Financial report for the period 1 January 2023 to 31 December 2023
31 January 2024

Novo Nordisk's sales increased by 31% in Danish kroner and by 36% at constantexchange rates to DKK 232.3 billion in 2023
• Operating profit increased by 37% in Danish kroner and by 44% at constant exchange rates (CER) to DKK 102.6 billion.
• Sales in North America Operations increased by 50% in Danish kroner (54% at CER). Sales in International Operations
increased by 11% in Danish kroner (16% at CER).
• Sales within Diabetes and Obesity care increased by 38% in Danish kroner to DKK 215.1 billion (42% at CER), mainly
driven by GLP-1 diabetes sales growth of 48% in Danish kroner (52% at CER) and Obesity care growing by 147% in
Danish Kroner to DKK 41.6 billion (154% at CER). Rare disease sales decreased by 16% measured in Danish kroner (15%
at CER) reflecting a reduction in manufacturing output.
• In January 2024, Novo Nordisk successfully completed the first phase 3a trial with IcoSema, a fixed-ratio once-weekly
combination of basal insulin icodec and semaglutide and a phase 1 trial with oral amycretin within Obesity care.
• For the 2024 outlook, sales growth is expected to be 18-26% at CER, and operating profit growth is expected to be
21-29% at CER. Sales and operating profit growth reported in Danish kroner is expected to be 1 and 2 percentage
points lower than at CER, respectively.
• At the Annual General Meeting on 21 March 2024, the Board of Directors will propose a final dividend of DKK 6.40 for
2023 per share. The expected total dividend for 2023 is DKK 9.40 per share, of which DKK 3.00 was paid as interim
dividend in August 2023. The Board of Directors has decided to initiate a new share repurchase programme of up to
DKK 20 billion.
2023

2022

Growthas reported

Growthat CER*

Net sales

232,261

176,954

31%

36%

Operating profit

102,574

74,80937%

44%

Net profit

83,68355,52551%

N/A

Diluted earnings per share (in DKK)

18.62

12.22

52%

N/A

PROFIT AND LOSSDKK million* CER: Constant exchange rates (average 2022).

Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the strong performance in 2023 reflecting that
more than 40 million people are now benefiting from our innovative diabetes and obesity treatments. We continue tomake progress on our strategic aspirations. Our focus in 2024 will be on reaching more patients, progressing andexpanding our pipeline as well as the continued significant expansion of our production capacity."

On 31 January 2024 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in
via a link on novonordisk.com, which can be found under ‘Investors’.

Novo Nordisk A/SInvestor Relations

Novo Alle 12880 Bagsværd
Denmark

Telephone:+45 4444 8888
www.novonordisk.com

CVR Number:
24 25 67 90

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 2 of 33

STRATEGIC ASPIRATIONSSTRATEGIC ASPIRATIONS 2025
The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo
Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation toeach of the four dimensions on an ongoing basis.
Other Serious Chronic Disease (OSCD) has been renamed to Cardiovascular & Emerging Therapy Areas to reflect thatcardiovascular disease is the main strategic priority.
Performance highlights for 2023 (blue indicates fourth-quarter developments)
PERFORMANCE HIGHLIGHTS

Purpose and sustainability (ESG)
Progress towards zero environmental impact:–

Carbon emissions from operations and transportation decreased by
34% compared to 2019 (decreased by 8% compared to 2022)–

Human insulin with more flexible storage without refrigeration
now approved in 29 countries–

Partnership with Aspen to produce human insulin for people
living with diabetes in Africa

Adding value to society:––

Medical treatment provided to 40.5 million people living withdiabetes®
Reached more than 52,000 children in Changing Diabetes inChildren programme

Being recognised as a sustainable employer:–

Share of women in senior leadership positions has increased to
41% from 39% in 2022–

Acquisition of Inversago Pharma and phase 2 trial initiated with
INV-202 and phase 1 trial initiated with INV-347
Successful completion of phase 1 trial with oral amycretin

Innovation and therapeutic focus
Further raise innovation bar for diabetes treatment:
–
–
–
–
–

Regulatory submission of once-weekly insulin icodec in the EU,
the US and China
Successful completion of phase 3 trial with higher doses of oralsemaglutide
Initiation of phase 3a trial with CagriSema in type 2 diabetes
FLOW kidney outcomes trial stopped based on interim analysis
due to efficacy
Successful completion of phase 3 trial with IcoSema––

Strengthen and progress Rare disease pipeline:–

Successful completion of phase 3 trial with 50 mg of oralsemaglutide
Successful completion of SELECT cardiovascular outcomes trial
Successful completion of STEP HFpEF phase 3 trials

Somapacitan approved in the US, EU and Japan for thetreatment of growth hormone deficiency in children

Establish presence in Cardiovascular & Emerging Therapy Areas:–

Develop superior treatment solutions for obesity:
–

–

–
–
–

Phase 1 trials initiated with cell therapy treatment in heart failure
and Parkinson's disease
Acquisition of ocedurenone for the treatment of hypertension
Phase 1 trial initiated with ANGPTL3i mAb
Phase 1 trial initiated with VAP-1i in MASH

Commercial execution
Strengthen diabetes leadership to more than one-third:

More than DKK 25 billion in Obesity sales by 2025:––

Diabetes value market share increased by 1.9 percentage points to33.8% (MAT)

Obesity care sales increased by 154% (CER) to DKK 41.6 billion

Secure a sustained growth outlook for Rare Disease:–

Rare disease sales decreased by 15% (CER) to DKK 17.2 billion

Financials
Deliver solid sales and operating profit growth:

Drive operational efficiencies:–––

Sales growth of 36% (CER)
Operating profit growth of 44% (CER)

Enable attractive capital allocation to shareholders:––

Strategic
aspirations

Performancehighlights

Commercial
execution

Operational leverage reflecting sales growth

Financials

Cash flow andcapital allocation

Free cash flow of DKK 68.3 billion
DKK 61.7 billion returned to shareholders

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 3 of 33

PERFORMANCE HIGHLIGHTSFINANCIAL HIGHLIGHTS FOR 2023
% change2023 to2022 at
CER

2023

2022

2021

2020

2019

% change2023 to2022

232,261

176,954

140,800

126,946

122,02131%

36%

Gross profit
Gross margin

196,49684.6%

148,506
83.9%

117,14283.2%

106,014
83.5%

101,933
83.5%

32%

37%

Sales and distribution costs
Percentage of sales(56,743)24.4%(46,217)26.1%(37,008)26.3%(32,928)25.9%(31,823)
26.1%

23%

26%

Research and development costs
Percentage of sales(32,443)
14.0%(24,047)
13.6%(17,772)
12.6%(15,462)12.2%(14,220)
11.7%

35%

37%

Administrative costs
Percentage of sales(4,855)
2.1%(4,467)
2.5%(4,050)2.9%(3,958)3.1%(4,007)
3.3%

9%

11%

119

1,034

332

460

600

(88%)

(88%)

37%

44%

PROFIT AND LOSS
(Amounts are in DKK million, except for earnings per
share)Net sales

1)

Other operating income and expenses
Operating profit (EBIT)

1)

102,574

74,80958,644

54,12652,483Operating margin

44.2%

42.3%

41.7%

42.6%

43.0%

Financial items (net)

2,100(5,747)

436

(996)

(3,930)(137%)

N/A

Profit before income taxes

104,674

69,06259,08053,13048,553

52%

N/A

Income taxes
Effective tax rate

(20,991)
20.1%(13,537)
19.6%(11,323)
19.2%(10,992)
20.7%(9,602)
19.8%

55%

N/A

Net profit
Net profit margin

83,68336.0%

55,52531.4%

47,75733.9%

42,13833.2%

38,951
31.9%

51%

N/A

9,413

7,362

6,025

5,753

5,661

28%

N/A

25,806

12,146

6,335

5,825

8,932

112%

N/A

108,908

78,88755,00051,951

46,782

38%

N/A

111,987
68,32682,171
57,36264,66929,31959,87928,56558,14434,451

36%
19%

N/A
N/A

314,486
106,56133.9%

241,257
83,486
34.6%

194,508
70,74636.4%

144,922
63,325
43.7%

125,61257,593
45.8%

30%
28%

N/A
N/A

18.62

12.22

10.37

9.01

8.19

52%

N/A

9.40

6.20

5.20

4.55

4.18

52%

N/A

50.2%

50.3%

49.6%

50.0%

50.5%

OTHER KEY NUMBERS
Depreciation, amortisation andimpairment losses
Capital expenditure (PP&E)
Net cash generated from operating
activities
1)
EBITDA
1)
Free cash flow
Total assets
EquityEquity ratio
Diluted earnings per share / ADR (in
DKK)
2)
Total dividend per share
Payout ratio

3)

1)

See appendix 7: Non-IFRS financial measures (additional information).

2)

Total dividend for the financial year 2023 including proposed final dividend of DKK 6.40 per share and interim dividend paid in August 2023 of DKK 3.00 per share.

3)

Total dividend for the year as a percentage of net profit.

The Board of Directors and Executive Management have approved the Annual Report 2023 of Novo Nordisk A/S
including the audited consolidated financial statements. The Board of Directors and Executive Management also
approved this unaudited financial statement containing condensed financial information for 2023. This financial
statement is prepared in accordance with the recognition and measurement requirements of the IFRS AccountingStandards as issued by IASB and IFRS as endorsed by the EU.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 4 of 33

COMMERCIAL EXECUTIONSALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 31% measured in Danish kroner and by 36% at CER in 2023, driven by Diabetes care sales growth of 29%(CER) and Obesity care sales growth of 154% (CER). Rare disease sales decreased by 15% (CER). Sales growth has resulted
in periodic supply constraints and related drug shortage notifications across a number of products and geographies.

Sales split per therapy

Sales 2023
DKK million

Sales 2022
DKK million

Growthas reported

Growthat CER

Share of growthat CER

104,382
95,718
8,664
18,75072,07259,75012,322
11,299

45%
60%
(30%)
66%

50%
66%
(28%)
71%

56%
62%
(6%)
13%

123,132

83,371

48%

52%

69%

14,905

16,741

(11%)

(8%)

(2%)

9,574

10,562

(9%)

(1%)

0%

15,94917,463

(9%)

(7%)

(2%)

Diabetes and Obesity care segment
Injectable GLP-1®
- Ozempic®
- Victoza®
Rybelsus
Total GLP-1
1

Long-acting insulin
2

Premix insulin

3

Fast-acting insulin
Human insulin

7,594

8,186

(7%)

(8%)

(1%)

Total insulin

48,022

52,952

(9%)

(6%)

(5%)

Other Diabetes care

4

2,312

3,225

(28%)

(15%)

(1%)

Total Diabetes care

173,466

139,548

24%

29%

63%

Wegovy®
Saxenda31,343
10,2896,188
10,676

407%
(4%)

420%
0%

41%
0%

Total Obesity care

41,632

16,864

147%

154%

41%

Diabetes and Obesity care total

215,098

156,412

38%

42%

104%

Rare disease segment
5
Rare blood disorders

11,776

11,706

1%

3%

0%

®

6

Rare endocrine disorders

3,836

7,138

(46%)

(47%)

(4%)

Other Rare disease

1,551

1,698

(9%)

(4%)

0%

Rare disease total

17,163

20,542

(16%)

(15%)

(4%)

Total sales

232,261

176,954

31%

36%

100%

7

1)

Comprises Tresiba , Xultophy and Levemir .

