Financial report for the period 1 January 2024 to 30 June 2024
7 August 2024
Novo Nordisk's sales increased by 24% in Danish kroner and by 25% at constant
exchange rates to DKK 133.4 billion in the first six months of 2024
• Operating profit increased by 18% in Danish kroner and by 19% at constant exchange rates (CER) to DKK 57.8 billion.
Operating profit is impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.
• Sales in North America Operations increased by 36% in Danish kroner (36% at CER). Sales growth in the US was
positively impacted by gross-to-net sales adjustments related to prior years. Sales in International Operations increased
by 9% in Danish kroner (11% at CER).
• Sales within Diabetes and Obesity care increased by 26% in Danish kroner to DKK 125.0 billion (27% at CER), mainly
driven by GLP-1 diabetes sales growth of 32% in Danish kroner (32% at CER) and Obesity care growing by 37% in Danish
kroner to DKK 24.9 billion (37% at CER). Rare disease sales decreased by 4% measured in Danish kroner (3% at CER).
• Within R&D, Novo Nordisk successfully completed the phase 3 FRONTIER 2 trial with Mim8, where once-weekly and
once-monthly Mim8 demonstrated superior reduction of treated bleeding episodes compared to on-demand and prior
prophylaxis treatment in people with haemophilia A. In June 2024, Novo Nordisk announced that the ocedurenone
CLARION-CKD phase 3 trial was stopped, as ocedurenone failed to meet the primary endpoint.
• Also within R&D, Novo Nordisk received a Complete Response Letter from the Food and Drug Administration (FDA) for
insulin icodec in July. In Obesity care, Novo Nordisk received a positive CHMP opinion, based on the SELECT trial, for an
update of the Wegovy
®
label to reflect risk reduction of major adverse cardiovascular events in the EU.
• For the 2024 outlook, sales growth is now expected to be 22-28% at CER, and operating profit growth is now expected
to be 20-28% at CER. Growth reported in Danish kroner is now expected to be 1 percentage point lower than at CER
growth for both sales and operating profit.
PROFIT AND LOSS H1 2024 H1 2023
Growth
as reported
Growth
at CER*
DKK million
Net sales 133,409 107,667 24% 25%
Operating profit 57,780 48,895 18% 19%
Net profit 45,457 39,242 16% N/A
Diluted earnings per share (in DKK) 10.17 8.71 17% N/A
* CER: Constant exchange rates (average 2023).
Lars Fruergaard Jørgensen, president and CEO: "We are pleased with the sales growth in the first half of 2024, which has
enabled us to raise the outlook for the full year. The growth is driven by the increased demand for our GLP-1-based
diabetes and obesity treatments, and we continue to reach more patients with our innovative treatments. Within R&D, we
are very pleased with the first phase 3 trial results with Mim8 and its potential for people living with haemophilia A, and
with the recent recommendation for a label extension for cardiovascular risk reduction for Wegovy
®
in the EU."
On 7 August 2024 at 13.00 CEST, corresponding to 07.00 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’: LINK
Investor Relations
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
Company announcement No 58 / 2024
STRATEGIC ASPIRATIONS
STRATEGIC ASPIRATIONS 2025
The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo
Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to
each of the four dimensions on an ongoing basis.
Performance highlights for the first six months of 2024 (blue indicates second quarter developments)
PERFORMANCE HIGHLIGHTS
Purpose and sustainability (ESG)
Progress towards zero environmental impact:
– Overall CO
2
e emissions (scope 1, 2 and full scope 3) increased by
31% compared to the first six months of 2023
Adding value to society:
– Medical treatment provided to 40.7 million people living with
diabetes and 1.4 million people living with obesity
– Reached more than 56,000 children in the Changing Diabetes
®
in
Children programme
Being recognised as a sustainable employer:
– Share of women in senior leadership positions has increased to 41%
from 40% end of June 2023
Innovation and therapeutic focus
Further raise innovation bar for diabetes treatment:
– Semaglutide 1.0 mg demonstrated a 24% reduction in risk of kidney
disease-related events in the FLOW outcomes trial
– Awiqli
®
approved in the EU, Japan and China
– Complete Response Letter received for insulin icodec
in the US
– Successful completion of the COMBINE phase 3a programme with
IcoSema
Develop superior treatment solutions for obesity:
– Phase 2 trial initiated with once-weekly GIP/GLP-1 dual agonist
– Approval of Wegovy
®
in China
– Positive opinion for update of the Wegovy
®
label based on the
SELECT cardiovascular outcomes trial in the EU
– Successful completion of phase 3b trial OASIS 4 with 25 mg oral
semaglutide
Strengthen and progress Rare disease pipeline:
– Phase 3a trial, FRONTIER 2, with Mim8 successfully completed in
people with haemophilia A
– Concizumab re-submitted in the US for the treatment of haemophilia
A and B with inhibitors
Establish presence in Cardiovascular & Emerging Therapy Areas:
– Agreement to acquire Cardior Pharmaceuticals and lead asset
CDR132L in phase 2 development for treatment of heart failure
– Phase 3 development initiated with ziltivekimab in HFpEF and AMI
– Phase 3 trial CLARION-CKD trial stopped as ocedurenone failed to
meet primary endpoint
Commercial execution
Strengthen diabetes leadership to more than one-third:
– Diabetes value market share increased by 1.5 percentage points to
34.1% (MAT)
More than DKK 25 billion in Obesity care sales by 2025:
– Obesity care sales increased by 37% at (CER) to DKK 24.9 billion
Secure a sustained growth outlook for Rare Disease:
– Rare disease sales decreased by 3% (CER) to DKK 8.4 billion
Financials
Deliver solid sales and operating profit growth:
– Sales growth of 25% (CER)
– Operating profit growth of 19% (CER), impacted by the impairment
loss related to ocedurenone
Drive operational efficiencies:
– Operational leverage reflecting sales growth, excluding the
impairment loss related to ocedurenone
Enable attractive capital allocation to shareholders:
– Free cash flow of DKK 41.3 billion
– DKK 38.9billion returned to shareholders
Financial report for the period 1 January 2024 to 30 June 2024
Page 2 of 36
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 58 / 2024
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST SIX MONTHS OF 2024
PROFIT AND LOSS H1 2024 H1 2023
% change
H1 2024 to
H1 2023
% change
H1 2024 to
H1 2023 at
CER¹
(Amounts are in DKK million, except for earnings per share)
Net sales 133,409 107,667 24% 25%
Gross profit
113,219
91,629
24%
24%
Gross margin
84.9%
85.1%
Sales and distribution costs
(28,190)
(26,754)
5%
6%
Percentage of sales
21.1%
24.8%
Research and development costs
(24,772)
(13,855)
79%
78%
Percentage of sales
18.6%
12.9%
Administrative costs
(2,314)
(2,143)
8%
8%
Percentage of sales
1.7%
2.0%
Other operating income and expenses
(163)
18
N/A
N/A
Operating profit (EBIT)
57,780
48,895
18%
19%
Operating margin
43.3%
45.4%
Financial items (net)
(530)
96
N/A
N/A
Profit before income taxes
57,250
48,991
17%
N/A
Income taxes
(11,793)
(9,749)
21%
N/A
Effective tax rate
20.6%
19.9%
Net profit
45,457
39,242
16%
N/A
Net profit margin
34.1%
36.4%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 11,759 3,896 202% N/A
Capital expenditure (PP&E)
18,944
10,571
79%
N/A
Net cash generated from operating activities 64,817 58,391 11% N/A
EBITDA
1)
69,539 52,791 32% N/A
Free cash flow
1)
41,309 45,537 (9%) N/A
Diluted earnings per share / ADR (in DKK) 10.17 8.71 17% N/A
Full-time equivalent employees end of period 69,260 59,337 17% N/A
1)
See appendix 7: Non-IFRS financial measures (additional information).
These unaudited consolidated financial statements for the first six months of 2024 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 2023 of Novo
Nordisk.
Financial report for the period 1 January 2024 to 30 June 2024
Page 3 of 36
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 58 / 2024
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 24% measured in Danish kroner and by 25% at CER in the first six months of 2024, driven by Diabetes care
sales growth of 25% (CER) and Obesity care sales growth of 37% (CER). Rare disease sales decreased by 3% (CER). Sales
growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products
and geographies. Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years
and the phasing of rebates in 2023.
Sales split per therapy
Sales H1 2024
DKK million
Sales H1 2023
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Injectable GLP-1
61,086
46,392
32%
32%
56%
- Ozempic
®
56,685
41,741
36%
36%
57%
- Victoza
®
4,401
4,651
(5%)
(5%)
(1%)
Rybelsus
®
10,931
8,344
31%
32%
10%
Total GLP-1
72,017
54,736
32%
32%
66%
Long-acting insulin
1
9,902
7,487
32%
34%
10%
Premix insulin
2
5,404
5,232
3%
6%
1%
Fast-acting insulin
3
8,355
7,999
4%
5%
2%
Human insulin
3,316
3,979
(20%)
(18%)
(3%)
Total insulin
26,977
24,697
9%
10%
10%
Other Diabetes care
4
1,116
1,396
(9%)
(7%)
0%
Total Diabetes care
100,110
80,829
24%
25%
76%
Wegovy
®
21,036
12,081
74%
74%
33%
Saxenda
®
3,903
6,067
(36%)
(36%)
(8%)
Total Obesity care
24,939
18,148
37%
37%
25%
Diabetes and Obesity care total
125,049
98,977
26%
27%
101%
Rare disease segment
Rare blood disorders
5
5,752
5,885
(2%)
(2%)
0%
Rare endocrine disorders
6
1,843
2,030
(9%)
(8%)
(1%)
Other Rare disease
7
765
775
(1%)
0%
0%
Rare disease total
8,360
8,690
(4%)
(3%)
(1%)
Total sales 133,409 107,667 24% 25% 100%
1)
Comprises Tresiba
®
, Xultophy
®
, Levemir
®
and
Awiqli
®
2)
Comprises Ryzodeg
®
and NovoMix
®
.
3)
Comprises Fiasp
®
and NovoRapid
®
.
4)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
5)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
and NovoThirteen
®
.
6)
Primarily Norditropin
®
and Sogroya
®
.
