NVO Novo Nordisk

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PROFIT AND LOSS			9M 2020						9M 2019			Growth as reported			Growth at CER*
DKK million
Net sales			94,808						89,604			6		%	7		%
Operating profit			42,948						40,610			6		%	7		%
Net profit			32,820						30,234			9		%	N/A
Diluted earnings per share (in DKK)			14.00						12.68			10		%	N/A

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Company announcement No 63 / 2020

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Company announcement No 63 / 2020

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Financial report for the period 1 January 2020 to 30 September 2020			Page 4 of 33

FINANCIAL PERFORMANCE

CONSOLIDATED FINANCIAL STATEMENT FOR THE FIRST NINE MONTHS OF 2020

PROFIT AND LOSS			9M 2020						9M 2019															% change 9M 2020 to 9M 2019
(Amounts are in DKK million, except for earnings per share, dividend per share and employees)
Net sales			94,808						89,604															6		%
Gross profit			79,495						74,948															6		%
Gross margin			83.8		%				83.6		%
Sales and distribution costs			23,162						22,287															4		%
Percentage of sales			24.4		%				24.9		%
Research and development costs			10,979						9,836															12		%
Percentage of sales			11.6		%				11.0		%
Administrative costs			2,760						2,772															0		%
Percentage of sales			2.9		%				3.1		%
Other operating income, net			354						557															(36		%)
Operating profit			42,948						40,610															6		%
Operating margin			45.3%						45.3%
Financial items (net)			(1,820)						(3,136)															(42		%)
Profit before income taxes			41,128						37,474															10		%
Income taxes			8,308						7,240															15		%
Effective tax rate			20.2		%				19.3		%
Net profit			32,820						30,234															9		%
Net profit margin			34.6		%				33.7		%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses			4,374						4,263															3		%
Capital expenditure (Purchase of property, plant and equipment)1			4,307						7,025															(39		%)
Net cash generated from operating activities			51,779						41,617															24		%
Free cash flow			41,559						32,714															27		%
Total assets			139,947						124,908															12		%
Equity			59,573						52,953															13		%
Equity ratio			42.6		%				42.4		%
Average number of diluted shares outstanding (million)			2,345.0						2,383.8															(2		%)
Diluted earnings per share / ADR (in DKK)			14.00						12.68															10		%
Full-time equivalent employees end of period			44,326						42,158															5		%
1) Cash-based capital expenditure.

These unaudited consolidated financial statements for the first nine months of 2020 have 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, including the consolidated financial statements for the first nine months of 2020 and the Management’s review, have been prepared in accordance with additional Danish disclosure requirements for interim reports of listed companies.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 5 of 33

GEOGRAPHIC SALES DEVELOPMENT

Sales increased by 6% measured in Danish kroner and by 7% at CER to DKK 94,808 million in the first nine months of 2020. Sales growth was negatively impacted by fewer patients initiating treatment and increasing unemployment in the US, partially offset by COVID-19-related stocking. Sales in International Operations increased by 9% measured in Danish kroner and by 12% at CER. Sales in North America Operations increased by 2% in both Danish kroner and at CER.

As of 1 April 2020, International Operations was reorganised and financial reporting has been divided into: EMEA (covering Europe, the Middle East and Africa), Region China (covering Mainland China, Hong Kong and Taiwan) and Rest of World (covering all other countries except for North America). North America Operations was not impacted by the reorganisation and still includes the US and Canada. Please see appendix 8 for a breakdown of sales per area in 2019.

Sales split per geographical area						Sales 9M 2020 DKK million			Growth as reported			Growth at CER			Share of growth at CER
International Operations						50,399			9		%	12		%	83		%
			- EMEA			26,159			9		%	11		%	39		%
			- Region China			10,836			10		%	12		%	19		%
			- Rest of World			13,404			8		%	13		%	25		%
North America Operations						44,409			2		%	2		%	17		%
			- The US			41,947			2		%	2		%	11		%
Total sales						94,808			6		%	7		%	100		%

International Operations

Sales in International Operations increased by 9% measured in Danish kroner and by 12% at CER. Sales growth was driven by all geographical areas, with EMEA growing by 11% (CER), Rest of World growing by 13% (CER) and Region China growing by 12% (CER). Sales growth was driven by all therapy areas. Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment, partially offset by COVID-19-related stocking and timing of shipments.

EMEA

Sales in EMEA increased by 9% measured in Danish kroner and by 11% at CER. Sales growth was driven by Diabetes care growing by 11% (CER) driven by increased GLP-1 and insulin sales. Biopharm sales increased by 10% (CER) and Obesity care increased by 8% (CER).

Region China

Sales in Region China increased by 10% measured in Danish kroner and by 12% at CER. Sales growth was driven by Diabetes care growing by 12% (CER) driven by increased modern insulin sales and Biopharm growing by 19% (CER). Sales growth was impacted by increased distributor stock levels, offset by fewer patients initiating treatment during the COVID-19 pandemic.

Rest of World

Sales in Rest of World increased by 8% measured in Danish kroner and by 13% at CER. Sales growth was driven by Diabetes care growing by 17% (CER) from increased insulin and GLP-1 sales, Biopharm growing by 5% (CER) and Obesity care growing by 7% (CER).

North America Operations

Sales in North America Operations increased by 2% in both Danish kroner and at CER. Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment and increasing unemployment in the US, partially offset by COVID-19-related stocking in the first quarter.

The sales development reflects GLP-1 sales growing by 27% (CER) and Obesity care growing by 4% (CER). This was offset by insulin sales declining by 22% (CER) due to lower realised prices in the US following unfavourable channel mix, rebate enhancements, affordability programmes and changes in the coverage gap legislation as well as Biopharm sales declining by 2% (CER).

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Financial report for the period 1 January 2020 to 30 September 2020			Page 6 of 33

SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS

Sales growth in the first nine months of 2020 was 6% measured in Danish kroner and 7% at CER driven by growth across all therapy areas with Diabetes care sales growth of 8% (CER), Obesity care sales growth of 6% (CER) and Biopharm sales growth of 4% (CER). Sales growth was negatively impacted by fewer patients initiating treatment and increased unemployment in the US, partially offset by COVID-19-related stocking.

Sales split per therapy						Sales 9M 2020 DKK million			Sales 9M 2019 DKK million						Growth as reported			Growth at CER			Share of growth at CER
Diabetes and Obesity care segment
Long-acting insulin						13,426			15,674						(14		%)	(13		%)	(33		%)
			-   Tresiba®			6,720			6,948						(3		%)	(2		%)	(3		%)
			-   Xultophy®			1,842			1,626						13		%	15		%	4		%
			-   Levemir®			4,864			7,100						(31		%)	(30		%)	(34		%)
Premix insulin						8,220			7,913						4		%	6		%	8		%
			-   Ryzodeg®			967			747						29		%	33		%	4		%
			-   NovoMix®			7,253			7,166						1		%	3		%	4		%
Fast-acting insulin						14,082			14,367						(2		%)	(1		%)	(2		%)
			-   Fiasp®			1,021			804						27		%	28		%	3		%
			-   NovoRapid®			13,061			13,563						(4		%)	(2		%)	(5		%)
Human insulin						7,195			6,832						5		%	8		%	9		%
Total insulin						42,923			44,786						(4		%)	(3		%)	(18		%)
Victoza®						13,990			16,507						(15		%)	(15		%)	(38		%)
Ozempic®						15,023			6,872						119		%	120		%	129		%
Rybelsus®						1,038			—						—			—			16		%
Total GLP-1						30,051			23,379						29		%	29		%	107		%
Other Diabetes care1						3,056			3,230						(5		%)	(4		%)	(2		%)
Total Diabetes care						76,030			71,395						6		%	8		%	87		%
Obesity care (Saxenda®)						4,223			4,115						3		%	6		%	4		%
Diabetes and Obesity care total						80,253			75,510						6		%	8		%	91		%
Biopharm segment
Haemophilia2						7,522			7,727						(3		%)	(2		%)	(2		%)
			-   NovoSeven®			5,683			6,160						(8		%)	(7		%)	(7		%)
			-   NovoEight®			1,115			1,119						0		%	1		%	0		%
Growth disorders (Norditropin®)						5,872			5,199						13		%	13		%	11		%
Other Biopharm3						1,161			1,168						(1		%)	1		%	0		%
Biopharm total						14,555			14,094						3		%	4		%	9		%
Total sales						94,808			89,604						6		%	7		%	100		%
1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
2) Comprises NovoSeven®, NovoEight®, Refixia®, NovoThirteen® and Esperoct®.
3) Primarily Vagifem® and Activelle®.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 7 of 33

DIABETES AND OBESITY CARE

Diabetes care, sales development

Sales in Diabetes care increased by 6% measured in Danish kroner and by 8% at CER to DKK 76,030 million driven by GLP-1 growth. Novo Nordisk has improved the global diabetes value market share over the last 12 months from 28.4% to 29.2%, driven by an improved global insulin market share and an increased GLP-1 market share as well as expansion of the GLP-1 segment.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from August 2020 and August 2019 provided by the independent data provider IQVIA.

