SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales growth in the first six months of 2020 was 8% measured in Danish kroner and 7% at CER driven by growth across all therapy areas with Diabetes care sales growth of 7% (CER), Biopharm sales growth of 6% (CER) and Obesity care sales growth of 9% (CER). Sales growth was positively impacted by COVID-19-related stocking, mainly impacting insulin and GLP-1 sales, largely offset by fewer patients initiating treatment due to COVID-19.
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|
|
|
|
|
|
|
|
Sales split per therapy
|
|
Sales H1 2020
DKK million
|
Sales H1 2019
DKK million
|
|
Growth
as reported
|
Growth
at CER
|
Share of growth
at CER
|
Diabetes and Obesity care segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-acting insulin
|
|
9,378
|
|
10,655
|
|
|
(12
|
%)
|
(13
|
%)
|
(32
|
%)
|
|
- Tresiba®
|
4,618
|
|
4,642
|
|
|
(1
|
%)
|
(1
|
%)
|
(2
|
%)
|
|
- Xultophy®
|
1,238
|
|
1,051
|
|
|
18
|
%
|
18
|
%
|
5
|
%
|
|
- Levemir®
|
3,522
|
|
4,962
|
|
|
(29
|
%)
|
(29
|
%)
|
(35
|
%)
|
|
|
|
|
|
|
|
|
Premix insulin
|
|
5,648
|
|
5,317
|
|
|
6
|
%
|
7
|
%
|
9
|
%
|
|
- Ryzodeg®
|
671
|
|
469
|
|
|
43
|
%
|
44
|
%
|
5
|
%
|
|
- NovoMix®
|
4,977
|
|
4,848
|
|
|
3
|
%
|
3
|
%
|
4
|
%
|
|
|
|
|
|
|
|
|
Fast-acting insulin
|
|
9,493
|
|
9,735
|
|
|
(2
|
%)
|
(3
|
%)
|
(7
|
%)
|
|
- Fiasp®
|
676
|
|
503
|
|
|
34
|
%
|
34
|
%
|
4
|
%
|
|
- NovoRapid®
|
8,817
|
|
9,232
|
|
|
(4
|
%)
|
(5
|
%)
|
(11
|
%)
|
|
|
|
|
|
|
|
|
Human insulin
|
|
5,001
|
|
4,595
|
|
|
9
|
%
|
10
|
%
|
11
|
%
|
|
|
|
|
|
|
|
|
Total insulin
|
|
29,520
|
|
30,302
|
|
|
(3
|
%)
|
(3
|
%)
|
(19
|
%)
|
|
|
|
|
|
|
|
|
Victoza®
|
|
9,225
|
|
11,137
|
|
|
(17
|
%)
|
(18
|
%)
|
(49
|
%)
|
Ozempic®
|
|
9,591
|
|
3,750
|
|
|
156
|
%
|
152
|
%
|
136
|
%
|
Rybelsus®
|
|
584
|
|
—
|
|
|
—
|
|
—
|
|
14
|
%
|
Total GLP-1
|
|
19,400
|
|
14,887
|
|
|
30
|
%
|
28
|
%
|
101
|
%
|
|
|
|
|
|
|
|
|
Other Diabetes care1
|
|
2,102
|
|
2,192
|
|
|
(4
|
%)
|
(4
|
%)
|
(2
|
%)
|
|
|
|
|
|
|
|
|
Total Diabetes care
|
|
51,022
|
|
47,381
|
|
|
8
|
%
|
7
|
%
|
80
|
%
|
|
|
|
|
|
|
|
|
Obesity care (Saxenda®)
|
|
2,885
|
|
2,673
|
|
|
8
|
%
|
9
|
%
|
6
|
%
|
|
|
|
|
|
|
|
|
Diabetes and Obesity care total
|
|
53,907
|
|
50,054
|
|
|
8
|
%
|
7
|
%
|
86
|
%
|
|
|
|
|
|
|
|
|
Biopharm segment
|
|
|
|
|
|
|
|
Haemophilia2
|
|
5,211
|
|
5,203
|
|
|
0
|
%
|
(1
|
%)
|
(1
|
%)
|
|
- NovoSeven®
|
4,009
|
|
4,175
|
|
|
(4
|
%)
|
(5
|
%)
|
(5
|
%)
|
|
- NovoEight®
|
740
|
|
762
|
|
|
(3
|
%)
|
(2
|
%)
|
0
|
%
|
Growth disorders (Norditropin®)
|
|
3,982
|
|
3,313
|
|
|
20
|
%
|
18
|
%
|
14
|
%
|
Other Biopharm3
|
|
781
|
|
757
|
|
|
3
|
%
|
4
|
%
|
1
|
%
|
Biopharm total
|
|
9,974
|
|
9,273
|
|
|
8
|
%
|
6
|
%
|
14
|
%
|
|
|
|
|
|
|
|
|
Total sales
|
|
63,881
|
|
59,327
|
|
|
8
|
%
|
7
|
%
|
100
|
%
|
|
|
|
|
|
|
|
|
1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
|
|
|
|
|
|
|
|
2) Comprises NovoSeven®, NovoEight®, Refixia®, NovoThirteen® and Esperoct®.
|
|
|
|
|
|
|
|
3) Primarily Vagifem® and Activelle®.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 7 of 31
|
DIABETES AND OBESITY CARE
Diabetes care, sales development
Sales in Diabetes care increased by 8% measured in Danish kroner and by 7% at CER to DKK 51,022 million driven by GLP-1 growth. Novo Nordisk has improved its global diabetes value market share over the last 12 months from 28.2% to 29.0%, driven by an improved global insulin market share and expansion of the GLP-1 segment as well as market share.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from May 2020 and May 2019 provided by the independent data provider IQVIA.
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diabetes care, development per area
|
|
Novo Nordisk’s share of the total diabetes market (value, MAT)
|
|
Diabetes care, sales development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May
|
May
|
Sales H1 2020
DKK million
|
Growth
at CER
|
|
|
2020
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
|
29.0
|
%
|
28.2
|
%
|
51,022
|
|
7
|
%
|
International Operations
|
|
22.3
|
%
|
21.9
|
%
|
27,021
|
|
13
|
%
|
|
- EMEA *
|
27.2
|
%
|
26.8
|
%
|
13,724
|
|
12
|
%
|
|
- Region China **
|
27.5
|
%
|
27.9
|
%
|
7,037
|
|
11
|
%
|
|
- Rest of World ***
|
13.2
|
%
|
12.6
|
%
|
6,260
|
|
17
|
%
|
North America Operations
|
|
31.5
|
%
|
30.6
|
%
|
24,001
|
|
1
|
%
|
|
- The US
|
31.7
|
%
|
30.9
|
%
|
22,745
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: IQVIA, May 2020 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.
Insulin
Sales of insulin decreased by 3% in both Danish kroner and CER to DKK 29,520 million. The sales decrease measured at CER was driven by declining sales in the US, partly offset by increased sales in International Operations. Insulin sales were positively impacted by COVID-19-related stocking, partially offset by fewer patients initiating treatment.
Sales of long-acting insulin decreased by 12% measured in Danish kroner and by 13% at CER to DKK 9,378 million. Novo Nordisk has increased its global volume market share in the long-acting insulin segment from 32.1% to 32.7% in the last 12 months. The sales decline measured at CER was driven by declining Levemir® and Tresiba® sales, partially offset by increased sales of Xultophy®. Tresiba® has been launched in 88 countries, while Xultophy® has now been launched in 40 countries.
Sales of premix insulin increased by 6% measured in Danish kroner and by 7% at CER to DKK 5,648 million. Novo Nordisk is the market leader in the premix insulin segment with a global volume market share of 64.2%, which has been broadly stable in the last 12 months. The sales increase was driven by increased sales of both Ryzodeg® and NovoMix®. Ryzodeg® has now been launched in 34 countries.
Sales of fast-acting insulin decreased by 2% measured in Danish kroner and by 3% at CER to DKK 9,493 million. Novo Nordisk is the market leader in the fast-acting insulin segment with a global volume market share of 51.1%, which has been broadly unchanged in the past 12 months. The sales decrease was driven by NovoRapid®, partly offset by increased Fiasp® sales. Fiasp® has now been launched in 38 countries.
Sales of human insulin increased by 9% measured in Danish kroner and by 10% at CER to DKK 5,001 million due to COVID-19-related stocking and timing of tender shipments.
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|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 8 of 31
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insulin, development per area
|
|
Novo Nordisk’s share of the total insulin market (volume, MAT)
|
|
Insulin, sales development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May
|
May
|
Sales H1 2020
DKK million
|
Growth
at CER
|
|
|
2020
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
|
46.7
|
%
|
46.4
|
%
|
29,520
|
|
(3
|
%)
|
International Operations
|
|
49.4
|
%
|
48.9
|
%
|
20,139
|
|
10
|
%
|
|
- EMEA *
|
46.9
|
%
|
46.4
|
%
|
9,647
|
|
7
|
%
|
|
- Region China **
|
49.5
|
%
|
50.2
|
%
|
5,719
|
|
14
|
%
|
|
- Rest of World ***
|
56.9
|
%
|
55.5
|
%
|
4,773
|
|
14
|
%
|
North America Operations
|
|
39.7
|
%
|
39.9
|
%
|
9,381
|
|
(23
|
%)
|
|
- The US
|
39.7
|
%
|
40.2
|
%
|
8,838
|
|
(24
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: IQVIA, May 2020 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.
International Operations
Sales of insulin in International Operations increased by 9% measured in Danish kroner and by 10% at CER. Sales growth was driven by all insulin segments. Sales growth was positively impacted by COVID-19-related stocking, largely offset by fewer patients initiating treatment.
EMEA
Sales of insulin in EMEA increased by 6% measured in Danish kroner and by 7% at CER. Sales growth was driven by Tresiba®, Xultophy® and Fiasp® across the area as well as increased NovoRapid® sales.
Region China
Sales of insulin in Region China increased by 13% measured in Danish kroner and by 14% at CER. The sales growth was driven by NovoMix®, NovoRapid®, Tresiba® and Levemir®. Tresiba® was included on the National Reimbursement Drug List in January 2020 and hospital listings are progressing.
Rest of World
Sales of insulin in Rest of World increased by 12% measured in Danish kroner and by 14% at CER. The sales growth was driven by human insulin, Ryzodeg® and Tresiba®.
North America Operations
Sales of insulin in North America Operations decreased by 21% measured in Danish kroner and by 23% at CER. The decline in sales in the US was driven by lower realised prices following unfavourable channel mix, higher rebates, launch of affordability programmes and changes in the coverage gap legislation. Sales were positively impacted by COVID-19-related stocking, partially offset by fewer patients initiating treatments. Novo Nordisk has a volume market share of 39.7% of the total insulin market.
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|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 9 of 31
|
GLP-1 therapy for type 2 diabetes
Sales of GLP-1 products for type 2 diabetes (Victoza®, Ozempic® and Rybelsus®) increased by 30% measured in Danish kroner and by 28% at CER to DKK 19,400 million. The sales increase was positively impacted by COVID-19-related stocking, largely offset by fewer patients initiating treatment. Sales of Ozempic® were DKK 9,591 million and Ozempic® has now been launched in 43 countries. The GLP-1 segment’s value share of the total diabetes market has increased to 20.1% compared with 16.1% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 49.1% value market share, an increase of 2.7 percentage points compared to 12 months ago.
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLP-1, development per area
|
|
Novo Nordisk's share of the diabetes GLP-1 market (value, MAT)*
|
|
GLP-1, sales development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May
|
May
|
Sales H1 2020
DKK million
|
Growth
at CER
|
|
|
2020
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
|
49.1
|
%
|
46.4
|
%
|
19,400
|
|
28
|
%
|
International Operations
|
|
52.0
|
%
|
50.5
|
%
|
5,362
|
|
37
|
%
|
|
- EMEA *
|
53.7
|
%
|
53.2
|
%
|
3,709
|
|
39
|
%
|
|
- Region China **
|
93.0
|
%
|
91.4
|
%
|
503
|
|
18
|
%
|
|
- Rest of World ***
|
41.6
|
%
|
37.7
|
%
|
1,150
|
|
42
|
%
|
North America Operations
|
|
48.6
|
%
|
45.7
|
%
|
14,038
|
|
25
|
%
|
|
- The US
|
48.1
|
%
|
45.3
|
%
|
13,396
|
|
24
|
%
|
|
|
|
|
|
|
Source: IQVIA, February May data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk diabetes 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.
International Operations
Sales of GLP-1 in International Operations increased by 36% measured in Danish kroner and by 37% at CER. Sales growth is driven by all areas. Sales growth was positively impacted by COVID-19-related stocking, largely offset by fewer patients initiating treatment. The value share of the GLP-1 class of the total diabetes market has increased to 9.9% from 8.2% 12 months ago. Novo Nordisk is the market leader with a value market share of 52.0%.
EMEA
Sales in EMEA increased by 39% in both Danish kroner and at CER. The sales growth reflects the uptake of Ozempic® countered by lower sales of Victoza®. Novo Nordisk remains the market leader in EMEA with a value market share of 53.7%.
