#11 Investor presentation First nine months of 2022 Morten Kruse Jacobsen (to the right), Senior Director at Novo Nordisk and married to Anders. Being a sustainable employer is a key priority for Novo- Nordisk. This includes fostering a diverse and inclusive workplace. From January 2022, Novo Nordisk will offer a minimum of eight weeks paid parental leave to all non-birthing parents globally, regardless of gender. novo nordisk Novo Nordisk -a focused healthcare company Investor presentation First nine months of 2022#22 Investor presentation First nine months of 2022 Agenda Progress on Strategic Aspirations 2025 Commercial execution Innovation and therapeutic focus Financials#33 Investor presentation First nine months of 2022 Forward-looking statements Novo NordiskⓇ Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022 in continuation of the publication of this Annual Report 2021, this presentation, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect, 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto, Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures, • • Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may 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, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, product recalls, unexpected contract breaches or terminations, government- mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology including the risk of cybersecurity breeches, 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, failure to maintain a culture of compliance, and epidemics, pandemics or other public health crises, and the effects of domestic or international crises, civil unrest, war or other conflict. 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 Annual Report 2021, reference is made to the overview of risk factors in 'Risk management' of this Annual Report 2021. 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 Annual Report 2021, whether as a result of new information, future events, or otherwise. Important drug information VictozaⓇ and OzempicⓇ are approved for the management of type 2 diabetes only SaxendaⓇ and WegovyⓇ are approved for the treatment of obesity only#44 Investor presentation First nine months of 2022 Novo NordiskⓇ Strategic Aspirations 2025 | Highlights first nine months of 2022 Purpose and sustainability (ESG) Commercial execution • Progress towards zero environmental impact Carbon emissions decreased by 18% vs 9M 2019 Adding value to society Positive EMA opinion on human insulin with more flexible storage options 35.7 million people treated with NN products (net increase of 1.8 million vs end of September 2021) Being recognised as a sustainable employer Share of women in VP+ positions increased to 38% from 36% in 9M 2021 Diabetes value market share increased by 1.7%-points to 31.6%1 Obesity care sales of DKK 11.4 billion (+75% at CER) Rare disease sales of DKK 15.7 billion (+2% at CER) therapeutic focus Innovation and Financials Light blue indicates developments in Q3 2022 Further raise innovation bar for Diabetes treatment Completion of phase 3a trials with QW insulin icodec Completion of phase 2 trial with CagriSema in T2D Phase 1 initiated with once-weekly oral semaglutide Develop superior treatment solutions for obesity Phase 3 initiated with CagriSema in people with obesity Strengthen and progress Rare disease pipeline . • • Concizumab phase 3 trial completed in people with HA and B with inhibitors and in people without inhibitors Phase 3a trial initiated with Mim8 in Haemophilia A Acquisition of Forma Therapeutics mainly within SCD Sales growth of 16% and Operating profit growth of 14% • • Sales in International Operations grew by 11% Sales in the US grew by 21% with 72% of sales coming from products launched since 2015 Gross margin positively impacted by continued productivity gains in Product Supply Free cash flow of DKK 62.5 billion and DKK 41.9 billion returned to shareholders during 9M 2022 1MAT (Moving annual total) value market share 9M: First nine months; EMA: European Medicines Agency; VP: Vice president; QD: Once-daily; QW: Once-weekly; CER: Constant exchange rates; T2D: Type 2 diabetes; HA: Haemophilia A; HB: Haemophilia B; SCD: Sickle Cell Disease Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth#55 Investor presentation First nine months of 2022 Sales growth of 16% driven by both operating units Novo NordiskⓇ Reported geographic sales split for first nine months of 2022 Reported therapy area sales and growth for first nine months of 2022 DKK Insulin GLP-1 I Other diabetes billion Obesity care Rare disease Growth at CER North America Operations DKK billion Growth at CER International Operations 150 70 0 22% 11% 16% 44% -11% 75% 2% 50 60 50 40 41 30 20 20 10 International Operations 100 11% 13% -7% ΙΟ NAO 22% 50 55% -20% 4% -5% 73% ΙΟ 22% ΙΟ NAO -3% 39% 77% NAO 0 0 NAO ΙΟ EMEA China ROW Total 1 GLP-1 Insulin Obesity care Rare disease 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#66 Investor presentation First nine months of 2022 Diabetes value market leadership increased by 1.7%-points to 31.6% Novo Nordisk global diabetes value market shares Diabetes value market leadership expansion driven by the GLP-1 franchise 60% -Diabetes -GLP-1 -Insulin 55.7% 49.9% 50% 46.8% 52.1% 44.6% 44.3% 44.0% 44.2% 40% 31.6% 28.4% 29.2% 29.9% 30% 0% T 2019 2020 2021 2022 CER: Constant exchange rates; IO: International Operations; NAO: North America Operations Source: IQVIA MAT, Aug 2022 (Spot rate) Note: Sales growth rates are at CER Novo NordiskⓇ Diabetes care sales grew by 14% with global value market share increase driven by GLP-1 market share gains in both IO and NAO Insulin value market share has slightly increased from 44.0% to 44.2% in the last 12 months GLP-1 value market share has increased by 3.6%-points in the last 12 months, driven by: • • OzempicⓇ launches and uptake in 75 countries RybelsusⓇ uptake in North America Operations and launches in International Operations Global GLP-1 volume growth of ~44% . GLP-1 is only 4% of total diabetes prescriptions#77 Investor presentation First nine months of 2022 Novo NordiskⓇ International Operations diabetes care sales growth is driven by GLP-1 performance Reported Diabetes care sales and growth per IO geography DKK billion 9% 50 40 55% 30 30 GLP-1 patients and value market share in IO ■Insulin I GLP-1 Growth at CER Number of patients (millions) Value market share 5 Class growth >50% 75% 62.6% 60% 4 Geographical regions 3 12% 20 20 39% 2 -7% -9% 25% 10 87% 86% 1 -2% -21% 3% 0 0 IO EMEA China ROW Aug-20 Aug-21 GLP-1 patients -VictozaⓇ OzempicⓇ -dulaglutide 41.3% 45% 35.3% 30% 16.5% 15% 4.3% 0% RybelsusⓇ -NN GLP-1 Aug-22 Source: IQVIA MAT, Aug 2022 (Spot rate). Note that the market share and patient numbers are based on countries with IQVIA coverage. GLP-1 class growth calculated as Jun-Aug 2022 vs Jun-Aug 2021 (Rolling 3 month average) IO: International Operations; NN: Novo Nordisk; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; Row: Rest of World; R3M: Rolling three months#88 Investor presentation First nine months of 2022 Novo NordiskⓇ GLP-1 class expansion continues in the US as new prescriptions have accelerated in the third quarter of 2022 US GLP-1 weekly NBRx prescriptions Weekly NBRX scripts ('000s) 50 50 40 40 30 20 10 0 Oct 2020 Ozempic Rybelsus® US GLP-1 TRX market share Total GLP-1 scripts TRX share (millions) 60% Class growth >40% 49.0% 4 52.4% 40% 20% 0% Oct Oct 2022 2020 VictozaⓇ NN GLP-1 dulaglutide tirzepatide 3 38.7% 35.8% 2 10.3% 1 7.3% 6.4% 0 Oct 2022 Total monthly GLP-1 scripts Source: IQVIA Xponent, Weekly (ending 14 Oct 2022) Each data points represents a rolling four-week average. Total GLP-1 scripts constitute all prescriptions of GLP-1 medications in the market and have the full month of September as latest available data point NBRX: New-to-brand prescriptions; TRx: Total prescriptions; NN: Novo Nordisk; Scripts: Prescriptions Note: Class growth calculated as Q3 2022 vs Q3 2021#99 Investor presentation First nine months of 2022 Novo NordiskⓇ Obesity care sales grew by 75% in the first nine months of 2022 driven by both the US and IO NN sales and value market share DKK billion 3%1 5 4 3 2 1 within Obesity care Global Branded AOM TRX TRX count ('000s) 55%1 75%1 100% 500 86% 400 300 50% 200 0 0% 2020 2021 2022 IO NAO -Market share (RHS) 100 +63% 2020 2021 2022 Novo Nordisk Others ONCE-WEEKLY wegovy semaglutide injection 2.4 mg The US . · • Broad commercial formulary access of more than 80% The 1.7 mg and 2.4 mg doses are currently available in the US Expectation to make all WegovyⓇ doses available towards the end of 2022 International Operations • WegovyⓇ available in France with first ex-US commercial launches expected towards the end of 2022 Growth at CER 1 Annual growth at CER. Each TRx data points represents one week of data NAO: North America operations; IO: International operations; RHS: Right-hand side axis; Rx: Prescriptions; AOM: Anti-Obesity Medications (includes Wegovy®, SaxendaⓇ, Qsymia, Belviq and Contrave); Mg: milligram; CMO: Contract manufacturing organisation Note: Sales growth at constant exchange rates. 63% volume growth for Global branded AOM market refers to MAT. Source: IQVIA MAT, Aug 2022 (Spot rate)#1010 Investor presentation First nine months of 2022 Rare disease sales increased by 2% driven by International Operations Reported Rare disease sales Rare disease sales driven by global commercial execution DKK billion Growth at CER 18 2% 6% 6% 12 6 Rare disease sales increase is driven by: 9% 6% -6% • 3% sales decline in North America Operations • 4% sales growth in International Operations Rare blood disorders 0 Total1 Rare blood disorders² Haem. A Haem. B Novo- Rare SevenⓇ endocrine disorders³ Rare blood disorders sales increased by 6%, driven by: . NovoSevenⓇ performance . Uptake of launch products EsperoctⓇ and Refixia® . Rare endocrine disorders sales decreased by 6% driven by: North America Operations sales declined by 13% Novo Nordisk is the leading company in the global human growth disorder market with a value market share of ~36% which is comparable to last year 1 Total includes "Other Rare disease", which consists of primarily Vagifem® and Activelle®: 2 Comprises NovoSeven®, Novo Eight®, Esperoct®, Refixia® and NovoThirteenⓇ; 3 Primarily NorditropinⓇ Note: NovoThirteenⓇ is not shown for Rare blood disorders breakdown, only for the total bar. Haem. A: Haemophilia A; Haem. B: Haemophilia B; Unless otherwise specified, sales growth is at constant exchange rates Novo NordiskⓇ#1111 Investor presentation First nine months of 2022 Phase 2 trial for CagriSema in people with type 2 diabetes has been successfully completed Exploratory phase 2a trial of CagriSema in T2D Cagrilintide 2.4 mg + semaglutide 2.4 mg Headline trial results Change in HbA1c Change in body weight Mean baseline HbA1c: 8.4% Mean baseline body weight: 106 kg R Cagrilintide 2.4 mg + placebo 1:1:1 Semaglutide 2.4 mg + placebo + + Dose escalation Treatment maintenance Follow up 16 weeks 16 weeks 5 weeks Change from baseline (%) -0.93% ויי ווי -15.6% -1.79% -2.18% Cagrilintide 2.4 mg OW Primary endpoint: Change from baseline (week 0) to week 32 in HbA1c Inclusion criteria (92 people): Type 2 diabetes • HbA1c 7.5-10.0% Metformin +/- SGLT2i BMI ≥27 kg/m2 Semaglutide 2.4 mg OW CagriSema (2.4 mg semaglutide and 2.4 mg cagrilintide) In the trial, CagriSema appeared to have a safe and well-tolerated profile Note: Trial product estimands shown; Trial objective: To compare the effect of co-administered (separate injections) semaglutide and cagrilintide versus semaglutide in subjects with T2D inadequately controlled on metformin with or without SGLT2 inhibitor T2D: Type 2 diabetes, BMI: body mass index; HbA1c: Glycosylated haemoglobin; OW: Once-weekly Novo NordiskⓇ#1212 Investor presentation First nine months of 2022 Novo NordiskⓇ ONWARDS 5 met its primary endpoint and demonstrated superior HbA1c reduction vs once-daily basal insulin analogues Change from baseline (%) Superior reduction in HbA1c from baseline over time 52 weeks Time since randomisation (weeks) 0 13 0.0 -0.4 -0.8 -1.2 -1.6 26 39 HH HH 52 52* HHHH -1.31% ■-1.68% -2.0 Once-weekly insulin icodec Once-daily basal insulin Note: Overall baseline HbA1c of 8.9% Highlights from the trial (includes real-world elements) Inclusion criteria (1,085 participants): Insulin-naïve people with type 2 diabetes No limitations on use of oral antidiabetic treatments Age ≥ 18 years, HbA1c > 7.0% Endpoints: Once-weekly insulin icodec achieved a superior reduction in estimated HbA1c of -1.68%-points compared with -1.31%-points for the once-daily basal insulins (ETD: -0.38%-points) Icodec achieved a superior improvement in health-related quality of life (DTSQ score) and compliance (TRIM-D score) questionnaires Safety: No statistically significant difference in estimated rates of severe or clinically significant hypoglycaemia events In the trial, once-weekly insulin icodec appeared to have a safe and well-tolerated profile *Lines are based on observed data where the value denoted after 52 weeks is estimated mean value derived based on multiple imputation ETD: Estimate treatment difference; DTSQ: Diabetes Treatment Satisfaction Questionnaire; TRIM-D: Treatment Related Impact Measures in Diabetes (measuring an overall treatment compliance score) Note: The trial investigated once-weekly insulin icodec in combination with a dosing guide app versus once-daily basal insulin (insulin degludec or insulin glargine U100/U300) in a clinical practice setting#1313 Investor presentation First nine months of 2022 Main part of the explorer8 trial with concizumab in people with HA or HB without inhibitors has been completed explorer8 trial design Key trial highlights 1) Maintained OnD treatment Previously OnD treatment R 1:2 2 Concizumab PPX, QD Prophylaxis treatment (continued from phase 2) 3 Concizumab PPX, QD Prophylaxis treatment 4 Concizumab PPX, QD (additional patients) • Key inclusion criteria: Aged ≥12 years with haemophilia A or haemophilia B, patients mainly from phase 2 Novo NordiskⓇ Extension with concizumab prophylaxis Efficacy • The trial met its primary endpoint, confirming superiority of concizumab prophylaxis compared to no PPX (OnD treatment) The secondary confirmatory endpoint, confirming non- inferiority of concizumab PPX to previous PPX factor treatment was not met Objective: • Main part 24 weeks Assess the efficacy of Concizumab PPX vs no PPX (OnD treatment) in reducing number of bleeding episodes Extension part Up to 143 weeks Endpoints: Number of treated bleeding episodes (spontaneous/traumatic) Safety • Concizumab appeared to have a safe and well-tolerated profile with no thromboembolic events reported after the treatment restart¹ Next steps Initial commercial launch for concizumab is expected to be focused on HwI followed by Haemophilia B Further assessment of development opportunities and submissions based on the results from the explorer8 trial 1 Restart refers to the start of treatment with the new concizumab dosing regimen, which was implemented after the treatment pause HA: Haemophilia A; HB: Haemophilia B; Prophylaxis: PPX; OnD: On-demand, QD: Once-daily#1414 Investor presentation First nine months of 2022 R&D milestones Project Diabetes care FDC Sema - OW GIP Obesity care CagriSema in T2D Once weekly oral sema Insulin Icodec Higher doses injectable sema Oral sema (25/50mg) Rare disease CagriSema Oral sema 50 mg PYY 1875 LA-GDF15 Nedosiran Mim8 Concizumab Q3 2022 ✓ Phase 2 results ✓ Phase 1 initiation ✓ Phase 3a results Phase 2 initiation Q4 2022 Novo NordiskⓇ Clinical milestones¹ Regulatory milestones¹ H1 2023 Phase 2 results Submission (US/EU/CN) Phase 3 results ✓ Phase 3 initiation Phase 3 results Phase 1/2 results ✓ Phase 1 results ✓ Submission in PH 1 (US) ✓ Phase 3 treatment² ✓ US/JP submission (HWI) Phase 3a results (HwoI) EU submission (HwI) ✓ Phase 2 results 1 Other serious chronic diseases Oral PCSK9i Expected to be published in the given quarter or in the subsequent quarterly company announcement. 2 First patient first visit in Q4 2021, which is solely for baselining purposes; sema: semaglutide; HwI: Haemophilia with inhibitors; HwoI: Haemophilia without inhibitors, FDC: Fixed dose combination, OW: once weekly; T2DM:Type 2 Diabetes Mellitus; US: United States; EU: European Union; CN: China; JP: Japan#1515 Investor presentation First nine months of 2022 Financial results - First nine months of 2022 Novo NordiskⓇ In DKK million Sales Gross profit Gross margin First nine months of 2022 First nine Change Change 128,862 months of 2021 102,467 (reported) (CER) 26% 16% Sales and distribution costs Percentage of sales Research and development costs 108,676 84.3% (32,474) 25.2% (15,962) 85,050 28% 17% 83.0% (25,376) 28% 19% 24.8% (12,140) 31% 26% Percentage of sales 12.4% 11.8% Administration costs (3,119) (2,860) 9% 5% Percentage of sales 2.4% 2.8% Other operating income and expenses 601 336 79% 58% Operating profit 57,722 45,010 28% 14% Operating margin 44.8% 43.9% Financial items (net) Profit before income tax Income taxes (4,976) 52,746 (10,813) 957 45,967 15% (9,102) 19% Effective tax rate 20.5% 19.8% Net profit 41,933 36,865 14% Diluted earnings per share (DKK) 18.42 15.98 15% CER: Constant exchange rates#1616 Investor presentation First nine months of 2022 Financial outlook for 2022 Sales growth - at CER Expectations 2 November 2022 14% to 17% Expectations 3 August 2022 12% to 16% Sales growth - reported Operating profit growth - at CER Operating profit growth - reported Around 10 percentage points higher 13% to 16% Around 15 percentage points higher Around 9 percentage points higher 11% to 15% Around 14 percentage points higher Financial items (net) Effective tax rate Free cash flow Note: Changes since last highlighted in bold Loss of around DKK 6.6 billion 20% to 22% DKK 54 to 59 billion Loss of around DKK 5.5 billion 20% to 22% DKK 57 to 62 billion Novo NordiskⓇ The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 26 October 2022#1717 Investor presentation First nine months of 2022 Strategic aspirations 2025 sustainability Purpose and (ESG) • Progress towards zero environmental impact Being respected for adding value to society Being recognised as a sustainable employer Innovation and therapeutic focus Further raise the innovation-bar for diabetes treatment Develop a leading portfolio of superior treatment solutions for obesity Strengthen and progress the Rare disease pipeline • Establish presence in Other serious chronic diseases focusing on CVD, NASH and CKD ピ Commercial execution Strengthen Diabetes leadership - aim at global value market share of more than 1/3 More than 25 billion DKK in Obesity sales by 2025 Secure a sustained growth outlook for Rare disease 11 Financials • Deliver solid sales and operating profit growth • Deliver 6-10% sales growth in IO • • Transform 70% of sales in the US¹ 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 From 2015 to 2022, 70% of sales to come from products launched from 2015. IO: International Operations; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease. Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. Novo NordiskⓇ#1818 Investor presentation First nine months of 2022 Investor contact information Share information Novo Nordisk's B shares are listed on the stock exchange in Copenhagen under the symbol 'NOVO B'. