#1Rue de la Deca r Shirley Adelia Stewart has type 2 diabetes New Orleans, Louisiana, US edust novo nordisk - a focused healthcare company Investor presentation First nine months of 2018 novo nordisk#2Agenda Highlights and key events Sales update R&D update Financials and outlook changing diabetes Investor Presentation First nine months of 2018 Slide 2 novo nordisk#3Forward-looking statements Investor Presentation First nine months of 2018 Slide 3 Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company's statutory Annual Report 2017 and Form 20-F, which are both filed with the SEC in February 2018 in continuation of the publication of the Annual Report 2017, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • • • Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto, Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures, Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, 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, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. For an overview of some, but not all, of the risks that could adversely affect our results or the accuracy of forward-looking statements in this presentation, reference is made to the overview of risk factors in 'The Risks of Doing Business' on pp 40-43 of the Annual Report 2017. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise. Important drug information Victoza® (liraglutide 1.2 mg and 1.8 mg) is approved for the management of type 2 diabetes only SaxendaⓇ (liraglutide 3 mg) is approved in the USA and the EU for the treatment of obesity only novo nordisk#4Investor Presentation First nine months of 2018 Slide 4 Highlights - First nine months of 2018 Sales development Sales decreased by 2% in Danish kroner and increased by 4% in local currencies to DKK 82.1 billion International Operations sales increased by 2% in Danish kroner and grew by 8% in local currencies . . North America Operations sales decreased by 6% in Danish kroner and increased by 1% in local currencies The GLP-1 diabetes franchise increased by 18% in local currencies and accounted for 84% share of growth Research and Development Successful completion of additional three phase 3a trials with oral semaglutide; PIONEER 5, 8 and 10 Phase 1 trial initiated with OG2023SC, a novel oral GLP-1 Initiation of SELECT, a CVOT investigating efficacy of 2.4 mg subcutaneous semaglutide in people with overweight or obesity Successful completion of phase 2 trial explorer5 with concizumab Financials Operating profit decreased by 6% in Danish kroner and increased by 2% in local currencies to DKK 36.5 billion Operating profit adjusted for severance costs related to lay-offs in Q3 2018 increased by 4% in local currencies Net profit increased by 1% to DKK 30.1 billion and diluted earnings per share increased by 3% to 12.40 DKK per share 2018 financial outlook: • Sales growth is now expected to be 4-5% measured in local currencies (now around 4% lower reported) Operating profit growth is still expected to be 2-5% measured in local currencies (still around 7% lower reported) The 2018 share repurchase programme is increased by DKK 1.0 billion to DKK 15 billion due to higher free cash flow outlook#5Investor Presentation First nine months of 2018 Slide 5 Sales growth driven by 8% growth in International Operations and 1% growth in North America Operations - Sales as reported – first nine months of 2018 Region Region Latin America Japan & Korea (7%) Region China 12% 4% 5% 5% 11% Region AAMEO 11% 2% Growth break down - Local currencies Growth first nine months of 2018 Share of growth North America Operations 1% 13% Hereof USA 1% 6% International Operations 8% 87% Region Europe 2% 11% 50% North America Operations (6%) Region AAMEO 14% 36% Region China 8% 17% Region Europe 2% 20% Region Japan & Korea (3%) (3%) Region Latin America 35% 26% Sales of DKK 82.1 billion (2%) Total sales 4% 100% AAMEO: Africa, Asia, Middle East & Oceania The sales split does not add up to 100% due to rounding changing diabetes® novo nordisk#6Investor Presentation First nine months of 2018 Slide 6 Sales growth of 4% measured in local currencies mainly driven by Victoza®, OzempicⓇ and SaxendaⓇ - Sales as reported – first nine months of 2018 Other Growth disorders biopharmaceuticals (1%) (14%) % Haemophilia 6% (8%) 9% Obesity 42% 3% 81% Growth break down Local currencies - Growth first nine months of 2018 Share of growth (7%) 3% (2%) 1% (2%) Long-acting insulin¹ Premix insulin² Fast-acting insulin³ (7%) Human insulin 1% 2% Diabetes care (2%) Total insulin (1%) (9%) GLP-14 18% 84% Other diabetes care5 2% 1% Total diabetes care 4% 76% Obesity (SaxendaⓇ) 53% 28% Diabetes care and obesity total 5% 104% Haemophilia (3%) (6%) Growth disorders (NorditropinⓇ) 5% 6% Other biopharmaceuticals? (10%) (4%) Biopharmaceuticals (1%) 4% (4%) 100% Sales of DKK 82.1 billion (2%) changing diabetes Total 1 Comprises Tresiba®, XultophyⓇ and LevemirⓇ: 2 Comprises RyzodegⓇ and NovoMix® 3 Comprises FiaspⓇ and NovoRapidⓇ; 4 Comprises VictozaⓇ and Ozempic® 5 Primarily NovoNorm® and needles; 6 Comprises NovoSeven®, NovoEight® NovoThirteenⓇ and Refixia®; 7 Primarily Vagifem® and Activelle®#7Investor Presentation First nine months of 2018 Slide 7 Sales growth is primarily driven by 18% growth in GLP-1 sales, while global insulin sales is broadly unchanged 9M 2018 reported sales split and local currency growth for NAO and IO 9M 2018 added sales and local currency growth for NAO and IO Insulin GLP-1 Other diabetes care DKK billion Obesity Biopharm International Operations North America Operations Group local currency growth 50 Therapy areas DKK billion 1% 8% International Operations regions 4% -1% 18% 53% -1% 4 40 3 15% 30 2 8% 18% 20 1 2% 6% 1% 139% 31% 0 14% 8% 4% -8% 10 -3% 35% -1 -8% -2 NAO IO Region Region Region Region Region Europe AAMEO China J&K LATAM Total Insulin GLP-1 Obesity Biopharm NAO: North America Operations; IO: International Operations; LATAM: Latin America; AAMEO: Africa, Asia, Middle East & Oceania; J&K: Japan & Korea; 9M: First nine months of 2018 1 "Other diabetes care" is included in Total. novo nordisk#8Investor Presentation First nine months of 2018 Slide 8 USA GLP-1 NBRX market share OzempicⓇ is now launched in seven countries leading to market share gains and expansion of the GLP-1 markets Canada GLP-1 NBRX Denmark GLP-1 volume market share market share NN GLP-1 VictozaⓇ OzempicⓇ dulaglutide exenatide albiglutide Weekly Monthly Weekly unit NBRX share NBRX share share 50% 100% 100% 45.1% 92.2% 79.8% 40% 80% 80% 40.2% 77.4% 30% 25.3% 60% 60% 45.6% 20% 19.9% 40% 40% 34.3% 14.5% 10% 20% 20% 14.8% 7.2% 19.8% 0% 0% 0% Jan 2018 Oct 2018 Jan 2018 July Jan 2018 2018 Oct 2018 Source: NBRX-IQVIA LRX Weekly, week ending 12 October 2018 OzempicⓇ has been launched in: the USA, Canada, Denmark, Switzerland, Ireland, Sweden and the Netherlands Source: NBRX-IQVIA monthly, July 2018 Source: Local sales data - Dansk lægemiddels information market intelligence, week ending 14 October 2018#9Investor Presentation First nine months of 2018 Slide 9 In the USA VictozaⓇ CV indication and OzempicⓇ launch contribute to market growth and stabilising market share USA GLP-1 TRX market development Monthly USA GLP-1 volume market share NN GLP-1 VictozaⓇ OzempicⓇ Annual market growth (RHS)¹ Exenatide ER Quarterly TRX (million) Other GLP-1s OzempicⓇ Market TRX share Dulaglutide VictozaⓇ growth 60% 3.0 35% 2.5 28% 30% 40% 2.0 25% 1.5 20% 20% 1.0 15 % 0.5 0.0 10 % 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2017 2017 2017 2018 2018 2018 Source: IQVIA monthly NPA, September weekly NPA, week ending 5 October 2018 1 Growth rate three months year over year RHS: Right hand side Oct 2016 Source: IQVIA monthly NPA, August 2018; wNPA for September, week ending 5 October 2018 dulaglutide exenatide albiglutide 43.3% 43.2% 38.3% 13.0% 5.1% Sep 2018 novo nordisk#10Investor Presentation First nine months of 2018 Slide 10 TresibaⓇ has gained around 5%-points market share over the last 12 months in the USA Weekly TRX volume market shares¹ in the USA glargine U100 Basal volume TRX MS1 70% 60% 50% 40% 30% 20% 10% 0% NN total basal TresibaⓇ LevemirⓇ glargine U300 - biosimilar glargine U100 39.0% 35.9% -22.0% 13.5% 10.5% Sep 2016 Sep 2018 Note: The graph does not show NPH, which accounts for the residual market share Source: IQVIA weekly Xponent Plantrak (*excludes Medicaid), 14 September 2018 TRX volume: Insulin volume in mega units (MU) associated with total number of prescriptions; VANTAGE FingerTip Formulary bridge, September 2018 MS: Market share 1 Excluding Medicaid, Medicaid represents ~12% of retail basal market volume TresibaⓇ launch in the USA Novo Nordisk basal volume market share is now at 35.9% with TresibaⓇ volume market share of 13.5%, resulting in a gain of around 5%-points over the last 12 months TresibaⓇ formulary access is above 80% for Commercial and Medicare Part D combined In April 2018, promotion of the updated TresibaⓇ label2 was initiated 2 TresibaⓇ label was updated in March 2018 to include a 40% reduction of severe hypoglycaemic events compared to insulin glargine U100 novo nordisk#11Investor Presentation First nine months of 2018 In PIONEER 8, oral sema showed statistically significant reductions in HbA1c, body weight and total insulin dose¹ Reduction in HbA1c Reduction in body weight (kg) Slide 11 Change in total insulin dose³ HbA1c reduction (%)² Placebo Oral sema Weight loss (kg) 2 Change in insulin unit (IU/day)² 3 7 14 3 7 14 3 7 14 Placebo Placebo Placebo mg mg mg mg mg mg mg mg mg 0.0 1.0 0.6kg 12 10 0.0% 0.0 -0.3 80 -1.0 -0.6 -0.5%* -1.0 kg* -2.0 -0.9 -0.8%* 4 2 0 -3.0 -2.9 kg* -1.2 -4.0 -1.2%* -1.5 -5.0 -4.3kg* -8 -6* -7* 1 Only 7 mg and 14 mg oral semaglutide showed reduction in end of trial insulin dose 2 Results illustrated by using the secondary statistical method called hypothetical estimand after 52 weeks of treatment: Treatment effect, if all participants followed the treatment without rescue medication (analysed by using Mixed Models for Repeated Measurements (MMRM)). The statistical method is consistent with e.g. the statistical method used for the SUSTAIN programme for subcutaneous semaglutide 3 At end of trial period *Statistically significant vs placebo Sema: semaglutide novo nordisk#12Investor Presentation First nine months of 2018 Slide 12 In PIONEER 10, oral sema 14 mg showed statistically significant reduction in HbA1c and weight vs sc dulaglutide Reduction in HbA1c Reduction in body weight (kg) Number of adverse events HbA1c reduction (%)¹ Oral semaglutide Weight Oral semaglutide Sc dula Sc dulaglutide² loss (kg) 1 3 7 14 0.75 3 7 14 mg³ mg mg mg mg mg mg 0.75 mg Dose (mg) 3 7 14 0.75 0.0 2.01 1.1kg GI adverse events 31% 39% 54% 40% -0.4 -0.8 -0.7%+ 1.0 0.1 kg 0.0 Consti. 9% 12% 15% 9% -1.2 Nausea 5% 8% 9% 9% -1.3% -1.0 -1.6 -1.4% -1.0 kg* -2.0 -1.8%* Disc. rate due to AE 3% 6% 6% 3% -2.0 -1.9 kg* 1 Results illustrated by using the secondary statistical method called hypothetical estimand after 52 weeks of treatment: Treatment effect, if all participants followed the treatment without rescue medication (analysed by using Mixed Models for Repeated Measurements (MMRM)). The statistical method is consistent with e.g. the statistical method used for the SUSTAIN programme for subcutaneous semaglutide 2 Subcutaneous dulaglutide 0.75 mg is the approved dose in Japan +Statistically significantly lower versus 0.75 mg dulaglutide *Statistically significant versus 0.75 mg dulaglutide GI: Gastrointestinal; Consti: Constipation; Disc. rate: Discontinuation rate; AE: Adverse events; Sema: Semaglutide; Dula: Dulaglutide; Sc: Subcutaneous novo nordisk#13Investor Presentation First nine months of 2018 Slide 13 Oral semaglutide has demonstrated a consistent reduction in HbA1c and body weight in the completed PIONEER trials In completed PIONEER trials, oral semaglutide lowered HbA1c by 1.1-1.8%-points by end of trial¹ Mean change in HbA1c (%-points) In completed PIONEER trials, oral semaglutide lowered body weight by ~2-5 kg by end of trial¹ Mean change in weight (kg) P4 P5 P7 P8 P10 P1 0.0% P2 P3 P4 P5 P7 P8 P10 P1 P2 P3 0.0 -1.0 -0.5% -2.0 -1.0% -3.0 -1.1%* -1.1%* -1.5% -1.3%* -1.2%* -1.2%* -4.0 -1.4%* -4.1* آاتا -3.5* -1.5%* -5.0 -4.7* -2.0% -1.8%* -6.0 !! -2.9* -3.7* -5.0* -4.3* -1.9* 1 Hypothetical estimand, Mixed Model for Repeated Measurement (MMRM) *Statistically significant vs comparator (vs placebo in PIONEER 1; vs empagliflozin 25 mg in PIONEER 2; vs sitagliptin 100 mg in PIONEER 3; vs Victoza® 1.8 mg in PIONEER 4; vs placebo in PIONEER 5; vs sitagliptin 100 mg in PIONEER 7; vs placebo in PIONEER 8; vs 0.75 mg dulaglutide in PIONEER 10) Note: Results shown are: PIONEER 1 and 5 for 26 weeks with 14 mg oral semaglutide, PIONEER 2, 4, 8 and 10 for 52 weeks with 14 mg oral semaglutide; PIONEER 3 for 78 weeks with 14 mg oral semaglutide; PIONEER 7 for 52 weeks with a mixed dose P: PIONEER novo nordisk#14Investor Presentation First nine months of 2018 Slide 14 Key development milestones Diabetes Obesity • . • • Successful completion of additional three phase 3a trials, PIONEER 5, 8 and 10, with oral semaglutide Novo Nordisk acquires Ziylo Ltd to accelerate its development of glucose responsive insulins Phase 1 trial initiated with OG2023SC investigating the safety, tolerability and pharmacokinetics Two new drug applications have been submitted in Japan for XultophyⓇ and FiaspⓇ Hypopen-1513 discontinued The SELECT Phase 3b trial initiated with injectable semaglutide 2.4 mg investigating effects on cardiovascular outcomes in people with overweight or obesity Phase 1 trial initiated with PYY 1875 investigating safety, tolerability and pharmacokinetics of single doses as monotherapy and in combination with semaglutide in subjects with overweight or obesity Biopharma • • • GHD: Growth hormone deficiency changing diabetes® Cardiovascular safety data added to SaxendaⓇ label in the USA Successful completion of phase 3a extension trial with once-weekly somapacitan in adults with GHD N8-GP submitted for regulatory approval in Japan Successful completion of phase 2 trial explorer5 with concizumab to evaluate the efficacy and safety of prophylactic administration in people with severe Haemophilia A without inhibitors Novo Nordisk expands its growth disorders franchise with the acquisition of the North American rights to Macrilen™, the first and only FDA approved product for diagnosis of growth hormone deficiency in adults novo nordisk#15R&D milestones in 2018 Project TresibaⓇ XultophyⓇ FiaspⓇ Q1 2018 DEVOTE and SWITCH² US regulatory decision DUAL I Japan Phase 3a ✓ DUAL II Japan Phase 3a ✓ OzempicⓇ Oral semaglutide EU and Japan regulatory decision PIONEER 1 data Phase 1 data Investor Presentation First nine months of 2018 Slide 15 Results available¹ Regulatory milestone Q2 2018 Q3 2018 Q4 2018 EU variation application pens PIONEER 2, 3, 4 and 7 data Japan submission Japan submission EU variation application SUSTAIN 7 PIONEER 5 and 10 data ✓ PIONEER 8 data PIONEER 6 and 9 data LAI287 AM833 Phase 1 data N8-GP US/EU submission N9-GP Concizumab Somapacitan Diabetes Obesity Haemophilia REAL 3 Phase 2, GHD data Growth disorders 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement 2 Supplemental