NOVO HOLDINGS AS

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1999

Principal Officer

KASIM KUTAY

Phone

4524999199

Tax Period

2024-01-01 to 2024-12-31

NOVO HOLDINGS AS, founded in 1999, is a large national nonprofit in the Philanthropy & Grantmaking sector that reported $3.5B in total revenue in fiscal year 2024. Revenue surged 25% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.3B, a strong 92% operating margin.

Mission

NOVO HOLDINGS A/S (NH) HOLDS AND MANAGES NOVO NORDISK FONDEN'S (NNF) ENDOWMENT TO ENSURE THAT NNF HAS THE RESOURCES NECESSARY TO SUPPORT ITS SCIENTIFIC, HUMANITARIAN, AND OTHER SOCIAL WELFARE GRANTMAKING.

Program Service Accomplishments

Program 1

Expenses: $106,954,414

NOVO HOLDINGS A/S (NH) MANAGES NNF'S ENDOWMENT WITH THE AIM OF GENERATING ATTRACTIVE LONG-TERM RETURNS IN ORDER TO ENSURE THAT NNF HAS THE RESOURCES NECESSARY TO SUPPORT ITS SCIENTIFIC, HUMANITARIAN, AND OTHER SOCIAL WELFARE GRANTMAKING PROGRAMS, THUS IMPROVING PEOPLE'S HEALTH AND THE SUSTAINABILITY OF SOCIETY AND THE PLANET.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $3,532,977,597

Other Revenue $9,797,384

TOTAL REVENUE $3,542,774,981

Expense Breakdown

Grants Paid $0

Salaries & Benefits $64,804,857

Fundraising Expenses $0

Program Expenses $106,954,414

Other Expenses $212,754,801

TOTAL EXPENSES $277,559,658

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,542,774,981	$2,825,772,201	+0.3%
Expenses	$277,559,658	$286,822,414	0.0%
Net Income	$3,265,215,323	$2,538,949,787	+0.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

N/A

Employees

126

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$8,837,579

Total Directors

$2,143,001

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LARS REBIEN SORENSEN	CHAIR	1.00	Officer Director	$298,063	$0	$672,365
STEEN RIISGAARD	VICE CHAIR	1.00	Officer Director	$189,693	$0	$413,317
BRITT MEELBY JENSEN	DIRECTOR	1.00	Director	$175,479	$0	$175,479
HENRIK POULSEN	DIRECTOR	1.00	Director	$102,959	$0	$102,959
JEPPE CHRISTIANSEN	DIRECTOR	1.00	Director	$102,959	$0	$102,959
JEAN-LUC BUTEL	DIRECTOR	1.00	Director	$213,342	$0	$213,342
FRANCIS MICHAEL CYPRIAN CUSS	DIRECTOR	1.00	Director	$135,413	$0	$135,413
VIVIANE MONGES	DIRECTOR	1.00	Director	$135,461	$0	$135,461
SUSANNE ANTONIE SCHAFFERT	DIRECTOR	1.00	Director	$191,706	$0	$191,706
KASIM KUTAY	CEO	40.00	Officer	$2,442,078	$4,683,158	$7,125,236
NIGEL KEVIN GOVETT	CFO	40.00	Officer	$498,174	$128,487	$626,661

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$3,542,774,981	$277,559,658	$36,173,313,408	$3,265,215,323
2023	$2,825,772,201	$286,822,414	$31,172,125,391	$2,538,949,787