6-K 1 caq22022.htm 6-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_________________________

FORM 6-K

_________________________


REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934


August 3, 2022

_________________________

NOVO NORDISK A/S
(Exact name of Registrant as specified in its charter)

_________________________

Novo Allé
DK-2880 Bagsværd
Denmark
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F x Form 40-F o


Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x


If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-32(b):82-________






newheader.jpg                          nn_logoxcmykxbluexsmall.jpg                        

Financial report for the period 1 January 2022 to 30 June 2022

3 August 2022                                                                                        

Novo Nordisk's sales increased by 25% in Danish kroner and by 16% at constant exchange rates to DKK 83.3 billion in the first six months of 2022

Operating profit increased by 26% in Danish kroner and by 14% at constant exchange rates (CER) to DKK 37.5 billion.
Sales in International Operations increased by 15% in Danish kroner (10% at CER), and sales in North America Operations increased by 36% in Danish kroner (24% at CER).
Sales within Diabetes and Obesity care increased by 28% in Danish kroner to DKK 72.7 billion (19% at CER), mainly driven by GLP-1 diabetes sales growth of 57% in Danish kroner (45% at CER). Rare disease sales increased by 6% measured in Danish kroner (unchanged at CER).
Obesity care sales grew by 99% in Danish Kroner (84% at CER). Novo Nordisk expects to make all Wegovy® dose strengths available in the US towards the end of 2022.
Within R&D, Novo Nordisk has now successfully completed five phase 3a trials with insulin icodec, a long-acting once-weekly insulin. Based on a recommendation from an independent Data Monitoring Committee following an interim analysis, the SELECT cardiovascular outcomes trial continues in accordance with the trial protocol.
For the 2022 outlook, sales growth is now expected to be 12-16% at CER and operating profit growth is now expected to be 11-15% at CER. Sales and operating profit growth reported in Danish kroner are now expected to be 9 and 14 percentage points higher than at CER, respectively.
PROFIT AND LOSSH1 2022H1 2021Growth
as reported
Growth
at CER*
DKK million
Net sales83,296 66,845 25 %16 %
Operating profit37,538 29,761 26 %14 %
Net profit27,528 24,746 11 %N/A
Diluted earnings per share (in DKK)12.08 10.71 13 %N/A
* CER: Constant exchange rates (average 2021).

Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first half of 2022. The growth is driven by increasing demand for GLP-1 based diabetes treatments, especially Ozempic®. Our obesity treatments are also contributing to growth as more people living with obesity are being treated and the Obesity care market continues to expand. The performance in the first six months has enabled us to raise our outlook for the full year."





On 3 August 2022 at 19.30 CEST, corresponding to 1.30 pm EDT, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.
Novo Nordisk A/S
Investor Relations
Novo Allé
2880 Bagsværd
Denmark
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
24 25 67 90
 Company announcement No 61 / 2022



Financial report for the period 1 January 2022 to 30 June 2022
Page 2 of 34
STRATEGIC ASPIRATIONS
STRATEGIC ASPIRATIONS 2025
The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to each of the four dimensions on an ongoing basis.

Performance highlights for the first six months of 2022 (blue indicates second-quarter development):
Purpose and sustainabilityInnovation and therapeutic focus
Progress towards zero environmental impact:
Carbon emissions from operations and transportation increased by 49% compared to first half of 2021 and decreased by 19% compared to the first half of 2019

Adding value to society:
Progress on 'Defeat Diabetes' strategy:
Medical treatment provided to 35.1 million people living with diabetes
Reaching 24 countries and more than 34,000 children in Changing Diabetes® in Children programme
Five months’ supply of diabetes and haemophilia medication donated to the Ukrainian Ministry of Health
Positive scientific opinion from EMA on human insulin with more flexible storage without refrigeration

Being recognised as a sustainable employer:
Share of women in senior leadership positions has increased to 38% from 35% in the first half of 2021




Further raise innovation bar for diabetes treatment:
Approval of Ozempic® 2.0 mg in the US
Successful completion of five phase 3 trials with once-weekly insulin icodec
Phase 1 trial with Ideal Pump insulin successfully completed
Phase 1 trial initiated with a once-daily oral GLP-1/GIP agonist

Stre Develop superior treatment solutions for obesity:
STEP TEENs phase 3 trial successfully completed
Phase 1 initiation with oral amycretin
the
Strengthen and progress Rare disease pipeline:
Concizumab phase 3 trial successfully completed in people with haemophilia A and B with inhibitors
Phase 2 trial initiated with NDec in sickle cell disease

Establish presence in Other serious chronic diseases:
Phase 2 trial initiated with NNC6019 in cardiomyopathy



 

Commercial executionFinancials
       Strengthen diabetes leadership to more than one-third:
Diabetes value market share increased by 1.5 percentage points to 31.0% (MAT)

 More than DKK 25 billion in Obesity care sales by 2025:
Obesity care sales increased by 84% (CER) to DKK 7.0 billion

 Secure a sustained growth outlook for Rare disease:
Rare disease sales were unchanged at (CER) at DKK 10.6 billion
Deliver solid sales and operating profit growth:
Sales growth at 16% (CER)
International Operations sales growth of 10% (CER)
US sales growth of 23% (CER) with 71% of sales coming from products launched since 2015
Operating profit growth of 14% (CER)

          Drive operational efficiencies:
Continued productivity gains in Product Supply

Enable attractive capital allocation to shareholders:
Free cash flow of DKK 42.7 billion
DKK 27.6 billion returned to shareholders during the first half of 2022










Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityLegalFinancial Information
 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 3 of 34
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST SIX MONTHS OF 2022
PROFIT AND LOSSH1 2022H1 2021 % change
 H1 2022 to
 H1 2021
 % change
 H1 2022 to
 H1 2021 at CER
(Amounts are in DKK million, except for earnings per share and employees)
Net sales83,29666,84525 %16 %
Gross profit70,31055,48727 %17 %
Gross margin84.4%83.0%
Sales and distribution costs(21,023)(16,257)29 %22 %
Percentage of sales25.2%24.3%
Research and development costs(10,329)(7,888)31 %26 %
Percentage of sales12.4%11.8%
Administrative costs(1,961)(1,836)%%
Percentage of sales2.4%2.7%
Other operating income and expenses541255112 %92 %
Operating profit37,53829,76126 %14 %
Operating margin45.1%44.5%
Financial items (net)(2,824)1,094(358 %)N/A
Profit before income taxes34,71430,85513 %N/A
Income taxes(7,186)(6,109)18 %N/A
Effective tax rate20.7%19.8%
Net profit27,52824,74611 %N/A
Net profit margin33.0%37.0%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 3,2862,59427 %N/A
Capital expenditure (PP&E)3,9553,11127 %N/A
Net cash generated from operating activities47,54736,51030 %N/A
Free cash flow42,72532,69631 %N/A
Total assets218,928158,09538 %N/A
Equity74,45265,55914 %N/A
Equity ratio34.0%41.5%
Average number of diluted shares outstanding (million)2,279.72,310.9(1 %)N/A
Diluted earnings per share / ADR (in DKK)12.0810.7113 %N/A
Full-time equivalent employees end of period50,81645,97111 %N/A
These unaudited consolidated financial statements for the first six months of 2022 have been prepared in accordance
with IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies. The
accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2021 of Novo
Nordisk.
Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityLegalFinancial Information
 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 4 of 34
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 25% measured in Danish kroner and by 16% at CER in the first six months of 2022, driven by Diabetes care sales growth of 15% (CER) and Obesity care sales growth of 84% (CER). Rare disease sales were unchanged at CER.
Sales split per therapy Sales H1 2022
DKK million
 Sales H1 2021
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Rybelsus®
4,235 1,674 153 %134 %21 %
Ozempic®
26,384 14,097 87 %73 %93 %
Victoza®
6,032 7,606 (21 %)(26 %)(18 %)
Total GLP-136,651 23,377 57 %45 %96 %
Long-acting insulin8,900 8,971 (1 %)(6 %)(5 %)
 -   Tresiba®
4,833 4,557 %%%
 -   Xultophy®
1,408 1,326 %%%
 -   Levemir®
2,659 3,088 (14 %)(19 %)(5 %)
Premix insulin5,513 5,668 (3 %)(8 %)(4 %)
 -   Ryzodeg®
1,352 841 61 %55 %%
 -   NovoMix®
4,161 4,827 (14 %)(19 %)(8 %)
Fast-acting insulin8,729 8,808 (1 %)(6 %)(5 %)
 -   Fiasp®
1,013 837 21 %16 %%
 -   NovoRapid®
7,716 7,971 (3 %)(9 %)(6 %)
Human insulin4,163 4,576 (9 %)(15 %)(6 %)
Total insulin27,305 28,023 (3 %)(8 %)(20 %)
Other Diabetes care1
1,714 1,919 (11 %)(16 %)(3 %)
Total Diabetes care65,670 53,319 23 %15 %73 %
Wegovy®
2,585 85 — — 20 %
Saxenda®
4,460 3,458 29 %21 %%
Total Obesity care7,045 3,543 99 %84 %27 %
Diabetes and Obesity care total72,715 56,862 28 %19 %100 %
Rare disease segment
Rare blood disorders2
5,940 5,401 10 %%%
 - Haemophilia A1,184 1,120 %%%
 - Haemophilia B339 309 10 %%%
 -  NovoSeven®
4,289 3,855 11 %%%
Rare endocrine disorders3
3,743 3,779 (1 %)(5 %)(2 %)
Other Rare disease4
898 803 12 %%%
Rare disease total10,581 9,983 %%%
Total sales83,296 66,845 25 %16 %100 %
1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
2) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia® and NovoThirteen®.
3) Primarily Norditropin®.
4) Primarily Vagifem® and Activelle®.



Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityLegalFinancial Information
 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 5 of 34
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 23% measured in Danish kroner and by 15% at CER to DKK 65,670 million driven by GLP-1 growth. Novo Nordisk has improved the global diabetes value market share over the last 12 months from 29.6% to 31.0% in line with the aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market share of more than one-third in 2025. The market share increase was driven by market share gains in both International Operations and North America Operations.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from May 2021 and May 2022 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa; Region China covers mainland China, Hong Kong and Taiwan, and Rest of World covers all other countries except for North America.
Diabetes care, development per geographical areaNovo Nordisk’s share of the total diabetes market (value, MAT)Diabetes care, sales development
MayMay Sales H1 2022
DKK million
Growth
at CER
20222021
Global31.0 %29.6 %65,670 15 %
International Operations25.8 %24.0 %33,670 10 %
 - EMEA *29.0 %28.0 %16,734 12 %
 - Region China **32.9 %32.7 %8,032 (7 %)
 - Rest of World ***17.5 %14.0 %8,904 25 %
North America Operations32.8 %31.6 %32,000 21 %
 - The US32.7 %31.6 %29,742 20 %
Source: IQVIA, May 2022 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk Diabetes care sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk’s Diabetes care sales in the area.

GLP-1 therapy for type 2 diabetes
Sales of GLP-1 products for type 2 diabetes (Rybelsus®, Ozempic® and Victoza®) increased by 57% measured in Danish kroner and by 45% at CER to DKK 36,651 million. The GLP-1 segment’s value share of the total diabetes market has increased to 29.3% compared with 24.0% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 54.8% value market share, an increase of 3.3 percentage points compared to 12 months ago.
GLP-1, development per geographical areaNovo Nordisk's share of the diabetes GLP-1 market (value, MAT)GLP-1, sales development
MayMay Sales H1 2022
DKK million
Growth
at CER
20222021
Global54.8 %51.5 %36,651 45 %
International Operations61.3 %56.1 %12,013 53 %
 - EMEA *59.4 %56.8 %6,815 35 %
 - Region China **63.1 %84.7 %1,672 83 %
 - Rest of World ***66.2 %48.0 %3,526 92 %
North America Operations53.8 %50.8 %24,638 41 %
 - The US52.9 %50.1 %23,021 39 %
Source: IQVIA, May 2022 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area.

Rybelsus® sales increased by 153% measured in Danish kroner and by 134% at CER to DKK 4,235 million. Sales growth was driven by North America Operations as well as EMEA and Rest of World. Rybelsus® has now been launched in 39 countries.

Ozempic® sales increased by 87% measured in Danish kroner and by 73% at CER to DKK 26,384 million. Sales growth was driven by both North America Operations and International Operations. Ozempic® has been launched in 75 countries.

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityLegalFinancial Information
 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 6 of 34
Victoza® sales decreased by 21% measured in Danish kroner and by 26% at CER to DKK 6,032 million as the GLP-1 market is moving towards once-weekly and tablet-based treatments. The sales decline was driven by both North America Operations and International Operations.

International Operations
Sales of GLP-1 diabetes products in International Operations increased by 60% measured in Danish kroner and by 53% at CER. Sales growth is driven by all geographical areas. The value share of the GLP-1 class of the total diabetes market has increased to 15.5% from 11.9% 12 months ago. Novo Nordisk is the market leader with a value market share of 61.3%.

EMEA
Sales in EMEA increased by 37% measured in Danish kroner and by 35% at CER. The sales growth reflects the uptake of Ozempic® and Rybelsus®, partially offset by lower sales of Victoza®. Rybelsus® has been launched in 32 countries in EMEA. Novo Nordisk remains the market leader in EMEA with a value market share of 59.4%.

Region China
Sales in Region China increased by 101% measured in Danish kroner and by 83% at CER. The sales growth reflects the uptake of Ozempic®, partially offset by lower sales of Victoza®. As of 1 January 2022, Ozempic® has been included on the National Reimbursement List in China. The GLP-1 class' share of the overall diabetes market value in Region China increased to 7.8% from 4.2% 12 months ago.

Rest of World
Sales in Rest of World increased by 103% measured in Danish kroner and by 92% at CER. The sales growth reflects increased sales of Ozempic® and following the Rybelsus® launch in Japan, partially offset by Victoza®. Novo Nordisk remains the market leader with a value market share of 66.2%.

North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 55% measured in Danish kroner and by 41% at CER. Novo Nordisk is the market leader with a 53.8% value market share compared to 50.8% 12 months ago. The value market share of the GLP-1 class of the total North American diabetes market has increased to 34.0% compared to 28.4% 12 months ago.

Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of more than 35% in the second quarter of 2022 compared to the second quarter of 2021 as well as market share gains for Ozempic® and Rybelsus®. The combined Novo Nordisk GLP-1 new-to-brand prescription market share is now 65.7% driven by Ozempic® with 51.9% and Rybelsus® with 10.1%. Novo Nordisk is the market leader with 56.4% measured on total monthly prescriptions for the combined GLP-1 portfolio.

Sales of GLP-1 in the US increased by 39% at CER. The sales increase was driven by continued uptake of Ozempic® and Rybelsus®, partially offset by declining Victoza® sales. GLP-1 sales growth was negatively impacted by rebate enhancements as well as unfavourable channel and payer mix.

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityLegalFinancial Information
 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 7 of 34
Insulin
Sales of insulin decreased by 3% measured in Danish kroner and by 8% at CER to DKK 27,305 million. Sales decline at CER was driven by declining sales in the US and Region China.
Insulin, development per geographical areaNovo Nordisk’s share of the total insulin market (volume, MAT)Insulin, sales development
MayMay Sales H1 2022
DKK million
Growth
at CER
20222021
Global47.1 %47.2 %27,305 (8 %)
International Operations50.3 %50.2 %20,326 (5 %)
 - EMEA *47.8 %47.5 %9,558 %
 - Region China **50.5 %50.8 %5,669 (17 %)
 - Rest of World ***57.1 %57.3 %5,099 %
North America Operations38.4 %39.2 %6,979 (18 %)
 - The US37.9 %39.0 %6,411 (19 %)
Source: IQVIA, May 2022 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area.

International Operations
Sales of insulin in International Operations remained unchanged in Danish kroner and decreased by 5% at CER. The sales decline at CER was driven by lower insulin sales in Region China due to implementation of Volume Based Procurement.

EMEA
Sales of insulin in EMEA increased by 2% measured in Danish kroner and by 1% at CER. The sales growth at CER was mainly driven by Tresiba®, Fiasp® and Ryzodeg®, partially countered by NovoMix®, human insulin, Xultophy® and NovoRapid®. Novo Nordisk has a volume market share of 47.8% of the total insulin market.

Region China
Sales of insulin in Region China decreased by 9% measured in Danish kroner and by 17% at CER. The sales decline was driven by NovoMix®, human insulin, Levemir® and NovoRapid® due to the implementation of Volume Based Procurement from May 2022. The sales decline was partially countered by Ryzodeg®, Tresiba® and Xulthopy®. Novo Nordisk has a volume market share of 50.5% of the total insulin market.

