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

_________________________

FORM 6-K

_________________________


REPORT OF FOREIGN PRIVATE ISSUER

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


May 6, 2020

_________________________

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

_________________________

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

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

Form 20-F x Form 40-F o


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

Yes o No x


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





CAIMAGE2A051.JPG         COWA051.JPG

Financial report for the period 1 January 2020 to 31 March 2020

6 May 2020
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’.
Novo Nordisk A/S
Investor Relations
Novo Allé
2880 Bagsværd
Denmark 		Telephone:
+45 4444 8888
www.novonordisk.com 		CVR Number:
24 25 67 90
Company announcement No 28 / 2020

Financial report for the period 1 January 2020 to 31 March 2020
Page 2 of 29

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

Production
All Novo Nordisk manufacturing sites continue to operate and products are still distributed across the globe and made available to patients worldwide.

R&D
Novo Nordisk continues conduct of all already-initiated clinical trials and no significant delays are expected in trials already close to finalisation. For ongoing trials, recruitment of new patients is negatively impacted. Consequently, some trials may be delayed. Due to the current strain on the healthcare system, no new clinical trials are initiated.

Commercial
Most Novo Nordisk medicines are used for chronic treatment. However, during the period of social distancing implemented in many markets, fewer new patients are expected to initiate treatment. This is especially impacting launch products and products with a short stay time. In March 2020, stocking mainly at patient level was seen particularly in the US and Europe.

Support to society
To support the humanitarian efforts for refugees and other vulnerable patients globally, Novo Nordisk has donated free insulin to selected humanitarian organisations.

In the US, people with diabetes using Novo Nordisk insulin, who have lost health insurance coverage because of a change in job status due to the COVID-19 pandemic, may now be eligible for enrolment in Novo Nordisk’s Diabetes Patient Assistance Program and receive insulin free of charge for 90 days.

In countries across the world, Novo Nordisk affiliates have been supporting local societies. Novo Nordisk’s responses include emergency relief donations, support to COVID-19 testing, protection to medical staff, equipment and materials to hospitals.


COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 3 of 29

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

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

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

Purpose and Sustainability:
•Adding value to society
◦Launched expanded affordability offerings in the US
◦Supporting society in dealing with the COVID-19 pandemic
•Novo Nordisk achieved the ambition of 100% renewable power across all production sites, and thereby progressed towards the aspiration of zero environmental impact

Innovation and therapeutic focus:
•Rybelsus®, the world’s first and only GLP-1 in a tablet, was approved in the EU supporting the aspiration of further raising the innovation bar for diabetes treatment
•Ozempic® marketing authorisation submitted in China
•Within Other serious chronic diseases, the phase 2 trial with semaglutide in NASH met the primary end-point

Commercial execution:
•Diabetes value market share increased by 0.7 percentage point to 28.7%, supporting the aspiration of strengthening the diabetes leadership
•Obesity sales increased by 30% (CER) to DKK 1.6 billion, supporting the aspiration of at least doubling obesity sales
•Biopharm sales increased by 16% (CER), supporting the aspiration of a sustained growth outlook for biopharm

Financials:
•Supporting the aspiration of delivering solid sales growth:
◦Sales in International Operations grew by 19% (CER)
◦In the US, 43% of sales are coming from products launched since 2015, reflecting the transformation of the sales in the US (measured as three months rolling sales)
•Operating profit increased by 12% (CER)
•Free cash flow increased by 15% to DKK 7.7 billion enabling attractive capital return









COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 4 of 29

FINANCIAL PERFORMANCE
CONSOLIDATED FINANCIAL STATEMENT FOR THE FIRST THREE MONTHS OF 2020
PROFIT AND LOSS Q1 2020 Q1 2019  % change Q1 2020 to Q1 2019
(Amounts are in DKK million, except for earnings per share and dividend per share)
Net sales 33,875    29,291    16  %
Gross profit 28,489    24,559    16  %
Gross margin 84.1  % 83.8  %
Sales and distribution costs 7,590    6,946    9  %
Percentage of sales 22.4  % 23.7  %
Research and development costs 3,777    2,678    41  %
Percentage of sales 11.1  % 9.1  %
Administrative costs 927    911    2  %
Percentage of sales 2.7  % 3.1  %
Other operating income, net 107    215    (50  %)
Operating profit 16,302    14,239    14  %
Operating margin 48.1  % 48.6  %
Financial items (net) (1,281)   (1,017)   26  %
Profit before income taxes 15,021    13,222    14  %
Income taxes 3,124    2,777    12  %
Effective tax rate 20.8  % 21.0  %
Net profit 11,897    10,445    14  %
Net profit margin 35.1  % 35.7  %
OTHER KEY NUMBERS
Depreciation, amortisation and
impairment losses 		1,086    1,058    3  %
Capital expenditure (Purchase of
property, plant and equipment)1
1,667    2,644    (37  %)
Net cash generated from operating
activities 		10,012    9,890    1  %
Free cash flow 7,669    6,655    15  %
Total assets 126,256    110,135    15  %
Equity 54,399    47,319    15  %
Equity ratio 43.1  % 43.0  %
Average number of diluted shares outstanding (million) 2,354.8    2,394.6    (2  %)
Diluted earnings per share / ADR (in DKK) 5.05    4.36    16  %
Full-time equivalent employees end of period 43,158    42,453    2  %
1) Cash-based capital expenditure.
These unaudited consolidated financial statements for the first three months of 2020 have been prepared in
accordance with IAS 34 ‘Interim Financial Reporting’. The accounting policies adopted in the preparation are
consistent with those applied in the Annual Report 2019 of Novo Nordisk. Furthermore, the financial report, including the consolidated financial statements for the first three months of 2020 and the Management’s review, have been prepared in accordance with additional Danish disclosure requirements for interim reports of listed companies.
COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 5 of 29

GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 16% measured in Danish kroner and by 14% at CER to DKK 33,875 million in the first three months of 2020. Sales growth was impacted by COVID-19-related stocking as increased patient prescription trends and wholesaler inventory levels were seen in particular in the US and EMEA in March 2020. Estimated sales growth adjusted for the COVID-19-related stocking was around 7%. Sales in International Operations increased by 19% in both Danish kroner and at CER. Sales in North America Operations increased by 12% measured in Danish kroner and by 9% at CER.

As of 1 April 2020, International Operations was reorganised and financial reporting has been divided into: EMEA (covering Europe, the Middle East and Africa), Region China (covering Mainland China, Hong Kong and Taiwan) and Rest of World (covering all other countries except for North America). North America Operations was not impacted by the reorganisation and still includes the US and Canada. Please see appendix 8 for a breakdown of sales per area in 2019.
Sales split per area  Sales Q1 2020
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
International Operations 18,296    19  % 19  % 71  %
 - EMEA 9,674    22  % 21  % 41  %
 - Region China 3,813    13  % 13  % 11  %
 - Rest of World 4,809    18  % 19  % 19  %
North America Operations 15,579    12  % 9  % 29  %
 - The US 14,775    12  % 8  % 27  %
Total sales 33,875    16  % 14  % 100  %

International Operations
Sales in International Operations increased by 19% in both Danish kroner and at CER. Sales growth was driven by all areas, with EMEA growing by 21% (CER), Rest of World growing by 19% (CER) and Region China growing by 13% (CER). Sales growth was driven by all therapy areas. Sales growth was impacted by COVID-19-related stocking as well as other timing effects.

EMEA
Sales in EMEA increased by 22% measured in Danish kroner and by 21% at CER. Sales growth was driven by Diabetes care growing by 22% (CER) from increased GLP-1 and insulin sales. Biopharm sales increased by 16% (CER) and Obesity care increased by 26% (CER).

Region China
Sales in Region China increased by 13% in both Danish kroner and at CER. Sales growth was driven by Diabetes care growing by 10% (CER) from increased modern insulin sales and Biopharm growing by 144% (CER). Sales growth was impacted by increased distributor stock levels, partly countered by fewer patients initiating treatment during the COVID-19 outbreak.

Rest of World
Sales in Rest of World increased by 18% measured in Danish kroner and by 19% at CER. Sales growth was driven by Diabetes care growing by 22% (CER) from increased insulin and GLP-1 sales, Biopharm growing by 9% (CER) and Obesity care growing by 36% (CER). Within Biopharm, sales growth was driven by Norditropin®, countered by haemophilia sales which decreased by 6% (CER).