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For further company information, visit Novo Nordisk on: www.novonordisk.com Novo Nordisk A/S Investor Relations Novo Alle 1 DK-2880 Bagsværd Investor Relations contacts Daniel Muusmann Bohsen David Heiberg Landsted Jacob Martin Wiborg Rode Mark Joseph Root (USA) +45 3075 2175 +45 3077 6915 +45 3075 5956 +1 848 213 3219 [email protected] [email protected] [email protected] [email protected] Upcoming events 01 February 2023 23 March 2023 Financial statement 2022 Annual General Meeting 04 May 2023 10 August 2023 Financial statement for the first three months of 2023 Financial statement for the first six months of 2023 02 November 2023 Financial statement for the first nine months of 2023 Novo NordiskⓇ#1919 Investor presentation First nine months of 2022 Appendix Novo Nordisk corporate strategy Diabetes care GLP-1 Insulin Obesity care 20 32 42 49 58 Rare disease 77 Other serious chronic diseases 89 Regional information 107 Financials 141 Sustainability 151#2020 Investor presentation First nine months of 2022 Novo Nordisk Corporate Strategy 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 Rare disease 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 Novo NordiskⓇ#2121 Investor presentation First nine months of 2022 Novo NordiskⓇ Novo Nordisk's opportunity is in the large unmet needs across all therapy areas in scope. Diabetes care 537m people with diabetes¹ -15% of people in good control² Novo Nordisk Way >764m people with obesity³ Obesity care ~2% of people in medically treated Rare disease Haemophilia 0.6m people with haemophilia4 -35% of people being treated Driving change to defeat diabetes and other serious chronic diseases ustainable business 16% of global deaths caused by ASCVD5 >25m people affected by heart failure6 Other serious chronic diseases >25m people affected by NASH7 >70m people affected by AD³ 1 International Diabetes Federation: Diabetes Atlas 10th edition, 2021; 2Real-world studies indicate between 30-55% of patients reach HbA₁, target <7%.e.g. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4388968/, taking 42.5% in good control of treated people; 3 World Diabetes Atlas 2022; 4 WFH annual survey 2020 (120 of 147 countries responded): Prevalence by calculating expected number of patients using 20.9 per 100.000 in haemophilia Identified patients as proxy for receiving some sort of treatment; 5 "The top 10 causes of death", WHO, 9 December 2020 (ASCVD denoted as ischaemic heart disease); "Global Public Health Burden of Heart Failure, Apr. 2017: https://pubmed.ncbi.nlm.nih.gov/28785469/; Estes C, Modeling the epidemic of non-alcoholic fatty liver disease demonstrates an exponential increase in burden of disease, Hepatology, 2018; 8The World Alzheimer Report 2015, The Global Impact of Dementia, Alzheimer's Disease International (ADI), London.#2222 Investor presentation First nine months of 2022 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Novo NordiskⓇ Diabetes care DKK billion 1000 Obesity care DKK billion #1 50% 24 Haemophilia DKK billion #1 100% 100 #3 50% 20 800 40% 20 80% 80 40% 16 600 30% 60% 60 60 30% 12 400 20% 40% 40 40 20% 8 200 CAGR¹ value: 12.32% 10% CAGR² value: 55.4% 20% 20 4 20 10% CAGR³ value: 3.8% 0 0% 0 Aug 2017 Aug 2022 Aug 2020 Market value Market value NN value market share (RHS) ○ Global market position NN value market share (RHS) Global market position 1 CAGR for 5-year period; 2 CAGR for 2-year period; 3 CAGR for 3-year period; RHS: Right-hand side; Note: Annual sales figures for haemophilia A, B and bypassing agent segments, Recombinant and plasma derived products; Source: Company reports for haemophilia market; IQVIA MAT, Aug 2022; Note: Diabetes and Obesity care market values are based on list prices in the US. 0% 0 Aug 2022 FY 2018 0% FY 2021 Market value NN value market share (RHS) Global market position NN: Novo Nordisk.#2323 Investor presentation First nine months of 2022 Sales growth of 16%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo NordiskⓇ DKK billion 50 by therapy Reported sales CAGR1: 8.1% Novo Nordisk reported quarterly sales Reported sales for the first nine months of 2022 Reported sales and growth breakdown for the first nine months of 2022 40 40 Rare Other Rare endocrine rare blood disorders disease Therapy Sales (mDKK) Growth Share of growth Total GLP-12 59,019 44% 101% Long-acting insulin³ 12,839 -10% -8% disorders 1% Premix insulin4 8,219 -10% -5% 4% -3.4%¹ 7% Fast-acting insulin5 12,992 -8% -6% Obesity 30 Human insulin 2.1%1 6,216 -18% -8% care 9% Total insulin 40,266 -11% -27% 1.8%¹ Other Diabetes care 2,512 -15% -3% 20 9.4 %1 Total Diabetes care Obesity care? 101,797 14% 71% 11,376 75% 27% 10 79% Diabetes care Diabetes and Obesity care Rare blood disorders 113,173 18% 99% 8,825 6% 3% 0 Q3 Other rare disease 2012 Rare endocrine disorders Q3 2022 Rare endocrine disorders⁹ Other Rare disease10 Rare disease 5,536 -6% -2% 1,328 7% 1% 15,689 2% 1% Rare blood disorders Diabetes and Obesity care Sales of DKK 128.9 billion (+26%) Total 128,862 16% 100% 1 CAGR for 10-year period; 2 Comprises Victoza®, Ozempic®, Rybelsus®; 3 Comprises TresibaⓇ, XultophyⓇ and Levemir®; 4 Comprises RyzodegⓇ and Novo MixⓇ; 5 Comprises FiaspⓇ and NovoRapidⓇ; 6 Primarily NovonormⓇ, needles and GlucaGen® HypoKitⓇ; 7 Comprises SaxendaⓇ and Wegovy®: 8 Comprises NovoSeven®, Novo Eight®, NovoThirteen®, Refixia®, and EsperoctⓇ: 9 Comprises Norditropin and Macrilen TM; 10 Primarily Vagifem® and ActivelleⓇ Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rate, except for total sales growth of 26%; Refixia® and NovoThirteenⓇ are launched as RebinynⓇ and TRETTENⓇ, respectively, in North America.#2424. Investor presentation First nine months of 2022 Sales growth of 16%, driven by both NAO and IO with 22% and 11% sales growth respectively DKK billion Novo NordiskⓇ Historic and reported sales by geography Reported sales and growth breakdown for the first nine months of 2022 Regions Sales (mDKK) Growth Share of growth 111.7 140.8 128.9 International Operations 64,415 11% 38% 13% EMEA 32,722 13% 23% 14% 15% 10% 11% 10% Region China 12,845 -5% -4% 26% 27% 25% ROW 18,848 22% 19% North America Operations 64,447 22% 62% Hereof USA 59,888 21% 55% 52% 48% 50% Total sales 128,862 16% 100% 2017 2021 North America EMEA 9M 2022 Region China ROW Source: Quarterly company announcement 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; 9M: 9 months. Note: Numbers may not add up to 100% due to rounding; Growth at Constant exchange rates; Sales numbers are reported in Danish kroner#2525 Investor presentation First nine months of 2022 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 Fiasp® fast-acting insulin aspart esperoct turoctocog alfa pegol Xultophy insulin degludec/liraglutide [rDNA origin] injection EU/US patent protection1 2031/322 2031/20322,3 20304 2034/322 • 2028/29 • TRESIBA 2028/29 insulin degludec [rDNA origin] injection RYZODEG 2028/29 70% insulindegudec and 30% insulin aspart [rDNA origin injection refixia® VICTOZAⓇ liraglutide injection 2027/28 20235 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 Commercialisation Large and fragmented target audience Cost pressure from payers On-going conversion to next-generation drugs and slow market dynamics Partnerships and acquisitions support future R&D siRNA treatments Dicerna™ Oral formulations of therapeutics Combination treatments for NASH GILEAD Gene editing for haemophilia Emisphere seventybio! Novel treatments for CVD/Rare disease CORVIDIA Precision Cardiovascular Therapeutic of prothena Heartseed forma THERAPEUTICS. 1 List does not include all marketed products. 2 Current estimates. WegovyⓇ patent identical to OzempicⓇ patent; 3 Tablet formulation and once-daily treatment regimen are protected by additional patents expiring in 2031-2034; 4 Formulation patent; active ingredient patent has expired; 5 SaxendaⓇ patent identical to VictozaⓇ patent. PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure; siRNA: Silencing ribonucleic acid; NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease#2626 Investor presentation First nine months of 2022 The acquisition of Dicerna Pharmaceuticals and their RNAi technology in 2021 provided access to intracellular targets Disease targets (expressed genes) • Opportunity to silence genes Cell ~5,000 extracellular targets ~21,000 intracellular targets • Peptides and proteins m XX Genes (DNA) on chromosomes RNAi mRNA Highly specific for targeted gene • Drugability of intracellular targets • Reversible yet long-acting therapies RNA: Ribonucleic acid; mRNA: messenger RNA Engage on the temporary genetic level with RNA therapeutics Novo NordiskⓇ#2727 Investor presentation First nine months of 2022 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 السمر Global commercial reach and leader in chronic disease care Deep disease understanding Today: Oral solutions to differentiate from competition Tomorrow: Expand oral platforms and transformational medicines via Novo Nordisk stem balo Today: The world's largest producer of insulin and GLP-1 Tomorrow: Expand capacity and continue efficiency gains |.000 ५ Today: Global reach and OzempicⓇ was the fastest blockbuster in diabetes Tomorrow: Continued rollout of portfolio and launch of new products D Today: Provide value and outcomes beyond HbA1c for diabetes Tomorrow: Normalise living with diabetes supported by digital solutions cell platform API: Active pharmaceutical ingredient; HbA₁: Refers to glycated haemoglobin, which is the average blood glucose (sugar) levels for the last three months#28Therapy areas 28 Investor presentation First nine months of 2022 Core capabilities and additional technology platforms open up new opportunities across therapy areas Diabetes care Obesity care CVD NASH RBD RED Other areas m Technology platforms O Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy 20 20 Currently active Q0 110 110 10 CO 114 110 O Note: Currently active means Novo Nordisk is currently pursuing research projects, while exploratory potential indicates that the platform is potentially applicable for the given disease RBD: Rare blood disorders; RED: Rare endocrine disorders; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; RNA: Ribonucleic acid Exploratory potential 10 O O O O Tal 110 O 1 Injectable administration B Oral administration Novo NordiskⓇ#2929 Investor presentation First nine months of 2022 Human data-driven decision-making with faster timelines to enable a robust development pipeline Speed up time to reach FHD and increase number of phase 1 assets Future Research & early development trends for Novo Nordisk 2020 FHD: First human dose; RNA: Ribonucleic acid ~3x number of assets ILLUSTRATIVE 2025 • More first human doses pursued to enable a robust late-stage pipeline Around 3x faster timeline from lead candidate to first human dose First human doses with the new technologies, cell-based therapies and RNAi, expected in 2022 Ambition of generating first human dose projects on average per year across disease areas with the RNAi platform Novo NordiskⓇ#3030 Investor presentation First nine months of 2022 Novo NordiskⓇ Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 NN1845 - GSI NN1471 - Ideal Pump Insulin NN9041 - DNA Immunotherapy NN9541 Oral GLP-1/GIP co-agonist NN9917 - Sema Dapa FDC = NN9904 Once weekly oral sema NN9847 Oral Amycretin NN6020 - - DCR-AUD¹ Diabetes care PHASE 2 NN9389 FDC Sema - OW GIP NN9388 Cagrisema - NN9775 PYY 1875 analogue NN7533 NDEC NN7535- Etavopivat NN9931 Gilead NASH NN9500 FGF-21 NASH - - NN6021 = Belcesiran NN6019-ATTR Cardiomypathy Obesity care PHASE 3 NN1535 - Icosema NN1436 Insulin Icodec - - NN9924 Oral Semaglutide 25 and 50 mg NN9838 - Cagrisema NN9932 - Oral Semaglutide 50mg obesity² NN9931 Semaglutide NASH NN6535- Semaglutide in AD NN6018 Ziltivekimab - NN7769 Mim8 - Other PHASE 3 trials SOUL - Oral semaglutide 14.0 mg CVOT FOCUS Semaglutide 1.0 mg in diabetic retinopathy FLOW-Semaglutide 1.0 mg in chronic kidney disease - STRIDE Semaglutide 1.0 mg in peripheral arterial disease STEP Semaglutide 2.4mg in HFpEF SELECT - Semaglutide 2.4mg in obese population Rare blood disorders SUBMITTED - NN8640 Sogroya® - QW GHD³ APPROVED TresibaⓇ NN7415 Concizumab4 XultophyⓇ LevemirⓇ RyzodegⓇ NN7022 Nedosiran Rare endocrine disorders NovoMixⓇ FiaspⓇ NovoRapidⓇ RybelsusⓇ Ozempic Ⓡ6 VictozaⓇ WegovyⓇ SaxendaⓇ NovoSevenⓇ NovoEight® EsperoctⓇ NovoThirteenⓇ Refixia® NorditropinⓇ SogroyaⓇ5 Other serious chronic diseases 1 Dicerna-Alcohol Use Disorder; 225 mg trial also initiated; 3 Study conducted in growth hormone disorders; 4 Submitted to US/JP in HwI; 5 Approved in the EU, the US and Japan, for adult growth hormone disorder, 6 higher doses of injectable semaglutide (8 mg and 16 mg) tested in phase 2; PYY: Peptide YY; QW: Once-weekly; mAb: monocolonal antibody; GDF15: Growth differentiation factor 15; Sema: Semaglutide; FGF-21: Fibroblast growth factor 21; LAI: Long-acting insulin; GHD: Growth hormone disorder; GSI: Glucose Sensitive Insulin; HFPEF: heart failure with preserved ejection fraction; AD: Alzheimer's Disease; FDC; Fixed-dose combination; NASH: Nonalcoholic Steatohepatitis; US: United States; JP: Japan#3131 Investor presentation First nine months of 2022 Novo NordiskⓇ Novo Nordisk has a global manufacturing setup Local production All products API, fill and finish Russia API, fill and finish Fill and finish Fill and finish Product Supply value chain ㅎ Research and Development Manufacturing development ΑΡΙ production API: Active Pharmaceutical Ingredient Iran Algeria Fill and finish Japan ເພີ້ມ ) ❖ : A ອອ பப்ப Filling / tableting Assembly and packaging Distribution (cold chain) Patients#3232 32 Investor presentation First nine months of 2022 Diabetes care Disease and market GLP-1 segment Insulin segment 33 42 49 novo nordisk SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark#3333 Investor presentation First nine months of 2022 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 Liver Pancreas Muscle Insulin action profiles 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 2022 GLP-1s have positive effects beyond glycaemic control and treatment guidelines now reflect the CV risk benefits Medications for treatment of type 2 diabetes Updated ADA/EASD diabetes treatment guidelines Novo NordiskⓇ Goal: HbA1c and weight management Glycaemic management Metformin OR combination therapy with adequate efficacy to reach and maintain goals (intermediate - very high) Very high: Semaglutide mentioned for glucose lowering efficacy Class Efficacy Hypo Weight risk change Cardiovascular effects Lifestyle management ASCVD HF Metformin High No Neutral Potential Benefit Neutral Goal: Cardiorenal risk reduction in high- risk T2D patients (on top of CV SoC) ASCVD or indicators of high risk Sulfonylurea High Yes Gain Neutral Neutral TZDS High No Gain Potential Benefit GLP-1 with proven CVD benefit OR SGLT-2 with proven CVD benefit Increased risk DPP-IV inhibitors HF with documented HFrEF or HFPEF Intermediate No Neutral Neutral Potential risk SGLT-2 with proven HF benefit SGLT-2 inhibitors Intermediate No Loss Benefit Benefit CKD GLP-1 High No Loss Benefit/ Neutral1 Neutral Long-acting High Yes Gain Neutral Neutral SGLT-2 with primary evidence of reducing CKD progression THEN GLP-1 with proven CVD benefit insulin Fast-acting insulin High Yes Gain Neutral Neutral If additional cardiorenal risk reduction or glycaemic lowering needed Benefit: dulaglutide, liraglutide, semaglutide; Neutral: exenatide once weekly, lixisenatide Hyp: Hypoglycaemia; ASCVD: Atherosclerotic cardiovascular disease; HF: Heart failure: TZDS: Thiazolidinediones Source: Adapted from: "Standards of Medical Care in Diabetes - 2022" Supplement 1, p.133; diabetes.org. American Diabetes Association. Weight management Set individualized weight management goals When choosing glucose-lowering therapies consider regimen with high efficacy Very high: Semaglutide mentioned for weight loss efficacy If HbA1c above target, identify barriers to reach treatment goals T2D: Type 2 diabetes; CVD: Cardiovascular Disease; SoC: Standard of Care; HF: Heart failure; CKD: Chronic Kidney Disease; ADA: American Diabetes Association; EASD: European Association for the Study of Diabetes Sources Adapted from: "Management of Hyperglycemia in Type 2 Diabetes, 2022. A Consensus Report by the American Diabetes Association (ADA) and the European Association for the Study of Diabetes (EASD)", Davies MJ. Et al, Diabetes Care 2022 (https://doi.org/10.2337/dci22-0034)#3535 Investor presentation First nine months of 2022 Novo NordiskⓇ People with diabetes have increased mortality risk, and the diabetic population is expected to increase to 784 million by 2045 Diabetes is associated with shorter life expectancy and lower quality of life Million The number of people with diabetes is expected to increase 32% by 2045 1,000 • Life expectancy 8 years shorter¹ Diabetes I • Driven by 200% increased risk of all cause mortality¹ 800 +32% 784 63 643 600 537 57 286 • 70% of people with diabetes die from 51 227 CVD atherosclerotic CVD² 400 187 • 150% increase in risk of stroke³ 175 164 141 200 260 • Higher likelihood of neuropathy, 158 195 Organs retinopathy, limb amputation, cancer and cognitive dysfunction4 0 2021 2030 2045 EMEA Region China ROW North America 1 Diabetes Care 2017 Mar; 40 (3): 338-345; 2 https://www.who.int/cardiovascular_diseases/en/; 3 https://www.diabetes.org/diabetes/complications.; CVD: Cardiovascular disease; OAD: Oral anti-diabetic 4 Diabetes Care 2005 Jan;28(1):164-176 Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021 EMEA: Europe, Middle East, Africa; RoW: Asia Pacific, Latin America#3636 Investor presentation First nine months of 2022 Novo NordiskⓇ The unmet need within diabetes care remains large with too few patients reaching target and treated for complications 1 in 2 adults go undiagnosed and more treated patients should reach their HbA1c target 537m 35m Prevalence Diagnosed Treated Reach target Treated for complications Prevalence Of the 537 million, 34.6 million¹ people are currently treated with Novo Nordisk diabetes products 3.9 mio treated with GLP-1 3.7 mio treated with new-generation insulin 13.0 mio treated with modern insulin 12.3 mio treated with human insulins Novo Nordisk products Source: Diabetes prevalence and diagnosed are based on Diabetes Atlas 10th edition, 2021; Treated is based on IQVIA patient data; real-world studies indicate between 30-55% of patients reach HbA1c target <7%.e.g. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4388968/ 1 In addition to the above-mentioned product classes, oral anti-diabetics constitutes the remainder of people treated with Novo Nordisk products; Estimated number for full-year 2021. Source: Novo Nordisk Annual Report 2021#3737 B-cell function Investor presentation First nine months of 2022 Diabetes is a chronic disease requiring treatment intensification over time Diet and exercise OAD GLP-1 Distribution of patients and value across treatment classes 44% 4% 14% 19% 2% 9% 29% Insulin 10% 9% 28% 32% Time Patients Insulin Value GLP-1 Inj. Oral GLP-1 SGLT-2i DPP-4i Trad. OAD Note: Patient distribution across treatment classes is indicative and based on data for USA, Germany, France. Other OADS cover: metformin, sulfonylurea, thiazolidinediones. Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS; value figures based on IQVIA MAT, Aug 2022 OAD: Oral anti-diabetic Novo NordiskⓇ#3838 Investor presentation First nine months of 2022 GLP-1 and SGLT-2i have been driving the value growth of the global diabetes care market Estimated global number of patients Estimated global diabetes value market CAGR: +4% $ CAGR: +5% 192 million 218 million USD 47 billion USD 55 billion 2018 Insulin 2021 GLP-1 SGLT-2i 2018 DPP-4i 2021 Traditional OADs • . Novo NordiskⓇ Diabetes market dynamics Continued strong growth momentum in GLP-1 and SGLT-2i segments, but from a larger base DPP-4i segment to have first patent expiries on key products within the coming two years Flat insulin volume growth and continued insulin pricing pressure Note: GLP-1+basal insulin combination sales are included in insulin; Traditional OADS include metformin, SU and TZDS. CAGR: Compound annual growth rates. OAD: Oral anti-diabetes Sources: Patient data is Novo Nordisk estimates; Value data: 2018 and 2021 data based on company reported sales for insulin, GLP-1, SGLT-2i and DPP-4i and IQVIA data for traditional OADS as of December 2018 and 2021#3939 Investor presentation First nine months of 2022 Novo NordiskⓇ Better outcomes and broader reach can be accomplished through continued innovation, supported by digital solutions Digital health solutions Portfolio and pipeline RYBELSUSⓇ semaglutide tablets High dose oral semaglutide Uncontrolled on current OAD Novo Nordisk's product portfolio follows the patient treatment journey OZEMPIC TRESIBA Xultophy RYZODEG Icodec IcoSema semaglutide injection insulin degludec [rDNA origin] injection Ozempic® 2.0 mg Needing first injectable Needing first basal insulin Needing more than basal insulin Novo PenⓇ6 / NovoPen Echo® Plus are smart insulin pens and launched in 8 countries 6.2 Abbott Medtronic 600 Roche mySugr glooko Dexcom® Fiasp fast-acting insulin aspart Needing added meal- time insulin control Partnered with global CGM players CGM: Continuous glucose monitoring; Grey boxes in the portfolio and pipeline references phase 2 or phase 3 assets.