Formulario 6-K NOVO NORDISK A S para: 30 de junio

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ESTADOS UNIDOS

COMISIÓN NACIONAL DEL MERCADO DE VALORES

Washington, D.C.20549

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FORMULARIO 6-K

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INFORME DE EMISOR PRIVADO EXTRANJERO

De conformidad con la regla 13a-16 o 15d-16

de la Ley de Bolsa de Valores de 1934

4 de agosto de 2021

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NOVO NORDISK A / S

(Nombre exacto del Registrante como se especifica en su estatuto)

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Novo Allé

DK-2880 Bagsværd

Dinamarca

(Dirección de las oficinas ejecutivas principales)

Indique con una marca de verificación si el registrante presenta o presentará informes anuales al amparo del Formulario 20-F o el Formulario 40-F

Formulario 20-F X Formulario 40-F o

Indique con una marca de verificación si el registrante al proporcionar la información contenida en este Formulario también está proporcionando la información a la Comisión de conformidad con la Regla 12g3-2 (b) bajo la Ley de Bolsa de Valores de 1934.

sí o No X

Si se marca “Sí”, indique a continuación el número de archivo asignado al registrante en relación con la Regla 12g-32 (b): 82 -________

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Informe financiero para el período comprendido entre el 1 de enero de 2021 y el 30 de junio de 2021

4 de agosto de 2021

Aumento del beneficio neto de Novo Nordisk en un 10% en los primeros seis meses de 2021

•El beneficio operativo disminuyó un 1% en coronas danesas y aumentó un 9% a tipos de cambio constantes (CER).

•Las ventas aumentaron un 5% en coronas danesas y un 12% en CER a 66.800 millones de coronas danesas. Las ventas en operaciones internacionales aumentaron un 7% en coronas danesas (13% en CER) y las ventas en América del Norte aumentaron un 1% en coronas danesas (11% en CER).

•Las ventas en el cuidado de la diabetes y la obesidad aumentaron un 5% en coronas danesas a 56.900 millones de coronas danesas (13% en CER), impulsadas por un crecimiento de GLP-1 del 21% en coronas danesas (30% en CER) que refleja la adopción de Ozempic® y Rybelsus®. El cuidado de la obesidad creció en un 23% en coronas danesas (34% en CER) aDakota del Norte Las ventas de productos biofarmacéuticos se mantuvieron sin cambios en coronas danesas (aumentaron un 7% en CER).

•En junio de 2021, Wegovy ™, semaglutida 2,4 mg, se puso a disposición de los pacientes en los EE. UU. Tras la aprobación de la Administración de Drogas y Alimentos de los EE. UU. (FDA) para el control del peso en adultos que viven con obesidad.

•Para la perspectiva de 2021, ahora se espera que el crecimiento de las ventas sea del 10 al 13% en CER (anteriormente, del 6 al 10%), y ahora se espera que el crecimiento de las ganancias operativas sea del 9 al 12% en el CER (anteriormente, del 5 al 9%). Se espera que el crecimiento de las ventas informado en coronas danesas sea 4 puntos porcentuales más bajo que en CER y ahora se espera que el crecimiento de las ganancias operativas informado en coronas danesas sea 5 puntos porcentuales más bajo que en CER.

* CER: Tasas de cambio constantes (promedio 2020).

Lars Fruergaard Jørgensen, presidente y director ejecutivo: "Estamos satisfechos con el crecimiento de las ventas en el primer semestre de 2021. El crecimiento está impulsado por todas las áreas geográficas dentro de las operaciones internacionales, así como por las operaciones de América del Norte, y por todas las áreas de terapia, en particular por nuestra cartera de tratamientos GLP-1. Dentro de I + D, alcanzamos un hito muy importante con la aprobación de Wegovy ™ en los EE. UU., ofreciendo a las personas que viven con obesidad una nueva opción de tratamiento eficaz. El sólido desempeño financiero en la primera mitad de 2021 y la sustancial demanda inicial de Wegovy ™ en los EE. UU. nos ha permitido elevar nuestras perspectivas para todo el año ".

El 4 de agosto de 2021 a las 19.00 CEST, correspondiente a las 13.00 PM EDT, se llevará a cabo una llamada de resultados. Los inversores podrán escuchar a través de un enlace en novonordisk.com, que se puede encontrar en "Inversores".

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ASPIRACIONES ESTRATÉGICAS

ASPIRACIONES ESTRATÉGICAS 2025

Las aspiraciones estratégicas son objetivos en los que Novo Nordisk pretende trabajar y no son una proyección de las perspectivas financieras o el crecimiento esperado de Novo Nordisk. Novo Nordisk tiene la intención de describir cómo se desarrollan sus actividades en relación con cada una de las cuatro dimensiones de forma continua.

Aspectos destacados del rendimiento para los primeros seis meses de 2021 (desarrollos del segundo trimestre):

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ASPECTOS DESTACADOS DEL RENDIMIENTO

ASPECTOS FINANCIEROS DESTACADOS DE LOS PRIMEROS SEIS MESES DE 2021

Estos estados financieros consolidados no auditados para los primeros seis meses de 2021 se han preparado de acuerdo con la NIC 34 "Información financiera intermedia" y los requisitos de divulgación daneses adicionales para las empresas que cotizan en bolsa. Las políticas contables adoptadas en la preparación son consistentes con las aplicadas en el Informe Anual 2020 de Novo Nordisk.

