#1novo nordick changing diabetes Manato Ohara, diagnosed with type 1 diabetes Kanagawa, Japan novo nordisk EA novo nords novo nordisk - a focused healthcare company Investor presentation First three months of 2017 novo nordisk#2Agenda Highlights and key events Sales update R&D update Financials and outlook changing diabetes Investor presentation First three months of 2017 Slide 2 novo nordisk#3Forward-looking statements Investor presentation First three months of 2017 Slide 3 Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the company's Annual Report 2016 and Form 20-F, which are both filed with the SEC in February 2017 in continuation of the publication of the Annual Report 2016, 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 recall, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. Please also refer to the overview of risk factors in 'Risk Management' on pp 40-43 of the Annual Report 2016. 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 & 1.8 mg) is approved for the management of type 2 diabetes only • SaxendaⓇ (liraglutide 3 mg) is approved in the US and EU for the treatment of obesity only changing diabetes® novo nordisk#4Investor presentation First three months of 2017 Slide 4 Highlights Sales development - First three months of 2017 Sales increased by 5% in Danish kroner and 3% in local currencies • ● North America Operations grew by 5% in Danish kroner and accounted for 34% share of growth in local currencies International Operations grew by 4% in Danish kroner and accounted for 66% share of growth in local currencies Region Europe grew by 4% in Danish kroner Japan & Korea grew by 10% in Danish kroner Region China grew by 6% in Danish kroner TresibaⓇ grew 174% in Danish kroner and now represents 5% of total sales Research and Development EU approval of label update for TresibaⓇ based on data from SWITCH trials Resubmission of new drug application for fast-acting insulin aspart in the US Positive CHMP opinion for Refixia® (N9-GP) in the EU Financials Operating profit increased by 10% in Danish kroner and by 6% in local currencies Diluted earnings per share increased by 9% to 4.06 DKK per share 2017 financial outlook: • Reported sales growth is now expected to be 1-4% (now around 1% lower in local currencies) • Reported operating profit growth is now expected to be around 0-4% (now around 1% lower in local currencies) CHMP: Committee for Medicinal Products for Human Use in Europe changing diabetes® novo nordisk#5Investor presentation First three months of 2017 Slide 5 New members of Executive management President & CEO Lars Fruergaard Jørgensen Finance, Legal & Investor Relations Research & Development Product Supply North America Operations International Operations Business Services and Compliance Jesper Brandgaard Mads Krogsgaard Henrik Wulff Thomsen Doug Langa¹ as of 1 March 2017 Maziar Mike Doustdar¹ Lars Green as of 1 July 2017 1 Not registered with the Danish Business Authority novo nordisk#6Investor presentation First three months of 2017 Slide 6 Sales growth is primarily driven by Region Europe, the US and Region China - Sales as reported – First three months of 2017 Region Region Latin America Japan & Korea +2% +10% Growth analysis - First three months of 2017 Local currencies Growth Share of growth North America Operations 2% 34% 3% USA 2% 30% Region China 5% +6% 11% International Operations 4% 66% Region Region Europe 6% 37% AAMEO 10% 53% (2%) North America Operations +5% Region AAMEO (1%) (4%) Region China 8% 30% 18% Region Region Japan & Korea 5% 8% Europe +4% Region Latin America (5%) (5%) Sales of DKK 28.5 billion (+5%) Total sales 3% 100% AAMEO: Africa, Asia, Middle East & Oceania changing diabetes novo nordisk#7Investor presentation First three months of 2017 Sales growth is driven by new-generation insulin and VictozaⓇ Slide 7 - Sales as reported – First three months of 2017 Human growth hormone Haemophilia (32%) Other biopharmaceuticals (50%) 2% (9%) 6% Obesity 9% Growth analysis - First three months of 2017 Local currencies New-generation insulin¹ Modern insulin Growth Share of growth 163% 129% 2% 28% +122% 2% Human insulin VictozaⓇ (4%) (13%) 22% 127% Other diabetes care² (4%) (6%) Total diabetes care 10% 265% 82% Diabetes care +12% Obesity (SaxendaⓇ) 110% 34% Diabetes and obesity care total 11% 299% Haemophilia³ (11%) (39%) Human growth hormone products (33%) (100%) Sales of DKK 28.5 billion (+5%) Other biopharmaceuticals4 (51%) (60%) Biopharmaceuticals (25%) (199%) 3% 100% changing diabetes Total 1 Comprises Tresiba®, XultophyⓇ and RyzodegⓇ 2 Primarily Novo Norm® and needles 3 Comprises NovoSeven®, Novo Eight® and NovoThirteen® 4 Primarily Vagifem® and Activelle®#8Investor presentation First three months of 2017 Slide 8 Global roll-out of TresibaⓇ continuing according to plan supported by XultophyⓇ launches TresibaⓇ value share of basal insulin segment in selected countries, excluding the USA Switzerland Japan Mexico Combined value share of TresibaⓇ and XultophyⓇ in selected countries Switzerland Sweden Greece ■■■■■■ TresibaⓇ value share 40% 30% 20% 10% 0% 10 Netherlands Spain Denmark UK Sweden Brazil India Greece Italy 60% 50% 40% 40% 30% 28% 26% 25% 30% 20% 17% 18% 20% 11% 13% 10% 10% 5% 0% 20 30 40 10 Note: Limited IMS coverage in India Months from launch Source: IMS Monthly value figures, February 2017 changing diabetes® 20 30 55% 38% Months from TresibaⓇ launch Source: IMS Monthly value figures, February 2017 40 20% novo nordisk#9Investor presentation First three months of 2017 Slide 9 Increasing total market share of the basal insulin franchise in the US Weekly TRX volume market shares in the US TresibaⓇ Basal TRX MS 70% 60% 50% 40% 30% 20% 10% 0% LevemirⓇ glargine U100 NN Total Basal glargine U300 . biosimilar glargine U100 52% 31% .24% 8% 7% 4% TresibaⓇ launch in the US TresibaⓇ new to brand prescriptions market share is now 12% The uptake of TresibaⓇ was positively affected by the commercial formulary changes for CVS in the early part of the first quarter of 2017 • TresibaⓇ U200 accounts for around 75% of total TresibaⓇ volume • Wide formulary access has been obtained with around 70% access for patients in commercial channels and Medicare part D combined Note: The graph does not show NPH, which accounts for the residual market share Source: IMS weekly Xponent Plantrak (excludes Medicaid), 7 Apr 2017 TRX volume: insulin volume associated to total retail prescriptions; MS: Market share changing diabetes® Source: IMS weekly Xponent Plantrak (excludes Medicaid), 7 Apr 2017 novo nordisk#10Investor presentation First three months of 2017 Slide 10 VictozaⓇ maintains leadership in the faster growing US GLP-1 market US GLP-1 market development MAT GLP-1 TRX (million) US GLP-1 market TRx volume albiglutide - US GLP-1 market shares VictozaⓇ albiglutide exenatide dulaglutide 10 8 16 2 0 Feb 2014 Total TRX MAT volume GLP-1 TRX - VictozaⓇ Growth rate growth rate volume exenatide dulaglutide GLP-1 TRX market - (million) share 35% 0.40 100% 30% 0.35 80% 0.30 25% 0.25 60% 20% 48% 0.20 15% 30% 40% 0.15 17% 10% 0.10 20% 5% 0.05 5% 0% 0.00 0% Feb Feb Feb Feb Feb 2017 2014 2017 2014 2017 Source: IMS NPA monthly, February 2017 changing diabetes® novo nordisk#11Investor presentation First three months of 2017 Continued global roll-out of SaxendaⓇ and an evolving obesity portfolio SaxendaⓇ value share of anti-obesity medications in selected countries Mexico Germany 80% 60% 40% 20% 0% 50 Australia Italy USA Brazil Canada Denmark Spain 77% 66% 44% 41% Slide 11 The global obesity potential The unmet need in obesity • Only 2% of the 600 million people with obesity are treated with an AOM SaxendaⓇ and obesity pipeline • . Successful uptake of SaxendaⓇ supports Novo Nordisk's long term commitment to obesity treatment SaxendaⓇ has been launched in 18 markets and represents 36% of the current patient growth for the AOM market Novo Nordisk obesity pipeline includes semaglutide for obesity in phase 2 development and six projects in phase 1 Key global initiatives Educate HCPs in obesity management Drive patient engagement via SaxendaⓇ care • Drive recognition of obesity as a chronic disease · Improve market access to obesity care 23% 21% 18% 10% 6% · 10 15 20 25 • Months from launch Source: IMS, February 2017 for all countries (except for Denmark where the last data point is July 2016). Note: AOM market size varies significantly between countries changing diabetes Source: WHO, IDF and IMS MIDAS (MAT Q3 2016) AOM: Anti-obesity medication HCPS: Health care professionals#12Investor presentation First three months of 2017 Positive CHMP opinion for Refixia® (N9-GP) in the EU Kinetics of long-acting FIX therapies N9-GP 40 IU/kg once-weekly albutrepenonacog alfa 40 IU/kg once-weekly¹ eftrenonacog alfa 50 IU/kg once-weekly² Non-haemophilia range FIX activity 100% 80% 60% 40% 20% 0% 14 21 28 Time (days) Source: Novo Nordisk briefing book N9-GP 1 Zhang et al. J Thromb Haemost 2016; 2 Shapiro et al. Blood 2012 changing diabetes® Slide 12 • • EU Regulatory status and next steps Positive opinion received by the CHMP under the brand name Refixia® USA A Blood Products Advisory Committee meeting was conducted in April 2017 to discuss the safety profile of N9- GP. No voting was carried out Next steps . . Feedback from regulatory authorities in Europe and the US expected in Q2 2017 Submission to regulatory authorities in Japan expected in Q2 2017 CHMP: Committee for Medicinal Products for Human Use novo nordisk#13Investor presentation First three months of 2017 Slide 13 Key development milestones reached • EU approval of label update for TresibaⓇ based on data from SWITCH trials Diabetes Obesity and other areas • New drug application for fast-acting insulin aspart (NN1218) resubmitted in the USA Once-weekly semaglutide (NN9535) filed for regulatory approval for type 2 diabetes in Japan Tri-agonist 1706 (NN9423) phase 1 trial initiated FDA approval of SaxendaⓇ label update including long-term safety and efficacy data from 3-year trial • Biopharm Somapacitan (NN8640) phase 3a trial initiated for people with AGHD in Japan FDA: Food and Drug Administration AGHD: Adult growth hormone deficiency changing diabetes® Subcutaneous N8-GP (NN7170) phase 1 trial initiated for people with haemophilia A novo nordisk#14Investor presentation First three months of 2017 Slide 14 Significant regulatory news flow in 2017 Project TresibaⓇ Q1 2017 Once-weekly semaglutide EU SWITCH approval ✓ Japan submission √ Victoza® Fast-acting insulin aspart Semaglutide obesity N9-GP EU approval US resubmission Q2 2017 US & EU submission of DEVOTE data N9-GP CHMP opinion √ US regulatory decision Japan submission Phase 1 data Results available Q3 2017 Regulatory milestone Q4 2017 US label update decision for SWITCH SUSTAIN 7 phase 3b data LEADER CHMP opinion & US regulatory decision US regulatory decision Phase 2 data US regulatory decision CHMP opinion Concizumab Somapacitan Diabetes Obesity Haemophilia Growth disorders 1 Study conducted in adult growth hormone disorder CHMP: Committee for Medicinal Products for Human Use in Europe changing diabetes® REAL 1 phase 3a data¹ novo nordisk#15Investor presentation First three months of 2017 Slide 15 Financial results - DKK million Sales Gross profit Gross margin Sales and distribution costs Percentage of sales Research and development costs Percentage of sales Administration costs Percentage of sales 3.2% first three months 2017 Q1 2017 28,452 24,201 85.1% (6,787) 23.9% (3,289) 11.6% (913) 22,978 (6,741) (3,304) (908) 3.3% Q1 2016 27,212 Change 5% 5% 84.4% 1% 24.8% 0% 12.1% 1% Other operating income, net 278 284 (2%) Operating profit 13,490 12,309 10% Operating margin 47.4% 45.2% Financial items (net) Profit before income tax 13,004 Income taxes (2,848) (486) 11,953 (2,498) (356) 37% 9% 14% Effective tax rate 21.9% 20.9% Net profit 10,156 9,455 7% Diluted earnings per share (DKK) 4.06 3.71 9% changing diabetes®#16Investor presentation First three months of 2017 Slide 16 A global cost containment programme was implemented in the second half of 2016 Cost development for the first three months of 2015-2017 Development in full-time employees before and after the Q3 