#1RAFAEL VALVERDE Rafael lives with obesity Mexico novo nordisk Novo Nordisk -a focused healthcare company Investor presentation First nine months of 2023#22 Investor presentation First nine months of 2023 Agenda Progress on Strategic Aspirations 2025 Commercial execution Innovation and therapeutic focus Financials#33 Investor presentation First nine months of 2023 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 2022 and Form 20-F, which both were filed with the SEC in February 2023 in continuation of the publication of this Annual Report 2022, 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, such as 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, shortages of supplies, including energy supplies, 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, strikes and other labour market dispute, 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 2022, reference is made to the overview of risk factors in 'Risk management' of this Annual Report 2022. 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 2022, 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 2023 Novo NordiskⓇ Strategic Aspirations 2025 | Highlights first nine months of 2023 Purpose and sustainability (ESG) Progress towards zero environmental impact Carbon emissions decreased by 28% vs first 9M 20191 Adding value to society Medical treatment to ~40 million people with diabetes Reached more than 46,000 children in Changing Diabetes in Children programme Partnership with Aspen to produce human insulin for Africa Being recognised as a sustainable employer Share of women in senior leadership positions has increased to 41% from 38% at end of September 2022 therapeutic focus Innovation and . • Light blue indicates developments in Q3 2023 Further raise innovation bar for Diabetes treatment Regulatory submission of once-weekly insulin icodec Initiation of phase 3 trial with CagriSema T2D FLOW stopped for efficacy based on interim analysis Develop superior treatment solutions for obesity Regulatory submission of SELECT CVOT Strengthen and progress Rare Disease pipeline Concizumab approved for HAWI/HBwI in Japan Establish presence in other serious chronic diseases Acquisition of ocedurenone within CVD Commercial execution Diabetes value market share increased by 1.8%-points to 33.3%² Obesity care sales of DKK 30.4 billion (+174% at CER) Rare disease sales of DKK 12.6 billion (-18% at CER) Financials Sales growth of 33% (CER) and operating profit growth of 37% (CER) Operational leverage reflecting sales growth Free cash flow of DKK 75.6 billion and DKK 52.0 billion returned to shareholders 1Scope 1,2 and partial scope 3 limited to CO2 emissions from business flights and product distribution; 2MAT (Moving annual total) value market share CER: Constant exchange rates; 9M: Nine months; HAWI/HBWI: Haemophilia A/B with inhibitors Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth#5Sales growth of 33% driven by both operating units Novo NordiskⓇ Reported geographic sales split for first nine months of 2023 Reported therapy area sales and growth for first nine months of 2023 DKK billion Insulin Obesity care GLP-1 Other diabetes Rare disease Growth at CER DKK billion North America Operations International Operations Growth at CER 180 33% 49% -7% 174% -18% 100 49% 5 Investor presentation First nine months of 2023 60 80 60 60 40 40 20 20 90 90 60 60 60% 16% IO -1% NAO -24% IO 52% NAO 244% 49% 12% 30 43% ΙΟ -22% NAO -13% 150 17% International Operations 120 17% 19% 0 0 NAO ΙΟ EMEA China ROW Total GLP-1 Insulin Obesity care Rare disease IO: International Operations; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; ROW: Rest of World; NAO: North America Operations; CER: Constant exchange rates Note: Unless otherwise specified, sales growth rates are at CER 1'Other diabetes' is included in Total#66 Investor presentation First nine months of 2023 Diabetes value market leadership reached 33.3% 60% Novo Nordisk global diabetes value market shares -Diabetes -GLP-1 -Insulin 55.7% 54.3% 52.1% 49.9% 50% 44.6% 44.0% 44.2% 44.1% 40% • 33.3% 31.5% 29.2% 29.9% 30% 0% T 2020 2021 2022 2023 CER: Constant exchange rates; IO: International Operations; NAO: North America Operations Note: Sales growth rates are at CER Source: IQVIA MAT, Aug 2023 (Spot rate); Volume growth based on Moving Annual Total (MAT); Market values are based on the list prices Diabetes value market leadership expansion driven by the GLP-1 franchise Diabetes care sales grew by 25% (CER) with global value market share increase driven by market share gains in both IO and NAO. • • Global diabetes value market share increased by 1.8%- points to 33.3% Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 54.3% value market share Estimated global GLP-1 share of total diabetes prescriptions is ~6% Novo NordiskⓇ#7Novo NordiskⓇ International Operations diabetes care sales growth is driven by GLP-1 performance 7 Investor presentation First nine months of 2023 Reported Diabetes care sales and growth per IO geography GLP-1 patients and value market share in IO DKK billion Insulin GLP-1 Growth at CER Number of patients (millions) Value market share Class growth >35% 60 21% 8 75% 68.7% 50 50 40 40 30 30 4 6 60% Geographical regions 23% 20 20 50% 26% -1% 13% 2 61% 10 95% 2% -10% 5% 0 0 Aug IO EMEA China ROW 2021 GLP-1 patients -Rybelsus® Aug 2022 -OzempicⓇ -dulaglutide -NN GLP-1 IO: International Operations; NN: Novo Nordisk; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; ROW: Rest of World; CER: Constant exchange rates Note that the market share and patient numbers are based on countries with IQVIA coverage. GLP-1 class growth calculated as Jun'23-Aug'23 vs Jun'22-Aug 22 (Rolling 3-month average) Source: IQVIA MAT, Aug 2023 (Spot rate). Volume packs are converted into full-year patients based on WHO assumptions for average daily doses; Market values are based on the list prices 60% 45.8% 45% 27.5% 30% 12.4% 15% 10.5% 2.3% 0% Aug 2023 -VictozaⓇ ―tirzepatide#88 Investor presentation First nine months of 2023 GLP-1 class expansion continues in the US in the first nine months of 2023 US GLP-1 weekly NBRx prescriptions Weekly NBRX scripts ('000s) 00 90 60 60 30 0 Oct 2021 Ozempic Rybelsus® Novo NordiskⓇ US GLP-1 TRX market share TRX share Total GLP-1 scripts (millions) Class growth ~50% 80% 7 6 60% 53.1% 5 42.3% 4 40% 3 26.6% 19.5% 2 20% 7.2% 1 3.7% 0% 0 Oct Oct Oct 2023 2021 2023 VictozaⓇ NN GLP-1 - dulaglutide tirzepatide Total monthly GLP-1 scripts NBRX: New-to-brand prescriptions; TRx: Total prescriptions; NN: Novo Nordisk; Scripts: Prescriptions; US: United States Note: Class growth calculated as Q3 2023 vs Q3 2022 Source: IQVIA Xponent, NBRx data from week ending 13 Oct 2023. TRX data from week ending 13 Oct 2023. Each data points represents a rolling four-week average#99 Investor presentation First nine months of 2023 Novo NordiskⓇ Obesity care sales grew by 174% in the first nine months of 2023 mainly driven by the US NN sales and volume BAOM market growth within Obesity care Branded AOM TRX in the US² DKK billion 55%¹ 15 TRX count ('000s) 84%1 174%1 180 94% 95% 160 ONCE-WEEKLY wegovy semaglutide injection 2.4 mg The US 12 140 75% 120 9 109 55% 100 • Commercial relaunch in January 2023 • Broad commercial formulary access While supply capacity is gradually 98 80 16 35% 60 40 3 15% 20 0 -5% 0 2021 2022 2023 June 2021 IO INAO - - BAOM Market growth (RHS) SaxendaⓇ 3 October 2023 Volume capped launches in IO in 2023, balancing supply and demand -WegovyⓇ being expanded, the supply of the lower dose strengths will remain restricted to safeguard continuity of care International Operations WegovyⓇ launched in Denmark, Norway, Germany, UK and Iceland NN sales growth at CER ¹Annual growth at CER. Each TRX data points represents one week of data; 2IQVIA weekly, 20 October 2023 Branded AOM market NAO: North America operations; IO: International operations; RHS: Right-hand side axis; TRX: Total Prescriptions; AOM: Anti-Obesity Medications (includes WegovyⓇ, SaxendaⓇ, Qsymia, Belviq and Contrave); BAOM: Branded AOM market; CER: Constant exchange Note: Sales growth at constant exchange rates. 94% volume growth for Global BAOM market growth refers to moving annual total. rates#1010 Investor presentation First nine months of 2023 Rare disease sales decreased by 18% driven by temporary reduction in manufacturing output Reported Rare disease sales Rare disease sales driven by global commercial execution DKK billion Growth at CER Rare disease sales decrease is driven by: 15 -18% 2% 15% 44% -5% -54% • 13% sales decline in North America Operations 12 9 Rare blood disorders 6 3 Novo NordiskⓇ • 22% sales decline in International Operations Rare blood disorders sales increased by 2%, driven by: . • Launch products in haemophilia A and B, partially countered by NovoSevenⓇ Rare endocrine disorders sales decreased by 54% driven by: Sales for Norditropin® declined by 50% in NAO and 56% in IO, reflecting a temporary reduction in manufacturing output Novo Nordisk has a value market share of 24.6% in the global human growth disorder market 0 Total1 Rare blood Haem. A Haem. B Novo- ! SevenⓇ disorders² Rare endocrine disorders³ 1Total includes "Other Rare disease", which consists of primarily Vagifem® and ActivelleⓇ: 2Comprises NovoSeven®, Novo Eight®, Esperoct®, Refixia® and NovoThirteenⓇ; 3 Primarily Norditropin® CER: Constant exchange rates; Haem. A: Haemophilia A; Haem. B: Haemophilia B; NAO: North America operations; IO: International operations; Unless otherwise specified, sales growth is at constant exchange rates Note: NovoThirteenⓇ is not shown for Rare blood disorders breakdown, only for the total bar.#1111 Investor presentation First nine months of 2023 Generating evidence with the semaglutide molecule beyond glycaemic control and weight loss Serious chronic diseases are associated with Millions of patients are affected globally ILLUSTRATIVE PAD AD diabetes and obesity MASH Diabetes 537 million¹ Obesity >764 million² CKD G₁₂O CVD HF G₁ CKD: 700 million³ ت | Novo NordiskⓇ Novo Nordisk is generating evidence to adress the medical unmet need in subpopulations FLOW I MASH: ~25 million4 I ESSENCE | CVD: ~520 million 5 SELECT SOUL HF: ~64 million 6 STEP HFPEF STEP HFPEF-DM PAD: ~200 million? STRIDE T I Alzheimer's Disease: ~85 million8 evoke evoke+ 1International Diabetes Federation: Diabetes Atlas 10th edition, 2021; 2World Diabetes Atlas 2022; ³Carney EF. Nat Rev Nephrol 2020;16:251; 4Estes C et al. Hepatology, 2018; 5Roth GA et al. J Am Coll Cardiol 2020; 6Groenewegen A et al. Eur J Heart Fail 2020;22:1342-13561; Fowkes FG et al. Lancet 2013; 8WHO, Dementia key facts 2022 ASCVD: Atherosclerotic cardiovascular disease; MASH: Metabolic dysfunction-associated steatohepatitis; CVOT: Cardiovascular outcome trial; T2D: Type 2 diabetes; CKD: Chronic kidney disease; PAD: Peripheral arterial disease; HF: Heart failure; HFpEF: Heart failure with preserved ejection fraction, HFPEF-DM; Heart failure with preserved ejection fraction with Diabetes; s.c.: Subcutaneous.#1212 Investor presentation First nine months of 2023 Novo NordiskⓇ FLOW trial investigating semaglutide 1.0 mg in patients with T2D and chronic kidney disease was stopped early for efficacy FLOW trial with 3534 patients with T2D and CKD Semaglutide 1.0 mg + Standard of care R 1:1 Placebo + Standard of care Event driven 5 weeks follow-up • Primary endpoint • Time from randomisation to first occurrence of composite kidney endpoint¹ Secondary confirmatory endpoints Objective • Evaluate the effect of OW semaglutide 1.0 mg vs placebo on major kidney outcomes in people with T2D and CKD on top of Soc² Power • The trial was powered to show a 20% risk reduction for the primary endpoint Interim analysis The independent Data Monitoring Committee concluded that the results from the interim analysis met certain pre-specified criteria for stopping the trial early for efficacy Next steps • The trial will be closed down, all patients will be called in for last visit Readout of trial results is expected in H1 2024 • Annual rate of change in eGFR • • Time to first occurrence of three-point MACE (non-fatal MI, non- fatal stroke or CV death) . Time to occurrence of all-cause death Presentation of detailed data expected at a medical conference in 2024 1 Composite endpoint includes; Onset of persistent ≥50% eGFR reduction (CKD-EPI) compared with baseline, Onset of persistent eGFR <15mL/min/1.73 m2 or Renal Replacement therapy and Cardiovascular or renal death. 2Including SGLT2 inhibitors MACE: Major adverse cardiovascular events; MI: Myocardial infarction; HF: Heart failure; CV: Cardiovascular; CVD: Cardiovascular Disease; CKD: Chronic Kidney Disease; OW: Once-weekly; T2D: Type 2 diabetes; eGFR: Estimated glomerular filtration rate; SoC: Standard of care#1313 Investor presentation First nine months of 2023 Novo NordiskⓇ Novo Nordisk has agreed to acquire the asset ocedurenone from KBP Biosciences to strengthen cardiovascular pipeline Acquisition of Ocedurenone from KBP Biosciences supports Novo Nordisk's aspiration within other serious chronic diseases therapeutic focus Innovation and 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, MASH and CKD Ocedurenone is being developed for uncontrolled hypertension with potential further application in CVD and CKD $ до Novo Nordisk acquired Ocedurenone for up to USD 1.3 billion Ocedurenone is an oral small molecule, non-steroidal mineralocorticoid receptor antagonist Ocedurenone appeared to have an efficacious, safe and well- tolerated profile in clincial trials Asset currently examined in phase 3 trial CLARION-CKD in patients with uncontrolled hypertension and advanced CKD Next steps: Initiate phase 3 trials in additional cardiovascular and kidney disease indications CVD: Cardiovascular Disease; CKD: Chronic Kidney Disease; MASH: Metabolic dysfunction-associated steatohepatitis#1414 Investor presentation First nine months of 2023 R&D milestones Clinical milestones¹ Project Diabetes care Q3 2023 Oral semaglutide (25/50mg) Cagrisema T2D Q4 2023 ✓ EU submission ✓ Phase 3 initiation IcoSema Obesity care FLOW kidney outcomes trial Oral semaglutide (25/50 mg) SELECT CVOT STEP HFPEF Oral Amycretin Sc. Amycretin EU/US Submission ✓ Phase 3 results Phase 3 results (T2D) Phase 1 results Rare disease Nedosiran Concizumab Phase 1 initiation ✓ US approval ✓ JP approval (HAWI/HBWI) Mim8 Other serious chronic diseases ANGPTL3i ✓ Phase 1 initiation Novo NordiskⓇ Regulatory milestones¹ H1 2024 Phase 3 results Phase 3 results Phase 3 results (OASIS 4) Phase 3 results 1Expected to be published in the given quarter or in the subsequent quarterly company announcement CVOT: Cardiovascular Outcomes Trial; EU: European Union; HFPEF: Heart failure with preserved ejection fraction; T2D: Type 2 Diabetes; US: United States; ANGPTL3i: Angiopoietin-like protein 3 inhibitor; Sc.: Subcutaneous; JP: Japan; HAWI/HBWI: Haemophilia A/B with inhibitors#1515 Investor presentation First nine months of 2023 Financial results - First nine months of 2023 Novo NordiskⓇ In DKK million Sales Gross profit Gross margin First nine months of 2023 166,398 First nine months of 2022 128,862 Change Change (reported) (CER) 29% 33% Sales and distribution costs 140,647 84.5% (39,573) 108,676 29% 34% 84.3% (32,474) 22% 25% Percentage of sales 23.8% 25.2% Research and development costs (21,983) (15,962) 38% 39% Percentage of sales 13.2% 12.4% Administration costs (3,399) (3,119) 9% 11% Percentage of sales 2.0% 2.4% Other operating income and expenses 116 601 (81%) (80%) Operating profit 75,808 57,722 31% 37% Operating margin 45.6% 44.8% Financial items (net) 1,246 (4,976) Profit before income tax 77,054 52,746 46% Income taxes (15,334) (10,813) 42% Effective tax rate 19.9% 20.5% Net profit 61,720 41,933 47% Diluted earnings per share (DKK) 13.71 9.21 49% CER: Constant exchange rates#1616 Investor presentation First nine months of 2023 Financial outlook for 2023 Sales growth - at CER Expectations 2 November 2023 32% to 38% Expectations 10 August 2023 27% to 33% Sales growth - reported Operating profit growth - at CER Operating profit growth - reported Around 4 percentage points lower 40% to 46% Around 7 percentage points lower Around 6 percentage points lower 31% to 37% Around 9 percentage points lower Financial items (net) Effective tax rate Free cash flow Gain of around DKK 1.6 billion 19% to 21% DKK 65 to 73 billion Gain of around DKK 2.8 billion 19% to 21% DKK 64 to 72 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 2023 CER: Constant exchange rates Note: Changes since last highlighted in bold#1717 Investor presentation First nine months of 2023 Strategic aspirations 2025 sustainability (ESG) Purpose and খ Commercial execution • • Progress towards zero environmental impact Being respected for adding value to society Being recognised as a sustainable employer 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 CVD: Cardiovascular disease; MASH: Metabolic dysfunction-associated steatohepatitis; CKD: Chronic kidney disease. Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. Financials Innovation and therapeutic focus Опш • 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, MASH and CKD • Deliver solid sales and operating profit growth . 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 Novo NordiskⓇ#1818 Investor presentation First nine months of 2023 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 Sina Meyer Frederik Taylor Pitter +45 3075 2175 +45 3077 6915 +45 3075 5956 +45 30796656 +45 30758259 [email protected] [email protected] [email protected] [email protected] [email protected] Upcoming events 02 November 2023 Financial statement for the first nine months of 2023 11 November 2023 Investor event at AHA 2023 in Philadelphia 31 January 2024 7 March 2024 Financial statement 2023 Capital Markets Day 2024 Novo NordiskⓇ#1919 Investor presentation First nine months of 2023 Appendix Novo Nordisk corporate strategy Diabetes care GLP-1 Insulin Obesity care 20 34 43 51 56 Rare disease 81 Other serious chronic diseases 94 Regional information 112 Financials 142 Sustainability 152#2020 Investor presentation First nine months of 2023 Novo Nordisk Corporate Strategy Diabetes 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 serious chronic diseases Sustainable business Obesity Strengthen leadership through market development and by offering innovative medicines and driving patient outcomes Other Serious Chronic Diseases Establish presence by building competitive pipeline and scientific leadership Novo NordiskⓇ#2121 Investor presentation First nine months of 2023 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 Rare disease Haemophilia 0.6m people with haemophilia4 Novo Nordisk Way Driving change to defeat serious chronic diseases Sustainable -35% of people being treated >764m people with obesity³ business 16% of global deaths caused by ASCVD5 >30m people affected by HFPEF6 Obesity care ~2% of people medically treated Other serious chronic diseases >25m people affected by MASH7 >70m people affected by AD³ 1 International Diabetes Federation: Diabetes Atlas 10th edition, 2021; 2Real-world studies indicate between 30-55% of patients reach HbA1c 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); "Groenewegen A et al. Eur J Heart Fail 2020;22:1342-13561; Gurwitz JH et al. Am J Med 2013;126:393-400; 7Estes 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 2023 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Novo NordiskⓇ Diabetes care DKK billion 1200 1000 800 Obesity care DKK billion #1 50% 60 40% 50 50 40 40 30% Haemophilia DKK billion #1 120% 100 #3 50% 100% 80 40% 80% 60 30% 600 50 30 60% 20% 40 400 20 40 20% 20 40% CAGR¹ value: 16.6% 10% CAGR² value: 121.4% 20 200 10 20% 20 10% CAGR³ value: 5.9% 0 0% 0 0% 0 Aug 2018 Aug 2023 Aug 2021 Aug 2023 FY 2019 0% FY 2022 Market value NN value market share (RHS) Market value Market value Global market position 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, plasma derived products excluded except FeibaⓇ; Source: Company reports for haemophilia market; IQVIA MAT, Aug 2023; Note: Market values are based on the list prices NN: Novo Nordisk.#2323 Investor presentation First nine months of 2023 Sales growth of 33%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo NordiskⓇ DKK billion 70 Novo Nordisk reported quarterly sales by therapy 560 Reported sales CAGR1: 10.5% 60 Reported sales for the first nine months of 2023 Rare Other Rare endocrine rare blood disorders disease Reported sales and growth breakdown for the first nine months of 2023 Therapy Sales (mDKK) Growth Share of growth Injectable GLP-12 72,531 44% 54% RybelsusⓇ 12,840 82% 14% disorders 1% 50 Total GLP-1 85,371 49% 68% -5.4%¹ 5%2% Obesity Total insulin³ 36,042 -7% -6% 40 40 -10.6%1 care 18% Other Diabetes care4 1,990 -21% -1% 2.7%1 Total Diabetes care 123,403 25% 60% 30 Obesity care5 30,403 174% 47% 12.4 %1 20 Diabetes and Obesity care 153,806 40% 107% Rare blood disorders6 8,842 2% 0% 74% 10 Diabetes care 0 Q3 Other rare disease 2013 Rare endocrine disorders Q3 2023 Rare endocrine disorders? Other Rare disease Rare disease Total 2,572 -54% -7% 1,178 -7% 0% 12,592 -18% -7% 166,398 33% 100% Rare blood disorders Diabetes and Obesity care Sales of DKK 166.40 billion (~33%) 1 CAGR for 10-year period; 2 Comprises Victoza®, Ozempic®; 3 Comprises Tresiba®, XultophyⓇ and Levemir®, RyzodegⓇ and NovoMix®,FiaspⓇ and Novo RapidⓇ: 4 Primarily NovonormⓇ, needles and Gluca Gen® HypoKitⓇ; 5 Comprises SaxendaⓇ and Wegovy®: 6 Comprises NovoSeven®, Novo Eight®, NovoThirteenⓇ Refixia®, and Esperoct®; 7 Comprises NorditropinⓇand Macrilen TM; 8 Primarily VagifemⓇ and ActivelleⓇ Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rate, except for total sales growth of 29%; Refixia® and NovoThirteenⓇ are launched as RebinynⓇ and TRETTENⓇ, respectively, in North America.#2424. Investor presentation First nine months of 2023 Sales growth of 33%, driven by both NAO and IO with 49% and 17% sales growth respectively Total in DKK billion Historic and reported sales by geography Reported sales and growth breakdown for the first nine months of 2023 Novo NordiskⓇ 111.8 177.0 166.4 Regions Sales (mDKK) Share of Growth growth 9% 14% 13% 10% International Operations 72,390 17% 26% 9% 8% EMEA 38,161 19% 15% 30% 23% 25% Region China 13,269 12% 4% ROW 20,960 16% 7% North America Operations 94,008 49% 74% 56% 51% 52% Hereof USA 87,467 49% 69% Total sales 166,398 33% 100% 2018 2022 9M 2023 North America EMEA 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 2023 Novo NordiskⓇ Novo Nordisk holds solid patent protection and competitive advantages Novo Nordisk's position is protected by patents and value chain setup Novo Nordisk holds competitive advantages compared to biosimilars OZEMPİC semaglutide injection RYBELSUS semaglutide tablets Fiasp fast-acting insulin aspart esperoct turoctocog alfa pegol Xultophy insulin degludec/liraglutide [rDNA origin] injection TRESIBA insulin degludec [rDNA origin] injection RYZODEG 70% insulindegiudec and 30% insulin aspart [rDNA origin injection EU/US patent protection¹ 2031/32² 2031/20322,3 20304 2034/322 2028/29 (2) • • 2028/29 2028/29 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 Commercialisation • Large and fragmented target audience Cost pressure from payers On-going conversion to next-generation drugs and slow market dynamics Manufacturing refixia® VICTOZA liraglutide injection 12 mg 18mg 2027/28 20235 E • Economies of scale . Up-front CAPEX requirements with slow return on investment 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; PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure#2626 Investor presentation First nine months of 2023 Partnerships and acquisitions support future research and development Selected licenses Acquisitions 2019 EpiDestiny Novel treatment for CVD/Rare disease TA: Therapy area; CVD: Cardiovascular Disease; siRNA: Small interfering RNA Note: Deal flow from 2019-2023Q3; 2020 2021 2022 2023 Emisphere Oral formulations of therapeutics CORVIDIA Novel treatments for CVD/Rare disease of prothena Novel treatment for CVD/Rare disease Dicerna™ siRNA treatments forma THERAPEUTICS. Novel treatments for CVD/Rare disease inversago PHARMA Novel treatments for metabolic diseases Heartseed Novel treatment for CVD/Rare disease Ventus THERAPEUTICS Novel treatment for metabolic diseases Valo Novel treatment for CVD/Rare disease Novo NordiskⓇ#2727 Investor presentation First nine months of 2023 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 • Drugability of intracellular targets • RNA: Ribonucleic acid; mRNA: messenger RNA XX Genes (DNA) on chromosomes Peptides and proteins m RNAi Cm mRNA • Highly specific for targeted gene Reversible yet long-acting therapies Engage on the temporary genetic level with RNA therapeutics Novo NordiskⓇ#2828 Investor presentation First nine months of 2023 First two human dose initiations with Dicerna in Q4 2022 in line with ambition presented at Capital Markets Day 2022 First two phase 1 trials in MASH with siRNA technology initiated Diabetes care Obesity care Trial 1 Target: MARC1 Trial 2 Target: LXR(a) CVD 32 patients 48 patients MASH RBD RED Other areas Trial objectives The trials are investigating safety, tolerability, pharmacokinetics and pharmacodynamics of the respective siRNA-based assets siRNA: Small interfering RNA; MARC1: Mitochondrial amidoxime reducing component 1; LXR(a): Liver X receptor alpha Novo Nordisk and Dicerna • • After a productive partnership since 2019, Novo Nordisk acquired Dicerna pharmaceuticals in 2021 for $3.3 bUSD Integrated into Novo Nordisk and now operates as a transformational research unit (TRU) responsible for the siRNA research technology platform Setup to preserve the agility and speed of a smaller biotech, while leveraging the scale and experience of a large pharmaceutical company Ambition • Generate an average of 3 first human dose projects per year across therapy areas with the siRNA technology platform Novo NordiskⓇ#2929 Investor presentation First nine months of 2023 Novo NordiskⓇ Novo Nordisk's core capabilities provide a competitive advantage to continue to defeat diabetes Engineering, formulating, developing and delivering protein-based treatments ဝ 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 industry leading GLP-1 portfolio 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#30Therapy areas 30 Investor presentation First nine months of 2023 Core capabilities and additional technology platforms open up new opportunities across therapy areas Diabetes care Obesity care CVD MASH RBD RED Other areas ao Co m Technology platforms O Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy 110 20 Currently active 20 110 OD 11 114 CO 114 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; MASH: Metabolic dysfunction-associated steatohepatitis; RNA: Ribonucleic acid Exploratory potential 10 O O O 50 10 101 16 110 91 12 Injectable administration B Oral administration Novo NordiskⓇ#3131 Investor presentation First nine months of 2023 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 was in 2022 Ambition of generating first human dose projects on average per year across disease areas with the RNAi platform Novo NordiskⓇ#3232 Investor presentation First nine months of 2023 Novo NordiskⓇ Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 NN1845 GSI NN1471 Pumpinsulin NN9041 - DNA Immunotherapy NN9541-OW GLP-1/GIP co-agonist NN9904 Once weekly oral sema NN9487 - Oral Amycretin NN9490 Sc Amycretin NN6582 - LXR(a) in MASH NN6581 - MARC1 in MASH NN9003 - Stem Cells in HF NN9001 - Stem Cells in PD NN6491 - Anti-ANGPTL3 in CVD PHASE 2 NN9440-INV-202 NN7533 Ndec in SCD NN7536 Etavopivat in Beta thalassemia NN9388 - Cagrisema NN9931 - Gilead in MASH NN9500 FGF-21 in MASH - - NN6021 Belcesiran in AATLD NN6019-ATTR Cardiomyopathy PHASE 3 NN1535- Icosema SUBMITTED NN1436 Insulin Icodec NN9924 - Oral Semaglutide 25 and 50 mg¹ - APPROVED TresibaⓇ NN7415 Concizumab in HwI, HA/HB2 XultophyⓇ SELECT - Semaglutide 2.4 mg CVOT in obese population Levemir® NN9536 Semaglutide 7.2 mg NN9838 Cagrisema RyzodegⓇ NovoMixⓇ FiaspⓇ NovoRapidⓇ NN9932 Oral Semaglutide 25 and 50 mg obesity NN9931 Semaglutide 2.4 mg in MASH NN6535 Oral Semaglutide 14.0 mg in AD NN6018 Ziltivekimab in ASCVD NN6018 Ziltivekimab in HFPEF NN6023 - NN7769 NN7535 Ocedurenone in CKD Mim8 in HA Etavopivat in SCD 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 CKD STRIDE Semaglutide 1.0 mg in PAD STEP Semaglutide 2.4 mg in HFPEF and T2D RybelsusⓇ Ozempic Ⓡ3 VictozaⓇ WegovyⓇ SaxendaⓇ NovoSevenⓇ NovoEight® EsperoctⓇ NovoThirteenⓇ Refixia® AlhemoⓇ4 RivflozaⓇ5 Diabetes care Obesity care Rare blood disorders Rare endocrine disorders Other serious chronic diseases Norditropin® Sogroya® 1Submitted to EMA; 2Submitted to EU for HwI, to Japan for HA/HB; 3Higher doses of injectable semaglutide (8 mg and 16 mg) tested in phase 2; 4Approved in Canada (HAWI/HBWI), Australia (HAWI/HBWI), Switzerland (HAWI/HBWI) and Japan (HAWI/HBWI);5 Approved for PH1. AATLD: Alpha-1 Antitrypsin Deficiency-associated Liver Disease; AD: Alzheimer's Disease; ANGPTL3: Angiopoietin-like protein 3; ASCVD: Atherosclerotic Cardiovascular Disease; ATTR: Transthyretin amyloidosis; CKD: chronic kidney disease; CVOT: Cardiovascular outcome trial; FGF-21: Fibroblast growth factor 21; GHD: Growth hormone disorder; GSI: Glucose Sensitive Insulin; HA: Haemophilia A; HF: Heart failure; HFPEF: heart failure with preserved ejection fraction; HwI: Haemophilia with inhibitors; JP: Japan; LXR(a): Liver X receptor alpha; MARC1: Mitochondrial amidoxime reducing component 1; MASH: Metabolic dysfunction-associated steatohepatitis; MDS: myelodysplastic syndrome; PAD: Peripheral arterial disease; PD: Parkinson's Disease; PH: Primary hyperoxaluria; SCD: Sickle cell disease; Sema: Semaglutide; US: United States#3333 Investor presentation First nine months of 2023 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 Product Fill and finish Iran