#1RAFAEL VALVERDE Rafael lives with obesity Mexico novo nordisk Novo Nordisk -a focused healthcare company Investor presentation Full year 2023#22 Investor presentation Full year 2023 Agenda Progress on Strategic Aspirations 2025 Commercial execution Innovation and therapeutic focus Financials#33 Investor presentation Full year 2023 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 2023 and Form 20-F, which both were filed with the SEC in January 2024 in continuation of the publication of the Annual Report 2023, 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 y affect future results include, but are not limited to, global as well as local political and economic conditions, such as 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, shortages of supplies, including energy supplies, 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 breaches, 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, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, the effects of domestic or international crises, civil unrest, war or other conflict 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 the Annual Report 2023, reference is made to the overview of risk factors in 'Risk Management' of the Annual Report 2023. Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of the Annual Report 2023, 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 for the treatment of obesity only#44 Investor presentation Full year 2023 Novo NordiskⓇ Strategic Aspirations 2025 | Highlights full year 2023 Purpose and sustainability (ESG) Progress towards zero environmental impact Carbon emissions decreased by 34% vs 20191 Adding value to society Medical treatment to 40.5 million people with diabetes Reached more than 52,000 children in Changing Diabetes in Children programme Partnership with Aspen to produce human insulin for Africa Being recognised as a sustainable employer Share of women in senior leadership positions has increased to 41% from 39% in 2022 IIIIIO Innovation and therapeutic focus . · . Light blue indicates developments in Q4 2023 Further raise innovation bar for Diabetes treatment FLOW stopped for efficacy based on interim analysis Successful completion of phase 3 trial with IcoSema Develop superior treatment solutions for obesity Successful completion of SELECT CVOT Acquisition of Inversago Pharma Successful completion of phase 1 trial with oral amycretin Strengthen and progress Rare Disease pipeline . Somapacitan approved in the US, EU and Japan Establish presence in CV & Emerging Therapy Areas Phase 1 trial initiation with VAP-1i in MASH ピ Commercial execution Diabetes value market share increased by 1.9%-points to 33.8%2 Obesity care sales of DKK 41.6 billion (+154% at CER) Rare disease sales of DKK 17.2 billion (-15% at CER) Financials Sales growth of 36% (CER) and operating profit growth of 44% (CER) Operational leverage reflecting sales growth Free cash flow of DKK 68.3 billion and DKK 61.7 billion returned to shareholders 1Scope 1,2 and partial scope 3 limited to CO2 emissions from business flights and product distribution. Carbon emissions decreased by 8% in 2023 compared to 2022; 2MAT (Moving annual total) value market share CER: Constant exchange rates; CV: Cardiovascular; CVOT: Cardiovascular outcomes trial Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth#55 Investor presentation Full year 2023 Sales growth of 36% driven by both operating units Reported geographic sales split for the full year 2023 Novo NordiskⓇ Reported therapy area sales and growth for the full year 2023 DKK billion Insulin Obesity care GLP-1 Rare disease Other diabetes DKK North America Operations International Operations ☐ Growth at CER billion Growth at CER 36% 52% -6% 154% -15% 150 54% 240 120 200 16% 16% International Operations 00 90 160 60 60 30 17% 120 53% 80 54% 15% IO 0% NAO -23% ΙΟ 47% NAO 212% 11% 52% 40 ΙΟ -24% NAO -1% 0 0 NAO ΙΟ EMEA China ROW Total GLP-1 Insulin Obesity care Rare disease IO: International Operations; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; ROW: Rest of World; NAO: North America Operations; CER: Constant exchange rates Note: Unless otherwise specified, sales growth rates are at CER 1'Other diabetes' is included in Total#66 Investor presentation Full year 2023 Diabetes value market leadership reached 33.8% 60% Novo Nordisk global diabetes value market shares -Diabetes -GLP-1 -Insulin 54.9% 54.8% 52.7% 50.4% 50% 44.3% 43.8% 44.6% 43.9% • 40% 33.8% 31.9% • 30.1% 29.3% 30% 0% 2021 2022 2023 CER: Constant exchange rates; IO: International Operations; NAO: North America Operations Note: Sales growth rates are at CER Source: IQVIA MAT, Nov 2023 (Spot rate); Volume growth based on Moving Annual Total (MAT); Market values are based on the list prices Diabetes value market leadership expansion driven by the GLP-1 franchise Diabetes care sales grew by 29% (CER) with global value market share increase driven by market share gains in both IO and NAO. • • Global diabetes value market share increased by 1.9%- points to 33.8% Exceeded our strategic aspiration for 2025 by achieving a global diabetes market value of more than 1/3 Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 54.8% value market share Estimated global GLP-1 share of total diabetes prescriptions is ~6% Novo NordiskⓇ#77 Investor presentation Full year 2023 Novo NordiskⓇ International Operations diabetes care sales growth is driven by GLP-1 performance Reported Diabetes care sales and growth per IO geography DKK billion 80 20% GLP-1 patients and value market share in IO Insulin GLP-1 Growth at CER Number of patients (millions) Value market share Class growth >25% 8 75% 71.2% | 60 60 53% 20% 40 40 6 Geographical regions 42% 27% 20 20 0% 13% 2 61% 79% 3% -7% 4% 0 0 Nov IO EMEA China ROW 2021 Nov 2022 60% 47.5% 45% 26.9% 30% 13.9% 15% 9.7% 0.5% 0% Nov 2023 -VictozaⓇ NN GLP-1 GLP-1 patients OzempicⓇ -Rybelsus ―dulaglutide -tirzepetide IO: International Operations; NN: Novo Nordisk; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; RoW: Rest of World; CER: Constant exchange rates Note that the market share and patient numbers are based on countries with IQVIA coverage. GLP-1 class growth calculated as Sep'23-Nov/23 vs Sep'22-Nov 22 (Rolling 3-month average) Source: IQVIA MAT, Nov 2023 (Spot rate). Volume packs are converted into full-year patients based on WHO assumptions for average daily doses; Market values are based on the list prices#88 Investor presentation Full year 2023 GLP-1 class expansion in the US in 2023 US GLP-1 weekly NBRx prescriptions Weekly NBRX scripts ('000s) 00 90 60 60 30 0 Feb 2022 Ozempic Rybelsus® US GLP-1 TRX market share TRX share Class growth: >30% Novo NordiskⓇ Total GLP-1 SUS (millions) 80% 7 6 60% 53.5% 5 43.6% 4 40% 3 24.2% 2 20% 21.6% 6.9% 1 0% 3.0% 0 Jan 2024 Feb 2022 Jan 2024 VictozaⓇ NN GLP-1 - dulaglutide tirzepatide Total monthly GLP-1 scripts NBRX: New-to-brand prescriptions; TRX: Total prescriptions; NN: Novo Nordisk; Scripts: Prescriptions; US: United States Note: Class growth calculated based on SU volume for diabetes GLP-1 as Q4 2023 vs Q4 2022 Source: IQVIA Xponent Plantrak, NBRX/TRX data from week ending 12 Jan 2024. Each data point represents a rolling four-week average.#99 Investor presentation Full year 2023 Obesity care sales grew by 154% in 2023 mainly driven by the US NN sales and volume BAOM market growth within Obesity care DKK billion 55%¹ 15 12 9 16 3 Branded AOM TRX in the US² TRX count ('000s) 84%1 154%1 160 120% 116% 95% 120 147 70% 92 80 45% 40 20% 37 Novo NordiskⓇ ONCE-WEEKLY wegovy semaglutide injection 2.4 mg The US • The supply of the lower dose strengths has been restricted since May 2023 to safeguard continuity of care Novo Nordisk started gradually increasing the supply of the lower dose strengths in January 2024 International Operations WegovyⓇ launched in Denmark, Norway, Germany, UK, Switzerland Iceland and UAE Continued volume capped launches in IO in 2024, balancing supply and demand 0 -5% 0 2021 2022 2023 June 2021 IO INAO - - BAOM Market growth (RHS) Saxenda Ⓡ INN sales growth at CER Branded AOM market - 1 Annual growth at CER. Each TRx data points represents one week of data; 2 IQVIA weekly, 19 Jan 2024 4 January 2024 • WegovyⓇ tirzepatide CER: Constant exchange rates; NAO: North America operations; IO: International operations; RHS: Right-hand side axis; TRX: Total Prescriptions; AOM: Anti-Obesity Medications (includes Wegovy®, Saxenda®, Zepbound, Qsymia, Belviq and Contrave); BAOM: Branded AOM market; UAE: United Arab Emirates. Note: Sales growth at constant exchange rates. 116% volume growth for Global BAOM market growth refers to moving annual total.#1010 Investor presentation Full year 2023 Rare disease sales decreased by 15% driven by reduction in manufacturing output Reported Rare disease sales Rare disease sales driven by global commercial execution Growth at CER DKK billion 20 -15% 3% 6% 15 Rare disease sales decrease is driven by: 46% -3% -47% • 1% sales decline in North America Operations • 24% sales decline in International Operations 10 Rare blood disorders 5 0 Total1 Rare blood Haem. A Haem. B Novo- ! SevenⓇ disorders² Rare endocrine disorders³ Novo NordiskⓇ • • Rare blood disorders sales increased by 3%, driven by: Extended half-life products in haemophilia A and B, partially countered by NovoSevenⓇ Rare endocrine disorders sales decreased by 47% driven by: Sales for Norditropin® declined by 26% in NAO and 63% in IO, reflecting a reduction in manufacturing output Novo Nordisk has a value market share of 19.3% in the global human growth disorder market SogroyaⓇ has now been launched in five countries 1Total includes "Other Rare disease", which consists of primarily Vagifem® and ActivelleⓇ: 2Comprises NovoSeven®, Novo Eight®, Esperoct®, Refixia® and NovoThirteenⓇ; 3 Primarily Norditropin® CER: Constant exchange rates; Haem. A: Haemophilia A; Haem. B: Haemophilia B; NAO: North America operations; IO: International operations Note: NovoThirteenⓇ is not shown for Rare blood disorders breakdown, only for the total bar. Unless otherwise specified, sales growth is at constant exchange rates.#1111 Investor presentation Full year 2023 Phase 3a trial with IcoSema successfully completed IcoSema vs Insulin glargine U100 and insulin apart in subjects w/T2D N=679 IcoSema ±OAD(s) R IGlar + IAsp + OAD(s) 1:1 52 weeks 5 weeks follow-up Change from baseline (%) Headline trial results Change in HbA1c Change in body weight Mean baseline HbA₁ 8.3% Mean baseline body weight: 85.8 kg 3.2 Change from baseline (kg) Primary endpoint: Change in HbA1c from baseline to week 53 • Confirmatory secondary endpoints: Change in body weight from baseline to week 52 . Number of hypoglycaemic¹ episodes from baseline to week 57 -1.5% -1.4% -3.6* IcoSema IGlar + Iasp IcoSema IGlar + IAsp 0.26* 2.18 Injections per year ~52 ~1450 Hypoglycaemic episodes¹ (rate per patient year) Safety: IcoSema appeared to have safe and well-tolerated profile *Statistically significant/superior vs. Insulin glargine U100 and insulin apart. 1 Level 2 and 3 hypoglycaemic episodes with blood glucose below 3.0 mmol/L T2D: Type 2 diabetes; HbA1c: Glycated haemoglobin; BMI: Body Mass Index; OADs: Oral antidiabetic drugs. Note: Trial objective: To confirm efficacy and compare safety of once weekly IcoSema compared with daily insulin glargine combined with insulin apart, both treatment arms with or without OADS in participants with T2D inadequately controlled with daily basal insulin Novo NordiskⓇ#1212 Investor presentation Full year 2023 R&D milestones Clinical milestones¹ Q4 2023 H1 2024 Diabetes care Obesity care Project Icodec IcoSema FLOW kidney outcomes trial STRIDE SOUL CVOT OW GLP-1/GIP OM GLP-1/GIP SELECT STEP HFPEF STEP OA Cagrisema ✓ Phase 3 results Phase 3 results Phase 3 results Phase 3 results Novo NordiskⓇ Regulatory milestones¹ H2 2024 EU/JP/CN/US decision Phase 3 results Phase 3 results Phase 1 results ✓ Phase 1 initiation US decision EU/US submission EU/CN decision Rare Disease Oral Amycretin Mim8 ✓ Phase 1 results Phase 3 results CV & Emerging Therapy Areas VAP-1i Phase 1 initiation Phase 3 results 1Expected to be published in the given quarter or in the subsequent quarterly company announcement CVOT: Cardiovascular Outcomes Trial; CV: Cardiovascular; CN: China; EU: European Union; GIP: Glucacose-dependent insulinotropic polypeptide; HFPEF: Heart failure with preserved ejection fraction; JP: Japan; OA: Osteoarthritis; OW: Once-weekly; OM: Once- monthly; T2D: Type 2 Diabetes; US: United States; VAP-1i: Vascular adhesion protein-1 selective inhibitor#1313 Investor presentation Full year 2023 Financial results - Full year of 2023 Novo NordiskⓇ Change Change 2023 2022 In DKK million Sales Gross profit Gross margin (reported) (CER) 232,261 196,496 176,954 31% 36% 148,506 32% 37% 84.6% 83.9% Sales and distribution costs (56,743) (46,217) 23% 26% Percentage of sales 24.4% 26.1% Research and development costs (32,443) (24,047) 35% 37% Percentage of sales Administration costs Percentage of sales 14.0% (4,855) 2.1% 13.6% (4,467) 9% 11% 2.5% Other operating income and expenses 119 1,034 (88%) (88%) Operating profit 102,574 74,809 37% 44% Operating margin 44.2% 42.3% Financial items (net) 2,100 (5,747) Profit before income tax 104,674 69,062 52% Income taxes (20,991) (13,537) 55% Effective tax rate 20.1% 19.6% Net profit 83,683 55,525 51% Diluted earnings per share (DKK) 18.62 12.22 52% CER: Constant exchange rates#1414 Investor presentation Full year 2023 Step-up in CAPEX to meet demand for current and future products CAPEX investments DKK billion 48 42 36 9% 7% 7% 30 5% 4% 24 18 12 10 9 8 6 6 6 0 2017 2018 2019 2020 2021 CAPEX Expected CAPEX - CAPEX: Capital expenditure 7% 12 2022 11% 26 ~45 2023 2024E CAPEX to sales ratio Ensure readiness to meet future demands Novo NordiskⓇ • Capital expenditure is expected to be around DKK 45 billion in 2024 Investments reflect both ongoing and future expansions of the supply chain, including previously communicated expansions at core sites The CAPEX to sales ratio is still expected to be low double digit in the coming years#1515 Investor presentation Full year 2023 Attractive capital allocation to shareholders DKK billion 70 Annual cash return to shareholders 76 60 50 50 13 10 40 40 8 18 29 16 30 16 14 20 20 10 30 20 24 20 20 20 0 2021 2022 2023 Dividend Interim Dividend 2024E Share Repurchase Novo NordiskⓇ Capital allocation • Return of free cash flow through both share buybacks and dividends • For 2023, the total dividend per share increased 51.6% to DKK 9.40 (including interim dividend of DKK 3.00 per share paid in August 2023) • Final dividend for 2023 will be paid in March 2024 • The total capital allocation for 2023, through a combination of share buybacks and dividends, amounts to DKK 61.7 billion • For 2024, we expect to initiate a new 12-month share repurchase programme of up to DKK 20 billion Note: Share repurchase programmes run for 12 months starting in January. The total programme may be reduced in size if significant business development opportunities arise during 2024. The 2024E interim dividend included for illustrative purposes.#1616 Investor presentation Full year 2023 Financial outlook for 2024 Sales growth - at CER Expectations 31 January 2024 18% to 26% Sales growth - reported Operating profit growth - at CER Around 1 percentage point lower 21% to 29% Operating profit growth - reported Financial items (net) Effective tax rate Free cash flow Around 2 percentage points lower Gain of around DKK 1.3 billion 19% to 21% DKK 64 to 74 billion Novo NordiskⓇ 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 26 October 2023 CER: Constant exchange rates Note: Changes since last highlighted in bold#17sustainability (ESG) Purpose and খ Commercial execution 17 Investor presentation Full year 2023 Strategic aspirations 2025 • • 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 More than 25 billion DKK in Obesity sales by 2025 Secure a sustained growth outlook for Rare disease CVD: Cardiovascular disease; MASH: Metabolic dysfunction-associated steatohepatitis; CKD: Chronic kidney disease. Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. Financials ווון Innovation and therapeutic focus шо • 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 Cardiovascular & Emerging Therapy Areas focusing on CVD, MASH and CKD • . Deliver solid sales and operating profit growth 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 Novo NordiskⓇ#1818 Investor presentation Full year 2023 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: www.novonordisk.com Novo Nordisk A/S Investor Relations Novo Alle 1 DK-2880 Bagsværd Investor Relations contacts Daniel Muusmann Bohsen David Heiberg Landsted Sina Meyer Frederik Taylor Pitter Mark Joseph Root (USA) +45 3075 2175 +45 3077 6915 +45 30796656 +45 30758259 +1 848 213 3219 [email protected] [email protected] [email protected] [email protected] [email protected] Upcoming events 7 March 2024 2 May 2024 7 August 2024 Capital Markets Day 2024 Financial statement for the first three months of 2024 Financial statement for the first six months of 2024 Novo NordiskⓇ#1919 Investor presentation Full year 2023 Novo Nordisk corporate strategy 20 Diabetes care 34 GLP-1 43 Insulin 51 Appendix Obesity care 56 Rare disease 80 Cardiovascular & Emerging Therapy Areas 93 Regional information 111 Financials 141 Sustainability 149#2020 Investor presentation Full year 2023 Novo Nordisk Corporate Strategy Diabetes Strengthen leadership by offering innovative medicines and driving patient outcomes Rare Disease Secure a leading position by leveraging full portfolio and expanding into adjacent areas Novo Nordisk Way Driving change to defeat serious chronic diseases Sustainable business Obesity Strengthen leadership through market development and by offering innovative medicines and driving patient outcomes Cardiovascular & Emerging Therapy Areas¹ Establish position in cardiovascular disease and build a presence in emerging therapy areas 1: Other Serious Chronic Diseases (OSCD) has been renamed to Cardiovascular & Emerging Therapy Areas (CETA) to reflect that cardiovascular disease has been the main strategic priority within OSCD Novo NordiskⓇ#2121 Investor presentation Full year 2023 Novo NordiskⓇ Novo Nordisk's opportunity is in the large unmet needs across all therapy areas in scope. Diabetes care 537m people with diabetes¹ ~15% of people in good control² Novo Nordisk Way Driving change to defeat serious chronic diseases >764m people with obesity³ Obesity care ~2% of people medically treated business 16% of global deaths caused by ASCVD5 >30m people affected by HFPEF6 affected by MASH7 Cardiovascular & Emerging Therapy Areas >25m people >70m people affected by AD³ Rare disease Haemophilia 0.6m Sustainable -35% people with haemophilia4 of people being treated 1 International Diabetes Federation: Diabetes Atlas 10th edition, 2021; 2Real-world studies indicate between 30-55% of patients reach HbA1c target <7% .e.g. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4388968/, taking 42.5% in good control of treated people; 3 World Diabetes Atlas 2022; 4 WFH annual survey 2020 (120 of 147 countries responded): Prevalence by calculating expected number of patients using 20.9 per 100.000 in haemophilia Identified patients as proxy for receiving some sort of treatment; 5 "The top 10 causes of death", WHO, 9 December 2020 (ASCVD denoted as ischaemic heart disease); "Groenewegen A et al. Eur J Heart Fail 2020;22:1342-13561; Gurwitz JH et al. Am J Med 2013;126:393-400; 7Estes C, Modeling the epidemic of non-alcoholic fatty liver disease demonstrates an exponential increase in burden of disease, Hepatology, 2018; 8The World Alzheimer Report 2015, The Global Impact of Dementia, Alzheimer's Disease International (ADI), London.