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14 Investor presentation First nine months of 2021 Financial results – First nine mon In DKK million Sales Gross profit Gross margin Sales and distribution costs Percentage of sales Research and development costs Percentage of sales Administration costs Percentage of sales Other operating income, net Operating profit Operating margin Financial items (net) Profit before income tax Income taxes Effective tax rate Net profit Diluted earnings per share (DKK) First nine months of 2021 102,467 85,050 83.0% 25,376 24.8% 12,140 11.8% 2,860 2.8% 336 45,010 43.9% 957 45,967 9,102 19.8% 36,865 15.98 CER: Constant exchange rates
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nths of 2021 First nine months of 2020 94,808 79,495 83.8% 23,162 24.4% 10,979 11.6% 2,760 2.9% 354 42,948 45.3% (1,820) 41,128 8,308 20.2% 32,820 14.00 Novo Nordisk ® Change (reported) 8% 7% 10% 11% 4% (5%) 5% 12% 10% 12% 14% Change (CER) 13% 14% 13% 6% 12%