#1Commercial execution / Innovation and therapeutic focus * Obesity care novo nordisk CMD22 CAPITAL MARKETS DAY 3 MARCH Camilla Sylvest EVP Commercial Strategy and Corporate Affairs Henrik Wulff Product Supply, Quality & IT Doug Langa EVP North America Operations Mike Doustdar EVP International Operations Martin Holst Lange EVP Development MICHAEL PETERSEN Michael lives with obesity Denmark#22 Commercial execution and innovation Obesity care Novo NordiskⓇ Forward-looking statements. Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022 in continuation of the publication of this Annual Report 2021, this presentation, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking 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 presentation, could cause actual results to differ materially from those contemplated in any forward-looking 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, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, product recalls, 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 including the risk of cybersecurity breeches, 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, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, and factors related to the foregoing matters and other factors not specifically identified herein. For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk's results or the accuracy of forward-looking statements in this Annual Report 2021, reference is made to the overview of risk factors in 'Risk management' of this Annual Report 2021. 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 Annual Report 2021, whether as a result of new information, future events, or otherwise. Important drug information VictozaⓇ and OzempicⓇ are approved for the management of type 2 diabetes only SaxendaⓇ and WegovyⓇ are approved in the USA and the EU for the treatment of obesity only CMD22 CAPITAL MARKETS DAY#3Commercial execution 3 Commercial execution and innovation Obesity care Strategic aspirations 2025 Purpose and Sustainability (ESG) Progress towards zero environmental impact Being respected for adding value to society Being recognised as a sustainable employer Strengthen Diabetes leadership - aim at global value market share of more than 1/3 Strengthen Obesity leadership and double current sales¹ Secure a sustained growth outlook for Rare disease Financials Innovation and therapeutic focus • • Further raise the innovation-bar for diabetes treatment Develop a leading portfolio of superior treatment solutions for obesity Strengthen and progress the Rare disease pipeline Establish presence in Other serious chronic diseases focusing on CVD, NASH and CKD 1 Based on reported sales in 2019, 2 From 2015 to 2022, 70% of sales to come from products launched from 2015. IO: International Operations; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease. Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. Deliver solid sales and operating profit growth Deliver 6-10% sales growth in IO • Transform 70% of sales in the US² Drive operational efficiencies across the value chain to enable investments in future growth assets Deliver free cash flow to enable attractive capital allocation to shareholders CMD22 CAPITAL MARKETS DAY Novo NordiskⓇ#44 Commercial execution and innovation Obesity care More than 650 million people are living with obesity, yet the narrative is changing Obesity is a global epidemic affecting more than 650 million people¹ Obesity impacts both the individual and society at large Obesity prevalence (%) <10.0 10.0-19.9 20.0-29.9 ≥30.0 Not applicable Obesity is associated with >200 possible health complications² ~3% of global GDP and >8% of healthcare budget per country³ The obesity narrative is changing Media: Shift to more empathetic tone A ५ Healthcare professionals: Increased recognition among societies within healthcare Policymakers: More government recognition People with obesity: Patient groups are encouraging PwO to seek treatment Note: Obesity is defined as BMI > 30. PWO: People with obesity 1 World Health Organization. 