7)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2024 to 30 June 2024
Page 4 of 36
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 58 / 2024
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 24% measured in Danish kroner and by 25% at CER to DKK 100,110 million driven by
growth of GLP-1-based products. Novo Nordisk has improved the global diabetes value market share over the last 12
months to 34.1% from 32.6% in line with the strategic 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 North America Operations and International Operations.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from May 2023 and
May 2024 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa; Region
China covers mainland China, Hong Kong and Taiwan; Rest of World covers all other countries except for North America.
Diabetes care, development per geographical area
Novo Nordisk’s share of the total
diabetes market (value, MAT) Diabetes care, sales development
May
May
Sales H1 2024
DKK million
Growth
at CER
2024
2023
Global
34.1%
32.6%
100,110
25%
North America Operations
35.6%
34.1%
57,257
38%
- The US
35.0%
33.7%
53,148
41%
International Operations
28.4%
27.2%
42,853
11%
- EMEA *
30.0%
29.6%
21,697
8%
- Region China **
32.7%
31.9%
9,235
14%
- Rest of World ***
24.1%
21.4%
11,921
13%
Source: IQVIA, May 2024 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-based therapies for type 2 diabetes
Sales of GLP-1-based products for type 2 diabetes (Rybelsus
®
,
Ozempic
®
and Victoza
®
) increased by 32% in both Danish
kroner and at CER to DKK 72,017 million. The estimated global GLP-1 share of total diabetes prescriptions has increased to
6.3% compared with 5.4% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment
with a 56.0% value market share.
GLP-1, development per geographical area
Novo Nordisk's share of the
diabetes GLP-1 market (value, MAT) GLP-1, sales development
May
May
Sales H1 2024
DKK million
Growth
at CER
2024
2023
Global
56.0%
54.1%
72,017
32%
North America Operations
54.4%
52.5%
49,707
39%
- The US
53.4%
51.5%
46,087
42%
International Operations
69.0%
66.9%
22,310
20%
- EMEA *
61.5%
62.0%
11,790
13%
- Region China **
79.0%
70.9%
3,684
23%
- Rest of World ***
86.2%
78.8%
6,836
30%
Source: IQVIA, May 2024 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. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions
based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions.
Rybelsus
®
sales increased by 31% measured in Danish kroner and by 32% at CER to DKK 10,931 million. Sales growth was
driven by EMEA and Rest of World as well as North America Operations.
Ozempic
®
sales increased by 36% in both Danish kroner and at CER to DKK 56,685 million. Sales growth was driven by both
North America Operations and International Operations. Sales growth has resulted in periodic supply constraints and
related drug shortage notifications across geographies.
Financial report for the period 1 January 2024 to 30 June 2024
Page 5 of 36
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 58 / 2024
Victoza
®
sales decreased by 5% in both Danish kroner and CER to DKK 4,401 million as the GLP-1 market is moving
towards once-weekly treatments. The sales decline was driven by International Operations, partially countered by higher
sales in the US.
North America Operations
Sales of GLP-1 Diabetes care products in North America Operations increased by 39% in both Danish kroner and at CER.
Novo Nordisk is the market leader with a 56.0% value market share. The estimated GLP-1 share of total diabetes
prescriptions has increased to 16.6% compared with 13.3% 12 months ago.
Sales of GLP-1 Diabetes care products in the US increased by 42% at CER. The sales increase was mainly driven by
continued uptake of Ozempic
®
.
Sales growth in the US was driven by a prescription volume growth of the GLP-1 class above 10% in the second quarter of
2024 compared with the second quarter of 2023 as well as Novo Nordisk market share gains. Novo Nordisk is the market
leader with 56.1% measured by total monthly prescriptions and 55.0% measured by new-to-brand prescriptions.
International Operations
Sales of GLP-1 Diabetes care products in International Operations increased by 18% measured in Danish kroner and by
20% at CER. Sales growth is driven by all geographical areas. The estimated GLP-1 share of total diabetes prescriptions has
increased to 4.0% compared with 3.5% 12 months ago. Novo Nordisk is the market leader with a value market share of
69.0% compared with 66.9% 12 months ago. The sales growth has resulted in periodic supply constraints and related drug
shortage notifications across a number of products and geographies.
EMEA
Sales in EMEA increased by 13% in both Danish kroner and at CER. The sales growth reflects the uptake of Rybelsus
®
and
Ozempic
®
,
partially offset by lower sales of Victoza
®
. Novo Nordisk remains the market leader in EMEA with a value market
share of 61.5%. The estimated GLP-1 share of total diabetes prescriptions has increased to 5.4% compared with 4.8% 12
months ago.
Region China
Sales in Region China increased by 18% measured in Danish kroner and by 23% at CER. The sales growth mainly reflects
the uptake of Ozempic
®
, partially countered by lower sales of Victoza
®
. GLP-1 sales growth was negatively impacted by
periodic supply constraints. The GLP-1 share of total diabetes prescriptions has increased to 3.3% compared with 3.0% 12
months ago. Novo Nordisk is the market leader in Region China with a value market share of 79.0%.
Rest of World
Sales in Rest of World increased by 26% measured in Danish kroner and by 30% at CER. The sales growth reflects
increased sales of
Ozempic
®
and Rybelsus
®
, partially offset by lower sales of Victoza
®
. The estimated GLP-1 share of total
diabetes prescriptions has increased to 2.6% compared with 2.1% 12 months ago. Novo Nordisk remains the market
leader with a value market share of 86.2%.
Financial report for the period 1 January 2024 to 30 June 2024
Page 6 of 36
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 58 / 2024
Insulin
Sales of insulin increased by 9% measured in Danish kroner and by 10% at CER to DKK 26,977 million.
Insulin, development per geographical area
Novo Nordisk’s share of the total
insulin market (volume, MAT) Insulin, sales development
May
May
Sales H1 2024
DKK million
Growth
at CER
2024
2023
Global
44.8%
45.6%
26,977
10%
North America Operations
35.1%
37.3%
7,418
36%
- The US
34.9%
37.0%
6,956
41%
International Operations
48.1%
48.6%
19,559
3%
- EMEA *
47.4%
47.1%
9,554
3%
- Region China **
41.3%
44.0%
5,107
11%
- Rest of World ***
57.2%
57.0%
4,898
(4%)
Source: IQVIA, May 2024 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.
North America Operations
Sales of insulin in North America Operations increased by 36% in both Danish kroner and at CER. The sales increase in the
US was positively impacted by gross-to-net sales adjustments related to prior years, partially countered by a decline in
volume. Novo Nordisk has a volume market share of 34.9% of the total US insulin market. Awiqli
®
was launched in Canada
in June.
International Operations
Sales of insulin in International Operations increased by 1% measured in Danish kroner and by 3% at CER. The sales
increase at CER was driven by Region China and EMEA, partially countered by Rest of World. Novo Nordisk has a volume
market share of 48.1% of the total insulin market in International Operations.
EMEA
Sales of insulin in EMEA increased by 2% measured in Danish kroner and by 3% at CER. The sales increase at CER was
driven by long-acting insulin, partially countered by premix insulin and human insulin. Novo Nordisk has a volume market
share of 47.4% of the total insulin market.
Region China
Sales of insulin in Region China increased by 7% measured in Danish kroner and by 11% at CER. The sales increase was
mainly driven by long-acting insulin and premix insulin, partially countered by human insulin. Novo Nordisk has a volume
market share of 41.3% of the total insulin market.
Rest of World
Sales of insulin in Rest of World decreased by 7% measured in Danish kroner and by 4% at CER. The sales decrease at CER
was mainly driven by human insulin and fast-acting insulin, partially countered by premix insulin. Novo Nordisk has a
volume market share of 57.2% of the total insulin market.
Financial report for the period 1 January 2024 to 30 June 2024
Page 7 of 36
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 58 / 2024
Obesity care, sales development
Sales of Obesity care products, Wegovy
®
and Saxenda
®
, increased by 37% in both Danish kroner and at CER to DKK 24,939
million. Sales growth was driven by both North America Operations and International Operations. The volume growth of
the global branded obesity market was 91%. Novo Nordisk is the global market leader with a volume market share of
79.6%.
Obesity care, development per geographical area
Global branded
obesity market growth
(Volume, MAT) Obesity care, sales development
May
Sales H1 2024
DKK million
Growth
at CER
2024
Global
91%
24,939
37%
North America Operations
136%
19,072
35%
- The US
143%
18,529
33%
International Operations
41%
5,867
47%
- EMEA *
69%
4,411
67%
- Region China**
N/A
56
(43%)
- Rest of World***
(7%)
1,400
11%
Source: IQVIA, May 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk obesity 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
Diabetes care sales in the area.
Wegovy
®
sales increased by 74% in both Danish kroner and at CER to DKK 21,036 million. Sales of Saxenda
®
decreased by
36% in both Danish kroner and CER to DKK 3,903 million as the obesity care market is moving towards once-weekly
treatments.
North America Operations
Sales of Obesity care products in North America Operations increased by 35% in both Danish kroner and at CER to DKK
19,072 million. Sales of Wegovy
®
increased by 58% measured in Danish kroner and by 57% at CER to DKK 18,331 million,
driven by increased volumes, partially countered by lower realised prices. In the US, demand for Wegovy
®
exceeds supply,
and to safeguard continuity of care, the supply of the initiation dose strength remains capped. Broad commercial
formulary access has been achieved for Wegovy
®
. Wegovy
®
has more than 200,000 weekly prescriptions in total and
around 35,000 weekly new-to-brand prescriptions. Wegovy
®
has now been launched in Canada.
Sales of Saxenda
®
decreased by 71% in both Danish kroner and CER to DKK 741 million as the obesity care market is
moving towards once-weekly treatments. The volume growth of the branded obesity market in the US was 143%.
International Operations
Sales of Obesity care products in International Operations increased by 47% in both Danish kroner and at CER to DKK
5,867 million driven by increased sales in EMEA and Rest of World. Sales of Saxenda
®
in International Operations
decreased by 10% in both Danish kroner and CER to DKK 3,162 million, and sales of Wegovy
®
reached DKK 2,705 million.
Wegovy
®
has now been launched in 12 countries in International Operations. The volume growth of the branded obesity
market in International Operations was 41%.
