Washington, D.C. 20549

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FORM 6-K

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

of the Securities Exchange Act of 1934

May 7, 2025

_________________________

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 2025 to 31 March 2025

Novo Nordisk's sales increased by 19% in Danish kroner and by 18% at constant exchange rates to DKK 78.1 billion in the first three months of 2025

•Operating profit increased by 22% in Danish kroner and by 20% at constant exchange rates (CER) to DKK 38.8 billion.

•Sales in US Operations increased by 20% in Danish kroner (17% at CER). Sales in International Operations increased by 18% in Danish kroner (19% at CER).

•Sales within Diabetes and Obesity care increased by 21% in Danish kroner to DKK 73.5 billion (19% at CER), mainly driven by Obesity care growth of 67% in Danish kroner to DKK 18.4 billion (65% at CER) and GLP-1 diabetes sales growing 13% in Danish kroner (11% at CER) and. Rare disease sales increased by 5% measured in Danish kroner (3% at CER).

•Within R&D, Novo Nordisk completed the REDEFINE 2 trial, where CagriSema demonstrated superior weight loss of 15.7% in adults with obesity or overweight and type 2 diabetes. Novo Nordisk still expects to file for the first regulatory approval of CagriSema during the first quarter of 2026.

•Also within R&D, oral semaglutide 25 mg in obesity was submitted for regulatory review to the US FDA. In addition, once-weekly semaglutide 2.4 mg in MASH was submitted for regulatory approval in both the EU and US, and granted priority review in the US.

•For the 2025 outlook, sales growth is now expected to be 13-21% at CER, and operating profit growth is now expected to be 16-24% at CER. Sales and operating profit growth reported in Danish kroner is now expected to be 3 and 5 percentage points lower than at CER, respectively. The updated sales outlook reflects lower-than-planned penetration of branded GLP-1 treatments in the US, impacted by compounded GLP-1s. Novo Nordisk is focused on preventing unlawful compounding and further expanding access in the US. With around 1 billion people living with obesity globally and only few million on treatment, Novo Nordisk continues the global roll-out of Wegovy®.

Lars Fruergaard Jørgensen, president and CEO: "In the first quarter of 2025, we delivered 18% sales growth and continued to expand the reach of our innovative GLP-1 treatments. However, we have reduced our full-year outlook due to lower-than-planned branded GLP-1 penetration, which is impacted by the rapid expansion of compounding in the US. We are actively focused on preventing unlawful and unsafe compounding and on efforts to expand patient access to our GLP-1 treatments. Within R&D, we are pleased to have completed the last pivotal trial for our next-generation obesity treatment, CagriSema, and to have filed for US approval of oral semaglutide 25 mg, with the potential to be the first oral GLP-1 treatment for obesity."

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 three months of 2025 (blue indicates first-quarter development)

* on a full-year basis.

These unaudited consolidated financial statements for the first three months of 2025 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 2024 of Novo

Nordisk.

Sales increased by 19% measured in Danish kroner and by 18% at CER to DKK 78,087 million in the first three months of 2025. In US Operations, sales increased by 20% measured in Danish kroner and by 17% at CER. Sales in International Operations increased by 18% measured in Danish kroner and by 19% at CER. Sales growth has resulted in periodic supply constraints and related drug shortage notifications for certain products and geographies.

As of January 2025, North America Operations and International Operations were reorganised and financial reporting has been divided into: US Operations and International Operations. International Operations cover the following Regions: EUCAN (covering Europe and Canada), Emerging Markets (covering mainly Latin America, Middle East, and Africa), APAC (covering Japan, Korea, Oceania and Southeast Asia) and Region China (covering Mainland China, Hong Kong and Taiwan). Please see appendix 8 for a breakdown of sales per area in 2024.

Sales in US Operations increased by 20% measured in Danish kroner and by 17% at CER. The sales increase reflects Obesity care sales growing by 40% at CER, negatively impacted by compounded GLP-1s, and GLP-1 diabetes sales growing by 10% at CER. Insulin sales are increasing by 13% at CER and Rare disease products growing by 1% at CER.

Sales in International Operations increased by 18% measured in Danish kroner and by 19% at CER. Sales growth was driven by Obesity care sales growing by 137% at CER and GLP-1 diabetes sales growing by 13% at CER. GLP-1 diabetes sales growth was negatively impacted by periodic supply constraints. Insulin sales decreased by 1% at CER, also negatively impacted by periodic supply constraints, while Rare disease sales increased by 5% at CER.

Sales in EUCAN increased by 13% in both Danish kroner and at CER. Sales growth was driven by Obesity care growing by 66% at CER. Diabetes care sales increased by 4% at CER, driven by GLP-1 diabetes sales growing by 9% at CER, and insulin sales decreased by 4% at CER. Rare disease sales increased by 1% at CER.

Sales in Emerging Markets increased by 21% measured in Danish kroner and by 24% at CER. Sales growth was driven by Obesity care growing by 207% at CER. Diabetes care sales increased by 9% at CER, driven by GLP-1 diabetes sales growing by 16% at CER, and insulin sales increasing by 3% at CER. Rare disease sales decreased by 2% at CER.

Sales in APAC increased by 24% measured in Danish kroner and by 25% at CER. Sales growth was driven by Obesity care sales increasing by 250% at CER and Diabetes care growing by 5% at CER, reflecting GLP-1 diabetes sales growing 14% at CER. Rare diseases sales increased by 14% at CER.

Sales in Region China increased by 25% measured in Danish kroner and by 22% at CER. The sales increase at CER was driven by Obesity care sales amounting to DKK 704 million and GLP-1 diabetes sales growing by 26% at CER. Insulin sales were unchanged at CER. Rare disease sales increased by 157% at CER.

Sales grew by 19% measured in Danish kroner and by 18% at CER in the first three months of 2025, driven by Obesity care sales growth of 65% (CER) and Diabetes care sales growth of 8% (CER). Rare disease sales increased by 3% (CER).

