Financial report for the period 1 January 2024 to 30 June 2024
7 August 2024

Novo Nordisk's sales increased by 24% in Danish kroner and by 25% at constantexchange rates to DKK 133.4 billion in the first six months of 2024
• Operating profit increased by 18% in Danish kroner and by 19% at constant exchange rates (CER) to DKK 57.8 billion.
Operating profit is impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.

• Sales in North America Operations increased by 36% in Danish kroner (36% at CER). Sales growth in the US was

positively impacted by gross-to-net sales adjustments related to prior years. Sales in International Operations increased
by 9% in Danish kroner (11% at CER).

• Sales within Diabetes and Obesity care increased by 26% in Danish kroner to DKK 125.0 billion (27% at CER), mainly
driven by GLP-1 diabetes sales growth of 32% in Danish kroner (32% at CER) and Obesity care growing by 37% in Danish
kroner to DKK 24.9 billion (37% at CER). Rare disease sales decreased by 4% measured in Danish kroner (3% at CER).
• Within R&D, Novo Nordisk successfully completed the phase 3 FRONTIER 2 trial with Mim8, where once-weekly andonce-monthly Mim8 demonstrated superior reduction of treated bleeding episodes compared to on-demand and priorprophylaxis treatment in people with haemophilia A. In June 2024, Novo Nordisk announced that the ocedurenone
CLARION-CKD phase 3 trial was stopped, as ocedurenone failed to meet the primary endpoint.
• Also within R&D, Novo Nordisk received a Complete Response Letter from the Food and Drug Administration (FDA) for
insulin icodec in July. In Obesity care, Novo Nordisk received a positive CHMP opinion, based on the SELECT trial, for an®
update of the Wegovy label to reflect risk reduction of major adverse cardiovascular events in the EU.
• For the 2024 outlook, sales growth is now expected to be 22-28% at CER, and operating profit growth is now expected
to be 20-28% at CER. Growth reported in Danish kroner is now expected to be 1 percentage point lower than at CER
growth for both sales and operating profit.

H1 2024

H1 2023

Growthas reported

Growthat CER*

Net sales

133,409

107,667

24%

25%

Operating profit

57,78048,89518%

19%

Net profit

45,457

39,242

16%

N/A

Diluted earnings per share (in DKK)

10.17

8.71

17%

N/A

PROFIT AND LOSSDKK million* CER: Constant exchange rates (average 2023).

Lars Fruergaard Jørgensen, president and CEO: "We are pleased with the sales growth in the first half of 2024, which hasenabled us to raise the outlook for the full year. The growth is driven by the increased demand for our GLP-1-based
diabetes and obesity treatments, and we continue to reach more patients with our innovative treatments. Within R&D, weare very pleased with the first phase 3 trial results with Mim8 and its potential for people living with haemophilia A, and®
with the recent recommendation for a label extension for cardiovascular risk reduction for Wegovy in the EU."On 7 August 2024 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in
via a link on novonordisk.com, which can be found under ‘Investors’: LINK

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 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 2 of 36

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.
Performance highlights for the first six months of 2024 (blue indicates second quarter developments)
PERFORMANCE HIGHLIGHTS

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

Being recognised as a sustainable employer:––

Overall CO2e emissions (scope 1, 2 and full scope 3) increased by
31% compared to the first six months of 2023

Share of women in senior leadership positions has increased to 41%
from 40% end of June 2023

Adding value to society:––

Medical treatment provided to 40.7 million people living withdiabetes and 1.4 million people living with obesity®
Reached more than 56,000 children in the Changing Diabetes inChildren programmeInnovation and therapeutic focus
Further raise innovation bar for diabetes treatment:

Strengthen and progress Rare disease pipeline:

–

–

–
–
–

Semaglutide 1.0 mg demonstrated a 24% reduction in risk of kidneydisease-related events in the FLOW outcomes trial®
Awiqli approved in the EU, Japan and China
Complete Response Letter received for insulin icodec in the US
Successful completion of the COMBINE phase 3a programme with
IcoSema–Establish presence in Cardiovascular & Emerging Therapy Areas:–

Develop superior treatment solutions for obesity:
–
–
–

–

Phase 2 trial initiated with once-weekly GIP/GLP-1 dual agonist®
Approval of Wegovy in China®
Positive opinion for update of the Wegovy label based on the
SELECT cardiovascular outcomes trial in the EU
Successful completion of phase 3b trial OASIS 4 with 25 mg oralsemaglutide

Phase 3a trial, FRONTIER 2, with Mim8 successfully completed inpeople with haemophilia A
Concizumab re-submitted in the US for the treatment of haemophilia
A and B with inhibitors––

Agreement to acquire Cardior Pharmaceuticals and lead asset
CDR132L in phase 2 development for treatment of heart failure
Phase 3 development initiated with ziltivekimab in HFpEF and AMI
Phase 3 trial CLARION-CKD trial stopped as ocedurenone failed tomeet primary endpoint

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

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

Diabetes value market share increased by 1.5 percentage points to
34.1% (MAT)

Obesity care sales increased by 37% at (CER) to DKK 24.9 billion

Secure a sustained growth outlook for Rare Disease:–

Rare disease sales decreased by 3% (CER) to DKK 8.4 billion

Financials
Deliver solid sales and operating profit growth:

Drive operational efficiencies:–––

Sales growth of 25% (CER)
Operating profit growth of 19% (CER), impacted by the impairment
loss related to ocedurenone

Enable attractive capital allocation to shareholders:––

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

Operational leverage reflecting sales growth, excluding theimpairment loss related to ocedurenone

Free cash flow of DKK 41.3 billion
DKK 38.9 billion returned to shareholders

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 3 of 36

PERFORMANCE HIGHLIGHTSFINANCIAL HIGHLIGHTS FOR THE FIRST SIX MONTHS OF 2024
% change
H1 2024 to
H1 2023 at
CER¹

H1 2024

H1 2023% change
H1 2024 to
H1 2023

Net sales

133,409

107,667

24%

25%

Gross profit
Gross margin

113,21984.9%

91,629
85.1%

24%

24%

Sales and distribution costs
Percentage of sales(28,190)
21.1%(26,754)
24.8%

5%

6%

Research and development costs
Percentage of sales(24,772)
18.6%(13,855)
12.9%

79%

78%

Administrative costs
Percentage of sales(2,314)
1.7%(2,143)
2.0%

8%

8%

(163)

18

N/A

N/A

57,78043.3%

48,895
45.4%

18%

19%

(530)

96

N/A

N/A

Profit before income taxes

57,25048,991

17%

N/A

Income taxes
Effective tax rate

(11,793)
20.6%(9,749)
19.9%

21%

N/A

Net profit
Net profit margin

45,45734.1%

39,242
36.4%

16%

N/A

Depreciation, amortisation and impairment losses

11,759

3,896

202%

N/A

Capital expenditure (PP&E)

18,944

10,57179%

N/A

Net cash generated from operating activities

64,81758,391

11%

N/A

69,53952,791

32%

N/A

41,30945,537(9%)

N/A

Diluted earnings per share / ADR (in DKK)

10.17

8.71

17%

N/A

Full-time equivalent employees end of period

69,26059,337

17%

N/A

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

Other operating income and expenses
Operating profit (EBIT)
Operating margin
Financial items (net)

OTHER KEY NUMBERS

EBITDA

1)

Free cash flow

1)

1)

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

These unaudited consolidated financial statements for the first six months of 2024 have been prepared in accordancewith IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies.
The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2023 of Novo
Nordisk.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 4 of 36

COMMERCIAL EXECUTIONSALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 24% measured in Danish kroner and by 25% at CER in the first six months of 2024, driven by Diabetes caresales growth of 25% (CER) and Obesity care sales growth of 37% (CER). Rare disease sales decreased by 3% (CER). Sales
growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products
and geographies. Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years
and the phasing of rebates in 2023.

Sales H1 2024
DKK million

Sales H1 2023
DKK million

Growthas reported

Growthat CER

Share of growthat CER

61,086
56,685
4,401
10,931

46,392
41,741
4,651
8,344

32%
36%
(5%)
31%

32%
36%
(5%)
32%

56%
57%
(1%)
10%

72,01754,736

32%

32%

66%

9,902

7,487

32%

34%

10%

5,404

5,232

3%

6%

1%

Fast-acting insulin

8,355

7,999

4%

5%

2%

Human insulin

3,316

3,979

(20%)

(18%)

(3%)

Sales split per therapy
Diabetes and Obesity care segment
Injectable GLP-1®
- Ozempic®
- Victoza®
Rybelsus
Total GLP-1
1

Long-acting insulin
2

Premix insulin

3

Total insulin

26,977

24,697

9%

10%

10%

4

Other Diabetes care

1,116

1,396

(9%)

(7%)

0%

Total Diabetes care

100,11080,829

24%

25%

76%

Wegovy®
Saxenda21,036
3,903

12,081
6,067

74%
(36%)

74%
(36%)

33%
(8%)

Total Obesity care

24,93918,148

37%

37%

25%

Diabetes and Obesity care total

125,049

98,977

26%

27%

101%

5,752

5,885

(2%)

(2%)

0%

1,843

2,030

(9%)

(8%)

(1%)

Other Rare disease

765

775

(1%)

0%

0%

Rare disease total

8,360

8,690

(4%)

(3%)

(1%)

133,409

107,667

24%

25%

100%

®

Rare disease segment
5
Rare blood disorders
6

Rare endocrine disorders
7

Total sales
1)Comprises Tresiba , Xultophy , Levemir and Awiqli

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 .

®

®

®

®

®

®

Primarily Norditropin and Sogroya .

7)Primarily Vagifem and Activelle .

®

Performancehighlights

®

®

®

®

®

6)

Strategic
aspirations

®

®

®

®

®

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 5 of 36

DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 24% measured in Danish kroner and by 25% at CER to DKK 100,110 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 34.1% from 32.6% in line with the strategic aspiration of strengthening the Diabetes care leadership, aiming at
reaching a global value market share of more than one-third in 2025. The market share increase was driven by market
share gains in both North America Operations and International Operations.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from May 2023 andMay 2024 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa; Region
China covers mainland China, Hong Kong and Taiwan; Rest of World covers all other countries except for North America.

