Sanofi Exhibit 2136.201
`Sanofi Exhibit 2136.201
`Mylan v. Sanofi
`Mylan v. Sanofi
`IPR2018-01676
`lPR2018-01676
`
`

`

`Back to Contents
`
`Consolidated non-financial statements Novo Nordisk's economic stakeholder model D
`
`Novo Nordisk's economic
`stakeholder model
`
`This model illustrates Novo Nordisk, its economic stakeholders and
`the interactions that drive economic growth in well-developed
`societies. When, for instance, investors provide risk capital so that
`Novo Nordisk can develop new products, this will benefit patients,
`customers, employees and suppliers. For patients, in turn, the
`products from Novo Nordisk improve their ability to contribute to
`society. When employees, suppliers and investors spend their
`income on goods and services and make investments, they, too,
`contribute to wealth generation in society. And in their capacity as
`citizens in the local and global community, all economic actors pay
`taxes to the public sector in return for services. Novo Nordisk's
`sustainable business practices are mechanisms that improve the
`outcome of the market economy model. The interactions and
`multiplier effects are illustrated by the blue circle linking the
`stakeholders.
`
`Sanofi Exhibit 2136.202
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Society
`As a business, NO'\fO ~~ordtsk generates
`w ~lth for sod et}' and contrl butes to
`so::toeconomtc development through Its
`sustainable b ustness p ldcttces, tn\restmerrt,
`emplo11"ment (estt mated dt rect. and Indirect
`tm pact arrcunttng to ss, 500 Jobs globally),
`and contrtbutbn to Denmark's GDP ts
`2 .15%, and 2. 7% of Da ntsh exports.
`
`As a pha rmaceuttcal company, ~lalo
`t~o rd tsk provides knm..,ledge, R&D and
`hea lthcare products and outreach through
`tm proved av,•areness, d tag nosts or treatment.
`of diabetes for at least 11 3 mill ton p@Ople.
`
`lnvejtol'Sffunders
`Risk ca pit.al for
`development and
`producn::m of new
`products ts r1¥wa rded
`through dividends and
`share prices {50% a re
`non-Dan tsh t nvestors).
`
`Employees
`27,068 employees'
`kno•,,;iedge and
`produ dt'lltJ/ are a
`major part of th e
`company<s tntangt ble
`value. 52 % of
`employees work
`outside Denmark.
`31 % of cash rece wed
`ts rem uneratton.
`
`♦ R.emu neldnon
`Productivity
`.,.
`
`Novo Norolsl!
`prO'ltdes p rooucts to th e health ca re sector
`and q ualitlf of I ~e to patients, dMdends and
`re.turn on tnvestme nt to tnvestas, Income
`and p 10ftt to suppliers, wage Income to
`employees and taxes to the public sector.
`
`+ sales
`PICducts .,.
`
`cus.tome:rs and patients
`Novo Nordtsk's p ICducts
`are sold to hosp tta Is,
`doctors and healthca re
`professionals for treatment
`of their patients. ~lrno
`Nordisk has a 5.2% market
`share of th e global tnsul tn
`rna rket (trpolume) and
`2 3 % of th e global diabetes
`care market (by value).
`
`suppllers
`suppl ters proflt from the locatbn
`of Novo ~lOrdtsk tn th etr local
`commun tty and from the
`compa ny's need for b ng-term
`st.able supply partnersht ps
`globally. An estimated 28,700
`Jo bs are mated at suppliers tn
`Denmark and 44,025 globall)•.
`
`...
`
`Tax payments fund services offered b}rth e
`pub lie sector. Noto Nordtsk's tax payments
`a re an estimated 2.9% of COrJX)Rlt@ taxes
`tn Den mark. Nmro Nordtsk's employees tn
`Denmark pay an estimated o. 6% of the
`country's tot.a I Income tax. tn total, ~lo~·o
`Nordtsk's tn come taxes tn Denrna rk for th@
`}rear an"Ounted to DK K 1,0 31 mill K:ln.
`
`Cash value distribution (2008)
`
`DKK million
`
`Cash received
`
`Cash added
`value
`
`Customers
`Suppliers
`Company cash
`
`Cash received for products and services (from sales)
`Cash payments for materials, facilities and services *)
`Cash added value (cash received minus cash
`payments)
`
`Employees
`Investors/funders
`Public sector
`Management
`
`Remuneration
`Dividends, share repurchase and interest payments
`Taxes
`Future growth
`
`45,064
`16,151
`28,913
`
`14,141
`7,617
`3,172
`3,983
`
`100%
`36%
`
`31%
`17%
`7%
`9%
`
`100%
`
`49%
`26%
`11%
`14%
`
`• l Cash payments outside Novo Nordisk. The figure includes cash received from licence fees, realised exchange rate gains and interest income.
`
`Sanofi Exhibit 2136.203
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Novo Nordisk Annual Report 2008
`
`99
`
`Sanofi Exhibit 2136.204
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`D Consolidated financial statements Companies in the Novo Nordisk Group
`
`Actt.lrl
`
`Country
`
`Year of
`incorporation/
`acquisition
`
`Issued share Percentage
`capital/
`of shares
`paid-in capital
`owned
`
`C:
`i
`~
`~ ,::,
`,::,
`~
`!ij
`
`C:
`0
`
`en ! ~
`ii;: :
`~
`E
`~ ]
`"E
`1J :,
`~
`(Ii "
`"8
`o;
`.,,
`-;;;
`.5:
`"'
`• • • •
`
`C:
`
`:i;
`
`~
`
`Parent company
`Novo Nordisk A/S
`
`Subsidiaries by region
`
`Denmark
`
`1931
`
`DKK
`
`634,000,000
`
`• • • •
`
`Europe
`Austria
`Novo Nordisk Pharma GmbH
`Belgium
`S.A. Novo Nordisk Pharma N.V.