applications to include the two SWITCH trials have been withdrawn based on interactions with FDA GHD: Growth hormone deficiency; AGHD: Adult growth hormone deficiency Japan regulatory decision ✓ explorer5 data REAL 1 (extension) Phase 3, AGHD data Japan submission explorer4 data novo nordisk#16Financial results - Investor Presentation First nine months of 2018 Slide 16 First nine months of 2018 DKK million Sales Gross profit 9M 2018 9M 2017 Gross margin Sales and distribution costs Percentage of sales Administration costs Percentage of sales Percentage of sales Research and development costs 82,099 69,135 84.2% 20,669 10,261 12.5% 2,647 3.2% 83,704 70,772 20,045 10,031 2,666 Change (reported) (2%) Change (local currency) 4% (2%) 84.6% 3% 9% 25.2% 23.9% 2% 5% 12.0% (1%) 3% 3.2% Other operating income, net 907 890 2% Operating profit 36,465 38,920 (6%) 2% Operating margin 44.4% 46.5% Financial items (net) 780 (811) Profit before income tax 37,245 38,109 Income taxes 7,114 8,232 (2%) (14%) Effective tax rate 19.1% Net profit 30,131 Diluted earnings per share (DKK) 12.40 21.6% 29,877 1% 12.03 3% 9M: First nine months of 2018 changing diabetes®#17Investor Presentation First nine months of 2018 Unfavourable currency impact in 9M 2018 driven by development in both hedged and unhedged currencies Hedged currencies Index (1 Jan 2017= 100) Non-hedged currencies Index (1 Jan 2017 = 100) USD/DKK CNY/DKK 110 105 100 95- 90- 85 80 JPY/DKK GBP/DKK CAD/DKK 75 RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 110 100 90 80 70 60 50 40 30 changing diabetes 1 2 3 4 1 2 2018 3 2017 Slide 17 Hedged Currencies 2017 average 2018 average² Spot Impact of a Hedging rate² 5% move³ (months) USD1 660 632 658 2,050 11 CNY1 98 95 95 330 74 JPY1 5.9 5.7 5.9 180 12 GBP1 849 843 841 95 10 CAD1 508 489 501 80 10 Non-hedged 2017 2018 Spot Currencies average average² rate² ARS¹ 0.4 0.2 0.2 TRY1 181 133 117 INR1 10.1 9.2 9.0 RUB1 11.3 10.1 10.0 BRL¹ 207 174 177 1 DKK per 100; 2 As of 26 October 2018; 3 Impact on operating profit in the next 12 months of a 5% immediate currency move. DKK million per annum; 4 Chinese Yuan traded offshore (CNH) Note: Operating profit impact of one of the non-hedged currencies appreciating 5% is in the range of DKK -15 to +50 million novo nordisk#18Financial outlook for 2018 Investor Presentation First nine months of 2018 Slide 18 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Financial items (net) Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 1 Nov 2018 4% to 5% Around 4 percentage point lower 2% to 5% Around 7 percentage point lower Gain of around DKK 0.5 billion 19% to 20% Around DKK 9.5 billion Around DKK 3 billion Around DKK 29 to 33 billion Previous expectations 8 Aug 2018 3% to 5% Around 5 percentage points lower 2% to 5% Around 7 percentage points lower Gain of around DKK 0.9 billion 19% to 20% Around DKK 9.5 billion Around DKK 3 billion Around DKK 27 to 32 billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 26 October 2018 changing diabetes® novo nordisk#19Highlights - Investor Presentation First nine months of 2018 Slide 19 First nine months of 2018 Sales hl Insulin GLP-1 Obesity Innovation Organisation • . • • • • • • Financials Continued solid sales growth of 4%, predominantly driven by International Operations Sales growth is now expected to be 4-5% measured in local currencies, up from previously 3-5% Insulin sales decreased by 1%, however Novo Nordisk has expanded its leading global insulin volume market share to 46%, driven by TresibaⓇ and XultophyⓇ growing sales by 15% and 161%¹ GLP-1 sales increased by 18% driving 84% of total growth Ozempic® is off to a strong start and strengthening the total Novo Nordisk market share and expanding the GLP-1 market Novo Nordisk is the global market leader with 47% value market share in the GLP-1 market¹ SaxendaⓇ sales increased by 53% driving 28% of total sales growth Novo Nordisk is expanding the global leadership position in obesity and now holds a 43% value market share The PIONEER programme for oral semaglutide is nearing completion and eight trials have now been successfully completed First clinical trial with the next generation oral GLP-1 has been initiated Novo Nordisk expands its growth hormone business with the acquisition of the North American rights to Macrilen™ A number of restructuring initiatives across functions and geographies have been initiated to support R&D and commercial activities for the portfolio of innovative products with an expected reduction of the workforce by 1,300 employees by the end of 2018 Operating profit increased by 4% in the first nine months when adjusting for the severance costs and operating profit growth for 2018 is still expected to be 2-5% Solid cash-flow generation leads to an increased share buy-back with DKK 1 billion to DKK 15 billion 1 Sales growth in local currencies and market shares based on MAT Aug 2018#20Investor contact information Investor Presentation First nine months of 2018 Slide 20 Share information Novo Nordisk's B shares are listed on the stock exchange in Copenhagen under the symbol 'NOVO B'. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For further company information, visit Novo Nordisk on the internet at: novonordisk.com Upcoming events Financial statement for 2018 01 Feb 2019 21 Mar 2019 Annual General Meeting 03 May 2019 09 Aug 2019 01 Nov 2019 Financial statement for the first three months of 2019 Financial statement for the first six months of 2019 Financial statement for the first nine months of 2019 Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé, DK-2880 Bagsværd Peter Hugreffe Ankersen +45 3075 9085 [email protected] Anders Mikkelsen +45 3079 4461 [email protected] Valdemar Borum Svarrer +45 3079 0301 [email protected] Kristoffer Due Berg +45 3079 2849 [email protected] changing diabetes novo nordisk#21Investor Presentation First nine months of 2018 Slide 21 Appendix 1. First nine months of 2018 highlights and NN at a glance 22 2. Insulin 3. GLP-1 diabetes 45 69 4. Obesity 89 5. Biopharmaceuticals & Other serious chronic diseases 98 6. Financials 110 7. Sustainable business 122 NN: Novo Nordisk changing diabetes® novo nordisk#22Highlights - Investor Presentation First nine months of 2018 Slide 22 First nine months of 2018 Sales hl Insulin GLP-1 Obesity Innovation Organisation • . • • • • • • Financials Continued solid sales growth of 4%, predominantly driven by International Operations Sales growth is now expected to be 4-5% measured in local currencies, up from previously 3-5% Insulin sales decreased by 1%, however Novo Nordisk has expanded its leading global insulin volume market share to 46%, driven by TresibaⓇ and XultophyⓇ growing sales by 15% and 161%¹ GLP-1 sales increased by 18% driving 84% of total growth Ozempic® is off to a strong start and strengthening the total Novo Nordisk market share and expanding the GLP-1 market Novo Nordisk is the global market leader with 47% value market share in the GLP-1 market¹ SaxendaⓇ sales increased by 53% driving 28% of total sales growth Novo Nordisk is expanding the global leadership position in obesity and now holds a 43% value market share The PIONEER programme for oral semaglutide is nearing completion and eight trials have now been successfully completed First clinical trial with the next generation oral GLP-1 has been initiated Novo Nordisk expands its growth hormone business with the acquisition of the North American rights to Macrilen™ A number of restructuring initiatives across functions and geographies have been initiated to support R&D and commercial activities for the portfolio of innovative products with an expected reduction of the workforce by 1,300 employees by the end of 2018 Operating profit increased by 4% in the first nine months when adjusting for the severance costs and operating profit growth for 2018 is still expected to be 2-5% Solid cash-flow generation leads to an increased share buy-back with DKK 1 billion to DKK 15 billion 1 Sales growth in local currencies and market shares based on MAT Aug 2018#23Investor presentation First nine months of 2018 9M 2018 sales decreased by 2% in Danish kroner and increased by 4% in local currencies to DKK 82.1 billion Reported sales and local currency growth by region Reported sales and local currency growth by therapy Slide 23 bDKK bDKK International Operations regions Diabetes Biopharm 45 1% 8% 40 760 70 4% 60 35 50 30 (1%) 40 25 20 30 2% 15 20 18% 10- 14% 8% (1%) 10 5 (3%) (3%) 35% 5% 53% 0 0 NAO IO Region Region Region Region Region Europe AAMEO China J&K LATAM Diabetes Insulin GLP-1 Obesity Bio- pharm Haemo- Growth philia disorders NAO: North America Operations; IO: International Operations; LATAM: Latin America; AAMEO: Africa, Asia, Middle East & Oceania; J&K: Japan & Korea; 9M: First nine months of 2018#24Investor Presentation First nine months of 2018 Slide 24 Key development milestones Diabetes Obesity • . • • Successful completion of additional three phase 3a trials, PIONEER 5, 8 and 10, with oral semaglutide Novo Nordisk acquires Ziylo Ltd to accelerate its development of glucose responsive insulins Phase 1 trial initiated with OG2023SC investigating the safety, tolerability and pharmacokinetics Two new drug applications have been submitted in Japan for XultophyⓇ and FiaspⓇ Hypopen-1513 discontinued The SELECT Phase 3b trial initiated with injectable semaglutide 2.4 mg investigating effects on cardiovascular outcomes in people with overweight or obesity Phase 1 trial initiated with PYY 1875 investigating safety, tolerability and pharmacokinetics of single doses as monotherapy and in combination with semaglutide in subjects with overweight or obesity Biopharma • • • GHD: Growth hormone deficiency changing diabetes® Cardiovascular safety data added to SaxendaⓇ label in the USA Successful completion of phase 3a extension trial with once-weekly somapacitan in adults with GHD N8-GP submitted for regulatory approval in Japan Successful completion of phase 2 trial explorer5 with concizumab to evaluate the efficacy and safety of prophylactic administration in people with severe Haemophilia A without inhibitors Novo Nordisk expands its growth disorders franchise with the acquisition of the North American rights to Macrilen™, the first and only FDA approved product for diagnosis of growth hormone deficiency in adults novo nordisk#25Investor presentation First nine months of 2018 Financial results for the first nine months of 2018 and financial outlook for 2018 Slide 25 First nine months of 2018 results Updated financial outlook for 2018 DKK billion 9M 2018 Sales Gross profit Change reported DKK 82.1 (2%) 69.1 (2%) Change local currency 4% Sales growth - local currencies 4% to 5% Sales growth - reported ~4 p.p. lower Gross margin 84.2% Total operating costs¹ 33.6 3% 7% Operating profit growth - local currencies 2% to 5% Operating profit² 36.5 (6%) 2% Operating margin 44.4% Operating profit growth - reported ~7 p.p. lower Financial items (net) 0.8 Profit before income tax 37.2 (2%) Income taxes 7.1 (14%) Financial items (net) ~DKK 0.5 billion Effective tax rate 19.1% Net profit 30.1 1% Free cash flow ~DKK 29 to 33 billion Diluted earnings per share (DKK) 12.40 3% 1 Total operating costs include S&D costs, R&D costs and Administrative costs; 2 Operating profit include s Other operating income The financial outlook is based on an assumption of a continuation of the current business environment and current scope of business activities and assuming currency exchange rates remain at the level as of 26 October 2018 9M: First nine months of 2018#26Novo Nordisk at a glance Investor Presentation First nine months of 2018 Slide 26 Global leader in diabetes care • A focused pharmaceutical company with leading positions in diabetes, haemophilia and growth hormone • Significant growth opportunities driven by the diabetes pandemic, fuelled by global presence and strong research • and development pipeline High barriers to entry in biologics • Operating profit growth targeting 5% yearly on average (measured in local currencies) Earnings conversion to cash targeting 90% • Cash generated returned to shareholders Global insulin market leadership Global insulin market share: 46% Region Europe: Market share 44% North America Operations: Region China: Market share 51% Region Japan & Korea: Market share 50% Market share 40% Region AAMEO: Market share 56% Region Latin America: Market share 45% Global/regional headquarter Source: IQVIA MAT Aug 2018 volume figures AAMEO: Africa, Asia, the Middle East & Oceania Manufacturing R&D facility changing diabetes novo nordisk#27Investor Presentation First nine months of 2018 Slide 27 Sales growth driven by the diabetes and obesity franchise Novo Nordisk reported quarterly sales by therapy Reported sales split by product segments for first nine months of 2018 Premix insulin GLP-1 Haemophilia Fast-acting insulin Other diabetes and obesity Other biopharmaceuticals Diabetes and obesity Haemophilia² Long-acting insulin bDKK NorditropinⓇ Other Human insulin 35 Growth disorders Reported sales 30 CAGR¹: 8.2% 25 -2.9% 20 4.8% 15 2.6% 9.8% 10 5 0 Q3 2008 Q3 2018 1 CAGR for 10-year period 2 Haemophilia comprises NovoSeven®, NovoThirteenⓇ, NovoEight® and Refixia® changing diabetes® 1% 6% 19% 9% 7% 9% 23% 17% 9% Sales of DKK 82.1 billion (2%) novo nordisk#28Investor Presentation First nine months of 2018 Slide 28 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes Market value Obesity Market value Haemophilia Market value Novo Nordisk value market share bDKK Global market position bDKK Novo Nordisk value market share Global market position bDKK Novo Nordisk value market share Global market position #1 600 50% 10 #1 50% #2 80 50% 70 500 40% 8 40% 40% 60 400 30% 6 30% 50 30% 300 40 20% 4 CAGR¹ value: 16.4% CAGR² value: 18.0% - 20% 30 CAGR¹ value: 1.9% 20% 200 20 10% 2 10% 10% 100 10 0% 0% 0% Aug 2013 Aug 2018 1 CAGR for 5-year period Source: IQVIA MAT Aug, 2018 value figures Aug 2016 Note: Global value data Aug 2018 FY 2013 FY 2017 2 CAGR for 2-year period Source: IQVIA MAT Aug, 2018 value figures changing diabetes® 3 CAGR for 5-year period Note: Annual sales figures for Haemophilia A, B and Bypassing agents segment. Recombinant and plasma. derived products Source: Company reports novo nordisk#29Investor Presentation First nine months of 2018 Slide 29 Global diabetes prevalence is increasing and 629 million people are expected to have diabetes by 2045 Around 10% of all adults globally have diabetes The number of people with diabetes is expected to increase by 48% by 2045 North America Region China Million 800 Region Europe Region J&K Region AAMEO Region LATAM +48% 629 <4% 4-5% 5-7% 7-9% 9-12% > 12% 600 400 200 151 2000 425 2017 2045 Source: Adapted from International Diabetes Federation: Diabetes Atlas 8th Edition 2017 J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle-East and Oceania; LATAM: Latin America Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 changing diabetes® novo nordisk#30Investor Presentation First nine months of 2018 Slide 30 Focus on driving global insulin growth by increasing the number of people benefitting from Novo Nordisk products Around 26 million people are currently treated