#4040 Investor presentation First nine months of 2022 The total branded diabetes market has a global value of DKK ~350 billion annually DKK billion Global diabetes market DKK The USA billion +14% 400 +14% 2021/2022 2020/2021 Growth at CER 200 164 346 136 150 +32% -11% 100 81 292 300 60 +2% 40 44 50 15 14 +26% 27 19 0 Total Insulin GLP-1 DPP-4i SGLT-2i 200 DKK Outside the USA billion +14% -4% +37% 200 182 111 112 116 156 0% +35% 150 0% 100 84 63 55 53 100 70 69 +46% 0% 43 35 40 39 +44% 36 50 24 24 0 Total 0 Insulin GLP-1 DPP-4i SGLT-2i Total Insulin GLP-1 DPP-4i SGLT-2i Source: Company announcements as of Q2 2022; 2021/2022 data based on Q3 2021 to Q2 2022 and 2020/2021 data based on Q3 2020 to Q2 2021 Note: The segment value is based on reported figures, whilst the market growth is under constant exchange rate (CER). For Novo Nordisk the diabetes growth includes Insulin and GLP-1, excluding 'other Diabetes care'. Novo NordiskⓇ#4141 Investor presentation First nine months of 2022 Novo Nordisk has a leadership position within the growing diabetes market Novo NordiskⓇ 30% 300 CAGR: -3% Global diabetes market by treatment class¹ Novo Nordisk remains global diabetes value market leader Novo Nordisk market share and share of growth DKK billion 40% Market CAGR: 4% 400 60% 32% 39% 40% 32% 200 CAGR: 16% 20% CAGR: -4% 20% 100 10% 31% 24% CAGR: 19% 0 0% 0% 2017 2018 2019 2020 2021 Aug Aug Aug Aug 2012 2022 2019 2022 GLP-1 Insulin SGLT-2i DPP-4i Novo Nordisk -Takeda NN market share -Sanofi Merck Astra Zeneca -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 BI: Boehringer Ingelheim; J&J: Johnson & Johnson; NN: Novo Nordisk Source: IQVIA MAT, August 2022 value figures Note: IQVIA data can be inflated due to use of list prices in the US -NN share of growth -Market growth (right axis) NN growth (right axis) Eli Lilly BI Novartis#4242 Investor presentation First nine months of 2022 GLP-1 effect dependent on blood glucose level GLP-1 mechanism of action when blood sugar levels increase Semaglutide holds a plethora of therapeutic opportunities¹ Reduces glucagon secretion in the liver 1 List is not exhaustive Creates sense of satiety in the brain Brain GLP-1 Liver Gut Slows gastric emptying in the gut NASH CKD Pancreas Increases insulin secretion in the pancreas Diabetes CVD 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 SELECT - Cardiovascular outcomes trial Obesity Semaglutide 2.4 mg, ~17,500 patients with obesity and without diabetes, event driven PAD Brain disorders Heart Failure Semaglutide in NASH Semaglutide s.c.; phase 3 and 2 trials FLOW - Chronic kidney disease outcomes trial Semaglutide 1.0 mg; ~3,200 patients, T2D, moderate to severe CKD STRIDE - Peripheral artery disease trial Semaglutide 1.0 mg; ~ 800 patients with T2D and PAD Alzheimer's Disease Oral Semaglutide 14 mg; ~ 3,700 patients with early Alzheimer's disease STEP - HFPEF Semaglutide 2.4 mg; ~ 600 patients with obesity-related HFPEF Sc: Subcutaneous; T2D: Type 2 diabetes; CVD: Cardiovascular disease; CKD: Chronic kidney disease; NASH: Non-alcoholic steatohepatitis; PAD: Peripheral artery disease Novo NordiskⓇ#4343 Investor presentation First nine months of 2022 Novo Nordisk has 56% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions 80% 60% 40% 20% 0% Novo NordiskⓇ GLP-1 market growth and Novo Nordisk market share 4% of total diabetes prescriptions use a GLP-1 with large differences across markets Million scripts Aug 2019 Global: 4% 63% 8 62% OZEMPİC semaglutide injection RYBELSUS semaglutide tablets 56% 6 52% 4 2 0 Aug 2017 2022 -NN market share NN share of growth EMEA -Market growth NN growth North America Patient share based on data for the USA, the UK, Germany and France only. Source: IQVIA MAT value (spot rate), Aug 2022 Region China 10% 2% 2% 4% 2022 Rest of World GLP-1 share of diabetes prescription EMEA: Europe, Middle East and Africa; Region China covers Mainland China, Taiwan, and Hong Kong Source: IQVIA MAT, Aug 2022#4444 Novo NordiskⓇ Investor presentation First nine months of 2022 OzempicⓇ launch has helped drive the changing treatment. paradigm in the US 15% intensify with non-generic treatment within 18 months of starting metformin OzempicⓇ launch increases the use of GLP-1 as intensification after metformin More than 60% of patients choose Novo Nordisk GLP-1 products 39% 15% 25% 17% 11% 35% 15%2 People starting on metformin¹ Treatment change within 18 months Before OzempicⓇ launch After OzempicⓇ launch GLP-1 choice Non-generic Generic Metformin Insulin GLP-1 SGLT-2i DPP-4i ■■Ozempic Ⓡ Ⓡ Rybelsus VictozaⓇ Other OAD: oral anti-diabetes medication; Note: All numbers are from the North America Operations. The analysis is made by comparing patients starting metformin in Q1 2017 with patients starting metformin in Q4 2019 and has 300+ unique regimens grouped based on subclass hierarchy (GLP-1 reflects GLP-1 only, as well as regimens including any combination of subclasses), regimens hierarchy: insulin, GLP-1, SGLT-2i, DPP-4i, generic. Considering patients that started on Metformin (844K patients) Source: IQVIA, MAT Dec'21#4545 Investor presentation First nine months of 2022 SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% -0.1 Change in HbA1c (%) -0.5 -0.9 -0.8 6 7 * -1.3* -1.2' * -1.1 * * -1.5 -1.6 -1.6* -1.5* * -1.4* -1.4* -1.6* -1.8 1.2 89 kg 96 kg 93 kg 92 kg 92 kg 92 kg Baseline Change in weight (kg) -3.7 * -4.5 -1 -1.9 -1.9 -4.3 -5.2 * -1.4 * -3.5 -3.7* * -4.9 -3.6 -0.4 -0.7 8.2% -1.8-1.5 -1.1 -1.3 95 kg -4.6 * -3.0 Novo NordiskⓇ -2.3 * -5.6 -6.1 * | semaglutide 1.0 mg semaglutide 0.5 mg placebo -6.4* sitagliptin 100 mg exenatide ER glargine U100 dulaglutide 1.5 mg -6.5* dulaglutide 0.75 mg * Statistically significant; SUSTAIN 1: QW sema vs placebo in drug-naïve people with T2D; SUSTAIN 2: QW sema vs sitagliptin 100 mg QD in people with T2D added to 1-2 OADS; SUSTAIN 3: QW sema vs QW exenatide ER 2.0 mg in people with T2D added to 1-2 OADS; SUSTAIN 4: QW sema vs QD insulin glargine in people with T2D added to 1-2 OADS; SUSTAIN 5: QW sema vs placebo in people with T2D added to insulin; SUSTAIN 6: QW sema vs placebo, added to standard-of-care; SUSTAIN 7: QW sema vs QW dulaglutide 75 mg and 150 mg in people with T2D added to 1-2 OADS: ER: Extended-release; QW: once-weekly; QD: once-daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics#4646 Investor presentation First nine months of 2022 PIONEER programme with oral semaglutide PIONEER 1 2 3 4 5 7 Baseline 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% -0.1 -0.1 -0.1 Change in HbA1c (%) -0.5 8 8.2% -0.6 -0.7 -1.0* * -1.4 -0.8 -0.8 -0.9 -1.1 -1.1* -1.1 -1.3* * -1.4 -1.3 * -1.4* -1.4 -1.5* 88 kg 92kg 91 kg 94 kg 91 kg 89 kg Baseline -1.7 -1.5 Change in weight (kg) -2.5* -3.8 -4.1* -4.2 -0.7 * -1.2 -2.2 -3.3* -4.7 -0.7 -3.2 -3.7 -1.1 86 kg -0.8 * -1.3 * -2.9 0.6 * -3.0 -4.1* Novo NordiskⓇ oral semaglutide 3 mg oral semaglutide 7 mg oral semaglutide 14 mg placebo sitagliptin 100 mg empagliflozin 25 mg Victoza 1.8 mg 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#4747 Investor presentation First nine months of 2022 Novo NordiskⓇ Semaglutide 2.0 mg s.c. and high dose oral sema hold potential to bring patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Phase 3 trial with oral semaglutide 25 mg and 50 mg in T2D has been initiated approved in the US and the EU Estimand Trial product estimand Treatment policy estimand Semaglutide 50 mg Once-weekly 2.0 mg 1.0 mg 2.0 mg 1.0 mg Semaglutide 25 mg semaglutide HbA1c 2.2%* 1.9% 2.1%* 1.9% reduction Semaglutide 14 mg Body weight 6.9* 6.0 6.4 5.6 Dose escalation Maintenance reduction (kg) Primary endpoint after 52 weeks HbA1c < 7.0%¹ 68% 58% Efficacy: Semaglutide 2.0 mg s.c. showed superior HbA₁ reduction with more patients reaching target¹ versus semaglutide 1.0 mg s.c. Safety: Semaglutide 2.0 mg appeared to have a safe and well-tolerated profile Gastrointestinal adverse events were similar for semaglutide 2.0 mg Nausea rates around 15% Treatment discontinuation rates below 5% Label expansion application approved in the US and the EU 5-weeks follow-up 68 weeks on-treatment Objective: Trial will assess efficacy for patients in need of improved outcomes Primary endpoint: Confirm superiority of semaglutide 25 mg and 50 mg once- daily versus oral semaglutide 14 mg on HbA1c reduction 1 ADA recommended treatment target *Statistically significant S.c.: subcutaneous; Sema: Semaglutide; T2D: Type 2 diabetes#4848 Investor presentation First nine months of 2022 Novo NordiskⓇ A fixed dose combination with GIP entered phase 2 in the second half of 2021 in people with type 2 diabetes Phase 2 trial design for semaglutide in combination with GIP N = ~500 Dose ratio 1:1 Semaglutide QW + GIP QW Placebo Dose ratio 1:3 Semaglutide QW + GIP QW Placebo Dose ratio 1:5 Semaglutide QW + GIP QW Placebo Dose ratio 1:9 Semaglutide + GIP QW Placebo GIP QW Semaglutide QW K Dose escalation 10 weeks Maintenance period 24 weeks FU 5 weeks Inclusion criteria: • Age ≥ 18-75 years • . • BMI: 25-39.9 kg/m2 HbA1c: 7.0-10.0% Diet/exercise + metformin Type 2 diabetes Objective Compare the effect on glycaemic control and body weight of semaglutide in combination with GIP vs semaglutide and vs GIP Primary endpoint Change from baseline to week 34 in HbA1c (%-point) Trial start 39-week trial was initiated in Q4 2021 T2D: Type 2 diabetes; HbA₁: Hemoglobin A1c; BMI: Body mass index; FU: Follow-up; OAD: Oral anti-diabetic; GIP: Gastric inhibitory peptide; QW: Once-weekly#4949 Investor presentation First nine months of 2022 Novo Nordisk global insulin market leadership at 46.8% and the global insulin volume market grew by 0.5% North America Operations Market growth: -1.4% MS: 38.2% MS gain/loss¹: -1.0%-p Sales growth: -20% USA Market growth: -1.4% MS: 37.7% MS gain/loss: -1.1%-p Sales growth: -22% Global Market growth: 0.5% MS 46.8% MS gain/loss': -0.5%-p Sales growth: -11%: Novo NordiskⓇ International Operations Market growth: 1.2% MS: 49.9% MS gain/loss: -0.4%-p Sales growth: -7% Market growth: -3.5% MS: 57.1% MS gain/loss': -0.4%-p Sales growth: 3% Region China Market growth: 7.6% MS: 49.5% MS gain/loss¹: -1.3%-p Sales growth: -21% EMEA Market growth: 1% MS: 47.6% ROW MS gain/loss: 0.0%-p Sales growth: -2% Source: IQVIA MAT, Aug 2022 volume figures Note: Sales growth for first nine months of 2022 at constant exchange rates; Market shares are for Novo Nordisk, market growth for total insulin market 1MS gain/loss compared with Aug 2021 reported MS EMEA: Europe, Middle East and Africa; MS: Market share; ROW: Asia Pacific; Latin America; MS: Market Share; Region China covers Mainland China, Taiwan, and Hong Kong#5050 Investor presentation First nine months of 2022 Insulin market size and volume share of growth and market share Insulin market share and market size (DKK billion) Total 44% Long- Acting 37% Fast- 52% 95 Acting 70% Premix 17 33% Human 24 137 Novo Nordisk Competitors Market growth A Market share 273 5.4% +0.3% 50% Insulin volume: Market share Novo NordiskⓇ 47% 10% 40% 7% 5.3% +0.6% 30% 4% 7.6% 0.0% 1% 20% 1% -1% -2% 10% -1.0% +2.0% 0% Aug 2.5% -1.7% 2019 -NN market share Source: IQVIA, Aug 2022, LHS graph - Value, RHS Graph - Volume, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk -5% Aug 2022 Market growth (right axis) NN growth (right axis)#5151 Investor presentation First nine months of 2022 Insulin icodec, a basal insulin intended for once-weekly treatment, may reduce the disease burden for patients Bringing the strongest value proposition to market Insulin icodec phase 3 programme completed in 2022 Reduction of disease burden with ONWARDS 1 984 people insulin-naïve, 78-week, vs insulin glargine U100 once-weekly treatment ONWARDS 2 Tested for superior HbA1c and TiR vs glargine and standard-of-care and 526 people on basal, 26- week, vs insulin degludec 588 people insulin-naïve, 26-week, ONWARDS 3 similar safety profile of Tresiba® vs insulin degludec App-based offering and connected ONWARDS 4 smart pen to optimise titration and support compliance and data collection ONWARDS 5 ONWARDS 6 Reduced environmental footprint 582 people on both basal and bolus, 26-week, vs insulin degludec 1,085 people, insulin-naïve using app-based dosing recommendations, 52-week 582 people, type 1 diabetes using bolus insulin, 52-week, vs insulin degludec TIR: Time-in-range Note: For ONWARDS 1 and ONWARDS 6 main phases are completed 2022 Novo NordiskⓇ#5252 Investor presentation First nine months of 2022 The full ONWARDS programme with once-weekly insulin Icodec completed in 2022 1 2 4 5 Basal initiation 52 weeks 1,085 ONWARDS 3 Basal initiation Basal switch Basal initiation Basal/Bolus 52 weeks² (Full trial: 78 weeks) 26 weeks 26 weeks 26 weeks 526 588 582 8.1% 8.5% 8.3% 8.9% Duration Participants 984 Baseline Change in HbA1c (%) 8.5% 6 Basal/Bolus 26 weeks² (Full trial: 52 weeks) 583 7.6% -0.47% -0.51% Hypo- glycaemia event rates¹ -0.71% -0.93%* -1.35% -1.55%* 0.30 0.16 0.73 0.27 -1.16% -1.18% -1.36% -1.31% -1.57%* -1.68%* 0.31 0.15 5.64 5.62 0.19 0.14 19.93 10.37* Novo NordiskⓇ In people with type 2 diabetes: No statistical difference in estimated hypoglycaemia events Once-weekly insulin icodec Once-daily insulin glargine U100 Once-daily insulin degludec In people with type 1 diabetes Once-daily basal insulin * Statistically significant in terms of superiority. 'Severe or clinically significant hypoglycaemia events (blood glucose <3 mmol/L) per patient year 2 Duration refers to trial main phase. T1D: Type 1 diabetes; T2D: Type 2 diabetes ONWARDS 1: QW insulin icodec vs QD insulin glargine U100 both with non-insulin anti-diabetic treatment in insulin-naïve people with T2D; ONWARDS 2: QW insulin icodec vs QD insulin degludec in people with T2D switching from a QD insulin; ONWARDS 3: QW insulin icodec vs QD insulin degludec in insulin-naïve people with T2D; ONWARDS 4: QW insulin icodec vs QD insulin degludec both with mealtime insulin in people with T2D treated with basal and bolus insulin; ONWARDS 5: QW insulin icodec vs QD basal insulin with an app providing dosing recommendation in insulin-naïve people with T2D; ONWARDS 6: QW insulin icodec vs QD insulin degludec both with mealtime insulin in people with T1D#5353 Investor presentation First nine months of 2022 ONWARDS 1 met its primary endpoint and demonstrated superior HbA1c reduction compared to insulin glargine U100 Superior change in HbA1c from baseline over time 52 weeks Time since randomisation (weeks) • Inclusion criteria T2D treated with OADs* + GLP-1 s.c. 10 18 0.0 -0.4 Change from baseline (%) -0.8 -1.2 26 36 46 52 52* • Age ≥ 18 years, HbA1c 7.0-11.0%, BMI ≤ 40 kg/m² H Κ KH HH Novo NordiskⓇ Endpoints: Once-weekly insulin icodec achieved a superior reduction in estimated HbA1c of -1.55% compared to -1.35% for insulin glargine U100 (ETD:-0.19%) Superior time in range for insulin icodec vs insulin glargine U100 broadly equal to one additional hour in range per day -1.35% Safety: -1.55% -1.6 -2.0 Once-weekly insulin icodec Note: Overall baseline HbA1c of 8.5% Once-daily insulin glargine U100 No statistically significant difference in estimated rates of severe or clinically significant hypoglycaemia events Insulin icodec appeared to have a safe and well-tolerated profile *Lines are based on observed data where the value denoted after 52 weeks is estimated mean value derived based on multiple imputation ETD: Estimate treatment difference#5454 Investor presentation First nine months of 2022 ONWARDS 2 met its primary endpoint and demonstrated superiority on HbA₁c reduction compared to insulin degludec Superior change in HbA1c from baseline over time 26 weeks Time since randomisation (weeks) 10 18 • 26 26* Inclusion criteria: • T2D treated with basal insulin + OADs* ± GLP-1 s.c. Age ≥18 years, HbA1c 7-10%, BMI ≤ 40 kg/m2 Change from baseline (%) 0.0 -0.4 -0.8 ΚΗ HHHH -0.71% Novo NordiskⓇ • Endpoints: Once-weekly insulin icodec achieved a superior reduction in estimated HbA1c compared to insulin degludec (ETD: -0.22%) ONWARDS 2 showed a statistically significant improvement in quality of life compared to insulin degludec -1.2 = -0.93% Once-weekly insulin icodec Once-daily insulin degludec Note: Overall baseline HbA1c of 8.13% Safety: • No statistically significant difference in estimated rates of severe or clinically significant hypoglycaemia events In the trial, once-weekly insulin icodec appeared to have a safe and well-tolerated profile *Lines are based on observed data where the value denoted after 26 weeks is estimated mean value derived based on multiple imputation ETD: Estimate treatment difference#5555 Investor presentation First nine months of 2022 Novo NordiskⓇ ONWARDS 4 achieved primary endpoint of HbA 1c non-inferiority with no statistically significant difference in hypoglycaemic events Change in HbA1c from baseline over time 26 weeks Time since randomisation (weeks) Overall hypoglycaemic episodes in the trial Change from baseline (%) 0.0 -0.4 -0.8 -1.2 10 HH 18 КН 26 26* On treatment Insulin icodec Insulin glargine U100 N (%) E R N (%) E R Level 2: Clinically 148 (50.9) 937 5.60 160 (55.0) 935 5.61 significant hypo Level 3: 4 (1.4) 7 0.04 (0.7) 3 0.018 -1.16% Severe hypo Level 3 or 2: -1.18% Severe or clinically 150 (51.5) 944 5.64 162 (55.7) 938 5.62 significant hypo -1.6 Once-weekly insulin icodec Once-daily insulin glargine U100 Note: Overall baseline HbA1c of 8.3% * Lines are based on observed data where the value denoted after 26 weeks is estimated mean value derived based on multiple imputation Hypo: hypoglycaemia; N: Number of subjects with one or more events, %: Percentage of subjects with one or more events; E: Number of events; R: Rate (number of events per patient year of exposure, hypoglycaemia alert value (level 1): Plasma glucose value of <3.9 mmol/L (70 mg/dL) and >= 3.0 mmol/L (54 mg/dL) confirmed by BG meter. Clinically significant hypoglycaemia (level 2): Plasma glucose value of < 3.0 mmol/L (54 mg/dL) confirmed by blood glycose meter. Severe hypoglycaemia (level 3): Hypoglycaemia with severe cognitive impairment requiring external assistance for recovery.#5656 Investor presentation First nine months of 2022 ONWARDS 6 met its primary endpoint of demonstrating non- inferiority in reducing HbA1c compared to insulin degludec Change from baseline (%) Non-inferior change in HbA1c from baseline over 26 weeks 0 0.00 -0.25 -0.50 Time since randomisation (weeks) 10 18 HHH 26 26* HHHHH Inclusion criteria . . • -0.47% -0.51% • T1D treated with basal-bolus insulin Age ≥ 18 years, HbA1c < 10% Endpoint: From an overall baseline HbA1c of 7.6%, once-weekly insulin icodec achieved a reduction in estimated HbA1c of -0.47% compared to -0.51% for insulin degludec in a T1D population Estimated treatment difference: 0.05% Safety: A statistical difference in the estimated rates of severe or clinically hypoglycaemia events -0.75 . 