Diabetes care, development per geographical area

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

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***Diabetes care, sales development

May
2024

May
2023

Sales H1 2024
DKK million

Growthat CER

34.1%
35.6%
35.0%
28.4%
30.0%
32.7%
24.1%

32.6%
34.1%
33.7%
27.2%
29.6%
31.9%
21.4%

100,110
57,25753,14842,853
21,697
9,235
11,921

25%
38%
41%
11%
8%
14%
13%

Source: IQVIA, May 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk Diabetes care sales
in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for Rest of World available for seven markets representing approximately 70% of total Novo
Nordisk’s Diabetes care sales in the area.

GLP-1-based therapies for type 2 diabetes®

®

®

Sales of GLP-1-based products for type 2 diabetes (Rybelsus , Ozempic and Victoza ) increased by 32% in both Danish
kroner and at CER to DKK 72,017 million. The estimated global GLP-1 share of total diabetes prescriptions has increased to
6.3% compared with 5.4% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segmentwith a 56.0% value market share.
GLP-1, development per geographical area

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

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***GLP-1, sales development

May
2024

May
2023

Sales H1 2024
DKK million

Growthat CER

56.0%
54.4%
53.4%
69.0%
61.5%
79.0%
86.2%

54.1%
52.5%
51.5%
66.9%
62.0%
70.9%
78.8%

72,01749,70746,08722,31011,790
3,684
6,836

32%
39%
42%
20%
13%
23%
30%

Source: IQVIA, May 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 sales in thearea. **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 31% measured in Danish kroner and by 32% at CER to DKK 10,931 million. Sales growth was
driven by EMEA and Rest of World as well as North America Operations.
®

Ozempic sales increased by 36% in both Danish kroner and at CER to DKK 56,685 million. Sales growth was driven by both
North America Operations and International Operations. Sales growth has resulted in periodic supply constraints andrelated 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 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 6 of 36®

Victoza sales decreased by 5% in both Danish kroner and CER to DKK 4,401 million as the GLP-1 market is moving
towards once-weekly treatments. The sales decline was driven by International Operations, partially countered by higher
sales in the US.
North America Operations
Sales of GLP-1 Diabetes care products in North America Operations increased by 39% in both Danish kroner and at CER.
Novo Nordisk is the market leader with a 56.0% value market share. The estimated GLP-1 share of total diabetesprescriptions has increased to 16.6% compared with 13.3% 12 months ago.
Sales of GLP-1 Diabetes care products in the US increased by 42% at CER. The sales increase was mainly driven by®
continued uptake of Ozempic .
Sales growth in the US was driven by a prescription volume growth of the GLP-1 class above 10% in the second quarter of2024 compared with the second quarter of 2023 as well as Novo Nordisk market share gains. Novo Nordisk is the market
leader with 56.1% measured by total monthly prescriptions and 55.0% measured by new-to-brand prescriptions.
International Operations
Sales of GLP-1 Diabetes care products in International Operations increased by 18% measured in Danish kroner and by
20% at CER. Sales growth is driven by all geographical areas. The estimated GLP-1 share of total diabetes prescriptions has
increased to 4.0% compared with 3.5% 12 months ago. Novo Nordisk is the market leader with a value market share of
69.0% compared with 66.9% 12 months ago. The sales growth has resulted in periodic supply constraints and related drug
shortage notifications across a number of products and geographies.
EMEA®
Sales in EMEA increased by 13% in both Danish kroner and at CER. The sales growth reflects the uptake of Rybelsus and®
®
Ozempic , partially offset by lower sales of Victoza . Novo Nordisk remains the market leader in EMEA with a value market
share of 61.5%. The estimated GLP-1 share of total diabetes prescriptions has increased to 5.4% compared with 4.8% 12months ago.
Region China
Sales in Region China increased by 18% measured in Danish kroner and by 23% at CER. The sales growth mainly reflects®
®
the uptake of Ozempic , partially countered by lower sales of Victoza . GLP-1 sales growth was negatively impacted byperiodic supply constraints. The GLP-1 share of total diabetes prescriptions has increased to 3.3% compared with 3.0% 12
months ago. Novo Nordisk is the market leader in Region China with a value market share of 79.0%.
Rest of World
Sales in Rest of World increased by 26% measured in Danish kroner and by 30% 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 2.6% compared with 2.1% 12 months ago. Novo Nordisk remains the market
leader with a value market share of 86.2%.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 7 of 36

Insulin
Sales of insulin increased by 9% measured in Danish kroner and by 10% at CER to DKK 26,977 million.

Insulin, development per geographical area

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

GlobalNorth America Operations- The USInternational Operations- EMEA *- Region China **- Rest of World ***Insulin, sales development

May
2024

May
2023

Sales H1 2024
DKK million

Growthat CER

44.8%
35.1%
34.9%
48.1%
47.4%
41.3%
57.2%

45.6%
37.3%
37.0%
48.6%
47.1%
44.0%
57.0%

26,977
7,418
6,956
19,559
9,554
5,107
4,898

10%
36%
41%
3%
3%
11%
(4%)

Source: IQVIA, May 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in thearea. **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 increased by 36% in both Danish kroner and at CER. The sales increase in the
US was positively impacted by gross-to-net sales adjustments related to prior years, partially countered by a decline in®

volume. Novo Nordisk has a volume market share of 34.9% of the total US insulin market. Awiqli was launched in Canada
in June.
International Operations
Sales of insulin in International Operations increased by 1% measured in Danish kroner and by 3% at CER. The sales
increase at CER was driven by Region China and EMEA, partially countered by Rest of World. Novo Nordisk has a volume
market share of 48.1% of the total insulin market in International Operations.
EMEA
Sales of insulin in EMEA increased by 2% measured in Danish kroner and by 3% at CER. The sales increase at CER was
driven by long-acting insulin, partially countered by premix insulin and human insulin. Novo Nordisk has a volume market
share of 47.4% of the total insulin market.
Region China
Sales of insulin in Region China increased by 7% measured in Danish kroner and by 11% at CER. The sales increase wasmainly driven by long-acting insulin and premix insulin, partially countered by human insulin. Novo Nordisk has a volume
market share of 41.3% of the total insulin market.
Rest of World
Sales of insulin in Rest of World decreased by 7% measured in Danish kroner and by 4% at CER. The sales decrease at CER
was mainly driven by human insulin and fast-acting insulin, partially countered by premix insulin. Novo Nordisk has avolume market share of 57.2% 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 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 8 of 36

Obesity care, sales development®

®

Sales of Obesity care products, Wegovy and Saxenda , increased by 37% in both Danish kroner and at CER to DKK 24,939
million. Sales growth was driven by both North America Operations and International Operations. The volume growth of
the global branded obesity market was 91%. Novo Nordisk is the global market leader with a volume market share of
79.6%.
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

May
2024

Sales H1 2024
DKK million

Growthat CER

91%
136%
143%
41%
69%
N/A
(7%)

24,93919,072
18,529
5,867
4,411
56
1,400

37%
35%
33%
47%
67%
(43%)
11%

Source: IQVIA, May 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk obesity care sales in
the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk
Diabetes care sales in the area.
®

®

Wegovy sales increased by 74% in both Danish kroner and at CER to DKK 21,036 million. Sales of Saxenda decreased by
36% in both Danish kroner and CER to DKK 3,903 million as the obesity care market is moving towards once-weekly
treatments.
North America Operations
Sales of Obesity care products in North America Operations increased by 35% in both Danish kroner and at CER to DKK®
19,072 million. Sales of Wegovy increased by 58% measured in Danish kroner and by 57% at CER to DKK 18,331 million,®
driven by increased volumes, partially countered by lower realised prices. In the US, demand for Wegovy exceeds supply,
and to safeguard continuity of care, the supply of the initiation dose strength remains capped. Broad commercial®
®
formulary access has been achieved for Wegovy . Wegovy has more than 200,000 weekly prescriptions in total and®
around 35,000 weekly new-to-brand prescriptions. Wegovy has now been launched in Canada.
®

Sales of Saxenda decreased by 71% in both Danish kroner and CER to DKK 741 million as the obesity care market ismoving towards once-weekly treatments. The volume growth of the branded obesity market in the US was 143%.
International Operations
Sales of Obesity care products in International Operations increased by 47% in both Danish kroner and at CER to DKK®
5,867 million driven by increased sales in EMEA and Rest of World. Sales of Saxenda in International Operations®

decreased by 10% in both Danish kroner and CER to DKK 3,162 million, and sales of Wegovy reached DKK 2,705 million.
®
Wegovy has now been launched in 12 countries in International Operations. The volume growth of the branded obesity
market in International Operations was 41%.
EMEA
Sales of Obesity care products in EMEA increased by 67% in both Danish kroner and at CER to DKK 4,411 million reflecting®
®
uptake of Wegovy , partially countered by declining sales of Saxenda . The volume growth of the branded obesity market
in EMEA was 69%.
Rest of World®
Sales of Saxenda in Rest of World increased by 12% measured in Danish kroner and by 11% at CER to DKK 1,399 million.
The volume of the branded obesity market in Rest of World declined by 7%.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 9 of 36

Rare disease, sales development
Rare disease sales decreased by 4% measured in Danish kroner and by 3% at CER to DKK 8,360 million. Sales of rare blood®
disorder products decreased by 2% in both Danish kroner and CER to DKK 5,752 million driven by NovoSeven andhaemophilia A products, partially countered by increased haemophilia B sales. Sales of rare endocrine disorder products
decreased by 9% measured in Danish kroner and by 8% at CER to DKK 1,843 million. Novo Nordisk is working on re®
establishing supply of rare endocrine disorder products following a reduction of manufacturing output. Sogroya has beenlaunched in five countries, and the initial feedback from patients and physicians is encouraging.

