6-K 1 caq22023.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 10, 2023

_________________________

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 2023 to 30 June 2023

10 August 2023                                                                                        

Novo Nordisk's sales increased by 29% in Danish kroner and by 30% at constant exchange rates to DKK 107.7 billion in the first six months of 2023

Operating profit increased by 30% in Danish kroner and by 32% at constant exchange rates (CER) to DKK 48.9 billion.
Sales in North America Operations increased by 45% in Danish kroner (44% at CER). Sales in International Operations increased by 14% in Danish kroner (17% at CER).

Sales within Diabetes and Obesity care increased by 36% in Danish kroner to DKK 99.0 billion (37% at CER), mainly driven by GLP-1 diabetes sales growth of 49% in Danish kroner (50% at CER) and Obesity care growing by 158% in Danish Kroner to DKK 18.1 billion (157% at CER). Rare disease sales decreased by 18% in both Danish kroner and CER reflecting a temporary reduction in manufacturing output.

In August 2023, Novo Nordisk announced that semaglutide 2.4 mg statistically significantly reduced the risk of major adverse cardiovascular events in the SELECT cardiovascular outcomes trial. Further, the phase 3 obesity trials OASIS 1 and STEP HFpEF were successfully completed.
For the 2023 outlook, sales and operating profit growth at CER are now expected to be 27-33% and 31-37%, respectively. Sales and operating profit growth reported in Danish kroner are expected to be 6 and 9 percentage points lower than at CER, respectively.

PROFIT AND LOSSH1 2023H1 2022Growth
as reported
Growth
at CER*
DKK million
Net sales107,667 83,296 29 %30 %
Operating profit48,895 37,538 30 %32 %
Net profit39,242 27,528 43 %N/A
Diluted earnings per share (in DKK)17.41 12.08 44 %N/A
* CER: Constant exchange rates (average 2022).

Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first half of 2023. The growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before. The performance in the first six months has enabled us to raise the outlook for the full year. Within R&D, we are very excited about the results from the SELECT trial. Obesity is a serious chronic disease associated with many comorbidities and the results from SELECT demonstrate that comorbidities associated with the condition can be significantly reduced by treating people with semaglutide.

On 10 August 2023 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.
Novo Nordisk A/S
Investor Relations
Novo Alle 1
2880 Bagsværd
Denmark
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
24 25 67 90
 Company announcement No 52 / 2023



Financial report for the period 1 January 2023 to 30 June 2023
Page 2 of 32
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 2023 (blue indicates second quarter developments)

PERFORMANCE HIGHLIGHTS
Purpose and sustainability (ESG)
Progress towards zero environmental impact:
Carbon emissions from operations and transportation decreased by 28% compared to first half of 2019 (decreased by 10% compared to 2022)
Adding value to society:
Medical treatment provided to 39.1 million people living with diabetes (net increase of 4 million people)
Reaching more than 45,000 children in Changing Diabetes® in Children programme


Human insulin with more flexible storage without refrigeration now approved in 23 countries

Being recognised as a sustainable employer:
Share of women in senior leadership positions has increased to 40% from 38% end of June 2022





Innovation and therapeutic focus
Further raise innovation bar for diabetes treatment:
Regulatory submission of once-weekly insulin icodec in the EU, the US and China
Successful completion of phase 3 trial with higher doses of oral semaglutide
Completion of phase 2 trial and first cohorts of phase 1 trial with GLP-1 and GIP combinations

Develop superior treatment solutions for obesity:
Phase 3a trials REDEFINE 2 and 3 initiated with CagriSema in people with obesity
Successful completion of phase 3 trial with 50 mg of oral semaglutide



Successful completion of SELECT cardiovascular outcomes trial
Successful completion of STEP HFpEF phase 3 trial
Acquisition of Inversago Pharma

Strengthen and progress Rare disease pipeline:
Somapacitan approved in the US, EU and Japan for the treatment of growth hormone deficiency in children
Complete Response Letter received for concizumab in the US

Establish presence in other serious chronic diseases:
Phase 1 trials initiated with cell therapy treatment in heart failure and Parkinson's disease

Commercial execution
Strengthen diabetes leadership to more than one-third:
Diabetes value market share increased by 1.7 percentage points to 32.7% (MAT)
More than DKK 25 billion in Obesity sales by 2025:
Obesity care sales increased by 157% (CER) to DKK 18.1 billion

Secure a sustained growth outlook for Rare Disease:
Rare disease sales decreased by 18% at (CER) at DKK 8.7 billion

Financials
Deliver solid sales and operating profit growth:
Sales growth at 30% (CER)
Operating profit growth of 32% (CER)

Drive operational efficiencies:
Operational leverage reflecting sales growth

Enable attractive capital allocation to shareholders:
Free cash flow of DKK 45.5 billion
DKK 32.3 billion returned to shareholders











Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 3 of 32
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST SIX MONTHS OF 2023
PROFIT AND LOSSH1 2023H1 2022 % change
 H1 2023 to
 H1 2022
 % change
 H1 2023 to
 H1 2022 at CER
(Amounts are in DKK million, except for earnings per share)
Net sales107,66783,29629 %30 %
Gross profit91,62970,31030 %32 %
Gross margin85.1%84.4%
Sales and distribution costs(26,754)(21,023)27 %28 %
Percentage of sales24.8%25.2%
Research and development costs(13,855)(10,329)34 %34 %
Percentage of sales12.9%12.4%
Administrative costs(2,143)(1,961)%10 %
Percentage of sales2.0%2.4%
Other operating income and expenses18541(97 %)(96 %)
Operating profit (EBIT)48,89537,53830 %32 %
Operating margin45.4%45.1%
Financial items (net)96(2,824)(103 %)              N/A
Profit before income taxes48,99134,71441 %              N/A
Income taxes(9,749)(7,186)36 %              N/A
Effective tax rate19.9%20.7%
Net profit39,24227,52843 %              N/A
Net profit margin36.4%33.0%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 3,8963,28619 %              N/A
Capital expenditure (PP&E)10,5713,955167 %              N/A
Net cash generated from operating activities58,39147,54723 %              N/A
EBITDA52,79140,82429 %31 %
Free cash flow45,53742,725%              N/A
Average number of diluted shares outstanding (million)2,253.92,279.7(1 %)              N/A
Diluted earnings per share / ADR (in DKK)17.4112.0844 %              N/A
Full-time equivalent employees end of period59,33750,81617 %              N/A

These unaudited consolidated financial statements for the first six months of 2023 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 2022 of Novo
Nordisk. As of 23 May 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 12 Income Taxes. Novo Nordisk has assessed the impact from the tax reform as immaterial.

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 4 of 32
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 29% measured in Danish kroner and by 30% at CER in the first six months of 2023, driven by Diabetes care sales growth of 24% (CER) and Obesity care sales growth of 157% (CER). Rare disease sales decreased by 18% (CER). Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies.