Sales in Diabetes care increased by 10% measured in Danish kroner and by 8% at CER to DKK 55,044 million driven by growth of GLP-1-based products and insulins. Novo Nordisk's global diabetes value market share decreased by 0.6% percentage point over the last 12 months to 33.3%. The market share development was driven by market share losses in US Operations and International Operations. In IO countries, tirzepatide is categorised under GLP-1 diabetes only in IQVIA data, despite having indications for Diabetes and Obesity in most launched countries. Novo Nordisk has a strategic aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market share of more than one-third in 2025.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from February 2024 and February 2025 provided by the independent data provider IQVIA. EUCAN covers Europe and Canada, Emerging Markets covers mainly Latin America, Middle East, and Africa. APAC covers Japan, Korea, Oceania and Southeast Asia, and Region China covers Mainland China, Hong Kong, and Taiwan.

Diabetes care, development per geographical area						Novo Nordisk’s share of the total diabetes market (value, MAT)						Diabetes care, sales development
						February			February			Sales Q1 2025 DKK million			Growth at CER
						2025			2024
Global						33.3		%	33.9		%	55,044			8		%
US Operations						34.5		%	34.8		%	30,286			10		%
International Operations						29.5		%	30.8		%	24,758			6		%
			- EUCAN *			34.2		%	35.9		%	10,345			4		%
			- Emerging Markets **			26.2		%	28.5		%	6,428			9		%
			- APAC ***			18.3		%	18.7		%	3,179			5		%
			- Region China ****			31.9		%	32.8		%	4,806			6		%

Source: IQVIA, February 2025 data. *Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area. **Data for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets representing approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.

Sales of GLP-1-based products for type 2 diabetes (Rybelsus®, Ozempic® and Victoza®) increased by 13% measured in Danish kroner and by 11% at CER to DKK 39,574 million. The estimated global GLP-1 share of total diabetes prescriptions has increased to 6.8% compared with 6.2% 12 months ago. It is possible for a patient to have a prescription for more than one diabetes treatment. Novo Nordisk is the global market leader in the diabetes GLP-1 segment with a 54.0% 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
						February			February			Sales Q1 2025 DKK million			Growth at CER
						2025			2024
Global						54.0		%	55.3		%	39,574			11		%
US Operations						52.3		%	52.5		%	25,552			10		%
International Operations						65.4		%	74.6		%	14,022			13		%
			- EUCAN *			67.4		%	74.0		%	7,070			9		%
			- Emerging Markets **			54.4		%	74.0		%	3,446			16		%
			- APAC ***			61.8		%	76.3		%	1,705			14		%
			- Region China ****			80.9		%	77.7		%	1,801			26		%

Source: IQVIA, February 2025 data. Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area. **Data for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets representing approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan. 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. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.

Ozempic® sales increased by 18% measured in Danish kroner and by 15% at CER to DKK 32,721 million. Sales growth was driven by both US Operations and International Operations.

Rybelsus® sales increased by 14% measured in Danish kroner and by 13% at CER to DKK 5,695 million. Sales growth was driven by EUCAN and APAC.

Victoza® sales decreased by 46% in both Danish kroner and CER to DKK 1,158 million. The decline was driven by the GLP-1 diabetes market moving towards once-weekly treatments in both US Operations and International Operations.

Sales of GLP-1 Diabetes care products in US Operations increased by 14% measured in Danish kroner and by 10% at CER. The sales increase was mainly driven by continued uptake of Ozempic®, partially countered by Victoza®. Novo Nordisk is the market leader with a 52.3% value market share. The estimated GLP-1 share of total diabetes prescriptions has increased to 18.4% compared with 16.2% 12 months ago.

Sales growth in the US Operations was mainly driven by a prescription volume growth of the GLP-1 class above 15% in the first quarter of 2025 compared with the first quarter of 2024. Novo Nordisk is the market leader, with 50.4% measured by total monthly prescriptions. New-to-brand prescriptions amount to 44.9% for Novo Nordisk.

Sales of GLP-1 Diabetes care products in International Operations increased by 12% measured in Danish kroner and by 13% at CER, driven by all Regions. The estimated GLP-1 share of total diabetes prescriptions has increased to 4.7% compared with 4.3% 12 months ago. Novo Nordisk is the market leader with a value market share of 65.4% compared with 74.6% 12 months ago.

Sales of GLP-1 Diabetes care products in EUCAN increased by 8% measured in Danish kroner and by 9% at CER. The sales growth mainly reflects the uptake of Rybelsus®. The estimated GLP-1 share of total diabetes prescriptions has increased to 9.0% compared with 8.3% 12 months ago. Novo Nordisk is the market leader in EUCAN with a value market share of 67.4%.

Sales of GLP-1 Diabetes care products in Emerging Markets increased by 11% measured in Danish kroner and by 16% at CER. The sales growth reflects increased sales of Ozempic® as well as higher sales of Victoza®. The estimated GLP-1 share of total diabetes prescriptions has increased to 2.5% compared with 1.9% 12 months ago. Novo Nordisk is the market leader in Emerging markets with a value market share of 54.4%.

Sales of GLP-1 Diabetes care products in APAC increased by 15% measured in Danish kroner and by 14% 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 is the market leader with a value market share of 61.8%.

Sales of GLP-1 Diabetes care products in Region China increased by 28% measured in Danish kroner and by 26% at CER. The sales growth mainly reflects the uptake of Ozempic®, partially countered by lower sales of Victoza®. The GLP-1 share of total diabetes prescriptions has decreased to 3.2% compared with 3.6% 12 months ago. Novo Nordisk is the market leader in Region China with a value market share of 80.9%.

Sales of insulin increased by 4% measured in Danish kroner and by 3% at CER to DKK 14,997 million.

Insulin, development per geographical area						Novo Nordisk’s share of the total insulin market (volume, MAT)						Insulin, sales development
						February			February			Sales Q1 2025 DKK million			Growth at CER
						2025			2024
Global						43.5		%	45.1		%	14,997			3		%
US Operations						31.0		%	36.0		%	4,693			13		%
International Operations						47.0		%	47.9		%	10,304			(1		%)
			- EUCAN *			45.5		%	45.5		%	3,143			(4		%)
			- Emerging Markets **			51.2		%	52.1		%	2,911			3		%
			- APAC ***			54.6		%	57.0		%	1,404			(3		%)
			- Region China ****			40.7		%	40.6		%	2,846			0		%

Source: IQVIA, February 2025 data. Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area. **Data for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets representing approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan.

