#1ROSHNI Roshni has type 1 diabetes India Novo Nordisk - a focused healthcare company Investor presentation First nine months of 2020 novo nordisk#22 Investor presentation First nine months of 2020 Agenda Progress on Strategic aspirations 2025 COVID-19 update Commercial execution Innovation and therapeutic focus Financials#33 Investor presentation First nine months of 2020 Forward-looking statements Novo NordiskⓇ 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 2019 and Form 20-F, which are both expected to be filed with the SEC in February 2020 in continuation of the publication of the Annual Report 2019, 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 Novo Nordisk's results or the accuracy of forward-looking statements in this presentation, reference is made to the overview of risk factors in 'Managing risks to protect value' on pp 33-35 of the Annual Report 2019. 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Ⓡ is approved for the management of type 2 diabetes only SaxendaⓇ is approved in the USA and the EU for the treatment of obesity only#44 Investor presentation First nine months of 2020 Strategic aspirations 2025 - Highlights first nine months of 2020 Purpose and sustainability Adding value to society: Launch of new social responsibility strategy 'Defeat Diabetes' • Expansion of US affordability offerings Lowered ceiling price of human insulin in 76 countries Environment: 100% renewable power across all production sites Launch of supplier target aiming at 100% renewable power by 2030 ピ • Diabetes sales increased by 8%: Value market share leadership expanded by 0.8%- points to 29.2% Sales of GLP-1 increased by 29% driven by continued performance of OzempicⓇ Obesity sales increased by 6% to DKK 4.2 billion Biopharm sales increased by 4% driven by IO Commercial execution therapeutic focus Innovation and Financials . • . . • Diabetes: Insulin icodec phase 2 trial successfully completed RybelsusⓇ approved in the EU, the UK and Japan Obesity: Sema 2.4 mg obesity phase 3 programme and AM833 + sema 2.4 mg phase 1 trial successfully completed Biopharm: Concizumab phase 3 reinitiated Other serious chronic disease: Successful completion of phase 2 trials for zilti and semaglutide in NASH Sales increased by 7% to DKK 94.8 billion • • 12% sales growth in IO 2% sales growth in NAO, with 47% of US sales transformed to products launched since 2015 Operating profit increased by 7% to DKK 42.9 billion Free cash flow increased by 27% to DKK 41.6 billion and DKK 31 billion returned to shareholders The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo Nordisk's financial outlook or expected growth Note: Unless otherwise specified growth rates are at constant exchange rates IO: International Operations; NAO: North America Operations; Sema: Semaglutide; NASH: Non-alcoholic steatohepatitis Novo NordiskⓇ#55 Investor presentation First nine months of 2020 Novo Nordisk response to COVID-19 pandemic Novo Nordisk status across the value chain US GLP-1 prescription development during COVID-19 pandemic • Manufacturing sites are operational TRX count (thousands) TRX NBRX (RHS) NBRx count (thousands) • Medicines available to patients worldwide 13 March, lockdown implemented in most Production 2,000 states 140 120 1,600 Continuation of all clinical trials already initiated Trial recruitment still below pre-COVID-19 levels Some new trials initiated 1,200 R&D 100 80 60 800 40 480 60 Gradual recovery of patient initiations in the third quarter 400 20 20 Operations are running accordingly . Commercial In many markets, sales representatives are partially back in the field 0 0 Nov Oct Increased utilisation of digital tools 2018 2020 TRX: Total prescriptions; NBRx: New-to-brand prescriptions; RHS: Right-hand side axis Source: IQVIA, each data point represents 4 weeks total, Oct 2020 Novo NordiskⓇ#66 Investor presentation First nine months of 2020 Novo Nordisk® Sales growth of 7% driven by International Operations and GLP-1 Reported geographic sales split for the first nine months of 2020 Added reported therapy area sales and growth DKK billion ■Insulin ■GLP-1 Other diabetes Obesity Biopharm Growth at CER DKK billion ■North America Operations International Operations Growth at CER 7% -3% 29% 6% 4% 56 48 40 40 56 48 12% International Operations 32 11% 27% 8% 10% 8% 24 4% -2% 16 13% 12% 8 -4 0 -6 ΙΟ EMEA China ROW NAO Total' Insulin GLP-1 Obesity Biopharm 2% 4 12% 2 0 2% -22% -2 37% 1 'Other diabetes' is included in Total IO: International Operations; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; ROW: Rest of World; NAO: North America Operations Note: Unless otherwise specified, sales growth rates are at CER#77 Investor presentation First nine months of 2020 Diabetes value market leadership continues to expand 60% Novo Nordisk global diabetes value market share Diabetes GLP-1 Insulin Novo NordiskⓇ Diabetes value market leadership expansion driven by the GLP-1 and insulin franchises GLP-1 value market share has increased by ~3%-points since 2019, driven by: 49.9% 50% 48.8% • OzempicⓇ launched in 48 countries 46.7% 44.5% 42.4% 44.3% 40% 30% 27.4% 20% 2018 28.4% 29.2% 2019 2020 New generation insulins include: Tresiba®, Ryzodeg®, FiaspⓇ and XultophyⓇ CER: Constant exchange rates Source: IQVIA MAT, Aug 2020 Note: Unless otherwise specified, sales growth are at CER Uptake of OzempicⓇ and launch of Rybelsus® in North America Operations Insulin value market share has increased by 0.2%-points since 2019, driven by: New-generation insulins in International Operations facilitated by our Market Fit approach#88 Investor presentation First nine months of 2020 OzempicⓇ and RybelsusⓇ continue to expand GLP-1 NBRX and TRX market leadership in the US US GLP-1 NBRx market share NBRX share OzempicⓇ 70% NN GLP-1 RybelsusⓇ -VictozaⓇ -dulaglutide 60% 50% 40% 30% 20% 10% 0% Jun 2019 Source: NBRX-IQVIA National LRX Weekly, Sep 2020 NBRX: New-to-brand prescriptions; TRx: Total prescriptions; NN: Novo Nordisk Novo Nordisk® US GLP-1 TRX market size and market share TRX share OzempicⓇ 70% -NN GLP-1 RybelsusⓇ -VictozaⓇ dulaglutide 60.2% 60% Class growth around 30% 49.6% 50% 44.3% 40% 34.7% 34.5% 30% 20% 26.9% 22.7% 13.5% 12.0% 10% 3.7% 0% Oct Jun Oct 2020 2019 2020#99 Investor presentation First nine months of 2020 Promising RybelsusⓇ launch in the US with European launches underway Launch uptake of Rybelsus® vs SGLT-2s 1 in the US RybelsusⓇ re-gaining momentum in the US and launches in Europe are underway NBRX count 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Rybelsus SGLT-2s In the US: к • • 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 Weeks 1 SGLT-2s is an average of empagliflozin and canagliflozin NBRx count. Source: IQVIA Xponent, weekly, Oct 2020 NBRX: New-to-brand prescriptions Market access now around 85% across commercial and Medicare More than 80% of new prescriptions are new to the GLP-1 class Direct-to-consumer advertising initiated 21 September 2020 Outside of the US, RybelsusⓇ has now been launched in eight countries Novo Nordisk®#1010 Investor presentation First nine months of 2020 International Operations had double digit diabetes sales growth across all regions and expanded Novo Nordisk market share Reported diabetes sales and growth per IO geography Diabetes value market share and share of growth in IO Novo NordiskⓇ 20 DKK billion 40 13% 33125 37% 30 ■Insulin I GLP-1 Growth at CER Market share -NN market share -NN share of growth 35% 30.0% 30% 25% Geographical area 20% 11% 1 10% 35% 15% 1 22.7% Market share +0.7-pp vs. 2019 12% 17% 10% 10 24% 51% 6% 5 5% 14% 12% 0 0% ΙΟ EMEA China ROW Aug 2018 Aug 2020 Source: IQVIA moving annual total, spot rate, Aug 2020 IO: International operations; NN: Novo Nordisk; pp: Percentage points; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; Row: Rest of World#1111 Investor presentation First nine months of 2020 SaxendaⓇ sales growth of 6% is impacted by COVID-19 as fewer patients initiated treatment Reported sales split in operational units Novo Nordisk remains global market leader DKK billion 1.6 1.2 64% 0.8 0.4 0 NAO ΙΟ -Market share (RHS) ☐ Growth at CER 42%1 6%2 Market share 80% 51%1 63% 60% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017 2018 2019 2020 40% 20% 0% 1 Annual growth at CER 2 Year-to-date growth at CER EMEA: Europe, Middle East and Africa, NAO: North America operations, IO: International operations, RHS: Right hand side axis Note: Sales growth at constant exchange rates Global ΟΙ NAO • • • • Novo Nordisk expands market leadership to 63% SaxendaⓇ is now launched in 54 countries Sales growth impacted by fewer patients initiating treatment due to COVID-19 pandemic • Sales growth of 8% driven by EMEA and Rest of World Novo Nordisk currently has a value market share of 40% in the obesity prescription drug market • Sales growth of 4% driven by both the USA and Canada . Novo Nordisk currently has a value market share of 78% in the obesity prescription drug market Novo Nordisk®#1212 Investor presentation First nine months of 2020 Novo NordiskⓇ Biopharm sales growth of 4% driven by NorditropinⓇ and launches of new haemophilia products. Added reported Biopharm sales (YTD 2020 vs YTD 2019) DKK billion 4% -7% 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 Growth at CER 1% Haemophilia 38% 13% I Biopharm sales driven by global commercial execution Biopharm sales growth driven by: 8% growth in International Operations NorditropinⓇ and launches of new haemophilia products Haemophilia sales decreased by 2% as: Successful EsperoctⓇ and Refixia® launches are countering the NovosevenⓇ sales decline NorditropinⓇ sales increased by 13% . Novo Nordisk is the leading company in the global human growth disorder market with a value market share of 35.3% Driven by new indications and global roll-out of the next generation device Novo- Total SevenⓇ Novo- Eight® Other haemo- philia® Nordi- tropin® YTD: Year-to-date Note: 'Other haemophilia' includes the new products EsperoctⓇ and RefixiaⓇ as well as NovoThirteenⓇ. Unless otherwise specified, sales growth is at constant exchange rates#1313 Investor presentation First nine months of 2020 Ziltivekimab phase 2b RESCUE trial has successfully completed In the RESCUE trial, zilti QM showed reduction in hsCRP at all dose levels ■placebo ■ziltivekimab 7.5 mg ziltivekimab 15 mg Iziltivikemab 30 mg Zilti QM showed reductions in inflammation biomarkers³ % change¹ 12 weeks of treatment End of treament² 0% Zilti QM appeared to have a safe and well-tolerated profile -3% -5% -20% -40% -60% -80% * -77% -100% -88% * * -92% -79% * -91%* * -93% Addressing the residual risk of CVD for more than 5 million patients with ASCVD, CKD, and inflammation4 Novo Nordisk® The phase 3 cardiovascular outcomes trial is expected to be initiated in H2 2021 1 Primary endpoint was the median percent change in hsCRP, * Indicates statistical significance, p < .0001 2 End of treatment is defined as the average of values at week 23 and week 24 3 Inflammation biomarkers include: Fibrinogen, serum amyloid A, haptoglobin and NTproBNP 4 Inflammation is defined as c-reactive protein levels greater than 2 Zilti: Ziltivekimab; QM: Once-montly; hsCRP: High-sensitivity C-reactive protein; CVD: Cardiovascular disease; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease#1414 Investor presentation First nine months of 2020 R&D milestones for Q3 2020 through 2021 Diabetes Obesity Biopharm Project OzempicⓇ XultophyⓇ Icodec Glucose sensitive insulin Oral semaglutide Semaglutide 2.4 mg AM833 + semaglutide 2.4 mg LA-GDF15 Sogroya® Q3 2020 Q4 2020 Phase 3b initiation Peripheral artery disease - SUSTAIN FORTE - Phase 3 results ✓China submission Phase 1 initiation Phase 1 initiation 25 mg and 50 mg - Phase 3 initiation Novo NordiskⓇ Clinical milestones¹ Regulatory milestones¹ 2021 SUSTAIN FORTE - US/EU submission Phase 1 results US/EU submission/decision Phase 3 initiation Phase 1 results (somapacitan, AGHD) Concizumab ✔US decision EU decision Japan decision ✓Phase 3 trials reinitiated Mim8 Other serious chronic diseases Semaglutide NASH Phase 2 results (PoC, Gilead) Ziltivekimab ✔Phase 2 results 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement Note: Trial initiations could be impacted by COVID-19 status. Timeline for the FGF-21 in NASH project has moved LA-GDF: Long-acting growth differentiation factor; AGHD: Adult growth hormone deficiency; PoC: Proof of Concept; NASH: Non-alcoholic steatohepatitis Phase 1/2 results Phase 3 initiation Phase 3 initiation#1515 Investor presentation First nine months of 2020 Financial results - First nine months of 2020 First nine months of First nine months Change (reported) Change (CER) In DKK million Sales Gross profit Gross margin 2020 of 2019 94,808 79,495 83.8% 89,604 6% 7% 74,948 6% 83.6% Sales and distribution costs 23,162 22,287 4% 5% Percentage of sales 24.4% 24.9% Research and development costs 10,979 9,836 12% 12% Percentage of sales 11.6% 11.0% Administration costs 2,760 2,772 0% 1% Percentage of sales 2.9% 3.1% Other operating income, net 354 557 (36%) Operating