Rest of World
Sales of insulin in Rest of World increased by 7% measured in Danish kroner and by 1% at CER. The sales growth at CER was driven by all insulin products except for human insulin, NovoMix® and Levemir®. Novo Nordisk has a volume market share of 57.1% of the total insulin market.

North America Operations
Sales of insulin in North America Operations decreased by 9% measured in Danish kroner and by 18% at CER. The sales decrease in the US was driven by lower realised prices due to rebate enhancements and channel and payer mix as well as a decline in volume with the US insulin volume market declining 3% compared to the first half of 2021. Novo Nordisk has a volume market share of 37.9% of the total US insulin market.




Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityLegalFinancial Information
 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 8 of 34
Obesity care, sales development
Sales of Obesity care products, Saxenda® and Wegovy® increased by 99% measured in Danish kroner and by 84% at CER to DKK 7,045 million. Sales growth was driven by both North America Operations and International Operations. Saxenda® has been launched in 65 countries, and Wegovy® was launched in the US in June 2021. The volume growth of the global branded obesity market was 63%.
Obesity care, development per geographical areaObesity care, sales development
 Sales H1 2022
DKK million
Growth
at CER
Global7,045 84 %
International Operations2,480 60 %
 - EMEA1,516 78 %
 - Region China78 
 - Rest of World886 29 %
North America Operations4,565 102 %
 - The US4,345 110 %
International Operations
Sales of Saxenda® in International Operations increased by 66% measured in Danish kroner and by 60% at CER driven by increased sales in EMEA and Rest of World. Novo Nordisk currently has a value market share of 57.8% in the branded obesity prescription drug market.

EMEA
Sales of Saxenda® in EMEA increased by 81% measured in Danish kroner and by 78% at CER. Novo Nordisk currently has a value market share of 79.1% in the branded obesity prescription drug market.

Rest of World
Sales of Saxenda® in Rest of World increased by 38% measured in Danish kroner and by 29% at CER. Saxenda® has been launched in 19 countries in Rest of World. Novo Nordisk currently has a value market share of 44.5% in the branded obesity prescription drug market.
North America Operations
Sales of Obesity care products in North America Operations increased by 123% measured in Danish kroner and by 102% at CER. Novo Nordisk now has a value market share of 92.7% in the branded anti-obesity prescription drug market in North America. Wegovy® was made available to patients in June 2021 and broad commercial formulary access of more than 80% has been achieved.

In December 2021, Novo Nordisk announced that a contract manufacturer filling syringes for Wegovy® pens for the US market temporarily stopped deliveries and manufacturing following issues with current Good Manufacturing Practices. In the second quarter of 2022, the contract manufacturer reinitiated production. The 1.7 mg and the 2.4 mg doses of Wegovy® are currently available in the market and Novo Nordisk expects to make all Wegovy® dose strengths available in the US towards the end of 2022.



Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityLegalFinancial Information
 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 9 of 34
Rare disease
Rare disease, sales development
Sales of Rare disease products increased by 6% measured in Danish kroner, and remained unchanged at CER to DKK 10,581 million.
Rare disease, development per geographical areaRare disease, sales development
 Sales H1 2022
DKK million
Growth
at CER
Global10,581 %
International Operations6,453 %
 - EMEA3,489 (5 %)
 - Region China297 58 %
 - Rest of World2,667 %
North America Operations4,128 (1 %)
 - The US3,787 (2 %)
Rare blood disorders
Sales of Rare blood disorder products increased by 10% measured in Danish kroner and by 3% at CER to DKK 5,940 million. The increasing sales were driven by NovoSeven® as well as the launch products Esperoct® and Refixia®.

Sales of haemophilia A products increased by 6% measured in Danish kroner and by 1% at CER to DKK 1,184 million. The sales increase was driven by International Operations, partially countered by North America Operations. Esperoct® has been launched in 27 countries.

Sales of haemophilia B products increased by 10% measured in Danish kroner and by 6% at CER to DKK 339 million. The sales increase was driven by International Operations, partially countered by North America Operations. Refixia® has now been launched in 26 countries.
Sales of NovoSeven® increased by 11% measured in Danish kroner and by 3% at CER to DKK 4,289 million. The sales development was driven by increasing sales in both North America Operations and International Operations.

Rare endocrine disorders
Sales of Rare endocrine disorder products decreased by 1% measured in Danish kroner and by 5% at CER to DKK 3,743 million. The sales decline was driven by North America Operations' sales decreasing by 14% at CER and by International Operations sales decreasing by 1% at CER. The sales decline was driven by lower realised prices in the US and timing of shipments. Novo Nordisk continues being the leading company in the global human growth disorder market with a value market share of 34.0% compared to 32.3% a year ago.


Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityLegalFinancial Information
 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 10 of 34
FINANCIALS
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 25% measured in Danish kroner and by 16% at CER to DKK 83,296 million in the first six months of 2022. Sales in International Operations increased by 15% measured in Danish kroner and by 10% at CER. The strategic aspiration for International Operations is sales growth between 6-10%. Sales in North America Operations increased by 36% measured in Danish kroner and by 24% at CER. Compared to the strategic aspiration of transforming 70% of sales in the US, 71% of sales are now derived from products launched since 2015.
Sales split per geographical area Sales H1 2022
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
International Operations42,603 15 %10 %35 %
 - EMEA21,739 14 %12 %20 %
 - Region China8,407 %(5 %)(4 %)
 - Rest of World12,457 27 %21 %19 %
North America Operations40,693 36 %24 %65 %
 - The US37,874 36 %23 %58 %
Total sales83,296 25 %16 %100 %

International Operations
Sales in International Operations increased by 15% measured in Danish kroner and by 10% at CER. Sales growth was driven by most therapy areas with GLP-1 sales growing by 53% at CER, Obesity care sales growing by 60% at CER and Rare disease sales growing by 1% at CER, partially countered by insulin sales decreasing by 5%.

EMEA
Sales in EMEA increased by 14% measured in Danish kroner and by 12% at CER. Sales growth was driven by Diabetes care growing by 12% at CER driven by increased GLP-1 sales. Obesity care sales increased by 78% at CER and Rare disease sales decreased by 5% at CER.

Region China
Sales in Region China increased by 4% measured in Danish kroner and decreased by 5% at CER. Sales were driven by insulin sales declining by 17% at CER. Insulin sales were negatively impacted by the implementation of Volume Based Procurement from May 2022. GLP-1 sales were growing by 83% at CER and Other diabetes care sales decreased by 25% at CER.

Rest of World
Sales in Rest of World increased by 27% measured in Danish kroner and by 21% at CER. Sales growth was driven by Diabetes care growing by 25% at CER, reflecting increased GLP-1 and insulin sales, Obesity care sales growing by 29% at CER and Rare disease growing by 7% at CER.

North America Operations
Sales in North America Operations increased by 36% measured in Danish kroner and by 24% at CER. The sales increase reflects GLP-1 diabetes sales growing by 41% at CER and Obesity care sales growing by 102% at CER. This was partially offset by insulin sales decreasing by 18% at CER driven by lower realised prices due to rebate enhancements and channel and payer mix as well as a decline in volume. Rare disease sales decreased by 1% at CER.
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DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 14% measured in Danish kroner and by 12% at CER to DKK 12,986 million, resulting in a gross margin of 84.4% measured in Danish kroner compared with 83.0% in 2021. The increase in gross margin reflects a positive product mix, driven by increased GLP-1 sales, a positive currency impact of 0.8 percentage point and productivity improvements. This is partially countered by lower realised prices mainly in the US.

Sales and distribution costs increased by 29% measured in Danish kroner and by 22% at CER to DKK 21,023 million. The increase in costs is driven by both International Operations and North America Operations. In International Operations, promotional spend is related to launch activities for Ozempic® and Rybelsus® as well as Obesity care market development activities. In North America Operations, the cost increase is driven by promotional activities for Ozempic® and market development activities for Obesity care. The cost increase is reflecting low activity level in 2021 due to COVID-19 and higher distribution costs.

