6-K 1 caq12023.htm 6-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_________________________

FORM 6-K

_________________________


REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934


May 4, 2023

_________________________

NOVO NORDISK A/S
(Exact name of Registrant as specified in its charter)

_________________________

Novo Allé
DK-2880 Bagsværd
Denmark
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F x Form 40-F o


Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x


If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-32(b):82-________






newheader.jpg                          nn_logoxcmykxbluexsmall.jpg                        

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

4 May 2023                                                                                        

Novo Nordisk's sales increased by 27% in Danish kroner and by 25% at constant exchange rates to DKK 53.4 billion in the first three months of 2023

Operating profit increased by 31% in Danish kroner and by 28% at constant exchange rates (CER) to DKK 25.0 billion.
Sales in North America Operations increased by 47% in Danish kroner (41% at CER). Wholesaler inventory movements in the US positively impacted sales growth. Sales in International Operations increased by 9% in Danish kroner (10% at CER).

Sales within Diabetes and Obesity care increased by 33% in Danish kroner to DKK 48.8 billion (31% at CER), mainly driven by GLP-1 diabetes sales growth of 54% in Danish kroner (50% at CER). Rare disease sales decreased by 15% measured in Danish kroner (16% at CER) reflecting a temporary reduction in manufacturing output.

Obesity care sales grew by 131% in Danish Kroner to DKK 7.8 billion (124% at CER) mainly driven by the uptake of Wegovy® in the US. A second contract manufacturer for Wegovy® initiated production in April 2023.

Within R&D, Novo Nordisk successfully completed the PIONEER PLUS phase 3 trial with oral semaglutide 25 mg and 50 mg demonstrating superior reductions in HbA1c and body weight versus 14 mg in people with type 2 diabetes.
On 13 April 2023, the 2023 outlook was raised with sales and operating profit growth at CER now expected to be 24-30% and 28-34%, respectively. Sales and operating profit growth reported in Danish kroner are now expected to be 6 and 9 percentage points lower than at CER, respectively. The ongoing share repurchase programme is expanded by DKK 2 billion to DKK 30 billion.

PROFIT AND LOSSQ1 2023Q1 2022Growth
as reported
Growth
at CER*
DKK million
Net sales53,367 42,031 27 %25 %
Operating profit25,007 19,147 31 %28 %
Net profit19,814 14,210 39 %N/A
Diluted earnings per share (in DKK)8.78 6.22 41 %N/A
* CER: Constant exchange rates (average 2022).

Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first three months of 2023. The growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, particularly in the US where the prescription trend for Wegovy® highlights the high unmet need for people living with obesity. The sales momentum and continued expansion of the supply capacity have enabled us to raise the outlook for the full year."





On 4 May 2023 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.
Novo Nordisk A/S
Investor Relations
Novo Alle 1
2880 Bagsværd
Denmark
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
24 25 67 90
 Company announcement No 30 / 2023



Financial report for the period 1 January 2023 to 31 March 2023
Page 2 of 29
STRATEGIC ASPIRATIONS
STRATEGIC ASPIRATIONS 2025
The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to each of the four dimensions on an ongoing basis.

Performance highlights for the first three months of 2023

PERFORMANCE HIGHLIGHTS
Purpose and sustainability (ESG)
Progress towards zero environmental impact:
Carbon emissions from operations and transportation decreased by 21% compared to first quarter of 2019 (increased by 5% compared to the first quarter of 2022)
Adding value to society:
Medical treatment provided to 37.2 million people living with diabetes
Reaching more than 42,000 children in Changing Diabetes® in Children programme


Human insulin with more flexible storage without refrigeration now approved in 11 countries

Being recognised as a sustainable employer:
Share of women in senior leadership positions has increased to 39% from 37% end of March 2022





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

Develop superior treatment solutions for obesity:
Phase 3a trials REDEFINE 2 and 3 initiated with CagriSema in people with obesity


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

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

Commercial execution
Strengthen diabetes leadership to more than one-third:
Diabetes value market share increased by 1.7 percentage points to 32.2% (MAT)
More than DKK 25 billion in Obesity sales by 2025:
Obesity care sales increased by 124% (CER) to DKK 7.8 billion

Secure a sustained growth outlook for Rare Disease:
Rare disease sales decreased by 16% at (CER) at DKK 4.6 billion

Financials
Deliver solid sales and operating profit growth:
Sales growth at 25% (CER)
Operating profit growth of 28% (CER)

Drive operational efficiencies:
Operational leverage reflecting sales growth

Enable attractive capital allocation to shareholders:
Free cash flow of DKK 24.8 billion
DKK 23.5 billion returned to shareholders











Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 3 of 29
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST THREE MONTHS OF 2023
PROFIT AND LOSSQ1 2023Q1 2022 % change
 Q1 2023 to
 Q1 2022
 % change
 Q1 2023 to
 Q1 2022 at CER
(Amounts are in DKK million, except for earnings per share)
Net sales53,36742,03127 %25 %
Gross profit45,18535,11429 %26 %
Gross margin84.7%83.5%
Sales and distribution costs(12,412)(10,183)22 %20 %
Percentage of sales23.3%24.2%
Research and development costs(6,728)(5,206)29 %28 %
Percentage of sales12.6%12.4%
Administrative costs(1,071)(970)10 %%
Percentage of sales2.0%2.3%
Other operating income and expenses33392(92 %)(92 %)
Operating profit (EBIT)25,00719,14731 %28 %
Operating margin46.9%45.6%
Financial items (net)(270)(1,228)(78 %)              N/A
Profit before income taxes24,73717,91938 %              N/A
Income taxes(4,923)(3,709)33 %              N/A
Effective tax rate19.9%20.7%
Net profit19,81414,21039 %              N/A
Net profit margin37.1%33.8%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 1,7191,650%              N/A
Capital expenditure (PP&E)4,6931,520209 %              N/A
Net cash generated from operating activities29,81423,58626 %              N/A
EBITDA26,72620,79729 %26 %
Free cash flow24,76421,56815 %              N/A
Average number of diluted shares outstanding (million)2,256.62,283.3(1 %)              N/A
Diluted earnings per share / ADR (in DKK)8.786.2241 %              N/A
Full-time equivalent employees end of period57,08949,29516 %              N/A

These unaudited consolidated financial statements for the first three months of 2023 have been prepared in accordance
with IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies.
The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2022 of Novo
Nordisk.

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 4 of 29
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 27% measured in Danish kroner and by 25% at CER in the first three months of 2023, driven by Diabetes care sales growth of 21% (CER) and Obesity care sales growth of 124% (CER). Rare disease sales decreased by 16% (CER). Wholesaler inventory movements in the US positively impacted sales growth. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies.

Sales split per therapy Sales Q1 2023
DKK million
 Sales Q1 2022
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Injectable GLP-122,455 15,357 46 %43 %63 %
 - Ozempic®
19,640 12,035 63 %59 %68 %
 - Victoza®
2,815 3,322 (15 %)(17 %)(5 %)
Rybelsus®
4,356 2,063 111 %107 %21 %
Total GLP-126,811 17,420 54 %50 %84 %
Long-acting insulin1
4,133 4,796 (14 %)(14 %)(6 %)
Premix insulin2
2,776 3,012 (8 %)(7 %)(2 %)
Fast-acting insulin3
4,488 4,842 (7 %)(9 %)(4 %)
Human insulin2,012 2,312 (13 %)(11 %)(3 %)
Total insulin13,409 14,962 (10 %)(11 %)(15 %)
Other Diabetes care4
729 884 (18 %)(21 %)(2 %)
Total Diabetes care40,949 33,266 23 %21 %67 %
Wegovy®
4,563 1,404 225 %211 %29 %
Saxenda®
3,279 1,998 64 %63 %12 %
Total Obesity care7,842 3,402 131 %124 %41 %
Diabetes and Obesity care total48,791 36,668 33 %31 %108 %
Rare disease segment
Rare blood disorders5
3,049 3,077 (1 %)(3 %)(1 %)
Rare endocrine disorders6
1,128 1,820 (38 %)(38 %)(7 %)
Other Rare disease7
399 466 (14 %)(12 %)%
Rare disease total4,576 5,363 (15 %)(16 %)(8 %)
Total sales53,367 42,031 27 %25 %100 %
1) Comprises Tresiba®, Xultophy® and Levemir®.
2) Comprises Ryzodeg® and NovoMix®.
3) Comprises Fiasp® and NovoRapid®.
4) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
5) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia® and NovoThirteen®.
6) Primarily Norditropin®.
7) Primarily Vagifem® and Activelle®.



Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 5 of 29
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 23% measured in Danish kroner and by 21% at CER to DKK 40,949 million driven by growth of GLP-1-based products. Novo Nordisk has improved the global diabetes value market share over the last 12 months to 32.2% from 30.5% in line with the aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market share of more than one-third in 2025. The market share increase was driven by market share gains in both North America Operations and International Operations.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from February 2022 and February 2023 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa; Region China covers mainland China, Hong Kong and Taiwan; Rest of World covers all other countries except for North America.
Diabetes care, development per geographical areaNovo Nordisk’s share of the total diabetes market (value, MAT)Diabetes care, sales development
FebruaryFebruary Sales Q1 2023
DKK million
Growth
at CER
20232022
Global32.2 %30.5 %40,949 21 %
North America Operations33.9 %32.3 %21,545 32 %
 - The US33.6 %32.2 %19,838 29 %
International Operations26.6 %25.4 %19,404 12 %
 - EMEA *29.1 %28.9 %10,050 19 %
 - Region China **32.0 %33.2 %4,225 (7 %)
 - Rest of World ***20.4 %16.5 %5,129 17 %
Source: IQVIA, February 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk Diabetes care sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk’s Diabetes care sales in the area.

GLP-1 therapy for type 2 diabetes
Sales of GLP-1 products for type 2 diabetes (Rybelsus®, Ozempic® and Victoza®) increased by 54% measured in Danish kroner and by 50% at CER to DKK 26,811 million. The estimated global GLP-1 share of total diabetes prescriptions has increased to 4.9% compared with 3.4% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 54.4% value market share, an increase of 0.8 percentage point compared to 12 months ago.
GLP-1, development per geographical areaNovo Nordisk's share of the diabetes GLP-1 market (value, MAT)GLP-1, sales development
FebruaryFebruary Sales Q1 2023
DKK million
Growth
at CER
20232022
Global54.4 %53.6 %26,811 50 %
North America Operations53.0 %52.6 %17,978 50 %
 - The US52.1 %51.8 %16,536 45 %
International Operations65.2 %60.1 %8,833 52 %
 - EMEA *61.1 %58.9 %5,048 57 %
 - Region China **66.9 %66.7 %1,349 56 %
 - Rest of World ***75.6 %61.8 %2,436 40 %
Source: IQVIA, February 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions.

Rybelsus® sales increased by 111% measured in Danish kroner and by 107% at CER to DKK 4,356 million. Sales growth was driven by North America Operations as well as EMEA and Rest of World.

Ozempic® sales increased by 63% measured in Danish kroner and by 59% at CER to DKK 19,640 million. Sales growth was driven by both North America Operations and International Operations. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across geographies.

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 6 of 29
Victoza® sales decreased by 15% measured in Danish kroner and by 17% at CER to DKK 2,815 million as the GLP-1 market is moving towards once-weekly and tablet-based treatments. The sales decline was driven by North America Operations.


North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 56% measured in Danish kroner and by 50% at CER. Wholesaler inventory movements in the US positively impacted sales growth. Novo Nordisk is the market leader with a 53.0% value market share compared to 52.6% 12 months ago. The estimated GLP-1 share of total diabetes prescriptions has increased to 12.0% compared with 8.4% 12 months ago.

Sales of GLP-1 in the US increased by 45% at CER. The sales increase was driven by continued uptake of Ozempic® and Rybelsus®, partially offset by declining Victoza® sales. GLP-1 sales growth was negatively impacted by rebate enhancements as well as unfavourable channel and payer mix.

Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of around 60% in the first quarter of 2023 compared to the first quarter of 2022 as well as market share gains for Ozempic® and Rybelsus®. The combined Novo Nordisk GLP-1 new-to-brand prescription market share is now 63.4% driven by Ozempic® with 52.8% and Rybelsus® with 7.6%. Novo Nordisk is the market leader with 52.9% measured by total monthly prescriptions for the combined GLP-1 portfolio.

International Operations
Sales of GLP-1 diabetes products in International Operations increased by 50% measured in Danish kroner and by 52% at CER. Sales growth is driven by all geographical areas. The estimated GLP-1 share of total diabetes prescriptions has increased to 3.2% compared with 2.3% 12 months ago. Novo Nordisk is the market leader with a value market share of 65.2%.

EMEA
Sales in EMEA increased by 55% measured in Danish kroner and by 57% at CER. The sales growth reflects the uptake of Ozempic® and Rybelsus®, partially offset by lower sales of Victoza®. Novo Nordisk remains the market leader in EMEA with a value market share of 61.1%. The estimated GLP-1 share of total diabetes prescriptions has increased to 4.5% compared with 3.3% 12 months ago.

Region China
Sales in Region China increased by 52% measured in Danish kroner and by 56% at CER. The sales growth reflects the uptake of Ozempic®. The GLP-1 share of total diabetes prescriptions has increased to 2.7% compared with 1.4% 12 months ago.

Rest of World
Sales in Rest of World increased by 40% in both Danish kroner and at CER. The sales growth reflects increased sales of Rybelsus® and Ozempic®, partially offset by Victoza®. Novo Nordisk remains the market leader with a value market share of 75.6%. The estimated GLP-1 share of total diabetes prescriptions has increased to 1.9% compared with 1.3% 12 months ago.


Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 7 of 29
Insulin
Sales of insulin decreased by 10% measured in Danish kroner and by 11% at CER to DKK 13,409 million. Sales decline at CER was driven by declining sales in Region China, the US and EMEA.
Insulin, development per geographical areaNovo Nordisk’s share of the total insulin market (volume, MAT)Insulin, sales development
FebruaryFebruary Sales Q1 2023
DKK million
Growth
at CER
20232022
Global46.3 %47.1 %13,409 (11 %)
North America Operations38.1 %38.6 %3,406 (18 %)
 - The US37.7 %38.1 %3,155 (18 %)
International Operations49.2 %50.1 %10,003 (8 %)
 - EMEA *47.4 %47.5 %4,837 (5 %)
 - Region China **46.0 %50.6 %2,587 (22 %)
 - Rest of World ***57.5 %57.1 %2,579 %
Source: IQVIA, February 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area.

North America Operations
Sales of insulin in North America Operations decreased by 14% measured in Danish kroner and by 18% at CER. The sales decrease in the US was driven by lower realised prices due to channel and payer mix and rebate enhancements as well as a decline in volume with the US insulin volume market declining 3% compared to the first three months of 2022. Novo Nordisk has a volume market share of 37.7% of the total US insulin market.

International Operations
Sales of insulin in International Operations decreased by 9% measured in Danish kroner and by 8% at CER. The sales decline at CER was driven by lower insulin sales in Region China due to the implementation of Volume Based Procurement in May 2022 as well as lower sales in EMEA.

EMEA
Sales of insulin in EMEA decreased by 3% measured in Danish kroner and by 5% at CER. The sales decline at CER was mainly driven by short-acting and long-acting insulin, partially countered by pre-mix insulin. Novo Nordisk has a volume market share of 47.4% of the total insulin market.

Region China
Sales of insulin in Region China decreased by 25% measured in Danish kroner and by 22% at CER. The sales decline was driven by all insulin products due to the implementation of Volume Based Procurement from May 2022 except for Ryzodeg® and Xulthopy®. Novo Nordisk has a volume market share of 46.0% of the total insulin market.