Rare disease, development per geographical area

Rare disease, sales development

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

Sales H1 2024
DKK million

Growthat CER

8,360
3,881
3,509
4,479
2,799
178
1,502

(3%)
13%
12%
(14%)
(1%)
(53%)
(24%)

North America Operations
Rare disease sales in North America Operations increased by 13% in both Danish kroner and at CER. The sales increase
was driven by rare endocrine disorder products increasing by 36% measured in Danish kroner and by 35% at CER,®
reflecting the launch of Sogroya and gross-to-net sales adjustments related to prior years in the US. Sales of rare blood®
disorders products increased by 8% in both Danish kroner and at CER,mainly driven by increased sales of NovoSeven andhaemophilia B products.
International Operations
Rare disease sales in International Operations decreased by 15% measured in Danish kroner and by 14% at CER. The sales
decline was driven by lower sales of rare endocrine disorder products, decreasing by 33% measured in Danish kroner and®
by 30% 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 10%®
measured in Danish kroner and by 9% at CER, driven by decreased sales of NovoSeven and haemophilia A products,
partially countered by increased sales of haemophilia B products.
EMEA
Rare disease sales decreased by 2% measured in Danish kroner and by 1% at CER. Sales of rare blood disorder products®
decreased by 9% in both Danish kroner and CER, driven by NovoSeven , partially countered by increased haemophilia A
and haemophilia B sales. The increased sales of haemophilia B products reflect the continued uptake of extended half-life
products. Rare endocrine disorder products increased by 46% in both Danish kroner and at CER.
Region China
Rare disease sales decreased by 54% measured in Danish kroner and by 53% at CER, driven by decreased sales of rareendocrine products and rare blood disorder products.
Rest of World
Rare disease sales decreased by 26% measured in Danish kroner and by 24% at CER. Sales of rare endocrine disorderproducts decreased by 54% measured in Danish kroner and by 50% at CER, reflecting a reduction in manufacturing
output. Sales of rare blood disorder products decreased by 4% in both Danish kroner and CER, driven by lower sales of®
NovoSeven and haemophilia A, partially countered by increased sales of haemophilia B products.

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Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 10 of 36

FINANCIALSGEOGRAPHIC SALES DEVELOPMENT
Sales increased by 24% measured in Danish kroner and by 25% at CER to DKK 133,409 million in the first six months of2024. Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years and phasingof rebates in 2023. Sales growth has resulted in periodic supply constraints and related drug shortage notifications acrossa number of products and geographies. In North America Operations, sales increased by 36% in both Danish kroner andat CER. Sales in International Operations increased by 9% measured in Danish kroner and by 11% at CER.

Sales H1 2024
DKK million

Growthas reported

Growthat CER

Share of growthat CER

North America Operations- The US80,21075,186

36%
38%

36%
38%

80%
77%

International Operations- EMEA- Region China- Rest of World53,19928,907
9,469
14,823

9%
13%
6%
5%

11%
13%
10%
7%

20%
13%
3%
4%

Total sales

133,409

24%

25%

100%

Sales split per geographical area

North America Operations
Sales in North America Operations increased by 36% in both Danish kroner and at CER. The sales increase reflects GLP-1
diabetes sales growing by 39% at CER and Obesity care sales growing by 35% at CER. GLP-1 diabetes sales growth in the
US was positively impacted by gross-to-net sales adjustments related to prior years, partially countered by impacts fromperiodic supply constraints. Insulin sales increased by 36% at CER, mainly reflecting gross-to-net sales adjustments related
to prior years, partially countered by a decline in volume. Rare disease sales increased by 13% at CER, driven by both Rare
endocrine disorders and Rare blood disorders.
International Operations
Sales in International Operations increased by 9% measured in Danish kroner and by 11% at CER. Sales growth was driven
by GLP-1 diabetes sales growing by 20% at CER, Obesity care sales growing by 47% at CER and insulin sales growing by
3% at CER, partially countered by Rare disease sales decreasing by 14% at CER, reflecting a reduction in manufacturing
output.
EMEA
Sales in EMEA increased by 13% in both Danish kroner and at CER. Sales growth was driven by Obesity care growing by
67% at CER. Diabetes care sales increased by 8% at CER, driven by GLP-1 diabetes sales growing by 13% at CER and insulin
sales growing by 3% at CER. Rare disease sales decreased by 1% at CER.
Region China
Sales in Region China increased by 6% measured in Danish kroner and by 10% at CER. The sales increase at CER was driven
by GLP-1 diabetes sales growing by 23% at CER and insulin sales increasing by 11% at CER. GLP-1 sales growth was
negatively impacted by periodic supply constraints. Other diabetes care sales decreased by 15% at CER. Rare disease sales
decreased by 53% at CER.
Rest of World
Sales in Rest of World increased by 5% measured in Danish kroner and by 7% at CER. Sales growth was driven by Diabetes
care growing by 13% at CER, reflecting increased GLP-1 diabetes sales, partially countered by lower insulin sales. Obesitycare sales increased by 11% at CER and Rare disease decreasing by 24% at CER.

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Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 11 of 36

DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 26% in both Danish kroner and at CER to DKK 20,190 million, resulting in a grossmargin of 84.9%, measured in Danish kroner, compared with 85.1% in the first six months of 2023. The decline in grossmargin mainly reflects costs related to ongoing capacity expansions, partially countered by a positive price impact due togross-to-net sales adjustments related to prior years in the US and a positive product mix, driven by increased sales of
GLP-1-based treatments.
Sales and distribution costs increased by 5% measured in Danish kroner and by 6% at CER to DKK 28,190 million. The
increase in costs is driven by both North America Operations and International Operations. In North America Operations,®
the cost increase is mainly driven by promotional activities related to Wegovy . In International Operations, the increase is®
mainly related to promotional activities for Rybelsus as well as Obesity care market development activities. The increase insales and distribution costs is impacted by adjustments to legal provisions in the second quarter of 2023. Sales anddistribution costs amounted to 21.1% as a percentage of sales.
Research and development costs increased by 79% measured in Danish kroner and by 78% at CER to DKK 24,772 million
compared to the six months of 2023, mainly reflecting increased late-stage clinical trial activity, and increased early
research activities as well as the impairment loss related to ocedurenone of DKK 5.7 billion and other impairments ofintangible assets. Research and development costs amounted to 18.6% as a percentage of sales.
Administration costs increased by 8% in both Danish kroner and at CER to DKK 2,314 million. Administration costs
amounted to 1.7% as a percentage of sales.
Other operating income and expenses (net) was a loss of DKK 163 million compared to an income of DKK 18 million in
2023. The loss is mainly reflecting impairments related to a partnership agreement of a company previously acquired by
Novo Nordisk.
Operating profit increased by 18% measured in Danish kroner and by 19% at CER to DKK 57,780 million, reflecting theimpairment loss related to ocedurenone of DKK 5.7 billion and the sales growth.
Financial items (net) showed a net loss of DKK 530 million, compared with a net gain of DKK 96 million in the first six
months of 2023, mainly reflecting loss on the US dollar, primarily due to costs of hedging.
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 loss of DKK 461 million
compared with a net gain of DKK 133 million in 2023.
As per the end of June 2024, a negative market value of financial contracts of approximately DKK 1.6 billion has beendeferred for recognition later in 2024 and 2025.
The effective tax rate was 20.6% in the first six months of 2024, compared with an effective tax rate of 19.9% in the firstsix months of 2023.
Net profit increased by 16% to DKK 45,457 million and diluted earnings per share increased by 17% to DKK 10.17. Net
profit and diluted earnings per share are impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.

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Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 12 of 36

KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2024
Sales in the second quarter of 2024 increased by 25% in both Danish kroner and at CER compared to 2023. Sales growth in
the US was positively impacted by gross-to-net sales adjustments related to prior years and phasing of rebates in 2023.
Operating profit increased by 9% measured in Danish kroner and by 8% at CER. Operating profit is impacted by the
impairment loss related to ocedurenone of DKK 5.7 billion. Sales growth has resulted in periodic supply constraints andrelated drug shortage notifications across a number of products and geographies. Please refer to appendix 1 for an
overview of the quarterly numbers in DKK and to appendix 6 for additional details on sales in the second quarter of 2024.

Sales Q2 2024
DKK million

Growthas reported

Growthat CER

Share of growthat CER

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

40,93038,404
27,13014,581
4,963
7,586

38%
41%
10%
13%
11%
4%

36%
39%
11%
13%
13%
6%

79%
79%
21%
14%
4%
3%

Total sales

68,060

25%

25%

100%

Sales split per geographical area

The increased global sales of 25% at CER were driven by Diabetes and Obesity care as well as insulin sales. GLP-1 diabetes
sales increased by 32% at CER and Obesity care sales increased by 34% at CER. Insulin sales increased by 11% at CER andrare disease sales decreased by 3% at CER.
North America Operations
Sales in North America Operations increased by 38% measured in Danish kroner and by 36% at CER. Sales growth was
driven by GLP-1 diabetes sales growing by 41% at CER and Obesity care sales increasing by 28% at CER, negatively
impacted by gross-to-net sales adjustments related to prior years. GLP-1 diabetes sales growth was positively impacted bygross-to-net sales adjustments related to prior years. Insulin sales increased by 60% at CER, positively impacted by grossto-net sales adjustments related to prior years, partially countered by lower realised volumes. Rare disease sales increased
by 6% at CER, driven by rare blood disorders, partially countered by rare endocrine disorders.
International Operations
Sales in International Operations increased by 10% measured in Danish kroner and by 11% at CER. Sales growth was
driven by all Regions.
Sales growth was driven by Diabetes and Obesity care growing by 14% at CER, driven by GLP-1 diabetes sales growing by
18% at CER, Obesity care increasing by 58% at CER and insulin sales increasing by 1% at CER. Rare disease sales decreased
by 9% at CER, reflecting a reduction in manufacturing output.