#2222 Investor presentation Full year 2023 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Novo NordiskⓇ Diabetes care DKK billion 1200 1000 Obesity care DKK billion Haemophilia DKK billion #1 50% 80 88 40% 60 60 #1 120% 100 #3 50% 100% 80 40% 800 80% 30% 600 40 40 20% 400 20 CAGR¹ value: 16.6% 20 10% 200 60 30% 60% 40 40 20% 40% CAGR² value: 120.5% 20 20% 20 10% CAGR³ value: 5.9% 0 Nov 2018 Market value 0% 0 Nov 2023 Nov 2021 Market value 0% 0 Nov 2023 FY 2019 0% FY 2022 Market value NN value market share (RHS) Global market position NN value market share (RHS) Global market position -NN value market share (RHS) Global market position 1CAGR for 5-year period; 2 CAGR for 2-year period; 3 CAGR for 3-year period; RHS: Right-hand side; Note: Annual sales figures for haemophilia A, B and bypassing agent segments, plasma derived products excluded except FeibaⓇ; NN: Novo Nordisk Source: Company reports for haemophilia market; IQVIA MAT, Nov 2023; Note: Market values are based on the list prices#2323 Investor presentation Full year 2023 Sales growth of 36%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo NordiskⓇ DKK billion 70 560 Reported sales CAGR1: 12.5% Novo Nordisk reported quarterly sales Reported sales for the full by therapy year 2023 Rare Other Reported sales and growth breakdown for the full year 2023 Therapy Sales (mDKK) Growth Share of growth 60 Rare endocrine rare blood disorders disease Injectable GLP-12 104,382 50% 56% RybelsusⓇ 18,750 71% 13% disorders 1% 50 Total GLP-1 123,132 52% 69% -5.1%1 5%2% Obesity Total insulin³ 48,022 -6% -4% 40 -1.7%1 care 18% Other Diabetes care4 2,312 -15% -1% 2.7%1 Total Diabetes care 173,466 29% 64% 30 20 Obesity care5 41,632 154% 41% 14.4 %1 20 Diabetes and Obesity care 215,098 42% 105% Rare blood disorders6 11,776 3% 0% 74% 10 0 Diabetes care Q4 Other rare disease 2013 Rare endocrine disorders Q4 2023 Rare endocrine disorders? Other Rare disease Rare disease Total 3,836 -47% -5% 1,551 -4% 0% 17,163 -15% -5% 232,261 36% 100% Rare blood disorders Diabetes and Obesity care Sales of DKK 232.26 billion (~36%) 1 CAGR for 10-year period; 2 Comprises Victoza®, Ozempic®; 3 Comprises Tresiba®, XultophyⓇ and Levemir®, RyzodegⓇ and NovoMix®,FiaspⓇ and Novo RapidⓇ: 4 Primarily NovonormⓇ, needles and Gluca Gen® HypoKitⓇ; 5 Comprises SaxendaⓇ and Wegovy®: 6 Comprises NovoSeven®, Novo Eight®, NovoThirteenⓇ Refixia®, and Esperoct®; 7 Comprises NorditropinⓇand Macrilen TM; 8 Primarily VagifemⓇ and ActivelleⓇ Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rate, except for total sales growth of 29%; Refixia® and NovoThirteenⓇ are launched as RebinynⓇ and TRETTENⓇ, respectively, in North America.#2424. Investor presentation Full year 2023 Sales growth of 36%, driven by both NAO and IO with 54% and 16% sales growth respectively Total in DKK billion Historic and reported sales by geography Reported sales and growth breakdown for the full year 2023 Novo NordiskⓇ 111.8 177.0 232.3 Regions Sales (mDKK) Share of Growth growth 9% 14% 12% 10% International Operations 95,632 16% 22% 7% 9% EMEA 50,867 17% 12% 22% 30% 25% Region China 16,687 11% 3% ROW 28,078 15% 7% 59% North America Operations 136,629 54% 78% 51% 52% Hereof USA 127,534 55% 73% Total sales 232,261 36% 100% 2018 North America 2022 2023 EMEA Region China ROW IO: International Operations; NAO: North American Operations; EMEA: Europe, Middle East, and Africa; Row: Rest of World; Region China covers mainland China, Hong Kong and Taiwan Note: Numbers may not add up to 100% due to rounding; Growth at Constant exchange rates; Sales numbers are reported in Danish kroner Source: Quarterly company announcement#2525 Investor presentation Full year 2023 Novo NordiskⓇ Novo Nordisk holds solid patent protection and competitive advantages Novo Nordisk's position is protected by patents and value chain setup Novo Nordisk holds competitive advantages compared to biosimilars OZEMPİC semaglutide injection RYBELSUS semaglutide tablets Fiasp fast-acting insulin aspart esperoct turoctocog alfa pegol Xultophy insulin degludec/liraglutide [rDNA origin] injection TRESIBA insulin degludec [rDNA origin] injection RYZODEG 70% insulindegiudec and 30% insulin aspart [rDNA origin injection EU/US patent protection¹ 2031/32² 2031/20322,3 20304 2034/322 2028/29 (2) • • 2028/29 2028/29 Research & Development • Need to show comparability in PK/PD trials . Strict regulatory requirements in the EU and the US • Requirement for both drug and device offering Commercialisation • Large and fragmented target audience Cost pressure from payers On-going conversion to next-generation drugs and slow market dynamics Manufacturing refixia® VICTOZA liraglutide injection 12 mg 1.8mg 2027/28 20235 • Economies of scale . Up-front CAPEX requirements with slow return on investment 1 List does not include all marketed products. 2 Current estimates. WegovyⓇ patent identical to OzempicⓇ patent; 3 Tablet formulation and once-daily treatment regimen are protected by additional patents expiring in 2031-2034; 4 Formulation patent; active ingredient patent has expired; PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure#2626 Investor presentation Full year 2023 Partnerships and acquisitions support future research and development Selected licenses Selected acquisitions 2019 EpiDestiny Novel treatment for CVD/Rare disease TA: Therapy area; CVD: Cardiovascular Disease; siRNA: Small interfering RNA Note: Deal flow from 2019-2023Q4. Selection based on deal size 2020 2021 2022 2023 Emisphere Oral formulations of therapeutics CORVIDIA Novel treatments for CVD/Rare disease of prothena Novel treatment for CVD/Rare disease Dicerna™ siRNA treatments forma THERAPEUTICS. Novel treatments for CVD/Rare disease inversago PHARMA Novel treatments for metabolic diseases KBP BIOSCIENCES Treatment for hypertension Heartseed Novel treatment for CVD/Rare disease Ventus THERAPEUTICS Novel treatment for metabolic diseases Valo Novel treatment for CVD/Rare disease Novo NordiskⓇ#2727 Investor presentation Full year 2023 The acquisition of Dicerna Pharmaceuticals and their RNAi technology in 2021 provided access to intracellular targets Disease targets (expressed genes) • Opportunity to silence genes Cell ~5,000 extracellular targets ~21,000 intracellular targets • Drugability of intracellular targets • RNA: Ribonucleic acid; mRNA: messenger RNA • Peptides and proteins m XX Genes (DNA) on chromosomes RNAi mRNA Highly specific for targeted gene Reversible yet long-acting therapies Engage on the temporary genetic level with RNA therapeutics Novo NordiskⓇ#2828 Investor presentation Full year 2023 First two human dose initiations with Dicerna in Q4 2022 in line with ambition presented at Capital Markets Day 2022 First two phase 1 trials in MASH with siRNA technology initiated Diabetes care Obesity care Trial 1 Target: MARC1 Trial 2 Target: LXR(a) CVD 32 patients 48 patients MASH RBD RED Other areas Trial objectives The trials are investigating safety, tolerability, pharmacokinetics and pharmacodynamics of the respective siRNA-based assets siRNA: Small interfering RNA; MARC1: Mitochondrial amidoxime reducing component 1; LXR(a): Liver X receptor alpha Novo Nordisk and Dicerna • • After a productive partnership since 2019, Novo Nordisk acquired Dicerna pharmaceuticals in 2021 for $3.3 bUSD Integrated into Novo Nordisk and now operates as a transformational research unit (TRU) responsible for the siRNA research technology platform Setup to preserve the agility and speed of a smaller biotech, while leveraging the scale and experience of a large pharmaceutical company Ambition • Generate an average of 3 first human dose projects per year across therapy areas with the siRNA technology platform Novo NordiskⓇ#2929 Investor presentation Full year 2023 Novo NordiskⓇ Novo Nordisk's core capabilities provide a competitive advantage to continue to defeat diabetes Engineering, formulating, developing and delivering protein-based treatments Efficient large-scale production of proteins Global commercial reach and leader in chronic disease care Deep disease understanding Today: Oral solutions to differentiate from competition Tomorrow: Expand oral platforms and transformational medicines via Novo Nordisk stem السمر balo Today: The world's largest producer of insulin and GLP-1 Tomorrow: Expand capacity and continue efficiency gains |.000 ② ५ Today: Global reach and industry leading GLP-1 portfolio Tomorrow: Continued rollout of portfolio and launch of new products ه D Today: Provide value and outcomes beyond HbA1c for diabetes Tomorrow: Normalise living with diabetes supported by digital solutions cell platform API: Active pharmaceutical ingredient; HbA₁: Refers to glycated haemoglobin, which is the average blood glucose (sugar) levels for the last three months#30Therapy areas 30 Investor presentation Full year 2023 Core capabilities and additional technology platforms open up new opportunities across therapy areas Diabetes care Obesity care CVD MASH RBD RED Other areas 20 Q0 20 Q0 m 110 Technology platforms Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy CO 110 OD 110 O O O O O O 1 D 20 O Currently active Exploratory potential 10 I RBD: Rare blood disorders; RED: Rare endocrine disorders; CVD: Cardiovascular disease; MASH: Metabolic dysfunction-associated steatohepatitis; RNA: Ribonucleic acid Note: Currently active means Novo Nordisk is currently pursuing research projects, while exploratory potential indicates that the platform is potentially applicable for the given disease Injectable administration B 05 O 71 Oral administration Novo NordiskⓇ#3131 Investor presentation Full year 2023 Human data-driven decision-making with faster timelines to enable a robust development pipeline Speed up time to reach FHD and increase number of phase 1 assets Future Research & early development trends for Novo Nordisk 2020 FHD: First human dose; RNA: Ribonucleic acid ~3x number of assets ILLUSTRATIVE 2025 • More first human doses pursued to enable a robust late-stage pipeline Around 3x faster timeline from lead candidate to first human dose First human doses with the new technologies, cell-based therapies and RNAi was in 2022 Ambition of generating first human dose projects on average per year across disease areas with the RNAi platform Novo NordiskⓇ#3232 Investor presentation Full year 2023 Novo NordiskⓇ Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 NN1845 GSI NN1471 Pumpinsulin PHASE 2 NN9506 - GELA NN9440 INV-202 PHASE 3 NN1535 Icosema - SUBMITTED NN1436 APPROVED Insulin Icodec TresibaⓇ NN9924 - Oral Semaglutide 25 and 50 mg¹ INN7022 Nedosiran Xultophy NN7415 Concizumab in HwI, HA/HB2 LevemirⓇ SELECT Semaglutide 2.4 mg CVOT in obese population RyzodegⓇ NN9838 NN9932 Cagrisema NovoMixⓇ - NN9931 Oral Semaglutide 25 and 50 mg obesity Semaglutide 2.4 mg in MASH FiaspⓇ NovoRapidⓇ NN9041 - DNA Immunotherapy NN9505 GELA NN9542 - OW GLP-1/GIP co-agonist NN7533 - Ndec in SCD NN9904 OW oral sema - NN9650 OM GLP-1 /GIP NN9487 - Oral Amycretin NN9490 - Sc Amycretin NN6582 - LXR(a) in MASH NN6561 - VAP-1i in MASH NN6581 - MARC1 in MASH NN9003 - Stem Cells in HF NN7536 Etavopivat in Thalassemia NN7537 Evavopivat MDS NN9931 Gilead in MASH - NN9500 FGF-21 in MASH - NN9388 Cagrisema - NN9536 Semaglutide 7.2 mg - NN6535 Oral Semaglutide 14.0 mg in AD NN6019 Coarmitug in ATTR Cardiomyopathy NN6018 - Ziltivekimab in ASCVD NN9440 INV-202 in CKD NN6018 Ziltivekimab in HFPEF NN6023 - - Ocedurenone in CKD NN9001 - Stem Cells in PD NN6491 - Anti-ANGPTL3 in CVD NN7769 - Mim8 in HA NN7535 Etavopivat in SCD Other PHASE 3 trials SOUL - Oral semaglutide 14.0 mg CVOT FOCUS Semaglutide 1.0 mg in diabetic retinopathy FLOW Semaglutide 1.0 mg in CKD STRIDE Semaglutide 1.0 mg in PAD STEP Semaglutide 2.4 mg in HFPEF and T2D RybelsusⓇ OzempicⓇ3 Victoza Ⓡ WegovyⓇ SaxendaⓇ NovoSevenⓇ Novo Eight® EsperoctⓇ NovoThirteenⓇ Refixia® AlhemoⓇ4 RivflozaⓇ5 Diabetes care Obesity care Rare blood disorders Rare endocrine disorders Norditropin® Sogroya® Cardiovascular & Emerging Therapy Areas 1Submitted to EMA; 2Submitted to EU for HwI, to Japan for HA/HB; 3Higher doses of injectable semaglutide (8 mg and 16 mg) tested in phase 2; 4Approved in Canada (HAWI/HBWI), Australia (HAWI/HBWI), Switzerland (HAWI/HBWI) and Japan (HAWI/HBWI);5 Approved for PH1 by FDA. AATLD: Alpha-1 Antitrypsin Deficiency-associated Liver Disease; AD: Alzheimer's Disease; ANGPTL3: Angiopoietin-like protein 3; ASCVD: Atherosclerotic Cardiovascular Disease; ATTR: Transthyretin amyloidosis; CKD: chronic kidney disease; CVOT: Cardiovascular outcome trial; FGF-21: Fibroblast growth factor 21; GHD: Growth hormone disorder; GSI: Glucose Sensitive Insulin; HA: Haemophilia A; HF: Heart failure; HFPEF: heart failure with preserved ejection fraction; HwI: Haemophilia with inhibitors; JP: Japan; LXR(a): Liver X receptor alpha; MARC1: Mitochondrial amidoxime reducing component 1; MASH: Metabolic dysfunction-associated steatohepatitis; MDS: myelodysplastic syndrome; OM: Once monthly; OW: Once weekly; PAD: Peripheral arterial disease; PD: Parkinson's Disease; PH: Primary hyperoxaluria; SCD: Sickle cell disease; Sema: Semaglutide; US: United States; VAP-1i: Vascular adhesion protein-1 selective inhibitor#3333 Investor presentation Full year 2023 Novo NordiskⓇ Novo Nordisk has a global manufacturing setup Local production All products API, fill and finish Russia API, fill and finish Fill and finish Product Supply value chain Fill and finish ㅎ Research and Development Manufacturing development API production API: Active Pharmaceutical Ingredient Iran Algeria Fill and finish Japan ஆ ເພີ້ມ ) ❖ : A ອອ Filling / tableting Assembly and packaging Distribution (cold chain) Patients#3434 Investor presentation Full year 2023 Diabetes care Disease and market GLP-1 segment Insulin segment 35 43 51 novo nordisk SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark#3535 Investor presentation Full year 2023 - 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 produced by the pancreas Primary classifications: Type 1 diabetes: Complete insulin deficiency due to destruction of beta- cells in the pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency Insulin: • Facilitates uptake of blood sugar into cells • Inhibits glucose release from the liver Insulin analogue action profiles Liver Pancreas Muscle Novo NordiskⓇ Fast-acting Premix Long-acting Fat cell 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Time of day Breakfast Lunch Dinner#3636 Investor presentation Full year 2023 GLP-1s have positive effects beyond glycaemic control and treatment guidelines now reflect the CV risk benefits Medications for treatment of type 2 diabetes Updated ADA/EASD diabetes treatment guidelines Novo NordiskⓇ Goal: HbA1c and weight management Glycaemic management Metformin OR combination therapy with adequate efficacy to reach and maintain goals (intermediate - very high) Very high: Semaglutide mentioned for glucose lowering efficacy Class Efficacy Hypo Weight risk change Cardiovascular effects Lifestyle management ASCVD HF Metformin High No Neutral Potential Benefit Neutral Goal: Cardiorenal risk reduction in high- risk T2D patients (on top of CV SoC) ASCVD or indicators of high risk Sulfonylurea High Yes Gain Neutral Neutral TZDS High No Gain Potential Benefit GLP-1 with proven CVD benefit OR SGLT-2 with proven CVD benefit Increased risk DPP-IV inhibitors HF with documented HFrEF or HFPEF Intermediate No Neutral Neutral Potential risk SGLT-2 with proven HF benefit SGLT-2 inhibitors Intermediate No Loss Benefit Benefit CKD GLP-1 High No Loss Benefit/ Neutral1 Neutral Long-acting High Yes Gain Neutral Neutral SGLT-2 with primary evidence of reducing CKD progression THEN GLP-1 with proven CVD benefit insulin Fast-acting insulin High Yes Gain Neutral Neutral If additional cardiorenal risk reduction or glycaemic lowering needed Benefit: dulaglutide, liraglutide, semaglutide; Neutral: exenatide once weekly, lixisenatide Hyp: Hypoglycaemia; ASCVD: Atherosclerotic cardiovascular disease; HF: Heart failure: TZDS: Thiazolidinediones Source: Adapted from: "Standards of Medical Care in Diabetes - 2022" Supplement 1, p.133; diabetes.org. American Diabetes Association. Weight management Set individualized weight management goals When choosing glucose-lowering therapies consider regimen with high efficacy Very high: Semaglutide mentioned for weight loss efficacy If HbA1c above target, identify barriers to reach treatment goals T2D: Type 2 diabetes; CVD: Cardiovascular Disease; SoC: Standard of Care; HF: Heart failure; CKD: Chronic Kidney Disease; ADA: American Diabetes Association; EASD: European Association for the Study of Diabetes Sources Adapted from: "Management of Hyperglycemia in Type 2 Diabetes, 2022. A Consensus Report by the American Diabetes Association (ADA) and the European Association for the Study of Diabetes (EASD)", Davies MJ. Et al, Diabetes Care 2022 (https://doi.org/10.2337/dci22-0034)#3737 Investor presentation Full year 2023 Novo NordiskⓇ People with diabetes have increased mortality risk, and the diabetic population is expected to increase to 784 million by 2045 Diabetes is associated with shorter life expectancy and lower quality of life Million The number of people with diabetes is expected to increase 32% by 2045 1,000 • Life expectancy 8 years shorter¹ Diabetes I • Driven by 200% increased risk of all cause mortality¹ 800 +32% 784 63 643 600 57 537 286 • 70% of people with diabetes die from 51 227 CVD atherosclerotic CVD² 400 187 • 150% increase in risk of stroke³ 175 164 141 200 260 195 • Higher likelihood of neuropathy, 158 Organs retinopathy, limb amputation, cancer and cognitive dysfunction4 0 2021 2030 2045 EMEA Region China ROW North America 1 Diabetes Care 2017 Mar; 40 (3): 338-345; 2 https://www.who.int/cardiovascular_diseases/en/; 3 https://www.diabetes.org/diabetes/complications.; CVD: Cardiovascular disease; OAD: Oral anti-diabetic 4 Diabetes Care 2005 Jan;28(1):164-176 EMEA: Europe, Middle East, Africa; RoW (Rest of world): Asia Pacific, Latin America Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021#3838 Investor presentation Full year 2023 Novo NordiskⓇ The unmet need within diabetes care remains large with too few patients reaching glycaemic target and treated for complications 1 in 2 adults go undiagnosed and more treated patients should reach their HbA1c target 537m 35m Prevalence Diagnosed Treated Reach target Treated for complications Prevalence Of the 537 million, 40.5 million¹ people are currently treated with Novo Nordisk diabetes products 10.4 mio treated with GLP-1 5.3 mio treated with new-generation insulin 11.7 mio treated with modern insulin 12.1 mio treated with human insulins Novo Nordisk products Source: Diabetes prevalence and diagnosed are based on Diabetes Atlas 10th edition, 2021; Treated is based on IQVIA patient data; real-world studies indicate between 30-55% of patients reach HbA₁ target <7%.e.g. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4388968/ 1 In addition to the above-mentioned product classes, oral anti-diabetics constitutes the remainder of people treated with Novo Nordisk products; Estimated number for full-year 2023 (total available in Novo Nordisk Annual Report 2023)#3939 Investor presentation Full year 2023 B-cell function Diabetes is a chronic disease requiring treatment intensification over time Diet and exercise OAD GLP-1 Insulin Distribution of estimated prescriptions¹ and value across treatment classes 3% 9% 49% 22% 3% 13% 40% 14% 0.7% 5% 23% 18% Time Estimated Prescriptions ■GLP-1 Inj. DPP-4i Value Oral GLP-1 Trad. OAD Insulin SGLT-2i 1The estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions. Note: Other OADs cover: metformin, sulfonylurea, thiazolidinediones. OAD: Oral anti-diabetic Source: RHS: MIDAS; patient and value figures based on IQVIA MAT, Nov 2023; Market values are based on the list prices Novo NordiskⓇ#4040 Investor presentation Full year 2023 Novo NordiskⓇ Better outcomes and broader reach can be accomplished through continued innovation, supported by digital solutions Digital health solutions Portfolio and pipeline Novo Nordisk's product portfolio follows the patient treatment journey OZEMPIC TRESIBA Xultophy RYZODEG semaglutide injection insulin degludec [rDNA origin] injection Ozempic 2.0 mg RYBELSUSⓇ semaglutide tablets High dose oral semaglutide Uncontrolled on current OAD Needing first injectable Novo PenⓇ6 / Novo Pen Echo® Plus are smart insulin pens and launched in 28 countries Icodec IcoSema Needing first basal insulin Needing more than basal insulin 6.2 Abbott Medtronic 600 Roche mySugr glooko Dexcom® Fiasp fast-acting insulin aspart Needing added meal- time insulin control Partnered with global CGM players CGM: Continuous glucose monitoring; Grey boxes in the portfolio and pipeline references phase 2 or phase 3 assets.