Board of Directors

Helge Lund

CFO

Karsten Knudsen

Investor relations

n.a.

Ticker symbol

NOVO

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060534915

Phone

0045 4444 8888

Website

novonordisk.com

Address

Novo Alle, 2880 Bagsvaerd

Income statements

DKKm 20082009201020112012201320142015201620172018
Sales 45,55351,07860,77666,34678,02683,57288,806107,927111,780111,696111,831
Other income 00000000000
Total income 45,55351,07860,77666,34678,02683,57288,806107,927111,780111,696111,831
Total expenses -30,738-33,594-39,418-41,235-45,859-49,280-50,879-55,524-60,155-59,547-60,658
EBITDA 14,81517,48421,35825,11132,16734,29237,92752,40351,62552,14951,173
Depreciation tangible assets -2,180-2,243-2,319-2,383-2,413-2,489-2,653-2,470-2,432-2,638-2,809
Write-downs tangible assets -154-155-68-122-88-31-216-97-126-117-116
EBITA 12,48115,08618,97122,60629,66631,77235,05849,83649,06749,39448,248
Amortisation intangible assets -108-153-80-232-192-279-566-392-635-427-1,000
Income from associated companies 00000000000
Earnings before interest and taxes (EBIT) 12,37314,93318,89122,37429,47431,49334,49249,44448,43248,96747,248
Financial income 1,1273751,4525141251,70216785921,2462,122
Financial expenses -681-1,265-2,057-963-1,788-656-563-6,046-726-1,533-1,755
Income from associated companies -124-55000000000
Earnings before taxes (EBT) 12,69513,98818,28621,92527,81132,53934,09643,48347,79848,68047,615
Taxes -3,050-3,220-3,883-4,828-6,379-7,355-7,615-8,623-9,873-10,550-8,987
Profit from continuing operations 9,64510,76814,40317,09721,43225,18426,48134,86037,92538,13038,628
Discontinued operations 00000000000
Minorities 00000000000
Net profit or loss 9,64510,76814,40317,09721,43225,18426,48134,86037,92538,13038,628

Cash flow statements

DKKm 20082009201020112012201320142015201620172018
EBITDA 14,81517,48421,35825,11132,16734,29237,92752,40351,62552,14951,173
Net interest paid 409186-341171469253-64814-38
Taxes paid -3,172-1,998-3,436-5,391-10,891-9,807-7,907-9,374-2,899-9,101-9,614
Investments in working capital 260-279297434274-265-2,148-2,157-3,708-3,634-3,370
Other operating cash items 551-151,4941,1035181,6303,767-2,5793,2481,7406,465
Cash flow from operations (CFFO) 12,86315,37819,67921,37422,21425,94231,69238,28748,31441,16844,616
Capital expenditures (capex) -1,382-10,045-14,375-16,802-4,070-2,773-2,064-8,401-6,790-6,571-12,080
Acquisitions 00000000000
Disposals 001,15500002,303000
Other investing cash items 00000000000
Cash flow from investing activities -1,382-10,045-13,220-16,802-4,070-2,773-2,064-6,098-6,790-6,571-12,080
Free cash flow to equity holders (FCFE) 11,4815,3336,4594,57218,14423,16929,62832,18941,52434,59732,536
Dividends paid -2,795-3,650-4,400-5,700-7,742-9,715-11,866-12,905-23,830-18,844-19,048
Share buy-backs -4,717-6,512-8,820-10,595-11,896-13,924-14,667-17,196-15,057-16,845-15,567
New share issues 295117000000000
Increase/(decrease) in debt -15300-507-5020000094
Other financing cash flows 7,2277,48213,621141-355573439-8701,254-1,229
Cash flow from financing activities (CFFF) -7,370-2,818-5,738-3,181-19,999-23,994-25,960-29,662-39,757-34,435-35,750
Discontinued activities and other 0000000000
Net cash flow / Change in cash position 2,5157211,391-1,855-8253,6682,5271,767162-3,214

Balance sheets

DKKm 20082009201020112012201320142015201620172018
Goodwill 71747000000000
Other intangible assets 7179631,3881,4891,4951,6151,3782,1582,7143,3255,145
Total intangible assets 7881,0371,4581,4891,4951,6151,3782,1582,7143,3255,145
Fixed tangible assets 18,63919,22620,50720,93121,53921,88223,13625,54530,17935,24741,891
Shares and associated companies 222176430000811809784531
Other financial assets 0002732285518561,3391,3889781,242
Deferred tax assets 1,6961,4551,8472,4142,2444,2315,3996,8062,6831,9412,893
Other non-current assets 19418225400000000
Total fixed assets 21,53922,07624,10925,10725,50628,27930,76936,65937,77342,27551,702
Inventories 9,61110,0169,6899,4339,5439,55211,35712,75814,34115,37316,336
Trade receivables 6,5817,0638,5009,3499,63910,90713,04115,48520,23420,16522,786
Other current assets 4,0914,2917,0877,4019,42810,8717,4999,9746,5015,6904,307
Cash and cash equivalents 8,78111,29612,01713,40811,55310,72814,39616,92318,69018,85215,638
Total current assets 29,06432,66637,29339,59140,16342,05846,29355,14059,76660,08059,067
Total assets 50,60354,74261,40264,69865,66970,33777,06291,79997,539102,355110,769
Equity 32,97935,73436,96537,44840,63242,56940,29446,96945,26949,81551,839
Non-controlling interests (minorities) 00000000000
Shareholders equity 32,97935,73436,96537,44840,63242,56940,29446,96945,26949,81551,839
Pension liabilities 4194565694397606881,0311,1861,4511,3361,256
Deferred tax liabilities 2,4043,0102,8653,2067326727613846118
Long-term provisions 8631,1572,0232,3241,9072,1832,0412,7653,3703,3023,392
Convertible debt 00000000000
Long-term debt 9809705045020000000
Other long-term liabilities 00000000000
Total long-term liabilities 4,6665,5935,9616,4713,3993,5433,0793,9574,8345,4844,766
Short-term debt 1,3344181,7203515002157201,0732291,694515
Trade payables 2,2812,2422,9063,2913,8594,0924,9504,9276,0115,6106,756
Other current liabilities 9,34310,75513,85017,13717,27919,91828,01934,87341,19639,75246,893
Total current liabilities 12,95813,41518,47620,77921,63824,22533,68940,87347,43647,05654,164
Total equity and liabilities 50,60354,74261,40264,69865,66970,33777,06291,79997,539102,355110,769

