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

_________________________

FORM 6-K

_________________________


REPORT OF FOREIGN PRIVATE ISSUER

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


October 30, 2020

_________________________

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

_________________________

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

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

Form 20-F x Form 40-F o


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

Yes o No x


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






NEWHEADER1.JPG                               NN_LOGOXCMYKXBLUEXSMALL1.JPG                         


Financial report for the period 1 January 2020 to 30 September 2020

30 October 2020
Novo Nordisk's operating profit increased by 6% in Danish kroner and by 7% at constant exchange rates (CER) in the first nine months of 2020


Sales increased by 6% in Danish kroner and by 7% at CER to DKK 94.8 billion. Sales in International Operations increased by 9% in Danish kroner (12% at CER), and sales in North America Operations increased by 2% in Danish kroner (2% at CER). Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment, partially offset by COVID-19-related stocking in the first quarter.
Sales within Diabetes and Obesity care increased by 6% to DKK 80.3 billion (8% at CER), driven by GLP-1 sales increasing by 29% in Danish kroner (29% at CER) reflecting the uptake of Ozempic® and the Rybelsus® launch as well as Obesity care sales increasing by 3% in Danish kroner (6% at CER). Biopharm sales increased by 3% (4% at CER).
Sales in the third quarter increased by 2% measured in Danish kroner and by 7% at CER compared to the third quarter of 2019. Sales growth was driven by GLP-1 sales increasing by 25% in Danish Kroner (31% at CER).

During the third quarter, Novo Nordisk successfully completed the phase 2b trial with ziltivekimab in cardiovascular disease. Further, Novo Nordisk requested priority review in the US of the filing of semaglutide 2.4 mg in obesity based on a priority review voucher.
On 8 October, the outlook for 2020 was raised with sales growth and operating profit growth now both expected to be 5-8% at CER.

PROFIT AND LOSS 9M 2020 9M 2019 Growth
as reported
Growth
at CER*
DKK million
Net sales 94,808  89,604  % %
Operating profit 42,948  40,610  % %
Net profit 32,820  30,234  % N/A
Diluted earnings per share (in DKK) 14.00  12.68  10  % N/A
* CER: Constant exchange rates (average 2019). The growth at CER was announced on 8 October

Lars Fruergaard Jørgensen, president and CEO: "We are very satisfied with the performance in the first nine months of 2020 despite the negative impacts from COVID-19. More patients use our GLP-1 treatments, and our diabetes market leadership continues to expand. Within R&D, an important milestone was reached with the encouraging results from the phase 2b trial in cardiovascular disease with ziltivekimab, the lead candidate from Corvidia Therapeutics that was acquired this year".

On 30 October 2020 at 13.00 CET, corresponding to 8.00 am EDT, a conference call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.
Novo Nordisk A/S
Investor Relations
Novo Allé
2880 Bagsværd
Denmark
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
24 25 67 90
 Company announcement No 63 / 2020


Financial report for the period 1 January 2020 to 30 September 2020
Page 2 of 33
UPDATE ON COVID-19

During the COVID-19 pandemic, Novo Nordisk's key priorities are to safeguard employees, continue the supply of lifesaving medicines and support societies around the world.

Production
Novo Nordisk's manufacturing sites continue to operate and products are still distributed and made available to patients worldwide.

R&D
Novo Nordisk continues conduct of all clinical trials already initiated. For ongoing trials, recruitment of new patients is still below pre-COVID-19 levels. Some new trials have been initiated.

Commercial
Most Novo Nordisk medicines are mainly used for chronic treatment. However, during the period of social distancing implemented in many markets, fewer new patients are initiating treatment. This is especially impacting launch products and products with a short stay time. A gradual recovery of patient initiations took place in the third quarter. In the beginning of the pandemic, stocking mainly at patient level was seen particularly in the US and Europe and a gradual destocking at patient level has taken place in the second and third quarter of 2020.