Sales of insulin in US Operations increased by 17% measured in Danish kroner and by 13% at CER. The sales increase in US Operations was impacted by phasing of rebates in 2024 as well as channel and payer mix, partially countered by a decline in volume. Novo Nordisk has a volume market share of 31.0% of the total US insulin market.

Sales of insulin in International Operations remained unchanged in Danish kroner and decreased by 1% at CER. The sales decrease at CER was mainly driven by EUCAN. Novo Nordisk has a volume market share of 47.0% of the total insulin market in International Operations.

Sales of insulin in EUCAN decreased by 4% in both Danish kroner and CER. The sales decrease at CER was mainly driven by long-acting insulin, fast-acting insulin and human insulin. Novo Nordisk has a volume market share of 45.5% of the total insulin market.

Sales of insulin in Emerging Markets increased by 4% measured in Danish kroner and by 3% at CER. The sales increase at CER was mainly driven by human insulin and long-acting insulin, partially countered by premix insulin. Novo Nordisk has a volume market share of 51.2% of the total insulin market.

Sales of insulin in APAC decreased by 4% measured in Danish kroner and by 3% at CER. The sales decrease at CER was mainly driven by premix insulin and long-acting insulin, partially countered by human insulin. Novo Nordisk has a volume market share of 54.6% of the total insulin market.

Sales of insulin in Region China increased by 2% measured in Danish kroner, and remained unchanged at CER. The unchanged increase at CER was mainly driven by increased sales of long-acting insulin, countered by fast-acting and premix insulin. Novo Nordisk has a volume market share of 40.7% of the total insulin market.

Sales of Obesity care products, Wegovy® and Saxenda®, increased by 67% measured in Danish kroner and by 65% at CER to DKK 18,424 million. Sales growth was driven by both US Operations and International Operations. The volume growth of the global branded obesity market was 135%. Novo Nordisk is the global market leader with a branded volume market share of 68.7%.

Source: IQVIA, February 2025 data. *Data for EUCAN available for 18 European markets and Canada representing approximately 100% of Novo Nordisk’s Obesity care sales in the area. **Data for Emerging Markets available for 7 markets representing approximately 74% of Novo Nordisk’s Obesity care sales in the area. ***Data for APAC available for 3 market representing approximately 62% of Novo Nordisk’s Obesity care sales in the area. **** Branded obesity market data for mainland China, excluding Hong Kong and Taiwan , is not fully covered by global IQVIA data. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.

Wegovy® sales increased by 85% measured in Danish kroner and by 83% at CER to DKK 17,360 million. Sales of Saxenda® decreased by 36% measured in Danish kroner and by 35% at CER to DKK 1,064 million as the obesity care market is moving towards once-weekly treatments.

Sales of Obesity care products in US Operations increased by 45% measured in Danish kroner and by 40% at CER to DKK 11,939 million. Sales of Wegovy® increased by 44% measured in Danish kroner and by 39% at CER to DKK 11,854 million, driven by increased volumes, which were negatively impacted by wholesaler inventory movements. This was partially countered by lower realised prices. In the US, Wegovy® has around 200,000 weekly prescriptions, and the volume growth of the branded obesity market in the US was 160%. The volume of compounded GLP-1s in the US is estimated to have impacted the uptake of Wegovy® prescriptions as well as the growth of the branded obesity market during first quarter of 2025.

In February 2025, the US FDA removed semaglutide injectables from the FDA drug shortage list and subsequently communicated that shortage-based (bulk) compounding of semaglutide would no longer be allowed, following a period of enforcement discretion. In April, a US federal court denied a motion for preliminary injunction filed by compounding-related organisations, thereby ending the period of enforcement discretion for 503A compounding pharmacies, effective 24 April. The period of enforcement discretion for 503B outsourcing facilities will end on 22 May and Novo Nordisk is actively focused on preventing unlawful and unsafe compounding.

Novo Nordisk continues to work on expanding channels and access to Wegovy® in the US. In March, NovoCare® Pharmacy was introduced to provide direct-to-patient delivery for cash-paying patients and in April 2025, Novo Nordisk further expanded access to Wegovy® for cash-paying patients via collaborations with three telehealth organisations. Lastly, in May 2025, CVS announced that Wegovy® will be the only GLP-1 medicine covered for obesity on its national template formulary.

Sales of Obesity care products in International Operations increased by 131% measured in Danish kroner and by 137% at CER to DKK 6,485 million. Sales of Wegovy® increased by 381% measured in Danish kroner and by 392% at CER to DKK 5,506 million. Wegovy® has now been launched in around 25 countries in International Operations. This was partially countered by sales of Saxenda® in International Operations decreased by 41% measured in Danish kroner and by 40% at CER to DKK 979 million. The volume growth of the branded obesity market in International Operations was 101%.

Sales of Obesity care products in EUCAN increased by 65% measured in Danish kroner and by 66% at CER to DKK 3,175 million driven by Wegovy®, partially countered by declining Saxenda® sales. The volume growth of the branded obesity market in EUCAN was 81%.

Sales of Obesity care products in Emerging Markets increased by 185% measured in Danish kroner and by 207% at CER to DKK 1,660 million driven by Wegovy®, partially countered by declining Saxenda® sales. The volume growth of the branded obesity market in Emerging Markets was 124%.

Sales of Obesity care products in APAC increased by 242% measured in Danish kroner and by 250% at CER to DKK 946 million, driven by uptake of Wegovy®, partially countered by declining Saxenda® sales. The volume of the branded obesity market in APAC increased by 231%.

Sales of Obesity care products in Region China amounted to DKK 704 million, driven by the launch of Wegovy®.