release in 2016 DKK billion 10 Q1 2015 Q1 2016 Q1 2017 % growth in local currencies 1,000 FTES 43 -1% 8 +11%] 6 +4% +9% 4 -1% +2% 42 Global cost containment programme 42.6 42.3 41 42.0 -1% 41.6 41.6 (+9% 2 0 COGS S&D R&D Adm. COGS: Cost of goods sold; S&D: Sales and distribution; R&D: Research and development Adm. Administrative costs changing diabetes® Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 FTE: Full-time employee novo nordisk#17Investor presentation First three months of 2017 Currency impact in 2017 driven by development in both hedged and unhedged currencies Slide 17 USD/DKK - CNY/DKK JPY/DKK GBP/DKK CAD/DKK Hedged currencies Index (1 Jan 2015= 100) 80 140 Hedged 2016 Currencies average 2017 average² Spot rate² Impact of a 5% move³ (months) Hedging 130 120 110 100 90- USD1 677 698 680 2,100 12 CNY1 104 101 98.6 320 74 JPY1 5.88 6.10 6.10 200 GBP1 969 865 880 90 CAD1 493 528 499 80 221 12 12 11 80 RUB/DKK INR/DKK -ARS/DKK BRL/DKK TRY/DKK 140 120 Non-hedged currencies Index (1 Jan 2015 = 100) 100 80 60 40 changing diabetes® 1 2 3 4 2016 1 2017 Non-hedged 2016 2017 Spot Currencies average average² rate² ARS1 0.5 0.4 0.4 TRY1 229.8 229.8 191.8 INR1 10.0 10.4 10.6 RUB1 9.1 11.9 12.0 BRL¹ 173.4 221.1 213.7 1 DKK per 100; 2 As of 28 April 2017; 3 Operating profit in 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 +40 million novo nordisk#18Financial outlook for 2017 Investor presentation First three months of 2017 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 3 May 2017 0% to 3% Around 1 percentage point higher -1% to 3% Around 1 percentage point higher Loss of around DKK 1.8 billion 21-23% Around DKK 10.0 billion Around DKK 3 billion Around DKK 29-33 billion Previous expectations 2 Feb 2017 -1% to 4% Around 2 percentage points higher -2% to 3% Around 2 percentage points higher Loss of around DKK 2.4 billion 21-23% Around DKK 10.0 billion Around DKK 3 billion Around DKK 29-33 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 28 April 2017 changing diabetes® novo nordisk#19Investor presentation First three months of 2017 Slide 19 Closing remarks Solid leadership positions and continued market opportunities 27% Novo Nordisk value market share in diabetes care and solid leadership position ~4% insulin market volume growth 46% Novo Nordisk insulin volume market share with leadership position across all regions GLP-1 volume market growth >20% 58% Novo Nordisk GLP-1 volume market share with strong global leadership position 18 countries successfully launched SaxendaⓇ Promising pipeline and product launches • The only company with a full portfolio of novel insulin and GLP-1 products • Semaglutide portfolio offers expansion opportunity with both injectable and oral administration XultophyⓇ supports promising outlook for insulin and GLP-1 combination therapy • SaxendaⓇ and multiple clinical stage development projects hold potential within obesity • Broad pipeline within haemophilia Source: IMS MAT February 2017 volume and value (DKK) figures changing diabetes novo nordisk#20Investor contact information Investor presentation First three months of 2017 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 09 Aug 2017 Financial statement for the first half of 2017 01 Nov 2017 Financial statement for the first nine months of 2017 01 Feb 2018 Financial statement for 2017 Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé, DK-2880 Bagsværd Peter Hugreffe Ankersen Hanna Ögren +45 3075 9085 [email protected] +45 3079 8519 [email protected] Anders Mikkelsen +45 3079 4461 [email protected] In North America: Kasper Veje +1 609 235 8567 [email protected] changing diabetes novo nordisk#21Appendix 1. Novo Nordisk at a glance 2. Diabetes and obesity 3. Biopharmaceuticals 4. Financials 5. Sustainability changing diabetes® Investor presentation First three months of 2017 Slide 21 novo nordisk#22Novo Nordisk at a glance Investor presentation First three months of 2017 Slide 22 • 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 R&D pipeline • High barriers to entry in biologics • Operating profit growth targeting 5% on average • Earnings conversion to cash targeting 90% Cash generated returned to shareholders Global insulin market leadership Global insulin market share: 46% Region Europe: Market share 45% Region China: Market share 54% North America Operations: Market share 37% Region Latin America: Market share 42% Region Japan & Korea: Market share 49% Region AAMEO: Market share 57% changing diabetes ●Global/regional headquarter Source: IMS MAT February 2017 volume figures AAMEO: Africa, Asia, Middle East & Oceania ● Manufacturing • R&D facility novo nordisk#23Investor presentation First three months of 2017 Slide 23 Novo Nordisk works with four strategic focus areas based on five core capabilities STRATEGIC PRIORITIES CORE CAPABILITIES Expand leadership in DIABETES Engineering, formulating, developing and delivering protein-based treatments Deep disease understanding Efficient large-scale production of proteins Pursue leadership in OBESITY Pursue leadership in HAEMOPHILIA Expand leadership in GROWTH DISORDERS Novo Nordisk Way changing diabetes Planning and executing global launches of new products Building and maintaining a leading position in emerging markets Driving change to defeat diabetes and other serious chronic conditions novo nordisk#24Investor presentation First three months of 2017 Slide 24 Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders Diabetes Haemophilia Growth disorders DKK billion Market value DKK Market value DKK Market value Novo Nordisk value market share billion Global market position Novo Nordisk value market share Global market position billion Novo Nordisk value market share Global market position 500 50% 70 50% 25 50% #1 #2 #1 60 400 300 40% 40% 20 40% 50 30% 30% 15 30% 40 30 200 20% 20% 10 20% CAGR¹ value: 17.7% 20 CAGR¹ value: 2.7% CAGR¹ value: 1.7% 100 10% 10% 5- - 10% 10 0 Feb 2012 0% 0 Feb 2017 FY 2012 1 CAGR for 5-year period Source: IMS MAT February, 2017 value figures Note: Annual sales figures for Haemophilia A, B and inhibitor segment 1 CAGR for 5-year period 0% 0 FY 2016 Feb 2012 1 CAGR for 5-year period 0% Feb 2017 Source: IMS MAT February, 2017 value figures changing diabetes® Source: Company reports novo nordisk#25Investor presentation First three months of 2017 Slide 25 Top line growth driven by the diabetes pandemic Novo Nordisk reported quarterly sales DKK billion 35 30 25 20 15 10 5 0 Q1 2007 by therapy Diabetes and obesity Haemophilia² International Diabetes Federation projects that 642 million people will have diabetes by 2040 Reg Europe Reg J&K Million North America NorditropinⓇ Other people Reg China 700 Reported sales CAGR¹: 11.0% 600 CAGR¹: 7.0% 500 -0.2% 7.7% 415 400 300 6.2% 12.5% 200 151 100 Reg AAMEO Reg LATAM 642 Q1 2000 2015 2040E 2017 1 CAGR for 10-year period Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: 20-79 age group 2 Haemophilia includes NovoSeven®, NovoThirteen® (as of Q1 2013) and Novo Eight® (as of Q1 2014) 1 CAGR for 15-year period Source: International Diabetes Federation: Diabetes Atlas 1st and 7th Edition, 2000 and 2015 changing diabetes® novo nordisk#26Investor presentation First three months of 2017 Slide 26 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market by treatment class OAD Global diabetes care value market share GLP-1 Insulin Novo Nordisk AstraZeneca Sanofi Novartis Eli Lilly Merck Takeda GSK 30% DKK billion 500 450 400 350 300 250 200 150 100 50- 0 Feb 2007 Total market: CAGR¹ 15.2% Injectables: CAGR¹ 19.4% CAGR¹ 34.3% 20% 10% CAGR¹ 17.9% CAGR¹ 10.6% 0% Feb 2017 Feb 2007 1 CAGR for 10-year period. OAD: Oral Anti-diabetic Source: IMS Monthly MAT February, 2017 value figures changing diabetes® Source: IMS Monthly MAT February, 2017 value figures 27% Feb 2017 novo nordisk#27Investor presentation First three months of 2017 Significant growth opportunities fuelled by strong R&D pipeline across all four strategic focus areas PHASE 1 LAI287 - QW basal insulin NN1406 Mealtime insulin G530S Glucagon analogue NN9838- Amylin analogue PHASE 2 Semaglutide - QD GLP-1 Anti-IL-21 and liraglutide Semaglutide QD GLP-1 Semaglutide NASH PHASE 3 OG217SC Oral GLP-1 N8-GP Long-acting rFVIII Somapacitan - QW GH² SUBMITTED Fast-acting insulin aspart (US) Semaglutide - QW GLP-1 N9-GP Long-acting rFIV 3 APPROVED¹ Levemir® NovoRapidⓇ NovoMix® Tresiba® NN9747 PYY analogue NN9277 GG-co-agonist NN9499 FGF21 obesity NN9423 - Tri-agonist 1706 NN7415 Concizumab NN7170 Sc N8-GP Diabetes Obesity & other Haemophilia Growth disorders 1 Approved in all triad markets (US, EU and Japan), unless noted 2 Study conducted in adult growth hormone disorder 3 Positive CHMP received in the EU GG: Glucagon GLP-1 changing diabetes® RyzodegⓇ XultophyⓇ (EU & US) VictozaⓇ FiaspⓇ (EU) SaxendaⓇ NovoSeven® NovoEight® NovoThirteenⓇ Norditropin® Slide 27 novo nordisk#28Investor presentation First three months of 2017 Slide 28 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions¹ North America Operations: Region Africa, Asia, Middle-East and Oceania (AAMEO): Region China: Region Europe: Region Japan & Korea: Region Latin America: Total non-HQ/manufacturing FTES: ~4,900 West Lebanon, NH, USA (~160)² ~4,500 Biopharmaceutical Global manufacturing setup Denmark (~9,500 FTEs) Diabetes and biopharmaceutical API production Filling Moulding and assembly Packaging Kaluga, Russia (~240 FTEs) Filling Assembly Packaging API production Koriyama, Japan (~70 FTEs) ~3,000 Packaging ~2,700 Clayton, NC, USA (~800 FTEs) Diabetes API production Filling Chartres, France (~1,100 FTEs) ~1,100 Assembly Packaging of above Tianjin, China (~1,000 FTEs) Filling Assembly Packaging Filling Moulding and Assembly Packaging ~850 Montes Claros, Brazil (~920 FTEs) ~17,000¹ Filling Assembly Packaging 1 FTEs represent full-time equivalents in Novo Nordisk's sales regions (excludes all other employees in headquarter, research sites and manufacturing sites) as of March 2017 2 New Hampshire facility is currently under establishment changing diabetes novo nordisk#29Investor presentation First three months of 2017 Slide 29 Solid patent protection of innovative drugs Novo Nordisk's position is protected by patents and value chain setup Patent protection¹ Xultophy insulin degi.dec/raglutide Unique value chain position Research & Development EU/US Fiasp 20302 fast-acting insulin aspart 20293 (rDNA argininection TRESIBA 2028/29 Manufacturing insulin degludex [DNA original injection RYZODEG 70% insulin delude and 30% insulat 2028/29 2018/19 Commercialisation Barriers to entry for biosimilar players Research & Development Need to show comparability in PK/PD trials Strict regulatory requirements in EU and the US • Requirement for both drug and device offering Manufacturing . Economies of scale for incumbents Up-front CAPEX requirements with slow return on investment ONA Levemir (insulin detemir) NovoMix (biphasic insulin aspart) Novo Rapid (insulin aspart) VICTOZA norditropin exp 2015/172 20172/172 20234/235 2017/172 History of protein engineering Highly efficient, flexible and capital intensive manufacturing Global commercial footprint 1 List does not include all marketed Novo Nordisk products. 2 Formulation patent expiration year 3 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 4 Assuming paediatric extension. 