Region China
Sales in Region China increased by 18% in both Danish kroner and at CER. The growth reflects volume growth, partly offset by lower realised prices. The GLP-1 class' share of the overall diabetes market value increased to 2.4% from 1.7% 12 months ago. Victoza® has a market share of 93.0%.
Rest of World
Sales in Rest of World increased by 35% measured in Danish kroner and by 42% at CER. The sales growth reflects launches of Ozempic® and increased Victoza® sales across the area. Novo Nordisk remains the market leader with a value market share of 41.6%.
North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 28% measured in Danish kroner and by 25% at CER. Sales were impacted by COVID-19-related stocking, largely offset by fewer patients initiating treatment. Novo Nordisk is the market leader with a 48.6% value market share compared to 45.7% 12 months ago. The value market share of the GLP-1 class of the total North American diabetes market has increased to 23.8%.
Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of more than 30%. Rybelsus® market access has progressed and the product is now broadly available across commercial and Medicare plans and the weekly new-to-brand market share has reached 11.0%. The combined Novo Nordisk GLP-1 new-to-brand prescription market share is now 58.3%. Novo Nordisk is the market leader measured on total monthly prescriptions for the combined GLP-1 portfolio.
Sales of GLP-1 in the US increased by 24% at CER. The sales increase was driven by continued uptake of Ozempic® and initial Rybelsus® sales, partly offset by declining Victoza® sales. GLP-1 sales growth was negatively impacted by unfavourable channel mix, rebate enhancements and changes in coverage gap legislation.
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|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 10 of 31
|
Obesity care, sales development
Sales of Saxenda® increased by 8% measured in Danish kroner and by 9% at CER to DKK 2,885 million. Saxenda® sales growth was driven by both North America Operations and International Operations. Sales growth was negatively impacted by fewer patients initiating treatment due to COVID-19. Saxenda® is now launched in 48 countries. Novo Nordisk currently has a value market share of 60.5% of the global obesity prescription drug market.
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Obesity care, development per area
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|
Obesity care, sales development
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Sales H1 2020
DKK million
|
Growth
at CER
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|
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Global
|
|
2,885
|
|
9
|
%
|
International Operations
|
|
1,126
|
|
8
|
%
|
|
- EMEA
|
576
|
|
6
|
%
|
|
- Region China
|
4
|
|
—
|
|
|
- Rest of World
|
546
|
|
11
|
%
|
North America Operations
|
|
1,759
|
|
9
|
%
|
|
- The US
|
1,626
|
|
9
|
%
|
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|
|
|
|
International Operations
Sales of Saxenda® in International Operations increased by 3% measured in Danish kroner and by 8% at CER driven by increased sales in Rest of World and EMEA. Novo Nordisk currently has a value market share of 38.2% in the obesity prescription drug market in International Operations. Sales growth was negatively impacted by fewer patients initiating treatment due to COVID-19.
EMEA
Sales of Saxenda® in EMEA increased by 6% in both Danish kroner and at CER. Novo Nordisk currently has a value market share of 64.1% in the obesity prescription drug market in EMEA.
Rest of World
Sales of Saxenda® in Rest of World decreased by 1% measured in Danish kroner and increased by 11% at CER. Saxenda® has been launched in 12 countries in Rest of World. Novo Nordisk currently has a value market share of 30.6% in the obesity prescription drug market in Rest of World.
North America Operations
Sales of Saxenda® in North America Operations increased by 12% measured in Danish kroner and by 9% at CER and were driven by increased sales in both the US and Canada. Novo Nordisk currently has a value market share of 71.7% in the obesity prescription drug market in North America Operations. Sales growth was negatively impacted by fewer patients initiating treatment due to COVID-19.
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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 11 of 31
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BIOPHARM
Biopharm, sales development
Sales of biopharm products increased by 8% measured in Danish kroner and by 6% at CER to DKK 9,974 million. The sales development was driven by sales growth in International Operations and Growth Disorders. Sales growth was positively impacted by timing of shipments, changes in inventories and COVID-19-related stocking and negatively impacted by lower demand due to COVID-19-related lockdowns.
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Biopharm, development per area
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Biopharm, sales development
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Sales H1 2020
DKK million
|
Growth
at CER
|
|
|
|
|
|
|
|
|
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|
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Global
|
|
9,974
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6
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%
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International Operations
|
|
6,264
|
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10
|
%
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|
- EMEA
|
3,541
|
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11
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%
|
|
- Region China
|
246
|
|
46
|
%
|
|
- Rest of World
|
2,477
|
|
7
|
%
|
North America Operations
|
|
3,710
|
|
1
|
%
|
|
- The US
|
3,432
|
|
1
|
%
|
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|
|
|
|
|
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|
Haemophilia
Sales of haemophilia products remained unchanged in Danish kroner and decreased by 1% at CER to DKK 5,211 million. The decreasing sales at CER were driven by NovoSeven® sales, partly offset by the continued global roll-out of Esperoct® and Refixia®.
Sales of NovoSeven® decreased by 4% measured in Danish kroner and by 5% at CER to DKK 4,009 million.The sales development was driven by declining sales in North America Operations and Rest of World, offset by increasing sales in Region China and EMEA. The declining sales partly reflect reduced elective surgeries and bleedings due to COVID-19-related lockdowns.
Sales of NovoEight® decreased by 3% measured in Danish kroner and by 2% at CER to DKK 740 million. The decreasing sales were driven by EMEA, partly offset by increased sales in Rest of World. NovoEight® has been launched in 54 countries. Esperoct® has been launched in 14 countries and the initial feedback from patients and physicians is encouraging.
Sales of Refixia® increased to DKK 247 million. Sales growth was driven by the product launches in Rest of World and EMEA and continued uptake in North America Operations. Refixia® has now been launched in 20 countries.
Growth disorders (Norditropin®)
Sales of growth disorder products increased by 20% measured in Danish kroner and by 18% at CER to DKK 3,982 million. The sales increase was driven by International Operations and North America Operations increasing by 20% and 15% at CER, respectively. Novo Nordisk is the leading company in the global human growth disorder market with a value market share of 34.2% compared to 32.9% a year ago, driven by new indications and the global roll-out of the next-generation device. Sales growth was positively impacted by changes in inventories and COVID-19-related stocking as well as additional demand, which was impacted by supply challenges for competing products in select countries.
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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 12 of 31
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DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 6% measured in Danish kroner and by 7% at CER to DKK 10,158 million, resulting in a gross margin of 84.1% measured in Danish kroner, compared with 83.9% in 2019. The increased gross margin reflects productivity improvements, mainly within insulin and GLP-1, a positive product mix driven by increased GLP-1 sales and a positive currency impact of 0.2% percentage point. This is partly countered by a negative impact from lower realised prices in the US.
Sales and distribution costs increased by 3% in both Danish kroner and at CER to DKK 14,988 million. The increase in costs was driven by North America Operations reflecting launch activities for Rybelsus® and continued promotional activities for Ozempic®, partly offset by lower promotional spend related to insulin. In International Operations, promotional activities are focusing on the continued roll-out of Saxenda® and launch activities for Ozempic® and Rybelsus®. The spend was impacted by COVID-19 resulting in a lower activity level and delays in promotional activities.
Research and development costs increased by 13% in both Danish kroner and at CER to DKK 7,068 million. The cost increase is impacted by the reversal of write-downs of prelaunch inventory in the first quarter of 2019 following the filing of oral semaglutide to the US FDA.The cost increase is driven by increased activities within Other serious chronic diseases due to progression of the early pipeline within NASH and cardiovascular disease as well as increased spend within insulin and Biopharm. This is partly offset by lower spend within Obesity care driven by finalisation of the semaglutide obesity pivotal phase 3a programme and COVID-19 impact on trial recruitment and activity.
Administration costs decreased by 1% measured in Danish kroner, and remained unchanged at CER to DKK 1,754 million, reflecting broadly unchanged spend across administrative areas.
Other operating income (net) was DKK 227 million compared with DKK 469 million in 2019. The decline in Other operating income (net) in 2020 compared with 2019 is driven by reduced royalty income.
Operating profit increased by 9% measured in Danish kroner and by 8% at CER to DKK 30,140 million.
FINANCIAL ITEMS (NET) AND TAX
Financial items (net) showed a net loss of DKK 1,703 million compared with a net loss of DKK 2,324 million in 2019.
In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged, primarily through foreign exchange forward contracts. The foreign exchange result was a net loss of DKK 1,555 million compared with a net loss of DKK 1,984 million in 2019. This mainly reflects losses on non-hedged currencies driven by significant depreciations of several emerging market currencies.
As per the end of June 2020, a positive market value of financial contracts of approximately DKK 0.5 billion has been deferred for recognition later in 2020 and 2021.
The effective tax rate was 20.8% in the first six months of 2020 compared with an effective tax rate of 21.0% in the first six months of 2019.
CAPITAL EXPENDITURE AND FREE CASH FLOW
Capital expenditure for property, plant and equipment was DKK 2.9 billion compared with DKK 4.8 billion in 2019. The lower capital expenditure was mainly related to investments in the new production facility for diabetes active pharmaceutical ingredients in Clayton, North Carolina, US, which is now in the final stage of construction.
Free cash flow was DKK 30.3 billion compared with DKK 18.7 billion in 2019. The increase was driven by timing of rebate payments in the US, the increase in net profit as well as lower capital expenditure.
Novo Nordisk’s financial resources, consisting of cash at bank and committed credit facilities, were DKK 35.8 billion by end of June 2020. The upfront payment for the acquisition of Corvidia Therapeutics was made in July 2020.
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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 13 of 31
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KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2020
Please refer to appendix 1 for an overview of the quarterly numbers in DKK and to appendix 6 for details on sales in the second quarter of 2020.
Sales in the second quarter of 2020 remained unchanged both in Danish kroner and CER compared with the same period in 2019. Sales were negatively impacted by fewer patients initiating treatment and COVID-19-related destocking following the stocking in March 2020. These effects largely offset the stocking of estimated DKK 2 billion in the first three months of 2020. Sales growth in International Operations was 6% at CER and sales decline in North America Operations was 6% at CER. The unchanged global sales (at CER) was explained by increased Diabetes care sales due to increased GLP-1 sales of 21% (at CER), offset by insulin sales declining by 8% (at CER), as well as Obesity care sales declining by 9% (at CER) and Biopharm sales being 3% lower (at CER).
The gross margin was 84.1% in the second quarter of 2020 compared with 83.9% in the same period last year. The increase of 0.2 percentage point of the gross margin reflects positive product mix and a positive currency impact of 0.1% percentage point, partly countered by a negative impact from lower realised prices in the US.
Sales and distribution costs decreased by 2% in both Danish kroner and CER compared with the same period in 2019. The decrease was driven by delayed promotional activities and lower general activities due to COVID-19. This is partly offset by higher distribution costs.
Research and development costs decreased by 7% measured in Danish kroner and by 8% at CER compared with the same period in 2019. The lower spend is driven by phasing of clinical trials and COVID-19 impact on trial recruitment and initiations.
Administrative costs decreased by 3% measured in Danish kroner and by 2% at CER compared with the same period in 2019.
Other operating income (net) was DKK 120 million in the second quarter of 2020 compared with DKK 254 million in the same period last year reflecting reduced royalty income.
Operating profit increased by 3% in both Danish kroner and at CER compared with the same period in 2019.
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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 14 of 31
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EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 60,054 million at the end of the first six months of 2020, equivalent to 44.1% of total assets, compared with 45.0% at the end of the first six months of 2019. 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 2020 of DKK 3.25 for each Novo Nordisk A and B share of DKK 0.20, which will be paid in August 2020. The ex-dividend date for the interim dividend will be 14 August 2020. The record date will be 17 August 2020 for the A and B shares as well as the ADRs. The payment date for the A and B shares will be 18 August 2020, while the payment date for the ADRs will be 25 August 2020. No dividend will be paid on the company’s holding of B shares.
2020 share repurchase programme
On 11 May 2020, Novo Nordisk announced a share repurchase programme of up to DKK 2.6 billion to be executed from 12 May to 4 August 2020, as part of an overall programme of up to DKK 17 billion to be executed during a 12-month period beginning 5 February 2020. 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 5,981,960 B shares for an amount of DKK 2.6 billion in the period from 12 May to 4 August 2020. The programme was concluded on 4 August 2020.
As of 4 August 2020, Novo Nordisk A/S has repurchased a total of 20,059,179 B shares equal to a transaction value of DKK 8.551 billion under the DKK 17 billion programme beginning 5 February 2020.
As of 4 August 2020, Novo Nordisk and its wholly-owned affiliates owned 20,063,980 of its own B shares, corresponding to 0.9% of the total share capital.
The execution of Novo Nordisk’s 2020 share repurchase programme of DKK 17 billion to be executed during a 12-
month period beginning 5 February 2020 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 Nordea Danmark, Filial af Nordea Bank Abp, 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, Nordea Danmark, Filial af Nordea Bank Abp, will repurchase B shares on behalf of Novo Nordisk A/S during the trading period starting today, 6 August, and ending on 28 October 2020.