19.93 events for insulin icodec vs 10.37 events for insulin degludec Once-weekly insulin icodec Once-daily insulin degludec Note: Overall baseline HbA1c of 7.6% * Lines are based on observed data where the value denoted after 26-week is estimated mean value 26 derived based on multiple imputation T1D: Type 1 diabetes Novo NordiskⓇ#5757 Investor presentation First nine months of 2022 Phase 3 trial programme, COMBINE, has been initiated with IcoSema IcoSema characteristics IcoSema is a fixed dose combination of insulin icodec and semaglutide • Simple and convenient once-weekly injection کی COMBINE 1 Post-basal insulin Focused phase 3 trial programme • • • Initiated in Q2 2022 1290 patients* previously on basal-insulin 52-week vs. insulin icodec • Prim. endpoint: HbA₁, superiority • Sec. endpoint: Weight and hypo superiority COMBINE 2 Post-GLP-1 • Phase 3a programme with IcoSema Aims to confirm efficacy and safety across three global trials Expected completion during 2024 COMBINE 3 Basal insulin intensification *Patients with Type 2 Diabetes Mellitus • • Initiated in Q2 2022 680 patients* previously on GLP-1 RA 52-week vs. semaglutide 1.0mg Primary endpoint: HbA1c superiority . Initiated in Q4 2021 • 680 patients* previously on basal insulin 52-week vs. insulin glargine + insulin aspart • • • Prim. endpoint: HbA₁ non-inferiority Sec. endpoint: Weight and hypo superiority 2021 2022 2023 2024 Novo NordiskⓇ#5858 Investor presentation First nine months of 2022 *Obesity care novo nordisk Obesity disease background 59 Obesity market development 63 Innovation 64 MICHAEL PETERSEN Michael lives with obesity Denmark#5959 Investor presentation First nine months of 2022 More than 764 million people are living with obesity, yet the narrative is changing Obesity is a global epidemic affecting more than 764 million people¹ Obesity impacts both the individual and society at large The obesity narrative is changing Media: Shift to more empathetic tone Obesity prevalence (%) <10.0 10.0-19.9 20.0-29.9 ≥30.0 Not applicable Obesity is associated with >200 possible health complications² ~3% of global GDP and >8% of healthcare budget per country³ A ५ Healthcare professionals: Increased recognition among societies within healthcare D Policymakers: More government recognition People with obesity: Patient groups are encouraging PwO to seek treatment Note: Obesity is defined as BMI > 30. PWO: People with obesity 1 World Obesity Atlas 2022 2 Yuen M., Earle R., Kadambi N., et al. A systematic review and evaluation of current evidence reveals 236 Obesity-Associated Disorders (OBAD). Massachusetts General Hospital & George Washington University. [Poster presentation]; 3 Dobbs R, Sawers C, Thompson F, et al. Overcoming Obesity: An Initial Economic Analysis. McKinsey Global Institute. Novo NordiskⓇ#6060 Investor presentation First nine months of 2022 Patient-centric strategy designed to activate more people with obesity, drive HCP engagement, and improve market access Million people >764 million people 800 live with obesity 764 50 0 ~10% seek help ~2% are treated with an AOM ~2.5 million seen by obesity experts 76 Treated ~1 million with SaxendaⓇ in 2021 Only 25% on treatment for more than 1 year 15 -2.5 [1] 0.25 Ensure obesity is a healthcare priority needing medical management People with obesity activation Truth About Weight™ HCP engagement Rethink ObesityⓇ direct care obesity Value proposition to payers SELECT semaglutide effects on cardiovascular outcomes in people with overweight or obesity HCP: Healthcare providers; AOM: Anti-obesity medication; CagriSema: Cagrilintide in combination with semaglutide Source: World Obesity Atlas 2022; IQVIA AOM TRX 12m PWO (People with Obesity); Market Research Maximize the value of Novo Nordisk's superior treatment solutions Marketed product portfolio and pipeline closing the treatment gaps Approved products Saxenda® Late-stage pipeline products Oral semaglutide 50 mg ONCE-WEEKLY wegovyⓇ liraglutide injection semaglutide injection 2.4 mg CagriSema Novo NordiskⓇ#6161 Investor presentation First nine months of 2022 Novo NordiskⓇ Large opportunity for activating more people with obesity to seek treatment and increasing the number of prescribers ONCE-WEEKLY wegovy® semaglutide injection 2.4 mg 75% WegovyⓇ patient characteristics in the US 38% 81% 38.8 of patients new to anti- obesity medication¹ of patients are female Average BMI of patients have ≥3 co- morbidities Of the people with overweight or obesity in the US, almost 90% have a weight-related comorbidity BMI 140 (million of people) 27-30 30-35 35-40 (43) (52) ≥40 (25) (20) Total (140) No obesity-related comorbidity² 7 6 2 2 17 million people with a BMI > 27 Any obesity-related comorbidity Hereof metabolic syndrome³ 36 46 23 18 123 21 26 14 12 72 1 Patients new to anti-obesity medication reflect source of business, where 75% of patients starting WegovyⓇ are naïve to anti-obesity medication treatment and 25% have either switched from or restarted anti-obesity treatment, IQVIA Feb. 2022; 2 Individuals without any of the following obesity related conditions: T2DM, Pre-diabetes, NASH, NAFLD, obstructive sleep apnea, osteoarthritis, PCOS, ASCVD, Heart failure, asthma, urinary incontinence, hypertension, chronic kidney disease stg. 3 or 4, musculoskeletal pain, dyslipideamia, metabolic syndrome; 3 Metabolic syndrome defined as two or more of dyslipidaemia; hypertension; prediabetes OR type II diabetes Source: Novo Nordisk real world research; National Health And Examination Survey (NHANES) cycles 2015-2016 and 2017-2018#6262 Investor presentation First nine months of 2022 Novo NordiskⓇ Patient access to AOM is improving with around 80% commercial formulary access in the US and 16 countries in IO WegovyⓇ Patient Access Pathway in NAO People with obesity¹ Restricted reimbursement for SaxendaⓇ is progressing EXAMPLES Obesity prevalence in adults ~100 M Commercially covered ~60 M WegovyⓇ formulary access ~50 M Estimated WegovyⓇ opt-ins Note: Obesity is defined as BMI > 30. -30 M² ~125k people on WegovyⓇ today 1 Prevalence: Adult obesity facts. Centers for Disease Control and Prevention. Accessed Mar 2021 2 Includes commercial and non-commercial (Fx. US Department of Defense and Medicaid) channels 米 (+) BMI > 30 with one co-morbidity BMI > 35 With pre-diabetes and risk of CV ~60% coverage by private insurance, 20% of which includes restricted/unrestricted coverage SaxendaⓇ reimbursed in April 2020 in selected patient groups SaxendaⓇ now launched in 71 countries with 16 countries offering restricted reimbursement; 9 have come in the last 2 years#6363 Investor presentation First nine months of 2022 Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth 80% 60% 40% 20% Obesity market growth and Novo Nordisk value market share Obesity market size and growth DKK billion 86% 180% 148% 140% 110% 100% 10.8 60% 11.7 ~110% 22.8 0.3 ~148% 86% 0% 20% 70% -20% -20% Aug Aug Aug NN Obesity care Others 2019 -NN market share 2022 2021 -Market growth (right axis) Novo Nordisk NN Growth (right axis) Source: IQVIA, Aug 2022 Value MAT, all countries; Share of growth not depicted due to high growth Aug 2022 Others Novo NordiskⓇ#6464 Investor presentation First nine months of 2022 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 105.3 Change from baseline in BW (%) STEP 3 Weight mgmt. STEP 4 Sustained weight management with IBT After 68 weeks 105.8 107.2 STEP 5 Weight loss over 2 years STEP 2 Weight mgmt. with T2D STEP 8 Head-to-head trial versus liraglutide 3.0 mg After 20 weeks 96.1 106.0 99.8 104.5 Sema Placebo Sema IBT Sema Placebo Sema + IBT Placebo Sema 6.5 Placebo Sema Placebo Sema Lira 3.0 mg Placebo -2 -4 8 6420246% -2.4 -6 -5.0 -5.2 -8 -10 -8.8 -12 -14 -16 -18 * -16.9' -17.6* -18.2* -16.7 -0.6 -3.1 -6.6 * P-value <0.0001, based on the trial product estimand (secondary statistical approach): treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies IBT: Intensive behavioural therapy; Sema: Semaglutide; Lira: Liraglutide; BW: Body weight; T2D: Type 2 diabetes; Mgmt.: Management -10.6 * -17.1 * -1.8#6565 Investor presentation First nine months of 2022 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 0 • Data from STEP 1 -2 -4 -6 ≈ 46% Average age 46 Average BMI - 37.9 kg/m² Placebo: -2.4% • 74.1% women -8 -10 -12 -14 -16 -18 Semaglutide: -16.9% -20 0 48 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#6666 Investor presentation First nine months of 2022 Novo NordiskⓇ In STEP 1, 34.8% of patients treated with sema reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss 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% 74.8% Sema 2.4 mg Placebo IQWOL-Lite-CT Physical function 54.8% 34.8% Physical Psychological 20% 11.8% 5.0% Total 2.0% 0% ≥5% ≥10% ≥15% ≥20% Weight loss Descriptive statistic only. Based on the on-treatment data, i.e. data for people that are on-treatment at week 68 Sema: semaglutide 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;#6767 Investor presentation First nine months of 2022 In STEP 4, people treated with semaglutide had a superior weight loss of up to 18.2% STEP 4 showed significantly greater weight loss post run-in than placebo % change in body weight Randomisation Data from STEP 4 0 -2 -4 -6 -8 ≈ 46% -10 I I Placebo: -5.2% -12 -10.5% -14 -16 I -18 I Semaglutide: -18.2% -20 0 4 8 12 16 20 24 28 36 44 52 60 68 88 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand; BMI: body mass index • • Average age 46 79% women Average BMI - 38.4 kg/m² Novo NordiskⓇ Trial highlights that obesity is a chronic disease requiring sustained treatment Improvements on a panel of cardiovascular risk markers#6868 Investor presentation First nine months of 2022 Novo NordiskⓇ In STEP 4, 41.2% of patients treated with semaglutide reached >20% weight loss and reported improved quality of life vs placebo Proportion of patients Categorical weight loss Sema 2.4 mg showed a statistically significant treatment difference versus placebo in the SF-36 patient reported outcome SF-36 scores 100% 90.5% Sema 2.4 mg Placebo Physical functioning 80.8% Role-physical 80% Bodily pain 65.5% 60% 50.0% 40% 20% H 20.9% 9.8% 41.2% General health Vitality Social functioning Role-emotional Mental health 5.1% Physical component summary Mental component summary 0% ≥5% ≥10% ≥15% ≥20% Weight loss Descriptive statistics only. Based on the on-treatment data, i.e. data for people that are on-treatment at week 68 Sema: semaglutide Favours placebo Favours semaglutide -1012 ETD [95% CI] 2.46 [1.59 3.32] * 1.44 [0.42 2.47] * 2.23 [-0.06 4.53] 1.86 [0.73: 3.00] * 4.31 [1.617.02] * 2.41 [0.07 4.76] * 1.64 [0.52: 2.76] * 2.93 [1.80 4.06] * 1.68 [0.64: 2.72] * 3.44 [2.28 4.60] * 3 4 5 6 7 8 * statistically significant; p-values other than physical functioning were not controlled for multiplicity CI: confidence interval, ETD: estimated treatment difference, Sema: semaglutide, SF-36: Short Form (36) Health Survey#6969 Investor presentation First nine months of 2022 In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Clinically relevant and sustained weight loss in patients % change in body weight with obesity or overweight Data from STEP 5 -6 0 2 4 6 ∞ -2 -4 -8 -10 -12 -14 -16 -18 -20 Placebo: -0.6% Semaglutide: -16.7% 08 16 24 32 40 48 56 64 72 80 88 96 104 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand; mean body weight: 106.0 kg D 40% of patients lost ≥ 20% of their body weight Semaglutide appeared to have a safe and well-tolerated profile Improvements in lipid profiles as well as C-reactive protein Novo NordiskⓇ#7070 Investor presentation First nine months of 2022 Novo NordiskⓇ In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg 0 STEP 8 observed mean change in body weight¹ Mean baseline body weight: 104.5 kg Statistically significant weight loss with sema 2.4 mg vs lira 3.0 mg Mean baseline body weight: 104.5 kg 0 % change in body weight S -10 % change in body weight -5 -10 -6.6 -1.8 -15 -15 Sema 2.4 mg Lira 3.0 mg -17.1* Placebo -20 -20 05 10 15 20 25 30 35 40 45 50 55 60 65 68 Time since Initiation (Weeks) Sema 2.4 mg Lira 3.0 mg Placebo 1 Observed data for the on-treatment period; *p-value <0.0001 vs lira 3.0 mg; % change in body weight measured as change from baseline Data shown is the trial product estimand; Sema: semaglutide; Lira: liraglutide#7171 Investor presentation First nine months of 2022 Novo NordiskⓇ The phase 3a OASIS trial investigating oral semaglutide 50 mg in obesity initiated in Q3 2021 and expected to complete in H1 2023 Global trial planned was started in H2 2021 Plan to include 660 patients with obesity Objective To investigate superiority of oral semaglutide 50 mg vs. placebo on weight loss in people with overweight or obesity Oral semaglutide 50 mg R 1:1 Placebo oral Primary endpoint • Change in body weight from baseline (%) . Body weight reduction ≥ 5% 68 weeks 7 weeks follow-up OASIS programme scope Inclusion criteria • BMI: ≥27 kg/m² with ≥ 1 weight-related comorbidity, or • BMI ≥30 kg/m² Weight-related comorbidities are hypertension, dyslipidaemia, obstructive sleep apnoea and CVD OASIS: Oral Semaglutide treatment effect In people with Obesity; CVD: Cardiovascular disease; BMI: Body Mass Index Total of 1,000 patients across three trials: 1) A global (North America and Europe), 2) Japanese and 3) Chinese trial#7272 Investor presentation First nine months of 2022 Novo NordiskⓇ In a 20-week phase 1 trial, CagriSema showed weight loss of 17% and appeared to have a safe and well tolerated profile Weight loss for different doses of CagriSema in phase 1 The GI profile appeared similar to semaglutide 2.4 monotherapy Change in body weight 0 -5 -10 Last dosing n=12 n=12 n=12 n=12 n=12 n=11 n=24 N (%) N (%) N (%) N (%) N (%) N (%) N (%) AES 11 (92) 12 (100) 11 (92) 12 (100) 12 (100) 11 (100) 23 (96) SAES1 0 0 0 1(8) 0 0 0 AEs leading to withdrawal 1 (8) 0 0 1 (8) 0 0 0 -15 GI disorders 7 (58) 10 (83) 7 (58) 10 (83) 11 (92) 9 (82) 19 (79) 0 14 28 42 56 70 84 98 112 126 140 Time since first dosing (days) Follow-up Cagri 0.16 mg, Cagri 0.3 mg, Sema 2.4 mg Sema 2.4 mg Cagri 0.6 mg, Sema 2.4 mg Cagri 1.2 mg, Sema 2.4 mg Cagri 2.4 mg, Sema 2.4 mg Cagri 4.5 mg, Sema 2.4 mg × Placebo, Sema 2.4 mg 1 The serious adverse event was meningitis CagriSema: Cagrilintide in combination with semaglutide; Cagri: Cagrilintide; Sema: semaglutide; SAE: Serious adverse events; GI: Gastro-intestinal; Change in body weight is analysed using a mixed model for repeated measurements, where all changes from baseline in body weight measurements enter as the dependent variables and treatment, visit and baseline body weight enter as fixed effects. Treatment and baseline body weight are nested within visit. Source: Adapted from Enebo et al. Lancet. 2021 May 8;397(10286):1736-1748.#7373 Investor presentation First nine months of 2022 The CagriSema phase 3 programme, REDEFINE, was initiated in the fourth quarter of 2022 REDEFINE 1 trial design REDEFINE 2 trial design CagriSema 2.4 mg/2.4 mg1 N = 3400 N=1200 R 21:3:3:7 Cagrilintide 2.4 mg¹ Semaglutide 2.4 mg1 Placebo¹ CagriSema 2.4 mg/2.4 mg1 R Placebo¹ 3:1 Novo NordiskⓇ F + Week 0 16 + 68 ㅏ + Week 0 16 68 75 75 Dose Treatment Dose escalation Treatment maintenance Follow- up escalation maintenance Follow- up Inclusion criteria REDEFINE 1: Primary endpoints: . BMI: ≥ 30 kg/m² or ≥ 27 kg/m² and ≥1 comorbidity Excludes diabetes diagnosis or HbA1c ≥ 6.5% Change in body weight (%) Achieve ≥ 5% body weight reduction REDEFINE 2: . BMI: ≥ 27 kg/m² Type 2 diabetes, HbA1c < 10% Confirmatory secondary endpoints: Change in waist circumference HbA1c • Systolic blood pressure • Patient reported outcomes² 1As an adjunct to a reduced-calorie diet and increased physical activity in adults with obesity or overweight. 2 Patient reported outcomes include (IWQOL-Lite-CT, SF-36v2, and Vitality score) CagriSema: Cagrilintide in combination with semaglutide; T2DM: Type 2 diabetes; BMI: Body mass index; HbA₁: Hemoglobin A₁; IWQOL-Lite-CT: Impact of weight on quality of life - lite, clinical trials version; Short form 36v2#7474 Investor presentation First nine months of 2022 The SELECT cardiovascular outcomes trial expected to complete in the middle of 2023 SELECT trial with 17,500 people with obesity Semaglutide 2.4 mg R 1:1 Placebo Event driven 5 weeks follow-up Objective Demonstrate that semaglutide 2.4 mg lowers the incidence of MACE vs placebo Primary endpoint Time from randomisation to first occurrence of MACE¹ Secondary endpoints CV death, all-cause death, 5-point MACE composite, composite HF, composite nephropathy, glucose metabolism, other metabolic parameters Estimated completion The trial is expected to complete in the middle of 2023 1 MACE includes non-fatal myocardial infarction, non-fatal stroke, and cardiovascular death. MACE: Major adverse cardiovascular events; HF: Heart failure; CV: Cardiovascular Novo NordiskⓇ#7575 Investor presentation First nine months of 2022 The cardiovascular trial, SELECT, addresses many comorbidities that can be improved with weight management Weight loss (%) 30 Improvements (examples) 20 10 0-5% 0 Improvements per weight loss bracket 5-10% >15% 10-15% Hypertension X Hyperglycaemia X Prevention of T2D Dislipidaemia X Kidney disease Cardiovascular Disease NASH CV mortality X NAFLD GERD HF X SELECT trial endpoints ✓ Primary X Secondary O Exploratory PCOS OSAS Knee OA T2D remission T2D: Type 2 diabetes; NAFLD: Non-alcoholic fatty liver disease; PCOS: Polycystic ovary syndrome; NASH: Non-alcoholic steatohepatitis; GERD: Gastroesophageal reflux disease; OSAS: Obstructive sleep apnea syndrome; OA: Osteoarthritis HF: Heart failure Sources: Garvey WT et al. Endocr Pract 2016;22(Suppl. 3):1-203; Look AHEAD Research Group. Lancet Diabetes Endocrinol 2016;4:913-21; Lean ME et al. Lancet 2018;391:541-5; Benraoune F and Litwin SE. Curr Opin Cardiol 2011;26:555-61; Sundström J et al. Circulation 2017;135:1577-85., Morales E and Praga M. Curr Hypertens Rep 2012;14:170-176 Novo NordiskⓇ#7676 Investor presentation First nine months of 2022 Protein and peptide expertise combined with oral technology enables oral amycretin entering phase 1 Amycretin is a GLP-1 and amylin receptor co-agonist intended for oral delivery Phase 1 single dose and multiple dose trial for oral amycretin in obesity initiated in 2022 GLP-1 receptor Novo NordiskⓇ People living with obesity, and Multiple ascending dose cohorts overweight or otherwise Single ascending dose cohorts healthy Trial objectives Amylin receptor • Assess the safety and tolerability of oral amycretin Utilising the SNAC technology PK: Pharmacokinetics; PD: Pharmacodynamics • Assess PK profile and explore PD effects Next steps • Phase 1 initiation Q2 2022#7777 Investor presentation First nine months of 2022 Rare disease Rare disease background Rare disease innovation 23 78 81 novo nordisk ® SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada#7878 Investor presentation First nine months of 2022 Building upon a 40-year legacy to capture the Rare disease strategic opportunity A strategy anchored in Rare blood and endocrine disorders Three strategic horizons towards 2030 Hemato-renal Haemoglobinopathies Haemolytic anaemia Iron disorders Haemophilia HV Lysosomal storage disorders Today Rare pituitary & adrenal disorders Bone/calcium imbalances Short-term Growth disorders Maximise current portfolio Growth hormone disorders RBD RED Rare blood disorders Rare endocrine disorders esperoct norditropin® turoctocog alfa pegol refixia® nonacog beta pegol (somatropin) injection NovoSevenⓇRT Coagulation Factor Vila (Recombinant) Novo NordiskⓇ Medium-term Succeed with next- generation launches Long-term Expand from core New disease areas via accelerated internal and external innovation SOGROYA somapacitan Concizumab & Mim8 Nedosiran#7979 Investor presentation First nine months of 2022 Rare disease sales increased by 2%, driven by commercial execution and key brands EsperoctⓇ and Refixia® DKK billion 4% 20 20 10 10 0 2019 NovoSevenⓇ and NorditropinⓇ account for ~76% of Rare disease sales 1% 4% DKK billion 2% 4% 20 10 Rare disease franchise is back to growth 1% 4% 8 7 7 2% 6 11 12 12 10 0 2020 2021 9M 2022 2019 NovoSevenⓇ NorditropinⓇ Other haemophilia products¹ Other Rare disease Growth at CER Source: Quarterly company announcement Note: Company reported sales; CER: Constant exchange rates; 9M: 9 months; 1Other haemophilia products primarily consists of VagifemⓇ and ActivelleⓇ 2020 2021 9M 2022 IO NAO Growth at CER Novo NordiskⓇ#8080 Investor presentation First nine months of 2022 Haemophilia is a rare disease with severe unmet medical needs but the market is highly competitive Recombinant haemophilia product sales DKK billion 50 40 30 20 10 0 -2% +7% +9% Novo NordiskⓇ 2017 2021 2017 Haemophilia with inhibitors Haemophilia A Patients1 ~ 6,000 ~ 165,000 2021 2017 2021 Haemophilia B ~ 35,000 NovoSevenⓇ susoctocog alfa² Coagil³ Feiba4 Hemlibra NovoEight® EsperoctⓇ Eloctate Xyntha/Refacto Helixate/Afstyla RefixiaⓇ/RebinynⓇ Kogenate/Kovaltry/Jivi Advate/Adynovate Hemlibra Benefix Rixubis Idelvion Alprolix 1 Total diagnosed patients in segment, WFH annual survey 2020 (numbers may be understated as 120 out of 147 countries responded); 2 Obizur only indicated for acquired haemophilia; 3 Plasma-derived; 4 Part of the Hemlibra sales is used for treatment of haemophilia A patients in 2021 Source: Company reported sales and Evaluate Pharma#8181 Investor presentation First nine months of 2022 Explorer 7 trial evaluated safety and efficacy of concizumab in 132 haemophilia A and B patients with inhibitors Concizumab binds TFPI, enabling thrombin generation and clot formation Concizumab Explorer 7 trial design VIIa TFPI Ха Ха TF TF Va Blood clot Ila 1) Maintained OnD treatment On-demand treatment R 1:2 2) Concizumab prophylaxis Prophylaxis treatment (continued from phase 2) 3) Concizumab prophylaxis Extension with concizumab prophylaxis Prophylaxis treatment 4) Concizumab prophylaxis (+ additional OnD patients) Main part 32 weeks¹ Extension part 136 weeks