5 Saxenda patent identical to the VictozaⓇ patent. Source: Novo Nordisk 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 changing diabetes® novo nordisk#30Diabetes and obesity changing diabetes FlexPen NovoRapid NovoRapid Investor presentation First three months of 2017 Slide 30 FlexPan Levemir FlexPen NovoMix 30 FlexPen NovoMix 50 FlexPen NovoMix 70 W novo nordisk#31Investor presentation First three months of 2017 Diabetes - the inability to manage blood sugar levels appropriately Slide 31 Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces Primary classifications: Type 1 diabetes: Complete insulin deficiency due to destruction of beta-cells in the pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency Insulin: • Facilitates uptake of blood sugar into cells . Inhibits glucose release from the liver The aim of insulin therapy is to recreate normal blood insulin profile meal-related peaks (prandial) 70 T Short-lived, rapidly generated 60- 긑 50- Insulin (U/mL) 40- 20- 10- Sustained Insulin profile (basal) Fat cell Liver Pancreas Muscle changing diabetes® 0- 6:00 10:00 14:00 18:00 22:00 2:00 6:00 1 Time of day Breakfast Lunch Dinner novo nordisk#32Investor presentation First three months of 2017 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI ≥30 kg/m²) Diabetes prevalence US CDC data on obesity and diabetes prevalence among adults 1994 2000 2014 Slide 32 <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#33Investor presentation First three months of 2017 Slide 33 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 US Latin America 7.31 7.2%² 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#34Investor presentation First three months of 2017 Slide 34 UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications Risk reduction by lowering HbA1c by 1%-point UKPDS 10 year follow-up: Legacy effect of tight glycaemic control Relative risk reduction of intensive vs. conventional treatment (%) Diabetes- related death Peripheral Myocardial Microvascular vascular infarction complications disease 0 SU/Insulin treated patients -10 Microvascular disease 1997 2007 25 24 Incidence risk (%) -14% -20 -21%* -30- -40 *p<0.0001 -50 Source: UKPDS, Stratton et al. BMJ 2000; vol. 321:405-12 changing diabetes® Diabetes-related death Myocardial infarction -37%* All-cause mortality -43%* 10 10 17 16 15 6 13 Statistically significant improvement Source: NEJM, vol. 359, Oct 2008 novo nordisk#35B-cell function Investor presentation First three months of 2017 Slide 35 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 Insulin GLP-1 100% 80% 37% 68% 60% 9% 40% Insulin 4% 54% 20% 28% 0% Patients Value Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France. Value figures based on IMS MAT February 2017 Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas OAD novo nordisk#36Investor presentation First three months of 2017 Slide 36 The insulin market is comprised of three segments 6:00 Insulin action profiles Global insulin volume market by segment CAGR volume¹: 4.5% CAGR value¹: 19.8% tMU 500 Fast-acting 450 400 40% 350 Long-acting 37% 300 Premix 250 26% Premix 200 29% 150 100 Long-acting 34% Fast-acting 34% 50 0 10:00 14:00 18:00 22:00 2:00 6:00 ↑ ↑ ↑ Time of day Feb 2012 Feb 2017 1 CAGR for 5-year period. Value in DKK Breakfast Lunch Dinner Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 2012 Source: IMS Monthly MAT volume and value February 2017 (DKK) figures changing diabetes® novo nordisk#37Investor presentation First three months of 2017 Medications used for the treatment of type 2 diabetes Slide 37 Class HbA1c Нуро- Weight change glycaemia change Metformin 1.5 No Neutral Sulfonylurea 1.5 Yes Gain Commonly prescribed products for the treatment of type 2 diabetes Contraindication/ undesired effects Kidney, liver Essentially none CVD risk factors Dosing (pr. day) Minimal 2 OADs None 1 OAD TZDS 0.5-1.4 DPP-IV inhibitors 0.6 -0.8 22 No Gain Varies 1 OAD No Neutral TBD 1-2 OAD CHF, liver 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 HDL cholesterol; CHF: Congestive heart failure; GI: Gastro intestinal; 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. WelChol PI. 1/2008. Varies 1 OAD Varies Varies TG and HDL TG and HDL 1 injection 1-4 injections changing diabetes® novo nordisk#38Investor presentation First three months of 2017 Solid position in the diabetes care market across all regions with leading insulin market share Slide 38 Regions Diabetes care value Diabetes care value market composition market share Insulin volume market composition Insulin volume market share 30% 38% North America 58% 71% 29% 52% 63% 37% 12% 10% 41% 43% Region Europe 47% 72% 28% 41% 55% 45% 10% 19% 44% 26% Region AAMEO¹ 54% 76% 24% 25% 43% 57% 2% 49% 47% 21% Region China¹ 52% 69% 31% 16% 46% 54% 62% 1% Region Japan 16% 38% 80% 89% 11% 39% 51% 49% & Korea 23% 4% 27% Region Latin 19% 69% 85% 15% 74% 58% 42% America 5% 7% AAMEO: Africa, Asia, Middle-East and Oceania Insulin 1 IMS only covers part of the channels in Region AAMEO and Region China GLP-1 Source: IMS February, 2017 Monthly MAT volume and value (DKK) figures OAD Novo Nordisk Others Fast-acting Premix Novo Nordisk Others Long-acting novo nordisk#39Investor presentation First three months of 2017 Slide 39 Stable global insulin volume growth Regional insulin volume growth North America Reg Europe Reg J&K - Reg LATAM 30% 25% 20% 15% 10% 5% 0% Reg AAMEO World Regional insulin volume market split Reg China North America Reg China Reg Europe Reg LATAM 100% 80% 60% 40% 4% 20% 0% Feb 2017 Feb 2012 Feb 2012 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT February, 2017 volume figures changing diabetes® Reg AAMEO Reg J&K 3% 3% 9% 21% 33% 31% Feb 2017 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT February, 2017 volume figures novo nordisk#40Investor presentation First three months of 2017 Slide 40 Maintaining global insulin leadership by sustaining modern and new generation insulin market share Novo Nordisk global volume market share across insulin classes tMU 500 Human insulin¹ tMU MI and NGI³ class volume tMU Novo Nordisk class MS (%) Total insulin 100% 500 100% 500 100% Market value²: 400 DKK 25 billion 80% 400 Market value²: DKK 220 billion 80% 400 Market value²: DKK 244 billion 80% 300 60% 300 60% 300 60% 200 100 40% 200 40% 200 20% 100 + 20% 100 0 Feb 2012 0% 0 Feb Feb 2017 2012 0% Feb 2017 40% 20% 0% Feb Feb 2012 2017 1 Includes animal insulin. 2 Annual value of total insulin class. 3 MI: Modern insulin. NGI: New generation insulin Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS, Monthly MAT February, 2017 value and volume figures changing diabetes® novo nordisk#41Investor presentation First three months of 2017 Strong underlying insulin market growth and sustained global volume market share Slide 41 Global modern and new generation insulin volume market shares Sanofi Novo Nordisk Eli Lilly Global insulin market Device penetration Modern insulin penetration¹ tMU Penetration 500 CAGR volume²: 4.5% 100% 60% CAGR value²: 19.8% 50% 400 80% 40% 300 60% MI and NGI¹ 30% 200 40% 20% 100 - 20% Human insulin 10% 0 0% 0% Feb 2012 1 MI: Modern insulin. NGI: New-generation insulin 2 CAGR for 5-year period Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures Feb 2017 changing diabetes® Feb 2012 Note: Data is sensitive to changes in IMS data collection and reporting methodology, does not add up to 100% due to other players Source: IMS Monthly MAT February, 2017 volume figures 44% 35% 19% Feb 2017 novo nordisk#42Investor presentation First three months of 2017 Continued global single digit volume growth within the modern insulin segments Slide 42 Fast-acting insulin Premix insulin Segment volume Segment volume NovoRapidⓇ market share NovoMixⓇ market share Long-acting insulin Segment volume TresibaⓇ share - LevemirⓇ share tMU CAGR¹ volume: 5.0% 100% 200 MI penetration: 77.7% tMU 200 100% CAGR¹ volume: 1.9% MI penetration: 46.5% tMU 100% CAGR¹ volume: 5.9% 200 MI penetration2: 72.4% 80% 80% 80% 160 160 160 - 60% 60% 60% 120 120 120 +40% 40% 40% 80 80 80 40 20% 40 20% 40 20% 0 0% 0% 0% Feb 2012 Feb 2017 Feb 2012 Feb 2017 Feb Feb 2012 2017 1 CAGR for 5-year period 2 Includes new-generation Insulin Note: Modern insulin (MI) penetration is of total segment, ie including animal and human insulin; Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT February, 2017 volume figures changing diabetes® novo nordisk#43Investor presentation First three months of 2017 Solid US market share within the modern and new generation insulin segment Insulin market by segments in the US Slide 43 Device penetration tMU 160 140 120 Fast-acting 100 80 Premix 60 40 20 Modern Insulin penetration CAGR volume¹: 2.3% Penetration CAGR value¹: 27.1% Novo Nordisk MI and NGI volume market shares in the US Sanofi Eli Lilly 60% 100% 50% 80% 40% 40% 38% 60% 30% 40% 20% 22% Long-acting 20% 10% 0% 0% Feb 2012 Feb 2017 Feb 2012 Feb 2017 1 CAGR for 5-year period Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures changing diabetes® Source: IMS Monthly MAT February, 2017 volume figures novo nordisk#44Investor presentation First three months of 2017 Slide 44 Novo Nordisk's modern insulins maintain market share in the US insulin market US fast-acting insulin Segment volume US premix insulin Segment volume US long-acting insulin Segment volume Levemir® share NovoLogⓇ share NovoLog® Mix 70/30 share TresibaⓇ share tMU tMU tMU CAGR volume¹: 3.1% 80 100% 80 MI penetration: 83.7% CAGR volume¹: (6.2%) MI penetration: 52.5% CAGR volume¹: 4.0% 100% 80 100% MI penetration: 79.3% 70 70 70 80% 80% 80% 60 60 60 50 40 - 60% 50 60% 50 - 60% 40 40 40% 40% 40% 30 20 10 0 Feb 2012 1 CAGR for 5-year period 30 30 20 20 20% 20% 20% 10 10 0% 0% 0 0% Feb 2017 0 Feb 2012 Feb 2017 Feb Feb 2012 2017 Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 2012. Modern insulin (MI) penetration is of total segment, ie including human insulin Source: IMS Monthly MAT February, 2017 volume figures changing diabetes® novo nordisk#45Investor presentation First three months of 2017 Slide 45 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage US Population by health insurance status expected to remain stable in coming years Managed care² Public exchanges Medicare Other Medicaid Uninsured US population (million) 333 324 100% 8% 8% 80% 22% 22% 60% 17% 18% 40% 47% 20% 0% In 2016 PBMs covered 266 million lives and the market has consolidated All other MedImpact PBMs Humana 4% 2% Prime 3% 8% Express Scripts 32% 24% 44% United Healthcare Group (OptumRx) & Catamaran 26% CVS Health 2016¹ 2020 1 2016 Data reflect historical data in Jan 2016 2 Managed care population was slightly underestimated as only population under age 65 were captured to avoid double counting with those eligible for Medicare. Source: Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Jan. 2016 changing 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 Source: Cleveland Research PBM Intelligence 2016 diabetes® novo nordisk#46Investor presentation First three months of 2017 Slide 46 Maintained leadership position in the European modern and new generation insulin market European insulin market by segments Device penetration European MI and NGI volume market shares Novo Nordisk Sanofi Eli Lilly tMU 180 MI and NGI penetration CAGR volume¹: 2.2% CAGR value1: Penetration 2.9% 100% 60% 160 50% 80% 140 120 40% Fast-acting 60% 100 30% 80 Premix 40% 60 20% 40 20% 20 Long-acting 10% 0 0% 0% Feb Feb 2012 2017 1 CAGR for 5-year period 2 MI: Modern insulin; NGI: New-generation insulin Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures changing diabetes® Feb 2012 MI: Modern insulin; NGI: New-generation insulin Source: IMS Monthly MAT February, 2017 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers Feb 2017 45% 35% 18% novo nordisk#47Investor presentation First three months of 2017 Slide 47 Stable leadership position in Africa, Asia, Middle-East and Oceania (AAMEO) AAMEO insulin market by segments Device penetration MI and NGI penetration Novo Nordisk Sanofi AAMEO MI and NGI volume market shares Eli Lilly Biocon tMU 120 CAGR volume¹: 9.3% CAGR value¹: 6.9% Penetration 100% 70% 60% 100 57% 80% 50% 80 Fast-acting 60% 40% 60 Premix 40% 30% 40 20% 20% 20 10% Long-acting 0 0% 0% Feb 2017 Feb 2012 1 CAGR for 5-year period. 