Rare disease sales increased by 5% measured in Danish kroner and by 3% at CER to DKK 4,619 million. Sales of rare endocrine disorder products increased by 18% measured in Danish kroner and by 14% at CER to DKK 1,312 million. Sales of rare blood disorder products increased by 1% measured in Danish kroner and decreased by 1% at CER to DKK 2,921 million.

Rare disease sales in US Operations increased by 4% measured in Danish kroner and by 1% at CER. The sales increase was driven by rare blood disorder products which increased by 7% measured in Danish kroner and by 4% at CER, mainly driven by increased NovoSeven® and haemophilia B sales. This is partially countered by Rare endocrine disorder products decreasing by 2% measured in Danish kroner and by 5% at CER, mainly driven by Norditropin®.

Rare disease sales in International Operations increased by 6% measured in Danish kroner and by 5% at CER. Rare endocrine disorder products increased by 55% measured in Danish kroner and by 51% at CER, driven by Norditropin® due to improvement in manufacturing output as well as Sogroya® launch uptake. Sales of rare blood disorder products decreased by 3% measured in Danish kroner and by 4% at CER, driven by lower sales of NovoSeven®.

Rare disease sales increased by 1% in both Danish kroner and at CER. Rare endocrine disorder products increased by 6% in both Danish kroner and at CER. Sales of rare blood disorder products decreased by 2% in both Danish kroner and CER, mainly driven by lower NovoSeven® sales.

Rare disease sales increased by 2% measured in Danish kroner and decreased by 2% at CER. Rare endocrine disorder products increased by 405% measured in Danish kroner and by 366% at CER, mainly related to Norditropin® due to improvement in manufacturing output. Sales of rare blood disorder products decreased by 20% measured in Danish kroner and by 22% at CER, driven by lower NovoSeven® and haemophilia A sales, partially countered by haemophilia B sales.

Rare disease sales increased by 14% in both Danish kroner and at CER. Sales of rare endocrine disorder products increased by 30% measured in Danish kroner and by 29% at CER. Sales of rare blood disorder products increased by 7% in both Danish kroner and at CER, driven by higher sales of NovoSeven®.

Rare disease sales increased by 167% measured in Danish kroner and by 157% at CER. This is driven by rare blood disorders which increased by 194% measured in Danish kroner and by 186% at CER, mainly due to by increased haemophilia A sales.

The cost of goods sold increased by 30% measured in Danish kroner and by 27% at CER to DKK 12,890 million, resulting in a gross margin of 83.5%, measured in Danish kroner, compared with 84.8% in the first quarter of 2024. The decline in gross margin mainly reflects amortisations and depreciations related to Catalent as well as costs related to ongoing capacity expansions. This is partially countered by a positive product mix driven by increased sales of GLP-1-based treatments.

Sales and distribution costs increased by 12% measured in Danish kroner and by 10% at CER to DKK 14,892 million. The increase in costs is driven by both US Operations and International Operations. In US Operations, the cost increase is mainly driven by promotional activities related to Wegovy® and Ozempic®. In International Operations, the increase is mainly related to Wegovy® launch and promotional activities. Sales and distribution costs amounted to 19.1% as a percentage of sales.

Research and development costs increased by 20% measured in Danish kroner and by 19% at CER to DKK 10,308 million, mainly driven by Obesity care and reflecting increased late-stage clinical trial activity as well as increased early research activities. Research and development costs amounted to 13.2% as a percentage of sales.

Administration costs increased by 5% in both Danish kroner and at CER to DKK 1,220 million. Administration costs amounted to 1.6% as a percentage of sales.

Other operating income and expenses (net) showed a gain of DKK 14 million compared to a loss of DKK 568 million in 2024. This is driven by an impairment of a partnership agreement in the first quarter of 2024 of a company previously acquired by Novo Nordisk.

Operating profit increased by 22% measured in Danish kroner and by 20% at CER to DKK 38,791 million. EBITDA increased by 23% measured in Danish kroner and by 21% at CER.

Financial items (net) showed a net loss of DKK 1,758 million, compared with a net gain of DKK 72 million in the first quarter of 2024. This primarily reflects losses on hedged currencies, mainly related to the US dollar, and financing costs related to the funding of the Catalent transaction.

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 net loss of DKK 1,325 million compared with a net loss of DKK 76 million in the first quarter of 2024.

As per the end of March 2025, a positive market value of financial contracts of approximately DKK 0.4 billion has been deferred for recognition in 2025 and 2026.

The effective tax rate was 21.6% in the first three months of 2025, compared with an effective tax rate of 20.4% in the first three months of 2024.

Net profit increased by 14% to DKK 29,034 million and diluted earnings per share increased by 15% to DKK 6.53.

Free cash flow in the first three months of 2025 was DKK 9.5 billion compared to DKK 5.0 billion in the first three months of 2024. Free cash flow is reflecting higher net cash generated from operating activities, partially countered by increased capital expenditure.

Capital expenditure for property, plant and equipment was DKK 13.4 billion compared with DKK 8.5 billion in 2024, 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 expenditure related to intangible assets was DKK 1.2 billion in the first three months of 2025 compared with DKK 0.5 billion in 2024, reflecting business development activities.

Total equity was DKK 138,540 million at the end of March 2025, equivalent to 28.3% of total assets, compared with 33.1% at the end of March 2024. Please refer to appendix 5 for further elaboration of changes in equity.

As disclosed in the Q4 2024 Company Announcement, Novo Nordisk owned as of 3 February 2025 a total of 25,947,151 B shares of DKK 0.10 as treasury shares. Transactions related to Novo Nordisk's employee share programmes including incentive programmes have resulted in a net transfer from Novo Nordisk of 4,323,469 B shares of DKK 0.10 in the period 4 February 2025 to 6 May 2025. With the transactions stated above, Novo Nordisk now owns a total of 21,623,682 B shares of DKK 0.10 as treasury shares, corresponding to 0.5% of the share capital. The total amount of A and B shares of DKK 0.10 in the company is 4,465,000,000 including treasury shares.

