Financial report for the period 1 January 2024 to 31 March 2024
2 May 2024
Novo Nordisk's sales increased by 22% in Danish kroner and by 24% at constant
exchange rates to DKK 65.3 billion in the first three months of 2024
• Operating profit increased by 27% in Danish kroner and by 30% at constant exchange rates (CER) to DKK 31.8 billion.
• Sales in North America Operations increased by 34% in Danish kroner (35% at CER). Sales growth in the US was
positively impacted by gross-to-net sales adjustments related to prior years. Sales in International Operations increased
by 8% in Danish kroner (11% at CER).
• Sales within Diabetes and Obesity care increased by 25% in Danish kroner to DKK 61.0 billion (27% at CER), mainly
driven by GLP-1 diabetes sales growth of 30% in Danish kroner (32% at CER) and Obesity care growing by 41% in Danish
kroner to DKK 11.0 billion (42% at CER). Rare disease sales decreased by 4% measured in Danish kroner (3% at CER).
• In the first quarter of 2024, Novo Nordisk successfully completed the FLOW kidney outcomes trial with semaglutide 1.0
mg. Further, Wegovy
®
was approved in the US for cardiovascular risk reduction in people with overweight or obesity
and established cardiovascular disease, and Awiqli
®
, once-weekly insulin icodec, was recommended for EU approval.
• In February 2024, Novo Nordisk announced an agreement to acquire three fill-finish sites from Novo Holdings A/S in
connection with a transaction where Novo Holdings A/S has agreed to acquire Catalent, Inc. Novo Nordisk expects that
the acquisition will be completed towards the end of 2024.
• For the 2024 outlook, sales growth is now expected to be 19-27% at CER, and operating profit growth is now expected
to be 22-30% at CER. Growth reported in Danish kroner is now expected to be in line with CER growth for both sales and
operating profit.
PROFIT AND LOSS Q1 2024 Q1 2023
Growth
as reported
Growth
at CER*
DKK million
Net sales 65,349 53,367 22% 24%
Operating profit 31,846 25,007 27% 30%
Net profit 25,407 19,814 28% N/A
Diluted earnings per share (in DKK) 5.68 4.39 29% N/A
* CER: Constant exchange rates (average 2023).
Lars Fruergaard Jørgensen, president and CEO: "We are pleased with the sales growth in the first three months of 2024,
driven by increased demand for our GLP-1-based diabetes and obesity treatments. More patients benefit from our
innovative treatments, and the agreement to acquire the three Catalent manufacturing sites will enable us to serve
significantly more people living with diabetes and obesity in the future. Within R&D, we are pleased with the positive results
from the kidney outcomes trial with semaglutide and the label expansion for cardiovascular risk reduction for Wegovy
®
in
the US."
On 2 May 2024 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in via
a link on novonordisk.com, which can be found under ‘Investors’.
Investor Relations
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
Company announcement No 35 / 2024
STRATEGIC ASPIRATIONS
STRATEGIC ASPIRATIONS 2025
The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo
Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to
each of the four dimensions on an ongoing basis.
Performance highlights for the first three months of 2024 (blue indicates first-quarter developments)
PERFORMANCE HIGHLIGHTS
Purpose and sustainability (ESG)
Progress towards zero environmental impact:
– Overall CO
2
e emissions (scope 1, 2 and full scope 3) increased by
32% compared to the first three months of 2023
Adding value to society:
– Medical treatment provided to 40.6 million people living with
diabetes and 1.2 million people living with obesity
– Reached more than 54,000 children in the Changing Diabetes
®
in
Children programme
Being recognised as a sustainable employer:
– Share of women in senior leadership positions has increased to
41% from 39% in the first quarter of 2023
Innovation and therapeutic focus
Further raise innovation bar for diabetes treatment:
– Awiqli
®
, once-weekly insulin icodec, recommended for approval
in the EU
– Semaglutide 1.0 mg demonstrated a 24% reduction in risk of kidney
disease-related events in the FLOW outcomes trial
– Successful completion of the COMBINE 2 trial with IcoSema
Develop superior treatment solutions for obesity:
– Approval of Wegovy
®
label expansion in the US based on the
SELECT cardiovascular outcomes trial
– Phase 2 trial initiated with once-weekly GIP/GLP-1 dual agonist
Establish presence in Cardiovascular & Emerging Therapy Areas:
– Phase 3 development initiated with Ziltivekimab in HFpEF
– Agreement to acquire Cardior Pharmaceuticals and lead asset
CDR132L in phase 2 development for treatment of heart failure
– Phase 1 trial initiated with a NRLP3 inhibitor in MASH
Commercial execution
Strengthen diabetes leadership to more than one-third:
– Diabetes value market share increased by 1.8 percentage points to
34.0% (MAT)
More than DKK 25 billion in Obesity care sales by 2025:
– Obesity care sales increased by 42% (CER) to DKK 11.0 billion
Secure a sustained growth outlook for Rare Disease:
– Rare disease sales decreased by 3% (CER) to DKK 4.4 billion
Financials
Deliver solid sales and operating profit growth:
– Sales growth of 24% (CER)
– Operating profit growth of 30% (CER)
Drive operational efficiencies:
– Operational leverage reflecting sales growth
Enable attractive capital allocation to shareholders:
– Free cash flow of DKK 5.0 billion
– DKK 31.4billion returned to shareholders
Financial report for the period 1 January 2024 to 31 March 2024
Page 2 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST THREE MONTHS OF 2024
PROFIT AND LOSS Q1 2024 Q1 2023
% change
Q1 2024 to
Q1 2023
% change
Q1 2024 to
Q1 2023 at
CER
1
(Amounts are in DKK million, except for earnings per share)
Net sales 65,349 53,367 22% 24%
Gross profit
55,433
45,185
23%
25%
Gross margin
84.8%
84.7%
Sales and distribution costs
(13,256)
(12,412)
7%
8%
Percentage of sales
20.3%
23.3%
Research and development costs
(8,606)
(6,728)
28%
28%
Percentage of sales
13.2%
12.6%
Administrative costs
(1,157)
(1,071)
8%
9%
Percentage of sales
1.8%
2.0%
Other operating income and expenses
(568)
33
N/A
N/A
Operating profit (EBIT)
31,846
25,007
27%
30%
Operating margin
48.7%
46.9%
Financial items (net)
72
(270)
(127%)
N/A
Profit before income taxes
31,918
24,737
29%
N/A
Income taxes
(6,511)
(4,923)
32%
N/A
Effective tax rate
20.4%
19.9%
Net profit
25,407
19,814
28%
N/A
Net profit margin
38.9%
37.1%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 2,914 1,719 70% N/A
Capital expenditure (PP&E)
8,474
4,693
81%
N/A
Net cash generated from operating activities 14,314 29,814 (52%) N/A
EBITDA
1)
34,760
26,726
30%
N/A
Free cash flow
1)
5,020
24,764
(80%)
N/A
Diluted earnings per share / ADR (in DKK) 5.68 4.39 29% N/A
Full-time equivalent employees end of period 66,015 57,089 16% N/A
1)
See appendix 7: Non-IFRS financial measures (additional information).
These unaudited consolidated financial statements for the first three months of 2024 have been prepared in accordance
with IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies.
The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2023 of Novo
Nordisk.
Financial report for the period 1 January 2024 to 31 March 2024
Page 3 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 22% measured in Danish kroner and by 24% at CER in the first three months of 2024, driven by Diabetes
care sales growth of 24% (CER) and Obesity care sales growth of 42% (CER). Rare disease sales decreased by 3% (CER).
Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of
products and geographies. Sales growth in the US was positively impacted by gross-to-net sales adjustments related to
prior years and the phasing of rebates in 2023.