A maximum of 214,936,020 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.
As announced in February 2020, 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 2020, 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%.
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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 15 of 31
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OUTLOOK
OUTLOOK 2020
The current expectations for 2020 are summarised in the table below:
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Expectations are as reported, if not otherwise stated
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Expectations
6 August 2020
|
Expectations
6 May 2020
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|
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|
|
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|
Sales growth
|
|
|
at CER
|
3% to 6%
|
3% to 6%
|
as reported
|
Around 2 percentage points lower than at CER
|
Around 1 percentage point higher than at CER
|
|
|
|
|
|
|
Operating profit growth
|
|
|
at CER
|
2% to 5%
|
1% to 5%
|
as reported
|
Around 3 percentage points lower than at CER
|
Around 1 percentage point higher than at CER
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|
|
|
|
|
|
Financial items (net)
|
Loss of around DKK 1.2 billion
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Loss of around DKK 2.5 billion
|
|
|
|
Effective tax rate
|
20% to 22%
|
20% to 22%
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|
|
|
Capital expenditure (PP&E)
|
Around DKK 6.5 billion
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Around DKK 6.5 billion
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|
|
|
Depreciation, amortisation and impairment losses
|
Around DKK 5 billion
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Around DKK 5 billion
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|
|
|
Free cash flow
|
DKK 33-38 billion
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DKK 36-41 billion
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|
|
|
|
|
|
For 2020, sales growth is still expected to be 3% to 6% at CER. The guidance reflects expectations for continued robust sales performance for the GLP-1-based diabetes care products Ozempic®, Victoza® and Rybelsus®, the portfolio of new-generation insulin and the biopharm products. The guidance also reflects intensifying competition both within Diabetes care and Biopharm, especially within the haemophilia inhibitor segment. Furthermore, continued pricing pressure within Diabetes care as well as expansion of affordability initiatives, especially in the US, are expected to impact sales development. Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be around 2 percentage points lower than at CER.
The 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, including a gradual normalisation across geographies of the number of patients initiating treatment in the third and the fourth quarters as well as a continued gradual destocking during 2020 and 2021 of the increased stock levels experienced in the beginning of the pandemic. Consequently, volatility in quarterly sales growth should be expected.
For 2020, operating profit growth is now expected to be 2% to 5% at CER. The updated outlook reflects savings related to COVID-19. 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. Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be around 3 percentage points lower than at CER.
For 2020, Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 1.2 billion compared to a loss of DKK 2.5 billion in May 2020. This development mainly reflects gains associated with foreign exchange hedging contracts, primarily related to the US dollar versus the Danish krone.
The effective tax rate for 2020 is still expected to be in the range of 20-22%.
Capital expenditure is still expected to be around DKK 6.5 billion in 2020, primarily relating to investments in additional capacity for active pharmaceutical ingredient (API) production within Diabetes care and an expansion of the filling capacity within Diabetes care. Depreciation, amortisation and impairment losses are still expected to be around DKK 5 billion. The Free cash flow is now expected to be DKK 33-38 billion reflecting the acquisition of Corvidia Therapeutics.
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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 16 of 31
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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 2020, including the potential implications from major healthcare reforms, 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 in case of a significant bolt-on acquisition during 2020.
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FX
|
Q2 2020
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Q2 2019
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% change
|
H1 2020
|
H1 2019
|
% change
|
Spot rate
3 August 2020
|
|
|
|
|
|
|
|
|
USD
|
677
|
|
664
|
|
2
|
%
|
678
|
|
661
|
|
3
|
%
|
635
|
|
CNY
|
96
|
|
97
|
|
(2
|
%)
|
96
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|
97
|
|
(1
|
%)
|
91
|
|
JPY
|
6.30
|
|
6.04
|
|
4
|
%
|
6.26
|
|
6.00
|
|
4
|
%
|
5.98
|
|
CAD
|
489
|
|
497
|
|
(2
|
%)
|
497
|
|
495
|
|
0
|
%
|
473
|
|
GBP
|
840
|
|
855
|
|
(2
|
%)
|
855
|
|
855
|
|
0
|
%
|
827
|
|
|
|
|
|
|
|
|
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|
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|
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.
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|
Key invoicing currencies
|
Impact on Novo Nordisk's operating profit in the next 12 months of a 5% movement in currency
|
Hedging period (months)
|
|
|
|
|
|
|
USD
|
DKK 1,850 million
|
10
|
|
CNY1
|
DKK 400 million
|
6
|
JPY
|
DKK 150 million
|
12
|
CAD
|
DKK 130 million
|
9
|
GBP
|
DKK 100 million
|
10
|
|
|
|
|
1) 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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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 17 of 31
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RESEARCH & DEVELOPMENT UPDATE
Diabetes care
Rybelsus® (oral semaglutide) approved in Japan for treatment of adults with type 2 diabetes
In June 2020, the Japanese Ministry of Health, Labour and Welfare approved Rybelsus® for the treatment of adults with type 2 diabetes. The approval in Japan is based on results from the PIONEER clinical trial programme, which enrolled more than 9,500 adults with type 2 diabetes, including approximately 1,300 adults from Japan. Novo Nordisk intends to launch Rybelsus® in Japan when reimbursement is obtained. Novo Nordisk and MSD (Merck) will be co-promoting Rybelsus® in Japan. For more information, please read the company announcement on www.novonordisk.com/bin/getPDF.2325697.pdf (the contents of the company’s website do not form a part of this Form 6-K).
Obesity care
Semaglutide in obesity pivotal phase 3a programme STEP successfully completed
In May and June 2020, Novo Nordisk announced the headline results from STEP 1, 2, 3 and 4, the pivotal phase 3a trials with once-weekly subcutaneous semaglutide 2.4 mg in obesity.
Across STEP 1, 3 and 4 a weight loss of 15-18% was reported for people treated with semaglutide 2.4 mg. In all the individual STEP trials, subcutaneous semaglutide 2.4 mg appeared to have a safe and well-tolerated profile. The most common adverse events among people treated with subcutaneous semaglutide were gastrointestinal adverse events.
Following the completion of the four trials, Novo Nordisk is now preparing to file for regulatory submission which is expected to take place around the turn of the year.
STEP 1: semaglutide 2.4 mg versus placebo in people with obesity or overweight
In June 2020, results from STEP 1 were announced. STEP 1 was a 68-week randomised, double-blinded, multicentre, placebo-controlled weight management trial. In STEP 1, the efficacy and safety of once-weekly subcutaneous semaglutide 2.4 mg on body weight was compared to placebo, as an adjunct to lifestyle intervention, in 1,961 people with obesity or overweight with comorbidities. In the trial, a superior reduction in body weight was achieved with subcutaneous semaglutide 2.4 mg compared to placebo after 68 week. For more information, please read the company announcement on www.novonordisk.com/bin/getPDF.2314024.pdf (the contents of the company’s website do not form a part of this Form 6-K).
STEP 2: semaglutide 2.4 mg versus placebo in people with obesity and type 2 diabetes
In June 2020, the results from STEP 2 were announced. STEP 2 was a 68-week randomised, double-blind, multicentre, placebo-controlled trial. The trial compared the efficacy and safety of once-weekly semaglutide 2.4 mg after 68 weeks to placebo and once-weekly subcutaneous semaglutide 1.0 mg. Treatment was provided in conjunction with lifestyle intervention, in 1,210 adults with type 2 diabetes and either obesity or overweight with comorbidities. In the trial, subcutaneous semaglutide 2.4 mg showed superior weight loss versus placebo. For more information, please read the company announcement on www.novonordisk.com/bin/getPDF.2318004.pdf
(the contents of the company’s website do not form a part of this Form 6-K).
STEP 3: semaglutide 2.4 mg as adjunct to intensive behavioural therapy
In June 2020, the results from STEP 3 were announced. STEP 3 was a 68-week randomised, double-blind, multicentre, placebo-controlled trial. The trial investigated the effect of once-weekly subcutaneous semaglutide 2.4 mg after 68 weeks compared to placebo in 611 adults with obesity or overweight with comorbidities. Both treatments were in conjunction with intensive behavioural therapy, defined as weekly behavioural support, dietician counselling and reduced calorie diet. In the trial, subcutaneous semaglutide 2.4 mg showed superior weight loss versus placebo. For more information, please read the company announcement on www.novonordisk.com/bin/getPDF.2318004.pdf (the contents of the company’s website do not form a part of this Form 6-K).
STEP 4: semaglutide 2.4 mg versus placebo in people with obesity or overweight who reached the target dose after a 20-week run-in
In May 2020, the results from STEP 4 were announced. STEP 4 was a randomised, double-blind, multicentre, placebo-controlled, withdrawal trial exploring sustained weight management with semaglutide vs placebo. The 68-week trial investigated the effect of once-weekly subcutaneous semaglutide 2.4 mg on body weight in 902 people with obesity or overweight with comorbidities. In the trial, subcutaneous semaglutide 2.4 mg demonstrated superior weight loss versus placebo. For more information, please read the company announcement on www.novonordisk.com/bin/getPDF.2301466.pdf (the contents of the company’s website do not form a part of this Form 6-K).
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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 18 of 31
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AM833 phase 2 monotherapy trial successfully completed
In June 2020, the phase 2 results with the novel once-weekly subcutaneous amylin analogue AM833 were announced. The 26-week blinded phase 2 monotherapy trial with AM833 investigated safety, tolerability and efficacy for weight management in 706 people with obesity or overweight with at least one weight-related comorbidity. In the trial, AM833 demonstrated superior weight loss versus placebo and AM833 appeared to have a safe and well-tolerated profile. For more information, please read the company announcement on www.novonordisk.com/bin/getPDF.2321109.pdf (the contents of the company’s website do not form a part of this Form 6-K).
AM833 and semaglutide phase 1 combination trial successfully completed
In June 2020, the results from the phase 1 trial investigating AM833 in combination with semaglutide were announced. The 20-week multiple ascending dose phase 1 trial investigated safety, tolerability, pharmacokinetics and weight loss potential of AM833 administrated in combination with semaglutide 2.4 mg in 80 people with obesity or overweight. After 20 weeks of treatment, participants receiving the highest dose lost an average of 17.1% body weight from a mean baseline body weight of 94.6 kg (secondary end-point). The trial investigated the number of treatment-emergent adverse events (primary end-point) and AM833 appeared to have a safe and well-tolerated profile, with the most common adverse events being gastrointestinal disorders including nausea and vomiting; the majority being non-serious and mild or moderate in severity. The level of gastrointestinal disorders observed for the combination of AM833 and semaglutide in the trial was comparable to what is generally seen for GLP-1 products in monotherapy. For more information, please read the company announcement on www.novonordisk.com/bin/getPDF.2321109.pdf (the contents of the company’s website do not form a part of this Form 6-K).
Following the completion of the phase 2 monotherapy trial with AM833 and the phase 1 combination trial with AM833 and semaglutide, a multi-dose pharmacokinetics study of AM833 and semaglutide is expected to be initiated in second half of 2020 and phase 3 development programme is expected to begin in 2021.
Termination of GG-co-agonist and tri-agonist phase 1 projects
In June 2020, Novo Nordisk terminated the GG-co-agonist and tri-agonist phase 1 development projects. Recent data from the phase 3 development programme, STEP, for semaglutide in obesity and the clinical trials with AM833 as monotherapy and in combination with semaglutide have raised the innovation bar in Obesity care, which has led to a prioritisation within the Obesity care development portfolio and termination of the projects.
Other serious chronic diseases
Acquisition of Corvidia Therapeuctics
In June 2020, Novo Nordisk signed an agreement for the acquisition of Corvidia Therapeutics Inc. including their lead candidate, ziltivekimab, a fully human monoclonal antibody directed against interleukin-6 (IL-6). Under the terms of the agreement, Novo Nordisk will acquire all outstanding shares of Corvidia Therapeutics for an upfront payment of 725 million US dollars in cash. Total payments to Corvidia Therapeutics shareholders could ultimately amount to 2.1 billion US dollars in cash upon the achievement of certain regulatory and sales milestones by Novo Nordisk. The acquisition was completed in July 2020 and will be accounted for as an asset acquisition in the third quarter of 2020. Ziltivekimab is currently being investigated in the phase 2b trial, RESCUE, to evaluate ziltivekimab as a once-a-month subcutaneous treatment for people with chronic kidney disease with atherosclerotic cardiovascular disease and inflammation. RESCUE is designed as a dose-finding trial to enable a global phase 3 CVOT to assess the impact of ziltivekimab on major adverse cardiovascular events in a patient population with elevated cardiovascular risk. The results from the RESCUE trial are expected to be announced in the second half of 2020.
PCSK9i phase 1 trial successfully completed
In June 2020, Novo Nordisk successfully completed the first human dose phase 1 trial with PCSK9i peptide. The trial investigated the safety, tolerability, pharmacokinetics and pharmacodynamics of single subcutaneous administrations of PCSK9i peptide in healthy people and in patients with hypercholesterolaemia on statin treatment. The PCSK9i peptide appeared to have a safe and well tolerated profile in the trial. Following the completion of the trial, further clinical development is now being evaluated.