`Bulgaria
`Novo Nordisk Pharma EAD
`Croatia
`Novo Nordisk Hrvatska d.o.o.
`Czech Republic
`Novo Nordisk s.r.o.
`Denmark
`Novo Nordisk Region Europe A/S
`Finland
`Novo Nordisk Farma OY
`France
`Novo Nordisk Pharmaceutique SAS
`France
`Novo Nordisk Production SAS
`Germany
`Novo Nordisk Pharma GmbH
`Greece
`Novo Nordisk Hellas Epe
`Novo Nordisk Hungary Sales and Trading Ltd. Hungary
`Novo Nordisk Limited
`Ireland
`Novo Nordisk Farmaceutici S.P.A.
`Italy
`UAB Novo Nordisk Pharma
`Lithuania
`Novo Nordisk Farma dooel
`Macedonia
`Novo Nordisk B.V.
`Netherlands
`Novo Nordisk Scandinavia AS
`Norway
`Novo Nordisk Pharma Sp. z o.o.
`Poland
`Novo Nordisk Comercio Produtos
`Portugal
`Farmaceuticos Limitada
`Romania
`Novo Nordisk Farma S.R.L.
`Novo Nordisk Pharma d.o.o. Belgrade (Serbia) Serbia &
`Montenegro
`Slovakia
`Novo Nordisk Slovakia s.r.o.
`Novo Nordisk, trz enje farmacevtskih izdelkov Slovenia
`d.o.o.
`Novo Nordisk Pharma S.A.
`Novo Nordisk Scandinavia AB
`Novo Nordisk FemCare AG
`Novo Nordisk Health Care AG
`Novo Nordisk Pharma AG
`Novo Nordisk Holding Limited
`Novo Nordisk Limited
`
`Spain
`Sweden
`Switzerland
`Switzerland
`Switzerland
`United Kingdom
`United Kingdom
`
`1974
`1974
`2005
`2004
`1997
`2002
`1972
`2003
`1959
`1973
`1979
`1996
`1978
`1980
`2005
`2006
`1983
`1965
`1996
`1984
`
`2005
`2005
`
`2007
`2006
`
`1978
`1971
`2003
`2000
`1968
`1977
`1978
`
`EUR
`EUR
`BGN
`HRK
`CZK
`DKK
`EUR
`EUR
`EUR
`EUR
`EUR
`HUF
`EUR
`EUR
`LTL
`MKD
`EUR
`NOK
`PLN
`EUR
`
`RON
`EUR
`
`SKK
`EUR
`
`EUR
`SEK
`CHF
`CHF
`CHF
`GBP
`GBP
`
`36,336
`69,000
`5,880,000
`5,000,000
`14,500,000
`108,370,500
`420,500
`5,821,140
`57,710,220
`614,062
`1,050,000
`371,000,000
`635
`516,500
`2,150,000
`14,068,285
`61,155
`250,000
`29,021,000
`250,000
`
`2,795,000
`640,000
`
`8,000,000
`2,679,286
`
`1,502,500
`100,000
`1,100,000
`159,325,000
`50,000
`2,802,132
`2,350,000
`
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`
`100
`100
`
`100
`100
`
`100
`100
`100
`100
`100
`100
`100
`
`•
`
`•
`
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`• • •
`• • •
`•
`•
`•
`
`Sanofi Exhibit 2136.205
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`North America
`Canada
`Novo Nordisk Canada Inc.
`Denmark
`Novo Nordisk Region North America A/S
`United States
`Novo Nordisk Delivery Technologies Inc.
`United States
`Novo Nordisk US Holdings Inc.
`Novo Nordisk Pharmaceutical Industries Inc. United States
`Novo Nordisk Inc.
`United States
`Japan & Oceania
`Australia
`Novo Nordisk Pharmaceuticals Pty. Ltd.
`Novo Nordisk Region Japan & Oceania A/S Denmark
`Novo Nordisk Pharma Ltd.
`Japan
`Novo Nordisk Pharmaceuticals Limited
`New Zealand
`
`1983
`2003
`2005
`2007
`1991
`1982
`
`1985
`2002
`1980
`1990
`
`100 Novo Nordisk Annual Report 2008
`
`CAD
`DKK
`USO
`USO
`USO
`USO
`
`AUD
`DKK
`JPY
`NZD
`
`200
`500,000
`20,001,000
`50,000
`55,000,000
`283,837,600
`
`500,001
`15,500,000
`2,104,000,000
`1,000,000
`
`100
`100
`100
`100
`100
`100
`
`100
`100
`100
`100
`
`•
`
`•
`
`•
`•
`• •
`•
`
`•
`
`•
`
`Sanofi Exhibit 2136.206
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`Consolidated financial statements Companies in the Novo Nordisk Group D
`
`Actt.lrl
`
`Country
`
`Year of
`incorporation/
`acquisition
`
`Issued share Percentage
`capital/
`of shares
`paid-in capital
`owned
`
`C:
`i
`~
`~ ,::,
`,::,
`~
`!ij
`
`C:
`0
`
`en ! ~
`ii;: :
`~
`E
`~ ]
`"E
`1J :,
`~
`(Ii "
`"8
`o;
`.,,
`-;;;
`.5:
`"'
`• • • •
`
`C:
`
`:i;
`
`~
`
`Algeria
`Argentina
`Bangladesh
`Brazil
`
`International Operations
`Aldaph SpA
`Novo Nordisk Pharma Argentina S.A.
