Financial report for the period 1 January 2024 to 30 September 2024
6 November 2024
Novo Nordisk's sales increased by 23% in Danish kroner and by 24% at constant
exchange rates to DKK 204.7 billion in the first nine months of 2024
• Operating profit increased by 21% in Danish kroner and by 22% at constant exchange rates (CER) to DKK 91.6 billion.
• Sales in North America Operations increased by 31% in Danish kroner (31% 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 13% in Danish kroner (15% at CER).
• Sales within Diabetes and Obesity care increased by 25% in Danish kroner to DKK 191.8 billion (26% at CER), mainly
driven by GLP-1 diabetes sales growth of 25% in Danish kroner (26% at CER) and Obesity care growing by 44% in Danish
kroner to DKK 43.7 billion (44% at CER). Rare disease sales increased by 3% in both Danish kroner and at CER.
• Within R&D, Novo Nordisk completed the phase 2a trial with monlunabant in obesity and expects to initiate a larger
phase 2b trial in obesity in 2025 to further investigate the dosing and safety profile of monlunabant over a longer
duration in a global population. Further, within diabetes, Novo Nordisk announced that oral semaglutide statistically
significantly reduced the risk of major adverse cardiovascular events in the SOUL cardiovascular outcomes trial.
• Also within R&D, headline results were announced from the ESSENCE trial with semaglutide 2.4 mg in adults with MASH
and liver fibrosis demonstrating superior improvement in both liver fibrosis and MASH resolution versus placebo.
• For the 2024 outlook, sales growth is now expected to be 23-27% at CER, and operating profit growth is now expected
to be 21-27% at CER. Growth reported in Danish kroner is now expected to be 1 percentage point lower than at CER
growth for sales and 2 percentage points lower for operating profit.
PROFIT AND LOSS 9M 2024 9M 2023
Growth
as reported
Growth
at CER*
DKK million
Net sales 204,720 166,398 23% 24%
Operating profit 91,602 75,808 21% 22%
Net profit 72,758 61,720 18% N/A
Diluted earnings per share (in DKK) 16.29 13.71 19% N/A
* CER: Constant exchange rates (average 2023).
Lars Fruergaard Jørgensen, president and CEO: "We are pleased with the performance in the first nine months of 2024.
The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving
more patients than ever before. Within R&D, we are very pleased about further read-outs across our semaglutide portfolio,
including the SOUL trial in people living with diabetes and cardiovascular disease and the ESSENCE trial in people living
with MASH."
On 6 November 2024 at 13.00 CET, corresponding to 07.00 am EST, 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’ (the contents of the company's website do not form a
part of this Form 6-K).
Investor Relations
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
Company announcement No 81 / 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 nine months of 2024 (blue indicates third 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
34% compared to the first nine months of 2023
Adding value to society:
– Medical treatment provided to 41.5 million people living with
diabetes and 1.8 million people living with obesity
– Reached more than 59,000 children in the Changing Diabetes
®
in
Children programme
Being recognised as a sustainable employer:
– Share of women in senior leadership positions has increased by
0.5%-p to 41% compared to the end of September 2023
Innovation and therapeutic focus
Further raise innovation bar for diabetes treatment:
– Successful completion of FLOW kidney outcomes trial
– Awiqli
®
approved in the EU, Japan and China
– Complete Response Letter received for insulin icodec in the US
– Successful completion of COMBINE phase 3a programme with
IcoSema
– Successful completion of SOUL cardiovascular outcomes trial
– Successful completion of STRIDE functional outcomes trial
Develop superior treatment solutions for obesity:
– Phase 2 trial initiated with once-weekly GIP/GLP-1 dual agonist
– Positive EU opinion for update of the Wegovy
®
label based on the
SELECT, STEP 9 (OA) and STEP HFpEF and STEP HFpEF-DM trials
– Phase 2a trial with monlunabant completed
– Phase 1 trial with amylin 355 initiated
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
– Positive EU opinion for Alhemo
®
(concizumab) for the treatment of
haemophilia A and B with inhibitors
– Successful completion of the phase 2 part (interim) of the etavopivat
HIBISCUS phase 2/3 trial
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
– Successful completion of part I of phase 3 trial ESSENCE with
semaglutide 2.4 mg in MASH
Commercial execution
Strengthen diabetes leadership to more than one-third:
– Diabetes value market share increased by 0.6 percentage point to
33.9% (MAT)
More than DKK 25 billion in Obesity care sales by 2025:
– Obesity care sales increased by 44% at (CER) to DKK 43.7 billion
Secure a sustained growth outlook for Rare Disease:
– Rare disease sales increased by 3% (CER) to DKK 12.9 billion
Financials
Deliver solid sales and operating profit growth:
– Sales growth of 24% (CER)
– Operating profit growth of 22% (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 71.8 billion
– DKK 56.8billion returned to shareholders
Financial report for the period 1 January 2024 to 30 September 2024 Page 2 of 34
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 81 / 2024
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST NINE MONTHS OF 2024
PROFIT AND LOSS 9M 2024 9M 2023
% change
9M 2024 to
9M 2023
% change
9M 2024 to
9M 2023 at
CER¹
(Amounts are in DKK million, except for earnings per share)
Net sales 204,720 166,398 23% 24%
Gross profit
173,222
140,647
23%
24%
Gross margin
84.6%
84.5%
Sales and distribution costs
(43,400)
(39,573)
10%
10%
Percentage of sales
21.2%
23.8%
Research and development costs
(34,260)
(21,983)
56%
56%
Percentage of sales
16.7%
13.2%
Administrative costs
(3,696)
(3,399)
9%
9%
Percentage of sales
1.8%
2.0%
Other operating income and expenses
(264)
116
N/A
N/A
Operating profit (EBIT)
91,602
75,808
21%
22%
Operating margin
44.7%
45.6%
Financial items (net)
32
1,246
N/A
N/A
Profit before income taxes
91,634
77,054
19%
N/A
Income taxes
(18,876)
(15,334)
23%
N/A
Effective tax rate
20.6%
19.9%
Net profit
72,758
61,720
18%
N/A
Net profit margin
35.5%
37.1%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 13,909 6,421 117% N/A
Capital expenditure (PP&E)
31,063
16,399
89%
N/A
Net cash generated from operating activities 108,667 99,357 9% N/A
EBITDA
1)
105,511 82,229 28% 30%
Free cash flow
1)
71,760 75,576 (5%) N/A
Diluted earnings per share / ADR (in DKK) 16.29 13.71 19% N/A
Full-time equivalent employees end of period 71,880 61,412 17% N/A
1)
See appendix 7: Non-IFRS financial measures (additional information).
These unaudited consolidated financial statements for the first nine 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 September 2024 Page 3 of 34
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 81 / 2024
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 23% measured in Danish kroner and by 24% at CER in the first nine months of 2024, driven by Diabetes care
sales growth of 21% (CER) and Obesity care sales growth of 44% (CER). Rare disease sales increased 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 9M 2024
DKK million
Sales 9M 2023
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Injectable GLP-1
90,568
72,531
25%
26%
47%
- Ozempic
®
86,489
65,653
32%
32%
54%
- Victoza
®
4,079
6,878
(41%)
(40%)
(7%)
Rybelsus
®
16,384
12,840
28%
29%
9%
Total GLP-1
106,952
85,371
25%
26%
56%
Long-acting insulin
1
13,937
11,179
25%
26%
7%
Premix insulin
2
7,922
7,451
6%
8%
2%
Fast-acting insulin
3
12,505
11,807
6%
6%
2%
Human insulin
5,122
5,605
(13%)
(11%)
(2%)
Total insulin
39,486
36,042
9%
10%
9%
Other Diabetes care
4
1,608
1,990
(7%)
(5%)
0%
Total Diabetes care
148,046
123,403
20%
21%
65%
Wegovy
®
38,340
21,729
76%
77%
42%
Saxenda
®
5,400
8,674
(38%)
(37%)
(8%)
Total Obesity care
43,740
30,403
44%
44%
34%
Diabetes and Obesity care total
191,786
153,806
25%
26%
99%
Rare disease segment
Rare blood disorders
5
8,740
8,842
(1%)
(1%)
0%
Rare endocrine disorders
6
3,070
2,572
19%
21%
1%
Other Rare disease
7
1,124
1,178
(5%)
(4%)
0%
Rare disease total
12,934
12,592
3%
3%
1%
Total sales 204,720 166,398 23% 24% 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
®
, NovoThirteen
®
and Alhemo
®
.
6)
Primarily Norditropin
®
and Sogroya
®
.
