Company Announcements

Financial report for the period 1 January 2020 to 30 September 2020

Fri, 30 Oct 2020 05:42:00 -0400

Fri, 30 Oct 2020 05:42:00 -0400

Novo Nordisk's operating profit increased by 6% in Danish kroner and by 7% at constant exchange rates (CER) in the first nine months of 2020

  • Sales increased by 6% in Danish kroner and by 7% at CER to USD 14.3 billion. Sales in International Operations increased by 9% in Danish kroner (12% at CER), and sales in North America Operations increased by 2% in Danish kroner (2% at CER). Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment, partially offset by COVID-19-related stocking in the first quarter.
  • Sales within Diabetes and Obesity care increased by 6% to USD 12.1 billion (8% at CER), driven by GLP-1 sales increasing by 29% in Danish kroner (29% at CER) reflecting the uptake of Ozempic® and the Rybelsus® launch as well as Obesity care sales increasing by 3% in Danish kroner (6% at CER). Biopharm sales increased by 3% (4% at CER).
  • Sales in the third quarter increased by 2% measured in Danish kroner and by 7% at CER compared to the third quarter of 2019. Sales growth was driven by GLP-1 sales increasing by 25% in Danish Kroner (31% at CER).
  • During the third quarter, Novo Nordisk successfully completed the phase 2b trial with ziltivekimab in cardiovascular disease. Further, Novo Nordisk requested priority review in the US of the filing of semaglutide 2.4 mg in obesity based on a priority review voucher.
  • On 8 October, the outlook for 2020 was raised with sales growth and operating profit growth now both expected to be 5-8% at CER.


9M 2020

9M 2019

as reported

at CER*

USD million





Net sales





Operating profit










Net profit





Diluted earnings per share (in USD)






* CER: Constant exchange rates (average 2019). The growth at CER was announced on 8 October

**For convenience, Danish kroner has been translated to USD in this release, using the average exchange rate of USD 1.0 = DKK 6.64191

Lars Fruergaard Jørgensen, president and CEO: "We are very satisfied with the performance in the first nine months of 2020 despite the negative impacts from COVID-19. More patients use our GLP-1 treatments, and our diabetes market leadership continues to expand. Within R&D, an important milestone was reached with the encouraging results from the phase 2b trial in cardiovascular disease with ziltivekimab, the lead candidate from Corvidia Therapeutics that was acquired this year".

On 30 October 2020 at 13.00 CET, corresponding to 8.00 am EDT, a conference call will be held. Investors will be able to listen in via a link on, which can be found under ‘Investors’.