`Novo Nordisk Pharma (Private) Limited
`Novo Nordisk Produgao Farmaceutica do
`Brasil Ltda.
`Brazil
`Novo Nordisk Farmaceutica do Brasil Ltda.
`Chile
`Novo Nordisk Farmaceutica Limitada
`Novo Nordisk (China) Pharmaceuticals Co., China
`Ltd .
`Beijing Novo Nordisk Pharmaceuticals
`Science &
`China
`Technology Co., Ltd.
`Novo Nordisk Region International Operation Denmark
`A/S
`Egypt
`Novo Nordisk Egypt, LLC
`Hong Kong
`Novo Nordisk Hong Kong Limited
`India
`Novo Nordisk India Private Limited
`Indonesia
`PT Novo Nordisk Indonesia
`Iran
`Novo Nordisk Pars
`Israel
`Novo Nordisk Ltd
`Lebanon
`Novo Nordisk Lebanon s.a.r.l
`Malaysia
`Novo Nordisk Pharma (Malaysia) Sdn Bhd
`Mexico
`Novo Nordisk Mexico S.A. de C.V.
`Morocco
`Novo Nordisk Pharma SAS
`Nigeria
`Novo Nordisk Pharma Limited
`Pakistan
`Novo Nordisk Pharma (Private) Limited
`Novo Nordisk Pharmaceuticals (Philippines) Philippines
`Inc
`Novo Nordisk Limited Liability Company
`Novo Investment Pte Ltd.
`Novo Nordisk Pharma (Singapore) Pte Ltd.
`Novo Nordisk (Pty) Ltd
`Novo Nordisk Pharma Korea Ltd
`Novo Nordisk Pharma (Taiwan) Ltd
`Novo Nordisk Pharma (Thailand) Ltd.
`Novo Nordisk Tunisie SARL
`Novo Nordisk Saglik Orunleri Tic. Ltd. Sti.
`Novo Nordisk Pharma Gulf FZ-LLC
`
`Russia
`Singapore
`Singapore
`South Africa
`South Korea
`Taiwan
`Thailand
`Tunisia
`Turkey
`United Arab
`Emirates
`Venezuela
`
`Novo Nordisk Venezuela Casa de
`Representaci6n C.A.
`
`1994
`1997
`2007
`2002
`
`1990
`2006
`1994
`
`2006
`2002
`
`2004
`2001
`1994
`2003
`2005
`1997
`2007
`1992
`2004
`2006
`2006
`2005
`1999
`
`2003
`1994
`1997
`1959
`1994
`1990
`1983
`2004
`1993
`2005
`
`2004
`
`DZD
`ARS
`BOT
`BRL
`
`BRL
`CLP
`USO
`
`1,742,650,000
`7,465,150
`17,500,000
`896,834,727
`
`84,727,136
`758,271,200
`83,800,000
`
`USO
`DKK
`
`EGP
`HKD
`INR
`IDR
`IRR
`ILS
`LBP
`MYR
`MXN
`MAD
`NGN
`PKR
`PHP
`
`2,000,000
`113,303,310
`
`50,000
`500,000
`265,000,000
`827,900,000
`10,000,000
`100
`600,000,000
`200,000
`239,491,127
`2,597,000
`10,000,000
`10,000,000
`50,000,000
`
`188,243,360
`RUB
`12,000,000
`SGD
`200,000
`SGD
`8,000
`ZAR
`KRW 6,108,400,000
`TWO
`9,000,000
`THB
`15,500,000
`TND
`400,000
`TRY
`25,296,300
`AED
`100,000
`
`VEB 2,250,000,000
`
`100
`100
`100
`100
`
`100
`100
`100
`
`100
`100
`
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`100
`
`100
`100
`100
`100
`100
`100
`49
`100
`100
`100
`
`100
`
`• •
`•
`•
`• •
`•
`•
`• •
`
`•
`•
`•
`•
`•
`•
`•
`•
`• •
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`•
`
`•
`
`•
`
`•
`
`Sanofi Exhibit 2136.207
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Other subsidiaries
`FeF Chemicals A/S
`NNIT A/S *)
`NNE Pharmaplan A/S *)
`Steno Diabetes Center A/S
`
`Associated companies
`Harno Invest A/S
`Innate Pharma SA
`ZymoGenetics, Inc.
`
`Denmark
`Denmark
`Denmark
`Denmark
`
`Denmark
`France
`United States
`
`1989
`1998
`1989
`2008
`
`1992
`2006
`1988
`
`DKK
`DKK
`DKK
`DKK
`
`10,000,000
`1,000,000
`500,000
`500,000
`
`DKK
`EUR
`USO
`
`70,419,910
`1,295,600
`781,505,000
`
`100
`100
`100
`100
`
`30
`18
`30
`
`• •
`
`•
`•
`• •
`
`•
`•
`
`*) In addition to the listed companies, NNIT A/Sand NNE Pharmaplan A/Shave own subsidiaries.