Sales split per therapy Sales H1 2023
DKK million
 Sales H1 2022
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Injectable GLP-146,392 32,416 43 %44 %57 %
 - Ozempic®
41,741 26,384 58 %59 %62 %
 - Victoza®
4,651 6,032 (23 %)(22 %)(5 %)
Rybelsus®
8,344 4,235 97 %98 %16 %
Total GLP-154,736 36,651 49 %50 %73 %
Long-acting insulin1
7,487 8,900 (16 %)(14 %)(5 %)
Premix insulin2
5,232 5,513 (5 %)(3 %)(1 %)
Fast-acting insulin3
7,999 8,729 (8 %)(7 %)(2 %)
Human insulin3,979 4,163 (4 %)%%
Total insulin24,697 27,305 (10 %)(7 %)(8 %)
Other Diabetes care4
1,396 1,714 (19 %)(19 %)(2 %)
Total Diabetes care80,829 65,670 23 %24 %63 %
Wegovy®
12,081 2,585 367 %363 %37 %
Saxenda®
6,067 4,460 36 %38 %%
Total Obesity care18,148 7,045 158 %157 %44 %
Diabetes and Obesity care total98,977 72,715 36 %37 %107 %
Rare disease segment
Rare blood disorders5
5,885 5,940 (1 %)(1 %)%
Rare endocrine disorders6
2,030 3,743 (46 %)(46 %)(7 %)
Other Rare disease7
775 898 (14 %)(11 %)%
Rare disease total8,690 10,581 (18 %)(18 %)(7 %)
Total sales107,667 83,296 29 %30 %100 %
1) Comprises Tresiba®, Xultophy® and Levemir®.
2) Comprises Ryzodeg® and NovoMix®.
3) Comprises Fiasp® and NovoRapid®.
4) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
5) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia® and NovoThirteen®.
6) Primarily Norditropin® and Sogroya®
7) Primarily Vagifem® and Activelle®.



Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 5 of 32
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 23% measured in Danish kroner and by 24% at CER to DKK 80,829 million driven by growth of GLP-1-based products. Novo Nordisk has improved the global diabetes value market share over the last 12 months to 32.7% from 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 North America Operations and International Operations.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from May 2022 and May 2023 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa; Region China covers mainland China, Hong Kong and Taiwan; Rest of World covers all other countries except for North America.
Diabetes care, development per geographical areaNovo Nordisk’s share of the total diabetes market (value, MAT)Diabetes care, sales development
MayMay Sales H1 2023
DKK million
Growth
at CER
20232022
Global32.7 %31.0 %80,829 24 %
North America Operations34.2 %32.8 %41,379 28 %
 - The US33.8 %32.7 %37,505 25 %
International Operations27.1 %25.8 %39,450 20 %
 - EMEA *29.6 %29.1 %20,114 21 %
 - Region China **31.8 %33.0 %8,445 11 %
 - Rest of World ***21.4 %17.6 %10,891 27 %
Source: IQVIA, May 2023 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 49% measured in Danish kroner and by 50% at CER to DKK 54,736 million. The estimated global GLP-1 share of total diabetes prescriptions has increased to 5.4% compared with 3.7% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 54.1% value market share.
GLP-1, development per geographical areaNovo Nordisk's share of the diabetes GLP-1 market (value, MAT)GLP-1, sales development
MayMay Sales H1 2023
DKK million
Growth
at CER
20232022
Global54.1 %54.8 %54,736 50 %
North America Operations52.4 %53.8 %35,794 44 %
 - The US51.4 %52.9 %32,454 39 %
International Operations67.0 %61.3 %18,942 62 %
 - EMEA *62.0 %59.4 %10,407 55 %
 - Region China **71.1 %62.7 %3,118 97 %
 - Rest of World ***78.8 %66.2 %5,417 58 %
Source: IQVIA, May 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions.

Rybelsus® sales increased by 97% measured in Danish kroner and by 98% at CER to DKK 8,344 million. Sales growth was driven by North America Operations as well as EMEA and Rest of World.

Ozempic® sales increased by 58% measured in Danish kroner and by 59% at CER to DKK 41,741 million. Sales growth was driven by both North America Operations and International Operations. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across geographies.

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 6 of 32
Victoza® sales decreased by 23% measured in Danish kroner and by 22% at CER to DKK 4,651 million as the GLP-1 market is moving towards once-weekly and tablet-based treatments. The sales decline was driven by North America Operations.


North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 45% measured in Danish kroner and by 44% at CER. Wholesaler inventory movements in the US positively impacted sales growth. Novo Nordisk is the market leader with a 52.4% value market share compared to 53.8% 12 months ago. The estimated GLP-1 share of total diabetes prescriptions has increased to 13.3% compared with 9.0% 12 months ago.

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.

Sales growth in the US is driven by a prescription volume growth of the GLP-1 class above 60% in the second quarter of 2023 compared to the second quarter of 2022. The combined Novo Nordisk GLP-1 new-to-brand prescription market share is now 62.3% driven by Ozempic® with 52.4% and Rybelsus® with 7.3%. Novo Nordisk is the market leader with 55.4% measured by total monthly prescriptions for the combined GLP-1 portfolio.

International Operations
Sales of GLP-1 diabetes products in International Operations increased by 58% measured in Danish kroner and by 62% at CER. Sales growth is driven by all geographical areas. The estimated GLP-1 share of total diabetes prescriptions has increased to 3.5% compared with 2.5% 12 months ago. Novo Nordisk is the market leader with a value market share of 67.0% compared to 61.3% 12 months ago.

EMEA
Sales in EMEA increased by 53% measured in Danish kroner and by 55% at CER. The sales growth reflects the uptake of Ozempic® and Rybelsus®, partially offset by lower sales of Victoza®. Novo Nordisk remains the market leader in EMEA with a value market share of 62.0%. The estimated GLP-1 share of total diabetes prescriptions has increased to 4.8% compared with 3.6% 12 months ago.

Region China
Sales in Region China increased by 86% measured in Danish kroner and by 97% at CER. The sales growth reflects the uptake of Ozempic®. The GLP-1 share of total diabetes prescriptions has increased to 3.0% compared with 1.6% 12 months ago. Novo Nordisk is the market leader in Region China with a value market share of 71.1%.

Rest of World
Sales in Rest of World increased by 54% measured in Danish kroner and by 58% at CER. The sales growth reflects increased sales of Rybelsus® and Ozempic®, partially offset by Victoza®. Novo Nordisk remains the market leader with a value market share of 78.8%. The estimated GLP-1 share of total diabetes prescriptions has increased to 2.1% compared with 1.5% 12 months ago.


Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 7 of 32
Insulin
Sales of insulin decreased by 10% measured in Danish kroner and by 7% at CER to DKK 24,697 million. Sales decline at CER was driven by declining sales in the US, Region China and EMEA.
Insulin, development per geographical areaNovo Nordisk’s share of the total insulin market (volume, MAT)Insulin, sales development
MayMay Sales H1 2023
DKK million
Growth
at CER
20232022
Global45.7 %47.1 %24,697 (7 %)
North America Operations37.9 %38.4 %5,284 (25 %)
 - The US37.5 %37.9 %4,778 (26 %)
International Operations48.5 %50.3 %19,413 (2 %)
 - EMEA *47.1 %47.8 %9,383 (1 %)
 - Region China **43.3 %50.4 %4,783 (11 %)
 - Rest of World ***57.8 %57.1 %5,247 %
Source: IQVIA, May 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area.

North America Operations
Sales of insulin in North America Operations decreased by 24% measured in Danish kroner and by 25% at CER. The sales decrease in the US was driven by lower realised prices due to channel and payer mix and rebate enhancements as well as a decline in volume with the US insulin volume market declining 3% compared to the first six months of 2022. Novo Nordisk has a volume market share of 37.5% of the total US insulin market.

International Operations
Sales of insulin in International Operations decreased by 4% measured in Danish kroner and by 2% at CER. The sales decline at CER was driven by lower insulin sales in Region China due to the implementation of Volume Based Procurement in May 2022 as well as lower sales in EMEA.

EMEA
Sales of insulin in EMEA decreased by 2% measured in Danish kroner and by 1% at CER. The sales decline at CER was driven by long-acting insulin, pre-mix insulin and fast-acting insulin, partially countered by human insulin. Novo Nordisk has a volume market share of 47.1% of the total insulin market.