Diabetes care, development per area						Novo Nordisk’s share of the total diabetes market (value, MAT)						Diabetes care, sales development
						Aug			Aug			Sales 9M 2020 DKK million			Growth at CER
						2020			2019
Global						29.2		%	28.4		%	76,030			8		%
International Operations						22.7		%	22.0		%	39,768			13		%
			- EMEA *			27.4		%	26.8		%	20,076			11		%
			- Region China **			28.5		%	27.8		%	10,526			12		%
			- Rest of World ***			13.3		%	12.7		%	9,166			17		%
North America Operations						31.6		%	30.8		%	36,262			3		%
			- The US			31.7		%	31.1		%	34,396			2		%

Source: IQVIA, August 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 4% measured in Danish kroner and by 3% at CER to DKK 42,923 million. The sales decrease measured at CER was driven by declining sales in the US, partly offset by increased sales in International Operations.

Sales of long-acting insulin decreased by 14% measured in Danish kroner and by 13% at CER to DKK 13,426 million. Novo Nordisk has increased its global volume market share in the long-acting insulin segment from 32.3% 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 42 countries.

Sales of premix insulin increased by 4% measured in Danish kroner and by 6% at CER to DKK 8,220 million. Novo Nordisk is the market leader in the premix insulin segment with a global volume market share of 64.4% compared to 64.0% 12 months ago. The sales increase was driven by increased sales of both Ryzodeg® and NovoMix®. Ryzodeg® has now been launched in 35 countries.

Sales of fast-acting insulin decreased by 2% measured in Danish kroner and by 1% at CER to DKK 14,082 million. Novo Nordisk is the market leader in the fast-acting insulin segment and has increased its global volume market share to 51.4% from 50.5% in the last 12 months. The sales decrease was driven by NovoRapid®, partly offset by increased Fiasp® sales. Fiasp® has now been launched in 40 countries.

Sales of human insulin increased by 5% measured in Danish kroner and by 8% at CER to DKK 7,195 million.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 8 of 33

Insulin, development per geographical area						Novo Nordisk’s share of the total insulin market (volume, MAT)						Insulin, sales development
						Aug			Aug			Sales 9M 2020 DKK million			Growth at CER
						2020			2019
Global						46.9		%	46.5		%	42,923			(3		%)
International Operations						49.7		%	49.1		%	29,431			10		%
			- EMEA *			47.2		%	46.5		%	13,982			6		%
			- Region China **			49.5		%	50.2		%	8,523			14		%
			- Rest of World ***			57.0		%	56.0		%	6,926			12		%
North America Operations						39.6		%	39.9		%	13,492			(22		%)
			- The US			39.5		%	40.1		%	12,704			(23		%)

Source: IQVIA, Aug 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 iabetes care sales in the area.

International Operations

Sales of insulin in International Operations increased by 7% measured in Danish kroner and by 10% at CER. Sales growth was driven by all insulin segments.

EMEA

Sales of insulin in EMEA increased by 4% measured in Danish kroner and by 6% at CER. Sales growth was mainly driven by Tresiba® and Xultophy®.

Region China

Sales of insulin in Region China increased by 12% measured in Danish kroner and by 14% at CER. The sales growth was driven by all insulin products. Tresiba® was included on the National Reimbursement Drug List in January 2020 and hospital listings have progressed.

Rest of World

Sales of insulin in Rest of World increased by 7% measured in Danish kroner and by 12% at CER. The sales growth was driven by human insulin and the portfolio of modern and new generation insulin .

North America Operations

Sales of insulin in North America Operations decreased by 22% in both Danish kroner and CER. The sales decline in the US was driven by lower realised prices following rebate enhancements, unfavourable channel mix, changes in the coverage gap legislation and launch of affordability programmes. Novo Nordisk has a volume market share of 39.6% of the total insulin market.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 9 of 33

GLP-1 therapy for type 2 diabetes

Sales of GLP-1 products for type 2 diabetes (Victoza®, Ozempic® and Rybelsus®) increased by 29% in both Danish kroner and at CER to DKK 30,051 million. Ozempic® has now been launched in 48 countries with sales of DKK 15,023 million. The GLP-1 segment’s value share of the total diabetes market has increased to 21.0% compared with 17.0% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 49.9% value market share, an increase of 3.1 percentage points compared to 12 months ago. Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment and increased unemployment in the US, partially countered by COVID-19 related stocking.

GLP-1, development per geographical area						Novo Nordisk's share of the diabetes GLP-1 market (value, MAT)						GLP-1, sales development
						Aug			Aug			Sales 9M 2020 DKK million			Growth at CER
						2020			2019
Global						49.9		%	46.8		%	30,051			29		%
International Operations						52.7		%	50.3		%	8,087			37		%
			- EMEA *			54.4		%	52.9		%	5,547			35		%
			- Region China **			92.2		%	92.4		%	799			24		%
			- Rest of World ***			42.4		%	37.7		%	1,741			51		%
North America Operations						49.4		%	46.3		%	21,964			27		%
			- The US			48.9		%	45.8		%	20,991			26		%

Source: IQVIA, August 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 34% measured in Danish kroner and by 37% at CER. Sales growth is driven by all geographical areas. The value share of the GLP-1 class of the total diabetes market has increased to 10.4% from 8.7% 12 months ago. Novo Nordisk is the market leader with a value market share of 52.7%.

EMEA

Sales in EMEA increased by 35% in both Danish kroner and at CER. The sales growth reflects the uptake of Ozempic® countered by lower sales of Victoza®. Rybelsus® has now been launched in seven countries in EMEA. Novo Nordisk remains the market leader in EMEA with a value market share of 54.4%.

Region China

Sales in Region China increased by 22% measured in Danish kroner and by 24% at CER. The increased sales reflect volume growth, partly offset by lower realised prices. The GLP-1 class' share of the overall diabetes market value increased to 2.6% from 1.9% 12 months ago. Victoza® has a market share of 92.2%.

Rest of World

Sales in Rest of World increased by 39% measured in Danish kroner and by 51% at CER. The sales growth reflects increased Victoza® sales and launches of Ozempic®. Novo Nordisk remains the market leader with a value market share of 42.4%.

North America Operations

Sales of GLP-1 diabetes products in North America Operations increased by 27% in both Danish kroner and at CER. Sales were negatively impacted by fewer patients initiating treatment and increased unemployment in the US, partially off-set by COVID-19-related stocking, Novo Nordisk is the market leader with a 49.4% value market share compared to 46.3% 12 months ago. The value market share of the GLP-1 class of the total North American diabetes market has increased to 24.9%.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 10 of 33

Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of around 30%. Rybelsus® market access has progressed and the product is broadly available across commercial and Medicare plans and the weekly new-to-brand market share has reached 13.5%. The combined Novo Nordisk GLP-1 new-to-brand prescription market share is now 60.2%. 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 26% at CER. The sales increase was driven by continued uptake of Ozempic® and Rybelsus®, partially offset by declining Victoza® sales. GLP-1 sales growth was negatively impacted by rebate enhancements, unfavourable channel and payer mix as well as changes in coverage gap legislation.

Obesity care, sales development

Sales of Saxenda® increased by 3% measured in Danish kroner and by 6% at CER to DKK 4,223 million. Saxenda® sales growth was driven by both International Operations and North America Operations. Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment. Saxenda® has now been launched in 54 countries. Novo Nordisk currently has a value market share of 63.0% of the global obesity prescription drug market.     

Obesity care, development per geographical area						Obesity care, sales development
						Sales 9M 2020 DKK million			Growth at CER
Global						4,223			6		%
International Operations						1,611			8		%
			- EMEA			834			8		%
			- Region China			6			(17		%)
			- Rest of World			771			7		%
North America Operations						2,612			4		%
			- The US			2,420			4		%

International Operations

Sales of Saxenda® in International Operations remained unchanged in Danish kroner and increased by 8% at CER driven by increased sales in EMEA and Rest of World. Novo Nordisk currently has a value market share of 39.6% 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 7% measured in Danish kroner and by 8% at CER. Novo Nordisk currently has a value market share of 65.4% in the obesity prescription drug market in EMEA.

