Novo Nordisk 
Annual Report 
2020
Team Novo Nordisk, the world’s first all-diabetes professional cycling team, are racing with 100 on their jersey to celebrate the 100-year anniversary of the discovery of insulin 
Novo Nordisk A/S - Novo Allé 1, 2880 Bagsværd, Denmark - CVR no. 24256790

Contents
Management review
Introducing Novo Nordisk
Letter from the Chair . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   3
Letter from the CEO  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   5
Novo Nordisk at a glance .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   7
Business model  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 8
Performance highlights  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   9
Strategic Aspirations
Purpose and sustainability .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   11 
Innovation and therapeutic focus . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   20
Commercial execution . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   26
Financials . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   29
Corporate governance
Risk management  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   34
Shares and capital structure  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   36
Corporate governance .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   38
Governance practices .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 40
Board of Directors .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   42
Executive Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  45
Consolidated statements
Consolidated financial statements
Income statement .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   47
Cash flow statement .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   48
Balance sheet .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   49
Equity statement  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   50
Notes to the consolidated financial statements . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   51
Consolidated ESG statement (supplementary information)
Statement of ESG performance . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   81
Notes to the consolidated ESG statement . . . . . . . . . . . . . . . . . . . . . .  82
Statements and Auditor's Reports
Statement by Board of Directors and Executive Management .  .  .  .   88
Independent Auditor's Reports . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   89
Independent Assurance Report on the ESG statement .  .  .  .  .  .  .  .  .  .   91
Additional information 
More information . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   92
Product overview .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   93
Mandy is part of Team Novo Nordisk, the world’s first  
all-diabetes professional cycling team
Novo Nordisk Annual Report 2020  /  2
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information

Letter from the Chair
The devastating impact of COVID-19 on societies and economies 
in 2020 intensified existing challenges such as inequality and 
poverty. However, in times of crisis, businesses play a critical role 
in mobilising resources and providing solutions. Novo Nordisk 
has worked hard to respond to the challenges, helping people 
with serious chronic diseases while also supporting society on a 
broader scale.
Novo Nordisk’s highest priority in 2020 was to 
ensure the safety of our employees and the 
uninterrupted supply of our life-saving medicines 
for patients. We achieved this, while also 
supporting society's response to the pandemic, 
most notably in Denmark, where our headquarter 
presence meant we were able to assist the 
government in the rapid scale-up of coronavirus 
testing. At the same time, our scientists continued 
to make significant progress in discovering 
new therapies of the future, while our global 
Rising to the 
challenge
commercial organisation embraced an increasingly 
digital new reality.
The world has been through one of the most 
difficult years in recent human history. Despite 
the pandemic and the turbulent business 
environment, Novo Nordisk took important steps 
towards delivering on our purpose of driving 
change to defeat diabetes and other serious 
chronic diseases – a goal we are confident will 
translate into sustainable and profitable growth.
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  3

This does not mean that the road ahead is going 
to be easy. The pandemic has exacted an immense 
economic, as well as human, cost on societies 
and it is inevitable that public finances will remain 
fragile for many years. Those fiscal constraints 
will put pressure on businesses that work closely 
with governments, including the pharmaceutical 
industry, and we will have to find new ways to 
ensure that our products are accessible to all 
those who need them.
Beyond COVID-19, two consistent priorities were 
high on the Board’s agenda in 2020, namely 
scientific innovation and sustainability – both 
of which are vital to ensure the future of the 
company. It is therefore satisfying to see a healthy 
product pipeline, including the pioneering science 
that we consider to be the biggest contribution we 
can make to society. 
Our research is now more broadly focused as we 
look to deliver treatments within therapy areas 
adjacent to our core competencies. Specifically, 
this means looking beyond semaglutide, the GLP-1 
molecule found in our new oral diabetes treat-
ment Rybelsus® and the once-weekly injectable 
Ozempic®. We are exploring novel ways to treat 
a range of conditions beyond diabetes, including 
cardiovascular disease – the world’s leading cause 
of death1 – obesity and most recently also as a 
potential treatment for Alzheimer’s disease. In 
tandem with this push into new areas, we are also 
establishing more external alliances and partner-
ships to complement our in-house expertise.
Above all, 2020 underscored the need for strong cor-
porate values and a shared sense of purpose. We are 
fortunate that both are well-established across our 
organisation, empowering our employees to keep 
delivering for both patients and investors, despite 
the unprecedented disruptions caused by COVID-19.
On behalf of the Board of Directors I would like to 
offer my thanks to all Novo Nordisk’s employees 
for their hard work and commitment during the 
exceptional challenges of 2020; to Lars Fruergaard 
Jørgensen and his team for leading the company 
through a turbulent year in such a thoughtful and 
positive manner; and to our shareholders for their 
continued support.
Helge Lund
Chair of the Board of Directors
It is increasingly clear that society expects more 
from businesses as the world grapples with 
climate change and environmental degradation, as 
well as the need for greater equity in healthcare. 
Indeed, the pandemic has turbocharged many of 
these issues, with an effective alliance emerging 
between young people and investors that is 
prompting companies to pay far more attention to 
sustainability.
At Novo Nordisk, we have been focused on 
sustainability for many years – but we are 
determined to continue to raise our game. 
In the past year we launched a new social 
responsibility strategy, Defeat Diabetes, and 
initiated programmes within renewable power 
and recycling as part of our Circular for Zero 
environmental strategy.
Employees from the Novo Nordisk 
research department volunteered 
to contribute to the fight against 
COVID-19 and, together with staff from 
the Danish health service, they helped 
to increase the testing capacity in 
Denmark.
“Above all, 2020 underscored 
the need for strong corporate 
values and a shared sense 
of purpose. We are fortunate 
that both are well-established 
across our organisation, 
empowering our employees 
to keep delivering for both 
patients and investors, 
despite the unprecedented 
disruptions caused by 
COVID-19.”
1. WHO, The top 10 causes of death (2020)
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  4

Letter from the CEO
The COVID-19 pandemic has taken a terrible toll around the 
world – but the pain has not been shared equally. People with 
underlying conditions have been hit disproportionately hard 
by the virus, a fact that makes Novo Nordisk’s purpose of 
driving change to defeat diabetes and other serious chronic 
diseases more meaningful than ever.
Today, one in 11 people in the world has diabetes 
and if action is not taken to bend the curve, that 
figure is projected to rise to one in nine by 20451. 
The risk posed by COVID-19 to people living with 
diabetes and obesity is a clear wake-up call: we 
must continue to do more to tackle these diseases 
or risk vast future damage to millions of lives, as 
well as to broader societies and economies.
We measure our contribution to the fight against 
diabetes and other serious chronic diseases in our 
Strategic Aspirations for 2025. Appropriately, after 
a year as unparalleled as 2020, and as the world 
acknowledges the hundredth anniversary of the 
The power of 
purpose
discovery of insulin, the first of these is 'Purpose 
and sustainability'. Over the past year we have 
stepped up our commitment to our purpose by 
launching a new Defeat Diabetes social responsi-
bility strategy. This sets out our ambition to accel-
erate the prevention of type 2 diabetes, provide 
access to affordable care for vulnerable patients in 
every country and innovate to improve lives.
Beyond defeating serious chronic diseases, we 
also aspire to have zero environmental impact.
In 2020, we took an important step by achieving 
our target of using 100% renewable power across 
global production – a key milestone on the road 
to our target of zero CO2 emissions from all 
operations and transport by 2030. ­ 
1. IDF Diabetes Atlas, 9th edition, 2019
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  5

We now also ask that by the end of the decade, 
our direct suppliers use only renewable power 
when supplying us. It has been great to see some 
of our largest suppliers step up and meet this 
target already.
Despite this encouraging progress, we can 
only fulfil our purpose and be respected for 
adding value to society if we deliver on our core 
contribution of scientific innovation. Thanks to 
a strategy of targeted investment, our scientists 
are currently pursuing higher levels of innovation 
across more therapy areas than at any point in 
the company’s history. Consequently, I believe we 
are now well-positioned for success in the short, 
medium and long term.
Within diabetes, we are further raising the in-
novation bar with the roll-out of the world’s first 
once-daily GLP-1 tablet, Rybelsus®, while at the 
same time working on novel insulins, 100 years 
after the discovery of the molecule. Our Research 
& Development (R&D) colleagues are also pursu-
ing greater weight loss in obesity, and in 2020 they 
demonstrated the potential of semaglutide 2.4 mg 
in the STEP phase 3 clinical trial programme.
Crucially, we also broadened our technology 
platforms and expanded our research into 
adjacent disease areas in 2020 including 
cardiovascular disease, non-alcoholic 
steatohepatitis (NASH) and Alzheimer’s disease 
– areas of huge unmet medical need and a great 
burden for patients, families and society alike.
Our continued focus on external innovation 
led to the significant acquisitions of Corvidia 
Therapeutics and Emisphere Technologies, 
strengthening our positions in cutting-edge areas 
of cardiovascular medicine and drug delivery 
respectively.
Commercially, 2020 was a challenging year as 
lockdowns reduced the time doctors spent with 
their patients, leading to fewer initiations of 
new treatments. Despite this, we expanded our 
leadership position in the diabetes market in terms 
of value, keeping us on track to reach a share 
of more than one third by 2025. Diabetes sales 
were driven by sales of GLP-1 products (Victoza®, 
Ozempic® and Rybelsus®), which offset mixed 
market conditions for insulins. We continued to 
help more people living with obesity, while making 
progress with our ambition to secure sustained 
growth within our Biopharm division thanks to 
strong demand for our growth hormone and new 
haemophilia products.
I believe that our ability to meet the needs of our 
millions of patients during the pandemic in 2020 
comes as a consequence of our crystal-clear 
purpose and long-established company values. We 
are far from done and have many more millions 
of patients for whom treatment is not accessible 
today. So now is the time to continue to invest in 
our people and in our organisation, creating an 
inclusive, diverse and safe working environment 
in which colleagues have equal opportunities to 
thrive and fulfil their potential.
Looking to the future, I am confident that our clear 
corporate strategy will make us a valued partner to 
society as the world continues on the long road to 
recovery from the pandemic.
In closing, I would like to thank my colleagues 
around the world for their agility and commitment 
during this most challenging of years. Special thanks 
must go to our partners and collaborators, without 
whom we could not succeed. A sincere thank you 
goes to our Board of Directors for their continued 
support and constructive challenging of the organ-
isation. Finally, I would like to send a thank you to 
our shareholders for their continuous support.
Lars Fruergaard Jørgensen
President & Chief Executive Officer
“Over the past year we have 
stepped up our commitment 
to our purpose by launching 
a new Defeat Diabetes social 
responsibility strategy. This 
sets out our ambition to 
accelerate the prevention 
of type 2 diabetes, provide 
access to affordable care for 
vulnerable patients in every 
country and innovate to 
improve lives."
Olivia Aka is living with type 1 diabetes 
and is enrolled in our Changing Diabetes®
in Children programme, Ivory Coast
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  6

126,946
54,126
28,565 
45,323 
169
80 
5 
DKK million in net sales
DKK million in operating profit 
DKK million in free cash flow
employees worldwide
countries with affiliates
countries with R&D facilities
countries with marketed products 
Our corporate strategy
Our corporate strategy has four distinct focus 
areas in which we operate. It is built on our 
purpose, the Novo Nordisk Way and our ambition 
to be a sustainable business.
We aim to strengthen our leadership and  
treatment options in Diabetes and Obesity care,  
secure leading positions within Biopharm and
establish a strong presence in other serious 
chronic diseases such as NASH, cardiovascular dis-
ease and Alzheimer’s disease. Succeeding in this 
will drive sustainable growth for Novo Nordisk.
Diabetes care
Strengthen leadership 
by offering innovative 
medicines and driving 
patient outcomes 
Other serious 
chronic diseases
Establish presence by 
building competitive pipeline 
and scientific leadership 
Obesity care
Strengthen treatment ­options 
through market ­development 
and by offering innovative 
medicines and driving 
patient outcomes 
Biopharm
Secure a leading position
by leveraging full portfolio
and expanding into 
adjacent areas
Driving change to 
defeat diabetes 
and other serious 
chronic diseases
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Novo Nordisk is a global healthcare company, 
headquartered in Denmark. Our key contribu-
tion is to discover and develop innovative bio-
logical medicines and make them accessible 
to patients throughout the world. We aim to 
lead in all disease areas in which we are active.
Novo Nordisk 
at a glance
463
million people live with diabetes1
650
million people live with obesity2
450
thousand people live with 
haemophilia3
1. IDF Diabetes Atlas, 9th edition, 2019
2. WHO, Obesity and overweight, fact sheet, 2020
3. World Federation of Hemophilia, Annual 
Survey, 2018
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  7

Value
Value created from our 
business:
–   32.8 million people using 
our Diabetes care products
–   43,500 patients participating 
in our clinical trials
–   45,323 employees, of whom 
5,446 were new hires in 2020
–   60,000 direct suppliers
–   26,376 DKK million total tax 
contribution
–   36,976 DKK million to 
­shareholders as dividends  
and share repurchases
Resources
Resources going into our 
­business model at different 
stages:
–   Insights from healthcare 
experts, patients and 
partners
–   Expertise from public and 
private institutions
–   Diverse talent
–   Raw materials
–   Financial resources
Delivering high-volume products 
such as insulin and GLP-1, via an 
efficient supply chain
Pioneering idea exploration 
and early research with a strong 
understanding of biology
Engineering and developing
leading biologics within 
chronic diseases
Executing commercially through 
a market-fit approach to ensure 
patient access
Manufacturing biologics 
at ­large scale, specifically 
within yeast
Our business 
model
Our business is built around our purpose:
Driving change to defeat diabetes and other
serious chronic diseases. Our key contribution 
is to discover and develop innovative biological 
medicines and make them accessible to patients 
throughout the world.
We strive to be a sustainable business, creating 
value to society and to our future business. We 
do business in a financially, environmentally and 
socially responsible manner and we do this the 
Novo Nordisk Way. By succeeding in this, we will 
create long-term value to patients, employees, 
partners, shareholders and society.
Novo Nordisk Annual Report 2020  /  8
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information

Strategic 
Aspirations 2025
Performance highlights
Purpose and sustainability
2025 Strategic Aspirations
–  Being respected for 
adding value to society
–  Progress towards zero 
environmental impact
–  Ensure distinct core 
capabilities and evolve 
culture
2020 highlights
Adding value to society:
–  Launch of new social responsibility strategy, 
Defeat Diabetes
–  Expansion of US affordability offerings
–  Societal contributions during COVID-19
–  Lowered ceiling price of human insulin in  
76 countries
Environment:
–  100% renewable power across all production 
sites
–  Launch of supplier target aiming at 100% 
renewable power by 2030
Ensure distinct capabilities and evolve culture
–  Progress on diversity and inclusion agenda as 
well as digitalisation capabilities
2020 highlights
Diabetes sales increased by 8% at CER1
–  Value market share leadership expanded by 
0.7 percentage points to 29.3%
Obesity sales increased by 3% at CER to  
DKK 5.6 billion
Biopharm sales increased by 1% at CER
2025 Strategic Aspirations
–  Strengthen diabetes 
leadership – aim at 
global value market 
share of more than 1/3
–  Strengthen obesity 
leadership and double 
2019 reported sales
–  Secure a sustained 
growth outlook for 
Biopharm
Commercial execution
2020 highlights
Diabetes:
–  Semaglutide 2.0 mg phase 3b trial  
successfully completed
–  Once-weekly insulin icodec phase 3 trial 
programme initiated 
–  Rybelsus® approved in the EU, the UK  
and Japan
Obesity:
–  Applications for semaglutide  2.4 mg 
­submitted to FDA and EMA
–  AM833 + semaglutide  2.4 mg phase 1 trial  
successfully completed
Biopharm:
–  Mim8 phase 1/2 trial initiated
–  Concizumab phase 3 trial reinitiated
Other serious chronic disease:
–  Successful completion of phase 2 trials for 
ziltivekimab and semaglutide in NASH
2025 Strategic Aspirations
–  Further raise the 
innovation bar for 
diabetes treatment
–  Develop a leading 
portfolio of superior 
treatment solutions for 
obesity
–  Strengthen and progress 
the Biopharm pipeline
–  Establish presence in 
other serious chronic 
diseases focusing on 
cardiovascular disease 
(CVD), NASH and chronic 
kidney disease (CKD)
Innovation and therapeutic focus
2020 highlights
Operating profit increased by 7%  
at CER to DKK 54.1 billion
Sales increased by 7% at CER, to  
DKK 126.9 billion
–  10% sales growth at CER in IO
–  3% sales growth at CER in NAO3, with 48% of 
US sales transformed to products launched 
since 2015
Free cash flow of DKK 28.6 billion and  
DKK 37 billion returned to shareholders
2025 Strategic Aspirations
–  Deliver solid sales and 
operating profit growth:
	
–  Deliver 6–10% sales 
growth in IO2
	
–  Transform 70% of 
sales in the US (from 
2015 to 2022)
–  Drive operational 
efficiencies across the 
value chain to enable 
investments in future 
growth assets
–  Deliver free cash flow to 
enable attractive capital 
allocation to shareholders
Financials
To reflect the broad aspects of Novo 
Nordisk across therapy areas and 
geographies, Novo Nordisk introduced in 
2019 a comprehensive approach describing 
the future growth aspirations of the 
company under the headline 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.
1. CER: Constant Exchange Rate 
2. IO: International Operations
3. NAO: North America Operations
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  9

Financial
highlights
Sales by therapeutic area
  Diabetes care    
  Obesity care    
  Biopharm
4%
81%
48%
27%
11%
14%
15%
Sales by geographic area
  North America    
  EMEA
  Region China      
  Rest of World
Performance highlights
DKK million
2016
2017
2018
2019
2020
2019–2020
Financial performance
Change
Net sales
111,780
111,696
111,831
122,021
126,946
4%
Sales growth as reported
3.6%
(0.1%)
0.1%
9.1%
4.0%
Sales growth in constant exchange rates (CER)1
5.5%
2.3%
4.6%
5.6%
6.7%
Operating profit
48,432
48,967
47,248
52,483
54,126
3%
Operating profit growth as reported
(2.0%)
1.1%
(3.5%)
11.1%
3.1%
Operating profit growth in constant exchange rates (CER)1
0,2%
4.8%
2.8%
5.6%
6.8%
Depreciation, amortisation and impairment losses
3,193
3,182
3,925
5,661
5,753
Net financials
(634)
(287)
367
(3,930)
(996)
Profit before income taxes
47,798
48,680
47,615
48,553
53,130
9%
Effective tax rate2
20.7%
21.7%
18.9%
19.8%
20.7%
Net profit 
37,925
38,130
38,628
38,951
42,138
8%
Purchase of intangible assets2
1,199
1,022
2,774
2,299
16,256
607%
Purchase of property, plant and equipment2
7,068
7,626
9,636
8,932
5,825
(35%)
Free cash flow1
39,991
32,588
32,536
34,451
28,565
(17%)
Total assets
97,539
102,355
110,769
125,612
144,922
15%
Equity 
45,269
49,815
51,839
57,593
63,325
10%
Financial ratios
Gross margin2
84.6%
84.2%
84.2%
83.5%
83.5%
Sales and distribution costs in percentage of sales
25.4%
25.4%
26.3%
26.1%
25.9%
Research and development costs in percentage of sales
13.0%
12.5%
13.2%
11.7%
12.2%
Operating margin2
43.3%
43.8%
42.2%
43.0%
42.6%
Net profit margin2
33.9%
34.1%
34.5%
31.9%
33.2%
Cash to earnings1
105.4%
85.5%
84.2%
88.4%
67.8%
Operating profit after tax to net operating assets1
150,2%
143,2%
116,7%
98,0%
82.8%
Dividend payout ratio2
50.2%
50.4%
50.6%
50.5%
50.0%
Share performance
Basic earnings per share/ADR in DKK2
14.99
15.42
15.96
16.41
18.05
10%
Diluted earnings per share/ADR in DKK2
14.96
15.39
15.93
16.38
18.01
10%
Total number of shares (million), 31 December
2,550
2,500
2,450
2,400
2,350
(2%)
Dividend per share in DKK
7.60
7.85
8.15
8.35
9.10 3
9%
Total dividend (DKK million)
19,048
19,206
19,547
19,651
21,066 3
7%
Share repurchases (DKK million)
15,057
16,845
15,567
15,334
16,855
10%
Closing share price (DKK)
255
335
298
387
427
10%
1. See 'Non-IFRS financial measures' 2. See 'Financial definitions'. 3. Total dividend for the year including interim dividend of DKK 3.25 per share, corresponding to DKK 7,570 million, which was paid in 
August 2020. The remaining DKK 5.85 per share, corresponding to DKK 13,496 million, will be paid subject to approval at the Annual General Meeting. 
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  10

Financially 
responsible 
Socially
responsible
Environmentally 
responsible
2025 Strategic Aspirations 
Purpose and 
sustainability 
–  Being respected for 
adding value to society
–  Progress towards zero 
environmental impact
–  Ensure distinct core 
capabilities and evolve 
culture
Driving change to 
defeat diabetes 
and other serious 
chronic diseases
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Purpose and sustainability
Adding value to society 
and to our future 
business
Demands on companies are changing fast as the world is faced with 
extraordinary challenges. Threats like the COVID-19 pandemic and 
climate change mean that 'business as usual' is no longer an option. 
The stakes are high and we are determined to be a sustainable 
business by adding value to society and to our future business.
The rapid outbreak of COVID-19 during 2020 put 
the potential vulnerability of people living with 
diseases, including diabetes and obesity, firmly in 
the spotlight. At the same time, climate change 
remains an urgent challenge. These challenges call 
for corporations to step up and take a leading role 
in delivering and adopting solutions.
In 2020 we addressed these challenges by 
increasing access to our medicines across the 
world, pursuing zero environmental impact, and 
taking steps towards creating a more sustainable 
and inclusive workplace.
Responding to COVID-19
During 2020, COVID-19 led to a cascade of critical 
needs around the world and we used our exper-
tise, resources and global reach to contribute to 
the response. Our highest priority was to ensure 
the safety of our employees and the uninterrupted 
supply of life-saving medicines for our patients. In 
addition, we focused our resources on donations 
towards global relief efforts and activated our re-
search and development organisation to perform 
COVID-19 testing following a request for support 
from the Danish government.
Leading a sustainable business
Our purpose is to drive change to defeat 
diabetes and other serious chronic diseases. 
To maximise our positive impact, we must offer 
solutions beyond providing medicines to help 
tackle the global societal challenges of growth 
in non-communicable diseases, lack of access to 
affordable care and the impacts of climate change. 
We are committed to being a sustainable business. 
To us, this means that we add value to society and 
to our future business. To achieve this ambition, 
we do business in a financially, environmentally 
and socially responsible way, as reflected in our 
Articles of Association and the Novo Nordisk Way. 
This approach is integrated into every aspect of 
our decision-making, in strategies and actions, 
always keeping in mind what is best in the long 
term for the patients we serve, our shareholders, 
our employees, the communities in which we are 
present and the global society we are part of. ­ 
With that, we lead towards our Strategic 
Aspirations within purpose and sustainability. 
This is what ESG – Environmental, Social and 
Governance – means to us.
Read more about ESG in the following sections
and in the consolidated ESG statement.
Novo Nordisk Annual Report 2020  /  11
Introducing Novo Nordisk  /  Strategic Aspirations — Purpose and sustainability  /  Corporate governance  /  Consolidated statements  /  Additional information

Purpose and sustainability 
Our 
environmental 
responsibility
To get there, we are adopting a circular mindset, 
designing products that can be re-used or 
recycled, reshaping our business practice to 
minimise consumption and eliminate waste, and 
working with suppliers who share our ambition. 
We call our environmental strategy Circular for 
Zero and we measure our progress based on use 
of resources, emissions and waste. The Circular 
for Zero strategy incorporates our entire value 
chain and is based on three pillars: circular supply, 
circular company and circular products.
Circular supply
As part of our ambition to switch to circular 
sourcing and procurement, we collaborate with 
Our environmental strategy, 
Circular for Zero and 2030 
ambitions
Circular supply:
Proactive collaboration with suppliers 
to embed circular thinking for reduced 
environmental impact across the value 
chain and move towards circular 
sourcing and procurement
Circular products: 
Upgrade existing and design new products 
based on circular principles and solve the 
end-of-life product waste challenge to  
close the resource loop
Circular company:
Eliminate environmental footprint from 
operations and drive a circular transition 
across the company aiming for zero 
environmental impact
Each year, billions of Novo Nordisk tablets, 
vials and injection pens are distributed to 
patients and demand for them is growing. 
This puts us in the front line of some 
of the most challenging environmental 
issues including climate change, water 
and resource scarcity, pollution and plastic 
waste. Our ambition is bold and simple: to 
have zero environmental impact.
suppliers to encourage them to shift to sustainably 
sourced materials, thus reducing our environmen-
tal impact. In 2020 we set an ambitious target that 
all our direct suppliers should source 100% renew-
able power by 2030 when supplying us. To achieve 
this, we will work with our suppliers to help them 
in this transition to renewable power. Successful 
conversion among our 60,000 suppliers would 
result in around 300,000 tonnes of CO2 being elim-
inated from our direct suppliers each year.
Circular company
We work to reduce our environmental 
impact across all areas of our operations and 
transportation. In 2020, total CO2 emissions across 
our operations and transportation were 170,000 
tonnes of CO2, representing a 44% decrease from 
2019, due primarily to the implementation of 
renewable energy projects and impacts on travel 
from COVID-19.
CO2 emissions from operations includes all 
production facilities, global office buildings 
and laboratories. In 2020, CO2 emissions from 
production were 37,000 tonnes CO2, a reduction 
of 57% versus 2019, primarily due to the 
implementation of various renewable energy 
initiatives. These projects include implementation 
of renewable heat and steam in Kalundborg, 
wind power in France, Algeria and Russia, and 
solar power in the US. CO2 emissions from office 
buildings and laboratories were 8,000 tonnes CO2, 
a decrease of 38% versus 2019, due primarily to 
energy-saving projects and COVID-19 shut-downs.
Due to COVID-19, CO2 emissions from business 
flights were reduced to 19,000 tonnes CO2, a 
reduction of 71% compared with 2019. During 
2021, we will focus on ensuring that emissions 
from business travel are minimised through 
the promotion of virtual collaboration with both 
colleagues and stakeholders. CO2 emissions from 
our company cars in 2020 were 45,000 tonnes 
CO2, 27% lower than in 2019, primarily due to 
fewer in-person meetings and less travel as a 
result of COVID-19. Novo Nordisk is a member 
of EV100 and has committed to transitioning to 
100% electric company cars by 2030. In 2020, 
CO2 emissions from product distribution were 
61,000 tonnes CO2, a decrease of 24% compared 
with 2019, due to optimisation projects to move 
products shipped from air to sea freight. 
At the beginning of the year, we achieved our ambi-
tion of sourcing 100% renewable power in our glob-
al production when a new solar facility went online 
Horns Rev 3 wind farm, North Sea, is one of the locations from 
which we receive renewable power 
Novo Nordisk Annual Report 2020  /  12
Introducing Novo Nordisk  /  Strategic Aspirations — Purpose and sustainability  /  Corporate governance  /  Consolidated statements  /  Additional information

It is our ambition to have zero
environmental impact. In order to 
achieve this ambition we set out a 2030
supplier target, with the desire that
60,000
direct suppliers use renewable 
power when supplying us.
by
2030
300,000
tonnes of CO2 would be eliminated
from our direct suppliers each year.
powering our entire US operations. In the process, 
we became the first pharmaceutical company in the 
renewable power initiative, RE100, to do this.
In 2020, the energy consumption for our opera-
tions was 3,191,000 GJ, an increase of 7% com-
pared with 2019, primarily due to a new produc-
tion site in North Carolina. Energy-saving projects 
implemented in 2020 within production sites are 
expected to result in annual savings of 94,000 GJ.
Water consumption at production sites was 
3,368,000 cubic meters, an increase of 7% compared 
with 2019 due to the new production site in North 
Carolina. Four production sites including China and 
Brazil are in areas subject to water stress or high 
seasonal variations. These sites accounted for 11% 
of the total water consumption in 2020, and water 
consumption at these sites decreased by 15% in 
2020, despite adding new production sites. We will 
continue to focus on reducing water consumption 
across these sites.
We are committed to reducing waste and have a 
target of sending zero production waste to landfill 
by 2030. In 2020, production sites had a total 
of 141,000 tonnes of waste, an increase of 14% 
compared with 2019. This increase was due to 
increased production in Kalundborg.
93% of waste arising from our production was 
recycled, converted to biogas or incinerated in 
waste-to-energy plants. During 2020 less than 1% 
(1,000 tonnes) of our waste was sent to landfill.
Environmental performance
 
170
1,000 tonnes CO2 emissions from 
operations and transport 
-44% from 2019
100%
share of renewable power  
for production sites
+24 percentage points from 2019
<1%
of waste from production  
sites sent to landfill 
0% change from 2019
Circular products
We are working to ensure existing and new 
products are fit for circularity and have developed 
a circular design guideline within R&D to reduce 
the environmental footprint of our devices.
As part of Circular for Zero, we are seeking to 
address the end-of-life challenges associated 
with many of our medical devices. In late 2020, 
we initiated a pilot take-back scheme for medical 
devices in Denmark with the aim of scaling globally 
in the future. Through recycling our production 
waste, we have been able to successfully 
recycle insulin pens, providing materials for the 
manufacture of lamps and office furniture. We 
are pursuing greater re-use and recycling of our 
devices and aspire to achieve this in coming years.
“The Danish Association of Pharmacies is 
very excited to be part of this important 
take-back project aiming to reduce the 
environmental impact from used insulin 
pens, which consist of valuable materials 
suitable for recycling. By recycling we avoid 
the negative climate impact from burning 
the material as normal waste.” 
– Birthe Søndergaard, Danish Association of Pharmacies
Read more about our environmental performance 
in the consolidated ESG statement in this report 
and on novonordisk.com.
Novo Nordisk Annual Report 2020  /  13
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We are driving change to  
Defeat Diabetes by…
Purpose and sustainability
Our social 
responsibility
At Novo Nordisk, it is our ambition to be 
respected for adding value to society. We 
aim to achieve this by adding value to the 
communities we are part of, delivering 
innovative solutions to patients, and by 
offering an inclusive, diverse, safe and 
ethical workplace.
Today, one in every 11 people in the world is living 
with diabetes, a figure that is projected to rise to 
one in nine by 2045 if action is not taken1. Diabetes 
places a great burden on health systems, and we 
are committed to working with health authorities 
and other partners to prevent and treat the 
disease. In 2020 we launched a long-term social 
responsibility strategy, Defeat Diabetes, to help 
society rise to one of its biggest challenges. We 
recognise that we cannot defeat diabetes alone, 
but we can accelerate our actions to find solutions.
Innovation
Our key contribution is to discover and develop 
innovative biological medicines and make them 
accessible to patients throughout the world. 
In 2020, we reached an estimated total of 32.8 
million patients with our Diabetes care products, 
up 9% from 2019.
Read more in the section on innovation and 
therapeutic focus.
Access and affordability
We recognise that affordability of medicines can 
be a challenge and we know that some people 
in the US living with diabetes are increasingly 
finding it hard to pay for their healthcare, including 
our diabetes medicines. Ensuring access and 
affordability is a responsibility we share with all 
involved in healthcare. During 2020, we continued 
our efforts to help patients in the US struggling to 
afford their Novo Nordisk insulins through a range 
of options, including:
–  Follow-on brands: Unbranded biologic versions 
of fast-acting (Novolog®) and premix insulin 
(Novolog® Mix) at a 50% list price discount 
versus branded versions
–  My$99Insulin: 30-day supply of a combination of 
Novo Nordisk insulin products (up to three vials 
or two packs of pens) for 99 USD for eligible 
patients
–  Patient Assistance Program: Free diabetes 
medication to people in need who meet certain 
eligibility criteria, including annual household 
income at or below 400% of government-
defined poverty level. Programme expanded 
during COVID-19
–  Human insulin: For about 25 USD per vial at 
national pharmacies, including Walmart and CVS
–  Immediate Supply Program: A free, one-time, 
immediate supply of Novo Nordisk insulin (up to 
3 vials or 2 packs of pens) to eligible patients at 
risk of rationing
–  Co-pay Savings Cards: To help defray high 
out-of-pocket costs for commercially insured 
patients.
During 2020, we reached more than one million 
people through affordability offerings in the US.
We also recognise that there are vulnerable 
patients in every country and to identify these 
groups we will initiate vulnerability assessments 
where we operate, excluding the US where we 
have already expanded our affordability offerings. 
We do this to identify how we can improve access 
to affordable care and capacity building. Based on 
21 country assessments made in 2020, we have 
developed affordability plans in 19 countries.
Vulnerable patient groups include people impact-
ed by humanitarian crises, people living in remote 
areas or in poorer parts of the world with ineffi-
cient healthcare systems and vulnerable popula-
tion groups, such as children and the elderly.
In 2020, we strengthened our Access to Insulin 
Commitment by lowering the ceiling price (the 
maximum price within the commitment) from USD 
4 to USD 3 per human insulin vial in 76 countries. 
This covers Least Developed Countries as defined 
…accelerating prevention 
to bend the curve…
…providing access to affordable 
care for vulnerable patients in 
every country…
…innovating 
to improve lives.
1. IDF Diabetes Atlas, 9th edition, 2019
Novo Nordisk Annual Report 2020  /  14
Introducing Novo Nordisk  /  Strategic Aspirations — Purpose and sustainability  /  Corporate governance  /  Consolidated statements  /  Additional information

We expanded our Changing  
Diabetes in Children programme
with the ambition to reach
100,000
children by 2030.
222
clinics 
established.
28,296 
children reached 
in 14 countries. 
by the UN, other low-income countries as defined 
by the World Bank, and middle-income countries in 
which large low-income populations lack sufficient 
health coverage, as well as selected humanitarian 
organisations.
An estimated 3.2 million people were treated 
with insulin under this commitment in 2020. In 
2020, the average price of insulin sold under this 
commitment was 2.9 USD per vial, corresponding 
to 11.6 cents per patient per day. Beyond this 
commitment, we sold human insulin at or below 
the ceiling price in other countries, reaching an 
estimated another 3.1 million people during 
2020. Our Access to Insulin Commitment is only 
one element and it cannot stand alone. Supply 
chain improvements and capacity building are 
also important in our efforts to provide access to 
affordable care to vulnerable patients. 
Read more about our Access to Insulin 
Commitment on novonordisk.com.
To further improve capacity building we extended 
our Partnering for Change partnership with 
the International Committee of the Red Cross 
(ICRC) and the Danish Red Cross (DRC), aimed 
at improving care for people living with chronic 
diseases in humanitarian crises and we launched 
an ambition that no child should die from type 
1 diabetes. To achieve this, we expanded our 
Changing Diabetes in Children programme with 
the aim of reaching 100,000 children by 2030. 
In 2020, we enrolled 2,601 additional children. 
In total, 469 healthcare professionals have been 
trained, 222 clinics established and 28,296 children 
across 14 countries have received care as part of 
the programme since 2009.
Prevention
In addition to the impact on patient lives, ­diabetes 
also constitutes one of the biggest societal chal-
lenges. To help society rise to this challenge, we 
focus our efforts within diabetes and obesity pre-
vention where our expertise has the biggest impact. 
Our aim is to find, pilot and scale effective interven-
tions to prevent diabetes and obesity, starting with 
early interventions and health inequalities in cities. 
Within early interventions, our collaboration with 
UNICEF to prevent childhood overweight and 
obesity in Mexico and Colombia is progressing 
despite COVID-19, and global advocacy on 
childhood malnutrition continues. 
Within health inequality in cities, we have a public-
private partnership, Cities Changing Diabetes, 
which aims to address diabetes prevention and 
treatment amongst vulnerable populations in 
urban settings. In 2020, Cities Changing Diabetes 
reached 36 cities, up from 25 in 2019, spanning 
five continents and more than a hundred local 
partners across the public and private sectors.
Donations and other contributions
During 2020 we increased our donations, partly to 
respond to COVID-19. Selected donations include:
– 165 DKK million to the Antimicrobial Resistance 
Research (AMR) Action Fund, the largest 
collective fund ever established to support vital 
research into antimicrobial resistance research 
and development1
–  138 DKK million to the World Diabetes 
Foundation (WDF), including a special one-off 
contribution of 50 DKK million in 2020
–  20 DKK million to the Novo Nordisk Haemophilia 
Foundation
Helping society respond to COVID-19
Since the outbreak of COVID-19, additional efforts 
have been focused on helping society.
In Denmark, where we are headquartered, we 
supported the Danish healthcare system in 
increasing national testing capacity and developed 
a COVID-19 antibody test which is being used by 
the University of Copenhagen to study the virus.
We offered free insulin for six months to the hu-
manitarian organisations that we normally supply, 
including UNRWA and the Red Cross Organisa-
tions, to support relief efforts in humanitarian 
settings in low- and middle-income countries.
Employees
We aim to be an attractive employer that offers 
an inclusive, diverse, safe and ethical working 
environment in which all employees have equal 
opportunities to realise their potential.
At the end of 2020, the total number of 
people employed in Novo Nordisk was 45,323, 
1. Categorised as an equity investment
and therefore not expensed in the income
statement
Novo Nordisk Annual Report 2020  /  15
Introducing Novo Nordisk  /  Strategic Aspirations — Purpose and sustainability  /  Corporate governance  /  Consolidated statements  /  Additional information

corresponding to 44,723 full-time positions, which 
is a 5% increase compared with 2019. The growth 
was mainly driven by International Operations. 
Diversity and inclusion
To deliver on our Strategic Aspirations it is crucial 
to have an inclusive and diverse organisation at 
all levels, including our Board of Directors. We 
fundamentally believe that diversity of people and 
inclusive leadership drive value for Novo Nordisk.
One element of our diversity and inclusion 
aspiration is to achieve a balanced gender 
representation at all managerial levels. While 
several initiatives have been launched to 
accelerate diversity and inclusion and drive gender 
balance, there has only been gradual change and 
we still have room for improvement. The gender 
distribution amongst managers in 2020 was 59% 
men and 41% women, compared with 40% women 
in 2019. In Senior Management1 76% were men 
and 24% were women in 2020, compared with 
18% women in 2019. In our Board of Directors 
62% were men and 38% women. 
To accelerate diversity and inclusion and ensure 
accountability for driving progress, all levels 
throughout the organisation have implemented 
local action plans during 2020. In addition, in 
2020 diversity and inclusion has been anchored in 
both short- and long-term incentive programmes. 
The strong stance on diversity and inclusion 
will continue in 2021 with a focus on realising 
continuous progress from the local action plans.
Human rights and labour 
We are committed to fulfilling our responsibility 
to respect human rights, including labour rights 
across all our activities and business relationships 
as a minimum standard of business conduct. 
Read more about our Human Rights Commitment 
on novonordisk.com. 
Since 2014, we have been a part of the living wage 
programme with an external global non-profit 
business network and consultancy. The objective is 
to ensure that all our employees are paid a living 
wage, i.e. adequate to purchase basic goods and 
services necessary to achieve a basic standard of 
living, based on calculations of living wages in the 
countries we operate in. In 2020 we analysed data 
for 74 countries compared with 12 countries in 
2019, and as a result of this analysis an action plan 
has been implemented.
Read more about our Global Labour Code of 
Conduct for labour rights on novonordisk.com.
Progress was made in regard to management of 
salient human rights issues beyond those already 
addressed by existing global standards and 
programmes. In 2020, manager and employee 
human rights training strengthened awareness of 
these issues, while the training scope covered all 
human rights and all company operations. In 2020, 
for patient safety and the right to health, we strove 
to increase the share of affiliates providing safety 
reporting on local websites to more than 96%. For 
availability and affordability aspects of the right to 
health, see progress above. 
To mitigate risks of exploitation of human 
biosamples used in pre-clinical research and 
ensure respect for donors’ rights to free 
and informed consent, we implemented a 
strengthened risk-based due diligence process. 
For local manufacturing projects, we implemented 
enhanced human rights due diligence 
requirements for all new high-risk business 
partners. For supply chains, we strengthened 
the human rights focus of our supplier audits, 
by updating the auditor toolbox and conducting 
training with an external expert organisation. 
Read more about our due diligence on modern 
slavery risks on novonordisk.com.
Health and safety and accident reporting
Safety behaviour is part of our company values. In 
2020, the average frequency rate of occupational 
accidents involving absence was 1.3 per million 
working hours, compared with 2.2 in 2019. In 
2020, as in 2019, we had one work-related fatality. 
We work with a zero-injury mindset and remain 
committed to continuously improving safety 
performance. 
Read more about our social performance in the 
consolidated ESG statement in this report and on 
novonordisk.com
Social performance
32.8
million patients reached with 
Diabetes care products
+9% from 2019
158
million in donations to World Diabetes 
Foundation and Novo Nordisk 
Haemophilia Foundation
+50% from 2019
45,323
employees worldwide 
+5% from 2019
1. Defined as Executive Vice Presidents and 
Senior Vice Presidents
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Novo Nordisk Essentials, 
part of the Novo Nordisk 
Way
1	
We create value by having 
a ­patient centred business 
approach.
2	
We set ambitious goals and 
strive for excellence.
3	
We are accountable for our 
financial, environmental and 
social performance.
4	
We provide innovation to the 
benefit of our stakeholders.
5	
We build and maintain 
good relations with our key 
­stakeholders.
6	
We treat everyone with 
respect.
7	
We focus on personal 
performance and 
development.
8	
We have a healthy 
and engaging working 
environment.
9	
We strive for agility and 
simplicity in everything we do.
10	 We never compromise on 
quality and business ethics.
Purpose and sustainability
Governing 
sustainable 
business
In Novo Nordisk, sustainability 
considerations are integrated into our 
business, decision-making and governance 
structures. We strive to conduct our 
business in a responsible manner, in 
accordance with the Novo Nordisk Way – a 
set of guiding principles which underpins 
every decision we make.
Novo Nordisk Way
The Novo Nordisk Way is a set of guiding principles 
which underpins every decision we make. We 
use a unique, systematic approach known as 
facilitation to ensure that everyone lives up to 
the Novo Nordisk Way. In 2020, 26 facilitations 
were conducted, down from 32 in 2019 due 
to COVID-19 travel restrictions. Any issues are 
addressed locally, and consolidated insights are 
shared with Executive Management and the Board 
of Directors. The Novo Nordisk Way also underpins 
our performance management and incentive 
programmes. 
The Novo Nordisk Way states that we treat 
everyone with respect, meaning there is no 
acceptance of discrimination nor harassment. 
We have processes in place to encourage the 
reporting of any discrimination, harassment or 
retaliation, including an anonymous reporting 
hotline. We encourage all managers and 
employees to have an open dialogue on the 
matter.
Company trust
The level of trust in Novo Nordisk among key 
stakeholders – people with diabetes, general 
practitioners and diabetes specialists – is an 
indicator of the extent to which we are living up to 
stakeholders’ expectations. 
Our trust score, measured on a scale of 0-100, 
increased to 80.6 in 2020 from 78.2 in 2019. The 
increase was the most significant improvement 
in a trust score in the pharmaceutical industry in 
2020.
Business ethics 
Our approach to business ethics is about acting 
with integrity and in compliance with the Novo 
Nordisk Way, our Business Ethics Code of 
Conduct and international and local standards 
for responsible business conduct. Business 
ethics covers anti-bribery and anti-corruption, 
data protection and human rights with the aim 
of minimising any potential risks to our business, 
people and society. 
Annual training in business ethics is mandatory 
for all employees, including all new hires. In 2020, 
99% of employees completed and documented 
their training, with the remaining 1% missing 
mainly due to employees being on leave. In 2020, 
32 business ethics reviews were completed with 
107 findings, compared with 34 reviews with 
87 findings in 2019. Consolidated findings are 
reported to our Executive Management and the 
Audit Committee. 
During COVID-19, all audits outside Denmark 
were conducted virtually. Despite the changed 
approach for 2020, Group Internal Audit assesses 
that the level of business ethics compliance is 
sound. Management action plans and closure of 
findings progressed as planned, and there were 
no overdue management actions or findings at the 
end of the year. 
In 2020, we started developing data ethics 
principles and will implement these principles to 
ensure responsible and sustainable use of data. 
Furthermore, data protection and human rights 
risks were integrated into the global business 
ethics risk reporting process in 2020.
Product quality and supplier audits
In 2020, as in 2019, there were no failed inspec-
tions among those resolved at year-end. During 
the year, 77 inspections were conducted, com-
pared with 66 in 2019. At year-end, 59 inspections 
were passed and 18 were unresolved, as final 
inspection reports had not been received or the 
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Corporate income taxes by region – three year average
  Share of category
Region
Intellectual
property rights1
Production2
Sales3
Corporate 
income taxes
(DKK billion) 
International Operations
 
