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Results for the year (Tables)
 12 Months Ended
Dec. 31, 2022
Analysis of income and expense [abstract]  
Gross-to-net sales reconciliation
Gross-to-net sales reconciliation
DKK million202220212020
Gross sales455,692340,180298,187
US Managed Care and Medicare(161,123)(112,929)(96,716)
US wholesaler charge-backs(56,443)(40,354)(37,036)
US Medicaid rebates(24,667)(19,810)(17,307)
Other US discounts and sales returns(18,300)(14,119)(10,867)
Non-US rebates, discounts and sales returns(18,205)(12,168)(9,315)
Total gross-to-net sales adjustments(278,738)(199,380)(171,241)
Net sales176,954140,800126,946
Provisions for sales rebates
Provisions for sales rebates
DKK million202220212020
At the beginning of the year50,82234,05230,878
Additional provisions, including increases to existing provisions206,354155,602111,921
Amount paid during the year(189,580)(141,370)(106,116)
Adjustments, including unused amounts reversed during the year(1,141)(284)166
Effect of exchange rate adjustment3,0442,822(2,797)
At the end of the year69,49950,82234,052
DKK million
Provisions
for sales
rebates1
Provisions
for legal
disputes		Provisions
for product
returns
Other
provi-
sions2
2022 Total2021
Total
At the beginning of the year50,8222,1578582,05755,89439,340
Additional provisions, including increases to existing provisions206,354437591333207,715157,164
Amount used during the year(189,580)(103)(437)(158)(190,278)(142,691)
Adjustments, including unused amounts reversed during the year(1,141)(245)10(292)(1,668)(970)
Effect of exchange rate adjustment3,0441308323,2143,051
At the end of the year69,4992,3761,0301,97274,87755,894
Non-current liabilities3
3222,0284121,8284,5904,374
Current liabilities69,17734861814470,28751,520
1. Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid, 340B drug pricing program and other types of US rebates, as well as rebates in a number of European countries and Canada.
2. Other provisions consists of various types of provisions, including obligations in relation to employee benefits such as jubilee benefits, company-owned life insurance, etc.
3. For non-current liabilities, provisions for sales rebates are expected to be settled after one year, provisions for product returns will be utilised in 2023 and 2024. In the case of provisions for legal disputes, the timing of settlement cannot be determined.
Information by business segment
Business segments – Key figures
Diabetes and Obesity careRare diseaseTotal
DKK million202220212020202220212020202220212020
Total net sales156,412121,597108,02020,54219,20318,926176,954140,800126,946
Cost of goods sold(23,405)(19,363)(17,715)(5,043)(4,295)(3,217)(28,448)(23,658)(20,932)
Sales and distribution costs(42,392)(33,791)(29,903)(3,825)(3,217)(3,025)(46,217)(37,008)(32,928)
Research and development costs(20,157)(15,600)(13,535)(3,890)(2,172)(1,927)(24,047)(17,772)(15,462)
Administrative costs(3,955)(3,504)(3,387)(512)(546)(571)(4,467)(4,050)(3,958)
Other operating income and expenses8921992641421331961,034332460
Segment operating profit 67,39549,53843,7447,4149,10610,38274,80958,64454,126
Operating margin43.1 %40.7 %40.5 %36.1 %47.4 %54.9 %42.3 %41.7 %42.6 %
Depreciation, amortisation and impairment losses expensed(5,701)(4,895)(4,624)(1,661)(1,130)(1,129)(7,362)(6,025)(5,753)
Net sales – Business segments and geographical areas
Total International OperationsTotal North America OperationsTotal Novo Nordisk
net sales
Total IOEMEAChinaRest of WorldTotal NAOOf which the US
DKK million202220212020202220212020202220212020202220212020202220212020202220212020202220212020
Diabetes and Obesity care segment:
Rybelsus®
3,155524361,7142893663——1,378235—8,1444,3141,8378,0114,2431,82611,2994,8381,873
Ozempic®
17,3698,8563,63410,4176,3933,1122,196303104,7562,16051242,38124,84917,57738,75023,16816,65059,75033,70521,211
Victoza®
5,6726,7267,0952,7243,5274,2511,4781,5441,0331,4701,6551,8116,6508,32811,6526,4068,03111,29212,32215,05418,747
Total GLP-126,19616,10610,76514,85510,2097,3993,7371,8471,0437,6044,0502,32357,17537,49131,06653,16735,44229,76883,37153,59741,831
Long-acting insulin11,40311,0749,9597,1576,7296,4511,6362,0801,4712,6102,2652,0375,3386,9908,4804,6856,4127,96216,74118,06418,439
 – of which Tresiba®
6,0925,4864,4073,4852,9792,5741,0501,0954181,5571,4121,4153,2614,2434,5612,7233,7934,1919,3539,7298,968
