Untitled

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

3 November 2021

Novo Nordisk's net profit increased by 12% in the first nine months of 2021

• Operating profit increased by 5% in Danish kroner and by 12% at constant exchange rates (CER).

• Sales increased by 8% in Danish kroner and by 13% at CER to DKK 102.5 billion. Sales in International Operations

increased by 10% in Danish kroner (13% at CER), and sales in North America Operations increased by 6% in Danish

kroner (13% at CER).

• Sales within Diabetes and Obesity care increased by 10% in Danish kroner to DKK 88.0 billion (15% at CER), driven by

GLP-1 growth of 24% in Danish kroner (30% at CER) reflecting the uptake of Ozempic

and Rybelsus

. Obesity care grew

by 41% in Danish kroner (49% at CER) and Biopharm sales remained unchanged in Danish kroner (increased by 4% at

CER).

• Sales in the third quarter increased by 15% in Danish kroner (15% at CER) compared to the third quarter of 2020. Sales

growth was driven by diabetes GLP-1 growth of 30% in Danish kroner (31% at CER) and Obesity care growth of 79% in

Danish kroner (82% at CER) reflecting market expansion and the launch of Wegovy™ in the US.

• Within R&D, Novo Nordisk initiated phase 3 development with both oral semaglutide 50 mg for the treatment of obesity

and with ziltivekimab in cardiovascular disease during the third quarter.

• On 29 October, the 2021 outlook was raised with sales growth and operating profit growth now both expected to be

12-15% at CER. Sales and operating profit growth reported in Danish kroner is now expected to be 3 and 4 percentage

points lower than at CER, respectively. The ongoing share buyback programme is expanded by DKK 2.0 billion to DKK 20

billion.

PROFIT AND LOSS 9M 2021 9M 2020

Growth

as reported

Growth

at CER*

DKK million

Net sales 102,467 94,808 8% 13%

Operating profit 45,010 42,948 5% 12%

Net profit 36,865 32,820 12% N/A

Diluted earnings per share (in DKK) 15.98 14.00 14% N/A

* CER: Constant exchange rates (average 2020).

Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first nine months of 2021

which has enabled us to raise our outlook for the full year. The growth is driven by all geographical areas and by all therapy

areas, in particular by accelerated growth of our portfolio of GLP-1 treatments for diabetes and obesity. In the US, the

initial demand for Wegovy™ has significantly exceeded our expectations, underscoring the high unmet need for people

living with obesity. With the initiation of two phase 3 programmes in the third quarter, we continue to expand our late-

stage clinical pipeline."

On 3 November 2021 at 13.00 CET, corresponding to 08.00 AM 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 66 / 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 nine months of 2021 (third-quarter developments):

Purpose and sustainability

Innovation and therapeutic focus

Adding value to society:

• Progress on 'Defeat Diabetes' strategy:

◦ 46 new vulnerability assessments conducted enabling

access to insulin to around 50,000 people with diabetes

in Syria, Kenya, Nigeria, Ghana and Panama

◦ Reaching 18 countries in Changing Diabetes in Children

by including Indonesia, Pakistan and Peru

◦ Collaboration with the University of Toronto focusing on

prevention

◦ Partnership with the World Diabetes Foundation to

initiate 'Diabetes Compass' to improve access to

diabetes care

Progress towards zero environmental impact:

• 44% reduction in CO

emissions compared to the first nine

months of 2019

• Receipt of the RE100 Key Collaborator Award during Climate

Week NYC

Evolve culture and ensure distinct core capabilities:

• Launch of an aspirational gender diversity target

Further raise innovation bar for diabetes treatment:

• Approval of Xulthopy

and Ozempic

in China for the

treatment of type 2 diabetes

• Resubmission of semaglutide 2.0 mg in the US

• Phase 1 trial completed with a glucose-sensitive insulin

Develop superior treatment solutions for obesity:

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

• Phase 3a development initiated with 50 mg oral

semaglutide in obesity

the

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 with ziltivekimab in

cardiovascular disease

• 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 0.7 percentage

point to 29.9% (MAT)

Strengthen obesity leadership and double sales:

• Obesity care sales increased by 49% (CER) to DKK 5.9 billion

Secure a sustained growth outlook for Biopharm:

• Biopharm sales increased by 4% (CER) to DKK 14.5 billion

Deliver solid sales and operating profit growth:

• Sales growth at 13% (CER)

• International Operations sales growth of 13% (CER)

• US sales growth of 13% (CER) with 58% of sales coming

from products launched since 2015

• Operating profit growth of 12% (CER)

Drive operational efficiencies:

• Continued productivity gains in Product Supply

Enable attractive capital allocation to shareholders:

• Free cash flow of DKK 52.3 billion and DKK 33.5 billion

returned to shareholders

• The ongoing share buyback programme is expanded by

DKK 2.0 billion to DKK 20 billion

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

Page 2 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

PERFORMANCE HIGHLIGHTS

FINANCIAL HIGHLIGHTS FOR THE FIRST NINE MONTHS OF 2021

PROFIT AND LOSS 9M 2021 9M 2020

% change

9M 2021 to

9M 2020

% change

9M 2021 to

9M 2020 at CER

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

and employees)

Net sales 102,467 94,808 8% 13%

Gross profit

85,050

79,495

12%

Gross margin

83.0%

83.8%

Sales and distribution costs

25,376

23,162

10%

14%

Percentage of sales

24.8%

24.4%

Research and development costs

12,140

10,979

11%

13%

Percentage of sales

11.8%

11.6%

Administrative costs

2,860

2,760

Percentage of sales

2.8%

2.9%

Other operating income, net

336

354

(5%)

(1%)

Operating profit

45,010

42,948

12%

Operating margin

43.9%

45.3%

Financial items (net)

957

(1,820)

(153%)

N/A

Profit before income taxes

45,967

41,128

12%

N/A

Income taxes

9,102

8,308

10%

N/A

Effective tax rate

19.8%

20.2%

Net profit

36,865

32,820

12%

N/A

Net profit margin

36.0%

34.6%

OTHER KEY NUMBERS

Depreciation, amortisation and impairment losses

3,943

4,374

(10%)

N/A

Capital expenditure

4,286

4,307

N/A

Net cash generated from operating activities

58,017

51,779

12%

N/A

Free cash flow

52,312

41,559

26%

N/A

Total assets

174,084

139,947

24%

N/A

Equity

66,112

59,573

11%

N/A

Equity ratio

38.0%

42.6%

Average number of diluted shares outstanding (million) 2,306.4 2,345.0 (2%) N/A

Diluted earnings per share / ADR (in DKK) 15.98 14.00 14% N/A

Full-time equivalent employees end of period 46,982 44,326 6% N/A

These unaudited consolidated financial statements for the first nine 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 September 2021

Page 3 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

COMMERCIAL EXECUTION

SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS

Sales grew by 8% measured in Danish kroner and by 13% at CER the first nine months of 2021, driven by growth across all

therapy areas with Diabetes care sales growth of 13% (CER), Obesity care sales growth of 49% (CER) and Biopharm sales

growth of 4% (CER).