North America Operations
Sales in North America Operations increased by 12% measured in Danish kroner and by 9% at CER. Sales growth was impacted by COVID-19-related surge in demand, mostly driven by stocking at patient level in the US as prescription refill policies were adjusted to allow earlier refill and more patients moved to 90-days prescriptions.

The sales development reflects GLP-1 sales growing by 30% (CER), Obesity care sales growing by 30% (CER) and Biopharm sales growing by 14% (CER). This was offset by insulin sales declining by 15% (CER) despite COVID-19 stocking impact, negatively impacted by lower realised prices in the US following unfavourable channel mix, higher rebates, affordability programmes and changes in the coverage gap legislation.

COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 6 of 29

SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales growth in the first three months of 2020 was 16% measured in Danish kroner and 14% at CER driven by growth across all therapy areas with Diabetes care sales growth of 13% (CER), Biopharm sales growth of 16% (CER) and Obesity care sales growth of 30% (CER). Sales growth was impacted by COVID-19-related stocking, mainly impacting insulin and GLP-1 sales.

Sales split per therapy  Sales Q1 2020
DKK million 		 Sales Q1 2019 DKK million Growth
as reported 		Growth
at CER 		Share of growth
at CER
Diabetes and Obesity care segment
Long-acting insulin 5,158    5,244    (2  %) (3  %) (4  %)
-   Tresiba®
2,460    2,147    15  % 12  % 7  %
-   Xultophy®
662    477    39  % 38  % 4  %
-   Levemir®
2,036    2,620    (22  %) (23  %) (15  %)
Premix insulin 2,955    2,757    7  % 7  % 5  %
-   Ryzodeg®
337    212    59  % 59  % 3  %
-   NovoMix®
2,618    2,545    3  % 3  % 2  %
Fast-acting insulin 5,114    4,977    3  % 1  % 1  %
-   Fiasp®
390    231    69  % 67  % 4  %
-   NovoRapid®
4,724    4,746    0  % (2  %) (3  %)
Human insulin 2,687    2,415    11  % 11  % 6  %
Total insulin 15,914    15,393    3  % 2  % 8  %
Victoza®
4,991    5,722    (13  %) (14  %) (20  %)
Ozempic®
4,755    1,425    234  % 226  % 79  %
Rybelsus®
229    —    —    —    5  %
Total GLP-1 9,975    7,147    40  % 37  % 64  %
Other Diabetes care1
1,125    1,067    5  % 5  % 1  %
Total Diabetes care 27,014    23,607    14  % 13  % 73  %
Obesity care (Saxenda®)
1,577    1,211    30  % 30  % 9  %
Diabetes and Obesity care total 28,591    24,818    15  % 14  % 82  %
Biopharm segment
Haemophilia2
2,810    2,533    11  % 9  % 6  %
-   NovoSeven®
2,181    2,012    8  % 7  % 3  %
-   NovoEight®
400    393    2  % 1  % 0  %
Growth disorders (Norditropin®)
2,030    1,555    31  % 28  % 11  %
Other Biopharm3
444    385    15  % 15  % 1  %
Biopharm total 5,284    4,473    18  % 16  % 18  %
Total sales 33,875    29,291    16  % 14  % 100  %
1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
2) Comprises NovoSeven®, NovoEight®, Refixia®, NovoThirteen® and Esperoct®.
3) Primarily Vagifem® and Activelle®.



COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 7 of 29

DIABETES AND OBESITY CARE
Diabetes care, sales development
Sales in Diabetes care increased by 14% measured in Danish kroner and by 13% at CER to DKK 27,014 million driven by solid GLP-1 growth. Novo Nordisk has improved its global diabetes value market share over the last 12 months from 28.0% to 28.7%, driven by an improved global insulin market share and growth of the GLP-1 segment, reflecting an expansion of the diabetes value market share 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 2020 and February 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
February February  Sales Q1 2020
DKK million 		Growth
at CER
2020 2019
Global 28.7  % 28.0  % 27,014    13  %
International Operations 22.1  % 22.0  % 14,293    19  %
 - EMEA * 27.0  % 26.8  % 7,476    22  %
 - Region China ** 27.2  % 28.2  % 3,608    10  %
 - Rest of World *** 13.0  % 12.6  % 3,209    22  %
North America Operations 31.2  % 30.4  % 12,721    7  %
 - The US 31.4  % 30.6  % 12,119    6  %
Source: IQVIA, February 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 (RoW) available for seven markets representing approximately 70% of total Novo Nordisk’s diabetes care sales in the area.

Insulin
Sales of insulin increased by 3% measured in Danish kroner and by 2% at CER to DKK 15,914 million. The sales increase measured at CER was driven by increased sales in International Operations, partly offset by declining sales in the US. Insulin sales were impacted by COVID-19-related stocking.

Sales of long-acting insulin decreased by 2% measured in Danish kroner and by 3% at CER to DKK 5,158 million. Novo Nordisk has increased its global volume market share in the long-acting insulin segment from 31.9% to 32.5% in the last 12 months. The sales decline measured at CER was driven by declining Levemir® sales, partly offset by contributions from Tresiba® and Xultophy®. Tresiba® has now been launched in 88 countries, while Xultophy® has now been launched in 39 countries.

Sales of premix insulin increased by 7% in both Danish kroner and at CER to DKK 2,955 million. Novo Nordisk is the market leader in the premix insulin segment with a global volume market share of 64.0%, which has been broadly unchanged over the past 12 months. The sales increase was driven by increased sales of both Ryzodeg® and NovoMix®. Ryzodeg® has now been launched in 33 countries.

Sales of fast-acting insulin increased by 3% measured in Danish kroner and by 1% at CER to DKK 5,114 million. Novo Nordisk is the market leader in the fast-acting insulin segment with a global volume market share of 50.8%, which has been broadly unchanged over the past 12 months. The sales increase was driven by increased sales of Fiasp®, partly offset by declining NovoRapid® sales. Fiasp® has now been launched in 36 countries.

Sales of human insulin increased by 11% in both Danish kroner and at CER to DKK 2,687 million mainly due to COVID-19-related stocking.
COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 8 of 29

Insulin, development per area Novo Nordisk’s share of the total insulin market (volume, MAT) Insulin, sales development
February February  Sales Q1 2020
DKK million 		Growth
at CER
2020 2019
Global 46.5  % 46.4  % 15,914    2  %
International Operations 49.2  % 48.9  % 10,617    14  %
 - EMEA * 46.6  % 46.5  % 5,272    15  %
 - Region China ** 49.7  % 50.5  % 2,931    11  %
 - Rest of World *** 56.6  % 55.1  % 2,414    14  %
North America Operations 39.7  % 40.1  % 5,297    (15  %)
 - The US 39.7  % 40.5  % 5,024    (16  %)
Source: IQVIA, February 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 RoW 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 14% in both Danish kroner and at CER. Sales growth was driven by all insulin segments. Sales growth was impacted by COVID-19-related stocking.

EMEA
Sales of insulin in EMEA increased by 16% measured in Danish kroner and by 15% at CER. Sales growth was driven by Tresiba®, NovoRapid® and Xultophy® across the area as well as increased Fiasp® sales.

Region China
Sales of insulin in Region China increased by 11% in both Danish kroner and at CER. The sales growth was driven by NovoMix®, NovoRapid®, Tresiba® and Levemir®. Tresiba® was included on the National Reimbursement Drug List in January 2020.

Rest of World
Sales of insulin in Rest of World increased by 13% measured in Danish kroner and by 14% at CER. The sales growth was driven by Ryzodeg®, Tresiba® and human insulin, partly countered by decreasing sales of fast-acting insulin.

