Untitled

Financial report for the period 1 January 2021 to 30 June 2021

4 August 2021

Novo Nordisk's net profit increased by 10% in the first six months of 2021

• Operating profit decreased by 1% in Danish kroner and increased by 9% at constant exchange rates (CER).

• Sales increased by 5% in Danish kroner and by 12% at CER to DKK 66.8 billion. Sales in International Operations

increased by 7% in Danish kroner (13% at CER), and sales in North America Operations increased by 1% in Danish

kroner (11% at CER).

• Sales within Diabetes and Obesity care increased by 5% in Danish kroner to DKK 56.9 billion (13% at CER), driven by

GLP-1 growth of 21% in Danish kroner (30% at CER) reflecting the uptake of Ozempic

and Rybelsus

. Obesity care grew

by 23% in Danish kroner (34% at CER) and Biopharm sales remained unchanged in Danish kroner (increased by 7% at

CER).

• In June 2021, Wegovy™, semaglutide 2.4 mg, was made available to patients in the US following the approval from the

US Food and Drug Administration (FDA) for weight management in adults living with obesity.

• For the 2021 outlook, sales growth is now expected to be 10-13% at CER (previously 6-10%), and operating profit growth

is now expected to be 9-12% at CER (previously 5-9%). Sales growth reported in Danish kroner is still expected to be 4

percentage points lower than at CER and operating profit growth reported in Danish kroner is now expected to be 5

percentage points lower than at CER.

PROFIT AND LOSS H1 2021 H1 2020

Growth

as reported

Growth

at CER*

DKK million

Net sales 66,845 63,881 5% 12%

Operating profit 29,761 30,140 (1%) 9%

Net profit 24,746 22,522 10% N/A

Diluted earnings per share (in DKK) 10.71 9.58 12% N/A

* CER: Constant exchange rates (average 2020).

Lars Fruergaard Jørgensen, president and CEO: "We are pleased with the sales growth in the first half of 2021. The growth

is driven by all geographical areas within International Operations as well as North America Operations, and by all therapy

areas, in particular by our portfolio of GLP-1 treatments. Within R&D, we reached a very important milestone with the

approval of Wegovy™ in the US, offering people living with obesity a new, efficacious treatment option. The strong financial

performance in the first half of 2021 and the initial substantial demand for Wegovy™ in the US have enabled us to raise our

outlook for the full year."

On 4 August 2021 at 19.00 CEST, corresponding to 13.00 PM EDT, an earnings call will be held. Investors will be able to listen in

via a link on novonordisk.com, which can be found under ‘Investors’.

Novo Nordisk A/S

Investor Relations

Novo Allé

2880 Bagsværd

Denmark

Telephone:

+45 4444 8888

www.novonordisk.com

CVR Number:

24 25 67 90

Company announcement No 48 / 2021

STRATEGIC ASPIRATIONS

STRATEGIC ASPIRATIONS 2025

The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo

Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to

each of the four dimensions on an ongoing basis.

Performance highlights for the first six months of 2021 (second-quarter developments):

Purpose and sustainability

Innovation and therapeutic focus

Adding value to society:

• Progress on 'Defeat Diabetes' strategy:

◦ Collaboration with the University of Toronto focusing on

prevention

◦ Initiation of 'Diabetes Compass' by the World Diabetes

Foundation to improve access to diabetes care in low

and middle-income countries

◦ Reaching 15 countries in Changing Diabetes in Children

by including Ghana

◦ Launch of Prevention Accelerator inviting start-ups to

submit ideas for how to predict or prevent obesity

Progress towards zero environmental impact:

• 45% reduction in CO

emissions compared to the first six

months of 2019

• Approximately 15% reduction in supplier CO

emissions

Pro

Evolve culture and ensure distinct core capabilities:

• Launch of an aspirational gender diversity target

Further raise innovation bar for diabetes treatment:

• Approval of Ozempic

in China for the treatment of type 2

diabetes

• Resubmission of semaglutide 2.0 mg in the US

• Phase 2 initiation with cagrilintide in combination with

semaglutide in people with type 2 diabetes

Develop superior treatment solutions for obesity:

• Decision to initiate phase 3a development with 50 mg oral

semaglutide in obesity

• Approval of Wegovy™, semaglutide 2.4 mg, in the US

Strengthen and progress Biopharm pipeline:

• Sogroya

, somapacitan, approved in the EU for the

treatment of adults with growth hormone deficiency

Establish presence in Other serious chronic diseases:

• Phase 3a development initiated for treatment of NASH and

Alzheimer's disease with semaglutide

• New stem cell R&D licence agreement with Heartseed and

acquisition of Prothena's ATTR amyloidosis programme

Commercial execution Financials

Strengthen diabetes leadership:

• Diabetes value market share increased by 0.5 percentage

point to 29.6% (MAT)

Strengthen obesity leadership and double sales:

• Obesity care sales increased by 34% (CER) to DKK 3.5 billion

Secure a sustained growth outlook for Biopharm:

• Biopharm sales increased by 7% (CER)

Deliver solid sales and operating profit growth:

• Sales growth at 12% (CER)

• International Operations sales growth of 13% (CER)

• US sales growth of 10% with 56% of sales coming from

products launched since 2015

• Operating profit growth of 9% (CER)

Drive operational efficiencies:

• Continued productivity gains in Product Supply

Enable attractive capital allocation to shareholders:

• Free cash flow of DKK 32.7 billion and DKK 21.9 billion

returned to shareholders

Financial report for the period 1 January 2021 to 30 June 2021

Page 2 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

PERFORMANCE HIGHLIGHTS

FINANCIAL HIGHLIGHTS FOR THE FIRST SIX MONTHS OF 2021

PROFIT AND LOSS H1 2021 H1 2020

% change H1

2021 to H1 2020

% change H1

2021 to H1 2020

at CER

(Amounts are in DKK million, except for numbers of shares, earnings per

share and employees)

Net sales 66,845 63,881 5% 12%

Gross profit

55,487

53,723

11%

Gross margin

83.0%

84.1%

Sales and distribution costs

16,257

14,988

15%

Percentage of sales

24.3%

23.5%

Research and development costs

7,888

7,068

12%

15%

Percentage of sales

11.8%

11.1%

Administrative costs

1,836

1,754

Percentage of sales

2.7%

Other operating income, net

255

227

12%

20%

Operating profit

29,761

30,140

(1%)

Operating margin

44.5%

47.2%

Financial items (net)

1,094

(1,703)

(164%)

N/A

Profit before income taxes

30,855

28,437

N/A

Income taxes

6,109

5,915

N/A

Effective tax rate

19.8%

20.8%

Net profit

24,746

22,522

10%

N/A

Net profit margin

37.0%

35.3%

OTHER KEY NUMBERS

Depreciation, amortisation and impairment losses

2,594

2,244

16%

N/A

Capital expenditure

3,111

2,906

N/A

Net cash generated from operating activities

36,510

34,273

N/A

Free cash flow

32,696

30,335

N/A

Total assets

158,095

136,121

16%

N/A

Equity

65,559

60,054

N/A

Equity ratio

41.5%

44.1%

Average number of diluted shares outstanding (million) 2,310.9 2,349.9 (2%) N/A

Diluted earnings per share / ADR (in DKK) 10.71 9.58 12% N/A

Full-time equivalent employees end of period 45,971 43,526 6% N/A

These unaudited consolidated financial statements for the first six months of 2021 have been prepared in accordance with

IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies. The accounting

policies adopted in the preparation are consistent with those applied in the Annual Report 2020 of Novo Nordisk.

Financial report for the period 1 January 2021 to 30 June 2021

Page 3 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

COMMERCIAL EXECUTION

SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS

Sales grew by 5% measured in Danish kroner and by 12% at CER the first six months of 2021, driven by growth across all

therapy areas with Diabetes care sales growth of 11% (CER), Obesity care sales growth of 34% (CER) and Biopharm sales

growth of 7% (CER). Sales growth is positively impacted by inventory changes and timing of shipments in 2021. Sales

growth in the first six months of 2020 was positively impacted by COVID-19-related stocking, largely offset by fewer

patients initiating treatment.

Sales split per therapy

Sales H1 2021

DKK million

Sales H1 2020

DKK million

Growth

as reported

Growth

at CER

Share of growth

at CER

Diabetes and Obesity care segment

Rybelsus

1,674

584

187%

213%

17%

Ozempic

14,097

9,591

47%

58%

75%

Victoza

7,606

9,225

(18%)

(12%)

(15%)

Total GLP-1

23,377

19,400

21%

30%

77%

Long-acting insulin

8,971

9,378

(4%)

- Tresiba

4,557

4,618

(1%)

- Xultophy

1,326

1,238

12%

- Levemir

3,088

3,522

(12%)

(6%)

(3%)

Premix insulin

5,668

5,648

- Ryzodeg

841

671

25%

34%

- NovoMix

4,827

4,977

(3%)

Fast-acting insulin

8,808

9,493

(7%)

(1%)

(2%)

- Fiasp

837

676

24%

30%

- NovoRapid

7,971

8,817

(10%)

(4%)

Human insulin

4,576

5,001

(8%)

(3%)

(2%)

Total insulin

28,023

29,520

(5%)

Other Diabetes care

1,919

2,102

(9%)

(5%)

(1%)

Total Diabetes care

53,319

51,022

11%

78%

Obesity care (Saxenda

and Wegovy™)

3,543 2,885 23% 34% 13%

Diabetes and Obesity care total 56,862 53,907 5% 13% 91%

Biopharm segment

Rare blood disorders

5,401

5,211

11%

- Haemophilia A

1,120

845

33%

39%

- Haemophilia B

309

247

25%

30%

- NovoSeven

3,855

4,009

(4%)

Rare endocrine disorders

3,779

3,983

(5%)

Other Biopharm

803

780

Biopharm total

9,983

9,974

Total sales 66,845 63,881 5% 12% 100%

Primarily NovoNorm

, needles and GlucaGen

HypoKit

Comprises NovoSeven

, NovoEight

, Esperoct

Refixia

and NovoThirteen

Primarily Norditropin

Primarily Vagifem

and Activelle

Financial report for the period 1 January 2021 to 30 June 2021

Page 4 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

DIABETES AND OBESITY CARE

Diabetes care, sales and market share development

Sales in Diabetes care increased by 5% measured in Danish kroner and by 11% at CER to DKK 53,319 million driven by

GLP-1 growth. Novo Nordisk has improved the global diabetes value market share over the last 12 months from 29.1% to

29.6% in line with the aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market

share of more than one third in 2025. The market share increase was driven by market share gains in both International

Operations and North America Operations.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from May 2021 and

May 2020 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa, Region

China covers mainland China, Hong Kong and Taiwan, and Rest of World covers all other countries except for North

America.

