Financial report for the period 1 January 2022 to 30 September 2022
2 November 2022
Novo Nordisk's sales increased by 26% in Danish kroner and by 16% at constant
exchange rates to DKK 128.9 billion in the first nine months of 2022
• Operating profit increased by 28% in Danish kroner and by 14% at constant exchange rates (CER) to DKK 57.7 billion.
• Sales in North America Operations increased by 37% in Danish kroner (22% at CER), and sales in International
Operations increased by 16% in Danish kroner (11% at CER).
• Sales within Diabetes and Obesity care increased by 29% in Danish kroner to DKK 113.2 billion (18% at CER), mainly
driven by GLP-1 diabetes sales growth of 59% in Danish kroner (44% at CER). Rare disease sales increased by 8%
measured in Danish kroner (2% at CER).
• Obesity care sales grew by 91% in Danish Kroner (75% at CER). Novo Nordisk expects to make all Wegovy
®
dose
strengths available in the US towards the end of 2022.
• Within R&D, Novo Nordisk successfully completed a phase 2 trial with CagriSema in people with type 2 diabetes and the
last phase 3a trial with once-weekly insulin icodec.
• For the 2022 outlook, sales growth is now expected to be 14-17% at CER and operating profit growth is now expected
to be 13-16% at CER. Sales and operating profit growth reported in Danish kroner are now expected to be 10 and 15
percentage points higher than at CER, respectively.
PROFIT AND LOSS 9M 2022 9M 2021
Growth
as reported
Growth
at CER*
DKK million
Net sales 128,862 102,467 26% 16%
Operating profit 57,722 45,010 28% 14%
Net profit 41,933 36,865 14% N/A
Diluted earnings per share (in DKK) 18.42 15.98 15% N/A
* CER: Constant exchange rates (average 2021).
Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first nine months of 2022
which has enabled us to raise the outlook for the full year. The growth is driven by increasing demand for GLP-1-based
diabetes treatments, especially Ozempic
®
. Within R&D, the encouraging phase 2 data with CagriSema in type 2 diabetes
and the successful completion of the phase 3 programme for once-weekly insulin icodec support our aspiration of further
raising the innovation bar for diabetes treatments."
On 2 November 2022 at 13.00 CET, corresponding to 08.00 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’.
Investor Relations
Telephone:
CVR Number:
Company announcement No 79 / 2022
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 2022 (blue indicates third-quarter development):
Purpose and sustainability
Innovation and therapeutic focus
Progress towards zero environmental impact:
• Carbon emissions from operations and transportation
decreased by 18% compared to the first nine months of
2019
Adding value to society:
• Progress on 'Defeat Diabetes' strategy:
◦ Medical treatment provided to 35.7 million people living
with diabetes
◦ Reaching more than 37,000 children in Changing
Diabetes
®
in Children programme
• Five months’ supply of diabetes and haemophilia
medication donated to the Ukrainian Ministry of Health
• Positive scientific opinion from EMA on human insulin with
more flexible storage without refrigeration
Being recognised as a sustainable employer:
• Share of women in senior leadership positions has
increased to 38% from 36% in the first nine months of 2021
Further raise innovation bar for diabetes treatment:
• Approval of Ozempic
®
2.0 mg in the US
• Successful completion of phase 3a trials with once-weekly
insulin icodec
• Successful completion of phase 2 trial with CagriSema in
people with type 2 diabetes
• Phase 1 trial with Ideal Pump insulin successfully completed
• Phase 1 trial initiated with a once-daily oral GLP-1/GIP
agonist and once-weekly oral semaglutide
Stre Develop superior treatment solutions for obesity:
• STEP TEENs phase 3 trial successfully completed
• Phase 3a initiation with CagriSema in people with obesity
• Phase 1 initiation with oral amycretin
the
Strengthen and progress Rare disease pipeline:
• Concizumab phase 3 trial completed in people with
haemophilia A and B with inhibitors and in people without
inhibitors
• Dosing initiated in phase 3a trial with Mim8
• Phase 2 trial initiated with NDec in sickle cell disease
• Acquisition of Forma Therapeutics to expand pipeline in
sickle cell disease
Establish presence in Other serious chronic diseases:
• Phase 2 trial initiated with NNC6019 in cardiomyopathy
Commercial execution Financials
Strengthen diabetes leadership to more than one-third:
• Diabetes value market share increased by 1.7 percentage
points to 31.6% (MAT)
More than DKK 25 billion in Obesity care sales by 2025:
• Obesity care sales increased by 75% (CER) to DKK 11.4
billion
Secure a sustained growth outlook for Rare disease:
• Rare disease sales increased by 2% (CER) to DKK 15.7 billion
Deliver solid sales and operating profit growth:
• Sales growth at 16% (CER)
• International Operations sales growth of 11% (CER)
• US sales growth of 21% (CER) with 72% of sales coming
from products launched since 2015
• Operating profit growth of 14% (CER)
Drive operational efficiencies:
• Continued productivity gains in Product Supply
Enable attractive capital allocation to shareholders:
• Free cash flow of DKK 62.5 billion
• DKK 41.9billion returned to shareholders during the first
nine months of 2022
Financial report for the period 1 January 2022 to 30 September 2022
Page 2 of 32
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 79 / 2022
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST NINE MONTHS OF 2022
PROFIT AND LOSS 9M 2022 9M 2021
% change
9M 2022 to
9M 2021
% change
9M 2022 to
9M 2021 at
CER
(Amounts are in DKK million, except for earnings per share and employees)
Net sales 128,862 102,467 26% 16%
Gross profit
108,676
85,050
28%
17%
Gross margin
84.3%
83.0%
Sales and distribution costs
(32,474)
(25,376)
28%
19%
Percentage of sales
25.2%
24.8%
Research and development costs
(15,962)
(12,140)
31%
26%
Percentage of sales
12.4%
11.8%
Administrative costs
(3,119)
(2,860)
9%
5%
Percentage of sales
2.4%
2.8%
Other operating income and expenses
601
336
79%
58%
Operating profit
57,722
45,010
28%
14%
Operating margin
44.8%
43.9%
Financial items (net)
(4,976)
957
(620%)
N/A
Profit before income taxes
52,746
45,967
15%
N/A
Income taxes
(10,813)
(9,102)
19%
N/A
Effective tax rate
20.5%
19.8%
Net profit
41,933
36,865
14%
N/A
Net profit margin
32.5%
36.0%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses
5,327
3,943
35%
N/A
Capital expenditure (PP&E)
7,185
4,286
68%
N/A
Net cash generated from operating activities
71,786
58,017
24%
N/A
Free cash flow
62,490
52,312
19%
N/A
Total assets
242,836
174,084
39%
N/A
Equity
76,680
66,112
16%
N/A
Equity ratio
31.6%
38.0%
Average number of diluted shares outstanding (million) 2,276.0 2,306.4 (1%) N/A
Diluted earnings per share / ADR (in DKK) 18.42 15.98 15% N/A
Full-time equivalent employees end of period 52,696 46,982 12% N/A
These unaudited consolidated financial statements for the first nine months of 2022 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 2021 of Novo
Nordisk.
Financial report for the period 1 January 2022 to 30 September 2022
Page 3 of 32
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 79 / 2022
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 26% measured in Danish kroner and by 16% at CER in the first nine months of 2022, driven by Diabetes care
sales growth of 14% (CER) and Obesity care sales growth of 75% (CER). Rare disease sales growth of 2% (CER). Sales growth
has resulted in periodic supply constraints and related drug shortage notifications in some countries.
Sales split per therapy
Sales 9M 2022
DKK million
Sales 9M 2021
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Rybelsus
®
7,246
3,015
140%
120%
22%
Ozempic
®
42,774
22,989
86%
69%
97%
Victoza
®
8,999
11,221
(20%)
(26%)
(18%)
Total GLP-1
59,019
37,225
59%
44%
101%
Long-acting insulin
12,839
13,387
(4%)
(10%)
(8%)
- Tresiba
®
7,106
6,998
2%
(5%)
(2%)
- Xultophy
®
2,113
1,984
7%
3%
0%
- Levemir
®
3,620
4,405
(18%)
(24%)
(6%)
Premix insulin
8,219
8,512
(3%)
(10%)
(5%)
- Ryzodeg
®
2,159
1,287
68%
59%
5%
- NovoMix
®
6,060
7,225
(16%)
(22%)
(10%)
Fast-acting insulin
12,992
13,167
(1%)
(8%)
(6%)
- Fiasp
®
1,498
1,253
20%
13%
1%
- NovoRapid
®
11,494
11,914
(4%)
(10%)
(7%)
Human insulin
6,216
6,967
(11%)
(18%)
(8%)
Total insulin
40,266
42,033
(4%)
(11%)
(27%)
Other Diabetes care
1
2,512
2,778
(10%)
(15%)
(3%)
Total Diabetes care
101,797
82,036
24%
14%
71%
Wegovy
®
3,742
604
—
—
16%
Saxenda
®
7,634
5,337
43%
33%
11%
Total Obesity care
11,376
5,941
91%
75%
27%
Diabetes and Obesity care total
113,173
87,977
29%
18%
98%
Rare disease segment
Rare blood disorders
2
8,825
7,727
14%
6%
3%
- Haemophilia A
1,696
1,531
11%
6%
1%
- Haemophilia B
533
475
12%
9%
0%
- NovoSeven
®
6,397
5,531
16%
6%
2%
Rare endocrine disorders
3
5,536
5,584
(1%)
(6%)
(2%)
Other Rare disease
4
1,328
1,179
13%
7%
1%
Rare disease total
15,689
14,490
8%
2%
2%
Total sales 128,862 102,467 26% 16% 100%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
and NovoThirteen
®
.