North America Operations
Sales of insulin in North America Operations decreased by 13% measured in Danish kroner and by 15% at CER. The decline in sales in the US was driven by lower realised prices following unfavourable channel mix, higher rebates, launch of additional affordability programmes and changes in the coverage gap legislation. This was partly offset by COVID-19-related stocking. Novo Nordisk has a volume market share of 39.7% of the total insulin market, which is a decline compared to 12 months ago. Sales growth was impacted by COVID-19-related stocking.
COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 9 of 29

GLP-1 therapy for type 2 diabetes
Sales of GLP-1 products for type 2 diabetes (Victoza®, Ozempic® and Rybelsus®) increased by 40% measured in Danish kroner and by 37% at CER to DKK 9,975 million. Sales growth was driven by both North America Operations and International Operations. The sales increase was impacted by COVID-19-related stocking. Sales of Ozempic® were DKK 4,755 million and Ozempic® has now been launched in 34 countries. The GLP-1 segment’s value share of the total diabetes market has increased to 19.0% compared with 15.2% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 48.3% value market share, an increase of 2.2 percentage points compared to 12 months ago.
GLP-1, development per area Novo Nordisk's share of the diabetes GLP-1 market (value, MAT)* GLP-1, sales development
February February  Sales Q1 2020
DKK million 		Growth
at CER
2020 2019
Global 48.3  % 46.1  % 9,975    37  %
International Operations 51.2  % 51.2  % 2,838    55  %
 - EMEA * 53.1  % 54.1  % 2,003    58  %
 - Region China ** 93.4  % 89.2  % 221    3  %
 - Rest of World *** 40.4  % 38.8  % 614    73  %
North America Operations 47.8  % 45.2  % 7,137    30  %
 - The US 47.3  % 44.8  % 6,843    30  %
Source: IQVIA, February 2020 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk diabetes sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for RoW available for seven markets representing approximately 70% of total Novo Nordisk diabetes care sales in the area.

International Operations
Sales of GLP-1 in International Operations increased by 54% measured in Danish kroner and by 55% at CER. Sales growth is driven by all areas. Sales growth was impacted by COVID-19-related stocking. The value share of the GLP-1 class of the total diabetes market has increased to 9.5% from 7.9% 12 months ago. Novo Nordisk is the market leader with a value market share of 51.2%.

EMEA
Sales in EMEA increased by 59% measured in Danish kroner and by 58% at CER. The sales growth reflects the strong uptake of Ozempic®. Novo Nordisk remains the market leader in EMEA with a value market share of 53.1%.

Region China
Sales in Region China increased by 3% in both Danish kroner and at CER. The growth reflects volume growth, partly offset by lower realised prices. The GLP-1 class' share of the overall diabetes market value increased to 2.2% from 1.5% 12 months ago. Victoza® now has a market share of 93.4%.

Rest of World
Sales in Rest of World increased by 67% measured in Danish kroner and by 73% at CER. The sales growth reflects launches of Ozempic® and increased Victoza® volumes across the area. Novo Nordisk remains the market leader with a value market share of 40.4%.

North America Operations
Sales of GLP-1 diabetes products in North America Operations increased by 35% measured in Danish kroner and by 30% at CER. Sales were impacted from stocking related to COVID-19. Novo Nordisk is the market leader with a 47.8% value market share compared to 45.2% 12 months ago. The value market share of the GLP-1 class of the total North American diabetes market has increased to 22.6%.

Sales growth in the US is driven by a prescription volume growth of the GLP-1 class of around 30%, driven by once-weekly GLP-1 products. Rybelsus® market access is progressing and the weekly new-to-brand market share has reached 8.8%. The combined Novo Nordisk GLP-1 new-to-brand prescription market share is 57.7%. Novo Nordisk is the market leader measured on total monthly prescriptions for the combined GLP-1 portfolio.

Sales of GLP-1 in the US increased by 30% at CER. The sales increase was driven by continued uptake of Ozempic® and initial Rybelsus® sales, partly offset by declining sales of Victoza®. GLP-1 sales growth was negatively impacted by unfavourable channel mix, rebate enhancements and changes in coverage gap legislation.
COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 10 of 29

Obesity care, sales development
Sales of Saxenda® increased by 30% in both Danish kroner and at CER to DKK 1,577 million. Sales growth of Saxenda® was driven by both North America Operations and International Operations. Saxenda® is launched in 46 countries. Novo Nordisk currently has a value market share of 58.9% of the global obesity prescription drug market.  
Obesity care, development per area Obesity care, sales development
 Sales Q1 2020
DKK million 		Growth
at CER
Global 1,577    30  %
International Operations 681    31  %
 - EMEA 338    26  %
 - Region China 2    —   
 - Rest of World 341    36  %
North America Operations 896    30  %
 - The US 830    31  %
International Operations
Sales of Saxenda® in International Operations increased by 26% measured in Danish kroner and by 31% at CER driven by increased sales in Rest of World and EMEA. Novo Nordisk currently has a value market share of 38.5% in the obesity prescription drug market in International Operations.

EMEA
Sales of Saxenda® in EMEA increased by 28% measured in Danish kroner and by 26% at CER. Novo Nordisk currently has a value market share of 62.6% in the obesity prescription drug market in EMEA.

Rest of World
Sales of Saxenda® in Rest of World increased by 25% measured in Danish kroner and by 36% at CER. Saxenda® has been launched in 10 countries in Rest of World. Novo Nordisk currently has a value market share of 30.9% in the obesity prescription drug market in Rest of World.
North America Operations
Sales of Saxenda® in North America Operations increased by 34% measured in Danish kroner and by 30% at CER and were driven by increased sales in both the US and Canada. Novo Nordisk currently has a value market share of 71.7% in the obesity prescription drug market in North America Operations.


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Financial report for the period 1 January 2020 to 31 March 2020
Page 11 of 29

BIOPHARM
Biopharm, sales development
Sales of biopharm products increased by 18% measured in Danish kroner and by 16% at CER to DKK 5,284 million. Sales growth was impacted by COVID-19-related stocking, timing of shipments and changes in inventories. The sales development was driven by sales growth in both operating units as well as across both Haemophilia and Growth disorders. Sales growth in International Operations was driven by all areas.
Biopharm, development per area Biopharm, sales development
 Sales Q1 2020
DKK million 		Growth
at CER
Global 5,284    16  %
International Operations 3,322    17  %
 - EMEA 1,860    16  %
 - Region China 203    144  %
 - Rest of World 1,259    9  %
North America Operations 1,962    14  %
 - The US 1,826    19  %

Haemophilia
Sales of haemophilia products increased by 11% measured in Danish kroner and by 9% at CER to DKK 2,810 million. The increasing sales were driven by increased NovoSeven® sales and the continued global roll-out of Refixia® and Esperoct®.

Sales of NovoSeven® increased by 8% measured in Danish kroner and by 7% at CER to DKK 2,181 million, reflecting the solid position of NovoSeven® as a haemostatic agent in critical treatment settings and a wide range of labelled indications in an increasingly competitive environment. In addition, sales growth was positively impacted by timing of shipments and tenders. The sales development is driven by increased sales in Region China, EMEA as well as North America Operations, offset by declining sales in Rest of World.

Sales of NovoEight® increased by 2% measured in Danish kroner and by 1% at CER to DKK 400 million. Sales growth was driven by EMEA. NovoEight® has been launched in 52 countries. Esperoct® has been launched in 10 countries and the initial feedback from patients and physicians is encouraging.

Sales of Refixia® increased to DKK 130 million. Sales growth was driven by the product launches in EMEA, Rest of World and North America Operations. Refixia® has now been launched in 17 countries.

Growth disorders (Norditropin®)
Sales of growth disorder products increased by 31% measured in Danish kroner and by 28% at CER to DKK 2,030 million. The sales increase was driven by International Operations and North America Operations increasing by 24% and 36% at CER, respectively. Sales growth was positively impacted by changes in inventories and COVID-19-related stocking as well as additional demand, driven by supply challenges for competing products in select countries. Novo Nordisk is the leading company in the global human growth disorder market with a market share measured in value of around 35% compared to 34% a year ago driven by new indications and the global roll-out of the next-generation device.
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Financial report for the period 1 January 2020 to 31 March 2020
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DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 14% measured in both Danish kroner and at CER to DKK 5,386 million, resulting in a gross margin of 84.1% measured in Danish kroner, compared with 83.8% in 2019. The increase in the gross margin reflects a positive product mix driven by increased GLP-1 sales, productivity improvement, mainly within insulin and GLP-1 production, and a positive currency impact of 0.2 percentage point. This is partly countered by a negative impact from lower realised prices in the US.