Rest of World
Sales of insulin in Rest of World remained unchanged in Danish kroner and increased by 4% at CER. The sales growth at CER was driven by long-acting insulin and human insulin, partially countered by fast-acting insulin and premix insulin. Novo Nordisk has a volume market share of 57.5% of the total insulin market.






Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 8 of 29
Obesity care, sales development
Sales of Obesity care products, Wegovy® and Saxenda®, increased by 131% measured in Danish kroner and by 124% at CER to DKK 7,842 million. Sales growth was driven by both North America Operations and International Operations. Wegovy® has been launched in the US, Denmark and Norway. A second contract manufacturer for Wegovy® has initiated production. The volume growth of the global branded obesity market was 53.8%.

Obesity care, development per geographical areaGlobal branded obesity market growth (Volume, MAT)Obesity care, sales development
February Sales Q1 2023
DKK million
Growth
at CER
2023
Global53.8 %7,842 124 %
North America Operations43.1 %5,911 156 %
 - The US47.1 %5,789 162 %
International Operations65.4 %1,931 65 %
 - EMEA100.6 %1,216 71 %
 - Region ChinaN/A 53 46 %
 - Rest of World33.6 %662 57 %
Source: IQVIA, February 2023 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area.

Wegovy® sales increased by 225% measured in Danish kroner and by 211% at CER to DKK 4,563 million. Sales of Saxenda® increased by 64% measured in Danish kroner and by 63% at CER to DKK 3,279 million.

North America Operations
Sales of Obesity care products in North America Operations increased by 168% measured in Danish kroner and by 156% at CER to DKK 5,911 million. Sales of Wegovy® increased by 215% measured in Danish kroner and by 201% at CER to DKK 4,425 million reflecting the commercial relaunch in January 2023. Broad commercial formulary access has been achieved. Sales of Saxenda® increased by 85% measured in Danish kroner and by 77% at CER to DKK 1,486 million. The volume growth of the branded obesity market in the US was 47.1%.

International Operations
Sales of Obesity care products in International Operations increased by 62% measured in Danish kroner and by 65% at CER to DKK 1,931 million driven by increased sales in EMEA and Rest of World. Sales of Saxenda® in International Operations increased by 50% measured in Danish kroner and by 53% at CER to DKK 1,793 million and sales of Wegovy® reached DKK 138 million. Wegovy® has been launched in two countries in International Operations. The volume growth of the branded obesity market in International Operations was 65.4%.

EMEA
Sales of Obesity care products in EMEA increased by 67% measured in Danish kroner and by 71% at CER. Wegovy® has been launched in Denmark and Norway. The volume growth of the branded obesity market in EMEA was 100.6%.

Rest of World
Sales of Saxenda® in Rest of World increased by 54% measured in Danish kroner and by 57% at CER. The volume growth of the branded obesity market in Rest of World was 33.6%.
Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 9 of 29
Rare disease, sales development
Rare disease sales decreased by 15% measured in Danish kroner and by 16% at CER to DKK 4,576 million. Sales of Rare blood disorder products decreased by 1% measured in Danish kroner and by 3% at CER to DKK 3,049 million driven by NovoSeven®, partially offset by the launch products in haemophilia A and B. Sales of Rare endocrine disorders products decreased by 38% in both Danish kroner and CER to DKK 1,128 million reflecting a temporary reduction in manufacturing output. Novo Nordisk has a value market share of 33.0% in the global human growth disorder market.

Rare disease, development per geographical areaRare disease, sales development
 Sales Q1 2023
DKK million
Growth
at CER
Global4,576 (16 %)
North America Operations1,841 (14 %)
 - The US1,695 (15 %)
International Operations2,735 (17 %)
 - EMEA1,476 (12 %)
 - Region China183 27 %
 - Rest of World1,076 (27 %)
North America Operations
Rare disease sales in North America Operations decreased by 10% measured in Danish kroner and by 14% at CER. The sales decline was driven by lower sales of Rare endocrine disorders products decreasing by 30% measured in Danish kroner and by 33% at CER reflecting a temporary reduction in manufacturing output and lower realised prices in the US. Sales of Rare blood disorders products increased by 1% measured in Danish kroner and decreased by 3% at CER driven by lower sales of NovoSeven®, partially countered by sales of haemophilia A and B products.

International Operations
Rare disease sales in International Operations decreased by 18% measured in Danish kroner and by 17% at CER. The sales decline was driven by lower sales of Rare endocrine disorders products decreasing by 42% measured in Danish kroner and by 41% at CER reflecting a temporary reduction in manufacturing output. Sales of Rare blood disorders products decreased by 2% in both Danish kroner and CER driven by lower sales of NovoSeven®, partially countered by growth of haemophilia A and B products.

EMEA
Rare disease sales decreased by 12% in both Danish kroner and CER driven by a decrease of Rare endocrine disorders products by 69% measured in Danish kroner and by 71% at CER reflecting a temporary reduction in manufacturing output. Sales of Rare blood disorder products increased by 24% in both Danish kroner and at CER, primarily driven by NovoSeven® and haemophilia A products.

Region China
Rare disease sales increased by 24% measured in Danish kroner and by 27% at CER driven by sales of both Rare blood disorder, especially haemophilia A following the launch of NovoEight®, and Rare endocrine disorders products.

Rest of World
Rare disease sales decreased by 28% measured in Danish kroner and by 27% at CER. The sales decline was driven by both sales of Rare blood disorder and Rare endocrine disorders products. Sales of Rare blood disorder products decreased by 34% measured in Danish kroner and by 35% at CER driven by NovoSeven® and haemophilia A products. Sales of Rare endocrine disorders products decreased by 22% measured in Danish kroner and by 19% at CER reflecting a temporary reduction in manufacturing output.



Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 10 of 29
FINANCIALS
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 27% measured in Danish kroner and by 25% at CER to DKK 53,367 million in the first three months of 2023. Wholesaler inventory movements in the US positively impacted sales growth. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies. Sales in North America Operations increased by 47% measured in Danish kroner and by 41% at CER. Sales in International Operations increased by 9% measured in Danish kroner and by 10% at CER.

Sales split per geographical area Sales Q1 2023
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
North America Operations29,297 47 %41 %78 %
 - The US27,322 46 %39 %71 %
International Operations24,070 %10 %22 %
 - EMEA12,742 18 %18 %18 %
 - Region China4,461 (8 %)(5 %)(2 %)
 - Rest of World6,867 %%%
Total sales53,367 27 %25 %100 %

North America Operations
Sales in North America Operations increased by 47% measured in Danish kroner and by 41% at CER. Wholesaler inventory movements in the US positively impacted sales growth. The sales increase reflects GLP-1 diabetes sales growing by 50% at CER and Obesity care sales growing by 156% at CER. This was partially offset by insulin sales decreasing by 18% at CER driven by lower realised prices due to channel and payer mix, rebate enhancements as well as a decline in volume. Rare disease sales decreased by 14% at CER reflecting a temporary reduction in manufacturing output.

International Operations
Sales in International Operations increased by 9% measured in Danish kroner and by 10% at CER. Sales growth was driven by GLP-1 sales growing by 52% at CER and Obesity care sales growing by 65% at CER, partially countered by insulin sales decreasing by 8% at CER and Rare disease sales decreasing by 17% at CER reflecting a temporary reduction in manufacturing output.

EMEA
Sales in EMEA increased by 18% in both Danish kroner and at CER. Sales growth was driven by Diabetes care growing by 19% at CER driven by increased GLP-1 sales, partially countered by decreased insulin sales. Obesity care sales increased by 71% at CER and Rare disease sales decreased by 12% at CER.

Region China
Sales in Region China decreased by 8% measured in Danish kroner and by 5% at CER. The sales decline at CER was driven by insulin sales declining by 22% at CER. Insulin sales were negatively impacted by the implementation of Volume Based Procurement from May 2022. GLP-1 sales were growing by 56% at CER and Other diabetes care sales decreased by 13% at CER. Rare disease sales increased by 27% at CER.