EMEA
Sales of Obesity care products in EMEA increased by 67% in both Danish kroner and at CER to DKK 4,411 million reflecting
uptake of Wegovy
®
, partially countered by declining sales of Saxenda
®
. The volume growth of the branded obesity market
in EMEA was 69%.
Rest of World
Sales of Saxenda
®
in Rest of World increased by 12% measured in Danish kroner and by 11% at CER to DKK 1,399 million.
The volume of the branded obesity market in Rest of World declined by 7%.
Financial report for the period 1 January 2024 to 30 June 2024
Page 8 of 36
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Company announcement No 58 / 2024
Rare disease, sales development
Rare disease sales decreased by 4% measured in Danish kroner and by 3% at CER to DKK 8,360 million. Sales of rare blood
disorder products decreased by 2% in both Danish kroner and CER to DKK 5,752 million driven by NovoSeven
®
and
haemophilia A products, partially countered by increased haemophilia B sales. Sales of rare endocrine disorder products
decreased by 9% measured in Danish kroner and by 8% at CER to DKK 1,843 million. Novo Nordisk is working on re-
establishing supply of rare endocrine disorder products following a reduction of manufacturing output. Sogroya
®
has been
launched in five countries, and the initial feedback from patients and physicians is encouraging.
Rare disease, development per geographical area Rare disease, sales development
Sales H1 2024
DKK million
Growth
at CER
Global
8,360
(3%)
North America Operations
3,881
13%
- The US
3,509
12%
International Operations
4,479
(14%)
- EMEA
2,799
(1%)
- Region China
178
(53%)
- Rest of World
1,502
(24%)
North America Operations
Rare disease sales in North America Operations increased by 13% in both Danish kroner and at CER. The sales increase
was driven by rare endocrine disorder products increasing by 36% measured in Danish kroner and by 35% at CER,
reflecting the launch of Sogroya
®
and gross-to-net sales adjustments related to prior years in the US. Sales of rare blood
disorders products increased by 8% in both Danish kroner and at CER,mainly driven by increased sales of NovoSeven
®
and
haemophilia B products.
International Operations
Rare disease sales in International Operations decreased by 15% measured in Danish kroner and by 14% at CER. The sales
decline was driven by lower sales of rare endocrine disorder products, decreasing by 33% measured in Danish kroner and
by 30% at CER, reflecting a reduction in manufacturing output. Sogroya
®
has now been launched in four countries in
International Operations with encouraging initial feedback. Sales of rare blood disorder products decreased by 10%
measured in Danish kroner and by 9% at CER, driven by decreased sales of NovoSeven
®
and haemophilia A products,
partially countered by increased sales of haemophilia B products.
EMEA
Rare disease sales decreased by 2% measured in Danish kroner and by 1% at CER. Sales of rare blood disorder products
decreased by 9% in both Danish kroner and CER, driven by NovoSeven
®
, partially countered by increased haemophilia A
and haemophilia B sales. The increased sales of haemophilia B products reflect the continued uptake of extended half-life
products. Rare endocrine disorder products increased by 46% in both Danish kroner and at CER.
Region China
Rare disease sales decreased by 54% measured in Danish kroner and by 53% at CER, driven by decreased sales of rare
endocrine products and rare blood disorder products.
Rest of World
Rare disease sales decreased by 26% measured in Danish kroner and by 24% at CER. Sales of rare endocrine disorder
products decreased by 54% measured in Danish kroner and by 50% at CER, reflecting a reduction in manufacturing
output. Sales of rare blood disorder products decreased by 4% in both Danish kroner and CER, driven by lower sales of
NovoSeven
®
and haemophilia A, partially countered by increased sales of haemophilia B products.
Financial report for the period 1 January 2024 to 30 June 2024
Page 9 of 36
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Information
Company announcement No 58 / 2024
FINANCIALS
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 24% measured in Danish kroner and by 25% at CER to DKK 133,409 million in the first six months of
2024. Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years and phasing
of rebates in 2023. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across
a number of products and geographies. In North America Operations, sales increased by 36% in both Danish kroner and
at CER. Sales in International Operations increased by 9% measured in Danish kroner and by 11% at CER.
Sales split per geographical area
Sales H1 2024
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
North America Operations
80,210
36%
36%
80%
- The US
75,186
38%
38%
77%
International Operations
53,199
9%
11%
20%
- EMEA
28,907
13%
13%
13%
- Region China
9,469
6%
10%
3%
- Rest of World
14,823
5%
7%
4%
Total sales 133,409 24% 25% 100%
North America Operations
Sales in North America Operations increased by 36% in both Danish kroner and at CER. The sales increase reflects GLP-1
diabetes sales growing by 39% at CER and Obesity care sales growing by 35% at CER. GLP-1 diabetes sales growth in the
US was positively impacted by gross-to-net sales adjustments related to prior years, partially countered by impacts from
periodic supply constraints. Insulin sales increased by 36% at CER, mainly reflecting gross-to-net sales adjustments related
to prior years, partially countered by a decline in volume. Rare disease sales increased by 13% at CER, driven by both Rare
endocrine disorders and Rare blood disorders.
International Operations
Sales in International Operations increased by 9% measured in Danish kroner and by 11% at CER. Sales growth was driven
by GLP-1 diabetes sales growing by 20% at CER, Obesity care sales growing by 47% at CER and insulin sales growing by
3% at CER, partially countered by Rare disease sales decreasing by 14% at CER, reflecting a reduction in manufacturing
output.
EMEA
Sales in EMEA increased by 13% in both Danish kroner and at CER. Sales growth was driven by Obesity care growing by
67% at CER. Diabetes care sales increased by 8% at CER, driven by GLP-1 diabetes sales growing by 13% at CER and insulin
sales growing by 3% at CER. Rare disease sales decreased by 1% at CER.
Region China
Sales in Region China increased by 6% measured in Danish kroner and by 10% at CER. The sales increase at CER was driven
by GLP-1 diabetes sales growing by 23% at CER and insulin sales increasing by 11% at CER. GLP-1 sales growth was
negatively impacted by periodic supply constraints. Other diabetes care sales decreased by 15% at CER. Rare disease sales
decreased by 53% at CER.
Rest of World
Sales in Rest of World increased by 5% measured in Danish kroner and by 7% at CER. Sales growth was driven by Diabetes
care growing by 13% at CER, reflecting increased GLP-1 diabetes sales, partially countered by lower insulin sales. Obesity
care sales increased by 11% at CER and Rare disease decreasing by 24% at CER.
Financial report for the period 1 January 2024 to 30 June 2024
Page 10 of 36
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Information
Company announcement No 58 / 2024
DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 26% in both Danish kroner and at CER to DKK 20,190 million, resulting in a gross
margin of 84.9%, measured in Danish kroner, compared with 85.1% in the first six months of 2023. The decline in gross
margin mainly reflects costs related to ongoing capacity expansions, partially countered by a positive price impact due to
gross-to-net sales adjustments related to prior years in the US and a positive product mix, driven by increased sales of
GLP-1-based treatments.
Sales and distribution costs increased by 5% measured in Danish kroner and by 6% at CER to DKK 28,190 million. The
increase in costs is driven by both North America Operations and International Operations. In North America Operations,
the cost increase is mainly driven by promotional activities related to Wegovy
®
. In International Operations, the increase is
mainly related to promotional activities for Rybelsus
®
as well as Obesity care market development activities. The increase in
sales and distribution costs is impacted by adjustments to legal provisions in the second quarter of 2023. Sales and
distribution costs amounted to 21.1% as a percentage of sales.
Research and development costs increased by 79% measured in Danish kroner and by 78% at CER to DKK 24,772 million
compared to the six months of 2023, mainly reflecting increased late-stage clinical trial activity, and increased early
research activities as well as the impairment loss related to ocedurenone of DKK 5.7 billion and other impairments of
intangible assets. Research and development costs amounted to 18.6% as a percentage of sales.
Administration costs increased by 8% in both Danish kroner and at CER to DKK 2,314 million. Administration costs
amounted to 1.7% as a percentage of sales.
Other operating income and expenses (net) was a loss of DKK 163 million compared to an income of DKK 18 million in
2023. The loss is mainly reflecting impairments related to a partnership agreement of a company previously acquired by
Novo Nordisk.
Operating profit increased by 18% measured in Danish kroner and by 19% at CER to DKK 57,780 million, reflecting the
impairment loss related to ocedurenone of DKK 5.7 billion and the sales growth.
Financial items (net) showed a net loss of DKK 530 million, compared with a net gain of DKK 96 million in the first six
months of 2023, mainly reflecting loss on the US dollar, primarily due to costs of hedging.
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 loss of DKK 461 million
compared with a net gain of DKK 133 million in 2023.
As per the end of June 2024, a negative market value of financial contracts of approximately DKK 1.6 billion has been
deferred for recognition later in 2024 and 2025.
The effective tax rate was 20.6% in the first six months of 2024, compared with an effective tax rate of 19.9% in the first
six months of 2023.
Net profit increased by 16% to DKK 45,457 million and diluted earnings per share increased by 17% to DKK 10.17. Net
profit and diluted earnings per share are impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.
Financial report for the period 1 January 2024 to 30 June 2024
Page 11 of 36
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Company announcement No 58 / 2024
KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2024
Sales in the second quarter of 2024 increased by 25% in both Danish kroner and at CER compared to 2023. Sales growth in
the US was positively impacted by gross-to-net sales adjustments related to prior years and phasing of rebates in 2023.
Operating profit increased by 9% measured in Danish kroner and by 8% at CER. Operating profit is impacted by the
impairment loss related to ocedurenone of DKK 5.7 billion. Sales growth has resulted in periodic supply constraints and
related drug shortage notifications across a number of products and geographies. Please refer to appendix 1 for an
overview of the quarterly numbers in DKK and to appendix 6 for additional details on sales in the second quarter of 2024.
Sales split per geographical area
Sales Q2 2024
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
North America Operations
40,930
38%
36%
79%
- The US
38,404
41%
39%
79%
International Operations
27,130
10%
11%
21%
- EMEA
14,581
13%
13%
14%
- Region China
4,963
11%
13%
4%
- Rest of World
7,586
4%
6%
3%
Total sales 68,060 25% 25% 100%
The increased global sales of 25% at CER were driven by Diabetes and Obesity care as well as insulin sales. GLP-1 diabetes
sales increased by 32% at CER and Obesity care sales increased by 34% at CER. Insulin sales increased by 11% at CER and
rare disease sales decreased by 3% at CER.