Partner updates
STT-5058 phase 1 trial initiated
In June 2020, STATEN and Novo Nordisk initiated the first human dose trial for the monoclonal antibody, STT-5058, designed to target lipoprotein ApoC3 with the potential to decrease levels of ApoC3 and thereby triglycerides, leading to a reduction in the risk of cardiovascular events. The trial is a single-centre, randomised, double-blinded, placebo-controlled trial designed to investigate safety, tolerability, pharmacokinetics and pharmacodynamics.
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COVID-19
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Strategic aspirations
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Financial
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 19 of 31
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SUSTAINABILITY UPDATE
Launch of new social responsibility strategy
In May 2020, Novo Nordisk launched a new social responsibility strategy, Defeat Diabetes. The strategy introduces new long-term ambitions to accelerate prevention to halt the rise of diabetes, provide access to affordable care for vulnerable patients in every country and to continue to drive innovation to improve lives. First steps in the strategy is to reduce the ceiling price of human insulin from USD 4 to USD 3 per vial in 76 low- and middle-income countries and to expand the aspiration in the Changing Diabetes® in Children programme to reach 100,000 children by 2030, up from 25,000. The programme provides care and life-saving medicine for children with type 1 diabetes in low-resource settings. Furthermore, the Partnering for Change programme with the International Committee of the Red Cross and the Danish Red Cross, supporting care for people with serious chronic diseases in humanitarian crises, is also being extended.
Participation in new initiative to address need for antibiotics to combat antimicrobial resistance
In July 2020, Novo Nordisk announced its participation in the AMR Action Fund, a USD 1 billion initiative from more than 20 biopharmaceutical companies to address the need for new antibiotics to combat antimicrobial resistance. Antimicrobial resistance is a growing threat to human health and the mission of the fund is to bring two to four novel antibiotics to patients by 2030.
Employees
The number of full-time employees at the end of the first six months of 2020 increased by 4.6% compared to 12 months ago. The total number of employees was 44,089, corresponding to 43,526 full-time positions. The increase in employees in Novo Nordisk is mainly driven by International Operations, with the highest growth rate in Region China. Novo Nordisk also continues to increase the number of employees in Global Business Services in India.
Environment
Novo Nordisk has achieved its target to use only renewable electricity in its global production facilities by 2020. This achievement follows investments to build and connect to a solar power grid in North Carolina, US, which now provides power to Novo Nordisk’s entire US operations. Novo Nordisk is the first pharmaceutical company in RE100 to use only renewable electricity in all production units worldwide. RE100 is the global corporate renewable energy initiative led by the Climate Group.
Novo Nordisk is now pursuing a new target of achieving zero CO2 emissions from all operations and transport by 2030. The goal is part of the ‘Circular for Zero’ environmental strategy with the ultimate aim of making Novo Nordisk a company that has zero environmental impact.
CO2 emissions from operations and transportation at the end of the first six months has decreased by 39% compared to the first half of 2019 due to new renewable energy projects and significantly lower emissions from travel due to COVID-19 (business flights and company cars) in 2020.
LEGAL MATTERS
Sandoz has filed an Abbreviated New Drug Application for liraglutide with the US FDA
In June 2020, Novo Nordisk filed a complaint for patent infringement against Sandoz in US District Court for the District of Delaware. This follows the notification from Sandoz in April 2020 to Novo Nordisk that it had filed an Abbreviated New Drug Application (ANDA) for liraglutide with the US FDA. According to Sandoz, the ANDA contains Paragraph IV certifications to obtain approval to engage in the commercial manufacture, use or sale of liraglutide before the expiration of six patents currently listed for liraglutide in the Orange Book with expiration dates ranging from December 2022 until March 2033, including the drug substance patent expiring February 2023 (all dates including a six month paediatric extension). Novo Nordisk does not expect the matter to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow.
Subpoena from State of California Office of the Insurance Commissioner related to Prandin®/Prandimet®
On 16 July 2020, the State of California Office of the Insurance Commissioner issued an investigative subpoena to Novo Nordisk Inc. and Novo Nordisk A/S. The subpoena seeks documents and information related to Novo Nordisk’s patent and regulatory strategies for Prandin® and Prandimet® in the US market, and the projected impact of generic repaglinide on Novo Nordisk’s Prandin® and Prandimet® franchises in the US. Novo Nordisk is cooperating with the Office of the Insurance Commissioner on this matter. Novo Nordisk does not expect the matter to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow.
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COVID-19
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Strategic aspirations
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Equity and capital allocation
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Outlook
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R&D
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Company announcement No XX / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 20 of 31
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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 2020. The financial report has not been audited or reviewed by the company’s
independent auditors.
The financial report for the first six months of 2020 has been prepared in accordance with IAS 34 'Interim Financial Reporting’. The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2019 of Novo Nordisk. Furthermore, the financial report for the first six months of 2020 and
Management’s Review are prepared in accordance with additional Danish disclosure requirements for interim reports
of listed companies.
In our opinion, the accounting policies used are appropriate and the overall presentation of the financial report for
the first six months of 2020 is adequate. 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 2019.
Bagsværd, 6 August 2020
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Executive Management:
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Lars Fruergaard Jørgensen
President and CEO
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Karsten Munk Knudsen
CFO
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Monique Carter
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Camilla Sylvest
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Mads Krogsgaard Thomsen
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Henrik Wulff
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Board of Directors:
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Helge Lund
Chair
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Jeppe Christiansen
Vice chair
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Brian Daniels
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Laurence Debroux
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Andreas Fibig
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Sylvie Grégoire
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Liz Hewitt
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Mette Bøjer Jensen
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Kasim Kutay
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Anne Marie Kverneland
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Martin Mackay
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Thomas Rantzau
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Stig Strøbæk
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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 21 of 31
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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 43,500 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.
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Financial calendar
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30 October 2020
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Financial statement for the first nine months of 2020
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03 February 2021
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Financial statement for 2020
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Contacts for further information
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Media:
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Mette Kruse Danielsen
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+45 3079 3883
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mkd@novonordisk.com
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Ken Inchausti (US)
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+1 609 240 9429
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kiau@novonordisk.com
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Investors:
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Daniel Muusmann Bohsen
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+45 3075 2175
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dabo@novonordisk.com
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Valdemar Borum Svarrer
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+45 3079 0301
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jvls@novonordisk.com
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Ann Søndermølle Rendbæk
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+45 3075 2253
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arnd@novonordisk.com
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Mark Joseph Root
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+45 3079 4211
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mjhr@novonordisk.com
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Kristoffer Due Berg (US)
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+1 609 235 2989
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krdb@novonordisk.com
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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 2019 and Form 20-F both filed with the SEC in February 2020 in continuation of the publication of the Annual Report 2019, 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, and failure to maintain a culture of compliance.
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 ‘Managing risks to protect value’ of the Annual Report 2019.
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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COVID-19
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Strategic aspirations
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Financial
Performance
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Equity and capital allocation
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Outlook
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R&D
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Sustainability
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Legal
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Financial Information
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Company announcement No 49 / 2020
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Financial report for the period 1 January 2020 to 30 June 2020
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Page 22 of 31
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APPENDIX 1: QUARTERLY NUMBERS IN DKK
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(Amounts in DKK million, except number of full-time equivalent employees, earnings per share and number of shares outstanding).
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% change
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2020
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2019
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Q2 2020 vs.
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Q2
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Q1
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Q4
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Q3
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Q2
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Q1
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Q2 2019
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Net sales
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30,006
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33,875
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32,417
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30,277
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30,036
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29,291
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0
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%
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Gross profit
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25,234
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28,489
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26,985
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25,202
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25,187
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24,559
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0
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%
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Gross margin
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84.1
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%
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84.1
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%
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83.2
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%
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83.2
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%
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83.9
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%
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83.8
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%
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Sales and distribution costs
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|
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7,398
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7,590
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9,536
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7,761
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|
7,580
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|
6,946
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|
(2
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%)
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Percentage of sales
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|
|
24.7
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%
|
22.4
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%
|
|
29.4
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%
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25.6
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%
|
25.2
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%
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23.7
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%
|
|
|
Research and development costs
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|
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3,291
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|
3,777
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|
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4,384
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|
3,601
|
|
3,557
|
|
2,678
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|
|
(7
|
%)
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Percentage of sales
|
|
|
11.0
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%
|
11.1
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%
|
|
13.5
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%
|
11.9
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%
|
11.8
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%
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9.1
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%
|
|
|
Administrative costs
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|
|
827
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|
927
|
|
|
1,235
|
|
1,009
|
|
852
|
|
911
|
|
|
(3
|
%)
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Percentage of sales
|
|
|
2.8
|
%
|
2.7
|
%
|
|
3.8
|
%
|
3.3
|
%
|
2.8
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%
|
3.1
|
%
|
|
|
Other operating income, net
|
|
|
120
|
|
107
|
|
|
43
|
|
88
|
|
254
|
|
215
|
|
|
(53
|
%)
|
|
|
|
|
|
|
|
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|
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|
Operating profit
|
|
|
13,838
|
|
16,302
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|
|
11,873
|
|
12,919
|
|
13,452
|
|
14,239
|
|
|
3
|
%
|
Operating margin
|
|
|
46.1
|
%
|
48.1
|
%
|
|
36.6
|
%
|
42.7
|
%
|
44.8
|
%
|
48.6
|
%
|
|
|
|
|
|
|
|
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|
|
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Financial income
|
|
|
97
|
|
17
|
|
|
20
|
|
17
|
|
15
|
|
13
|
|
|
N/A
|
Financial expenses
|
|
|
519
|
|
1,298
|
|
|
814
|
|
829
|
|
1,322
|
|
1,030
|
|
|
(61
|
%)
|
Financial items (net)
|
|
|
(422)
|
|
(1,281)
|
|
|
(794)
|
|
(812)
|
|
(1,307)
|
|
(1,017)
|
|
|
(68
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income taxes
|
|
|
13,416
|
|
15,021
|
|
|
11,079
|
|
12,107
|
|
12,145
|
|
13,222
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
2,791
|
|
3,124
|
|
|
2,362
|
|
1,913
|
|
2,550
|
|
2,777
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
|
10,625
|
|
11,897
|
|
|
8,717
|
|
10,194
|
|
9,595
|
|
10,445
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortisation and
impairment losses
|
|
|
1,158
|
|
1,086
|
|
|
1,398
|
|
2,095
|
|
1,110
|
|
1,058
|
|
|
4
|
%
|
Capital expenditure1
|
|
|
1,239
|
|
1,667
|
|
|
1,907
|
|
2,234
|
|
2,147
|
|
2,644
|
|
|
(42
|
%)
|
Net cash generated from operating activities
|
|
|
24,261
|
|
10,012
|
|
|
5,165
|
|
16,688
|
|
15,039
|
|
9,890
|
|
|
61
|
%
|
Free cash flow
|
|
|
22,666
|
|
7,669
|
|
|
1,737
|
|
14,039
|
|
12,020
|
|
6,655
|
|
|
89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
136,121
|
|
126,256
|
|
|
125,612
|
|
124,908
|
|
117,909
|
|
110,135
|
|
|
15
|
%
|
Total equity
|
|
|
60,054
|
|
54,399
|
|
|
57,593
|
|
52,953
|
|
53,085
|
|
47,319
|
|
|
13
|
%
|
Equity ratio
|
|
|
44.1
|
%
|
43.1
|
%
|
|
45.8
|
%
|
42.4
|
%
|
45.0
|
%
|
43.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees end of period
|
|
|
43,526
|
|
43,158
|
|
|
42,703
|
|
42,158
|
|
41,611
|
|
42,453
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share/ADR (in DKK)
|
|
|
4.54
|
|
5.07
|
|
|
3.71
|
|
4.30
|
|
4.03
|
|
4.37
|
|
|
13
|
%
|
Diluted earnings per share/ADR (in DKK)
|
|
|
4.53
|
|
5.05
|
|
|
3.70
|
|
4.29
|
|
4.03
|
|
4.36
|
|
|
12
|
%
|
Average number of shares outstanding (million)
|
|
|
2,338.8
|
|
2,348.8
|
|
|
2,357.9
|
|
2,368.8
|
|
2,380.2
|
|
2,390.3
|
|
|
(2
|
%)
|
Average number of diluted shares
|
|
|
|
|
|
|
|
|
|
|
|
outstanding (million)
|
|
|
2,344.9
|
|
2,354.8
|
|
|
2,363.3
|
|
2,373.2
|
|
2,383.5
|
|
2,394.6
|
|
|
(2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by business segment:
|
|
|
|
|
|
|
|
|
|
|
|
Long-acting insulin
|
|
|
4,220
|
|
5,158
|
|
|
5,102
|
|
5,019
|
|
5,411
|
|
5,244
|
|
|
(22
|
%)
|
Premix insulin
|
|
|
2,693
|
|
2,955
|
|
|
2,665
|
|
2,596
|
|
2,560
|
|
2,757
|
|
|
5
|
%
|
Fast-acting insulin
|
|
|
4,379
|
|
5,114
|
|
|
4,936
|
|
4,632
|
|
4,758
|
|
4,977
|
|
|
(8
|
%)
|
Human insulin
|
|
|
2,314
|
|
2,687
|
|
|
2,204
|
|
2,237
|
|
2,180
|
|
2,415
|
|
|
6
|
%
|
Total insulin
|
|
|
13,606
|
|
15,914
|
|
|
14,907
|
|
14,484
|
|
14,909
|
|
15,393
|
|
|
(9
|
%)
|
Total GLP-1
|
|
|
9,425
|
|
9,975
|
|
|
9,842
|
|
8,492
|
|
7,740
|
|
7,147
|
|
|
22
|
%
|
Other Diabetes care
|
|
|
977
|
|
1,125
|
|
|
1,017
|
|
1,038
|
|
1,125
|
|
1,067
|
|
|
(13
|
%)
|
Total Diabetes care
|
|
|
24,008
|
|
27,014
|
|
|
25,766
|
|
24,014
|
|
23,774
|
|
23,607
|
|
|
1
|
%
|
Obesity care (Saxenda®)
|
|
|
1,308
|
|
1,577
|
|
|
1,564
|
|
1,442
|
|
1,462
|
|
1,211
|
|
|
(11
|
%)
|
Diabetes and Obesity care total
|
|
|
25,316
|
|
28,591
|
|
|
27,330
|
|
25,456
|
|
25,236
|
|
24,818
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Haemophilia
|
|
|
2,401
|
|
2,810
|
|
|
2,554
|
|
2,524
|
|
2,670
|
|
2,533
|
|
|
(10
|
%)
|
Growth disorders (Norditropin®)
|
|
|
1,952
|
|
2,030
|
|
|
2,076
|
|
1,886
|
|
1,758
|
|
1,555
|
|
|
11
|
%
|
Other Biopharm
|
|
|
337
|
|
444
|
|
|
457
|
|
411
|
|
372
|
|
385
|
|
|
(9
|
%)
|
Biopharm total
|
|
|
4,690
|
|
5,284
|
|
|
5,087
|
|
4,821
|
|
4,800
|
|
4,473
|
|
|
(2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by geographic segment:
|
|
|
|
|
|
|
|
|
|
|
|
International Operations2
|
|
|
16,115
|
|
18,296
|
|
|
15,351
|
|
15,261
|
|
15,565
|
|
15,387
|
|
|
4
|
%
|
- EMEA
|
|
|
8,167
|
|
9,674
|
|
|
8,231
|
|
7,913
|
|
8,120
|
|
7,944
|
|
|
1
|
%
|
- Region China
|
|
|
3,474
|
|
3,813
|
|
|
3,019
|
|
3,258
|
|
3,192
|
|
3,375
|
|
|
9
|
%
|
- Rest of World
|
|
|
4,474
|
|
4,809
|
|
|
4,101
|
|
4,090
|
|
4,253
|
|
4,068
|
|
|
5
|
%
|
North America Operations
|
|
|
13,891
|
|
15,579
|
|
|
17,066
|
|
15,016
|
|
14,471
|
|
13,904
|
|
|
(4
|
%)
|
- The US
|
|
|
13,028
|
|
14,775
|
|
|
16,252
|
|
14,256
|
|
13,767
|
|
13,211
|
|
|
(5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
Diabetes and Obesity care
|
|
|
11,434
|
|
13,456
|
|
|
9,013
|
|
10,403
|
|
11,393
|
|
11,828
|
|
|
0
|
%
|
Biopharm
|
|
|
2,404
|
|
2,846
|
|
|
2,860
|
|
2,516
|
|
2,059
|
|
2,411
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
1) Cash-based capital expenditure (Purchase of property, plant and equipment).
