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FINANCIAL PERFORMANCE

CONSOLIDATED FINANCIAL STATEMENT 2012

The Board of Directors and Executive Management have approved the Annual Report 2012 of Novo Nordisk A/S including the audited consolidated financial statements. The Board of Directors and Executive Management also approved this financial statement containing condensed financial information for 2012. This consolidated financial statement is prepared in accordance with the recognition and measurement requirements of the International Financial Reporting Standards (IFRS) as issued by IASB, IFRS as endorsed by the EU and the additional Danish disclosure requirements for listed companies. The accounting policies used in this financial statement are consistent with those used in the audited consolidated financial statements in the Annual Report 2012 as well as those applied in the audited consolidated financial statements in the Annual Report 2011, except for the accounting policy for retirement benefit obligations, which has been changed in 2012 following the amendment of IAS 19 ‘Employee benefits’. This change does not have a significant impact on the financial statement for 2012.

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CONSOLIDATED FINANCIAL STATEMENT 2012 – CONTINUED

PERFORMANCE VERSUS LONG-TERM FINANCIAL TARGETS

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SALES DEVELOPMENT

Sales increased by 18% measured in Danish kroner and by 12% in local currencies in 2012 compared to 2011. This is in line with the latest guidance of ‘10-12% growth in local currencies’ provided in connection with the quarterly announcement in October 2012. North America was the main contributor with 66% share of growth measured in local currencies, followed by International Operations and Region China, contributing 20% and 11% respectively. Sales growth was realised within both diabetes care and biopharmaceuticals, with the majority of growth originating from the modern insulins and Victoza^®. Sales growth in 2012 was negatively impacted by around 1.5 percentage points due to healthcare and pricing reforms in several European markets, the US, China and International Operations.

In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from November 2012 and November 2011 provided by the independent data provider IMS Health.

DIABETES CARE SALES DEVELOPMENT
Sales of diabetes care products increased by 21% measured in Danish kroner to DKK 60,887 million and by 15% in local currencies. Novo Nordisk is the world leader in diabetes care and now holds a global value market share of 26% compared to 24% at the same time the year before.

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Modern insulins, human insulins and protein-related products

Sales of modern insulins, human insulins and protein-related products increased by 16% in Danish kroner to DKK 48,634 million and by 10% measured in local currencies, with North America, International Operations and Region China achieving the highest growth rates. Novo Nordisk is the global leader with 49% of the total insulin market and 46% of the modern insulin market, both measured in volume.

Sales of modern insulins increased by 21% in Danish kroner to DKK 34,821 million and by 15% in local currencies. North America accounted for more than half of the growth, followed by International Operations and Region China. Sales of modern insulins now constitute more than 75% of Novo Nordisk’s sales of insulin.

Source: IMS, November 2012 data. *: Data for 12 selected markets representing approximately 60% of Novo Nordisk’s diabetes sales in the region. **: Data for mainland China, excluding Hong Kong and Taiwan.

North America
Sales of modern insulins, human insulins and protein-related products in North America increased by 29% in Danish kroner and by 20% in local currencies. This reflects continued solid market penetration of the modern insulins, NovoLog^®, Levemir^® and NovoLog^® Mix 70/30, and a modest growth in human insulin sales. 50% of Novo Nordisk’s modern insulin volume in the US is used in the prefilled device FlexPen^®.

Europe
Sales of modern insulins, human insulins and protein-related products in Europe were unchanged in Danish kroner but decreased by 1% in local currencies. Sales in Europe reflect continued progress for NovoRapid^® and Levemir^®, countered by declining human insulin sales. Sales growth in Europe is negatively impacted by a continued low insulin volume growth, below 3%, and by the implementation of pricing reforms in several European markets. The device penetration in Europe remains high with 96% of Novo Nordisk’s insulin volume being used in devices, primarily NovoPen^® and FlexPen^®.

International Operations
Sales of modern insulins, human insulins and protein-related products in International Operations increased by 19% in Danish kroner and by 16% in local currencies. The growth is driven by all three modern insulins and a solid contribution from human insulins. Currently, 58% of Novo Nordisk’s insulin volume in the major private markets is used in devices.

