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Novo Holdings reports Total Income and Investment Returns of DKK 31 billion (€4.2 billion) for 2023. Total Assets grow by 38% to DKK 1,114 billion (€149 billion)
COPENHAGEN, Denmark, March 12, 2024 /PRNewswire/ — Novo Holdings today announced its financial results for 2023*. Strong Investment Portfolio performance, and growth of the Novo Group companies drive Total Income and Investment Returns to DKK 31 billion (€4.2 billion) for 2023, up from DKK 3 billion (€0.4 billion) in 2022. The Investment Portfolio generated a return of 9.4%, compared to -6.3% in 2022. Including Special Investments**, the Total Investment Return is 7%.
Total Income and Investment Returns of DKK 31 billion are comprised of income from dividends and the share repurchase programmes of the Novo Group companies (Novo Nordisk A/S and Novozymes A/S, now known as Novonesis following the merger with Chr. Hansen), totalling DKK 19 billion (€2.5 billion), and Returns from the Investment Portfolio generating an income of DKK 13 billion (€1.7 billion) when including all Investment Assets. The 5- and 10-year trailing returns for the Investment Portfolio are 10.1% for both horizons.
Novo Holdings closed 2023 with Total Assets under Management of DKK 1,114 billion (€149 billion), up from DKK 805 billion (€108 billion) in 2022.
Kasim Kutay, CEO of Novo Holdings, said:
“The strong performance of our Investment Portfolio, coupled with our diversification efforts, and the continued growth of the Novo Group companies led to 9.4% returns in 2023, which is above industry benchmarks. By generating attractive long-term returns, Novo Holdings enables the growth of the Novo Nordisk Foundation’s grant-giving capacity in medical, scientific, and humanitarian fields.”
A year of high investment activity
The Novo Holdings Investment Portfolio comprises Life Science Investments (Seed Investments, Venture Investments, Bioindustrial Investments, Asia Investments, Growth Investments and Principal Investments), making up 51% of the portfolio, and Capital Investments, 49% of the portfolio.
In 2023, Life Science Investments reported a DKK 5 billion (€0.7 billion) return, compared to a negative DKK -6 billion (€-0.9 billion) return in 2022. Capital Investments reported a DKK 8 billion (€.1.0 billion) return, compared to a negative DKK -5 billion (€-0.7 billion) return in 2022.
2023 was characterised by high investment activity across most of Novo Holdings’ various investment verticals. Novo Holdings welcomed 30 new companies to the Investment Portfolio and exited 26 companies. By year-end, the Investment Portfolio included a total of 170 companies.
During a year where global biotech investment activity was less vigorous, Novo Holdings continued to support life sciences companies in their efforts to improve health outcomes for patients and to foster better planetary health.
“Among notable investments in the life sciences space in 2023, we acquired Denmark-based company Ellab, which provides crucial validation and monitoring solutions and services for biotech and pharmaceutical processes,” Kasim Kutay said.
“2023 was also a good year for Capital Investments, our non-life science investment team. Capital Investments closed the year with DKK 98 billion (€13 billion) of investment assets and generated a return of 9% versus a negative return of -6% in 2022. Highlights for 2023 include investments in Euroclear, a global provider of financial market infrastructure, and Glentra Capital, a new energy transition investment firm which was co-founded by Novo Holdings in 2022.”
New strategy to accelerate the green transition of industry and society
2023 marked the completion of Novo Holdings’ 5-year strategy period, with returns exceeding expectations. Milestones achieved over the past 5 years include the launch of an investment platform in Asia headquartered in Singapore, the establishment of a global Bioindustrial Investments vertical, and the acceleration of private equity investment activities in North America.
In 2024, Novo Holdings will start its Strategy 2030 journey, which encompasses operational scaling and the acceleration of green transition investments. By 2030, Novo Holdings aims to increase its green transition investment allocation from approximately 2% to 10% of its total investment funds. The focus will be on companies focused on planetary health across the value chain including technology, growth, scaling and infrastructure.