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EJECUCIÓN COMERCIAL

DESARROLLO DE VENTAS EN TODAS LAS ÁREAS TERAPÉUTICAS

Las ventas crecieron un 5% medido en coronas danesas y un 12% en CER los primeros seis meses de 2021, impulsadas por el crecimiento en todas las áreas de terapia con un crecimiento de las ventas de atención para la diabetes del 11% (CER), un crecimiento de las ventas de atención para la obesidad del 34% (CER ) y crecimiento de las ventas de Biopharm del 7% (CER). El crecimiento de las ventas se ve afectado positivamente por los cambios de inventario y el momento de los envíos en 2021. El crecimiento de las ventas en los primeros seis meses de 2020 se vio afectado positivamente por el almacenamiento relacionado con COVID-19, compensado en gran medida por un menor número de pacientes que iniciaron el tratamiento.

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CUIDADO DE DIABETES Y OBESIDAD

Cuidado de la diabetes, ventas y desarrollo de la cuota de mercado

Las ventas en el cuidado de la diabetes aumentaron un 5% medido en coronas danesas y un 11% en CER a 53.319 millones de DKK impulsados ​​por el crecimiento de GLP-1. Novo Nordisk ha mejorado la cuota de mercado global del valor de la diabetes en los últimos 12 meses del 29,1% al 29,6% en línea con la aspiración de fortalecer el liderazgo en el cuidado de la diabetes, con el objetivo de alcanzar una cuota de mercado de valor global de más de un tercio en 2025. El El aumento de participación de mercado fue impulsado por ganancias de participación de mercado tanto en Operaciones Internacionales como en Operaciones de Norteamérica.

En las siguientes secciones, a menos que se indique lo contrario, los datos de mercado se basan en el total anual móvil (MAT) de mayo de 2021 y mayo de 2020 proporcionado por el proveedor de datos independiente IQVIA. EMEA cubre Europa, Oriente Medio y África, la región de China cubre China continental, Hong Kong y Taiwán, y el resto del mundo cubre todos los demás países excepto Norteamérica.

Fuente: IQVIA, datos de mayo de 2021. * Los datos de EMEA están disponibles para los mercados europeos y siete mercados fuera de Europa que representan aproximadamente el 90% de las ventas de atención para la diabetes de Novo Nordisk en el área. ** Datos para China continental, excluidos Hong Kong y Taiwán. *** Datos para el resto del mundo disponibles para siete mercados que representan aproximadamente el 70% de las ventas totales de atención para la diabetes de Novo Nordisk en el área.

Terapia con GLP-1 para la diabetes tipo 2

Ventas de productos GLP-1 para la diabetes tipo 2 (Rybelsus®, Ozempic® y Victoza®) aumentó en un 21% medido en coronas danesas y en un 30% en CER a 23.377 millones de DKK. La participación de valor del segmento GLP-1 del mercado total de la diabetes ha aumentado al 24,0% en comparación con el 20,0% de hace 12 meses. Novo Nordisk sigue siendo el líder del mercado mundial en el segmento GLP-1 con una participación de mercado de valor del 51,5%, un aumento de 2,4 puntos porcentuales en comparación con hace 12 meses.

Fuente: IQVIA, datos de mayo de 2021. * Los datos de EMEA están disponibles para los mercados europeos y siete mercados fuera de Europa que representan aproximadamente el 90% de las ventas de GLP-1 de Novo Nordisk en el área. ** Datos para China continental, excluidos Hong Kong y Taiwán. *** Datos para el resto del mundo disponibles para siete mercados que representan aproximadamente el 70% de las ventas totales de atención para la diabetes de Novo Nordisk en el área.

Rybelsus® las ventas aumentaron en un 187%, medidas en coronas danesas, y en un 213% en CER, hasta los 1.674 millones de DKK. El crecimiento de las ventas fue impulsado por las operaciones de América del Norte, así como por EMEA y el resto del mundo. Rybelsus® ahora se ha lanzado en 18 países.

Ozempic® las ventas aumentaron en un 47%, medidas en coronas danesas, y un 58% en CER, a 14.097 millones de DKK. El crecimiento de las ventas fue impulsado tanto por las operaciones en América del Norte como por las operaciones internacionales. Ozempic® ahora se ha lanzado en 62 países.

Victoza® las ventas disminuyeron en un 18%, medidas en coronas danesas, y en un 12% en CER, hasta los 7.606 millones de coronas danesas. La caída de las ventas fue impulsada por las operaciones de América del Norte y EMEA, parcialmente compensadas por mayores ventas en la región de China y el resto del mundo.

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Operaciones internacionales

Las ventas de productos para la diabetes GLP-1 en Operaciones Internacionales aumentaron en un 40% medido en coronas danesas y en un 46% en CER. El crecimiento de las ventas está impulsado por todas las áreas geográficas. La participación en el valor de la clase GLP-1 del mercado total de diabetes ha aumentado al 11,9% desde el 9,8% de hace 12 meses. Novo Nordisk es el líder del mercado con una cuota de mercado de valor del 56,1%.

EMEA

Las ventas en EMEA aumentaron un 34% medido en coronas danesas y un 36% en CER. El crecimiento de las ventas refleja la adopción de Ozempic® y Rybelsus®, parcialmente compensado por menores ventas de Victoza®. Rybelsus® ahora se ha lanzado en 15 países de EMEA. Novo Nordisk sigue siendo el líder del mercado en EMEA con una cuota de mercado de valor del 56,8%.

Región China

Las ventas en la Región China aumentaron en un 66% medido en coronas danesas y un 68% en CER. El crecimiento de las ventas refleja la adopción de Victoza® en China continental y el lanzamiento de Ozempic® en Taiwan®. La participación de la clase GLP-1 en el valor general de mercado de la diabetes en la región de China aumentó a 4.1% desde 2.3% hace 12 meses con Victoza® cuota de mercado del 88,6%.