Rest of World

Sales of Saxenda® in Rest of World decreased by 6% measured in Danish kroner and increased by 7% at CER. Saxenda® has been launched in 17 countries in Rest of World. Novo Nordisk currently has a value market share of 31.2% in the obesity prescription drug market in Rest of World.

North America Operations

Sales of Saxenda® in North America Operations increased by 4% in both Danish kroner and at CER and were driven by increased sales in both the US and Canada. Novo Nordisk has a value market share of 77.8% 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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Financial report for the period 1 January 2020 to 30 September 2020			Page 11 of 33

BIOPHARM

Biopharm, sales development

Sales of biopharm products increased by 3% measured in Danish kroner and by 4% at CER to DKK 14,555 million. The sales growth was driven by International Operations. Sales growth was driven by Growth Disorders and the launches of new haemophilia products, offset by declining sales of NovoSeven®. Sales growth was negatively impacted by lower demand due to COVID-19, offset by timing of shipments and COVID-19-related stocking.

Biopharm, development per geographical area						Biopharm, sales development
						Sales 9M 2020 DKK million			Growth at CER
Global						14,555			4		%
International Operations						9,020			8		%
			- EMEA			5,249			10		%
			- Region China			304			19		%
			- Rest of World			3,467			5		%
North America Operations						5,535			(2		%)
			- The US			5,131			(2		%)

Haemophilia

Sales of haemophilia products decreased by 3% measured in Danish kroner and by 2% at CER to DKK 7,522 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 8% measured in Danish kroner and by 7% at CER to DKK 5,683 million. The sales development was driven by declining sales in North America Operations and Rest of World, offset by increasing sales in EMEA and Region China. The declining sales partly reflect reduced elective surgeries and bleedings due to COVID-19.

Sales of NovoEight® remained unchanged in Danish kroner and increased by 1% at CER to DKK 1,115 million. The increasing sales at CER were driven by increased sales in Rest of World and the US, partly offset by declining sales in EMEA. NovoEight® has been launched in 59 countries. Esperoct®, the long-acting haemophilia A treatment, has now been launched in 17 countries.

Sales of Refixia® increased to DKK 385 million. Sales growth was driven by continued uptake in the product launches in EMEA and Rest of World as well as continued uptake in North America Operations. Refixia® has been launched in 25 countries.

Growth disorders (Norditropin®)

Sales of Norditropin® increased by 13% in both Danish kroner and at CER to DKK 5,872 million. The sales increase was driven by International Operations and North America Operations increasing by 18% and 7% at CER, respectively. Novo Nordisk is the leading company in the global human growth disorder market with a value market share of 35.3% compared to 32.8% a year ago, driven by new indications and the global roll-out of the next-generation device. In addition to commercial execution, sales growth was positively impacted by changes in inventories and COVID-19-related stocking as well as additional demand, following supply challenges for competing products in select countries.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 12 of 33

DEVELOPMENT IN COSTS AND OPERATING PROFIT

The cost of goods sold increased by 4% measured in Danish kroner and by 6% at CER to DKK 15,313 million, resulting in a gross margin of 83.8% measured in Danish kroner, compared with 83.6% in 2019. The increased gross margin reflects a positive product mix driven by increased GLP-1 sales and productivity improvements. This is partly countered by a negative impact from lower realised prices in the US.

Sales and distribution costs increased by 4% measured in Danish kroner and by 5% at CER to DKK 23,162 million. The increase in costs is 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 spend is related to launch activities for Ozempic® and Rybelsus® as well as the continued roll-out of Saxenda®. COVID-19 resulted in a reduction of the activity level and delay of promotional activities.

Research and development costs increased by 12% in both Danish kroner and at CER to DKK 10,979 million. The cost increase is driven by the amortisation of the priority review voucher for semaglutide in obesity in the third quarter of 2020. Increased activities within Other serious chronic diseases are driving the cost increase following progression of the early pipeline within cardiovascular disease and stem cell projects. 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 clinical trial activity.

Administration costs remained unchanged in Danish kroner and increased by 1% at CER to DKK 2,760 million, reflecting broadly unchanged spend across administrative areas.

Other operating income (net) was DKK 354 million compared with DKK 557 million in 2019 following reduced royalty income.

Operating profit increased by 6% measured in Danish kroner and by 7% at CER to DKK 42,948 million.

FINANCIAL ITEMS (NET) AND TAX

Financial items (net) showed a net loss of DKK 1,820 million compared with a net loss of DKK 3,136 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 1,430 million compared with a net loss of DKK 2,649 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 September 2020, a positive market value of financial contracts of approximately DKK 1.2 billion has been deferred for recognition later in 2020 and 2021.

The effective tax rate was 20.2% in the first nine months of 2020 compared with an effective tax rate of 19.3% in the first nine months of 2019 as the effective tax rate in 2019 was positively impacted by non-recurring changes to deferred tax assets following the Swiss tax reform.

CAPITAL EXPENDITURE AND FREE CASH FLOW

Capital expenditure for property, plant and equipment was DKK 4.3 billion compared with DKK 7.0 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 stages of construction.

Free cash flow was DKK 41.6 billion compared with DKK 32.7 billion in 2019. The increase was driven by the higher net profit and favourable timing of rebate payments in the US. The purchase of intangible assets of DKK 4.9 billion includes upfront consideration for Corvidia Therapeutics acquired in July 2020.

Novo Nordisk’s financial resources, consisting of cash at bank and committed credit facilities, were DKK 36.4 billion by end of September 2020.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 13 of 33

KEY DEVELOPMENTS IN THE THIRD QUARTER OF 2020

Sales in the third quarter of 2020 increased by 2% measured in Danish kroner and by 7% at CER compared to the same period in 2019. Operating profit decreased by 1% measured in Danish kroner and increased by 7% at CER. The sales and operating profit growth rates at CER were announced on 8 October.

Please refer to appendix 1 for an overview of the quarterly numbers in DKK and to appendix 6 for additional details on sales in the third quarter of 2020.

Sales split per geographical area						Sales Q3 2020 DKK million			Growth as reported			Growth at CER			Share of growth at CER
International Operations						15,988			5		%	10		%	70		%
			- EMEA			8,318			5		%	9		%	30		%
			- Region China			3,549			9		%	13		%	19		%
			- Rest of World			4,121			1		%	11		%	21		%
North America Operations						14,939			(1		%)	5		%	30		%
			- The US			14,144			(1		%)	4		%	26		%
Total sales						30,927			2		%	7		%	100		%

The increased global sales of 7% (CER) was driven by increased Diabetes and Obesity care sales due to increased GLP-1 sales of 31% (CER), offset by insulin sales declining by 2% (CER), as well as unchanged Obesity care sales (CER) and unchanged Biopharm sales (CER). Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment, unemployment in the US and COVID-19-related destocking, offset by phasing of rebates and inventory changes at wholesaler level in the US.

International Operations

Sales in International Operations increased by 5% measured in Danish kroner and by 10% at CER. Sales growth was driven by all geographical areas and by all therapy areas. COVID-19 negatively impacted sales growth as fewer patients initiated treatment.

Sales growth was driven by Diabetes care growing by 12% (CER) driven by increased GLP-1 sales growing by 37% (CER), insulin sales growing by 8% (CER) and Obesity care increasing by 6% (CER). Biopharm sales increased by 4% (CER) driven by increased Norditropin® sales, partially offset by decreased haemophilia sales.

North America Operations

Sales in North America Operations decreased by 1% measured in Danish kroner and increased by 5% at CER. Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment, increased unemployment and destocking, offset by phasing of rebates and inventory changes at wholesaler level.

Sales growth was driven by GLP-1 growing by 29% (CER) reflecting the prescription volume growth of the market and the uptake of Ozempic® and the launch of Rybelsus®. Insulin sales decreased by 20% (CER) driven by lower realised prices. Obesity sales decreased by 3% (CER) reflecting fewer patients initiating treatment due to COVID-19, and Biopharm sales decreased by 6% (CER) due to lower NovoSeven® and Norditropin® sales.