2 Includes new generation insulin. Note: IMS only covers the following 8 markets in AAMEO (retail data): Algeria, Egypt, India, New Zealand, Russia, Saudi Arabia, South Africa & Turkey Source: IMS Monthly MAT February, 2017 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers Feb 2012 20% 14% 3% Feb 2017 Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin changing diabetes® MI: Modern insulin; NGI: New-generation insulin novo nordisk#48Investor presentation First three months of 2017 Slide 48 Solid market leadership position in Japan & Korea Japan & Korea insulin market by segments Device penetration - tMU 16 14 12 10 8 6 CAGR value¹: (2.0%) MI and NGI penetration CAGR volume¹: 0.3% Penetration 100% 70% 60% 80% Fast-acting 50% 60% 40% Premix 40% 30% 20% 4 Long-acting 20% 20 10% 0% 0% Feb 2012 1 CAGR for 5-year period MI: Modern insulin; NGI: New-generation insulin Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures Feb 2017 changing diabetes® Novo Nordisk Japan & Korea MI and NGI volume shares Eli Lilly Sanofi Feb 2012 Source: IMS Monthly MAT February, 2017 volume figures MI: Modern insulin; NGI: New-generation insulin Feb 2017 49% 26% 26% novo nordisk#49Investor presentation First three months of 2017 Slide 49 Solid TresibaⓇ performance strengthens basal insulin market share in Japan Japanese basal value market shares TresibaⓇ Levemir® --- Japanese total insulin value market shares Eli Lilly Sanofi NN Total Basal - NPH - biosimilar glargine 80% glargine U100- - glargine U300. Novo Nordisk 70% 60% 50% 40% 30% 20% 10% 0% Feb 2014 Source: IMS Monthly February, 2017 value figures changing diabetes® 60% 49% 40% 40% 24% 13% 20% 12% 7% 3% 0% Feb 2017 Feb 2014 Source: IMS Monthly February, 2017 value figures Feb 2017 58% 23% 19% novo nordisk#50Investor presentation First three months of 2017 Slide 50 Solid growth in the Chinese insulin market Chinese insulin market by segments Device penetration Modern Insulin penetration tMU CAGR volume¹: 12.4% 45 CAGR value¹: 19.8% Penetration 100% 70% 40 60% 35 Fast-acting 80% 50% 30 60% 25 40% 20 30% Premix 40% 15 20% 10 20% 10% 5 Long-acting 0 0% 0% Feb Feb 2012 2017 1 CAGR for 5-year period Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures changing diabetes® Chinese insulin volume market shares Novo Nordisk Eli Lilly Sanofi Gan & Lee Tonghua Dongbao United Lab Feb 2012 Note: Only selected competitors shown Source: IMS Monthly MAT February, 2017 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included 54% 13% 9% 6% 5% 2% Feb 2017 novo nordisk#51Investor presentation First three months of 2017 Slide 51 Continued expansion of the modern insulin market in China Chinese insulin market by segments Chinese total insulin value market shares Device penetration Modern Insulin penetration Novo Nordisk Sanofi bDKK Penetration Gan & Lee Tonghua Dongbao Eli Lilly United Lab 8 CAGR value¹: 19.8% 100% 70% Fast-acting 60% 80% 6 50% 51% 60% Premix 40% 4 40% 30% 20% 2 20% Long-acting 10% 0% 0% Feb 2012 1 CAGR for 5-year period Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IMS Rolling MAT February, 2017 value (DKK) figures Feb 2017 Feb 2012 17% 11% 6% 1% Feb 2017 Note: Only selected competitors Source: IMS Rolling MAT February, 2017 value figures, numbers do not add up to 100% due to smaller insulin manufacturers not included changing diabetes® novo nordisk#52Investor presentation First three months of 2017 Slide 52 Strengthened insulin volume market share in Latin America Latin America insulin market by segments Novo Nordisk Latin America MI and NGI volume shares Eli Lilly Sanofi tMU 15 12 9 16 3 0 Device penetration MI and NGI penetration CAGR volume¹: 13.8% CAGR value¹: 10.7% Penetration 60% 70% 60% Fast-acting 50% Premix 40% 40% 30% - 20% 20% Long-acting 10% 0% 0% Feb 2017 Feb 2012 Feb 2012 1 CAGR for 5-year period Note: IMS only covers the following 4 markets in LATAM (retail data): Argentina, Brazil, Colombia, Mexico Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin Note: Only top-3 shown Source: IMS Monthly MAT February, 2017 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included MI: Modern insulin; NGI: New-generation insulin changing diabetes® Feb 2017 42% 32% 15% novo nordisk#53Investor presentation First three months of 2017 Slide 53 • Slows gastric emptying in the gut Increases insulin secretion in the pancreas • Reduces glucagon secretion in the liver • Creates sense of satiety in the brain Brain GLP-1 effect dependent on level of blood glucose - which reduces risk of hypoglycaemia GLP-1 mechanism of action when blood sugar levels increase 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#54Investor presentation First three months of 2017 Slide 54 The combined GLP-1 segment accounts for around 10% with rapid value market growth GLP-1 value in bDKK Global GLP-1 market VictozaⓇ dulaglutide GLP-1 value and patient share of the total diabetes market GLP-1 value share of total diabetes GLP-1 patient share of total diabetes other exenatide Share of total diabetes care market Share % 15% 50 10% 12% 40 30 40 CAGR value¹: 36.3% 8% 10% 10% 10% 30 - 6% 20 20 4% 5% 5% 4% 4% 3% 4% 2% 10 2% 1% 0% 0% Feb 2012 Feb 2017 1 CAGR for 5-year period Source: IMS Monthly MAT February, 2017 value figures (DKK) World North Reg Reg Reg Reg Reg EU AAMEO J&K LATAM China America AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America Note: Patient share is indicative and based on data for US, UK, Germany and France. Source: Patient data; IMS PharMetrix claims data, IMS disease analyser, IMS Midas Value data; IMS MAT February 2017 changing diabetes novo nordisk#55Investor presentation First three months of 2017 Strong GLP-1 volume growth across the regions with a steep uptake for Region Latin America Regional GLP-1 volume growth North America Region Europe Region AAMEO Region J&K Regional GLP-1 volume market split North America Region Europe Region J&K 70% 60% 50% 40% 30% 20% 10% 0% Region China Region LATAM World - Region China 100% 80% 60% 40% 20% 0% Feb 2017 Feb 2014 Feb 2014 J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT February, 2017 volume figures changing diabetes® Slide 55 Region AAMEO Region LATAM 3% 1% 4% 6% 39% J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT February, 2017 volume figures 47% Feb 2017 novo nordisk#56Investor presentation First three months of 2017 The combined GLP-1 segment accounts for 12% of the total diabetes care market in North America GLP-1 value in bDKK 40 35 30 25 20- 15- 10- 5- North America GLP-1 market VictozaⓇ dulaglutide other exenatide CAGR value¹: 41.8% Feb 2012 1 CAGR for 5-year period. Source: IMS Monthly MAT February, 2017 value figures (DKK) changing diabetes® Slide 56 Key observations for VictozaⓇ in the US market VictozaⓇ value market share within the GLP-1 segment is 54% Around 81% of commercial and around 89% of Medicare Part D lives are covered without restrictions Around 69% of new patients are new to treatment or from OAD-only regimens Close to 70% of prescriptions are for the higher dose 1.8 mg (3-pen pack)1 Share of total diabetes care market 12% • -10% • 8% 6% 4% 2% 0% Feb 2017 1 IMS monthly NPA data, February 2017 novo nordisk#57Investor presentation First three months of 2017 Slide 57 The combined GLP-1 segment accounts for around 10% of the total diabetes care market in Europe European GLP-1 market VictozaⓇ dulaglutide - other exenatide GLP-1 value in bDKK 6 5 4 3 2 1 0 Feb 2012 CAGR value¹: 18.9% 1 CAGR for 5-year period Source: IMS Monthly MAT February, 2017 value figures (DKK) changing diabetes® VictozaⓇ value market share in Europe Share of total diabetes care market GLP-1 value market share VictozaⓇ dulaglutide other exenatide 100% 10% 80% 8% 64% 60% 6% - 4% 40% 2% 20% 0% 0% Feb 2017 Feb 2012 17% 16% 3% Feb 2017 Source: IMS Monthly MAT February, 2017 value figures (DKK) novo nordisk#58Investor presentation First three months of 2017 Slide 58 The combined GLP-1 segment accounts for more than 2% of the total diabetes care market in AAMEO AAMEO GLP-1 market VictozaⓇ value market share in AAMEO GLP-1 value in bDKK VictozaⓇ dulaglutide lixisenatide Share of total exenatide diabetes care market GLP-1 value market share VictozaⓇ dulaglutide lixisenatide exenatide 0.5 3% 100% CAGR value¹: 38.0% 0.4 80% - 2% 0.3 60% 55% 0.2 40% 1% 0.1 20% 0.0 0% 0% Feb 2012 Feb 2017 1 CAGR for 5-year period AAMEO: Africa, Asia, the Middle East and Oceania Source: IMS Monthly MAT February, 2017 value figures (DKK) Feb 2012 Source: IMS Monthly MAT February, 2017 value figures (DKK) 28% .16% 0% Feb 2017 changing diabetes® novo nordisk#59Investor presentation First three months of 2017 Slide 59 The combined GLP-1 segment accounts for around 4% of the total diabetes care market in Japan & Korea Japan & Korea GLP-1 market VictozaⓇ dulaglutide - other exenatide GLP-1 value in bDKK 1.2 1.0 CAGR value¹: 22.0% 0.8 0.6 0.4 0.2 0.0 Feb 2012 1 CAGR for 5-year period Source: IMS Monthly MAT February, 2017 value figures (DKK) changing diabetes VictozaⓇ value market share in Japan & Korea Share of total diabetes care market 3% GLP-1 value market share VictozaⓇ dulaglutide other exenatide 100% 80% 2% 60% 55% 40% 1% 20% 0% 0% Feb 2017 Feb 2012 Source: IMS Monthly MAT February, 2017 value figures (DKK) 28% 11% 6% Feb 2017 novo nordisk#60Investor presentation First three months of 2017 Strong market leadership of Victoza ® in Latin America GLP-1 value in bDKK Latin America GLP-1 market VictozaⓇ dulaglutide - other exenatide 0.5 CAGR value¹: 14% 0.4 0.3 0.2 0.1 0.0 Feb 2012 1 CAGR for 5-year period Source: IMS Monthly MAT February, 2017 value figures (DKK) changing diabetes Slide 60 VictozaⓇ value market share in Latin America Share of total GLP-1 value diabetes care market share VictozaⓇ dulaglutide other exenatide market 100% 7% 87% 6% 80% 5% 60% 4% 3% 40% 2% 20% 1% 0% 0% Feb Feb 2017 2012 10% 2% 1% Feb 2017 Source: IMS Monthly MAT February, 2017 value figures (DKK) novo nordisk#61Investor presentation First three months of 2017 VictozaⓇ maintains a solid position in the global segment Slide 61 Segment value DKK billion Share of segment value growth Segment value market shares VictozaⓇ Other GLP-1 SGLT-2 DPP-IV 200 100% 100% 13% 12% 180 160 80% 80% CAGR¹ value: 140 31.0% 120 60% 60% 100 80 40% 40% 60 40 20% 20% VictozaⓇ 14% 20 0 0% 0% Feb 2012 Feb 2017 2015 vs 2016 2016 vs Feb 2017 2012 Feb 2017 1 CAGR for 5-year period Note: Segment only includes DPP-IV, GLP-1 & SGLT-2. Other oral anti-diabetic agents and insulin excluded Source: IMS MAT February 2017 value figures changing diabetes novo nordisk#62Investor presentation First three months of 2017 Slide 62 Key Novo Nordisk diabetes care products remain broadly available in the US Value market shares of key Novo Nordisk products in the US Value market share VictozaⓇ TresibaⓇ NovoLogⓇ % unrestricted market access of key Novo Nordisk products in the US VictozaⓇ TresibaⓇ NovoLogⓇ LevemirⓇ 80% 60% 40% 20% 0% Jan 2014 Source: IMS NSP February 2017; LevemirⓇ Unrestricted Market access 100% 80% 60% 40% 20% 0% Feb 2017 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 Jan 2014 Source FingerTip Formulary bridge/ January 2017 Nomenclature and Xponent PlanTrak using week-ending 2/3/2017; 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; TresibeⓇ launched in January 2016 Jan 2017 novo nordisk#63Investor presentation First three months of 2017 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment flow¹ 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 Slide 63 Second generation analogues oral semaglutide semaglutide TRESIBA Xultophy RYZODEG Fiasp fast-acting insulin aspart or First generation analogues Human insulin VICTOZAⓇ LevemirⓇ Novo Mix® Novo Rapid or Insulatard® Mixtard® 30 ActrapidⓇ 1 Pending clinical development programmes and regulatory processes for oral semaglutide and semaglutide changing diabetes® novo nordisk#64Investor presentation First three months of 2017 Slide 64 R&D pipeline: Diabetes, obesity and other areas Product/project Fast-acting insulin aspart (NN1218)1 Semaglutide (NN9535) OG217SC (NN9924) Semaglutide QD (NN9535) Anti-IL-21 and liraglutide (NN9828) LAI287 (NN1436) Mealtime insulin (NN1406) PYY diabetes (NN9748) Semaglutide QD (NN9536) G530S (NN9030) AM833 (NN9838) GG-co-agonist (NN9277) PYY obesity (NN9747) FGF21 Obesity (NN9499) Tri-agonist 1706 (NN9423) Semaglutide NASH (NN9931) Туре New formulation of insulin aspart Indication Status (phase) 1 2 3 Filed Appr. Type 1+2 Once-weekly GLP-1 analogue Type 2 Long-acting once-daily oral GLP-1 analogue Type 2 Once-daily GLP-1 analogue Type 2 Immuno-metabolic combination of Anti-IL-21 and liraglutide Type 1 Long-acting once-weekly basal insulin analogue Type 1+2 Liver-preferential mealtime insulin Type 1+2 Peptide YY analogue Type 1+2 Obesity Obesity Obesity Obesity Obesity Obesity Obesity Once-daily GLP-1 analogue Glucagon analogue Long-acting amylin analogue Glucagon GLP-1 co-agonist Peptide YY analogue Fibroblast