Novo Holdings posts record income and returns of DKK 29 billion (EUR 4 billion) in 2020

Novo Holdings’ 2020 result is based on a strong performance from both the Investment Portfolio and the Novo Group companies (Novo Nordisk and Novozymes).


“2020 was a very satisfactory year for Novo Holdings, despite the unprecedented challenges of the COVID-19 crisis. Our income and investment returns are once again well balanced, with strong contributions from the Novo Group companies and from the Investment Portfolio. In line with our stated strategy, we also expanded our geographical reach by opening our Singapore office and by establishing a presence in the US for Principal Investments,” says Kasim Kutay, CEO of Novo Holdings.


Three significant records
Novo Holdings closed 2020 with three significant records.


  • We recorded income and returns for the year at DKK 29 billion (EUR 4 billion), based on a very satisfactory return on the Investment Portfolio of 12%, corresponding to DKK 16 billion (EUR 2.2 billion), and income from the Novo Group of DKK 13 billion (EUR 1.7 billion). Life Science Investments accounted for 52% of the Novo Holdings total Investment Portfolio and generated a return of 17%, in line with its 10-year average return.
  • Assets under management reached the highest level ever, with our Investment Portfolio increasing to DKK 150 billion (EUR 20 billion) and total assets at DKK 457 billion (EUR 61 billion), measuring the Novo Nordisk and Novozymes A shares at the value of the B shares by end of year.
  • The number of life science companies in the Investment Portfolio grew to more than 120, of which 10 went public during 2020.


“While 2020 was a very good year, we are ultimately long-term investors. We are very pleased to report that we are delivering on the key objective of generating attractive long-term returns on the assets of the Novo Nordisk Foundation, with an average 10-year return by the Investment Portfolio of 12%,” says Kasim Kutay.

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