8.4
– Denmark
7.2
– EMEA (excluding Denmark)
0.9
– China
0.2
– Rest of World
0.1
North America Operations
1.5
– Of which the US
1.4
Total
9.9
Roshni has type 1 diabetes  
and lives in India
1. Intellectual property rights based on sales from where intellectual property rights are located
2. Production based on production employees in the region
3. Sales based on the location of the customer
final authority acceptance was pending. Follow-up 
on unresolved inspections continues in 2021.
In 2020, a total of 177 supplier audits were 
conducted to assess compliance levels with our 
supplier standards. One critical finding was issued 
related to quality audits regarding handling of 
controlled waste. A follow-up audit has since been 
conducted, where the finding was found to have 
been closed satisfactorily.
In 2020, we had no product recalls from the 
market, compared with four in 2019.
Corporate governance
As a foundation-owned company, being a 
sustainable business is integrated into our 
ownership structure. Our foundation ownership 
supports the overarching imperative to be both 
commercially successful and responsive to the 
wider needs of society. The fact that we have 
a combination of foundation ownerships and 
stock listing enables us to embark on long-
term strategies while maintaining short-term 
transparency on performance.
The objective of the Novo Nordisk Foundation is 
to provide a stable basis for the commercial and 
research activities of Novo Nordisk and support 
broader scientific, humanitarian and social 
purposes.
In addition to managing our business, our 
governing bodies set direction and ensure 
that sustainability is implemented in business 
decisions. In line with that, two consistent priorities 
were high on the Board’s agenda in 2020, namely 
scientific innovation and sustainability – both of 
which are vital to the future of the company.
Read more about our corporate governance in 
the corporate governance section of this report.
Remuneration 
The variable remuneration of executives is 
designed to promote performance in line with the 
company’s strategy, purpose and ambition to be a 
sustainable business.
Read more about the remuneration of our 
executives in the corporate governance section 
of this report.
Sustainable tax approach
Our overall guiding principle within tax is to have a 
sustainable tax approach (tax policy), emphasising 
our commercial approach to managing the impact 
of taxes while remaining true to our values of 
operating our business in a responsible and 
transparent manner. This means that we pay 
tax where value is generated and are always 
respecting international and domestic tax rules. 
As a global business, we conduct cross-border 
trading, which is subject to transfer pricing reg-
ulations. We apply a 'Principal structure' in line 
with OECD principles, meaning all legal entities 
perform their functions on contract on behalf of 
the principals and are allocated an activity-based 
profit according to a benchmarked profit mar-
gin. The tax outcome of this operational model 
is reflected in the overview below, which shows 
our corporate income taxes by region. To ensure 
alignment between taxing authorities about the 
allocation of profit between our entities, we have 
Advance Pricing Agreements in place for geogra-
phies representing more than 65% of our revenue 
worldwide.
Our sustainable tax approach has been approved 
by the Board of Directors. Read more about our 
sustainable tax approach on novonordisk.com.
In addition to corporate income taxes, we also pay 
other taxes. Please refer to 'total tax contribution' 
in the ESG statement.
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We adhere to international standards, 
commitments and recommendations, 
including those outlined below: 
–  Access to Medicines Index
–  CDP
–  Sustainability Accounting Standards Board
–  Task Force on Climate-Related Financial 
Disclosures
–  UK Bribery Act
–  UK Modern Slavery Act
–  UN Global Compact Ten Principles
–  UN Guiding Principles on Business  
and Human Rights
–  UN Political Declaration on Universal  
Health Coverage
–  UN Sustainable Development Goals
–  US Foreign Corrupt Practices Act
For more information, see  
novonordisk.com.
Governance performance 
26
facilitations of the Novo Nordisk Way 
conducted 
6 fewer than in 2019
80.6
company trust level
+3% from 2019
32
business ethics reviews  
conducted 
2 fewer than in 2019
177
supplier audits 
59 fewer than in 2019
Financial and ESG assurance
Our financial reporting and the internal controls 
of financial reporting processes are audited by 
an independent audit firm elected at the Annual 
General Meeting. As part of our ESG responsibility, 
we voluntarily include an Assurance Report from 
an independent external auditor for ESG report-
ing in the annual report. The assurance provider 
reviews whether the ESG performance information 
covers aspects that are deemed to be material 
and verifies the internal control processes for the 
information reported.
Our internal audit function provides independent and 
objective assurance, primarily within internal control 
of financial processes, IT security and business ethics. 
To ensure that the internal financial audit function 
operates independently of Executive Management, 
its charter, audit plan and budget are approved by 
the Audit Committee. The Audit Committee must ap-
prove the appointment, remuneration and dismissal 
of the head of the internal audit function.
Read more about our corporate governance in 
the corporate governance section of this report.
Materiality
We have a robust materiality process in place 
where material issues are determined and 
reassessed on an annual basis by management.
The three most material risk factors that can 
impact our ability to create value over time are 
defined by management as: 
–  Product quality and patient safety
–  Progress in the R&D pipeline and regulatory 
approval 
–  Pricing and market access environment
Read more in the risk management section of 
this report.
Sustainability standards and performance
We strive to report on our ESG performance in 
accordance with relevant disclosure standards.
One of these is the Taskforce on Climate-related 
Financial Disclosures (TCFD). Here we take a 
stepwise approach to incorporate material climate-
related disclosures into our annual report. A 
summary of how we address the risks related to 
climate change can be found at our website and 
in our CDP disclosure report. As recommended 
by TCFD, we are integrating climate change 
scenarios of 2⁰C, consistent with meeting the Paris 
Agreement Goal (Representative Concentration 
Pathway ‘RCP 2.6’) and 4⁰C as an alternative high 
emission (RCP 8.5) RCP to identify short-, medium- 
and long-term risks within our production and 
supply chain to ensure a steady supply of medicine 
to patients.
We strive to adhere to the disclosures of the Social 
Accountability Standards Board (SASB) which 
apply to our industry. We do this to demonstrate 
our commitment to being transparent and 
accountable for how we operate. We are fully or 
partially aligned to 20 of 25 metrics. In 2021 we 
will further assess our adherence and disclosure.
For the United Nations Sustainable Development 
Goals (SDGs), we focus our efforts on Goal 3, 
'health' and Goal 12, 'responsible consumption 
and production', as this is where we believe we can 
maximise our positive impact on the SDGs.
Read more about our sustainability governance in 
the consolidated ESG statement in this report and 
on novonordisk.com.
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Introducing Novo Nordisk  /  Strategic Aspirations — Purpose and sustainability  /  Corporate governance  /  Consolidated statements  /  Additional information

Innovation and therapeutic focus
Prioritising a pipeline 
of hope for serious 
chronic diseases
For almost a century, Novo Nordisk has 
pioneered scientific breakthroughs within 
serious chronic diseases. To ensure that we 
continue to deliver value to society, we are 
pursuing even higher levels of innovation, 
across more therapy areas and technology 
platforms and with more patients and 
partners than at any point in our history.
Discovering ways to treat serious chronic diseases 
has never been more important. The COVID-19 
pandemic has highlighted the vulnerability of 
hundreds of millions of people with diabetes, 
obesity and other serious chronic diseases, 
underlining the urgency of addressing their unmet 
medical needs.
We are rising to the challenge by building on a 
successful track record in diabetes to pursue 
innovative approaches to fighting obesity 
and other serious chronic diseases, as well 
as expanding our therapy area focus. These 
approaches will rely not only on our cutting-edge 
protein and peptide engineering, but on novel 
technology platforms including oral delivery of 
biologics, stem cells, RNA interference (RNAi) and 
gene editing to further advance our innovative 
pipeline for long-term success.
Shifting gears for future growth
Our Research & Development (R&D) strategy is 
driven by targeted investment in novel products 
and technology platforms, resulting in higher 
levels of innovation across more therapy areas 
and with more external partners than at any point 
in our near 100-year history. In an increasingly 
competitive biopharmaceutical industry, this 
gear-shift is imperative to ensure that we retain 
a leading scientific position in the disruptive 
innovations that are set to transform medicine in 
the 21st century.
Over the past decade, on average we have 
developed one novel product each year and our 
business has grown strongly. To secure future 
growth platforms, we expect to increase our R&D 
investments in near- and mid-term opportunities. 
By building on our core capabilities including 
our clinical trial expertise, large scale protein 
manufacturing base and commercial excellence, 
we strive to enable more products to be launched 
in future years.
In 2020 we had more than 43,500 patients partici-
pating in our clinical phase one to four trials – more 
than at any point in our history. And, despite the 
disruption caused to society and healthcare sys-
tems by COVID-19, we safely maintained continuity 
of key clinical trials through remote monitoring of 
patients and by distributing trial products directly 
to them rather than via study sites where possible.
Significant regulatory milestones in the past year 
included European and Japanese approvals for 
Rybelsus® – the first commercially available GLP-1 
based medicine in a tablet – strengthening our 
leadership position in diabetes. The once-daily 
treatment represents a major technological 
advance for people living with type 2 diabetes and 
is now available in nine markets.
2025 Strategic Aspirations  
Innovation and 
therapeutic focus 
–  Further raise the 
innovation bar for 
diabetes treatment
–  Develop a leading portfolio 
of superior treatment 
solutions for obesity
–  Strengthen and progress 
the Biopharm pipeline
– Establish presence in 
other serious chronic 
diseases focusing on 
cardiovascular disease, 
NASH and chronic kidney 
disease
August and Marie Krogh brought insulin, a breakthrough
innovation discovered 100 years ago, to Denmark, where Nordisk
Insulinlaboratorium subsequently commercialised the production
of insulin.
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Raising the bar in diabetes research
With the number of people living with diabetes 
projected to increase from 463 million today to 
700 million in 20451, there remains an urgent 
need to find innovative and more convenient 
treatments. This includes novel forms of insulin, a 
molecule discovered 100 years ago in 1921. One 
such candidate is insulin icodec, which during 
2020 was seen to be effective and well-tolerated 
in phase 2 trials. This once-weekly insulin might 
one day offer patients far fewer injections than 
the current option of once- or twice-daily basal 
insulins. 
Within GLP-1s we are building on our legacy by 
developing mono- and combination therapies that 
deliver higher efficacy and improved outcomes by 
demonstrating benefits on diabetes comorbidities. 
However, our efforts within diabetes research do 
not stop there. In late 2020, we initiated a phase 1 
trial to establish the safety of a glucose-sensitive 
insulin candidate. We hope that such a treatment 
might one day mimic the body’s own, naturally oc-
curring insulin by sensing and responding to blood 
sugar levels in the body. Furthermore, together 
with Massachusetts Institute of Technology, we are 
continuing to progress the development of sys-
tems enabling the oral delivery of macromolecules, 
including the tortoise shell-inspired, self-orienting 
oral device 'SOMA', with the ultimate ambition of 
one day delivering insulin in a tablet.
Shaping the future of obesity treatment
We are also playing a leading role in discover-
ing new treatments for obesity, which is still not 
universally recognised as a serious chronic and 
progressive disease. This is despite the fact that 
people with obesity face a range of other health 
risks, from cancer, type 2 diabetes and heart 
disease to severe illness or complications from 
COVID-19. Among significant progress made in the 
past year was the phase 3 clinical trial programme 
STEP (Semaglutide Treatment Effect in People with 
obesity), in which our GLP-1 once weekly injectable 
semaglutide 2.4 mg demonstrated average weight 
loss of 17%-18% over 68 weeks in subjects with 
obesity without diabetes, when using a trial prod-
uct estimand (15%-17% weight loss reported when 
using a treatment policy estimand). By leveraging 
GLP-1 semaglutide treatment we hope to maxim-
ise the ability of people with obesity to achieve and 
maintain substantial weight loss. Our aspiration is 
to close the gap between current pharmacological 
treatment options and bariatric surgery by using 
combination therapies based on our peptide 
innovation.
Semaglutide – also the active ingredient in Ry-
belsus® and Ozempic® – exemplifies an important 
trend in medicine in the form of a more holistic 
approach to cardiometabolic diseases. The close 
association between type 2 diabetes, obesity, 
cardiovascular disease, chronic kidney disease and 
non-alcoholic steatohepatitis (NASH) means that 
the classical siloed approach to treating disease 
symptoms one by one is breaking down and that a 
molecule like semaglutide can potentially target a 
number of different therapeutic areas.
Other serious chronic diseases
As a result, semaglutide is becoming a pipeline of 
opportunities within a single molecule. In addition 
to the results seen with semaglutide in diabetes 
and obesity, a recent phase 2 trial involving 
patients with NASH showed that treatment with 
semaglutide resulted in a significantly higher 
percentage of patients achieving NASH resolution 
compared to placebo and could potentially play 
a key role in preventing disease progression. 
Furthermore, early-stage research supports 
investigating semaglutide as treatment for early 
Alzheimer's disease. A pivotal phase 3 programme 
with oral semaglutide will be initiated in the first 
half of 2021. But, while such a molecule is every 
scientist's dream, our long-term innovation for the 
benefit of patients must go beyond semaglutide.
It is with this ambition that we are branching 
into areas of medicine that build upon our 
core capabilities. In cardiovascular therapy, this 
includes several approaches, including an anti-
IL6 monoclonal antibody and a PCSK9 peptide-
based inhibitor, the latter of which would provide 
an alternative to existing forms of powerful 
cholesterol-lowering therapy. This molecule has 
just completed phase 1 studies.
1. IDF Diabetes Atlas, 9th edition, 2019
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Harnessing external innovation
The acquisition in 2020 of US-based biotech 
company Corvidia Therapeutics further 
strengthens our pipeline by introducing the 
anti-IL-6 monoclonal antibody, ziltivekimab, 
which has shown encouraging results in phase 
2 on inflammatory biomarkers in patients with 
atherosclerotic cardiovascular disease and chronic 
kidney disease.
Strategic investments of this nature reflect 
our ambition to establish a leading presence 
in new adjacent therapy areas – just as we 
do within diabetes, obesity, haemophilia and 
growth disorders. During 2020, we also acquired 
Emisphere Technologies, and with it proprietary 
technologies that enable the oral formulation 
of therapeutics – including the Eligen® SNAC 
technology found in Rybelsus®.
By continuing to work with a growing number 
of external partners and investing in novel 
technology platforms – including stem cell 
research, RNA-interfering (RNAi) therapeutics and 
gene editing – we aim to deliver innovation across 
a broader range of serious chronic diseases than 
ever before. These technologies are revolutionising 
what is possible in medicine and they will power 
the disruptive innovations of the future.
Progressing the Biopharm pipeline
External innovation is also playing an important 
role in the evolution of our Biopharm business, a 
speciality care unit that encompasses treatments 
for rare blood and rare endocrine disorders, 
where unmet need remains high. Our pipeline 
includes Mim8 – a next generation treatment for 
haemophilia A, concizumab for the treatment of 
haemophilia A or B and once-weekly somapacitan 
for growth-related disorders. However, we are 
also collaborating with bluebird bio, which is 
pioneering the development of next-generation 
in vivo genome editing treatments for genetic 
diseases, including haemophilia.
Looking to the future
Our investment in stem cell-based, regenerative 
therapies lays the foundation for additional 
expansion into new areas such as Parkinson’s 
disease, dry age-related macular degeneration 
and chronic heart failure. Not to mention stem 
cell-based therapies potentially offering a path 
to curing type 1 diabetes – an aspiration at the 
heart of our purpose to defeat diabetes and other 
serious chronic diseases.
One thing common to our entire innovation 
strategy is a drive to maximise the potential of 
data and digital technology – spaces that we 
invested in throughout 2020 via recruitment and 
external collaboration. It is increasingly clear 
that excellence in digital science, just as much 
as expertise in biology, will be vital for success 
in biopharmaceutical R&D in the 21st century, as 
advances in analytics and real-world evidence 
move data-driven discovery to centre-stage in the 
hunt for new medicines.
Shirley Stewart has type 2 diabetes and lives in the US
Novo Nordisk Annual Report 2020  /  22
Introducing Novo Nordisk  /  Strategic Aspirations — Innovation and therapeutic focus  /  Corporate governance  /  Consolidated statements  /  Additional information

Innovation and therapeutic focus
Research and development
Diabetes
Regulatory events
–	 The oral glucagon-like peptide 1 (GLP-1) analogue in a 
tablet, Rybelsus®, was granted market authorisation in 
the EU and Japan for treatment of adults with type 2 
diabetes (T2D).
–	 In China, a label expansion for Victoza® was approved 
to include a cardiovascular (CV) indication based 
on LEADER. Furthermore, new drug applications 
(NDAs) were submitted to China’s National Medicinal 
Products Administration for semaglutide and the 
insulin degludec/liraglutide combination.
Clinical progress
–	 The phase 3b trial, SUSTAIN FORTE, completed 
successfully, demonstrating superior reduction in 
HbA1c for 2.0 mg semaglutide compared with 1.0 
mg semaglutide when administered once-weekly 
subcutaneously (sc) in people with T2D in need of 
treatment intensification1.
–	 A phase 3b trial was initiated, investigating the effects 
of sc semaglutide in people with T2D and peripheral 
artery disease. 
–	 A phase 3b trial was initiated with high dose oral sema-
glutide, 25 and 50 mg, in people with T2D in H1 2021.
–	 Phase 2 trials with the once-weekly basal insulin ana-
logue, insulin icodec, were successfully completed and 
the phase 3a trial programme, ONWARDS, was initiated.
–	 Phase 1 trials for icosema and insulin 965 were 
successfully completed.
–	 The first human dose trials were initiated for glucose-
sensitive insulin, once-weekly combination sema-GIP 
and a DNA immunotherapy for T1D.
Obesity
Regulatory events
– An NDA for once-weekly sc semaglutide 2.4 mg for 
weight management in adults with obesity was filed 
with the FDA utilising a priority review voucher. A 
marketing authorisation application for semaglutide 
2.4 mg in obesity was submitted to the European 
Medicines Agency.
– The submissions are based on the results from 
the STEP phase 3a clinical trial programme, which 
included more than 4,500 adults with obesity or 
overweight. Across the STEP programme, people with 
obesity treated with once-weekly semaglutide 2.4 
mg achieved a statistically significant and greater re-
duction in body weight compared to placebo. Across 
the trials in people without diabetes, STEP 1, 3 and 
4, a weight loss of 17%-18% was reported for people 
treated with semaglutide 2.4 mg, when using a trial 
product estimand (15%-17% weight loss reported 
when using a treatment policy estimand).
–	 Saxenda® was granted a label expansion to include 
the use in adolescents (aged 12 to <18 years) with 
obesity or overweight in the US.
Clinical progress
–	 Novo Nordisk announced successful headline results 
from two clinical trials with the once-weekly sc 
amylin analogue (AM833). Encouraging results were 
obtained in a phase 2 AM833 monotherapy trial and 
a phase 1b combination trial of AM833 and once-
weekly semaglutide 2.4 mg.
Biopharm
Regulatory events
– The once-weekly growth hormone derivative, 
somapacitan, was approved under the brand name 
Sogroya® for treatment of adult growth hormone 
deficiency (AGHD) in the US and Japan. Positive  
Committee for Medicinal Products for Human Use 
(CHMP) opinion for Sogroya® for AGHD was granted 
in Europe.
Clinical progress
–	 The phase 2 proof-of-concept study (Explorer 4) 
with concizumab in haemophilia patients with 
inhibitors completed successfully. The halted phase 
3 programme (Explorer 6, 7 and 8) was reinitiated, 
investigating sc concizumab prophylaxis treatment in 
haemophilia A and B patients regardless of inhibitor 
status.
–	 The combined phase 1/2 trial was initiated for Mim8, 
a next-generation factor VIII mimetic bispecific 
antibody for sc prophylaxis in haemophilia A patients 
regardless of inhibitor status. After successful 
single-dose administration (phase 1), Mim8 entered 
multiple-dose administration (phase 2).
–	 A phase 1 trial for EPI-01 in sickle cell disease 
completed successfully.
Other serious chronic diseases
Clinical progress
–	 The phase 2 trial investigating daily, sc semaglutide in 
non-alcoholic steatohepatitis (NASH) was completed 
successfully and semaglutide was granted break-
through therapy designation in the US. Phase 3a initia-
tion of semaglutide in NASH will be initiated in 2021.
–	 Novo Nordisk and Gilead Sciences presented results 
from a phase 2 proof-of-concept trial in NASH. The 
five-arm trial evaluated combinations of semaglutide 
with Gilead’s FXR agonist, cilofexor, and/or ACC 
inhibitor, firsocostat in people with NASH.
–	 Novo Nordisk acquired Corvidia Therapeutics Inc., 
with the lead compound ziltivekimab in late-stage 
clinical development. Ziltivekimab is a fully human 
monoclonal antibody directed against interleukin-6 
(IL-6). Following the acquisition, the phase 2b 
trial with ziltivekimab was successfully completed. 
Ziltivekimab showed reduction in markers of 
inflammation compared to placebo in a chronic 
kidney disease patient population with atherosclerotic 
CV disease and inflammation. A phase 3 CV outcomes 
trial is expected to be initiated in 2021.
–	 Positive phase 1 results were reported for the PCSK9i 
mimetic peptide showing long-lasting LDL-cholesterol 
lowering effect.
1. As add-on to metformin and/or sulfonylureas 
Note: Details on clinical trials can be found in company announcements and press releases published by Novo Nordisk during 2020, available at novonordisk.com
Novo Nordisk Annual Report 2020  /  23
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Diabetes care
Project
Indication
Description
Phase
Semaglutide 2.0 mg
NN9535
Type 2 
diabetes
A long-acting GLP-1 analogue for once-weekly 
treatment.
Oral semaglutide HD
NN9924
Type 2 
diabetes
A long-acting oral GLP-1 analogue, 25 and 50 mg, 
intended for once-daily oral treatment. 
Icodec
NN1436
Type 1 and  
2 diabetes
A long-acting basal insulin analogue intended for ­ 
once-weekly treatment.
Insulin 965
NN1965
Type 1 and  
2 diabetes
A novel basal insulin analogue intended for 
once-daily treatment.
Icosema
NN1535
Type 2 
diabetes
A combination of GLP-1 analogue semaglutide
and insulin icodec intended for once-weekly treatment.
FDC Sema – OW GIP
NN9389
Type 2 
diabetes
A combination of semaglutide and novel GIP 
intended for once-weekly treatment.
Glucose-sensitive insulin
NN1845
Type 1 and 
2 diabetes
A glucose-sensitive insulin analogue intended  
for once-daily treatment.
Ideal Pump Insulin
NN1471
Type 1 
diabetes
A novel insulin analogue ideal for use in a closed  
loop pump device as delivery.
DNA Immunotherapy
NN9041
Type 1  
diabetes
A novel plasmid encoding pre- and pro-insulin  
intended for preservation of beta cell function.
Obesity care
Semaglutide 2.4 mg
NN9536
Obesity
A long-acting GLP-1 analogue intended for 
once-weekly treatment.
AM833
NN9838
Obesity
A novel long-acting amylin analogue intended for 
once-weekly treatment.
AM833 + semaglutide
NN9838
Obesity
A combination of amylin ­analogue and GLP-1 analogue 
semaglutide intended for once-weekly treatment.
LA-GDF15
NN9215
Obesity
A long-acting GDF15 analogue intended for appetite 
regulation leading to weight loss.
PYY1875
NN9775
Obesity
A novel analogue of the appetite-regulating hormone, 
PYY, intended for once-weekly treatment.
Biopharm
Project
Indication
Description
Phase
Sogroya®
NN8640
Adult GHD1
A long-acting HGH2 derivative intended for  
once-weekly subcutaneous administration in adults.
Somapacitan
NN8640
GHD1
A long-acting HGH2 analogue intended for  
once-weekly subcutaneous administration  
in children.
Concizumab
NN7415
Haemophilia  
A and B w/wo 
inhibitors
A monoclonal antibody against tissue factor 
pathway inhibitor intended for subcutaneous 
prophylaxis treatment.
Macrilen™
EX2020
GHD1
An oral diagnostic agent used for the diagnosis  
of GHD in adolescents and children.
Mim8
NN7769
Haemophilia A 
with or without 
inhibitors
A next generation FVIII mimetic bispecific antibody  
for subcutaneous prophylaxis of haemophilia A  
regardless of inhibitor status.
Eclipse
NN7533
Sickle cell 
disease
An oral combination treatment of sickle cell disease  
and beta thalassaemia. Project is developed in  
collaboration with EpiDestiny.
Other serious chronic diseases
Semaglutide
NN9931
NASH3
A long-acting GLP-1 analogue for once-weekly  
treatment of NASH3.
Ziltivekimab
NN6018
CVD4
A novel once-monthly monoclonal antibody  
intended for inhibition of IL-6 activity.
PCSK9i peptide 
NN6434
CVD4
A long-acting PCSK9 inhibitor for subcutaneous 
treatment.
Anti-ApoC3
NN5058
CVD4
A novel monoclonal antibody intended for  
inhibition of ApoCIII activity. Project is developed  
in collaboration with STATEN.
  Phase 1       
  Phase 2       
  Phase 3       
  Submission and/or approval 
1. GHD: Growth hormone deficiency  2. HGH: Human growth hormone  3. NASH: Non-alcoholic steatohepatitis  
4. CVD: Cardiovascular disease 
Innovation and therapeutic focus
Pipeline overview
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Diabetes:
Key marketed products in main markets (active ingredients)
US
China
Japan
Germany
Human insulin
Expired
Expired
Expired
Expired
NovoRapid® (NovoLog®)
Expired
Expired
Expired
Expired
NovoMix® 30 (NovoLog® Mix 70/30)
Expired
Expired
Expired
Expired
NovoNorm® (Prandin®)
Expired
Expired
Expired
Expired
Levemir®
Expired
Expired
Expired
Expired
Victoza®
2023
Expired
2022
2023
Tresiba®
2029
2024
2027
2028
Ryzodeg®
2029
2024
20242
2028
Xultophy®
2029
2024
20242
2028
Fiasp®
(2030)3
(2030)3
(2030)3
(2030)3
Ozempic®
20321
2026
20311
2031
Rybelsus®
20321,7
20267
20311,7
2031
Obesity:
Saxenda®
2023
Expired
Expired
2023
Biopharm:
Norditropin® (Norditropin® SimpleXx®)
Expired
Expired
Expired
Expired
Sogroya®
20341
2031
20361
20351
MacrilenTM
20278
N/A
N/A
N/A
NovoSeven®
Expired4
Expired4
Expired4
Expired4
NovoEight®
N/A
N/A
N/A
N/A
NovoThirteen® (TRETTEN®)
2021
N/A
Expired
Expired
Refixia® (REBINYN®)
20281
2022
20271
20271
Esperoct®
20321
2029
20341
20341
Vagifem® 10 mcg
20225,6
N/A
20215
N/A
1. Current estimate. 2. Patent term extension until 2027 may apply. 3. Formulation patent; active ingredient patent has expired. 4. Room ­temperature-stable formulation patent until 2023 in China, Japan 
and Germany and until 2025 in the US. 5. Patent covers low-dose treatment ­regimen. 6. Licensed to several generic manufacturers from October 2016. 7. Tablet formulation and once-daily treatment 
regimen are protected by additional patents expiring in 2031-2034. 8. Protects method of use and kits of parts.
Innovation and therapeutic focus
Patent status 
for marketed 
products
The patent expiry dates for the products are 
shown in the table on the right. The dates 
provided are for expiry in the US, China, Japan 
and Germany of patents on the active ingredient, 
unless otherwise indicated, and include extensions 
of patent term, when applicable. For several 
products, in addition to the active ingredient 
patent, Novo Nordisk holds other patents on 
manufacturing processes, formulations or uses 
that may be relevant for exclusivity beyond 
the expiration of the active ingredient patent. 
Furthermore, regulatory data protection and/or 
orphan exclusivity may apply.
Novo Nordisk Annual Report 2020  /  25
Introducing Novo Nordisk  /  Strategic Aspirations — Innovation and therapeutic focus  /  Corporate governance  /  Consolidated statements  /  Additional information

2025 Strategic Aspirations 
Commercial 
execution
–  Strengthen diabetes 
leadership – aim at a 
global value market share 
of 1/3
–  Strengthen obesity 
leadership and double 
2019 reported sales
–  Secure a sustained growth 
outlook for Biopharm
Commercial execution
Delivering innovation 
to patients in the face 
of a pandemic
Around the world, the number of people 
living with diabetes and other serious 
chronic diseases is growing fast and the 
need to supply improved treatments 
is critical. But ensuring that life-saving 
medicines reach all those who require them 
– from Stockholm to Shanghai and New 
York to Nigeria – has demanded new ways 
of doing business in 2020 as the COVID-19 
pandemic has disrupted societies and 
economies.
Despite the challenging backdrop provided by 
the COVID-19 pandemic, our commercial teams 
around the world have remained committed to 
delivering innovation to patients. By harnessing 
the power of digital technologies, they have 
shown it is possible to continue to grow market 
share and execute on key new product launches, 
while meeting the needs of our patients and 
customers. This includes the successful roll-out of 
Rybelsus®, our GLP-1 based medicine in a tablet. 
As a result, we remain on track to reach our goal 
of a global diabetes value market share of more 
than one third by 2025, after expanding our value 
market share by 0.7 percentage points to 29.3% 
in 2020. Obesity treatment sales were impacted 
by the COVID-19 pandemic in 2020 but are also 
on course to double from 2019 to 2025, while 
the Biopharm division is building a platform for 
sustainable growth.
A victory for agility
Our ability to maintain effective commercial 
operations during these exceptional times reflects 
our willingness to pursue new, simpler, agile ways 
of working. Even before the pandemic hit, we 
were already adopting strategies to address the 
opportunity presented by the rise of digitisation 
in healthcare and the challenge of ensuring 
the affordability of our medicines. The effect of 
COVID-19 has been to push the 'fast-forward' 
button on all these key activities, inspiring 
colleagues to adapt and evolve business practices 
faster than ever in 2020.
The crisis underscores the importance of 
increasing our efforts in prevention and disease 
management for people with diabetes and obesity, 
as they are subject to an increased risk of severe 
symptoms and outcomes from COVID-19. With 
millions of patients depending on us, failing to 
meet their needs is simply not an option.
Embracing virtual interactions
Across the pharmaceutical industry the pandemic 
has created an unprecedented commercial 
environment in which traditional ways of delivering 
medical innovations could no longer continue. 
Face-to-face contacts – whether between patients 
and doctors or companies and customers – 
became almost impossible in many countries for 
significant periods of 2020. This challenged some 
parts of our business, especially in the dynamic 
section of the market as fewer patients could 
be initiated onto new treatments in the face of 
widespread lockdowns and follow-up clinic visits 
were delayed.
But we quickly adapted to the new ways of 
communicating, by transitioning to virtual 
interactions with healthcare professionals and 
customers. As well as a far greater degree of 
virtual interactions, this involved making the 
majority of our commercial materials digital and 
shifting group presentations into a virtual setting 
– a particularly popular approach in China. We also 
moved our line-up of expert educational events to 
digital platforms, running a significant proportion 
of these virtually in 2020.
Novo Nordisk Annual Report 2020  /  26
Introducing Novo Nordisk  /  Strategic Aspirations — Commercial execution  /  Corporate governance  /  Consolidated statements  /  Additional information

Source: IQVIA data
This line-up of changes dovetailed with a dramatic 
rise in the use of telemedicine across primary and 
some secondary care in key markets including 
the US and the UK, as well as the transition of 
international medical congresses from physical 
to virtual platforms. Fortunately, the inability to 
run physical congresses allowed many more 
healthcare professionals who would not normally 
attend in person to participate remotely and learn 
about the latest developments in their field.
A leading portfolio of diabetes medicines 
In diabetes, 2020 was a breakthrough year for our 
latest GLP-1 products, with Ozempic®, our once 
weekly injectable, now launched in 52 countries 
around the world and Rybelsus®, our semaglutide-
based oral medicine, now launched in nine 
countries around the world. Overall sales of GLP-1 
products for type 2 diabetes (Victoza®, Ozempic® 
and Rybelsus®) increased by 25.9% in Danish 
kroner and by 28.7% in constant exchange rates.
GLP-1 therapies are now helping millions of people 
to manage their disease, and the segment’s value 
share of the total diabetes market has grown to 
50.4% compared with 47.5% a year ago. The GLP-
1 story shows how we are continuing to deliver 
meaningful advances for patients, despite having 
been in diabetes for nearly a century.
Insulin sales across global markets were mixed, 
with growth across International Operations 
being offset by declining sales in the US due to 
lower realised prices following higher rebates, 
launches of affordability programmes and changes 
in the Medicare Part D Coverage Gap legislation. 
Measured by volume, we continue to be the 
world’s leading provider of insulin.
Around the globe, the insulin market is becoming 
increasingly competitive, and we are adapting our 
commercial approach according to the needs of 
different markets. Despite the challenges, one of 
our core strengths is a broad portfolio of products 
at different price points – from human insulin in 
Ozempic® has now been launched in
52
countries 
Rybelsus® in
9 
countries
Diabetes value market share (%)
  GLP-1    
  Insulin    
  Diabetes
%
2018
20
25
35
30
40
45
50
2019
2020
46.2%
47.5%
43.6%
44.5%
27.8%
28.6%
29.3%
44.3%
50.4%
glass vials to the newer insulins, such as Tresiba® 
and Ryzodeg®, offered in FlexTouch® pre-filled 
pens. We are also adapting packaging to the 
needs of different markets, for example by offering 
smaller pack sizes in out-of-pocket markets such 
as in India, where some customers struggle to 
afford monthly or quarterly purchases of their 
medicines.
We also know some people are struggling to 
afford their insulin in the US as well, and offer 
patients a range of options to help. We invested 
in raising awareness of Novocare®, which provides 
patient affordability and access support, to ensure 
Leonardo is living with type 1 diabetes in Mexico,
studying in high school and doing triathlons.
Novo Nordisk Annual Report 2020  /  27
Introducing Novo Nordisk  /  Strategic Aspirations — Commercial execution  /  Corporate governance  /  Consolidated statements  /  Additional information

that during a period of financial hardship and 
increased unemployment, patients are aware 
of the options available – including our Patient 
Assistance Program, which offered a free 90-day 
supply of insulin for eligible patients who lost 
healthcare coverage due to COVID-19.
Leading the way in obesity
Obesity is a serious chronic disease that is closely 
linked to type 2 diabetes and which also poses 
a range of other health risks – from cancer and 
heart disease to severe outcomes from COVID-19. 
Our ambition is to ensure that it is widely 
recognised as such and to offer medical treatment 
to help effective management of the disease. It 
has been encouraging to see more governments – 
including Italy, Germany, the UK and Switzerland – 
taking steps during 2020 to recognise and address 
obesity as a chronic disease. But there is still more 
to be done to raise awareness and to fight the 
stigma and bias associated with obesity.
Sales of Saxenda® increased by 3.3% in constant 
exchange rates, while declining by 1.3% in Danish 
kroner in 2020. Sales growth was negatively 
impacted by COVID-19 as fewer patients initiated 
treatment. In October 2020 the United Kingdom’s 
National Institute for Health and Care Excellence 
(NICE) recommended Saxenda® for certain people 
with obesity3; however, it is often not reimbursed 
and is paid for out of pocket by patients. In 
countries such as Brazil, Saudi Arabia and South 
Korea, fewer Saxenda® prescriptions were filled 
due to patients cutting personal spending as 
the COVID-19 pandemic took hold. In the US, 
meanwhile, growth was negatively impacted by a 
significant drop in doctor visits and fewer patients 
initiating treatment.
Nonetheless, we remain confident in the difference 
we can make for people with obesity and we are 
well-placed to serve a growing demand as we 
aspire to transition from a single-product obesity 
offering to a portfolio of therapies in the future. 
In the near term, this is expected to be driven by 
semaglutide, 2.4 mg, which has proven effective 
in clinical trials, demonstrating weight loss of 
17%-18% in subject with obesity without diabetes, 
when using a trial product estimand (15%-17% 
weight loss reported when using a treatment 
policy estimand), and thus showing potential as a 
transformative treatment for obesity.
Building in Biopharm
Sales of Biopharm products increased by 0.7% 
in constant exchange rates and declined 1.3% 
in Danish kroner. The growth as measured in 
constant exchange rates is following increasing 
demand for our growth hormone Norditropin®, 
due in part to supply challenges for competing 
products in some countries. Our haemophilia 
medicine NovoSeven®, however, experienced 
weaker sales, partly as a result of reduced elective 
surgeries and bleeds during COVID-19 lockdowns. 
This was offset to some extent by the successful 
roll-out of the new haemophilia treatments 
Esperoct® and Refixia®.
The global burden of obesity
 
650
million adults have 
obesity1
124
million children and adolescents  
are living with obesity2
Obesity sales 
  Sales as reported   
  Growth at CER
Biopharm sales 
  Sales as reported   
  Growth at CER
Bjarne Lynderup is living with obesity in 
Denmark
1. WHO, Obesity and overweight, fact sheet, 
2020
2. Lancet, Worldwide trends in body-mass index, 
underweight, overweight, and obesity from 
1975 to 2016: a pooled analysis of 2416 pop-
ulation-based measurement studies in 128.9 
million children, adolescents, and adults (2017)
3. Population covers people with a BMI at or 
above 35 and with cardiovascular risk
DKK 
billion
1
0
2
3
4
5
6
2016
2017
2018
2019
2020
DKK 
billion
5
0
10
15
20
25
2016
2017
2018
2019
2020
245%
4%
4%
1%
-1%
-16%
60%
64%
42%
3%
Novo Nordisk Annual Report 2020  /  28
Introducing Novo Nordisk  /  Strategic Aspirations — Commercial execution  /  Corporate governance  /  Consolidated statements  /  Additional information

2025 Strategic Aspirations 
Financials
–  Deliver solid sales and 
operating profit growth:
	 –  Deliver 6–10% sales 
growth in International 
Operations
	 –  Transform 70% of sales 
in the US (from 2015 to 
2022)
–  Drive operational 
efficiencies across the 
value chain to enable 
investments in future 
growth assets
–  Deliver free cash flow to 
enable attractive capital 
allocation to shareholders
Financials
2020 performance 
and 2021 outlook
Financial performance
Sales increased by 4% measured in Danish 
kroner and by 7% at CER to DKK 126,946 million 
in 2020. Sales growth was negatively impacted 
by COVID-19, driven by fewer patients initiating 
treatment. Novo Nordisk’s 2020 sales and 
operating profit performance measured at 
constant exchange rates (CER) were within the 
ranges provided in October 2020. The effective 
tax rate, capital expenditure as well depreciation, 
amortisiation and impairment loses were all 
broadly in line with the guidance. The free cash 
flow subceeded the range provided in October 
2020 reflecting the acquisitions of Emisphere 
Technologies Inc. in the fourth quarter of 2020. 
Geographic sales development
Sales in International Operations increased by 7% 
measured in Danish kroner and by 10% at CER. 
Sales growth was driven by all geographical areas. 
Sales in EMEA increased by 6% measured in Dan-
ish kroner and by 9% at CER.  Sales in Region China 
increased by 10% measured in Danish kroner and 
by 11% at CER.  Sales in Rest of World increased by 
6% measured in Danish kroner and by 12% at CER. 
Sales in North America Operations increased by 
1% measured in Danish kroner and by 3% at CER. 
In 2020, 48% of US sales came from products 
launched after 2015, with the aspiration to reach 
70% by 2022.
Sales development across therapeutic areas 
Diabetes care sales growth of 8% (CER), Obesity 
care sales growth of 3% (CER) and Biopharm sales 
growth of 1% (CER). 
Diabetes and Obesity care 
Diabetes care, sales development 
Sales in Diabetes care increased by 5% measured 
in Danish kroner and by 8% at CER to DKK 102,412 
million driven by GLP-1 growth. Novo Nordisk has 
improved the global diabetes value market share 
over the last 12 months from 28.6% to 29.3%, 
driven by market share gains in both International 
Operations and North America Operations. 
In the following sections, unless otherwise noted, 
market data are based on moving annual total 
(MAT) from November 2020 and November 2019 
provided by the independent data provider IQVIA. 
Insulin
Sales of insulin decreased by 5% measured in 
Danish kroner and by 3% at CER to DKK 56,550 
million. The sales decrease was driven by declining 
sales in the US, partly offset by increased sales in 
International Operations. 
Sales of long-acting insulin decreased by 11% 
measured in Danish kroner and by 9% at CER to 
DKK 18,439 million. Novo Nordisk has increased 
its global volume market share in the long-acting 
insulin segment from 32.4% to 32.8% in the last 12 
months. The sales decline measured at CER was 
driven by declining Levemir® and Tresiba® sales, 
partially offset by increased sales of Xultophy®. 
Tresiba® has been launched in 91 countries, while 
Xultophy® has been launched in 42 countries. 
Sales of premix insulin increased by 3% measured 
in Danish kroner and by 6% at CER to DKK 10,925 
million. Novo Nordisk is the market leader in the 
premix insulin segment with a global volume 
market share of 65.2% compared to 64.2% 12 
months ago. The sales increase was driven by 
increased sales of both Ryzodeg® and NovoMix®. 
Ryzodeg® has now been launched in 37 countries. 
Financial performance
  NAO net sales as reported   
  IO net sales as reported 
  Growth at CER
DKK billion
0
30
60
90
120
150
2016
2017
2018
2019
2020
6%
6%
7%
2%
5%
Novo Nordisk Annual Report 2020  /  29
Introducing Novo Nordisk  /  Strategic Aspirations — Financials  /  Corporate governance  /  Consolidated statements  /  Additional information

Sales of fast-acting insulin decreased by 5% 
measured in Danish kroner and by 3% at CER to 
DKK 18,313 million. Novo Nordisk is the market 
leader in the fast-acting insulin segment and 
has increased its global volume market share to 
51.7% from 50.7% in the last 12 months. The sales 
decrease was driven by NovoRapid®, partly offset 
by increased Fiasp® sales. Fiasp® has now been 
launched in 41 countries. 
Sales of human insulin decreased by 2% measured 
in Danish kroner and increased by 2% at CER to 
DKK 8,873 million. 
GLP-1 therapy for type 2 diabetes
Sales of GLP-1 products for type 2 diabetes 
(Ozempic®, Victoza® and Rybelsus®) increased by 
26% measured in Danish kroner and by 29% at 
CER to DKK 41,831 million. Ozempic® has now 
been launched in 52 countries with sales of DKK 
21,211 million, and Rybelsus® has been launched 
in nine countries with sales of DKK 1,873 million. 
The GLP-1 segment’s value share of the total 
diabetes market has increased to 22.0% compared 
with 18.0% 12 months ago. Novo Nordisk 
continues to be the global market leader in the 
GLP-1 segment with a 50.4% value market share, 
an increase of 2.9 percentage points compared 
to 12 months ago. Sales growth was negatively 
impacted by COVID-19.  
Obesity care, sales development
Sales of Saxenda® decreased by 1% measured in 
Danish kroner and increased by 3% at CER to DKK 
5,608 million. Saxenda® sales growth at CER was 
driven by International Operations, partially offset 
by North America Operations. Sales growth was 
negatively impacted by COVID-19 as fewer patients 
initiated treatment. Saxenda® has now been 
launched in 55 countries. Novo Nordisk currently 
has a value market share of 64.7% of the global 
obesity prescription drug market. 
Biopharm
Biopharm, sales development
Sales of biopharm products decreased by 1% 
measured in Danish kroner and increased by 1% 
at CER to DKK 18,926 million. The sales growth 
at CER was driven by International Operations. 
Sales growth was driven by Growth Disorders and 
the launches of new haemophilia products, offset 
by declining sales of NovoSeven®. Sales growth 
was negatively impacted by lower demand due to 
COVID-19.
Haemophilia
Sales of haemophilia products decreased by 6% 
measured in Danish kroner and by 4% at CER 
to DKK 9,662 million. The decreasing sales were 
driven by declining NovoSeven® sales, while the 
haemophilia A and B franchises grew driven by the 
continued global roll-out of Esperoct® and Refixia®.
Sales of NovoSeven® decreased by 11% measured 
in Danish kroner and by 9% at CER to DKK 7,203 
million. The sales development was driven by 
declining sales in North America Operations, Rest 
of World and EMEA, partially offset by increasing 
sales in Region China, reflecting timing of ship-
ments. The declining sales partly reflect reduced 
elective surgeries and bleedings due to COVID-19. 
Sales of NovoEight® decreased by 4% measured 
in Danish kroner and by 1% at CER to DKK 1,462 
million. The decreasing sales were driven by 
declining sales in EMEA and the US, partly offset by 
increased sales in Rest of World. The NovoEight® 
sales decrease was offset by Esperoct®, the long-
acting haemophilia A treatment, which has now 
been launched in 19 countries. 
Sales of Refixia® increased to DKK 518 million. 
Sales growth was driven by continued uptake 
in Rest of World and EMEA as well as continued 
uptake in North America Operations. Refixia® has 
been launched in 25 countries. 
Growth disorders (Norditropin®) 
Sales of Norditropin® increased by 6% measured 
in Danish kroner and by 8% at CER to DKK 
7,704 million. The sales increase was driven by 
International Operations increasing by 16%, 
partially offset by North America Operations 
declining by 4% at CER. Novo Nordisk is the 
leading company in the global human growth 
disorder market with a value market share of 
36.0% compared to 33.0% a year ago, driven by 
new indications and the global roll-out of the next-
generation device. Sales growth was positively 
impacted by additional demand, following supply 
challenges for competing products in select 
countries. 
Sales by therapeutic areas
  Diabetes care  
  Obesity care 
  Biopharm   
  Growth at CER
DKK billion
0
30
60
90
120
150
2020
2019
2018
2016
2017
Sales split in Diabetes care
  Insulin sales as reported
  GLP-1 sales as reported
  Other diabetes  
  Growth at CER
DKK billion
0
20
40
60
80
100
2020
2019
2018
2016
2017
6%
5%
6%
4%
4%
8%
2%
5%
6%
7%
Novo Nordisk Annual Report 2020  /  30
Introducing Novo Nordisk  /  Strategic Aspirations — Financials  /  Corporate governance  /  Consolidated statements  /  Additional information

