#1VICKI MOONEY AND HER DAUGHTER MIA Vicki is living with obesity Spain novo nordisk - a focused healthcare company Investor presentation Full year 2018 novo nordisk#2Agenda Highlights and key events Sales update R&D update Financials and outlook changing diabetes Investor presentation Full year 2018 Slide 2 novo nordisk#3Forward-looking statements Investor presentation Full year 2018 Slide 3 Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company's statutory Annual Report 2018 and Form 20-F, which are both filed with the SEC in February 2019 in continuation of the publication of the Annual Report 2018, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • • • Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto, Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures, Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. For an overview of some, but not all, of the risks that could adversely affect our results or the accuracy of forward-looking statements in this presentation, reference is made to 'Risk management enables better decision-making' on p 41 and the overview of risk factors in 'Novo Nordisk's key risks' on pp 42-43 of the Annual Report 2018. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise. Important drug information Victoza® (liraglutide 1.2 mg and 1.8 mg) is approved for the management of type 2 diabetes only SaxendaⓇ (liraglutide 3 mg) is approved in the USA and the EU for the treatment of obesity only novo nordisk#4Highlights - Full year 2018 Investor presentation Full year 2018 Slide 4 Sales development Sales were broadly unchanged in Danish kroner and increased by 5% in local currencies to DKK 111.8 billion International Operations sales increased by 2% in Danish kroner and by 7% in local currencies • . North America Operations sales decreased by 2% in Danish kroner and increased by 3% in local currencies The GLP-1 diabetes franchise increased by 18% in local currencies and accounted for 78% share of growth Research and Development Completion of the phase 3a PIONEER programme for oral semaglutide, following successful completion of PIONEER 6 and 9 Oral semaglutide ready for regulatory filing. Filing expected in the USA around end-Q1 2019 with use of priority review voucher Completion of phase 2 trials for concizumab (explorer4) and somapacitan (extension, REAL 3) Phase 2 trial for LAI287, a once-weekly insulin, initiated to evaluate safety and efficacy Phase 1 trial for LAIsema, a once-weekly combination of LAI287 and semaglutide, initiated Financials • Operating profit decreased by 4% in Danish kroner and increased by 3% in local currencies to DKK 47.2 billion Operating profit increased by 6% in local currencies adjusted for severance costs and the priority review voucher Net profit increased by 1% to DKK 38.6 billion and diluted earnings per share increased by 4% to 15.93 DKK per share 4% increase in total dividend to DKK 8.15 per share of DKK 0.20 proposed (interim dividend of DKK 3.00 paid in August 2018) New 12-months share repurchase programme of up to DKK 15 billion to be initiated in February 2019 financial outlook and target updates Sales growth is expected to be 2-5% measured in local currencies (around 2%-points higher reported) Operating profit growth is expected to be 2-6% measured in local currencies (around 4%-points higher reported) Long term financial targets for OPAT/NOA adjusted from 125% to 80%. Cash to earnings target adjusted from 90% to 85% Long term financial target for operating profit growth remains unchanged#5Investor presentation Full year 2018 Sales growth of 5% mainly driven by Victoza®, OzempicⓇ and SaxendaⓇ changing diabetes Sales as reported – full year 2018 Growth Other disorders biopharmaceuticals 3% (11%) Haemophilia % (9%) 6% 9% Obesity 3% 51% 81% Slide 5 Growth break down - full year 2018 Local currencies Growth Share of growth Long-acting insulin¹ (2%) (7%) Premix insulin² 0% 0% Fast-acting insulin³ 1% 3% Human insulin (1%) (3%) Diabetes care 0% Total insulin (1%) (7%) GLP-14 18% 78% Other diabetes care5 3% 2% Total diabetes care 4% 73% Obesity (SaxendaⓇ) 60% 30% Diabetes care and obesity total 6% 103% Haemophilia (5%) (10%) Growth disorders (NorditropinⓇ) 7% 9% Other biopharmaceuticals? (8%) (2%) Biopharmaceuticals (1%) (3%) 5% 100% Sales of DKK 111.8 billion (0%) Total 1 Comprises Tresiba®, XultophyⓇ and LevemirⓇ; 2 Comprises RyzodegⓇ and NovoMix® 3 Comprises FiaspⓇ and NovoRapidⓇ; 4 Comprises VictozaⓇ and OzempicⓇ 5 Primarily Novo NormⓇ and needles; 6 Comprises NovoSeven®, NovoEight® NovoThirteenⓇ and Refixia®; 7 Primarily Vagifem® and ActivelleⓇ Note: Refixia® and NovoThirteenⓇ are launched as RebinynⓇ and TRETTENⓇ, respectively, in the USA#6Investor presentation Full year 2018 Slide 6 Sales growth is primarily driven by 18% growth in GLP-1 sales, while global insulin sales are broadly unchanged 2018 reported sales split and local currency growth for NAO and IO 2018 added sales and local currency growth for NAO and IO Insulin Obesity DKK GLP-1 Biopharm Other diabetes care Local currency growth International Operations North America Operations Group local currency growth billion DKK billion Therapy areas 60 6 3% 7% 5% -1% 18% 60% -1% 5 50- 4 40 International Operations regions 14% 3 7% 20 30 3% 20 2 19% 1 5% 3% 131% 39% 3% 11% 8% 0 -6% 10 -2% 29% -1 -7% 0 -2 NAO IO Region Region Region Region Region Europe AAMEO China J&K LATAM Total¹ Insulin GLP-1 Obesity Biopharm NAO: North America Operations; IO: International Operations; LATAM: Latin America; AAMEO: Africa, Asia, Middle East & Oceania; J&K: Japan & Korea 1 "Other diabetes care" is included in Total novo nordisk#7Investor presentation Full year 2018 Slide 7 OzempicⓇ gains market share and is now launched in 11 countries USA GLP-1 NBRX market share Canada GLP-1 NBRX market share European¹ GLP-1 volume market share albiglutide NN GLP-1 Victoza® OzempicⓇ dulaglutide exenatide Weekly NBRx share Monthly NBRX share Monthly volume share 50% 48.3% 100% 100% 81.4% 40% 80% 80% 40.8% 30% 60% 60% 25.7% 50.7% 20% 40% 40% 22.6% 30.7% 10% 10.8% 20% 20% 18.0% 0% 0% 0% Jan 2018 Jan 2019 Jan 2018 Oct 2018 Jan 2018 Source: NBRX-IQVIA LRX Weekly, week ending 13 Jan 2019 Ozempic® has been launched in: the USA, Canada, Denmark, Switzerland, Ireland, Sweden, the Netherlands, Iceland, the UK, Norway and Finland Source: NBRX-IQVIA monthly, Oct 2018 81.1% 71.5% 15.8% 9.6% Nov 2018 Source: IQVIA monthly, Nov 2018 1 Markets include: Denmark, Switzerland, Ireland, Sweden and the Netherlands#8Investor presentation Full year 2018 In the USA, Victoza® CV indication and OzempicⓇ launch contribute to the 27% GLP-1 market growth USA GLP-1 TRX market development Quarterly TRX (million) Annual market growth (RHS)¹ Other GLP-1s Dulaglutide OzempicⓇ Monthly USA GLP-1 volume market share NN GLP-1 VictozaⓇ OzempicⓇ 2 1 Exenatide ER TRX share Market VictozaⓇ growth 60% 1 35% 27% 30% 40% 25 % 20 % 20% 15% 10 % 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2017 2017 2018 2018 2018 2018 Dec 2016 Slide 8 dulaglutide exenatide albiglutide Source: IQVIA weekly NPA, week ending 4 Jan 2019 for Q4 2018; monthly NPA dated Nov 2018 TRX Script Count for prior quarters CV: Cardiovascular 1 Growth rate three months year over year RHS: Right hand side Source: IQVIA monthly NPA, Nov 2018; weekly NPA for Dec, week ending 4 Jan 2019 44.5% 43.0% 35.3% 12.3% 7.7% Dec 2018#9Investor presentation Full year 2018 TresibaⓇ has since launch gained around 15% market share in the USA Slide 9 Weekly TRX volume market shares¹ in the USA - glargine U100 Basal volume TRX MS1 70% 60% 50% 40% 30% 20% 10% NN total basal² TresibaⓇ LevemirⓇ glargine U300 biosimilar glargine U100 37.8% 36.3% 21.3% 14.6% 11.1% 8.8% TresibaⓇ in the USA Novo Nordisk basal insulin volume market share is now 36.3%, which is a 9%-points increase since the launch of TresibaⓇ in 2016 • TresibaⓇ volume market share is at 14.6% • TresibaⓇ formulary access is above 80% for Commercial and Medicare Part D combined In April 2018, promotional activities were initiated for the updated TresibaⓇ label³ 0% Apr 2016 Dec 2018 Note: The graph does not show NPH, which accounts for the residual market share Source: IQVIA weekly Xponent Plantrak (*excludes Medicaid), 28 Dec 2018 TRX volume: Insulin volume in mega units (MU) associated with total number of prescriptions; VANTAGE FingerTip Formulary bridge, Dec 2018 MS: Market share 1 Excluding Medicaid, Medicaid represents ~12% of retail basal market volume, 2 Includes XultophyⓇ 3 TresibaⓇ label was updated in March 2018 to include a 40% reduction of severe hypoglycaemic events compared to insulin glargine U100 novo nordisk#10Investor presentation Full year 2018 Slide 10 SaxendaⓇ sales increased by 60% in 2018 and continues to gain market share in the global anti-obesity market Solid SaxendaⓇ sales growth since launch DKK million North America Operations International Operations 1,400 1,200 Annual growth 2016-2018: ~35% 1,000 800 600 400 200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2018 • Continued global roll-out of SaxendaⓇ Novo Nordisk is the value market leader in the global anti- obesity market with 45% market share. Value market share in North America Operations is 65.5% and in International Operations 32.5% SaxendaⓇ sales grew by 60% in 2018 measured in local currencies driven by both North America Operations (sales growth of 39%) and International Operations (sales growth of 131%) • SaxendaⓇ is now launched in North America and in 39 countries in four regions in International Operations Continued efforts focusing on expanding the obesity segment. Novo Nordisk invests in progressing its innovative obesity pipeline and market development activities such as patient support and educator programmes Source: IQVIA monthly from Nov 2018 Note: Numbers in the graph are reported quarterly sales changing obesity#11Investor presentation Full year 2018 Slide 11 Biopharm strategy focus on in-market execution as well as internal and external innovation DKK Broadly unchanged biopharm sales driven by Norditropin® and NovoEight® million Local currency growth -1% -11% 26% NA 7% -11% 500 Haemophilia care 250 0 -250 -500 -750 -1,000 Total Novo- Novo- Other SevenⓇ Eight® haemo- philia Nordi- Other tropinⓇ biopharm 'Return to growth' strategy on track Succeeded in-market despite competition in the inhibitor segment: Updated NovoSevenⓇ label for surgical use and global focus on acquired haemophilia treatment as well as solid sales growth for NorditropinⓇ and NovoEight® Progressing pipeline with global launch of Refixia®; expected approval of N8-GP; expected filing of NovoEight® in China; and pipeline advancement with concizumab and with somapacitan in both GHD and AGHD Adding complementary assets with the in-licensing of EpiDestiny's product for sickle cell disease and acquisition of the North American rights to Macrilen TM, the first oral product for diagnosis of AGHD Other haemophilia comprises NovoThirteenⓇ and Refixia®, 'Other biopharm' comprises primarily Vagifem® and Activelle® GHD: Growth hormone deficiency; AGHD: Adult growth hormone deficiency Note: Rexifia® is the global brand name and RebinynⓇ is the brand name in North America#12Investor presentation Full year 2018 Slide 12 Completed PIONEER programme showed consistent statistically significant reductions in HbA1c and body weight Oral semaglutide lowered HbA1c by 1.0-1.8%- points by end of trial¹ Mean change in HbA1c (%-points) Oral semaglutide lowered body weight by ~2-5 kg by end of trial¹ Mean change in weight (kg) PIONEER trials 1 2 3 4 5 6 7 8 9 10 1 2 3 4 PIONEER trials 5 6 7 8 9 10 0.0% 0+ -1 -0.5% -1.0% -2 -3 -1.9* -2.9 * -1.2%* -2.8* -4 -3.5* -1.4%* -3.7* -4.1 -1.5%* -5 -4.2* -4.7* -4.3* -1.8%* -5.0* -6 -1.0%* -1.1%* -1.1%* -1.5% -1.3%* -1.2%* -1.5%* -2.0% 1 Hypothetical estimand, Mixed Model for Repeated Measurement (MMRM) * Statistically significant vs comparator (vs placebo in PIONEER 1; vs empagliflozin 25 mg in PIONEER 2; vs sitagliptin 100 mg in PIONEER 3; vs VictozaⓇ 1.8 mg in PIONEER 4; vs placebo in PIONEER 5; vs placebo in PIONEER 6; vs sitagliptin 100 mg in PIONEER 7; vs placebo in PIONEER 8; vs VictozaⓇ 0.9 mg and placebo in PIONEER 9; vs 0.75 mg dulaglutide in PIONEER 10) Note: Results shown are: PIONEER 1 and 5 for 26 weeks with 14 mg oral semaglutide, PIONEER 2, 4, 8, 9 and 10 for 52 weeks with 14 mg oral semaglutide; PIONEER 3 for 78 weeks with 14 mg oral semaglutide; PIONEER 7 for 52 weeks with a mixed dose; PIONEER 6 following occurrence of 137 MACE with a median follow-up time of 16 months. MACE: major adverse cardiovascular events; FDA: The US Food and Drug Administration novo nordisk#13Investor presentation Full year 2018 Slide 13 Oral semaglutide ready for regulatory filing following the successful completion of the CV safety trial, PIONEER 6 • Headline results for PIONEER 6 The trial met the primary endpoint¹ by demonstrating non- inferiority of MACE with oral semaglutide compared to placebo Efficacy and safety profile of oral semaglutide was consistent with the previous PIONEER trials Headline results MACE CV death HR 0.79 0.49* All cause mortality 0.51* Myocardial infarction, non-fatal 1.18 Stroke, non-fatal 0.74 Regulatory update for oral semaglutide Oral semaglutide is expected to be filed around the end of the first quarter 2019 by notifying the FDA that Novo Nordisk will request priority review based on a priority review voucher Oral semaglutide is expected to be filed in the EU in first half of 2019 and subsequently filed in Japan Novo Nordisk is currently in a constructive dialogue with the FDA to potentially obtain a CV indication for OzempicⓇ based on the CVOTS SUSTAIN 6 and PIONEER 6 results 1 The primary endpoint was defined as the MACE composite outcome of the first occurrence of CV death, non-fatal myocardial infarction or non-fatal stroke Note: indicates statistical significance CV: Cardiovascular, MACE: major adverse cardiovascular events, HR: hazard ratio FDA: the Food and Drug Administration; CV: cardiovascular; CVOT: cardiovascular outcomes trial novo nordisk#14Investor presentation Full year 2018 Slide 14 Key development milestones Diabetes Completion of the phase 3a PIONEER programme for oral semaglutide, following successful completion of PIONEER 6 and 9 Oral semaglutide ready for regulatory filing. Filing expected in