Diabetes care, development per geographical area

Novo Nordisk’s share of the total

diabetes market (value, MAT) Diabetes care, sales development

May

Sales H1 2021

DKK million

Growth

at CER

2021

2020

Global

29.6%

29.1%

53,319

11%

International Operations

24.0%

22.5%

29,294

13%

- EMEA *

28.1%

27.3%

14,676

11%

- Region China **

32.4%

27.8%

7,866

13%

- Rest of World ***

14.0%

13.2%

6,752

19%

North America Operations

31.6%

31.5%

24,025

- The US

31.6%

22,534

Source: IQVIA, May 2021 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk Diabetes care sales

in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for Rest of World available for seven markets representing approximately 70% of total Novo

Nordisk’s Diabetes care sales in the area.

GLP-1 therapy for type 2 diabetes

Sales of GLP-1 products for type 2 diabetes (Rybelsus

Ozempic

and Victoza

) increased by 21% measured in Danish

kroner and by 30% at CER to DKK 23,377 million. The GLP-1 segment’s value share of the total diabetes market has

increased to 24.0% compared with 20.0% 12 months ago. Novo Nordisk continues to be the global market leader in the

GLP-1 segment with a 51.5% value market share, an increase of 2.4 percentage points compared to 12 months ago.

GLP-1, development per geographical area

Novo Nordisk's share of the

diabetes GLP-1 market (value, MAT) GLP-1, sales development

May

Sales H1 2021

DKK million

Growth

at CER

2021

2020

Global

51.5%

49.1%

23,377

30%

International Operations

56.1%

52.1%

7,527

46%

- EMEA *

56.8%

53.8%

4,961

36%

- Region China **

84.9%

92.9%

833

68%

- Rest of World ***

48.0%

41.4%

1,733

69%

North America Operations

50.8%

48.6%

15,850

24%

- The US

50.1%

48.1%

14,958

23%

Source: IQVIA, May 2021 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 sales in the

area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk

Diabetes care sales in the area.

Rybelsus

sales increased by 187% measured in Danish kroner and by 213% at CER to DKK 1,674 million. Sales growth was

driven by North America Operations as well as EMEA and Rest of World. Rybelsus

has now been launched in 18 countries.

Ozempic

sales increased by 47% measured in Danish kroner and by 58% at CER to DKK 14,097 million. Sales growth was

driven by both North America Operations and International Operations. Ozempic

has now been launched in 62 countries.

Victoza

sales decreased by 18% measured in Danish kroner and by 12% at CER to DKK 7,606 million. The sales decline

was driven by North America Operations and EMEA, partially offset by higher sales in Region China and Rest of World.

Financial report for the period 1 January 2021 to 30 June 2021

Page 5 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

International Operations

Sales of GLP-1 diabetes products in International Operations increased by 40% measured in Danish kroner and by 46% at

CER. Sales growth is driven by all geographical areas. The value share of the GLP-1 class of the total diabetes market has

increased to 11.9% from 9.8% 12 months ago. Novo Nordisk is the market leader with a value market share of 56.1%.

EMEA

Sales in EMEA increased by 34% measured in Danish kroner and by 36% at CER. The sales growth reflects the uptake of

Ozempic

and Rybelsus

partially offset by lower sales of Victoza

. Rybelsus

has now been launched in 15 countries in

EMEA. Novo Nordisk remains the market leader in EMEA with a value market share of 56.8%.

Region China

Sales in Region China increased by 66% measured in Danish kroner and by 68% at CER. The sales growth reflects the

uptake of Victoza

in mainland China and the launch of Ozempic

in Taiwan

. The GLP-1 class' share of the overall diabetes

market value in Region China increased to 4.1% from 2.3% 12 months ago with a Victoza

market share of 88.6%.

Rest of World

Sales in Rest of World increased by 51% measured in Danish kroner and by 69% at CER. The sales growth reflects

increased sales of Ozempic

, Rybelsus

, following the launch in Japan, and Victoza

. Novo Nordisk remains the market

leader with a value market share of 48.0%.

North America Operations

Sales of GLP-1 diabetes products in North America Operations increased by 13% measured in Danish kroner and by 24%

at CER. Novo Nordisk is the market leader with a 50.8% value market share compared to 48.6% 12 months ago. The value

market share of the GLP-1 class of the total North American diabetes market has increased to 28.4% compared to 23.8%

12 months ago.

Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of around 25% compared to the first

six months of 2020. Rybelsus

weekly new-to-brand market share is 12.9%. The combined Novo Nordisk GLP-1 new-to-

brand prescription market share is now 62.6%. Novo Nordisk is the market leader with 51.3% measured on total monthly

prescriptions for the combined GLP-1 portfolio.

Sales of GLP-1 in the US increased by 23% at CER. The sales increase was driven by continued uptake of Ozempic

and

Rybelsus

, partially offset by declining Victoza

sales. GLP-1 sales growth was negatively impacted by rebate

enhancements as well as unfavourable channel and payer mix.

Financial report for the period 1 January 2021 to 30 June 2021

Page 6 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

Insulin

Sales of insulin decreased by 5% measured in Danish kroner and increased by 1% at CER to DKK 28,023 million. Sales

growth at CER was driven by increased sales in International Operations, partially offset by declining sales in the US.

Insulin, development per geographical area

Novo Nordisk’s share of the total

insulin market (volume, MAT) Insulin, sales development

May

Sales H1 2021

DKK million

Growth

at CER

2021

2020

Global

47.3%

47.0%

28,023

International Operations

50.3%

49.7%

20,340

- EMEA *

47.6%

47.1%

9,362

- Region China **

50.8%

50.4%

6,199

10%

- Rest of World ***

57.2%

56.9%

4,779

10%

North America Operations

39.2%

39.7%

7,683

(11%)

- The US

38.9%

39.7%

7,154

(11%)

Source: IQVIA, May 2021 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in the

area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk’s

Diabetes care sales in the area.

International Operations

Sales of insulin in International Operations increased by 1% measured in Danish kroner and by 6% at CER. Sales growth at

CER was driven by long-acting insulin, premix insulin and fast-acting insulin, partially countered by human insulin.

EMEA

Sales of insulin in EMEA decreased by 3% measured in Danish kroner and increased by 2% at CER. The sales growth at CER

was mainly driven by Tresiba

and Fiasp

. Novo Nordisk has a volume market share of 47.6% of the total insulin market.

Region China

Sales of insulin in Region China increased by 8% measured in Danish kroner and by 10% at CER. The sales growth was

driven by Tresiba

, NovoMix

, NovoRapid

and Ryzodeg

, partially countered by human insulin and Levemir

. Novo

Nordisk has a volume market share of 50.8% of the total insulin market.

Rest of World

Sales of insulin in Rest of World remained unchanged in Danish kroner and increased by 10% at CER. The sales growth at

CER was driven by all insulin products except for Levemir

and NovoMix

. Novo Nordisk has a volume market share of

57.2% of the total insulin market.

North America Operations

Sales of insulin in North America Operations decreased by 18% measured in Danish kroner and by 11% at CER. The sales

decrease in the US was driven by lower realised prices due to channel and payer mix and rebate enhancements as well as

a decline in volume. Novo Nordisk has a volume market share of 39.2% of the total insulin market.

Financial report for the period 1 January 2021 to 30 June 2021

Page 7 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

Obesity care, sales development

Sales of Obesity care products, Saxenda

and Wegovy™, increased by 23% measured in Danish kroner and by 34% at CER

to DKK 3,543 million. Sales growth was driven by International Operations and North America Operations. Saxenda

has

been launched in 58 countries and Wegovy™ was launched in the US in June 2021. Novo Nordisk currently has a value

market share of 66.9% of the global branded obesity prescription drug market. The strategic aspiration for Obesity care is

to more than double reported sales from the base in 2019 of DKK 5,679 million by 2025.

Obesity care, development per geographical area Obesity care, sales development

Sales H1 2021

DKK million

Growth

at CER

Global

3,543

34%

International Operations

1,497

44%

- EMEA

839

55%

- Region China

—

- Rest of World

642

30%

North America Operations

2,046

27%

- The US

1,874

27%

International Operations

Sales of Saxenda

in International Operations increased by 33% measured in Danish kroner and by 44% at CER, driven by

increased sales in EMEA and Rest of World. Novo Nordisk currently has a value market share of 42.8% in the branded

obesity prescription drug market.

EMEA

Sales of Saxenda

in EMEA increased by 46% measured in Danish kroner and by 55% at CER. Novo Nordisk currently has a

value market share of 67.3% in the branded obesity prescription drug market.

Rest of World

Sales of Saxenda

in Rest of World increased by 18% measured in Danish kroner and by 30% at CER. Saxenda

has been

launched in 19 countries in Rest of World. Novo Nordisk currently has a value market share of 33.5% in the branded

obesity prescription drug market.

North America Operations

Sales of Obesity care products in North America Operations increased by 16% measured in Danish kroner and by 27% at

CER. Novo Nordisk now has a value market share of 83.0% in the obesity prescription drug market in North America.