Region China
Sales of insulin in Region China decreased by 16% measured in Danish kroner and by 11% at CER. The sales decline was driven by all insulin products due to the implementation of Volume Based Procurement from May 2022 except for Ryzodeg® and Xultophy®. Novo Nordisk has a volume market share of 43.3% of the total insulin market.

Rest of World
Sales of insulin in Rest of World increased by 3% measured in Danish kroner and by 9% at CER. The sales growth at CER was driven by human insulin, long-acting insulin and fast-acting insulin, partially countered by premix insulin. Novo Nordisk has a volume market share of 57.8% of the total insulin market.






Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 8 of 32
Obesity care, sales development
Sales of Obesity care products, Wegovy® and Saxenda®, increased by 158% measured in Danish kroner and by 157% at CER to DKK 18,148 million. Sales growth was driven by both North America Operations and International Operations. Wegovy® has been launched in the US, Denmark, Norway and Germany. The volume growth of the global branded obesity market was 75.9%.

Obesity care, development per geographical areaGlobal branded obesity market growth (Volume, MAT)Obesity care, sales development
May Sales H1 2023
DKK million
Growth
at CER
2023
Global75.9 %18,148 157 %
North America Operations79.9 %14,159 207 %
 - The US87.8 %13,906 216 %
International Operations71.4 %3,989 66 %
 - EMEA101.6 %2,640 79 %
 - Region ChinaN/A100 33 %
 - Rest of World40.2 %1,249 47 %
Source: IQVIA, May 2023 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.

Wegovy® sales increased by 367% measured in Danish kroner and by 363% at CER to DKK 12,081 million. Sales of Saxenda® increased by 36% measured in Danish kroner and by 38% at CER to DKK 6,067 million.

North America Operations
Sales of Obesity care products in North America Operations increased by 210% measured in Danish kroner and by 207% at CER to DKK 14,159 million. Sales of Wegovy® increased by 350% measured in Danish kroner and by 344% at CER to DKK 11,621 million reflecting the commercial relaunch in January 2023. Demand for Wegovy® exceeds supply and to safeguard continuity of care, the supply of the lower Wegovy® dose strengths in the US was reduced in May 2023. Broad commercial formulary access has been achieved. Sales of Saxenda® increased by 28% measured in Danish kroner and by 27% at CER to DKK 2,538 million. The volume growth of the branded obesity market in the US was 87.8%.

International Operations
Sales of Obesity care products in International Operations increased by 61% measured in Danish kroner and by 66% at CER to DKK 3,989 million driven by increased sales in EMEA and Rest of World. Sales of Saxenda® in International Operations increased by 42% measured in Danish kroner and by 47% at CER to DKK 3,529 million and sales of Wegovy® reached DKK 460 million. Wegovy® has been launched in three countries in International Operations. The volume growth of the branded obesity market in International Operations was 71.4%.

EMEA
Sales of Obesity care products in EMEA increased by 74% measured in Danish kroner and by 79% at CER. The volume growth of the branded obesity market in EMEA was 101.6%.

Rest of World
Sales of Saxenda® in Rest of World increased by 41% measured in Danish kroner and by 47% at CER. The volume growth of the branded obesity market in Rest of World was 40.2%.
Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 9 of 32
Rare disease, sales development
Rare disease sales decreased by 18% in both Danish kroner and CER to DKK 8,690 million. Sales of rare blood disorder products decreased by 1% in both Danish kroner and CER to DKK 5,885 million driven by NovoSeven®, partially offset by the launch products in haemophilia A and B. Sales of rare endocrine disorder products decreased by 46% in both Danish kroner and CER to DKK 2,030 million reflecting a temporary reduction in manufacturing output. Novo Nordisk has a value market share of 29.5% (MAT) in the global human growth disorder market.

Rare disease, development per geographical areaRare disease, sales development
 Sales H1 2023
DKK million
Growth
at CER
Global8,690 (18 %)
North America Operations3,422 (18 %)
 - The US3,120 (19 %)
International Operations5,268 (17 %)
 - EMEA2,844 (18 %)
 - Region China383 35 %
 - Rest of World2,041 (23 %)
North America Operations
Rare disease sales in North America Operations decreased by 17% measured in Danish kroner and by 18% at CER. The sales decline was driven by lower sales of rare endocrine disorder products decreasing by 44% measured in Danish kroner and by 45% at CER reflecting a temporary reduction in manufacturing output and lower realised prices in the US. Sales of rare blood disorders products decreased by 3% measured in Danish kroner and by 4% at CER driven by lower sales of NovoSeven®, partially countered by sales of haemophilia A and B products.

International Operations
Rare disease sales in International Operations decreased by 18% measured in Danish kroner and by 17% at CER. The sales decline was driven by lower sales of rare endocrine disorder products decreasing by 47% in both Danish kroner and CER reflecting a temporary reduction in manufacturing output. Sales of rare blood disorder products increased by 1% measured in Danish kroner and by 2% at CER driven by haemophilia A and B products, partially countered by NovoSeven®.

EMEA
Rare disease sales decreased by 18% in both Danish kroner and CER driven by a decrease of rare endocrine disorder products by 71% measured in Danish kroner and by 72% at CER reflecting a temporary reduction in manufacturing output. Sales of rare blood disorder products increased by 12% measured in Danish kroner and by 13% at CER, primarily driven by NovoSeven® and haemophilia A products.

Region China
Rare disease sales increased by 29% measured in Danish kroner and by 35% at CER driven by sales of both rare blood disorder products, especially haemophilia A following the launch of NovoEight®, and rare endocrine disorder products.

Rest of World
Rare disease sales decreased by 23% in both Danish kroner and CER. The sales decline was driven by sales of rare blood disorder products. Sales of rare blood disorder products decreased by 21% in both Danish kroner and CER driven by NovoSeven® and haemophilia A products. Sales of rare endocrine disorder products decreased by 29% measured in Danish kroner and by 28% at CER reflecting a temporary reduction in manufacturing output.



Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 10 of 32
FINANCIALS
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 29% measured in Danish kroner and by 30% at CER to DKK 107,667 million in the first six months of 2023. Wholesaler inventory movements in the US positively impacted sales growth. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies. Sales in North America Operations increased by 45% measured in Danish kroner and by 44% at CER. Sales in International Operations increased by 14% measured in Danish kroner and by 17% at CER.

Sales split per geographical area Sales H1 2023
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
North America Operations58,960 45 %44 %71 %
 - The US54,531 44 %42 %63 %
International Operations48,707 14 %17 %29 %
 - EMEA25,598 18 %19 %16 %
 - Region China8,928 %12 %%
 - Rest of World14,181 14 %18 %%
Total sales107,667 29 %30 %100 %

North America Operations
Sales in North America Operations increased by 45% measured in Danish kroner and by 44% at CER. Wholesaler inventory movements in the US positively impacted sales growth. The sales increase reflects GLP-1 diabetes sales growing by 44% at CER and Obesity care sales growing by 207% at CER. This was partially offset by insulin sales decreasing by 25% at CER driven by lower realised prices due to channel and payer mix, rebate enhancements as well as a decline in volume. Rare disease sales decreased by 18% at CER reflecting a temporary reduction in manufacturing output.

International Operations
Sales in International Operations increased by 14% measured in Danish kroner and by 17% at CER. Sales growth was driven by GLP-1 sales growing by 62% at CER and Obesity care sales growing by 66% at CER, partially countered by insulin sales decreasing by 2% at CER and Rare disease sales decreasing by 17% at CER reflecting a temporary reduction in manufacturing output.

EMEA
Sales in EMEA increased by 18% measured in Danish kroner and by 19% at CER. Sales growth was driven by Diabetes care growing by 21% at CER driven by increased GLP-1 sales, partially countered by decreased insulin sales. Obesity care sales increased by 79% at CER and Rare disease sales decreased by 18% at CER.