Resto del mundo

Las ventas en el resto del mundo aumentaron en un 51% medido en coronas danesas y en un 69% en CER. El crecimiento de las ventas refleja el aumento de las ventas de Ozempic® , Rybelsus®, tras el lanzamiento en Japón, y Victoza®. Novo Nordisk sigue siendo el líder del mercado con una cuota de mercado de valor del 48,0%.

Operaciones en Norteamérica

Las ventas de productos para la diabetes GLP-1 en América del Norte Las operaciones aumentaron un 13% medido en coronas danesas y un 24% en CER. Novo Nordisk es el líder del mercado con una cuota de mercado del 50,8% en valor en comparación con el 48,6% de hace 12 meses. La cuota de mercado de valor de la clase GLP-1 del mercado total de diabetes de América del Norte ha aumentado al 28,4% en comparación con el 23,8% de hace 12 meses.

El crecimiento de las ventas en los EE. UU. Está impulsado por un crecimiento del volumen de prescripción de la clase GLP-1 de around 25% respecto al primer semestre de 2020. Rybelsus® la cuota de mercado semanal de nuevas marcas es 12,9%. La cuota de mercado combinada de medicamentos recetados nuevos para la marca Novo Nordisk GLP-1 es ahora del 62,6%. Novo Nordisk es el mlíder del mercado con un 51,3% medido sobre el total de recetas mensuales para la cartera combinada de GLP-1.

Las ventas de GLP-1 en EE. UU. Aumentaron un 23% a CER. El aumento de las ventas fue impulsado por la adopción continua de Ozempic® y Rybelsus®, parcialmente compensado por la disminución de Victoza® Ventas. El crecimiento de las ventas de GLP-1 se vio afectado negativamente por las mejoras en los reembolsos, así como por la mezcla desfavorable de canales y pagadores.

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Insulina

Las ventas de insulina disminuyeron un 5%, medidas en coronas danesas, y aumentaron un 1% en CER a 28.023 millones de coronas danesas. El crecimiento de las ventas en CER fue impulsado por el aumento de las ventas en las operaciones internacionales, parcialmente compensado por la disminución de las ventas en los EE. UU.

Fuente: IQVIA, datos de mayo de 2021. * Los datos de EMEA están disponibles para los mercados europeos y siete mercados fuera de Europa que representan aproximadamente el 90% de las ventas de insulina de Novo Nordisk en el área. ** Datos para China continental, excluidos Hong Kong y Taiwán. *** Datos para el resto del mundo disponibles para siete mercados que representan aproximadamente el 70% de las ventas totales de atención para la diabetes de Novo Nordisk en el área.

Operaciones internacionales

Las ventas de insulina en Operaciones Internacionales aumentaron un 1% medido en coronas danesas y un 6% en CER. El crecimiento de las ventas en CER fue impulsado por la insulina de acción prolongada, la insulina premezclada y la insulina de acción rápida, parcialmente contrarrestadas por la insulina humana.

EMEA

Las ventas de insulina en EMEA disminuyeron un 3% medido en coronas danesas y aumentaron un 2% en CER. El crecimiento de las ventas en CER fue impulsado principalmente por Tresiba® y Fiasp®. Novo Nordisk tiene una cuota de mercado de volumen del 47,6% del mercado total de insulina.

Región China

Las ventas de insulina en la Región China aumentaron un 8% medido en coronas danesas y un 10% en CER. El crecimiento de las ventas fue impulsado por Tresiba®, NovoMix®, NovoRapid® y Ryzodeg®, parcialmente contrarrestado por insulina humana y Levemir®. Novo Nordisk tiene una cuota de mercado de volumen del 50,8% del mercado total de insulina.

Resto del mundo

Las ventas de insulina en el resto del mundo se mantuvieron sin cambios en coronas danesas y aumentaron un 10% en CER. El crecimiento de las ventas en CER fue impulsado por todos los productos de insulina excepto Levemir® y NovoMix®. Novo Nordisk tiene una cuota de mercado de volumen del 57,2% del mercado total de insulina.

Operaciones en Norteamérica

Las ventas de insulina en las operaciones de América del Norte disminuyeron un 18% medido en coronas danesas y un 11% en 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. Novo Nordisk has a volume market share of 39.2% of the total insulin market.

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Obesity care, sales development

Sales of Obesity care products, Saxenda® and Wegovy™, increased by 23% measured in Danish kroner and by 34% at CER to DKK 3,543 million. Sales growth was driven by International Operations and North America Operations. Saxenda® has been launched in 58 countries and Wegovy™ was launched in the US in June 2021. Novo Nordisk currently has a value market share of 66.9% of the global branded obesity prescription drug market. The strategic aspiration for Obesity care is to more than double reported sales from the base in 2019 of DKK 5,679 million by 2025.

International Operations

Sales of Saxenda® in International Operations increased by 33% measured in Danish kroner and by 44% at CER, driven by increased sales in EMEA and Rest of World. Novo Nordisk currently has a value market share of 42.8% in the branded obesity prescription drug market.

EMEA

Sales of Saxenda® in EMEA increased by 46% measured in Danish kroner and by 55% at CER. Novo Nordisk currently has a value market share of 67.3% in the branded obesity prescription drug market.

Rest of World

Sales of Saxenda® in Rest of World increased by 18% measured in Danish kroner and by 30% at CER. Saxenda® has been launched in 19 countries in Rest of World. Novo Nordisk currently has a value market share of 33.5% in the branded obesity prescription drug market.