Novo Nordisk’s capital allocation principles focus on attractive internal growth investments, including the significant supply chain expansion, and a dividend pay-out ratio around 50% of net profit. Following the step-up in CAPEX investments in 2025, Novo Nordisk is not conducting a share buyback programme. An authorisation to the Board of Directors to buy back shares was, however, in line with previous years, adopted by the Annual General Meeting on 27 March 2025, should the initiation of a share buyback programme later be deemed relevant.

The current expectations for 2025 are summarised in the table below:

Sales growth is now expected to be 13% to 21% at CER. Given the current exchange rates versus the Danish krone, sales growth reported in DKK is expected to be 3 percentage points lower than at CER, primarily due to depreciation of the USD/DKK exchange rate. The updated sales outlook at CER reflects lower-than-planned penetration of branded GLP-1 treatments in the US, impacted by compounded GLP-1s.

The outlook reflects expectations for sales growth in both US Operations and International Operations, mainly driven by volume growth of GLP-1-based treatments for obesity and diabetes. Following the US FDA removal of semaglutide injectables from the FDA drug shortage list, the sales outlook assumes a reduction in patients on compounded GLP-1 treatment during the second half of 2025. Novo Nordisk is focused on preventing unlawful and unsafe compounding and on further expanding access to Wegovy® such as through NovoCare® Pharmacy, collaborations with telehealth organisations as well as the CVS formulary decision, where Wegovy® will be the only GLP-1 medicine covered for obesity on its national template formulary. With around 1 billion people living with obesity globally and only a few million on treatment, the outlook reflects a continued global roll-out of Wegovy® to more markets. The outlook further reflects expected periodic supply constraints and related drug shortage notifications for certain products and geographies.

Operating profit growth is now expected to be 16% to 24% at CER. Given the current exchange rates versus the Danish krone, growth reported in DKK is expected to be 5 percentage points lower than at CER, primarily due to depreciation of the USD/DKK exchange rate. The updated expectation for operating profit growth primarily reflects the lower sales growth outlook, partially countered by reduced spending. Novo Nordisk continues to invest in future and current growth drivers within Research, Development, Commercial and Manufacturing. 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 and activities as well as investments within GLP-1 Diabetes care. Within Manufacturing, investments are mainly related to ongoing scaling of capacity efforts, and a negative mid-single-digit operating profit growth impact related to the acquisition of the three Catalent manufacturing sites is also included in the guidance.

Novo Nordisk now expects financial items (net) for 2025 to amount to a gain of around DKK 0.9 billion. This is mainly driven by expected gains on hedged currencies, primarily the US dollar, partially offset by interest expenses related to funding of the debt-financed Catalent transaction.

The effective tax rate for 2025 is still expected to be in the range of 21-23%.

Capital expenditure is still expected to be around DKK 65 billion in 2025, 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 and include depreciations and amortisations related to the Catalent transaction.

The free cash flow is now expected to be DKK 56-66 billion reflecting the lower-than-planned sales growth, mainly driven by lower volume growth of GLP-1-based treatments in the US and related gross-to-net cash flow implications.

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 2025, including energy and supply chain disruptions, the potential implications from major healthcare reforms and legislative changes, taxation changes, including changes in tariffs and duties, 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 2025.

FX (average rates)																					Q1 2025			Q1 2024			% change			Spot rate 30 April 2025
USD																					709			687			3		%	656
CNY																					97			96			1		%	90
JPY																					4.65			4.63			0		%	4.59
CAD																					494			509			(3		%)	475
BRL																					121			139			(13		%)	117

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 6,800 million			12
CNY2			DKK 620 million			12
CAD			DKK 460 million			0
BRL			DKK 270 million			0
JPY			DKK 210 million			12

1) As of 30 April 2025.

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 February 2025, Novo Nordisk submitted IcoSema, a once-weekly combination of basal insulin icodec and semaglutide, for regulatory approval in Japan.

In April 2025, Novo Nordisk terminated the development of once-weekly oral semaglutide due to portfolio considerations.

In March 2025, Novo Nordisk announced headline results from REDEFINE 2, a 68-week efficacy and safety trial investigating subcutaneous CagriSema (a fixed dose combination of cagrilintide 2.4 mg and semaglutide 2.4 mg) compared to placebo. The REDEFINE 2 trial was based on a flexible protocol, allowing patients to modify their dosing throughout the trial. After 68 weeks, 61.9% of patients treated with CagriSema were on the highest dose. The mean baseline body weight was 102 kg. When evaluating the effects of treatment if all people adhered to treatment, people treated with CagriSema achieved a superior weight loss of 15.7% after 68 weeks. In the trial, CagriSema appeared to have a safe and well-tolerated profile. For further information, please see the company announcement here: https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=915294 (the contents of the company's website do not form a part of this Form 6-K).

Wegovy® PDS290 multi-dose device variant submitted to the US regulatory authorities

In February 2025, Novo Nordisk submitted a Supplemental New Drug Application (sNDA) to the US FDA for PDS290 device variant for Wegovy®. Novo Nordisk expects the regulatory review to be completed around mid-year 2025.

In February 2025, Novo Nordisk submitted oral semaglutide 25 mg to the US FDA. The submission is based on OASIS 4, a 64-week efficacy and safety trial comparing once-daily oral semaglutide 25 mg to placebo in 307 adults with obesity or overweight with one or more comorbidities. From a baseline bodyweight of 105.9 kg, oral semaglutide 25 mg achieved 16.6% weight loss compared to a 2.7% reduction with placebo in adults with obesity or overweight (if all participants adhered to treatment). In the trial, oral semaglutide 25 mg appeared to have a safe and well-tolerated profile. Novo Nordisk expects the regulatory review to be completed around the turn of the year.

In February 2025, Novo Nordisk submitted once-weekly semaglutide 2.4 mg for regulatory approval in the EU and US for the treatment of MASH (F2-F4). The submissions are based on part I of the ESSENCE trial, where, at week 72, 36.8% of people treated with semaglutide 2.4 mg achieved improvement in liver fibrosis with no worsening of steatohepatitis compared to 22.4% on placebo. 62.9% of people treated with semaglutide 2.4 mg achieved resolution of steatohepatitis with no worsening of liver fibrosis compared to 34.3% 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. In the US, the submission has been granted priority review by the FDA.