Algeria Fill and finish ㅎ API ň பப் ஆ Filling / tableting Supply value chain Research and Development Manufacturing development production API: Active Pharmaceutical Ingredient Japan Assembly and packaging Distribution (cold chain) Patients#3434 Investor presentation First nine months of 2023 Diabetes care Disease and market GLP-1 segment Insulin segment 35 43 51 novo nordisk SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark#3535 Investor presentation First nine months of 2023 Diabetes - the inability to manage blood sugar levels appropriately Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin produced by the pancreas Primary classifications: Type 1 diabetes: Complete insulin deficiency due to destruction of beta- cells in the pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency Insulin: • Facilitates uptake of blood sugar into cells • Inhibits glucose release from the liver Insulin analogue action profiles Liver Pancreas Muscle Novo NordiskⓇ Fast-acting Premix Long-acting Fat cell 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Time of day Breakfast Lunch Dinner#3636 Investor presentation First nine months of 2023 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)#3737 Investor presentation First nine months of 2023 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 57 537 286 • 70% of people with diabetes die from 51 227 CVD atherosclerotic CVD² 400 187 • 150% increase in risk of stroke³ 175 164 141 200 260 195 • Higher likelihood of neuropathy, 158 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#3838 Novo NordiskⓇ Investor presentation First nine months of 2023 The unmet need within diabetes care remains large with too few patients reaching glycaemic 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, 36.3 million¹ people are currently treated with Novo Nordisk diabetes products 6.3 mio treated with GLP-1 4.5 mio treated with new-generation insulin 12.6 mio treated with modern insulin 11.5 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 2022 (total available in Novo Nordisk Annual Report 2022)#3939 Investor presentation First nine months of 2023 B-cell function Diabetes is a chronic disease requiring treatment intensification over time Diet and exercise OAD GLP-1 Insulin Distribution of estimated prescriptions¹ and value across treatment classes 3% 10% 21% 50% 3% 13% 38% 13% 0.6% 5% 25% 18% Time Estimated Prescriptions ■GLP-1 Inj. DPP-4i Value Oral GLP-1 Trad. OAD Insulin SGLT-2i 1The estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions. Note: Other OADs cover: metformin, sulfonylurea, thiazolidinediones. OAD: Oral anti-diabetic Source: MIDAS; patient and value figures based on IQVIA MAT, Aug 2023; Market values are based on the list prices Novo NordiskⓇ#4040 Investor presentation First nine months of 2023 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 28 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.#4141 Investor presentation First nine months of 2023 The total branded diabetes market has a global value of DKK -410 billion annually DKK billion 500 Global diabetes market DKK The USA billion 2022/2023 2021/2022 Growth at CER 300 +19% +15% 207 +36% 408 200 162 400 118 +48% -22% 81 -13% 342 100 34 40 14 15 41 25 0 300 Total Insulin GLP-1 DPP-4i SGLT-2i DKK Outside the USA +40% billion 200 171 300 +12% -12% +46% 111 116 201 180 99 200 -15% 90 100 -7% 48 55 60 +50% -16% +45% 100 65 70 53 35 34 40 49 35 0 Total 0 Insulin GLP-1 DPP-4i SGLT-2i Total Insulin GLP-1 DPP-4i SGLT-2i Source: Company announcements as of Q2 2023; 2022/2023 data based on Q3 2022 to Q2 2023 and 2021/2022 data based on Q3 2021 to Q2 2022 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Ⓡ#4242 Investor presentation First nine months of 2023 Novo Nordisk has a leadership position within the growing diabetes market Novo NordiskⓇ Global diabetes market by treatment class¹ Novo Nordisk remains global diabetes value market leader Novo Nordisk market share and share of growth DKK billion 500 Market CAGR: 10% 60% 11% 13% 13% 14% 14% 14% 400 21% 21% 21% 23% 24% 25% 40% 33% 40% 300 CAGR: -3% CAGR: 33% 38% 36% 35% 30% 29% 28% 200 CAGR: -4% 20% 32% 25% 100 30% 31% 31% 32% 33% 33% CAGR: 29% 0 2018 2019 2020 2021 2022 H1 2021 0% H2 H1 H2 H1 Q3 2021 2022 2022 2023 2023 Aug Aug 2020 2023 GLP-1 Insulin SGLT-2i DPP-4i Company A Company B Others Novo Nordisk NN market share -NN share of growth -Market growth (right axis) NN growth (right axis) 1 Data is based on company reported sales. Data does not include generic metformin, sulphonylureas or thiazolidinedione NN: Novo Nordisk Source: IQVIA MAT, Aug 2023 value figures Note: IQVIA data can be inflated due to use of list prices. Due to contractual obligations competitor names are not disclosed. Company A and B represent actual companies#4343 Investor presentation First nine months of 2023 GLP-1 mechanism of action and potential therapeutic opportunities GLP-1 mechanism of action when blood sugar levels increase Creates sense of satiety in the brain Diabetes Brain CVD Semaglutide holds a plethora of therapeutic opportunities¹ 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 MASH 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 Reduces glucagon secretion in the liver GLP-1 Liver Slows gastric emptying MASH Stomach CKD 1 List is not exhaustive Pancreas Increases insulin secretion in the pancreas Sc: Subcutaneous; T2D: Type 2 diabetes; CVD: Cardiovascular disease; CKD: Chronic kidney disease; MASH: Metabolic dysfunction-associated steatohepatitis; PAD: Peripheral artery disease Novo NordiskⓇ#4444 Investor presentation First nine months of 2023 Novo Nordisk has 54% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share Novo NordiskⓇ GLP-1 share of total estimated diabetes prescriptions¹ is 6% Million prescriptions¹ 250 66% 200 62% Global: 2% 54% 150 52% 100 50 0 0% Aug Aug 2018 2020 2023 -NN market share NN share of growth GLP-1 -Market growth Source: IQVIA MAT value (spot rate), Aug 2023; Market values are based on the list prices -NN growth SGLT-2i DPP-4i Insulin Global: 6% 2023 Trad. OAD GLP-1 share of estimated diabetes prescriptions 1 The estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full- year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions Source: IQVIA MAT volume (Spot rate), Aug 2023; Market values are based on the list prices#4545 Investor presentation First nine months of 2023 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 -1 -1.9 -1.9 -1.4 -0.4 -0.7 8.2% -1.8-1.5 -1.1 -1.3 95 kg Novo NordiskⓇ Change in weight (kg) -3.7 * -4.5 -4.3 * -5.6 -6.1 * | semaglutide 1.0 mg semaglutide 0.5 mg placebo -5.2 * * -3.5 -3.7* * -4.9 -6.4* sitagliptin 100 mg exenatide ER glargine U100 -3.6 -4.6 * -6.5* dulaglutide 1.5 mg -2.3 -3.0 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 2023 Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application approved in the US and the EU Estimand Trial product estimand Treatment policy estimand Once-weekly semaglutide 2.0 mg 1.0 mg 2.0 mg 1.0 mg HbA1c 2.2%* 1.9% 2.1%* 1.9% reduction Body weight reduction -6.9* -6.0 -6.4 -5.6 (kg) HbA1c < 7.0%¹ 68% 58% 1 ADA recommended treatment target *Statistically significant S.c.: subcutaneous; Sema: Semaglutide; T2D: Type 2 diabetes Data from SUSTAIN FORTE Semaglutide 2.0 mg showed superior HbA1c reduction with more patients reaching target¹ versus semaglutide 1.0 mg Semaglutide 2.0 mg appeared to have a safe and well-tolerated profile Gastrointestinal adverse events were similar for semaglutide 1.0 mg and 2.0 mg (2) Label expansion application approved in the US and the EU Novo NordiskⓇ#4747 Investor presentation First nine months of 2023 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* -1.3* * -1.1 -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* -4.1* -3.8 -4.2 -0.7 * -1.2 -2.2 -3.3* -4.7 -0.7 -3.2 -3.7 -1.1 86 kg 0.6 -0.8 * -1.3 * -2.9 * -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#4848 Investor presentation First nine months of 2023 PIONEER PLUS achieved its primary endpoint and demonstrated statistically significant HbA1c reduction vs oral sema 14 mg Oral semaglutide 25 mg and 50 mg vs 14 mg in subjects with T2D Oral semaglutide 50 mg R Oral semaglutide 25 mg 1:1:1 Oral semaglutide 14 mg 68 weeks 5 weeks follow-up Inclusion criteria (1,606 participants): Primary endpoint: Change from baseline to week 52 in HbA1c Secondary endpoint: . Type 2 Diabetes • HbA1c 8.0 - 10.5% Change from baseline (%) Headline trial results Change in HbA1c Change in body weight Mean baseline HbA1c: 9.0% Mean baseline body weight: 96.4 kg -1.5% -1.9%* -2.2%* Change from baseline (kg) -4.5 -7.0* -9.2* • BMI ≥25 kg/m² Change from baseline to week 52 in body weight Stable dose of 1-3 OADS (metformin, SU, SGLT-2i or DPP-411) All doses of oral semaglutide appeared to have safe and well-tolerated profile Oral semaglutide 14 mg Oral semaglutide 50mg Oral semaglutide 25mg *Statistically significant/superior vs oral semaglutide 14 mg; 1DPP-4i terminated at randomization T2D: Type 2 diabetes; HbA1c: Glycated haemoglobin; BMI: Body Mass Index; OADS: Oral antidiabetic drugs; SU: Sulfonylurea; SGLT-2i; Sodium-glucose cotransporter-2 inhibitors; DPP-4i: dipeptidyl peptidase-4 inhibitors Note: Trial product estimands shown; Trial objective: To compare the safety and efficacy of 25 and 50 mg oral semaglutide with 14 mg oral semaglutide once daily in people with type 2 diabetes Novo NordiskⓇ#4949 Investor presentation First nine months of 2023 Phase 2 trial for CagriSema in people with type 2 diabetes was successfully completed in Q3 2022 Exploratory phase 2a trial of CagriSema in T2D Cagrilintide 2.4 mg + semaglutide 2.4 mg Change in HbA1c Headline trial results 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 16 weeks Treatment maintenance Follow up 16 weeks 5 weeks Change from baseline (%) -0.93% ויי ווי -15.6% -2.18% -1.79% 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 Cagrilintide 2.4 mg OW 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Ⓡ#5050 Investor presentation First nine months of 2023 Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, was initiated in Q3 2023 CagriSema characteristics REIMAGINE 1 vs placebo CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and semaglutide 2.4 mg REIMAGINE 2 FDC trial REIMAGINE 3 Add-on to insulin Phase 3a programme with CagriSema in T2D: • Aims to confirm efficacy and safety across four global trials REIMAGINE 4 H2H vs tirzepatide REDEFINE 3 • Global phase 3 trial programme • 180 patients with T2D 40-week vs. placebo • Primary endpoint: HbA1c 2700 patients with T2D, MET +/- SGLT-2i 68-week vs. semaglutide, cagrilintide and placebo • Primary endpoint: HbA1c and bodyweight • • 270 patients with T2D, Basal insulin +/- MET 40-week vs. placebo • Primary endpoint: HbA1c 1000 patients with T2D, MET +/- SGLT-2i 68-week vs. tirzepatide • Primary endpoint: HbA1c and bodyweight • Expected completion during 2025/2026 7000 patients¹ CVOT - shared with obesity programme • Event driven O Primary endpoint: 3-point MACE 2023 2024 2025 165% of patients with T2D, 35% without T2D FDC: Fixed dose combination; T2D: Type 2 Diabetes; H2H: Head-to-head; CVOT: Cardiovascular outcomes trial; 3P: Three point; MACE: Major adverse cardiovascular event; MET: Metformin; SGLT-2i: sodium-glucose co-transporter-2 inhibitor Note: CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg 2026 Novo NordiskⓇ#5151 Investor presentation First nine months of 2023 Novo Nordisk global insulin market leadership at 45.5% and the global insulin volume market declined by 2.8% North America Operations Market growth: -3.7% MS: 37.5% MS gain/loss': -0.7%-p Sales growth: -24% USA Market growth: -3.8% MS: 37.2% MS gain/loss: -0.5%-p Sales growth: -25% Global Market growth: -2.8% MS 45.5% MS gain/loss: -1.3%-p Sales growth: -7% Novo NordiskⓇ International Operations Market growth: -2.5% MS: 48.3% MS gain/loss: -1.6%-p Sales growth: -1% Market growth: -4.2% MS: 58.2% MS gain/loss¹: 1.1%-p Sales growth: 5% Region China Market growth: 1.5% MS: 41.7% MS gain/loss¹: -7.7%-p Sales growth: -10% EMEA Market growth: -3.2% MS: 47.2% ROW MS gain/loss: -0.5%-p Sales growth: 2% Source: IQVIA MAT, Aug 2023 volume figures Note: Sales growth for first nine months of 2023 at constant exchange rates; Market shares are for Novo Nordisk, market growth for total insulin market 1MS gain/loss compared with Aug 2022 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; Market values are based on the list prices#5252 Investor presentation First nine months of 2023 Insulin market size and volume share of growth and market share Insulin market share and market size (DKK billion) Total 44% Long- Acting 38% Fast- Acting 52% 70% Premix 14 31% Human 22 ཙ་ 94 Novo Nordisk 132 Competitors Market growth A Market share 263 -3.7% -0.2% 50% Insulin volume: Market share Novo NordiskⓇ 46% 9% 40% 6% -4.1% +0.4% 3% 30% 0% 0.1% -0.7% -3% 20% -3% -6% 10% -15.9% +0.8% 0% Aug -7.1% -1.3% 2020 -NN market share -6% -9% Aug 2023 Market growth (right axis) NN growth (right axis) Source: IQVIA, Aug 2023, LHS graph - Value, RHS Graph - Volume, MAT, all countries; Share of growth not depicted due to too high numbers; Market values are based on the list prices. NN: Novo Nordisk#5353 Investor presentation First nine months of 2023 Once-weekly 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 has been completed TIR: Time-in-range ONWARDS 1 984 people insulin-naïve, 78-week, vs insulin glargine U100 Reduction of disease burden with once-weekly treatment ONWARDS 2 526 people on basal, 26-week, vs insulin degludec Tested for superior HbA1c and TiR vs glargine and standard-of-care and similar safety profile of Tresiba® ONWARDS 3 588 people insulin-naïve, 26-week, vs insulin degludec ONWARDS 4 582 people on both basal and bolus, 26-week, vs insulin degludec App-based offering and connected smart pen to optimise titration and support compliance and data collection ONWARDS 5 1,085 people, insulin-naïve using app-based dosing recommendations, 52-week ONWARDS 6 582 people, type 1 diabetes using bolus insulin, 52-week, vs insulin degludec Reduced environmental footprint Submission Insulin Icodec was submitted in US, EU and China in Q2 2023 Novo NordiskⓇ#5454 Investor presentation First nine months of 2023 Novo NordiskⓇ ONWARDS 3 BASAL INITIATION Trial duration (weeks) 26 Once-weekly insulin icodec appeared to be effective and to have a safe profile in the phase 3 ONWARDS programme ONWARDS 1 BASAL INITIATION 522 ONWARDS 4 BASAL/BOLUS SWITCH ONWARDS 6 BASAL/BOLUS SWITCH 262 ONWARDS 5 BASAL INITIATION ONWARDS 2 BASAL SWITCH 52 26 26 (Full trial: 78 weeks) Baseline HbA1c (%) Non-inferiority confirmed 8.5% ✓ 8.5% ✓ 8.9% 8.1% ✓ 8.3% (Full trial: 52 weeks) 7.6% ✓ Superiority confirmed Estimated change from baseline in HbA1c (%) -0.47% -0.51% -0.71% -0.93%* -1.55%*-1.35% -1.16% -1.18% *-1.36% -1.31% 19.93 -1.57%* -1.68%* * 10.37 Hypoglycaemia event 0.30 0.16 rates¹ 0.31 0.15 Insulin-naïve type 2 diabetes 5.64 5.62 0.19 0.14 0.73 0.27 Insulin-treated type 2 diabetes Type 1 diabetes Once-daily insulin degludec Once-daily basal insulins In people with type 2 diabetes: No statistical difference in estimated hypoglycaemia events Once-weekly insulin icodec Once-daily insulin glargine U100 *Statistically significant. 