Trial Objective Assess the efficacy of concizumab prophylaxis vs no prophylaxis in reducing number of bleeding episodes in adults and adolescents with haemophilia A and B with inhibitors Primary endpoint Number of treated bleeding episodes from start of treatment to the end of the main phase 1At least 24 weeks for arm 1 TF: Tissue factor; TFPI: Tissue factor pathway inhibitor; OnD: On-demand: R: Randomisation • Key inclusion criteria Males ≥12 years with haemophilia and inhibitors, treated with bypassing agents within last 24 weeks For on-demand, minimum six bleeding episodes within last 24 weeks Novo NordiskⓇ#8282 Investor presentation First nine months of 2022 Novo NordiskⓇ In the Explorer 7 trial, concizumab reduced the number of bleeds. in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Annualised Bleeding Rate (ABR) 100 90 40 40 30 20 20 10 9.8 Median Mean Efficacy • Key highlights Median ABR was 0 for concizumab prophylaxis treatment, compared to 9.8 in the on-demand treatment group Estimated mean ABR was 1.7 for concizumab prophylaxis treatment, compared to 11.8 in the on-demand treatment group For patients on concizumab prophylaxis, 64% had 0 bleeds in Group 2 Safety Concizumab appeared to have a safe and well tolerated profile Status OnD treatment PPX treatment PPX treatment 0 PPX treatment HWI (Group 1) HWI (Group 2) HAWI (Groups 1-4) HBWI (Groups 1-4) Primary endpoint . US/JP submission for inhibitor indications completed in Q3 2022 Explorer8 in non-inhibitor patients is completed in Q3 2022 Note: The box represents Q1-Q3 (25th to 75th percentile). Whiskers are 5th and 95th percentile. HA: Haemophilia A; HB: Haemophilia B; HAWI: Haemophilia A with inhibitors, HBwI: Haemophilia B with inhibitors; OnD: On-demand; PPX: Prophylaxis; ABR annualised bleeding rate#8383 Investor presentation First nine months of 2022 • Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Mim8 pharmacokinetic properties support weekly and monthly dosing Higher potency of Mim8 vs emicizumab enabling a low dosing volume Mim8 concentration (μg/mL) 10 0.1 0.01 1 0.001 07 14 21 28 35 42 49 56 63 70 77 84 91 Days - Cohort 1 1.2mg QW Cohort 2 3.8mg QW O Cohort 3 - 15mg QW Cohort 5- 35mg QW Cohort 4 - 60mg QM Mim8 concentration profiles increased with dose • Peak thrombin (nmol/L) 300 200 100 0.01 0.1 1 15-fold 10 100 1000 Drug plasma concentration (μg/mL) Mim8 in-vitro Emicizumab in-vitro The PD marker, peak thrombin generation, increased with Mim8 dose • Mean concentrations at steady state were comparable for Cohort • 3 (weekly dosing) and Cohort 4 (monthly dosing) In-vitro exposure-response curves in haemophilia A-like plasma show a 15-fold higher potency of Mim8 compared to emicizumab The peak thrombin plot represents in-vitro data: human plasma samples from the healthy participants of the SAD cohort were made HA-like with anti-FVIII antibodies, and spiked with different concentrations of Mim8 or commercially available emicizumab. PK: Pharmacokinetics; PD: Pharmacodynamics; QW: Once-weekly; QM: once-monthly Reference: FRONTIER 1, 12-week main phase cohort 1-5. Chowdary P, et al. FRONTIER1: A Phase 1/2 Dose Escalation Study of a Novel Factor VIIIa Mimetic Bispecific Antibody, Mim8, for Evaluation of Safety, Pharmacokinetics, and Efficacy. Abstract presented at ISTH 2022; Windyga J, et al. Mim8 is associated with improved thrombin generation vs. emicizumab in patients with haemophilia A, with and without inhibitors. Abstract presented at ISTH 2022; Novo Nordisk data on file Novo NordiskⓇ#8484 Investor presentation First nine months of 2022 In the phase 1/2 trial, Mim8 appeared to have a well tolerated safety profile and read out with exploratory efficacy Patients with bleeds per cohort Low number of patients with treated bleeds after cohort 1 10 N=7 N=9 N=8 N=8 N=10 • 9 028765432-0 |||| Cohort 3 15mg QW Cohort 4 60mg QM Cohort 5 35mg QW # Patients with ≥2 bleeds Cohort 1 1.2mg QW Cohort 2 3.8mg QW # Patients with 0 bleeds # Patients with 1 bleed • Mim8 safety characteristics Adverse events ⚫ No dose-dependency on rates, causality, type or severity of adverse events No thromboembolic events Three serious AEs deemed unrelated to trial product and two hypersensitivity reactions Injection site reactions in only 1% of injections (6 events of ~600 injections given) Anti-Mim8 antibodies No occurrence of anti-Mim8 antibodies detected Exploratory analysis implied that >70% of patients enrolled had no bleeds in the 12 weeks Overall, no safety concern observed QW: Once-weekly, QM: Once-monthly, N=Number of patients, AE: Adverse event Novo NordiskⓇ#8585 Investor presentation First nine months of 2022 The pivotal phase 3 trial with Mim8 was initiated in Q4 2022 Novo NordiskⓇ FRONTIER 2: Mim8 phase 3 pivotal trial in ~260 adults & adolescents No PPX No PPX HA + HAWI R Mim8 PPX QW 1:1:1 Mim8 PPX QM Mim8 PPX QW/QM Mim8 PPX QW Mim8 PPX QM Coagulation Mim8 PPX QW factor PPX R HA + HAWI Mim8 PPX QM Mim8 PPX QW Mim8 PPX QM 1:1 Run-in (PPX only) 26-52 weeks Extension Trial design • • Main 26 weeks . 26 weeks Novel and accelerated design minimising time from phase 2 into phase 3 with phase 3 dosing starting in Q4 2022 Testing of weekly and monthly Mim8 prophylaxis treatment for previously on-demand or coagulation factor prophylaxis patients Trial objective On demand: Superiority of Mim8 prophylaxis vs no prophylaxis Prophylaxis: Superiority of Mim8 prophylaxis vs coagulation factor prophylaxis run-in period Key trial endpoints ABR for treated bleeds over 26 weeks of treatment Overall safety of Mim8 prophylaxis including occurrence of anti- Mim8 antibodies and injection site reactions The second phase 3a trial, FRONTIER3, is expected to initiate treatment with Mim8 in the coming months HA, haemophilia A; HAWI, haemophilia A with inhibitors; PPX, Prophylaxis; QM, monthly dosing; QW, weekly dosing#8686 Investor presentation First nine months of 2022 While Norditropin® is the market leader within GHD market, SogroyaⓇ represents an opportunity for patients A portfolio offering across markets Novo Nordisk leadership in competitive hGH market DKK billion 20 Value MS% Sogroya® launches 50% 15 10 5 40% 30% 20% 10% 0 0% Jan 2019 Dec 2021 Segment Value Novo Nordisk Pfizer Eli Lilly Merck Kgaa -Roche hGH: Human growth hormone; SGA: Small for gestational age, ISS; Idiopathic short stature Source: IQVIA, MAT Dec 2021; US panels for GHT has been removed from IQVIA from Jan 2022 version SOGROYA® somapacitan norditropinⓇ (somatropin) injection • Once-weekly efficacious treatment on par with NorditropinⓇ Appears to have safe profile and no injection site reactions Simple and easy-to-use device Phase 3 trial towards broad range of indications (e.g. SGA, Turner, Noonan, ISS) to expand the market NorditropinⓇ strategy . Accompany markets slower to transition and specific patient groups Apply broad label across eight indications Novo NordiskⓇ#8787 Investor presentation First nine months of 2022 SogroyaⓇ phase 3 trial successfully completed with aspirational target product profile achieved Phase 3a trial results in children with GHD ETD (95% CI) = -0.5 (-1.1; 0.2) Efficacy Key highlights Height velocity (cm/year) 12.5 11.7 10.0 7.5 5.0 2.5 0.0 NorditropinⓇ . Non-inferiority versus Norditropin® for the primary endpoint, height velocity, at week 52 was confirmed 11.2 • IGF-I SDS, bone age and glucose metabolism were all similar between somapacitan and NorditropinⓇ Safety and tolerability • Overall the safety profile of somapacitan appeared to be similar to the well-known safety profile of daily GHD treatment • No local tolerability issues were identified Other treatment parameters • Significantly reduced treatment burden¹ compared to Norditropin® Next steps • Submission took place in Q2 2022 somapacitan 1 Measured using patient reported outcome TB-CGHD-P (Treatment burden measure - child growth hormone deficiency - parent) ETD: Estimated treatment difference; IGF-I SDS: Insulin growth factor-1 standard deviation score; GHD: Growth hormone deficiency; IGF-I SDS: Insulin growth factor-1 standard deviation score Novo NordiskⓇ#8888 Investor presentation First nine months of 2022 Novo Nordisk and 2seventy bio extend partnership in next- generation genome editing for people with haemophilia A Lifelong correction via a unique modality Mode of action ☐ Potentially lifelong correction of FVIII deficiency FVIII gene engineered and packed in an AAV vehicle Nuclear translocation megaTAL protein megaTAL AAV-F8 Nucleus Normal Chromosome Double strand break FVIII gene introduced Transfer and unpacking Translation megaTAL Utilising the skills of both 2seventy bio and Novo Nordisk Utilisation of megaTAL™ technology, in- 2seventybio vivo mRNA manufacturing/purification platform, and gene editing know-how Ⓡ novo nordisk Haemophilia A understanding and protein and molecular engineering capabilities LNP-megaTAL AAV vector with N8 gene (PoC design) (Рос PoC: Proof-of-Concept; AAV: Adeno-associated virus; Rag2: recombination-activating gene; F8: Factor 8 MRNA Endocytosis and endosome escape 2 component drug format AAV-N8 F8 Rag2 mouse Hepatocyte Liver- Novo NordiskⓇ specific FVIII expression LNP-formulated surrogate megaTAL targeting site specific locus Blood#8989 Investor presentation First nine months of 2022 Other serious chronic diseases The unmet needs 90 Cardiovascular disease 91 Non-alcoholic steatohepatitis 94 Alzheimer's disease 101 Stem cells 104 novo nordisk#9090 Investor presentation First nine months of 2022 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 Novo NordiskⓇ Estimated patients AD Patients with AD live from 2 to 20 years from dementia onset AD ~85 million Available treatments No approved disease modifying medical treatments 70% of people with diabetes die from atherosclerotic CVD Estimated patients Number of related deaths CVD 40% of people hospitalised for heart failure have diabetes CVD ~420 million -20 million annually Estimated patients NASH 80% of people with NASH live with obesity and 35% have diabetes NASH ~15-40 million¹ CKD • 40% of people with diabetes have diabetic nephropathy and 50% have obesity CKD ~200 million Diagnosis rate -20%2 -20% 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; AD: Alzheimer's Disease Sources: Alzheimer's Association report: 2020 Alzheimer's disease facts and figures, 2020 (16:391-460), Diabetes Care 2005 Jan; 28(1): 164-176; Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; 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#9191 Investor presentation First nine months of 2022 Novo NordiskⓇ Large patient overlaps between diabetes, obesity, and CVD have guided the focused approach in CVD Population overlap between T2D, obesity and CVD ASCVD + HF ~425m people Focused approach in CVD Atherosclerosis Heart failure Inflammation-driven pathogenesis Heart failure with preserved ejection amyloid cardiomyopathy fraction Transthyretin (ATTR-CM) IL-6 Type 2 diabetes ~537m people Obesity ~764m people 之仆 CRP (HFPEF) > > > hsCRP as surrogate endpoint Improve outcomes Amyloid-depletion through antibody- mediated phagocytosis T2D: Type 2 diabetes, CVD: Cardiovascular disease; ASCVD: Atherosclerotic cardiovascular disease; HF: Heart failure; ATTR-CM: Transthyretin Amyloid Cardiomyopathy; LDL-C: Low-density lipoprotein cholesterol; hsCRP: High-sensitivity C-reactive protein Sources: IDF Diabetes Atlas 2021, internal estimate based on European Cardiovascular Disease Statistics, 2017 edition, WHO obesity and overweight fact sheet, 9 June 2021#9292 Investor presentation First nine months of 2022 Innovative late-stage CVD pipeline provides opportunities to make a difference for many patients Focus areas Near-term Leverage broader CV indications to establish presence with Cardiologists and build an adequate PCP footprint for entry of stand-alone CVD product Medium-term Utilise leading scientific and commercial capabilities to launch first CVD stand-alone product Long-term Examples of unmet needs in CVD pipeline Category Broader indications Stand-alone CVD Novo NordiskⓇ Study Current phase HFPEF Phase 3 Sema 2.4mg PAD Phase 3 Sema 1.0mg ATTR-CM Phase 2 was initiated in 2022 NNC6019 Global unmet need (people) ~13m ~200m No consensus (estimated 0.1- 2.8 cases per 10,000 in EU) Potential differentiators 1st in class indication1 First and only for T2D Reverse disease pathology Expand pipeline with differentiated MoAs through leading discovery and translational capabilities Potential launch year 2023/24 2023/24 2028 1 Specifically for a functional outcomes trial in an obese patient population PCP: Primary Care Physician; CV(D): Cardiovascular Disease; MOA: Mode of Action; HFPEF: Heart failure with preserved ejection fraction; PAD: Peripheral arterial disease; ATTR-CM: Transthyretin Amyloid Cardiomyopathy; T2D: Type 2 Diabetes Sources: HFPEF: Savarese G, Lund LH. Global Public Health Burden of Heart Failure, 3 April 2017; PAD: Shu J, Santulli G. Update on peripheral artery disease: Epidemiology and evidence-based facts, 22 May 2018; ATTR-CM: Orphan Maintenance Assessment Report for tafamidis, EMA, 17 February 2020#9393 Investor presentation First nine months of 2022 Ziltivekimab phase 2b RESCUE trial was successfully completed In the RESCUE trial, zilti QM showed reduction in hsCRP at all dose levels placebo I ziltivekimab 15 mg Iziltivekimab 7.5 mg I ziltivikemab 30 mg 2 % change¹ 0% 12 weeks of treatment End of treatment -3% -5% -20% -40% -60% -80% -77% * -88% -92% -100% * -79% * -91% -93% Zilti QM showed reductions in inflammation biomarkers³ Zilti QM appeared to have a safe and well-tolerated profile Novo NordiskⓇ Addressing the residual risk of CVD for more than 5 million patients with ASCVD, CKD, and inflammation4 The phase 3 cardiovascular outcomes trial was initiated as of Q3 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#9494 Investor presentation First nine months of 2022 NASH is a progressive disease with no existing treatment and low diagnosis rates today NASH-Cirrhosis F4 NASH F3 NASH F2 NASH F1 Inflamed tissue Large lipid droplets Inflamed/dying hepatocyte Collagen fibres Inflamed/dying hepatocyte Excessive collagen deposition Dead cell remnants Scar tissue Diagnosis rates Treatment rates Source: Novo Nordisk estimates 26% 32% 42% 50% 70% 90% Novo NordiskⓇ#9595 Investor presentation First nine months of 2022 ZEUS trial with ziltivekimab aims to validate the link between hsCRP and major adverse cardiovascular events Phase 3 CVOT trial ZEUS with ziltivekimab R 1:1 Investigate CV benefit in 6,200 patients ziltivekimab 15 mg sc once-monthly + SoC Placebo sc once-monthly + SoC Treatment period (event driven) 13 weeks follow-up Novo NordiskⓇ Objective • • To investigate the cardiovascular benefit of ziltivekimab in the treatment of patients with established ASCVD, CKD and systemic inflammation Primary endpoints Time to the first occurrence of 3-point MACE (CV death, non- fatal MI or non-fatal stroke) Secondary endpoints • . • . Time to first occurrence of expanded MACE¹ Number of hospitalisations for HF or urgent HF visit Time to occurrence of all-cause mortality Time to first occurrence of a composite CKD endpoint 1 MACE includes CV death, non-fatal MI or non-fatal stroke, Expanded MACE includes: (CV death, non-fatal MI, non-fatal stroke or hospitalisation for unstable angina pectoris requiring urgent coronary revascularisation) hsCRP: High-sensitivity C-reactive protein; CVOT: Cardiovascular outcome trial; CV: Cardiovascular; sc: Subcutaneous; SoC: Standard of care; HF: Heart failure; CKD: Chronic kidney disease Source: Ridker PM, et al., IL-6 inhibition with ziltivekimab in patients at high atherosclerotic risk (RESCUE): a double-blind, randomised, placebo-controlled, phase 2 trial, 17 May 2021#9696 Investor presentation First nine months of 2022 Ziltivekimab aspires to address an unmet need in more than 5 million people Ziltivekimab aspires to reduce MACE in people with ASCVD and CKD Global patients (in millions) 16 12 Novo NordiskⓇ Market building Critical success factors to commercialise ziltivekimab Targeted HCP outreach and relationship building • Focus areas Increase presence with key prescriber base being cardiologists and PCPS Enhance awareness of inflammatory burden in CVD with KOLs and HCP associations Utilise ZEUS read-out to quantify anti- inflammatory clinical benefit in ASCVD patients with CKD vs Standard of Care Investment levels Approximately 5-8m patients Successful payer engagement 8 4 0 ASCVD with CKD hsCRP>2 Integrated evidence generation • Understand hsCRP and inflammation, epidemiology of disease and socio-economic burden of disease ○ Low High 1 Includes US, EU5 (Germany, France, Spain, Italy, United Kingdom) and Japan MACE or major adverse cardiovascular events includes CV death, non-fatal MI or non-fatal stroke; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; HCP: Healthcare professional; PCP: Primary care physician KOL: Key opinion leader; hsCRP: High-sensitivity C-reactive protein#9797 Investor presentation First nine months of 2022 Novo NordiskⓇ NASH patient journey underscores key barriers to overcome for Novo Nordisk to be successful ~22 million people are expected to live with NASH F2-F4c by 2030 Hurdles 25 20 20 NASH 15 prevalence 10 Low disease awareness Inadequate patient No treatment referrals¹ options No prognostic biomarker Few patients receiving diagnosis 0 5 Prevalence Diagnosed Access Build strong presence . Create urgency to treat in NASH Build strong speciality-referral process Engage Endos, Hepas and PCPS Indicates expected investment level • Market preparation priorities Increase diagnosis rate Momentum towards NITs in clinical practice and guidelines NITs for diagnosis, screening and monitoring NASH: Non-alcoholic steatohepatitis; Endos: endocrinologist; PCP: primary care physician; NIT: Non-invasive tests; 1Referrals and identification; Hepas: hepatologists; F: Fibrosis stage Source: Estes C, Modeling the epidemic of nonalcoholic fatty liver disease demonstrates an exponential increase in burden of disease, Hepatology, 2018 Evidence generation Build understanding of importance of addressing underlying cause of disease Stop clinical progression amongst physicians and payers#9898 Investor presentation First nine months of 2022 Novo Nordisk is supporting use of non-invasive tests for NASH diagnosis Development and adoption of non-invasive tests (NITs) Liver biopsy تت NITS Guidelines: NITS represented in guidelines Practitioners: ~80% of HCPs perform NASH diagnostics with use of various NITs, while biopsies are seldomly used NIT development: Several available NITs in clinical practice. ELF test is first prognostic tool to be granted FDA De Novo marketing authorisation Pharma companies: Embedding validation of NITs in clinical trials NN Development External Real world Novo Nordisk activities supporting non-invasive tests in NASH diagnosis Linking biomarkers and liver histology to outcomes Disease understanding Consortia Collaborations with academia and other healthcare companies Phase 2 trial with FGF21 Phase 3 ESSENCE trial (part 1 and 2), incl. screening data 19 19 Validate diagnostic tests Validate tests for monitoring Validate tests for prognosis Note: FDA De Novo provides a marketing pathway to classify novel medical devices for which general controls alone, or general and special controls, provide reasonable assurance of safety and effectiveness for the intended use, but for which there is no legally marketed predicate device. NITS: Non-invasive tests; NASH: Non-alcoholic hepatitis; HCPS: Healthcare professionals; FDA: the US Food and Drug Agency; NN: Novo Nordisk; ELF: Enhanced liver fibrosis Novo NordiskⓇ#9999 Investor presentation First nine months of 2022 Novo NordiskⓇ In phase 2, semaglutide showed significant improvements in NASH resolution Semaglutide showed resolution of NASH with no worsening of fibrosis versus placebo in the phase 2 trial¹ Proportion of patients 100% Semaglutide showed numerical improvements in fibrosis and fewer patients had progression of fibrosis vs placebo in phase 2 trial¹ Proportion of patients with improvements in fibrosis 100% Proportion of patients with progression of fibrosis 100% 80% 60% 40% 22.9% 20% * * 47.3% 46.9% 0% Placebo 0.1 mg 0.2 mg semaglutide once-daily 80% * 66.7% 80% 60% 60% 47.3% 47.8% 40% 35.9% 34.3% 40% 21.4% 20% 20% 10.8% 9.4% * 5.8% 0% 0% 0.4 mg Placebo 0.1 mg 0.2 mg 0.4 mg Placebo 0.1 mg 0.2 mg 0.4 mg semaglutide