North America Operations

Sales of Obesity care products in North America Operations increased by 16% measured in Danish kroner and by 27% at CER. Novo Nordisk now has a value market share of 83.0% in the obesity prescription drug market in North America. Wegovy™ was made available to patients in June 2021 and market access has progressed. The initial feedback from patients and prescribers has been encouraging. Initial demand has exceeded supply of Wegovy™ and patients may temporarily experience a delay in getting prescriptions filled.

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BIOPHARM

Biopharm, sales development

Sales of biopharm products remained unchanged in Danish kroner and increased by 7% at CER to DKK 9,983 million in line with the strategic aspiration of sustained growth in Biopharm. The sales growth at CER was driven by both North America Operations and International Operations. Sales growth was driven by both Rare blood disorders and Rare endocrine disorders.

Rare blood disorders

Sales of rare blood disorder products increased by 4% measured in Danish kroner and by 11% at CER to DKK 5,401 million. The increasing sales were driven by the launch products Esperoct® and Refixia® as well as NovoEight® and NovoSeven®.

Sales of haemophilia A products increased by 33% measured in Danish kroner and by 39% at CER to DKK 1,120 million. The sales increase was driven by both International Operations and North America Operations. Esperoct® has now been launched 21 countries.

Sales of haemophilia B products increased by 25% measured in Danish kroner and by 30% at CER to DKK 309 million. The sales increase was driven by both International Operations and North America Operations. Refixia® has now been launched in 20 countries.

Sales of NovoSeven® decreased by 4% measured in Danish kroner and increased by 3% at CER to DKK 3,855 million. The sales development was driven by increasing sales in North America Operations, partially offset by declining sales in International Operations. The sales decline in Region China reflects increased distributor stock levels in the first six months of 2020.

Rare endocrine disorders

Sales of rare endocrine disorder products decreased by 5% measured in Danish kroner and increased by 2% at CER to DKK 3,779 million driven by Norditropin®. The sales growth at CER was driven by International Operations increasing by 4% at CER, partially offset by North America Operations decreasing by 2%. Novo Nordisk is the leading company in the global human growth disorder market with a value market share of 35.9% compared to 34.3% a year ago, driven by new indications and the global roll-out of the next-generation device.

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FINANCIALS

GEOGRAPHIC SALES DEVELOPMENT

Sales increased by 5% measured in Danish kroner and by 12% at CER to DKK 66,845 million in the first six months of 2021. Sales in International Operations increased by 7% measured in Danish kroner and by 13% at CER. The strategic aspiration for International Operations is sales growth between 6-10%. Sales in North America Operations increased by 1% measured in Danish kroner and by 11% at CER. The strategic aspiration of transforming 70% of sales in the US has progressed, and 56% of sales are now derived from products launched since 2015.

International Operations

Sales in International Operations increased by 7% measured in Danish kroner and by 13% at CER. Sales growth was driven by all therapy areas with GLP-1 sales growing by 46% (CER), insulin sales growing by 6% (CER), Obesity care sales growing by 44% (CER) and Biopharm sales growing by 4% (CER).

EMEA

Sales in EMEA increased by 7% measured in Danish kroner and by 11% at CER. Sales growth was driven by Diabetes care growing by 11% (CER) driven by increased GLP-1 sales. Biopharm sales increased by 5% (CER) and Obesity care increased by 55% (CER).

Region China

Sales in Region China increased by 10% measured in Danish kroner and by 12% at CER. Sales growth was driven by Diabetes care growth of 13% (CER) reflecting increased insulin and GLP-1 sales, partially offset by Biopharm declining by 30% (CER) reflecting increased distributor stock levels in the first six months of 2020.

Rest of World

Sales in Rest of World increased by 6% measured in Danish kroner and by 16% at CER. Sales growth was driven by Diabetes care growing by 19% (CER), reflecting increased GLP-1 and insulin sales, Obesity care growing by 30% (CER) and Biopharm growing by 5% (CER).

North America Operations

Sales in North America Operations increased by 1% measured in Danish kroner and by 11% at CER. Sales growth was positively impacted by inventory changes in 2021.

The sales increase reflects GLP-1 sales growing by 24% (CER), Obesity care growing by 27% (CER) and Biopharm sales growing by 12% (CER). This was partially offset by insulin sales decreasing by 11% (CER) driven by lower realised prices due to channel and payer mix and rebate enhancements as well as a decline in volume.

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DEVELOPMENT IN COSTS AND OPERATING PROFIT

El cost of goods sold increased by 12% measured in Danish kroner and by 14% at CER to DKK 11,358 million, resulting in a gross margin of 83.0% measured in Danish kroner compared with 84.1% in 2020. The decline in gross margin reflects lower realised prices in the US, a negative currency impact of 0.7% percentage point and amortisation of intangible assets related to the acquisition of Emisphere Technologies Inc. in 2020. This is countered by a positive product mix driven by increased GLP-1 sales and productivity improvements in line with the strategic aspiration of driving operational efficiencies.

Sales and distribution costs increased by 8% measured in Danish kroner and by 15% at CER to DKK 16,257 million. The increase in costs is driven by both International Operations and North America Operations. In International Operations, promotional spend is related to launch activities for Rybelsus® and Ozempic®, field force expansion in China as well as Obesity care market development activities. In North America Operations, the cost increase is driven by promotional activities for Rybelsus® and Ozempic®, partially offset by lower promotional spend related to insulin. The cost increase was impacted by low activity level in the second quarter of 2020 due to COVID-19.

Research and development costs increased by 12% measured in Danish kroner and by 15% at CER to DKK 7,888 million. Increased activities within Other serious chronic diseases are driving the cost increase reflecting the progression of the pipeline within cardiovascular disease and NASH as well as increased costs within Obesity care driven by the ongoing cardiovascular outcomes trials, SOUL and SELECT. The cost increase was impacted by low activity level in the second quarter of 2020 due to COVID-19.