Development in costs and operating profit
The cost of goods sold increased by 4% measured 
in Danish kroner and by 5% at CER to DKK 20,932 
million, resulting in an unchanged gross margin 
of 83.5% measured in Danish kroner compared 
to 2019. The unchanged gross margin reflects 
productivity improvements and a positive product 
mix driven by increased GLP-1 sales. This is 
countered by a negative impact from lower 
realised prices in the US and a negative currency 
impact of 0.3 percentage points.
Sales and distribution costs increased by 3% 
measured in Danish kroner and by 6% at CER 
to DKK 32,928 million. The increase in costs is 
driven by North America Operations reflecting 
launch activities for Rybelsus® and continued 
promotional activities for Ozempic®, partly offset 
by lower promotional spend related to insulin. 
In International Operations, promotional spend 
is related to launch activities for Ozempic® and 
Rybelsus® as well as the continued roll-out of 
Saxenda®. COVID-19 resulted in a reduction of the 
activity level and delay of promotional activities. 
Research and development costs increased by 9% 
measured in Danish kroner and by 10% at CER to 
DKK 15,462 million. The cost increase is driven by 
the amortisation of the priority review voucher for 
semaglutide 2.4 mg in obesity in the third quarter 
of 2020. Increased activities within Other serious 
chronic diseases are driving the cost increase 
following progression of the early pipeline within 
cardiovascular disease and stem cell projects 
as well as patient recruitment to the ongoing 
cardiovascular outcomes trials, SOUL and SELECT.
Administration costs decreased by 1% measured in 
Danish kroner and increased by 1% at CER to DKK 
3,958 million, reflecting broadly unchanged spend 
across administrative areas. 
Other operating income (net) was DKK 460 million 
compared with DKK 600 million in 2019 following 
reduced royalty income. 
Operating profit increased by 3% measured in 
Danish kroner and by 7% at CER to DKK 54,126 
million. 
Financial items (net) and tax
Financial items (net) showed a net loss of DKK 996 
million compared with a net loss of DKK 3,930 
million in 2019. 
In line with Novo Nordisk’s treasury policy, the 
most significant foreign exchange risks for Novo 
Nordisk have been hedged, primarily through 
foreign exchange forward contracts. The foreign 
exchange result was a net loss of DKK 747 million 
compared with a net loss of DKK 3,212 million 
in 2019. This reflects losses on non-hedged 
currencies driven by significant depreciations 
of several emerging market currencies, partially 
offset by gains on hedged currencies.
As per the end of December 2020, a positive 
market value of financial contracts of 
approximately DKK 1.8 billion has been deferred 
for recognition in 2021. For more information see 
note 4.3 in the financial statement. 
The effective tax rate is 20.7% in 2020 compared 
with an effective tax rate of 19.8% in 2019. In 2019, 
a tax reform was passed in Switzerland which had 
positive impact on the effective tax rate, driven by 
a non-recurring increase to deferred tax assets.
Cash flow and capital allocation
Capital expenditure for property, plant and 
equipment was DKK 5.8 billion compared with DKK 
8.9 billion in 2019. The lower capital expenditure 
was mainly related to lower investments in 
the new production facility for diabetes active 
pharmaceutical ingredients in Clayton, North 
Carolina, US, which is now in the final stages of 
construction. 
Free cash flow of DKK 28.6 billion compared with 
DKK 34.5 billion in 2019. The decrease is reflecting 
purchase of intangible assets of DKK 16.3 billion, 
primarily related to the acquisitions of Corvidia 
Therapeutics Inc. and Emisphere Technologies Inc.
Novo Nordisk’s financial reserves were DKK 28.8 
billion by end of December 2020  comprising 
cash at bank and undrawn credit facilities less 
overdrafts and loans repayable within 12 months. 
Operating profit and margin
  Operating profit (left axis)
  Operating profit margin (right axis)
  Growth at CER
DKK billion
%
0
10
20
30
40
50
60
0
10
20
30
40
50
60
2020
2019
2018
2016 2017
Cash flow and capital 
allocation
  Dividend for prior year 
  Interim dividend 
  Share repurchases
  Free cash flow
DKK billion
0
20
10
30
40
2021E1
2020
2019
2017
2018
1. Expectations for 2021
0%
5%
3%
6%
7%
Novo Nordisk Annual Report 2020  /  31
Introducing Novo Nordisk  /  Strategic Aspirations — Financials  /  Corporate governance  /  Consolidated statements  /  Additional information

2021 outlook
The current expectations for 2021 are summarised 
in the table named 'Outlook 2021' on this page.
For 2021, sales growth is expected to be 5% to 
9% at CER. The guidance reflects expectations 
for continued sales growth in International 
Operations in line with the Strategic Aspiration of 
6-10% growth as well as growth in North America 
Operations. The guidance reflects expectations 
for sales growth within Diabetes care, mainly 
driven by the GLP-1 products Ozempic® and 
Rybelsus®, as well as growth within Obesity care. 
Intensifying competition within both Diabetes care 
and Biopharm is also reflected in the guidance. 
Furthermore, continued pricing pressure within 
Diabetes care, especially in the US, is expected to 
negatively impact sales development. Given the 
current exchange rates versus the Danish krone, 
growth reported in DKK is expected to be around 4 
percentage points lower than at CER. 
Operating profit growth is expected to be 4% to 
8% at CER. The expectation for operating profit 
growth primarily reflects the sales growth out-
look and continued investments in current and 
future growth drivers across the operating units, 
including the continued roll-out of Ozempic® and 
Rybelsus® as well as global investments in building 
an anti-obesity market and the expected launch 
of semaglutide 2.4 mg in the US. Furthermore, re-
sources are allocated to both early and late-stage 
pipeline activities, including expected initiations 
of several phase 3a clinical trial programmes in 
2021. Given the current exchange rates versus 
the Danish krone, growth reported in DKK is now 
expected to be around 6 percentage points lower 
than at CER, mainly driven by the spot rate of the 
USD being 615 versus an average of 654 in 2020. 
The current COVID-19 pandemic causes 
uncertainty to the outlook regarding the number 
of patients initiating treatment and societal 
impacts such as the unemployment rate in the 
US, which is impacting healthcare insurance 
coverage. The outlook is based on a number of 
assumptions related to the severity and duration 
of impacts from COVID-19. Consequently, volatility 
in quarterly results should be expected. 
For 2021, Novo Nordisk expects financial items 
(net) to amount to a gain of around DKK 0.7 billion, 
reflecting the expected hedging gains of DKK 
1.1 billion mainly related to the US dollar with 
a hedging period of 11 months and associated 
hedging costs.
The effective tax rate for 2021 is expected to be in 
the range of 20-22%. 
Capital expenditure is expected to be around 
DKK 8.0 billion in 2021, primarily relating to 
investments in additional capacity for active 
pharmaceutical ingredient (API) production at 
existing manufacturing sites within Diabetes care. 
The expected increase in capital expenditure 
reflects progress of R&D projects based on the 
oral technology platform. 
Depreciation, amortisation and impairment 
losses are expected to be around DKK 6.0 billion. 
The increase in depreciation, amortisation and 
impairment losses in 2021 reflects depreciation 
of the new production facility for diabetes active 
pharmaceutical ingredients in Clayton, North 
Carolina, US. The free cash flow is expected to be 
DKK 36-41 billion. The increase in free cash flow 
compared to 2020 reflects the impact from the 
acquisitions in 2020. 
All of the above expectations are based on as-
sumptions that the global or regional macroeco-
nomic and political environment will not significant-
ly change business conditions for Novo Nordisk 
during 2021, including the potential implications 
from major healthcare reforms, and that the cur-
rency exchange rates, especially the US dollar, will 
Outlook 2021
The current expectations for 2021 are summarised in the table below:
Expectations are as reported, if not otherwise stated
Expectations 3 February 2021
Sales growth
at CER
5% to 9%
as reported
Around 4 percentage points lower than at CER
Operating profit growth
at CER
4% to 8%
as reported
Around 6 percentage points lower than at CER
Financial items (net)
Gain of around DKK 0.7 billion
Effective tax rate
20% to 22%
Capital expenditure (PP&E)
Around DKK 8.0 billion
Depreciation, amortisation and impairment losses
Around DKK 6 billion
Free cash flow
DKK 36-41 billion
Novo Nordisk Annual Report 2020  /  32
Introducing Novo Nordisk  /  Strategic Aspirations — Financials  /  Corporate governance  /  Consolidated statements  /  Additional information

remain at the current level versus the Danish kro-
ne. Neither does the guidance include the financial 
implications of significant business development 
transactions during the remainder of 2021. 
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 operating profit as outlined in note 4.2 in the 
financial statements.
Forward-looking statements 
Novo Nordisk’s reports filed with or furnished to 
the US Securities and Exchange Commission (SEC), 
including this statutory Annual Report 2020 and 
Form 20-F, which are both expected to be filed with 
the SEC in February 2021 in continuation of the 
publication of this Annual Report 2020, 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 Annual Report 2020, examples of forward-
looking statements can be found under the 
section related to our ‘Strategic Aspirations’ and 
elsewhere.
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 Annual 
Report 2020, 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, including interest rate 
and currency exchange rate fluctuations, delay or 
failure of projects related to research and/or devel-
opment, unplanned loss of patents, interruptions 
of supplies and production, product recalls, unex-
pected contract breaches or terminations, govern-
ment-mandated or market-driven price decreases 
for Novo Nordisk’s products, introduction of com-
peting products, reliance on information technol-
ogy, 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 inter-
pretation thereof, including on reimbursement, 
intellectual property protection and regulatory 
controls on testing, approval, manufacturing and 
marketing, perceived or actual failure to adhere 
to ethical marketing practices, investments in and 
divestitures of domestic and foreign companies, 
unexpected growth in costs and expenses, failure 
to recruit and retain the right employees, failure to 
maintain a culture of compliance and epidemics, 
pandemics or other public health crises. 
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 Annual Report 2020, reference is made to the 
overview of risk factors in ‘Risk management’ of 
this Annual Report 2020.
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 Annual Report 2020, whether 
as a result of new information, future events, or 
otherwise. 
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High
Impact
Likelihood
High
Low
Key risks
An aggregated presentation of 
our key risks is outlined below 
and on the next page. Every six 
months, our Board of Directors 
and Executive Management re-
view our key risks and a mapping 
of these in the below 'heat map'. 
Heat map
Research and  
Development Risks 
Product Supply, Quality  
and Safety Risks
Commercialisation Risks
IT Security Risks
Financial Risks
Legal and Compliance Risks
1
4
2 
5
3
6
Risk 
management
In order for us to become a sustainable 
business, we must anticipate and adapt 
to our surrounding environment to create 
new strategic opportunities. Managing risks 
rigorously and systematically is key in order 
for us to create and protect value over the 
short, medium and long term. 
Addressing risks in our strategic planning: 
Scenario and risk-thinking exercises are part of our 
strategic planning process. They include analyses 
of market dynamics as well as socioeconomic 
and political developments that present risks or 
opportunities for our business.
Access and affordability 
In the short and medium term, access to 
affordable care and innovative treatments is a 
key challenge for patients in many parts of the 
world. Access to affordable care is a global issue 
as healthcare systems struggle to provide quality 
care at a sustainable cost, while the burden of 
chronic diseases keeps rising. Ensuring access and 
affordability is a responsibility Novo Nordisk shares 
with all involved in healthcare. We recognise 
that we cannot defeat diabetes alone, but we 
can accelerate our actions to find solutions in 
collaboration with relevant stakeholders.
Digital disruption
New digital technologies in healthcare are offering 
more personalised treatment and better manage-
ment of diseases. This is an opportunity for us to 
deliver more value to our stakeholders and help 
patients live a life free from the limitations of their 
disease. New digital health solutions, including our 
own, bring new risks particularly around data regu-
lation and data privacy, as well as potential quality 
and reliability risks. We strive to develop digital 
health solutions in collaboration with relevant part-
ners. We also believe in the value of open innova-
tion and sharing our knowledge and experience. 
Environmental risks
We are preparing for the risks and opportunities 
which will arise from climate change. As 
recommended by the Task Force on Climate-
related Financial Disclosures (TCFD), we are 
integrating climate change scenarios into our 
risk management processes to identify short-, 
medium- and long-term risks.
Human rights and labour risks 
We take a proactive approach to integrating risk 
management of human and labour rights into our 
risk management process, while recognising that 
modern slavery, including human trafficking, forced 
labour, bonded labour, child slavery and hazardous 
child labour, can occur in every industry and sector. 
We respect human rights as per the UN Guiding 
Principles on Business and Human Rights. 
Risk management process
A rigorous approach to enterprise risk management 
helps the company protect and enhance the value 
of our assets. We are continually exposed to risks 
throughout our value chain – from early discovery 
of new, promising molecules to the production and 
delivery of medicines to patients. Some risks are 
inherent in the pharmaceutical industry, such as 
delays or failures of potential new medicines in the 
R&D pipeline. Other risks, such as supply disrup-
tions and competitive threats, are well-known to 
any manufacturing company with global produc-
tion. We will never compromise on product quality, 
patient safety and business ethics: these are front 
and centre of our enterprise-wide risk management 
set-up. We apply a two-way lens and assess risks to 
potential financial loss and reputational damage.
Executive Management and the Board of Directors 
review a 'heat map' of our biggest risks every six 
months. This map is based on insights from man-
agement teams in the organisation and includes 
risks that could cause significant disruptions to the 
business over a three-year horizon. The following 
overview provides more details of our key risks.
For more information, see our Corporate 
Governance report available on  
www.novonordisk.com/about/corporate 
-governance/recommendations-and-practices.html
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Risk area
Description
Impact
Mitigating actions
Research and  
Development  
Risks
Findings in pre-clinical and clinical activities, 
regulatory processes or commercial product 
planning leading to delays or failure of  
products in the pipeline.
–  Patients would not benefit from innovative treatments
–  Could have adverse impact on sales, profits and market position
–  Insight into patients’ unmet needs informs the selection of new  
product candidates
–  Pre-clinical and clinical activities to demonstrate safety and efficacy
–  Scientific and commercial viability assessments determine progress 
–  Consultations with regulators to review pre-clinical and clinical  
findings and obtain guidance on development path 
Product Supply, 
Quality and  
Safety Risks
Disruption of product supply or quality  
failures may compromise the health of 
patients.
–  Product shortages could have potential implications for patients
–  Could put patients’ health and lives at risk and jeopardise Novo 
­Nordisk’s reputation and licence to operate if regulatory compliance 
is not ensured
–  Could have an adverse impact on sales, profits and market position
–  Global production with multiple facilities and safety stock reduces 
supply risk
–  Regular quality audits of internal units and suppliers and annual  
inspections by authorities document GMP compliance
–  Identification and correction of root causes when issues are  
identified. If necessary, products are recalled
Commercialisation  
Risks
Market dynamics and geopolitical, 
macroeconomic or healthcare crises  
(e.g. pandemics) leading to reduced payer 
ability and willingness to pay.
–  Market dynamics could impact price levels and patient access
–  Could have an adverse impact on sales, profits and market position
–  Innovation of novel products, clinical trial data and real-world evidence 
demonstrate added value of new products
–  Payer negotiations to ensure improved patients’ access
–  Increased and new access and affordability initiatives
IT Security Risks
Disruption to IT systems, such as cyber- 
attacks or infrastructure failure resulting 
in business disruption or breach of data 
confidentiality.
–  Could limit our ability to produce and safeguard product quality
–  Could compromise patients’ or other individuals’ privacy
–  Could limit our ability to maintain operations
–  Could limit future business opportunities if proprietary information 
is lost
–  Protection mechanisms in IT systems and business processes
–  Company-wide information security awareness activities
–  Continuity plans for non-availability of IT systems
–  Company-wide internal audits of IT security controls
Financial Risks
Exchange rate fluctuations, disputes with  
tax authorities and changes to tax legislation 
and interpretation. Our foreign exchange 
risk is most significant in USD, CNY, and JPY.
–  Could negatively impact cash flow, statement of comprehensive 
income and balance sheet
–  Could lead to significant tax adjustments, fines and 
higher-than-expected tax level
–  Hedging for selected currencies
–  Integrated treasury management 
–  Applicable taxes paid in jurisdictions where business activity  
generates profits
–  Multi-year Advance Pricing Agreements with tax authorities for  
more than 65% of sales
Legal and  
Compliance Risks
Breach of legislation, industry codes or
company policies. Competitors asserting 
patents against Novo Nordisk or challenging 
patents critical for protection of commercial 
products and pipeline candidates.
–  Could expose Novo Nordisk to investigations, criminal and civil  
sanctions and other penalties
–  Could compromise our reputation and the rights and integrity of 
individuals involved
–  Unexpected loss of exclusivity for or injunctions against existing and 
pipeline products could have an adverse impact on future sales
–  Legal review of key activities
–  Business Ethics Code of Conduct and compliance hotline in place
–  Internal Audit of compliance with business ethics standards.
–  Internal controls minimise vulnerability to patent infringement  
and invalidity actions 
2
1
3
4
5
6
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76.5% of votes
28.1% of capital
23.5% of votes
71.9% of capital
Novo Nordisk A/S
537 million A shares
(nominal value DKK 107 mDKK)
1,813 million B shares
(nominal value DKK 363 mDKK)
Novo Nordisk Foundation
Novo Holdings A/S
Institutional and private investors
Ownership structure3
1. Novo Holdings A/S's registered address is Tuborg Havnevej 19, DK-2900 Hellerup, Denmark.
2. Using shareholder registered home countries.
3. Treasury shares are included, however, voting rights of treasury shares cannot be exercised.
Shares and 
capital structure
Through open and proactive 
communication, Novo Nordisk aims to 
provide the basis for fair and efficient 
pricing of our shares.
Share capital and ownership
Novo Nordisk’s share capital of DKK 470,000,000 
is divided into A and B share capital. The A and B 
shares are calculated in units of DKK 0.20, amount-
ing to 2.35 billion shares. The A share capital, 
consisting of 537 million shares, has a nominal 
value of DKK 107,487,200 and the B share capital, 
consisting of 1,813 million shares, has a nominal 
value of DKK 362,512,800. Each A share carries 
200 votes and each B share carries 20 votes. Novo 
Nordisk's B shares are listed on Nasdaq Copenha-
gen and on the New York Stock Exchange (NYSE) 
as American Depository Receipts (ADRs).
The company’s A shares are not listed and are 
held by Novo Holdings A/S1, a Danish public 
limited liability company wholly-owned by the 
Novo Nordisk Foundation. The Foundation has 
a dual objective: to provide a stable basis for the 
commercial and research activities conducted by 
the companies within the Novo Group (of which 
Novo Nordisk A/S is the largest), and to support 
scientific and humanitarian purposes. According to 
the Articles of Association of the Foundation, the A 
shares cannot be divested. Special rights attached 
to A shares include pre-emptive subscription rights 
in the event of an increase in the A share capital 
and pre-emptive purchase rights in the event of 
a sale of A shares, while B shares take priority for 
liquidation proceedings. A shares take priority for 
dividends below 0.5%, and B shares take priority 
for dividends between 0.5 and 5%. However, in 
practice, A and B shares receive the same amount 
of dividend per share.
As of 31 December 2020, Novo Holdings A/S also 
held a B share capital of nominally DKK 24,347,800. 
Together with the A shares, Novo Holdings A/S's 
total ownership amounted to nominally DKK 
131,835,000. Novo Holdings A/S's ownership is 
reflected in the 'Ownership structure' chart.
There is no complete record of all shareholders; 
however, based on available sources of informa-
tion, as of 31 December 2020 it is estimated that 
shares were geographically distributed as shown in 
the 'Geographical split of shareholders’ chart. As of 
31 December 2020, the free float of listed B shares 
Geographical split of 
shareholders2
% of share capital  
  Denmark    
  North America
  UK    
  Other
41%
26%
25%
8%
was 91.2% (of which approximately 10.0% are list-
ed as ADRs), excluding Novo Holdings A/S's holding 
and Novo Nordisk’s holding of treasury shares. 
As of 31 December 2020, Novo Holdings A/S and 
Novo Nordisk B shares equalled 159,277,660 
shares and had a nominal value of DKK 31,855,532. 
For details about the share capital, see note 4.1 to 
the consolidated financial statements.
Capital structure
Novo Nordisk’s Board of Directors and Executive 
Management consider that the current capital and 
share structure of Novo Nordisk serve the interests 
of the shareholders and the company well. Novo 
Nordisk’s capital structure strategy offers a balance 
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Share price performance 2020
Novo Nordisk share price and indexed peers1
  Novo Nordisk    
  Pharmaceutical industry index2    
  OMXC25
1. OMXC25 and pharmaceutical industry development have been rebased to Novo Nordisk share price in January 2020  
2. AstraZeneca, Bristol-Myers Squibb, Eli Lilly & Co, Glaxo Smith Kline, Lundbeck, Merck & Co, Novartis AG, Pfizer, Roche, 
Sanofi-Aventis SA
DKK
between long-term shareholder value creation and 
competitive shareholder return in the short term.
The capital structure has been adjusted as a con-
sequence of Novo Nordisk’s debt-financed, USD 
1.8 billion acquisition of Emisphere Technologies 
Inc., which was finalised on 8 December 2020. 
Dividend policy
The company’s dividend policy applies a 
pharmaceutical industry benchmark to ensure a 
competitive payout ratio for dividend payments, 
which are complemented by share repurchase 
programmes. The final dividend for 2019 paid in 
March 2020 was equal to DKK 5.35 per A and B 
share of DKK 0.20 as well as for ADRs. The total 
dividend for 2019 was DKK 8.35 per A and B share 
of DKK 0.20, corresponding to a payout ratio of 
50.5%, which was in line with the 2019 pharma 
peer group average of 53.5%. 
In August 2020, an interim dividend was paid 
equalling DKK 3.25 per A and B share of DKK 
0.20 as well as for ADRs. For 2020, the Board of 
Directors will propose a final dividend of DKK 
5.85 to be paid in March 2021, equivalent to a 
total dividend for 2020 of DKK 9.10 and a payout 
ratio of 50.0%. The company expects to distribute 
an interim dividend in August 2021. Further 
information regarding this interim dividend will be 
announced in connection with the financial report 
for the first six months of 2021. Dividends are paid 
from distributable reserves. Novo Nordisk does not 
pay a dividend on its holding of treasury shares.
Share repurchase programme for 2020/2021 
During the twelve-month period beginning 1 
February 2020, Novo Nordisk repurchased shares 
worth DKK 17 billion. The share repurchase pro-
gramme has primarily been conducted in accord-
ance with the safe harbour rules in the EU Market 
Abuse Regulation (MAR). For the next 12 months, 
Novo Nordisk has decided to implement a new 
share repurchase programme. The expected total 
repurchase value of B shares amounts to a cash 
value of up to DKK 17 billion. The total programme 
may be reduced in size if significant business de-
velopment opportunities arise during 2021. Novo 
Nordisk expects to conduct the majority of the new 
share repurchase programme according to the 
safe harbour rules in MAR. At the Annual General 
Meeting in March 2021, the Board of Directors 
will propose a further reduction in the company’s 
B share capital, corresponding to approximate-
ly 1.7% of the total share capital, by cancelling 
40,000,000 treasury shares.
Share price development
Novo Nordisk’s share price increased by 10.3% 
between its 2019 close of DKK 386.65 and the 31 
December 2020 close of DKK 426.65. For compar-
ison purposes, the Danish OMXC25 stock index 
increased by 33.7% and the pharma peer group 
decreased by 2.4% during 2020. The total market 
value of Novo Nordisk’s B shares, excluding treas-
ury shares and Novo Holdings A/S shares, was DKK 
705,374,617,388 as of 31 December 2020.
10.3%
33.7%
-2.4%
200
300
400
500
600
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
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Corporate governance 
Shareholders
Key responsibilities
The shareholders of Novo Nordisk have ultimate authority over the company and exercise their 
right to make decisions at general meetings. At the Annual General Meeting, shareholders approve 
the annual report and any amendments to the company’s Articles of Association. Shareholders also 
elect Board members and the independent auditor. Resolutions can generally be passed by a simple 
majority. 
However, resolutions to amend the Articles of Association require two thirds of the votes cast and 
capital represented, unless other adoption requirements are imposed by the Danish Companies Act.
Novo Holdings A/S holds the majority of votes at general meetings. However, all strategic and 
operational matters are decided solely by the Board of Directors and Executive Management. 
Board of Directors
Key responsibilities
Board committees: 
-  Chairmanship 
-  Audit Committee 
-  Nomination 
Committee 
-  Remuneration 
Committee 
-  R&D Committee
Novo Nordisk has a two-tier management structure consisting of a Board of Directors and Executive 
Management. The two bodies are separate and no one serves as a member of both.
The Board of Directors:
–  Develops the company as a focused, sustainable, global pharmaceutical company
–  Supervises Executive Management
–  Appoints members of Executive Management and determines their remuneration
–  Determines the company’s overall strategy and oversees the implementation of the strategy and the 
performance of the company
–  Ensures adequate management and organisation
–  May distribute extraordinary dividends and issue new shares in accordance with the Articles of 
Association
–  May repurchase shares in accordance with authorisations granted by the shareholders at the 
Annual General Meeting in 2020 and recorded in the meeting minutes available at novonordisk.com
Composition and independence
As of 31 December 2020, the Board of Directors consisted of 13 members. Nine were elected by 
shareholders and four by Danish-based employees. Board members must retire at the first Annual 
General Meeting after they reach the age of 70.
Shareholder-elected Board members serve for a one-year term and may be re-elected, which was the 
case for all nine members at the Annual General Meeting in 2020. Two shareholder-elected Board 
members are not independent, as they are related to the main shareholder, Novo Holdings A/S, and 
may be regarded as representing Novo Holdings A/S’s 1 interests, while the remaining seven members 
are independent. For independence2, see table on page 44.
Danish-based employees may elect a number of Board members equalling half of the shareholder-
elected members. Employee-elected members serve for a statutory four-year term, with the next 
election in 2022, and have the same rights, duties and responsibilities as shareholder-elected members.
Executive Management
Key responsibilities
Executive Management is responsible for overall day-to-day management, the organisation of the 
company, allocation of resources, determination and implementation of strategies and policies, 
direction setting, and ensuring timely reporting and provision of information to the Board of Directors 
and Novo Nordisk’s stakeholders. 
To ensure the organisational implementation of our strategy, Executive Management has established 
a Management Board consisting of the Chief Executive Officer, Executive Vice Presidents and Senior 
Vice Presidents.
Composition and meetings
As of 31 December 2020, Executive Management consisted of nine members including the Chief 
Executive Officer. No changes were made in the composition of Executive Management in 2020. 
Executive Management meets at least once a month and due to COVID-19 a significant number of their 
meetings and other activities were conducted virtually. The three executives who are based outside 
Denmark and who have responsibility for Biopharm, International Operations and North America 
Operations, respectively, are not registered as executives with the Danish Business Authority.
1. Related as a member of either the Board of Directors or Executive Management of Novo Holdings A/S.  2. Independence as defined by the Danish Corporate Governance Recommendations.
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Board committees1
Chairmanship
Audit Committee
Nomination Committee
Remuneration Committee
Research &  
Development Committee
Key responsibilities 
Assists the Board of
Directors with:
–  Planning of Board meetings
–  Employment, incentive 
remuneration and performance 
evaluation of Executive 
Management
–  Represents the Board externally 
–  The external auditors
–  The internal audit function
–  Handling complaints reported 
through the Compliance Hotline 
–  Financial, social and environmental 
reporting (ESG reporting)
–  Internal controls over financial and 
ESG reporting
–  Business ethics compliance
–  IT security and insurance coverage
–  The competence profile and 
composition of the Board
–  Nomination of Board members  
and Board committee members
–  Annual evaluation of the Board
–  Corporate governance of the 
company
–  The Remuneration Policy
–  The actual remuneration of Board 
members, Board committees and 
Executive Management 
–  The research and development 
strategy
–  The pipeline
–  The R&D organisation
Members 
(appointed by 
the Board)
For independence  
and competencies 
see table on page 44.
Consists of the chair and the vice 
chair, both of whom are elected 
directly by the shareholders at the 
general meetings. 
At the Annual General Meeting in 
2020, Helge Lund was re-elected as 
chair and Jeppe Christiansen was re-
elected as vice chair of the Board.
–  Liz Hewitt (chair)
–  Laurence Debroux
–  Andreas Fibig
–  Sylvie Grégoire
–  Stig Strøbæk
–  Helge Lund (chair)
–  Sylvie Grégoire
–  Kasim Kutay
–  Mette Bøjer Jensen
–  Jeppe Christiansen (chair)
–  Brian Daniels
–  Liz Hewitt
–  Anne Marie Kverneland
–  Martin Mackay (chair)
–  Brian Daniels
–  Sylvie Grégoire
–  Kasim Kutay
–  Thomas Rantzau
2020 key 
activities 
In 2020, the Chairmanship focussed 
particularly on strategy execution 
within the therapy areas and in 
different markets, digitalisation, 
partnering and acquisitions to 
access external innovation, talent 
and leadership development as well 
as succession preparedness, core 
capabilities and development of the 
company culture and impact of the 
COVID-19 pandemic.
In 2020, the Audit Committee focused 
on work performed by internal 
and external auditors and held 
focus sessions on risks and internal 
controls. The Audit Committee also 
discussed key accounting matters, 
including provisions for sales rebates, 
indirect production costs, ongoing 
tax and legal cases and impairment. 
The Audit Committee also reviewed 
Information Security, Business Ethics 
Compliance and Compliance Hotline 
cases. Finally, the Audit Committee 
recommended Deloitte to be elected 
as external auditor in 2021.
In 2020, the Nomination Committee 
focused particularly on reviewing the 
composition of the Board, identifying 
and interviewing candidates and 
considering long-term succession 
planning. It also reviewed the desired 
competences to be represented on 
the Board.
In 2020, the Remuneration 
Committee focused particularly 
on executive remuneration in light 
of the COVID-19 pandemic, on 
assessing the design and structure 
of the short-term as well as the long-
term incentive programme for the 
Executive Management in 2021 and 
on enhancing the transparency in 
remuneration reporting even further.
In 2020, the Research & Development 
Committee focused particularly on 
reviewing the results of clinical trials 
and discussed potential additional 
research and development activities 
to further explore opportunities 
within subcutaneous and oral GLP-1 
as well as competitor initiatives. In 
addition, the committee discussed the 
potential opportunities for addressing 
unmet needs in mild cognitive 
impairment and mild dementia. It also 
reviewed potential external research 
collaborations as well as acquisitions.
1. For a more detailed description of the Board committees, details on members and full reports on the Board committees’ activities in 2020, please refer to the Corporate Governance Report 2020 available at:  
https://www.novonordisk.com/about/corporate-governance/recommendations-and-practices.html
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Gender – Board members
  Men    
  Women
Shareholder-/employee-elected 
Board members
  Shareholder-elected     
  Employee-elected 
38%
31%
62%
69%
Nationality – Board members
  Non-Nordic    
  Nordic
54%
46%
Nomination
The Nomination Committee presents proposals 
for election or re-election of shareholder-elected 
Board members to the Board of Directors. When 
recommending candidates to be nominated by 
the Board, the Nomination Committee considers 
factors such as the balance between renewal 
and continuity, the desired competences and 
experience, the performance of the individual 
Board members, the ambition for diversity as well 
as independence considerations.
The Board of Directors has determined a 
competence profile for the shareholder-elected 
Board members. Board members should possess 
integrity, accountability, fairness, financial 
literacy, commitment and desire for innovation. 
Additionally, the following competences and 
experience should be represented: Global 
business management, strategic operations and 
governance. Healthcare industry and market 
access. Research and development, technology 
and digitalisation. M&A and external innovation 
sourcing. People leadership and change 
management. Finance and accounting.
Please refer to the overview on page 44 for com-
petence profiles for shareholder-elected Board 
members. The Competence Profile is available at 
novonordisk.com.
Board diversity
In 2016, the Board of Directors adjusted its 
diversity ambition and set new targets for 
diversity among shareholder-elected Board 
members. By 2020, it was the aim that at least 
two members were of Nordic nationality and two 
of non-Nordic nationality. The aim was also to 
have at least three shareholder-elected Board 
members of each gender.
As of 31 December 2020, our shareholder-
elected Board members consisted of two Nordic 
members and seven non-Nordic members. Of 
these, three members were female and six were 
male. Thus, the Board of Directors fulfilled its 
2016 gender and nationality ambition. The Board 
of Directors finds that being diverse in gender 
and nationality is of continued importance, and 
consequently in 2020 the Board of Directors 
prolonged its gender and nationality ambition 
to 2024. When including the employee-elected 
Board members, six members were Nordic and 
seven were non-Nordic. Of these, five were 
female and eight were male.
In accordance with sections 99b and 107d of the 
Danish Financial Statements Act, Novo Nordisk 
discloses current performance on diversity in 
the social responsibility section. Novo Nordisk’s 
diversity policy is available in that section.
Evaluation
The Board conducts an annual evaluation. The 
evaluation includes all Board members and 
executives. The chair has overall responsibility 
for the evaluation in collaboration with the 
Nomination Committee. Every third year, the 
evaluation is facilitated by external consultants, 
who interview all Board members and executives. 
For the subsequent two years, the evaluation is 
facilitated by the secretary of the Nomination 
Committee based on written questionnaires. 
The evaluation includes topics such as Board 
performance, effectiveness, composition and 
succession, performance of the Chairmanship 
and the Board Committees as well as the 
collaboration in the Board and between the 
Board and Executive Management. Each Board 
member and executive also receives feedback 
from all other Board members and executives on 
their individual performance.
In 2020, the Board evaluation was facilitated 
externally by a consultant working exclusively 
with Board effectiveness reviews. Overall, the 
evaluation revealed good performance by the 
Board and good collaboration between the Board 
and Executive Management. The evaluation 
resulted in continued focus on Board culture, 
evolving the induction for new Board members, 
Board documentation and presentations, Board 
competency profile and informal time between 
the Board members, which had been affected by 
COVID-19.
Governance practices
Novo Nordisk Annual Report 2020  /  40
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information

Remuneration 
In 2020, a new Remuneration Policy was adopted 
by the Annual General Meeting describing Board 
and Executive remuneration. The policy replaces 
Novo Nordisk’s Remuneration Principles and 
was introduced to comply with changed EU leg-
islation. The new policy is applicable to Board 
remuneration as of 2020, while it is applicable to 
Executive remuneration as of 2021. Consequently, 
the Remuneration Principles applied to Board 
remuneration relating to the period up to and 
including 2019 and to Executive remuneration 
for the period up to and including 2020. The 
Remuneration Policy and the Remuneration 
Principles are available at: ­ 
https://www.novonordisk.com/about/ 
corporate-governance/remuneration.html
Novo Nordisk has prepared a separate 
Remuneration Report describing the remuner-
ation awarded or due during 2020 to the Board 
members and Executives as registered with the 
Danish Business Authority. The Remuneration 
Report will be submitted to the Annual General 
Meeting for an advisory vote. The Remuneration 
Report is available at: ­ 
https://www.novonordisk.com/about/ 
corporate-governance/remuneration.html
Danish Corporate  
Governance Recommendations 
not being fulfilled
3.3.2
Disclosure of additional information 
about the Board members: Information 
on matters such as numbers of shares 
owned and changes during the year is 
disclosed in the Remuneration Report 
for 2020 and not in the management 
commentary. 
3.4.2 
Independence of Board committees: 
The majority of the members of the 
Nomination Committee and the 
Remuneration Committee are not 
independent. 
3.4.6 
Tasks of the Nomination Committee: 
Responsibility for succession manage-
ment and recommending candidates 
for the Executive Management resides 
with the Chairmanship and not with the 
Nomination Committee. 
3.4.7 
Tasks of the Remuneration Committee: 
Responsibility for the remuneration pol-
icy applicable to employees in general 
resides with Executive Management and 
not with the Remuneration Committee. 
4.1.5 
Termination payments: One executive 
employment contract entered into 
before 2008 allows for severance 
payments of more than 24 months’ 
fixed base salary plus pension 
contribution, and thus the total value of 
the remuneration relating to the notice 
period and of the severance payment 
exceeds two years of remuneration.
Compliance with corporate governance codes 
Novo Nordisk’s B shares are listed on Nasdaq 
Copenhagen and on the New York Stock 
Exchange (NYSE) as American Dipository Receipts 
(ADRs).
Today, Novo Nordisk adheres to all Danish 
Corporate Governance Recommendations (2017) 
designated by Nasdaq Copenhagen except 
the five recommendations outlined under 
the heading 'Danish Corporate Governance 
Recommendations not being fulfilled'.
In addition, Novo Nordisk complies with the 
Corporate Governance Standards of the NYSE 
applicable to foreign private issuers. A summary 
of the significant ways in which Novo Nordisk’s 
corporate governance practices differ from the 
NYSE Corporate Governance Standards can be 
found in Novo Nordisk’s Corporate Governance 
Report 2020.
Novo Nordisk's compliance with and explanations 
about the applicable corporate governance codes 
designated by Nasdaq Copenhagen and the New 
York Stock Exchange is available at  
www.novonordisk.com/about/ 
corporate-governance/recommendations-and 
-practices.html in accordance with section 107b of 
the Danish Financial Statements Act. 
Disclosure regarding change of control 
The EU Takeover Bids Directive, as partially imple-
mented by the Danish Financial Statements Act, 
requires listed companies to disclose information 
that may be of interest to the market and poten-
tial take-over bidders, in particular in relation 
to disclosure of change-of-control provisions in 
material contracts. 
Novo Nordisk discloses that the Group has one 
significant agreement with a US payer which 
takes effect, alters or terminates upon a change 
of control of the Group. If effected, a takeover 
could – at the discretion of the relevant counter-
party – lead to the termination of such agree-
ment. Given the ownership structure of Novo 
Nordisk, the risk is considered to be remote.
In relation to Executive Management,
the current employment contracts allow
for severance payments of up to 36 months' fixed 
base salary plus pension contributions in the 
event of a merger, acquisition or takeover of Novo 
Nordisk.
For information about the ownership structure of 
Novo Nordisk, see 'Shares and capital structure'.
Novo Nordisk Annual Report 2020  /  41
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information

Board of Directors
Helge Lund — Chair
Chair of the Board of Novo Nordisk 
A/S since 2018 (member for one 
year in 2014-2015 and again in 
2017) and chair of the Nomination 
Committee since 2018 (member 
since 2017). 
Positions and management duties: 
Operating advisor to Clayton 
Dubilier & Rice, US. Chair of the 
boards of BP p.l.c. UK and Inkerman 
Holding AS, Norway. Member of the 
boards of P/F Tjaldur, Faroe Islands 
and Belron SA, Luxembourg. 
Member of the board of Trustees of 
the International Crisis Group. 
Special competences: 
Extensive executive and board 
experience in large multinational 
companies and significant financial 
knowledge. 
Education: 
MBA from INSEAD, France (1991) 
and MA in Economics from the 
Norwegian School of Economics 
& Business Administration (NHH), 
Norway (1987).
Jeppe Christiansen — Vice Chair
Vice chair and member of the 
Board of Novo Nordisk A/S since 
2013. Chair of the Remuneration 
Committee since 2017 (member 
since 2015). 
Positions and management duties: 
Chief Executive Officer of Maj Invest 
Holding A/S as well as board mem-
ber and/or executive director of two 
wholly owned subsidiaries of this 
company, both in Denmark. Chair of 
Haldor Topsøe A/S, Emlika Holding 
ApS, and two wholly owned subsid-
iaries of the latter company, and 
chair of JEKC Holding ApS. Board 
member of Novo Holdings A/S and 
KIRKBI A/S, Pluto Naturfonden and 
Randers Regnskov, all in Denmark. 
Member of the board of BellaBeat 
Inc., US. Member of the board of 
Governors of Det Kgl. Vajsenhus, 
Denmark. Adjunct Professor, De-
partment of Finance, Copenhagen 
Business School, Denmark. 
Special competences: 
Executive background and 
extensive experience within the 
financial sector, in particular in 
relation to financial and capital 
market issues as well as insight into 
the investor perspective. 
Education: 
MSc in Economics from University 
of Copenhagen, Denmark (1985).
Brian Daniels
Member of the Board of Novo 
Nordisk A/S since 2016, member of 
the Remuneration Committee since 
2018 and member of the Research 
& Development Committee since 
2017. 
Positions and management duties:
Partner with 5AM Venture 
Management, LLC, member of the 
board at Caballeta Bio Inc., and 
Artiva Biotherapeutics, all in the US. 
Special competences: 
Extensive experience in clinical 
development, medical affairs and 
corporate strategy across a broad 
range of therapeutic areas within 
the pharmaceutical industry, 
especially in the US. 
Education: 
MD from Washington University, 
St. Louis, US (1987), and MA 
in Metabolism and Nutritional 
Biochemistry (1981) and BSc 
in Life Sciences (1981), both 
from Massachusetts Institute of 
Technology, Cambridge, US.
Laurence Debroux
Member of the Board of Novo 
Nordisk A/S and member of the 
Audit Committee since 2019. 
Positions and management duties: 
Group Chief Financial Officer, 
executive board member of 
Heineken N.V., the Netherlands. 
Member of the board of Exor N.V., 
the Netherlands, and of HEC Paris 
Business School, France. 
Special competences: 
Significant financial and 
accounting experience, extensive 
global experience within the 
pharmaceutical industry and 
experience from executive positions 
in major international companies. 
Education: 
Master's Degree from HEC 
Paris, Ecoles des Hautes Etudes 
Commerciales, France (1992).
Andreas Fibig
Member of the Board of Novo 
Nordisk A/S and member of the 
Audit Committee since 2018. 
Positions and management duties: 
Chair and Chief Executive Officer of 
International Flavors & Fragrances 
Inc., US, Chair of the board of 
the German American Chamber 
of Commerce, and Executive 
Committee member of the World 
Business Council for Sustainable 
Development (WBCSD). 
Special competences: 
Extensive global experience within 
biopharmaceutical companies, 
in-depth knowledge of strategy, 
sales and marketing and knowledge 
about how large international 
companies operate. 
Education: 
Degree in Marketing from Berlin 
School of Economics, Germany 
(1982).
Sylvie Grégoire
Member of the Board of Novo 
Nordisk A/S and of the Audit 
Committee since 2015, member 
of the Research & Development 
Committee since 2017, and 
member of the Nomination 
Committee since 2018. 
Positions and management duties: 
Executive Chair of the board of EIP 
Pharma, Inc., and member of the 
board of Perkin Elmer Inc., both in 
the US. 
Special competences: 
Deep knowledge of the regulatory 
environment in both the US and the 
EU, with experience of all phases 
of the product life cycle, including 
discovery, registration, pre-launch 
and managing the life cycle while 
on the market. Ms. Grégoire also 
has financial insight, including into 
P&L responsibility. 
Education: 
Pharmacy Doctorate degree from 
the State University of NY at Buffalo, 
US (1986), BA in Pharmacy from 
Laval University, Canada (1984), 
and Science College degree from 
Séminaire de Sherbrooke, Canada 
(1980).
Novo Nordisk Annual Report 2020  /  42
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Liz Hewitt
Member of the Board of 
Novo Nordisk A/S since 2012, 
chair of the Audit Committee 
since 2015 (member since 
2012) and member of the 
Remuneration Committee 
since 2018. 
Positions and 
management duties: 
Member (senior independent 
director) of the board of 
Melrose Industries plc, UK, 
where she chairs the audit 
committee, and member of 
the board of National Grid 
plc, UK.
Special competences: 
Extensive experience 
within the field of medical 
devices, significant financial 
knowledge, including 
mergers and acquisitions, 
and knowledge about how 
large international companies 
operate. 
Education: 
Qualified Chartered 
Accountant FCA (UK Institute 
of Chartered Accountants) 
(1982), and BSc (Econ Hons) 
from the University College in 
London, UK (1977).
Mette Bøjer Jensen
Member of the Board of 
Novo Nordisk A/S (employee 
representative) and member 
of the Nomination Committee 
since 2018. 
Positions and 
management duties: 
Wash & Sterilisation Specialist 
in Product Supply, Novo 
Nordisk A/S. 
Education: 
Graduate Programme (HD) 
in Business Administration 
(Strategic management and 
business development) from 
Copenhagen Business School, 
Denmark (2010), and MSc 
in Biotechnology, Aalborg 
University, Denmark (2001).
Kasim Kutay
Member of the Board of Novo 
Nordisk A/S and member of 
the Nomination Committee 
since 2017 and member of 
the Research & Development 
Committee since 2020.
Positions and 
management duties:
Chief Executive Officer of 
Novo Holdings A/S, Denmark. 
Member of the board of 
Novozymes A/S, Denmark, 
of Evotec SE, Germany, and 
of the Life Sciences Advisory 
board of Gimv NV, Belgium. 
Special competences: 
Extensive experience as an 
investor in the life science 
sector. Mr Kutay manages an 
investment fund that invests 
in life science companies at 
all stages of development 
including the venture, 
growth and developed 
stages. Extensive experience 
as financial advisor to the 
pharmaceutical, biotechnology 
and medical device industries. 
Mr Kutay has also advised 
healthcare companies on an 
international basis including 
companies based in Europe, 
the US, Japan and India.
Education: 
MSc in Economics (1987), and 
BSc in Economics (1986), both 
from the London School of 
Economics, UK.
Anne Marie Kverneland
Member of the Board of 
Novo Nordisk A/S since 2000 
(employee representative) and 
member of the Remuneration 
Committee since 2017. 
Positions and 
management duties:
Laboratory technician and 
full-time union representative 
in Novo Nordisk A/S. Member 
of the Board of Directors of 
the Novo Nordisk Foundation 
since 2014.
Education: 
Degree in medical laboratory 
technology (laboratory 
technologist) from 
Copenhagen University 
Hospital, Denmark (1980).
Martin Mackay
Member of the Board of Novo 
Nordisk A/S and chair of the 
Research & Development 
Committee since 2018. 
Positions and 
management duties: 
Co-founded Rallybio LLC, US, 
in January 2018 and serves 
as chair of the board and 
CEO of the company and 
in an executive leadership 
role overseeing all research 
and non-research functions. 
Member of the board of 5:01 
Acquisition Corporation, 
US. Senior advisor to New 
Leaf Venture Partners, LLC, 
US. Member of the board 
and chairs the Science and 
Technology Committee of 
Charles River Laboratories 
International, Inc., US. 
Special competences: 
R&D executive with extensive 
experience in building a 
pipeline, acquiring products 
and managing the portfolio 
of early-stage and late-stage 
projects in large international 
pharmaceutical companies. 
Education: 
Doctorate/PhD from University 
of Edinburgh, UK (1984), and 
BSc (First Class Honours) in 
Microbiology from Heriot-Watt 
University, Edinburgh, UK 
(1979).
Thomas Rantzau
Member of the Board of 
Novo Nordisk A/S (employee 
representative) and 
member of the Research & 
Development Committee since 
2018. 
Positions and 
management duties: 
Area specialist in Product 
Supply, Novo Nordisk A/S. 
Education: 
Degree in food engineering 
from DTU, Denmark (2003) 
and diploma as dairy 
technician (1992).
Stig Strøbæk
Member of the Board of 
Novo Nordisk A/S since 1998 
(employee representative) 
and member of the Audit 
Committee since 2013. 
Positions and 
management duties:
Electrician and a full-time 
union representative in Novo 
Nordisk A/S. 
Education: 
Diploma in further training 
for board members from the 
Danish Employees’ Capital 
Pension Fund (LD) (2003), 
and diploma in electrical 
engineering (1984).
Novo Nordisk Annual Report 2020  /  43
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information