The gross margin was 83.3% in the third quarter of 2020 compared with 83.2% in the same period last year. The increase of 0.1 percentage point of the gross margin reflects asset impairments in 2019 as well as positive product mix and productivity, partly countered by a negative impact from lower realised prices in the US and a negative currency impact of 0.3% percentage point.

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Sales and distribution costs increased by 5% measured in Danish kroner and by 10% at CER compared with the same period in 2019. The increase was driven by North America Operations reflecting the launch of Rybelsus® and promotional activities related to Ozempic® as well as changes to provisions for legal cases.

Research and development costs increased by 9% measured in Danish kroner and by 10% at CER compared with the same period in 2019. The costs were driven by the amortisation of the priority review voucher for semaglutide in obesity, largely offset by impairments in the third quarter of 2019. The cost increase is driven by patient recruitment to the ongoing cardiovascular outcome trials, SOUL and SELECT, partly offset by lower costs following conclusion of the semaglutide obesity pivotal phase 3a programme.

Administrative costs remained unchanged in Danish kroner and increased by 3% at CER compared with the same period in 2019.

Other operating income (net) was DKK 127 million in the third quarter of 2020 compared with DKK 88 million in the same period last year reflecting increased royalty income.

Operating profit decreased by 1% measured in Danish kroner and increased by 7% at CER compared with the same period in 2019.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 15 of 33

EQUITY AND CAPITAL ALLOCATION

Total equity was DKK 59,573 million at the end of the first nine months of 2020, equivalent to 42.6% of total assets, compared with 42.4% at the end of the first nine months of 2019. Please refer to appendix 5 for further elaboration of changes in equity.

2020 share repurchase programme

On 6 August 2020, Novo Nordisk announced a share repurchase programme of up to DKK 2.8 billion to be executed from 6 August to 28 October 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 6,513,843 B shares for an amount of DKK 2.8 billion in the period from 6 August to 28 October 2020. The programme was concluded on 28 October 2020.

As of 28 October 2020, Novo Nordisk A/S has repurchased a total of 26,573,022 B shares equal to a transaction value of DKK 11.351 billion under the DKK 17 billion programme beginning 5 February 2020.

As of 28 October 2020, Novo Nordisk and its wholly-owned affiliates owned 26,561,746 of its own B shares, corresponding to 1.1% of the total share capital.

Share repurchases under the overall programme of up to DKK 17 billion that began 5 February 2020 are expected to be resumed shortly. 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 Holdings A/S has informed Novo Nordisk 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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OUTLOOK

OUTLOOK 2020

The outlook for sales and operating profit growth was raised on 8 October to 5-8% at CER. The current expectations for 2020 are summarised in the table below:

Expectations are as reported, if not otherwise stated			Expectations 30 October 2020			Expectations 6 August 2020
Sales growth
at CER			5% to 8%			3% to 6%
as reported			Around 3 percentage points lower than at CER			Around 2 percentage points lower than at CER
Operating profit growth
at CER			5% to 8%			2% to 5%
as reported			Around 4 percentage points lower than at CER			Around 3 percentage points lower than at CER
Financial items (net)			Loss of around DKK 1.4 billion			Loss of around DKK 1.2 billion
Effective tax rate			20% to 22%			20% to 22%
Capital expenditure (PP&E)			Around DKK 6.5 billion			Around DKK 6.5 billion
Depreciation, amortisation and impairment losses			Around DKK 5.5 billion			Around DKK 5 billion
Free cash flow			DKK 34-39 billion			DKK 33-38 billion

The sales growth outlook was updated on 8 October 2020 and is expected to be 5% to 8% at CER. The guidance reflects expectations for continued robust sales performance for the GLP-1 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 3 percentage points lower than at CER.

The operating profit growth outlook was updated on 8 October 2020 and is expected to be 5% to 8% at CER. The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in current and future growth drivers across the operating units. Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be around 4 percentage points lower than at CER.

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

For 2020, Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 1.4 billion compared to a loss of DKK 1.2 billion in August 2020. This development mainly reflects losses from non-hedged currencies due to depreciations across several emerging market currencies.

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 now expected to be around DKK 5.5 billion reflecting the amortisation of the priority review voucher for semaglutide in obesity. The free cash flow is now expected to be DKK 34-39 billion reflecting higher net profit.

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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 the remainder of 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 of significant business development transactions during the remainder of 2020.

FX			Q3 2020			Q3 2019			% change			9M 2020			9M 2019			% change			Spot rate 26 October 2020
USD			637			671			(5		%)	663			664			0		%	630
CNY			92			96			(4		%)	95			97			(2		%)	94
JPY			6.00			6.26			(4		%)	6.17			6.09			1		%	5.99
CAD			478			508			(6		%)	491			500			(2		%)	478
GBP			823			827			0		%	843			845			0		%	820

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

Key invoicing currencies			Impact on Novo Nordisk's operating profit in the next 12 months of a 5% movement in currency			Hedging period (months)
USD			DKK 1,900 million			11
CNY1			DKK 450 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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RESEARCH & DEVELOPMENT UPDATE

Diabetes care

Xultophy® marketing authorisation application submitted in China

In August 2020, Novo Nordisk submitted a new drug application to the China Centre of Drug Evaluation for Xultophy® for the treatment of people with insufficiently controlled type 2 diabetes.

Phase 3b trial initiated with Ozempic® for peripheral artery disease

During the third quarter of 2020, Novo Nordisk initiated a phase 3b trial investigating the effects of Ozempic® (once-weekly subcutaneous semaglutide) in around 800 people with type 2 diabetes and peripheral artery disease. The trial is a randomised, double-blinded and placebo-controlled trial, investigating semaglutide versus standard of care.

Phase 1 trial initiated with glucose-sensitive insulin (NN1845)

During the third quarter of 2020, Novo Nordisk initiated the first human dose trial for a glucose-sensitive insulin. The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of subcutaneously administrated glucose-sensitive insulin.

Phase 1 trial initiated with oral semaglutide at higher doses with different formulations

During the third quarter of 2020, Novo Nordisk initiated a phase 1 trial with higher doses of oral semaglutide for type 2 diabetes. The trial is a randomised and open-label trial designed to assess oral semaglutide at higher doses, including investigation of different formulations in healthy volunteers. The primary objective of the trial is to investigate the steady state exposure of 25 and 50 mg of oral semaglutide in different formulations.

Development of anti-IL-21 in combination with liraglutide discontinued

In 2019, Novo Nordisk successfully completed a phase 2 trial evaluating the effects of the combination of anti-IL-21 and liraglutide as therapy for patients recently diagnosed with type 1 diabetes. Following an evaluation of the regulatory path forward, Novo Nordisk has decided to discontinue the development of anti-IL-21 in combination with liraglutide.

Obesity care

Priority review voucher to be applied for semaglutide in obesity

During the third quarter of 2020, Novo Nordisk notified the US Food and Drug Administration (FDA) that Novo Nordisk will request priority review for the file of semaglutide in obesity using a priority review voucher. Novo Nordisk still expects to file semaglutide in obesity around the turn of the year.

Biopharm

Sogroya® approved in the US in adults with growth hormone deficiency

On 28 August 2020, once-weekly somapacitan was approved by the FDA under the brand name Sogroya® for substitution of endogenous growth hormone in adults with growth hormone deficiency (AGHD). The approval is based on results from the REAL programme where the global pivotal trial enrolled 301 treatment-naïve adults with growth hormone deficiency. Sogroya® administered once-weekly demonstrated superiority over placebo on the primary endpoint, change in truncal fat percentage. Sogroya® for AGHD is currently under regulatory review in the EU, Switzerland and Japan.

Concizumab phase 3 trial reinitiated

On 13 August 2020, Novo Nordisk announced that the clinical trials in the concizumab phase 3 programme (explorer6, 7 and 8) would be reinitiated. The trials are investigating subcutaneous concizumab prophylaxis treatment in haemophilia A and B patients regardless of inhibitor status. This follows pausing of the trials in March 2020 due to the occurrence of non-fatal thrombotic events in three patients enrolled. Novo Nordisk has together with international experts and relevant authorities identified a path forward for concizumab. New safety measures and guidelines, based on analysis of all available data, have been agreed with the US FDA and the clinical hold has been lifted. The trials were reinitiated in September 2020.

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Other serious chronic diseases

Semaglutide in NASH granted Breakthrough Therapy Designation in the US

In August 2020, the US FDA granted Breakthrough Therapy designation for semaglutide for non-alcoholic steatohepatitis (NASH). The designation means amongst others that the FDA will work closely with Novo Nordisk to develop semaglutide expeditiously for this indication. Novo Nordisk expects to initiate phase 3 clinical development with semaglutide in NASH in 2021.