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Japan & Korea
Sales of modern insulins, human insulins and protein-related products in Japan & Korea increased by 1% measured in Danish kroner but declined by 6% in local currencies. Sales development is impacted negatively by a continued volume decline in the Japanese insulin market and a challenging competitive environment. The device penetration in Japan remains high with 98% of Novo Nordisk’s insulin volume being used in devices, primarily the FlexPen^®.

Region China
Sales of modern insulins, human insulins and protein-related products in Region China increased by 27% in Danish kroner and by 15% in local currencies. The sales growth was driven by all three modern insulins, while sales of human insulins only grew modestly. Currently, 97% of Novo Nordisk’s insulin volume in China is used in devices, primarily the durable device NovoPen^®.

Victoza^® (GLP-1 therapy for type 2 diabetes)
Victoza^® sales increased by 58% in Danish kroner to DKK 9,495 million and by 50% in local currencies, reflecting robust sales performance in all regions. The global roll-out is continuing, with 60 countries having launched Victoza^® by the end of December 2012. Since September, Victoza^® has been launched in South Korea and two smaller countries. Victoza^® holds the global market share leadership with a 68% value market share in the GLP-1 segment compared to 58% in 2011. The GLP-1 segment’s value share of the total diabetes care market has increased to 6.0% compared to 4.5% in 2011.

North America
Sales of Victoza^® in North America increased by 60% in Danish kroner and by 48% measured in local currencies. This reflects a continued expansion of the GLP-1 class, which represents 7.3% of the total US diabetes care market in value compared to 5.8% in 2011. Despite the launch of a competitive product, Victoza^® continues to drive the US GLP-1 market expansion and is the GLP-1 market leader with a 62% value market share.

Europe
Sales in Europe increased by 50% in Danish kroner and by 48% measured in local currencies. Sales growth is primarily driven by France, the UK, Italy and Spain. In Europe, the GLP-1 class’s share of the total diabetes care market in value has increased to 6.7% compared to 5.0% in 2011. Victoza^® is the GLP-1 market leader with a value market share of 76%.

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International Operations
Sales in International Operations increased by 90% in Danish kroner and by 98% measured in local currencies. This reflects continued strong performance, driven by Brazil and a number of Middle Eastern countries, and a modest comparator in 2011. The GLP-1 class is expanding in International Operations and represents 3.0% of the total diabetes care market in value compared to 1.2% in 2011. The significant expansion of the GLP-1 class is primarily driven by a strong uptake in Brazil. Victoza^® is the GLP-1 market leader across International Operations with a value market share of 80%.

Japan & Korea
Sales in Japan & Korea increased by 39% in Danish kroner and by 29% measured in local currencies. In Japan, the GLP-1 market is growing and represents 2.3% of the total diabetes care market in value compared to 1.6% in 2011. Victoza^® is the leader in the Japanese GLP-1 class with a value market share of 77%.

Region China
Victoza^® was launched in China during the fourth quarter of 2011. Early market feedback is positive and hospital listings are developing satisfactorily. The GLP-1 class in China is not reimbursed and relatively modest in size, but its share of the total diabetes care market in value has expanded to 0.5% compared to 0.2% in 2011. Victoza^® holds a GLP-1 value market share of 44%.

NovoNorm^®/Prandin^®/PrandiMet^® (oral antidiabetic products)
Sales of oral antidiabetic products increased by 7% in Danish kroner to DKK 2,758 million and remained unchanged in local currencies. The sales development reflects sales growth in all regions except Europe where generic competition is negatively impacting overall sales in several markets.

BIOPHARMACEUTICALS SALES DEVELOPMENT
Sales of biopharmaceutical products increased by 8% measured in Danish kroner to DKK 17,139 million and by 2% measured in local currencies, primarily driven by higher sales in the US, partly countered by lower sales in Europe.

NovoSeven^® (bleeding disorders therapy)
Sales of NovoSeven^® increased by 7% in Danish kroner to DKK 8,933 million and by 2% in local currencies. The market for NovoSeven^® remains negatively impacted by stricter budgetary controls, an increased number of inhibitor patients participating in clinical trials and patients transferring to an alternative treatment regimen of immune tolerance therapy. The sales development reflects a strong performance in Japan countered by lower sales in Europe.

