#1changing diabetes changing diabetes 10 novo nordisk 991 CYCLING changing diabetes YLING Novo Nordisk - af a focused healthcare company Investor presentation First six months of 2021 Team Novo Nordisk, the world's first all-diabetes professional cycling team, are racing on their jersey to celebrate the 100-year anniversary of the discovery of insulin novo nordisk#22 Investor presentation First six months of 2021 Agenda Progress on Strategic Aspirations 2025 Commercial execution Innovation and therapeutic focus Financials#33 Investor presentation First six months of 2021 Forward-looking statements Novo NordiskⓇ Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company's statutory Annual Report 2020 and Form 20-F, which was filed with the SEC in February 2021 in continuation of the publication of the Annual Report 2020, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto, Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures, • Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and • Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, failure to maintain a culture of compliance, and epidemics pandemics or other public health crises. For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk's results or the accuracy of forward-looking statements in this presentation, reference is made to the overview of risk factors in 'Risk management' of the Annual Report 2020. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise. Important drug information • VictozaⓇ and OzempicⓇ are approved for the management of type 2 diabetes only • SaxendaⓇ is approved in the USA and the EU for the treatment of obesity only and WegovyTM is approved in the USA#44 Investor presentation First six months of 2021 Novo Nordisk® Strategic Aspirations 2025 | Highlights first six months of 2021 Purpose and sustainability খ Commercial execution Adding value to society: Initiated Diabetes Compass with the WDF to improve access to diabetes care in low- and middle-income + countries Reaching 15 countries in Changing Diabetes in Children by including Ghana Progress towards zero environmental impact: 45% reduction in CO2 emissions vs the first six months of 2019 and -15% reduction in supplier CO2 emissions Evolve culture and ensure distinct core capabilities: Launch of gender diversity target Diabetes value market share increased by 0.5 percentage point to 29.6%¹ Obesity care sales increased by 34% at CER to DKK 3.5 billion Biopharm sales increased by 7% at CER therapeutic focus Innovation and Financials Diabetes care: Blue indicates developments in Q2 2021 ⚫ OzempicⓇ approved in China • • . Resubmission of semaglutide 2.0 mg in the US Obesity care: Decision to initiate phase 3a development with 50 mg oral semaglutide in obesity Approval of Wegovy TM, semaglutide 2.4 mg, in the US Other serious chronic disease: . • Phase 3a development programmes initiated for treatment of NASH and Alzheimer's Disease Stem cell R&D licence agreement with Heartseed and acquisition of Prothena's ATTR amyloidosis programme Sales growth of 12% and Operating profit growth of 9%: Sales in International Operations grew by 13% Sales in North America Operations grew by 11% and in the US, 56% of sales came from products launched since 2015 Gross margin positively impacted by productivity gains in Product Supply Free cash flow of DKK 32.7 billion and DKK 21.9 billion returned to shareholders The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo Nordisk's financial outlook or expected growth. Note: Unless otherwise specified growth rates are at constant exchange rates 1 MAT (Moving Annual Total) value market share IO: International Operations; NAO: North America Operations; Sema: Semaglutide; NASH: Non-alcoholic steatohepatitis; FDA: Food and Drug Administration; EMA: European Medicines Agency; GHD: Growth Hormone Deficiency; HFPEF: Heart Failure with preserved Ejection Fraction; WDF: World Diabetes Foundation; R&D: Research and Development; ATTR: Transthyretin Amyloid#55 Investor presentation First six months of 2021 Sales growth of 12% driven by both operating units and all therapy areas Reported geographic sales split for the first half of 2021 Reported therapy area sales and growth for the first half of 2021 DKK billion ■Insulin ■GLP-1 Other diabetes Obesity Biopharm Growth at CER DKK billion North America Operations International Operations Growth at CER 12% 30% 1% 34% 7% 42 22 72 13% 35 28 221 11% 21 60 11% International Operations 13% 48 36 14 24 16% 12% 46% 6% 11% 7 12 24% IO 44% NAO 27% IO 4% NAO 12% -11% 0 0 IO EMEA China ROW NAO Total 1 GLP-1 Insulin Obesity Biopharm 1 'Other diabetes' is included in Total IO: International Operations; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; RoW: Rest of World; NAO: North America Operations Note: Unless otherwise specified, sales growth rates are at CER Novo NordiskⓇ#66 Investor presentation First six months of 2021 Novo NordiskⓇ Diabetes value market leadership has increased by 0.5%-points to 29.6% Novo Nordisk global diabetes value market share Diabetes value market leadership expansion driven by the GLP-1 franchise 60% 50% 46.6% Diabetes GLP-1 -Insulin 49.1% 51.5% 44.2% 44.6% 43.9% 40% 28.3% 29.1% 29.6% • 30% 0% 2018 2019 2020 2021 CER: Constant exchange rates; IO: International Operations; NAO: North America Operations Source: IQVIA MAT, May 2021 (Spot rate) Note: Sales growth rates are at CER Diabetes care sales grew by 11% with global value market share increase driven by GLP-1 market share gains in both IO and NAO Insulin volume market share has increased from 47.0% to 47.3% in the last 12 months GLP-1 value market share has increased by 2.4%-points in the last 12 months, driven by: OzempicⓇ launched in 62 countries RybelsusⓇ uptake in North America Operations and launches in International Operations#77 Investor presentation First six months of 2021 Solid diabetes sales growth across all regions in International Operations Reported diabetes sales and growth per IO geography Diabetes value market share and share of growth in IO DKK billion 30 13% 25 46% 20 20 Market ■Insulin I GLP-1 Growth at CER share NN market share NN share of growth 180% Geographical area 120% 11% 15 6% 36% I 10 I 13% 60% 19% 68% 5 2% 69% 10% 10% 0 ΙΟ EMEA China ROW 0% May 2019 Note: The share of growth development in 2021 is impacted by COVID-19 stocking in 2020 and the price reductions on oral-anti diabetics following Volume-Based Procurement (VBP) in China Source: IQVIA MAT, May 2021 (Spot rate) IO: International operations; NN: Novo Nordisk; pp: Percentage points; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; Row: Rest of World Novo Nordisk® 91.7% 22.5% 23.9% Market share +1.4-pp vs. 2020 May May 2020 2021#88 Investor presentation First six months of 2021 Novo NordiskⓇ Biopharm sales grew by 7% driven by both North America Operations and International Operations DKK billion 12 10 8 Reported Biopharm sales Growth at CER 7% 11% 39% 30% 3% 2% 6 Rare blood disorders 4 2 Biopharm sales driven by global commercial execution Biopharm sales growth driven by: 12% growth in North America Operations 4% sales growth in International Operations Rare blood disorders sales increased by 11%, driven by: Uptake of launch products EsperoctⓇ and Refixia® Novo Eight® and NovoSevenⓇ Rare endocrine disorders sales increased by 2%, driven by: New indications and global roll-out of the next-generation device Novo Nordisk is the leading company in the global human growth disorder market with a value market share of ~36% compared to ~34% a year ago 0 Total1 Rare blood disorders² Haem. A Haem. B Novo- ! SevenⓇ Rare endocrine disorders³ 1 Total includes "Other Biopharm", which consists of primarily Vagifem® and Activelle®: 2 Comprises NovoSeven®, Novo Eight®, Esperoct®, Refixia® and NovoThirteenⓇ; 3 Primarily Norditropin®. Note: NovoThirteenⓇ is not shown for Rare blood disorders. Haem. A: Haemophilia A; Haem. B: Haemophilia B; Unless otherwise specified, sales growth is at constant exchange rates#99 Investor presentation First six months of 2021 In the last 12 months, Novo Nordisk increased market share in the fast-growing US GLP-1 segment NBRX share 80% US GLP-1 NBRx market share US GLP-1 TRX market share TRX share Class growth ~25% 60% 48.7% 56.5% 60% 40% 20% 0% July 2020 Ozempic 62.6% 40% 41.7% 35.4% 20% 12.9% Novo Nordisk® 51.3% 45.0% 31.0% 14.1% 6.3% 7.9% 0% July 2021 July 2020 July 2021 RybelsusⓇ VictozaⓇ NN GLP-1 QD dulaglutide Source: IQVIA Xponent, Weekly (ending 16 July 2021) Each data points represents a rolling four-week average NBRX: New-to-brand prescriptions; TRx: Total prescriptions; NN: Novo Nordisk Note: Class growth calculated as Q2 2020 vs Q2 2021#1010 Investor presentation First six months of 2021 RybelsusⓇ TRX volume is growing despite two commercial lockdowns in the US RybelsusⓇ uptake in the US1 since launch In H1 2021, RybelsusⓇ sales were DKK 1,674 million RybelsusⓇ has now been launched in 18 countries NBRx count (000s) NBRX TRX (RHS) Restricted field force TRX count Partial re-entry (000s) Full re-entry 40 8 Mid-May 35 In the US: Mid-Feb • 30 6 Early-Jun End-Nov 25 4 Mid-Mar 22 20 • . . Increasing breadth and awareness amongst HCPS More than 80% of new prescriptions are new to the GLP-1 class Full field force re-entry middle of May 2021 Direct-to-consumer advertising continues Outside of the US: In Japan, RybelsusⓇ has reached a 0.7% modern oral antidiabetics (MOAD) value market 15 2 10 5 0 0 1 11 21 31 41 51 61 71 81 90 2019 Time since launch (weeks) 2020 2021 1 RybelsusⓇ is based on Oct 2019 focus launch. Each data points represents a rolling four-week average. Note: NBRX: New-to-brand prescriptions, F2F: Face-to-face; RHS: Right hand side axis; HCP: Healthcare Professional; TRx: Total prescription data Source: IQVIA Xponent, Weekly (ending 16 July 2021) Novo NordiskⓇ#1111 Investor presentation First six months of 2021 Obesity care sales grew by 34% in the first half of 2021 Reported sales split in operational units DKK billion Branded AOM TRX in the US TRX count (000s) 2.4 90% 32 42% 3%1 34% 67% 1.8 24 60% 1.2 0.6 16 30% 8 0 0% 0 2019 2020 2021 Jan 2019 INAO IO Market share (RHS) - SaxendaⓇ Growth at CER 32.0 прир Wegovy™ launch in the US ONCE-WEEKLY wegovy™ semaglutide injection Novo NordiskⓇ 11.5 8.1 • > 8,000 total scripts 5 weeks after launch Market access has progressed More than 50% of Wegovy™ prescriptions are new to the AOM class Jan 2020 Jan July 2021 2021 Branded AOM Market 1 Annual growth at CER. Each TRX data points represents one week of data - Wegovy™ EMEA: Europe, Middle East and Africa, NAO: North America operations, IO: International operations, RHS: Right hand side axis Note: Sales growth at constant exchange rates; AOM: Anti-Obesity Medications (includes Wegovy TM, SaxendaⓇ, Qsymia and Contrave) Source: IQVIA NPA - TRX data, Weekly (ending 23 July 2021)#1212 Investor presentation First six months of 2021 Two phase 3 trials have been initiated with oral semaglutide 14 mg in Alzheimer's Disease Alzheimer's Disease evoke and evoke+ trials have been initiated with 1,840 patients in each trial with a total of 3,680 patients Novo NordiskⓇ 3 mg 7 mg 14 mg oral semaglutide QD 14 mg oral semaglutide QD R 3 mg 7 mg 14 mg placebo QD 14 mg placebo QD 1:1 + Week 0 4 104 Treatment period ↑ Confirmatory endpoints 156 161 Follow-up Large unmet need within Alzheimer's Disease with ~85 million people living with mild cognitive impairment and dementia Objective To confirm superiority of oral sema vs placebo on the change in cognition and function in people with early Alzheimer's disease Primary endpoint Change in the Clinical Dementia Rating - Sum of Boxes (CDR-SB) score from baseline to end of 104 weeks of treatment • Inclusion criteria 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 Source: Alzheimer's Association report: 2020 Alzheimer's disease facts and figures, 2020 (16:391-460), AD: Alzheimer's disease; QD: Once-daily; MCI: mild cognitive impairment; 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#1313 Investor presentation First six months of 2021 CVD presence has been expanded with the Heartseed collaboration and Prothena ATTR amyloidosis acquisition Novo Nordisk CVD ambition: Company New partnerships and acquisitions to support ambition Type of agreement Key asset Heartseed Inc. Treatment scope At least one product launched between 2024-2028 targeting atherosclerotic cardiovascular disease or heart failure Exclusive worldwide collaboration and license agreement HS-001 (a stem-cell based therapy) Heart failure Prothena Corporation plc Acquisition of Prothena's ATTR amyloidosis programme PRX004 (an anti-amyloid immunotherapy) Expected timing Heartseed expects to initiate a phase 1/2 trial in Japan in H2 2021 ATTR-CM (a rare heart disease) Phase 2 expected to initiate in 2022 followed by a phase 3 CVOT Clinical assets: Ziltivekimab Oral PCSK9i Other CVD activities Ongoing major CVOTS: SELECT SOUL FLOW FOCUS Note: ATTR-CM Transthyretin Amyloid Cardiomyopathy; CVOT: Cardiovascular Outcome Trial; CVD: Cardiovascular Disease Novo NordiskⓇ#1414 Investor presentation First six months of 2021 R&D milestones Diabetes care Project OzempicⓇ FDC Sema - OW GIP Cagrisema Glucose sensitive insulin Obesity care Q2 2021 ✓ SUSTAIN FORTE US resubmission Q3 2021 Q4 2021 SUSTAIN FORTE Phase 2 initiation ✓ Phase 2 initiation Phase 1 results EU decision Ideal Pump Insulin Phase 1 results Semaglutide 2.4 mg ✓ US decision Oral sema 50 mg LA-GDF15 EU decision Phase 3 initiation Novo NordiskⓇ Clinical milestones¹ Regulatory milestones¹ Q1 2022 SUSTAIN FORTE US decision Phase 1 results Phase 3 results in GHD2 Biopharm Sogroya® (somapacitan) Mim8 Sema NASH Phase 3 initiation (F2-F3) Phase 1/2 results Phase 2 results (F4) Other serious chronic diseases NASH - combination with Gilead Phase 2b initiation Ziltivekimab Oral PCSK9i Phase 3 initiation ✓ Phase 2 initiation Sema in Alzheimer's disease ✓ Phase 3 initiation 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement, 2 GHD includes growth hormone in children, trial read-out expected around the turn of the year Note: Trial initiations could be impacted by COVID-19, NASH: Non-alcoholic steatohepatitis; (A)GHD: (Adult) Growth Hormone Deficiency; Sema: Semagtide; HFPEF: Heart Failure with preserved Ejection Fraction The timelines for cagrisema (cagrilintide, previously denoted AM833, + semaglutide 2.4 mg) in Obesity have moved#1515 Investor presentation First six months of 2021 Financial results - First six months of 2021 Novo NordiskⓇ In DKK million Sales Gross profit Gross margin Sales and distribution costs First six months of 2021 66,845 55,487 83.0% 16,257 53,723 First six Change Change months of 2020 (reported) (CER) 63,881 5% 12% 3% 84.1% 14,988 8% 15% Percentage of sales 24.3% 23.5% Research and development costs 7,888 7,068 12% 15% Percentage of sales 11.8% 11.1% Administration costs 1,836 1,754 5% 8% Percentage of sales 2.7% 2.7% Other operating income, net 255 227 12% Operating profit 29,761 30,140 (1%) 9% Operating margin 44.5% 47.2% Financial items (net) 1,094 (1,703) Profit before income tax 30,855 28,437 9% Income taxes 6,109 5,915 3% Effective tax rate 19.8% 20.8% Net profit 24,746 22,522 10% Diluted earnings per share (DKK) 10.71 9.58 12% CER: Constant exchange rates#1616 Investor presentation First six months of 2021 Attractive capital allocation to shareholders DKK billion 45 Annual cash return to shareholders 30 18 17 15 15 Capital allocation • 3-year average² cash-to-earnings ratio of ~80% • Ongoing DKK 18 billion share repurchase programme for 2021 • Interim dividend of DKK 3.50 per share will be paid in August 2021 Novo NordiskⓇ 8 15 7 7 8 • Eurobond issuance of EUR 1.3 billion during the second quarter of 2021 under the established EUR 5 billion Euro Medium Term Note (EMTN) programme 12 12 13 14 0 2018 Dividend 2019 2020 2021E' Interim dividend Share repurchase Free cash flow guidance Free cash flow 1 For 2021, expected free cash flow is DKK 39-44 billion; 2 Calculated as average cash to earnings for full-year 2018-2020 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 2021#1717 Investor presentation First six months of 2021 Financial outlook for 2021 Sales growth - at CER Sales growth - reported Operating profit growth - at CER Expectations 4 August 2021 10% to 13% Expectations 5 May 2021 6% to 10% Around 4 percentage points lower Around 4 percentage points lower 9% to 12% 5% to 9% Operating profit growth - reported Around 5 percentage points lower Around 6 percentage points lower Financial items (net) Effective tax rate Free cash flow Gain of around DKK 0.6 billion Gain of around DKK 0.7 billion 19% to 21% DKK 39 to 44 billion 20% to 22% DKK 37 to 42 billion Note: Changes since last highlighted in bold 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 14 July 2021. Novo NordiskⓇ#1818 Investor presentation First six months of 2021 Strategic aspirations 2025 Purpose and sustainability لا Commercial execution • • Being respected for adding value to society • Progress towards zero environmental impact Ensure distinct core capabilities and evolve culture . • Strengthen Diabetes leadership - aim at global value market share of more than 1/3 Strengthen Obesity leadership and double current sales¹ • Secure a sustained growth outlook for Biopharm Financials therapeutic focus Innovation and O|||||| • • • • • Further raise the innovation-bar for diabetes treatment Develop a leading portfolio of superior treatment solutions for obesity Strengthen and progress the Biopharm pipeline Establish presence in Other serious chronic diseases focusing on CVD, NASH and CKD Deliver solid sales and operating profit growth • Deliver 6-10% sales growth in IO . Transform 70% of sales in the US² Drive operational efficiencies across the value chain to enable investments in future growth assets Deliver free cash flow to enable attractive capital allocation to shareholders 1 Based on reported sales in 2019, 2 From 2015 to 2022, 70% of sales to come from products launched from 2015. IO: International Operations; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease. Novo NordiskⓇ#1919 Investor presentation First six months of 2021 Investor contact information Share information Novo Nordisk's B shares are listed on the stock exchange in Copenhagen under the symbol 'NOVO B'. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For further company information, visit Novo Nordisk on: www.novonordisk.com Novo Nordisk A/S Investor Relations Novo Allé DK-2880 Bagsværd Investor Relations contacts Upcoming events 03 November 2021 Financial statement for the first nine months of 2021 02 February 2022 Financial statement for 2021 Daniel Muusmann Bohsen Ann Søndermølle Rendbæk David Heiberg Landsted Mark Joseph Root (USA) Novo NordiskⓇ +45 3075 2175 +45 3075 2253 +45 3077 6915 +1 848 213 3219 [email protected] [email protected] [email protected] [email protected]#2020 Investor presentation First six months of 2021 Appendix Novo Nordisk corporate strategy Diabetes care Obesity care 21 33 52 Biopharm 67 Other serious chronic diseases 77 Regional information 85 Financials 117 Sustainability 124#2121 Investor presentation First six months of 2021 Diabetes care Strengthen leadership by offering innovative medicines and driving patient outcomes Novo Nordisk Way Biopharm Secure a leading position by leveraging full portfolio and expanding into adjacent areas Driving change to defeat diabetes and other serious chronic diseases Sustainable business PR Obesity care Strengthen treatment options 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#2222 Investor presentation First six months of 2021 Novo Nordisk® Novo Nordisk's opportunity is in the large unmet needs across all therapy areas in scope DIABETES ~463 million -6% OBESITY ~650 million -2% HAEMOPHILIA ~0.5 million -25% People with diabetes People in good control People with People medically obesity treated People with haemophilia People being treated OTHER SERIOUS CHRONIC DISEASES * Gro 80% of diagnosed NASH patients are obese and 35% have T2DM 70% of diabetes patients die from atherosclerotic CVD 40% of patients hospitalised for heart failure are diabetic ~50% of the total CKD population suffers from diabetic nephropathy NASH: Non-alcoholic steatohepatitis, T2DM: Type 2 diabetes mellitus, CVD: Cardiovascular disease, CKD: Chronic kidney disease. Note: All figures are global and good control defined as A1C that is less than 7% Source: International Diabetes Federation; Diabetes Atlas 9th Edition 2019, IQVIA MIDAS 2017, World Federation of Haemophilia - Annual survey 2018; Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of non-alcoholic fatty liver disease and non-alcoholic steatohepatitis among a largely middle-aged population utilising ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014#2323 Investor presentation First six months of 2021 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Novo NordiskⓇ Diabetes care DKK billion 700 600 500 400 300 200 CAGR¹ value: 9.6% 100 0 May 2016 Market value Obesity care DKK billion #1 50% 12 Haemophilia DKK billion #1 80% 100 #3 50% 10 40% 80 60% 40% 8 30% 60 30% 6 40% 20% 40 20% 4 20% 10% 20 2 CAGR² value: 3.2% CAGR³ value: 3.0% 10% 0% 0 0% 0 0% May 2021 May 2019 Market value May 2021 FY FY 2016 NN value market share (RHS) Global market position NN value market share (RHS) Global market position Market value NN value market share (RHS) Global market position 2020 1 CAGR for 5-year period; 2 CAGR for 2-year period; 3 CAGR for 5-year period; Note: Annual sales figures for haemophilia A, B and bypassing agents segment. Recombinant and plasma derived products Source: Company reports for haemophilia market, IQVIA MAT, May 2021; Note: Diabetes and Obesity care market values are based on list prices in the US. NN: Novo Nordisk#2424 Investor presentation First six months of 2021 Continued single digit volume growth within the insulin segments globally Novo NordiskⓇ tMU Long-acting insulin Premix insulin Fast-acting insulin tMU tMU 250 CAGR volume1: 4.5% 100% 160 CAGR volume1: 1.5% 100% 240 MI penetration²: 75.2% MI penetration²: 48.3% CAGR volume1: 4.5% MI penetration²: 77.2% 100% 200 200 80% 80% 80% 120 160 150 60% 60% 60% 00 80 120 100 50 40% 40 20% 40% 40% 80 20% 20% 40 0% 0 0% 0 0% May May May May May 2021 2016 2021 2016 2021 Segment volume -Ryzodeg Ⓡ -NovoMix® 30 -Combined Segment volume -NovoRapidⓇ FiaspⓇ Combined 0 May 2016 Segment volume Ⓡ Levemir -Tresiba Combined 1 CAGR for 5-year period 2 Includes new-generation insulin. tMU: Thousand mega units; NN: Novo Nordisk Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; Data is sensitive to changes in IQVIA data collection and reporting methodology. Source: IQVIA MAT, May 