profit 42,948 Operating margin 45.3% 40,610 45.3% 6% 7% Financial items (net) (1,820) (3,136) (42%) Profit before income tax 41,128 37,474 10% Income taxes 8,308 7,240 15% Effective tax rate 20.2% 19.3% Net profit 32,820 30,234 9% Diluted earnings per share (DKK) 14.00 12.68 10% CER: Constant exchange rates Novo NordiskⓇ#1616 Investor presentation First nine months of 2020 Financial outlook for 2020 Expectations 30 October 2020 5% to 8% Expectations 6 August 2020 3% to 6% Sales growth - at CER Sales growth - reported Operating profit growth - at CER Operating profit growth - reported Financial items (net) Around 3 percentage points lower 5% to 8% Around 4 percentage points lower Loss of around DKK 1.4 billion Around 2 percentage points lower 2% to 5% Around 3 percentage points lower Loss of around DKK 1.2 billion Effective tax rate Free cash flow 20% to 22% DKK 34 to 39 billion 20% to 22% DKK 33 to 38 billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 26 Oct 2020. Novo NordiskⓇ#1717 Investor presentation First nine months of 2020 Strategic aspirations 2025 Purpose and sustainability لا Commercial execution • • Being respected for adding value to society • Progress towards zero environmental impact Ensure distinct core capabilities and evolve culture • • Strengthen Diabetes leadership - aim at global value market share of more than 1/3 Strengthen Obesity leadership and double current sales¹ • Secure a sustained growth outlook for Biopharm Financials therapeutic focus Innovation and O|||||| . • • Further raise the innovation-bar for diabetes treatment Develop a leading portfolio of superior treatment solutions for obesity Strengthen and progress the Biopharm pipeline Establish presence in Other serious chronic diseases focusing on CVD, NASH and CKD Deliver solid sales and operating profit growth • Deliver 6-10% sales growth in IO • Transform 70% of sales in the US² Drive operational efficiencies across the value chain to enable investments in future growth assets Deliver free cash flow to enable attractive capital allocation to shareholders 1 Based on reported sales in 2019, 2 From 2015 to 2022. IO: International Operations; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease. Novo NordiskⓇ#1818 Investor presentation First nine months of 2020 Investor contact information Share information Novo Nordisk's B shares are listed on the stock exchange in Copenhagen under the symbol 'NOVO B'. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For further company information, visit Novo Nordisk on: www.novonordisk.com Novo Nordisk A/S Investor Relations Novo Allé DK-2880 Bagsværd Investor Relations contacts 03 Feb 2021 Upcoming events Financial statement for the full year of 2020 25 March 2021 Annual General Meeting 5 May 2021 5 August 2021 Financial statement for the first three months of 2021 Financial statement for the first six months of 2021 3 November 2021 Financial statement for the first nine months of 2021 Daniel Muusmann Bohsen Valdemar Borum Svarrer Ann Søndermølle Rendbæk Mark Joseph Root Kristoffer Due Berg (USA) +45 3075 2175 +45 3079 0301 +45 3075 2253 +45 3079 4211 +1 609 235 2989 Novo NordiskⓇ [email protected] [email protected] [email protected] [email protected] [email protected]#1919 Investor presentation First nine months of 2020 Novo Nordisk corporate strategy Diabetes care Obesity care Appendix Biopharm & Other serious chronic diseases Regional information Financials Sustainability 20 32 49 59 75 108 117#2020 Investor presentation First nine months of 2020 Diabetes care Strengthen leadership by offering innovative medicines and driving patient outcomes Novo Nordisk Way Obesity care Strengthen treatment options through market development and by offering innovative medicines and driving patient outcomes Biopharm Secure a leading position by leveraging full portfolio and expanding into adjacent areas Driving change to defeat diabetes and other serious chronic diseases Sustainable business Other serious chronic diseases Establish presence by building competitive pipeline and scientific leadership#2121 Investor presentation First nine months of 2020 Novo Nordisk's opportunity is in the large unmet needs across all therapy areas in scope DIABETES -463 million -6% ~650 million OBESITY -2% Novo Nordisk® HAEMOPHILIA OTHER SERIOUS CHRONIC DISEASES ~0.5 million -25% People with diabetes People in good control People with obesity People medically treated People with haemophilia People being treated 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 Gro ~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 9th Edition 2019, IQVIA MIDAS 2017, World Federation of Haemophilia - Annual survey 2018; 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#2222 Investor presentation First nine months of 2020 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care DKK billion 700 600 500 400 300 200 CAGR¹ value: 12.0% 100 0 Aug 2015 Obesity care DKK billion #1 50% 12 10 40% 8 30% Haemophilia DKK billion #1 80% 80 60% 00 60 40% 40 40 Novo NordiskⓇ (#2 50% 40% 30% 20% 20% 4 20% 20 10% 2 CAGR² value: 10.1% CAGR³ value: 2.0% 10% 0% 0 0% 0 0% Aug 2020 Aug Aug FY FY 2018 Market value 2020 2015 Market value 2019 -NN value market share -NN value market share Global market position Global market position Market value NN value market share Global market position 1 CAGR for 5-year period; 2 CAGR for 2-year period; 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, IQVIA MAT, Aug 2020 NN: Novo Nordisk#2323 Investor presentation First nine months of 2020 Continued single digit volume growth within the insulin segments globally Novo NordiskⓇ Long-acting insulin Premix insulin Fast-acting insulin tMU tMU tMU 250 100% 160 100% CAGR volume1: 5.0% MI penetration2: 77.4% CAGR volume1: 1.0% MI penetration²: 47.7% 200 100% CAGR volume1: 4.6% MI penetration²: 80.3% 200 80% 80% 160 80% 120 150 60% 60% 120 60% 100 50 50 88 80 40% 40 20% 40% 80 20% 40 40% 20% 0 0% 0 0% 0 0% Aug Aug Aug 2015 Segment volume Segment volume Aug Aug Segment volume Aug 2020 2015 2020 2015 2020 Ⓡ -NovoMixⓇ30 NovoRapid -Levemir -Tresiba Combined -RyzodegⓇ FiaspⓇ -Combined -Combined 1 CAGR for 5-year period 2 Includes new-generation insulin. tMU: Thousand mega units; NN: Novo Nordisk Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; Data is sensitive to changes in IQVIA data collection and reporting methodology. Source: IQVIA MAT, Aug 2020 volume figures#2424 Investor presentation First nine months of 2020 Sales growth of 7% at CER, mainly driven by the Diabetes and Obesity care segment Novo Nordisk reported quarterly sales DKK billion by therapy Reported sales for the first nine months of 2020 40 331250 Reported sales CAGR1: 6.7% Other Biopharm Growth disorders 1% Haemophilia 6% (4.3%)¹ 8% 4.3%1 Obesity 4% 1.5%1 7.9%1 Novo NordiskⓇ Reported sales and growth breakdown for the first nine months of 2020 Therapy Sales (mDKK) Growth Share of growth Long-acting insulin² 13,426 (13%) (33%) Premix insulin³ 8,220 6% 8% Fast-acting insulin 14,082 (1%) (2%) Human insulin 7,195 8% 9% Total insulin 42,923 (3%) (18%) GLP-15 30,051 29% 107% Other Diabetes care6 3,056 (4%) (2%) Total Diabetes care 76,030 8% 87% Obesity care (SaxendaⓇ) 4,223 6% 4% Diabetes and Obesity care 80,253 8% 91% 80% Haemophilia7 7,522 (2%) (2%) Diabetes care Growth disorders 5,872 13% 11% (NorditropinⓇ) Other Biopharm³ Biopharm 1,161 1% 0% 14,555 3% 9% Total 94,808 7% 100% 5 0 Q3 Other 2010 NorditropinⓇ Q3 2020 ■Haemophilia Diabetes and Obesity care Sales of DKK 94.8 billion (+7%) 1 CAGR for 10-year period; 2 Comprises Tresiba®, XultophyⓇ and LevemirⓇ; 3 Comprises RyzodegⓇ and NovoMix®: 4 Comprises FiaspⓇ and NovoRapid: 5 Comprises Victoza®, Ozempic®, Rybelsus®; 6 Primarily NovonormⓇ, needles and GlucaGen® HypoKitⓇ; 7 Comprises Novo Seven®, Novo Eight®, NovoThirteen® Refixia®, and EsperoctⓇ8 Primarily Vagifem®, Activelle®, Macrilen® Note: Refixia® and NovoThirteenⓇ are launched as RebinynⓇ and TRETTENⓇ, respectively, in North America. Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rates#2525 Investor presentation First nine months of 2020 Sales growth of 7% at CER, driven by IO sales growth of 12% and 2% sales growth in NAO Historic sales by geography Novo Nordisk® Reported sales for the first nine months 2020 Reported sales and growth breakdown for the first nine months 2020 8% 9% ROW 9% 11% Region 32% 31% China 11% 14% 51% 50% 28% EMEA 2015 North America EMEA 2019 China ROW North America Operations Regions Sales (MDKK) Growth Share of growth International Operations 50,399 12% 83% EMEA 26,159 11% 39% Region China 10,836 12% 19% 47% ROW 13,404 13% 25% North America Operations 44,409 2% 17% Here of USA 41,947 2% 11% Total sales 94,808 7% 100% Sales of DKK 94.8 billion (+7%) IO: International Operations; NAO: North American Operations; EMEA: Europe, Middle East, and Africa; Row: Rest of World; Region China covers mainland China, Hong Kong and Taiwan. Note: Numbers do not add up to 100% due to rounding; Growth at Constant exchange rates Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rates#2626 Investor presentation First nine months of 2020 Insulin sales remain important with more than 40% share of revenue but with less dependence on the US insulin sales 42% Q3 2015 sales split 28% 30% 57% Q3 2020 sales split IO insulin NAO insulin Other products 30% 13% Novo NordiskⓇ#2727 Investor presentation First nine months of 2020 Novo Nordisk has a set of strategic aspirations including an innovation and therapeutic focus Q+ Further raise the innovation bar for diabetes treatment Develop a leading portfolio of superior treatment solutions for obesity Strengthen and progress the Biopharm pipeline Establish presence in Other serious chronic diseases Insulin % GLP-1 0 Curative treatment 5 Glucose-sensitive Insulin Oral GLP-1 analogue 10 15 Once-weekly Weekly GLP-1 analogue 20 Long- GLP-1 acting analogue 25 Insulin analogue Native GLP-1 30 Weight loss over time CVD: Cardiovascular disease; CKD: Chronic kidney disease; NASH: Non-alcoholic steatohepatitis Today's marketed treatment options Semaglutide 2.4 mg Pipeline Bariatric surgery Mim8 CVD Curative therapy Non-invasive therapy Concizumab Esperoct Refixia® NovoEight® NovoThirteenⓇ NovoSeven® CKD NASH Stem Cells Novo NordiskⓇ#2828 Investor presentation First nine months of 2020 Novo NordiskⓇ The future of R&D is to focus on increasing the number of clinical assets while maintaining industry-leading late-stage success R&D investments will expand beyond historic focus Increased clinical assets driving R&D investment Pipeline Assets Industry-leading success rate¹ from any phase to market Success Rate 100% Biopharm NASH Diabetes Obesity I+ CVD CKD Devices 180 Stem Cells ILLUSTRATIVE ILLUSTRATIVE 80% 60% 40% 20% 2019 Phase 1 Phase 2 Phase 3 Submission 0% Future Phase 1 Phase 2 Phase 3 Novo Nordisk Industry range __ Industry average Submission NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease; CKD: Chronic kidney disease. 1Probabilities of success to market were calculated using substances entering phase between 2008 and 2014 and year of assessment 2017. Source: CMR International, 2017 Future#2929 Investor presentation First nine months of 2020 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 NN1535 Icosema (LAIsema) NN1965 - Insulin 965 NN1147 Insulin 147 NN9389QW Sema + GIP NN1845 Glucose sensitive insulin NN9775 PYY 1875 analogue NN9215 LA-GDF15 NN9838 - AM833 and Sema NN7769 Mim8 (Phase 1/2) NN7533 Eclipse NN9500 FGF-21 NASH NN6434 PCSK9i NN6177 - GG-co-agonist PHASE 2 NN1436 Icodec (LAI287) NN9838-Amylin AM833 EX2020 Macrilen, GHD5 NN9931 - Semaglutide NASH NN9931 - Gilead NASH NN6018 - Ziltivekimab PHASE 3 SUBMITTED Semaglutide obesity Somapacitan - QW AGHD¹ SELECT Semaglutide 2.4 mg in obesity CVOT Somapacitan - QW GHD2 Concizumab SUSTAIN FORTE - Semaglutide 2.0 mg SOUL - Oral semaglutide CVOT FLOW - Semaglutide 1.0 mg in chronic kidney disease FOCUS Semaglutide 1.0 mg in diabetic retinopathy APPROVED Tresiba Ⓡ XultophyⓇ LevemirⓇ RyzodegⓇ NovoMixⓇ FiaspⓇ NovoRapidⓇ VictozaⓇ OzempicⓇ RybelsusⓇ3 SaxendaⓇ NovoSevenⓇ NovoEight® STT-5058 STATEN, ApoC3 mAb Diabetes Obesity Haemophilia Growth Disorders NovoThirteenⓇ RefixiaⓇ/RebinynⓇ NorditropinⓇ SogroyaⓇ6 Other serious chronic disease 1 Study conducted in adult growth hormone disorder; 2 Study conducted in growth hormone disorders; 3 Approved in the US, the EU, and Japan; submitted in Canada; 4 Study conducted in NASH; 5 Novo Nordisk only holds the commercial rights in North America; Approved in the US LAIsema: Long-acting insulin combined with semaglutide; PYY: Peptide YY; QW: Once-weekly; GG: Glucagon GLP-1; mAb: monocolonal antibody; GDF15: Growth differentiation factor 15; Sema: Semaglutide; FGF-21: Fibroblast growth factor 21; LAI: Long-acting insulin; AGHD: Adult growth hormone disease; GHD: Growth hormone disorder; lira: Liraglutide; Note: the obesity co-agonist and tri-agonist projects have been terminated#3030 Investor presentation First nine months of 2020 Novo NordiskⓇ Novo Nordisk holds solid patent protection, high barriers to entry, and a collaborative approach to innovation Novo Nordisk's position is protected by patents and value chain setup OZEMPİC semaglutide injection RYBELSUS® semaglutide tablets m Fiasp fast-acting insulin aspart esperoct turoctocog alfa pegol Xultophy insulin degludaciraglutide IrDNA origin injection EU/US patent protection1 20312 • 20312,3 20304 • • 2034/322 Barriers to entry for biosimilar players Research & Development Need to show comparability in PK/PD trials Strict regulatory requirements in the EU and the US Requirement for both drug and device offering Manufacturing Economies of scale Up-front CAPEX requirements with slow return on investment Partnerships and acquisitions support future R&D siRNA treatments TM Dicerna Novel treatments Combination treatments for NASH GILEAD Gene editing for haemophilia for CVD 2028/29 Commercialisation TRESIBA insulindegiudec DNA origin injection • Large and fragmented target audience STATEN 2028/29 BIOTECHNOLOGY CORVIDIA Cost pressure from payers on Carlosaarheezoutes RYZODEG 70% insulindegudec and 30% insulinaspart DNA annection refixia® VICTOZA 2028/29 On-going conversion to next-generation drugs and slow market dynamics 2027/282 2023 bluebirdbio recode for life" 1 List does not include all marketed products. 