3)
Primarily Norditropin
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2022 to 30 September 2022
Page 4 of 32
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 79 / 2022
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 24% measured in Danish kroner and by 14% at CER to DKK 101,797 million driven by
growth of GLP-1-based products. Novo Nordisk has improved the global diabetes value market share over the last 12
months from 29.9% to 31.6% 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 August 2021
and August 2022 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
August
Sales 9M 2022
DKK million
Growth
at CER
2022
2021
Global
31.6%
29.9%
101,797
14%
International Operations
26.1%
24.5%
50,629
9%
- EMEA *
29.0%
28.4%
24,976
12%
- Region China **
32.5%
32.9%
12,002
(9%)
- Rest of World ***
18.6%
14.7%
13,651
25%
North America Operations
33.3%
31.8%
51,168
20%
- The US
33.2%
31.8%
47,478
18%
Source: IQVIA, August 2022 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 59% measured in Danish
kroner and by 44% at CER to DKK 59,019 million. The GLP-1 segment’s value share of the total diabetes market has
increased to 31.1% compared with 25.3% 12 months ago. Novo Nordisk continues to be the global market leader in the
GLP-1 segment with a 55.7% value market share, an increase of 3.6 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
August
Sales 9M 2022
DKK million
Growth
at CER
2022
2021
Global
55.7%
52.1%
59,019
44%
International Operations
62.6%
57.5%
18,886
55%
- EMEA *
60.0%
57.5%
10,661
39%
- Region China **
62.5%
79.1%
2,737
87%
- Rest of World ***
69.6%
52.2%
5,488
86%
North America Operations
54.6%
51.3%
40,133
39%
- The US
53.7%
50.5%
37,398
37%
Source: IQVIA, August 2022 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 140% measured in Danish kroner and by 120% at CER to DKK 7,246 million. Sales growth was
driven by North America Operations as well as Rest of World and EMEA. Rybelsus
®
has now been launched in 43 countries.
Ozempic
®
sales increased by 86% measured in Danish kroner and by 69% at CER to DKK 42,774 million. Sales growth was
driven by both North America Operations and International Operations. Ozempic
®
has been launched in 75 countries.
Financial report for the period 1 January 2022 to 30 September 2022
Page 5 of 32
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 79 / 2022
Victoza
®
sales decreased by 20% measured in Danish kroner and by 26% at CER to DKK 8,999 million as the GLP-1 market
is moving towards once-weekly and tablet-based treatments. The sales decline was driven by both North America
Operations and International Operations.
International Operations
Sales of GLP-1 diabetes products in International Operations increased by 62% measured in Danish kroner and by 55% at
CER. Sales growth is driven by all geographical areas. The GLP-1 segment’s value share of the total diabetes market has
increased to 16.5% from 12.7% 12 months ago. Novo Nordisk is the market leader with a value market share of 62.6%.
EMEA
Sales in EMEA increased by 42% measured in Danish kroner and by 39% at CER. The sales growth reflects the uptake of
Ozempic
®
and Rybelsus
®
,
partially offset by lower sales of Victoza
®
. Rybelsus
®
has been launched in 32 countries in EMEA.
Novo Nordisk remains the market leader in EMEA with a value market share of 60.0%.
Region China
Sales in Region China increased by 106% measured in Danish kroner and by 87% at CER. The sales growth reflects the
uptake of Ozempic
®
, partially offset by lower sales of Victoza
®
. As of 1 January 2022, Ozempic
®
has been included on the
National Drug Reimbursement List in China. The GLP-1 segment’s value share of the total diabetes market in Region China
has increased 9.5% from 5.0% 12 months ago.
Rest of World
Sales in Rest of World increased by 97% measured in Danish kroner and by 86% 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 69.6%.
North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 57% measured in Danish kroner and by 39%
at CER. Novo Nordisk is the market leader with a 54.6% value market share compared to 51.3% 12 months ago. The value
market share of the GLP-1 class of the total North American diabetes market has increased to 35.8% compared to 29.8%
12 months ago.
Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of more than 40% in the third quarter
of 2022 compared to the third quarter of 2021 as well as market share gains for Ozempic
®
and Rybelsus
®
. The combined
Novo Nordisk GLP-1 new-to-brand prescription market share is now 42.8% driven by Ozempic
®
with 34.0% and Rybelsus
®
with 6.5%. Novo Nordisk is the market leader with 52.4% measured on total monthly prescriptions for the combined GLP-1
portfolio.
Sales of GLP-1 in the US increased by 37% 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 2022 to 30 September 2022
Page 6 of 32
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 79 / 2022
Insulin
Sales of insulin decreased by 4% measured in Danish kroner and by 11% at CER to DKK 40,266 million. Sales decline at CER
was driven by declining sales in the US, Region China and EMEA.
Insulin, development per geographical area
Novo Nordisk’s share of the total
insulin market (volume, MAT) Insulin, sales development
August
August
Sales 9M 2022
DKK million
Growth
at CER
2022
2021
Global
46.8%
47.3%
40,266
(11%)
International Operations
49.9%
50.3%
29,830
(7%)
- EMEA *
47.6%
47.6%
13,779
(2%)
- Region China **
49.5%
50.7%
8,305
(21%)
- Rest of World ***
57.1%
57.4%
7,746
3%
North America Operations
38.2%
39.1%
10,436
(20%)
- The US
37.7%
38.8%
9,589
(22%)
Source: IQVIA, August 2022 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
Diabetes care sales in the area.
International Operations
Sales of insulin in International Operations decreased by 2% measured in Danish kroner and by 7% at CER. The sales
decline at CER was driven by lower insulin sales in Region China due to implementation of Volume Based Procurement as
well as lower sales in EMEA.
EMEA
Sales of insulin in EMEA remained unchanged in Danish kroner and decreased by 2% at CER. The sales decline at CER was
mainly driven by NovoMix
®
, human insulin, NovoRapid
®
and Levemir
®
, partially countered by Tresiba
®
, Fiasp
®
and
Ryzodeg
®
. Novo Nordisk has a volume market share of 47.6% of the total insulin market.
Region China
Sales of insulin in Region China decreased by 13% measured in Danish kroner and by 21% at CER. The sales decline was
driven by NovoMix
®
, human insulin, Levemir
®
and NovoRapid
®
due to the implementation of Volume Based Procurement
from May 2022. The sales decline was partially countered by Ryzodeg
®
and Xulthopy
®
. Novo Nordisk has a volume market
share of 49.5% of the total insulin market.
Rest of World
Sales of insulin in Rest of World increased by 8% measured in Danish kroner and by 3% at CER. The sales growth at CER
was driven by all insulin products except for human insulin, NovoMix
®
and Levemir
®
. Novo Nordisk has a volume market
share of 57.1% of the total insulin market.
North America Operations
Sales of insulin in North America Operations decreased by 10% measured in Danish kroner and by 20% at CER. The sales
decrease in the US was driven by lower realised prices due to rebate enhancements and channel and payer mix as well as
a decline in volume with the US insulin volume market declining 3% compared to the first nine months of 2021. Novo
Nordisk has a volume market share of 37.7% of the total US insulin market.
Financial report for the period 1 January 2022 to 30 September 2022
Page 7 of 32
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 79 / 2022
Obesity care, sales development
Sales of Obesity care products, Saxenda
®
and Wegovy
®
increased by 91% measured in Danish kroner and by 75% at CER
to DKK 11,376 million. Sales growth was driven by both North America Operations and International Operations. Saxenda
®
has now been launched in 71 countries, and Wegovy
®
was launched in the US in June 2021. The volume growth of the
global branded obesity market was 63%.
Obesity care, development per geographical area Obesity care, sales development
Sales 9M 2022
DKK million
Growth
at CER
Global
11,376
75%
International Operations
4,141
73%
- EMEA
2,575
96%
- Region China
110
168%
- Rest of World
1,456
38%
North America Operations
7,235
77%
- The US
6,891
81%
International Operations
Sales of Saxenda
®
in International Operations increased by 80% measured in Danish kroner and by 73% at CER driven by
increased sales in EMEA and Rest of World. Novo Nordisk currently has a value market share of 61.0% in the branded
obesity prescription drug market.
EMEA
Sales of Saxenda
®
in EMEA increased by 100% measured in Danish kroner and by 96% at CER. Novo Nordisk currently has
a value market share of 80.8% in the branded obesity prescription drug market.
Rest of World
Sales of Saxenda
®
in Rest of World increased by 48% measured in Danish kroner and by 38% at CER. Saxenda
®
has now
been launched in 22 countries in Rest of World. Novo Nordisk currently has a value market share of 47.0% in the branded
obesity prescription drug market.
North America Operations
Sales of Obesity care products in North America Operations increased by 99% measured in Danish kroner and by 77% at
CER. Novo Nordisk now has a value market share of 93.5% in the branded anti-obesity prescription drug market in North
America. Wegovy
®
was made available to patients in June 2021 and broad commercial formulary access has been achieved.
In December 2021, Novo Nordisk announced that a contract manufacturer filling syringes for Wegovy
®
pens for the US
market temporarily stopped deliveries and manufacturing following issues with current Good Manufacturing Practices. The
1.7 mg and the 2.4 mg doses of Wegovy
®
are currently available in the market and Novo Nordisk expects to make all
Wegovy
®
dose strengths available in the US towards the end of 2022.
Financial report for the period 1 January 2022 to 30 September 2022
Page 8 of 32
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 79 / 2022
Rare disease
Rare disease, sales development
Sales of Rare disease products increased by 8% measured in Danish kroner and by 2% at CER to DKK 15,689 million.