2018. Obesity and overweight. http://www.who.int/mediacentre/factsheets/fs311/en/; 2 Yuen M., Earle R., Kadambi N., et al. A systematic review and evaluation of current evidence reveals 236 Obesity-Associated Disorders (OBAD). Massachusetts General Hospital & George Washington University. [Poster presentation]; 3 Dobbs R, Sawers C, Thompson F, et al. Overcoming Obesity: An Initial Economic Analysis. McKinsey Global Institute. Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#55 Commercial execution and innovation Obesity care Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people 650 live with obesity 50 50 650 0 -10% seek help ~2% are treated with an AOM ~2.5 million seen by obesity experts Treated ~1 million 55 65 with SaxendaⓇ in 2021 Only 25% on treatment for more than 1 year 13 -2.5——— -1 0.25 Ensure obesity is a healthcare priority needing medical management Maximize the value of Novo Nordisk's superior treatment solutions People with obesity activation HCP engagement Value proposition to payers Marketed product portfolio and pipeline closing the treatment gaps HCP: Healthcare providers; AOM: Anti-obesity medication Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#66 Commercial execution and innovation Obesity care Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people. 650 live with obesity 50 50 650 0 Truth -10% seek help ~2% are treated with an AOM ~2.5 million seen by obesity experts Treated ~1 million 55 65 with SaxendaⓇ in 2021 Only 25% on treatment for more than 1 year 13 -2.5——— -1 0.25 Ensure obesity is a healthcare priority needing medical management About Weight™ HCP: Healthcare providers; AOM: Anti-obesity medication Maximize the value of Novo Nordisk's superior treatment solutions HCP engagement Value proposition to payers Marketed product portfolio and pipeline closing the treatment gaps Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#77 Commercial execution and innovation Obesity care Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people. 650 live with obesity 50 50 650 0 Truth -10% seek help ~2% are treated with an AOM ~2.5 million seen by obesity experts Treated ~1 million 55 65 with SaxendaⓇ in 2021 Only 25% on treatment for more than 1 year 13 -2.5——— -1 0.25 Ensure obesity is a healthcare priority needing medical management Rethink ObesityⓇ direct care obesity Value proposition to payers About Weight™ HCP: Healthcare providers; AOM: Anti-obesity medication Maximize the value of Novo Nordisk's superior treatment solutions Marketed product portfolio and pipeline closing the treatment gaps Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#88 Commercial execution and innovation Obesity care Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people. 650 live with obesity 50 50 650 0 Truth -10% seek help ~2% are treated with an AOM ~2.5 million seen by obesity experts Treated ~1 million 55 65 with SaxendaⓇ in 2021 Only 25% on treatment for more than 1 year 13 -2.5——— -1 0.25 Ensure obesity is a healthcare priority needing medical management Rethink ObesityⓇ direct care obesity SELECT semaglutide | effects on cardiovascular outcomes in people with overweight or obesity About Weight™ HCP: Healthcare providers; AOM: Anti-obesity medication Maximize the value of Novo Nordisk's superior treatment solutions Marketed product portfolio and pipeline closing the treatment gaps Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#99 Commercial execution and innovation Obesity care Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people. 