Research and development costs increased by 31% measured in Danish kroner and by 26% at CER to DKK 10,329 million reflecting increased late-stage clinical trial activity compared to the first six months of 2021. Increased activities within Other serious chronic diseases and GLP-1 are driving the cost increase as well as the operating costs and amortisations related to Dicerna Pharmaceuticals Inc. which was acquired in the fourth quarter of 2021.

Administration costs increased by 7% measured in Danish kroner and by 3% at CER to DKK 1,961 million.

Other operating income and expenses (net) was DKK 541 million compared with DKK 255 million in 2021, driven by income from partnerships related to Dicerna Pharmaceuticals Inc.

Operating profit increased by 26% measured in Danish kroner and by 14% at CER to DKK 37,538 million. Operating profit growth was negatively impacted by around 3 percentage points from the acquisition of Dicerna Pharmaceuticals Inc. in 2021.

Financial items (net) showed a net loss of DKK 2,824 million compared with a net gain of DKK 1,094 million in 2021.

In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged, primarily through foreign exchange forward contracts. The foreign exchange result was a net loss of DKK 1,995 million compared with a net gain of DKK 1,049 million in 2021. This reflects losses on hedged currencies, primarily the US dollar.

As per the end of June 2022, a negative market value of financial contracts of approximately DKK 3.5 billion has been deferred for recognition later in 2022 and in 2023.

The effective tax rate was 20.7% in the first six months of 2022 compared with an effective tax rate of 19.8% in 2021 mainly reflecting non-recurring impacts in 2021 from acquisitions.

Net profit increased by 11% to DKK 27,528 million and diluted earnings per share increased by 13% to DKK 12.08.


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KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2022
Sales in the second quarter of 2022 increased by 25% measured in Danish kroner and by 15% at CER compared to the same period in 2021. Operating profit increased by 24% measured in Danish kroner and by 10% at CER.
Please refer to appendix 1 for an overview of the quarterly numbers in DKK and to appendix 6 for additional details on sales in the second quarter of 2022.
Sales split per geographical area Sales Q2 2022
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
International Operations20,562 13 %%28 %
 - EMEA10,915 14 %11 %22 %
 - Region China3,566 (4 %)(13 %)(10 %)
 - Rest of World6,081 23 %16 %16 %
North America Operations20,703 40 %24 %72 %
 - The US19,121 39 %23 %64 %
Total sales41,265 25 %15 %100 %

The increased global sales of 15% at CER were driven by Diabetes and Obesity care sales as GLP-1 sales increased by 45% at CER, Obesity care sales increased by 66% partially offset by insulin sales decreasing by 13%. Rare disease sales decreased by 2% at CER.

International Operations
Sales in International Operations increased by 13% measured in Danish kroner and by 7% at CER. Sales growth was driven by Region EMEA and Rest of World, partially offset by Region China due to implementation of Volume Based Procurement for insulin.

Sales growth was driven by Diabetes and Obesity care growing by 9% at CER driven by GLP-1 sales growing by 47% at CER, insulin sales decreasing by 10% at CER and Obesity care increasing by 57% at CER. Rare disease sales decreased by 1% at CER.

North America Operations
Sales in North America Operations increased by 40% measured in Danish kroner and by 24% at CER. Sales growth was driven by GLP-1 growing by 44% at CER and Obesity care sales increasing by 72% at CER. Insulin sales decreased by 21% at CER driven by lower realised prices. Rare disease sales decreased by 5% at CER driven by lower NovoSeven® and Norditropin® sales.

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PROFIT AND LOSSQ2 2022Q2 2021 % change
 Q2 2022 to
 Q2 2021
 % change
 Q2 2022 to
 Q2 2021 at CER
Net sales41,26533,04125 %15 %
Gross profit35,19627,49428 %16 %
Gross margin85.3%83.2%
Sales and distribution costs(10,840)(8,001)35 %25 %
Percentage of sales26.3%24.2%
Research and development costs(5,123)(3,944)30 %24 %
Percentage of sales12.4%11.9%
Administrative costs(991)(904)10 %%
Percentage of sales2.4%2.7%
Other operating income and expenses14913411 %(9 %)
Operating profit18,39114,77924 %10 %
Operating margin44.6%44.7%
Financial items (net)(1,596)138N/AN/A
Profit before income taxes16,79514,91713 %N/A
Income taxes(3,477)(2,794)24 %N/A
Effective tax rate20.7%18.7%
Net profit13,31812,12310 %N/A
Net profit margin32.3%36.7%

Costs and operating profit
The gross margin was 85.3% in the second quarter of 2022 compared with 83.2% in the same period last year. The 2.1 percentage points gross margin increase reflects a positive product mix, a positive currency impact of 1.0% percentage point, partially countered by lower realised prices in the US.

Sales and distribution costs increased by 35% measured in Danish kroner and by 25% at CER compared with the same period in 2021. The increase was driven by both International Operations and North America Operations reflecting promotional activities related to Ozempic® and Rybelsus® as well as Obesity care market development activities. The cost increase is reflecting low activity level in the second quarter of 2021 due to COVID-19 and higher distribution costs.
Research and development costs increased by 30% measured in Danish kroner and by 24% at CER compared with 2021 driven by increased late-stage clinical trial activities and the operating costs and amortisations related to acquisition of Dicerna Pharmaceuticals Inc.
Administrative costs increased by 10% measured in Danish kroner and by 5% at CER compared with the same period in 2021.

Other operating income and expenses showed an income of DKK 149 million in the second quarter of 2022 compared with an income of DKK 134 million in 2021.
Operating profit increased by 24% measured in Danish kroner and by 10% at CER compared with the same period in 2021.

Financial items (net) showed a net loss of DKK 1,596 million compared with a net gain of DKK 138 million in the second quarter of 2021 reflecting losses on hedged currencies, primarily the US dollar.

The effective tax rate is 20.7% in second quarter of 2022 compared with an effective tax rate of 18.7% in second quarter of 2021 mainly reflecting non-recurring impacts in 2021 from acquisitions.

Net profit increased by 10% to DKK 13,318 million and diluted earnings per share increased by 11% to DKK 5.86.
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CASH FLOW AND CAPITAL ALLOCATION

FREE CASH FLOW IN THE FIRST SIX MONTHS OF 2022 AND CAPITAL EXPENDITURE
Free cash flow was DKK 42.7 billion compared with DKK 32.7 billion in 2021 supporting the strategic aspiration to deliver attractive capital allocation to shareholders. The cash conversion in the first half of 2022 is positively impacted by timing of payment of rebates in the US, including provisions related to the revised 340B distribution policy in the US. Income under the 340B Program has been partially recognised.

Capital expenditure for property, plant and equipment was DKK 4.0 billion compared with DKK 3.1 billion in 2021.

Novo Nordisk’s financial reserves were DKK 42.2 billion by end of June 2022 comprising cash at bank, marketable securities (measured at fair value based on active market data) and undrawn credit facilities less overdrafts and loans repayable within 12 months.

EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 74,452 million at the end of the first six months of 2022, equivalent to 34.0% of total assets, compared with 41.5% at the end of the first six months of 2021. Please refer to appendix 5 for further elaboration of changes in equity.

Novo Nordisk returned DKK 27.6 billion to shareholders via share buyback and dividend during the first half of 2022.

Interim dividend
The Board of Directors has decided to pay out interim dividend for 2022 of DKK 4.25 for each Novo Nordisk A and B
share of DKK 0.20, which will be paid in August 2022. The ex-dividend date for the interim dividend will be 12
August 2022. The record date will be 15 August 2022 for the A and B shares as well as the ADRs. The payment date
for the A and B shares will be 16 August 2022, while the payment date for the ADRs will be 23 August 2022. No
dividend will be paid on the company’s holding of B shares.

2022 share repurchase programme
On 3 May 2022, Novo Nordisk announced a share repurchase programme of up to DKK 4.4 billion to be executed
from 4 May to 2 August 2022, as part of an overall programme of up to DKK 24 billion to be executed during a 12-
month period beginning 2 February 2022. The purpose of the programme was to reduce the company’s share capital
and to meet obligations arising from share-based incentive programmes. Under the programme, Novo Nordisk has
repurchased 5,585,303 B shares for an amount of DKK 4.4 billion in the period from 4 May to 2 August 2022. The
programme was concluded on 2 August 2022.

As of 2 August 2022, Novo Nordisk A/S has repurchased a total of 15,907,432 B shares equal to a transaction value
of DKK 12.202 billion under the DKK 24 billion programme beginning 2 February 2022.