Sales and distribution costs increased by 9% measured in Danish kroner and by 7% at CER to DKK 7,590 million.
The increase in costs was driven by North America Operations reflecting continued promotional activities for Ozempic® , launch activities for Rybelsus® as well as investments in Saxenda® .This is partly offset by lower promotional spend related to insulin. In International Operations, promotional activities are focusing on the continued roll-out of Saxenda®, launch activities for Ozempic® as well as increased promotional activities for insulin, particularly in China.

Research and development costs increased by 41% measured in Danish kroner and by 40% at CER to DKK 3,777 million. The cost increase is impacted by the reversal of write-downs of prelaunch inventory in the first quarter of 2019 following the filing of oral semaglutide to the US FDA and low spend in the first three months of 2019. The cost increase is driven by increased activities within Other serious chronic diseases due to progression of the early pipeline within NASH and cardiovascular disease as well as increased spend within insulin and biopharm.

Administration costs increased by 2% measured in Danish kroner and by 1% at CER to DKK 927 million, reflecting broadly unchanged spend across administrative areas.

Other operating income (net) was DKK 107 million compared with DKK 215 million in 2019. The decline in Other operating income (net) in 2020 compared with 2019 is driven by reduced royalty income.

Operating profit increased by 14% in Danish kroner and by 12% at CER to DKK 16,302 million. Estimated operating profit growth adjusted for the impact of COVID-19-related stocking and the reversal of the prelaunch inventory of oral semaglutide in 2019 was around 4%.

FINANCIAL ITEMS (NET) AND TAX
Financial items (net) showed a net loss of DKK 1,281 million compared with a net loss of DKK 1,017 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 loss of DKK 1,090 million compared with a loss of DKK 876 million in 2019. This development mainly reflects losses on non-hedged currencies driven by significant depreciations of several emerging market currencies in March 2020.

As per the end of March 2020, a negative market value of financial contracts of approximately DKK 0.6 billion has been deferred for recognition later in 2020 and 2021.

The effective tax rate was 20.8% in the first three months of 2020 compared with an effective tax rate of 21.0% in 2019.

CAPITAL EXPENDITURE AND FREE CASH FLOW
Capital expenditure for property, plant and equipment was DKK 1.7 billion compared with DKK 2.6 billion in 2019. The lower capital expenditure was mainly related to investments in the new production facility for diabetes active pharmaceutical ingredients in Clayton, North Carolina, US, which is now in the final stage of construction.

Free cash flow was DKK 7.7 billion compared with DKK 6.7 billion in 2019. The increase of 15% compared with 2019 primarily reflects the increase in net profit as well as lower capital expenditure.

Novo Nordisk’s financial resources consisting of cash at bank and committed credit facilities were DKK 20.9 billion by end of March 2020.


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Financial report for the period 1 January 2020 to 31 March 2020
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EQUITY
Total equity was DKK 54,399 million at the end of the first three months of 2020, equivalent to 43.1% of total assets, compared with 43.0% at the end of the first three months of 2019. Please refer to appendix 5 for further elaboration of changes in equity.

Reduction in share capital
At the Annual General Meeting of Novo Nordisk A/S, held on 26 March 2020, a 2.1% reduction in the total share capital was approved. The reduction was effectuated by a cancellation of 50,000,000 treasury B shares of DKK 0.20 at a nominal value of DKK 10,000,000. After the legal implementation of the share capital reduction on 28 April 2020, Novo Nordisk’s share capital now amounts to DKK 470,000,000 divided into an A share capital of DKK 107,487,200 and a B share capital of DKK 362,512,800.

2020 share repurchase programme
On 5 February 2020, Novo Nordisk announced a share repurchase programme of up to DKK 2.9 billion to be executed from 5 February to 4 May 2020, as part of an overall programme of up to DKK 17 billion to be executed during a 12-month period beginning 5 February 2020. The purpose of the programme was to reduce the company’s share capital and to meet obligations arising from share-based incentive programmes. Under the programme, Novo Nordisk has repurchased 7,064,719 B shares for an amount of DKK 2.9 billion in the period from 5 February to 4 May 2020. The programme was concluded on 4 May 2020.

As of 4 May 2020, Novo Nordisk and its wholly-owned affiliates owned 7,093,553 of its own B shares, corresponding to 0.3% of the total share capital.

Share repurchase under the overall programme of up to DKK 17 billion beginning 5 February 2020 is expected to be resumed shortly. As announced in February 2020, Novo Nordisk’s majority shareholder Novo Holdings A/S, a holding company fully owned by the Novo Nordisk Foundation, has informed Novo Nordisk that it intends to consider its participation in the Novo Nordisk share repurchase programme on a year-by-year basis. For 2020, Novo Holdings A/S has informed Novo Nordisk that it plans to participate in the share repurchase programme. Novo Holdings A/S has an ownership of 28.6% of the Novo Nordisk share capital after the implementation of the share capital decrease and Novo Holdings A/S currently intends to maintain its ownership of the Novo Nordisk share capital around 28%.



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Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 14 of 29

OUTLOOK
OUTLOOK 2020
The current expectations for 2020 are summarised in the table below:
Expectations are as reported, if not otherwise stated Expectations
6 May 2020 		Expectations
5 February 2020
Sales growth
at CER 3% to 6% 3% to 6%
as reported Around 1 percentage point higher than at CER Around 1 percentage point higher than at CER
Operating profit growth
at CER 1% to 5% 1% to 5%
as reported Around 1 percentage point higher than at CER Around 1 percentage point higher than at CER
Financial items (net) Loss of around DKK 2.5 billion Loss of around DKK 1.5 billion
Effective tax rate 20% to 22% 20% to 22%
Capital expenditure (PP&E) Around DKK 6.5 billion Around DKK 6.5 billion
Depreciation, amortisation and impairment losses Around DKK 5 billion Around DKK 5 billion
Free cash flow DKK 36-41 billion DKK 36-41 billion
For 2020, sales growth is still expected to be 3% to 6% at CER. This guidance reflects expectations for continued robust sales performance for the GLP-1-based diabetes care products Ozempic®, Victoza® and Rybelsus®, the obesity care product Saxenda®, the portfolio of new-generation insulin and the biopharm products. The guidance also reflects intensifying competition both within Diabetes care and Biopharm, especially within the haemophilia inhibitor segment. Furthermore, continued pricing pressure within Diabetes care as well as expansion of affordability initiatives, especially in the US, are expected to impact sales development. Given the current exchange rates versus the Danish krone, growth reported in DKK is still expected to be around 1 percentage point higher than at CER.

The current COVID-19 pandemic causes uncertainty to the outlook regarding patient flow 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, including a gradual normalisation across geographies of the patient flow in third and fourth quarter of 2020 as well as a gradual reversal during 2020 and 2021 of the increased stock levels experienced in March 2020. Consequently, volatility in quarterly sales growth should be expected.

For 2020, operating profit growth is still expected to be 1% to 5%, measured at CER. The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in current and future growth drivers across the operating units. Given the current exchange rates versus the Danish krone, growth reported in DKK is still expected to be around 1 percentage point higher than at CER.

For 2020, Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 2.5 billion compared to a loss of DKK 1.5 billion in February 2020. The current expectation for 2020 mainly reflects losses associated with foreign exchange hedging contracts, primarily related to the US dollar versus the Danish krone, and losses from non-hedged currencies due to depreciation across most emerging market currencies.

The effective tax rate for 2020 is still expected to be in the range of 20-22%.

Capital expenditure is still expected to be around DKK 6.5 billion in 2020, primarily relating to investments in additional capacity for active pharmaceutical ingredient (API) production within Diabetes care and an expansion of the filling capacity within Diabetes care. Depreciation, amortisation and impairment losses are still expected to be around DKK 5 billion and the Free cash flow is still expected to be DKK 36-41 billion.