2)Comprises Ryzodeg and NovoMix .

®

®

®

3)

Comprises Fiasp and NovoRapid .

4)

Primarily NovoNorm , needles and GlucaGen HypoKit .

®

®

®

®

®

®

®

®

®

®

5)

®

Comprises NovoSeven , NovoEight , Esperoct , Refixia and NovoThirteen .

6)

Primarily Norditropin and Sogroya .

7)Primarily Vagifem and Activelle .

®

Strategic
aspirations®

Performancehighlights

®

®

®

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 5 of 33

DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 24% measured in Danish kroner and by 29% at CER to DKK 173,466 million driven by
growth of GLP-1-based products. Novo Nordisk has improved the global diabetes value market share over the last 12
months to 33.8% from 31.9% in line with the aspiration of strengthening the Diabetes care leadership, aiming at reaching a
global value market share of more than one-third in 2025. The market share increase was driven by market share gains inboth North America Operations and International Operations.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from November
2022 and November 2023 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East andAfrica; Region China covers mainland China, Hong Kong and Taiwan; Rest of World covers all other countries except for
North America.

Diabetes care, development per geographical area

Novo Nordisk’s share of the total
diabetes market (value, MAT)

Diabetes care, sales development

November
2023

November
2022

Sales 2023
DKK million

Growthat CER

33.8%
35.2%
34.8%
28.3%
30.8%
32.2%
22.9%

31.9%
33.5%
33.3%
26.2%
28.9%
32.5%
19.6%

173,466
95,632
87,76877,834
39,673
15,94822,213

29%
36%
35%
20%
20%
13%
27%

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***Source: IQVIA, November 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk Diabetes caresales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for Rest of World available for seven markets representing approximately 70% of total Novo
Nordisk’s Diabetes care sales in the area.

GLP-1-based therapies for type 2 diabetes®

®

®

Sales of GLP-1-based products for type 2 diabetes (Rybelsus , Ozempic and Victoza ) increased by 48% measured in
Danish kroner and by 52% at CER to DKK 123,132 million. The estimated global GLP-1 share of total diabetes prescriptions
has increased to 6.0% compared with 4.5% 12 months ago. Novo Nordisk continues to be the global market leader in the
GLP-1 segment with a 54.8% value market share.
GLP-1, development per geographical area

Novo Nordisk's share of thediabetes GLP-1 market (value, MAT)

GLP-1, sales development

November
2023

November
2022

Sales 2023
DKK million

Growthat CER

54.8%
53.1%
52.1%
71.2%
65.4%
76.6%
83.8%

54.9%
53.6%
52.7%
63.7%
60.0%
64.4%
73.2%

123,132
84,51577,68338,617
20,725
6,208
11,684

52%
52%
50%
53%
42%
79%
61%

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***Source: IQVIA, November 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 sales in
the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk
Diabetes care sales in the area. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions
based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions.
®

Rybelsus sales increased by 66% measured in Danish kroner and by 71% at CER to DKK 18,750 million. Sales growth was
driven by North America Operations as well as EMEA and Rest of World.
®

Ozempic sales increased by 60% measured in Danish kroner and by 66% at CER to DKK 95,718 million. Sales growth was
driven by both North America Operations and International Operations. Sales growth has resulted in periodic supply
constraints and related drug shortage notifications across geographies.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 6 of 33®

Victoza sales decreased by 30% measured in Danish kroner and by 28% at CER to DKK 8,664 million as the GLP-1 market
is moving towards once-weekly and tablet-based treatments. The sales decline was mainly driven by North America
Operations.
North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 48% measured in Danish kroner and by 52%
at CER. Novo Nordisk is the market leader with a 53.1% value market share. The estimated GLP-1 share of total diabetesprescriptions has increased to 15.5% compared with 10.7% 12 months ago.
®

Sales of GLP-1 in the US increased by 50% at CER. The sales increase was driven by continued uptake of Ozempic and®
®
Rybelsus , partially offset by declining Victoza sales. GLP-1 sales growth was negatively impacted by unfavourable channel
and payer mix as well as rebate enhancements.
Sales growth in the US is driven by a prescription volume growth of the GLP-1 class more than 30% in the fourth quarter of2023 compared to the fourth quarter of 2022. Novo Nordisk is the market leader with 53.5% measured by total monthlyprescriptions and 49.7% measured by new-to-brand prescriptions.
International Operations
Sales of GLP-1 diabetes products in International Operations increased by 47% measured in Danish kroner and by 53% at
CER. Sales growth is driven by all geographical areas. The estimated GLP-1 share of total diabetes prescriptions has
increased to 3.8% compared with 3.0% 12 months ago. Novo Nordisk is the market leader with a value market share of
71.2% compared to 63.7% 12 months ago.
EMEA
Sales in EMEA increased by 40% measured in Danish kroner and by 42% at CER. The sales growth reflects the uptake of®
®
®
Ozempic and Rybelsus , partially offset by lower sales of Victoza . Novo Nordisk remains the market leader in EMEA witha value market share of 65.4%. The estimated GLP-1 share of total diabetes prescriptions has increased to 5.1% comparedwith 4.2% 12 months ago.
Region China
Sales in Region China increased by 66% measured in Danish kroner and by 79% at CER. The sales growth reflects the®
uptake of Ozempic . The GLP-1 share of total diabetes prescriptions has increased to 3.3% compared with 2.4% 12 months
ago. Novo Nordisk is the market leader in Region China with a value market share of 76.6%.
Rest of World
Sales in Rest of World increased by 54% measured in Danish kroner and by 61% at CER. The sales growth reflects®
®
®
increased sales of Ozempic and Rybelsus , partially offset by lower sales of Victoza . The estimated GLP-1 share of total
diabetes prescriptions has increased to 2.3% compared with 1.8% 12 months ago. Novo Nordisk remains the market
leader with a value market share of 83.8%.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 7 of 33

Insulin
Sales of insulin decreased by 9% measured in Danish kroner and by 6% at CER to DKK 48,022 million. Sales decline at CER
was driven by declining sales in the US and Region China.

Insulin, development per geographical area

Novo Nordisk’s share of the total
insulin market (volume, MAT)

Insulin, sales development

November
2023

November
2022

Sales 2023
DKK million

Growthat CER

45.4%
37.2%
37.0%
48.0%
47.3%
40.2%
57.7%

46.6%
38.5%
38.1%
49.4%
47.2%
48.4%
56.4%

48,022
10,792
9,818
37,23018,287
8,848
10,095

(6%)
(23%)
(25%)
0%
3%
(7%)
4%

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***Source: IQVIA, November 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales
in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk
Diabetes care sales in the area.

North America Operations
Sales of insulin in North America Operations decreased by 26% measured in Danish kroner and by 23% at CER. The sales
decrease in the US was driven by lower realised prices due to channel and payer mix and rebate enhancements as well asa decline in volume with the US insulin volume market declining 3% compared to 2022. Novo Nordisk has a volume market
share of 37.0% of the total US insulin market.
International Operations
Sales of insulin in International Operations decreased by 4% measured in Danish kroner, and remained unchanged at CER.
The sales increase at CER was driven by Rest of World and EMEA, partially countered by lower insulin sales in Region China
due to the implementation of Volume Based Procurement in May 2022.
EMEA
Sales of insulin in EMEA remained unchanged in Danish kroner and increased by 3% at CER. The sales increase at CER was
driven by fast-acting insulin, long-acting insulin and human insulin, partially countered by premix insulin. Novo Nordisk has
a volume market share of 47.3% of the total insulin market.
Region China
Sales of insulin in Region China decreased by 14% measured in Danish kroner and by 7% at CER. The sales decline wasdriven by all insulin products due to the implementation of Volume Based Procurement from May 2022 except for®
®
Ryzodeg and Xultophy . Novo Nordisk has a volume market share of 40.2% of the total insulin market.
Rest of World
Sales of insulin in Rest of World decreased by 2% measured in Danish kroner and increased by 4% at CER. The sales
growth at CER was mainly driven by premix insulin and human insulin. Novo Nordisk has a volume market share of 57.7%of the total insulin market.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 8 of 33

Obesity care, sales development®

®

Sales of Obesity care products, Wegovy and Saxenda , increased by 147% measured in Danish kroner and by 154% at
CER to DKK 41,632 million. Sales growth was driven by both North America Operations and International Operations.
®
Wegovy has now been launched in the US, Denmark, Norway, Germany, the UK, Iceland, Switzerland and the United ArabEmirates. The volume growth of the global branded obesity market was 116% in 2023.
Global branded
obesity market growth(Volume, MAT)

Obesity care, development per geographical area

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China**- Rest of World***

Obesity care, sales development

November
2023

Sales 2023
DKK million

Growthat CER

116%
174%
193%
64%
99%
N/A
22%

41,63233,31732,736
8,315
5,693
146
2,476

154%
212%
220%
47%
63%
17%
20%

Source: IQVIA, November 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales
in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk
Diabetes care sales in the area.
®

Wegovy sales increased by 407% measured in Danish kroner and by 420% at CER to DKK 31,343 million. Sales of®
Saxenda decreased by 4% measured in Danish kroner, and remained unchanged at CER, to DKK 10,289 million.
North America Operations
Sales of Obesity care products in North America Operations increased by 203% measured in Danish kroner and by 212% at®
CER to DKK 33,317 million. Sales of Wegovy increased by 380% measured in Danish kroner and by 393% at CER to DKK®
29,430 million reflecting the commercial relaunch in the US in January 2023. Demand for Wegovy exceeds supply, and to®
safeguard continuity of care, the supply of the lower Wegovy dose strengths in the US has been reduced since May 2023.
Novo Nordisk started gradually increasing the supply of the lower dose strengths in January 2024. Broad commercial®
®
formulary access has been achieved for Wegovy . Sales of Saxenda decreased by 20% measured in Danish kroner and by
17% at CER to DKK 3,887 million as the obesity care market is moving towards once-weekly treatments. The volume growthof the branded obesity market in the US was 174%.
International Operations
Sales of Obesity care products in International Operations increased by 41% measured in Danish kroner and by 47% at®
CER to DKK 8,315 million driven by increased sales in EMEA and Rest of World. Sales of Saxenda in International®
Operations increased by 10% measured in Danish kroner and by 14% at CER to DKK 6,402 million, and sales of Wegovy®
reached DKK 1,913 million. Wegovy has now been launched in seven countries in International Operations. The volume
growth of the branded obesity market in International Operations was 64%.
EMEA
Sales of Obesity care products in EMEA increased by 57% measured in Danish kroner and by 63% at CER to DKK 5,693
million. The volume growth of the branded obesity market in EMEA was 99%.
Rest of World®
Sales of Saxenda in Rest of World increased by 16% measured in Danish kroner and by 20% at CER to DKK 2,476 million.
The volume growth of the branded obesity market in Rest of World was 22%.