As of 2 August 2022, Novo Nordisk and its wholly-owned affiliates owned 17,647,425 of its own B shares,
corresponding to 0.8% of the total share capital.

The execution of Novo Nordisk’s 2022 share repurchase programme of DKK 24 billion to be executed during a 12-
month period beginning 2 February 2022 continues. As part of this, a new share repurchase programme for an amount up to DKK 4.4 billion will be initiated in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules”). For that purpose, Novo Nordisk A/S has appointed Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB (SEB), as lead manager to execute the programme independently and without influence from Novo Nordisk A/S. The purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based incentive programmes. Under the agreement, SEB will repurchase B shares on behalf of Novo Nordisk A/S during the trading period starting, 4 August, and ending on 31 October 2022.

A maximum of 190,000,000 B shares in total can be bought during the trading period. The maximum number of B
shares that can be repurchased on a single trading day may not exceed 20% of the average daily trading volume of
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Novo Nordisk B shares on the trading venue, on which the purchase takes place, during the preceding 20 trading
days of the purchase (excluding the day of the purchase), cf Article 3(3) of the Commission Delegated Regulation
(EU) 2016/1052. At least once every seven trading days, Novo Nordisk A/S will issue an announcement in respect of
the transactions made under the repurchase programme.

As announced in February 2022, Novo Nordisk’s majority shareholder Novo Holdings A/S, a holding company fully owned
by the Novo Nordisk Foundation, has informed Novo Nordisk that it intends to consider its participation in the Novo
Nordisk share repurchase programme on a year-by-year basis. For 2022, Novo Holdings A/S has informed Novo Nordisk
that it plans to participate in the share repurchase programme. Novo Holdings A/S has an ownership of 28.2% of the Novo
Nordisk share capital, and Novo Holdings A/S currently intends to maintain its ownership of the Novo Nordisk share capital around 28%.


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OUTLOOK
OUTLOOK 2022
The current expectations for 2022 are summarised in the table below:
Expectations are as reported, if not otherwise statedExpectations
3 August 2022
Expectations
29 April 2022
Sales growth
at CER12% to 16%10% to 14%
as reportedAround 9 percentage points higher than at CERAround 7 percentage points higher than at CER
Operating profit growth
at CER11% to 15%9% to 13%
as reportedAround 14 percentage points higher than at CERAround 11 percentage points higher than at CER
Financial items (net)Loss of around DKK 5.5 billionLoss of around DKK 4.1 billion
Effective tax rate20% to 22%20% to 22%
Capital expenditure (PP&E)Around DKK 12.0 billionAround DKK 12.0 billion
Depreciation, amortisation and impairment lossesAround DKK 6.5 billionAround DKK 6.5 billion
Free cash flow (excluding impact from business development)DKK 57-62 billionDKK 55-60 billion
For 2022, sales growth is now expected to be 12% to16% at CER. Given the current exchange rates versus the Danish krone, sales growth reported in DKK is now expected to be around 9 percentage points higher than at CER. The guidance reflects expectations for sales growth in both International Operations and North America Operations, mainly driven by Diabetes and Obesity care. Intensifying competition within both Diabetes care and Rare disease as well as an estimated negative impact on global sales growth of around 3 percentage points from Volume Based Procurement of insulin in China are also reflected in the guidance. Furthermore, continued pricing pressure within Diabetes care, especially in the US, is expected to negatively impact sales development. Following higher than expected volume growth, including GLP-1-based products such as Ozempic®, the outlook also reflects expected periodic supply constraints. Finally, the outlook reflects the expectation of making all dose strengths of Wegovy® available in the US towards the end of 2022.

Operating profit growth is now expected to be 11% to 15% at CER. Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be around 14 percentage points higher than at CER. The expectation for operating profit growth primarily reflects the updated sales growth outlook and continued investments in future and current growth drivers within Research and Development and Commercial. Across the operating units, commercial investments are related to Ozempic® and Rybelsus® as well as global investments in building the Obesity care market and the launch of Wegovy®. Furthermore, resources are allocated to both early and late-stage pipeline activities. The acquisition of Dicerna Pharmaceuticals Inc. is negatively impacting operating profit growth by around 3 percentage points due to higher operating costs and amortisations of intangible assets.

The potential wider consequences of Russia's invasion of Ukraine, including impacts on energy supply and supply chains, could cause uncertainty to the outlook and the business performance of Novo Nordisk.

For 2022, Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 5.5 billion, mainly reflecting losses associated with foreign exchange hedging contracts.

The effective tax rate for 2022 is still expected to be in the range of 20-22%.

Capital expenditure is still expected to be around DKK 12 billion in 2022 primarily relating to investments in additional capacity for active pharmaceutical ingredient (API) production at existing manufacturing sites.

Depreciation, amortisation and impairment losses are still expected to be around DKK 6.5 billion.

The free cash flow is now expected to be DKK 57-62 billion reflecting higher sales and net profit expectations.
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All of the above expectations are based on assumptions that the global or regional macroeconomic and political environment will not significantly change business conditions for Novo Nordisk during 2022, including energy and supply chain disruptions, the potential implications from major healthcare reforms and legislative changes as well as outcome of legal cases including litigations related to the 340B Drug Pricing Programme in the US, and that the currency exchange rates, especially the US dollar, will remain at the current level versus the Danish krone. Neither does the guidance include the financial implications of any significant business development transactions during the remainder of 2022.
FX (average rates)Q2 2022Q2 2021% changeH1 2022H1 2021% changeSpot rate
1 August 2022
USD699 617 13 %681 617 10 %728 
CNY106 96 10 %105 95 11 %108 
JPY5.38 5.64 (5 %)5.55 5.73 (3 %)5.50 
CAD547 502 %535 495 %569 
GBP877 863 %883 857 %890 
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 currenciesImpact on Novo Nordisk's operating profit in the next 12 months of a 5% movement in currency
Hedging period (months)1
USDDKK 2,950 million12 
CNY2
DKK 400 million0
JPYDKK 220 million12
CADDKK 250 million9
GBPDKK 130 million11 
1) As of 1 August 2022.
2) Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

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


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INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Rybelsus® marketing authorisation application submitted in China
In May 2022, Novo Nordisk submitted a new drug application to the China Centre of Drug Evaluation for Rybelsus® for
the treatment of people with insufficiently controlled type 2 diabetes.

Results from phase 3a trials with once-weekly insulin icodec announced
During the second quarter of 2022, Novo Nordisk announced headline results from an additional four 3a trials in the ONWARDS programme with once-weekly insulin icodec. The final trial, ONWARDS 5, will read out in the second half of 2022. For information, please see the company announcements here: https://ml-eu.globenewswire.com/Resource/Download/8b88a207-3143-41bb-83a2-2e7b65c21f33 (The contents of the company's website do not form a part of this Form 6-K), https://ml-eu.globenewswire.com/Resource/Download/6cb10355-bd57-4d0e-8309-9d621fe0bb78 (The contents of the company's website do not form a part of this Form 6-K) and https://ml-eu.globenewswire.com/Resource/Download/618e2f98-af66-4ddb-831a-b9b08a77e2be (The contents of the company's website do not form a part of this Form 6-K).

Phase 1 trial with semaglutide and GIP successfully completed
In May 2022, Novo Nordisk successfully completed a phase 1 trial with a combination of once-weekly semaglutide and GIP. The objective of the trial was to investigate safety and pharmacokinetics of the combination. A phase 2 efficacy trial is expected to complete in the first half of 2023.

Phase 1 trial initiated with an oral once-daily fixed dose combination of GLP-1/SGLT2 inhibitor
In June 2022, Novo Nordisk initiated a phase 1 trial with a fixed dose combination of an oral once-daily GLP-1/SGLT2 inhibitor. The trial is investigating pharmacokinetics of the fixed dose combination compared to each of the mono components.

Obesity care
Wegovy® variant application receives positive opinion by the European Medicines Agency
In June 2022, the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion on the variant application on the FlexTouch® device for Wegovy®. Novo Nordisk expects to receive final marketing authorisation from the European Commission in the third quarter of 2022.