Sales split per therapy
Sales Q1 2024
DKK million
Sales Q1 2023
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Injectable GLP-1
29,969
22,455
33%
35%
60%
- Ozempic
®
27,810
19,640
42%
43%
65%
- Victoza
®
2,159
2,815
(23%)
(22%)
(5%)
Rybelsus
®
5,013
4,356
15%
17%
6%
Total GLP-1
34,982
26,811
30%
32%
66%
Long-acting insulin
1
5,165
4,133
25%
28%
9%
Premix insulin
2
2,968
2,776
7%
12%
3%
Fast-acting insulin
3
4,487
4,488
0%
2%
0%
Human insulin
1,745
2,012
(17%)
(15%)
(2%)
Total insulin
14,365
13,409
6%
9%
10%
Other Diabetes care
4
583
729
(9%)
(6%)
0%
Total Diabetes care
49,930
40,949
22%
24%
76%
Wegovy
®
9,377
4,563
106%
107%
38%
Saxenda
®
1,658
3,279
(49%)
(49%)
(13%)
Total Obesity care
11,035
7,842
41%
42%
25%
Diabetes and Obesity care total
60,965
48,791
25%
27%
101%
Rare disease segment
Rare blood disorders
5
2,888
3,049
(5%)
(4%)
(1%)
Rare endocrine disorders
6
1,113
1,128
(1%)
1%
0%
Other Rare disease
7
383
399
(4%)
(2%)
0%
Rare disease total
4,384
4,576
(4%)
(3%)
(1%)
Total sales 65,349 53,367 22% 24% 100%
1)
Comprises Tresiba
®
, Xultophy
®,
and Levemir
®
2)
Comprises Ryzodeg
®
and NovoMix
®
.
3)
Comprises Fiasp
®
and NovoRapid
®
.
4)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
5)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
and NovoThirteen
®
.
6)
Primarily Norditropin
®
and Sogroya
®
.
7)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2024 to 31 March 2024
Page 4 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 22% measured in Danish kroner and by 24% at CER to DKK 49,930 million driven by
growth of GLP-1-based products. Sales growth in the US was positively impacted by gross-to-net sales adjustments related
to prior years. Novo Nordisk has improved the global diabetes value market share over the last 12 months to 34.0% from
32.2% in line with the aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market
share of more than one-third in 2025. The market share increase was driven by market share gains in both North America
Operations and International Operations.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from February 2023
and February 2024 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa;
Region China covers mainland China, Hong Kong and Taiwan; Rest of World covers all other countries except for North
America.
Diabetes care, development per geographical area
Novo Nordisk’s share of the total
diabetes market (value, MAT) Diabetes care, sales development
February
February
Sales Q1 2024
DKK million
Growth
at CER
2024
2023
Global
34.0%
32.2%
49,930
24%
North America Operations
35.4%
33.8%
28,680
34%
- The US
34.9%
33.5%
26,546
35%
International Operations
28.4%
26.6%
21,250
12%
- EMEA *
30.4%
29.1%
10,942
10%
- Region China **
32.4%
32.2%
4,439
11%
- Rest of World ***
23.6%
20.4%
5,869
18%
Source: IQVIA, February 2024 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.
GLP-1-based therapies for type 2 diabetes
Sales of GLP-1-based products for type 2 diabetes (Rybelsus
®
,
Ozempic
®
and Victoza
®
) increased by 30% measured in
Danish kroner and by 32% at CER to DKK 34,982 million. The estimated global GLP-1 share of total diabetes prescriptions
has increased to 6.2% compared with 4.9% 12 months ago. Novo Nordisk continues to be the global market leader in the
GLP-1 segment with a 55.3% value market share.
GLP-1, development per geographical area
Novo Nordisk's share of the
diabetes GLP-1 market (value, MAT) GLP-1, sales development
February
February
Sales Q1 2024
DKK million
Growth
at CER
2024
2023
Global
55.3%
54.5%
34,982
32%
North America Operations
53.5%
53.1%
24,363
37%
- The US
52.5%
52.1%
22,469
37%
International Operations
70.0%
65.2%
10,619
22%
- EMEA *
63.3%
61.1%
5,942
18%
- Region China **
78.2%
66.9%
1,403
10%
- Rest of World ***
85.6%
75.6%
3,274
38%
Source: IQVIA, February 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 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. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions
based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions.
Rybelsus
®
sales increased by 15% measured in Danish kroner and by 17% at CER to DKK 5,013 million. Sales growth was
driven by EMEA and Rest of World, partially countered by lower sales in North America. Sales in North America was
negatively impacted by wholesaler inventory movements.
Financial report for the period 1 January 2024 to 31 March 2024
Page 5 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
Ozempic
®
sales increased by 42% measured in Danish kroner and by 43% at CER to DKK 27,810 million. Sales growth was
driven by both North America Operations and International Operations. Sales growth has resulted in periodic supply
constraints and related drug shortage notifications across geographies.
Victoza
®
sales decreased by 23% measured in Danish kroner and by 22% at CER to DKK 2,159 million as the GLP-1 market
is moving towards once-weekly treatments. The sales decline was mainly driven by EMEA.
North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 36% measured in Danish kroner and by 37%
at CER. Sales growth was positively impacted by gross-to-net sales adjustments related to prior years and the phasing of
rebates in 2023. Novo Nordisk is the market leader with a 53.5% value market share. The estimated GLP-1 share of total
diabetes prescriptions has increased to 16.2% compared with 12.0% 12 months ago.
Sales of GLP-1 in the US increased by 37% at CER. The sales increase was driven by continued uptake of Ozempic
®
, partially
offset by declining Rybelsus
®
and Victoza
®
sales. Ozempic
®
sales growth was negatively impacted by periodic supply
constraints.
Sales growth in the US was driven by a prescription volume growth of the GLP-1 class around 15% in the first quarter of
2024 compared to the first quarter of 2023. Novo Nordisk is the market leader with 57.6% measured by total monthly
prescriptions and 59.5% measured by new-to-brand prescriptions.
International Operations
Sales of GLP-1 diabetes products in International Operations increased by 20% measured in Danish kroner and by 22% at
CER. Sales growth is driven by all geographical areas. The estimated GLP-1 share of total diabetes prescriptions has
increased to 3.9% compared with 3.2% 12 months ago. Novo Nordisk is the market leader with a value market share of
70.0% compared to 65.2% 12 months ago.
EMEA
Sales in EMEA increased by 18% in both Danish kroner and at CER. The sales growth reflects the uptake of Ozempic
®
and
Rybelsus
®
,
partially offset by lower sales of Victoza
®
. Novo Nordisk remains the market leader in EMEA with a value market
share of 63.3%. The estimated GLP-1 share of total diabetes prescriptions has increased to 5.3% compared with 4.5% 12
months ago.
Region China
Sales in Region China increased by 4% measured in Danish kroner and by 10% at CER. The sales growth mainly reflects the
uptake of Ozempic
®
, partially countered by lower sales of Victoza
®
. GLP-1 sales growth was negatively impacted by
periodic supply constraints. The GLP-1 share of total diabetes prescriptions has increased to 3.4% compared with 2.6% 12
months ago. Novo Nordisk is the market leader in Region China with a value market share of 78.2%.
Rest of World
Sales in Rest of World increased by 34% measured in Danish kroner and by 38% at CER. The sales growth reflects
increased sales of
Ozempic
®
and Rybelsus
®
, partially offset by lower sales of Victoza
®
. The estimated GLP-1 share of total
diabetes prescriptions has increased to 2.5% compared with 1.9% 12 months ago. Novo Nordisk remains the market
leader with a value market share of 85.6%.
Financial report for the period 1 January 2024 to 31 March 2024
Page 6 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
Insulin
Sales of insulin increased by 6% measured in Danish kroner and by 9% at CER to DKK 14,365 million. Sales growth in the
US was positively impacted by gross-to-net sales adjustments in prior years.
Insulin, development per geographical area
Novo Nordisk’s share of the total
insulin market (volume, MAT) Insulin, sales development
February
February
Sales Q1 2024
DKK million
Growth
at CER
2024
2023
Global
45.0%
46.2%
14,365
9%
North America Operations
36.4%
37.8%
4,243
23%
- The US
36.2%
37.4%
4,019
25%
International Operations
48.0%
49.1%
10,122
5%
- EMEA *
47.3%
47.5%
4,826
1%
- Region China **
40.1%
46.1%
2,788
14%
- Rest of World ***
57.6%
56.7%
2,508
1%
Source: IQVIA, February 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin 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.
North America Operations
Sales of insulin in North America Operations increased by 22% measured in Danish kroner and by 23% at CER. The sales
increase in the US was positively impacted by gross-to-net sales adjustments in prior years, partially countered by a decline
in volume. Novo Nordisk has a volume market share of 36.2% of the total US insulin market.