Rare disease, development per geographical area Rare disease, sales development
Sales 9M 2022
DKK million
Growth
at CER
Global
15,689
2%
International Operations
9,645
4%
- EMEA
5,171
(3%)
- Region China
733
131%
- Rest of World
3,741
5%
North America Operations
6,044
(3%)
- The US
5,519
(4%)
Rare blood disorders
Sales of Rare blood disorder products increased by 14% measured in Danish kroner and by 6% at CER to DKK 8,825 million.
The increasing sales were driven by NovoSeven
®
as well as the launch products Esperoct
®
and Refixia
®
.
Sales of haemophilia A products increased by 11% measured in Danish kroner and by 6% at CER to DKK 1,696 million. The
sales increase was driven by International Operations and North America Operations. Esperoct
®
has been launched in 27
countries.
Sales of haemophilia B products increased by 12% measured in Danish kroner and by 9% at CER to DKK 533 million. The
sales increase was driven by International Operations, partially countered by North America Operations. Refixia
®
has now
been launched in 27 countries.
Sales of NovoSeven
®
increased by 16% measured in Danish kroner and by 6% at CER to DKK 6,397 million. The sales
development was driven by increasing sales in International Operations.
Rare endocrine disorders
Sales of Rare endocrine disorder products decreased by 1% measured in Danish kroner and by 6% at CER to DKK 5,536
million. The sales decline was driven by North America Operations' sales decreasing by 13% at CER and by International
Operations' sales decreasing by 2% at CER. The sales decline was driven by lower realised prices in the US. Novo Nordisk
continues being the leading company in the global human growth disorder market with a value market share of 36.3%.
Financial report for the period 1 January 2022 to 30 September 2022
Page 9 of 32
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 79 / 2022
FINANCIALS
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 26% measured in Danish kroner and by 16% at CER to DKK 128,862 million in the first nine months of
2022. Sales growth has resulted in periodic supply constraints and related drug shortage notifications in some countries.
Sales in International Operations increased by 16% measured in Danish kroner and by 11% at CER. The strategic aspiration
for International Operations is sales growth between 6-10%. Sales in North America Operations increased by 37%
measured in Danish kroner and by 22% at CER. Compared to the strategic aspiration of transforming 70% of sales in the
US, 72% of sales are now derived from products launched since 2015.
Sales split per geographical area
Sales 9M 2022
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
International Operations
64,415
16%
11%
38%
- EMEA
32,722
16%
13%
23%
- Region China
12,845
4%
(5%)
(4%)
- Rest of World
18,848
28%
22%
19%
North America Operations
64,447
37%
22%
62%
- The US
59,888
36%
21%
55%
Total sales 128,862 26% 16% 100%
International Operations
Sales in International Operations increased by 16% measured in Danish kroner and by 11% at CER. Sales growth was
driven by most therapy areas with GLP-1 sales growing by 55% at CER, Obesity care sales growing by 73% at CER and Rare
disease sales growing by 4% at CER, partially countered by insulin sales decreasing by 7%.
EMEA
Sales in EMEA increased by 16% measured in Danish kroner and by 13% at CER. Sales growth was driven by Diabetes care
growing by 12% at CER driven by increased GLP-1 sales, partially countered by decreased insulin sales. Obesity care sales
increased by 96% at CER and Rare disease sales decreased by 3% at CER.
Region China
Sales in Region China increased by 4% measured in Danish kroner and decreased by 5% at CER. Sales were driven by
insulin sales declining by 21% at CER. Insulin sales were negatively impacted by the implementation of Volume Based
Procurement from May 2022. GLP-1 sales were growing by 87% at CER and Other diabetes care sales decreased by 24% at
CER. Rare disease sales increased by 131% at CER reflecting timing of shipments.
Rest of World
Sales in Rest of World increased by 28% measured in Danish kroner and by 22% at CER. Sales growth was driven by
Diabetes care growing by 25% at CER, reflecting increased GLP-1 and insulin sales, Obesity care sales growing by 38% at
CER and Rare disease growing by 5% at CER.
North America Operations
Sales in North America Operations increased by 37% measured in Danish kroner and by 22% at CER. The sales increase
reflects GLP-1 diabetes sales growing by 39% at CER and Obesity care sales growing by 77% at CER. This was partially
offset by insulin sales decreasing by 20% at CER driven by lower realised prices due to rebate enhancements and channel
and payer mix as well as a decline in volume. Rare disease sales decreased by 3% at CER.
Financial report for the period 1 January 2022 to 30 September 2022
Page 10 of 32
Strategic
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Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 16% measured in Danish kroner and by 13% at CER to DKK 20,186 million, resulting in
a gross margin of 84.3% measured in Danish kroner compared with 83.0% in 2021. The increase in gross margin reflects a
positive product mix, driven by increased GLP-1 sales, a positive currency impact of 0.9 percentage point and productivity
improvements. This is partially countered by lower realised prices mainly in the US and Region China.
Sales and distribution costs increased by 28% measured in Danish kroner and by 19% at CER to DKK 32,474 million. The
increase in costs is driven by both International Operations and North America Operations. In International Operations,
promotional spend is related to promotional activities for Ozempic
®
and Rybelsus
®
as well as Obesity care market
development activities. In North America Operations, the cost increase is driven by promotional activities for Ozempic
®
and
market development activities for Obesity care. The cost increase is reflecting low activity level in 2021 due to COVID-19
and higher distribution costs.
Research and development costs increased by 31% measured in Danish kroner and by 26% at CER to DKK 15,962 million
reflecting increased late-stage clinical trial activity compared to the first nine months of 2021. Increased activities within
Other serious chronic diseases and GLP-1 are driving the cost increase as well as the operating costs and amortisations
related to Dicerna Pharmaceuticals Inc. which was acquired in the fourth quarter of 2021.
Administration costs increased by 9% measured in Danish kroner and by 5% at CER to DKK 3,119 million.
Other operating income and expenses (net) was DKK 601 million compared with DKK 336 million in 2021, driven by
income from partnerships related to Dicerna Pharmaceuticals Inc.
Operating profit increased by 28% measured in Danish kroner and by 14% at CER to DKK 57,722 million. Operating profit
growth was negatively impacted by around 2 percentage points from the acquisition of Dicerna Pharmaceuticals Inc. in
2021.
Financial items (net) showed a net loss of DKK 4,976 million compared with a net gain of DKK 957 million in 2021.
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 loss of DKK 3,894 million
compared with a net gain of DKK 976 million in 2021. This primarily reflects losses on hedged currencies, primarily the US
dollar.
As per the end of September 2022, a negative market value of financial contracts of approximately DKK 5.4 billion has been
deferred for recognition later in 2022 and in 2023.
The effective tax rate was 20.5% in the first nine months of 2022 compared with an effective tax rate of 19.8% in 2021
mainly reflecting non-recurring impacts in 2021 from acquisitions.
Net profit increased by 14% to DKK 41,933 million and diluted earnings per share increased by 15% to DKK 18.42.
Financial report for the period 1 January 2022 to 30 September 2022
Page 11 of 32
Strategic
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Performance
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Commercial
execution
Financials
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capital allocation
Outlook
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therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
KEY DEVELOPMENTS IN THE THIRD QUARTER OF 2022
Sales in the third quarter of 2022 increased by 28% measured in Danish kroner and by 15% at CER compared to the same
period in 2021. Operating profit increased by 32% measured in Danish kroner and by 14% at CER.
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 2022.
Sales split per geographical area
Sales Q3 2022
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
International Operations
21,812
19%
13%
43%
- EMEA
10,983
20%
16%
26%
- Region China
4,438
4%
(6%)
(4%)
- Rest of World
6,391
30%
23%
21%
North America Operations
23,754
37%
18%
57%
- The US
22,014
36%
16%
49%
Total sales 45,566 28% 15% 100%
The increased global sales of 15% at CER were driven by Diabetes and Obesity care sales as GLP-1 sales increased by 44%
at CER, Obesity care sales increased by 62% and Rare disease sales increased by 4% at CER, partially offset by insulin sales
decreasing by 15%.
International Operations
Sales in International Operations increased by 19% measured in Danish kroner and by 13% at CER. Sales growth was
driven by Region EMEA and Rest of World, partially offset by Region China due to implementation of Volume Based
Procurement for insulin.
Sales growth was driven by Diabetes and Obesity care growing by 13% at CER driven by GLP-1 sales growing by 60% at
CER and Obesity care increasing by 97% at CER, partially countered by insulin sales decreasing by 11% at CER driven by the
implementation of Volume Based Procurement for insulin in China. Rare disease sales increased by 11% at CER reflecting
timing of shipments in Region China.
North America Operations
Sales in North America Operations increased by 37% measured in Danish kroner and by 18% at CER. Sales growth was
driven by GLP-1 growing by 37% at CER and Obesity care sales increasing by 44% at CER. Insulin sales decreased by 26% at
CER driven by lower realised prices. Rare disease sales decreased by 6% at CER driven by lower NovoSeven
®
and
Norditropin
®
sales.