Administration costs increased by 5% measured in Danish kroner and by 8% at CER to DKK 1,836 million, reflecting low spend in the second quarter of 2020 due to COVID-19 impact on activities.

Other operating income (net) was DKK 255 million compared with DKK 227 million in the first six months of 2020.

Operating profit decreased by 1% measured in Danish kroner and increased by 9% at CER to DKK 29,761 million.

Financial items (net) showed a net gain of DKK 1,094 million compared with a net loss of DKK 1,703 million in the first six months of 2020.

In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged, primarily through foreign exchange forward contracts. The foreign exchange result was a net gain of DKK 1,049 million compared with a net loss of DKK 1,555 million in the first six months of 2020. This reflects gains on hedged currencies, primarily the US dollar.

As per the end of June 2021, a negative market value of financial contracts of approximately DKK 0.4 billion has been deferred for recognition later in 2021 and 2022.

The effective tax rate is 19.8% in the first six months of 2021 compared with an effective tax rate of 20.8% in the first six months of 2020, reflecting favourable changes to tax positions covering prior years.

Net profit increased by 10% to DKK 24,746 million and diluted earnings per share increased by 12% to 10.71 DKK.

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KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2021

Sales in the second quarter of 2021 increased by 10% measured in Danish kroner and by 17% at CER compared to the same period in 2020. Operating profit increased by 7% measured in Danish kroner and by 16% at CER. The results in Danish kroner were negatively impacted by the depreciation of the US dollar versus the Danish krone by 9%.

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 2021.

The increased global sales of 17% (CER) were driven by Diabetes and Obesity care sales as GLP-1 sales increased by 37% (CER), Obesity care sales increased by 63% and insulin sales increased by 1%. Biopharm sales increased by 13% (CER). Sales growth is positively impacted by COVID-19-related destocking and fewer patients initiating treatment in the second quarter of 2020 as well as inventory changes and timing of shipments in 2021.

International Operations

Sales in International Operations increased by 13% measured in Danish kroner and by 17% at CER. Sales growth was driven by all geographical areas. COVID-19-related destocking and fewer patients initiating treatment in the second quarter of 2020 positively impacted sales growth. Furthermore, sales growth is positively impacted by timing of shipments in the second quarter of 2021.

Sales growth was driven by Diabetes and Obesity care growing by 19% (CER) driven by increased GLP-1 sales growing by 62% (CER), insulin sales growing by 7% (CER) and Obesity care increasing by 83% (CER). Biopharm sales increased by 8% (CER).

North America Operations

Sales in North America Operations increased by 7% measured in Danish kroner and by 16% at CER. COVID-19-related destocking and fewer patients initiating treatment in the second quarter of 2020 positively impacted sales growth.

Sales growth was driven by GLP-1 growing by 28% (CER) reflecting the prescription volume growth, the uptake of Ozempic® and the launch of Rybelsus®. Insulin sales decreased by 11% (CER) driven by lower realised prices. Obesity care sales increased by 53% (CER) reflecting uptake of Saxenda® and the launch of Wegovy™ in June 2021. Biopharm sales increased by 21% (CER) driven by increased NovoSeven® sales, partially offset by lower Norditropin® sales.

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Costs and operating profit

The gross margin was 83.2% in the second quarter of 2021 compared with 84.1% in the same period last year. The 0.9 percentage point gross margin decline reflects lower realised prices in the US and a negative currency impact of 0.7 percentage point, partially countered by positive product mix.

Sales and distribution costs increased by 8% measured in Danish kroner and by 15% at CER compared with the same period in 2020. The increase was driven by International Operations and North America Operations reflecting the launches of Rybelsus® and promotional activities related to Ozempic®. The cost increase was impacted by low activity level in the second quarter of 2020 due to COVID-19.

Research and development costs increased by 20% measured in Danish kroner and by 23% at CER compared with the same period in 2020. The cost increase is reflecting low activity level in the second quarter of 2020 due to COVID-19.

Administrative costs increased by 9% measured in Danish kroner and by 14% at CER compared with the same period in 2020. The cost increase is reflecting low activity level in the second quarter of 2020 due to COVID-19.

Other operating income (net) of DKK 134 million in the second quarter of 2021 compared with DKK 120 million in the same period last year.

Operating profit increased by 7% measured in Danish kroner and by 16% at CER compared with the same period in 2020.

Financial items (net) showed a net gain of DKK 138 million compared with a net loss of DKK 422 million in the second quarter of 2020, mainly reflecting gains associated with foreign exchange hedging contracts, primarily related to the US dollar versus the Danish krone.

Net profit increased by 14% to DKK 12,123 million and diluted earnings per share increased by 16% to 5.26 DKK.

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CASH FLOW AND CAPITAL ALLOCATION

CAPITAL EXPENDITURE AND FREE CASH FLOW IN THE FIRST SIX MONTHS OF 2021

Capital expenditure for property, plant and equipment was DKK 3.1 billion compared with DKK 2.9 billion in 2020.

Free cash flow was DKK 32.7 billion compared with DKK 30.3 billion in 2020 supporting the strategic aspiration to deliver attractive capital allocation to shareholders. The increase reflects higher net profit and a favourable impact from change in working capital. The free cash is positively impacted by within-year-timing of rebate payments in the US.

Novo Nordisk’s financial reserves were DKK 38.2 billion by end of June 2021 comprising cash at bank, marketable securities (measured at fair value based on active market data) and undrawn credit facilities less overdrafts and loans repayable within 12 months.