Region China
Sales in Region China increased by 6% measured in Danish kroner and by 12% at CER. The sales increase at CER was driven by GLP-1 sales growing by 97% at CER, partially countered by insulin sales declining by 11% at CER. Insulin sales were negatively impacted by the implementation of Volume Based Procurement from May 2022. Other diabetes care sales decreased by 17% at CER. Rare disease sales increased by 35% at CER.

Rest of World
Sales in Rest of World increased by 14% measured in Danish kroner and by 18% at CER. Sales growth was driven by Diabetes care growing by 27% at CER, reflecting increased GLP-1 and insulin sales, Obesity care sales growing by 47% at CER and Rare disease decreasing by 23% at CER.


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Financial report for the period 1 January 2023 to 30 June 2023
Page 11 of 32
DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 24% measured in Danish kroner and by 23% at CER to DKK 16,038 million, resulting in a gross margin of 85.1% measured in Danish kroner compared with 84.4% in 2022. The increase in gross margin reflects a positive product mix, driven by increased sales of GLP-1-based treatments and a positive currency impact. This is partially countered by costs related to ongoing capacity expansions and lower realised prices mainly in the US and Region China.

Sales and distribution costs increased by 27% measured in Danish kroner and by 28% at CER to DKK 26,754 million. The increase in costs is driven by both North America Operations and International Operations. In North America Operations, the cost increase is driven by the relaunch of Wegovy® and promotional activities for Ozempic®. In International Operations, the cost increase is mainly related to promotional activities for Rybelsus® as well as Obesity care market development activities. The increase in sales and distribution costs is impacted by adjustments to legal provisions.

Research and development costs increased by 34% in both Danish kroner and at CER to DKK 13,855 million reflecting increased late-stage clinical trial activity and increased early research activities compared to the first six months of 2022. The acquisition of Forma Therapeutics Inc. in 2022 also impacted the costs.

Administration costs increased by 9% measured in Danish kroner and by 10% at CER to DKK 2,143 million.

Other operating income and expenses (net) was DKK 18 million compared with DKK 541 million in 2022, driven by lower income from partnerships related to Dicerna Pharmaceuticals Inc.

Operating profit increased by 30% measured in Danish kroner and by 32% at CER to DKK 48,895 million reflecting the sales growth.

Financial items (net) showed a net gain of DKK 96 million compared with a net loss of DKK 2,824 million in 2022.

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 gain of DKK 133 million compared with a net loss of DKK 1,995 million in 2022.

As per the end of June 2023, a positive market value of financial contracts of approximately DKK 1.8 billion has been deferred for recognition later in 2023 and 2024.

The effective tax rate was 19.9% in the first six months of 2023 compared with an effective tax rate of 20.7% in the first six months of 2022.

Net profit increased by 43% to DKK 39,242 million and diluted earnings per share increased by 44% to DKK 17.41.


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 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 12 of 32
KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2023
Sales in the second quarter of 2023 increased by 32% measured in Danish kroner and by 36% at CER compared to the same period in 2022. Operating profit increased by 30% measured in Danish kroner and by 37% at CER. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies. Please refer to appendix 1 for an overview of the quarterly numbers in DKK and to appendix 6 for additional details on sales in the second quarter of 2023.

Sales split per geographical area Sales Q2 2023
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
North America Operations29,663 43 %47 %65 %
 - The US27,209 42 %45 %58 %
International Operations24,637 20 %25 %35 %
 - EMEA12,856 18 %20 %15 %
 - Region China4,467 25 %35 %%
 - Rest of World7,314 20 %27 %11 %
Total sales54,300 32 %36 %100 %

The increased global sales of 36% at CER were driven by Diabetes and Obesity care sales as GLP-1 diabetes sales increased by 50% at CER, Obesity care sales increased by 188% at CER, partially offset by insulin sales decreasing by 4% at CER and Rare disease sales decreasing by 20% at CER.

North America Operations
Sales in North America Operations increased by 43% measured in Danish kroner and by 47% at CER. Sales growth was driven by GLP-1 growing by 40% at CER and Obesity care sales increasing by 255% at CER. Insulin sales decreased by 34% at CER driven by lower realised prices reflecting channel and payer mix. Rare disease sales decreased by 22% at CER reflecting a temporary reduction in manufacturing output.

International Operations
Sales in International Operations increased by 20% measured in Danish kroner and by 25% at CER. Sales growth was driven by all Regions.

Sales growth was driven by Diabetes and Obesity care growing by 33% at CER driven by GLP-1 diabetes sales growing by 71% at CER, Obesity care increasing by 67% at CER and insulin sales increasing by 6% at CER. Rare disease sales decreased by 18% at CER reflecting a temporary reduction in manufacturing output.
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Financial report for the period 1 January 2023 to 30 June 2023
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PROFIT AND LOSSQ2 2023Q2 2022 % change
 Q2 2023 to
 Q2 2022
 % change
 Q2 2023 to
 Q2 2022 at CER
Net sales54,30041,26532 %36 %
Gross profit46,44435,19632 %37 %
Gross margin85.5%85.3%
Sales and distribution costs(14,342)(10,840)32 %36 %
Percentage of sales26.4%26.3%
Research and development costs(7,127)(5,123)39 %41 %
Percentage of sales13.1%12.4%
Administrative costs(1,072)(991)%10 %
Percentage of sales2.0%2.4%
Other operating income and expenses(15)149(110 %)(107 %)
Operating profit (EBIT)23,88818,39130 %37 %
Operating margin44.0%44.6%
Financial items (net)366(1,596)(123 %)N/A
Profit before income taxes24,25416,79544 %N/A
Income taxes(4,826)(3,477)39 %N/A
Effective tax rate19.9%20.7%
Net profit19,42813,31846 %N/A
Net profit margin35.8%32.3%

Costs and operating profit
The gross margin was 85.5% in the second quarter of 2023 compared with 85.3% in 2022. The 0.2 percentage point gross margin increase reflects a positive product mix countered by costs related to ongoing capacity expansions, lower realised prices in the US and Region China and a negative currency impact of 0.4 percentage point.

Sales and distribution costs increased by 32% measured in Danish kroner and by 36% at CER compared with 2022. 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. Adjustments to legal provisions are impacting the increase in costs.
Research and development costs increased by 39% measured in Danish kroner and by 41% at CER compared with 2022 driven by increased late-stage clinical trial and research activities as well as impairments of intangible assets. The acquisition of Forma Therapeutics Inc. in 2022 also impacted the costs.
Administrative costs increased by 8% measured in Danish kroner and by 10% at CER compared with the same period in 2022.

Other operating income and expenses showed expenses of DKK 15 million in the second quarter of 2023.
Operating profit increased by 30% measured in Danish kroner and by 37% at CER compared with the same period in 2022.

Financial items (net) showed a net gain of DKK 366 million compared with a net loss of DKK 1,596 million in the second quarter of 2022 reflecting gain on hedged currencies, primarily the US dollar.

The effective tax rate is 19.9% in the second quarter of 2023 compared with an effective tax rate of 20.7% in the second quarter of 2022.

Net profit increased by 46% to DKK 19,428 million and diluted earnings per share increased by 47% to DKK 8.63.
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Financial report for the period 1 January 2023 to 30 June 2023
Page 14 of 32
CASH FLOW AND CAPITAL ALLOCATION

FREE CASH FLOW IN THE FIRST SIX MONTHS OF 2023 AND CAPITAL EXPENDITURE
Free cash flow was DKK 45.5 billion compared with DKK 42.7 billion in the first six months of 2022 supporting the strategic aspiration to deliver attractive capital allocation to shareholders. The cash conversion in the first six months of 2023 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 10.6 billion compared with DKK 4.0 billion in the first six months of 2022, primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products.

EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 90,473 million at the end of the first six months of 2023, equivalent to 32.2% of total assets, compared with 34.0% at the end of the first six months of 2022. Please refer to appendix 5 for further elaboration of changes in equity.

Novo Nordisk returned DKK 32.3 billion to shareholders via share buybacks (DKK 14.0 billion) and dividend (DKK 18.3 billion) during the first six months of 2023.

Interim dividend
The Board of Directors has decided to pay out interim dividend for 2023 of DKK 6.00 for each Novo Nordisk A and B
share of DKK 0.20, which will be paid in August 2023. The ex-dividend date for the interim dividend will be 18
August 2023. The record date will be 21 August 2023 for the A and B shares as well as the ADRs. The payment date
for the A and B shares will be 22 August 2023, while the payment date for the ADRs will be 29 August 2023. No
dividend will be paid on the company’s holding of B shares.

Change in trading units
Novo Nordisk’s B shares are listed on Nasdaq Copenhagen in trading units of DKK 0.20 and its American Depositary Receipts (ADRs) that equals B-shares of DKK 0.20 are listed on New York Stock Exchange (NYSE). To secure liquidity for both the Novo Nordisk B shares and ADRs and bring price levels in line with market practice for especially the ADRs, the Board of Directors has decided to split the units in a two-for-one ratio. The trading unit of the Novo Nordisk B shares listed on Nasdaq Copenhagen will as of 13 September 2023 be changed from DKK 0.20 to DKK 0.10. The ADRs listed on New York Stock Exchange (NYSE) will as of 20 September 2023 similarly be split to maintain the one-to-one relationship between the B-share and the ADRs.

2023 share repurchase programme
As of 8 August 2023, Novo Nordisk has repurchased 14,218,581 B shares of DKK 0.20 for an amount of DKK 15,289,230,585 as part of the overall share repurchase programme of up to DKK 30 billion to be executed during a 12-month period beginning 1 February 2023.

The execution of Novo Nordisk’s overall share repurchase programme for 2023 of DKK 30 billion continues. As part of this, a new share repurchase programme for an amount up to DKK 5.7 billion will be initiated 10 August 2023 and ending on 31 October 2023 in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules”). The purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based incentive programmes.

A maximum of 180,000,000 B shares of DKK 0.20 in total (or the equivalent number of B shares of DKK 0.10 after the planned change in trading units) can be bought during the trading period.


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 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 15 of 32
OUTLOOK
The current expectations for 2023 are summarised in the table below:
Expectations are as reported, if not otherwise statedExpectations
10 August 2023
Expectations
4 May 2023
Sales growth
at CER27% to 33%24% to 30%
as reportedAround 6 percentage points lower than at CERAround 6 percentage points lower than at CER
Operating profit growth
at CER31% to 37%28% to 34%
as reportedAround 9 percentage points lower than at CERAround 9 percentage points lower than at CER
Financial items (net)Gain of around DKK 2.8 billionGain of around DKK 3.0 billion
Effective tax rate19% to 21%19% to 21%
Capital expenditure (PP&E)Around DKK 25 billionAround DKK 25 billion
Depreciation, amortisation and impairment lossesAround DKK 8 billionAround DKK 8 billion
Free cash flow (excluding impact from business development)DKK 64-72 billionDKK 66-74 billion
Sales growth is now expected to be 27% to 33% at CER. Given the current exchange rates versus the Danish krone, sales growth reported in DKK is expected to be around 6 percentage points lower than at CER. The increased sales outlook is primarily reflecting higher full-year expectations for GLP-1 diabetes products, particularly Ozempic® in the US.

The guidance reflects expectations for sales growth in both North America Operations and International Operations, mainly driven by volume growth of GLP-1-based treatments for Diabetes and Obesity care, partially countered by declining sales in Rare disease due to a temporary reduction in manufacturing output. Intensifying competition and continued pricing pressure within Diabetes care are included in the guidance.

The guidance ranges reflect the level of volume growth of GLP-1-based diabetes treatments and the inherent uncertainty of the pace of Obesity care market expansion following the relaunch of Wegovy® in the US and a limited roll-out in International Operations.

Following higher than expected volume growth in recent years, including GLP-1-based products such as Ozempic® and Wegovy®, combined with the expectation of continued volume growth and capacity limitations at some manufacturing sites, the outlook also reflects expected continued periodic supply constraints and related drug shortage notifications across a number of products and geographies. Novo Nordisk is investing in internal and external capacity to increase supply both short and long term. While supply capacity for Wegovy® is gradually being expanded, the supply of the lower dose strengths in the US will remain restricted to safeguard continuity of care.

Operating profit growth is now expected to be 31% to 37% at CER. Given the current exchange rates versus the Danish krone, growth reported in DKK is expected to be around 9 percentage points lower than at CER. The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in future and current growth drivers within Research, Development and Commercial. Within R&D, investments are related to the continued expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related to the relaunch of Wegovy® in the US, Obesity care market development activities in International Operations as well as promotional activities for Ozempic® and Rybelsus®.

Novo Nordisk now expects financial items (net) to amount to a gain of around DKK 2.8 billion, mainly reflecting gains associated with foreign exchange hedging contracts.

The effective tax rate for 2023 is still expected to be in the range of 19-21%.

Capital expenditure is still expected to be around DKK 25 billion in 2023 reflecting the upscaling of the supply chain and the innovation-based growth strategy pursued by Novo Nordisk. The CAPEX is primarily relating to investments in
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Financial report for the period 1 January 2023 to 30 June 2023
Page 16 of 32
additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products. In the coming years, the capital expenditure to sales ratio is expected to be low double digit.

Depreciation, amortisation and impairment losses are expected to be around DKK 8 billion.

The free cash flow is now expected to be DKK 64-72 billion reflecting the sales growth, a favourable impact from rebates in the US and investments in capital expenditure. The updated cash flow expectation is mainly reflecting business development activities.

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 2023, including energy and supply chain disruptions, the potential implications from major healthcare reforms and legislative changes as well as outcome of legal cases including litigations related to the 340B Drug Pricing Program in the US, and that the currency exchange rates, especially the US dollar, will remain at the current level versus the Danish krone. Neither does the guidance include the financial implications of any new significant business development transactions and significant impairments of intangible assets during 2023. Finally, 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.
FX (average rates)Q2 2023Q2 2022% changeH1 2023H1 2022% changeSpot rate
7 August 2023
USD684 699 (2 %)689 681 %678 
CNY97 106 (8 %)100 105 (5 %)94 
JPY4.97 5.38 (8 %)5.12 5.55 (8 %)4.77 
CAD510 547 (7 %)511 535 (4 %)507 
GBP857 877 (2 %)849 883 (4 %)865 
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 4,150 million12 
CNY2
DKK 470 million6
CADDKK 430 million9
JPYDKK 195 million12
GBPDKK 160 million
1) As of 30 June 2023.
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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Financial report for the period 1 January 2023 to 30 June 2023
Page 17 of 32
INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Submission of dasiglucagon for treatment of severe hypoglycaemia to the European Medicines Agency (EMA)
In June 2023, Zealand Pharma A/S (Zealand) submitted a marketing authorisation application to EMA for dasiglucagon injection for the treatment of severe hypoglycaemia in paediatric and adult patients with diabetes aged 6 and above. Dasiglucagon injection was approved in the US in March 2021 under the brand name Zegalogue®. In September 2022, Novo Nordisk entered into a global licence and development agreement with Zealand to commercialise Zegalogue®.

