Annual Results 2025
Novo Holdings is a holding and investment company that manages the assets and wealth of Novo Nordisk Foundation, one of the world’s largest enterprise foundations.
2025 highlights
21
bn
Total Income and Investment Return in 2025
13
bn
Deployed into Life Science in 2025
12
New companies added to the Investment Assets Portfolio in 2025 (and 36 companies exited)
2.3/9.2%
Return on the Investment Portfolio1 in 20252
Return as reported/Return in constant currency.
8.6/8.9%
10-year Average Return on the Investment Portfolio1
Return as reported/Return in constant currency.
694
bn
Total Assets under Management
1 The Investment Portfolio excludes Special Investments, which comprise impact investments and assets held for Novo Nordisk Foundation strategic purposes.
2 Total Investment Assets Return including all assets is 2.5% for 2025 and the 10-year Average Return for Total Investment Assets is 8.2%.
Novo Holdings' Purpose is to improve people’s health and the sustainability of society and the planet, by generating attractive long-term returns on the assets of Novo Nordisk Foundation.
Novo Holdings is the controlling shareholder of Novo Nordisk and Novonesis (the Novo Group companies) and manages an investment portfolio with a long-term return perspective.
Novo Holdings invests in life science companies at all stages of development and, in addition, manages a broad portfolio of equities, bonds, real estate and infrastructure assets as well as private equity investments.
Return on Life Science Investments
-1.2/8.6%
Return as reported/Return in constant currency.
Return on Capital Investments
6.4/9.8%
Return as reported/Return in constant currency.
Total Investment Return for Novo Holdings in 2025
5.8
bn
Total awarded by Novo Nordisk Foundation in 2025
11.8
bn
Investing to benefit people and the planet
“We aspire to be a leading responsible investor, recognised for delivering strong financial returns and positive societal impact.”
Kasim Kutay
Chief Executive Officer, Novo Holdings
Q&A with the Chair and the CEO
Despite a challenging global environment, Novo Holdings has made significant progress on its Strategy 2030 during 2025 and delivered on its priorities. Guided by our long-term investment strategy, disciplined capital allocation and a focus on liquidity, the Company has navigated the turbulence with resilience. Chief Executive Officer Kasim Kutay and Chair Lars Green discuss 2025 performance and opportunities in our investment areas, including the potential for quantum and AI.
Lars Green – Chair of the Board (left)
Kasim Kutay – Chief Executive Officer (right)
Our investment strategy
We generate attractive long-term returns with investments through two teams: Life Science Investments and Capital Investments.
Our five strategic investment pillars
Stability
Be a stable and supportive owner of the Novo Group.
Long-term returns
Generate attractive long-term returns that allow Novo Holdings to both deliver an income to the Novo Nordisk Foundation and grow its Investment Portfolio.
Life-science focused
Allocate a significant portion of its funds to direct life science investing, where the Company can leverage its heritage and deep-rooted insights.
Diversified
Invest, both through specialist portfolio managers and directly, across the asset classes including equities, fixed income and alternatives through Capital Investments.
For impact
Invest for positive societal impact.
Our Responsible Investment objectives
Health
We aim to improve health in society and improve patient outcomes by allocating a significant part of our investments to life science.
People
We promote responsible and diverse workplaces and aspire for at least 40% underrepresented members on boards with Novo Holdings representation by 2027.
Portfolio highlights 2025
238
bn
Investment Assets
5.8
bn
Investment Return
-1.2/8.6%
Return on Life Science Investments
Return as reported/Return in constant currency.
6.4/9.8%
Return on Capital Investments
Return as reported/Return in constant currency.
2.3/9.2%
Return on Investment Portfolio3,4
(5-year average of 8.2/8.0%)
Return as reported/Return in constant currency.
3The Investment Portfolio excludes Special Investments, which comprise impact investments and assets held for Novo Nordisk Foundation strategic purposes.
4Total Investment Return for 2025 including all assets is 2.5% and the 5-year average Total Investment Return is 7.2%.
Our portfolio in action
Spotlight: Delivering value through engaged ownership
Expanding access to essential infusion therapies
Spotlight: Blue Planet – from waste to sustainable solutions
Building a circular waste platform across Asia
Spotlight: 55 North – investing in the future of quantum
The untapped possibilities of quantum technology
Spotlight: Merus – supporting innovation through fundraising and IPO
Unlocking value through strategic M&A
Spotlight: Tempus AI – delivering value in AI-enabled diagnostics
Precision medicine for personalised patient care
Spotlight: Aligned Data Centers – the world’s largest data center transaction
A disciplined investment approach to driving returns
Novo Group companies
The Novo Group is a group of three independent companies that are ultimately controlled by the Novo Nordisk Foundation: Novo Holdings, Novo Nordisk A/S and Novonesis A/S.
15.4
bn
Total income from Novo Group companies in 2025
Our global presence
54%
International workforce
7
Offices worldwide
235
Global employees
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