Sales split per therapy

Sales 9M 2021

DKK million

Sales 9M 2020

DKK million

Growth

as reported

Growth

at CER

Share of growth

at CER

Diabetes and Obesity care segment

Rybelsus

3,015

1,038

190%

209%

18%

Ozempic

22,989

15,023

53%

61%

75%

Victoza

11,221

13,990

(20%)

(16%)

(18%)

Total GLP-1

37,225

30,051

24%

30%

75%

Long-acting insulin

13,387

13,426

- Tresiba

6,998

6,720

- Xultophy

1,984

1,842

11%

- Levemir

4,405

4,864

(9%)

(5%)

(2%)

Premix insulin

8,512

8,220

- Ryzodeg

1,287

967

33%

39%

- NovoMix

7,225

7,253

Fast-acting insulin

13,167

14,082

(6%)

(2%)

(3%)

- Fiasp

1,253

1,021

23%

27%

- NovoRapid

11,914

13,061

(9%)

(5%)

Human insulin

6,967

7,195

(3%)

Total insulin

42,033

42,923

(2%)

Other Diabetes care

2,778

3,056

(9%)

(7%)

(2%)

Total Diabetes care

82,036

76,030

13%

78%

Obesity care (Saxenda

and Wegovy™)

5,941 4,223 41% 49% 17%

Diabetes and Obesity care total 87,977 80,253 10% 15% 95%

Biopharm segment

Rare blood disorders

7,727

7,522

- Haemophilia A

1,531

1,286

19%

23%

- Haemophilia B

475

385

23%

26%

- NovoSeven

5,531

5,683

(3%)

Rare endocrine disorders

5,584

5,874

(5%)

Other Biopharm

1,179

1,159

Biopharm total

14,490

14,555

Total sales 102,467 94,808 8% 13% 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 September 2021

Page 4 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

DIABETES AND OBESITY CARE

Diabetes care, sales and market share development

Sales in Diabetes care increased by 8% measured in Danish kroner and by 13% at CER to DKK 82,036 million driven by

GLP-1 growth. Novo Nordisk has improved the global diabetes value market share over the last 12 months from 29.2% to

29.9% 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 August 2021

and August 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

August

Sales 9M 2021

DKK million

Growth

at CER

2021

2020

Global

29.9%

29.2%

82,036

13%

International Operations

24.4%

22.8%

44,056

14%

- EMEA *

28.4%

27.4%

21,785

11%

- Region China **

32.7%

28.8%

11,980

13%

- Rest of World ***

14.7%

13.3%

10,291

20%

North America Operations

31.9%

31.6%

37,980

11%

- The US

31.8%

31.7%

35,623

11%

Source: IQVIA, August 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 24% measured in Danish

kroner and by 30% at CER to DKK 37,225 million. The GLP-1 segment’s value share of the total diabetes market has

increased to 25.3% compared with 21.0% 12 months ago. Novo Nordisk continues to be the global market leader in the

GLP-1 segment with a 52.1% value market share, an increase of 2.2 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

August

Sales 9M 2021

DKK million

Growth

at CER

2021

2020

Global

52.1%

49.9%

37,225

30%

International Operations

57.5%

52.8%

11,627

47%

- EMEA *

57.6%

54.4%

7,522

37%

- Region China **

79.8%

92.0%

1,326

64%

- Rest of World ***

52.2%

42.4%

2,779

73%

North America Operations

51.3%

49.4%

25,598

24%

- The US

50.5%

48.9%

24,151

23%

Source: IQVIA, August 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 190% measured in Danish kroner and by 209% at CER to DKK 3,015 million. Sales growth was

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

has now been launched in 23 countries.

Ozempic

sales increased by 53% measured in Danish kroner and by 61% at CER to DKK 22,989 million. Sales growth was

driven by North America Operations and International Operations. Ozempic

has now been launched in 67 countries.

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

Page 5 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

Victoza

sales decreased by 20% measured in Danish kroner and by 16% at CER to DKK 11,221 million as the GLP-1 market

is moving towards once-weekly and tablet-based treatments. The sales decline was driven by North America Operations,

EMEA and Rest of World, partially offset by higher sales in Region China.

International Operations

Sales of GLP-1 diabetes products in International Operations increased by 44% measured in Danish kroner and by 47% 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 12.7% from 10.2% 12 months ago. Novo Nordisk is the market leader with a value market share of 57.5%.

EMEA

Sales in EMEA increased by 36% measured in Danish kroner and by 37% 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 19 countries in

EMEA. Novo Nordisk remains the market leader in EMEA with a value market share of 57.6%.

Region China

Sales in Region China increased by 66% measured in Danish kroner and by 64% at CER. The sales growth reflects the

uptake of Victoza

and the launches of Ozempic

in Taiwan

and China following the approval in April 2021. The GLP-1

class' share of the overall diabetes market value in Region China increased to 4.8% from 2.6% 12 months ago.

Rest of World

Sales in Rest of World increased by 60% measured in Danish kroner and by 73% at CER. The sales growth reflects

increased sales of Ozempic

and Rybelsus

, following the launch in Japan, partially offset by Victoza

. Novo Nordisk

remains the market leader with a value market share of 52.2%.

North America Operations

Sales of GLP-1 diabetes products in North America Operations increased by 17% measured in Danish kroner and by 24%

at CER. Novo Nordisk is the market leader with a 51.3% value market share compared to 49.4% 12 months ago. The value

market share of the GLP-1 class of the total North American diabetes market has increased to 29.8% compared to 24.9%

12 months ago.

Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of around 30% in the third quarter of

2021 compared to the third quarter of 2020. The weekly new-to-brand market share for Ozempic

is 43.9% and 13.0% for

Rybelsus

The combined Novo Nordisk GLP-1 new-to-brand prescription market share is now 63.7%. Novo Nordisk is the

market leader with 52.3% 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 September 2021

Page 6 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

Insulin

Sales of insulin decreased by 2% measured in Danish kroner and increased by 2% at CER to DKK 42,033 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

August

Sales 9M 2021

DKK million

Growth

at CER

2021

2020

Global

47.3%

47.0%

42,033

International Operations

50.3%

49.9%

30,373

- EMEA *

47.6%

47.3%

13,728

- Region China **

50.8%

50.4%

9,505

10%

- Rest of World ***

57.3%

56.9%

7,140

10%

North America Operations

39.1%

39.6%

11,660

(8%)

- The US

38.8%

39.5%

10,855

(9%)

Source: IQVIA, August 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 3% measured in Danish kroner and by 6% at CER. Sales growth at

CER was driven by all insulin products except for Levemir

EMEA

Sales of insulin in EMEA decreased by 2% 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 12% measured in Danish kroner and by 10% at CER. The sales growth was

driven by Tresiba

, NovoRapid

, Ryzodeg

and NovoMix

, 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 increased by 3% measured in Danish kroner and 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 57.3% of

the total insulin market.

North America Operations

Sales of insulin in North America Operations decreased by 14% measured in Danish kroner and by 8% 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. Changes to the 340B Drug Programme positively impacted sales. Novo Nordisk has a volume market

share of 39.1% of the total insulin market.

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

Page 7 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

Obesity care, sales development

Sales of Obesity care products, Saxenda

and Wegovy™, increased by 41% measured in Danish kroner and by 49% at CER

to DKK 5,941 million. Sales growth was driven by North America Operations and International Operations. Saxenda

has

been launched in 60 countries and Wegovy™ was launched in the US in June 2021. Novo Nordisk currently has a value

market share of 73.0% 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 9M 2021

DKK million

Growth

at CER

Global

5,941

49%

International Operations

2,303

51%

- EMEA

1,283

61%

- Region China

—

- Rest of World

982

36%

North America Operations

3,638

48%

- The US

3,370

49%

International Operations

Sales of Saxenda

in International Operations increased by 43% measured in Danish kroner and by 51% at CER, driven by

increased sales in EMEA and Rest of World. Novo Nordisk currently has a value market share of 50.2% in the branded

obesity prescription drug market.

EMEA

Sales of Saxenda

in EMEA increased by 54% measured in Danish kroner and by 61% at CER. Novo Nordisk currently has a

value market share of 70.8% in the branded obesity prescription drug market.

Rest of World

Sales of Saxenda

in Rest of World increased by 27% measured in Danish kroner and by 36% at CER. Saxenda

has been

launched in 19 countries in Rest of World. Novo Nordisk currently has a value market share of 40.3% in the branded

obesity prescription drug market.