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 2020, including the potential implications from major healthcare reforms, and that the currency exchange rates, especially the US dollar, will
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remain at the current level versus the Danish krone. Neither does the guidance include the financial implications in case of a significant bolt-on acquisition during 2020.
FX Q1 2020    Q1 2019 % change Spot rate
30 April 2020  		 
USD 678    657    3  % 686   
CNY 97    97    0  % 97   
JPY 6.22    5.97    4  % 6.44   
CAD 505    494    2  % 495   
GBP 867    856    1  % 858   

Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies and, all other things being equal, movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.
Key invoicing currencies Impact on Novo Nordisk's operating profit in the next 12 months of a 5% movement in currency Hedging period (months)
USD DKK 1,950 million 10   
CNY1
DKK 450 million 7
JPY DKK 150 million 12
CAD DKK 130 million 9
GBP DKK 100 million 11   
1) Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

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


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Financial report for the period 1 January 2020 to 31 March 2020
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RESEARCH & DEVELOPMENT UPDATE
Diabetes care
Rybelsus® (oral semaglutide) approved in the EU for the treatment for adults with type 2 diabetes
In April 2020, Novo Nordisk announced that the European Commission (EC) has granted marketing authorisation for Rybelsus® for the treatment of adults with insufficiently controlled type 2 diabetes to improve glycaemic control as an adjunct to diet and exercise. The marketing authorisation applies to all 27 European Union member states and the United Kingdom. The approval is based on the results from 10 PIONEER clinical trials, in which Rybelsus® after 52 weeks demonstrated statistically significant reductions in HbA1c vs sitagliptin, empagliflozin and liraglutide and with up to 4.3 kg weight reduction. Across the PIONEER programme, Rybelsus® demonstrated a safe and well-tolerated profile, with the most common adverse event being mild to moderate nausea which diminished over time. The launch of Rybelsus® is expected to take place in the first EU countries in second half of 2020.

Ozempic® marketing authorisation application submitted in China
In February 2020, Novo Nordisk submitted the new drug application to the China Center of Drug Evaluation for Ozempic® both for the treatment of insufficiently controlled type 2 diabetes and for reducing the risk of major cardiovascular events in patients with type 2 diabetes and established cardiovascular disease.

Insulin and PCSK9i hybrid phase 1 trial initiated
During the first three months of 2020, Novo Nordisk initiated the phase 1 trial for Insulin 147. Insulin 147 is a long-acting insulin analogue coupled via a linker to a proprietary PCSK9 inhibitory peptide for once-daily subcutaneous administration to people with diabetes in need of basal insulin and LDL cholesterol lowering. The trial is investigating the safety and tolerability as well as the pharmacokinetic and pharmacodynamic properties of subcutaneously administered Insulin 147.

Phase 1 trial with a fixed ratio combination of semaglutide and a once-weekly GIP initiated
During the first three months of 2020, Novo Nordisk initiated the first human dose trial for the fixed ratio combination formulation of semaglutide and a once-weekly human GIP analogue. The trial is exploring different ratios in order to identify the optimal GLP-1/GIP ratio for the once-weekly combination. Further, the trial is investigating the safety, tolerability, pharmacokinetics and pharmacodynamics of single and multiple doses in healthy volunteers, people with overweight and obesity, and in people with type 2 diabetes.

Biopharm
Concizumab phase 2 and 3 clinical trials paused
On 16 March 2020, Novo Nordisk announced that two clinical trials in the concizumab phase 3 programme (explorer 7 and 8) and one clinical trial in the phase 2 programme (explorer 5) have been paused. The three concizumab clinical trials were investigating concizumab prophylaxis in haemophilia A and B patients regardless of inhibitor status. Consequently, no additional patients are being recruited, and further treatment of patients currently enrolled in the trials with concizumab has ceased. The decision was a result of the occurrence of non-fatal thrombotic events in three patients enrolled in the ongoing phase 3 programme. A potential continuation of the programme is currently being evaluated.

Somapacitan marketing authorisation application submitted in Japan
In February 2020, Novo Nordisk submitted the regulatory file for the long-acting growth hormone somapacitan for adult growth hormone deficiency to the Japanese Pharmaceuticals and Medical Devices Agency (PMDA). The submission was based on data from the pivotal phase 3 trial REAL1 and supported by data from the local Japanese trial REAL JP enrolling 60 previously treated adults with growth hormone deficiency.

Eclipse phase 1 trial in sickle cell disease successfully completed
In February 2020, Novo Nordisk successfully completed the phase 1 trial with EPI01 for the treatment of sickle cell disease. The primary objective was to assess bioavailability of three tablet-in-capsule test formulations of THU-Decitabine under fasted and fed conditions in healthy male and females. All three tested formulations were well-tolerated. Following the completion of the phase 1 trial, further clinical development is now being evaluated.

Other serious chronic diseases
Semaglutide in NASH phase 2 trial successfully completed
In April 2020, Novo Nordisk completed a phase 2 trial with subcutaneous semaglutide in non-alcoholic steatohepatitis (NASH). The trial was a 72-week multicentre, randomised, double-blinded, placebo-controlled study where patients with NASH were randomised to receive one of three doses of subcutaneous semaglutide once-daily (0.1 mg, 0.2 mg or 0.4 mg) or placebo. Liver biopsy was performed at baseline and at end-of-trial. Of the 320 randomised patients, 230 patients with fibrosis stages F2-F3 were included in the primary analysis. The primary endpoint of resolution of NASH and no worsening in liver fibrosis was met for all doses of semaglutide compared to
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Financial report for the period 1 January 2020 to 31 March 2020
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placebo. For patients receiving subcutaneous semaglutide 0.4 mg, 33 of 56 patients had NASH resolution compared to 10 of 58 patients on placebo (59% vs 17%). The safety profile of subcutaneous semaglutide was consistent with the observed profile in other trials and disease areas. Following the completion of the phase 2 trial, semaglutide in NASH is now being evaluated for further clinical trial development.

Partner updates
MacrilenTM phase 2 trial in children successfully completed
In February 2020, results from the phase 2 trial in children and adolescents with suspected growth hormone deficiency (GHD) were shared between Aeterna Zentaris and Novo Nordisk. The phase 2 trial was an open label, three group comparison, dose escalation trial to investigate safety and tolerability as well as pharmacokinetics (PK) and pharmacodynamics (PD) of MacrilenTM after a single oral dosing. PK and PD profiles were shown to be comparable between the adult and paediatric group. MacrilenTM was safe and well-tolerated. Further clinical development in the paediatric population is now being planned in collaboration with Aeterna Zentaris.
SUSTAINABILITY UPDATE
Affordability
Novo Nordisk in the US has taken several steps to help address insulin affordability. In January 2020, new options became available to expand support for people with and without insurance. More recently, the Patient Assistance Program which provides free medicine for eligible patients was enhanced to help those who lost health insurance due to COVID-19. A new, direct-to-consumer advertising effort is aiming to increase awareness of Novo Nordisk's affordability support in the US.

Environment
As part of Novo Nordisk Circular for Zero ambition to have zero environmental impact by introducing circular economy, Novo Nordisk has a target of having zero CO2 emission by 2030. An important step towards this target is to have all production units run by renewable power by 2020. Depending on the location and infrastructure, different solutions such as wind, hydro and solar have been applied globally. In 2019, Novo Nordisk finalised an agreement in the US to have solar energy cover power consumption across all US operations. This agreement is effective as of 2020 and consequently, Novo Nordisk has achieved its target to source of 100% renewable power at all production sites in 2020.

Employees
The number of full-time employees at the end of the first three months of 2020 increased by 1.7% compared to 12 months ago. The total number of employees was 43,730, corresponding to 43,158 full-time positions. The underlying increase in employees in Novo Nordisk is mainly driven by International Operations, with the highest growth rate in Region China.
LEGAL MATTERS
Sandoz has filed an Abbreviated New Drug Application for liraglutide with the US FDA
On 23 April 2020, Sandoz notified Novo Nordisk that the company had filed an Abbreviated New Drug Application (ANDA) for liraglutide with the US FDA. According to Sandoz, the ANDA contains Paragraph IV certifications to obtain approval to engage in the commercial manufacture, use or sale of liraglutide before the expiration of six of the patents currently listed for liraglutide in the Orange Book with expiration dates ranging from December 2022 until March 2033 including the drug substance patent expiring February 2023 (all dates including a six month paediatric extension). Novo Nordisk is currently assessing its legal options, which could lead to litigation against Sandoz. Novo Nordisk does not expect the matter to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow.
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Financial report for the period 1 January 2020 to 31 March 2020
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MANAGEMENT STATEMENT
The Board of Directors and Executive Management have reviewed and approved the financial report of Novo Nordisk
A/S for the first three months of 2020. The financial report has not been audited or reviewed by the company’s
independent auditors.