7)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2024 to 30 September 2024 Page 4 of 34
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 81 / 2024
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 20% measured in Danish kroner and by 21% at CER to DKK 148,046 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 33.9% from 33.3% 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 August 2023
and August 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
August
August
Sales 9M 2024
DKK million
Growth
at CER
2024
2023
Global
33.9%
33.3%
148,046
21%
North America Operations
35.4%
34.7%
84,480
31%
- The US
34.9%
34.2%
78,261
33%
International Operations
28.1%
27.8%
63,566
10%
- EMEA *
29.4%
30.1%
32,229
8%
- Region China **
32.7%
32.3%
13,707
12%
- Rest of World ***
24.2%
22.4%
17,630
11%
Source: IQVIA, August 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 25% measured in
Danish kroner and by 26% at CER to DKK 106,952 million. The estimated global GLP-1 share of total diabetes prescriptions
has increased to 6.4% compared with 5.8% 12 months ago. Novo Nordisk continues to be the global market leader in the
GLP-1 segment with a 55.6% value market share.
GLP-1 diabetes, development per geographical area
Novo Nordisk's share of the
diabetes GLP-1 market (value, MAT) GLP-1 diabetes, sales development
August
August
Sales 9M 2024
DKK million
Growth
at CER
2024
2023
Global
55.6%
54.4%
106,952
26%
North America Operations
54.3%
52.7%
73,807
32%
- The US
53.3%
51.6%
68,318
33%
International Operations
66.8%
68.7%
33,145
16%
- EMEA *
59.0%
62.9%
17,554
12%
- Region China **
79.1%
74.6%
5,709
19%
- Rest of World ***
84.8%
82.1%
9,882
21%
Source: IQVIA, August 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 28% measured in Danish kroner and by 29% at CER to DKK 16,384 million. Sales growth was
driven by EMEA and Rest of World as well as North America Operations.
Ozempic
®
sales increased by 32% in both Danish kroner and at CER to DKK 86,489 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 September 2024 Page 5 of 34
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 81 / 2024
Victoza
®
sales decreased by 41% measured in Danish kroner and by 40% at CER to DKK 4,079 million. This is driven by the
GLP-1 diabetes market moving towards once-weekly treatments, in both North America Operations and International
Operations, as well as negative gross-to-net adjustments during the third quarter in the US.
North America Operations
Sales of GLP-1 Diabetes care products in North America Operations increased by 31% measured in Danish kroner and by
32% at CER. Novo Nordisk is the market leader with a 54.3% value market share. The estimated GLP-1 share of total
diabetes prescriptions has increased to 17.2% compared with 14.7% 12 months ago.
Sales of GLP-1 Diabetes care products in the US increased by 33% 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 15% in the third quarter of
2024 compared with the third quarter of 2023 as well as Novo Nordisk market share gains. Novo Nordisk is the market
leader with 53.9% measured by total monthly prescriptions and 50.0% measured by new-to-brand prescriptions.
International Operations
Sales of GLP-1 Diabetes care products in International Operations increased by 14% measured in Danish kroner and by
16% at CER. Sales growth is driven by all Regions. The estimated GLP-1 share of total diabetes prescriptions has increased
to 4.0% compared with 3.7% 12 months ago. Novo Nordisk is the market leader with a value market share of 66.8%
compared with 68.7% 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 12% 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 59.0%. The estimated GLP-1 share of total diabetes prescriptions has increased to 5.5% compared with 5.1% 12
months ago.
Region China
Sales in Region China increased by 16% measured in Danish kroner and by 19% 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 decreased to 3.1% compared with 3.3% 12
months ago. Novo Nordisk is the market leader in Region China with a value market share of 79.1%.
Rest of World
Sales in Rest of World increased by 17% measured in Danish kroner and by 21% at CER. The sales growth reflects
increased sales of
Rybelsus
®
and Ozempic
®
, partially offset by lower sales of Victoza
®
. The estimated GLP-1 share of total
diabetes prescriptions has increased to 2.6% compared with 2.2% 12 months ago. Novo Nordisk remains the market
leader with a value market share of 84.8%.
Financial report for the period 1 January 2024 to 30 September 2024 Page 6 of 34
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 81 / 2024
Insulin
Sales of insulin increased by 9% measured in Danish kroner and by 10% at CER to DKK 39,486 million. Awiqli
®
has been
launched in the first countries.
Insulin, development per geographical area
Novo Nordisk’s share of the total
insulin market (volume, MAT) Insulin, sales development
August
August
Sales 9M 2024
DKK million
Growth
at CER
2024
2023
Global
44.5%
45.4%
39,486
10%
North America Operations
34.0%
37.1%
10,471
31%
- The US
33.7%
36.7%
9,781
35%
International Operations
48.0%
48.4%
29,015
4%
- EMEA *
47.5%
47.2%
14,156
4%
- Region China **
41.4%
42.4%
7,390
10%
- Rest of World ***
56.5%
57.4%
7,469
0%
Source: IQVIA, August 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 31% 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 33.7% of the total US insulin market.
International Operations
Sales of insulin in International Operations increased by 3% measured in Danish kroner and by 4% at CER. The sales
increase at CER was driven by Region China and EMEA. Novo Nordisk has a volume market share of 48.0% of the total
insulin market in International Operations.
EMEA
Sales of insulin in EMEA increased by 3% measured in Danish kroner and by 4% at CER. The sales increase at CER was
driven by long-acting insulin and fast-acting insulin, partially countered by human insulin. Novo Nordisk has a volume
market share of 47.5% of the total insulin market.
Region China
Sales of insulin in Region China increased by 7% measured in Danish kroner and by 10% 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 41.4% of the total insulin market.
Rest of World
Sales of insulin in Rest of World decreased by 2% measured in Danish kroner, and remained unchanged 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 56.5% of the total insulin market.
Financial report for the period 1 January 2024 to 30 September 2024 Page 7 of 34
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 81 / 2024
Obesity care, sales development
Sales of Obesity care products, Wegovy
®
and Saxenda
®
, increased by 44% in both Danish kroner and at CER to DKK 43,740
million. Sales growth was driven by both North America Operations and International Operations. The volume growth of
the global branded obesity market was 95%. Novo Nordisk is the global market leader with a volume market share of
74.0%.
Obesity care, development per geographical area
Global branded
obesity market growth
(Volume, MAT) Obesity care, sales development
August
Sales 9M 2024
DKK million
Growth
at CER
2024
Global
95%
43,740
44%
North America Operations
133%
32,124
32%
- The US
136%
31,106
30%
International Operations
45%
11,616
95%
- EMEA *
69%
7,233
82%
- Region China**
N/A
244
92%
- Rest of World***
(3%)
4,139
122%
Source: IQVIA, August 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 76% measured in Danish kroner and by 77% at CER to DKK 38,340 million. Sales of Saxenda
®
decreased by 38% measured in Danish kroner and by 37% at CER to DKK 5,400 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 32% in both Danish kroner and at CER to DKK
32,124 million. Sales of Wegovy
®
increased by 50% in both Danish kroner and at CER to DKK 31,158 million, driven by
increased volumes, partially countered by lower realised prices. Broad commercial formulary access has been achieved for
Wegovy
®
. In the US, Wegovy
®
has around 215,000 weekly prescriptions in total, compared to around 100,000 weekly
prescriptions in January of 2024, and above 25,000 weekly new-to-brand prescriptions. Novo Nordisk strives to safeguard
continuity of care. Lastly, Wegovy
®
has been launched in Canada.
Sales of Saxenda
®
decreased by 73% in both Danish kroner and CER to DKK 966 million as the obesity care market is
moving towards once-weekly treatments. The volume growth of the branded obesity market in the US was 136%.
International Operations
Sales of Obesity care products in International Operations increased by 93% measured in Danish kroner and by 95% at
CER to DKK 11,616 million, driven by increased sales in EMEA and Rest of World. Sales of Saxenda
®
in International
Operations decreased by 13% measured in Danish kroner and by 12% at CER to DKK 4,434 million, and sales of Wegovy
®
reached DKK 7,182 million. Wegovy
®
has now been launched in more than 15 countries in International Operations. The
volume growth of the branded obesity market in International Operations was 45%.
EMEA
Sales of Obesity care products in EMEA increased by 82% in both Danish kroner and at CER to DKK 7,233 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 Obesity care products in Rest of World increased by 117% measured in Danish kroner and by 122% at CER to DKK
4,139 million, driven by uptake of Wegovy
®
, including positive impact from supply chain pipeline filling. The volume of the
branded obesity market in Rest of World declined by 3%.
Financial report for the period 1 January 2024 to 30 September 2024 Page 8 of 34
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Rare disease, sales development
Rare disease sales increased by 3% in both Danish kroner and at CER to DKK 12,934 million. Sales of rare endocrine
disorder products increased by 19% measured in Danish kroner and by 21% at CER to DKK 3,070 million. Novo Nordisk is
working on gradually re-establishing supply of rare endocrine disorder products following a reduction of manufacturing
output. Sogroya
®
has been launched in six countries, and the initial feedback from patients and physicians is encouraging.