650 live with obesity 50 50 650 0 -10% seek help ~2% are treated with an AOM ~2.5 million seen by obesity experts Treated ~1 million 55 65 with SaxendaⓇ in 2021 Only 25% on treatment for more than 1 year 13 -2.5——— -1- 0.25 SELECT semaglutide | effects on cardiovascular outcomes in people with overweight or obesity Maximize the value of Novo Nordisk's superior treatment solutions Approved products Saxenda ONCE-WEEKLY liraglutide injection wegovy® semaglutide injection 2.4 mg Late-stage pipeline products Oral semaglutide 50 mg CagriSema Ensure obesity is a healthcare priority needing medical management Rethink ObesityⓇ direct care obesity Truth About Weight™ HCP: Healthcare providers; AOM: Anti-obesity medication; CagriSema: Cagrilintide in combination with semaglutide Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#1010 Commercial execution and innovation Obesity care Novo NordiskⓇ The expectation is to be able to meet US demand for WegovyⓇ in the second half of 2022 WegovyⓇ simplified manufacturing process Produce ㅎ Ramp up ongoing O H 8 Filling API (in house) 1 Assemble Packing Freight Distribution Patients device (inhouse) (inhouse) CGMP issue at CMO Restart of manufacturing on track Production expected to be initiated in the second quarter of 2022 CMO expects to initiate test production (media fill) in the coming weeks Additional capacity expected to be added in 2023 CGMP: Current good manufacturing practice; FDA: Food and Drug Administration; EU: European Union; CMO: Contract Manufacturing Organisation CMD22 CAPITAL MARKETS DAY#1111 Commercial execution and innovation Obesity care WegovyⓇ has the potential to unlock the obesity market Branded AOM TRX in the US 2021 US Obesity care sales TRX count (000s) DKK billion 48 5.6 40 4.8 +21.1% 32 4.0 3.3 3.2 24 24 3.2 16 лучш 2.4 1.6 8 0.8 0 Jan 2019 0.0 Jan 2020 Jan Feb 2019 2020 2021 2022 SaxendaⓇ WegovyⓇ Branded AOM Market AOM: Anti-obesity medication Source: IQVIA weekly NPA, Jan 2022 Obesity care sales FY 2021 growth 57% (CER) 4.9 2021 Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#1212 Commercial execution and innovation Obesity care There remains a large opportunity for activating more people with obesity to seek treatment WegovyⓇ patient characteristics in the US Despite the early success of WegovyⓇ, activating patients remains the focus ONCE-WEEKLY wegovy semaglutide injection 2.4 mg 75% . 81% Female Average BMI 38.8 of patients new to anti- obesity medication1 • 38% have ≥3 co-morbidities Of the people with overweight or obesity in the US, almost 90% have a weight-related comorbidity YOU'RE READY for THE TRUTH BMI 27-30 30-35 35-40 ≥40 140 Total (million of people) (43) (52) (25) (20) it's million people with a BMI > 27 No obesity-related comorbidity² Any obesity-related comorbidity 7 6 2 2 17 BIGGER 36 46 23 18 123 than ME Hereof metabolic syndrome³ 21 26 14 12 72 1 Patients new to anti-obesity medication reflect source of business, where 75% of patients starting WegovyⓇ are naïve to anti-obesity medication treatment and 25% have either switched from or restarted anti-obesity treatment, IQVIA Feb. 2022; 2 Individuals without any of the following obesity related conditions: T2DM, Pre-diabetes, NASH, NAFLD, obstructive sleep apnea, osteoarthritis, PCOS, ASCVD, Heart failure, asthma, urinary incontinence, hypertension, chronic kidney disease stg. 3 or 4, musculoskeletal pain, dyslipideamia, metabolic syndrome; 3 Metabolic syndrome defined as two or more of dyslipidaemia; hypertension; prediabetes OR type II diabetes Source: Novo Nordisk real world research; National Health And Examination Survey (NHANES) cycles 2015-2016 and 2017-2018 Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#1313 Commercial execution and innovation Obesity care The number of physicans prescribing WegovyⓇ has already surpassed SaxendaⓇ Total number of prescribers has already surpassed SaxendaⓇ Current WegovyⓇ prescribers Prescribers (in 000s) 12 10 8 6 4 35% 48% Prescriber engagement Novo NordiskⓇ Dedicated sales force and medical liaisons • Sales force-250 reps • Call plan targeting ~35k physicians • Medical liaisons providing education Medical education 2 8% 9% 0 Rethink ObesityⓇ Jun 2021 Feb 2022 Nurse practitioner/Physician assistant Primary care physician -SaxendaⓇ -WegovyⓇ Endocrinologist Other TW: Total writers; FTW: First time writers; HCP: Health care providers • • Advance understanding of obesity as a chronic disease Educate providers on evidence- based clinical interventions