International Operations
Sales of insulin in International Operations increased by 1% measured in Danish kroner and by 5% at CER. The sales
increase at CER was driven by Region China, EMEA and Rest of World. Novo Nordisk has a volume market share of 48.0% of
the total insulin market in International Operations.
EMEA
Sales of insulin in EMEA remained unchanged in Danish kroner and increased by 1% at CER. The sales increase at CER was
driven by long-acting insulin, partially countered by fast-acting insulin, human insulin and premix insulin. Novo Nordisk has
a volume market share of 47.3% of the total insulin market.
Region China
Sales of insulin in Region China increased by 8% measured in Danish kroner and by 14% at CER. The sales increase was
mainly driven by long-acting insulin and premix insulin, partially countered by human insulin. Novo Nordisk has a volume
market share of 40.1% of the total insulin market.
Rest of World
Sales of insulin in Rest of World decreased by 3% measured in Danish kroner and increased by 1% at CER. The sales
growth at CER was mainly driven by premix insulin and long-acting insulin, partially countered by human insulin and fast-
acting insulin. Novo Nordisk has a volume market share of 57.6% of the total insulin market.
Financial report for the period 1 January 2024 to 31 March 2024
Page 7 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
Obesity care, sales development
Sales of Obesity care products, Wegovy
®
and Saxenda
®
, increased by 41% measured in Danish kroner and by 42% at CER
to DKK 11,035 million. Sales growth was driven by both North America Operations and International Operations. The
volume growth of the global branded obesity market was 109% in the first quarter of 2024. Novo Nordisk is the global
market leader with a volume market share of 85.4%.
Obesity care, development per geographical area
Global branded
obesity market growth
(Volume, MAT) Obesity care, sales development
February
Sales Q1 2024
DKK million
Growth
at CER
2024
Global
109%
11,035
42%
North America Operations
179%
8,418
44%
- The US
196%
8,230
44%
International Operations
48%
2,617
35%
- EMEA *
76%
1,977
63%
- Region China**
N/A
25
(51%)
- Rest of World***
5%
615
(8%)
Source: IQVIA, February 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin 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.
Wegovy
®
sales increased by 106% measured in Danish kroner and by 107% at CER to DKK 9,377 million. Sales of Saxenda
®
decreased by 49% in both Danish kroner and CER to DKK 1,658 million as the obesity care market is moving towards once-
weekly treatments.
North America Operations
Sales of Obesity care products in North America Operations increased by 42% measured in Danish kroner and by 44% at
CER to DKK 8,418 million. Sales of Wegovy
®
increased by 86% measured in Danish kroner and by 88% at CER to DKK 8,233
million driven by increased volumes, partially countered by lower realised prices. Sales growth was positively impacted by
the phasing of rebates in 2023. Demand for Wegovy
®
exceeds supply, and to safeguard continuity of care, supply of the
lower Wegovy
®
dose strengths in the US has been reduced since May 2023. Novo Nordisk started gradually increasing the
supply of the lower dose strengths in January 2024. Broad commercial formulary access has been achieved for Wegovy
®
.
Wegovy
®
has more than 130,000 total weekly prescriptions and more than 25,000 weekly new-to-brand prescriptions.
Sales of Saxenda
®
decreased by 88% measured in Danish kroner and by 87% at CER to DKK 185 million as the obesity care
market is moving towards once-weekly treatments. The volume growth of the branded obesity market in the US was 179%.
International Operations
Sales of Obesity care products in International Operations increased by 36% measured in Danish kroner and by 35% at
CER to DKK 2,617 million driven by increased sales in EMEA. Sales of Saxenda
®
in International Operations decreased by
18% in both Danish kroner and CER to DKK 1,473 million, and sales of Wegovy
®
reached DKK 1,144 million. Wegovy
®
has
now been launched in ten countries in International Operations. The volume growth of the branded obesity market in
International Operations was 48%.
EMEA
Sales of Obesity care products in EMEA increased by 63% in both Danish kroner and at CER to DKK 1,977 million reflecting
uptake of Wegovy
®
partially countered by declining sales of Saxenda
®
. The volume growth of the branded obesity market
in EMEA was 76%.
Rest of World
Sales of Saxenda
®
in Rest of World decreased by 7% measured in Danish kroner and by 8% at CER to DKK 615 million. The
volume growth of the branded obesity market in Rest of World was 5%.
Financial report for the period 1 January 2024 to 31 March 2024
Page 8 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
Rare disease, sales development
Rare disease sales decreased by 4% measured in Danish kroner and by 3% at CER to DKK 4,384 million. Sales of rare blood
disorder products decreased by 5% measured in Danish kroner and by 4% at CER to DKK 2,888 million driven by
NovoSeven
®
and haemophilia A products, partially countered by increased haemophilia B sales. Sales of rare endocrine
disorder products decreased by 1% measured in Danish kroner and increased by 1% at CER to DKK 1,113 million. Novo
Nordisk is working on re-establishing supply of rare endocrine disorder products following a reduction of manufacturing
output in 2022 and 2023. Sogroya
®
has been launched in five countries, and the initial feedback from patients and
physicians is encouraging.
Rare disease, development per geographical area Rare disease, sales development
Sales Q1 2024
DKK million
Growth
at CER
Global
4,384
(3%)
North America Operations
2,182
20%
- The US
2,006
19%
International Operations
2,202
(18%)
- EMEA
1,407
(5%)
- Region China
42
(77%)
- Rest of World
753
(27%)
North America Operations
Rare disease sales in North America Operations increased by 19% measured in Danish kroner and by 20% at CER. The
sales increase was driven by rare endocrine disorder products increasing by 74% measured in Danish kroner and by 76%
at CER reflecting gross-to-net sales adjustments related to prior years in the US and the launch of Sogroya
®
. Sales of rare
blood disorders products increased by 2% measured in Danish kroner and by 3% at CER driven by sales of haemophilia A
and B products, partially countered by lower sales of NovoSeven
®
.
International Operations
Rare disease sales in International Operations decreased by 19% measured in Danish kroner and by 18% at CER. The sales
decline was driven by lower sales of rare endocrine disorder products, decreasing by 47% measured in Danish kroner and
by 44% at CER, reflecting a reduction in manufacturing output. Sogroya
®
has now been launched in four countries in
International Operations with encouraging initial feedback. Sales of rare blood disorder products decreased by 11%
measured in Danish kroner and by 10% at CER driven by decreased sales of haemophilia A products and NovoSeven
®
,
partially countered by haemophilia B sales.
EMEA
Rare disease sales decreased by 5% in both Danish kroner and CER. Sales of rare blood disorder products decreased by
9% in both Danish kroner and CER, driven by NovoSeven
®
and haemophilia A products, partially countered by increased
haemophilia B sales. The increased sales of haemophilia B products reflect the continued uptake of extended half-life
products. Rare endocrine disorder products increased by 24% measured in Danish kroner and by 22% at CER.
Region China
Rare disease sales decreased by 77% in both Danish kroner and CER driven by both decreased sales of rare blood disorder
products and rare endocrine products.
Rest of World
Rare disease sales decreased by 30% measured in Danish kroner and by 27% at CER. Sales of rare blood disorder products
increased by 1% measured in Danish kroner and by 2% at CER driven by haemophilia A and B products, partially countered
by lower sales of NovoSeven
®
. Sales of rare endocrine disorder products decreased by 66% measured in Danish kroner
and by 62% at CER reflecting a reduction in manufacturing output.
Financial report for the period 1 January 2024 to 31 March 2024
Page 9 of 30
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Company announcement No 35 / 2024
FINANCIALS
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 22% measured in Danish kroner and by 24% at CER to DKK 65,349 million in the first three months of
2024. Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years and the
phasing of rebates in 2023. Sales growth has resulted in periodic supply constraints and related drug shortage
notifications across a number of products and geographies. In North America Operations, sales increased by 34%
measured in Danish kroner and by 35% at CER. Sales in International Operations increased by 8% measured in Danish
kroner and by 11% at CER.
