Financial report for the period 1 January 2021 to 31 December 2021

Financial report for the period 1 January 2021 to 31 December 2021

Operating profit increased by 8% in Danish kroner and by 13% at constant exchange rates (CER) to DKK 58.6 billion.

Sales in International Operations increased by 12% in Danish kroner (14% at CER), and sales in North America Operations increased by 10% in Danish kroner (14% at CER).

Sales within Diabetes and Obesity care increased by 13% in Danish kroner to DKK 121.6 billion (15% at CER), driven by GLP-1 sales growth of 28% in Danish kroner (32% at CER) reflecting the uptake of Ozempic® and Rybelsus®. Obesity care sales grew by 50% in Danish kroner (55% at CER), and Biopharm sales increased by 1% measured in Danish kroner (4% at CER).

Within R&D, Novo Nordisk in November 2021 successfully completed the first cohorts from the ongoing phase 1/2 clinical trial with Mim8, and in December 2021 the acquisition of Dicerna Pharmaceuticals was completed.

In December 2021, a contract manufacturer filling syringes for “Wegovy” temporarily stopped deliveries and manufacturing following issues with current Good Manufacturing Practices. Consequently, fewer new weekly patient initiations are expected in the first half of 2022 compared to fourth quarter of 2021. Novo Nordisk still expects to be able to meet demand in the US in the second half of 2022.

For the 2022 outlook, sales growth is expected to be 6—10% at CER and operating profit growth is expected to be 4—8% at CER. Sales and operating profit growth reported in Danish kroner is expected to be 5 and 7 percentage points higher than at CER, respectively.

At the Annual General Meeting on 24 March 2022, the Board of Directors will propose a final dividend of DKK 6.90 for 2021 per share of DKK 0.20. The expected total dividend for 2021 is DKK 10.40 per share, of which DKK 3.50 was paid as interim dividend in August 2021. The Board of Directors intends to initiate a new 12-month share repurchase programme of up to DKK 22 billion.

Lars Fruergaard Jørgensen, president and CEO: “We are very pleased with the double-digit sales growth in 2021 and the progress we have made on our Strategic Aspirations. The results reflect that almost 35 million people with diabetes are now benefiting from our treatments worldwide. In obesity, we are making progress in resolving the Wegovy® supply issue and we expect to be able to meet demand from people living with obesity in the US in the second half of 2022”.

On 2 February 2022 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on www.novonordisk.com, which can be found under “Investors”.