#4141 Investor presentation Full year 2023 The total branded diabetes market has a global value of DKK ~420 billion annually DKK billion Global diabetes market DKK The USA billion 500 +21% +17% 2022/2023 2021/2022 Growth at CER 300 215 419 +41% 200 175 129 400 -25% +39% 363 90 -18% 100 31 40 13 16 42 30 0 300 Total Insulin GLP-1 DPP-4i SGLT-2i +43% DKK billion Outside the USA 200 185 300 +13% -12% 130 +40% 109 95 -19% 94 200 204 188 100 -4% 69 +45% 56 -19% +41% 44 100 64 69 56 40 31 40 53 39 0 Total Insulin GLP-1 DPP-4i SGLT-2i 0 Total Insulin GLP-1 Source: Company announcements as of Q3 2023; 2022/2023 data based on Q4 2022 to Q3 2023 and 2021/2022 data based on Q4 2021 to Q3 2022 Note: The segment value is based on reported figures, whilst the market growth is under constant exchange rate (CER). For Novo Nordisk the diabetes growth includes Insulin and GLP-1, excluding 'other Diabetes care'. DPP-4i SGLT-2i Novo NordiskⓇ#4242 Investor presentation Full year 2023 Novo Nordisk has a leadership position within the growing diabetes market Novo NordiskⓇ Global diabetes market by treatment class¹ Novo Nordisk remains global diabetes value market leader Novo Nordisk market share and share of growth DKK billion 500 Market CAGR: 10% 60% 11% 13% 13% 14% 14% 14% 400 21% 21% 21% 23% 24% 25% 44% 34% 40% 300 CAGR: -3% CAGR: 33% 38% 36% 35% 30% 29% 27% 200 CAGR: -4% 20% 100 30% 31% 31% 32% 33% 34% 27% 19% CAGR: 29% 0 2018 2019 2020 2021 2022 H1 2021 0% H2 H1 H2 H1 H2 2021 2022 2022 2023 2023 Nov Nov 2020 2023 GLP-1 Insulin SGLT-2i DPP-4i Company A Company B Others Novo Nordisk -NN market share -NN share of growth -Market growth (right axis) NN growth (right axis) 1 Data is based on company reported sales. Data does not include generic metformin, sulphonylureas or thiazolidinedione NN: Novo Nordisk Source: IQVIA MAT, Nov 2023 value figures Note: IQVIA data can be inflated due to use of list prices. Due to contractual obligations competitor names are not disclosed. Company A and B represent actual companies#4343 Investor presentation Full year 2023 GLP-1 mechanism of action and potential therapeutic opportunities GLP-1 mechanism of action when blood sugar levels increase Creates sense of satiety in the brain Semaglutide holds a plethora of therapeutic opportunities¹ FOCUS - Diabetic retinopathy outcomes trial Semaglutide s.c; ~1,500 patients, T2D ≥10 years SOUL - Cardiovascular outcomes trial Diabetes Brain PAD Reduces glucagon secretion in the liver GLP-1 Liver Slows gastric emptying Stomach 1 List is not exhaustive Pancreas Increases insulin secretion in the pancreas CVD Oral semaglutide; ~9,600 patients, T2D, established CVD or CKD CKD FLOW - Chronic kidney disease outcomes trial Semaglutide 1.0 mg; ~3,200 patients, T2D, moderate to severe CKD STRIDE - Peripheral artery disease trial Semaglutide 1.0 mg; ~ 800 patients with T2D and PAD SELECT - Cardiovascular outcomes trial Obesity Semaglutide 2.4 mg, ~17,500 patients with obesity and without diabetes, event driven Heart Failure Brain disorders MASH STEP-HFPEF Semaglutide 2.4 mg; ~ 600 patients with obesity-related HFPEF Alzheimer's Disease - Oral Semaglutide 14 mg; ~ 3,700 patients with early Alzheimer's disease Semaglutide in MASH Semaglutide s.c.; phase 3 and 2 trials Sc: Subcutaneous; T2D: Type 2 diabetes; CVD: Cardiovascular disease; CKD: Chronic kidney disease; MASH: Metabolic dysfunction-associated steatohepatitis; PAD: Peripheral artery disease Novo NordiskⓇ#4444 Investor presentation Full year 2023 Novo Nordisk has 55% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share Novo NordiskⓇ GLP-1 share of total estimated diabetes prescriptions¹ is 6% Million prescriptions¹ 250 53% 200 53% Global: 2% 55% 150 55% 100 50 0% 0 Nov Nov 2018 2020 2023 -NN market share NN share of growth GLP-1 -Market growth Source: IQVIA MAT value (spot rate), Nov 2023; Market values are based on the list prices NN growth SGLT-2i DPP-4i Insulin Global: 6% 2023 Trad. OAD GLP-1 share of estimated diabetes prescriptions 1 The estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full- year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions Source: IQVIA MAT volume (Spot rate), Nov 2023; Market values are based on the list prices#4545 Investor presentation Full year 2023 SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% -0.1 Change in HbA1c (%) -0.5 -0.9 -0.8 6 7 * -1.3* * * -1.5 -1.6 -1.6* -1.5* -1.2' * -1.1 * -1.4* -1.4* -1.6* -1.8 1.2 89 kg 96 kg 93 kg 92 kg 92 kg 92 kg Baseline Change in weight (kg) -3.7 -4.5* -1 -1.9 -1.9 -4.3 -5.2 * -1.4 * -3.5 -3.7* * -4.9 -3.6 -0.4 -0.7 8.2% -1.8-1.5 -1.1 -1.3 95 kg -4.6 * Novo NordiskⓇ -2.3 -3.0 * -5.6 -6.1 * | semaglutide 1.0 mg semaglutide 0.5 mg placebo -6.4* sitagliptin 100 mg exenatide ER glargine U100 dulaglutide 1.5 mg -6.5* dulaglutide 0.75 mg * Statistically significant; SUSTAIN 1: QW sema vs placebo in drug-naïve people with T2D; SUSTAIN 2: QW sema vs sitagliptin 100 mg QD in people with T2D added to 1-2 OADS; SUSTAIN 3: QW sema vs QW exenatide ER 2.0 mg in people with T2D added to 1-2 OADS; SUSTAIN 4: QW sema vs QD insulin glargine in people with T2D added to 1-2 OADS; SUSTAIN 5: QW sema vs placebo in people with T2D added to insulin; SUSTAIN 6: QW sema vs placebo, added to standard-of-care; SUSTAIN 7: QW sema vs QW dulaglutide 75 mg and 150 mg in people with T2D added to 1-2 OADS: ER: Extended-release; QW: once-weekly; QD: once-daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics#4646 Investor presentation Full year 2023 Semaglutide 2.0 mg s.c. brings patients needing treatment. intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application approved in the US and the EU Estimand Trial product estimand Treatment policy estimand Once-weekly semaglutide 2.0 mg 1.0 mg 2.0 mg 1.0 mg HbA1c 2.2%* 1.9% 2.1%* 1.9% reduction Body weight reduction -6.9* -6.0 -6.4 -5.6 (kg) HbA1c < 7.0%1 68% 58% 1 ADA recommended treatment target *Statistically significant S.c.: subcutaneous; Sema: Semaglutide; T2D: Type 2 diabetes Data from SUSTAIN FORTE Semaglutide 2.0 mg showed superior HbA1c reduction with more patients reaching target¹ versus semaglutide 1.0 mg Semaglutide 2.0 mg appeared to have a safe and well-tolerated profile Gastrointestinal adverse events were similar for semaglutide 1.0 mg and 2.0 mg 3) Label expansion application approved in the US, JP and the EU Novo NordiskⓇ#4747 Investor presentation Full year 2023 PIONEER programme with oral semaglutide PIONEER 1 2 3 4 5 7 Baseline 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% -0.1 -0.1 -0.1 Change in HbA1c (%) -0.5 8 8.2% -0.6 -0.7 -1.0* -0.8 -0.8 -0.9 -1.1 -1.1* -1.3* * -1.1 -1.4 -1.3 * -1.4* -1.4 -1.5* 88 kg 92kg 91 kg 94 kg 91 kg 89 kg Baseline -1.7 -1.5 Change in weight (kg) -2.5 -3.8 -4.1* -4.2 -0.7 * -1.2 -2.2 -3.3* -4.7 -0.7 -3.2 -3.7 -1.1 -1.4 * 86 kg 0.6 -0.8 * -1.3 * -2.9 * -3.0 -4.1* Novo NordiskⓇ oral semaglutide 3 mg oral semaglutide 7 mg oral semaglutide 14 mg placebo sitagliptin 100 mg empagliflozin 25 mg Victoza 1.8 mg ER: Extended-release; QW: once-weekly; QD: once-daily; oral sema: oral semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics; CV: Cardiovascular Note: PIONEER 9 and PIONEER 10 were Japanese studies and PIONEER 6 was a CV safety study. * Statistically significant based on the hypothetical treatment policy; PIONEER 1: QD oral sema vs placebo in people with T2D treated with diet and exercise only; PIONEER 2: QD oral sema vs empagliflozin 25 mg in people with T2D; PIONEER 3: QD oral sema vs sitagliptin 100 mg in people with T2D; PIONEER 4: QD oral sema vs Victoza® 1.8 mg and placebo in people with T2D; PIONEER 5: QD oral sema vs placebo in people with T2D and moderate renal impairment; PIONEER 7: QD oral sema using a flexible dose adjustment based on clinical evaluation vs sitagliptin 100 mg in people with T2D; PIONEER 8: Effects of QD oral sema vs placebo in people with long duration of T2D treated with insulin#4848 Investor presentation Full year 2023 PIONEER PLUS achieved its primary endpoint and demonstrated statistically significant HbA1c reduction vs oral sema 14 mg Oral semaglutide 25 mg and 50 mg vs 14 mg in subjects with T2D Oral semaglutide 50 mg R Oral semaglutide 25 mg 1:1:1 Oral semaglutide 14 mg 68 weeks 5 weeks follow-up Inclusion criteria (1,606 participants): Primary endpoint: Change from baseline to week 52 in HbA1c Secondary endpoint: . Type 2 Diabetes • HbA1c 8.0 - 10.5% Change from baseline (%) Headline trial results Change in HbA1c Change in body weight Mean baseline HbA1c: 9.0% Mean baseline body weight: 96.4 kg -1.5% -1.9%* -2.2%* Change from baseline (kg) -4.5 -7.0* -9.2* . Change from baseline to week 52 in body weight BMI ≥25 kg/m² Stable dose of 1-3 OADS (metformin, SU, SGLT-2i or DPP-411) All doses of oral semaglutide appeared to have safe and well-tolerated profile Oral semaglutide 14 mg Oral semaglutide 50mg Oral semaglutide 25mg *Statistically significant/superior vs oral semaglutide 14 mg; 1DPP-4i terminated at randomization T2D: Type 2 diabetes; HbA1c: Glycated haemoglobin; BMI: Body Mass Index; OADS: Oral antidiabetic drugs; SU: Sulfonylurea; SGLT-2i; Sodium-glucose cotransporter-2 inhibitors; DPP-4i: dipeptidyl peptidase-4 inhibitors Note: Trial product estimands shown; Trial objective: To compare the safety and efficacy of 25 and 50 mg oral semaglutide with 14 mg oral semaglutide once daily in people with type 2 diabetes Novo NordiskⓇ#4949 Investor presentation Full year 2023 Phase 2 trial for CagriSema in people with type 2 diabetes was successfully completed in Q3 2022 Exploratory phase 2a trial of CagriSema in T2D Cagrilintide 2.4 mg + semaglutide 2.4 mg Headline trial results Change in body weight Mean baseline HbA1c: 8.4% Mean baseline body weight: 106 kg Change in HbA1c R Cagrilintide 2.4 mg + placebo 1:1:1 Semaglutide 2.4 mg + placebo Dose escalation 16 weeks Primary endpoint: Change from baseline (week 0) to week 32 in HbA1c Treatment maintenance 16 weeks Follow up 5 weeks Inclusion criteria (92 people): Type 2 diabetes • HbA1c 7.5-10.0% Metformin +/- SGLT2i BMI ≥27 kg/m2 Change from baseline (%) -0.93% וייווי -15.6% -1.79% -2.18% Cagrilintide 2.4 mg OW Semaglutide 2.4 mg OW CagriSema (2.4 mg semaglutide and 2.4 mg cagrilintide) In the trial, CagriSema appeared to have a safe and well-tolerated profile T2D: Type 2 diabetes, BMI: body mass index; HbA1c: Glycosylated haemoglobin; OW: Once-weekly Note: Trial product estimands shown; Trial objective: To compare the effect of co-administered (separate injections) semaglutide and cagrilintide versus semaglutide in subjects with T2D inadequately controlled on metformin with or without SGLT2 inhibitor Novo NordiskⓇ#5050 Investor presentation Full year 2023 Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, was initiated in Q3 2023 CagriSema characteristics REIMAGINE 1 vs placebo CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and semaglutide 2.4 mg REIMAGINE 2 FDC trial REIMAGINE 3 Add-on to insulin Phase 3a programme with CagriSema in T2D: Aims to confirm efficacy and safety across four global trials REIMAGINE 4 H2H vs tirzepatide REDEFINE 3 • Global phase 3 trial programme • 180 patients with T2D 40-week vs. placebo • Primary endpoint: HbA1c 2700 patients with T2D, MET +/- SGLT-2i 68-week vs. semaglutide, cagrilintide and placebo • Primary endpoint: HbA1c and bodyweight • • 270 patients with T2D, Basal insulin +/- MET 40-week vs. placebo • Primary endpoint: HbA1c 1000 patients with T2D, MET +/- SGLT-2i 68-week vs. tirzepatide • Primary endpoint: HbA1c and bodyweight • Expected completion during 2025/2026 7000 patients¹ CVOT - shared with obesity programme • Event driven O Primary endpoint: 3-point MACE 2023 2024 2025 165% of patients with T2D, 35% without T2D FDC: Fixed dose combination; T2D: Type 2 Diabetes; H2H: Head-to-head; CVOT: Cardiovascular outcomes trial; 3P: Three point; MACE: Major adverse cardiovascular event; MET: Metformin; SGLT-2i: sodium-glucose co-transporter-2 inhibitor Note: CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg 2026 Novo NordiskⓇ#5151 Investor presentation Full year 2023 Novo Nordisk global insulin market leadership at 45.4% and the global insulin volume market declined by 2% North America Operations Market growth: -3.7% MS: 37.2% MS gain/loss¹: -1.3%-p Sales growth: -23% USA Market growth: -3.9% MS: 37.0% MS gain/loss: -1.1%-p Sales growth: -25% Global Market growth: -2.0% MS 45.4% MS gain/loss: -1.3%-p Sales growth: -6% Novo NordiskⓇ International Operations Market growth: -1.5% MS: 48.0% MS gain/loss¹: -1.3%-p Sales growth: 0% Market growth: -3.5% MS: 57.7% MS gain/loss¹: +1.3%-p Sales growth: 4% Region China Market growth: 0.4% MS: 40.2% MS gain/loss: -8.3%-p Sales growth: -7% EMEA Market growth: -1.4% MS: 47.3% ROW MS gain/loss: +0.1%-p Sales growth: 3% 1MS gain/loss compared with Nov 2022 reported MS EMEA: Europe, Middle East and Africa; MS: Market share; ROW: Asia Pacific; Latin America; MS: Market Share; Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Note: Sales growth for the full year 2023 at constant exchange rates; Market shares are for Novo Nordisk, market growth for total insulin market Source: IQVIA MAT, Nov 2023 volume figures#5252 Investor presentation Full year 2023 Insulin market size and Novo Nordisk volume and value market share Insulin market share and market size (DKK billion) Total 44% Long- 37% Acting Fast- 52% 91 Acting 70% Premix 14 31% Human 22 129 Market growth A Market share 256 -7.6% -0.7% 50% Insulin volume: Market share Novo NordiskⓇ 45% 9% 40% 6% -7.9% -0.7% 3% 30% 0% -5.0% -0.9% 20% -2% -3% -5% 10% -16.5% -0.0% 0% Nov -10.0% -0.4% 2020 -NN market share -6% -9% Nov 2023 NN: Novo Nordisk Novo Nordisk Competitors Note: LHS graph - Value, RHS Graph - Volume, MAT, all countries; Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, Nov 2023 Market growth (right axis) NN growth (right axis)#5353 Investor presentation Full year 2023 Once-weekly insulin icodec, a basal insulin intended for once- weekly treatment, may reduce the disease burden for patients Bringing the strongest value proposition to market Insulin icodec phase 3 programme has been completed 984 people insulin-naïve, 78-week, vs insulin glargine U100 TIR: Time-in-range ONWARDS 1 Reduction of disease burden with once-weekly treatment ONWARDS 2 526 people on basal, 26-week, vs insulin degludec Tested for superior HbA1c and TiR vs glargine and standard-of-care and ONWARDS 3 588 people insulin-naïve, 26-week, vs insulin degludec similar safety profile of Tresiba® ONWARDS 4 582 people on both basal and bolus, 26-week, vs insulin degludec App-based offering and connected smart pen to optimise titration and support compliance and data collection ONWARDS 5 1,085 people, insulin-naïve using app-based dosing recommendations, 52-week ONWARDS 6 582 people, type 1 diabetes using bolus insulin, 52-week, vs insulin degludec Reduced environmental footprint Submission Insulin Icodec was submitted in US, EU and China in Q2 2023 Novo NordiskⓇ#5454 Investor presentation Full year 2023 Novo NordiskⓇ ONWARDS 3 BASAL INITIATION Trial duration (weeks) 26 Once-weekly insulin icodec appeared to be effective and to have a safe profile in the phase 3 ONWARDS programme ONWARDS 1 BASAL INITIATION 522 ONWARDS 4 BASAL/BOLUS SWITCH 26 ONWARDS 6 BASAL/BOLUS SWITCH ONWARDS 5 BASAL INITIATION ONWARDS 2 BASAL SWITCH 52 26 262 (Full trial: 78 weeks) Baseline HbA1c (%) Non-inferiority confirmed 8.5% ✓ 8.5% ✓ 8.9% 8.1% ✓ 8.3% (Full trial: 52 weeks) 7.6% ✓ Superiority confirmed Estimated change from baseline in HbA1c (%) -0.47% -0.51% -0.71% -0.93%* -1.16% -1.18% -1.55%*-1.35% *-1.36% -1.31% 19.93 -1.57%* -1.68%* * 10.37 Hypoglycaemia event 0.30 0.16 rates¹ 0.31 0.15 5.64 5.62 0.19 0.14 0.73 0.27 Insulin-treated type 2 diabetes Type 1 diabetes Once-daily insulin degludec Once-daily basal insulins Insulin-naïve type 2 diabetes In people with type 2 diabetes: No statistical difference in estimated hypoglycaemia events Once-weekly insulin icodec Once-daily insulin glargine U100 *Statistically significant. 1 Severe or clinically significant hypoglycaemia events (blood glucose <3 mmol/L) per patient year, included for end of trial/end main phase in-trial. 2 Duration refers to trial main phase. ONWARDS 1: QW insulin icodec vs QD insulin glargine U100 both with non-insulin anti-diabetic treatment in insulin-naïve people with T2D; ONWARDS 2: QW insulin icodec vs QD insulin degludec in people with T2D switching from a QD insulin; ONWARDS 3: QW insulin icodec vs QD insulin degludec in insulin-naïve people with T2D; ONWARDS 4: QW insulin icodec vs QD insulin degludec both with mealtime insulin in people with T2D treated with basal and bolus insulin; ONWARDS 5: QW insulin icodec vs QD basal insulin with an app providing dosing recommendation in insulin-naïve people with T2D; ONWARDS 6: QW insulin icodec vs QD insulin degludec both with mealtime insulin in people with T1D T1D: Type 1 diabetes; T2D: Type 2 diabetes. Note: Overview refer to primary end-points in main phases of trials#5555 Investor presentation Full year 2023 Phase 3 trial programme for IcoSema in T2D, COMBINE IcoSema characteristics IcoSema is a fixed dose combination of insulin icodec and semaglutide • Simple and convenient once-weekly injection کی COMBINE 1 Post-basal insulin Focused phase 3 trial programme • • • Initiated in Q2 2022 1290 patients* previously on basal-insulin 52-week vs. insulin icodec • Prim. endpoint: HbA₁, superiority • Sec. endpoint: Weight and hypo superiority COMBINE 2 Post-GLP-1 • Phase 3a programme with IcoSema . Aims to confirm efficacy and safety across three global trials Expected completion during 2024 COMBINE 3 Basal insulin intensification *Patients with Type 2 Diabetes Mellitus . • Initiated in Q2 2022 680 patients* previously on GLP-1 RA 52-week vs. semaglutide 1.0mg Primary endpoint: HbA1c superiority • • • • Initiated in Q4 2021 680 patients* previously on basal insulin 52-week vs. insulin glargine + insulin aspart ⚫ Prim. endpoint: HbA₁, non-inferiority • Sec. endpoint: Weight and hypo superiority 2021 2022 2023 2024 Novo NordiskⓇ#5656 Investor presentation Full year 2023 *Obesity care novo nordisk Obesity disease background 57 Obesity market development 61 Innovation 62 MICHAEL PETERSEN Michael lives with obesity Denmark#5757 Investor presentation Full year 2023 More than 764 million people are living with obesity, yet the narrative is changing Obesity is a global epidemic affecting more than 764 million people¹ Obesity impacts both the individual and society at large The obesity narrative is changing Media: Shift to more empathetic tone 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 Α ५ Healthcare professionals: Increased recognition among societies within healthcare D Policymakers: More government recognition People with obesity: Patient groups are encouraging PwO to seek treatment 1 World Obesity Atlas 2022 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. Note: Obesity is defined as BMI > 30; PWO: People with obesity Novo NordiskⓇ#5858 Investor presentation Full year 2023 Patient-centric strategy designed to activate more people with obesity, drive HCP engagement, and improve market access Million people >764 million people 800 live with obesity 764 50 0 ~10% seek help ~2% are treated with an AOM ~2.5 million seen by obesity experts 76 Treated ~1 million with SaxendaⓇ in 2021 Only 25% on treatment for more than 1 year 15 -2.5 [1] 0.25 Ensure obesity is a healthcare priority needing medical management People with obesity activation Truth About Weight™ HCP engagement Rethink ObesityⓇ direct care obesity Value proposition to payers SELECT semaglutide effects on cardiovascular outcomes in people with overweight or obesity HCP: Healthcare providers; AOM: Anti-obesity medication; CagriSema: Cagrilintide in combination with semaglutide Source: World Obesity Atlas 2022; IQVIA AOM TRX 12m PWO (People with Obesity); Market Research Maximize the value of Novo Nordisk's superior treatment solutions Marketed product portfolio and pipeline closing the treatment gaps Approved products Saxenda® Late-stage pipeline products Oral semaglutide 25 mg and 50 mg ONCE-WEEKLY wegovyⓇ liraglutide injection semaglutide injection 2.4 mg CagriSema Novo NordiskⓇ#5959 Investor presentation Full year 2023 Novo NordiskⓇ Large opportunity for activating more people with obesity to seek treatment and increasing the number of prescribers. ONCE-WEEKLY wegovy® semaglutide injection 2.4 mg WegovyⓇ patient characteristics in the US 32% 75% 80% 38 of patients new to anti- obesity medication¹ of patients are female Average BMI of patients have ≥3 co- morbidities Of the people with overweight or obesity in the US, almost 90% have a weight-related comorbidity BMI (million of people) 27-30 (43) 30-35 (52) 35-40 (25) ≥40 (20) Total (140) 140 No obesity-related