Wegovy™ was made available to patients in June 2021 and market access has progressed. The initial feedback from

patients and prescribers has been encouraging. Initial demand has exceeded supply of Wegovy™ and patients may

temporarily experience a delay in getting prescriptions filled.

Financial report for the period 1 January 2021 to 30 June 2021

Page 8 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

BIOPHARM

Biopharm, sales development

Sales of biopharm products remained unchanged in Danish kroner and increased by 7% at CER to DKK 9,983 million in line

with the strategic aspiration of sustained growth in Biopharm. The sales growth at CER was driven by both North America

Operations and International Operations. Sales growth was driven by both Rare blood disorders and Rare endocrine

disorders.

Biopharm, development per geographical area Biopharm, sales development

Sales H1 2021

DKK million

Growth

at CER

Global

9,983

International Operations

6,193

- EMEA

3,594

- Region China

170

(30%)

- Rest of World

2,429

North America Operations

3,790

12%

- The US

3,518

13%

Rare blood disorders

Sales of rare blood disorder products increased by 4% measured in Danish kroner and by 11% at CER to DKK 5,401 million.

The increasing sales were driven by the launch products Esperoct

and Refixia

as well as NovoEight

and NovoSeven

Sales of haemophilia A products increased by 33% measured in Danish kroner and by 39% at CER to DKK 1,120 million. The

sales increase was driven by both International Operations and North America Operations. Esperoct

has now been

launched 21 countries.

Sales of haemophilia B products increased by 25% measured in Danish kroner and by 30% at CER to DKK 309 million. The

sales increase was driven by both International Operations and North America Operations. Refixia

has now been

launched in 20 countries.

Sales of NovoSeven

decreased by 4% measured in Danish kroner and increased by 3% at CER to DKK 3,855 million. The

sales development was driven by increasing sales in North America Operations, partially offset by declining sales in

International Operations. The sales decline in Region China reflects increased distributor stock levels in the first six months

of 2020.

Rare endocrine disorders

Sales of rare endocrine disorder products decreased by 5% measured in Danish kroner and increased by 2% at CER to DKK

3,779 million driven by Norditropin

. The sales growth at CER was driven by International Operations increasing by 4% at

CER, partially offset by North America Operations decreasing by 2%. Novo Nordisk is the leading company in the global

human growth disorder market with a value market share of 35.9% compared to 34.3% a year ago, driven by new

indications and the global roll-out of the next-generation device.

Financial report for the period 1 January 2021 to 30 June 2021

Page 9 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

FINANCIALS

GEOGRAPHIC SALES DEVELOPMENT

Sales increased by 5% measured in Danish kroner and by 12% at CER to DKK 66,845 million in the first six months of 2021.

Sales in International Operations increased by 7% measured in Danish kroner and by 13% at CER. The strategic aspiration

for International Operations is sales growth between 6-10%. Sales in North America Operations increased by 1% measured

in Danish kroner and by 11% at CER. The strategic aspiration of transforming 70% of sales in the US has progressed, and

56% of sales are now derived from products launched since 2015.

Sales split per geographical area

Sales H1 2021

DKK million

Growth

as reported

Growth

at CER

Share of growth

at CER

International Operations

36,984

13%

58%

- EMEA

19,109

11%

27%

- Region China

8,052

10%

12%

11%

- Rest of World

9,823

16%

20%

North America Operations

29,861

11%

42%

- The US

27,926

10%

39%

Total sales 66,845 5% 12% 100%

International Operations

Sales in International Operations increased by 7% measured in Danish kroner and by 13% at CER. Sales growth was driven

by all therapy areas with GLP-1 sales growing by 46% (CER), insulin sales growing by 6% (CER), Obesity care sales growing

by 44% (CER) and Biopharm sales growing by 4% (CER).

EMEA

Sales in EMEA increased by 7% measured in Danish kroner and by 11% at CER. Sales growth was driven by Diabetes care

growing by 11% (CER) driven by increased GLP-1 sales. Biopharm sales increased by 5% (CER) and Obesity care increased

by 55% (CER).

Region China

Sales in Region China increased by 10% measured in Danish kroner and by 12% at CER. Sales growth was driven by

Diabetes care growth of 13% (CER) reflecting increased insulin and GLP-1 sales, partially offset by Biopharm declining by

30% (CER) reflecting increased distributor stock levels in the first six months of 2020.

Rest of World

Sales in Rest of World increased by 6% measured in Danish kroner and by 16% at CER. Sales growth was driven by

Diabetes care growing by 19% (CER), reflecting increased GLP-1 and insulin sales, Obesity care growing by 30% (CER) and

Biopharm growing by 5% (CER).

North America Operations

Sales in North America Operations increased by 1% measured in Danish kroner and by 11% at CER. Sales growth was

positively impacted by inventory changes in 2021.

The sales increase reflects GLP-1 sales growing by 24% (CER), Obesity care growing by 27% (CER) and Biopharm sales

growing by 12% (CER). This was partially offset by insulin sales decreasing by 11% (CER) driven by lower realised prices due

to channel and payer mix and rebate enhancements as well as a decline in volume.

Financial report for the period 1 January 2021 to 30 June 2021

Page 10 of 31

Strategic

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Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

DEVELOPMENT IN COSTS AND OPERATING PROFIT

The cost of goods sold increased by 12% measured in Danish kroner and by 14% at CER to DKK 11,358 million, resulting in

a gross margin of 83.0% measured in Danish kroner compared with 84.1% in 2020. The decline in gross margin reflects

lower realised prices in the US, a negative currency impact of 0.7% percentage point and amortisation of intangible assets

related to the acquisition of Emisphere Technologies Inc. in 2020. This is countered by a positive product mix driven by

increased GLP-1 sales and productivity improvements in line with the strategic aspiration of driving operational efficiencies.

Sales and distribution costs increased by 8% measured in Danish kroner and by 15% at CER to DKK 16,257 million. The

increase in costs is driven by both International Operations and North America Operations. In International Operations,

promotional spend is related to launch activities for Rybelsus

and Ozempic

, field force expansion in China as well as

Obesity care market development activities. In North America Operations, the cost increase is driven by promotional

activities for Rybelsus

and Ozempic

, partially offset by lower promotional spend related to insulin. The cost increase was

impacted by low activity level in the second quarter of 2020 due to COVID-19.

Research and development costs increased by 12% measured in Danish kroner and by 15% at CER to DKK 7,888 million.

Increased activities within Other serious chronic diseases are driving the cost increase reflecting the progression of the

pipeline within cardiovascular disease and NASH as well as increased costs within Obesity care driven by the ongoing

cardiovascular outcomes trials, SOUL and SELECT. The cost increase was impacted by low activity level in the second

quarter of 2020 due to COVID-19.

Administration costs increased by 5% measured in Danish kroner and by 8% at CER to DKK 1,836 million, reflecting low

spend in the second quarter of 2020 due to COVID-19 impact on activities.

Other operating income (net) was DKK 255 million compared with DKK 227 million in the first six months of 2020.

Operating profit decreased by 1% measured in Danish kroner and increased by 9% at CER to DKK 29,761 million.

Financial items (net) showed a net gain of DKK 1,094 million compared with a net loss of DKK 1,703 million in the first six

months of 2020.

In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged,

primarily through foreign exchange forward contracts. The foreign exchange result was a net gain of DKK 1,049 million

compared with a net loss of DKK 1,555 million in the first six months of 2020. This reflects gains on hedged currencies,

primarily the US dollar.

As per the end of June 2021, a negative market value of financial contracts of approximately DKK 0.4 billion has been

deferred for recognition later in 2021 and 2022.

The effective tax rate is 19.8% in the first six months of 2021 compared with an effective tax rate of 20.8% in the first six

months of 2020, reflecting favourable changes to tax positions covering prior years.

Net profit increased by 10% to DKK 24,746 million and diluted earnings per share increased by 12% to 10.71 DKK.

Financial report for the period 1 January 2021 to 30 June 2021

Page 11 of 31

Strategic

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highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2021

Sales in the second quarter of 2021 increased by 10% measured in Danish kroner and by 17% at CER compared to the

same period in 2020. Operating profit increased by 7% measured in Danish kroner and by 16% at CER. The results in

Danish kroner were negatively impacted by the depreciation of the US dollar versus the Danish krone by 9%.

Please refer to appendix 1 for an overview of the quarterly numbers in DKK and to appendix 6 for additional details on

sales in the second quarter of 2021.

Sales split per geographical area

Sales Q2 2021

DKK million

Growth

as reported

Growth

at CER

Share of growth

at CER

International Operations

18,237

13%

17%

55%

- EMEA

9,579

17%

20%

34%

- Region China

3,722

- Rest of World

4,936

10%

18%

16%

North America Operations

14,804

16%

45%

- The US

13,754

16%

42%

Total sales 33,041 10% 17% 100%

The increased global sales of 17% (CER) were driven by Diabetes and Obesity care sales as GLP-1 sales increased by 37%

(CER), Obesity care sales increased by 63% and insulin sales increased by 1%. Biopharm sales increased by 13% (CER). Sales

growth is positively impacted by COVID-19-related destocking and fewer patients initiating treatment in the second quarter

of 2020 as well as inventory changes and timing of shipments in 2021.

International Operations

Sales in International Operations increased by 13% measured in Danish kroner and by 17% at CER. Sales growth was

driven by all geographical areas. COVID-19-related destocking and fewer patients initiating treatment in the second

quarter of 2020 positively impacted sales growth. Furthermore, sales growth is positively impacted by timing of shipments

in the second quarter of 2021.

Sales growth was driven by Diabetes and Obesity care growing by 19% (CER) driven by increased GLP-1 sales growing by

62% (CER), insulin sales growing by 7% (CER) and Obesity care increasing by 83% (CER). Biopharm sales increased by 8%

(CER).

North America Operations

Sales in North America Operations increased by 7% measured in Danish kroner and by 16% at CER. COVID-19-related

destocking and fewer patients initiating treatment in the second quarter of 2020 positively impacted sales growth.