EQUITY AND CAPITAL ALLOCATION

Total equity was DKK 65,559 million at the end of the first six months of 2021, equivalent to 41.5% of total assets, compared with 44.1% at the end of the first six months of 2020. Please refer to appendix 5 for further elaboration of changes in equity.

Interim dividend

The Board of Directors has decided to pay out interim dividend for 2021 of DKK 3.50 for each Novo Nordisk A and B

share of DKK 0.20, which will be paid in August 2021. The ex-dividend date for the interim dividend will be 16

August 2021. The record date will be 17 August 2021 for the A and B shares as well as the ADRs. The payment date

for the A and B shares will be 18 August 2021, while the payment date for the ADRs will be 25 August 2021. No

dividend will be paid on the company’s holding of B shares.

2021 share repurchase programme

On 7 May 2021, Novo Nordisk announced a share repurchase programme of up to DKK 3.3 billion to be executed

from 10 May to 3 August 2021, as part of an overall programme of up to DKK 18 billion to be executed during a 12-

month period beginning 3 February 2021. The purpose of the programme was to reduce the company’s share capital

and to meet obligations arising from share-based incentive programmes. Under the programme, Novo Nordisk has

repurchased 6,349,637 B shares for an amount of DKK 3.3 billion in the period from 10 May to 3 August 2021. The

programme was concluded on 3 August 2021.

As of 3 August 2021, Novo Nordisk A/S has repurchased a total of 18,714,414 B shares equal to a transaction value

of DKK 8.886 billion under the DKK 18 billion programme beginning 3 February 2021.

As of 3 August 2021, Novo Nordisk and its wholly-owned affiliates owned 17,552,912 of its own B shares,

corresponding to 0.8% of the total share capital.

The execution of Novo Nordisk’s 2021 share repurchase programme of DKK 18 billion to be executed during a 12-

month period beginning 3 February 2021 continues, and a new share repurchase programme will be initiated 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”). For

that purpose, Novo Nordisk A/S has appointed Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB (SEB), as lead manager to execute the programme independently and without influence from Novo Nordisk A/S. The purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based incentive programmes. Under the agreement, SEB will repurchase B shares on behalf of Novo Nordisk A/S during the trading period starting today, 5 August, and ending on 1 November 2021.

A maximum of 190,000,000 B shares in total can be bought during the trading period. The maximum number of B

shares that can be repurchased on a single trading day may not exceed 20% of the average daily trading volume of

Novo Nordisk B shares on the trading venue, on which the purchase takes place, during the preceding 20 trading

days of the purchase (excluding the day of the purchase), cf Article 3(3) of the Commission Delegated Regulation

(EU) 2016/1052. At least once every seven trading days, Novo Nordisk A/S will issue an announcement in respect of

the transactions made under the repurchase programme.

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As announced in February 2021, Novo Nordisk’s majority shareholder Novo Holdings A/S, a holding company fully

owned by the Novo Nordisk Foundation, has informed Novo Nordisk that it intends to consider its participation in

the Novo Nordisk share repurchase programme on a year-by-year basis. For 2021, Novo Nordisk has been informed

by Novo Holdings A/S that it plans to participate in the share repurchase programme. Novo Holdings A/S has an

ownership of 28.3% of the Novo Nordisk share capital, and Novo Holdings A/S currently intends to maintain its

ownership of the Novo Nordisk share capital around 28%.

Issuance of Eurobonds

On 27 May 2021, Novo Nordisk announced the successful Eurobond issuance in an aggregate principal amount of EUR 1.3 billion under its EUR 5 billion Euro Medium Term Note Programme. The first tranche maturing on 4 June 2024 was issued in an aggregate principal amount of EUR 650 million with a coupon of 0%. The second tranche maturing on 4 June 2028 was issued in an aggregate principal amount of EUR 650 million with a coupon of 0.125%. Net proceeds of the issuances will be used by Novo Nordisk for general corporate purposes. Further, part of the net proceeds have been used for refinancing of the bridge loan facility established in connection with Novo Nordisk’s acquisition of Emisphere Technologies Inc. in 2020. The bonds are recognised as borrowings measured at amortised cost.

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OUTLOOK

OUTLOOK 2021

The current expectations for 2021 are summarised in the table below:

For 2021, sales growth is now expected to be 10% to 13% at CER. The guidance reflects expectations for continued sales growth in both International Operations and in North America Operations. The guidance reflects expectations for sales growth across therapy areas, mainly driven by Diabetes and Obesity care. Intensifying competition within both Diabetes care and Biopharm is also reflected in the guidance. Furthermore, continued pricing pressure within Diabetes care, especially in the US, is expected to negatively impact sales development. Given the current exchange rates versus the Danish krone, growth reported in DKK is still expected to be around 4 percentage points lower than at CER.

Operating profit growth is now expected to be 9% to 12% at CER. The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in current and future growth drivers across the operating units, including the continued roll-out of Ozempic® and Rybelsus® as well as global investments in building the anti-obesity market and the launch of Wegovy™. Furthermore, resources are allocated to both early and late-stage pipeline activities, including expected initiations of several phase 3a clinical trial programmes in 2021. Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be around 5 percentage points lower than at CER.

The current COVID-19 pandemic causes uncertainty to the outlook regarding the number of patients initiating treatment and societal impacts such as the unemployment rate in the US, which is impacting healthcare insurance coverage. The outlook is based on a number of assumptions related to the severity and duration of impacts from COVID-19. Consequently, volatility in quarterly results should be expected.

For 2021, Novo Nordisk now expects financial items (net) to amount to a gain of around DKK 0.6 billion, mainly reflecting gains associated with foreign exchange hedging contracts.

El effective tax rate for 2021 is now expected to be in the range of 19-21%.

Capital expenditure is still expected to be around DKK 7.5 billion in 2021.