North America Operations

Sales of Obesity care products in North America Operations increased by 39% measured in Danish kroner and by 48% at

CER. Novo Nordisk now has a value market share of 85.4% in the obesity prescription drug market in North America.

Wegovy™ was made available to patients in June 2021 and market access has progressed and commercial formulary

access is now around 60%. 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. Novo Nordisk

is gradually increasing supply and expects to be able to meet demand in early 2022, depending on the demand.

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

Page 8 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

BIOPHARM

Biopharm, sales development

Sales of biopharm products remained unchanged in Danish kroner and increased by 4% at CER to DKK 14,490 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 Rare blood disorders.

Biopharm, development per geographical area Biopharm, sales development

Sales 9M 2021

DKK million

Growth

at CER

Global

14,490

International Operations

8,962

- EMEA

5,211

- Region China

291

(5%)

- Rest of World

3,460

North America Operations

5,528

- The US

5,114

Rare blood disorders

Sales of rare blood disorder products increased by 3% measured in Danish kroner and by 7% at CER to DKK 7,727 million.

The increasing sales were driven by the launch products Esperoct

and Refixia

as well as NovoSeven

and NovoEight

Sales of haemophilia A products increased by 19% measured in Danish kroner and by 23% at CER to DKK 1,531 million. The

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

has now been

launched 24 countries.

Sales of haemophilia B products increased by 23% measured in Danish kroner and by 26% at CER to DKK 475 million. The

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

has now been

launched in 24 countries.

Sales of NovoSeven

decreased by 3% measured in Danish kroner and increased by 2% at CER to DKK 5,531 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 nine

months of 2020.

Rare endocrine disorders

Sales of rare endocrine disorder products decreased by 5% measured in Danish kroner, and remained unchanged at CER,

to DKK 5,584 million. The unchanged sales at CER was driven by International Operations increasing by 6% at CER, offset

by North America Operations decreasing by 10% at CER. Novo Nordisk is the leading company in the global human growth

disorder market with a value market share of 35.5% compared to 35.2% a year ago, driven by new indications and global

roll-out of the next-generation device.

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

Page 9 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

FINANCIALS

GEOGRAPHIC SALES DEVELOPMENT

Sales increased by 8% measured in Danish kroner and by 13% at CER to DKK 102,467 million in the first nine months of

2021. Sales in International Operations increased by 10% 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 6%

measured in Danish kroner and by 13% at CER. The strategic aspiration of transforming 70% of sales in the US has

progressed, and 58% of sales are now derived from products launched since 2015.

Sales split per geographical area

Sales 9M 2021

DKK million

Growth

as reported

Growth

at CER

Share of growth

at CER

International Operations

55,321

10%

13%

53%

- EMEA

28,279

11%

23%

- Region China

12,309

14%

12%

11%

- Rest of World

14,733

10%

17%

19%

North America Operations

47,146

13%

47%

- The US

44,107

12%

42%

Total sales 102,467 8% 13% 100%

International Operations

Sales in International Operations increased by 10% measured in Danish kroner and by 13% at CER. Sales growth was

driven by all therapy areas with GLP-1 sales growing by 47% at CER, insulin sales growing by 6% at CER, Obesity care sales

growing by 51% at CER and Biopharm sales growing by 3% at CER.

EMEA

Sales in EMEA increased by 8% measured in Danish kroner and by 11% at CER. Sales growth was driven by Diabetes care

growing by 11% at CER driven by increased GLP-1 sales. Obesity care increased by 61% at CER and Biopharm sales

increased by 1% at CER.

Region China

Sales in Region China increased by 14% measured in Danish kroner and by 12% at CER. Sales growth was driven by

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

5% at CER reflecting increased distributor stock levels in the first nine months of 2020.

Rest of World

Sales in Rest of World increased by 10% measured in Danish kroner and by 17% at CER. Sales growth was driven by

Diabetes care growing by 20% at CER, reflecting increased GLP-1 and insulin sales, Obesity care growing by 36% at CER

and Biopharm growing by 5% at CER.

North America Operations

Sales in North America Operations increased by 6% measured in Danish kroner and by 13% at CER. Changes to the 340B

Drug Pricing Programme positively impacted sales growth.

The sales increase reflects GLP-1 diabetes sales growing by 24% at CER, Obesity care growing by 48% at CER and

Biopharm sales growing by 6% at CER. This was partially offset by insulin sales decreasing by 8% at 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 September 2021

Page 10 of 30

Strategic

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execution

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Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

DEVELOPMENT IN COSTS AND OPERATING PROFIT

The cost of goods sold increased by 14% measured in Danish kroner and by 15% at CER to DKK 17,417 million, resulting in

a gross margin of 83.0% measured in Danish kroner compared with 83.8% in 2020. The decline in gross margin reflects

lower realised prices in the US, a negative currency impact of 0.5% 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 10% measured in Danish kroner and by 14% at CER to DKK 25,376 million. The

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

cost increase is driven by promotional activities for Rybelsus

and Ozempic

as well as market development activities for

obesity, partially offset by lower promotional spend related to insulin. In International Operations, promotional spend is

related to launch activities for Rybelsus

and Ozempic

as well as Obesity care market development activities.

Research and development costs increased by 11% measured in Danish kroner and by 13% at CER to DKK 12,140 million.

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

pipeline within cardiovascular disease and NASH. The growth is impacted by amortisation of the priority review voucher for

Wegovy™ in the US in the third quarter of 2020.

Administration costs increased by 4% measured in Danish kroner and by 6% at CER to DKK 2,860 million, reflecting low

spend in the first nine months of 2020 due to COVID-19 impact on activities.

Other operating income (net) was DKK 336 million compared with DKK 354 million in the first nine months of 2020.

Operating profit increased by 5% measured in Danish kroner and by 12% at CER to DKK 45,010 million.

Financial items (net) showed a net gain of DKK 957 million compared with a net loss of DKK 1,820 million in the first nine

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 976 million

compared with a net loss of DKK 1,430 million in the first nine months of 2020. This reflects gains on hedged currencies,

primarily the US dollar.

As per the end of September 2021, a negative market value of financial contracts of approximately DKK 1.4 billion has been

deferred for recognition later in 2021 and 2022.

The effective tax rate is 19.8% in the first nine months of 2021 compared with an effective tax rate of 20.2% in the first

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

Net profit increased by 12% to DKK 36,865 million and diluted earnings per share increased by 14% to 15.98 DKK.

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

Page 11 of 30

Strategic

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sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

KEY DEVELOPMENTS IN THE THIRD QUARTER OF 2021

Sales in the third quarter of 2021 increased by 15% in both Danish kroner and at CER compared to the same period in

2020. Operating profit increased by 19% in both Danish kroner and at CER. The operating profit growth was positively

impacted by amortisation of the priority review voucher for Wegovy™ in the third quarter of 2020.

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 third quarter of 2021.

Sales split per geographical area

Sales Q3 2021

DKK million

Growth

as reported

Growth

at CER

Share of growth

at CER

International Operations

18,337

15%

14%

46%

- EMEA

9,170

10%

18%

- Region China

4,257

20%

13%

10%

- Rest of World

4,910

19%

21%

18%

North America Operations

17,285

16%

17%

54%

- The US

16,181

14%

16%

48%

Total sales 35,622 15% 15% 100%

The increased global sales of 15% at CER were driven by Diabetes and Obesity care sales as GLP-1 sales increased by 31%

at CER, Obesity care sales increased by 82% and insulin sales increased by 4%. Biopharm sales decreased by 2% at CER.

International Operations

Sales in International Operations increased by 15% measured in Danish kroner and by 14% at CER. Sales growth was

driven by all geographical areas.