Sales of rare blood disorder products decreased by 1% in both Danish kroner and CER to DKK 8,740 million driven by
NovoSeven
®
and haemophilia A sales, partially countered by increased haemophilia B sales.
Rare disease, development per geographical area Rare disease, sales development
Sales 9M 2024
DKK million
Growth
at CER
Global
12,934
3%
North America Operations
6,204
21%
- The US
5,663
22%
International Operations
6,730
(9%)
- EMEA
4,181
0%
- Region China
226
(61%)
- Rest of World
2,323
(12%)
North America Operations
Rare disease sales in North America Operations increased by 21% in both Danish kroner and at CER. The sales increase
was driven by rare endocrine disorder products increasing by 82% measured in Danish kroner and by 83% at CER,
reflecting the launch of Sogroya
®
and gross-to-net sales adjustments related to prior years in the US. Sales of rare blood
disorder products increased by 9% measured in Danish kroner and by 10% at CER, mainly driven by increased NovoSeven
®
and haemophilia B sales.
International Operations
Rare disease sales in International Operations decreased by 10% measured in Danish kroner and by 9% at CER. The sales
decline was driven by both rare bloods disorder and rare endocrine disorder products. Sales of rare blood disorder
products decreased by 9% in both Danish kroner and CER, driven by decreased sales of NovoSeven
®
and haemophilia A
products, partially countered by increased sales of haemophilia B products. Rare endocrine disorder products are
decreasing by 14% measured in Danish kroner and by 12% at CER, reflecting a reduction in manufacturing output.
Sogroya
®
has now been launched in five countries in International Operations with encouraging initial feedback.
EMEA
Rare disease sales remained unchanged both in Danish kroner and CER. Sales of rare blood disorder products decreased
by 8% in both Danish kroner and CER, driven by lower NovoSeven
®
and haemophilia A sales, partially countered by
increased haemophilia B sales. The increased sales of haemophilia B sales reflect the continued uptake of extended half-
life products. Rare endocrine disorder products increased by 50% measured in Danish kroner and by 49% at CER.
Region China
Rare disease sales decreased by 62% measured in Danish kroner and by 61% at CER, driven by decreased sales of both
rare endocrine products and rare blood disorder products.
Rest of World
Rare disease sales decreased by 13% measured in Danish kroner and by 12% at CER. Sales of rare endocrine disorder
products decreased by 28% measured in Danish kroner and by 25% 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
®
, partially countered by increased sales of haemophilia A products.
Financial report for the period 1 January 2024 to 30 September 2024 Page 9 of 34
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Company announcement No 81 / 2024
FINANCIALS
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 23% measured in Danish kroner and by 24% at CER to DKK 204,720 million in the first nine 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 31% in both Danish kroner and
at CER. Sales in International Operations increased by 13% measured in Danish kroner and by 15% at CER.
Sales split per geographical area
Sales 9M 2024
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
North America Operations
122,808
31%
31%
73%
- The US
115,030
32%
32%
70%
International Operations
81,912
13%
15%
27%
- EMEA
43,643
14%
15%
14%
- Region China
14,177
7%
10%
3%
- Rest of World
24,092
15%
18%
10%
Total sales 204,720 23% 24% 100%
North America Operations
Sales in North America Operations increased by 31% in both Danish kroner and at CER. The sales increase reflects GLP-1
diabetes sales growing by 32% at CER and Obesity care sales growing by 32% at CER. GLP-1 diabetes sales growth in the
US was positively impacted by gross-to-net sales adjustments related to prior years. Insulin sales increased by 31% 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 21% at CER, driven by both Rare endocrine disorder and Rare blood disorder products.
International Operations
Sales in International Operations increased by 13% measured in Danish kroner and by 15% at CER. Sales growth was
driven by Obesity care sales growing by 95% at CER, GLP-1 diabetes sales growing by 16% at CER. GLP-1 diabetes sales
growth was negatively impacted by periodic supply constraints. Insulin sales are growing by 4% at CER, partially countered
by Rare disease sales decreasing by 9% at CER, reflecting a reduction in manufacturing output.
EMEA
Sales in EMEA increased by 14% measured in Danish kroner and by 15% at CER. Sales growth was driven by Obesity care
growing by 82% at CER. Diabetes care sales increased by 8% at CER, driven by GLP-1 diabetes sales growing by 12% at CER
and insulin sales growing by 4% at CER. Rare disease sales were unchanged at CER.
Region China
Sales in Region China increased by 7% measured in Danish kroner and by 10% at CER. The sales increase at CER was driven
by GLP-1 diabetes sales growing by 19% at CER and insulin sales increasing by 10% at CER. Other diabetes care sales
decreased by 11% at CER. Rare disease sales decreased by 61% at CER.
Rest of World
Sales in Rest of World increased by 15% measured in Danish kroner and by 18% at CER. Sales growth was driven by
Obesity care sales increased by 122% at CER and Diabetes care growing by 11% at CER, reflecting increased GLP-1
diabetes sales growing 21% at CER. Rare disease decreased by 12% at CER.
Financial report for the period 1 January 2024 to 30 September 2024 Page 10 of 34
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Company announcement No 81 / 2024
DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 22% in both Danish kroner and at CER to DKK 31,498 million, resulting in a gross
margin of 84.6%, measured in Danish kroner, compared with 84.5% in the first nine months of 2023. The increase in gross
margin is mainly reflecting 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. This is partially countered by costs
related to ongoing capacity expansions.
Sales and distribution costs increased by 10% in both Danish kroner and at CER to DKK 43,400 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 Obesity care market development activities and Wegovy
®
launch activities as well as promotional activities for
GLP-1 diabetes products. 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 21.2% as a percentage of sales.
Research and development costs increased by 56% in both Danish kroner and at CER to DKK 34,260 million compared to
the first nine months of 2023, mainly reflecting increased late-stage clinical trial activity, and increased early research
activities as well as the impairment loss related to intangible assets, including ocedurenone of DKK 5.7 billion. Research
and development costs amounted to 16.7% as a percentage of sales.
Administration costs increased by 9% in both Danish kroner and at CER to DKK 3,696 million. Administration costs
amounted to 1.8% as a percentage of sales.
Other operating income and expenses (net) showed a loss of DKK 264 million compared to an income of DKK 116 million
the first nine months of 2023. The loss is mainly reflecting impairments related to a partnership agreement of a company
previously acquired by Novo Nordisk.
Operating profit increased by 21% measured in Danish kroner and by 22% at CER to DKK 91,602 million, reflecting the
sales growth and impairment loss related to ocedurenone of DKK 5.7 billion. EBITDA increased by 28% measured in Danish
kroner and by 30% at CER.
Financial items (net) showed a net gain of DKK 32 million, compared with a net gain of DKK 1,246 million in the first nine
months of 2023,
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 gain of DKK 47 million compared
with a net gain of DKK 1,190 million in 2023.
As per the end of September 2024, a positive market value of financial contracts of approximately DKK 0.1 billion has been
deferred for recognition later in 2024 and 2025.
The effective tax rate was 20.6% in the first nine months of 2024, compared with an effective tax rate of 19.9% in the first
nine months of 2023.
Net profit increased by 18% to DKK 72,758 million and diluted earnings per share increased by 19% to DKK 16.29. 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 September 2024 Page 11 of 34
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Company announcement No 81 / 2024
KEY DEVELOPMENTS IN THE THIRD QUARTER OF 2024
Sales in the third quarter of 2024 increased by 21% measured in Danish kroner and by 23% at CER compared to 2023.
Sales growth in the US was negatively impacted by phasing of rebates in 2023. Operating profit increased by 26%
measured in Danish kroner and by 28% at CER. 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 third quarter of 2024.
Sales split per geographical area
Sales Q3 2024
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
North America Operations
42,598
22%
23%
60%
- The US
39,844
21%
22%
55%
International Operations
28,713
21%
22%
40%
- EMEA
14,736
17%
18%
17%
- Region China
4,708
8%
8%
3%
- Rest of World
9,269
37%
40%
20%
Total sales 71,311 21% 23% 100%
The increased global sales of 23% at CER were driven by increased sales across the portfolio. GLP-1 diabetes sales
increased by 15% at CER and Obesity care sales increased by 55% at CER. Insulin sales increased by 10% at CER and rare
disease sales increased by 17% at CER.
North America Operations
Sales in North America Operations increased by 22% measured in Danish kroner and by 23% at CER, negatively impacted
by phasing of rebates in 2023. Sales growth was driven by GLP-1 diabetes sales growing by 19% at CER. Victoza
®
sales
were mainly impacted by negative gross-to-net sales adjustments as well as lower volumes. Obesity care sales increased by
29% at CER. Insulin sales increased by 20% at CER, positively impacted by channel and payer mix and gross-to-net sales
adjustments related to prior years, partially countered by lower realised volumes. Rare disease sales increased by 36% at
CER, mainly driven by volume growth for rare endocrine disorder products as well a positive impact from phasing of
rebates in 2023.