1 Severe or clinically significant hypoglycaemia events (blood glucose <3 mmol/L) per patient year, included for end of trial/end main phase in-trial. 2 Duration refers to trial main phase. 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 T1D: Type 1 diabetes; T2D: Type 2 diabetes. Note: Overview refer to primary end-points in main phases of trials#5555 Investor presentation First nine months of 2023 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Ⓡ#5656 Investor presentation First nine months of 2023 *Obesity care novo nordisk Obesity disease background 57 Obesity market development 61 Innovation 62 MICHAEL PETERSEN Michael lives with obesity Denmark#5757 Investor presentation First nine months of 2023 Novo NordiskⓇ 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 G societies within healthcare 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.#5858 Investor presentation First nine months of 2023 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 15 -2.5 Treated ~1 million with SaxendaⓇ in 2021 1 Only 25% on treatment for more than 1 year -0.25 Ensure obesity is a healthcare priority needing medical management People with obesity activation Truth HCP engagement Rethink Value proposition to payers About Weight™ ObesityⓇ direct care obesity 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® liraglutide injection Late-stage pipeline products Oral semaglutide 25 mg and 50 mg ONCE-WEEKLY wegovyⓇ semaglutide injection 2.4 mg CagriSema Novo NordiskⓇ#5959 Investor presentation First nine months of 2023 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 77% WegovyⓇ patient characteristics in the US 30% 81% 37.5 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 (million of people) 27-30 (43) 30-35 (52) 35-40 (25) ≥40 (20) 140 No obesity-related comorbidity² 7 (16%) 6 (12%) 2 (9%) 2 (8%) Total (140) 17 (12%) million people with a BMI > 27 Any obesity-related comorbidity Hereof metabolic syndrome³ 36 (84%) 46 (88%) 23 (92%) 18 (90%) 123 (88%) 21 (48%) 26 (50%) 14 (56%) 12 (61%) 72 (52%) Hereof ASCVD 4 (8%) 5 (10%) 3 (10%) 2 (10%) 13 (9%) ¹Naïve to AOM treatment is based on total info in the database and not restricted to 12 months prior WegovyⓇ prescription 2 Individuals without any of the following obesity related conditions: T2DM, Pre-diabetes, MASH, MAFLD, 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. BMI; Body mass index; ASCVD: Atherosclerotic cardiovascular disease#6060 Investor presentation First nine months of 2023 Patient access to anti-obesity medications is improving in both the US and IO The ~50 million people having access to WegovyⓇ demonstrates the recognition of Obesity as a chronic disease ~110m Obesity prevalence in US adults¹ ~60m Commercial Channel >80% formulary access • ~50% of employers opt-in ~38m People with commercial coverage ~12m Medicaid² Restricted reimbursement for SaxendaⓇ is progressing EXAMPLES BMI ≥ 30 with two or more co-morbidities 米 BMI ≥ 35 With pre-diabetes and risk of CV (+) ~60% coverage by private insurance, 20% of which includes restricted/unrestricted coverage BMI ≥ 35 Or BMI ≥ 28 and one obesity related comorbidity 1 Prevalence: Adult obesity facts. Centers for Disease Control and Prevention, https://www.cdc.gov/obesity/data/adult.html; US Census Bureau. QuickFacts: United States. https://www.census.gov/quickfacts/fact/table/US#viewtop. Accessed Mar, 2021.; 2 Also includes DoD and government employees Note: Obesity is defined as BMI > 30 Novo NordiskⓇ#6161 Investor presentation First nine months of 2023 Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth 180% 140% 100% 60% Obesity market growth and Novo Nordisk value market share Obesity market size and growth DKK billion 156% 180% 134% 140% 100% 94% 22.8 60% 30.5 ~134% 53.3 0.0 94% ~156% 20% 20% 86% -20% -20% Aug Aug Aug NN Obesity care Others 2020 -NN market share 2023 2022 -Market growth (right axis) Novo Nordisk NN Growth (right axis) Source: IQVIA, Aug 2023 Value MAT, all countries; Share of growth not depicted due to high growth; Market values are based on the list prices Aug 2023 Others Novo NordiskⓇ#6262 Investor presentation First nine months of 2023 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 STEP 3 Weight mgmt. STEP 4 Sustained weight management with IBT 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 68 weeks After 20 weeks 105.8 107.2 96.1 106.0 104.5 Baseline body weight, kg 105.3 99.8 Sema Placebo Sema IBT Sema Placebo 9 + IBT Sema Placebo Sema 6.5 Placebo Sema Placebo Sema Lira 3.0 mg Placebo Change from baseline in BW (%) -9 -2.4 -5.0 -5.2 -8.8 -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#6363 Investor presentation First nine months of 2023 In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% The pivotal STEP 1 trial showed greater than 16% weight loss % change in body weight Data from STEP 1 0 -4 -8 -12 -16 • Average age 46 Placebo: -2.4% . 74.1% women • Average BMI 37.9 kg/m² Improvements in lipid profile as well as C-reactive protein Semaglutide 2.4 mg: -16.9% Semaglutide improved health-related quality of life as measured by SF-36 and IWQOL-lite-CT -20 0 4 8 12 16 20 28 36 44 52 60 68 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand. BMI: body mass index; SF-36: Short Form (36) Health Survey; IWQOL-lite-CT: Impact of Weight on Quality of Life-Lite questionnaire Novo NordiskⓇ#6464 Investor presentation First nine months of 2023 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 Semaglutide 2.4 mg showed a statistically significant treatment difference versus placebo in the IWQOL-Lite-CT PRO Proportion of patients 100% 80% 60% 92.4% 40% 33.1% 20% Semaglutide 2.4 mg Placebo IQWOL-Lite-CT 74.8% Physical function 54.8% 11.8% 5.0% 34.8% Physical Psychological 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 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;#6565 Investor presentation First nine months of 2023 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 0 Randomisation • Data from STEP 4 -4 -8 I I -12 -10.5% -16 I I Placebo: -5.2% 目 Average age 46 • 79% women • Average BMI - 38.4 kg/m2 Trial highlights that obesity is a chronic disease requiring sustained treatment Novo NordiskⓇ Semaglutide 2.4 mg: -18.2% Improvements on a panel of cardiovascular risk markers -20 048 12 16 20 24 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#6666 Investor presentation First nine months of 2023 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 Semaglutide 2.4 mg showed a statistically significant treatment difference versus placebo in the SF-36 patient reported outcome 100% 90.5% Semaglutide 2.4 mg Placebo 80.8% 80% 60% 50.0% 40% 20% 65.5% 41.2% SF-36 scores Physical functioning Role-physical Bodily pain General health Vitality Social functioning Role-emotional Mental health 20.9% 9.8% 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 Favours placebo Favours semaglutide -1012 ETD [95% CI] 2.46 [1.593.32] 1.44 [0.42: 2.47] * * 2.23 [-0.06 4.53] 1.86 [0.733.00] * 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#6767 Investor presentation First nine months of 2023 In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years % change in body weight Clinically relevant and sustained weight loss in patients with obesity or overweight 0 2 4 6∞ -2 -10 -12 -14 -16 -18 -20 Data from STEP 5 40% of patients lost ≥ 20% of their body weight Placebo: -0.6% Semaglutide 2.4 mg: -16.7% 0 8 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 Semaglutide appeared to have a safe and well-tolerated profile Improvements in lipid profiles as well as C- reactive protein Novo NordiskⓇ#6868 Investor presentation First nine months of 2023 In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg STEP 8 observed mean change in body weight¹ Mean baseline body weight: 104.5 kg Data from STEP 8 % change in body weight 0 S Placebo: -1.8% Liraglutide 3.0 mg: -6.6% -10 -15 -20 0 5 Semaglutide 2.4 mg: -17.1%* 10 15 20 25 30 35 40 45 50 55 60 65 68 Time since Initiation (Weeks) 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 38.5% of patients lost ≥20% of their body weight with semaglutide 2.4 mg vs 6.0% with liraglutide 3.0 mg Liraglutide and semaglutide both appeared to have a safe and well-tolerated profile Statistical significant improvements in systolic BP and CRP with semaglutide 2.4 mg vs liraglutide 3.0 mg Novo NordiskⓇ#6969 Investor presentation First nine months of 2023 The phase 3a OASIS 1 trial investigating oral semaglutide 50 mg in people with overweight or obesity was completed in Q2 2023 OASIS 1 trial design The trial included 660 patients with overweight or obesity Oral semaglutide 50 mg Objective To investigate superiority of oral semaglutide 50 mg vs. placebo on weight loss in people with overweight or obesity R 1:1 Placebo oral 68 weeks 7 weeks follow-up 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 Primary endpoint • Change in body weight from baseline (%) Body weight reduction ≥ 5% OASIS programme scope Total of 1,000 patients across three trials: 1) A global (North America and Europe), 2) Japanese and 3) Chinese trial Novo NordiskⓇ#7070 Investor presentation First nine months of 2023 Oral semaglutide 50 mg in overweight or obesity demonstrated superior body weight reduction in the OASIS 1 phase 3 trial OASIS 1 showed significantly greater weight loss compared to placebo 0 Change in body weight (%) -15 -12 9 -6 ώ Mean baseline body weight: 105.4kg Categorical weight loss % at week 68 100 89.2 -1.8 % of patients 80 88 60 60 40 40 20 20 24.5 74.7 58.5 37.2 11.8 5.3 -17.4 2.4 -18 048 12 16 20 28 36 44 52 60 Time since randomisation (weeks) 0 68 68* ≥5% ≥10% ≥15% ≥20% Oral sema 50 mg Placebo Oral sema 50 mg Placebo Note: Observed data are on-treatment. Week 68* is the body weight change using the trial product estimand Sema: Semaglutide Novo NordiskⓇ#7171 Investor presentation First nine months of 2023 Phase 3 trial programme for oral semaglutide 50 mg in overweight or obesity, OASIS Oral semaglutide characteristics a Oral semaglutide 50mg: Semaglutide tablets in overweight or obesity • Once daily tablet Phase 3a programme with oral semaglutide 50 mg Aims to confirm efficacy and safety Submission in US and EU expected during 2023 The global launch of oral semaglutide 50 mg is contingent on portfolio prioritisations and manufacturing capacity BW: Body weight; T2D: Type 2 diabetes Focused phase 3 trial programme OASIS 1 . 667 patients 50 mg dose 68 week Primary endpoint: BW % 198 patients incl. T2D OASIS 2 . EAST ASIA • 68 week OASIS 3 China • Primary endpoint: BW % • . 200 patients incl. T2D 44 week Primary endpoint: BW % OASIS 4 25 mg dose 2022 ⚫ 300 patients 64 week Primary endpoint: BW % 2023 2024 2025 Novo NordiskⓇ#7272 Investor presentation First nine months of 2023 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 2023 The CagriSema phase 3 programme, REDEFINE, was initiated in the Q4 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Ⓡ Week 0 + 16 68 75 Week 0 + 16 68 75 Dose escalation Treatment maintenance Follow- up Dose escalation Treatment maintenance Follow- up Inclusion criteria REDEFINE 1: • BMI: ≥ 30 kg/m² or ≥ 27 kg/m² and ≥1 comorbidity Excludes diabetes diagnosis or HbA1c ≥ 6.5% . REDEFINE 2: BMI: ≥ 27 kg/m² Type 2 diabetes, HbA1c <10% Primary endpoints: Change in body weight (%) Achieve ≥ 5% body weight reduction 'As 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) . Confirmatory secondary endpoints: Change in waist circumference HbA1c Systolic blood pressure Patient reported outcomes² 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 2023 Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD Novo NordiskⓇ SELECT trial with 17,604 people with BMI>27 and established CVD Semaglutide 2.4 mg R 1:1 Placebo Primary endpoint • Event driven 5 weeks follow-up Time from randomisation to first occurrence of 3-point MACE¹ Secondary confirmatory endpoints Time from randomisation to first occurrence of: • CV death • HF composite endpoint All-cause death Objective • Demonstrate that semaglutide s.c. 2.4 mg OW lowers the incidence MACE vs. placebo when both added to standard of care in subjects with established CV disease and overweight or obesity. Headline results . Semaglutide 2.4 mg demonstrated an 20% reduction in MACE Safety • In the trial, once-weekly subcutaneous semaglutide 2.4 mg appeared to have a safe and well-tolerated profile, as seen with previous trials investigating semaglutide 2.4 mg Next steps • In September and October 2023, Novo Nordisk submitted SELECT results to FDA and EMA • Full data set to be presented at AHA in November 2023 1MACE includes non-fatal myocardial infarction, non-fatal stroke, and cardiovascular death. MACE: Major adverse cardiovascular events; HF: Heart failure; CV: Cardiovascular; CVD: Cardiovascular Disease; OW: Once-weekly; s.c.: Subcutaneous; BMI: Body mass index#7575 Investor presentation First nine months of 2023 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 MASH CV mortality X MAFLD GERD HF X SELECT trial endpoints ✓ Primary X Secondary O Exploratory PCOS OSAS Knee OA T2D remission T2D: Type 2 diabetes; MAFLD: Metabolic dysfunction-associated fatty liver disease; PCOS: Polycystic ovary syndrome; MASH: Metabolic dysfunction-associated 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 2023 Phase 3 trial STEP HFPEF with semaglutide 2.4 mg was successfully completed in Q2 2023 Novo NordiskⓇ STEP HFPEF trial with 529 people with obesity and HFPEF Objective: STEP HFPEF • Evaluate the effect on HF specific symptoms, physical function and body weight compared with placebo Dual primary endpoints: Semaglutide 2.4 mg + SoC R 1:1 Placebo + SoC Dose escalation Treatment maintenance Follow up 16 weeks • 36 weeks 5 weeks • Change in KCCQ from baseline to week 52 • Change in body weight from baseline to week 52 Key secondary endpoints: Change in 6MWD from baseline to week 52 Composite endpoint (all cause death, HHF, KCCQ, 6MWD) from baseline to week 52 Inclusion criteria: • BMI ≥30 kg/m2 • NYHA II-IV • Ejection fraction ≥45% R: Randomisation; HF: Heart Failure; HFPEF: Heart Failure with preserved ejection fraction; SoC: Standard of care; KCCQ: Kansas City Cardiomyopathy Questionnaire; 6MWD: 6-min walking distance; HHF: Heart failure hospitalization; NYHA: New York Heart Association classification#7777 Investor presentation First nine months of 2023 Novo NordiskⓇ Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFPEF trial Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg 20 20 Mean baseline KCCQ-CSS score: 56.7 • 16.6 Primary endpoints: Key highlights KCCQ-CSS estimated treatment difference between semaglutide 2.4 mg and placebo of 7.8 Change in KCCQ-CSS (score) 15 10 5 20 36 Time since randomisation (weeks) 8.7 52 52* Semaglutide 2.4mg Placebo 1 Spertus JA, et al. JACC State-of-the-Art Review. J Am Coll Cardiol. 