Depreciation, amortisation and impairment losses are now expected to be around DKK 5.5 billion reflecting phasing of depreciation of the new production facility for diabetes active pharmaceutical ingredients in Clayton, North Carolina, US.

El free cash flow is now expected to be DKK 39-44 billion reflecting higher net profit expectations.

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 2021, including the potential

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implications from major healthcare reforms and legislative changes as well as outcome of legal cases, 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 significant business development transactions during the remainder of 2021.

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

1) As of 30 July 2021.

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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INNOVATION AND THERAPEUTIC FOCUS

Diabetes care

Resubmission of once-weekly semaglutide 2.0 mg for the treatment of type 2 diabetes for US regulatory approval

On 28 May 2021, Novo Nordisk resubmitted a label expansion application to the US Food and Drug Administration (FDA) for Ozempic®, a once-weekly GLP-1 analogue, to introduce a new dose of 2.0 mg. The resubmission follows the Refusal to File letter received by the FDA on 22 March 2021. The standard review time by the FDA is ten months.

Phase 2 trial initiated with cagrilintide in combination with semaglutide in people with type 2 diabetes

In August 2021, Novo Nordisk initiated a 37-week phase 2 trial comparing the effect on glycaemic control and body weight of cagrilintide in combination with semaglutide compared to semaglutide in people with type 2 diabetes.

Obesity care

Wegovy™ (semaglutide 2.4 mg) approved in the US for weight management

On 4 June 2021, Wegovy™, once-weekly subcutaneous semaglutide 2.4 mg, was approved by the FDA as an adjunct to diet and exercise for chronic weight management in adults living with obesity (BMI > 30 kg/m2) or overweight (BMI > 27 kg/m2) with at least one weight-related comorbidity. The approval is based on the results from the STEP phase 3a clinical trial programme. Across trials in people without type 2 diabetes, an average weight loss from a baseline of 17-18% sustained over 68 weeks was reported for people with obesity treated with Wegovy™ (based on the trial product estimand, secondary statistical approach: treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies. When using a treatment policy estimand, 15-17% weight loss was reported). Wegovy™ demonstrated a safe and well-tolerated profile across the programme, with the most common adverse events being gastrointestinal. Novo Nordisk launched Wegovy™ in the US in June 2021. For more information, please read the company announcement here: www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=62112 (the contents of the company's website do not form a part of this Form 6-K).

Phase 3b trials STEP 5 and STEP 8 for Wegovy™ successfully completed

In May and June 2021, Novo Nordisk successfully completed two phase 3b trials with Wegovy™ investigating weight loss after two years of treatment compared to placebo (STEP 5) and comparing the weight loss effect with Saxenda® and placebo (STEP 8) in people with obesity (BMI > 30 kg/m2) or overweight (BMI > 27 kg/m2) without type 2 diabetes. In STEP 5, participants treated with Wegovy™ achieved a statistically significant and superior body weight reduction compared to placebo (16.7% versus 0.6%) from baseline to week 104. In STEP 8, treatment with Wegovy™ resulted in a statistically significant body weight reduction of 17.1% compared to 6.6% for Saxenda® and 1.8% for placebo. Both Wegovy™ and Saxenda® appeared to have safe and well-tolerated profiles in the trials.

Phase 2 trial initiated with PYY 1875 in people with obesity

In July 2021, Novo Nordisk initiated a phase 2 proof of concept trial with PYY 1875 for weight management. The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of PYY 1875 in combination with semaglutide 2.4 mg compared to placebo. The 42-week trial is expected to enrol around 75 people with obesity.

Other serious chronic diseases

Phase 3 programme initiated with oral semaglutide 14 mg in Alzheimer’s Disease

In May 2021, Novo Nordisk initiated two phase 3a trials, evoke and evoke+, investigating the efficacy and safety of oral semaglutide in early Alzheimer’s Disease (AD). The randomised, placebo-controlled trials assess efficacy and safety of oral semaglutide 14 mg in a total of 3,680 people with early AD (mild cognitive impairment and mild dementia). The duration of the trials is three years.

Phase 2 trial initiated with oral PCSK9i

In August 2021, Novo Nordisk initiated a phase 2 dose finding trial with a novel oral PCSK9i. The 12-week phase 2 trial is investigating efficacy, pharmacokinetics and safety of several doses of PCSK9i compared to evolucumab and placebo. The phase 2 trial is based on results from a phase 1 trial with a subcutaneous formulation of the PCSK9i and it is expected to enrol around 250 people with high LDL-cholesterol.

Acquisition agreement for Prothena’s ATTR amyloidosis programme

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In July 2021, Novo Nordisk and Prothena Corporation plc signed a definitive purchase agreement under which Novo Nordisk has acquired Prothena’s clinical stage antibody PRX004 and broader ATTR amyloidosis (transthyretin) programme. Novo Nordisk will develop the phase 2-ready antibody PRX004 for the rare heart disease ATTR cardiomyopathy. Under the terms of the definitive purchase agreement, Novo Nordisk acquires Prothena’s wholly-owned subsidiary and gains full worldwide rights to the intellectual property and related rights of Prothena’s ATTR amyloidosis business and pipeline. Prothena is eligible to receive development and sales milestone payments totalling up to USD 1.2 billion including USD 100 million in upfront and near-term clinical milestone payments.