Only 6% of all people with diabetes are treated with Novo Nordisk insulin and GLP-1 products with Novo Nordisk products changing diabetes® 1.4 mio treated with GLP-1 0.9 mio treated with new-generation insulin 12.5 mio treated with modern insulin 11.2 mio treated with human insulins NN: Novo Nordisk 26 of 425 million people with diabetes are treated with NN products Source: International Diabetes Federation: Diabetes Atlas 8th Edition 2017 novo nordisk#31Investor Presentation First nine months of 2018 Novo Nordisk's opportunity is in the large unmet needs across all therapy areas in scope DIABETES 425 million ~6% OBESITY 650 million ~2% HAEMOPHILIA ~425,000 ~50% People with diabetes People in good control People with obesity People medically treated People with haemophilia People living with constant pain Slide 31 OTHER SERIOUS CHRONIC DISEASES 80% of diagnosed NASH patients are obese and 35% have T2DM 70% of diabetes patients die from atherosclerotic CVD 40% of patients hospitalised for heart failure are diabetic ~50% of the total CKD population suffers from diabetic nephropathy NASH: Non-alcoholic steatohepatitis, T2DM: Type 2 diabetes mellitus, CVD: Cardiovascular disease, CKD: Chronic kidney disease Source: International Diabetes Federation; Diabetes Atlas 8th Edition 2017, IQVIA MIDAS 2017, World Federation of Haemophilia - Annual Global Survey 2016, Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of non-alcoholic fatty liver disease and non-alcoholic steatohepatitis among a largely middle-aged population utilising ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014 novo nordisk#32Six strategic priorities ☑ EXPAND THE GLP-1 MARKET AND WIN WITH SEMAGLUTIDE DRIVE INSULIN VOLUME AND VALUE SHARE BUILD THE GLOBAL OBESITY MARKET Investor Presentation First nine months of 2018 Slide 32 E RETURN TO GROWTH IN BIOPHARM 7 DRIVE COMMERCIAL INNOVATION INNOVATE AND EXPAND PATIENT BASE novo nordisk#33Investor Presentation First nine months of 2018 Slide 33 Novo Nordisk has a strong leadership position within the growing diabetes care market DKK billion 500 Global diabetes care market by treatment class OAD GLP-1 Insulin value market share Global diabetes care Novo Nordisk Sanofi - Eli Lilly Novartis AstraZeneca Merck - Takeda Boehringer Ingelheim 28% 400 300 200 100 0 Aug 2008 J&J - Total market: CAGR¹ 15.3% Injectables: CAGR¹ 18.2% 30% 25% 20% 35.1%¹ 15% 16.0%¹ 10% 5% 11.8%¹ 0% Aug 2018 Aug 2008 1 CAGR for 10-year period OAD: Oral anti-diabetic Source: IQVIA MAT Aug, 2018 value figures changing diabetes Source: IQVIA MAT Aug, 2018 value figures Aug 2018 novo nordisk#34Investor Presentation First nine months of 2018 Slide 34 Million 50 North America Operations at a glance Diabetes trend in population Population with diabetes Diabetes market by value and Novo Nordisk market share Diabetes growth rate NN Insulin MS NN OAD MS bDKK 400 Novo Nordisk reported sales NN GLP-1 MS First nine months of 2018 Sales (mDKK) growth² YTD 80% 40 18% 40 230% Long-acting insulin³ Premix insulin4 9,455 (9%) 1,061 (16%) GLP-1 300 60% Fast-acting insulin5 7,389 (9%) 39 38.0%¹ Human insulin 1,485 13% 30 33 200 40% Total insulin 19,390 (8%) 20 10 20 GLP-16 13,971 18% 18.2%¹ Insulin 100 20% 10 Other diabetes care? Diabetes care 638 0% 33,999 1% 10 22.3%¹ OAD Obesity (SaxendaⓇ) 1,825 31% 0 0 0% Biopharm³ 5,234 (8%) 2000 2017 2045 Aug 2013 Aug 2018 Total 41,058 1% North America Population 2018: ~0.4 billion people and diabetes prevalence 11% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for 5-year period Competitor value market share for insulin as of Aug 2018: Eli Lilly 30% and Sanofi 27% Competitor value market share for GLP-1 as of Aug 2018: Eli Lilly 41% and AstraZeneca 13% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Aug, 2018 value figures 2 Percentage change in local currency from YTD Q3 2017 to YTD Q3 2018 3 Comprises Tresiba®, XultophyⓇ and LevemirⓇ; 4 Comprises NovoMix®; 5 Comprises FiaspⓇ and NovoRapid®; 6 Comprises VictozaⓇ and OzempicⓇ; 7 Comprises NovoNorm® and needles; 8 Comprises primarily NovoSeven®, NovoEight® NovoThirteen®, Refixia®, Norditropin®, Vagifem® and Activelle®#35Investor Presentation First nine months of 2018 Slide 35 Region Europe at a glance Diabetes market by value and Novo Nordisk market share Diabetes trend in population Million Population with diabetes Diabetes growth rate 50 8% NN Insulin MS NN OAD MS bDKK 80 40 60 39 30 36 30 20 20 40 40 20 10 N/A 0 0 2000 2017 2045 Aug 2013 Novo Nordisk reported sales NN GLP-1 MS First nine months of 2018 Sales (mDKK) YTD growth² 100% Long-acting insulin³ 3,162 9% Premix insulin4 20.4%¹ 1,270 (10%) 80% Fast-acting insulin5 3,365 4% Human insulin 1,184 60% (10%) 4.5%¹ Insulin Total insulin 8,981 1% 40% GLP-16 2,784 10% Other diabetes care? 432 (4%) 10.4%¹ OAD 20% Diabetes care 12,197 3% Obesity (SaxendaⓇ) 145 121% 0% Aug 2018 Biopharm³ 3,743 (2%) Total 16,085 2% Europe Population 2018: ~0.6 billion people and diabetes prevalence ~8.8% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share for Insulin as of Aug 2018: Sanofi 35% and Eli Lilly 18% Competitor value market share for GLP-1 as of Aug 2018: Eli Lilly 32% and AstraZeneca 11% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Aug, 2018 value figures 2 Percentage change in local currency from YTD Q3 2017 to YTD Q3 2018 3 Comprises Tresiba®, XultophyⓇ and Levemir®; 4 Comprises NovoMixⓇ and RyzodegⓇ; 5 Comprises FiaspⓇ and NovoRapidⓇ; 6 Comprises VictozaⓇ and Ozempic®; 7 Comprises Novo Norm® and needles; 8Comprises primarily NovoSeven®, NovoEight® NovoThirteen®, Refixia®, Norditropin®, Vagifem® and ActivelleⓇ#36Investor Presentation First nine months of 2018 Slide 36 Million 400 Region AAMEO at a glance Diabetes trend in population Population with diabetes Diabetes growth rate Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales NN Insulin MS NN OAD MS bDKK 24- NN GLP-1 MS First nine months of 2018 Sales (mDKK) YTD growth² 80% 88% Long-acting insulin³ 987 27% GLP-1 Premix insulin4 1,980 11% 346 23.1%1 300 60% Fast-acting insulin5 1,640 13% 16 Human insulin 1,557 13% 200 360% 4.1%¹ Insulin 40% Total insulin 6,164 14% 184 GLP-16 662 9% 8 100 - 20% 11.1%1 OAD Other diabetes care? Diabetes care 500 (4%) 7,326 12% 40 0 2000 2017 2045 Obesity (SaxendaⓇ) 321 201% 0% Aug 2013 Biopharm³ 1,513 8% Aug 2018 Total 9,160 14% AAMEO: Africa, Asia, the Middle-East and Oceania AAMEO population 2018: ~4.3 billion people and diabetes prevalence ~7.5% Source: International Diabetes Federation: Diabetes Atlas 1st Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share for insulin as of Aug 2018: Sanofi 32% and Eli Lilly 12% Competitor value market share for GLP-1 as of Aug 2018: AstraZeneca 33% and Eli Lilly 23% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Aug, 2018 value figures 2 Percentage change in local currency from YTD Q3 2017 to YTD Q3 2018 3 Comprises Tresiba®, XultophyⓇ and LevemirⓇ; 4 Comprises NovoMix® and RyzodegⓇ; 5 Comprises NovoRapidⓇ; 6 Comprises VictozaⓇ; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, NovoEight®, NovoThirteen®, NorditropinⓇ, VagifemⓇ and Activelle®#37Investor Presentation First nine months of 2018 Slide 37 Region China at a glance Diabetes trend in population Population with diabetes Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Million Diabetes growth rate 160 NN Insulin MS NN OAD MS bDKK 24- NN GLP-1 MS First nine months of 2018 Sales (mDKK) YTD growth² 100% 5% Long-acting insulin³ 619 21% 495% Premix insulin4 2,870 9% GLP-1 80% 120 Fast-acting insulin5 1,105 19% I 125 32.5%1 119 16 Human insulin 2,144 (7%) 60% Total insulin 6,738 6% 80 12.5%¹ Insulin 40% GLP-16 388 89% 80 40 20 0 0 2000 2017 2045 Aug 2013 12.5%¹ OAD - 20% 0% Other diabetes care? Diabetes care Obesity (SaxendaⓇ) Biopharm³ 1,284 6% 8,410 8% 163 Aug 2018 Total 8,573 (4%) 8% China population 2018: ~1.4 billion people and diabetes prevalence ~10.9% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share for insulin as of Aug 2018: Sanofi 18% and Gan & Lee 12% Competitor value market share for GLP-1 as of Aug 2018: AstraZeneca 17% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Aug, 2018 value figures 2 Percentage change in local currency from YTD Q3 2017 to YTD Q3 2018 3 Comprises TresibaⓇ and Levemir®; 4 Comprises NovoMix®; 5 Comprises NovoRapidⓇ; 6 Comprises Victoza®; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, NovoEight® and Norditropin®#38Investor Presentation First nine months of 2018 Slide 38 Region Latin America at a glance Diabetes trend in population Population with diabetes Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Million 80 Diabetes growth rate NN Insulin MS NN OAD MS bDKK 16 NN GLP-1 MS First nine months of 2018 Sales (mDKK) YTD growth² 120% 66% Long-acting insulin³ 528 27% 100% Premix insulin4 92 14% 60 105% 40 68 12 Fast-acting insulin5 246 34% 9.3%¹ 80% Human insulin 577 4% Insulin 7.8%¹ Total insulin 8 60% 1,443 18% 41 GLP-16 392 29% 40% 20 20 Other diabetes care? 48 38% 4 6.8%¹ 20 OAD 20% Diabetes care 1,883 20% Obesity (SaxendaⓇ) 277 69% 0 2000 2017 2045 Aug 2013 0% Biopharm³ 876 72% Aug 2018 Total 3,036 35% Latin America population 2018: ~0.6 billion people and diabetes prevalence ~9.3% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share for insulin as of Aug 2018: Sanofi 32% and Eli Lilly 19% Competitor value market share for GLP-1 as of Aug 2018: Eli Lilly 30% and AstraZeneca 1% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Aug, 2018 value figures 2 Percentage change in local currency from YTD Q3 2017 to YTD Q3 2018 3 Comprises Tresiba®, XultophyⓇ and Levemir®; 4 Comprises NovoMixⓇ and RyzodegⓇ; 5 Comprises NovoRapidⓇ; 6 Comprises VictozaⓇ; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, Novo Eight® and Norditropin®#39Investor Presentation First nine months of 2018 Slide 39 Region Japan & Korea at a glance Diabetes market by value and Novo Nordisk market share Diabetes trend in population Million 16 Population with diabetes Diabetes growth rate NN Insulin MS NN OAD MS bDKK 40 Novo Nordisk reported sales NN GLP-1 MS First nine months of 2018 Sales (mDKK) YTD growth² 80% Long-acting insulin³ 637 4% 9% 0% > Premix insulin4 483 (1%) I 12 30 27.6%¹ nsum 60% Fast-acting insulin5 578 (13%) 12 12 11 Human insulin 140 (17%) 8 (3.1%)¹ 20 40% Total insulin 1,838 (5%) GLP-16 440 7% 4.2%¹ Other diabetes care? 274 0% 10 - 20% OAD Diabetes care 2,552 (3%) Obesity (SaxendaⓇ) 72 0 2000 2017 2045 Aug 2013 0% Biopharm³ 1,563 (7%) Aug 2018 Total 4,187 (3%) Japan & Korea population 2018: ~0.2 billion people and diabetes prevalence ~8.0% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share for insulin as of Aug 2018: Eli Lilly 22% and Sanofi 21% Competitor value market share for GLP-1 as of Aug 2018: Eli Lilly 59% and AstraZeneca 4% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Aug, 2018 value figures 2 Percentage change in local currency from YTD Q3 2017 to YTD Q3 2018 3 Comprises TresibaⓇ and Levemir®; 4 Comprises NovoMix® and RyzodegⓇ 5 Comprises NovoRapid®; 6 Comprises VictozaⓇ; 7 Comprises NovoNormⓇ and needles; 8 Comprises primarily NovoSevenⓇ, NovoEight® NovoThirteenⓇ and NorditropinⓇ#40Investor Presentation First nine months of 2018 Slide 40 Biopharm constitutes 16% of Novo Nordisk sales and a strategy has been defined to return to growth bDKK 6 5 4 3 2 1 0 NovoSevenⓇ and Norditropin® account for 82% of Biopharm sales¹ Other biopharmaceuticals Other haemophilia products NorditropinⓇ NovoSevenⓇ 'Return to Growth' strategy builds on organic, non-organic and organisational initiatives Return to growth in Biopharm Drive in-market brands beyond current plans and ensure successful pipeline launches Pursue licensing or acquisition of complementary assets or companies Strengthen the organisation to drive the Biopharm return to growth agenda Q3 2013 1 Reported sales for the first nine months of 2018 changing diabetes Q3 2018 novo nordisk#41Investor Presentation First nine months of 2018 Slide 41 Novo Nordisk R&D strategy and priorities STRATEGIC PRIORITIES Strengthen leadership in DIABETES CARE Strengthen leadership in OBESITY CARE Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Expand into other SERIOUS CHRONIC DISEASES R&D PRIORITIES Develop disruptive insulin and GLP-1 based products with distinct clinical and/or delivery advantages Develop novel mechanisms that reverse the course of diabetes, act as insulin sensitisers and improve hard clinical endpoints Develop new biologics combined with GLP-1 to achieve >15% weight loss Pursue subcutaneous delivery of long-acting coagulation factors and bypassing agents Bring once-weekly growth hormone to market and expand indications Enter NASH, CVD and CKD by leveraging GLP-1 and other internal assets as well as licensing external opportunities Innovate to improve patient outcomes and drive growth CKD: Chronic kidney disease; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; R&D: Research and development changing diabetes novo nordisk#42Investor Presentation First nine months of 2018 Slide 42 Significant growth opportunities fuelled by strong pipeline across all four strategic focus areas PHASE 1 NN1436 NN9023 1 LAI287 OG2023SC NN9838 Amylin analogue PHASE 2 Anti-IL-21 and liraglutide Concizumab Somapacitan - QW GHD1 NN9747 PYY 1562 analogue Semaglutide NASH NN9277 GG-co-agonist NN9423 Tri-agonist 1706 NN9775 PYY 1875 analogue NN7170 Sc N8-GP Diabetes Obesity Haemophilia PHASE 3 SUBMITTED APPROVED Oral semaglutide Semaglutide obesity N8-GP Long-acting rFVIII Levemir® Somapacitan - QW AGHD2 Growth disorders Other serious chronic diseases 1 Study conducted in growth hormone disorders; 2 Study conducted in adult growth hormone disorder; 3 RebinynⓇ is the brand name in the USA and Refixia® in the EU QW: Once-weekly; GG: Glucagon GLP-1; Sc: Subcutaneous; QD: Once-daily changing diabetes® NovoRapidⓇ NovoMix® Tresiba® RyzodegⓇ XultophyⓇ VictozaⓇ FiaspⓇ OzempicⓇ SaxendaⓇ NovoSevenⓇ NovoEight® NovoThirteenⓇ RebinynⓇ/RefixiaⓇ3 Norditropin® novo nordisk#43Investor Presentation First nine months of 2018 Slide 43 Growth opportunities supported by strong global presence in both sales and manufacturing Employees in sales regions¹ Global manufacturing setup Denmark (~9,000 employees) Diabetes and biopharmaceutical API production Filling and packaging Moulding and assembly Tablet production Kaluga, Russia (~266 employees) Filling Assembly Packaging North America Operations: ~4,700 Region AAMEO: West Lebanon, NH, USA (~188 employees) ~4,700 Biopharmaceutical API production Region China: ~3,200 Region Europe: ~2,900 Region Japan & Korea: ~1,200 Region Latin America: ~970 Koriyama, Japan (~70 employees) Packaging Clayton, NC, USA (~1,186 employees) Diabetes API production Filling Assembly Packaging of above Chartres, France (~1,140 employees) Filling Assembly Packaging Tianjin, China (~1,045 employees) Filling Assembly Packaging Montes Claros, Brazil (~980 employees) Tizi Ouzou, Algeria (~240 employees) Total non-HQ/manufacturing employees: ~19,000¹ Filling Assembly Packaging Tablet production 1 Employees represent full-time equivalents in Novo Nordisk's sales regions (excludes all other employees in headquarter, research sites and manufacturing sites) as of September 2018 AAMEO: Africa, Asia, the Middle-East and Oceania. changing diabetes® novo nordisk#44Investor Presentation First nine months of 2018 Slide 44 Solid patent protection of innovative drugs Novo Nordisk's position is protected by patents and value chain setup EU patent protection¹ US patent protection¹ Barriers to entry for biosimilar players Research & Development · Need to show comparability in PK/PD trials • Strict regulatory requirements in the EU and the USA • Requirement for both drug and device offering Manufacturing Economies of scale for incumbents Up-front CAPEX requirements with slow return on investment OZEMPIC semaglutide injection Fiasp fast-acting insulin aspart Xultophy insulin degudec/laglutide 2031 20323 2030 2030 20282 20292 DNA originjection TRESIBA 2028 2029 insulindegudec DNA origin injection RYZODEG 2028 2029 70%sindedecand 30spart DNA anjinjection • VICTOZA Levemir® (insulin detemir) NovoMix (biphasic insulin aspart) 20233 20233 2019 2019 Expired4 Expired5 Novo Rapid (insulin aspart) norditropin Expired6 Expired7 Expired8 Expired8 1 List does not include all marketed products. 