Meeting attendance in 20201
Name (male/female)
First 
elected Term
Nationality
Born
Independence2
Board of 
Directors
Chairmanship
Audit 
Committee8
Nomination
Committee
Remuneration
Committee
R&D 
Committee
Competencies
Helge Lund (m)
20173
2021
Norwegian
Oct. 	1962
Independent
                
            
      
          
Jeppe Christiansen (m)
2013
2021
Danish
Nov. 	1959
Not independent 4
                
              
        
          
Laurence Debroux (f)
2019
2021
French
Jul. 	 1969
Independent 9
                
        
          
Brian Daniels (m)
2016
2021
American
Feb. 	1959
Independent
                
        
        
        
Andreas Fibig (m)
2018
2021
German
Feb. 	1962
Independent 5, 6
                
        
          
Sylvie Grégoire (f)
2015
2021
Canadian/American Nov. 	1961
Independent 5, 6
                
        
      
        
        
Liz Hewitt (f)
2012
2021
British
Nov.	 1956
Independent 5, 6, 9
                
        
        
          
Mette Bøjer Jensen (f)
2018
2022
Danish
Dec. 	1975
Not independent 7
                
      
N/A (employee-elected)
Kasim Kutay (m)
2017
2021
British
May 	1965
Not independent 4
                
      
        
          
Anne Marie Kverneland (f)
2000
2022
Danish
Jul. 	 1956
Not independent 7
                
        
N/A (employee-elected)
Martin Mackay (m)
2018
2021
American
Apr. 	1956
Independent
                
        
        
Thomas Rantzau (m)
2018
2022
Danish
Mar. 	1972
Not independent 7
                
        
N/A (employee-elected)
Stig Strøbæk (m)
1998
2022
Danish
Jan. 	 1964
Not independent 5, 7
                
        
N/A (employee-elected)
1. Number of meetings attended by each Board member out of the total number of meetings within the member's term. 2. In accordance with recommendation 3.2.1 of the Danish Corporate Governance Recommendations as designated by Nasdaq Copenhagen.  
3. In addition, Helge Lund was a member of the Board for one year in 2014-2015 4. Member of the Board of Directors or Executive Management of Novo Holdings A/S. 5. Pursuant to the US Securities Exchange Act, Ms Hewitt, Ms Grégoire, Ms Debroux and Mr Fibig qualify 
as independent Audit Committee members, while Mr Strøbæk relies on an exemption from the independence requirements. 6. Ms Hewitt, Ms Grégoire, Ms Debroux and Mr Fibig qualify as independent Audit Committee members as defined under part 8 of the Danish Act on 
Approved Auditors and Audit Firms. 7. Elected by employees of Novo Nordisk. 8. All members have relevant industry expertise. 9. Designated as financial experts as defined by the US Securities and Exchange Commission (SEC). 
Independence, meeting attendance and competence overview
Competencies and experiences to be represented among shareholder-elected Board members (see page 40)
  Global business management, strategic operations and governance       Healthcare industry and market access
  Research and development, technology and digitalisation       M&A and external innovation sourcing
  People leadership and change management       Finance and accounting
Novo Nordisk Annual Report 2020  /  44
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information

Executive Management
Lars Fruergaard Jørgensen
— President and Chief  
Executive Officer (CEO)
Born: November 1966. 
Other positions and 
management duties:
Vice chair of the supervisory 
board and member of the audit 
committee and nomination 
committee of Carlsberg A/S, 
Denmark.
As of 1 January 2021, vice president 
elect of the European Federation 
of Pharmaceutical Industries and 
Associations (EFPIA).
Monique Carter  
— Executive Vice President, 
People & Organisation
Born: December 1973.
Other positions and 
management duties:
No other management positions.
Camilla Sylvest 
— Executive Vice President,  
Commercial Strategy &  
Corporate Affairs
Born: November 1972.
Other positions and 
management duties:
Member of the board of Danish 
Crown A/S, Denmark and
Vice Chair of the board of the World 
Diabetes Foundation, Denmark.
Mads Krogsgaard Thomsen 
— Executive Vice President,  
Chief Science Officer (CSO)
Born: December 1960.
Other positions and 
management duties:
Member of the board of BB Biotech 
AG, Switzerland. Member of the 
editorial boards of international, 
peer-reviewed journals. 
Adjunct professor at the Faculty 
of Health and Medical Sciences 
of the University of Copenhagen, 
Denmark.
Henrik Wulff 
— Executive Vice President,  
Product Supply, Quality & IT
Born: November 1970.
Other positions and 
management duties:
Member of the board of Ambu A/S, 
Denmark and member of the board 
of Grundfos Holding A/S, Denmark.
Maziar Mike Doustdar1  
— Executive Vice President,  
International Operations
Born: August 1970.
Other positions and  
management duties:
No other management positions.
Ludovic Helfgott1  
— Executive Vice President, 
Biopharm
Born: July 1974.
Other positions and 
management duties:
President of the Novo Nordisk 
Haemophilia Foundation Council.
Karsten Munk Knudsen 
— Executive Vice President,  
Chief Financial Officer (CFO)
Born: December 1971.
Other positions and 
management duties:
Chair of the board of NNE A/S, 
Denmark.
Doug Langa1 
— Executive Vice President,  
North America Operations
Born: October 1966.
Other positions and 
management duties:
No other management positions.
1. Not registered as executive with the 
Danish Business Authority.
Novo Nordisk Annual Report 2020  /  45
Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  46
Consolidated financial, environmental, social and 
governance statements 2020
Consolidated financial statements
Income statement 
p.
47
Cash flow statement 
p.
48
Balance sheet 
p.
49
Equity statement 
p.
50
Notes to the consolidated financial statements 
Section 1
Basis of preparation
1.1 Principal accounting policies and key accounting estimates
p.
51
1.2 Changes in accounting policies and disclosures
p.
51
Section 2 
Results for the year
2.1 Net sales and rebates
p.
52
2.2 Segment information
p.
53
2.3 Research and development costs
p.
55
2.4 Employee costs
p.
55
2.5 Other operating income, net
p.
56
2.6 Income taxes and deferred income taxes
p.
56
Section 3
Operating assets and liabilities
3.1 Intangible assets and property, plant and equipment
p.
58
3.2 Leases
p.
60
3.3 Inventories
p.
61
3.4 Trade receivables
p.
61
3.5 Retirement benefit obligations
p.
62
3.6 Provisions and contingent liabilities
p.
63
3.7 Other liabilities
p.
64
Section 4
Capital structure and financial items
4.1 Earnings per share, distributions to shareholders, treasury 
shares, share capital and other reserves
p.
65
4.2 Financial risks
p.
66
4.3 Derivative financial instruments
p.
68
4.4 Borrowings
p.
69
4.5 Cash and cash equivalents, financial reserves and free cash flow
p.
69
4.6 Change in working capital 
p.
70
4.7 Other non-cash items 
p.
70
4.8 Financial assets and liabilities
p.
71
4.9 Financial income and expenses
p.
72
Section 5
Other disclosures
5.1 Share-based payment schemes
p.
73
5.2 Commitments
p.
75
5.3 Related party transactions
p.
76
5.4 Fee to statutory auditors
p.
76
5.5 General accounting policies
p.
76
5.6 Companies in the Novo Nordisk Group
p.
77
Statement of environmental, social and governance (ESG) 
performance (supplementary information)
Statement of ESG performance
p.
81
Notes to the ESG statement 
Section 6
Basis of preparation
p.
82
Section 7
Environmental performance
7.1 Energy consumption for operations and share of  
renewable power 
p.
83
7.2 Water consumption for production sites 
p.
83
7.3 CO2 emissions from operations and transportation 
p.
83
7.4 Waste from production sites
p.
84
Section 8
Social performance
8.1 Patients reached with Novo Nordisk’s Diabetes care products
p.
84
8.2 Donations and other contributions
p.
84
8.3 Employees
p.
85
8.4 Frequency of occupational accidents
p.
85
8.5 Animals purchased for research 
p.
85
8.6 Gender diversity 
p.
85
Section 9
Governance performance
9.1 Business ethics 
p.
86
9.2 Facilitations of the Novo Nordisk Way 
p.
86
9.3 Supplier audits 
p.
86
9.4 Product recalls 
p.
86
9.5 Failed inspections 
p.
86
9.6 Company trust 
p.
86
9.7 Total tax contribution 
p.
87
9.8 Breaches of environmental regulatory limit values 
p.
87

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  47
Income statement
and statement of comprehensive income for the year ended 31 December 
DKK million
Note
2020
2019
2018
Income statement
Net sales
2.1, 2.2
126,946
122,021
111,831
Cost of goods sold
2.2
20,932
20,088
17,617
Gross profit
106,014
101,933
94,214
Sales and distribution costs
2.2
32,928
31,823
29,397
Research and development costs
2.2, 2.3
15,462
14,220
14,805
Administrative costs
2.2
3,958
4,007
3,916
Other operating income, net
2.2, 2.5
460
600
1,152
Operating profit
54,126
52,483
47,248
Financial income
4.9
1,628
65
2,122
Financial expenses
4.9
2,624
3,995
1,755
Profit before income taxes
53,130
48,553
47,615
Income taxes
2.6
10,992
9,602
8,987
Net profit
42,138
38,951
38,628
Earnings per share
Basic earnings per share (DKK)
4.1
18.05
16.41
15.96
Diluted earnings per share (DKK)
4.1
18.01
16.38
15.93
DKK million
Note
2020
2019
2018
Statement of comprehensive income
Net profit
42,138
38,951
38,628
Other comprehensive income:
Items that will not be reclassified subsequently to the income statement:
Remeasurements of retirement benefit obligations
3.5
(67)
(187)
87
Items that will be reclassified subsequently to the income statement:
Exchange rate adjustments of investments in subsidiaries
(1,689)
226
491
Cash flow hedges: 
Realisation of previously deferred (gains)/losses
4.1, 4.3
329
1,677
(2,027)
Deferred gains/(losses) incurred during the period
4.1, 4.3
1,384
(329)
(1,677)
Other items
10
9
(27)
Tax on other comprehensive income, income/(expense)
2.6
(577)
(231)
755
Other comprehensive income, net of tax
(610)
1,165
(2,398)
Total comprehensive income
41,528
40,116
36,230

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  48
Cash flow statement
for the year ended 31 December
DKK million
Note
2020
2019
2018
Purchase of treasury shares
4.1
(16,855)
(15,334)
(15,567)
Dividends paid
4.1
(20,121)
(19,409)
(19,048)
Repayment of borrowings
4.4
(950)
(822)
—
Proceeds from borrowings
4.4
5,682
81
94
Net cash used in financing activities
(32,244)
(35,484)
(34,521)
Net cash generated from activities
(2,729)
(211)
(1,985)
Cash and cash equivalents at the beginning of the year
4.5
15,411
15,629
17,158
Reclassification of bank overdraft to financing activities
—
—
412
Exchange gains/(losses) on cash and cash equivalents
(456)
(7)
44
Cash and cash equivalents at the end of the year
4.5
12,226
15,411
15,629
DKK million
Note
2020
2019
2018
Cash flow statement
Net profit
42,138
38,951
38,628
Adjustment of non-cash items:
   Income taxes in the income statement
2.6
10,992
9,602
8,987
   Depreciation, amortisation and impairment losses
3.1
5,753
5,661
3,925
   Other non-cash items
4.7
7,849
7,032
6,098
   Change in working capital
4.6
(4,353)
(3,388)
(3,370)
Interest received
100
64
51
Interest paid
(422)
(204)
(89)
Income taxes paid
2.6
(10,106)
(10,936)
(9,614)
Net cash generated from operating activities
51,951
46,782
44,616
Purchase of intangible assets
3.1
(16,256)
(2,299)
(2,774)
Proceeds from sale of property, plant and equipment
7
4
13
Purchase of property, plant and equipment
3.1
(5,825)
(8,932)
(9,636)
Proceeds from other financial assets
12
148
178
Purchase of other financial assets
—
(350)
(248)
Investment in associated companies
5.3
(392)
(97)
—
Proceeds from the divestment of Group and  
associated companies
—
(3)
368
Dividend received from associated companies
5.3
18
20
19
Net cash used in investing activities
(22,436)
(11,509)
(12,080)

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  49
Balance sheet
at 31 December
DKK million
Note
2020
2019
Equity and liabilities
Share capital
4.1
470
480
Treasury shares
4.1
(8)
(10)
Retained earnings
63,774
57,817
Other reserves
4.1
(911)
(694)
Total equity
63,325
57,593
Borrowings
4.4
2,897
3,009
Deferred income tax liabilities
2.6
2,502
80
Retirement benefit obligations
3.5
1,399
1,334
Provisions
3.6
4,526
4,613
Total non-current liabilities
11,324
9,036
Borrowings
4.4
7,459
1,474
Trade payables
5,717
6,358
Tax payables
3,913
4,212
Other liabilities
3.7
17,005
15,085
Derivative financial instruments
4.3
1,365
734
Provisions
3.6
34,814
31,120
Total current liabilities
70,273
58,983
Total liabilities
81,597
68,019
Total equity and liabilities
144,922
125,612
DKK million
Note
2020
2019
Assets
Intangible assets
3.1
20,657
5,835
Property, plant and equipment
3.1
50,269
50,551
Investments in associated companies
582
474
Deferred income tax assets
2.6
5,865
4,121
Other receivables and prepayments
674
841
Other financial assets
1,066
1,334
Total non-current assets
79,113
63,156
Inventories
3.3
18,536
17,641
Trade receivables
3.4
27,734
24,912
Tax receivables
289
806
Other receivables and prepayments
4,161
3,434
Derivative financial instruments
4.2, 4.3
2,332
188
Cash at bank
4.2, 4.5
12,757
15,475
Total current assets
65,809
62,456
Total assets
144,922
125,612

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  50
Equity statement 
at 31 December
2020
2019
2018
DKK million
Share 
capital
Treasury 
shares
Retained 
earnings
Other 
reserves
Total
Share 
capital
Treasury 
shares
Retained 
earnings
Other 
reserves
Total
Share 
capital
Treasury 
shares
Retained 
earnings
Other 
reserves
Total
Balance at the beginning of the year
480
(10)
57,817
(694)
57,593
490
(11)
53,406
(2,046)
51,839
500
(11)
48,887
439
49,815
Net profit
42,138
42,138
38,951
38,951
38,628
38,628
Other comprehensive income
(67)
(543)
(610)
(187)
1,352
1,165
87
(2,485)
(2,398)
Total comprehensive income
42,071
(543)
41,528
38,764
1,352
40,116
38,715
(2,485)
36,230
Transfer of cash flow hedge reserve to  
intangible assets
326
326
Transactions with owners:
Dividends (note 4.1)
(20,121)
(20,121)
(19,409)
(19,409)
(19,048)
(19,048)
Share-based payments (note 5.1)
823
823
363
363
414
414
Tax related to restricted stock units
31
31
18
18
(5)
(5)
Purchase of treasury shares (note 4.1)
(8)
(16,847)
(16,855)
(9)
(15,325)
(15,334)
(10)
(15,557)
(15,567)
Reduction of the B share capital (note 4.1)
(10)
10
—
(10)
10
—
(10)
10
—
Balance at the end of the year
470
(8)
63,774
(911)
63,325
480
(10)
57,817
(694)
57,593
490
(11)
53,406
(2,046)
51,839
Refer to note 4.1 for details of movements in other reserves.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  51
Section 1 
Basis of preparation
1.1 Principal accounting policies and key 
accounting estimates
Principal accounting policies
Key accounting estimates and judgements
Note
Estimation risk
US net sales and rebates
Estimate of US sales deductions and provisions for sales rebates
2.1
High
Income taxes and deferred income taxes
Judgement and estimate regarding deferred income tax assets and 
provision for uncertain tax positions
2.6
Medium
Intangible assets 
Estimate regarding impairment of assets and judgement of whether a 
transaction is an asset acquisition or a business combination
3.1
Low
Inventories
Estimate of indirect production costs capitalised and inventory write-down
3.3
Low
Provisions and contingent liabilities
Estimate of ongoing legal disputes, litigation and investigations
3.6
Medium
Key accounting estimates and judgements
The use of reasonable estimates and judgements is an essential part 
of the preparation of the consolidated financial statements. Given the 
uncertainties inherent in Novo Nordisk’s business activities, Management 
must make certain estimates regarding valuation and make judgements on 
the reported amounts of assets, liabilities, net sales, expenses and related 
disclosures.
The key accounting estimates identified are those that have a significant 
risk of resulting in a material adjustment to the measurement of 
assets and liabilities in the following reporting period. An example 
being the estimation of US sales deductions and provisions for sales 
rebates. Management bases its estimates on historical experience and 
various other assumptions that are held to be reasonable under the 
circumstances. The estimates and underlying assumptions are reviewed 
on an ongoing basis. If necessary, changes are recognised in the period in 
which the estimate is revised. Management considers the key accounting 
estimates to be reasonable and appropriate based on currently available 
information. The actual amounts may differ from the amounts estimated as 
more detailed information becomes available.
In addition, Management makes judgements in the process of applying the 
entity’s accounting policies, for example the classification of a transaction 
as an asset acquisition or a business combination.
Management regards those listed below as the key accounting estimates 
and judgements used in the preparation of the consolidated financial 
statements. 
Please refer to the specific notes for further information on the key 
accounting estimates and judgements as well as assumptions applied. 
Applying materiality
The consolidated financial statements are a result of processing large 
numbers of transactions and aggregating those transactions into classes 
according to their nature or function. The transactions are presented in 
classes of similar items in the consolidated financial statements. If a line 
item is not individually material, it is aggregated with other items of a similar 
nature in the consolidated financial statements or in the notes.
Management provides specific disclosures required by IFRS unless the 
information is not applicable or is considered immaterial to the decision-
making of the primary users of these financial statements.
1.2 Changes in accounting policies and disclosures
Adoption of new or amended IFRSs
Management has assessed the impact of new or amended and revised 
accounting standards and interpretations (IFRSs) issued by the IASB and 
IFRSs endorsed by the European Union effective on or after 1 January 2020.  
The Group adopted the amendments to IFRS 3 for the first time in 2020. 
The amendments narrow and clarify the definition of a business and 
permit a simplified assessment of whether an acquired set of activities and 
assets is a group of assets rather than a business (concentration test). The 
amendments are applied prospectively to all business combinations and 
asset acquisitions with an acquisition date on or after 1 January 2020.
It is assessed that application of other new amendments effective from  
1 January 2020 has not had a material impact on the consolidated financial 
statements in 2020. Furthermore, Management does not anticipate any 
significant impact on future periods from the adoption of these new 
amendments. 
Adoption of new or amended IFRSs in prior periods 
As of 1 January 2019, Novo Nordisk applied IFRS 16 'Leases' for the first 
time. The standard was implemented using the modified retrospective 
approach. On transition to IFRS 16 the Group recognised an additional DKK 
3,778 million of right-of-use assets and DKK 3,988 million of lease liabilities. 
The implementation did not have any impact on equity. 
As of 1 January 2018, Novo Nordisk applied IFRS 9 'Financial Instruments' 
and IFRS 15 'Revenue from contracts with customers' for the first time. 
The impact of the implementation of IFRS 9 and IFRS 15 was immaterial in 
relation to recognition and measurement.
The consolidated financial statements included in this Annual Report 
have been prepared in accordance with International Financial Reporting 
Standards (IFRS) as issued by the International Accounting Standards 
Board (IASB) and in accordance with IFRS as endorsed by the EU and 
further requirements in the Danish Financial Statements Act. All entities in 
the Novo Nordisk Group follow the same Group accounting policies.
Measurement basis
The consolidated financial statements have been prepared on the historical 
cost basis except for derivative financial instruments, equity investments and 
trade receivables in a factoring portfolio, which are measured at fair value.
Except for the changes described in note 1.2, the principal accounting 
policies set out below have been applied consistently in the preparation 
of the consolidated financial statements for all the years presented. The 
general accounting policies are described in note 5.5.
Principal accounting policies
Novo Nordisk’s accounting policies are described in each of the individual 
notes to the consolidated financial statements. Accounting policies listed 
in the table below are regarded as the principal accounting policies applied 
by Management.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  52
2.1 Net sales and rebates
Gross-to-net sales reconciliation
DKK million
2020
2019
2018
Gross sales
298,187
270,431
230,701
US Managed Care and Medicare
(96,716)
(84,202)
(65,207)
US wholesaler charge-backs
(37,036)
(33,772)
(29,469)
US Medicaid rebates
(17,307)
(14,365)
(11,950)
Other US discounts and sales 
returns
(10,867)
(8,280)
(6,606)
Non-US rebates, discounts and 
sales returns
(9,315)
(7,791)
(5,638)
Total gross-to-net sales 
adjustments
(171,241)
(148,410)
(118,870)
Net sales
126,946
122,021
111,831
Provisions for sales rebates
DKK million
2020
2019
2018
At the beginning of the year
30,878
25,760
20,374
Additional provisions, including 
increases to existing provisions
111,921
102,782
82,631
Amount paid during the year
(106,116)
(98,655)
(78,647)
Adjustments, including unused 
amounts reversed during the year
166
381
386
Effect of exchange rate adjustment
(2,797)
610
1,016
At the end of the year
34,052
30,878
25,760
Sales discounts and sales rebates are predominantly issued in the US. As 
such, rebates amount to 74% of gross sales in the US (71% in 2019 and 68% 
in 2018). Provisions for sales rebates includes US Managed Care, Medicare, 
Medicaid and other minor US rebate types, as well as rebates in a number of 
European countries and Canada.
Pricing mechanisms in the US market 
In the US, sales rebates are paid in connection with public healthcare 
insurance programmes, namely Medicare and Medicaid, as well as rebates 
to pharmacy benefit managers (PBMs) and managed healthcare plans. 
Key customers in the US include private payers, PBMs and government 
payers. PBMs and managed healthcare plans play a role in negotiating 
price concessions with drug manufacturers for both the commercial and 
government channels, and determine which drugs are covered on their 
formularies (or 'preferred drug lists').
US Managed Care and Medicare
For Managed Care and Medicare, rebates are offered to a number of 
PBMs and managed healthcare plans. These rebate programmes allow the 
customer to receive a rebate after attaining certain performance parameters 
relating to formulary status or pre-established market shares thresholds. 
Rebates are estimated according to the specific terms in each agreement, 
historical experience, anticipated channel mix, growth rates and market 
share information. Novo Nordisk adjusts the provision periodically to 
reflect actual sales performance. Managed Care and Medicare rebates are 
generally settled around 100 days from the transaction date.
US wholesaler charge-backs
Wholesaler charge-backs relate to contractual arrangements between Novo 
Nordisk and indirect customers in the US whereby products are sold at 
contract prices lower than the list price originally charged to wholesalers. A 
wholesaler charge-back represents the difference between the invoice price 
to the wholesaler and the indirect customer’s contract price. Accruals are 
calculated for estimated charge-backs using a combination of factors such 
as historical experience, current wholesaler inventory levels, contract terms 
and the value of claims received but not yet processed. Wholesaler charge-
backs are generally settled within 30 days after receipt of claim.
US Medicaid rebates
Medicaid is a government insurance programme. Medicaid rebates have been 
estimated using a combination of historical experience, product and population 
growth, price changes, and the impact of contracting strategies. The calculation 
also involves interpretation of relevant regulations that are subject to changes 
in interpretative guidance from government authorities. Novo Nordisk adjusts 
the provision periodically to reflect actual sales performance. Medicaid rebates 
are generally settled around 150 days from the transaction date.
Other US and non-US discounts and sales returns
Other discounts are provided to distributors, wholesalers, hospitals, 
pharmacies, etc. They are usually linked to sales volume or provided as cash 
discounts. Discounts are calculated based on historical data and recorded 
as a reduction in gross sales at the time the related sales are recorded. Sales 
returns relate to damaged or expired products.
Other net sales disclosures
In 2020, Novo Nordisk had three major wholesalers distributing products in 
the US, representing 19%, 13% and 12% respectively of total net sales (19%, 
14% and 12% in 2019 and 20%, 13% and 13% in 2018). Sales to these three 
wholesalers are within both Diabetes and Obesity care and Biopharm.
Net sales to be recognised from fulfilling existing customer contracts 
containing fixed or minimum sales volumes, with an original term greater 
than 12 months, are expected to be DKK 431 million within 12 months (DKK 
544 million in 2019) and DKK 216 million thereafter (DKK 32 million in 2019).
Novo Nordisk's sales are impacted by exchange rate changes. Refer to note 
4.2 for development in key exchange rates.
Accounting policies
Revenue from sale of goods is recognised when Novo Nordisk has 
transferred control of products sold to the buyer and it is probable that 
Novo Nordisk will collect the consideration to which it is entitled for 
transferring the products. Control of the products is transferred at a point 
in time, typically on delivery. The amount of sales to be recognised is based 
on the consideration Novo Nordisk expects to receive in exchange for its 
goods. When sales are recognised, Novo Nordisk also records estimates for 
a variety of sales deductions, including product returns as well as rebates 
and discounts to government agencies, wholesalers, health insurance 
companies, managed healthcare organisations and retail customers. Sales 
deductions are recognised as a reduction of gross sales to arrive at net 
sales, by assessing the expected value of the sales deductions (variable 
consideration). Where contracts contain customer acceptance criteria, Novo 
Nordisk recognises sales when the acceptance criteria are satisfied.
In some markets, Novo Nordisk sells products on a sale-or-return basis. 
Where there is historical experience or a reasonably accurate estimate of 
future returns, estimated product returns are recorded as a reduction in 
sales. Where shipments of new products are made on a sale-or-return basis, 
without sufficient historical experience for estimating sales returns, revenue 
is recorded based on estimated demand and acceptance rates for well-
established products with similar market characteristics. If similar market 
characteristics do not exist, revenue is recorded when there is evidence of 
consumption or when the right of return has expired. 
Unsettled rebates are recognised as provisions when the timing or amount 
is uncertain (note 3.6).
Where absolute amounts are known, the rebates are recognised as other 
liabilities. Wholesaler charge-backs are netted against trade receivable balances. 
Section 2 
Results for the year

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  53
2.2 Segment information
Business segments – Key figures
Diabetes and Obesity care
Biopharm
Total
DKK million
2020
2019
2018
2020
2019
2018
2020
2019
2018
Total net sales
108,020
102,840
93,904
18,926
19,181
17,927
126,946
122,021
111,831
Cost of goods sold
17,715
16,309
14,716
3,217
3,779
2,901
20,932
20,088
17,617
Sales and distribution costs
29,903
28,729
26,396
3,025
3,094
3,001
32,928
31,823
29,397
Research and development costs
13,535
12,128
12,222
1,927
2,092
2,583
15,462
14,220
14,805
Administrative costs
3,387
3,346
3,266
571
661
650
3,958
4,007
3,916
Other operating income, net
264
309
538
196
291
614
460
600
1,152
Operating profit 
43,744
42,637
37,842
10,382
9,846
9,406
54,126
52,483
47,248
Operating margin
40.5%
41.5%
40.3%
54.9%
51.3%
52.5%
42.6%
43.0%
42.2%
Depreciation, amortisation and 
impairment losses expensed
4,624
3,916
3,210
1,129
1,745
715
5,753
5,661
3,925
Novo Nordisk operates in two business segments based on therapies: 
Diabetes and Obesity care and Biopharm, representing the entirety of the 
Group's operations. 
The segments include research, development, manufacturing and marketing 
of products within the following areas:
– Diabetes and Obesity care: insulin, GLP-1 and related delivery systems, oral 
antidiabetic products (OAD), obesity and other serious chronic diseases.
– Biopharm: haemophilia, growth disorders and hormone replacement therapy.
Segment performance is evaluated on the basis of operating profit, consistent 
with the consolidated financial statements. Financial income and expenses, and 
income taxes are managed at Group level and are not allocated to business 
segments. There are no sales or other transactions between the business 
segments. Costs have been split between business segments according to a 
specific allocation. In addition, a small number of corporate overhead costs are 
allocated systematically between the segments. Other operating income has 
been allocated to the two segments based on the same principle. 
Accounting policies
Operating segments are reported in a manner consistent with the internal 
reporting provided to Executive Management and the Board of Directors. We 
consider Executive Management to be the operating decision-making body, 
as all significant decisions regarding business development and direction are 
taken in this forum. 
The impact of foreign currency hedging is recognised in the income 
statement in financial items. Please refer to notes 4.2, 4.3 and 4.9 for more 
details on hedging.
Key accounting estimates of sales deductions and provisions for  
sales rebates
Sales deductions are estimated and provided for at the time the related 
sales are recorded. These estimates of unsettled rebate, discount and 
product return obligations require use of significant judgement, as not all 
conditions are known at the time of sale, for example total sales volume to a 
given customer. 
The estimates are based on analyses of existing contractual obligations 
and historical experience. Provisions are calculated on the basis of a 
percentage of sales for each product as defined by the contracts with the 
various customer groups. Provisions for sales rebates are adjusted to actual 
amounts as rebates, discounts and returns are processed. 
Novo Nordisk considers the provisions established for sales rebates to be 
reasonable and appropriate based on currently available information. However, 
the actual amount of rebates and discounts may differ from the amounts 
estimated by Management as more detailed information becomes available.
Geographical areas
Sales to external customers attributed to the US are collectively the most 
material to the Group. The US and Mainland China are the only territories 
where sales contribute 10% or more of total net sales.
In 2020 Novo Nordisk operated in two main commercial units:
– International Operations
– EMEA: Europe, the Middle East and Africa.
– China: Mainland China, Hong Kong and Taiwan.
– Rest of World: All other countries except for North America.
– North America Operations (the US and Canada)
International Operations was reorganised with effect from 1 April 2020, 
and the geographical reporting has been amended to reflect the new 
organisation. Amounts for 2018 and 2019 have been restated. Refer to 
note 5.6 for an overview of companies in the Novo Nordisk Group based on 
geographical areas.
The country of domicile is Denmark, which is part of EMEA. Denmark is 
immaterial to Novo Nordisk’s activities in terms of sales as 99.7% of total 
sales are realised outside Denmark. Sales are attributed to geographical 
areas according to the location of the customer.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  54
Net sales – Business segments and geographical areas
Total International Operations
Total North America Operations
Total Novo Nordisk  
net sales
Total IO
EMEA
China
Rest of World
Total NAO
Of which the US
DKK million
2020
2019
2018
2020
2019
2018
2020
2019
2018
2020
2019
2018
2020
2019
2018
2020
2019
2018
2020
2019
2018
Diabetes and Obesity care segment:
Long-acting insulin
9,959
9,035
7,942
6,451
5,955
5,289
1,471
1,059
814
2,037
2,021
1,839
8,480
11,741
12,902
7,962
11,271
12,600
18,439
20,776
20,844
 – of which Tresiba®
4,407
3,477
2,764
2,574
1,983
1,479
418
87
16
1,415
1,407
1,269
4,561
5,782
5,271
4,191
5,500
5,192
8,968
9,259
8,035
 – of which Xultophy®
1,789
1,493
1,085
1,605
1,407
1,060
1
—
—
183
86
25
655
717
529
642
708
528
2,444
2,210
1,614
 – of which Levemir®
3,763
4,065
4,093
2,272
2,565
2,750
1,052
972
798
439
528
545
3,264
5,242
7,102
3,129
5,063
6,880
7,027
9,307
11,195
Premix insulin
10,246
9,707
8,862
2,959
3,160
3,034
4,852
4,306
3,783
2,435
2,241
2,045
679
871
1,332
652
839
1,294
10,925
10,578
10,194
 – of which Ryzodeg®
1,291
993
714
321
237
152
39
4
—
931
752
562
—
—
—
—
—
—
1,291
993
714
 – of which NovoMix®/NovoLog Mix®
8,955
8,714
8,148
2,638
2,923
2,882
4,813
4,302
3,783
1,504
1,489
1,483
679
871
1,332
652
839
1,294
9,634
9,585
9,480
Fast-acting insulin
10,808
10,304
9,332
6,584
6,422
5,931
2,075
1,753
1,450
2,149
2,129
1,951
7,505
8,999
10,021
7,101
8,592
9,634
18,313
19,303
19,353
 – of which Fiasp®
832
617
357
764
585
357
—
—
—
68
32
—
553
626
233
519
597
211
1,385
1,243
590
 – of which NovoRapid®/NovoLog®
9,976
9,687
8,975
5,820
5,837
5,574
2,075
1,753
1,450
2,081
2,097
1,951
6,952
8,373
9,788
6,582
7,995
9,423
16,928
18,060
18,763
Human insulin
7,339
7,361
7,348
2,370
2,438
2,592
2,655
2,847
2,821
2,314
2,076
1,935
1,534
1,675
1,917
1,431
1,552
1,778
8,873
9,036
9,265
Total insulin
38,352
36,407
33,484
18,364
17,975
16,846
11,053
9,965
8,868
8,935
8,467
7,770
18,198
23,286
26,172
17,146
22,254
25,306
56,550
59,693
59,656
Victoza®
7,095
7,249
6,240
4,251
4,713
4,337
1,033
898
521
1,811
1,638
1,382
11,652
14,685
18,093
11,292
14,217
17,561
18,747
21,934
24,333
Ozempic®
3,634
1,143
39
3,112
969
39
10
—
—
512
174
—
17,577
10,094
1,757
16,650
9,599
1,634
21,211
11,237
1,796
Rybelsus®
36
—
—
36
—
—
—
—
—
—
—
—
1,837
50
—
1,826
50
—
1,873
50
—
Total GLP-1
10,765
8,392
6,279
7,399
5,682
4,376
1,043
898
521
2,323
1,812
1,382
31,066
24,829
19,850
29,768
23,866
19,195
41,831
33,221
26,129
Other Diabetes care
2,946
3,389
3,360
725
1,052
1,064
1,546
1,647
1,672
675
690
624
1,085
858
890
943
705
733
4,031
4,247
4,250
Total Diabetes care
52,063
48,188
43,123
26,488
24,709
22,286
13,642
12,510
11,061
11,933
10,969
9,776
50,349
48,973
46,912
47,857
46,825
45,234
102,412
97,161
90,035
Obesity care (Saxenda®)
2,118
2,083
1,211
1,124
981
547
10
9
1
984
1,093
663
3,490
3,596
2,658
3,230
3,348
2,446
5,608
5,679
3,869
Diabetes and Obesity care total
54,181
50,271
44,334
27,612
25,690
22,833
13,652
12,519
11,062
12,917
12,062
10,439
53,839
52,569
49,570
51,087
50,173
47,680
108,020
102,840
93,904
Biopharm segment: 
Haemophilia
5,708
5,946
5,572
3,579
3,646
3,604
361
284
199
1,768
2,016
1,769
3,954
4,335
4,004
3,675
4,031
3,723
9,662
10,281
9,576
 – of which NovoSeven®
3,996
4,502
4,424
2,352
2,577
2,694
345
269
194
1,299
1,656
1,536
3,207
3,617
3,457
3,089
3,454
3,278
7,203
8,119
7,881
 – of which NovoEight®
1,127
1,143
1,046
790
844
836
16
15
5
321
284
205
335
382
308
312
358
291
1,462
1,525
1,354
Growth disorders (Norditropin®)
4,832
4,225
4,000
2,220
1,960
1,972
66
36
20
2,546
2,229
2,008
2,872
3,050
2,834
2,854
3,035
2,823
7,704
7,275
6,834
Other Biopharm
1,108
1,122
1,017
886
912
817
5
5
4
217
205
196
452
503
500
208
247
262
1,560
1,625
1,517
Biopharm total
11,648
11,293
10,589
6,685
6,518
6,393
432
325
223
4,531
4,450
3,973
7,278
7,888
7,338
6,737
7,313
6,808
18,926
19,181
17,927
Total sales by geographical area
65,829
61,564
54,923
34,297
32,208
29,226
14,084
12,844
11,285
17,448
16,512
14,412
61,117
60,457
56,908
57,824
57,486
54,488 126,946
122,021
111,831
Total sales growth as reported
6.9%
12.1%
2.3%
6.5%
10.2%
2.5%
9.7%
13.8%
5.4%
5.7%
14.6%
(0.3%)
1.1%
6.2%
(1.9%)
0.6%
5.5%
(2.4%)
4.0%
9.1%
0.1%

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Novo Nordisk Annual Report 2020  /  55
2.3 Research and development costs
DKK million
2020
2019
2018
Employee costs (note 2.4)
6,269
5,968
6,288
Amortisation and impairment 
losses, intangible assets (note 3.1)
1,025
522
769
Depreciation and impairment 
losses, property, plant and 
equipment (note 3.1)
724
783
468
Other research and  
development costs
7,444
6,947
7,280
Total research and development 
costs
15,462
14,220
14,805
As percentage of net sales
12.2%
11.7%
13.2%
Novo Nordisk’s research and development is mainly focused on: 
– Insulins, GLP-1s and other therapeutic new antidiabetic drugs for diabetes 
treatment.
– GLP-1s, combinations and new modes of action for Obesity care.
– Blood-clotting factors and new modes of action for treatment of 
haemophilia and other rare blood disorders.
– Human growth hormone and new modes of action for treatment of growth 
disorders and other rare endocrine disorders.
– New modes of action including GLP-1 and stem cells for treatment of 
NASH, cardiovascular disease, Alzheimer's disease, chronic kidney disease 
and Parkinson's disease, among others.
The research activities mainly utilise biotechnological methods based on 
advanced protein chemistry and protein engineering. These methods have 
played a key role in the development of the production technology used to 
manufacture insulin, GLP-1, recombinant blood-clotting factors and human 
growth hormone. Research activities further focus on new technology 
platforms including stem cells and developing RNAi therapies for liver-
related cardio-metabolic diseases.
Research and development activities are carried out by Novo Nordisk’s 
research and development centres, mainly in Denmark, the US, the UK and 
China. Clinical trials are carried out all over the world. Novo Nordisk also 
enters into partnerships and licence agreements.
Accounting policies
Novo Nordisk expenses all research costs. In line with industry practice, 
internal and subcontracted development costs are also expensed as 
they are incurred, due to significant regulatory uncertainties and other 
uncertainties inherent in the development of new products. This means that 
they do not qualify for capitalisation as intangible assets until marketing 
approval by a regulatory authority is obtained or considered highly probable. 
Costs for post-approval activities that are required by authorities as a 
condition for obtaining regulatory approval are recognised as research and 
development costs. 
Research and development costs primarily comprise employee costs, 
and internal and external costs related to execution of studies, including 
manufacturing costs and facility costs of the research centres. The costs 
also comprise amortisation, depreciation and impairment losses related 
to software and property, plant and equipment used in the research and 
development activities. Impairment losses recognised on intangible assets 
not yet available for use related to research and development projects are 
presented in research and development costs.
Certain research and development activities are recognised outside research 
and development costs:
– Royalty expenses paid to partners after regulatory approval are expensed 
as cost of goods sold.
– Royalty income received from partners is recognised as part of other 
operating income, net.
– Contractual research and development obligations to be paid in the future 
are disclosed separately as commitments in note 5.2.
2.4 Employee costs
DKK million
2020
2019
2018
Wages and salaries
26,778
25,335
25,259
Share-based payment costs 
(note 5.1)
823
363
414
Pensions – defined contribution 
plans
1,961
1,910
1,791
Pensions – defined benefit plans 
(note 3.5)
138
151
73
Other social security contributions
1,862
1,963
1,901
Other employee costs
2,044
2,203
2,087
Total employee costs for the year
33,606
31,925
31,525
Employee costs capitalised as 
intangible assets and property, 
plant and equipment
(1,279)
(1,314)
(1,500)
Change in employee costs 
capitalised as inventories
(60)
(139)
(105)
Total employee costs 
in the income statement
32,267
30,472
29,920
Included in the income statement:
Cost of goods sold
8,896
8,134
8,164
Sales and distribution costs
14,146
13,463
12,214
Research and development costs
6,269
5,968
6,288
Administrative costs
2,848
2,679
2,755
Other operating income, net
108
228
499
Total employee costs in the 
income statement
32,267
30,472
29,920
Number of employees
2020
2019
2018
Average number of  
full-time employees
43,759
42,218
42,881
Year-end number of  
full-time employees
44,723
42,703
42,672
Employees (total)
45,323
43,258
43,202

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2.5 Other operating income, net
Accounting policies
Other operating income, net, comprises licence income and income of 
a secondary nature in relation to the main activities of Novo Nordisk. 
Licence income from royalties on net sales is recognised as the underlying 
customers' sale occurs and from sales milestones once the contingent 
sale milestone is achieved in accordance with the terms of the relevant 
agreement. Income from the transfer of the right to use intellectual property 
may contain development or regulatory milestones (variable consideration) 
on which the income is recognised when the significant uncertainties in 
achieving the milestones are resolved, due to the significant uncertainties 
inherent in the development of pharmaceutical products. Operating profit 
from the wholly owned subsidiary NNE A/S, not related to Novo Nordisk’s 
main activities, is recognised as other operating income. Other operating 
income also includes income from sale of intellectual property rights.
Remuneration to Executive Management and Board of Directors 
DKK million
2020
2019
2018
Salary and short-term incentive
119
120
102
Pension
26
26
22
Benefits
10
14
4
Long-term incentive1
52
40
22
Severance payments
—
—
28
Executive Management in total2
207
200
178
Fee to Board of Directors2
17
19
17
Total
224
219
195
1. Please refer to note 5.1 for further information. 
2. Total remuneration for registered members of Executive Management amounts to 
DKK 141 million (DKK 135 million in 2019 and DKK 142 million in 2018). All members of 
the Board of Directors are registered.
Accounting policies
Wages, salaries, social security contributions, annual leave and sick leave, 
bonuses and non-monetary benefits are recognised in the year in which 
the associated services are rendered by employees of Novo Nordisk. Where 
Novo Nordisk provides long-term employee benefits, the costs are accrued 
to match the rendering of the services by the employees concerned.
2.6 Income taxes and deferred income taxes
Income taxes expensed 
DKK million
2020
2019
2018
Current tax on profit for the year
11,557
11,275
10,469
Deferred tax on profit for the year
1,105
(1,559)
(1,007)
Tax on profit for the year
12,662
9,716
9,462
Current tax adjustments 
recognised for prior years
(563)
(191)
(522)
Deferred tax adjustments 
recognised for prior years
(1,107)
77
47
Income taxes in the 
income statement
10,992
9,602
8,987
Tax on other comprehensive  
income for the year,  
(income)/expense
577
231
(755)
Computation of effective tax rate
DKK million
2020
2019
2018
Statutory corporate income tax 
rate in Denmark
22.0%
22.0%
22.0%
Deviation in foreign subsidiaries’ 
tax rates compared to the Danish 
tax rate (net)
(2.5%)
(2.1%)
(1.9%)
Non-taxable income less non-tax-
deductible expenses (net)
(0.2%)
0.1%
(0.2%)
Other adjustments (net)
1.4%
(0.2%)
(1.0%)
Effective tax rate
20.7%
19.8%
18.9%
The deviation in foreign subsidiaries' tax rates from the Danish tax rate is 
mainly driven by Swiss business activities.
Other adjustments in 2020 comprise of tax related to acquisitions and 
subsequent transfers of intellectual property rights (around 4%) countered 
by clarification of tax uncertainties, settlement of tax cases and adjustment 
of prior years.
Income taxes paid
DKK million
2020
2019
2018
Income taxes paid in Denmark for 
current year
4,262
7,774
6,640
Income taxes paid outside 
Denmark for current year
4,508
2,258
2,376
Income taxes paid/repayments 
relating to prior years
1,336
904
598
Income taxes paid
10,106
10,936
9,614
In 2020, income taxes paid in Denmark and paid outside Denmark are 
impacted by transfers of intellectual property rights related to acquisitions. 
Swiss tax reform
In 2019, a tax reform was passed in Switzerland. The tax reform has a minor 
positive impact on the effective tax rate, driven by a non-recurring increase 
to deferred tax assets.
Accounting policies
The tax expense for the period comprises current and deferred tax. It also 
includes adjustments to previous years and changes in provisions for uncertain 
tax positions. Tax is recognised in the income statement except to the extent 
that it relates to items recognised in equity or other comprehensive income.
Provisions for ongoing tax disputes are included as part of deferred tax 
assets, tax receivables and tax payables.
Deferred income taxes arise from temporary differences between the 
accounting and tax values of the individual consolidated companies and 
from realisable tax loss carry-forwards. The tax value of tax loss carry-
forwards is included in deferred tax assets to the extent that these are 
expected to be utilised in future taxable income. The deferred income taxes 
are measured according to current tax rules and at the tax rates assumed in 
the year in which the assets are expected to be utilised. 
In general, the Danish tax rules related to dividends from group companies 
provide exemption from tax for most repatriated profits. A provision for 
withholding tax is only recognised if a concrete distribution of dividends 
is planned. The unrecognised potential withholding tax amounts to DKK 
337 million (DKK 315 million in 2019). 
The value of future tax deductions in relation to share programmes is 
recognised as deferred tax, until the shares are paid out to the employees. 
Any estimated excess tax deduction compared to the costs realised in the 
income statement is charged to equity.