A key contributor to Novo Holdings’ efforts to advance planetary health is Novonesis, the company that has emerged as the result of the combination of Novozymes and Chr. Hansen. With the merger closed at the beginning of 2024, Novonesis is set to become an industrial biosolutions powerhouse, harnessing the power of biotechnology to transform consumer products and make industrial and agricultural processes more sustainable and efficient.
“In summary, 2023 was an exciting year for Novo Holdings, and 2024 holds promising opportunities. Novo Holdings recently announced an agreement to acquire Catalent, a world leading global Contract Development and Manufacturing Organisation (CDMO). In connection with this agreement, Novo Nordisk has agreed to acquire three of Catalent’s fill/finish sites from Novo Holdings. With a transaction value at $16.5 billion, the transaction will represent our largest ever investment. The transaction is expected to close by year-end of the calendar year 2024,” Kasim Kutay said.
* This performance report is an unaudited version of the 2023 performance of Novo Holdings. The audited version of the 2023 Annual Report of Novo Holdings is expected to be released in May 2024, as it is dependent on the release of the consolidated financial statements of the Novo Nordisk Foundation, expected to be released later than in previous years due to the merger of Chr. Hansen and Novozymes.
**The Investment Portfolio excludes Special Investments, which comprise investments that are made at below market return targets (e.g. impact investments), and assets that are held for Novo Nordisk Foundation strategic purposes. Including all assets, the Total Investment Return is 7%.
2023 highlights
- The Novo Group Companies, Novo Nordisk A/S and Novozymes A/S delivered strong annual results. Novo Nordisk’s sales increased by 31% in DKK and by 36% at constant exchange rates, and Novozymes reported 5% organic sales growth in 2023.
The Capital Investments portfolio generated a profit of DKK 7.6 billion (€1.0 billion), compared to DKK -5.1 billion (€-0.7 billion) in 2022. Capital Investments’ public portfolio had a solid performance in 2023 with returns on par with the benchmark for the year, and above our long-term average returns. The private portfolio faced a more difficult year, as higher interest rates had a negative impact on valuations. Notable investments in 2023 include a €267 million investment in EuroClear, a global provider of financial market infrastructure. - Principal Investments realised total proceeds of $1.3 billion (€1.2 billion) (including the sale of Synlab, which was not closed at year-end). These proceeds have in part been generated by full or partial divestments of 7 shareholdings, predominantly from the public portfolio. The most significant exit is the agreement to sell the ~17% shareholding in European listed company Synlab to Cinven for €10 per share returning a total of €380 million.
Principal Investments made a new platform investment with the acquisition of Ellab, a global leader in providing validation and monitoring solutions and services mainly for biotech and pharma processes. - At the beginning of 2023, Growth Investments executed a new $40 million (€36 million) investment in Evosep, to further Evosep’s technology and application portfolio. Growth Investments executed one follow-on investment in 2023, deploying DKK 0.5 billion (€0.1 billion) in Oxford Biomedica, a leading gene and cell therapy group focused on developing life-changing treatments for serious diseases. During 2023, Growth Investments received capital returns of DKK 13 million (€2 million).
- Venture Investments deployed DKK 3.6 billion (€0.5 billion) in 2023, including DKK 1.4 billion (€0.2 billion) committed to 15 new investments. Notable new investments include 4D Molecular, Alentis Therapeutics, BioGeneration Capital Fund V, CARGO Therapeutics, Cymabay, Fire1, Hillstar Bio, Lexeo Therapeutics, ManaT Bio, Maplight Therapeutics, Octave Health, Pureos Bioventures Fund II, Ray Therapeutics, Terremoto Biosciences and Scion Fund I. Venture Investments exited 16 investments, and realised DKK 3.4 billion (€0.5 billion) from the sale of publicly traded stock as well as from the acquisition of several of our portfolio companies.