Norditropin^® (growth hormone therapy)
Sales of Norditropin^® increased by 13% measured in Danish kroner to DKK 5,698 million and by 8% measured in local currencies. The sales growth is primarily driven by North America and International Operations. Novo Nordisk is the leading company in the global growth hormone market with a 24% market share measured by volume.

Other products
Sales of other products within biopharmaceuticals, decreased by 1% in Danish kroner to DKK 2,508 million and by 6% measured in local currencies. This development reflects a negative impact from the decline in the total glucagon market for diagnostic purposes in

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Japan as well as generic competition to Activella^®, countered by continued sales growth for Vagifem^® in the US.

DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold grew by 7% to DKK 13,465 million, resulting in a gross margin of 82.7% compared to 81.0% in 2011. This development primarily reflects an underlying improvement of 1.0 percentage point driven by favourable price development in North America and a positive net impact from product mix due to increased sales of modern insulins and Victoza^®. The gross margin was positively impacted by around 0.7 percentage point from currencies as a result of the appreciation of primarily the US dollar versus the Danish krone compared to 2011.

Total non-production-related costs increased by 12% to DKK 35,753 million and by 8% in local currencies.

Sales and distribution costs increased by 13% to DKK 21,544 million and by 8% in local currencies. The cost increase is driven by the expansion of the US sales force and other costs to prepare for the global launch of Tresiba^®. Furthermore, costs increased due to sales and marketing investments in selected countries in International Operations as well as the Chinese sales force expansion in mid-2011. Growth in sales and distribution costs is being partly offset by a reversal of provisions for legal disputes, which have been resolved during 2012.

Research and development costs increased by 13% to DKK 10,897 million and by 11% in local currencies. The cost increase is primarily driven by development costs related to the ongoing phase 3 trials for liraglutide in obesity and the phase 3a trials for IDegLira, a fixed-ratio combination of insulin degludec and liraglutide. Within biopharmaceuticals, costs are primarily related to the portfolio of development projects within haemophilia and the phase 2 trial for anti-IL-20, a recombinant human monoclonal antibody, in rheumatoid arthritis.

Administration costs increased by 2% to DKK 3,312 million and stayed flat in local currencies. The unchanged costs in local currencies reflect items of a non-recurring nature in 2011 and 2012, and an underlying increase of approximately 4%, primarily to support the expansion of the international sales organisation.

Licence fees and other operating income amounted to DKK 666 million compared to DKK 494 million in 2011. This development reflects a higher level of recurring royalty income.

Operating profit in 2012 increased by 32% to DKK 29,474 million. In local currencies, the growth was 20%, which is slightly higher than the latest guidance for operating profit growth for 2012 of ‘16-18%’. This reflects realised sales growth at the upper end of the guided interval accompanied by slightly lower-than-expected sales and distribution costs.

NET FINANCIALS AND TAX
Net financials showed a net expense of DKK 1,663 million compared to a net expense of DKK 449 million in 2011. The reported net financial expenses in 2012 are in line with the latest guidance of ‘around DKK 1,700 million’. As of 31 December 2012, foreign exchange hedging gains of around DKK 850 million have been deferred for recognition in the income statement in 2013.

In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for the group have been hedged primarily through forward currency contracts. Reflecting the

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portfolio of foreign currency exchange hedging contracts, the foreign exchange result for 2012 was an expense of DKK 1,529 million compared to an expense of DKK 322 million in 2011. This development reflects losses on foreign exchange hedging involving especially the US dollar due to its appreciation versus the Danish krone compared to the prevailing exchange rate level in 2011.

The effective tax rate for 2012 was 22.9%, which is in line with the latest guidance of a tax rate of ‘around 23%’ for the full year 2012.

CAPITAL EXPENDITURE AND FREE CASH FLOW
Net capital expenditure for property, plant and equipment for 2012 was DKK 3.3 billion compared to DKK 3.0 billion in 2011. The main investment projects in 2012 were primarily related to filling capacity in Denmark, Russia and France as well as device production facilities in the US, China and Denmark. Net capital expenditure was in line with previously communicated expectations of ‘around DKK 3.5 billion’.