The financial report for the first three months of 2020 has been prepared in accordance with IAS 34 'Interim Financial Reporting’. The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2019 of Novo Nordisk. Furthermore, the financial report for the first three months of 2020 and
Management’s Review are prepared in accordance with additional Danish disclosure requirements for interim reports
of listed companies.

In our opinion, the accounting policies used are appropriate and the overall presentation of the financial report for
the first three months of 2020 is adequate. Furthermore, in our opinion, Management’s Review includes a true and
fair account of the development in the operations and financial circumstances of the results for the period and of
the financial position of the Group as well as a description of the most significant risks and elements of uncertainty
facing the Group in accordance with Danish disclosure requirements for listed companies.

Besides what has been disclosed in the quarterly financial report, no changes in the Group’s most significant risks
and uncertainties have occurred relative to what was disclosed in the consolidated annual report for 2019.


Bagsværd, 6 May 2020
Executive Management:
Lars Fruergaard Jørgensen
President and CEO
Karsten Munk Knudsen
CFO
Monique Carter
Camilla Sylvest Mads Krogsgaard Thomsen Henrik Wulff
Board of Directors:
Helge Lund
Chair
Jeppe Christiansen
Vice chair
Brian Daniels
Laurence Debroux Andreas Fibig Sylvie Grégoire
Liz Hewitt Mette Bøjer Jensen Kasim Kutay
Anne Marie Kverneland Martin Mackay Thomas Rantzau
Stig Strøbæk

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Financial report for the period 1 January 2020 to 31 March 2020
Page 19 of 29

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 43,100 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
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.
Forward-looking statements
Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s statutory Annual Report 2019 and Form 20-F both filed with the SEC in February 2020 in continuation of the publication of the Annual Report 2019, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

•statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto,
•statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures,
•statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and
•statements regarding the assumptions underlying or relating to such statements.

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

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

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

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in this document, reference is made to the overview of risk factors in ‘Managing risks to protect value’ of the Annual Report 2019.

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise.
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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 Q1 2020 vs.
Q1 Q4 Q3 Q2 Q1 Q1 2019
Net sales 33,875    32,417    30,277    30,036    29,291    16  %
Gross profit 28,489    26,985    25,202    25,187    24,559    16  %
Gross margin 84.1  % 83.2  % 83.2  % 83.9  % 83.8  %
Sales and distribution costs 7,590    9,536    7,761    7,580    6,946    9  %
Percentage of sales 22.4  % 29.4  % 25.6  % 25.2  % 23.7  %
Research and development costs 3,777    4,384    3,601    3,557    2,678    41  %
Percentage of sales 11.1  % 13.5  % 11.9  % 11.8  % 9.1  %
Administrative costs 927    1,235    1,009    852    911    2  %
Percentage of sales 2.7  % 3.8  % 3.3  % 2.8  % 3.1  %
Other operating income, net 107    43    88    254    215    (50  %)
Operating profit 16,302    11,873    12,919    13,452    14,239    14  %
Operating margin 48.1  % 36.6  % 42.7  % 44.8  % 48.6  %
Financial income 17    20    17    15    13    31  %
Financial expenses 1,298    814    829    1,322    1,030    26  %
Financial items (net) (1,281)   (794)   (812)   (1,307)   (1,017)   26  %
Profit before income taxes 15,021    11,079    12,107    12,145    13,222    14  %
Income taxes 3,124    2,362    1,913    2,550    2,777    12  %
Net profit 11,897    8,717    10,194    9,595    10,445    14  %
Depreciation, amortisation and
impairment losses 		1,086    1,398    2,095    1,110    1,058    3  %
Capital expenditure1
1,667    1,907    2,234    2,147    2,644    (37  %)
Net cash generated from operating activities 10,012    5,165    16,688    15,039    9,890    1  %
Free cash flow 7,669    1,737    14,039    12,020    6,655    15  %
Total assets 126,256    125,612    124,908    117,909    110,135    15  %
Total equity 54,399    57,593    52,953    53,085    47,319    15  %
Equity ratio 43.1  % 45.8  % 42.4  % 45.0  % 43.0  %
Full-time equivalent employees end of period 43,158    42,703    42,158    41,611    42,453    2  %
Basic earnings per share/ADR (in DKK) 5.07    3.71    4.30    4.03    4.37    16  %
Diluted earnings per share/ADR (in DKK) 5.05    3.70    4.29    4.03    4.36    16  %
Average number of shares outstanding (million) 2,348.8    2,357.9    2,368.8    2,380.2    2,390.3    (2  %)
Average number of diluted shares
outstanding (million) 2,354.8    2,363.3    2,373.2    2,383.5    2,394.6    (2  %)
Sales by business segment:
   Long-acting insulin 5,158    5,102    5,019    5,411    5,244    (2  %)
   Premix insulin 2,955    2,665    2,596    2,560    2,757    7  %
   Fast-acting insulin 5,114    4,936    4,632    4,758    4,977    3  %
   Human insulin 2,687    2,204    2,237    2,180    2,415    11  %
   Total insulin 15,914    14,907    14,484    14,909    15,393    3  %
   Total GLP-1 9,975    9,842    8,492    7,740    7,147    40  %
   Other Diabetes care 1,125    1,017    1,038    1,125    1,067    5  %
   Total Diabetes care 27,014    25,766    24,014    23,774    23,607    14  %
   Obesity care (Saxenda®)
1,577    1,564    1,442    1,462    1,211    30  %
   Diabetes and Obesity care total 28,591    27,330    25,456    25,236    24,818    15  %
   Haemophilia 2,810    2,554    2,524    2,670    2,533    11  %
   Growth disorders (Norditropin®)
2,030    2,076    1,886    1,758    1,555    31  %
   Other Biopharm 444    457    411    372    385    15  %
   Biopharm total 5,284    5,087    4,821    4,800    4,473    18  %
Sales by geographic segment:
   International Operations2
18,296    15,351    15,261    15,565    15,387    19  %
   - EMEA 9,674    8,231    7,913    8,120    7,944    22  %
   - Region China 3,813    3,019    3,258    3,192    3,375    13  %
   - Rest of World 4,809    4,101    4,090    4,253    4,068    18  %
   North America Operations 15,579    17,066    15,016    14,471    13,904    12  %
   - The US 14,775    16,252    14,256    13,767    13,211    12  %
Segment operating profit:
   Diabetes and Obesity care 13,456    9,013    10,403    11,393    11,828    14  %
   Biopharm 2,846    2,860    2,516    2,059    2,411    18  %
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. Reference is made to page 5.
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APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million Q1 2020 Q1 2019
Income statement
Net sales 33,875    29,291   
Cost of goods sold 5,386    4,732   
Gross profit 28,489    24,559   
 
Sales and distribution costs 7,590    6,946   
Research and development costs 3,777    2,678   
Administrative costs 927    911   
Other operating income, net 107    215   
Operating profit 16,302    14,239   
Financial income 17    13   
Financial expenses 1,298    1,030   
Profit before income taxes 15,021    13,222   
Income taxes 3,124    2,777   
NET PROFIT 11,897    10,445   
Basic earnings per share (DKK) 5.07    4.37   
Diluted earnings per share (DKK) 5.05    4.36   
Segment Information
Segment sales:
   Diabetes and Obesity care 28,591    24,818   
   Biopharm 5,284    4,473   
Segment operating profit:
   Diabetes and Obesity care 13,456    11,828   
    Operating margin 47.1  % 47.7  %
   Biopharm 2,846    2,411   
    Operating margin 53.9  % 53.9  %
Total segment operating profit 16,302    14,239   
Statement of comprehensive income
Net profit for the period 11,897    10,445   
    Other comprehensive income
    Items that will not subsequently be reclassified to the Income
statement
    Remeasurements on defined benefit plans 217    (90)  
    Items that will be reclassified subsequently to the Income
statement
    Exchange rate adjustments of investments in subsidiaries 115    211   
    Cash flow hedges, realisation of previously deferred (gains)/losses 311    852   
    Cash flow hedges, deferred gains/(losses) incurred during the period (581)   (929)  
    Other items 3    16   
    Tax on other comprehensive income, income/(expense) (78)   154   
  Other comprehensive income for the period, net of tax (13)   214   
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 11,884    10,659   