2 Current estimates; 3 Tablet formulation and once-daily treatment regimen are protected by additional patents expiring in 2031-2034; 4 Formulation patent; active ingredient patent has expired; SaxendaⓇ patent identical to VictozaⓇ patent. PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure; siRNA: Silencing ribonucleic acid; NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease#3131 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk's core capabilities provide a competitive advantage to continue to defeat diabetes Engineering, formulating, developing and delivering protein-based treatments L Efficient large-scale production of proteins الله Global commercial reach and leader in chronic disease care |.000 ५ Deep disease understanding 0 Today: Oral solutions to differentiate from competition Tomorrow: Expand oral platforms and transformational medicines via Novo Nordisk stem cell platform balo Today: The world's largest producer of insulin and GLP-1 Tomorrow: Expand capacity by completion of the US diabetes API facility and continued efficiency gains Today: Global reach and OzempicⓇ was the fastest blockbuster in diabetes Tomorrow: Continued rollout of injectable diabetes portfolio and launch of RybelsusⓇ D Today: Provide value and outcomes beyond HbA1c for diabetes Tomorrow: Normalise living with diabetes supported by digital solutions API: Active pharmaceutical ingredient#32Investor presentation First nine months of 2020 STRENGTHEN LEADERSHIP by offering innovative medicines and driving patient outcomes 1. Disease and market 2. Insulin segment 3. GLP-1 segment novo nordisk 33 41 44 Diabetes care YASMIN FIEDLER Yasmin has type 1 diabetes Germany#3333 Investor presentation First nine months of 2020 Diabetes - the inability to manage blood sugar levels appropriately Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin produced by the pancreas Primary classifications: Type 1 diabetes: Complete insulin deficiency due to destruction of beta- cells in the pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency Insulin: • Facilitates uptake of blood sugar into cells • Inhibits glucose release from the liver Insulin action profiles Liver Pancreas Muscle Novo NordiskⓇ Fast-acting Premix Long-acting Fat cell 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Time of day Breakfast Lunch Dinner#3434 Investor presentation First nine months of 2020 Novo NordiskⓇ Class HbA1c Hypoglycaemia Weight change change risk CV risk reduction Metformin 1.5 No Neutral Minimal GLP-1s have positive effects beyond glycaemic control and treatment guidelines now reflect the CV risk benefits. Medications for treatment of type 2 diabetes ADA/EASD diabetes treatment guidelines for second-line treatment with established ASCVC or CKD First-line therapy is metformin and lifestyle management. If HbA₁ above target, proceed as below NO Without established ASCVD or CKD Established ASCVD or CKD YES Sulfonylurea 1.5 Yes Gain None ASCVD predominates TZDS 0.5 -1.4 No Gain Varies HF OR CKD predominant DPP-IV inhibitors 0.6-0.8 No Neutral Neutral GLP-1 with proven CVD benefit* SGLT-2 with proven CVD benefit*, if eGFR adequate SGLT-2 inhibitors 0.5-0.9 No Loss Varies EITHER/OR GLP-1 1.0-1.8 No Loss Varies Long-acting insulin 1.5-2.5 Yes Gain TG and HDL Fast-acting insulin 1.5-2.5 Yes Gain TG and HDL *Proven CVD benefit means it has label indication of reducing CVD events. For GLP-1 strongest evidence for liraglutide>semaglutide>exenatide extended release. For SGLT-2 evidence modestly stronger for empagliflozin>canagliflozin. ASCVD: atherosclerotic cardiovascular disease; CKD: chronic kidney disease; CV: cardiovascular; CVD: cardiovascular disease; CVOT: cardiovascular outcome trial; DPP-4: dipeptidyl peptidase-4 inhibitor; eGFR: estimated glomerular filtration rate; GLP-1: glucagon-like peptide-1 receptor agonist; HF: heart failure; SGLT-2: sodium glucose co-transporter-2 inhibitor If HbA1c above target If further intensification is required or patient is now unable to tolerate GLP-1 and/or SGLT-2, choose agents demonstrating CV safety... Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29: 1963-1972; Nathan DM, et al. 2007;30:753- 759; Nathan DM, et al. Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008; 31:S12-S54. WelChol PI. 1/2008. Management of Hyperglycemia in Type 2 Diabetes, 2018. A Consensus Report by the American Diabetes Association (ADA) and the European Association for the Study of Diabetes (EASD)#3535 Investor presentation First nine months of 2020 Novo NordiskⓇ People with diabetes have increased mortality risk with eight years shorter life expectancy, highlighting the importance of innovation Diabetes is associated with shorter life expectancy and lower quality of life 463 • Life expectancy 8 years shorter¹ Diabetes • Driven by 200% increased risk of all cause mortality¹ The unmet need remains large within diabetes 101 Untreated (million) Treated with competitors' products (million) Treated with Novo Nordisk' products (million) CVD • 70% of people with diabetes die from atherosclerotic CVD² • 150% increase in risk of stroke³ • Higher likelihood of neuropathy, Organs retinopathy, limb amputation, cancer and cognitive dysfunction4 183 30 Diabetic population5 56 24 3 Other OAD Insulin Branded OAD GLP-1 1 Diabetes Care 2017 Mar; 40 (3): 338-345; 2 https://www.who.int/cardiovascular_diseases/en/; 3 https://www.diabetes.org/diabetes/complications/stroke.; CVD: Cardiovascular disease; OAD: Oral anti-diabetic; 4Diabetes Care2005 Jan;28(1):164-176 5 IDF diabetes world atlas, 2017, 8th edition#3636 Investor presentation First nine months of 2020 Global diabetes prevalence is increasing and 700 million people are expected to have diabetes by 2045. Million 800 The number of people with diabetes is expected to increase 51% by 2045 +51% Of the 463 million, around 30 million people are currently treated with Novo Nordisk diabetes products 700 579 600 J 500 463 400 300 200 100 0 700 2019 2030 2045 EMEA Region China ROW North America Novo NordiskⓇ 1.9 mio treated with GLP-1 2.4 mio treated with new-generation insulin 13.0 mio treated with modern insulin 10.9 mio treated with human insulins Source: International Diabetes Federation: Diabetes Atlas 1st Edition 2000 and Diabetes Atlas 9th Edition 2019 EMEA: Europe, Middle East, Africa; RoW: Asia Pacific, Latin America; 1 In addition to the above-mentioned product classes, oral anti-diabetics constitutes the remainder of people treated with Novo Nordisk products#3737 Investor presentation First nine months of 2020 B-cell function Diabetes is a chronic disease requiring treatment intensification over time Diet and exercise Time 100% OAD GLP-1 Distribution of patients and value across treatment classes 5% 18% 80% 44% 13% 60% 20% 18% Insulin 40% 4% 8% 20% 43% 26% 0% Patients Value Insulin GLP-1 SGLT2i DPP-IV Traditional OADs Note: Patient distribution across treatment classes is indicative and based on data for the USA, Germany and France. Other OADS covers: metformin, sulfonylurea, thiazolidinediones. Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS; value figures based on IQVIA MAT, Aug 2020 OAD: Oral anti-diabetic Novo Nordisk®#3838 Investor presentation First nine months of 2020 Novo Nordisk® Diabetes volume growth remains solid with 4% growth in a large USD 50 billion diabetes market The number of treated patients¹ is expected to grow by 4% annually towards 2026 206M CAGR: +4% ILLUSTRATIVE The diabetes realised value² is expected to grow by 3% annually towards 2026 $ 50bn CAGR: +3% . ILLUSTRATIVE Key trends in diabetes Innovation focused on oral GLP-1 and combinations Biosimilar competition and loss of exclusivity Diabetes technology with digital health 2019 2026 Other OAD DPP-4i SGLT-2i 2019 GLP-1 Insulin • 2026 . Patients outcome beyond glucose control Evolving payer dynamics and market access hurdles Access and affordability of medicine 1 Patient data: Novo Nordisk forecast; 2 Value data: 2018 data based on company reported sales and 2025 is based on a projection of diabetes market realised sales; Note: GLP-1+basal insulin combination sales are included in insulin; Other OAD includes metformin, SU and TZDs; DPP-4i+SGLT-2i products are included in the SGLT-2i group. Growth rates are compound annual growth rates (CAGR).#3939 Investor presentation First nine months of 2020 The total branded diabetes market for the first half of 2020, annualised, had a global value of DKK ~300 billion DKK billion 350 +5% 295 300 276 250 Global diabetes market DKK The USA -1% billion 150 143 145 2018/19 2019/20 -13% 100 +21% Growth at CER 61 54 54 -13% 43 50 23 21 +3% 15 16 0 200 Total Insulin GLP-1 DPP-IV SGLT-2 -3% DKK Rest of world 150 +12% 130 128 billion 150 24% 150 134 100 -2% +6% 73 58 60 60 19% 100 69 73 +4% +33% 50 34 28 50 37 39 14 19 0 Total 0 Insulin GLP-1 DPP-IV SGLT-2 SGLT-2 2018/19: Covers the four quarters from Q3 2018 to Q2 2019, except for Boehringer Ingelheim share of Trajenta which covers full year; 20182019/20: Covers the four quarters from Q3 2019 to Q2 2020, except for Boehringer Ingelheim share of Trajenta which covers full year 2019; Note: Constant exchange rates between periods and Boehringer Ingelheim's regional split is based on regional split from 2019 Annual report for prescription medicine; Source: Company reported sales Total Insulin GLP-1 +37% 13 18 DPP-IV Novo NordiskⓇ#4040 Investor presentation First nine months of 2020 Novo Nordisk has a strong leadership position within the growing diabetes market Global diabetes market by treatment class¹ Novo Nordisk remains global diabetes value market leader Novo Nordisk market share and share of growth Novo NordiskⓇ DKK billion 350 35% 60% Market CAGR²: 8.5% 29% 300 30% 50% 250 25% CAGR: 6.7% 40% 36% 200 CAGR: 192.7% 20% 30% 150 CAGR: 29.5% 15% 29% 20% 100 CAGR: 0.4% 10% 10% 50 5% 0 0% 0% Aug Aug Aug 14FY 15FY 16FY 17FY 18FY 19FY 2010 2020 2017 Aug 2020 Novo Nordisk -Takeda NN market share NN share of growth Insulin GLP-1 SGLT2 DPP-4 Sanofi Merck AstraZeneca Eli Lilly BI Novartis J&J 1 Data is based on company reported sales from Sanofi, Eli Lilly, AstraZeneca, GSK, Novartis, Johnson & Johnson, and Merck. Data does not include generic metformin, sulphonylureas or thiazolidinedione 2 CAGR for 5-year period OAD: Oral anti-diabetic; NN: Novo Nordisk; Source: IQVIA MAT, Aug 2020 value figures Note: IQVIA data can be inflated due to use of list prices in the US; BI: Boehringer Ingelheim#4141 Investor presentation First nine months of 2020 Novo Nordisk global insulin market leadership expanded to 46.9% and the global insulin volume market grew by 2.8% North America Operations Market growth: 0.2% MS: 39.6% MS gain/loss: -0.3%-p Sales growth: -22% Global Market growth: 2.8% MS: 46.9% MS gain/loss¹: 0.4%-p Sales growth: -3% International Operations Market growth: 3.8% MS: 49.7% MS gain/loss: 0.6%-p Sales growth: 10% USA Market growth: 0.2% MS: 39.5% MS gain/loss': -0.6%-p Sales growth: -23% Source: IQVIA MAT, Aug 2020 volume figures Note: Sales growth for first nine months of 2020 at constant exchange rates; Market shares are for Novo Nordisk and market growth for the total insulin market 1MS gain/loss compared with Aug 2019 reported MS EMEA: Europe, Middle East, Africa; MS: Market share; RoW: Asia Pacific; Latin America; EMEA Market growth: 2.7% MS: 47.2% MS gain/loss: 0.4%-p Sales growth: 6% ROW Market growth: 6.2% MS: 57.0% MS gain/loss: 1.1%-p Sales growth: 12% Region China Market growth: 5.1% MS: 49.5% MS gain/loss': -0.6%-p Sales growth: 14% Novo NordiskⓇ#4242 Investor presentation First nine months of 2020 Insulin market size and volume share of growth and market share Insulin market share and market size (DKK billion) Market growth A Market share Total 45% Long- Acting 38% Fast- 3 53% 93 Acting 