2 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 3 including six months paediatric extension 4 Expired in 2015. 5 Expired in 2014. 6 Expired in 2011. 7 Expired in 2014. 8 Expired in 2017 Note: SaxendaⓇ patent identical to the VictozaⓇ patent. changing Commercialisation Large and fragmented target audience • Cost pressure from payers • On-going conversion to next generation drugs and slow market dynamics PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure diabetes® novo nordisk#45Insulin TONGYUAN LIU China Tongyuan Liu has type 2 diabetes changing diabetes Parrat Investor Presentation First nine months of 2018 Slide 45 1. Diabetes at a glance 46 2. Diabetes treatment classes 49 3. Branded diabetes market 50 4. Diabetes market segments 51 5. Novo Nordisk Diabetes product portfolio 53 6. Insulin market growth and market share 54 7. TresibaⓇ novo nordisk 68#46Investor Presentation First nine months of 2018 Diabetes - the inability to manage blood sugar levels appropriately Slide 46 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 The aim of insulin therapy is to recreate normal blood insulin profile meal-related peaks (prandial) 70T Short-lived, rapidly generated 60- 긑 50- Insulin (U/mL) 40- 20- Sustained Insulin profile (basal) • 10- • Inhibits glucose release from the liver 0- 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Fat cell Liver Pancreas Muscle 1 Time of day Breakfast Lunch Dinner changing diabetes® novo nordisk#47Investor Presentation First nine months of 2018 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI ≥30 kg/m²) Diabetes prevalence USA CDC data on obesity and diabetes prevalence among adults 1994 2000 2014 Slide 47 <14.0% 14.0-17.9% 18.0-21.9% 22.0-25.9% 26.0-29.9% ≥30% <4.5% 4.5-5.9% 6.0-7.4% 7.5-8.9% 9.0-10.4% ≥ 10.5% CDC: Centers for Disease Control and Prevention Source: CDC's Division of Diabetes Translation. National Diabetes Surveillance System available at http://www.cdc.gov/diabetes changing diabetes® novo nordisk#48Investor Presentation First nine months of 2018 Slide 48 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment remains a challenge – the rule of halves - The worldwide challenge of glycaemic control: Mean HbA1c in type 2 diabetes All people with diabetes changing diabetes 50% are diagnosed 100% 50% 25% 50% have access to care 12% 50% get decent care 50% reach target Canada USA 7.3%¹ 7.2%² Latin America 7.6%³ China 7.2-9.5%4 India 7.3-9.3%4 Japan 7.3-7.7%5 Korea 7.9-8.7%6 Russia 7.2-9.5%4 Germany Greece 6.7-9.2%7 7.1-9.7%7,8,4 Italy 7.7-8.3%4 Poland 7.3-8.9%4 Portugal 7.9-9.7%7 Romania 7.9-9.9%7 Spain 7.6-9.2%8 Sweden 7.4-8.7%7 Turkey UK 7.6-10.6%7 7.4-8.7%⁹ 1 Harris et al. Diabetes Res Clin Pract 2005;70:90-7; 2 Hoerger et.al. Diabetes Care 2008;31:81-6; 3 Lopez Stewart et al. Rev Panam Salud Publica 2007;22:12-20; 4 Valensi et al. Int J Clin Pract 2009;63(3):522-31; 5 Arai et al. J Diabetes Investig. 2012 Aug 20;3(4):396-401; 6 Ko et al. Diab Med 2007;24:55-62; 7 Oguz et al. Curr Med Res Opin 2013;29:911-20; 8 Liebl et al. Diab Ther 2012;3:e1-10; 9 Blak et al. Diab Med 2012;29:e13-20 novo nordisk#49B-cell function Investor Presentation First nine months of 2018 Slide 49 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment intensification Distribution of patients and value across treatment classes Diet and exercise OAD: Oral anti-diabetic changing diabetes Time OAD GLP-1 100% Insulin GLP-1 80% 37% 68% 60% 14% 40% Insulin 5% 49% 20% 27% 0% Patients Value Note: Patient distribution across treatment classes is indicative and based on data for the USA, the UK, Germany and France. Value figures based on IQVIA MAT Aug, 2018 Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS OAD novo nordisk#50Investor Presentation First nine months of 2018 The branded diabetes market has a global value of DKK ~250 billion annually Slide 51 2016/17 2017/18 Growth Global diabetes market The USA -9% -3% bDKK bDKK 256 143 247 150 131 -16% 250 100 77 65 50 18% 29 34 -14% 200 25 21 -12% 12 11 -9% 150 144 132 0 Total Insulin GLP-1 DPP-IV SGLT-2 Rest of world 100 50 bDKK 3% -6% 18% 150 113 116 -1% 56 53 45 38 3% 100 3% 67 66 18% 17 18 50 31 32 9 11 0 Total Insulin GLP-1 DPP-IV SGLT-2 Total Insulin GLP-1 DPP-IV 2016/17: Covers the four quarters from Q3 2016 to Q2 2017 2017/18: Covers the four quarters from Q3 2017 to Q2 2018 Note: Constant exchange rates between periods Source: Company reported sales 42% 5 7 SGLT-2#51Investor Presentation First nine months of 2018 Slide 51 The insulin market is comprised of three segments 10:00 6:00 ↑ Breakfast changing diabetes® Insulin action profiles tMU 600 Global insulin volume market by segment CAGR volume¹: 4.6% CAGR value¹: 14.3% Fast-acting 500 35% 400 Fast-acting 34% Premix 300 25% Premix 29% 200- Long-acting 100 37% Long-acting 40% 0 14:00 18:00 22:00 2:00 6:00 ↑ ↑ Time of day Aug 2013 Aug 2018 Lunch Dinner 1 CAGR for 5-year period. Value in DKK Source: IQVIA monthly MAT volume and value Aug 2018 (DKK) figures novo nordisk#52Investor Presentation First nine months of 2018 Medications used for the treatment of type 2 diabetes Slide 52 Class HbA1c change Hypoglycae- mia risk Weight change Metformin 1.5 No Neutral Sulfonylurea 1.5 Yes Gain TZDS 0.5-1.4 No Gain Commonly prescribed product classes for the treatment of type 2 diabetes Dosing (per day) Contraindication/ undesired effects Kidney, liver Essentially none CHF, liver CVD risk Minimal 2 OADs None 1 OAD Varies 1 OAD DPP-IV inhibitors 0.6-0.8 No Neutral TBD 1-2 OADs None SGLT-2 inhibitors 0.5-0.9 No Loss GLP-1 1.0 - 2.0 No Loss Long-acting insulin 1.5-2.5 Yes Gain Fast-acting insulin 1.5-2.5 Yes Gain Genital infections, urinary tract infections GI side effects, MTC Hypoglycaemia Hypoglycaemia Note: TG and HDL: Beneficial effect on triglycerides and high-density lipoprotein cholesterol; CHF: Congestive heart failure; GI: Gastrointestinal; MTC: Medullary thyroid cancer; TZD: thiazolidinediones; OAD: Oral anti-diabetic; TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29:1963-1972; Nathan DM, et al. Diabetes Care. 2007;30:753-759; Nathan DM, et al. Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008;31:S12-S54. Wel Chol PI. 1/2008. Varies 1 OAD Varies Varies TG and HDL TG and HDL 1 injection 1-4 injections changing diabetes® novo nordisk#53Investor Presentation First nine months of 2018 Slide 53 Novo Nordisk's current and future product portfolio covers the type 2 diabetes treatment cascade¹ Overview of current and future products in Novo Nordisk's diabetes portfolio When basal insulin is not enough When metformin is not enough When it's time for insulin Once-daily optimisation Mealtime insulin control Second generation analogues First generation analogues Human insulin oral semaglutide OZEMPİC semaglutide injection TRESIBA Xultophy RYZODEG Fiasp fast-acting insulin aspart or VICTOZAⓇ LevemirⓇ Novo Mix® Novo Rapid or Insulatard® Mixtard® 30 ActrapidⓇ 1 Pending clinical development programmes and regulatory processes for oral semaglutide changing diabetes® novo nordisk#54Investor Presentation First nine months of 2018 Slide 54 Stable global insulin volume growth North America Region China Regional insulin volume growth Region Europe Region J&K 25% 20% 15% 10% Regional insulin volume market split Region AAMEO North America Region LATAM Region China World 100% 80% 60% 40% 5% 20% 3% 0% Aug 2013 0% Aug 2018 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Aug, 2018 volume figures changing diabetes® Region Europe Region J&K Region AAMEO Region LATAM 3% 3% 10% 21% Aug 2013 Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Aug, 2018 volume figures 33% 30% Aug 2018 novo nordisk#55Investor Presentation First nine months of 2018 Slide 55 Continued single digit volume growth within the insulin segments globally Fast-acting insulin Segment volume Premix insulin Long-acting insulin Segment volume TresibaⓇ share - LevemirⓇ share NovoRapidⓇ market share Segment volume NovoMixⓇ market share tMU 200 CAGR¹ volume: 5.3% MI penetration: 78.1% 100% tMU 200 CAGR¹ volume: 1.5% MI penetration: 45.5% 100% tMU 200 CAGR¹ volume: 6.2% MI penetration²: 83.5% 100% 80% 80% 80% 160 160 150 +60% 60% 60% 120 120 100 +40% 40% 40% 80 80 40 + 20% 40 20% 50 20% 0% 0% 0% Aug 2013 Aug 2018 Aug 2013 Aug 2018 Aug Aug 2013 2018 1 CAGR for 5-year period; 2 Includes new-generation insulin. tMU: Thousand mega units Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA MAT Aug, 2018 volume figures changing diabetes novo nordisk#56Investor Presentation First nine months of 2018 Slide 56 Novo Nordisk increased market share in long-acting insulin and sustained leadership in fast-acting and premix insulin Long-acting insulin¹ volume market share across regions Novo Nordisk Fast-acting insulin² volume market share across regions North America Operations Region China Premix insulin³ volume market share across regions Region AAMEO Region Latin America 80% 70% 60% 50% 40% 30% 20% 10% 0% Aug 2013 80% 70% 60% 50% 40% 30% 20% 10% 0% Aug 2018 Aug 2013 Region Europe Region Japan & Korea 80% 70% 60% 50% 40% 30% 20% 10% 0% Aug 2018 Aug 2013 Aug 2018 1 Long-acting insulin comprises: TresibaⓇ, Levemir®, XultophyⓇ and Insulatard® (basal human insulin). Please note that not all products are launched in all markets 2 Short-acting insulin includes: Fiasp®, NovoLog® and ActrapidⓇ (bolus human insulin). Please note that not all products are launched in all markets 3 Premix insulin includes: Ryzodeg®, NovoMixⓇ and MixtardⓇ 30 (premix human insulin). Please note that not all products are launched in all markets Source: IQVIA monthly MAT Aug, 2018 volume figures AAMEO: Africa, Asia, Middle-East and Oceania novo nordisk#57Investor Presentation First nine months of 2018 Slide 57 Stable global insulin market growth and Novo Nordisk sustains global volume market share leadership Global insulin market Global modern and new-generation insulin volume market shares Device penetration Modern insulin penetration¹ tMU CAGR volume¹: 4.6% Penetration 500 CAGR value¹: 14.3% 100% 60% 50% 400 80% 40% 300 60% MI and NGI² 30% 200 Market value³: bDKK 2,645 - 40% 20% 100 Human insulin 20% 10% Market value³: bDKK 286 0 0% 0% Aug 2013 Aug 2018 1 CAGR for 5-year period; 2 MI: Modern insulin; NGI: New-generation insulin 3 Annual value of total insulin class. Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Aug, 2018 volume and value (DKK) figures changing diabetes® - Novo Nordisk Sanofi Eli Lilly Aug 2013 Note: Data is sensitive to changes in IQVIA data collection and reporting methodology, does not add up to 100% as only selected pharmaceutical companies are included Source: IQVIA monthly MAT Aug, 2018 volume figures 45% 32% 21% Aug 2018 novo nordisk#58Investor Presentation First nine months of 2018 Slide 58 Novo Nordisk is the market leader in the USA within the modern and new-generation insulin segment USA insulin market by segment Device penetration - Novo Nordisk Modern insulin and new-generation insulin volume market shares in the USA Sanofi Eli Lilly Modern insulin penetration tMU Penetration CAGR volume¹: 2.2% 160 100% 60% CAGR value¹: 18.2% 140 50% 80% 120 Fast-acting 40% 100 60% 80 Premix 30% 60 40% 20% 40 Long-acting 20% 10% 20 0 0% 0% Aug 2013 Aug 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT Aug, 2018 volume and value (DKK) figures changing diabetes Aug 2013 Source: IQVIA monthly MAT Aug, 2018 volume figures 41% 33% 27% Aug 2018 novo nordisk#59Investor Presentation First nine months of 2018 Slide 59 Novo Nordisk's modern and new generation insulins have a stable market position in the USA USA fast-acting insulin USA premix insulin Segment volume USA long-acting insulin Segment volume LevemirⓇ share Segment volume FIASPⓇ share NovoLogⓇ share — Combined NN NovoLog® Mix 70/30 share TresibaⓇ share Combined NN tMU tMU tMU CAGR volume¹: 2.9% 80 MI penetration: 83.7% 80% 80 CAGR volume¹: (6.1%) MI penetration: 51.6% CAGR volume¹: 3.6% 100% 90 MI penetration: 72.7% 100% 70 70% 70 80 80% 60- 60% 70 80% 60 60 50 50% 50 60% 60% 50 40 40% 40 40 30 30% 30 40% 40% 30 20 20% 20 20% 20 20% 10 10% 10 10 0 0% 0 0% 0 0% Aug 2013 Aug 2018 Aug 2013 Aug 2018 Aug 2013 Aug 2018 1 CAGR for 5-year period; tMU: Thousand mega units Note: The USA trend data reflect changes to IQVIA data collection coverage and methodology as of January 2012. Modern insulin (MI) penetration is of total segment, i.e. including human insulin Source: IQVIA monthly MAT Aug, 2018 volume figures NN: Novo Nordisk changing diabetes novo nordisk#60Investor Presentation First nine months of 2018 Slide 60 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage The US population by health insurance status expected to remain stable in coming years In 2018, PBMs covered 288 million lives and the market has consolidated Managed care² Public exchanges Medicare Other Medicaid Uninsured US population (million) 326 333 100% 9% 8% 80% 23% 22% MedImpact All other PBMS Humana Prime 3% 3% 5% CVS Caremark 8% 31% 60% 18% 18% OptumRx 22% 40% 20% 45% 44% 28% Express Scripts 0% 20171 2020 1 2017 data reflect historical data through October 2017 2 Managed care population is slightly underestimated as only population under age 65 is captured to avoid double counting with those eligible for Medicare. Source: Census.gov; Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Oct 2017; CMS Insurance Marketplace Fact sheet 2017; CDC.gov 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: Cleveland Research novo nordisk#61Investor Presentation First nine months of 2018 Slide 61 Novo Nordisk's key diabetes care products remain broadly available in the USA Value market shares of Novo Nordisk key products in the USA Share of unrestricted market access of Novo Nordisk key products in the USA Value market share 80% 60% 40% 20% 0% Aug 2015 Source: IQVIA NSP August 2018; VictozaⓇ TresibaⓇ NovoLogⓇ LevemirⓇ Unrestricted Market access 100% 80% 60% 40% 20% 0% Aug 2018 Jul 2015 Note: Market shares: NovoLogⓇ: share of rapid acting insulin segment; LevemirⓇ: share of basal insulin segment; TresibaⓇ share of basal insulin segment; VictozaⓇ: share of GLP-1 segment changing diabetes® VictozaⓇ TresibaⓇ NovoLogⓇ Source: FingerTip Formulary bridge, July 2018 Nomenclature and Xponent PlanTrak; only considers bridged volume; excludes cash and mail order data; Note: Unrestricted access excludes prior authorisation, step edits and other restrictions LevemirⓇ access based on FlexTouch® Pen; NovoLogⓇ access based on FlexPen®; only considers bridged volume; TresibaⓇ launched in January 2016 LevemirⓇ Jul 2018 novo nordisk#62Investor Presentation First nine months of 2018 Slide 62 Sustained leadership position in the European modern and new-generation insulin market European insulin market by segment Device penetration - CAGR volume¹: 3.8% European modern insulin and new-generation insulin volume market shares Sanofi Novo Nordisk Eli Lilly tMU 180 160 140 120 100 80 60 40 20 0 Aug 2013 CAGR value¹: MI and NGI penetration Penetration 4.5% 100% 60% 50% 80% Fast-acting 40% 60% 30% Premix 40% 20% Long-acting 20% 10% 0% 0% Aug 2018 1 CAGR for 5-year period 2 MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Aug, 2018 volume and value (DKK) figures changing diabetes® 43% 36% 20% Aug 2013 Aug 2018 Source: IQVIA monthly MAT Aug, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers novo nordisk#63Investor Presentation First nine months of 2018 Slide 63 Stable insulin leadership position in Region AAMEO Region AAMEO insulin market by segment Region AAMEO modern and new-generation insulin volume market shares tMU 120 100 80 40 20 60 642 0 Aug 2013 - Device penetration - MI and NGI penetration Penetration CAGR volume¹: 7.5% CAGR value¹: 4.1% 100% 70% 60% 80% Fast-acting 50% 60% 40% Premix 30% 40% 20% 20% Long-acting 10% 0% 0% Aug 2018 Aug 2013 - Novo Nordisk - Sanofi Eli Lilly Other 1 CAGR for 5-year period. Note: IQVIA only covers the following 8 markets in AAMEO (retail data): Algeria, Egypt, India, New Zealand, Russia, Saudi Arabia, South Africa and Turkey, which together accounts for 82% of Novo Nordisk insulin sales in region AAMEO Source: IQVIA monthly MAT Aug, 2018 volume and value (DKK) figures AAMEO: Africa, Asia, the Middle-East and Oceania; MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Aug, 2018 volume figures 56% 20% 14% 10% Aug 2018 novo nordisk#64Investor Presentation First nine months of 2018 Slide 64 Solid insulin market leadership position in Region Japan & Korea Region Japan & Korea insulin market by segment Region Japan & Korea modern and new- generation insulin volume market shares Sanofi Novo Nordisk - Eli Lilly tMU 18 16 14 12 10 8- 6 2 0 Aug 2013 Device penetration CAGR volume¹: 0.6% MI and NGI penetration Penetration CAGR value¹: (3.1%) 100% 70% 60% 80% Fast-acting 50% 60% 40% Premix 30% 40% 20% Long-acting 20% 10% 0% 0% Aug 2018 1 CAGR for 5-year period MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Aug, 2018 volume and value (DKK) figures changing diabetes® Aug 2013 Source: IQVIA monthly MAT Aug, 2018 volume figures 50% 26% 24% Aug 2018 novo nordisk#65Investor Presentation First nine months of 2018 Slide 65 Solid TresibaⓇ performance strengthens basal insulin market share in Japan Japanese basal value market shares LevemirⓇ glargine U100 biosimilar glargine U100 - Novo Nordisk Japanese total insulin value market shares Eli Lilly - Sanofi glargine U300 NN Total Basal 80% TresibaⓇ NPH 70% 60% 50% 40% 30% 20% 10% 0% Aug 2015 Source: IQVIA monthly MAT Aug, 2018 value figures changing diabetes 60% 52% 44% 40% 17% -15% 20% 14% 6% 2% 0% Aug 2018 Aug 2015 Source: IQVIA monthly MAT Aug, 2018 value figures 60% 22% 18% Aug 2018 novo nordisk#66Investor Presentation First nine months of 2018 Slide 66 Continued value growth in the Chinese long-acting insulin segment Chinese insulin market by segment Chinese total insulin value market shares DKK Device penetration - Modern insulin penetration Novo Nordisk billion Penetration 10.0 CAGR value¹: 12.5% CAGR volume¹: 9.4% Sanofi 100% 70% 60% 8.0 6.0 4.0 2.0 80% Fast-acting 50% Premix 60% 40% 30% 40% 20% 20% Long-acting 10% 0.0 Aug 2013 0% 0% Aug 2018 Aug 2013 1 CAGR for 5-year period Note: IQVIA covers around 50% of the total Chinese market (hospital data) Source: IQVIA Rolling MAT Aug, 2018 value (DKK) figures changing diabetes® Eli Lilly Tonghua Dongbao Gan & Lee Other Note: Only selected competitors Source: IQVIA Rolling MAT Aug, 2018 value figures 48% 18% 12% 11% 7% 4% Aug 2018 novo nordisk#67Investor Presentation First nine months of 2018 Slide 67 Novo Nordisk has strengthened its insulin volume market share in Region Latin America Region Latin America insulin market by segment Region Latin America modern and new- generation insulin volume shares Novo Nordisk Eli Lilly Sanofi Other Device penetration tMU CAGR volume¹: 10.4% 18 CAGR value¹: 7.8% 15 12 9 16 3 0 Aug 2013 - Modern insulin penetration Penetration 50% 70% 60% 40% Fast-acting 50% Premix 30% 40% 30% 20% Long-acting 20% 10% 10% 0% 0% Aug 2018 Aug 2013 1 CAGR for 5-year period Note: IQVIA covers the following 4 markets in Latin America (retail data): Argentina, Brazil, Colombia and Mexico Source: IQVIA monthly MAT data Aug, 2018 volume and value (DKK) figures Note: Only top-3 shown Source: IQVIA monthly MAT data Aug, 2018 volume figures, numbers do not add up to 100% due to roundings 45% 27% 16% 11% Aug 2018 novo nordisk#68Investor Presentation First nine months of 2018 Slide 68 TresibaⓇ sets a new standard for basal insulin initiation by lowering the risk of hypoglycaemia TresibaⓇ is a leap on the innovation ladder by further reducing nocturnal hypoglycaemia 50% 53% reduction in nocturnal reduction in nocturnal hypoglycaemia¹ hypoglycaemia² TresibaⓇ has consistently demonstrated relevant reductions in severe hypoglycaemia Patients Study Hazard ratio [95% CI] 1.12 [0.68; 1.86] BEGIN New-generation insulin T1D 0.65 [0.48; 0.89]* SWITCH 1 Modern insulin Human insulin IGlar U100 T2D SWITCH 2 InsulatardⓇ Half life: 25 hours Variability: Low Half life: 12-19 hours Variability: Medium 0.74 [0.61; 0.90]* TresibaⓇ BEGIN 0.81 [0.42; 1.56] 0.54 [0.21; 1.42] 0.49 [0.26; 0.94]* DEVOTE 0.60 [0.48; 0.76]* Half life: 5-10 hours Variability: High Maintenance period 0.125 0.25 0.5 1 2 Favours Tresiba® Favours comparator Full treatment period 1 P. D. Home, A. Fritsche, S. Schinzel & M. Massi-Benedetti, Diabetes, Obesity and Metabolism 12: 772- 779, 2010 2 DEVOTE, American Diabetes Association 77th Scientific Sessions, 3-CT-SY22, June 12 2017 IGlar U100: Insulin glargine U100 * Statistically significant difference Note: Phase 3a BEGIN: Severe-third-party assistance; Phase 3b SWITCH: severe-third-party assistance and adjudicated; Phase 3b DEVOTE: severe-third-party assistance. T1D: Type 1 diabetes; T2D: Type 2 diabetes; CI: Confidence interval Source: Ratner et al. Diabetes Obes Metab 2013; Lane et al. Diabetologia 2016;59; Wysham et al. Diabetologia 2016; DEVOTE, American Diabetes Association 77th Scientific Sessions, 3-CT-SY22, June 12 2017#69GLP-1 REN YANXIA Ren has type 2 diabetes China Investor Presentation First nine months of 2018 Slide 69 1. GLP-1 treatment 70 2. GLP-1 growth and market share 71 3. GLP-1 pipeline 75 4. OzempicⓇ 76 5. GLP-1 market value in Regions 77-82 6. Clinical trials (SUSTAIN & PIONEER) 83 novo nordisk#70Investor Presentation First nine months of 2018 Slide 70 GLP-1 effect dependent on level of blood glucose GLP-1 mechanism of action when blood sugar levels increase Increases insulin secretion in the pancreas • Reduces glucagon secretion in the liver • Creates sense of satiety in the brain Brain • Slows gastric emptying in the gut GLP-1 lowers blood glucose in patients with type 2 diabetes Type 2 diabetes patients, no GLP-1 Type 2 diabetes patients, with GLP-1 Healthy controls receiving saline Glucose (mmol/L) 18 16 14 12 10 8 6 GLP-1 4 Liver Gut 2 Breakfast Lunch Snack 0 22:00 02:00 06:00 10:00 14:00 18:00 Time changing diabetes Pancreas Source: Rachman et al. Diabetologia 1997;40:205-11 novo nordisk#71Investor Presentation First nine months of 2018 The GLP-1 segment accounts for 14% of the global diabetes care market value Slide 71 Global GLP-1 market GLP-1 value in bDKK VictozaⓇ Exenatide OzempicⓇ Other Share of total Share of total diabetes care diabetes care GLP-1 value and patient share of the total diabetes care market GLP-1 value share of total diabetes GLP-1 patient share¹ of total diabetes Dulaglutide market market 80 10% 20% 70 16% 8% 60 CAGR value¹: 34.3% 15% 14% 12% 50 - 6% 401 10% - 4% 30 7% 6% 6% 5% 20 5% 3% 2% 10 1% 0 0% 0% Aug 2013 Aug World 2018 North Reg EU Reg Reg J&K Reg America LATAM AAMEO Reg China 1 CAGR for 5-year period Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) changing diabetes® Reg: Region; AAMEO: Africa, Asia, the Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America 1 Patient share is indicative and based on data for the USA, the UK, Germany and France only. Source: Value data; IQVIA monthly MAT Aug, 2018. Patient data; IQVIA Disease Analyser (DE, FR, UK), Quintiles IQVIA LRX (USA), Aug 2018#72Investor Presentation First nine months of 2018 Slide 72 Strong GLP-1 volume growth in all regions Regional GLP-1 volume growth North America Region China Region Europe Region J&K Region AAMEO Region LATAM World * 60% 40% 20% Regional GLP-1 volume market split Region Europe Region J&K North America Region China 100% 80% 60% 24% 40% 20% Region AAMEO Region LATAM 3% 8% 1% 4% 37% 46% 0% Aug 2015 J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America 0% Aug 2018 Aug 2015 Note: Data is sensitive to changes in IQVIA data collection and reporting methodology; Region China has increased by 163% MAT Aug, 2018; * increases to 163% in latest observation Source: IQVIA monthly MAT Aug, 2018 volume figures changing Note: Data is sensitive to changes in IQVIA data collection and reporting methodology; Numbers does not add up to 100% due to rounding Source: IQVIA monthly MAT Aug, 2018 volume figures diabetes® Aug 2018 novo nordisk#73Investor Presentation First nine months of 2018 Slide 73 GLP-1 patients primarily switch from OADs and untapped potential is large with many OAD patients not in control GLP-1 source of business (new-to-brand prescription market share) Insulin and Treatment Share of patients on OADs achieving HbA1c below 7% in major European countries GLP-1 naive 5% 5% 25% Insulin GLP-1 11% 50% OAD HbA1c >7% 43% 57% Note: Data based on data from France, Germany, UK and USA only OAD: Oral anti-diabetic (includes but is not limited to DPP-IV, SGLT-2, metformin and sulfonylurea) Source: IQVIA Disease Analyser (France, Germany and UK) and IQVIA (formerly IMS) LRX (USA), Jun 2018 Note: Data based on data from France, Germany and UK only Source: IQVIA Disease Analyser (France, Germany and UK), Sep 2017 HbA1c <7% novo nordisk#74Investor Presentation First nine months of 2018 Slide 74 Significant growth in GLP-1 market with leading market share for VictozaⓇ Global GLP-1 market value and share of total diabetes care market value Novo Nordisk GLP-1 value market share leading in all regions except Japan & Korea ☐ Novo Nordisk GLP-1 value market share VictozaⓇ bDKK albiglutide¹ 80 70 60 exenatide 50 launch 40 30 20 10 0 2005 OzempicⓇ dulaglutide exenatide GLP-1 share of total diabetes care market FDA/EMA statement on 16% bDKK 60 45% pancreatic safety³ 14% 50 Dulaglutide Article on 12% launch pancreatic safety 40 10% of incretins² 8% 30 VICTOZA liraglutide injection 6% 20 - 4% 10 55% 2% 34% 0% 0 2009 2013 2014 2018 North America Region Europe 69% 44% Region Region Region Region J&K LATAM AAMEO China 82% 1 Manufacturing and sale of albiglutide expected to be discontinued by July 2018 2 Butler et al, Marked Expansion of Exocrine and Endocrine Pancreas With Incretin Therapy in Humans With Increased Exocrine Pancreas Dysplasia and the Potential for Glucagon-Producing Neuroendocrine Tumors, Diabetes, Vol. 62, Jul 2013 3 Egan et al, Pancreatic Safety of Incretin-Based Drugs - FDA and EMA Assessment, The New England Journal of Medicine 370;9, 27 Feb 2014 Source: IQVIA MIDAS, monthly data, Aug 2018 (Note: IQVIA data does not adequately capture rebates resulting in an overstatement of market value) FDA: US Food and Drug Administration; EMA: European Medicines Agency AAMEO: Africa, Asia, the Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America Source: Reported sales until August 2018; IQVIA MIDAS, Aug 2018 novo nordisk#75Investor Presentation First nine months of 2018 Ambition for OzempicⓇ to become leading weekly GLP-1, with daily GLP-1 use shifting to oral semaglutide Promotional focus to shift from VictozaⓇ towards OzempicⓇ as market access emerges Aim for OzempicⓇ and oral semaglutide to replace VictozaⓇ as market leaders Commercial focus changing diabetes VICTOZA liraglutide injection Illustrative OZEMPİC semaglutide injection OzempicⓇ market access Prescription volume VICTOZAⓇ liraglutide injection OZEMPİC semaglutide injection Time 1 Victoza patent expiry expected in 2022/2023 in most markets Slide 75 Illustrative oral semaglutide VictozaⓇ patent expiry¹ novo nordisk#76Investor Presentation First nine months of 2018 Slide 76 OzempicⓇ approved in the USA and in the EU Profile OzempicⓇ label in the USA • Adjunct to diet and exercise to improve glycaemic control Two therapeutic dosages, 0.5 mg and 1 mg • Reduction in HbA1c vs comparators¹ Efficacy Conve- nience Safety Reduction in body weight vs comparators¹ Administered once-weekly To be launched in the OzempicⓇ pen Retinopathy wording similar to insulin labels Cardiovascular safety with number of MACE events in clinical section² 1 Statistically significant reduction compared to comparators: placebo, sitagliptin, exenatide extended- release and insulin glargine U100 (phase 3a SUSTAIN trial programme) 2 In SUSTAIN 6, there were 108 MACE events with OzempicⓇ compared to 146 events with placebo, equivalent to an event rate of 6.6% with OzempicⓇ and 8.9% with placebo MACE: Major adverse cardiovascular events changing diabetes Trial Patients CV data from SUSTAIN 6 trial in OzempicⓇ EU label Reference to CV results in indication MACE Kaplan-Meier OzempicⓇ label VictozaⓇ label SUSTAIN 6 LEADER 9,340 3,297 Included Included HR: 0.741 HR: 0.872 Included Included 195% confidence interval [0.58;0.95]. 