Novo Holdings, the controlling shareholder of Ozempic-maker Novo Nordisk (NVO), nearly doubled its annual income and investment returns in 2024.

The life sciences–focused holding company reported Wednesday that its total income and investment returns reached a record 60 billion Danish krone ($8.7 billion), a 92% jump from 31.2 billion krone ($4.5 billion) the previous year.

“2024 was a successful year for Novo Holdings, not only in terms of financial performance, but also in strengthening our organization with the addition of talented new colleagues,” CEO Kasim Kutay said in a press release. “In 2025, we will build on this momentum, with a particular focus on Asia as we establish an office in India.”

Novo Holdings manages the assets of the Novo Nordisk Foundation and holds a controlling stake in Novo Nordisk, with 77% of voting shares. The Danish pharma company’s revenue surged 26% last year to $40.5 billion, helping drive Novo Holdings’ financial gains.

The holding company expanded its portfolio slightly in 2024, adding 43 new companies while exiting 27. By year’s end, its portfolio comprised 181 companies.

The company’s largest acquisition last year was the drug manufacturer Catalent. As part of the $16.5 billion deal, Novo Holdings agreed to acquire Catalent, while Novo Nordisk purchased three of its manufacturing facilities. The move aimed to ease supply shortages at the time of the company’s weight loss drug Wegovy. Novo Nordisk said the acquisition would boost production capacity starting in 2026. Catalent manufactures nearly 70 billion doses of more than 7,000 products each year.

Despite Novo Holdings’ strong financial performance, the company saw its total assets under management shrink to $153 billion from $161 billion in 2023, reflecting a drop in Novo Nordisk’s market value. The pharma giant’s stock has fallen 46% over the past 12 months, weighed down by setbacks including clinical trials that failed to meet expectations.

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