the USA around end-Q1 2019 with use of priority review voucher • Phase 2 trial initiated for LAI287, a once-weekly insulin, to assess safety and efficacy Obesity Biopharm Other serious chronic diseases • Phase 1 trial initiated for LAIsema, a fixed ratio combination of LAI287 and semaglutide Embark Biotech and Novo Nordisk entered into a research collaboration on the discovery of novel treatments for obesity and metabolic diseases Successful completion of the phase 2 trial explorer4 with concizumab, which together with explorer5 data confirmed clinical proof of concept of concizumab and phase 3 preparation is initiated Completion of the phase 2 trial REAL 3 (extension period) for long-acting growth hormone somapacitan in GHD Development of sc N8-GP has been discontinued Staten Biotechnology and Novo Nordisk to collaborate on developing novel treatment for dyslipidaemia NASH: Non-alcoholic steatohepatitis; GHD: Growth hormone deficiency; sc: subcutaneous changing diabetes novo nordisk#15R&D milestones in 2019 Investor presentation Full year 2018 Slide 15 Project TresibaⓇ OzempicⓇ Anti-IL-21 LAI287 LAIsema Oral semaglutide Amylin - AM833 GG-co-agonist Tri-agonist 1706 PYY 1562 N8-GP Concizumab Q1 2019 US submission US submission (CV label update) Q2 2019 Phase 3b results (vs glargine U300) Phase 2 results Clinical milestones1 Regulatory milestones¹ Q3 2019 Q4 2019 Phase 2 results Phase 1 initiation Phase 1 results Phase 3b CVOT initiation EU submission US regulatory decision Japan submission Phase 2 initiation Phase 1 results US regulatory decision EU regulatory decision Phase 1 results Phase 1 results Japan regulatory decision Somapacitan Diabetes Obesity Haemophilia Phase 3 initiation Phase 3 initiation (GHD) US and EU submission (AGHD) Growth disorders 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement GHD: Growth hormone deficiency; AGHD: Adult growth hormone deficiency; CVOT: cardiovascular outcomes trial Japan submission (AGHD)#16Financial results - Full year 2018 Investor presentation Full year 2018 Slide 16 In DKK million Sales Gross profit Gross margin 2018 111,831 94,214 84.2% 2017 111,696 94,064 Change (reported) 0% Change (local currency) 5% 0% 84.2% Sales and distribution costs 29,397 28,340 4% 7% Percentage of sales 26.3% 25.4% Research and development costs 14,805 14,014 6% 8% Percentage of sales Administration costs Percentage of sales Other operating income, net 1,152 Operating profit 47,248 13.2% 3,916 3.5% 1,041 48,967 12.5% 3,784 4% 7% 3.4% 11% (4%) 3% Operating margin 42.2% 43.8% Financial items (net) 367 (287) Profit before income tax 47,615 48,680 (2%) Income taxes 8,987 10,550 (15%) Effective tax rate 18.9% 21.7% Net profit 38,628 38,130 1% Diluted earnings per share (DKK) 15.93 15.39 4% changing diabetes novo nordisk#17Investor presentation Full year 2018 Financial outlook for 2019 including adjusted LTFTS 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 OPAT/NOA target Expectations 1 Feb 2019 2% to 5% Around 2 percentage points higher 2% to 6% Around 4 percentage points higher Loss of around DKK 2.4 billion 20% to 22% Around DKK 9.0 billion Around DKK 4.5 billion Around DKK 29 to 34 billion Adjusted to 80% (previously 125%) Cash to earnings target Operating profit growth target Adjusted to 85% (previously 90%) 5% (unchanged) Slide 17 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 January 2019. LTFT: Long-term financial target; OPAT/NOA: Operating profit after taxes to net operating assets.#18Investor presentation Full year 2018 Slide 18 Cash return to shareholders in 2019 Annual cash return to shareholders DKK billion Share repurchase Free cash flow Interim dividend Dividend Free cash flow guidance 40 35 30 25 15 17 15 15 17 20 8 15 7 7 7 10 16 13 5 11 12 12 0 2015 2016 2017 2018 2019E* Note: For 2019 expected free cash flow is DKK 29-34 billion. Share repurchase programmes run for 12 months starting Feb until end-Jan of the following year. changing diabetes® Cash return priorities . New share repurchase programme of up to DKK 15 billion to be executed during the coming 12 months • Total programme may be reduced in size if significant bolt- on acquisition opportunities arise during 2019 For 2018, the proposed total dividend increased 4% to DKK 8.15 per share of DKK 0.20 (including interim dividend of DKK 3.00 per share paid in August 2018), resulting in a total pay-out ratio of 50.6%. novo nordisk#19Investor presentation Full year 2018 Slide 19 Key take-aways - Full year 2018 . Diabetes franchise grew 4% and Novo Nordisk retains world leader position with a market share of 27.9% (27.4% in 2017) Insulin sales were flat and Novo Nordisk has expanded its volume market leader position to 46.4% insulin market share (45.9% in 2017) Diabetes • GLP-1 sales grew 18% and Novo Nordisk holds the market leader position with 46% value market share Obesity Oral semaglutide submission is expected in the USA around the end of Q1 2019, priority review voucher to be used Obesity sales increased by 60% and accounted for 30% share of Novo Nordisk's sales growth. SaxendaⓇ is now launched in 41 countries Biopharm Financials Outlook Biopharm strategy execution on track: Biopharm sales broadly unchanged, progression of pipeline and complementary assets added to the product portfolio Sales growth of 5% driven by both International Operations (7% sales growth) and North America Operations (3% sales growth). Sales growth driven by 18% GLP-1 sales growth and 60% obesity sales growth Operating profit growth of 6% when adjusting for the severance costs and the priority review voucher Sales growth in 2019 expected to be 2-5% with a positive currency impact of 2 percentage points Operating profit growth in 2019 expected to be 2-6% with a positive currency impact of 4 percentage points Long-term financial targets adjusted for OPAT/NOA from 125% to 80% and Cash to earnings from 90% to 85% Note: Sales growth numbers are measured in local currencies#20Investor contact information Investor presentation Full year 2018 Slide 20 Share information Novo Nordisk's B shares are listed on the stock exchange in Copenhagen under the symbol 'NOVO B'. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For further company information, visit Novo Nordisk on: www.novonordisk.com Upcoming events Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé DK-2880 Bagsværd Peter Hugreffe Ankersen Anders Mikkelsen +45 3075 9085 [email protected] +45 3079 4461 [email protected] 21 Mar 2019 Annual General Meeting Valdemar Borum Svarrer +45 3079 0301 [email protected] 03 May 2019 09 Aug 2019 01 Nov 2019 Financial statement for the first three months of 2019 Financial statement for the first six months of 2019 Kristoffer Due Berg +45 3079 2849 [email protected] Financial statement for the first nine months of 2019 Ann Søndermølle Rendbæk +45 3075 2253 [email protected] changing diabetes novo nordisk#21Investor presentation Full year 2018 Slide 21 Appendix 1. Novo Nordisk at a glance 2. Insulin 22 42 3. GLP-1 diabetes 67 4. Obesity 84 5. Biopharmaceuticals & Other serious chronic diseases 93 6. Financials 105 7. Sustainable business 117 NN: Novo Nordisk changing diabetes® novo nordisk#22Novo Nordisk at a glance Investor presentation Full year 2018 Slide 22 • Global leader in diabetes care and obesity A focused pharmaceutical company with leading positions in diabetes, obesity, haemophilia and growth hormone • Significant growth opportunities driven by the diabetes pandemic, fuelled by global presence and strong research and development pipeline • High barriers to entry in biologics • Operating profit growth targeting 5% yearly on average (measured in local currencies) Earnings conversion to cash targeting 85% • Cash generated returned to shareholders Global insulin market leadership Global insulin market share: 46% Region Europe: Market share 43% North America Operations: Market share 40% Region China: Market share 51% Region Japan & Korea: Market share 50% Region AAMEO: Market share 57% Region Latin America: Market share 46% Global/regional headquarter Source: IQVIA MAT Nov 2018 volume figures AAMEO: Africa, Asia, the Middle East & Oceania Manufacturing R&D facility changing diabetes novo nordisk#23Investor presentation Full year 2018 Slide 23 Sales growth driven by 7% growth in International Operations and 3% growth in North America Operations Sales as reported - full year 2018 Region Region Latin America Japan & Korea 8% (5%) Growth break down - full year 2018 Local currencies Growth Share of growth North America Operations 3% 29% 4% Hereof USA 2% 22% Region China 5% 5% 10% International Operations 7% 71% Region AAMEO 1% Region Europe 3% 11% North America 11% 51% Operations (2%) Region AAMEO 11% 26% Region China 8% 16% Region 19% Region Japan & Korea (2%) (2%) Europe 2% Region Latin America 29% 20% Sales of DKK 111.8 billion (0%) Total sales 5% 100% AAMEO: Africa, Asia, Middle East & Oceania changing diabetes novo nordisk#24Investor presentation Full year 2018 Slide 24 Sales growth driven by the diabetes and obesity franchise Novo Nordisk reported quarterly sales by therapy Reported sales split by product segments for full year 2018 Premix insulin Fast-acting insulin Diabetes and obesity Haemophilia² bDKK NorditropinⓇ Other Long-acting insulin Human insulin 35 Growth disorders Reported sales CAGR¹: 9.0% 30 25 -2.1% 20 6.6% 15 3.2% 10.5% 10 5 0 Q4 2008 1 CAGR for 10-year period 2 Haemophilia comprises NovoSeven®, NovoThirteen®, Novo Eight® and Refixia® changing diabetes Q4 2018 GLP-1 Haemophilia 1% 6% 19% 9% 7% Other diabetes and obesity Other biopharmaceuticals 9% 23% 17% 8% Sales of DKK 111.8 billion (0%) Note: Numbers do not add up to 100 due to rounding novo nordisk#25Investor presentation Full year 2018 Slide 25 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes Market value Obesity Market value Haemophilia Market value Novo Nordisk value market share bDKK Global market position bDKK Novo Nordisk value market share Global market position bDKK Novo Nordisk value market share Global market position 600 #1 50% 10 #1 50% #2 80 50% 500 40% 8 - 40% 40% 60 400 30% 6 - 30% - 30% 300 40 20% 4 CAGR¹ value: 16.5% CAGR² value: 15.3% - 20% CAGR¹ value: 1.9% 20% 200 20 10% 2 10% 10% 100 • 0% 0 0% 0% Nov 2013 1 CAGR for 5-year period Source: IQVIA MAT Nov, 2018 value figures Nov 2018 Nov 2016 Nov 2018 FY 2013 FY 2017 Note: Global value data 2 CAGR for 2-year period Source: IQVIA MAT Nov, 2018 value figures changing diabetes 3 CAGR for 5-year period Note: Annual sales figures for Haemophilia A, B and bypassing agents segment. Recombinant and plasma derived products Source: Company reports novo nordisk#26Investor presentation Full year 2018 Slide 26 Global diabetes prevalence is increasing and 629 million people are expected to have diabetes by 2045 Around 10% of all adults globally have diabetes The number of people with diabetes is expected to increase by 48% by 2045 North America Region China Million 800 Region Europe Region J&K Region AAMEO Region LATAM <4% 4-5% 5-7% 7-9% 9-12% > 12% 600 400 200 151 2000 +48% | 425 2017 A- 629 2045 Source: Adapted from International Diabetes Federation: Diabetes Atlas 8th Edition 2017 J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle-East and Oceania; LATAM: Latin America Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 changing diabetes® novo nordisk#27Investor presentation Full year 2018 Slide 27 Focus on driving global insulin growth by increasing the number of people benefitting from Novo Nordisk products Around 29 million people are currently treated Only 6% of all people with diabetes are treated with Novo Nordisk insulin and GLP-1 products with Novo Nordisk products changing diabetes 1.4 mio treated with GLP-1 0.9 mio treated with new-generation insulin 12.5 mio treated with modern insulin 11.2 mio treated with human insulins NN: Novo Nordisk 26 of 425 million people with diabetes are treated with NN products Source: International Diabetes Federation: Diabetes Atlas 8th Edition 2017 novo nordisk#28Investor presentation Full year 2018 Novo Nordisk's opportunity is in the large unmet needs across all therapy areas in scope DIABETES 425 million ~6% OBESITY 650 million ~2% HAEMOPHILIA ~425,000 ~50% People with diabetes People in good control People with obesity People medically treated People with haemophilia People living with constant pain Slide 28 OTHER SERIOUS CHRONIC DISEASES 80% of diagnosed NASH patients are obese and 35% have T2DM 70% of diabetes patients die from atherosclerotic CVD 40% of patients hospitalised for heart failure are diabetic ~50% of the total CKD population suffers from diabetic nephropathy NASH: Non-alcoholic steatohepatitis, T2DM: Type 2 diabetes mellitus, CVD: Cardiovascular disease, CKD: Chronic kidney disease Source: International Diabetes Federation; Diabetes Atlas 8th Edition 2017, IQVIA MIDAS 2017, World Federation of Haemophilia - Annual Global Survey 2016, Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of non-alcoholic fatty liver disease and non-alcoholic steatohepatitis among a largely middle-aged population utilising ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014 novo nordisk#29Six strategic priorities ☑ EXPAND THE GLP-1 MARKET AND WIN WITH SEMAGLUTIDE DRIVE INSULIN VOLUME AND VALUE SHARE BUILD THE GLOBAL OBESITY MARKET Investor presentation Full year 2018 Slide 29 RETURN TO GROWTH IN BIOPHARM DRIVE COMMERCIAL INNOVATION INNOVATE AND EXPAND PATIENT BASE novo nordisk#30Investor presentation Full year 2018 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market by treatment class OAD GLP-1 Insulin Novo Nordisk Global diabetes care value market share Sanofi DKK billion 500 400 300 200 100 0 Nov 2008 Novartis J&J - Total market: CAGR¹ 15.2% Injectables: CAGR¹ 18.0% 30% 25% 20% 35.7%¹ 15% 15.7%¹ 10% 5% 11.6%¹ 0% Nov 2018 Nov 2008 1 CAGR for 10-year period OAD: Oral anti-diabetic Source: IQVIA MAT Nov, 2018 value figures changing diabetes Slide 30 - AstraZeneca Merck Eli Lilly - Takeda Boehringer Ingelheim 28% Source: IQVIA MAT Nov, 2018 value figures Nov 2018 novo nordisk#31Investor presentation Full year 2018 Slide 31 North America Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Million 50 Population with diabetes Diabetes growth rate NN Insulin MS NN OAD MS bDKK 400 NN GLP-1 MS Full Year 2018 Sales (mDKK) Growth² 