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 9 of 33

Rare disease, sales development
Rare disease sales decreased by 16% measured in Danish kroner and by 15% at CER to DKK 17,163 million. Sales of rare
blood disorder products increased by 1% measured in Danish kroner and by 3% at CER to DKK 11,776 million driven by the®
extended half-life products in haemophilia B and A, partially countered by NovoSeven . Sales of rare endocrine disorderproducts decreased by 46% measured in Danish kroner and by 47% at CER to DKK 3,836 million reflecting a reduction in®
manufacturing output. Novo Nordisk is working on re-establishing supply of rare endocrine disorder products. Sogroya
has now been launched in five countries, and the initial feedback from patients and physicians is encouraging. Novo
Nordisk has a value market share of 19.3% (MAT) in the global human growth disorder market.

Rare disease, development per geographical area

Rare disease, sales development

GlobalNorth America Operations- The USInternational Operations- EMEA- Region China- Rest of World

Sales 2023
DKK million

Growthat CER

17,163
7,680
7,030
9,483
5,501
593
3,389

(15%)
(1%)
(1%)
(24%)
(19%)
(26%)
(31%)

North America Operations
Rare disease sales in North America Operations decreased by 4% measured in Danish kroner and by 1% at CER. The sales
decline was driven by lower sales of rare endocrine disorder products decreasing by 20% measured in Danish kroner andby 18% at CER reflecting a reduction in manufacturing output. Sales of rare blood disorders products increased by 6%®
measured in Danish kroner and by 9% at CER driven by sales of NovoSeven and haemophilia B products, partiallycountered by lower sales of haemophilia A products.
International Operations
Rare disease sales in International Operations decreased by 25% measured in Danish kroner and by 24% at CER. The sales
decline was driven by lower sales of rare endocrine disorder products decreasing by 58% measured in Danish kroner and®
by 60% at CER reflecting a reduction in manufacturing output. Sogroya has now been launched in four countries inInternational Operations with encouraging initial feedback. Sales of rare blood disorder products decreased by 4%®
measured in Danish kroner and by 2% at CER driven by decreased sales of NovoSeven , partially countered by haemophilia
A and B products.
EMEA
Rare disease sales decreased by 19% in both Danish kroner and CER driven by a decrease of rare endocrine disorderproducts by 69% measured in Danish kroner and by 70% at CER reflecting a reduction in manufacturing output. Sales ofrare blood disorder products increased by 6% measured in Danish kroner and by 7% at CER, driven by haemophilia A andhaemophilia B products. The increased sales of haemophilia A and B products reflect the continued uptake of extended
half-life products.
Region China
Rare disease sales decreased by 31% measured in Danish kroner and by 26% at CER driven by decreased sales of rare®
blood disorder products, mainly reflecting timing of shipments of NovoSeven .
Rest of World
Rare disease sales decreased by 31% in both Danish kroner and CER. Sales of rare blood disorder products decreased by®
10% measured in Danish kroner and by 9% at CER driven by NovoSeven and haemophilia A products. Sales of rareendocrine disorder products decreased by 53% measured in Danish kroner and by 56% at CER reflecting a reduction in
manufacturing output.

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 10 of 33

FINANCIALSGEOGRAPHIC SALES DEVELOPMENT
Sales increased by 31% measured in Danish kroner and by 36% at CER to DKK 232,261 million in 2023. Sales growth has
resulted in periodic supply constraints and related drug shortage notifications across a number of products andgeographies. Sales in North America Operations increased by 50% measured in Danish kroner and by 54% at CER. Sales inInternational Operations increased by 11% measured in Danish kroner and by 16% at CER.

Sales 2023
DKK million

Growthas reported

Growthat CER

Share of growthat CER

North America Operations- The US136,629
127,534

50%
51%

54%
55%

79%
74%

International Operations- EMEA- Region China- Rest of World

95,63250,867
16,68728,078

11%
15%
3%
11%

16%
17%
11%
15%

21%
12%
3%
6%

Total sales

232,261

31%

36%

100%

Sales split per geographical area

North America Operations
Sales in North America Operations increased by 50% measured in Danish kroner and by 54% at CER. The sales increasereflects GLP-1 diabetes sales growing by 52% at CER and Obesity care sales growing by 212% at CER. This was partially
offset by insulin sales decreasing by 23% at CER mainly driven by lower realised prices. Rare disease sales decreased by 1%
at CER reflecting a reduction in manufacturing output.
International Operations
Sales in International Operations increased by 11% measured in Danish kroner and by 16% at CER. Sales growth was
driven by GLP-1 diabetes sales growing by 53% at CER and Obesity care sales growing by 47% at CER, partially counteredby Rare disease sales decreasing by 24% at CER reflecting a reduction in manufacturing output. Insulin sales remained
unchanged with 0% growth at CER.
EMEA
Sales in EMEA increased by 15% measured in Danish kroner and by 17% at CER. Sales growth was driven by Diabetes care
growing by 20% at CER driven by GLP-1 diabetes sales growing by 42% at CER and insulin sales growing by 3% at CER.
Obesity care sales increased by 63% at CER and Rare disease sales decreased by 19% at CER.
Region China
Sales in Region China increased by 3% measured in Danish kroner and by 11% at CER. The sales increase at CER was driven
by GLP-1 diabetes sales growing by 79% at CER, partially countered by insulin sales declining by 7% at CER. Insulin sales
were negatively impacted by the implementation of Volume Based Procurement from May 2022. Other diabetes care sales
decreased by 18% at CER. Rare disease sales decreased by 26% at CER reflecting timing of shipments.
Rest of World
Sales in Rest of World increased by 11% measured in Danish kroner and by 15% at CER. Sales growth was driven by
Diabetes care growing by 27% at CER, reflecting increased GLP-1 diabetes and insulin sales, Obesity care sales growing by
20% at CER and Rare disease decreasing by 31% at CER.

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 11 of 33

DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 26% measured in Danish kroner and by 28% at CER to DKK 35,765 million, resulting ina gross margin of 84.6% measured in Danish kroner compared with 83.9% in 2022. The increase in gross margin reflects a
positive product mix, driven by increased sales of GLP-1-based treatments. This is partially countered by costs related toongoing capacity expansions, a negative currency impact and lower realised prices mainly in the US and Region China.
Sales and distribution costs increased by 23% measured in Danish kroner and by 26% at CER to DKK 56,743 million. The
increase in costs is driven by both North America Operations and International Operations. In North America Operations,®
®
the cost increase is driven by the relaunch of Wegovy and promotional activities for Ozempic . In International®
Operations, the increase is mainly related to promotional activities for Rybelsus as well as Obesity care market
development activities. The increase in sales and distribution costs is impacted by adjustments to legal provisions.
Research and development costs increased by 35% measured in Danish kroner and by 37% at CER to DKK 32,443 million
reflecting increased late-stage clinical trial activity and increased early research activities compared to 2022. The
acquisition of Forma Therapeutics Inc. in 2022 and Inversago Pharma also increased R&D spending.
Administration costs increased by 9% measured in Danish kroner and by 11% at CER to DKK 4,855 million.
Other operating income and expenses (net) was DKK 119 million compared with DKK 1,034 million in 2022, mainly driven
by lower income from partnerships related to Dicerna Pharmaceuticals Inc.
Operating profit increased by 37% measured in Danish kroner and by 44% at CER to DKK 102,574 million reflecting thesales growth.
Financial items (net) showed a net gain of DKK 2,100 million compared with a net loss of DKK 5,747 million in 2022,
reflecting gains on hedged currencies, primarily the US dollar.
In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged,
primarily through foreign exchange forward contracts. The foreign exchange result was a gain of DKK 1,652 million
compared with a net loss of DKK 4,651 million in 2022.
As per the end of December 2023, a positive market value of financial contracts of approximately DKK 1,612 million has
been deferred for recognition in 2024.
The effective tax rate was 20.1% in 2023 compared with an effective tax rate of 19.6% in 2022.
Net profit increased by 51% to DKK 83,683 million and diluted earnings per share increased by 52% to DKK 18.62.

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Financial report for the period 1 January 2023 to 31 December 2023

Page 12 of 33

KEY DEVELOPMENTS IN THE FOURTH QUARTER OF 2023
Sales in the fourth quarter of 2023 increased by 37% measured in Danish kroner and by 43% at CER compared to 2022.
®
Sales growth was positively impacted by gross-to-net sales adjustments, mainly for Ozempic , in the US and supply chain®
movements for Ozempic in the US. Operating profit increased by 57% measured in Danish kroner and by 66% at CER.
Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of
products and geographies. Please refer to appendix 1 for an overview of the quarterly numbers in DKK and to appendix 6
for additional details on sales in the fourth quarter of 2023.

Sales Q4 2023
DKK million

Growthas reported

Growthat CER

Share of growthat CER

North America Operations- The USInternational Operations- EMEA- Region China- Rest of World

42,62140,067
23,242
12,706
3,418
7,118

60%
62%
8%
10%
2%
9%

67%
69%
12%
13%
8%
14%

87%
83%
13%
7%
2%
4%

Total sales

65,863

37%

43%

100%

Sales split per geographical area

The increased global sales of 43% at CER were driven by Diabetes and Obesity care sales as GLP-1 diabetes sales increasedby 62% at CER and Obesity care sales increased by 114% at CER. The sales increase was partially offset by insulin sales
decreasing by 4% at CER and Rare disease sales decreasing by 5% at CER.
North America Operations
Sales in North America Operations increased by 60% measured in Danish kroner and by 67% at CER. Sales growth was
driven by Obesity care sales increasing by 151% at CER and GLP-1 diabetes sales growing by 73% at CER. Sales growth was®
positively impacted by gross-to-net sales adjustments, mainly for Ozempic , in the US and supply chain movements for®
Ozempic in the US. Insulin sales decreased by 24% at CER driven by lower realised prices. Rare disease sales increased by
38% at CER mainly driven by rare endocrine disorders reflecting gross-to-net sales adjustments.
International Operations
Sales in International Operations increased by 8% measured in Danish kroner and by 12% at CER. Sales growth was driven
by all Regions.
Sales growth was driven by Diabetes and Obesity care growing by 19% at CER driven by GLP-1 diabetes sales growing by
35% at CER, Obesity care increasing by 35% at CER and insulin sales increasing by 5% at CER. Rare disease sales decreased
by 32% at CER reflecting a reduction in manufacturing output.