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Novo Nordisk Annual Report 2020  /  57
Management judgement regarding recognition of deferred income tax 
assets and provisions for uncertain tax positions
Novo Nordisk is subject to income taxes around the world. Significant 
judgement and estimates are required in determining the worldwide accrual 
for income taxes, deferred income tax assets and liabilities, and provisions 
for uncertain tax positions.
Novo Nordisk recognises deferred income tax assets if it is probable that 
sufficient taxable income will be available in the future, against which the 
temporary differences and unused tax losses can be utilised. 
Management has considered future taxable income and applied its 
judgement in assessing whether deferred income tax assets should be 
recognised.
In the course of conducting business globally, tax and transfer pricing 
disputes with tax authorities may occur. Management judgement is applied 
to assess the possible outcome of such disputes. The 'most probable 
outcome' method is applied when making provisions for uncertain tax 
positions, and Novo Nordisk considers the provisions made to be adequate. 
However, the actual obligation may deviate and depends on the result of 
litigation and settlements with the relevant tax authorities.
Development in deferred income tax assets and liabilities
DKK million
Property, 
plant and 
equipment
 Intangible 
assets
Inventories
 
Liabilities
Other
Offset 
within 
countries
Total
2020
Net deferred tax asset/(liability) at 1 January
(1,591)
(718)
1,811
3,452
1,087
—
4,041
Income/(charge) to the income statement
(47)
(2,883)
963
1,449
520
2
Income/(charge) to other comprehensive income
—
92
(216)
16
(469)
(577)
Income/(charge) to equity
—
(92)
—
—
20
(72)
Acquisition of subsidiaries
—
—
—
—
276
276
Effect of exchange rate adjustment
24
1
(2)
(300)
(30)
(307)
Net deferred tax asset/(liability) at 31 December
(1,614)
(3,600)
2,556
4,617
1,404
—
3,363
Classified as follows:
Deferred tax asset at 31 December
755
46
2,568
4,895
2,903
(5,302)
5,865
Deferred tax liability at 31 December
(2,369)
(3,646)
(12)
(278)
(1,499)
5,302
(2,502)
2019
Net deferred tax asset/(liability) at 1 January
(703)
(564)
973
2,402
667
—
2,775
Change in accounting policy, leases
(865)
—
—
865
—
—
Income/(charge) to the income statement
(5)
(155)
820
133
689
1,482
Income/(charge) to other comprehensive income
—
—
18
47
(296)
(231)
Income/(charge) to equity
—
—
—
—
18
18
Disposal of subsidiaries
—
—
—
(18)
—
(18)
Effect of exchange rate adjustment
(18)
1
—
23
9
15
Net deferred tax asset/(liability) at 31 December
(1,591)
(718)
1,811
3,452
1,087
—
4,041
Classified as follows:
Deferred tax asset at 31 December
769
58
3,428
3,580
1,843
(5,557)
4,121
Deferred tax liability at 31 December
(2,360)
(776)
(1,617)
(128)
(756)
5,557
(80)
The total tax value of unrecognised tax loss carry-forwards amounts to DKK 628 million in 2020 (DKK 144 million in 2019).

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3.1 Intangible assets and property, plant and 
equipment
Of total property, plant and equipment and intangible assets, DKK 44,431 
million is located in Denmark (DKK 28,322 million in 2019) and DKK 18,750 
million is located in the US (DKK 20,256 million in 2019) where the Group's 
main production, filling, packaging, moulding, assembly facilities and 
intangible assets are located. 
Section 3 
Operating assets 
and liabilities
DKK million
Patents 
and 
licences 
Software 
and other 
intangibles
Total 
intangible 
assets
Land and 
buildings
Plant and 
machinery
Other 
equipment
Assets 
under 
construction
Property, 
plant and 
equipment
2020
Cost at the beginning of the year
7,270
2,560
9,830
30,260
27,594
6,215
20,351
84,420
Additions during the year
15,906
396
16,302
741
506
490
4,560
6,297
Disposals during the year
(698)
—
(698)
(119)
(583)
(122)
(16)
(840)
Transfer and reclassifications
—
—
—
7,440
4,586
515
(12,541)
—
Effect of exchange rate adjustment
(74)
(20)
(94)
(813)
(600)
(222)
(1,556)
(3,191)
Cost at the end of the year
22,404
2,936
25,340
37,509
31,503
6,876
10,798
86,686
Amortisation/depreciation and impairment losses at the 
beginning of the year
2,643
1,352
3,995
11,528
18,888
3,453
—
33,869
Amortisation/depreciation for the year
889
207
1,096
1,859
1,500
821
—
4,180
Impairment losses for the year
350
—
350
14
69
28
16
127
Amortisation/depreciation and impairment losses 
reversed on disposals during the year
(698)
—
(698)
(119)
(581)
(115)
(16)
(831)
Effect of exchange rate adjustment
(49)
(11)
(60)
(346)
(432)
(150)
—
(928)
Amortisation/depreciation and impairment losses at the 
end of the year
3,135
1,548
4,683
12,936
19,444
4,037
—
36,417
Carrying amount at the end of the year
19,269
1,388
20,657
24,573
12,059
2,839
10,798
50,269
2019
Cost at the beginning of the year
5,247
2,412
7,659
25,401
25,412
4,779
16,846
72,438
Change in accounting policy, leases
—
—
—
3,291
—
487
—
3,778
Additions during the year
1,958
221
2,179
555
350
498
7,580
8,983
Disposals during the year
—
(79)
(79)
(407)
(504)
(244)
(74)
(1,229)
Transfer and reclassifications
—
—
—
1,277
2,248
665
(4,190)
—
Effect of exchange rate adjustment
65
6
71
143
88
30
189
450
Cost at the end of the year
7,270
2,560
9,830
30,260
27,594
6,215
20,351
84,420
Amortisation/depreciation and impairment losses at the 
beginning of the year
1,390
1,124
2,514
9,770
17,871
2,906
—
30,547
Amortisation/depreciation for the year
312
175
487
1,818
1,410
743
—
3,971
Impairment losses for the year
914
68
982
57
70
20
74
221
Amortisation/depreciation and impairment losses 
reversed on disposals during the year
—
(18)
(18)
(160)
(504)
(229)
(74)
(967)
Effect of exchange rate adjustment
27
3
30
43
41
13
—
97
Amortisation and impairment losses at the end of the year
2,643
1,352
3,995
11,528
18,888
3,453
—
33,869
Carrying amount at the end of the year
4,627
1,208
5,835
18,732
8,706
2,762
20,351
50,551

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Intangible assets
Amortisation and impairment losses
DKK million
2020
2019
2018
Cost of goods sold
369
916
208
Sales and distribution costs
40
24
15
Research and development costs
1,025
522
769
Administrative costs
10
3
2
Other operating income, net
2
4
6
Total amortisation and 
impairment loss
1,446
1,469
1,000
Total amortisation
1,096
487
1,000
Total impairment losses
350
982
—
2020 additions
In 2020 Novo Nordisk acquired Corvidia Therapeutics Inc., in a transaction 
accounted for as an asset acquisition. An addition of DKK 4,580 million was 
recognised in patents and licences for the acquisition of Ziltivekimab, a fully 
human monoclonal antibody directed against Interleukin-6 related to chronic 
kidney disease, which is under development.
Novo Nordisk acquired Emisphere Technologies Inc. and obtained ownership of 
the Eligen® SNAC oral delivery technology. Novo Nordisk and Emisphere have 
collaborated since 2007 and Emisphere’s proprietary drug delivery technology 
Eligen® SNAC is used by Novo Nordisk under an existing licence agreement in 
the oral formulation of Novo Nordisk’s GLP-1 receptor agonist semaglutide, 
which is marketed and sold under the brand name Rybelsus®. Under the 
terms of the agreement, Novo Nordisk acquired all outstanding shares of 
Emisphere for USD 1,335 million. As part of the transaction, Novo Nordisk also 
acquired related Eligen® SNAC royalty stream obligations owed to MHR Fund 
Management LLC (MHR), the largest shareholder of Emisphere, for USD 450 
million. The transaction has been accounted for as an asset acquisition, with 
DKK 11,060 million recognised in patents and licences, of which DKK 2,467 
million are related to assets under development. At 31 December 2020, the 
carrying amount of acquired intangible assets related to Rybelsus is DKK 7,716 
million, which has a remaining amortisation period of 14 years.
Of the total addition of intangible assets in 2020 DKK 396 million is internally 
developed (DKK 221 million in 2019).
Accounting policies
Patents and licences, including patents and licences acquired for research 
and development projects, are carried at historical cost less accumulated 
amortisation and any impairment loss. Upfront fees and acquisition costs are 
capitalised and subsequent milestone payments payable on achievement 
of a contingent event will be capitalised on the contingent event being 
probable of being achieved.
Amortisation is based on the straight-line method over the estimated useful 
life. This means the legal duration or the economic useful life depending on 
which is shorter, and not exceeding 15 years. The amortisation of patents 
and licences begins after regulatory approval has been obtained. 
Internal development of software for internal use are recognised as 
intangible assets if the recognition criteria are met, for example a significant 
business system where the expenditure leads to the creation of a durable 
asset. Amortisation is based on the straight-line method over the estimated 
useful life of 3-15 years. The amortisation begins when the asset is in the 
location and condition necessary for it to be capable of operating in the 
manner intended by Management.
Research and development projects
Internal and subcontracted research costs are charged in full to the 
consolidated income statement in the period in which they are incurred. 
Consistent with industry practice, development costs are also expensed until 
regulatory approval is obtained or is probable; please refer to note 2.3.
Payments to third parties under collaboration and licence agreements 
are assessed for the substance of their nature. Payments which represent 
subcontracted research and development are expensed as the services are 
received. Payments which represent rights to the transfer of intellectual 
property, developed at risk by the third party, are capitalised.
For acquired research and development projects, patents and licences, the 
likelihood of obtaining future commercial sales is reflected in the cost of the 
asset, and thus the probability recognition criteria is always considered to 
be satisfied. As the cost of acquired research and development projects can 
often be measured reliably, these projects fulfil the capitalisation criteria as 
intangible assets on acquisition. Subsequent milestone payments payable 
on achievement of a contingent event (e.g. commencement of phase 3 
trials) are accrued and capitalised into the cost of the intangible asset when 
the achievement of the event is probable. Development costs incurred 
subsequent to acquisition are treated consistently with internal project 
development costs.
Assets that are subject to amortisation are reviewed for impairment 
whenever events or changes in circumstances indicate that the carrying 
amount may not be recoverable. 
Factors considered material that could trigger an impairment test include  
the following:
– Development of a competing drug.
– Changes in the legal framework covering patents, rights and licences.
– Advances in medicine and/or technology that affect the medical treatments.
– Lower-than-predicted sales.
– Adverse impact on reputation and/or brand names.
– Changes in the economic lives of similar assets.
– Relationship to other intangible assets or property, plant and equipment.
– Changes or anticipated changes in participation rates or reimbursement 
policies.
If the carrying amount of intangible assets exceeds the recoverable amount 
based on the existence of one or more of the above indicators of impairment, 
any impairment is measured based on discounted projected cash flows. 
Impairments are reviewed at each reporting date for possible reversal. 
Key accounting estimates and judgements on intangible assets 
In 2020, an impairment loss of DKK 350 million (DKK 982 million in 2019) was 
recognised, substantially all of which related to patents and licences. DKK 350 
million (DKK 282 million in 2019) of the impairment was related to the Diabetes 
and Obesity care segment and none related to Biopharm (DKK 700 million 
in 2019). All the impairment loss in 2020 was recognised in research and 
development costs (DKK 529 million in cost of goods sold and DKK 450 million 
in research and development costs in 2019). The impairment was a result of 
Management’s review of expectations related to patents and licences not yet in 
use. No impairment related to marketable products was identified in 2020.
Intangible assets with an indefinite useful life and intangible assets not yet 
available for use are not subject to amortisation. They are tested annually for 
impairment, irrespective of whether there is any indication that they may be 
impaired. 
Intangible assets not yet being amortised amounts to DKK 9,607 million (DKK 
3,380 million in 2019), primarily patents and licences in relation to research 
and development projects. Impairment tests in 2020 and 2019 of patents and 
licences not yet in use are based on Management’s projections and anticipated 
net present value of estimated future cash flows from marketable products. 
Terminal values used are based on the expected life of products, forecasted 
life cycle and cash flow over that period, and the useful life of the underlying 
assets. In addition, Management makes judgements related to intangible 
assets when assessing whether a transaction is a business combination or 
an asset acquisition. An asset acquisition will arise when substantially all 
the transaction value is concentrated in a single asset or when there are no 
substantive business processes in the acquired entity. Judgements are also 
made in evaluating whether payments under collaboration arrangements are 
acquisition of assets or prepayment of R&D services.

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Novo Nordisk Annual Report 2020  /  60
Property, plant and equipment 
Depreciation and impairment losses
DKK million
2020
2019
2018
Cost of goods sold
2,729
2,656
2,312
Sales and distribution costs
403
354
69
Research and development costs
724
783
468
Administrative costs
433
376
70
Other operating income, net
18
23
6
Total depreciation and 
impairment losses
4,307
4,192
2,925
Capital expenditure in the reporting period was primarily related to 
investments in facility upgrades and new production facilities for active 
pharmaceutical ingredients for diabetes, mainly the facility in Clayton, US. 
The facility in Clayton is intended to strengthen the Novo Nordisk supply 
chain. Capital expenditure also related to investments in facility upgrades 
of the purification plant in Kalundborg and investments were also made to 
establish additional API capacity in Kalundborg. Finally, capital expenditure 
related to the establishment of an oral tablet facility near Durham, US for 
launch and commercial manufacturing of tablets.
Accounting policies
Property, plant and equipment is measured at historical cost less 
accumulated depreciation and any impairment loss. The cost of self-
constructed assets includes costs directly and indirectly attributable to the 
construction of the assets. Any subsequent cost is included in the asset’s 
carrying amount or recognised as a separate asset only when it is probable 
that future economic benefits associated with the item will flow to Novo 
Nordisk and the cost of the item can be measured reliably. Depreciation 
is based on the straight-line method over the estimated useful lives of the 
assets (buildings: 12-50 years, plant and machinery: 5-25 years and other 
equipment: 3-10 years. Land is not depreciated).
The depreciation commences when the asset is available for use, i.e. when it is 
in the location and condition necessary for it to be capable of operating in the 
manner intended by Management. The assets’ residual values and useful lives 
are reviewed and adjusted, if appropriate, at the end of each reporting period. 
If an asset’s carrying amount is higher than its estimated recoverable amount, 
it is written down to the recoverable amount. Plant and equipment with no 
alternative use developed as part of a research and development project are 
expensed. However, plant and equipment with an alternative use or used for 
general research and development purposes are capitalised and depreciated 
over the estimated useful life as research and development costs. 
3.2 Leases
Right-of-use assets in the balance sheet
DKK million
Land and 
buildings
Other 
equipment
Total
2020
Balance at 1 January
3,029
503
3,532
Additions during the year
660
318
978
Depreciation for the year
(644)
(320)
(964)
Effect of exchange rate adjustment
(144)
(22)
(166)
Balance at 31 December
2,901
479
3,380
2019
Balance at 1 January
3,291
487
3,778
Additions during the year
333
307
640
Depreciation for the year
(564)
(288)
(852)
Effect of exchange rate adjustment
(31)
(3)
(34)
Balance at 31 December
3,029
503
3,532
Amounts recognised in the income statement
DKK million
2020
2019
Depreciation
964
852
Interest on lease liabilities
97
108
Variable lease expenses
135
113
Short-term leases 
98
201
Lease of low value assets
79
63
Total amounts recognised in the  
income statement
1,373
1,337
In 2020 the total cash outflow for leases amounted to DKK 1,367 million 
(DKK 1,295 million in 2019). Please refer to note 4.4 for a maturity analysis of 
lease payments. The lease costs for 2018 were DKK 1,299 million. 
Accounting policies
Novo Nordisk mainly leases office buildings, warehouses, laboratories and 
vehicles. The right-of-use asset is presented in property, plant and equipment 
and the lease liability in borrowings. 
For contracts which are, or contain, a lease, the Group recognises a right-of-
use asset and a lease liability. The right-of-use asset is initially measured at 
cost, being the initial amount of the lease liability. The right-of-use asset is 
subsequently depreciated using the straight-line method over the lease term. 
The right-of-use asset is periodically adjusted for certain remeasurements of 
the lease liability and reduced by any impairment losses. 
The lease term determined by the Group is the non-cancellable period of a 
lease, together with extension/termination option if these are reasonably certain 
to be exercised. When determining the term, Management considers multiple 
factors that create economic incentives to exercise an option to extend the 
lease or not to terminate the lease, including termination penalties, potential 
relocation costs and whether significant leasehold improvements have been 
capitalised on the lease, with a remaining useful life which exceeds the fixed 
minimum duration of the lease. For contracts with a rolling term (evergreen 
leases), the Group estimates the leasing period to be equal to the termination 
period if no probable scenario exists for estimating the leasing period. 
The lease liability is initially measured at the present value of the lease 
payments outstanding at the commencement date, discounted using the 
incremental borrowing rate. The lease liability is measured using the effective 
interest method. Variable lease payments not based on an index or a rate 
are recognised as an expense in the income statement as incurred. Residual 
value guarantees that are expected to be paid are included in the initial 
measurement of the lease liability. 
The lease liability is remeasured when there is a change in future lease 
payments, typically due to a change in index or rate (e.g. inflation) on property 
leases, or if there is a reassessment of whether an extension or termination 
option will be exercised. A corresponding adjustment is made to the right-of-
use asset, or in the income statement when the right-of-use asset has been 
fully depreciated.
New lease contracts with a lease term of 12 months or less and lease of low 
value assets are not recognised on the balance sheet. These are expensed 
on a straight-line basis over the lease term or another systematic basis. 
Lease of low value assets include personal computers, telephones and small 
items of office equipment.
As of 31 December 2020, the lease liability excludes DKK 2,363 million 
(undiscounted) of potential lease payments related to lease term extension 
rights on properties which were not considered reasonably certain to be 
exercised (DKK 2,760 million in 2019).

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3.3 Inventories
DKK million
2020
2019
Raw materials
3,326
2,842
Work in progress
12,252
11,375
Finished goods
5,111
4,850
Total inventories (gross)
20,689
19,067
Write-downs at year-end
(2,153)
(1,426)
Total inventories (net)
18,536
17,641
Indirect production costs included in work in  
progress and finished goods
9,703
9,216
Share of total inventories (net)
52%
52%
Movements in inventory write-downs:
Write-downs at the beginning of the year
1,426
1,959
Write-downs during the year
1,628
414
Utilisation of write-downs
(528)
(68)
Reversal of write-downs
(373)
(879)
Write-downs at the end of the year
2,153
1,426
All write-downs in both 2020 and 2019 relate to fully impaired inventory.
In 2019 a reversal of write-down on prelaunch inventory with a net positive 
income statement effect of DKK 510 million on research and development 
costs was recognised. 
Accounting policies
Inventories are stated at cost or net realisable value, whichever is lower. 
Cost is determined using the first-in, first-out method. Cost comprises direct 
production costs such as raw materials, consumables and labour as well 
as indirect production costs. Production costs for work in progress and 
finished goods include indirect production costs such as employee costs, 
depreciation, maintenance, etc. If the expected sales price less completion 
costs to execute sales (net realisable value) is lower than the carrying 
amount, a write-down is recognised for the amount by which the carrying 
amount exceeds its net realisable value.
Inventory manufactured prior to regulatory approval (prelaunch inventory) 
is capitalised but immediately provided for, until there is a high probability of 
regulatory approval for the product. A write-down is made against inventory, 
and the cost is recognised in the income statement as research and 
development costs. Once there is a high probability of regulatory approval 
being obtained, the write-down is reversed, up to no more than the original 
cost.
Key accounting estimate of indirect production costs capitalised and 
inventory write-downs
Indirect production costs account for approximately 50% of the net 
inventory value, reflecting a lengthy production process compared with 
low direct raw material costs. The production of both Diabetes and Obesity 
care and Biopharm products is highly complex from fermentation to 
purification and formulation, including quality control of all production 
processes. Furthermore, the process is very sensitive to manufacturing 
conditions. These factors all influence the parameters for capitalisation of 
indirect production costs at Novo Nordisk and the full cost of the products. 
Indirect production costs are measured using a standard cost method. This 
is reviewed regularly to ensure relevant measures of capacity utilisation, 
production lead time, cost base and other relevant factors, hence inventory 
is valued at actual cost. When calculating total inventory, Management must 
make judgements about cost of production, standard cost variances and idle 
capacity in estimating indirect production costs for capitalisation. Changes 
in the parameters for calculation of indirect production costs could have an 
impact on the gross margin and the overall valuation of inventories.
3.4 Trade receivables
DKK million
Gross 
carrying 
amount
Loss 
allowance
Net 
carrying 
amount
2020
Not yet due
27,511
(805)
26,706
1-90 days
1,000
(112)
888
91-180 days
188
(63)
125
181-270 days
44
(29)
15
271-360 days
51
(51)
—
More than 360 days past due
320
(320)
—
Trade receivables
29,114
(1,380)
27,734
EMEA
6,306
(781)
5,525
China
2,137
—
2,137
Rest of World
3,003
(580)
2,423
North America Operations
17,668
(19)
17,649
Trade receivables
29,114
(1,380)
27,734
2019
Not yet due
24,359
(763)
23,596
1-90 days
1,204
(127)
1,077
91-180 days
261
(69)
192
181-270 days
96
(49)
47
271-360 days
79
(79)
—
More than 360 days past due
397
(397)
—
Trade receivables
26,396
(1,484)
24,912
EMEA
7,104
(903)
6,201
China
1,760
—
1,760
Rest of World
3,084
(568)
2,516
North America Operations
14,448
(13)
14,435
Trade receivables
26,396
(1,484)
24,912
Movements in allowance for doubtful trade receivables
DKK million
2020
2019
Carrying amount at the beginning of the year
1,484
1,370
Reversal of allowance on realised losses
(108)
(45)
Net movement recognised in income statement
139
158
Effect of exchange rate adjustment
(135)
1
Allowance at the end of the year
1,380
1,484

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Novo Nordisk Annual Report 2020  /  62
Novo Nordisk closely monitors the current economic conditions of countries 
impacted by currency fluctuations, high inflation and an unstable political 
climate. These indicators as well as payment history are taken into account 
in the valuation of trade receivables. 
During 2020 country risk ratings have been downgraded in a number of 
countries. However, despite of the COVID-19 pandemic, Novo Nordisk has 
not experienced significant increases in collectability issues on individual 
customers nor have we experienced significant deterioration in the ageing 
of receivables. Please refer to note 4.2 for the trade receivable programmes. 
 
Accounting policies
Trade receivables are initially recognised at transaction price and 
subsequently measured at amortised cost using the effective interest 
method, less allowance for doubtful trade receivables. The allocation of 
trade receivables and allowance for trade receivables is based on the 
location of the customer.
Before being sold, trade receivables in factoring portfolios are measured at fair 
value with changes recognised in other comprehensive income. The allowance 
for doubtful receivables is deducted from the carrying amount of trade 
receivables, and the amount of the loss is recognised in the income statement 
under sales and distribution costs. Subsequent recoveries of amounts 
previously written off are credited against sales and distribution costs.
Novo Nordisk’s customer base comprises government agencies, 
wholesalers, retail pharmacies and other customers. Management makes 
allowance for doubtful trade receivables based on the simplified approach 
to provide for expected credit losses, which permits the use of the lifetime 
expected loss provision for all trade receivables. The allowance is an 
estimate based on shared credit risk characteristics and the days past due. 
Generally, invoices are due for payment within 90 days from shipment of 
goods. Loss allowance is calculated using an ageing factor, geographical 
risk and specific customer knowledge. The allowance is based on a provision 
matrix on days past due and a forward looking-element relating mainly to 
incorporation of the Dun & Bradstreet country risk rating and an individual 
assessment. Please refer to note 4.2 for a general description of credit risk.
3.5 Retirement benefit obligations
Net retirement benefit obligations
DKK million
2020
2019
Retirement benefit obligations
2,624
2,508
Fair value of plan assets
1,225
1,174
Net retirement benefit obligations  
at the end of the year
1,399
1,334
Key assumptions used for valuation and sensitivity analysis
DKK million
Key 
assumptions
1%-point 
increase
1%-point 
decrease
2020
Discount rate (decrease)/increase
1.0%
(403)
523
Future remuneration growth 
(decrease)/increase
2.2%
116
(101)
2019
Discount rate (decrease)/increase
1.3%
(366)
465
Future remuneration growth 
(decrease)/increase
2.4%
105
(94)
The sensitivities consider the single change shown, with the other 
assumptions assumed to be unchanged. The table shows the NPV impact of 
net retirement liabilities.
Defined contribution plans
Novo Nordisk operates a number of defined contribution plans throughout 
the world. These plans are externally funded in entities that are legally 
separate from the Group. 
Defined benefit plans
In a few countries, Novo Nordisk operates defined benefit plans, primarily 
located in the US, Germany, Switzerland and Japan. In Germany and 
Switzerland, the defined benefit plans are partly reimbursed by international 
insurance companies. The risk related to the plan assets in these countries 
is therefore limited to counterparty risk against these insurance companies. 
The total cost recognised for the year amounts to DKK 138 million (DKK 151 
million in 2019).
The present value of partly funded retirement benefit obligations amounts 
to DKK 1,953 million (DKK 1,845 million in 2019). The present value of 
unfunded retirement benefit obligations amounts to DKK 671 million (DKK 
663 million in 2019).
Net remeasurement is a loss of DKK 67 million (loss of DKK 187 million in 
2019), primarily related to changes in financial assumptions (discount rate), 
and is included in other comprehensive income.
Please refer to note 5.2 for a maturity analysis of the net retirement benefit 
obligation. Novo Nordisk does not expect the contributions over the next 
five years to differ significantly from current contributions.
Accounting policies
Defined contribution plans
Novo Nordisk’s contributions to the defined contribution plans are charged 
to the income statement in the year to which they relate.
Defined benefit plans
The costs for the year for defined benefit plans are determined using the 
projected unit credit method. This reflects services rendered by employees 
to the valuation dates and is based on actuarial assumptions primarily 
regarding discount rates used in determining the present value of benefits 
and projected rates of remuneration growth. Discount rates are based on 
the market yields of high-rated corporate bonds in the country concerned.
Actuarial gains and losses arising from experience adjustments and changes 
in actuarial assumptions are charged or credited to other comprehensive 
income in the period in which they arise. Past service costs are recognised 
immediately in the income statement.
Pension plan assets are only recognised to the extent that Novo Nordisk is 
able to derive future economic benefits such as refunds from the plan or 
reductions of future contributions. 
Costs recognised for retirement benefits are included in cost of goods 
sold, sales and distribution costs, research and development costs, and 
administrative costs. The net obligation recognised in the balance sheet is 
reported as non-current liabilities.
Actuarial valuations are performed annually for all major defined benefit 
plans. Assumptions regarding future mortality are based on actuarial advice 
in accordance with published statistics and experience in each country. 
Other assumptions such as medical cost trend rate and inflation are also 
considered in the calculation. Significant actuarial assumptions for the 
determination of the retirement benefit obligation (not considering plan 
assets) are discount rate and expected future remuneration increases. The 
sensitivity analysis has been determined based on reasonably likely changes 
in the assumptions occurring at the end of the period.

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3.6 Provisions and contingent liabilities
DKK million
Provisions
for sales
rebates1
Provisions 
for legal 
disputes
Provisions 
for product 
returns
Other
provisions2
2020 
total
2019 
total
At the beginning of the year
30,878
2,375
1,082
1,398
35,733
29,553
Additional provisions, including increases to existing provisions
111,921
662
413
814
113,810
104,621
Amount used during the year
(106,116)
(364)
(694)
(46)
(107,220)
(99,244)
Adjustments, including unused amounts reversed during the year
166
—
(6)
(82)
78
148
Effect of exchange rate adjustment
(2,797)
(222)
—
(42)
(3,061)
655
At the end of the year
34,052
2,451
795
2,042
39,340
35,733
Non-current liabilities3
301
2,209
293
1,723
4,526
4,613
Current liabilities
33,751
242
502
319
34,814
31,120
1. Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid and other minor US rebate types, as well as rebates in a number of European countries and Canada.
2. Other provisions consists of various types of provision, including obligations in relation to employee benefits such as jubilee benefits, company-owned life insurance, etc.
3. For non-current liabilities, provision for sales rebates is expected to be settled after one year, provisions for product returns will be utilised in 2022 and 2023. In the case of provisions 
for legal disputes, the timing of settlement cannot be determined.
Contingent liabilities
Novo Nordisk is currently involved in pending litigations, claims and 
investigations arising out of the normal conduct of its business. While 
provisions that Management deems to be reasonable and appropriate 
have been made for probable losses, there are uncertainties connected 
with these estimates. Novo Nordisk does not expect the pending litigations, 
claims and investigations, individually and in the aggregate, to have a 
material impact on Novo Nordisk’s financial position, operating profit or cash 
flow in addition to the amounts accrued as provision for legal disputes.
Pending litigation against Novo Nordisk
Novo Nordisk, along with the majority of incretin-based product 
manufacturers in the United States, is a defendant in product liability 
lawsuits related to use of incretin-based medications. As of 1 February 
2021, 384 plaintiffs have named Novo Nordisk in product liability lawsuits, 
predominantly claiming damages for pancreatic cancer that allegedly 
developed as a result of using Victoza® and other GLP-1/DPP-IV incretin-
based products. 236 of the Novo Nordisk plaintiffs have also named other 
defendants in their lawsuits. Most Novo Nordisk plaintiffs have filed suit in 
California federal and state courts. Novo Nordisk does not currently have 
any individual trials scheduled in 2021. Novo Nordisk does not expect the 
pending claims to have a material impact on its financial position, operating 
profit or cash flow.
 
Since January 2017, several class action lawsuits have been filed against 
Novo Nordisk, former CEO Lars Rebien Sørensen, former CFO Jesper 
Brandgaard and former President of Novo Nordisk Inc. Jakob Riis in the 
United States District Court for the District of New Jersey on behalf of all 
purchasers of Novo Nordisk American Depositary Receipts between February 
2015 and February 2017. All lawsuits have been consolidated into one case. 
The lawsuit alleges that Novo Nordisk artificially inflated its financial results, 
failed to disclose pricing pressure and rising rebate payments to PBMs, and 
made other materially misleading statements to potential investors. Novo 
Nordisk does not expect the litigation to have a material impact on Novo 
Nordisk’s financial position, operating profit or cash flow.
In August 2019, a securities lawsuit was filed against Novo Nordisk in 
Denmark by a number of institutional shareholders. The claim is for a total 
amount of DKK 11.8 billion based on trading and holding of shares in Novo 
Nordisk during the period between February 2015 and February 2017. The 
lawsuit alleges that Novo Nordisk made misleading statements and did 
not make appropriate disclosures regarding its sales of insulin products 
in the US. It contains broadly similar allegations to those of the previously 
disclosed securities class action lawsuit filed in the US in 2017 on behalf of 
all purchasers of Novo Nordisk American Depository Receipts. Novo Nordisk 
does not expect the lawsuit to have a material impact on Novo Nordisk’s 
financial position, operating profit or cash flow.
Novo Nordisk is currently defending six lawsuits, including two plead as 
putative class actions, relating to the pricing of diabetes medicines. Four 
of these cases are pending in New Jersey federal court; the other two are 
pending in Kentucky state court and Texas federal court. All pending matters 
also name as defendants Eli Lilly and Company and Sanofi-Aventis U.S. 
LLC; while certain matters also name Pharmacy Benefit Managers (PBMs) 
and related entities. Plaintiffs generally allege that the manufacturers and 
PBMs colluded to artificially inflate list prices paid by consumers for diabetes 
products, while offering reduced prices to PBMs through rebates used to 
secure formulary access. Novo Nordisk does not expect the lawsuits to have 
a material impact on Novo Nordisk’s financial position, operating profit or 
cash flow.
In 2016, Novo Nordisk US received a Civil Investigative Demand from 
the U.S. Department of Justice (“DOJ CID”) relating to potential off-label 
marketing of NovoSeven® (including high dose and for prophylactic use) and 
interactions with physicians and patients. The DOJ investigation was likely 
prompted by a lawsuit filed by a former Novo Nordisk US employee (the 
“Relator”) under seal in the Western District of Oklahoma in 2015. Relator 
alleges Novo Nordisk US caused the submission of false claims to Medicare, 
Medicaid, Federal Employees Health Benefits Program and private insurers 
in California as a result of the same conduct that was the subject of the DOJ 
CID. As a result of these allegations, Relator (on behalf of the federal and 
state governments) seeks injunctive and monetary relief. A consolidated 
complaint was jointly filed by relator and the State of Washington on 9 
March 2020. The consolidated complaint was unsealed (made public) by the 
court on 28 May 2020. Novo Nordisk has filed two motions seeking dismissal 
of the Complaint, both of which are currently pending and awaiting ruling 
from the Court. Novo Nordisk does not expect the lawsuit to have a material 
impact on Novo Nordisk’s financial position, operating profit or cash flow.
Pending claims against Novo Nordisk and investigations involving 
Novo Nordisk
Several authorities in the US have served Novo Nordisk with Civil 
Investigative Demands (CIDs) or subpoenas calling for the production of 
documents and information. Below is a list of ongoing matters:
– Washington Attorney General’s Office CID (March 2017), relating to, among 
other things, pricing and trade practices for insulin products, including 
Levemir®, NovoLog®, and Novolin®, from 1 January 2005 through the 
present date.
– New Mexico Attorney General’s Office CID (April 2017), relating to, among 
other things, trade practice and pricing of insulin products, namely 
NovoLog® and Novolin® from 1 January 2012 through the present date.
– Texas Attorney General’s Office CID (March 2019), relating to, among other 
things, marketing and promotional practices for Ozempic®.