Financial report for the period 1 January 2022 to 30 September 2022
Page 12 of 32
Strategic
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Commercial
execution
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capital allocation
Outlook
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therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
PROFIT AND LOSS Q3 2022 Q3 2021
% change
Q3 2022 to
Q3 2021
% change
Q3 2022 to
Q3 2021 at CER
Net sales 45,566 35,622 28% 15%
Gross profit
38,366
29,563
30%
15%
Gross margin
84.2%
83.0%
Sales and distribution costs
(11,451)
(9,119)
26%
14%
Percentage of sales
25.1%
25.6%
Research and development costs
(5,633)
(4,252)
32%
25%
Percentage of sales
12.4%
11.9%
Administrative costs
(1,158)
(1,024)
13%
8%
Percentage of sales
2.5%
2.9%
Other operating income and expenses
60
81
(26%)
(49%)
Operating profit
20,184
15,249
32%
14%
Operating margin
44.3%
42.8%
Financial items (net)
(2,152)
(137)
N/A
N/A
Profit before income taxes
18,032
15,112
19%
N/A
Income taxes
(3,627)
(2,993)
21%
N/A
Effective tax rate
20.1%
19.8%
Net profit
14,405
12,119
19%
N/A
Net profit margin
31.6%
34.0%
Costs and operating profit
The gross margin was 84.2% in the third quarter of 2022 compared with 83.0% in the same period last year. The 1.2
percentage points gross margin increase reflects a positive product mix, a positive currency impact of 1.2 percentage
point, partially countered by lower realised prices in the US and Region China.
Sales and distribution costs increased by 26% measured in Danish kroner and by 14% at CER compared with the same
period in 2021. The increase was driven by both International Operations and North America Operations reflecting
promotional activities related to Ozempic
®
and Rybelsus
®
as well as Obesity care market development activities. The cost
increase is reflecting low activity level in the third quarter of 2021 due to COVID-19 and higher distribution costs.
Research and development costs increased by 32% measured in Danish kroner and by 25% at CER compared with 2021
driven by increased late-stage clinical trial activities and the operating costs and amortisations related to acquisition of
Dicerna Pharmaceuticals Inc.
Administrative costs increased by 13% measured in Danish kroner and by 8% at CER compared with the same period in
2021.
Other operating income and expenses showed an income of DKK 60 million in the third quarter of 2022 compared with
an income of DKK 81 million in 2021.
Operating profit increased by 32% measured in Danish kroner and by 14% at CER compared with the same period in
2021.
Financial items (net) showed a net loss of DKK 2,152 million compared with a net loss of DKK 137 million in the third
quarter of 2021 reflecting losses on hedged currencies, primarily the US dollar.
The effective tax rate is 20.1% in the third quarter of 2022 compared with an effective tax rate of 19.8% in the third
quarter of 2021 mainly reflecting non-recurring impacts in 2021 from acquisitions.
Net profit increased by 19% to DKK 14,405 million and diluted earnings per share increased by 20% to DKK 6.34.
Financial report for the period 1 January 2022 to 30 September 2022
Page 13 of 32
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execution
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capital allocation
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therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
CASH FLOW AND CAPITAL ALLOCATION
FREE CASH FLOW IN THE FIRST NINE MONTHS OF 2022 AND CAPITAL EXPENDITURE
Free cash flow was DKK 62.5 billion compared with DKK 52.3 billion in the first nine months of 2021 supporting the
strategic aspiration to deliver attractive capital allocation to shareholders. The cash conversion in the first nine months of
2022 is positively impacted by timing of payment of rebates in the US, including provisions related to the revised 340B
distribution policy in the US. Income under the 340B Program has been partially recognised.
Capital expenditure for property, plant and equipment was DKK 7.2 billion compared with DKK 4.3 billion in 2021.
EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 76,680 million at the end of the first nine months of 2022, equivalent to 31.6% of total assets,
compared with 38.0% at the end of the first nine months of 2021. Please refer to appendix 5 for further elaboration of
changes in equity.
Novo Nordisk returned DKK 41.9billion to shareholders via share buyback and dividend during the first nine months of
2022.
2022 share repurchase programme
As of 31 October, Novo Nordisk has repurchased 21,532,132 B shares for an amount of DKK 16.602 billion as part of the
overall share repurchase programme of up to DKK 24 billion to be executed during a 12-month period beginning 2
February 2022.
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 2022, 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 28.2% 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 2022 to 30 September 2022
Page 14 of 32
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sustainability
Financial
Information
Company announcement No 79 / 2022
OUTLOOK
OUTLOOK 2022
The current expectations for 2022 are summarised in the table below:
Expectations are as reported, if not otherwise stated
Expectations
2 November 2022
Expectations
3 August 2022
Sales growth
at CER 14% to 17% 12% to 16%
as reported
Around 10 percentage points higher than at
CER
Around 9 percentage points higher than at CER
Operating profit growth
at CER 13% to 16% 11% to 15%
as reported
Around 15 percentage points higher than at
CER
Around 14 percentage points higher than at CER
Financial items (net) Loss of around DKK 6.6 billion Loss of around DKK 5.5 billion
Effective tax rate 20% to 22% 20% to 22%
Capital expenditure (PP&E) Around DKK 12.0 billion Around DKK 12.0 billion
Depreciation, amortisation and impairment losses Around DKK 7.0 billion Around DKK 6.5 billion
Free cash flow (excluding impact from business
development)
DKK 54-59 billion DKK 57-62 billion
For 2022, sales growth is now expected to be 14% to17% at CER. Given the current exchange rates versus the Danish
krone, sales growth reported in DKK is now expected to be around 10 percentage points higher than at CER. The guidance
reflects expectations for sales growth in both International Operations and North America Operations, mainly driven by
Diabetes and Obesity care. Intensifying competition within both Diabetes care and Rare disease as well as an estimated
negative impact on global sales growth of around 3 percentage points from Volume Based Procurement of insulin in China
are also reflected in the guidance. Furthermore, continued pricing pressure within Diabetes care, especially in the US, is
expected to negatively impact sales development. Finally, the outlook reflects the expectation of making all dose strengths
of Wegovy
®
available in the US towards the end of 2022.
Following higher than expected volume growth, including GLP-1-based products such as Ozempic
®
, and temporary
capacity limitations at some manufacturing sites, the outlook also reflects expected continued periodic supply constraints
and related drug shortage notifications. The supply capacity is gradually increased and Novo Nordisk expects to have
supply capacity to support a potential continuation of current sales growth trajectory.
Operating profit growth is now expected to be 13% to 16% at CER. Given the current exchange rates versus the Danish
krone, growth reported in DKK is now expected to be around 15 percentage points higher than at CER. The expectation for
operating profit growth primarily reflects the updated sales growth outlook and continued investments in future and
current growth drivers within Research and Development and Commercial. Across the operating units, commercial
investments are related to Ozempic
®
and Rybelsus
®
as well as global investments in building the Obesity care market and
the launch of Wegovy
®
. Furthermore, resources are allocated to both early and late-stage pipeline activities. The
acquisition of Dicerna Pharmaceuticals Inc. in 2021 is negatively impacting operating profit growth by around 2
percentage points due to higher operating costs and amortisations of intangible assets and the acquisition of Forma
Therapeutics Inc. is also negatively impacting operating profit growth.
The potential wider consequences of Russia's invasion of Ukraine, including impacts on energy supply and supply chains,
could cause uncertainty to the outlook and the business performance of Novo Nordisk.
For 2022, Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 6.6 billion, mainly reflecting
losses associated with foreign exchange hedging contracts.
The effective tax rate for 2022 is still expected to be in the range of 20-22%.
Capital expenditure is still expected to be around DKK 12 billion in 2022 primarily relating to investments in additional
capacity for active pharmaceutical ingredient (API) production at existing manufacturing sites.
Financial report for the period 1 January 2022 to 30 September 2022
Page 15 of 32
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Financial
Information
Company announcement No 79 / 2022
Depreciation, amortisation and impairment losses are now expected to be around DKK 7.0 billion.
The free cash flow is now expected to be DKK 54-59 billion, partially reflecting the acquisition of Forma Therapeutics Inc.
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 2022, including energy and supply
chain disruptions, 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 2022.
FX (average rates) Q3 2022 Q3 2021 % change 9M 2022 9M 2021 % change
Spot rate
26 October
2022
USD
739
631
17%
701
622
13%
742
CNY
108
98
10%
106
96
10%
103
JPY
5.35
5.73
(7%)
5.48
5.73
(4%)
5.05
CAD
566
501
13%
546
497
10%
548
GBP
869
870
0%
878
861
2%
859
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)
1
USD
DKK 3,200 million
12
CNY
2
DKK 420 million
0
JPY
DKK 220 million
12
CAD
DKK 280 million
9
GBP
DKK 90 million
11
1)
As of 26 October 2022.
2)
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 2022 to 30 September 2022
Page 16 of 32
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Information
Company announcement No 79 / 2022
INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Results from phase 3a trial ONWARDS 5 with once-weekly insulin icodec announced
On 3 October 2022, Novo Nordisk announced headline results from ONWARDS 5, the final phase 3a trial with once-weekly
insulin icodec. Novo Nordisk expects to file for regulatory approval of once-weekly insulin icodec in the US, the EU and
China in the first half of 2023. For information, please see the company announcement here: ONWARDS 5
Phase 2 trial with CagriSema in people with type 2 diabetes successfully completed
On 25 August 2022, Novo Nordisk announced headline results from a phase 2 trial with CagriSema. The trial investigated
efficacy and safety of a fixed dosed combination of CagriSema (2.4 mg semaglutide and 2.4 mg cagrilintide) compared to
the individual components in 92 people with type 2 diabetes. Based on the results, Novo Nordisk now expects to initiate a
phase 3 development programme for CagriSema in type 2 diabetes in 2023. For information, please see the company
announcement here: CagriSema
Phase 2 trial initiated with higher doses of Ozempic
®
In August 2022, Novo Nordisk initiated a phase 2 trial with higher doses of Ozempic
®
(once-weekly subcutaneous
semaglutide). The 49-week trial is investigating efficacy and tolerability of 8 and 16 mg Ozempic
®
and is expected to enrol
around 240 people with type 2 diabetes.