Sogroya® non-replacement indications trials (main phases) and EU submission successfully completed

In February 2025, the Sogroya® (once-weekly somapacitan) phase 3a trial, REAL 8, successfully completed the main phase of three sub-studies in children born small for gestational age (SGA), Noonan syndrome (NS) and idiopathic short stature (ISS), respectively. All sub-studies met the primary endpoint of demonstrating non-inferiority in height velocity at week 52 for Sogroya® vs daily Norditropin®. In the trial, Sogroya® appeared to have a safe and well-tolerated profile, consistent with the known safety profile of daily Norditropin®. REAL 8, the fourth sub-study in children with Turner Syndrome (TS) is expected to read out later in 2025. Likewise, in February 2025, the 26-week main phase of the phase 3a trial, REAL 9 in adolescents aged 10-18 years of age in similar indications as REAL 8, was successfully completed. REAL 9 met the primary objective of establishing the safety profile of once-weekly Sogroya®.

In April 2025, based on above data from REAL 8 and REAL 9, Novo Nordisk has submitted for regulatory approval in the EU, including the three indications SGA, NS and ISS. Submission for approval in the US is expected during the first half of 2025.

In March 2025, The United Laboratories International Holdings Limited and Novo Nordisk announced that the parties have entered into an exclusive license agreement for UBT251, a triple agonist of the receptors for GLP-1, GIP, and glucagon in early-stage clinical development for the treatment of obesity, type 2 diabetes and other diseases. Under the license agreement, Novo Nordisk will obtain exclusive worldwide rights (excluding Chinese mainland, Hong Kong, Macau and Taiwan) to develop, manufacture, and commercialise UBT251. United Biotechnology will retain the rights for UBT251 in Chinese mainland, Hong Kong, Macau and Taiwan. United Biotechnology is eligible to receive an upfront payment of USD 200 million and potential milestone payments of up to USD 1.8 billion from Novo Nordisk, as well as tiered royalties on net sales outside of Chinese mainland, Hong Kong, Macau, and Taiwan. For further information, please see the press release here: https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=915958 (the contents of the company's website do not form a part of this Form 6-K).

In March 2025, Lexicon Pharmaceuticals announced that it had entered into an exclusive license agreement with Novo Nordisk for LX9851, a first-in-class, oral non-incretin pre-clinical candidate in obesity and associated metabolic disorders. Under the terms of the agreement, Novo Nordisk obtains an exclusive, worldwide license to develop, manufacture and commercialise LX9851 in all indications. Lexicon is eligible to receive upfront and near-term milestone payments of up to USD 75 million. In total, Lexicon will be eligible to receive USD 1 billion in upfront and potential development, regulatory and sales milestones payments. Lexicon is also entitled to tiered royalties on net sales of LX9851.

1) Figure has been restated from 1,007 in Q1 2024 Company announcement due to updated calculation methodology.

2) Plastic footprint over a 12-month period, calculated as a moving annual total.

Novo Nordisk is committed to reaching net zero emissions across scope 1, scope 2 and scope 3 greenhouse gas emissions by 2045. In February 2025, the Science-Based Targets initiative (SBTi) approved Novo Nordisk’s new near-term target of 33% absolute reduction of scope 3 CO2e emissions by 2033 compared to base-year of 2024. The target covers approximately 2/3 of Novo Nordisk’s scope 3 emissions in accordance with SBTi provisions. In addition, Novo Nordisk has a target of zero scope 1 and scope 2 CO2e emissions by 2030.

In the first three months of 2025, scope 1 CO2e emissions increased by 74% compared to the first three months of 2024, mainly due to the acquisition of new production sites and increased consumption of natural gas related hereto.

Scope 2 CO2e emissions increased by 183% compared to the first three months of 2024 primarily due to use of non-renewable electricity at the newly acquired sites, mainly related to Catalent. Novo Nordisk has sourced 100% renewable electricity for production sites since 2020. As of March 2025, the overall share of renewable electricity sourced at Novo Nordisk’s production sites is 86% driven by recent acquisition of new sites without a renewable electricity setup.

Scope 3 CO2e emissions increased by 34% compared to the first three months of 2024 due to an increase in raw material supply and increased investments in capital expenditure for property, plant and equipments.

In 2024, a global target was set to reduce the plastic footprint per patient from Diabetes and Obesity care products by 30% by 2033, compared to a baseline of 0.35 kg per patient in 2024. Due to increased production volumes, the absolute plastic footprint rose by 4%, while the relative footprint per patient decreased by 3%. This reduction was mainly driven by an increase in once-weekly treatments compared to once-daily treatments.

1) Calculated as a moving annual total. The estimated total number of full-year patients reached over a 12-month period.

2) Patients reached either through products sold under local affordability thresholds, or public tenders in low-, lower middle- or upper middle-income countries (LMICs), or through specific diabetes access and affordability programmes or humanitarian donations.

3) Total cumulative number of children. The number of children reached with Diabetes care treatment through the Changing Diabetes® in Children programme since the initiation of the partnership in 2009.

4) Defined as chief executive officer (CEO), executive vice presidents (EVP), senior vice presidents (SVP), corporate vice presidents (CVP) and vice presidents (VP).

The number of people reached with Novo Nordisk products, across Diabetes and Obesity care, was 45.7 million. This is an increase of 3.9 million patients compared to end of March 2024.

By the end of March 2025, the number of vulnerable patients treated with Diabetes care products reached 8.1 million. This is a 8% decline compared to the same period last year, driven by fewer tender sales.

The Changing Diabetes® in Children programme aims to reach 100,000 children by 2030. By the end of March 2025, 68,935 children were reached with Diabetes care treatment, an increase of 27% compared to the end of March 2024.

Sustainable employer

Novo Nordisk aspires to be a sustainable employer. At the end of March 2025, 42% of leaders in senior leadership positions were women, compared to 41%, at the end of March 2024. While Novo Nordisk maintains our global aspiration of a minimum 45% representation for each gender by the end of 2025, Novo Nordisk's operations in the U.S. will no longer participate in this global initiative due to evolving legal requirements. We remain committed to non-discrimination and innovation through diverse perspectives, always in compliance with local regulations.