Communicate impact of treatment on complications and quality of life CMD22 CAPITAL MARKETS DAY#1414 Commercial execution and innovation Obesity care WegovyⓇ has reached more than 70% commercial formulary access within six months of launch WegovyⓇ Patient Access Pathway Obesity prevalence in adults People with obesity¹ ~100 M Commercially covered ~60 M WegovyⓇ formulary access >40 M Estimated WegovyⓇ employer opt-ins ~20 M ~125k Improving patient access remains the focus ~20 million people today with WegovyⓇ commercial coverage at the employer level . Formulary access (>70%) secured with all national PBMS • Access parity to Saxenda® achieved by 1 Jan 2022 PBMs recognising obesity as a disease and developing innovative programmes . ESI Weight Management Care Value™ Program CVS Health Nutrition & Coaching Services Program Expanding support for AOM coverage Novo NordiskⓇ . New coalition, KOL and stakeholder engagements • Broader engagement among policymakers at state and federal level Note: Obesity is defined as BMI > 30. people on WegovyⓇ today 1 Prevalence: Adult obesity facts. Centers for Disease Control and Prevention. Accessed Mar 2021. https://www.cdc.gov/obesity/data/adult.html; US Census Bureau. Quick Facts: United States. Accessed Mar, 2021. https://www.census.gov/quickfacts/fact/table/US#viewtop. PBM: Pharmacy benefit manager; AOM: Anti-obesity medication; KOLs: Key opinion leaders#1515 Commercial execution and innovation Obesity care In IO, only a fraction of people with obesity visit the doctor, let alone are treated with a pharmacotherapy SaxendaⓇ sales per region since 2019 Of the >550 million people with obesity in IO, few are treated¹ 3,117 +22% 2,083 2,118 1,809 ~240 million ~250 million 981 1,124 1,247 1,093 984 9 2019 10 -61 2020 2021 EMEA Rest of World Region China ~75 million ~4 million people on AOM in IO ~700k people used SaxendaⓇ in 2021 Note: Obesity is defined as BMI > 30. 1 World Health Organization. 550 million people is data from 2016. Regional numbers are from 2021, but have been adjusted proportionally to give an estimate of 2016 numbers. EMEA: Europe, Middle East and Africa; Region China: Mainland China, Hong Kong and Taiwan; AOM: Anti-obesity medications: IO: International Operations opportunities Local Global Future Initiatives driving patient reach HCP Locator TRUTH ABOUT WEIGHT™ zur Rose LloydsPharmacy Geographic expansion e.g. Japan and Region China ONCE -WEEKLY wegovy semaglutide injection 2.4 mg CMD22 CAPITAL MARKETS DAY Novo NordiskⓇ#1616 Commercial execution and innovation Obesity care Physicians engaged in Obesity care are best characterised by mindset rather than specialty Prescribers differ depending on the country and region Supporting obesity clinics across IO geographies 100% 100% 100% 100% 160 478 682 1,015 Prescriber Scripts base issued Prescriber Scripts base issued 2018 2019 2020 2021 GP Endo Other¹ Obesity clinics 1 Other includes: Internal medicine, nurse practitioners, paediatricians, gynaecologists, gastrointestinal specialists IO: International Operations; HCP: Health care provider; TRx: Total prescription; GP: General practitioner, Endo: Endocrinologist; PCP: Primary care physician Healthcare provider reach Expand and educate the HCP base OBESITY CLINICS PROGRAMME In 2021, around 9,000 HCPs trained 70% of all trained HCPs are PCPs Linking patients with the HCPs direct care obesity Awareness, diagnosis, treatment Pharmacy engagement model Pharmacy patient management and SaxendaⓇ network pharmacy programmes Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#1717 Commercial execution and innovation Obesity care Novo NordiskⓇ In IO, Obesity care sales will continue to be mostly out of pocket, but reimbursement is improving The majority of SaxendaⓇ sales are out of pocket Restricted reimbursement for SaxendaⓇ is progressing (examples) 80% Out of pocket sales 20% Restricted reimbursement sales ✡ BMI>30 with one co-morbidity BMI >30 with 50% co-pay after 2 dietician visits BMI>35 With pre-diabetes and risk of CV Focus