Sales growth was driven by Diabetes and Obesity care growing by 16% at CER driven by increased GLP-1 sales growing by

50% at CER, insulin sales growing by 7% at CER and Obesity care increasing by 67% at CER. Biopharm sales remained

unchanged at CER.

North America Operations

Sales in North America Operations increased by 16% measured in Danish kroner and by 17% at CER. Sales growth was

driven by GLP-1 growing by 25% at CER reflecting the prescription volume growth, the uptake of Ozempic

and the launch

of Rybelsus

. Insulin sales decreased by 3% at CER driven by lower realised prices. The insulin sales decline was positively

impacted by changes to rebate estimates and changes to the 340B Drug Pricing Programme. Obesity care sales increased

by 91% at CER, reflecting the launch of Wegovy™ in June 2021 and the uptake of Saxenda

, and Biopharm sales decreased

by 5% at CER driven by lower Norditropin

sales, partially offset by increased NovoSeven

sales.

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

Page 12 of 30

Strategic

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Commercial

execution

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capital allocation

Outlook

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therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

PROFIT AND LOSS Q3 2021 Q3 2020

% change

Q3 2021 to

Q3 2020

% change

Q3 2021 to

Q3 2020 at CER

Net sales 35,622 30,927 15% 15%

Gross profit

29,563

25,772

15%

Gross margin

83.0%

83.3%

Sales and distribution costs

9,119

8,174

12%

Percentage of sales

25.6%

26.4%

Research and development costs

4,252

3,911

Percentage of sales

11.9%

12.6%

Administrative costs

1,024

1,006

Percentage of sales

2.9%

3.3%

Other operating income, net

127

(36%)

(38%)

Operating profit

15,249

12,808

19%

Operating margin

42.8%

41.4%

Financial items (net)

(137)

(117)

17%

N/A

Profit before income taxes

15,112

12,691

19%

N/A

Income taxes

2,993

2,393

25%

N/A

Effective tax rate

19.8%

18.9%

Net profit

12,119

10,298

18%

N/A

Net profit margin

34.0%

33.3%

Costs and operating profit

The gross margin was 83.0% in the third quarter of 2021 compared with 83.3% in the same period last year. The 0.3

percentage point gross margin decline reflects lower realised prices in the US, amortisation of intangible assets related to

the acquisition of Emisphere Technologies Inc. in 2020, partially countered by positive product mix.

Sales and distribution costs increased by 12% in both Danish kroner and at CER compared with the same period in 2020.

The increase was driven by North America Operations and International Operations reflecting the launches of Rybelsus

and promotional activities related to Ozempic

Research and development costs increased by 9% in both Danish kroner and at CER compared with the same period in

2020 driven by pipeline expansion, partially offset by the amortisation of the priority review voucher for Wegovy™ in the US

in the third quarter of 2020.

Administrative costs increased by 2% in both Danish kroner and at CER compared with the same period in 2020. The cost

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

Other operating income (net) of DKK 81 million in the third quarter of 2021 compared with DKK 127 million in the same

period last year.

Operating profit increased by 19% in both Danish kroner and at CER compared with the same period in 2020.

Financial items (net) showed a net loss of DKK (137) million compared with a net loss of DKK 117 million in the third

quarter of 2020.

Net profit increased by 18% to DKK 12,119 million and diluted earnings per share increased by 19% to 5.27 DKK.

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

Page 13 of 30

Strategic

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Outlook

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Legal

Financial

Information

Company announcement No 66 / 2021

CASH FLOW AND CAPITAL ALLOCATION

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

Capital expenditure for property, plant and equipment was DKK 4.3 billion compared with DKK 4.3 billion in 2020.

Free cash flow was DKK 52.3 billion compared with DKK 41.6 billion in 2020 supporting the strategic aspiration to deliver

attractive capital allocation to shareholders. The increase is driven by higher net profit, higher provisions for rebates in the

US and a favourable impact from change in working capital. Furthermore, the increase in free cash flow is positively

impacted by lower intangible investments mainly due to the acquisition of Corvidia Therapeutics in 2020.

Novo Nordisk’s financial reserves were DKK 46.4 billion by end of September 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 66,112 million at the end of the first nine months of 2021, equivalent to 38.0% of total assets,

compared with 42.6% at the end of the first nine months of 2020. Please refer to appendix 5 for further elaboration of

changes in equity.

2021 share repurchase programme

On 4 August 2021, Novo Nordisk announced a share repurchase programme of up to DKK 3.3 billion to be executed from

5 August to 1 November 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

5,111,767 B shares for an amount of DKK 3.3 billion in the period from 5 August to 1 November 2021. The programme was

concluded on 1 November 2021.

As of 1 November 2021, Novo Nordisk A/S has repurchased a total of 23,826,181 B shares equal to a transaction value of

DKK 12.186 billion under the overall 2021 share repurchase programme beginning 3 February 2021.

As of 1 November 2021, Novo Nordisk and its wholly-owned affiliates owned 22,633,347 of its own B shares, corresponding

to 1.0% of the total share capital.

Based on the expectations of increased cash flow generation in 2021, the Board of Directors has approved an expansion

of the 2021 share repurchase programme by DKK 2.0 billion to DKK 20 billion.

Share repurchases under the overall programme of up to DKK 20 billion that began 3 February 2021 are expected to be

resumed shortly. 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 Holdings A/S has

informed Novo Nordisk 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%.

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

Page 14 of 30

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Outlook

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Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

OUTLOOK

OUTLOOK 2021

The outlook for sales and operating profit growth was raised on 29 October to 12-15% at CER. The current expectations for

2021 are summarised in the table below:

Expectations are as reported, if not otherwise

stated

Expectations

3 November 2021

Expectations

4 August 2021

Sales growth

at CER 12% to 15% 10% to 13%

as reported Around 3 percentage points lower than at CER Around 4 percentage points lower than at CER

Operating profit growth

at CER 12% to 15% 9% to 12%

as reported Around 4 percentage points lower than at CER Around 5 percentage points lower than at CER

Financial items (net) Gain of around DKK 0.3 billion Gain of around DKK 0.6 billion

Effective tax rate 19% to 21% 19% to 21%

Capital expenditure (PP&E) Around DKK 7.0 billion Around DKK 7.5 billion

Depreciation, amortisation and impairment

losses

Around DKK 5.5 billion Around DKK 5.5 billion

Free cash flow DKK 44-49 billion DKK 39-44 billion

For 2021, sales growth is now expected to be 12% to15% 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 now expected to be around 3 percentage points lower than at CER.

Operating profit growth is now expected to be 12% to15% 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.

Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be around 4

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 0.3 billion, mainly reflecting

gains associated with foreign exchange hedging contracts.

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

Capital expenditure is now expected to be around DKK 7.0 billion in 2021.

Depreciation, amortisation and impairment losses are still expected to be around DKK 5.5 billion.

The free cash flow is now expected to be DKK 44-49 billion reflecting higher sales and net profit expectations, timing of

rebates in the US and lower capital expenditure.

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

Page 15 of 30

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Company announcement No 66 / 2021

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

implications from major healthcare reforms and legislative changes as well as outcome of legal cases including litigations

related to the 340B Drug Pricing Programme in the US, 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 any

significant business development transactions during the remainder of 2021.