66% Premix 18 133 36% Human 24 Novo Nordisk Competitors Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT, all countries; NN: Novo Nordisk Insulin volume: Share of growth and market share Novo NordiskⓇ 268 2% +0.3% 80% 10% 62% 8% 60% 47% 4% +0.0% 6% 40% 0.1% +1.3% 20% 4% 2% 0% 0% Aug Aug -3.1% +0.7% 2017 2020 -NN market share 0.8% -0.8% NN share of growth Market growth (right axis) NN growth (right axis)#4343 Investor presentation First nine months of 2020 Novo Nordisk® Icodec, a once-weekly insulin, improved PPG control, HbA1c, and increased the number of patients reaching target in a phase 2 trial FPG Icodec showed statistically significant post prandial blood glucose control (mmol/L) 9 8 7 6 16 5 4 * * W Breakfast +90 min Icodec Lunch +90 min Evening meal The proportion of patients on icodec reaching HbA1c targets was higher Icodec 72% 75% 68% Glargine U100 Numerical improvement in HbA1c over 26 weeks Glargine U100 Change Icodec in HbA1c Glargine U100 Proportion of patients 0.0 100% -0.2 -0.4 -0.6 -0.8 -1.0 -1.2 +90 min Bedtime 04:00 Breakfast next day -1.4 -1.6 0 48 12 16 Weeks 20 20 0% 26 < 7.0% ≤ 6.5% HbA1c target *Statistically significant at week 26 PPG: Post-prandial control; FPG: Fasting plasma glucose 50% -1.15 25% -1.33 49% 39%#4444 Investor presentation First nine months of 2020 GLP-1 effect dependent on blood glucose level 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 Diabetes CVD Semaglutide holds a plethora of therapeutic opportunities FORTE - Semaglutide 2.0 mg Semaglutide s.c. ~961 patients, T2D FOCUS - Diabetic retinopathy outcomes trial Semaglutide s.c; ~1,500 patients, T2D ≥10 years SOUL - Cardiovascular outcomes trial Oral semaglutide; ~9,600 patients, T2D, established CVD or CKD GLP-1 Liver Gut Pancreas S.c: Subcutaneous; T2D: Type 2 diabetes; CVD: Cardiovascular disease; CKD: Chronic kidney disease Obesity NASH CKD SELECT Cardiovascular outcomes trial - Semaglutide 2.4 mg, ~17,500 patients with obesity and without diabetes, event driven Semaglutide in NASH Semaglutide s.c.; phase 2 trials FLOW - Chronic kidney disease outcomes trial Semaglutide 1.0 mg; ~3,200 patients, T2D, moderate to severe CKD Investigator initiated trials Brain disorders • Alzheimer's disease • Parkinson's disease Novo NordiskⓇ#4545 Investor presentation First nine months of 2020 The global GLP-1 market penetration varies across regions with Novo Nordisk having a best-in-class portfolio GLP-1 market growth and Novo Nordisk market share GLP-1 value and patient share¹ of the total diabetes market 70% 60% 25% 24% 57.7% 20% 20% 47.6% 50% 40% 38.6% 15% 30% 10% 20% 5% 10% 0% 0% World 14% Thi 7% 5% 7% 2% Aug 2017 Aug 2020 NN market share Market growth NN share of growth NN growth America ■GLP-1 value share of total diabetes ■GLP-1 patient share of total diabetes North EMEA Region China ROW Source: 1Patient share based on data for the USA, the UK, Germany and France only. IQVIA MAT value, Aug 2020; EMEA: Europe, Middle East, Africa; RoW: Rest of World Novo NordiskⓇ#4646 Investor presentation First nine months of 2020 Novo NordiskⓇ GLP-1 sourcing is primarily from outside the class but GLP-1s are still typically used after failure on other products US 'line of usage' across product classes Share of patients on OADs achieving HbA1c below 7% in major European countries GLP-1 source of business (new-to-brand prescription market share) 100% 80% 60% 40% 20% 0% Metformin SU DPP-4i SGLT-2i GLP-1 1st 2nd 3rd 4th 5th Note: Data based on data from France, Germany, the UK and the 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 the UK) and IQVIA LRX (USA), Jun 2018 HbA1c >7% 43% 57% Insulin and Treatment GLP-1 naive 5% 5% Insulin 25% HbA1c <7% GLP-1 50% 11% OAD#4747 Investor presentation First nine months of 2020 SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 6 7 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% Baseline -0.1 -0.4 Change in HbA1c (%) -0.5 -0.9 -0.8 -1.1 -1.2 -1.3 -1.1 -01 -1.4 -1.4 -1.5 -1.5 -1.8 -1.8-1.5 -1.6 -1.6 -1.6 1.2 92 kg 89 kg 96 kg 93 kg 92 kg 92 kg 95 kg Baseline Change in weight (kg) -4.5 -3.7 semaglutide 1.0 mg -1 -1.9 -1.9 -4.3 -6.1 semaglutide 0.5 mg -5.6 placebo -5.2 -1.4 -3.5 -3.7 -3.6 -4.9 sitagliptin 100 mg -6.4 exenatide ER glargine U100 -0.7 -6.5 dulaglutide 1.5 mg -4.6 -2.3 -3.0 dulaglutide 0.75 mg Novo NordiskⓇ * Statistically significant; SUSTAIN 1: QW sema vs placebo in drug-naïve people with T2D; SUSTAIN 2: QW sema vs sitagliptin 100 mg QD in people with T2D added to 1-2 OADS; SUSTAIN 3: QW sema vs QW exenatide ER 2.0 mg in people with T2D added to 1-2 OADS; SUSTAIN 4: QW sema vs QD insulin glargine in people with T2D added to 1-2 OADS; SUSTAIN 5: QW sema vs placebo in people with T2D added to insulin; SUSTAIN 6: QW sema vs placebo, added to standard-of-care; SUSTAIN 7: QW sema vs QW dulaglutide 75 mg and 150 mg in people with T2D added to 1-2 OADS: ER: Extended-release; QW: once weekly; QD: once daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics#4848 Investor presentation First nine months of 2020 PIONEER programme with oral semaglutide 1 2 3 PIONEER 4 5 7 80 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% Baseline -0.1 -0.1 -0.1 Change in -0.5 HbA1c (%) -0.8 -0.8 -1.1 -1.1 -1.3 -1.1 -1.4 -0.6 -0.7 -1.0 -1.4 -1.3 -1.4 -1.4 88 kg 92kg 91 kg 94 kg 0.6 91 kg 89 kg 86 kg Baseline -1.7 -1.5 Change in weight (kg) -2.5 -4.1 -3.8 -4.2 -0.7 -1.2 -2.2 -3.3 -0.7 -1.1 -0.8 -1.0 -2.9 -2.9 -3.2 -3.7 -4.7 oral semaglutide 3 mg oral semaglutide 7 mg oral semaglutide 14 mg placebo sitagliptin 100 mg empagliflozin 25 mg -4.3 Victoza 1.8 mg Novo NordiskⓇ Note: PIONEER 9 and PIONEER 10 were Japanese studies and PIONEER 6 was a CV safety study. * Statistically significant based on the hypothetical treatment policy; PIONEER 1: QD oral sema vs placebo in people with T2D treated with diet and exercise only; PIONEER 2: QD oral sema vs empagliflozin 25 mg in people with T2D; PIONEER 3: QD oral sema vs sitagliptin 100 mg in people with T2D; PIONEER 4: QD oral sema vs VictozaⓇ 1.8 mg and placebo in people with T2D; PIONEER 5: QD oral sema vs placebo in people with T2D and moderate renal impairment; PIONEER 7: QD oral sema using a flexible dose adjustment based on clinical evaluation vs sitagliptin 100 mg in people with T2D; PIONEER 8: Effects of QD oral sema vs placebo in people with long duration of T2D treated with insulin ER: Extended-release; QW: once weekly; QD: once daily; oral sema: oral semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics; CV: Cardiovascular#49Investor presentation First nine months of 2020 STRENGTHEN TREATMENT OPTIONS THROUGH MARKET DEVELOPMENT AND BY OFFERING INNOVATIVE MEDICINES AND DRIVING PATIENT OUTCOMES 1. Obesity disease and market 2. Obesity market development 3. Innovation 50 52 53 Obesity care BJARNE LYNDERUP Bjarne lives with obesity Denmark AT#5050 Investor presentation First nine months of 2020 Novo Nordisk® People with obesity are at an increased risk of developing severe comorbidities that are life-threatening and costly for society Only 2% of the 650 million people with obesity Diabetes Increased risk of type 2 diabetes are treated with prescription medication Global healthcare cost related to obesity expected to increase by 50% by 2025 CVD Increased risk of CVD Heart failure Increased risk of heart failure 650 million people with obesity Sleep apnoea Increased severity of sleep apnoea Visit the doctor Osteo- arthritis Increased risk of osteoarthritis Discussion and evaluation of next steps Actively managed¹ CVD: Cardiovascular disease; AOM: Anti-obesity medication, TRX SU Volume. 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: World Obesity Federation, 2017; IQVIA Xponent MAT, May 2020 and NSP MAT, May 2020; IQVIA MIDAS 2017 I USD -0.8 trillion USD -1.0 trillion USD -1.2 trillion 2% treated² 2017 2020 2025#5151 Investor presentation First nine months of 2020 SaxendaⓇ addresses a global unmet need for medical weight management Global obesity prevalence SaxendaⓇ launched countries Global reimbursement status Novo NordiskⓇ 70% access in commercial channel, but due to employer opt-in, effective access is around 20% Reimbursement in IO is predominantly out-of-pocket NICE has recommended SaxendaⓇ for use by NHS in select patient populations ~60% coverage by private insurance, 20% of which includes restricted/unrestricted coverage SaxendaⓇ reimbursed April 2020 in selected patient groups <10% ●<10-19.9% <20-29.9% >30% SaxendaⓇ now launched in 54 countries + NAO: North America Operations; IO: International Operations; EMEA: Europe, Middle East, Africa; RoW: Rest of World; CER: Constant exchange rates#5252 Investor presentation First nine months of 2020 Novo Nordisk® Global obesity market share, market growth, and US volume and value market Obesity market growth and Novo Nordisk market share Obesity market size and growth US obesity care market remains small at around USD 853 million 80% 60% 40% 20% 0% NN market share DKK billion TRX SU market share mUSD/value market share 60% -3% 100 900 10 10 63% 50% 1 80 60 40% 60 600 60 30% -18% 40 20% 40 300 55% 3% 63% 20 10% 20 -Market growth (right axis) 0% 0 Aug SaxendaⓇ Others Aug 2019 2020 Source: IQVIA, Aug 2020, Value MAT, all countries; IQVIA Xponent MAT, May 2020 and NSP MAT, May 2020. Volume 0 Value Generic Other branded AOM Saxenda#5353 Investor presentation First nine months of 2020 Making obesity a healthcare priority requires stakeholder engagement HCPs take action by referring or managing obesity as any other chronic disease Stigma is socially unacceptable Market maturity Treatment guidelines in place Obesity recognised as a serious chronic disease Willingness to pay for chronic obesity care PWO seek medical support Healthcare system funds obesity prevention Future PWO: People with obesity; HCP: Healthcare professional Addressing market development barriers • Activate people with obesity to seek treatment Truth AboutWeight Social media awareness campaigns • Engage more and stable HCP's Medical journals and congresses ReThinkObesity • Ensure access to care Increased quality of life for patients Long-term benefits for healthcare stystems Develop a leading portfolio of superior treatment solutions Novo NordiskⓇ#5454 Investor presentation First nine months of 2020 Novo Nordisk® Across the STEP 1, 3, and 4 trials, a weight loss of 16.9% to 18.2% was reported for people treated with semaglutide 2.4 mg STEP 1 Weight management Baseline body weight (kg) 105.3 10 Sema STEP 3 Weight management with IBT 105.8 STEP 4 STEP 2 Sustained weight management From initiation to 68 weeks 107.2 From randomisation to 68 weeks¹ Weight management with T2DM 96.1 99.8 Placebo Sema IBT Sema + IBT Placebo Sema Placebo 6.5 Sema Placebo Change from baseline in BW (%) -5 -10 5 -15 * -16.9 -20 -2.4 -5.0 -5.2 * -8.8 -10.6* -17.6 * -18.2* 1 The primary endpoint was measured as the change in weight from randomisation (after a 20-week run-in) to week 68. *Statistically significant, based on the trial product estimand (secondary statistical approach): treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies IBT: Intensive behavioural therapy; Sema: Semaglutide; BW: Body weight; T2D: Type 2 diabetes -3.1#5555 Investor presentation First nine months of 2020 In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% The pivotal STEP 1 trial showed greater than 16% weight loss % change in body weight Data from STEP 1 0 -2 -4 -6 46 ∞ Average age 46 Placebo: -2.4% • 74.1% women • Average BMI - 37.9 kg/m² -8 -10 -12 -14 -16 -18 Semaglutide: -16.9% -20 0 4 8 12 16 20 28 36 44 52 60 68 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand. BMI: body mass index; SF-36: Short Form (36) Health Survey; IWQOL-lite-CT: Impact of Weight on Quality of Life-Lite questionnaire Novo NordiskⓇ Improvements in lipid profiles as well as C-reactive protein Semaglutide improved health-related quality of life as measured by SF-36 and IWQOL-lite-CT#5656 Investor presentation First nine months of 2020 Novo NordiskⓇ In STEP 1, 34.8% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Sema 2.4 mg showed a statistically significant treatment difference versus placebo in the IWQOL-Lite-CT PRO Proportion of patients 100% 92.4% 80% 60% 40% 33.1% 20% 74.8% Sema 2.4 mg Placebo 54.8% 11.8% 5.0% 34.8% 0% ≥5% ≥10% ≥15% ≥20% Weight loss 2.0% Descriptive statistic only. Based on the on-treatment data, i.e. data for subjects that are on-treatment at week 68 Sema: semaglutide IQWOL-Lite-CT Physical function Physical Psychological Total ETD [95% CI] 9.43 [7.50 11.35] * 9.14 [7.31 10.96] * 10.50 [8.81 12.19] * 10.02 [8.42: 11.62] * Favours placebo Favours semaglutide -202 468 10 12 14 * statistically significant; p-values other than physical function were not controlled for multiplicity PRO: patient reported outcome; CI: confidence interval, ETD: estimated treatment difference, IWQOL-Lite-CT: Impact of Weight on Quality of Life- lite:#5757 Investor presentation First nine months of 2020 The AM833 phase 2 monotherapy trial and phase 1 combination with semaglutide trial decreased weight by 10.8% and 17.1% Weight loss for AM833 plus lifestyle intervention¹ Weight loss for AM833 and semaglutide in phase 12 % change in body weight 0 -4 -8 % change in body weight Mean baseline: 107.4 kg -4 -8 -12 Mean baseline: 95.1 kg Novo Nordisk® - 9.5% -12 0 Weeks AM833 0.3mg Placebo AM833 0.6mg Lira AM833 1.2mg AM833 2.4mg AM833 4.5mg 3.0mg 26 -16 10.8% -20 0 AM833 0.3 mg sema 2.4 mg sema 2.4 mg AM833 0.16 mg sema 2.4 mg Weeks AM833 0.6 mg sema 2.4 mg AM833 1.2 mg sema 2.4 mg 17.1% 20 AM833 2.4 mg sema 2.4 mg 1 Lifestyle intervention is defined as counselling for a reduced-calorie diet and increased physical activity. Data is based on the trial product estimand: treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies 2 Data are observed means, 20 week phase 1b trial dosing increments with semaglutide and AM833 once-weekly with a 16 week dose-escalation regimen. Data is based on the trial product estimand.