comorbidity² 7 (16%) 6 (12%) 2 (9%) 2 (8%) 17 (12%) million people with a BMI > 27 Any obesity-related comorbidity 36 (84%) 46 (88%) 23 (92%) 18 (90%) 123 (88%) Hereof metabolic syndrome³ 21 (48%) 26 (50%) 14 (56%) 12 (61%) 72 (52%) Hereof ASCVD 4 (8%) 5 (10%) 3 (10%) 2 (10%) 13 (9%) ¹Naïve to AOM treatment is based on total info in the database and not restricted to 12 months prior WegovyⓇ prescription 2 Individuals without any of the following obesity related conditions: T2DM, Pre-diabetes, MASH, MAFLD, 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. BMI; Body mass index; ASCVD: Atherosclerotic cardiovascular disease#6060 Investor presentation Full year 2023 Patient access to anti-obesity medications is improving in both the US and IO The ~50 million people having access to WegovyⓇ demonstrates the recognition of Obesity as a chronic disease Restricted reimbursement for SaxendaⓇ is progressing EXAMPLES ~110m Obesity prevalence in US adults¹ ~60m Commercial Channel -50% of employers opt-in ~40m People with commercial coverage ~10m Medicaid² BMI ≥ 30 with two or more co-morbidities BMI ≥ 35 With pre-diabetes and risk of CV (+) ~60% coverage by private insurance, 20% of which includes restricted/unrestricted coverage BMI ≥ 35 Or BMI ≥ 28 and one obesity related comorbidity 1 Prevalence: Adult obesity facts. Centers for Disease Control and Prevention, https://www.cdc.gov/obesity/data/adult.html; US Census Bureau. QuickFacts: United States. https://www.census.gov/quickfacts/fact/table/US#viewtop. Accessed Mar, 2021.; 2 Also includes DoD and government employees Note: Obesity is defined as BMI > 30 Novo NordiskⓇ#6161 Investor presentation Full year 2023 Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth 180% 140% 100% 60% Obesity market growth and Novo Nordisk value market share Obesity market size and growth DKK billion 183% 180% 140% 164% 100% 93% 60% 24.8 39.3 ~164% 65.4 1.2 93% ~183% 20% 20% 87% -20% -20% Nov 2020 Nov -NN market share 2023 Nov 2022 NN Obesity care Others -Market growth (right axis) Novo Nordisk NN Growth (right axis) Note: Value MAT, all countries; Share of growth not depicted due to high growth; Market values are based on the list prices Source: IQVIA, Nov 2023 Nov 2023 Others Novo NordiskⓇ#6262 Investor presentation Full year 2023 Novo NordiskⓇ Across the STEP 1, 3, and 4 trials, a weight loss of 16.9% to 18.2% was reported for people treated with semaglutide 2.4 mg STEP 1 Weight management STEP 3 Weight mgmt. STEP 4 Sustained weight management with IBT After 68 weeks 105.8 107.2 STEP 5 Weight loss over 2 years STEP 2 Weight mgmt. with T2D STEP 8 Head-to-head trial versus liraglutide 3.0 mg After 20 weeks 96.1 106.0 104.5 Baseline body weight, kg 105.3 99.8 Sema Placebo Sema IBT Sema Placebo Sema 9 + IBT Placebo Sema 6.5 Placebo Sema Placebo Sema Lira 3.0 mg Placebo Change from baseline in BW (%) -9 -2.4 -5.0 -5.2 -8.8 -18 * -16.9 -17.6* -18.2* -16.7 -0.6 -3.1 -6.6 * P-value <0.0001, based on the trial product estimand (secondary statistical approach): treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies IBT: Intensive behavioural therapy; Sema: Semaglutide; Lira: Liraglutide; BW: Body weight; T2D: Type 2 diabetes; Mgmt.: Management -10.6 * -17.1 * -1.8#6363 Investor presentation Full year 2023 In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% The pivotal STEP 1 trial showed greater than 16% weight loss % change in body weight Data from STEP 1 0 -4 -8 -12 -16 • Average age 46 . Placebo: -2.4% 74.1% women • Average BMI 37.9 kg/m² Improvements in lipid profile as well as C-reactive protein Semaglutide 2.4 mg: -16.9% Semaglutide improved health-related quality of life as measured by SF-36 and IWQOL-lite-CT -20 0 4 8 12 16 20 28 36 44 52 60 68 Time since initiation (weeks) BMI: body mass index; SF-36: Short Form (36) Health Survey; IWQOL-lite-CT: Impact of Weight on Quality of Life-Lite questionnaire Notes: Change in body weight in % depicts observed means since time of randomisation; trial product estimand. Novo NordiskⓇ#6464 Investor presentation Full year 2023 Novo NordiskⓇ In STEP 1, 34.8% of patients treated with sema reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus placebo in the IWQOL-Lite-CT PRO Proportion of patients 100% 80% 60% 92.4% 40% 33.1% 20% Semaglutide 2.4 mg Placebo IQWOL-Lite-CT 74.8% Physical function 54.8% 11.8% 5.0% 34.8% Physical Psychological Total 2.0% 0% ≥5% ≥10% ≥15% ≥20% Weight loss Descriptive statistic only. Based on the on-treatment data, i.e. data for people that are on-treatment at week 68 ETD [95% CI] 9.43 [7.50 11.35] * 9.14 [7.31 10.96] * 10.50 [8.81 12.19] * 10.02 [8.42: 11.62] * Favours placebo Favours semaglutide -202 468 10 12 14 * statistically significant; p-values other than physical function were not controlled for multiplicity PRO: patient reported outcome; CI: confidence interval, ETD: estimated treatment difference, IWQOL-Lite-CT: Impact of Weight on Quality of Life-lite;#6565 Investor presentation Full year 2023 In STEP 4, people treated with semaglutide had a superior weight loss of up to 18.2% STEP 4 showed significantly greater weight loss post run-in than placebo % change in body weight 0 Randomisation • Data from STEP 4 -4 -8 I I -12 -10.5% -16 I I Placebo: -5.2% 目 Average age 46 . 79% women • Average BMI - 38.4 kg/m2 Trial highlights that obesity is a chronic disease requiring sustained treatment Novo NordiskⓇ Semaglutide 2.4 mg: -18.2% Improvements on a panel of cardiovascular risk markers -20 048 12 16 20 24 28 36 44 52 60 68 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand; BMI: body mass index#6666 Investor presentation Full year 2023 Novo NordiskⓇ In STEP 4, 41.2% of patients treated with semaglutide reached >20% weight loss and reported improved quality of life vs placebo Proportion of patients Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus placebo in the SF-36 patient reported outcome 100% 90.5% Semaglutide 2.4 mg Placebo 80.8% 80% 60% 50.0% 40% 20% 65.5% 41.2% SF-36 scores Physical functioning Role-physical Bodily pain General health Vitality Social functioning Role-emotional Mental health 20.9% 9.8% 5.1% Physical component summary Mental component summary 0% ≥5% ≥10% ≥15% ≥20% Weight loss Descriptive statistics only. Based on the on-treatment data, i.e. data for people that are on-treatment at week 68 Favours placebo Favours semaglutide -1012 ETD [95% CI] 2.46 [1.593.32] 1.44 [0.42: 2.47] * * 2.23 [-0.06 4.53] 1.86 [0.733.00] * 4.31 [1.617.02] * 2.41 [0.07 4.76] * 1.64 [0.52: 2.76] * 2.93 [1.80 4.06] * 1.68 [0.64 2.72] * 3.44 [2.28 4.60] * 3 4 5 6 7 8 * statistically significant; p-values other than physical functioning were not controlled for multiplicity CI: confidence interval, ETD: estimated treatment difference, Sema: semaglutide, SF-36: Short Form (36) Health Survey#6767 Investor presentation Full year 2023 In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years % change in body weight Clinically relevant and sustained weight loss in patients with obesity or overweight 0 2 4 6∞ -2 -10 -12 -14 -16 -18 -20 Data from STEP 5 40% of patients lost ≥ 20% of their body weight Placebo: -0.6% Semaglutide 2.4 mg: -16.7% 0 8 16 24 32 40 48 56 64 72 80 88 96 104 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand; mean body weight: 106.0 kg Semaglutide appeared to have a safe and well-tolerated profile Improvements in lipid profiles as well as C- reactive protein Novo NordiskⓇ#6868 Investor presentation Full year 2023 In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg STEP 8 observed mean change in body weight¹ Mean baseline body weight: 104.5 kg Data from STEP 8 % change in body weight 0 S Placebo: -1.8% Liraglutide 3.0 mg: -6.6% -10 -15 -20 0 5 Semaglutide 2.4 mg: -17.1%* 10 15 20 25 30 35 40 45 50 55 60 65 68 Time since Initiation (Weeks) 1 Observed data for the on-treatment period; *p-value <0.0001 vs lira 3.0 mg; % change in body weight measured as change from baseline Data shown is the trial product estimand; Sema: Semaglutide; Lira: Liraglutide 38.5% of patients lost ≥20% of their body weight with semaglutide 2.4 mg vs 6.0% with liraglutide 3.0 mg Liraglutide and semaglutide both appeared to have a safe and well-tolerated profile Statistical significant improvements in systolic BP and CRP with semaglutide 2.4 mg vs liraglutide 3.0 mg Novo NordiskⓇ#6969 Investor presentation Full year 2023 Novo NordiskⓇ The phase 3a OASIS 1 trial investigating oral semaglutide 50 mg in people with overweight or obesity was completed in Q2 2023 OASIS 1 trial design The trial included 660 patients with overweight or obesity Oral semaglutide 50 mg Objective To investigate superiority of oral semaglutide 50 mg vs. placebo on weight loss in people with overweight or obesity R 1:1 Placebo oral 68 weeks 7 weeks follow-up Inclusion criteria • BMI: ≥27 kg/m² with ≥ 1 weight-related comorbidity, or • BMI ≥30 kg/m² • Weight-related comorbidities are hypertension, dyslipidaemia, obstructive sleep apnoea and CVD OASIS: Oral Semaglutide treatment effect In people with Obesity; CVD: Cardiovascular disease; BMI: Body Mass Index Primary endpoint • Change in body weight from baseline (%) Body weight reduction ≥ 5% OASIS programme scope Total of 1,000 patients across three trials: 1) A global (North America and Europe), 2) Japanese and 3) Chinese trial#7070 Investor presentation Full year 2023 Oral semaglutide 50 mg in overweight or obesity demonstrated superior body weight reduction in the OASIS 1 phase 3 trial OASIS 1 showed significantly greater weight loss compared to placebo 0 Change in body weight (%) -15 -12 9 -6 ώ Mean baseline body weight: 105.4kg Categorical weight loss % at week 68 100 89.2 -1.8 % of patients 80 88 60 60 40 40 20 20 24.5 74.7 58.5 37.2 11.8 5.3 -17.4 2.4 -18 048 12 16 20 28 36 44 52 60 Time since randomisation (weeks) 0 68 68* ≥5% ≥10% ≥15% ≥20% Oral sema 50 mg Placebo Oral sema 50 mg Placebo Note: Observed data are on-treatment. Week 68* is the body weight change using the trial product estimand Sema: Semaglutide Novo NordiskⓇ#7171 Investor presentation Full year 2023 Phase 3 trial programme for oral semaglutide 50 mg in overweight or obesity, OASIS Oral semaglutide characteristics a Oral semaglutide 50mg: Semaglutide tablets in overweight or obesity • Once daily tablet Phase 3a programme with oral semaglutide 50 mg Aims to confirm efficacy and safety Submission in US and EU expected during 2023 The global launch of oral semaglutide 50 mg is contingent on portfolio prioritisations and manufacturing capacity BW: Body weight; T2D: Type 2 diabetes Focused phase 3 trial programme OASIS 1 . 667 patients 50 mg dose 68 week Primary endpoint: BW % 198 patients incl. T2D OASIS 2 . EAST ASIA • 68 week OASIS 3 China • Primary endpoint: BW % • . 200 patients incl. T2D 44 week Primary endpoint: BW % OASIS 4 25 mg dose 2022 ⚫ 300 patients 64 week Primary endpoint: BW % 2023 2024 2025 Novo NordiskⓇ#7272 Investor presentation Full year 2023 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 Time since first dosing (days) Follow-up 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.#7373 Investor presentation Full year 2023 The CagriSema phase 3 programme, REDEFINE, was initiated in the Q4 2022 REDEFINE 1 trial design REDEFINE 2 trial design CagriSema 2.4 mg/2.4 mg1 N = 3400 N=1200 R 21:3:3:7 Cagrilintide 2.4 mg¹ Semaglutide 2.4 mg1 Placebo¹ CagriSema 2.4 mg/2.4 mg1 R Placebo¹ 3:1 Novo NordiskⓇ Week 0 + 16 68 75 Week 0 + 16 68 75 Dose escalation Treatment maintenance Follow- up Dose escalation Treatment maintenance Follow- up Inclusion criteria REDEFINE 1: • BMI: ≥ 30 kg/m² or ≥ 27 kg/m² and ≥1 comorbidity Excludes diabetes diagnosis or HbA1c ≥ 6.5% . REDEFINE 2: Primary endpoints: Change in body weight (%) Achieve ≥ 5% body weight reduction . BMI: ≥ 27 kg/m² Type 2 diabetes, HbA1c <10% Confirmatory secondary endpoints: . Change in waist circumference HbA1c Systolic blood pressure 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; HbA₁: Hemoglobin A₁; IWQOL-Lite-CT: Impact of weight on quality of life - lite, clinical trials version; Short form 36v2#7474 Investor presentation Full year 2023 Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD Novo NordiskⓇ SELECT trial with 17,604 people with BMI>27 and established CVD Semaglutide 2.4 mg R 1:1 Placebo Primary endpoint • Event driven 5 weeks follow-up Time from randomisation to first occurrence of 3-point MACE¹ Secondary confirmatory endpoints Time from randomisation to first occurrence of: • CV death • HF composite endpoint All-cause death Objective • Demonstrate that semaglutide s.c. 2.4 mg OW lowers the incidence MACE vs. placebo when both added to standard of care in subjects with established CV disease and overweight or obesity. Headline results . Semaglutide 2.4 mg demonstrated an 20% reduction in MACE Safety • In the trial, once-weekly subcutaneous semaglutide 2.4 mg appeared to have a safe and well-tolerated profile, as seen with previous trials investigating semaglutide 2.4 mg Next steps • In September and October 2023, Novo Nordisk submitted SELECT results to FDA and EMA 1MACE includes non-fatal myocardial infarction, non-fatal stroke, and cardiovascular death. MACE: Major adverse cardiovascular events; HF: Heart failure; CV: Cardiovascular; CVD: Cardiovascular Disease; OW: Once-weekly; s.c.: Subcutaneous; BMI: Body mass index#7575 Investor presentation Full year 2023 The cardiovascular trial, SELECT, addresses many comorbidities that can be improved with weight management Weight loss (%) 30 Improvements (examples) 20 10 0-5% 0 Improvements per weight loss bracket 5-10% >15% 10-15% Hypertension X Hyperglycaemia X Prevention of T2D Dislipidaemia X Kidney disease Cardiovascular Disease MASH CV mortality X MAFLD GERD HF X SELECT trial endpoints ✓ Primary X Secondary O Exploratory PCOS OSAS Knee OA T2D remission T2D: Type 2 diabetes; MAFLD: Metabolic dysfunction-associated fatty liver disease; PCOS: Polycystic ovary syndrome; MASH: Metabolic dysfunction-associated 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 Novo NordiskⓇ#7676 Investor presentation Full year 2023 Phase 3 trial STEP HFPEF with semaglutide 2.4 mg was successfully completed in Q2 2023 STEP HFPEF trial with 529 people with obesity and HFPEF Objective: STEP HFPEF • Evaluate the effect on HF specific symptoms, physical function and body weight compared with placebo Dual primary endpoints: Semaglutide 2.4 mg + SoC R Placebo + SoC 1:1 Dose escalation Treatment maintenance Follow up 16 weeks 36 weeks 5 weeks • Change in KCCQ from baseline to week 52 • Change in body weight from baseline to week 52 Key secondary endpoints: Change in 6MWD from baseline to week 52 Composite endpoint (all cause death, HHF, KCCQ, 6MWD) from baseline to week 52 Inclusion criteria: • BMI ≥30 kg/m2 • NYHA II-IV • Ejection fraction ≥45% R: Randomisation; HF: Heart Failure; HFPEF: Heart Failure with preserved ejection fraction; SoC: Standard of care; KCCQ: Kansas City Cardiomyopathy Questionnaire; 6MWD: 6-min walking distance; HHF: Heart failure hospitalization; NYHA: New York Heart Association classification Novo NordiskⓇ#7777 Investor presentation Full year 2023 Novo NordiskⓇ Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFPEF trial Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg Mean baseline KCCQ-CSS score: 56.7 20 20 • 16.6 Primary endpoints: Key highlights KCCQ-CSS estimated treatment difference between semaglutide 2.4 mg and placebo of 7.8 Change in KCCQ-CSS (score) 15 10 5 20 36 Time since randomisation (weeks) 8.7 52 52* Semaglutide 2.4mg Placebo 1 Spertus JA, et al. JACC State-of-the-Art Review. J Am Coll Cardiol. 2020 Nov 17;76(20):2379-2390. KCCQ in perspective Clinicians' assessments of clinical change¹: • . • Small: +5 points Moderate-to-large: +10 points Large-to-very large: +20 points Patients' self-classifications of improvements¹: Minimal clinically important difference for 'little improvement': 4.5 points Note: Data shown is the treatment policy estimand. *Lines are based on observed data where the value denoted after 52 weeks is estimated mean value derived based on multiple imputation KCCQ-CSS: Kansas City Cardiomyopathy Questionnaire Clinical summary score#7878 Investor presentation Full year 2023 Novo NordiskⓇ The STEP HFPEF-DM trial was successfully completed in Q4 2023 and is to be included in the regulatory submission STEP HFPEF-DM trial with 610 people with obesity, HFPEF and T2D Trial design and next steps Dual primary endpoints: • Change in KCCQ from baseline to week 52 Semaglutide 2.4 mg + SoC R 1:1 Placebo + SoC • Change in body weight from baseline to week 52 Inclusion criteria: • BMI ≥30 kg/m2 • NYHA II-IV Ejection fraction ≥45% Dose escalation Treatment maintenance Follow up 16 weeks . HbA1c ≤10.0% 36 weeks 5 weeks Status: • Completion of STEP HFPEF-DM trial in November 2023 • Combined (including STEP HFpEF trial) regulatory submission of both trials in H1 2024 R: Randomisation; HF: Heart Failure; HFPEF: Heart Failure with preserved ejection fraction; SoC: Standard of care; KCCQ: Kansas City Cardiomyopathy Questionnaire; 6MWD: 6-min walking distance; NYHA: New York Heart Association classification#7979 Investor presentation Full year 2023 Oral amycretin phase 1 trial was successfully completed in Q1 2024 Amycretin is a GLP-1 and amylin receptor co-agonist intended for oral delivery Phase 1 single dose and multiple dose trial for oral amycretin in obesity initiated in 2022 GLP-1 receptor People Novo NordiskⓇ living with Multiple ascending dose cohorts overweight or obesity, and otherwise Single ascending dose cohorts healthy Trial objectives Amylin receptor • Assess the safety and tolerability of oral amycretin Assess PK profile and explore PD effects Utilising the SNAC technology PK: Pharmacokinetics; PD: Pharmacodynamics Next steps Further clinical development currently being evaluated#8080 Investor presentation Full year 2023 Rare disease Rare disease background Rare disease innovation 81 84 novo nordisk ® SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada#8181 Investor presentation Full year 2023 Building upon a 40-year legacy to capture the Rare disease strategic opportunity A strategy anchored in Rare blood and endocrine disorders Three strategic horizons towards 2030 Iron disorders Rare anaemias Haemoglobinopathies Rare bleeding disorders Haemato-renal disorders Rare pituitary & adrenal disorders RBD RED Rare blood disorders Rare endocrine disorders Rare bone health Growth disorders Novo NordiskⓇ Short-term Maximise current portfolio Medium-term Succeed with next- generation launches Long-term Expand from core New disease areas via accelerated internal and external innovation esperoct norditropin® turoctocog alfa pegol refixia® nonacog beta pegol (somatropin) injection NovoSevenⓇRT Coagulation Factor Vila (Recombinant) SOGROYA somapacitan Concizumab & Mim8 Nedosiran#8282 Investor presentation Full year 2023 Rare disease sales decreased by 15%, driven by reduction in manufacturing output NovoSevenⓇ and NorditropinⓇ DKK billion account for ~66% of Rare disease sales DKK billion Global Rare disease franchise 25 25 1% 4% 1% -15% 1% 4% 1% -15% 20 20 20 15 10 5 0 2020 2021 2022 2023 NovoSevenⓇ Primarily NorditropinⓇ Other haemophilia products¹ Other Rare disease Growth at CER 1Other haemophilia products primarily consists of Vagifem® and ActivelleⓇ CER: Constant exchange rates Note: Company reported sales 8 15 7 7 8 10 12 12 13 5 9 2020 2021 2022 2023 IO NAO Growth at CER Novo NordiskⓇ#8383 Investor presentation Full year 2023 Haemophilia is a rare disease with severe unmet medical needs but the market is highly competitive Recombinant haemophilia product sales DKK billion 50 40 30 20 10 0 -0.1% +15% +31% Novo NordiskⓇ 2018 2022 2018 2022 2018 2022 Haemophilia with inhibitors Haemophilia A Haemophilia B Patients¹ ~ 7,571 ~ 208,957 ~ 42,203 NovoSevenⓇ susoctocog alfa² Coagil³ Feiba4 Hemlibra NovoEight® EsperoctⓇ Eloctate Xyntha/Refacto Helixate/Afstyla Benefix Kogenate/Kovaltry/Jivi Advate/Adynovate Hemlibra Alprolix Idelvion RefixiaⓇ/RebinynⓇ Rixubis 1 Total diagnosed patients in segment, WFH annual survey 2022 (numbers may be understated as 125 out of 147 countries responded); 2 Obizur only indicated for acquired haemophilia; 3 Plasma-derived; 4 Part of the Hemlibra sales is used for treatment of haemophilia A patients in 2022 Source: Company reported sales and Evaluate Pharma#8484 Investor presentation Full year 2023 Explorer 7 trial evaluated safety and efficacy of concizumab in 132 haemophilia A and B patients with inhibitors Concizumab binds TFPI, enabling thrombin generation and clot formation Concizumab Explorer 7 trial design VIIa TFPI Ха Ха TF TF Va Blood clot Ila 1) Maintained OnD treatment On-demand treatment R 1:2 2) Concizumab prophylaxis Prophylaxis treatment (continued from phase 2) 3) Concizumab prophylaxis Extension with concizumab prophylaxis Prophylaxis treatment 4) Concizumab prophylaxis (+ additional OnD patients) Main part 32 weeks¹ Extension part 136 weeks Trial Objective Assess the efficacy of concizumab prophylaxis vs no prophylaxis in reducing number of bleeding episodes in adults and adolescents with haemophilia A and B with inhibitors Primary endpoint Number of treated bleeding episodes from start of treatment to the end of the main phase 1At least 24 weeks for arm 1 TF: Tissue factor; TFPI: Tissue factor pathway inhibitor; OnD: On-demand: R: Randomisation • Key inclusion criteria Males ≥12 years with haemophilia and inhibitors, treated with bypassing agents within last 24 weeks For on-demand, minimum six bleeding episodes within last 24 weeks Novo NordiskⓇ#8585 Investor presentation Full year 2023 Novo NordiskⓇ In the Explorer 7 trial, concizumab reduced the number of bleeds. in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Annualised Bleeding Rate (ABR) 100 90 40 40 30 20 20 Median Mean Efficacy • Key highlights Median ABR was 0 for concizumab prophylaxis treatment, compared to 9.8 in the on-demand treatment group Estimated mean ABR was 1.7 for concizumab prophylaxis treatment, compared to 11.8 in the on-demand treatment group For patients on concizumab prophylaxis, 64% had 0 bleeds in Group 2 Safety Concizumab appeared to have a safe and well tolerated profile 10 9.8 OnD treatment PPX treatment PPX treatment HWI (Group 1) HWI (Group 2) HAWI (Groups 1-4) Primary endpoint 0 PPX treatment HBWI (Groups 1-4) Status US Complete Response Letter for HwI received in Q2 2023, resubmission during 2024 expected Approved in: Canada (HAwI/HBwI), Australia (HAwI/HBWI), Switzerland (HAWI/HBwI) and Japan (HAwI/HBwI) Explorer8 in non-inhibitor patients was completed in Q3 2022 HA: Haemophilia A; HB: Haemophilia B; HAWI: Haemophilia A with inhibitors, HBWI: Haemophilia B with inhibitors; HwI: Haemophilia with inhibitors; OnD: On-demand; PPX: Prophylaxis; ABR annualised bleeding rate Note: The box represents Q1-Q3 (25th to 75th percentile). Whiskers are 5th and 95th percentile.