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– New York State Attorney General’s Office Subpoena (July 2019), relating to, 
among other things, pricing and trade practices for insulin products, from 
1 July 2013 through the present.
– Colorado Attorney General’s Office CID (December2019), relating to, 
among other things, pricing and trade practices for insulin products, for 
the period from 1 January 2010 to present. 
– State of California Office of the Insurance Commissioner Subpoena (July 
2020) related to Novo Nordisk’s patent and regulatory strategies for 
Prandin® and Prandimet® in the US market, and the projected impact of 
generic repaglinide on Novo Nordisk’s Prandin® and Prandimet® franchises 
in the US. 
– Mississippi Attorney General’s Office Subpoena (December 2020), related 
to, among other things, pricing and trade practices for insulin products, 
including Levemir®, NovoLog®, and Novolin®, from 1 January 2005 through 
the present date.
– Vermont Attorney General’s Office Subpoena (December 2020), related to, 
among other things, pricing and trade practices for insulin products sold by 
Novo Nordisk during the period 1 January 2011 through the present date.
In all matters Novo Nordisk is cooperating with the authority in question. 
Novo Nordisk does not expect the above investigations to have a material 
impact on Novo Nordisk’s financial position, operating profit or cash flow.
Novo Nordisk is one of several pharmaceutical companies that received 
requests for information involving pricing practices for its diabetes products 
from several committees of the Unites States House of Representatives 
and/or United States Senate. Novo Nordisk is working with the staff of the 
various committees to respond to their questions. Novo Nordisk does not 
expect the inquiries to have a material impact on Novo Nordisk’s financial 
position, operating profit or cash flow.
Other contingent liabilities
In addition to the above, the Novo Nordisk Group is engaged in certain 
litigation proceedings and various ongoing audits and investigations. In 
the opinion of Management, neither settlement or continuation of such 
proceedings, nor such pending audits and investigations, are expected to 
have a material effect on Novo Nordisk’s financial position, operating profit 
or cash flow.
3.7 Other liabilities
Other liabilities primarily comprises employee cost payables, payables 
related to non-current assets, and sales rebates.
Accounting policies
Provisions for sales rebates and discounts granted to government 
agencies, wholesalers, retail pharmacies, Managed Care and other 
customers are recorded at the time the related revenues are recorded 
or when the incentives are offered. Provisions are calculated based on 
historical experience and the specific terms in the individual agreements. 
Unsettled rebates are recognised as provisions when the timing or 
amount is uncertain. Where absolute amounts are known, the rebates 
are recognised as other liabilities. Please refer to note 2.1 for further 
information on sales rebates and provisions.
Provisions for legal disputes are recognised where a legal or constructive 
obligation has been incurred as a result of past events and it is probable 
that there will be an outflow of resources that can be reliably estimated. 
In this case, Novo Nordisk arrives at an estimate based on an evaluation 
of the most likely outcome. Disputes for which no reliable estimate can be 
made are disclosed as contingent liabilities.
Provisions are measured at the present value of the anticipated 
expenditure for settlement. This is calculated using a pre-tax discount rate 
that reflects current market assessments of the time value of money and 
the risks specific to the obligation. The increase in the provision for interest 
is recognised as a financial expense.
Novo Nordisk issues credit notes for expired goods as a part of normal 
business. Where there is historical experience or a reasonably accurate 
estimate of expected future returns can otherwise be made, a provision for 
estimated product returns is recorded. The provision is measured at gross 
sales value.
Key accounting estimate regarding ongoing legal disputes, litigation 
and investigations
Provisions for legal disputes consist of various types of provision linked 
to ongoing legal disputes. Management makes estimates regarding 
provisions and contingencies, including the probability of pending and 
potential future litigation outcomes. These are by nature dependent on 
inherently uncertain future events. When determining likely outcomes of 
litigation, etc., Management considers the input of external counsels on 
each case, as well as known outcomes in case law.
Although Management believes that the total provisions for legal 
proceedings are adequate based on currently available information, there 
can be no assurance that there will not be any changes in facts or matters, 
or that any future lawsuits, claims, proceedings or investigations will not 
be material.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  65
Section 4 
Capital structure 
and financial items
4.1 Earnings per share, distributions to shareholders, 
treasury shares, share capital and other reserves
Earnings per share
DKK million
2020
2019
2018
Net profit
42,138
38,951
38,628
Average number of 
shares outstanding
in million 
shares
2,333.9
2,374.3
2,419.6
Dilutive effect of 
average outstanding 
share pool1
in million 
shares
6.1
4.4
4.8
Average number of 
shares outstanding, 
including dilutive 
effect of outstanding 
share pool
in million 
shares
2,340.0
2,378.7
2,424.4
Basic earnings  
per share
DKK
18.05
16.41
15.96
Diluted earnings  
per share
DKK
18.01
16.38
15.93
1. For further information on the outstanding share pool, please refer to note 5.1.
Accounting policies
Earnings per share is presented as both basic and diluted earnings per 
share. Basic earnings per share is calculated as net profit divided by the 
monthly average number of shares outstanding. Diluted earnings per share 
is calculated as net profit divided by the sum of monthly average number 
of shares outstanding, including the dilutive effect of the outstanding share 
pool. Please refer to ‘Financial definitions’ for a description of calculation of 
the dilutive effect.
Cash distribution to shareholders
DKK million
2020
2019
2018
Interim dividend for the year
7,570
7,100
7,238
Dividend for prior year
12,551
12,309
11,810
Share repurchases for the year
16,855
15,334
15,567
Total
36,976
34,743
34,615
The net cash distribution to shareholders in the form of dividends and share 
repurchases amounts to DKK 36,976 million, compared with a free cash 
flow of DKK 28,565 million. This is in line with the guiding principle of paying 
out excess capital to investors after funding organic growth and potential 
acquisitions.
The total dividend for 2020 amounts to DKK 21,066 million (DKK 9.10 per 
share). The 2020 final dividend of DKK 13,496 million (DKK 5.85 per share) is 
expected to be distributed pending approval at the Annual General Meeting. 
The interim dividend of DKK 7,570 million (DKK 3.25 per share) was paid in 
August 2020. The total dividend for 2019 was DKK 19,651 million (DKK 8.35 
per share), of which the final dividend of DKK 12,551 million (DKK 5.35 per 
share) was paid in March 2020. No dividend is declared on treasury shares.
According to Danish corporate law, reserves available for distribution as 
dividends are based on the financial statements of the parent company, 
Novo Nordisk A/S. Dividends are paid from distributable reserves. Share 
premium is a distributable reserve, and any former share premium reserve 
has been fully distributed. As at 31 December 2020, distributable reserves 
total DKK 51,858 million (DKK 40,801 million in 2019), corresponding to the 
parent company's retained earnings and cash flow hedge reserve.
Treasury shares
2020
2019
Market 
value, 
DKK million
Treasury 
shares in %
Number of
B shares
of DKK 0.20
(million)
Number of
B shares
of DKK 0.20
(million)
Holding at the 
beginning of the year
18,613
2.0%
48.1
55.8
Cancellation of 
treasury shares
(19,333)
(50.0)
(50.0)
Transfer regarding 
restricted stock units
(148)
(0.4)
(2.6)
Purchase during  
the year
16,855
39.8
44.9
Value adjustment
29
—
—
Holding at the end 
of the year
16,016
1.6%
37.5
48.1
Treasury shares
Treasury shares are primarily acquired to reduce the company’s share 
capital. In addition, a limited part is used to finance Novo Nordisk’s 
long-term share-based incentive programme (restricted stock units) and 
restricted stock units to employees. Treasury shares are deducted from 
the share capital on cancellation at their nominal value of DKK 0.20 per 
share. Differences between this amount and the amount paid to acquire or 
received for disposing of treasury shares are deducted directly in equity.
Novo Nordisk’s guiding principle is that any excess capital after the funding 
of organic growth opportunities and potential acquisitions should be 
returned to investors. Novo Nordisk's dividend payouts are complemented 
by share repurchase programmes.
The purchase of treasury shares during the year relates to the remaining 
part of the 2019 share repurchase programme, totalling DKK 0.9 billion and 
the DKK 17 billion Novo Nordisk B share repurchase programme for 2020, of 
which DKK 1 billion was outstanding at year-end. The programme ended on 
1 February 2021. Transfer of treasury shares relates to the long-term share-
based incentive programme and restricted stock units to employees.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  66
4.2 Financial risks
Management has assessed the following key financial risks:
Type
Financial risk
Foreign exchange risk
High
Credit risk
Low
Interest rate risk
Low
Liquidity risk
Low
Novo Nordisk has centralised management of the Group's financial risks. The 
overall objectives and policies for the company's financial risk management 
are outlined in an internal Treasury Policy, which is approved by the Board 
of Directors. The Treasury Policy consists of the Foreign Exchange Policy, the 
Investment Policy, the Financing Policy and the Policy regarding Credit Risk on 
Financial Counterparts, and includes a description of permitted use of financial 
instruments and risk limits.
Novo Nordisk only hedges commercial exposures and consequently does not 
enter into derivative transactions for trading or speculative purposes. Novo 
Nordisk uses a fully integrated treasury management system to manage all 
financial positions, and all positions are marked-to-market. 
Foreign exchange risk
Foreign exchange risk is the most important financial risk for Novo Nordisk 
and can have a significant impact on the income statement, statement of 
comprehensive income, balance sheet and cash flow statement.
The overall objective of foreign exchange risk management is to reduce the 
short-term negative impact of exchange rate fluctuations on earnings and 
cash flow, thereby contributing to the predictability of the financial results.
The majority of Novo Nordisk's sales are in USD, EUR, CNY, JPY, CAD and 
GBP. The foreign exchange risk is most significant in USD, CNY and JPY, while 
the EUR exchange rate risk is regarded as low because of Denmark's fixed 
exchange rate policy towards EUR.
Novo Nordisk hedges existing assets and liabilities in key currencies as well as 
future expected cash flows up to a maximum of 24 months forward. Hedge 
accounting is applied to match the impact of the hedged item and the hedging 
instrument in the consolidated income statement. Management has chosen to 
classify the result of hedging activities as part of financial items. 
During 2020, the hedging horizon varied between 5 and 13 months for 
USD, CNY, JPY, CAD and GBP. The currency hedging strategy balances risk 
reduction and cost of hedging by use of foreign exchange forwards and 
foreign exchange options matching the due dates of the hedged items. 
Expected cash flows are continually assessed using historical inflows, 
budgets and monthly sales forecasts. Hedge effectiveness is assessed on 
a regular basis. There is no expected ineffectiveness at 31 December 2020, 
primarily because hedging instruments match currencies of hedged cash 
flows. 
The financial contracts existing at year-end cover the expected future cash 
flow for the following number of months:
2020
2019
USD
10 months
9 months
CNY1
6 months
7 months
JPY
12 months
12 months
CAD
9 months
9 months
GBP
11 months
10 months
1. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency 
exposure.
Key currencies
Exchange rate DKK per 100
2020
2019
2018
USD
Average
654
667
631
Year-end
606
668
652
Year-end change
(9.3%)
2.5%
5.1%
CNY
Average
95
97
95
Year-end
93
96
95
Year-end change
(3.1%)
1.1%
(0.3%)
JPY
Average
6.13
6.12
5.72
Year-end
5.88
6.11
5.91
Year-end change
(3.8%)
3.4%
7.3%
CAD
Average
488
503
487
Year-end
474
511
479
Year-end change
(7.2%)
6.7%
(3.2%)
GBP
Average
839
852
842
Year-end
824
877
827
Year-end change
(6.0%)
6.0%
(1.4%)
Share capital
Total share 
capital
DKK million
A share 
capital
B share 
capital
Development in share capital:
Share capital 2017
107
393
500
Cancelled in 2018
—
(10)
(10)
Cancelled in 2019
—
(10)
(10)
Share capital at the beginning  
of the year
107
373
480
Cancelled in 2020
—
(10)
(10)
Share capital at the end  
of the year
107
363
470
At the end of 2020, the share capital amounted to DKK 107 million in A share 
capital (equal to 537 million A shares of DKK 0.20) and DKK 363 million in 
B share capital (equal to 1,813 million B shares of DKK 0.20). Each A share 
carries 200 votes and each B share carries 20 votes.
Specification of Other reserves
DKK million
Exchange 
rate ad- 
justments
Cash 
flow  
hedges
Tax and 
other 
items
Total
Reserve at  
1 January 2018
(1,556)
2,027
(32)
439
Other comprehensive 
income, net for 2018
491
(3,704)
728
(2,485)
Reserve at  
31 December 2018
(1,065)
(1,677)
696
(2,046)
Other comprehensive 
income, net for 2019
226
1,348
(222)
1,352
Reserve at  
31 December 2019
(839)
(329)
474
(694)
Other comprehensive 
income, net for 2020
(1,689)
1,713
(567)
(543)
Transfer of cash flow 
hedge reserve to  
intangible assets1
418
(92)
326
Reserve at  
31 December 2020
(2,528)
1,802
(185)
(911)
1.	For information on derivatives refer to note 4.3

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  67
Foreign exchange sensitivity analysis
At year-end, an immediate 5% increase/decrease in the following currencies 
versus EUR and DKK would impact Novo Nordisk’s operating profit estimated 
by Management as outlined in the table below:
Estimated for 
DKK million
2021
2020
USD
1,900
1,950
CNY
460
450
JPY
200
150
CAD
140
130
GBP
110
100
At year-end, an immediate 5% increase/decrease in all other currencies 
versus EUR and DKK would affect other comprehensive income and the 
income statement as outlined in the table below:
DKK million
Immediate 
5% increase
Immediate 
5% decrease
2020
Other comprehensive income
(1,893)
1,893
Income statement
299
(299)
Total
(1,594)
1,594
2019
Other comprehensive income
(1,811)
1,811
Income statement
199
(199)
Total
(1,612)
1,612
A 5% depreciation of USD versus EUR and DKK at 31 December 2020 would 
affect other comprehensive income by DKK 1,380 million (DKK 1,298 million in 
2019) and the income statement by DKK -2 million (DKK 135 million in 2019).
The foreign exchange sensitivity analysis comprises effects from the Group's 
cash, trade receivables and trade payables, current loans, current and non-
current financial investments, lease liabilities, foreign exchange forwards and 
foreign exchange options at year-end. Anticipated currency transactions, 
investments and non-current assets are not included.
Credit risk
Credit risk arises from the possibility that transactional counterparties may 
default on their obligations, causing financial losses for the Group. Novo 
Nordisk considers its maximum credit exposure to financial counterparties 
to be DKK 15,089 million (DKK 15,663 million in 2019). In addition, Novo 
Nordisk considers its maximum credit exposure to trade receivables, other 
receivables (less prepayments and VAT receivables) and other financial 
assets to be DKK 29,522 million (DKK 26,622 million in 2019). Please refer to 
note 4.8 for details of the Group's total financial assets. 
To manage credit risk regarding financial counterparties, Novo Nordisk only 
enters into derivative financial contracts and money market deposits with 
financial counterparties possessing a satisfactory long-term credit rating 
from at least two out of the three selected ratings agencies: Standard and 
Poor's, Moody's and Fitch. Furthermore, maximum credit lines defined for 
each counterparty diversify the overall counterparty risk. The table below 
shows Novo Nordisk's credit exposure on cash and financial derivatives.
Credit exposure for cash at bank and derivative financial instruments 
(market value)
DKK million
Cash at 
bank
Derivative 
financial 
instruments
Total
2020
AA range
7,296
989
8,285
A range
4,443
1,343
5,786
BBB range
212
—
212
Not rated or below BBB range
806
—
806
Total
12,757
2,332
15,089
2019
AA range
7,471
139
7,610
A range
7,145
49
7,194
BBB range
314
—
314
Not rated or below BBB range
545
—
545
Total
15,475
188
15,663
Outside the US, Novo Nordisk has no significant concentration of credit 
risk related to trade receivables or other receivables and prepayments, as 
the exposure in general is spread over a large number of counterparties 
and customers. In the US, the three major wholesalers account for a large 
proportion of total net sales, see note 2.1. However, US wholesaler credit 
ratings are monitored and part of the trade receivables are sold on full non-
recourse terms; see below for details. Novo Nordisk continues to monitor 
the credit exposure in countries with increasing sales and low credit ratings.
Trade receivable programmes
Please refer to note 3.4 for the description of COVID-19’s impact on trade 
receivables including the loss allowance for the Group and ageing analysis. 
Novo Nordisk's subsidiaries in the US and Japan employ trade receivable 
programmes in which trade receivables are sold on full non-recourse terms 
to optimise working capital.
At year-end, the Group had derecognised receivables without recourse 
having due dates after 31 December 2020 amounting to:
DKK million
2020
2019
2018
US
1,817
3,672
3,587
Japan
2,351
2,149
1,937
In addition, full non-recourse off-balance-sheet factoring arrangement 
programmes are occasionally applied by Novo Nordisk subsidiaries around 
the world, with limited impact on the Group's trade receivables.
Please refer to note 3.4 for the split of allowance for trade receivables by 
geographical segment.
Interest rate risk
Novo Nordisk has no significant exposure to interest rate risk as Novo 
Nordisk does not hold any significant interest-bearing marketable securities 
or non-current loans. Furthermore, net interest costs have low sensitivity 
towards interest rates due to the capital structure.
Liquidity risk
The liquidity risk is considered to be low. Novo Nordisk ensures the 
availability of the required liquidity through a combination of cash 
management, highly liquid investment portfolios and both uncommitted and 
committed credit facilities. Novo Nordisk uses cash pools for optimisation 
and centralisation of cash management.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  68
4.3 Derivative financial instruments
Derivative financial instruments
2020
2019
DKK million
Contract 
amount 
at year-end
Positive 
fair value 
at year-end
Negative 
fair value 
at year-end
Contract 
amount 
at year-end
Positive 
fair value 
at year-end
Negative 
fair value 
at year-end
Forward contracts USD1
29,110
1,658
—
25,394
81
315
Forward contracts CNH, JPY, GBP and CAD
10,291
191
47
10,013
35
130
Forward contracts, cash flow hedges
39,401
1,849
47
35,407
116
445
Forward contracts USD
19,411
379
1,307
11,287
61
217
Forward contracts CNH, CAD, EUR, GBP and JPY
4,578
104
11
3,761
11
72
Forward contracts, fair value hedges
23,989
483
1,318
15,048
72
289
Total derivative financial instruments
63,390
2,332
1,365
50,455
188
734
Recognised in the income statement
483
1,318
72
289
Recognised in other comprehensive income2
1,849
47
116
445
1. Average hedge rate for USD cash flow hedges is 640 at the end of 2020 and 654 at the end of 2019.
2. The fair value of cash flow hedges at year-end 2020, DKK 1,802 million, is recognised in other comprehensive income. In addition DKK 418 million in cash flow hedge losses on 
intangible asset purchases has been incurred for a total 2020 other comprehensive impact of DKK 1,384 million. The DKK 418 million deferred loss was transferred directly from the 
cash flow hedge reserve to the initial cost of the intangible assets.
The financial contracts are expected to impact the income statement within 
the next 12 months, with deferred gains and losses on cash flow hedges 
then being transferred to financial income or financial expenses.
Accounting policies
Novo Nordisk uses financial instruments to reduce the impact of foreign 
exchange on financial results.
Use of derivative financial instruments
The derivative financial instruments are used to manage the exposure to 
market risk. None of the derivatives are held for trading.
Novo Nordisk uses forward exchange contracts and, to a lesser extent, 
currency options to hedge forecast transactions, assets and liabilities. The 
overall policy is to hedge the majority of total currency exposure.
Net investments in foreign subsidiaries are currently not hedged.
Initial recognition and measurement
On initiation of the contract, Novo Nordisk designates each derivative 
financial contract that qualifies for hedge accounting as one of:
– hedges of the fair value of a recognised asset or liability (fair value hedge)
– hedges of the fair value of a forecast financial transaction (cash flow hedge).
All contracts are initially recognised at fair value and subsequently 
remeasured at fair value at the end of the reporting period.
Fair value hedges
Value adjustments of fair value hedges are recognised in the income 
statement along with any value adjustments of the hedged asset or liability 
that are attributable to the hedged risk.
Cash flow hedges
Value adjustments of the effective part of cash flow hedges are recognised 
directly in other comprehensive income. The cumulative value adjustment 
of these contracts is transferred from other comprehensive income to the 
income statement when the hedged transaction is recognised in the income 
statement. 
For cash flow hedges of foreign currency risk on highly probable non-
financial asset purchases, the cumulative value adjustments are transferred 
directly from the cash flow hedge reserve to the initial cost of the asset 
when recognised.
Discontinuance of cash flow hedging
When a hedging instrument expires or is sold, or when a hedge no longer 
meets the criteria for hedge accounting, any cumulative gain or loss 
existing in equity at that time remains in equity and is recognised when 
the forecast transaction is ultimately recognised in the income statement. 
When a forecast transaction is no longer expected to occur, the cumulative 
gain or loss that was reported in equity is immediately transferred to the 
income statement under financial income or financial expenses.
Fair value determination
The fair value of derivative financial instruments is measured on the basis 
of quoted market prices of financial instruments traded in active markets. 
If an active market exists, the fair value is based on the most recently 
observed market price at the end of the reporting period.
If a financial instrument is quoted in a market that is not active, Novo 
Nordisk bases its valuation on the most recent transaction price. 
Adjustment is made for subsequent changes in market conditions, for 
instance by including transactions in similar financial instruments assumed 
to be motivated by normal business considerations.
If an active market does not exist, the fair value of standard and simple 
financial instruments, such as foreign exchange forward contracts, interest 
rate swaps, currency swaps and unlisted bonds, is measured according to 
generally accepted valuation techniques. Market-based parameters are 
used to measure the fair value.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  69
4.5 Cash and cash equivalents, financial reserves and 
free cash flow
DKK million
2020
2019
2018
Cash and cash equivalents
Cash at bank (note 4.2)
12,757
15,475
15,638
Borrowings1
(531)
(64)
(9)
Cash and cash equivalents
12,226
15,411
15,629
Financial reserves
Cash and cash equivalents
12,226
15,411
15,629
Undrawn committed credit facility2
11,531
11,578
11,574
Undrawn bridge facility3
5,577
—
—
Borrowings1, 3
(576)
(595)
(506)
Financial reserves4
28,758
26,394
26,697
Free cash flow
DKK million
2020
2019
2018
Net cash generated from 
operating activities
51,951
46,782
44,616
Net cash used in investing 
activities
(22,436)
(11,509)
(12,080)
Repayment on lease liabilities
(950)
(822)
—
Free cash flow4
28,565
34,451
32,536
1. Bank overdrafts includes DKK 576 million classified as financing activities (DKK 595 
million in 2019) and DKK 531 million classified as cash and cash equivalents (DKK 64 
million in 2019).
2. The undrawn committed credit facility comprises a EUR 1,550 million facility (EUR 
1,550 million in 2019 and EUR 1,550 million in 2018) committed by a portfolio of 
international banks. The facility matures in 2024. 
3. The undrawn bridge facility included in financial reserves comprises the EUR 
750 million (DKK 5,577 million) undrawn portion of EUR 1,500 million bridge facility. 
The facility is expected to mature in 2021 but the terms provide that the maturity can 
be extended, at the option of Novo Nordisk, through June 2022. Financial reserves 
include amounts undrawn under credit facilities and overdrafts where the repayment 
is not contractually required within 12 months. In accordance with IFRS, the DKK 
5,577 million (EUR 750 million) drawn loan has been classified as current borrowings as 
it is Management’s expectation that it will be repaid in 2021. 
4. Additional non-IFRS financial measure; please refer to ‘Non-IFRS financial measures’, 
which is not part of the audited financial statements.
4.4 Borrowings
Contractual undiscounted cashflows 
2020
2019
DKK million 
Leases
Loans
Bank 
overdrafts1
Total
Leases
Bank 
overdrafts1
Total
Within 1 year
855
5,577
1,107
7,539
847
659
1,506
1-3 years
1,247
—
—
1,247
1,424
—
1,424
3-5 years
694
—
—
694
734
—
734
More than 5 years
1,241
—
—
1,241
1,140
—
1,140
Total contractual undiscounted cash flows  
at the end of the year
4,037
5,577
1,107
10,721
4,145
659
4,804
Contractual discounted cash flows included 
in the balance sheet at the end of the year
3,672
5,577
1,107
10,356
3,824
659
4,483
Non-current liabilities
2,897
—
—
2,897
3,009
—
3,009
Current liabilities
775
5,577
1,107
7,459
815
659
1,474
Reconciliation of liabilities arising from financing activities
Non-cash movements
DKK million
Beginning 
of the year
Cash flows
Additions
Disposals
Exchange 
rates
Other
End of the 
year
2020
Lease liabilities
3,824
(950)
978
—
(171)
(9)
3,672
Loans
—
5,582
—
—
(5)
—
5,577
Bank overdrafts1
595
100
—
—
(119)
—
576
Liabilities arising from financing activities
4,419
4,732
978
—
(295)
(9)
9,825
Bank overdrafts1
64
467
—
—
—
—
531
Total borrowings
4,483
5,199
978
—
(295)
(9)
10,356
2019
Lease liabilities
3,988
(822)
640
(57)
63
12
3,824
Bank overdrafts1
506
81
—
—
8
—
595
Liabilities arising from financing activities 
4,494
(741)
640
(57)
71
12
4,419
Bank overdrafts1
9
55
—
—
—
—
64
Total borrowings
4,503
(686)
640
(57)
71
12
4,483

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4.6 Change in working capital
 
DKK million
2020
2019
2018
Inventories
(895)
(1,305)
(963)
Trade receivables
(2,822)
(2,126)
(2,621)
Other receivables and 
prepayments
(419)
(1,190)
(662)
Trade payables
(641)
(398)
1,146
Other liabilities
1,274
1,202
(348)
Adjustment for payables related to 
non-current assets
879
295
84
Adjustment related to divestment 
of Group companies
—
(42)
—
Change in working capital 
including exchange rate 
adjustments
(2,624)
(3,564)
(3,364)
Exchange rate adjustments
(1,729)
176
(6)
Cash flow change in working 
capital
(4,353)
(3,388)
(3,370)
Accounting policies
Working capital is defined as current assets less current liabilities and 
measures the liquid assets Novo Nordisk has available for the business.
4.7 Other non-cash items
For the purpose of presenting the cash flow statement, non-cash items 
with effect on the income statement must be reversed to identify the 
actual cash flow effect from the income statement. The adjustments are 
specified as follows:
DKK million
2020
2019
2018
Reversals of non-cash income 
statement items
Interest income and interest 
expenses, net (note 4.9)
53
155
34
Capital gain/(loss) on investments, 
net etc (note 4.9)
195
145
(163)
Result of associated company 
(note 4.9)
(149)
137
(12)
Share-based payment costs  
(note 5.1)
823
363
414
Income from the divestment of 
Group companies
—
(68)
(122)
Adjustment in non-cash items 
related to divestment of group 
companies
—
162
—
Increase/(decrease) in provisions 
(note 3.6) and retirement benefit 
obligations (note 3.5)
3,605
6,071
5,503
Other
3,322
67
444
Total other non-cash items
7,849
7,032
6,098
Restricted cash
Cash and cash equivalents at 31 December 2020 includes DKK 653 million 
that is restricted (DKK 509 million in 2019). The restricted cash balance 
relates to subsidiaries in which availability of currency for remittance of 
funds is temporarily scarce.
Accounting policies
The cash flow statement is presented in accordance with the indirect 
method commencing with net profit for the year. Cash flows in foreign 
currencies are translated to DKK at the average exchange rate for the 
respective year.
Cash from operating activities converts income statement items from 
the accrual basis of accounting to cash basis. As such, starting with net 
profit, non-cash items are reversed and actual payments included. The 
change in working capital is also taken into account, as this shows the 
development in money tied up in the balance sheet. Cash from investing 
activities shows payments related to the purchase and sale of Novo Nordisk’s 
long-term investments. This includes fixed assets such as construction of 
new production sites, intangible assets such as patents and licences, and 
financial assets.
Cash and cash equivalents consists of cash offset by short-term bank 
overdrafts. Where short-term bank overdrafts are consistently overdrawn, 
they are excluded from cash and cash equivalents. The movement in such 
facilities is presented under financing activities in the cash flow statement. 
Financial reserves comprise the sum of cash and cash equivalents at the end 
of the year and undrawn committed credit and loan facilities, with a maturity 
of more than 12 months, less loans and bank overdrafts classified as 
liabilities arising from financing activities contractually obliged for repayment 
within 12 months of the balance sheet date.

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4.8 Financial assets and liabilities
Financial assets by category
DKK million
2020
2019
Other financial assets1
766
970
Derivative financial instruments (note 4.3)
2,332
188
Financial assets at fair value through the 
income statement
3,098
1,158
Other financial assets1
300
364
Trade receivables
11,643
12,203
Other receivables and prepayments (current 
and non-current)
4,835
4,275
– less prepayments and VAT receivables
(4,113)
(3,899)
Cash at bank (note 4.5)
12,757
15,475
Financial assets at amortised cost
25,422
28,418
Trade receivables in a factoring portfolio2
16,091
12,709
Financial assets at fair value through OCI
16,091
12,709
Total financial assets at the end of the year 
by category1
44,611
42,285
1. Financial assets with the exception of other financial assets and the non-current part of 
other receivables and prepayments (DKK 674 million in 2020, DKK 841 million in 2019) 
are all due within one year. Other financial assets at amortised cost include DKK 280 
million which are due in more than five years (DKK 327 million in 2019). Other financial 
assets measured at fair value through the income statement are minor shareholdings.
2. Trade receivables which are measured at fair value through OCI, which have no 
associated loss allowance. Refer to note 3.4.
Financial liabilities by category
DKK million
2020
2019
Derivative financial instruments (note 4.3)
1,365
734
Financial liabilities measured at  
fair value through the income statement
1,365
734
Borrowings (non-current)
2,897
3,009
Borrowings (current)3
7,459
1,474
Trade payables
5,717
6,358
Other liabilities
17,005
15,085
– less VAT and duties payable
(598)
(478)
Financial liabilities measured at  
amortised cost
32,480
25,448
Total financial liabilities at the end of the year 
by category4
33,845
26,182
3. The fair value of loans approximates the booked amount
4. Please refer to note 4.4 for a maturity analysis for non-current and current borrowings. 
All other financial liabilities are due within one year.
Fair value measurement hierarchy
DKK million
2020
2019
Active market data
634
846
Directly or indirectly observable market data
2,332
188
Not based on observable market data5
16,223
12,833
Total financial assets at fair value
19,189
13,867
Active market data
—
—
Directly or indirectly observable market data
1,365
734
Not based on observable market data
—
—
Total financial liabilities at fair value
1,365
734
5. The fair value of trade receivables in a factoring portfolio is calculated based on the net 
invoice amount (invoice amount less charge-backs) less the fee payable to the factoring 
entity. The factoring fee is insignificant due to the short period between the time of 
sale to the factoring entity and the invoice due date and the rate applicable. Inputs into 
the estimate of US wholesaler charge-backs are described in note 2.1.
Financial assets and liabilities measured at fair value can be categorised 
using the fair value measurement hierarchy above. There were no transfers 
between the ’Active market data’ and ’Directly or indirectly observable 
market data’ categories during 2020, 2019 or 2018. There are no significant 
intangible assets or items of property, plant and equipment measured at fair 
value.
For a description of the credit quality of financial assets such as trade 
receivables, cash at bank, current debt and derivative financial instruments, 
refer to notes 4.2 and 4.3.
Accounting policies
Depending on purpose, Novo Nordisk classifies investments into the 
following categories:
– Financial assets at fair value through the income statement
– Financial assets at amortised cost
– Financial assets at fair value through OCI
Management determines the classification of its financial assets on initial 
recognition and re-evaluates this at the end of every reporting period to the 
extent that such a classification is permitted or required.
Recognition and measurement
Purchases and sales of financial assets are recognised on the settlement 
date. These are initially recognised at fair value.
Fair value disclosures are made separately for each class of financial 
instruments at the end of the reporting period.
Financial assets are removed from the balance sheet when the rights to 
receive cash flows have expired or have been transferred, and Novo Nordisk 
has transferred substantially all the risks and rewards of ownership.
Financial assets 'at fair value through the income statement'
Financial assets at fair value through the income statement consist of 
equity investments and forward exchange contracts. Equity investments are 
included in other financial assets unless management intends to dispose of 
the investment within 12 months of the end of the reporting period. In that 
case, the current part is included in other receivables and prepayments.
Net gains and losses arising from changes in the fair value of financial assets 
are recognised in the income statement as financial income or expenses. 
The fair values of quoted investments are based on current bid prices at 
the end of the reporting period. Financial assets for which no active market 
exists are carried at fair value based on a valuation methodology.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  72
Financial assets 'at amortised cost'
Financial assets at amortised cost are cash at bank and non-derivative 
financial assets solely with payments of principal and interest. Novo Nordisk 
normally 'holds-to-collect' the financial assets to attain the contractual cash 
flows. If collection is expected within one year (or in the normal operating 
cycle of the business if longer), they are classified as current assets. If not, 
they are presented as non-current assets.
Trade receivables are initially recognised at transaction price and other 
receivables are recognised initially at fair value. Subsequently they are 
measured at amortised cost using the effective interest method, less 
allowance for doubtful receivables. 
Financial assets 'at fair value through other comprehensive income'
Financial assets at fair value through other comprehensive income are trade 
receivables that are held to collect or to sell in factoring agreements.
Financial liabilities 'at fair value through the income statement'
Financial liabilities at fair value through the income statement consist of 
forward exchange contracts.
Financial liabilities 'at amortised cost'
Financial liabilities at amortised cost consist of bank overdrafts, trade 
payables and other liabilities. 
4.9 Financial income and expenses
Financial income
DKK million
2020
2019
2018
Interest income1
337
65
51
Foreign exchange gain (net)
1,142
—
—
Financial gain from forward 
contracts (net)
—
—
1,656
Financial gain from currency 
options (net)
—
—
152
Capital gain on investments, etc.
—
—
251
Result of associated companies
149
—
12
Total financial income
1,628
65
2,122
Financial expenses
DKK million
2020
2019
2018
Interest expenses1
390
220
85
Foreign exchange loss (net)
—
539
1,510
Financial loss from forward 
contracts (net)
1,889
2,673
—
Capital loss on investments, etc.
195
145
88
Result of associated companies
—
137
—
Other financial expenses
150
281
72
Total financial expenses
2,624
3,995
1,755
1. Total interest income and expenses is measured at amortised cost for financial assets 
and liabilities.
Financial impact from forward contracts and currency options, specified
DKK million
2020
2019
2018
Forward contracts
Income/(loss) transferred from 
other comprehensive income
(329)
(1,677)
1,841
Value adjustment of transferred 
contracts
79
(1,609)
(1,299)
Unrealised fair value adjustments 
of forward contracts
(835)
(217)
(143)
Realised foreign exchange gain/
(loss) on forward contracts
(804)
830
1,257
Financial income/(expense) from 
forward contracts
(1,889)
(2,673)
1,656
Currency options
Realised income/(loss) transferred 
from other comprehensive income
—
—
186
Value adjustment of transferred 
options
—
—
(3)
Foreign exchange gain/(loss) on 
currency options
—
—
(31)
Financial income/(expense) from 
currency options
—
—
152
Accounting policies
As described in note 4.2 Management has chosen to classify the result 
of hedging activities as part of financial items in the income statement 
except for cash flow hedges of foreign currency risk on highly probable 
non-financial asset purchases, where the cumulative value adjustments are 
transferred directly from the cash flow hedge reserve to the initial cost of the 
asset when recognised. 
Financial items primarily relate to foreign exchange elements and are 
mainly impacted by the cumulative value adjustment of cash flow hedges 
transferred from other comprehensive income to the income statement 
when the hedged transaction is recognised in the income statement. 
In addition, value adjustments of fair value hedges are recognised in 
financial income and financial expenses along with any value adjustments of 
the hedged asset or liability that are attributable to the hedged risk. Finally, 
value adjustments of foreign currency assets and liabilities in non-hedged 
currencies will impact financial income and financial expenses.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
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Section 5
Other disclosures
5.1 Share-based payment schemes
Share-based payment expensed in the income statement
DKK million
2020
2019
2018
Restricted stock units to employees
189
48
204
Long-term share-based incentive 
programme (Management Board)1
162
86
48
Long-term share-based incentive 
programme (management group 
below Management Board)
436
195
145
Shares allocated to individual 
employees
36
34
17
Share-based payment expensed in 
the income statement
823
363
414
1. In 2017 Novo Nordisk introduced, for the first time, a share-based compensation 
programme with terms which amortises the grant date valuation over four years. The 
2020 expense includes amortisation of the 2017, 2018, 2019 and 2020 programmes. 
Restricted stock units to employees
In appreciation of the efforts of employees during recent years, as of 1 
August 2019, all employees in the company were offered 75 restricted 
stock units. A restricted stock unit gives the holder the right to receive one 
Novo Nordisk B share free of charge in February 2023 subject to continued 
employment. The cost of the DKK 660 million programme is amortised over 
the vesting period.
Long-term share-based incentive programme
Management Board
On 2 February 2021, the Board of Directors approved the allocation of a 
total of 370,038 Novo Nordisk B shares to the members of the Management 
Board for the 2020 financial year. The value at launch of the programme 
(adjusted for expected dividends) was DKK 152 million. On average, this 
corresponds to 14.9 months’ fixed base salary plus pension contribution 
for the CEO, 11.2 months’ fixed base salary plus pension contribution 
per executive vice president as of 1 March 2020 and 8.3 months’ fixed 
base salary plus pension for senior vice presidents. The cost of the 2020 
programme is amortised over the vesting period of 2020-2023 at an annual 
amount of DKK 38 million. The amount of shares allocated may be reduced 
or increased by up to 30%, depending on whether the average sales growth 
per year in the three-year vesting period deviates from a target set by the 
Board of Directors. 
The grant date of the programme was February 2020, and the share 
price used for the determining the grant date fair value of the award was 
the average share price (DKK 435) for Novo Nordisk B shares on Nasdaq 
Copenhagen in the period 5-19 February 2020, adjusted for the expected 
dividend. Based on the split of participants when the share allocation was 
decided, 47% of the allocated shares will be allocated to members of Executive 
Management and 53% to other members of the Management Board.
The shares allocated to the pool for 2017 were released to the individual 
participants subsequent to approval of the 2020 Annual Report by the 
Board of Directors and after the announcement of the 2020 full-year 
financial results on 3 February 2021. The shares allocated correspond 
to a value at launch of the programme of DKK 76 million, expensed over 
the vesting period of 2017-2020. The number of shares to be transferred 
(331,587 shares) is lower than the original number of shares allocated, as 
some participants had left the company before the programme's release 
conditions were met.
All restricted stock units and shares allocated to Management are hedged by 
treasury shares.
Management group below Management Board
The management group below the Management Board has a share-based 
incentive programme with similar performance criteria. For 2020, a total 
of 1,011,692 shares were allocated to this group, corresponding to a value 
at launch of the programme (adjusted for expected dividends) of DKK 416 
million. The cost of the 2020 programme is amortised over the vesting 
period of 2020-2023 at an annual amount of DKK 104 million. The amount of 
shares allocated may be reduced or increased by up to 30%, depending on 
whether the average sales growth per year in the three-year vesting period 
deviates from a target set by the Board of Directors.
The shares allocated for 2017 were released to the individual participants 
subsequent to approval of the 2020 Annual Report by the Board of Directors 
and after the announcement of the 2020 full-year financial results on 3 
February 2021. The shares allocated correspond to a value at launch of 
the programme of DKK 162 million amortised over the period 2017-2020. 
The number of shares to be transferred (635,516 shares) is lower than 
the original number of shares allocated, as some participants had left the 
company before the programme’s release conditions were met.
Accounting policies
Share-based compensation
Novo Nordisk operates equity-settled, share-based compensation plans.
The fair value of the employee services received in exchange for the grant of 
shares is recognised as an expense and allocated over the vesting period.
The total amount to be expensed over the vesting period is determined by 
reference to the fair value of the shares granted, excluding the impact of 
any non-market vesting conditions. The fair value is fixed at the grant date, 
and adjusted for expected dividends during the vesting period. Non-market 
vesting conditions are included in assumptions about the number of shares 
that are expected to vest. At the end of each reporting period, Novo Nordisk 
revises its estimates of the number of shares expected to vest. Novo Nordisk 
recognises the impact of the revision of the original estimates, if any, in the 
income statement and in a corresponding adjustment to equity (change in 
proceeds) over the remaining vesting period. Adjustments relating to prior 
years are included in the income statement in the year of adjustment.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
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General terms and conditions of launched programmes
Restricted stock units to employees
Shares for Management Board
Shares for management group below 
Management Board
Shares allocated to individual 
employees
2020
2019
2018
2020
2019
2018
2020
2019
2018
2020
2019
2018
Number of shares awarded in the year
—
2,148,580
—
370,038
508,398
411,090
1,011,692
1,300,333
1,114,455
43,790
154,122
159,437
Value per share at launch (DKK)
—
307
—
411
298
280
411
298
280
391
311
278
Total market value at launch (DKK million)
—
660
—
152
152
115
416
387
312
17
48
44
Amortisation period of the programme 
2019 to 
2023
2020 to 
2023
2019 to 
2022
2018 to 
2021
2020 to 
2023
2019 to 
2022
2018 to 
2021
2020 to 
2023
2019 to 
2022
2018 to 
2021
Allocated to recipients
Feb 2023
Feb 2024
Feb 2023
Feb 2022
Feb 2024
Feb 2023
Feb 2022
2023
2022
2021
Vesting period
—
3.5 years
—
3 years
3 years
3 years
3 years
3 years
3 years
3 years
3 years
3 years
Outstanding restricted stock units
Total
Restricted stock units to employees
Shares for Management Board
Shares for management group below 
Management Board
Shares allocated to individual 
employees
2020
2019
2018
2020
2019
2018
2020
2019
2018
2020
2019
2018
2020
2019
2018
Outstanding at the beginning of the 
year
6,879,198
5,584,019
4,933,882
2,148,580
1,521,031
1,556,211
1,326,080
1,228,714
1,115,494
3,173,185
2,665,226
2,226,683
231,353
169,048
35,494
Released allocated shares
(361,844)
(2,553,658)
(825,537)
(29,250)
(1,431,192)
(35,180)
(95,082)
(378,421)
(284,173)
(171,162)
(662,172)
(480,301)
(66,350)
(81,873)
(25,883)
Cancelled allocated shares
(129,713)
(262,596)
(209,308)
—
(89,839)
—
(12,700)
(32,611)
(13,697)
(95,038)
(130,202)
(195,611)
(21,975)
(9,944)
—
Allocated in the year
1,425,520
4,111,433
1,684,982
—
2,148,580
—
370,038
508,398
411,090
1,011,692
1,300,333
1,114,455
43,790
154,122
159,437
Performance adjustment1
863,557
—
—
—
—
—
239,567
—
—
623,990
—
—
—
—
—
Outstanding at the end of the year
8,676,718
6,879,198
5,584,019
2,119,330
2,148,580
1,521,031
1,827,903
1,326,080
1,228,714
4,542,667
3,173,185
2,665,226
186,818
231,353
169,048
1. Number of shares for Management Board and management group below Management board has been adjusted as the sales growth target set by the Board is expected to be exceeded for the 2018, 2019 and 2020 programmes.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  75
5.2 Commitments
Total contractual obligations and recognised non-current debt can be specified as follows (payments due by period):
2020
2019
DKK million
Within 
1 year
 1-3 
years
3-5 
years
More 
than 
5 years
Total
Within 
1 year
1-3 
years
3-5 
years
More 
than 
5 years
Total
Retirement benefit obligations
23
46
44
1,286
1,399
13
26
25
1,270
1,334
Leases (note 4.4)
855
1,247
694
1,241
4,037
847
1,424
734
1,140
4,145
Total obligations recognised in the 
balance sheet
878
1,293
738
2,527
5,436
860
1,450
759
2,410
5,479
Leases1
152
198
134
280
764
128
229
199
376
932
Research and development obligations
2,733
3,460
905
137
7,235
2,600
3,258
1,493
29
7,380
Research and development – potential 
milestone payments2
205
918
507
2,453
4,083
300
1,023
1,009
2,403
4,735
Commercial product launch – potential 
milestone payments2
—
—
212
5,893
6,105
—
—
—
3,468
3,468
Purchase obligations relating to invest- 
ments in property, plant and equipment
339
—
—
—
339
172
—
—
—
172
Other purchase obligations
7,528
3,014
773
748
12,063
5,695
2,989
1,175
621
10,480
Total obligations not recognised in the 
balance sheet
10,957
7,590
2,531
9,511
30,589
8,895
7,499
3,876
6,897
27,167
Total contractual obligations
11,835
8,883
3,269
12,038
36,025
9,755
8,949
4,635
9,307
32,646
1. Predominantly relates to estimated variable property taxes, leases committed not yet commenced and low value assets. 
2. Potential milestone payments are associated with uncertainty as they are linked to successful achievements in research activities.
Contractual obligations
The lease commitments are related to IFRS 16 leases primarily for premises 
and company cars and include the present value of future lease payments 
during the lease term. Approximately 75% of the commitments are related 
to leases outside Denmark. 
Research and development obligations include contingent payments related 
to achieving development milestones. Such amounts entail uncertainties in 
relation to the period in which payments are due because a proportion of 
the obligations are dependent on milestone achievements. Exercise fees 
and subsequent milestone payments under in-licensing option agreements 
are excluded, as Novo Nordisk is not contractually obligated to make such 
payments. Commercial product launch milestones include contingent 
payments solely related to achievement of a commercial product launch 
following regulatory approval. Commercial milestones, royalties and 
other payments based on a percentage of sales generated from sale of 
goods following marketing approval are excluded from the contractual 
commitments analysis because of their contingent nature, related to future 
sales. The due periods disclosed are based on Management’s best estimate.
The purchase obligations primarily relate to purchase agreements regarding 
medical equipment and consumer goods. Novo Nordisk expects to fund 
these commitments with existing cash and cash flow from operations.
Other guarantees
Other guarantees amounts to DKK 1,117 million (DKK 906 million in 2019). 
Other guarantees primarily relate to performance guarantees issued by 
Novo Nordisk. 
World Diabetes Foundation (WDF)
At the Annual General Meeting in 2020, a donation to WDF was approved, 
thereby replacing the remaining five years of the former donation approved 
by the Annual General Meeting in 2014, which covered the period 2018-
2024. For the years 2020-2024, the donation is calculated as 0.085% of Novo 
Nordisk's total Diabetes care net sales. The annual donation cannot exceed 
DKK 91 million in 2020, DKK 92 million in 2021, DKK 93 million in 2022, DKK 
94 million in 2023, ending at DKK 95 million in 2024, or 15% of the taxable 
income of Novo Nordisk A/S in the financial year in question, whichever is 
the lowest. In addition, in 2020 Novo Nordisk A/S granted a special one-off 
contribution of DKK 50 million.
For 2020, the total amount to WDF was DKK 138 million (DKK 86 million in 
2019 and DKK 85 million in 2018).

