- 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 the total portfolio, and Capital Investments, making up the remaining 48% of the portfolio.
Activity across all Novo Holdings’ Life Science Investments teams remained high in 2025; however, there was a stronger emphasis on asset management and exits than on acquisitions. The Principal Investments Team announced the successful exits of both KabaFusion and Clario3 from the private portfolio and fully exited its public positions in Convatec and Evotec.
Novo Holdings deployed DKK 13 billion (€1.8 billion) into life sciences in 2025. In total, 12 new companies were welcomed to the Investment Portfolio, and several existing portfolio companies were supported by additional investments. During the year, Novo Holdings exited 36 companies, and the Investment Portfolio included 170 companies by year-end.
Life Science Investments closed the year with DKK 124 billion (€17 billion) of Investment Assets and generated a return of -0.3% in DKK and 9.8% in CER, corresponding to DKK -422 million (€-57 million).
Capital Investments provides global exposure beyond the life science sectors and is actively expanding and diversifying the total portfolio.
Capital Investments delivered a strong performance in 2025, outperforming benchmarks despite strong currency headwinds and a market heavily concentrated on technology and artificial intelligence (AI).
A strategy of providing global exposure beyond the life sciences sector by investing in less cyclical, resilient businesses with a high degree of recurring revenue, served Novo Holdings well throughout the year.
In 2025, Capital Investments closed the year with DKK 114 billion (€15 billion) of Investment Assets and had returns corresponding to DKK 6.2 billion (€0.8 billion). The Capital Investments Portfolio generated a return of 6.4% in DKK and 9.8% in CER.
Reflecting on a year marked by fundamental shifts within geopolitics, technology and the global investment environment, Kasim Kutay added:
“As a response to market volatility, we took a cautious approach to new investments in early 2025. Gradually, we picked up the pace which resulted in the addition of 12 new portfolio companies. Given the extreme volatility we experienced in parts of the market, I am pleased with the strong 9.2% CER return Novo Holdings generated in 2025, which comes on the heels of a 14.8% CER return in 2024. Geographically, we strengthened our position in Asia by establishing a presence in Mumbai. With enhanced asset and geographic diversification in Novo Holdings’ Investment Portfolio, I believe we remain very well-positioned to continue delivering on our purpose of improving people’s health and the sustainability of society and the planet by generating attractive long-term returns for the Novo Nordisk Foundation.”
Learn more in the 2025 Performance Report
About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk and Novonesis and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Planetary Health Investments and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2025, Novo Holdings had total assets of €93 billion.
About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.
Media enquiries
Marie-Louise Jersin, Senior Communications Lead, maj@novo.dk
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1 The Investment Assets Portfolio includes all our Investment Assets.
2 The Investment Portfolio excludes Special Investments, which comprise impact investments and Assets held for Novo Nordisk Foundation strategic purposes.
3 Both transactions signed in 2025 with KabaFusion closing in Q1 2026 and Clario expected to close in Q2 2026.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c9b5534-9cfc-4810-9a21-235b6c6575b9