#8686 Investor presentation Full year 2023 Main part of the Explorer 8 trial with concizumab in people with HA or HB without inhibitors has been completed Explorer 8 trial design Key trial highlights 1) Maintained OnD treatment Previously OnD treatment R 1:2 2 Concizumab PPX, QD Prophylaxis treatment (continued from phase 2) 3 Concizumab PPX, QD Prophylaxis treatment 4 Concizumab PPX, QD (additional patients) Novo NordiskⓇ Extension with concizumab prophylaxis Efficacy • The trial met its primary endpoint, confirming superiority of concizumab prophylaxis compared to no PPX (OnD treatment) The secondary confirmatory endpoint, confirming non- inferiority of concizumab PPX to previous PPX factor treatment was not met • Key inclusion criteria: Aged ≥12 years with haemophilia A or haemophilia B, patients mainly from phase 2 Objective: • Main part 24 weeks Assess the efficacy of Concizumab PPX vs no PPX (OnD treatment) in reducing number of bleeding episodes Extension part Up to 143 weeks Endpoints: Number of treated bleeding episodes (spontaneous/traumatic) Safety • Concizumab appeared to have a safe and well-tolerated profile with no thromboembolic events reported after the treatment restart¹ Next steps • Initial commercial launch for concizumab is expected to be focused on HwI followed by Haemophilia B Further assessment of development opportunities and submissions based on the results from the explorer8 trial 1 Restart refers to the start of treatment with the new concizumab dosing regimen, which was implemented after the treatment pause HA: Haemophilia A; HB: Haemophilia B; HwI: Haemophilia with inhibitors; Prophylaxis: PPX; OnD: On-demand, QD: Once-daily#8787 Investor presentation Full year 2023 Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Mim8 pharmacokinetic properties support weekly and monthly dosing Higher potency of Mim8 vs emicizumab enabling a low dosing volume Mim8 concentration (μg/mL) 10 0.1 0.01 1 0.001 07 14 21 28 35 42 49 56 63 70 77 84 91 Days - Cohort 1 1.2mg QW Cohort 2 3.8mg QW Peak thrombin (nmol/L) 300 200 100 0.01 0.1 1 15-fold 10 100 1000 Drug plasma concentration (μg/mL) O Cohort 3 - 15mg QW Cohort 5- 35mg QW Cohort 4 - 60mg QM Mim8 in-vitro Emicizumab in-vitro • Mim8 concentration profiles increased with dose • The PD marker, peak thrombin generation, increased with Mim8 dose • Mean concentrations at steady state were comparable for Cohort • 3 (weekly dosing) and Cohort 4 (monthly dosing) In-vitro exposure-response curves in haemophilia A-like plasma show a 15-fold higher potency of Mim8 compared to emicizumab The peak thrombin plot represents in-vitro data: human plasma samples from the healthy participants of the SAD cohort were made HA-like with anti-FVIII antibodies, and spiked with different concentrations of Mim8 or commercially available emicizumab. PK: Pharmacokinetics; PD: Pharmacodynamics; QW: Once-weekly; QM: once-monthly Reference: FRONTIER 1, 12-week main phase cohort 1-5. Chowdary P, et al. FRONTIER1: A Phase 1/2 Dose Escalation Study of a Novel Factor VIIIa Mimetic Bispecific Antibody, Mim8, for Evaluation of Safety, Pharmacokinetics, and Efficacy. Abstract presented at ISTH 2022; Windyga J, et al. Mim8 is associated with improved thrombin generation vs. emicizumab in patients with haemophilia A, with and without inhibitors. Abstract presented at ISTH 2022; Novo Nordisk data on file Novo NordiskⓇ#8888 Investor presentation Full year 2023 In the phase 1/2 trial, Mim8 appeared to have a well tolerated safety profile and read out with exploratory efficacy Patients with bleeds per cohort Low number of patients with treated bleeds after cohort 1 10 N=7 N=9 N=8 N=8 N=10 • 9 028765432-0 Cohort 1 1.2mg QW Cohort 5 35mg QW Cohort 2 3.8mg QW Cohort 3 15mg QW Cohort 4 60mg QM # Patients with 0 bleeds # Patients with 1 bleed #Patients with >2 bleeds • Mim8 safety characteristics Adverse events No dose-dependency on rates, causality, type or severity of adverse events No thromboembolic events Three serious AEs deemed unrelated to trial product and two hypersensitivity reactions Injection site reactions in only 1% of injections (6 events of ~600 injections given) Anti-Mim8 antibodies No occurrence of anti-Mim8 antibodies detected Exploratory analysis implied that >70% of patients enrolled had no bleeds in the 12 weeks Overall, no safety concern observed QW: Once-weekly, QM: Once-monthly, N=Number of patients, AE: Adverse event Novo NordiskⓇ#8989 Investor presentation Full year 2023 The pivotal phase 3 trial with Mim8 was initiated in Q4 2022 Novo NordiskⓇ FRONTIER 2: Mim8 phase 3 pivotal trial in ~260 adults & adolescents No PPX No PPX HA + HAWI R Mim8 PPX QW 1:1:1 Mim8 PPX QM Mim8 PPX QW/QM Mim8 PPX QW Mim8 PPX QM Coagulation Mim8 PPX QW factor PPX R HA + HAWI Mim8 PPX QM Mim8 PPX QW Mim8 PPX QM 1:1 Run-in (PPX only) 26-52 weeks Extension Main 26 weeks 26 weeks Trial design • • Novel and accelerated design minimising time from phase 2 into phase 3. Dosing started in Q4 2022 Testing of weekly and monthly Mim8 prophylaxis treatment for previously on-demand or coagulation factor prophylaxis patients Trial objective • On demand: Superiority of Mim8 prophylaxis vs no prophylaxis Prophylaxis: Superiority of Mim8 prophylaxis vs coagulation factor prophylaxis run-in period Key trial endpoints ABR for treated bleeds over 26 weeks of treatment Overall safety of Mim8 prophylaxis including occurrence of anti- Mim8 antibodies and injection site reactions The second phase 3a trial, FRONTIER3, was initiated in Q4 2022 HA, haemophilia A; HAWI, haemophilia A with inhibitors; PPX, Prophylaxis; QM, monthly dosing; QW, weekly dosing#9090 Investor presentation Full year 2023 Novo Nordisk has a value market share of ~19% in the global human growth disorder market Novo Nordisk value market share in the competitive hGH market A portfolio offering across markets Value MS% SogroyaⓇ strategy 19% 36% 37% 36% 33% 30% 22% 18% 16% 14% 14% 14% SOGROYAⓇ somapacitan 18% 12% 13% 14% 15% 16% • 38% 36% 36% 37% 37% 41% H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 Novo Nordisk Company A Company B Others norditropin® (somatropin) injection • Once-weekly efficacious treatment on par with NorditropinⓇ Simple and easy-to-use device Phase 3 trials toward broad range of indications (e.g. SGA, Turner, Noonan, ISS) to expand the market Approved for GHD in US, EU and Japan NorditropinⓇ strategy Apply a market-fit approach to support specific markets and patient groups Broad label across eight indications hGH: Human growth hormone; SGA: Small for gestational age, ISS; Idiopathic short stature Note: Due to contractual obligations competitor names are not disclosed. Company A and B represent actual companies; Market values are based on the list prices Source: IQVIA, MAT Nov 2023 Novo NordiskⓇ#9191 Investor presentation Full year 2023 SogroyaⓇ was approved for paediatric growth hormone deficiency in US, EU and Japan in Q2 2023 Phase 3a trial results in children with GHD ETD (95% CI) = -0.5 (-1.1; 0.2) Efficacy Key highlights Height velocity (cm/year) 12.5 11.7 10.0 7.5 5.0 2.5 0.0 NorditropinⓇ . Non-inferiority versus NorditropinⓇ for the primary endpoint, height velocity, at week 52 was confirmed 11.2 • IGF-I SDS, bone age and glucose metabolism were all similar between somapacitan and NorditropinⓇ somapacitan Safety and tolerability • Overall the safety profile of somapacitan appeared to be similar to the well-known safety profile of daily GHD treatment • No local tolerability issues were identified Other treatment parameters • Significantly reduced treatment burden¹ compared to Norditropin® Status • Adult GHD: Approved by the US, EU and JP • Paediatric GHD: Approved by the US, EU and JP 1 Measured using patient reported outcome TB-CGHD-P (Treatment burden measure - child growth hormone deficiency - parent) ETD: Estimated treatment difference; IGF-I SDS: Insulin growth factor-1 standard deviation score; GHD: Growth hormone deficiency; IGF-I SDS: Insulin growth factor-1 standard deviation score; US: United States; EU: European Union; JP: Japan Novo NordiskⓇ#9292 Investor presentation Full year 2023 Novo Nordisk and 2seventy bio extend partnership in next- generation genome editing for people with haemophilia A Lifelong correction via a unique modality Mode of action ☐ Potentially lifelong correction of FVIII deficiency FVIII gene engineered and packed in an AAV vehicle Nuclear translocation megaTAL protein megaTAL AAV-F8 Nucleus Normal Chromosome Double strand break FVIII gene introduced Transfer and unpacking Translation megaTAL Utilising the skills of both 2seventy bio and Novo Nordisk Utilisation of megaTAL™ technology, in- 2seventybio vivo mRNA manufacturing/purification platform, and gene editing know-how Ⓡ novo nordisk Haemophilia A understanding and protein and molecular engineering capabilities LNP-megaTAL AAV vector with N8 gene (PoC design) (Рос PoC: Proof-of-Concept; AAV: Adeno-associated virus; Rag2: recombination-activating gene; F8: Factor 8 MRNA Endocytosis and endosome escape 2 component drug format AAV-N8 F8 Rag2 mouse Hepatocyte Liver- Novo NordiskⓇ specific FVIII expression LNP-formulated surrogate megaTAL targeting site specific locus Blood#9393 Investor presentation Full year 2023 Cardiovascular & Emerging Therapies novo nordisk The unmet needs 94 Cardiovascular disease 96 MASH 100 Alzheimer's disease 105 Stem cells 108#9494 Investor presentation Full year 2023 Novo Nordisk is expanding into other serious chronic diseases Serious chronic diseases are associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs AD Patients with AD live from 2 to 20 years from dementia onset AD Estimated patients ~85 million 70% of people with diabetes die from atherosclerotic CVD Estimated patients CVD 40% of people hospitalised for heart failure have diabetes CVD ~520 million Estimated patients MASH 80% of people with MASH live with obesity and 35% have diabetes MASH ~25 million¹ CKD • 40% of people with diabetes have diabetic nephropathy and 50% have obesity CKD ~700 million³ Number of related deaths -20 million annually Diagnosis rate -20%2 -20% Novo NordiskⓇ 1Estes C et al. Hepatology, 2018; 2 Diagnosis rate is considered a major uncertainty to the forecast; ³Carney EF. Nat Rev Nephrol 2020;16:251 CVD: Cardiovascular disease; MASH: Metabolic dysfunction-associated steatohepatitis; CKD: Chronic kidney disease; AD: Alzheimer's Disease Note: Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of nonalcoholic fatty liver disease and nonalcoholic steatohepatitis among a largely middle-aged population utilizing ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014 Sources: Alzheimer's Association report: 2020 Alzheimer's disease facts and figures, 2020 (16:391-460), Diabetes Care 2005 Jan; 28(1): 164-176; Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017#9595 Investor presentation Full year 2023 Novo NordiskⓇ Large patient overlaps between diabetes, obesity, and CVD have guided the focused approach in CVD Population overlap between T2D, obesity and CVD ILLUSTRATIVE Focused approach in CVD Atherosclerosis Heart failure ASCVD + HF ~425m people ASCVD 之仆 CRP IL-6 Type 2 diabetes ~537m people Obesity >764m people Ziltivekimab Heart failure fraction with preserved ejection amyloid cardiomyopathy Transthyretin (ATTR-CM) (HFPEF) > > > Treatments investigated Semaglutide 2.4 mg Ziltivekimab PRX004 T2D: Type 2 diabetes, CVD: Cardiovascular disease; ASCVD: Atherosclerotic cardiovascular disease; HF: Heart failure; ATTR-CM: Transthyretin Amyloid Cardiomyopathy; LDL-C: Low-density lipoprotein cholesterol; hsCRP: High-sensitivity C-reactive protein Sources: IDF: Diabetes Atlas 10th edition, 2021, World Diabetes Atlas 2022#9696 Investor presentation Full year 2023 Innovative late-stage CVD pipeline provides opportunities to make a difference for many patients Focus areas Near-term Leverage broader CV indications to establish presence with Cardiologists and build an adequate PCP footprint for entry of stand-alone CVD product Medium-term Utilise leading scientific and commercial capabilities to launch first CVD stand-alone product Long-term Expand pipeline with differentiated MoAs through leading discovery and translational capabilities Examples of unmet needs in CVD pipeline Category Broader indications Stand-alone CVD Novo NordiskⓇ Study Current phase HFPEF Phase 3 Sema 2.4mg PAD Phase 3 Sema 1.0mg ATTR-CM Phase 2 NNC6019 Global unmet need (people) ~26m1 ~200m No consensus (estimated 0.1- 2.8 cases per 10,000 in EU) Potential differentiators 1st in class indication² First and only for T2D Reverse disease pathology Potential launch year 2024 2024/25 2028 1HFPEF and BMI>27 2Specifically for a functional outcomes trial in an obese patient population PCP: Primary Care Physician; CV(D): Cardiovascular Disease; MOA: Mode of Action; HFPEF: Heart failure with preserved ejection fraction; PAD: Peripheral arterial disease; ATTR-CM: Transthyretin Amyloid Cardiomyopathy; T2D: Type 2 Diabetes Sources: HFPEF: Groenewegen A et al. Eur J Heart Fail 2020;22:1342-13561; Gurwitz JH et al. Am J Med 2013;126:393-400; Haass M et al. Circulation 2011;4:324-331; Kitzman DW, et al. J Am Coll Cardiol 2016;68:200-203; PAD: Shu J, Santulli G. Update on peripheral artery disease: Epidemiology and evidence-based facts, 22 May 2018; ATTR-CM: Orphan Maintenance Assessment Report for tafamidis, EMA, 17 February 2020#9797 Investor presentation Full year 2023 Ziltivekimab phase 2b RESCUE trial was successfully completed In the RESCUE trial, ziltivekimab QM showed reduction in hsCRP at all dose levels % change¹ 12 weeks of treatment 0% -5% -20% 2 End of treatment -3% -40% -60% . • • Data from RESCUE trial Novo NordiskⓇ Ziltivekimab QM showed reductions in inflammation biomarkers³ Ziltivekimab QM appeared to have a safe and well-tolerated profile Addressing the residual risk of CVD for more than 5 million patients with ASCVD, CKD, and inflammation4 The phase 3 cardiovascular outcomes trial was initiated in Q3 2021 -80% * -77% * -88% * -100% -92% placebo Iziltivekimab 15 mg * -79% * * • -91% -93% I ziltivekimab 7.5 mg ziltivikemab 30 mg 1 Primary endpoint was the median percent change in hsCRP, * Indicates statistical significance, p < .0001 2 End of treatment is defined as the average of values at week 23 and week 24 3 Inflammation biomarkers include: Fibrinogen, serum amyloid A, haptoglobin and NTproBNP 4 Inflammation is defined as c-reactive protein levels greater than 2 Zilti: Ziltivekimab; QM: Once-montly; hsCRP: High-sensitivity C-reactive protein; CVD: Cardiovascular disease; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease#9898 Investor presentation Full year 2023 ZEUS trial with ziltivekimab aims to validate the link between inflammation and major adverse cardiovascular events R 1:1 Phase 3 CVOT trial ZEUS with ziltivekimab Investigate CV benefit in 6,200 patients ziltivekimab 15 mg sc once-monthly + SoC Placebo sc once-monthly + SoC Treatment period (event driven) 3 months follow-up Novo NordiskⓇ Objective • • To investigate the cardiovascular benefit of ziltivekimab in the treatment of patients with established ASCVD, CKD and systemic inflammation Primary endpoints Time to the first occurrence of 3-point MACE (CV death, non- fatal MI or non-fatal stroke) Secondary confirmatory endpoints Time to first occurrence of expanded MACE¹ • Number of hospitalisations for HF or urgent HF visit • Time to occurrence of all-cause mortality . Time to first occurrence of a composite CKD endpoint 1 MACE includes CV death, non-fatal MI or non-fatal stroke, Expanded MACE includes: (CV death, non-fatal MI, non-fatal stroke or hospitalisation for unstable angina pectoris requiring urgent coronary revascularisation) hsCRP: High-sensitivity C-reactive protein; CVOT: Cardiovascular outcome trial; CV: Cardiovascular; sc: Subcutaneous; SoC: Standard of care; HF: Heart failure; CKD: Chronic kidney disease Source: Ridker PM, et al., IL-6 inhibition with ziltivekimab in patients at high atherosclerotic risk (RESCUE): a double-blind, randomised, placebo-controlled, phase 2 trial, 17 May 2021#9999 Investor presentation Full year 2023 Novo NordiskⓇ Ziltivekimab aspires to address an unmet need in more than 5 million people in patients with ASCVD, CKD and inflammation Ziltivekimab aspires to reduce MACE in people with ASCVD and CKD Global patients (in millions) 16 12 Market building Critical success factors to commercialise ziltivekimab Targeted HCP outreach and relationship building Approximately 5-8m patients Successful payer engagement 8 • Focus areas Increase presence with key prescriber base being cardiologists and PCPS Enhance awareness of inflammatory burden in CVD with KOLs and HCP associations Utilise ZEUS read-out to quantify anti- inflammatory clinical benefit in ASCVD patients with CKD vs Standard of Care Investment levels 4 0 ASCVD with CKD hsCRP>2 Integrated evidence generation • Understand hsCRP and inflammation, epidemiology of disease and socio-economic burden of disease ○ Low High 1 Includes US, EU5 (Germany, France, Spain, Italy, United Kingdom) and Japan MACE or major adverse cardiovascular events includes CV death, non-fatal MI or non-fatal stroke; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; HCP: Healthcare professional; PCP: Primary care physician KOL: Key opinion leader; hsCRP: High-sensitivity C-reactive protein#100100 Investor presentation Full year 2023 MASH is a progressive disease with no approved treatment and low diagnosis rates today MASH-Cirrhosis F4 MASH F3 MASH F2 MASH F1 Inflamed tissue Large lipid droplets Inflamed/dying hepatocyte Collagen fibres Inflamed/dying hepatocyte Excessive collagen deposition Dead cell remnants Scar tissue Diagnosis rates Treatment rates MASH: Metabolic dysfunction-associated steatohepatitis Note: MASH was formerly known as NASH (Nonalcoholic steatohepatitis) Source: Novo Nordisk estimates 26% 32% 42% 50% 70% 90% Novo NordiskⓇ#101101 Investor presentation Full year 2023 Novo NordiskⓇ MASH patient journey underscores key barriers to overcome for Novo