Sales split per geographical area
Sales Q1 2024
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
North America Operations
39,280
34%
35%
80%
- The US
36,782
35%
36%
76%
International Operations
26,069
8%
11%
20%
- EMEA
14,326
12%
13%
13%
- Region China
4,506
1%
7%
2%
- Rest of World
7,237
5%
8%
5%
Total sales 65,349 22% 24% 100%
North America Operations
Sales in North America Operations increased by 34% measured in Danish kroner and by 35% at CER. Sales growth in the
US was positively impacted by gross-to-net sales adjustments related to prior years and the phasing of rebates in 2023.
The sales increase reflects GLP-1 diabetes sales growing by 37% at CER and Obesity care sales growing by 44% at CER.
GLP-1 diabetes sales growth was negatively impacted by periodic supply constraints. Insulin sales increased by 23% at CER
reflecting gross-to-net sales adjustments related to prior years, partially countered by a decline in volume. Rare disease
sales increased by 20% at CER driven by Rare endocrine disorders, mainly reflecting gross-to-net sales adjustments related
to prior years and the launch of Sogroya
®
.
International Operations
Sales in International Operations increased by 8% measured in Danish kroner and by 11% at CER. Sales growth was driven
by GLP-1 diabetes sales growing by 22% at CER, Obesity care sales growing by 35% at CER and insulin sales growing by
5% at CER, partially countered by Rare disease sales decreasing by 18% at CER, reflecting a reduction in manufacturing
output.
EMEA
Sales in EMEA increased by 12% measured in Danish kroner and by 13% at CER. Sales growth was driven by Diabetes care
growing by 10% at CER driven by GLP-1 diabetes sales growing by 18% at CER and insulin sales growing by 1% at CER.
Obesity care sales increased by 63% at CER and Rare disease sales decreased by 5% at CER.
Region China
Sales in Region China increased by 1% measured in Danish kroner and by 7% at CER. The sales increase at CER was driven
by insulin sales increasing by 14% at CER and GLP-1 diabetes sales growing by 10% at CER. GLP-1 sales growth was
negatively impacted by periodic supply constraints. Other diabetes care sales decreased by 9% at CER. Rare disease sales
decreased by 77% at CER.
Rest of World
Sales in Rest of World increased by 5% measured in Danish kroner and by 8% at CER. Sales growth was driven by Diabetes
care growing by 18% at CER, reflecting increased GLP-1 diabetes and insulin sales, Obesity care sales decreasing by 8% at
CER and Rare disease decreasing by 27% at CER.
Financial report for the period 1 January 2024 to 31 March 2024
Page 10 of 30
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Company announcement No 35 / 2024
DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 21% in both Danish kroner and at CER to DKK 9,916 million, resulting in a gross
margin of 84.8% measured in Danish kroner compared with 84.7% in the first three months of 2023. The increase in gross
margin reflects a positive price impact due to gross-to-net sales adjustments in the US and a positive product mix, driven
by increased sales of GLP-1-based treatments. This is partially countered by costs related to ongoing capacity expansions
and a negative currency impact.
Sales and distribution costs increased by 7% measured in Danish kroner and by 8% at CER to DKK 13,256 million. The
increase in costs is driven by both North America Operations and International Operations. In North America Operations,
the cost increase is mainly driven by promotional activities related to Wegovy
®
. In International Operations, the increase is
mainly related to promotional activities for Rybelsus
®
as well as Obesity care market development activities. Sales and
distribution costs amounted to 20.3% as a percentage of sales.
Research and development costs increased by 28% in both Danish kroner and at CER to DKK 8,606 million reflecting
increased late-stage clinical trial activity and increased early research activities compared to the first quarter of 2023.
Research and development costs amounted to 13.2% as a percentage of sales.
Administration costs increased by 8% measured in Danish kroner and by 9% at CER to DKK 1,157 million. Administration
costs amounted to 1.8% as a percentage of sales.
Other operating income and expenses (net) was a loss of DKK 568 million compared to an income of DKK 33 million in
2023. The loss is mainly reflecting impairments related to a partnership agreement of a company previously acquired by
Novo Nordisk.
Operating profit increased by 27% measured in Danish kroner and by 30% at CER to DKK 31,846 million reflecting the
sales growth.
Financial items (net) showed a net gain of DKK 72 million compared with a net loss of DKK 270 million in the first three
months of 2023, mainly reflecting interest gains from cash and marketable securities.
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 loss of DKK 76 million compared
with a net loss of DKK 209 million in the first quarter of 2023.
As per the end of March 2024, a negative market value of financial contracts of approximately DKK 1.2 billion has been
deferred for recognition in 2024.
The effective tax rate was 20.4% in the first three months of 2024 compared with an effective tax rate of 19.9% in the first
three months of 2023.
Net profit increased by 28% to DKK 25,407 million and diluted earnings per share increased by 29% to DKK 5.68.
Financial report for the period 1 January 2024 to 31 March 2024
Page 11 of 30
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Company announcement No 35 / 2024
CASH FLOW AND CAPITAL ALLOCATION
FREE CASH FLOW IN THE FIRST THREE MONTHS OF 2024 AND CAPITAL EXPENDITURE
Free cash flow realised in 2024 was DKK 5.0 billion compared to DKK 24.8 billion in the first three months of 2023. The
lower free cash flow reflects phasing of rebates related to lower US gross sales in the first quarter of 2024 compared to the
fourth quarter of 2023 combined with reduced insulin list prices as well as higher taxes paid and increasing capital
expenditure. This is partially countered by an increase in net profit.
Income under the 340B Program has been partially recognised.
Capital expenditure for property, plant and equipment was DKK 8.5 billion compared with DKK 4.7 billion in 2023, primarily
reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for
both current and future injectable and oral products. Capital expenditures for intangible assets was DKK 0.5 billion in the
first three months of 2024 compared with DKK 0.1 billion in 2023 reflecting business development activities.
Novo Nordisk to acquire three fill-finish sites from Novo Holdings A/S in connection with the Catalent, Inc.
transaction
In February 2024, Novo Nordisk announced an agreement to acquire three fill-finish sites from Novo Holdings A/S (Novo
Holdings) in connection with a transaction where Novo Holdings has agreed to acquire Catalent, Inc. (Catalent), a global
contract development and manufacturing organisation. The fulfilment of various customary closing conditions is
progressing, and Novo Nordisk expects that the acquisition will be completed towards the end of 2024. For further
information, please see company announcement here.
EQUITY AND CAPITAL ALLOCATION
Total equity was DKK 98,911 million at the end of March 2024, equivalent to 33.1% of total assets, compared with 31.9% at
the end of March 2023. Please refer to appendix 5 for further elaboration of changes in equity. Novo Nordisk returned DKK
31.4billion to shareholders via share buybacks (DKK 2.8 billion) and dividend (DKK 28.6 billion) in the first three months of
2024.
2024 share repurchase programme
As of 30 April 2024, Novo Nordisk has repurchased 2,423,000 B shares of DKK 0.10 for an amount of DKK 2.1 billion as part
of the overall share repurchase programme of up to DKK 20 billion to be executed during a 12-month period beginning 6
February 2024.
Reduction in share capital
At the Annual General Meeting of Novo Nordisk A/S, held on 21 March 2024, a 1.0% reduction in the total share
capital was approved. The reduction was effectuated by a cancellation of 45,000,000 treasury B shares of DKK 0.10
at a nominal value of DKK 4,500,000. After the legal implementation of the share capital reduction on 24 April
2024, Novo Nordisk’s share capital now amounts to DKK 446,500,000 divided into an A share capital of DKK
107,487,200 and a B share capital of DKK 339,012,800.
Financial report for the period 1 January 2024 to 31 March 2024
Page 12 of 30
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Company announcement No 35 / 2024
OUTLOOK
The current expectations for 2024 are summarised in the table below:
Expectations are as reported, if not otherwise stated
Expectations
2 May 2024
Expectations
31 January 2024
Sales growth
at CER 19% to 27% 18% to 26%
as reported In line with CER growth
Around 1 percentage point lower
than at CER
Operating profit growth
at CER Between 22% and 30% 21% to 29%
as reported In line with CER growth
Around 2 percentage points lower
than at CER
Financial items (net) Loss of around 0.7 bDKK Gain of around DKK 1.3 billion
Effective tax rate 19% to 21% 19% to 21%
Capital expenditure (PP&E) Around DKK 45 billion Around DKK 45 billion
Depreciation, amortisation and impairment losses Around DKK 10 billion Around DKK 10 billion
Free cash flow (excluding impact from business development) Between 57 and 67 bDKK DKK 64-74 billion
Sales growth is now expected to be 19% to 27% at CER. Given the current exchange rates versus the Danish krone, sales
growth reported in DKK is now expected to be in line with CER. The updated sales outlook at CER reflects gross-to-net
sales adjustments related to prior years in the US.