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Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 13 of 36

Q2 2024

Q2 2023% change
Q2 2024 toQ2 2023

Net sales

68,06054,30025%

25%

Gross profit
Gross margin

57,78684.9%

46,444
85.5%

24%

24%

Sales and distribution costs
Percentage of sales(14,934)21.9%(14,342)
26.4%

4%

4%

Research and development costs
Percentage of sales(16,166)
23.8%(7,127)
13.1%

127%

126%

Administrative costs
Percentage of sales(1,157)1.7%(1,072)
2.0%

8%

8%

405

(15)

N/A

N/A

25,93438.1%

23,888
44.0%

9%

8%

(602)

366

(264%)

N/A

Profit before income taxes

25,332

24,254

4%

N/A

Income taxes
Effective tax rate

(5,282)
20.9%(4,826)
19.9%

9%

N/A

Net profit
Net profit margin

20,05029.5%

19,428
35.8%

3%

N/A

PROFIT AND LOSS

Other operating income and expenses
Operating profit (EBIT)
Operating margin
Financial items (net)% change
Q2 2024 toQ2 2023 at CER

Costs and operating profit
The gross margin was 84.9% in the second quarter of 2024 compared with 85.5% in 2023. The 0.6 percentage point grossmargin decrease reflects costs mainly related to ongoing capacity expansions, partially countered by a positive productmix and positive price impact due to gross-to-net sales adjustments.
Sales and distribution costs increased by 4% in both Danish kroner and at CER compared with 2023. The increase in costs
is driven by both North America Operations and International Operations. In North America Operations, the cost increase®
is mainly driven by promotional activities related to Wegovy . 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 anddistribution costs is impacted by adjustments to legal provisions in the second quarter of 2023. Sales and distribution costs
amounted to 21.9% as a percentage of sales.
Research and development costs increased by 127% measured in Danish kroner and by 126% at CER compared with
2023, driven by increased late-stage clinical trial and research activities as well as the impairment loss related to
ocedurenone of DKK 5.7 billion and other impairments of intangible assets. Research and development costs amounted to23.8% as a percentage of sales.
Administrative costs increased by 8% in both Danish kroner and at CER compared with the same period in 2023.
Administration costs amounted to 1.7% as a percentage of sales.
Other operating income and expenses showed an income of DKK 405 million in the second quarter of 2024 driven byincome from partnerships related to the acquisition of Dicerna Pharmaceuticals Inc.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 14 of 36

Operating profit increased by 9% measured in Danish kroner and by 8% at CER compared with the second quarter of2023. Operating profit growth is impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.
Financial items (net) showed a net loss of DKK 602 million compared with a net gain of DKK 366 million in the second
quarter of 2023 reflecting losses on hedged currencies, primarily the US dollar.
The effective tax rate is 20.9% in the second quarter of 2024 compared with an effective tax rate of 19.9% in the second
quarter of 2023.
Net profit increased by 3% to DKK 20,050 million and diluted earnings per share increased by 4% to DKK 4.49. Net profit
and diluted earnings per share are impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 15 of 36

CASH FLOW AND CAPITAL ALLOCATIONFREE CASH FLOW IN THE FIRST SIX MONTHS OF 2024 AND CAPITAL EXPENDITURE
Free cash flow realised in 2024 was DKK 41.3 billion compared to DKK 45.5 billion in the first six months of 2023. The lower
free cash flow reflects increasing capital expenditure as well as acquisitions of intangible assets. This is partially counteredby net cash generated from operating activities. The impairment of the intangible asset ocedurenone of DKK 5.7 billion has
no impact on free cash flow.
Income under the 340B Program has been partially recognised.
Capital expenditure for property, plant and equipment was DKK 18.9 billion compared with DKK 10.6 billion in 2023,
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 3.3
billion in the first six months of 2024 compared with DKK 1.3 billion in 2023 reflecting business development activities.
Novo Nordisk to acquire three fill-finish sites from Novo Holdings A/S in connection with the Catalent, Inc.
transaction
In February 2024, Novo Nordisk announced an agreement to acquire three fill-finish sites from Novo Holdings A/S (NovoHoldings) in connection with a transaction where Novo Holdings has agreed to acquire Catalent, Inc. (Catalent), a global
contract development and manufacturing organisation. On 29 May 2024, Catalent stockholders voted to approve thepending transaction. The fulfilment of various customary closing conditions is progressing, and Novo Nordisk still expects
that the acquisition will be completed towards the end of 2024.
EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 112,522 million at the end of June 2024, equivalent to 30.5% of total assets, compared with 32.2% at
the end of June 2023. Please refer to appendix 5 for further elaboration of changes in equity. Novo Nordisk returned DKK
38.9 billion to shareholders via DKK 10.3 billion share buybacks and DKK 28.6 billion dividend in the first six months of2024.
Interim dividend
The Board of Directors has decided to pay out interim dividend for 2024 of DKK 3.50 for each Novo Nordisk A and B
share of DKK 0.10, which will be paid in August 2024. The ex-dividend date for the interim dividend will be 15 August 2024
for A and B shares, while the ex-dividend date will be 16 August for the ADRs. The record date will be 16 August 2024 for
the A and B shares as well as the ADRs The payment date for the A and B shares will be 19 August 2024, while the payment
date for the ADRs will be 26 August 2024. No dividend will be paid on the company’s own holding of B shares.
2024 share repurchase programme
As of 5 August 2024, Novo Nordisk has repurchased 11,067,126 B shares of DKK 0.10 for an amount of DKK
9,727,706,050 as part of the overall share repurchase programme of up to DKK 20 billion to be executed during a 12month period beginning 6 February 2024.
The execution of Novo Nordisk’s overall share repurchase programme for 2024 of DKK 20 billion continues. As part of this,a new share repurchase programme for an amount up to DKK 2.4 billion will be initiated 7 August 2024 and ending on 4
November 2024 in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April
2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the 'Safe Harbour Rules'). The
purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based
incentive programmes.
A maximum of 415,000,000 B shares of DKK 0.10 in total can be bought during the trading period.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 16 of 36

Issuance of Eurobonds
On 14 May 2024, Novo Nordisk announced the successful Eurobond issuance in an aggregate principal amount of EUR
4.65 billion under its EUR 20 billion Euro Medium Term Note Programme. The first tranche maturing on 21 May 2026 wasissued in an aggregate principal amount of EUR 1.3 billion with a coupon of 3.375%. The second tranche maturing on 21
January 2029 was issued in an aggregate principal amount of EUR 1.0 billion with a coupon of 3.125%. The third
tranche maturing on 21 January 2031 was issued in an aggregate principal amount of EUR 1.0 billion with a coupon of
3.25%. The fourth tranche maturing on 21 May 2034 was issued in an aggregate principal amount of EUR 1.35 billion witha coupon of 3.375%.
Net proceeds of the issuances will be used by Novo Nordisk for general corporate purposes, including financing theacquisition where Novo Nordisk has agreed to acquire the three sites from a subsidiary of Novo Holdings, as part of atransaction where the subsidiary of Novo Holdings has agreed to acquire Catalent (NYSE: CTLT) through a merger. The
bonds are recognised as borrowings measured at amortised cost.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 17 of 36

OUTLOOK
The current expectations for 2024 are summarised in the table below:r

Expectations
7 August 2024

Expectations
2 May 2024

22% to 28%
Around 1 percentage point lower
than at CER

19% to 27%

20% and 28%
Around 1 percentage point lower
than at CER

22% and 30%

Financial items (net)

Loss of around 0.5 bDKK

Loss of around 0.7 bDKK

Effective tax rate

19% to 21%

19% to 21%

Capital expenditure (PP&E)

Around DKK 45 billion

Around DKK 45 billion

Depreciation, amortisation and impairment losses

Around DKK 17 billion

Around DKK 10 billion

Free cash flow (excluding impact from business development)

Between 59 and 69 bDKK

Between 57 and 67 bDKK

Expectations are as reported, if not otherwise statedSales growthat CER
as reported

In line with CER growth

Operating profit growthat CER
as reported

In line with CER growth

Sales growth is now expected to be 22% to 28% at CER. Given the current exchange rates versus the Danish krone, sales
growth reported in DKK is now expected to be 1 percentage point lower than at CER. The updated sales outlook at CER
reflects higher full-year expectations for both operating units.
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. Continued pricing pressure
within Diabetes and Obesity care is 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. In the US, demand for Wegovy exceeds supply, and to safeguard continuity of care, the®
supply of the initiation dose strength remains capped. A gradual global roll-out of Wegovy with capped volumes is
included in the guidance.
Operating profit growth is now expected to be 20% to 28% at CER. Given the current exchange rates versus the Danish
krone, growth reported in DKK is now expected to be 1 percentage point lower than at CER. The updated expectation for
operating profit growth is mainly reflecting the impairment loss related to ocedurenone, countered by the increased sales
outlook.
The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments infuture and current growth drivers within Research, Development and Commercial. Within R&D, investments are related tothe continued expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related
to Obesity care market development activities as well as investments related to GLP-1 diabetes care.
Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 0.5 billion, mainly reflecting losses
associated with foreign exchange hedging contracts.
The effective tax rate for 2024 is still expected to be in the range of 19-21%.
Capital expenditure is still expected to be around DKK 45 billion in 2024, reflecting expansion of the global supply chain.
The investments will create additional capacity across the supply chain, including manufacturing of active pharmaceuticalingredients (API), additional aseptic production and finished production processes as well as packaging capacity. 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 2024 to 30 June 2024

Page 18 of 36

Depreciation, amortisation and impairment losses are now expected to be around DKK 17 billion, mainly related to theimpairment of ocedurenone.
The free cash flow is now expected to be DKK 59-69 billion reflecting the sales growth, a favourable impact from rebatesin the US, countered by investments in capital expenditure. The updated cash flow expectation mainly reflects theincreased sales growth outlook.
Financial impacts related to and following the expected closing of the Catalent transaction have not been included in thefinancial guidance.
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. The guidance is also based onassumptions in relation to the estimation of gross-to-net developments in the US gross sales. Finally, the guidance does
not include the financial implications of any new significant business development transactions and significant
impairments of intangible assets during 2024.