Nordisk to be successful ~22 million people are expected to live with MASH F2-F4c by 2030 Global patients (in millions) 25 20 20 dodo MASH prevalence Hurdles Low disease awareness Inadequate patient No treatment referrals¹ options No prognostic biomarker Few patients receiving diagnosis 15 10 0 5 Prevalence Diagnosed 1 Referrals and identification Access Build strong presence . Create urgency to treat in MASH Build strong speciality-referral process Engage Endos, Hepas and PCPS • Market preparation priorities Increase diagnosis rate Momentum towards NITs in clinical practice and guidelines NITs for diagnosis, screening and monitoring High expected investment level ○ Low expected investment level MASH: Metabolic dysfunction-associated steatohepatitis; Endos: endocrinologist; PCP: primary care physician; NIT: Non-invasive tests; Hepas: hepatologists; F: Fibrosis stage Source: Estes C, Modeling the epidemic of nonalcoholic fatty liver disease demonstrates an exponential increase in burden of disease, Hepatology, 2018 Evidence generation Build understanding of importance of addressing underlying cause of disease Stop clinical progression amongst physicians and payers#102102 Investor presentation Full year 2023 Novo Nordisk is supporting use of non-invasive tests for MASH diagnosis Development and adoption of non-invasive tests (NITS) Liver biopsy NITS Guidelines: NITs represented in guidelines Practitioners: ~80% of HCPs perform MASH diagnostics with use of various NITs, while biopsies are seldomly used NIT development: Several available NITs in clinical practice. ELF test is first prognostic tool to be granted FDA De Novo marketing authorisation Pharma companies: Embedding validation of NITs in clinical trials External Real world NN Development Novo Nordisk activities supporting non-invasive tests in MASH diagnosis Linking biomarkers and liver histology to outcomes Disease understanding Consortia Collaborations with academia and other healthcare companies Phase 2 trial with FGF21 Phase 3 ESSENCE trial (part 1 and 2), incl. screening data Validate diagnostic tests Validate tests for monitoring 19 NITS: Non-invasive tests; MASH: Metabolic dysfunction-associated steatohepatitis; HCPs: Healthcare professionals; FDA: the US Food and Drug Agency; NN: Novo Nordisk; ELF: Enhanced liver fibrosis Note: FDA De Novo provides a marketing pathway to classify novel medical devices for which general controls alone, or general and special controls, provide reasonable assurance of safety and effectiveness for the intended use, but for which there is no legally marketed predicate device. Validate tests for prognosis Novo NordiskⓇ#103103 Investor presentation Full year 2023 Novo NordiskⓇ In phase 2, semaglutide showed significant improvements in MASH resolution Semaglutide showed resolution of MASH with no worsening of fibrosis versus placebo in the phase 2 trial¹ Proportion of patients 100% Semaglutide showed numerical improvements in fibrosis and fewer patients had progression of fibrosis vs placebo in phase 2 trial¹ Proportion of patients with improvements in fibrosis 100% Proportion of patients with progression of fibrosis 100% 80% 60% 40% 22.9% 20% * * 47.3% 46.9%* 80% * 66.7% 80% 60% 60% 47.3% 47.8% 40% 35.9% 34.3% 40% 21.4% 20% 20% 10.8% 9.4% * 5.8% 0% 0% 0% Placebo 0.1 mg 0.2 mg 0.4 mg Placebo 0.1 mg 0.2 mg 0.4 mg Placebo 0.1 mg 0.2 mg 0.4 mg semaglutide once-daily semaglutide once-daily semaglutide once-daily ¹Based on a complete case analysis, using people with an evaluable biopsy at end of trial MASH: Metabolic dysfunction-associated steatohepatitis Note: *statistically significant at 72 weeks (p<0.05 vs placebo); Analysis included patients with fibrosis stage 1, 2, or 3 at baseline. Data is from the semaglutide in MASH phase 2 trial.#104104 Investor presentation Full year 2023 Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of MASH was initiated in Q1 2021 The phase 3a ESSENCE trial in MASH ESSENCE trial | MASH F2-F3 patients N = 1,200 Primary objectives and endpoints for Part 1 and 2 Part 1 | Improves liver histology vs placebo Two binary histology endpoints at week 72: • Resolution of MASH and no worsening of liver fibrosis Semaglutide 2.4 mg sc. QW + SOC Fixed follow-up R 2:1 Placebo + SoC Structure I Part 1 Part 2 I I 72 weeks I Biopsy Biopsy 240 weeks Biopsy . Improvement in liver fibrosis and no worsening of MASH Part 2 | Lowers the risk of liver-related clinical events vs placebo Time to first outcome (composite endpoints) at week 240: • Histological progression to cirrhosis • Death (all cause) . • • Liver-induced MELD score ≥ 15 Liver transplant Hepatic decompensation events Regulatory submission is expected to be based on part 1 of the trial combined with the results of the already completed phase 2 trial F: Fibrosis stage; MASH: Metabolic dysfunction-associated steatohepatitis; QW: once-weekly; R: randomisation; SoC: standard of care (GLP-1 RAS disallowed); MELD: Model for End-stage Liver Disease Novo NordiskⓇ#105Novo NordiskⓇ 105 Investor presentation Full year 2023 Alzheimer's disease patient journey is complex and underscores key barriers to overcome for Novo Nordisk to be successful Significant and growing Million unmet need Hurdles 80 60 40 40 Y Y Early symptoms dismissed as normal ageing AD prevalence Complex tests and limited screening/ diagnosing skills Lack of prognostic markers and simple tests Limited DMT options Few patients receiving diagnosis 20 20 0 Prevalence Diagnosed Eligible patients patients MCI Mild dementia • • Support healthcare system preparedness Larger number of AD patients expected to enter the system May lead to significant bottle- necks and delay to patient care Market preparation priorities Increase diagnosis rate Support NITs development, e.g. blood-based/digital biomarkers Increase AD education and access to screening tools for PCPs and HCP insight High expected investment level ○ Low expected investment level Evidence generation AD: Alzheimer's disease; QD: Once-daily; MCI: mild cognitive impairment; DMT: Disease-modifying treatment; PCP: primary care physicians; NITs: Non-invasive diagnostics; HCP: Healthcare professional Note: MCI and Mild dementia in the graph are both due to AD. Source: Alzheimer's Association report: 2020 Alzheimer's disease facts and figures, 2020 (16:391-460) Evidence to better understand the • impact of delaying disease progression • role of neuroinflammation in disease progression#106106 Investor presentation Full year 2023 Novo NordiskⓇ Entering phase 3 development of semaglutide in Alzheimer's disease was based on a number of data points Å Real world evidence trials Four RWE studies show reduced risk of dementia or AD with GLP-1 Danish registry¹ 11% lower risk of dementia per year of GLP-1 exposure TRUVEN claims database¹ 31% lower risk of dementia after >2 years of GLP-1 exposure Danish registry² • 42% lower odds of dementia after GLP-1 exposure Randomised controlled trials 53% lower risk of dementia diagnosis with liraglutide/semaglutide in NN's CVOTs in T2D4 Less decline in cerebral glucose metabolism (FDG-PET) with liraglutide in AD5 Reduced incidence of major adverse CV events in T2D with semaglutide incl. stroke Systemic anti-inflammatory effects with semaglutide7,8 Short-term memory improvement with liraglutide in people with obesity⁹ Reduced cognitive decline with dulaglutide in patients with T2D10 Pre-clinical studies Improved memory function with GLP-111 incl. semaglutide12 Reduced phospho-tau accumulation 13 Reduced neuroinflammation with GLP-114,15 incl. semaglutide16 Reduced atherosclerosis with liraglutide and semaglutide17 Systemic anti-inflammatory effects with semaglutide17 FAERS (FDA database)³ • 64% lower odds of Alzheimer's disease after liraglutide exposure ¹NN data on file, Danish register: Dementia cases based on diagnosis (ICD10) or treatment (anticholinesterases, memantine) codes; TRUVEN: Dementia cases based on SNOMED ids for all diagnoses (ICD-10) or treatment (anticholinesterases, memantine); 2Wium-Andersen IK et al. Eur J Endocrinol. 2019;181(5):499-507; 3Akimoto H et al. Am J Alzheimers Dis Other Demen. 2020;35:1-11; 4Ballard et al. Presented online at the Alzheimer's Association International Conference (AAIC), 27-31 July 2020; 5Gejl M et al. Front Aging Neurosci 2016;8:108; 6Husain M et al. Diabetes Obes Metab 2020;22:442-451; 7Aroda VR et al. Diabetes Care 2019;42:1724-1732; 8Rodbard HW et al. Diabetes Care 2019;42:2272-2281; 9Vadini F et al. Int J Obes (Lond) 2020;44:1254-1263; 10Cukierman-Yaffe T et al. Lancet Neurol 2020;19:582-590 11Hansen HH et al. J Alzheimers Dis 2015;46:877-888; 12Preliminary data in NN ongoing pre-clinical studies; 13Hansen HH et al. Brain Res 2016;1634:158-170; 14Brundin L et al. Nature Med 2018;24:900-902; 15Yun SP et al. Nature Med 2018;24:931-938; 16 Secher A et al. Oral presentation at Virtual Alzheimer's Disease/Parkinson's Disease International Conference, 9-14 March 2021; 17Rakipovski G et al. JACC Basic Transl Sci 2018;3:844-857 AD: Alzheimer's disease; CI: confidence interval; RWE: Real world evidence#107107 Investor presentation Full year 2023 Novo NordiskⓇ evoke and evoke+ trials are ongoing with expected completion in 2025 evoke and evoke+ trials have been initiated with 1,840 patients in each trial with a total of 3,680 patients 3 mg 7 mg R 3 mg 7 mg 1:1 8 Week 0 4 Objective To confirm superiority of oral semaglutide vs placebo on the change in cognition and function in people with early Alzheimer's disease 14 mg oral semaglutide QD 14 mg oral semaglutide QD 14 mg placebo QD 14 mg placebo QD + 104 Treatment period ↑ Confirmatory endpoints Primary endpoint Inclusion criteria 156 161 Follow-up Change in the Clinical Dementia Rating - Sum of Boxes (CDR-SB) score from baseline to end of 104 weeks of treatment • Early Alzheimer's disease (mild cognitive impairment or mild dementia) • • Mini-Mental State Examination (MMSE) ≥ 22/30 Age between 55-85 years evoke+ has at least 20% with small vessel pathology AD: Alzheimer's disease; QD: Once-daily; MCI: mild cognitive impairment; QD: once-daily. Note: CDR-SB ratings are utilising in six domains are summed to provide a clinical measure = Sum of Boxes. These are: memory, orientation, judgment and problem solving, community affairs, home and hobbies, personal care. CDR-SB Scores range from 0 to 18 with higher scores representing greater impairment#108108 Investor presentation Full year 2023 Novo NordiskⓇ There is broad potential for cell therapies and Novo Nordisk has capabilities to explore the potential Broad potential for clinical use of cell therapies Parkinson's disease Stroke Alzheimer's disease Dry AMD Blindness Hearing loss Congenital bone disorders Chronic heart failure Spinal cord injury Chronic kidney disease MASH Diabetes Osteoarthritis Muscular dystrophy Multiple sites: Cancers and wound healing Maturing the platform to enable development of competitive cell therapies Novo Nordisk capabilities In-depth know-how on Focus area Pluripotent stem cell embryonic pluripotent stem cells Bank of several undifferentiated stem Exploitation of quality controlled stem cells cells Differentiated to specific cell types Upscaling, manufacturing and delivery/devices Clinical development and regulatory affairs IP-protected protocols for differentiation GMP-grade cell manufacturing. and development of cell delivery devices¹ Early interactions with regulators Clinical trial experience 1In collaboration with academia and industrial partners Dry AMD: Dry age-related macular degeneration; MASH: Metabolic dysfunction-associated steatohepatitis; IP: Intellectual property; GMP: Good manufacturing practices#109109 Investor presentation Full year 2023 Novo NordiskⓇ First human dose with cell therapy in collaboration with Heartseed and others achieved in Q1 2023 Utilise internal capabilities and disease understanding for stem cell development Internal capabilities GMP-grade production capability my Therapeutic areas Accelerate innovation through partnerships • Heartseed Parkinson's disease iPSC derived cardiomyocyte spheroids for direct injection into heart • Heart failure • FHD in February 2023 Academic collaborations Ethical stem cell practices IP positions on differentiation protocols Chronic heart failure LUND 2 first human dose projects upcoming UNIVERSITY Type 1 diabetes BioLamina REVOLUTIONIZING CELL CULTURE Dry age-related macular degeneration UCSF University of California San Francisco ● hESC derived dopaminergic progenitor neurons for placing into the brain Parkinson's disease • FHD in February 2023 • Novo Nordisk scientists embedded at UCSF lab Process development, manufacturing, QA/QC, facilities and operations at Fremont site GMP: Good manufacturing practice; IP: Intellectual property; iPSC: induced pluripotent stem cells; QA/QC: Combination of quality assurance with quality assurance and quality control; hESC: Human embryonic stem cell; FHD: First human dose#110110 Investor presentation Full year 2023 Novo NordiskⓇ First efforts to combine Novo Nordisk and partner competencies in cell therapies start with heart failure and Parkinson's disease Heartseed: Phase 1/2 trial in patients with severe heart failure TRANSCEND 1 and 2 trials to evaluate stem cells impact on quality of life for people with moderate Parkinson's disease 10 patients with • Resting LVEF ≤40% • NYHA cardiac HS-001 low dose function classification grade >II HS-001 high dose 26-week follow-up 52-week follow-up Screening Japan 8 participants USA, Sweden, UK 40 participants Open-label transplant surgery or standard of care Double-blinded transplant surgery or sham surgery, or open-label standard of care 2 year primary endpoint 5 year follow-up Objectives to evaluate: • Safety of cardiomyocytes spheroids Efficacy and dose-response Feasibility of transplantation procedures A follow-up phase 2 trial is planned to investigate further dose increase and catheter delivery as route of administration TRANSCEND 1: observational study of patients with moderate PD aiming at identifying potential candidates to the interventional TRANSCEND 2 trial TRANSCEND 2: in combination with Lund University trial, a phase 1/2 trial investigating the treatment of Parkinson's disease Primary endpoint: Number of treatment-emergent adverse events 2 years after dosing PD: Parkinson's disease; LVEF: Left ventricular ejection fraction; NYHA: New York Heart Association#111111 Investor presentation Full year 2023 International Operations International Operations EMEA Region China Rest of World 112 118 123 ing eam NOVO nordisk nordisk 128 NO CYCLING changing GRAVEA novo nordisk C team Charliek JUPG team nove nordisk team novo nordisk PRO CYCLING#112112 Investor presentation Full year 2023 Growth momentum has increased driven by demographics and utilisation of full product portfolio International Operations is diverse and covers 190 markets >487m live with diabetes 16 >600m live with obesity IO's share of revenue FY 2023 NAO 59% 41% ΙΟ % Historic sales growth in IO Value % 16% 30% اااا. 8 6% 4 12 Growth momentum in IO Novo NordiskⓇ 28% 20% 14% 10% 6% 0% 0 2016 2023 Nov Nov 2020 2023 Growth rate range NN Diabetes market share -Market growth NN Diabetes growth NAO: North America Operations; IO: International Operations; FY: Full Year Note: Share of Growth not depicted due to high numbers Source (RHS): IQVIA Nov 2023, Value, MAT; Market values are based on the list prices. Source (LHS): Diabetes Atlas 10th edition#113113 Investor presentation Full year 2023 International Operations at a glance. Novo NordiskⓇ Diabetes trend Million DKK billion 19% 17% Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales MS Full year 2023 Sales (mDKK) Growth² Injectable GLP-1³ 31,228 41% 250 100% 600 Rybelsus® 7,389 142% Total GLP-1 38,617 53% 200 80% 38.5%¹ GLP-1 Total insulin4 37,230 0% 400 720 150 60% Other Diabetes care5 1,987 -12% Insulin Diabetes care 77,834 20% 587 487 100 1.8%1 40% Obesity care 8,315 47% 200 50 OAD 20% Diabetes & Obesity 86,149 22% 9.0%¹ care 0 0 0% 2021 2030 Population with diabetes Diabetes growth rate 2045 Nov 2018 Nov 2023 Rare disease? Total 9,483 -24% 95,632 16% -GLP-1 MS -Insulin MS OAD MS Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific; Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Nov 2023: Novo Nordisk 51%, Others 49%; Competitor GLP-1 value market shares, as of Nov 2023: Novo Nordisk 71%, Other 29%; OAD: Oral anti-diabetic; MS: Market share; Note: Market values are based on the list prices; Source: IQVIA MAT, Nov 2023 value figures 2 At Constant exchange rates; 3 Comprises Victoza®, Ozempic®; 4 Comprises TresibaⓇ, XultophyⓇ, Levemir®, RyzodegⓇ, Novo Mix®, FiaspⓇ and NovoRapidⓇ; 5 Comprises Novo NormⓇ and needles; 6 Obesity care comprises SaxendaⓇ and Wegovy®; 7 Comprises primarily NovoSeven®, Novo Eight® NovoThirteen®, Refixia®, Esperoct®, Norditropin®, Vagifem® and ActivelleⓇ#114114 Investor presentation Full year 2023 Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth 160% 120% 80% 40% 0% Nov 2020 DKK billion 40% ~6% 7 218 8 207 -3 30% 20% 66% 14% 10% 6% ~14% 28% 28% 26% 0% Nov 2023 Nov 2022 Novo Nordisk Company A Others Nov 2023 Novo Nordisk Competitors NN: Novo Nordisk NN market share Market growth (right axis) NN share of growth NN growth (right axis) Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company Market values are based on the list prices Source: IQVIA, Nov 2023, Value, MAT, all countries Novo NordiskⓇ#115115 Investor presentation Full year 2023 GLP-1 market share and market growth 120% 100% 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share 0% Nov 2020 GLP-1 market size and growth DKK billion 80% -29% 10 47 0 97% 60% 36 71% 44% 40% 29% 20% 64% ~44% 71% 0% Nov 2023 Nov Nov Novo Nordisk Company A Others 2022 2023 | Novo Nordisk Competitors NN: Novo Nordisk NN market share -Market growth (Right Axis) NN share of growth NN growth (Right Axis) Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company Market values are based on the list prices Source: IQVIA, Nov 2023, Value MAT, all countries Novo NordiskⓇ#116116 Investor presentation Full year 2023 Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Total 51% Long- Acting 40% Fast- acting 57% 15 Premix 78% 7 49% Human 6 Novo Nordisk 1Market growth is YTD current vs YTD previous year NN: Novo Nordisk 26 Competitors Note: Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, Nov 2023, LHS graph - Value, RHS Graph - Volume, MAT, all countries Market growth1 A Market share 55 80% 55 -9.0% +0.1% Insulin volume: Market share Novo NordiskⓇ 10% 7% 60% -6.6% +1.4% 48% 4% 40% 1% -4.5% -1.3% -1% -2% 20% -4% -5% -15.7% -1.0% 0% -8% Nov Nov -19.0% +1.5% 2020 2023 NN market share -Market growth (Right Axis) NN growth (Right Axis)#117117 Investor presentation Full year 2023 Obesity market share and market growth in International Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth ~34% 90% 70% 50% 30% 10% DKK billion 100% 72% 1.9 5.5 55% 70% 40% 34% 7.3 0.0 72% -55% 10% 62% -10% -20% Nov 2020 Nov Nov Nov -NN market share 2023 2022 2023 Market growth (right axis) Novo Nordisk Others NN growth (right axis) Note: Market values are based on the list prices Source: IQVIA, Nov 2023, Value MAT, all countries Novo NordiskⓇ#118118 Investor presentation Full year 2023 EMEA at a glance EMEA Million 300 Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales I 19% I I I 200 I DKK billion 25% 150 Full year 2023 MS Sales (mDKK) Growth² Injectable GLP-13 16,493 28% 100% RybelsusⓇ 4,232 151% 80% Total GLP-1 20,725 42% 100 GLP-1 I 36.7%1 Total insulin4 18,287 3% 60% Other Diabetes care5 260 661 -4% Insulin 100 195 2.1%1 40% Diabetes care 39,673 20% 158 50 Obesity care 5,693 63% 20% OAD 13.1%1 Diabetes & Obesity 0 2021 45,366 24% 0 0% care Nov 2030 2045 2018 Nov 2023 Rare disease7 5,501 -19% Population with diabetes Diabetes growth rate Total 50,867 17% -GLP-1 MS -Insulin MS OAD MS Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021; EMEA: Europe, Middle East and Africa 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Nov 2023: Novo Nordisk 48%, Others 52%; Competitor GLP-1 value market shares, as of Nov 2023: Novo Nordisk 65%, Others 35%. OAD: Oral anti-diabetic; MS: Market share; Note: Market values are based on the list prices; Source: IQVIA MAT, Nov 2023 value figures 2 At Constant exchange rates; 3 Comprises Victoza®, OzempicⓇ; 4 Comprises TresibaⓇ, XultophyⓇ, Levemir®, RyzodegⓇ, NovoMix®, FiaspⓇ and NovoRapidⓇ: 5 Comprises Novo NormⓇ and needles; 6 Obesity care