The number of full-time employees at the end of March 2025, increased by 17% compared to 12 months ago. The total number of full-time employees was 77,406. The increase is mainly driven by Product Supply. The acquisition of Catalent account for around 3000 full-time employees compared to 12 months ago.

Novo Nordisk is committed to supporting the safety 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.

In April, Novo Nordisk announced changes in Executive Management. After a distinguished career of 28 years with Novo Nordisk, hereof seven years as executive vice president of Commercial Strategy & Corporate Affairs, Camilla Sylvest has decided to leave the company. Consequently, as of 3 April 2025, the following organisational changes were implemented:

Ludovic Helfgott, executive vice president, Rare Disease, assumed the responsibility for Product & Portfolio Strategy, including commercial strategy, medical affairs and business development across all therapy areas. Ludovic joined Novo Nordisk in 2019 as executive vice president and has led the establishment of a strategic Rare Disease portfolio.

Thilde Hummel Bøgebjerg, senior vice president, Product Supply Emerging Technologies, was promoted to executive vice president, Quality, IT & Environmental Affairs. Thilde has been with Novo Nordisk for 18 years and has held various leadership roles with increasing responsibility, mainly within Product Supply and CMC development.

Lastly, Tania Sabroe, executive vice president of People & Organisation, assumed responsibility for Global Communication in addition to her current responsibilities.

On 21 February 2025, the US FDA removed semaglutide injectables from the FDA drug shortage list. On 24 February 2025,

the Outsourcing Facilities Association (“OFA”) and North American Custom Laboratories (“NACL”) filed a lawsuit in Federal

Court in Texas against FDA, challenging FDA’s resolution of the semaglutide injectables shortage. Novo Nordisk Inc. intervened in the litigation to oppose the relief sought by OFA and NACL. On 20 March 2025, OFA and NACL filed a motion for preliminary injunction against FDA in the litigation. Novo Nordisk and FDA opposed the motion. Following the resolution of the shortage, FDA communicated that it would not be taking action against 503A compounding pharmacies and 503B outsourcing facilities for shortage-based semaglutide compounding until after 22 April and 22 May, respectively. FDA subsequently clarified that this period of enforcement discretion would end on each of these dates or on the date the Federal Court in Texas issued a decision on OFA and NACL’s motion for preliminary injunction, whichever is later. On 24 April, the court denied OFA and NACL’s motion for preliminary injunction, thereby ending the period of enforcement discretion for 503A compounding pharmacies. The period of enforcement discretion for 503B outsourcing facilities will end on 22 May.

The Board of Directors and Executive Management have today considered and approved this financial report of Novo Nordisk A/S containing condensed financial information and condensed sustainability information for the first three months of 2025. This financial report has not been audited or reviewed by the company's independent auditors.

The condensed financial information in this financial report has been prepared in accordance with the recognition and measurement requirements in the IFRS Accounting Standards as adopted by the EU and the accounting policies are consistent with those applied in the Annual Report 2024.

The condensed sustainability information in this financial report has been prepared in accordance with the ESRS and the accounting policies are consistent with those applied in the Annual Report 2024.

In our opinion, the accounting policies used are appropriate, and the overall presentation of this financial report is

adequate. Furthermore, in our opinion, this financial report includes a true and fair view of the financial position at 31 March 2025 as well as of the results of the operations, the cash flows and the sustainability performance for the period 1 January - 31 March 2025. Furthermore, in our opinion, Management's Review contains a fair review of the development of the Group's business and financial matters, the results for the period and of the financial position, together with a description of the principal risks and uncertainties that the Group faces in accordance with Danish disclosure requirements for listed companies.

Bagsværd, 7 May 2025

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

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 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 77,400 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 statutory Annual Report 2024, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain certain forward-looking statements relating to the operating, financial and sustainability performance and results of Novo Nordisk and/or the industry in which it operates. Forward-looking statements can be identified by the fact that they do not relate to historical or current facts and include guidance. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘transition plan’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating, financial or sustainability performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

Statements of targets, future guidance, (transition) plans, objectives or goals for future operations, including those related to operating, financial and sustainability matters, 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.

•These statements are based on current plans, estimates, opinions, views and projections. Although Novo Nordisk believes that the expectation reflected in such forward-looking statements are reasonable, there can be no assurance that such expectation will prove to be correct. By their very nature, forward-looking statements involve risks, uncertainties and assumptions, both general and specific, and actual results may differ materially from those contemplated, expressed or implied by any forward-looking statement.

Factors that may affect future results include, but are not limited to, global as well as local political, economic and environmental conditions, such as interest rate and currency exchange rate fluctuations or climate change, 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, and taxation changes, including changes in tariffs and duties, 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, 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 the Annual Report 2024, reference is made to the overview of risk factors in ‘Risks’ of the Annual Report 2024.

None of Novo Nordisk or its subsidiaries or any such person's officers, or employees accept any responsibility for the future accuracy of the opinions expressed in the Annual Report 2024, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk or the actual occurrence of the forecasted developments.

Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise any forward-looking statement, 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
												2025						2024															Q1 2025 vs.
												Q1						Q4			Q3			Q2			Q1						Q1 2024
Net sales												78,087						85,683			71,311			68,060			65,349						19		%
Gross profit												65,197						72,659			60,003			57,786			55,433						18		%
Gross margin												83.5%						84.8%			84.1%			84.9%			84.8%
Sales and distribution costs												(14,892)						(18,701)			(15,210)			(14,934)			(13,256)						12		%
Percentage of sales												19.1%						21.8%			21.3%			21.9%			20.3%
Research and development costs1												(10,308)						(13,802)			(9,488)			(16,166)			(8,606)						20		%
Percentage of sales												13.2%						16.1%			13.3%			23.8%			13.2%
Administrative costs												(1,220)						(1,580)			(1,382)			(1,157)			(1,157)						5		%
Percentage of sales												1.6%						1.8%			1.9%			1.7%			1.8%
Other operating income and expenses												14						(1,839)			(101)			405			(568)						N/A
Operating profit (EBIT)												38,791						36,737			33,822			25,934			31,846						22		%
Operating margin												49.7%						42.9%			47.4%			38.1%			48.7%
Financial income												3,425						3,913			(821)			960			2,146						60		%
Financial expenses												(5,183)						(5,093)			1,383			(1,562)			(2,074)						150		%
Financial items (net)												(1,758)						(1,180)			562			(602)			72						N/A
Profit before income taxes												37,033						35,557			34,384			25,332			31,918						16		%
Income taxes												(7,999)						(7,327)			(7,083)			(5,282)			(6,511)						23		%
Net profit												29,034						28,230			27,301			20,050			25,407						14		%
Depreciation, amortisation and impairment losses												3,830						5,198			2,150			8,845			2,914						31		%
Capital expenditure (PP&E)												13,422						16,101			12,119			10,470			8,474						58		%
Net cash flows from operating activities												24,591						12,301			43,850			50,503			14,314						72		%
Free cash flow												9,492						(86,467)			30,451			36,289			5,020						89		%
EBITDA												42,621						41,935			35,972			34,779			34,760						23		%
Adjusted net profit												30,304						30,516			27,797			25,795			26,449						15		%
Total assets												489,162						465,795			397,441			369,383			298,921						64		%
Total equity												138,540						143,486			120,522			112,522			98,911						40		%
Equity ratio												28.3%						30.8%			30.3%			30.5%			33.1%
Full-time equivalent employees end of period												77,406						76,302			71,880			69,260			66,015						17		%
Basic earnings per share/ADR (in DKK)												6.54						6.34			6.13			4.50			5.70						15		%
Diluted earnings per share/ADR (in DKK)												6.53						6.34			6.12			4.49			5.68						15		%
Average number of shares outstanding (million)												4,439.5						4,446.2			4,452.3			4,457.7			4,459.6						0		%
Average number of diluted shares outstanding (million)												4,446.4						4,455.5			4,460.5			4,465.4			4,470.5						(1		%)
Sales by business segment:
Total GLP-1												39,574						42,173			34,935			37,035			34,982						13		%
Long-acting insulin												5,388						5,158			4,035			4,737			5,165						4		%
Premix insulin												2,813						2,867			2,518			2,436			2,968						(5		%)
Fast-acting insulin												5,052						6,017			4,150			3,868			4,487						13		%
Human insulin												1,744						1,845			1,806			1,571			1,745						0		%
Total insulin												14,997						15,887			12,509			12,612			14,365						4		%
Other Diabetes care												473						512			492			533			583						(19		%)
Total Diabetes care												55,044						58,572			47,936			50,180			49,930						10		%
Wegovy®												17,360						19,866			17,304			11,659			9,377						85		%
Saxenda®												1,064						1,540			1,497			2,245			1,658						(36		%)
Total Obesity care												18,424						21,406			18,801			13,904			11,035						67		%
Diabetes and Obesity care total												73,468						79,978			66,737			64,084			60,965						21		%
Rare blood disorders												2,921						3,398			2,988			2,864			2,888						1		%
Rare endocrine disorders												1,312						1,923			1,227			730			1,113						18		%
Other Rare disease												386						384			359			382			383						1		%
Rare disease total												4,619						5,705			4,574			3,976			4,384						5		%
Sales by geographic segment:
US Operations												44,316						52,371			39,847			38,404			36,782						20		%
International Operations												33,771						33,312			31,464			29,656			28,567						18		%
- EUCAN												14,765						16,418			14,098			13,910			13,119						13		%
- Emerging Markets												8,790						7,194			8,323			6,758			7,240						21		%
- APAC												4,594						5,376			4,335			4,025			3,702						24		%
- Region China												5,622						4,324			4,708			4,963			4,506						25		%
Segment operating profit:
Diabetes and Obesity care												38,247						36,044			33,473			26,984			31,218						23		%
Rare disease												544						693			349			(1,050)			628						(13		%)
1) Research and development costs include an impairment loss of DKK 5.7 billion in the second quarter of 2024 related to ocedurenone. The impairment loss is recognised in the segment Diabetes and Obesity.

APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

DKK million			Q1 2025						Q1 2024
Income statement
Net sales			78,087						65,349
Cost of goods sold			(12,890)						(9,916)
Gross profit			65,197						55,433
Sales and distribution costs			(14,892)						(13,256)
Research and development costs			(10,308)						(8,606)
Administrative costs			(1,220)						(1,157)
Other operating income and expenses			14						(568)
Operating profit			38,791						31,846			31846000000
Financial income			3,425						2,146
Financial expenses			(5,183)						(2,074)
Profit before income taxes			37,033						31,918
Income taxes			(7,999)						(6,511)
NET PROFIT			29,034						25,407			25407000000
Basic earnings per share (DKK)			6.54						5.70
Diluted earnings per share (DKK)			6.53						5.68
Segment Information
Segment sales:
Diabetes and Obesity care			73,468						60,965
Rare disease			4,619						4,384
Segment operating profit:
Diabetes and Obesity care			38,247						31,218
Operating margin			52.1%						51.2%
Rare disease			544						628
Operating margin			11.8%						14.3%
Total segment operating profit			38,791						31,846
Statement of comprehensive income
Net profit			29,034						25,407
Other comprehensive income
Remeasurements of defined benefit obligations			82						(73)
Items that will not be reclassified subsequently to the income statement			82						(73)
Exchange rate adjustments of investments in subsidiaries			(2,519)						425
Cash flow hedges:
Realisation of previously deferred (gains)/losses			1,771						(1,612)
Deferred gains/(losses) on hedges, incurred during the period			4,436						(1,247)
Tax and other items			(1,505)						573
Items that will be reclassified subsequently to the income statement			2,183						(1,861)
Other comprehensive income			2,265						(1,934)
TOTAL COMPREHENSIVE INCOME			31,299						23,473