International Operations
Sales in International Operations increased by 21% measured in Danish kroner and by 22% at CER. Sales growth was
driven by all Regions.
Sales growth was driven by Diabetes and Obesity care growing by 24% at CER, driven by Obesity care increasing by 189%
at CER following uptake of Wegovy
®
, including positive impact from supply chain pipeline filling. GLP-1 diabetes sales grew
by 8% at CER, and insulin sales increased by 7% at CER. Rare disease sales increased by 3% at CER.
Financial report for the period 1 January 2024 to 30 September 2024 Page 12 of 34
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Company announcement No 81 / 2024
PROFIT AND LOSS Q3 2024 Q3 2023
% change
Q3 2024 to
Q3 2023
% change
Q3 2024 to
Q3 2023 at CER
Net sales 71,311 58,731 21% 23%
Gross profit
60,003
49,018
22%
24%
Gross margin
84.1%
83.5%
Sales and distribution costs
(15,210)
(12,819)
19%
20%
Percentage of sales
21.3%
21.8%
Research and development costs
(9,488)
(8,128)
17%
17%
Percentage of sales
13.3%
13.8%
Administrative costs
(1,382)
(1,256)
10%
10%
Percentage of sales
1.9%
2.1%
Other operating income and expenses
(101)
98
N/A
N/A
Operating profit (EBIT)
33,822
26,913
26%
28%
Operating margin
47.4%
45.8%
Financial items (net)
562
1,150
(51%)
N/A
Profit before income taxes
34,384
28,063
23%
N/A
Income taxes
(7,083)
(5,585)
27%
N/A
Effective tax rate
20.6%
19.9%
Net profit
27,301
22,478
21%
N/A
Net profit margin
38.3%
38.3%
Costs and operating profit
The gross margin was realised at 84.1% in the third quarter of 2024 compared with 83.5% in 2023. The 0.6 percentage
point gross margin increase is driven by a positive product mix, driven by increased sales of GLP-1-based treatments,
partially countered by costs mainly related to ongoing capacity expansions as well as pricing impact due to the phasing of
rebates in 2023.
Sales and distribution costs increased by 19% measured in Danish kroner and by 20% 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 Obesity care market development activities and Wegovy
®
launch activities as well as promotional activities
for GLP-1 diabetes products. Sales and distribution costs amounted to 21.3% as a percentage of sales.
Research and development costs increased by 17% in both Danish kroner and at CER compared with 2023, driven by
both increased late-stage clinical trial and research activities mainly related to Obesity Care. Research and development
costs amounted to 13.3% as a percentage of sales.
Administrative costs increased by 10% in both Danish kroner and at CER compared with the same period in 2023.
Administration costs amounted to 1.9% as a percentage of sales.
Other operating income and expenses showed a loss of DKK 101 million in the third quarter of 2024.
Financial report for the period 1 January 2024 to 30 September 2024 Page 13 of 34
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Company announcement No 81 / 2024
Operating profit increased by 26% measured in Danish kroner and by 28% at CER compared with the third quarter of
2023. EBITDA increased by 22% measured in Danish kroner and by 24% at CER.
Financial items (net) showed a net gain of DKK 562 million compared with a net gain of DKK 1,150 million in the third
quarter of 2023 reflecting gains on hedged currencies, primarily the US dollar.
The effective tax rate is 20.6% in the third quarter of 2024 compared with an effective tax rate of 19.9% in the third
quarter of 2023.
Net profit increased by 21% to DKK 27,301 million and diluted earnings per share increased by 22% to DKK 6.12.
Financial report for the period 1 January 2024 to 30 September 2024 Page 14 of 34
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Company announcement No 81 / 2024
CASH FLOW AND CAPITAL ALLOCATION
FREE CASH FLOW IN THE FIRST NINE MONTHS OF 2024 AND CAPITAL EXPENDITURE
Free cash flow in the first nine months of 2024 was realised at DKK 71.8 billion compared to DKK 75.6 billion in the first
nine months of 2023. The lower free cash flow in 2024 reflects increasing capital expenditure, partially countered by net
cash generated from operating activities.
Income under the 340B Program has been partially recognised.
Capital expenditure for property, plant and equipment was DKK 31.1 billion compared with DKK 16.4 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 3.7
billion in the first nine months of 2024 compared with DKK 6.1 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. 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 120,522 million at the end of September 2024, equivalent to 30.3% of total assets, compared with
31.0% at the end of September 2023. Please refer to appendix 5 for further elaboration of changes in equity. Novo Nordisk
returned DKK 56.8billion to shareholders via DKK 12.7 billion share buybacks and DKK 44.1 billion dividend in the first nine
months of 2024.
2024 share repurchase programme
As of 4 November 2024, Novo Nordisk has repurchased 13,891,849 B shares of DKK 0.10 for an amount of DKK
12,127,705,653 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.
Financial report for the period 1 January 2024 to 30 September 2024 Page 15 of 34
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Company announcement No 81 / 2024
OUTLOOK
The current expectations for 2024 are summarised in the table below:
r
Expectations are as reported, if not otherwise stated
Expectations
6 November 2024
Expectations
7 August 2024
Sales growth
at CER 23% to 27% 22% to 28%
as reported
Around 1 percentage point lower
than at CER
Around 1 percentage point lower
than at CER
Operating profit growth
at CER 21% and 27% 20% and 28%
as reported
Around 2 percentage points lower
than at CER
Around 1 percentage point lower
than at CER
Financial items (net) Loss of around 0.1 bDKK Loss of around 0.5 bDKK
Effective tax rate 20% 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 17 billion
Free cash flow (excluding impact from business development) Between 57 and 65 bDKK Between 59 and 69 bDKK
Sales growth is now expected to be 23% to 27% at CER. Given the current exchange rates versus the Danish krone, sales
growth reported in DKK is still expected to be 1 percentage point lower than at CER.
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.
Operating profit growth is now expected to be 21% to 27% at CER. Given the current exchange rates versus the Danish
krone, growth reported in DKK is now expected to be 2 percentage points lower than at CER.
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 0.1 billion.
The effective tax rate for 2024 is now expected to be in the range of 20-21%.
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.
Depreciation, amortisation and impairment losses are still expected to be around DKK 17 billion, including the
impairment of ocedurenone.
Financial report for the period 1 January 2024 to 30 September 2024 Page 16 of 34
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Company announcement No 81 / 2024
The free cash flow is now expected to be DKK 57-65 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 phasing of
payments related to rebates in the US as well as timing of investments related to capital expenditure.
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) Q3 2024 Q3 2023 % change 9M 2024 9M 2023 % change
Spot rate
30 October
2024
USD
679
685
(1%)
686
688
0%
690
CNY
95
95
0%
95
98
(3%)
97
JPY
4.56
4.74
(4%)
4.55
4.99
(9%)
4.50
CAD
498
511
(3%)
504
511
(1%)
495
BRL
123
140
(12%)
131
137
(4%)
119
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 660 million
12
CAD
DKK 480 million
0
BRL
DKK 250 million
0
JPY
DKK 240 million
12
1)
As of 30 September 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 September 2024 Page 17 of 34
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Company announcement No 81 / 2024
INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Once-weekly IcoSema submitted for regulatory approval in the EU
In October 2024, Novo Nordisk submitted IcoSema, a once-weekly combination of basal insulin icodec and semaglutide,
for regulatory approval in the EU for the treatment of people with type 2 diabetes. The submission is based on the
COMBINE clinical trial programme comprised of three phase 3a global clinical trials involving more than 2500 adults with
type 2 diabetes.
FLOW data with semaglutide 1.0 mg submitted for regulatory approval in China
In August 2024, Novo Nordisk submitted a chronic kidney disease (CKD) label extension application to Centre for Drug
Evaluation (CDE) for regulatory approval in China for Ozempic
®
to include results from the kidney outcomes trial FLOW.
Successful completion of STRIDE with semaglutide 1.0 mg, a functional outcomes trial in peripheral arterial disease (PAD)
In September 2024, Novo Nordisk successfully completed the phase 3b trial STRIDE, a 52-week trial comparing
semaglutide 1.0 mg with placebo as an adjunct to standard of care in people living with type 2 diabetes and PAD with
intermittent claudication (muscle pain in legs when active). After 52 weeks, the trial achieved its primary objective by
demonstrating a statistically significant and superior improvement in maximum walking distance of 13% for people treated
with semaglutide 1.0 mg compared to placebo. The results are considered clinically relevant. In the semaglutide 1.0 mg
arm, the maximum walking distance increased by 21% (baseline: 185m) compared to 8% in the placebo arm (baseline:
186m). 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. Novo Nordisk expects to file for regulatory approvals of a label expansion for Ozempic
®
in the US and EU in
the first half of 2025.