The guidance reflects expectations for sales growth in both North America Operations and International Operations,
mainly driven by volume growth of GLP-1-based treatments for Obesity and Diabetes care. Continued pricing pressure
within Diabetes and Obesity Care are included in the guidance.
Following higher-than-expected volume growth in recent years, including GLP-1-based products such as Ozempic
®
and
Wegovy
®
, combined with the expectation of continued volume growth and capacity limitations at some manufacturing
sites, the outlook also reflects expected continued periodic supply constraints and related drug shortage notifications
across a number of products and geographies. Novo Nordisk is investing in internal and external capacity to increase
supply both short and long term. Novo Nordisk started gradually increasing the supply of the lower dose strengths of
Wegovy
®
in the US in January 2024. A gradual roll-out of Wegovy
®
with capped volumes in International Operations is
included in the guidance.
Operating profit growth is now expected to be 22% to 30% at CER. Given the current exchange rates versus the Danish
krone, growth reported in DKK is expected to be in line with CER. The increased expectation for operating profit growth is
reflecting the increased sales outlook, partially countered by an expected loss on Other operating income and expenses
(net).
The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in
future and current growth drivers within Research, Development and Commercial. Within R&D, investments are related to
the continued expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related
to Obesity care market development activities as well as increased spend related to GLP-1 diabetes care.
Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 0.7 billion, mainly reflecting losses
associated with foreign exchange hedging contracts.
The effective tax rate for 2024 is still expected to be in the range of 19-21%.
Capital expenditure is still expected to be around DKK 45 billion in 2024 reflecting the expansion of the supply chain,
including the previously communicated expansions of the manufacturing facilities in Kalundborg and Hillerød, Denmark,
and Chartres, France. The investments in Kalundborg will create additional capacity across the entire global value chain
Financial report for the period 1 January 2024 to 31 March 2024
Page 13 of 30
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Company announcement No 35 / 2024
from manufacturing of active pharmaceutical ingredients (API) to packaging, with the majority invested in API capacity. The
API facility will be designed as a multi-product facility with flexibility to accommodate current and future processes. In
Hillerød, the investments will create additional production capacity of API within Cardiovascular & Emerging Therapy Areas.
The expansion of the production facilities in Chartres are related to additional aseptic production and finished production
processes. In the coming years, the capital expenditure to sales ratio is still expected to be low double-digit.
Depreciation, amortisation and impairment losses are still expected to be around DKK 10 billion.
The free cash flow is now expected to be DKK 57-67 billion reflecting the sales growth, a favourable impact from rebates
in the US countered by investments in capital expenditure. The updated cash flow expectation reflects changes to gross-
to-net sales estimates and related cash flow impacts as well as business development activities, including the planned
acquisition of Cardior Pharmaceuticals GmbH.
Financial impacts related to and following the expected closing of the Catalent transaction have not been included in the
financial guidance.
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 2024, including energy and supply
chain disruptions, the potential implications from major healthcare reforms and legislative changes as well as outcome of
legal cases including litigations related to the 340B Drug Pricing Program in the US, 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 any new significant business development transactions and significant impairments of intangible
assets during 2024.
FX (average rates) Q1 2024 Q1 2023 % change
Spot rate
26 April 2024
USD
687
694
(1%)
696
CNY
96
101
(5%)
96
JPY
4.63
5.24
(12%)
4.44
CAD
509
513
(1%)
510
BRL
139
134
4%
135
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 5,400 million
12
CNY
2
DKK 560 million
12
CAD
DKK 520 million
6
BRL
DKK 250 million
0
JPY
DKK 210 million
12
1)
As of 31 March 2024.
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).
Financial report for the period 1 January 2024 to 31 March 2024
Page 14 of 30
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Company announcement No 35 / 2024
INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Awiqli
®
recommended for approval for the treatment of diabetes by the European regulatory authorities
In March 2024, the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) adopted a
positive opinion, recommending marketing authorisation for Awiqli
®
(the brand name for once-weekly basal insulin icodec)
for treatment of diabetes in adults. Novo Nordisk expects to receive final marketing authorisation from the European
Commission within approximately two months after the positive opinion. Awiqli
®
is approved in Switzerland and Canada.
For further information, please see the company announcement here.
Advisory committee convened for insulin icodec in the US
In the first quarter of 2024, the US Food and Drug Administration (FDA) informed Novo Nordisk that an advisory committee
will be convened in May 2024 to discuss the new drug application for once-weekly insulin icodec. The advisory committee
is expected to evaluate the benefit-risk profile of insulin icodec in the treatment of type 1 diabetes.
Phase 3a trial COMBINE 2 with IcoSema successfully completed
In February 2024, Novo Nordisk successfully completed the second phase 3a trial, COMBINE 2, with IcoSema, a once-
weekly combination of basal insulin icodec and semaglutide. The objective of the 52-week trial was to confirm the efficacy
and safety of IcoSema compared with once-weekly semaglutide in people with type 2 diabetes inadequately controlled on
GLP-1 treatment and in need of treatment intensification. The primary endpoint was met with IcoSema demonstrating
superior reduction in HbA
1c
compared to once-weekly semaglutide 1.0 mg, with a 1.35 percentage points reduction for
IcoSema and 0.9 percentage point reduction for semaglutide 1.0 mg from an overall baseline HbA
1c
of 8.0%. In the trial,
IcoSema appeared to have a safe and well-tolerated profile.
Successful completion of FLOW kidney outcomes trial with once-weekly injectable semaglutide 1.0 mg
In March 2024, Novo Nordisk announced the headline results from the kidney outcomes trial FLOW. Semaglutide 1.0 mg
demonstrated 24% reduction in the risk of kidney disease-related events in people with type 2 diabetes and chronic kidney
disease in the FLOW trial. In the trial, semaglutide 1.0 mg appeared to have a safe and well-tolerated profile in line with
previous semaglutide 1.0 mg trials. In March 2024, Novo Nordisk submitted a label expansion application to the FDA. For
further information, please see the company announcement here.
Phase 2 trial successfully completed with higher doses of semaglutide
In February 2024, Novo Nordisk successfully completed a phase 2 trial with higher doses of once-weekly subcutaneous
semaglutide. The 40-week trial investigated efficacy and tolerability of 2, 8 and 16 mg semaglutide in around 245 people
with type 2 diabetes. In the trial, dose response on weight loss was observed and the higher doses of semaglutide
appeared to have a safe and well-tolerated profile in line with previous semaglutide trials. Following the completion of this
phase 2 trial, semaglutide in higher doses are now being evaluated for further clinical development.
Phase 2 trial initiated with a CagriSema in people with type 2 diabetes and chronic kidney disease
In April 2024, Novo Nordisk initiated a phase 2 trial with CagriSema, a once-weekly combination of 2.4 mg semaglutide and
2.4 mg cagrilintide, in chronic kidney disease. The 32-week trial is investigating efficacy and tolerability of CagriSema
compared to the mono-components in approximately 620 people living with chronic kidney disease, type 2 diabetes and
either overweight or obesity.
Phase 2 trial initiated with an once-weekly GLP-1/GIP agonist
In March 2024, Novo Nordisk initiated two phase 2 trials with a subcutaneous once-weekly dual GIP/GLP-1 agonist. The 36-
week trials are investigating safety and efficacy of different doses of GIP/GLP-1 in approximately 300 people living with
diabetes as well as in approximately 350 people with obesity.