Rest of World
Sales in Rest of World increased by 8% measured in Danish kroner and by 9% at CER. Sales growth was driven by Diabetes care growing by 17% at CER, reflecting increased GLP-1 and insulin sales, Obesity care sales growing by 57% at CER and Rare disease decreasing by 27% at CER.


Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 11 of 29
DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 18% measured in Danish kroner and by 17% at CER to DKK 8,182 million, resulting in a gross margin of 84.7% measured in Danish kroner compared with 83.5% in 2022. The increase in gross margin reflects a positive product mix, driven by increased sales of GLP-1-based treatments and a positive currency impact. This is partially countered by costs related to ongoing capacity expansions and lower realised prices mainly in the US and Region China.

Sales and distribution costs increased by 22% measured in Danish kroner and by 20% at CER to DKK 12,412 million. The increase in costs is driven by both North America Operations and International Operations. In North America Operations, the cost increase is driven by the relaunch of Wegovy® and promotional activities for Ozempic®. In International Operations, promotional spend is related to promotional activities for Rybelsus® and Ozempic® as well as Obesity care market development activities.

Research and development costs increased by 29% measured in Danish kroner and by 28% at CER to DKK 6,728 million reflecting increased late-stage clinical trial activity and increased early research activities compared to first quarter of 2022. The acquisition of Forma Therapeutics Inc. in 2022 also impacted the costs.

Administration costs increased by 10% measured in Danish kroner and by 9% at CER to DKK 1,071 million.

Other operating income and expenses (net) was DKK 33 million compared with DKK 392 million in the first quarter of 2022, driven by lower income from partnerships related to Dicerna Pharmaceuticals Inc.

Operating profit increased by 31% measured in Danish kroner and by 28% at CER to DKK 25,007 million reflecting the sales growth.

Financial items (net) showed a net loss of DKK 270 million compared with a net loss of DKK 1,228 million in the first quarter of 2022.

In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged, primarily through foreign exchange forward contracts. The foreign exchange result was a net loss of DKK 209 million compared with a net loss of DKK 777 million in the first quarter of 2022. This primarily reflects losses on non-hedged currencies.

As per the end of March 2023, a positive market value of financial contracts of approximately DKK 2.2 billion has been deferred for recognition in 2023.

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

Net profit increased by 39% to DKK 19,814 million and diluted earnings per share increased by 41% to DKK 8.78.

Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityFinancial Information
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Page 12 of 29
CASH FLOW AND CAPITAL ALLOCATION

FREE CASH FLOW IN THE FIRST THREE MONTHS OF 2023 AND CAPITAL EXPENDITURE
Free cash flow was DKK 24.8 billion compared with DKK 21.6 billion in the first three months of 2022 supporting the strategic aspiration to deliver attractive capital allocation to shareholders. The cash conversion in the first three months of 2023 is positively impacted by timing of payment of rebates in the US, including provisions related to the revised 340B distribution policy in the US. Income under the 340B Program has been partially recognised.

Capital expenditure for property, plant and equipment was DKK 4.7 billion compared with DKK 1.5 billion in the first three months of 2022, primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products.

EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 79,874 million at the end of the first three months of 2023, equivalent to 31.9% of total assets, compared with 33.8% at the end of the first three months of 2022. Please refer to appendix 5 for further elaboration of changes in equity.

Novo Nordisk returned DKK 23.5 billion to shareholders via share buybacks (DKK 5.2 billion) and dividend (DKK 18.3 billion) during the first three months of 2023.

2023 share repurchase programme
As of 2 May 2023, Novo Nordisk has repurchased 5,424,091 B shares for an amount of DKK 5.600 billion as part of the overall share repurchase programme of up to DKK 28 billion to be executed during a 12-month period beginning 1 February 2023.

Based on the increased expectations for cash flow generation in 2023, the Board of Directors has approved an expansion
of the 2023 share repurchase programme by DKK 2 billion to DKK 30 billion.

Reduction in share capital
At the Annual General Meeting of Novo Nordisk A/S, held on 23 March 2023, a 1.1% reduction in the total share
capital was approved. The reduction was effectuated by a cancellation of 25,000,000 treasury B shares of DKK 0.20
at a nominal value of DKK 5,000,000. After the legal implementation of the share capital reduction on 26 April
2023, Novo Nordisk’s share capital now amounts to DKK 451,000,000 divided into an A share capital of DKK
107,487,200 and a B share capital of DKK 343,512,800.

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Financial report for the period 1 January 2023 to 31 March 2023
Page 13 of 29
OUTLOOK
The outlook for sales and operating profit growth was raised on 13 April 2023 to 24-30% and 28-34% at CER. The current expectations for 2023 are summarised in the table below:
Expectations are as reported, if not otherwise statedExpectations
4 May 2023
Expectations
1 February 2023
Sales growth
at CER24% to 30%13% to 19%
as reportedAround 6 percentage points lower than at CERAround 4 percentage points lower than at CER
Operating profit growth
at CER28% to 34%13% to 19%
as reportedAround 9 percentage points lower than at CERAround 5 percentage points lower than at CER
Financial items (net)Gain of around DKK 3.0 billionGain of around DKK 2.4 billion
Effective tax rate19% to 21%19% to 21%
Capital expenditure (PP&E)Around DKK 25 billionAround DKK 25 billion
Depreciation, amortisation and impairment lossesAround DKK 8 billionAround DKK 8 billion
Free cash flow (excluding impact from business development)DKK 66-74 billionDKK 60-68 billion
Sales growth is now expected to be 24% to 30% at CER. Given the current exchange rates versus the Danish krone, sales growth reported in DKK is still expected to be around 6 percentage points lower than at CER.

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

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

Following higher than expected volume growth in recent years, including GLP-1-based products such as Ozempic® and Wegovy®, combined with the expectation of continued volume growth and capacity limitations at some manufacturing sites, the outlook also reflects expected continued periodic supply constraints and related drug shortage notifications across a number of products and geographies. To safeguard continuity of care, the supply of the lower Wegovy® dose strengths in the US will be reduced temporarily. The supply capacity is gradually being expanded.

Operating profit growth is now expected to be 28% to 34% at CER. Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be around 9 percentage points lower than at CER. The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in future and current growth drivers within Research, Development and Commercial. Within R&D, investments are related to the continued expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related to the relaunch of Wegovy® in the US, Obesity care market development activities in International Operations as well as promotional activities for Ozempic® and Rybelsus®.

Novo Nordisk now expects financial items (net) to amount to a gain of around DKK 3.0 billion, mainly reflecting gains associated with foreign exchange hedging contracts.

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

Capital expenditure is still expected to be around DKK 25 billion in 2023 reflecting the innovation-based growth strategy pursued by Novo Nordisk. The CAPEX increase is primarily relating to investments in additional capacity for active
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Financial report for the period 1 January 2023 to 31 March 2023
Page 14 of 29
pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products. In the coming years, the capital expenditure to sales ratio is expected to be low double digit.

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

The free cash flow is now expected to be DKK 66-74 billion reflecting the sales growth, a favourable impact from rebates in the US and the investments in capital expenditure.

All of the above expectations are based on assumptions that the global or regional macroeconomic and political environment will not significantly change business conditions for Novo Nordisk during 2023, including energy and supply chain disruptions, the potential implications from major healthcare reforms and legislative changes as well as outcome of legal cases including litigations related to the 340B Drug Pricing Programme in the US, and that the currency exchange rates, especially the US dollar, will remain at the current level versus the Danish krone. Neither does the guidance include the financial implications of any significant business development transactions and significant impairments of intangible assets during 2023. Finally, the potential wider consequences of Russia's invasion of Ukraine, including impacts on energy supply and supply chains, could cause uncertainty to the outlook and the business performance of Novo Nordisk.
FX (average rates)Q1 2023Q1 2022% changeSpot rate
27 April 2023
USD694 664 %675 
CNY101 105 (4 %)97 
JPY5.24 5.70 (8 %)5.07 
CAD513 524 (2 %)496 
GBP843 890 (5 %)843 
Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies and, all other things being equal, movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.
Key invoicing currenciesImpact on Novo Nordisk's operating profit in the next 12 months of a 5% movement in currency
Hedging period (months)1
USDDKK 3,700 million12 
CNY2
DKK 475 million6
CADDKK 390 million9
JPYDKK 230 million12
GBPDKK 150 million
1) As of 27 April 2023.
2) Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

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


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Financial report for the period 1 January 2023 to 31 March 2023
Page 15 of 29
INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Once-weekly insulin icodec submitted for regulatory approval in the EU, the US and China.
In April 2023, Novo Nordisk submitted once-weekly insulin icodec for regulatory approval in the EU, the US and China for the treatment of people with type 1 and 2 diabetes. The submissions are based on the ONWARDS clinical trial programme comprised of six phase 3a global clinical trials, involving more than 4,000 adults with type 1 or type 2 diabetes.