80% Long-acting insulin³ 12,902 (9%) 22% 40 40 220% Premix insulin4 1,332 (22%) GLP-1 300 60% Fast-acting insulin5 10,021 (4%) 39 39.0%¹ Human insulin 1,917 3% 30 32 200 +40% Total insulin 26,172 (7%) 20 20 GLP-16 19,850 19% 17.1%¹ Insulin Other diabetes care? 890 (1%) 100 20% 10 10 Diabetes care 46,911 2% 23.1%¹ OAD Obesity (SaxendaⓇ) 2,658 39% 0 0% Biopharm³ 7,338 (6%) 2000 2017 2045 Nov 2013 Nov 2018 Total 56,908 5% North America Population 2018: ~0.4 billion people and diabetes prevalence ~11% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for 5-year period Competitor value market share comparison for insulin as of Nov 2018: Novo Nordisk 43%, Eli Lilly 31% and Sanofi 27% Competitor value market share comparison for GLP-1 as of Nov 2018: Novo Nordisk 45%, Eli Lilly 42% and AstraZeneca 12% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Nov, 2018 value figures 2 Percentage change in local currency from full year 2017 to full year 2018 3 Comprises Tresiba®, XultophyⓇ and Levemir®; 4 Comprises NovoMix®; 5 Comprises FiaspⓇ and NovoRapidⓇ; 6 Comprises VictozaⓇ and Ozempic®; 7 Comprises Novo Norm® and needles; 8 Comprises primarily NovoSeven®, Novo Eight®, NovoThirteen®, Refixia®, NorditropinⓇ, Vagifem® and Activelle®#32Investor presentation Full year 2018 Slide 32 Million 50 Region Europe at a glance Diabetes trend in population Population with diabetes Diabetes market by value and Novo Nordisk market share Diabetes growth rate NN Insulin MS NN OAD MS bDKK 80 Novo Nordisk reported sales NN GLP-1 MS Full year 2018 Sales (mDKK) Growth2 100% Long-acting insulin³ 4,282 10% 3% Premix insulin4 1,701 (9%) 40 20.8%¹ 80% 60 GLP-1 Fast-acting insulin5 4,558 5% 38 39 30 Human insulin 1,580 30 60% (11%) 4.4%¹ 40 Insulin Total insulin 12,121 2% 20 40% GLP-16 3,759 9% 20 10 N/A 0 0 2000 2017 2045 Nov 2013 10.4%¹ OAD 20% Other diabetes care? Diabetes care 579 (4%) 16,459 3% Obesity (SaxendaⓇ) 207 104% 0% Biopharm³ 5,013 Nov 2018 Total 21,679 (2%) 3% Europe Population 2018: ~0.6 billion people and diabetes prevalence ~8.8% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share comparison for Insulin as of Nov 2018: Novo Nordisk 45%, Sanofi 35% and Eli Lilly 18% Competitor value market share comparison for GLP-1 as of Nov 2018: Novo Nordisk 55%, Eli Lilly 34% and AstraZeneca 10% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Nov, 2018 value figures 2 Percentage change in local currency from full year 2017 to full year 2018 3 Comprises Tresiba®, XultophyⓇ and Levemir®; 4 Comprises NovoMix® and RyzodegⓇ; 5 Comprises FiaspⓇ and NovoRapidⓇ; 6 Comprises VictozaⓇ and Ozempic®; 7 Comprises Novo NormⓇ and needles; 8Comprises primarily NovoSeven®, NovoEight®, NovoThirteen®, Refixia®, Norditropin®, Vagifem® and ActivelleⓇ#33Investor presentation Full year 2018 Slide 33 Million 400 Region AAMEO at a glance Diabetes trend in population Population with diabetes Diabetes growth rate Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales NN Insulin MS NN OAD MS bDKK 24 NN GLP-1 MS Full year 2018 Sales (MDKK) Growth² 80% 85% Long-acting insulin³ 1,281 16% GLP-1 Premix insulin4 2,606 9% I 346 24.2%1 300 - 60% Insulin Fast-acting insulin5 2,194 10% 16 Human insulin 2,065 14% 200 368% 4.1%¹ 40% Total insulin 8,146 11% 187 GLP-16 841 6% 8 100 20% 11.3%1 OAD Other diabetes care? Diabetes care 675 (3%) 9,662 10% 40 0 0 2000 2017 2045 Nov 2013 Obesity (SaxendaⓇ) 418 136% 0% Nov 2018 Biopharm³ 2,073 6% Total 12,153 11% AAMEO: Africa, Asia, the Middle-East and Oceania AAMEO population 2018: ~4.3 billion people and diabetes prevalence ~7.5% Source: International Diabetes Federation: Diabetes Atlas 1st Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share comparison for insulin as of Nov 2018: Novo Nordisk 52%, Sanofi 31% and Eli Lilly 11% Competitor value market share comparison for GLP-1 as of Nov 2018: Novo Nordisk 43%, AstraZeneca 30% and Eli Lilly 27% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Nov, 2018 value figures 2 Percentage change in local currency from full year 2017 to full year 2018 3 Comprises Tresiba®, XultophyⓇ and LevemirⓇ; 4 Comprises NovoMix® and RyzodegⓇ; 5 Comprises NovoRapidⓇ; 6 Comprises VictozaⓇ; 7 Comprises NovoNorm® and needles; 8 Comprises primarily NovoSeven®, NovoEight® NovoThirteenⓇ, Norditropin®, VagifemⓇ and Activelle®#34Investor presentation Full year 2018 Slide 34 Million Region China at a glance Diabetes trend in population Population with diabetes Diabetes growth rate Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales 160 NN Insulin MS NN OAD MS bDKK 24 NN GLP-1 MS Full year 2018 Sales (mDKK) Growth2 100% Long-acting insulin³ 814 20% 495% 7% Premix insulin4 3,783 9% GLP-1 - 80% 120 | Fast-acting insulin5 1,450 18% 125 33.6%1 117 16 Human insulin 2,821 (7%) 60% Total insulin 80 8,868 6% 12.1%¹ Insulin 40% GLP-16 521 73% 8 00 40 I 20 0 0 2000 2017 2045 Nov 2013 12.6%1 OAD 20% Other diabetes care? Diabetes care 1,672 10% 11,061 8% Obesity (SaxendaⓇ) 1 0% Biopharm³ 223 (2%) Nov 2018 Total 11,285 8% China population 2018: ~1.4 billion people and diabetes prevalence ~10.9% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share comparison for insulin as of Nov 2018: Novo Nordisk 48%, Sanofi 18%, GanLi 12% and Eli Lilly 11% Competitor value market share comparison for GLP-1 as of Nov 2018: Novo Nordisk 87% and AstraZeneca 12% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Nov, 2018 value figures 2 Percentage change in local currency from full year 2017 to full year 2018 3 Comprises TresibaⓇ and Levemir®: 4 Comprises NovoMix®; 5 Comprises NovoRapid®; 6 Comprises VictozaⓇ; 7 Comprises NovoNorm® and needles; 8 Comprises primarily NovoSeven®, Novo Eight® and NorditropinⓇ#35Investor presentation Full year 2018 Slide 35 Region Latin America at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Million 80 Population with diabetes Diabetes growth rate NN Insulin MS NN OAD MS bDKK 16 NN GLP-1 MS Full year 2018 Sales (mDKK) Growth² 120% 74% Long-acting insulin³ 708 13% 100% Premix insulin4 122 8% 60- 95% 40 68 12 Fast-acting insulin5 351 38% GLP-1 10.8%¹ 80% Human insulin 695 (4%) Insulin 8 6.9%¹ 60% Total insulin 1,876 13% 39 GLP-16 544 27% + 40% 20 20 20 Other diabetes care? 66 37% 6.3%¹ OAD 20% Diabetes care 2,486 16% Obesity (SaxendaⓇ) 410 73% 0 2000 2017 2045 Nov 2013 0% Nov 2018 Biopharm³ 1,114 54% Total 4,009 29% Latin America population 2018: ~0.6 billion people and diabetes prevalence ~9.3% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share comparison for insulin as of Nov 2018: Novo Nordisk 46%, Sanofi 31% and Eli Lilly 19% Competitor value market share comparison for GLP-1 as of Nov 2018: Novo Nordisk 68%, Eli Lilly 31% and AstraZeneca 1% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Nov, 2018 value figures 2 Percentage change in local currency from full year 2017 to full year 2018 3 Comprises Tresiba®, XultophyⓇ and LevemirⓇ; 4 Comprises NovoMix® and RyzodegⓇ; 5 Comprises NovoRapidⓇ; 6 Comprises VictozaⓇ; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, NovoEight® and Norditropin®#36Investor presentation Full year 2018 Slide 36 Region Japan & Korea at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Million 16 Population with diabetes Diabetes growth rate NN Insulin MS NN OAD MS bDKK 40 NN GLP-1 MS Full year 2018 Sales (mDKK) Growth² 80% Long-acting insulin³ 857 1% -9% 20% Premix insulin4 650 (4%) 12 30 31.1%¹ +60% 12 11 GLP-1 Insulin Fast-acting insulin5 779 (15%) Human insulin 187 (17%) 12 (2.1%)¹ 8 - 20 40% Total insulin 2,473 (7%) GLP-16 614 7% 4.8%¹ OAD Other diabetes care? 368 1% 4 10 + 20% Diabetes care 3,455 (4%) Obesity (SaxendaⓇ) 175 0 2000 2017 2045 Nov 2013 0% Biopharm³ 2,167 Nov 2018 (6%) Total 5,797 (2%) Japan & Korea population 2018: ~0.2 billion people and diabetes prevalence ~8.0% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 1 CAGR calculated for last 5-year period Competitor value market share comparison for insulin as of Nov 2018: Novo Nordisk 57%, Eli Lilly 22% and Sanofi 21% Competitor value market share comparison for GLP-1 as of Nov 2018: Novo Nordisk 33%, Eli Lilly 61%, Sanofi 3% and AstraZeneca 3% OAD: Oral anti-diabetic; MS: Market share Source: IQVIA MAT Nov, 2018 value figures 2 Percentage change in local currency from full year 2017 to full year 2018 3 Comprises TresibaⓇ and Levemir®: 4 Comprises NovoMix® and RyzodegⓇ; 5 Comprises NovoRapidⓇ; 6 Comprises VictozaⓇ; 7 Comprises NovoNormⓇ and needles; 8 Comprises primarily NovoSeven®, NovoEight® NovoThirteenⓇ and NorditropinⓇ#37Investor presentation Full year 2018 Biopharm constitutes 16% of Novo Nordisk sales and the 'return to growth' strategy is well on track bDKK 25 20 NovoSevenⓇ and NorditropinⓇ account for 82% of Biopharm sales¹ Other biopharmaceuticals Other haemophilia products NorditropinⓇ NovoSevenⓇ Slide 37 'Return to Growth' strategy builds on organic, non-organic and organisational initiatives 180 Drive in-market brands and ensure successful pipeline launches 15 10 5 10 0 2014 2015 2016 2017 2018 1 Reported sales for 2018 changing diabetes Return to growth in Biopharm Pursue licensing or acquisition of complementary assets or companies Strengthen the organisation to drive the Biopharm 'return to growth'-agenda novo nordisk#38Investor presentation Full year 2018 Slide 38 Novo Nordisk R&D strategy and priorities STRATEGIC PRIORITIES Strengthen leadership in DIABETES CARE Strengthen leadership in OBESITY CARE Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Expand into other SERIOUS CHRONIC DISEASES R&D PRIORITIES Develop disruptive insulin and GLP-1 based products with distinct clinical and/or delivery advantages Develop novel mechanisms that reverse the course of diabetes, act as insulin sensitisers and improve hard clinical endpoints Develop new biologics combined with GLP-1 to achieve >20% weight loss Pursue subcutaneous bypassing and mimicking agents Bring once-weekly growth hormone to market and expand indications Enter NASH, CVD and CKD by leveraging GLP-1 and other internal assets as well as licensing external opportunities Innovate to improve patient outcomes and drive growth CKD: Chronic kidney disease; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; R&D: Research and development changing diabetes® novo nordisk#39Investor presentation Full year 2018 Slide 39 Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 NN1535 LAIsema NN9023 - OG2023SC NN9838 Amylin AM833 NN9747 PYY 1562 analogue NN9277- -GG-co-agonist NN9423 Tri-agonist 1706 NN9775 PYY 1875 analogue NN7533 Eclipse PHASE 2 NN1436 - LAI287 Anti-IL-21 and liraglutide Concizumab Somapacitan - QW GHD1 Semaglutide NASH PHASE 3 Oral semaglutide Semaglutide obesity SUBMITTED APPROVED N8-GP - Long-acting rFVIII LevemirⓇ Somapacitan - QW AGHD2 NovoRapidⓇ NovoMix® Tresiba® RyzodegⓇ XultophyⓇ Victoza® FiaspⓇ OzempicⓇ SaxendaⓇ NovoSevenⓇ NovoEight® NovoThirteenⓇ RebinynⓇ/RefixiaⓇ3 NorditropinⓇ Diabetes Obesity Haemophilia Growth disorders Other serious chronic diseases 1 Study conducted in growth hormone disorders; 2 Study conducted in adult growth hormone disorder; 3 Refixia® is the global brand name and RebinynⓇ is the brand name in North America QW: Once-weekly; GG: Glucagon GLP-1; Sc: Subcutaneous; QD: Once-daily changing diabetes novo nordisk#40Investor presentation Full year 2018 Slide 40 Growth opportunities supported by strong global presence in both sales and manufacturing Employees in sales regions¹ North America Operations: Region AAMEO: Region China: Region Europe: Region Japan & Korea: Region Latin America: Global manufacturing setup West Lebanon, NH, USA (~188 employees) Biopharmaceutical API production Denmark (~9,000 employees) Diabetes and biopharmaceutical API production Filling and packaging Moulding and assembly Tablet production Kaluga, Russia (~266 employees) Filling Assembly Packaging ~4,100 ~4,700 ~3,300 ~2,900 Clayton, NC, USA (~1,186 employees) ~900 ~970 Total non-HQ/manufacturing employees: ~18,000¹ Koriyama, Japan (~70 employees) Packaging Diabetes API production Filling Assembly Packaging of above Chartres, France (~1,140 employees) Filling Assembly Packaging Tianjin, China (~1,045 employees) Filling Assembly Packaging Montes Claros, Brazil (~980 employees) Filling Assembly Packaging Tizi Ouzou, Algeria (~240 employees) Tablet production 1 Employees represent full-time equivalents in Novo Nordisk's sales regions (excludes all other employees in headquarter, research sites and manufacturing sites) as of December 2018 AAMEO: Africa, Asia, the Middle-East and Oceania. changing diabetes novo nordisk#41Investor presentation Full year 2018 Slide 41 Solid patent protection of innovative drugs Novo Nordisk's position is protected by patents and value chain setup EU patent protection¹ US patent protection¹ Barriers to entry for biosimilar players Research & Development OZEMPİC semaglutide injection 2031 20313 · Need to show comparability in PK/PD trials • Fiasp 2030 2030 Strict regulatory requirements in the EU and the USA • fast-acting insulin aspart Xultophy 20282 20292 insulindequdeciagut de [rDNA origninjection 2028 2029 TRESIBA insulindegudec DNA igninjection . RYZODEG 2028 2029 • 70% insulindedecand 30% Requirement for both drug and device offering Manufacturing Economies of scale for incumbents Up-front CAPEX requirements with slow return on investment JONAakriton refixia® 2028 2027 VICTOZA 20233 20233 Commercialisation Leve mir 2019 2019 • Large and fragmented target audience (insulin detemir) · NovoMix Expired4 Expired5 Cost pressure from payers • (biphasic insulin aspart) Novo Rapid Expired6 (insulin aspart) norditropinⓇ Expired8 Expired? Expired8 On-going conversion to next generation drugs and slow market dynamics 1 List does not include all marketed products. 2 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 3 including six months paediatric extension 4 Expired in 2015. 5 Expired in 2014. 6 Expired in 2011. 7 Expired in 2014. 