Washington, D.C. 20549

_________________________

FORM 6-K

_________________________

Pursuant to rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

November 6, 2024

_________________________

NOVO NORDISK A/S

(Exact name of Registrant as specified in its charter)

_________________________

(Address 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-________ Financial report for the period 1 January 2024 to 30 September 2024

Novo Nordisk's sales increased by 23% in Danish kroner and by 24% at constant exchange rates to DKK 204.7 billion in the first nine months of 2024

•Operating profit increased by 21% in Danish kroner and by 22% at constant exchange rates (CER) to DKK 91.6 billion.

•Sales in North America Operations increased by 31% in Danish kroner (31% at CER). Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years. Sales in International Operations increased by 13% in Danish kroner (15% at CER).

•Sales within Diabetes and Obesity care increased by 25% in Danish kroner to DKK 191.8 billion (26% at CER), mainly driven by GLP-1 diabetes sales growth of 25% in Danish kroner (26% at CER) and Obesity care growing by 44% in Danish kroner to DKK 43.7 billion (44% at CER). Rare disease sales increased by 3% in both Danish kroner and at CER.

•Within R&D, Novo Nordisk completed the phase 2a trial with monlunabant in obesity and expects to initiate a larger phase 2b trial in obesity in 2025 to further investigate the dosing and safety profile of monlunabant over a longer duration in a global population. Further, within diabetes, Novo Nordisk announced that oral semaglutide statistically significantly reduced the risk of major adverse cardiovascular events in the SOUL cardiovascular outcomes trial.

•Also within R&D, headline results were announced from the ESSENCE trial with semaglutide 2.4 mg in adults with MASH and liver fibrosis demonstrating superior improvement in both liver fibrosis and MASH resolution versus placebo.

•For the 2024 outlook, sales growth is now expected to be 23-27% at CER, and operating profit growth is now expected to be 21-27% at CER. Growth reported in Danish kroner is now expected to be 1 percentage point lower than at CER growth for sales and 2 percentage points lower for operating profit.

Lars Fruergaard Jørgensen, president and CEO: "We are pleased with the performance in the first nine months of 2024. The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before. Within R&D, we are very pleased about further read-outs across our semaglutide portfolio, including the SOUL trial in people living with diabetes and cardiovascular disease and the ESSENCE trial in people living with MASH."

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

Performance highlights for the first nine months of 2024 (blue indicates third quarter developments)

These unaudited consolidated financial statements for the first nine months of 2024 have been prepared in accordance

with IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies.

The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2023 of Novo

Nordisk.

Sales grew by 23% measured in Danish kroner and by 24% at CER in the first nine months of 2024, driven by Diabetes care sales growth of 21% (CER) and Obesity care sales growth of 44% (CER). Rare disease sales increased by 3% (CER). Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies. Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years and the phasing of rebates in 2023.

Sales in Diabetes care increased by 20% measured in Danish kroner and by 21% at CER to DKK 148,046 million driven by growth of GLP-1-based products. Novo Nordisk has improved the global diabetes value market share over the last 12 months to 33.9% from 33.3% in line with the strategic aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market share of more than one-third in 2025. The market share increase was driven by market share gains in both North America Operations and International Operations.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from August 2023 and August 2024 provided by the independent data provider IQVIA. EMEA covers Europe, the Middle East and Africa; Region China covers mainland China, Hong Kong and Taiwan; Rest of World covers all other countries except for North America.

Diabetes care, development per geographical area						Novo Nordisk’s share of the total diabetes market (value, MAT)						Diabetes care, sales development
						August			August			Sales 9M 2024 DKK million			Growth at CER
						2024			2023
Global						33.9		%	33.3		%	148,046			21		%
North America Operations						35.4		%	34.7		%	84,480			31		%
			- The US			34.9		%	34.2		%	78,261			33		%
International Operations						28.1		%	27.8		%	63,566			10		%
			- EMEA *			29.4		%	30.1		%	32,229			8		%
			- Region China **			32.7		%	32.3		%	13,707			12		%
			- Rest of World ***			24.2		%	22.4		%	17,630			11		%

Source: IQVIA, August 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk Diabetes care sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. *** Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk’s Diabetes care sales in the area.

Sales of GLP-1-based products for type 2 diabetes (Rybelsus®, Ozempic® and Victoza®) increased by 25% measured in Danish kroner and by 26% at CER to DKK 106,952 million. The estimated global GLP-1 share of total diabetes prescriptions has increased to 6.4% compared with 5.8% 12 months ago. Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 55.6% value market share.

GLP-1 diabetes, development per geographical area						Novo Nordisk's share of the diabetes GLP-1 market (value, MAT)						GLP-1 diabetes, sales development
						August			August			Sales 9M 2024 DKK million			Growth at CER
						2024			2023
Global						55.6		%	54.4		%	106,952			26		%
North America Operations						54.3		%	52.7		%	73,807			32		%
			- The US			53.3		%	51.6		%	68,318			33		%
International Operations						66.8		%	68.7		%	33,145			16		%
			- EMEA *			59.0		%	62.9		%	17,554			12		%
			- Region China **			79.1		%	74.6		%	5,709			19		%
			- Rest of World ***			84.8		%	82.1		%	9,882			21		%

Source: IQVIA, August 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk GLP-1 sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions.

Rybelsus® sales increased by 28% measured in Danish kroner and by 29% at CER to DKK 16,384 million. Sales growth was driven by EMEA and Rest of World as well as North America Operations.

Ozempic® sales increased by 32% in both Danish kroner and at CER to DKK 86,489 million. Sales growth was driven by both North America Operations and International Operations. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across geographies.

Victoza® sales decreased by 41% measured in Danish kroner and by 40% at CER to DKK 4,079 million. This is driven by the GLP-1 diabetes market moving towards once-weekly treatments, in both North America Operations and International Operations, as well as negative gross-to-net adjustments during the third quarter in the US.

Sales of GLP-1 Diabetes care products in North America Operations increased by 31% measured in Danish kroner and by 32% at CER. Novo Nordisk is the market leader with a 54.3% value market share. The estimated GLP-1 share of total diabetes prescriptions has increased to 17.2% compared with 14.7% 12 months ago.

Sales of GLP-1 Diabetes care products in the US increased by 33% at CER. The sales increase was mainly driven by continued uptake of Ozempic®.