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Page 22 of 29

APPENDIX 3: CASH FLOW STATEMENT
DKK million Q1 2020 Q1 2019
Net profit 11,897    10,445   
Adjustment for non-cash items:
    Income taxes in the Income Statement 3,124    2,777   
    Depreciation, amortisation and impairment losses 1,086    1,058   
    Other non-cash items 5,998    2,249   
Change in working capital (7,496)   (2,128)  
Interest received 17    13   
Interest paid (112)   (43)  
Income taxes paid (4,502)   (4,481)  
Net cash generated from operating activities 10,012    9,890   
 
Purchase of intangible assets (56)   (393)  
Purchase of property, plant and equipment (1,667)   (2,644)  
Investment in associated company (392)   —   
Dividend received from associated company 9    11   
Net cash used in investing activities (2,106)   (3,026)  
Purchase of treasury shares (2,690)   (2,949)  
Dividends paid (12,551)   (12,309)  
Repayment of borrowings, net (420)   (357)  
Withheld dividend tax 2,152    2,090   
Net cash used in financing activities (13,509)   (13,525)  
NET CASH GENERATED FROM ACTIVITIES (5,603)   (6,661)  
Cash and cash equivalents at the beginning of the year 15,411    15,629   
Exchange gain/(loss) on cash and cash equivalents (95)   78   
Cash and cash equivalents at the end of the period 9,713    9,046   

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Page 23 of 29

APPENDIX 4: BALANCE SHEET
DKK million 31 Mar 2020 31 Dec 2019
ASSETS
Intangible assets 5,838    5,835   
Property, plant and equipment 50,863    50,551   
Investments in associated companies 466    474   
Deferred income tax assets 3,929    4,121   
Other receivables and prepayments 708    841   
Other financial assets 1,259    1,334   
TOTAL NON-CURRENT ASSETS 63,063    63,156   
Inventories 17,261    17,641   
Trade receivables 30,091    24,912   
Tax receivables 1,812    806   
Other receivables and prepayments 3,666    3,434   
Derivative financial instruments 598    188   
Cash at bank 9,765    15,475   
TOTAL CURRENT ASSETS 63,193    62,456   
TOTAL ASSETS 126,256    125,612   
EQUITY AND LIABILITIES
Share capital 480    480   
Treasury shares (11)   (10)  
Retained earnings 54,854    57,817   
Other reserves (924)   (694)  
TOTAL EQUITY 54,399    57,593   
Borrowings 2,866    3,009   
Deferred income tax liabilities 55    80   
Retirement benefit obligations 1,142    1,334   
Provisions 4,607    4,613   
Total non-current liabilities 8,670    9,036   
Borrowings 1,244    1,474   
Trade payables 5,344    6,358   
Tax payables 3,240    4,212   
Other liabilities 15,440    15,085   
Derivative financial instruments 1,014    734   
Provisions 36,905    31,120   
Total current liabilities 63,187    58,983   
TOTAL LIABILITIES 71,857    68,019   
TOTAL EQUITY AND LIABILITIES 126,256    125,612   

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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
Q1 2020
Balance at the beginning of the period 480    (10)   57,817    (839)   (329)   474    (694)   57,593   
Net profit for the period 11,897    11,897   
Other comprehensive income for the period 217    115    (270)   (75)   (230)   (13)  
Total comprehensive income for the period 12,114    115    (270)   (75)   (230)   11,884   
Transactions with owners:
Dividends (12,551)   (12,551)  
Share-based payments 156    156   
Tax related to restricted stock units 7    7   
Purchase of treasury shares (1)   (2,689)   (2,690)  
Balance at the end of the period 480    (11)   54,854    (724)   (599)   399    (924)   54,399   
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
Q1 2019
Balance at the beginning of the period 490    (11)   53,406    (1,065)   (1,677)   696    (2,046)   51,839   
Net profit for the period 10,445    10,445   
Other comprehensive income for the period (90)   211    (77)   170    304    214   
Total comprehensive income for the period 10,355    211    (77)   170    304    10,659   
Transactions with owners:
Dividends (12,309)   (12,309)  
Share-based payments 71    71   
Tax related to restricted stock units 8    8   
Purchase of treasury shares (2)   (2,947)   (2,949)  
Balance at the end of the period 490    (13)   48,584    (854)   (1,754)   866    (1,742)   47,319   

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Page 25 of 29

APPENDIX 6: SALES SPLIT PER AREA

Q1 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 5,158    2,740    1,829    352    559    2,418    2,292   
% change at CER (3  %) 23  % 23  % 30  % 21  % (22  %) (24  %)
Tresiba®
2,460    1,145    693    61    391    1,315    1,227   
% change at CER 12  % 41  % 45  % —    23  % (5  %) (8  %)
Xultophy®
662    485    444    —    41    177    175   
% change at CER 38  % 40  % 34  % —    175  % 32  % 31  %
Levemir®
2,036    1,110    692    291    127    926    890   
% change at CER (23  %) 4  % 2  % 13  % (3  %) (42  %) (43  %)
Premix insulin 2,955    2,763    869    1,245    649    192    185   
% change at CER 7  % 12  % 4  % 12  % 24  % (36  %) (36  %)
Ryzodeg®
337    337    96    6    235    —    —   
% change at CER 59  % 59  % 58  % —    55  % —    —   
NovoMix®
2,618    2,426    773    1,239    414    192    185   
% change at CER 3  % 7  % (1  %) 12  % 11  % (36  %) (36  %)
Fast-acting insulin 5,114    2,957    1,867    544    546    2,157    2,044   
% change at CER 1  % 13  % 16  % 18  % (1  %) (12  %) (13  %)
Fiasp®
390    221    208    —    13    169    159   
% change at CER 67  % 66  % 65  % —    86  % 67  % 69  %
NovoRapid®
4,724    2,736    1,659    544    533    1,988    1,885   
% change at CER (2  %) 10  % 12  % 18  % (2  %) (15  %) (16  %)
Human insulin 2,687    2,157    707    790    660    530    503   
% change at CER 11  % 6  % 9  % (1  %) 12  % 36  % 40  %
Total insulin 15,914    10,617    5,272    2,931    2,414    5,297    5,024   
% change at CER 2  % 14  % 15  % 11  % 14  % (15  %) (16  %)
Victoza®
4,991    1,933    1,212    221    500    3,058    2,960   
% change at CER (14  %) 10  % 2  % 3  % 38  % (25  %) (25  %)
Ozempic®
4,755    905    791    —    114    3,850    3,654   
% change at CER 226  % —    —    —    —    178  % 181  %
Rybelsus®
229    —    —    —    —    229    229   
% change at CER —    —    —    —    —    —    —   
Total GLP-1 9,975    2,838    2,003    221    614    7,137    6,843   
% change at CER 37  % 55  % 58  % 3  % 73  % 30  % 30  %
Other Diabetes care1
1,125    838    201    456    181    287    252   
% change at CER 5  % (3  %) (25  %) 4  % 13  % 37  % 46  %
Total Diabetes care 27,014    14,293    7,476    3,608    3,209    12,721    12,119   
% change at CER 13  % 19  % 22  % 10  % 22  % 7  % 6  %
Obesity care (Saxenda®)
1,577    681    338    2    341    896    830   
% change at CER 30  % 31  % 26  % 0  % 36  % 30  % 31  %
Diabetes and Obesity care total 28,591    14,974    7,814    3,610    3,550    13,617    12,949   
% change at CER 14  % 19  % 22  % 10  % 23  % 8  % 7  %
Biopharm segment
Haemophilia2
2,810    1,709    991    188    530    1,101    1,023   
% change at CER 9  % 13  % 13  % 155  % (6  %) 4  % 9  %
NovoSeven®
2,181    1,255    650    184    421    926    888   
% change at CER 7  % 8  % 7  % 172  % (12  %) 4  % 10  %
NovoEight®
400    311    234    4    73    89    84   
% change at CER 1  % 3  % 4  % (33  %) 4  % (7  %) (6  %)
Growth disorders (Norditropin®)
2,030    1,281    595    11    675    749    746   
% change at CER 28  % 24  % 21  % 43  % 25  % 36  % 36  %
Other Biopharm3
444    332    274    4    54    112    57   
% change at CER 15  % 18  % 19  % 100  % 10  % 7  % 17  %
Biopharm total 5,284    3,322    1,860    203    1,259    1,962    1,826   
% change at CER 16  % 17  % 16  % 144  % 9  % 14  % 19  %
Total sales 33,875    18,296    9,674    3,813    4,809    15,579    14,775   
% change at CER 14  % 19  % 21  % 13  % 19  % 9  % 8  %
% change as reported 16  % 19  % 22  % 13  % 18  % 12  % 12  %
Share of growth 100  % 71  % 41  % 11  % 19  % 29  % 27  %
1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
2) Comprises NovoSeven®, NovoEight®, Refixia®, NovoThirteen® and Esperoct®.
3) Primarily Vagifem® and Activelle®.