8 Expired in 2017 Note: SaxendaⓇ patent identical to VictozaⓇ patent. PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure novo nordisk#42Insulin changing diabetes Parrat Investor presentation Full year 2018 Slide 42 1. Diabetes at a glance 43 2. Diabetes treatment classes 46 3. Branded diabetes market 47 4. Diabetes market segments 48 5. Novo Nordisk Diabetes product portfolio 50 6. Insulin market and NN market share 51 7. US Healthcare and NN 55 8. Regional insulin markets 9. Tresiba® 60 66 novo nordisk#43Investor presentation Full year 2018 Diabetes - the inability to manage blood sugar levels appropriately Slide 43 Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin produced by the pancreas Primary classifications: Type 1 diabetes: Complete insulin deficiency due to destruction of beta-cells in the pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency Insulin: Facilitates uptake of blood sugar into cells The aim of insulin therapy is to recreate normal blood insulin profile 70 T Short-lived, rapidly generated meal-related peaks (prandial) 60- 긑 50- Insulin (U/mL) 40- 20- Sustained Insulin profile (basal) • 10- • Inhibits glucose release from the liver 0- 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Fat cell Time of day Liver Pancreas Muscle changing diabetes Breakfast Lunch Dinner novo nordisk#44Investor presentation Full year 2018 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI ≥30 kg/m²) Diabetes prevalence USA CDC data on obesity and diabetes prevalence among adults 1994 2000 2014 Slide 44 <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#45Investor presentation Full year 2018 Slide 45 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment remains a challenge - the rule of halves The worldwide challenge of glycaemic control: Mean HbA1c in type 2 diabetes All people with diabetes changing diabetes 50% are diagnosed 100% 50% 25% 50% have access to care 12% 50% get decent care 50% reach target Canada USA 7.3%¹ 7.2%² Latin America 7.6%³ China 7.2-9.5%4 India 7.3-9.3%4 Japan 7.3-7.7%5 Korea Russia 7.9-8.7%6 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#46B-cell function Investor presentation Full year 2018 Slide 46 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 SGLT-2 DPP-IV Other OADs 100% 6% 20% OAD 80% 37% 51% OAD 11% 60% 68% 14% 12% 40% Insulin 5,0% 48% 20% 26% 0% Patients Value Note: Patient distribution across treatment classes is indicative and based on data for the USA, the UK, Germany and France. Value figures based on IQVIA MAT Nov, 2018 Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS Other OADs covers: Metformin, SU, TZDs Numbers do not add up to 100% due to rounding novo nordisk#47Investor presentation Full year 2018 The total branded diabetes market has a global value of DKK ~270 billion annually Slide 47 2016/17 2017/18 Growth Global diabetes market The USA -7% -1% bDKK bDKK 269 266 150 148 139 250 100 -16% 77 65 50 18% 29 34 -11% 3% 28 25 14 15 200 -9% 144 150 132 0 Total Insulin GLP-1 DPP-IV SGLT-2 Rest of world bDKK 100 -3% 18% 150 64 62 6% 121 127 -1% 50 45 24% 100 2% 50 38 67 66 18% 27 22 50 36 37 9 11 62% 8 13 Total Insulin GLP-1 DPP-IV SGLT-2 Total Insulin GLP-1 DPP-IV SGLT-2 2016/17: Covers the four quarters from Q3 2016 to Q2 2017, except for Boehringer Ingelheim share of Trajenta which covers full year 2016 2017/18: Covers the four quarters from Q3 2017 to Q2 2018, except for Boehringer Ingelheim share of Trajenta which covers full year 2017 Note: Constant exchange rates between periods and Boehringer Ingelheim's regional split is based on regional split from 2017 Annual report for prescription medicine Source: Company reported sales novo nordisk#48Investor presentation Full year 2018 Slide 48 The insulin market is comprised of three segments 6:00 10:00 ↑ Breakfast changing diabetes Insulin action profiles tMU 600 Global insulin volume market by segment CAGR volume¹: 4.5% CAGR value¹: 13.7% Fast-acting 500 35% 400 34% Fast-acting Premix 300 25% 200- 29% Premix Long-acting 40% 100 37% Long-acting 0 14:00 18:00 22:00 2:00 6:00 ↑ ↑ Time of day Nov 2013 Nov 2018 Lunch Dinner 1 CAGR for 5-year period. Value in DKK Source: IQVIA monthly MAT volume and value Nov 2018 novo nordisk#49Investor presentation Full year 2018 Slide 49 Medications used for treatment of type 2 diabetes Class HbA1c Hypoglycae- change mia risk Weight change Metformin 1.5 No Neutral Sulfonylurea 1.5 Yes Gain TZDS 0.5-1.4 No Gain Commonly prescribed product classes for the treatment of type 2 diabetes Dosing (per day) Contraindication/ undesired effects Kidney, liver Essentially none CHF, liver CVD risk Minimal 2 OADs None 1 OAD Varies 1 OAD DPP-IV inhibitors 0.6-0.8 No Neutral TBD 1-2 OADs None SGLT-2 inhibitors 0.5-0.9 No Loss GLP-1 1.0 - 2.0 No Loss Long-acting insulin 1.5-2.5 Yes Gain Fast-acting insulin 1.5-2.5 Yes Gain Genital infections, urinary tract infections GI side effects, MTC Hypoglycaemia Hypoglycaemia Note: TG and HDL: Beneficial effect on triglycerides and high-density lipoprotein cholesterol; CHF: Congestive heart failure; GI: Gastrointestinal; MTC: Medullary thyroid cancer; TZD: thiazolidinediones; OAD: Oral anti-diabetic; TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29:1963-1972; Nathan DM, et al. Diabetes Care. 2007;30:753-759; Nathan DM, et al. Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008;31:S12-S54. Wel Chol PI. 1/2008. Varies 1 OAD Varies Varies TG and HDL TG and HDL 1 injection 1-4 injections changing diabetes novo nordisk#50Investor presentation Full year 2018 Slide 50 Novo Nordisk's current and future product portfolio covers the type 2 diabetes treatment cascade¹ Overview of current and future products in Novo Nordisk's diabetes portfolio Second generation analogues First generation analogues Human insulin When basal insulin is not enough When metformin is not enough When it's time for insulin Once-daily optimisation oral semaglutide Mealtime insulin control OZEMPİC TRESIBA Xultophy RYZODEG Fiasp fast-acting insulin aspart semaglutide injection or VICTOZAⓇ LevemirⓇ Novo Mix® Novo Rapid or Insulatard® Mixtard® 30 ActrapidⓇ 1 Pending clinical development programmes and regulatory processes for oral semaglutide changing diabetes® novo nordisk#51Investor presentation Full year 2018 Slide 51 Stable global insulin volume growth 18% 16% 14% 12% 10% 8% 6% 4% 2% Regional insulin volume growth North America Region China Region Europe Region J&K Regional insulin volume market split Region Europe Region J&K Region AAMEO North America Region LATAM Region China World 100% 80% 60% 40% 3% 20% Region AAMEO Region LATAM 3% 3% 10% 22% Nov 2013 Note: Data is sensitive to changes in IQVIA data collection and reporting methodology. Source: IQVIA monthly MAT Nov, 2018 volume figures 0% 0% Nov 2013 Nov 2018 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Nov, 2018 volume figures changing diabetes 32% 30% Nov 2018 novo nordisk#52Investor presentation Full year 2018 Continued single digit volume growth within the insulin segments globally Slide 52 Fast-acting insulin Segment volume Premix insulin Long-acting insulin NovoRapidⓇ market share Segment volume NovoMix® market share Segment volume TresibaⓇ share - LevemirⓇ share tMU CAGR¹ volume: 5.1% 100% tMU 200 MI penetration: 78.0% 200 CAGR¹ volume: 1.5% MI penetration: 44.5% 100% 200 tMU CAGR¹ volume: 6.0% 100% MI penetration2: 84.0% 80% 80% 80% 160 160 150 60% 60% 60% 120 120 100 40% 40% 40% 80 80 40 + 20% 40 20% 50 20% 0% 0% 0% Nov 2013 Nov 2018 Nov 2013 Nov 2018 Nov Nov 2013 2018 1 CAGR for 5-year period; 2 Includes new-generation insulin. tMU: Thousand mega units Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA MAT Nov, 2018 volume figures changing diabetes novo nordisk#53Investor presentation Full year 2018 Slide 53 Novo Nordisk increased market share in long-acting insulin and sustained leadership in fast-acting and premix insulin Long-acting insulin¹ volume market share across regions Novo Nordisk Fast-acting insulin² volume market share across regions North America Operations Region China Premix insulin³ volume market share across regions Region AAMEO Region Latin America 80% 70% 60% 50% 40% 30% 20% 10% 0% Nov 2013 80% 70% 60% 50% 40% 30% 20% 10% 0% Nov 2018 Nov 2013 Region Europe Region Japan & Korea 80% 70% 60% 50% 40% 30% 20% 10% 0% Nov Nov 2018 2013 Nov 2018 1 Long-acting insulin comprises: TresibaⓇ, Levemir®, XultophyⓇ and Insulatard® (basal human insulin). Please note that not all products are launched in all markets 2 Short-acting insulin includes: Fiasp®, NovoLog® and ActrapidⓇ (bolus human insulin). Please note that not all products are launched in all markets 3 Premix insulin includes: Ryzodeg®, NovoMixⓇ and MixtardⓇ 30 (premix human insulin). Please note that not all products are launched in all markets Source: IQVIA monthly MAT Nov, 2018 volume figures AAMEO: Africa, Asia, Middle-East and Oceania novo nordisk#54Investor presentation Full year 2018 Slide 54 Stable global insulin market growth and Novo Nordisk sustains global volume market share leadership Global insulin market Global modern and new-generation insulin volume market shares Device penetration Modern insulin penetration¹ tMU CAGR volume¹: 4.5% Penetration 500 CAGR value¹: 13.7% 100% 60% 400 50% 80% 40% 300 60% MI and NGI² 30% 200 Market value³: bDKK 2,647 - 40% 20% 100 Human insulin 20% 10% Market value³: bDKK 283 0 0% 0% Nov 2013 Nov 2018 1 CAGR for 5-year period; 2 MI: Modern insulin; NGI: New-generation insulin 3 Annual gross value of total insulin class Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Nov, 2018 volume and value figures changing diabetes - Novo Nordisk Sanofi Eli Lilly Nov 2013 Note: Data is sensitive to changes in IQVIA data collection and reporting methodology, does not add up to 100% as only selected pharmaceutical companies are included Source: IQVIA monthly MAT Nov, 2018 volume figures 45% 32% 21% Nov 2018 novo nordisk#55Investor presentation Full year 2018 Slide 55 Novo Nordisk is the market leader in the USA within the modern and new-generation insulin segment USA insulin market by segment Device penetration - Novo Nordisk Modern insulin and new-generation insulin volume market shares in the USA Sanofi Eli Lilly Modern insulin penetration tMU Penetration CAGR volume¹: 2.1% 160 100% 60% CAGR value¹: 17.1% 140 50% 80% 120 Fast-acting 40% 100 60% 80 Premix 30% 60 40% 20% 40 Long-acting 20% 10% 20 0 0% 0% Nov 2013 Nov 2018 Nov 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT Nov, 2018 volume and value figures changing diabetes Note: Data is sensitive to changes in IQVIA data collection and reporting methodology, does not add up to 100% as only selected pharmaceutical companies are included Source: IQVIA monthly MAT Nov, 2018 volume figures 41% 31% 27% Nov 2018 novo nordisk#56Investor presentation Full year 2018 Slide 56 Novo Nordisk increases its market share in the long-acting insulin segment USA fast-acting insulin Segment volume USA premix insulin Segment volume USA long-acting insulin Segment volume LevemirⓇ share FIASPⓇ share NovoLogⓇ share Combined NN tMU CAGR volume¹: 2.8% tMU 80 MI penetration: 83.7% 80% 80 - NovoLog® Mix 70/30 share CAGR volume¹: (6.2%) MI penetration: 51.3% TresibaⓇ share Combined NN tMU CAGR volume¹: 3.4% 80% 80 MI penetration²: 72.0% 80% 60 60 60% 60 60% 60 60 60% 40 20 20 40% 40 - 20% 20 0 0% 0 Nov 2013 Nov 2018 Nov 2013 1 CAGR for 5-year period; 2 Includes new-generation insulin. tMU: Thousand mega units 40% 40- - 20% 20- 0% 0 Nov 2018 Nov 2013 Note: The USA trend data reflect changes to IQVIA data collection coverage and methodology as of January 2012. Modern insulin (MI) penetration is of total segment, i.e. including human insulin Source: IQVIA monthly MAT Nov, 2018 volume figures NN: Novo Nordisk changing diabetes 40% + 20% 0% Nov 2018 novo nordisk#57Investor presentation Full year 2018 Slide 57 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage The US population by health insurance status expected to remain stable in coming years Managed care² Public exchanges Medicaid Uninsured US population (million) In 2018, PBMs covered 288 million lives and the market has consolidated MedImpact All other PBMS Humana Prime 3% 3% 5% CVS Caremark 8% 31% Medicare Other 326 333 100% 9% 8% 80% 23% 22% 60% 18% 18% OptumRx 22% 40% 20% 45% 44% 0% 20171 2020 28% Express Scripts 1 2017 data reflect historical data through Oct 2017 2 Managed care population is slightly underestimated as only population under the age 65 is captured to avoid double counting with those eligible for Medicare. Source: Census.gov; Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Oct 2017; CMS Insurance Marketplace Fact sheet 2017; CDC.gov PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: Cleveland Research novo nordisk#58Investor presentation Full year 2018 The US healthcare system is complex and rebates paid by Novo Nordisk have increased significantly in recent years Illustrative example of the Product flow US healthcare system Payment flow Development of Novo Nordisk rebates and net sales in the US Rebates/discounts flow Billion DKK 120 380 Wholesaler I Manufacturer Pharmacy Patient 100 80 Pharmacy Benefit Manager (PBM) 64 40 60 Employer / Health Insurer 20 Slide 58 Rebates 80% 60% 40% 20% 0 0% 2012 2013 2014 2015 2016 2017 2018 US net sales US rebates US rebates, % of US gross sales Note: Based on reported sales novo nordisk#59Investor presentation Full year 2018 Slide 59 Novo Nordisk's key diabetes care products remain broadly available in the USA Value market shares of Novo Nordisk key products in the USA Share of unrestricted market access of Value market share 80% 60% 40% 20% VictozaⓇ TresibaⓇ NovoLogⓇ OzempicⓇ Novo Nordisk key products in the USA LevemirⓇ Unrestricted Market access VictozaⓇ TresibaⓇ NovoLogⓇ OzempicⓇ LevemirⓇ 100% 80% 60% 40% 0% Nov 2015 Source: IQVIA NSP Nov 2018; 20% 0% Nov 2018 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, Ozempic®: share of GLP-1 segment changing Jul 2015 Source: FingerTip Formulary bridge, Oct 2018 Nomenclature and Xponent PlanTrak; only considers bridged volume; excludes cash and mail order data; Note: Unrestricted access excludes prior authorisation, step edits and other restrictions LevemirⓇ access based on FlexTouch® Pen; NovoLog® access based on FlexPenⓇ; only considers bridged volume; TresibaⓇ launched in Jan 2016, OzempicⓇ launched in Feb 2018 diabetes Oct 2018 novo nordisk#60Investor presentation Full year 2018 Slide 60 Sustained leadership position in the European modern and new-generation insulin market European insulin market by segment Device penetration - CAGR volume¹: 3.6% European modern insulin and new-generation insulin volume market shares Sanofi Novo Nordisk Eli Lilly tMU 180 160 140 120 