#5858 Investor presentation First nine months of 2020 Novo Nordisk obesity pipeline supports efforts to close the treatment gap Maturation of innovation Innovation curve Body weight set-point and counter regulation. Weight loss prediction for patient groups Oral product 20-30% weight loss Novo Nordisk's current pipeline is closing the treatment gap % 0 Normalised weight 5 10 15 20 Targeted treatment solutions 25 SaxendaⓇ 10-15% weight loss 30 Today's marketed treatment options Semaglutide 2.4 mg Pipeline Bariatric surgery Today Weight loss over time 1 Long-term Drug Treatment for Obesity: A Systematic and Clinical Review; Susan Z. Yanovski, MD; Jack A. Yanovski, MD, PHD JAMA. 2014; 311(1):74-86. 2 Treatment of Obesity: Weight Loss and Bariatric Surgery; Bruce M. Wolfe, Elizaveta Kvach and Robert H. Eckel; Circulation Research. 2016; 118:1844-1855 Novo NordiskⓇ#59Investor presentation First nine months of 2020 SECURE A LEADING POSITION BY LEVERAGING FULL PORTFOLIO AND EXPANDING INTO ADJACENT AREAS 1. Haemophilia 2. Growth hormone disorders 3. Biopharm innovation 61 62 64 Biopharm CHRIS BOMBARDIER Chris has haemophilia B US#6060 Investor presentation First nine months of 2020 Biopharm sustained growth outlook is supported by innovation and utilisation of core capabilities Internal and external innovation to drive long-term growth Core capabilities within research and development to drive long-term growth 24 Novo Nordisk® Bringing internal innovation to market by pipeline progression Ensuring future growth by leveraging external innovation Exploring new technologies by utilising added research platforms Leveraging deep biological understanding for future growth#6161 Investor presentation First nine months of 2020 Haemophilia is a rare disease with severe unmet medical needs and the market is highly competitive Number of people (000) Low diagnosis and treatment rates within haemophilia 500 400 300 200 100 0 People with haemophilia Diagnosed Haemophilia A Haemophilia B Sales of recombinant haemophilia products DKK billion 40 30 30 20 20 10 Novo NordiskⓇ 0 Inhibitor 2015 2019 2015 2019 2015 Haemophilia with inhibitors NovoSevenⓇ Coagil VII Obizur¹ Haemophilia A NovoEight® 2019 Haemophilia B RefixiaⓇ/RebinynⓇ Advate/Adynovate Idelvion Kogenate/Kovaltry/Jivi Rixubis Feiba² Hemlibra³ Xyntha/Refacto Alprolix Eloctate/Elocta Benefix Helixate/Afstyla Hemlibra Note: The inhibitor segment includes acquired haemophilia patients, patients with low titre inhibitors or with transient inhibitors, and patients on immune tolerance induction. Source: World Federation of Haemophilia (WFH) - Annual survey 2018; WFH: Closing the gap - achieving optimal care, Haemophilia 2012. 1 Obizur only indicated for acquired haemophilia; 2 Plasma-derived; 3 Part of the Hemlibra sales is used for treatment of haemophilia A patients in 2019 Source: Company reported sales and Evaluate#6262 Investor presentation First nine months of 2020 Biopharm sales growth of 4% driven by solid commercial execution with key brands being NovoSevenⓇ and Norditropin® NovoSevenⓇ and NorditropinⓇ account for 80% of Biopharm sales DKK billion 25 6% 4% -16% -1% 4% Added sales in the haemophilia product portfolio DKK billion 7.7 20 15 10 5 (л 0 2015 2016 2017 2018 Ⓡ NovoSeven Other haemophilia products Ⓡ Norditropin Other biopharm ☐ Growth at CER Note: Company reported sales; CER: Constant exchange rates 4% 7.5 2019 9M 2020 9M 2019 NovoSevenⓇ NovoEight® Other 9M 2020 Novo NordiskⓇ#6363 Investor presentation First nine months of 2020 Solid commercial execution is driving 13% NorditropinⓇ sales growth in the first nine months of 2020 Historic reported sales for NorditropinⓇ DKK 40% billion 8% 14% -22% 7% 2% 13% 9 30% 6 3 20% 10% NorditropinⓇ value leadership maintained despite increasing competition 35.3% 0 0% 2015 2016 2017 2018 2019 9M 2020 Aug 2015 Novo Nordisk ⚫Pfizer Aug 2020 Norditropin Growth at CER Eli Lilly Roche Merck Kgaa -Other Sandoz Note: Company reported sales; CER: Constant exchange rates Note: IQVIA, MAT value DKK, Aug 2020 Novo NordiskⓇ Continue frequent launches with new indications and device upgrades Device portfolio norditropin simpleXx somatropin (rDNA origin) injection norditropin flexpro somatropin (rDNA origin) injection norditropin nordilet somatropin (rDNA origin) injection norditropin nordiflex® somatropin (rDNA origin) injection norditropin somatropin (rDNA origin) injection Noonan syndrome, EU device upgrades Current launches Towards 2022 16 + 30#6464 Investor presentation First nine months of 2020 Scientific excellence ensures an innovative and competitive pipeline with therapeutic solutions for severe conditions Innovation in haemophilia More than 35 years of innovation EsperoctⓇ Refixia® NovoEight® NovoThirteenⓇ NovoSevenⓇ Mim8 Concizumab Non-invasive therapy Biopharm pipeline Curative therapy Current phases 2018 2019 2020 2021 Phase 3a Phase 3a Phase 1 EPI01 (SCD) Phase 1/2 Concizumab HA and HB1 Concizumab HAWI/HBWI¹ Mim8 Phase 3 Somapacitan GHD Phase 2 Somapacitan SGA 1986 Today 1 The convizumab phase 3 programme was resumed in August 2020. Future SCD: Sickle-cell disease; SGA: Short of gestational age; HwI: Haemophilia A or B patients with inhibitors; SGA: small for gestational age; GHD: Growth hormone deficiency Novo NordiskⓇ#6565 Investor presentation First nine months of 2020 Phase 3 programme on-going investigating concizumab for haemophilia A and B irrespective of inhibitor status Phase 3 trials with data expected first half of 2021 Novo NordiskⓇ Arm 1: No prophylaxis Arm 2: Concizumab prophylaxis Arm 3: Concizumab prophylaxis Exp7 and Exp8: On-demand treatment Exp7 and Exp8: Phase 2 patients on concizumab prophylaxis Exp7 (with inhibitors): Prophylaxis with bypassing or on-demand Arm 4: Concizumab prophylaxis Extension with concizumab prophylaxis . . Characteristics and next steps High affinity, humanised monoclonal IgG4 antibody First-in-class anti-TFPI boosting the initiation phase to restore haemostasis • Delivered once-daily in a convenient Flextouch® pen • Safe and well-tolerated in phase 2 and efficacy comparable to factor replacement Exp8 (without inhibitors): Prophylaxis with factor replacement or on-demand Main part: 24 weeks treatment < Extension: Up to 136 weeks treatment#6666 Thrombin Peak (nM) ه Investor presentation First nine months of 2020 Next-generation FVIII mimentic, Mim8, is a bispecific antibody for SC prophylaxis treatment in people with haemophilia A 400 300 200 100 Thrombin generation assay HA plasma + FVIII Mim8 emicizumab¹ 150 Clot time, R-time (min) 50 100 Thromboelastography 50 Mim8 HA emicizumab¹ HA Normal control 0 0 TTTTTT www TITIE 0.1 1 10 100 1000 0.01 0.1 Antibody (nM) 1 Antibody (nM) 10 100 1000 Mim8 potently stimulates FX activation resulting in efficacious haemostasis in vitro and in vivo Mim8 effectively stops severe bleeds in mouse models 1 Sequence-identical-analogue (SIA) of the FVIII-mimicking bispecific antibody emicizumab; PK: pharmacokinetics; PD: pharmacodynamics; SC: subcutaneous Characteristics • Strong activity at site of bleeding • Minimised target binding in circulation Delivered in an innovative device Phase 1/2 trial • Initiated in January 2020 • Phase 1 is a single ascending dose part with 40 treated people • Phase 2 is a multiple ascending dose part with 32 treated people • Trial investigates safety, tolerability, PK/PD of single sc injections Novo Nordisk®#6767 Investor presentation First nine months of 2020 Once-weekly, biodegradable somapacitan has entered phase 3 for GHD and is approved in the US for AGHD indication Mean height velocity (cm/year) 16 14 12 10 8 6 Phase 2 trial in GHD with 1-year efficacy and safety * 11.5 10.01 9.7 7.8 Somapacitan Growth hormone with a single amino acid substitution Albumin binding side chain securing reversible binding to endogenous albumin 4 2 0 0.04 0.08 0.16 0.034 Somapacitan (mg/kg/week) Norditropin® (mg/day) Next steps Somapacitan in children (GHD) • Phase 3 trial (REAL 4) has been initiated Somapacitan dose 0.16 mg/kg/week Somapacitan in children (SGA) • Phase 2 trial (REAL 5) has been initiated Somapacitan in adults (AGHD) Has been approved in the US under tradename Sogroya® Has been submitted in the EU and Japan Data are mean height velocity (cm/year) ± SD at week (wk) 52. Doses are mg/kg/time. * Denotes statistical significance difference compared to once-daily NorditropinⓇ. GHD: Growth hormone deficiency; AGHD: Adult-onset growth hormone deficiency; FDA: Food and Drug Administration; EMA; European Medicines Agency; 'Value was 9.8 for the full analysis set. Value of 10.0 is from a post-hoc analysis that excluded 4 visits of one patient who discontinued prematurely at week 6 Novo Nordisk®#6868 Investor presentation First nine months of 2020 Novo NordiskⓇ Novo Nordisk and bluebird bio join forces in next-generation genome editing for children and adult patients with haemophilia A Potential curative treatment in haemophilia A . mRNA-based megaTAL TM-driven gene editing Highly specific and efficient way to silence, edit or insert genetic components. • Allows for gene editing in all age groups کلے AAV Gene Nucleus Targeting megaTAL mRNA Lipid nanoparticle Gene bluebird bio/Novo Nordisk's joint approach • megaTAL™: Proprietary, patented technology, broad IP • Correcting FVIII-clotting factor deficiency любовная Protein • Potential lifelong effect . Hepatocyte Possibility to explore additional therapeutic targets AAV: Adenovirus vector; BDD: B-domain deleted; hFVIII: human factor VIII; LNP: Lipid nanoparticle; mRNA: messenger ribonucleic acid; TAL: transcription activator-like.#69Investor presentation First nine months of 2020 ESTABLISH PRESENCE BY BUILDING COMPETITIVE PIPELINE AND SCIENTIFIC LEADERSHIP 1. The unmet needs 70 2. Cardiovascular disease 71 3. Non-alcoholic steatohepatitis 73 4. Stem cells Other serious 74 chronic diseases NADIA SADI Nadia lives with NASH Denmark#7070 Investor presentation First nine months of 2020 Novo Nordisk is expanding into 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 Estimated patients Number of related deaths 70% of people with diabetes die from atherosclerotic CVD CVD ~420 million ~20 million annually CVD 40% of people hospitalised for heart failure have diabetes Estimated patients Diagnosis rate • NASH 80% of people with NASH live with obesity and 35% have diabetes NASH ~15-40 million¹ ~20%2 CKD • 40% of people with diabetes have diabetic nephropathy and 50% have obesity CKD ~200 million -20% Novo Nordisk® 1 Internal forecast comprising the USA, Europe and Japan; 2 Diagnosis rate is considered a major uncertainty to the forecast CVD: Cardiovascular disease; NASH: Non-alcoholic Steatohepatitis; CKD: Chronic kidney disease Source: Source: Diabetes Care 2005 Jan; 28(1): 164-176; Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; 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#7171 Investor presentation First nine months of 2020 Novo Nordisk's ambition within cardiovascular disease In-licensing/acquisition of mid-stage assets CORVIDIA elsen Carolosu areceutics STATEN BIOTECHNOLOGY Accelerate internal pipeline At least one product launched between 2024-2028 targeting atherosclerotic cardiovascular disease or heart failure with a highly innovative, first to market product serving a significant unmet need in a large patient population Subcutaneous PCSK9i - successful phase 1 results Novo NordiskⓇ#7272 Investor presentation First nine months of 2020 Acquisition of Corvidia Therapeutics supports Novo Nordisk's ambition within cardiovascular disease Data from a phase 2a trial using ziltivekimab in CKD stage 5 patients with inflammation Trial design of the phase 2b (RESCUE) 7.5 mg Q4W (66 patients) Placebo Ziltivekimab N=61 12 2 mg 16 6 mg 16 20 mg CKD stage 15 mg Q4W (66 patients) 17 3-5 hsCRP >2 mg/L 30 mg Q4W (66 patients) % of patients hsCRP<2.0 mg/L, Week 12 Placebo Q4W (66 patients) 14.3 43.8 60.0 90.9* 24-week treatment Conclusions: . Ziltivekimab effectively reduces C-reactive protein (CRP) in patients with CKD on dialysis Ziltivekimab substantially reduced markers of inflammation with a trend towards improving NT-proBNP without adversely affecting lipoprotein lipids, neutrophils or platelets Primary endpoint . Reduction of inflammation measured as reduction in C-reactive protein Purpose/timing • Determine a dose for a potential phase 3 CVOT Source: https://www.ahajournals.org/doi/10.1161/circ.140.suppl_1.13727. hsCRP: High sensitivity C-reactive protein; CKD: chronic kidney disease; NT-proBNP: N-terminal-pro hormone BNP; Q4W: intravenously every 4 weeks; CVOT: cardiovascular outcomes trial Novo NordiskⓇ#7373 Investor presentation First nine months of 2020 Novo NordiskⓇ Semaglutide showed significant improvements in NASH resolution and could play a role in preventing disease progression Proportion of patients 100% Semaglutide showed resolution of NASH with no worsening of fibrosis versus placebo in the phase 2 trial¹ 80% 60% 40% 22.9% 20% 0% Placebo * * 47.3% 46.9% 0.2 mg 0.1 mg 66.7%* NASH resolution without worsening of fibrosis is one of two critical endpoints defined by the FDA and EMA² For prevention of NASH disease progression, NASH resolution could be the more relevant endpoint To date, semaglutide NASH results are arguably the most convincing NASH resolution data shown Semaglutide in NASH was granted Breakthrough Therapy designation in the US Phase 3 programme expected to begin in 2021 0.4 mg *statistically significant at 72 weeks (p<0.05 vs placebo). Based on a complete case analysis using people with an evaluable biopsy at end of trial 1 Analysis included patients with fibrosis stage 1, 2 or 3 at baseline 2 FDA guidance on developing treatment for NASH: "Noncirrhotic Non-alcoholic Steatohepatitis With Liver Fibrosis: Developing Drugs for Treatment Guidance for Industry". EMA guidance on developing treatment for NASH: "Reflection paper on regulatory requirements for the development of medicinal products for chronic non-infectious liver diseases (PBC, PSC, NASH)" NASH: non-alcoholic steatohepatitis.