NVO Novo Nordisk

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PROFIT AND LOSS			2020						2019			Growth as reported			Growth at CER*
DKK million
Net sales			126,946						122,021			4		%	7		%
Operating profit			54,126						52,483			3		%	7		%
Net profit			42,138						38,951			8		%	N/A
Diluted earnings per share (in DKK)			18.01						16.38			10		%	N/A

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Company announcement No 6 / 2021

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Performance highlights for 2020:

Purpose and sustainability						Innovation and therapeutic focus
Adding value to society: •Launch of social strategy '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 Progress towards zero environmental impact: •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   rog Ensure distinct core capabilities and evolve culture: •Progress on diversity and inclusion agenda as well as digitalisation capabilities						Further raise innovation bar for diabetes treatment: •Semaglutide high-dose phase 3b trial successfully completed and submitted in the EU and the US •Phase 3a trial with once-weekly insulin icodec initiated •Rybelsus® approved in the EU and Japan Develop superior treatment solutions for obesity: •Semaglutide 2.4 mg in obesity phase 3a programme successfully completed and submitted in the US and the EU •Phase 2 monotherapy trial with AM833 phase 1 combination trial of AM833 and semaglutide 2.4 mg successfully completed Dev Strengthen and progress Biopharm pipeline: •Mim8 phase 1/2 trials initiated •Concizumab phase 3 trial reinitiated Establish presence in Other serious chronic diseases: •Ziltivekimab phase 2b trial in cardiovascular disease successfully completed •Semaglutide in NASH phase 2 trial successfully completed
Commercial execution						Financials
stre Strengthen diabetes leadership: •Diabetes value market share increased by 0.7 percentage point to 29.3% Sgd Strengthen obesity leadership and double sales •Obesity care sales increased by 3% (CER) to DKK 5.6 billion Stre Sec Secure a sustained growth outlook for Biopharm •Biopharm sales increased by 1% (CER)						Deliver solid sales and operating profit growth: •Sales and operating profit growth at 7% (CER) •Sales in International Operations grew by 10% (CER) •In the US, 48% of sales came from products launched since 2015            Drive operational efficiencies: •Gross margin improvement (CER) driven by productivity gains in Product Supply Enable attractive capital allocation to shareholders: •Free cash flow of DKK 28.6 billion reflecting acquisitions in 2020 •DKK 37.0 billion returned to shareholders through share buybacks and dividends

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 4 of 36

FINANCIAL PERFORMANCE

CONSOLIDATED FINANCIAL STATEMENT FOR 2020

PROFIT AND LOSS			2020						2019			2018			2017			2016						% change 2020 to 2019
(Amounts are in DKK million, except for earnings per share, dividend per share and employees)
Net sales			126,946						122,021			111,831			111,696			111,780						4		%
Gross profit			106,014						101,933			94,214			94,064			94,597						4		%
Gross margin			83.5%						83.5%			84.2%			84.2%			84.6%
Sales and distribution costs			32,928						31,823			29,397			28,340			28,377						3		%
Percentage of sales			25.9%						26.1%			26.3%			25.4%			25.4%
Research and development costs			15,462						14,220			14,805			14,014			14,563						9		%
Percentage of sales			12.2%						11.7%			13.2%			12.5%			13.0%
Administrative costs			3,958						4,007			3,916			3,784			3,962						(1		%)
Percentage of sales			3.1%						3.3%			3.5%			3.4%			3.5%
Other operating income, net			460						600			1,152			1,041			737						(23		%)
Operating profit			54,126						52,483			47,248			48,967			48,432						3		%
Operating margin			42.6%						43.0%			42.2%			43.8%			43.3%
Financial items (net)			(996)						(3,930)			367			(287)			(634)						(75		%)
Profit before income taxes			53,130						48,553			47,615			48,680			47,798						9		%
Income taxes			10,992						9,602			8,987			10,550			9,873						14		%
Effective tax rate			20.7%						19.8%			18.9%			21.7%			20.7%
Net profit			42,138						38,951			38,628			38,130			37,925						8		%
Net profit margin			33.2%						31.9%			34.5%			34.1%			33.9%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses			5,753						5,661			3,925			3,182			3,193						2		%
Purchase of intangible assets			16,256						2,299			2,774			1,022			1,199						607		%
Capital expenditure1			5,825						8,932			9,636			7,626			7,068						(35		%)
Net cash generated from operating activities			51,951						46,782			44,616			41,168			48,314						11		%
Free cash flow			28,565						34,451			32,536			32,588			39,991						(17		%)
Total assets			144,922						125,612			110,769			102,355			97,539						15		%
Equity			63,325						57,593			51,839			49,815			45,269						10		%
Equity ratio			43.7%						45.8%			46.8%			48.7%			46.4%
Diluted earnings per share / ADR (in DKK)			18.01						16.38			15.93			15.39			14.96						10		%
Total dividend per share 2)			9.10						8.35			8.15			7.85			7.6						9		%
Payout ratio 3)			50.0%						50.5%			50.6%			50.4%			50.2%
1) Cash-based capital expenditure (purchase of property, plant and equipment) and intangible assets.
2) Total dividend for the financial year 2020 including proposed final dividend of DKK 5.85 per share and interim dividend paid in August 2020 of DKK 3.25 per share.
3) Total dividend for the year as a percentage of net profit.

The Board of Directors and Executive Management have approved the Annual Report 2020 of Novo Nordisk A/S

including the audited consolidated financial statements. The Board of Directors and Executive Management also

approved this unaudited financial statement containing condensed financial information for 2020. This financial

statement is prepared in accordance with the recognition and measurement requirements of the International

Financial Reporting Standards (IFRS) as issued by IASB and IFRS as endorsed by the EU.

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 5 of 36

GEOGRAPHIC SALES DEVELOPMENT

Sales increased by 4% measured in Danish kroner and by 7% at CER to DKK 126,946 million in 2020. Sales growth was negatively impacted by COVID-19, driven by fewer patients initiating treatment. Sales in International Operations increased by 7% measured in Danish kroner and by 10% at CER. Sales in North America Operations increased by 1% measured in Danish kroner and by 3% at CER.

As of 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 2020 DKK million			Growth as reported			Growth at CER			Share of growth at CER
International Operations						65,829			7		%	10		%	77		%
			- EMEA			34,297			6		%	9		%	34		%
			- Region China			14,084			10		%	11		%	18		%
			- Rest of World			17,448			6		%	12		%	25		%
North America Operations						61,117			1		%	3		%	23		%
			- The US			57,824			1		%	3		%	18		%
Total sales						126,946			4		%	7		%	100		%

International Operations

Sales in International Operations increased by 7% measured in Danish kroner and by 10% at CER. Sales growth was driven by all geographical areas, with EMEA growing by 9% (CER), Rest of World growing by 12% (CER) and Region China growing by 11% (CER). Sales growth was driven by all therapy areas. Sales growth was negatively impacted by COVID-19, driven by fewer patients initiating treatment

EMEA

Sales in EMEA increased by 6% measured in Danish kroner and by 9% at CER. Sales growth was driven by Diabetes care growing by 10% (CER) driven by increased GLP-1 and insulin sales. Biopharm sales increased by 4% (CER) and Obesity care increased by 18% (CER).

Region China

Sales in Region China increased by 10% measured in Danish kroner and by 11% at CER. Sales growth was driven by Diabetes care growth of 11% (CER) due to increased modern and new-generation insulin sales and Biopharm growing by 33% (CER).

Rest of World

Sales in Rest of World increased by 6% measured in Danish kroner and by 12% at CER. Sales growth was driven by Diabetes care growing by 16% (CER) reflecting increased insulin and GLP-1 sales, Biopharm growing by 5% (CER) and Obesity care growing by 4% (CER).

North America Operations

Sales in North America Operations increased by 1% measured in Danish kroner and by 3% at CER. Sales growth was negatively impacted by COVID-19 due to fewer patients initiating treatment and increased unemployment in the US, partially offset by COVID-19-related stocking in the first quarter.

The sales development reflects Diabetes care GLP-1 sales growing by 28% (CER). This was partially offset by insulin sales declining by 20% (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 6% (CER) and Obesity care declining by 1% (CER).

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 6 of 36

SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS

Sales growth in 2020 was 4% 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 3% (CER) and Biopharm sales growth of 1% (CER). Sales growth was negatively impacted by COVID-19, driven by fewer patients initiating treatment.

Sales split per therapy						Sales 2020 DKK million			Sales 2019 DKK million						Growth as reported			Growth at CER			Share of growth at CER
Diabetes and Obesity care segment
Long-acting insulin						18,439			20,776						(11		%)	(9		%)	(23		%)
			-   Tresiba®			8,968			9,259						(3		%)	(1		%)	(1		%)
			-   Xultophy®			2,444			2,210						11		%	13		%	3		%
			-   Levemir®			7,027			9,307						(24		%)	(22		%)	(25		%)
Premix insulin						10,925			10,578						3		%	6		%	8		%
			-   Ryzodeg®			1,291			993						30		%	35		%	4		%
			-   NovoMix®			9,634			9,585						1		%	3		%	4		%
Fast-acting insulin						18,313			19,303						(5		%)	(3		%)	(6		%)
			-   Fiasp®			1,385			1,243						11		%	13		%	2		%
			-   NovoRapid®			16,928			18,060						(6		%)	(4		%)	(8		%)
Human insulin						8,873			9,036						(2		%)	2		%	2		%
Total insulin						56,550			59,693						(5		%)	(3		%)	(19		%)
Victoza®						18,747			21,934						(15		%)	(13		%)	(34		%)
Ozempic®						21,211			11,237						89		%	93		%	128		%
Rybelsus®						1,873			50						—			—			23		%
Total GLP-1						41,831			33,221						26		%	29		%	117		%
Other Diabetes care1						4,031			4,247						(5		%)	(3		%)	(2		%)
Total Diabetes care						102,412			97,161						5		%	8		%	96		%
Obesity care (Saxenda®)						5,608			5,679						(1		%)	3		%	2		%
Diabetes and Obesity care total						108,020			102,840						5		%	8		%	98		%
Biopharm segment
Haemophilia2						9,662			10,281						(6		%)	(4		%)	(5		%)
			-   NovoSeven®			7,203			8,119						(11		%)	(9		%)	(9		%)
			-   NovoEight®			1,462			1,525						(4		%)	(1		%)	0		%
Growth disorders (Norditropin®)						7,704			7,275						6		%	8		%	7		%
Other Biopharm3						1,560			1,625						(4		%)	(2		%)	0		%
Biopharm total						18,926			19,181						(1		%)	1		%	2		%
Total sales						126,946			122,021						4		%	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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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 7 of 36