North America Operations
Sales in North America Operations increased by 38% measured in Danish kroner and by 36% at CER. Sales growth was
driven by GLP-1 diabetes sales growing by 41% at CER and Obesity care sales increasing by 28% at CER, negatively
impacted by gross-to-net sales adjustments related to prior years. GLP-1 diabetes sales growth was positively impacted by
gross-to-net sales adjustments related to prior years. Insulin sales increased by 60% at CER, positively impacted by gross-
to-net sales adjustments related to prior years, partially countered by lower realised volumes. Rare disease sales increased
by 6% at CER, driven by rare blood disorders, partially countered by rare endocrine disorders.
International Operations
Sales in International Operations increased by 10% measured in Danish kroner and by 11% at CER. Sales growth was
driven by all Regions.
Sales growth was driven by Diabetes and Obesity care growing by 14% at CER, driven by GLP-1 diabetes sales growing by
18% at CER, Obesity care increasing by 58% at CER and insulin sales increasing by 1% at CER. Rare disease sales decreased
by 9% at CER, reflecting a reduction in manufacturing output.
Financial report for the period 1 January 2024 to 30 June 2024
Page 12 of 36
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Information
Company announcement No 58 / 2024
PROFIT AND LOSS Q2 2024 Q2 2023
% change
Q2 2024 to
Q2 2023
% change
Q2 2024 to
Q2 2023 at CER
Net sales 68,060 54,300 25% 25%
Gross profit
57,786
46,444
24%
24%
Gross margin
84.9%
85.5%
Sales and distribution costs
(14,934)
(14,342)
4%
4%
Percentage of sales
21.9%
26.4%
Research and development costs
(16,166)
(7,127)
127%
126%
Percentage of sales
23.8%
13.1%
Administrative costs
(1,157)
(1,072)
8%
8%
Percentage of sales
1.7%
2.0%
Other operating income and expenses
405
(15)
N/A
N/A
Operating profit (EBIT)
25,934
23,888
9%
8%
Operating margin
38.1%
44.0%
Financial items (net)
(602)
366
(264%)
N/A
Profit before income taxes
25,332
24,254
4%
N/A
Income taxes
(5,282)
(4,826)
9%
N/A
Effective tax rate
20.9%
19.9%
Net profit
20,050
19,428
3%
N/A
Net profit margin
29.5%
35.8%
Costs and operating profit
The gross margin was 84.9% in the second quarter of 2024 compared with 85.5% in 2023. The 0.6 percentage point gross
margin decrease reflects costs mainly related to ongoing capacity expansions, partially countered by a positive product
mix and positive price impact due to gross-to-net sales adjustments.
Sales and distribution costs increased by 4% in both Danish kroner and at CER compared with 2023. The increase in costs
is driven by both North America Operations and International Operations. In North America Operations, the cost increase
is mainly driven by promotional activities related to Wegovy
®
. In International Operations, the increase is mainly related to
promotional activities for Rybelsus
®
as well as Obesity care market development activities. The increase in sales and
distribution costs is impacted by adjustments to legal provisions in the second quarter of 2023. Sales and distribution costs
amounted to 21.9% as a percentage of sales.
Research and development costs increased by 127% measured in Danish kroner and by 126% at CER compared with
2023, driven by increased late-stage clinical trial and research activities as well as the impairment loss related to
ocedurenone of DKK 5.7 billion and other impairments of intangible assets. Research and development costs amounted to
23.8% as a percentage of sales.
Administrative costs increased by 8% in both Danish kroner and at CER compared with the same period in 2023.
Administration costs amounted to 1.7% as a percentage of sales.
Other operating income and expenses showed an income of DKK 405 million in the second quarter of 2024 driven by
income from partnerships related to the acquisition of Dicerna Pharmaceuticals Inc.
Financial report for the period 1 January 2024 to 30 June 2024
Page 13 of 36
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Company announcement No 58 / 2024
Operating profit increased by 9% measured in Danish kroner and by 8% at CER compared with the second quarter of
2023. Operating profit growth is impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.
Financial items (net) showed a net loss of DKK 602 million compared with a net gain of DKK 366 million in the second
quarter of 2023 reflecting losses on hedged currencies, primarily the US dollar.
The effective tax rate is 20.9% in the second quarter of 2024 compared with an effective tax rate of 19.9% in the second
quarter of 2023.
Net profit increased by 3% to DKK 20,050 million and diluted earnings per share increased by 4% to DKK 4.49. Net profit
and diluted earnings per share are impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.
Financial report for the period 1 January 2024 to 30 June 2024
Page 14 of 36
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Company announcement No 58 / 2024
CASH FLOW AND CAPITAL ALLOCATION
FREE CASH FLOW IN THE FIRST SIX MONTHS OF 2024 AND CAPITAL EXPENDITURE
Free cash flow realised in 2024 was DKK 41.3 billion compared to DKK 45.5 billion in the first six months of 2023. The lower
free cash flow reflects increasing capital expenditure as well as acquisitions of intangible assets. This is partially countered
by net cash generated from operating activities. The impairment of the intangible asset ocedurenone of DKK 5.7 billion has
no impact on free cash flow.
Income under the 340B Program has been partially recognised.
Capital expenditure for property, plant and equipment was DKK 18.9 billion compared with DKK 10.6 billion in 2023,
primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish
capacity for both current and future injectable and oral products. Capital expenditures for intangible assets was DKK 3.3
billion in the first six months of 2024 compared with DKK 1.3 billion in 2023 reflecting business development activities.
Novo Nordisk to acquire three fill-finish sites from Novo Holdings A/S in connection with the Catalent, Inc.
transaction
In February 2024, Novo Nordisk announced an agreement to acquire three fill-finish sites from Novo Holdings A/S (Novo
Holdings) in connection with a transaction where Novo Holdings has agreed to acquire Catalent, Inc. (Catalent), a global
contract development and manufacturing organisation. On 29 May 2024, Catalent stockholders voted to approve the
pending transaction. The fulfilment of various customary closing conditions is progressing, and Novo Nordisk still expects
that the acquisition will be completed towards the end of 2024.
EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 112,522 million at the end of June 2024, equivalent to 30.5% of total assets, compared with 32.2% at
the end of June 2023. Please refer to appendix 5 for further elaboration of changes in equity. Novo Nordisk returned DKK
38.9billion to shareholders via DKK 10.3 billion share buybacks and DKK 28.6 billion dividend in the first six months of
2024.
Interim dividend
The Board of Directors has decided to pay out interim dividend for 2024 of DKK 3.50 for each Novo Nordisk A and B
share of DKK 0.10, which will be paid in August 2024. The ex-dividend date for the interim dividend will be 15 August 2024
for A and B shares, while the ex-dividend date will be 16 August for the ADRs. The record date will be 16 August 2024 for
the A and B shares as well as the ADRs The payment date for the A and B shares will be 19 August 2024, while the payment
date for the ADRs will be 26 August 2024. No dividend will be paid on the company’s own holding of B shares.
2024 share repurchase programme
As of 5 August 2024, Novo Nordisk has repurchased 11,067,126 B shares of DKK 0.10 for an amount of DKK
9,727,706,050 as part of the overall share repurchase programme of up to DKK 20 billion to be executed during a 12-
month period beginning 6 February 2024.
The execution of Novo Nordisk’s overall share repurchase programme for 2024 of DKK 20 billion continues. As part of this,
a new share repurchase programme for an amount up to DKK 2.4 billion will be initiated 7 August 2024 and ending on 4
November 2024 in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April
2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the 'Safe Harbour Rules'). The
purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based
incentive programmes.
A maximum of 415,000,000 B shares of DKK 0.10 in total can be bought during the trading period.
Financial report for the period 1 January 2024 to 30 June 2024
Page 15 of 36
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Company announcement No 58 / 2024
Issuance of Eurobonds
On 14 May 2024, Novo Nordisk announced the successful Eurobond issuance in an aggregate principal amount of EUR
4.65 billion under its EUR 20 billion Euro Medium Term Note Programme. The first tranche maturing on 21 May 2026 was
issued in an aggregate principal amount of EUR 1.3 billion with a coupon of 3.375%. The second tranche maturing on 21
January 2029 was issued in an aggregate principal amount of EUR 1.0 billion with a coupon of 3.125%. The third
tranche maturing on 21 January 2031 was issued in an aggregate principal amount of EUR 1.0 billion with a coupon of
3.25%. The fourth tranche maturing on 21 May 2034 was issued in an aggregate principal amount of EUR 1.35 billion with
a coupon of 3.375%.
Net proceeds of the issuances will be used by Novo Nordisk for general corporate purposes, including financing the
acquisition where Novo Nordisk has agreed to acquire the three sites from a subsidiary of Novo Holdings, as part of a
transaction where the subsidiary of Novo Holdings has agreed to acquire Catalent (NYSE: CTLT) through a merger. The
bonds are recognised as borrowings measured at amortised cost.
Financial report for the period 1 January 2024 to 30 June 2024
Page 16 of 36
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Company announcement No 58 / 2024
OUTLOOK
The current expectations for 2024 are summarised in the table below:
r
Expectations are as reported, if not otherwise stated
Expectations
7 August 2024
Expectations
2 May 2024
Sales growth
at CER 22% to 28% 19% to 27%
as reported
Around 1 percentage point lower
than at CER
In line with CER growth
Operating profit growth
at CER 20% and 28% 22% and 30%
as reported
Around 1 percentage point lower
than at CER
In line with CER growth
Financial items (net) Loss of around 0.5 bDKK Loss of around 0.7 bDKK
Effective tax rate 19% to 21% 19% to 21%
Capital expenditure (PP&E) Around DKK 45 billion Around DKK 45 billion
Depreciation, amortisation and impairment losses Around DKK 17 billion Around DKK 10 billion
Free cash flow (excluding impact from business development) Between 59 and 69 bDKK Between 57 and 67 bDKK
Sales growth is now expected to be 22% to 28% at CER. Given the current exchange rates versus the Danish krone, sales
growth reported in DKK is now expected to be 1 percentage point lower than at CER. The updated sales outlook at CER
reflects higher full-year expectations for both operating units.