FX (average rates) Q3 2021 Q3 2020 % change 9M 2021 9M 2020 % change

Spot rate

28 October

2021

USD

631

637

(1%)

622

663

(6%)

642

CNY

100

JPY

5.73

6.00

(4%)

5.73

6.17

(7%)

5.65

CAD

501

478

497

491

519

GBP

870

823

861

843

882

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 2,200 million

CNY

DKK 480 million

JPY

DKK 220 million

CAD

DKK 180 million

GBP

DKK 110 million

As of 28 October 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 September 2021

Page 16 of 30

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Company announcement No 66 / 2021

INNOVATION AND THERAPEUTIC FOCUS

Diabetes care

Phase 1 trial with glucose-sensitive insulin (NN1845) completed

During the third quarter of 2021, Novo Nordisk completed a phase 1 trial investigating safety, tolerability,

pharmacokinetics and pharmacodynamics of subcutaneously administrated glucose-sensitive insulin (NN1845). In the trial,

NN1845 appeared to have a safe and well-tolerated profile and demonstrated proof of principle of glucose-sensitive

properties. Further development of glucose-sensitive insulin to optimise pharmacokinetic properties is now being

evaluated.

Xultophy

approved in China for the treatment of type 2 diabetes

In October 2021, Xultophy

was approved by the China National Medical Products Administration for the treatment of type

2 diabetes. Novo Nordisk expects to launch Xultophy

in China in the first half of 2022.

Obesity care

Semaglutide 2.4 mg obesity marketing authorisation application submitted in Japan

In August 2021, Novo Nordisk submitted the new drug application to the Japanese Authorities (PMDA) for semaglutide 2.4

mg for the treatment of obesity. The submission is based on the results from the STEP phase 3a clinical trial programme,

which included more than 4,500 adults with obesity or overweight.

Phase 3 trial initiated with oral semaglutide 50 mg in people with obesity

In September 2021, Novo Nordisk initiated a randomised and placebo-controlled phase 3 trial investigating the efficacy

and safety of oral semaglutide 50 mg in 660 people with obesity or overweight. The global 68-week trial is the first of three

trials in the global phase 3a programme.

Other serious chronic diseases

Phase 3 programme initiated with ziltivekimab in cardiovascular disease

In September 2021, Novo Nordisk initiated a randomised and placebo-controlled phase 3 cardiovascular outcomes trial

assessing the efficacy and safety of subcutaneous ziltivekimab 15 mg in around 6,200 people with established

atherosclerotic cardiovascular disease, chronic kidney disease and systemic inflammation. The event-driven trial is

expected to complete in the second half of 2025.

Phase 2 trial with semaglutide in NASH F4 completed

In the third quarter of 2021, Novo Nordisk completed a 48-week phase 2 trial investigating the efficacy and safety of

semaglutide 2.4 mg in 71 people with NASH F4c (compensated cirrhosis). The trial did not demonstrate an effect of

semaglutide on the primary endpoint of improvement in histological fibrosis with no worsening of NASH. In the trial,

semaglutide appeared to have a safe and well-tolerated profile. Following the completion of the trial, semaglutide 2.4 mg

will be further developed for compensated cirrhotic NASH as part of combination therapies (see below).

Phase 2b combination trial with semaglutide in NASH initiated

In August 2021, Novo Nordisk and Gilead initiated a phase 2b trial in around 440 people with NASH F4c (compensated

cirrhosis). The trial is a randomised, placebo-controlled trial investigating the safety and efficacy of semaglutide 2.4 mg as a

fixed-dose combination of Gilead’s investigational FXR agonist cilofexor and investigational ACC inhibitor firsocostat, alone

and in combination with semaglutide. The 72-week trial will evaluate the effect on liver fibrosis improvement and NASH

resolution.

Phase 2 trial with FGF21, semaglutide and cagrilintide in NASH initiated

On August 2021, Novo Nordisk initiated a phase 2 dose finding trial with FGF21 as mono- and combination therapy in

around 700 people with non-cirrhotic and compensated cirrhotic NASH (F2-F4c). The randomised, placebo-controlled trial

is investigating the safety and efficacy of FGF21 in monotherapy and in combination with semaglutide 2.4 mg. The

combination of cagrilintide and semaglutide 2.4 mg is also investigated in this trial. The 52-week trial will evaluate the

effect on liver fibrosis improvement and NASH resolution.

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

Page 17 of 30

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Company announcement No 66 / 2021

Purpose and sustainability

Environment

Circular for Zero

During Climate Week NYC in September 2021, Novo Nordisk was awarded the RE100 Key Collaborator Award for its work in

accelerating the global transition to 100% renewable energy. Novo Nordisk was recognised for sharing lessons learnt with

peers on the use of renewable power, and for setting the target of reducing supplier CO2 emissions by 300,000 tonnes

every year. 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.

Novo Nordisk carbon emissions from operations and transport decreased by 44% to 127,369 tons in the first nine months

of 2021 compared to the first nine 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 executing on its commitment to offer

access to affordable care to vulnerable people in every country where the company operates. In 2020, vulnerability

assessments were made in 21 countries and during the first nine months of 2021, 46 assessments have been made. Based

on the assessments, affordability plans are being implemented and around 50,000 people with diabetes have obtained

access to insulin across Syria, Kenya, Nigeria, Ghana and Panama.

Also within access and affordability, the Changing Diabetes

in Children partnership is now providing free care to 30,000

children and adolescents living with type 1 diabetes in low- and middle-income countries. The Changing Diabetes

Children partnership aspires 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

Indonesia, Pakistan and Peru. 18 countries are now included.

A newly expanded partnership with the World Diabetes Foundation (WDF) in eight Middle East and African countries is

expected to further support the aspiration. Funded by Novo Nordisk, the WDF and the Novo Nordisk Foundation, the 9.5

million Euro partnership will support local ministries of health, healthcare institutions, patient organisations and other

partners working with existing health systems to improve the capacity to diagnose and care for type 1 diabetes.

Employees

The number of full-time employees at the end of the first nine months of 2021 increased by 6.0% compared to 12 months

ago. The total number of full-time employees was 46,982. The increase is driven by International Operations, Product

Supply, R&D and Global Business Services in India, partially countered by North America Operations.

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

Page 18 of 30

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Company announcement No 66 / 2021

LEGAL MATTERS

Conclusion of US securities class action litigation

In September 2021, Novo Nordisk announced that it has reached an agreement in principle to settle the previously

disclosed securities class action litigation pending in the Federal District Court of New Jersey, US. The lawsuit was filed in

January 2017 on behalf of purchasers of American Depository Receipts during the class period 3 February 2015 to 2

February 2017 against Novo Nordisk A/S, Lars Rebien Sørensen, Jesper Brandgaard and Jakob Riis.

The settlement was reached after a voluntary mediation process and resolves claims brought by plaintiffs for alleged

violations of US securities laws. The settlement contains no admission of liability, wrongdoing or responsibility by any of the

defendants and will include a full release of all defendants in connection with the allegations made in the lawsuit. Novo

Nordisk believes that the plaintiffs’ claims are without any merit, but is settling the lawsuit to avoid the burden, inherent

risk and expense of further litigation.

Under the terms of the settlement agreement, Novo Nordisk has agreed to pay 100 million US dollars (inclusive of all

plaintiffs’ attorneys fees and expenses and settlement costs). The payment, which is covered by insurance, will be made

into a settlement fund and distributed among plaintiffs. The settlement is subject to a court approval process, which could

take several months.

Litigations related to the 340B Drug Pricing Programme in the US

Since January 2021, Novo Nordisk has changed its policy in the US related to the 340B Drug Pricing Program, whereby

Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities

participating in the 340B Drug Pricing Program. Novo Nordisk’s contract pharmacy policy has been challenged by the US

Department of Health and Human Services and on 17 May 2021, the US government issued a letter to Novo Nordisk (and

other companies regarding any similar policies that they may have) asserting that Novo Nordisk’s policy violates the 340B

statute. Novo Nordisk believes its policy does not violate 340B Program requirements and has commenced litigation

against the government seeking a declaration that its 340B policy is consistent with relevant US laws. Moreover, Mosaic

Health (a 340B covered entity) has filed a class action lawsuit in NY Federal Court alleging conspiracy and antitrust

violations against Novo Nordisk, Sanofi, Eli Lilly and Novartis relating to their policy changes to cease distribution of 340B

drugs through unlimited contract pharmacy arrangements. The impact on Novo Nordisk’s financial position, operating

profit and cash flow depends on the outcome of these matters.