2021 volume figures#2525 Investor presentation First six months of 2021 Sales growth of 12% at CER, driven by all therapy areas and in particular the portfolio of GLP-1 treatments Novo Nordisk reported quarterly sales DKK billion 31 40 35 CAGR¹: 7.2% by therapy Reported sales Reported sales for the first six months of 2021 Rare endocrine Other Biopharm Rare disorders 30 blood disorders 1% 6% 25 (3.4%)¹ Obesity 8% 3.8%1 care 250 5% 20 2.9%¹ 15 8.3%¹ 10 5 0 Q2 Other 2011 Rare endocrine disorders Rare blood disorders Diabetes and Obesity care Q2 2021 Sales of DKK 66.8 billion (5%) Reported sales and growth breakdown for the six months of 2021 Novo Nordisk® Therapy Sales (MDKK) Growth Share of growth Total GLP-12 23,377 30% 77% Long-acting insulin³ 8,971 2% 2% Premix insulin4 5,668 5% 4% Fast-acting insulin 5 8,808 (1%) (2%) Human insulin 4,576 (3%) (2%) Total insulin 28,023 1% 2% Other Diabetes care 1,919 (5%) (1%) Total Diabetes care Obesity care? 53,319 11% 78% 3,543 34% 13% Diabetes and Obesity care 56,862 13% 91% 80% Rare blood disorders 5,401 11% 7% Diabetes care Rare endocrine disorders⁹ Other Biopharm 10 Biopharm 3,779 2% 1% 803 5% 1% 9,983 7% 9% Total 66,845 12% 100% 1 CAGR for 10-year period; 2 Comprises Victoza®, Ozempic®, Rybelsus®; 3 Comprises TresibaⓇ, XultophyⓇ and Levemir®; 4 Comprises RyzodegⓇ and Novo MixⓇ; 5 Comprises FiaspⓇ and NovoRapidⓇ: 6 Primarily NovonormⓇ, needles and GlucaGen® HypoKitⓇ; 7 Comprises SaxendaⓇ and WegovyTM 8 Comprises NovoSeven®, Novo Eight®, NovoThirteen®, Refixia®, and EsperoctⓇ; 9 Comprises Norditropin®: 10 Primarily Vagifem® and ActivelleⓇ Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rate, except for total sales growth of 5%; RefixiaⓇ and NovoThirteenⓇ are launched as RebinynⓇ and TRETTENⓇ, respectively, in North America.#2626 Investor presentation First six months of 2021 Sales growth of 12% at CER, driven by IO sales growth of 13% and 11% sales growth in NAO Historic & reported sales by geography Reported sales and growth breakdown for the first six months of 2021 Novo Nordisk® Sales in DKK billion 107.9 126.9 66.8 Regions Sales (MDKK) Growth Share of growth 8% 14% 15% 9% International Operations 36,984 13% 58% 11% 12% EMEA 19,109 11% 27% 30% 27% 29% Region China 8,052 12% 11% ROW 9,823 16% 20% North America Operations 29,861 11% 42% 53% 48% 45% Here of USA 27,926 10% 39% Total sales 66,845 12% 100% 2015 2020 YTD 2021 North America EMEA China ROW IO: International Operations; NAO: North American Operations; EMEA: Europe, Middle East, and Africa; Row: Rest of World; Region China covers mainland China, Hong Kong and Taiwan. Note: Numbers may not add up to 100% due to rounding; Growth at Constant exchange rates; Sales numbers are reported in Danish kroner#2727 Investor presentation First six months of 2021 Insulin sales remain important with more than 40% share of revenue but with less dependence on the US insulin sales 45% Q2 2016 sales split IO: International Operations; NAO: North American Operations 25% 30% Q2 2021 sales split 30% 58% 11% IO insulin NAO insulin Other products Novo NordiskⓇ#2828 Investor presentation First six months of 2021 Novo Nordisk has a set of strategic aspirations including an Innovation and therapeutic focus Further raise the innovation bar for diabetes treatment Develop a leading portfolio of superior treatment solutions for obesity Strengthen and progress the Biopharm pipeline Insulin % GLP-1 0 Curative treatment 5 Glucose-sensitive Insulin Oral GLP-1 analogue 10 15 Once-weekly Weekly GLP-1 analogue 20 Long- GLP-1 acting Insulin analogue analogue 25 Native GLP-1 30 Weight loss over time 1 Approved in the US; CVD: Cardiovascular disease; CKD: Chronic kidney disease; NASH: Non-alcoholic steatohepatitis Today's marketed treatment options Semaglutide 2.4mg (Wegovy™ 1) Pipeline Bariatric surgery Mim8 Establish presence in Other serious chronic diseases CVD Curative therapy Non-invasive therapy Concizumab Esperoct Refixia® NovoEight® NovoThirteenⓇ NovoSeven® CKD NASH Stem Cells Novo NordiskⓇ#2929 Investor presentation First six months of 2021 Novo NordiskⓇ The future of R&D is to focus on increasing the number of clinical assets while maintaining industry-leading late-stage success R&D investments will expand beyond historic focus Increased clinical assets driving R&D investment Pipeline Assets Industry-leading success rate¹ from any phase to market Success Rate 100% Biopharm NASH Diabetes Obesity I CVD CKD Devices 180 Stem Cells ILLUSTRATIVE ILLUSTRATIVE 80% 60% 40% 20% 2019 Phase 1 Phase 2 Phase 3 Submission 0% Future Phase 1 Phase 2 Phase 3 Novo Nordisk Industry range __ Industry average Submission NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease; CKD: Chronic kidney disease. 1Probabilities of success to market were calculated using substances entering phase between 2008 and 2014 and year of assessment 2017. Source: CMR International, 2017 Future#3030 Investor presentation First six months of 2021 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 NN1535 Icosema (LAIsema) - NN1965 - Insulin 965 NN1147 - Insulin 147 and PCSK9i NN9389FDC Sema - OW GIP NN1845 - GSI NN1471 - Ideal Pump Insulin NN9041 - DNA Immunotherapy NN9775 PYY 1875 analogue - NN9215 LA-GDF15 - NN9838 Cagrisema NN7533 Eclipse NN9500 FGF-21 NASH NN6434 - PCSK9i STT-5058 STATEN, Anti-ApoC3 mAb PHASE 2 NN9388 Cagrisema Cagrilintide NN9838 EX2020 Macrilen, GHD1 NN7769 Mim8 (phase 1/2) NN9931 - Gilead NASH NN6018 Ziltivekimab NN6435 Oral PCSK9i PHASE 3 NN9931 - NN6535 Semaglutide in AD NN8640 - Somapacitan - QW GHD² SUBMITTED APPROVED NN9924 Oral Semaglutide 25 and 50 mg NN1436 Insulin Icodec Semaglutide NASH SUSTAIN FORTE - Semaglutide 2.0 mg³ TresibaⓇ Semaglutide 2.4 mg4 XultophyⓇ LevemirⓇ RyzodegⓇ NovoMixⓇ FiaspⓇ NovoRapidⓇ RybelsusⓇ OzempicⓇ NN7415 Concizumab Other PHASE 3 trials - SOUL Oral semaglutide 14.0 mg CVOT FLOW-Semaglutide 1.0 mg in chronic kidney disease FOCUS - Semaglutide 1.0 mg in diabetic retinopathy - STRIDE Semaglutide 1.0 mg in peripheral arterial disease SELECT - Semaglutide 2.4 mg in obesity CVOT HFPEF Semaglutide 2.4 mg VictozaⓇ® WegovyTM 4 SaxendaⓇ NovoSevenⓇ NovoEight® EsperoctⓇ NovoThirteenⓇ Diabetes care Obesity care Rare blood disorders Rare endocrine disorders RefixiaⓇ/RebinynⓇ NorditropinⓇ SogroyaⓇ5 Other serious chronic diseases 1 Novo Nordisk only holds the commercial rights in North America; 2 Study conducted in growth hormone disorders; 3 Submitted in the EU and the US (Resubmitted on 28 May 2021); 4 Approved in the US; 5 Approved in the EU, the US and Japan, for adult growth hormone disorder; PYY: Peptide YY; QW: Once-weekly; mAb: monocolonal antibody; GDF15: Growth differentiation factor 15; Sema: Semaglutide; FGF-21: Fibroblast growth factor 21; LAI: Long-acting insulin; GHD: Growth hormone disorder; GSI: Glucose Sensitive Insulin; HFPEF: heart failure with preserved ejection fraction; AD: Alzheimer's Disease; FDC; Fixed-dose combination; NASH: Nonalcoholic Steatohepatitis, Cagrilintide was denoted AM833 before#3131 Investor presentation First six months of 2021 Novo Nordisk holds solid patent protection, high barriers to entry, and a collaborative approach to innovation Novo Nordisk's position is protected by patents and value chain setup Barriers to entry for biosimilar players Partnerships and acquisitions support future R&D OZEMPIC® semaglutide injection RYBELSUS semaglutide tablets Fiasp® fast-acting insulin aspart esperoct turoctocog alfa pegol Xultophy insulin degludec/liraglutide EU/US patent protection1 20312 • 20312,3 20304 • • 2034/322 2028/29 Novo NordiskⓇ Research & Development Need to show comparability in PK/PD trials Strict regulatory requirements in the EU and the US Requirement for both drug and device offering Manufacturing Economies of scale Up-front CAPEX requirements with slow return on investment Commercialisation siRNA treatments Dicerna™ Oral formulations of therapeutics Emisphere Combination treatments for NASH GILEAD Gene editing for haemophilia bluebirdbio recode for life" [rDNA origin] injection TRESIBA • Large and fragmented target audience 2028/29 insulin degludec [rDNA origin] injection Cost pressure from payers RYZODEG 2028/29 70% insulin degludec and 30% insulin aspart [rDNA origin injection refixia® On-going conversion to next-generation drugs and slow market dynamics 2027/282 VICTOZAⓇ liraglutide injection 2023 Novel treatments for CVD STATEN BIOTECHNOLOGY CORVIDIA Precision Cardiovascular Therapeutic of prothena Heartseed 1 List does not include all marketed products. 2 Current estimates. Wegovy TM 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; SaxendaⓇ patent identical to VictozaⓇ patent. PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure; siRNA: Silencing ribonucleic acid; NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease#3232 Investor presentation First six months of 2021 Novo Nordisk® Novo Nordisk's core capabilities provide a competitive advantage to continue to defeat diabetes Engineering, formulating, developing and delivering protein-based treatments Efficient large-scale production of proteins 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 cell platform السمر balo Today: The world's largest producer of insulin and GLP-1 Tomorrow: Expand capacity by completion of the US diabetes API facility and continued efficiency gains |.000 ② ५ Today: Global reach and OzempicⓇ was the fastest blockbuster in diabetes Tomorrow: Continued rollout of injectable diabetes portfolio and launch of RybelsusⓇ ه D Today: Provide value and outcomes beyond HbA1c for diabetes Tomorrow: Normalise living with diabetes supported by digital solutions API: Active pharmaceutical ingredient; HbA₁: Refers to glycated haemoglobin, which is the average blood glucose (sugar) levels for the last three months#33Investor presentation First six months of 2021 STRENGTHEN LEADERSHIP by offering innovative medicines and driving patient outcomes 1. Disease and market 2. Insulin segment 3. GLP-1 segment novo nordisk 34 42 46 Diabetes care YASMIN FIEDLER Yasmin has type 1 diabetes Germany#3434 Investor presentation First six months of 2021 Diabetes - the inability to manage blood sugar levels appropriately Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin produced by the pancreas Primary classifications: Type 1 diabetes: Complete insulin deficiency due to destruction of beta- cells in the pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency Insulin: • Facilitates uptake of blood sugar into cells • Inhibits glucose release from the liver Insulin action profiles Liver Pancreas Muscle Novo NordiskⓇ Fast-acting Premix Long-acting Fat cell 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Time of day Breakfast Lunch Dinner#3535 Investor presentation First six months of 2021 Class HbA1c Hypoglycaemia Weight change change risk CV risk reduction Metformin 1.5 No Neutral Minimal GLP-1s have positive effects beyond glycaemic control and treatment guidelines now reflect the CV risk benefits. Medications for treatment of type 2 diabetes ADA/EASD diabetes treatment guidelines for second-line treatment with established ASCVC or CKD First-line therapy is metformin and lifestyle management. If HbA₁ above target, proceed as below NO Without established ASCVD or CKD Established ASCVD or CKD YES Sulfonylurea 1.5 Yes Gain None ASCVD predominates TZDS 0.5-1.4 No Gain Varies HF OR CKD predominant DPP-IV inhibitors 0.6-0.8 No Neutral Neutral GLP-1 with proven CVD benefit* SGLT-2 inhibitors 0.5-0.9 No Loss Varies EITHER/OR SGLT-2 with proven CVD benefit*, if eGFR adequate GLP-1 1.0 - 1.8 No Loss Varies Long-acting insulin 1.5 -2.5 Yes Gain TG and HDL Fast-acting insulin 1.5-2.5 Yes Gain TG and HDL If HbA1c above target If further intensification is required or patient is now unable to tolerate GLP-1 and/or SGLT-2, choose agents demonstrating CV safety Novo NordiskⓇ *Proven CVD benefit means it has label indication of reducing CVD events. For GLP-1 strongest evidence for liraglutide>semaglutide>exenatide extended release. For SGLT-2 evidence modestly stronger for empagliflozin>canagliflozin. ASCVD: atherosclerotic cardiovascular disease; CKD: chronic kidney disease; CV: cardiovascular; CVD: cardiovascular disease; CVOT: cardiovascular outcome trial; DPP-4: dipeptidyl peptidase-4 inhibitor; eGFR: estimated glomerular filtration rate; GLP-1: glucagon-like peptide-1 receptor agonist; HF: heart failure; SGLT-2: sodium glucose co-transporter-2 inhibitor Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29: 1963-1972; Nathan DM, et al. 2007;30:753- 759; Nathan DM, et al. Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008; 31:S12-S54. WelChol PI. 1/2008. Management of Hyperglycemia in Type 2 Diabetes, 2018. A Consensus Report by the American Diabetes Association (ADA) and the European Association for the Study of Diabetes (EASD)#3636 Investor presentation First six months of 2021 Novo NordiskⓇ People with diabetes have increased mortality risk with eight years shorter life expectancy, highlighting the importance of innovation Diabetes is associated with shorter life expectancy and lower quality of life The unmet need remains large within diabetes Untreated (million) Treated with competitors' products (million) Treated with Novo Nordisk' products (million) 463 • Life expectancy 8 years shorter¹ Diabetes • Driven by 200% increased risk of all cause mortality¹ 101 CVD • 70% of people with diabetes die from atherosclerotic CVD² • 150% increase in risk of stroke³ 183 • Higher likelihood of neuropathy, Organs retinopathy, limb amputation, cancer and cognitive dysfunction4 33 56 24 4 Diabetic population 5 Other OAD Insulin Branded OAD GLP-1 1 Diabetes Care 2017 Mar; 40 (3): 338-345; 2 https://www.who.int/cardiovascular_diseases/en/; 3 https://www.diabetes.org/diabetes/complications/stroke.; CVD: Cardiovascular disease; OAD: Oral anti-diabetic; 4 Diabetes Care 2005 Jan;28(1):164-176 5 IDF Diabetes World Atlas, 2017, 8th edition#3737 Investor presentation First six months of 2021 Global diabetes prevalence is increasing with 700 million people expected to have diabetes by 2045 Million The number of people with diabetes is expected to increase 51% by 2045 Of the 463 million, 32.8 million¹ people are currently treated with Novo Nordisk diabetes products 800 +51% 700 579 600 J 500 463 400 300 200 100 0 700 2019 2030 2045 EMEA Region China ROW North America Source: International Diabetes Federation: Diabetes Atlas 1st Edition 2000 and Diabetes Atlas 9th Edition 2019 EMEA: Europe, Middle East, Africa; RoW: Asia Pacific, Latin America Novo NordiskⓇ 2.6 mio treated with GLP-1 3.0 mio treated with new-generation insulin 13.1 mio treated with modern insulin 12.3 mio treated with human insulins 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 2020. Source: Novo Nordisk Annual Report 2020#3838 Investor presentation First six months of 2021 B-cell function Diabetes is a chronic disease requiring treatment intensification over time Diet and exercise Time 100% OAD GLP-1 Distribution of patients and value across treatment classes 5% 17% 80% 44% 16% 60% 23% 18% Insulin 40% 4% 8% 20% 39% 26% 0% Patients Value Insulin I GLP-1 SGLT-2i DPP-IV Traditional OADs Note: Patient distribution across treatment classes is indicative and based on data for the USA, Germany and France. Other OADs cover: metformin, sulfonylurea, thiazolidinediones. Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS; value figures based on IQVIA MAT, May 2021 OAD: Oral anti-diabetic Novo NordiskⓇ#3939 Investor presentation First six months of 2021 Novo Nordisk® Diabetes volume growth remains solid with 4% growth in a large USD 52 billion diabetes market The number of treated patients¹ is expected to grow by 4% annually towards 2026 209m CAGR: +4% ILLUSTRATIVE The diabetes realised value2 is expected to grow by 5% annually towards 2026 $ 52bn CAGR: +5% . ILLUSTRATIVE Key trends in diabetes Innovation focused on oral GLP-1 and combinations Biosimilar competition and loss of exclusivity Diabetes technology with digital health 2020 2026 Other OAD DPP-4i SGLT-2i 2020 GLP-1 Insulin • Patients outcome beyond glucose control Evolving payer dynamics and market access hurdles • 2026 Access and affordability of medicine 1 Internal estimates; 2 Evaluate April 2021 (consensus forecast based on up to 6 external brokers; Insulin+GLP-1 products are included in the insulin group; DPP-4i+SGLT2i products are included in the SGLT2i group); Note: GLP-1+basal insulin combination sales are included in insulin; Other OAD includes metformin, SU and TZDs. Growth rates are compound annual growth rates (CAGR).#4040 Investor presentation First six months of 2021 The total branded diabetes market has a global value of DKK ~300 billion annually DKK Global diabetes market DKK The USA 0% billion billion 150 146 139 350 +4% 2019/2020 2020/2021 ☐ Growth at CER -14% 294 292 100 +17% 300 57 47 52 59 -13% +11% 50 250 21 18 16 17 0 200 Total Insulin GLP-1 DPP-IV SGLT-2 -5% 150 130 DKK billion Outside the USA +8% 118 148 153 +20% 150 100 -4% 80 70 60 55 +22% 100 +3% 73 72 +1% 50 33 38 50 +22% 18 22 +32% 39 38 17 22 0 Total 0 Insulin GLP-1 DPP-IV SGLT-2 Total Insulin GLP-1 DPP-IV SGLT-2 Source: Company announcements. Note: The segment value is based on reported figures, whilst the market growth is under constant exchange rate (CER). For Novo Nordisk the diabetes growth includes Insulin and GLP-1, excluding 'other diabetes care'. Novo NordiskⓇ#4141 Investor presentation First six months of 2021 Novo Nordisk has a strong leadership position within the growing diabetes market Global diabetes market by treatment class¹ Novo Nordisk remains global diabetes value market leader Novo Nordisk market share and share of growth Novo NordiskⓇ DKK billion 350 Market CAGR²: 8.7% 35% 60% 300 30% 30% 50% 250 CAGR: 0.4% 42% 25% 40% 200 CAGR: 17.7% 20% 30% 150 CAGR: 24.9% 15% 30% 20% 100 10% CAGR: (3.2%) 50 10% 5% 0 0% 0% 15FY 16FY 17FY 18FY 19FY 20FY May May May 2011 2021 2018 May 2021 Insulin GLP-1 SGLT-2 DPP-4 Novo Nordisk Sanofi Merck AstraZeneca -Takeda Eli Lilly BI NN market share NN share of growth -Novartis -J&J 1 Data is based on company reported sales from Sanofi, Eli Lilly, AstraZeneca, GSK, Novartis, Johnson & Johnson, and Merck. Data does not include generic metformin, sulphonylureas or thiazolidinedione 2 CAGR for 5-year period; ; BI: Boehringer Ingelheim; J&J: Johnson & Johnson Source: IQVIA MAT, May 2021 value figures Note: IQVIA data can be inflated due to use of list prices in the US#4242 Investor presentation First six months of 2021 Novo Nordisk global insulin market leadership expanded to 47.3% and the global insulin volume market grew by 2.2% North America Operations Market growth: -0.3% MS: 39.2% MS gain/loss¹: -0.5%-p Sales growth: -11% Global Market growth: 1.6% MS: 47.3% MS gain/loss¹: 0.3%-p Sales growth: 1% International Operations Market growth: 2.4% MS: 50.3% MS gain/loss: 0.6%-p Sales growth: 6% USA Market growth: -0.4% MS: 38.9% MS gain/loss: -0.8%-p Sales growth: -11% Source: IQVIA MAT, May 2021 volume figures Note: Sales growth for first six months of 2021 at constant exchange rates; Market shares are for Novo Nordisk and market growth for the total insulin market 1MS gain/loss compared with May 2020 reported MS EMEA: Europe, Middle East and Africa; MS: Market share; RoW: Asia Pacific; Latin America EMEA Market growth: 0.0% MS: 47.6% MS gain/loss: 0.5%-p Sales growth: 2% ROW Market growth: 5.9% MS: 57.2% MS gain/loss: 0.3%-p Sales growth: 10% Region China Market growth: 6.4% MS: 50.8% MS gain/loss: 0.4%-p Sales growth: 10% Novo NordiskⓇ#4343 Investor presentation First six months of 2021 Insulin market size and volume share of growth and market share Insulin market share and market size (DKK billion) Total 44% Long- Acting 37% Fast- 52% 88 87 Acting 67% Premix 17 35% Human 23 129 Novo Nordisk Competitors Market growth A Market share 257 -5.5% -0.7% 80% Insulin volume: Share of growth and market share Novo NordiskⓇ 15% 13% 60% -3.6% -0.9% 11% 47% 9% 40% 7% -7.3% -0.1% 5% 20% 2% 3% 1% -9.1% +1.3% 2% 0% -1% May May 2018 2021 -NN market share -6.2% -0.8% Source: IQVIA, May 2021, LHS graph - Value, RHS Graph - Volume, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk Market growth (right axis) NN growth (right axis)#4444 Investor presentation First six months of 2021 over 26 weeks Glargine U100 Change 9 * * in HbA1c 8 7 6 M 0.0 Icodec, a once-weekly insulin, improved PPG control, HbA1c, and increased the number of patients reaching target in a phase 2 trial Icodec showed statistically significant post prandial blood glucose control FPG (mmol/L) Icodec Numerical improvement in HbA1c Icodec The proportion of patients on Icodec reaching HbA1c targets was higher Icodec Glargine U100 Novo NordiskⓇ Glargine U100 Proportion of patients 100% -0.2 -0.4 72% 75% 68% -0.6 -0.8 -1.0 5 Breakfast +90 min Lunch +90 min Evening meal -1.2 +90 min Bedtime 04:00 Breakfast next day -1.4 50% -1.15 25% -1.33 49% 39% -1.6 0% 048 12 16 20 26 < 7.0% Weeks ≤ 6.5% HbA1c target *Statistically significant at week 26 PPG: Post-prandial control; FPG: Fasting plasma glucose#4545 Investor presentation First six months of 2021 Once-weekly insulin icodec represents a new treatment paradigm in the diabetes portfolio The phase 3 programme for insulin icodec was initiated in 2020 ONWARDS 1 970 people treatment naive, 78-week, vs. glargine U100 ONWARDS 2 ONWARDS 3 ONWARDS 4 ONWARDS 5 ONWARDS 6 2020 520 people on basal, 26-week, vs. degludec 580 people treatment naive, 26-week, vs. degludec 580 people on both basal and bolus, 26-week, vs. degludec 1,100 people, insulin naïve using app-based dosing recommendations, 52-week 580 people, type 1 diabetes using bolus insulin, 52-week, vs. degludec 2021 2022 Novo NordiskⓇ#4646 Investor presentation First six months of 2021 Novo NordiskⓇ GLP-1 effect dependent on blood glucose level GLP-1 mechanism of action when blood sugar levels increase Creates sense of satiety in the brain Brain Diabetes CVD Reduces glucagon secretion in the liver GLP-1 Liver Slows gastric emptying in the gut Obesity Gut NASH CKD Semaglutide holds a plethora of therapeutic opportunities¹ FORTE - Semaglutide 2.0 mg Semaglutide s.c. ~961 patients, T2D FOCUS - Diabetic retinopathy outcomes trial Semaglutide s.c; ~1,500 patients, T2D ≥10 years SOUL - Cardiovascular outcomes trial Oral semaglutide; ~9,600 patients, T2D, established CVD or CKD SELECT - Cardiovascular outcomes trial Semaglutide 2.4 mg, ~17,500 patients with obesity and without diabetes, event driven Semaglutide in NASH Semaglutide s.c.; phase 2 trials FLOW - Chronic kidney disease outcomes trial Semaglutide 1.0 mg; ~3,200 patients, T2D, moderate to severe CKD Alzheimer's Disease Pancreas Increases