2020 Nov 17;76(20):2379-2390. KCCQ in perspective Clinicians' assessments of clinical change¹: . • • Small: +5 points Moderate-to-large: ±10 points Large-to-very large: ±20 points Patients' self-classifications of improvements¹: Minimal clinically important difference for 'little improvement': 4.5 points Note: Data shown is the treatment policy estimand. *Lines are based on observed data where the value denoted after 52 weeks is estimated mean value derived based on multiple imputation KCCQ-CSS: Kansas City Cardiomyopathy Questionnaire Clinical summary score#7878 Investor presentation First nine months of 2023 The ongoing STEP HFPEF-DM trial is to be included in the regulatory submission STEP HFPEF-DM trial with 610 people with obesity, HFPEF and T2D Trial design and next steps Dual primary endpoints: • Change in KCCQ from baseline to week 52 Semaglutide 2.4 mg + SoC R 1:1 Placebo + SoC • Change in body weight from baseline to week 52 Inclusion criteria: • BMI ≥30 kg/m2 • NYHA II-IV Ejection fraction ≥45% Dose escalation Treatment maintenance Follow up 16 weeks . HbA1c ≤10.0% 36 weeks 5 weeks Next steps: • Completion of STEP HFPEF-DM trial expected in H2 2023 • Combined regulatory submission of both trials in H1 2024 • Decision expected late 2024/early 2025 R: Randomisation; HF: Heart Failure; HFPEF: Heart Failure with preserved ejection fraction; SoC: Standard of care; KCCQ: Kansas City Cardiomyopathy Questionnaire; 6MWD: 6-min walking distance; NYHA: New York Heart Association classification Novo NordiskⓇ#7979 Investor presentation First nine months of 2023 Oral amycretin entered phase 1 in Q2 2022, combining protein. and peptide expertise with oral technology 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 Multiple ascending dose cohorts overweight or obesity, and otherwise Single ascending dose cohorts healthy Trial objectives Amylin receptor • Assess the safety and tolerability of oral amycretin • Assess PK profile and explore PD effects Utilising the SNAC technology PK: Pharmacokinetics; PD: Pharmacodynamics Trial initiation • Phase 1 was initiated in Q2 2022#8080 Investor presentation First nine months of 2023 Rare disease Rare disease background Rare disease innovation 82 885 novo nordisk ® SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada#8181 Investor presentation First nine months of 2023 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 Iron disorders Rare anaemias Haemoglobinopathies Rare bleeding disorders Haemato-renal disorders Rare pituitary & adrenal disorders RBD RED Rare blood disorders Rare endocrine disorders Rare bone health Growth disorders Novo NordiskⓇ Short-term Maximise current portfolio Medium-term Succeed with next- generation launches Long-term Expand from core New disease areas via accelerated internal and external innovation esperoct norditropin® turoctocog alfa pegol refixia® nonacog beta pegol (somatropin) injection NovoSevenⓇRT Coagulation Factor Vila (Recombinant) SOGROYA somapacitan Concizumab & Mim8 Nedosiran#8282 Investor presentation First nine months of 2023 Rare disease sales decreased by 18%, impacted by a temporary reduction in manufacturing output in rare endocrine disorder DKK billion NovoSevenⓇ and NorditropinⓇ account for ~65% of Rare disease sales DKK billion Global Rare disease franchise 25 25 1% 4% 1% -18% 1% 4% 1% |-18% 20 20 20 15 10 5 0 2020 2021 2022 9M 2023 NovoSevenⓇ Other haemophilia products' Primarily NorditropinⓇ Other Rare disease Growth at CER 1Other haemophilia products primarily consists of Vagifem® and ActivelleⓇ; 9M: 9 months Note: Company reported sales CER: Constant exchange rates; 8 15 7 7 10 5 12 12 13 5 7 2020 2021 2022 9M 2023 IO NAO Growth at CER Novo NordiskⓇ#8383 Investor presentation First nine months of 2023 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 -0.1% +15% +31% Novo NordiskⓇ 2018 2022 2018 2022 2018 2022 Haemophilia with inhibitors Haemophilia A Haemophilia B Patients1 ~ 7,000 ~ 185,000 ~ 38,000 NovoSevenⓇ susoctocog alfa² Coagil³ Feiba4 Hemlibra NovoEight® EsperoctⓇ Eloctate Xyntha/Refacto Helixate/Afstyla Benefix Kogenate/Kovaltry/Jivi Advate/Adynovate Hemlibra Alprolix Idelvion RefixiaⓇ/RebinynⓇ Rixubis 1 Total diagnosed patients in segment, WFH annual survey 2021 (numbers may be understated as 118 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#8484 Investor presentation First nine months of 2023 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Ⓡ#8585 Investor presentation First nine months of 2023 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 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 10 9.8 OnD treatment PPX treatment PPX treatment HWI (Group 1) HWI (Group 2) HAWI (Groups 1-4) 0 PPX treatment HBWI (Groups 1-4) Status US Complete Response Letter for HwI received in Q2 2023, resubmission during 2024 expected Approved in: Canada (HAwI/HBwI), Australia (HAwI/HBWI), Switzerland (HAWI/HBWI) and Japan (HAWI/HBWI) Explorer8 in non-inhibitor patients was completed in Q3 2022 Primary endpoint 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; HwI: Haemophilia with inhibitors; OnD: On-demand; PPX: Prophylaxis; ABR annualised bleeding rate#8686 Investor presentation First nine months of 2023 Main part of the Explorer 8 trial with concizumab in people with HA or HB without inhibitors has been completed Explorer 8 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; HwI: Haemophilia with inhibitors; Prophylaxis: PPX; OnD: On-demand, QD: Once-daily#8787 Investor presentation First nine months of 2023 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 Peak thrombin (nmol/L) 300 200 100 0.01 0.1 1 15-fold 10 100 1000 Drug plasma concentration (μg/mL) O Cohort 3 - 15mg QW Cohort 5- 35mg QW Cohort 4 - 60mg QM Mim8 in-vitro Emicizumab in-vitro • Mim8 concentration profiles increased with dose • 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Ⓡ#8888 Investor presentation First nine months of 2023 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 1 1.2mg QW Cohort 2 3.8mg QW Cohort 3 15mg QW Cohort 4 60mg QM Cohort 5 35mg QW # Patients with 0 bleeds # Patients with 1 bleed #Patients with >2 bleeds 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Ⓡ#8989 Investor presentation First nine months of 2023 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. Dosing started 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, was initiated in Q4 2022 HA, haemophilia A; HAWI, haemophilia A with inhibitors; PPX, Prophylaxis; QM, monthly dosing; QW, weekly dosing#9090 Investor presentation First nine months of 2023 Novo Nordisk has a value market share of ~25% in the global human growth disorder market MS% Novo Nordisk leadership in competitive hGH market Value 25% 36% 37% 36% 33% 30% 19% 18% 14% 14% 14% 16% 17% 12% 13% 14% 15% 16% 38% 36% 36% 37% 37% 39% H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 Q3 2023 Novo Nordisk Company A Company B Others SOGROYAⓇ somapacitan norditropin® (somatropin) injection A portfolio offering across markets SogroyaⓇ strategy • • Once-weekly efficacious treatment on par with NorditropinⓇ Simple and easy-to-use device Phase 3 trials toward broad range of indications (e.g. SGA, Turner, Noonan, ISS) to expand the market Approved for GHD in US, EU and Japan NorditropinⓇ strategy Apply a market-fit approach to support specific markets and patient groups Broad label across eight indications hGH: Human growth hormone; SGA: Small for gestational age, ISS; Idiopathic short stature Source: IQVIA, MAT Aug 2023. Due to contractual obligations competitor names are not disclosed. Company A and B represent actual companies; Market values are based on the list prices Novo NordiskⓇ#9191 Investor presentation First nine months of 2023 SogroyaⓇ was approved for paediatric growth hormone deficiency in US, EU and Japan in Q2 2023 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® Status • Adult GHD: Approved by the US, EU and JP somapacitan • Paediatric GHD: Approved by the US, EU and JP 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; US: United States; EU: European Union; JP: Japan Novo NordiskⓇ#9292 Investor presentation First nine months of 2023 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#9393 Investor presentation First nine months of 2023 Other serious chronic diseases The unmet needs 95 Cardiovascular disease 97 Non-alcoholic steatohepatitis 101 Alzheimer's disease 106 Stem cells 109 novo nordisk#9494 Investor presentation First nine months of 2023 Novo Nordisk is expanding into other serious chronic diseases Serious chronic diseases are associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs AD Patients with AD live from 2 to 20 years from dementia onset AD Estimated patients ~85 million 70% of people with diabetes die from atherosclerotic CVD Estimated patients CVD 40% of people hospitalised for heart failure have diabetes CVD ~520 million Estimated patients MASH 80% of people with MASH live with obesity and 35% have diabetes MASH ~25 million¹ CKD • 40% of people with diabetes have diabetic nephropathy and 50% have obesity CKD ~700 million³ Number of related deaths -20 million annually Diagnosis rate -20%2 -20% Novo NordiskⓇ 1Estes C et al. Hepatology, 2018; 2 Diagnosis rate is considered a major uncertainty to the forecast; ³Carney EF. Nat Rev Nephrol 2020;16:251 CVD: Cardiovascular disease; MASH: Metabolic dysfunction-associated 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#9595 Investor presentation First nine months of 2023 Novo NordiskⓇ Large patient overlaps between diabetes, obesity, and CVD have guided the focused approach in CVD Population overlap between T2D, obesity and CVD ILLUSTRATIVE Focused approach in CVD Atherosclerosis Heart failure ASCVD + HF ~425m people ASCVD 之仆 CRP IL-6 Type 2 diabetes ~537m people Obesity >764m people Ziltivekimab Heart failure fraction with preserved ejection amyloid cardiomyopathy Transthyretin (ATTR-CM) (HFPEF) > > > Treatments investigated Semaglutide 2.4 mg Ziltivekimab PRX004 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 10th edition, 2021, World Diabetes Atlas 2022#9696 Investor presentation First nine months of 2023 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 Expand pipeline with differentiated MoAs through leading discovery and translational capabilities 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 NNC6019 Global unmet need (people) ~26m1 ~200m No consensus (estimated 0.1- 2.8 cases per 10,000 in EU) Potential differentiators 1st in class indication² First and only for T2D Reverse disease pathology Potential launch year 2024 2024/25 2028 1HFPEF and BMI>27 2Specifically 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: Groenewegen A et al. Eur J Heart Fail 2020;22:1342-13561; Gurwitz JH et al. Am J Med 2013;126:393-400; Haass M et al. Circulation 2011;4:324-331; Kitzman DW, et al. J Am Coll Cardiol 2016;68:200-203; 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#9797 Investor presentation First nine months of 2023 Ziltivekimab phase 2b RESCUE trial was successfully completed In the RESCUE trial, ziltivekimab QM showed reduction in hsCRP at all dose levels % change¹ 0% 12 weeks of treatment -5% -20% -40% -60% 2 End of treatment -3% . • • Data from RESCUE trial Novo NordiskⓇ Ziltivekimab QM showed reductions in inflammation biomarkers³ Ziltivekimab QM appeared to have a safe and well-tolerated profile 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 in Q3 2021 -80% * -77% * -88% * -100% -92% placebo Iziltivekimab 15 mg * -79% * * • -91% -93% I ziltivekimab 7.5 mg ziltivikemab 30 mg 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#9898 Investor presentation First nine months of 2023 ZEUS trial with ziltivekimab aims to validate the link between inflammation and major adverse cardiovascular events R 1:1 Phase 3 CVOT trial ZEUS with ziltivekimab Investigate CV benefit in 6,200 patients ziltivekimab 15 mg sc once-monthly + SoC Placebo sc once-monthly + SoC Treatment period (event driven) 3 months 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 confirmatory 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#9999 Investor presentation First nine months of 2023 Novo NordiskⓇ Ziltivekimab aspires to address an unmet need in more than 5 million people in patients with ASCVD, CKD and inflammation Ziltivekimab aspires to reduce MACE in people with ASCVD and CKD Global patients (in millions) 16 12 Market building Critical success factors to commercialise ziltivekimab Targeted HCP outreach and relationship building Approximately 5-8m patients Successful payer engagement 8 • 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 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#100100 Investor presentation First nine months of 2023 MASH is a progressive disease with no approved treatment and low diagnosis rates today MASH-Cirrhosis F4 MASH F3 MASH F2 MASH 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 MASH: Metabolic dysfunction-associated steatohepatitis Note: MASH was formerly known as NASH (Nonalcoholic steatohepatitis) 26% 32% 42% 50% 70% 90% Novo NordiskⓇ#101101 Investor presentation First nine months of 2023 Novo NordiskⓇ MASH patient journey underscores key barriers to overcome for Novo Nordisk to be successful ~22 million people are expected to live with MASH F2-F4c by 2030 Global patients (in millions) 25 Hurdles 20 20 15 10 MASH prevalence 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 MASH Build strong speciality-referral process Engage Endos, Hepas and PCPS • Market preparation priorities Increase diagnosis rate Momentum towards NITs in clinical practice and guidelines NITs for diagnosis, screening and monitoring High expected investment level ○ Low expected investment level MASH: Metabolic dysfunction-associated steatohepatitis; Endos: endocrinologist; PCP: primary care physician; NIT: Non-invasive tests; 'Referrals 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#102102 Investor presentation First nine months of 2023 Novo Nordisk is supporting use of non-invasive tests for MASH diagnosis Development and adoption of non-invasive tests (NITS) Liver biopsy NITS Guidelines: NITs represented in guidelines Practitioners: ~80% of HCPs perform MASH 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 MASH 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 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; MASH: Metabolic dysfunction-associated steatohepatitis; HCPs: Healthcare professionals; FDA: the US Food and Drug Agency; NN: Novo Nordisk; ELF: Enhanced liver fibrosis Novo NordiskⓇ#103103 Investor presentation First nine months of 2023 Novo NordiskⓇ In phase 2, semaglutide showed significant improvements in MASH resolution Semaglutide showed resolution of MASH 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% 34.3% 35.9% 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 MASH phase 2 trial. MASH: Metabolic dysfunction-associated