2) Comparatives numbers have been restated following the re-organisation of International Operations in 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 23 of 31
|
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DKK million
|
H1 2020
|
|
H1 2019
|
|
Q2 2020
|
|
Q2 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
63,881
|
|
|
59,327
|
|
|
30,006
|
|
|
30,036
|
|
Cost of goods sold
|
10,158
|
|
|
9,581
|
|
|
4,772
|
|
|
4,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
53,723
|
|
|
49,746
|
|
|
25,234
|
|
|
25,187
|
|
|
|
|
|
|
|
|
|
Sales and distribution costs
|
14,988
|
|
|
14,526
|
|
|
7,398
|
|
|
7,580
|
|
Research and development costs
|
7,068
|
|
|
6,235
|
|
|
3,291
|
|
|
3,557
|
|
Administrative costs
|
1,754
|
|
|
1,763
|
|
|
827
|
|
|
852
|
|
Other operating income, net
|
227
|
|
|
469
|
|
|
120
|
|
|
254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
30,140
|
|
|
27,691
|
|
|
13,838
|
|
|
13,452
|
|
|
|
|
|
|
|
|
|
Financial income
|
114
|
|
|
28
|
|
|
97
|
|
|
15
|
|
Financial expenses
|
1,817
|
|
|
2,352
|
|
|
519
|
|
|
1,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income taxes
|
28,437
|
|
|
25,367
|
|
|
13,416
|
|
|
12,145
|
|
|
|
|
|
|
|
|
|
Income taxes
|
5,915
|
|
|
5,327
|
|
|
2,791
|
|
|
2,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET PROFIT
|
22,522
|
|
|
20,040
|
|
|
10,625
|
|
|
9,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (DKK)
|
9.61
|
|
|
8.40
|
|
|
4.54
|
|
|
4.03
|
|
Diluted earnings per share (DKK)
|
9.58
|
|
|
8.39
|
|
|
4.53
|
|
|
4.03
|
|
|
|
|
|
|
|
|
|
Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment sales:
|
|
|
|
|
|
|
|
Diabetes and Obesity care
|
53,907
|
|
|
50,054
|
|
|
25,316
|
|
|
25,236
|
|
Biopharm
|
9,974
|
|
|
9,273
|
|
|
4,690
|
|
|
4,800
|
|
|
|
|
|
|
|
|
|
Segment operating profit:
|
|
|
|
|
|
|
|
Diabetes and Obesity care
|
24,890
|
|
|
23,221
|
|
|
11,434
|
|
|
11,393
|
|
Operating margin
|
46.2
|
%
|
|
46.4
|
%
|
|
45.2
|
%
|
|
45.1
|
%
|
|
|
|
|
|
|
|
|
Biopharm
|
5,250
|
|
|
4,470
|
|
|
2,404
|
|
|
2,059
|
|
Operating margin
|
52.6
|
%
|
|
48.2
|
%
|
|
51.3
|
%
|
|
42.9
|
%
|
|
|
|
|
|
|
|
|
Total segment operating profit
|
30,140
|
|
|
27,691
|
|
|
13,838
|
|
|
13,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit for the period
|
22,522
|
|
|
20,040
|
|
|
10,625
|
|
|
9,595
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
Items that will not subsequently be reclassified to the Income
statement
|
|
|
|
|
|
|
|
Remeasurements on defined benefit plans
|
104
|
|
|
(202)
|
|
|
(113)
|
|
|
(112)
|
|
|
|
|
|
|
|
|
|
Items that will be reclassified subsequently to the Income
statement
|
|
|
|
|
|
|
|
Exchange rate adjustments of investments in subsidiaries
|
(214)
|
|
|
184
|
|
|
(329)
|
|
|
(27)
|
|
Cash flow hedges, realisation of previously deferred (gains)/losses
|
408
|
|
|
1,484
|
|
|
97
|
|
|
632
|
|
Cash flow hedges, deferred gains/(losses) incurred during the period
|
413
|
|
|
(399)
|
|
|
994
|
|
|
530
|
|
Other items
|
3
|
|
|
16
|
|
|
—
|
|
|
—
|
|
Tax on other comprehensive income, income/(expense)
|
(343)
|
|
|
(187)
|
|
|
(265)
|
|
|
(341)
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the period, net of tax
|
371
|
|
|
896
|
|
|
384
|
|
|
682
|
|
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
|
22,893
|
|
|
20,936
|
|
|
11,009
|
|
|
10,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 24 of 31
|
APPENDIX 3: CASH FLOW STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DKK million
|
H1 2020
|
|
H1 2019
|
|
|
|
|
|
|
|
|
Net profit
|
22,522
|
|
|
20,040
|
|
|
|
|
|
Adjustment for non-cash items:
|
|
|
|
Income taxes in the Income Statement
|
5,915
|
|
|
5,327
|
|
Depreciation, amortisation and impairment losses
|
2,244
|
|
|
2,168
|
|
Other non-cash items
|
9,139
|
|
|
5,548
|
|
Change in working capital
|
(463)
|
|
|
(3,026)
|
|
Interest received
|
37
|
|
|
27
|
|
Interest paid
|
(116)
|
|
|
(84)
|
|
Income taxes paid
|
(5,005)
|
|
|
(5,071)
|
|
|
|
|
|
|
|
|
|
Net cash generated from operating activities
|
34,273
|
|
|
24,929
|
|
|
|
|
|
|
|
|
|
Purchase of intangible assets
|
(184)
|
|
|
(1,025)
|
|
|
|
|
|
Purchase of property, plant and equipment
|
(2,906)
|
|
|
(4,791)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in associated company
|
(392)
|
|
|
(48)
|
|
Proceeds from the divestment of Group and associated companies
|
—
|
|
|
(6)
|
|
Dividend received from associated company
|
9
|
|
|
11
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
(3,473)
|
|
|
(5,859)
|
|
|
|
|
|
|
|
|
|
Purchase of treasury shares
|
(8,211)
|
|
|
(7,529)
|
|
Dividends paid
|
(12,551)
|
|
|
(12,309)
|
|
Repayment of borrowings, net
|
(428)
|
|
|
(433)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
(21,190)
|
|
|
(20,271)
|
|
|
|
|
|
|
|
|
|
NET CASH GENERATED FROM ACTIVITIES
|
9,610
|
|
|
(1,201)
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year
|
15,411
|
|
|
15,629
|
|
|
|
|
|
Exchange gain/(loss) on cash and cash equivalents
|
(170)
|
|
|
18
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
24,851
|
|
|
14,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 25 of 31
|
APPENDIX 4: BALANCE SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DKK million
|
30 Jun 2020
|
|
31 Dec 2019
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Intangible assets
|
5,785
|
|
|
5,835
|
|
Property, plant and equipment
|
50,502
|
|
|
50,551
|
|
Investments in associated companies
|
467
|
|
|
474
|
|
Deferred income tax assets
|
3,768
|
|
|
4,121
|
|
Other receivables and prepayments
|
637
|
|
|
841
|
|
Other financial assets
|
1,383
|
|
|
1,334
|
|
|
|
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS
|
62,542
|
|
|
63,156
|
|
|
|
|
|
Inventories
|
17,809
|
|
|
17,641
|
|
Trade receivables
|
25,686
|
|
|
24,912
|
|
Tax receivables
|
259
|
|
|
806
|
|
Other receivables and prepayments
|
4,201
|
|
|
3,434
|
|
Derivative financial instruments
|
750
|
|
|
188
|
|
Cash at bank
|
24,874
|
|
|
15,475
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
73,579
|
|
|
62,456
|
|
TOTAL ASSETS
|
136,121
|
|
|
125,612
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
|
Share capital
|
470
|
|
|
480
|
|
Treasury shares
|
(3)
|
|
|
(10)
|
|
Retained earnings
|
60,014
|
|
|
57,817
|
|
Other reserves
|
(427)
|
|
|
(694)
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
60,054
|
|
|
57,593
|
|
|
|
|
|
Borrowings
|
2,735
|
|
|
3,009
|
|
Deferred income tax liabilities
|
238
|
|
|
80
|
|
Retirement benefit obligations
|
1,251
|
|
|
1,334
|
|
Provisions
|
4,559
|
|
|
4,613
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities
|
8,783
|
|
|
9,036
|
|
|
|
|
|
Borrowings
|
1,408
|
|
|
1,474
|
|
Trade payables
|
8,961
|
|
|
6,358
|
|
Tax payables
|
3,893
|
|
|
4,212
|
|
Other liabilities
|
13,544
|
|
|
15,085
|
|
Derivative financial instruments
|
447
|
|
|
734
|
|
Provisions
|
39,031
|
|
|
31,120
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
67,284
|
|
|
58,983
|
|
|
|
|
|
TOTAL LIABILITIES
|
76,067
|
|
|
68,019
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES
|
136,121
|
|
|
125,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 26 of 31
|
APPENDIX 5: EQUITY STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other reserves
|
|
|
|
|
|
DKK million
|
Share
capital
|
Treasury
shares
|
Retained
earnings
|
Exchange
rate
adjust-ments
|
Cash
flow
hedges
|
Tax and
other
adjust-ments
|
Total
other
reserves
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H1 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the period
|
480
|
|
(10)