growth factor 21 analogue Phase 1 trial initiated Long-acting once-daily GLP-1 analogue NASH 1 Approved in EU on 10 Jan 2017 changing diabetes novo nordisk#65Investor presentation First three months of 2017 Slide 65 TresibaⓇ demonstrated CV safety and reduced severe hypoglycaemia risk vs insulin glargine U100 in DEVOTE trial 7,637 patients with type 2 diabetes Trial objective • DEVOTE trial design TresibaⓇ once daily (blinded vial) + standard of care Insulin glargine U100 once daily (blinded vial) + standard of care Event driven trial* To investigate the cardiovascular safety of TresibaⓇ CV: Cardiovascular Note: Key inclusion criteria: Adults above 50 years with type 2 diabetes and established cardiovascular disease, or above 60 years with multiple cardiovascular risk factors; HbA1c ≥7.0% or HbA1c <7.0% and current basal insulin therapy ≥20 units per day; treatment with ≥1 oral or injectable anti-diabetic drug(s) The trial was concluded after at least 633 events changing diabetes® Key results and next step • Non-inferiority on CV safety demonstrated with a hazard ratio of 0.91 in favour of TresibaⓇ relative to insulin glargine U100 with no statistically significant difference between the two treatments • Compared to insulin glargine U100, TresibaⓇ demonstrated a superior and statistically significant: • 27% reduction in the proportion of subjects with one or more severe hypoglycaemia episodes 40% reduction in the overall rate of severe hypoglycaemia episodes • 53% reduction in the rate of nocturnal severe hypoglycaemia episodes Next steps • Presentation of detailed results at American Diabetes Association in June 2017 and submitted to regulatory authorities in Q2 2017 CV: Cardiovascular novo nordisk#66Investor presentation First three months of 2017 Slide 66 XultophyⓇ showed significant reduction of hypoglycaemic events and weight loss vs basal-bolus in phase 3b study DUAL VII phase 3b trial design 506 patients with type 2 diabetes IDegLira + metformin insulin glargine U100 + insulin aspart + metformin 26 weeks Randomisation (1:1) End of treatment Trial objective • To confirm the efficacy of XultophyⓇ versus basal-bolus therapy in terms of glycaemic control BMI: Body Mass Index Key inclusion criteria: Adults with type 2 diabetes and BMI ≤40kg/m2; HbA1c 7.0-10.0% and current basal insulin therapy 20-50 units insulin glargine U100 + metformin per day Key results and next steps • XultophyⓇ successfully demonstrated similar glucose control compared to insulin glargine U100 in combination with insulin aspart • XultophyⓇ showed superior reduction of 89% in the rate of severe or blood glucose confirmed symptomatic hypoglycaemic episodes compared to insulin glargine U100 in combination with insulin aspart • XultophyⓇ patients experienced a weight loss of 0.9 kg compared with a weight gain of 2.6 kg with the basal-bolus regimen • . At the end of the trial XultophyⓇ patients required 40 units compared to a total of 85 units with insulin glargine U100 in combination with insulin aspart Next steps: Presentation of DUAL VII data at American Diabetes Association in June 2017 changing diabetes® novo nordisk#67Investor presentation First three months of 2017 Slide 67 Fast-acting insulin aspart approved in the EU and Canada, regulatory decision by FDA expected Q4 2017 • Regulatory decisions and next steps FiaspⓇ (fast-acting insulin aspart) launched in Germany, UK and Canada . Next step: Launch roll-out in more European countries • Class II resubmission of the NDA for fast-acting insulin aspart in the US on 29 March 2017 FiaspⓇ vs NovoRapidⓇ EU label characteristics Efficacy Pharma- cokinetics Safety • Next step: Regulatory decision by the FDA expected Q4 2017 Specific populations • FiaspⓇ HbA1c reduction of -0.32% compared NovoRapidⓇ of -0.15% in type 1 diabetes patients Fiasp® 1-h PPG reduction of -0.29 mmol/l •FiaspⓇ twice as fast as NovoRapidⓇ •Twice as much insulin available during first 30 minutes with FiaspⓇ • Overall safety of FiaspⓇ consistent with NovoRapidⓇ • Hypoglycaemia may occur earlier compared to other mealtime insulins •FiaspⓇ approved for pregnancy and pumps as NovoRapidⓇ Paediatric use not yet approved for FiaspⓇ and more limited geriatric use vs NovoRapidⓇ NDA: New drug application changing diabetes® PPG: Postprandial glucose; SC: Subcutaneous novo nordisk#68Investor presentation First three months of 2017 Slide 68 VictozaⓇ statistically significantly reduced the risk of major adverse cardiovascular events in the LEADER trial 13% reduction in 3-point MACE with Victoza® compared with placebo VictozaⓇ Placebo Patients¹ with an event (%) 20 Hazard ratio = 0.87 95% CI (0.78;0.97) p<0.001 for non-inferiority p=0.011 for superiority 15 10 5 18 24 0 6 12 30 36 42 48 Time from randomisation (months) ¹Inclusion criteria: Adults above 50 years with type 2 diabetes and established CV disease, above 60 years with multiple CV factors, HbA1c ≥ 7.0% MACE: major adverse cardiovascular events; 3-point MACE comprises cardiovascular death, non-fatal myocardial infarction and non-fatal stroke; CI: two-sided confidence interval changing diabetes® Key results • Superiority of VictozaⓇ vs placebo was confirmed for time to first MACE in people with type 2 diabetes at high CV risk • VictozaⓇ reduced the MACE risk by 13%, driven by 22% reduction in CV mortality, 12% reduction in non-fatal myocardial infarctions and 11% reduction in non-fatal stroke, compared with placebo when added to standard of care • VictozaⓇ reduced all-cause mortality by 15% respectively, compared with placebo when added to standard of care • The result was consistent across sensitivity analyses 54 • VictozaⓇ appeared to have a safe and well tolerated profile, generally consistent with previous studies for VictozaⓇ® CV: Cardiovascular novo nordisk#69Investor presentation First three months of 2017 Slide 69 TresibaⓇ shows lower rate of hypoglycaemia than insulin glargine U100 in SWITCH trials - filed in H2 2016 SWITCH 1 - type 1 diabetes Hypoglycaemic events per 100 PYE SWITCH 2 - type 2 diabetes TresibaⓇ glargine U100 Hypoglycaemic events per 100 PYE 3,000 * -11% -30%* 300 2,500 250 265 2,000 2,463 200 2,201 1,500 150 -36%* 1,000 -35% 100 186 -42%* -46% 94 500 50 92 55 429 277 69 9 5 0 0 Severe or BG Severe or BG Severe events confirmed symptomatic events confirmed symptomatic nocturnal events events nocturnal events changing Note: The prevalence of hypoglycaemia is measured during the maintenance period; Blood glucose confirmed hypoglycaemia is defined as <56 mg/dL (<3.1 mmol/L); The confirmatory diabetes secondary endpoint of proportions of subjects experiencing severe hypoglycaemia during the maintenance period did not reach statistical significance in the SWITCH 2 trial. * Statistically significant; BG: Blood glucose; PYE: Patient years exposed Severe or BG confirmed symptomatic Severe or BG confirmed symptomatic Severe events novo nordisk#70Investor presentation First three months of 2017 Slide 70 Semaglutide significantly reduced the risk of major cardiovascular events with 26% vs placebo in SUSTAIN 6 Semaglutide demonstrated 26% reduction in composite CV outcome compared with placebo Patients with an event (%) 15 10 5 semaglutide Hazard ratio = 0.74 (95% CI: 0.58;0.95) Events: 108 semaglutide; 146 placebo p<0.001 for non-inferiority p=0.02 for superiority* placebo • • • Key results and next step Non-inferiority of semaglutide compared to placebo was confirmed for time to first MACE in people with type 2 diabetes Semaglutide reduced the risk of MACE by 26% driven by reductions of non-fatal stroke by 39%* and non-fatal MI by 26% Semaglutide significantly reduced the risk of nephropathy while increasing the risk of retinopathy complications • Next step: Novo Nordisk has submitted an NDA for semaglutide to regulatory authorities and expect regulatory feedback in Q4 2017 0 8 16 24 32 40 48 56 64 72 80 88 96 104 Weeks Note: p-value is two-sided, pooled data reported for both semaglutide and placebo MACE: Major adverse cardiovascular event; 3-point MACE comprises cardiovascular death, non-fatal myocardial infarction and non-fatal stroke; CI: Confidence interval *No adjustment for multiple tests *P-value <0.001 NDA: New drug application novo nordisk#71Investor presentation First three months of 2017 Slide 71 In phase 3a trials semaglutide shows best in-class potential on HbA1c reduction across treatment cascade Comparison of HbA1c lowering effect in SUSTAIN 1, 2, 3, 4 and 5 trials Placebo Sitagliptin 100 mg Exenatide QW % patients HbA1c ≤7% Baseline 0.0 SUSTAIN 1 8.1% Sema 1 mg Sema 0.5 mg| SUSTAIN 2 8.1% SUSTAIN 3 8.4% SUSTAIN 4 8.2% Insulin glargine QD SUSTAIN 5 8.4% Change in HbA1c (%) -0.4 -0.8 0.0 -0.5 -1.2 -1.3 -1.5 -1.5 -1.6 -1.6 -1.6 * * -0.9 -1.6 -1.2 -0.8 -2.0 72% 74% 25% 78% 69% 36% 67% 40% 73% 58% 38% *p < 0.001; QD: once daily; QW: once weekly; sema: semaglutide Source: Novo Nordisk on file (NN9535-3623, NN9535-3624, NN9535-3625, NN9535-3626, NN9535-3627) changing diabetes® -1.8 * -1.4 79% 61% 11% novo nordisk#72Investor presentation First three months of 2017 Slide 72 In phase 3a trials semaglutide shows best in-class weight lowering potential across treatment cascade Comparison of weight lowering effect in SUSTAIN 1, 2, 3, 4 and 5 trials Sema 1 mg Sema 0.5 mg SUSTAIN 1 92kg Placebo SUSTAIN 2 89kg Baseline 1.0 Sitagliptin 100 mg SUSTAIN 3 96kg Exenatide QW SUSTAIN 4 93kg 1.2 Insulin glargine QD SUSTAIN 5 92kg Change in weight (kg) 0.0 -1.0 -2.0 -3.0 -3.7 -4.0 -4.5 -5.0 -6.0 -7.0 -1.0 -6.1 -4.3 -1.9 -1.9 * -5.2 -5.6 *p < 0.001; QD: once daily; QW: once weekly; sema: semaglutide Source: Novo Nordisk on file (NN9535-3623, NN9535-3624, NN9535-3625, NN9535-3626, NN9535-3627) changing diabetes® * -3.5 -6.4 -3.7 -1.4 novo nordisk#73Investor presentation First three months of 2017 Slide 73 Phase 2 trial with semaglutide for NASH initiated in November 2016 Once-daily semaglutide vs. placebo in patients with NASH trial design 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 72 weeks 7 weeks follow up Liver biopsy Liver biopsy (recent or new) 1 Inclusion criteria: Histological confirmation of NASH, BMI 25.0-45.0 kg/m2, NASH fibrosis stage 2 or 3, Histological NAFLD Activity Score ≥ 4 sc: subcutaneous; QD: Once-daily; NAFLD: non-alcoholic fatty liver disease; NASH: non-alcoholic steatohepatitis; NAFLD: Non-alcoholic fatty liver disease. Phase 2 trial purpose and endpoints Purpose: To compare the effects of semaglutide subcutanous once daily versus placebo in achieving histologic resolution of NASH after 72 weeks ⚫ Trial design: Randomised and double-blind Primary endpoint: NASH resolution without worsening in fibrosis after 72 weeks Secondary endpoint: At least one stage of improvement at week 72, change from baseline in NAFLD activity score, stage of fibrosis and biomarkers Results: Phase 2 trial results communicated in 2019 changing diabetes® novo nordisk#74Investor presentation First three months of 2017 Competitive TresibaⓇ label across all three triad markets Slide 74 Profile Efficacy Safety • Convenience • TresibaⓇ label characteristics in triad markets US Half-life of 25 hours and duration of action of at least 42 hours Day to day variability of 20% Non-inferior HbA1c reduction Numerically greater FPG reduction Numerically lower insulin dose¹ Overall safety consistent with insulin Hypoglycaemia rates for TresibaⓇ, but not comparator Injection any time of day Up to 80 and 160 units per injection 1 Observed in majority of the trials Europe • . • Duration of action beyond 42 hours Four times lower day-to-day variability vs insulin glargine • Non-inferior HbA1c reduction • • Japan Duration of action up to 26 hours in Japanese patients • Four times lower day-to-day variability vs insulin glargine • Non-inferior HbA1c reduction Numerically greater FPG reduction • Numerically greater FPG reduction Overall safety consistent with insulin • • Lower rate of overall and nocturnal hypoglycaemia • • Adjusting injection time when needed Up to 80 and 160 units per injection • • Overall safety consistent with insulin Lower rate of nocturnal hypoglycaemia in Asian subjects In case of missed dose take as soon as possible changing