Sales growth in the US was driven by a prescription volume growth of the GLP-1 class above 15% in the third quarter of 2024 compared with the third quarter of 2023 as well as Novo Nordisk market share gains. Novo Nordisk is the market leader with 53.9% measured by total monthly prescriptions and 50.0% measured by new-to-brand prescriptions.

Sales of GLP-1 Diabetes care products in International Operations increased by 14% measured in Danish kroner and by 16% at CER. Sales growth is driven by all Regions. The estimated GLP-1 share of total diabetes prescriptions has increased to 4.0% compared with 3.7% 12 months ago. Novo Nordisk is the market leader with a value market share of 66.8% compared with 68.7% 12 months ago. The sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies.

Sales in EMEA increased by 12% in both Danish kroner and at CER. The sales growth reflects the uptake of Rybelsus® and Ozempic®, partially offset by lower sales of Victoza®. Novo Nordisk remains the market leader in EMEA with a value market share of 59.0%. The estimated GLP-1 share of total diabetes prescriptions has increased to 5.5% compared with 5.1% 12 months ago.

Sales in Region China increased by 16% measured in Danish kroner and by 19% at CER. The sales growth mainly reflects the uptake of Ozempic®, partially countered by lower sales of Victoza®. GLP-1 sales growth was negatively impacted by periodic supply constraints. The GLP-1 share of total diabetes prescriptions has decreased to 3.1% compared with 3.3% 12 months ago. Novo Nordisk is the market leader in Region China with a value market share of 79.1%.

Sales in Rest of World increased by 17% measured in Danish kroner and by 21% at CER. The sales growth reflects increased sales of Rybelsus® and Ozempic®, partially offset by lower sales of Victoza®. The estimated GLP-1 share of total diabetes prescriptions has increased to 2.6% compared with 2.2% 12 months ago. Novo Nordisk remains the market leader with a value market share of 84.8%.

Sales of insulin increased by 9% measured in Danish kroner and by 10% at CER to DKK 39,486 million. Awiqli® has been launched in the first countries.

Insulin, development per geographical area						Novo Nordisk’s share of the total insulin market (volume, MAT)						Insulin, sales development
						August			August			Sales 9M 2024 DKK million			Growth at CER
						2024			2023
Global						44.5		%	45.4		%	39,486			10		%
North America Operations						34.0		%	37.1		%	10,471			31		%
			- The US			33.7		%	36.7		%	9,781			35		%
International Operations						48.0		%	48.4		%	29,015			4		%
			- EMEA *			47.5		%	47.2		%	14,156			4		%
			- Region China **			41.4		%	42.4		%	7,390			10		%
			- Rest of World ***			56.5		%	57.4		%	7,469			0		%

Source: IQVIA, August 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk insulin sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area.

Sales of insulin in North America Operations increased by 31% in both Danish kroner and at CER. The sales increase in the US was positively impacted by gross-to-net sales adjustments related to prior years, partially countered by a decline in volume. Novo Nordisk has a volume market share of 33.7% of the total US insulin market.

Sales of insulin in International Operations increased by 3% measured in Danish kroner and by 4% at CER. The sales increase at CER was driven by Region China and EMEA. Novo Nordisk has a volume market share of 48.0% of the total insulin market in International Operations.

Sales of insulin in EMEA increased by 3% measured in Danish kroner and by 4% at CER. The sales increase at CER was driven by long-acting insulin and fast-acting insulin, partially countered by human insulin. Novo Nordisk has a volume market share of 47.5% of the total insulin market.

Sales of insulin in Region China increased by 7% measured in Danish kroner and by 10% at CER. The sales increase was mainly driven by long-acting insulin and premix insulin, partially countered by human insulin. Novo Nordisk has a volume market share of 41.4% of the total insulin market.

Sales of insulin in Rest of World decreased by 2% measured in Danish kroner, and remained unchanged at CER. The sales decrease at CER was mainly driven by human insulin and fast-acting insulin, partially countered by premix insulin. Novo Nordisk has a volume market share of 56.5% of the total insulin market.

Sales of Obesity care products, Wegovy® and Saxenda®, increased by 44% in both Danish kroner and at CER to DKK 43,740 million. Sales growth was driven by both North America Operations and International Operations. The volume growth of the global branded obesity market was 95%. Novo Nordisk is the global market leader with a volume market share of 74.0%.

Source: IQVIA, August 2024 data. *Data for EMEA available for European markets and seven markets outside Europe representing approximately 90% of Novo Nordisk obesity care sales in the area. **Data for mainland China, excluding Hong Kong and Taiwan. ***Data for Rest of World available for seven markets representing approximately 70% of total Novo Nordisk Diabetes care sales in the area.

Wegovy® sales increased by 76% measured in Danish kroner and by 77% at CER to DKK 38,340 million. Sales of Saxenda® decreased by 38% measured in Danish kroner and by 37% at CER to DKK 5,400 million as the obesity care market is moving towards once-weekly treatments.

Sales of Obesity care products in North America Operations increased by 32% in both Danish kroner and at CER to DKK 32,124 million. Sales of Wegovy® increased by 50% in both Danish kroner and at CER to DKK 31,158 million, driven by increased volumes, partially countered by lower realised prices. Broad commercial formulary access has been achieved for Wegovy®. In the US, Wegovy® has around 215,000 weekly prescriptions in total, compared to around 100,000 weekly prescriptions in January of 2024, and above 25,000 weekly new-to-brand prescriptions. Novo Nordisk strives to safeguard continuity of care. Lastly, Wegovy® has been launched in Canada.

Sales of Saxenda® decreased by 73% in both Danish kroner and CER to DKK 966 million as the obesity care market is moving towards once-weekly treatments. The volume growth of the branded obesity market in the US was 136%.

Sales of Obesity care products in International Operations increased by 93% measured in Danish kroner and by 95% at CER to DKK 11,616 million, driven by increased sales in EMEA and Rest of World. Sales of Saxenda® in International Operations decreased by 13% measured in Danish kroner and by 12% at CER to DKK 4,434 million, and sales of Wegovy® reached DKK 7,182 million. Wegovy® has now been launched in more than 15 countries in International Operations. The volume growth of the branded obesity market in International Operations was 45%.

Sales of Obesity care products in EMEA increased by 82% in both Danish kroner and at CER to DKK 7,233 million reflecting uptake of Wegovy®, partially countered by declining sales of Saxenda®. The volume growth of the branded obesity market in EMEA was 69%.

