Novo Nordisk A/S, a healthcare company, engages in the research, development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes and Obesity care, and Rare Disease. The Diabetes and Obesity care segment provides products in the areas of insulins, GLP-1 and related delivery systems, oral antidiabetic products, obesity, glucagon, needles, and other chronic diseases. The Rare Disease segment offers products in the areas of haemophilia, blood disorders, endocrine disorders, growth disorders, and hormone replacement therapy. The company has a collaboration agreement with Gilead Sciences, Inc.; and research collaboration with Novo Nordisk to discover cell-specific carriers of nucleic acid therapeutics. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

Novo Nordisk A/S

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Research and Development Costs

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- Hereof Costs Related to Discontinuation of All Pulmonary Diabetes Projects

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Non-Recurring Income from the Initial Public Offering of NNIT a/S

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Revenue

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	315,603	290,403	232,261	176,954	140,800	126,946	122,021	111,831	111,696	111,780	107,927
Total Revenues %Chg	16.6%	25%	31.3%	25.7%	10.9%	4%	9.1%	0.1%	-0.1%	3.6%	21.5%
Net Sales
Cost of Sales	56,664	44,522	35,765	28,448	23,658	20,932	20,088	-17,617	-17,632	-17,183	-16,188
Cost of Goods Sold
Gross Profit	258,939	245,881	196,496	148,506	117,142	106,014	101,933	94,214	94,064	94,597	91,739
Gross Profit
Gross Profit Margin	82%	84.7%	84.6%	83.9%	83.2%	83.5%	83.5%	84.2%	84.2%	84.6%	85%
Selling, General & Administrative Expenses	73,122	67,377	61,598	50,684	41,058	36,886	35,830	-33,313	-32,124	-32,339	-32,169
Sales and Distribution Costs
Administrative Costs
Research & Development Expenses	51,193	48,062	32,443	24,047	17,772	15,462	14,220	-14,805	-14,014	-14,563	-13,608
Research and Development Costs
Other Operating Expenses	1,965	2,103	-119	-1,034	-332	-460	-600	-1,152	-1,041	-737	-5,858
Other Operating Income and Expenses
- Hereof Costs Related to Discontinuation of All Pulmonary Diabetes Projects
Non-Recurring Income from the Initial Public Offering of NNIT a/S
Operating Profit	132,659	128,339	102,574	74,809	58,644	54,126	52,483	47,248	48,967	48,432	49,444
Operating Profit
Operating Margin	42%	44.2%	44.2%	42.3%	41.7%	42.6%	43%	42.2%	43.8%	43.3%	45.8%
Interest and Investment Income	12,959	6,198	2,945	239	2,887	1,628	65	2,122	1,246	92	85
Financial Income
Interest Expense	-13,706	-7,346	-845	-5,986	-2,451	-2,624	-3,995	1,755	1,533	726	6,046
Financial Expenses
Non-Operating Income	—	—	—	—	—	—	—	—	—	—	—
Share of Profit of Associated Companies, Net of Tax
Total Non-Operating Income	-747	-1,148	2,100	-5,747	436	-996	-3,930	3,877	2,779	818	6,131
Income Before Provision for Income Taxes	131,912	127,191	104,674	69,062	59,080	53,130	48,553	47,615	48,680	47,798	43,483
Profit Before Income Taxes
Provision for Income Taxes	28,139	26,203	20,991	13,537	11,323	10,992	9,602	-8,987	-10,550	-9,873	-8,623
Income Taxes
Consolidated Net Income	103,773	100,988	83,683	55,525	47,757	42,138	38,951	38,628	38,130	37,925	34,860
Net Profit
Net Income Attributable to Common Shareholders	103,773	100,988	83,683	55,525	47,757	42,138	38,951	38,628	38,130	37,925	34,860
Net Profit
Basic EPS	23.3	22.7	18.7	12.3	10.4	9	8.2	8	7.7	7.5	6.8
Diluted EPS	23.3	22.6	18.6	12.2	10.4	9	8.2	8	7.7	7.5	6.8
Basic Weighted Average Shares Outstanding	4,447.4	4,454.7	4,482.2	4,529	4,592	4,669	4,747.2	4,839.2	4,945.5	5,060	5,141.6
Total Shares Outstanding	4,443.5	4,465	4,510	4,560	4,620	4,700	4,731.4	4,829.5	4,902.4	5,025.2	5,200
Diluted Weighted Average Shares Outstanding	4,447.4	4,462.6	4,494.3	4,543.8	4,605.3	4,679.4	4,755.9	4,848.8	4,955.2	5,070.2	5,156.8
EBITDA	154,277	147,446	111,987	82,171	64,669	59,879	58,144	51,173	52,149	51,625	52,403
Effective Tax Rate	21.3%	20.6%	20.1%	19.6%	19.2%	20.7%	19.8%	-18.9%	-21.7%	-20.7%	-19.8%