Financial report for the period 1 January 2024 to 31 March 2024
Page 15 of 30
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Company announcement No 35 / 2024
Obesity care
Wegovy
®
approved in the US for cardiovascular risk reduction in people with overweight or obesity and established
cardiovascular disease
In March 2024, Wegovy
®
was approved in the US for cardiovascular risk reduction in people with overweight or obesity and
established cardiovascular disease. The approval is based on the SELECT cardiovascular outcomes trial, which
demonstrated that Wegovy
®
statistically significantly reduced the risk of MACE by 20% compared to placebo when added
to standard of care. For further information, please see the company announcement here.
Priority review granted and advisory committee to be convened for semaglutide 2.4 mg in people with heart failure with
preserved ejection fraction (HFpEF)
Novo Nordisk submitted the results from the STEP HFpEF trials for regulatory review in the US and EU in January 2024. In
March 2024, the FDA granted the semaglutide 2.4 mg HFpEF supplement priority review with an action date in July 2024.
The FDA informed Novo Nordisk that an advisory committee will be convened to discuss the supplement.
Cardiovascular & Emerging Therapy Areas
Phase 3a trial initiated with Ziltivekimab in people HFpEF
In April 2024, Novo Nordisk initiated a phase 3a, ATHENA, trial with Ziltivekimab in people with HFpEF and systemic
inflammation. The 52-week trial is investigating functional outcomes and safety and is expected to enrol approximately 680
people. The heart failure outcomes trial, HERMES, was initiated in 2023 in people with HFpEF and inflammation.
Phase 1 trial with NLRP3 inhibitor initiated
In March 2024, Novo Nordisk initiated a phase 1 trial with an oral NRLP3 inhibitor, aiming for oral treatment in a broad
range of liver, kidney and cardiometabolic diseases. The trial is investigating safety, tolerability, pharmacokinetics and
biomarkers of the NRLP3 inhibitor.
Novo Nordisk to acquire Cardior Pharmaceuticals GmbH (Cardior)
In March 2024, Novo Nordisk agreed to acquire Cardior for up to EUR 1.025 billion, including an upfront payment and
additional payments if certain development and commercial milestones are achieved. The agreement includes Cardior’s
lead compound CDR132L, currently in phase 2 clinical development for the treatment of heart failure.
CDR132L is a synthetic antisense oligonucleotide and is designed to halt and partially reverse cellular pathology by
selectively blocking abnormal levels of the microRNA molecule miR-132, potentially leading to long-lasting improvement in
heart function. Novo Nordisk plans to initiate a second phase 2 trial that will investigate CDR132L in a chronic heart failure
population with cardiac hypertrophy, a condition that causes the walls of the heart muscle to become thick and stiff,
affecting the heart’s ability to pump blood. The acquisition is expected to be completed in the second quarter of 2024.
Financial report for the period 1 January 2024 to 31 March 2024
Page 16 of 30
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Company announcement No 35 / 2024
Financial report for the period 1 January 2024 to 31 March 2024
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Company announcement No 35 / 2024
Financial report for the period 1 January 2024 to 31 March 2024
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Company announcement No 35 / 2024
LEGAL MATTERS
Update on Abbreviated New Drug Applications with the US Food and Drug Administration (FDA)
Novo Nordisk has received notifications from several manufacturers that they have filed Abbreviated New Drug
Applications (ANDAs) with FDA for generic versions of Victoza
®
and
Saxenda
®
. The ANDAs contain Paragraph IV
certifications to obtain approval to engage in the commercial manufacture, use, or sale of such products before the
expiration of some or all of the patents currently listed for those products in the Orange Book. Novo Nordisk has filed
complaints for patent infringement against these manufacturers.
Novo Nordisk has entered into settlement agreements with several of the manufacturers. As part of the March 2019
settlement between Novo Nordisk and Teva Pharmaceuticals USA, Inc. (Teva) regarding Victoza
®
, Novo Nordisk has
granted Teva a licence to sell an authorised generic version of Victoza
®
to the US market as of June 2024. All terms of the
agreements are confidential. All agreements are reviewed by the U.S. Federal Trade Commission and the U.S. Department
of Justice.
Novo Nordisk has also received notifications from several manufacturers that they have filed ANDAs with FDA for generic
versions of Ozempic
®
and Wegovy
®
.
Novo Nordisk does not expect these matters to have a material impact on Novo Nordisk’s financial position, operating
profit or cash flow.
Financial report for the period 1 January 2024 to 31 March 2024
Page 19 of 30
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Company announcement No 35 / 2024
MANAGEMENT STATEMENT
Executive Management:
Board of Directors:
Financial report for the period 1 January 2024 to 31 March 2024
Page 20 of 30
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Outlook
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Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark Our purpose is to
breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk
employs about 66,000 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, X, LinkedIn and YouTube.
Financial calendar
7 August 2024
Financial results for the first half of 2024
6 November 2024
Financial results for the first nine months of 2024
5 February 2025
Financial statement for 2024
Contacts for further information
Media:
Ambre James-Brown
+45 3079 9289
abmo@novonordisk.com
Liz Skrbkova (US)
+1 609 917 0632
lzsk@novonordisk.com
Investors:
Daniel Muusmann Bohsen
+45 3075 2175
dabo@novonordisk.com
David Heiberg Landsted
+45 3077 6915
dhel@novonordisk.com
Jacob Martin Wiborg Rode
+45 3075 5956
jrde@novonordisk.com
Mark Joseph Root (US)
+1 848 213 3219
mjhr@novonordisk.com
Sina Meyer
+45 3075 6656
azey@novonordisk.com
Frederik Taylor Pitter
+45 3075 8259
fptr@novonordisk.com
Ida Melvold Gjøsund
+45 3077 5649
idmg@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 2023 and Form 20-F both filed with the SEC in January 2024 in continuation of the publication of the Annual Report 2023, 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, such as 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, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy
supplies, 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 including the risk of cybersecurity breaches, 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, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a
Financial report for the period 1 January 2024 to 31 March 2024
Page 21 of 30
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Company announcement No 35 / 2024
culture of compliance, epidemics, pandemics or other public health crises, and the effects of domestic or international crises, civil unrest, war or other conflict,
and factors related to the foregoing matters and other factors not specifically identified herein.
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 2023.
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.
Financial report for the period 1 January 2024 to 31 March 2024
Page 22 of 30
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Company announcement No 35 / 2024
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
2024
2023
Q1 2024 vs.