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5.3 Related party transactions
Material transactions with related parties
DKK million
2020
2019
2018
Novo Holdings A/S
Purchase of Novo Nordisk B shares
5,963
4,894
4,207
Sale of NNIT B shares
—
—
(368)
Dividend payment to  
Novo Holdings A/S
5,767
5,580
5,496
NNIT Group
Services provided by NNIT
775
941
1,052
Dividend payment from NNIT
(18)
(20)
(19)
Novozymes Group
Services provided by Novo Nordisk
(113)
(132)
(115)
Services provided by Novozymes
72
103
121
CS Solar Fund XIV 
Purchase of shares by Novo Nordisk
—
97
—
Liability for capital commitment1
—
389
—
Distribution by CS Solar Fund XIV
—
(385)
—
1. The liability disclosed for 2019 related to capital commitment was paid in 2020  
(DKK 392 million). 
Novo Nordisk A/S is controlled by Novo Holdings A/S (incorporated in 
Denmark), which owns 28.1% of the share capital in Novo Nordisk A/S, 
representing 76.5% of the total number of votes. The remaining shares 
are widely held. The ultimate parent of the Group is the Novo Nordisk 
Foundation (incorporated in Denmark). Both entities are considered related 
parties.
As associated companies of Novo Nordisk A/S, NNIT Group and Churchill 
Stateside Solar Fund XIV, LLC ('CS Solar Fund XIV') are considered related 
parties. As an associated company of Novo Holdings A/S, Unchained Labs, 
Inc. is considered a related party to Novo Nordisk A/S. As they share a 
controlling shareholder, the Novozymes Group, Sonion Group and Xellia 
Pharmaceuticals are also considered to be related parties as well as the 
Board of Directors or Executive Management of Novo Nordisk A/S.
In 2020, Novo Nordisk A/S acquired 14,025,000 B shares, worth DKK 
6.0 billion, from Novo Holdings A/S as part of the DKK 17.0 billion share 
repurchase programme. The transaction price for each transaction was 
calculated as the average market price in the open windows following the 
announcements of the financial results for the four quarters in 2020.
In Novo Nordisk A/S, there were no transactions with the Board of Directors 
or Executive Management besides remuneration. There were no other 
transactions with the Board of Directors or Executive Management of NNIT 
A/S, Novozymes A/S, Novo Holdings A/S, the Novo Nordisk Foundation, Xellia 
Pharmaceuticals ApS, Unchained Labs, Sonion A/S or CS Solar Fund XIV.
For information on remuneration of the Management of Novo Nordisk, 
please refer to note 2.4, ‘Employee costs’. There were no loans to the Board 
of Directors or Executive Management in 2020, nor were there any in 2019 
or 2018.
There were no material unsettled balances with related parties at the end of 
the year.
5.5 General accounting policies
Principles of consolidation
The consolidated financial statements incorporate the financial statements 
of the parent company Novo Nordisk A/S and entities controlled by Novo 
Nordisk A/S. Control exists when Novo Nordisk has effective power over the 
entity and has the right to variable returns from the entity.
Where necessary, adjustments are made to bring the financial statements 
of subsidiaries in line with the Novo Nordisk Group's accounting policies. All 
intra-Group transactions, balances, income and expenses are eliminated in 
full when consolidated.
The results of subsidiaries acquired or disposed of during the year are 
included in the consolidated income statement from the effective date of 
acquisition and up to the effective date of disposal.
Translation of foreign currencies
Functional and presentation currency
Items included in the financial statements of Novo Nordisk's entities are 
measured using the currency of the primary economic environment in 
which the entity operates (functional currency). The consolidated financial 
statements are presented in Danish kroner (DKK), which is also the 
functional and presentation currency of the parent company.
Translation of transactions and balances
Foreign currency transactions are translated into the functional currency 
using the exchange rates prevailing at the transaction dates. Foreign 
exchange gains and losses resulting from the settlement of such 
transactions and from the translation at year-end exchange rates of 
monetary assets and liabilities are recognised in the income statement.
Foreign currency differences arising from the translation of effective 
qualifying cash flow hedges are recognised in other comprehensive income. 
Translation of Group companies
Financial statements of foreign subsidiaries are translated into DKK at the 
exchange rates prevailing at the end of the reporting period for balance 
sheet items, and at average exchange rates for income statement items. 
All effects of exchange rate adjustments are recognised in other 
comprehensive income, i.e.:
– The translation of foreign subsidiaries’ net assets at the beginning of the 
year to the exchange rates at the end of the reporting period.
– The translation of foreign subsidiaries’ statements of comprehensive 
income at average to year-end exchange rates.
5.4 Fee to statutory auditors
DKK million
2020
2019
2018
Statutory audit
26
26
25
Audit-related services
3
4
3
Tax advisory services
9
11
11
Other services
4
4
3
Total fee to statutory auditors
42
45
42
Fees for services other than statutory audit of the financial statements 
amount to DKK 16 million (DKK 19 million in 2019 and DKK 17 million in 
2018). PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 
(PricewaterhouseCoopers Denmark) provided other services in the amount 
of DKK 9 million (DKK 12 million in 2019 and DKK 9 million in 2018), which 
relate to tax compliance and transfer pricing, educational training, review of 
ESG data, due diligence and other assurance assessments and opinions.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Financial statement  /  Additional information
Novo Nordisk Annual Report 2020  /  77
Company and country
Percentage of shares owned
Activity
Company and country
Percentage of shares owned
Activity
5.6 Companies in the Novo Nordisk Group 
Activity: 
•
 Sales and marketing
•
 Production
•
 Research and development
•
 Services/investments
Company and country
Percentage of shares owned
Activity
Parent company
Novo Nordisk A/S, Denmark
• • • •
Subsidiaries by geographical area
North America Operations
Novo Nordisk Canada Inc., Canada
100
•
Novo Nordisk Inc., United States
100
•
Novo Nordisk North America Operations A/S, Denmark
100
•
Novo Nordisk Pharmaceutical Industries LP, United States
100
•
Novo Nordisk Pharma, Inc., United States
100
•
Novo Nordisk Research Center Indianapolis, Inc., United States
100
•
Novo Nordisk Research Center Seattle, Inc., United States
100
•
Novo Nordisk US Bio Production, Inc., United States
100
•
Novo Nordisk US Commercial Holdings, Inc., United States
100
•
Novo Nordisk US Holdings Inc., United States
100
•
Corvidia Therapeutics, Inc., United States
100
•
Emisphere Technologies, Inc., United States
100
•
International Operations
Novo Nordisk Pharmaceuticals A/S, Denmark
100
•
Novo Nordisk Pharma Operations A/S, Denmark
100
•
•
Novo Nordisk Region AAMEO and LATAM A/S, Denmark
100
•
Novo Nordisk Region Europe A/S, Denmark
100
•
Novo Nordisk Region Japan & Korea A/S, Denmark
100
•
EMEA
Aldaph SpA, Algeria
100
• •
Novo Nordisk Pharma GmbH, Austria
100
•
S.A. Novo Nordisk Pharma N.V., Belgium
100
•
Novo Nordisk Pharma d.o.o., Bosnia and Herzegovina
100
•
Novo Nordisk Pharma EAD, Bulgaria
100
•
Novo Nordisk Hrvatska d.o.o., Croatia
100
•
Novo Nordisk s.r.o., Czech Republic
100
•
Novo Nordisk Denmark A/S, Denmark
100
•
Novo Nordisk Pharmatech A/S, Denmark
100
• •
Novo Nordisk Egypt LLC, Egypt
100
•
Novo Nordisk Farma OY, Finland
100
•
Novo Nordisk, France
100
•
Novo Nordisk Production SAS, France
100
•
Novo Nordisk Pharma GmbH, Germany
100
•
Novo Nordisk Hellas Epe., Greece
100
•
Novo Nordisk Hungária Kft., Hungary
100
•
Novo Nordisk Biopharm Limited, Ireland
100
•
•
Novo Nordisk Limited, Ireland
100
•
Novo Nordisk Ltd, Israel
100
•
Novo Nordisk S.P.A., Italy
100
•
Novo Nordisk Kazakhstan LLP, Kazakhstan
100
•
Novo Nordisk Kenya Ltd., Kenya
100
•
Novo Nordisk Pharma SARL, Lebanon
100
•
UAB Novo Nordisk Pharma, Lithuania
100
•
Novo Nordisk Farma dooel, North Macedonia
100
•
Novo Nordisk Pharma SAS, Morocco
100
•
Novo Nordisk B.V., Netherlands
100
•
Novo Nordisk Pharma Limited, Nigeria
100
•
Novo Nordisk Norway AS, Norway
100
•
Novo Nordisk Pharmaceutical Services Sp. z o.o., Poland
100
•
Novo Nordisk Pharma Sp.z.o.o., Poland
100
•
Novo Nordisk Comércio Produtos Farmacêuticos Lda., Portugal
100
•
Novo Nordisk Farma S.R.L., Romania
100
•
Novo Nordisk Limited Liability Company, Russia
100
•
Novo Nordisk Production Support LLC, Russia
100
•
Novo Nordisk Pharma d.o.o. Belgrade (Serbia), Serbia
100
•
Novo Nordisk Slovakia s.r.o., Slovakia
100
•
Novo Nordisk, d.o.o., Slovenia
100
•
Novo Nordisk (Pty) Limited, South Africa
100
•
Novo Nordisk Pharma S.A., Spain
100
•
Novo Nordisk Scandinavia AB, Sweden
100
•
Novo Nordisk Health Care AG, Switzerland
100
•
•
Novo Nordisk Pharma AG, Switzerland
100
•
Novo Nordisk Tunisie SARL, Tunisia
100
•
Novo Nordisk Saglik Ürünleri Tic. Ltd. Sti., Turkey
100
•
Novo Nordisk Ukraine, LLC, Ukraine
100
•
Novo Nordisk Pharma Gulf FZ-LLC, United Arab Emirates
100
•
Novo Nordisk Holding Limited, United Kingdom
100
•
Novo Nordisk Limited, United Kingdom
100
•
Ziylo Limited, United Kingdom
100
•
Region China
Novo Nordisk (China) Pharmaceuticals Co., Ltd., China
100
• •
Novo Nordisk Region China A/S, Denmark
100
•
Beijing Novo Nordisk Pharmaceuticals Science & Technology Co., Ltd., China 100
•
Novo Nordisk Hong Kong Limited, Hong Kong
100
•
Novo Nordisk Pharma (Taiwan) Ltd., Taiwan
100
•
Rest of World
Novo Nordisk Pharma Argentina S.A., Argentina
100
•
Novo Nordisk Pharmaceuticals Pty. Ltd., Australia
100
•
Novo Nordisk Pharma (Private) Limited, Bangladesh
100
•
Novo Nordisk Produção Farmacêutica do Brasil Ltda., Brazil
100
•
Novo Nordisk Farmacêutica do Brasil Ltda., Brazil
100
•
Novo Nordisk Farmacéutica Limitada, Chile
100
•
Novo Nordisk Colombia SAS, Colombia
100
•
Novo Nordisk India Private Limited, India
100
•
Novo Nordisk Service Centre (India) Pvt. Ltd., India
100
•
PT. Novo Nordisk Indonesia, Indonesia
100
•
Novo Nordisk Pars, Iran
100
• •
Novo Nordisk Pharma Ltd., Japan
100
• •
Novo Nordisk Pharma (Malaysia) Sdn Bhd, Malaysia
100
•
Novo Nordisk Pharma Operations (Business Area) Sdn Bhd, Malaysia
100
•
Novo Nordisk Mexico S.A. de C.V., Mexico
100
•
Novo Nordisk Pharmaceuticals Ltd., New Zealand
100
•
Novo Nordisk Pharma (Private) Limited, Pakistan
100
•
Novo Nordisk Panama S.A., Panama
100
•
Novo Nordisk Peru S.A.C., Peru
100
•
Novo Nordisk Pharmaceuticals (Philippines) Inc., Philippines
100
•
Novo Nordisk Pharma (Singapore) Pte Ltd., Singapore
100
•
Novo Investment Pte Limited, Singapore
100
•
Novo Nordisk Pharma Korea Ltd., South Korea
100
•
Novo Nordisk Lanka (PVT) Ltd, Sri Lanka
100
•
Novo Nordisk Pharma (Thailand) Ltd., Thailand
93
•
Novo Nordisk Venezuela Casa de Representación C.A., Venezuela
100
•
Other subsidiaries and associated companies
NNE A/S, Denmark
100
•
NNIT A/S, Denmark
18
•
Churchill Stateside Solar Fund XIV, LLC, United States
99
•
Companies without significant activities are not included in the list. 
NNE A/S subsidiaries are not included in the list.

Part of Management´s review – not audited
Novo Nordisk Annual Report 2020  /  78
Financial definitions 
(part of Management's review – not audited)
Financial ratios have been calculated in accordance with the guidelines 
from the Danish Society of Financial Analysts, and supplemented by certain 
key ratios for Novo Nordisk. Financial ratios are described below and in the 
section 'Non-IFRS financial measures'.
ADR
An American Depository Receipt (or ADR) represents ownership of the 
shares of a non-US company and trades in US financial markets.
Basic earnings per share (EPS) 
Net profit divided by the average number of shares outstanding.
Diluted earnings per share 
Net profit divided by average number of shares outstanding, including the 
dilutive effect of the outstanding restricted stock units.
Effective tax rate 
Income taxes as a percentage of profit before income taxes.
Gross margin 
Gross profit as a percentage of sales.
Net profit margin 
Net profit as a percentage of sales.
Number of shares outstanding 
The total number of shares, excluding the holding of treasury shares.
Operating margin 
Operating profit as a percentage of sales.
Other comprehensive income (OCI)
Other comprehensive income comprises all items recognised in equity 
for the year other than those related to transactions with owners of the 
company. Examples of items that are required to be presented in OCI are:
– Exchange rate adjustments of investments in subsidiaries.
– Remeasurements of defined benefit plans.
– Changes in fair value of financial instruments in a cash flow hedge. 
Dividend payout ratio 
Total dividends for the year as a percentage of net profit.
Purchase of intangible assets
Cash flow statement amount for the purchase of intangible assets. 
Purchase of property, plant and equipment
Cash flow statement amount for the purchase of property, plant and 
equipment. 
The definition of capital expenditure was redefined in 2019. Capital 
expenditure is now defined as purchase of property, plant and equipment 
from the cash flow statement. Amounts for 2016-2018 have been restated in 
'Performance highlights'.

Part of Management´s review – not audited
Novo Nordisk Annual Report 2020  /  79
Solely for the purpose of calculating average net operating assets for 2019, 
year-end net operating assets for 2018 have been adjusted upwards by 
DKK 3,778 million to DKK 40,541 million, reflecting the recognition by Novo 
Nordisk of right-of-use assets of DKK 3,778 million as of 1 January 2019 
in accordance with IFRS 16. Comparative figures for 2018 have not been 
restated. Please refer to note 1.2.
The following table shows the reconciliation of operating profit after tax 
to net operating assets with operating profit/equity in %, the most directly 
comparable IFRS financial measure: 
Operating profit/equity in %
DKK million
2020
2019
2018
Operating profit 
54,126
52,483
47,248
/ Equity 
63,325
57,593
51,839
Operating profit/equity in %
85.5%
91.1%
91.1%
Operating profit after tax to net operating assets
DKK million
2020
2019
2018
Operating profit after tax
42,922
42,091
38,318
/ Average net operating assets
51,824
42,940
32,832
Operating profit after tax to net 
operating assets in %
82.8%
98.0%
116.7%
OPAT/NOA numerator
Reconciliation of operating profit to operating profit after tax:
DKK million
2020
2019
2018
Operating profit 
54,126
52,483
47,248
Tax on operating profit (using 
effective tax rate)
(11,204)
(10,392)
(8,930)
Operating profit after tax
42,922
42,091
38,318
Non-IFRS financial 
measures 
(part of Management's review – not audited)
In the Annual Report, Novo Nordisk discloses certain financial measures of 
the Group’s financial performance, financial position and cash flows that 
reflect adjustments to the most directly comparable measures calculated 
and presented in accordance with IFRS. These non-IFRS financial measures 
may not be defined and calculated by other companies in the same manner, 
and may thus not be comparable.
The non-IFRS financial measures presented in the Annual Report are:
– Sales and operating profit in constant exchange rates
– Operating profit after tax to net operating assets (OPAT/NOA)
– Financial reserves
– Free cash flow
– Cash to earnings
 refers to an IFRS financial measure.
Sales and operating profit growth in constant exchange rates
'Growth in constant exchange rates’ means that the effect of changes in 
exchange rates is excluded. It is defined as sales/operating profit for the 
period measured at the average exchange rates for the same period of the 
prior year compared with net sales/operating profit for the same period of 
the prior year. Price adjustments within hyperinflation countries as defined 
in IAS 29 ‘Financial reporting in hyperinflation economies’ are excluded from 
the calculation to avoid growth in constant exchange rates being artificially 
inflated.
Growth in constant exchange rates is considered to be relevant information 
for investors in order to understand the underlying development in sales 
and operating profit by adjusting for the impact of currency fluctuations.
Sales in constant exchange rates
DKK million
2020
2019
2018
Net sales 
126,946
122,021
111,831
Effect of exchange rate
3,254
(3,923)
5,043
Sales in constant exchange rates
130,200
118,098
116,874
Net sales previous year
122,021
111,831
111,696
% increase/(decrease) in reported 
currencies
4.0%
9.1%
0.1%
% increase/(decrease) in constant 
exchange rates
6.7%
5.6%
4.6%
Operating profit in constant exchange rates
DKK million
2020
2019
2018
Operating profit 
54,126
52,483
47,248
Effect of exchange rate
1,930
(2,607)
3,098
Operating profit in constant 
exchange rates
56,056
49,876
50,346
Operating profit previous year
52,483
47,248
48,967
% increase/(decrease) in reported 
currencies
3.1%
11.1%
(3.5%)
% increase/(decrease) in constant 
exchange rates
6.8%
5.6%
2.8%
Operating profit after tax to net operating assets (OPAT/NOA)
Operating profit after tax to net operating assets is defined as ‘operating 
profit after tax‘ (using the effective tax rate) as a percentage of average 
inventories, receivables, property, plant and equipment, intangible assets 
and deferred tax assets, less non-interest-bearing liabilities including 
provisions and deferred tax liabilities (where average is the sum of the 
above assets and liabilities at the beginning of the year and at year-end 
divided by two). 
Management believes operating profit after tax to net operating assets is 
a useful measure in providing investors and Management with information 
regarding the Group's performance. The calculation of this financial target 
is a widely accepted measure of earnings efficiency in relation to total 
capital employed.

Part of Management´s review – not audited
Novo Nordisk Annual Report 2020  /  80
The following table shows a reconciliation of free cash flow with net cash 
generated from operating activities, the most directly comparable IFRS 
financial measure:
Free cash flow
DKK million
2020
2019
2018
Net cash generated from 
operating activities 
51,951
46,782
44,616
Net cash used in investing 
activities 
(22,436)
(11,509)
(12,080)
Repayment on lease liabilities 
(950)
(822)
—
Free cash flow
28,565
34,451
32,536
Cash to earnings
Cash to earnings is defined as 'free cash flow as a percentage of net profit'.
Management believes that cash to earnings is an important performance 
metric because it measures the Group’s ability to turn earnings into cash. 
Since Management wants this measure to capture the ability of the Group’s 
operations to generate cash, free cash flow is used as the numerator instead 
of net cash flow. 
The following table shows the reconciliation of cash to earnings to cash flow 
from operating activities/net profit in %, the most directly comparable IFRS 
financial measure:
Cash flow from operating activities/net profit in %
DKK million
2020
2019
2018
Net cash generated from 
operating activities 
51,951
46,782
44,616
/ Net profit 
42,138
38,951
38,628
Cash flow from operating 
activities/net profit in %
123.3%
120.1%
115.5%
Cash to earnings
DKK million
2020
2019
2018
Free cash flow
28,565
34,451
32,536
/ Net profit 
42,138
38,951
38,628
Cash to earnings
67.8%
88.4%
84.2%
OPAT/NOA denominator
DKK million
2020
2019
2018
Intangible assets
20,657
5,835
5,145
Property, plant and equipment
50,269
50,551
41,891
Deferred income tax assets
5,865
4,121
2,893
Other receivables and 
prepayments (non-current)
674
841
—
Inventories
18,536
17,641
16,336
Trade receivables
27,734
24,912
22,786
Tax receivables
289
806
1,013
Other receivables and 
prepayments (current)
4,161
3,434
3,090
Deferred tax liabilities
(2,502)
(80)
(118)
Retirement benefit obligations
(1,399)
(1,334)
(1,256)
Provisions (non-current)
(4,526)
(4,613)
(3,392)
Trade payables
(5,717)
(6,358)
(6,756)
Tax payables
(3,913)
(4,212)
(4,610)
Other liabilities
(17,005)
(15,085)
(14,098)
Provisions (current)
(34,814)
(31,120)
(26,161)
Net operating assets
58,309
45,339
36,763
Average net operating assets1
51,824
42,940
32,832
1. Average net operating assets for 2019 was calculated based on an adjusted net 
operating assets figure for 2018, which was adjusted by the right-of-use assets of 
DKK 3,778 million as of 1 January 2019, following the implementation of IFRS 16. As 
a consequence, the net operating assets figure for 2018 was adjusted to DKK 40,541 
million for the calculation of the average net operating assets for 2019.
Reconciliation of net operating assets to equity: 
DKK million
2020
2019
2018
Equity
63,325
57,593
51,839
Investment in associated 
companies
(582)
(474)
(531)
Other financial assets
(1,066)
(1,334)
(1,242)
Derivative financial instruments
(2,332)
(188)
(204)
Cash at bank
(12,757)
(15,475)
(15,638)
Borrowings – non-current
2,897
3,009
—
Borrowings – current
7,459
1,474
515
Derivative financial instruments
1,365
734
2,024
Net operating assets
58,309
45,339
36,763
Financial reserves
'Financial reserves at the end of the year' is defined as the sum of cash and 
cash equivalents at the end of the year and undrawn committed credit and 
loan facilities, with a maturity of more than 12 months, less loans and bank 
overdrafts classified as liabilities arising from financing activities with obliged 
repayment within 12 months of the balance sheet date. 
Management believes that financial reserves at the end of the year are an 
important measure of the Group's financial strength from an investor's 
perspective, capturing the robustness of the Group's financial position and 
its financial preparedness for unforeseen developments.
The following table reconciles total financial reserves with cash and cash 
equivalents, the most directly comparable IFRS financial measure:
Financial reserves
DKK million
2020
2019
2018
Cash and cash equivalents 
12,226
15,411
15,629
Undrawn committed credit facility
11,531
11,578
11,574
Undrawn bridge facility2
5,577
—
—
Borrowings2
(576)
(595)
(506)
Financial reserves2
28,758
26,394
26,697
2. Financial reserves include amounts undrawn under credit facilities and overdrafts 
where the repayment of such facilities or overdrafts is not contractually required 
within 12 months of the balance sheet date. Financial reserves include the DKK 5,577 
million (EUR 750 million) undrawn portion of a bridge facility as the terms of the facility 
provide that the maturity can be extended, at the option of Novo Nordisk, through 
June 2022. In accordance with IFRS, the DKK 5,577 million (EUR 750 million) drawn 
portion of the bridge facility has nevertheless been classified as current debt as it is 
Management’s expectation that the facility will be repaid in 2021. 
Free cash flow
Novo Nordisk used to define free cash flow as ‘net cash generated from 
operating activities’ less ‘net cash used in investing activities’.
From 1 January 2019, Novo Nordisk has defined free cash flow as ’net cash 
generated from operating activities’, less ‘net cash used in investing activities’, 
less repayment on lease liabilities. The updated definition reflects the imple­
mentation of IFRS 16, which accordingly has a neutral effect on free cash flow.
Free cash flow is a measure of the amount of cash generated in the period 
which is available for the Board to allocate between Novo Nordisk's capital 
providers, through measures such as dividends, share repurchases and 
repayment of debt (excluding lease liability repayments) or for retaining in 
the business to fund future growth.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – ESG statement  /  Additional information
Novo Nordisk Annual Report 2020  /  81
Statement of 
environmental, 
social and 
governance (ESG) 
performance
for the year ended 31 December
Note
2020
2019
2018
Environmental performance
Resources
Energy consumption for operations (1,000 GJ)
7.1
3,191
2,993
3,099
Share of renewable power for production sites 
7.1
100%
76%
77%
Water consumption for production sites (1,000 m3)
7.2
3,368
3,149
3,101
Emissions and waste
CO2 emissions from operations and transportation (1,000 tonnes)
7.3
170
306
278
Waste from production sites (1,000 tonnes)
7.4
141
124
142
Social performance
Patients
Patients reached with Novo Nordisk's Diabetes care products (estimate in millions)
8.1
32.8
30.0
29.2
  – Hereof reached via the Novo Nordisk Access to Insulin Commitment (estimate in millions)
8.1
3.2
2.9
0.3
Children reached through the Changing Diabetes in Children programme (CDiC) (cumulative)
8.1
28,296
25,695
22,876
Donations and other contributions (DKK million)
8.2
158
105
103
Employees
Employees (total)
8.3
45,323
43,258
43,202
Employee turnover
8.3
7.9%
11.4%
11.7%
Employee engagement1
8.3
N/A
91%
91%
Frequency of occupational accidents (number per million working hours)
8.4
1.3
2.2
2.4
Other
Animals purchased for research
8.5
50,036
49,637
65,593
Gender in management (ratio men:women)
8.6
59:41
60:40
60:40
Gender in BoD (ratio men:women)
8.6
62:38
62:38
67:33
Governance performance
Relevant employees trained in business ethics
9.1
99%
99%
99%
Business ethics reviews
9.1
32
34
33
Facilitations of the Novo Nordisk Way (total)
9.2
26
32
63
Supplier audits
9.3
177
236
294
Product recalls
9.4
—
4
3
Failed inspections
9.5
—
—
—
Company trust (scale 0–100)
9.6
80.6
78.2
84.5
Total tax contribution (DKK million)
9.7
26,376
27,527
25,825
Breaches of environmental regulatory limit values
9.8
15
16
27
1. Due to COVID-19, the annual employee engagement survey was replaced with more frequent and dynamic surveys tailored to local needs to ensure a continuous check-in with 
employees throughout 2020.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – ESG statement  /  Additional information
Novo Nordisk Annual Report 2020  /  82
Notes to the consolidated ESG statement
Section 6
Basis of preparation
General reporting standards and principles
Novo Nordisk's annual reporting complies with the Danish Financial 
Statements Act. Sections 99a, 99b and 107d specify the requirements of 
the EU Directive on disclosure of non-financial and diversity information 
to report on the management of risks related to the environment, climate, 
human rights, labour and social conditions, anti-corruption and gender 
distribution. These requirements are addressed in the Management Review. 
Novo Nordisk also adheres to the International Integrated Reporting 
Framework and the AA1000AP(2018), which states that reporting must 
provide a complete, accurate, relevant and balanced picture of the 
organisation’s approach to and impact on stakeholders and society.
Novo Nordisk is an active member of the world's leading circular economy 
network, the Ellen MacArthur Foundation.
As recommended by the Task Force on Climate-related Financial Disclosures 
(TCFD), Novo Nordisk is working to integrate two climate change scenarios 
into the risk management process to identify short, medium and long-term 
risks within our production and supply chain: 
– 2⁰C scenario, consistent with meeting the Paris Agreement Goal 
(Representative Concentration Pathway RCP 2.6)
– 4⁰C scenario as an alternative high-emission scenario (RCP 8.5)
Novo Nordisk discloses in accordance with the recommendations put 
forward by the Carbon Disclosure Project (CDP). For a full breakdown of 
climate and water impacts, please refer to the publicly available report of 
Novo Nordisk CDP disclosures. 
Novo Nordisk applies AA1000AP(2018) as a component in creating 
a generally applicable approach to assessing and strengthening the 
credibility of the Group's public reporting of ESG information. Novo Nordisk 
has designed processes to ensure that the qualitative and quantitative 
information that documents the ESG dimensions of performance is 
assured, as well as the systems that underpin the data and performance. 
The principles outlined in AA1000AP(2018) have been applied as described 
below.
Inclusivity
As a pharmaceutical business with global reach, Novo Nordisk is committed 
to being accountable to those stakeholders who are impacted by the 
organisation. From the perspective of social responsibility, the key 
stakeholder groups are patients who rely on Novo Nordisk products, 
employees at Novo Nordisk and throughout the Group's value chain, 
business partners and local communities. Novo Nordisk maps its 
stakeholders and has processes in place to ensure inclusion of stakeholder 
concerns and expectations. In addition, Novo Nordisk continuously develops 
its stakeholder engagement and capacity to be a sustainable business at 
corporate, regional and affiliate levels. See how Novo Nordisk defines what is 
meant by sustainable business in 'Purpose & sustainability'.
Materiality
Key issues are identified through ongoing stakeholder engagement 
and trendspotting, informed by data-driven analysis and addressed by 
programmes or action plans with clear and measurable targets. The issues 
presented in the Annual Report are deemed to have a significant impact on 
the Group's future business performance and may support stakeholders in 
their decision-making.
Responsiveness
The Annual Report reflects how the company is managing operations in 
ways that consider and respond to stakeholder concerns and interests. The 
report reaches out to a wide range of stakeholders, each with specific needs 
and interests. The Annual Report is prepared with investors in mind. To 
these stakeholders, however, as well as to the many other groups who may 
seek information in the Annual Report, this is just one element of interaction 
and communication with the company.
Impact
Understanding, measuring and communicating the positive and negative 
impacts on society and the environment of Novo Nordisk's activities are 
important. Novo Nordisk is currently working on developing methodologies 
to be better able to do just that, covering the entire value chain.
Applying materiality
The consolidated ESG statement is a result of assessing legal requirements 
and disclosure commitments applicable to Novo Nordisk. Whether 
information is tied directly or indirectly to Novo Nordisk's ability to create 
value over the short, medium and long term is also assessed. When 
assessing whether a disclosure is material to include in the consolidated ESG 
statement, Management considers whether the matter is of such relevance 
and importance that it could substantively influence the assessment by 
providers of financial capital of Novo Nordisk's ability to create value over the 
short, medium and long term. See more at novonordisk.com. 
Principles of consolidation
The environmental disclosures covers the production sites, laboratories and 
offices with significant activities. CO2 emissions related to transportation 
cover cars leased or owned by Novo Nordisk, business flights and suppliers 
distributing Novo Nordisk products.
The social and governance-related disclosures cover the Novo Nordisk Group, 
comprising Novo Nordisk A/S and entities controlled by Novo Nordisk A/S.
Accounting policies
The accounting policies set out below in the notes have been applied 
consistently in the preparation of the consolidated ESG statement for all the 
years presented.
Changes to accounting policies and disclosures
Children reached through the Changing Diabetes in Children programme 
(CDiC) has been added to expand disclosure to align with the Defeat 
Diabetes strategy.
Gender in the Board of Directors (BoD) (ratio men:women) has been added 
to expand on the diversity reporting.

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7.3 CO2 emissions from operations and transportation
CO2 emissions from operations and transportation
1,000 tonnes
2020
2019
2018
Production
37
86
86
Office buildings and laboratories
8
13
28
Product distribution
61
80
39
Business flights
19
65
63
Company cars
45
62
62
Total CO2 emissions
170
306
278
Novo Nordisk has a long-term target of zero CO2 emissions from operations 
and transportation by 2030. 
In 2020, CO2 emissions from operations and transportation decreased by 
44%. The decrease was due to the implementation of renewable energy 
initiatives in production, as well as impacts from COVID-19 on transportation.
CO2 emissions from production decreased by 57% due to the 
implementation of renewable heat and steam in Kalundborg, Denmark, wind 
power in France, Algeria and Russia, and solar power in the US.  
7.1 Energy consumption for operations and share of 
renewable power
Energy consumption for operations
1,000 GJ
2020
2019
2018
Production
2,718
2,458
2,502
Office buildings and laboratories
473
535
597
Total energy consumption
3,191
2,993
3,099
Energy consumption for production increased by 11% primarily due to a 
new API production facility in Clayton, North Carolina. Energy consumption 
in office buildings and laboratories decreased by 12% due to both energy- 
saving projects and COVID-19 shutdowns. 
Energy-saving projects implemented in 2020 within production sites are 
expected to result in annual savings of 94,000 GJ.
In 2020, 100% of power sourced at production sites was from renewable 
energy, an increase from 76% in 2019. This is due to five production sites, 
including North America, Russia and France, now also sourcing renewable 
power starting in 2020.
Accounting policies
Energy consumption for operations is measured as consumption of power, 
steam, heat and fuel. The fuel is mainly from natural gas, biogas and wood. 
Energy consumption is based on meter readings and invoices and covers 
all energy types at production sites and laboratories and consumption of 
power at office buildings outside of production sites. 
The share of renewable power used at production sites is reported 
according to the Greenhouse Gas (GHG) Protocol Scope 2 Guideline. It 
is calculated as the sum of power in each country that comes from 100% 
renewable sources, either sourced or self-produced.
7.2 Water consumption for production sites 
In 2020, production sites consumed 3,368,000 cubic metres of water, 
an increase of 7% compared with 2019 due to the start-up of a new API 
production facility in Clayton, North Carolina. 
Four production sites, including China and Brazil, are in areas subject to 
water stress or high seasonal variations. They consume 11% of the total 
water for global production. Overall, water consumption at these facilities 
decreased by 15% in 2020, despite adding new sites. This was due to 
significant water-saving projects implemented in China and Brazil.
Accounting policies
Water consumption is measured based on meter readings and invoices. It 
includes drinking water, industrial water and steam used at production sites.
Section 7
Environmental 
performance
CO2 emissions from global offices and laboratories decreased by 38% in 
2020. As part of the Circular for Zero strategy, all offices and laboratories 
will source renewable power by 2030. In 2020, CO2 emissions from office 
buildings and laboratories decreased, primarily due to energy-saving 
projects and impacts from COVID-19.
In 2020, emissions from product distribution decreased by 24%, primarily 
driven by optimisation projects to move products shipped from air to sea 
freight despite supply and market challenges.
CO2 emissions from business flights decreased by 71%, and emissions from 
company cars decreased by 27%. This was due to impacts from COVID-19.
A full breakdown of scope 1, 2 and 3 emissions from Novo Nordisk can be 
found at cdp.net.
Accounting policies
CO2 emissions from operations (production, office buildings and 
laboratories)
CO2 emissions from operations cover consumption of power, fuel, heat 
and steam at office buildings in Denmark, global production sites and 
laboratories, and consumption of power in office buildings outside Denmark. 
Emissions are measured in metric tonnes, calculated according to the GHG 
Protocol and based on emission factors from the previous year.
CO2 emissions from product distribution
CO2 emissions from product distribution are calculated by external 
transportation suppliers as the estimated emissions from product 
distribution in metric tonnes. CO2 emissions are calculated based on the 
worldwide distribution of semi-finished and finished products, raw materials 
and components by air, sea and road between production sites and from 
production sites to subsidiaries, direct customers and importing distributors. 
CO2 emissions from product distribution from subsidiaries to pharmacies, 
hospitals and wholesalers are not included.
CO2 emissions from business flights
CO2 emissions from business flights are estimated based on mileage 
and emission factors for short, medium and long-haul flights along with 
passenger class obtained from travel agencies.
CO2 emissions from company cars
CO2 emissions from company cars cover cars leased or owned by Novo 
Nordisk. Emissions are calculated by multiplying emission factors by the 
volumes of diesel and petrol used.

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Section 8
Social performance
8.1 Patients reached with Novo Nordisk's Diabetes 
care products
The estimated number of full-year patients reached with Novo Nordisk's 
Diabetes care products increased from 30.0 million in 2019 to 32.8. million in 
2020. This 9% increase was primarily driven by sales of long-acting, premix 
and fast-acting insulins, human insulin and GLP-1 products.
In 2020, the estimated number of patients reached with Novo Nordisk's 
Diabetes care products via the Access to Insulin Commitment was 3.2 
million, compared with 2.9 million in 2019. Novo Nordisk sold insulin 
according to this commitment in 34 countries of the 76 countries in scope. 
Beyond this scheme, Novo Nordisk also sold human insulin below the 
ceiling price in other countries, reaching an estimated additional 3.1 million 
patients in 2020. Approximately 130,000 patients were reached through 
human insulin vial donations to humanitarian organisations.
Through the Changing Diabetes in Children programme, 28,296 children 
had been reached by the end of 2020, compared with 25,695 in 2019. 
Accounting policies
The number of full-year patients reached with Novo Nordisk's Diabetes 
care products, excluding devices and PrandiMet®, is estimated by dividing 
Novo Nordisk's annual sales volume by the annual usage dose per patient 
for each product class as defined by the World Health Organization (WHO). 
PrandiMet® is not included as no WHO-defined dosage exists. WHO has not 
yet assigned a daily dose for Rybelsus®. For this calculation, it is assumed 
that one tablet equals one patient treatment day.
The number of full-year patients reached with Novo Nordisk's Diabetes care 
products (human insulin in vials) via the Access to Insulin Commitment (AtIC) 
is estimated by dividing Novo Nordisk's annual sales volume by the annual 
usage dose per patient reached via the AtIC as defined by WHO. 
The WHO-defined daily dosage has not changed since 1982, except for 
Victoza® which was changed in 2019, and may not accurately reflect 
the recommended or prescribed daily dose. Actual doses are based on 
individual characteristics (e.g. age and weight) and pharmacokinetic 
considerations. Despite this uncertainty, Novo Nordisk assesses this to be 
the most consistent way of reporting.
The number of children reached with free diabetes care treatment through 
the Changing Diabetes in Children programme is measured as the total 
accumulated number of children reached at the end of the year since 2009, 
when the programme was initiated.
8.2 Donations and other contributions
Donations and other contributions
DKK million
2020
2019
2018
World Diabetes Foundation (WDF)
138
86
85
Novo Nordisk Haemophilia 
Foundation (NNHF)
20
19
18
Total donations and other 
contributions
158
105
103
The WDF, an independent trust, supports sustainable partnerships and acts 
as a catalyst to help others do more. In 2020, the WDF provided funding to 
21 partnership projects in 22 countries. The projects focus on awareness, 
education and capacity-building at local, regional and global levels The 
amount granted to WDF in 2020 covers i.a. the donation approved by the 
Annual General Meeting in 2020 and a special one-off contribution. See note 
5.2 in the consolidated financial statements and worlddiabetesfoundation.org 
for additional information.
The NNHF supports programmes in low- and middle-income countries. 
Initiatives focus on capacity-building, diagnosis and registry, awareness and 
advocacy. Since 2005, the NNHF has provided funding for 296 programmes 
in 78 countries. See nnhf.org.
Furthermore, DKK 165 million was granted to the Antimicrobial Resistance
Research (AMR) Action Fund, the largest collective fund ever established 
to support vital research into antimicrobial resistance research and 
development. It is categorised as an equity investment and therefore not 
expensed in the income statement.
Accounting policies
Donations and other contributions by Novo Nordisk to the WDF and the 
NNHF are recognised as an expense when the donation or contribution is 
paid out or when an unconditional commitment to donate has been made.
7.4 Waste from production sites
Waste from production sites
1,000 tonnes
2020
2019
2018
Organic residues1
108
89
93
Other (paper, cardboard, metals, etc.)
8
8
12
Total recycling 
116
97
105
Ethanol waste2
9
13
22
Other (various combustible waste)
6
5
6
Total waste with energy recovery3
15
18
28
Water waste
5
5
4
Other
4
3
4
Total waste with no energy recovery4
9
8
8
Total waste to landfill
1
1
1
Total waste
141
124
142
1. Organic residues for recycling are waste from the production of the active 
pharmaceutical ingredients, where the energy is recovered in biogas plants and the 
digested slurry is used on local farmland as fertiliser.
2. Ethanol is used in purification of Diabetes care and Biopharm products. The ethanol 
is recovered in internal regeneration plants and re-used many times. The ethanol 
waste reported here is from production with no regeneration or residues from the 
regeneration process.
3. Energy recovery is waste disposed of at waste-to-energy plants and at a biogas plant.
4. Water waste and other waste not suitable for other disposal methods, such as 
hazardous waste for incineration and various other types of waste.
In 2020, waste from production sites increased by 14% compared with 2019. 
The amount of waste recycled increased by 20% in 2020 primarily due to an 
increase in production in Kalundborg, Denmark. 
The amount of waste sent for energy recovery decreased by 17% primarily 
due to a distillation method within API production to reuse ethanol  
internally instead of sending it for incineration with energy recovery.
In 2020, 93% of the total waste from production sites was recycled, used for 
biogas production or incinerated at plants where the energy is used for heat 
and power production. Less than 1% of total waste was sent to landfill.
14% of the waste is categorised as hazardous waste, a decrease from 18% 
in 2019. This reduction was due to a reduction in ethanol waste from the 
production of API for Diabetes and Obesity care.
Accounting policies
Waste is measured as the sum of all the waste disposed of at production 
sites based on weight receipts.

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8.5 Animals purchased for research
Animals purchased
Number
2020
2019
2018
Mice, rats and other rodents
38,850
48,081
63,547
Pigs
783
880
1,023
Rabbits
239
349
641
Dogs
91
157
100
Non-human primates
264
168
278
Fish (larvae)
9,804
—
—
Other vertebrates
5
2
4
Total animals purchased
50,036
49,637
65,593
The number of animals purchased for research in 2020 increased by 1% 
compared with 2019 due to the purchase of fish. The overall development  
reflects the changes in stages of the different research projects. However, 
for 2020 the animals purchased for research are also impacted by the overall 
COVID-19 situation. The reduction in the number of rodents purchased also 
reflects Novo Nordisk's continuous focus on reducing the number of animals 
per research project. 78% of the animals purchased were rodents.
8.4 Frequency of occupational accidents
The average frequency rate of occupational accidents with absence was 1.3 
accidents per million working hours in 2020, compared with 2.2 in 2019, 
due to a 39% decrease in the number of accidents. In 2020, as in 2019, 
Novo Nordisk had one work-related fatality. The significant decrease in the 
number of occupational accidents is attributed to the global COVID-19-
related lockdown. Our production sites, which have remained in operation 
during the lockdown, also show a decline in the number of occupational 
accidents with absence. Novo Nordisk works with a zero-injury mindset and 
has a long-term commitment to continuously improving safety performance.
Accounting policies
The frequency of occupational accidents with absence is measured as the 
internally reported number of accidents using full-time employees, excluding 
externals, employees on unpaid leave, interns, bachelor and master 
thesis employees and substitutes, per million nominal working hours. An 
occupational accident with absence is any work-related accident causing at 
least one day of absence in addition to the day of the accident.
8.6 Gender diversity
Gender in management
Ratio men:women
2020
2019
2018
EVP, SVP
76:24
82:18
87:13
CVP, VP, GM
64:36
66:34
66:34
Director, Manager, Team Leader
58:42
59:41
60:40
Gender in management (overall)
59:41
60:40
60:40
Gender in BoD
62:38
62:38
67:33
All management teams, from entry level upwards, are encouraged to focus 
on enhanced diversity, with the aim of ensuring a robust pipeline of talent 
for management positions. For additional information about diversity at  
executive management level and at BoD level see page 42 - 45.
Gender diversity in management overall remained approximately the same 
as in 2019. Among employees as a whole, the gender split was 49% women 
and 51% men in 2020, the same as in 2019.
Accounting policies
Diversity at Novo Nordisk is reported as the percentage split by gender in 
all managerial positions. Managerial positions are defined as all managers 
at Novo Nordisk (global job level including Executive Vice Presidents (EVP), 
Senior Vice Presidents (SVP), Corporate Vice Presidents (CVP), Vice Presidents 
(VP), General Managers (GM), Directors, Managers and Team Leaders).
Diversity at Board of Directors-level is reported as the percentage split by 
gender among the members.
8.3 Employees
Employees
Number
2020
2019
2018
North America Operations
6,213
6,190
6,093
International Operations:
39,110
37,068
37,109
EMEA (Europe, the Middle East and Africa)
24,600
23,540
24,517
- of which in Denmark
17,538
16,747
17,461
China (Mainland China, Hong Kong, Taiwan)
5,548
5,263
4,636
Rest of World (all other countries)
8,962
8,265
7,956
Total employees
45,323
43,258
43,202
Full-time employees
44,723
42,703
42,672
The growth in employees was mainly driven by International Operations, 
with the highest growth rate in China. Novo Nordisk also continues to 
increase the number of employees in Global Business Services in India, 
which grew by 14% compared with last year.
The employee turnover rate decreased significantly from 11.4% in 2019 to 
7.9% in 2020, and it is assumed to be related to the COVID-19 pandemic.   
Accounting policies
The number of employees is recorded as all employees except externals, 
employees on unpaid leave, interns, bachelor and master thesis employees 
and substitutes at year-end. 
Employees are attributed to geographical regions according to their 
primary workplace across the commercial units, research and development, 
production and support functions. Employees in corporate functions are 
included in EMEA, and employees in Global Business Service in Bangalore, 
India are included in Rest of World.
The rate of turnover is measured as the number of employees, excluding 
temporary employees, who left the Group during the financial year divided 
by the average number of employees, excluding temporary employees. 
Employees working for Group companies that have been disposed of are 
not counted as having left the Group. 
Employee engagement is measured on a scale of 1–5 and based on 
questions relating to employee engagement in the annual employee survey, 
OurVoice. The score is calculated as the proportion of employees who 
responded favourably (4 or 5) to relevant questions.
Accounting policies
The record of animals purchased for research comprises the number of 
animals purchased for all research undertaken by Novo Nordisk either 
in-house or by external contractors. The number of animals purchased is 
based on internal registration of purchased animals and yearly reports from 
external contractors.

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9.5 Failed inspections
In 2020, as in 2019, there were no failed inspections among those resolved 
at year-end. During the year, 77 inspections were conducted, compared 
with 66 in 2019. At year-end, 59 inspections were passed and 18 were 
unresolved, as final inspection reports had not been received or the final 
authority acceptance was pending, which is normal. Follow-up on unresolved 
inspections continues in 2021.
Accounting policies
The number of failed inspections is measured in relation to inspections by 
the US Food & Drug Administration (USFDA), the European Medicines Agency 
(EMA), the Notified Body (TÜV SUD) and domestic authorities for strategic 
manufacturing sites. Failed inspections are defined as inspections where 
Warning Letters or EMA non-compliance letters related to GMP inspections 
are received, GMP/ISO certificates for strategic sites are lost, pre-approval 
inspections result in a Warning Letter, study conclusions are changed 
due to GCP/GLP inspection issues, or marketing or import authorisations 
are withdrawn due to inspection issues. Strategic sites are defined as the 
manufacturing sites in Brazil, China, Denmark, France and the US.
9.6 Company trust
Company trust
Scale 0-100
2020
2019
2018
People with diabetes
80.4
78.1
78.6
General practitioners
76.1
75.3
85.7
Diabetes specialists
85.2
81.3
89.2
Total score (average)
80.6
78.2
84.5
Accounting policies
Company trust is measured annually. The total score is measured as 
the mean company trust score among people with diabetes, general 
practitioners and diabetes specialists across key markets. Trust is measured 
on a scale of 0–100, with 100 being the best possible score. A score above 
80 is considered excellent; a score between 70 and 80 is considered strong. 
Data were collected between June and July 2020.
The data are collected through annual surveys carried out by external 
consultancy firms. 
Section 9
Governance 
performance
9.3 Supplier audits
Supplier audits
Number
2020
2019
2018
Responsible sourcing audits
7
27
19
Quality audits
170
209
275
Total supplier audits
177
236
294
The number of audits concluded in 2020 decreased by 25% compared with 
2019. The decrease was due to COVID-19-related restrictions imposed 
on travel and general ability to access suppliers' facilities and subsequent 
postponement of planned audits. No critical findings were issued related to 
responsible sourcing audits, while one critical finding was issued related to 
quality audits regarding handling of controlled waste. A follow-up audit has 
since been conducted, where the finding was found to have been closed 
satisfactorily.
Accounting policies
The number of supplier audits concluded by Novo Nordisk's Corporate 
Quality function consists of the number of responsible sourcing audits and 
quality audits conducted at suppliers.
employees and management are interviewed. Identified gaps and 
improvement opportunities related to the Novo Nordisk Way are presented 
to and discussed with management. The facilitators and management agree 
on an action plan to address those gaps and improvement opportunities.
9.2 Facilitations of the Novo Nordisk Way
In 2020, a total of 26 units were facilitated and more than 1,200 employees, 
were individually interviewed. In addition, feedback on those units was 
collected from approximately 340 stakeholders. 
Overall, the 2020 process continues to show a good level of adherence 
to the Novo Nordisk Way. Three units were found to be in breach of one 
or more of the Novo Nordisk Essentials. The Essential with the strongest 
performance continues to be the 'Patient-centred business approach'. 
In 2020, partly driven by the focus on strengthening the culture journey, 
significantly more findings were issued related to the Essential 'We set 
ambitious goals and strive for excellence'. 
Accounting policies
Facilitations of the Novo Nordisk Way is measured as the number of 
facilitations and culture coaching sessions completed. Both are internal 
processes for assessing adherence with the Novo Nordisk Way. The 
assessments are based on review of documentation and feedback from 
stakeholders followed by an on-site visit during which randomly selected 
9.4 Product recalls
Novo Nordisk had no product recalls from the market in 2020, compared 
with four in 2019. To verify that the product recall process remains robust 
and efficient, a mock recall was effectuated in 18 affiliates worldwide. Based 
on that, the product recall process has been evaluated and concluded to be 
effective. 
Accounting policies
The number of product recalls is recorded as the number of times Novo 
Nordisk has instituted a recall and includes recalls in connection with clinical 
trials. A recall can affect various countries.
9.1 Business ethics
Accounting policies
The mandatory business ethics training is based on the Business Ethics 
Code of Conduct in the form of globally applicable e-learning, and related 
tests released annually by the Novo Nordisk Business Ethics Compliance 
Office. The percentage of employees completing the training is calculated as 
the percentage of completion of training in both the Code of Conduct and 
related tests, based on internal registrations.
The number of business ethics reviews is recorded as the number of 
business ethics reviews performed by Group Internal Audit in subsidiaries, 
production sites and headquarter areas.