Free cash flow for 2012 was DKK 18.6 billion compared to DKK 18.1 billion in 2011, which is in line with the latest guidance of ‘around DKK 19 billion’. The limited increase compared to 2011 reflects non-recurring tax payments in 2012 related to income tax disputes from prior years.

KEY DEVELOPMENTS IN THE FOURTH QUARTER OF 2012
Please refer to appendix 1 for an overview of the quarterly numbers in DKK.

Sales in the fourth quarter of 2012 increased by 16% to DKK 20,962 million and by 12% in local currencies compared to the same period in 2011. The growth was driven by the three modern insulins, Victoza^® and NovoSeven^®. Victoza^® sales of DKK 2,709 million in the fourth quarter of 2012 were primarily driven by the US and Europe. From a geographic perspective, North America and International Operations represented the majority of total sales growth.

The gross margin increased to 85.0% in the fourth quarter of 2012 compared to 82.8% in the same period last year. The underlying increase of 1.6 percentage points was driven by production efficiency, a positive impact from pricing in the US and a favourable product mix development. The gross margin was further improved by a positive currency impact of 0.6 percentage points.

In the fourth quarter of 2012, total non-production-related costs increased by 15% to DKK 10,393 million and by 12% in local currencies compared to the same period last year.

Sales and distribution costs in Danish kroner increased by 15% as reported and by 11% in local currencies in the fourth quarter of 2012 compared to the same period last year. The cost increase is driven by the expansion of the US sales force, Tresiba^® pre-launch activities, as well as sales and marketing investments in selected countries in International Operations.

Research and development costs in Danish kroner increased by 17% as reported and by 15% in local currencies in the fourth quarter of 2012 compared to the same period last year. The development primarily reflects the continued progress of key development projects and the expansion of Novo Nordisk’s global research activities in the US and China.

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Administration costs in Danish kroner increased by 7% as reported and by 6% in local currencies in the fourth quarter of 2012 compared to the same period last year. The growth in administration costs is primarily related to back-office infrastructure costs to support the expansion of the sales organisation in North America and International Operations.

Reported operating profit increased by 25% in the fourth quarter of 2012 compared to the same period last year and by 17% in local currencies. The growth in operating profit is driven by the robust sales growth and the significant gross margin improvement.

OUTLOOK

OUTLOOK 2013
The current expectations for 2013 are summarised in the table below:

Novo Nordisk expects sales growth in 2013 of 8-11% measured in local currencies. This reflects expectations for continued robust penetration for the portfolio of modern insulins, a continued steady Victoza^® performance and a positive sales contribution from Tresiba^®, primarily in the US, the EU and Japan. These sales drivers are partly expected to be countered by an impact from the challenging pricing environments in major markets, generic competition to oral antidiabetic products, intensifying competition within diabetes care as well as biopharmaceuticals and the macroeconomic conditions in a number of markets in International Operations. Given the current level of exchange rates versus the Danish krone, the reported sales growth is now expected to be around 4.5 percentage points lower than growth measured in local currencies.

For 2013, operating profit growth is expected to be around 10% measured in local currencies. This reflects significant costs related to the expected global launch of Tresiba^®, the expanded US sales force, as well as sales and marketing investments in China and in a selected number of countries in International Operations. Given the current level of exchange rates versus the Danish krone, the reported operating profit

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growth is now expected to be around 7 percentage points lower than growth measured in local currencies.

For 2013, Novo Nordisk expects a net financial income of around DKK 1,400 million. The current expectation primarily reflects gains associated with currency hedging contracts following the depreciation of the US dollar and the Japanese yen versus the Danish krone compared to the average prevailing exchange rates in 2012. The expectations for gains related to currency hedging contracts are more than offset by the expected significant negative net impact on reported operating profit from the depreciation of invoicing currencies versus the Danish krone, primarily reflecting depreciation of non-hedged emerging market currencies.

The effective tax rate for 2013 is expected to be around 23%.

