Annual Report 2025

Board of Directors

Lars Rebien Sørensen (portrait)

Lars Rebien Sørensen

Chair

Cees de Jong (portrait)

Cees de Jong

Vice Chair

Elisabeth Dahl Christensen (portrait)

Elisabeth Dahl Christensen

Stephan Engels (portrait)

Stephan Engels

Liselotte Hyveled (portrait)

Liselotte Hyveled

Mette Bøjer Jensen (portrait)

Mette Bøjer Jensen

Britt Meelby Jensen (portrait)

Britt Meelby Jensen

Kasim Kutay (portrait)

Kasim Kutay

Tanja Villumsen (portrait)

Tanja Villumsen

Independence and meeting attendance overview

Independence and meeting attendance overview

 

 

 

 

Meeting attendance in 20251

Name

 

Independence2

 

Board of
Directors

 

Chair
Committee

 

Audit
Committee12

 

People & Governance Committee

 

Remuneration
Committee

 

R&D
Committee

Helge Lund3

 

Independent

 

18/18

 

6/6

 

 

 

3/3

 

 

 

 

Henrik Poulsen4, 5, 6, 7

 

Not independent

 

18/18

 

6/6

 

4/4

 

 

 

4/4

 

 

Elisabeth Dahl Christensen8

 

Not independent

 

19/19

 

 

 

 

 

 

 

4/4

 

 

Laurence Debroux5, 6, 7

 

Independent

 

18/18

 

 

 

4/4

 

 

 

4/4

 

 

Andreas Fibig

 

Independent

 

18/18

 

 

 

 

 

 

 

 

 

8/8

Sylvie Grégoire5

 

Independent

 

18/18

 

 

 

4/4

 

3/3

 

 

 

7/8

Liselotte Hyveled8, 9

 

Not independent

 

19/19

 

 

 

 

 

 

 

 

 

8/8

Mette Bøjer Jensen5, 8, 10

 

Not independent

 

19/19

 

 

 

5/5

 

 

 

 

 

 

Kasim Kutay4

 

Not independent

 

18/19

 

 

 

 

 

3/3

 

 

 

6/8

Christina Law5

 

Independent

 

18/18

 

 

 

4/4

 

2/3

 

 

 

 

Martin Mackay

 

Independent

 

18/18

 

 

 

 

 

 

 

4/4

 

8/8

Thomas Rantzau8

 

Not independent

 

19/19

 

 

 

 

 

3/3

 

 

 

 

Lars Rebien Sørensen11

 

Not independent

 

1/1

 

1/1

 

 

 

 

 

 

 

 

Cees de Jong10, 11

 

Independent

 

1/1

 

1/1

 

1/1

 

 

 

1/1

 

 

Britt Meelby Jensen4, 11

 

Not independent

 

1/1

 

 

 

 

 

 

 

1/1

 

 

Stephan Engels6, 7, 10, 11

 

Independent

 

1/1

 

 

 

1/1

 

 

 

1/1

 

 

1.

Number of meetings attended by each Board member out of the total number of meetings within the member’s term.

2.

As of 31 December 2025, 40% of shareholder-elected board members and 22% of all board members, including employee representatives, are considered independent.

3.

Helge Lund was also a member of the Board of Directors for a one-year term from 2014-2015.

4.

Member of the board of directors or executive management of Novo Holdings A/S.

5.

Pursuant to the US Securities Exchange Act, Laurence Debroux, Sylvie Grégoire and Christina Law qualified as independent Audit Committee members, while Mette Bøjer Jensen and Henrik Poulsen relied on an exemption from the independence requirements.

6.

Laurence Debroux, Henrik Poulsen and Stephan Engels possess the qualifications within accounting and auditing required under part 8 of the Danish Act on Approved Auditors and Audit Firms.

7.

Designated as financial experts as defined by the US Securities and Exchange Commission (SEC).

8.

Elected by employees of Novo Nordisk.

9.

Liselotte Hyveled was also an employee-elected member of the Board of Directors for one four-year term from 2014-2018.

10.

Under the US Securities Exchange Act on Audit Committee requirements, Stephan Engels and Cees de Jong qualify as independent, while Mette Bøjer Jensen relies on an exemption to the independence requirements.

11.

Was elected to the Board of Directors at the Extraordinary General Meeting on 14 November 2025.

12.

Collectively, the members have relevant industry expertise.