comprises SaxendaⓇ and Wegovy: 7 Comprises primarily Novo SevenⓇ, NovoEight® NovoThirteenⓇ, Esperoct®, Refixia®, Norditropin®, Vagifem® and ActivelleⓇ#119119 Investor presentation Full year 2023 Diabetes market share and market growth in EMEA 75% 50% 25% 0% Diabetes market growth and Novo Nordisk market share Nov DKK billion 20% 17% Diabetes market size and growth ~10% 5 109 -5 15% 49% EMEA 11 120 10% 10% 31% 5% ~17% 31% 29% 0% Nov Nov NN Company A Others Nov 2023 2022 2023 Novo Nordisk Competitors 2020 -NN market share -Market growth (right axis) EMEA: Europe, Middle East and Africa; NN: Novo Nordisk NN share of growth NN growth (right axis) Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2023, Value, MAT#120120 Investor presentation Full year 2023 GLP-1 market share and market growth in EMEA 90% 60% 30% 0% GLP-1 market growth and Novo Nordisk market share Nov 2020 EMEA DKK GLP-1 market size and growth billion 90% -28% 85% 1 30 6 0 65% 24 60% 40% 30% 28% 60% -40% 65% 0% Nov 2023 Nov 2022 Nov Novo Nordisk Company A Others 2023 Novo Nordisk Competitors NN market share Market growth (right axis) EMEA: Europe, Middle East and Africa; NN: Novo Nordisk NN share of growth NN growth (right axis) Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2023, Value, MAT#121121 Investor presentation Full year 2023 Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Total 48% Long- acting 41% Fast- 55% 12 acting 70% Premix 3 45% Human 2 19 Novo Nordisk Competitors ¹Market growth is YTD current vs YTD previous year; NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, Nov 2023 LHS graph - Value, RHS Graph - Volume, MAT, Europe, Middle East & Africa Market growth1 A Market share 60% 35 -1.8% +0.2% 0.3% +0.3% 40% -0.3% +0.2% 20% Insulin volume: Market share -7.9% -0.9% 0% Nov 2020 -NN market share -15.2% +1.9% EMEA 10% 47% 5% -1% 0% -1% -5% -10% Nov 2023 Market growth (right axis) -NN growth (right axis)#122122 Investor presentation Full year 2023 Obesity market share and market growth in EMEA 150% 120% 90% 60% 30% Obesity market growth and Novo Nordisk market share 0% Nov 2020 -NN market share -NN Growth NN: Novo Nordisk -Market growth (right axis) Note: Market values are based on the list prices Source: IQVIA, Nov 2023, Value, MAT; EMEA: Europe, Middle East and Africa DKK billion Obesity market size and growth ~70% 120% 3.6 0.0 100% 70% 80% 2.1 89% 60% 86% 40% 82% 20% 1.5 EMEA 89% -86% 0% Nov Nov Nov 2023 2022 2023 Novo Nordisk Others#123123 Investor presentation Full year 2023 Region China at a glance. Region China Million Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales DKK billion MS Full year 2023 Sales (mDKK) Growth² 200 6% 14% 160 Injectable GLP-13 6,077 78% 50 30 100% RybelsusⓇ 131 124% GLP-1 82.9%1 80% Total GLP-1 6,208 79% 120 20 20 Insulin Total insulin4 8,848 -7% -0.1%1 60% 175 80 164 141 10 Other Diabetes care5 892 -18% 40% 40 40 10 Diabetes care 15,948 13% 7.8%¹ OAD Obesity care 146 17% 20% Diabetes & Obesity care 16,094 13% 0 2021 0 0% 2030 2045 Population with diabetes Diabetes growth rate Nov 2018 Nov 2023 Rare disease? Total 593 -26% 16,687 11% GLP-1 MS -Insulin MS ⚫OAD MS Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021 Region China covers Mainland China, Taiwan, and Hong Kong 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of Nov 2023: Novo Nordisk 51%, Others 49%; Competitor GLP-1 value market shares, as of Nov 2023: Novo Nordisk 77% and Others 23% OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, Nov 2023 value figures 2 At constant exchange rates; 3 Comprises VictozaⓇ and OzempicⓇ; 4 Comprises Tresiba®, XultophyⓇ, Levemir®, NovoMix®, Ryzodeg®, NovoRapidⓇ; 5Comprises Novo NormⓇ and needles; 6Comprises SaxendaⓇ; Comprises primarily NovoSeven®, Novo Eight® and NorditropinⓇ#124124 Investor presentation Full year 2023 Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share 40% 30% 20% DKK billion 40% 32% 20% Diabetes market size and growth 28 --10% 0 -1 Region China 25 -2 0% ~-11% 10% -10% 32% 32% -11% 0% -20% Nov 2020 -NN market share Nov Market growth (right axis) 2023 Nov 2022 NN Company A Others Nov 2023 Novo Nordisk Competitors NN growth (right axis) NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Source: IQVIA, Nov 2023, Value, MAT#125125 Investor presentation Full year 2023 GLP-1 market share and market growth in Region China 160% 120% 80% 40% GLP-1 market growth and Novo Nordisk market share DKK billion 160% 120% 108% 3 77% 80% 65% 40% 39% -64% GLP-1 market size and growth Region China -39% 1 0 5 0 -65% -77% 0% Nov 2020 -NN market share NN: Novo Nordisk Market growth (right axis) 0% Nov 2023 Nov 2022 Novo Nordisk Company A Nov Others 2023 Novo Nordisk Competitors NN share of growth NN growth (right axis) Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company.; Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Source: IQVIA, Nov 2023, Value, MAT#126126 Investor presentation Full year 2023 Insulin market size and volume share of growth and market share in Region China Total Region China Insulin market share and market size (DKK billion) Market growth1 A Market share Insulin volume: market share 80% 60% 51% 8 -33.6% -1.1% Long- acting 30% 3 Fast- 72% 1 acting Premix 82% 3 25% Human 2 Novo Nordisk 1Market growth is YTD current vs YTD previous year Competitors NN: Novo Nordisk; Note: Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Source: IQVIA, Nov 2023, LHS graph - Value, RHS Graph - Volume, MAT 40% -38.3% +2.5% 0% -34.3% -9.3% 40% 40% 20% 0% 0% -17% -20% -26.8% -1.3% -40% -40% Nov Nov 2020 2023 -NN market share -34.6% -9.8% Market growth (right axis) NN growth (right axis)#127127 Investor presentation Full year 2023 Region China remains a key strategic opportunity Region China is a large market with ~140 million people living with diabetes 17% 23% 83% 77% Sales Region China Patients Rest of IO Region China Opportunities and strategic priorities Large growing diabetes market Market of 25 bDKK mainly consisting of OAD and insulin Diabetes market growth of ~-10% . • Outcome of VBP insulin in China Price cut ~40-50% as a result of VBP Retained -50% of own brand volume in scope Resource re-allocation towards growth products • • TRESIBA insulin degludec [rDNA origin] injection human insulin MixtardⓇ30 biphasic insulin NovoMix® (biphasic insulin aspart) LevemirⓇ (insulin detemir) Novo Rapid (insulin aspart) Bring innovation faster to market Diabetes: Rybelsus® and Icodec Rare disease: Across portfolio RYZODEG 70% insulin degludec and 30% insulin aspart [rDNA origin] injection Xultophy insulin degludec/liraglutide [rDNA origin] injection OZEMPİC semaglutide injection VBP: Volume-based procurement; OAD: Oral anti-diabetes; IO: International Operations Note: IQVIA value in China only covers -60% of the market; Region China includes Mainland China, Taiwan and Hong Kong Source: Full year 2023 numbers based on Company Announcement (sales) and Diabetes Atlas, 10th edition, (patients) B Treat more patients Expand patient base across new insulins and GLP-1s#128128 Investor presentation Full year 2023 Rest of World at a glance Rest of World 300 Million Diabetes trend in population 21% DKK billion Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Full year 2023 MS Sales (mDKK) Growth² Injectable GLP-13 8,658 45% 250 18% 60 80 100% RybelsusⓇ 3,026 131% Total GLP-1 11,684 61% 200 60 GLP-1 80% Total insulin4 60 35.4%1 10,095 4% Other Diabetes care5 434 -9% 2.4%¹ Insulin 150 60% 286 Diabetes care 22,213 27% 40 227 100 Obesity care 2,476 20% 40% 187 5.5%1 Diabetes & Obesity 20 24,689 27% 50 OAD 20% care Rare disease7 3,389 -31% 0 2021 0 0% Nov 2030 2045 2018 Nov 2023 Total 28,078 15% Population with diabetes Diabetes growth rate GLP-1 MS -Insulin MS OAD MS Diabetes trend estimates based on the following International Diabetes Foundation defined regions: South & Central America, Southeast Asia Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of Nov 2023: Novo Nordisk 59%, Others 41%; Competitor GLP-1 value market shares, as of Nov 2023: Novo Nordisk 84%, Others 16%. OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, Nov 2023 value figures 2 At constant exchange rates; ³ Comprises VictozaⓇ, Ozempic®; 4 Comprises TresibaⓇ, XultophyⓇ, Levemir®, NovoMix®, Ryzodeg®, NovoRapid® and FiaspⓇ5 Comprises Novo NormⓇ and needles; 6 Comprises SaxendaⓇ; Comprises primarily Esperoct®, Refixia®, NovoSeven®, Novo Eight® and NorditropinⓇ#129129 Investor presentation Full year 2023 Diabetes market share and market growth in Rest of World 25% 20% 15% Diabetes market growth and Novo Nordisk market share DKK billion 55% 23% 45% 70 35% 70 Diabetes market size and growth Rest of World 3 ~4% 1 73 -1 25% 10% 22% 15% 4% 5% 5% ~22% 23% 20% 0% -5% Nov Nov Nov Novo Nordisk Company A Others Nov -NN market share 2020 2023 2022 2023 Market growth (right axis) Novo Nordisk Competitors NN growth (right axis) NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. Rest of world Market values are based on the list prices Source: IQVIA, Nov 2023, value, MAT#130130 Investor presentation Full year 2023 GLP-1 market share and market growth in Rest of World Rest of World GLP-1 market growth and Novo Nordisk market share 150% DKK billion 160% GLP-1 market size and growth -29% 130% 110% 121% 120% 9 3 12 -1 0 90% 84% 80% 70% 47% 50% 40% 84% ~47% 73% 30% 29% 10% 0% Nov NN market share Nov Nov Novo Nordisk Company A Others Nov 2020 NN share of growth 2022 2023 2023 -Market growth (right axis) Novo Nordisk Competitors NN growth (right axis) NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company.; Market values are based on the list prices Source: IQVIA, Nov 2023, Value, MAT#131131 Investor presentation Full year 2023 Insulin market size and volume market share in Rest of World Total Insulin market share and market size (DKK billion) 42% Long- acting 63% Fast- 2 acting Premix 83% 2 Human 71% 2 59% 5 Novo Nordisk Competitors ¹Market growth is YTD current vs YTD previous year; NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers;; Market values are based on the list prices Source: IQVIA, Nov 2023; LHS graph - Value, RHS Graph - Volume, MAT Rest of World Market growth1 A Market share Insulin volume: Market share 80% 20% 11 -4.2% +1.1% 60% 15% 58% 10% -2.1% +0.7% 40% 5% -3.8% +0.3% -1% 0% 20% -6.4% +0.7% 0% Nov 2020 -6.9% +4.8% -4% -5% -10% Nov 2023 -NN market share -Market growth (right axis) NN growth (right axis)#132132 Investor presentation Full year 2023 Obesity market share and market growth in Rest of World 80% 60% 40% 20% 0% Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion 40% Rest of World ~11% 3.7 0.0 3.4 0.4 56% 30% 11% 20% 10% 24% 0% 50% -10% ~24% 56% -NN market share -20% -20% Nov NN Growth Nov Nov Novo Nordisk Others Nov 2020 -Market growth (Right Axis) 2023 2022 2023 NN: Novo Nordisk Note: Market values are based on the list prices Source: IQVIA, Nov 2023, Value, MAT#133133 Investor presentation Full year 2023 North America Operations ke USA health care system NAO at a glance 136 135 tean nov Leonard Thompson 1922 novo norda Cal novo nordisk Ⓡ#134134 Investor presentation Full year 2023 North America Operations growth has accelerated DKK billion 1% 150 120 00 90 60 60 60 60 30 50 North America Operations reported sales growth per therapy area 3% 14% 67 20 61 21% 54% 137 91 0 2019 2020 2021 GLP-1 Insulin Other diabetes Obesity care Rare disease CER: Constant exchange rate 2022 Growth at CER NAO 2023#135135 Investor presentation Full year 2023 NAO US health insurance is dominated by a few large commercial payers US population by health insurance status Development of Novo Nordisk rebates and net sales in the US Covered lives by PBM has been stable in recent years DKK 326 333 billion 5% 7% All other PBM 4% 9% 8% 400 Express Scripts/Cigna 69% 71% 74% 75% 75% 74% 24% 350 64% 23% 22% 59% Humana 8% 300 56% Prime 5% 250 18% 17% UnitedHealth 22% 200 MedImpact 4% 150 45% 46% 100 CVS Caremark 33% 50 0 2021 20171 Managed care² Medicare Medicaid/CHIP Uninsured Public exchanges 12017 data reflect historical data through Oct 2017 2 Managed care population is slightly underestimated as only population under the age 65 is captured to avoid double counting with those eligible for Medicare. Source: Centres for Medicare and Medicaid services, office of the actuary, National Health expenditures Projections PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: The 2023 Economic Report on U.S. Pharmacies and PBMs (Published on www.DrugChannels.net) Source: Novo Nordisk Annual Report 2023 2022 2015 2017 2019 2021 2023 Net sales Rebates, % of gross sales Rebates#136136 Investor presentation Full year 2023 North America Operations at a glance. NAO Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales 589 Million 70 10% 60 11% 900 DKK MS Full year 2023 billion Sales (MDKK) Growth² Injectable GLP-13 73,154 54% 80% RybelsusⓇ 11,361 43% 50 Total GLP-1 84,515 52% 60% 4320 40 600 Total insulin4 10,792 -23% GLP-1 Other Diabetes care5 325 -30% 30 63 57 40% 46.0%¹ 51 Diabetes care 95,632 36% 20 10 300 0.5%¹ Insulin Obesity care 33,317 212% 20% Diabetes & Obesity OAD 128,949 60% 17.3%1 care 0 2021 0 0% Nov 2030 2045 2018 Nov 2023 Rare disease? Total 7,680 136,629 -1% 54% Population with diabetes Diabetes growth rate GLP-1 MS -Insulin MS -OAD MS International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 10th Edition 2021 1 CAGR calculated for 5-year period Competitor insulin value market shares, as of Nov 2023: Novo Nordisk 42%, Others 58%; Competitor GLP-1 value market shares, as of Nov 2023: Novo Nordisk 53%, Others 47%. OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, Nov 2023 value figures 2 At constant exchange rates; ³ Comprises VictozaⓇ, Ozempic®; 4 Comprises Tresiba®, XultophyⓇ, Levemir®, NovoMix®, Fiasp® and NovoRapidⓇ; 5Comprises Novo NormⓇ and needles; 6 Comprises SaxendaⓇ and WegovyⓇ 7Comprises primarily NovoSeven®, Novo Eight® Esperoct®, NovoThirteen®, Refixia®, Norditropin®, Vagifem® and ActivelleⓇ#137137 Investor presentation Full year 2023 Diabetes market share and market growth in North America Operations Diabetes market growth and Novo Nordisk market share 50% 40% 30% 20% 10% NAO Diabetes market size and growth DKK billion 43% -23% 69 26 869 70 0 35% 705 30% 23% 34% -30% 35% 0% Nov 2020 NN market share Market growth NN share of growth NN growth Nov Nov Novo Nordisk Company A Others Nov 2023 2022 Novo Nordisk 2023 Competitors NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2023, value, MAT#138138 Investor presentation Full year 2023 GLP-1 market share and market growth in North America Operations GLP-1 market growth and Novo Nordisk market share 70% 60% 50% 40% 30% Nov 2020 -NN market share NN share of growth -Market growth(right axis). DKK billion 80% 56% 55% 60% 269 53% 52% 40% 54% GLP-1 market size and growth -56% 79 -1 -55% NAO 74 420 53% 20% Nov Nov Novo Nordisk Company A Others Nov 2023 2022 2023 Novo Nordisk Competitors NN: Novo Nordisk NN growth(right axis) Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2023, value, MAT#139139 Investor presentation Full year 2023 Insulin market size and volume market share in North America Operations Insulin market share and market size (DKK billion) Total Long- acting 37% Fast- acting 51% 59% Premix 6 24% Human 15 42% 76 16 101 NAO Market growth1 A Market share Insulin volume: Market share 60% 12% 199 -7.3% -0.9% -8.3% -1.2% 40% 8% 37% 4% 0% -4% -5.2% -0.8% 20% -4% -8% -7% -18.0% +0.8% 0% -12% Nov Νον 2020 2023 -5.8% -0.1% NN market share -Market growth (right axis) Novo Nordisk 1Market growth is YTD current vs YTD previous year Competitors NN: Novo Nordisk; Note: Insulin market numbers do not reflect rebates. Share of growth not depicted due to too high numbers. Market values are based on the list prices Source: IQVIA, Nov 2023, LHS graph - Value, RHS Graph - Volume, MAT, all countries -NN growth (right axis)#140140 Investor presentation Full year 2023 Obesity market share and market growth in North America Operations Obesity market growth and Novo Nordisk market share 120% 100% 80% 60% 40% 20% Obesity market size and growth 260% DKK billion 220% ~203% 57.8 1.3 96% 180% 211% 140% 37.5 203% 100% 19.1 60% 96% -211% 20% 93% 0% -20% Nov 2020 NN market share Nov Nov Nov NN Obesity care Others 2022 2023 Market growth (right axis) 2023 NN growth (right axis) NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, Nov 2023, value, MAT, all countries NAO#141141 Investor presentation Full year 2023 Financials Profit and loss, capital allocation Currencies 142 147 novo nordisk NOVO NORDISK HQ Denmark#142142 Investor presentation Full year 2023 Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2019-2023 DKK billion +17% 12% 14% 15% 16% 88% 86% 84% 85% 2019 1 CAGR for 5-year period 2020 2021 Rare disease 2022 Diabetes and Obesity care S&D: Sales and distribution; R&D: Research and development Note: The outlined expected developments are aspirations and not long-term financial targets 7% 93% 2023 السمر لگیم Expected development towards 2025 Gross margin Remain broadly stable Novo NordiskⓇ S&D cost ratio Gradually decline enabled by attractive sales growth R&D cost ratio 8 88 Administration cost ratio Gradually increase to expand and diversify pipeline Decline driven by efficiency gains Operating margin Remain broadly stable#143Solid operating profit growth driven by Diabetes care 143 Investor presentation Full year 2023 Novo NordiskⓇ Operating profit Operating profit split by franchise DKK billion 11% 3% 8% 28% 37% Percent of sales 6% 7% 13% 15% 44% 120 60% 3% 19% 100 60 80 60 60 40 40 20 20 0 2019 2020 Operating profit Operating profit as % of sales CER: Constant exchange rates 40% 97% 81% 20% 2023 Diabetes and Obesity care Rare disease 0% 2021 2022 2023 2019 Reported operating profit growth Operating profit growth at CER#144Novo NordiskⓇ 144 Investor presentation Full year 2023 Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Diabetes Strengthen leadership by offering innovative medicines and driving patient outcomes Rare Disease Secure a leading position by leveraging full portfolio and expanding into adjacent areas Novo Nordisk Way Driving change to defeat serious chronic diseases Sustainable business Obesity Strengthen leadership through market development and by offering innovative medicines and driving patient outcomes Cardiovascular & Emerging Therapy Areas Establish position in cardiovascular disease and build a presence in emerging therapy areas Expected primary sales growth drivers towards 2030 Waves of growth GLP-1 Diabetes ILLUSTRATIVE Research technology CETA Rare disease Obesity care platforms Focus on driving sustained sales growth • Commercial investments in growth markets and products • R&D investments in future growth assets R&D: Research and Development; CETA: Cardiovascular & Emerging Therapy Areas 2020 2025 2030#145145 Investor presentation Full year 2023 Net profit has been converted to cash and returned to shareholders Cash conversion and allocation (2023) DKK billion (100%) 90 84 80 70 60 50 5232 40 Strategic capital allocation priorities Business development investments to enhance R&D pipeline CAPEX investments to meet demand including R&D pipeline BD (74%) 62 Deliver competitive capital allocation to shareholders Continued share buybacks and dividends 32 80 68 30 20 30 10 0 Net profit Free cash flow Cash return Dividend Share buyback Financial flexibility within current credit ratings Moody's: A1 since 2012, S&P Global: AA- since 2013 Net debt to EBITDA ratio around zero Mainly debt finance major business development projects 2021 bond issuance at an all-inclusive interest rate of -0% 2022 bond issuance at an all-inclusive interest rate of ~1% R&D: Research and Develoment; CAPEX: Capital expenditure; EBITDA: Earnings before interest, taxes, depreciation and amortisation; BD: Business development (investments in intangible assets) Novo NordiskⓇ#146146 Investor presentation Full year 2023 Rare disease segment has lower profitability driven by higher investments in R&D DKK billion Diabetes and Obesity care P&L - full year 2023 Rare disease P&L - full year 2023 DKK billion 240 -14% 200 -24% 160 120 80 60 40 Sales ratios 20 20 15 -13% 10 -2% 0% 46% 5 -31% -25% -26% Novo NordiskⓇ Sales ratios -2% +1% 17% 0 0 Sales COGS S&D R&D Admin ΟΟΙ OP Sales COGS S&D R&D Admin ΟΟΙ OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit; S&D: Sales and distribution costs; R&D: Research and development costs; Admin: Administrative costs#147147 Investor presentation Full year 2023 Currency impact on Novo Nordisk's P/L Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's P&L statement The currency effect on e.g. operating profit growth is the difference between the reported growth and the operating profit growth at CER Key currencies account for around 80% of the total currency exposure No hedging effects are included in the operating profit Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day DKK million Income statement Net sales Cost of goods sold Gross profit Operating profit Note: Example is based on Annual Report 2023 Novo NordiskⓇ 2023 2022 232,261 176,954 (35,765) (28,448) 196,496 148,506 Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses Hedged cover for key currencies: • USD 12 months Sales and distribution costs (56,743) (46,217) • JPY 12 months Research and development costs Administrative costs (32,443) (24,047) • CAD 9 months (4,855) (4,467) • GBP 0 months :Other operating income and expenses 119 1,034 CNY 12 months 102,574 74,809 Financial income 2,945 239 • Financial expenses (845) (5,986) Profit before income taxes 104,674 Income taxes (20,991) Net profit 83,683 69,062 (13,537) 55,525 Earnings per share Basic earnings per share (DKK) 18.67 12.26 Diluted earnings per share (DKK) 18.62 12.22 Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging and the effect from currency gain/losses of balances in non-hedged currencies Hedging costs are the interest rate differentials between DKK and hedged currencies#148148 Investor presentation Full year 2023 Operating profit expected to be negatively impacted by currencies in 2024, partly countered by net financials Avg. FY 2023 vs. Avg. FY 2022 Exp. Avg FY 2024'vs. FY 2023 FY 2023 • 10% Hedged 0% -10% USD/DKK CNY/DKK JPY/DKK CAD/DKK GBP/DKK 12% -8% Non- hedged -28% -48% RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK Negative FX impact on operating profit of -5.0 bDKK Positive FX impact on net financials of +1.7 bDKK Foreign exchange net gain of -3.3 bDKK FY 2024 outlook ⚫ Currency impact on Operating profit is expected to be -2%-points Net financial items is expected to be a gain of around DKK 1.3 billion mainly driven by gains on USD hedging contracts and interest income (cash and marketable securities). 