Oral semaglutide 25 mg and 50 mg demonstrate superior reductions in HbA1c and body weight versus 14 mg in people with type 2 diabetes in phase 3b trial
On 24 March 2023, Novo Nordisk announced the headline results from the PIONEER PLUS trial, a phase 3b, 68-week, efficacy and safety trial investigating once-daily oral semaglutide 25 mg and 50 mg versus 14 mg in people with type 2 diabetes. For further information, please see the company announcement here: https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=165597 (the contents of the company's website do not form a part of this Form 6-K).

Phase 2 trial completed with a fixed dose combination of semaglutide and once-weekly GIP analogue
In April 2023, Novo Nordisk completed a phase 2 trial with a fixed dose combination of subcutaneous semaglutide and a once-weekly GIP analogue. The trial compared the effect on glycaemic control and body weight of a fixed dose combination of semaglutide and the once-weekly GIP analogue compared to placebo and semaglutide 2.4 mg in people with type 2 diabetes. In the trial, the fixed dose combination did not show superior HbA1C reduction compared to semaglutide 2.4 mg. Following the completion of the trial, Novo Nordisk has terminated further development of the fixed dose combination focusing on the GLP-1/GIP co-agonist.

Successful completion of first cohorts of phase 1 trial with a GLP-1/GIP co-agonist
In April 2023, Novo Nordisk successfully completed the first cohorts of a phase 1 trial with a GLP-1/GIP co-agonist. The objective of the trial was to investigate safety, tolerability, pharmacokinetics and pharmacodynamics of different subcutaneous and oral doses of the GLP-1/GIP co-agonist. In the trial, the GLP-1/GIP co-agonist appeared to have a safe and well-tolerated profile. Novo Nordisk is planning to initiate a phase 2 trial with a subcutaneous formulation of the GLP-1/GIP co-agonist.

Obesity care
Wegovy® approved in Japan for treatment of overweight and obesity
In March 2023, the Japanese Ministry of Health, Labour and Welfare approved Wegovy® (subcutaneous semaglutide 2.4 mg) for the treatment of obesity. Wegovy® is approved for the treatment of obesity in adults with a BMI ≥ 27 kg/m2 with two or more obesity-related comorbidities such as hypertension, dyslipidaemia or type 2 diabetes, or BMI ≥ 35 kg/m2.

Phase 3a clinical trials with CagriSema in obesity initiated
In February 2023, Novo Nordisk initiated REDEFINE 2, a 68-week phase 3a trial comparing CagriSema (2.4 mg semaglutide and 2.4 mg cagrilintide) with placebo in people with overweight or obesity and type 2 diabetes. The trial is expected to enrol approximately 1,200 people.

In April 2023, Novo Nordisk initiated the phase 3a trial REDEFINE 3, a cardiovascular outcomes study with the objective to confirm cardiovascular safety of CagriSema compared to placebo in addition to standard of care. The trial is expected to enrol approximately 4,000 people with obesity and established cardiovascular disease.

With the initiations of REDEFINE 2 and 3, all three pivotal trials with CagriSema catering for regulatory submissions in the US and EU for the weight management indication have been initiated.

Rare disease
Concizumab receives Complete Response Letter from the US Food and Drug Administration
On 24 April 2023, Novo Nordisk received a Complete Response Letter (CRL) from the Food and Drug Administration (FDA) for concizumab. Concizumab was submitted for regulatory approval in the US for the treatment of haemophilia A and B
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Page 16 of 29
with inhibitors in August 2022. In the letter, the FDA requested additional information related to the monitoring and dosing of patients to ensure that concizumab is administered as intended. Furthermore, additional information on the manufacturing process was requested. Novo Nordisk is evaluating the content of the CRL and will work closely with the FDA to provide the requested data. Concizumab has been approved in Canada for the treatment of haemophilia B with inhibitors and is currently under review for the treatment of haemophilia A with inhibitors.

Sogroya® approved in the US for the treatment of children with growth hormone deficiency
On 28 April 2023, Sogroya®, the long-acting growth hormone somapacitan, was approved by the US FDA for the treatment of children with growth hormone deficiency. The approval is based on the REAL4 results comparing the effect and safety of once-weekly dosing of Sogroya® with daily Norditropin® in children with growth hormone deficiency. Novo Nordisk expects to launch Sogroya® in the US in the second quarter of 2023.

Other serious chronic diseases
First human dose with cell therapy in heart failure
In February 2023, Novo Nordisk and Heartseed announced that the first patient had been dosed in a clinical study with HS-001. HS-001 is a cell therapy applying cardiomyocytes (heart muscular cells) designed to restore heart function in people with advanced heart failure. The trial is expected to complete in 2025.

First human dose with stem cells in Parkinson’s disease
In February 2023, Lund University in Sweden announced that the first patient with Parkinson’s disease had been dosed in a clinical study. The patient received a transplant of stem cell-derived nerve cells. The trial is a collaboration between Lund University and Novo Nordisk.

Technology platforms
Phase 1 trial completed with SOMA oral Device (DV3395)
In February 2023, Novo Nordisk completed a phase 1 trial with the DV3395 oral device concept. The trial investigated safety and gastrointestinal transit of the DV3395 device, without active pharmaceutical ingredient. Novo Nordisk is now evaluating further progression of DV3395.
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Purpose and sustainability
Environment
ENVIRONMENTAL PERFORMANCEQ1 2023Q1 2022 Q1 2019 (baseline) % change
 Q1 2023 to
 Q1 2022
% change 2023 to 2019
Emissions
CO2 emissions from operations and transportation (1,000 tonnes)
636080%(21 %)
 - Scope 1 emissions1
182022(10 %)(18 %)
 - Scope 2 emissions2
5620(17 %)(75 %)
 - Partial scope 3 emissions3
40343818 %%
1. Scope 1: Direct emissions from owned and controlled resources (including emissions from production processes and transport).
2. Scope 2: Indirect emissions from the generation of energy purchased from a utility provider (including electricity, steam, heating and cooling).
3. Scope 3: Emissions are limited to CO2 emissions from business flights and product distribution

Emissions
Under the environmental strategy Circular for Zero, CO2 emissions from operations and transportation decreased by 21% compared to the first three months of 2019. CO2 emissions from operations and transportation increased by 5% in the first three months of 2023 compared to the same period in 2022 reflecting COVID-19 impact on activities in 2022. Scope 1 and 2 CO2 emissions decreased by 10% and 17%, respectively, due to an increase in the usage of renewable energy sources. Scope 3 CO2 emissions from product distribution and business flights increased by 18% mainly due to increased business travel, partially countered by a decrease in emissions from product distribution, driven by the purchase of sustainable aviation fuel.

Partnership to produce lower-carbon plastic through Power-to-X
On 20 April 2023, Novo Nordisk and LEGO A/S announced a new partnership to produce Polyoxyethylene (POM) plastic using Power-to-X technology. The collaboration involves an agreement with European Energy A/S to deliver e-methanol as a lower-carbon alternative to conventional plastic production allowing Novo Nordisk to replace some fossil-based plastic with the lower-carbon alternative in pen devices.