The guidance reflects expectations for sales growth in both North America Operations and International Operations,
mainly driven by volume growth of GLP-1-based treatments for Obesity and Diabetes care. Continued pricing pressure
within Diabetes and Obesity care is included in the guidance.
Following higher-than-expected volume growth in recent years, including GLP-1-based products such as Ozempic
®
and
Wegovy
®
, combined with the expectation of continued volume growth and capacity limitations at some manufacturing
sites, the outlook also reflects expected continued periodic supply constraints and related drug shortage notifications
across a number of products and geographies. Novo Nordisk is investing in internal and external capacity to increase
supply both short and long term. In the US, demand for Wegovy
®
exceeds supply, and to safeguard continuity of care, the
supply of the initiation dose strength remains capped. A gradual global roll-out of Wegovy
®
with capped volumes is
included in the guidance.
Operating profit growth is now expected to be 20% to 28% at CER. Given the current exchange rates versus the Danish
krone, growth reported in DKK is now expected to be 1 percentage point lower than at CER. The updated expectation for
operating profit growth is mainly reflecting the impairment loss related to ocedurenone, countered by the increased sales
outlook.
The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in
future and current growth drivers within Research, Development and Commercial. Within R&D, investments are related to
the continued expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related
to Obesity care market development activities as well as investments related to GLP-1 diabetes care.
Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 0.5 billion, mainly reflecting losses
associated with foreign exchange hedging contracts.
The effective tax rate for 2024 is still expected to be in the range of 19-21%.
Capital expenditure is still expected to be around DKK 45 billion in 2024, reflecting expansion of the global supply chain.
The investments will create additional capacity across the supply chain, including manufacturing of active pharmaceutical
ingredients (API), additional aseptic production and finished production processes as well as packaging capacity. In the
coming years, the capital expenditure to sales ratio is still expected to be low double-digit.
Financial report for the period 1 January 2024 to 30 June 2024
Page 17 of 36
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Company announcement No 58 / 2024
Depreciation, amortisation and impairment losses are now expected to be around DKK 17 billion, mainly related to the
impairment of ocedurenone.
The free cash flow is now expected to be DKK 59-69 billion reflecting the sales growth, a favourable impact from rebates
in the US, countered by investments in capital expenditure. The updated cash flow expectation mainly reflects the
increased sales growth outlook.
Financial impacts related to and following the expected closing of the Catalent transaction have not been included in the
financial guidance.
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 2024, 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 Program in the US, and that the currency exchange rates,
especially the US dollar, will remain at the current level versus the Danish krone. The guidance is also based on
assumptions in relation to the estimation of gross-to-net developments in the US gross sales. Finally, the guidance does
not include the financial implications of any new significant business development transactions and significant
impairments of intangible assets during 2024.
FX (average rates) Q2 2024 Q2 2023 % change H1 2024 H1 2023 % change
Spot rate
01 August
2024
USD
693
684
1%
690
689
0%
692
CNY
96
97
(1%)
96
100
(4%)
95
JPY
4.45
4.97
(10%)
4.54
5.12
(11%)
4.59
CAD
507
510
(1%)
508
511
(1%)
500
BRL
133
138
(4%)
136
136
0%
122
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 5,900 million
12
CNY
2
DKK 640 million
12
CAD
DKK 470 million
3
BRL
DKK 250 million
0
JPY
DKK 210 million
12
1)
As of 30 June 2024.
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 2024 to 30 June 2024
Page 18 of 36
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Company announcement No 58 / 2024
INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Awiqli
®
approved in the EU and Japan for the treatment of type 1 and type 2 diabetes and in China for the treatment of type 2
diabetes
In May and June 2024, insulin icodec was approved in the EU and Japan under the brand name Awiqli
®
for the treatment of
type 1 and type 2 diabetes. In June 2024, insulin icodec was likewise approved in China under the brand name Awiqli
®
for
the treatment of type 2 diabetes.
Novo Nordisk received Complete Response Letter in the US for once-weekly basal insulin icodec
In July 2024, Novo Nordisk received a Complete Response Letter (CRL) from the US Food and Drug Administration (FDA) for
insulin icodec. Insulin icodec was submitted for regulatory approval in the US for the treatment of diabetes in April 2023. In
the letter, the FDA has requests related to the manufacturing process and the type 1 diabetes indication before the review
of the application can be completed. Novo Nordisk is evaluating the content of the CRL and will work closely with the FDA
to fulfil the requests. Novo Nordisk does not expect to be able to fulfil the requests during 2024. For further information,
please see the company announcement here: Link
Zegalogue
®
approved in the EU for the treatment of severe hypoglycaemia
In July 2024, the European Commission granted a marketing authorisation for Zegalogue
®
(the brand name for
dasiglucagon), for the treatment of severe hypoglycaemia in paediatric and adult patients with diabetes aged 6 and above.
In September 2022, Novo Nordisk entered into a global licence and development agreement with Zealand to
commercialise Zegalogue
®
.
Update on label extension applications for oral semaglutide in the EU
In July 2024, the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) adopted a
positive opinion, recommending a label extension for the existing marketing authorisation for once-daily oral semaglutide
25 mg and 50 mg in people with type 2 diabetes, based on the results from the PIONEER PLUS trial. Novo Nordisk expects
a final approval by the European Commission (EC) within approximately two months. The global launch of oral semaglutide
25 mg and 50 mg is contingent on portfolio prioritisations and manufacturing capacity. In August, the EC granted a
marketing authorisation of a formulation change application in the EU to introduce 1.5 mg, 4 mg and 9 mg daily doses of
oral semaglutide (marketed under brand name Rybelsus
®
) equivalent to 3 mg, 7 mg and 14 mg doses, respectively.
FLOW data with semaglutide 1.0 mg submitted for regulatory approval in the EU
In May 2024, Novo Nordisk submitted a label extension application to the European Medicines Agency (EMA) for regulatory
approval in the EU for Ozempic
®
to include results from the kidney outcomes trial FLOW. Semaglutide 1.0 mg
demonstrated a 24% reduction in the risk of kidney disease-related events in people with type 2 diabetes and chronic
kidney disease in the FLOW trial. In the trial, semaglutide 1.0 mg appeared to have a safe and well-tolerated profile in line
with previous semaglutide 1.0 mg trials.
Phase 3a trial COMBINE 1 with IcoSema successfully completed
In June 2024, Novo Nordisk successfully completed the third and last pivotal phase 3a trial, COMBINE 1, with once-weekly
IcoSema, a combination of basal insulin icodec and semaglutide. The objective of the 52-week trial was to assess the
efficacy and safety of switching to once-weekly IcoSema compared to once-weekly basal insulin icodec alone in people with
type 2 diabetes inadequately controlled on a daily basal insulin, with or without OADs. From a mean baseline HbA
1c
of
8.22%, the primary endpoint was met with IcoSema demonstrating superior reduction in HbA
1c
of -1.55 percentage points
compared to -0.89 percentage point for insulin icodec (estimated treatment difference: –0.66 percentage point). Further,
from a baseline body weight of 84.47 kg, IcoSema demonstrated a superior change in body weight of -3.70 kg vs +1.89 kg
for insulin icodec (estimated treatment difference of -5.59 kg) . The rates of clinically significant or severe hypoglycaemia
were statistically significantly lower with IcoSema at 0.14 events per patient year of exposure vs 0.63 events per patient
year of exposure with once-weekly insulin icodec. In the trial, once-weekly IcoSema appeared to have a safe and well-
tolerated profile. Novo Nordisk expects to file for first regulatory approval of IcoSema in the second half of 2024.
Financial report for the period 1 January 2024 to 30 June 2024
Page 19 of 36
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Development of Phase 1 once-monthly dual GLP-1/GIP receptor agonist terminated
In May 2024, Novo Nordisk terminated the development of a phase 1 once-monthly subcutaneous dual GLP-1/GIP
receptor agonist due to portfolio considerations.
Obesity care
Wegovy
®
approved in China for the treatment of obesity or overweight
In June 2024, Wegovy
®
was approved by the China National Medical Products Administration for the treatment of
overweight (≥BMI 27 to <BMI 30 in the presence of at least one weight-related co-morbidity) and obesity (≥BMI 30).
Positive CHMP opinion for update of the Wegovy
®
label to reflect risk reduction of major adverse cardiovascular events
In July 2024, Novo Nordisk announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for
Human Use (CHMP) adopted a positive opinion for an update of the Wegovy
®
label to reflect data from the SELECT
cardiovascular outcomes trial. The SELECT trial demonstrated that Wegovy
®
statistically significantly reduced the risk of
major cardiovascular events (MACE) by 20% vs placebo when added to standard of care in people with overweight or
obesity and established cardiovascular disease. The recommended label update is also to included additional data from
the SELECT trial. For further information, please see the company announcement here: Link
Withdrawal of the submission to FDA of the results from the Wegovy
®
STEP HFpEF trials
In January 2024, Novo Nordisk submitted the results from the STEP HFpEF trials for regulatory review in the US and EU.
Based on interactions with the FDA, Novo Nordisk has decided to withdraw the file and expects to resubmit the file in the
beginning of 2025 with additional relevant data, including data from the once-weekly injectable semaglutide 1.0 mg kidney
outcomes trial, FLOW.
Successful completion of the OASIS 4 phase 3 trial with oral semaglutide 25 mg in people with obesity or overweight
In June 2024, Novo Nordisk successfully completed OASIS 4, a phase 3b trial in the global OASIS programme. OASIS 4 was
a 64-week, efficacy and safety trial comparing once-daily oral semaglutide 25 mg for weight management to placebo in
307 adults with obesity or overweight with one or more comorbidities. From a baseline bodyweight of 105.9 kg, oral
semaglutide 25 mg achieved 13.6% weight loss compared to a 2.2% reduction with placebo in adults with obesity or
overweight (16.6% weight loss compared to a 2.7% reduction, respectively, if all people adhered to treatment). In the trial,
oral semaglutide 25 mg appeared to have a safe and well-tolerated profile. The global launch of oral semaglutide 25 mg is
contingent on portfolio prioritisations and manufacturing capacity.
Rare disease
Esperoct
®
approved in China for the treatment of haemophilia A
In June 2024, Esperoct
®
was approved by the China National Medical Products Administration for the treatment of
haemophilia A in patients aged 12 years and above.