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 9 Jan 2024 USD: United States dollar; DKK: Danish Kroner; CNY: Chinese yuan renminbi; JPY: Japanese yen; CAD: Canadian Dollar; GBP: British pound sterling; RUB: Russian Ruble; INR: Indian rupee; ARS: Argentine Peso; BRL: Brazilian Real; TRY: Turkish New Lira Novo NordiskⓇ#149149 Investor presentation Full year 2023 Purpos Sustainabil Sustainable business 150 Environmental responsibility 153 Social responsibility 155 Governance 160 DC novo nordisk RDM E ΠΗΝΟΥ RANJITH S. Ranjith lives with type 1 diabetes India#150150 Investor presentation Full year 2023 Novo NordiskⓇ Long-term value to society is driven by a strong sense of purpose and by being a responsible business Foundation ownership enables long-term focus on Novo Nordisk Foundation Novo Holdings shared value creation Institutional and private investors 22.9% 72.0% 77.1% 28.1% Votes Capital Votes Capital 1,075 million A shares 3,435 million B shares (nominal value DKK 107 million) (nominal value DKK 344 million) ESG1 responsibility has been anchored in Articles of Associations since 2004 Socially responsible Novo Nordisk Way Driving change to defeat serious chronic diseases Sustainable business Environmentally responsible Financially responsible novo nordisk 1 Known as the Triple Bottom Line at time of implementation ESG: Environmental, Social and Governance Note: Ownership as of 31 December 2023 The Novo Nordisk Way guides our behaviour#151151 Investor presentation Full year 2023 2023 statement of ESG performance 88 Novo NordiskⓇ 2023 2022 2021 Environmental performance Energy consumption for operations (1,000 GJ) Share of renewable power for production sites Scope 1 emissions (1,000 tonnes CO₂e)1 Scope 2 emissions (1,000 tonnes CO₂e) 1 Scope 3 emissions (1,000 tonnes CO₂e) 1,2 3784 3,677 3,387 100% 100% 100% 78 76 77 15 16 16 3738 2,041 NA Water consumption for production sites (1,000 m) 4150 3,918 3,488 Waste from production sites (tonnes) 189,091 Breaches of environmental regulatory limit values 415 213,505 75 180,806 12 Patients Patients reached with Novo Nordisk's Diabetes and Obesity care products (estimate in millions) 41.6 36.3 34.6 - Hereof reached via the Novo Nordisk Access to Insulin Commitment (estimate in millions)³ Children reached through Changing Diabetes® in Children (cumulative) 2.4 1.8 1.7 52,249 41,033 31,846 People & employees Year-end employees (total) 64,319 55,185 48,478 Social performance Employee turnover Gender in leadership positions (ratio men:women) Gender in senior leadership positions (ratio men:women) Gender in the Board of Directors (ratio men:women) Sustainable Employer Score Frequency of occupational accidents (number per million working hours) Societies Change in average net price across US product portfolio (% change to previous year) Change in average net price across US insulin portfolio (% change to previous year) Total tax contribution (DKK million) 5.5% 8.2% 11.0% 54:46 56:44 57:43 59:41 61:39 64:36 50:50 54:46 67:33 86% 85% 84% 1.5 1.5 1.3 (8.2)% (12.7)% (12.3)% (24.4)% (19.5)% (10.9)% 51,247 36,003 32,593 Donations and other contributions (DKK million) 138 126 92 Business ethics reviews 40 35 37 Employees trained in business ethics 99% 99% 98% Substantiated cases of corruption and bribery reported via Compliance Hotline 11 5 18 Governance Performance Supplier audits Terminations of Novo Nordisk employees related to substantiated cases of corruption and bribery Convictions for violation of anti-corruption and anti-bribery laws 19 2 13 0 N/A N/A 382 294 253 Product recalls 2 3 1 Failed inspections Facilitations of the Novo Nordisk Way 0 0 0 42 36 34 Company reputation (scale 0-100) Animals purchased for research 82.1 82.3 82.6 56,508 79,750 47,879 1. 2023 is the first year of reporting all emission categories in CO₂e. Comparison figures for scope 1, 2 and part of scope 3 emissions are measured in CO2. 2022 was the first year of full scope 3 emissions' disclosure, which in 2021 and previously was limited to business flights and product distribution. 123 2. 3. 2023 is the first year of reporting Obesity as part of number of patients reached. Comparison figures are adjusted accordingly.#152152 Investor presentation Full year 2023 With Circular for Zero, Novo Nordisk aspires to have zero environmental impact circular zero Current environmental impact Environmental aspirations CO₂e emissions 3,831 thousand tonnes in Scope 1, 2 and 3 Waste 800+ million prefilled plastic pens produced every year Resources Everything Novo Nordisk purchases Circular products Upgrade existing and design new products based on circular principles and solve the end-of-life product waste challenge to close the resource loop Circular company Eliminate environmental footprint from operations and drive a circular transition across the company aspiring for zero environmental impact Circular supply Proactive collaboration with suppliers to embed circular thinking for reduced environmental impact across the value chain and switch towards circular sourcing and procurement#153153 Investor presentation Full year 2023 Novo Nordisk pledges to reach net-zero emissions across the entire value chain by 2045 Emissions from scope 1, 2 and 31 1,000 tonnes CO2 -34% 309 221 203 148 129 110 86 75 76 78 16 15 Full Year 2019 (baseline) Full Year 2022 Full Year 2023 Targets: 2030: Zero emissions from operations and transportation • 2045: Net zero emissions across full value chain Scope 1 Scope 2 Partial Scope 3 Total Key initiatives to reduce CO2 emissions across all three scopes Scope 1 - Direct emissions from own sources (9% reduction vs 2019) Company cars: 100% electric or plug-in hybrid electric cars by 2030 Energy: Ongoing transition to renewable energy in production facilities resulted in reduced emissions Novo NordiskⓇ Scope 2 - Indirect emissions from purchased energy (80% reduction vs 2019) • Production: Sourcing 100% of renewable power at production sites since 2020 Scope 3 - Other indirect emissions across value chain (26% reduction vs 2019) Suppliers: >400 key suppliers have committed to source renewable power Product distribution: Alliances with various providers for Sustainable Aviation Fuel that will reduce emissions from air transport significantly. 1. Scope 3 are limited to emissions from business flights and product distribution. 2019 and 2022 figures have been restated by adding three thousand tonnes of CO2, related to business flights, for both years. Note: To further align with the Greenhouse Gas Protocol, in 2023 scope 1, 2 and partial scope 3 emissions are measured in CO₂e.#154154 Investor presentation Full year 2023 Reaching more patients will increase the plastic footprint, a challenge Novo Nordisk has started to address Growing volumes impact Novo Nordisk's plastic footprint ILLUSTRATIVE 14,000 tonnes of plastic in production of devices 38,000 tonnes base case scenario for delivery systems • Change to sustainable plastic Engage with suppliers to pursue shift to sustainable plastic • Drive innovation via partnerships to e.g. • . 2023 2030 . Plastic volume . repurpose medical waste Reduce plastic consumption Drive portfolio decisions towards lower plastic consumption Drive switch towards durable devices in relevant markets Avoid plastic waste on landfill Take-back¹ pilot in Denmark with partners leading to >23% device return Take-back expansion to UK, Brazil and France with ambition to establish industry solution for scaling 1 More information on the pilot called "Returpen TM" can be found here: Returpen.dk Novo NordiskⓇ#155155 Investor presentation Full year 2023 Novo NordiskⓇ Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation ...accelerating prevention to bend the curve... Å ...providing access to affordable care for vulnerable patients in every country... ос + ... and thereby help society rise to one of its biggest challenges ...innovating to improve lives...#156Novo NordiskⓇ 156 Investor presentation Full year 2023 In 2023, more than 6.7 million people with diabetes were reached with access and affordability initiatives. 6.7 out of 40.5 million people were reached with access and affordability initiatives Million patients Access to Insulin Commitment A number of focused programmes (as of full year 2023) 3 USD ceiling price for human insulin vial offered to 77 low- and middle- income countries, reaching 2.4 million patients in 2023 2.6 million patients reached at or below the ceiling price in countries outside the commitment¹ 1. 2. 40.5 6.7 34.9 Patients reached in 2023 J Changing Diabetes® in Children² 52,249 children reached at the end of 2023, across 29 countries More than half of the newly enrolled children reached through expansion in Asian countries mainly India, Pakistan, Indonesia and Vietnam Vulnerability assessments • Ensure access and affordable insulin and strengthen comprehensive diabetes care for vulnerable population groups There are currently 22 active Affordability Plans in 20 countried across, APAC, LATAM and SEEMEA regions based om completed vulnerability assessments US affordability offerings In 2023, DKK 358 billion were provided in discounts and rebates in the US, amounting to 74% of US gross sales The access and affordability programmes are not mutually exclusive, implying that the sum of the reach of each programme cannot be interpreted as the total unique number of people with diabetes reached. More info on Novo Nordisk access and affordability programmes can be found at: Access & affordability (novonordisk.com). Changing Diabetes® in Children is a public-private partnership between the International Society for Paediatric and Adolescent Diabetes, the World Diabetes Foundation, Roche, and Novo Nordisk.#157157 Investor presentation Full year 2023 In the US, net prices have declined in the last five years The US population by health insurance coverage Insulin net prices¹ have declined Net prices¹ across the full Novo Nordisk portfolio² declined Novo NordiskⓇ 110 7% 110 100 100 90 90 80 80 47% 70 70 60 60 46% 50 50 40 40 30 30 20 20 333 million people 10 10 0 0 Uninsured 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Private insurance schemes List prices - Net prices - List prices - Net prices Goverment insurance schemes ¹Percentage change represents a sales weighted average list and net price for the respective calendar year compared to the sales weighted average list and net price for the prior year, indexed to base year 2019, and is not reflective of the magnitude of individual list price actions 2NN US Product Portfolio is inclusive of Diabetes, Obesity and Rare disease products Government insurance schemes cover Medicare, Medicaid and public exchanges, some of these with high deductibles. Source: Novo Nordisk Annual Report 2023#158158 Investor presentation Full year 2023 Barriers to access go beyond price Diabetes Compass launched with World Diabetes Foundation in 2021 Many healthcare systems in LMICs are overburdened Aims to reduce vulnerabilities through innovative digital solutions to support health workers and people with diabetes Pilots in Sri Lanka, Tanzania, and Milawi have been launched to evaluate results and understand the impact of digital solutions Thermal solution for human insulin can address one key access to care barrier Strict insulin storage recommendations are hard to meet in humanitarian settings and where access to refrigeration is low The positive scientific opinion received from EMA in April 2022 supports obtaining the national approvals for additional option for storage outside of refrigeration prior to first use National country approvals in 29 countries iCARE initiative towards strengthening health infrastructure in Middle Africa ⚫ A business-integrated model improving access to treatment and care Capacity: over 3,500 HCPs trained¹ Affordability: 37,400 underserved patients reached with insulin¹ Reach: Expanded partnerships with distributors to reduce mark-ups Empowerment: over 8,000 patients enrolled in patient empowerment programmes¹ DIABETES COMPASS Actrapid ¡CARE 1Values are FY2023 Note: The Diabetes Compass was launched by the World Diabetes Foundation with more information on Diabetes Compass | World diabetes foundation. Diabetes Compass is funded by a 100 million DKK joint donation from Novo Nordisk A/S and the Novo Nordisk Foundation. HCP: Health care professional; LMIC: Low- and middle-incomes countries. Novo NordiskⓇ#159159 Investor presentation Full year 2023 The journey towards being a sustainable employer starts with being inclusive and diverse 2025 aspiration supporting Diversity and Inclusion Men 61% 59% 45% Senior leadership1 Women 39% 41% 45% 56% 54% Men All leaders 44% 46% Women 12M 2022 12M 2023 Novo NordiskⓇ 2025 Aspiration • Driving an inclusive and diverse workplace Diversity & Inclusion aspirational targets: Create an inclusive culture where all employees have a sense of belonging and equitable opportunities to realise their potential Achieve a balanced gender representation across all managerial levels Achieve a minimum of 45% women and a minimum of 45% men in senior leadership positions by the end of 2025 Diversity & Inclusion aspirations in action: D&I is continuously embedded in HR processes and policies across the employee life cycle All areas have local D&I action plans to address local challenges and opportunities All leaders must embrace their role as inclusive leaders Diversity & Inclusion progress: Inclusion Index in 2023 stands at 82%, the same as in 2022 End of December 2023 41% of leaders in senior leadership positions were women, compared to 39% end of December 2022 1 Senior leadership defined as executive vice presidents, senior vice presidents, corporate vice presidents, and vice presidents; D&I: Diversity and inclusion Note: Full social statements to be found in Novo Nordisk Annual Report 2023. No formulated 2025 aspiration exist for "all leaders", but Novo Nordisk aspires for balanced gender representation at all managerial levels#160160 Investor presentation Full year 2023 Structure in place to ensure corporate governance Rules and Regulations Danish and foreign laws and regulations Governance structure Shareholders A and B share structure Assurance measures Board of Directors² Eight shareholder-elected and four employee-elected board members Audit financial data and review social and environmental data (internal and external) Corporate governance standards¹ Chairmanship Audit Committee Nomination Committee Remuneration Committee R&D Committee Facilitation (internal) Articles of Association Novo Nordisk Way Executive Management Organisation 1. The corporate governance standards designated by Nasdaq Copenhagen and New York Stock Exchange. 2. In 2022, the Board of Directors met ten times. Quality audit and inspections (internal and external) Novo NordiskⓇ#161161 Investor presentation Full year 2023 Novo Nordisk has a sustainable tax approach Novo NordiskⓇ Sustainable tax approach approved by the BoD 1 | Commercially driven Business structures driven by commercial considerations Pay taxes where value is generated Effective tax rate of ~20% for 2023 2 | Responsible . No artificial structures or tax havens Transfer pricing principles compliant with OECD guidelines Advanced pricing agreements covering ~70% of revenue 3 | Transparent Open about tax practices and maintain cooperative relationships with tax authorities Tax approach published on novonordisk.com Total tax contribution in 2023 around DKK 39 billion Corporate income taxes by region - three year average in DKK billion - EMEA (excl. Denmark) - Region China Region IP rights¹ Production² Sales³ Corporate income taxes International Operations 14.2 - Denmark 12.2 1.0 0.6 0.4 1.1 1.0 15.3 Share of category Share of category Share of category - Rest of World North America Operations - The US Total 1. Intellectual property rights based on sales from where intellectual property rights are located. 2. Production based on production employees in the region. 3. Sales based on the location of the customer. OECD: The Organisation for Economic Co-operation and Development Note: All figures and graphs are average 2021-2023#162162 Investor presentation Full year 2023 ESG is integrated in reporting and remuneration as well as recognised externally ESG is included in integrated reporting and short- and long-term remuneration We strive to adhere to sustainability frameworks for our ESG reporting ESG rankings by third-party agencies recognise Novo Nordisk's efforts Rating agency novo nordisk Annual Report 2022 B Hageman oighis one s one of Denmark geng people with his son Lars, who also has type 1 diabetes, and his grandchildren home leto Clane and Hager Novo Nordisk AS-Novo Ale 1.2880 and Demark - 2023670 ESG Portal pictured here with future business. To actuate Remuneration Report 2022 rik Hageman (back in the middle, his son Lars Hageman Perborg and grandd (from the left Clara Holger and bike Hogenan Pinborg Erand Lars have type tubes Novo Nordisk A-Novo Ale, 2880 Bigad Dermaak-c242567 ant wimally postle was fees of Asocio and the North Wy The ESF provides Åå 。 SASB STANDARDS Now part of IFRS Foundation MSCI ESG RATINGS AAA CCC B BB BBB AA AAA AAA Novo NordiskⓇ SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION TCFD SUSTAINABLE DEVELOPMENT GOALS SUSTAINALYTICS Corporate Knights CDP DISCLOSURE INSIGHT ACTION A LIST 2022 CLIMATE Top 15% in industry group 'pharmaceuticals' Ranked #53 among CK Global 100 A (Climate) A- (Water) access to medicine Index Ranked 11th out of 20 companies CDP: Carbon Disclosure Project; MSCI: Morgan Stanley Capital International; TCFD: Taskforce on Climate-related Financial Disclosures; SASB: Sustainability Accounting Standards Board#163163 Investor presentation Full year 2023 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: www.novonordisk.com Access the full investor presentation here: Novo Nordisk A/S Investor Relations Novo Allé 1 DK-2880 Bagsværd Investor Relations contacts Daniel Muusmann Bohsen David Heiberg Landsted Sina Meyer Frederik Taylor Pitter Mark Joseph Root (USA) +45 3075 2175 +45 3077 6915 +45 30796656 +45 30758259 [email protected] [email protected] [email protected] [email protected] +1 848 213 3219 [email protected] novo nordisk Novo NordiskⓇ