Phase 3b trial successfully completed with semaglutide 2.4 mg in adolescents
In June 2022, Novo Nordisk successfully completed the STEP TEENs trial. The trial was a 68-week double-blind, randomised and placebo-controlled clinical trial comparing semaglutide subcutaneous 2.4 mg once weekly with placebo in 201 pubertal adolescents with obesity or overweight with at least one weight-related comorbidity. The primary endpoint was confirmed with a BMI reduction of 16.1% with semaglutide compared to a reduction of 0.6% for people treated with placebo. In the trial, semaglutide appeared to have a safe and well-tolerated profile.

SELECT cardiovascular outcomes trial continues based on interim analysis
In July 2022, the external independent Data Monitoring Committee (DMC) recommended to continue the SELECT (semaglutide effects on cardiovascular outcomes in people with overweight or obesity) cardiovascular outcomes trial in accordance with the trial protocol. The recommendation follows their review of the interim data. Novo Nordisk does not have access to the actual interim results and the results remain confidential until the completion of the trial. The trial is expected to complete in the middle of 2023.

Phase 1 trial initiated with once-daily oral amycretin
In May 2022, Novo Nordisk initiated a phase 1 trial with oral amycretin, a once-daily GLP-1 and amylin receptor co-agonist. The 12-week trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of oral amycretin in people with overweight or obesity.

Rare disease
Somapacitan submitted for regulatory approval in the EU, the US and Japan
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In June 2022, Novo Nordisk submitted the long-acting growth hormone somapacitan for regulatory approval for use in children with growth hormone deficiencies in the EU, the US and Japan. The submissions are based on REAL4 results comparing the effect and safety of once-weekly dosing of somapacitan with daily Norditropin® in children with growth hormone deficiency.




Phase 2 trial initiated with NDec in Sickle cell disease
In July 2022, Novo Nordisk initiated a phase 2 trial with NDec, an oral combination of decitabine and tetrahydrouridine. The trial is investigating safety and biomarker efficacy of NDec compared to placebo in 84 adults with sickle cell disease. NDec is licensed from Epidestiny.

Other serious chronic diseases
Phase 2 initiation with NNC6019 in ATTR-cardiomyopathy
In August 2022, Novo Nordisk initiated a phase 2 trial with the anti-amyloid immunotherapy NNC6019. NNC6019 (previously named PRX004) was acquired from Prothena in 2021. The 52-week trial is investigating safety and efficacy of NNC6019 in 99 people with transthyretin amyloid cardiomyopathy.
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Purpose and sustainability
Environment
ENVIRONMENTAL PERFORMANCEH1 2022H1 2021
H1 2019 (pre-COVID)4
 % change
 H1 2022 to
 H1 2021
% change H1 2022 to H1 2019
Emissions
CO2 emissions from operations and transportation (1,000 tonnes)
1248315449 %(19 %)
 - Scope 1 emissions1
393643%(9 %)
 - Scope 2 emissions2
9940%(78 %)
 - Partial scope 3 emissions3
763871100 %%
1. Scope 1: Direct emissions from company owned and controlled resources (including emissions from production processes and transport).
2. Scope 2: Indirect emissions from the generation of energy purchased from a utility provider (including electricity, steam, heat and cooling).
3. Scope 3: Emissions are limited to CO2 emissions from business flights and product distribution.
4. In 2019, some emission categories were only reported at an annual basis. For these categories, the quarterly emissions have been estimated based on the full-year results

Emissions
Novo Nordisk's ambition is to have zero environmental impact. The environmental strategy is called Circular for Zero.

CO2 emissions from operations and transportation increased by 49% in the first half of 2022 compared to the first half of 2021, mainly reflecting COVID-19 impact on activities in 2021 and increased production volumes. Partial scope 3 emissions doubled compared to the first half of 2021 due to increased business travel and product distribution done by airfreight.


Social
SOCIAL PERFORMANCEH1 2022H1 2021 % change
 H1 2022 to
 H1 2021
Patients
Patients reached with Novo Nordisk's Diabetes care products (estimate in million)1
35.133.3%
'- Hereof children reached through the Changing Diabetes® in Children programme (cumulative)
34,30029,92815 %
Sustainable employer
Gender in leadership positions2 (ratio men:women)
56:4458:42N/A
Gender in senior leadership positions3 (ratio men:women)
62:3865:35N/A
1. Calculated as a moving annual total.
2. Defined as team leaders, managers, directors, vice presidents, corporate vice presidents, senior vice presidents and executive management.
3. Defined as vice presidents, corporate vice presidents, senior vice presidents and executive management.
Patients
Novo Nordisk continues to take action under the social responsibility strategy ‘Defeat Diabetes’ with a keen focus on access and affordability and prevention. The number of people with diabetes treated with Novo Nordisk products, calculated as a moving annual total, was 35.1 million at the end of June 2022 . This estimated number of people treated represents a net increase of 1.8 million patients compared to the end of June 2021.

Novo Nordisk has the ambition that no child should die from type 1 diabetes. The Changing Diabetes® in Children programme aims to reach 100,000 children by 2030. By end of June 2022, more than 34,000 children were reached, an increase of 15% compared to the first half of 2021. Nigeria has been added to the programme which now includes 24 countries.

With a focus on improving patient access to medicines, Novo Nordisk launched a new multi-stakeholder partnership called Senselet in the second quarter of 2022. Senselet is aimed at ensuring a continuous supply of medicine to patients in Ethiopia by strengthening national supply chain competencies through educational programmes. Senselet will initially run for three years, and the project involves a network of public and private stakeholders, among them the University of Addis Ababa, the Ministry of Health and the Ethiopian Pharmaceutical Supply Services, Kühne Foundation, World Diabetes Foundation and the Geneva Centre of Humanitarian Studies.


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Sustainable employer
Novo Nordisk aspires to be a sustainable employer, and in 2021 two aspirational gender diversity targets were launched; achieve a balanced gender representation across all managerial levels and achieve a minimum of 45% women and a minimum of 45% men in senior leadership positions by the end of 2025.

By the end of the second quarter of 2022, 44% of all leaders were women, and 38% of leaders in senior leadership positions were women compared to 42% and 35%, respectively, in the end of second quarter of 2021.

The number of full-time employees at the end of the first six months of 2022 increased by 11% compared to 12 months ago. The total number of full-time employees was 50,816. The increase is driven by Product Supply, International Operations and R&D.

Russia's invasion of Ukraine
Following Russia's invasion of Ukraine, Novo Nordisk's key priorities have been to safeguard employees and continue the supply of essential medicines.

Novo Nordisk offices in Kiev reopened in May 2022 and around half of the employees have voluntarily returned to work. Novo Nordisk has to the extent possible continued supply of medicines in Ukraine and currently, Novo Nordisk medicines are available in more than 90% of Ukraine and Novo Nordisk collaborates with humanitarian organisations to make products available in the residual areas. Moreover, Novo Nordisk has donated five months’ supply of diabetes and haemophilia medication to the Ukrainian Ministry of Health, and together with humanitarian organisations Novo Nordisk continues to monitor the situation to be able to provide further support. In neighbouring countries hosting refugees from Ukraine, Novo Nordisk has provided donations to ensure access to insulin for people who have been forced to flee.

In Russia, Novo Nordisk has suspended further marketing investments, while maintaining supply of medicine to ensure that more than 700,000 patients can continue their treatment with essential medication. Within regulatory, Novo Nordisk has ceased filing for marketing authorisations of new medication, and within clinical development, Novo Nordisk has suspended further clinical investments in Russia. Consequently, no new clinical trials are initiated in Russia, and active enrolment of new patients in ongoing trials is halted. Novo Nordisk's factory in Russia is still operating to supply insulin to patients in Russia only.

Sales in Russia and Ukraine constituted less than 1% of Novo Nordisk's global sales in 2021.
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 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 22 of 34
LEGAL MATTERS
Illinois AG Civil Investigative Demand relating to insulin pricing
On 23 June 2022, Novo Nordisk received a CID from the Attorney General of the State of Illinois calling for information relating to US pricing and trade practices for Novo Nordisk’s diabetes products. The Novo Nordisk products identified in the CID are insulins as well as Victoza® and Ozempic® sold between 2003 and today. Novo Nordisk is cooperating with the Illinois AG’s office in responding to the requests for documents and information in the CID.