#7474 Investor presentation First nine months of 2020 The stem cell platform has the potential to solve unmet needs for people with serious chronic diseases Blastocyst السمر stem cells to Treatment centres Patient transplanted at treatment centres Pluripotent embryonic stem cells STEM CELL TECHNOLOGY Cell bank of undifferentiated stem cells Cell bank Differentiate specific cell types Partners Partners COMPLEMENTARY COMPETENCIES GMP-grade production capability in US facility utilising Novo Nordisk's core CMC capabilities Ethical stem cell practices + ↑ + G ↑ ↑ ↑ IP positions on differentiation protocols گی Novo Nordisk® Parkinson's disease Collaboration with Lund University and partnership with Biolamina Type 1 diabetes Encapsulation device in collaboration with universities GO Chronic kidney disease Partnership with Mayo Clinic Dry age-related macular degeneration Partnership with Biolamina Academic collaborations with stem cell technology experts Chronic heart failure Partnership with Biolamina#75Investor presentation First nine months of 2020 novo nordisk 1. International Operations growth 76 2. International Operations at a glance 78 3. EMEA 83 4. Region China 5. ROW International Operations 88 92#7676 Investor presentation First nine months of 2020 Growth momentum has increased driven by demographics and the Market Fit approach International Operations is diverse and covers 190 markets 14% 430M live with diabetes 12% 10% 570M live with obesity 8% 6% 4% IO's share of revenue 9M 2020 2% NAO 47% ΙΟ 53% NAO: North America Operations; IO: International Operations; SOG: Share of Growth Novo NordiskⓇ Historic growth has been in the range of 4-6% Growth momentum has benefitted from the Market Fit approach 12% 40% 30% mall 20% 10% 0% 2013 9M Aug Market Fit 2020 approach 2017 Growth rate range introduced NN Diabetes market share NN Diabetes SOG -Market growth NN Diabetes growth 30% 23% 13% 9% Aug 2020#7777 Investor presentation First nine months of 2020 The medium-term growth is expected to be 6-10% annually driven by securing the base and three future growth enablers Sales have increased by 5% since 2013, while medium-term growth is expected to be 6-10% 5% 6-10% ILLUSTRATIVE 2013 2014 2015 2016 2017 2018 2025 Future growth drivers Base sales with mature therapy areas Novo NordiskⓇ Secure the sales base by leveraging biopharm and portfolio of short-acting and premix insulin Drive additional growth through three future growth enablers Establish basal market leadership Ро Drive GLP-1 market growth Expand the obesity market#7878 Investor presentation First nine months of 2020 International Operations at a glance. Novo NordiskⓇ Million Diabetes trend 700 DKK billion 22% 200 Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales First nine months 2020 Sales Growth² (MDKK) 80% Long-acting insulin³ 7,590 14% 600 I 26% I Premix insulin4 7,799 8% GLP-1 150 60% Fast-acting insulin5 8,170 8% 500 29%¹ Human insulin 5,872 8% I 400 Insulin Total insulin 29,431 10% 100 40% 300 637 GLP-16 8,087 37% 4%1 522 Other Diabetes care? 2,250 (12%) 200 415 50 20% Diabetes care 39,768 13% 100 9%1 OAD Obesity care 1,611 8% (SaxendaⓇ) 0 2019 2030 Population with diabetes O Diabetes growth rate 0 Aug 2045 2015 0% Diabetes & Obesity 41,379 12% Aug 2020 care Biopharm³ 9,020 8% GLP-1 MS Insulin MS -OAD MS Total 50,399 12% Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Aug 2020: Novo Nordisk 49%, Sanofi 29% and Eli Lilly 15%; Competitor GLP-1 value market shares, as of Aug 2020: Novo Nordisk 52%, Eli Lilly 43% and AstraZeneca 5%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures 2 At Constant exchange rates; 3 Comprises TresibaⓇ, XultophyⓇ and LevemirⓇ: 4 Comprises RyzodegⓇ and NovoMix®; 5 Comprises FiaspⓇ and NovoRapidⓇ; Comprises VictozaⓇ and Ozempic®; 7 Comprises Novo Norm® and needles; 8 Comprises primarily NovoSeven®, Novo Eight® NovoThirteen®, Refixia®, Norditropin, Vagifem® and ActivelleⓇ 6#7979 Investor presentation First nine months of 2020 Diabetes market share and market growth in International Operations 30% 20% 10% Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion -9% 30% 7 171 3 4 157 23% 13% 12% 22.0% ~13% 22.7% 0% Aug 2017 NN market share Market growth -NN share of growth NN growth Aug 2020 Aug 2019 Novo Nordisk BI Novo Nordisk Others Competitors Aug 2020 Source: IQVIA, Aug 2020, Value, MAT, all countries; NN: Novo Nordisk; BI: Boehringer Ingelheim Novo NordiskⓇ#8080 Investor presentation First nine months of 2020 Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Market growth A Market share Total 49% Long- Acting 35% Fast- 59% 15 acting Premix 75% 8 27 49% Human 8 Novo Nordisk Competitors Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT, all countries; NN: Novo Nordisk 59 59 Insulin volume: Share of growth and market share Novo NordiskⓇ 80% 5% +0.8% 10% 66% 8% 60% 7% +1.2% 50% 6% 40% 6% +0.9% 20% 4% +1.4% 0% Aug -1.1% -0.3% 4% 2% 0% Aug 2020 2017 NN market share -Market growth NN share of growth NN growth#8181 Investor presentation First nine months of 2020 GLP-1 market share and market growth GLP-1 market growth and Novo Nordisk market share 80% DKK billion 60% 40% 20% GLP-1 market size and growth -31% 2 18 60% 3 0 14 53% 37% 31% 50.3% -37% 52.7% 0% Aug Aug NN market share NN share of growth 2017 2020 Aug 2019 Novo Nordisk Eli Lilly Others Aug 2020 | Novo Nordisk Competitors -Market growth NN growth Source: IQVIA, Aug 2020, Value, MAT, all countries; NN: Novo Nordisk Novo NordiskⓇ#8282 Investor presentation First nine months of 2020 Obesity market share and market growth in International Operations 50% 40% 30% 20% 10% Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK ~1% billion 4 0 60% 39% 50% 40% 30% 20% 10% 10% 36% ~12% 4 40% 0% 0% Aug NN market share -Market growth Aug Aug SaxendaⓇ Others Aug 2017 2020 2019 2020 Source: IQVIA, Aug 2020, Value MAT, all countries Novo NordiskⓇ#8383 Investor presentation First nine months of 2020 EMEA at a glance Novo Nordisk® Million Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales 250 DKK billion 31% 100 First nine months 2020 Sales (mDKK) Growth² 80% Long-acting insulin³ 4,916 12% I 200 28% I J Premix insulin4 2,275 (1%) 80 GLP-1 60% Fast-acting insulin 4,968 6% 27%1 150 Human insulin 223 100 40 171 60 40 1,823 0% 60 Total insulin 4%1 Insulin 13,982 6% 40% GLP-16 5,547 35% Other Diabetes care? 547 (31%) 134 50 20 OAD 20% Diabetes care 20,076 11% 20 11%1 Obesity care 834 8% (SaxendaⓇ) 0 2019 0 0% 2030 2045 Aug 2015 Aug 2020 Diabetes & Obesity 20,910 11% care Population with diabetes Diabetes growth rate Biopharm³ 5,249 10% GLP-1 MS -Insulin MS -OAD MS Total 26,159 11% Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019; EMEA: Europe, Middle East and Africa 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Aug 2020: Novo Nordisk 47%, Sanofi 33% and Eli Lilly 16%; Competitor GLP-1 value market shares, as of Aug 2020: Novo Nordisk 54%, Eli Lilly 41% and AstraZeneca 5%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures 2 At constant exchange rates; 3 Comprises TresibaⓇ, XultophyⓇ and LevemirⓇ: 4 Comprises RyzodegⓇ and NovoMix®; 5 Comprises FiaspⓇ and NovoRapidⓇ; Comprises VictozaⓇ and Ozempic®: 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, Novo Eight®, NovoThirteen, Refixia®, Norditropin®, Vagifem® and Activelle®#8484 Investor presentation First nine months of 2020 Diabetes market share and market growth in EMEA 40% 20% 0% -20% Diabetes market growth and Novo Nordisk market share Aug 2017 NN market share Market growth (right axis) Diabetes market size and growth DKK -9% 34% billion 3 91 3 2 83 9% 26.8% ~12% 27.4% Aug Aug Novo Nordisk BI Others 2020 2019 Aug 2020 NN share of growth Novo Nordisk Competitors -NN growth (right axis) Source: IQVIA, Aug 2020, Value, MAT; NN: Novo Nordisk; BI- Boehringer Ingelheim Novo Nordisk®#8585 Investor presentation First nine months of 2020 Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Total 47% Long- acting 38% Fast- 56% 11 acting 71% Premix 4 18 Novo Nordisk® Market growth A Market share Insulin volume: market share 80% 37 3% +1.0% 12% 10% 60% 6% +1.7% 8% 47% 6% 40% 4% 4% +0.9% 2% 4% 20% -0.6% +1.6% 0% Aug 2017 -8% -0.7% NN market share 0% -2% -4% Aug 2020 44% Human 4 Novo Nordisk Competitors Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT, Europe, Middle East & Africa, Share of growth not depicted due to too high numbers; NN: Novo Nordisk -Market growth (right axis) NN growth (right axis)#8686 Investor presentation First nine months of 2020 GLP-1 market share and market growth in EMEA 80% 50% 20% -10% GLP-1 market growth and Novo Nordisk market share -40% Aug 2017 GLP-1 market size and growth DKK billion -30% 1 13 54% 2 0 10 34% 30% 52.9% ~34% 54.4% Aug 2020 Aug 2019 Novo Nordisk Eli Lilly Others Aug 2020 NN market share -NN share of growth Novo Nordisk Competitors Market growth (right axis) NN growth (right axis) Source: IQVIA, Aug 2020, Value, MAT, Europe, Middle East & Africa; NN: Novo Nordisk Novo Nordisk®#8787 Investor presentation First nine months of 2020 Obesity market share and market growth in EMEA Obesity market growth and Novo Nordisk market share 70% 60% Obesity market size and growth DKK billion -8% 65% 50% 0.9 0.1 40% 0.9 50% 30% ~14% 40% 30% 20% 65% 20% 62% 10% 10% 8% 0% 0% Aug Aug Aug SaxendaⓇ Others -NN Market Share -Market Growth 2017 2020 2019 Aug 2020 Source: IQVIA, Aug 2020, Value, MAT, Europe, Middle East & Africa; NN: Novo Nordisk Novo Nordisk®#8888 Investor presentation First nine months of 2020 Region China at a glance. Novo Nordisk® Million 250 Diabetes trend DKK billion 25 8% 21% Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales First nine months 2020 Sales (mDKK) Growth² 100% Long-acting insulin³ 1,120 39% Premix insulin4 200 20 I 20 3,662 13% 80% GLP-1 Fast-acting insulin5 1,563 18% 150 15 42%1 60% Human insulin 2,178 2% Total insulin 8,523 14% Insulin 100 212 197 10 10 9%1 40% GLP-16 799 24% 163 Other Diabetes care? 1,204 (5%) 50 5 20% 10%¹ OAD Diabetes care 10,526 12% Obesity care 0 2019 0 0% 6 (17%) (SaxendaⓇ) Aug 2030 2045 2015 Population with diabetes Diabetes growth rate GLP-1 MS -Insulin MS Aug 2020 -OAD MS Biopharm³ Total 304 19% 10,836 12% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of Aug 2020: Novo Nordisk 47%, Sanofi 19%, Gan & Lee 13% and Eli Lilly 10%; Competitor GLP-1 value market shares, as of Aug 2020: Novo Nordisk 92% and AstraZeneca 3% OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures 2 At constant exchange rates; 3 Comprises TresibaⓇ and LevemirⓇ: 4 Comprises NovoMixⓇ:5 Comprises NovoRapidⓇ; 6 Comprises Victoza; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, NovoEight® and NorditropinⓇ#8989 Investor presentation First nine months of 2020 Diabetes market share and market growth in Region China 40% 30% 20% 10% 0% Diabetes market growth and Novo Nordisk market share 36% 29% 14% Diabetes market size and growth DKK billion 1 ~11% 0 19 11% 27.8% ~14% 1 21 28.5% Aug Aug Novo Nordisk Merck Others 2020 2019 Aug 2020 Novo Nordisk Competitors Aug 2017 NN market share -Market growth (right axis) -NN share of growth ―NN growth (right axis) Source: IQVIA, Aug 2020, Value, MAT, NN: Novo