Phase 1 trial initiated with once-weekly oral semaglutide
In September 2022, Novo Nordisk initiated a phase 1 trial with once-weekly oral semaglutide. The trial is investigating
safety and tolerability of single doses of once-weekly oral semaglutide.
Global licence agreement for ZEGALOGUE
®
(dasiglucagon)
In September 2022, Novo Nordisk entered into a global licence and development agreement with Zealand Pharma A/S
(Zealand) to commercialise ZEGALOGUE
®
(dasiglucagon) for injection. ZEGALOGUE
®
is approved by the US Food and Drug
Administration (FDA) for the treatment of severe hypoglycaemia in paediatric and adult patients with diabetes aged 6 and
above.
Obesity care
Phase 3a development programme initiated with CagriSema in obesity
In November 2022, Novo Nordisk initiated the first phase 3a trial, REDEFINE 1, for CagriSema. REDEFINE 1 is a 68-week trial
comparing the efficacy and safety of once-weekly CagriSema (2.4 mg semaglutide and 2.4 mg cagrilintide) with
semaglutide 2.4 mg, cagrilintide 2.4 mg and placebo. The trial is expected to enrol approximately 3,400 people with
overweight or obesity. REDEFINE 1 is the first pivotal trial in the REDEFINE programme.
REDEFINE 2 is planned to be initiated in the first half of 2023 and is comparing CagriSema with placebo in people with
overweight or obesity and type 2 diabetes. The 68-week trial is expected to enrol approximately 1,200 people.
Phase 1 trial with LA-GDF15 completed and development terminated
In September 2022, Novo Nordisk successfully completed a phase 1 trial evaluating pharmacokinetics and
pharmacodynamics of LA-GDF15. Following the completion of the trial, development of LA-GDF15 has been terminated
due to portfolio considerations.
Rare disease
Concizumab submitted for regulatory approval in the US for the treatment of haemophilia A and B with inhibitors and main part
of explorer8 phase 3 trial completed
In August 2022, Novo Nordisk submitted concizumab for regulatory approval in the US for the treatment of haemophilia A
(HA) and B (HB) with inhibitors. The submission was based on the results from the explorer7 phase 3 trial comparing the
efficacy and safety of concizumab prophylaxis (PPX) to no prophylaxis treatment.
Financial report for the period 1 January 2022 to 30 September 2022
Page 17 of 32
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Information
Company announcement No 79 / 2022
In September 2022, Novo Nordisk completed the main part of the phase 3 trial, explorer8, in people with HA or HB without
inhibitors. The trial met its primary endpoint, confirming superiority of concizumab PPX compared to no PPX in reducing
the annual bleeding rate (ABR) in both HA and HB without inhibitors. The secondary confirmatory endpoint, confirming
non-inferiority of concizumab PPX to previous PPX factor treatment in reducing the ABR was not met. In the trial,
Concizumab appeared to have a safe and well-tolerated profile with no-thromboembolic events reported after the
treatment restart following the treatment pause. Following the explorer 8 results, Novo Nordisk is assessing further
development activities and timing of regulatory submissions in people with HA or HB without inhibitors.
Treatment initiated in phase 3a development programme with Mim8 in haemophilia A
In October 2022, Novo Nordisk initiated treatment in the first phase 3a trial, FRONTIER2, for Mim8. FRONTIER2 consist of a
26-52-week run-in period followed by treatment with Mim8 in a 26-week main treatment period and a 26-week extension
treatment period. The trial is expected to enrol approximately 260 adults and adolescents with haemophilia A with or
without inhibitors. The second phase 3a trial, FRONTIER3, is expected to initiate treatment with Mim8 in the coming
months investigating safety and efficacy of 52 weeks of Mim8 treatment in approximately 70 children (1-11 years) with
haemophilia A with and without inhibitors.
Collaboration with Aeterna Zentaris terminated
In August 2022, Novo Nordisk terminated the collaboration with Aeterna Zentaris effective 25 May 2023. The collaboration
was entered in 2018 in the US with the aim to develop a diagnosis test of childhood-onset growth hormone deficiency
named Macrillen™. Following the termination, Novo Nordisk will hand over all responsibilities for Macrilen™ to Aeterna
Zentaris.
Nedosiran submitted for regulatory approval in the US
In September 2022, Novo Nordisk submitted Nedosiran, a once-monthly, subcutaneous investigational treatment for
primary hyperoxaluria 1 (PH), for regulatory approval in the US. Nedosiran is based on the GalXC™ RNAi platform and is
designed to inhibit the hepatic lactate dehydrogenase (LDH) enzyme. PH is a rare disorder leading to oxalate accumulation
in the kidneys and urinary tract and lead to recurrent kidney stones and associated bladder complications. The submission
is based on the PHYOX development programme evaluating efficacy and safety of once-monthly nedosiran.
Acquisition of Forma Therapeutics Inc.
On 1 September 2022, Novo Nordisk announced that it had entered into a definitive agreement to acquire Forma
Therapeutics Inc. (Forma). The acquisition was completed on 14 October 2022. Forma is a clinical-stage biopharmaceutical
company focused on transforming the lives of patients with sickle cell disease (SCD) and rare blood disorders. The
acquisition of Forma including its lead development candidate, etavopivat, is aligned with Novo Nordisk’s strategy to
complement and accelerate its scientific presence and pipeline in haemoglobinopathies, a group of disorders in which
there is abnormal production or structure of the haemoglobin protein in the red blood cells. For more information, please
see the press release here: Forma Therapeutics
Other serious chronic diseases
Phase 2 trial with oral PCSK9i completed and development terminated
In third quarter of 2022, Novo Nordisk completed a 12-week phase 2 trial investigating efficacy and safety of oral PCSK9i in
267 people with atherosclerotic cardiovascular disease (ASCVD) or risk of ASCVD. The trial met its primary endpoint by
demonstrating superiority of oral PCSK9i versus placebo in lowering low-density lipoprotein cholesterol and oral PCSK9i
appeared to have a safe and well-tolerated profile. Due to commercial and portfolio considerations, development of oral
PCSK9i will be terminated.
Financial report for the period 1 January 2022 to 30 September 2022
Page 18 of 32
Strategic
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Performance
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Commercial
execution
Financials
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capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
Purpose and sustainability
Environment
ENVIRONMENTAL PERFORMANCE 9M 2022 9M 2021
9M 2019
(pre-
COVID)
4
% change
9M 2022 to
9M 2021
% change
9M 2022 to
9M 2019
Emissions
CO
2
emissions from operations and transportation (1,000 tonnes)
186
127
226
46%
(18%)
- Scope 1 emissions
1
54
56
64
(4%)
(16%)
- Scope 2 emissions
2
12
12
55
0%
(78%)
- Partial scope 3 emissions
3
120
59
107
103%
12%
1. Scope 1: Direct emissions from company owned and controlled resources (including emissions from production processes and transport).
2. Scope 2: Indirect emissions from the generation of energy purchased from a utility provider (including electricity, steam, heat and cooling).
3. Scope 3: Emissions are limited to CO2 emissions from business flights and product distribution.
4. In 2019, some emission categories were only reported at an annual basis. For these categories, the quarterly emissions have been estimated based on the full-year results.
Emissions
Novo Nordisk's ambition is to have zero environmental impact. The environmental strategy is called Circular for Zero.
CO
2
emissions from operations and transportation increased by 46% in the first nine months of 2022 compared to the first
nine months of 2021, mainly reflecting COVID-19 impact on activities in 2021 and increased production volumes. Scope 1
CO
2
emissions decreased by 3% due to an increase in the usage of renewable energy sources, whereas Scope 2
CO
2
emissions remained at the same level as in 2022. Scope 3 CO
2
emissions from product distribution and business
flights increased by 103% due to increased business travel and product distribution done by airfreight.
Social
SOCIAL PERFORMANCE 9M 2022 9M 2021
% change
9M 2022 to
9M 2021
Patients
Patients reached with Novo Nordisk's Diabetes care products (estimate in million)
1
35.7
33.9
5%
Hereof children reached through the Changing Diabetes
®
in Children programme (cumulative)
37,849 30,562 24%
Sustainable employer
Gender in leadership positions
2
(ratio men:women)
56:44
57:43
N/A
Gender in senior leadership positions
3
(ratio men:women)
62:38
64:36
N/A
1. Calculated as a moving annual total.
2. Defined as team leaders, managers, directors, vice presidents, corporate vice presidents, senior vice presidents and executive management.
3. Defined as vice presidents, corporate vice presidents, senior vice presidents and executive management.
Patients
Under the social responsibility strategy ‘Defeat Diabetes’, Novo Nordisk continues to take action on access and affordability
and prevention. The number of people with diabetes treated with Novo Nordisk products, calculated as a moving annual
total, was 35.7 million at the end September 2022 . This represents a net increase of 1.8 million patients compared to the
end of September 2021.
The Changing Diabetes
®
in Children programme aims to reach 100,000 children by 2030. By end of September 2022, more
than 37,000 children were reached, an increase of 24% compared to the first nine months of 2021.
Sustainable employer
Novo Nordisk aspires to be a sustainable employer, and in 2021 two aspirational gender diversity targets were launched:
achieve a balanced gender representation across all managerial levels and achieve a minimum of 45% women and a
minimum of 45% men in senior leadership positions by the end of 2025.
