Novo Nordisk's sales increased by 16% in Danish kroner and by 14% at constant exchange rates (CER) to DKK 33.9 billion in the first three months of 2020

Estimated sales growth adjusted for COVID-19-related stocking around 7% at CER

• Sales in International Operations increased by 19% in Danish kroner (19% at CER), driven by growth in all areas. Sales in North America Operations increased by 12% in Danish kroner (9% at CER). In both operating units, sales were impacted by COVID-19-related stocking.
• Sales within Diabetes and Obesity care increased by 15% to DKK 28.6 billion (14% at CER), driven by Diabetes care growing by 13% at CER and Obesity care growing by 30% at CER. Sales within Biopharm increased by 18% to DKK 5.3 billion (16% at CER).
• Sales of GLP-1 increased by 40% in Danish kroner (37% at CER) reflecting the solid uptake of Ozempic^®. In the US, Rybelsus^® market access is progressing and the weekly new-to-brand market share has reached 8.8%.
• The pipeline progressed with approval of Rybelsus^® in the EU and successful completion of the phase 2 trial with semaglutide in NASH, both in April.
• For the 2020 outlook, sales growth is still expected to be 3-6% at CER, and operating profit growth is still expected to be 1-5% at CER. The maintained outlook reflects the negative impacts from COVID-19, largely offset by underlying performance.

PROFIT AND LOSS	Q1 2020		Q1 2019	Growth as reported	Growth at CER*
DKK million
Net sales	33,875		29,291	16%	14%
Operating profit	16,302		14,239	14%	12%
Net profit	11,897		10,445	14%	N/A
Diluted earnings per share (in DKK)	5.05		4.36	16%	N/A

* CER: Constant exchange rates (average 2019)

Lars Fruergaard Jørgensen, president and CEO: "Societies are severely impacted by the COVID-19 outbreak, and during the pandemic our key priorities are to safeguard our employees, continue the supply of our life-saving medicines and use our expertise, resources and global reach to help societies around the world during the pandemic. COVID-19-related stocking impacted our results; however, we are satisfied with the underlying commercial performance as well as the progression of our pipeline with the approval of Rybelsus^® in the EU and the encouraging phase 2 data for semaglutide in NASH."

On 6 May 2020 at 13.00 CEST, corresponding to 7.00 am EDT, a conference call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.

Financial calendar
06 August 2020	Financial statement for the first six months of 2020
30 October 2020	Financial statement for the first nine months of 2020
03 February 2021	Financial statement for 2020

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

Further information about Novo Nordisk is available on novonordisk.com

Company announcement No 28 / 2020

Attachment

• PR200506_Q1