steatohepatitis#104104 Investor presentation First nine months of 2023 Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of MASH was initiated in Q1 2021 The phase 3a ESSENCE trial in MASH ESSENCE trial | MASH F2-F3 patients N = 1,200 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 MASH and no worsening of liver fibrosis Semaglutide 2.4 mg sc. QW + SOC R 2:1 Placebo + SOC Fixed follow-up Structure I Part 1 Part 2 I I 72 weeks I Biopsy Biopsy 240 weeks Biopsy . Improvement in liver fibrosis and no worsening of MASH 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 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; MASH: Metabolic dysfunction-associated steatohepatitis; QW: once-weekly; R: randomisation; SoC: standard of care (GLP-1 RAS disallowed); MELD: Model for End-stage Liver Disease Novo NordiskⓇ#105105 Investor presentation First nine months of 2023 Alzheimer's disease patient journey is complex and underscores key barriers to overcome for Novo Nordisk to be successful Significant and growing Million unmet need Hurdles 80 60 Y Y Early symptoms dismissed as normal ageing AD 40 prevalence Complex tests and limited screening/ diagnosing skills Novo NordiskⓇ Lack of prognostic markers and simple tests Limited DMT options Few patients receiving diagnosis 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 Support NITs development, e.g. blood-based/digital biomarkers Increase AD education and access to screening tools for PCPs and HCP insight High expected investment level ○ Low expected investment level 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#106106 Investor presentation First nine months of 2023 Novo NordiskⓇ 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 Alzheimer's disease 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. semaglutide 12 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 1 NN 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#107107 Investor presentation First nine months of 2023 Novo NordiskⓇ 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 Objective To confirm superiority of oral semaglutide vs placebo on the change in cognition and function in people with early Alzheimer's disease 14 mg oral semaglutide QD 14 mg oral semaglutide QD 14 mg placebo QD 14 mg placebo QD + 104 ↑ Treatment period Confirmatory endpoints Primary endpoint Inclusion criteria 156 161 Follow-up Change in the Clinical Dementia Rating - Sum of Boxes (CDR-SB) score from baseline to end of 104 weeks of treatment • 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#108108 Investor presentation First nine months of 2023 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 MASH 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 Bank of several undifferentiated stem Exploitation of quality controlled stem cells 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; MASH: Metabolic dysfunction-associated steatohepatitis; IP: Intellectual property; GMP: Good manufacturing practices#109109 Investor presentation First nine months of 2023 Novo NordiskⓇ First human dose with cell therapy in collaboration with Heartseed and others achieved in Q1 2023 Utilise internal capabilities and disease understanding for stem cell development Internal capabilities GMP-grade production capability my Therapeutic areas Accelerate innovation through partnerships • Heartseed Parkinson's disease iPSC derived cardiomyocyte spheroids for direct injection into heart • Heart failure • FHD in February 2023 Academic collaborations Ethical stem cell practices IP positions on differentiation protocols Chronic heart failure LUND 2 first human dose projects upcoming UNIVERSITY Type 1 diabetes 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 • FHD in February 2023 . 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; FHD: First human dose#110Novo NordiskⓇ 110 Investor presentation First nine months of 2023 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#111111 Investor presentation First nine months of 2023 International Operations International Operations 113 EMEA Region China Rest of World 119 124 ing eam NOVO nordisk nordisk 129 NO CYCLING changing GRAVEA novo nordisk C team hove wording JUPG team nordisk nove team novo nordisk PRO CYCLING#112112 Investor presentation First nine months of 2023 Growth momentum has increased driven by demographics and utilisation of full product portfolio International Operations is diverse and covers 190 markets % 20 Historic sales growth in IO Value % 16% 30% Growth momentum in IO Novo NordiskⓇ 28% 20% 15% 8% >487m live with diabetes 16 12 >600m live with obesity 8 5% 4 IO's share of revenue FY 2022 الراس 10% 0 0% 2015 2022 Aug 2020 NAO 51% 49% ΙΟ 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 2023, Value, MAT; Market values are based on the list prices NN Diabetes market share -Market growth NN Diabetes growth Aug 2023#113113 Investor presentation First nine months of 2023 International Operations at a glance Novo NordiskⓇ Million Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales DKK billion 19% MS First nine months of 2023 Sales (mDKK) Growth² 17% Injectable GLP-13 23,812 46% 250 100% 600 Rybelsus® 5,303 178% Total GLP-1 29,115 60% 200 80% 39.4%¹ GLP-1 Total insulin4 28,279 -1% 400 720 150 60% Other Diabetes care5 1,531 -21% Insulin Diabetes care 58,925 21% 587 487 100 2.2%1 40% Obesity care 6,019 52% 200 50 OAD 20% Diabetes & Obesity 64,944 24% 9.1%1 care 0 0 0% 2021 2030 Population with diabetes Diabetes growth rate 2045 Aug 2018 Aug 2023 Rare disease? Total 7,446 -22% 72,390 17% GLP-1 MS - -Insulin MS OAD MS 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 2023: Novo Nordisk 51%, Others 49%; Competitor GLP-1 value market shares, as of Aug 2023: Novo Nordisk 69%, Other 31%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2023 value figures; Market values are based on the list prices 2 At Constant exchange rates; 3 Comprises Victoza®, Ozempic®; 4 Comprises TresibaⓇ, XultophyⓇ, Levemir®, RyzodegⓇ, Novo Mix®, FiaspⓇ and NovoRapidⓇ; 5 Comprises Novo NormⓇ and needles; 6 Obesity care comprises SaxendaⓇ and Wegovy®: 7 Comprises primarily NovoSeven®, Novo Eight® NovoThirteen®, Refixia®, Esperoct®, Norditropin®, Vagifem® and ActivelleⓇ#114114 Investor presentation First nine months of 2023 Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth 160% 120% 80% 40% 0% Aug DKK billion 40% -8% 8 223 8 207 0 30% 20% 15% 51% 8% 10% -15% 28% 28% 26% 0% Aug 2023 Aug 2022 Aug Novo Nordisk Company A Others 2023 Novo Nordisk Competitors 2020 NN market share Market growth (right axis) NN share of growth NN growth (right axis) Source: IQVIA, Aug 2023, Value, MAT, all countries; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. NN: Novo Nordisk; Market values are based on the list prices Novo NordiskⓇ#115115 Investor presentation First nine months of 2023 GLP-1 market share and market growth 100% 80% 60% 40% 20% 0% GLP-1 market growth and Novo Nordisk market share Aug 2020 NN market share -Market growth (Right Axis) DKK billion 80% 84% 69% 60% 34 52% 40% 39% 20% 63% GLP-1 market size and growth -39% 2 47 11 ~52% 69% 0% Aug 2023 Aug 2022 Novo Nordisk Company A Others Aug 2023 NN share of growth Novo Nordisk Competitors NN growth (Right Axis) Source: IQVIA, Aug 2023, Value MAT, all countries; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. NN: Novo Nordisk; Market values are based on the list prices Novo NordiskⓇ#116116 Investor presentation First nine months of 2023 Insulin market size and volume share of growth and market share in International Operations Total Insulin market share and market size (DKK billion) Long- Acting 40% 51% Fast- acting 58% 15 Premix 81% 8 48% Human 7 Novo Nordisk 28 Competitors Market growth1 A Market share 80% 57 -10.2% +0.2% Insulin volume: Market share Novo NordiskⓇ 10% 7% 60% -7.9% +1.5% 48% 4% 40% 1% -3% -5.0% -1.4% -2% 20% -5% -18.9% +1.4% -6% 0% -8% Aug Aug -18.8% +0.3% 2020 2023 NN market share -Market growth (Right Axis) NN growth (Right Axis) 1Market growth is YTD current vs YTD previous year Source: IQVIA, Aug 2023, LHS graph - Value, RHS Graph - Volume, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk; Market values are based on the list prices#117117 Investor presentation First nine months of 2023 Obesity market share and market growth in International Operations Obesity market growth and Novo Nordisk market share 90% 70% 50% 30% 10% Obesity market size and growth DKK billion ~43% 0.1 7.4 90% 69% 2.2 71% 60% 5.2 43% 30% 71% -69% 0% 60% -10% -30% Aug Aug Aug -NN market share Aug 2020 2023 2022 2023 Market growth (right axis) Novo Nordisk Others NN growth (right axis) Source: IQVIA, Aug 2023, Value MAT, all countries; Market values are based on the list prices Novo NordiskⓇ#118118 Investor presentation First nine months of 2023 EMEA at a glance EMEA Million 300 Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales I 19% I I I 200 I DKK billion 25% 150 First nine months MS of 2023 Sales (mDKK) Growth² Injectable GLP-13 12,683 34% 100% RybelsusⓇ 3,036 208% 80% Total GLP-1 15,719 50% 100 GLP-1 I 37.8%¹ Total insulin4 13,775 2% 60% 260 Other Diabetes care5 496 -7% Insulin 100 195 2.6%1 40% Diabetes care 29,990 23% 158 50 Obesity care 3,983 61% 20% OAD 13.2%1 Diabetes & Obesity 0 2021 33,973 26% 0 0% care 2030 2045 Aug 2018 Aug 2023 Rare disease7 4,188 -18% Population with diabetes Diabetes growth rate Total 38,161 19% -GLP-1 MS -Insulin MS OAD MS 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 2023: Novo Nordisk 48%, Others 52%; Competitor GLP-1 value market shares, as of Aug 2023: Novo Nordisk 63%, Others 37%. OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2023 value figures; Market values are based on the list prices 2 At Constant exchange rates; 3 Comprises Victoza®, OzempicⓇ; 4 Comprises TresibaⓇ, XultophyⓇ, Levemir®, RyzodegⓇ, NovoMix®, FiaspⓇ and NovoRapidⓇ: 5 Comprises Novo NormⓇ and needles; 6 Obesity care comprises SaxendaⓇ and Wegovy: 7 Comprises primarily Novo SevenⓇ, NovoEight® NovoThirteenⓇ, Esperoct®, Refixia®, NorditropinⓇ, VagifemⓇ and ActivelleⓇ#119119 Investor presentation First nine months of 2023 Diabetes market share and market growth in EMEA 75% 50% 25% Diabetes market growth and Novo Nordisk market share 0% Aug 2020 EMEA DKK billion Diabetes market size and growth ~13% 20% 18% 4 125 6 6 111 13% 15% 38% 10% 30% 5% 29% 0% Aug 2023 Aug NN 2022 ~18% 30% Company A Others Aug 2023 Novo Nordisk Competitors NN market share -Market growth (right axis) NN share of growth NN growth (right axis) Source: IQVIA, Aug 2023, Value, MAT; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. EMEA: Europe, Middle East and Africa; NN: Novo Nordisk; Market values are based on the list prices#120120 Investor presentation First nine months of 2023 GLP-1 market share and market growth in EMEA 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share 0% Aug 2020 DKK billion 80% 71% 63% 60% 23 44% 40% 37% 20% 60% GLP-1 market size and growth -37% 3 6 EMEA 32 2 ~44% 63% 0% Aug 2023 Aug Aug Novo Nordisk Company A Others 2022 2023 Novo Nordisk Competitors NN market share -Market growth (right axis) -NN share of growth -NN growth (right axis) Source: IQVIA, Aug 2023, Value, MAT; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. EMEA: Europe, Middle East and Africa; NN: Novo Nordisk; Market values are based on the list prices#121121 Investor presentation First nine months of 2023 Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Total 48% Long- acting 41% Fast- 55% 12 acting 73% Premix 3 44% Human 3 19 Novo Nordisk Competitors Market growth¹ A Market share 60% 37 -1.4% -0.3% 1.4% +0.0% 40% Insulin volume: Market share EMEA 10% 47% 5% 0% -0.2% +0.0% -3% 20% -5% -4% -11.1% -0.8% 0% Aug 2020 NN market share -13.4% +0.3% -10% Aug 2023 Market growth (right axis) NN growth (right axis) 1Market growth is YTD current vs YTD previous year Source: IQVIA, Aug 20223 LHS graph - Value, RHS Graph - Volume, MAT, Europe, Middle East & Africa, Share of growth not depicted due to too high numbers; NN: Novo Nordisk; Market values are based on the list prices#122122 Investor presentation First nine months of 2023 Obesity market share and market growth in EMEA 120% 100% 80% 60% 40% 20% 0% Obesity market growth and Novo Nordisk market share Aug 2020 -NN market share -NN Growth -Market growth (right axis) DKK billion Obesity market size and growth ~71% 120% 3.5 0.0 88% 100% 88% 80% 2.1 71% 60% 40% 80% 20% 1.4 EMEA -88% 88% 0% Aug Aug Aug 2023 2022 2023 Novo Nordisk Others Source: IQVIA, Aug 2023, Value, MAT; EMEA: Europe, Middle East and Africa; NN: Novo Nordisk; Market values are based on the list prices#123123 Investor presentation First nine months of 2023 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 MS First nine months of 2023 Sales (mDKK) Growth² 200 6% Injectable GLP-13 4,843 94% 14% 30 100% 160 RybelsusⓇ 96 171% GLP-1 87.0%1 80% Total GLP-1 4,939 95% 120 20 20 Insulin Total insulin4 6,907 -10% 0.5%¹ 60% 175 Other Diabetes care5 705 -21% 80 164 141 40% Diabetes care 12,551 13% 10 40 40 8.4%¹ OAD Obesity care 129 25% 20% Diabetes & Obesity care 12,680 13% 0 2021 0 0% 2030 2045 Aug 2018 Population with diabetes Diabetes growth rate Aug 2023 Rare disease? Total 589 -13% 13,269 12% -GLP-1 MS -Insulin MS OAD MS 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 2023: Novo Nordisk 52%, Others 48%; Competitor GLP-1 value market shares, as of Aug 2023: Novo Nordisk 75% and Others 25% OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Aug 2023 value figures; Market values are based on the list prices 2 At constant exchange rates; 3 Comprises VictozaⓇ and OzempicⓇ; 4 Comprises Tresiba®, XultophyⓇ, Levemir®, NovoMix®, Ryzodeg®, NovoRapidⓇ; 5Comprises Novo NormⓇ and needles; 6Comprises SaxendaⓇ; Comprises primarily NovoSeven®, Novo Eight® and NorditropinⓇ#124124 Investor presentation First nine months of 2023 Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share 40% 30% 20% DKK billion 40% 32% 20% Diabetes market size and growth ~-12% 28 0 -1 -3 Region China 25 25 0% ~-14% 10% -12% 33% 32% -14% 0% -20% Aug -NN market share Aug Aug NN Company A Others Aug 2020 -Market growth (right axis). -NN growth (right axis) 2023 2022 2023 Novo Nordisk Competitors Source: IQVIA, Aug 2023, Value, MAT; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. NN: Novo Nordisk Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices#125125 Investor presentation First nine months of 2023 GLP-1 market share and market growth in Region China 160% 120% 80% 40% GLP-1 market growth and Novo Nordisk market share DKK billion 160% 120% 95% 94% 3 75% 80% 62% 40% 62.3% GLP-1 market size and growth ~62% Region China 0 4 2 0 -94% 74.6% 0% Aug 2020 -NN market share -Market growth (right axis) 0% Aug 2023 Aug 2022 Novo Nordisk Company A Others Aug 2023 Novo Nordisk Competitors NN share of growth NN growth (right axis) Source: IQVIA, Aug 2023, Value, MAT; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. NN: Novo Nordisk; Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices#126126 