Sales growth was driven by GLP-1 growing by 28% (CER) reflecting the prescription volume growth, the uptake of

Ozempic

and the launch of Rybelsus

. Insulin sales decreased by 11% (CER) driven by lower realised prices. Obesity care

sales increased by 53% (CER) reflecting uptake of Saxenda

and the launch of Wegovy™ in June 2021. Biopharm sales

increased by 21% (CER) driven by increased NovoSeven

sales, partially offset by lower Norditropin

sales.

Financial report for the period 1 January 2021 to 30 June 2021

Page 12 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

PROFIT AND LOSS Q2 2021 Q2 2020

% change Q2

2021 to Q2 2020

% change Q2

2021 to Q2 2020

at CER

Net sales 33,041 30,006 10% 17%

Gross profit

27,494

25,234

16%

Gross margin

83.2%

84.1%

Sales and distribution costs

8,001

7,398

15%

Percentage of sales

24.2%

24.7%

Research and development costs

3,944

3,291

20%

23%

Percentage of sales

11.9%

11.0%

Administrative costs

904

827

14%

Percentage of sales

2.7%

2.8%

Other operating income, net

134

120

12%

21%

Operating profit

14,779

13,838

16%

Operating margin

44.7%

46.1%

Financial items (net)

138

(422)

(133%)

N/A

Profit before income taxes

14,917

13,416

11%

N/A

Income taxes

2,794

2,791

N/A

Effective tax rate

18.7%

20.8%

Net profit

12,123

10,625

14%

N/A

Net profit margin

36.7%

35.4%

Costs and operating profit

The gross margin was 83.2% in the second quarter of 2021 compared with 84.1% in the same period last year. The 0.9

percentage point gross margin decline reflects lower realised prices in the US and a negative currency impact of 0.7

percentage point, partially countered by positive product mix.

Sales and distribution costs increased by 8% measured in Danish kroner and by 15% at CER compared with the same

period in 2020. The increase was driven by International Operations and North America Operations reflecting the launches

of Rybelsus

and promotional activities related to Ozempic

. The cost increase was impacted by low activity level in the

second quarter of 2020 due to COVID-19.

Research and development costs increased by 20% measured in Danish kroner and by 23% at CER compared with the

same period in 2020. The cost increase is reflecting low activity level in the second quarter of 2020 due to COVID-19.

Administrative costs increased by 9% measured in Danish kroner and by 14% at CER compared with the same period in

2020. The cost increase is reflecting low activity level in the second quarter of 2020 due to COVID-19.

Other operating income (net) of DKK 134 million in the second quarter of 2021 compared with DKK 120 million in the

same period last year.

Operating profit increased by 7% measured in Danish kroner and by 16% at CER compared with the same period in 2020.

Financial items (net) showed a net gain of DKK 138 million compared with a net loss of DKK 422 million in the second

quarter of 2020, mainly reflecting gains associated with foreign exchange hedging contracts, primarily related to the US

dollar versus the Danish krone.

Net profit increased by 14% to DKK 12,123 million and diluted earnings per share increased by 16% to 5.26 DKK.

Financial report for the period 1 January 2021 to 30 June 2021

Page 13 of 31

Strategic

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highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

CASH FLOW AND CAPITAL ALLOCATION

CAPITAL EXPENDITURE AND FREE CASH FLOW IN THE FIRST SIX MONTHS OF 2021

Capital expenditure for property, plant and equipment was DKK 3.1 billion compared with DKK 2.9 billion in 2020.

Free cash flow was DKK 32.7 billion compared with DKK 30.3 billion in 2020 supporting the strategic aspiration to deliver

attractive capital allocation to shareholders. The increase reflects higher net profit and a favourable impact from change in

working capital. The free cash is positively impacted by within-year-timing of rebate payments in the US.

Novo Nordisk’s financial reserves were DKK 38.2 billion by end of June 2021 comprising cash at bank, marketable

securities (measured at fair value based on active market data) and undrawn credit facilities less overdrafts and loans

repayable within 12 months.

EQUITY AND CAPITAL ALLOCATION

Total equity was DKK 65,559 million at the end of the first six months of 2021, equivalent to 41.5% of total assets,

compared with 44.1% at the end of the first six months of 2020. Please refer to appendix 5 for further elaboration of

changes in equity.

Interim dividend

The Board of Directors has decided to pay out interim dividend for 2021 of DKK 3.50 for each Novo Nordisk A and B

share of DKK 0.20, which will be paid in August 2021. The ex-dividend date for the interim dividend will be 16

August 2021. The record date will be 17 August 2021 for the A and B shares as well as the ADRs. The payment date

for the A and B shares will be 18 August 2021, while the payment date for the ADRs will be 25 August 2021. No

dividend will be paid on the company’s holding of B shares.

2021 share repurchase programme

On 7 May 2021, Novo Nordisk announced a share repurchase programme of up to DKK 3.3 billion to be executed

from 10 May to 3 August 2021, as part of an overall programme of up to DKK 18 billion to be executed during a 12-

month period beginning 3 February 2021. The purpose of the programme was to reduce the company’s share capital

and to meet obligations arising from share-based incentive programmes. Under the programme, Novo Nordisk has

repurchased 6,349,637 B shares for an amount of DKK 3.3 billion in the period from 10 May to 3 August 2021. The

programme was concluded on 3 August 2021.

As of 3 August 2021, Novo Nordisk A/S has repurchased a total of 18,714,414 B shares equal to a transaction value

of DKK 8.886 billion under the DKK 18 billion programme beginning 3 February 2021.

As of 3 August 2021, Novo Nordisk and its wholly-owned affiliates owned 17,552,912 of its own B shares,

corresponding to 0.8% of the total share capital.

The execution of Novo Nordisk’s 2021 share repurchase programme of DKK 18 billion to be executed during a 12-

month period beginning 3 February 2021 continues, and a new share repurchase programme will be initiated in

accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014

(MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules”). For

that purpose, Novo Nordisk A/S has appointed Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda

Banken AB (SEB), as lead manager to execute the programme independently and without influence from Novo Nordisk A/S.

The purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based

incentive programmes. Under the agreement, SEB will repurchase B shares on behalf of Novo Nordisk A/S during the

trading period starting today, 5 August, and ending on 1 November 2021.

A maximum of 190,000,000 B shares in total can be bought during the trading period. The maximum number of B

shares that can be repurchased on a single trading day may not exceed 20% of the average daily trading volume of

Novo Nordisk B shares on the trading venue, on which the purchase takes place, during the preceding 20 trading

days of the purchase (excluding the day of the purchase), cf Article 3(3) of the Commission Delegated Regulation

(EU) 2016/1052. At least once every seven trading days, Novo Nordisk A/S will issue an announcement in respect of

the transactions made under the repurchase programme.

Financial report for the period 1 January 2021 to 30 June 2021

Page 14 of 31

Strategic

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highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

As announced in February 2021, Novo Nordisk’s majority shareholder Novo Holdings A/S, a holding company fully

owned by the Novo Nordisk Foundation, has informed Novo Nordisk that it intends to consider its participation in

the Novo Nordisk share repurchase programme on a year-by-year basis. For 2021, Novo Nordisk has been informed

by Novo Holdings A/S that it plans to participate in the share repurchase programme. Novo Holdings A/S has an

ownership of 28.3% of the Novo Nordisk share capital, and Novo Holdings A/S currently intends to maintain its

ownership of the Novo Nordisk share capital around 28%.

Issuance of Eurobonds

On 27 May 2021, Novo Nordisk announced the successful Eurobond issuance in an aggregate principal amount of EUR 1.3

billion under its EUR 5 billion Euro Medium Term Note Programme. The first tranche maturing on 4 June 2024 was issued

in an aggregate principal amount of EUR 650 million with a coupon of 0%. The second tranche maturing on 4 June 2028

was issued in an aggregate principal amount of EUR 650 million with a coupon of 0.125%. Net proceeds of the issuances

will be used by Novo Nordisk for general corporate purposes. Further, part of the net proceeds have been used for

refinancing of the bridge loan facility established in connection with Novo Nordisk’s acquisition of Emisphere Technologies

Inc. in 2020. The bonds are recognised as borrowings measured at amortised cost.

Financial report for the period 1 January 2021 to 30 June 2021

Page 15 of 31

Strategic

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Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

OUTLOOK

OUTLOOK 2021

The current expectations for 2021 are summarised in the table below:

Expectations are as reported, if not otherwise

stated

Expectations

4 August 2021

Expectations

5 May 2021

Sales growth

at CER 10% to 13% 6% to 10%

as reported Around 4 percentage points lower than at CER Around 4 percentage points lower than at CER

Operating profit growth

at CER 9% to 12% 5% to 9%

as reported Around 5 percentage points lower than at CER Around 6 percentage points lower than at CER

Financial items (net) Gain of around DKK 0.6 billion Gain of around DKK 0.7 billion

Effective tax rate 19% to 21% 20% to 22%

Capital expenditure (PP&E) Around DKK 7.5 billion Around DKK 7.5 billion

Depreciation, amortisation and impairment

losses

Around DKK 5.5 billion Around DKK 6 billion

Free cash flow DKK 39-44 billion DKK 37-42 billion

For 2021, sales growth is now expected to be 10% to 13% at CER. The guidance reflects expectations for continued sales

growth in both International Operations and in North America Operations. The guidance reflects expectations for sales

growth across therapy areas, mainly driven by Diabetes and Obesity care. Intensifying competition within both Diabetes

care and Biopharm is also reflected in the guidance. Furthermore, continued pricing pressure within Diabetes care,

especially in the US, is expected to negatively impact sales development. Given the current exchange rates versus the

Danish krone, growth reported in DKK is still expected to be around 4 percentage points lower than at CER.