once-daily semaglutide once-daily Note: *statistically significant at 72 weeks (p<0.05 vs placebo). ¹Based on a complete case analysis, using people with an evaluable biopsy at end of trial. Analysis included patients with fibrosis stage 1, 2, or 3 at baseline. Data is from the semaglutide in NASH phase 2 trial. NASH: non-alcoholic steatohepatitis#100100 Investor presentation First nine months of 2022 Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of NASH was initiated in Q1 2021 The phase 3a ESSENCE trial in NASH ESSENCE trial | NASH F2-F3 patients N = 1,200 Semaglutide 2.4 mg sc. QW + SOC R 2:1 Placebo + SoC Fixed follow-up Primary objectives and endpoints for Part 1 and 2 Part 1 | Improves liver histology vs placebo Two binary histology endpoints at week 72: • Resolution of NASH and no worsening of liver fibrosis Improvement in liver fibrosis and no worsening of NASH Part 2 | Lowers the risk of liver-related clinical events vs placebo Time to first outcome (composite endpoints) at week 240: . • Histological progression to cirrhosis Death (all cause) Liver-induced MELD score ≥ 15 Structure Part 1 Part 2 I • I I I 1 I 72 weeks 240 weeks Biopsy Biopsy Biopsy • Liver transplant • Hepatic decompensation events Regulatory submission is expected to be based on part 1 of the trial combined with the results of the already completed phase 2 trial F: Fibrosis stage; NASH: non-alcoholic steatohepatitis; QW: once-weekly; R: randomisation; SoC: standard of care (GLP-1 RAS disallowed); MELD: Model for End-stage Liver Disease Novo NordiskⓇ#101101 Investor presentation First nine months of 2022 AD patient journey is complex and underscores key barriers to overcome for Novo Nordisk to be successful Million Significant and growing unmet need Hurdles 80 60 Novo NordiskⓇ Y Y Early symptoms dismissed as normal ageing Complex tests and limited screening/ diagnosing skills Lack of prognostic markers and simple tests No DMT options Few patients AD receiving diagnosis 40 prevalence 20 20 0 Prevalence Diagnosed Eligible patients patients MCI Mild dementia Note: MCI and Mild dementia in the graph are both due to AD. • Support healthcare system preparedness Larger number of AD patients expected to enter the system May lead to significant bottle- necks and delay to patient care Market preparation priorities Increase diagnosis rate Indicates expected invesment level Support NITs development, e.g. blood-based/digital biomarkers Increase AD education and access to screening tools for PCPs and HCP insight Evidence generation AD: Alzheimer's disease; QD: Once-daily; MCI: mild cognitive impairment; DMT: Disease-modifying treatment; PCP: primary care physicians; NITS: Non-invasive diagnostics; HCP: Healthcare professional Source: Alzheimer's Association report: 2020 Alzheimer's disease facts and figures, 2020 (16:391-460) Evidence to better understand the • impact of delaying disease progression role of neuroinflammation in disease progression#102Novo NordiskⓇ 102 Investor presentation First nine months of 2022 Entering phase 3 development of semaglutide in Alzheimer's disease was based on a number of data points Å Real world evidence trials Four RWE studies show reduced risk of dementia or AD with GLP-1 • Danish registry¹ 11% lower risk of dementia per year of GLP-1 exposure TRUVEN claims database¹ 31% lower risk of dementia after >2 years of GLP-1 exposure Danish registry² 42% lower odds of dementia after GLP-1 exposure FAERS (FDA database)³ 64% lower odds of AD after liraglutide exposure AD: Alzheimer's disease; CI: confidence interval; RWE: Real world evidence Randomised controlled trials 53% lower risk of dementia diagnosis with liraglutide/semaglutide in NN's CVOTs in T2D4 Less decline in cerebral glucose metabolism (FDG-PET) with liraglutide in AD5 Reduced incidence of major adverse CV events in T2D with semaglutide incl. stroke Systemic anti-inflammatory effects with semaglutide7,8 Short-term memory improvement with liraglutide in people with obesity⁹ Reduced cognitive decline with dulaglutide in patients with T2D10 Pre-clinical studies Improved memory function with GLP-111 incl. semaglutide12 Reduced phospho-tau accumulation 13 Reduced neuroinflammation with GLP-114,15 incl. semaglutide16 Reduced atherosclerosis with liraglutide and semaglutide17 Systemic anti-inflammatory effects with semaglutide17 ¹NN data on file, Danish register: Dementia cases based on diagnosis (ICD10) or treatment (anticholinesterases, memantine) codes; TRUVEN: Dementia cases based on SNOMED ids for all diagnoses (ICD-10) or treatment (anticholinesterases, memantine); 2Wium-Andersen IK et al. Eur J Endocrinol. 2019;181(5):499-507; 3Akimoto H et al. Am J Alzheimers Dis Other Demen. 2020;35:1-11; 4Ballard et al. Presented online at the Alzheimer's Association International Conference (AAIC), 27-31 July 2020; 5Gejl M et al. Front Aging Neurosci 2016;8:108; 6Husain M et al. Diabetes Obes Metab 2020;22:442-451; 7Aroda VR et al. Diabetes Care 2019;42:1724-1732; 8Rodbard HW et al. Diabetes Care 2019;42:2272-2281; 9Vadini F et al. Int J Obes (Lond) 2020;44:1254-1263; 10Cukierman-Yaffe T et al. Lancet Neurol 2020;19:582-590 11Hansen HH et al. J Alzheimers Dis 2015;46:877-888; 12Preliminary data in NN ongoing pre-clinical studies; 13Hansen HH et al. Brain Res 2016;1634:158-170; 14Brundin L et al. Nature Med 2018;24:900-902; 15Yun SP et al. Nature Med 2018;24:931-938; 16Secher A et al. Oral presentation at Virtual Alzheimer's Disease/Parkinson's Disease International Conference, 9-14 March 2021; 17Rakipovski G et al. JACC Basic Transl Sci 2018;3:844-857#103Novo NordiskⓇ 103 Investor presentation First nine months of 2022 Evoke and evoke+ trials are ongoing with expected completion in 2025 evoke and evoke+ trials have been initiated with 1,840 patients in each trial with a total of 3,680 patients 3 mg 7 mg R 3 mg 7 mg 1:1 8 Week 0 4 14 mg oral semaglutide QD 14 mg oral semaglutide QD 14 mg placebo QD 14 mg placebo QD + 104 Treatment period + Confirmatory endpoints Objective To confirm superiority of oral semaglutide vs placebo on the change in cognition and function in people with early Alzheimer's disease Primary endpoint Change in the Clinical Dementia Rating - Sum of Boxes (CDR-SB) score from baseline to end of 104 weeks of treatment Inclusion criteria 156 161 Follow-up • Early Alzheimer's disease (mild cognitive impairment or mild dementia) • • Mini-Mental State Examination (MMSE) ≥ 22/30 Age between 55-85 years evoke+ has at least 20% with small vessel pathology AD: Alzheimer's disease; QD: Once-daily; MCI: mild cognitive impairment; QD: once-daily. Note: CDR-SB ratings are utilising in six domains are summed to provide a clinical measure = Sum of Boxes. These are: memory, orientation, judgment and problem solving, community affairs, home and hobbies, personal care. CDR-SB Scores range from 0 to 18 with higher scores representing greater impairment#104104 Investor presentation First nine months of 2022 Novo NordiskⓇ There is broad potential for cell therapies and Novo Nordisk has capabilities to explore the potential Broad potential for clinical use of cell therapies Parkinson's disease Stroke Alzheimer's disease Dry AMD Blindness Hearing loss Congenital bone disorders Chronic heart failure Spinal cord injury Chronic kidney disease NASH Diabetes Osteoarthritis Muscular dystrophy Multiple sites: Cancers and wound healing Maturing the platform to enable development of competitive cell therapies Novo Nordisk capabilities In-depth know-how on Focus area Pluripotent stem cell embryonic pluripotent stem cells undifferentiated stem Exploitation of quality controlled stem cells Bank of several cells Differentiated to specific cell types Upscaling, manufacturing and delivery/devices Clinical development and regulatory affairs IP-protected protocols for differentiation GMP-grade cell manufacturing and development of cell delivery devices¹ Early interactions with regulators Clinical trial experience 1In collaboration with academia and industrial partners Dry AMD: Dry age-related macular degeneration; NASH: Non-alcoholic steatohepatitis; IP: Intellectual property; GMP: Good manufacturing practices#105105 Investor presentation First nine months of 2022 Novo NordiskⓇ Potential first human dose with cell therapy in collaboration with Heartseed and others Utilise internal capabilities and disease understanding for stem cell development Accelerate innovation through partnerships Internal capabilities GMP-grade production capability my Academic collaborations Ethical stem cell practices IP positions on differentiation protocols 2 first human dose projects upcoming Therapeutic areas Heartseed . iPSC derived cardiomyocyte spheroids for direct injection into heart Parkinson's disease Chronic heart failure LUND Type 1 diabetes UNIVERSITY BioLamina REVOLUTIONIZING CELL CULTURE Dry age-related macular degeneration UCSF University of California San Francisco hESC derived dopaminergic progenitor neurons for placing into the brain · Parkinson's disease • Novo Nordisk scientists embedded at UCSF lab Process development, manufacturing, QA/QC, facilities and operations at Fremont site GMP: Good manufacturing practice; IP: Intellectual property; iPSC: induced pluripotent stem cells; QA/QC: Combination of quality assurance with quality assurance and quality control; hESC: Human embryonic stem cell#106Novo NordiskⓇ 106 Investor presentation First nine months of 2022 First efforts to combine Novo Nordisk and partner competencies in cell therapies start with heart failure and Parkinson's disease Heartseed: Phase 1/2 trial in patients with severe heart failure TRANSCEND 1 and 2 trials to evaluate stem cells impact on quality of life for people with moderate Parkinson's disease 10 patients with • Resting LVEF ≤40% • NYHA cardiac HS-001 low dose function classification grade >II HS-001 high dose 26-week follow-up 52-week follow-up Screening Japan 8 participants USA, Sweden, UK 40 participants Open-label transplant surgery or standard of care Double-blinded transplant surgery or sham surgery, or open-label standard of care 2 year primary endpoint 5 year follow-up Objectives to evaluate: • Safety of cardiomyocytes spheroids Efficacy and dose-response Feasibility of transplantation procedures A follow-up phase 2 trial is planned to investigate further dose increase and catheter delivery as route of administration TRANSCEND 1: observational study of patients with moderate PD aiming at identifying potential candidates to the interventional TRANSCEND 2 trial TRANSCEND 2: in combination with Lund University trial, a phase 1/2 trial investigating the treatment of Parkinson's disease Primary endpoint: Number of treatment-emergent adverse events 2 years after dosing PD: Parkinson's disease; LVEF: Left ventricular ejection fraction; NYHA: New York Heart Association#107107 Investor presentation First nine months of 2022 International Operations International Operations EMEA Region China Rest of World 110 115 120 ing eam NOVO nordisk nordisk 125 NO CYCLING changing GRAVEA novo nordisk C team Charliek JUPG team nove nordisk team novo nordisk PRO CYCLING#108108 Investor presentation First nine months of 2022 Growth momentum has increased driven by demographics and utilisation of full product portfolio International Operations is diverse and covers 190 markets 14% >487m live with diabetes 10% >600m live with obesity 6% 5% IO's share of revenue FY 2021 2% NAO 48% ΙΟ 52% Historic growth has been in the range of 4-8% 14% 30% Growth momentum in IO Novo NordiskⓇ 26% 21% 20% 14% 10% 0% Aug 2014 2021 2019 Growth rate range NAO: North America Operations; IO: International Operations; Share of Growth not depicted due to high numbers; FY: Full Year Source (RHS): IQVIA Aug 2022, Value, MAT NN Diabetes market share Market growth NN Diabetes growth Aug 2022#109Novo NordiskⓇ 109 Investor presentation First nine months of 2022 IO remains committed to its strategic aspiration of 6-10% growth driven by securing the base and three future growth enablers Growing double digits every year since 2019 Driving market growth via a market-fit approach ILLUSTRATIVE 5% 6-10% Driving GLP-1 growth OZEMPIC RYBELSUS semaglutide injection semaglutide tablets Ⓡ ONCE-WEEKLY Expand Obesity Saxenda Wegovy care liraglutide injection semaglutide injection 2.4 mg Expand insulin TRESIBA insulin degludec [rDNA origin] injection RYZODEG® 70% insulin degludec and 30% insulin aspart [rDNA origin] injection Prepare for Icodec sales and patient base 2013 2018 2025 Future growth drivers Base sales with mature therapy areas Note: All growth rates in Constant Exchange Rates (CER) unless otherwise specified.#110110 Investor presentation First nine months of 2022 International Operations at a glance. Diabetes trend Million Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales 600 400 200 0 M 487 2021 587 2030 Population with diabetes Diabetes growth rate DKK billion 19% 250 17% First nine months of 2022 Sales (mDKK) Growth² 80% Total GLP-13 18,886 55% Long-acting insulin4 8,717 0% 200 35.5%¹ 60% Premix insulin5 7,855 -9% GLP-1 Fast-acting insulin 8,291 -3% 150 Insulin Human insulin 4,967 -20% 720 4.5%1 40% Total insulin 29,830 -7% 100 Other Diabetes care? 1,913 -12% 20% Diabetes care 50,629 9% 50 7.9%1 OAD Obesity care 4,141 73% 0 0% Diabetes & Obesity 54,770 13% Aug 2045 2017 Aug 2022 care Rare disease⁹ 9,645 4% GLP-1 MS -Insulin MS -OAD MS Total 64,415 11% Novo NordiskⓇ Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific; Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Aug 2022: Novo Nordisk 50%, Sanofi 27% and Eli Lilly 14%; Competitor GLP-1 value market shares, as of Aug 2022: Novo Nordisk 60%, Eli Lilly 37% and AstraZeneca 2%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2022 value figures 2 At Constant exchange rates; 3 Comprises Victoza®, Ozempic®, and RybelsusⓇ; 4 Comprises TresibaⓇ, XultophyⓇ and LevemirⓇ; 5 Comprises RyzodegⓇ and NovoMix® 6 Comprises FiaspⓇ and NovoRapidⓇ; 7 Comprises Novo NormⓇ and needles; 8 Obesity care comprises SaxendaⓇ and Wegovy®; 9 Comprises primarily NovoSeven®, Novo Eight® NovoThirteen®, Refixia®, EsperoctⓇ, Norditropin, Vagifem® and ActivelleⓇ#111111 Investor presentation First nine months of 2022 Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share 160% 120% 80% 40% 0% Aug Diabetes market size and growth DKK billion 40% ~14% 6 10 207 10 182 30% 21% 20% 14% 38% 10% ~21% 26% 26% 25% 0% Aug 2022 Aug Aug Novo Nordisk AZ Others 2021 2022 Novo Nordisk Competitors 2019 -NN market share Market growth (right axis) NN share of growth NN growth (right axis) Source: IQVIA, Aug 2022, Value, MAT, all countries; NN: Novo Nordisk; AZ: Astra Zeneca Novo NordiskⓇ#112112 Investor presentation First nine months of 2022 GLP-1 market share and market growth 80% 60% 40% 20% 0% GLP-1 market growth and Novo Nordisk market share DKK billion 80% 73% 63% 60% 61% 23 48% 40% 20% 57% 80 GLP-1 market size and growth -48% 3 34 0 Novo NordiskⓇ ~61% 63% 0% Aug 2022 Aug 2021 Novo Nordisk AZ Others Aug 2022 Novo Nordisk Competitors Aug 2019 NN market share -Market growth (Right Axis) NN share of growth NN growth (Right Axis) Source: IQVIA, Aug 2022, Value MAT, all countries; NN: Novo Nordisk#113113 Investor presentation First nine months of 2022 Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Total 51% Long- Acting 38% Fast- acting 59% 16 Premix 79% 9 47% Human 8 Novo Nordisk 30 30 Competitors Market growth A Market share 80% 63 3.6% +1.0% 60% 4.5% +2.2% 40% 4.4% -0.6% 20% 2.9% +2.3% 0% Aug -0.5% -1.1% 2019 Source: IQVIA, Aug 2022, LHS graph - Value, RHS Graph - Volume, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk Insulin volume: Market share Novo NordiskⓇ 15% 12% 50% 9% 6% 1% 3% 0.4% 0% Aug 2022 -NN market share -Market growth (Right Axis) NN growth (Right Axis)#114114 Investor presentation First nine months of 2022 Obesity market share and market growth in International Operations Obesity market growth and Novo Nordisk market share 75% 55% 35% 15% Obesity market size and growth DKK -39% billion 0.2 68% 75% 61% 1.3 3.8 45% 39% 5.3 15% 61% -68% 50% -5% -15% Aug Aug Aug Aug -NN market share 2019 2022 2021 2022 Market growth (right axis) Novo Nordisk Others NN growth (right axis) Source: IQVIA, August 2022, Value MAT, all countries Novo NordiskⓇ#115115 Investor presentation First nine months of 2022 EMEA at a glance EMEA Million 300 Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales DKK billion 25% 120 First nine months of 2022 Sales (mDKK) Growth² 120% Total GLP-13 10,661 39% 19% I I Long-acting insulin4 5,407 4% GLP-1 90 90% 200 Premix insulin5 1,986 -12% 34.18%1 Fast-acting insulin 4,874 -1% 60 100 260 195 158 60 3.25%1 Insulin 60% Human insulin 1,512 -10% Total insulin 13,779 -2% 30 30 OAD 30% 11.73%1 Other Diabetes care? Diabetes care 536 -1% 24,976 12% 0 2021 0 0% Obesity care8 2,575 96% 2030 2045 Aug 2017 Aug 2022 Diabetes & Obesity 27,551 17% care Population with diabetes Diabetes growth rate GLP-1 MS -Insulin MS -OAD MS Rare disease⁹ 5,171 -3% Total 32,722 13% Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021; EMEA: Europe, Middle East and Africa 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Aug 2022: Novo Nordisk 48%, Sanofi 32% and Eli Lilly 16%; Competitor GLP-1 value market shares, as of Aug 2022: Novo Nordisk 59%, Eli Lilly 38% and AstraZeneca 3%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2022 value figures 2 At Constant exchange rates; 3 Comprises Victoza®, Ozempic®, and RybelsusⓇ; 4 Comprises Tresiba®, XultophyⓇ and Levemir®; 5 Comprises RyzodegⓇ and NovoMix® 6 Comprises FiaspⓇ and NovoRapidⓇ; 7 Comprises NovoNormⓇ and needles; 8 Obesity care comprises SaxendaⓇ and WegovyⓇ; 9 Comprises primarily NovoSeven®, Novo Eight® NovoThirteen®, Esperoct®, Refixia®, Norditropin, Vagifem® and Activelle®#116116 Investor presentation First nine months of 2022 Diabetes market share and market growth in EMEA 75% 50% 25% Diabetes market growth and Novo Nordisk market share 0% Aug 2019 NN market share -Market growth (right axis) EMEA DKK billion Diabetes market size and growth -15% 20% 18% 6 111 4 5 96 15% 15% 34% 10% 29% 5% ~18% 29% 28% 0% Aug Aug Novo Nordisk AZ Others Aug 2022 2021 2022 Novo Nordisk Competitors NN share of growth NN growth (right axis) Source: IQVIA, Aug 2022, Value, MAT, EMEA: Europe, Middle East and Africa; NN: Novo Nordisk; AZ- Astra Zeneca#117117 Investor presentation First nine months of 2022 GLP-1 market share and market growth in EMEA 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share 0% Aug 2019 DKK GLP-1 market size and growth billion 80% -39% 2 66% 4 60% 60% 17 45% 39% 40% 20% 58% EMEA 23 ~45% 60% 0% Aug 2022 Aug 2021 Aug Novo Nordisk Eli Lilly Others 2022 NN market share Market growth (right axis) -NN share of growth Novo Nordisk Competitors -NN growth (right axis) Source: IQVIA, Aug 2022, Value, MAT, EMEA: Europe, Middle East and Africa; NN: Novo Nordisk#118118 Investor presentation First nine months of 2022 Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Total 49% Long- acting 41% Fast- 55% 12 acting 74% Premix 3 19 43% Human 3 Novo Nordisk Competitors Market growth A Market share 60% 37 2.3% +0.3% 4.1% +1.4% 40% Insulin volume: Market share EMEA 10% 48% 7% 4% 1% 3.8% -1.1% 20% -3.6% +1.4% 0% Aug 2019 NN market share -6.5% -0.5% Source: IQVIA, Aug 2022, LHS graph - Value, RHS Graph - Volume, MAT, Europe, Middle East & Africa, Share of growth not depicted due to too high numbers; NN: Novo Nordisk 1% 1% -2% Aug 2022 Market growth (right axis) -NN growth (right axis)#119119 Investor presentation First nine months of 2022 Obesity market share and market growth in EMEA 120% 100% 80% 60% 40% 20% 0% Obesity market growth and Novo Nordisk market share Aug 2019 NN market share -NN Growth -Market growth (right axis) Source: IQVIA, Aug 2022, Value, MAT; EMEA: Europe, Middle East and Africa; NN: Novo Nordisk DKK billion Obesity market size and growth -76% 120% 2.2 0.1 101% 100% 81% 0.9 80% 1.2 76% 60% 40% 20% 71% EMEA ~101% 81% 0% Aug Aug Aug 2022 2021 2022 Novo Nordisk Others#120120 Investor presentation First nine months of 2022 Region China at a glance. Region China Million Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales DKK billion First nine months of Sales 2022 Growth² (mDKK) 200 30 100% 6% Total GLP-13 2,737 87% 14% 160 25 25 GLP-1 80% Long-acting insulin4 1,329 -23% 82.5%1 20 120 20 Premix insulin5 3,913 -12% 60% Fast-acting insulin 