Nordisk Novo Nordisk®#9090 Investor presentation First nine months of 2020 Insulin market size and volume share of growth and market share in Region China Total Novo Nordisk® Insulin market share and market size (DKK billion) Market growth A Market share Insulin volume: market share 80% 50% 47% 11 13% -0.3% 17% Long- acting 80% Fast- acting 1 Premix 77% 3 Human 44% 2 4 Novo Nordisk Competitors Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT; NN: Novo Nordisk 60% 19% +1.9% 40% 17% +0.3% 20% 40% 50% 30% 37% 20% 10% 4% 11% +0.2% 0% 0% Aug Aug NN market share 2017 2020 NN share of growth 5% -2.5% Market growth (right axis) -NN growth (right axis)#9191 Investor presentation First nine months of 2020 GLP-1 market share and market growth in Region China 100% 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share DKK billion GLP-1 market size and growth -56% 0.0 0.0 0.6 0.2 92% 0.4 56% 56% 92% -56% 92% 0% Aug NN market share Market growth Aug 2017 2020 Aug 2019 Novo Nordisk Eli Lilly Novo Nordisk Others Competitors Aug 2020 NN growth (right axis) Source: IQVIA, Aug 2020, Value, MAT; Share of growth not depicted due to too high numbers; NN: Novo Nordisk Novo Nordisk®#9292 Investor presentation First nine months of 2020 Rest of World at a glance Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Novo Nordisk® Million DKK billion 30% First nine months 2020 Sales (mDKK) Growth² 200 30% I 150 50 40 100 202 30 155 WA Ug 70 Long-acting insulin³ 1,554 8% 70 80% Premix insulin4 1,862 11% 60 Fast-acting insulin 5 1,639 5% 32%1 GLP-1 60% Human insulin 1,871 25% Insulin 2%1 Total insulin 6,926 12% 40% GLP-16 1,741 51% Other Diabetes care? 499 (2%) 119 50 20 7%1 OAD Diabetes care 9,166 17% 20% Obesity care 10 771 7% (SaxendaⓇ) 0 2019 0 0% Diabetes & Obesity 9,937 16% Aug 2030 2045 2015 Aug 2020 care Population with diabetes Diabetes growth rate Biopharm³ 3,467 5% GLP-1 MS -Insulin MS OAD MS Total 13,404 13% Diabetes trend estimates based on the following International Diabetes Foundation defined regions: South & Central America, Southeast Asia International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of Aug 2020: Novo Nordisk 56%, Sanofi 24% and Eli Lilly 16%; Competitor GLP-1 value market shares, as of Aug 2020: Novo Nordisk 42%, Eli Lilly 53% and AstraZeneca 4% OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures 2 At constant exchange rates 3 Comprises Tresiba®, XultophyⓇ and LevemirⓇ: 4 Comprises NovoMix® and RyzodegⓇ: 5 Comprises NovoRapid®; 6 Comprises VictozaⓇ and OzempicⓇ:7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSevenⓇ, Novo Eight® and NorditropinⓇ#9393 Investor presentation First nine months of 2020 Diabetes market share and market growth in Rest of World 20% 15% 10% 5% 0% -5% Diabetes market growth and Novo Nordisk market share -10% Aug 2017 55 1 14% 13% 8% Diabetes market size and growth -8% 1 2 ~14% 59 12.7% 13.3% Aug 2020 Aug 2019 Novo Nordisk BI Others Aug 2020 NN market share -Market growth (right axis) Novo Nordisk Competitors NN growth (right axis). Source: IQVIA, Aug 2020, Value, MAT, Rest of world; NN: Novo Nordisk BI: Boehringer Ingelheim Novo Nordisk®#9494 Investor presentation First nine months of 2020 Insulin market size and volume market share in Rest of World Insulin market share and market size (DKK billion) Total 56% Fast- 38% 4 acting Long- acting 60% 2 Premix 80% 2 Human 63% 2 Novo Nordisk Competitors Market growth A Market share 80% 11 5% +1.2% 60% 4% +0.6% Insulin volume: market share Novo Nordisk® 20% 57% 15% 40% 10% 8% 6% +0.7% 6% 5% 20% 5% +2.1% 0% Aug 4% 1.6% 2017 -NN market share Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT; ; Share of growth not depicted due to too high numbers; NN: Novo Nordisk Market growth (right axis) NN growth (right axis) 0% Aug 2020#9595 Investor presentation First nine months of 2020 GLP-1 market share and market growth in Rest of World 80% 60% 40% 20% 0% -20% Aug 2017 GLP-1 market growth and Novo Nordisk market share DKK 47% billion 0.6 3.2 42% 30% 37.7% GLP-1 market size and growth ~31% 0.5 ~47% 4.2 -0.1 42.4% Aug 2020 Aug 2019 Novo Nordisk Eli Lilly Others Aug 2020 Novo Nordisk Competitors NN market share Market growth (right axis) NN share of growth -NN growth (right axis) Source: IQVIA, Aug 2020, Value, MAT; NN: Novo Nordisk Novo Nordisk®#9696 Investor presentation First nine months of 2020 Obesity market share and market growth in Rest of World 40% 30% 20% 10% 0% Obesity market growth and Novo Nordisk market share Aug 2017 Obesity market size and growth ~(1%) 25% DKK billion 2.9 0.1 31% 20% 15% 10% 5% -10% 2.9 0% 28% 31% -1% -5% -NN market share Aug -Market growth (Right Axis) 2020 Aug 2019 SaxendaⓇ Others Aug 2020 Source: IQVIA, Aug 2020, Value, MAT,; NN: Novo Nordisk Novo Nordisk®#97Investor presentation First nine months of 2020 TEAM NOVO NORDISK Professional cycling team SS anging team COLNAGO 1. US growth drivers 2. US healthcare system 3. North America operations at glance North America Operations M novo nordisk 98 99 102#9898 Investor presentation First nine months of 2020 Innovation drives largest transition in the history of Novo Nordisk USA, turning around 70% of sales in just seven years Directional growth drivers and catalysts 100% GLP-1 Obesity Insulin Biopharm 80% • OzempicⓇ launch RybelsusⓇ launch Victoza® LoE • Semaglutide obesity launch • Continued price pressure Competitive 60% pressure • SaxendaⓇ LOE • Biosimilar competition New product launches 40% 20% 1 Modern insulin, human insulin, PrandinⓇ, devices and needles; 2 OzempicⓇ and RybelsusⓇ; 3 Tresiba®, Xultophy®, FiaspⓇ and follow-on brand insulin LoE: Loss of exclusivity 0% 90 Novo Nordisk® Relative sales composition - 47% transformation complete 30% 2015 Biopharm Obesity Mature insulin¹ New GLP-1 launches² 2022 Victoza® New insulin launches³#9999 Investor presentation First nine months of 2020 US insulin net prices have declined in recent years, yet some patients still struggle with affordability The US population by health insurance coverage Private insurance schemes Uninsured Government insurance schemes List price and net price development for NovoLogⓇvial List price¹ Net price¹ Novo Nordisk insulin affordability offerings in the US Novo NordiskⓇ 48% 8% 333 million people 600 500 44% 400 Note: Government insurance schemes cover Medicare, Medicaid and public exchanges - some of these with high deductibles 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 300 200 100 0 2001 2002 2003 2004 2005 2006 2007 2008 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 Adjusted for inflation ZIOZ 2 Y-axis represents annual list and net price indices adjusted for CPI-U 2019 • • • Follow-on brand fast-acting (NovologⓇ) and premix insulin (NovologⓇ Mix) with 50% list price discount vs. branded versions My$99Insulin 30-day supply of a combination of Novo Nordisk insulin products (up to 3 vials or 2 packs of pens) for USD 99 Patient Assistance Program free diabetes medication to people in need, annual income <400% above government defined poverty. Program expanded during COVID-19 outbreak if job loss and limited coverage Human insulin for about USD25/vial at national pharmacies, including Walmart and CVS Immediate Supply a short-term, immediate-need program offering free insulin for those at risk of rationing while working to identify a longer-term solution Co-pay Savings Cards providing USD -250 million in assistance in 2019#100100 Investor presentation First nine months of 2020 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 Care Medicaid Public exchanges Medicare Uninsured Other 326 333 100% 9% 8% 80% 23% 22% 60% 18% 18% 40% 20% 45% 44% In 2018, PBMs covered 288 million lives and the market has consolidated MedImpact All other PBMS Humana 5% 3% Prime 3% 8% OptumRx 22% 31% CVS Caremark 0% 2017 2020 28% Express Scripts 12017 data reflect historical data through Oct 2017 2 Managed care population is slightly underestimated as only population under the age 65 is captured to avoid double counting with those eligible for Medicare. Source: 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®#101101 Investor presentation First nine months of 2020 The US healthcare system is complex and rebates paid by Novo Nordisk have increased significantly over the years. Illustrative example of the US healthcare system Development of Novo Nordisk rebates and net sales in the USA US net sales US rebates Product flow Payment flow Rebates/discounts flow DKK Percent of billion US rebates, % of gross sales (RHS) gross sales 180 160 80% Manufacturer 71% 140 70% 120 60% Wholesaler Pharmacy Benefit Manager (PBM) 100 50% 180 80 40% Pharmacy 60 30% 40 20% Employer / Health Insurer 20 10% 0 0% 2012 2013 2014 2015 2016 2017 2018 2019 Patient Note: Based on reported sales RHS: Right hand side Novo Nordisk®#102102 Investor presentation First nine months of 2020 North America Operations at a glance. Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Novo Nordisk® Million DKK billion 760 70 13% 500 60 18% 400 50 40 30 56 63 89 56 48 20 20 First nine months 2020 Sales (mDKK) Growth² 70% Long-acting insulin³ 5,836 (34%) 60% Premix insulin4 421 (22%) GLP-1 50% Fast-acting insulin5 5,912 (11%) 39%1 300 Human insulin 1,323 10% 40% Total insulin 13,492 (22%) 200 30% GLP-16 6%1 21,964 27% Insulin Other Diabetes care? 806 31% 20% 100 Diabetes care 36,262 3% 10 15%1 OAD 10% Obesity care 2,612 4% 0 2019 (SaxendaⓇ) 2030 0 Aug 2045 2015 0% Population with diabetes Diabetes growth rate GLP-1 MS -Insulin MS Aug 2020 OAD MS Diabetes & Obesity 38,874 3% care Biopharm³ Total 5,535 44,409 (2%) 2% International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019 1 CAGR calculated for 5-year period Competitor insulin value market shares, as of Aug 2020: Novo Nordisk 44%, Eli Lilly 31% and Sanofi 26%; Competitor GLP-1 value market shares, as of Aug 2020: Novo Nordisk 49%, Eli Lilly 44% and AstraZeneca 7% OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures 2 At constant exchange rates 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Ⓡ#103103 Investor presentation First nine months of 2020 Diabetes market share and market growth in North America Operations Diabetes market growth and Novo Nordisk market share 50% 40% 30% 20% 10% Diabetes market size and growth ~13% 15 19 471 DKK billion 20 417 20 37% 32% 16% 13% 30.8% -16% 31.6% 0% Aug 2017 -NN market share -NN share of growth Aug 2020 Aug 2019 Market growth -NN growth Novo Nordisk Eli Lilly Novo Nordisk Others Competitors Aug 2020 Source: IQVIA, Aug 2020, value, MAT; NN: Novo Nordisk Novo Nordisk®#104104 Investor presentation First nine months of 2020 Novo Nordisk volume market shares in the three insulin segments Novo Nordisk® 60% USA long-acting insulin USA premix insulin USA fast-acting insulin tMU tMU tMU 100 80% 80 80% 80 100% CAGR volume1: 1.6% MI penetration²: 67.5% CAGR volume1: (6.9%) CAGR volume1: 2.2% MI penetration: 48.9% MI penetration: 84.2% 80 80% 60% 60 60 60% 60 60 00 40 40 20 20 0 40% 40 40 20% 20 40% 40 20% 20 40% 20% 0% 0 0% Aug Aug Aug 2020 2015 Segment volume 2020 -NovoRapid Ⓡ Ⓡ Fiasp NN combined 0% 0 Aug 2015 Aug Aug 2020 2015 Segment volume-Levemir Ⓡ Segment volume Ⓡ -TresibaⓇ Combined NovoLog Mix share 70/30 1 CAGR for 5-year period; 2 Includes new-generation insulin. tMU: Thousand mega units Note: The USA trend data reflect changes to IQVIA data collection coverage and methodology as of January 2012. Modern insulin (MI) penetration is of total segment, i.e. including human insulin Source: IQVIA monthly MAT, Aug 2020 volume figures NN: Novo Nordisk#105105 Investor presentation First nine months of 2020 Insulin market size and volume market share in North America Operations Total Insulin market share and market size (DKK billion) Long- acting 39% 43% Fast- 51% 77 acting 58% Premix 10 106 29% Human 16 Novo Nordisk Competitors Note: Insulin market numbers do not reflect rebates. See slide 97. Novo Nordisk® Market growth A Market share Insulin volume: market share 60% 10% 210 1% +0.1% 8% 50% 40% 6% 3% -0.2% 40% 4% 30% 2% -0.8% +1.3% 0% 20% 0% 10% -9% -0.8% 0% Aug 2017 -2% -4% Aug 2020 2% -0.9% Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT, all countries. Share of growth not depicted due to too high numbers; NN: Novo Nordisk -NN market share -Market growth (right axis) NN growth (right axis)#106106 Investor presentation First nine months of 2020 GLP-1 market share and market growth in North America Operations GLP-1 market growth and Novo Nordisk market share 60% 40% 20% DKK billion 57% 49% 84 40% 46.3% GLP-1 market size and growth ~40% 14 19 -49% 117 0 49.4% 0% Aug NN market share NN share of growth Aug 2017 2020 Aug 2019 Novo Nordisk Eli Lilly Market growth -NN growth Novo Nordisk Others Competitors Aug 2020 Source: IQVIA, Aug 2020, value, MAT; NN: Novo Nordisk Novo Nordisk®#107107 Investor presentation First nine months of 2020 Obesity market share and market growth in North America Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth 100% 350% DKK billion -5% 311% 6 6 1 300% 80% 78% 250% ~21% 60% 200% 150% 40% 78% 100% 67% 20% 50% 5% 0% 0% Aug