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 13 of 33

Q4 2023

Q4 2022% change
Q4 2023 toQ4 2022Net sales

65,86348,09237%

43%

Gross profit
Gross margin

55,84984.8%

39,830
82.8%

40%

46%

Sales and distribution costs
Percentage of sales(17,170)
26.1%(13,743)
28.6%

25%

29%

Research and development costs
Percentage of sales(10,460)
15.9%(8,085)
16.8%

29%

32%

Administrative costs
Percentage of sales(1,456)2.2%(1,348)
2.8%

8%

11%

3

433

(99%)

(99%)

26,76640.6%

17,087
35.5%

57%

66%

854

(771)

(211%)

N/A

Profit before income taxes

27,62016,316

69%

N/A

Income taxes
Effective tax rate

(5,657)20.5%(2,724)
16.7%

108%

N/A

Net profit
Net profit margin

21,963
33.3%

13,592
28.3%

62%

N/A

PROFIT AND LOSS

Other operating income and expenses
Operating profit (EBIT)
Operating margin
Financial items (net)% change
Q4 2023 toQ4 2022 at CER

Costs and operating profit
The gross margin was 84.8% in the fourth quarter of 2023 compared with 82.8% in 2022. The 2.0 percentage point grossmargin increase reflects a positive product mix and positive price impact due to gross-to-net sales adjustments as well as apositive currency impact, partially countered by costs related to ongoing capacity expansions.
Sales and distribution costs increased by 25% measured in Danish kroner and by 29% at CER compared with 2022. The
increase was driven by both North America Operations and International Operations reflecting increased spend related to
GLP-1 diabetes care as well as Obesity care market development activities. The increase in sales and distribution costs is
impacted by adjustments to legal provisions.
Research and development costs increased by 29% measured in Danish kroner and by 32% at CER compared with 2022
driven by increased late-stage clinical trial and research activities. The increase in research and development costs is
impacted by an impairment following the termination of the development of belcesiran.
Administrative costs increased by 8% measured in Danish kroner and by 11% at CER compared with the same period in
2022.
Other operating income and expenses showed an income of DKK 3 million in the fourth quarter of 2023.
Operating profit increased by 57% measured in Danish kroner and by 66% at CER compared with the fourth quarter of2022.
Financial items (net) showed a net gain of DKK 854 million compared with a net loss of DKK 771 million in the fourth
quarter of 2022 reflecting gains on hedged currencies, primarily the US dollar.
The effective tax rate is 20.5% in the fourth quarter of 2023 compared with an effective tax rate of 16.7% in the fourth
quarter of 2022. The effective tax rate in 2022 reflected positive non-recurring impacts from business development
activities.
Net profit increased by 62% to DKK 21,963 million and diluted earnings per share increased by 63% to DKK 4.91.

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Financial report for the period 1 January 2023 to 31 December 2023

Page 14 of 33

CASH FLOW AND CAPITAL ALLOCATIONFREE CASH FLOW IN 2023 AND CAPITAL EXPENDITURE
Free cash flow realised in 2023 was DKK 68.3 billion compared with DKK 57.4 billion in 2022 supporting the strategic
aspiration to deliver attractive capital allocation to shareholders. The cash conversion in 2023 is positively impacted bytiming of payment of rebates in the US, including provisions related to the revised 340B distribution policy in the US.
Income under the 340B Program has been partially recognised.
Capital expenditure for property, plant and equipment was DKK 25.8 billion compared with DKK 12.1 billion in 2022,
primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish
capacity for both current and future injectable and oral products. Capital expenditures for intangible assets was DKK 13.1
billion in 2023 compared with DKK 2.6 billion in 2022 reflecting business development activities.
EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 106,561 million at the end of 2023, equivalent to 33.9% of total assets, compared with 34.6% at theend of 2022. Please refer to appendix 5 for further elaboration of changes in equity. Novo Nordisk returned DKK
61.7 billion to shareholders via share buybacks (DKK 29.9 billion) and dividend (DKK 31.8 billion) during 2023.
2023 share repurchase programme
As of 29 January 2024, Novo Nordisk has repurchased 49,981,778 B shares of DKK 0.10 for an amount of DKK
29,999,991,211 as part of the overall share repurchase programme of up to DKK 30 billion to be executed during a 12month period beginning 1 February 2023. The purpose of the programme was to reduce the company's share capital andto meet obligations arising from share-based incentive programmes. The programme was concluded on 29 January 2024.
As of 29 January 2024, Novo Nordisk and its wholly-owned affiliates owned 53,878,054 of its own B shares, corresponding
to 1.2% of the total share capital.
Proposed final dividend of DKK 6.40 for each Novo Nordisk A and B share of DKK 0.10
At the Annual General Meeting on 21 March 2024, the Board of Directors will propose a final dividend of DKK 6.40 for each
Novo Nordisk A and B share of DKK 0.10. The total dividend for 2023 of DKK 9.40 for each Novo Nordisk A and B share of
DKK 0.10 includes both the interim dividend of DKK 3.00 for each Novo Nordisk A and B share of DKK 0.10, which was paidin August 2023, and the proposed final dividend of DKK 6.40 for each Novo Nordisk A and B share of DKK 0.10 to be paid in
March 2024. Hence, the total dividend per share is expected to increase by 51.6% compared with the 2022 dividend of DKK
6.20 for each Novo Nordisk A and B share of DKK 0.10. The total dividend for 2023 corresponds to a payout ratio of 50.2%
which is similar to the payout ratio for Novo Nordisk's peer group of comparable pharmaceutical companies in 2022. No
dividend will be paid on the company's holding of own B shares.
2024 share repurchase programme
The Board of Directors has approved a new share repurchase programme of up to DKK 20 billion to be executed during
the coming 12 months. The total programme may be reduced in size if significant business development opportunities
arise during 2024.
As part of the up to DKK 20 billion 2024 share repurchase programme, Novo Nordisk A/S will in the first quarter of 2024
initiate a new share repurchase programme in accordance with Article 5 of Regulation No 596/2014 of the European
Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016
(the "Safe Harbour Rules"). The purpose of the programme is to reduce the company's share capital and to meet
obligations arising from share-based incentive programmes.
Novo Nordisk's majority shareholder Novo Holdings A/S, a holding company fully owned by the Novo Nordisk Foundation,
has informed Novo Nordisk that it intends to consider its participation in the Novo Nordisk share repurchase programme
on a year-by-year basis. For 2024, Novo Nordisk has been informed by Novo Holdings A/S that it plans to participate in theshare repurchase programme. Novo Holdings has an ownership of 28.1% of the Novo Nordisk share capital, and Novo
Holdings A/S currently intends to maintain its ownership of the Novo Nordisk share capital around 28%.
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Financial report for the period 1 January 2023 to 31 December 2023

Page 15 of 33

OUTLOOK
The current expectations for 2024 are summarised in the table below:
Expectations
31 January 2024

Expectations are as reported, if not otherwise statedSales growthat CER

18% to 26%

as reported

Around 1 percentage point lower than at CER

Operating profit growthat CER

21% to 29%

as reported

Around 2 percentage points lower than at CER

Financial items (net)Gain of around DKK 1.3 billion

Effective tax rate

19% to 21%

Capital expenditure (PP&E)

Around DKK 45 billion

Depreciation, amortisation and impairment losses

Around DKK 10 billion

Free cash flow (excluding impact from business development)

DKK 64-74 billion

Sales growth is expected to be 18% to 26% at CER. Given the current exchange rates versus the Danish krone, sales
growth reported in DKK is expected to be around 1 percentage point lower than at CER.
The guidance reflects expectations for sales growth in both North America Operations and International Operations,mainly driven by volume growth of GLP-1-based treatments for Obesity and Diabetes care. Intensifying competition andcontinued pricing pressure within Diabetes and Obesity Care are included in the guidance.
®

Following higher than expected volume growth in recent years, including GLP-1-based products such as Ozempic and®
Wegovy , combined with the expectation of continued volume growth and capacity limitations at some manufacturing
sites, the outlook also reflects expected continued periodic supply constraints and related drug shortage notifications
across a number of products and geographies. Novo Nordisk is investing in internal and external capacity to increase
supply both short and long term. Novo Nordisk started gradually increasing the supply of the lower dose strengths of®
®
Wegovy in the US in January 2024. A gradual roll-out of Wegovy with capped volumes in International Operations is
included in the guidance.
Operating profit growth is expected to be 21% to 29% at CER. Given the current exchange rates versus the Danish krone,
growth reported in DKK is now expected to be around 2 percentage points lower than at CER. The expectation for
operating profit growth primarily reflects the sales growth outlook and continued investments in future and current
growth drivers within Research, Development and Commercial. Within R&D, investments are related to the continued
expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related to Obesity caremarket development activities as well as increased spend related to GLP-1 diabetes care.
Novo Nordisk now expects financial items (net) to amount to a gain of around DKK 1.3 billion, mainly reflecting gains
associated with foreign exchange hedging contracts as well as interest gains from cash and marketable securities.
The effective tax rate for 2024 is expected to be in the range of 19-21%.
Capital expenditure is expected to be around DKK 45 billion in 2024 reflecting the expansion of the supply chain,including the previously communicated expansions of the manufacturing facilities in Kalundborg and Hillerød, Denmark,and Chartres, France. The investments in Kalundborg will create additional capacity across the entire global value chain
from manufacturing of active pharmaceutical ingredients (API) to packaging, with the majority invested in API capacity. The
API facility will be designed as a multi-product facility with flexibility to accommodate current and future processes. In
Hillerød, the investments will create additional production capacity of API within Cardiovascular & Emerging Therapy Areas.
The expansion of the production facilities in Chartres are related to additional aseptic production and finished production
processes. In the coming years, the capital expenditure to sales ratio is still expected to be low double digit.
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Financial report for the period 1 January 2023 to 31 December 2023

Page 16 of 33

Depreciation, amortisation and impairment losses are expected to be around DKK 10 billion.
The free cash flow is expected to be DKK 64-74 billion reflecting the sales growth, a favourable impact from rebates in the
US countered by investments in capital expenditure.
All of the above expectations are based on assumptions that the global or regional macroeconomic and politicalenvironment will not significantly change business conditions for Novo Nordisk during 2024, including energy and supply
chain disruptions, the potential implications from major healthcare reforms and legislative changes as well as outcome oflegal cases including litigations related to the 340B Drug Pricing Program in the US, and that the currency exchange rates,
especially the US dollar, will remain at the current level versus the Danish krone. Neither does the guidance include thefinancial implications of any new significant business development transactions and significant impairments of intangible
assets during 2024.

Q4 2023

Q4 2022% change

2023

2022

% change

Spot rate
25 January
2024

USD

694

730

(5%)

689

708

(3%)

684

CNY

96

103

(7%)

97

105

(8%)

95

JPY

4.69

5.16

(9%)

4.91

5.40

(9%)

4.64

CAD

509

537

(5%)

511

543

(6%)

507

GBP

860

855

1%

857

873

(2%)

872

FX (average rates)

Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies and, all other things being equal,
movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.