diabetes® novo nordisk#75Investor presentation First three months of 2017 Competitive labels for XultophyⓇ in both the US and EU Slide 75 Indication Profile Efficacy Convenience Safety • US - XultophyⓇ 100/3.6 Adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes mellitus inadequately controlled on basal insulin (less than 50 units daily) or liraglutide (less than or equal to 1.8 mg daily) A combination of insulin degludec and liraglutide Administered as units: Each XultophyⓇ 100/3.6 dosage unit contains 1 unit of insulin degludec and 0.036 mg of liraglutide • HbA1c reduction of 1.7% from baseline to end of trial with an estimated treatment difference of -0.5 vs Insulin glargine U100 Weight gain when converting from liraglutide of 2 kg • • Once-daily administration at same time each day with or without food The pen delivers doses from 10 to 50 units with each injection Hypoglycaemia is the most common adverse reaction Gastrointestinal adverse reactions may occur more frequently at the beginning of therapy and diminish within a few days or weeks on continued treatment • . • Europe - XultophyⓇ XultophyⓇ is indicated for the treatment of adults with type 2 diabetes in combination with oral glucose-lowering agents Fixed combination product consisting of insulin degludec and liraglutide. Administered as dose steps: 1 dose step contains 1 unit of insulin degludec and 0.036 mg of liraglutide ⚫ On average HbA1c reduction of 1.9% from baseline to end of trial confirmed to be superior against all comparators¹ On average 2.7 kg weight loss from baseline in patients inadequately controlled on basal insulin • Once-daily administration at any time of the day, preferably at the same time of the day • The pre-filled pen can provide from 1 up to 50 dose steps in one injection ⚫ Lower rates of confirmed hypoglycaemia than with insulin degludec in patients on metformin +/- pioglitazone . Fewer experienced gastrointestinal side effects than patients treated with liraglutide changing diabetes® Source: DUALI (NN9068-3697), DUAL II (NN9068-3912), DUAL III (NN9068-3851), DUAL IV (NN9068-3952), DUAL V (NN9068-4119) 1 p<0.01 novo nordisk#76Investor presentation First three months of 2017 XultophyⓇ has documented strong efficacy across the treatment cascade Slide 76 DUAL I Add-on to XultophyⓇ key clinical results DUAL II Add-on to DUAL III Switch from GLP-1 metformin ± Pio n = 833 metformin ± basal n = = 292 insulin DUAL IV Add-on to SU ± metformin n = 289 DUAL V Switch from insulin glargine n = 557 n = 199 Mean trial start HbA1c (%) 8.3 8.7 7.8 7.9 8.4 Mean trial end HbA1c (%) 6.4 6.9 6.4 6.4 6.6 HbA1c change (%) -1.9 -1.9 -1.3 -1.45 -1.8 % to target < 7% (%) 80.6 60.3 75.3 79.2 71.6 % to target < 6.5% (%) 69.7 45.2 63.0 64.0 55.4 Confirmed hypoglycaemia 180.2 153.4 282 351.7 343.3 (Episodes per 100 PYE) Weight change (kg) -0.5 -2.7 +2.0 +0.5 -1.4 Note: Typical confirmed hypoglycaemia event rates for treatment with basal insulin are 142-369 episodes per 100 PYE (based on insulin glargine event rates from trials NN1250-3586, 3579 and 3672) where the FPG target and hypoglycaemia definition is similar to the DUAL trials changing diabetes® novo nordisk#77Investor presentation First three months of 2017 Oral peptide delivery - the gastro-intestinal route poses many challenges to absorption of intact macromolecules Slide 77 Challenges 1. Breakdown of drug in the stomach/gastrointestinal tract 2. Passage across the gut barrier into the circulation 3. Ensuring a long circulation half-life Solutions 1. Stabilisation of peptide backbone and side chain 2. Tablet formulation including carrier and/or coating 3. Engineered systemic protraction mechanism Note: Mechanism of action used for oral semaglutide changing diabetes® novo nordisk#78Investor presentation First three months of 2017 Slide 78 Oral semaglutide dose dependently reduced HbA1c and body weight in a 26-week phase 2 trial in type 2 diabetes HbA1c reduction from a mean baseline of 7.9% Placebo HbA1c (%) 8.0 - Sema 2.5 mg - Sema 5 mg Sema 10 mg Weight loss from a mean base line of 92 kg Sema 40 mg Sema 20 mg Weight loss (kg) 0.0 - Sema 1 mg sc 7.5 7.0 6.5 6.0 -2.0 -4.0 -6.0 0.0 -8.0 0 4 6 8 10 12 14 16 18 20 22 24 26 Time (weeks) 0 2 4 6 8 10 12 14 16 18 20 22 24 26 Time (weeks) Inclusion criteria: Type 2 diabetes; 7.0% ≤ HbA1c 9.5%; treatment with diet and exercise with or without metformin; sc: subcutaneous; sema: semaglutide changing diabetes novo nordisk#79Investor presentation First three months of 2017 Slide 79 Initiation of PIONEER trials for oral semaglutide 2016 PIONEER 1: monotherapy 26 weeks, n=704 PIONEER 2: vs empagliflozin 52 weeks, n=816 PIONEER 3: vs sitagliptin 78 weeks, n=1,860 2017 2018 PIONEER 4: vs liraglutide 52 weeks, n=690 PIONEER 5: moderate renal impairment 26 weeks, n=324 PIONEER 6: cardiovascular outcomes Event driven (>122 MACE), n=3,176 PIONEER 7: flexible dose escalation 52 weeks, n=500 PIONEER 8: insulin add-on 26+26 weeks, n=720 PIONEER 9: JAPAN monotherapy 52 weeks, n=230 PIONEER 10: JAPAN OAD combination 52 weeks, n=336 Note: Preliminary estimated timing of trials from first patient first visit (FPFV) to last patient last visit (LPLV), n = approximate number of randomised people; MACE: Major Cardiovascular Events; OAD: oral anti-diabetic changing diabetes® novo nordisk#80Investor presentation First three months of 2017 Slide 80 Anti-IL 21 in combination with liraglutide is an alternative approach for the treatment of type 1 diabetes Phase 2 trial design Anti-IL-21 + liraglutide 1.8 mg Placebo + liraglutide 1.8 mg type 1 diabetes¹ Anti-IL-21 + placebo 304 newly diagnosed people with Placebo + placebo + Week 0 54 80 Dosing Observation Rationale for Anti-IL 21 and liraglutide combination product for T1D Anti-IL 21 plays an important role in autoimmunity with potential effect on immune disorder Effector cells (T and B lymphocytes and natural killer cells) Pro-inflammatory cytokines Autoantibodies Chemokines Matrix metalloproteinase (MMPs) GLP-1 receptor agonist may promote beta-cell recovery Decrease beta-cell stress/apoptosis Stimulate beta-cell neogenesis Expansion of beta-cell mass in rodent models Orphan drug designation granted for the treatment of type 1 diabetes with residual beta cell function in January 2017 1 Inclusion criteria: Subjects diagnosed as type 1 diabetes for not more than 12 weeks prior to randomisation; age 18-45 (both inclusive) Note: If liraglutide 1.8 mg is not tolerated 1.2 mg is administered. ANTI-IL: interleukin changing diabetes® T1D: Type 1 diabetes; MOA: Mode of action. novo nordisk#81Investor presentation First three months of 2017 Insulin LAI287 offers potential for once-weekly dosing LAI287 pharmacodynamic profile is compatible with once-weekly dosing Glucose Infusion Rate (mg/kg/min) 5 4 3 2 1 - Insulin glargine 2 3 4 Note: Pharmacokinetic simulation changing diabetes Time (days) 5 LAI287 16 Slide 81 Key results of phase 1 trial The trial evaluated short term efficacy and safety during five weeks of treatment LAI287 showed dose-dependent exposure and a variability comparable to that of insulin degludec Terminal half-life of 185 hours supporting a once-weekly dosing regimen LAI287 generally appeared safe and well tolerated, with most frequent adverse events being hypoglycaemia The side effects observed in the phase 1 trial will be further investigated novo nordisk#82Investor presentation First three months of 2017 Slide 82 Liver-preferential meal time insulin analogue has potential to reduce hypoglycaemia and weight gain Liver: The liver is important for insulin action sc insulin sc liver-preferential prandial insulin Glucose production Muscle: Glucose uptake Endogenous insulin Fat: Glucose uptake • • • Rationale and expected benefits of physiologically distributed insulin Rationale Elevated hepatic glucose release drives overall higher PPG in people with type 2 diabetes compared to healthy individuals¹ >50% of endogenous insulin secretion is cleared by the liver Insulinisation of peripheral tissues with current insulin analogues is higher than for endogenous insulin Potential benefits Mimics physiology of insulin distribution secreted from pancreas Less hypoglycaemia Less weight gain Next steps Phase 1 trial with liver-preferential mealtime insulin (NN1406) initiated PPG: post prandial glucose 1 Woerle HJ et al. Am J Physiol Endocrinol Metab 2006;290:E67-E77 Note: Mode of action for fast-acting insulin aspart sc: subcutaneous changing diabetes® novo nordisk#83Investor presentation First three months of 2017 Slide 83 More than 20 million people in the US have a BMI above 35 with either pre-diabetes or CV related comorbidities Incidence of obesity in the US (million people) Comorbidity status BMI 27-29.9 Class I BMI 30-34.9 Obesity Class II BMI Class III BMI Total 35-39.9 40+ No CV 15.5 11.0 4.2 3.0 33.7 comorbidities¹ CV 15.1 16.0 6.4 comorbidities² 4.1 41.6 Pre-diabetes³ 12.0 14.1 7.2 6.1 39.4 The US obesity burden Cost of obesity to health care systems of USD 147 billion annually with continued growth 5 Around 35% of the US adult population (over 20 years) have obesity (BMI >30)6 Only around 30% of all obesity cases in the US were diagnosed in 20097 In 2010, only 3 million people in the US or around 3% of the adult population with obesity were treated with anti-obesity medication8 Type 2 diabetes4 2.0 5.0 3.6 2.3 12.9 44.6 46.1 21.4 15.5 127.6 Total 1 Normal blood glucose without hypertension and/or dyslipidemia 2 Normal blood glucose with hypertension and/or dyslipidaemia 3 Impaired Fasting Glucose with or without hypertension and/or dyslipidaemia 4 Type 2 diabetes with or without hypertension and/or dyslipidaemia Source: 2009-2010 NHANES + revised 2011 CDC estimates and based on US population 2015. Only includes population age 20+. Distribution between obese groups on market map based on NHANES data (including only measured and not self reported BMI and also measured not self-reported diabetes status) 5 Finkelstein et al. Health Affairs 28, no. 5 (2009): w822-831 6 Flegal, KM. JAMA. 2012;307(5): Doi: 10.1001/jama.2012.39 7 Ma et al. Obesity (Silver Spring) 2009;17:1077-85 8 Obesity. Decision resources, Inc. December 2010:38 novo nordisk#84Investor presentation First three months of 2017 Slide 84 Significant unmet need in obesity management Insufficient treatment options All people with obesity Significant gaps in obesity treatment Bariatric surgery Mean 100% weight loss 30% People diagnosed People Rx treated* 4% Source: Diagnosis rate, Practice Fusion March 2014 & Treatment rate, Understanding the Treatment Dynamics of the Obesity Market, IMS Database (NPA), August 2014 *Rx=prescription, ie treated with anti-obesity medication (AOM) changing diabetes® Medium High ΜΟΤ Anti-obesity medication with weight loss of 5-10% Diet and exercise Low Medium Complexity of treatment High novo nordisk#85Investor presentation First three months of 2017 Slide 85 Small but growing market for anti-obesity medication in the US Total anti-obesity market moving- annual market value AOM value in mUSD 700 600 500 400 300 200 100 obesity medication sub-classes Branded TRX volume TRX 1,000 800 600 400 200 Prescription volume uptake of anti- Generic TRX volume AOM TRX volume Phentermine Lorcaserin and topiramate launch launch SaxendaⓇ launch Naltrexone HCI and bupropion> HCI launch 0 2010 2011 2012 2013 2014 2015 2016 2017 Note: Values are shown in terms of Moving-Annual-Total ending November Source: IMS NSP Monthly, February 2017 changing diabetes® Feb 2011 Note: Phentermine and topiramate is a fixed combination; naltrexone HCI and bupropion HCI is the second fixed dosed combination to market. AOM: anti-obesity medication Source: IMS NPA Monthly, February 2017 Feb 2017 novo nordisk#86Investor presentation First three months of 2017 Steady prescription uptake for SaxendaⓇ in the US Prescription volume uptake of anti-obesity medications (AOM) recently launched in the US TRX ContraveⓇ® QsymiaⓇ - BelviqⓇ SaxendaⓇ Volume (000) 80 70 60 50 40 30 20 10 0 Feb 2016 Source: IMS NPA TRx, monthly, February 2017 changing diabetes® 61 32 28 17 Feb 2017 Slide 86 • Key observations SaxendaⓇ has been launched in 18 markets including