Capital expenditure is expected to be around DKK 3.5 billion in 2013, primarily related to investments in filling capacity and prefilled device production facilities and new office buildings in Denmark. Depreciation, amortisation and impairment losses are expected to be around DKK 3.0 billion. Free cash flow is expected to be around DKK 22 billion.

All of the above expectations are based on the assumption that the global economic environment will not significantly change business conditions for Novo Nordisk during 2013, and that currency exchange rates, especially for the US dollar, will remain at the current level versus the Danish krone. Please refer to appendix 9 for key currency assumptions.

Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies and, all other things being equal, movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.

The financial impact from foreign exchange hedging is included in ‘Net financials’.

LONG-TERM FINANCIAL TARGETS UPDATE
Novo Nordisk introduced four long-term financial targets in 1996 to balance short- and long-term considerations thereby ensuring a focus on shareholder value creation. The targets were subsequently revised and updated on several occasions.

Novo Nordisk has now reached the performance level stipulated in the four long-term financial targets. The target levels have consequently been reviewed and two targets have been updated.

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The targets have been revised based on an assumption of a continuation of the current business environment. Significant changes to the business environment, including the structure of the US healthcare system, regulatory requirements, pricing environment, competitive environment, healthcare reforms and exchange rates, may significantly impact the time horizon for achieving the long-term targets or require them to be revised.

The target level for operating profit growth remains at 15% on average. The target still allows for deviations in individual years if necessitated by business opportunities, market conditions or exchange rate movements.

The target level for operating margin is increased from 35% to 40%. This is expected to be enabled by continued robust sales growth coupled with gross margin expansion from both product mix and pricing, as well as further productivity improvements in the manufacturing areas. For non-production-related activities, the operating margin expansion is expected to be supported by a modest development in administrative costs and scale advantages within sales and marketing, whereas continued investment is envisioned for research and development activities, which are expected to grow in line with sales.

The target level for operating profit after tax to net operating assets is increased from 90% to 125%. The raised target reflects the expectation of a continued robust operating profit growth combined with a stable effective tax rate and relatively limited increase in net operating assets.

The target level for the cash-to-earnings ratio is maintained at 90%, as expected continued growth in International Operations and Region China will gradually impact working capital requirements. As previously, this target will be pursued looking at the average over a three-year period.

RESEARCH & DEVELOPMENT UPDATE

DIABETES CARE: INSULIN AND GLP-1

Tresiba^® and Ryzodeg^® regulatory update
The regulatory reviews of Tresiba^® (insulin degludec) and Ryzodeg^® (insulin degludec/insulin aspart) continue to progress. Since the first regulatory submissions in

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EU and US announced in September 2011, Novo Nordisk has filed for regulatory approval for Tresiba^® and Ryzodeg^® in nine additional countries. Further to these, Novo Nordisk submitted Tresiba^® for regulatory review in Argentina in December 2012.

As previously announced, the European Commission granted marketing authorisations for Tresiba^® and Ryzodeg^® for the treatment of diabetes in adults in January 2013. The authorisations cover all 27 European Union member states. Novo Nordisk expects to launch Tresiba^® in the UK and Denmark during the first half of 2013 and in other European markets throughout the rest of 2013 and 2014. Ryzodeg^® is currently expected to be launched approximately one year after Tresiba^®.

As previously announced, the Japanese Ministry of Health, Labour and Welfare approved Ryzodeg^® for the treatment of diabetes in December 2012. In Japan, price negotiations for Tresiba^® continue and are expected to be completed in the first quarter of 2013. The exact launch timing for Ryzodeg^® is to be decided upon following the Tresiba^® price listing.

As previously announced, the Endocrinologic and Metabolic Drugs Advisory Committee of the United States Food and Drug Administration (FDA) met in November 2012 to discuss the New Drug Applications (NDA) for Tresiba^® and Ryzodeg^®. At the meeting, the FDA asked the panel members to vote on whether a cardiovascular outcomes trial should be conducted and whether sufficient safety and efficacy data had been provided to support marketing of Tresiba^® and Ryzodeg^®. The committee unanimously recommended that a cardiovascular outcomes trial should be conducted for Tresiba^® and voted eight to four in favour of approving the products with a post-approval outcomes trial commitment. The FDA has not informed Novo Nordisk of when it expects to complete its review of the NDAs.