`
`Novo Nordisk Annual Report 2008
`
`101
`
`Sanofi Exhibit 2136.208
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`D Consolidated financial statements Summary of financial data 2004 - 2008
`
`DKK million
`
`Sales
`
`Sales by business segments:
`Modern insulins (insulin analogues)
`Human insulins
`Insulin-related sales
`Oral antidiabetic products (OAD)
`
`2004
`
`2005
`
`2006
`
`2007
`
`2008
`
`29,031
`
`33,760
`
`38,743
`
`41,831
`
`45,553
`
`4,507
`13,033
`1,350
`1,643
`
`7,298
`13,543
`1,463
`1,708
`
`10,825
`13,451
`1,606
`1,984
`
`14,008
`12,572
`1,749
`2,149
`
`17,317
`11,804
`1,844
`2,391
`
`Diabetes care total
`
`20,533
`
`24,012
`
`27,866
`
`30,478
`
`33,356
`
`Haemostasis management
`Growth hormone therapy
`Hormone replacement therapy
`Other products
`
`4,359
`2,317
`1,488
`334
`
`5,064
`2,781
`1,565
`338
`
`5,635
`3,309
`1,607
`326
`
`5,865
`3,511
`1,668
`309
`
`6,396
`3,865
`1,612
`324
`
`Biopharmaceuticals total
`
`8,498
`
`9,748
`
`10,877
`
`11,353
`
`12,197
`
`Sales by geographical segments:
`Europe*)
`North America
`International Operations*)
`Japan & Oceania
`
`Licence fees and other operating income (net)
`Operating profit
`Operating profit (excl AERx®) **)
`Net financials
`Profit before income taxes
`Income taxes
`Net profit
`
`Total assets
`Total current liabilities
`Total long-term liabilities
`Equity
`
`Investments in property, plant and equipment (net)
`Investments in intangible assets and long-term financial assets
`(net)
`Free cash flow***)
`Net cash flow
`
`Ratios
`
`Sales in percent:
`
`12,887
`7,478
`4,368
`4,298
`
`575
`6,980
`
`477
`7,457
`2,444
`5,013
`
`37,433
`7,280
`3,649
`26,504
`
`2,999
`
`312
`
`4,278
`2,136
`
`14,020
`9,532
`5,497
`4,711
`
`403
`8,088
`
`146
`8,234
`2,370
`5,864
`
`41,960
`10,581
`3,745
`27,634
`
`3,665
`
`(136)
`
`4,833
`(634)
`
`15,300
`12,280
`6,494
`4,669
`
`272
`9,119
`
`45
`9,164
`2,712
`6,452
`
`44,692
`10,157
`4,413
`30,122
`
`2,787
`
`244
`
`4,707
`463
`
`16,350
`13,746
`7,295
`4,440
`
`321
`8,942
`10,267
`2,029
`10,971
`2,449
`8,522
`
`47,731
`10,641
`4,908
`32,182
`
`2,268
`
`118
`
`9,012
`1,638
`
`17,219
`15,154
`8,425
`4,755
`
`286
`12,373
`12,698
`322
`12,695
`3,050
`9,645
`
`50,603
`12,958
`4,666
`32,979
`
`1,754
`
`264
`
`11,015
`4,111
`
`Sanofi Exhibit 2136.209
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Modern insulins (insulin analogues)
`Human insulins
`Insulin-related sales
`Oral antidiabetic products (OAD)
`Diabetes care total
`
`Haemostasis management
`Growth hormone therapy
`Hormone replacement therapy
`Other products
`Biopharmaceuticals total
`
`Sales outside Denmark as a percentage of sales
`Gross margin ***)
`Sales and distribution costs as a percentage of sales
`Research and development costs as a percentage of sales
`Research and development costs as a percentage of sales (excl
`AERx®) **)
`Administrative expenses as a percentage of sales
`
`Net profit margin ***)
`Effective tax rate ***)
`Equity ratio ***)
`Payout ratio ***)
`Payout ratio adjusted for impact of Dako and discontinuation of
`AERx® projects
`
`Long-term financial targets
`Operating profit margin ***)
`Operating profit margin (excl AERx®) **)
`Growth in operating profit ***)
`Growth in operating profit (excl AERx®) **)
`Growth in operating profit, three-year average ***)
`ROIC ***)
`Cash to earnings ***)
`Cash to earnings, three-year average ***)
`
`102 Novo Nordisk Annual Report 2008
`
`15.5%
`44.9%
`4.6%
`5.7%
`70.7%
`
`15.0%
`8.0%
`5.1%
`1.2%
`29.3%
`
`99.3%
`72.3%
`28.5%
`15.0%
`
`21.6%
`40.1%
`4.3%
`5.1%
`71.1%
`
`15.0%
`8.2%
`4.6%
`1.0%
`28.9%
`
`99.2%
`72.8%
`28.7%
`15.1%
`
`27.9%
`34.7%
`4.2%
`5.1%
`71.9%
`
`14.5%
`8.6%
`4.2%
`0.8%
`28.1%
`
`99.2%
`75.3%
`30.0%
`16.3%
`
`6.7%
`
`6.3%
`
`6.2%
`
`17.3%
`32.8%
`70.8%
`31.8%
`
`17.4%
`28.8%
`65.9%
`33.2%
`
`16.7%
`29.6%
`67.4%
`34.4%
`
`33.5%
`30.1%
`4.2%
`5.1%
`72.9%
`
`14.0%
`8.4%
`4.0%
`0.7%
`27.1%
`
`99.2%
`76.6%
`29.6%
`20.4%
`
`17.2%
`
`6.0%
`
`20.4%
`22.3%
`67.4%
`32.8%
`
`34.9%
`
`38.0%
`25.9%
`4.0%
`5.3%
`73.2%
`
`14.0%
`8.5%
`3.6%
`0.7%
`26.8%
`
`99.2%
`77.8%
`28.2%
`17.2%
`
`16.5%
`
`5.8%
`
`21.2%
`24.0%
`65.2%
`37.8%
`
`24.0%
`
`24.0%
`
`23.5%
`
`8.7%
`
`15.9%
`
`12.7%
`
`8.9%
`21.5%
`85.3%
`59.0%
`
`11.0%
`24.7%
`82.4%
`82.4%