Key invoicing currencies

Impact on Novo Nordisk's operating profit in the next 12months of a 5% movement in currency

Hedging period (months)

DKK 5,700 million
DKK 500 million
DKK 530 million
DKK 210 million
DKK 150 million

12
12
9
12
—

USD
2
CNY
CAD
JPY
GBP
1)
2)

1

As of 31 December 2023.
Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

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

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Financial report for the period 1 January 2023 to 31 December 2023

Page 17 of 33

INNOVATION AND THERAPEUTIC FOCUS
Diabetes care®

Rybelsus approved in China for the treatment of type 2 diabetes®

In January 2024, Rybelsus was approved by the China National Medical Products Administration for the treatment of type2 diabetes.
Regulatory review of insulin icodec in the US extended by three months
In December 2023, the US Food and Drug Administration (FDA) informed Novo Nordisk that data submitted by Novo
Nordisk during the regulatory review is considered to constitute a major amendment to the Biologics License Application(BLA) for insulin icodec. Therefore, the regulatory review is extended with three months to provide time for a full review ofthe submission. Novo Nordisk now expects the review to be completed during the third quarter of 2024.
Phase 3a trial COMBINE 3 with IcoSema successfully completed
In January 2024, Novo Nordisk announced headline results from the COMBINE 3 phase 3a trial of once-weekly IcoSema, a
fixed-ratio combination of basal insulin icodec and semaglutide. The remaining two trials in the COMBINE programme will
read out in the first half of 2024. For further information, please see company announcement here
Phase 3a trial comparing CagriSema with tirzepatide initiated
In January 2024, Novo Nordisk initiated a phase 3a trial, REIMAGINE 4, with CagriSema versus tirzepatide. The 68-week trial
is evaluating efficacy and safety of once-weekly CagriSema (2.4/2.4 mg) compared to once-weekly tirzepatide (15 mg) inapproximately 1,000 people living with type 2 diabetes.
Phase 1 trial initiated with a once-monthly dual GLP-1/GIP receptor agonist
In January 2024, Novo Nordisk initiated a phase 1 trial with a once-monthly subcutaneous dual GLP-1/GIP receptor agonist.
The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of once-monthly
GLP-1/GIP.
Obesity care
Successful completion of phase 3 trial with semaglutide 2.4 mg in people with obesity and knee osteoarthritis
In November 2023, Novo Nordisk successfully completed the STEP 9 phase 3 knee osteoarthritis trial. STEP 9 was a 68week trial investigating the effects of semaglutide 2.4 mg once-weekly on body weight, WOMAC (Western Ontario andMcMaster Universities Osteoarthritis Index) pain score compared to placebo in 407 people with obesity and mild tomoderate knee osteoarthritis. The trial achieved its co-primary endpoints by demonstrating a superior reduction in
WOMAC pain score and reduction in body weight with semaglutide 2.4 mg compared to placebo. The estimated reduction
in mean WOMAC pain score (measured on a scale from 0-100 with 100 corresponding to the worst outcome) frombaseline (70.9) to week 68 was 41.7 with semaglutide 2.4 mg and 27.5 with placebo and the estimated treatment
difference (semaglutide 2.4 mg vs placebo) was -14.1. The mean change in body weight from baseline was -13.7% withsemaglutide 2.4 mg and -3.2% with placebo resulting in an estimated treatment difference (semaglutide 2.4 mg vsplacebo) of -10.5%. In the trial, semaglutide 2.4 mg appeared to have a safe and well-tolerated profile.
Successful completion of phase 3 trial with semaglutide 2.4 mg in people with obesity, heart failure with preserved ejection
fraction (HFpEF) and type 2 diabetes (DM)In November 2023, Novo Nordisk successfully completed the STEP HFpEF DM trial. STEP-HFpEF was a 52-week trial
investigating the effects of semaglutide 2.4 mg once-weekly on physical function, symptoms (assessed by Kansas City
Cardiomyopathy Questionnaire – Clinical Summary Score (KCCQ-CSS)) and body weight in 616 people with obesity, HFpEF
and type 2 diabetes. A superior improvement in KCCQ-CSS was observed for semaglutide 2.4 mg vs placebo. The
estimated change in mean KCCQ-CSS score from baseline to week 52 was 13.7 points with semaglutide 2.4 mg and 6.4
points with placebo and the estimated treatment difference (semaglutide 2.4 mg vs placebo) was 7.3 points. A superior
reduction in body weight was observed for semaglutide 2.4 mg vs placebo. The estimated change in mean body weightfrom baseline to week 52 was -9.8% with semaglutide 2.4 mg and -3.4% with placebo and the estimated treatment
difference (semaglutide 2.4 mg vs placebo) was -6.4%. In the trial, semaglutide 2.4 mg appeared to have a safe and wellStrategic
aspirations

Performancehighlights

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 18 of 33

tolerated profile. Novo Nordisk submitted the results from the STEP HFpEF obesity trial, which was completed in June 2023,
and the type 2 diabetes trial for regulatory review in the US and EU in January 2024.
Phase 3b trial initiated with CagriSema versus tirzepatide
In November 2023, Novo Nordisk initiated a phase 3b trial with CagriSema versus tirzepatide. The 72-week trial isevaluating efficacy and safety of once-weekly CagriSema (2.4/2.4 mg) compared to once-weekly tirzepatide (15 mg) inapproximately 800 people with obesity.
Phase 1 trial with oral amycretin successfully completed
In January 2024, Novo Nordisk successfully completed a phase 1 trial with once-daily oral amycretin. The 12-week trial wasinvestigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of amycretin. In the trial,
amycretin appeared to have a safe and well-tolerated profile. In September 2023, Novo Nordisk initiated a phase 1 trial
with once-weekly subcutaneous amycretin. Novo Nordisk expects to advance amycretin into further clinical developmentwith plans currently being evaluated.
Phase 1 trial initiated with an oral CB1 receptor blocker
In January 2024, Novo Nordisk initiated a phase 1 trial with a next-generation oral small molecule CB1 receptor blocker
INV-347. The trial is investigating safety, tolerability and pharmacokinetics of INV-347. INV-202, also an oral small moleculeCB1 receptor blocker, is currently in phase 2 for diabetic kidney disease. In the second half of 2023, Novo Nordisk initiateda phase 2 trial in people with obesity with INV-202. Both INV-202 trials are expected to complete in the second half of2025. All trials are conducted by Inversago Pharma, which was acquired by Novo Nordisk in 2023.
Rare disease®

Refixia marketing authorisation application submitted in China®

In December 2023, Novo Nordisk submitted a new drug application to the China Centre of Drug Evaluation for Refixia(nonacoq beta pegol) for the treatment of adults with haemophilia B.
Cardiovascular & Emerging Therapy Areas
Phase 1 trial initiated with VAP-1i in MASH

In November 2023, Novo Nordisk initiated a phase 1 trial with VAP-1i, a vascular adhesion protein-1 selective inhibitor indevelopment for MASH. The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of VAP-1i.
Novo Nordisk has obtained a worldwide licence to develop and commercialise VAP-1i from UBE Corporation
Development of belcesiran terminated
In December 2023, Novo Nordisk terminated the development of belcesiran, a siRNA targeting Alpha-1-AntiTrypsin
Deficiency-related liver disease, due to portfolio considerations.

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 19 of 33

PURPOSE AND SUSTAINABILITYENVIRONMENTENVIRONMENTAL PERFORMANCE

2023

2022

2019
(baseline)

203
78
15
110

221
76
16
129

309
86
75
148

% change2023 to2022% change2023 to
2019

(8%)
3%
(6%)
(15%)

(34%)
(9%)
(80%)
(26%)

Emissions
CO2 emissions from operations and transportation (1,000 tonnes)
1- Scope 1 emissions
2- Scope 2 emissions
3- Partial scope 3 emissions

1. Scope 1: Direct emissions from owned and controlled resources (including emissions from production processes and transport).
2. Scope 2: Indirect emissions from the generation of energy purchased from a utility provider (including electricity, steam, heating and cooling).
3. Scope 3: Limited to emissions from business flights and product distribution. 2019 and 2022 figures have been restated by adding three thousand tonnes of CO2, related tobusiness flights, for both years.
Note: To further align with the Greenhouse Gas Protocol, in 2023 scope 1, 2 and partial scope 3 emissions are measured in CO2e.

Emissions
Under the environmental strategy Circular for Zero, emissions from operations and transportation decreased by 34%
compared to 2019 and by 8% compared to 2022. Compared to 2022, Scope 1 emissions increased by 3%, reflecting theincreased production volumes, partially countered by energy saving initiatives and usage of renewable energy. Scope 2
emissions decreased by 6% reflecting an increase in the usage of renewable energy sources. Scope 3 emissions fromproduct distribution and business flights decreased by 15% compared to 2022 mainly due to a decrease in emissions fromproduct distribution, driven by the purchase of sustainable aviation fuel.
Full Scope 3 emissions for 2022 and 2023 are reported in the Annual Report 2023.

SOCIAL

SOCIAL PERFORMANCE
Patients
Patients reached with Novo Nordisk's Diabetes care products (estimate in million)

2023

2022

% change2023 to
2022

40.5

36.3

12%

®

52,24941,03327%

Gender in leadership positions (ratio men:women)

54:46

56:44

N/A

59:41

61:39

N/A

Children reached through the Changing Diabetes in Children programme (cumulative)
Sustainable employer
12

Gender in senior leadership positions (ratio men:women)

1. Defined as team leaders, managers, directors, vice presidents, corporate vice presidents, senior vice presidents and executive management.
2. Defined as vice presidents, corporate vice presidents, senior vice presidents and executive management.

Patients
The number of people with diabetes treated with Novo Nordisk products was 40.5 million in 2023. This represents a netincrease of 4.2 million patients compared to 2022.
®

The Changing Diabetes in Children programme aims to reach 100,000 children by 2030. By end of 2023, more than
52,000 children were reached with diabetes care treatment, an increase of 27% compared to 2022. The programme has
now been rolled out to 29 countries.
Sustainable employer
Novo Nordisk aspires to be a sustainable employer, and in 2021, two aspirational gender diversity targets were launched:achieve a balanced gender representation across all managerial levels and achieve a minimum of 45% women and aminimum of 45% men in senior leadership positions by the end of 2025.
At the end of 2023, 46% of all leaders were women and 41% of leaders in senior leadership positions were women,
increasing from 44% and 39%, respectively, at the end of 2022.
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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 20 of 33

The number of full-time employees at the end of 2023 increased by 17% compared to 12 months ago. The total number offull-time employees was 63,370. The increase is mainly driven by Product Supply.
For further information about Novo Nordisk's performance and strategies within Purpose and Sustainability, please see theAnnual Report 2023.
Israel-Hamas conflict
Following Hamas' attack on Israel and the subsequent war in Gaza, Novo Nordisk's key priorities are to safeguard
employees and continue the supply of essential medicines to patients. Novo Nordisk is supporting humanitarianorganisations in providing essential medicines to patients in the region.
Russia's invasion of Ukraine
Following Russia's invasion of Ukraine, Novo Nordisk's key priorities are to safeguard employees and continue thesupply of essential medicines. In Ukraine, Novo Nordisk has continued the supply of medicines, which are currently broadly
available throughout the country, also through collaboration with humanitarian organisations to provide access inbordering areas.
In Russia, Novo Nordisk's focus is solely on securing supply of insulin to ensure that patients can continue their treatment
with essential medication. Sales in Russia and Ukraine constituted less than 1% of Novo Nordisk's global sales.
CORPORATE GOVERNANCE
Long-term incentive programme 2024
The Board of Directors has established a long-term incentive programme for 2024 covering Executive Management and, inline with previous years, a number of mid to senior managers (in total approximately 2,200 employees) with a three-year
performance period (2024-2026). The measures are linked to the Strategic Aspirations 2025. Within Purpose &Sustainability, measures are mainly linked to social and governance activities and within Innovation & Therapeutic Focus,
the measures include key R&D activities. For Commercial Execution, the measure is sales growth and for Financials, themeasure is operating profit growth. Around 1.4 million Novo Nordisk B shares may be allocated at target, (at maximum
target achievement the number of shares is around 3.7 million), and the value at launch of the programme will be basedon the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the 15 days trading window (31 January
to 14 February 2024) following the release of the Annual Report for 2023. It is currently estimated that the value at target isapproximately DKK 1,025 million.
Remuneration Report 2023
Novo Nordisk has prepared a separate Remuneration Report describing the remuneration awarded or due during 2023 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 novonordisk.com.

