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Novo Nordisk Annual Report 2020

Team Novo Nordisk, the world's first all-diabetes professional cycling team, are racing with 100 on their jersey to celebrate the 100-year anniversary of the discovery of insulin.

Novo Nordisk A/S - Novo All 1, 2880 Bagsværd, Denmark - CVR no. 24256790

Letter from the Chair Rising to the challenge The devastating impact of COVID-19 on societies and economies in 2020 intensified existing challenges such as inequality and poverty. However, in times of crisis, businesses play a critical role in mobilising resources and providing solutions. Novo Nordisk has worked hard to respond to the challenges, helping people with serious chronic diseases while also supporting society on a broader scale.

Novo Nordisk’s highest priority in 2020 was to ensure the safety of our employees and the uninterrupted supply of our life-saving medicines for patients. We achieved this, while also supporting society's response to the pandemic, most notably in Denmark, where our headquarter presence meant we were able to assist the government in the rapid scale-up of coronavirus testing. At the same time, our scientists continued to make significant progress in discovering new therapies of the future, while our

global commercial organisation embraced an increasingly digital new reality. The world has been through one of the most difficult years in recent human history. Despite the pandemic and the turbulent business environment, Novo Nordisk took important steps towards delivering on our purpose of driving change to defeat diabetes and other serious chronic diseases – a goal we are confident will translate into sustainable and profitable growth.

Performance highlights

Financial highlights

						DKK million			2016			2017			2018			2019						2020						2019–2020
						Financial performance																								Change
						Net sales			111,780			111,696			111,831			122,021						126,946						4		%
						Sales growth as reported			3.6		%	(0.1		%)	0.1		%	9.1		%				4.0		%
						Sales growth in constant exchange rates (CER)1			5.5		%	2.3		%	4.6		%	5.6		%				6.7		%
						Operating profit			48,432			48,967			47,248			52,483						54,126						3		%
						Operating profit growth as reported			(2.0		%)	1.1		%	(3.5		%)	11.1		%				3.1		%
						Operating profit growth in constant exchange rates (CER)1			0,2%			4.8		%	2.8		%	5.6		%				6.8		%
						Depreciation, amortisation and impairment losses			3,193			3,182			3,925			5,661						5,753
						Net financials			(634)			(287)			367			(3,930)						(996)
						Profit before income taxes			47,798			48,680			47,615			48,553						53,130						9		%
						Effective tax rate2			20.7		%	21.7		%	18.9		%	19.8		%				20.7		%
						Net profit			37,925			38,130			38,628			38,951						42,138						8		%
						Purchase of intangible assets2			1,199			1,022			2,774			2,299						16,256						607		%
						Purchase of property, plant and equipment2			7,068			7,626			9,636			8,932						5,825						(35		%)
						Free cash flow1			39,991			32,588			32,536			34,451						28,565						(17		%)
						Total assets			97,539			102,355			110,769			125,612						144,922						15		%
						Equity			45,269			49,815			51,839			57,593						63,325						10		%
						Financial ratios
						Gross margin2			84.6		%	84.2		%	84.2		%	83.5		%				83.5		%
						Sales and distribution costs in percentage of sales			25.4		%	25.4		%	26.3		%	26.1		%				25.9		%
						Research and development costs in percentage of sales			13.0		%	12.5		%	13.2		%	11.7		%				12.2		%
						Operating margin2			43.3		%	43.8		%	42.2		%	43.0		%				42.6		%
						Net profit margin2			33.9		%	34.1		%	34.5		%	31.9		%				33.2		%
						Cash to earnings1			105.4		%	85.5		%	84.2		%	88.4		%				67.8		%
						Operating profit after tax to net operating assets1			150,2%			143,2%			116,7%			98,0%						82.8		%
						Dividend payout ratio2			50.2		%	50.4		%	50.6		%	50.5		%				50.0		%
						Share performance
						Basic earnings per share/ADR in DKK2			14.99			15.42			15.96			16.41						18.05						10		%
						Diluted earnings per share/ADR in DKK2			14.96			15.39			15.93			16.38						18.01						10		%
						Total number of shares (million), 31 December			2,550			2,500			2,450			2,400						2,350						(2		%)
						Dividend per share in DKK			7.60			7.85			8.15			8.35						9.10			3			9		%
						Total dividend (DKK million)			19,048			19,206			19,547			19,651						21,066			3			7		%
						Share repurchases (DKK million)			15,057			16,845			15,567			15,334						16,855						10		%
						Closing share price (DKK)			255			335			298			387						427						10		%
						1. See 'Non-IFRS financial measures' 2. See 'Financial definitions'. 3. Total dividend for the year including interim dividend of DKK 3.25 per share, corresponding to DKK 7,570 million, which was paid in August 2020. The remaining DKK 5.85 per share, corresponding to DKK 13,496 million, will be paid subject to approval at the Annual General Meeting.