DIABETES AND OBESITY CARE

Diabetes care, sales development

Sales in Diabetes care increased by 5% measured in Danish kroner and by 8% at CER to DKK 102,412 million driven by GLP-1 growth. Novo Nordisk has improved the global diabetes value market share over the last 12 months from 28.6% to 29.3%, driven by market share gains in both International Operations and North America Operations.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from November 2020 and November 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
						November			November			Sales 2020 DKK million			Growth at CER
						2020			2019
Global						29.3		%	28.6		%	102,412			8		%
International Operations						23.0		%	22.0		%	52,063			11		%
			- EMEA *			27.6		%	26.9		%	26,488			10		%
			- Region China **			29.7		%	27.4		%	13,642			11		%
			- Rest of World ***			13.4		%	12.8		%	11,933			16		%
North America Operations						31.5		%	31.1		%	50,349			5		%
			- The US			31.6		%	31.3		%	47,857			4		%

Source: IQVIA, November 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 5% measured in Danish kroner and by 3% at CER to DKK 56,550 million. The sales decrease was driven by declining sales in the US, partly offset by increased sales in International Operations.

Sales of long-acting insulin decreased by 11% measured in Danish kroner and by 9% at CER to DKK 18,439 million. Novo Nordisk has increased its global volume market share in the long-acting insulin segment from 32.4% to 32.8% 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 91 countries, while Xultophy® has been launched in 42 countries.

Sales of premix insulin increased by 3% measured in Danish kroner and by 6% at CER to DKK 10,925 million. Novo Nordisk is the market leader in the premix insulin segment with a global volume market share of 65.2% compared to 64.2% 12 months ago. The sales increase was driven by increased sales of both Ryzodeg® and NovoMix®. Ryzodeg® has now been launched in 37 countries.

Sales of fast-acting insulin decreased by 5% measured in Danish kroner and by 3% at CER to DKK 18,313 million. Novo Nordisk is the market leader in the fast-acting insulin segment and has increased its global volume market share to 51.7% from 50.7% in the last 12 months. The sales decrease was driven by NovoRapid®, partly offset by increased Fiasp® sales. Fiasp® has now been launched in 41 countries.

Sales of human insulin decreased by 2% measured in Danish kroner and increased by 2% at CER to DKK 8,873 million.

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 8 of 36

Insulin, development per geographical area						Novo Nordisk’s share of the total insulin market (volume, MAT)						Insulin, sales development
						November			November			Sales 2020 DKK million			Growth at CER
						2020			2019
Global						47.2		%	46.5		%	56,550			(3		%)
International Operations						50.1		%	49.2		%	38,352			9		%
			- EMEA *			47.5		%	46.5		%	18,364			5		%
			- Region China **			50.4		%	50.5		%	11,053			13		%
			- Rest of World ***			57.2		%	56.3		%	8,935			12		%
North America Operations						39.5		%	39.9		%	18,198			(20		%)
			- The US			39.4		%	40.0		%	17,146			(22		%)

Source: IQVIA, November 2020 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk Diabetes care sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk’s Diabetes care sales in the area.

International Operations

Sales of insulin in International Operations increased by 5% measured in Danish kroner and by 9% at CER. Sales growth at CER was driven by all insulin segments.

EMEA

Sales of insulin in EMEA increased by 2% measured in Danish kroner and by 5% at CER. Sales growth was driven by long-acting and fast-acting insulin, partially offset by premix insulin and human insulin.

Region China

Sales of insulin in Region China increased by 11% measured in Danish kroner and by 13% at CER. The sales growth was driven by all insulin products except for human insulin. 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 6% 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% measured in Danish kroner and by 20% at 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 39.5% of the total insulin market.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 9 of 36

GLP-1 therapy for type 2 diabetes

Sales of GLP-1 products for type 2 diabetes (Ozempic®, Victoza® and Rybelsus®) increased by 26% measured in Danish kroner and by 29% at CER to DKK 41,831 million. Ozempic® has now been launched in 52 countries with sales of DKK 21,211 million, and Rybelsus® has been launched in nine countries with sales of DKK 1,873 million. The GLP-1 segment’s value share of the total diabetes market has increased to 22.0% compared with 18.0% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 50.4% value market share, an increase of 2.9 percentage points compared to 12 months ago. Sales growth was negatively impacted by COVID-19.

GLP-1, development per geographical area						Novo Nordisk's share of the diabetes GLP-1 market (value, MAT)						GLP-1, sales development
						November			November			Sales 2020 DKK million			Growth at CER
						2020			2019
Global						50.4		%	47.5		%	41,831			29		%
International Operations						53.6		%	50.6		%	10,765			32		%
			- EMEA *			55.1		%	52.9		%	7,399			31		%
			- Region China **			90.5		%	92.8		%	1,043			18		%
			- Rest of World ***			43.6		%	38.8		%	2,323			41		%
North America Operations						49.9		%	47.0		%	31,066			28		%
			- The US			49.3		%	46.5		%	29,768			27		%

Source: IQVIA, November 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 Diabetes care sales in the area.

International Operations

Sales of GLP-1 diabetes products in International Operations increased by 28% measured in Danish kroner and by 32% 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 10.8% from 9.1% 12 months ago. Novo Nordisk is the market leader with a value market share of 53.6%.

EMEA

Sales in EMEA increased by 30% measured in Danish kroner and by 31% at CER. The sales growth reflects the uptake of Ozempic®, partially offset 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 55.1%.

Region China

Sales in Region China increased by 16% measured in Danish kroner and by 18% 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 3.0% from 2.1% 12 months ago. Victoza® has a market share of 90.5%.

Rest of World

Sales in Rest of World increased by 28% measured in Danish kroner and by 41% at CER. The sales growth reflects increased sales of Ozempic® and Victoza®. Novo Nordisk remains the market leader with a value market share of 43.6%.

North America Operations

Sales of GLP-1 diabetes products in North America Operations increased by 25% measured in Danish kroner and by 28% at CER. Novo Nordisk is the market leader with a 49.9% value market share compared to 47.0% 12 months ago. The value market share of the GLP-1 class of the total North American diabetes market has increased to 26.0% compared to 21.3% 12 months ago.

Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of around 30%. Rybelsus® has around 90% market access across commercial and Medicare plans and the weekly new-to-brand market share is 11.5%. The combined Novo Nordisk GLP-1 new-to-brand prescription market share is now 57.1%. Novo Nordisk is the market leader measured on total monthly prescriptions for the combined GLP-1 portfolio.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 10 of 36

Sales of GLP-1 in the US increased by 27% 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® decreased by 1% measured in Danish kroner and increased by 3% at CER to DKK 5,608 million. Saxenda® sales growth at CER was driven by International Operations, partially offset by North America Operations. Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment. Saxenda® has now been launched in 55 countries. Novo Nordisk currently has a value market share of 64.7% of the global obesity prescription drug market.     

Obesity care, development per geographical area						Obesity care, sales development
						Sales 2020 DKK million			Growth at CER
Global						5,608			3		%
International Operations						2,118			11		%
			- EMEA			1,124			18		%
			- Region China			10			11		%
			- Rest of World			984			4		%
North America Operations						3,490			(1		%)
			- The US			3,230			(2		%)

International Operations

Sales of Saxenda® in International Operations increased by 2% measured in Danish kroner and by 11% at CER driven by increased sales in EMEA and Rest of World. Novo Nordisk currently has a value market share of 40.4% in the obesity prescription drug market. Sales growth was negatively impacted by fewer patients initiating treatment due to COVID-19.

EMEA

Sales of Saxenda® in EMEA increased by 15% measured in Danish kroner and by 18% at CER. Novo Nordisk currently has a value market share of 67.3% in the obesity prescription drug market.

Rest of World

Sales of Saxenda® in Rest of World decreased by 10% measured in Danish kroner and increased by 4% at CER. Saxenda® has been launched in 17 countries in Rest of World. Novo Nordisk currently has a value market share of 31.5% in the obesity prescription drug market.

North America Operations

Sales of Saxenda® in North America Operations decreased by 3% measured in Danish kroner and by 1% at CER. Saxenda® continues to grow volume and Novo Nordisk now has a value market share of 80.2% in the obesity prescription drug market in North America Operations. Sales were negatively impacted by fewer patients initiating treatment due to COVID-19 as well as unfavourable channel mix development.

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 11 of 36

BIOPHARM

Biopharm, sales development

Sales of biopharm products decreased by 1% measured in Danish kroner and increased by 1% at CER to DKK 18,926 million. The sales growth at CER 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.

Biopharm, development per geographical area						Biopharm, sales development
						Sales 2020 DKK million			Growth at CER
Global						18,926			1		%
International Operations						11,648			5		%
			- EMEA			6,685			4		%
			- Region China			432			33		%
			- Rest of World			4,531			5		%
North America Operations						7,278			(6		%)
			- The US			6,737			(6		%)

Haemophilia

Sales of haemophilia products decreased by 6% measured in Danish kroner and by 4% at CER to DKK 9,662 million. The decreasing sales were driven by declining NovoSeven® sales, while the haemophilia A and B franchises grew driven by the continued global roll-out of Esperoct® and Refixia®.