Take-back industry solution cooperation agreement in Denmark
On 22 March 2023, Novo Nordisk signed a cooperation agreement for a Danish take-back industry pilot with Eli Lilly, Sanofi and Merck. The 12-month pilot aims to take-back and recycle 25% of all plastic injection pens distributed in Denmark.

Social
SOCIAL PERFORMANCEQ1 2023Q1 2022 % change
 Q1 2023 to
 Q1 2022
Patients
Patients reached with Novo Nordisk's Diabetes care products (estimate in million)1
37.234.9%
Hereof children reached through the Changing Diabetes® in Children programme (cumulative)
42,76333,20929 %
Sustainable employer
Gender in leadership positions2 (ratio men:women)
55:4557:43N/A
Gender in senior leadership positions3 (ratio men:women)
61:3963:37N/A
1. Calculated as a moving annual total.
2. Defined as team leaders, managers, directors, vice presidents, corporate vice presidents, senior vice presidents and executive management.
3. Defined as vice presidents, corporate vice presidents, senior vice presidents and executive management.
Patients
Under the social responsibility strategy ‘Defeat Diabetes’, Novo Nordisk continues to take action on access and affordability and prevention. The number of people with diabetes treated with Novo Nordisk products, calculated as a moving annual total, was 37.2 million in the first quarter of 2023. This represents a net increase of 2.3 million patients compared to end of March 2022.

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Financial report for the period 1 January 2023 to 31 March 2023
Page 18 of 29
The Changing Diabetes® in Children programme aims to reach 100,000 children by 2030. By end of March 2023, more than 42,000 children were reached, an increase of 29% compared to end of March 2022.

Sustainable employer
Novo Nordisk aspires to be a sustainable employer, and in 2021 two aspirational gender diversity targets were launched: achieve a balanced gender representation across all managerial levels and achieve a minimum of 45% women and a minimum of 45% men in senior leadership positions by the end of 2025.

At the end of March 2023, 45% of all leaders were women, and 39% of leaders in senior leadership positions were women compared to 43% and 37%, respectively, by the end of March 2022.

The number of full-time employees at the end of the first three months of 2023 increased by 16% compared to 12 months ago. The total number of full-time employees was 57,089. The increase is driven by Product Supply, International Operations and Global Business Services in Bangalore, India.

Russia's invasion of Ukraine
Following Russia's invasion of Ukraine, Novo Nordisk's key priorities have been to safeguard employees and continue the supply of essential medicines.

In Ukraine, Novo Nordisk has continued the supply of medicines, which are currently broadly available throughout the country, also through collaboration with humanitarian organisations to provide access in bordering areas. Moreover, Novo Nordisk has donated diabetes and haemophilia medication to the Ukrainian Ministry of Health, and together with humanitarian organisations, Novo Nordisk continues to monitor the situation to be able to provide further support.

In Russia, Novo Nordisk has suspended marketing investments and changed focus from launching new medications and clinical investment to securing supply of insulin to ensure that the more than 700,000 patients can continue their treatment with essential medication.

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


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Page 19 of 29
MANAGEMENT STATEMENT
The Board of Directors and Executive Management have reviewed and approved the financial report of Novo Nordisk A/S
for the first three months of 2023. The financial report has not been audited or reviewed by the company’s
independent auditors.

The financial report for the first three months of 2023 has been prepared in accordance with IAS 34 'Interim Financial
Reporting' and additional Danish disclosure requirements for listed companies. The accounting policies adopted in the
preparation are consistent with those applied in the Annual Report 2022 of Novo Nordisk.

In our opinion, the financial report for the first three months of 2023 gives a true and fair view of the Group’s assets,
liabilities and financial position at 31 March 2023, and of the results of the Group’s operations and cash flow for the
period 1 January 2023 to 31 March 2023. Furthermore, in our opinion, Management’s Review includes a true and fair
account of the development in the operations and financial circumstances of the results for the period and of the financial
position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group in
accordance with Danish disclosure requirements for listed companies.

Besides what has been disclosed in the quarterly financial report, no changes in the Group’s most significant risks and
uncertainties have occurred relative to what was disclosed in the consolidated Annual Report 2022.


Bagsværd, 4 May 2023
Executive Management:
Lars Fruergaard Jørgensen
President and CEO
Karsten Munk Knudsen
CFO
Martin Holst Lange
Marcus SchindlerCamilla SylvestHenrik Wulff
Board of Directors:
Helge Lund
Chair
Henrik Poulsen
Vice chair
Elisabeth Dahl Christensen
Laurence DebrouxAndreas FibigSylvie Grégoire
Liselotte HyveledMette Bøjer JensenKasim Kutay
Christina LawMartin MackayThomas Rantzau

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Financial report for the period 1 January 2023 to 31 March 2023
Page 20 of 29
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 57,100 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn and YouTube.

Financial calendar
25 June 2023Investor event at the American Diabetes Association annual congress
10 August 2023Financial statement for the first six months of 2023
2 November 2023Financial statement for the first nine months of 2023
31 January 2024Financial statement for 2023

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

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

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

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

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

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

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

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

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

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

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise.
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Financial report for the period 1 January 2023 to 31 March 2023
Page 21 of 29
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
20232022Q1 2023 vs.
Q1Q4Q3Q2Q1Q1 2022
Net sales53,36748,09245,56641,26542,03127 %
Gross profit45,18539,83038,36635,19635,11429 %
Gross margin84.7%82.8%84.2%85.3%83.5%
Sales and distribution costs(12,412)(13,743)(11,451)(10,840)(10,183)22 %
Percentage of sales23.3%28.6%25.1%26.3%24.2%
Research and development costs(6,728)(8,085)(5,633)(5,123)(5,206)29 %
Percentage of sales12.6%16.8%12.4%12.4%12.4%
Administrative costs(1,071)(1,348)(1,158)(991)(970)10 %
Percentage of sales2.0%2.8%2.5%2.4%2.3%
Other operating income and expenses3343360149392(92 %)
Operating profit (EBIT)25,00717,08720,18418,39119,14731 %
Operating margin46.9%35.5%44.3%44.6%45.6%
Financial income852(3,200)1,5731,656210N/A
Financial expenses(1,122)2,429(3,725)(3,252)(1,438)(22 %)
Financial items (net)(270)(771)(2,152)(1,596)(1,228)(78 %)
Profit before income taxes24,73716,31618,03216,79517,91938 %
Income taxes(4,923)(2,724)(3,627)(3,477)(3,709)33 %
Net profit19,81413,59214,40513,31814,21039 %
Depreciation, amortisation and impairment losses1,7192,0352,0411,6361,650%
Capital expenditure (PP&E)4,6934,9613,2302,4351,520209 %
Net cash generated from operating activities29,8147,10124,23923,96123,58626 %
EBITDA26,72619,12222,22520,02720,79729 %
Free cash flow24,764(5,128)19,76521,15721,56815 %
Total assets250,025241,257242,836218,928197,13627 %
Total equity79,87483,48676,68074,45266,55020 %
Equity ratio31.9%34.6%31.6%34.0%33.8%
Full-time equivalent employees end of period57,08954,39352,69650,81649,29516 %
Basic earnings per share/ADR (in DKK) 8.816.036.375.876.2441 %
Diluted earnings per share/ADR (in DKK)8.786.026.345.866.2241 %
Average number of shares outstanding (million) 2,249.62,254.02,261.62,269.22,276.4(1 %)
Average number of diluted shares outstanding (million)2,256.62,261.42,268.52,276.12,283.3(1 %)
Sales by business segment:
   Total GLP-126,81124,35222,36819,23117,42054 %
   Long-acting insulin4,1333,9023,9394,1044,796(14 %)
   Premix insulin2,7762,3432,7062,5013,012(8 %)
   Fast-acting insulin4,4884,4714,2633,8874,842(7 %)
   Human insulin2,0121,9702,0531,8512,312(13 %)
   Total insulin13,40912,68612,96112,34314,962(10 %)
   Other Diabetes care729713798830884(18 %)
   Total Diabetes care40,94937,75136,12732,40433,26623 %
   Wegovy®
4,5632,4461,1571,1811,404225 %
   Saxenda®
3,2793,0423,1742,4621,99864 %
   Total Obesity care
7,8425,4884,3313,6433,402131 %
   Diabetes and Obesity care total48,79143,23940,45836,04736,66833 %
   Rare blood disorders3,0492,8812,8852,8633,077(1 %)
   Rare endocrine disorders1,1281,6021,7931,9231,820(38 %)
   Other Rare disease399370430432466(14 %)
   Rare disease total4,5764,8535,1085,2185,363(15 %)
Sales by geographic segment:
   North America Operations29,29726,66023,75420,70319,99047 %
   - The US27,32224,76822,01419,12118,75346 %
   International Operations24,07021,43221,81220,56222,041%
   - EMEA12,74211,51410,98310,91510,82418 %
   - Region China4,4613,3644,4383,5664,841(8 %)
   - Rest of World6,8676,5546,3916,0816,376%
Segment operating profit:
   Diabetes and Obesity care24,16316,98518,15815,87316,37948 %
   Rare disease8441022,0262,5182,768(70 %)

