Novo-Nordisk-AR-2012-en

More documents

Recommendations

Info

20 22 Diabetes – an emergency in slow motion The protein powerhouse 28 Simple injections Contents Accomplishments and results 2012 1 Letter from the Chairman 2 Letter from the CEO 4 Performance highlights 6 2012 performance and 2013 outlook Our business 15 Strategy is all about choice 20 Diabetes – an emergency in slow motion 22 The protein powerhouse 24 Insulin treatment is a balancing act 26 Insulin in a tablet – why is it so difficult? 28 Simple injections 29 Prevent bleedings 30 Pipeline overview 32 Many markets – one model 38 Sustainable growth – can it be done? 41 With every big opportunity comes a risk Governance, leadership and shares 44 Shares and capital structure 46 Corporate governance 49 Remuneration 52 Board of Directors 54 Executive Management Financial, social and environmental statements 55 Consolidated financial, social and environmental statements 104 Financial statements of the parent company 109 Management’s statement and Auditor’s reports Additional information 112 More information 113 Product overview The Management review, as defined by the Danish Financial Statements Act (FSA), is found on pp 1–54 and 94. This Annual Report is published in both a Danish and an English language version. In the event of any discrepancies, the Danish version shall prevail.
Chairman of the Board of Directors Sten Scheibye at the Annual General Meeting in March 2012. Letter from the Chairman 2012 was a very good year for Novo Nordisk. Both in terms of financial performance – with reported sales up by 18% and net profit growth of 25% – and progress in the company’s research and development pipeline, which promises well for the future. And as you will see from this Annual Report – in which we account for both financial, environmental and social performance – the company also did well in many other respects in 2012. The company’s Management and all its employees around the world can be proud of these results, which are exceptional in the pharmaceutical world these days when financial constraints and austerity measures are creating an increasingly difficult environment for research-based pharmaceutical companies. We are very aware that Novo Nordisk’s results are created against a sad background, namely the continuing rise in the number of people with diabetes around the world. And despite advances in healthcare over the years, only a small fraction of the people being treated today are well treated. As I said in last year’s report: There has never been more need for a company like Novo Nordisk; a company that has dedicated most of its resources, skills and innovation power to improving diabetes care. And at the same time is making very good use of the skills it has built within diabetes in developing its biopharmaceutical business, not the least within haemophilia. Every year, the Board of Directors reviews the company’s long-term strategy and outlook. As described in the article on p 15, the strategy is characterised by a strong focus on a few diseases, five core capabilities and a deeply rooted values-based management system. The Board remains confident that these strategic choices provide a solid basis for a continued positive development for Novo Nordisk in the coming years. We are also confident that with Lars Rebien Sørensen and his Executive Management team we have the leadership needed to execute the strategy and fulfil Novo Nordisk’s potential. Together with Lars and his team, in January 2013 we decided to expand Executive Management with two executives, promoted from senior vice president positions within the company. This lifts the direct responsibility for critical functions such as marketing, business development and IT into Executive Management, while also broadening the group of senior managers. In his letter on the following pages, Lars outlines some key events in 2013, and as you will see, it looks like yet another exciting year for Novo Nordisk. However, I must also remind you that for Novo Nordisk, as for any company of our size in the pharmaceutical industry, there is always the risk of something not going as we expected. In the article on p 41, you can read more about key risks of which you should be aware. At the Annual General Meeting on 20 March 2013, the Board of Directors will propose a 29% increase in dividend to 18 Danish kroner per share. The Board of Directors has furthermore decided to initiate a new share repurchase programme of up to 14 billion kroner. For me personally, 2012 was the last full year on the Board of Directors of which I have been a member since 2003 and had the privilege to chair since 2006. It has been an exciting journey, in the course of which Novo Nordisk has developed into a leading, global and highly respected company. Shareholder return has been high, and the company’s strategic foundation has been strengthened, making it well prepared to address the challenges ahead. On behalf of the Board of Directors, I would like to express my appreciation for the leadership shown by Lars and his Management team and the hard work and dedication of the entire Novo Nordisk organisation. 1 Sten Scheibye Chairman of the Board of Directors
Page 1: novo nordisk annual report 2012 Str
Page 5 and 6: From a regional perspective, North
Page 7 and 8: ACCOMPLISHMENTS ACCOMPLISHMENTS AND
Page 9 and 10: Operations increased by 19% in Dani
Page 11 and 12: Outlook 2013 The current expectatio
Page 13 and 14: Research and development progress D
Page 15 and 16: values-based management system and
Page 17 and 18: Strategy is all about choice Novo N
Page 19 and 20: • Levemir ® is a soluble, long-a
Page 21 and 22: performance on three dimensions: fi
Page 23 and 24: How is diabetes treated? For type 1
Page 25 and 26: The protein powerhouse Novo Nordisk
Page 27 and 28: Reducing the risk of hypoglycaemia
Page 29 and 30: Many people ask why insulin and GLP
Page 31 and 32: Prevent bleedings When we talk abou
Page 33 and 34: Phase 1 Studies in a small group (u
Page 35 and 36: we were there for them when the goi
Page 37 and 38: worrying thing is that if nobody wa
Page 39 and 40: Sales in Region China 10 8 6 4 2 0
Page 41 and 42: Novo Nordisk’s largest production
Page 43 and 44: In the current economic landscape,
Page 45 and 46: Risk overview Listed below are the
Page 47 and 48: Meeting, the Board of Directors wil
Page 49 and 50: attached to A shares include pre-em
Page 51 and 52: Remuneration Novo Nordisk aims to a
Page 53 and 54:
In addition, executives may partici
Page 55 and 56:
of the Scientific Advisory Board of
Page 57 and 58:
Consolidated financial, social and
Page 59 and 60:
Balance sheet at 31 December CONSOL
Page 61 and 62:
Statement of changes in equity at 3
Page 63 and 64:
Section 1 Basis of preparation of t
Page 65 and 66:
Section 2 Results for the year CONS
Page 67 and 68:
2.2 Segment information (continued)
Page 69 and 70:
2.3 Employee costs Accounting polic
Page 71 and 72:
Section 3 Operating assets and liab
Page 73 and 74:
3.2 Property, plant and equipment (
Page 75 and 76:
3.6 Provisions (continued) 3.7 Reti
Page 77 and 78:
Section 4 Capital structure and fi
Page 79 and 80:
4.3 Financial risk (continued) Key
Page 81 and 82:
4.4 Derivative fi nancial instrumen
Page 83 and 84:
4.5 Cash and cash equivalents Accou
Page 85 and 86:
4.7 Financial assets and liabilitie
Page 87 and 88:
Section 5 Other disclosures CONSOLI
Page 89 and 90:
5.1 Share-based payment schemes (co
Page 91 and 92:
5.4 Commitments and contingencies C
Page 93 and 94:
5.5 Related party transactions Novo
Page 95 and 96:
5.9 Financial defi nitions ADRs An
Page 97 and 98:
Supplementary information CONSOLIDA
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Balance sheet at 31 December FINANC
Page 109 and 110:
7 Intangible assets FINANCIAL STATE
Page 111 and 112:
Management statement CONSOLIDATED F
Page 113 and 114:
Independent Assurance Report on the
Page 115 and 116:
Product overview ADDITIONAL INFORMA
show all

Novo-Nordisk-AR-2012-en

Create successful ePaper yourself

Delete template?

Save as template?