Company announcement

Novo Nordisk's sales increased by 24% in Danish kroner and by 18% at constant exchange rates to USD 6.3 billion in the first three months of 2022

Financial report for the period 1 January 2022 to 31 March 2022

• Operating profit increased by 28% in Danish kroner and by 18% at constant exchange rates (CER) to USD 2.9 billion.
• Sales in International Operations increased by 18% in Danish kroner (13% at CER), and sales in North America Operations increased by 33% in Danish kroner (24% at CER).
• Sales within Diabetes and Obesity care increased by 27% in Danish kroner to USD 5.5 billion (20% at CER), mainly driven by GLP-1 diabetes sales growth of 54% in Danish kroner (45% at CER). Rare disease sales increased by 8% measured in Danish kroner (3% at CER).
• Obesity care sales grew 119% in Danish Kroner (107% at CER) driven by Wegovy^® sales of USD 0.2 billion. The contract manufacturer filling syringes for Wegovy^® has reinitiated commercial production and Novo Nordisk expects to make all Wegovy^® dose strengths available in the US during the second half of 2022.
• Within R&D, Novo Nordisk in April 2022 successfully completed the first phase 3a trial with insulin icodec, a long-acting once-weekly insulin. In February 2022, the phase 3 trial with concizumab in people with hemophilia A and B with inhibitors was successfully completed.
• For the 2022 outlook, sales growth is now expected to be 10-14% at CER and operating profit growth is expected to be 9-13% at CER. Sales and operating profit growth reported in Danish kroner are now expected to be 7 and 11 percentage points higher than at CER, respectively. The ongoing share repurchase program is expanded by USD 0.3 billion to USD 3.6 billion.

Lars Fruergaard Jørgensen, president and CEO:

"We are very pleased with the sales growth in the first three months of 2022 which is driven by increasing demand for our GLP-1 treatments. The financial performance has enabled us to raise our outlook for the full year. Within R&D, we are encouraged by the first phase 3 trial with once-weekly insulin icodec showing the potential to reduce the number of injections and improve quality of life for people needing insulin treatment as well as the progress  with our late-stage pipeline in Rare disease."

* CER: Constant exchange rates (average 2021).

**For convenience, Danish kroner has been translated to USD in this release, using the average exchange rate of USD 1.0 = DKK 6.63011 and the period-end exchange rate of USD 1.0 = DKK 6.70021.