Phase 3a completed for IDegLira (NN9068)
As announced in December 2012, DUAL™ II, the second and final phase 3a trial with IDegLira, a fixed-ratio combination of insulin degludec and liraglutide, for the treatment of patients with type 2 diabetes, has been completed.

Together with the results from DUAL™ I, for which headline data were announced in August 2012, DUAL™ II reconfirms the competitive profiles of Tresiba^® and Victoza^®, and the trials show that patients can realise the combined benefits from each of the components in the combination product. Novo Nordisk is planning regulatory filing for IDegLira in the EU mid-2013 and in the US during 2013 pending marketing authorisation of Tresiba^®.

FIAsp approved for phase 3a development (NN1218)
As announced in December 2012, the phase 1 proof–of-concept trials for a number of different formulations of insulin aspart have now been completed. The new formulation of insulin aspart selected for phase 3a development has a faster onset of appearance and thereby mimics the endogenous insulin secretory response in a non-diabetic individual more closely than NovoRapid^® (NovoLog^® in the US). This potentially enables more flexible insulin administration in connection with meals, as well as improved post-prandial glucose control.

Novo Nordisk expects to initiate the phase 3a programme, onset^®, expected to include around 3,000 people with type 1 or type 2 diabetes, towards the end of 2013.

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Phase 3a development to be initiated for liraglutide as an adjunct to insulin therapy in people with type 1 diabetes (NN9211)
Novo Nordisk has completed a clinical pharmacology trial investigating the use of liraglutide as an adjunct to insulin therapy in people with type 1 diabetes, LATIN T1D (Liraglutide as adjunct therapy to insulin in people with type 1 diabetes).

The trial showed that liraglutide treatment as an adjunct to insulin neither compromises the glucagon response during hypoglycaemia, nor other counter-regulatory responses. Further, both the daily insulin requirements and body weight after four weeks of treatment had decreased in a dose-dependent manner. The clinical data from this trial confirmed the safety profile of liraglutide seen in type 2 diabetes when used in people with type 1 diabetes together with insulin.

Novo Nordisk expects to initiate the phase 3a programme, ADJUNCT™ which includes around 2,000 people with type 1 diabetes, in the second half of 2013.

First phase 1 trial initiated for LAI287, a new long-acting insulin (NN1436)
Novo Nordisk has initiated the first phase 1 trial with LAI287, a new long-acting insulin analogue with potential for once-weekly dosing. The trial will investigate the safety, tolerability, pharmacokinetics and pharmacodynamics of LAI287 in approximately 80 healthy volunteers and people with type 1 diabetes.

BIOPHARMACEUTICALS: HAEMOSTASIS

NovoThirteen^® launched in Canada and Denmark and resubmitted to the FDA in the US
NovoThirteen^® (Tretten^® in Canada), Novo Nordisk’s recombinant factor XIII product, has now been launched in Canada and Denmark. In the US, Novo Nordisk has resubmitted the application for approval to the FDA following the receipt of a complete response letter, which was announced in February 2012.

Turoctocog alfa also submitted for regulatory approval in Japan, Australia and Switzerland (NN7008)
In addition to the previously announced submission in EU and the US, Novo Nordisk has submitted turoctocog alfa for regulatory review in Japan, Australia and Switzerland. Turoctocog alfa is a new recombinant coagulation factor VIII intended for prevention and treatment of bleeding in people with haemophilia A.

BIOPHARMACEUTICALS: INFLAMMATION

Phase 2a trial with anti-NKG2D (NN8555) discontinued in patients with Crohn’s Disease
As previously announced, Novo Nordisk has decided to discontinue further development of anti-NKG2D as a treatment for Crohn’s disease following an interim futility analysis of an ongoing double-blinded, randomised, placebo-controlled phase 2a trial. The analysis was performed on the basis of 74 randomised patients and did not meet the pre-specified criteria for efficacy, and the study has therefore been discontinued. No safety concerns were identified in the trial.