Operating profit growth is now expected to be 9% to 12% at CER. The expectation for operating profit growth primarily

reflects the sales growth outlook and continued investments in current and future growth drivers across the operating

units, including the continued roll-out of Ozempic

and Rybelsus

as well as global investments in building the anti-obesity

market and the launch of Wegovy™. Furthermore, resources are allocated to both early and late-stage pipeline activities,

including expected initiations of several phase 3a clinical trial programmes in 2021. Given the current exchange rates

versus the Danish krone, growth reported in DKK is now expected to be around 5 percentage points lower than at CER.

The current COVID-19 pandemic causes uncertainty to the outlook regarding the number of patients initiating treatment

and societal impacts such as the unemployment rate in the US, which is impacting healthcare insurance coverage. The

outlook is based on a number of assumptions related to the severity and duration of impacts from COVID-19.

Consequently, volatility in quarterly results should be expected.

For 2021, Novo Nordisk now expects financial items (net) to amount to a gain of around DKK 0.6 billion, mainly reflecting

gains associated with foreign exchange hedging contracts.

The effective tax rate for 2021 is now expected to be in the range of 19-21%.

Capital expenditure is still expected to be around DKK 7.5 billion in 2021.

Depreciation, amortisation and impairment losses are now expected to be around DKK 5.5 billion reflecting phasing of

depreciation of the new production facility for diabetes active pharmaceutical ingredients in Clayton, North Carolina, US.

The free cash flow is now expected to be DKK 39-44 billion reflecting higher net profit expectations.

All of the above expectations are based on assumptions that the global or regional macroeconomic and political

environment will not significantly change business conditions for Novo Nordisk during 2021, including the potential

Financial report for the period 1 January 2021 to 30 June 2021

Page 16 of 31

Strategic

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Commercial

execution

Financials

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capital allocation

Outlook

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Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

implications from major healthcare reforms and legislative changes as well as outcome of legal cases, and that the

currency exchange rates, especially the US dollar, will remain at the current level versus the Danish krone. Neither does the

guidance include the financial implications of significant business development transactions during the remainder of 2021.

FX Q2 2021 Q2 2020 % change H1 2021 H1 2020 % change

Spot rate

30 July 2021

USD

617

677

(9%)

617

678

(9%)

626

CNY

(1%)

JPY

5.64

6.30

(10%)

5.73

6.26

(8%)

5.70

CAD

502

489

495

497

503

GBP

863

840

857

855

874

Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies and, all other things being equal,

movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.

Key invoicing currencies

Impact on Novo Nordisk's operating profit in the next 12

months of a 5% movement in currency Hedging period (months)

USD

DKK 2,000 million

CNY

DKK 470 million

JPY

DKK 210 million

CAD

DKK 160 million

GBP

DKK 120 million

As of 30 July 2021.

Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

The financial impact from foreign exchange hedging is included in Financial items (net).

Financial report for the period 1 January 2021 to 30 June 2021

Page 17 of 31

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Financials

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Financial

Information

Company announcement No 48 / 2021

INNOVATION AND THERAPEUTIC FOCUS

Diabetes care

Resubmission of once-weekly semaglutide 2.0 mg for the treatment of type 2 diabetes for US regulatory approval

On 28 May 2021, Novo Nordisk resubmitted a label expansion application to the US Food and Drug Administration (FDA)

for Ozempic

, a once-weekly GLP-1 analogue, to introduce a new dose of 2.0 mg. The resubmission follows the Refusal to

File letter received by the FDA on 22 March 2021. The standard review time by the FDA is ten months.

Phase 2 trial initiated with cagrilintide in combination with semaglutide in people with type 2 diabetes

In August 2021, Novo Nordisk initiated a 37-week phase 2 trial comparing the effect on glycaemic control and body weight

of cagrilintide in combination with semaglutide compared to semaglutide in people with type 2 diabetes.

Obesity care

Wegovy™ (semaglutide 2.4 mg) approved in the US for weight management

On 4 June 2021, Wegovy™, once-weekly subcutaneous semaglutide 2.4 mg, was approved by the FDA as an adjunct to diet

and exercise for chronic weight management in adults living with obesity (BMI > 30 kg/m2) or overweight (BMI > 27 kg/m2)

with at least one weight-related comorbidity. The approval is based on the results from the STEP phase 3a clinical trial

programme. Across trials in people without type 2 diabetes, an average weight loss from a baseline of 17-18% sustained

over 68 weeks was reported for people with obesity treated with Wegovy™ (based on the trial product estimand, secondary

statistical approach: treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies.

When using a treatment policy estimand, 15-17% weight loss was reported). Wegovy™ demonstrated a safe and well-

tolerated profile across the programme, with the most common adverse events being gastrointestinal. Novo Nordisk

launched Wegovy™ in the US in June 2021. For more information, please read the company announcement here.

Phase 3b trials STEP 5 and STEP 8 for Wegovy™ successfully completed

In May and June 2021, Novo Nordisk successfully completed two phase 3b trials with Wegovy™ investigating weight loss

after two years of treatment compared to placebo (STEP 5) and comparing the weight loss effect with Saxenda

and

placebo (STEP 8) in people with obesity (BMI > 30 kg/m2) or overweight (BMI > 27 kg/m2) without type 2 diabetes. In STEP

5, participants treated with Wegovy™ achieved a statistically significant and superior body weight reduction compared to

placebo (16.7% versus 0.6%) from baseline to week 104. In STEP 8, treatment with Wegovy™ resulted in a statistically

significant body weight reduction of 17.1% compared to 6.6% for Saxenda

and 1.8% for placebo. Both Wegovy™ and

Saxenda

appeared to have safe and well-tolerated profiles in the trials.

Phase 2 trial initiated with PYY 1875 in people with obesity

In July 2021, Novo Nordisk initiated a phase 2 proof of concept trial with PYY 1875 for weight management. The trial is

investigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of PYY 1875 in combination

with semaglutide 2.4 mg compared to placebo. The 42-week trial is expected to enrol around 75 people with obesity.

Other serious chronic diseases

Phase 3 programme initiated with oral semaglutide 14 mg in Alzheimer’s Disease

In May 2021, Novo Nordisk initiated two phase 3a trials, evoke and evoke+, investigating the efficacy and safety of oral

semaglutide in early Alzheimer’s Disease (AD). The randomised, placebo-controlled trials assess efficacy and safety of oral

semaglutide 14 mg in a total of 3,680 people with early AD (mild cognitive impairment and mild dementia). The duration of

the trials is three years.

Phase 2 trial initiated with oral PCSK9i

In August 2021, Novo Nordisk initiated a phase 2 dose finding trial with a novel oral PCSK9i. The 12-week phase 2 trial is

investigating efficacy, pharmacokinetics and safety of several doses of PCSK9i compared to evolucumab and placebo. The

phase 2 trial is based on results from a phase 1 trial with a subcutaneous formulation of the PCSK9i and it is expected to

enrol around 250 people with high LDL-cholesterol.

Acquisition agreement for Prothena’s ATTR amyloidosis programme

In July 2021, Novo Nordisk and Prothena Corporation plc signed a definitive purchase agreement under which Novo

Nordisk has acquired Prothena’s clinical stage antibody PRX004 and broader ATTR amyloidosis (transthyretin) programme.

Financial report for the period 1 January 2021 to 30 June 2021

Page 18 of 31

Strategic

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highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

Novo Nordisk will develop the phase 2-ready antibody PRX004 for the rare heart disease ATTR cardiomyopathy. Under the

terms of the definitive purchase agreement, Novo Nordisk acquires Prothena’s wholly-owned subsidiary and gains full

worldwide rights to the intellectual property and related rights of Prothena’s ATTR amyloidosis business and pipeline.

Prothena is eligible to receive development and sales milestone payments totalling up to USD 1.2 billion including USD 100

million in upfront and near-term clinical milestone payments.

Global collaboration and licence agreement with Heartseed for stem cell-based therapy for heart failure

In June 2021, Novo Nordisk and Heartseed Inc. entered into an exclusive worldwide collaboration and licence agreement

for development, manufacturing and commercialisation of Heartseed’s lead asset HS-001. HS-001 is an investigational cell

therapy using purified cardiomyocytes derived from induced pluripotent stem cells (iPSC), which is currently under

development by Heartseed for the treatment of heart failure. Heartseed will maintain the rights to solely develop HS-001 in

Japan and Novo Nordisk has the rights to co-commercialise the product in Japan with Heartseed with 50/50 profit and cost

sharing. Heartseed is eligible to receive payments totalling up to 598 million US dollars including 55 million dollars in

upfront and near-term milestone payments.

Purpose and sustainability

Environment

Circular for Zero

As part of the environmental strategy 'Circular for Zero', Novo Nordisk has a target of all direct suppliers supply Novo

Nordisk using 100% renewable power by 2030. Since the launch of the target in September 2020, suppliers representing

approximately 25% of supply chain carbon emissions have committed to use renewable power when supplying to Novo

Nordisk. This change has already reduced Novo Nordisk's direct supply chain carbon emissions by more than 15%. Further,

to reduce carbon emissions from travel, new guidelines to limit business travel and encourage online meetings are being

implemented.

Novo Nordisk carbon emissions from operations and transport decreased by 45% to 83,215 tons in the first six months of

2021 compared to the first six months of 2019. The decrease was driven by renewable energy projects and impacts from

COVID-19 on travelling. 2019 is used as baseline as 2020 was impacted by the COVID-19 pandemic.

Social

Defeat Diabetes

Novo Nordisk continues to take action under the social responsibility strategy ‘Defeat Diabetes’ with a keen focus on access

and affordability and prevention. Within access and affordability, Novo Nordisk is expanding the Changing Diabetes

Children partnership aspiring to reach 100,000 children and young people with type 1 diabetes in low-resource settings by

2030. Together with global partners – F. Hoffmann-La Roche AG, International Society for Paediatric and Adolescent

Diabetes and the World Diabetes Foundation – Novo Nordisk is including new countries in the programme, most recently

Ghana in June 2021. 15 countries are now included.