Phase 1 trial with a fixed dose combination of semaglutide and an SGLT2 inhibitor completed
In June 2023, Novo Nordisk completed a phase 1 trial with an oral once-daily fixed dose combination of semaglutide and an SGLT-2 inhibitor. The objective of the trial was to investigate pharmacokinetics of the fixed dose combination compared to each of the components. Following the completion of the trial, Novo Nordisk has terminated further development of the fixed dose combination.

Obesity care
Successful completion of the SELECT cardiovascular outcomes trial with semaglutide 2.4 mg
In August 2023, Novo Nordisk announced the headline results from SELECT. SELECT was a cardiovascular outcomes trial comparing subcutaneous once-weekly semaglutide 2.4 mg with placebo as an adjunct to standard of care for prevention of major adverse cardiovascular events (MACEs) in people with overweight or obesity and established cardiovascular disease (CVD) with no prior history of diabetes. The trial achieved its primary objective by demonstrating a statistically significant and superior reduction in MACE of 20% for people treated with semaglutide 2.4 mg compared to placebo. In the trial, semaglutide 2.4 mg appeared to have a safe and well-tolerated profile in line with previous semaglutide 2.4 mg trials. For further information, please see the company announcement: https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=166301 (the contents of the company's website do not form a part of this Form 6-K).

Successful completion of the OASIS 1 phase 3 trial with oral semaglutide 50 mg in people with obesity or overweight
In May 2023, Novo Nordisk announced the headline results from OASIS 1, a phase 3a trial in the global OASIS programme. OASIS 1 was a 68-week, efficacy and safety trial comparing once-daily oral semaglutide 50 mg for weight management to placebo in 667 adults with obesity or overweight with one or more comorbidities. Oral semaglutide 50 mg achieved 15.1% weight loss (17.4% if all people adhered to treatment) in adults with obesity or overweight in the OASIS 1 phase 3 trial. For further information, please see the company announcement: https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=166110 (the contents of the company's website do not form a part of this Form 6-K).

Successful completion of phase 3 trial with semaglutide 2.4 mg in people with heart failure with preserved ejection fraction (HFpEF)
In May 2023, Novo Nordisk successfully completed the STEP HFpEF trial. STEP-HFpEF was a 52-week trial investigating the effects of semaglutide 2.4 mg once-weekly on physical function, symptoms (assessed by Kansas City Cardiomyopathy Questionnaire – Clinical Summary Score (KCCQ-CSS)) and body weight in people with HFpEF. A superior improvement in KCCQ-CSS was observed for semaglutide 2.4 mg vs placebo. The estimated change in mean KCCQ-CSS score from baseline to week 52 was 16.6 with semaglutide 2.4 mg and 8.7 with placebo and the estimated treatment difference (semaglutide 2.4 mg vs placebo) was 7.8. A superior reduction in body weight was observed for semaglutide 2.4 mg vs placebo. The estimated change in mean body weight from baseline to week 52 was -13.3% with semaglutide 2.4 mg and -2.6% with placebo and the estimated treatment difference (semaglutide 2.4 mg vs placebo) was -10.7%. In the trial, semaglutide 2.4 mg appeared to have a safe and well-tolerated profile.

Phase 2 trial completed with PYY 1875 in people with obesity
In May 2023, Novo Nordisk completed a phase 2 proof of concept trial with PYY 1875 for weight management. The 42-week trial investigated safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of PYY 1875 in combination with subcutaneous semaglutide 2.4 mg compared to placebo in 75 people with obesity. Following the completion of the trial, Novo Nordisk has terminated further development of PYY 1875 .
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Page 18 of 32




Rare disease
Sogroya® approved in Japan and the EU for the treatment of children with growth hormone deficiency
In June and July 2023, Sogroya®, the long-acting growth hormone somapacitan, was approved in Japan and the EU, respectively, for the treatment of children with growth hormone deficiency. The approvals are based on the REAL4 trial comparing the efficacy and safety of once-weekly dosing of Sogroya® with daily Norditropin® in children with growth hormone deficiency. Novo Nordisk has launched Sogroya® in the US and Japan for children with growth hormone deficiency.

Other serious chronic diseases
Phase 3 programme initiated with ziltivekimab in people with heart failure with preserved injection fraction
In May 2023, Novo Nordisk initiated a randomised and placebo-controlled phase 3 cardiovascular outcomes trial
assessing the efficacy and safety of subcutaneous ziltivekimab 15 mg in around 5,600 people with heart failure with mildly reduced or preserved ejection fraction and systemic inflammation. The event-driven trial is expected to complete in 2027.

Business development
Novo Nordisk to acquire Inversago Pharma and the anti-obesity lead asset, INV-202
Novo Nordisk has agreed to acquire Inversago Pharma (Inversago) for up to USD 1.075 billion if certain development and commercial milestones are achieved. Inversago is a privately owned biopharmaceutical company based in Montreal Canada, focusing on the development of CB1 receptor blocker therapies designed to help people living with obesity, diabetes and complications associated with metabolic disorders. CB1 is a cannabinoid receptor that plays an important role in appetite regulation and other cardiometabolic pathways. The acquisition of Inversago includes the lead asset INV-202, an oral CB1 inverse agonist. It is specifically designed to preferentially block CB1 receptors in peripheral tissues such as adipose tissues, gastrointestinal tract, as well as the kidneys, liver, pancreas, muscles and lungs. INV-202 demonstrated weight loss in a phase 1b trial and is currently in phase 2 development for diabetic kidney disease. The acquisition is expected to be completed in 2023.

Acquisition of BIOCORP Production SA (BIOCORP)
In June 2023, Novo Nordisk announced an agreement to acquire a controlling stake in BIOCORP. BIOCORP is a French company specialised in the design, development and manufacturing of delivery systems and innovative medical devices, including Mallya, a Bluetooth enabled smart add-on device for pen injectors. The acquisition of the controlling stake was closed on 4 August 2023.








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Page 19 of 32
Purpose and sustainability
Environment
ENVIRONMENTAL PERFORMANCEH1 2023H1 2022 H1 2019 (baseline) % change
 H1 2023 to
 H1 2022
% change H1 2023 to H1 2019
Emissions
CO2 emissions from operations and transportation (1,000 tonnes)
112124155(10 %)(28 %)
 - Scope 1 emissions1
363943(8 %)(16 %)
 - Scope 2 emissions2
7940(22 %)(83 %)
 - Partial scope 3 emissions3
697672(9 %)(4 %)
1. Scope 1: Direct emissions from 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, heating and cooling).
3. Scope 3: Emissions are limited to CO2 emissions from business flights and product distribution
Note: H1 2019 baseline figures have been restated by adding two thousand tonnes of CO2 for business flights

Emissions
Under the environmental strategy Circular for Zero, CO2 emissions from operations and transportation decreased by 28% compared to the first six months of 2019. CO2 emissions from operations and transportation decreased by 10% in the first six months of 2023 compared to the same period in 2022. Scope 1 and 2 CO2 emissions decreased by 16% and 83%, respectively, due to an increase in the usage of renewable energy sources. Scope 3 CO2 emissions from product distribution and business flights decreased by 4% mainly due to a decrease in emissions from product distribution, driven by the purchase of sustainable aviation fuel.