1,583 -19% Insulin 15 Human insulin 175 1,480 -36% 80 164 12.2%1 40% 141 10 Total insulin 8,305 -21% 40 40 Other Diabetes care? 960 -24% 20% 5 9.4%1 OAD Diabetes care 12,002 -9% 0 2021 0 0% Obesity care 110 168% Aug 2030 2045 2017 Population with diabetes Diabetes growth rate -GLP-1 MS -Insulin MS Aug 2022 -OAD MS Diabetes & Obesity care 12,112 -9% Rare disease8 733 131% Total 12,845 -5% Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021 Region China covers Mainland China, Taiwan, and Hong Kong 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of Aug 2022: Novo Nordisk 50%, Sanofi 17%, Gan & Lee 13% and Eli Lilly 8%; Competitor GLP-1 value market shares, as of Aug 2022: Novo Nordisk 67% and Eli Lilly 25% OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Aug 2022 value figures 4 2 At constant exchange rates; 3 Comprises VictozaⓇ and OzempicⓇ; Comprises Tresiba, XultophyⓇ and LevemirⓇ; 5 Comprises NovoMix® and Ryzodeg®: 6 Comprises NovoRapid®; 7 Comprises Novo NormⓇ and needles; 8 Comprises SaxendaⓇ; 9 Comprises primarily NovoSeven®, Novo Eight® and NorditropinⓇ#121121 Investor presentation First nine months of 2022 Diabetes market share and market growth in Region China 50% 40% 30% 20% 10% Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion 50% ~13% 1 1 25 40% 33% 30% 20% 13% 11% 10% 33% ~11% Region China 2 28 33% 0% 0% Aug NN market share Aug Aug Novo Nordisk AZ Others 2019 -Market growth (right axis) 2022 2021 Aug 2022 Novo Nordisk Competitors -NN growth (right axis) Source: IQVIA, Aug 2022, Value, MAT, NN: Novo Nordisk Region China covers Mainland China, Taiwan, and Hong Kong#122122 Investor presentation First nine months of 2022 GLP-1 market share and market growth in Region China Region China 160% 120% 80% 40% GLP-1 market growth and Novo Nordisk market share 0% Aug 2019 -NN market share -Market growth (right axis) DKK billion GLP-1 market size and growth 160% 117% 120% 80% 71% 1 63% 40% 48% 79.1% 1 ~117% 1 0 3 ~71% 62.5% 0% Aug 2022 Aug 2021 Novo Nordisk Eli Lilly Others Aug 2022 Novo Nordisk Competitors NN share of growth NN growth (right axis) Source: IQVIA, Aug 2022, Value, MAT; NN: Novo Nordisk; Region China covers Mainland China, Taiwan, and Hong Kong#123123 Investor presentation First nine months of 2022 Insulin market size and volume share of growth and market share in Region China Region China Insulin market share and market size (DKK billion) Total 27% Long- acting Fast- acting 80% 2 51% Premix 82% 4 36% Human 3 6 Novo Nordisk Competitors Market growth A Market share 80% 14 3.9% +2.2% Insulin volume: market share 50% 60% 1.3% +4.4% 40% 49% 30% 40% 20% 33% 7.0% -0.7% 20% 7.6% 10% 5% 7.4% +2.6% 0% 0% Aug Aug 2019 2022 -NN market share 2.6% -4.2% Source: IQVIA, Aug 2022, LHS graph - Value, RHS Graph - Volume, MAT; NN: Novo Nordisk; Region China covers Mainland China, Taiwan, and Hong Kong NN share of growth Market growth (right axis) NN growth (right axis)#124124 Investor presentation First nine months of 2022 Region China remains a key strategic opportunity Region China is a large market with ~140 million people living with diabetes 22% 23% 78% 77% Sales Region China Patients Rest of IO • . • Region China Outcome of VBP insulin in China Price cuts ~40-50% as a result of VBP Keeps -50% of own brand volume in scope Resource re-allocation towards growth products Opportunities and strategic priorities • • Large growing diabetes market Market of 26 bDKK mainly consisting of OAD and insulin Diabetes market growth of -11% TRESIBA insulin degludec [rDNA origin] injection human insulin MixtardⓇ30 biphasic insulin NovoMix® (biphasic insulin aspart) LevemirⓇ (insulin detemir) Novo Rapid (insulin aspart) Bring innovation faster to market Diabetes: RybelsusⓇ and ONWARDS programme for Icodec Rare disease: Across portfolio RYZODEG 70% insulin degludec and 30% insulin aspart [rDNA origin] injection Xultophy insulin degludec/liraglutide [rDNA origin] injection OZEMPİC semaglutide injection Treat more patients Expand patient base across new insulins and GLP-1s Note: IQVIA value in China only covers -60% of the market Region China includes Mainland China, Taiwan and Hong Kong; VBP: Volume-based procurement; OAD: Oral anti-diabetes; IO: International Operations Source: Full year 2021 numbers based on Company Announcement (sales) and Diabetes Atlas, 10th edition, (patients)#125125 Investor presentation First nine months of 2022 Rest of World at a glance Rest of World Diabetes trend in population Million DKK 21% billion 300 250 18% 88 80 200 60 150 286 40 227 40 100 187 Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales First nine months of 2022 Sales (mDKK) Growth² Total GLP-13 5,488 86% 80% Long-acting insulin4 1,981 13% Premix insulin5 1,956 4% 60 33%1 GLP-1 Fast-acting insulin 1,834 9% 60% Human insulin Insulin 1,975 -11% 1%1 Total insulin 7,746 3% 40% Other Diabetes care? 417 11% Diabetes care 13,651 25% 4%1 OAD 50 20 20 20% Obesity care8 1,456 38% Diabetes & Obesity 15,107 27% 0 2021 0 0% care 2030 2045 Aug 2017 Aug 2022 Population with diabetes Diabetes growth rate Rare disease⁹ Total 3,741 5% 18,848 22% GLP-1 MS -Insulin MS -OAD MS Diabetes trend estimates based on the following International Diabetes Foundation defined regions: South & Central America, Southeast Asia Source: International Diabetes Federation: Diabetes Atlas 10th Edition 2021 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of Aug 2022: Novo Nordisk 57%, Sanofi 24% and Eli Lilly 14%; Competitor GLP-1 value market shares, as of Aug 2022: Novo Nordisk 62%, Eli Lilly 37% and AstraZeneca 1% OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Aug 2022 value figures 2 At constant exchange rates; 3 Comprises Victoza®, OzempicⓇ and RybelsusⓇ; 4 Comprises TresibaⓇ, XultophyⓇ and LevemirⓇ; 5 Comprises NovoMixⓇ and RyzodegⓇ 6 Comprises NovoRapidⓇ and FiaspⓇ:7 Comprises NovoNormⓇ and needles;; 8 Comprises SaxendaⓇ: 9 Comprises primarily Esperoct®, Refixia® ,NovoSeven®, Novo Eight® and Norditropin®#126126 Investor presentation First nine months of 2022 Diabetes market share and market growth in Rest of World Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 20% 55% 19% ~13% 3 45% 4 1 15% 60 43% 35% 10% 5% 25% 13% 15% Rest of World 68 88 5% -43% 19% 15% 0% -5% Aug 2019 Aug Aug Novo Nordisk AZ Others -NN market share 2022 2021 Aug 2022 Market growth (right axis) Novo Nordisk Competitors NN growth (right axis) Source: IQVIA, Aug 2022, value, MAT, Rest of world; NN: Novo Nordisk AZ: Astra Zeneca#127127 Investor presentation First nine months of 2022 GLP-1 market share and market growth in Rest of World 110% 90% 70% 50% GLP-1 market growth and Novo Nordisk market share DKK billion 160% 98% 116% 120% 70% 5 80% 62% GLP-1 market size and growth -62% 3 0 Rest of World 8 0 69.6% 40% ~116% 30% 52.2% 10% 0% Aug NN market share Aug 2019 NN share of growth 2022 Aug 2021 Novo Nordisk Eli Lilly Others Aug 2022 Market growth (right axis) Novo Nordisk Competitors NN growth (right axis) Source: IQVIA, Aug 2022, Value, MAT; NN: Novo Nordisk#128128 Investor presentation First nine months of 2022 Insulin market size and volume market share in Rest of World Insulin market share and market size (DKK billion) Total 41% Long- acting 62% Fast- acting 2 Premix 83% 2 66% Human 2 58% 5 Novo Nordisk Competitors Rest of World Market growth A Market share Insulin volume: Market share 80% 20% 12 7.3% +1.5% 60% 15% 57% 10% 10.5% +2.3% 40% 5% 5.4% +1.2% 20% 5.9% +2.3% 0% Aug 2019 4.3% +1.1% Source: IQVIA, Aug 2022; LHS graph - Value, RHS Graph - Volume, MAT; Share of growth not depicted due to too high numbers; NN: Novo Nordisk 0% -4% -5% -4% -10% Aug 2022 -NN market share -Market growth (right axis) -NN growth (right axis)#129129 Investor presentation First nine months of 2022 Obesity market share and market growth in Rest of World 50% 40% 30% 20% 10% 0% Obesity market growth and Novo Nordisk market share Rest of World Obesity market size and growth DKK billion 47% 30% ~21% 3.1 0.1 41% 0.4 20% 2.6 21% 10% 0% -10% 40% ~41% 47% -NN market share -10% -20% Aug 2019 -NN Growth Aug Aug Novo Nordisk Others Aug -Market growth (Right Axis) 2022 2021 2022 Source: IQVIA, Aug 2022, Value, MAT; NN: Novo Nordisk#130130 Investor presentation First nine months of 2022 North America Operations ke NAO growth drivers 131 USA health care system 132 NAO at a glance 134 Leonard Thompson 1922 tean nov novo norda Cal novo nordisk Ⓡ#131131 Investor presentation First nine months of 2022 NAO remains committed to its strategic aspiration of transforming 70% of US sales by 2022 The strategic aspiration is to transform 70% of sales ILLUSTRATIVE Strategy Framework for North America Operations 100% 80% 60% 40% 20% 0% 2015 Obesity care New insulin launches Aspiration: 70% 9M 2022: 72% 2022 New GLP-1 launches Mature insulin VictozaⓇ Rare disease NAO: North America Operations New insulin launches includes: TresibaⓇ, Xultophy®, FiaspⓇ and follow-on brand insulin; New GLP-1 launches includes: OzempicⓇ and RybelsusⓇ NAO Maximise the semaglutide molecule OZEMPIC RYBELSUS® semaglutide injection semaglutide tablets ONCE-WEEKLY wegovy semaglutide injection 2.4 mg Insulin (price pressure) Manage foundation Rare disease (sustained growth)#132132 Investor presentation First nine months of 2022 NAO US health insurance is dominated by a few large commercial payers US population by health insurance status has been stable in recent years 326 5% 9% 333 7% 8% 23% 22% 18% 17% Covered lives by PBM DKK Development of Novo Nordisk rebates and net sales in the US billion 200 75% 80% All other PBM 14% Cigna Humana 3% 3% Prime 9% 150 OptumRx 20% 100 22% Express scripts 60% 40% 45% 46% 50 50 20% CVS Caremark 29% 0 0% 20171 2021 2021 2013 2015 2017 2019 2021 Managed care² Medicare Medicaid/CHIP Uninsured Public exchanges 12017 data reflect historical data through Oct 2017 2 Managed care population is slightly underestimated as only population under the age 65 is captured to avoid double counting with those eligible for Medicare. Source: Centres for Medicare and Medicaid services, office of the actuary, National Health expenditures Projections PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: Cleveland Research Net sales Rebates, % of gross sales Rebates#133133 Investor presentation First nine months of 2022 North America Operations growth has accelerated DKK billion 3% North America Operations reported sales growth per therapy area 1% 60 60 57 3% 61 14% 22% 67 64 2018 GLP-1 2019 Insulin Other diabetes 2020 Obesity care 2021 9M 2022 Rare disease Growth at CER CER: Constant exchange rate; 9M: 9 months Source: Quarterly company announcement NAO#134134 Investor presentation First nine months of 2022 North America Operations at a glance NAO Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Million DKK billion First nine months of 2022 Sales (mDKK) Growth² 70 10% 800 80% Total GLP-13 40,133 39% 60 11% Long-acting insulin4 4,122 -27% 50 600 60% Premix insulin5 364 -26% 38.2%¹ Fast-acting insulin 4,701 -16% 40 GLP-1 Human insulin 1,249 -6% 400 40% 30 63 Total insulin 10,436 -20% 57 51 Insulin 1.6%1 Other Diabetes care? 599 -26% 20 20 200 20% Diabetes care 51,168 20% 10 14.5%1 OAD Obesity care 7,235 77% 0 2021 0 0% Diabetes & Obesity 2030 2045 Aug 2017 Aug 2022 58,403 25% care Population with diabetes Diabetes growth rate GLP-1 MS -Insulin MS OAD MS Rare disease⁹ Total 6,044 -3% 64,447 22% International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 10th Edition 2021 1 CAGR calculated for 5-year period Competitor insulin value market shares, as of Aug 2022: Novo Nordisk 42%, Eli Lilly 30% and Sanofi 27%; Competitor GLP-1 value market shares, as of Aug 2022: Novo Nordisk 53%, Eli Lilly 44% and AstraZeneca 3% OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Aug 2022 value figures 2 At constant exchange rates; 3 Comprises Victoza®, Ozempic®, and RybelsusⓇ; 4 Comprises Tresiba®, XultophyⓇ and Levemir®; 5 Comprises NovoMix®; 6 Comprises FiaspⓇ and NovoRapidⓇ; 7 Comprises Novo NormⓇ and needles; 8 Comprises SaxendaⓇ and WegovyⓇ9 Comprises primarily NovoSevenⓇ, Novo Eight® Esperoct®, NovoThirteen®, Refixia®, Norditropin®, VagifemⓇ and Activelle®#135135 Investor presentation First nine months of 2022 Diabetes market share and market growth in North America Operations Diabetes market growth and Novo Nordisk market share 50% 40% 30% 20% 10% NAO Diabetes market size and growth DKK billion ~27% 49 642 36 54 54 39% 503 33% 83% 27% 32% -33% 33% 0% Aug NN market share NN share of growth Aug Aug 2019 2022 2021 Novo Nordisk Lilly Novo Nordisk Others Competitors Aug 2022 Market growth NN growth Source: IQVIA, Aug 2022, value, MAT; NN: Novo Nordisk#136136 Investor presentation First nine months of 2022 GLP-1 market share and market growth in North America Operations GLP-1 market growth and Novo Nordisk market share 70% 60% 50% 40% DKK billion 80% 61% 63% 60% 150 55% 53% 40% 51% GLP-1 market size and growth NAO -53% 33 230 -1 49 -63% 55% 30% 20% Aug Aug Aug Novo Nordisk -NN market share NN share of growth 2021 2019 2022 Eli Lilly Novo Nordisk Others Aug 2022 Competitors -Market growth ―NN growth Source: IQVIA, Aug 2022, value, MAT; NN: Novo Nordisk#137137 Investor presentation First nine months of 2022 Total Rybelsus® TRx volume is steadily growing in the US NAO RybelsusⓇ and SGLT-2i¹ uptake in the US² since respective launches TRX count (000s) 100 Rybelsus® TRX SGLT-2i TRX 82 In first nine months of 2022, RybelsusⓇ sales account for 21% share of growth of NAO sales • Successful RybelsusⓇ launch despite COVID-19 impacting the first year of launch RybelsusⓇ TRX continues to steadily increase 80 60 60 60 40 40 20 20 62 тури 65 93 124 155 Time since launch (weeks) 1SGLT-2i is an average of empagliflozin and canagliflozin script count. 2RybelsusⓇ is based on Oct 2019 focus launch. Each data points represents a rolling four-week average. Note: TRx: Total prescription data; NAO: North America Operations; Source: IQVIA Xponent, Weekly ending 14 Oct 2022 0 0 31#138138 Investor presentation First nine months of 2022 Novo Nordisk volume market shares in the three insulin segments tMU Long-acting insulin tMU Premix insulin tMU Fast-acting insulin NAO 100 80% 80 80% 80 100% CAGR volume1: 0.2% MI penetration²: 65.2% 80 60 CAGR volume1: -7.4% MI penetration²: 47.6% CAGR volume1: 1.8% MI penetration²: 83.7% 80% 60% 60 60% 60 60 60 40 40 20 20 40% 40 40 20% 20 40% 40 20% 20 0% 0 Aug Aug 2022 2017 0 Aug 0% 0 Aug Aug 2017 2022 2017 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 Source: IQVIA monthly MAT, Aug 2022 volume figures NN: Novo Nordisk Segment volume FiaspⓇ 60% 40% 20% 0% Aug 2022 -NovoRapidⓇ NN combined#139139 Investor presentation First nine months of 2022 Insulin market size and volume market share in North America Operations Total Insulin market share and market size (DKK billion) Long- acting 37% 42% Fast- 51% 78 acting 59% Premix 8 108 26% Human 15 Novo Nordisk Competitors NAO Market growth A Market share Insulin volume: Market share 60% 12% 209 5.9% +0.1% 5.5% +0.1% 40% 8% 38% 4% -1% 0% 8.3% +0.2% 20% -5.4% +0.9% 0% Aug 2019 4.2% -1.7% Note: Insulin market numbers do not reflect rebates. Source: IQVIA, Aug 2022, LHS graph - Value, RHS Graph - Volume, MAT, all countries. Share of growth not depicted due to too high numbers; NN: Novo Nordisk -4% -4% -8% Aug 2022 NN market share -Market growth (right axis) -NN growth (right axis).#140140 Investor presentation First nine months of 2022 Obesity market share and market growth in North America Operations Obesity market growth and Novo Nordisk market share 100% 80% 60% 40% 20% Obesity market size and growth 94% 220% DKK billion 173% 180% 140% 149% 100% 7.0 60% 20% 85.4% 10.4 ~149% 17.5 0.1 NAO 93.5% ~173% 0% -20% Aug 2019 NN market share Aug Aug Aug NN Obesity care Others 2021 2022 Market growth (right axis) NN growth (right axis) 2022 Source: IQVIA, Aug 2022, value, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk#141141 Investor presentation First nine months of 2022 Financials Profit and loss, capital allocation Currencies 00 142 148 novo nordisk Ⓡ NOVO NORDISK HQ Denmark www#142142 Investor presentation First nine months of 2022 Solid sales growth driven by Diabetes and Obesity care DKK billion 150 Reported annual sales 2017-2021 +4.7%¹ 14% 15% 16% 100 17% 16% 86% 50 50 84% 85% 83% 84% 0 2017 2018 2019 2020 2021 Diabetes and Obesity care Rare disease 1 CAGR for 5-year period S&D: Sales and distribution; R&D: Research and development Note: The outlined expected developments are aspirations and not long-term financial targets السمر لام Expected development towards 2025 Gross margin Remain broadly stable Novo NordiskⓇ S&D cost ratio Gradually decline enabled by attractive sales growth R&D cost ratio 8 88 Administration cost ratio Gradually increase to expand and diversify pipeline Decline driven by efficiency gains Operating margin Remain broadly stable#143143 Investor presentation First nine months of 2022 Solid operating profit growth driven by Diabetes care Operating profit Operating profit split by franchise DKK billion Percent of sales 1% -4% 11% 3% 8% 70 60% 5% 3% 6% 7% 13% 16% 60 60 22% 50% 50 40 40 30 30 20 20 10 0 2017 CER: Constant exchange rates 2018 Operating profit Operating profit as % of sales 40% Novo NordiskⓇ 30% 84% 78% 20% 10% 0% 2019 2020 2021 2017 Reported operating profit growth Operating profit growth at CER 2021 Diabetes and Obesity care Rare disease#144144 Investor presentation First nine months of 2022 Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2030 Diabetes care Strengthen leadership by offering innovative medicines and driving patient outcomes Rare disease Secure a leading position by leveraging full portfolio and expanding into adjacent areas Novo Nordisk Way Driving change to defeat diabetes and other serious chronic diseases Sustainable business Ge PR Obesity care Strengthen treatment options through market development and by offering innovative medicines and driving patient outcomes Other serious Waves of growth chronic diseases Establish presence by building competitive pipeline and scientific leadership GLP-1 Diabetes Focus on driving sustained sales growth • • Commercial investments in growth markets and products R&D investments in future growth assets R&D: Research and Development; OSCD: Other serious chronic diseases; RNA: Ribonucleic acid Obesity care OSCD Novo NordiskⓇ ILLUSTRATIVE Research technology Rare disease platforms 2020 2025 2030#145145 Investor presentation First nine months of 2022 Net profit has been converted to cash and returned to shareholders Cash conversion and allocation (2021) DKK billion 48 48 50 (100%) (100%) 41 (86%) 40 40 Dicerna pharmaceuticals 19 30 30 20 20 10 0 Net profit 29 22 22 Novo NordiskⓇ Strategic capital allocation priorities Business development investments to enhance R&D pipeline CAPEX investments to meet demand including R&D pipeline Free cash flow Cash return Share buyback Dividends Deliver competitive capital allocation to shareholders Continued share buybacks and dividends Financial flexibility within current credit ratings Moody's: A1 since 2012, S&P Global: AA- since 2013 Net debt to EBITDA ratio around zero Mainly debt finance major business development projects • 2021 bond issuance at an all-inclusive interest rate of ~0% Note: Cash used for the acquisition of Dicerna Pharmaceuticals was 18,282 million DKK per note 5.3 of the 2021 Novo Nordisk Annual Report R&D: Research and Develoment; CAPEX: Capital expenditure; EBITDA: Earnings before interest, taxes, depreciation and amortisation#146146 Investor presentation First nine months of 2022 Novo NordiskⓇ Higher profitability in the Rare disease segment driven by lower S&D costs Diabetes and Obesity care P&L - full year 2021 Rare disease P&L - full year 2021 DKK billion DKK billion 140 -16% Sales ratios 20 20 -22% Sales ratios 120 -28% -17% 100 15 -11% 80 60 60 60 -13% -3% 10 0% 41% -3% +1% 47% 40 40 20 20 5 0 0 Sales COGS S&D R&D Admin ΟΟΙ OP Sales COGS S&D R&D Admin ΟΟΙ OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit; S&D: Sales and distribution costs; R&D: Research and development costs; Admin: Administrative costs#147147 Investor presentation First nine months of 2022 Stable COGS level as percentage of sales DKK billion 25 Cost of goods sold Capital expenditure DKK billion Novo NordiskⓇ 25% 14 10% 12 20 20 20% 8% 10 15 15% 6% 8 6 10 10% 4% 4 5 5% 2% 2 0 0% 0 0% 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2022 