Within prevention, Novo Nordisk launched the Prevention Accelerator in June, inviting start-ups developing digital solutions

to submit ideas for how to enable individuals and societies to predict or prevent obesity. This initiative comes in addition to

the Healthy Food Challenge, launched in January in partnership with the EAT Foundation. The Healthy Food Challenge

invited community stakeholders and private businesses to prevent obesity through solutions that advance healthy and

sustainable food environments for vulnerable people.

Employees

The number of full-time employees at the end of the first six months of 2021 increased by 3.3% compared to 12 months

ago. The total number of employees was 46,574 corresponding to 45,971 full-time positions. The increase is driven by

International Operations, Product Supply and R&D, partially countered by North America Operations.

Financial report for the period 1 January 2021 to 30 June 2021

Page 19 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

Diversity and inclusion

Being a sustainable employer offering an inclusive and diverse working environment is an integrated part of being a

sustainable business. While a number of initiatives have been launched to progress gender diversity in Novo Nordisk, only

gradual progress has been made as the current share of women in senior leadership positions is 35% (defined as vice

presidents, corporate vice presidents, senior vice presidents and executive vice presidents).

To underline Novo Nordisk’s commitment, accelerate progress and ensure leadership accountability, Novo Nordisk has

defined the following global aspirational targets:

• Create an inclusive culture where all employees have a sense of belonging and equitable opportunities to realise

their potential

• Achieve a balanced gender representation across all managerial levels

• Achieve a minimum of 45% women and a minimum of 45% men in senior leadership positions by the end of 2025

Balanced is defined as the range between 45%-55% to leave up to 10% flexibility for women and men and also allow for

non-binary gender recognising that some employees may not wish to be categorised.

While gender is one dimension of diversity, Novo Nordisk fully recognises that diversity is any dimension that differentiates

people and enables a diverse line of thought.

Novo Nordisk’s Diversity and Inclusion policy can be found at novonordisk.com.

Financial report for the period 1 January 2021 to 30 June 2021

Page 20 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

MANAGEMENT STATEMENT

The Board of Directors and Executive Management have reviewed and approved the financial report of Novo Nordisk A/S

for the first six months of 2021. The financial report has not been audited or reviewed by the company’s

independent auditors.

The financial report for the first six months of 2021 has been prepared in accordance with IAS 34 'Interim Financial

Reporting' and additional Danish disclosure requirements for listed companies. The accounting policies adopted in the

preparation are consistent with those applied in the Annual Report 2020 of Novo Nordisk.

In our opinion, the financial report for the first six months of 2021 gives a true and fair view of the Group’s assets, liabilities

and financial position at 30 June 2021, and of the results of the Group’s operations and cash flow for the period 1 January

2021 to 30 June 2021. Furthermore, in our opinion, Management’s Review includes a true and fair account of the

development in the operations and financial circumstances of the results for the period and of the financial position of the

Group as well as a description of the most significant risks and elements of uncertainty facing the Group in accordance

with Danish disclosure requirements for listed companies.

Besides what has been disclosed in the quarterly financial report, no changes in the Group’s most significant risks and

uncertainties have occurred relative to what was disclosed in the consolidated Annual Report 2020.

Bagsværd, 4 August 2021

Executive Management:

Lars Fruergaard Jørgensen

President and CEO

Karsten Munk Knudsen

CFO

Monique Carter

Marcus Schindler Camilla Sylvest

Jeppe Christiansen

Vice chair

Laurence Debroux

Sylvie Grégoire Mette Bøjer Jensen

Anne Marie Kverneland Martin Mackay

Martin Holst Lange

Henrik Wulff

Board of Directors:

Helge Lund

Chair

Andreas Fibig

Kasim Kutay

Henrik Poulsen Thomas Rantzau Stig Strøbæk

Financial report for the period 1 January 2021 to 30 June 2021

Page 21 of 31

Strategic

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Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

About Novo Nordisk

Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to

drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine

disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent

and ultimately cure disease. Novo Nordisk employs about 45,800 people in 80 countries and markets its products in

around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New

York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn, YouTube.

Financial calendar

3 November 2021

Financial statement for the first nine months of 2021

2 February 2022

Financial statement for 2021

Contacts for further information

Media:

Mette Kruse Danielsen

+45 3079 3883

mkd@novonordisk.com

Michael Bachner (US)

+1 609 664 7308

mzyb@novonordisk.com

Investors:

Daniel Muusmann Bohsen

+45 3075 2175

dabo@novonordisk.com

Ann Søndermølle Rendbæk

+45 3075 2253

arnd@novonordisk.com

David Heiberg Landsted

+45 3077 2253

dhel@novonordisk.com

Mark Joseph Root (US)

+1 848 213 3219

mjhr@novonordisk.com

Further information about Novo Nordisk is available on novonordisk.com.

Forward-looking statements

Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s

statutory Annual Report 2020 and Form 20-F both filed with the SEC in February 2021 in continuation of the publication of the Annual Report 2020, and

written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements.

Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms

of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such

forward-looking statements include, but are not limited to:

• statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research,

product development, product introductions and product approvals as well as cooperation in relation thereto,

• statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital

structure, net financials and other financial measures,

• statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and

• statements regarding the assumptions underlying or relating to such statements.

In this document, examples of forward-looking statements can be found under the headings ‘Outlook’, ‘Research and Development update’ and 'Equity’.

These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and

uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this document, could cause

actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and

currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies

and production, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk’s

products, introduction of competing products, reliance on information technology, Novo Nordisk’s ability to successfully market current and new products,

exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on

reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to

adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure

to recruit and retain the right employees, failure to maintain a culture of compliance and epidemics, pandemics or other public health crises.

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in this

document, reference is made to the overview of risk factors in ‘Risk Management’ of the Annual Report 2020.

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution

of this document, whether as a result of new information, future events or otherwise.

Financial report for the period 1 January 2021 to 30 June 2021

Page 22 of 31

Strategic

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Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

APPENDIX 1: QUARTERLY NUMBERS IN DKK

(Amounts in DKK million, except number of full-time equivalent employees, earnings per share and number of shares outstanding).

% change

2021

2020

Q2 2021 vs.

Q2 2020

Net sales

33,041

33,804

32,138

30,927

30,006

33,875

10%

Gross profit

27,494

27,993

26,519

25,772

25,234

28,489

Gross margin

83.2%

82.8%

82.5%

83.3%

84.1%

Sales and distribution costs

8,001

8,256

9,766

8,174

7,398

7,590

Percentage of sales

24.2%

24.4%

30.4%

26.4%

24.7%

22.4%

Research and development costs

3,944

4,483

3,911

3,291

3,777

20%

Percentage of sales

11.9%

11.7%

13.9%

12.6%

11.0%

11.1%

Administrative costs

904

932

1,198

1,006

827

927

Percentage of sales

2.7%

2.8%

3.7%

3.3%

2.8%

2.7%

Other operating income, net

134

121

106

127

120

107

12%

Operating profit

14,779

14,982

11,178

12,808

13,838

16,302

Operating margin

44.7%

44.3%

34.8%

41.4%

46.1%

48.1%

Financial income

1,753

1,352

162

(7%)

Financial expenses

(48)

797

528

279

519

1,298

(109%)

Financial items (net)

138

956

824

(117)

(422)

(1,281)

(133%)

Profit before income taxes

14,917

15,938

12,002

12,691

13,416

15,021

11%

Income taxes

2,794

3,315

2,684

2,393

2,791

3,124

Net profit

12,123

12,623

9,318

10,298

10,625

11,897

14%

Depreciation, amortisation and

impairment losses

1,217 1,377 1,379 2,130 1,158 1,086 5%

Capital expenditure

1,709

1,402

1,518

1,401

1,239

1,667

38%

Net cash generated from operating activities

25,255

11,255

172

17,506

24,261

10,012

Free cash flow

23,164

9,532

(12,994)

11,224

22,666

7,669

Total assets

158,095

141,387

144,922

139,947

136,121

126,256

16%

Total equity

65,559

58,496

63,325

59,573

60,054

54,399

Equity ratio

41.5%

41.4%

43.7%

42.6%

44.1%

43.1%

Full-time equivalent employees end of period 45,971 45,157 44,723 44,326 43,526 43,158 6%

Basic earnings per share/ADR (in DKK)

5.26

5.47

4.02

4.42

4.54

5.07

16%

Diluted earnings per share/ADR (in DKK)

5.26

5.45

4.01

4.42

4.53

5.05

16%

Average number of shares outstanding (million)

2,300.8

2,309.6

2,318.9

2,329

2,338.8

2,348.8

(2%)

Average number of diluted shares outstanding (million)

2,306.3

2,315.6

2,325.1

2,335.1

2,344.9

2,354.8

(2%)

Sales by business segment:

Total GLP-1

12,077

11,300

11,780

10,651

9,425

9,975

28%

Long-acting insulin

4,149

4,822

5,013

4,048

4,220

5,158

(2%)

Premix insulin

2,715

2,953

2,705

2,572

2,693

2,955

Fast-acting insulin

4,252

4,556

4,231

4,589

4,379

5,114

(3%)

Human insulin

2,041

2,535

1,678

2,194

2,314

2,687

(12%)

Total insulin

13,157

14,866

13,627

13,403

13,606

15,914

(3%)

Other Diabetes care

809

1,110

975

954

977

1,125

(17%)

Total Diabetes care

26,043

27,276

26,382

25,008

24,008

27,014

Obesity care (Saxenda

and Wegovy

)

1,992

1,551

1,385

1,338

1,308

1,577

52%

Diabetes and Obesity care total

28,035

28,827

27,767

26,346

25,316

28,591

11%

Rare blood disorders

2,723

2,678

2,140

2,311

2,401

2,810

13%

Rare endocrine disorders

1,859

1,920

1,833

1,891

1,952

2,031

(5%)

Other Biopharm

424

379

398

379

337

443

26%

Biopharm total

5,006

4,977

4,371

4,581

4,690

5,284

Sales by geographic segment:

International Operations

18,237

18,747

15,430

15,988

16,115

18,296

13%

- EMEA

9,579

9,530

8,138

8,318

8,167

9,674

17%

- Region China

3,722

4,330

3,248

3,549

3,474

3,813

- Rest of World

4,936

4,887

4,044

4,121

4,474

4,809

10%

North America Operations

14,804

15,057

16,708

14,939

13,891

15,579

- The US

13,754

14,172

15,877

14,144

13,028

14,775

Segment operating profit:

Diabetes and Obesity care

12,155

12,470

9,106

9,748

11,434

13,456

Biopharm

2,624

2,512

2,072

3,060

2,404

2,846

Comparative numbers have been restated as Macrillen (previously disclosed under Other biopharm) is now disclosed as part of Rare endocrine disorders.