FX (average rates)

Q2 2024

Q2 2023

USD

693

CNY

96

JPY
CAD
BRL

% change

Spot rate
01 August
2024

689

0%

692

100

(4%)

95

4.54

5.12

(11%)

4.59

508

511

(1%)

500

136

136

0%

122

% change

H1 2024

H1 2023

684

1%

690

97

(1%)

96

4.45

4.97

(10%)

507

510

(1%)

133

138

(4%)

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 5,900 million
DKK 640 million
DKK 470 million
DKK 250 million
DKK 210 million

12
12
3
0
12

USD
2
CNY
CAD
BRL
JPY
1)
2)

1

As of 30 June 2024.
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 2024 to 30 June 2024

Page 19 of 36

INNOVATION AND THERAPEUTIC FOCUS
Diabetes care®

Awiqli approved in the EU and Japan for the treatment of type 1 and type 2 diabetes and in China for the treatment of type 2
diabetes®
In May and June 2024, insulin icodec was approved in the EU and Japan under the brand name Awiqli for the treatment of®
type 1 and type 2 diabetes. In June 2024, insulin icodec was likewise approved in China under the brand name Awiqli forthe treatment of type 2 diabetes.
Novo Nordisk received Complete Response Letter in the US for once-weekly basal insulin icodec
In July 2024, Novo Nordisk received a Complete Response Letter (CRL) from the US Food and Drug Administration (FDA) for
insulin icodec. Insulin icodec was submitted for regulatory approval in the US for the treatment of diabetes in April 2023. In
the letter, the FDA has requests related to the manufacturing process and the type 1 diabetes indication before the reviewof the application can be completed. Novo Nordisk is evaluating the content of the CRL and will work closely with the FDA
to fulfil the requests. Novo Nordisk does not expect to be able to fulfil the requests during 2024. For further information,please see the company announcement here: Link®

Zegalogue approved in the EU for the treatment of severe hypoglycaemia®

In July 2024, the European Commission granted a marketing authorisation for Zegalogue (the brand name fordasiglucagon), for the treatment of severe hypoglycaemia in paediatric and adult patients with diabetes aged 6 and above.
In September 2022, Novo Nordisk entered into a global licence and development agreement with Zealand to®
commercialise Zegalogue .
Update on label extension applications for oral semaglutide in the EU
In July 2024, the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) adopted apositive opinion, recommending a label extension for the existing marketing authorisation for once-daily oral semaglutide
25 mg and 50 mg in people with type 2 diabetes, based on the results from the PIONEER PLUS trial. Novo Nordisk expects
a final approval by the European Commission (EC) within approximately two months. The global launch of oral semaglutide
25 mg and 50 mg is contingent on portfolio prioritisations and manufacturing capacity. In August, the EC granted amarketing authorisation of a formulation change application in the EU to introduce 1.5 mg, 4 mg and 9 mg daily doses of®
oral semaglutide (marketed under brand name Rybelsus ) equivalent to 3 mg, 7 mg and 14 mg doses, respectively.
FLOW data with semaglutide 1.0 mg submitted for regulatory approval in the EU
In May 2024, Novo Nordisk submitted a label extension application to the European Medicines Agency (EMA) for regulatory®
approval in the EU for Ozempic to include results from the kidney outcomes trial FLOW. Semaglutide 1.0 mg
demonstrated a 24% reduction in the risk of kidney disease-related events in people with type 2 diabetes and chronic
kidney disease in the FLOW trial. In the trial, semaglutide 1.0 mg appeared to have a safe and well-tolerated profile in linewith previous semaglutide 1.0 mg trials.
Phase 3a trial COMBINE 1 with IcoSema successfully completed
In June 2024, Novo Nordisk successfully completed the third and last pivotal phase 3a trial, COMBINE 1, with once-weekly
IcoSema, a combination of basal insulin icodec and semaglutide. The objective of the 52-week trial was to assess theefficacy and safety of switching to once-weekly IcoSema compared to once-weekly basal insulin icodec alone in people with
type 2 diabetes inadequately controlled on a daily basal insulin, with or without OADs. From a mean baseline HbA1c of
8.22%, the primary endpoint was met with IcoSema demonstrating superior reduction in HbA1c of -1.55 percentage points
compared to -0.89 percentage point for insulin icodec (estimated treatment difference: –0.66 percentage point). Further,from a baseline body weight of 84.47 kg, IcoSema demonstrated a superior change in body weight of -3.70 kg vs +1.89 kg
for insulin icodec (estimated treatment difference of -5.59 kg) . The rates of clinically significant or severe hypoglycaemia
were statistically significantly lower with IcoSema at 0.14 events per patient year of exposure vs 0.63 events per patient
year of exposure with once-weekly insulin icodec. In the trial, once-weekly IcoSema appeared to have a safe and welltolerated profile. Novo Nordisk expects to file for first regulatory approval of IcoSema in the second half of 2024.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 20 of 36

Development of Phase 1 once-monthly dual GLP-1/GIP receptor agonist terminated
In May 2024, Novo Nordisk terminated the development of a phase 1 once-monthly subcutaneous dual GLP-1/GIP
receptor agonist due to portfolio considerations.
Obesity care®

Wegovy approved in China for the treatment of obesity or overweight®

In June 2024, Wegovy was approved by the China National Medical Products Administration for the treatment ofoverweight (≥BMI 27 to <BMI 30 in the presence of at least one weight-related co-morbidity) and obesity (≥BMI 30).
®

Positive CHMP opinion for update of the Wegovy label to reflect risk reduction of major adverse cardiovascular events
In July 2024, Novo Nordisk announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for®
Human Use (CHMP) adopted a positive opinion for an update of the Wegovy label to reflect data from the SELECT®
cardiovascular outcomes trial. The SELECT trial demonstrated that Wegovy statistically significantly reduced the risk ofmajor cardiovascular events (MACE) by 20% vs placebo when added to standard of care in people with overweight orobesity and established cardiovascular disease. The recommended label update is also to included additional data fromthe SELECT trial. For further information, please see the company announcement here: Link®

Withdrawal of the submission to FDA of the results from the Wegovy STEP HFpEF trials
In January 2024, Novo Nordisk submitted the results from the STEP HFpEF trials for regulatory review in the US and EU.
Based on interactions with the FDA, Novo Nordisk has decided to withdraw the file and expects to resubmit the file in the
beginning of 2025 with additional relevant data, including data from the once-weekly injectable semaglutide 1.0 mg kidney
outcomes trial, FLOW.
Successful completion of the OASIS 4 phase 3 trial with oral semaglutide 25 mg in people with obesity or overweight
In June 2024, Novo Nordisk successfully completed OASIS 4, a phase 3b trial in the global OASIS programme. OASIS 4 wasa 64-week, efficacy and safety trial comparing once-daily oral semaglutide 25 mg for weight management to placebo in
307 adults with obesity or overweight with one or more comorbidities. From a baseline bodyweight of 105.9 kg, oralsemaglutide 25 mg achieved 13.6% weight loss compared to a 2.2% reduction with placebo in adults with obesity or
overweight (16.6% weight loss compared to a 2.7% reduction, respectively, if all people adhered to treatment). In the trial,
oral semaglutide 25 mg appeared to have a safe and well-tolerated profile. The global launch of oral semaglutide 25 mg is
contingent on portfolio prioritisations and manufacturing capacity.
Rare disease®

Esperoct approved in China for the treatment of haemophilia A®

In June 2024, Esperoct was approved by the China National Medical Products Administration for the treatment of
haemophilia A in patients aged 12 years and above.
Concizumab approved in Japan for the treatment of haemophilia A and B without inhibitors
In June 2024, concizumab was approved in Japan under the brand name Alhemo™ for the treatment of haemophilia A and
B without inhibitors. Alhemo™ has already been launched in Japan for the treatment of haemophilia A and B with inhibitors.
Concizumab resubmitted for regulatory approval in the US for the treatment of haemophilia A and B with inhibitors
In June 2024, Novo Nordisk resubmitted concizumab for regulatory approval in the US for the treatment of haemophilia A
and B with inhibitors. The resubmission follows a Complete Response Letter from the FDA in April, 2023. Novo Nordisk
expects the review to be completed around the turn of the year.
Concizumab submitted for regulatory approval in the US for the treatment of haemophilia A and B without inhibitors
In July 2024, Novo Nordisk submitted concizumab for regulatory approval in the US for the treatment of haemophilia A and
B without inhibitors. The submission was based on the results from the explorer8 phase 3 trial, comparing the efficacy andsafety of concizumab prophylaxis (PPX) to no prophylaxis treatment.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 21 of 36

Phase 3a trial FRONTIER 2 with Mim8 successfully completed
In May 2024, Novo Nordisk announced headline results from FRONTIER 2, a pivotal phase 3a trial with Mim8 in people withhaemophilia A. Once-weekly and once-monthly Mim8 demonstrate superior reduction of treated bleeding episodes
compared to on-demand and prior prophylaxis treatment in people with haemophilia A in the FRONTIER 2 trial. Following
regulatory interactions, Novo Nordisk now expects to submit Mim8 for the first regulatory approval during the first half of2025. For further information, please see the company announcement here: Link
Cardiovascular & Emerging Therapy Areas
Ocedurenone phase 3 trial CLARION-CKD trial stopped
In June 2024, Novo Nordisk announced that the CLARION-CKD phase 3 trial with ocedurenone had been stopped. Basedon the interim analysis, an independent data monitoring committee concluded that the trial met the prespecified futility
criteria - meaning that the trial did not meet its primary endpoint of change in systolic blood pressure from baseline toweek 12. Further development of ocedurenone in other indications is now being evaluated. For further information, please
see the company announcement here: Link
Phase 3 trial initiated with ziltivekimab in people with Acute Myocardial Infarction (AMI)
In June 2024, Novo Nordisk initiated a randomised and placebo-controlled phase 3 cardiovascular outcomes trial. The trial,
ARTEMIS, is assessing the efficacy and safety of subcutaneous ziltivekimab 15 mg in around 10,000 people with Acute
Myocardial Infarction (AMI). The trial is conducted in collaboration with the academic research organisation Duke ClinicalResearch Institute. The event-driven trial is expected to complete in the second half of 2026.
Phase 1 trial with VAP-1i in MASH stopped and development terminated.
In June 2024, Novo Nordisk stopped the ongoing phase 1 trial after the first part of the study which evaluated safety,
tolerability, pharmacokinetics and pharmacodynamics of VAP-1i. The trial has been stopped and further development of
VAP-1i in MASH has been terminated due to portfolio considerations.
Technology platforms
Phase 1 trial with PDL1 and the GalXC-Plus™ platform initiated
In June 2024, Novo Nordisk initiated a phase 1 trial with PDL1 and the GalXC-Plus™ platform. DCR-PDL1 is an immunooncology target with the goal of silencing intracellular expression of PD-L1 in antigen-presenting dendritic cells. The phase1 trial, using the proprietary platform, GalXC-Plus™, aims addressing intracellular target outside the liver and validate the
GalXC-Plus™ platform to be used in core Novo Nordisk therapeutic areas.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 22 of 36