Saxenda® Abbreviated New Drug Application litigations in the US
In December 2021, Teva Pharmaceuticals Inc. notified Novo Nordisk that they had filed an Abbreviated New Drug Application (ANDA) for liraglutide, the active pharmaceutical molecule in Saxenda® with the U.S. Food and Drug Administration. Accordingly, the ANDA contains Paragraph IV certifications to obtain approval to engage in the commercial manufacture, use, or sale of Saxenda® before the expiration of some or all of the patents currently listed for Saxenda® in the Orange Book with expiration dates ranging from May 2024–Jul 2037. Subsequently, Orbicular Pharmaceutical Technologies PVT. Ltd, Sun Pharmaceutical Industries Ltd. and Biocon Pharma Limited have provided similar notifications to Novo Nordisk. Novo Nordisk filed complaints for patent infringement against Teva in December 2021, against Orbicular in June 2022 and against Sun and Biocon in July 2022. Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow.

Victoza® Abbreviated New Drug Application litigations in the US
In December 2021, Hikma Pharmaceuticals USA, Inc. notified Novo Nordisk that they had filed an Abbreviated New Drug Application (ANDA) for liraglutide, the active pharmaceutical molecule in Victoza®, with the U.S. Food and Drug Administration. Accordingly, the ANDA contains Paragraph IV certifications to obtain approval to engage in the commercial manufacture, use, or sale of Victoza® before the expiration of some or all of the patents currently listed for Victoza® in the Orange Book with expiration dates ranging from June 2023 to September 2032. Subsequently, Sun Pharmaceutical Industries Ltd. and Biocon Pharma Limited have provided similar notifications to Novo Nordisk. Novo Nordisk filed complaints for patent infringement against Hikma in December 2021 and against Sun and Biocon in July 2022. Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow.

Litigations related to the 340B Drug Pricing Program in the US
Since January 2021, Novo Nordisk has changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk’s contract pharmacy policy has been challenged by the US Department of Health and Human Services. On 17 May 2021, the US government issued a letter to Novo Nordisk asserting that Novo Nordisk’s policy violates the 340B statute. Novo Nordisk believes its policy does not violate the 340B Drug Pricing Program requirements and has commenced litigation against the government seeking a declaration that its 340B policy is consistent with relevant US laws. On 5 November 2021, the US District Court for the District of New Jersey issued a decision on Novo Nordisk’s motion for summary judgment holding that the use of contract pharmacies is consistent with the 340B statute and that manufacturers have no statutory right to impose restrictions on the sale or distribution of 340B drugs. Novo Nordisk has appealed the decision to the US Court of Appeals for the Third Circuit. A decision on this appeal is now expected in the first half of 2023. Depending on the outcome of these matters, there may be a significant impact on Novo Nordisk’s financial position, net sales and cash flow.






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 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 23 of 34
MANAGEMENT STATEMENT
The Board of Directors and Executive Management have reviewed and approved the financial report of Novo Nordisk A/S
for the first six months of 2022. The financial report has not been audited or reviewed by the company’s
independent auditors.

The financial report for the first six months of 2022 has been prepared in accordance with IAS 34 'Interim Financial
Reporting' and additional Danish disclosure requirements for listed companies. The accounting policies adopted in the
preparation are consistent with those applied in the Annual Report 2021 of Novo Nordisk.

In our opinion, the financial report for the first six months of 2022 gives a true and fair view of the Group’s assets,
liabilities and financial position at 30 June 2022, and of the results of the Group’s operations and cash flow for the
period 1 January 2022 to 30 June 2022. Furthermore, in our opinion, Management’s Review includes a true and fair
account of the development in the operations and financial circumstances of the results for the period and of the financial
position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group in
accordance with Danish disclosure requirements for listed companies.

Besides what has been disclosed in the quarterly financial report, no changes in the Group’s most significant risks and
uncertainties have occurred relative to what was disclosed in the consolidated Annual Report 2021.

Bagsværd, 3 August 2022
Executive Management:
Lars Fruergaard Jørgensen
President and CEO
Karsten Munk Knudsen
CFO
Monique Carter
Martin Holst LangeMarcus SchindlerCamilla Sylvest
Henrik Wulff
Board of Directors:
Helge Lund
Chair
Henrik Poulsen
Vice chair
Jeppe Christiansen
Elisabeth Dahl ChristensenLaurence DebrouxAndreas Fibig
Sylvie GrégoireLiselotte HyveledMette Bøjer Jensen
Kasim KutayChristina LawMartin Mackay
Thomas Rantzau

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 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 24 of 34
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 50,800 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn, YouTube.

Financial calendar
2 November 2022Financial statement for the first nine months of 2022
1 February 2023Financial statement for 2022

Contacts for further information
Media:
Ambre Brown Morley+45 3079 9289abmo@novonordisk.com
Natalia Salomao Abrahao (US) +1 848 304 1027niaa@novonordisk.com
Investors:
Daniel Muusmann Bohsen+45 3075 2175dabo@novonordisk.com
Ann Søndermølle Rendbæk+45 3075 2253arnd@novonordisk.com
David Heiberg Landsted+45 3077 6915dhel@novonordisk.com
Jacob Martin Wiborg Rode+45 3075 5956jrde@novonordisk.com
Mark Joseph Root (US)+1 848 213 3219mjhr@novonordisk.com
Further information about Novo Nordisk is available on novonordisk.com.
Forward-looking statements
Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s statutory Annual Report 2021 and Form 20-F both filed with the SEC in February 2022 in continuation of the publication of the Annual Report 2021, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto,
statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures,
statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and
statements regarding the assumptions underlying or relating to such statements.

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

These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this document, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, such as interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology including the risk of cybersecurity breaches, Novo Nordisk’s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, and the effects of domestic or international crises, civil unrest, war or other conflict, and factors related to the foregoing matters and other factors not specifically identified herein.

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in this document, reference is made to the overview of risk factors in ‘Risk Management’ of the Annual Report 2021.

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise.
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Financial report for the period 1 January 2022 to 30 June 2022
Page 25 of 34
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
20222021Q2 2022 vs.
Q2Q1Q4Q3Q2Q1Q2 2021
Net sales41,26542,03138,33335,62233,04133,80425 %
Gross profit35,19635,11432,09229,56327,49427,99328 %
Gross margin85.3%83.5%83.7%83.0%83.2%82.8%
Sales and distribution costs(10,840)(10,183)(11,632)(9,119)(8,001)(8,256)35 %
Percentage of sales26.3%24.2%30.3%25.6%24.2%24.4%
Research and development costs(5,123)(5,206)(5,632)(4,252)(3,944)(3,944)30 %
Percentage of sales12.4%12.4%14.7%11.9%11.9%11.7%
Administrative costs(991)(970)(1,190)(1,024)(904)(932)10 %
Percentage of sales2.4%2.3%3.1%2.9%2.7%2.8%
Other operating income and expenses149392(4)8113412111 %
Operating profit18,39119,14713,63415,24914,77914,98224 %
Operating margin44.6%45.6%35.6%42.8%44.7%44.3%
Financial income1,656210254790901,7531,740 %
Financial expenses(3,252)(1,438)(775)(927)48(797)(6,875 %)
Financial items (net)(1,596)(1,228)(521)(137)138956(1,257 %)
Profit before income taxes16,79517,91913,11315,11214,91715,93813 %
Income taxes(3,477)(3,709)(2,221)(2,993)(2,794)(3,315)24 %
Net profit13,31814,21010,89212,11912,12312,62310 %
Depreciation, amortisation and impairment losses1,6361,6502,0821,3491,2171,37734 %
Capital expenditure (PP&E)2,4351,5202,0491,1751,7091,40242 %
Net cash generated from operating activities23,96123,586(3,017)21,50725,25511,255(5 %)
Free cash flow21,15721,568(22,993)19,61623,1649,532(9 %)
Total assets218,928197,136194,508174,084158,095141,38738 %
Total equity74,45266,55070,74666,11265,55958,49614 %
Equity ratio34.0%33.8%36.4%38.0%41.5%41.4%
Full-time equivalent employees end of period50,81649,29547,79246,98245,97145,15711 %
Basic earnings per share/ADR (in DKK) 5.876.244.775.295.265.4712 %
Diluted earnings per share/ADR (in DKK)5.866.224.765.275.265.4511 %
Average number of shares outstanding (million) 2,269.22,276.42,284.02,291.92,300.82,309.6(1 %)
Average number of diluted shares outstanding (million)2,276.12,283.32,290.62,297.32,306.32,315.6(1 %)
Sales by business segment:
   Total GLP-119,23117,42016,37213,84812,07711,30059 %
   Long-acting insulin4,1044,7964,6774,4164,1494,822(1 %)
   Premix insulin2,5013,0122,6912,8442,7152,953(8 %)
   Fast-acting insulin3,8874,8424,5204,3594,2524,556(9 %)
   Human insulin1,8512,3122,0852,3912,0412,535(9 %)
   Total insulin12,34314,96213,97314,01013,15714,866(6 %)
   Other Diabetes care8308848168598091,110%
   Total Diabetes care32,40433,26631,16128,71726,04327,27624 %
   Wegovy®
1,1811,40478251985
   Saxenda®
2,4621,9981,6771,8791,9071,55129 %
   Total Obesity care
3,6433,4022,4592,3981,9921,55183 %
   Diabetes and Obesity care total36,04736,66833,62031,11528,03528,82729 %
   Rare blood disorders2,8633,0772,4902,3262,7232,678%
   Rare endocrine disorders1,9231,8201,7191,8051,8591,920%
   Other Rare disease432466504376424379%
   Rare disease total5,2185,3634,7134,5075,0064,977%
Sales by geographic segment:
   International Operations20,56222,04118,21618,33718,23718,74713 %
   - EMEA10,91510,8249,4279,1709,5799,53014 %
   - Region China3,5664,8413,7104,2573,7224,330(4 %)
   - Rest of World6,0816,3765,0794,9104,9364,88723 %
   North America Operations20,70319,99020,11717,28514,80415,05740 %
   - The US19,12118,75318,90216,18113,75414,17239 %
Segment operating profit:
   Diabetes and Obesity care15,87316,37911,86113,05212,15512,47031 %
   Rare disease2,5182,7681,7732,1972,6242,512(4 %)