Financial report for the period 1 January 2021 to 30 June 2021

Page 23 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

DKK million

H1 2021

H1 2020

Q2 2021

Q2 2020

Income statement

Net sales

66,845

63,881

33,041

30,006

Cost of goods sold

11,358

10,158

5,547

4,772

Gross profit

55,487

53,723

27,494

25,234

Sales and distribution costs

16,257

14,988

8,001

7,398

Research and development costs

7,888

7,068

3,944

3,291

Administrative costs

1,836

1,754

904

827

Other operating income, net

255

227

134

120

Operating profit

29,761

30,140

14,779

13,838

Financial income

1,843

114

Financial expenses

749

1,817

(48)

519

Profit before income taxes

30,855

28,437

14,917

13,416

Income taxes

6,109

5,915

2,794

2,791

NET PROFIT

24,746

22,522

12,123

10,625

Basic earnings per share (DKK)

10.73

9.61

5.26

4.54

Diluted earnings per share (DKK)

10.71

9.58

5.26

4.53

Segment Information

Segment sales:

Diabetes and Obesity care

56,862

53,907

28,035

25,316

Biopharm

9,983

9,974

5,006

4,690

Segment operating profit:

Diabetes and Obesity care

24,625

24,890

12,155

11,434

Operating margin

43.3 %

46.2 %

43.4 %

45.2 %

Biopharm

5,136

5,250

2,624

2,404

Operating margin

51.4 %

52.6 %

52.4 %

51.3 %

Total segment operating profit

29,761

30,140

14,779

13,838

Statement of comprehensive income

Net profit for the period

24,746

22,522

12,123

10,625

Other comprehensive income

Items that will not subsequently be reclassified to the Income

statement

Remeasurements on defined benefit plans

196

104

(17)

(113)

Items that will be reclassified subsequently to the Income

statement

Exchange rate adjustments of investments in subsidiaries

529

(214)

(74)

(329)

Cash flow hedges, realisation of previously deferred (gains)/losses

(1,410)

408

(434)

Cash flow hedges, deferred gains/(losses) incurred during the period

(813)

413

760

994

Other items

(2)

—

Tax on other comprehensive income, income/(expense)

528

(343)

(69)

(265)

Other comprehensive income for the period, net of tax (972) 371 166 384

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 23,774 22,893 12,289 11,009

Financial report for the period 1 January 2021 to 30 June 2021

Page 24 of 31

Strategic

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highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

APPENDIX 3: CASH FLOW STATEMENT

DKK million H1 2021 H1 2020

Net profit

24,746

22,522

Adjustment for non-cash items:

Income taxes in the Income Statement

6,109

5,915

Depreciation, amortisation and impairment losses

2,594

2,244

Other non-cash items

9,172

9,139

Change in working capital

1,739

(463)

Interest received

Interest paid

(85)

(116)

Income taxes paid

(7,808)

(5,005)

Net cash generated from operating activities

36,510

34,273

Purchase of intangible assets

(272)

(184)

Purchase of property, plant and equipment

(3,111)

(2,906)

Proceeds from other financial assets

—

Purchase of other financial assets

(4)

—

Sale of marketable securities

768

—

Purchase of marketable securities

(3,755)

—

Investment in associated company

—

(392)

Dividend received from associated company

Net cash used in investing activities

(6,367)

(3,473)

Purchase of treasury shares

(8,400)

(8,211)

Dividends paid

(13,496)

(12,551)

Proceeds from issue of bonds

9,657

—

Repayment of borrowings

(6,072)

(428)

Net cash used in financing activities

(18,311)

(21,190)

NET CASH GENERATED FROM ACTIVITIES

11,832

9,610

Cash and cash equivalents at the beginning of the year

12,226

15,411

Exchange gain/(loss) on cash and cash equivalents

169

(170)

Cash and cash equivalents at the end of the period

24,227

24,851

Financial report for the period 1 January 2021 to 30 June 2021

Page 25 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

APPENDIX 4: BALANCE SHEET

DKK million

30 Jun 2021

31 Dec 2020

ASSETS

Intangible assets

20,272

20,657

Property, plant and equipment

52,076

50,269

Investments in associated companies

566

582

Deferred income tax assets

6,349

5,865

Other receivables and prepayments

413

674

Other financial assets

1,273

1,066

TOTAL NON-CURRENT ASSETS

80,949

79,113

Inventories

18,822

18,536

Trade receivables

26,098

27,734

Tax receivables

344

289

Other receivables and prepayments

3,781

4,161

Marketable securities

2,987

—

Derivative financial instruments

885

2,332

Cash at bank

24,229

12,757

TOTAL CURRENT ASSETS 77,146 65,809

TOTAL ASSETS 158,095 144,922

EQUITY AND LIABILITIES

Share capital

462

470

Treasury shares

(3)

(8)

Retained earnings

67,179

63,774

Other reserves

(2,079)

(911)

TOTAL EQUITY

65,559

63,325

Borrowings

12,463

2,897

Deferred income tax liabilities

1,818

2,502

Retirement benefit obligations

1,216

1,399

Provisions

4,241

4,526

Total non-current liabilities

19,738

11,324

Borrowings

1,301

7,459

Trade payables

7,616

5,717

Tax payables

2,902

3,913

Other liabilities

13,797

17,005

Derivative financial instruments

794

1,365

Provisions

46,388

34,814

Total current liabilities

72,798

70,273

TOTAL LIABILITIES

92,536

81,597

TOTAL EQUITY AND LIABILITIES 158,095 144,922

Financial report for the period 1 January 2021 to 30 June 2021

Page 26 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

APPENDIX 5: EQUITY STATEMENT

DKK million

capital

Treasury

Retained

earnings

Other

reserves Total

H1 2021

Balance at the beginning of the period

470

(8)

63,774

(911)

63,325

Net profit for the period

24,746

Other comprehensive income for the period

196

(1,168)

(972)

Total comprehensive income for the period

24,942

(1,168)

23,774

Transactions with owners:

Dividends

(13,496)

Share-based payments

371

Tax related to restricted stock units

(15)

Purchase of treasury shares

(3)

(8,397)

(8,400)

Reduction of the B share capital

(8)

—

Balance at the end of the period 462 (3) 67,179 (2,079) 65,559

DKK million

capital

Treasury

Retained

earnings

Other

reserves Total

H1 2020

Balance at the beginning of the period

480

(10)

57,817

(694)

57,593

Net profit for the period

22,522

Other comprehensive income for the period

104

267

371

Total comprehensive income for the period

22,626

267

22,893

Transactions with owners:

Dividends

(12,551)

Share-based payments

312

Tax related to restricted stock units

Purchase of treasury shares

(3)

(8,208)

(8,211)

Reduction of the B share capital

(10)

—

Balance at the end of the period 470 (3) 60,014 (427) 60,054

Financial report for the period 1 January 2021 to 30 June 2021

Page 27 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

APPENDIX 6: SALES SPLIT PER AREA

Q2 2021 sales split per area

DKK million Total

International

Operations EMEA

Region

China

Rest of

World

North America

Operations The US

Diabetes and Obesity care segment

Rybelsus

945

—

876

858

% change at CER

192%

—

171%

170%

Ozempic

7,435

2,095

1,609

439

5,340

4,937

% change at CER

65%

207%

169%

—

419%

41%

39%

Victoza

3,697

1,826

977

383

466

1,871

1,791

% change at CER

(7%)

(10%)

38%

13%

(15%)

Total GLP-1

12,077

3,990

2,641

430

919

8,087

7,586

% change at CER

37%

62%

56%

53%

85%

28%

27%

Long-acting insulin

4,149

2,746

1,698

492

556

1,403

1,261

% change at CER

18%

15%

34%

17%

(17%)

(18%)

Tresiba

2,192

1,344

745

258

341

848

737

% change at CER

29%

24%

159%

(15%)

(18%)

Xultophy

645

532

420

—

112

113

111

% change at CER

16%

36%

17%

—

230%

(30%)

Levemir

1,312

870

533

234

103

442

413

% change at CER

(7%)

(2%)

(13%)

(3%)

(15%)

Premix insulin

2,715

2,604

735

1,246

623

111

105

% change at CER

17%

20%

Ryzodeg

421

251

—

% change at CER

33%

29%

—

NovoMix

2,294

2,183

645

1,166

372

111

105

% change at CER

(3%)

11%

17%

20%

Fast-acting insulin

4,252

2,714

1,617

549

548

1,538

1,429

% change at CER

(6%)

Fiasp

435

273

235

—

162

152

% change at CER

58%

63%

54%

—

156%

50%

53%

NovoRapid

3,817

2,441

1,382

549

510

1,376

1,277

% change at CER

(1%)

(10%)

(11%)

Human insulin

2,041

1,756

537

590

629

285

262

% change at CER

(9%)

(7%)

(2%)

(15%)

(4%)

(17%)

Total insulin

13,157

9,820

4,587

2,877

2,356

3,337

3,057

% change at CER

(11%)

(12%)