Q1
Q4
Q3
Q2
Q1
Q1 2023
Net sales
65,349
65,863
58,731
54,300
53,367
22%
Gross profit
55,433
55,849
49,018
46,444
45,185
23%
Gross margin
84.8%
84.8%
83.5%
85.5%
84.7%
Sales and distribution costs
(13,256)
(17,170)
(12,819)
(14,342)
(12,412)
7%
Percentage of sales
20.3%
26.1%
21.8%
26.4%
23.3%
Research and development costs
(8,606)
(10,460)
(8,128)
(7,127)
(6,728)
28%
Percentage of sales
13.2%
15.9%
13.8%
13.1%
12.6%
Administrative costs
(1,157)
(1,456)
(1,256)
(1,072)
(1,071)
8%
Percentage of sales
1.8%
2.2%
2.1%
2.0%
2.0%
Other operating income and expenses
(568)
3
98
(15)
33
N/A
Operating profit (EBIT)
31,846
26,766
26,913
23,888
25,007
27%
Operating margin
48.7%
40.6%
45.8%
44.0%
46.9%
Financial income
2,146
(944)
3,318
(281)
852
152%
Financial expenses
(2,074)
1,798
(2,168)
647
(1,122)
85%
Financial items (net)
72
854
1,150
366
(270)
(127%)
Profit before income taxes
31,918
27,620
28,063
24,254
24,737
29%
Income taxes
(6,511)
(5,657)
(5,585)
(4,826)
(4,923)
32%
Net profit
25,407
21,963
22,478
19,428
19,814
28%
Depreciation, amortisation and impairment losses 2,914 2,992 2,525 2,177 1,719 70%
Capital expenditure (PP&E)
8,474
9,407
5,828
5,878
4,693
81%
Net cash generated from operating activities
14,314
9,551
40,966
28,577
29,814
(52%)
EBITDA
34,760
29,758
29,438
26,065
26,726
30%
Free cash flow
5,020
(7,250)
30,039
20,773
24,764
(80%)
Total assets
298,921
314,486
300,101
280,753
250,025
20%
Total equity
98,911
106,561
92,991
90,473
79,874
24%
Equity ratio
33.1%
33.9%
31.0%
32.2%
31.9%
Full-time equivalent employees end of period
66,015
63,370
61,412
59,337
57,089
16%
Basic earnings per share/ADR (in DKK)
1
5.70
4.92
5.02
4.33
4.40
30%
Diluted earnings per share/ADR (in DKK)
1
5.68
4.91
5.00
4.32
4.39
29%
Average number of shares outstanding (million)
1
4,459.6 4,464.7 4,476.9 4,490.4 4,499.2 (1%)
Average number of diluted shares outstanding (million)
1
4,470.5 4,477.4 4,489.0 4,502.6 4,513.2 (1%)
Sales by business segment:
Total GLP-1
34,982
37,761
30,635
27,925
26,811
30%
Long-acting insulin
5,165
3,726
3,692
3,354
4,133
25%
Premix insulin
2,968
2,123
2,219
2,456
2,776
7%
Fast-acting insulin
4,487
4,142
3,808
3,511
4,488
0%
Human insulin
1,745
1,989
1,626
1,967
2,012
(13%)
Total insulin
14,365
11,980
11,345
11,288
13,409
7%
Other Diabetes care
583
322
594
667
729
(20%)
Total Diabetes care
49,930
50,063
42,574
39,880
40,949
22%
Wegovy
®
9,377
9,614
9,648
7,518
4,563
106%
Saxenda
®
1,658
1,615
2,607
2,788
3,279
(49%)
Total Obesity care
11,035
11,229
12,255
10,306
7,842
41%
Diabetes and Obesity care total
60,965
61,292
54,829
50,186
48,791
25%
Rare blood disorders
2,888
2,934
2,957
2,836
3,049
(5%)
Rare endocrine disorders
1,113
1,264
542
902
1,128
(1%)
Other Rare disease
383
373
403
376
399
(4%)
Rare disease total
4,384
4,571
3,902
4,114
4,576
(4%)
Sales by geographic segment:
North America Operations
39,280
42,621
35,048
29,663
29,297
34%
- The US
36,782
40,067
32,936
27,209
27,322
35%
International Operations
26,069
23,242
23,683
24,637
24,070
8%
- EMEA
14,326
12,706
12,563
12,856
12,742
12%
- Region China
4,506
3,418
4,341
4,467
4,461
1%
- Rest of World
7,237
7,118
6,779
7,314
6,867
5%
Segment operating profit:
Diabetes and Obesity care
31,218
26,032
26,721
22,707
24,163
29%
Rare disease
628
734
192
1,181
844
(26%)
1)
The trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen was changed from DKK 0.20 to DKK 0.10 as of 13 September 2023. The ADRs listed on the New York
Stock Exchange (NYSE) were similarly split as of 20 September 2023. Comparative figures have been restated to reflect the change in trading unit from DKK 0.20 to DKK 0.10.
Financial report for the period 1 January 2024 to 31 March 2024
Page 23 of 30
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Company announcement No 35 / 2024
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million
Q1 2024
Q1 2023
Income statement
Net sales
Cost of goods sold
(9,916 )
(8,182 )
Gross profit
Sales and distribution costs
(13,256 )
(12,412 )
Research and development costs
(8,606 )
(6,728 )
Administrative costs
(1,157 )
(1,071 )
Other operating income and expenses
(568 )
Operating profit
Financial income
Financial expenses
(2,074 )
(1,122 )
Profit before income taxes
Income taxes
(6,511 )
(4,923 )
NET PROFIT
Basic earnings per share (DKK)
1
Diluted earnings per share (DKK)
1
Segment Information
Segment sales:
Diabetes and Obesity care
60,965
48,791
Rare disease
4,384
4,576
Segment operating profit:
Diabetes and Obesity care
31,218
24,163
Operating margin
51.2 %
49.5 %
Rare disease
628
844
Operating margin
14.3 %
18.4 %
Total segment operating profit
31,846
25,007
Statement of comprehensive income
Net profit
Other comprehensive income
Remeasurements of defined benefit obligations
(73 )
Items that will not be reclassified subsequently to the income statement (73 ) 39
Exchange rate adjustments of investments in subsidiaries
(969 )
Cash flow hedges:
Realisation of previously deferred (gains)/losses
(1,612 )
(1,026 )
Deferred gains/(losses) incurred during the period
(1,247 )
Other items
(2 )
Income tax related to these items
(341 )
Items that will be reclassified subsequently to the Income statement (1,861 ) (95 )
Other comprehensive income (1,934 ) (56 )
TOTAL COMPREHENSIVE INCOME 23,473 19,758
1)
The trading unit of the Novo Nordisk B shares listed on NASDAQ Copenhagen was changed from DKK 0.20 to DKK 0.10 as of 13 September 2023. The ADRs listed on the New York
Stock Exchange (NYSE) were similarly split as of 20 September 2023. Comparative figures have been restated to reflect the change in trading unit from DKK 0.20 to DKK 0.10.
Financial report for the period 1 January 2024 to 31 March 2024
Page 24 of 30
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Company announcement No 35 / 2024
APPENDIX 3: CASH FLOW STATEMENT
DKK million Q1 2024 Q1 2023
Net profit
Adjustment for non-cash items:
Income taxes in the Income Statement
Depreciation, amortisation and impairment losses
Other non-cash items
Change in working capital
(8,852 )
(10,216 )
Interest received
Interest paid
(140 )
(165 )
Income taxes paid
(12,124 )
(6,679 )
Net cash generated from operating activities
Purchase of intangible assets
(535 )
(108 )
Purchase of property, plant and equipment
(8,474 )
(4,693 )
Proceeds from other financial assets
Purchase of other financial assets
(15 )
(7 )
Purchase of marketable securities
(1,145 )
(2,354 )
Sale of marketable securities
Net cash used in investing activities
(6,647 )
Purchase of treasury shares
(2,836 )
(5,199 )
Dividends paid
(28,557 )
(18,337 )
Repayment of borrowings
(317 )
(478 )
Withheld dividend tax
Net cash used in financing activities
(26,382 )
(20,621 )
Net cash generated from activities
(8,112 )
Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents
(263 )
Cash and cash equivalents at the end of the period
Financial report for the period 1 January 2024 to 31 March 2024
Page 25 of 30
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Company announcement No 35 / 2024
APPENDIX 4: BALANCE SHEET
DKK million
31 Mar 2024
31 Dec 2023
ASSETS
Intangible assets
Property, plant and equipment
Investments in associated companies
Deferred income tax assets
Other receivables and prepayments
Other financial assets
TOTAL NON-CURRENT ASSETS
Inventories
Trade receivables
Tax receivables
Other receivables and prepayments
Marketable securities
Derivative financial instruments
Cash at bank
TOTAL CURRENT ASSETS 116,421 139,646
TOTAL ASSETS 298,921 314,486
EQUITY AND LIABILITIES
Share capital
Treasury shares
(5 )
(5 )
Retained earnings
Other reserves
(585 )
TOTAL EQUITY
Borrowings
Deferred income tax liabilities
Retirement benefit obligations
Other liabilities
Provisions
Total non-current liabilities
Borrowings
Trade payables
Tax payables
Other liabilities
Derivative financial instruments
Provisions
Total current liabilities