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 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 26 of 34
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK millionH1 2022H1 2021Q2 2022Q2 2021
Income statement
Net sales83,29666,84541,26533,041
Cost of goods sold(12,986)(11,358)(6,069)(5,547)
Gross profit70,31055,48735,19627,494
 
Sales and distribution costs(21,023)(16,257)(10,840)(8,001)
Research and development costs(10,329)(7,888)(5,123)(3,944)
Administrative costs(1,961)(1,836)(991)(904)
Other operating income and expenses541255149134
Operating profit37,53829,7612976100000018,39114,779
Financial income1,8661,8431,65690
Financial expenses(4,690)(749)(3,252)48
Profit before income taxes34,71430,85516,79514,917
Income taxes(7,186)(6,109)(3,477)(2,794)
NET PROFIT27,52824,7462474600000013,31812,123
Basic earnings per share (DKK) 12.1110.735.875.26
Diluted earnings per share (DKK)12.0810.715.865.26
Segment Information
Segment sales:
   Diabetes and Obesity care72,71556,86236,04728,035
   Rare disease10,5819,9835,2185,006
Segment operating profit:
   Diabetes and Obesity care32,25224,62515,87312,155
    Operating margin44.4%43.3%44.0%43.4%
   Rare disease5,2865,1362,5182,624
    Operating margin50.0%51.4%48.3%52.4%
Total segment operating profit37,53829,76118,39114,779
Statement of comprehensive income
Net profit for the period27,52824,74613,31812,123
    Other comprehensive income
    Items that will not subsequently be reclassified to the Income
    statement
    Remeasurements on defined benefit plans677196352(17)
    Items that will be reclassified subsequently to the Income
    statement
    Exchange rate adjustments of investments in subsidiaries 4,0145292,927(74)
    Cash flow hedges, realisation of previously deferred (gains)/losses 1,269(1,410)628(434)
    Cash flow hedges, deferred gains/(losses) incurred during the period (3,053)(813)(2,401)760
    Other items(2)(2)2
    Tax on other comprehensive income, income/(expense) 319528194(69)
  Other comprehensive income for the period, net of tax3,224(972)1,702166
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD30,75223,77415,02012,289

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 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 27 of 34
APPENDIX 3: CASH FLOW STATEMENT
DKK millionH1 2022H1 2021
Net profit 27,528 24,746 
Adjustment for non-cash items:
    Income taxes in the Income Statement7,186 6,109 
    Depreciation, amortisation and impairment losses3,286 2,594 
    Other non-cash items11,805 9,172 
Change in working capital5,982 1,739 
Interest received109 43 
Interest paid(120)(85)
Income taxes paid(8,229)(7,808)
Net cash generated from operating activities47,547 36,510 
 
Purchase of intangible assets(400)(272)
Purchase of property, plant and equipment(3,955)(3,111)
Proceeds from other financial assets— 
Purchase of other financial assets (7)(4)
Purchase of marketable securities(4,904)(3,755)
Sale of marketable securities3,159 768 
Dividend received from associated company— 
Net cash used in investing activities(6,107)(6,367)
Purchase of treasury shares(11,927)(8,400)
Dividends paid(15,690)(13,496)
Proceeds from issue of bonds11,120 9,657 
Proceeds from borrowings30 — 
Repayment of borrowings(13,099)(6,072)
Net cash used in financing activities(29,566)(18,311)
NET CASH GENERATED FROM ACTIVITIES11,874 11,832 
Cash and cash equivalents at the beginning of the year10,719 12,226 
Exchange gain/(loss) on cash and cash equivalents163 169 
Cash and cash equivalents at the end of the period22,756 24,227 

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 Company announcement No 61 / 2022


Financial report for the period 1 January 2022 to 30 June 2022
Page 28 of 34
APPENDIX 4: BALANCE SHEET
DKK million30 Jun 202231 Dec 2021
ASSETS
Intangible assets44,590 43,171 
Property, plant and equipment59,556 55,362 
Investments in associated companies463 525 
Deferred income tax assets10,309 8,672 
Other receivables and prepayments252 267 
Other financial assets779 916 
TOTAL NON-CURRENT ASSETS115,949 108,913 
Inventories21,706 19,621 
Trade receivables40,826 40,643 
Tax receivables1,168 1,119 
Other receivables and prepayments4,645 5,037 
Marketable securities8,279 6,765 
Derivative financial instruments3,597 1,690 
Cash at bank22,758 10,720 
TOTAL CURRENT ASSETS102,979 85,595 
TOTAL ASSETS218,928 194,508 
EQUITY AND LIABILITIES
Share capital456 462 
Treasury shares(3)(6)
Retained earnings73,166 72,004 
Other reserves833 (1,714)
TOTAL EQUITY74,452 70,746 
Borrowings24,178 12,961 
Deferred income tax liabilities5,217 5,271 
Retirement benefit obligations617 1,280 
Other liabilities167 360 
Provisions4,642 4,374 
Total non-current liabilities34,821 24,246 
Borrowings1,256 13,684 
Trade payables14,654 8,870 
Tax payables3,943 3,658 
Other liabilities19,631 19,600 
Derivative financial instruments4,383 2,184 
Provisions 65,788 51,520 
Total current liabilities109,655 99,516 
TOTAL LIABILITIES144,476 123,762 
TOTAL EQUITY AND LIABILITIES218,928 194,508 

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Financial report for the period 1 January 2022 to 30 June 2022
Page 29 of 34
APPENDIX 5: EQUITY STATEMENT
DKK millionShare
capital
Treasury
shares
Retained
earnings
Other reservesTotal
H1 2022
Balance at the beginning of the period462 (6)72,004 (1,714)70,746 
Net profit for the period27,528 27,528 
Other comprehensive income for the period677 2,547 3,224 
Total comprehensive income for the period28,205 2,547 30,752 
Transactions with owners:
Dividends(15,690)(15,690)
Share-based payments501 501 
Tax related to restricted stock units70 70 
Purchase of treasury shares(3)(11,924)(11,927)
Reduction of the B share capital(6)— 
Balance at the end of the period456 (3)73,166 833 74,452 
DKK millionShare
capital
Treasury
shares
Retained
earnings
Other reservesTotal
H1 2021
Balance at the beginning of the period470 (8)63,774 (911)63,325 
Net profit for the period24,746 24,746 
Other comprehensive income for the period196 (1,168)(972)
Total comprehensive income for the period24,942 (1,168)23,774 
Transactions with owners:
Dividends(13,496)(13,496)
Share-based payments371 371 
Tax related to restricted stock units(15)(15)
Purchase of treasury shares(3)(8,397)(8,400)
Reduction of the B share capital(8)— 
Balance at the end of the period462 (3)67,179 (2,079)65,559 

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