Social
SOCIAL PERFORMANCEH1 2023H1 2022 % change
 H1 2023 to
 H1 2022
Patients
Patients reached with Novo Nordisk's Diabetes care products (estimate in million)1
39.135.111 %
Hereof children reached through the Changing Diabetes® in Children programme (cumulative)
45,34834,30032 %
Sustainable employer
Gender in leadership positions2 (ratio men:women)
55:4556:44N/A
Gender in senior leadership positions3 (ratio men:women)
60:4062:38N/A
1. Calculated as a moving annual total.
2. Defined as team leaders, managers, directors, vice presidents, corporate vice presidents, senior vice presidents and executive management.
3. Defined as vice presidents, corporate vice presidents, senior vice presidents and executive management.
Patients
Under the social responsibility strategy ‘Defeat Diabetes’, Novo Nordisk continues to take action on access and affordability and prevention. The number of people with diabetes treated with Novo Nordisk products, calculated as a moving annual total, was 39.1 million in the first six months of 2023. This represents a net increase of 4.0 million patients compared to end of June 2022.

The Changing Diabetes® in Children programme aims to reach 100,000 children by 2030. By end of June 2023, more than 45,000 children were reached, an increase of 32% compared to end of June 2022.

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.

At the end of June 2023, 45% of all leaders were women, and 40% of leaders in senior leadership positions were women compared to 44% and 38%, respectively, by the end of June 2022.

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 20 of 32
The number of full-time employees at the end of the first six months of 2023 increased by 17% compared to 12 months ago. The total number of full-time employees was 59,337. The increase is driven by Product Supply, International Operations and Global Business Services in Bangalore, India.

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.

In Ukraine, Novo Nordisk has continued the supply of medicines, which are currently broadly available throughout the country, also through collaboration with humanitarian organisations to provide access in bordering areas. Moreover, Novo Nordisk has donated 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 Russia, Novo Nordisk has suspended marketing investments and changed focus from launching new medications and clinical investment to securing supply of insulin to ensure that the more than 700,000 patients can continue their treatment with essential medication.

Sales in Russia and Ukraine constituted less than 1% of Novo Nordisk's global sales.


Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 21 of 32
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 2023. The financial report has not been audited or reviewed by the company’s
independent auditors.

The financial report for the first six months of 2023 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 2022 of Novo Nordisk.

In our opinion, the financial report for the first six months of 2023 gives a true and fair view of the Group’s assets,
liabilities and financial position at 30 June 2023, and of the results of the Group’s operations and cash flow for the
period 1 January 2023 to 30 June 2023. 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 2022.


Bagsværd, 10 August 2023
Executive Management:
Lars Fruergaard Jørgensen
President and CEO
Karsten Munk Knudsen
CFO
Martin Holst Lange
Marcus SchindlerCamilla SylvestHenrik Wulff
Board of Directors:
Helge Lund
Chair
Henrik Poulsen
Vice chair
Elisabeth Dahl Christensen
Laurence DebrouxAndreas FibigSylvie Grégoire
Liselotte HyveledMette Bøjer JensenKasim Kutay
Christina LawMartin MackayThomas Rantzau

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 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 22 of 32
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 serious chronic diseases, built upon our heritage in diabetes.. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 59,000 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn and YouTube.

Financial calendar
2 November 2023Financial statement for the first nine months of 2023
31 January 2024Financial statement for 2023

Contacts for further information
Media:
Ambre James-Brown
+45 3079 9289
abmo@novonordisk.com
Natalia Salomao Abrahao (US)
+1 848 304 1027
niaa@novonordisk.com
  
Investors:
Daniel Muusmann Bohsen
+45 3075 2175
dabo@novonordisk.com

David Heiberg Landsted
+45 3077 6915
dhel@novonordisk.com

Jacob Martin Wiborg Rode
+45 3075 5956
jrde@novonordisk.com

Mark Joseph Root (US)
+1 848 213 3219
mjhr@novonordisk.com

Sina Meyer
+45 3075 6656
azey@novonordisk.com

Frederik Taylor Pitter
+45 3075 8259
fptr@novonordisk.com

Forward-looking statements
Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s statutory Annual Report 2022 and Form 20-F both filed with the SEC in February 2023 in continuation of the publication of the Annual Report 2022, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

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

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

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

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

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in this document, reference is made to the overview of risk factors in ‘Risk Management’ of the Annual Report 2022.

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 2023 to 30 June 2023
Page 23 of 32
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
20232022Q2 2023 vs.
Q2Q1Q4Q3Q2Q1Q2 2022
Net sales54,30053,36748,09245,56641,26542,03132 %
Gross profit46,44445,18539,83038,36635,19635,11432 %
Gross margin85.5%84.7%82.8%84.2%85.3%83.5%
Sales and distribution costs(14,342)(12,412)(13,743)(11,451)(10,840)(10,183)32 %
Percentage of sales26.4%23.3%28.6%25.1%26.3%24.2%
Research and development costs(7,127)(6,728)(8,085)(5,633)(5,123)(5,206)39 %
Percentage of sales13.1%12.6%16.8%12.4%12.4%12.4%
Administrative costs(1,072)(1,071)(1,348)(1,158)(991)(970)%
Percentage of sales2.0%2.0%2.8%2.5%2.4%2.3%
Other operating income and expenses(15)3343360149392(110 %)
Operating profit (EBIT)23,88825,00717,08720,18418,39119,14730 %
Operating margin44.0%46.9%35.5%44.3%44.6%45.6%
Financial income(281)852(3,200)1,5731,656210(117 %)
Financial expenses647(1,122)2,429(3,725)(3,252)(1,438)(120 %)
Financial items (net)366(270)(771)(2,152)(1,596)(1,228)(123 %)
Profit before income taxes24,25424,73716,31618,03216,79517,91944 %
Income taxes(4,826)(4,923)(2,724)(3,627)(3,477)(3,709)39 %
Net profit19,42819,81413,59214,40513,31814,21046 %
Depreciation, amortisation and impairment losses2,1771,7192,0352,0411,6361,65033 %
Capital expenditure (PP&E)5,8784,6934,9613,2302,4351,520141 %
Net cash generated from operating activities28,57729,8147,10124,23923,96123,58619 %
EBITDA26,06526,72619,12222,22520,02720,79730 %
Free cash flow20,77324,764(5,128)19,76521,15721,568(2 %)
Total assets280,753250,025241,257242,836218,928197,13628 %
Total equity90,47379,87483,48676,68074,45266,55022 %
Equity ratio32.2%31.9%34.6%31.6%34.0%33.8%
Full-time equivalent employees end of period59,33757,08954,39352,69650,81649,29517 %
Basic earnings per share/ADR (in DKK) 8.658.816.036.375.876.2447 %
Diluted earnings per share/ADR (in DKK)8.638.786.026.345.866.2247 %
Average number of shares outstanding (million) 2,245.22,249.62,254.02,261.62,269.22,276.4(1 %)
Average number of diluted shares outstanding (million)2,251.32,256.62,261.42,268.52,276.12,283.3(1 %)
Sales by business segment:
   Total GLP-127,92526,81124,35222,36819,23117,42045 %
   Long-acting insulin3,3544,1333,9023,9394,1044,796(18 %)
   Premix insulin2,4562,7762,3432,7062,5013,012(2 %)
   Fast-acting insulin3,5114,4884,4714,2633,8874,842(10 %)
   Human insulin1,9672,0121,9702,0531,8512,312%
   Total insulin11,28813,40912,68612,96112,34314,962(9 %)
   Other Diabetes care667729713798830884(20 %)
   Total Diabetes care39,88040,94937,75136,12732,40433,26623 %
   Wegovy®
7,5184,5632,4461,1571,1811,404537 %
   Saxenda®
2,7883,2793,0423,1742,4621,99813 %
   Total Obesity care
10,3067,8425,4884,3313,6433,402183 %
   Diabetes and Obesity care total50,18648,79143,23940,45836,04736,66839 %
   Rare blood disorders2,8363,0492,8812,8852,8633,077(1 %)
   Rare endocrine disorders9021,1281,6021,7931,9231,820(53 %)
   Other Rare disease376399370430432466(13 %)
   Rare disease total4,1144,5764,8535,1085,2185,363(21 %)
Sales by geographic segment:
   North America Operations29,66329,29726,66023,75420,70319,99043 %
   - The US27,20927,32224,76822,01419,12118,75342 %
   International Operations24,63724,07021,43221,81220,56222,04120 %
   - EMEA12,85612,74211,51410,98310,91510,82418 %
   - Region China4,4674,4613,3644,4383,5664,84125 %
   - Rest of World7,3146,8676,5546,3916,0816,37620 %
Segment operating profit:
   Diabetes and Obesity care22,70724,16316,98518,15815,87316,37943 %
   Rare disease1,1818441022,0262,5182,768(53 %)