Concizumab approved in Japan for the treatment of haemophilia A and B without inhibitors
In June 2024, concizumab was approved in Japan under the brand name Alhemo™ for the treatment of haemophilia A and
B without inhibitors. Alhemo™ has already been launched in Japan for the treatment of haemophilia A and B with inhibitors.
Concizumab resubmitted for regulatory approval in the US for the treatment of haemophilia A and B with inhibitors
In June 2024, Novo Nordisk resubmitted concizumab for regulatory approval in the US for the treatment of haemophilia A
and B with inhibitors. The resubmission follows a Complete Response Letter from the FDA in April, 2023. Novo Nordisk
expects the review to be completed around the turn of the year.
Concizumab submitted for regulatory approval in the US for the treatment of haemophilia A and B without inhibitors
In July 2024, Novo Nordisk submitted concizumab for regulatory approval in the US for the treatment of haemophilia A and
B without inhibitors. The submission was based on the results from the explorer8 phase 3 trial, comparing the efficacy and
safety of concizumab prophylaxis (PPX) to no prophylaxis treatment.
Financial report for the period 1 January 2024 to 30 June 2024
Page 20 of 36
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Phase 3a trial FRONTIER 2 with Mim8 successfully completed
In May 2024, Novo Nordisk announced headline results from FRONTIER 2, a pivotal phase 3a trial with Mim8 in people with
haemophilia A. Once-weekly and once-monthly Mim8 demonstrate superior reduction of treated bleeding episodes
compared to on-demand and prior prophylaxis treatment in people with haemophilia A in the FRONTIER 2 trial. Following
regulatory interactions, Novo Nordisk now expects to submit Mim8 for the first regulatory approval during the first half of
2025. For further information, please see the company announcement here: Link
Cardiovascular & Emerging Therapy Areas
Ocedurenone phase 3 trial CLARION-CKD trial stopped
In June 2024, Novo Nordisk announced that the CLARION-CKD phase 3 trial with ocedurenone had been stopped. Based
on the interim analysis, an independent data monitoring committee concluded that the trial met the prespecified futility
criteria - meaning that the trial did not meet its primary endpoint of change in systolic blood pressure from baseline to
week 12. Further development of ocedurenone in other indications is now being evaluated. For further information, please
see the company announcement here: Link
Phase 3 trial initiated with ziltivekimab in people with Acute Myocardial Infarction (AMI)
In June 2024, Novo Nordisk initiated a randomised and placebo-controlled phase 3 cardiovascular outcomes trial. The trial,
ARTEMIS, is assessing the efficacy and safety of subcutaneous ziltivekimab 15 mg in around 10,000 people with Acute
Myocardial Infarction (AMI). The trial is conducted in collaboration with the academic research organisation Duke Clinical
Research Institute. The event-driven trial is expected to complete in the second half of 2026.
Phase 1 trial with VAP-1i in MASH stopped and development terminated.
In June 2024, Novo Nordisk stopped the ongoing phase 1 trial after the first part of the study which evaluated safety,
tolerability, pharmacokinetics and pharmacodynamics of VAP-1i. The trial has been stopped and further development of
VAP-1i in MASH has been terminated due to portfolio considerations.
Technology platforms
Phase 1 trial with PDL1 and the GalXC-Plus™ platform initiated
In June 2024, Novo Nordisk initiated a phase 1 trial with PDL1 and the GalXC-Plus™ platform. DCR-PDL1 is an immuno-
oncology target with the goal of silencing intracellular expression of PD-L1 in antigen-presenting dendritic cells. The phase
1 trial, using the proprietary platform, GalXC-Plus™, aims addressing intracellular target outside the liver and validate the
GalXC-Plus™ platform to be used in core Novo Nordisk therapeutic areas.
Financial report for the period 1 January 2024 to 30 June 2024
Page 21 of 36
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Company announcement No 58 / 2024
Financial report for the period 1 January 2024 to 30 June 2024
Page 22 of 36
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Company announcement No 58 / 2024
Financial report for the period 1 January 2024 to 30 June 2024
Page 23 of 36
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Company announcement No 58 / 2024
LEGAL MATTERS
Litigations related to the 340B Drug Pricing Programme in the US
Since January 2021, Novo Nordisk has made a number of changes to its policy in the US, related to facilitating delivery of its
discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing
Program. On 30 January 2023, the US Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk’s
drug distribution policy was consistent with the 340B statute. In May 2024, the US Court of Appeals for the DC Circuit
issued a ruling that was consistent with the ruling by the Third Circuit Court of Appeals. However, a ruling from the US
Court of Appeals for the Seventh Circuit remains pending and along with the DC Circuit ruling may be subject to further
discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent rulings and
appeals in these matters, there may be a material impact on Novo Nordisk’s financial position, net sales and cash flow.
Financial report for the period 1 January 2024 to 30 June 2024
Page 24 of 36
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Company announcement No 58 / 2024
MANAGEMENT STATEMENT
Executive Management:
Board of Directors:
Financial report for the period 1 January 2024 to 30 June 2024
Page 25 of 36
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Company announcement No 58 / 2024
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark Our purpose is to
breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk
employs about 69,000 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, X, LinkedIn and YouTube.
Financial Calendar
6 November 2024
Financial results for the first nine months of 2024
5 February 2025
Financial statement for 2024
Contacts for further information
Media:
Ambre James-Brown
+45 3079 9289
abmo@novonordisk.com
Liz Skrbkova (US)
+1 609 917 0632
lzsk@novonordisk.com
Investors:
Jacob Martin Wiborg Rode
+45 3075 5956
jrde@novonordisk.com
David Heiberg Landsted
+45 3077 6915
dhel@novonordisk.com
Sina Meyer
+45 3075 6656
azey@novonordisk.com
Mark Joseph Root (US)
+1 848 213 3219
mjhr@novonordisk.com
Ida Schaap Melvold
+45 3077 5649
idmg@novonordisk.com
Frederik Taylor Pitter
+45 3075 8259
fptr@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 2023 and Form 20-F both filed with the SEC in January 2024 in continuation of the publication of the Annual Report 2023, 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, shortages of supplies, including energy
supplies, 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, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a
Financial report for the period 1 January 2024 to 30 June 2024
Page 26 of 36
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Company announcement No 58 / 2024
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.
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 2023.
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 2024 to 30 June 2024
Page 27 of 36
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Company announcement No 58 / 2024
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
2024
2023
Q2 2024 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2 2023
Net sales
68,060
65,349
65,863
58,731
54,300
53,367
25%
Gross profit
57,786
55,433
55,849
49,018
46,444
45,185
24%
Gross margin
84.9%
84.8%
84.8%
83.5%
85.5%
84.7%
Sales and distribution costs
(14,934)
(13,256)
(17,170)
(12,819)
(14,342)
(12,412)
4%
Percentage of sales
21.9%
20.3%
26.1%
21.8%
26.4%
23.3%
Research and development costs
1
(16,166)
(8,606)
(10,460)
(8,128)
(7,127)
(6,728)
127%
Percentage of sales
23.8%
13.2%
15.9%
13.8%
13.1%
12.6%
Administrative costs
(1,157)
(1,157)
(1,456)
(1,256)
(1,072)
(1,071)
8%
Percentage of sales
1.7%
1.8%
2.2%
2.1%
2.0%
2.0%
Other operating income and expenses
405
(568)
3
98
(15)
33
N/A
Operating profit (EBIT)
25,934
31,846
26,766
26,913
23,888
25,007
9%
Operating margin
38.1%
48.7%
40.6%
45.8%
44.0%
46.9%
Financial income
960
2,146
(944)
3,318
(281)
852
(442%)
Financial expenses
(1,562)
(2,074)
1,798
(2,168)
647
(1,122)
(341%)
Financial items (net)
(602)
72
854
1,150
366
(270)
(264%)
Profit before income taxes
25,332
31,918
27,620
28,063
24,254
24,737
4%
Income taxes
(5,282)
(6,511)
(5,657)
(5,585)
(4,826)
(4,923)
9%
Net profit
20,050
25,407
21,963
22,478
19,428
19,814
3%
Depreciation, amortisation and impairment losses
1
8,845 2,914 2,992 2,525 2,177 1,719 306%
Capital expenditure (PP&E)
10,470
8,474
9,407
5,828
5,878
4,693
78%
Net cash generated from operating activities
50,503
14,314
9,551
40,966
28,577
29,814
77%
EBITDA
34,779
34,760
29,758
29,438
26,065
26,726
33%
Free cash flow
36,289
5,020
(7,250)
30,039
20,773
24,764
75%
Total assets
369,383
298,921
314,486
300,101
280,753
250,025
32%
Total equity
112,522
98,911
106,561
92,991
90,473
79,874
24%
Equity ratio
30.5%
33.1%
33.9%
31.0%
32.2%
31.9%
Full-time equivalent employees end of period
69,260
66,015
63,370
61,412
59,337
57,089
17%
Basic earnings per share/ADR (in DKK)
4.50
5.70
4.92
5.02
4.33
4.40
4%
Diluted earnings per share/ADR (in DKK)
4.49
5.68
4.91
5.00
4.32
4.39
4%
Average number of shares outstanding (million) 4,457.7 4,459.6 4,464.7 4,476.9 4,490.4 4,499.2 (1%)
Average number of diluted shares outstanding (million) 4,465.4 4,470.5 4,477.4 4,489.0 4,502.6 4,513.2 (1%)
Sales by business segment:
Total GLP-1
37,035
34,982
37,761
30,635
27,925
26,811
33%
Long-acting insulin
4,737
5,165
3,726
3,692
3,354
4,133
41%
Premix insulin
2,436
2,968
2,123
2,219
2,456
2,776
(1%)
Fast-acting insulin
3,868
4,487
4,142
3,808
3,511
4,488
10%
Human insulin
1,571
1,745
1,989
1,626
1,967
2,012
(20%)
Total insulin
12,612
14,365
11,980
11,345
11,288
13,409
12%
Other Diabetes care
533
583
322
594
667
729
(20%)
Total Diabetes care
50,180
49,930
50,063
42,574
39,880
40,949
26%
Wegovy
®
11,659
9,377
9,614
9,648
7,518
4,563
55%
Saxenda
®
2,245
1,658
1,615
2,607
2,788
3,279
(19%)
Total Obesity care
13,904
11,035
11,229
12,255
10,306
7,842
35%
Diabetes and Obesity care total
64,084
60,965
61,292
54,829
50,186
48,791
28%
Rare blood disorders
2,864
2,888
2,934
2,957
2,836
3,049
1%
Rare endocrine disorders
730
1,113
1,264
542
902
1,128
(19%)
Other Rare disease
382
383
373
403
376
399
2%
Rare disease total
3,976
4,384
4,571
3,902
4,114
4,576
(3%)
Sales by geographic segment:
North America Operations
40,930
39,280
42,621
35,048
29,663
29,297
38%
- The US
38,404
36,782
40,067
32,936
27,209
27,322
41%
International Operations
27,130
26,069
23,242
23,683
24,637
24,070
10%
- EMEA
14,581
14,326
12,706
12,563
12,856
12,742
13%
- Region China
4,963
4,506
3,418
4,341
4,467
4,461
11%
- Rest of World
7,586
7,237
7,118
6,779
7,314
6,867
4%
Segment operating profit:
Diabetes and Obesity care
26,984
31,218
26,032
26,721
22,707
24,163
19%
Rare disease
(1,050)
628
734
192
1,181
844
(189%)
1)
Research and development expenses include an impairment loss of DKK 5.7 billion related to ocedurenone. The impairment loss is recognised in the segment Diabetes and Obesity.