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 21 of 33

LEGAL MATTERS
Update on Abbreviated New Drug Applications with the US Food and Drug Administration (FDA)
Novo Nordisk has received notifications from several manufacturers that they have filed Abbreviated New Drug®
®
®
®
Applications (ANDAs) with FDA for generic versions of Victoza , Saxenda , Ozempic and Wegovy . The ANDAs contain
Paragraph IV certifications to obtain approval to engage in the commercial manufacture, use, or sale of such products
before the expiration of some or all of the patents currently listed for those products in the Orange Book. Novo Nordisk
has filed complaints for patent infringement against these manufacturers.
®

Novo Nordisk has entered into settlement agreements with several manufacturers that have filed ANDAs for Victoza and®
for Saxenda . Novo Nordisk has now also entered into a settlement agreement with Alvogen Inc. regarding the US patent®
litigation case for Ozempic . All terms of the agreement are confidential. All agreements are reviewed by the U.S. Federal
Trade Commission and the U.S. Department of Justice. Novo Nordisk does not expect these matters to have a material
impact on Novo Nordisk’s financial position, operating profit or cash flow.
Product liability lawsuits regarding GLP-1 treatments
Novo Nordisk, along with Eli Lilly, are defendants in numerous product liability lawsuits (including in the US) related to the®
®
use of GLP-1 treatments. Plaintiffs have alleged that the use of these treatments, including Ozempic , Wegovy and®
Rybelsus , have caused various gastrointestinal and other injuries. Novo Nordisk is taking actions to address the lawsuits.
Novo Nordisk does not expect these lawsuits to have a material impact on Novo Nordisk’s financial position, operating
profit or cash flow.

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 22 of 33

MANAGEMENT STATEMENT
The Board of Directors and Executive Management have approved the Annual Report 2023 of Novo Nordisk A/S, including
the audited consolidated financial statements. The Board of Directors and Executive Management have also approved thisfinancial statement containing condensed financial information for 2023.
The consolidated financial statements in the Annual Report 2023 have been prepared in accordance with IFRS AccountingStandards (IFRS) as issued by the International Accounting Standards Board (IASB) and with IFRS as endorsed by the EU.
Furthermore, the Annual Report 2023, including the consolidated financial statements and management review, isprepared in accordance with additional Danish disclosure requirements for listed companies and in accordance with theInternational Integrated Reporting Framework.
This financial statement has been prepared in accordance with the recognition and measurement requirements in the
IFRS, the accounting policies as applied in the audited consolidated financial statements of 2023 and additional Danish
disclosure requirements for listed companies.
In our opinion, the accounting policies used are appropriate, and the overall presentation of this financial statement isadequate. Furthermore, in our opinion, this company announcement of the financial statement for 2023 includes a trueand fair account of the development in the operations and financial circumstances of the results for the year and of thefinancial position of the Group as well as a reference to the most significant risks and elements of uncertainty facing theGroup in accordance with Danish disclosure requirements for listed companies.
Bagsværd, 31 January 2024
Executive Management:

Lars Fruergaard Jørgensen
President and CEO

Karsten Munk Knudsen
CFO

Board of Directors:

Helge Lund
Chair

Henrik Poulsen
Vice chair

Elisabeth Dahl Christensen

Laurence DebrouxAndreas Fibig

Sylvie Grégoire

Liselotte Hyveled

Mette Bøjer Jensen

Kasim Kutay

Christina Law

Martin Mackay

Thomas Rantzau

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 23 of 33

About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is todrive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientificbreakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk
employs about 63,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B sharesare listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more
information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.

Financial calendar
7 March 2024

Capital Markets Day 2024 in Copenhagen

21 March 2024

Annual General Meeting

2 May 2024

Financial results for the first three months of 2024

7 August 2024

Financial results for the first half of 2024

6 November 2024

Financial results for the first nine months of 2024

Contacts for further information
Media:
Ambre James-Brown

Elizabeth DeLuca (US)+45 3079 9289
abmo@novonordisk.com+1 609 580 9868
edel@novonordisk.com

Investors:
Daniel Muusmann Bohsen

David Heiberg Landsted+45 3075 2175
dabo@novonordisk.com+45 3077 6915
dhel@novonordisk.com

Jacob Martin Wiborg RodeMark Joseph Root (US)+45 3075 5956
jrde@novonordisk.com+1 848 213 3219
mjhr@novonordisk.com

Sina Meyer

Frederik Taylor Pitter+45 3075 6656
azey@novonordisk.com+45 3075 8259
fptr@novonordisk.com

Forward-looking statements
Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s
statutory Annual Report 2023 and Form 20-F both filed with the SEC in January 2024 in continuation of the publication of the Annual Report 2023, and written
information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words
such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms ofsimilar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of suchforward-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, andstatements regarding the assumptions underlying or relating to such statements.

In this document, examples of forward-looking statements can be found under the headings ‘Outlook’, ‘Research and Development update’ and 'Equity’.
These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks anduncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this document, could cause
actual results to differ materially from those contemplated in any forward-looking statements.
Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, such as interest rate andcurrency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies
and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy
supplies, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk’s
products, introduction of competing products, reliance on information technology including the risk of cybersecurity breaches, Novo Nordisk’s ability tosuccessfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws andrelated interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing andmarketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies,
unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain aculture of compliance, epidemics, pandemics or other public health crises, and the effects of domestic or international crises, civil unrest, war or other conflict,and factors related to the foregoing matters and other factors not specifically identified herein.
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Financial report for the period 1 January 2023 to 31 December 2023

Page 24 of 33

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 thisdocument, reference is made to the overview of risk factors in ‘Risk Management’ of the Annual Report 2023.
Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distributionof this document, whether as a result of new information, future events or otherwise.

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Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 25 of 33

APPENDIX 1: QUARTERLY NUMBERS IN DKK(Amounts in DKK million, except number of full-time equivalent employees, earnings per share and number of shares outstanding).
% change
2023

2022

Q4 2023 vs.
Q4 2022

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Net sales

65,86358,73154,30053,36748,09245,566

41,26542,03137%

Gross profit

55,84949,01846,44445,18539,83038,36635,19635,11440%

Gross margin

84.8%

83.5%

85.5%

84.7%

82.8%

84.2%

85.3%

83.5%

(17,170)(12,819)(14,342)(12,412)(13,743)(11,451)(10,840)(10,183)

26.1%

21.8%

26.4%

23.3%

28.6%

25.1%

26.3%

24.2%

Sales and distribution costs
Percentage of sales
Research and development costs(10,460)(8,128)(7,127)(6,728)(8,085)(5,633)(5,123)(5,206)Percentage of sales

15.9%

13.8%

13.1%

12.6%

16.8%

12.4%

12.4%

12.4%

Administrative costs(1,456)(1,256)(1,072)(1,071)(1,348)(1,158)

(991)

(970)

Percentage of sales

2.2%

2.1%

2.0%

2.0%

2.8%

2.5%

2.4%

2.3%

Other operating income and expenses

25%
29%
8%

3

98

(15)

33

433

60

149

392

(99%)

Operating profit (EBIT)

26,766

26,91323,88825,007

17,087

20,184

18,391

19,147

57%

Operating margin

40.6%

45.8%

44.0%

46.9%

35.5%

44.3%

44.6%

45.6%

Financial income

(944)

3,318

(281)

852

(3,200)

1,573

1,656

210

Financial expenses

1,798(2,168)647(1,122)

2,429(3,725)(3,252)(1,438)(26%)

Financial items (net)

854

1,150

366

(270)

(771)

(2,152)(1,596)(1,228)(211%)

Profit before income taxes

27,62028,06324,254

24,737

16,31618,032

16,795

17,91969%

Income taxes(5,657)(5,585)(4,826)(4,923)(2,724)(3,627)(3,477)(3,709)108%

Net profit

21,96322,47819,42819,814

13,592

14,405

13,318

14,21062%

Depreciation, amortisation and impairment
losses

2,992

2,525

2,177

1,719

2,035

2,041

1,636

1,650

47%

Capital expenditure (PP&E)

9,407

5,828

5,878

4,693

4,961

3,230

2,435

1,520

90%

Net cash generated from operating activities

9,551

40,96628,577

29,814

7,101

24,23923,961

23,586

35%

EBITDA

29,75829,43826,06526,726

19,122

22,22520,027

20,797

56%

Free cash flow

(7,250)30,03920,77324,764(5,128)19,765

21,157

21,56841%

Total assets

314,486

300,101

280,753

250,025

241,257

242,836

218,928

197,13630%

Total equity

106,561

92,991

90,47379,874

83,486

76,68074,452

66,55028%

Equity ratio

33.9%

31.0%

32.2%

31.9%

34.6%

31.6%

34.0%

33.8%

63,37061,412

59,33757,08954,393

52,69650,81649,295

17%

4.92

5.02

4.33

4.40

3.02

3.19

2.94

3.12

63%

Diluted earnings per share/ADR (in DKK)

4.91

5.00

4.32

4.39

3.01

3.17

2.93

3.11

63%

Average number of shares outstanding
1(million)

4,464.7

4,476.9

4,490.4

4,499.2

4,508.0

4,523.2

4,538.4

4,552.8(1%)

Average number of diluted shares outstanding
1(million)

4,477.4

4,489.0

4,502.6

4,513.2

4,522.8

4,537.0

4,552.2

4,566.6(1%)

Total GLP-1

37,761

30,63527,925

26,811

24,352

22,36819,231

17,42055%

Long-acting insulin

3,726

3,692

3,354

4,133

3,902

3,939

4,104

4,796

(5%)

Premix insulin

2,123

2,219

2,456

2,776

2,343

2,706

2,501

3,012

(9%)

Fast-acting insulin

4,142

3,808

3,511

4,488

4,471

4,263

3,887

4,842

(7%)

Human insulin

1,989

1,626

1,967

2,012

1,970

2,053

1,851

2,312

1%

Total insulin

11,98011,345

11,28813,40912,686

12,961

12,343

14,962(6%)(55%)

Full-time equivalent employees end of period
1

Basic earnings per share/ADR (in DKK)

1

(71%)

Sales by business segment:

Other Diabetes care

322

594

667

729

713

798

830

884

Total Diabetes care

50,06342,57439,88040,94937,751

36,12732,40433,266

33%

9,614

9,648

7,518

4,563

2,446

1,157

1,181

1,404

293%

®

WegovySaxenda

®

1,615

2,607

2,788

3,279

3,042

3,174

2,462

1,998

(47%)

Total Obesity care

11,22912,255

10,306

7,842

5,488

4,331

3,643

3,402

105%

Diabetes and Obesity care total

61,292

54,82950,186

48,791

43,23940,45836,04736,66842%

Rare blood disorders
Rare endocrine disorders
Other Rare disease
Rare disease total