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Financial report for the period 1 January 2023 to 30 June 2023
Page 24 of 32
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK millionH1 2023H1 2022Q2 2023Q2 2022
Income statement
Net sales107,66783,29654,30041,265
Cost of goods sold(16,038)(12,986)(7,856)(6,069)
Gross profit91,62970,31046,44435,196
 
Sales and distribution costs(26,754)(21,023)(14,342)(10,840)
Research and development costs(13,855)(10,329)(7,127)(5,123)
Administrative costs(2,143)(1,961)(1,072)(991)
Other operating income and expenses18541(15)149
Operating profit48,89537,5383753800000023,88818,391
Financial income5711,866(281)1,656
Financial expenses(475)(4,690)647(3,252)
Profit before income taxes48,99134,71424,25416,795
Income taxes(9,749)(7,186)(4,826)(3,477)
NET PROFIT39,24227,5282752800000019,42813,318
Basic earnings per share (DKK) 17.4612.118.655.87
Diluted earnings per share (DKK)17.4112.088.635.86
Segment Information
Segment sales:
   Diabetes and Obesity care98,97772,71550,18636,047
   Rare disease8,69010,5814,1145,218
Segment operating profit:
   Diabetes and Obesity care46,87032,25222,70715,873
    Operating margin47.4%44.4%45.2%44.0%
   Rare disease2,0255,2861,1812,518
    Operating margin23.3%50.0%28.7%48.3%
Total segment operating profit48,89537,53823,88818,391
Statement of comprehensive income
Net profit for the period39,24227,52819,42813,318
    Other comprehensive income
    Items that will not subsequently be reclassified to the Income
    statement
    Remeasurements on defined benefit plans30677(9)352
    Items that will be reclassified subsequently to the Income
    statement
    Exchange rate adjustments of investments in subsidiaries (957)4,014122,927
    Cash flow hedges, realisation of previously deferred (gains)/losses 2811,2691,307628
    Cash flow hedges, deferred gains/(losses) incurred during the period489(3,053)(1,749)(2,401)
    Other items4(2)12
    Tax on other comprehensive income, net(359)319(18)194
  Other comprehensive income for the period(512)3,224(456)1,702
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD38,73030,75218,97215,020

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
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Financial report for the period 1 January 2023 to 30 June 2023
Page 25 of 32
APPENDIX 3: CASH FLOW STATEMENT
DKK millionH1 2023H1 2022
Net profit 39,242 27,528 
Adjustment for non-cash items:
    Income taxes in the Income Statement9,749 7,186 
    Depreciation, amortisation and impairment losses3,896 3,286 
    Other non-cash items30,935 11,805 
Change in working capital(14,231)5,982 
Interest received409 109 
Interest paid(262)(120)
Income taxes paid(11,347)(8,229)
Net cash generated from operating activities58,391 47,547 
 
Purchase of intangible assets(1,265)(400)
Purchase of property, plant and equipment(10,571)(3,955)
Proceeds from other financial assets33 — 
Purchase of other financial assets (251)(7)
Purchase of marketable securities(7,259)(4,904)
Sale of marketable securities3,381 3,159 
Net cash used in investing activities(15,932)(6,107)
Purchase of treasury shares(14,022)(11,927)
Dividends paid(18,337)(15,690)
Proceeds from issue of bonds— 11,120 
Proceeds from borrowings— 30 
Repayment of borrowings(851)(13,099)
Net cash used in financing activities(33,210)(29,566)
NET CASH GENERATED FROM ACTIVITIES9,249 11,874 
Cash and cash equivalents at the beginning of the year12,653 10,719 
Exchange gain/(loss) on cash and cash equivalents(328)163 
Cash and cash equivalents at the end of the period21,574 22,756 

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
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Financial report for the period 1 January 2023 to 30 June 2023
Page 26 of 32
APPENDIX 4: BALANCE SHEET
DKK million30 Jun 202331 Dec 2022
ASSETS
Intangible assets50,749 51,416 
Property, plant and equipment75,024 66,671 
Investments in associated companies270 327 
Deferred income tax assets15,612 13,427 
Other receivables and prepayments338 206 
Other financial assets1,209 1,016 
TOTAL NON-CURRENT ASSETS143,202 133,063 
Inventories28,020 24,388 
Trade receivables61,294 50,560 
Tax receivables2,779 940 
Other receivables and prepayments6,448 6,005 
Marketable securities14,834 10,921 
Derivative financial instruments2,602 2,727 
Cash at bank21,574 12,653 
TOTAL CURRENT ASSETS137,551 108,194 
TOTAL ASSETS280,753 241,257 
EQUITY AND LIABILITIES
Share capital451 456 
Treasury shares(3)(6)
Retained earnings88,118 80,587 
Other reserves1,907 2,449 
TOTAL EQUITY90,473 83,486 
Borrowings19,415 24,318 
Deferred income tax liabilities7,627 7,061 
Retirement benefit obligations699 762 
Other liabilities193 100 
Provisions5,728 4,590 
Total non-current liabilities33,662 36,831 
Borrowings6,289 1,466 
Trade payables17,788 15,587 
Tax payables9,617 7,091 
Other liabilities22,527 23,606 
Derivative financial instruments1,539 2,903 
Provisions 98,858 70,287 
Total current liabilities156,618 120,940 
TOTAL LIABILITIES190,280 157,771 
TOTAL EQUITY AND LIABILITIES280,753 241,257 

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Financial report for the period 1 January 2023 to 30 June 2023
Page 27 of 32
APPENDIX 5: EQUITY STATEMENT
DKK millionShare
capital
Treasury
shares
Retained
earnings
Other reservesTotal
H1 2023
Balance at the beginning of the year456 (6)80,587 2,449 83,486 
Net profit for the period39,242 39,242 
Other comprehensive income for the period30 (542)(512)
Total comprehensive income for the period39,272 (542)38,730 
Transactions with owners:
Dividends(18,337)(18,337)
Share-based payments821 821 
Tax related to restricted stock units(205)(205)
Purchase of treasury shares(2)(14,020)(14,022)
Reduction of the B share capital(5)— 
Balance at the end of the period451 (3)88,118 1,907 90,473 
DKK millionShare
capital
Treasury
shares
Retained
earnings
Other reservesTotal
H1 2022
Balance at the beginning of the year462 (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 

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 52 / 2023


Financial report for the period 1 January 2023 to 30 June 2023
Page 28 of 32
APPENDIX 6: SALES SPLIT PER AREA
Q2 2023 sales split per area
DKK millionTotalNorth America
Operations
The USInternational
 Operations
EMEARegion
China
Rest of
World
Diabetes and Obesity care segment
Injectable GLP-123,93715,58413,7338,3534,3561,7382,259
% change at CER45%39%32%57%35%143%62%
Ozempic®
22,10114,99113,1817,1103,8061,3631,941
% change at CER59%51%44%78%50%228%83%
Victoza®
1,8365935521,243550375318
% change at CER(30%)(53%)(55%)(6%)(20%)