NN market share Aug Aug SaxendaⓇ Others Aug 2017 NN share of growth (right axis) -Market growth (right axis) 2020 2019 2020 Source: IQVIA, Aug 2020, value, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk Novo Nordisk®#108FINANCIALS 000 1. Profit and loss, capital allocation 2. Currencies 3. Ownership structure 109 114 Tue 116 novo nordisk#109109 Investor presentation First nine months of 2020 Solid sales growth driven by Diabetes and Obesity care DKK billion 120 Reported annual sales 2015-2019 CAGR¹ 2.5% 17% 100 17% 16% 21% 20% 80 Financial focus Novo NordiskⓇ • Focus on driving solid sales growth • Gross margin to remain broadly stable • Over time, Research & Development cost ratio to gradually increase • Over time, Sales & Distribution cost ratio to gradually decline 60 79% 80% 83% 84% 84% 40 • Administration cost ratio to decline 20 20 0 2015 1 CAGR for 5-year period 2016 2017 Diabetes and Obesity care 2018 2019 ■■■Biopharm#110110 Investor presentation First nine months of 2020 Solid operating profit growth driven by Diabetes care DKK billion Operating profit 65 60 60% 50 50% 220 40 30 40% 30% 20 35% 4% 1% -4% 11% 20% 72% 10 13% 6% 5% 3% 6% 10% 0 0% 2015 2016 2017 2018 2019 Operating profit Operating profit as % of sales Reported operating profit growth Operating profit growth at CER *Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015; CER: Constant exchange rates Operating profit split per franchise 28% 81% 2015 2019 Diabetes and Obesity care Biopharm 19% Novo NordiskⓇ#111Biopharm P&L - full year 2019 Higher profitability in the biopharm segment driven by lower S&D costs 111 Investor presentation First nine months of 2020 Diabetes and Obesity care P&L - full year 2019 DKK DKK billion 120 billion Sales ratios 20 -20% -16% 100 -28% 80 60 60 40 40 20 20 15 -12% 10 -3% 0% 42% 5 Novo NordiskⓇ Sales ratios -16% -11% -3% +2% 51% 0 0 Sales COGS S&D R&D Admin ΟΟΙ OP Sales COGS S&D R&D Admin ΟΟΙ OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit; S&D: Sales and distribution costs; R&D: Research and development costs; Admin: Administrative costs#112112 Investor presentation First nine months of 2020 Stable COGS level as percentage of sales and decreasing CAPEX level Cost of goods sold DKK billion 20 15 10 5 Capital expenditure DKK billion 25% 12 10 20% 8 15% 6 10% 4 5% 2 Novo Nordisk® 10% 8% 6% 4% 2% 0 0% 0 0% 2015 2016 2017 2018 2019 2016 2017 2018 2019 2020 ICOGS -COGS as % of sales ICAPEX -CAPEX as % of sales (RHS) Expected CAPEX COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side#113113 Investor presentation First nine months of 2020 Cash return to shareholders in 2020 DKK billion 45 Annual cash return to shareholders 30 17 17 15 15 8 15 7 7 7 11 12 12 13 0 2017 2018 2019 2020E Dividend Interim dividend Share repurchase Free cash flow Free cash flow guidance 1 For 2020, expected free cash flow is DKK 34-39 billion. Note: Share repurchase programmes run for 12 months starting Feb until end-Jan of the following year. Cash return priorities Novo NordiskⓇ • Share repurchase programme of up to DKK 17 billion to be executed during 12 months, starting 5 February 2020 • Total programme may be reduced in size if significant bolt-on acquisition opportunities arise during 2020 • For 2019, the total dividend increased 2.5% to DKK 8.35 per share of DKK 0.20 (including interim dividend of DKK 3.00 per share paid in August 2019), resulting in a total pay-out ratio of 50.5% • For 2020, the interim dividend of DKK 3.25 was paid in August 2020#114114 Investor presentation First nine months of 2020 Currency impact on Novo Nordisk's P/L Novo NordiskⓇ Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's P&L statement The currency effect on e.g. operating profit growth is the difference between the reported growth and the operating profit growth at CER Key currencies account for around 65-85% of the total currency exposure No hedging effects are included in the operating profit Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day PROFIT AND LOSS 2019 2018 (Amounts are in DKK million, except for earnings per share and dividend per share) Net sales Gross profit Gross margin- 122,021 111,831 101.933 83.5% • USD 9 months 94,214 84.2% Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: Sales and distribution costs Percentage of sales 31,823 29,397 • CNY 7 months 26.1% 26.3% • JPY 12 months Research and development costs 14,220 14,805 • CAD 9 months Percentage of sales 11.7% 13.2% . GBP 10 months Administrative costs 4,007 3,916 Percentage of sales 3.3% 3.5% Other operating income, net 600 1152 Operating profit 52,483 47,248 Operating margin 43.0% 42.2% Financial items (net) (3,930) 367 Profit before income taxes 48,553 47,615 Income taxes 9,602 8,987 Effective tax rate 19.8% 18.9% Net profit 38,951 Net profit margin 31.9% 38,628 34.5% . Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging and the effect from currency gain/losses of balances in non-hedged currencies Hedging costs are the interest rate differentials between DKK and hedged currencies Note: Example is based on Annual Report 2019#115115 Investor presentation First nine months of 2020 Currency development of hedged and non-hedged currencies in the first nine months of 2020 Novo Nordisk® I Avg. 9M 2020 vs. 9M 2019 Exp. Avg FY 2020 vs. FY 2019 Hedged currencies 9M 2019 avg. 9M 2020 avg. Spot rate² Impact of a 5% move4 Hedging (months) 2% USD2 664 663 630 1,900 11 0% CNY2 97 95 94 450 65 JPY2 6.1 6.2 6.0 -2% 150 12 CAD2 500 491 478 130 9 -4% GBP2 USD/DKK CNY/DKK JPY/DKK CAD/DKK GBP/DKK 845 843 820 100 10 10% 0% -10% -20% -30% -40% RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK Non-hedged 9M 2019 9M 2020 currencies avg. avg. Spot rate³ ARS² 0.2 0.1 0.1 TRY² 118 99 78 INR² 9.5 8.9 8.5 RUB2 10.2 9.4 8.2 BRL2 171 133 112 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 26 October 2020; 2 DKK per 100; 3 Spot rate as of 26 October 2020; 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 +10 to +50 million#116116 Investor presentation First nine months of 2020 Stable ownership structure - secured through A and B-share structure Share structure The Novo Nordisk Foundation Novo Nordisk Foundation Novo Holdings A/S Institutional and private investors • The Novo Nordisk Foundation is a self-governing institution that provides a stable basis for Novo Nordisk and • supports scientific, humanitarian and social purposes 76.6% of votes 28.3% of capital A shares 537m shares Novo Nordisk A/S 23.4% of votes 71.7% of capital • All strategic and operational matters are governed by the board and management of Novo Nordisk B shares 1,813m shares • Overlapping board memberships ensure that the Novo Nordisk Foundation and Novo Nordisk share vision and strategy Note: As of 11 May 2020. Treasury shares are included, however voting rights of treasury shares cannot be exercised Novo NordiskⓇ#117Sustainability Investor presentation First nine months of 2020 411 顾 novo nordisk 1. Sustainable business 118 2. Social responsibility 119 3. Environmental responsibility 124#118118 Investor presentation First nine months of 2020 Delivering on our purpose Novo Nordisk is committed Novo NordiskⓇ By sustainable business, we mean Integrating sustainability into every aspect of decision-making, in strategies and actions Adding value to society and to our future business Always keeping in mind what is best in the long term for the patients we serve, our employees, the communities in which we are present and the global society we are part of. Guided by the Novo Nordisk Way The Novo Nordisk Way guides how we lead a sustainable business. It sets direction, unites us around a common purpose and spells out expected behaviours in a way that is consistently understood by everyone It includes the commitment, anchored in the Articles of Association, to do business in a financially, environmentally and socially responsible way that considers the interests of stakeholders and the long-term interests of our shareholders. The goal is to avoid any negative impacts, and maximise the positive impacts we can have through our business activities.#119119 Investor presentation First nine months of 2020 Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation We are driving change to defeat diabetes by... ...accelerating prevention to bend the curve... + ...providing access to affordable care for vulnerable patients in every ...innovating to improve lives... country... and thereby help society rise to one of its biggest challenges Novo NordiskⓇ#120120 Investor presentation First nine months of 2020 Providing access to affordable care is a key priority for Novo Nordisk Novo NordiskⓇ Product quality and patient safety is material 30.0 million patients reached with Diabetes care products 2.9 million people with diabetes treated at cost below USD 0.12 per day Access to insulin commitment strengthened Novo Nordisk guarantees to make low-priced human insulin available to the world's poorest countries and selected organisations providing humanitarian relief 105 million DKK donations to World Diabetes Foundation and Novo Nordisk Haemophilia Foundation 4 product recalls O failed inspections 76 low- and middle-income countries covered Note: Above is 2019 year-end data. Full social statements to be found in Novo Nordisk Annual Report 2019 1 This reflects the price to governments in the 'Access to insulin commitment'. 目 As of 1 August, 2020 ceiling price is reduced from 4 to 3 USD/vial1#121121 Investor presentation First nine months of 2020 Novo Nordisk offers affordability programmes to increase support to patients inside and outside the system Continue offering Opera- tionalise Increase support for patients inside the insurance system Supporting Affordable Patient Access ~USD18 billion in access rebates, discounts and fees¹ >USD200 million in co-pay assistance programmes¹ Follow-on brand insulin² List price discount of 50% of NovoLogⓇ and NovoLog® Mix Safety net for those patients inside and outside the system IRS Preventive Benefit Change . Timing: Immediate, impact starting 2021 CIGNA/ESI partnering on benefit design Expand support for patients outside the system Patient Assistance Program PAP: ~50,000 patients receive free insulin¹ • Added Ozempic®, XultophyⓇ and Rybelsus® Insulin Savings Programme² . . USD99 for up to 3 vials or 2 boxes of pens Any combination of NNI analog insulins Affordable Human Insulin Option² Novo Nordisk human insulin available for about USD25/vial at national pharmacies, including Walmart and CVS An estimated 500,000 accessing Novo Nordisk human insulin through these partnerships An immediate, one-time insulin supply option available for people facing acute need 1 Based on full year 2010 numbers; 2 Available from Novo Nordisk Pharma, Inc., a Novo Nordisk A/S company 2 Initiatives effective as of January 2020 Novo NordiskⓇ#122122 Investor presentation First nine months of 2020 Novo NordiskⓇ Cities Changing Diabetes aims at breaking the 'Rule of Halves' by tackling urban diabetes through partnerships Global partnership platform to develop an approach to fight urban diabetes Founding partners REGION Steno Diabetes Center Copenhagen UCL novo nordisk At present more than 25 partner cities with 150+ million citizens . Map the challenge in selected cities Strategic partners C40 CITIES E AT Urban diabetes: Type 2 diabetes in cities 2/3 of people living with diabetes live in urban areas • • Share learning and best practices on how to break the 'Rule of Halves' Implement action plans with local partners#123123 Investor presentation First nine months of 2020 Novo NordiskⓇ 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 Sr. Managers 91% employee engagement score Men 59% 60% 86% 82% 11.4% employee turnover 2.2 accidents Note: Full social statements to be found in Novo Nordisk Annual Report 2019 FTE: Full time employee with absence Women 41% 40% per million working hours 14% 18% 2015 2019 2015 2019#124124 Investor presentation First nine months of 2020 Novo NordiskⓇ Novo Nordisk has set a bold ambition to have zero negative environmental impact, executed through Circular for Zero strategy Focus on circular principles related to waste, resource |0000 0 бав use, emissions and renewable power Waste: 93% of total waste is recycled, used for biogas or recovered as energy for heat and power production Resource use: 86% of water use is in areas not subject to water stress or large seasonal variations Emissions: Emissions from operations and transportation increased to 306,000 tons CO2 in 2019, however expecting a significant decline in 2020 due to Covid-19 1,000 tons CO2 100 80 60 60 60 40 40 20 Progress towards 2030 target of zero emissions from operations & transportation L - Renewable power: Our 2020 target has been achieved now we have 100% renewable power for all of our production units 0 Note: Full environmental statements to be found in Novo Nordisk Annual Report 2019 and publicly available CDP disclosure Production Affiliates, R&D, GSC Business flights OPERATIONS Company cars Product distribution TRANSPORTATION 2018 2019