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

Page 19 of 30

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Financial

Information

Company announcement No 66 / 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 nine months of 2021. The financial report has not been audited or reviewed by the company’s

independent auditors.

The financial report for the first nine 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 nine months of 2021 gives a true and fair view of the Group’s assets,

liabilities and financial position at 30 September 2021, and of the results of the Group’s operations and cash flow for the

period 1 January 2021 to 30 September 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, 3 November 2021

Executive Management:

Lars Fruergaard Jørgensen

President and CEO

Karsten Munk Knudsen

CFO

Monique Carter

Martin Holst Lange Marcus Schindler Camilla Sylvest

Henrik Wulff

Board of Directors:

Helge Lund

Chair

Jeppe Christiansen

Vice chair

Laurence Debroux

Andreas Fibig Sylvie Grégoire Mette Bøjer Jensen

Kasim Kutay Anne Marie Kverneland Martin Mackay

Henrik Poulsen Thomas Rantzau Stig Strøbæk

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

Page 20 of 30

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sustainability

Legal

Financial

Information

Company announcement No 66 / 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 47,000 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

2 February 2022

Financial statement for 2021

3 March 2022

Capital Markets Day in Copenhagen, Denmark

24 March 2022

Annual General Meeting

4 May 2022

Financial statement for the first three months of 2022

4 August 2022

Financial statement for the first six months of 2022

2 November 2022

Financial statement for the first nine months of 2022

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 6915

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 September 2021

Page 21 of 30

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Legal

Financial

Information

Company announcement No 66 / 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

Q3 2021 vs.

Q3 2020

Net sales

35,622

33,041

33,804

32,138

30,927

30,006

33,875

15%

Gross profit

29,563

27,494

27,993

26,519

25,772

25,234

28,489

15%

Gross margin

83.0%

83.2%

82.8%

82.5%

83.3%

84.1%

Sales and distribution costs

9,119

8,001

8,256

9,766

8,174

7,398

7,590

12%

Percentage of sales

25.6%

24.2%

24.4%

30.4%

26.4%

24.7%

22.4%

Research and development costs

4,252

3,944

4,483

3,911

3,291

3,777

Percentage of sales

11.9%

11.7%

13.9%

12.6%

11.0%

11.1%

Administrative costs

1,024

904

932

1,198

1,006

827

927

Percentage of sales

2.9%

2.7%

2.8%

3.7%

3.3%

2.8%

2.7%

Other operating income, net

134

121

106

127

120

107

(36%)

Operating profit

15,249

14,779

14,982

11,178

12,808

13,838

16,302

19%

Operating margin

42.8%

44.7%

44.3%

34.8%

41.4%

46.1%

48.1%

Financial income

790

1,753

1,352

162

388%

Financial expenses

927

(48)

797

528

279

519

1,298

232%

Financial items (net)

(137)

138

956

824

(117)

(422)

(1,281)

17%

Profit before income taxes

15,112

14,917

15,938

12,002

12,691

13,416

15,021

19%

Income taxes

2,993

2,794

3,315

2,684

2,393

2,791

3,124

25%

Net profit

12,119

12,123

12,623

9,318

10,298

10,625

11,897

18%

Depreciation, amortisation and

impairment losses

1,349 1,217 1,377 1,379 2,130 1,158 1,086 (37%)

Capital expenditure

1,175

1,709

1,402

1,518

1,401

1,239

1,667

(16%)

Net cash generated from operating activities

21,507

25,255

11,255

172

17,506

24,261

10,012

23%

Free cash flow

19,616

23,164

9,532

(12,994)

11,224

22,666

7,669

75%

Total assets

174,084

158,095

141,387

144,922

139,947

136,121

126,256

24%

Total equity

66,112

65,559

58,496

63,325

59,573

60,054

54,399

11%

Equity ratio

38.0%

41.5%

41.4%

43.7%

42.6%

44.1%

43.1%

Full-time equivalent employees end of period 46,982 45,971 45,157 44,723 44,326 43,526 43,158 6%

Basic earnings per share/ADR (in DKK)

5.29

5.26

5.47

4.02

4.42

4.54

5.07

20%

Diluted earnings per share/ADR (in DKK)

5.27

5.26

5.45

4.01

4.42

4.53

5.05

19%

Average number of shares outstanding (million)

2,291.9

2,300.8

2,309.6

2,318.9

2,329.0

2,338.8

2,348.8

(2%)

Average number of diluted shares outstanding (million)

2,297.3

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

13,848

12,077

11,300

11,780

10,651

9,425

9,975

30%

Long-acting insulin

4,416

4,149

4,822

5,013

4,048

4,220

5,158

Premix insulin

2,844

2,715

2,953

2,705

2,572

2,693

2,955

11%

Fast-acting insulin

4,359

4,252

4,556

4,231

4,589

4,379

5,114

(5%)

Human insulin

2,391

2,041

2,535

1,678

2,194

2,314

2,687

Total insulin

14,010

13,157

14,866

13,627

13,403

13,606

15,914

Other Diabetes care

859

809

1,110

975

954

977

1,125

(10%)

Total Diabetes care

28,717

26,043

27,276

26,382

25,008

24,008

27,014

15%

Obesity care (Saxenda

and Wegovy

)

2,398

1,992

1,551

1,385

1,338

1,308

1,577

79%

Diabetes and Obesity care total

31,115

28,035

28,827

27,767

26,346

25,316

28,591

18%

Rare blood disorders

2,326

2,723

2,678

2,140

2,311

2,401

2,810

Rare endocrine disorders

1,805

1,859

1,920

1,833

1,891

1,952

2,031

(5%)

Other Biopharm

376

424

379

398

379

337

443

(1%)

Biopharm total

4,507

5,006

4,977

4,371

4,581

4,690

5,284

(2%)

Sales by geographic segment:

International Operations

18,337

18,237

18,747

15,430

15,988

16,115

18,296

15%

- EMEA

9,170

9,579

9,530

8,138

8,318

8,167

9,674

10%

- Region China

4,257

3,722

4,330

3,248

3,549

3,474

3,813

20%

- Rest of World

4,910

4,936

4,887

4,044

4,121

4,474

4,809

19%

North America Operations

17,285

14,804

15,057

16,708

14,939

13,891

15,579

16%

- The US

16,181

13,754

14,172

15,877

14,144

13,028

14,775

14%

Segment operating profit:

Diabetes and Obesity care

13,052

12,155

12,470

9,106

9,748

11,434

13,456

34%

Biopharm

2,197

2,624

2,512

2,072

3,060

2,404

2,846

(28%)

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 September 2021

Page 22 of 30

Strategic

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therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

DKK million

9M 2021

9M 2020

Q3 2021

Q3 2020

Income statement

Net sales

102,467

94,808

35,622

30,927

Cost of goods sold

17,417

15,313

6,059

5,155

Gross profit

85,050

79,495

29,563

25,772

Sales and distribution costs

25,376

23,162

9,119

8,174

Research and development costs

12,140

10,979

4,252

3,911

Administrative costs

2,860

2,760

1,024

1,006

Other operating income, net

336

354

127

Operating profit

45,010

42,948

15,249

12,808

Financial income

2,633

276

790

162

Financial expenses

1,676

2,096

927

279

Profit before income taxes

45,967

41,128

15,112

12,691

Income taxes

9,102

8,308

2,993

2,393

NET PROFIT

36,865

32,820

12,119

10,298

Basic earnings per share (DKK)