 – of which Xultophy®
2,4002,1351,7891,7161,6931,60545316394391834095226553995126422,8092,6572,444
 – of which Levemir®
2,9113,4533,7631,9562,0572,2725419821,0524144144391,6682,2253,2641,5632,1073,1294,5795,6787,027
Premix insulin10,02310,51210,2462,6222,8792,9594,9125,2244,8522,4892,4092,43553969167951766565210,56211,20310,925
 – of which Ryzodeg®
2,8891,7111,2914953923211,218283391,1761,036931——————2,8891,7111,291
 – of which NovoMix®
7,1348,8018,9552,1272,4872,6383,6944,9414,8131,3131,3731,5045396916795176656527,6739,4929,634
Fast-acting insulin10,82610,90310,8086,4566,4546,5841,9422,2882,0752,4282,1612,1496,6376,7847,5056,2476,3577,10117,46317,68718,313
 – of which Fiasp®
1,3541,1068321,138965764———216141686496425536066055192,0031,7481,385
 – of which NovoRapid®
9,4729,7979,9765,3185,4895,8201,9422,2882,0752,2122,0202,0815,9886,1426,9525,6415,7526,58215,46015,93916,928
Human insulin6,5087,4537,3391,9832,1522,3701,8122,6922,6552,7132,6092,3141,6781,5991,5341,6051,5151,4318,1869,0528,873
Total insulin38,76039,94238,35218,21818,21418,36410,30212,28411,05310,2409,4448,93514,19216,06418,19813,05414,94917,14652,95256,00656,550
Other Diabetes care2,4282,6442,9467177137251,1811,4321,5465304996757979501,0856608069433,2253,5944,031
Total Diabetes care67,38458,69252,06333,79029,13626,48815,22015,56313,64218,37413,99311,93372,16454,50550,34966,88151,19747,857139,548113,197102,412
Wegovy®
54——54————————6,1341,386—6,1341,386—6,1881,386—
Saxenda®
5,8323,1172,1183,5611,8091,12413361102,1381,2479844,8443,8973,4904,3683,5263,23010,6767,0145,608
Total Obesity care 5,8863,1172,1183,6151,8091,12413361102,1381,24798410,9785,2833,49010,5024,9123,23016,8648,4005,608
Diabetes and Obesity care total73,27061,80954,18137,40530,94527,61215,35315,62413,65220,51215,24012,91783,14259,78853,83977,38356,10951,087156,412121,597108,020
Rare disease segment:
Rare blood disorders6,6715,7845,7083,7953,7123,5796042223612,2721,8501,7685,0354,4333,9544,7104,1703,67511,70610,2179,662
 – of which Haemophilia A1,7691,6251,3321,1371,1629838124165514393335694873815434603582,3382,1121,713
 – of which Haemophilia B479400306294268199134—17212810728023721215210286759637518
 – of which NovoSeven®
4,3353,6733,9962,3112,2252,3525101943451,5141,2541,2993,9733,5483,2073,8113,4613,0898,3087,2217,203
Rare endocrine disorders4,9044,8804,8322,2322,2122,220246167662,4262,5012,5462,2342,4232,8752,2052,4002,8577,1387,3037,707
Other Rare disease1,0021,0641,1088048378866651922212176966194493583302051,6981,6831,557
Rare disease total12,57711,72811,6486,8316,7616,6858563954324,8904,5724,5317,9657,4757,2787,2736,9006,73720,54219,20318,926
Total sales by geographical area85,84773,53765,82944,23637,70634,29716,20916,01914,08425,40219,81217,44891,10767,26361,11784,65663,00957,824176,954140,800126,946
Total sales growth as reported16.7 %11.7 %6.9 %17.3 %9.9 %6.5 %1.2 %13.7 %9.7 %28.2 %13.5 %5.7 %35.4 %10.1 %1.1 %34.4 %9.0 %0.6 %25.7 %10.9 %4.0 %
Research and development costs
DKK million202220212020
Employee costs (note 2.4)
9,9527,3286,269
Amortisation and impairment losses, intangible assets (note 3.1)
1,3647441,025
Depreciation and impairment losses, property, plant and equipment (note 3.2)
922736724
Other research and
development costs		11,8098,9647,444
Total research and development costs24,04717,77215,462
As percentage of net sales13.6 %12.6 %12.2 %
Employee costs and remuneration to executive management and board of directors
DKK million202220212020
Wages and salaries34,57528,93926,778
Share-based payment costs (note 5.1)
1,5391,040823
Pensions – defined contribution plans2,4722,0221,961
Pensions – defined benefit plans185139138
Other social security contributions2,7132,2031,862
Other employee costs3,1052,1892,044
Total employee costs for the year44,58936,53233,606
Employee costs capitalised as intangible assets and property, plant and equipment(1,451)(1,240)(1,279)
Change in employee costs capitalised as inventories(70)(56)(60)
Total employee costs
in the income statement		43,06835,23632,267
Included in the income statement:
Cost of goods sold11,7669,6118,896
Sales and distribution costs17,70015,00314,146
Research and development costs9,9527,3286,269
Administrative costs3,5173,0982,848
Other operating income and expenses133196108
Total employee costs in the
income statement		43,06835,23632,267