Successful completion of the SOUL cardiovascular outcomes trial with oral semaglutide in people with type 2 diabetes
In October 2024, Novo Nordisk announced the headline results from the SOUL cardiovascular outcomes trial, comparing
oral semaglutide with placebo, as an adjunct to standard of care, in people with type 2 diabetes and established
cardiovascular disease (CVD) and/or chronic kidney disease (CKD). As part of standard of care, 49% of patients received
SGLT2i at some point during the trial. The trial achieved its primary objective by demonstrating a statistically significant and
superior reduction in major adverse cardiovascular events (MACE) of 14% for people treated with oral semaglutide
compared to placebo. In the trial, oral semaglutide appeared to have a safe and well-tolerated profile in line with previous
oral semaglutide trials. Novo Nordisk expects to file for regulatory approval of a label expansion for Rybelsus
®
in both the
US and EU around the turn of the year. For further information, please see the company announcement here.
Phase 2 trial initiated with once-weekly subcutaneous and once daily oral amycretin in people with type 2 diabetes
In August 2024, Novo Nordisk initiated a phase 2 dose-finding trial with amycretin, a GLP-1 and amylin receptor dual
agonist. The 36-week trial is investigating efficacy, safety and tolerability of different doses of once-weekly subcutaneous
amycretin and once-daily oral amycretin compared with placebo in approximately 440 people living with type 2 diabetes.
Phase 1 trial with DNA immunotherapy successfully completed
In August 2024, Novo Nordisk successfully completed a phase 1 trial with a type 1 diabetes DNA immunotherapy, a DNA
plasmid intended to preserve endogenous insulin production and in turn slow down or stop development of type 1
diabetes in people at high risk, before clinical diagnosis. The 12-week multiple dose phase 1 trial primarily investigated the
safety and tolerability as well as pharmacokinetics of the DNA plasmid administered subcutaneously once weekly in people
diagnosed with type 1 diabetes diagnosed within the past 48 months. The trial confirmed the defined trial objectives and
the DNA plasmid appeared to have a safe and well-tolerated profile. Novo Nordisk is analysing the detailed data and, based
on the data, will be further evaluating the next stage of clinical development with DNA immunotherapy.
Obesity care
Positive CHMP opinions for updates of the Wegovy
®
label in the EU
In September, 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 in the EU. The label update
incorporates data showing that Wegovy
®
, when added to standard of care, can reduce heart failure-related symptoms and
improve physical limitations and exercise function in people with obesity-related HFpEF, with or without type 2 diabetes.
The positive opinion is based on results from the STEP HFpEF and STEP HFpEF-DM trials. Further, in October 2024, a
Financial report for the period 1 January 2024 to 30 September 2024 Page 18 of 34
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positive opinion was also issued by the CHMP based on data from the STEP 9 trial in people with obesity and knee
osteoarthritis (OA). The STEP 9 trial demonstrated a superior reduction in the WOMAC (Western Ontario and McMaster
Universities Osteoarthritis Index) pain score and reduction in body weight compared to placebo.
Phase 2a trial with monlunabant completed
In September 2024, Novo Nordisk announced the headline results from a phase 2a clinical trial, completed with
monlunabant. The trial investigated the efficacy and safety of a once-daily 10 mg, 20 mg and 50 mg dose of monlunabant
compared to placebo on body weight after 16 weeks in 243 people with obesity and metabolic syndrome. Based on the
results, Novo Nordisk expects to initiate a larger phase 2b trial in obesity to further investigate dosing and the safety
profile of monlunabant over a longer duration in a global population. For further information, please see the company
announcement here.
Phase 1 trial with amylin 355 initiated
In September 2024, Novo Nordisk initiated a phase 1 trial with once-weekly subcutaneous amylin 355. The 12-week trial is
investigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of amylin 355 in people with
overweight or obesity.
Rare disease
Alhemo
®
receives positive opinion by the European Medicines Agency for people living with haemophilia A or B with inhibitors
In October 2024, the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP)
adopted a positive opinion for Alhemo
®
(the brand name for concizumab) for prophylactic treatment for people living with
haemophilia A or B with inhibitors. The CHMP positive opinion is based on data from the phase 3 explorer7 study and
Novo Nordisk expects a final approval by the European Commission within approximately two months.
Successful completion of phase 3b trial FRONTIER 5 with Mim8
In October 2024, Novo Nordisk successfully completed the phase 3b trial FRONTIER 5, an open-label safety study in adults
and adolescents with haemophilia A with and without inhibitors. The objective of the 26-week trial was to assess the safety
of switching from emicizumab prophylaxis treatment to Mim8 prophylaxis treatment. In the trial, a switch from emicizumab
treatment to Mim8 treatment was well tolerated. Further, the study participants had a strong preference for the Mim8
device and reported that the Mim8 pen injector was easy to use. Following regulatory interactions, Novo Nordisk now
expects to submit Mim8 for the first regulatory approval during 2025.
Successful completion of the phase 2 part (interim) of the etavopivat HIBISCUS phase 2/3 trial
Novo Nordisk successfully completed the phase 2 part (interim) of the HIBISCUS phase 2/3 trial in adults and adolescents
with sickle-cell disease (SCD), investigating the safety and efficacy of oral etavopivat 200mg and 400mg once-daily versus
placebo in around 60 patients. After 52 weeks of etavopivat treatment, the interim analysis established proof of concept for
etavopivat in SCD, and etavopivat appeared to have a safe and well-tolerated profile. The phase 3 part of the HIBISCUS is
currently ongoing with expected read-out in 2026. The interim phase 2 results will be presented at a scientific conference
later in 2024.
Phase 1 trial initiated with Inno8 in haemophilia
In October 2024, Novo Nordisk initiated a phase 1 trial with Inno8, an oral, once-daily antibody fragment for the treatment
of haemophilia. The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of
Inno8.
Phase 1 trial initiated with TMPRSS6 and the GalXC in Hereditary Haemochromatosis
In September 2024, Novo Nordisk initiated a phase 1 trial with TMPRSS6, a RNAi in development for rare blood disease.
The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of TMPRSS6 in patients with
Hereditary Haemochromatosis.
Cardiovascular & Emerging Therapy Areas
Phase 3 trial ESSENCE part I with semaglutide 2.4 mg in MASH successfully completed
In November 2024, Novo Nordisk announced the headline results from a phase 3 clinical trial, successfully completed with
semaglutide 2.4 mg. The trial achieved its primary endpoints by demonstrating a statistically significant and superior
Financial report for the period 1 January 2024 to 30 September 2024 Page 19 of 34
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improvement in liver fibrosis with no worsening of steatohepatitis, as well as resolution of steatohepatitis with no
worsening of liver fibrosis with semaglutide 2.4 mg compared to placebo. At week 72, 37.0% of people treated with
semaglutide 2.4 mg achieved improvement in liver fibrosis with no worsening of steatohepatitis compared to 22.5% on
placebo. 62.9% of people treated with semaglutide 2.4 mg achieved resolution of steatohepatitis with no worsening of liver
fibrosis compared to 34.1% on placebo. In the trial, semaglutide 2.4 mg appeared to have a safe and well-tolerated profile
in line with previous semaglutide 2.4 mg trials. Novo Nordisk expects to file for regulatory approvals in the US and EU in
the first half of 2025. For further information, please see the company announcement here.
Development of phase 3 ocedurenone across indications terminated
Following the stop of the ocedurenone CLARION-CKD phase 3 trial, based on the interim analysis in June, Novo Nordisk has
further analysed detailed trial data and decided to terminate further development of ocedurenone.
Phase 1 trial with CNP initiated in cardiovascular disease
In October 2024, Novo Nordisk initiated a phase 1 trial with a C-type natriuretic peptide (CNP) analogue in development for
heart failure. The single ascending dose (SAD) trial is investigating the safety, tolerability, pharmacokinetics, and
pharmacodynamics of CNP.
Financial report for the period 1 January 2024 to 30 September 2024 Page 20 of 34
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Company announcement No 81 / 2024
Financial report for the period 1 January 2024 to 30 September 2024 Page 21 of 34
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Company announcement No 81 / 2024
*Only the CEO and the CFO are registered as executives with the Danish Business Authority
Financial report for the period 1 January 2024 to 30 September 2024 Page 22 of 34
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LEGAL MATTERS
Update on Abbreviated New Drug Applications with the US Food and Drug Administration (FDA) relating to liraglutide
Novo Nordisk has received notifications from several manufacturers that they have filed Abbreviated New Drug
Applications (ANDAs) with the FDA for generic versions of Victoza
®
and Saxenda
®
. The ANDAs contain Paragraph IV
certifications to obtain approval to engage in the commercial manufacture, use, or sale of such products before the
expiration of some or all of the patents currently listed for those products in the Orange Book. Novo Nordisk filed
complaints for patent infringement against these manufacturers and has now entered into settlement agreements to
resolve all ANDA litigation related to Victoza
®
and Saxenda
®
. All terms of the agreements are confidential. All agreements
are reviewed by the U.S. Federal Trade Commission and the U.S. Department of Justice.
Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk’s financial position, operating
profit or cash flow.
Update on ANDAs with the FDA relating to semaglutide
Novo Nordisk has received notifications from several manufacturers that they have filed ANDAs with the FDA for generic
versions of Ozempic
®
and Wegovy
®
. Novo Nordisk has filed complaints for patent infringement against these
manufacturers. Novo Nordisk has reached settlement agreements with five of these manufacturers concerning Ozempic
®
.
The terms of the agreements are confidential. These agreements are reviewed by the U.S. Federal Trade Commission and
the U.S. Department of Justice.
Moreover, Novo Nordisk has also received a notification from Apotex Inc. that they have filed an ANDA with the FDA for a
generic version of Rybelsus
®
. Novo Nordisk has filed a complaint for patent infringement against Apotex Inc.
Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk’s financial position, operating
profit or cash flow.
US Inter Partes Review (IPR) challenges relating to semaglutide
In March 2023, Mylan Pharmaceuticals Inc. (Mylan) filed an IPR in the US challenging the validity of the ‘462 patent', which
claims a method of treating type 2 diabetes using 1 mg of semaglutide. Subsequently, three other companies were joined
to this proceeding. Novo Nordisk has settled with four petitioners prior to the hearing of the matter, and the US Patent
Trial and Appeal Board will now terminate the IPR without a hearing or decision.
Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk’s financial position, operating
profit or cash flow.
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MANAGEMENT STATEMENT
Executive Management:
Board of Directors:
Financial report for the period 1 January 2024 to 30 September 2024 Page 24 of 34
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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 72,000 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
5 February 2025
Financial statement for 2024
27 March 2025
Annual General meeting
7 May 2025
Financial results for the first three months of 2025
6 August 2025
Financial results for the first six months of 2025
5 November 2025
Financial results for the first nine months of 2025
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 3079 6656
azey@novonordisk.com
Frederik Taylor Pitter (US)
+1 609 613 0568
fptr@novonordisk.com
Ida Schaap Melvold
+45 3077 5649
idmg@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
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 September 2024 Page 25 of 34
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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
Q3 2024 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q3 2023
Net sales
71,311
68,060
65,349
65,863
58,731
54,300
53,367
21%
Gross profit
60,003
57,786
55,433
55,849
49,018
46,444
45,185
22%
Gross margin
84.1%
84.9%
84.8%
84.8%
83.5%
85.5%
84.7%
Sales and distribution costs
(15,210)
(14,934)
(13,256)
(17,170)
(12,819)
(14,342)
(12,412)
19%
Percentage of sales
21.3%
21.9%
20.3%
26.1%
21.8%
26.4%
23.3%
Research and development costs
1
(9,488)
(16,166)
(8,606)
(10,460)
(8,128)
(7,127)
(6,728)
17%
Percentage of sales
13.3%
23.8%
13.2%
15.9%
13.8%
13.1%
12.6%
Administrative costs
(1,382)
(1,157)
(1,157)
(1,456)
(1,256)
(1,072)
(1,071)
10%
Percentage of sales
1.9%
1.7%
1.8%
2.2%
2.1%
2.0%
2.0%
Other operating income and expenses
(101)
405
(568)
3
98
(15)
33
N/A
Operating profit (EBIT)
33,822
25,934
31,846
26,766
26,913
23,888
25,007
26%
Operating margin
47.4%
38.1%
48.7%
40.6%
45.8%
44.0%
46.9%
Financial income
(821)
960
2,146
(944)
3,318
(281)
852
(125%)
Financial expenses
1,383
(1,562)
(2,074)
1,798
(2,168)
647
(1,122)
(164%)
Financial items (net)
562
(602)
72
854
1,150
366
(270)
(51%)
Profit before income taxes
34,384
25,332
31,918
27,620
28,063
24,254
24,737
23%
Income taxes
(7,083)
(5,282)
(6,511)
(5,657)
(5,585)
(4,826)
(4,923)
27%
Net profit
27,301
20,050
25,407
21,963
22,478
19,428
19,814
21%
Depreciation, amortisation and impairment
losses
1
2,150 8,845 2,914 2,992 2,525 2,177 1,719 (15%)
Capital expenditure (PP&E)
12,119
10,470
8,474
9,407
5,828
5,878
4,693
108%
Net cash generated from operating activities
43,850
50,503
14,314
9,551
40,966
28,577
29,814
7%
EBITDA
35,972
34,779
34,760
29,758
29,438
26,065
26,726
22%
Free cash flow
30,451
36,289
5,020
(7,250)
30,039
20,773
24,764
1%
Total assets
397,441
369,383
298,921
314,486
300,101
280,753
250,025
32%
Total equity
120,522
112,522
98,911
106,561
92,991
90,473
79,874
30%
Equity ratio
30.3%
30.5%
33.1%
33.9%
31.0%
32.2%
31.9%
Full-time equivalent employees end of period
71,880
69,260
66,015
63,370
61,412
59,337
57,089
17%
Basic earnings per share/ADR (in DKK)
6.13
4.50
5.70
4.92
5.02
4.33
4.40
22%
Diluted earnings per share/ADR (in DKK)
6.12
4.49
5.68
4.91
5.00
4.32
4.39
22%
Average number of shares outstanding
(million)
4,452.3 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)
4,460.5 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
34,935
37,035
34,982
37,761
30,635
27,925
26,811
14%
Long-acting insulin
4,035
4,737
5,165
3,726
3,692
3,354
4,133
9%
Premix insulin
2,518
2,436
2,968
2,123
2,219
2,456
2,776
13%
Fast-acting insulin
4,150
3,868
4,487
4,142
3,808
3,511
4,488
9%
Human insulin
1,806
1,571
1,745
1,989
1,626
1,967
2,012
11%
Total insulin
12,509
12,612
14,365
11,980
11,345
11,288
13,409
10%
Other Diabetes care
492
533
583
322
594
667
729
(17%)
Total Diabetes care
47,936
50,180
49,930
50,063
42,574
39,880
40,949
13%
Wegovy
®
17,304
11,659
9,377
9,614
9,648
7,518
4,563
79%
Saxenda
®
1,497
2,245
1,658
1,615
2,607
2,788
3,279
(43%)
Total Obesity care
18,801
13,904
11,035
11,229
12,255
10,306
7,842
53%
Diabetes and Obesity care total
66,737
64,084
60,965
61,292
54,829
50,186
48,791
22%
Rare blood disorders
2,988
2,864
2,888
2,934
2,957
2,836
3,049
1%
Rare endocrine disorders
1,227
730
1,113
1,264
542
902
1,128
126%
Other Rare disease
359
382
383
373
403
376
399
(11%)
Rare disease total
4,574
3,976
4,384
4,571
3,902
4,114
4,576
17%
Sales by geographic segment:
North America Operations
42,598
40,930
39,280
42,621
35,048
29,663
29,297
22%
- The US
39,844
38,404
36,782
40,067
32,936
27,209
27,322
21%
International Operations
28,713
27,130
26,069
23,242
23,683
24,637
24,070
21%
- EMEA
14,736
14,581
14,326
12,706
12,563
12,856
12,742
17%
- Region China
4,708
4,963
4,506
3,418
4,341
4,467
4,461
8%
- Rest of World
9,269
7,586
7,237
7,118
6,779
7,314
6,867
37%
Segment operating profit:
Diabetes and Obesity care
33,473
26,984
31,218
26,032
26,721
22,707
24,163
25%
Rare disease
349
(1,050)
628
734
192
1,181
844
82%
1)
Research and development expenses include an impairment loss of DKK 5.7 billion in the second quarter of 2024 related to ocedurenone. The impairment loss is recognised in the
segment Diabetes and Obesity.