The COVID-19 pandemic continues to evolve differently across geographies and operations are running accordingly. In many markets, sales representatives are partially back in the field.

Support to society
Novo Nordisk supports societies and local healthcare systems during the COVID-19 pandemic with contributions in countries across the world, including patient support, emergency relief donations as well as protection equipment for medical staff and hospitals.


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 3 of 33
STRATEGIC ASPIRATIONS

STRATEGIC ASPIRATIONS 2025
To reflect the broad aspects of Novo Nordisk across therapy areas and geographies, Novo Nordisk introduced in 2019 a comprehensive approach describing the future growth aspirations of the company under the headline Strategic Aspirations 2025.

The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to each of the four dimensions on an ongoing basis.

Continued progress is made on the Strategic Aspirations 2025. Key results for the first nine months of 2020 were:

Purpose and Sustainability:
Adding value to society:
Launch of new social responsibility strategy to defeat diabetes
Expansion of US affordability options
Societal contributions during COVID-19 pandemic
Lowered ceiling pricing of human insulin as part of Access to Insulin Commitment in 76 countries
Environment:
Sourcing of renewable power for all US operations and 100% renewable power across all production sites
Launch of supplier target aiming at 100% renewable power across all suppliers by 2030

Innovation and therapeutic focus:
Insulin icodec phase 2 trial successfully completed supporting the aspiration of further raising the innovation bar for diabetes treatment
Rybelsus® approved in the EU and Japan
Semaglutide 2.4 mg in obesity phase 3 programme, phase 2 monotherapy trial with AM833 and phase 1 combination trial of AM833 and semaglutide successfully completed - supporting the aspiration of developing superior treatment solutions for obesity
Within Other serious chronic diseases, successful completion of phase 2b trial with ziltivekimab in cardiovascular disease and the completion of the semaglutide in NASH phase 2 trial support the aspirations of developing a presence

Commercial execution:
Diabetes value market share increased by 0.8 percentage point to 29.2%, supporting the aspiration of reaching a diabetes value market share of more than one third
Obesity care sales increased by 6% (CER) to DKK 4.2 billion with an aspiration to at least doubling Obesity care sales
Biopharm sales increased by 4% (CER), supporting the aspiration of a sustained growth outlook for Biopharm

Financials:
Supporting the aspiration of delivering solid sales growth:
Sales in International Operations grew by 12% (CER)
In the US, 47% of sales come from products launched since 2015, reflecting the transformation of the sales in the US
Operating profit increased by 7% (CER)
Free cash flow increased by 27% to DKK 41.6 billion and DKK 31.3 billion was returned to shareholders through share buybacks and dividends








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 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 %
Gross profit 79,495 74,948 %
Gross margin 83.8  % 83.6  %
Sales and distribution costs 23,162 22,287 %
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 %
Percentage of sales 2.9  % 3.1  %
Other operating income, net 354 557 (36  %)
Operating profit 42,948 40,610 %
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 %
Net profit margin 34.6  % 33.7  %
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 4,374 4,263 %
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 %
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.
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 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  % 12  % 83  %
 - EMEA 26,159  % 11  % 39  %
 - Region China 10,836  10  % 12  % 19  %
 - Rest of World 13,404  % 13  % 25  %
North America Operations 44,409  % % 17  %
 - The US 41,947  % % 11  %
Total sales 94,808  % % 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).