Sales of NovoSeven® decreased by 11% measured in Danish kroner and by 9% at CER to DKK 7,203 million. The sales development was driven by declining sales in North America Operations, Rest of World and EMEA, partially offset by increasing sales in Region China, reflecting timing of shipments. The declining sales partly reflect reduced elective surgeries and bleedings due to COVID-19.

Sales of NovoEight® decreased by 4% measured in Danish kroner and by 1% at CER to DKK 1,462 million. The decreasing sales were driven by declining sales in EMEA and the US, partly offset by increased sales in Rest of World. The NovoEight® sales decrease was offset by Esperoct®, the long-acting haemophilia A treatment, which has now been launched in 19 countries.

Sales of Refixia® increased to DKK 518 million. Sales growth was driven by continued uptake in Rest of World and EMEA as well as continued uptake in North America Operations. Refixia® has been launched in 25 countries.

Growth disorders (Norditropin®)

Sales of Norditropin® increased by 6% measured in Danish kroner and by 8% at CER to DKK 7,704 million. The sales increase was driven by International Operations increasing by 16%, partially offset by North America Operations declining by 4% at CER. Novo Nordisk is the leading company in the global human growth disorder market with a value market share of 36.0% compared to 33.0% a year ago, driven by new indications and the global roll-out of the next-generation device. Sales growth was positively impacted by additional demand, following supply challenges for competing products in select countries.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 12 of 36

DEVELOPMENT IN COSTS AND OPERATING PROFIT

The cost of goods sold increased by 4% measured in Danish kroner and by 5% at CER to DKK 20,932 million, resulting in an unchanged gross margin of 83.5% measured in Danish kroner compared to 2019. The unchanged gross margin reflects productivity improvements and a positive product mix driven by increased GLP-1 sales. This is countered by a negative impact from lower realised prices in the US and a negative currency impact of 0.3 percentage point.

Sales and distribution costs increased by 3% measured in Danish kroner and by 6% at CER to DKK 32,928 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 9% measured in Danish kroner and by 10% at CER to DKK 15,462 million. The cost increase is driven by the amortisation of the priority review voucher for semaglutide 2.4 mg 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 as well as patient recruitment to the ongoing cardiovascular outcomes trials, SOUL and SELECT.

Administration costs decreased by 1% measured in Danish kroner and increased by 1% at CER to DKK 3,958 million, reflecting broadly unchanged spend across administrative areas.

Other operating income (net) was DKK 460 million compared with DKK 600 million in 2019 following reduced royalty income.

Operating profit increased by 3% measured in Danish kroner and by 7% at CER to DKK 54,126 million.

FINANCIAL ITEMS (NET) AND TAX

Financial items (net) showed a net loss of DKK 996 million compared with a net loss of DKK 3,930 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 747 million compared with a net loss of DKK 3,212 million in 2019. This reflects losses on non-hedged currencies driven by significant depreciations of several emerging market currencies, partially offset by gains on hedged currencies.

As per the end of December 2020, a positive market value of financial contracts of approximately DKK 1.8 billion has been deferred for recognition in 2021.

The effective tax rate is 20.7% in 2020 compared with an effective tax rate of 19.8% in 2019. In 2019, a tax reform was passed in Switzerland which had positive impact on the effective tax rate, driven by a non-recurring increase to deferred tax assets.

CAPITAL EXPENDITURE AND FREE CASH FLOW

Capital expenditure for property, plant and equipment was DKK 5.8 billion compared with DKK 8.9 billion in 2019. The lower capital expenditure was mainly related to lower 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 of DKK 28.6 billion compared with DKK 34.5 billion in 2019. The decrease is reflecting purchase of intangible assets of DKK 16.3 billion, primarily related to the acquisitions of Corvidia Therapeutics Inc. and Emisphere Technologies Inc.

Novo Nordisk’s financial reserves were DKK 28.8 billion by end of December 2020 comprising cash at bank and undrawn credit facilities less overdrafts and loans repayable within 12 months.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 13 of 36

KEY DEVELOPMENTS IN THE FOURTH QUARTER OF 2020

Sales in the fourth quarter of 2020 decreased by 1% measured in Danish kroner and increased by 5% at CER compared to the same period in 2019. Operating profit decreased by 6% measured in Danish kroner and increased by 5% at CER. The results in Danish kroner were negatively impacted by the depreciation of the US dollar versus the Danish krone by 5%.

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 fourth quarter of 2020.

Sales split per geographical area						Sales Q4 2020 DKK million			Growth as reported			Growth at CER			Share of growth at CER
International Operations						15,430			1		%	6		%	54		%
			- EMEA			8,138			(1		%)	3		%	16		%
			- Region China			3,248			8		%	9		%	16		%
			- Rest of World			4,044			(1		%)	10		%	22		%
North America Operations						16,708			(2		%)	5		%	46		%
			- The US			15,877			(2		%)	5		%	42		%
Total sales						32,138			(1		%)	5		%	100		%

The increased global sales of 5% (CER) were driven by increased Diabetes and Obesity care sales as increased GLP-1 sales of 27% (CER) were partially offset by insulin sales declining by 3% (CER) and Obesity care sales declining by 3% (CER). Biopharm sales declined 9% (CER). Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment, unemployment in the US and COVID-19-related destocking.

International Operations

Sales in International Operations increased by 1% measured in Danish kroner and by 6% at CER. Sales growth at CER was driven by all geographical areas. COVID-19 negatively impacted sales growth driven by fewer patients initiating treatment. Furthermore, sales growth was negatively impacted by timing of NovoSeven® shipments.

Sales growth was driven by Diabetes care growing by 8% (CER) driven by increased insulin sales growing by 6% (CER), GLP-1 sales growing by 18% (CER) and Obesity care increasing by 21% (CER). Biopharm sales decreased by 3% (CER) driven by lower haemophilia sales, reflecting timing of shipments, partially offset by increased Norditropin® sales.

North America Operations

Sales in North America Operations decreased by 2% measured in Danish kroner and increased by 5% at CER. Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment and unemployment increased, offset by rebate adjustments.

Sales growth was driven by GLP-1 growing by 30% (CER) reflecting the prescription volume growth, the uptake of Ozempic® and the launch of Rybelsus®. Insulin sales decreased by 16% (CER) driven by lower realised prices. Obesity care sales decreased by 13% (CER) reflecting fewer patients initiating treatment due to COVID-19 and lower realised prices. Biopharm sales decreased by 16% (CER) driven by lower Norditropin® sales, negatively impacted by rebate adjustments.

Costs and operating profit

The gross margin was 82.5% in the fourth quarter of 2020 compared with 83.2% in the same period last year. The decline of 0.7 percentage point of the gross margin reflects positive product mix and productivity, countered by a negative impact from lower realised prices in the US and a negative currency impact of 1.3% percentage points.

Sales and distribution costs increased by 2% measured in Danish kroner and by 9% 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®.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 14 of 36

Research and development costs increased by 2% measured in Danish kroner and by 6% at CER compared with the same period in 2019. The cost increase is driven by increased clinical trial activity and patient recruitment to the ongoing cardiovascular outcome trials, SOUL and SELECT, partly offset by lower costs following the conclusion of the semaglutide obesity pivotal phase 3a programme, STEP.

Administrative costs decreased by 3% measured in Danish kroner and increased by 1% at CER compared with the same period in 2019.

Other operating income (net) of DKK 106 million in the fourth quarter of 2020 compared with DKK 43 million in the same period last year reflecting increased royalty income.

Operating profit decreased by 6% measured in Danish kroner and increased by 5% at CER compared with the same period in 2019.

Fnancial items (net) showed a net gain of DKK 824 million compared with a net loss of DKK 794 million in the fourth quarter of 2019, mainly reflecting gains associated with foreign exchange hedging contracts, primarily related to the US dollar versus the Danish krone.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 15 of 36

EQUITY AND CAPITAL ALLOCATION

Total equity was DKK 63,325 million at the end of 2020, equivalent to 43.7% of total assets, compared with 45.8% at the end of 2019. Please refer to appendix 5 for further elaboration of changes in equity.

2020 share repurchase programme

On 3 November 2020, Novo Nordisk announced a share repurchase programme of up to DKK 2.7 billion to be executed from 4 November 2020 to 1 February 2021, 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 6,368,649 B shares for an amount of DKK 2.7 billion in the period from 4 November 2020 to 1 February 2021. The programme was concluded on 1 February 2021.

As of 1 February 2021, Novo Nordisk A/S has repurchased a total of 39,954,171 B shares equal to a transaction value of DKK 17.0 billion under the DKK 17 billion programme beginning 5 February 2020.

As of 1 February 2021, Novo Nordisk and its wholly-owned affiliates owned 39,892,308 of its own B shares, corresponding to 1.7% of the total share capital.

Proposed final dividend of DKK 5.85 for each Novo Nordisk A and B share of DKK 0.20

At the Annual General Meeting on 25 March 2021, the Board of Directors will propose a final dividend of DKK 5.85

for each Novo Nordisk A and B share of DKK 0.20. The total dividend for 2020 of DKK 9.10 for each Novo Nordisk A

and B share of DKK 0.20 includes both the interim dividend of DKK 3.25 for each Novo Nordisk A and B share of

DKK 0.20, which was paid in August 2020, and the proposed final dividend of DKK 5.85 for each Novo Nordisk A

and B share of DKK 0.20 to be paid in March 2021. Hence, the total dividend is expected to increase by 9.0%

compared with the 2019 dividend of DKK 8.35 for each Novo Nordisk A and B share of DKK 0.20. The total dividend

for 2020 corresponds to a payout ratio of 50.0%, which is similar to the payout ratio for Novo Nordisk’s peer group

of comparable pharmaceutical companies in 2019. No dividend will be paid on the company’s holding of own B

shares.