Financial report for the period 1 January 2024 to 30 September 2024 Page 26 of 34
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Company announcement No 81 / 2024
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million
9M 2024
9M 2023
Q3 2024
Q3 2023
Income statement
Net sales
Cost of goods sold
(31,498 )
(25,751 )
(11,308 )
(9,713 )
Gross profit
Sales and distribution costs
(43,400 )
(39,573 )
(15,210 )
(12,819 )
Research and development costs
1
(34,260 )
(21,983 )
(9,488 )
(8,128 )
Administrative costs
(3,696 )
(3,399 )
(1,382 )
(1,256 )
Other operating income and expenses
(264 )
(101 )
Operating profit
8
0
0
Financial income
(821 )
Financial expenses
(2,253 )
(2,643 )
(2,168 )
Profit before income taxes
Income taxes
(18,876 )
(15,334 )
(7,083 )
(5,585 )
NET PROFIT
0
0
0
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
Segment Information
Segment sales:
Diabetes and Obesity care
191,786
153,806
66,737
54,829
Rare disease
12,934
12,592
4,574
3,902
Segment operating profit:
Diabetes and Obesity care
91,675
73,591
33,473
26,721
Operating margin
47.8 %
47.8 %
50.2 %
48.7 %
Rare disease
(73)
2,217
349
192
Operating margin
(0.6%)
17.6 %
7.6 %
4.9 %
Total segment operating profit
91,602
75,808
33,822
26,913
Statement of comprehensive income
Net profit
Other comprehensive income
Remeasurements of defined benefit obligations
(98 )
(64 )
Items that will not be reclassified subsequently to the income
statement
(98 ) 127 (64 ) 97
Exchange rate adjustments of investments in subsidiaries
(1,628 )
(2,822 )
Cash flow hedges:
Realisation of previously deferred (gains)/losses
(1,033 )
(497 )
(354 )
(778 )
Deferred gains/(losses) incurred during the period
(466 )
(2,238 )
(2,727 )
Other items
(1 )
(1 )
Income tax related to these items
(367 )
Items that will be reclassified subsequently to the Income statement (2,869 ) (1,639 ) (1,520 ) (1,097 )
Other comprehensive income (2,967 ) (1,512 ) (1,584 ) (1,000 )
TOTAL COMPREHENSIVE INCOME 69,791 60,208 25,717 21,478
1)
Research and development expenses include an impairment loss of DKK 5.7 billion in the second quarter of 2024 related to ocedurenone. The impairment loss is recognised in the
segment Diabetes and Obesity.
Financial report for the period 1 January 2024 to 30 September 2024 Page 27 of 34
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sustainability
Legal
Financial
Information
Company announcement No 81 / 2024
APPENDIX 3: CASH FLOW STATEMENT
DKK million 9M 2024 9M 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
(11,014 )
(2,562 )
Interest received
Interest paid
(359 )
(351 )
Income taxes paid
(16,683 )
(14,826 )
Net cash generated from operating activities
Purchase of intangible assets
(3,688 )
(6,061 )
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
(31,063 )
(16,399 )
Acquisition of businesses
(668 )
Proceeds from other financial assets
Purchase of other financial assets
(433 )
(259 )
Purchase of marketable securities
(19,028 )
(12,082 )
Sale of marketable securities
Net cash used in investing activities
(37,679 )
(29,175 )
Purchase of treasury shares
(12,690 )
(20,163 )
Dividends paid
(44,140 )
(31,767 )
Proceeds from issue of bonds
Proceeds from borrowings
Repayment of borrowings
(5,902 )
(1,112 )
Net cash used in financing activities
(28,100 )
(53,042 )
Net cash generated from activities
Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents
(262 )
Cash and cash equivalents at the end of the period
Financial report for the period 1 January 2024 to 30 September 2024 Page 28 of 34
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Information
Company announcement No 81 / 2024
APPENDIX 4: BALANCE SHEET
DKK million
30 Sep 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 195,160 139,646
TOTAL ASSETS 397,441 314,486
EQUITY AND LIABILITIES
Share capital
Treasury shares
(1 )
(5 )
Retained earnings
Other reserves
(1,593 )
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 397,441 314,486
Financial report for the period 1 January 2024 to 30 September 2024 Page 29 of 34
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Company announcement No 81 / 2024
APPENDIX 5: EQUITY STATEMENT
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
9M 2024
Balance at the beginning of the year
(5 )
Net profit for the period
Other comprehensive income for the period
(98 )
(2,869 )
(2,967 )
Total comprehensive income for the period
(2,869 )
Transactions with owners:
Dividends
(44,140 )
(44,140 )
Share-based payments
Purchase of treasury shares
(1 )
(12,689 )
(12,690 )
Reduction of the B share capital
(5 )
Tax related to transactions with owners
(291 )
(291 )
Balance at the end of the period 446 (1 ) 121,670 (1,593 ) 120,522
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
9M 2023
Balance at the beginning of the year
(6 )
Net profit for the period
Other comprehensive income for the period
(1,639 )
(1,512 )
Total comprehensive income for the period
(1,639 )
Transactions with owners:
Dividends
(31,767 )
(31,767 )
Share-based payments
Purchase of treasury shares
(4 )
(20,159 )
(20,163 )
Reduction of the B share capital
(5 )
Tax related to transactions with owners
(15 )
(15 )
Balance at the end of the period 451 (5 ) 91,735 810 92,991
Financial report for the period 1 January 2024 to 30 September 2024 Page 30 of 34
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Financial
Information
Company announcement No 81 / 2024
APPENDIX 6: SALES SPLIT PER AREA
Q3 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
29,482
21,591
19,797
7,891
3,978
1,982
1,931
% change at CER
14%
22%
22%
(4%)
(6%)
11%
(10%)
Ozempic
®
29,804
22,841
21,074
6,963
3,617
1,812
1,534
% change at CER
26%
37%
38%
(1%)
(1%)
14%
(13%)
Victoza
®
(322)
(1,250)
(1,277)
928
361
170
397
% change at CER
(114%)
(219%)
(226%)
(21%)
(41%)
(14%)
7%
Rybelsus
®
5,453
2,509
2,434
2,944
1,786
43
1,115
% change at CER
23%
(3%)
(3%)
60%
69%
55%
48%
Total GLP-1
34,935
24,100
22,231
10,835
5,764
2,025
3,046
% change at CER
15%
19%
19%
8%
9%
11%
5%
Long-acting insulin
4,035
1,011
844
3,024
1,828
600
596
% change at CER
10%
8%
7%
10%
6%
37%
4%
Awiqli
®
7
—
—
7
7
—
—
% change at CER
—
—
—
—
—
—
—
Tresiba
®
2,110
535
383
1,575
930
235
410
% change at CER
11%
27%
34%
6%
3%
15%
11%
Xultophy
®
1,039
59
57
980
537
313
130
% change at CER
32%
(37%)
(36%)
41%
26%
117%
6%
Levemir
®
879
417
404
462
354
52
56
% change at CER
(11%)
(1%)
(2%)
(19%)
(10%)
(43%)
(34%)
Premix insulin
2,518
99
95
2,419
660
1,109
650
% change at CER
13%
0%
0%
9%
9%
4%
20%
Ryzodeg
®
1,153
—
—
1,153
167
642
344
% change at CER
35%
—
—
35%
33%
33%
39%
NovoMix
®
1,365
99
95
1,266
493
467
306
% change at CER
0%
0%
0%
(7%)
2%
(20%)
3%
Fast-acting insulin
4,150
1,555
1,508
2,595
1,734
360
501
% change at CER
9%
21%
22%
2%
8%
(3%)
(11%)
Fiasp
®
394
6
(6)
388
316
—
72
% change at CER
(32%)
(97%)
(102%)
14%
15%
—
13%
NovoRapid
®
3,756
1,549
1,514
2,207
1,418
360
429
% change at CER
16%
47%
50%
1%
6%
(3%)
(14%)
Human insulin
1,806
388
378
1,418
380
214
824
% change at CER
8%
23%
25%
4%
(9%)
(17%)
21%
Total insulin
12,509
3,053
2,825
9,456
4,602
2,283
2,571
% change at CER
10%
20%
21%
7%
6%
7%
9%
Other Diabetes care
1
492
70
57
422
166
164
92
% change at CER
0%
21%
30%
(3%)
(4%)
2%
(10%)
Total Diabetes care
47,936
27,223
25,113
20,713
10,532
4,472
5,709
% change at CER
14%
19%