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9.8 Breaches of environmental regulatory limit values
In 2020, there were 15 breaches, a decrease from 16 breaches in 2019. The 
breaches were mainly related to wastewater, and all had a minor impact on 
the environment.
Accounting policies
Breaches of regulatory limit values cover all breaches reported to the 
environmental authorities.
9.7 Total tax contribution
Total tax contribution
2020
2019
2018
DKK million
Taxes 
borne
Taxes 
collected
Corporate income taxes paid 10,106
3,471
13,577
14,392
13,006
Employment taxes
1,549
8,039
9,588
9,638
9,427
Indirect taxes
1,307
1,190
2,497
2,610
2,257
Other taxes
714
—
714
887
1,135
Total
13,676
12,700
26,376
27,527
25,825
The total tax contribution in 2020 amounted to DKK 26,376 million split with 
52% on taxes borne and 48% on taxes collected. In 2019, the split was 54% 
on taxes borne (DKK 14,829 million) and 46% on taxes collected (DKK 12,698 
million).
The overall decrease in total tax contribution from 2019 to 2020 is primarily 
related to 'Corporate income taxes paid' . This is mainly due to less 
prepayment in Denmark as a consequence of acquisitions in the end of 2020.
Accounting policies
Novo Nordisk's total tax contribution is measured as the taxes borne or 
collected by Novo Nordisk, which have been paid in the respective year. 
Taxes borne are defined as taxes where Novo Nordisk carries the cost. Taxes 
collected are defined as taxes collected by Novo Nordisk on behalf of others, 
e.g. employee income taxes deducted from the employee salaries and paid 
on to the government.
Corporate income taxes paid
Corporate income taxes paid primarily consists of corporate income taxes 
and withholding taxes on company dividends paid during the year. 
Employment taxes
Employment taxes primarily consist of taxes collected from the employees 
on behalf of the government and social security costs (part of payroll taxes in 
some countries).
Indirect taxes
Indirect taxes consist of non-refundable VAT, net VAT collections, customs 
duties, environmental taxes and property taxes.
Other taxes
Other taxes consist of country-specific taxes not linked to one of the 
categories above, e.g. the US branded prescription drug (BPD) fee.

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Statement by the Board of Directors and  
Executive Management on the 2020 Annual Report
Today, the Board of Directors and Executive Management approved the 
Annual Report of Novo Nordisk A/S for the year 2020. The Board of Directors 
and Executive Management are jointly responsible for ensuring the integrity 
and quality of the report.
The Annual Report has been prepared in accordance with the International 
Integrated Reporting Framework. The Consolidated Financial Statements 
have been prepared in accordance with International Financial Reporting 
Standards (IFRS) as issued by the International Accounting Standards Board 
and in accordance with IFRS as endorsed by the EU and further requirements 
in the Danish Financial Statements Act.
Further, the Financial statements of the Parent Company and Management’s 
Review have been prepared in accordance with the Danish Financial 
Statements Act.
In our opinion, the Consolidated Financial Statements and the Financial 
statements of the Parent Company give a true and fair view of the 
financial position at 31 December 2020, the results of the Group’s and 
Parent Company’s operations, and consolidated cash flows for the 
financial year 2020. 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 year and of the financial 
position of the Group and the Parent Company as well as a description of 
the most significant risks and elements of uncertainty facing the Group 
and the Parent Company.
In our opinion, the Annual Report of Novo Nordisk A/S for the financial 
year 1 January to 31 December 2020 identified as NOVO-2020-12-31.zip is 
prepared, in all material respects, in compliance with the ESEF Regulation.
Novo Nordisk’s Consolidated Environmental, Social and Governance 
Statements have been prepared in accordance with the reporting 
principles of materiality, inclusivity, responsiveness and impact of 
AA1000AP(2018) and environmental, social and governance accounting 
policies. They give a true and fair account and a balanced and 
reasonable presentation of the organisation’s environmental, social and 
governance performance in accordance with these principles.
We recommend that the Annual Report be adopted at the Annual 
General Meeting.
Bagsværd, 3 February 2021
Registered Executive Management
Board of Directors 
Lars Fruergaard Jørgensen  
President and CEO
Karsten Munk Knudsen 
CFO 
Helge Lund 
Chair
Jeppe Christiansen 
Vice chair 
Brian Daniels
Monique Carter
Camilla Sylvest
Laurence Debroux
Andreas Fibig
Sylvie Grégoire
Mads Krogsgaard Thomsen
Henrik Wulff
Liz Hewitt
Mette Bøjer Jensen
Kasim Kutay
Anne Marie Kverneland
Martin Mackay
Thomas Rantzau
Stig Strøbæk

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Independent Auditor’s Reports  /  Additional information
Novo Nordisk Annual Report 2020  /  89
Independent 
Auditor’s Reports
To the shareholders of Novo Nordisk A/S
Report on the audit of the Financial Statements
Our opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of 
the Group’s financial position at 31 December 2020 and of the results of the Group’s 
operations and cash flows for the financial year 1 January to 31 December 2020 in 
accordance with International Financial Reporting Standards (IFRS) as issued by the 
International Accounting Standards Board and in accordance with IFRS as endorsed by 
the EU and further requirements in the Danish Financial Statements Act.
Moreover, in our opinion, the Parent Company Financial Statements give a true and fair 
view of the Parent Company’s financial position at 31 December 2020 and of the results 
of the Parent Company’s operations for the financial year 1 January to 31 December 2020 
in accordance with the Danish Financial Statements Act.
Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee 
and the Board of Directors.
What we have audited 
The Consolidated Financial Statements of Novo Nordisk A/S for the financial year 1 
January to 31 December 2020, section ‘Consolidated financial statements’, comprise 
income statement and statement of comprehensive income, cash flow statement, 
balance sheet, equity statement and notes, including summary of significant accounting 
policies.
The Parent Company Financial Statements of Novo Nordisk A/S for the financial year 1 
January to 31 December 2020, section ‘Financial Statements of the Parent Company’, 
comprise income statement, balance sheet, equity statement and notes, including 
summary of significant accounting policies.
Collectively referred to as the “Financial Statements”.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) 
and the additional requirements applicable in Denmark. Our responsibilities under those 
standards and requirements are further described in the Auditor’s responsibilities for the 
audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide 
a basis for our opinion.
Independence
We are independent of the Group in accordance with the International Ethics Standards 
Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the 
additional requirements applicable in Denmark. We have also fulfilled our other ethical 
responsibilities in accordance with the IESBA Code.
To the best of our knowledge and belief, prohibited non-audit services referred to in Article 
5(1) of Regulation (EU) No 537/2014 were not provided.
Appointment 
We were first appointed auditors of Novo Nordisk A/S in April 1982 for the financial year 
1982. We have been reappointed annually by shareholder resolution for a total period 
of uninterrupted engagement of 39 years including the financial year 2020.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most 
significance in our audit of the Financial Statements for 2020. These matters were 
addressed in the context of our audit of the Financial Statements as a whole, and in 
forming our opinion thereon, and we do not provide a separate opinion on these 
matters.
Key audit matter
How our audit addressed the key audit matter
Revenue recognition relating to rebates and discounts in the US business
The Group sells to various customers in the US, which can fall under certain commercial 
and government mandated contracts and reimbursement arrangements, of which the 
most significant are Managed Care, Medicare, Medicaid and charge-backs to wholesalers.
These arrangements result in deductions to gross sales in arriving at net sales and 
give rise to obligations for the Group to provide customers with rebates, discounts and 
allowances, which for unsettled amounts are recognised as an accrual.
We focused on this area because rebates, discounts and allowances are complex and 
because establishing an appropriate accrual requires significant judgement and estimation 
by Management. This judgement is particularly complex in a US healthcare environment in 
which competitive pricing pressure and product discounting are growing trends. 
Refer to Note 2.1 and Note 3.6.
We obtained Management’s calculations for accruals under applicable schemes and 
assessed the significance of assumptions applied by comparing them to the stated 
commercial policies, the terms of the applicable contracts, third party data and historical 
levels of paid rebates and discounts in the US business. 
 
We compared the assumptions to contracted prices, historical rebates, discounts, 
allowances and to current payment trends. We also considered the historical accuracy of 
the Group’s estimates.  
 
We formed an independent assessment of the most significant elements of the accrual 
at 31 December 2020 using third party data and compared this expectation to the actual 
accrual recognised.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – Independent Auditor’s Reports  /  Additional information
Novo Nordisk Annual Report 2020  /  90
Hellerup, 3 February 2021
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab 
CVR no 3377 1231
Mogens Nørgaard Mogensen
State Authorised Public Accountant 
mne21404
Mads Melgaard
State Authorised Public Accountant 
mne34354
Statement on Management’s Review
Management is responsible for Management’s Review, section ‘Managements review’.
Our opinion on the Financial Statements does not cover Management’s Review, and we 
do not express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read 
Management’s Review and, in doing so, consider whether Management’s Review is 
materially inconsistent with the Financial Statements or our knowledge obtained in the 
audit, or otherwise appears to be materially misstated. 
Moreover, we considered whether Management’s Review includes the disclosures 
required by the Danish Financial Statements Act. 
Based on the work we have performed, in our view, Management’s Review is in 
accordance with the Consolidated Financial Statements and the Parent Company 
Financial Statements and has been prepared in accordance with the requirements of 
the Danish Financial Statements Act. We did not identify any material misstatement in 
Management’s Review.
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of consolidated financial statements that 
give a true and fair view in accordance with International Financial Reporting Standards 
(IFRS) as issued by the International Accounting Standards Board and in accordance with 
IFRS as endorsed by the EU and further requirements in the Danish Financial Statements 
Act and for the preparation of parent company financial statements that give a true and 
fair view in accordance with the Danish Financial Statements Act, and for such internal 
control as Management determines is necessary to enable the preparation of financial 
statements that are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for assessing the 
Group’s and the Parent Company’s ability to continue as a going concern, disclosing, 
as applicable, matters related to going concern and using the going concern basis of 
accounting unless Management either intends to liquidate the Group or the Parent 
Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial 
Statements as a whole are free from material misstatement, whether due to fraud or 
error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is 
a high level of assurance, but is not a guarantee that an audit conducted in accordance 
with ISAs and the additional requirements applicable in Denmark will always detect 
a material misstatement when it exists. Misstatements can arise from fraud or error 
and are considered material if, individually or in the aggregate, they could reasonably 
be expected to influence the economic decisions of users taken on the basis of these 
Financial Statements.
As part of an audit in accordance with ISAs and the additional requirements applicable 
in Denmark, we exercise professional judgement and maintain professional scepticism 
throughout the audit. 
We also: 
– Identify and assess the risks of material misstatement of the Financial Statements, 
whether due to fraud or error, design and perform audit procedures responsive to 
those risks, and obtain audit evidence that is sufficient and appropriate to provide 
a basis for our opinion. The risk of not detecting a material misstatement resulting 
from fraud is higher than for one resulting from error, as fraud may involve collusion, 
forgery, intentional omissions, misrepresentations, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design 
audit procedures that are appropriate in the circumstances, but not for the purpose of 
expressing an opinion on the effectiveness of the Group’s and the Parent Company’s 
internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of 
accounting estimates and related disclosures made by Management.
– Conclude on the appropriateness of Management’s use of the going concern basis of 
accounting and based on the audit evidence obtained, whether a material uncertainty 
exists related to events or conditions that may cast significant doubt on the Group’s 
and the Parent Company’s ability to continue as a going concern. If we conclude 
that a material uncertainty exists, we are required to draw attention in our auditor’s 
report to the related disclosures in the Financial Statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence 
obtained up to the date of our auditor’s report. However, future events or conditions 
may cause the Group or the Parent Company to cease to continue as a going concern.
– Evaluate the overall presentation, structure and content of the Financial Statements, 
including the disclosures, and whether the Financial Statements represent the 
underlying transactions and events in a manner that achieves fair presentation.
– Obtain sufficient appropriate audit evidence regarding the financial information of 
the entities or business activities within the Group to express an opinion on the 
Consolidated Financial Statements. We are responsible for the direction, supervision 
and performance of the group audit. We remain solely responsible for our audit 
opinion.
We communicate with those charged with governance regarding, among other matters, 
the planned scope and timing of the audit and significant audit findings, including any 
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied 
with relevant ethical requirements regarding independence, and to communicate with 
them all relationships and other matters that may reasonably be thought to bear on our 
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine 
those matters that were of most significance in the audit of the Financial Statements of 
the current period and are therefore the key audit matters. We describe these matters 
in our auditor’s report unless law or regulation precludes public disclosure about the 
matter or when, in extremely rare circumstances, we determine that a matter should not 
be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.
Report on compliance with the ESEF Regulation
As part of our audit of the Financial Statements we performed procedures to express 
an opinion on whether the Annual Report of Novo Nordisk A/S for the financial year 1 
January to 31 December 2020 with the file name NOVO-2020-12-31.zip is prepared, in 
all material respects, in compliance with the Commission Delegated Regulation (EU) 
2019/815 on the European Single Electronic Format (ESEF Regulation) which includes 
requirements related to the preparation of the Annual Report in XHTML format and iXBRL 
tagging of the Consolidated Financial Statements.
Management is responsible for preparing an Annual Report that complies with the ESEF 
Regulation. This responsibility includes:
– The preparation of the Annual Report in XHTML format;
– The selection and application of appropriate iXBRL tags, including extensions to the 
ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial 
information required to be tagged using judgement where necessary;
– Ensuring consistency between iXBRL tagged data and the Consolidated Financial 
Statements presented in human-readable format; and
– For such internal control as Management determines necessary to enable the 
preparation of an Annual Report that is compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the Annual Report is 
prepared, in all material respects, in compliance with the ESEF Regulation based on the 
evidence we have obtained, and to issue a report that includes our opinion. The nature, 
timing and extent of procedures selected depend on the auditor’s judgement, including 
the assessment of the risks of material departures from the requirements set out in the 
ESEF Regulation, whether due to fraud or error. The procedures include:
– Testing whether the Annual Report is prepared in XHTML format;
– Obtaining an understanding of the company’s iXBRL tagging process and of internal 
control over the tagging process;
– Evaluating the completeness of the iXBRL tagging of the Consolidated Financial 
Statements;
– Evaluating the appropriateness of the company’s use of iXBRL elements selected from 
the ESEF taxonomy and the creation of extension elements where no suitable element 
in the ESEF taxonomy has been identified;     
– Evaluating the use of anchoring of extension elements to elements in the ESEF 
taxonomy; and
– Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.
In our opinion, the Annual Report of Novo Nordisk A/S for the financial year 1 January to 
31 December 2020 with the file name NOVO-2020-12-31.zip is prepared, in all material 
respects, in compliance with the ESEF Regulation.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements – ESG Assurance Report  /  Additional information
Novo Nordisk Annual Report 2020  /  91
Hellerup, 3 February 2021
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab 
CVR no 3377 1231
Mogens Nørgaard Mogensen
State Authorised Public Accountant 
mne21404
Mads Melgaard
State Authorised Public Accountant 
mne34354
Independent Assurance Report on the ESG statement
To the Stakeholders of Novo Nordisk A/S
Novo Nordisk A/S engaged us to provide limited assurance on the Consolidated ESG 
statement stated in the Annual Report of Novo Nordisk for the year ended 31 December 
2020.
Our conclusion
Based on the procedures we performed and the evidence we obtained:
A. nothing has come to our attention that causes us to believe that the Consolidated ESG 
statement of Novo Nordisk’s Annual Report for the year ended 31 December 2020 has 
not been prepared, in all material respects, in accordance with the Reporting Criteria; 
and
B. nothing has come to our attention that causes us to believe that the description of 
Novo Nordisk’s alignment with the AA1000 Accountability Principles (AA1000AP) (2018) 
of Inclusivity, Materiality, Responsiveness and Impact is not fairly stated.
This conclusion is to be read in the context of what we say in the remainder of our report. 
What we are assuring 
The scope of our work was limited to assurance over:
A. the Consolidated ESG statement and associated notes on pages 81 - 87 in the Annual 
Report of Novo Nordisk;
B. Novo Nordisk’s description of alignment with the AA1000AP principles of Inclusivity, 
Materiality, Responsiveness and Impact for the year ended 31 December 2020 which is 
set out on page 82 (the stakeholder engagement description) of the Annual Report.
Professional standards applied and level of assurance
We performed a limited assurance engagement in accordance with International 
Standard on Assurance Engagements 3000 (Revised) ‘Assurance Engagements other than 
Audits and Reviews of Historical Financial Information’ and, in respect of the greenhouse 
gas emissions stated on pages 81 and 83 in accordance with International Standard on 
Assurance Engagements 3410 ‘Assurance engagements on greenhouse gas statements’ 
and AA1000 Assurance Standard (AA1000AS, 2008) with 2018 Addendum (Type 2, 
moderate, which is the equivalent to ISAE 3000 limited assurance). A limited assurance 
engagement is substantially less in scope than a reasonable assurance engagement in 
relation to both the risk assessment procedures, including an understanding of internal 
control, and the procedures performed in response to the assessed risks; consequently, 
the level of assurance obtained in a limited assurance engagement is substantially 
lower than the assurance that would have been obtained had a reasonable assurance 
engagement been performed.
Our independence and quality control
We have complied with the Code of Ethics for Professional Accountants issued by the 
International Ethics Standards Board for Accountants, which includes independence and 
other ethical requirements founded on fundamental principles of integrity, objectivity, 
professional competence and due care, confidentiality and professional behaviour. We 
also qualify as independent as defined by the AA1000AS. The firm applies International 
Standard on Quality Control 1 and accordingly maintains a comprehensive system of 
quality control including documented policies and procedures regarding compliance 
with ethical requirements, professional standards and applicable legal and regulatory 
requirements. Our work was carried out by an independent multidisciplinary team with 
experience in sustainability reporting and assurance.
Understanding reporting and measurement methodologies
The Consolidated ESG statement needs to be read and understood together with the 
Reporting Criteria (pages 82 - 87), which Novo Nordisk A/S is solely responsible for selecting 
and applying. The absence of a significant body of established practice on which to draw 
to evaluate and measure non-financial information allows for different, but acceptable, 
measurement techniques and can affect comparability between entities and over time. 
Work performed
A. We are required to plan and perform our work in order to consider the risk of material 
misstatement of the Consolidated ESG statement. In doing so, we:
– conducted interviews to understand the key processes and control activities for 
reporting data;
– obtained an understanding of the key processes and controls for managing, recording 
and reporting;
– performed limited substantive testing on a selective basis to check that data had been 
appropriately measured, recorded, collated and reported;
– performed analysis of data selected on the basis of risk and materiality to the group;
– made inquiries to significant development in reported data;
– considered the presentation and disclosure of the Consolidated ESG statement; and 
– assessed that the process for reporting greenhouse gas emissions data comply with 
the principles of relevance, completeness, consistency, transparency and accuracy 
outlined in the greenhouse gas protocol (2003).
B. In respect of Novo Nordisk’s description of alignment with the AA1000AP of Inclusivity, 
Materiality, Responsiveness and Impact we performed the following activities:
– interviewed members of Novo Nordisk’s Board of Directors and Executive Management 
team, representatives responsible for Corporate and Commercial Strategy at global 
level and within International Operations, key employees in Global Public Affairs 
and Sustainability to determine their understanding of Novo Nordisk’s stakeholders, 
the mechanisms used to engage them and key issues that are of interest to each 
stakeholder group;
– interviewed external stakeholders to determine their perception of Novo Nordisk’s 
stakeholder engagement capabilities, particularly, in relation to understanding and 
responding to material concerns, needs and desires linked to access and affordability 
regarding medicin and Circular for Zero;
– reviewed evidence on a selective basis to support the assertions made in these 
interviews and in the stakeholder engagement description;
– confirmed the systems and procedures to support Novo Nordisk’s governance for 
responsible business conduct and stakeholder relationships. Our work focused on 
how Novo Nordisk intends to deliver on the Atrategic Aspiration of Purpose and 
sustainability and to what extend it is aligned with stakeholder needs and concerns and 
Novo Nordisk’s aim of being a truly sustainable company; and
– assessed the disclosure and presentation of the stakeholder engagement description.
Novo Nordisk’s responsibilities
Management are responsible for:
– designing, implementing and maintaining internal controls over information relevant 
to the preparation of the Consolidated ESG statement that is free from material 
misstatement, whether due to fraud or error; 
– establishing objective Reporting Criteria for preparing the Consolidated ESG statement;
– preparing the greenhouse gas protocol statement in accordance with the defined 
Reporting Criteria. Greenhouse gas quantification is subject to inherent uncertainty 
because of incomplete scientific knowledge used to determine emissions factors and 
the values needed to combine emissions of different gases;
– measuring and reporting the Consolidated ESG statement based on the Reporting 
Criteria; and
– the content of the Annual Report 2020.
Our responsibility
We are responsible for:
– planning and performing the engagement to obtain limited assurance about whether 
the Consolidated ESG statement is free from material misstatement, whether due to 
fraud or error;
– forming an independent conclusion, based on the procedures we performed and the 
evidence we obtained; and
– reporting our conclusion to the Stakeholders of Novo Nordisk A/S.
Observations and recommendations
According to AA1000AS, we are required to include observations and recommendations 
for improvements in relation to adherence to the AA1000AP. We have no significant 
recommendations regarding Inclusivity, Materiality, Responsiveness and Impact. We 
have communicated a number of minor recommendations for improvement to the 
Management.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  92
More information
Additional reporting
Novo Nordisk provides additional disclosure to satisfy legal requirements 
and stakeholder interests. Supplementary reports can be downloaded from 
novonordisk.com/annualreport, while additional information can be found at 
novonordisk.com
Materiality
Novo Nordisk leans on the International Integrated Reporting Council’s 
definition of materiality. Information deemed material for providers of 
financial capital in their decision-making is included in the Annual Report, i.e. 
of such relevance and importance that it could substantively influence their 
assessments of Novo Nordisk’s ability to create value over the short, medium 
and long term. See how Novo Nordisk determines materiality and material 
issues at novonordisk.com
Annual Report
This Annual Report is Novo Nordisk’s full statutory Annual Report pursuant 
to Section 149(1) of the Danish Financial Statements Act. 
The statutory Annual Report will be presented and adopted at the annual 
general meeting on 25 March 2021 and will subsequently be submitted to 
and be available at the Danish Business Authority. 
The Annual Report is prepared in accordance with the International Financial 
Reporting Standards and the Danish Financial Statements Act. Moreover, 
it meets the requirements of an integrated report, as per the International 
Integrated Reporting Framework.
The Annual Report also meets the requirements for Communication on 
Progress to the UN Global Compact, a voluntary reporting on performance 
towards its 10 principles on human rights, labour rights, environment and 
anti-corruption and additional progress reporting on corporate sustainability 
leadership and UN goals. The Annual Report also adheres to the UN Guiding 
Principles Reporting Framework on respect of human rights.
Form 20 F
The Form 20-F is filed using a standardised reporting form so that investors 
can evaluate the company alongside US domestic equities. It is an annual 
reporting requirement by the US Securities and Exchange Commission (SEC) 
for foreign private issuers with equity shares listed on exchanges in the 
United States.
Remuneration report
The remuneration report includes the total remuneration received by each 
member of the Board of Directors and the Executive Management of Novo 
Nordisk A/S from 2016 to 2020.
Corporate governance report
The corporate governance report discloses Novo Nordisk’s compliance with 
Danish Corporate Governance Recommendations to meet the requirements 
of the Danish Financial Statements Act.
References
Throughout the management review section in this report, links are provided 
to online sources for additional information. Some of the references are not 
mandatory and hence not included in the audit of the management review.
For more news from Novo Nordisk, visit
novonordisk.com/investors.html
novonordisk.com/news-and-media/latest-news.html
Credits
Design and production: Kontrapunkt. 
Photography: Gustavo Aranda Hernández, Oliver Grenaa, Martin Nordmark.

Introducing Novo Nordisk  /  Strategic Aspirations  /  Corporate governance  /  Consolidated statements  /  Additional information
Novo Nordisk Annual Report 2020  /  93
Product overview
Diabetes care
New-generation insulin and 
combinations
Tresiba®, insulin degludec
Ryzodeg® 70/30, insulin degludec/
insulin aspart 
Fiasp®, fast-acting insulin aspart 
Xultophy®*, insulin degludec/liraglutide
Modern insulin
Levemir®, insulin detemir 
NovoRapid®**, insulin aspart
NovoMix® 30, biphasic insulin aspart 
NovoMix® 50, biphasic insulin aspart 
NovoMix® 70, biphasic insulin aspart
Human insulin
lnsulatard®, isophane (NPH) insulin 
Actrapid®, regular human insulin
Mixtard® 30, biphasic human insulin 
Mixtard® 40, biphasic human insulin 
Mixtard® 50, biphasic human insulin
Glucagon-like peptide-1 
Victoza®, liraglutide 
Ozempic®, semaglutide
Rybelsus®, oral semaglutide
Diabetes delivery systems 
Pre-filled delivery system
FlexTouch®, U100, U200 
FlexPen®
InnoLet®
Ozempic® pen
Ozempic® Single dose device 
(approved in Japan) 
Durable delivery systems
NovoPen® 5
NovoPen® 4
NovoPen Echo®
Other delivery systems
PumpCart®, NovoRapid® and Fiasp® 
cartridge to be used in pump
Cartridge Vial
Oral antidiabetic agents
NovoNorm®, repaglinide
Glucagon
GlucaGen®, glucagon for diagnostic use
GlucaGen® Hypokit, glucagon 
emergency kit for severe hypoglycaemia
Needles
NovoFine® Plus 
NovoFine®
NovoTwist®
NovoFine® 
AutoCover®
Obesity care
Glucagon-like peptide-1
Saxenda®, liraglutide 3 mg
Obesity delivery systems
Saxenda® pen
Biopharm
Haemophilia
NovoSeven®, recombinant factor VIia, 
also available with pre-filled syringe in 
an increasing number of countries
NovoEight®***, recombinant factor VIII 
NovoThirteen®, recombinant factor XIII 
Refixia®****, Nonacog beta pegol; 
N9/GP Esperoct®, Turoctocog alfa 
pegol, NS-GP
Human growth hormone
Norditropin®, somatropin (rDNA origin) 
Macrilen, Macimorelin; growth hormone 
secretagogue receptor agonist
Human growth hormone delivery system 
Pre-filled delivery system
FlexPro®
NordiFlex®
Nordilet®
NordiPen®
Durable delivery systems
Durable multi-dose delivery system to be used 
with Norditropin® SimpleXx®
Other delivery system
PenMate®, automatic needle inserter
(for NordiPen® and NordiFlex®)
Hormone replacement therapy
Vagifem®, estradiol hemihydrate
Activelle®, estradiol/norethisterone acetate 
Kliogest®, estradiol/norethisterone acetate 
Novofem®, estradiol/norethisterone acetate 
Trisequens®, estradiol/norethisterone acetate 
Estrofem®, estradiol
* 	
in the US approved under the brand name 
Xultophy® 100/3.6
** 	
in the US called NovoLog®
*** 	 in the US spelt Novoeight®
**** 	in the US approved under the name of REBINYN®
2021 financial calender
3 February 2021
Financial statement for 2020 and Annual Report 2020 
25 March 2021
Annual General meeting 2020
26 March 2021
Ex-dividend
29 March 2021
Record date
30 March 2021
Payment, B shares
9 April 2021
Payment, ADRs
5 May 2021
Financial statement for the first three months of 2021
5 August 2021
Financial statement for the first six months of 2021
16 August 2021
Ex-dividend
17 August 2021
Record date
18 August 2021 
Payment, B shares
25 August 2021 
Payment, ADRs
3 November 2021
Financial statement for the first nine months of 2021
2022 financial calendar
2 February 2022
Financial statement for 2021 and Annual Report 2021 
Headquarters 
Novo Nordisk A/S
Novo Allé
2880 Bagsværd
Denmark 
Tel +45 4444 8888
CVR number 24 25 67 90
novonordisk.com
Investor Service
We welcome enquiries and feedback 
to the Annual Report via 
https://www.novonordisk.com/contact-us.html
Shareholders’ enquiries concerning dividend 
payments and shareholder accounts should 
be addressed to: 
investor-relations@novonordisk.com
ADR holders’ enquiries concerning dividend 
payments, transfer of ADR certificates, 
consolidation of accounts and tracking 
of ADRs should be addressed to:
JPMorgan Chase Bank, N.A
Toll free number: Phone: 1 800 990 1135
Outside the U.S.: Phone: +1 651 453 2128
Regular correspondence:
Shareowner Services
P.O. Box 64504
St. Paul, MN 55164-0504
Email: StockTransfer@equiniti.com

Financial statements of the parent company
Novo Nordisk Annual Report 2020  /  94
Financial statements of the parent company 2020
Income statement
For the year ended 31 December
DKK million
Note
2020
2019
Net sales
2
100,940
93,440
Cost of goods sold
3
20,662
17,940
Gross profit
80,278
75,500
Sales and distribution costs
3
26,673
23,619
Research and development costs
3
14,524
12,858
Administrative costs
3
1,913
1,837
Other operating income, net
1,976
2,204
Operating profit
39,144
39,390
Profit in subsidiaries, net of tax
8
10,394
10,497
Financial income
4
2,144
485
Financial expenses
4
2,238
3,707
Profit before income taxes
49,444
46,665
Income taxes
7,285
7,413
Net profit
42,159
39,252
Balance sheet
At 31 December
DKK million
Note
2020
2019
Assets
Intangible assets
6
7,938
3,428
Property, plant and equipment
7
25,322
24,724
Financial assets
8
43,598
33,876
Deferred income tax assets
5
—
95
Other receivables and prepayments
218
239
Total non-current assets
77,076
62,362
Raw materials
2,781
2,357
Work in progress
10,647
9,761
Finished goods
2,246
2,590
Inventories
15,674
14,708
Trade receivables
1,523
1,687
Amounts owed by affiliated companies
15,893
14,302
Tax receivables
—
295
Other receivables and prepayments
2,353
1,340
Receivables
19,769
17,624
Derivative financial instruments
9
2,332
188
Cash at bank
11,509
14,067
Total current assets
49,284
46,587
Total assets
126,360
108,949
The following pages comprise the financial statements of the parent company, the legal entity Novo Nordisk A/S. 
Apart from ownership of the subsidiaries in the Novo Nordisk Group, activity within the parent company mainly 
comprises sales, research and development, production, corporate activities and support functions.
DKK million
Note
2020
2019
Equity and liabilities
Share capital
470
480
Net revaluation reserve according to 
the equity method
9,749
15,340
Development costs reserve
959
811
Reserve for cash flow hedge
1,617
(323)
Retained earnings
50,241
41,124
Total equity
63,036
57,432
Borrowings
10
596
715
Deferred income tax liabilities
5
523
—
Other provisions
11
1,348
995
Total non-current liabilities
2,467
1,710
Borrowings
10
6,275
165
Derivative financial instruments
9
1,365
734
Trade payables
2,910
2,673
Amounts owed to affiliated 
companies
40,931
40,754
Tax payables
3,114
74
Other liabilities
11
6,262
5,407
Total current liabilities
60,857
49,807
Total liabilities
63,324
51,517
Total equity and liabilities
126,360
108,949

Financial statements of the parent company
Novo Nordisk Annual Report 2020  /  95
Equity statement
DKK million
Share 
capital
Net 
revaluation 
reserve
Reserve for 
cash flow 
hedges
Develop- 
ment costs 
reserve
Retained 
earnings
2020
2019
Balance at the beginning of the year
480
15,340
(323)
811
41,124
57,432
51,505
Appropriated from net profit
24,995
24,995
15,377
Appropriated from net profit to net revaluation reserve
(3,902)
(3,902)
4,224
Exchange rate adjustments of investments in subsidiaries
(1,689)
(1,689)
226
Effect of cash flow hedges transferred to the income statement
1,940
1,940
1,506
Fair value adjustments of cash flow hedges for the year
—
(323)
Development costs
148
(148)
—
—
Other adjustments
(179)
(179)
(155)
Transactions with owners:
Total dividend for the year
21,066
21,066
19,651
Interim dividends paid during the year
(7,570)
(7,570)
(7,100)
Dividends paid for prior year
(12,551)
(12,551)
(12,309)
Reduction of the B share capital
(10)
10
—
—
Purchase of treasury shares
(16,855)
(16,855)
(15,334)
Share-based payments (note 3)
327
327
148
Tax related to restricted stock units
22
22
16
Balance at the end of the year
470
9,749
1,617
959
50,241
63,036
57,432
Proposed appropriation of net profit:
Interim dividend for the year
7,570
7,100
Final dividend for the year
13,496
12,551
Appropriated to net revaluation reserve
(3,902)
4,224
Transferred to retained earnings
24,995
15,377
Distribution of net profit
42,159
39,252
Please refer to note 4.1 in the consolidated financial statements for 
details on the average number of shares, treasury shares and total 
number of A and B shares in Novo Nordisk A/S.

Financial statements of the parent company
Novo Nordisk Annual Report 2020  /  96
Notes
To the extent that net profit exceeds declared dividends from such 
companies, the net revaluation of investments in subsidiaries and associated 
companies is transferred to net revaluation reserve under equity according 
to the equity method. Profits in subsidiaries and associated companies are 
disclosed as profit after tax.
Tax
For Danish tax purposes, the parent company is assessed jointly with its 
Danish subsidiaries. The Danish jointly taxed companies are included in a 
Danish on-account tax payment scheme for Danish corporate income tax. All 
current taxes under the scheme are recorded in the individual companies. 
Novo Nordisk A/S and its Danish subsidiaries are included in the joint 
taxation of the parent company, Novo Holdings A/S.
2 Sales
DKK million
2020
2019
Sales by business segment
Diabetes and Obesity care
100,741
93,192
Biopharm
199
248
Total sales
100,940
93,440
Sales by geographical segment
North America Operations
52,054
50,326
International Operations:
EMEA
25,124
22,941
China
12,554
10,326
Rest of World
11,208
9,847
Total sales
100,940
93,440
Sales are attributed to a geographical segment based on location of the 
customer. For definitions of segments, please refer to note 2.2 in the 
consolidated financial statements. Refer to note 5.6 in the consolidated 
financial statements for an overview of companies in the Novo Nordisk 
Group based on geographical areas.
3 Employee costs
DKK million
2020
2019
Wages and salaries
11,503
10,668
Share-based payment costs
327
148
Pensions
1,045
1,009
Other social security contributions
176
197
Other employee costs
299
393
Total employee costs in the income 
statement
13,350
12,415
Average number of full-time employees
15,782
15,550
Year-end number of full-time employees
16,151
15,442
For information regarding remuneration to the Board of Directors and 
Executive Management, please refer to note 2.4 to the consolidated financial 
statements.
4 Financial income and financial expenses
DKK million
2020
2019
Interest income relating to subsidiaries
263
432
Result of associated company
21
36
Foreign exchange gain (net)
1,751
—
Other financial income
109
17
Total financial income
2,144
485
Interest expenses relating to subsidiaries
137
588
Foreign exchange loss (net)
—
426
Financial loss from forward contracts (net)
1,777
2,470
Other financial expenses
324
223
Total financial expenses
2,238
3,707
1 Accounting policies
The financial statements of the parent company have been prepared in 
accordance with the Danish Financial Statements Act (Class D) and other 
accounting regulations for companies listed on Nasdaq Copenhagen. 
The accounting policies for the financial statements of the parent company 
are unchanged from the previous financial year except for a change of 
presentation of equity. The accounting policies are the same as for the 
consolidated financial statements with the adjustments described below. 
For a description of the accounting policies of the Group, please refer to the 
consolidated financial statements.
No separate statement of cash flows has been prepared for the parent 
company; please refer to the statement of cash flows for the Group.
Change of presentation of equity
The Danish Financial Statements Act has been amended effective from 1
January 2020 to require an equity reserve corresponding to income and
expenses on cash flow hedges recognised in equity ('Reserve for cash flow
hedges'). These transactions have previously been recognised in retained 
earnings. The reserve for cash flow hedges is distributable.
The amendment has been implemented retrospectively. The impact at the
beginning of 2019 is recognition of a reserve for cash flow hedges 
amounting to DKK (1,506) million and a corresponding increase in retained 
earnings. The implementation had no impact on total equity. The movement 
in the reserve for 2019 amounted to DKK 1,183 million, resulting in a reserve 
of DKK (323) million at the end of 2019.
Supplementary accounting policies for the parent company
Financial assets
In the financial statements of the parent company, investments in 
subsidiaries and associated companies are recorded under the equity 
method, using the respective share of the net asset values in subsidiaries 
and associated companies. The equity method is used as a measurement 
basis rather than a consolidation method. The net profit of subsidiaries and 
associated companies less unrealised intra-group profits is recorded in the 
income statement of the parent company.

Financial statements of the parent company
Novo Nordisk Annual Report 2020  /  97
5 Deferred income tax assets/(liabilities)
DKK million
2020
2019
Net deferred tax asset/(liability) at the beginning 
of the year
95
(137)
Income/(charge) to the income statement
(18)
460
Income/(charge) to equity
(600)
(228)
Net deferred tax asset/(liability) at the end of 
the year
(523)
95
The Danish corporate tax rate was 22% in 2020 (22% in 2019). 
6 Intangible assets
DKK million
2020
2019
Cost at the beginning of the year
6,065
4,887
Additions during the year
5,165
1,190
Disposals during the year
(153)
(12)
Cost at the end of the year
11,077
6,065
Amortisation at the beginning of the year
2,637
2,088
Amortisation during the year
306
271
Impairment losses for the year
349
290
Amortisation and impairment losses reversed 
on disposals during the year
(153)
(12)
Amortisation at the end of the year
3,139
2,637
Carrying amount at the end of the year
7,938
3,428
Intangible assets primarily relate to patents and licences, internally 
developed software and costs related to major IT projects.
7 Property, plant and equipment
DKK million
Land and 
buildings
Plant and 
machinery
Other 
equipment
Assets 
under 
con-
struction
2020
2019
Cost at the beginning of the year
20,757
20,816
3,732
4,240
49,545
47,292
Change of accounting policy for leases
—
—
—
—
—
1,010
Additions during the year
152
581
123
2,233
3,089
2,021
Disposals during the year
(69)
(526)
(40)
(16)
(651)
(778)
Transfer from/(to) other items
1,254
1,476
198
(2,928)
—
—
Cost at the end of the year
22,094
22,347
4,013
3,529
51,983
49,545
Depreciation and impairment losses at the beginning of the year
8,352
14,367
2,102
—
24,821
23,151
Depreciation for the year
1,023
1,038
326
—
2,387
2,283
Impairment losses for the year
8
69
4
16
97
164
Depreciation reversed on disposals during the year
(69)
(520)
(39)
(16)
(644)
(777)
Depreciation and impairment losses at the end of the year
9,314
14,954
2,393
—
26,661
24,821
Carrying amount at the end of the year
12,780
7,393
1,620
3,529
25,322
24,724
Of which related to leased property, plant and equipment
709
—
54
—
763
877
Leased property, plant and equipment primarily relates to lease of office buildings, warehouses, laboratories and vehicles.

Financial statements of the parent company
Novo Nordisk Annual Report 2020  /  98
8 Financial assets
DKK million
Invest- 
ments in 
subsidiaries
Amounts 
owed by 
affiliated 
companies
Invest- 
ment in 
associated 
company
Other 
securities 
and invest-
ments
2020
2019
Cost at the beginning of the year
8,933
8,257
105
1,198
18,493
17,277
Investments during the year
21,816
7,789
24
29,629
5,409
Divestments and repayments during the year
(1,575)
(11,999)
(2)
(13,576)
(4,193)
Cost at the end of the year
29,174
4,047
105
1,220
34,546
18,493
Value adjustments at the beginning of the year
28,652
267
108
(224)
28,803
28,952
Profit/(loss) before tax
18,187
18,187
16,514
Share of result after tax in associated company
21
21
36
Income taxes on profit for the year
(3,748)
(3,748)
(2,226)
Market value adjustment
(171)
(171)
(187)
Dividends received
(16,767)
(18)
(16,785)
(6,320)
Divestments during the year
(3)
(3)
—
Effect of exchange rate adjustment
(2,537)
(512)
(54)
(3,103)
450
Other adjustments
2,468
2,468
(215)
Transfer between unrealised internal profit and value adjustment
—
(8,201)
Value adjustments at the end of the year
26,255
(245)
111
(452)
25,669
28,803
Unrealised internal profit at the beginning of the year
(13,420)
(13,420)
(17,760)
Unrealised internal profit movements in the year
(4,045)
(4,045)
(3,791)
Effect of exchange rate adjustment
848
848
(70)
Transfer between unrealised internal profit and value adjustment
—
8,201
Unrealised internal profit at the end of the year
(16,617)
—
—
—
(16,617)
(13,420)
Carrying amount at the end of the year
38,812
3,802
216
768
43,598
33,876
The carrying amount of investments in subsidiaries does not include 
capitalised goodwill at the end of the year. For a list of companies in 
the Novo Nordisk Group, please refer to note 5.6 to the consolidated 
financial statements.

Financial statements of the parent company
Novo Nordisk Annual Report 2020  /  99
9 Derivatives
For information on derivative financial instruments, please refer to note 4.3 
to the consolidated financial statements. 
10 Borrowings
DKK million
2020
2019
Within 1 year
6,275
165
1-5 years
470
523
More than 5 years
126
192
Total borrowings
6,871
880
Borrowings within one year includes a DKK 5,577 million loan. The 
remainder of Borrowings are related to lease liabilities.
11 Other provisions
Provisions for pending litigations are recognised as other provisions. 
For information on pending litigations, please refer to note 3.6 to the 
consolidated financial statements. Furthermore, as part of normal business 
Novo Nordisk issues credit notes for expired goods. Consequently, a 
provision for future returns is made, based on historical product return 
statistics. 
12 Related party transactions
For information on transactions with related parties, please refer to note 5.3 
to the consolidated financial statements. 
Transactions with CS Solar Fund XIV disclosed in note 5.3 in the consolidated 
financial statements are not related to the parent company. The parent 
company’s share of services provided by NNIT Group amounts to DKK 638 
million (DKK 758 million in 2019). 
Novo Nordisk A/S is included in the consolidated financial statements of 
Novo Nordisk Foundation. 
13 Fee to statutory auditors
DKK million
2020
2019
Statutory audit
8
8
Audit-related services
3
3
Tax advisory services
5
6
Other services
1
3
Total fee to statutory auditors
17
20
14 Commitments and contingencies
DKK million
2020
2019
Commitments
Leases1
137
175
Potential milestone payments2
6,794
4,464
Guarantees given for subsidiaries
8,490
10,011
Other guarantees
101
130
1. Lease commitments predominantly relate to estimated variable property taxes and low 
value assets. 
2. Potential milestone payments are associated with uncertainty as they are linked 
to successful achievements in research activities; please refer to note 5.2 to the 
consolidated financial statements.
Novo Nordisk A/S and its Danish subsidiaries are jointly taxed with the 
Danish companies in Novo Holdings A/S. The joint taxation also covers 
withholding taxes in the form of dividend tax, royalty tax and interest tax. 
The Danish companies are jointly and severally liable for the joint taxation. 
Any subsequent adjustments to income taxes and withholding taxes may 
lead to a larger liability. The tax for the individual companies is allocated in 
full on the basis of the expected taxable income. 
For information on pending litigation and other contingencies, please refer 
to notes 3.6 and 5.2 to the consolidated financial statements.