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES 298,921 314,486
Financial report for the period 1 January 2024 to 31 March 2024
Page 26 of 30
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Company announcement No 35 / 2024
APPENDIX 5: EQUITY STATEMENT
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Q1 2024
Balance at the beginning of the year
(5 )
Net profit for the period
Other comprehensive income for the period
(73 )
(1,861 )
(1,934 )
Total comprehensive income for the period
(1,861 )
Transactions with owners:
Dividends
(28,557 )
(28,557 )
Share-based payments
Purchase of treasury shares
(2,836 )
(2,836 )
Tax related to transactions with owners
(98 )
(98 )
Balance at the end of the period 451 (5 ) 99,050 (585 ) 98,911
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Q1 2023
Balance at the beginning of the year
(6 )
Net profit for the period
Other comprehensive income for the period
(95 )
(56 )
Total comprehensive income for the period
(95 )
Transactions with owners:
Dividends
(18,337 )
(18,337 )
Share-based payments
Purchase of treasury shares
(5,199 )
(5,199 )
Tax related to transactions with owners
(234 )
(234 )
Balance at the end of the period 456 (6 ) 77,070 2,354 79,874
Financial report for the period 1 January 2024 to 31 March 2024
Page 27 of 30
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Company announcement No 35 / 2024
APPENDIX 6: SALES SPLIT PER AREA
Q1 2024 sales split per area
DKK million Total
North America
Operations The US
International
Operations EMEA
Region
China
Rest of
World
Diabetes and Obesity care segment
Injectable GLP-1
29,969
21,970
20,133
7,999
4,319
1,348
2,332
% change at CER
35%
45%
47%
13%
6%
9%
33%
Ozempic
®
27,810
20,760
18,944
7,050
3,982
952
2,116
% change at CER
43%
50%
51%
27%
19%
19%
50%
Victoza
®
2,159
1,210
1,189
949
337
396
216
% change at CER
(22%)
(3%)
(2%)
(37%)
(54%)
(9%)
(37%)
Rybelsus
®
5,013
2,393
2,336
2,620
1,623
55
942
% change at CER
17%
(11%)
(11%)
61%
67%
58%
53%
Total GLP-1
34,982
24,363
22,469
10,619
5,942
1,403
3,274
% change at CER
32%
37%
37%
22%
18%
10%
38%
Long-acting insulin
5,165
1,831
1,667
3,334
1,964
705
665
% change at CER
28%
60%
69%
16%
6%
80%
5%
Tresiba
®
2,763
1,069
924
1,694
991
272
431
% change at CER
30%
63%
75%
16%
15%
20%
16%
Xultophy
®
1,123
96
94
1,027
541
323
163
% change at CER
48%
(2%)
(1%)
55%
18%
—
(1%)
Levemir
®
1,279
666
649
613
432
110
71
% change at CER
12%
72%
77%
(18%)
(18%)
(9%)
(28%)
Premix insulin
2,968
199
196
2,769
687
1,406
676
% change at CER
12%
45%
47%
10%
0%
14%
13%
Ryzodeg
®
1,267
—
—
1,267
191
721
355
% change at CER
38%
—
—
38%
28%
53%
18%
NovoMix
®
1,701
199
196
1,502
496
685
321
% change at CER
(3%)
45%
47%
(7%)
(9%)
(10%)
7%
Fast-acting insulin
4,487
1,846
1,800
2,641
1,676
470
495
% change at CER
2%
7%
9%
(1%)
(2%)
6%
(5%)
Fiasp
®
567
190
179
377
304
—
73
% change at CER
11%
60%
66%
(4%)
(8%)
—
17%
NovoRapid
®
3,920
1,656
1,621
2,264
1,372
470
422
% change at CER
1%
3%
5%
(1%)
(1%)
6%
(8%)
Human insulin
1,745
367
356
1,378
499
207
672
% change at CER
(15%)
(17%)
(17%)
(15%)
(1%)
(44%)
(9%)
Total insulin
14,365
4,243
4,019
10,122
4,826
2,788
2,508
% change at CER
9%
23%
25%
5%
1%
14%
1%
Other Diabetes care
1
583
74
58
509
174
248
87
% change at CER
(6%)
(4%)
(9%)
(6%)
9%
(9%)
(18%)
Total Diabetes care
49,930
28,680
26,546
21,250
10,942
4,439
5,869
% change at CER
24%
34%
35%
12%
10%
11%
18%
Wegovy
®
9,377
8,233
8,232
1,144
1,144
—
—
% change at CER
107%
88%
88%
—
—
—
—
Saxenda
®
1,658
185
(2)
1,473
833
25
615
% change at CER
(49%)
(87%)
(100%)
(18%)
(22%)
(51%)
(8%)
Total Obesity care
11,035
8,418
8,230
2,617
1,977
25
615
% change at CER
42%
44%
44%
35%
63%
(51%)
(8%)
Diabetes and Obesity care total
60,965
37,098
34,776
23,867
12,919
4,464
6,484
% change at CER
27%
36%
37%
14%
15%
11%
15%
Rare disease segment
Rare blood disorders
2
2,888
1,315
1,230
1,573
996
35
542
% change at CER
(4%)
3%
1%
(10%)
(9%)
(72%)
2%
Haemophilia A
603
187
185
416
282
18
116
% change at CER
(8%)
31%
38%
(19%)
(15%)
(83%)
51%
Haemophilia B
262
121
85
141
91
5
45
% change at CER
36%
58%
85%
21%
18%
67%
22%
NovoSeven
®
1,952
968
924
984
598
12
374
% change at CER
(6%)
(4%)
(7%)
(9%)
(8%)
(37%)
(8%)
Rare endocrine disorders
3
1,113
736
728
377
209
3
165
% change at CER
1%
76%
78%
(44%)
22%
(94%)
(62%)
Other Rare disease
4
383
131
48
252
202
4
46
% change at CER
(2%)
2%
(13%)
(4%)
(4%)
100 %
(9%)
Rare disease total
4,384
2,182
2,006
2,202
1,407
42
753
% change at CER
(3%)
20%
19%
(18%)
(5%)
(77%)
(27%)
Total sales
65,349
39,280
36,782
26,069
14,326
4,506
7,237
% change at CER
24%
35%
36%
11%
13%
7%
8%
% change as reported
22%
34%
35%
8%
12%
1%
5%
Share of growth
100%
80%
76%
20%
13%
2%
5%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
and NovoThirteen
®
.
3)
Primarily Norditropin
®
and Sogroya
®
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2024 to 31 March 2024
Page 28 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
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 Net sales and operating profit at CER, EBITDA and Free cash flow.
Net 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
net sales and operating profit by adjusting for the impact of currency fluctuations.
Net sales at CER
DKK million
Q1 2024 Q1 2023
% change
Q1 2024 to
Q1 2023
Net sales
65,349
53,367
22%
Effect of exchange rates
958
—
Net sales at CER 66,307 53,367 24%
Operating profit at CER
DKK million
Q1 2024 Q1 2023
% change
Q1 2024 to
Q1 2023
Operating profit
31,846
25,007
27%
Effect of exchange rates
748
—
Operating profit at CER 32,594 25,007 30%
EBITDA
Novo Nordisk has significantly increased its Business Development M&A activities and Capital expenditure for property,
plant and equipment during recent years. Novo Nordisk defines EBITDA as ’Net profit’ adjusted for 'income taxes', 'financial
items', 'depreciation and amortisation' and 'impairment losses'. EBITDA is a measure that is widely used by investors and
analysts as it helps analyse operating results from core business operations without including the effects of capital
structure, tax rates and depreciation and amortisation and impairment losses. These factors can vary substantially
between companies.
EBITDA
DKK million Q1 2024 Q1 2023
% change
Q1 2024 to
Q1 2023
Net profit
25,407
19,814
28%
Income taxes
6,511
4,923
32%
Financial income
(2,146)
(852)
152%
Financial expenses
2,074
1,122
85%
Operating profit (EBIT)
31,846
25,007
27%
Depreciation, amortisation and impairment losses
2,914
1,719
70%
EBITDA 34,760 26,726 30%
Financial report for the period 1 January 2024 to 31 March 2024
Page 29 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024
Free cash flow
Novo Nordisk defines free cash flow as ’net cash generated from operating activities’, less ‘net cash used in investing
activities’, less repayment on lease liabilities and excluding net change of marketable securities. Free cash flow is a
measure of the amount of cash generated in the period which is available for the Board of Directors to allocate between
Novo Nordisk's capital providers, through eg dividends, share repurchases and repayment of debt (excluding lease liability
repayments) or for retaining in the business to fund future growth.
The following table shows a reconciliation of Free cash flow with Net cash generated from operating activities, the most
directly comparable IFRS financial measure:
Free cash flow
DKK million Q1 2024 Q1 2023
Net cash generated from operating activities 14,314 29,814
Net cash used in investing activities 3,956 (6,647)
Net purchase of marketable securities
(12,980)
1,872
Repayment on lease liabilities
(270)
(275)
Free cash flow 5,020 24,764
Financial report for the period 1 January 2024 to 31 March 2024
Page 30 of 30
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Legal
Financial
Information
Company announcement No 35 / 2024