2,934
1,264
373
4,571

2,957
542
403
3,902

2,836
902
376
4,114

3,049
1,128
399
4,576

2,881
1,602
370
4,853

2,885
1,793
430
5,108

2,863
1,923
432
5,218

3,077
1,820
466
5,363

2%
(21%)
1%
(6%)

North America Operations- The USInternational Operations- EMEA

42,62140,067
23,242
12,70635,04832,936
23,683
12,563

29,663
27,20924,637
12,85629,29727,322
24,07012,742

26,66024,76821,432
11,51423,75422,014
21,812
10,98320,703
19,121
20,562
10,91519,99018,75322,041
10,824

60%
62%
8%
10%

- Region China

3,418

4,341

4,467

4,461

3,364

4,438

3,566

4,841

2%

- Rest of World

7,118

6,779

7,314

6,867

6,554

6,391

6,081

6,376

9%

26,032734

26,721
192

22,707
1,181

24,163844

16,985102

18,1582,026

15,873
2,518

16,379
2,768

53%
620%

Sales by geographic segment:

Segment operating profit:
Diabetes and Obesity care
Rare disease1)

The trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen was changed from DKK 0.20 to DKK 0.10 as of 13 September 2023. The ADRs listed on the New York
Stock Exchange (NYSE) were similarly split as of 20 September 2023. Comparative figures have been restated to reflect the change in trading unit from DKK 0.20 to DKK 0.10.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 26 of 33

APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million

2023

2022

Net sales

232,261

176,954

Cost of goods sold

(35,765)(28,448)

Gross profit

196,496

148,506

Sales and distribution costs(56,743)(46,217)

Research and development costs
Administrative costs(32,443)(4,855)(24,047)(4,467)

119

1,034

Operating profit

102,574

74,809Financial income

2,945

239

Financial expenses(845)(5,986)

Profit before income taxes

104,674

69,062

Income taxes(20,991)(13,537)

NET PROFIT

83,68355,525

18.67

12.26

18.62

12.22

215,098
17,163

156,412
20,542Diabetes and Obesity care

99,62367,395

Operating margin

46.3%

43.1%

Income statement

Other operating income and expenses

1

Basic earnings per share (DKK)

1

Diluted earnings per share (DKK)

Segment Information
Segment sales:
Diabetes and Obesity care
Rare disease
Segment operating profit:

Rare disease

2,951

7,414

Operating margin

17.2%

36.1%

102,574

74,809Total segment operating profit

Statement of comprehensive income
Net profit

83,68355,525

Other comprehensive income
Remeasurements of defined benefit obligations

13

615

Items that will not be reclassified subsequently to the income statement

13

615

Exchange rate adjustments of investments in subsidiaries
Cash flow hedges:
Realisation of previously deferred (gains)/losses
Deferred gains/(losses) incurred during the period
Other items
Income tax related to these items(1,404)2,289(1,026)
1,612
4
(359)

1,740
1,026
(3)
(889)

Items that will be reclassified subsequently to the Income statement(1,173)

4,163

Other comprehensive income(1,160)4,778

TOTAL COMPREHENSIVE INCOME

82,52360,303

1)

The trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen was changed from DKK 0.20 to DKK 0.10 as of 13 September 2023. The ADRs listed on the New York
Stock Exchange (NYSE) were similarly split as of 20 September 2023. Comparative figures have been restated to reflect the change in trading unit from DKK 0.20 to DKK 0.10.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 27 of 33

APPENDIX 3: CASH FLOW STATEMENTDKK million

2023

2022

Net profit

83,68355,52520,991
9,413

13,537
7,362

32,382(12,245)

22,310(5,336)

Interest received
Interest paid

1,072
(491)

276
(272)

Income taxes paid

(25,897)(14,515)

Net cash generated from operating activities

108,908

78,887Purchase of intangible assets
Purchase of property, plant and equipment(13,090)(25,806)(2,607)(12,146)—
33(7,075)—(271)(13,018)(169)(9,566)

8,260

6,645

Net cash used in investing activities(43,892)(24,918)

Purchase of treasury shares
Dividends paid
Proceeds from borrowings
Repayment of borrowings(29,924)(31,767)—(1,467)(24,086)(25,303)
11,215(13,623)

Net cash used in financing activities(63,158)(51,797)

Net cash generated from activities

1,858

2,172

Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents

12,653(119)

10,719(238)

Cash and cash equivalents at the end of the year

14,392

12,653Adjustment for non-cash items:
Income taxes in the Income Statement
Depreciation, amortisation and impairment losses
Other non-cash items
Change in working capital

Acquisition of businesses
Proceeds from other financial assets
Purchase of other financial assets
Purchase of marketable securities
Sale of marketable securities

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 28 of 33

APPENDIX 4: BALANCE SHEETDKK million

31 Dec 2023

31 Dec 2022

Intangible assets

60,40650,939Property, plant and equipment
Investments in associated companies

90,961
410

66,671
327

Deferred income tax assets
Other receivables and prepayments

20,3801,430

13,904
206

Other financial assets

1,253

1,016

TOTAL NON-CURRENT ASSETS

174,840

133,063

Inventories

31,811

24,388Trade receivables
Tax receivables

64,7702,423

50,560940

Other receivables and prepayments
Marketable securities

8,068
15,838

6,005
10,921

Derivative financial instruments
Cash at bank

2,344
14,392

2,727
12,653TOTAL CURRENT ASSETS

139,646

108,194

TOTAL ASSETS

314,486

241,257

Share capital
Treasury shares
Retained earnings
Other reserves451(5)
104,839
1,276

456
(6)
80,587
2,449

TOTAL EQUITY

106,561

83,486

Borrowings
Deferred income tax liabilities
Retirement benefit obligations
Other liabilities
Provisions

20,528
10,162
742
189
6,649

24,318
7,061
762
100
4,590

Total non-current liabilities

38,27036,831

Borrowings
Trade payables
Tax payables
Other liabilities
Derivative financial instruments
Provisions

6,478
25,606
7,116
28,705
1,272
100,478

1,466
15,587
7,091
23,606
2,903
70,287

Total current liabilities

169,655

120,940TOTAL LIABILITIES

207,925

157,771

TOTAL EQUITY AND LIABILITIES

314,486

241,257

ASSETSEQUITY AND LIABILITIESStrategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 29 of 33

APPENDIX 5: EQUITY STATEMENT

Share
capitalTreasurysharesRetainedearnings

Other
reserves456(6)80,587
83,683

2,449

83,486
83,683

Other comprehensive income for the year13

(1,173)(1,160)Total comprehensive income for the year

83,696(1,173)82,523

DKK million

Total

2023
Balance at the beginning of the year
Net profit for the year

Transactions with owners:
Dividends
Share-based payments
Purchase of treasury shares
Reduction of the B share capitalTax related to transactions with owners

(5)

(4)
5

(31,767)
2,149(31,767)
2,149(29,920)(29,924)—
94

94

Balance at the end of the year

451

(5)

104,839

1,276

106,561

At the end of the year proposed final dividends (not yet declared) of DKK 28,557 million (DKK 6.40 per share of DKK 0.10) are included in Retained earnings.
No dividend is declared on treasury shares.

DKK million

SharecapitalTreasurysharesRetainedearnings

Other
reserves462(6)

72,00455,525615(1,714)
4,163

70,74655,525
4,778

56,1404,163

60,303

Total

2022
Balance at the beginning of the year
Net profit for the year
Other comprehensive income for the year
Total comprehensive income for the year
Transactions with owners:
Dividends
Share-based payments
Purchase of treasury shares
Reduction of the B share capitalTax related to transactions with owners

(6)

(6)
6

(25,303)
1,539(24,080)(25,303)
1,539(24,086)
—
287

287

Balance at the end of the year

456

(6)

80,5872,449

83,486At the end of the year proposed final dividends of DKK 18,337 million (DKK 4.08 per share of DKK 0.10) are included in Retained earnings. No dividend isdeclared on treasury shares.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 30 of 33

APPENDIX 6: SALES SPLIT PER AREA
Q4 2023 sales split per area
Total

North America
Operations

The USInternational
Operations

EMEA

RegionChina

Rest ofWorld

Injectable GLP-1% change at CER®
Ozempic% change at CER®
Victoza% change at CER®
Rybelsus% change at CER

31,85164%
30,065
85%
1,786
(45%)
5,910
51%

24,43580%
23,524
101%
911
(50%)
3,824
39%

22,64083%
21,807
106%
833
(53%)
3,666
35%

7,416
26%
6,541
44%
875
(37%)
2,086
81%

3,810
11%
3,536
26%
274
(56%)
1,196
70%

1,234
35%
1,008
77%
226
(35%)
35
52%

2,372
50%
1,997
69%
375
(10%)
855
101%

Total GLP-1

37,761

28,25926,306

9,502

5,006

1,269

3,227

% change at CERLong-acting insulin% change at CER®
Tresiba% change at CER®
Xultophy% change at CER®
Levemir% change at CER
Premix insulin% change at CER®
Ryzodeg% change at CER®
NovoMix% change at CER
Fast-acting insulin% change at CER®
Fiasp% change at CER®
NovoRapid% change at CER
Human insulin% change at CER

62%
3,726
0%
1,916
(12%)
786
15%
1,024
15%
2,123
10%
909
42%
1,214
(4%)
4,142
(9%)
634
31%
3,508
(14%)
1,989
(14%)

73%
939
(19%)
424
(42%)
67
(21%)
448
34%
(47)
(126%)——(47)(126%)
1,584
(14%)
226
55%
1,358
(20%)
553
(38%)

74%
773
(22%)
278
(53%)
65
(22%)
430
39%
(51)
(130%)——(51)(130%)
1,527
(13%)
215
59%
1,312
(19%)
539
(39%)

35%
2,787
8%
1,492
4%
719
21%
576
4%
2,170
21%
909
42%
1,261
11%
2,558
(5%)
408
21%
2,150
(9%)
1,436
(5%)

21%
1,729
3%
846
0%
477
12%
406
(2%)
605
(1%)
132
30%
473
(8%)
1,697
9%
346
20%
1,351
6%
481
3%

35%
378
31%
207
8%
91
—
80
(8%)
953
2%
450
48%
503
(20%)
328
(3%)
—
—
328
(3%)
282
(9%)

61%
680
12%
439
12%
151
(7%)
90
51%
612
83%
327
39%
285
137%
533
(42%)
62
24%
471
(48%)
673
(9%)

Total insulin

DKK million
Diabetes and Obesity care segment

11,980

3,029

2,788

8,951

4,512

1,941

2,498

% change at CER
1Other Diabetes care
% change at CER

(4%)
322
(3%)

(24%)
(134)
5%

(25%)
(149)
24%

5%
456
(5%)

4%
165
4%

4%
187
(9%)

8%
104
(10%)

Total Diabetes care

50,06331,15428,945

18,909

9,683

3,397

5,829

% change at CER®
Wegovy% change at CER®
Saxenda% change at CER

38%
9,614
311%
1,615
(45%)