|
|
57,817
|
|
(839)
|
|
(329)
|
|
474
|
|
(694)
|
|
|
57,593
|
|
Net profit for the period
|
|
|
22,522
|
|
|
|
|
|
|
22,522
|
|
Other comprehensive income for the period
|
|
|
104
|
|
(214)
|
|
821
|
|
(340)
|
|
267
|
|
|
371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
22,626
|
|
(214)
|
|
821
|
|
(340)
|
|
267
|
|
|
22,893
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners:
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(12,551)
|
|
|
|
|
|
|
(12,551)
|
|
Share-based payments
|
|
|
312
|
|
|
|
|
|
|
312
|
|
Tax related to restricted stock units
|
|
|
18
|
|
|
|
|
|
|
18
|
|
Purchase of treasury shares
|
|
(3)
|
|
(8,208)
|
|
|
|
|
|
|
(8,211)
|
|
Reduction of the B share capital
|
(10)
|
|
10
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the end of the period
|
470
|
|
(3)
|
|
60,014
|
|
(1,053)
|
|
492
|
|
134
|
|
(427)
|
|
|
60,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other reserves
|
|
|
|
|
|
DKK million
|
Share
capital
|
Treasury
shares
|
Retained
earnings
|
Exchange
rate
adjust-ments
|
Cash
flow
hedges
|
Tax and
other
adjust-ments
|
Total
other
reserves
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H1 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the period
|
490
|
|
(11)
|
|
53,406
|
|
(1,065)
|
|
(1,677)
|
|
696
|
|
(2,046)
|
|
|
51,839
|
|
Net profit for the period
|
|
|
20,040
|
|
|
|
|
|
|
20,040
|
|
Other comprehensive income for the period
|
|
|
(202)
|
|
184
|
|
1,085
|
|
(171)
|
|
1,098
|
|
|
896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
19,838
|
|
184
|
|
1,085
|
|
(171)
|
|
1,098
|
|
|
20,936
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners:
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(12,309)
|
|
|
|
|
|
|
(12,309)
|
|
Share-based payments
|
|
|
142
|
|
|
|
|
|
|
142
|
|
Tax related to restricted stock units
|
|
|
6
|
|
|
|
|
|
|
6
|
|
Purchase of treasury shares
|
|
(4)
|
|
(7,525)
|
|
|
|
|
|
|
(7,529)
|
|
Reduction of the B share capital
|
(10)
|
|
10
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the end of the period
|
480
|
|
(5)
|
|
53,558
|
|
(881)
|
|
(592)
|
|
525
|
|
(948)
|
|
|
53,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 27 of 31
|
APPENDIX 6: SALES SPLIT PER AREA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2020 sales split per area
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DKK million
|
|
|
Total
|
International
Operations
|
EMEA
|
Region
China
|
Rest of
World
|
North America
Operations
|
The US
|
|
|
|
|
|
|
|
|
|
|
Diabetes and Obesity care segment
|
|
|
|
|
|
|
|
|
|
|
Long-acting insulin
|
|
4,220
|
|
2,390
|
|
1,510
|
|
369
|
|
511
|
|
1,830
|
|
1,693
|
|
|
% change at CER
|
|
(22
|
%)
|
6
|
%
|
0
|
%
|
43
|
%
|
7
|
%
|
(42
|
%)
|
(45
|
%)
|
|
|
Tresiba®
|
2,158
|
|
1,074
|
|
612
|
|
100
|
|
362
|
|
1,084
|
|
987
|
|
|
|
% change at CER
|
(14
|
%)
|
22
|
%
|
17
|
%
|
—
|
|
5
|
%
|
(33
|
%)
|
(37
|
%)
|
|
|
Xultophy®
|
576
|
|
398
|
|
360
|
|
1
|
|
37
|
|
178
|
|
175
|
|
|
|
% change at CER
|
1
|
%
|
12
|
%
|
4
|
%
|
—
|
|
169
|
%
|
(18
|
%)
|
(18
|
%)
|
|
|
Levemir®
|
1,486
|
|
918
|
|
538
|
|
268
|
|
112
|
|
568
|
|
531
|
|
|
|
% change at CER
|
(36
|
%)
|
(9
|
%)
|
(16
|
%)
|
11
|
%
|
(10
|
%)
|
(57
|
%)
|
(58
|
%)
|
|
Premix insulin
|
|
2,693
|
|
2,589
|
|
761
|
|
1,216
|
|
612
|
|
104
|
|
97
|
|
|
% change at CER
|
|
7
|
%
|
9
|
%
|
3
|
%
|
14
|
%
|
5
|
%
|
(21
|
%)
|
(23
|
%)
|
|
|
Ryzodeg®
|
334
|
|
334
|
|
77
|
|
7
|
|
250
|
|
—
|
|
—
|
|
|
|
% change at CER
|
32
|
%
|
32
|
%
|
55
|
%
|
—
|
|
24
|
%
|
—
|
|
—
|
|
|
|
NovoMix®
|
2,359
|
|
2,255
|
|
684
|
|
1,209
|
|
362
|
|
104
|
|
97
|
|
|
|
% change at CER
|
4
|
%
|
6
|
%
|
(1
|
%)
|
14
|
%
|
(4
|
%)
|
(21
|
%)
|
(23
|
%)
|
|
Fast-acting insulin
|
|
4,379
|
|
2,602
|
|
1,539
|
|
511
|
|
552
|
|
1,777
|
|
1,677
|
|
|
% change at CER
|
|
(8
|
%)
|
3
|
%
|
(5
|
%)
|
21
|
%
|
10
|
%
|
(20
|
%)
|
(21
|
%)
|
|
|
Fiasp®
|
286
|
|
169
|
|
153
|
|
—
|
|
16
|
|
117
|
|
109
|
|
|
|
% change at CER
|
6
|
%
|
17
|
%
|
11
|
%
|
—
|
|
143
|
%
|
(8
|
%)
|
(10
|
%)
|
|
|
NovoRapid®
|
4,093
|
|
2,433
|
|
1,386
|
|
511
|
|
536
|
|
1,660
|
|
1,568
|
|
|
|
% change at CER
|
(8
|
%)
|
2
|
%
|
(6
|
%)
|
21
|
%
|
9
|
%
|
(20
|
%)
|
(21
|
%)
|
|
Human insulin
|
|
2,314
|
|
1,941
|
|
565
|
|
692
|
|
684
|
|
373
|
|
347
|
|
|
% change at CER
|
|
9
|
%
|
12
|
%
|
(4
|
%)
|
5
|
%
|
39
|
%
|
(5
|
%)
|
(4
|
%)
|
|
Total insulin
|
|
13,606
|
|
9,522
|
|
4,375
|
|
2,788
|
|
2,359
|
|
4,084
|
|
3,814
|
|
|
% change at CER
|
|
(8
|
%)
|
7
|
%
|
(2
|
%)
|
16
|
%
|
15
|
%
|
(31
|
%)
|
(33
|
%)
|
|
Victoza®
|
|
4,234
|
|
1,828
|
|
1,102
|
|
280
|
|
446
|
|
2,406
|
|
2,314
|
|
|
% change at CER
|
|
(22
|
%)
|
(2
|
%)
|
(11
|
%)
|
32
|
%
|
8
|
%
|
(33
|
%)
|
(34
|
%)
|
|
Ozempic®
|
|
4,836
|
|
696
|
|
604
|
|
2
|
|
90
|
|
4,140
|
|
3,890
|
|
|
% change at CER
|
|
106
|
%
|
210
|
%
|
257
|
%
|
—
|
|
84
|
%
|
94
|
%
|
93
|
%
|
|
Rybelsus®
|
|
355
|
|
—
|
|
—
|
|
—
|
|
—
|
|
355
|
|
349
|
|
|
% change at CER
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total GLP-1
|
|
9,425
|
|
2,524
|
|
1,706
|
|
282
|
|
536
|
|
6,901
|
|
6,553
|
|
|
% change at CER
|
|
21
|
%
|
22
|
%
|
21
|
%
|
33
|
%
|
18
|
%
|
20
|
%
|
19
|
%
|
|
Other Diabetes care1
|
|
977
|
|
682
|
|
167
|
|
359
|
|
156
|
|
295
|
|
259
|
|
|
% change at CER
|
|
(13
|
%)
|
(25
|
%)
|
(39
|
%)
|
(20
|
%)
|
(19
|
%)
|
48
|
%
|
56
|
%
|
|
Total Diabetes care
|
|
24,008
|
|
12,728
|
|
6,248
|
|
3,429
|
|
3,051
|
|
11,280
|
|
10,626
|
|
|
% change at CER
|
|
1
|
%
|
7
|
%
|
2
|
%
|
12
|
%
|
13
|
%
|
(5
|
%)
|
(6
|
%)
|
|
Obesity care (Saxenda®)
|
|
1,308
|
|
445
|
|
238
|
|
2
|
|
205
|
|
863
|
|
796
|
|
|
% change at CER
|
|
(9
|
%)
|
(14
|
%)
|
(14
|
%)
|
—
|
|
(14
|
%)
|
(6
|
%)
|
(7
|
%)
|
|
Diabetes and Obesity care total
|
|
25,316
|
|
13,173
|
|
6,486
|
|
3,431
|
|
3,256
|
|
12,143
|
|
11,422
|
|
|
% change at CER
|
|
1
|
%
|
6
|
%
|
1
|
%
|
12
|
%
|
11
|
%
|
(5
|
%)
|
(6
|
%)
|
|
|
|
|
|
|
|
|
|
|
Biopharm segment
|
|
|
|
|
|
|
|
|
|
|
Haemophilia2
|
|
2,401
|
|
1,459
|
|
899
|
|
25
|
|
535
|
|
942
|
|
861
|
|
|
% change at CER
|
|
(10
|
%)
|
(3
|
%)
|
3
|
%
|
(68
|
%)
|
(5
|
%)
|
(19
|
%)
|
(22
|
%)
|
|
|
NovoSeven®
|
1,828
|
|
1,076
|
|
643
|
|
23
|
|
410
|
|
752
|
|
713
|
|
|
|
% change at CER
|
(16
|
%)
|
(8
|
%)
|
5
|
%
|
(69
|
%)
|
(14
|
%)
|
(25
|
%)
|
(26
|
%)
|
|
|
NovoEight®
|
340
|
|
258
|
|
169
|
|
2
|
|
87
|
|
82
|
|
75
|
|
|
|
% change at CER
|
(6
|
%)
|
(10
|
%)
|
(21
|
%)
|
(33
|
%)
|
24
|
%
|
8
|
%
|
4
|
%
|
|
Growth disorders (Norditropin®)
|
|
1,952
|
|
1,252
|
|
591
|
|
18
|
|
643
|
|
700
|
|
696
|
|
|
% change at CER
|
|
10
|
%
|
16
|
%
|
14
|
%
|
138
|
%
|
16
|
%
|
0
|
%
|
0
|
%
|
|
Other Biopharm3
|
|
337
|
|
231
|
|
191
|
|
—
|
|
40
|
|
106
|
|
49
|
|
|
% change at CER
|
|
(7
|
%)
|
(10
|
%)
|
(8
|
%)
|
(100
|
%)
|
(15
|
%)
|
0
|
%
|
9
|
%
|
|
Biopharm total
|
|
4,690
|
|
2,942
|
|
1,681
|
|
43
|
|
1,218
|
|
1,748
|
|
1,606
|
|
|
% change at CER
|
|
(3
|
%)
|
3
|
%
|
5
|
%
|
(49
|
%)
|
5
|
%
|
(11
|
%)
|
(13
|
%)
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
|
30,006
|
|
16,115
|
|
8,167
|
|
3,474
|
|
4,474
|
|
13,891
|
|
13,028
|
|
|
% change at CER
|
|
0
|
%
|
6
|
%
|
2
|
%
|
10
|
%
|
9
|
%
|
(6
|
%)
|
(7
|
%)
|
|
% change as reported
|
|
0
|
%
|
4
|
%
|
1
|
%
|
9
|
%
|
5
|
%
|
(4
|
%)
|
(5
|
%)
|
|
Share of growth
|
|
100
|
%
|
1,362
|
%
|
246
|
%
|
513
|
%
|
603
|
%
|
(1,262
|
%)
|
(1,522
|
%)
|
1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
2) Comprises NovoSeven®, NovoEight®, Refixia®, NovoThirteen® and Esperoct®.