the US, Canada, Australia, Russia, UAE, Israel, Germany, Denmark, Sweden, Switzerland, Italy, Spain, Belgium, Luxembourg, UK, Brazil, Chile and Mexico · Saxenda is the leader in value market share at ~49% among the branded AOMs in the US While competitors promotional efforts have been erratic, Novo Nordisk remains confident in the long-term obesity market growth and the evolving Novo Nordisk obesity portfolio novo nordisk#87Investor presentation First three months of 2017 SaxendaⓇ targeted at patients with BMI ≥35 and weight-related comorbidities SaxendaⓇ market approach Clear patient segmentation Focused prescriber targeting SaxendaⓇ launch execution Focus on patients with BMI ≥35 with weight-related comorbidities Focus on current prescribers of anti-obesity medication and GLP-1 Aspiration Clear product value proposition Focus on engaging prioritised payers and employers Strengthened by 3-year clinical data Formulary coverage emerging with more than 50 million lives¹ covered BMI: body mass index 1 Potential lives covered, based on employer opt-ins changing diabetes Build the market Slide 87 novo nordisk#88Investor presentation First three months of 2017 Slide 88 Competitive US label for SaxendaⓇ SaxendaⓇ approved in the US for chronic weight management in individuals with a BMI ≥30, or ≥27 in the presence of at least one weight-related comorbidity¹ Profile GLP-1 receptor agonist - a physiological regulator of appetite and calorie intake SaxendaⓇ is the first and only GLP-1 receptor agonist approved for weight management Effect on body weight Effect on comorbidities Safety • 9 in 10 lose weight and 1 in 3 people lose more than 10% of their body weight² Average weight loss of 9.2% in completers at one year² Improvements in cardiometabolic risk factors such as hypertension and dyslipidaemia Boxed warning on thyroid C-cell tumours Precautions on acute pancreatitis, acute gallbladder disease, serious hypoglycaemia³, heart rate increase, renal impairment, hypersensitivity and suicidal ideation 1 Examples include hypertension, type 2 diabetes and dyslipidemia 2 SaxendaⓇ US Package Information. 3 When used with an insulin secretagogue changing diabetes novo nordisk#89Investor presentation First three months of 2017 Slide 89 Semaglutide once daily phase 2 dose-finding trial in obesity is designed to optimise treatment outcomes Once-daily semaglutide phase 2 trial design semaglutide 0.05 mg semaglutide 0.1 mg semaglutide 0.2 mg 935 people semaglutide 0.3 mg with obesity without diabetes¹ semaglutide 0.4 mg semaglutide 0.3 mg fast escalation semaglutide 0.4 mg fast escalation placebo liraglutide 3 mg 0 4 8 + 16 52 weeks • Phase 2 trial purpose and endpoints Purpose To assess and compare the dose response of five doses of once-daily sc semaglutide versus placebo in inducing and maintaining weight loss after 52 weeks To investigate two different dose escalation regimens Trial design • • Randomised, controlled, double-blinded Diet and exercise counselling in all arms Primary endpoint Relative change from baseline in body weight at 52 weeks Examples of secondary endpoints Proportion of subjects with weight loss of ≥ 5% or ≥ 10% of baseline body weight at 52 weeks Results from phase 2 trial communicated in Q3 2017 1 Key inclusion criteria: Male or female ≥18 years, BMI: ≥30 kg/m², Stable body weight (<5 kg change) ≥90 days Note: Once-daily subcutaneous dosing in all arms, 4-week escalation steps in main arms, 2-week escalation steps in fast escalation arms QD: once-daily; sc: subcutaneous changing diabetes® novo nordisk#90Investor presentation First three months of 2017 Slide 90 Long-acting obesity compounds in phase 1 development may have complimentary modes of action Compound Key features of compounds in phase 1 development for obesity G530S- Glucagon analogue NN9838 Amylin analogue NN9747 - PYY analogue NN9499 - FGF21 analogue NN9277 - GG- co-agonist - NN9423 Tri- agonist 1706 Admin Once-daily sc injection in combination with liraglutide Once-daily sc injection Once-daily sc injection Once-daily sc injection Once-weekly sc injection Once-daily sc injection Stimulation of Mode of energy action satiety expenditure and Reduced food intake, primarily to be mediated by amylin receptors Reduced food intake via selective stimulation of the Y2 receptor FGF21-induced weight loss presumed to be driven by energy expenditure Phase 1 trial status Expected Expected Expected completion 2017 completion 2018 completion 2019 PK: pharmacokinetic; SC: Subcutaneous changing diabetes Stimulation of Stimulation of energy energy expenditure and expenditure and satiety satiety Expected Expected Expected completion 2018 completion 2018 completion 2017 novo nordisk#91Biopharmaceuticals changing diabetes Investor presentation First three months of 2017 Slide 91 ma novo nordisk#92Investor presentation First three months of 2017 Slide 92 Haemophilia: Location of bleedings and the consequences Locations changing diabetes Head and neck Muscles Locations Gut Nose and gums Joints Joints Kidneys Joints Joints Consequences of bleedings Bleeding in the joint space causes a strong inflammatory reaction which predisposes to further bleeding Inadequate or delayed treatment of repeated joint bleeds results in a "target joint" ⚫ The joint is tense, swollen and extremely painful and the mobility is restricted • Eventually the cartilage erodes completely and permanent joint damage (arthropathy) occurs Treatment of arthropathy is orthopaedic surgery novo nordisk#93Investor presentation First three months of 2017 Slide 93 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 segment app. Inhibitor 3,500-4,000 patients 100 15% 6% 3% People with haemophilia Diagnosed Treated 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 US changing diabetes® Source: World Federation of Haemophilia - Annual Global Survey 2012 novo nordisk#94Investor presentation First three months of 2017 Slide 94 Global haemophilia market is growing by high-single digit Sales of recombinant coagulation factors Strategic positioning of Novo Nordisk's haemophilia portfolio NovoSevenⓇ Coagil VII® RecombinateⓇ/AdvateⓇ KogenateⓇ/HelixateⓇ ObizurⓇ1 35 XynthaⓇ/RefactoⓇ Eloctate® NovoEight® Idelvion® RixubisⓇ Novo Nordisk compound Status Strategic position Alprolix® Benefix® NovoSevenⓇ Launched Maintain market leadership DKK 30 billion NovoEight® Launched 25 Establish presence in a competitive market place 20 N8-GP Phase 33 Contribute to market conversion 15 CAGR²: 4% CAGR²: 10% CAGR²: 16% N9-GP 10 Filed4 Establish new treatment paradigm 5 NovoThirteenⓇ Launched Launch first recombinant product 0 2011 2016 2011 2016 rFVIII rFIX 2011 2016 rFVIIa 1 ObizurⓇ only indicated for acquired haemophilia 2 CAGR for 5-year period changing diabetes® 3 Submission of N8-GP expected 2018 pending expansion of production capacity 4 Positive opinion received by CHMP in March 2017; Submitted to the US Food and Drug Administration in May 2016 novo nordisk#95Investor presentation First three months of 2017 Slide 95 NovoSevenⓇ - a unique biologic for the treatment of rare bleeding disorders DKK billion 3.0 2.5 2.0 1.5 1.0 0.5 0.0 NovoSevenⓇ reported quarterly sales Q1 2012 CAGR¹ 3.9% • • Key NovoSeven® properties Product characteristics: powder and solvent for solution for intravenous injection, available in multiple doses, stable at room temperature MixProⓇ administration system launched in 2013 Indications: treatment of spontaneous and surgical bleedings in: • Haemophilia A or B patients with inhibitors • Acquired haemophilia • Congenital FVII deficiency Q1 2017 • Glanzmann's thrombasthenia² 1 CAGR for 5-year period changing diabetes 2 Only indicated in Europe and the US novo nordisk#96Investor presentation First three months of 2017 Slide 96 Novo Eight® is launched in the US, Europe and Japan for the treatment of people with haemophilia A Example from Novo Eight® promotional campaign¹ Novo Eight® properties and launch performance Indications: . Treatment and prophylaxis of bleeding in patients with congenital factor VIII deficiency for all age groups² Key product characteristics: • Reliability: No inhibitor development in PTPs in one of the largest pivotal trial programmes of any approved rFVIII (n=213)2,3 • Purity and safety: First rFVIII to use a 20nm filter in its purification process • Portability: Room temperature stability with storage at 30 degrees celsius² Launch status: • Novo Eight® is available in the US, EU, Japan Regulatory approval in 43 countries • Commercial or technical launch in 26 countries 1 Picture is not intended for promotional purposes changing diabetes® 2 NovoEight® Summary of Product Characteristics. 3 Iorio A et al., Blood 2012; 120(4): 720 727. NovoEight® Prescribing Information PTP: Previously treated patient novo nordisk#97Investor presentation First three months of 2017 Slide 97 NovoThirteen®, a recombinant FXIII, provides efficacious and safe haemostatic coverage Example from NovoThirteenⓇ promotional campaign¹ purely because he's Manny Sandow has factor Xl congenital defiuency, Michigan, USA one in a million NovoThirteenⓇ properties and launch performance Indication: . Long term prophylactic treatment of bleeding in adult and paediatric patients with congenital factor XIII A-subunit deficiency Key product characteristics: • NovoThirteenⓇ is the only recombinant product for prophylaxis • NovoThirteenⓇ is well tolerated and has low volume dosing • NovoThirteenⓇ effectively prevents bleeds and provides a convenient once-monthly regimen Launch status: • NovoThirteen® is approved in Australia, Bahrain, Brazil, Canada, Colombia, EU, Iceland, Israel, Japan, Kuwait, Oman, Qatar, Saudi Arabia, Switzerland, and the US 1 Picture is not intended for promotional purposes changing diabetes® Source: European Medicines Agency, summary of opinion (post-authorisation) 23 January 2014. NovoThirteenⓇ Summary of product characteristics. novo nordisk#98Investor presentation First three months of 2017 Slide 98 R&D pipeline: Haemophilia and growth disorders Product/project Туре Indication N9-GP (NN7999)1 GlycoPEGylated long-acting rFIX Haemophilia B N8-GP (NN7088) GlycoPEGylated long-acting rFVIII Haemophilia A Concizumab (NN7415)² Monoclonal anti-TFPI Somapacitan (NN8640)³ Once-weekly human growth hormone Sc N8-GP (NN7170) Phase 1 trial Haemophilia A, B and with inhibitors Growth disorder Haemophilia A 1 Positive opinion received by CHMP in April 2017 and submitted to the US Food and Drug Administration in May 2016 2 Phase 1b trial completed 3 Phase 3 completed in Adult Growth Hormone Deficiency (AGHD) Sc: Subcutanious changing diabetes® Status (phase) 1 2 3 Filed Appr. novo nordisk#99Investor presentation First three months of 2017 Slide 99 N9-GP administered once weekly reduces median bleeding rate to 1.0 episode per year in phase 3 trial N9-GP phase 1 pharmacokinetics Paradigm 2 headline results (phase 3) FIX activity (IU/mL) 1.2 Dose normalised rFIX - pdFIX- N9-GP • Steady-state half life of 110 hours • Median bleeding rate for patients treated on demand was 15.6 episodes per year • 50 IU/kg (N=15) 1.0 One stage clot assay 0.8 0.6 0.4 0.2 Patients on once-weekly prophylactic treatment had a medium bleeding rate of 1.0 episode per year when treated with 40 IU/kg • Among patients receiving 40 IU/kg: - • 99% of bleeding episodes treated with only one infusion Two thirds of patients experienced complete resolution of bleeding into target joints N9-GP appeared to have a safe and well tolerated profile with no patients developing inhibitors 0.0 0 24 48 72 96 120 144 168 Time (h) rFIX: Recombinant factor IX; pdFIX: plasma-derived factor IX Source: Negrier et al. Blood. 