Financial report for the period 1 January 2024 to 30 June 2024
Page 28 of 36
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Information
Company announcement No 58 / 2024
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million
H1 2024
H1 2023
Q2 2024
Q2 2023
Income statement
Net sales
Cost of goods sold
(20,190 )
(16,038 )
(10,274 )
(7,856 )
Gross profit
Sales and distribution costs
(28,190 )
(26,754 )
(14,934 )
(14,342 )
Research and development costs
1
(24,772 )
(13,855 )
(16,166 )
(7,127 )
Administrative costs
(2,314 )
(2,143 )
(1,157 )
(1,072 )
Other operating income and expenses
(163 )
(15 )
Operating profit
5
0
0
Financial income
(281 )
Financial expenses
(3,636 )
(475 )
(1,562 )
Profit before income taxes
Income taxes
(11,793 )
(9,749 )
(5,282 )
(4,826 )
NET PROFIT
2
0
0
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
Segment Information
Segment sales:
Diabetes and Obesity care
125,049
98,977
64,084
50,186
Rare disease
8,360
8,690
3,976
4,114
Segment operating profit:
Diabetes and Obesity care
58,202
46,870
26,984
22,707
Operating margin
46.5 %
47.4 %
42.1 %
45.2 %
Rare disease
(422)
2,025
(1,050)
1,181
Operating margin
(5.0) %
23.3 %
(26.4) %
28.7 %
Total segment operating profit
57,780
48,895
25,934
23,888
Statement of comprehensive income
Net profit
Other comprehensive income
Remeasurements of defined benefit obligations
(34 )
(9 )
Items that will not be reclassified subsequently to the income
statement
(34 ) 30 39 (9 )
Exchange rate adjustments of investments in subsidiaries
(957 )
Cash flow hedges:
Realisation of previously deferred (gains)/losses
(679 )
Deferred gains/(losses) incurred during the period
(2,490 )
(1,243 )
(1,749 )
Other items
Income tax related to these items
(359 )
(18 )
Items that will be reclassified subsequently to the Income statement (1,349 ) (542 ) 512 (447 )
Other comprehensive income (1,383 ) (512 ) 551 (456 )
TOTAL COMPREHENSIVE INCOME 44,074 38,730 20,601 18,972
1)
Research and development expenses include an impairment loss of DKK 5.7 billion related to ocedurenone. The impairment loss is recognised in the segment Diabetes and Obesity.
Financial report for the period 1 January 2024 to 30 June 2024
Page 29 of 36
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Company announcement No 58 / 2024
APPENDIX 3: CASH FLOW STATEMENT
DKK million H1 2024 H1 2023
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
(14,231 )
Interest received
Interest paid
(217 )
(262 )
Income taxes paid
(16,068 )
(11,347 )
Net cash generated from operating activities
Purchase of intangible assets
(3,303 )
(1,265 )
Purchase of property, plant and equipment
(18,944 )
(10,571 )
Acquisition of businesses
(668 )
Proceeds from other financial assets
Purchase of other financial assets
(32 )
(251 )
Purchase of marketable securities
(10,993 )
(7,259 )
Sale of marketable securities
Net cash used in investing activities
(16,775 )
(15,932 )
Purchase of treasury shares
(10,285 )
(14,022 )
Dividends paid
(28,557 )
(18,337 )
Proceeds from issue of bonds
Repayment of borrowings
(5,370 )
(851 )
Net cash used in financing activities
(9,699 )
(33,210 )
Net cash generated from activities
Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents
(328 )
Cash and cash equivalents at the end of the period
Financial report for the period 1 January 2024 to 30 June 2024
Page 30 of 36
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Financial
Information
Company announcement No 58 / 2024
APPENDIX 4: BALANCE SHEET
DKK million
30 Jun 2024
31 Dec 2023
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 177,500 139,646
TOTAL ASSETS 369,383 314,486
EQUITY AND LIABILITIES
Share capital
Treasury shares
(1 )
(5 )
Retained earnings
Other reserves
(73 )
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 369,383 314,486
Financial report for the period 1 January 2024 to 30 June 2024
Page 31 of 36
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Company announcement No 58 / 2024
APPENDIX 5: EQUITY STATEMENT
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
H1 2024
Balance at the beginning of the year
(5 )
Net profit for the period
Other comprehensive income for the period
(34 )
(1,349 )
(1,383 )
Total comprehensive income for the period
(1,349 )
Transactions with owners:
Dividends
(28,557 )
(28,557 )
Share-based payments
Purchase of treasury shares
(1 )
(10,284 )
(10,285 )
Reduction of the B share capital
(5 )
Tax related to transactions with owners
(100 )
(100 )
Balance at the end of the period 446 (1 ) 112,150 (73 ) 112,522
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
H1 2023
Balance at the beginning of the year
(6 )
Net profit for the period
Other comprehensive income for the period
(542 )
(512 )
Total comprehensive income for the period
(542 )
Transactions with owners:
Dividends
(18,337 )
(18,337 )
Share-based payments
Purchase of treasury shares
(2 )
(14,020 )
(14,022 )
Reduction of the B share capital
(5 )
Tax related to transactions with owners
(205 )
(205 )
Balance at the end of the period 451 (3 ) 88,118 1,907 90,473
Financial report for the period 1 January 2024 to 30 June 2024
Page 32 of 36
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Financial
Information
Company announcement No 58 / 2024
APPENDIX 6: SALES SPLIT PER AREA
Q2 2024 sales split per area
DKK million Total
North America
Operations The US
International
Operations EMEA
Region
China
Rest of
World
Diabetes and Obesity care segment
Injectable GLP-1
31,117
22,368
20,709
8,749
4,146
2,228
2,375
% change at CER
29%
42%
49%
6%
(5%)
32%
8%
Ozempic
®
28,875
21,085
19,448
7,790
3,749
1,983
2,058
% change at CER
30%
39%
46%
11%
(2%)
50%
9%
Victoza
®
2,242
1,283
1,261
959
397
245
317
% change at CER
21%
113%
125%
(23%)
(28%)
(34%)
1%
Rybelsus
®
5,918
2,976
2,909
2,942
1,702
53
1,187
% change at CER
49%
32%
32%
72%
70%
77%
74%
Total GLP-1
37,035
25,344
23,618
11,691
5,848
2,281
3,562
% change at CER
32%
41%
46%
18%
9%
33%
24%
Long-acting insulin
4,737
1,556
1,384
3,181
1,942
624
615
% change at CER
42%
193%
277%
14%
12%
51%
(6%)
Awiqli
®
2
2
—
—
—
—
—
% change at CER
—
—
—
—
—
—
—
Tresiba
®
2,297
700
547
1,597
979
218
400
% change at CER
31%
85%
131%
17%
24%
13%
4%
Xultophy
®
1,067
54
54
1,013
523
334
156
% change at CER
27%
(27%)
(28%)
32%
15%
167%
(15%)
Levemir
®
1,371
800
783
571
440
72
59
% change at CER
82%
—
—
(15%)
(10%)
(24%)
(31%)
Premix insulin
2,436
67
63
2,369
617
1,139
613
% change at CER
0%
(52%)
(53%)
3%
(5%)
3%
13%
Ryzodeg
®
1,163
—
—
1,163
181
655
327
% change at CER
21%
—
—
21%
10%
25%
19%
NovoMix
®
1,273
67
63
1,206
436
484
286
% change at CER
(14%)
(52%)
(53%)
(10%)
(11%)
(16%)
6%
Fast-acting insulin
3,868
1,253
1,204
2,615
1,703
341
571
% change at CER
10%
37%
44%
0%
2%
(9%)
(1%)
Fiasp
®
565
156
144
409
316
—
93
% change at CER
26%
96%
109%
12%
2%
—
67%
NovoRapid
®
3,303
1,097
1,060
2,206
1,387
341
478
% change at CER
7%
31%
38%
(2%)
3%
(9%)
(8%)
Human insulin
1,571
299
286
1,272
466
215
591
% change at CER
(22%)
(25%)
(26%)
(21%)
(3%)
(23%)
(30%)
Total insulin
12,612
3,175
2,937
9,437
4,728
2,319
2,390
% change at CER
11%
60%
71%
1%
4%
7%
(9%)
Other Diabetes care
1
533
58
47
475
179
196
100
% change at CER
(9%)
(19%)
(19%)
(7%)
19%
(22%)
(8%)
Total Diabetes care
50,180
28,577
26,602
21,603
10,755
4,796
6,052
% change at CER
26%
42%
49%
9%
7%
16%
8%
Wegovy
®
11,659
10,098
9,907
1,561
1,560
—
1
% change at CER
53%
39%
36%
382%
382%
—
—
Saxenda
®
2,245
556
392
1,689
874
31
784
% change at CER
(19%)
(47%)
(58%)
(3%)
(20%)
(34%)
33%
Total Obesity care
13,904
10,654
10,299
3,250
2,434
31
785
% change at CER
34%
28%
25%
58%
71%
(34%)
33%
Diabetes and Obesity care total
64,084
39,231
36,901
24,853
13,189
4,827
6,837
% change at CER
27%
38%
41%
14%
15%
15%
11%
Rare disease segment
Rare blood disorders
2
2,864
1,341
1,255
1,523
938
131
454
% change at CER
1%
14%
13%
(9%)
(9%)
(3%)
(10%)
Haemophilia A