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 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 22 of 29
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK millionQ1 2023Q1 2022
Income statement
Net sales53,36742,031
Cost of goods sold(8,182)(6,917)
Gross profit45,18535,114
 
Sales and distribution costs(12,412)(10,183)
Research and development costs(6,728)(5,206)
Administrative costs(1,071)(970)
Other operating income and expenses33392
Operating profit25,00719,147
Financial income852210
Financial expenses(1,122)(1,438)
Profit before income taxes24,73717,919
Income taxes(4,923)(3,709)
NET PROFIT19,81414,210
Basic earnings per share (DKK) 8.816.24
Diluted earnings per share (DKK)8.786.22
Segment Information
Segment sales:
   Diabetes and Obesity care48,79136,668
   Rare disease4,5765,363
Segment operating profit:
   Diabetes and Obesity care24,16316,379
    Operating margin49.5%44.7%
   Rare disease8442,768
    Operating margin18.4%51.6%
Total segment operating profit25,00719,147
Statement of comprehensive income
Net profit for the period19,81414,210
    Other comprehensive income
    Items that will not subsequently be reclassified to the Income
    statement
    Remeasurements on defined benefit plans39325
    Items that will be reclassified subsequently to the Income
    statement
    Exchange rate adjustments of investments in subsidiaries (969)1,087
    Cash flow hedges, realisation of previously deferred (gains)/losses (1,026)641
    Cash flow hedges, deferred gains/(losses) incurred during the period2,238(652)
    Other items3(4)
    Tax on other comprehensive income, net(341)125
  Other comprehensive income for the period(56)1,522
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD19,75815,732

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Financial report for the period 1 January 2023 to 31 March 2023
Page 23 of 29
APPENDIX 3: CASH FLOW STATEMENT
DKK millionQ1 2023Q1 2022
Net profit 19,814 14,210 
Adjustment for non-cash items:
    Income taxes in the Income Statement4,923 3,709 
    Depreciation, amortisation and impairment losses1,719 1,650 
    Other non-cash items20,230 7,388 
Change in working capital(10,216)1,893 
Interest received188 48 
Interest paid(165)(52)
Income taxes paid(6,679)(5,260)
Net cash generated from operating activities29,814 23,586 
 
Purchase of intangible assets(108)(260)
Purchase of property, plant and equipment(4,693)(1,520)
Proceeds from other financial assets33 — 
Purchase of other financial assets (7)(7)
Purchase of marketable securities(2,354)(1,845)
Sale of marketable securities482 1,725 
Net cash used in investing activities(6,647)(1,907)
Purchase of treasury shares(5,199)(4,477)
Dividends paid(18,337)(15,690)
Proceeds from issue of bonds— 11,120 
Proceeds from borrowings— 30 
Repayment of borrowings(478)(12,855)
Withheld dividend tax3,393 2,737 
Net cash used in financing activities(20,621)(19,135)
NET CASH GENERATED FROM ACTIVITIES2,546 2,544 
Cash and cash equivalents at the beginning of the year12,653 10,719 
Exchange gain/(loss) on cash and cash equivalents(263)(55)
Cash and cash equivalents at the end of the period14,936 13,208 

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 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 24 of 29
APPENDIX 4: BALANCE SHEET
DKK million31 Mar 202331 Dec 2022
ASSETS
Intangible assets50,489 51,416 
Property, plant and equipment70,014 66,671 
Investments in associated companies270 327 
Deferred income tax assets14,080 13,427 
Other receivables and prepayments288 206 
Other financial assets941 1,016 
TOTAL NON-CURRENT ASSETS136,082 133,063 
Inventories25,615 24,388 
Trade receivables50,502 50,560 
Tax receivables1,133 940 
Other receivables and prepayments6,286 6,005 
Marketable securities12,835 10,921 
Derivative financial instruments2,636 2,727 
Cash at bank14,936 12,653 
TOTAL CURRENT ASSETS113,943 108,194 
TOTAL ASSETS250,025 241,257 
EQUITY AND LIABILITIES
Share capital456 456 
Treasury shares(6)(6)
Retained earnings77,070 80,587 
Other reserves2,354 2,449 
TOTAL EQUITY79,874 83,486 
Borrowings24,267 24,318 
Deferred income tax liabilities7,875 7,061 
Retirement benefit obligations682 762 
Other liabilities322 100 
Provisions5,044 4,590 
Total non-current liabilities38,190 36,831 
Borrowings1,251 1,466 
Trade payables10,050 15,587 
Tax payables6,062 7,091 
Other liabilities24,360 23,606 
Derivative financial instruments2,282 2,903 
Provisions 87,956 70,287 
Total current liabilities131,961 120,940 
TOTAL LIABILITIES170,151 157,771 
TOTAL EQUITY AND LIABILITIES250,025 241,257 

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 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 25 of 29
APPENDIX 5: EQUITY STATEMENT
DKK millionShare
capital
Treasury
shares
Retained
earnings
Other reservesTotal
Q1 2023
Balance at the beginning of the year456 (6)80,587 2,449 83,486 
Net profit for the period19,814 19,814 
Other comprehensive income for the period39 (95)(56)
Total comprehensive income for the period19,853 (95)19,758 
Transactions with owners:
Dividends(18,337)(18,337)
Share-based payments400 400 
Tax related to restricted stock units(234)(234)
Purchase of treasury shares— (5,199)(5,199)
Balance at the end of the period456 (6)77,070 2,354 79,874 
DKK millionShare
capital
Treasury
shares
Retained
earnings
Other reservesTotal
Q1 2022
Balance at the beginning of the year462 (6)72,004 (1,714)70,746 
Net profit for the period14,210 14,210 
Other comprehensive income for the period325 1,197 1,522 
Total comprehensive income for the period14,535 1,197 15,732 
Transactions with owners:
Dividends(15,690)(15,690)
Share-based payments246 246 
Tax related to restricted stock units(7)(7)
Purchase of treasury shares(1)(4,476)(4,477)
Balance at the end of the period462 (7)66,612 (517)66,550 

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 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 26 of 29