PURPOSE AND SUSTAINABILITYENVIRONMENTENVIRONMENTAL PERFORMANCE

Unit

Total CO2e emissions

H1 2024

H1 2023% change
H1 2024 to
H1 2023

1,000 tonnes CO2e

2,203

1,681

31%

- Scope 1 CO2e emissions

1,000 tonnes CO2e

38

36

6%

- Scope 2 CO2e emissions

1,000 tonnes CO2e

10

7

43%

3

1,000 tonnes CO2e

2,155

1,638

32%

1
2

- Scope 3 CO2e emissions

1. Scope 1: Direct CO2e emissions from sources that are owned or controlled by the Novo Nordisk Group.
2. Scope 2: Indirect emissions from purchased electricity, heat and steam. Market-based emissions are calculated based on CO2e emission factors from the previous year.
3. Scope 3: Indirect emissions from Novo Nordisk full value chain.

EmissionsNovo Nordisk aims to reach zero CO2e emissions from operations and transportation by 2030. Further, the aim is that
goods and services from suppliers will be based on 100% sourced renewable power by 2030. In the first half of 2024,
through decarbonisation initiatives, including increased usage of renewable energy and biofuel as well as reduced
business flights, Novo Nordisk has reduced CO2e emissions from operations and transportation (Scope 1, 2 and partial
Scope 3) by 36% compared to the first half of 2019.
Compared to the first six months of 2023, Scope 1 CO2e emissions increased by 6%, reflecting increased production
volumes, partially countered by energy-saving initiatives and usage of renewable energy.
Scope 2 CO2e emissions increased by 43% compared to the first six months of 2023, reflecting the increase in number of
employees and expansion of offices, partially countered by an increase in the usage of renewable energy sources.
Scope 3 CO2e emissions increased by 32% compared to the first six months of 2023 due to increased investments incapital expenditure for property, plant, and equipment.
SOCIALH1 2024

H1 2023% change
H1 2024 to
H1 2023

Estimate in millions

1

42.1

40.0

5%

Estimate in millions

1

40.7

39.1

4%

1

1.4

0.9

56%

Number of children

256,82145,34825%

Men:women

54:46

55:45

N/A

Men:women

59:41

60:40

N/A

SOCIAL PERFORMANCE

Unit

Patients
Total numbers of patients reached– Patients reached with Novo Nordisk's Diabetes care products– Patients reached with Novo Nordisk's Obesity care products

Estimate in millions®

Children reached through the Changing Diabetes in Children
programme
Sustainable employer
3

Gender in leadership positions

4

Gender in senior leadership positions

1. Calculated as a moving annual total. The estimated total number of full-year patients reached over a 12-month period.

®

2. Total cumulative number of children. The number of children reached with Diabetes care treatment through the Changing Diabetes in Children programme since the initiation of
the partnership in 2009.
3. Defined as team leaders, managers, directors, vice presidents, corporate vice presidents, senior vice presidents and executive management.
4. Defined as vice presidents, corporate vice presidents, senior vice presidents and executive management.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 23 of 36

Patients
The number of people reached with Novo Nordisk products, across Diabetes and Obesity care, was 42.1 million at the endof June 2024. This represents a net increase of 2.1 million patients compared to the end of June 2023.
®

The Changing Diabetes in Children programme aims to reach 100,000 children by 2030. By the end of June 2024, morethan 56,821 children were reached with diabetes care treatment, an increase of 25% compared to the end of June 2023.
Sustainable employer
Novo Nordisk aspires to be a sustainable employer. 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 June 2024, 46% of all leaders were women and 41% of leaders in senior leadership positions were women,
increasing from 45% and 40%, respectively, at the end of June 2023.
The number of full-time employees at the end of June 2024 increased by 17% compared to 12 months ago. The total
number of full-time employees was 69,260. The increase is mainly driven by Product Supply.
Israel-Hamas conflict
Novo Nordisk's key priorities are to safeguard employees and continue the supply of essential medicines to patients. Novo
Nordisk is supporting humanitarian organisations in providing essential medicines to patients in the region.
Russia's invasion of Ukraine
Novo Nordisk's key priorities are to safeguard employees and continue the supply of essential medicines. In Ukraine, Novo
Nordisk has continued the supply of medicines, which are currently broadly available throughout the country, also throughcollaboration with humanitarian organisations to provide access in bordering 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.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 24 of 36

LEGAL MATTERS
Litigations related to the 340B Drug Pricing Programme in the US
Since January 2021, Novo Nordisk has made a number of changes to its policy in the US, related to facilitating delivery of its
discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing
Program. On 30 January 2023, the US Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk’s
drug distribution policy was consistent with the 340B statute. In May 2024, the US Court of Appeals for the DC Circuit
issued a ruling that was consistent with the ruling by the Third Circuit Court of Appeals. However, a ruling from the US
Court of Appeals for the Seventh Circuit remains pending and along with the DC Circuit ruling may be subject to further
discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent rulings andappeals in these matters, there may be a material impact on Novo Nordisk’s financial position, net sales and cash flow.

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Financial report for the period 1 January 2024 to 30 June 2024

Page 25 of 36

MANAGEMENT STATEMENT
The Board of Directors and Executive Management have reviewed and approved the financial report of Novo Nordisk A/S
for the first six months of 2024. The financial report has not been audited or reviewed by the company’s
independent auditors.
The financial report for the first six months of 2024 has been prepared in accordance with IAS 34 'Interim Financial
Reporting' and additional Danish disclosure requirements for listed companies. The accounting policies adopted in the
preparation are consistent with those applied in the Annual Report 2023 of Novo Nordisk.
In our opinion, the financial report for the first six months of 2024 gives a true and fair view of the Group’s assets,
liabilities and financial position at 30 June 2024, and of the results of the Group’s operations and cash flow for theperiod 1 January 2024 to 30 June 2024. Furthermore, in our opinion, Management’s Review includes a true and fairaccount of the development in the operations and financial circumstances of the results for the period and of the financial
position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group inaccordance with Danish disclosure requirements for listed companies.
Besides what has been disclosed in the quarterly financial report, no changes in the Group’s most significant risks anduncertainties have occurred relative to what was disclosed in the consolidated Annual Report 2023.

Bagsværd, 7 August 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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Financial report for the period 1 January 2024 to 30 June 2024

Page 26 of 36

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 69,000 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
6 November 2024

Financial results for the first nine months of 2024

5 February 2025

Financial statement for 2024

Contacts for further information
Media:
Ambre James-Brown

Liz Skrbkova (US)+45 3079 9289
abmo@novonordisk.com+1 609 917 0632
lzsk@novonordisk.com

Investors:
Jacob Martin Wiborg RodeDavid Heiberg Landsted+45 3075 5956
jrde@novonordisk.com+45 3077 6915
dhel@novonordisk.com

Sina Meyer

Mark Joseph Root (US)+45 3079 6656
azey@novonordisk.com+1 848 213 3219
mjhr@novonordisk.com

Ida Schaap Melvold

Frederik Taylor Pitter+45 3077 5649
idmg@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 aStrategic
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Financial report for the period 1 January 2024 to 30 June 2024

Page 27 of 36

culture of compliance, epidemics, pandemics or other public health crises, and the effects of domestic or international crises, civil unrest, war or other conflict,and factors related to the foregoing matters and other factors not specifically identified herein.
For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in 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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Financial report for the period 1 January 2024 to 30 June 2024

Page 28 of 36

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
2024

2023

Q2 2024 vs.
Q2 2023

Q2

Q1

Q4

Q3

Q2

Q1

Net sales

68,06065,34965,86358,73154,30053,36725%

Gross profit

57,78655,43355,84949,01846,44445,18524%

Gross margin

84.9%

84.8%

84.8%

83.5%

85.5%

84.7%

(14,934)(13,256)(17,170)(12,819)(14,342)(12,412)

21.9%

20.3%

26.1%

21.8%

26.4%

23.3%

Sales and distribution costs
Percentage of sales
1

Research and development costs(16,166)(8,606)(10,460)(8,128)(7,127)(6,728)Percentage of sales

23.8%

13.2%

15.9%

13.8%

13.1%

12.6%

Administrative costs(1,157)(1,157)(1,456)(1,256)(1,072)(1,071)

Percentage of sales

1.7%

1.8%

2.2%

2.1%

2.0%

2.0%

Other operating income and expenses

4%
127%
8%

405

(568)

3

98

(15)

33

N/A

Operating profit (EBIT)

25,934

31,846

26,766

26,91323,88825,007

9%

Operating margin

38.1%

48.7%

40.6%

45.8%

44.0%

46.9%

Financial income

960

2,146

(944)

3,318

(281)

852

(442%)

Financial expenses(1,562)(2,074)

1,798(2,168)647(1,122)(341%)

Financial items (net)

(602)

72

854

1,150

366

(270)

(264%)

Profit before income taxes

25,332

31,91827,62028,06324,254

24,737

4%

Income taxes(5,282)(6,511)(5,657)(5,585)(4,826)(4,923)9%

Net profit

20,05025,407

21,96322,47819,42819,8143%

Depreciation, amortisation and impairment losses

8,845

2,914

2,992

2,525

2,177

1,719

306%

Capital expenditure (PP&E)