insulin secretion in the pancreas Brain disorders Oral Semaglutide 14 mg; ~ 3,700 patients with early Alzheimer's disease 1 List is not exhaustive Sc: Subcutaneous; T2D: Type 2 diabetes; CVD: Cardiovascular disease; CKD: Chronic kidney disease#4747 Investor presentation First six months of 2021 The global GLP-1 market penetration varies across regions with Novo Nordisk having a best-in-class marketed portfolio GLP-1 market growth and Novo Nordisk market share GLP-1 value and patient share¹ of the total diabetes market 70% 60% 50% 40% 30% 20% 10% 0% 0% World 30% 28% 61% 24% 25% 51% 20% 31% 15% 25% 10% 7% 5% 16% ÜLL.. 8% 5% 4% May 2018 May 2021 NN market share NN share of growth Market growth NN growth America ■GLP-1 value share of total diabetes ■GLP-1 patient share of total diabetes North EMEA Region China ROW 1Patient share based on data for the USA, the UK, Germany and France only. Note: EMEA: Europe, Middle East and Africa; Row: Rest of World Source: IQVIA MAT value (Spot rate), May 2021 Novo NordiskⓇ#4848 Investor presentation First six months of 2021 GLP-1 sourcing is primarily from outside the class but GLP-1s are still typically used after failure on other products 100% 80% 60% 40% 20% US 'line of usage' across product classes Share of patients on OADs achieving HbA1c below 7% in major European countries 0% Metformin SU DPP-4i SGLT-2i GLP-1 1st 2nd 3rd 4th 5th Note: Data based on data from France, Germany, the UK and the USA only OAD: Oral anti-diabetic (includes but is not limited to DPP-IV, SGLT-2, metformin and sulfonylurea) Source: IQVIA Disease Analyser (France, Germany and the UK) and IQVIA LRX (USA), Jun 2018 HbA1c >7% 43% 57% Novo NordiskⓇ GLP-1 source of business (new-to-brand prescription market share) Insulin and Treatment GLP-1 naive 5% 5% Insulin 25% HbA1c <7% GLP-1 50% 11% OAD#4949 Investor presentation First six months of 2021 SUSTAIN trials with subcutaneous semaglutide 1 2 3 4 5 6 7 SUSTAIN 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% Baseline -0.1 -0.4 Change in HbA1c (%) -0.5 -0.9 -0.8 -1.1 -1.1 -1.2 -1.3 -01 -1.4 -1.4 -1.5 -1.5 -1.8 -1.8-1.5 -1.6 -1.6 -1.6 1.2 92 kg 89 kg 96 kg 93 kg 92 kg 92 kg 95 kg Baseline Change in weight (kg) -4.5 -3.7 -1 -1.9 -1.9 semaglutide 1.0 mg -4.3 -6.1 semaglutide 0.5 mg -5.6 placebo -5.2 -1.4 -3.5 -3.7 -3.6 -4.9 sitagliptin 100 mg -6.4 exenatide ER glargine U100 -0.7 -6.5 dulaglutide 1.5 mg -4.6 -2.3 -3.0 dulaglutide 0.75 mg Novo NordiskⓇ * Statistically significant; SUSTAIN 1: QW sema vs placebo in drug-naïve people with T2D; SUSTAIN 2: QW sema vs sitagliptin 100 mg QD in people with T2D added to 1-2 OADS; SUSTAIN 3: QW sema vs QW exenatide ER 2.0 mg in people with T2D added to 1-2 OADS; SUSTAIN 4: QW sema vs QD insulin glargine in people with T2D added to 1-2 OADS; SUSTAIN 5: QW sema vs placebo in people with T2D added to insulin; SUSTAIN 6: QW sema vs placebo, added to standard-of-care; SUSTAIN 7: QW sema vs QW dulaglutide 75 mg and 150 mg in people with T2D added to 1-2 OADS: ER: Extended-release; QW: once weekly; QD: once daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics#5050 Investor presentation First six months of 2021 PIONEER programme with oral semaglutide 1 2 3 4 5 7 8 PIONEER 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% Baseline -0.1 -0.1 -0.1 Change in -0.5 HbA1c (%) -0.8 -0.8 -1.1 -1.1 -1.3 -1.1 -1.4 -0.6 -0.7 -1.0 -1.4 -1.3 -1.4 -1.4 88 kg 92kg 91 kg 94 kg 0.6 91 kg 89 kg 86 kg Baseline -1.7 -1.5 Change in -2.5 weight (kg) -4.1 -3.8 -4.2 -1.2 -2.2 -3.3 -0.7 -0.7 -4.7 oral semaglutide 3 mg oral semaglutide 7 mg oral semaglutide 14 mg placebo -1.1 -0.8 -1.0 -2.9 -3.2 -2.9 -3.7 -4.3 sitagliptin 100 mg empagliflozin 25 mg Victoza 1.8 mg Novo NordiskⓇ Note: PIONEER 9 and PIONEER 10 were Japanese studies and PIONEER 6 was a CV safety study. * Statistically significant based on the hypothetical treatment policy; PIONEER 1: QD oral sema vs placebo in people with T2D treated with diet and exercise only; PIONEER 2: QD oral sema vs empagliflozin 25 mg in people with T2D; PIONEER 3: QD oral sema vs sitagliptin 100 mg in people with T2D; PIONEER 4: QD oral sema vs VictozaⓇ 1.8 mg and placebo in people with T2D; PIONEER 5: QD oral sema vs placebo in people with T2D and moderate renal impairment; PIONEER 7: QD oral sema using a flexible dose adjustment based on clinical evaluation vs sitagliptin 100 mg in people with T2D; PIONEER 8: Effects of QD oral sema vs placebo in people with long duration of T2D treated with insulin ER: Extended-release; QW: once weekly; QD: once daily; oral sema: oral semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics; CV: Cardiovascular#5151 Investor presentation First six months of 2021 Novo Nordisk® Semaglutide 2.0 mg s.c. and high dose oral sema hold potential to bring patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Phase 3 trial with oral semaglutide 25 mg and 50 mg in T2D has been initiated submitted in the EU and the US1 Estimand Trial product estimand Treatment policy estimand Semaglutide 50 mg Once-weekly 2.0 mg 1.0 mg 2.0 mg 1.0 mg Semaglutide 25 mg semaglutide HbA1c 2.2%* 1.9% 2.1%* 1.9% reduction Semaglutide 14 mg Body weight 6.9* 6.0 6.4 5.6 Dose escalation reduction (kg) HbA1c < 7.0%2 68% 58% Efficacy • Semaglutide 2.0 mg s.c. showed superior HbA1c reduction with more patients reaching target¹ versus semaglutide 1.0 mg s.c. • Safety Semaglutide 2.0 mg appeared to have a safe and well-tolerated profile Gastrointestinal adverse events were similar for semaglutide 2.0 mg . Nausea rates around 15% • Treatment discontinuation rates below 5% Label expansion applications submitted in both the EU and the US 1 Refusal to file received in March 2021. Resubmitted on 28 May 2021; 2 ADA recommended treatment target *Statistically significant S.c.: subcutaneous; Sema: Semaglutide; T2D: Type 2 diabetes Maintenance Primary endpoint after 52 weeks 68 weeks on-treatment 5-weeks Follow-up • Objective Trial will assess efficacy for patients in need of improved outcomes Primary endpoint Confirm superiority of semaglutide 25 mg and 50 mg once-daily versus oral semaglutide 14 mg on HbA1c reduction#52Investor presentation First six months of 2021 STRENGTHEN TREATMENT OPTIONS THROUGH MARKET DEVELOPMENT AND BY OFFERING INNOVATIVE MEDICINES AND DRIVING PATIENT OUTCOMES 1. Obesity disease and market 2. Obesity market development 3. Innovation 53 54 56 Obesity care BJARNE LYNDERUP Bjarne lives with obesity Denmark AT#5353 Investor presentation First six months of 2021 Novo Nordisk® People with obesity are at an increased risk of developing severe comorbidities that are life-threatening and costly for society Diabetes Increased risk of type 2 diabetes Only 2% of the 650 million people with obesity are treated with prescription medication Global healthcare cost related to obesity expected to increase by 20% by 2025 CVD Increased risk of CVD 650 million people with obesity Heart failure Increased risk of heart failure Sleep apnoea Increased severity of sleep apnoea Visit the doctor Osteo- arthritis Increased risk of osteoarthritis CVD: Cardiovascular disease; AOM: Anti-obesity medication, TRX SU Volume. The figure illustrates some of the intervention points to treat obesity with prescription medication 1 Attempt to manage weight through lifestyle modification or surgery 22% of people with obesity are estimated to be treated with anti-obesity medication Source: World Obesity Federation, 2017 Discussion and evaluation of next steps Actively +20% USD ~1.0 trillion USD ~1.2 trillion managed 2% treated² 2020 2025#5454 Investor presentation First six months of 2021 SaxendaⓇ addresses a global unmet need for medical weight management Global obesity prevalence SaxendaⓇ launched countries Global reimbursement status Novo NordiskⓇ 70% access in commercial channel, but due to employer opt-in, effective access is around 20% Reimbursement is predominantly out-of-pocket NICE has recommended SaxendaⓇ for use by NHS in select patient populations ~60% coverage by private insurance, 20% of which includes restricted/unrestricted coverage SaxendaⓇ reimbursed April 2020 in selected patient groups <10% <10-19.9% <20-29.9% >30% SaxendaⓇ now launched in 60 countries + NAO: North America Operations; IO: International Operations; EMEA: Europe, Middle East and Africa; ROW: Rest of World; NICE: National Institute for Health and Care Excellence; NHS: National Health Service Source: World Health Organisation (WHO) - Global Health Observatory, 2016. Obesity defined as BMI > 30 (BMI: Body Mass Index)#5555 Investor presentation First six months of 2021 Novo Nordisk® Global obesity market share, market growth, and US volume and value market Obesity market growth and Novo Nordisk 80% 60% 40% 20% 0% May 2018 value market share Obesity market size and growth US obesity care market remains small at around USD 853 million DKK TRX SU billion market share mUSD/value market share 60% ~ -1% 100 900 67% 50% 10.0 [0.5 10.0 0.6 88 40% 30% 60 80 600 60 -9% 20% 40 10% 61% -1% 40 300 67% 20 0% -10% 0 0 May May SaxendaⓇ Others 2021 2020 May 2021 Volume Value Generic Other branded AOM Saxenda Ⓡ NN market share Market growth (right axis) Source: IQVIA, May 2021 Value MAT, all countries; IQVIA Xponent Volume MAT, May 2020 and NSP MAT, May 2020.#5656 Investor presentation First six months of 2021 Making obesity a healthcare priority requires stakeholder engagement HCPs take action by referring or managing obesity as any other chronic disease Stigma is socially unacceptable Market maturity Treatment guidelines in place Obesity recognised as a serious chronic disease Willingness to pay for chronic obesity care PWO seek medical support Healthcare system funds obesity prevention Future PWO: People with obesity; HCP: Healthcare professional Addressing market development barriers • Activate people with obesity to seek treatment TruthAboutWeight launched in 33 countries Social media awareness campaigns Engage more and stable HCP's Medical journals and congresses ReThinkObesity launched in 33 countries • Ensure access to care Increased quality of life for patients Long-term benefits for healthcare systems Develop a leading portfolio of superior treatment solutions Novo NordiskⓇ#5757 Investor presentation First six months of 2021 Novo Nordisk® Across the STEP 1, 3, and 4 trials, a weight loss of 16.9% to 18.2% was reported for people treated with semaglutide 2.4 mg STEP 1 Weight management Baseline body weight 105.3 Change from baseline in BW (%) STEP 3 Weight mgmt. STEP 4 Sustained weight management with IBT 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 99.8 104.5 Sema Placebo Sema IBT Sema Placebo Sema + IBT Placebo Sema 6.5 Placebo Sema Placebo Sema Lira 3.0 mg Placebo -2 -4 -6 -8 864202 +6∞ -2.4 -5.0 -5.2 -10 -8.8 -12 -14 -16 -18 -16.9* -17.6* -18.2* -16.7* -0.6 -3.1 -6.6 -10.6* * 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 * -17.1 -1.8#5858 Investor presentation First six months of 2021 In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% The pivotal STEP 1 trial showed greater than 16% weight loss % change in body weight 0 • Data from STEP 1 -2 -4 -6 ≈ 46% Average age 46 Average BMI - 37.9 kg/m² Placebo: -2.4% • 74.1% women -8 -10 -12 -14 -16 -18 Semaglutide: -16.9% -20 0 48 12 16 20 28 36 44 52 60 68 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand. BMI: body mass index; SF-36: Short Form (36) Health Survey; IWQOL-lite-CT: Impact of Weight on Quality of Life-Lite questionnaire Improvements in lipid profiles as well as C-reactive protein Novo NordiskⓇ Semaglutide improved health-related quality of life as measured by SF-36 and IWQOL-lite-CT#5959 Investor presentation First six months of 2021 Novo NordiskⓇ In STEP 1, 34.8% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Sema 2.4 mg showed a statistically significant treatment difference versus placebo in the IWQOL-Lite-CT PRO Proportion of patients 100% 92.4% 80% 60% 40% 33.1% 74.8% Sema 2.4 mg Placebo 54.8% 34.8% IQWOL-Lite-CT Physical function Physical Psychological 20% 11.8% 5.0% Total 2.0% 0% ≥5% ≥10% ≥15% ≥20% Weight loss Descriptive statistic only. Based on the on-treatment data, i.e. data for people that are on-treatment at week 68 Sema: semaglutide ETD [95% CI] 9.43 [7.50 11.35] * 9.14 [7.31 10.96] * 10.50 [8.81 12.19] * 10.02 [8.42: 11.62] * Favours placebo Favours semaglutide -202 468 10 12 14 * statistically significant; p-values other than physical function were not controlled for multiplicity PRO: patient reported outcome; CI: confidence interval, ETD: estimated treatment difference, IWQOL-Lite-CT: Impact of Weight on Quality of Life- lite:#6060 Investor presentation First six months of 2021 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 -2 -4 ≈ 46% I I Placebo: -5.2% -6 -8 -10 -12 -10.5% -14 -16 I -18 I Semaglutide: -18.2% -20 0 4 8 12 16 20 24 28 36 44 52 60 68 89 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand; BMI: body mass index • Average age 46 79% women Average BMI - 38.4 kg/m² Trial highlights that obesity is a chronic disease requiring sustained treatment Improvements on a panel of cardiovascular risk markers Novo NordiskⓇ#6161 Investor presentation First six months of 2021 Novo NordiskⓇ In STEP 4, 41.2% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Sema 2.4 mg showed a statistically significant treatment difference versus placebo in the SF-36 patient reported outcome ETD [95% CI] 2.46 [1.59 3.32] * 1.44 [0.42 2.47] * 2.23 [-0.06 4.53] 1.86 [0.733.00] * Proportion of patients SF-36 scores 100% 90.5% Sema 2.4 mg Placebo Physical functioning 80.8% 80% 65.5% 60% 50.0% 41.2% 40% 20% 0% ≥5% ≥10% ≥15% ≥20% Weight loss LL 20.9% 9.8% 5.1% Physical component summary Mental component summary Role-physical Bodily pain General health Vitality Social functioning Role-emotional Mental health Favours placebo Favours semaglutide -1012 3 4 5 6 7 8 Descriptive statistics only. Based on the on-treatment data, i.e. data for people that are on-treatment at week 68 Sema: semaglutide 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] * * * 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#6262 Investor presentation First six months of 2021 In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Clinically relevant and sustained weight loss in patients % change in body weight 0 with obesity or overweight Placebo: -0.6% DI Data from STEP 5 40% of patients lost ≥ 20% of their body weight -6 2 46 ∞ -2 -4 -8 -10 -12 -14 -16 -18 -20 08 Semaglutide: -16.7% 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 Novo NordiskⓇ Semaglutide appeared to have a safe and well-tolerated profile Improvements in lipid profiles as well as C-reactive protein#6363 Investor presentation First six months of 2021 Novo NordiskⓇ In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg 0 STEP 8 observed mean change in body weight¹ Mean baseline body weight: 104.5 kg Statistically significant weight loss with sema 2.4 mg vs lira 3.0 mg Mean baseline body weight: 104.5 kg 0 % change in body weight S -10 -15 -20 05 Sema 2.4 mg Lira 3.0 mg Placebo 10 15 20 25 30 35 40 45 50 55 60 65 68 % change in body weight -5 -10 -6.6 -1.8 -15 -17.1* -20 Sema 2.4 mg Lira 3.0 mg Placebo 1 Observed data for the on-treatment period; *p-value <0.0001 vs lira 3.0 mg; % change in body weight measured as change from baseline Data shown is the trial product estimand; Sema: semaglutide; Lira: liraglutide#6464 Investor presentation First six months of 2021 A global phase 3a trial investigating oral semaglutide 50 mg in obesity will be initiated H2 2021 Global trial planned to be initiated in H2 2021 Plan to include 660 patients with obesity Oral semaglutide 50 mg R 1:1 Placebo oral Objective To confirm superiority of oral semaglutide 50 mg vs. placebo on weight loss in people with overweight or obesity Primary endpoint • 68 weeks 7 weeks follow-up Change in body weight from baseline (%) • Body weight reduction ≥ 5% 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 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®#6565 Investor presentation First six months of 2021 Novo Nordisk® Cagrilintide phase 2 monotherapy trial and phase 1 combination trial showed a weight loss of 10.8% and 17.1% Weight loss for cagrilintide plus lifestyle intervention¹ % change in body weight 0 Weight loss for cagrilintide and semaglutide in phase 1² % change in body weight Mean baseline: 107.4 kg 0 -4 Mean baseline: 95.1 kg -4 -8 - 9.5% -8 -12 0 Weeks AM833 0.3mg Placebo AM833 0.6mg Lira AM833 1.2mg AM833 2.4mg AM833 4.5mg 3.0mg 26 -12 -16 10.8% -20 0 AM833 0.3 mg sema 2.4 mg sema 2.4 mg AM833 0.16 mg sema 2.4 mg Weeks AM833 0.6 mg sema 2.4 mg AM833 1.2 mg sema 2.4 mg 17.1% 20 AM833 2.4 mg sema 2.4 mg 1 Lifestyle intervention is defined as counselling for a reduced-calorie diet and increased physical activity. Data is based on the trial product estimand: treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies 2 Data are observed means, 20 week phase 1b trial dosing increments with semaglutide and cagrilintide once-weekly with a 16 week dose-escalation regimen. Data is based on the trial product estimand.#6666 Investor presentation First six months of 2021 Novo Nordisk obesity pipeline supports efforts to close the treatment gap Innovation curve Novo Nordisk's current pipeline is closing the treatment gap % New body weight set point 0 Established prediction 5 of WL outcome Normalised weight 10 25-30% WL 15 Oral product 20 20 Semaglutide 2.4 mg 17-18% *WL Targeting specific patient segments/needs 25 SaxendaⓇ 30 Maturation of innovation 6-8% WL Today Weight loss over time Today's marketed treatment options Semaglutide 2.4 mg (WegovyTM 1) Pipeline Bariatric surgery *when using a trial product estimand, 1 Approved in the US Sources: A. Long-term Drug Treatment for Obesity: A Systematic and Clinical Review; Susan Z. Yanovski, MD; Jack A. Yanovski, MD, PHD JAMA. 2014; 311(1):74-86; B. Treatment of Obesity: Weight Loss and Bariatric Surgery; Bruce M. Wolfe, Elizaveta Kvach and Robert H. Eckel; Circulation Research. 2016; 118:1844-1855; WL: Weight loss Novo NordiskⓇ#67Investor presentation First six months of 2021 SECURE A LEADING POSITION BY LEVERAGING FULL PORTFOLIO AND EXPANDING INTO ADJACENT AREAS 1. Rare blood disorders 2. Rare endocrine disorders 68 71 72 3. Biopharm innovation Biopharm CHRIS BOMBARDIER Chris has haemophilia B US#6868 Novo Nordisk® Biopharm sustained growth outlook is supported by innovation and utilisation of core capabilities Investor presentation First six months of 2021 Internal and external innovation to drive long-term growth H Core capabilities within research and development to drive long-term growth 24 Bringing internal innovation to market by pipeline progression Ensuring future growth by leveraging external innovation Exploring new technologies by utilising added research platforms Leveraging deep biological understanding for future growth#6969 Investor presentation First six months of 2021 Novo NordiskⓇ Haemophilia is a rare disease with severe unmet medical needs and the market is highly competitive Number of Low diagnosis and treatment rates within haemophilia DKK billion Sales of recombinant haemophilia products people (000) 500 400 300 200 100 0 People with haemophilia Diagnosed Haemophilia A Haemophilia B 40 40 30 30 20 20 10 0 Inhibitor 2016 2020 2016 Haemophilia with inhibitors NovoSevenⓇ Coagil VII Obizur¹ 2020 Haemophilia A 2016 NovoEight® 2020 Haemophilia B RefixiaⓇ/RebinynⓇ Advate/Adynovate Idelvion Kogenate/Kovaltry/Jivi Rixubis Feiba² Hemlibra³ Xyntha/Refacto Alprolix Eloctate/Elocta Benefix Helixate/Afstyla Hemlibra Note: The inhibitor segment includes acquired haemophilia patients, patients with low titre inhibitors or with transient inhibitors, and patients on immune tolerance induction. Source: World Federation of Haemophilia (WFH) - Annual survey 2018; WFH: Closing the gap - achieving optimal care, Haemophilia 2012. 1 Obizur only indicated for acquired haemophilia; 2 Plasma-derived; 3 Part of the Hemlibra sales is used for treatment of haemophilia A patients in 2020 Source: Company reported sales and Evaluate#7070 Investor presentation First six months of 2021 Biopharm sales growth of 7% driven by solid commercial execution with key brands being EsperoctⓇ and Refixia® NovoSevenⓇ and NorditropinⓇ account for ~80% of Biopharm sales DKK billion 25 -16% -1% 4% 1% 7% 20 Added sales within rare blood disorders DKK billion 15 10 5 0 2017 NovoSeven Norditropin 5.2 5.4 2018 2019 2020 YTD 2021 H1 Haemophilia Haemophilia NovosevenⓇ 2020 A B H1 2021 1 Other haemophilia products Other biopharm Growth at CER Note: Company reported sales; CER: Constant exchange rates; 1Other haemophilia products primarily consists of VagifemⓇ and ActivelleⓇ Novo NordiskⓇ#7171 Investor presentation First six months of 2021 Solid commercial execution is driving NorditropinⓇ sales growth Historic reported sales for NorditropinⓇ DKK 40% billion 8% 14% -22% 7% 2% 8% 9 30% 6 3 20% 10% NorditropinⓇ value leadership maintained despite increasing competition 35.9% 0 0% 2015 2016 2017 2018 2019 2020 May 2016 Ⓡ Norditropin Growth at CER Novo Nordisk Eli Lilly ⚫Pfizer May 2021 Roche Merck Kgaa -Other Sandoz Note: Company reported sales; CER: Constant exchange rates Note: IQVIA, MAT value DKK, May 2021 Novo NordiskⓇ Continue frequent launches with new indications and device upgrades Device portfolio norditropin simpleXx somatropin (rDNA origin) injection norditropin flexpro somatropin (rDNA origin injection norditropin nordilet somatropin (rDNA origin) injection norditropin nordiflex™ somatropin (rDNA origin) injection#7272 Investor presentation First six months of 2021 Scientific excellence ensures an innovative and competitive pipeline with therapeutic solutions for severe conditions Innovation in haemophilia More than 35 years of innovation EsperoctⓇ Refixia® NovoEight® NovoThirteenⓇ NovoSevenⓇ Mim8 Concizumab Non-invasive therapy Biopharm pipeline Curative therapy Current phases 2018 2019 2020 2021 2022 Phase 3a Concizumab HA and HB1 Phase 3a Phase 1 EPI01 (SCD) Phase 1/2 Concizumab HAWI/HBWI¹ Mim8 Phase 3 Somapacitan GHD Phase 2 Somapacitan SGA 1986 Today 1 The concizumab phase 3 programme was resumed in August 2020. Future SCD: Sickle-cell disease; SGA: Short of gestational age; HwI: Haemophilia A or B patients with inhibitors; SGA: small for gestational age; GHD: Growth hormone deficiency Novo NordiskⓇ#7373 Investor presentation First six months of 2021 Phase 3 programme on-going investigating concizumab for haemophilia A and B irrespective of inhibitor status Phase 3 trials with data expected first half of 2022 Novo NordiskⓇ Arm 1: No prophylaxis Arm 2: Concizumab prophylaxis Arm 3: Concizumab prophylaxis Exp7 and Exp8: On-demand treatment Exp7 and