`
`12.4%
`25.8%
`73.0%
`80.2%
`
`21.4%
`24.5%
`(1.9%)
`12.6%
`8.9%
`27.2%
`105.7%
`87.0%
`
`27.2%
`27.9%
`38.4%
`23.7%
`16.4%
`37.4%
`114.2%
`97.6%
`
`Sanofi Exhibit 2136.210
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`Consolidated financial statements Summary of financial data 2004 - 2008 - Supplementary information in EUR (unaudited) D
`
`EUR million
`
`Sales
`
`Sales by business segments:
`Modern insulins (insulin analogues)
`Human insulins
`Insulin-related sales
`Oral antidiabetic products (OAD)
`
`2004
`
`2005
`
`2006
`
`2007
`
`3,902
`
`4,531
`
`5,194
`
`5,614
`
`606
`1,752
`181
`221
`
`979
`1,819
`196
`229
`
`1,451
`1,804
`215
`266
`
`1,880
`1,687
`235
`288
`
`Diabetes care total
`
`2,760
`
`3,223
`
`3,736
`
`4,090
`
`Haemostasis management
`Growth hormone therapy
`Hormone replacement therapy
`Other products
`
`586
`311
`200
`45
`
`680
`373
`210
`45
`
`755
`444
`215
`44
`
`788
`471
`224
`41
`
`2008
`
`6,109
`
`2,323
`1,583
`247
`321
`
`4,474
`
`858
`518
`216
`43
`
`Biopharmaceuticals total
`
`1,142
`
`1,308
`
`1,458
`
`1,524
`
`1,635
`
`Sales by geographical segments:
`Europe*)
`North America
`International Operations*)
`Japan & Oceania
`
`Licence fees and other operating income (net)
`Operating profit
`Operating profit (excl AERx®) **)
`Net financials
`Profit before income taxes
`Income taxes
`Net profit
`
`Total assets
`Total current liabilities
`Total long-term liabilities
`Equity
`
`Investments in property, plant and equipment (net)
`Investments in intangible assets and long-term financial assets
`(net)
`Free cash flow***)
`Net cash flow
`
`Share data ****)
`
`Basic earnings per share in DKK ***)
`Diluted earnings per share in DKK ***)
`
`1,732
`1,005
`587
`578
`
`77
`938
`
`64
`1,002
`328
`674
`
`5,033
`979
`491
`3,563
`
`403
`
`42
`
`575
`287
`
`1,882
`1,279
`738
`632
`
`54
`1,085
`
`20
`1,105
`318
`787
`
`5,624
`1,418
`502
`3,704
`
`492
`
`(18)
`
`649
`(85)
`
`2,051
`1,646
`871
`626
`
`36
`1,223
`
`6
`1,229
`364
`865
`
`5,994
`1,362
`592
`4,040
`
`374
`
`33
`
`631
`62
`
`2,194
`1,845
`979
`596
`
`43
`1,200
`1,378
`272
`1,472
`328
`1,144
`
`6,401
`1,427
`658
`4,316
`
`304
`
`16
`
`1,210
`220
`
`2,309
`2,032
`1,130
`638
`
`38
`1,660
`1,704
`43
`1,703
`409
`1,294
`
`6,792
`1,739
`625
`4,426
`
`235
`
`35
`
`1,478
`552
`
`7.45
`7.42
`
`8.95
`8.92
`
`10.05
`10.00
`
`13.49
`13.39
`
`15.66
`15.54
`
`Sanofi Exhibit 2136.211
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Dividend per share in DKK
`
`2.40
`
`3.00
`
`3.50
`
`4.50
`
`6.00
`
`634.0
`608.2
`615.8
`
`Number of shares at year-end (million)
`Number of shares outstanding at year-end (million)***)
`Average number of shares outstanding (million)***)
`Average number of shares outstanding incl. dilutive effect
`of options 'in the money' (million)
`
`Employees
`
`Total full-time employees at year-end
`Denmark
`Rest of Europe
`North America
`International Operations
`Japan & Oceania
`
`709.4
`664.2
`673.2
`
`709.4
`647.4
`655.4
`
`674.0
`634.4
`641.9
`
`647.0
`621.1
`631.8
`
`676.2
`
`657.9
`
`645.4
`
`636.4
`
`620.7
`
`20,285
`11,839
`2,454
`1,949
`3,104
`939
`
`22,007
`12,160
`2,702
`2,465
`3,746
`934
`
`23,172
`12,214
`2,944
`2,846
`4,188
`980
`
`25,516
`12,401
`3,281
`3,935
`4,882
`1,017
`
`26,575
`12,728
`3,539
`3,722
`5,561
`1,025
`
`*) Comparative figures from 2004 -2006 have been adjusted in order to reflect a changed organisational structure from 1 January 2007 which transfers 8 countries,
`incl. Bulgaria and Romania, from International Operations to Europe.
`**) Excluding costs related to discontinuation of all pulmonary diabetes projects.
`***) For definitions, please refer to page 88.
`****)In 2007 there was a stock split of the company's A and B shares. The trade unit was changed from DKK 2 to DKK 1. The comparative figures for 2004 to 2006 have
`been updated accordingly.
`
`Key figures are translated into EUR as supplementary information - the translation of income statement items is based on the average
`exchange rate in 2008 (EUR 1 = DKK 7.45593) and the translation of balance sheet items is based on the exchange rate at the end of
`2008 (EUR 1 = DKK 7.45060). The figures in DKK reflect the economic substance of the underlying events and circumstances of the
`Group.