2021 share repurchase programme

The Board of Directors has approved a new share repurchase programme of up to DKK 17 billion to be executed

during the coming 12 months. The total programme may be reduced in size, in case of significant business development transactions during 2021

As part of the up to DKK 17 billion 2021 share repurchase programme, Novo Nordisk A/S will initiate a new share

repurchase programme for an amount of up to DKK 3.0 billion in accordance with Article 5 of Regulation No

596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated

Regulation (EU) 2016/1052 of 8 March 2016 (the 'Safe Harbour Rules'). For that purpose, Novo Nordisk A/S has

appointed Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB (SEB), as lead manager to execute the programme independently and without influence from Novo Nordisk A/S. The purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based incentive programmes. Under the agreement, SEB will repurchase B shares on behalf of Novo Nordisk A/S during the trading period starting today, 3 February 2021, and ending on 3 May 2021.

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

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

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

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

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

the transactions made under the repurchase programme.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 16 of 36

Novo Nordisk’s majority shareholder Novo Holdings A/S, a holding company fully owned by the Novo Nordisk

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

repurchase programme on a year-by-year basis. For 2021, Novo Nordisk has been informed by Novo Holdings A/S

that it plans to participate in the share repurchase programme. Novo Holdings A/S has an ownership of 28.1% 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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Financial report for the period 1 January 2020 to 31 December 2020			Page 17 of 36

OUTLOOK

OUTLOOK 2021

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

Expectations are as reported, if not otherwise stated			Expectations 3 February 2021
Sales growth
at CER			5% to 9%
as reported			Around 4 percentage points lower than at CER
Operating profit growth
at CER			4% to 8%
as reported			Around 6 percentage points lower than at CER
Financial items (net)			Gain of around DKK 0.7 billion
Effective tax rate			20% to 22%
Capital expenditure (PP&E)			Around DKK 8.0 billion
Depreciation, amortisation and impairment losses			Around DKK 6 billion
Free cash flow			DKK 36-41 billion

For 2021, sales growth is expected to be 5% to 9% at CER. The guidance reflects expectations for continued sales growth in International Operations in line with the strategic aspiration of 6-10% growth as well as growth in North America Operations. The guidance reflects expectations for sales growth within Diabetes care, mainly driven by the GLP-1 products Ozempic® and Rybelsus®, as well as growth within Obesity care. Intensifying competition within both Diabetes care and Biopharm is also reflected in the guidance. Furthermore, continued pricing pressure within Diabetes care, especially in the US, is expected to negatively impact sales development. Given the current exchange rates versus the Danish krone, growth reported in DKK is expected to be around 4 percentage points lower than at CER.

Operating profit growth is expected to be 4% 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, including the continued roll-out of Ozempic® and Rybelsus® as well as global investments in building an anti-obesity market and the expected launch of semaglutide 2.4 mg in the US. Furthermore, resources are allocated to both early and late-stage pipeline activities, including expected initiations of several phase 3a clinical trial programmes in 2021. Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be around 6 percentage points lower than at CER, mainly driven by the spot rate of the USD being 615 versus an average of 654 in 2020.

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

For 2021, Novo Nordisk expects financial items (net) to amount to a gain of around DKK 0.7 billion, reflecting the expected hedging gains of DKK 1.1 billion mainly related to the US dollar with a hedging period of 11 months and associated hedging costs.

The effective tax rate for 2021 is expected to be in the range of 20-22%.

Capital expenditure is expected to be around DKK 8.0 billion in 2021, primarily relating to investments in additional capacity for active pharmaceutical ingredient (API) production at existing manufacturing sites within Diabetes care. The expected increase in capital expenditure reflects progress of R&D projects based on the oral technology platform.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 18 of 36

Depreciation, amortisation and impairment losses are expected to be around DKK 6.0 billion. The increase in depreciation, amortisation and impairment losses in 2021 reflects depreciation of the new production facility for diabetes active pharmaceutical ingredients in Clayton, North Carolina, US. The free cash flow is expected to be DKK 36-41 billion. The increase in free cash flow compared to 2020 reflects the impact from the acquisitions in 2020.

All of the above expectations are based on assumptions that the global or regional macroeconomic and political environment will not significantly change business conditions for Novo Nordisk during 2021, including the potential 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 2021.

FX			Q4 2020			Q4 2019			% change			2020			2019			% change			Spot rate 28 January 2021
USD			625			675			(7		%)	654			667			(2		%)	615
CNY			94			96			(2		%)	95			97			(2		%)	95
JPY			5.98			6.21			(4		%)	6.13			6.12			—		%	5.89
CAD			479			511			(6		%)	488			503			(3		%)	478
GBP			824			868			(5		%)	839			852			(2		%)	839

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)1
USD			DKK 1,900 million			11
CNY2			DKK 460 million			5
JPY			DKK 200 million			12
CAD			DKK 140 million			9
GBP			DKK 110 million			10

1) As of 28 January 2021.

2) Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

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

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Financial report for the period 1 January 2020 to 31 December 2020			Page 19 of 36

RESEARCH & DEVELOPMENT UPDATE

Diabetes care

Phase 3b trial with high-dose Ozempic® successfully completed and label expansion applications submitted in the EU and the US

On 17 November 2020, Novo Nordisk announced the headline results from the SUSTAIN FORTE trial. SUSTAIN FORTE was a phase 3b, efficacy and safety trial with once-weekly semaglutide 2.0 mg vs once-weekly semaglutide 1.0 mg. The trial was a 40-week study in 961 people with type 2 diabetes in need for treatment intensification. The trial achieved its primary endpoint by demonstrating a statistically significant and superior reduction in HbA1c at week 40 with semaglutide 2.0 mg compared to semaglutide 1.0 mg. For more information, please read the company announcement here: www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=34777 (the contents of the company’s website do not form a part of this Form 6-K).

On 29 December 2020 and 20 January 2021, respectively, Novo Nordisk announced the submissions of label extension applications to the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA) for Ozempic® to introduce the 2.0 mg dose. For more information, please read the company announcements at: https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=40773 (the contents of the company’s website do not form a part of this Form 6-K) and https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=43581 (the contents of the company’s website do not form a part of this Form 6-K).

Phase 3b trial initiated with higher doses of oral semaglutide in people with type 2 diabetes

In January 2021, Novo Nordisk initiated a phase 3a trial with higher doses of oral semaglutide than currently marketed. The objective of the trial is to assess the safety and efficacy of oral semaglutide 25 mg and 50 mg once daily versus oral semaglutide 14 mg once daily in people with type 2 diabetes. The 68-week trial is expected to enrol approximately 1,600 people.

Phase 3a development programme initiated with once-weekly insulin icodec

In December 2020, Novo Nordisk initiated the first phase 3a trial ONWARDS 1 for insulin icodec. ONWARDS 1 is a 78-week trial comparing the efficacy and safety of once-weekly insulin icodec with once-daily insulin glargine U100 both in combination with non-insulin anti-diabetic treatment in approximately 970 insulin-naïve people with type 2 diabetes.

ONWARDS 1 is the first of six trials from the ONWARDS programme. The remaining five trials ONWARDS 2-6 are planned to be initiated in 2021.

ONWARDS 2 is a 26-week trial comparing once-weekly insulin icodec with once-daily insulin degludec. The objective of the trial is to assess the efficacy and safety of insulin icodec in people with type 2 diabetes treated with basal insulin. The trial is expected to enrol approximately 520 people.

ONWARDS 3 is a 26-week trial comparing once-weekly insulin icodec with once-daily insulin degludec. The objective of the trial is to assess the efficacy and safety of insulin icodec in insulin-naïve people with type 2 diabetes. The trial is expected to enrol approximately 580 people.

ONWARDS 4 is a 26-week trial comparing once-weekly insulin icodec with once-daily insulin degludec, both in combination with mealtime insulin. The objective of the trial is to assess the efficacy and safety of insulin icodec in people with type 2 diabetes treated with basal and bolus insulin. The trial is expected to enrol approximately 580 people.

ONWARDS 5 is a 26-week trial comparing once-weekly insulin icodec with once-daily basal insulin. The objective of the trial is to assess the effectiveness and safety of insulin icodec, with an app providing dosing recommendation, in insulin-naïve people with type 2 diabetes in a clinical practice setting. The trial is expected to enrol approximately 1,100 people.

ONWARDS 6 is a 52-week trial comparing once-weekly insulin icodec with once-daily insulin degludec, both in combination with mealtime insulin. The objective of the trial is to assess the efficacy and safety of insulin icodec in people with type 1 diabetes. The trial is expected to enrol approximately 580 people.

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Phase 1 trial initiated with Ideal Pump insulin (Insulin 119)

In November 2020, Novo Nordisk initiated the first human dose trial with Insulin 119. The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of Insulin 119 compared to faster-acting insulin aspart in people with type 1 diabetes.

Phase 1 trial initiated with DNA immunotherapy

In December 2020, Novo Nordisk initiated the first human dose trial with tolerogenic DNA plasmid, a plasmid vector designed to transfer DNA into cells, where it can re-educate the immune system to halt the attack on insulin-producing beta cells. The objective of the trial is to investigate the safety, tolerability, target engagement and pharmacokinetics of the DNA plasmid administered subcutaneously once weekly in people diagnosed with type 1 diabetes in the past 48 months.

Obesity care

Submissions of semaglutide 2.4 mg in the US and the EU

On 4 and 18 December, Novo Nordisk submitted regulatory applications for semaglutide 2.4 mg in obesity to the US FDA and EMA, respectively. In the US, a priority review voucher was applied to the new drug application (NDA) and the anticipated review time is six months from the submission date, according to standard FDA timelines. The submissions are based on the results from the STEP phase 3a clinical trial programme, which included more than 4,500 adults with obesity or overweight. For more information, please read the company announcements https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=37551 (the contents of the company’s website do not form a part of this Form 6-K) and https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=39374 (the contents of the company’s website do not form a part of this Form 6-K).