2011;115:2693-2701 changing diabetes novo nordisk#100Investor presentation First three months of 2017 Slide 100 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) 1.21 1.0 0.8 0.6 0.4 0.2 0.0 0 Dose 50 IU/kg (n=8) One stage clot assay FVIII N8-GP · • • • • 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 • • 24 48 72 Time (h) 96 120 144 168 Expansion of production capacity; US/EU submission 2018 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#101Investor presentation First three months of 2017 Slide 101 Novo Nordisk maintains leadership within human growth hormone (hGH) market DKK billion 20 Development in global hGH market MAT volume kg MAT value DKK Growth hormone volume market share Novo Nordisk Eli Lilly Pfizer Merck Kgaa Sandoz Roche 30% kg 100 35% CAGR volume¹: 4.5% CAGR value DKK¹: 2.7% 30% 80 15 25% 60 60 20% 10 40 40 15% 10% 5 20 5% 0 Feb 2012 0% Feb 2017 1 CAGR for 5-year period Source: IMS Monthly MAT February, 2017 volume figures and value (DKK) figures changing diabetes Feb 2012 Source: IMS Monthly MAT February, 2017 volume figures Feb 2017 novo nordisk#102Investor presentation First three months of 2017 Slide 102 Solid NorditropinⓇ sales growth DKK billion Norditropin® reported quarterly sales CAGR¹ 4.1% 2.5 2.0 1.5 1.0 0.5 0.0 Q1 2012 1 CAGR for 5-year period Q1 2017 changing diabetes® • • Key Norditropin® properties Product characteristics: Premixed, prefilled multi-use delivery systems available in multiple strengths, and stable at room temperature Expanded indications: GHD, AGHD, Noonan Syndrome, Turner Syndrome, SGA indication, Idiopathic short stature • Easy to use FlexPro® device Medical and Clinical support programmes Patient support programmes GHD: Growth Hormone Deficiency; AGHD: Adult growth hormone deficiency SGA: Small for Gestational Age novo nordisk#103Financials changing diabetes Investor presentation First three months of 2017 Slide 103 novo nordisk#104Investor presentation First three months of 2017 Slide 104 Novo Nordisk has delivered sustained growth throughout the last decade 30% Sales growth in local currencies 2007-2016 Sales growth Operating profit growth in local currencies Average growth 30% 2007-2016 Operating profit growth Average growth 20% 10% 0% lin 2007 changing diabetes 20% 11% 10% 0% 2016 2007 Note: Numbers for 2007 and 2008 are adjusted for the impact of the discontinuation of pulmonary insulin projects; Numbers for 2015 and 2016 are adjusted for the non- recurring income related to the partial divestment of NNIT with the dotted component representing this income; average is calculated excluding the effect of the 2015 non- recurring income. 18% 2016 novo nordisk#105Investor presentation First three months of 2017 Slide 105 Solid sales growth driven by the US Reported annual sales split by region Region Europe Region J&K DKK billion 120 Reported annual sales Diabetes CAGR¹ 9.4% Biopharmaceuticals North America Region China 8% 100 8% 11% 80 25% 60 80% 79% 40 79% 78% 20 78% 0 2012 2013 2014 2015 2016 2012 1 CAGR for 5-year period changing diabetes® Region AAMEO Region LATAM 6% 9% 10% 19% 53% 44% AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan and Korea; LATAM: Latin America. 2016 novo nordisk#106Investor presentation First three months of 2017 Slide 106 Modern insulin and VictozaⓇ comprise more than 60% of total sales in the first three months of 2017 Reported sales split by product segments for the first three months of 2017 New Generation Insulin Modern Insulin Human Insulin Other Diabetes and Obesity Care Reported sales split by selected key products for the first three months of 2017 Reported currencies Sales (mDKK) Sales split GLP-1 Diabetes Haemophilia Other Biopharmaceuticals changing diabetes Human Growth Hormone 2% 6% 6% 9% 4% 42% 20% 9% Sales of DKK 28.5 billion (+5%) TresibaⓇ 1,491 6% LevemirⓇ 4,012 14% NovoRapidⓇ 5,314 19% NovoMix® 2,766 10% VictozaⓇ 5,750 20% SaxendaⓇ 539 2% Diabetes and obesity care¹ 23,761 84% NovoSevenⓇ 2,311 8% NorditropinⓇ 1,646 6% Biopharmaceuticals¹ 4,691 16% Total¹ 28,452 100% 1 Values are higher than the sum of the total elements listed due to residual values from products not listed novo nordisk#107Investor presentation First three months of 2017 Slide 107 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 Operating profit growth in local currencies 60% 50 50% 40 40% 25% 28% 30 30% 72% 20 20% 75% 32% 7% 10% 35% 4% 10 10% 20% 15% 13% 13% 6% 0 0% 2012 2013 2014 2015* 2016* 2012 2016 Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes® novo nordisk#108Investor presentation First three months of 2017 Slide 108 Higher profitability in the biopharmaceuticals segment driven by lower COGS and S&D Diabetes & Obesity P&L - full year 2016 DKK billion 100 Biopharmaceuticals P&L – full year 2016 DKK billion 30 -15% 80 -28% 60 40 20 24 -12% -17% -13% -4% +1% 54% 18 -12% -3% +1% 42% 12 0 Sales COGS S&D R&D Admin ΟΟΙ OP 6 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 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® novo nordisk#109Investor presentation First three months of 2017 Slide 109 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK billion 20 COGS as % of sales COGS 25% DKK billion 8 CAPEX as % of sales CAPEX 8% 7 7% 20% 15 6 6% 5 5% 15% 10 4 4% 10% 3 - 3% 5 2 2% 5% 1 1% 0% 0 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 changing diabetes novo nordisk#110Investor presentation First three months of 2017 Slide 110 Long term financial targets: Operating profit growth and operating margin Operating profit growth New long term financial target¹ Operating margin Previous long term financial targets 40% 30% 20% 10% 0% 2012 2013 Previous long term financial targets 45% 2014 2015 30% 15% 0% 2016 2012 2013 2014 2015 2016 No Target² 2 The target for operating margin was discontinued in connection with the updated long- term financial targets in Q4 2015 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 1 New long term target established in connection with the Q3 2016 report changing diabetes® novo nordisk#111Investor presentation First three months of 2017 Slide 111 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings Operating profit after tax to net operating assets New long term financial target¹ Cash to earnings (three year average) New long term financial target¹ Previous long term financial targets 160% 140% 120% 100% 80% 60% 40% 20% 0% 2012 2013 Previous long term financial targets 140% 120% 100% 80% 60% 40% 20% 0% 2014 2015 2016 2012 2013 2014 2015 2016 Note: The long term financial targets are based on an assumption of a continuation of the current business environment 1 New long term target established in connection with the Q3 2016 report changing diabetes novo nordisk#112Investor presentation First three months of 2017 Slide 112 Key assumptions supporting the long-term financial target of an average of 5% operating profit growth¹ Expected future sales drivers, partly offset by expected 2-3% negative global pricing impact Continued underlying 3-4% volume growth of the global insulin market • Insulin • Market share gains and value upgrades driven by the new generation franchise Continued expansion of the GLP-1 market with underlying volume growth of >10% annually GLP-1 . • Solid market leadership with VictozaⓇ supported by semaglutide launch (exp 2018) . Obesity Continued expansion of the obesity market with SaxendaⓇ in the US . Successful launches in new markets Biopharm Limited growth of the biopharm franchise mainly due to increased competition in the haemophilia space GM S&D R&D . Expected future cost drivers 1-3 percentage points decline expected as a result of US pricing impact, partly offset by mix effect and productivity gains 2-3 percentage points decline expected in the S&D to sales ratio • Lower growth in S&D costs mainly driven by focused promotional activities in the US . • Admin • Potential for bolt-on activity to support growth 1 New long term financial target established in connection with the Q3 2016 report. The target of 5% operating profit growth is an average for the period of 4-5 years, with 2015 as the base year. GM: Gross margin Around 13% R&D to sales ratio expected to remain unchanged Refocused research efforts releasing resources to be invested in adjacent disease areas Admin to sales ratio expected to decline to around 3% Lower growth in admin costs driven by various savings initiatives novo nordisk#113Investor presentation First three months of 2017 Slide 113 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes Annual cash return to shareholders Share repurchase Free cash flow Interim dividend Dividend Free cash flow guidance 15 Cash return priorities and business development activities Cash return priorities • • DKK billion 45 40 35 30 25 17 16 20 15 8 14 15 10 16 5 10 12 13 11 0 • 2013 2014 2015 2016 2017E* · Dividend to match pharma peer-group Dividend distributed twice a year as interim in August and final in connection with the Annual General Meeting in March the following year Share repurchase to at least correspond to remaining cash flow • The total 2017 programme may be reduced in size, if significant product in-licensing or bolt-on acquisition opportunities are undertaken during 2017 Business development activities External academic and business collaborations Bolt-on within Biopharm and adjacent disease areas Ramp-up in internal organisational capabilities * Interim dividend for 2017 not decided. For illustration only. Note: Dividends are allocated to the year of dividend pay. For 2017 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. novo nordisk#114Investor presentation First three months of 2017 Slide 114 Stable ownership structure secured through A and B-share structure Share structure Novo Nordisk Foundation Novo A/S 75.5% of votes 28.1% of capital A shares 537m shares Institutional and private investors 24.5% of votes 71.9% of capital B shares 1,963m shares Novo Nordisk A/S Note: Treasury shares are included in the capital but have no voting rights changing diabetes® • • 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 novo nordisk#115Sustainability The Novo Nordisk Way Investor presentation First three months of 2017 Slide 115 The Triple Bottom Line Business Principle Financially responsible NOVO NORDISK WAY 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 Socially responsible Patients Environmentally responsible The Triple Bottom Line Principle 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#11651 Investor presentation First three months of 2017 Slide 116 2016 performance towards achieving long-term sustainability goals Working the Novo Nordisk Scale Way¹ Realised Target % 100 production Realised Share of renewable power for Operating profit growth Target³ Growth Realised - Target4 35% - - Previous Target 30% <+ 4 75 25% 3 20% 50 15% 2 10% 25 1 5% 0 2012 0 2016 2012 0% 2016 2012 2016² 1 Average score in annual employee survey (1-5) 3 Target to be met by 2020 2 2015 and 2016 adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 4 Target updated in connection with the Q3 2016 earnings statement changing diabetes novo nordisk#117Investor presentation First three months of 2017 Slide 117 Cities Changing Diabetes aims to break the 'Rule of Halves' and stop urban diabetes from ruining millions of lives Global partnerships to develop an approach to fight urban diabetes Eight partner cities are addressing the threat of urban diabetes Copenhagen City Leaders novo nordisk *UCL C40 CITIES CLIMATE LEADERSHIP GROUP • Map the challenge in selected cities Share learning and best practices on how to break the 'Rule of Halves' Drive action plans with local partners Identify opportunities for actions beyond the health sector Urban diabetes: Type 2 diabetes in cities changing diabetes® Mexico City cities changing diabetes Johannesburg 2/3 of people living with diabetes live in urban areas Houston Rome Shanghai Tianjin Vancouver novo nordisk#118Investor presentation First three months of 2017 Slide 118 Novo Nordisk is committed to the continued development of its employees Employee health and safety and engagement are key focus areas for management Novo Nordisk is committed to building a diverse and inclusive organisation m 41,971 FTE employees and 3% growth vs LY1 4.4 engagement All managers Management appointments* Sr. Managers score with the Novo Nordisk Way Men 61% 59% 57% 57% 89% 86% 89.8% retention rate 3.0 accidents per million working hours Women 39% 41% 43% 43% 2012 2016 2012 2016 11% 14% 2012 2016 FTE: full-time employees 1 Numbers account for FY 2016 vs FY 2015 changing diabetes * All appointments to management positions, incl. internal promotions and external hires, ex. NNIT novo nordisk