613
104
102
509
328
116
65
% change at CER
(11%)
(28%)
(28%)
(6%)
10%
(5%)
(47%)
Haemophilia B
361
201
158
160
110
4
46
% change at CER
45%
92%
116%
12%
20%
67%
(6%)
NovoSeven
®
1,802
970
932
832
486
11
335
% change at CER
0%
14%
13%
(13%)
(22%)
0%
3%
Rare endocrine disorders
3
730
206
196
524
277
2
245
% change at CER
(18%)
(28%)
(29%)
(14%)
71%
(97%)
(36%)
Other Rare disease
4
382
152
52
230
177
3
50
% change at CER
2%
3%
(20%)
2%
4%
50 %
(7%)
Rare disease total
3,976
1,699
1,503
2,277
1,392
136
749
% change at CER
(3%)
6%
4%
(9%)
2%
(31%)
(20%)
Total sales
68,060
40,930
38,404
27,130
14,581
4,963
7,586
% change at CER
25%
36%
39%
11%
13%
13%
6%
% change as reported
25%
38%
41%
10%
13%
11%
4%
Share of growth
100%
79%
79%
21%
14%
4%
3%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
and NovoThirteen
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2024 to 30 June 2024
Page 33 of 36
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Commercial
execution
Financials
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capital allocation
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therapeutic focus
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sustainability
Legal
Financial
Information
Company announcement No 58 / 2024
H1 2024 sales split per area
DKK million Total
North America
Operations The US
International
Operations EMEA
Region
China
Rest of
World
Diabetes and Obesity care segment
Injectable GLP-1
61,086
44,338
40,842
16,748
8,465
3,576
4,707
% change at CER
32%
44%
48%
9%
0%
22%
19%
Ozempic
®
56,685
41,845
38,392
14,840
7,731
2,935
4,174
% change at CER
36%
44%
48%
18%
8%
38%
27%
Victoza
®
4,401
2,493
2,450
1,908
734
641
533
% change at CER
(5%)
34%
38%
(30%)
(43%)
(20%)
(19%)
Rybelsus
®
10,931
5,369
5,245
5,562
3,325
108
2,129
% change at CER
32%
9 %
8 %
67 %
68%
67%
64%
Total GLP-1
72,017
49,707
46,087
22,310
11,790
3,684
6,836
% change at CER
32%
39%
42%
20%
13%
23%
30%
Long-acting insulin
9,902
3,387
3,051
6,515
3,906
1,329
1,280
% change at CER
34%
102%
124%
15%
9%
66%
0%
Awiqli
®
2
2
—
—
—
—
—
% change at CER
—
—
—
—
—
—
—
Tresiba
®
5,060
1,769
1,471
3,291
1,970
490
831
% change at CER
31%
71%
92%
16%
19%
17%
10%
Xultophy
®
2,190
150
148
2,040
1,064
657
319
% change at CER
37%
(13%)
(13%)
43%
16%
292%
(8%)
Levemir
®
2,650
1,466
1,432
1,184
872
182
130
% change at CER
39%
212%
235%
(17%)
(15%)
(15%)
(30%)
Premix insulin
5,404
266
259
5,138
1,304
2,545
1,289
% change at CER
6%
(2%)
(2%)
7%
(3%)
9%
13%
Ryzodeg
®
2,430
—
—
2,430
372
1,376
682
% change at CER
29%
—
—
29%
19%
38%
19%
NovoMix
®
2,974
266
259
2,708
932
1,169
607
% change at CER
(8%)
(2%)
(2%)
(8%)
(10%)
(13%)
6%
Fast-acting insulin
8,355
3,099
3,004
5,256
3,379
811
1,066
% change at CER
5%
17%
20%
(1%)
0%
0%
(3%)
Fiasp
®
1,132
346
323
786
620
—
166
% change at CER
18%
74%
82%
3%
(4%)
—
40%
NovoRapid
®
7,223
2,753
2,681
4,470
2,759
811
900
% change at CER
3%
12%
16%
(1%)
1%
0%
(8%)
Human insulin
3,316
666
642
2,650
965
422
1,263
% change at CER
(18%)
(21%)
(21%)
(18%)
(2%)
(35%)
(20%)
Total insulin
26,977
7,418
6,956
19,559
9,554
5,107
4,898
% change at CER
10%
36%
41%
3%
3%
11%
(4%)
Other Diabetes care
1
1,116
132
105
984
353
444
187
% change at CER
(7%)
(11%)
(14%)
(7%)
14%
(15%)
(13%)
Total Diabetes care
100,110
57,257
53,148
42,853
21,697
9,235
11,921
% change at CER
25%
38%
41%
11%
8%
14%
13%
Wegovy
®
21,036
18,331
18,139
2,705
2,704
—
1
% change at CER
74%
57%
56%
485%
485%
—
—
Saxenda
®
3,903
741
390
3,162
1,707
56
1,399
% change at CER
(36%)
(71%)
(83%)
(10%)
(21%)
(43%)
11%
Total Obesity care
24,939
19,072
18,529
5,867
4,411
56
1,400
% change at CER
37%
35%
33%
47%
67%
(43%)
11%
Diabetes and Obesity care total
125,049
76,329
71,677
48,720
26,108
9,291
13,321
% change at CER
27%
37%
39%
14%
15%
13%
13%
Rare disease segment
Rare blood disorders
2
5,752
2,656
2,485
3,096
1,934
166
996
% change at CER
(2%)
8%
7%
(9%)
(9%)
(36%)
(4%)
Haemophilia A
1,216
291
287
925
610
134
181
% change at CER
(9%)
2%
5%
(12%)
(3%)
(41%)
(9%)
Haemophilia B
623
322
243
301
201
9
91
% change at CER
41%
78%
104%
16%
19%
67%
7%
NovoSeven
®
3,754
1,938
1,856
1,816
1,084
23
709
% change at CER
(4%)
4%
2%
(11%)
(15%)
(23%)
(3%)
Rare endocrine disorders
3
1,843
942
924
901
486
5
410
% change at CER
(8%)
35%
36%
(30%)
46%
(96%)
(50%)
Other Rare disease
4
765
283
100
482
379
7
96
% change at CER
0%
2%
(17%)
(1%)
0%
75%
(8%)
Rare disease total
8,360
3,881
3,509
4,479
2,799
178
1,502
% change at CER
(3%)
13%
12%
(14%)
(1%)
(53%)
(24%)
Total sales
133,409
80,210
75,186
53,199
28,907
9,469
14,823
% change at CER
25%
36%
38%
11%
13%
10%
7%
% change as reported
24%
36%
38%
9%
13%
6%
5%
Share of growth
100%
80%
77%
20%
13%
3%
4%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
, Refixia
®
and NovoThirteen
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2024 to 30 June 2024
Page 34 of 36
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 58 / 2024
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 Net sales and operating profit at CER, EBITDA and Free cash flow.
Net 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
net sales and operating profit by adjusting for the impact of currency fluctuations.
Net sales at CER
DKK million
H1 2024 H1 2023
% change
H1 2024 to
H1 2023
Q2 2024 Q2 2023
% change
Q2 2024 to
Q2 2023
Net sales
133,409
107,667
24%
68,060
54,300
25%
Effect of exchange rates
782
—
(176)
—
Net sales at CER 134,191 107,667 25% 67,884 54,300 25%
Operating profit at CER
DKK million
H1 2024 H1 2023
% change
H1 2024 to
H1 2023
Q2 2024 Q2 2023
% change
Q2 2024 to
Q2 2023
Operating profit
57,780
48,895
18%
25,934
23,888
9%
Effect of exchange rates
628
—
(120)
—
Operating profit at CER 58,408 48,895 19% 25,814 23,888 8%
EBITDA
Novo Nordisk has significantly increased its Business Development M&A activities and Capital expenditure for property,
plant and equipment during recent years. Novo Nordisk defines EBITDA as ’Net profit’ adjusted for 'income taxes', 'financial
items', 'depreciation and amortisation' and 'impairment losses'. EBITDA is a measure that is widely used by investors and
analysts as it helps analyse operating results from core business operations without including the effects of capital
structure, tax rates and depreciation and amortisation and impairment losses. These factors can vary substantially
between companies.
EBITDA
DKK million H1 2024 H1 2023
% change
H1 2024 to
H1 2023
Q2 2024 Q2 2023
% change
Q2 2024 to
Q2 2023
Net profit
45,457
39,242
16%
20,050
19,428
3%
Income taxes
11,793
9,749
21%
5,282
4,826
9%
Financial income
(3,106)
(571)
N/A
(960)
281
N/A
Financial expenses
3,636
475
N/A
1,562
(647)
N/A
Operating profit (EBIT)
57,780
48,895
18%
25,934
23,888
9%
Depreciation, amortisation and impairment losses
11,759
3,896
202%
8,845
2,177
306%
EBITDA 69,539 52,791 32% 34,779 26,065 33%
Financial report for the period 1 January 2024 to 30 June 2024
Page 35 of 36
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 58 / 2024
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 e.g. dividends, share repurchases and repayment of debt (excluding lease
liability repayments) or for retaining in the business to fund future growth.
The following table shows a reconciliation of Free cash flow with Net cash generated from operating activities, the most
directly comparable IFRS financial measure:
Free cash flow
DKK million H1 2024 H1 2023 Q2 2024 Q2 2023
Net cash generated from operating activities 64,817 58,391 50,503 28,577
Net cash used in investing activities (16,775) (15,932) (20,731) (9,285)
Net purchase of marketable securities
(6,172)
3,878
6,808
2,006
Repayment on lease liabilities
(561)
(800)
(291)
(525)
Free cash flow 41,309 45,537 36,289 20,773
Financial report for the period 1 January 2024 to 30 June 2024
Page 36 of 36
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 58 / 2024