By the end of September of 2022, 44% of all leaders were women, and 38% of leaders in senior leadership positions were
women compared to 43% and 36%, respectively, by the end of September 2021.
Financial report for the period 1 January 2022 to 30 September 2022
Page 19 of 32
Strategic
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highlights
Commercial
execution
Financials
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capital allocation
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Innovation and
therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
The number of full-time employees at the end of the first nine months of 2022 increased by 12% compared to 12 months
ago. The total number of full-time employees was 52,696. The increase is driven by Product Supply, International
Operations and R&D.
Russia's invasion of Ukraine
Following Russia's invasion of Ukraine, Novo Nordisk's key priorities have been to safeguard employees and continue the
supply of essential medicines.
Novo Nordisk has to the extent possible continued supply of medicines in Ukraine and currently, Novo Nordisk medicines
are available in more than 90% of Ukraine and Novo Nordisk collaborates with humanitarian organisations to make
products available in the residual areas. Moreover, Novo Nordisk has donated five months’ supply of diabetes and
haemophilia medication to the Ukrainian Ministry of Health, and together with humanitarian organisations Novo Nordisk
continues to monitor the situation to be able to provide further support. In neighbouring countries hosting refugees from
Ukraine, Novo Nordisk has provided donations to ensure access to insulin for people who have been forced to flee.
In Russia, Novo Nordisk has suspended further marketing investments, while maintaining supply of medicine to ensure
that more than 700,000 patients can continue their treatment with essential medication. Within regulatory, Novo Nordisk
has ceased filing for marketing authorisations of new medication, and within clinical development, Novo Nordisk has
suspended further clinical investments in Russia. Novo Nordisk's factory in Russia is still operating to supply insulin to
patients in Russia only.
Sales in Russia and Ukraine constituted less than 1% of Novo Nordisk's global sales in 2021.
Financial report for the period 1 January 2022 to 30 September 2022
Page 20 of 32
Strategic
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Commercial
execution
Financials
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Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
MANAGEMENT STATEMENT
Executive Management:
Board of Directors:
Financial report for the period 1 January 2022 to 30 September 2022
Page 21 of 32
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sustainability
Financial
Information
Company announcement No 79 / 2022
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 53,000 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
1 February 2023
Financial statement for 2022
23 March 2023
Annual General Meeting
4 May 2023
Financial statement for the first three months of 2023
10 August 2023
Financial statement for the first six months of 2023
2 November 2023
Financial statement for the first nine months of 2023
Contacts for further information
Media:
Ambre Brown Morley
+45 3079 9289
abmo@novonordisk.com
Natalia Salomao Abrahao (US)
+1 848 304 1027
niaa@novonordisk.com
Investors:
Daniel Muusmann Bohsen
+45 3075 2175
dabo@novonordisk.com
David Heiberg Landsted
+45 3077 6915
dhel@novonordisk.com
Jacob Martin Wiborg Rode
+45 3075 5956
jrde@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 2021 and Form 20-F both filed with the SEC in February 2022 in continuation of the publication of the Annual Report 2021, 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, such as 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, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, 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 including the risk of cybersecurity breaches, 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, epidemics, pandemics or other public health crises, and the effects of domestic or
international crises, civil unrest, war or other conflict, and factors related to the foregoing matters and other factors not specifically identified herein.
Financial report for the period 1 January 2022 to 30 September 2022
Page 22 of 32
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Commercial
execution
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therapeutic focus
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sustainability
Financial
Information
Company announcement No 79 / 2022
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 2021.
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 2022 to 30 September 2022
Page 23 of 32
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Performance
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Commercial
execution
Financials
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capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
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
2022
2021
Q3 2022 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q3 2021
Net sales
45,566
41,265
42,031
38,333
35,622
33,041
33,804
28%
Gross profit
38,366
35,196
35,114
32,092
29,563
27,494
27,993
30%
Gross margin
84.2%
85.3%
83.5%
83.7%
83.0%
83.2%
82.8%
Sales and distribution costs
(11,451)
(10,840)
(10,183)
(11,632)
(9,119)
(8,001)
(8,256)
26%
Percentage of sales
25.1%
26.3%
24.2%
30.3%
25.6%
24.2%
24.4%
Research and development costs
(5,633)
(5,123)
(5,206)
(5,632)
(4,252)
(3,944)
(3,944)
32%
Percentage of sales
12.4%
12.4%
12.4%
14.7%
11.9%
11.9%
11.7%
Administrative costs
(1,158)
(991)
(970)
(1,190)
(1,024)
(904)
(932)
13%
Percentage of sales
2.5%
2.4%
2.3%
3.1%
2.9%
2.7%
2.8%
Other operating income and expenses
60
149
392
(4)
81
134
121
(26%)
Operating profit
20,184
18,391
19,147
13,634
15,249
14,779
14,982
32%
Operating margin
44.3%
44.6%
45.6%
35.6%
42.8%
44.7%
44.3%
Financial income
1,573
1,656
210
254
790
90
1,753
99%
Financial expenses
(3,725)
(3,252)
(1,438)
(775)
(927)
48
(797)
302%
Financial items (net)
(2,152)
(1,596)
(1,228)
(521)
(137)
138
956
1,471%
Profit before income taxes
18,032
16,795
17,919
13,113
15,112
14,917
15,938
19%
Income taxes
(3,627)
(3,477)
(3,709)
(2,221)
(2,993)
(2,794)
(3,315)
21%
Net profit
14,405
13,318
14,210
10,892
12,119
12,123
12,623
19%
Depreciation, amortisation and impairment losses
2,041
1,636
1,650
2,082
1,349
1,217
1,377
51%
Capital expenditure (PP&E)
3,230
2,435
1,520
2,049
1,175
1,709
1,402
175%
Net cash generated from operating activities
24,239
23,961
23,586
(3,017)
21,507
25,255
11,255
13%
Free cash flow
19,765
21,157
21,568
(22,993)
19,616
23,164
9,532
1%
Total assets
242,836
218,928
197,136
194,508
174,084
158,095
141,387
39%
Total equity
76,680
74,452
66,550
70,746
66,112
65,559
58,496
16%
Equity ratio
31.6%
34.0%
33.8%
36.4%
38.0%
41.5%
41.4%
Full-time equivalent employees end of period 52,696 50,816 49,295 47,792 46,982 45,971 45,157 12%
Basic earnings per share/ADR (in DKK)
6.37
5.87
6.24
4.77
5.29
5.26
5.47
20%
Diluted earnings per share/ADR (in DKK)
6.34
5.86
6.22
4.76
5.27
5.26
5.45
20%
Average number of shares outstanding (million)
2,261.6
2,269.2
2,276.4
2,284.0
2,291.9
2,300.8
2,309.6
(1%)
Average number of diluted shares outstanding (million)
2,268.5
2,276.1
2,283.3
2,290.6
2,297.3
2,306.3
2,315.6
(1%)
Sales by business segment:
Total GLP-1
22,368
19,231
17,420
16,372
13,848
12,077
11,300
62%
Long-acting insulin
3,939
4,104
4,796
4,677
4,416
4,149
4,822
(11%)
Premix insulin
2,706
2,501
3,012
2,691
2,844
2,715
2,953
(5%)
Fast-acting insulin
4,263
3,887
4,842
4,520
4,359
4,252
4,556
(2%)
Human insulin
2,053
1,851
2,312
2,085
2,391
2,041
2,535
(14%)
Total insulin
12,961
12,343
14,962
13,973
14,010
13,157
14,866
(7%)
Other Diabetes care
798
830
884
816
859
809
1,110
(7%)
Total Diabetes care
36,127
32,404
33,266
31,161
28,717
26,043
27,276
26%
Wegovy
®
1,157
1,181
1,404
782
519
85
—
123%
Saxenda
®
3,174
2,462
1,998
1,677
1,879
1,907
1,551
69%
Total Obesity care
4,331
3,643
3,402
2,459
2,398
1,992
1,551
81%
Diabetes and Obesity care total
40,458
36,047
36,668
33,620
31,115
28,035
28,827
30%
Rare blood disorders
2,885
2,863
3,077
2,490
2,326
2,723
2,678
24%
Rare endocrine disorders
1,793
1,923
1,820
1,719
1,805
1,859
1,920
(1%)
Other Rare disease
430
432
466
504
376
424
379
14%
Rare disease total
5,108
5,218
5,363
4,713
4,507
5,006
4,977
13%
Sales by geographic segment:
International Operations
21,812
20,562
22,041
18,216
18,337
18,237
18,747
19%
- EMEA
10,983
10,915
10,824
9,427
9,170
9,579
9,530
20%
- Region China
4,438
3,566
4,841
3,710
4,257
3,722
4,330
4%
- Rest of World
6,391
6,081
6,376
5,079
4,910
4,936
4,887
30%
North America Operations
23,754
20,703
19,990
20,117
17,285
14,804
15,057
37%
- The US
22,014
19,121
18,753
18,902
16,181
13,754
14,172
36%
Segment operating profit:
Diabetes and Obesity care
18,158
15,873
16,379
11,861
13,052
12,155
12,470
39%
Rare disease
2,026
2,518
2,768
1,773
2,197
2,624
2,512