will be to increase innovation accessibility and improve reimbursement Saxenda liraglutide injection Continue launches and bring innovation ONCE-WEEKLY wegovy® semaglutide injection 2.4 mg Improve reimbursement via cost effectiveness analysis and innovative contracting SELECT semaglutide effects on cardiovascular outcomes in people with overweight or obesity Of the 15 countries with restricted reimbursement for SaxendaⓇ 8 have come in the last 2 years Further evidence via SELECT and health economics data Restricted reimbursed countries include: Iceland, Norway, Switzerland, United Kingdom, Luxembourg, Sweden, Belgium, Denmark, Finland, Ireland, Colombia, Netherlands, Israel, Turkey and Qatar IO: International Operations; BMI: Body mass index CMD22 CAPITAL MARKETS DAY#1818 Commercial execution and innovation Obesity care Novo Nordisk is developing a portfolio of superior treatment solutions for obesity Building a competitive portfolio Bariatric surgery levels Pipeline overview Pipeline products 2022 2023 2024 2025 +20% CagriSema 15-20% ONCE-WEEKLY wegovy Oral Amycretin SELECT CVOT Phase 3 Semaglutide 2.4 mg Oral semaglutide Oral semaglutide 50 mg Phase 3 semaglutide injection 2.4 mg (50mg) CagriSema Obesity Saxenda® 5-10% PYY 1875 liraglutide injection LA-GDF15 0-5% Lifestyle modification Oral Amycretin CagriSema; Cagrilintide in combination with semaglutide Phase 2 Phase 1 Phase 1 Phase 3 Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#1919 Commercial execution and innovation Obesity care Novo NordiskⓇ In a 20-week, phase 1 trial, CagriSema showed weight loss of 17% and appeared to have a safe and well tolerated profile Weight loss for different doses of CagriSema in phase 1 The GI profile appeared similar to semaglutide 2.4 monotherapy Change in body weight 0 -5 -10 Last dosing AEs n=12 n=12 n=12 n=12 n=12 n=11 n=24 N (%) N (%) N (%) N (%) N (%) N (%) N (%) 11 (92) 12 (100) 11 (92) 12 (100) 12 (100) 11 (100) 23 (96) SAES1 0 0 0 1(8) 0 0 0 AEs leading to withdrawal 1 (8) 0 0 1 (8) 0 0 0 -15 GI disorders 7 (58) 10 (83) 7 (58) 10 (83) 11 (92) 9 (82) 19 (79) 0 14 28 42 56 70 84 98 112 126 140 Follow-up Time since first dosing (days) Cagri 0.16 mg, Cagri 0.3 mg, Sema 2.4 mg Sema 2.4 mg Cagri 0.6 mg, Sema 2.4 mg Cagri 1.2 mg, Sema 2.4 mg Cagri 2.4 mg, Sema 2.4 mg Cagri 4.5 mg, Sema 2.4 mg ✗ Placebo, Sema 2.4 mg 1 The serious adverse event was meningitis CagriSema: Cagrilintide in combination with semaglutide; Cagri: Cagrilintide; Sema: semaglutide; SAE: Serious adverse events; GI: Gastro-intestinal Change in body weight is analysed using a mixed model for repeated measurements, where all changes from baseline in body weight measurements enter as the dependent variables and treatment, visit and baseline body weight enter as fixed effects. Treatment and baseline body weight are nested within visit. Source: Adapted from Enebo et al. Lancet. 2021 May 8;397(10286):1736-1748. CMD22 CAPITAL MARKETS DAY#2020 Commercial execution and innovation Obesity care The CagriSema phase 3 programme, REDEFINE, is expected to begin in second half of 2022 N = 2500 REDEFINE 1 trial design CagriSema 2.4 mg/2.4 mg1 Cagrilintide 2.4 mg1 Semaglutide 2.4 mg¹ Placebo¹ N=800 REDEFINE 2 trial design CagriSema 2.4 mg/2.4 mg1 Placebo¹ Week 0 16 68 75 Dose escalation Treatment maintenance Follow- up Inclusion criteria Primary endpoints: ㅏ + Week 0 16 Dose escalation Novo NordiskⓇ + 68 75 Treatment Follow- up maintenance Confirmatory secondary endpoints: Change in waist circumference REDEFINE 1: • Change in body weight (%) . BMI: ≥ 30 kg/m² or ≥ 27 kg/m² and ≥1 comorbidity Excludes diabetes diagnosis or HbA1c > 6.5% • Achieve ≥ 5% body weight reduction . HbA1c • Systolic blood pressure REDEFINE 2: BMI: ≥ 27 kg/m² Type 2 diabetes, HbA1c <10% Patient reported outcomes² 'As an adjunct to a reduced-calorie diet and increased physical activity in adults with obesity or overweight. 