Investor presentation First nine months of 2023 Insulin market size and volume share of growth and market share in Region China Region China Total Insulin market share and market size (DKK billion) Market growth1 A Market share Insulin volume: market share 80% 60% 52% 9 -39.9% +1.0% Long- 28% 3 acting Fast- 74% 1 acting Premix 88% 3 26% Human 2 Novo Nordisk Competitors 40% -46.3% +0.8% 42% 40% 20% 1% 0% -38.8% -6.4% 0% -14% -33.7% +5.5% -40% -20% Aug Aug 2020 2023 -NN market share -36.8% -9.7% 1Market growth is YTD current vs YTD previous year Source: IQVIA, Aug 2023, LHS graph - Value, RHS Graph - Volume, MAT; NN: Novo Nordisk; Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Market growth (right axis) NN growth (right axis)#127127 Investor presentation First nine months of 2023 Region China remains a key strategic opportunity Region China is a large market with ~140 million people living with diabetes 19% 23% 81% 77% Sales Region China Patients Rest of IO Region China . • Outcome of VBP insulin in China Price cut -40-50% as a result of VBP Retained -50% of own brand volume in scope Resource re-allocation towards growth products Opportunities and strategic priorities Large growing diabetes market • • Market of 28 bDKK mainly consisting of OAD and insulin Diabetes market growth of ~10% 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 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 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 2022 numbers based on Company Announcement (sales) and Diabetes Atlas, 10th edition, (patients) B Treat more patients Expand patient base across new insulins and GLP-1s#128128 Investor presentation First nine months of 2023 Rest of World at a glance Rest of World Million 300 Diabetes trend in population 21% DKK billion Diabetes market by value and Novo Nordisk market share 250 18% 60 80 200 60 150 286 40 227 40 100 187 Novo Nordisk reported sales First nine months of 2023 MS Sales (MDKK) Growth² Injectable GLP-13 6,286 43% 100% RybelsusⓇ 2,171 146% Total GLP-1 8,457 61% GLP-1 80% Total insulin4 60 35.7%1 7,597 5% Other Diabetes care5 330 -37% 2.2%1 Insulin 60% Diabetes care 16,384 26% Obesity care 1,907 37% 40% 5.4%1 20 50 20 Diabetes & Obesity 18,291 27% OAD 20% care Rare disease7 2,669 -28% 0 2021 0 0% 2030 2045 Aug 2018 Aug 2023 Total 20,960 16% Population with diabetes Diabetes growth rate 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 2023: Novo Nordisk 59%, Others 41%; Competitor GLP-1 value market shares, as of Aug 2023: Novo Nordisk 82%, Others 18%. OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Aug 2023 value figures; Market values are based on the list prices 2 At constant exchange rates; ³ Comprises VictozaⓇ, Ozempic®; 4 Comprises TresibaⓇ, XultophyⓇ, Levemir®, NovoMix®, Ryzodeg®, NovoRapidⓇ and FiaspⓇ5 Comprises Novo NormⓇ and needles; 6 Comprises SaxendaⓇ; Comprises primarily Esperoct®, Refixia®, NovoSeven®, Novo Eight® and NorditropinⓇ#129129 Investor presentation First nine months of 2023 Diabetes market share and market growth in Rest of World 25% 20% 15% 10% Diabetes market growth and Novo Nordisk market share Rest of World DKK billion Diabetes market size and growth 55% 22% 45% 4 -6% 1 73 68 -1 35% 28% 25% 15% 6% 5% 5% -28% 22% 19% 0% -5% Aug 2020 Aug Aug Novo Nordisk Company A Others Aug -NN market share 2023 2022 2023 Market growth (right axis) Novo Nordisk Competitors NN growth (right axis) Source: IQVIA, Aug 2023, value, MAT; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. Rest of world; NN: Novo Nordisk; Market values are based on the list prices#130130 Investor presentation First nine months of 2023 GLP-1 market share and market growth in Rest of World Rest of World GLP-1 market growth and Novo Nordisk market share 150% DKK billion 160% GLP-1 market size and growth -36% 130% 110% 90% 117% 120% 8 82% 80% 4 11 0 0 70% 50% 60% 40% 70% 36% 82% -60% 30% 10% 0% Aug NN market share Aug Aug Novo Nordisk Company A Others Aug 2022 2023 2020 NN share of growth 2023 -Market growth (right axis) Novo Nordisk Competitors NN growth (right axis) Source: IQVIA, Aug 2023, Value, MAT; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. NN: Novo Nordisk; Market values are based on the list prices#131131 Investor presentation First nine months of 2023 Insulin market size and volume market share in Rest of World Total Insulin market share and market size (DKK billion) 43% Long- acting 63% Fast- 2 acting Premix 83% 2 Human 69% 2 59% 5 Novo Nordisk 1Market growth is YTD current vs YTD previous year Competitors Rest of World Market growth1 A Market share Insulin volume: Market share 80% 20% 12 -1.8% +1.0% 60% 15% 58% 10% 0.3% +1.4% 40% 5% -3.0% +0.2% 20% -2.1% +0.1% 0% Aug 2020 -4.4% +3.1% -NN market share Source: IQVIA, Aug 2023; LHS graph - Value, RHS Graph - Volume, MAT; Share of growth not depicted due to too high numbers; NN: Novo Nordisk; Market values are based on the list prices 0% -2% -4% -5% -10% Aug 2023 -Market growth (right axis) NN growth (right axis)#132132 Investor presentation First nine months of 2023 Obesity market share and market growth in Rest of World 80% 60% 40% 20% 0% Obesity market growth and Novo Nordisk market share Rest of World Obesity market size and growth DKK billion 40% ~24% 3.8 0.0 24% 30% 0.7 3.1 56% 20% 49% 10% 0% -10% 47% -49% 56% -NN market share -20% -20% Aug 2020 -NN Growth Aug Aug Novo Nordisk Others Aug Market growth (Right Axis) 2023 2022 2023 Source: IQVIA, Aug 2023, Value, MAT; NN: Novo Nordisk; Market values are based on the list prices#133133 Investor presentation First nine months of 2023 North America Operations ke USA health care system NAO at a glance 137 136 tean nov Leonard Thompson 1922 novo norda Cal novo nordisk Ⓡ#134134 North America Operations growth has accelerated Investor presentation First nine months of 2023 DKK billion 1% 100 60 80 60 60 40 40 20 20 NAO 21% 49% 94 91 North America Operations reported sales growth per therapy area 3% 14% 67 60 60 61 0 2019 CER: Constant exchange rate; 9M: 9 months 2020 2021 GLP-1 Insulin Other diabetes Obesity care Rare disease 2022 Growth at CER 9M 2023#135135 Investor presentation First nine months of 2023 US health insurance is dominated by a few large commercial payers US population by health insurance status NAO has been stable in recent years 326 333 5% 7% All other PBM 9% Covered lives by PBM DKK Development of Novo Nordisk rebates and net sales in the US billion 300 75% 80% 9% 8% 25% Express Scripts/Cigna 23% 60% 22% Humana 3% 200 Prime 9% 18% 17% 40% OptumRx 20% IngenioRx 100 5% 20% 45% 46% CVS Caremark 29% 0 0% 20171 Managed care² Medicare Medicaid/CHIP 2021 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 Source: Novo Nordisk Annual Report 2022 2022 2014 2016 2018 2020 2022 Net sales Rebates, % of gross sales Rebates#136136 Investor presentation First nine months of 2023 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 MS billion First nine months of 2023 Sales (MDKK) Growth² 70 10% Injectable GLP-13 48,719 43% 60 11% 900 80% RybelsusⓇ 7,537 46% 50 Total GLP-1 56,256 43% 60% 4320 40 600 Total insulin4 7,763 -24% GLP-1 Other Diabetes care5 459 -22% 30 63 57 40% 51 46.6%1 Diabetes care 64,478 29% 20 10 300 1.5%1 Insulin Obesity care 24,384 244% 20% Diabetes & Obesity OAD 88,862 55% 17.7%1 care 0 2021 0 0% 2030 2045 Aug 2018 Aug 2023 Rare disease? Total 5,146 -13% 94,008 49% Population with diabetes Diabetes growth rate GLP-1 MS -Insulin MS -OAD MS 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 2023: Novo Nordisk 42%, Others 58%; Competitor GLP-1 value market shares, as of Aug 2023: Novo Nordisk 53%, Others 47%. OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Aug 2023 value figures; Market values are based on the list prices 2 At constant exchange rates; 3 Comprises Victoza®, Ozempic®; 4 Comprises Tresiba®, XultophyⓇ, Levemir®, NovoMix®, Fiasp® and NovoRapidⓇ; 5Comprises Novo NormⓇ and needles; 6 Comprises SaxendaⓇ and WegovyⓇ 7Comprises primarily NovoSeven®, Novo Eight® Esperoct®, NovoThirteenⓇ, Refixia, Norditropin®, Vagifem® and ActivelleⓇ#137137 Investor presentation First nine months of 2023 Diabetes market share and market growth in North America Operations NAO Diabetes market growth and Novo Nordisk market share Diabetes market size and growth 50% DKK billion -31% 40 844 82 39% 37% 79 40% 644 30% 20% 10% 35% 31% 33% ~37% 35% 0% Aug NN market share 2020 Market growth NN share of growth NN growth Aug Aug 2023 2022 Novo Nordisk Company A Novo Nordisk Others Aug 2023 Competitors Source: IQVIA, Aug 2023, value, MAT; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. NN: Novo Nordisk; Market values are based on the list prices#138138 Investor presentation First nine months of 2023 GLP-1 market share and market growth in North America Operations GLP-1 market growth and Novo Nordisk market share 70% 60% 50% 40% 30% Aug 2020 -NN market share -NN share of growth -Market growth(right axis). NN growth(right axis) DKK billion 80% 71% 64% 60% 53% 230 50% 40% 55% GLP-1 market size and growth 81 NAO ~71% 83 393 -1 ~64% 53% 20% Aug Aug Novo Nordisk Company A Others Aug 2023 2022 2023 Novo Nordisk Competitors Source: IQVIA, Aug 2023, value, MAT; Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. NN: Novo Nordisk; Market values are based on the list prices#139139 Investor presentation First nine months of 2023 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% 79 acting 59% Premix 7 Human 24% 16 105 Novo Nordisk Competitors NAO Market growth1 A Market share Insulin volume: Market share 60% 12% 206 -1.7% -0.1% -3.1% +0.1% 40% 8% 38% 4% 0% 1.1% -0.4% 20% -4% -4% -12.2% +0.9% 0% Aug 2020 -1.1% -0.6% -5% -8% Aug 2023 NN market share -Market growth (right axis) ―NN growth (right axis) 1Market growth is YTD current vs YTD previous year Note: Insulin market numbers do not reflect rebates. Source: IQVIA, Aug 2023, LHS graph - Value, RHS Graph - Volume, MAT, all countries. Share of growth not depicted due to too high numbers; NN: Novo Nordisk; Market values are based on the list prices#140140 Investor presentation First nine months of 2023 Obesity market share and market growth in North America Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth 100% 97% 220% DKK billion 173% ~160% 45.9 0.0 180% 80% 60% 40% 20% 140% 160% 100% 17.6 60% 20% 93% 28.3 97% ~173% 0% -20% Aug 2020 NN market share Aug Aug Aug NN Obesity care Others 2022 2023 Market growth (right axis) 2023 NN growth (right axis) Source: IQVIA, Aug 2023, value, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk; Market values are based on the list prices NAO#141141 Investor presentation First nine months of 2023 Financials Profit and loss, capital allocation Currencies 143 149 novo nordisk NOVO NORDISK HQ Denmark#142142 Investor presentation First nine months of 2023 Solid sales growth driven by Diabetes and Obesity care DKK billion Reported annual sales 2018-2022 +12%1 14% 15% 16% 16% 12% 88% 86% 84% 85% 84% 2018 2019 2020 Rare disease 2021 Diabetes and Obesity care 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 2022 السمر لگیم 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#143Solid operating profit growth driven by Diabetes care 143 Investor presentation First nine months of 2023 Novo NordiskⓇ Operating profit Operating profit split by franchise DKK billion -4% 11% 3% 8% 28% Percent of sales 3% 6% 7% 13% 15% 80 60% 10% 20% 60 60 40 20 20 0 2018 CER: Constant exchange rates 2019 Operating profit Operating profit as % of sales 40% 80% 90% 20% 2022 Diabetes and Obesity care Rare disease 0% 2020 2021 2022 2018 Reported operating profit growth Operating profit growth at CER#144144 Investor presentation First nine months of 2023 Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Diabetes 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 serious chronic diseases Sustainable business Obesity Strengthen leadership through market development and by offering innovative medicines and driving patient outcomes Other Serious Chronic Diseases Establish presence by building competitive pipeline and scientific leadership Expected primary sales growth drivers towards 2030 Waves of growth GLP-1 Diabetes Obesity care OSCD Novo NordiskⓇ ILLUSTRATIVE Research technology Rare disease platforms 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 2020 2025 2030#145145 Investor presentation First nine months of 2023 Net profit has been converted to cash and returned to shareholders Cash conversion and allocation (2022) DKK billion 70 56 60 60 50 50 40 30 20 10 forma THERAPEUTICS (100%) a Novo Nordisk company 49 (88%) 0 Net profit 57 40 Strategic capital allocation priorities Business development investments to enhance R&D pipeline CAPEX investments to meet demand including R&D pipeline Deliver competitive capital allocation to shareholders Continued share buybacks and dividends 25 25 Financial flexibility within current credit ratings Moody's: A1 since 2012, S&P Global: AA- since 2013 Net debt to EBITDA ratio around zero 24 Free cash flow Cash return Dividend Share buyback Mainly debt finance major business development projects 2021 bond issuance at an all-inclusive interest rate of -0% 2022 bond issuance at an all-inclusive interest rate of ~1% Note: Net cash used for the acquisition of Forma Therapeutics was 5,605 million DKK adjusted for marketable securities per note 5.3 of the 2022 Novo Nordisk Annual Report R&D: Research and Develoment; CAPEX: Capital expenditure; EBITDA: Earnings before interest, taxes, depreciation and amortisation Novo NordiskⓇ#146146 Investor presentation First nine months of 2023 Rare disease segment has lower profitability driven by higher investments in R&D including the acquisition of Forma in 2022 Diabetes and Obesity care P&L - full year 2022 DKK billion 200 -15% 160 -27% 120 80 40 Sales ratios Rare disease P&L - full year 2022 DKK billion 25 25 -25% 20 20 15 -13% -3% 1% 43% 10 5 -19% Novo NordiskⓇ Sales ratios -19% -2% +1% 36% 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 2023 Step-up in CAPEX to meet demand for current and future products CAPEX investments DKK billion 30 24 7% 18 12 8 00 6 9% 7% 7% 5% 4% 12 10 9 9 0 2017 2018 2019 2020 CAPEX Expected CAPEX - CAPEX: Capital expenditure; TA: Therapy Area 10 6 2021 2022 CAPEX to sales ratio ~25 2023E Ensure readiness to meet future demands Novo NordiskⓇ • . • Capital expenditure is expected to be around DKK 25 billion in 2023 Investments primarily at existing manufacturing sites, for growth of marketed products and future pipeline products ⚫ Both active pharmaceutical ingredient (API) production and fill-finish capacity to be expanded across TAS • CAPEX to sales ratio is expected to be low double digit in the coming years#148148 Investor presentation First nine months of 2023 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 80% 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 DKK million Income statement Net sales Cost of goods sold 2022 2021 176,954 (28,448) 140,800 (23,658) Gross profit 148,506 117,142 Sales and distribution costs (46,217) (37,008) Research and development costs (24,047) (17,772) Administrative costs (4,467) (4,050) Other operating income and expenses Operating profit Financial income 1,034 332 74,809 58,644 239' • 2,887 Financial expenses (5,986) www Profit before income taxes 69,062 Income taxes Net profit (13,537) 55,525 (2,451) 59,080 (11,323) 47,757 Note: Example is based on Annual Report 2022 Earnings per share Basic earnings per share (DKK) 24.51 20.79 Diluted earnings per share (DKK) 24.44 20.74 Novo NordiskⓇ Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: • USD 12 months • JPY 12 months • CAD 9 months • GBP 1 months CNY 12 months 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#149149 Investor presentation First nine months of 2023 Operating profit expected to be negatively impacted by currencies in 2023, partly countered by net financials Avg. FY 2022 vs. Avg. FY 2021 Exp. Avg FY 2023'vs. FY 2022 10% Hedged 0% -10% USD/DKK CNY/DKK JPY/DKK CAD/DKK GBP/DKK 12% -8% Non- hedged -28% -48% RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK Novo NordiskⓇ • FY 2022 Positive FX impact on operating profit of 7.6 bDKK Negative FX impact on net financials of -4.7 bDKK Foreign exchange net gain of 2.9 bDKK FY 2023 outlook Currency impact on Operating profit is expected to be -7%-points Net financial items is expected to be a gain of around DKK 1.6 billion mainly driven by gains on USD and JPY hedging contracts. 