100 80 60 40 20 0 Nov 2013 CAGR value¹: 1 CAGR for 5-year period 2 MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Nov, 2018 volume and value figures changing diabetes® MI and NGI penetration Penetration 4.4% 100% 60% 50% 80% Fast-acting 40% 60% 30% Premix 40% 20% Long-acting 20% 10% 0% 0% Nov 2018 Nov 2013 43% 36% 20% Nov 2018 Source: IQVIA monthly MAT Nov, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers novo nordisk#61Investor presentation Full year 2018 Slide 61 Stable insulin leadership position in Region AAMEO Region AAMEO insulin market by segment Region AAMEO modern and new-generation insulin volume market shares tMU 120 100 80 60 40 20 0 Nov 2013 - Device penetration - MI and NGI penetration Penetration CAGR volume¹: 7.5% CAGR value¹: 4.1% 100% 70% 60% 80% Fast-acting 50% 60% 40% Premix 30% 40% 20% 20% Long-acting 10% 0% 0% Nov 2018 Nov 2013 - Novo Nordisk 1 CAGR for 5-year period. Note: IQVIA only covers the following 8 markets in AAMEO (retail data): Algeria, Egypt, India, New Zealand, Russia, Saudi Arabia, South Africa and Turkey, which together accounts for 82% of Novo Nordisk insulin sales in region AAMEO Source: IQVIA monthly MAT Nov, 2018 volume and value figures AAMEO: Africa, Asia, the Middle-East and Oceania; MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Nov, 2018 volume figures Sanofi Eli Lilly Other 57% 20% 13% 10% Nov 2018 novo nordisk#62Investor presentation Full year 2018 Slide 62 Solid insulin market leadership position in Region Japan & Korea Region Japan & Korea insulin market by segment Region Japan & Korea modern and new- generation insulin volume market shares Sanofi Novo Nordisk - Eli Lilly tMU 18 16 14 12 10 8- 6 2 0 Nov 2013 Device penetration CAGR volume¹: 0.7% MI and NGI penetration Penetration CAGR value¹: (2.1%) 100% 70% 60% Fast-acting 50% 40% 80% Premix 30% 20% Long-acting 10% 60% 0% Nov 2018 1 CAGR for 5-year period MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Nov, 2018 volume and value figures changing diabetes Nov 2013 Source: IQVIA monthly MAT Nov, 2018 volume figures, numbers do not add up to 100% due to rounding 51% 26% 24% Nov 2018 novo nordisk#63Investor presentation Full year 2018 Slide 63 Solid TresibaⓇ performance strengthens basal insulin market share in Japan Japanese basal value market shares TresibaⓇ NPH LevemirⓇ glargine U100 - biosimilar glargine U100 Japanese total insulin value market shares Eli Lilly glargine U300 -- - NN Total Basal 80% - Novo Nordisk Sanofi 70% 60% 50% 40% 30% 20% 10% 0% Nov 2015 Source: IQVIA monthly MAT Nov, 2018 value figures NPH: Novolin® changing diabetes 60% -51% 44% 40% 18% -14% 20% 14% 6% 2% 0% Nov 2018 Nov 2015 Source: IQVIA monthly MAT Nov, 2018 value figures, numbers do not add up to 100% due to smaller insulin manufacturers 59% 22% 18% Nov 2018 novo nordisk#64Investor presentation Full year 2018 Slide 64 Continued value and volume growth in the Chinese insulin segments Chinese insulin market by segment Chinese total insulin value market shares DKK billion Device penetration Modern insulin penetration Novo Nordisk Penetration 10.0 CAGR value¹: 12.1% CAGR volume¹: 9.2% Sanofi 100% 70% 60% 8.0 80% Fast-acting 50% 6.0 4.0 2.0 Premix 60% 40% 30% . 40% 20% 20% Long-acting 10% 0.0 Nov 2013 0% 0% Nov Nov 2018 2013 1 CAGR for 5-year period Note: IQVIA covers around 50% of the total Chinese market (hospital data) Source: IQVIA Rolling MAT Nov, 2018 value figures changing diabetes Eli Lilly Tonghua Dongbao Gan & Lee Other Note: Only selected competitors Source: IQVIA Rolling MAT Nov, 2018 value figures 48% 18% 12% 11% 7% 4% Nov 2018 novo nordisk#65Investor presentation Full year 2018 Slide 65 Novo Nordisk has strengthened its insulin volume market share in Region Latin America Region Latin America insulin market by segment Region Latin America modern and new- Novo Nordisk generation insulin volume shares Eli Lilly Sanofi Other Device penetration tMU CAGR volume¹: 10.2% 18 CAGR value¹: 6.9% 15 12 9 16 3 0 Nov 2013 - Modern insulin penetration Penetration 50% 70% 60% 40% Fast-acting 50% Premix 30% 40% 30% 20% Long-acting 20% 10% 10% 0% 0% Nov 2018 Nov 2013 1 CAGR for 5-year period Note: IQVIA covers the following 4 markets in Latin America (retail data): Argentina, Brazil, Colombia and Mexico Source: IQVIA monthly MAT data Nov, 2018 volume and value figures Note: Only top-3 shown Source: IQVIA monthly MAT data Nov, 2018 volume figures 46% 26% 16% 12% Nov 2018 novo nordisk#66Investor presentation Full year 2018 Slide 66 TresibaⓇ sets a new standard for basal insulin initiation by lowering the risk of hypoglycaemia TresibaⓇ is a leap on the innovation ladder by further reducing nocturnal hypoglycaemia 50% 53% reduction in nocturnal reduction in nocturnal hypoglycaemia¹ hypoglycaemia² TresibaⓇ has consistently demonstrated relevant reductions in severe hypoglycaemia Patients Study Hazard ratio [95% CI] 1.12 [0.68; 1.86] BEGIN New-generation insulin T1D 0.65 [0.48; 0.89]* SWITCH 1 Modern insulin Human insulin 0.74 [0.61; 0.90]* TresibaⓇ BEGIN 0.81 [0.42; 1.56] Insulatard® IGlar U100 T2D SWITCH 2 Half life: 25 hours Variability: Low Half life: 12-19 hours Variability: Medium 0.54 [0.21; 1.42] 0.49 [0.26; 0.94]* DEVOTE 0.60 [0.48; 0.76]* Half life: 5-10 hours Variability: High Maintenance period 0.125 0.25 0.5 1 2 Favours Tresiba® Favours comparator Full treatment period 1 P. D. Home, A. Fritsche, S. Schinzel & M. Massi-Benedetti, Diabetes, Obesity and Metabolism 12: 772- 779, 2010 2 DEVOTE, American Diabetes Association 77th Scientific Sessions, 3-CT-SY22, Jun 12 2017 IGlar U100: Insulin glargine U100 * Statistically significant difference Note: Phase 3a BEGIN: Severe-third-party assistance; Phase 3b SWITCH: severe-third-party assistance and adjudicated; Phase 3b DEVOTE: severe-third-party assistance. T1D: Type 1 diabetes; T2D: Type 2 diabetes; CI: Confidence interval Source: Ratner et al. Diabetes Obes Metab 2013; Lane et al. Diabetologia 2016;59; Wysham et al. Diabetologia 2016; DEVOTE, American Diabetes Association 77th Scientific Sessions, 3-CT-SY22, Jun 12 2017#67Investor presentation Full year 2018 Slide 67 GLP-1 F100 WIS YANG YEA 1. GLP-1 treatment 2. GLP-1 market REN YANXIA Ren has type 2 diabetes China 68 69 3. Regional GLP-1 growth 70 4. GLP-1 patient profile 71 5. Victoza® 72 6. OzempicⓇ 7. GLP-1 market value in Regions 73 75 8. Clinical trials (SUSTAIN & PIONEER) 81 novo nordisk#68Investor presentation Full year 2018 Slide 68 GLP-1 effect dependent on level of blood glucose • • . GLP-1 mechanism of action when blood sugar levels increase Increases insulin secretion in the pancreas Reduces glucagon secretion in the liver Slows gastric emptying in the gut Creates sense of satiety in the brain Brain GLP-1 lowers blood glucose in patients with type 2 diabetes Glucose (mmol/L) 18 16 14 12 10 8 Type 2 diabetes patients, no GLP-1 Type 2 diabetes patients, with GLP-1 Healthy controls receiving saline changing diabetes GLP-1 Liver Gut Pancreas 4 6420 Breakfast Lunch Snack 22:00 02:00 06:00 10:00 Time Source: Rachman et al. Diabetologia 1997;40:205-11 14:00 18:00 novo nordisk#69Investor presentation Full year 2018 The GLP-1 segment accounts for 14% of the global diabetes care market value Slide 69 Global GLP-1 market GLP-1 value in bDKK VictozaⓇ Exenatide OzempicⓇ Other Dulaglutide Share of total diabetes care market Share of total diabetes care GLP-1 value and patient share of the total diabetes care market GLP-1 value share of total diabetes GLP-1 patient share¹ of total diabetes market 80 10% 20% 17% 70 - 8% 60 CAGR value¹: 35.4% 14% 15% 12% 50 6% 40 10% 4% 30 7% 6% 6% 5% 20 5% 3% 2% 10 1% 0 Nov 2013 0% 0% Nov 2018 World North Reg Reg America EU LATAM Reg J&K Reg Reg AAMEO China 1 CAGR for 5-year period Source: IQVIA monthly MAT Nov, 2018 value figures changing diabetes Reg: Region; AAMEO: Africa, Asia, the Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America 1 Patient share is indicative and based on data for the USA, the UK, Germany and France only. Source: Value data; IQVIA monthly MAT Nov, 2018. Patient data; IQVIA Disease Analyser (DE, FR, UK), Quintiles IQVIA LRX (USA), Nov 2018#70Investor presentation Full year 2018 Slide 70 Strong GLP-1 volume growth in all regions Regional GLP-1 volume growth North America Region China Region Europe Region J&K 40% 0% Regional GLP-1 volume market split Region Europe Region J&K Region AAMEO Region LATAM World North America Region China 100% * 80% 60% 40% 20% World: 23% 0% Nov 2018 Nov 2015 Nov 2015 J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IQVIA data collection and reporting methodology; * Region China has increased by 145% MAT Nov, 2018 Source: IQVIA monthly MAT Nov, 2018 volume figures changing diabetes® Region AAMEO Region LATAM 3% 8% 1% 4% 37% Note: Data is sensitive to changes in IQVIA data collection and reporting methodology; Numbers does not add up to 100% due to rounding Source: IQVIA monthly MAT Nov, 2018 volume figures 46% Nov 2018 novo nordisk#71Investor presentation Full year 2018 Slide 71 Main GLP-1 source of business comes from OAD patients as many OAD patients are not in good control GLP-1 source of business (new-to-brand prescription market share) Insulin and Treatment Share of patients on OADs achieving HbA1c below 7% in major European countries GLP-1 naive 5% 5% 25% Insulin GLP-1 11% 50% OAD HbA1c >7% 43% 57% Note: Data based on data from France, Germany, UK and USA only OAD: Oral anti-diabetic (includes but is not limited to DPP-IV, SGLT-2, metformin and sulfonylurea) Source: IQVIA Disease Analyser (France, Germany and UK) and IQVIA (formerly IMS) LRX (USA), Jun 2018 Note: Data based on data from France, Germany and UK only Source: IQVIA Disease Analyser (France, Germany and UK), Sep 2017 HbA1c <7% novo nordisk#72Investor presentation Full year 2018 Slide 72 Significant growth in GLP-1 market with leading market share for VictozaⓇ Global GLP-1 market value and share of total diabetes care market value Novo Nordisk GLP-1 value market share leading in all regions except Japan & Korea ☐ Novo Nordisk GLP-1 value market share VictozaⓇ bDKK albiglutide¹ 80 70 60 exenatide 50 launch 40 30 20 10 0 2005 OzempicⓇ dulaglutide exenatide GLP-1 share of total diabetes care market FDA/EMA statement on 16% bDKK 70 45% pancreatic safety³ 14% 60 Dulaglutide 12% Article on launch 50 pancreatic safety 10% of incretins² 40 8% VICTOZA 30 liraglutide injection 6% 20 - 4% 54% 2% 10 33% 0% 0 2009 2013 2014 2018 North America Region Europe 68% 43% Region Region Region Region J&K LATAM AAMEO China 87% 1 Manufacturing and sale of albiglutide expected to be discontinued by Jul 2018 2 Butler et al, Marked Expansion of Exocrine and Endocrine Pancreas With Incretin Therapy in Humans With Increased Exocrine Pancreas Dysplasia and the Potential for Glucagon-Producing Neuroendocrine Tumors, Diabetes, Vol. 62, Jul 2013 3 Egan et al, Pancreatic Safety of Incretin-Based Drugs - FDA and EMA Assessment, The New England Journal of Medicine 370;9, 27 Feb 2014 Source: IQVIA MIDAS, monthly data, Nov 2018 (Note: IQVIA data does not adequately capture rebates resulting in an overstatement of market value) FDA: The US Food and Drug Administration; EMA: European Medicines Agency AAMEO: Africa, Asia, the Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America Source: Reported sales until November 2018; IQVIA MIDAS, Nov 2018 novo nordisk#73Investor presentation Full year 2018 Slide 73 Ambition for OzempicⓇ to become leading weekly GLP-1, with daily GLP-1 users shifting to oral semaglutide Promotional focus shifted from Victoza® towards OzempicⓇ as market access emerges Illustrative Aim for OzempicⓇ and oral semaglutide to replace VictozaⓇ as market leaders Illustrative Commercial focus changing diabetes VICTOZA liraglutide injection OZEMPİC semaglutide injection OzempicⓇ market access Prescription volume VICTOZAⓇ liraglutide injection OZEMPİC semaglutide injection Time 1 VictozaⓇ patent expiry expected in 2022/2023 in most markets oral semaglutide VictozaⓇ patent expiry¹ novo nordisk#74Investor presentation Full year 2018 Slide 74 OzempicⓇ approved in the USA and in the EU Profile OzempicⓇ label in the USA • Adjunct to diet and exercise to improve glycaemic control Two therapeutic dosages, 0.5 mg and 1 mg CV data from SUSTAIN 6 trial in OzempicⓇ EU label OzempicⓇ label VictozaⓇ label • Reduction in HbA1c VS comparators¹ Efficacy Conve- nience Safety Reduction in body weight vs comparators¹ Administered once-weekly To be launched in the OzempicⓇ pen Retinopathy wording similar to insulin labels Cardiovascular safety with number of MACE events in clinical section² 1 Statistically significant reduction compared to comparators: placebo, sitagliptin, exenatide extended- release and insulin glargine U100 (phase 3a SUSTAIN trial programme) 2 In SUSTAIN 6, there were 108 MACE events with OzempicⓇ compared to 146 events with placebo, equivalent to an event rate of 6.6% with Ozempic® and 8.9% with placebo MACE: Major adverse cardiovascular events changing diabetes Trial Patients Reference to CV results in indication MACE Kaplan-Meier SUSTAIN 6 LEADER 9,340 3,297 Included Included HR: 0.741 HR: 0.872 Included Included 195% confidence interval [0.58;0.95]. 