2 Patient reported outcomes include (IWQOL-Lite-CT, SF-36v2, and Vitality score) CagriSema: Cagrilintide in combination with semaglutide; T2DM: Type 2 diabetes; BMI: Body mass index; HbA1c: Hemoglobin A₁; IWQOL-Lite-CT: Impact of weight on quality of life - lite, clinical trials version; Short form 36v2 CMD22 CAPITAL MARKETS DAY#2121 Commercial execution and innovation Obesity care The cardiovascular trial, SELECT, addresses many comorbidities that can be improved with weight management Weight loss (%) 30 20 Improvements per weight loss bracket 5-10% 10 0-5% 0 Hypertension X Hyperglycaemia X Prevention of T2D Improvements (examples) 10-15% >15% Dislipidaemia X Kidney disease X Cardiovascular Disease ✓ NASH CV mortality X NAFLD GERD HF X SELECT trial endpoints PCOS ✓ Primary X Secondary O Exploratory OSAS Knee OA T2D remission Novo NordiskⓇ T2D: Type 2 diabetes; NAFLD: Non-alcoholic fatty liver disease; PCOS: Polycystic ovary syndrome; NASH: Non-alcoholic steatohepatitis; GERD: Gastroesophageal reflux disease; OSAS: Obstructive sleep apnea syndrome; OA: Osteoarthritis HF: Heart failure Sources: Garvey WT et al. Endocr Pract 2016;22(Suppl. 3):1-203; Look AHEAD Research Group. Lancet Diabetes Endocrinol 2016;4:913-21; Lean ME et al. Lancet 2018;391:541-5; Benraoune F and Litwin SE. Curr Opin Cardiol 2011;26:555-61; Sundström J et al. Circulation 2017;135:1577-85., Morales E and Praga M. Curr Hypertens Rep 2012;14:170-176 CMD22 CAPITAL MARKETS DAY#2222 Commercial execution and innovation Obesity care The interim analysis for the SELECT trial is expected to be conducted in the third quarter of 2022 SELECT trial with 17,500 people with obesity Background of interim analysis Novo NordiskⓇ Semaglutide 2.4 mg R 1:1 Placebo Objective Event driven 5 weeks follow-up Demonstrate that semaglutide 2.4 mg lowers the incidence of MACE vs placebo Primary endpoint Time from randomisation to first occurrence of MACE¹ Secondary endpoints CV death, all-cause death, 5-point MACE composite, composite HF, composite nephropathy, glucose metabolism, other metabolic parameters 1 MACE includes: Non-fatal myocardial infarction, non-fatal stroke, cardiovascular death MACE: Major adverse cardiovascular events; HF: Heart failure; CV: Cardiovascular . Number of MACE events for interim analysis expected to be accumulated in the third quarter of 2022 Interim analysis will be conducted by the Data Monitoring Committee A decision to stop the trial based on interim analysis follows assessment of the totality of data If the trial is stopped due to efficacy, SELECT is expected to complete around turn of the year If continued, SELECT is expected to complete in 2023 when all pre- specified number of MACE events are accrued SELECT-LIFE: After the finalisation of SELECT, a non-interventional study to evaluate long-term post trial effects will be initiated CMD22 CAPITAL MARKETS DAY#2323 Commercial execution and innovation Obesity care The commercial strategic aspiration for Obesity care as communicated in 2019 Commercial execution Strengthen Diabetes leadership - aim at global value market share of more than 1/3 Strengthen Obesity leadership and double current sales¹ Secure a sustained growth outlook for Rare diseased 1 Based on reported sales in 2019 Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. CMD22 CAPITAL MARKETS DAY Novo NordiskⓇ#2424 Commercial execution and innovation Obesity care The aspiration is now more than DKK 25 billion in sales by 2025 Strategic Aspiration of DKK billion 30 30 20 20 bDKK 10 8 6 >25 OK Obesity care sales by 2025 Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. 0 2019 2021 Novo Nordisk Obesity care sales >25 2025E Novo NordiskⓇ CMD22 CAPITAL MARKETS DAY#25Commercial execution / Innovation and therapeutic focus Closing remarks Large unmet medical need within obesity and WegovyⓇ holds potential to unlock market Expectation to meet US WegovyⓇ demand in H2 2022 Pipeline positions Novo Nordisk for continued leadership SELECT interim analysis expected in 2022 Strategic aspiration is now sales of more than DKK 25 billion by 2025 novo nordisk MICHAEL PETERSEN Michael lives with obesity Denmark