Exp8: Phase 2 patients on concizumab prophylaxis Exp7 (with inhibitors): Prophylaxis with bypassing or on-demand Arm 4: Concizumab prophylaxis Exp8 (without inhibitors): Prophylaxis with factor replacement or on-demand Extension with concizumab prophylaxis • Characteristics and next steps High affinity, humanised monoclonal IgG4 antibody • First-in-class anti-TFPI boosting the initiation phase to restore haemostasis • Delivered once-daily in a convenient Flextouch® pen • Safe and well-tolerated in phase 2 and efficacy comparable to factor replacement Main part: 24 weeks treatment < Extension: Up to 136 weeks treatment#7474 Thrombin Peak (nM) Investor presentation First six months of 2021 Next-generation FVIII mimentic, Mim8, is a bispecific antibody for s.c. prophylaxis treatment in people with haemophilia A 400 Thrombin generation assay HA plasma + FVIII 150 Thromboelastography HA Characteristics • Strong activity at site of bleeding Minimised target binding in circulation Delivered in an innovative device 300 200 100 Mim8 emicizumab¹ HA Clot time, R-time (min) 100 50 Mim8 emicizumab¹ Normal control 0 0 0.1 1 10 Antibody (nM) 100 1000 0.01 0.1 1 Antibody (nM) 10 | | ||||||| 100 1000 Mim8 potently stimulates FX activation resulting in efficacious haemostasis in vitro and in vivo Phase 1/2 trial • Initiated in January 2020 and expect results in 2021 Phase 1 is a single ascending dose part with 40 treated people Phase 2 is a multiple ascending dose part with 32 treated people • Trial investigates safety, tolerability, PK/PD of single sc injections ه Mim8 effectively stops severe bleeds in mouse models 1 Sequence-identical-analogue (SIA) of the FVIII-mimicking bispecific antibody emicizumab; PK: pharmacokinetics; PD: pharmacodynamics; S.c.: subcutaneous Novo Nordisk®#7575 Investor presentation First six months of 2021 Once-weekly, biodegradable somapacitan has entered phase 3 for GHD and is approved for AGHD indication Mean height velocity (cm/year) 16 14 12 10 8 6 Phase 2 trial in GHD with 1-year efficacy and safety * 11.5 10.01 9.7 7.8 4 2 0 0.04 0.08 0.16 0.034 Somapacitan (mg/kg/week) NorditropinⓇ (mg/day) Somapacitan Growth hormone with a single amino acid substitution Albumin binding side chain securing reversible binding to endogenous albumin Next steps Somapacitan in children (GHD) • Phase 3 trial (REAL 4) has been initiated Somapacitan dose 0.16 mg/kg/week Somapacitan in children (SGA) • Phase 2 trial (REAL 5) has been initiated Somapacitan in adults (AGHD) • Has been approved in the US, Japan and the EU under the tradename SogroyaⓇ Data are mean height velocity (cm/year) ± SD at week (wk) 52. Doses are mg/kg/time. * Denotes statistical significance difference compared to once-daily NorditropinⓇ. GHD: Growth hormone deficiency; AGHD: Adult-onset growth hormone deficiency; FDA: Food and Drug Administration; EMA; European Medicines Agency; 'Value was 9.8 for the full analysis set. Value of 10.0 is from a post-hoc analysis that excluded 4 visits of one patient who discontinued prematurely at week 6 Novo Nordisk®#7676 Investor presentation First six months of 2021 Novo NordiskⓇ Novo Nordisk and bluebird bio join forces in next-generation genome editing for children and adult patients with haemophilia A Potential curative treatment in haemophilia A . mRNA-based megaTAL TM-driven gene editing Highly specific and efficient way to silence, edit or insert genetic components. • Allows for gene editing in all age groups کلے AAV Gene Nucleus Targeting megaTAL mRNA Lipid nanoparticle Gene bluebird bio/Novo Nordisk's joint approach • megaTAL™: Proprietary, patented technology, broad IP • Correcting FVIII-clotting factor deficiency любовная Protein • Potential lifelong effect . Hepatocyte Possibility to explore additional therapeutic targets AAV: Adenovirus vector; BDD: B-domain deleted; hFVIII: human factor VIII; LNP: Lipid nanoparticle; mRNA: messenger ribonucleic acid; TAL: transcription activator-like.#77Investor presentation First six months of 2021 ESTABLISH PRESENCE BY BUILDING COMPETITIVE PIPELINE AND SCIENTIFIC LEADERSHIP 1. The unmet needs 2. Cardiovascular disease 78 79 3. Non-alcoholic steatohepatitis 4. Stem cells Other serious 81 84 chronic diseases NADIA SADI Nadia lives with NASH Denmark#7878 Investor presentation First six months of 2021 Novo Nordisk is expanding into other serious chronic diseases Serious chronic diseases are often associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs Novo Nordisk® Estimated patients AD Patients with AD live from 2 to 20 years from dementia onset AD ~85 million Available treatments No approved disease modifying medical treatments CVD • 70% of people with diabetes die Estimated patients Number of related deaths from atherosclerotic CVD 40% of people hospitalised for heart failure have diabetes CVD ~420 million -20 million annually Estimated patients NASH 80% of people with NASH live with obesity and 35% have diabetes NASH ~15-40 million¹ • CKD 40% of people with diabetes have diabetic nephropathy and 50% have obesity CKD ~200 million 1 Internal forecast comprising the USA, Europe and Japan; 2 Diagnosis rate is considered a major uncertainty to the forecast CVD: Cardiovascular disease; NASH: Non-alcoholic Steatohepatitis; CKD: Chronic kidney disease; AD: Alzheimer's Disease Diagnosis rate -20%2 -20% 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#7979 Investor presentation First six months of 2021 Novo Nordisk's ambition within cardiovascular disease In-licensing/acquisition of mid-stage assets STATEN of prothena CORVIDIA BIOTECHNOLOGY C License agreement/partnership Heartseed Accelerate internal pipeline Subcutaneous PCSK9i - successful phase 1 results At least one product launched between 2024-2028 targeting atherosclerotic cardiovascular disease or heart failure with a highly innovative, first to market product serving a significant unmet need in a large patient population Novo NordiskⓇ#8080 Investor presentation First six months of 2021 Ziltivekimab phase 2b RESCUE trial was successfully completed In the RESCUE trial, zilti QM showed reduction in hsCRP at all dose levels placebo ziltivekimab 7.5 mg ■ziltivekimab 15 mg Iziltivikemab 30 mg Zilti QM showed reductions in inflammation biomarkers³ % change¹ 12 weeks of treatment End of treament² 0% Zilti QM appeared to have a safe and well-tolerated profile -3% -5% -20% -40% -60% -80% * -77% -100% -88% * * -92% -79% * -91%* * -93% Addressing the residual risk of CVD for more than 5 million patients with ASCVD, CKD, and inflammation4 Novo Nordisk® The phase 3 cardiovascular outcomes trial is expected to be initiated in H2 2021 1 Primary endpoint was the median percent change in hsCRP, * Indicates statistical significance, p < .0001 2 End of treatment is defined as the average of values at week 23 and week 24 3 Inflammation biomarkers include: Fibrinogen, serum amyloid A, haptoglobin and NTproBNP 4 Inflammation is defined as c-reactive protein levels greater than 2 Zilti: Ziltivekimab; QM: Once-montly; hsCRP: High-sensitivity C-reactive protein; CVD: Cardiovascular disease; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease#8181 Investor presentation First six months of 2021 Novo NordiskⓇ Semaglutide showed significant improvements in NASH resolution and could play a role in preventing disease progression Proportion of patients 100% Semaglutide showed resolution of NASH with no worsening of fibrosis versus placebo in the phase 2 trial1 80% 60% 40% 22.9% 20% 0% Placebo * * 47.3% 46.9% 0.2 mg 0.1 mg 66.7%* NASH resolution without worsening of fibrosis is one of two critical endpoints defined by the FDA and EMA² For prevention of NASH disease progression, NASH resolution could be the more relevant endpoint To date, semaglutide NASH results are arguably the most convincing NASH resolution data shown Semaglutide in NASH was granted Breakthrough Therapy designation in the US Phase 3 programme initiated in 2021 0.4 mg *statistically significant at 72 weeks (p<0.05 vs placebo). Based on a complete case analysis using people with an evaluable biopsy at end of trial 1 Analysis included patients with fibrosis stage 1, 2 or 3 at baseline 2 FDA guidance on developing treatment for NASH: "Noncirrhotic Non-alcoholic Steatohepatitis With Liver Fibrosis: Developing Drugs for Treatment Guidance for Industry". EMA guidance on developing treatment for NASH: "Reflection paper on regulatory requirements for the development of medicinal products for chronic non-infectious liver diseases (PBC, PSC, NASH)" NASH: non-alcoholic steatohepatitis.#8282 Investor presentation First six months of 2021 NASH is a progressive disease with no existing treatment and low diagnosis rates today NASH-Cirrhosis F4 NASH F3 NASH F2 NASH F1 Inflamed tissue Large lipid droplets Inflamed/dying hepatocyte Collagen fibres Inflamed/dying hepatocyte Excessive collagen deposition Dead cell remnants Scar tissue Diagnosis rates 26% 32% 42% Treatment rates 50% 70% 90% Source: Internal estimates Novo Nordisk®#8383 Investor presentation First six months of 2021 Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of NASH has been initiated The phase 3a ESSENCE trial in NASH has been initiated ESSENCE trial | NASH F2-F3 patients N = 1,200 Semaglutide 2.4 mg sc. OW + SOC R 2:1 Placebo + SOC Fixed follow-up Primary objectives and endpoints for Part 1 and 2 Part 1 | Improves liver histology vs placebo Two binary histology endpoints at week 72: • • Resolution of NASH and no worsening of liver fibrosis Improvement in liver fibrosis and no worsening of NASH Part 2 | Lowers the risk of liver-related clinical events vs placebo Time to first outcome (composite endpoints) at week 240: • • Histological progression to cirrhosis Death (all cause) Liver-induced MELD score ≥ 15 Liver transplant Structure Part 1 Part 2 I • I I I 1 I 72 weeks 240 weeks Biopsy Biopsy Biopsy • Hepatic decompensation events Regulatory submission is expected to be based on part 1 of the trial combined with the results of the already completed phase 2 trial F: Fibrosis stage; NASH: non-alcoholic steatohepatitis; OW: once weekly; R: randomisation; SoC: standard of care (GLP-1 RAS disallowed); MELD: Model for End-stage Liver Disease Novo NordiskⓇ#8484 Investor presentation First six months of 2021 The stem cell platform has the potential to solve unmet needs for people with serious chronic diseases Blastocyst السمر stem cells to Treatment centres Patient transplanted at treatment centres Pluripotent embryonic stem cells STEM CELL TECHNOLOGY Cell bank of undifferentiated stem cells Cell bank Differentiate specific cell types Partners Partners COMPLEMENTARY COMPETENCIES GMP-grade production capability in US facility utilising Novo Nordisk's core CMC capabilities Ethical stem cell practices + ↑ + G ↑ ↑ ↑ IP positions on differentiation protocols گی Novo Nordisk® Parkinson's disease Collaboration with Lund University and partnership with Biolamina Type 1 diabetes Encapsulation device in collaboration with universities GO Chronic kidney disease Partnership with Mayo Clinic Dry age-related macular degeneration Partnership with Biolamina Academic collaborations with stem cell technology experts Chronic heart failure Partnership with Biolamina#85Investor presentation First six months of 2021 novo nordisk 1. International Operations growth 86 2. International Operations at a glance 