3) Primarily Vagifem® and Activelle®.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 28 of 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H1 2020 sales split per area
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DKK million
|
|
|
Total
|
International
Operations
|
EMEA
|
Region
China
|
Rest of
World
|
North America
Operations
|
The US
|
|
|
|
|
|
|
|
|
|
|
Diabetes and Obesity care segment
|
|
|
|
|
|
|
|
|
|
|
Long-acting insulin
|
|
9,378
|
|
5,130
|
|
3,339
|
|
721
|
|
1,070
|
|
4,248
|
|
3,985
|
|
|
% change at CER
|
|
(13
|
%)
|
15
|
%
|
11
|
%
|
36
|
%
|
14
|
%
|
(32
|
%)
|
(34
|
%)
|
|
|
Tresiba®
|
4,618
|
|
2,219
|
|
1,305
|
|
161
|
|
753
|
|
2,399
|
|
2,214
|
|
|
|
% change at CER
|
(1
|
%)
|
31
|
%
|
30
|
%
|
—
|
|
14
|
%
|
(20
|
%)
|
(24
|
%)
|
|
|
Xultophy®
|
1,238
|
|
883
|
|
804
|
|
1
|
|
78
|
|
355
|
|
350
|
|
|
|
% change at CER
|
18
|
%
|
26
|
%
|
19
|
%
|
—
|
|
172
|
%
|
1
|
%
|
1
|
%
|
|
|
Levemir®
|
3,522
|
|
2,028
|
|
1,230
|
|
559
|
|
239
|
|
1,494
|
|
1,421
|
|
|
|
% change at CER
|
(29
|
%)
|
(2
|
%)
|
(7
|
%)
|
12
|
%
|
(7
|
%)
|
(49
|
%)
|
(50
|
%)
|
|
Premix insulin
|
|
5,648
|
|
5,352
|
|
1,630
|
|
2,461
|
|
1,261
|
|
296
|
|
282
|
|
|
% change at CER
|
|
7
|
%
|
10
|
%
|
4
|
%
|
13
|
%
|
14
|
%
|
(31
|
%)
|
(32
|
%)
|
|
|
Ryzodeg®
|
671
|
|
671
|
|
173
|
|
13
|
|
485
|
|
—
|
|
—
|
|
|
|
% change at CER
|
44
|
%
|
44
|
%
|
57
|
%
|
—
|
|
37
|
%
|
—
|
|
—
|
|
|
|
NovoMix®
|
4,977
|
|
4,681
|
|
1,457
|
|
2,448
|
|
776
|
|
296
|
|
282
|
|
|
|
% change at CER
|
3
|
%
|
7
|
%
|
(1
|
%)
|
13
|
%
|
3
|
%
|
(31
|
%)
|
(32
|
%)
|
|
Fast-acting insulin
|
|
9,493
|
|
5,559
|
|
3,406
|
|
1,055
|
|
1,098
|
|
3,934
|
|
3,721
|
|
|
% change at CER
|
|
(3
|
%)
|
8
|
%
|
6
|
%
|
20
|
%
|
4
|
%
|
(15
|
%)
|
(17
|
%)
|
|
|
Fiasp®
|
676
|
|
390
|
|
361
|
|
—
|
|
29
|
|
286
|
|
268
|
|
|
|
% change at CER
|
34
|
%
|
40
|
%
|
36
|
%
|
—
|
|
114
|
%
|
25
|
%
|
24
|
%
|
|
|
NovoRapid®
|
8,817
|
|
5,169
|
|
3,045
|
|
1,055
|
|
1,069
|
|
3,648
|
|
3,453
|
|
|
|
% change at CER
|
(5
|
%)
|
6
|
%
|
3
|
%
|
20
|
%
|
3
|
%
|
(17
|
%)
|
(19
|
%)
|
|
Human insulin
|
|
5,001
|
|
4,098
|
|
1,272
|
|
1,482
|
|
1,344
|
|
903
|
|
850
|
|
|
% change at CER
|
|
10
|
%
|
9
|
%
|
3
|
%
|
2
|
%
|
25
|
%
|
15
|
%
|
18
|
%
|
|
Total insulin
|
|
29,520
|
|
20,139
|
|
9,647
|
|
5,719
|
|
4,773
|
|
9,381
|
|
8,838
|
|
|
% change at CER
|
|
(3
|
%)
|
10
|
%
|
7
|
%
|
14
|
%
|
14
|
%
|
(23
|
%)
|
(24
|
%)
|
|
Victoza®
|
|
9,225
|
|
3,761
|
|
2,314
|
|
501
|
|
946
|
|
5,464
|
|
5,274
|
|
|
% change at CER
|
|
(18
|
%)
|
4
|
%
|
(5
|
%)
|
18
|
%
|
22
|
%
|
(29
|
%)
|
(29
|
%)
|
|
Ozempic®
|
|
9,591
|
|
1,601
|
|
1,395
|
|
2
|
|
204
|
|
7,990
|
|
7,544
|
|
|
% change at CER
|
|
152
|
%
|
—
|
|
—
|
|
—
|
|
—
|
|
127
|
%
|
127
|
%
|
|
Rybelsus®
|
|
584
|
|
—
|
|
—
|
|
—
|
|
—
|
|
584
|
|
578
|
|
|
% change at CER
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total GLP-1
|
|
19,400
|
|
5,362
|
|
3,709
|
|
503
|
|
1,150
|
|
14,038
|
|
13,396
|
|
|
% change at CER
|
|
28
|
%
|
37
|
%
|
39
|
%
|
18
|
%
|
42
|
%
|
25
|
%
|
24
|
%
|
|
Other Diabetes care1
|
|
2,102
|
|
1,520
|
|
368
|
|
815
|
|
337
|
|
582
|
|
511
|
|
|
% change at CER
|
|
(4
|
%)
|
(15
|
%)
|
(32
|
%)
|
(8
|
%)
|
(5
|
%)
|
43
|
%
|
51
|
%
|
|
Total Diabetes care
|
|
51,022
|
|
27,021
|
|
13,724
|
|
7,037
|
|
6,260
|
|
24,001
|
|
22,745
|
|
|
% change at CER
|
|
7
|
%
|
13
|
%
|
12
|
%
|
11
|
%
|
17
|
%
|
1
|
%
|
0
|
%
|
|
Obesity care (Saxenda®)
|
|
2,885
|
|
1,126
|
|
576
|
|
4
|
|
546
|
|
1,759
|
|
1,626
|
|
|
% change at CER
|
|
9
|
%
|
8
|
%
|
6
|
%
|
—
|
|
11
|
%
|
9
|
%
|
9
|
%
|
|
Diabetes and Obesity care total
|
|
53,907
|
|
28,147
|
|
14,300
|
|
7,041
|
|
6,806
|
|
25,760
|
|
24,371
|
|
|
% change at CER
|
|
7
|
%
|
13
|
%
|
12
|
%
|
11
|
%
|
17
|
%
|
1
|
%
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
Biopharm segment
|
|
|
|
|
|
|
|
|
|
|
Haemophilia2
|
|
5,211
|
|
3,168
|
|
1,890
|
|
213
|
|
1,065
|
|
2,043
|
|
1,884
|
|
|
% change at CER
|
|
(1
|
%)
|
5
|
%
|
8
|
%
|
43
|
%
|
(5
|
%)
|
(8
|
%)
|
(8
|
%)
|
|
|
NovoSeven®
|
4,009
|
|
2,331
|
|
1,293
|
|
207
|
|
831
|
|
1,678
|
|
1,601
|
|
|
|
% change at CER
|
(5
|
%)
|
0
|
%
|
6
|
%
|
48
|
%
|
(13
|
%)
|
(11
|
%)
|
(10
|
%)
|
|
|
NovoEight®
|
740
|
|
569
|
|
403
|
|
6
|
|
160
|
|
171
|
|
159
|
|
|
|
% change at CER
|
(2
|
%)
|
(3
|
%)
|
(8
|
%)
|
(33
|
%)
|
14
|
%
|
0
|
%
|
(1
|
%)
|
|
Growth disorders (Norditropin®)
|
|
3,982
|
|
2,533
|
|
1,186
|
|
29
|
|
1,318
|
|
1,449
|
|
1,442
|
|
|
% change at CER
|
|
18
|
%
|
20
|
%
|
17
|
%
|
93
|
%
|
21
|
%
|
15
|
%
|
16
|
%
|
|
Other Biopharm3
|
|
781
|
|
563
|
|
465
|
|
4
|
|
94
|
|
218
|
|
106
|
|
|
% change at CER
|
|
4
|
%
|
5
|
%
|
6
|
%
|
0
|
%
|
(2
|
%)
|
3
|
%
|
13
|
%
|
|
Biopharm total
|
|
9,974
|
|
6,264
|
|
3,541
|
|
246
|
|
2,477
|
|
3,710
|
|
3,432
|
|
|
% change at CER
|
|
6
|
%
|
10
|
%
|
11
|
%
|
46
|
%
|
7
|
%
|
1
|
%
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
|
63,881
|
|
34,411
|
|
17,841
|
|
7,287
|
|
9,283
|
|
29,470
|
|
27,803
|
|
|
% change at CER
|
|
7
|
%
|
12
|
%
|
11
|
%
|
12
|
%
|
14
|
%
|
1
|
%
|
0
|
%
|
|
% change as reported
|
|
8
|
%
|
11
|
%
|
11
|
%
|
11
|
%
|
12
|
%
|
4
|
%
|
3
|
%
|
|
Share of growth
|
|
100
|
%
|
91
|
%
|
44
|
%
|
19
|
%
|
28
|
%
|
9
|
%
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
2) Comprises NovoSeven®, NovoEight®, Refixia®, NovoThirteen® and Esperoct®.
3) Primarily Vagifem® and Activelle®.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 29 of 31
|
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 resources.
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales at CER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DKK million
|
H1 2020
|
H1 2019
|
% change
H1 2020 to
H1 2019
|
|
Q2 2020
|
Q2 2019
|
% change
Q2 2020 to
Q2 2019
|
|
|
|
|
|
|
|
|
Net sales
|
63,881
|
|
59,327
|
|
8
|
%
|
|
30,006
|
|
30,036
|
|
0
|
%
|
Effect of exchange rates
|
(382)
|
|
—
|
|
|
|
95
|
|
—
|
|
|
Sales at CER
|
63,499
|
|
59,327
|
|
7
|
%
|
|
30,101
|
|
30,036
|
|
0
|
%
|
|
|
|
|
|
|
|
|
Operating profit at CER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DKK million
|
H1 2020
|
H1 2019
|
% change
H1 2020 to
H1 2019
|
|
Q2 2020
|
Q2 2019
|
% change
Q2 2020 to
Q2 2019
|
|
|
|
|
|
|
|
|
Operating profit
|
30,140
|
|
27,691
|
|
9
|
%
|
|
13,838
|
|
13,452
|
|
3
|
%
|
Effect of exchange rates
|
(303)
|
|
—
|
|
|
|
4
|
|
—
|
|
|
Operating profit at CER
|
29,837
|
|
27,691
|
|
8
|
%
|
|
13,842
|
|
13,452
|
|
3
|
%
|
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 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
|
|
|
|
|
|
|
DKK million
|
H1 2020
|
H1 2019
|
Q2 2020
|
Q2 2019
|
|
|
|
|
|
Net cash generated from operating activities
|
34,273
|
|
24,929
|
|
24,261
|
|
15,039
|
|
Net cash used in investing activities
|
(3,473)
|
|
(5,859)
|
|
(1,367)
|
|
(2,833)
|
|
Repayment on lease liabilities
|
(465)
|
|
(395)
|
|
(228)
|
|
(186)
|
|
Free cash flow
|
30,335
|
|
18,675
|
|
22,666
|
|
12,020
|
|
Financial resources
Financial resources is defined as the sum of cash and cash equivalents at the end of the year, undrawn committed credit facilities less bank overdrafts classified as liabilities arising from financing activities (part of borrowings). The following table reconciles total financial resources with cash and cash equivalents, the most directly comparable IFRS financial measure:
|
|
|
|
|
|
|
|
|
Financial resources
|
|
|
|
|
|
DKK million
|
H1 2020
|
Q4 2019
|
|
|
|
Cash and cash equivalents
|
24,851
|
|
15,411
|
|
Undrawn committed credit facilities
|
11,552
|
|
11,578
|
|
Borrowings (bank overdrafts)
|
(585)
|
|
(595)
|
|
Financial resources
|
35,818
|
|
26,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 30 of 31
|
APPENDIX 8: NEW SALES SPLIT PER AREA (ADDITIONAL INFORMATION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2019 sales split per area - DKK million
|
|
|
Total
|
International
Operations
|
EMEA
|
Region
China
|
Rest of
World
|
North America
Operations
|
The US
|
|
|
|
|
|
|
|
|
|
|
Diabetes and Obesity care segment
|
|
|
|
|
|
|
|
|
|
|
Long-acting insulin
|
|
5,411
|
|
2,300
|
|
1,539
|
|
261
|
|
500
|
|
3,111
|
|
2,997
|
|
