Novo Nordisk's operating profit increased by 11% in Danish kroner and by 6% at constant exchange rates (CER) in 2019

Financial report for the period 1 January 2019 to 31 December 2019

5 February 2020

Novo Nordisk's operating profit increased by 11% in Danish kroner and by 6% at constant exchange rates (CER) in 2019

• Sales increased by 9% in Danish kroner and by 6% at CER to DKK 122.0 billion. Sales in International Operations increased by 12% in Danish kroner (11% at CER), driven by growth in all regions. Sales in North America Operations increased by 6% in Danish kroner (1% at CER).
   
• Sales within Diabetes and Obesity care increased by 10% to DKK 102.8 billion (6% at CER), driven by Diabetes care growing by 4% at CER and Obesity care growing by 42% at CER. Sales within Biopharm increased by 7% to DKK 19.2 billion (4% at CER).
   
• Sales of GLP-1 increased by 27% in Danish kroner (22% at CER) reflecting the solid launch of Ozempic^®. Following the US FDA approval, Rybelsus^® was launched in the USA in the fourth quarter of 2019 and the initial feedback is encouraging.
   
• In November 2019, Novo Nordisk introduced new strategic aspirations for 2025 in connection with its Capital Markets Day. The long-term financial targets were met with the full-year 2019 results.
   
• In January 2020, Ozempic^® was approved in the USA for CV risk reduction in people with type 2 diabetes and established cardiovascular diseases, and the Rybelsus^® label in the USA was updated with additional information from the PIONEER 6 CV outcomes trial. Also in January 2020, Rybelsus^® was recommended for approval for treatment of adults with type 2 diabetes by the European regulatory authorities.
   
• For the 2020 outlook, sales growth is expected to be 3-6% at CER, and operating profit growth is expected to be 1-5% at CER. Growth reported in DKK is expected to be around 1 percentage point higher than at CER.
   
• At the Annual General Meeting on 26 March 2020, the Board of Directors will propose a final dividend of DKK 5.35 for 2019 per share of DKK 0.20. The expected total dividend for 2019 is DKK 8.35 per share, of which DKK 3.00 per share was paid as interim dividend in August 2019. The Board of Directors intends to initiate a new 12-month share repurchase programme of up to DKK 17 billion.

* CER: Constant exchange rates (average 2018)

Lars Fruergaard Jørgensen, president and CEO: "We are very satisfied with the financial performance in 2019. The results reflect an accelerated sales growth in International Operations and a strong launch of Ozempic^® in particular in North America Operations and Region Europe. The Rybelsus^® launch in the USA is off to a good start, and we are pleased with the CV label indication for Ozempic^® in the USA, and the EU recommendation to approve Rybelsus^®, all for the benefit of patients."

On 5 February 2020 at 13.00 CET, corresponding to 7.00 am EST, a conference call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.

Company announcement No 7 / 2020

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