16.02

14.03

5.29

4.42

Diluted earnings per share (DKK)

15.98

14.00

5.27

4.42

Segment Information

Segment sales:

Diabetes and Obesity care

87,977

80,253

31,115

26,346

Biopharm

14,490

14,555

4,507

4,581

Segment operating profit:

Diabetes and Obesity care

37,677

34,638

13,052

9,748

Operating margin

42.8 %

43.2 %

41.9 %

37.0 %

Biopharm

7,333

8,310

2,197

3,060

Operating margin

50.6 %

57.1 %

48.7 %

66.8 %

Total segment operating profit

45,010

42,948

15,249

12,808

Statement of comprehensive income

Net profit for the period

36,865

32,820

12,119

10,298

Other comprehensive income

Items that will not subsequently be reclassified to the Income

statement

Remeasurements on defined benefit plans

128

(68)

(77)

Items that will be reclassified subsequently to the Income

statement

Exchange rate adjustments of investments in subsidiaries

1,009

(1,002)

480

(788)

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

(1,757)

343

(347)

(65)

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

(1,407)

1,019

(594)

606

Other items

(2)

—

Tax on other comprehensive income, income/(expense)

808

(512)

280

(169)

Other comprehensive income for the period, net of tax (1,221) (121) (249) (492)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 35,644 32,699 11,870 9,806

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

Page 23 of 30

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sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

APPENDIX 3: CASH FLOW STATEMENT

DKK million 9M 2021 9M 2020

Net profit

36,865

32,820

Adjustment for non-cash items:

Income taxes in the Income Statement

9,102

8,308

Depreciation, amortisation and impairment losses

3,943

4,374

Other non-cash items

14,647

13,508

Change in working capital

2,032

(384)

Interest received

149

Interest paid

(141)

(182)

Income taxes paid

(8,580)

(6,715)

Net cash generated from operating activities

58,017

51,779

Purchase of intangible assets

(785)

(4,869)

Proceeds from sale of property, plant and equipment

—

Purchase of property, plant and equipment

(4,286)

(4,307)

Proceeds from other financial assets

Purchase of other financial assets

(4)

—

Sale of marketable securities

948

—

Purchase of marketable securities

(6,881)

—

Investment in associated company

—

(392)

Dividend received from associated company

Net cash used in investing activities

(11,002)

(9,536)

Purchase of treasury shares

(11,935)

(11,195)

Dividends paid

(21,517)

(20,121)

Proceeds from issue of bonds

9,657

—

Repayment of borrowings

(6,329)

(568)

Proceeds from borrowings

—

Net cash used in financing activities

(30,042)

(31,884)

NET CASH GENERATED FROM ACTIVITIES

16,973

10,359

Cash and cash equivalents at the beginning of the year

12,226

15,411

Exchange gain/(loss) on cash and cash equivalents

291

(305)

Cash and cash equivalents at the end of the period

29,490

25,465

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

Page 24 of 30

Strategic

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therapeutic focus

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sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

APPENDIX 4: BALANCE SHEET

DKK million

30 Sep 2021

31 Dec 2020

ASSETS

Intangible assets

20,526

20,657

Property, plant and equipment

52,863

50,269

Investments in associated companies

561

582

Deferred income tax assets

7,372

5,865

Other receivables and prepayments

332

674

Other financial assets

1,217

1,066

TOTAL NON-CURRENT ASSETS

82,871

79,113

Inventories

18,899

18,536

Trade receivables

29,860

27,734

Tax receivables

390

289

Other receivables and prepayments

5,202

4,161

Marketable securities

5,897

—

Derivative financial instruments

1,472

2,332

Cash at bank

29,493

12,757

TOTAL CURRENT ASSETS 91,213 65,809

TOTAL ASSETS 174,084 144,922

EQUITY AND LIABILITIES

Share capital

462

470

Treasury shares

(4)

(8)

Retained earnings

67,914

63,774

Other reserves

(2,260)

(911)

TOTAL EQUITY

66,112

63,325

Borrowings

12,398

2,897

Deferred income tax liabilities

1,643

2,502

Retirement benefit obligations

1,306

1,399

Provisions

4,297

4,526

Total non-current liabilities

19,644

11,324

Borrowings

1,350

7,459

Trade payables

8,877

5,717

Tax payables

5,994

3,913

Other liabilities

17,629

17,005

Derivative financial instruments

1,610

1,365

Provisions

52,868

34,814

Total current liabilities

88,328

70,273

TOTAL LIABILITIES

107,972

81,597

TOTAL EQUITY AND LIABILITIES 174,084 144,922

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

Page 25 of 30

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therapeutic focus

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sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

APPENDIX 5: EQUITY STATEMENT

DKK million

capital

Treasury

Retained

earnings

Other

reserves Total

9M 2021

Balance at the beginning of the period

470

(8)

63,774

(911)

63,325

Net profit for the period

36,865

Other comprehensive income for the period

128

(1,349)

(1,221)

Total comprehensive income for the period

36,993

(1,349)

35,644

Transactions with owners:

Dividends

(21,517)

Share-based payments

567

Tax related to restricted stock units

Purchase of treasury shares

(4)

(11,931)

(11,935)

Reduction of the B share capital

(8)

—

Balance at the end of the period 462 (4) 67,914 (2,260) 66,112

DKK million

capital

Treasury

Retained

earnings

Other

reserves Total

9M 2020

Balance at the beginning of the period

480

(10)

57,817

(694)

57,593

Net profit for the period

32,820

Other comprehensive income for the period

(148)

(121)

Total comprehensive income for the period

32,847

(148)

32,699

Transfer of cash flow hedge reserve to intangible assets

100

Transactions with owners:

Dividends

(20,121)

Share-based payments

468

Tax related to restricted stock units

Purchase of treasury shares

(5)

(11,190)

(11,195)

Reduction of the B share capital

(10)

—

Balance at the end of the period 470 (5) 59,850 (742) 59,573

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

Page 26 of 30

Strategic

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highlights

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execution

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Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

APPENDIX 6: SALES SPLIT PER AREA

Q3 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

1,341

123

—

1,218

1,199

% change at CER

204%

—

187%

183%

Ozempic

8,892

2,329

1,636

617

6,563

6,097

% change at CER

66%

162%

113%

—

403%

47%

45%

Victoza

3,615

1,648

836

417

395

1,967

1,897

% change at CER

(24%)

(11%)

(22%)

34%

(14%)

(33%)

Total GLP-1

13,848

4,100

2,561

493

1,046

9,748

9,193

% change at CER

31%

50%

39%

58%

80%

25%

23%

Long-acting insulin

4,416

2,729

1,603

568

558

1,687

1,541

% change at CER

10%

35%

16%

Tresiba

2,441

1,369

716

312

341

1,072

959

% change at CER

16%

20%

115%

11%

10%

Xultophy

658

529

412

116

129

126

% change at CER

20%

—

213%

(19%)

(20%)

Levemir

1,317

831

475

255

101

486

456

% change at CER

(4%)

(9%)

(8%)

(10%)

Premix insulin

2,844

2,683

696

1,384

603

161

155

% change at CER

11%

30%

33%

Ryzodeg

446

257

—

% change at CER

51%

27%

—

27%

—

NovoMix

2,398

2,237

599

1,292

346

161

155

% change at CER

(8%)

30%

33%

Fast-acting insulin

4,359

2,675

1,543

605

527

1,684

1,580

% change at CER

(5%)

(1%)

12%

(14%)

(15%)

Fiasp

416

268

231

—

148

139

% change at CER

21%

33%

24%

—

147%

NovoRapid

3,943

2,407

1,312

605

490

1,536

1,441

% change at CER

(7%)

(1%)