Sales of Obesity care products in Rest of World increased by 117% measured in Danish kroner and by 122% at CER to DKK 4,139 million, driven by uptake of Wegovy®, including positive impact from supply chain pipeline filling. The volume of the branded obesity market in Rest of World declined by 3%.

Rare disease sales increased by 3% in both Danish kroner and at CER to DKK 12,934 million. Sales of rare endocrine disorder products increased by 19% measured in Danish kroner and by 21% at CER to DKK 3,070 million. Novo Nordisk is working on gradually re-establishing supply of rare endocrine disorder products following a reduction of manufacturing output. Sogroya® has been launched in six countries, and the initial feedback from patients and physicians is encouraging. Sales of rare blood disorder products decreased by 1% in both Danish kroner and CER to DKK 8,740 million driven by NovoSeven® and haemophilia A sales, partially countered by increased haemophilia B sales.

Rare disease sales in North America Operations increased by 21% in both Danish kroner and at CER. The sales increase was driven by rare endocrine disorder products increasing by 82% measured in Danish kroner and by 83% at CER, reflecting the launch of Sogroya® and gross-to-net sales adjustments related to prior years in the US. Sales of rare blood disorder products increased by 9% measured in Danish kroner and by 10% at CER, mainly driven by increased NovoSeven® and haemophilia B sales.

Rare disease sales in International Operations decreased by 10% measured in Danish kroner and by 9% at CER. The sales decline was driven by both rare bloods disorder and rare endocrine disorder products. Sales of rare blood disorder products decreased by 9% in both Danish kroner and CER, driven by decreased sales of NovoSeven® and haemophilia A products, partially countered by increased sales of haemophilia B products. Rare endocrine disorder products are decreasing by 14% measured in Danish kroner and by 12% at CER, reflecting a reduction in manufacturing output. Sogroya® has now been launched in five countries in International Operations with encouraging initial feedback.

Rare disease sales remained unchanged both in Danish kroner and CER. Sales of rare blood disorder products decreased by 8% in both Danish kroner and CER, driven by lower NovoSeven® and haemophilia A sales, partially countered by increased haemophilia B sales. The increased sales of haemophilia B sales reflect the continued uptake of extended half-life products. Rare endocrine disorder products increased by 50% measured in Danish kroner and by 49% at CER.

Rare disease sales decreased by 62% measured in Danish kroner and by 61% at CER, driven by decreased sales of both rare endocrine products and rare blood disorder products.

Rare disease sales decreased by 13% measured in Danish kroner and by 12% at CER. Sales of rare endocrine disorder products decreased by 28% measured in Danish kroner and by 25% at CER, reflecting a reduction in manufacturing output. Sales of rare blood disorder products decreased by 4% in both Danish kroner and CER, driven by lower sales of NovoSeven®, partially countered by increased sales of haemophilia A products.

Sales increased by 23% measured in Danish kroner and by 24% at CER to DKK 204,720 million in the first nine months of 2024. Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years and phasing of rebates in 2023. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies. In North America Operations, sales increased by 31% in both Danish kroner and at CER. Sales in International Operations increased by 13% measured in Danish kroner and by 15% at CER.

Sales in North America Operations increased by 31% in both Danish kroner and at CER. The sales increase reflects GLP-1 diabetes sales growing by 32% at CER and Obesity care sales growing by 32% at CER. GLP-1 diabetes sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years. Insulin sales increased by 31% at CER, mainly reflecting gross-to-net sales adjustments related to prior years, partially countered by a decline in volume. Rare disease sales increased by 21% at CER, driven by both Rare endocrine disorder and Rare blood disorder products.

Sales in International Operations increased by 13% measured in Danish kroner and by 15% at CER. Sales growth was driven by Obesity care sales growing by 95% at CER, GLP-1 diabetes sales growing by 16% at CER. GLP-1 diabetes sales growth was negatively impacted by periodic supply constraints. Insulin sales are growing by 4% at CER, partially countered by Rare disease sales decreasing by 9% at CER, reflecting a reduction in manufacturing output.

Sales in EMEA increased by 14% measured in Danish kroner and by 15% at CER. Sales growth was driven by Obesity care growing by 82% at CER. Diabetes care sales increased by 8% at CER, driven by GLP-1 diabetes sales growing by 12% at CER and insulin sales growing by 4% at CER. Rare disease sales were unchanged at CER.

Sales in Region China increased by 7% measured in Danish kroner and by 10% at CER. The sales increase at CER was driven by GLP-1 diabetes sales growing by 19% at CER and insulin sales increasing by 10% at CER. Other diabetes care sales decreased by 11% at CER. Rare disease sales decreased by 61% at CER.

Sales in Rest of World increased by 15% measured in Danish kroner and by 18% at CER. Sales growth was driven by Obesity care sales increased by 122% at CER and Diabetes care growing by 11% at CER, reflecting increased GLP-1 diabetes sales growing 21% at CER. Rare disease decreased by 12% at CER.

The cost of goods sold increased by 22% in both Danish kroner and at CER to DKK 31,498 million, resulting in a gross margin of 84.6%, measured in Danish kroner, compared with 84.5% in the first nine months of 2023. The increase in gross margin is mainly reflecting a positive price impact due to gross-to-net sales adjustments related to prior years in the US and a positive product mix, driven by increased sales of GLP-1-based treatments. This is partially countered by costs related to ongoing capacity expansions.

Sales and distribution costs increased by 10% in both Danish kroner and at CER to DKK 43,400 million. The increase in costs is driven by both North America Operations and International Operations. In North America Operations, the cost increase is mainly driven by promotional activities related to Wegovy®. In International Operations, the increase is mainly related to Obesity care market development activities and Wegovy® launch activities as well as promotional activities for GLP-1 diabetes products. The increase in sales and distribution costs is impacted by adjustments to legal provisions in the second quarter of 2023. Sales and distribution costs amounted to 21.2% as a percentage of sales.

Research and development costs increased by 56% in both Danish kroner and at CER to DKK 34,260 million compared to the first nine months of 2023, mainly reflecting increased late-stage clinical trial activity, and increased early research activities as well as the impairment loss related to intangible assets, including ocedurenone of DKK 5.7 billion. Research and development costs amounted to 16.7% as a percentage of sales.

Administration costs increased by 9% in both Danish kroner and at CER to DKK 3,696 million. Administration costs amounted to 1.8% as a percentage of sales.

Other operating income and expenses (net) showed a loss of DKK 264 million compared to an income of DKK 116 million the first nine months of 2023. The loss is mainly reflecting impairments related to a partnership agreement of a company previously acquired by Novo Nordisk.

Operating profit increased by 21% measured in Danish kroner and by 22% at CER to DKK 91,602 million, reflecting the sales growth and impairment loss related to ocedurenone of DKK 5.7 billion. EBITDA increased by 28% measured in Danish kroner and by 30% at CER.

Financial items (net) showed a net gain of DKK 32 million, compared with a net gain of DKK 1,246 million in the first nine months of 2023,

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 gain of DKK 47 million compared with a net gain of DKK 1,190 million in 2023.

As per the end of September 2024, a positive market value of financial contracts of approximately DKK 0.1 billion has been deferred for recognition later in 2024 and 2025.

The effective tax rate was 20.6% in the first nine months of 2024, compared with an effective tax rate of 19.9% in the first nine months of 2023.

Net profit increased by 18% to DKK 72,758 million and diluted earnings per share increased by 19% to DKK 16.29. Net profit and diluted earnings per share are impacted by the impairment loss related to ocedurenone of DKK 5.7 billion.

Sales in the third quarter of 2024 increased by 21% measured in Danish kroner and by 23% at CER compared to 2023. Sales growth in the US was negatively impacted by phasing of rebates in 2023. Operating profit increased by 26% measured in Danish kroner and by 28% at CER. Sales growth has resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies. Please refer to appendix 1 for an overview of the quarterly numbers in DKK and to appendix 6 for additional details on sales in the third quarter of 2024.

The increased global sales of 23% at CER were driven by increased sales across the portfolio. GLP-1 diabetes sales increased by 15% at CER and Obesity care sales increased by 55% at CER. Insulin sales increased by 10% at CER and rare disease sales increased by 17% at CER.

North America Operations

Sales in North America Operations increased by 22% measured in Danish kroner and by 23% at CER, negatively impacted by phasing of rebates in 2023. Sales growth was driven by GLP-1 diabetes sales growing by 19% at CER. Victoza® sales were mainly impacted by negative gross-to-net sales adjustments as well as lower volumes. Obesity care sales increased by 29% at CER. Insulin sales increased by 20% at CER, positively impacted by channel and payer mix and gross-to-net sales adjustments related to prior years, partially countered by lower realised volumes. Rare disease sales increased by 36% at CER, mainly driven by volume growth for rare endocrine disorder products as well a positive impact from phasing of rebates in 2023.

Sales in International Operations increased by 21% measured in Danish kroner and by 22% at CER. Sales growth was driven by all Regions.

Sales growth was driven by Diabetes and Obesity care growing by 24% at CER, driven by Obesity care increasing by 189% at CER following uptake of Wegovy®, including positive impact from supply chain pipeline filling. GLP-1 diabetes sales grew by 8% at CER, and insulin sales increased by 7% at CER. Rare disease sales increased by 3% at CER.

The gross margin was realised at 84.1% in the third quarter of 2024 compared with 83.5% in 2023. The 0.6 percentage point gross margin increase is driven by a positive product mix, driven by increased sales of GLP-1-based treatments, partially countered by costs mainly related to ongoing capacity expansions as well as pricing impact due to the phasing of rebates in 2023.

Sales and distribution costs increased by 19% measured in Danish kroner and by 20% at CER compared with 2023. The increase in costs is driven by both North America Operations and International Operations. In North America Operations, the cost increase is mainly driven by promotional activities related to Wegovy®. In International Operations, the increase is mainly related to Obesity care market development activities and Wegovy® launch activities as well as promotional activities for GLP-1 diabetes products. Sales and distribution costs amounted to 21.3% as a percentage of sales.

Research and development costs increased by 17% in both Danish kroner and at CER compared with 2023, driven by both increased late-stage clinical trial and research activities mainly related to Obesity Care. Research and development costs amounted to 13.3% as a percentage of sales.

Administrative costs increased by 10% in both Danish kroner and at CER compared with the same period in 2023. Administration costs amounted to 1.9% as a percentage of sales.

Other operating income and expenses showed a loss of DKK 101 million in the third quarter of 2024.

Operating profit increased by 26% measured in Danish kroner and by 28% at CER compared with the third quarter of 2023. EBITDA increased by 22% measured in Danish kroner and by 24% at CER.

Financial items (net) showed a net gain of DKK 562 million compared with a net gain of DKK 1,150 million in the third quarter of 2023 reflecting gains on hedged currencies, primarily the US dollar.

The effective tax rate is 20.6% in the third quarter of 2024 compared with an effective tax rate of 19.9% in the third quarter of 2023.

Net profit increased by 21% to DKK 27,301 million and diluted earnings per share increased by 22% to DKK 6.12.

Free cash flow in the first nine months of 2024 was realised at DKK 71.8 billion compared to DKK 75.6 billion in the first nine months of 2023. The lower free cash flow in 2024 reflects increasing capital expenditure, partially countered by net cash generated from operating activities.

Income under the 340B Program has been partially recognised.

Capital expenditure for property, plant and equipment was DKK 31.1 billion compared with DKK 16.4 billion in 2023, primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products. Capital expenditures for intangible assets was DKK 3.7 billion in the first nine months of 2024 compared with DKK 6.1 billion in 2023 reflecting business development activities.

In February 2024, Novo Nordisk announced an agreement to acquire three fill-finish sites from Novo Holdings A/S (Novo Holdings) in connection with a transaction where Novo Holdings has agreed to acquire Catalent, Inc. (Catalent), a global contract development and manufacturing organisation. The fulfilment of various customary closing conditions is progressing, and Novo Nordisk still expects that the acquisition will be completed towards the end of 2024.

Total equity was DKK 120,522 million at the end of September 2024, equivalent to 30.3% of total assets, compared with 31.0% at the end of September 2023. Please refer to appendix 5 for further elaboration of changes in equity. Novo Nordisk returned DKK 56.8 billion to shareholders via DKK 12.7 billion share buybacks and DKK 44.1 billion dividend in the first nine months of 2024.

As of 4 November 2024, Novo Nordisk has repurchased 13,891,849 B shares of DKK 0.10 for an amount of DKK

12,127,705,653 as part of the overall share repurchase programme of up to DKK 20 billion to be executed during a 12-month period beginning 6 February 2024.