(8%)
Financial report for the period 1 January 2022 to 30 September 2022
Page 24 of 32
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 79 / 2022
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million
9M 2022
9M 2021
Q3 2022
Q3 2021
Income statement
Net sales
Cost of goods sold
(20,186 )
(17,417 )
(7,200 )
(6,059 )
Gross profit
Sales and distribution costs
(32,474 )
(25,376 )
(11,451 )
(9,119 )
Research and development costs
(15,962 )
(12,140 )
(5,633 )
(4,252 )
Administrative costs
(3,119 )
(2,860 )
(1,158 )
(1,024 )
Other operating income and expenses
Operating profit
0
0
0
Financial income
Financial expenses
(8,415 )
(1,676 )
(3,725 )
(927 )
Profit before income taxes
Income taxes
(10,813 )
(9,102 )
(3,627 )
(2,993 )
NET PROFIT
5
0
0
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
Segment Information
Segment sales:
Diabetes and Obesity care
113,173
87,977
40,458
31,115
Rare disease
15,689
14,490
5,108
4,507
Segment operating profit:
Diabetes and Obesity care
50,410
37,677
18,158
13,052
Operating margin
44.5 %
42.8 %
44.9 %
41.9 %
Rare disease
7,312
7,333
2,026
2,197
Operating margin
46.6 %
50.6 %
39.7 %
48.7 %
Total segment operating profit
57,722
45,010
20,184
15,249
Statement of comprehensive income
Net profit for the period
Other comprehensive income
Items that will not subsequently be reclassified to the Income
statement
Remeasurements on defined benefit plans
(68 )
Items that will be reclassified subsequently to the Income
statement
Exchange rate adjustments of investments in subsidiaries
Cash flow hedges, realisation of previously deferred (gains)/losses
(1,757 )
(347 )
Cash flow hedges, deferred gains/(losses) incurred during the period
(5,339 )
(1,407 )
(2,286 )
(594 )
Other items
(2 )
Tax on other comprehensive income, income/(expense)
Other comprehensive income for the period, net of tax 5,020 (1,221 ) 1,796 (249 )
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 46,953 35,644 16,201 11,870
Financial report for the period 1 January 2022 to 30 September 2022
Page 25 of 32
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Financials
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Outlook
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therapeutic focus
Purpose and
sustainability
Financial
Information
Company announcement No 79 / 2022
APPENDIX 3: CASH FLOW STATEMENT
DKK million 9M 2022 9M 2021
Net profit
Adjustment for non-cash items:
Income taxes in the Income Statement
Depreciation, amortisation and impairment losses
Other non-cash items
Change in working capital
(5,028 )
Interest received
Interest paid
(186 )
(141 )
Income taxes paid
(9,928 )
(8,580 )
Net cash generated from operating activities
Purchase of intangible assets
(1,395 )
(785 )
Purchase of property, plant and equipment
(7,185 )
(4,286 )
Proceeds from other financial assets
Purchase of other financial assets
(7 )
(4 )
Purchase of marketable securities
(6,610 )
(6,881 )
Sale of marketable securities
Dividend received from associated company
Net cash used in investing activities
(11,068 )
(11,002 )
Purchase of treasury shares
(16,547 )
(11,935 )
Dividends paid
(25,303 )
(21,517 )
Proceeds from issue of bonds
Proceeds from borrowings
Repayment of borrowings
(13,399 )
(6,329 )
Net cash used in financing activities
(44,129 )
(30,042 )
NET CASH GENERATED FROM ACTIVITIES
Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents
Cash and cash equivalents at the end of the period
Financial report for the period 1 January 2022 to 30 September 2022
Page 26 of 32
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therapeutic focus
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sustainability
Financial
Information
Company announcement No 79 / 2022
APPENDIX 4: BALANCE SHEET
DKK million
30 Sep 2022
31 Dec 2021
ASSETS
Intangible assets
Property, plant and equipment
Investments in associated companies
Deferred income tax assets
Other receivables and prepayments
Other financial assets
TOTAL NON-CURRENT ASSETS
Inventories
Trade receivables
Tax receivables
Other receivables and prepayments
Marketable securities
Derivative financial instruments
Cash at bank
TOTAL CURRENT ASSETS 119,482 85,595
TOTAL ASSETS 242,836 194,508
EQUITY AND LIABILITIES
Share capital
Treasury shares
(4 )
(6 )
Retained earnings
Other reserves
(1,714 )
TOTAL EQUITY
Borrowings
Deferred income tax liabilities
Retirement benefit obligations
Other liabilities
Provisions
Total non-current liabilities
Borrowings
Trade payables
Tax payables
Other liabilities
Derivative financial instruments
Provisions
Total current liabilities
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES 242,836 194,508
Financial report for the period 1 January 2022 to 30 September 2022
Page 27 of 32
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Financial
Information
Company announcement No 79 / 2022
APPENDIX 5: EQUITY STATEMENT
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
9M 2022
Balance at the beginning of the period
(6 )
(1,714 )
Net profit for the period
Other comprehensive income for the period
Total comprehensive income for the period
Transactions with owners:
Dividends
(25,303 )
(25,303 )
Share-based payments
Tax related to restricted stock units
Purchase of treasury shares
(4 )
(16,543 )
(16,547 )
Reduction of the B share capital
(6 )
Balance at the end of the period 456 (4 ) 73,673 2,555 76,680
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
9M 2021
Balance at the beginning of the period
(8 )
(911 )
Net profit for the period
Other comprehensive income for the period
(1,349 )
(1,221 )
Total comprehensive income for the period
(1,349 )
Transactions with owners:
Dividends
(21,517 )
(21,517 )
Share-based payments
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
Financial report for the period 1 January 2022 to 30 September 2022
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Company announcement No 79 / 2022
APPENDIX 6: SALES SPLIT PER AREA
Q3 2022 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
®
3,011
860
464
15
381
2,151
2,115
% change at CER
101%
—
—
—
—
52%
52%
Ozempic
®
16,390
4,642
2,736
670
1,236
11,748
10,730
% change at CER
63%
89%
63%
—
82%
54%
51%
Victoza
®
2,967
1,371
646
380
345
1,596
1,532
% change at CER
(26%)
(20%)
(24%)
(18%)
(16%)
(31%)
(31%)
Total GLP-1
22,368
6,873
3,846
1,065
1,962
15,495
14,377
% change at CER
44%
60%
46%
96%
77%
37%
34%
Long-acting insulin
3,939
2,697
1,631
370
696
1,242
1,081
% change at CER
(18%)
(6%)
(3%)
(41%)
19%
(37%)
(41%)
Tresiba
®
2,273
1,504
819
289
396
769
633
% change at CER
(14%)
5%
11%
(16%)
11%
(39%)
(44%)
Xultophy
®
705
614
427
14
173
91
88
% change at CER
3%
14%
2%
—
47%
(40%)
(41%)
Levemir
®
961
579
385
67
127
382
360
% change at CER
(36%)
(37%)
(27%)
(76%)
14%
(34%)
(33%)
Premix insulin
2,706
2,613
638
1,311
664
93
87
% change at CER
(13%)
(10%)
(16%)
(14%)
5%
(52%)
(53%)
Ryzodeg
®
807
807
140
380
287
—
—
% change at CER
68%
68%
29%
274%
9%
—
—
NovoMix
®
1,899
1,806
498
931
377
93
87
% change at CER
(28%)
(26%)
(23%)
(35%)
2%
(52%)
(53%)
Fast-acting insulin
4,263
2,602
1,483
486
633
1,661
1,567
% change at CER
(11%)
(8%)
(7%)
(27%)
12%
(16%)
(15%)
Fiasp
®
485
347
282
—
65
138
127
% change at CER
9%
25%
18%
—
70%
(22%)
(23%)
NovoRapid
®
3,778
2,255
1,201
486
568
1,523
1,440
% change at CER
(13%)
(11%)
(11%)
(27%)
8%
(15%)
(15%)
Human insulin
2,053
1,592
469
469
654
461
443
% change at CER
(22%)
(25%)
(13%)
(44%)
(12%)
(11%)
(11%)
Total insulin
12,961
9,504
4,221
2,636
2,647
3,457
3,178
% change at CER
(15%)
(11%)
(7%)
(28%)
5%
(26%)
(27%)
Other Diabetes care
1
798
582
175
269
138
216
181
% change at CER
(14%)
(13%)
(9%)
(23%)
5%
(18%)
(20%)
Total Diabetes care
36,127
16,959
8,242
3,970
4,747
19,168
17,736
% change at CER
13%
8%
12%
(13%)
26%
18%
16%
Wegovy
®
1,157
2
2
—
—
1,155
1,155
% change at CER
89%
—
—
—
—
89%
89%
Saxenda
®
3,174
1,659
1,057
32
570
1,515
1,391
% change at CER
54%
97%
131%
36%
56%
22%
23%
Total Obesity care
4,331
1,661
1,059
32
570
2,670
2,546
% change at CER
62%
97%
131%
36%
56%
44%
46%
Diabetes and Obesity care total
40,458
18,620
9,301
4,002
5,317
21,838
20,282
% change at CER
17%
13%
19%
(12%)
29%
21%
19%
Rare disease segment
Rare blood disorders
2
2,885
1,737
953
372
412
1,148
1,058
% change at CER
13%
32%
10%
347%
15%
(9%)
(12%)
Haemophilia A
512
383
278
15
90
129
122
% change at CER
18%
18%
15%
0%
11%
20%
24%
Haemophilia B
194
121
75
3
43
73
40
% change at CER
13%
17%
9%
100%
29%
5%
17%
NovoSeven
®
2,108
1,210
584
354
272
898
851
% change at CER
13%
42%
9%
336%
16%
(14%)
(17%)
Rare endocrine disorders
3
1,793
1,228
547
62
619
565
557
% change at CER
(7%)
(4%)
(8%)
33%
(2%)
(13%)
(13%)
Other Rare disease
4
430
227
182
2
43
203
117
% change at CER
6%
(16%)
(11%)
0%
(33%)
59%
186%
Rare disease total
5,108
3,192
1,682
436
1,074
1,916
1,732
% change at CER
4%
11%
1%
232%
1%
(6%)
(8%)
Total sales
45,566
21,812
10,983
4,438
6,391
23,754
22,014
% change at CER
15%
13%
16%
(6%)
23%
18%
16%
% change as reported
28%
19%
20%
4%
30%
37%
36%
Share of growth
100%
43%
26%
(4%)
21%
57%
49%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Refixia
®
, NovoThirteen
®
and Esperoct
®
.