`
`Novo Nordisk Annual Report 2008
`
`103
`
`Sanofi Exhibit 2136.212
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`D Consolidated financial statements Quarterly figures 2007 and 2008 (unaudited)
`
`DKK million
`
`Sales
`
`Sales by business segments:
`Modern insulins (insulin analogues)
`Human insulins
`Insulin-related sales
`Oral antidiabetic products (OAD)
`
`Q1
`
`2007
`Q2
`
`Q3
`
`Q4
`
`Q1
`
`2008
`Q2
`
`Q3
`
`Q4
`
`9,818
`
`10,563
`
`10,504
`
`10,946
`
`10,614
`
`11,110
`
`11,246
`
`12,583
`
`3,065
`3,136
`419
`523
`
`3,464
`3,222
`437
`529
`
`3,568
`3,098
`445
`585
`
`3,911
`3,116
`448
`512
`
`3,821
`2,939
`443
`640
`
`4,103
`2,966
`460
`478
`
`4,365
`2,806
`464
`671
`
`5,028
`3,093
`477
`602
`
`Diabetes care total
`
`7,143
`
`7,652
`
`7,696
`
`7,987
`
`7,843
`
`8,007
`
`8,306
`
`9,200
`
`Haemostasis management
`Growth hormone therapy
`Hormone replacement therapy
`Other products
`
`1,411
`784
`406
`74
`
`1,508
`924
`411
`68
`
`1,427
`878
`414
`89
`
`1,519
`925
`437
`78
`
`1,440
`878
`385
`68
`
`1,648
`986
`391
`78
`
`1,534
`941
`394
`71
`
`1,774
`1,060
`442
`107
`
`Biopharmaceuticals total
`
`2,675
`
`2,911
`
`2,808
`
`2,959
`
`2,771
`
`3,103
`
`2,940
`
`3,383
`
`4,348
`3,608
`1,776
`1,214
`
`4,061
`3,450
`2,096
`1,007
`
`4,400
`3,467
`2,069
`1,174
`
`4,305
`3,759
`2,074
`1,108
`
`4,453
`4,478
`2,186
`1,466
`
`Sales by geographical segments:
`Europe
`North America
`International Operations
`Japan & Oceania
`
`Gross profit
`Sales and distribution costs
`Research and development costs
`Research and development costs ( excl
`AERx®) *)
`Administrative expenses
`Licence fees and other operating income (net)
`Operating profit
`Operating profit (excl AERx®) *)
`
`Net financials
`Profit before taxation
`Income taxes
`
`Net profit
`
`3,931
`3,214
`1,696
`977
`
`7,498
`3,048
`1,647
`
`614
`138
`2,327
`
`47
`2,374
`665
`
`4,035
`3,424
`1,953
`1,151
`
`8,205
`3,110
`1,754
`
`4,036
`3,500
`1,870
`1,098
`
`7,990
`2,993
`1,724
`
`594
`60
`2,807
`
`623
`31
`2,681
`
`1,587
`4,394
`742
`
`175
`2,856
`672
`
`8,345
`3,220
`3,413
`
`2,088
`677
`92
`1,127
`2,452
`
`220
`1,347
`370
`
`8,201
`2,975
`1,858
`
`1,638
`627
`88
`2,829
`3,049
`
`39
`2,868
`688
`
`8,556
`3,178
`1,980
`
`1,825
`626
`74
`2,846
`3,001
`
`405
`3,251
`780
`
`8,640
`3,155
`1,579
`
`1,629
`633
`51
`3,324
`3,274
`
`182
`3,506
`842
`
`10,047
`3,558
`2,439
`
`2,439
`749
`73
`3,374
`
`(304)
`3,070
`740
`
`1,709
`
`3,652
`
`2,184
`
`977
`
`2,180
`
`2,471
`
`2,664
`
`2,330
`
`Depreciation, amortisation and impairment
`losses
`Depreciation, amortisation and impairment
`losses (excl AERx®) *)
`
`509
`
`516
`
`586
`
`1,396
`
`563
`
`567
`
`560
`
`526
`
`752
`
`699
`
`Total equity
`Total assets
`
`29,676
`44,742
`
`33,475
`48,300
`
`33,161
`48,423
`
`32,182
`47,731
`
`31,251
`47,534
`
`33,046
`48,478
`
`32,173
`48,990
`
`32,979
`50,603
`
`Sanofi Exhibit 2136.213
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Ratios
`
`Gross margin
`
`Sales and distribution costs as a percentage
`of sales
`Research and development costs as a
`percentage of sales
`Research and development costs as a
`percentage of sales (excl AERx®) *)
`Administrative expenses as a percentage of
`sales
`Operating profit margin
`Operating profit margin (excl AERx®) *)
`Equity ratio
`
`76.4%
`
`77.7%
`
`76.1%
`
`76.2%
`
`77.3%
`
`77.0%
`
`76.8%
`
`79.8%
`
`31.0%
`
`29.4%
`
`28.5%
`
`29.4%
`
`28.0%
`
`28.6%
`
`28.1%
`
`28.3%
`
`16.8%
`
`16.6%
`
`16.4%
`
`31.2%
`
`17.5%
`
`17.8%
`
`14.0%
`
`19.4%
`
`19.1%
`
`15.4%
`
`16.4%
`
`14.5%
`
`19.4%
`
`6.3%
`23.7%
`
`5.6%
`26.6%
`
`5.9%
`25.5%
`
`66.3%
`
`69.3%
`
`68.5%
`
`6.2%
`10.3%
`22.4%
`67.4%
`
`5.9%
`26.7%
`28.7%
`65.7%
`
`5.6%
`25.6%
`27.0%
`68.2%
`
`5.6%
`29.6%
`29.1%
`65.7%
`
`6.0%
`26.8%
`26.8%
`65.2%
`
`Share data **)
`
`Basic earnings per share/ADR (in DKK)
`Diluted earnings per share/ADR (in DKK)
`
`2.69
`2.68
`
`5.75
`5.71
`
`3.46
`3.43
`
`1.56
`1.55
`
`3.51
`3.48
`
`3.99
`3.96
`
`4.34
`4.30
`
`3.82
`3.80
`
`Average number of shares outstanding
`(million) - basic
`Average number of shares outstanding
`(million) - diluted
`
`635.0
`
`635.8
`
`632.0
`
`624.4
`
`620.9
`
`618.6
`
`614.2
`
`609.3
`
`639.4
`
`640.2
`
`636.4
`
`629.6
`
`626.3
`
`623.5
`
`618.6
`
`614.4
`
`Employees
`
`Number of full-time employees at the end of
`the period
`
`24,045
`
`24,729
`
`25,206
`
`25,516
`
`25,765
`
`26,060
`
`26,360
`
`26,575
`
`*) Excluding costs related to discontinuation of all pulmonary diabetes projects.