295% confidence interval [0.78;0.97] CV: Cardiovascular; HR: Hazard ratio novo nordisk#77Investor Presentation First nine months of 2018 Slide 77 The GLP-1 segment accounts for 16% of total diabetes care market value in North America North America GLP-1 market GLP-1 value in bDKK Victoza® Dulaglutide OzempicⓇ Other Exenatide Share of total diabetes care • 60 market 14% 12% 50 CAGR value¹: 38.0% 10% 40- 8% • 30 6% 10 20- 10 4% 2% 0 0% Aug 2013 Aug 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) changing diabetes® Key observations for VictozaⓇ and Ozempic® in the USA VictozaⓇ and OzempicⓇ value market share within the GLP-1 segment is 45%² Around 94% of new patients who start on VictozaⓇ transition from outside of GLP-1 segment. Around 71% of new patients who start on OzempicⓇ transition from outside of GLP-1 segment³ Unrestricted access for OzempicⓇ is more than 2/3 for Commercial and Medicare Part D combined Around 70% of VictozaⓇ prescriptions are for the higher dose 1.8 mg. Around 36% of OzempicⓇ prescriptions are for the higher dose 1 mg4 2 Source: IQVIA NSP monthly, MAT Aug, 2018 3 IQVIA SOB, week 14 September 2018 (based on 4 week average) 4 IQVIA, NPA, August 2018 novo nordisk#78Investor Presentation First nine months of 2018 Slide 78 The GLP-1 segment accounts for around 12% of total diabetes care market value in Region Europe GLP-1 value in bDKK European GLP-1 market Victoza® Exenatide Dulaglutide Other VictozaⓇ value market share in Region Europe Victoza® Exenatide Dulaglutide Other 89 654321 0 Aug 2013 CAGR value¹: 20.4% 1 CAGR for 5-year period Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) changing diabetes® Share of total diabetes care market GLP-1 value market share 10% 100% 8% 80% + 6% 60% +4% 40% 2% 20% 0% 0% Aug 2018 Aug 2013 Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) 55% 32% 11% 2% Aug 2018 novo nordisk#79Investor Presentation First nine months of 2018 Slide 79 The GLP-1 segment accounts for 3% of total diabetes care market value in Region AAMEO GLP-1 value in bDKK Region AAMEO GLP-1 market VictozaⓇ Exenatide Dulaglutide Lixisenatide CAGR value¹: 23.1% VictozaⓇ value market share in Region AAMEO VictozaⓇ Exenatide Dulaglutide Lixisenatide 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Aug 2013 1 CAGR for 5-year period AAMEO: Africa, Asia, the Middle East and Oceania Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) changing diabetes Share of total diabetes care market GLP-1 value market share 2% 100% 80% 1% 60% 1% 40% 0% 20% -1% 0% Aug 2018 Aug 2013 Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) Aug 2018 .44% 33% -23% novo nordisk#80Investor Presentation First nine months of 2018 Slide 80 The GLP-1 segment accounts for around 1% of the total diabetes care market value in Region China VictozaⓇ value market share in Region China Chinese GLP-1 market GLP-1 value in bDKK VictozaⓇ Exenatide Share of total diabetes care GLP-1 value market share market 100% 0.20 1.5% CAGR value¹: 32.5% 80% 0.15 1.0% 60% 0.10 0.05 0.00 Aug 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) changing diabetes 40% 0.5% 20% 0.0% 0% Aug 2018 Aug 2013 Victoza® Source: IQVIA monthly MAT Aug, 2018 value figures (DKK), market share does not add up to 100% due to rounding Exenatide Aug 2018 .82% 17% novo nordisk#81Investor Presentation First nine months of 2018 Slide 81 The GLP-1 segment accounts for around 6% of the total diabetes care market in Region Japan & Korea Region Japan & Korea GLP-1 market GLP-1 value in bDKK VictozaⓇ Exenatide Dulaglutide Other VictozaⓇ value market share in Region Japan & Korea VictozaⓇ Exenatide Dulaglutide Other Share of total diabetes care GLP-1 value market share market 1.8 4% 100% 1.6 3% 1.4 CAGR value¹: 27.6% 80% 3% 1.2 60% 1.0 2% 0.8 2% 40% 0.6 1% 0.4 20% 1% 0.2 0.0 0% 0% Aug 2013 Aug 2018 Aug 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) changing diabetes® Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) 59% 34% 4% 3% Aug 2018 novo nordisk#82Investor Presentation First nine months of 2018 The GLP-1 segment accounts for around 6% of the total diabetes care market in Region Latin America Region Latin America GLP-1 market VictozaⓇ value market share in Region Latin America GLP-1 value in bDKK VictozaⓇ Exenatide Dulaglutide Other 0.7 0.6 CAGR value¹: 9.3% 0.5 0.4 0.3 0.2 0.1 0.0 Aug 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) changing diabetes® Share of total diabetes care market GLP-1 value market share 100% 1 6% 5% 80% 4% 60% - 3% 40% 2% 20% 1% 0% 0% Aug 2018 Aug 2013 Source: IQVIA monthly MAT Aug, 2018 value figures (DKK) Slide 82 VictozaⓇ Exenatide Dulaglutide Other 69% 30% 1% Aug 2018 novo nordisk#83Investor Presentation First nine months of 2018 Slide 83 SUSTAIN trials with semaglutide SUSTAIN 1 2 3 4 5 6 7 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% 0.0 -0.1 Change in HbA1c (%) Baseline -0.5 -0.8 -0.9 -1.1* -1.3* -1.6* -1.5* -1.6* -1.5* -1.2* -1.4* -1.4* -1.6* -1.8* 1.2 92 kg 89 kg 96 kg 93 kg 92 kg Change in weight (kg) -3.7* -4.5* -1.0 -1.9 -1.9 -4.3* -5.6* -6.1* -5.2* -3.5* -1.4 -0.4 -1.1 -1.3 -1.5* -1.8* 92 kg 95 kg -0.6 -3.7* -3.6* -4.9* -4.6* -2.3 -3.0 semaglutide 1 mg semaglutide 0.5 mg Placebo¹ sitagliptin 100 mg -6.4* exenatide ER glargine U100 -6.5* Dulaglutide 1.5 mg * Statistically significant; SUSTAIN 1: QW sema versus placebo in drug-naïve subjects with T2D; SUSTAIN 2: QW sema versus sitagliptin 100 mg once-daily in subjects with T2D added on to 1-2 OADs; SUSTAIN 3: QW sema versus QW exenatide ER 2.0 mg in subjects with T2D added on to 1-2 OADS; SUSTAIN 4: QW sema versus QD insulin glargine in subjects with T2D added on to 1-2 OADs; SUSTAIN 5: QW sema versus placebo in subjects with type 2 diabetes added to insulin; SUSTAIN 6: QW sema versus placebo, added to standard-of-care; SUSTAIN 7: QW sema versus QW dulaglutide 75 mg and 150 mg in subjects with T2D added on to 1-2 OADS ER: Extended-release; QW: once weekly; QD: once daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics Dulaglutide 0.75 mg novo nordisk#84Investor Presentation First nine months of 2018 Slide 84 8 out of 10 PIONEER trials for oral semaglutide are completed, rest are expected to read out during Q4 2018 2016 Q1 2018¹ Q2 2018¹ Q3 2018¹ Q4 2018¹ PIONEER 3: vs sitagliptin² 78 weeks, n=1,860 PIONEER 1: monotherapy² 26 weeks, n=704 PIONEER 2: vs empagliflozin² 52 weeks, n=816 2017 PIONEER 4: vs liraglutide² 52 weeks, n=690 PIONEER 5: moderate renal impairment² 26 weeks, n=324 PIONEER 6: cardiovascular outcomes³ Event driven (>122 MACE), n=3,176 PIONEER 7: flexible dose escalation4 52 weeks, n=500 PIONEER 8: insulin add-on² 26+26 weeks, n=720 PIONEER 9: JAPAN monotherapy² 52 weeks, n=230 PIONEER 10: JAPAN OAD combination4 52 weeks, n=336 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement. Estimated timing from first patient first visit to completion of trial 2 Primary endpoint after 26 weeks of treatment by using the statistical method: Treatment policy estimand approach 3 Primary endpoint after >122 major adverse cardiovascular events (MACE), defined by non-fatal stroke, non-fatal myocardial infarction or CV death 4 Primary endpoint after 52 weeks of treatment by using the statistical method: Treatment policy estimand approach Note: n = approximate number of randomised people; OAD: Oral anti-diabetic; CV: Cardio vascular 52 weeks extension trial novo nordisk#85Investor Presentation First nine months of 2018 Slide 85 In PIONEER 1, oral semaglutide demonstrated a superior reduction in HbA1c and body weight at week 26 vs placebo Mean change in HbA1c (%-point) 0.0 Mean change in HbA1c Mean change in body weight (kg) Oral sema 3 mg Oral sema 14 mg Oral sema 7 mg Placebo Mean change in body weight (kg) Oral sema 3 mg Oral sema 14 mg Oral sema 7 mg — Placebo 0.0 -0.4 -0.8 -1.2 -1.6 -2.0 0 Weeks • -0.1 -1.0 -2.0 -0.8* -3.0 •-1.3* •-1.5* -4.0 -5.0 26 261 Weeks 1 Results illustrated by using the secondary statistical method called hypothetical estimand after 26 weeks of treatment: Treatment effect, if all participants followed the treatment without rescue medication (analysed by using Mixed Models for Repeated Measurements (MMRM)). The statistical method is consistent with e.g. the statistical method used for the SUSTAIN programme for subcutaneous semaglutide Statistically significant versus placebo Note: Mean baseline HbA1c: 8.0% sema: semaglutide Source: Presented at the Novo Nordisk investor event at American Diabetes Association, 78th Annual Scientific Sessions, Orlando, FL, USA -1.5 -1.7 -2.5* -4.1* 26 261 novo nordisk#86Investor Presentation First nine months of 2018 Slide 86 - Oral sema 14 mg Empa 25 mg In PIONEER 2, oral sema proved a statistically significant reduction in HbA1c and weight at week 52 vs empagliflozin Mean change in HbA1c (%-point) Mean change in HbA1c Mean change in body weight (kg) Mean change in body weight (kg) Oral sema 14 mg Empa 25 mg 0.0 0.0 -1.0 -0.4 -0.8 -1.2 -2.0 0.8 -3.0 -4.0 -1.3* -3.8 • -4.7* -1.6 -5.0 -2.0 0 -6.0 26 Weeks 52 521 0 26 Weeks 52 521 1 Results illustrated by using the secondary statistical method called hypothetical estimand after 52 weeks of treatment: Treatment effect, if all participants followed the treatment without rescue medication (analysed by using Mixed Models for Repeated Measurements (MMRM)). The statistical method is consistent with e.g. the statistical method used for the SUSTAIN programme for subcutaneous semaglutide * Statistically significant versus empagliflozin Note: Mean baseline HbA1c: 8.1% sema: semaglutide; empa: empagliflozin Source: Presented at the Novo Nordisk investor event at American Diabetes Association, 78th Annual Scientific Sessions, Orlando, FL, USA novo nordisk#87Investor Presentation First nine months of 2018 Slide 87 In PIONEER 4, oral sema proved a statistically significant reduction in HbA1c and body weight at week 52 vs VictozaⓇ Mean change in HbA1c (%-point) Mean change in HbA1c - Oral sema 14 mg Mean change in body weight (kg) Oral sema 14 mg Victoza 1.8 mg Placebo 0.4 0.0 -0.4 -0.8 -1.2 -1.6 -2.0 26 Weeks Victoza 1.8 mg Placebo Mean change in body weight (kg) 0.0 • +0.2 -1.0 -2.0 • -0.9 -3.0 • -1.2* -4.0 -5.0 52 521 -6.0+ 0 26 Weeks -1.2 ⚫ -3.1 • -5.0* 52 521 1 Results illustrated by using the secondary statistical method called hypothetical estimand after 52 weeks of treatment: Treatment effect, if all participants followed the treatment without rescue medication (analysed by using Mixed Models for Repeated Measurements (MMRM)). The statistical method is consistent with e.g. the statistical method used for the SUSTAIN programme for subcutaneous semaglutide * Statistically significant versus VictozaⓇ Note: Mean baseline HbA1c: 8.0% sema: semaglutide Source: Presented at the Novo Nordisk investor event at American Diabetes Association, 78th Annual Scientific Sessions, Orlando, FL, USA novo nordisk#88Investor Presentation First nine months of 2018 Slide 90 In the completed PIONEER trials between 52-80% of patients on oral semaglutide achieved an HbA1c level <7% In completed PIONEER trials 52-80% of patients achieved an HbA1c level <7.0% (ADA guidance)¹ Proportion of patients (%) In completed PIONEER trials 28-49% of patients achieved a weight loss of ≥ 5%¹ Proportion of patients (%) 100% * 80% 80% 100% * * 72% * 75% 80% 69% * 64% 63% 64%* * * 60% 52% 60% 44%* 47% 49%* 49%* 41%* 40% 40% 20% 20% ناتتاتلر * 25% 0% 0% P1 P2 P3 P4 P5 P7 P8 P10 P1 P2 P3 P4 P5 P7 P8 P10 1 Hypothetical estimand, observed data * Statistically significant vs comparator (PIONEER 1 vs placebo; PIONEER 2 vs empagliflozin 25 mg; PIONEER 3 vs sitagliptin 100 mg; PIONEER 4 vs Victoza® 1.8 mg; PIONEER 5 vs. placebo in T2DM and with renal impairment; PIONEER 7 vs sitagliptin 100 mg; PIONEER 10 vs. dulaglutide in Japanese people) Note: Results shown are: PIONEER 1 for 26 weeks with 14 mg oral semaglutide; PIONEER 2 and 4 for 52 weeks with 14 mg oral semaglutide; PIONEER 3 for 78 weeks with 14 mg oral semaglutide; PIONEER 7 for 52 weeks with a mixed dose T2DM: Type 2 diabetes mellitus Source: Novo Nordisk data on file#89Obesity Investor Presentation First nine months of 2018 Slide 89 1. Obesity as a chronic disease 90 2. Obesity treatment 91 3. SaxendaⓇ 4. Obesity pipeline 93 95 5. STEP and SELECT 96 novo nordisk#90Investor Presentation First nine months of 2018 Slide 90 Obesity is a chronic disease that requires treatment The set-point theory portrays how metabolic changes affect the ability to lose weight Weight gain Set- point Increased appetite and slowing of metabolism Diet and exercise to reduce weight . The body fights weight loss for people with obesity The body "remembers" its highest body weight and defends this body weight as the "new normal weight" • During weight loss, changes occur in appetite-regulating hormones, which increase hunger • New New set- point set- point Hormone levels signal change to keep weight up If people with obesity do not eat enough, the hormones trigger the body to conserve energy • Changes in hormones persist for at least 5-10 years following weight loss changing diabetes® novo nordisk#91Investor Presentation First nine months of 2018 Slide 91 Treatment rate is low and an increase requires a change of mindset and physician engagement Only 2% of the 650 million people with obesity are treated with prescription medication 650 million people with obesity Key barriers to effective obesity management Mindset Few prescribers engaged Belief that obesity is self-inflicted Focus on acute weight loss rather than chronic weight management Physicians not equipped to engage in and treat obesity Visit the doctor Discussion and evaluation of next steps Actively managed¹ access 2% treated² Note: The figure illustrates some of the intervention points to treat obesity with prescription medication 1 Attempt to manage weight through lifestyle modification or surgery 22% of people with obesity are estimated to be treated with anti-obesity medication Source: IQVIA MIDAS 2017 changing diabetes Limited patient Funding and reimbursement a hurdle for physicians and patients novo nordisk#92Investor Presentation First nine months of 2018 Slide 92 Healthcare cost associated with obesity expected to increase Global healthcare cost related to obesity expected to increase by 50% by 2025 +50% USD ~0.8 trillion USD ~1.0 trillion USD ~1.2 trillion • • • • Increase in healthcare costs primarily driven by obesity-related comorbidities Today, 650 million people have obesity globally By 2025, ~1 billion people are expected to have obesity If left untreated, by 2025, the cost of treating complications of obesity is expected to reach USD ~550 billion in the USA and USD ~1.2 trillion globally The increased healthcare costs are primarily driven by obesity-related comorbidities such as type 2 diabetes and cardiovascular disease 2017 2020 2025 Source: World Obesity Federation, 2017 changing diabetes® Source: WHO, October 2017; World Obesity Federation, 2017 novo nordisk#93Investor Presentation First nine months of 2018 Slide 93 SaxendaⓇ now launched in 37 countries SaxendaⓇ value share of anti-obesity medications in selected countries Mexico Germany 100% 80% 60% 40% 20% Australia Italy Belgium USA Brazil UAE Canada Denmark Spain DKK SaxendaⓇ sales in first nine months of 2018¹ Saxenda local currency growth million 3,000 53% Operations IO Regions 2,500 2,000 31% 1,500 1,000 500 139% 201% 69% 121% 0% 0 5 10 15 20 Months from Launch 25 30 35 40 Source: IQVIA Aug 2018 Note: The market for anti-obesity medication varies significantly in size between countries changing diabetes Total NAO IO Region Region Region AAMEO LATAM Europe NAO: North America Operations; AAMEO: Africa, Asia, Middle East & Oceania; LATAM: Latin America; J&K: Japan & Korea 1 Reported sales for first nine months of 2018 SaxendaⓇ was launched in South Korea within Region Japan & Korea during 2018#94Investor Presentation First nine months of 2018 Slide 94 SaxendaⓇ has rapidly grown value market share, but market development efforts are required to expand the market Despite strong SaxendaⓇ growth, US obesity care market remains small at around USD 800 million Generic AOM Novo Nordisk is investing in overcoming the barriers preventing effective obesity care Mindset SaxendaⓇ Other branded AOM TRX SU market share mUSD/value market share 100 800 5% 90 700 80 600 39% 70 