Ziltivekimab phase 2 trial successfully completed

In September 2020, Novo Nordisk successfully completed the RESCUE phase 2 trial with once-monthly subcutaneous ziltivekimab. The 24-week blinded phase 2 trial investigated the efficacy of ziltivekimab compared to placebo on markers of inflammation measured by high-sensitivity C-reactive protein (hsCRP) in a chronic kidney disease patient population with atherosclerotic cardiovascular disease and inflammation. 264 patients were randomised to treatment with three different monthly doses of ziltivekimab (7.5, 15 and 30 mg) or placebo. The study met its primary objective, demonstrating a decrease in hsCRP after 12 weeks of treatment of up to 92% compared to a decrease of 5% with placebo. The treatment difference was statistically significant for all dose levels compared to placebo. In the trial, ziltivekimab appeared to have a safe and well-tolerated profile. Following the completion of the phase 2 trial, a cardiovascular outcomes trial is expected to be initiated in 2021.

SUSTAINABILITY UPDATE

Social responsibility

As part of the social responsibility strategy 'Defeat Diabetes' and the focus on providing affordable insulin to vulnerable patients in every country, Novo Nordisk has as of August 2020 lowered the ceiling price of human insulin to 3 USD from 4 USD per vial, and letters have been sent out to ministries of health in 76 low- and middle-income countries in scope for the company’s Access to Insulin Commitment.

Environment

In September 2020, Novo Nordisk set a target to ensure all direct suppliers supply the company based on 100% renewable power by 2030. Novo Nordisk will work with all existing and new suppliers to meet the target. The commitment is the next step in Novo Nordisk’s ‘Circular for Zero’ environmental strategy, which was launched in April 2019 and set the ambition for the company to have zero environmental impact. The majority of Novo Nordisk’s total carbon emissions originate in the supply chain, making this commitment with suppliers on renewable power integral to achieving Novo Nordisk’s environmental strategy. By achieving this target, Novo Nordisk would therefore be eliminating at least 300,000 tons of greenhouse gases from the supply chain. Novo Nordisk has already committed to achieve zero CO2 emissions from the global operations and transport by 2030, and in 2020 the target of using 100% renewable power across all production sites was achieved.

    

Employees

The number of full-time employees at the end of the first nine months of 2020 increased by 5.1% compared to 12 months ago. The total number of employees was 44,893 corresponding to 44,326 full-time positions. The increase in employees in Novo Nordisk is mainly driven by International Operations. Novo Nordisk also continues to increase the number of employees in Global Business Services in India.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 20 of 33

CORPORATE GOVERNANCE

Communication to shareholders

As part of Novo Nordisk's ambition to reduce the environmental footprint, shareholders in Novo Nordisk A/S will as of 1 January 2021 only receive formal shareholder communication from the company by e-mail. This also applies to notices to convene general meetings that will no longer be sent to shareholders as hardcopy by regular mail.

Shareholders are encouraged to sign up and register their email addresses via Novo Nordisk's InvestorPortal on the website:

https://www.novonordisk.com/investors/investor-portal-and-SHARE-magazine.html (the contents of the company’s website do not form a part of this Form 6-K).

Shareholders who wish to receive communication from Novo Nordisk are responsible for ensuring that the company is in possession of the correct email addresses.

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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 nine months of 2020. The financial report has not been audited or reviewed by the company’s

independent auditors.

The financial report for the first nine 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 nine 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 nine 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, 30 October 2020

Executive Management:
Lars Fruergaard Jørgensen President and CEO			Karsten Munk Knudsen CFO			Monique Carter
Camilla Sylvest			Mads Krogsgaard Thomsen			Henrik Wulff
Board of Directors:
Helge Lund Chair			Jeppe Christiansen Vice chair			Brian Daniels
Laurence Debroux			Andreas Fibig			Sylvie Grégoire
Liz Hewitt			Mette Bøjer Jensen			Kasim Kutay
Anne Marie Kverneland			Martin Mackay			Thomas Rantzau
Stig Strøbæk

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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 44,000 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.

Financial calendar
03 February 2021			Financial statement for 2020
25 March 2021			Annual General Meeting
5 May 2021			Financial statement for the first three month of 2021
5 August 2021			Financial statement for the first six month of 2021
3 November 2021			Financial statement for the first nine month of 2021

Contacts for further information
Media:
Mette Kruse Danielsen			+45 3079 3883			mkd@novonordisk.com
Ken Inchausti (US)			+1 609 240 9429			kiau@novonordisk.com
Investors:
Daniel Muusmann Bohsen			+45 3075 2175			dabo@novonordisk.com
Valdemar Borum Svarrer			+45 3079 0301			jvls@novonordisk.com
Ann Søndermølle Rendbæk			+45 3075 2253			arnd@novonordisk.com
Mark Joseph Root			+45 3079 4211			mjhr@novonordisk.com
Kristoffer Due Berg (US)			+1 609 235 2989			krdb@novonordisk.com

Further information about Novo Nordisk is available on novonordisk.com.

Forward-looking statements

Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s statutory Annual Report 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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Financial report for the period 1 January 2020 to 30 September 2020			Page 23 of 33

APPENDIX 1: QUARTERLY NUMBERS IN DKK

(Amounts in DKK million, except number of full-time equivalent employees, earnings per share and number of shares outstanding).
																																	% change
						2020												2019															Q3 2020 vs.
						Q3			Q2			Q1						Q4			Q3			Q2			Q1						Q3 2019
Net sales						30,927			30,006			33,875						32,417			30,277			30,036			29,291						2		%
Gross profit						25,772			25,234			28,489						26,985			25,202			25,187			24,559						2		%
Gross margin						83.3%			84.1%			84.1%						83.2%			83.2%			83.9%			83.8%
Sales and distribution costs						8,174			7,398			7,590						9,536			7,761			7,580			6,946						5		%
Percentage of sales						26.4%			24.7%			22.4%						29.4%			25.6%			25.2%			23.7%
Research and development costs						3,911			3,291			3,777						4,384			3,601			3,557			2,678						9		%
Percentage of sales						12.6%			11.0%			11.1%						13.5%			11.9%			11.8%			9.1%
Administrative costs						1,006			827			927						1,235			1,009			852			911						0		%
Percentage of sales						3.3%			2.8%			2.7%						3.8%			3.3%			2.8%			3.1%
Other operating income, net						127			120			107						43			88			254			215						44		%
Operating profit						12,808			13,838			16,302						11,873			12,919			13,452			14,239						(1		%)
Operating margin						41.4%			46.1%			48.1%						36.6%			42.7%			44.8%			48.6%
Financial income						162			97			17						20			17			15			13						N/A
Financial expenses						279			519			1,298						814			829			1,322			1,030						(66		%)
Financial items (net)						(117)			(422)			(1,281)						(794)			(812)			(1,307)			(1,017)						(86		%)
Profit before income taxes						12,691			13,416			15,021						11,079			12,107			12,145			13,222						5		%
Income taxes						2,393			2,791			3,124						2,362			1,913			2,550			2,777						25		%
Net profit						10,298			10,625			11,897						8,717			10,194			9,595			10,445						1		%
Depreciation, amortisation and impairment losses						2,130			1,158			1,086						1,398			2,095			1,110			1,058						2		%
Capital expenditure1						1,401			1,239			1,667						1,907			2,234			2,147			2,644						(37		%)
Net cash generated from operating activities						17,506			24,261			10,012						5,165			16,688			15,039			9,890						5		%
Free cash flow						11,224			22,666			7,669						1,737			14,039			12,020			6,655						(20		%)
Total assets						139,947			136,121			126,256						125,612			124,908			117,909			110,135						12		%
Total equity						59,573			60,054			54,399						57,593			52,953			53,085			47,319						13		%
Equity ratio						42.6%			44.1%			43.1%						45.8%			42.4%			45.0%			43.0%
Full-time equivalent employees end of period						44,326			43,526			43,158						42,703			42,158			41,611			42,453						5		%
Basic earnings per share/ADR (in DKK)						4.42			4.54			5.07						3.71			4.3			4.03			4.37						3		%
Diluted earnings per share/ADR (in DKK)						4.42			4.53			5.05						3.70			4.29			4.03			4.36						3		%
Average number of shares outstanding (million)						2,329.0			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)						2,335.1			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						4,048			4,220			5,158						5,102			5,019			5,411			5,244						(19		%)
Premix insulin						2,572			2,693			2,955						2,665			2,596			2,560			2,757						(1		%)
Fast-acting insulin						4,589			4,379			5,114						4,936			4,632			4,758			4,977						(1		%)
Human insulin						2,194			2,314			2,687						2,204			2,237			2,180			2,415						(2		%)
Total insulin						13,403			13,606			15,914						14,907			14,484			14,909			15,393						(7		%)
Total GLP-1						10,651			9,425			9,975						9,842			8,492			7,740			7,147						25		%
Other Diabetes care						954			977			1,125						1,017			1,038			1,125			1,067						(8		%)
Total Diabetes care						25,008			24,008			27,014						25,766			24,014			23,774			23,607						4		%
Obesity care (Saxenda®)						1,338			1,308			1,577						1,564			1,442			1,462			1,211						(7		%)
Diabetes and Obesity care total						26,346			25,316			28,591						27,330			25,456			25,236			24,818						3		%
Haemophilia						2,311			2,401			2,810						2,554			2,524			2,670			2,533						(8		%)
Growth disorders (Norditropin®)						1,890			1,952			2,030						2,076			1,886			1,758			1,555						0		%
Other Biopharm						380			337			444						457			411			372			385						(8		%)
Biopharm total						4,581			4,690			5,284						5,087			4,821			4,800			4,473						(5		%)
Sales by geographic segment:
International Operations2						15,988			16,115			18,296						15,351			15,261			15,565			15,387						5		%
- EMEA						8,318			8,167			9,674						8,231			7,913			8,120			7,944						5		%
- Region China						3,549			3,474			3,813						3,019			3,258			3,192			3,375						9		%
- Rest of World						4,121			4,474			4,809						4,101			4,090			4,253			4,068						1		%
North America Operations						14,939			13,891			15,579						17,066			15,016			14,471			13,904						(1		%)
- The US						14,144			13,028			14,775						16,252			14,256			13,767			13,211						(1		%)
Segment operating profit:
Diabetes and Obesity care						9,748			11,434			13,456						9,013			10,403			11,393			11,828						(6		%)
Biopharm						3,060			2,404			2,846						2,860			2,516			2,059			2,411						22		%