The current expectations for 2024 are summarised in the table below:

Sales growth is now expected to be 23% to 27% at CER. Given the current exchange rates versus the Danish krone, sales growth reported in DKK is still expected to be 1 percentage point lower than at CER.

The guidance reflects expectations for sales growth in both North America Operations and International Operations, mainly driven by volume growth of GLP-1-based treatments for Obesity and Diabetes care. Continued pricing pressure within Diabetes and Obesity care is included in the guidance.

Following higher-than-expected volume growth in recent years, including GLP-1-based products such as Ozempic® and Wegovy®, combined with the expectation of continued volume growth and capacity limitations at some manufacturing sites, the outlook also reflects expected continued periodic supply constraints and related drug shortage notifications across a number of products and geographies. Novo Nordisk is investing in internal and external capacity to increase supply both short and long-term.

Operating profit growth is now expected to be 21% to 27% at CER. Given the current exchange rates versus the Danish krone, growth reported in DKK is now expected to be 2 percentage points lower than at CER.

The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in future and current growth drivers within Research, Development and Commercial. Within R&D, investments are related to the continued expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related to Obesity care market development activities as well as investments related to GLP-1 diabetes care.

Novo Nordisk now expects financial items (net) to amount to a loss of around DKK 0.1 billion.

The effective tax rate for 2024 is now expected to be in the range of 20-21%.

Capital expenditure is still expected to be around DKK 45 billion in 2024, reflecting expansion of the global supply chain. The investments will create additional capacity across the supply chain, including manufacturing of active pharmaceutical ingredients (API), additional aseptic production and finished production processes as well as packaging capacity. In the coming years, the capital expenditure to sales ratio is still expected to be low double-digit.

Depreciation, amortisation and impairment losses are still expected to be around DKK 17 billion, including the impairment of ocedurenone.

The free cash flow is now expected to be DKK 57-65 billion reflecting the sales growth, a favourable impact from rebates in the US, countered by investments in capital expenditure. The updated cash flow expectation mainly reflects phasing of payments related to rebates in the US as well as timing of investments related to capital expenditure.

Financial impacts related to and following the expected closing of the Catalent transaction have not been included in the financial guidance.

All of the above expectations are based on assumptions that the global or regional macroeconomic and political environment will not significantly change business conditions for Novo Nordisk during 2024, including energy and supply chain disruptions, the potential implications from major healthcare reforms and legislative changes as well as outcome of legal cases including litigations related to the 340B Drug Pricing Program in the US, and that the currency exchange rates, especially the US dollar, will remain at the current level versus the Danish krone. The guidance is also based on assumptions in relation to the estimation of gross-to-net developments in the US gross sales. Finally, the guidance does not include the financial implications of any new significant business development transactions and significant impairments of intangible assets during 2024.

FX (average rates)			Q3 2024			Q3 2023			% change												9M 2024			9M 2023			% change			Spot rate 30 October 2024
USD			679			685			(1		%)										686			688			0		%	690
CNY			95			95			0		%										95			98			(3		%)	97
JPY			4.56			4.74			(4		%)										4.55			4.99			(9		%)	4.50
CAD			498			511			(3		%)										504			511			(1		%)	495
BRL			123			140			(12		%)										131			137			(4		%)	119

Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies, and, all other things being equal, movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.

Key invoicing currencies			Impact on Novo Nordisk's operating profit in the next 12 months of a 5% movement in currency			Hedging period (months)1
USD			DKK 5,900 million			12
CNY2			DKK 660 million			12
CAD			DKK 480 million			0
BRL			DKK 250 million			0
JPY			DKK 240 million			12

1) As of 30 September 2024.

2) Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

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

In October 2024, Novo Nordisk submitted IcoSema, a once-weekly combination of basal insulin icodec and semaglutide, for regulatory approval in the EU for the treatment of people with type 2 diabetes. The submission is based on the COMBINE clinical trial programme comprised of three phase 3a global clinical trials involving more than 2500 adults with type 2 diabetes.

In August 2024, Novo Nordisk submitted a chronic kidney disease (CKD) label extension application to Centre for Drug Evaluation (CDE) for regulatory approval in China for Ozempic® to include results from the kidney outcomes trial FLOW.

In September 2024, Novo Nordisk successfully completed the phase 3b trial STRIDE, a 52-week trial comparing semaglutide 1.0 mg with placebo as an adjunct to standard of care in people living with type 2 diabetes and PAD with intermittent claudication (muscle pain in legs when active). After 52 weeks, the trial achieved its primary objective by demonstrating a statistically significant and superior improvement in maximum walking distance of 13% for people treated with semaglutide 1.0 mg compared to placebo. The results are considered clinically relevant. In the semaglutide 1.0 mg arm, the maximum walking distance increased by 21% (baseline: 185m) compared to 8% in the placebo arm (baseline: 186m). In the trial, semaglutide 1.0 mg appeared to have a safe and well-tolerated profile in line with previous semaglutide 1.0 mg trials. Novo Nordisk expects to file for regulatory approvals of a label expansion for Ozempic® in the US and EU in the first half of 2025.

In October 2024, Novo Nordisk announced the headline results from the SOUL cardiovascular outcomes trial, comparing oral semaglutide with placebo, as an adjunct to standard of care, in people with type 2 diabetes and established cardiovascular disease (CVD) and/or chronic kidney disease (CKD). As part of standard of care, 49% of patients received SGLT2i at some point during the trial. The trial achieved its primary objective by demonstrating a statistically significant and superior reduction in major adverse cardiovascular events (MACE) of 14% for people treated with oral semaglutide compared to placebo. In the trial, oral semaglutide appeared to have a safe and well-tolerated profile in line with previous oral semaglutide trials. Novo Nordisk expects to file for regulatory approval of a label expansion for Rybelsus® in both the US and EU around the turn of the year. For further information, please see the company announcement here: https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=171480 (the contents of the company's website do not form a part of this Form 6-K).

In August 2024, Novo Nordisk initiated a phase 2 dose-finding trial with amycretin, a GLP-1 and amylin receptor dual agonist. The 36-week trial is investigating efficacy, safety and tolerability of different doses of once-weekly subcutaneous amycretin and once-daily oral amycretin compared with placebo in approximately 440 people living with type 2 diabetes.