Global collaboration and licence agreement with Heartseed for stem cell-based therapy for heart failure

In June 2021, Novo Nordisk and Heartseed Inc. entered into an exclusive worldwide collaboration and licence agreement for development, manufacturing and commercialisation of Heartseed’s lead asset HS-001. HS-001 is an investigational cell therapy using purified cardiomyocytes derived from induced pluripotent stem cells (iPSC), which is currently under development by Heartseed for the treatment of heart failure. Heartseed will maintain the rights to solely develop HS-001 in Japan and Novo Nordisk has the rights to co-commercialise the product in Japan with Heartseed with 50/50 profit and cost sharing. Heartseed is eligible to receive payments totalling up to 598 million US dollars including 55 million dollars in upfront and near-term milestone payments.

Purpose and sustainability

Circular for Zero

As part of the environmental strategy 'Circular for Zero', Novo Nordisk has a target of all direct suppliers supply Novo Nordisk using 100% renewable power by 2030. Since the launch of the target in September 2020, suppliers representing approximately 25% of supply chain carbon emissions have committed to use renewable power when supplying to Novo Nordisk. This change has already reduced Novo Nordisk's direct supply chain carbon emissions by more than 15%. Further, to reduce carbon emissions from travel, new guidelines to limit business travel and encourage online meetings are being implemented.

Novo Nordisk carbon emissions from operations and transport decreased by 45% to 83,215 tons in the first six months of 2021 compared to the first six months of 2019. The decrease was driven by renewable energy projects and impacts from COVID-19 on travelling. 2019 is used as baseline as 2020 was impacted by the COVID-19 pandemic.

Social

Defeat Diabetes

Novo Nordisk continues to take action under the social responsibility strategy ‘Defeat Diabetes’ with a keen focus on access and affordability and prevention. Within access and affordability, Novo Nordisk is expanding the Changing Diabetes® in Children partnership aspiring to reach 100,000 children and young people with type 1 diabetes in low-resource settings by 2030. Together with global partners – F. Hoffmann-La Roche AG, International Society for Paediatric and Adolescent Diabetes and the World Diabetes Foundation – Novo Nordisk is including new countries in the programme, most recently Ghana in June 2021. 15 countries are now included.

Within prevention, Novo Nordisk launched the Prevention Accelerator in June, inviting start-ups developing digital solutions to submit ideas for how to enable individuals and societies to predict or prevent obesity. This initiative comes in addition to the Healthy Food Challenge, launched in January in partnership with the EAT Foundation. The Healthy Food Challenge invited community stakeholders and private businesses to prevent obesity through solutions that advance healthy and sustainable food environments for vulnerable people.

Employees

The number of full-time employees at the end of the first six months of 2021 increased by 3.3% compared to 12 months ago. The total number of employees was 46,574 corresponding to 45,971 full-time positions. The increase is driven by International Operations, Product Supply and R&D, partially countered by North America Operations.

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Diversity and inclusion

Being a sustainable employer offering an inclusive and diverse working environment is an integrated part of being a sustainable business. While a number of initiatives have been launched to progress gender diversity in Novo Nordisk, only gradual progress has been made as the current share of women in senior leadership positions is 35% (defined as vice presidents, corporate vice presidents, senior vice presidents and executive vice presidents).

To underline Novo Nordisk’s commitment, accelerate progress and ensure leadership accountability, Novo Nordisk has defined the following global aspirational targets:

•Create an inclusive culture where all employees have a sense of belonging and equitable opportunities to realise their potential

•Achieve a balanced gender representation across all managerial levels

•Achieve a minimum of 45% women and a minimum of 45% men in senior leadership positions by the end of 2025

Balanced is defined as the range between 45%-55% to leave up to 10% flexibility for women and men and also allow for non-binary gender recognising that some employees may not wish to be categorised.

While gender is one dimension of diversity, Novo Nordisk fully recognises that diversity is any dimension that differentiates people and enables a diverse line of thought.

Novo Nordisk’s Diversity and Inclusion policy can be found at novonordisk.com.

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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 2021. The financial report has not been audited or reviewed by the company’s

independent auditors.

The financial report for the first six months of 2021 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 2020 of Novo Nordisk.

In our opinion, the financial report for the first six months of 2021 gives a true and fair view of the Group’s assets, liabilities and financial position at 30 June 2021, and of the results of the Group’s operations and cash flow for the period 1 January 2021 to 30 June 2021. 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 2020.

Bagsværd, 4 August 2021

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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 45,800 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, YouTube.

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 2020 and Form 20-F both filed with the SEC in February 2021 in continuation of the publication of the Annual Report 2020, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

•statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto,

•statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures,

•statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and

•statements regarding the assumptions underlying or relating to such statements.

In this 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, including 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, 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, 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, failure to recruit and retain the right employees, failure to maintain a culture of compliance and epidemics, pandemics or other public health crises.

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in this document, reference is made to the overview of risk factors in ‘Risk Management’ of the Annual Report 2020.

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise.

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APPENDIX 1: QUARTERLY NUMBERS IN DKK

1) Comparative numbers have been restated as Macrillen (previously disclosed under Other biopharm) is now disclosed as part of Rare endocrine disorders.

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APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

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APPENDIX 3: CASH FLOW STATEMENT

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APPENDIX 4: BALANCE SHEET

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APPENDIX 5: EQUITY STATEMENT

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APPENDIX 6: SALES SPLIT PER AREA

1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.

2) Comprises NovoSeven®, NovoEight®, Refixia®, NovoThirteen® and Esperoct®.

3) Primarily Norditropin®.

4) Primarily Vagifem® and Activelle®.

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1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.

2) Comprises NovoSeven®, NovoEight®, Refixia®, NovoThirteen® and Esperoct®.

3) Primarily Norditropin®.

4) Primarily Vagifem® and Activelle®.

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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 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, Free cash flow and Financial reserves.

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 sales and operating profit by adjusting for the impact of currency fluctuations.

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 eg 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: