Investor presentation First three months of 2015

Transcription

1 Slide Investor presentation First three months of 25 Mexico City part of Cities Changing Diabetes

2 Slide 2 Agenda Highlights and key events Sales update R&D update Financials and outlook

3 Slide 3 Forward-looking statements Novo Nordisk s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company s Annual Report 24 and Form 2-F, both filed with the SEC in ruary 25, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forwardlooking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project, anticipate, can, intend, target and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this document, could cause actual results to differ materially from those contemplated in any forwardlooking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recall, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk s products, introduction of competing products, reliance on information technology, Novo Nordisk s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. Please also refer to the overview of risk factors in Be aware of the risk on p of the Annual Report 24 on the company s website novonordisk.com. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise. Important drug information Victoza (liraglutide.2 mg &.8 mg) is approved for the management of type 2 diabetes only Saxenda (liraglutide 3 mg) is approved in the US and EU for the treatment of obesity only

4 Slide 4 Highlights first three months of 25 Sales development Sales increased by 24% in Danish kroner and 9% in local currencies North America, International Operations and Region China grew by 34%, 22% and 3% in Danish kroner, respectively Levemir increased by 3% in Danish kroner and continues to capture market share in the US Victoza increased by 36% in Danish kroner and continues to drive the growth of the GLP- market Tresiba continues to perform well in countries with similar reimbursement as insulin glargine Research and Development Tresiba and Ryzodeg resubmitted to the US FDA in March and accepted for review in April Final two phase 3a trials comparing faster-acting insulin aspart with NovoRapid successfully completed Positive results for phase 2 trial with oral semaglutide in people with type 2 diabetes Saxenda approved in Europe for the treatment of obesity Financials Operating profit growth of 73% in Danish kroner; adjusted for partial NNIT divestment the growth was 7% in local currency Diluted earnings per share increased 56% to 3.79 DKK per share and 3.2 DKK when adjusted for partial divestment of NNIT 25 financial outlook: Sales growth is now expected to be 7-9% in local currencies (around 6% higher as reported) Operating profit growth is now expected around 7% in local currencies (around 25% higher as reported) 25 share repurchase programme increased to DKK 7.5 billion primarily reflecting partial divestment of NNIT

5 Slide 5 Changes to Executive Management President & CEO Lars Rebien Sørensen EVP Chief Science Officer EVP Product Supply EVP China, Pacific & Marketing EVP International Operations EVP Europe EVP US EVP Corporate Development EVP Chief Financial Officer Mads Krogsgaard Thomsen Henrik Wulff Jakob Riis Maziar Mike Doustdar Jerzy Gruhn Jesper Høiland Lars Fruergaard Jørgensen Jesper Brandgaard

6 Slide 6 North America is the main contributor to growth Sales as reported First three months of 25 Region China +3% International Operations +22% 5% Japan & Korea +6% % 5% 49% North America +34% Growth analysis First three months of 25 Local currencies Growth Share of growth North America % 56% Europe 5% % International Operations 2% 2 Region China % 3% Europe +6% 2 Japan & Korea Total sales 9% Sales of DKK 25.2 billion (+24%)

7 Slide 7 Growth is driven by modern insulin and Victoza Sales as reported first three months of 25 Growth analysis first three months of 25 Other Norditropin % 7% 3% Haemophilia +2% % 79% 79% Diabetes care +24% Sales of DKK 25.2 billion (+24%) Local currencies Growth Share of growth New-generation insulin n/a Modern insulin 8% 39% Human insulin Victoza 8% 28% Other diabetes care 6% 3% Diabetes care 9% 8 Haemophilia 2 6% 8% Norditropin 9% 7% Other biopharmaceuticals 4% 5% Biopharmaceuticals 8% 2 Total 9% Includes protein related products and OAD 2 Includes NovoSeven, NovoEight and NovoThirteen

8 Thousands Investor presentation First three months of 25 Slide 8 Victoza maintains leadership in the US GLP- market US GLP- market development US GLP- market shares MAT GLP- TRx () 5, Growth rate Total TRx MAT volume growth rate 25% GLP- TRx market share Victoza albiglutide exenatide dulaglutide 4, % 3, 5% 6 2, 4 3, 22 5% % 2% 25 Source: IMS NPA MAT, 25 Source: IMS NPA MAT, 25

9 Slide 9 North America drives strong Levemir performance aided by continued market share gains in the US DKK billion Levemir sales growth driven by strong performance in North America 2% North America 6% 68% Growth in local currency 5% -3% Europe IO China Japan & Korea Levemir market share and device penetration in the US modern basal insulin segment Market share 3 25% 2 5% 5% 22 Levemir device penetration Levemir market share Device penetration Note: Reported sales first three months of 25 Source: IMS MAT volume figures

10 Slide Roll-out of degludec portfolio progressing well Key launch observations Tresiba launched in 27 countries, recently in Colombia, Libya, Finland and the United Arab Emirates Tresiba has shown solid penetration in markets with similar reimbursement as insulin glargine Penetration of Tresiba remains modest in markets with restricted market access compared to insulin glargine Ryzodeg commercially launched in Mexico and India, and now also in Bangladesh Xultophy launched in Switzerland as first country Tresiba value share of basal insulin segment in selected countries 3 25% 2 Switzerland Japan Mexico 5% 5% 3% 8% 8% 5% 7% 3% 4% 2% Months from launch Note: Limited IMS coverage in India Source: IMS Monthly value figures, 25 India Sweden Denmark Netherlands United Kingdom Germany Argentina Brazil 27% 27%

11 Slide FDA accepts Tresiba and Ryzodeg resubmissions for review 7,638 people with type 2 diabetes currently on OADs or insulin DEVOTE (EX25-48) trial design Tresiba (blinded vial) + standard of care Insulin glargine (blinded vial) + standard of care Oct 23 Jan 25 H2 26 Status and next steps FDA has accepted for review the Class II Resubmissions for Tresiba and Ryzodeg The resubmission is based on the interim analysis of DEVOTE and includes a safety update from all clinical trials with insulin degludec as well as post marketing data Access to interim data remains restricted to a small team. Novo Nordisk management does not have access to the data Interim analysis Final analysis The trial is expected to be completed in the second half of 26 Key inclusion criteria: Age 5 years at screening with established CV disease or chronic kidney disease or Age 6 years at screening with risk factors for CV disease. Treatment with one or more oral or injectable anti-diabetic drug(s). Insulin naïve with HbA c 7. and eligible for insulin treatment or insulin treated with HbA c 7. or HbA c < 7. and current insulin treatment corresponding to at least 2IU of basal insulin OAD: Oral Anti-Diabetic drug; HR: Hazard Ratio; MACE: Major Adverse Cardiovascular Event

12 Onset 2 Onset Investor presentation First three months of 25 Slide 2 Phase 3a trials comparing faster-acting insulin aspart with NovoRapid shows non-inferiority,29 people with type diabetes 88 people with type 2 diabetes 2 Run-in -8 Run-in -8 Trial design Faster-acting insulin aspart (MT) Faster-acting insulin aspart (PM) NovoRapid (MT) Faster-acting insulin aspart (MT) NovoRapid (MT) 52 weeks 26 weeks Inclusion criteria: Type diabetes, optimised on Levemir.,43 people randomised 2 Inclusion criteria: Type 2 diabetes, optimised on basal insulin and OAD; HbA c of %. 689 people randomised MT: Mealtime; PM: Post-meal 26 Headline results Greater improvement of HbA c with mealtime faster-acting insulin aspart and similar HbA c improvement when dosed post-meal Statistically larger improvements in - and 2-hour PPG increments with meal-time faster-acting insulin aspart Similar overall rate of hypoglycaemia for all treatment groups, with a higher rate within first hour after meal if dosed at mealtime Similar reduction of HbA c in both treatment groups Statistically larger improvement in -hour PPG increment with faster-acting insulin aspart and numerically larger reduction for 2- hour PPG increment Similar overall rate of hypoglycaemia, with a higher rate of hypoglycaemia for faster-acting insulin aspart within first two hours after meal Note: Previously reported safety and tolerability profiles of insulin aspart confirmed PPG: Postprandial glucose

13 Slide 3 Positive results for phase 2 trial with oral semaglutide 632 T2DM patients diabetes drug naïve or on metformin Phase 2 trial design Oral semaglutide 2.5 mg (QD) Oral semaglutide 5 mg (QD) Oral semaglutide mg (QD) Oral semaglutide 2 mg (QD) Oral semaglutide 4 mg (QD) 2 Oral placebo (QD) Sc semaglutide. mg (QW) 26 weeks Headline results From a baseline HbA c of 7.9% people achieved the following improvements: Oral semaglutide:.7% to.9% (dose dependent) Sc semaglutide:.9% Oral placebo:.3% From a baseline of 92 kg people experienced a comparable weight loss of 6.5 kg with subcutaneous and the highest doses of oral semaglutide versus kg for placebo Semaglutide appeared to have a safe and well-tolerated profile; the most common adverse events were transient nausea and vomiting Phase 3 decision to be made after consultations with regulatory authorities and commercial assessment Key inclusion criteria: People with type 2 diabetes treated with diet and exercise and/or on a stable dose of metformin; HbA c % (both inclusive); BMI 25-4 (both inclusive). 2 Fast and slow escalation arms T2DM: Type 2 diabetes; Sc: Subcutaneous; QD: Once daily; QW: Once weekly

14 Slide 4 Significant news flow from late-stage diabetes and obesity pipeline Results available Project Past 3 months Within 3 months In ~3-6 months In ~6-9 months In ~9-2 months Tresiba Oral GLP- Faster-acting insulin aspart US resubmission Phase 2a onset 2 onset SWITCH SWITCH 2 Saxenda LATIN TD Semaglutide SCALE extension data SUSTAIN Note: Indicated timeline as of financial release of first three months of 25 on 3 Apr ADJUNCT ONE ADJUNCT TWO SUSTAIN 3 SUSTAIN 2 SUSTAIN 4 SUSTAIN 5 SUSTAIN 6 Victoza LEADER

15 Slide 5 Financial results first three months of 25 DKK million Q 25 Q 24 Change Sales 25,2 2,343 24% Gross profit 2,326 6,877 26% Gross margin 84.6% 83. Sales and distribution costs 6,47 5,86 2% Percentage of sales 24.4% 25. Research and development costs 3,25 3,68 3% Percentage of sales 2.9% 5.6% Administration costs % Percentage of sales 3.4% 4. Other operating income, net 2, N/A Hereof non-recurring income from the IPO of NNIT 2,376 Operating profit 3,857 8,33 73% Net financials (,372) 268 N/A Profit before income tax 2,485 8,3 5 Tax 2,69,843 42% Effective tax rate 2.9% 22.2% Net profit 9,876 6,458 53% Diluted earnings per share (DKK) % Diluted earnings per share (DKK) adjusted for NNIT IPO %

16 Non-hedged currencies Index ( Jan 24 = ) Hedged currencies Index ( Jan 24 = ) Investor presentation First three months of 25 Slide 6 Appreciation of key currencies against the Danish krone drive significant positive currency impact in USD/DKK CNY/DKK JPY/DKK GBP/DKK CAD/DKK Hedged 24 Currencies average 25 average 2 Spot rate 2 Impact of a 5% move 3 Hedging (months) USD ,675 CNY JPY GBP 925,,42 8 CAD RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK Non-hedged 24 Currencies 5 average 25 average 2 Spot rate 2 RUB INR ARS BRL TRY DKK per ; 2 As of 27 Apr 25; 3 Operating profit in DKK million per annum; 4 USD used as proxy; 5 Operating profit impact of one of the non-hedged currencies fluctuating 5% is in the range of DKK 5-3 million

17 Slide 7 Financial outlook for 25 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Net financials Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 3 Apr % Around 6 percentage points higher Around 7% Around 25 percentage points higher Loss of around DKK 6 billion Around 2% Around DKK 5. billion Around DKK 3. billion Around DKK billion Previous expectations 3 Jan % Around 2 percentage points higher Around Around 9 percentage points higher Loss of around DKK 5 billion Around 22% Around DKK 5. billion Around DKK 3. billion Around DKK 29-3 billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 27 Apr 25

18 Slide 8 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes DKK billion 35 Annual cash return to shareholders Free cash flow Share repurchase Dividend Expanded share repurchase Share repurchase programmes have enabled continued reduction in share capital DKK million 6 CAGR -2.7% Share capital E Based on improved outlook for free cash flow generation primarily related to partial divestment of NNIT Note: Dividends are allocated to the year of dividend pay. For 25 expected free cash flow is DKK billion. Share repurchase programmes run for 2 months starting ruary until end January of the following year % -2% -4% -2%

19 Slide 9 Closing remarks Solid market performance > annual diabetes care market growth driven by diabetes prevalence 27% 47% 45% c 69% market share in diabetes care and solid leadership position insulin volume market share with leadership position across all regions modern and new-generation insulin volume market share GLP- value market share with strong global leadership position Promising pipeline The only company with a full portfolio of novel insulin products GLP- portfolio offers expansion opportunity within type and 2 diabetes Xultophy supports promising outlook for insulin and GLP- combination therapy Saxenda holds potential within obesity Promising pipeline within haemophilia and growth hormone disorders Source: IMS MAT 25 volume and value (DKK) figures

20 Slide 2 Investor contact information Share information Novo Nordisk s B shares are listed on the stock exchange in Copenhagen under the symbol NOVO B. Its ADRs are listed on the New York Stock Exchange under the symbol NVO. For further company information, visit Novo Nordisk on the internet at: novonordisk.com Upcoming events 7 Jun 25 Investor and analyst event in connection with ADA 6 Aug 25 Financial statement for the first six months of Oct 25 Financial statement for the first nine months of Financial statement for 25 Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé, DK-288 Bagsværd Kasper Roseeuw Poulsen krop@novonordisk.com Daniel Bohsen dabo@novonordisk.com Melanie Raouzeos mrz@novonordisk.com In North America: Frank Daniel Mersebach fdni@novonordisk.com

21 Slide 2 Appendix. Novo Nordisk at a glance 2. Diabetes 3. Biopharmaceuticals 4. Financials

22 Slide 22 Novo Nordisk at a glance Global leader in diabetes care A focused pharmaceutical company with leading positions in diabetes, haemophilia and growth hormone Double digit top line growth driven by diabetes pandemic Significant growth opportunities fuelled by global presence and strong R&D pipeline High barriers to entry in biologics Operating margin targeting 4 Operating profit growth targeting 5% The core equity story Global insulin market share: 47% North America: Market share 37% Europe: Market share 47% International Operations: Market share 55% Japan & Korea: Market share 49% China: Market share 57% Earnings conversion to cash targeting 9 Cash generated returned to shareholders Global/regional headquarter Manufacturing R&D facility Source: IMS MAT 25 volume figures

23 Slide 23 Novo Nordisk works with four strategic focus areas based on five core capabilities Strategic focus areas Core capabilities Expand leadership in DIABETES Establish presence in OBESITY Engineering, formulating, developing and delivering proteinbased treatments Deep disease understanding Efficient Planning Expand large-scale leadership and production executing of proteins global launches of new products Building and maintaining a leading position in emerging markets Pursue leadership in HAEMOPHILIA Expand leadership in GROWTH DISORDERS The Novo Nordisk Way

24 Slide 24 Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders DKK billion CAGR for 5-year period Source: IMS MAT value figures Diabetes Market value Novo Nordisk value market share Global market position # 35% 3 25% 2 25 DKK billion DKK billion Growth disorders Market value 5% 3 5% CAGR value: 4.7% 8 CAGR value: 4.9% CAGR value: 5.% 2 4 5% 5% FY 2 Haemophilia Market value Novo Nordisk value market share Note: Annual sales figures for Haemophilia A,B and inhibitor segment. CAGR for 5-year period Source: Company reports Global market position #2 35% 3 25% 2 FY CAGR for 5-year period Source: IMS MAT value figures Novo Nordisk value market share Global market position 35% # 3 25% 2 5% 5% 25

25 Slide 25 Double digit top line growth driven by diabetes pandemic DKK billion Novo Nordisk reported quarterly sales by therapy Q 25 Diabetes care Haemophilia 2 Reported sales CAGR : 3.3% 7.4%.9% 9.6% 4.4% Norditropin CAGR for -year period 2 Haemophilia includes NovoSeven, NovoThirteen (as of Q 23) and NovoEight (as of Q 24) Other Q 25 Million people The number of people with diabetes according to IDF North America China CAGR : E Note: 2-79 age group CAGR for 4-year period Source: International Diabetes Federation: Diabetes Atlas, 2 and 24 Europe Japan & Korea International Operations

26 Slide 26 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care value market share Global diabetes care market by treatment class DKK billion GLP- Insulin OAD Novo Nordisk AstraZeneca Sanofi Novartis Merck Takeda Eli Lilly GSK 3 25 Total market: CAGR 2.9% 3 27% 2 Injectables: CAGR CAGR 6.6% 5 CAGR CAGR for -year period Source: IMS Monthly MAT value figures Source: IMS Monthly MAT value figures

27 Significant growth opportunities fuelled by strong R&D pipeline in diabetes, obesity, haemophilia and growth disorders Slide 27 PHASE PHASE 2 PHASE 3 SUBMITTED APPROVED 2 OG987GT Oral GLP- OG27SC Oral GLP- Faster-acting insulin aspart Levemir OG987SC Oral GLP- Semaglutide QW GLP- NovoRapid LAI287 QW basal insulin LATIN Type diabetes NovoMix LAI338 QD basal insulin N8-GP Long-acting rfviii Tresiba (EU/Japan) OI338GT Oral insulin N9-GP Long-acting rfix Ryzodeg (EU/Japan) G53L Glucagon analogue NN864 Once-weekly GH Xultophy (EU) NN9838 Amylin analogue Victoza NN745 Concizumab Saxenda (US/EU 3 ) NovoSeven NovoEight NovoThirteen /TRETTEN Norditropin Diabetes Obesity Haemophilia Growth disorders First Phase 2a trial to be initiated H 25 2 Approved in all triad markets (US, EU and Japan), unless noted 3 Approved in the US on 23 Dec 24 and EU 23 Mar 25

28 Slide 28 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions Global manufacturing setup North America: ~5,5 Europe: ~2,8 API production New Hampshire 2 API production Formulation & filling Assembly Kaluga Packaging Packaging Device & needle manufacturing Denmark International Operations: ~4,8 Japan & Korea: ~, China: ~2,9 Total non-hq/manufacturing FTEs: 7, Clayton Formulation & filling Assembly Packaging Montes Claros Formulation & filling Assembly Packaging Chartres Formulation & filling Assembly Packaging Koriyama Packaging Tianjin Formulation & filling Assembly Packaging Device manufacturing FTEs represent full-time employee equivalents in Novo Nordisk s sales regions (excludes a.o. employees in headquarter, research sites and manufacturing sites) as of Mar 25 2 New Hampshire is expected to start producing during 27

29 Slide 29 High barriers to entry in biologics Novo Nordisk s position is protected by patents and value chain setup Patent protection EU/US List is not exhaustive of all marketed Novo Nordisk products. 2 Formulation patent expiration year 3 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 4 Saxenda patent identical to the Victoza patent Source: Novo Nordisk / /3 2 28/ / / / /7 2 exp/exp Unique value chain position Research & Development Manufacturing Commercialisation History of protein engineering Highly efficient, flexible and capital intensive manufacturing Global commercial footprint Significant barriers to entry for biosimilar players Research & Development Need to show comparability in PK/PD trials Strict regulatory requirements in EU and US Requirement for both drug and device offering Manufacturing Significant economies of scale with incumbents Significant up-front CAPEX requirements with slow return on investment Commercialisation Large and fragmented target audience Cost pressure from payers On-going conversion to next generation drugs and slow market dynamics PK: Pharmacokinetic, PD: Pharmacodynamics

30 Slide 3 Long-term financial targets Performance against long-term financial targets Average Result Target 2 Operating profit growth Operating profit growth in local currencies 2% 8% 3% 5% Operating margin 34% 39% 4 Operating profit after tax to net operating assets 77% 25% Cash to earnings (three years average) 8% 93% 9 Note: The long term financial targets are based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain stable Simple average of reported figures 29-23; 2 The long-term financial targets were last updated in connection with the FY22 Financial Release

31 Slide 3 Diabetes and obesity

32 Insulin ( µ U/ ml ) Investor presentation First three months of 25 Slide 32 Diabetes the inability to manage blood sugar levels appropriately Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces 7 6 Insulin secretion profile Primary classifications 2 : Type diabetes: Complete insulin deficiency due to destruction of beta-cells in pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency : : 4: 8: 22: 2: 6: Time of day Diabetes fact sheet N 32, WHO, October 23 2 Polonsky et al. J Clin Invest 988;8: Breakfast Lunch Dinner

33 Insulin ( µ U/ ml ) Investor presentation First three months of 25 Slide 33 Insulin a hormone enabling blood sugar to enter cells Insulin enables glucose to become energy The aim of insulin therapy is to recreate normal blood insulin profile Facilitates uptake of blood sugar into cells 7 Short-lived, rapidly generated meal-related peaks (prandial) Inhibits glucose release from the liver 6 5 Fat cell Sustained Insulin profile (basal) Liver Pancreas Muscle 6: : 4: 8: 22: 2: 6: Time of day Breakfast Lunch Dinner Polonsky et al. J Clin Invest 988;8:442 48

34 Slide 34 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI 3 kg/m 2 ) US CDC data on obesity and diabetes prevalence among adults No Data < % % % >26. Diabetes prevalence No Data <4.5% % % % >9. CDC: Centers for Disease Control and Prevention Source: CDC s Division of Diabetes Translation. National Diabetes Surveillance System available at

35 Slide 35 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment remains a challenge the rule of halves The worldwide challenge of glycaemic control: mean HbA C in type 2 diabetes All people with diabetes Canada US 7.2% 6 Latin America 7.6% China % 8 India % 8 Japan % 4 Korea % 3 Russia % 8 5 are diagnosed 5 have access to care 5 25% 2% 5 get decent care 5 reach target Germany % 2 Greece % 2,7,8 Italy % 8 Poland % 8 Portugal % 2 Romania % 2 Spain % 7 Sweden % 2 Turkey % 2 UK % 9 Lopez Stewart et al. Rev Panam Salud Publica 27;22:2 2; 2 Oguz et al. Curr Med Res Opin 23;29:9 2; 3 Ko et al. Diab Med 27;24:55 62; 4 Arai et al. J Diabetes Investig. 22 Aug 2;3(4):396-4; 5 Harris et al. Diabetes Res Clin Pract 25;7:9 7; 6 Hoerger et.al. Diabetes Care 28;3:8 6; 7 Liebl et al. Diab Ther 22;3:e ; 8 Valensi et al. Int J Clin Pract 29;63(3):522-3; Blak et al. Diab Med 22;29:e3-2

36 Incidence risk (%) Investor presentation First three months of 25 Slide 36 UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications Risk reduction by lowering HbA c by %-point Diabetesrelated death Myocardial infarction Microvascular complications Peripheral vascular disease UKPDS year follow-up: Legacy effect of tight glycaemic control Relative risk reduction of intensive vs. conventional treatment (%) SU/Insulin SU/Insulin treated patientes Microvascular disease % * 4% Diabetes-related death Myocardial infarction % * All-cause mortality * p<. 43% * Statistically significant improvement Source: UKPDS, Stratton et al. BMJ 2; vol. 32:45 2 Source: NEJM, vol. 359, Oct 28

37 -cell function Investor presentation First three months of 25 Slide 37 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment intensification Distribution of patients and value across treatment classes Insulin GLP- OAD Diet and exercise OAD GLP- 8 6 Insulin 4 2 Time Patients Value OAD: Oral Anti-diabetic Drugs Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France. Value figures based on IMS MAT 25 Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas

38 Slide 38 The insulin market is comprised of three segments Insulin action profiles 6: : 4: 8: 22: 2: 6: Time of day Breakfast Lunch Dinner Fast-acting Premix Long-acting tmu Global insulin volume market by segment 34% 3% 36% 2 CAGR volume : 5.6% CAGR value : 8.4% Fast-acting Premix Long-acting 34% 28% 38% CAGR for 5-year period. Value in DKK Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume and value (DKK) figures 25

39 Slide 39 Medications used for the treatment of type 2 diabetes Class Commonly prescribed products for the treatment of type 2 diabetes HbA C change Hypoglycaemia Weight change CVD risk factors Dosing (pr. day) Contraindication/ undesired effects Metformin.5 No Neutral Minimal 2 OADs Kidney, liver Sulfonylurea.5 Yes Gain None OAD Essentially none TZDs No Gain Variable OAD CHF, liver DPP-IV inhibitors No Neutral TBD -2 OAD None SGLT-2 inhibitors No Loss TBD OAD Genital infections, urinary tract infections GLP No Loss TBD Varies GI side effects, MTC Long-acting insulin Yes Gain TG and HDL injection Hypoglycaemia Fast-acting insulin Yes Gain TG and HDL -4 injections Hypoglycaemia Note: TG and HDL: Beneficial effect on triglycerides and HDL cholesterol; CHF: Congestive heart failure; GI: Gastro intestinal; MTC: Medullary thyroid cancer. TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 26; 29: ; Nathan DM, et al. Diabetes Care. 27;3: ; Nathan DM, et al. Diabetes Care. 28;3: ADA. Diabetes Care. 28;3:S2-S54. WelChol PI. /28.

40 Slide 4 Sustained double-digit growth in insulin market DKK billion Global insulin market growth bdkk 66 2 CAGR: 5.6% 32 bdkk Volume contribution CAGR: 2.8% CAGR: 8.4% 65 bdkk Mix/price contribution bdkk 25 Volume The fundamental growth drivers of the insulin market Rising prevalence of diabetes Growing overweight and obesity prevalence Ageing of populations Rising diagnosis rates and treatment rates Intensification of insulin regimens Value Conversion to modern insulin and new-generation insulin Continued device penetration Favourable net pricing CAGR for 5-year period Source: IMS Monthly MAT value figures

41 Slide 4 Solid insulin volume growth in key regions Novo Nordisk regions North America Europe Market value size & growth 9. % 34% % 2% % 22% Market volume composition 38% 2% 4 Volume market shares Fast-acting 63% 37% Premix Long-acting 53% 47% Novo Nordisk Others International Operations 9.2 9% -3% 9.7 3% 46% 23% 45% 55% Region China 4.9 9% 7% 5.7 4% 2% 65% 43% 57% Japan & Korea 4.4-2% % 38% 5% 49% 24 bdkk Volume growth Mix/price growth 2 25 bdkk 27% IMS only covers part of the channels in China and International Operations. 2 Measured in DKK. Source: IMS 24 & 25 Monthly MAT volume and value (DKK) figures

42 Slide 42 Stable global insulin volume growth 4 35% 3 25% 2 5% 5% Regional insulin volume growth North America China Europe Int. Operations Japan & Korea World Note: China growth rate in impacted by change in reporting methodology Int. Operations growth rate in 2 impacted by inclusion of Russia not previously reported US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume figures 3.8% Regional insulin volume market split 2 North America Europe China Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume figures Int. Operations Japan & Korea 9% 22% 3% 35% 3% 25

43 Thousands Thousands Thousands Investor presentation First three months of 25 Slide 43 Maintaining insulin leadership by sustaining modern insulin market share Novo Nordisk volume market share across insulin classes Novo Nordisk class MS (%) tmu Human insulin tmu Modern insulin 3 tmu Total insulin 2 Market value 2 : DKK 8 billion Includes animal insulin. 2 Annual value of total insulin class. 3 Includes new generation insulin Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS, Monthly MAT value and volume figures Market value 2 : DKK 5 billion Market value 2 : DKK 68 billion class volume

44 Slide 44 Strong underlying insulin market growth and steady market share development tmu Global insulin market Global modern insulin volume market shares Device penetration Modern insulin penetration Novo Nordisk Sanofi Eli Lilly Penetration CAGR volume 2 : 5.6% 6 CAGR value 2 : 8.4% % % Modern insulin % Human insulin Includes new generation insulin. 2 CAGR for 5-year period Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume and value (DKK) figures 2 Includes new generation insulin Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22, does not add up to due to other players Source: IMS Monthly MAT volume figures 25

45 Slide 45 Novo Nordisk s modern insulins continue strong performance within their respective segments tmu Fast-acting insulin Segment volume NovoRapid market share CAGR volume: 6. MI penetration: 76.% tmu Premixed insulin Segment volume NovoMix market share CAGR volume: 3.4% MI penetration: 48.% tmu Long-acting insulin 2 Segment volume Levemir market share CAGR volume: 6.9% MI/NG penetration: 79.5% CAGR for 5-year period Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; NG: new generation; US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume figures

46 Slide 46 NovoRapid remains the preferred modern fast-acting insulin in all key markets Fast-acting insulin market by volume Share of total insulin market 6 NovoRapid Segment volume growth Other modern insulin Others Example of NovoRapid promotional sales aid 4 3% 5% 7% 5% 2 9% 5% North America Europe IO Japan & Korea Region China Global Note: Segment volume growth 25 vs 24. IO: International Operations. Human insulin incl. animal insulin Source: IMS MAT 25 volume figures Picture of sales aid is not intended for promotional purposes Source: NovoRapid Summary of Product Characteristics

47 Slide 47 Continued growth potential for NovoMix in the premix insulin segment in key markets Share of total insulin market 8 Premix insulin market by volume NovoMix Segment volume growth Other modern insulin Others 8% Example of NovoMix promotional sales aid 6 4-9% 7% -9% % 2-3% North America Europe IO Japan & Korea Region China Note: Segment volume growth 25 vs 24. IO: International Operations. Human insulin incl animal insulin Source: IMS MAT 25 volume figures Picture of sales aid is not intended for promotional purposes Source: NovoMix Summary of Product Characteristics

48 Slide 48 Solid growth potential for Levemir in the long-acting insulin segment Share of total insulin market 6 Basal insulin market by volume 3% Tresiba Levemir Other modern insulin Human insulin Segment volume growth Example of Levemir promotional sales aid 4 5% 9% 7% 5% 2 5% North America Europe IO Japan & Korea Region China Global Note: Segment volume growth 25 vs 24. IO: International Operations. Human insulin incl. animal insulin Source: IMS MAT 25 volume figures Picture of sales aid is not intended for promotional purposes Sources: Blonde L. et al. Diabetes, Obesity and Metabolism 29; Hermansen K. et al. Diabetes Care 26; Levemir EU Summary of Product Characteristics, April 22; Philis-Tsimikas A. et al. Clinical Therapeutics 26; Rosenstock J et al. Diabetologia 28; IMS Worldwide Data Q3 22; Reimer T. et al. Clinical Therapeutics 28

49 Slide 49 Still a significant potential for Novo Nordisk on the US modern insulin market tmu US insulin market segments Device penetration CAGR volume : 2.4% CAGR value : 25.6% Modern Insulin penetration 25 CAGR for 5-year period 2 US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume and value (DKK) figures 2 Fast-acting Premix Long-acting Penetration US modern insulin volume market shares 2 Source: IMS Monthly MAT volume figures Novo Nordisk Sanofi Eli Lilly 42% 38% 2 25

50 Slide 5 Novo Nordisk s modern insulins have gained market share in expanding US insulin market US fast-acting insulin US premixed insulin US long-acting insulin tmu Segment volume NovoLog market share CAGR volume : 3.7% MI penetration: 83.4% 8 6 tmu Segment volume NovoMix market share CAGR volume : (7.3%) MI penetration: 57.8% 8 6 Segment volume Levemir market share tmu 7 CAGR volume : 4.4% MI penetration: 89.6% CAGR for 5-year period Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22. Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin Source: IMS Monthly MAT volume figures

51 Slide 5 Sustained leadership position on the European modern insulin market tmu European insulin market by segments 2 Device penetration CAGR volume : 2.8% CAGR value : 4.2% Fast-acting Premix Long-acting CAGR for 5-year period 2 Includes new generation insulin Source: IMS Monthly MAT volume and value (DKK) figures Modern Insulin penetration 2 Penetration European modern insulin volume market shares Novo Nordisk Sanofi Includes new generation insulin Source: IMS Monthly MAT volume figures, numbers do not add up to due to smaller insulin manufacturers Eli Lilly 47% 34% 8% 25

52 Slide 52 Stable leadership position in International Operations tmu International Operations insulin market by segments Device penetration CAGR volume : 4.7% CAGR value : 4.8% Fast-acting Premix Long-acting Modern Insulin penetration 2 Penetration CAGR for 5-year period. 2 Includes new generation insulin. Note: IMS only covers the following 3 markets in IO (retail data): Algeria, Argentina, Australia, Brazil, Colombia, Egypt, India, Mexico, NZ, Russia, Saudi Arabia, South Africa & Turkey Source: IMS Monthly MAT volume and value (DKK) figures International Operations insulin volume market shares Novo Nordisk Sanofi Note: Only top-4 shown Source: IMS Monthly MAT volume figures, numbers do not add up to due to smaller insulin manufacturers Eli Lilly Biocon 55% 9% 8% 3% 25

53 Slide 53 Sustained leadership position on the rapidly growing Chinese insulin market tmu Chinese insulin market by segments Device penetration CAGR volume : 7.3% CAGR value : 26.2% CAGR for 5-year period Note: IMS covers around 5 of the total Chinese market (hospital data) Source: IMS Monthly MAT volume and value (DKK) figures Modern Insulin penetration Fast-acting Premix Long-acting Penetration Chinese insulin volume market shares 2 Novo Nordisk Shanghai Fosun Note: Only top-5 shown Source: IMS Monthly MAT volume figures, numbers do not add up to due to smaller insulin manufacturers Sanofi Eli Lilly Tonghua Dongbao 57% 4% 9% 8% 6% 25

54 Slide 54 Stabilising market leadership position in Japan tmu 4 Japanese insulin market by segments Device penetration CAGR volume :.% CAGR value :.2% Modern Insulin penetration 2 Penetration Japanese modern insulin volume market shares Novo Nordisk Sanofi Eli Lilly Fast-acting Premix Long-acting % 23% 25 CAGR for 5-year period 2 Includes next generation insulin Source: IMS Monthly MAT volume and value (DKK) figures Source: IMS Monthly MAT volume figures

55 Slide 55 Promising Tresiba performance strengthens total insulin market share in Japan 8 Japanese basal value market shares glargine Tresiba Levemir NPH NN Total Basal Japanese total insulin value market shares Novo Nordisk Sanofi Eli Lilly % % 27% 9% % 9% 22 4% Source: IMS Monthly 25 value figures Source: IMS Monthly 25 value figures

56 Slide 56 GLP- effect dependent on level of blood glucose which reduces risk of hypoglycaemia GLP- mechanism of action when blood sugar levels increase Increases insulin secretion in the pancreas Reduces glucagon secretion in the liver Slows gastric emptying in the gut Creates sense of satiety in the brain Liver Brain Pancreas Gut Glucose (mmol/l) GLP- lowers blood glucose in patients with type 2 diabetes Time Source: Rachman et al. Diabetologia 997;4:25 Type 2 diabetes patients, no GLP- Type 2 diabetes patients, with GLP- Healthy controls receiving saline Breakfast Lunch Snack 8.

57 Slide 57 Victoza has a strong position in the global DPP-IV, GLP- and SGLT-2 segment DKK billion Segment value Share of segment value growth Segment value market shares Victoza Other GLP- SGLT-2 DPP-IV CAGR value: 38.5% % 23 vs. 24 4% 24 vs % 25 CAGR for 5-year period Note: Segment only includes DPP-IV, GLP- & SGLT-2. Other oral anti-diabetic agents and insulin excluded Source: IMS MAT 25 value figures

58 Slide 58 Victoza has a strong leadership in the global GLP- market Share of total diabetes care market 8% 7% 6% 5% 4% 3% 2% % 2 CAGR for 5-year period, Source: IMS Monthly MAT, value figures (DKK) Global GLP- market GLP- sales in bdkk (right axis) CAGR value : 38.% Victoza Other GLP North America constitutes the majority of the GLP- value market North America Japan & Korea 22% Annual value of diabetes market 25 Source: IMS Monthly value figures (DKK) Europe China (.4%) 4% 4% 2% 3% 74% International Operations

59 Slide 59 The US GLP- market continues to expand GLP- TRx scripts (thousands) US GLP- market Source: IMS TRx retail value, monthly NPA data, ruary 25 GLP- % of diabetes care market Victoza exenatide albiglutide dulaglutide 25 8% 6% 4% 2% Key observations for Victoza in the US market Victoza market share within the GLP- segment is 64% Roughly 65% of Commercial and roughly 78% of Medicare Part D lives are covered without restrictions 2 Around 62% of new patients are new to treatment or from OAD-only regimens 3 More than two-thirds of prescriptions are for the 3-pen pack Victoza represents.5% of total prescriptions in the US diabetes care market IMS monthly NPA data, ruary 25 2 Fingertip Formulary, March 25 3 IMS Monthly LRx Weekly, March 27, 25

60 Slide 6 Key Novo Nordisk diabetes care products remain broadly available in the US Value market share 8 Value market shares of key Novo Nordisk products in the US % unrestricted market access of key Novo Nordisk products in the US Victoza NovoLog Levemir Unrestricted Victoza NovoLog Levemir Market access Note: Market shares: NovoLog =share of rapid acting insulin segment, Levemir =share of basal insulin segment, Victoza =share of GLP- segment Source: IMS NSP Monthly Custom Feed, 25; data displayed as MAT value share 2 Source: FingerTip Formulary, 25 Note: Unrestricted access excludes prior authorisation, step edits and other restrictions 25

61 Diabetes market share (value) Investor presentation First three months of 25 Slide 6 Victoza maintains GLP- class leadership position in key European markets 4% Development in key European markets following Victoza launch Germany Market value : DKK 3 billion 4% UK Market value : DKK 7 billion Victoza 4% exenatide Lixisenatide France Market value : DKK 8 billion 2% 2% 2% 8% 8% 8% 6% 6% 6% 4% 4% 4% 2% 2% 2% MAT value of diabetes market, 25 Source: IMS Monthly value figures

62 Slide 62 Strong Victoza position in the GLP- segment across all markets Share of total diabetes care market 8% 33% GLP- market by value 3% Victoza exenatide albiglutide lixisenatide dulaglutide GLP- value growth 27% Example of Victoza promotional sales aid 6% 4% 2% % 9% 44% North America Europe IO Japan & Korea Region China Global Source: IMS MAT 25 vs MAT 24 figures in value Picture of sales aid is not intended for promotional purposes Source: Victoza Summary of Product Characteristics

63 Slide 63 R&D pipeline: Diabetes and obesity Product/project Type Indication Status (phase) 2 3 Filed Appr. Tresiba (NN25) New-generation once-daily basal insulin analogue Type +2 Ryzodeg (NN54) Co-formulation of insulin degludec and insulin aspart Type +2 Xultophy (NN968) 2 Combination of insulin degludec and liraglutide Type 2 Faster-acting insulin aspart (NN28) New formulation of insulin aspart Type +2 Semaglutide (NN9535) Once-weekly GLP- analogue Type 2 LATIN TD (NN92) Once-daily GLP- analogue Type OG27SC (NN9924) Long-acting once-daily oral GLP- analogue Type 2 OG987GT (NN9926) Long-acting once-daily oral GLP- analogue Type 2 OG987SC (NN9927) Long-acting once-daily oral GLP- analogue Type 2 LAI287 (NN436) Long-acting once-weekly basal insulin analogue Type +2 LAI338 (NN438) Long-acting once-daily basal insulin analogue Type +2 OI338GT (NN953) 3 Long-acting oral basal insulin analogue Type 2 Saxenda (NN822) 4 Once-daily GLP- analogue Obesity G53L (NN93) Novel glucagon analogue Obesity NN9838 Novel long-acting amylin analogue Obesity Approved in EU, Japan and a number of other markets. 2 Approved in EU on 8 Sep First Phase 2a trial to be initiated H Approved in US on 23 Dec 24 and in EU on 23 March 25

64 Slide 64 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment flow Type 2 diabetes progression and Novo Nordisk ideal treatment flow Diet & exercise OAD s GLP- Insulin initiation Optimisation Intensification Metformin OR OR Pending clinical development programmes and regulatory processes for Xultophy, semaglutide and faster-acting insulin aspart

65 Slide 65 Phase 3b trial shows superior HbA c reduction for Victoza compared to lixisenatide in people with type 2 diabetes Phase 3b trial design Headline results Victoza Lixisenatide 44 people with type 2 diabetes Victoza.8 mg + metformin Mean baseline HbA c 8.4% 8.4% HbA c reduction.8% *.2% Lixisenatide 2 µg + metformin 26 weeks % reaching HbA c target of <7% Fasting plasma glucose 74% * 46% Higher reduction * Weight change -4.3 kg -3.7 kg Inclusion criteria Age 8 years, HbA c 7.5.5%, BMI 2 kg/m2 * Victoza statistically significantly better than lixisenatide

66 Slide 66 BEGIN phase 3a programme confirms stable and efficacious profile of insulin degludec Tresiba OD vs insulin glargine OD results from BEGIN phase 3a trial Profile Basal insulin with flatter, less variable profile and a doubling in half-life Efficacy Improved fasting glucose control Less impact of missed dose Safety Lower rate of overall hypoglycaemia Lower rate of nocturnal hypoglycaemia Convenience Dosing flexibility, enabling administration at any time on any day Reduced injection volume (U2) one injection for all Superior pen with easy-touch dosing mechanism OD: once-daily Based on trial NN , NN , NN , NN , NN25-377, NN and NN

67 SWITCH 2 SWITCH Investor presentation First three months of 25 Slide 67 Two SWITCH trials ongoing with Tresiba vs insulin glargine to further assess hypoglycaemia profile Trial designs Purpose and endpoints 446 people with type diabetes IDeg once daily x IAsp IGlar once daily x IAsp IDeg once daily x IAsp IGlar once daily x IAsp Purpose NN : To document hypoglycaemia benefit in type diabetes NN : To solidify hypoglycaemia benefit in type 2 diabetes 668 people with type 2 diabetes Randomised : Double-blinded IDeg once daily ± metformin IGlar once daily ± metformin 6 week washout HbA c < 7 6 week HbA c stable IDeg once daily ± metformin IGlar once daily ± metformin 6 week washout HbA c < 7 6 week HbA c stable Primary confirmatory endpoint Symptomatic confirmed hypoglycaemic events in HbA c stable period Secondary confirmatory endpoints Symptomatic nocturnal confirmed hypoglycaemic events events in HbA c stable period Proportion of subjects with severe hypoglycaemic event events in HbA c stable period From pre-treatment Note: IDeg= insulin degludec; IGlar=insulin glargine

68 Slide 68 Competitive European label for Xultophy Xultophy is indicated for the treatment of adults with type 2 diabetes in combination with oral glucose-lowering agents Profile Xultophy is a fixed combination product consisting of insulin degludec and liraglutide having complementary mechanisms of action to improve glycaemic control Administered as dose steps: One dose step contains unit of insulin degludec and.36 mg of liraglutide Efficacy On average HbA c reduction of.9% from baseline to end of trial confirmed to be superior against all comparators 2 On average 2.7 kg weight loss from baseline in patients inadequately controlled on basal insulin Convenience Once-daily administration at any time of the day, preferably at the same time of the day The pre-filled pen can provide from up to 5 dose steps in one injection Safety Lower rates of confirmed hypoglycaemia than with insulin degludec in patients on metformin +/- pioglitazone Fewer experienced gastrointestinal side effects than patients treated with liraglutide Source: DUAL TM I (NN ), DUAL TM II (NN ) 2 Insulin degludec, liraglutide and placebo

69 Slide 69 Xultophy has documented strong efficacy across the treatment cascade DUAL I Add-on to metformin ± Pio n = 833 Xultophy key clinical results DUAL II Add-on to metformin ± basal insulin n = 99 DUAL III Switch from GLP- n = 292 DUAL IV Add-on to SU ± metformin n = 289 Note: Typical confirmed hypoglycaemia event rates for treatment with basal insulin are episodes per PYE (based on insulin glargine event rates from trials NN , 3579 and 3672) where the FPG target and hypoglycaemia definition is similar to the DUAL trials Source: Novo Nordisk Trial IDs: DUAL TM I (NN ), DUAL TM II (NN ), DUAL TM III (NN ), DUAL TM IV (NN ), DUAL TM V (NN ) DUAL TM V Switch from insulin glargine n = 557 Mean trial start HbA c (%) Mean trial end HbA c (%) HbA c change (%) % to target < 7% (%) % to target < 6.5% (%) Confirmed hypoglycaemia (Episodes per PYE) Weight change (kg)

70 HbA c reduction (%) Weight loss (kg) Investor presentation First three months of 25 Slide 7 In a phase 2 trial, semaglutide dose dependently reduced HbA c and body weight from baseline Baseline HbA c reduction in 2 week phase 2 trial Placebo. mg.2 mg.4 mg.8 mg.8 mg T.6 mg T.2 mg.8 mg * -.** Semaglutide ** -.46** -.69** # -.8 Victoza *p<.5 vs. placebo; **p<. vs. placebo; #Semaglutide.6 mg T superior to Victoza.2 mg and.8 mg; data are LS means Source: Nauck et al. EASD 22: Oral presentation 2 (trial ) Baseline Weight loss in 2 week phase 2 trial Placebo. mg.2 mg.4 mg.8 mg.8 mg T.6 mg T.2 mg.8 mg Semaglutide * -3.6** -4.8** -.9 Victoza *p<.; **p<...8 mg T/.6 mg T superior to Victoza.8 mg and.8 mg/.8 mg T/.6 mg T superior to Victoza.2 mg (based on unadjusted means); Baseline values for information only: data are model-adjusted for baseline weight. Data are LS means, FAS LOCF (ANOVA)

71 Slide 7 SUSTAIN phase 3a programme to support a broad competitive label for semaglutide SUSTAIN : Monotherapy 3 weeks, n= 4 SUSTAIN 2: Semaglutide vs sitagliptin 56 weeks, n=,2 SUSTAIN 6: Long-term outcomes trial Min. 4 weeks, n=3,2 SUSTAIN 3: Semaglutide vs exenatide once-weekly 56 weeks, n= 8 SUSTAIN 4: Semaglutide vs insulin glargine 3 weeks, n=, SUSTAIN 5: Add-on to basal insulin 3 weeks, n=4 In the SUSTAIN phase 3a programme,.5 mg and. mg doses of semaglutide are being tested in people with type 2 diabetes. Note: Estimated timing of trials as listed on excl. data analysis; n= approximate no of randomised patients

72 Glucose infusion rate (mg/kg*min) Glucose infusion rate (mg/kg*min) Investor presentation First three months of 25 Slide 72 Improvement in early glucose lowering with faster-acting insulin aspart vs insulin aspart in phase trial PD: Mean GIR profiles ( 3 minutes) for faster-acting insulin aspart vs insulin aspart Faster-acting insulin aspart Insulin aspart PD: Mean GIR profiles ( 3 minutes) for insulin aspart vs human insulin Insulin aspart Human insulin 8 6 AUC GIR, 3 min ratio [95% CI] faster aspart / insulin aspart.48 [.3; 2.2] 8 6 AUC GIR, 3 min ratio [95% CI] IAsp / human insulin.38 [.78; 2.89] Nominal time (min) Nominal time (min) Source: Haahr et al. ADA 24, Abstract number 9-P Source: Heise T et al. Diabet Obes Metab 25; DOI:./dom.2468 [Epub ahead of print]

73 Events per PDE Investor presentation First three months of 25 Slide 73 Positive effects of liraglutide as adjunct therapy to insulin in type diabetes were observed in a phase trial Key results from phase trial Hypoglycaemic episodes during CGM 2 Reduction in insulin dose at same HbA c Liraglutide.6 mg (n=) Liraglutide.8 mg (n=9) Significant body weight loss Liraglutide.2 mg (n=2) Placebo (n=35) No significant change in overall hypoglycaemia 2. p=.9 p=.44 p=.52 Reduction in hypoglycaemic episodes during CGM -3% -35% -39% No unexpected safety or tolerability issues mg.2 mg.8 mg Compared to the relevant placebo group CGM: Continous Glucoese Monitoring 2 Interstitial glucose 3.9 mmol/l PDE: Person Days of Exposure Source: EASD 23 oral presentation #3, Simon Heller et al

74 Slide 74 ADJUNCT phase 3a programme for LATIN TD liraglutide as adjunct therapy to insulin in type diabetes ADJUNCT phase 3a programme Global clinical phase 3 program in type diabetes with more than 2, patients Designed to demonstrate efficacy and safety of liraglutide as adjunct therapy to insulin in type diabetes ADJUNCT phase 3a trials and design ADJUNCT ONE : Liraglutide versus placebo as adjunct to insulin, 52 weeks, n=,4 Trials will seek to demonstrate: Lower HbA c or decrease in insulin dose Lower body weight and/or lower number of hypoglycaemic episodes ADJUNCT TWO TM : Liraglutide versus placebo as adjunct to insulin 2, 26 weeks, n=8 ADJUNCT ONE TM : Treat-to-target trial with no upper limit on total daily insulin dose 2 ADJUNCT TWO TM : Upper limit on total daily insulin dose corresponding to pre-trial average total daily insulin dose

75 Slide 75 Oral peptide delivery the gastro-intestinal route poses many challenges to absorption of intact macromolecules Challenges. Breakdown of drug in the stomach/gastrointestinal tract 2. Passage across the gut barrier into the circulation 3. Ensuring a long circulation half-life Solutions. Stabilisation of peptide backbone and side chain 2. Tablet formulation including carrier and/or coating 3. Engineered systemic protraction mechanism

76 Glucose Infusion Rate (mg/kg/min) Glucose Infusion Rate (mg/kg/min) Investor presentation First three months of 25 Slide 76 Long-acting insulin LAI287 intended for once-weekly dosing 5 Glucose Infusion Rate vs. time (predicted mean at steady state) 8 nmol/kg IGlar.4 U/kg Glucose Infusion Rate vs. Time (Predicted Mean) LAI287, 8 nmol/kg Insulin glargine,.4 U/kg Key observations The peak-to-trough ratios for Glucose Infusion Rate are comparable for ultra-long-acting insulin LAI287 and oncedaily insulin glargine (approx. 65% for both) 4 Half-life deemed adequate for once-weekly dosing Time (days) Time (days) 7 23-Oct-25T:2:2 E:/Project/NN436/NN /current/Splus/Final/9_MultipleDoseComparison.ssc Note: Pharmacokinetic simulation

77 Slide 77 Obesity burden in the US Incidence of obesity in the US Comments to the US obesity burden Million people Overweight BMI Class I BMI Obese Class II BMI Class III BMI 4+ TOTAL Cost of obesity to health care systems of USD 47 billion annually 2 with continued growth Around 35% of the US adult population (over 2 years) are clinically obese (BMI>27) 3 Normal Glucose 39 7 x7-62 Only around 23% of all obesity cases in the US were diagnosed in 2 3 Pre- Diabetes 34 2 x9 74 T2DM x7 x6 x4 x4 22 In 2, only 3 million people in the US or around 3% of the adult obese population were treated with weight loss medication 4 TOTAL Impaired Fasting Glucose Source: NHANES and revised 2 CDC estimates 2 Finkelstein et al. Health Affairs 28, no. 5 (29): w Flegal, KM. JAMA. 22;37(5): Doi:./jama Obesity. Decision resources, Inc. December 2:38

78 Low Medium High Investor presentation First three months of 25 Slide 78 Significant unmet need in obesity management Insufficient treatment options All people with obesity Mean weight loss Significant gaps in obesity treatment Bariatric surgery People diagnosed People Rx treated 3 4% Diet and exercise Anti-obesity medication with weight loss of 5- Low Medium High Complexity of treatment Source: Diagnosis rate, Practice Fusion Mar 24 & Treatment rate, Understanding the Treatment Dynamics of the Obesity Market, IMS Database (NPA), Aug 24

79 Slide 79 Small but growing market for anti-obesity medication in the US Value of the US obesity market remains small compared to the US diabetes market DKK million 2,,5, 5 Note: 25 is MAT 25 Source: IMS NSP data Few people treated with AOM in US, but recent launches have contributed to market growth TRx volume (thousands), AOM TRx volume Phentermine TRx volume Lorcaserin launch Phentermine and topiramate launch Note: Phentermine and topiramate is the fixed combination; naltrexone HCI and bupropion HCI is the second fixed dosed combination to market. AOM: anti-obesity medication Source: IMS NPA Monthly, 25 Naltrexone HCI and bupropion HCI launch 25

80 Slide 8 Saxenda demonstrated weight loss in all SCALE trials Overview of weight loss (%) in the SCALE programme Saxenda Placebo % patients with 5% weight loss Obesity & Pre-diabetes 2 (56 weeks and n=3,73) Diabetes 3 (56 weeks and n=846) Sleep Apnoea 4 (32 weeks and n=359) Maintenance,5 (56 weeks and n= 422).2% 2.6% 2..6% 5.9% 5.7% 6.2% % 27.% 49.9% 3.8% 46.3% 8.5% 5.5% 2.8% Note: Observed means, last observation carried forward (LOCF) at end of trial. N=number of randomised participants Trial includes 2 week run-in period before randomization Source: 2 Fujioka K et al, Diabetologia 24; 57 (Suppl ): Abstract 94-OR at EASD 24; 3 Davies M, Diabetologia 24; 57 (Suppl ): Abstract 39-OR at EASD 24; 4 Wadden et al. Int J Obes (Lond). 23;37:443-5; 5 Blackman A, Diabetologia 24; 57 (Suppl ): Abstract 84-OR at EASD 24

81 Slide 8 Competitive US label for Saxenda Saxenda approved in the US for chronic weight management in individuals with a BMI 3, or 27 in the presence of at least one weight-related comorbidity Profile GLP- receptor agonist a physiological regulator of appetite and calorie intake Saxenda is the first and only GLP- receptor agonist approved for weight management Effect on body weight 9 in lose weight and in 3 people lose more than of their body weight 2 Average weight loss of 9.2% in completers at one year 2 Effect on comorbidities Improvements in cardiometabolic risk factors such as hypertension and dyslipidaemia Safety Boxed warning on thyroid C-cell tumours Precautions on acute pancreatitis, acute gallbladder disease, serious hypoglycaemia 3, heart rate increase, renal impairment, hypersensitivity and suicidal ideation Examples include hypertension, type 2 diabetes and dyslipidemia. 2 Saxenda US Package Information. 3 When used with an insulin secretagogue

82 Slide 82 Saxenda targeted at patients with BMI 35 and weightrelated comorbidities Focused patient profile Market approach Clear patient segmentation Saxenda aspiration All people with BMI 3 Diagnosed with obesity Focused prescriber targeting Clear product value proposition Build the market Treated with Saxenda Treated for obesity Focus on engaging prioritised payers and employers