10,470

8,474

9,407

5,828

5,878

4,693

78%

Net cash generated from operating activities

50,503

14,314

9,551

40,96628,577

29,814

77%

EBITDA

34,77934,76029,75829,43826,06526,72633%

Free cash flow

36,2895,020(7,250)30,03920,77324,76475%

Total assets

369,383

298,921314,486

300,101

280,753

250,025

32%

Total equity

112,522

98,911

106,561

92,991

90,47379,87424%

Equity ratio

30.5%

33.1%

33.9%

31.0%

32.2%

31.9%

Full-time equivalent employees end of period

169,26066,01563,37061,412

59,33757,08917%

Basic earnings per share/ADR (in DKK)

4.50

5.70

4.92

5.02

4.33

4.40

4%

Diluted earnings per share/ADR (in DKK)

4.49

5.68

4.91

5.00

4.32

4.39

4%

Average number of shares outstanding (million)

4,457.7

4,459.6

4,464.7

4,476.9

4,490.4

4,499.2(1%)

Average number of diluted shares outstanding (million)

4,465.4

4,470.5

4,477.4

4,489.0

4,502.6

4,513.2(1%)

Total GLP-1

37,03534,982

37,761

30,63527,925

26,811

33%

Long-acting insulin

4,737

5,165

3,726

3,692

3,354

4,133

41%

Premix insulin

2,436

2,968

2,123

2,219

2,456

2,776

(1%)

Fast-acting insulin

3,868

4,487

4,142

3,808

3,511

4,488

10%
(20%)

Sales by business segment:

Human insulin

1,571

1,745

1,989

1,626

1,967

2,012

Total insulin

12,612

14,365

11,98011,345

11,28813,409

12%

Other Diabetes care

533

583

322

594

667

729

(20%)

Total Diabetes care26%

50,18049,93050,06342,57439,88040,949®

11,659

9,377

9,614

9,648

7,518

4,563

55%

Saxenda

®

2,245

1,658

1,615

2,607

2,788

3,279

(19%)

Total Obesity care

13,904

11,035

11,22912,255

10,306

7,842

35%

Diabetes and Obesity care total

64,08460,96561,292

54,82950,186

48,79128%

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

2,864
730
382
3,976

2,888
1,113
383
4,384

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

1%
(19%)
2%
(3%)

North America Operations- The USInternational Operations- EMEA

40,93038,404
27,13014,581

39,28036,782
26,06914,326

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

38%
41%
10%
13%

- Region China

4,963

4,506

3,418

4,341

4,467

4,461

11%

- Rest of World

7,586

7,237

7,118

6,779

7,314

6,867

4%

26,984(1,050)31,218628

26,032734

26,721
192

22,707
1,181

24,163844

19%(189%)

WegovySales by geographic segment:

Segment operating profit:
Diabetes and Obesity care
Rare disease1)

Research and development expenses include an impairment loss of DKK 5.7 billion related to ocedurenone. The impairment loss is recognised in the segment Diabetes and Obesity.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 29 of 36

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

H1 2024

H1 2023

Q2 2024

Q2 2023

Net sales

133,409

Cost of goods sold

(20,190)

107,667

68,06054,300(16,038)(10,274)(7,856)Gross profit

113,219

91,62957,78646,444

Sales and distribution costs(28,190)(26,754)(14,934)(14,342)(24,772)(2,314)(13,855)(2,143)(16,166)(1,157)(7,127)(1,072)

(163)

405

(15)

25,93423,888960(281)

Income statement

1

Research and development costs
Administrative costs

Other operating income and expenses
Operating profit

57,780Financial income

3,106

18
5
48,8950
0571

Financial expenses(3,636)(475)(1,562)

647

Profit before income taxes

57,25048,991

25,332

24,254

Income taxes(11,793)(5,282)(4,826)

NET PROFIT

45,457

20,05019,428

Basic earnings per share (DKK)

10.20(9,749)2
39,2420
0
8.73

4.50

4.33

Diluted earnings per share (DKK)

10.17

8.71

4.49

4.32

125,049
8,360

98,977
8,690

64,084
3,976

50,186
4,114

Diabetes and Obesity care

58,202

46,87026,98422,707

Operating margin

46.5%

47.4%

42.1%

45.2%

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

Rare disease

(422)

2,025

(1,050)1,181

Operating margin(5.0)%

23.3%(26.4)%

28.7%

57,78048,89525,93423,88845,457

39,242

20,05019,428

(34)

30

39

(9)

(34)

30

39

(9)

Total segment operating profit

Statement of comprehensive income
Net profit
Other comprehensive income
Remeasurements of defined benefit obligations
Items that will not be reclassified subsequently to the income
statement
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

1,194

(957)

769

12

(679)
(2,490)
—
626

281
489
4
(359)

933
(1,243)2
51

1,307(1,749)1(18)

Items that will be reclassified subsequently to the Income statement(1,349)

(542)

512

(447)

Other comprehensive income(1,383)

(512)

551

(456)

TOTAL COMPREHENSIVE INCOME

44,07438,73020,601

18,972

1)

Research and development expenses include an impairment loss of DKK 5.7 billion related to ocedurenone. The impairment loss is recognised in the segment Diabetes and Obesity.

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 30 of 36

APPENDIX 3: CASH FLOW STATEMENTDKK million

H1 2024

H1 2023

Net profit

45,457

39,242

11,793
11,759

9,749
3,896

11,297249

30,935(14,231)

Interest received
Interest paid

547
(217)

409
(262)

Income taxes paid

(16,068)(11,347)

Net cash generated from operating activities

64,81758,391

Purchase of intangible assets
Purchase of property, plant and equipment(3,303)(18,944)(1,265)(10,571)

Acquisition of businesses
Proceeds from other financial assets

(668)
—

—
33

Purchase of other financial assets
Purchase of marketable securities(32)(10,993)(251)(7,259)

Sale of marketable securities

17,165

3,381

Net cash used in investing activities(16,775)(15,932)

Purchase of treasury shares
Dividends paid
Proceeds from issue of bonds
Repayment of borrowings(10,285)(28,557)
34,513(5,370)(14,022)(18,337)—(851)

Net cash used in financing activities(9,699)(33,210)

Net cash generated from activities

38,343

9,249

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

14,392
86

12,653(328)

Cash and cash equivalents at the end of the period

52,821

21,574

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

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 31 of 36

APPENDIX 4: BALANCE SHEETDKK million

30 Jun 2024

31 Dec 2023

Intangible assets

55,50160,406

Property, plant and equipment
Investments in associated companies

109,980412

90,961
410

Deferred income tax assets
Other receivables and prepayments

22,565
2,178

20,3801,430

Other financial assets

1,247

1,253

TOTAL NON-CURRENT ASSETS

191,883

174,840

Inventories

36,356

31,811

Trade receivables
Tax receivables

63,5652,898

64,7702,423

Other receivables and prepayments
Marketable securities

9,667
9,833

8,068
15,838Derivative financial instruments
Cash at bank

2,360
52,821

2,344
14,392TOTAL CURRENT ASSETS

177,500

139,646

TOTAL ASSETS

369,383

314,486

Share capital
Treasury shares
Retained earnings
Other reserves446(1)
112,150
(73)

451
(5)
104,839
1,276

TOTAL EQUITY

112,522

106,561

Borrowings
Deferred income tax liabilities
Retirement benefit obligations
Other liabilities
Provisions

51,608
9,037
763
16
7,528

20,528
10,162
742
189
6,649

Total non-current liabilities

68,952

38,270Borrowings
Trade payables
Tax payables
Other liabilities
Derivative financial instruments
Provisions

5,452
29,7595,906
29,937
2,363
114,492

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

Total current liabilities

187,909

169,655

TOTAL LIABILITIES

256,861

207,925

TOTAL EQUITY AND LIABILITIES

369,383

314,486ASSETSEQUITY AND LIABILITIESStrategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 32 of 36

APPENDIX 5: EQUITY STATEMENT

Share
capitalTreasurysharesRetainedearnings

Other
reserves451(5)

104,839
45,457

1,276

106,561
45,457

Other comprehensive income for the period(34)(1,349)(1,383)

Total comprehensive income for the period

45,423(1,349)44,074

DKK million

Total

H1 2024
Balance at the beginning of the year
Net profit for the period

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

(5)

(1)
5

(28,557)829(28,557)829(10,284)(10,285)
—
(100)

(100)

Balance at the end of the period

DKK million

446

(1)

112,150(73)

112,522

SharecapitalTreasurysharesRetainedearnings

Other
reserves

Total

456

(6)

80,587
39,242
30

2,449
(542)

83,486
39,242(512)

39,272(542)

38,730H1 2023
Balance at the beginning of the year
Net profit for the period
Other comprehensive income for the period
Total comprehensive income for the period
Transactions with owners:
Dividends
Share-based payments
Purchase of treasury shares
Reduction of the B share capitalTax related to transactions with owners(5)

Performancehighlights

Commercial
execution(18,337)821(14,022)
—
(205)

(205)

Balance at the end of the period

Strategic
aspirations(2)
5(18,337)821(14,020)

451

Financials

Cash flow andcapital allocation

Outlook(3)

Innovation andtherapeutic focus

88,118

1,907

Purpose andsustainability

Legal90,473Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 33 of 36

APPENDIX 6: SALES SPLIT PER AREA
Q2 2024 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

31,11729%
28,875
30%
2,242
21%
5,918
49%

22,36842%
21,085
39%
1,283
113%
2,976
32%

20,70949%
19,448
46%
1,261
125%
2,909
32%

8,749
6%
7,790
11%
959
(23%)
2,942
72%

4,146
(5%)
3,749
(2%)
397
(28%)
1,702
70%

2,228
32%
1,983
50%
245
(34%)
53
77%

2,375
8%
2,058
9%
317
1%
1,187
74%

Total GLP-1

37,03525,344

23,618

11,691

5,848

2,281

3,562

% change at CERLong-acting insulin% change at CER®
Awiqli% 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