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 26 October 2023 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#150150 Investor presentation First nine months of 2023 Attractive capital allocation to shareholders DKK billion 70 60 60 Annual cash return to shareholders 50 50 10 40 40 8 8 16 30 14 13 20 20 10 17 0 2020 30 30 20 20 24 2021 2022 Dividend Interim Dividend 13 2023E Share Repurchase Capital allocation • Return of free cash flow through both share buy backs and dividends • For 2022, the total dividend per share increased 19.2% to DKK 12.40 (including interim dividend of DKK 4.25 per share paid in August 2022) • For 2023, the interim dividend of DKK 6.00 per share will be paid in August 2023 • Overall share repurchase programme for 2023 of up to DKK 30 billion • To secure liquidity for both the Novo Nordisk B shares and American Depositary Receipts, the Board of Directors has decided to split the share in a two-for-one ratio in September 2023 Note: Share repurchase programmes run for 12 months starting in February. The total programme may be reduced in size if significant business development opportunities arise during 2023. Dividend for 2023E added for illustrative purposes only Novo NordiskⓇ#151151 Investor presentation First nine months of 2023 Purpos Sustainabil Sustainable business 153 Environmental responsibility 156 Social responsibility 158 Governance 163 DC novo nordisk RDM E ΠΗΝΟΥ RANJITH S. Ranjith lives with type 1 diabetes India#152152 Investor presentation First nine months of 2023 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 Novo Nordisk Foundation shared value creation ESG1 responsibility has been anchored in Articles of Associations since 2004 Socially responsible Novo Holdings Institutional and private investors 22.8% 71.8% 77.2% 28.2% Votes Capital Votes Capital 1,075 million A shares 3,435 million B shares (nominal value DKK 107 million) (nominal value DKK 344 million) novo nordisk 1 Known as the Triple Bottom Line at time of implementation ESG: Environmental, Social and Governance *Ownership as of 30 September 2023 Environmentally responsible Novo Nordisk Way Driving change to defeat serious chronic diseases Sustainable business Financially responsible The Novo Nordisk Way guides our behaviour#153153 Investor presentation First nine months of 2023 Novo NordiskⓇ 2022 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 Scope 1 emissions (1,000 tonnes) 2022 2021 2020 3,677 3,387 3,191 100% 100% 100% 3,918 3,488 3,368 75 12 15 76 77 75 Scope 2 emissions (1,000 tonnes) 16 16 15 Scope 3 emissions (1,000 tonnes)1 2,041 NA NA Waste from production sites (tonnes) 213,505 180,806 140,783 Patients Patients reached with Novo Nordisk's Diabetes care products (estimate in millions) 36.3 34.6 - Hereof reached via the Novo Nordisk Access to Insulin Commitment (estimate in millions)² 1.8 1.7 32.8 3.2 - Hereof children reached through Changing Diabetes® in Children (cumulative) People & employees 41,033 31,846 28,296 Employees (total) 55,185 48,478 45,323 Social performance Employee turnover Sustainable Employer Score³ Gender in leadership positions (ratio men:women) Gender in senior leadership positions (ratio men:women) Gender in the Board of Directors (ratio men:women) Societies 8.2% 11.0% 7.9% 85% 84% N/A Frequency of occupational accidents (number per million working hours) 1.5 1.3 1.3 56:44 57:43 59:41 61:39 64:36 65:35 54:46 67:33 62:38 Total tax contribution (DKK million) 36,003 32,593 26,376 Donations and other contributions (DKK million) 126 92 158 Change in average list price across US product portfolio (% change to previous year) 2.4% 1.6% 2.3% Change in average net price across US product portfolio (% change to previous year) Change in average list price across US insulin portfolio (% change to previous year) Change in average net price across US insulin portfolio (% change to previous year) Governance processes -12.7% -12.3% 0.0% 0.0% -19.5% -10.9% -16.9% 0.5% -26.9% Governance Performance Business ethics reviews Employees trained in business ethics Supplier audits Product recalls Failed inspections Values and trust Facilitations of the Novo Nordisk Way 35 37 32 99% 98% 99% 294 253 177 3 1 0 0 0 0 36 Company reputation (scale 0-100)4 Animals purchased for research 82.3 79,750 34 82.6 47,879 26 N/A 50,036 1.2022 is the first year of full Scope 3 emissions' disclosure, which in 2020 and 2019 was limited to business flights and product distribution. 2. In 2020, the ceiling price was lowered from USD 4 to USD 3 which affects the comparability of 2021 and prior years 3. 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. 4. In 2021, Company reputation replaced Company trust in order to capture more dimensions of how Novo Nordisk is perceived by external stakeholders.#154154 Investor presentation First nine months of 2023 With Circular for Zero, Novo Nordisk aspires to have zero environmental impact circular zero Current environmental impact CO₂ emissions 2,133 thousand tonnes in Scope 1, 2 and 3 (2022)1 Waste 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 1. In 2022, for the first time, Novo Nordisk reported Scope 3 emissions according to the categories of the Greenhouse Gas Protocol (in 2021, the Scope 3 emissions' reporting was limited to product distribution and business flights).#155155 Investor presentation First nine months of 2023 Novo NordiskⓇ Novo Nordisk pledges to reach net-zero emissions across the entire value chain by 2045 1,000 tonnes CO2 Emissions from Scope 1, 2 and 31 -28% 228 Key initiatives to reduce CO2 emissions across all three scopes Scope 1 - Direct emissions from own sources (16% reduction vs 9M 2019) Company cars: 100% electric or plug-in hybrid electric cars by 2030 Energy: Ongoing transition to renewable energy in production facilities resulted in reduced emissions 186 109 120 165 100 64 55 54 54 12 11 9M 2019 (baseline)² Targets: • 2030: Zero emissions from operations and transportation³ 9M 2022 9M 2023 Scope 1 Scope 2 2045: Net zero emissions across full value chain Scope 3 Total Scope 2 - Indirect emissions from purchased energy (80% reduction vs 9M 2019) • Production: Sourcing 100% of renewable power at production sites since 2020 Scope 3 - Other indirect emissions across value chain (8% reduction vs 9M 2019) Suppliers: >400 key suppliers have committed to source renewable power Product distribution: Alliances with various providers for Sustainable Aviation Fuel that will reduce emissions from air transport significantly 1 Scope 3 emissions are limited to emissions from business flights and product distribution. 2 In 2019, some emission categories were only reported on an annual basis. For these categories, the quarterly emissions have been estimated based on the full-year results. ³ CO2 emissions from operations and transportation represent the emissions from production, offices and labs, cars, business flights and product distribution.#156156 Investor presentation First nine months of 2023 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 13,000 tonnes of plastic in production of devices 2022 2030 • Plastic volume 1 More information on the pilot called "Returpen TM" 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 2023 Novo NordiskⓇ Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation Å ...accelerating prevention to bend the curve... ...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 Novo NordiskⓇ Investor presentation First nine months of 2023 In 2022, more than 5 million people with diabetes were reached with access and affordability initiatives. 5.5 out of 36.3 million people were reached with access and affordability initiatives Million patients 36.3 5.5 30.8 J A number of focused programmes (as of full year 2022) Access to Insulin Commitment Changing Diabetes® in Children Vulnerability assessments • . . • 3 USD ceiling price for human insulin vial offered to 76 low- and middle-income countries, reaching ~1.8 million patients in 2022 2.5 million patients reached at or below the ceiling price in countries outside the commitment¹ ~41,000 children reached at the end of 2022, across 26 countries in three regions (APAC, LATAM and SEEMEA) More than half of the 9,187 newly enrolled children reached through expansion in Ethiopia, Sudan, Kenya and Uganda Ensure availability of affordable insulin for vulnerable patients Completed vulnerability assessments, resulting in 25 plans being implemented across APAC, LATAM and SEEMEA regions Patients reached in 2022 US affordability offerings Suite of affordability offerings including unbranded biologics, My $99 insulin and more In 2022, DKK 261 billion were provided in discounts and rebates in the US, amounting to 75% of US gross sales 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). 2. 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.#159159 Investor presentation First nine months of 2023 In the US, net prices have declined in the last five years The US population by health insurance coverage 7% 150 Insulin net prices¹ have declined 120 100 47% 00 90 46% 60 60 30 150 Net prices¹ across the full Novo Nordisk portfolio² declined 120 101 100 90 90 52 60 60 30 30 Novo NordiskⓇ 106 65 333 million people 0 0 2019 2020 2021 2022 2019 2020 2021 2022 Uninsured Private insurance schemes List price - Net price List price Net price Goverment insurance schemes 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, indexed to base year 2019, 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: Novo Nordisk Annual Report 2022 (illustration created from figures presented on page 89)#160160 Investor presentation First nine months of 2023 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 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 2023 The journey towards being a sustainable employer starts with being inclusive and diverse 2025 aspiration supporting Diversity and Inclusion Men 62% 59% 45% Senior leadership1 Women 38% 41% 45% 56% 55% Men All leaders 44% 45% Women 9M 2022 9M 2023 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 in 2023 stands at 82%, the same as in 2022 End of September 2023 41% of leaders in senior leadership positions were women, compared to 38% end of September 2022 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 2022. No formulated 2025 aspiration exist for "all leaders", but Novo Nordisk aspires for balanced gender representation at all managerial levels%2#162162 Investor presentation First nine months of 2023 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 Executive Management Organisation 1. The corporate governance standards designated by Nasdaq Copenhagen and New York Stock Exchange. 2. In 2022, the Board of Directors met ten times. Quality audit and inspections (internal and external) Novo NordiskⓇ#163163 Investor presentation First nine months of 2023 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% for 2022 2 | Responsible . No artificial structures or tax havens Transfer pricing principles compliant with OECD guidelines Advanced pricing agreements covering -65% of revenue 3 | Transparent Open about tax practices and maintain cooperative relationships with tax authorities Tax approach published on novonordisk.com Total tax contribution in 2022 around DKK 36 billion Corporate income taxes by region - three year average in DKK billion - EMEA (excl. Denmark) - Region China Region IP rights¹ Production² Sales³ Corporate income taxes International Operations 11.0 - Denmark 9.6 0.7 0.4 0.3 1.0 0.8 12.0 Share of category Share of category Share of category - Rest of World North America Operations - The US Total 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 2020-2022#164164 Investor presentation First nine months of 2023 Novo NordiskⓇ ESG is integrated in reporting and remuneration as well as recognised externally ESG is included in integrated reporting and short- and long-term remuneration We strive to adhere to sustainability frameworks for our ESG reporting ESG rankings by third-party agencies recognise Novo Nordisk's efforts Rating agency novo nordisk Ⓡ Annual Report 2022 one of Denmark angesteng people with spurt here with fis son Lars, who also has type 1 diabetes and his grandchildren hom the leto Clane and Hager Novo Nordisk AS-Novo Ale 1.2880 and Dermark-237 Remuneration Report 2022 rik Hageman (back in the middle, his son Lars Hageman Perborg and grandd (from the left Clara Holger and bike Hogenan Pinborg Erand Lars have type tubes Novo Nordisk A-Novo Ale, 2880 Bigad Dermaak-c242567 ESG Portal recommeding a suitable bures. No u dha means that we add value to ta mposite way reflectesin our Anicles of Asoonton and the Novo Nordisk Way The ESG Pental provides oonaut our approach and performance Severe 56 | SASB STANDARDS Now part of IFRS Foundation MSCI ESG RATINGS AAA CCC B BB BBB A AA AAA SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION TCFD SUSTAINABLE DEVELOPMENT GOALS AAA SUSTAINALYTICS Top 13% in industry group 'pharmaceuticals' CDP DISCLOSURE INSIGHT ACTION A LIST 2022 CLIMATE A (Climate) A- (Water) access to medicine Index Ranked 11th out of 20 companies 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 2023 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 Daniel Muusmann Bohsen David Heiberg Landsted Jacob Martin Wiborg Rode Sina Meyer +45 3075 2175 Frederik Taylor Pitter +45 3077 6915 +45 3075 5956 +45 30796656 +45 30758259 [email protected] [email protected] [email protected] [email protected] [email protected] Access the full investor presentation here: novo nordisk Novo NordiskⓇ