- Seed Investments deployed DKK 1.2 billion (€0.2 billion) in 2023, including significant investments in Hemab Therapeutics, Adcendo, Acesion Pharma and Commit Biologics. Other notable activities in 2023 include the establishment of Seed Investments’ own experimental incubator laboratory in Denmark and the acquisition of Paratek Pharmaceuticals through the REPAIR Impact Fund. Seed Investments raised >$460 million (€417 million) for its portfolio in 2023, and by year-end, the portfolio comprised 36 companies. Most of the portfolio consists of private investments, valued at DKK 3.5 billion (€0.5 billion) at year end, 41% higher than at the end of 2022.
- The REPAIR Impact Fund closed the acquisition of Paratek Pharmaceuticals together with Gurnet Point Capital. Paratek is one of the leading independent antibiotics companies in the world, and the transaction was valued at approximately $462 million (€419 million). Further, the REPAIR Impact Fund co-led the $37 million (€34 million) series A financing for LimmaTech Biologics and supported the $10 million (€9 million) series B financing for Revagenix. By year-end, the REPAIR Impact Fund was valued at DKK 798 million (€107 million), compared to DKK 317 million (€43 million) at the end of 2022.
- Bioindustrial Investments executed seven investments during 2023, deploying DKK 1 billion (€0.1 billion). Notable transactions include co-leading the $17 million (€15 million) series A financing of Aquafortus, a water technology company that purifies high salinity brines. Another water-tech investment was the €4.7 million investment in HPNow, a Danish firm pioneering an innovative form of water treatment. Additionally, Bioindustrial Investments completed follow-on investments in several portfolio companies, including 21st. BIO, Bactolife, Biomason, Deep Branch and LanzaTech. By the end of the year, the Bioindustrial Investments portfolio was valued at DKK 4.1 billion (€0.6 billion) and included 23 companies, of which 22 were private and one public.
- Asia Investments invests across life science subsectors, applying a tailored approach to each region and country. Most of the portfolio consists of direct, private investments, valued at DKK 2.7 billion (€0.4 billion) at year-end, compared with DKK 1.4 billion (€0.2 billion) at the end of 2022. Notable transactions in 2023 include co-leading of the series C financing in LePure Biotech, a leading provider of high-quality and innovative single-use bioprocessing solutions in China. Further, Asia Investments participated as a cornerstone investor in the $470 million (€426 million) IPO of WuXi XDC for listing on the Hong Kong stock exchange. Additional highlights include participation in the $135 million (€122 million) series D financing of Halodoc and participation in the $39 million (€35 million) series C1 financing of Doctor Anywhere.
Return on the Investment Portfolio
The following table shows the 5- and 10-year returns for Life Science Investments, Capital Investments and the Total Investment Portfolio. The results for 2022 are included for comparison along with the long-term returns.
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Income and Investment Returns (in DKK (EUR) billion):
Photo – https://mma.prnewswire.com/media/2359482/Novo_Holdings_2.jpg
As a holding and investment company, Novo Holdings invests to generate long-term returns. The Total Value of the Holding and Assets under Management was DKK 1,114 billion (€149 billion) at the end of 2023.
Assets under Management (in DKK (EUR) billion):
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Notes: Income from the Novo Group includes dividends received from Novo Nordisk A/S and Novozymes A/S, in addition to income related to the sale of shares in Novo Group companies. In the investment assets overview, the value of the Novo Group is presented with both A and B shares valued at the closing price of B shares on 31 December 2023 and 31 December 2022. Income and Investment Returns as well as Total Holdings and Investment Assets include the Novo Nordisk Foundation’s share of returns and assets.
About the performance overview of the Investment Portfolio
All returns are calculated in DKK and reflect total returns excluding internal costs. The returns on Life Science Investments are calculated as Internal Rate of Return (IRR) based on the book value at the end of the measurement period and cash flows within the measurement period, compared with the book value at the beginning of the measurement period. Capital Investments’ returns and Investment Portfolio returns are based on Time Weighted Returns (TWR).
Read the Novo Holdings Performance Report 2023 here.
About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and 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 Novozymes (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 also manages a broad portfolio of equities, bonds, real estate and infrastructure assets as well as private equity investments.
As of year-end 2023, Novo Holdings had total assets of €149 billion. Further information: www.novoholdings.dk.
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.
www.novonordiskfonden.dk/en
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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