Biopharm

Sogroya® approved in Japan and obtained a positive opinion in the EU for adults with growth hormone deficiency

In January 2021, once-weekly somapacitan was approved in Japan and obtained positive opinion in the EU under the brand name Sogroya® for substitution of endogenous growth hormone in adults with growth hormone deficiency (AGHD). The approvals are 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.

NovoEight® approved in China

In January 2021, turoctocog alfa (NovoEight®) was approved by the China Center of Drug Evaluation for the treatment of people with haemophilia A. The approval is based on the results from the Guardian 7 trial in Chinese people with haemophilia A. Novo Nordisk expects to launch NovoEight® in China in the second half of 2021.

Other serious chronic diseases

Semaglutide in NASH phase 2 proof-of-concept trials in combination with Gilead successfully completed

In September 2020, Novo Nordisk completed the phase 2 proof-of-concept (PoC) trial investigating combinations of semaglutide and two small molecule inhibitors from Gilead. The PoC trial investigated safety and tolerability of semaglutide (2.4 mg) in combination with the acetyl-CoA carboxylase (ACC) inhibitor, firsocostat, and/or the selective nonsteroidal farnesoid X receptor (FXR) agonist, cilofexor, in 108 people with NASH. The trial met its primary endpoint by demonstrating that in people with NASH and mild to moderate fibrosis all regimens were well tolerated. Following the completion of the trial, further clinical development is now being evaluated. For more information abut the study, please read the press release https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=34520 (the contents of the company’s website do not form a part of this Form 6-K).

Decision to initiate phase 3 development in Alzheimer's disease with oral semaglutide

On 16 December 2020, Novo Nordisk announced the decision to initiate a pivotal phase 3a programme with oral semaglutide 14 mg with approximately 3,700 people with Alzheimer’s disease. The decision follows evaluation of GLP-1 data from preclinical models, real-world evidence studies, post-hoc analysis of data from large cardiovascular outcomes trials, as well as discussions with regulatory authorities. The programme is planned for initiation in the first half of 2021 and will investigate the efficacy and safety of once-daily oral semaglutide, compared to placebo. For more information, please read the company announcement https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=39097 (the contents of the company’s website do not form a part of this Form 6-K).

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Strategic aspirations

Financial Performance

Equity and capital allocation

Outlook

R&D

Sustainability

Corporate governance

Financial Information

Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 21 of 36

Technology platforms

Acquisition of Emisphere Technologies Inc.

On 6 November 2020, Novo Nordisk announced that it had entered into a definitive agreement to acquire Emisphere Technologies Inc. (Emisphere). Novo Nordisk and Emisphere have collaborated since 2007 and Emisphere’s proprietary drug delivery technology Eligen® SNAC is used by Novo Nordisk in the oral formulation of oral semaglutide, which is marketed and sold under the brand name Rybelsus®. With the acquisition, Novo Nordisk eliminates future royalty obligations and obtains full access to the Eligen® SNAC technology platform, thereby enabling Novo Nordisk to expand the portfolio of oral biologic pipeline assets across therapy areas. The acquisition was completed on 8 December 2020. For more information, please read the press releases https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=33374 (the contents of the company’s website do not form a part of this Form 6-K) and https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=38064 (the contents of the company’s website do not form a part of this Form 6-K).

SUSTAINABILITY UPDATE

ENVIRONMENTAL PERFORMANCE			2020			2019			2018			2017			2016			% change 2019 to 2020
Resources
Energy consumption for operations (1,000 GJ)			3,191			2,993			3.099			—			—			7		%
Share of renewable power for production sites			100%			76%			77%			79%			78%
Water consumption for production sites (1,000 m3)			3,368			3,149			3,101			3,276			3,293			7		%
Emissions and waste
CO2 emissions from operations and transportation (1,000 tonnes)			170			306			278			—			—			(44		%)
Waste from production sites (1,000 tonnes)			141			124			142			157			153			14		%
SOCIAL PERFORMANCE
Patients
Patients reached with Novo Nordisk's Diabetes care products (estimate in millions)			32.8			30.0			29.2			27.7			28.0			9		%
- Hereof reached via the Novo Nordisk Access to Insulin Commitment (estimate in millions)			3.2			2.9			0.3			0.3			—			10		%
Children reached through the Changing Diabetes in Children programme (CDiC) (cumulative)			28,296			25,695			22,876			17,638			14,648			10		%
Employees
Employees (FTE)			44,723			42,703			42,672			42,076			41,971			5		%
Employee turnover			7.9%			11.4%			11.7%			11.0%			9.7%
GOVERNANCE PERFORMANCE
Relevant employees trained in business ethics			99%			99%			99%			99%			99%
Product recalls			0			4			3			6			6
Failed inspections			0			0			0			0			0
Company trust (scale 0-100)			80.6			78.2			84.5			82.2			—

    

Environment

Resources

Novo Nordisk's ambition is to have zero environmental impact. The environmental strategy is called Circular for Zero; progress is measured on use of resources, emissions and waste.

In 2020, the energy consumption from operations was 3,191,000 GJ, an increase of 7%, compared with 2019, primarily due to a new production site in North Carolina, US.

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Financial Information

Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 22 of 36

The ambition of sourcing 100% renewable power across global production was achieved when a new solar facility went online powering our entire US operations. Furthermore, in September 2020, Novo Nordisk set a target to ensure all direct suppliers supply the company based on 100% renewable power by 2030.

Water consumption at production sites was 3,368,000 cubic meters, an increase of 7% compared with 2019 due to the new production site in North Carolina. Four production locations are in areas subject to water stress or high seasonal variations, accounting for 11% of the total water consumption.

Waste

In 2020, total CO2 emissions across our operations and transportation were 170,000 tonnes of CO2, representing a 44% decrease from 2019, primarily due to the implementation of renewable energy projects and impacts on travel due to COVID-19. Production sites had a total of 141,000 tonnes of waste, an increase of 14% compared to 2019. This increase was due to increased production in Kalundborg, Denmark. 93% of waste arising from the production was recycled, converted to biogas or incinerated in waste-to-energy plants. During 2020, less than 1% (1,000 tonnes) of waste was sent to landfill.

Social

Patients

In 2020, Novo Nordisk launched a new social responsibility strategy, Defeat Diabetes. In 2020, Novo Nordisk provided medical treatment to an estimated total of 32.8 million people living with diabetes. An increase of 9% from 2019.

Further, Novo Nordisk strengthened the Access to Insulin Commitment by lowering the ceiling price (the maximum price within the commitment) from USD 4 to USD 3 per human insulin vial in 76 countries. This covers Least Developed Countries as defined by the UN, other low-income countries as defined by the World Bank, and middle-income countries in which large low-income populations lack sufficient health coverage, as well as selected humanitarian organisations. An estimated 3.2 million people were treated with insulin under this commitment in 2020, of whom approximately 200,000 were reached via humanitarian organisations. Beyond this commitment, Novo Nordisk sold human insulin at or below the ceiling price in other countries, reaching an estimated 3.1 million people during 2020. In addition, approximately 1.1 million people were reached through affordability offerings in the US in 2020.

Novo Nordisk has an ambition that no child should die from type 1 diabetes. To achieve this, the Changing Diabetes in Children programme was expanded with the aim of reaching 100,000 children by 2030. By 2020, a total of 28,309 children were reached across 14 countries.

Employees

The number of full-time employees at the end of 2020 increased by 4.7% compared to 12 months ago. The total number of employees was 44,893 corresponding to 44,723 full-time positions. The increase in employees in Novo Nordisk is mainly driven by International Operations, Product Supply and IT as well as R&D. The turnover was 7.9% in 2020 compared with 11.4% in 2019.

Governance

In 2020, 99% of employees completed and documented their Business Ethics training, with the remaining 1% missing mainly due to employees being on leave.

Novo Nordisk had no product recalls from the market and no failed inspections in 2020.

The level of trust in Novo Nordisk among key stakeholders – people with diabetes, general practitioners and diabetes specialists – is an indicator of the extent to which Novo Nordisk is living up to stakeholders’ expectations. The trust score, measured on a scale of 0-100, increased to 80.6 in 2020 from 78.2 in 2019.

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Financial Information

Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 23 of 36

CORPORATE GOVERNANCE

Changes in Novo Nordisk management

After a distinguished career of more than 30 years with Novo Nordisk, hereof 20 years as CSO, Mads Krogsgaard Thomsen will retire from his current position by end of February 2021 and take up the position as chief executive officer of the Novo Nordisk Foundation. Consequently, as of 1 March 2021, Research and Development will be reorganised into two separate areas:

•Research & Early Development, headed up by Marcus Schindler, currently senior vice president (SVP) of Global Drug Discovery, who is promoted EVP and CSO

•Development, headed up by Martin Holst Lange, currently SVP of Global Development, who is promoted to EVP

Before joining Novo Nordisk in 2018, Marcus Schindler held various leadership roles in the pharmaceutical industry, working both in international large pharma and biotech companies including Astra Zeneca and Boehringer Ingelheim. Marcus is a German national and received his PhD in pharmacology from the University of Cambridge, UK, and holds a position as adjunct professor of pharmacology at the University of Gothenburg, Sweden.

Martin Holst Lange joined Novo Nordisk in 2002 as international medical officer and has since held various positions of increasing importance and complexity within Development. From 2006-2008, he worked as senior medical director at Novo Nordisk Inc in the US. In 2018, Martin was promoted to SVP of Global Development in Novo Nordisk. Martin is a Danish national and received his PhD in endocrinology from University of Copenhagen, Denmark.