295% confidence interval [0.78;0.97] CV: Cardiovascular; HR: Hazard ratio novo nordisk#75Investor presentation Full year 2018 Slide 75 The GLP-1 segment accounts for 17% of total diabetes care market value in North America DKK billion 53 70 60 50- 40- 30 20- 10 0 Nov 2013 North America GLP-1 market Key points on VictozaⓇ and Ozempic® in the USA VictozaⓇ and OzempicⓇ value market share within the GLP-1 segment is 45%2 Around 93% of new patients who start on VictozaⓇ transition from outside of the GLP-1 segment. Around 72% of new patients who start on OzempicⓇ transition from outside of GLP-1 segment³ Unrestricted access for OzempicⓇ for commercial and Medicare Part D combined around 80% Around 71% of VictozaⓇ prescriptions are for the higher dose 1.8 mg. Around 38% of OzempicⓇ prescriptions are for the higher dose 1 mg4 VictozaⓇ Dulaglutide Exenatide -OzempicⓇ Other Share of total diabetes care • market GLP-1 market value 14% CAGR value¹: 39.0% 12% 10% 8% 6% 4% 2% 0% Nov 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT Nov, 2018 value figures changing diabetes 2 Source: IQVIA NSP monthly, MAT Nov, 2018 3 IQVIA SOB, week 21 Dec 2018 (based on 4 week average) 4 IQVIA, NPA weekly, 28 Dec 2018 (based on 4 week average) novo nordisk#76Investor presentation Full year 2018 Slide 76 The GLP-1 segment accounts for around 12% of total diabetes care market value in Region Europe European GLP-1 market VictozaⓇ Exenatide DKK billion Dulaglutide Other GLP-1 market value CAGR value¹: 20.8% 9876543216 0 Nov 2013 VictozaⓇ value market share in Region Europe Share of total diabetes care market GLP-1 value market share 10% 100% 8% 80% - 6% 60% 4% 40% 2% 20% 0% 0% Nov 2018 Nov 2013 Victoza® Exenatide Dulaglutide Other 54% 34% 10% 2% Nov 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT Nov, 2018 value figures changing diabetes Source: IQVIA monthly MAT Nov, 2018 value figures novo nordisk#77Investor presentation Full year 2018 Slide 77 The GLP-1 segment accounts for 3% of total diabetes care market value in Region AAMEO DKK billion Region AAMEO GLP-1 market VictozaⓇ Exenatide VictozaⓇ value market share in Region AAMEO VictozaⓇ Exenatide Dulaglutide Lixisenatide Dulaglutide Share of total diabetes care GLP-1 value market share GLP-1 market value market 2% 100% 80% 60% 1% 40% 20% 0% 0% Nov Nov 2018 2013 0.8 0.7 CAGR value¹: 24.2% 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Nov 2013 1 CAGR for 5-year period AAMEO: Africa, Asia, the Middle East and Oceania Source: IQVIA monthly MAT Nov, 2018 value figures changing diabetes Source: IQVIA monthly MAT Nov, 2018 value figures Nov 2018 .43% 30% 27% novo nordisk#78Investor presentation Full year 2018 The GLP-1 segment accounts for around 1% of the total diabetes care market value in Region China Slide 78 Chinese GLP-1 market VictozaⓇ value market share in Region China DKK billion VictozaⓇ Exenatide GLP-1 market value Share of total diabetes care GLP-1 value Victoza® Exenatide market share market 100% 0.3 1.5% 87% CAGR value¹: 33.6% 80% 0.2 1.0% 60% 0.1 0.0 Nov 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT Nov, 2018 value figures changing diabetes 40% 0.5% 20% 0.0% 0% Nov 2018 Nov 2013 Source: IQVIA monthly MAT Nov, 2018 value figures. Market share does not add up to 100% due to rounding Nov 2018 12% novo nordisk#79Investor presentation Full year 2018 Slide 79 The GLP-1 segment accounts for around 6% of the total diabetes care market in Region Japan & Korea DKK billion Region Japan & Korea GLP-1 market VictozaⓇ Exenatide Dulaglutide Other GLP-1 market value VictozaⓇ value market share in Region Japan & Korea VictozaⓇ Exenatide Dulaglutide Other Share of total diabetes care GLP-1 value market share market 1.8 4% 100% 1.6 1.4 CAGR value¹: 31.1% 80% 3% 1.2 60% 1.0 2% 0.8 40% 0.6 1% 0.4 20% 0.2 0.0 0% 0% Nov 2013 Nov Nov 2018 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT Nov, 2018 value figures changing diabetes Source: IQVIA monthly MAT Nov, 2018 value figures. Market share does not add up to 100% due to rounding 61% 33% 4% 3% Nov 2018 novo nordisk#80Investor presentation Full year 2018 The GLP-1 segment accounts for around 6% of the total diabetes care market in Region Latin America Region Latin America GLP-1 market VictozaⓇ value market share in Region Latin America DKK billion VictozaⓇ Exenatide Dulaglutide Other GLP-1 market value Share of total diabetes care GLP-1 value market share market 100% 1 0.7 6% 0.6 CAGR value¹: 10.8% 5% 80% 0.5 4% 60% 0.4 3% 0.3 40% 2% 0.2 20% 0.1 1% 0.0 0% 0% Nov 2013 Nov 2018 Nov 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT Nov, 2018 value figures changing diabetes Source: IQVIA monthly MAT Nov, 2018 value figures Slide 80 VictozaⓇ Exenatide Dulaglutide Other .68% 31% 1% Nov 2018 novo nordisk#81SUSTAIN trials with semaglutide Investor presentation Full year 2018 Slide 81 SUSTAIN 1 2 3 4 5 6 7 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% 0.0 -0.1 Change in HbA1c (%) Baseline -0.5 -0.8 -0.9 -1.1* -1.3* -1.6* -1.5* -1.6* -1.5* -1.2* -1.4* -1.4* -1.6* -1.8* 1.2 92 kg 89 kg 96 kg 93 kg 92 kg Change in weight (kg) -3.7* -4.5* semaglutide 1 mg -1.0 semaglutide 0.5 mg -1.9 -1.9 -4.3* -5.6* -6.1* -5.2* Placebo¹ sitagliptin 100 mg -3.5* -1.4 -0.4 -1.1 -1.3 -1.5* -1.8* 92 kg 95 kg -0.6 -3.7* -3.6* -4.9* -6.4* exenatide ER glargine U100 -6.5* Dulaglutide 1.5 mg -2.3 -3.0 -4.6* * Statistically significant; SUSTAIN 1: QW sema versus placebo in drug-naïve subjects with T2D; SUSTAIN 2: QW sema versus sitagliptin 100 mg once-daily in subjects with T2D added on to 1-2 OADs; SUSTAIN 3: QW sema versus QW exenatide ER 2.0 mg in subjects with T2D added on to 1-2 OADS; SUSTAIN 4: QW sema versus QD insulin glargine in subjects with T2D added on to 1-2 OADs; SUSTAIN 5: QW sema versus placebo in subjects with type 2 diabetes added to insulin; SUSTAIN 6: QW sema versus placebo, added to standard-of-care; SUSTAIN 7: QW sema versus QW dulaglutide 75 mg and 150 mg in subjects with T2D added on to 1-2 OADS ER: Extended-release; QW: once weekly; QD: once daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics Dulaglutide 0.75 mg novo nordisk#82Investor presentation Full year 2018 Slide 82 In the completed PIONEER trials between 52-80% of patients on oral semaglutide achieved an HbA1c level <7% In completed PIONEER trials 52-80% of patients achieved an HbA1c level <7.0% (ADA guidance)¹ Proportion of patients In completed PIONEER trials 28-49% of patients achieved a weight loss of ≥ 5%¹ Proportion of patients (%) (%) 100% 100% 80%* 80%* 80% 72%* 75%* 80% 69%* 64%*63%*64%* 60% 52%* 60% 44%* 47% 49%* 49%* * 41%* 40% 40% 20% 20% تتاتتاتلر 25%* 0% 0% P1 P2 P3 P4 P5 P7 P8 P9 P10 P1 P2 P3 P4 P5 P7 P8 P9 P10 1 Hypothetical estimand, observed data * Statistically significant vs comparator (PIONEER 1 vs placebo; PIONEER 2 vs empagliflozin 25 mg; PIONEER 3 vs sitagliptin 100 mg; PIONEER 4 vs Victoza® 1.8 mg; PIONEER 5 vs. placebo in T2DM and with renal impairment; PIONEER 7 vs sitagliptin 100 mg; PIONEER 10 vs. dulaglutide in Japanese people) Note: Results shown are: PIONEER 1 for 26 weeks with 14 mg oral semaglutide; PIONEER 2, 4 and 9 for 52 weeks with 14 mg oral semaglutide; PIONEER 3 for 78 weeks with 14 mg oral semaglutide; PIONEER 7 for 52 weeks with a mixed dose. PIONEER 6 not included as it was a CVOT. T2DM: Type 2 diabetes mellitus; CVOT: Cardiovascular outcomes trial; ADA: American Diabetes Association Source: Novo Nordisk data on file#83Investor presentation Full year 2018 Slide 83 PIONEER programme completed for oral semaglutide and global trials showed consistent efficacy profile PIONEER 1 2 3 4 5 7 8 Baseline 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% Change in HbA1c (%) Baseline Change in -0.8 -0.1 -0.1 -0.1 -0.5 -0.8 -0.6 -0.7 -1.0 -0.9 -1.1 -1.3 -1.1 -1.4 -1.4 -1.4 -1.4 -1.5 -1.3 -1.1 88 kg 92 kg 91 kg 94 kg 91 kg 89 kg 86 kg 0.6 weight (kg) -1.7 -1.5 -2.5 -0.7 -0.1 -1.0 -3.8 -0.8 -1.2 -1.1 -2.2 -3.2 -4.2 -4.1 oral semaglutide 3 mg oral semaglutide 7 mg -2.9 -4.3 -2.9 -3.3 -3.7 -4.7 oral semaglutide 14 mg placebo empagliflozin 25 mg Sitagliptin 100 mg Victoza 1.8 mg Note: PIONEER 9 and PIONEER 10 were Japanese studies and PIONEER 6 was a CV safety study. Statistically significant; PIONEER 1: QD oral sema versus placebo in subjects with T2D treated with diet and exercise only; PIONEER 2: QD oral sema versus empagliflozin 25 mg in subjects with T2D; PIONEER 3: QD oral sema versus sitagliptin 100 mg in subjects with T2D; PIONEER 4: QD oral sema versus Victoza® 1.8 mg and placebo in subjects with T2D; PIONEER 5: QD oral sema versus placebo in subjects with T2D and moderate renal impairment; PIONEER 7: QD oral sema using a flexible dose adjustment based on clinical evaluation versus sitagliptin 100 mg in subjects with T2D; PIONEER 8: Effects of QD oral sema versus placebo in subjects with long duration of T2D treated with insulin ER: Extended-release; QW: once weekly; QD: once daily; oral sema: oral semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics novo nordisk#84Obesity Investor presentation Full year 2018 Slide 84 1. Obesity as a chronic disease 85 2. Obesity treatment 86 3. SaxendaⓇ 4. Obesity pipeline 88 90 5. STEP and SELECT 92 novo nordisk#85Investor presentation Full year 2018 Slide 85 Obesity is a chronic disease that requires treatment The set-point theory portrays how metabolic changes affect the ability to lose weight Weight gain Set- point Increased appetite and slowing of metabolism Diet and exercise to reduce weight . The body fights weight loss for people with obesity The body "remembers" its highest body weight and defends this body weight as the "new normal weight" • During weight loss, changes occur in appetite-regulating hormones, which increase hunger • New set- point New set- point Hormone levels signal change to keep weight up If people with obesity do not eat enough, the hormones trigger the body to conserve energy • Changes in hormones persist for at least 5-10 years following weight loss changing diabetes novo nordisk#86Investor presentation Full year 2018 Slide 86 Treatment rate is low and an increase requires a change of mindset and physician engagement Only 2% of the 650 million people with obesity are treated with prescription medication 650 million people with obesity Key barriers to effective obesity management Mindset Few prescribers engaged Belief that obesity is self-inflicted Focus on acute weight loss rather than chronic weight management Physicians not equipped to engage in and treat obesity Visit the doctor Discussion and evaluation of next steps Actively managed¹ access 2% treated² Note: The figure illustrates some of the intervention points to treat obesity with prescription medication 1 Attempt to manage weight through lifestyle modification or surgery 22% of people with obesity are estimated to be treated with anti-obesity medication Source: IQVIA MIDAS 2017 changing diabetes® Limited patient Funding and reimbursement a hurdle for physicians and patients novo nordisk#87Investor presentation Full year 2018 Slide 87 Healthcare cost associated with obesity expected to increase Global healthcare cost related to obesity expected to increase by 50% by 2025 +50% USD ~0.8 trillion USD ~1.0 trillion USD ~1.2 trillion • • • • Increase in healthcare costs primarily driven by obesity-related comorbidities Today, 650 million people have obesity globally By 2025, ~1 billion people are expected to have obesity If left untreated, by 2025, the cost of treating complications of obesity is expected to reach USD ~550 billion in the USA and USD ~1.2 trillion globally The increased healthcare costs are primarily driven by obesity-related comorbidities such as type 2 diabetes and cardiovascular disease 2017 2020 2025 Source: World Obesity Federation, 2017 changing diabetes® Source: WHO, Oct 2017; World Obesity Federation, 2017 novo nordisk#88Investor presentation Full year 2018 Slide 88 SaxendaⓇ now launched in 41 countries SaxendaⓇ value share of anti-obesity medications in selected countries Mexico Germany 100% Australia Italy Belgium USA Brazil UAE Canada Denmark DKK SaxendaⓇ reported sales for full year 2018¹ Saxenda local currency growth billion Spain 4.5 60% Operations IO Regions 4.0 3.5 80% 60% 3.0 39% 2.5 2.0 40% 1.5 131% 1.0 20% 136% 73% 0.5 104% NA* 0% 0.0 0 4 8 12 16 20 24 28 32 36 40 Months from Launch 44 Total NAO IO AAMEO LATAM Europe J&K Source: IQVIA Nov 2018 Note: The market for anti-obesity medication varies significantly in size between countries NAO: North America Operations; IO: International Operations; AAMEO: Africa, Asia, Middle East & Oceania; LATAM: Latin America; J&K: Japan & Korea *SaxendaⓇ was launched in South Korea within Region Japan & Korea during 2018, hence 'NA' Not Applicable#89Investor presentation Full year 2018 Slide 89 SaxendaⓇ has rapidly grown value market share, but market development efforts are required to expand the market Despite strong SaxendaⓇ growth, US obesity care market remains small at around USD 839 million Generic AOM Novo Nordisk is investing in overcoming the barriers preventing effective obesity care Current state Key initiatives SaxendaⓇ Other branded AOM TRX SU market share mUSD/value market share 100 900 90 800 6% Mindset 80 700 70 36% 600 60 83% 500 50 400 Few prescribers engaged 40 300 30 58% 20 10 13% 200 100 Limited patient access 4% Volume Value AOM: Anti-obesity medication; TRx standard units Volume Source: IQVIA NPA moving annual total through Nov 2018; NSP moving annual total through Nov 2018 changing diabetes Acute weight loss focus with SaxendaⓇ stay- time ~5 months Advocate for chronic treatment through partnerships Less than 3,000 physicians write ≥10 AOM prescriptions per month Only 2 in 5 of ~95 million adults with obesity have access to reimbursed medication Launch obesity educator programme Obtain Medicare coverage through support of "Treat and Reduce Obesity Act" novo nordisk#90Investor presentation Full year 2018 Slide 90 The obesity pipeline consists of projects addressing both appetite reduction and energy expenditure How to address obesity from a medical perspective Novo Nordisk obesity products and pipeline Weight reduction by reducing food intake increasing energy expenditure Weight reduction by Projects: SaxendaⓇ semaglutide - QW GLP-1 2019 expectations Launched Phase ongoing - PYY analogue NN9277-GG-co-agonist AM833 amylin analogue PYY1562 Phase 2 initiation Phase 1 results Phase 1 results NN9423 - Tri-agonist 1706 Phase 1 results PYY1875 - PYY analogue Phase 1 ongoing Appetite reduction changing diabetes Impact on metabolic changes to increase lipid and glucose metabolism Appetite reduction Energy expenditure Appetite reduction and energy expenditure QW: Once-weekly novo nordisk#91Investor presentation Full year 2018 Slide 91 Semaglutide demonstrated unprecedented weight loss in a phase 2 obesity trial 16.2% weight reduction with the highest semaglutide dose in phase 2 obesity trial Change in body weight (%) -5 -10 -15 sema 0.05 mg sema 0.2 mg sema 0.4 mg sema 0.1 mg sema 0.3 mg lira 3.0 mg Placebo 16.2% Key results and next steps • Participants in the highest dose arms continued to lose weight over the duration of the trial as the response curve did not plateau in the highest dose arm • Nearly two out of three patients experienced a weight loss of 10% or more with the highest dose of semaglutide • 80% of patients completed the trial Once-daily semaglutide had a well-tolerated safety profile, with