APPENDIX 6: SALES SPLIT PER AREA
Q1 2023 sales split per area
DKK millionTotalNorth America
Operations
The USInternational
 Operations
EMEARegion
China
Rest of
World
Diabetes and Obesity care segment
Injectable GLP-122,45515,27713,8727,1784,0781,3131,787
% change at CER43%47%42%35%38%53%18%
Ozempic®
19,64014,01112,6495,6293,3488501,431
% change at CER59%64%59%49%52%85%27%
Victoza®
2,8151,2661,2231,549730463356
% change at CER(17%)(32%)(32%)1%(3%)17%(9%)
Rybelsus®
4,3562,7012,6641,65597036649
% change at CER107%67%67%227%187%
Total GLP-126,81117,97816,5368,8335,0481,3492,436
% change at CER50%50%45%52%57%56%40%
Long-acting insulin4,1331,1539992,9801,899416665
% change at CER(14%)(32%)(36%)(5%)(5%)(25%)14%
Tresiba®
2,1796635331,516885241390
% change at CER(16%)(32%)(38%)(7%)(4%)(25%)2%
Xultophy®
781999668246247173
% change at CER10%(23%)(23%)17%7%27%
Levemir®
1,173391370782552128102
% change at CER(23%)(34%)(35%)(17%)(16%)(42%)38%
Premix insulin2,7761391352,6377051,310622
% change at CER(7%)(18%)(18%)(7%)4%(13%)(2%)
Ryzodeg®
971971158499314
% change at CER54%54%9%122%18%
NovoMix®
1,8051391351,666547811308
% change at CER(24%)(18%)(18%)(24%)2%(37%)(17%)
Fast-acting insulin4,4881,7511,6712,7371,723470544
% change at CER(9%)(5%)(4%)(11%)(7%)(27%)(5%)
Fiasp®
51812010939833365
% change at CER3%(34%)(37%)23%17%57%
NovoRapid®
3,9701,6311,5622,3391,390470479
% change at CER(10%)(2%)0%(15%)(12%)(27%)(10%)
Human insulin2,0123633501,649510391748
% change at CER(11%)(14%)(13%)(11%)(3%)(38%)8%
Total insulin13,4093,4063,15510,0034,8372,5872,579
% change at CER(11%)(18%)(18%)(8%)(5%)(22%)4%
Other Diabetes care1
729161147568165289114
% change at CER(21%)(30%)(25%)(17%)(7%)(13%)(40%)
Total Diabetes care40,94921,54519,83819,40410,0504,2255,129
% change at CER21%32%29%12%19%(7%)17%
Wegovy®
4,5634,4254,425138138
% change at CER211%201%201%
Saxenda®
3,2791,4861,3641,7931,07853662
% change at CER63%77%85%53%51%46%57%
Total Obesity care 7,8425,9115,7891,9311,21653662
% change at CER124%156%162%65%71%46%57%
Diabetes and Obesity care total48,79127,45625,62721,33511,2664,2785,791
% change at CER31%47%45%15%23%(6%)20%
Rare disease segment
Rare blood disorders2
3,0491,2881,2261,7611,095127539
% change at CER(3%)(3%)(3%)(2%)24%35%(35%)
Haemophilia A66014413451633410577
% change at CER19%19%16%18%21%0%(46%)
Haemophilia B197774612076341
% change at CER15%29%52%8%10%0%4%
NovoSeven®
2,1011,0171,0001,08465419411
% change at CER(11%)(8%)(8%)(13%)25%(75%)(36%)
Rare endocrine disorders3
1,12842241470616954483
% change at CER(38%)(33%)(34%)(41%)(71%)12%(19%)
Other Rare disease4
39913155268212254
% change at CER(12%)(23%)(46%)(5%)(9%)0%14%
Rare disease total4,5761,8411,6952,7351,4761831,076
% change at CER(16%)(14%)(15%)(17%)(12%)27%(27%)
Total sales53,36729,29727,32224,07012,7424,4616,867
% change at CER25%41%39%10%18%(5%)9%
% change as reported27%47%46%9%18%(8%)8%
Share of growth100%78%71%22%18%(2%)6%
1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
2) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia® and NovoThirteen®.
3) Primarily Norditropin®.
4) Primarily Vagifem® and Activelle®.


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 Company announcement No 30 / 2023


Financial report for the period 1 January 2023 to 31 March 2023
Page 27 of 29

APPENDIX 7: ACQUISITION OF BUSINESSES

Forma Therapeutics, Inc.
On 14 October 2022, Novo Nordisk acquired all outstanding shares of the publicly held US company Forma Therapeutics, Inc. via a cash tender offer. Novo Nordisk did not hold any shares in Forma Therapeutics prior to the acquisition. The acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk’s strategy to complement and accelerate its scientific presence and pipeline in haemoglobinopathies, a group of disorders in which there is abnormal production or structure of the haemoglobin protein in the red blood cells.

Details of the acquisition
The total purchase price amounts to DKK 8,102 million and has been settled in full by cash consideration.

Novo Nordisk completed the acquisition of Forma Therapeutics, Inc. through a merger of Novo Nordisk’s wholly owned subsidiary with and into Forma Therapeutics in which all shares not tendered into the offer were cancelled and converted into the right to receive cash equal to the USD 20 offer price per share, without interest, less any applicable tax withholding. At the completion of the merger, Forma Therapeutics, Inc. became a wholly owned subsidiary of Novo Nordisk. The common stock of Forma Therapeutics, Inc. is no longer listed or traded on the Nasdaq Global Select Market.

DKK million
Goodwill as of 14 October 2022524
Exchange rate adjustment(55)
Goodwill as of 31 March 2023469

For further information regarding the acquisition and the provisional purchase price allocation please refer to the Annual Report for 2022.


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Financial report for the period 1 January 2023 to 31 March 2023
Page 28 of 29
APPENDIX 8: 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 in accordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other companies in the same manner and may thus not be comparable with such measures. The non-IFRS financial measures presented in the Company Announcement are Sales and operating profit at CER, EBITDA and EBITDA at CER as well as Free cash flow.

Sales, operating profit and EBITDA 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/EBITDA for the period measured at the average exchange rates for the same period prior year compared with Net sales/Operating profit/EBITDA 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 sales, operating profit and EBITDA by adjusting for the impact of currency fluctuations.

Sales at CER
DKK millionQ1 2023Q1 2022 % change
Q1 2023 to
Q1 2022
Net sales53,367 42,031 27 %
Effect of exchange rates (954)— 
Sales at CER52,413 42,031 25 %
Operating profit at CER
DKK millionQ1 2023Q1 2022 % change
Q1 2023 to
Q1 2022
Operating profit25,007 19,147 31 %
Effect of exchange rates(562)— 
Operating profit at CER24,445 19,147 28 %

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 Earnings before interest, taxes, depreciation and amortisation (EBITDA) as ’Operating profit’, plus 'impairment charges' and 'depreciation and amortisation'. EBITDA is a measure that is widely used by investors and analysts as it helps analyse operating results from core business operations without including the effects of capital structure, tax rates and depreciation and amortisation. These factors can vary substantially between companies.

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Financial report for the period 1 January 2023 to 31 March 2023
Page 29 of 29
EBITDA
DKK millionQ1 2023Q1 2022 % change
Q1 2023 to
Q1 2022
Net profit19,814 14,210 39 %
Income taxes4,923 3,709 33 %
Financial items (net)270 1,228 (78 %)
Operating profit (EBIT)25,007 19,147 31 %
Depreciation, amortisation and impairment losses1,719 1,650 %
EBITDA26,726 20,797 29 %
EBITDA at CER
DKK millionQ1 2023Q1 2022% change
Q1 2023 to
Q1 2022
Net profit19,814 14,210 39 %
Income taxes4,923 3,709 33 %
Financial items (net)270 1,228 (78 %)
Operating profit (EBIT)25,007 19,147 31 %
Effect of exchange rates(562)— 
Operating profit (EBIT) at CER24,445 19,147 28 %
Depreciation, amortisation and impairment losses1,719 1,650 %
Effect of exchange rates(10)— 
Depreciation, amortisation and impairment losses at CER1,709 1,650 %
EBITDA at CER26,154 20,797 26 %
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 a measure 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 lease liability 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 most directly comparable IFRS financial measure:

Free cash flow
DKK millionQ1 2023Q1 2022
Net cash generated from operating activities29,814 23,586 
Net cash used in investing activities(6,647)(1,907)
Net purchase of marketable securities1,872 120 
Repayment on lease liabilities(275)(231)
Free cash flow24,764 21,568 








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 Company announcement No 30 / 2023


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.

Date: May 4, 2023
Novo Nordisk A/S

Lars Fruergaard Jørgensen
Chief Executive Officer