19%
7%
7%
9%
7%
Wegovy
®
17,304
12,827
12,488
4,477
2,185
166
2,126
% change at CER
81%
40%
37%
—
389%
—
—
Saxenda
®
1,497
225
89
1,272
637
22
613
% change at CER
(41%)
(77%)
(90%)
(17%)
(27%)
(21%)
(3%)
Total Obesity care
18,801
13,052
12,577
5,749
2,822
188
2,739
% change at CER
55%
29%
26%
189%
111%
0%
331%
Diabetes and Obesity care total
66,737
40,275
37,690
26,462
13,354
4,660
8,448
% change at CER
23%
22%
21%
24%
20%
13%
41%
Rare disease segment
Rare blood disorders
2
2,988
1,524
1,456
1,464
918
46
500
% change at CER
1%
12%
15%
(8%)
(5%)
(49%)
(6%)
Haemophilia A
568
128
124
440
293
23
124
% change at CER
4%
(10%)
(11%)
8%
(8%)
64%
67%
Haemophilia B
305
139
92
166
109
5
52
% change at CER
6%
2%
3%
10%
15%
67%
(2%)
NovoSeven
®
2,003
1,189
1,176
814
487
18
309
% change at CER
(3%)
12%
14%
(19%)
(9%)
(76%)
(23%)
Rare endocrine disorders
3
1,227
685
675
542
277
2
263
% change at CER
126%
248%
256%
56%
56%
(98%)
396%
Other Rare disease
4
359
114
23
245
187
—
58
% change at CER
(11%)
(25%)
(65%)
(2%)
(5%)
—
12%
Rare disease total
4,574
2,323
2,154
2,251
1,382
48
821
% change at CER
17%
36%
41%
3%
3%
(77%)
29%
Total sales
71,311
42,598
39,844
28,713
14,736
4,708
9,269
% change at CER
23%
23%
22%
22%
18%
8%
40%
% change as reported
21%
22%
21%
21%
17%
8%
37%
Share of growth
100%
60%
55%
40%
17%
3%
20%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2024 to 30 September 2024 Page 31 of 34
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execution
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capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 81 / 2024
9M 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
90,568
65,929
60,639
24,639
12,443
5,558
6,638
% change at CER
26%
36%
38%
5%
(2%)
18%
9%
Ozempic
®
86,489
64,686
59,466
21,803
11,348
4,747
5,708
% change at CER
32%
42%
45%
11%
5%
28%
12%
Victoza
®
4,079
1,243
1,173
2,836
1,095
811
930
% change at CER
(40%)
(57%)
(58%)
(28%)
(42%)
(19%)
(10%)
Rybelsus
®
16,384
7,878
7,679
8,506
5,111
151
3,244
% change at CER
29%
5 %
4 %
64 %
69%
64%
58%
Total GLP-1
106,952
73,807
68,318
33,145
17,554
5,709
9,882
% change at CER
26%
32%
33%
16%
12%
19%
21%
Long-acting insulin
13,937
4,398
3,895
9,539
5,734
1,929
1,876
% change at CER
26%
68%
81%
13%
8%
56%
1%
Awiqli
®
9
2
—
7
7
—
—
% change at CER
—
—
—
—
—
—
—
Tresiba
®
7,170
2,304
1,854
4,866
2,900
725
1,241
% change at CER
24%
58%
76%
13%
13%
16%
11%
Xultophy
®
3,229
209
205
3,020
1,601
970
449
% change at CER
35%
(21%)
(21%)
42%
19%
213%
(4%)
Levemir
®
3,529
1,883
1,836
1,646
1,226
234
186
% change at CER
22%
110%
118%
(17%)
(13%)
(23%)
(31%)
Premix insulin
7,922
365
354
7,557
1,964
3,654
1,939
% change at CER
8%
31%
33%
7%
1%
8%
15%
Ryzodeg
®
3,583
—
—
3,583
539
2,018
1,026
% change at CER
31%
—
—
31%
23%
37%
25%
NovoMix
®
4,339
365
354
3,974
1,425
1,636
913
% change at CER
(5%)
31%
33%
(8%)
(6%)
(15%)
5%
Fast-acting insulin
12,505
4,654
4,512
7,851
5,113
1,171
1,567
% change at CER
6%
18%
21%
0%
3%
(1%)
(5%)
Fiasp
®
1,526
352
317
1,174
936
—
238
% change at CER
(1%)
(19%)
(21%)
7%
2%
—
31%
NovoRapid
®
10,979
4,302
4,195
6,677
4,177
1,171
1,329
% change at CER
7%
23%
26%
(1%)
3%
(1%)
(10%)
Human insulin
5,122
1,054
1,020
4,068
1,345
636
2,087
% change at CER
(11%)
(9%)
(9%)
(11%)
(4%)
(30%)
(8%)
Total insulin
39,486
10,471
9,781
29,015
14,156
7,390
7,469
% change at CER
10%
31%
35%
4%
4%
10%
0%
Other Diabetes care
1
1,608
202
162
1,406
519
608
279
% change at CER
(5%)
(2%)
(1%)
(6%)
7%
(11%)
(12%)
Total Diabetes care
148,046
84,480
78,261
63,566
32,229
13,707
17,630
% change at CER
21%
31%
33%
10%
8%
12%
11%
Wegovy
®
38,340
31,158
30,627
7,182
4,889
166
2,127
% change at CER
77%
50%
47%
0%
437%
—
—
Saxenda
®
5,400
966
479
4,434
2,344
78
2,012
% change at CER
(37%)
(73%)
(85%)
(12%)
(23%)
(38%)
6%
Total Obesity care
43,740
32,124
31,106
11,616
7,233
244
4,139
% change at CER
44%
32%
30%
95%
82%
92%
122%
Diabetes and Obesity care total
191,786
116,604
109,367
75,182
39,462
13,951
21,769
% change at CER
26%
32%
32%
17%
17%
13%
22%
Rare disease segment
Rare blood disorders
2
8,740
4,180
3,941
4,560
2,852
212
1,496
% change at CER
(1%)
10%
9%
(9%)
(8%)
(40%)
(4%)
Haemophilia A
1,784
419
411
1,365
903
157
305
% change at CER
(6%)
(2%)
(1%)
(7%)
(5%)
(35%)
12%
Haemophilia B
928
461
335
467
310
14
143
% change at CER
27%
45%
60%
14%
18%
67%
4%
NovoSeven
®
5,757
3,127
3,032
2,630
1,571
41
1,018
% change at CER
(4%)
7%
7%
(14%)
(13%)
(60%)
(10%)
Rare endocrine disorders
3
3,070
1,627
1,599
1,443
763
7
673
% change at CER
21%
83%
84%
(12%)
49%
(97%)
(25%)
Other Rare disease
4
1,124
397
123
727
566
7
154
% change at CER
(4%)
(8%)
(33%)
(1%)
(2%)
75%
(2%)
Rare disease total
12,934
6,204
5,663
6,730
4,181
226
2,323
% change at CER
3%
21%
22%
(9%)
0%
(61%)
(12%)
Total sales
204,720
122,808
115,030
81,912
43,643
14,177
24,092
% change at CER
24%
31%
32%
15%
15%
10%
18%
% change as reported
23%
31%
32%
13%
14%
7%
15%
Share of growth
100%
73%
70%
27%
14%
3%
10%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
, Refixia
®
, NovoThirteen
®
and Alhemo
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2024 to 30 September 2024 Page 32 of 34
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 81 / 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
9M 2024 9M 2023
% change
9M 2024 to
9M 2023
Q3 2024 Q3 2023
% change
Q3 2024 to
Q3 2023
Net sales
204,720
166,398
23%
71,311
58,731
21%
Effect of exchange rates
1,471
—
689
—
Net sales at CER 206,191 166,398 24% 72,000 58,731 23%
Operating profit at CER
DKK million
9M 2024 9M 2023
% change
9M 2024 to
9M 2023
Q3 2024 Q3 2023
% change
Q3 2024 to
Q3 2023
Operating profit
91,602
75,808
21%
33,822
26,913
26%
Effect of exchange rates
1,134
—
506
—
Operating profit at CER 92,736 75,808 22% 34,328 26,913 28%
EBITDA and EBITDA at CER
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 at CER’ means that the effect of changes in exchange rates is excluded by measuring EBITDA
(as defined above) at the average exchange rates for the same period prior year.
EBITDA
DKK million 9M 2024 9M 2023
% change
9M 2024 to
9M 2023
Q3 2024 Q3 2023
% change
Q3 2024 to
Q3 2023
Net profit
72,758
61,720
18%
27,301
22,478
21%
Income taxes
18,876
15,334
23%
7,083
5,585
27%
Financial income
(2,285)
(3,889)
(41%)
821
(3,318)
(125%)
Financial expenses
2,253
2,643
(15%)
(1,383)
2,168
(164%)
Operating profit (EBIT) 91,602 75,808 21% 33,822 26,913 26%
Depreciation, amortisation and impairment losses
13,909
6,421
117%
2,150
2,525
(15%)
EBITDA 105,511 82,229 28% 35,972 29,438 22%
Effect of exchange rates
1,172
—
539
—
EBITDA at CER 106,683 82,229 30% 36,511 29,438 24%
Financial report for the period 1 January 2024 to 30 September 2024 Page 33 of 34
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 81 / 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 9M 2024 9M 2023 Q3 2024 Q3 2023
Net cash generated from operating activities 108,667 99,357 43,850 40,966
Net cash used in investing activities (37,679) (29,175) (20,904) (13,243)
Net purchase of marketable securities
1,828
6,489
8,000
2,611
Repayment on lease liabilities
(1,056)
(1,095)
(495)
(295)
Free cash flow 71,760 75,576 30,451 30,039
Financial report for the period 1 January 2024 to 30 September 2024 Page 34 of 34
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 81 / 2024