(4%)

12%

(4%)

(16%)

(17%)

Human insulin

2,391

1,946

524

749

673

445

425

% change at CER

(6%)

29%

Total insulin

14,010

10,033

4,366

3,306

2,361

3,977

3,701

% change at CER

12%

(3%)

Other Diabetes care

859

629

182

315

132

230

195

% change at CER

(12%)

(16%)

(25%)

(17%)

Total Diabetes care

28,717

14,762

7,109

4,114

3,539

13,955

13,089

% change at CER

15%

12%

11%

24%

15%

14%

Obesity care (Saxenda® and Wegovy™)

2,398

806

444

340

1,592

1,496

% change at CER

82%

67%

74%

—

50%

91%

94%

Diabetes and Obesity care total

31,115

15,568

7,553

4,136

3,879

15,547

14,585

% change at CER

18%

16%

14%

12%

26%

20%

19%

Biopharm segment

Rare blood disorders

2,326

1,250

843

330

1,076

1,017

% change at CER

(8%)

(14%)

70%

(1%)

12%

Haemophilia A

411

320

244

—

% change at CER

(9%)

(8%)

(9%)

(75%)

(12%)

(14%)

Haemophilia B

166

104

% change at CER

20%

18%

—

54%

24%

32%

NovoSeven

1,676

796

510

211

880

866

% change at CER

(12%)

(19%)

80%

(9%)

13%

14%

Rare endocrine disorders

1,805

1,254

571

641

551

544

% change at CER

(4%)

11%

10%

208%

(27%)

Other Biopharm

376

265

203

111

% change at CER

(3%)

(8%)

100%

15%

(4%)

(28%)

Biopharm total

4,507

2,769

1,617

121

1,031

1,738

1,596

% change at CER

(2%)

(6%)

102%

(5%)

(6%)

Total sales

35,622

18,337

9,170

4,257

4,910

17,285

16,181

% change at CER

15%

14%

10%

13%

21%

17%

16%

% change as reported

15%

10%

20%

19%

16%

14%

Share of growth

100%

46%

18%

10%

18%

54%

48%

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 September 2021

Page 27 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021

9M 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

3,015

290

179

—

111

2,725

2,678

% change at CER

209 %

—

185 %

182 %

Ozempic

22,989

6,107

4,593

138

1,376

16,882

15,708

% change at CER

61%

151%

114%

—

354%

43%

42%

Victoza

11,221

5,230

2,750

1,188

1,292

5,991

5,765

% change at CER

(16%)

(4%)

(18%)

48%

(2%)

(24%)

Total GLP-1

37,225

11,627

7,522

1,326

2,779

25,598

24,151

% change at CER

30%

47%

37%

64%

73%

24%

23%

Long-acting insulin

13,387

8,331

5,073

1,575

1,683

5,056

4,644

% change at CER

13%

39%

15%

(8%)

(9%)

Tresiba

6,998

4,060

2,217

792

1,051

2,938

2,619

% change at CER

24%

15%

162%

(8%)

(10%)

Xultophy

1,984

1,600

1,279

319

384

377

% change at CER

11%

23%

100%

197%

(21%)

Levemir

4,405

2,671

1,577

781

313

1,734

1,648

% change at CER

(5%)

(6%)

(5%)

(6%)

(5%)

(4%)

Premix insulin

8,512

8,076

2,204

4,052

1,820

436

418

% change at CER

10%

12%

Ryzodeg

1,287

306

207

774

—

% change at CER

39%

33%

—

17%

—

NovoMix

7,225

6,789

1,898

3,845

1,046

436

418

% change at CER

(4%)

10%

12%

Fast-acting insulin

13,167

8,183

4,817

1,769

1,597

4,984

4,672

% change at CER

(2%)

12%

(10%)

(11%)

Fiasp

1,253

799

697

—

102

454

427

% change at CER

27%

37%

28%

—

143%

12%

13%

NovoRapid

11,914

7,384

4,120

1,769

1,495

4,530

4,245

% change at CER

(5%)

(3%)

12%

(12%)

(13%)

Human insulin

6,967

5,783

1,634

2,109

2,040

1,184

1,121

% change at CER

(8%)

(4%)

18%

(5%)

(4%)

Total insulin

42,033

30,373

13,728

9,505

7,140

11,660

10,855

% change at CER

10%

(8%)

(9%)

Other Diabetes care

2,778

2,056

535

1,149

372

722

617

% change at CER

(7%)

(6%)

(21%)

(6%)

Total Diabetes care

82,036

44,056

21,785

11,980

10,291

37,980

35,623

% change at CER

13%

14%

11%

13%

20%

11%

Obesity care (Saxenda® and Wegovy™)

5,941

2,303

1,283

982

3,638

3,370

% change at CER

49%

51%

61%

—

36%

48%

49%

Diabetes and Obesity care total

87,977

46,359

23,068

12,018

11,273

41,618

38,993

% change at CER

15%

13%

22%

14%

13%

Biopharm segment

Rare blood disorders

7,727

4,422

2,841

176

1,405

3,305

3,109

% change at CER

(32%)

17%

19%

Haemophilia A

1,531

1,190

865

305

341

322

% change at CER

23%

22%

17%

100%

34%

27%

28%

Haemophilia B

475

293

197

182

% change at CER

26%

28%

27%

—

25%

24%

47%

NovoSeven

5,531

2,871

1,733

153

985

2,660

2,594

% change at CER

(8%)

(6%)

(39%)

(3%)

15%

17%

Rare endocrine disorders

5,584

3,733

1,731

111

1,891

1,851

1,835

% change at CER

162%

(10%)

Other Biopharm

1,179

807

639

164

372

170

% change at CER

(3%)

(7%)

(20%)

14%

16%

20%

Biopharm total

14,490

8,962

5,211

291

3,460

5,528

5,114

% change at CER

(5%)

Total sales

102,467

55,321

28,279

12,309

14,733

47,146

44,107

% change at CER

13%

11%

12%

17%

13%

12%

% change as reported

10%

14%

10%

Share of growth

100%

53%

23%

11%

19%

47%

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 September 2021

Page 28 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 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

9M 2021 9M 2020

% change

9M 2021 to

9M 2020

Q3 2021 Q3 2020

% change

Q3 2021 to

Q3 2020

Net sales

102,467

94,808

35,622

30,927

15%

Effect of exchange rates

4,598

—

Sales at CER 107,065 94,808 13% 35,688 30,927 15%

Operating profit at CER

DKK million

9M 2021 9M 2020

% change

9M 2021 to

9M 2020

Q3 2021 Q3 2020

% change

Q3 2021 to

Q3 2020

Operating profit

45,010

42,948

15,249

12,808

19%

Effect of exchange rates

3,020

—

Operating profit at CER 48,030 42,948 12% 15,283 12,808 19%

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 9M 2021 9M 2020 Q3 2021 Q3 2020

Net cash generated from operating activities 58,017 51,779 21,507 17,506

Net cash used in investing activities (11,002) (9,536) (4,635) (6,063)

Repayment on lease liabilities

(636)

(684)

(202)

(219)

Net change in marketable securities

5,933

—

2,946

—

Free cash flow 52,312 41,559 19,616 11,224

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

Page 29 of 30

Strategic

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Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 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 9M 2021 9M 2020

Cash and cash equivalents 29,490 25,465

Marketable securities 5,897 —

Undrawn committed credit facility 11,526 11,542

Borrowings

(557)

(595)

Financial reserves 46,356 36,412

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

Page 30 of 30

Strategic

aspirations

Performance

highlights

Commercial

execution

Financials

Cash flow and

capital allocation

Outlook

Innovation and

therapeutic focus

Purpose and

sustainability

Legal

Financial

Information

Company announcement No 66 / 2021