Number of employees202220212020
Average number of
full-time employees		51,04646,17143,759
Year-end number of
full-time employees		54,39347,79244,723
Year-end employees (total)55,18548,47845,323
Remuneration to Executive Management and Board of Directors
DKK million202220212020
Salary and short-term incentive141126119
Pension131226
Benefits91010
Long-term incentive1
9710052
Severance payments—29—
Executive Management in total2
260277207
Fee to Board of Directors3
201717
Total280294224
1. Please refer to note 5.1 for further information.
2. Total remuneration for registered members of Executive Management amounts to DKK 175 million (DKK 202 million in 2021 and DKK 141 million in 2020).
3. All members of the Board of Directors are registered.
Income taxes expensed and paid
Income taxes expensed
DKK million202220212020
Current tax on profit for the year17,82913,87111,557
Deferred tax on profit for the year(3,806)(1,528)1,105
Tax on profit for the year14,02312,34312,662
Current tax adjustments recognised for prior years339(603)(563)
Deferred tax adjustments recognised for prior years(825)(417)(1,107)
Income taxes in the
income statement		13,53711,32310,992
Tax on other comprehensive
income for the year,
(income)/expense		889(1,005)577
Income taxes paid
DKK million202220212020
Income taxes paid in Denmark for current year9,1819,7034,262
Income taxes paid outside Denmark for current year5,6473,4394,508
Income taxes paid/(repayments) relating to prior years(313)1,2961,336
Income taxes paid14,51514,43810,106
Computation of effective tax rate
Computation of effective tax rate
DKK million202220212020
Statutory corporate income tax rate in Denmark22.0 %22.0 %22.0 %
Deviation in foreign subsidiaries' tax rates compared to the Danish tax rate (net)(1.1 %)(1.5 %)(2.5 %)
Non-taxable income less non-tax-deductible expenses (net)(0.5 %)(0.3 %)(0.2 %)
Other adjustments (net)(0.8 %)(1.0 %)1.4 %
Effective tax rate19.6 %19.2 %20.7 %
Development in deferred income tax assets and liabilities
Development in deferred income tax assets and liabilities
DKK millionProperty,
plant and
equipment		 Intangible
assets		Inventories
Liabilities		OtherOffset
within
countries		Total
2022
Net deferred tax asset/(liability) at 1 January(1,980)(7,375)3,1956,9322,629—3,401
Income/(charge) to the income statement(413)674(465)3,9998364,631
Income/(charge) to other comprehensive income——(130)(141)(608)(879)
Income/(charge) to equity————234234
Additions from acquisitions (5.3)
—(1,475)——242(1,233)
Effect of exchange rate adjustment(9)(103)(5)217112212
Net deferred tax asset/(liability) at 31 December(2,402)(8,279)2,59511,0073,445—6,366
Classified as follows:
Deferred tax asset at 31 December5791952,62711,0274,169(5,170)13,427
Deferred tax liability at 31 December(2,981)(8,474)(32)(20)(724)5,170(7,061)
2021
Net deferred tax asset/(liability) at 1 January(1,614)(3,600)2,5564,6171,404—3,363
Income/(charge) to the income statement(330)6323872,037(781)1,945
Income/(charge) to other comprehensive income—2251(41)7931,005
Income/(charge) to equity—(2)——194192
Additions from acquisitions (5.3)
—(4,456)——976(3,480)
Effect of exchange rate adjustment(36)49131943376
Net deferred tax asset/(liability) at 31 December(1,980)(7,375)3,1956,9322,629—3,401
Classified as follows:
Deferred tax asset at 31 December7191093,2107,2233,541(6,130)8,672
Deferred tax liability at 31 December(2,699)(7,484)(15)(291)(912)6,130(5,271)
Earnings per share
202220212020
Net profit55,52547,75742,138
Average number of shares outstanding1
in million shares2,265.32,296.62,333.9
Dilutive effect of average outstanding share pool2
in million shares7.06.56.1
Average number of shares outstanding, including dilutive effect of outstanding share poolin million shares2,272.32,303.12,340.0
Basic earnings
per share		DKK24.5120.7918.05
Diluted earnings
per share		DKK24.4420.7418.01
1. For further information on the development in treasury shares, please refer to
note 4.2
2. For further information on the outstanding share pool, please refer to note 5.1.