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.

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Financial report for the period 1 January 2020 to 30 September 2020			Page 24 of 33

APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

DKK million			9M 2020						9M 2019						Q3 2020						Q3 2019
Income statement
Net sales			94,808						89,604						30,927						30,277
Cost of goods sold			15,313						14,656						5,155						5,075
Gross profit			79,495						74,948						25,772						25,202
Sales and distribution costs			23,162						22,287						8,174						7,761
Research and development costs			10,979						9,836						3,911						3,601
Administrative costs			2,760						2,772						1,006						1,009
Other operating income, net			354						557						127						88
Operating profit			42,948						40,610						12,808						12,919
Financial income			276						45						162						17
Financial expenses			2,096						3,181						279						829
Profit before income taxes			41,128						37,474						12,691						12,107
Income taxes			8,308						7,240						2,393						1,913
NET PROFIT			32,820						30,234						10,298						10,194
Basic earnings per share (DKK)			14.03						12.70						4.42						4.30
Diluted earnings per share (DKK)			14.00						12.68						4.42						4.29
Segment Information
Segment sales:
Diabetes and Obesity care			80,253						75,510						26,346						25,456
Biopharm			14,555						14,094						4,581						4,821
Segment operating profit:
Diabetes and Obesity care			34,638						33,624						9,748						10,403
Operating margin			43.2%						44.5%						37.0%						40.9%
Biopharm			8,310						6,986						3,060						2,516
Operating margin			57.1%						49.6%						66.8%						52.2%
Total segment operating profit			42,948						40,610						12,808						12,919
Statement of comprehensive income
Net profit for the period			32,820						30,234						10,298						10,194
Other comprehensive income
Items that will not subsequently be reclassified to the Income statement
Remeasurements on defined benefit plans			27						(369)						(77)						(167)
Items that will be reclassified subsequently to the Income statement
Exchange rate adjustments of investments in subsidiaries			(1,002)						489						(788)						305
Cash flow hedges, realisation of previously deferred (gains)/losses			343						1,686						(65)						202
Cash flow hedges, deferred gains/(losses) incurred during the period			1,019						(1,405)						606						(1,006)
Other items			4						10						1						(6)
Tax on other comprehensive income, income/(expense)			(512)						25						(169)						212
Other comprehensive income for the period, net of tax			(121)						436						(492)						(460)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD			32,699						30,670						9,806						9,734

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Financial report for the period 1 January 2020 to 30 September 2020			Page 25 of 33

APPENDIX 3: CASH FLOW STATEMENT

DKK million			9M 2020						9M 2019
Net profit			32,820						30,234
Adjustment for non-cash items:
Income taxes in the Income Statement			8,308						7,240
Depreciation, amortisation and impairment losses			4,374						4,263
Other non-cash items			13,508						7,139
Change in working capital			(384)						(1,304)
Interest received			50						45
Interest paid			(182)						(148)
Income taxes paid			(6,715)						(5,852)
Net cash generated from operating activities			51,779						41,617
Purchase of intangible assets			(4,869)						(1,238)
Proceeds from sale of property, plant and equipment			3						2
Purchase of property, plant and equipment			(4,307)						(7,025)
Proceeds from other financial assets			11						—
Purchase of other financial assets			—						(6)
Investment in associated company			(392)						(50)
Proceeds from the divestment of Group and associated companies			—						(3)
Dividend received from associated company			18						20
Net cash used in investing activities			(9,536)						(8,300)
Purchase of treasury shares			(11,195)						(10,404)
Dividends paid			(20,121)						(19,409)
Repayment of borrowings, net			(568)						(470)
Net cash used in financing activities			(31,884)						(30,283)
NET CASH GENERATED FROM ACTIVITIES			10,359						3,034
Cash and cash equivalents at the beginning of the year			15,411						15,629
Exchange gain/(loss) on cash and cash equivalents			(305)						93
Cash and cash equivalents at the end of the period			25,465						18,756

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Financial report for the period 1 January 2020 to 30 September 2020			Page 26 of 33

APPENDIX 4: BALANCE SHEET

DKK million			30 Sep 2020						31 Dec 2019
ASSETS
Intangible assets			9,415						5,835
Property, plant and equipment			49,925						50,551
Investments in associated companies			601						474
Deferred income tax assets			4,745						4,121
Other receivables and prepayments			562						841
Other financial assets			1,032						1,334
TOTAL NON-CURRENT ASSETS			66,280						63,156
Inventories			18,105						17,641
Trade receivables			24,358						24,912
Tax receivables			423						806
Other receivables and prepayments			3,613						3,434
Derivative financial instruments			1,688						188
Cash at bank			25,480						15,475
TOTAL CURRENT ASSETS			73,667						62,456
TOTAL ASSETS			139,947						125,612
EQUITY AND LIABILITIES
Share capital			470						480
Treasury shares			(5)						(10)
Retained earnings			59,850						57,817
Other reserves			(742)						(694)
TOTAL EQUITY			59,573						57,593
Borrowings			2,636						3,009
Deferred income tax liabilities			991						80
Retirement benefit obligations			1,324						1,334
Provisions			4,475						4,613
Total non-current liabilities			9,426						9,036
Borrowings			1,468						1,474
Trade payables			6,123						6,358
Tax payables			5,019						4,212
Other liabilities			15,298						15,085
Derivative financial instruments			1,002						734
Provisions			42,038						31,120
Total current liabilities			70,948						58,983
TOTAL LIABILITIES			80,374						68,019
TOTAL EQUITY AND LIABILITIES			139,947						125,612

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Financial report for the period 1 January 2020 to 30 September 2020			Page 27 of 33