In August 2024, Novo Nordisk successfully completed a phase 1 trial with a type 1 diabetes DNA immunotherapy, a DNA plasmid intended to preserve endogenous insulin production and in turn slow down or stop development of type 1 diabetes in people at high risk, before clinical diagnosis. The 12-week multiple dose phase 1 trial primarily investigated the safety and tolerability as well as pharmacokinetics of the DNA plasmid administered subcutaneously once weekly in people diagnosed with type 1 diabetes diagnosed within the past 48 months. The trial confirmed the defined trial objectives and the DNA plasmid appeared to have a safe and well-tolerated profile. Novo Nordisk is analysing the detailed data and, based on the data, will be further evaluating the next stage of clinical development with DNA immunotherapy.

Positive CHMP opinions for updates of the Wegovy® label in the EU

In September, Novo Nordisk announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for an update of the Wegovy® label in the EU. The label update incorporates data showing that Wegovy®, when added to standard of care, can reduce heart failure-related symptoms and

improve physical limitations and exercise function in people with obesity-related HFpEF, with or without type 2 diabetes. The positive opinion is based on results from the STEP HFpEF and STEP HFpEF-DM trials. Further, in October 2024, a positive opinion was also issued by the CHMP based on data from the STEP 9 trial in people with obesity and knee osteoarthritis (OA). The STEP 9 trial demonstrated a superior reduction in the WOMAC (Western Ontario and McMaster Universities Osteoarthritis Index) pain score and reduction in body weight compared to placebo.

In September 2024, Novo Nordisk announced the headline results from a phase 2a clinical trial, completed with monlunabant. The trial investigated the efficacy and safety of a once-daily 10 mg, 20 mg and 50 mg dose of monlunabant compared to placebo on body weight after 16 weeks in 243 people with obesity and metabolic syndrome. Based on the results, Novo Nordisk expects to initiate a larger phase 2b trial in obesity to further investigate dosing and the safety profile of monlunabant over a longer duration in a global population. For further information, please see the company announcement here: https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=170501 (the contents of the company's website do not form a part of this Form 6-K).

In September 2024, Novo Nordisk initiated a phase 1 trial with once-weekly subcutaneous amylin 355. The 12-week trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of amylin 355 in people with overweight or obesity.

Alhemo® receives positive opinion by the European Medicines Agency for people living with haemophilia A or B with inhibitors

In October 2024, the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for Alhemo® (the brand name for concizumab) for prophylactic treatment for people living with haemophilia A or B with inhibitors. The CHMP positive opinion is based on data from the phase 3 explorer7 study and Novo Nordisk expects a final approval by the European Commission within approximately two months.

In October 2024, Novo Nordisk successfully completed the phase 3b trial FRONTIER 5, an open-label safety study in adults and adolescents with haemophilia A with and without inhibitors. The objective of the 26-week trial was to assess the safety of switching from emicizumab prophylaxis treatment to Mim8 prophylaxis treatment. In the trial, a switch from emicizumab treatment to Mim8 treatment was well tolerated. Further, the study participants had a strong preference for the Mim8 device and reported that the Mim8 pen injector was easy to use. Following regulatory interactions, Novo Nordisk now expects to submit Mim8 for the first regulatory approval during 2025.

Novo Nordisk successfully completed the phase 2 part (interim) of the HIBISCUS phase 2/3 trial in adults and adolescents with sickle-cell disease (SCD), investigating the safety and efficacy of oral etavopivat 200mg and 400mg once-daily versus placebo in around 60 patients. After 52 weeks of etavopivat treatment, the interim analysis established proof of concept for etavopivat in SCD, and etavopivat appeared to have a safe and well-tolerated profile. The phase 3 part of the HIBISCUS is currently ongoing with expected read-out in 2026. The interim phase 2 results will be presented at a scientific conference later in 2024.

In October 2024, Novo Nordisk initiated a phase 1 trial with Inno8, an oral, once-daily antibody fragment for the treatment of haemophilia. The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of Inno8.

In September 2024, Novo Nordisk initiated a phase 1 trial with TMPRSS6, a RNAi in development for rare blood disease. The trial is investigating safety, tolerability, pharmacokinetics and pharmacodynamics of TMPRSS6 in patients with Hereditary Haemochromatosis.

In November 2024, Novo Nordisk announced the headline results from a phase 3 clinical trial, successfully completed with semaglutide 2.4 mg. The trial achieved its primary endpoints by demonstrating a statistically significant and superior improvement in liver fibrosis with no worsening of steatohepatitis, as well as resolution of steatohepatitis with no worsening of liver fibrosis with semaglutide 2.4 mg compared to placebo. At week 72, 37.0% of people treated with semaglutide 2.4 mg achieved improvement in liver fibrosis with no worsening of steatohepatitis compared to 22.5% on placebo. 62.9% of people treated with semaglutide 2.4 mg achieved resolution of steatohepatitis with no worsening of liver fibrosis compared to 34.1% on placebo. In the trial, semaglutide 2.4 mg appeared to have a safe and well-tolerated profile in line with previous semaglutide 2.4 mg trials. Novo Nordisk expects to file for regulatory approvals in the US and EU in the first half of 2025. For further information, please see the company announcement here: https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=171971 (the contents of the company's website do not form a part of this Form 6-K).

Following the stop of the ocedurenone CLARION-CKD phase 3 trial, based on the interim analysis in June, Novo Nordisk has further analysed detailed trial data and decided to terminate further development of ocedurenone.

In October 2024, Novo Nordisk initiated a phase 1 trial with a C-type natriuretic peptide (CNP) analogue in development for heart failure. The single ascending dose (SAD) trial is investigating the safety, tolerability, pharmacokinetics, and pharmacodynamics of CNP.

Novo Nordisk aims to reach zero CO2e emissions from operations and transportation by 2030. Further, the aim is that goods and services from suppliers will be based on 100% sourced renewable power by 2030. In the first nine months of 2024, Novo Nordisk has reduced CO2e emissions from operations and transportation (Scope 1, 2 and partial Scope 3) by 38% compared to the first nine months of 2019. The reduction is driven by decarbonisation initiatives, including increased usage of renewable energy and biofuel as well as reduced business flights,

Compared to the first nine months of 2023, Scope 1 CO2e emissions increased by 9%, reflecting increased production volumes. This is partially countered by energy-saving initiatives and usage of renewable energy.