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 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  % %
 -   Levemir®
4,864  7,100  (31  %) (30  %) (34  %)
Premix insulin 8,220  7,913  % % %
 -   Ryzodeg®
967  747  29  % 33  % %
 -   NovoMix®
7,253  7,166  % % %
Fast-acting insulin 14,082  14,367  (2  %) (1  %) (2  %)
 -   Fiasp®
1,021  804  27  % 28  % %
 -   NovoRapid®
13,061  13,563  (4  %) (2  %) (5  %)
Human insulin 7,195  6,832  % % %
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  % % 87  %
Obesity care (Saxenda®)
4,223  4,115  % % %
Diabetes and Obesity care total 80,253  75,510  % % 91  %
Biopharm segment
Haemophilia2
7,522  7,727  (3  %) (2  %) (2  %)
 -   NovoSeven®
5,683  6,160  (8  %) (7  %) (7  %)
 -   NovoEight®
1,115  1,119  % % %
Growth disorders (Norditropin®)
5,872  5,199  13  % 13  % 11  %
Other Biopharm3
1,161  1,168  (1  %) % %
Biopharm total 14,555  14,094  % % %
Total sales 94,808  89,604  % % 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 Corporate governance Financial Information
 Company announcement No 63 / 2020

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  %
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  %
 - The US 31.7  % 31.1  % 34,396  %
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.
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 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  %
 - 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.



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 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%.





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 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  %
International Operations 1,611  %
 - EMEA 834  %
 - Region China (17  %)
 - Rest of World 771  %
North America Operations 2,612  %
 - The US 2,420  %
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.


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 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  %
International Operations 9,020  %
 - EMEA 5,249  10  %
 - Region China 304  19  %
 - Rest of World 3,467  %
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.
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 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.
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 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  % 10  % 70  %
 - EMEA 8,318  % % 30  %
 - Region China 3,549  % 13  % 19  %
 - Rest of World 4,121  % 11  % 21  %
North America Operations 14,939  (1  %) % 30  %
 - The US 14,144  (1  %) % 26  %
Total sales 30,927  % % 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.

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 14 of 33
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.
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 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%.



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 16 of 33
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.

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 17 of 33
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  % 630 
CNY 92  96  (4  %) 95  97  (2  %) 94 
JPY 6.00  6.26  (4  %) 6.17  6.09  % 5.99 
CAD 478  508  (6  %) 491  500  (2  %) 478 
GBP 823  827  % 843  845  % 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).


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 18 of 33
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.

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 19 of 33
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.
COVID-19 Strategic aspirations Financial
Performance
Equity and capital allocation Outlook R&D Sustainability Corporate governance Financial Information
 Company announcement No 63 / 2020
Financial Performance Equity Outlook Strategic aspirations R&D Sustainability Corporate governance Legal Financial Information
Company announcement No XX / 2020
Financial Performance Equity Outlook Strategic aspirations R&D Sustainability Corporate governance Legal Financial Information
Company announcement No XX / 2020
Financial Performance Equity Outlook Strategic aspirations R&D Sustainability Corporate governance Legal Financial Information
Company announcement No XX / 2020
Financial Performance Equity Outlook Strategic aspirations R&D Sustainability Corporate governance Legal Financial Information
Company announcement No XX / 2020
Financial Performance Equity Outlook Strategic aspirations R&D Sustainability Corporate governance Legal Financial Information
Company announcement No XX / 2020
Financial Performance Equity Outlook Strategic aspirations R&D Sustainability Legal Financial Information
Company announcement No XX / 2020


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.

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 21 of 33
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

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 22 of 33
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.
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 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 %
Gross profit 25,772 25,234 28,489 26,985 25,202 25,187 24,559 %
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 %
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 %
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 %
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 %
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 %
Depreciation, amortisation and
impairment losses
2,130 1,158 1,086 1,398 2,095 1,110 1,058 %
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 %
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 %
Basic earnings per share/ADR (in DKK) 4.42 4.54 5.07 3.71 4.3 4.03 4.37 %
Diluted earnings per share/ADR (in DKK) 4.42 4.53 5.05 3.70 4.29 4.03 4.36 %
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 %
   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 %
   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 %
   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 %
   - EMEA 8,318 8,167 9,674 8,231 7,913 8,120 7,944 %
   - Region China 3,549 3,474 3,813 3,019 3,258 3,192 3,375 %
   - Rest of World 4,121 4,474 4,809 4,101 4,090 4,253 4,068 %
   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.
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 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

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 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
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 

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 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 

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 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 

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 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