|
|
Tresiba®
|
2,495
|
|
897
|
|
525
|
|
17
|
|
355
|
|
1,598
|
|
1,531
|
|
|
|
Xultophy®
|
574
|
|
363
|
|
347
|
|
—
|
|
16
|
|
211
|
|
209
|
|
|
|
Levemir®
|
2,342
|
|
1,040
|
|
667
|
|
244
|
|
129
|
|
1,302
|
|
1,257
|
|
|
Premix insulin
|
|
2,560
|
|
2,429
|
|
762
|
|
1,079
|
|
588
|
|
131
|
|
123
|
|
|
|
Ryzodeg®
|
257
|
|
257
|
|
53
|
|
1
|
|
203
|
|
—
|
|
—
|
|
|
|
NovoMix®
|
2,303
|
|
2,172
|
|
709
|
|
1,078
|
|
385
|
|
131
|
|
123
|
|
|
Fast-acting insulin
|
|
4,758
|
|
2,585
|
|
1,646
|
|
429
|
|
510
|
|
2,173
|
|
2,075
|
|
|
|
Fiasp®
|
272
|
|
147
|
|
140
|
|
—
|
|
7
|
|
125
|
|
119
|
|
|
|
NovoRapid®
|
4,486
|
|
2,438
|
|
1,506
|
|
429
|
|
503
|
|
2,048
|
|
1,956
|
|
|
Human insulin
|
|
2,180
|
|
1,792
|
|
590
|
|
667
|
|
535
|
|
388
|
|
356
|
|
|
Total insulin
|
|
14,909
|
|
9,106
|
|
4,537
|
|
2,436
|
|
2,133
|
|
5,803
|
|
5,551
|
|
|
Victoza®
|
|
5,415
|
|
1,876
|
|
1,242
|
|
214
|
|
420
|
|
3,539
|
|
3,422
|
|
|
Ozempic®
|
|
2,325
|
|
234
|
|
170
|
|
—
|
|
64
|
|
2,091
|
|
1,979
|
|
|
Rybelsus®
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total GLP-1
|
|
7,740
|
|
2,110
|
|
1,412
|
|
214
|
|
484
|
|
5,630
|
|
5,401
|
|
|
Other Diabetes care
|
|
1,125
|
|
928
|
|
277
|
|
456
|
|
195
|
|
197
|
|
163
|
|
|
Total Diabetes care
|
|
23,774
|
|
12,144
|
|
6,226
|
|
3,106
|
|
2,812
|
|
11,630
|
|
11,115
|
|
|
Obesity care (Saxenda®)
|
|
1,462
|
|
557
|
|
277
|
|
2
|
|
278
|
|
905
|
|
842
|
|
|
Diabetes and Obesity care total
|
|
25,236
|
|
12,701
|
|
6,503
|
|
3,108
|
|
3,090
|
|
12,535
|
|
11,957
|
|
|
|
|
|
|
|
|
|
|
|
Biopharm segment
|
|
|
|
|
|
|
|
|
|
|
Haemophilia
|
|
2,670
|
|
1,528
|
|
879
|
|
74
|
|
575
|
|
1,142
|
|
1,081
|
|
|
|
NovoSeven®
|
2,163
|
|
1,179
|
|
620
|
|
71
|
|
488
|
|
984
|
|
945
|
|
|
|
NovoEight®
|
369
|
|
294
|
|
216
|
|
3
|
|
75
|
|
75
|
|
71
|
|
|
Growth disorders (Norditropin®)
|
|
1,758
|
|
1,069
|
|
520
|
|
8
|
|
541
|
|
689
|
|
685
|
|
|
Other Biopharm
|
|
372
|
|
267
|
|
218
|
|
2
|
|
47
|
|
105
|
|
44
|
|
|
Biopharm total
|
|
4,800
|
|
2,864
|
|
1,617
|
|
84
|
|
1,163
|
|
1,936
|
|
1,810
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
|
30,036
|
|
15,565
|
|
8,120
|
|
3,192
|
|
4,253
|
|
14,471
|
|
13,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H1 2019 sales split per area - DKK million
|
|
|
Total
|
International
Operations
|
EMEA
|
Region
China
|
Rest of
World
|
North America
Operations
|
The US
|
|
|
|
|
|
|
|
|
|
|
Diabetes and Obesity care segment
|
|
|
|
|
|
|
|
|
|
|
Long-acting insulin
|
|
10,655
|
|
4,517
|
|
3,020
|
|
531
|
|
966
|
|
6,138
|
|
5,926
|
|
|
|
Tresiba®
|
4,642
|
|
1,705
|
|
999
|
|
31
|
|
675
|
|
2,937
|
|
2,821
|
|
|
|
Xultophy®
|
1,051
|
|
710
|
|
678
|
|
—
|
|
32
|
|
341
|
|
338
|
|
|
|
Levemir®
|
4,962
|
|
2,102
|
|
1,343
|
|
500
|
|
259
|
|
2,860
|
|
2,767
|
|
|
Premix insulin
|
|
5,317
|
|
4,897
|
|
1,600
|
|
2,191
|
|
1,106
|
|
420
|
|
404
|
|
|
|
Ryzodeg®
|
469
|
|
469
|
|
115
|
|
1
|
|
353
|
|
—
|
|
—
|
|
|
|
NovoMix®
|
4,848
|
|
4,428
|
|
1,485
|
|
2,190
|
|
753
|
|
420
|
|
404
|
|
|
Fast-acting insulin
|
|
9,735
|
|
5,196
|
|
3,249
|
|
890
|
|
1,057
|
|
4,539
|
|
4,345
|
|
|
|
Fiasp®
|
503
|
|
280
|
|
266
|
|
—
|
|
14
|
|
223
|
|
210
|
|
|
|
NovoRapid®
|
9,232
|
|
4,916
|
|
2,983
|
|
890
|
|
1,043
|
|
4,316
|
|
4,135
|
|
|
Human insulin
|
|
4,595
|
|
3,829
|
|
1,224
|
|
1,464
|
|
1,141
|
|
766
|
|
704
|
|
|
Total insulin
|
|
30,302
|
|
18,439
|
|
9,093
|
|
5,076
|
|
4,270
|
|
11,863
|
|
11,379
|
|
|
Victoza®
|
|
11,137
|
|
3,637
|
|
2,422
|
|
428
|
|
787
|
|
7,500
|
|
7,269
|
|
|
Ozempic®
|
|
3,750
|
|
315
|
|
251
|
|
—
|
|
64
|
|
3,435
|
|
3,241
|
|
|
Rybelsus®
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total GLP-1
|
|
14,887
|
|
3,952
|
|
2,673
|
|
428
|
|
851
|
|
10,935
|
|
10,510
|
|
|
Other Diabetes care
|
|
2,192
|
|
1,792
|
|
546
|
|
893
|
|
353
|
|
400
|
|
331
|
|
|
Total Diabetes care
|
|
47,381
|
|
24,183
|
|
12,312
|
|
6,397
|
|
5,474
|
|
23,198
|
|
22,220
|
|
|
Obesity care (Saxenda®)
|
|
2,673
|
|
1,097
|
|
542
|
|
4
|
|
551
|
|
1,576
|
|
1,458
|
|
|
Diabetes and Obesity care total
|
|
50,054
|
|
25,280
|
|
12,854
|
|
6,401
|
|
6,025
|
|
24,774
|
|
23,678
|
|
|
|
|
|
|
|
|
|
|
|
Biopharm segment
|
|
|
|
|
|
|
|
|
|
|
Haemophilia
|
|
5,203
|
|
3,034
|
|
1,755
|
|
147
|
|
1,132
|
|
2,169
|
|
1,992
|
|
|
|
NovoSeven®
|
4,175
|
|
2,330
|
|
1,228
|
|
138
|
|
964
|
|
1,845
|
|
1,730
|
|
|
|
NovoEight®
|
762
|
|
595
|
|
441
|
|
9
|
|
145
|
|
167
|
|
157
|
|
|
Growth disorders (Norditropin®)
|
|
3,313
|
|
2,089
|
|
1,006
|
|
15
|
|
1,068
|
|
1,224
|
|
1,216
|
|
|
Other Biopharm
|
|
757
|
|
549
|
|
449
|
|
4
|
|
96
|
|
208
|
|
92
|
|
|
Biopharm total
|
|
9,273
|
|
5,672
|
|
3,210
|
|
166
|
|
2,296
|
|
3,601
|
|
3,300
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
|
59,327
|
|
30,952
|
|
16,064
|
|
6,567
|
|
8,321
|
|
28,375
|
|
26,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
|
|
|
|
|
|
Financial report for the period 1 January 2020 to 30 June 2020
|
Page 31 of 31
|
APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 sales split per area - DKK million
|
|
|
Total
|
International
Operations
|
EMEA
|
Region
China
|
Rest of
World
|
North America
Operations
|
The US
|
|
|
|
|
|
|
|
|
|
|
Diabetes and Obesity care segment
|
|
|
|
|
|
|
|
|
|
|
Long-acting insulin
|
|
20,776
|
|
9,035
|
|
5,955
|
|
1,059
|
|
2,021
|
|
11,741
|
|
11,271
|
|
|
|
Tresiba®
|
9,259
|
|
3,477
|
|
1,983
|
|
87
|
|
1,407
|
|
5,782
|
|
5,500
|
|
|
|
Xultophy®
|
2,210
|
|
1,493
|
|
1,407
|
|
—
|
|
86
|
|
717
|
|
708
|
|
|
|
Levemir®
|
9,307
|
|
4,065
|
|
2,565
|
|
972
|
|
528
|
|
5,242
|
|
5,063
|
|
|
Premix insulin
|
|
10,578
|
|
9,707
|
|
3,160
|
|
4,306
|
|
2,241
|
|
871
|
|
839
|
|
|
|
Ryzodeg®
|
993
|
|
993
|
|
237
|
|
4
|
|
752
|
|
—
|
|
—
|
|
|
|
NovoMix®
|
9,585
|
|
8,714
|
|
2,923
|
|
4,302
|
|
1,489
|
|
871
|
|
839
|
|
|
Fast-acting insulin
|
|
19,303
|
|
10,304
|
|
6,422
|
|
1,753
|
|
2,129
|
|
8,999
|
|
8,592
|
|
|
|
Fiasp®
|
1,243
|
|
617
|
|
585
|
|
—
|
|
32
|
|
626
|
|
597
|
|
|
|
NovoRapid®
|
18,060
|
|
9,687
|
|
5,837
|
|
1,753
|
|
2,097
|
|
8,373
|
|
7,995
|
|
|
Human insulin
|
|
9,036
|
|
7,361
|
|
2,438
|
|
2,847
|
|
2,076
|
|
1,675
|
|
1,552
|
|
|
Total insulin
|
|
59,693
|
|
36,407
|
|
17,975
|
|
9,965
|
|
8,467
|
|
23,286
|
|
22,254
|
|
|
Victoza®
|
|
21,934
|
|
7,249
|
|
4,713
|
|
898
|
|
1,638
|
|
14,685
|
|
14,217
|
|
|
Ozempic®
|
|
11,237
|
|
1,143
|
|
969
|
|
—
|
|
174
|
|
10,094
|
|
9,599
|
|
|
Rybelsus®
|
|
50
|
|
—
|
|
—
|
|
—
|
|
—
|
|
50
|
|
50
|
|
|
Total GLP-1
|
|
33,221
|
|
8,392
|
|
5,682
|
|
898
|
|
1,812
|
|
24,829
|
|
23,866
|
|
|
Other Diabetes care
|
|
4,247
|
|
3,389
|
|
1,052
|
|
1,647
|
|
690
|
|
858
|
|
705
|
|
|
Total Diabetes care
|
|
97,161
|
|
48,188
|
|
24,709
|
|
12,510
|
|
10,969
|
|
48,973
|
|
46,825
|
|
|
Obesity care (Saxenda®)
|
|
5,679
|
|
2,083
|
|
981
|
|
9
|
|
1,093
|
|
3,596
|
|
3,348
|
|
|
Diabetes and Obesity care total
|
|
102,840
|
|
50,271
|
|
25,690
|
|
12,519
|
|
12,062
|
|
52,569
|
|
50,173
|
|
|
|
|
|
|
|
|
|
|
|
Biopharm segment
|
|
|
|
|
|
|
|
|
|
|
Haemophilia
|
|
10,281
|
|
5,946
|
|
3,646
|
|
284
|
|
2,016
|
|
4,335
|
|
4,031
|
|
|
|
NovoSeven®
|
8,119
|
|
4,502
|
|
2,577
|
|
269
|
|
1,656
|
|
3,617
|
|
3,454
|
|
|
|
NovoEight®
|
1,525
|
|
1,143
|
|
844
|
|
15
|
|
284
|
|
382
|
|
358
|
|
|
Growth disorders (Norditropin®)
|
|
7,275
|
|
4,225
|
|
1,960
|
|
36
|
|
2,229
|
|
3,050
|
|
3,035
|
|
|
Other Biopharm
|
|
1,625
|
|
1,122
|
|
912
|
|
5
|
|
205
|
|
503
|
|
247
|
|
|
Biopharm total
|
|
19,181
|
|
11,293
|
|
6,518
|
|
325
|
|
4,450
|
|
7,888
|
|
7,313
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
|
122,021
|
|
61,564
|
|
32,208
|
|
12,844
|
|
16,512
|
|
60,457
|
|
57,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19
|
Strategic aspirations
|
Financial
Performance
|
Equity and capital allocation
|
Outlook
|
R&D
|
Sustainability
|
|
Legal
|
Financial Information
|
|
|
|
|
|
|
Company announcement No 49 / 2020
|
|
|
|
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: August 6, 2020
Novo Nordisk A/S
Lars Fruergaard Jørgensen
Chief Executive Officer
Novo Nordisk (NYSE:NVO)
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