With these changes, Executive Management will have the following members as of 1 March 2021:

•Lars Fruergaard Jørgensen, president and CEO

•Monique Carter, EVP, People & Organisation

•Maziar Mike Doustdar, EVP, International Operations (based in Zurich, Switzerland)

•Ludovic Helfgott, EVP, Biopharm (based in Zurich, Switzerland)

•Karsten Munk Knudsen, EVP, chief financial officer

•Doug Langa, EVP, North America Operations (based in Princeton, New Jersey, US)

•Martin Holst Lange, EVP, Development

•Marcus Schindler, EVP, CSO, Research & Early Development

•Camilla Sylvest, EVP, Commercial Strategy and Corporate Affairs

•Henrik Wulff, EVP, Product Supply, Quality & IT

Only Danish-based members of Executive Management are registered with the Danish Business Authority

Board of Directors and Executive management remuneration

Long-term incentive programme 2021

The Board of Directors has established a long-term incentive programme for 2021 covering Executive Management and - in line with previous years - a number of mid to senior managers (in total approximately 1,200 employees) with a three-year performance period (2021-2023). The measures are linked to the Strategic Aspirations 2025. Within Purpose & Sustainability measures are linked to environmental, social and governance activities and within Innovation & Therapeutic Focus the measures include key R&D activities. For Commercial Execution, the measure is sales growth and for Financials the measure is operating profit growth.

Around 960,000 Novo Nordisk shares may be allocated at target (at maximum target achievement the number of shares is around 2,500,000), and the value at launch of the programme will be based on the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the 15 days trading window (3 February to 17 February 2021) following the release of the annual report for 2020. It is currently estimated that the value at target is approximately DKK 400 million.

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Outlook

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Corporate governance

Financial Information

Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 24 of 36

Remuneration Report 2020

Novo Nordisk has prepared a separate Remuneration Report describing the remuneration awarded or due during 2020 to the Board members and Executives as registered with the Danish Business Authority. The Remuneration Report will be submitted to the Annual General Meeting for an advisory vote. The Remuneration Report is available at: https://www.novonordisk.com/about/corporate-governance/remuneration.html (the contents of the company’s website do not form a part of this Form 6-K).

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 25 of 36

MANAGEMENT STATEMENT

The Board of Directors and Executive Management have approved the Annual Report 2020 of Novo Nordisk A/S,

including the audited consolidated financial statements. The Board of Directors and Executive Management have

also approved this financial statement containing condensed financial information for 2020.

The consolidated financial statements in the Annual Report 2020 have been prepared in accordance with

International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

and with the IFRS as endorsed by the EU. Furthermore, the Annual Report 2020, including the consolidated financial

statements and management review, is prepared in accordance with additional Danish disclosure requirements for

listed companies and in accordance with the International Integrated Reporting Framework.

This financial statement has been prepared in accordance with the recognition and measurement requirements in

the IFRS, the accounting policies as applied in the audited consolidated financial statements of 2020 and additional

Danish disclosure requirements for listed companies.

In our opinion, the accounting policies used are appropriate, and the overall presentation of this financial statement

is adequate. Furthermore, in our opinion, this company announcement of the financial statement for 2020 includes

a true and fair account of the development in the operations and financial circumstances of the results for the year

and of the financial position of the Group as well as a reference to the most significant risks and elements of

uncertainty facing the Group in accordance with Danish disclosure requirements for listed companies.

Bagsværd, 3 February 2021

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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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 26 of 36

About Novo Nordisk

Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 45,000 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
10 February 2021			Deadline for shareholder proposals to the Annual General Meeting
25 March 2021			Annual General Meeting
5 May 2021			Financial statement for the first three months of 2021
5 August 2021			Financial statement for the first six months of 2021
3 November 2021			Financial statement for the first nine months of 2021

Contacts for further information
Media:
Mette Kruse Danielsen			+45 3079 3883			mkd@novonordisk.com
Michael Bachner (US)			+1 609 664 7308			mzyb@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 2020 and Form 20-F both expected to be filed with the SEC in February 2021 in continuation of the publication of the Annual Report 2020, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

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

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

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

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

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

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

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

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

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

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 27 of 36

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															Q4 2020 vs.
			Q4			Q3			Q2			Q1						Q4			Q3			Q2			Q1						Q4 2019
Net sales			32,138			30,927			30,006			33,875						32,417			30,277			30,036			29,291						(1		%)
Gross profit			26,519			25,772			25,234			28,489						26,985			25,202			25,187			24,559						(2		%)
Gross margin			82.5%			83.3%			84.1%			84.1%						83.2%			83.2%			83.9%			83.8%
Sales and distribution costs			9,766			8,174			7,398			7,590						9,536			7,761			7,580			6,946						2		%
Percentage of sales			30.4%			26.4%			24.7%			22.4%						29.4%			25.6%			25.2%			23.7%
Research and development costs			4,483			3,911			3,291			3,777						4,384			3,601			3,557			2,678						2		%
Percentage of sales			13.9%			12.6%			11.0%			11.1%						13.5%			11.9%			11.8%			9.1%
Administrative costs			1,198			1,006			827			927						1,235			1,009			852			911						(3		%)
Percentage of sales			3.7%			3.3%			2.8%			2.7%						3.8%			3.3%			2.8%			3.1%
Other operating income, net			106			127			120			107						43			88			254			215						147		%
Operating profit			11,178			12,808			13,838			16,302						11,873			12,919			13,452			14,239						(6		%)
Operating margin			34.8%			41.4%			46.1%			48.1%						36.6%			42.7%			44.8%			48.6%
Financial income			1,352			162			97			17						20			17			15			13						N/A
Financial expenses			528			279			519			1,298						814			829			1,322			1,030						(35		%)
Financial items (net)			824			(117)			(422)			(1,281)						(794)			(812)			(1,307)			(1,017)						(204		%)
Profit before income taxes			12,002			12,691			13,416			15,021						11,079			12,107			12,145			13,222						8		%
Income taxes			2,684			2,393			2,791			3,124						2,362			1,913			2,550			2,777						14		%
Net profit			9,318			10,298			10,625			11,897						8,717			10,194			9,595			10,445						7		%
Depreciation, amortisation and impairment losses			1,379			2,130			1,158			1,086						1,398			2,095			1,110			1,058						(1		%)
Capital expenditure1			1,518			1,401			1,239			1,667						1,907			2,234			2,147			2,644						(20		%)
Net cash generated from operating activities			172			17,506			24,261			10,012						5,165			16,688			15,039			9,890						(97		%)
Free cash flow			(12,994)			11,224			22,666			7,669						1,737			14,039			12,020			6,655						N/A
Total assets			144,922			139,947			136,121			126,256						125,612			124,908			117,909			110,135						15		%
Total equity			63,325			59,573			60,054			54,399						57,593			52,953			53,085			47,319						10		%
Equity ratio			43.7%			42.6%			44.1%			43.1%						45.8%			42.4%			45.0%			43.0%
Full-time equivalent employees end of period			44,723			44,326			43,526			43,158						42,703			42,158			41,611			42,453						5		%
Basic earnings per share/ADR (in DKK)			4.02			4.42			4.54			5.07						3.71			4.3			4.03			4.37						8		%
Diluted earnings per share/ADR (in DKK)			4.01			4.42			4.53			5.05						3.70			4.29			4.03			4.36						8		%
Average number of shares outstanding (million)			2,318.9			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)			2,325.1			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			5,013			4,048			4,220			5,158						5,102			5,019			5,411			5,244						(2		%)
Premix insulin			2,705			2,572			2,693			2,955						2,665			2,596			2,560			2,757						2		%
Fast-acting insulin			4,231			4,589			4,379			5,114						4,936			4,632			4,758			4,977						(14		%)
Human insulin			1,678			2,194			2,314			2,687						2,204			2,237			2,180			2,415						(24		%)
Total insulin			13,627			13,403			13,606			15,914						14,907			14,484			14,909			15,393						(9		%)
Total GLP-1			11,780			10,651			9,425			9,975						9,842			8,492			7,740			7,147						20		%
Other Diabetes care			975			954			977			1,125						1,017			1,038			1,125			1,067						(4		%)
Total Diabetes care			26,382			25,008			24,008			27,014						25,766			24,014			23,774			23,607						2		%
Obesity care (Saxenda®)			1,385			1,338			1,308			1,577						1,564			1,442			1,462			1,211						(11		%)
Diabetes and Obesity care total			27,767			26,346			25,316			28,591						27,330			25,456			25,236			24,818						2		%
Haemophilia			2,140			2,311			2,401			2,810						2,554			2,524			2,670			2,533						(16		%)
Growth disorders (Norditropin®)			1,832			1,890			1,952			2,030						2,076			1,886			1,758			1,555						(12		%)
Other Biopharm			399			380			337			444						457			411			372			385						(13		%)
Biopharm total			4,371			4,581			4,690			5,284						5,087			4,821			4,800			4,473						(14		%)
Sales by geographic segment:
International Operations2			15,430			15,988			16,115			18,296						15,351			15,261			15,565			15,387						1		%
- EMEA			8,138			8,318			8,167			9,674						8,231			7,913			8,120			7,944						(1		%)
- Region China			3,248			3,549			3,474			3,813						3,019			3,258			3,192			3,375						8		%
- Rest of World			4,044			4,121			4,474			4,809						4,101			4,090			4,253			4,068						(1		%)
North America Operations			16,708			14,939			13,891			15,579						17,066			15,016			14,471			13,904						(2		%)
- The US			15,877			14,144			13,028			14,775						16,252			14,256			13,767			13,211						(2		%)
Segment operating profit:
Diabetes and Obesity care			9,106			9,748			11,434			13,456						9,013			10,403			11,393			11,828						1		%
Biopharm			2,072			3,060			2,404			2,846						2,860			2,516			2,059			2,411						(28		%)

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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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 28 of 36

APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

DKK million			2020						2019
Income statement
Net sales			126,946						122,021
Cost of goods sold			20,932						20,088
Gross profit			106,014						101,933
Sales and distribution costs			32,928						31,823
Research and development costs			15,462						14,220
Administrative costs			3,958						4,007
Other operating income, net			460						600
Operating profit			54,126						52,483
Financial income			1,628						65
Financial expenses			2,624						3,995
Profit before income taxes			53,130						48,553
Income taxes			10,992						9,602
NET PROFIT			42,138						38,951
Basic earnings per share (DKK)			18.05						16.41
Diluted earnings per share (DKK)			18.01						16.38
Segment Information
Segment sales:
Diabetes and Obesity care			108,020						102,840
Biopharm			18,926						19,181
Segment operating profit:
Diabetes and Obesity care			43,744						42,637
Operating margin			40.5%						41.5%
Biopharm			10,382						9,846
Operating margin			54.9%						51.3%
Total segment operating profit			54,126						52,483
Statement of comprehensive income
Net profit for the period			42,138						38,951
Other comprehensive income
Items that will not subsequently be reclassified to the Income statement
Remeasurements on defined benefit plans			(67)						(187)
Items that will be reclassified subsequently to the Income statement
Exchange rate adjustments of investments in subsidiaries			(1,689)						226
Cash flow hedges, realisation of previously deferred (gains)/losses			329						1,677
Cash flow hedges, deferred gains/(losses) incurred during the period			1,384						(329)
Other items			10						9
Tax on other comprehensive income, income/(expense)			(577)						(231)
Other comprehensive income for the period, net of tax			(610)						1,165
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD			41,528						40,116

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Financial report for the period 1 January 2020 to 31 December 2020			Page 29 of 36

APPENDIX 3: CASH FLOW STATEMENT

DKK million			2020						2019
Net profit			42,138						38,951
Adjustment for non-cash items:
Income taxes in the Income Statement			10,992						9,602
Depreciation, amortisation and impairment losses			5,753						5,661
Other non-cash items			7,849						7,032
Change in working capital			(4,353)						(3,388)
Interest received			100						64
Interest paid			(422)						(204)
Income taxes paid			(10,106)						(10,936)
Net cash generated from operating activities			51,951						46,782
Purchase of intangible assets			(16,256)						(2,299)
Proceeds from sale of property, plant and equipment			7						4
Purchase of property, plant and equipment			(5,825)						(8,932)
Proceeds from other financial assets			12						148
Purchase of other financial assets			—						(350)
Investment in associated company			(392)						(97)
Proceeds from the divestment of Group and associated companies			—						(3)
Dividend received from associated company			18						20
Net cash used in investing activities			(22,436)						(11,509)
Purchase of treasury shares			(16,855)						(15,334)
Dividends paid			(20,121)						(19,409)
Repayment of borrowings			(950)						(822)
Proceeds from borrowings			5,682						81
Net cash used in financing activities			(32,244)						(35,484)
NET CASH GENERATED FROM ACTIVITIES			(2,729)						(211)
Cash and cash equivalents at the beginning of the year			15,411						15,629
Exchange gain/(loss) on cash and cash equivalents			(456)						(7)
Cash and cash equivalents at the end of the period			12,226						15,411

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Financial report for the period 1 January 2020 to 31 December 2020			Page 30 of 36

APPENDIX 4: BALANCE SHEET

DKK million			31 Dec 2020						31 Dec 2019
ASSETS
Intangible assets			20,657						5,835
Property, plant and equipment			50,269						50,551
Investments in associated companies			582						474
Deferred income tax assets			5,865						4,121
Other receivables and prepayments			674						841
Other financial assets			1,066						1,334
TOTAL NON-CURRENT ASSETS			79,113						63,156
Inventories			18,536						17,641
Trade receivables			27,734						24,912
Tax receivables			289						806
Other receivables and prepayments			4,161						3,434
Derivative financial instruments			2,332						188
Cash at bank			12,757						15,475
TOTAL CURRENT ASSETS			65,809						62,456
TOTAL ASSETS			144,922						125,612
EQUITY AND LIABILITIES
Share capital			470						480
Treasury shares			(8)						(10)
Retained earnings			63,774						57,817
Other reserves			(911)						(694)
TOTAL EQUITY			63,325						57,593
Borrowings			2,897						3,009
Deferred income tax liabilities			2,502						80
Retirement benefit obligations			1,399						1,334
Provisions			4,526						4,613
Total non-current liabilities			11,324						9,036
Borrowings			7,459						1,474
Trade payables			5,717						6,358
Tax payables			3,913						4,212
Other liabilities			17,005						15,085
Derivative financial instruments			1,365						734
Provisions			34,814						31,120
Total current liabilities			70,273						58,983
TOTAL LIABILITIES			81,597						68,019
TOTAL EQUITY AND LIABILITIES			144,922						125,612

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Financial report for the period 1 January 2020 to 31 December 2020			Page 31 of 36

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
2020
Balance at the beginning of the year			480			(10)			57,817			(839)			(329)			474			(694)						57,593
Net profit									42,138																		42,138
Other comprehensive income									(67)			(1,689)			1,713			(567)			(543)						(610)
Total comprehensive income									42,071			(1,689)			1,713			(567)			(543)						41,528
Transfer of cash flow hedge reserve to intangible assets															418			(92)			326						326
Transactions with owners:
Dividends									(20,121)																		(20,121)
Share-based payments									823																		823
Tax related to restricted stock units									31																		31
Purchase of treasury shares						(8)			(16,847)																		(16,855)
Reduction of the B share capital			(10)			10																					—
Balance at the end of the year			470			(8)			63,774			(2,528)			1,802			(185)			(911)						63,325
At the end of the year proposed final dividends (not yet declared) of DKK 13,496 million (5.85 DKK per share of DKK 0.20) are included in Retained earnings. No dividend is declared on treasury shares.
												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
2019
Balance at the beginning of the year			490			(11)			53,406			(1,065)			(1,677)			696			(2,046)						51,839
Net profit									38,951																		38,951
Other comprehensive income									(187)			226			1,348			(222)			1,352						1,165
Total comprehensive income									38,764			226			1,348			(222)			1,352						40,116
Transactions with owners:
Dividends									(19,409)																		(19,409)
Share-based payments									363																		363
Tax related to restricted stock units									18																		18
Purchase of treasury shares						(9)			(15,325)																		(15,334)
Reduction of the B share capital			(10)			10																					—
Balance at the end of the year			480			(10)			57,817			(839)			(329)			474			(694)						57,593
At the end of the year proposed final dividends of DKK 12,551 million (5.35 DKK per share of DKK 0.20) are included in Retained earnings. No dividend is declared on treasury shares.

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Financial report for the period 1 January 2020 to 31 December 2020			Page 32 of 36

APPENDIX 6: SALES SPLIT PER AREA

Q4 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						5,013			2,369			1,535			351			483			2,644			2,510
			% change at CER						4%			11%			7%			49%			5%			(2%)			(2%)
						Tresiba®			2,248			1,062			617			118			327			1,186			1,090
						% change at CER			3%			26%			27%			—			1%			(11%)			(12%)
						Xultophy®			602			463			396			—			67			139			134
						% change at CER			8%			16%			4%			—			178%			(12%)			(13%)
						Levemir®			2,163			844			522			233			89			1,319			1,286
						% change at CER			3%			(5%)			(8%)			13%			(21%)			10%			11%
			Premix insulin						2,705			2,447			684			1,190			573			258			251
			% change at CER						7%			11%			(3%)			19%			17%			(19%)			(19%)
						Ryzodeg®			324			324			69			13			242			—			—
						% change at CER			42%			42%			55%			—			34%			—			—
						NovoMix®			2,381			2,123			615			1,177			331			258			251
						% change at CER			4%			7%			(7%)			18%			8%			(19%)			(19%)
			Fast-acting insulin						4,231			2,638			1,616			512			510			1,593			1,497
			% change at CER						(8%)			8%			3%			30%			7%			(27%)			(28%)
						Fiasp®			364			241			217			—			24			123			115
						% change at CER			(13%)			42%			30%			—			0%			(50%)			(52%)
						NovoRapid®			3,867			2,397			1,399			512			486			1,470			1,382
						% change at CER			(8%)			6%			0%			30%			3%			(24%)			(25%)
			Human insulin						1,678			1,467			547			477			443			211			184
			% change at CER						(18%)			(9%)			(5%)			(28%)			14%			(49%)			(52%)
			Total insulin						13,627			8,921			4,382			2,530			2,009			4,706			4,442
			% change at CER						(3%)			6%			2%			10%			11%			(16%)			(17%)
			Victoza®						4,757			1,517			880			238			399			3,240			3,155
			% change at CER						(7%)			(15%)			(20%)			0%			(11%)			(3%)			(2%)
			Ozempic®						6,188			1,141			952			6			183			5,047			4,811
			% change at CER						51%			140%			123%			—			236%			39%			39%
			Rybelsus®						835			20			20			—			—			815			811
			% change at CER						—			—			—			—			—			—			—
			Total GLP-1						11,780			2,678			1,852			244			582			9,102			8,777
			% change at CER						27%			18%			21%			2%			19%			30%			30%
			Other Diabetes care1						975			696			178			342			176			279			242
			% change at CER						1%			(7%)			(22%)			(5%)			13%			24%			32%
			Total Diabetes care						26,382			12,295			6,412			3,116			2,767			14,087			13,461
			% change at CER						9%			8%			6%			8%			13%			10%			10%
			Obesity care (Saxenda®)						1,385			507			290			4			213			878			810
			% change at CER						(3%)			21%			56%			67%			(5%)			(13%)			(15%)
			Diabetes and Obesity care total						27,767			12,802			6,702			3,120			2,980			14,965			14,271
			% change at CER						8%			8%			7%			8%			11%			8%			8%
Biopharm segment
			Haemophilia2						2,140			1,195			715			104			376			945			881
			% change at CER						(11%)			(14%)			(23%)			76%			(8%)			(6%)			(6%)
						NovoSeven®			1,520			774			432			98			244			746			725
						% change at CER			(17%)			(25%)			(33%)			74%			(24%)			(7%)			(7%)
						NovoEight®			347			271			174			6			91			76			70
						% change at CER			(9%)			2%			(11%)			150%			30%			(34%)			(36%)
			Growth disorders (Norditropin®)						1,832			1,156			515			24			617			676			671
			% change at CER						(6%)			12%			8%			118%			13%			(26%)			(26%)
			Other Biopharm3						399			277			206			—			71			122			54
			% change at CER						(9%)			1%			(7%)			0%			36%			(25%)			(41%)
			Biopharm total						4,371			2,628			1,436			128			1,064			1,743			1,606
			% change at CER						(9%)			(3%)			(12%)			84%			5%			(16%)			(17%)
Total sales									32,138			15,430			8,138			3,248			4,044			16,708			15,877
			% change at CER						5%			6%			3%			9%			10%			5%			5%
			% change as reported						(1%)			1%			(1%)			8%			(1%)			(2%)			(2%)
			Share of growth						100%			54%			16%			16%			22%			46%			42%