COGS -COGS as % of sales (RHS) ICAPEX CAPEX as % of sales (RHS) Expected CAPEX COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side#148148 Investor presentation First nine months of 2022 Currency impact on Novo Nordisk's P/L Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's P&L statement The currency effect on e.g. operating profit growth is the difference between the reported growth and the operating profit growth at CER Key currencies account for around 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 Cost of goods sold Gross profit Note: Example is based on Annual Report 2021 Novo NordiskⓇ DKK million 2021 2020 Income statement Net sales 140,800 126,946 (23,658) (20,932) Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: • 117,142 106,014 USD 12 months • iSales and distribution costs Research and development costs Administrative costs JPY 12 months (37,008) (32,928) • CAD 9 months (17,772) (15,462) (4,050) (3,958) GBP 11 months Other operating income and expenses 332 460 • CNY 0 months Operating profit 58,644 54,126 Financial income 2,887 1,628 Financial expenses (2,451) (2,624) Profit before income taxes 59,080 53,130 Income taxes (11,323) (10,992) NET PROFIT 47,757 42,138 Basic earnings per share (DKK) 20.79 18.05 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 Diluted earnings per share (DKK) 20.74 18.01#149149 Investor presentation First nine months of 2022 Attractive capital allocation to shareholders DKK billion 50 40 40 Annual cash return to shareholders Capital allocation Novo NordiskⓇ 24 24 • Return of free cash flow through both share buy-backs and dividends • For 2022, the interim dividend of DKK 4.25 per share was paid in August 2022 • The final dividend for 2022 will be paid in March 2023 • Ongoing DKK 24 billion share repurchase programme for 2022 30 17 15 20 20 20 20 10 8 7 8 10 16 12 13 14 0 2022E¹ Share repurchase 2019 2020 2021 Dividend Interim dividend 1 For 2022, expected free cash flow is DKK 54-59 billion#150150 Investor presentation First nine months of 2022 Operating profit expected to be positively impacted by currencies in 2022, partly countered by net financials 20% Avg. 9M 2022 vs. Avg. 9M 2021 Exp. Avg FY 2022' vs. FY 2021 10% Hedged 0% -10% USD/DKK CNY/DKK JPY/DKK CAD/DKK GBP/DKK 35% 15% Non- -5% hedged -25% -45% RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 9M 2022 Positive impact on operating profit of DKK 6.5 billion Foreign exchange net loss of DKK 3.9 billion FY 2022 outlook Currency impact on Operating profit is expected to be +15%-points Net financial items is expected to be a loss of DKK 6.6 billion, of which DKK 5.3 billion is driven by foreign exchange Hedging losses mainly driven by the US dollar, reflecting a higher estimated avg. US dollar in 2022 vs FY2021 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 26 October 2022 USD: United States dollar; DKK: Danish Kroner; CNY: Chinese yuan renminbi; JPY: Japanese yen; CAD: Canadian Dollar; GBP: British pound sterling; RUB: Russian Ruble; INR: Indian rupee; ARS: Argentine Peso; BRL: Brazilian Real; TRY: Turkish New Lira Novo NordiskⓇ#151151 Investor presentation First nine months of 2022 Purposer Sustainabil Sustainable business 152 Environmental responsibility 154 Social responsibility 157 Governance 162 DC novo nordisk RDM E ΠΗΝΟΥ RANJITH S. Ranjith lives with type 1 diabetes India#152152 Investor presentation First nine months of 2022 Novo NordiskⓇ Long-term value to society is driven by a strong sense of purpose and by being a responsible business Foundation ownership enables long-term focus on shared value creation Novo Nordisk Foundation ESG1 responsibility has been anchored in Articles of Associations since 2004 Socially responsible Novo Holdings Institutional and private investors 23.0% 71.8% 77.0% 28.2% Votes Capital Votes Capital 537 million A shares (nominal value DKK 107 million) Novo Nordisk Way Driving change to defeat diabetes and other serious chronic diseases Sustainable business 1,743 million B shares (nominal value DKK 349 million) Environmentally responsible Financially responsible The Novo Nordisk Way guides our behaviour novo nordisk 1 Known as the Triple Bottom Line at time of implementation ESG: Environmental, Social and Governance#153153 Investor presentation First nine months of 2022 Novo NordiskⓇ 2021 statement of ESG performance Environmental performance Resources Energy consumption for operations (1,000 GJ) Share of renewable power for production sites Water consumption for production sites (1,000 m³) Breaches of environmental regulatory limit values Emissions and waste CO2 emissions from operations and transportation (1,000 tonnes) Waste from production sites (1,000 tonnes) Patients Patients reached with Novo Nordisk's Diabetes care products (est. in millions) - Hereof reached via the Novo Nordisk Access to Insulin Commitment (est. in millions)1 2021 2020 2019 3,387 3,191 2,993 100% 100% 76% 3,488 3,368 3,149 12 15 16 174 170 306 181 141 124 34.6 32.8 30.0 1.7 3.2 2.9 88 Social performance Total tax contribution (DKK million) People & Employees - Hereof children reached through Changing Diabetes in Children (cumulative) Societies Donations and other contributions (DKK million) 31,846 28,296 25,695 32,593 92 26,376 27,527 158 105 Employees (total) 48,478 45,323 43,258 Employee turnover 11.0% 7.9% 11.4% Employee engagement² 84% N/A N/A Frequency of occupational accidents (number per million working hours) 1.3 1.3 2.2 Gender in mgmt. (ratio men:women) 57:43 59:41 60:40 Gender in senior mgmt. (ratio men:women) 64:36 65:35 67:33 Gender in Board of Directors (ratio men:women) 67:33 62:38 62:38 Governance processes Relevant employees trained in business ethics 98% 99% 99% Governance Performance Business ethics reviews Supplier audits Product recalls Failed inspections 37 32 34 253 177 236 1 0 4 0 0 Values and Trust Facilitations of the Novo Nordisk Way 34 26 32 Company reputation (scale 0-100)³ Animals purchased for research 82.6 N/A N/A 47,879 50,036 49,637 1 During 2020, the ceiling price was lowered from USD 4 to USD 3 which affects the comparability of 2021 and prior years. 2 In 2021, the engagement survey was entirely redesigned to support Novo Nordisk's strategic goals. As a result, comparison to previous surveys is not appropriate. 3 Company reputation replaces company trust in order to capture more dimensions of how we are perceived by our external stakeholders. ESG: Environmental, Social and Governance#154154 Investor presentation First nine months of 2022 With Circular for Zero, Novo Nordisk aspires to have zero environmental impact circular zero Current environmental impact Waste CO2 emissions 1, 2, 3 (2021)1 174,000 tonnes in scope 600+ million prefilled plastic pens produced every year Environmental aspirations Resources Everything Novo Nordisk purchases Circular products Upgrade existing and design new products based on circular principles and solve the end-of-life product waste challenge to close the resource loop Circular company Eliminate environmental footprint from operations and drive a circular transition across the company aspiring for zero environmental impact Circular supply Proactive collaboration with suppliers to embed circular thinking for reduced environmental impact across the value chain and switch towards circular sourcing and procurement 'Novo Nordisk's reporting of scope 3 emissions is currently limited to product distribution and business flights. This means that the data shown do not include a significant proposition of the scope 3 emission form our value chain#155Novo NordiskⓇ 155 Investor presentation First nine months of 2022 Novo Nordisk pledges to reach net-zero emissions across the entire value chain by 2045 Reporting CO₂ emissions across scopes in the Company Announcement 9M 2022 9M 2019 total: 227t 9M 2021 total: 127t 9M 2022 total: 186t 18% vs. 9M 20191 ↓ Key initiatives to reduce CO2 emissions across all three scopes Scope 1 - Direct emissions from own sources (16% reduction¹) Company cars: Target of 100% electric or plug-in hybrid electric cars by 2030 64 56 54 55 107 12 12 59 120 9M 2019 9M 2021 9M 2022 9M 2019 9M 2021 9M 2022 9M 2019 9M 2021 9M 2022 O Scope 1 Scope 2 Partial scope 32 CO2 emissions, 1,000 tonnes Scope 2 - Indirect emissions from purchased energy (78% reduction¹) • Production: Sourcing 100% of renewable power at sites since 2020 • Partial scope 3 - Other emissions across value chain (12% increase¹) Suppliers: Commitment from direct suppliers to use renewable power Product distribution: Partnership with Mærsk using biofuel and partnership with Kuehne+Nagel (2022) and SkyNRG (2025) using Sustainable Aviation Fuel when transporting Novo Nordisk products 12019 used as baseline across the scopes given the impact of COVID-19 in 2020. 2Novo Nordisk's reporting of Scope 3 emissions is currently limited to product distribution and business flights implying that the data shown do not include a significant proportion of Scope 3 emissions from Novo Nordisk's supply chain.#156156 Investor presentation First nine months of 2022 Reaching more patients will increase the plastic footprint, a challenge Novo Nordisk has started to address Growing volumes impact Novo Nordisk's plastic footprint ILLUSTRATIVE . • • • Change to sustainable plastic Engage with suppliers to pursue shift to sustainable plastic • Drive innovation via partnerships to e.g. re- purpose medical waste Reduce plastic consumption Drive portfolio decisions towards lower plastic consumption Drive switch towards durable devices in relevant markets 12,000 tonnes of plastic in production of devices 2021 2030 • Plastic volume 1 More information on the pilot called "ReturpenTM" can be found here: Returpen.dk • Avoid plastic waste on landfill Take-back¹ pilot in Denmark with partners leading to >20% device return Take-back expansion to UK, Brazil and France with ambition to establish industry solution for scaling Novo NordiskⓇ#157157 Investor presentation First nine months of 2022 Novo NordiskⓇ Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation ...accelerating prevention to bend the curve... Å ...providing access to affordable care for vulnerable patients in every country... ос + ... and thereby help society rise to one of its biggest challenges ...innovating to improve lives...#158158 Investor presentation First nine months of 2022 Novo NordiskⓇ In 2021, more than 5 million people with diabetes were reached with affordability programmes 5 out of 35 million people were reached with access and affordability efforts Million patients A number of focused programmes (as of full year 2021) Access to Insulin Commitment • 3 USD ceiling price for human insulin vial offered to 76 low- and middle-income countries, reaching +1.7m patients in 2021 2.2m patients reached at or below the ceiling price in countries outside the commitment¹ 35 LO 5 30 Patients reached in 2021 J Changing Diabetes® in Children Vulnerability assessments US affordability offerings • Providing care for children living with type 1 diabetes ~33k children reached across 23 countries with goal of reaching 100,000 in 2030 • • Ensure availability of affordable insulin for vulnerable patients Tailored affordability plans reaching +82k patients as of 2021 based on assessments conducted locally in 67 countries Suite of affordability offerings including unbranded biologics, My $99 insulin and more . In 2021, ~1m vulnerable patients reached with insulin 1 The access and affordability programmes are not mutually exclusive, implying that the sum of the reach of each programme cannot be interpreted as the total unique number of people with diabetes reached. More info on Novo Nordisk access and affordability programmes can be found at: Access & affordability (novonordisk.com). Changing Diabetes® in Children is a public-private partnership between the International Society for Paediatric and Adolescent Diabetes, the World Diabetes Foundation, Roche, and Novo Nordisk. Changing DiabetesⓇ in Children numbers are for Q1 2022, while all other numbers are for FY2021. M: Millions; K: thousands#159159 Investor presentation First nine months of 2022 In the US, net prices have declined in the last five years The US population by health insurance coverage 7% Novo NordiskⓇ Insulin net prices¹ have declined Net prices¹ across the full Novo Nordisk portfolio² declined Index Index 150 150 124 116 100 47% 100 46% 333 million people Uninsured Private insurance schemes Goverment insurance schemes 50 40 40 50 53 2016 2017 2018 2019 2020 2021 0 0 2016 2017 2018 2019 2020 2021 List price Net price - List price Net price ¹Percentage change represents a sales weighted average list and net price for the respective calendar year compared to the sales weighted average list and net price for the prior year and is not reflective of the magnitude of individual list price actions 2NN US Product Portfolio is inclusive of Diabetes, Obesity and Rare disease products Government insurance schemes cover Medicare, Medicaid and public exchanges, some of these with high deductibles. Source: Centres for Medicare and Medicaid services, office of the actuary, National Health expenditures Projections#160160 Investor presentation First nine months of 2022 Barriers to access go beyond price Diabetes Compass launched with World Diabetes Foundation Many healthcare systems in LMICs are overburdened Aims to reduce vulnerabilities through innovative digital solutions to support health workers and people with diabetes Pilots in Sri Lanka and Tanzania have been launched Roll-out of digital products expected to begin in Q1 2023 Thermal solution for human insulin can address one key access to care barrier Strict insulin storage recommendations are hard to meet in humanitarian settings and where access to refrigeration is low ⚫ The positive scientific opinion received from EMA in April supports obtaining the national approvals for additional option for storage outside of refrigeration prior to first use National submission ongoing in >50 countries, e.g. submitted in India and Bangladesh in July 2022 iCare initiative towards strengthening health infrastructure in Middle Africa ⚫ A business-integrated model improving access to treatment and care . • . Capacity: 6,300 HCPs trained Affordability: 32,300 underserved patients reached with insulin Reach: Onboarded new distributors to reduce mark-ups Empowerment: 10,900 patients enrolled in patient empowerment programmes DIABETES COMPASS Actrapid CARE ...to Defeat Diabetes Note: The Diabetes Compass was launched by the World Diabetes Foundation with more information on Diabetes Compass | World diabetes foundation. Diabetes Compass is funded by a 100 million DKK joint donation from Novo Nordisk A/S and the Novo Nordisk Foundation. HCP: Health care professional; LMIC: Low- and middle-incomes countries Novo NordiskⓇ#161161 Investor presentation First nine months of 2022 The journey towards being a sustainable employer starts with being inclusive and diverse 2025 aspiration supporting Diversity and Inclusion 45% Men 62% 69% Senior leadership1 45% Women 38% 31% 60% 56% Men All leaders Women 40% 44% 2017 Q3 2022 Novo NordiskⓇ 2025 Aspiration • Driving an inclusive and diverse workplace Diversity & Inclusion aspirational targets: Create an inclusive culture where all employees have a sense of belonging and equitable opportunities to realise their potential Achieve a balanced gender representation across all managerial levels Achieve a minimum of 45% women and a minimum of 45% men in senior leadership positions by the end of 2025 Diversity & Inclusion aspirations in action: D&I is continuously embedded in HR processes and policies across the employee life cycle All areas have local D&I action plans to address local challenges and opportunities All leaders must embrace their role as inclusive leaders Diversity & Inclusion progress: Inclusion Index has increased from 78% in 2021 to 82% in 2022 End of Q3 2022 38% of leaders in senior leadership positions were women, compared to 36% end of Q3 2021 1 Senior leadership defined as executive vice presidents, senior vice presidents, corporate vice presidents, and vice presidents; D&I: Diversity and inclusion Note: Full social statements to be found in Novo Nordisk Annual Report 2021. No formulated 2025 aspiration exist for "all leaders", but Novo Nordisk aspires for balanced gender representation at all managerial levels#162162 Investor presentation First nine months of 2022 Structure in place to ensure corporate governance Rules and Regulations Danish and foreign laws and regulations Governance structure Shareholders A and B share structure Assurance measures Board of Directors² Nine shareholder-elected and four employee-elected board members Audit financial data and review social and environmental data (internal and external) Corporate governance standards¹ Chairmanship Audit Committee Nomination Committee Remuneration Committee R&D Committee Facilitation (internal) Articles of Association Novo Nordisk Way 1 The corporate governance standards designated by Nasdaq Copenhagen and New York Stock Exchange 2 In 2021, the Board of Directors met eleven times Executive Management Organisation Quality audit and inspections (internal and external) Novo NordiskⓇ#163163 Investor presentation First nine months of 2022 Novo Nordisk has a sustainable tax approach Novo NordiskⓇ Sustainable tax approach approved by the BoD 1 | Commercially driven Business structures driven by commercial considerations Pay taxes where value is generated Effective tax rate of 20 - 22% for 2022 2 | Responsible • No artificial structures or tax havens Transfer pricing principles compliant with OECD guidelines Advanced pricing agreements covering >65% of revenues 3 | Transparent Open about tax practices and maintain cooperative relationships with tax authorities Tax approach published on novonordisk.com Total tax contribution in 2020 around DKK 32 billion Corporate income taxes by region - three year average in DKK billion - EMEA (excl. Denmark) Region IP rights¹ Production² Sales³ Corporate income taxes International Operations 9.3 - Denmark 8.0 0.6 0.4 0.3 1.3 1.2 10.6 - Region China - Rest of World North America Operations - The US Total Share of category 3 1 Intellectual property rights based on sales from where intellectual property rights are located, 2 Production based on production employees in the region, ³ Sales based on the location of the customer. OECD: The Organisation for Economic Co-operation and Development Note: All figures and graphs are average 2019-2021#164164 Investor presentation First nine months of 2022 ESG is integrated in reporting and remuneration as well as recognised externally ESG is included in integrated reporting and short- and long-term remuneration Reporting on ESG performance is in accordance with disclosure standards Novo Nordisk Annual Report 2021 SUSTAINABILITY ACCOUNTING ESG Portal coding a stable buses this means that we add value to scanty and to our future the ambien, wer to do business finansialy, envinnuly, and soculty moproti way as reflected in our Articles of Association and the Novo Nordisk Way The ESG Provid main out our approach and performance SASB STANDARDS BOARD VALUE REPORTING FOUNDATION With Novo Nordisk now fully or partially aligned with 23 of 25 metrics. ° До ESG rankings by third-party agencies recognise Novo Nordisk's efforts Rating agency novo nordisk Ⓡ MSCI ESG RATINGS CCC BBB BBB A AAA AA AAA AAA Novo NordiskⓇ SUSTAINALYTICS TCFD CDP access TO medicine Index Top 12% in industry group 'pharmaceuticals' A (Climate) B (Water) CDP Supplier Engagement Leader Ranked 10th out of 20 companies Novo Nordisk Remuneration Report 2021 SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION SUSTAINABLE DEVELOPMENT GOALS CDP: Carbon Disclosure Project; MSCI: Morgan Stanley Capital International; TCFD: Taskforce on Climate-related Financial Disclosures; SASB: Sustainability Accounting Standards Board#165165 Investor presentation First nine months of 2022 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 1 DK-2880 Bagsværd Investor Relations contacts Access the full investor presentation here: novo nordisk 牆 Novo NordiskⓇ Daniel Muusmann Bohsen David Heiberg Landsted Jacob Martin Wiborg Rode +45 3075 2175 +45 3077 6915 +45 3075 5956 [email protected] [email protected] [email protected] Mark Joseph Root (USA) +1 848 213 3219 [email protected]