Growth rates

[%] 20082009201020112012201320142015201620172018
Sales growth 0.0%12.0%19.0%9.0%18.0%7.0%6.0%22.0%4.0%0.0%0.0%
EBITDA growth 0.0%18.0%22.0%18.0%28.0%7.0%11.0%38.0%-1.0%1.0%-2.0%
EBITA growth 0.0%21.0%26.0%19.0%31.0%7.0%10.0%42.0%-2.0%1.0%-2.0%
EBIT growth 0.0%21.0%27.0%18.0%32.0%7.0%10.0%43.0%-2.0%1.0%-4.0%
EBT growth 0.0%10.0%31.0%20.0%27.0%17.0%5.0%28.0%10.0%2.0%-2.0%
Earnings growth 0.0%12.0%34.0%19.0%25.0%18.0%5.0%32.0%9.0%1.0%1.0%

Margins

[%] 20082009201020112012201320142015201620172018
EBITDA-margin 33.0%34.0%35.0%38.0%41.0%41.0%43.0%49.0%46.0%47.0%46.0%
EBITA-margin 27.0%30.0%31.0%34.0%38.0%38.0%39.0%46.0%44.0%44.0%43.0%
EBIT-margin 27.0%29.0%31.0%34.0%38.0%38.0%39.0%46.0%43.0%44.0%42.0%
EBT-margin 28.0%27.0%30.0%33.0%36.0%39.0%38.0%40.0%43.0%44.0%43.0%
Earnings-margin 21.0%21.0%24.0%26.0%27.0%30.0%30.0%32.0%34.0%34.0%35.0%

Other key figures

DKKm 20082009201020112012201320142015201620172018
Tax rate 24.0%23.0%21.0%22.0%23.0%23.0%22.0%20.0%21.0%22.0%19.0%
Net working capital balance (NWC) 8,6598,3738,5205,7557,4727,320-1,072-1,583-6,131-4,134-10,220
Net interest bearing debt (NIBD) -6,048-9,452-9,224-12,116-10,293-9,825-12,645-14,664-17,010-15,822-13,867
Invested capital (including goodwill) 26,93126,28227,74125,33230,33932,74427,64932,30528,25933,99337,972
Invested capital (excluding goodwill) 26,86026,20827,67125,33230,33932,74427,64932,30528,25933,99337,972
Enterprise value (EV) 157,898185,647350,097351,030479,111517,066662,7241,004,214620,844801,849699,378

Share data

20082009201020112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 3,0252,9382,8562,7512,6702,6502,5952,5482,5042,4442,394
Market capitalisation (DKKm) 163,946195,099359,321363,146489,404526,891675,3691,018,878637,854817,671713,245
Market capitalisation (DKKm) 163,946195,099359,321363,146489,404526,891675,3691,018,878637,854817,671713,245
Share price (DKK) 54.266.4125.8132.0183.3198.8260.3399.9254.7334.5297.9
Earnings per share (EPS), (DKK) 3.13.65.06.17.89.410.113.615.015.416.0
Dividend per share (DPS), (DKK) 1.21.52.02.83.64.55.06.47.67.98.2

Price multiples

20082009201020112012201320142015201620172018
Price/Earnings (P/E) 17.0x18.1x25.0x21.2x22.8x20.9x25.5x29.2x16.8x21.4x18.5x
Price/Sales (P/S) 3.6x3.8x5.9x5.5x6.3x6.3x7.6x9.4x5.7x7.3x6.4x
Price/Book value (P/B) 5.0x5.5x9.7x9.7x12.0x12.4x16.8x21.7x14.1x16.4x13.8x

Enterprise value (EV) multiples

20082009201020112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 3.5x3.6x5.8x5.3x6.1x6.2x7.5x9.3x5.6x7.2x6.3x
Enterprise value/EBITDA (EV/EBITDA) 10.7x10.6x16.4x14.0x14.9x15.1x17.5x19.2x12.0x15.4x13.7x
Enterprise value/EBITA (EV/EBITA) 12.7x12.3x18.5x15.5x16.2x16.3x18.9x20.2x12.7x16.2x14.5x
Enterprise value/EBIT (EV/EBIT) 12.8x12.4x18.5x15.7x16.3x16.4x19.2x20.3x12.8x16.4x14.8x