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Page 26 of 29

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 resources.

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 Q1 2020 Q1 2019  % change
Q1 2020 to
Q1 2019
Net sales 33,875    29,291    16  %
Effect of exchange rates (477)   —   
Sales at CER 33,398    29,291    14  %
Operating profit at CER
DKK million Q1 2020 Q1 2019  % change
Q1 2020 to
Q1 2019
Operating profit 16,302    14,239    14  %
Effect of exchange rates (307)   —   
Operating profit at CER 15,995    14,239    12  %

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 Q1 2020 Q1 2019
Net cash generated from operating activities 10,012    9,890   
Net cash used in investing activities (2,106)   (3,026)  
Repayment on lease liabilities (237)   (209)  
Free cash flow 7,669    6,655   

Financial resources
Financial resources is defined as the sum of cash and cash equivalents at the end of the year, undrawn committed credit facilities less bank overdrafts classified as liabilities arising from financing activities (part of borrowings). The following table reconciles total financial resources with cash and cash equivalents, the most directly comparable IFRS financial measure:
Financial resources
DKK million Q1 2020 Q4 2019
Cash and cash equivalents 9,713    15,411   
Undrawn committed credit facilities 11,574    11,578   
Borrowings (bank overdrafts) (400)   (595)  
Financial resources 20,887    26,394   

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APPENDIX 8: NEW SALES SPLIT PER AREA (ADDITIONAL INFORMATION)
Q1 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 5,244    2,217    1,481    270    466    3,027    2,929   
Tresiba®
2,147    808    474    14    320    1,339    1,290   
Xultophy®
477    347    331    —    16    130    129   
Levemir®
2,620    1,062    676    256    130    1,558    1,510   
Premix insulin 2,757    2,468    838    1,112    518    289    281   
Ryzodeg®
212    212    62    —    150    —    —   
NovoMix®
2,545    2,256    776    1,112    368    289    281   
Fast-acting insulin 4,977    2,611    1,603    461    547    2,366    2,270   
Fiasp®
231    133    126    —    7    98    91   
NovoRapid®
4,746    2,478    1,477    461    540    2,268    2,179   
Human insulin 2,415    2,037    634    797    606    378    348   
Total insulin 15,393    9,333    4,556    2,640    2,137    6,060    5,828   
Victoza®
5,722    1,761    1,180    214    367    3,961    3,847   
Ozempic®
1,425    81    81    —    —    1,344    1,262   
Rybelsus®
—    —    —    —    —    —    —   
Total GLP-1 7,147    1,842    1,261    214    367    5,305    5,109   
Other Diabetes care 1,067    864    269    437    158    203    168   
Total Diabetes care 23,607    12,039    6,086    3,291    2,662    11,568    11,105   
Obesity care (Saxenda®)
1,211    540    265    2    273    671    616   
Diabetes and Obesity care total 24,818    12,579    6,351    3,293    2,935    12,239    11,721   
Biopharm segment
Haemophilia 2,533    1,506    876    73    557    1,027    911   
NovoSeven®
2,012    1,151    608    67    476    861    785   
NovoEight®
393    301    225    6    70    92    86   
Growth disorders (Norditropin®)
1,555    1,020    486    7    527    535    531   
Other Biopharm 385    282    231    2    49    103    48   
Biopharm total 4,473    2,808    1,593    82    1,133    1,665    1,490   
Total sales 29,291    15,387    7,944    3,375    4,068    13,904    13,211   

Q2 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 5,411    2,300    1,539    261    500    3,111    2,997   
Tresiba®
2,495    897    525    17    355    1,598    1,531   
Xultophy®
574    363    347    —    16    211    209   
Levemir®
2,342    1,040    667    244    129    1,302    1,257   
Premix insulin 2,560    2,429    762    1,079    588    131    123   
Ryzodeg®
257    257    53    1    203    —    —   
NovoMix®
2,303    2,172    709    1,078    385    131    123   
Fast-acting insulin 4,758    2,585    1,646    429    510    2,173    2,075   
Fiasp®
272    147    140    —    7    125    119   
NovoRapid®
4,486    2,438    1,506    429    503    2,048    1,956   
Human insulin 2,180    1,792    590    667    535    388    356   
Total insulin 14,909    9,106    4,537    2,436    2,133    5,803    5,551   
Victoza®
5,415    1,876    1,242    214    420    3,539    3,422   
Ozempic®
2,325    234    170    —    64    2,091    1,979   
Rybelsus®
—    —    —    —    —    —    —   
Total GLP-1 7,740    2,110    1,412    214    484    5,630    5,401   
Other Diabetes care 1,125    928    277    456    195    197    163   
Total Diabetes care 23,774    12,144    6,226    3,106    2,812    11,630    11,115   
Obesity care (Saxenda®)
1,462    557    277    2    278    905    842   
Diabetes and Obesity care total 25,236    12,701    6,503    3,108    3,090    12,535    11,957   
Biopharm segment
Haemophilia 2,670    1,528    879    74    575    1,142    1,081   
NovoSeven®
2,163    1,179    620    71    488    984    945   
NovoEight®
369    294    216    3    75    75    71   
Growth disorders (Norditropin®)
1,758    1,069    520    8    541    689    685   
Other Biopharm 372    267    218    2    47    105    44   
Biopharm total 4,800    2,864    1,617    84    1,163    1,936    1,810   
Total sales 30,036    15,565    8,120    3,192    4,253    14,471    13,767   

COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 28 of 29

APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
Q3 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 5,019    2,266    1,434    289    543    2,753    2,630   
Tresiba®
2,306    888    486    27    375    1,418    1,343   
Xultophy®
575    370    343    —    27    205    202   
Levemir®
2,138    1,008    605    262    141    1,130    1,085   
Premix insulin 2,596    2,479    781    1,095    603    117    109   
Ryzodeg®
278    278    69    —    209    —    —   
NovoMix®
2,318    2,201    712    1,095    394    117    109   
Fast-acting insulin 4,632    2,536    1,524    463    549    2,096    1,989   
Fiasp®
301    164    150    —    14    137    129   
NovoRapid®
4,331    2,372    1,374    463    535    1,959    1,860   
Human insulin 2,237    1,799    610    706    483    438    406   
Total insulin 14,484    9,080    4,349    2,553    2,178    5,404    5,134   
Victoza®
5,370    1,741    1,157    227    357    3,629    3,507   
Ozempic®
3,122    326    285    —    41    2,796    2,659   
Rybelsus®
—    —    —    —    —    —    —   
Total GLP-1 8,492    2,067    1,442    227    398    6,425    6,166   
Other Diabetes care 1,038    819    262    387    170    219    178   
Total Diabetes care 24,014    11,966    6,053    3,167    2,746    12,048    11,478   
Obesity care (Saxenda®)
1,442    514    239    2    273    928    865   
Diabetes and Obesity care total 25,456    12,480    6,292    3,169    3,019    12,976    12,343   
Biopharm segment
Haemophilia 2,524    1,441    928    78    435    1,083    1,020   
NovoSeven®
1,985    1,083    667    74    342    902    880   
NovoEight®
357    268    204    4    60    89    82   
Growth disorders (Norditropin®)
1,886    1,051    461    10    580    835    833   
Other Biopharm 411    289    232    1    56    122    60   
Biopharm total 4,821    2,781    1,621    89    1,071    2,040    1,913   
Total sales 30,277    15,261    7,913    3,258    4,090    15,016    14,256   

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   

COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020
Financial report for the period 1 January 2020 to 31 March 2020
Page 29 of 29

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

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   

COVID-19 Strategic aspirations Financial
Performance 		Equity Outlook R&D Sustainability Legal Financial Information
Company announcement No 28 / 2020

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: May 6, 2020
Novo Nordisk A/S

Lars Fruergaard Jørgensen
Chief Executive Officer


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