Scope 2 CO2e emissions increased by 55% compared to the first nine months of 2023, mainly reflecting the expansion of facilities, partially countered by an increase in the usage of renewable energy sources.

Scope 3 CO2e emissions increased by 34% compared to the first nine months of 2023 due to increased investments in capital expenditure for property, plant, and equipment.

The number of people reached with Novo Nordisk products, across Diabetes and Obesity care, was 43.3 million at the end of September 2024. This represents a net increase of 2.7 million patients compared to the end of September 2023.

The Changing Diabetes® in Children programme aims to reach 100,000 children by 2030. By the end of September 2024, more than 59,294 children were reached with diabetes care treatment, an increase of 27% compared to the end of September 2023.

Novo Nordisk aspires to be a sustainable employer. In 2021, two aspirational gender diversity targets were launched: achieve a balanced gender representation across all managerial levels and achieve a minimum of 45% women and a minimum of 45% men in senior leadership positions by the end of 2025.

At the end of September 2024, 47% of all leaders were women and 41% of leaders in senior leadership positions were women, compared to 45% and 41%, respectively, at the end of September 2023.

The number of full-time employees at the end of September 2024 increased by 17% compared to 12 months ago. The total number of full-time employees was 71,880. The increase is mainly driven by Product Supply.

Novo Nordisk is committed to supporting the wellbeing of our employees and ensuring uninterrupted access to essential medicines during humanitarian crises. Our priorities include safeguarding our workforce and collaborating with humanitarian organisations to provide critical medications to affected regions.

In recent crises, including the Israel-Hamas conflict and Russia's Invasion of Ukraine, we have maintained essential supplies to ensure patients can continue their treatments, underscoring our dedication to supporting communities in need.

After more than 13 years with Novo Nordisk, hereof seven years as head of North America Operations, Doug Langa has decided to step aside from his current position by the end of December 2024 in order to focus on personal priorities and take up a role as Senior Advisor to Novo Nordisk’s executive management.

Dave Moore, EVP responsible for business development and corporate strategy, will assume responsibility for Novo Nordisk’s commercial operation in the US and maintain his responsibility for Novo Nordisk’s global business development activities.

Karsten Munk Knudsen, EVP and chief financial officer, will assume responsibility for Novo Nordisk’s corporate strategy in addition to his current responsibilities.

Canada, that previously has been part of North America Operations, will in the future be part of International Operations.

With these changes, Executive Management will have the following members as of 1 January 2025*:

•Lars Fruergaard Jørgensen, president and CEO

•Maziar Mike Doustdar, EVP, International Operations

•Ludovic Helfgott, EVP, Rare Disease

•Karsten Munk Knudsen, EVP, chief financial officer

•Martin Holst Lange, EVP, Development

•Dave Moore, EVP, US Operations and Business Development

•Tania Sabroe, EVP, People & Organisation

•Marcus Schindler, EVP, chief scientific officer, Research & Early Development

•Camilla Sylvest, EVP, Commercial Strategy and Corporate Affairs

•Henrik Wulff, EVP, Product Supply, Quality & IT

*Only the CEO and the CFO are registered as executives with the Danish Business Authority

Novo Nordisk has received notifications from several manufacturers that they have filed Abbreviated New Drug Applications (ANDAs) with the FDA for generic versions of Victoza® and Saxenda®. The ANDAs contain Paragraph IV certifications to obtain approval to engage in the commercial manufacture, use, or sale of such products before the expiration of some or all of the patents currently listed for those products in the Orange Book. Novo Nordisk filed complaints for patent infringement against these manufacturers and has now entered into settlement agreements to resolve all ANDA litigation related to Victoza® and Saxenda®. All terms of the agreements are confidential. All agreements are reviewed by the U.S. Federal Trade Commission and the U.S. Department of Justice.

Novo Nordisk has received notifications from several manufacturers that they have filed ANDAs with the FDA for generic versions of Ozempic® and Wegovy®. Novo Nordisk has filed complaints for patent infringement against these manufacturers. Novo Nordisk has reached settlement agreements with five of these manufacturers concerning Ozempic®. The terms of the agreements are confidential. These agreements are reviewed by the U.S. Federal Trade Commission and the U.S. Department of Justice.

Moreover, Novo Nordisk has also received a notification from Apotex Inc. that they have filed an ANDA with the FDA for a generic version of Rybelsus®. Novo Nordisk has filed a complaint for patent infringement against Apotex Inc.

In March 2023, Mylan Pharmaceuticals Inc. (Mylan) filed an IPR in the US challenging the validity of the ‘462 patent', which claims a method of treating type 2 diabetes using 1 mg of semaglutide. Subsequently, three other companies were joined to this proceeding. Novo Nordisk has settled with four petitioners prior to the hearing of the matter, and the US Patent Trial and Appeal Board will now terminate the IPR without a hearing or decision.

The Board of Directors and Executive Management have reviewed and approved the financial report of Novo Nordisk A/S

for the first nine months of 2024. The financial report has not been audited or reviewed by the company’s

independent auditors.

The financial report for the first nine months of 2024 has been prepared in accordance with IAS 34 'Interim Financial

Reporting' and additional Danish disclosure requirements for listed companies. The accounting policies adopted in the

preparation are consistent with those applied in the Annual Report 2023 of Novo Nordisk.

In our opinion, the financial report for the first nine months of 2024 gives a true and fair view of the Group’s assets,

liabilities and financial position at 30 September 2024, and of the results of the Group’s operations and cash flow for the

period 1 January 2024 to 30 September 2024. 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 2023.

Bagsværd, 6 November 2024

Executive Management:
Lars Fruergaard Jørgensen President and CEO			Karsten Munk Knudsen CFO
Board of Directors:
Helge Lund Chair			Henrik Poulsen Vice chair			Elisabeth Dahl Christensen
Laurence Debroux			Andreas Fibig			Sylvie Grégoire
Liselotte Hyveled			Mette Bøjer Jensen			Kasim Kutay
Christina Law			Martin Mackay			Thomas Rantzau

Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 72,000 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.

Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s statutory Annual Report 2023 and Form 20-F both filed with the SEC in January 2024 in continuation of the publication of the Annual Report 2023, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

•statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto,

•statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures,

•statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and

•statements regarding the assumptions underlying or relating to such statements.

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

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

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, such as interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy supplies, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology including the risk of cybersecurity breaches, Novo Nordisk’s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, and the effects of domestic or international crises, civil unrest, war or other conflict, and factors related to the foregoing matters and other factors not specifically identified herein.

