Novo Nordisk's sales increased by 16% in Danish kroner and by 14% at constant exchange rates (CER) to DKK 33.9 billion in the first three months of 2020

Bagsvaerd, DENMARK

Estimated sales growth adjusted for COVID-19-related stocking around 7% at CER

  • Sales in International Operations increased by 19% in Danish kroner (19% at CER), driven by growth in all areas. Sales in North America Operations increased by 12% in Danish kroner (9% at CER). In both operating units, sales were impacted by COVID-19-related stocking.
  • Sales within Diabetes and Obesity care increased by 15% to DKK 28.6 billion (14% at CER), driven by Diabetes care growing by 13% at CER and Obesity care growing by 30% at CER. Sales within Biopharm increased by 18% to DKK 5.3 billion (16% at CER).
  • Sales of GLP-1 increased by 40% in Danish kroner (37% at CER) reflecting the solid uptake of Ozempic®. In the US, Rybelsus® market access is progressing and the weekly new-to-brand market share has reached 8.8%.
  • The pipeline progressed with approval of Rybelsus® in the EU and successful completion of the phase 2 trial with semaglutide in NASH, both in April.
  • For the 2020 outlook, sales growth is still expected to be 3-6% at CER, and operating profit growth is still expected to be 1-5% at CER. The maintained outlook reflects the negative impacts from COVID-19, largely offset by underlying performance.
PROFIT AND LOSSQ1 2020Q1 2019Growth
as reported
at CER*
DKK million    
Net sales33,875 29,291 16%14%
Operating profit16,302 14,239 14%12%
Net profit11,897 10,445 14%N/A
Diluted earnings per share (in DKK)5.05 4.36 16%N/A

* CER: Constant exchange rates (average 2019)

Lars Fruergaard Jørgensen, president and CEO: "Societies are severely impacted by the COVID-19 outbreak, and during the pandemic our key priorities are to safeguard our employees, continue the supply of our life-saving medicines and use our expertise, resources and global reach to help societies around the world during the pandemic. COVID-19-related stocking impacted our results; however, we are satisfied with the underlying commercial performance as well as the progression of our pipeline with the approval of Rybelsus® in the EU and the encouraging phase 2 data for semaglutide in NASH."

On 6 May 2020 at 13.00 CEST, corresponding to 7.00 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’.

Financial calendar 
06 August 2020Financial statement for the first six months of 2020
30 October 2020Financial statement for the first nine months of 2020
03 February 2021Financial statement for 2020

Contacts for further information  
Mette Kruse Danielsen+45 3079
Ken Inchausti (US)+1 609 240
Daniel Muusmann Bohsen+45 3075
Valdemar Borum Svarrer+45 3079
Ann Søndermølle Rendbæk+45 3075
Mark Joseph Root+45 3079
Kristoffer Due Berg (US)+1 609 235

Further information about Novo Nordisk is available on

Company announcement No 28 / 2020