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
9M 2020
Balance at the beginning of the period			480			(10)			57,817			(839)			(329)			474			(694)						57,593
Net profit for the period									32,820																		32,820
Other comprehensive income for the period									27			(1,002)			1,362			(508)			(148)						(121)
Total comprehensive income for the period									32,847			(1,002)			1,362			(508)			(148)						32,699
Transfer of cash flow hedge reserve to intangible assets															128			(28)			100						100
Transactions with owners:
Dividends									(20,121)																		(20,121)
Share-based payments									468																		468
Tax related to restricted stock units									29																		29
Purchase of treasury shares						(5)			(11,190)																		(11,195)
Reduction of the B share capital			(10)			10																					—
Balance at the end of the period			470			(5)			59,850			(1,841)			1,161			(62)			(742)						59,573
												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
9M 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									30,234																		30,234
Other comprehensive income for the period									(369)			489			281			35			805						436
Total comprehensive income for the period									29,865			489			281			35			805						30,670
Transactions with owners:
Dividends									(19,409)																		(19,409)
Share-based payments									245																		245
Tax related to restricted stock units									12																		12
Purchase of treasury shares						(6)			(10,398)																		(10,404)
Reduction of the B share capital			(10)			10																					—
Balance at the end of the period			480			(7)			53,721			(576)			(1,396)			731			(1,241)						52,953

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Financial report for the period 1 January 2020 to 30 September 2020			Page 28 of 33

APPENDIX 6: SALES SPLIT PER AREA

Q3 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						4,048			2,460			1,577			399			484			1,588			1,467
			% change at CER						(15%)			14%			14%			43%			(1%)			(38%)			(40%)
						Tresiba®			2,102			1,126			652			139			335			976			887
						% change at CER			(4%)			33%			37%			—			(1%)			(27%)			(30%)
						Xultophy®			604			443			405			—			38			161			158
						% change at CER			9%			24%			20%			—			70%			(17%)			(18%)
						Levemir®			1,342			891			520			260			111			451			422
						% change at CER			(33%)			(6%)			(9%)			3%			(14%)			(57%)			(58%)
			Premix insulin						2,572			2,447			645			1,201			601			125			119
			% change at CER						4%			4%			(11%)			14%			6%			12%			15%
						Ryzodeg®			296			296			79			13			204			—			—
						% change at CER			15%			15%			30%			—			3%			—			—
						NovoMix®			2,276			2,151			566			1,188			397			125			119
						% change at CER			3%			3%			(15%)			13%			7%			12%			15%
			Fast-acting insulin						4,589			2,611			1,562			508			541			1,978			1,883
			% change at CER						4%			8%			7%			14%			6%			(1%)			(1%)
						Fiasp®			345			201			186			—			15			144			136
						% change at CER			18%			24%			25%			—			21%			10%			11%
						NovoRapid®			4,244			2,410			1,376			508			526			1,834			1,747
						% change at CER			3%			7%			5%			14%			6%			(2%)			(1%)
			Human insulin						2,194			1,774			551			696			527			420			397
			% change at CER						5%			5%			(7%)			2%			25%			1%			3%
			Total insulin						13,403			9,292			4,335			2,804			2,153			4,111			3,866
			% change at CER						(2%)			8%			4%			14%			8%			(20%)			(20%)
			Victoza®						4,765			1,817			1,057			294			466			2,948			2,863
			% change at CER						(7%)			8%			(7%)			33%			43%			(15%)			(15%)
			Ozempic®						5,432			892			765			2			125			4,540			4,295
			% change at CER						82%			188%			171%			—			302%			70%			69%
			Rybelsus®						454			16			16			—			—			438			437
			% change at CER						—			—			—			—			—			—			—
			Total GLP-1						10,651			2,725			1,838			296			591			7,926			7,595
			% change at CER						31%			37%			29%			35%			70%			29%			29%
			Other Diabetes care1						954			730			179			389			162			224			190
			% change at CER						(4%)			(7%)			(28%)			3%			2%			9%			13%
			Total Diabetes care						25,008			12,747			6,352			3,489			2,906			12,261			11,651
			% change at CER						9%			12%			9%			14%			17%			7%			6%
			Obesity care (Saxenda®)						1,338			485			258			2			225			853			794
			% change at CER						0%			6%			14%			(50%)			0%			(3%)			(3%)
			Diabetes and Obesity care total						26,346			13,232			6,610			3,491			3,131			13,114			12,445
			% change at CER						9%			12%			9%			14%			15%			6%			6%
Biopharm segment
			Haemophilia2						2,311			1,345			974			44			327			966			910
			% change at CER						(4%)			(2%)			8%			(40%)			(17%)			(6%)			(6%)
						NovoSeven®			1,674			891			627			40			224			783			763
						% change at CER			(11%)			(13%)			(3%)			(42%)			(27%)			(8%)			(9%)
						NovoEight®			375			287			213			4			70			88			83
						% change at CER			10%			12%			6%			0%			33%			3%			6%
			Growth disorders (Norditropin®)						1,890			1,143			519			13			611			747			741
			% change at CER						5%			14%			16%			40%			12%			(6%)			(7%)
			Other Biopharm3						380			268			215			1			52			112			48
			% change at CER						(5%)			(6%)			(6%)			(100%)			(4%)			(2%)			(15%)
			Biopharm total						4,581			2,756			1,708			58			990			1,825			1,699
			% change at CER						0%			4%			8%			(31%)			0%			(6%)			(7%)
Total sales									30,927			15,988			8,318			3,549			4,121			14,939			14,144
			% change at CER						7%			10%			9%			13%			11%			5%			4%
			% change as reported						2%			5%			5%			9%			1%			(1%)			(1%)
			Share of growth						100%			70%			30%			19%			21%			30%			26%

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

Corporate governance

Financial Information

Company announcement No 63 / 2020

---

Financial report for the period 1 January 2020 to 30 September 2020			Page 29 of 33

9M 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						13,426			7,590			4,916			1,120			1,554			5,836			5,452
			% change at CER						(13%)			14%			12%			39%			8%			(34%)			(36%)
						Tresiba®			6,720			3,345			1,957			300			1,088			3,375			3,101
						% change at CER			(2%)			31%			32%			—			8%			(22%)			(26%)
						Xultophy®			1,842			1,326			1,209			1			116			516			508
						% change at CER			15%			25%			19%			—			125%			(5%)			(6%)
						Levemir®			4,864			2,919			1,750			819			350			1,945			1,843
						% change at CER			(30%)			(4%)			(8%)			9%			(9%)			(51%)			(52%)
			Premix insulin						8,220			7,799			2,275			3,662			1,862			421			401
			% change at CER						6%			8%			(1%)			13%			11%			(22%)			(22%)
						Ryzodeg®			967			967			252			26			689			—			—
						% change at CER			33%			33%			47%			—			25%			—			—
						NovoMix®			7,253			6,832			2,023			3,636			1,173			421			401
						% change at CER			3%			5%			(5%)			13%			5%			(22%)			(22%)
			Fast-acting insulin						14,082			8,170			4,968			1,563			1,639			5,912			5,604
			% change at CER						(1%)			8%			6%			18%			5%			(11%)			(12%)
						Fiasp®			1,021			591			547			—			44			430			404
						% change at CER			28%			34%			32%			—			68%			19%			19%
						NovoRapid®			13,061			7,579			4,421			1,563			1,595			5,482			5,200
						% change at CER			(2%)			6%			3%			18%			4%			(13%)			(13%)
			Human insulin						7,195			5,872			1,823			2,178			1,871			1,323			1,247
			% change at CER						8%			8%			0%			2%			25%			10%			12%
			Total insulin						42,923			29,431			13,982			8,523			6,926			13,492			12,704
			% change at CER						(3%)			10%			6%			14%			12%			(22%)			(23%)
			Victoza®						13,990			5,578			3,371			795			1,412			8,412			8,137
			% change at CER						(15%)			5%			(6%)			23%			29%			(24%)			(24%)
			Ozempic®						15,023			2,493			2,160			4			329			12,530			11,839
			% change at CER						120%			303%			304%			—			292%			101%			101%
			Rybelsus®						1,038			16			16			—			—			1,022			1,015
			% change at CER						—			—			—			—			—			—			—
			Total GLP-1						30,051			8,087			5,547			799			1,741			21,964			20,991
			% change at CER						29%			37%			35%			24%			51%			27%			26%
			Other Diabetes care1						3,056			2,250			547			1,204			499			806			701
			% change at CER						(4%)			(12%)			(31%)			(5%)			(2%)			31%			38%
			Total Diabetes care						76,030			39,768			20,076			10,526			9,166			36,262			34,396
			% change at CER						8%			13%			11%			12%			17%			3%			2%
			Obesity care (Saxenda®)						4,223			1,611			834			6			771			2,612			2,420
			% change at CER						6%			8%			8%			(17%)			7%			4%			4%
			Diabetes and Obesity care total						80,253			41,379			20,910			10,532			9,937			38,874			36,816
			% change at CER						8%			12%			11%			12%			16%			3%			2%
Biopharm segment
			Haemophilia2						7,522			4,513			2,864			257			1,392			3,009			2,794
			% change at CER						(2%)			3%			8%			14%			(8%)			(7%)			(7%)
						NovoSeven®			5,683			3,222			1,920			247			1,055			2,461			2,364
						% change at CER			(7%)			(4%)			3%			17%			(17%)			(10%)			(9%)
						NovoEight®			1,115			856			616			10			230			259			242
						% change at CER			1%			2%			(4%)			(23%)			20%			1%			1%
			Growth disorders (Norditropin®)						5,872			3,676			1,705			42			1,929			2,196			2,183
			% change at CER						13%			18%			17%			72%			18%			7%			7%
			Other Biopharm3						1,161			831			680			5			146			330			154
			% change at CER						1%			1%			2%			(20%)			(3%)			1%			2%
			Biopharm total						14,555			9,020			5,249			304			3,467			5,535			5,131
			% change at CER						4%			8%			10%			19%			5%			(2%)			(2%)
Total sales									94,808			50,399			26,159			10,836			13,404			44,409			41,947
			% change at CER						7%			12%			11%			12%			13%			2%			2%
			% change as reported						6%			9%			9%			10%			8%			2%			2%
			Share of growth						100%			83%			39%			19%			25%			17%			11%