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in this document, reference is made to the overview of risk factors in ‘Risk Management’ of the Annual Report 2023.

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise.

APPENDIX 1: QUARTERLY NUMBERS IN DKK

(Amounts in DKK million, except number of full-time equivalent employees, earnings per share and number of shares outstanding).
																																	% change
						2024												2023															Q3 2024 vs.
						Q3			Q2			Q1						Q4			Q3			Q2			Q1						Q3 2023
Net sales						71,311			68,060			65,349						65,863			58,731			54,300			53,367						21		%
Gross profit						60,003			57,786			55,433						55,849			49,018			46,444			45,185						22		%
Gross margin						84.1%			84.9%			84.8%						84.8%			83.5%			85.5%			84.7%
Sales and distribution costs						(15,210)			(14,934)			(13,256)						(17,170)			(12,819)			(14,342)			(12,412)						19		%
Percentage of sales						21.3%			21.9%			20.3%						26.1%			21.8%			26.4%			23.3%
Research and development costs1						(9,488)			(16,166)			(8,606)						(10,460)			(8,128)			(7,127)			(6,728)						17		%
Percentage of sales						13.3%			23.8%			13.2%						15.9%			13.8%			13.1%			12.6%
Administrative costs						(1,382)			(1,157)			(1,157)						(1,456)			(1,256)			(1,072)			(1,071)						10		%
Percentage of sales						1.9%			1.7%			1.8%						2.2%			2.1%			2.0%			2.0%
Other operating income and expenses						(101)			405			(568)						3			98			(15)			33						N/A
Operating profit (EBIT)						33,822			25,934			31,846						26,766			26,913			23,888			25,007						26		%
Operating margin						47.4%			38.1%			48.7%						40.6%			45.8%			44.0%			46.9%
Financial income						(821)			960			2,146						(944)			3,318			(281)			852						(125		%)
Financial expenses						1,383			(1,562)			(2,074)						1,798			(2,168)			647			(1,122)						(164		%)
Financial items (net)						562			(602)			72						854			1,150			366			(270)						(51		%)
Profit before income taxes						34,384			25,332			31,918						27,620			28,063			24,254			24,737						23		%
Income taxes						(7,083)			(5,282)			(6,511)						(5,657)			(5,585)			(4,826)			(4,923)						27		%
Net profit						27,301			20,050			25,407						21,963			22,478			19,428			19,814						21		%
Depreciation, amortisation and impairment losses1						2,150			8,845			2,914						2,992			2,525			2,177			1,719						(15		%)
Capital expenditure (PP&E)						12,119			10,470			8,474						9,407			5,828			5,878			4,693						108		%
Net cash generated from operating activities						43,850			50,503			14,314						9,551			40,966			28,577			29,814						7		%
EBITDA						35,972			34,779			34,760						29,758			29,438			26,065			26,726						22		%
Free cash flow						30,451			36,289			5,020						(7,250)			30,039			20,773			24,764						1		%
Total assets						397,441			369,383			298,921						314,486			300,101			280,753			250,025						32		%
Total equity						120,522			112,522			98,911						106,561			92,991			90,473			79,874						30		%
Equity ratio						30.3%			30.5%			33.1%						33.9%			31.0%			32.2%			31.9%
Full-time equivalent employees end of period						71,880			69,260			66,015						63,370			61,412			59,337			57,089						17		%
Basic earnings per share/ADR (in DKK)						6.13			4.50			5.70						4.92			5.02			4.33			4.40						22		%
Diluted earnings per share/ADR (in DKK)						6.12			4.49			5.68						4.91			5.00			4.32			4.39						22		%
Average number of shares outstanding (million)						4,452.3			4,457.7			4,459.6						4,464.7			4,476.9			4,490.4			4,499.2						(1		%)
Average number of diluted shares outstanding (million)						4,460.5			4,465.4			4,470.5						4,477.4			4,489.0			4,502.6			4,513.2						(1		%)
Sales by business segment:
Total GLP-1						34,935			37,035			34,982						37,761			30,635			27,925			26,811						14		%
Long-acting insulin						4,035			4,737			5,165						3,726			3,692			3,354			4,133						9		%
Premix insulin						2,518			2,436			2,968						2,123			2,219			2,456			2,776						13		%
Fast-acting insulin						4,150			3,868			4,487						4,142			3,808			3,511			4,488						9		%
Human insulin						1,806			1,571			1,745						1,989			1,626			1,967			2,012						11		%
Total insulin						12,509			12,612			14,365						11,980			11,345			11,288			13,409						10		%
Other Diabetes care						492			533			583						322			594			667			729						(17		%)
Total Diabetes care						47,936			50,180			49,930						50,063			42,574			39,880			40,949						13		%
Wegovy®						17,304			11,659			9,377						9,614			9,648			7,518			4,563						79		%
Saxenda®						1,497			2,245			1,658						1,615			2,607			2,788			3,279						(43		%)
Total Obesity care						18,801			13,904			11,035						11,229			12,255			10,306			7,842						53		%
Diabetes and Obesity care total						66,737			64,084			60,965						61,292			54,829			50,186			48,791						22		%
Rare blood disorders						2,988			2,864			2,888						2,934			2,957			2,836			3,049						1		%
Rare endocrine disorders						1,227			730			1,113						1,264			542			902			1,128						126		%
Other Rare disease						359			382			383						373			403			376			399						(11		%)
Rare disease total						4,574			3,976			4,384						4,571			3,902			4,114			4,576						17		%
Sales by geographic segment:
North America Operations						42,598			40,930			39,280						42,621			35,048			29,663			29,297						22		%
- The US						39,844			38,404			36,782						40,067			32,936			27,209			27,322						21		%
International Operations						28,713			27,130			26,069						23,242			23,683			24,637			24,070						21		%
- EMEA						14,736			14,581			14,326						12,706			12,563			12,856			12,742						17		%
- Region China						4,708			4,963			4,506						3,418			4,341			4,467			4,461						8		%
- Rest of World						9,269			7,586			7,237						7,118			6,779			7,314			6,867						37		%
Segment operating profit:
Diabetes and Obesity care						33,473			26,984			31,218						26,032			26,721			22,707			24,163						25		%
Rare disease						349			(1,050)			628						734			192			1,181			844						82		%