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 31 December 2020			Page 33 of 36

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						18,439			9,959			6,451			1,471			2,037			8,480			7,962
			% change at CER						(9%)			13%			11%			41%			7%			(26%)			(28%)
						Tresiba®			8,968			4,407			2,574			418			1,415			4,561			4,191
						% change at CER			(1%)			30%			31%			—			7%			(20%)			(22%)
						Xultophy®			2,444			1,789			1,605			1			183			655			642
						% change at CER			13%			22%			15%			—			142%			(7%)			(8%)
						Levemir®			7,027			3,763			2,272			1,052			439			3,264			3,129
						% change at CER			(22%)			(4%)			(8%)			10%			(12%)			(37%)			(37%)
			Premix insulin						10,925			10,246			2,959			4,852			2,435			679			652
			% change at CER						6%			9%			(2%)			15%			13%			(21%)			(21%)
						Ryzodeg®			1,291			1,291			321			39			931			—			—
						% change at CER			35%			35%			49%			—			27%			—			—
						NovoMix®			9,634			8,955			2,638			4,813			1,504			679			652
						% change at CER			3%			6%			(6%)			14%			5%			(21%)			(21%)
			Fast-acting insulin						18,313			10,808			6,584			2,075			2,149			7,505			7,101
			% change at CER						(3%)			8%			5%			20%			6%			(15%)			(16%)
						Fiasp®			1,385			832			764			—			68			553			519
						% change at CER			13%			37%			32%			—			128%			(10%)			(11%)
						NovoRapid®			16,928			9,976			5,820			2,075			2,081			6,952			6,582
						% change at CER			(4%)			6%			3%			20%			4%			(15%)			(16%)
			Human insulin						8,873			7,339			2,370			2,655			2,314			1,534			1,431
			% change at CER						2%			4%			(1%)			(5%)			22%			(7%)			(6%)
			Total insulin						56,550			38,352			18,364			11,053			8,935			18,198			17,146
			% change at CER						(3%)			9%			5%			13%			12%			(20%)			(22%)
			Victoza®						18,747			7,095			4,251			1,033			1,811			11,652			11,292
			% change at CER						(13%)			0%			(9%)			17%			17%			(19%)			(19%)
			Ozempic®						21,211			3,634			3,112			10			512			17,577			16,650
			% change at CER						93%			231%			223%			—			270%			78%			77%
			Rybelsus®						1,873			36			36			—			—			1,837			1,826
			% change at CER						—			—			—			—			—			—			—
			Total GLP-1						41,831			10,765			7,399			1,043			2,323			31,066			29,768
			% change at CER						29%			32%			31%			18%			41%			28%			27%
			Other Diabetes care1						4,031			2,946			725			1,546			675			1,085			943
			% change at CER						(3%)			(11%)			(29%)			(5%)			1%			29%			36%
			Total Diabetes care						102,412			52,063			26,488			13,642			11,933			50,349			47,857
			% change at CER						8%			11%			10%			11%			16%			5%			4%
			Obesity care (Saxenda®)						5,608			2,118			1,124			10			984			3,490			3,230
			% change at CER						3%			11%			18%			11%			4%			(1%)			(2%)
			Diabetes and Obesity care total						108,020			54,181			27,612			13,652			12,917			53,839			51,087
			% change at CER						8%			11%			10%			11%			15%			4%			4%
Biopharm segment
			Haemophilia2						9,662			5,708			3,579			361			1,768			3,954			3,675
			% change at CER						(4%)			(2%)			0%			27%			(8%)			(7%)			(7%)
						NovoSeven®			7,203			3,996			2,352			345			1,299			3,207			3,089
						% change at CER			(9%)			(9%)			(7%)			29%			(18%)			(10%)			(9%)
						NovoEight®			1,462			1,127			790			16			321			335			312
						% change at CER			(1%)			2%			(5%)			0%			23%			(10%)			(11%)
			Growth disorders (Norditropin®)						7,704			4,832			2,220			66			2,546			2,872			2,854
			% change at CER						8%			16%			15%			86%			17%			(4%)			(4%)
			Other Biopharm3						1,560			1,108			886			5			217			452			208
			% change at CER						(2%)			1%			0%			0%			7%			(8%)			(15%)
			Biopharm total						18,926			11,648			6,685			432			4,531			7,278			6,737
			% change at CER						1%			5%			4%			33%			5%			(6%)			(6%)
Total sales									126,946			65,829			34,297			14,084			17,448			61,117			57,824
			% change at CER						7%			10%			9%			11%			12%			3%			3%
			% change as reported						4%			7%			6%			10%			6%			1%			1%
			Share of growth						100%			77%			34%			18%			25%			23%			18%

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 31 December 2020			Page 34 of 36

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

In this Company Announcement, Novo Nordisk discloses certain financial measures of the Group’s financial performance, financial position and cash flows that reflect adjustments to the directly comparable measures calculated and presented in accordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other companies in the same manner and may thus not be comparable with such measures. The non-IFRS financial measures presented in the Company Announcement are Sales and operating profit at CER, Free cash flow and Financial reserves.

Sales and operating profit growth at CER

'Growth at CER’ means that the effect of changes in exchange rates is excluded. It is defined as Net sales/Operating profit for the period measured at the average exchange rates for the same period prior year compared with Net sales/Operating profit for the same period prior year. Price adjustments within hyperinflation countries as defined in IAS 29 ‘Financial reporting in hyperinflation economies’ are excluded from the calculation to avoid growth at CER being artificially inflated.

Growth at CER is considered to be relevant information for investors in order to understand the underlying development in sales and operating profit by adjusting for the impact of currency fluctuations.

Sales at CER
DKK million			2020			2019			% change 2020 to 2019
Net sales			126,946			122,021			4		%
Effect of exchange rates			3,254			—
Sales at CER			130,200			122,021			7		%
Operating profit at CER
DKK million			2020			2019			% change 2020 to 2019
Operating profit			54,126			52,483			3		%
Effect of exchange rates			1,930			—
Operating profit at CER			56,056			52,483			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			2020			2019
Net cash generated from operating activities			51,951			46,782
Net cash used in investing activities			(22,436)			(11,509)
Repayment on lease liabilities			(950)			(822)
Free cash flow			28,565			34,451

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 35 of 36

Financial reserves

'Financial reserves' is defined as the sum of cash and cash equivalents at the end of the year and undrawn committed credit and loan facilities, with a maturity of more than 12 months, less loans and bank overdrafts classified as liabilities arising from financing activities with obliged repayment within 12 months of the balance sheet date. The following table reconciles total financial reserves with cash and cash equivalents, the most directly comparable IFRS financial measure:

Financial reserves
DKK million			2020			2019
Cash and cash equivalents			12,226			15,411
Undrawn committed credit facility			11,531			11,578
Undrawn bridge facility			5,577			—
Borrowings			(576)			(595)
Financial reserves			28,758			26,394

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Company announcement No 6 / 2021

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Financial report for the period 1 January 2020 to 31 December 2020			Page 36 of 36

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

Q4 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						5,102			2,252			1,501			239			512			2,850			2,715
						Tresiba®			2,311			884			498			29			357			1,427			1,336
						Xultophy®			584			413			386			—			27			171			168
						Levemir®			2,207			955			617			210			128			1,252			1,211
			Premix insulin						2,665			2,331			779			1,020			532			334			326
						Ryzodeg®			246			246			53			3			190			—			—
						NovoMix®			2,419			2,085			726			1,017			342			334			326
			Fast-acting insulin						4,936			2,572			1,649			400			523			2,364			2,258
						Fiasp®			439			173			169			—			4			266			258
						NovoRapid®			4,497			2,399			1,480			400			519			2,098			2,000
			Human insulin						2,204			1,733			604			677			452			471			442
			Total insulin						14,907			8,888			4,533			2,336			2,019			6,019			5,741
			Victoza®						5,427			1,871			1,134			243			494			3,556			3,441
			Ozempic®						4,365			502			433			—			69			3,863			3,699
			Rybelsus®						50			—			—			—			—			50			50
			Total GLP-1						9,842			2,373			1,567			243			563			7,469			7,190
			Other Diabetes care						1,017			778			244			367			167			239			196
			Total Diabetes care						25,766			12,039			6,344			2,946			2,749			13,727			13,127
			Obesity care (Saxenda®)						1,564			472			200			3			269			1,092			1,025
			Diabetes and Obesity care total						27,330			12,511			6,544			2,949			3,018			14,819			14,152
Biopharm segment
			Haemophilia						2,554			1,471			963			59			449			1,083			1,019
						NovoSeven®			1,959			1,089			682			57			350			870			844
						NovoEight®			406			280			199			2			79			126			119
			Growth disorders (Norditropin®)						2,076			1,085			493			11			581			991			986
			Other Biopharm						457			284			231			—			53			173			95
			Biopharm total						5,087			2,840			1,687			70			1,083			2,247			2,100
Total sales									32,417			15,351			8,231			3,019			4,101			17,066			16,252

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

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Equity and capital allocation

Outlook

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Company announcement No 6 / 2021

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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: February 3, 2021

Novo Nordisk A/S

Lars Fruergaard Jørgensen

Chief Executive Officer

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