55%
8,608
277%
325
(73%)

56%
8,608
277%
144
(85%)

18%
1,006
—
1,290
(23%)

12%
1,006
—
704
(27%)

13%
—
—
17
(17%)

31%
—
—
569
(17%)

Total Obesity care

11,229

8,933

8,752

2,296

1,710

17

569

% change at CER

114%

151%

155%

35%

69%

(17%)

(17%)

Diabetes and Obesity care total

61,29240,087

37,697

21,205

11,393

3,414

6,398

48%

70%

71%

19%

18%

12%

25%

Rare blood disorders% change at CER
Haemophilia A% change at CER
Haemophilia B% change at CER®
NovoSeven% change at CER
3Rare endocrine disorders% change at CER
4
Other Rare disease% change at CER

2,934
4%
525
(19%)
329
50%
1,985
6%
1,264
(21%)
373
5%

1,525
18%
56
(70%)
158
98%
1,241
31%
898
116%
111
(9%)

1,465
19%
54
(71%)
126
159%
1,217
32%
887
118%
18
(47%)

1,409
(9%)
469
6%
171
23%
744
(22%)
366
(72%)
262
13%

919
(2%)
317
13%
115
34%
470
(15%)
190
(66%)
204
16%

16
(73%)
(19)
(200%)
4
0%
31
52%
(13)
(120%)
1
—

474
(17%)
171
28%
52
6%
243
(37%)
189
(70%)
57
3%

Rare disease total

4,571

2,534

2,370

2,037

1,313

4

720

% change at CER

(5%)

38%

41%

(32%)

(21%)

(101%)(41%)% change at CER
Rare disease segment
2

Total sales

65,86342,62140,067

23,242

12,706

3,418

7,118

% change at CER

43%

67%

69%

12%

13%

8%

14%

% change as reported

37%

60%

62%

8%

10%

2%

9%

Share of growth

100%

87%

83%

13%

7%

2%

4%

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

1)

®

®

®

Primarily NovoNorm , needles and GlucaGen HypoKit .
®
®
®
®
®
Comprises NovoSeven , NovoEight , Esperoct , Refixia and NovoThirteen .
®
Primarily Norditropin .
4)®
®
Primarily Vagifem and Activelle .
2)3)Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 31 of 33

2023 sales split per area
Total

North America
Operations

The USInternational
Operations

EMEA

RegionChina

Rest ofWorld

Injectable GLP-1% change at CER®
Ozempic% change at CER®
Victoza% change at CER®
Rybelsus% change at CER

104,38250%
95,718
66%
8,664
(28%)
18,75071%

73,15454%
69,340
69%
3,814
(41%)
11,361
43%

66,62352%
63,010
67%
3,613
(42%)
11,06042%

31,22841%
26,378
58%
4,850
(13%)
7,389
142%

16,49328%
14,327
40%
2,166
(20%)
4,232
151%

6,077
78%
4,821
137%
1,256
(8%)
131
124%

8,658
45%
7,230
61%
1,428
(6%)
3,026
131%

Total GLP-1

11,684

DKK million
Diabetes and Obesity care segment

123,132

84,51577,68338,617

20,725

6,208% change at CER

52%

52%

50%

53%

42%

79%

61%

Long-acting insulin% change at CER®
Tresiba% change at CER®
Xultophy% change at CER®
Levemir% change at CER
Premix insulin% change at CER®
Ryzodeg% change at CER®
NovoMix% change at CER
Fast-acting insulin% change at CER®
Fiasp% change at CER®
NovoRapid% change at CER
Human insulin% change at CER

14,905
(8%)
7,752
(14%)
3,219
18%
3,934
(10%)
9,574
(1%)
3,730
40%
5,844
(17%)
15,949
(7%)
2,173
12%
13,776
(9%)
7,594
(8%)

3,566
(31%)
1,888
(40%)
332
(16%)
1,346
(17%)
232
(56%)
—
—
232
(56%)
5,534
(14%)
661
5%
4,873
(16%)
1,460
(25%)

2,931
(36%)
1,333
(50%)
325
(16%)
1,273
(17%)
216
(57%)
—
—
216
(57%)
5,265
(14%)
618
5%
4,647
(15%)
1,406
(25%)

11,339
3%
5,864
0%
2,887
24%
2,588
(6%)
9,342
2%
3,730
40%
5,612
(14%)
10,415
(2%)
1,512
16%
8,903
(5%)
6,134
(2%)

7,103
2%
3,435
2%
1,831
8%
1,837
(3%)
2,570
(1%)
587
24%
1,983
(7%)
6,695
5%
1,266
14%
5,429
3%
1,919
3%

1,649
9%
848
(13%)
409
—
392
(22%)
4,441
(2%)
1,965
74%
2,476
(28%)
1,545
(14%)
—
—
1,545
(14%)
1,213
(28%)

2,587
3%
1,581
2%
647
6%
359
4%
2,331
13%
1,178
12%
1,153
14%
2,175
(10%)
246
25%
1,929
(14%)
3,002
10%

Total insulin

48,022

10,792

9,818

37,23018,287

8,848

10,095

(6%)

(23%)

(25%)

0%

3%

(7%)

4%

Other Diabetes care
% change at CER

1

2,312
(15%)

325
(30%)

267
(20%)

1,987
(12%)

661
(4%)

892
(18%)

434
(9%)

Total Diabetes care

173,466

95,632

87,76877,834

39,673

15,94822,213

29%

36%

35%

20%

20%

13%

27%

Wegovy% change at CER®
Saxenda% change at CER

31,343420%
10,2890%29,430
393%
3,887
(17%)

29,430
393%
3,306
(22%)

1,913
—
6,402
14%

1,913
—
3,780
10%

—
—
146
17%

—
—
2,476
20%

Total Obesity care

41,63233,31732,736

8,315

5,693

146

2,476

% change at CER

154%

212%

220%

47%

63%

17%

20%

215,098

128,949

120,504

86,14945,366

16,094

24,689

42%

60%

60%

22%

24%

13%

27%

Rare blood disorders% change at CER
Haemophilia A% change at CER
Haemophilia B% change at CER®
NovoSeven% change at CER
3Rare endocrine disorders% change at CER
4
Other Rare disease% change at CER

11,776
3%
2,422
6%
1,061
46%
7,958
(3%)
3,836
(47%)
1,551
(4%)

5,344
9%
483
(13%)
477
77%
4,169
8%
1,791
(18%)
545
(18%)

5,070
11%
468
(11%)
336
128%
4,065
9%
1,757
(18%)
203
(42%)

6,432
(2%)
1,939
12%
584
28%
3,789
(12%)
2,045
(60%)
1,006
5%

4,021
7%
1,271
13%
377
29%
2,285
0%
699
(70%)
781
1%

372
(34%)
223
193%
13
8%
136
(71%)
216
(5%)
5
(17%)

2,039
(9%)
445
(18%)
194
27%
1,368
(11%)
1,130
(56%)
220
23%

Rare disease total

17,163

7,680

7,030

9,483

5,501

593

3,389

% change at CER

(15%)

(1%)

(1%)

(24%)

(19%)

(26%)

(31%)

% change at CER% change at CER®

Diabetes and Obesity care total% change at CER
Rare disease segment
2

Total sales

232,261

136,629

127,534

95,63250,867

16,68728,078% change at CER

36%

54%

55%

16%

17%

11%

15%

% change as reported

31%

50%

51%

11%

15%

3%

11%

Share of growth

100%

79%

74%

21%

12%

3%

6%

OutlookInnovation andtherapeutic focus

1)

®

®

®

Primarily NovoNorm , needles and GlucaGen HypoKit .
2)
®
®
®
®
®
Comprises NovoSeven , NovoEight , Esperoct , Refixia and NovoThirteen .
3)®
Primarily Norditropin .
4)®
®
Primarily Vagifem and Activelle .

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 32 of 33

APPENDIX 7: NON-IFRS FINANCIAL MEASURES (ADDITIONAL INFORMATION)
In this Company Announcement, Novo Nordisk discloses certain financial measures of the Group’s financial performance,
financial position and cash flows that reflect adjustments to the directly comparable measures calculated and presented inaccordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other companies in thesame manner and may thus not be comparable with such measures. The non-IFRS financial measures presented in the
Company Announcement are Net sales and operating profit at CER, EBITDA and Free cash flow.
Net sales and operating profit growth at CER'Growth at CER’ means that the effect of changes in exchange rates is excluded. It is defined as Net sales/Operating profit
for the period measured at the average exchange rates for the same period prior year compared with Net sales/Operating
profit for the same period prior year. Price adjustments within hyperinflation countries as defined in IAS 29 ‘Financial
reporting in hyperinflation economies’ are excluded from the calculation to avoid growth at CER being artificially inflated.
Growth at CER is considered to be relevant information for investors in order to understand the underlying development in
net sales and operating profit by adjusting for the impact of currency fluctuations.
Net sales at CER
DKK million
Net sales
Effect of exchange rates
Net sales at CER

2023

2022

% change2023 to2022

232,261

176,954

31%

7,658

—

239,919

176,954

36%

2023

2022

% change2023 to2022
37%

Operating profit at CER
DKK million
Operating profit

102,574

74,809Effect of exchange rates

4,898

—

Operating profit at CER

107,472

74,80944%

EBITDA
Novo Nordisk has significantly increased its Business Development M&A activities and Capital expenditure for property,
plant and equipment during recent years. Novo Nordisk defines EBITDA as ’Net profit’ adjusted for 'income taxes', 'financial
items', 'depreciation and amortisation' and 'impairment losses'. EBITDA is a measure that is widely used by investors andanalysts as it helps analyse operating results from core business operations without including the effects of capital
structure, tax rates and depreciation and amortisation and impairment losses. These factors can vary substantiallybetween companies.
EBITDADKK million

2023

2022

% change2023 to2022

Net profit

83,68355,52551%

Income taxes

20,991

13,53755%

Financial income(2,945)

(239)

N/A

Financial expenses

845

5,986

(86%)

102,574

74,80937%

Depreciation and amortisation

7,289

6,553

11%

Impairment losses

2,124

809

163%

111,987

82,17136%

Operating profit (EBIT)

EBITDA

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024

Financial report for the period 1 January 2023 to 31 December 2023

Page 33 of 33

Free cash flow
Novo Nordisk defines free cash flow as ’net cash generated from operating activities’, less ‘net cash used in investing
activities’, less repayment on lease liabilities and excluding net change of marketable securities. Free cash flow is ameasure of the amount of cash generated in the period which is available for the Board of Directors to allocate between
Novo Nordisk's capital providers, through e.g. dividends, share repurchases and repayment of debt (excluding leaseliability repayments) or for retaining in the business to fund future growth.
The following table shows a reconciliation of Free cash flow with Net cash generated from operating activities, the mostdirectly comparable IFRS financial measure:Free cash flow
DKK million

2023

2022

Net cash generated from operating activities

108,908

78,887

Net cash used in investing activities(43,892)(24,918)

Net purchase of marketable securities

4,758

2,921

—

1,470

Repayment on lease liabilities(1,448)(998)

Free cash flow

68,32657,362

Addition on marketable securities through acquisition of business

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 7 / 2024