500 60 84% 50 400 Few prescribers engaged 40 300 30 200 56% 20 100 Limited patient 10 12% 0 4% 0 Volume Value Current state Acute weight loss focus with SaxendaⓇ stay- time ~5 months Key initiatives Advocate for chronic treatment through partnerships access Less than 3,000 physicians write ≥10 AOM prescriptions per month Only 2 in 5 of ~95 million adults with obesity have access to reimbursed medication Launch obesity educator programme Obtain Medicare coverage through support of "Treat and Reduce Obesity Act" AOM: Anti-obesity medication; TRX SU Volume Source: IQVIA NPA moving annual total through Aug 2018; NSP moving annual total through Aug 2018 changing diabetes novo nordisk#95Investor Presentation First nine months of 2018 The obesity pipeline consists of projects addressing both appetite reduction and energy expenditure How to address obesity from a medical perspective Slide 95 Novo Nordisk obesity products and pipeline Projects: Status: 2018 expected: SaxendaⓇ Weight reduction by reducing food intake increasing energy expenditure Weight reduction by semaglutide - QW GLP-1 AM833 amylin analogue PYY1562 - PYY analogue NN9277-GG-co-agonist Launched Phase 3 Phase 1b Phase 2 ready Phase 1b Phase 1b1 Phase 1a Phase 1b NN9423 - Tri-agonist 1706 PYY1875 - PYY analogue Phase 1a Phase 1b New Phase 1a² Appetite reduction changing diabetes Impact on metabolic changes to increase lipid and glucose metabolism Appetite reduction Energy expenditure Appetite reduction and energy expenditure 1 Phase 1b completed with monotherapy, phase 1b in combination with semaglutide planned for 2018 2 Monotherapy and in combination with semaglutide Phase 1a: Single-dose trials; Phase 1b: Multiple-dose trials QW: Once-weekly novo nordisk#96Investor Presentation First nine months of 2018 Slide 96 Semaglutide demonstrated unprecedented weight loss in phase 2 obesity trial 16.2% weight reduction with the highest semaglutide dose in phase 2 obesity trial Change in body weight (%) -5 -10 -15 sema 0.05 mg sema 0.2 mg sema 0.4 mg sema 0.1 mg sema 0.3 mg lira 3.0 mg Placebo 16.2% Key results and next steps • Participants in the highest dose arms continued to lose weight over the duration of the trial as the response curve did not plateau in the highest dose arm • Nearly two out of three patients experienced a weight loss of 10% or more with the highest dose of semaglutide • 80% of patients completed the trial Once-daily semaglutide had a well-tolerated safety profile, with the most common adverse events being gastrointestinal Phase 3a programme STEP and cardiovascular outcomes study SELECT have been initiated in 2018 -20 0 8 12 16 20 28 36 44 52 Weeks Note: All treatment arms are adjunct to diet and exercise QD: Once-daily; sema: Semaglutide; lira: Liraglutide changing diabetes® novo nordisk#97Investor Presentation First nine months of 2018 Slide 97 Phase 3a programme STEP and CV outcomes study SELECT have been initated during 2018 Semaglutide in obesity phase 3a programme, STEP, expected to include ~4,500 patients¹ Cardiovascular outcomes study, SELECT, initated for semaglutide in obesity 2018 2019 2020 STEP 1: Weight loss 1,950 patients, 68 weeks STEP 2: T2D non-insulin patients 1,200 patients, 68 weeks STEP 3: Maximising weight loss 600 patients, 68 weeks STEP 4: Maintained weight loss 900 patients, 68 weeks H Expected phase 3a programme completion: 2020 Semaglutide 2.4 mg sc QW ~17,500 people with obesity¹ Placebo Event-driven Completion: Pre-defined number of events 1 Inclusion criteria: Male or female, age ≥18 years, BMI: ≥30 kg/m² or ≥27 kg/m² and ≥1 comorbidity Note: All treatment arms are adjunct to diet and exercise CV: Cardiovascular; T2D: Type 2 diabetes; BMI: Body mass index 1 Inclusion criteria: Male or female > 45 years, BMI >27 kg/m², myocardial infarction or stroke >60 days, HbA1c <6.5% QW: Once-weekly; sc: Subcutaneous; BMI: Body mass index novo nordisk#98Investor Presentation First nine months of 2018 Slide 98 Biopharm and other chronic areas LIAM CLEMENS Liam has haemophilia A USA changing diabetes® 1. Biopharm at a glance 99 2. Haemophilia - a rare disease 100 3. Haemophilia market 101 4. NovoSevenⓇ 102 5. NovoEight® 103 6. RefixiaⓇ/RebinynⓇ® 104 7. N8-GP 105 8. Growth Hormone market 106 9. Clinical trial for Somapacitan 107 10. Other chronic disease 108 novo nordisk#99Investor Presentation First nine months of 2018 Slide 99 Biopharm R&D efforts reflect Novo Nordisk's commitment to satisfy unmet patient needs Aim to develop subcutaneous haemophilia products and long-acting growth hormone Novo Nordisk Biopharm portfolio Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Pursue bolt-on opportunities Pursue subcutaneous delivery of long-acting coagulation factors and bypassing agents Bring long-acting growth hormone somapacitan to market and expand indications Identify bolt-on acquisition or in-licensing opportunities in adjacent disease area changing diabetes® Haemophilia Growth hormone Research/ preclinical Phase 1/2 N8-GP sc concizumab Phase 3 N8-GP IV somapacitan¹ NovoEight® Refixia® NovoThirteenⓇ Approved/ Launched Norditropin® NovoSevenⓇ 1 Somapacitan is currently in phase 3 for adult growth hormone deficiency and have completed phase 2 for growth hormone deficiency in children Note: NovoThirteenⓇ and Refixia® are the brand names in the majority of countries, whereas these products are marketed as TRETTENⓇ and RebinynⓇ respectively in the USA sc: Subcutaneous; IV: Intravenous novo nordisk#100Investor Presentation First nine months of 2018 Slide 100 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B and haemophilia with inhibitors Low diagnosis and treatment rates within haemophilia Average percentage of people with haemophilia Number of people (000) 500 Haemophilia A 400 Haemophilia B App. 350,000 patients App. 70,000 patients 300 45% 200 Inhibitor segment app. 3,500-4,000 patients 100 15% 6% 3% Prophylactic Pristine joints Note: The inhibitor segment represents people with haemophilia and high titre inhibitors to their normal replacement treatment Source: Estimates based on prevalence data in literature (Stonebraker JS et al. Haemophilia. 2010; 16: 20-32), World Federation of Haemophilia - Annual Global Survey 2012, UDC database in the USA changing diabetes People with Diagnosed Treated haemophilia Source: World Federation of Haemophilia - Annual Global Survey 2016 novo nordisk#101Investor Presentation First nine months of 2018 Slide 101 Global haemophilia market is growing by high-single digit Sales of recombinant coagulation factors RecombinateⓇ/Advate® NovoSevenⓇ Coagil VII® ObizurⓇ1 KogenateⓇ/HelixateⓇ Strategic positioning of Novo Nordisk's haemophilia portfolio Feiba® XynthaⓇ/RefactoⓇ Eloctate® NovoEight® Idelvion® RixubisⓇ Novo Nordisk compound Status Strategic position AlprolixⓇ Benefix® NovoSevenⓇ Launched Maintain market leadership NovoEight® Launched Establish presence in a competitive market place Submitted³ Contribute to market conversion 40 DKK billion 35 30 N8-GP 25 CAGR²: 3% CAGR²: 5% CAGR²: 9% 20 15 10 5 0 2013 2017 rFVIIa 2013 2017 2013 2017 rFVIII rFIX 1 ObizurⓇ only indicated for acquired haemophilia 2 CAGR for 5-year period changing diabetes® Refixia®/ RebinynⓇ Approved 4 Contribute to new treatment paradigm NovoThirteenⓇ Launched Launch first recombinant product 3 Submitted in the USA, the EU and Japan 4 Refixia® is the brand name for N9-GP in the EU and Japan, and RebinynⓇ is the brand name in the USA novo nordisk#102Investor Presentation First nine months of 2018 Slide 102 ~50% of historic NovoSevenⓇ sales exposed to competition, but opportunities remain in other indications Estimated NovoSevenⓇ sales by indication¹ CHWI PPX (A&B) CHWI surgery (A&B) CHWI on demand (A&B) Other indications² Challenge ~15% ~25% ~50% Haemophilia A PPx and on demand sales exposed ~10% to competitive entry) ~50% NovoSevenⓇ sales of DKK 9.2 billion³ Opportunities and challenges for NovoSevenⓇ franchise Roche's Emicizumab launched recently, leading to intensified competition in the segment for haemophilia A with inhibitors Opportunities . • • Maintain position as preferred agent for all bleeds including breakthrough bleeds for patients on prophylactic treatment Improving diagnosis and treatment of select indications outside of haemophilia A with inhibitors with special focus on acquired haemophilia Drive development of NovoSevenⓇ franchise in underdeveloped Chinese market following inclusion on National Drug Reimbursement List 1 Based on internal Novo Nordisk estimate 2 Other indications include areas like acquired haemophilia, Glanzmann's thrombastenia and congenital FVII deficiency 3 Reported sales for full year 2017 CHWI: Congenital haemophilia with inhibitors; PPx: Prophylaxis; A&B: Haemophilia A and B novo nordisk#103Investor Presentation First nine months of 2018 Slide 103 NovoEight® volumes continue to grow despite increasing penetration of long-acting FVIII products Novo Eight® roll-out continues and the number of patients has steadily increased Estimated number of patients¹ 2,500 2,000 1,500 1,000 500 Number of launch countries Number of patients 33 28 25 16 2014 2015 2016 2017 2018² Novo Eight® has potential to increase volume share in selected segments and markets Competitive positioning for NovoEight® • • • Temperature stability at high room temperature and best-in- class portability Uptake driven by Novo Nordisk's strong customer focus and company recognition within the haemophilia community Continued volume growth especially in less mature markets with tender opportunities, despite increasing penetration of long-acting FVIII products Next generation • Global roll-out of NovoEight® and N8-GP to pave the way for subcutaneous N8-GP 1 Novo Nordisk estimated accumulated patient number 2 Novo Nordisk estimated accumulated patient number as of March 2018 FVIII: Coagulation factor VIII novo nordisk#104Investor Presentation First nine months of 2018 Slide 104 Strong growth in the long-acting haemophilia B market and RefixiaⓇ/RebinynⓇ has been launched in seven countries Reported recombinant FIX sales Sales (USD million) 1,400 1,200 1,000 800 600 400 200 0 2011 Benefix® AlprolixⓇ CAGR: 10.1%¹ 1 CAGR for 6-year period FIX: Coagulation factor IX Source: Company reports (Does not include RixubisⓇ as sales are not reported separately). changing diabetes® RefixiaⓇ/RebinynⓇ launched in seven countries IdelvionⓇ • Launched in the first EU countries in 2017 • Launched in the USA in February 2018 2017 • Approved in Japan in July 2018 • RefixiaⓇ/RebinynⓇ offers a unique clinical profile that brings factor levels into the non-haemophilia range for adults and adolescents • Dialogue ongoing with the FDA and the EMA to establish path forward to obtain routine prophylaxis indication in the USA and complete paediatric indication in Europe to include children younger than 12 years old FDA: US Food and Drug Administration; EMA: European Medicines Agency rFIX: Recombinant coagulation factor IX novo nordisk#105Investor Presentation First nine months of 2018 Slide 105 N8-GP administered every fourth day reduces median bleeding rate to 1.3 episode per year in phase 3 trial N8-GP phase 1 pharmacokinetics FVIII activity (IU/mL) FVIII - N8-GP · 1.2 Dose 50 IU/kg (n=8) 1.0 One stage clot assay 0.8 0.6 0.4 0.2 0.0 24 48 72 Time (h) 96 120 144 168 • • • • Pathfinder 2 headline results (phase 3) PK documented single dose half-life of 18.4 hours and mean trough level before next dose of 3% Patients on every fourth day prophylaxis (50 IU/kg) had a median ABR of 1.3 95% of mild to moderate bleeds managed with 1-2 doses N8-GP appeared to have a safe and well tolerated profile One patient developed inhibitors, as expected in a population of previously treated haemophilia A patients Pathfinder 2 extension trial results • 55 patients with ≤2 bleeds during 6 months in the main phase were randomised 2:1 to either once-weekly (75 IU/ kg) or every fourth day (50 IU/kg) treatment for 180 days¹ Patients in both treatment arms had a median ABR of 0 Next steps • • Awaiting regulatory decisions in the USA, the EU and Japan Source: Tiede et al. J Thromb Haemot. 2013;11:670-675 changing diabetes® PK: Pharmacokinetic; ABR: Annualised bleeding rate; IU: International unit 1 Prophylaxis 75 IU/kg every 7 days (n=38) or prophylaxis 50 IU/kg every 4 days (n=17) novo nordisk#106Investor Presentation First nine months of 2018 Slide 106 Novo Nordisk maintains leadership within growth disorder Development in global growth disorder market DKK billion 20 15 10- 5 0 Aug 2013 - MAT volume kg CAGR volume¹: 17.5% CAGR value DKK¹: 13.3% 1 CAGR for 5-year period Source: IQVIA monthly MAT Aug, 2018 volume figures and value (DKK) figures changing diabetes® Growth disorder volume market share MAT value DKK kg 120 50% 100 40% 80 30% +60 20% 40 10% 20 0 0% Aug 2018 Aug 2013 Novo Nordisk Eli Lilly Source: IQVIA monthly MAT Aug, 2018 volume figures Note: Does not add up to 100% due to rounding Pfizer Merck Kgaa Sandoz - Other 26% 24% 14% 14% 9% 9% Aug 2018 novo nordisk#107Investor Presentation First nine months of 2018 Slide 107 Phase 3 extension trial in adults and phase 2 trial in children for once-weekly somapacitan Somapacitan IGF-1 levels similar to daily Norditropin® in REAL 1 phase 3 AGHD trial Cumulative frequency Baseline Placebo NorditropinⓇ somapacitan Phase 3a AGHD extension trial and phase 2 GHD successfully completed Completed trial i Extension trial Trial in planning 100% 80% 60% 40% 20% REAL 1: Phase 3a, naïve AGHD Objective: Efficacy (truncal fat %)/safety REAL 3: Phase 2, GHD Objective: Dose finding (height velocity)/safety REAL 4: Phase 3, GHD Objective: Efficacy (height velocity)/safety REAL 5: Phase 3, SGA Objective: Efficacy (height velocity)/safety 0% -3 -2 -1 0 1 2 3 2016 2017 2018 2019 IGF-1 standard deviation score IGF-1 Insulin-like growth factor 1; AGHD: Adult growth hormone deficiency Source: Novo Nordisk data on file; REAL 1, NN8640-4054 changing diabetes® 2020 AGHD: Adult growth hormone deficiency GHD: Growth hormone deficiency; SGA: Small for gestational age 2021 novo nordisk#108Investor Presentation First nine months of 2018 Slide 108 Other serious chronic diseases Serious chronic diseases are often associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs CVD 70% of people with diabetes die from atherosclerotic CVD 40% of people hospitalised for heart failure have diabetes Estimated patients CVD ~420 million Number of related deaths ~20 million annually Estimated patients Diagnosis rate NASH 80% of people with NASH live with obesity and 35% have diabetes NASH ~15-40 million 1 CKD ~200 million ~20%2 ~20% CKD 40% of people with diabetes have diabetic nephropathy and 50% have obesity CVD: Cardiovascular disease; NASH: Non-alcoholic Steatohepatitis; CKD: Chronic kidney disease Source: Diabetes Care 2005 Jan; 28(1): 164-176 changing diabetes 1 Internal forecast comprising the USA, Europe and Japan 2 Diagnosis rate is considered a major uncertainty to the forecast Source: Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; 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#109Investor Presentation First nine months of 2018 Slide 109 Trials in obesity and other serious chronic disease areas building on the semaglutide molecule Planned or ongoing trials with semaglutide addressing other serious chronic diseases Ongoing phase 2 trial with daily semaglutide vs placebo in patients with NASH semaglutide Obesity NASH CVD CKD CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease changing diabetes® semaglutide 0.4 mg sc QD 372 patients¹ semaglutide 0.2 mg sc QD semaglutide 0.1 mg sc QD Placebo 0.1, 0.2 or 0.4 mg Liver biopsy (recent or new) 72 weeks Liver biopsy Next steps: Phase 2 trial expected to complete 2020 1 Inclusion criteria: Histological confirmation of NASH, BMI 25-45 kg/m², NASH fibrosis stage 2 or 3, Histological NAFLD Activity Score ≥ 4 mg: Milligram; sc: Subcutaneous; QD: Once-daily; MR: Magnetic resonance; NAFLD: Non-alcoholic fatty liver disease; NASH: Non-alcoholic steatohepatitis novo nordisk#110Financials changing diabetes Investor Presentation First nine months of 2018 Slide 110 1. Sales growth 111 2. Operating Profit growth 113 3. Cost distribution 114 4. COGS & CAPEX as percent of sales 115 5. Cash return to shareholders 6. Currency impact 7. Ownership structure 117 118 121 novo nordisk#111Investor Presentation First nine months of 2018 Slide 111 Solid sales growth driven by diabetes care Reported annual sales 2013-2017 Reported annual sales split by region North America DKK billion Diabetes Biopharmaceuticals Region China Region Europe Region J&K Region AAMEO Region LATAM 120 100 CAGR¹ 7.5% 17% 20% 3% 3% 6% 5% 9% 10% 21% 11% 11% 80 21% 22% 19% 83% 24% 60 80% 79% 79% 40 78% 47% 52% 20 0 2013 2014 2015 2016 2017 2013 2017 1 CAGR for 5-year period changing diabetes AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan and Korea; LATAM: Latin America novo nordisk#112Investor Presentation First nine months of 2018 Sales per key product for Q3 2018 and the first nine months of 2018 Slide 112 Reported currencies Sales Q3 2018 (mDKK) Sales split Sales 9M 2018 (mDKK) Sales split TresibaⓇ 2,156 8% 5,863 7% LevemirⓇ NovoRapidⓇ 2,560 9% 8,363 13% 4,445 16% 13,939 18% NovoMix® 2,332 8% 7,241 9% VictozaⓇ 6,115 22% 17,833 20% OzempicⓇ 540 2% 804 0% SaxendaⓇ 987 4% 2,640 2% Diabetes care and obesity¹ 23,366 84% 66,367 83% NovoSevenⓇ 1,885 7% 5,925 8% NorditropinⓇ 1,688 6% 4,872 6% Biopharmaceuticals¹ 4,396 16% 13,092 17% Total¹ 27,762 100% 82,099 100% 1 Values are higher than the sum of the total elements listed due to residual values from products not listed 9M: First nine months of 2018 changing diabetes novo nordisk#113Investor Presentation First nine months of 2018 Slide 113 Solid operating profit growth driven by diabetes Operating profit DKK billion Operating profit Operating profit as % of sales Operating profit therapy split Diabetes Biopharm Reported operating profit growth 60 60 ☐ Operating profit growth in local currencies 60% 50 50% 27% 22% 40 40% 30 30% 20 20% 73% 78% 7% 10% 35% 4% 1% 10 10% 15% 13% 13% 6% 5% 0 0% * 2013 2014 2015 2016* 2017 2013 2017 * Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes® novo nordisk#114Investor Presentation First nine months of 2018 Slide 114 Higher profitability in the biopharmaceuticals segment driven by lower COGS and S&D costs Diabetes & Obesity P&L - full year 2017 DKK billion 100 Biopharmaceuticals P&L – full year 2017 Sales ratios DKK billion Sales ratios 30 80 60 60 40 T 20 20 -16% -27% 24 -14% -12% 18 -15% -14% -3% +1% 41% 12 -3% +3% 56% Sales COGS S&D R&D Admin OOI OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit S&D: Sales and distribution cost; R&D: research and development cost; Admin: administrative cost changing diabetes 6 Sales COGS S&D R&D Admin ΟΟΙ OP novo nordisk#115Investor Presentation First nine months of 2018 Slide 115 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold Capital Expenditure DKK billion COGS DKK billion CAPEX COGS as % of sales (RHS) - Expected CAPEX CAPEX as % of sales (RHS) 20 25% 12 10% 10 20% 15 8- 15% 8% 6% 10- 6- 10% 4% 4 5 5% 2% 2 0% 0 0% 2013 2014 2015 2016 2017 2014 2015 2016 2017 2018E COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side changing diabetes® novo nordisk#116Investor Presentation First nine months of 2018 Slide 116 Long-term financial targets support focus on profitable growth, capital allocation and cash conversion Operating profit growth in local currencies Current long-term financial target¹ Previous long-term financial targets net operating assets Operating profit after tax to Current long-term financial target¹ Cash to earnings (three-year average) Current long-term financial target¹ 20% 15% 10% 5% 0% 2013 2014 2015 2016 2017 175% 120% 150% 100% 125% 80% 100% 60% 75% 40% 50% 25% 20% 0% 0% 2013 2014 2015 2016 2017 2011-2012-2013- 2014- 2015- 2013 2014 2015 2016 2017 1 Long-term target established in connection with the Q3 2016 report. The target of an average operating profit growth of 5% is an average for the period of 3-5 years, with 2015 as the base year. Operating profit after tax to net operating assets target unchanged at 125% and Cash to earnings (three year average) target unchanged at 90% Note: The long-term financial targets are based on an assumption of a continuation of the current business environment; 2015 and 2016 figures are adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes novo nordisk#117Investor Presentation First nine months of 2018 Slide 117 Cash return to shareholders in 2018 Annual cash return to shareholders DKK billion Share repurchase Free cash flow Interim dividend Dividend • Free cash flow guidance 45 40 35 15 30 17 25 15 17 20 15 7.6 15 7.4 7.2 10 16 5 12 13 11 12 • 0 2014 2015 2016 2017 2018E* • Note: For 2018 expected free cash flow is DKK 29-33 billion. Share repurchase programmes run for 12 months starting February until end January of the following year. changing diabetes® Cash return priorities Based on the increased expectations for cash flow generation in 2018, the Board of Directors approved an expansion of the 2018 share repurchase programme with DKK 1.0 billion to DKK 15 billion in October 2018 • Total programme may be reduced in size if significant product in-licensing or bolt-on acquisition opportunities arise during 2018 • Dividend distributed twice a year as interim dividend in August and final dividend in March the following year For 2017, the total dividend increased to DKK 7.85 per share of DKK 0.20 For 2018, the interim dividend of DKK 3.00 was paid in August 2018 novo nordisk#118Investor Presentation First nine months of 2018 Slide 118 Currency impact on Novo Nordisk's P/L PROFIT AND LOSS 2017 2016 Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's profit and loss statement The currency effect on e.g. operating profit growth is the difference between the reported and the local operating profit growth Key currencies account for around 75-85% of the total currency exposure No hedging effects are included in the operating profit DKK million Net sales Note: Example is based on Annual Report 2017 changing diabetes® Gross profit Gross margin 111,696 94,064 84.2% 111,780 94,597 84.6% Sales and distribution costs 28,340 28,377 Percentage of sales 25.4% 25.4% Research and development costs 14,014 14,563 Percentage of sales 12.5% 13.0% Administrative costs 3,784 3,962 Percentage of sales 3.4% 3.5% Other operating income, net 1,041 737 Non-recurring income from the partial divestment of NNIT A/S Operating profit 48,967 Operating margin 43.8% 8,432 43.3% Operating margin adjusted for the partial divestment of NNIT A/S <--00.8% 43.3% Net financials (287) Profit before income taxes-- 48,680 (634) 47,798 Income taxes Effective tax rate 10,550 21.7% Net profit Net profit margin 38,130 37,925 34.1% 33.9% EXAMPLE Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: • USD 11 months • CNY 6 months • JPY 12 months • GBP 11 months • CAD 10 months 9,873 20.7% Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging (interest differential) and the effect from currency gain/losses of balances in non-hedged currencies. novo nordisk#119Investor Presentation First nine months of 2018 Slide 119 Currency impact on operating profit EXAMPLE Operational currency impact Operational currency impact in 2017 . The operational currency impact is the difference between e.g. operating profit growth in reported currency (Danish kroner) and operating profit growth in local currencies In 2017 the operating profit was: In Danish kroner: In local currencies: Currency impact: 48,967 million 50,737 million -1,770 million Estimation of operational currency impact from key currencies • Novo Nordisk guides on currency sensitivity of key currencies in quarterly announcements Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day Key currencies account for around 75-85% of the currency exposure Estimation of operational currency impact from other currencies Significant changes in other currencies will additionally impact the operational currency in exposure In 2017, the depreciation of the ARS and TRY had an additional negative impact on the operational currency exposure. Key currencies Avg FX rate 2016 Avg FX rate %-change 2017 Yearly impact of 5% change (mDKK) Estimated impact from key currencies USD 6.733 6.602 -1.9% 2,100 -816 CNY 1.013 0.976 -3.7% 320 -235 JPY 6.200 5.884 -5.1% 200 -204 GBP 9.121 8.496 -6.9% 90 -123 CAD 5.081 5.084 0.0% 80 1 -1,378 Total estimated currency impact from key currencies in 2017 ARS 0.5 0.4 -20.0% TRY 223 181 -18.8% INR 10.0 10.1 1.0% RUB 10.1 11.3 11.9% BRL 195 207 6.2% Total currency impact from other currencies in 2017 (residual) Total currency impact in 2017 -392 -1,770 1 Yearly impact on operating profit for next 12 month. Estimates reflected in Annual Report 2017 FX: Foreign exchange changing diabetes novo nordisk#120Investor Presentation First nine months of 2018 Slide 120 Quarterly currency development for key currencies Average FX rates¹ Q1 2017 Q1 2018 Q1 Change Q2 2017 Q2 2018 Q2 Change Q3 2017 Q3 2018 Q3 Change Q4 2017 Q42 2018 Q4 Change FY 2017 FY 2018³ FY Change USD/DKK 698 606 -13% 676 625 -8% 633 641 1% 632 655 4% 660 632 -4% JPY/DKK 6.1 5.6 -8% 6.1 5.7 -7% 5.7 5.8 2% 5.6 5.8 4% 5.9. 5.7 -3% GBP/DKK 865 843 -3% 864 850 -2% 829 835 1% 839 843 0% 849 843 -1% CNY/DKK 101 95 -6% 98 98 88 0% 95 94 -1% 96 94 + -2% 98 95 -3% CAD/DKK 527 480 -9% 502 484 -4% 505 490 -3% 498 500 0% 508 489 -4% Note: Spot rates as per 26 October 2018 1 DKK per 100 2 Q4 average is calculated as realised exchange rates from 1 October 2018 to 26 October 2018 + current spot rate applied from 26 October 2018 to 31 December 2018 3 FY 2018 average is calculated as realised exchange rates from 1 January 2018 to 26 October 2018 + spot rate applied from 26 October 2018 to 31 December 2018 changing diabetes novo nordisk#121Investor Presentation First nine months of 2018 Slide 121 Stable ownership structure - secured through A and B-share structure Share structure Novo Nordisk Foundation Novo Holdings A/S 76.3% of votes 28.2% of capital Institutional and private investors 23.7% of votes 71.8% of capital The Novo Nordisk Foundation The Novo Nordisk Foundation is a self-governing institution that: • provides a stable basis for Novo Nordisk • supports scientific, humanitarian and social purposes • All strategic and operational matters are governed by the board and management of Novo Nordisk . Overlapping board memberships ensure that the Novo Nordisk Foundation and Novo Nordisk share vision and strategy A shares 537m shares B shares 1,913m shares Novo Nordisk A/S Note: As of 10 August 2018. Treasury shares are included in the capital but have no voting rights changing diabetes® novo nordisk#122Sustainability changing diabetes® Investor Presentation First nine months of 2018 Slide 122 1. Novo Nordisk Way and Triple Bottom line 123 2. Employee Health and Safety 124 3. Business Environment 125 4. Novo Nordisk on Natural Resources 126 novo nordisk#123Sustainable business Investor Presentation First nine months of 2018 Slide 123 The Novo Nordisk Way The Triple Bottom Line Business Principle Financially responsible Patients We build on the purpose set by our founders and live by their values: The Novo Nordisk Way sets the direction and unites us around a common purpose in the pursuit of our aspirations: Driving change to defeat diabetes and other serious chronic diseases Socially responsible Environmentally responsible The Triple Bottom Line Principle, anchored in the Articles of Association, guides how we do business responsibly and how we make decisions that consider the interests of stakeholders and the long-term interests of our shareholders changing diabetes® novo nordisk#124Investor Presentation First nine months of 2018 Slide 124 Novo Nordisk offers a healthy, engaging and inclusive workplace with development opportunities for employees Employee health and safety and engagement are key focus areas for management Novo Nordisk is committed to building a diverse and inclusive organisation N43,700 FTE employees¹ 11.0% employee turnover 90% sustainable engagement score 2.7 accidents with absence per million working hours Note: Full social statements to be found in Novo Nordisk Annual Report 2017 1 Based on the company announcement for the first nine months of 2018 changing diabetes All managers Management appointments¹ Sr. Managers Men 61% 60% 59% 57% 85% 86% Women 39% 40% 41% 43% 2013 2017 2013 2017 15% 14% 2013 2017 1 All appointments to management positions, incl. internal promotions and external hires, ex. NNIT novo nordisk#125Investor Presentation First nine months of 2018 Slide 125 Shaping and adapting to conditions in the business environment Enhancing access to affordable, high quality insulin is a key priority 5 million people with diabetes treated at cost below USD 0.16 per day 6 product recalls O failed inspections Cities Changing Diabetes works to bend the curve on urban diabetes UCL H Steno Diabetes Center Copenhagen C40 CITIES CLIMATE LEADERSHIP GROUP 103 million DKK donations to World Diabetes Foundation and Novo Nordisk Haemophilia Foundation 27.7 million patients reached with diabetes care products Note: Full social statements to be found in Novo Nordisk Annual Report 2017 changing diabetes • • novo nordisk Map the challenge in cities across the world with 11 cities enrolled Share learnings and best practices on how to bend the diabetes curve, by preventing rise in obesity Drive action plans with local partners and experts to act as a catalyst for meaningful action Initiate new cross-sector partnerships, eg on climate and health novo nordisk#126Investor Presentation First nine months of 2018 Slide 126 Novo Nordisk prioritises minimisation in use of non-depletable or scarce natural resources Least possible use of resources, lower emissions and less waste are priorities On track to have all production sites run 100% on renewable power by 2020 Target - Realised Slight decrease in water and energy consumption for production since 2016 2% decrease in CO2 emissions from production since 2016 93% of water consumption is in 120% areas not subject to water stress 100% 80% 60% 96% of total ollo waste is recycled, 40% used for biogas or recovered as energy for heat 20% and power production 0% 2013 2014 2015 2016 2017 Note: Full social statements to be found in Novo Nordisk Annual Report 2017 changing diabetes novo nordisk