Other Diabetes care

809

586

178

289

119

223

189

% change at CER

(14%)

(12%)

(20%)

(19%)

(18%)

(20%)

Total Diabetes care

26,043

14,396

7,406

3,596

3,394

11,647

10,832

% change at CER

15%

17%

22%

19%

13%

12%

Obesity care (Saxenda® and Wegovy™)

1,992

782

468

305

1,210

1,115

% change at CER

63%

83%

108%

—

51%

53%

54%

Diabetes and Obesity care total

28,035

15,178

7,874

3,605

3,699

12,857

11,947

% change at CER

17%

19%

25%

21%

15%

Biopharm segment

Rare blood disorders

2,723

1,538

899

561

1,185

1,119

% change at CER

20%

10%

212%

10%

37%

43%

Haemophilia A

623

488

338

131

135

129

% change at CER

66%

67%

66%

52%

63%

68%

Haemophilia B

162

% change at CER

43%

49%

78%

—

10%

34%

95%

NovoSeven

1,875

938

488

392

937

910

% change at CER

10%

(9%)

(21%)

157%

36%

40%

Rare endocrine disorders

1,859

1,258

598

621

601

596

% change at CER

122%

(6%)

Other Biopharm

424

263

208

—

161

% change at CER

27%

12%

43%

59%

106%

Biopharm total

5,006

3,059

1,705

117

1,237

1,947

1,807

% change at CER

13%

174%

21%

24%

Total sales

33,041

18,237

9,579

3,722

4,936

14,804

13,754

% change at CER

17%

20%

18%

16%

% change as reported

10%

13%

17%

10%

Share of growth

100%

55%

34%

16%

45%

42%

Primarily NovoNorm

, needles and GlucaGen

HypoKit

Comprises NovoSeven

, NovoEight

, Refixia

, NovoThirteen

and Esperoct

Primarily Norditropin

Primarily Vagifem

and Activelle

Financial report for the period 1 January 2021 to 30 June 2021

Page 28 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

H1 2021 sales split per area

DKK million Total

International

Operations

EMEA

Region

China

Rest of

World

North America

Operations

The US

Diabetes and Obesity care segment

Rybelsus

1,674

167

—

1,507

1,479

% change at CER

213 %

—

183 %

181 %

Ozempic

14,097

3,778

2,957

759

10,319

9,611

% change at CER

58%

145%

115%

—

324%

41%

40%

Victoza

7,606

3,582

1,914

771

897

4,024

3,868

% change at CER

(12%)

(1%)

(16%)

56%

(19%)

Total GLP-1

23,377

7,527

4,961

833

1,733

15,850

14,958

% change at CER

30%

46%

36%

68%

69%

24%

23%

Long-acting insulin

8,971

5,602

3,470

1,007

1,125

3,369

3,103

% change at CER

14%

41%

15%

(13%)

(14%)

Tresiba

4,557

2,691

1,501

480

710

1,866

1,660

% change at CER

26%

18%

—

(15%)

(18%)

Xultophy

1,326

1,071

867

203

255

251

% change at CER

12%

25%

—

190%

(21%)

Levemir

3,088

1,840

1,102

526

212

1,248

1,192

% change at CER

(6%)

(4%)

(5%)

(4%)

(9%)

(8%)

Premix insulin

5,668

5,393

1,508

2,668

1,217

275

263

% change at CER

10%

Ryzodeg

841

209

115

517

—

% change at CER

34%

36%

—

13%

—

NovoMix

4,827

4,552

1,299

2,553

700

275

263

% change at CER

(4%)

(2%)

Fast-acting insulin

8,808

5,508

3,274

1,164

1,070

3,300

3,092

% change at CER

(1%)

12%

(8%)

(9%)

Fiasp

837

531

466

—

306

288

% change at CER

30%

39%

31%

—

141%

17%

18%

NovoRapid

7,971

4,977

2,808

1,164

1,005

2,994

2,804

% change at CER

(4%)

(3%)

12%

(10%)

(11%)

Human insulin

4,576

3,837

1,110

1,360

1,367

739

696

% change at CER

(3%)

(1%)

(9%)

(7%)

13%

(11%)

(10%)

Total insulin

28,023

20,340

9,362

6,199

4,779

7,683

7,154

% change at CER

10%

(11%)

Other Diabetes care

1,919

1,427

353

834

240

492

422

% change at CER

(5%)

(3%)

(23%)

(8%)

(9%)

Total Diabetes care

53,319

29,294

14,676

7,866

6,752

24,025

22,534

% change at CER

11%

13%

11%

13%

19%

Obesity care (Saxenda® and Wegovy™)

3,543

1,497

839

642

2,046

1,874

% change at CER

34%

44%

55%

325%

30%

27%

Diabetes and Obesity care total

56,862

30,791

15,515

7,882

7,394

26,071

24,408

% change at CER

13%

15%

13%

20%

11%

10%

Biopharm segment

Rare blood disorders

5,401

3,172

1,998

1,075

2,229

2,092

% change at CER

11%

10%

(54%)

19%

22%

Haemophilia A

1,120

870

621

229

250

238

% change at CER

39%

37%

31%

217%

49%

52%

Haemophilia B

309

189

130

120

% change at CER

30%

34%

46%

—

13%

24%

55%

NovoSeven

3,855

2,075

1,223

774

1,780

1,728

% change at CER

(6%)

(1%)

(62%)

(1%)

16%

19%

Rare endocrine disorders

3,779

2,479

1,160

1,250

1,300

1,291

% change at CER

141%

(2%)

Other Biopharm

803

542

436

104

261

135

% change at CER

(4%)

(6%)

(50%)

13%

27%

42%

Biopharm total

9,983

6,193

3,594

170

2,429

3,790

3,518

% change at CER

(30%)

12%

13%

Total sales

66,845

36,984

19,109

8,052

9,823

29,861

27,926

% change at CER

12%

13%

11%

12%

16%

11%

10%

% change as reported

10%

Share of growth

100%

58%

27%

11%

20%

42%

39%

Primarily NovoNorm

, needles and GlucaGen

HypoKit

Comprises NovoSeven

, NovoEight

, Refixia

, NovoThirteen

and Esperoct

Primarily Norditropin

Primarily Vagifem

and Activelle

Financial report for the period 1 January 2021 to 30 June 2021

Page 29 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

APPENDIX 7: NON-IFRS FINANCIAL MEASURES (ADDITIONAL INFORMATION)

In this Company Announcement, Novo Nordisk discloses certain financial measures of the Group’s financial performance,

financial position and cash flows that reflect adjustments to the directly comparable measures calculated and presented in

accordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other companies in the

same manner and may thus not be comparable with such measures. The non-IFRS financial measures presented in the

Company Announcement are Sales and operating profit at CER, Free cash flow and Financial reserves.

Sales and operating profit growth at CER

'Growth at CER’ means that the effect of changes in exchange rates is excluded. It is defined as Net sales/Operating profit

for the period measured at the average exchange rates for the same period prior year compared with Net sales/Operating

profit for the same period prior year. Price adjustments within hyperinflation countries as defined in IAS 29 ‘Financial

reporting in hyperinflation economies’ are excluded from the calculation to avoid growth at CER being artificially inflated.

Growth at CER is considered to be relevant information for investors in order to understand the underlying development in

sales and operating profit by adjusting for the impact of currency fluctuations.

Sales at CER

DKK million

H1 2021 H1 2020

% change

H1 2021 to

H1 2020

Q2 2021 Q2 2020

% change

Q2 2021 to

Q2 2020

Net sales

66,845

63,881

33,041

30,006

10%

Effect of exchange rates

4,532

—

1,946

—

Sales at CER 71,377 63,881 12% 34,987 30,006 17%

Operating profit at CER

DKK million

H1 2021 H1 2020

% change

H1 2021 to

H1 2020

Q2 2021 Q2 2020

% change

Q2 2021 to

Q2 2020

Operating profit

29,761

30,140

(1%)

14,779

13,838

Effect of exchange rates

2,986

—

1,235

—

Operating profit at CER 32,747 30,140 9% 16,014 13,838 16%

Free cash flow

Novo Nordisk defines free cash flow as ’net cash generated from operating activities’, less ‘net cash used in investing

activities’, less repayment on lease liabilities and excluding net change of marketable securities. Free cash flow is a

measure of the amount of cash generated in the period which is available for the Board of Directors to allocate between

Novo Nordisk's capital providers, through eg dividends, share repurchases and repayment of debt (excluding lease liability

repayments) or for retaining in the business to fund future growth.

The following table shows a reconciliation of Free cash flow with Net cash generated from operating activities, the most

directly comparable IFRS financial measure:

Free cash flow

DKK million H1 2021 H1 2020 Q2 2021 Q2 2020

Net cash generated from operating activities 36,510 34,273 25,255 24,261

Net cash used in investing activities (6,367) (3,473) (2,886) (1,367)

Repayment on lease liabilities

(434)

(465)

(209)

(228)

Net change in marketable securities

2,987

—

1,004

—

Free cash flow 32,696 30,335 23,164 22,666

Financial report for the period 1 January 2021 to 30 June 2021

Page 30 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021

Financial reserves

'Financial reserves' is defined as the sum of cash and cash equivalents at the end of the period, marketable securities with

original term to maturity exceeding three months and undrawn committed credit and loan facilities, with a maturity of

more than 12 months, less loans and bank overdrafts classified as liabilities arising from financing activities with obliged

repayment within 12 months of the balance sheet date. The following table reconciles total financial reserves with cash and

cash equivalents, the most directly comparable IFRS financial measure:

Financial reserves

DKK million H1 2021 H1 2020

Cash and cash equivalents 24,227 24,851

Marketable securities 2,987 —

Undrawn committed credit facility 11,526 11,552

Borrowings

(525)

(585)

Financial reserves 38,215 35,818

Financial report for the period 1 January 2021 to 30 June 2021

Page 31 of 31

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Financial

Information

Company announcement No 48 / 2021