32%
4,737
42%
2
—
2,297
31%
1,067
27%
1,371
82%
2,436
0%
1,163
21%
1,273
(14%)
3,868
10%
565
26%
3,303
7%
1,571
(22%)

41%
1,556
193%
2
—
700
85%
54
(27%)
800
—
67
(52%)
—
—
67
(52%)
1,253
37%
156
96%
1,097
31%
299
(25%)

46%
1,384
277%
—
—
547
131%
54
(28%)
783
—
63
(53%)
—
—
63
(53%)
1,204
44%
144
109%
1,060
38%
286
(26%)

18%
3,181
14%
—
—
1,597
17%
1,013
32%
571
(15%)
2,369
3%
1,163
21%
1,206
(10%)
2,615
0%
409
12%
2,206
(2%)
1,272
(21%)

9%
1,942
12%
—
—
979
24%
523
15%
440
(10%)
617
(5%)
181
10%
436
(11%)
1,703
2%
316
2%
1,387
3%
466
(3%)

33%
624
51%
—
—
218
13%
334
167%
72
(24%)
1,139
3%
655
25%
484
(16%)
341
(9%)
—
—
341
(9%)
215
(23%)

24%
615
(6%)
—
—
400
4%
156
(15%)
59
(31%)
613
13%
327
19%
286
6%
571
(1%)
93
67%
478
(8%)
591
(30%)

Total insulin

DKK million
Diabetes and Obesity care segment

12,612

3,175

2,937

9,437

4,728

2,319

2,390

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

11%
533
(9%)

60%
58
(19%)

71%
47
(19%)

1%
475
(7%)

4%
179
19%

7%
196
(22%)

(9%)
100
(8%)

Total Diabetes care

50,18028,577

26,602

21,603

10,755

4,796

6,052

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

26%
11,659
53%
2,245
(19%)

42%
10,098
39%
556
(47%)

49%
9,907
36%
392
(58%)

9%
1,561
382%
1,689
(3%)

7%
1,560
382%
874
(20%)

16%
—
—
31
(34%)

8%
1
—
784
33%

Total Obesity care

13,904

10,654

10,299

3,250

2,434

31

785

% change at CER

34%

28%

25%

58%

71%

(34%)

33%

64,084

39,231

36,901

24,853

13,189

4,827

6,837

27%

38%

41%

14%

15%

15%

11%

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

2,864
1%
613
(11%)
361
45%
1,802
0%
730
(18%)
382
2%

1,341
14%
104
(28%)
201
92%
970
14%
206
(28%)
152
3%

1,255
13%
102
(28%)
158
116%
932
13%
196
(29%)
52
(20%)

1,523
(9%)
509
(6%)
160
12%
832
(13%)
524
(14%)
230
2%

938
(9%)
328
10%
110
20%
486
(22%)
277
71%
177
4%

131
(3%)
116
(5%)
4
67%
11
0%
2
(97%)
3
50%

454
(10%)
65
(47%)
46
(6%)
335
3%
245
(36%)
50
(7%)

Rare disease total

3,976

1,699

1,503

2,277

1,392

136

749

% change at CER

(3%)

6%

4%

(9%)

2%

(31%)

(20%)

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

Total sales

68,06040,93038,404

27,13014,581

4,963

7,586

% change at CER

25%

36%

39%

11%

13%

13%

6%

% change as reported

25%

38%

41%

10%

13%

11%

4%

Share of growth

100%

79%

79%

21%

14%

4%

3%

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

1)

®

®

®

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

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 34 of 36

H1 2024 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

61,08632%
56,685
36%
4,401
(5%)
10,93132%

44,33844%
41,845
44%
2,493
34%
5,369
9%

40,842
48%
38,392
48%
2,450
38%
5,245
8%

16,7489%14,840
18%
1,908
(30%)
5,562
67%

8,465
0%
7,731
8%
734
(43%)
3,325
68%

3,576
22%
2,935
38%
641
(20%)
108
67%

4,707
19%
4,174
27%
533
(19%)
2,129
64%

Total GLP-1

6,836

DKK million
Diabetes and Obesity care segment

72,01749,70746,08722,31011,7903,684% change at CER

32%

39%

42%

20%

13%

23%

30%

Long-acting insulin% change at CER®
Awiqli% 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

9,902
34%
2
—
5,060
31%
2,190
37%
2,650
39%
5,404
6%
2,430
29%
2,974
(8%)
8,355
5%
1,132
18%
7,223
3%
3,316
(18%)

3,387
102%
2
—
1,769
71%
150
(13%)
1,466
212%
266
(2%)
—
—
266
(2%)
3,099
17%
346
74%
2,753
12%
666
(21%)

3,051
124%
—
—
1,471
92%
148
(13%)
1,432
235%
259
(2%)
—
—
259
(2%)
3,004
20%
323
82%
2,681
16%
642
(21%)

6,515
15%
—
—
3,291
16%
2,040
43%
1,184
(17%)
5,138
7%
2,430
29%
2,708
(8%)
5,256
(1%)
786
3%
4,470
(1%)
2,650
(18%)

3,906
9%
—
—
1,970
19%
1,064
16%
872
(15%)
1,304
(3%)
372
19%
932
(10%)
3,379
0%
620
(4%)
2,759
1%
965
(2%)

1,329
66%
—
—
490
17%
657
292%
182
(15%)
2,545
9%
1,376
38%
1,169
(13%)
811
0%
—
—
811
0%
422
(35%)

1,280
0%
—
—
831
10%
319
(8%)
130
(30%)
1,289
13%
682
19%
607
6%
1,066
(3%)
166
40%
900
(8%)
1,263
(20%)

Total insulin

26,977

7,418

6,956

19,559

9,554

5,107

4,898

10%

36%

41%

3%

3%

11%

(4%)

Other Diabetes care
% change at CER

1

1,116
(7%)

132
(11%)

105
(14%)

984
(7%)

353
14%

444
(15%)

187
(13%)

Total Diabetes care

100,110

57,25753,14842,853

21,697

9,235

11,921

25%

38%

41%

11%

8%

14%

13%

Wegovy% change at CER®
Saxenda% change at CER

21,036
74%
3,903
(36%)

18,331
57%
741
(71%)

18,139
56%
390
(83%)

2,705
485%
3,162
(10%)

2,704
485%
1,707
(21%)

—
—
56
(43%)

1
—
1,399
11%

Total Obesity care

24,93919,072

18,529

5,867

4,411

56

1,400

% change at CER

37%

35%

33%

47%

67%

(43%)

11%

125,049

76,32971,677

48,72026,108

9,291

13,321

27%

37%

39%

14%

15%

13%

13%

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

5,752
(2%)
1,216
(9%)
623
41%
3,754
(4%)
1,843
(8%)
765
0%

2,656
8%
291
2%
322
78%
1,938
4%
942
35%
283
2%

2,485
7%
287
5%
243
104%
1,856
2%
924
36%
100
(17%)

3,096
(9%)
925
(12%)
301
16%
1,816
(11%)
901
(30%)
482
(1%)

1,934
(9%)
610
(3%)
201
19%
1,084
(15%)
486
46%
379
0%

166
(36%)
134
(41%)
9
67%
23
(23%)
5
(96%)
7
75%

996
(4%)
181
(9%)
91
7%
709
(3%)
410
(50%)
96
(8%)

Rare disease total

8,360

3,881

3,509

4,479

2,799

178

1,502

% change at CER

(3%)

13%

12%

(14%)

(1%)

(53%)

(24%)

% change at CER% change at CER®

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

Total sales

133,40980,21075,18653,19928,907

9,469

14,823% change at CER

25%

36%

38%

11%

13%

10%

7%

% change as reported

24%

36%

38%

9%

13%

6%

5%

Share of growth

100%

80%

77%

20%

13%

3%

4%

OutlookInnovation andtherapeutic focus

1)

®

®

®

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

2)3)Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 35 of 36

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

H1 2024

H1 2023% change
H1 2024 to
H1 2023

133,409

107,667

24%

782

—

134,191

107,66725%

H1 2024

H1 2023% change
H1 2024 to
H1 2023

Q2 2024

Q2 2023% change
Q2 2024 toQ2 2023

18%

25,93423,888

9%

(120)

—

25,81423,888

Effect of exchange rates
Net sales at CER

Q2 2024

Q2 2023% change
Q2 2024 toQ2 2023

68,06054,300

25%

(176)

—

67,88454,30025%

Operating profit at CER
DKK million
Operating profit

57,78048,895

Effect of exchange rates

628—

Operating profit at CER

58,40848,895

19%

8%

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

H1 2024

H1 2023% change
H1 2024 to
H1 2023

Q2 2024

Q2 2023% change
Q2 2024 toQ2 2023

Net profit

45,457

39,242

16%

20,05019,428

3%

Income taxes

11,793

9,749

21%

5,282

4,826

9%

Financial income(3,106)

(571)

N/A

(960)

281

N/A

Financial expenses

3,636

475

N/A

1,562

(647)

N/A

Operating profit (EBIT)

57,78048,89518%

25,93423,8889%Depreciation, amortisation and impairment losses

11,759

3,896

202%

8,845

2,177

306%

EBITDA

69,53952,791

32%

34,77926,06533%

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024

Financial report for the period 1 January 2024 to 30 June 2024

Page 36 of 36

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

H1 2024

H1 2023

Q2 2024

Q2 2023

Net cash generated from operating activities

64,81758,39150,50328,577

Net cash used in investing activities(16,775)(15,932)(20,731)(9,285)

Net purchase of marketable securities(6,172)

3,878

6,808

2,006

(561)

(800)

(291)

(525)

41,30945,53736,28920,773

Repayment on lease liabilities
Free cash flow

Strategic
aspirations

Performancehighlights

Commercial
execution

Financials

Cash flow andcapital allocation

OutlookInnovation andtherapeutic focus

Purpose andsustainability

Legal

Financial
Information

Company announcement No 58 / 2024