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

Corporate governance

Financial Information

Company announcement No 63 / 2020

---

Financial report for the period 1 January 2020 to 30 September 2020			Page 30 of 33

APPENDIX 7: NON-IFRS FINANCIAL MEASURES (ADDITIONAL INFORMATION)

In this Company Announcement, Novo Nordisk discloses certain financial measures of the Group’s financial performance, financial position and cash flows that reflect adjustments to the directly comparable measures calculated and presented 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			9M 2020			9M 2019			% change 9M 2020 to 9M 2019						Q3 2020			Q3 2019			% change Q3 2020 to Q3 2019
Net sales			94,808			89,604			6		%				30,927			30,277			2		%
Effect of exchange rates			1,209			—									1,591			—
Sales at CER			96,017			89,604			7		%				32,518			30,277			7		%
Operating profit at CER
DKK million			9M 2020			9M 2019			% change 9M 2020 to 9M 2019						Q3 2020			Q3 2019			% change Q3 2020 to Q3 2019
Operating profit			42,948			40,610			6		%				12,808			12,919			(1		%)
Effect of exchange rates			680			—									983			—
Operating profit at CER			43,628			40,610			7		%				13,791			12,919			7		%

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			9M 2020			9M 2019			Q3 2020			Q3 2019
Net cash generated from operating activities			51,779			41,617			17,506			16,688
Net cash used in investing activities			(9,536)			(8,300)			(6,063)			(2,441)
Repayment on lease liabilities			(684)			(603)			(219)			(208)
Free cash flow			41,559			32,714			11,224			14,039

COVID-19

Strategic aspirations

Financial Performance

Equity and capital allocation

Outlook

R&D

Sustainability

Corporate governance

Financial Information

Company announcement No 63 / 2020

---

Financial report for the period 1 January 2020 to 30 September 2020			Page 31 of 33

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			9M 2020			Q4 2019
Cash and cash equivalents			25,465			15,411
Undrawn committed credit facilities			11,542			11,578
Borrowings (bank overdrafts)			(595)			(595)
Financial resources			36,412			26,394

COVID-19

Strategic aspirations

Financial Performance

Equity and capital allocation

Outlook

R&D

Sustainability

Corporate governance

Financial Information

Company announcement No 63 / 2020

---

Financial report for the period 1 January 2020 to 30 September 2020			Page 32 of 33

APPENDIX 8: NEW SALES SPLIT PER AREA (ADDITIONAL INFORMATION)

Q3 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						5,019			2,266			1,434			289			543			2,753			2,630
						Tresiba®			2,306			888			486			27			375			1,418			1,343
						Xultophy®			575			370			343			—			27			205			202
						Levemir®			2,138			1,008			605			262			141			1,130			1,085
			Premix insulin						2,596			2,479			781			1,095			603			117			109
						Ryzodeg®			278			278			69			—			209			—			—
						NovoMix®			2,318			2,201			712			1,095			394			117			109
			Fast-acting insulin						4,632			2,536			1,524			463			549			2,096			1,989
						Fiasp®			301			164			150			—			14			137			129
						NovoRapid®			4,331			2,372			1,374			463			535			1,959			1,860
			Human insulin						2,237			1,799			610			706			483			438			406
			Total insulin						14,484			9,080			4,349			2,553			2,178			5,404			5,134
			Victoza®						5,370			1,741			1,157			227			357			3,629			3,507
			Ozempic®						3,122			326			285			—			41			2,796			2,659
			Rybelsus®						—			—			—			—			—			—			—
			Total GLP-1						8,492			2,067			1,442			227			398			6,425			6,166
			Other Diabetes care						1,038			819			262			387			170			219			178
			Total Diabetes care						24,014			11,966			6,053			3,167			2,746			12,048			11,478
			Obesity care (Saxenda®)						1,442			514			239			2			273			928			865
			Diabetes and Obesity care total						25,456			12,480			6,292			3,169			3,019			12,976			12,343
Biopharm segment
			Haemophilia						2,524			1,441			928			78			435			1,083			1,020
						NovoSeven®			1,985			1,083			667			74			342			902			880
						NovoEight®			357			268			204			4			60			89			82
			Growth disorders (Norditropin®)						1,886			1,051			461			10			580			835			833
			Other Biopharm						411			289			232			1			56			122			60
			Biopharm total						4,821			2,781			1,621			89			1,071			2,040			1,913
Total sales									30,277			15,261			7,913			3,258			4,090			15,016			14,256

9M 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						15,674			6,783			4,454			820			1,509			8,891			8,556
						Tresiba®			6,948			2,593			1,485			58			1,050			4,355			4,164
						Xultophy®			1,626			1,080			1,021			—			59			546			540
						Levemir®			7,100			3,110			1,948			762			400			3,990			3,852
			Premix insulin						7,913			7,376			2,381			3,286			1,709			537			513
						Ryzodeg®			747			747			184			1			562			—			—
						NovoMix®			7,166			6,629			2,197			3,285			1,147			537			513
			Fast-acting insulin						14,367			7,732			4,773			1,353			1,606			6,635			6,334
						Fiasp®			804			444			416			—			28			360			339
						NovoRapid®			13,563			7,288			4,357			1,353			1,578			6,275			5,995
			Human insulin						6,832			5,628			1,834			2,170			1,624			1,204			1,110
			Total insulin						44,786			27,519			13,442			7,629			6,448			17,267			16,513
			Victoza®						16,507			5,378			3,579			655			1,144			11,129			10,776
			Ozempic®						6,872			641			536			—			105			6,231			5,900
			Rybelsus®						—			—			—			—			—			—			—
			Total GLP-1						23,379			6,019			4,115			655			1,249			17,360			16,676
			Other Diabetes care						3,230			2,611			808			1,280			523			619			509
			Total Diabetes care						71,395			36,149			18,365			9,564			8,220			35,246			33,698
			Obesity care (Saxenda®)						4,115			1,611			781			6			824			2,504			2,323
			Diabetes and Obesity care total						75,510			37,760			19,146			9,570			9,044			37,750			36,021
Biopharm segment
			Haemophilia						7,727			4,475			2,683			225			1,567			3,252			3,012
						NovoSeven®			6,160			3,413			1,895			212			1,306			2,747			2,610
						NovoEight®			1,119			863			645			13			205			256			239
			Growth disorders (Norditropin®)						5,199			3,140			1,467			25			1,648			2,059			2,049
			Other Biopharm						1,168			838			681			5			152			330			152
			Biopharm total						14,094			8,453			4,831			255			3,367			5,641			5,213
Total sales									89,604			46,213			23,977			9,825			12,411			43,391			41,234

COVID-19

Strategic aspirations

Financial Performance

Equity and capital allocation

Outlook

R&D

Sustainability

Corporate governance

Financial Information

Company announcement No 63 / 2020

---

Financial report for the period 1 January 2020 to 30 September 2020			Page 33 of 33

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

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Financial Performance

Equity and capital allocation

Outlook

R&D

Sustainability

Corporate governance

Financial Information

Company announcement No 63 / 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: October 30, 2020

Novo Nordisk A/S

Lars Fruergaard Jørgensen

Chief Executive Officer

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