`**) In December 2007 there was a stock split of the company's A and B shares. The trade unit was changed from DKK 2 to DKK 1. The comparative figures have
`been updated accordingly.
`
`104 Novo Nordisk Annual Report 2008
`
`Sanofi Exhibit 2136.214
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`Financial statements of the parent company
`
`Financial
`statements
`of the
`parent
`company,
`
`Novo
`Nordisk
`A/5,
`for 2008
`
`Sanofi Exhibit 2136.215
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Novo Nordisk Annual Report 2008
`
`105
`
`Sanofi Exhibit 2136.216
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`Financial statements of the Parent company Novo Nordisk A/S Income statement
`
`DKK million
`
`Sales
`Cost of goods sold
`
`Gross profit
`
`Sales and distribution costs
`Research and development costs
`Administrative expenses
`Licence fees and other operating income (net)
`
`Operating profit
`
`Profit in subsidiaries
`Share of profit in associated companies
`Financial income
`Financial expenses
`
`Profit before income taxes
`
`Income taxes
`
`Net profit
`
`Proposed appropriation of net profit:
`Dividends
`Net revaluation reserve according to the equity method
`
`Retained earnings
`
`106 Novo Nordisk Annual Report 2008
`
`Note
`
`2008
`
`2007
`
`2
`3
`
`27,145
`8,069
`
`26,023
`9,871
`
`3
`3
`3, 4
`
`19,076
`
`16,152
`
`7,654
`5,633
`1,243
`409
`
`5,754
`7,142
`1,187
`478
`
`4,955
`
`2,547
`
`9
`9
`5
`5
`
`5,318
`71
`1,098
`635
`
`5,415
`1,490
`1,351
`871
`
`10,807
`
`9,932
`
`6
`
`1,165
`
`1,414
`
`9,642
`
`8,518
`
`3,650
`(5,422)
`
`2,795
`5,883
`
`11,414
`
`(160)
`
`9,642
`
`8,518
`
`Sanofi Exhibit 2136.217
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`IPR2018-01676
`
`

`

`Back to Contents
`
`DKK million
`
`Assets
`
`Intangible assets
`Property, plant and equipment
`Financial assets
`
`Total long-term assets
`
`Inventories
`Trade receivables
`Amounts owed by affiliated companies
`Tax receivables
`Other receivables
`Marketable securities and financial derivatives
`Cash at bank and in hand
`Total current assets
`
`Total assets
`
`Equity and liabilities
`
`Share capital
`Net revaluation reserve according to the equity method
`Retained earnings
`Exchange rate adjustments
`
`Total equity
`
`Long-term debt
`Deferred income tax liabilities
`Amounts owed to affiliated companies
`Other provisions
`
`Total long-term liabilities
`
`Short-term debt and financial derivatives
`Trade payables
`Amounts owed to affiliated companies
`Tax payables
`Other liabilities
`Other provisions
`
`Total current liabilities
`
`Total liabilities
`
`Financial statements of the Parent company Novo Nordisk A/S Balance sheet
`
`Note
`
`31 Dec
`2008
`
`31 Dec
`2007
`
`7
`8
`9
`
`543
`14,512
`11,313
`
`430
`15,242
`16,014
`
`26,368
`
`31,686
`
`10
`
`8,908
`945
`5,541
`535
`631
`1,375
`8,299
`26,234
`
`8,146
`889
`6,840
`
`499
`2,547
`4,460
`23,381
`
`52,602
`
`55,067
`
`634
`16,393
`16,183
`(256)
`
`647
`21,815
`9,489
`209
`
`11
`
`32,954
`
`32,160
`
`12
`13
`
`14
`
`14
`
`980
`906
`14
`163
`
`961
`768
`82
`342
`
`2,063
`
`2,153
`
`1,279
`1,262
`11,903
`1
`2,715
`425
`
`270
`956
`15,781
`172
`3,085
`490
`
`17,585
`
`20,754
`
`19,648
`
`22,907
`
`Sanofi Exhibit 2136.218
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Total equity and liabilities
`
`52,602
`
`55,067
`
`Novo Nordisk Annual Report 2008
`
`107
`
`Sanofi Exhibit 2136.219
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`Financial statements of the Parent company Novo Nordisk A/S Notes - Income statement
`
`1 Accounting policies
`
`The Parent company's financial statements have been prepared
`in accordance with the Danish Financial Statements Act (Class
`D), and other accounting regulations for companies listed on
`NASDAQ OMX Copenhagen.
`
`The accounting policies for the Parent company are unchanged
`compared to last financial year and are the same as for the
`Group with the following additions. For a description of the
`accounting policies of the Group please see note 1 - Summary
`of significant accounting policies, page 56 - 60.
`
`Supplementary accounting policies for the Parent
`company
`
`Financial assets
`In the financial statements of the Parent company investments in
`subsidiaries and associated companies are recorded under the
`equity method, that is at the respective share of the net asset
`values in subsidiaries and associated companies. Any cost in
`excess of net assets in the acquired company is capitalised in
`the Parent company under Financial assets as part of
`investments in subsidiaries ('Goodwill'). Amortisation of goodwill
`is provided under the straight-line method over a period not
`exceeding 20 years, based on estimated useful life.
`
`Net profit of subsidiaries less unrealised intercompany profits is
`recorded in the Income statement of the Parent company.
`
`To the extent it exceeds declared dividends from such
`companies, net revaluation of investments in subsidiaries and
`associated companies is transferred to net revaluation reserve
`according to the equity method under equity.
`
`Fair value adjustments of financial assets categorised as
`'Available for sale' are recognised in the Parent company in the
`Income statement.
`
`The presentation of profit in subsidiaries is now shown as profit
`after tax. Comparable figures for 2007 have been changed
`accordingly. The reclassification has no impact on the net profit
`or equity.
`
`Tax
`The Parent company is assessed jointly for Danish tax purposes
`with its domestic subsidiaries. The Danish jointly taxed
`companies are included in a Danish on-account tax payment
`scheme for Danish corporate income tax. All current taxes under
`the scheme are recorded in the individual companies.
`
`Cash flow statement
`No separate cash flow statement has been prepared for the
`
`3 Employee costs
`
`DKK million
`
`Wages and salaries
`Share-based payment costs
`Pensions
`Other contributions to social security
`Other employee costs
`
`Total employee costs
`
`Included in the Balance sheet as change
`in employee costs included in inventories
`
`2008 2007
`
`5,521 5,200
`257
`75
`504
`471
`95
`147
`338
`261
`
`6,715 6,154
`
`87
`
`143
`
`For information regarding remuneration to the Board of Directors
`and Executive Management please refer to consolidated
`accounts note 34, page 80-81. Reference is furthermore made
`to consolidated accounts note 33, page 78, and consolidated
`accounts note 34, page 81-82, for information regarding share(cid:173)
`based payment schemes to the Board of Directors, Executive
`Management and the Senior Management Board.
`
`2008 2007
`
`Average number of full-time
`employees in Novo Nordisk A/S
`
`10,693 10,412
`
`4 Fees to statutory auditors
`
`DKK million
`
`P ri cewate rhouseCoo pers
`
`of which statutory audit fee to
`P ri cewate rhouseCoo pers
`
`2008 2007
`
`17
`
`21
`
`7
`
`8
`
`5 Financial income and Financial
`expenses
`
`DKK million
`
`Interest income relating to subsidiaries
`included in Financial income
`
`2008 2007
`
`164 162
`
`Sanofi Exhibit 2136.220
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Interest expenses relating to subsidiaries
`included in Financial expenses
`
`Foreign exchange loss (net) recognised
`in the Income statement
`
`410
`
`608
`
`68
`
`51
`
`6 Income taxes
`
`Of the total tax payment of DKK 3,172 million by the Group in
`2008, the Parent company's share of paid taxes relating to
`current year amounts to DKK 1,633 million
`
`In 2007 the total tax payment by the Group amounted to DKK
`2,607 million of which the Parent company's share of paid taxes
`relating to current year amounted to DKK 1,381 million.
`
`Parent company -please see the Consolidated cash flow
`statement and financial resources in this Annual Report, page
`54.
`
`2 Sales
`
`DKK million
`
`Sales by business segments*)
`Diabetes care total
`Biopharmaceuticals total
`
`Total sales
`
`Sales by geographical regions *)
`Europe
`North America
`International Operations
`Japan & Oceania
`
`Total sales
`
`2008 2007
`
`26,802 25,316
`343
`707
`
`27,145 26,023
`
`10,535 10,972
`7,520 6,482
`5,880 5,631
`3,210 2,938
`
`27,145 26,023
`
`Sales are attributed to geographical areas based on location of
`the customer.
`
`*) For definitions of the segments please refer to consolidated accounts note 4,
`page 62.
`
`108 Novo Nordisk Annual Report 2008
`
`Sanofi Exhibit 2136.221
`Mylan v. Sanofi
`IPR2018-01676
`
`

`

`Back to Contents
`
`7
`
`Intangible assets
`
`DKK million
`
`Cost at the beginning of the year
`Additions during the year
`Disposals during the year
`
`Cost at the end of the year
`
`Amortisation at the beginning of the year
`Amortisation during the year
`Impairment losses for the year*)
`Depreciation reversed on disposals during the year
`
`Amortisation at the end of the year
`
`Carrying amount at the end of the year
`
`*) Impairment losses of DKK 117 million in 2007 relates to discontinuation of AERx®.
`
`8 Property, plant and equipment
`
`Financial statements of the Parent company Novo Nordisk A/S Notes - Balance sheet
`
`Goodwill
`
`Software
`
`Patents
`and
`licences
`
`5