3)
Primarily Norditropin
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2022 to 30 September 2022
Page 29 of 32
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Company announcement No 79 / 2022
9M 2022 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
®
7,246
1,975
1,010
38
927
5,271
5,178
% change at CER
120 %
—
—
—
—
72 %
72 %
Ozempic
®
42,774
12,629
7,546
1,589
3,494
30,145
27,693
% change at CER
69%
97%
61%
—
133%
59%
57%
Victoza
®
8,999
4,282
2,105
1,110
1,067
4,717
4,527
% change at CER
(26%)
(21%)
(25%)
(15%)
(20%)
(30%)
(30%)
Total GLP-1
59,019
18,886
10,661
2,737
5,488
40,133
37,398
% change at CER
44%
55%
39%
87%
86%
39%
37%
Long-acting insulin
12,839
8,717
5,407
1,329
1,981
4,122
3,646
% change at CER
(10%)
0%
4%
(23%)
13%
(27%)
(30%)
Tresiba
®
7,106
4,621
2,607
846
1,168
2,485
2,095
% change at CER
(5%)
9%
15%
(3%)
7%
(25%)
(29%)
Xultophy
®
2,113
1,795
1,287
35
473
318
310
% change at CER
3%
10%
(1%)
0%
46%
(27%)
(27%)
Levemir
®
3,620
2,301
1,513
448
340
1,319
1,241
% change at CER
(24%)
(19%)
(8%)
(48%)
(1%)
(32%)
(33%)
Premix insulin
8,219
7,855
1,986
3,913
1,956
364
348
% change at CER
(10%)
(9%)
(12%)
(12%)
4%
(26%)
(26%)
Ryzodeg
®
2,159
2,159
383
892
884
—
—
% change at CER
59%
59%
23%
—
12%
—
—
NovoMix
®
6,060
5,696
1,603
3,021
1,072
364
348
% change at CER
(22%)
(22%)
(18%)
(29%)
(2%)
(26%)
(26%)
Fast-acting insulin
12,992
8,291
4,874
1,583
1,834
4,701
4,402
% change at CER
(8%)
(3%)
(1%)
(19%)
9%
(16%)
(16%)
Fiasp
®
1,498
1,001
840
—
161
497
465
% change at CER
13%
23%
18%
—
54%
(3%)
(3%)
NovoRapid
®
11,494
7,290
4,034
1,583
1,673
4,204
3,937
% change at CER
(10%)
(5%)
(4%)
(19%)
6%
(17%)
(18%)
Human insulin
6,216
4,967
1,512
1,480
1,975
1,249
1,193
% change at CER
(18%)
(20%)
(10%)
(36%)
(11%)
(6%)
(6%)
Total insulin
40,266
29,830
13,779
8,305
7,746
10,436
9,589
% change at CER
(11%)
(7%)
(2%)
(21%)
3%
(20%)
(22%)
Other Diabetes care
1
2,512
1,913
536
960
417
599
491
% change at CER
(15%)
(12%)
(1%)
(24%)
11%
(26%)
(29%)
Total Diabetes care
101,797
50,629
24,976
12,002
13,651
51,168
47,478
% change at CER
14%
9%
12%
(9%)
25%
20%
18%
Wegovy
®
3,742
3
3
—
—
3,739
3,739
% change at CER
—
—
—
—
—
—
—
Saxenda
®
7,634
4,138
2,572
110
1,456
3,496
3,152
% change at CER
33%
73%
96%
—
38%
2%
1%
Total Obesity care
11,376
4,141
2,575
110
1,456
7,235
6,891
% change at CER
75%
73%
96%
—
38%
77%
81%
Diabetes and Obesity care total
113,173
54,770
27,551
12,112
15,107
58,403
54,369
% change at CER
18%
13%
17%
(9%)
27%
25%
24%
Rare disease segment
Rare blood disorders
2
8,825
5,150
2,860
556
1,734
3,675
3,415
% change at CER
6%
11%
(2%)
190%
16%
(1%)
(3%)
Haemophilia A
1,696
1,336
858
58
420
360
339
% change at CER
6%
9%
(1%)
160%
29%
(6%)
(7%)
Haemophilia B
533
337
208
9
120
196
101
% change at CER
9%
16%
4%
—
34%
(3%)
7%
NovoSeven
®
6,397
3,413
1,754
489
1,170
2,984
2,848
% change at CER
6%
12%
(3%)
194%
10%
0%
(3%)
Rare endocrine disorders
3
5,536
3,732
1,687
171
1,874
1,804
1,784
% change at CER
(6%)
(2%)
(6%)
40%
(1%)
(13%)
(14%)
Other Rare disease
4
1,328
763
624
6
133
565
320
% change at CER
7%
(7%)
(3%)
25%
(21%)
37%
67%
Rare disease total
15,689
9,645
5,171
733
3,741
6,044
5,519
% change at CER
2%
4%
(3%)
131%
5%
(3%)
(4%)
Total sales
128,862
64,415
32,722
12,845
18,848
64,447
59,888
% change at CER
16%
11%
13%
(5%)
22%
22%
21%
% change as reported
26%
16%
16%
4%
28%
37%
36%
Share of growth
100%
38%
23%
(4%)
19%
62%
55%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Refixia
®
, NovoThirteen
®
and Esperoct
®
.
3)
Primarily Norditropin
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2022 to 30 September 2022
Page 30 of 32
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Information
Company announcement No 79 / 2022
APPENDIX 7: ACQUISITION OF BUSINESSES
Dicerna Pharmaceuticals, Inc.
On 28 December 2021, Novo Nordisk acquired all outstanding shares of the publicly held US company Dicerna
Pharmaceuticals, Inc. via a cash tender offer. Before the acquisition, Novo Nordisk held 2.9% of the shares in Dicerna
Pharmaceuticals, Inc. at a fair value of DKK 573million.
Details of the acquisition
The total purchase price amounts to DKK 22,034million, which has been settled by the fair value of existing shareholdings
of DKK 573million, settlement of a pre-existing relationship of DKK 145million and a cash consideration of DKK
21,316million.
No changes have been made during the first 9 months of 2022 to the provisional purchase price allocation as presented in
the 2021 Annual Report note 5.3. Acquisition of businesses.
The development in goodwill in the first 9 months of 2022 is as follows:
DKK million 30 Sep 2022
Goodwill as of 31 December 2021 4,346
Exchange rate adjustment 704
Goodwill as of 30 June 2022 5,050
For further information regarding the acquisition please refer to the Annual Report for 2021.
Forma Therapeutics, Inc.
On 14 October 2022, Novo Nordisk acquired all outstanding shares of the publicly held US company Forma Therapeutics,
Inc. via a cash tender offer. Novo Nordisk did not hold any shares in Forma Therapeutics prior to the acquisition. The
acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk’s
strategy to complement and accelerate its scientific presence and pipeline in haemoglobinopathies, a group of disorders in
which there is abnormal production or structure of the haemoglobin protein in the red blood cells.
Details of the acquisition
The total purchase price amounts to DKK 8,098 million and has been settled in full by cash consideration.
Novo Nordisk completed the acquisition of Forma Therapeutics, Inc. through a merger of Novo Nordisk’s wholly owned
subsidiary with and into Forma Therapeutics in which all shares not tendered into the offer were cancelled and converted
into the right to receive cash equal to the USD 20 offer price per share, without interest, less any applicable tax
withholding. At the completion of the merger, Forma Therapeutics, Inc. became a wholly owned subsidiary of Novo
Nordisk. The common stock of Forma will no longer be listed or traded on the Nasdaq Global Select Market.
The provisional purchase price allocation will be presented in the 2022 Annual Report.
Financial report for the period 1 January 2022 to 30 September 2022
Page 31 of 32
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Company announcement No 79 / 2022
APPENDIX 8: 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 2022 9M 2021
% change
9M 2022 to
9M 2021
Q3 2022 Q3 2021
% change
Q3 2022 to
Q3 2021
Net sales
128,862
102,467
26%
45,566
35,622
28%
Effect of exchange rates
(10,014)
—
(4,503)
—
Sales at CER 118,848 102,467 16% 41,063 35,622 15%
Operating profit at CER
DKK million
9M 2022 9M 2021
% change
9M 2022 to
9M 2021
Q3 2022 Q3 2021
% change
Q3 2022 to
Q3 2021
Operating profit
57,722
45,010
28%
20,184
15,249
32%
Effect of exchange rates
(6,451)
—
(2,849)
—
Operating profit at CER 51,271 45,010 14% 17,335 15,249 14%
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 2022 9M 2021 Q3 2022 Q3 2021
Net cash generated from operating activities 71,786 58,017 24,239 21,507
Net cash used in investing activities (11,068) (11,002) (4,961) (4,635)
Net purchase of marketable securities
2,481
5,933
736
2,946
Repayment on lease liabilities
(709)
(636)
(249)
(202)
Free cash flow 62,490 52,312 19,765 19,616
Financial report for the period 1 January 2022 to 30 September 2022
Page 32 of 32
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Outlook
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Financial
Information
Company announcement No 79 / 2022