the most common adverse events being gastrointestinal Phase 3a programme STEP and cardiovascular outcomes study SELECT were initiated in 2018 -20 0 8 12 16 20 28 36 44 52 Weeks Note: All treatment arms are adjunct to diet and exercise QD: Once-daily; sema: Semaglutide; lira: Liraglutide changing diabetes novo nordisk#92Investor presentation Full year 2018 Slide 92 Phase 3a programme STEP and CV outcomes study SELECT were initiated in 2018 Semaglutide in obesity phase 3a programme, STEP, expected to include ~4,500 patients¹ Cardiovascular outcomes study, SELECT, initiated for semaglutide in obesity 2018 2019 STEP 1: Weight loss 1,950 patients, 68 weeks STEP 2: T2D non-insulin patients 1,200 patients, 68 weeks STEP 3: Maximising weight loss 600 patients, 68 weeks STEP 4: Maintained weight loss 900 patients, 68 weeks 2020 Expected phase 3a programme completion: 2020 Semaglutide 2.4 mg sc QW ~17,500 people with obesity¹1 Placebo Event-driven Completion: Pre-defined number of events 1 Inclusion criteria: Male or female, age ≥18 years, BMI: ≥30 kg/m² or ≥27 kg/m² and ≥1 comorbidity Note: All treatment arms are adjunct to diet and exercise CV: Cardiovascular; T2D: Type 2 diabetes; BMI: Body mass index 1 Inclusion criteria: Male or female > 45 years, BMI >27 kg/m², myocardial infarction or stroke >60 days, HbA1c <6.5% QW: Once-weekly; sc: Subcutaneous; BMI: Body mass index novo nordisk#93changing diabetes® Investor presentation Full year 2018 Slide 93 Biopharm and other chronic areas 1. Biopharm at a glance 1213 94 2. Haemophilia - a rare disease 95 3. Haemophilia market 96 4. NovoSevenⓇ 97 5. NovoEight® 98 6. RefixiaⓇ/RebinynⓇ® 99 7. N8-GP 100 8. Growth Hormone market 101 9. Clinical trial for Somapacitan 102 10. Other chronic disease 103 novo nordisk#94Investor presentation Full year 2018 Slide 94 Biopharm R&D efforts reflect Novo Nordisk's commitment to satisfy unmet patient needs Aim to develop subcutaneous haemophilia products and long-acting growth hormone Novo Nordisk Biopharm portfolio Pursue leadership in HAEMOPHILIA Pursue subcutaneous bypassing and mimicking agents Research/ preclinical Haemophilia Growth hormone Phase 2 concizumab¹ Strengthen leadership in GROWTH DISORDERS Bring long-acting growth hormone somapacitan to market and expand indications Phase 3 N8-GP IV submitted somapacitan GHD and SGA² somapacitan AGHD submitted Pursue bolt-on opportunities Identify bolt-on acquisition or in-licensing opportunities in adjacent disease area Approved/ Launched NovoEight® Refixia® NovoThirteenⓇ NorditropinⓇ NovoSevenⓇ changing diabetes 1 Concizumab has completed phase 2 trials and is phase 3 ready; 2 Somapacitan GHD and SGA have completed phase 2 trials and are phase 3 ready Note: NovoThirteenⓇ and Refixia® are the brand names in the majority of countries, whereas these products are marketed as TRETTENⓇ and RebinynⓇ respectively in the USA IV: Intravenous; GHD: Growth hormone deficiency; AGHD: Adult growth hormone deficiency; SGA: small for gestational age#95Investor presentation Full year 2018 Slide 95 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B and haemophilia with inhibitors Low diagnosis and treatment rates within haemophilia Average percentage of people with haemophilia Number of people (000) 500 Haemophilia A 400 Haemophilia B App. 350,000 patients App. 70,000 patients 300 45% 200 Inhibitor segment app. 3,500-4,000 patients 100 15% 6% 3% Prophylactic Pristine joints Note: The inhibitor segment represents people with haemophilia and high titre inhibitors to their normal replacement treatment Source: Estimates based on prevalence data in literature (Stonebraker JS et al. Haemophilia. 2010; 16: 20-32), World Federation of Haemophilia - Annual Global Survey 2012, UDC database in the USA changing diabetes People with Diagnosed Treated haemophilia Source: World Federation of Haemophilia - Annual Global Survey 2016 novo nordisk#96Investor presentation Full year 2018 Slide 96 Global haemophilia market is growing by high-single digit Sales of recombinant coagulation factors NovoSevenⓇ Coagil VII® Recombinate®/Advate® KogenateⓇ/HelixateⓇ Strategic positioning of Novo Nordisk's haemophilia portfolio ObizurⓇ1 FeibaⓇ XynthaⓇ/RefactoⓇ Eloctate® NovoEight® bDKK 40 35 30 CAGR²: 3% CAGR²: 5% CAGR²: 9% N8-GP Idelvion® RixubisⓇ Novo Nordisk compound Status Strategic position AlprolixⓇ Benefix® NovoSevenⓇ Launched Maintain market leadership NovoEight® Launched Establish presence in a competitive market place Submitted³ Contribute to market conversion 25 20 Refixia®/ RebinynⓇ Approved 4 Contribute to new treatment paradigm 15 10 NovoThirteenⓇ Launched Launch first recombinant product 5 0 2013 2017 rFVIIa 2013 2017 2013 2017 rFVIII rFIX 1 ObizurⓇ only indicated for acquired haemophilia 2 CAGR for 5-year period Source: Company reported sales changing diabetes 3 Submitted in the USA, the EU and Japan 4 Refixia® is the global brand name and RebinynⓇ is the brand name in North America novo nordisk#97Investor presentation Full year 2018 Slide 97 ~50% of historic NovoSevenⓇ sales exposed to competition, but opportunities remain in other indications Estimated NovoSevenⓇ sales by indication¹ CHWI PPX (A&B) CHWI surgery (A&B) CHWI on demand (A&B) Other indications² Challenge ~15% ~25% ~10% ~50% ~50% Haemophilia A PPx and on demand sales exposed to competitive entry) NovoSevenⓇ sales of DKK 7.9 billion³ Opportunities and challenges for NovoSevenⓇ franchise Roche's emicizumab launched recently, leading to intensified competition in the segment for haemophilia A with inhibitors Opportunities • • Maintain position as preferred agent for all bleeds including breakthrough bleeds for patients on prophylactic treatment Improving diagnosis and treatment of select indications outside of haemophilia A with inhibitors with special focus on acquired haemophilia Drive development of NovoSevenⓇ franchise in underdeveloped Chinese market following inclusion on National Drug Reimbursement List Based on internal Novo Nordisk estimate 2 Other indications include areas like acquired haemophilia, Glanzmann's thrombastenia and congenital FVII deficiency 3 Reported sales for full year 2018 CHWI: Congenital haemophilia with inhibitors; PPx: Prophylaxis; A&B: Haemophilia A and B changing diabetes® novo nordisk#98Investor presentation Full year 2018 Slide 98 NovoEight® volumes continue to grow despite increasing penetration of long-acting FVIII products Novo Eight® roll-out continues and the number of patients has steadily increased Estimated number of patients¹ 3,000 Number of launch countries Number of patients 2,500 2,000 1,500 1,000 35 28 25 500 16 8 2014 2015 2016 2017 2018 Novo Eight® has potential to increase volume share in selected segments and markets Competitive positioning for Novo Eight® • Temperature stability at high room temperature and best-in- class portability . Uptake driven by Novo Nordisk's strong customer focus and company recognition within the haemophilia community • Continued volume growth especially in less mature markets with tender opportunities, despite increasing penetration of long-acting FVIII products 1 Novo Nordisk estimated accumulated patient number. Patient number in 2018 as of November 2018 FVIII: Coagulation factor VIII novo nordisk#99Investor presentation Full year 2018 Slide 99 Strong growth in the long-acting haemophilia B market and RefixiaⓇ/RebinynⓇ has been launched in twelve countries Reported recombinant FIX sales RefixiaⓇ/RebinynⓇ launched in twelve countries Sales (USD million) 1,400 1,200 1,000 800 600 400 200 0 2011 Benefix® AlprolixⓇ CAGR: 10.1%¹ IdelvionⓇ 2017 • Launched in the first EU countries in 2017 . Launched in the USA in February 2018 • Approved in Japan in July 2018 • RefixiaⓇ/RebinynⓇ offers a unique clinical profile that brings factor levels into the non-haemophilia range for adults and adolescents • Dialogue ongoing with the FDA and the EMA to establish path forward to obtain routine prophylaxis indication in the USA and complete paediatric indication in Europe to include children younger than 12 years old 1 CAGR for 6-year period FIX: Coagulation factor IX Source: Company reports (does not include RixubisⓇ as sales are not reported separately) changing diabetes® FDA: the US Food and Drug Administration; EMA: European Medicines Agency rFIX: Recombinant coagulation factor IX novo nordisk#100Investor presentation Full year 2018 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) 1.2 Dose 50 IU/kg (n=8) 1.0 One stage clot assay 0.8 0.6 0.4 0.2 0.0 0 FVIII - N8-GP • 24 48 72 Time (h) 96 120 144 168 Pathfinder 2 headline results (phase 3) PK documented single dose half-life of 18.4 hours and mean trough level before next dose of 3% • Patients on every fourth day prophylaxis (50 IU/kg) had a median ABR of 1.3 • • • 95% of mild to moderate bleeds managed with 1-2 doses N8-GP appeared to have a safe and well tolerated profile One patient developed inhibitors, as expected in a population of previously treated haemophilia A patients Pathfinder 2 extension trial results • 55 patients with ≤2 bleeds during 6 months in the main phase were randomised 2:1 to either once-weekly (75 IU/ kg) or every fourth day (50 IU/kg) treatment for 180 days¹ Patients in both treatment arms had a median ABR of 0 Next steps • Awaiting regulatory decisions in the USA, the EU and Japan Source: Tiede et al. J Thromb Haemot. 2013;11:670-675 changing diabetes® PK: Pharmacokinetic; ABR: Annualised bleeding rate; IU: International unit 1 Prophylaxis 75 IU/kg every 7 days (n=38) or prophylaxis 50 IU/kg every 4 days (n=17) novo nordisk#101Investor presentation Full year 2018 Slide 101 Novo Nordisk maintains leadership within growth disorder Development in global growth disorder market DKK billion 20 15 10- 5 0 Nov 2013 - MAT volume kg CAGR volume¹: 17.7% CAGR value DKK¹: 13.3% 1 CAGR for 5-year period Source: IQVIA monthly MAT Nov, 2018 volume figures and value figures changing diabetes Growth disorder volume market share MAT value kg 120 50% 100 40% 80 30% +60 20% 40 10% 20 0 0% Nov 2018 Nov 2013 Novo Nordisk Eli Lilly Pfizer Merck Kgaa Sandoz - Other¹ Source: IQVIA monthly MAT Nov, 2018 volume figures Note: Does not add up to 100% due to rounding 1 'Other' consists of more than 20 other companies with no single company holding more than 9% volume market share 27% 26% 15% 14% 9% 9% Nov 2018 novo nordisk#102Investor presentation Full year 2018 Slide 102 Phase 3 extension trial in adults and phase 2 trial in children for once-weekly somapacitan Somapacitan IGF-1 levels similar to daily Norditropin in REAL 1 phase 3 AGHD trial Cumulative frequency 100% 80% 60% Baseline Placebo NorditropinⓇ somapacitan Phase 3a AGHD extension trial and phase 2 GHD successfully completed REAL 1: Phase 3a, naïve AGHD Objective: Efficacy (truncal fat %)/safety Completed trial i Extension trial > Trial in planning REAL 3: Phase 2, GHD Objective: Dose finding (height velocity)/safety REAL 4: Phase 3, GHD Objective: Efficacy (height velocity)/safety REAL 5: Phase 3, SGA Objective: Efficacy (height velocity)/safety 40% 20% 0% -3 -2 -1 0 1 2 3 2016 2017 2018 2019 IGF-1 standard deviation score 2020 2021 IGF-1: Insulin-like growth factor 1; AGHD: Adult growth hormone deficiency Source: Novo Nordisk data on file; REAL 1, NN8640-4054 changing diabetes AGHD: Adult growth hormone deficiency GHD: Growth hormone deficiency; SGA: Small for gestational age novo nordisk#103Investor presentation Full year 2018 Slide 103 Other serious chronic diseases Serious chronic diseases are often associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs CVD 70% of people with diabetes die from atherosclerotic CVD 40% of people hospitalised for heart failure have diabetes Estimated patients CVD ~420 million Number of related deaths ~20 million annually Estimated patients NASH 80% of people with NASH live with obesity and 35% have diabetes NASH ~15-40 million¹ CKD ~200 million CKD 40% of people with diabetes have diabetic nephropathy and 50% have obesity Diagnosis rate ~20%2 ~20% CVD: Cardiovascular disease; NASH: Non-alcoholic Steatohepatitis; CKD: Chronic kidney disease Source: Diabetes Care 2005 Jan; 28(1): 164-176 changing diabetes 1 Internal forecast comprising the USA, Europe and Japan 2 Diagnosis rate is considered a major uncertainty to the forecast Source: Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of nonalcoholic fatty liver disease and nonalcoholic steatohepatitis among a largely middle-aged population utilizing ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014#104Investor presentation Full year 2018 Slide 104 Trials in obesity and other serious chronic disease areas building on the semaglutide molecule Planned or ongoing trials with semaglutide addressing other serious chronic diseases Ongoing phase 2 trial with daily semaglutide vs placebo in patients with NASH semaglutide Obesity NASH CVD CKD CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease changing diabetes semaglutide 0.4 mg sc QD 372 patients¹ semaglutide 0.2 mg sc QD semaglutide 0.1 mg sc QD Placebo 0.1, 0.2 or 0.4 mg Liver biopsy (recent or new) 72 weeks Liver biopsy Next steps: Phase 2 trial expected to complete 2020 1 Inclusion criteria: Histological confirmation of NASH, BMI 25-45 kg/m², NASH fibrosis stage 2 or 3, Histological NAFLD Activity Score ≥ 4 mg: Milligram; sc: Subcutaneous; QD: Once-daily; MR: Magnetic resonance; NAFLD: Non-alcoholic fatty liver disease; NASH: Non-alcoholic steatohepatitis novo nordisk#105Investor presentation Full year 2018 Slide 105 Financials changing diabetes® 1. Sales growth 106 2. Operating Profit growth 108 3. Cost distribution 109 4. COGS & CAPEX as percent of sales 110 5. Long-term financial targets 111 6. Cash return to shareholders 112 7. Currency impact 113 8. Ownership structure 116 novo nordisk#106Investor presentation Full year 2018 Solid sales growth driven by diabetes care and obesity Slide 106 DKK billion Reported annual sales 2014-2018 Diabetes and obesity care Reported annual sales split by region North America Biopharmaceuticals Region China Region Europe Region J&K Region AAMEO Region LATAM CAGR¹ 4.7% 120 3% 4% 6% 5% 100 20% 17% 16% 9% 10% 21% 11% 11% 80 21% 23% 19% 60 84% 83% 79% 80% 40 79% 49% 51% 20 0 2014 2015 2016 2017 2018 2014 2018 1 CAGR for 5-year period changing diabetes AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan and Korea; LATAM: Latin America novo nordisk#107Investor presentation Full year 2018 Sales per key product for Q4 2018 and full year 2018 Slide 107 Reported currencies TresibaⓇ Sales Q4 2018 (mDKK) Sales split Sales full year 2018 (mDKK) Sales split 2,172 7% 8,035 7% LevemirⓇ 2,832 10% 11,195 10% FiaspⓇ 206 1% 590 1% NovoRapidⓇ NovoMix® VictozaⓇ 4,824 16% 18,763 17% 2,239 8% 9,480 8% 6,500 22% 24,333 22% OzempicⓇ 992 3% 1,796 2% SaxendaⓇ 1,229 4% 3,869 3% Diabetes care and obesity¹ 24,897 84% 93,904 84% NovoSevenⓇ 1,956 7% 7,881 7% NovoEight® 396 1% 1,354 1% NorditropinⓇ 1,962 7% 6,834 6% Biopharmaceuticals¹ 4,835 16% 17,927 16% Total¹ 29,732 100% 111,831 100% 1 Values are higher than the sum of the total elements listed due to residual values from products not listed#108Investor presentation Full year 2018 Slide 108 Solid operating profit growth driven by diabetes Operating profit DKK billion Operating profit Operating profit as % of sales Reported operating profit growth Operating profit split per franchise Diabetes care and obesity Biopharm 60 60 Operating profit growth in local currencies 60% 50 50% 26% 20% 40 40% 30 30% 74% 80% 20 20% 10% 35% 4% 1% -4% 10 10% 13% 13% 6% 5% 3% 0 0% 2014 2015* 2016* 2017 2018 2014 2018 * Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes novo nordisk#109Investor presentation Full year 2018 Slide 109 Higher profitability in the biopharmaceuticals segment driven by lower S&D costs DKK Diabetes & Obesity P&L - full year 2018 billion 100 -16% -28% Biopharmaceuticals P&L – full year 2018 DKK Sales ratios billion 25 Sales ratios 80 60 60 40 20 20 -16% -17% -14% -4% +3% 52% -13% 15 -3% +1% 40% 10 Sales COGS S&D R&D Admin OOI OP 5 Sales COGS S&D R&D Admin ΟΟΙ OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit; S&D: Sales and distribution costs; R&D: Research and development costs; Admin: Administrative costs changing diabetes® novo nordisk#110Investor presentation Full year 2018 Stable COGS level as percentage of sales and increasing CAPEX level for new production facilities Cost of goods sold DKK billion 20 15 10- 5 Slide 110 Capital expenditure COGS DKK billion CAPEX Expected CAPEX - COGS as % of sales (RHS) CAPEX as % of sales (RHS) 25% 12 10% 10 20% 8% 8 15% 6% 16 10% 4% 4 5% 2% 2 0% 0 0% 2014 2015 2016 2017 2018 2015 2016 2017 2018 2019E COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side changing diabetes novo nordisk#111Investor presentation Full year 2018 Slide 111 Long-term financial targets support focus on profitable growth, capital allocation and cash conversion Operating profit growth in local currencies Current long-term financial target¹ Previous long-term financial targets Operating profit after tax to net operating assets Current long-term financial target¹ Previous long-term financial targets Cash to earnings (three-year average) Current long-term financial target¹ Previous long-term financial targets 15% 175% 120% 150% 100% 125% 10% 80% 100% 60% 75% - 5% 40% 50% 25% 20% 0% 0% 0% 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2019 -'14-'15-'16-'17-'18 1 Long-term target established in connection with the Q3 2016 report. The target of an average operating profit growth of 5% is an average for the period of 3-5 years, with 2015 as the base year. Operating profit after tax to net operating assets target adjusted from 125% to 80% starting in 2019. Cash to earnings (three year average) target adjusted from 90% to 85%. Operating profit growth target unchanged at 5%. Note: The long-term financial targets are based on an assumption of a continuation of the current business environment; 2015 and 2016 figures are adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes novo nordisk#112Investor presentation Full year 2018 Slide 112 Cash return to shareholders in 2019 DKK billion Annual cash return to shareholders - Share repurchase Free cash flow Interim dividend Dividend Free cash flow guidance 40 35 30 25 15 17 15 15 17 20 8 15 7 7 7 10 16 13 5 11 12 12 0 2015 2016 2017 2018 2019E* Note: For 2019 expected free cash flow is DKK 29-34 billion. Share repurchase programmes run for 12 months starting Feb until end Jan of the following year. changing diabetes® Cash return priorities . New share repurchase programme of up to DKK 15 billion to be executed during the coming 12 months • Total programme may be reduced in size if significant bolt- on acquisition opportunities arise during 2019 For 2018, the proposed total dividend increased 4% to DKK 8.15 per share of DKK 0.20 (including interim dividend of DKK 3.00 per share paid in August 2018), resulting in a total pay-out ratio of 50.6%. novo nordisk#113Investor presentation Full year 2018 Slide 113 Currency impact on Novo Nordisk's P/L Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's profit and loss statement The currency effect on e.g. operating profit growth is the difference between the reported and the local operating profit growth Key currencies account for around 65-85% of the total currency exposure No hedging effects are included in the operating profit DKK million Net sales Gross profit Note: Example is based on Annual Report 2018 changing diabetes EXAMPLE 2018 2017 INCOME STATEMENT 111,831 111,696 Gross margin 94,214 84.2% 94,064 84.2% Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: • USD 11 months Sales and distribution costs 29.397 28.340 • CNY 6 months Percentage of sales 26.3% 25.4% • JPY 12 months Research and development costs 14,305 14,014 • GBP 11 months Percentage of sales 13.2% 12.556 • CAD 9 months Administrative costs 3.916 3,784 Percentage of sales 3.5% 34% Other operating income, net 1,152 Operating profit 47.248 Operating margin 42.2 % 1,041 48,967 43.0% Financial items (net) 367 (287) Profit before income taxes 47,615 40,600 Income taxes Effective tax rate 0,987 10.9% 10,550 21.7% Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging (interest differential) and the effect from currency gain/losses of balances in non-hedged currencies. Net profit 38,628 38,130 Net profit margin 34.5% 34.198 novo nordisk#114Investor presentation Full year 2018 Slide 114 Currency impact on operating profit EXAMPLE Operational currency impact Operational currency impact in 2018 . The operational currency impact is the difference between e.g. operating profit growth in reported currency (Danish kroner) and operating profit growth in local currencies In 2018 the operating profit was: In Danish kroner: In local currencies: Currency impact: 47,248 million 50,346 million -3,098 million Estimation of operational currency impact from key currencies • Novo Nordisk guides on currency sensitivity of key currencies in quarterly announcements Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day Key currencies account for around 65-85% of the currency exposure Estimation of operational currency impact from other currencies Significant changes in other currencies will additionally impact the operational currency in exposure In 2018, the depreciation of the ARS and TRY had an additional negative impact on the operational currency exposure. Key currencies Avg. FX rate 2017 Avg. FX rate 2018 %-change Yearly impact of 5% change² (mDKK) Estimated impact from key currencies USD 660 632 -4% 1,900 -1,610 CNY 98 95 -2% 325 -142 JPY 5.9 5.7 -3% 170 -93 GBP 849 842 -1% 90 -13. CAD 508 488 -4% 80 -65 -1,924 Total estimated currency impact from key currencies in 2018 ARS 0.4 0.2 -40% TRY 181 134 -26% INR 10.1 9.2 -9% RUB 11.3 10.1 -11% BRL 207 174 -16% Total currency impact from other currencies in 2018 (residual) Total currency impact in 2018 1 Yearly impact on operating profit for next 12 months. Estimates reflected in Annual Report 2018; 2 Yearly impact on operating profit for next 12 months as reported in the Annual Report 2017 FX: Foreign exchange -1,173 -3,098 changing diabetes novo nordisk#115Non-hedged currencies Investor presentation Full year 2018 Slide 115 Unfavourable currency impact in 2018 primarily driven by unhedged currencies Hedged currencies Avg. FY 2018 vs. FY 2017 Exp. avg. FY 20191 vs. FY 2018 Hedged 5% Currencies 2017 average 2018 average Spot rate³ Impact of a Hedging 5% move (months) USD2 660 632 654 3% 2,000 11 CNY² 98 95 97 350 65 1% JPY2 5.9 5.7 6.0 160 12 -1% -3% GBP2 849 843 860 85 11 CAD² 508 489 494 00 90 9 -5% 5% -10% -25% -40% USD/DKK CNY/DKK JPY/DKK GBP/DKK CAD/DKK RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 28 January 2019 Non-hedged Currencies 2017 2018 Spot rate³ average average ARS² 0.4 0.2 0.2 TRY2 181 133 134 INR² 10.1 9.2 9.2 RUB2 11.3 10.1 10.1 BRL² 207 174 174 2 DKK per 100; 3 Spot rate as of 28 Jan 2019; 4 Impact on operating profit in the next 12 months of a 5% immediate currency move. DKK million per annum; 5 Chinese Yuan traded offshore (CNH) Note: Operating profit impact of one of the non-hedged currencies appreciating 5% is in the range of DKK -15 to +50 million#116Investor presentation Full year 2018 Slide 116 Stable ownership structure - secured through A and B-share structure Share structure Novo Nordisk Foundation Novo Holdings A/S Institutional and private investors 76.3% of votes 28.1% of capital A shares 537m shares 23.7% of votes 71.9% of capital B shares 1,913m shares Novo Nordisk A/S Note: As of 5 Nov 2018. 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 and 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#117Sustainability changing diabetes Investor presentation Full year 2018 Slide 117 1. Sustainable business 118 2. Novo Nordisk Way and Triple Bottom Line 119 3. Changing Diabetes® 4. Circular for Zero 120 122 novo nordisk#118Investor presentation Full year 2018 Novo Nordisk's ambition is to be a sustainable business By sustainable business, we mean ...creating long-term value for patients, employees, partners and shareholders by developing innovative and competitive solutions to patients' unmet needs ...doing business in a financially, environmentally and socially responsible way changing diabetes Slide 118 ...anticipating, adapting to and creating new business opportunities from changes in our business environment novo nordisk#119Investor presentation Full year 2018 The Triple Bottom Line is the foundation for how Novo Nordisk creates value and stays successful The Triple Bottom Line Business Principle Financially responsible The Novo Nordisk Way Patients Socially responsible Environmentally responsible The Triple Bottom Line Principle, anchored in the Articles of Association, guides how we do business responsibly and how we make decisions that consider the interests of stakeholders and the long-term interests of our shareholders The Novo Nordisk Way sets direction, unites us around a common purpose and spells out expected behaviours in a way that is consistent understood by everyone changing diabetes Slide 119 novo nordisk#120Investor presentation Full year 2018 Slide 120 Cities Changing Diabetes™ aims to break the 'Rule of Halves' by tackling urban diabetes REGION Global partnership platform to develop an approach to fight urban diabetes Steno Diabetes Center Copenhagen *UCLI novo nordisk C40 CITIES CLIMATE LEADERSHIP GROUP At present nineteen partner cities with more than 130 million citizens 2/3 of people living with diabetes live in urban areas • Beijing Beirut • Buenos Aires Copenhagen Hangzhou Houston Jakarta • Johannesburg • Koriyama . Leicester Madrid • Merida • Mexico City • Milan • Rome Shanghai • . Tianjin • Vancouver . Xiamen • Map the challenge in selected cities Share learning and best practices on how to break the 'Rule of Halves' Implement action plans with local partners Urban diabetes: Type 2 diabetes in cities changing diabetes novo nordisk#121Investor presentation Full year 2018 Slide 121 Enhancing access to affordable medicines is a key priority Product quality and patient safety is material 29.2 million patients reached with diabetes care products 5 million people with diabetes treated at cost below USD 0.16 per day Access to insulin commitment expanded Novo Nordisk guarantees to make low-priced human insulin available in the world's least developed and low-income countries, selected middle-income countries and selected humanitarian relief organisations 103 million DKK donations to World Diabetes Foundation and Novo Nordisk Haemophilia Foundation 3 product recalls O failed inspections 78 countries, home of 124 million people with diabetes 2018/2019 maximum price 4 USD/vial 0.3 million¹ people treated at USD 0.12 per day in average Note: Full social statements to be found in Novo Nordisk Annual Report 2018 changing diabetes® 1 This reflects the people covered by the 'Access to insulin commitment'. novo nordisk#122Investor presentation Full year 2018 Slide 122 Novo Nordisk offers a healthy, engaging and inclusive workplace with development opportunities for employees Employee health, safety and engagement are key focus areas for management Novo Nordisk is committed to building a diverse and inclusive culture ~42,700 FTES All managers Management appointments¹ Sr. Managers 91% employee engagement score Men 60% 60% 58% 62% 89% 87% 11.7% employee turnover 2.4 accidents with absence per million working hours Women 40% 40% 42% 38% 2014 2018 2014 2018 11% 13% 2014 2018 Note: Full social statements to be found in Novo Nordisk Annual Report 2018 FTE: Full time employee changing 1 All appointments to management positions, incl. internal promotions and external hires, excl. NNIT diabetes® novo nordisk#123Investor presentation Full year 2018 Novo Nordisk has set a bold ambition to have zero negative environmental impact - based on a circular mindset Use of resources, emissions and waste with a focus on recovery and re-use On track to have all production sites run 100% on renewable power by 2020 77% of power for production is from renewable energy 86% of water use is in areas not subject to water 100% stress or large 80% seasonal variations 60% Tracking of CO2 94% of total waste emissions is recycled, used for expanded to global scope, biogas or recovered 40% as energy for heat covering production, and power product distribution, production 20% offices, laboratories, business flights and company cars Note: Full environmental statements to be found in Novo Nordisk Annual Report 2018 changing diabetes - Target Slide 123 Realised 0% 2014 2015 2016 2017 2018 novo nordisk