88 3. EMEA 93 4. Region China 98 5. ROW 102 International Operations#8686 Investor presentation First six months of 2021 Growth momentum has increased driven by demographics and the Market Fit approach International Operations is diverse and covers 190 markets 14% 430M live with diabetes 12% 10% 570M 8% live with obesity 6% 4% IO's share of revenue YTD 2021 2% NAO 45% ΙΟ 55% Novo NordiskⓇ Historic growth has been in the range of 4-6% Growth momentum has benefitted from the Market Fit approach 30% 10% 20% الس 10% 0% 2013 2020 May Market Fit approach 2018 Growth rate range introduced NAO: North America Operations; IO: International Operations; Share of Growth not depicted due to high numbers; FY: Full Year NN Diabetes market share Market growth NN Diabetes growth 24% 9% 2% May 2021#8787 Investor presentation First six months of 2021 Novo NordiskⓇ The medium-term growth is expected to be 6-10% annually driven by securing the base and three future growth enablers Sales increased by 5% from 2013-2018, while medium-term growth is expected to be 6-10% Secure the sales base by leveraging biopharm and portfolio of short-acting and premix insulin ILLUSTRATIVE 5% 6-10% 2013 2014 2015 2016 2017 2018 2025 Future growth drivers Base sales with mature therapy areas Drive additional growth through three future growth enablers Establish basal market leadership Ро Drive GLP-1 market growth D Expand the obesity market#8888 Investor presentation First six months of 2021 International Operations at a glance. Novo NordiskⓇ Diabetes trend Million 700 DKK billion 22% 200 Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales First half of 2021 Sales (MDKK) Growth² 80% Total GLP-13 7,527 46% 600 I 26% Long-acting insulin4 5,602 14% GLP-1 150 500 60% Premix insulin5 5,393 6% 29%1 I Fast-acting insulin 5,508 4% 400 Insulin Human insulin 3,837 (1%) 100 40% 300 637 Total insulin 20,340 6% 4%1 522 Other Diabetes care? 1,427 (3%) 200 415 50 20% Diabetes care 29,294 13% 100 8%1 OAD Obesity care 1,497 44% (SaxendaⓇ) 0 2019 2030 0 May 2045 2016 0% Diabetes & Obesity 30,791 15% May 2021 care Population with diabetes O Diabetes growth rate Biopharm³ 6,193 4% GLP-1 MS -Insulin MS -OAD MS Total 36,984 13% Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of May 2021: Novo Nordisk 50%, Sanofi 28% and Eli Lilly 14%; Competitor GLP-1 value market shares, as of May 2021: Novo Nordisk 56%, Eli Lilly 40% and AstraZeneca 3%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, May 2021 value figures 2 At Constant exchange rates; 3 Comprises Victoza®, Ozempic®, and RybelsusⓇ; 4 Comprises TresibaⓇ, XultophyⓇ and LevemirⓇ; 5 Comprises RyzodegⓇ and NovoMix: 6 Comprises Fiasp® and NovoRapid®; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, Novo Eight® NovoThirteenⓇ, Refixia®, Esperoct®, Norditropin®, Vagifem® and ActivelleⓇ#8989 Investor presentation First six months of 2021 Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion 170% -2% 3 2 176 173 -2 140% 110% 80% 50% 92% 24% -9% 20% 9% 22.5% 24.0% -10% May 2018 NN market share Market growth -NN share of growth May NN growth 2021 May 2020 Novo Nordisk AZ Novo Nordisk Others Competitors May 2021 Source: IQVIA, May 2021, Value, MAT, all countries; NN: Novo Nordisk; AZ: Astra Zeneca Novo NordiskⓇ#9090 Investor presentation First six months of 2021 Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Market growth A Market share Total 50% Long- Acting 35% Fast- 60% 15 acting Premix 77% 9 49% Human 80 28 Novo Nordisk Competitors 80% 60 -0.5% +0.8% 60% 2% +1.5% 40% -1% +0.5% Insulin volume: Share of growth and market share 20% 0.2% +1.5% 0% May -7.2% -0.5% 2018 NN market share Source: IQVIA, May 2021, LHS graph - Value, RHS Graph - Volume, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk Novo NordiskⓇ 15% 13% 11% 50% 9% 7% 5% 3% 3% 1% 2% -1% May 2021 Market growth (Right Axis) NN growth (Right Axis)#9191 Investor presentation First six months of 2021 GLP-1 market share and market growth 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 73% -25% 1 21 3 0 17 56% 34% 25% 52.1% -34% 56.1% 0% May NN market share NN share of growth May May Novo Nordisk Eli Lilly Others May 2018 2021 2020 2021 | Novo Nordisk Competitors -Market growth NN growth Source: IQVIA, May 2021, Value, MAT, all countries; NN: Novo Nordisk Novo NordiskⓇ#9292 Investor presentation First six months of 2021 Obesity market share and market growth in International Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion -2% 3.9 0.2 4.0 50% 60% 43% 50% 40% 40% 30% 30% 20% 20% 10% 2% ~12% 43% 10% 39% 0% 0% -10% May NN market share -Market growth May May SaxendaⓇ Others May 2018 2021 2020 2021 Source: IQVIA, May 2021, Value MAT, all countries Novo NordiskⓇ#9393 Investor presentation First six months of 2021 EMEA at a glance Million Diabetes trend 250 200 28% I 150 31% Diabetes market by value and Novo Nordisk market share EMEA Novo Nordisk reported sales DKK billion 100 First half of 2021 Sales (mDKK) Growth² 80% Total GLP-13 4,961 36% 08 80 GLP-1 Long-acting insulin 3,470 8% 60% Premix insulin5 1,508 1% 28%1 60 40 60 40 Fast-acting insulin 3,274 1% 3%1 Human insulin Insulin 1,110 (9%) 40% Total insulin 9,362 2% Other Diabetes care? 353 0% 20 OAD 20% Diabetes care 14,676 11% 20 10%1 Obesity care 839 55% (SaxendaⓇ) 0 0% 2045 May 2016 May 2021 Diabetes & Obesity 15,515 13% care Biopharm³ 3,594 5% GLP-1 MS -Insulin MS -OAD MS Total 19,109 11% 223 100 171 134 50 0 2019 2030 Population with diabetes Diabetes growth rate Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019; EMEA: Europe, Middle East and Africa 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of May 2021: Novo Nordisk 48%, Sanofi 33% and Eli Lilly 16%; Competitor GLP-1 value market shares, as of May 2021: Novo Nordisk 57%, Eli Lilly 39% and AstraZeneca 4%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, May 2021 value figures 2 At Constant exchange rates; 3 Comprises Victoza®, Ozempic®, and RybelsusⓇ; 4 Comprises Tresiba®, XultophyⓇ and LevemirⓇ: 5 Comprises RyzodegⓇ and NovoMixⓇ: 6 Comprises FiaspⓇ and NovoRapidⓇ; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, Novo Eight® NovoThirteenⓇ, Refixia®, Norditropin®, Vagifem® and ActivelleⓇ#9494 Investor presentation First six months of 2021 Diabetes market share and market growth in EMEA EMEA Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK ~4% 80% billion 90 2 1 0 93 93 60% 40% 20% 0% -20% May 2018 50% 28% 7% NN market share Market growth (right axis) NN share of growth -NN growth (right axis) Source: IQVIA, May 2021, Value, MAT; NN: Novo Nordisk; BI- Boehringer Ingelheim 4% 27.3% -7% 28.1% May May Novo Nordisk BI Others 2021 2020 May 2021 Novo Nordisk Competitors#9595 Investor presentation First six months of 2021 Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Total 48% Long- acting 39% Fast- 56% 11 acting 72% Premix 3 44% Human 3 18 Market growth A Market share Insulin volume: market share 80% 36 -4% +0.7% 60% -1% +1.5% 40% -2% +0.1% 20% -9% +1.0% 0% May 2018 -14% +0.2% NN market share EMEA 15% 13% 11% 9% 48% 7% 5% 3% 1% -1% 1% -3% May 2021 Novo Nordisk Competitors Source: IQVIA, May 2021, LHS graph - Value, RHS Graph - Volume, MAT, Europe, Middle East & Africa, Share of growth not depicted due to too high numbers; NN: Novo Nordisk -Market growth (right axis) NN growth (right axis)#9696 Investor presentation First six months of 2021 GLP-1 market share and market growth in EMEA 80% 50% 20% -10% GLP-1 market growth and Novo Nordisk market share -40% May 2018 EMEA GLP-1 market size and growth 60% 69% DKK billion -25% 1 15 2 50% 0 57% 12 40% 32% 30% 25% ~32% 20% 56.8% 10% 53.8% 0% May 2021 May 2020 Novo Nordisk Eli Lilly Others May 2021 Novo Nordisk Competitors NN market share Market growth (right axis) -NN share of growth -NN growth (right axis) Source: IQVIA, May 2021, Value, MAT, Europe, Middle East & Africa; NN: Novo Nordisk#9797 Investor presentation First six months of 2021 Obesity market share and market growth in EMEA EMEA Obesity market growth and Novo Nordisk market share 80% 70% Obesity market size and growth DKK billion ~12% 50% 1.1 0.0 67% 1.0 0.1 40% 60% 50% 30% ~22% 40% 30% 20% 20% 12% 62% 10% 67% 10% 0% 0% May May May SaxendaⓇ Others May -NN Market Share -Market Growth 2018 2021 2020 2021 Source: IQVIA, May 2021, Value, MAT, Europe, Middle East & Africa; NN: Novo Nordisk#9898 Investor presentation First six months of 2021 Region China at a glance. China Million 250 Diabetes trend DKK billion 25 8% 21% Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales First half of 2021 Sales (mDKK) Growth² GLP-1 100% Total GLP-13 833 68% 200 20 20 80% Long-acting insulin4 1,007 41% I Premix insulin5 2,668 10% Insulin 150 53%¹ 15 60% Fast-acting insulin6 1,164 12% 212 100 197 10 163 50 Human insulin 1,360 (7%) 10 12%1 40% Total insulin 6,199 10% Other Diabetes care? 834 4% 5 20% 8%1 OAD Diabetes care 7,866 13% 0 2019 0 0% Obesity care (SaxendaⓇ) 16 325% May 2030 2045 2016 May 2021 Biopharm³ 170 (30%) Population with diabetes Diabetes growth rate -GLP-1 MS -Insulin MS -OAD MS Total 8,052 12% Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of May 2021: Novo Nordisk 48%, Sanofi 18%, Gan & Lee 13% and Eli Lilly 9%; Competitor GLP-1 value market shares, as of May 2021: Novo Nordisk 85% and AstraZeneca 3% OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, May 2021 value figures 2 At constant exchange rates; 3 Comprises Victoza®: 4 Comprises TresibaⓇ and LevemirⓇ: 5 Comprises NovoMix® and RyzodegⓇ: 6 Comprises NovoRapidⓇ; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, Novo Eight® and NorditropinⓇ#9999 Investor presentation First six months of 2021 Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share DKK billion Diabetes market size and growth ~1% 70% 1 24 1 60% -1 China 24 24 50% 40% 32% 30% 18% 20% ~18% 32.4% 10% 27.8% 1% 0% May 2018 May May Novo Nordisk Bayer Others 2021 2020 May 2021 NN market share -Market growth (right axis) Novo Nordisk Competitors NN growth (right axis) Source: IQVIA, May 2021, Value, MAT, NN: Novo Nordisk#100100 Investor presentation First six months of 2021 Insulin market size and volume share of growth and market share in Region China China Insulin market share and market size (DKK billion) Market growth A Market share Insulin volume: market share 80% 50% 48% 13 12% +1.6% Total 21% Long- acting 80% Fast- 2 acting Premix 79% 4 41% Human 3 5 Novo Nordisk Competitors Source: IQVIA, May 2021, LHS graph - Value, RHS Graph - Volume, MAT; NN: Novo Nordisk 57% 40% 60% 18% +5.4% 51% 30% 40% 20% 16% -0.0% 20% 7% 10% 12% +1.6% 0% May NN market share 2018 0% -2.6% 0% May 2021 NN share of growth Market growth (right axis) NN growth (right axis)#101101 Investor presentation First six months of 2021 GLP-1 market share and market growth in Region China 100% 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share 0% May 2018 NN market share -Market growth (right axis) -NN growth (right axis) Source: IQVIA, May 2021, Value, MAT; Share of growth not depicted due to too high numbers; NN: Novo Nordisk 85% DKK million 545 78% 62% 93% GLP-1 market size and growth -79% 60 316 ~63% China 48 970 85% May May 2021 2020 Novo Nordisk Eli Lilly Novo Nordisk Others Competitors May 2021#102102 Investor presentation First six months of 2021 Rest of World at a glance Diabetes trend Diabetes market by value and Novo Nordisk market share Rest of World Novo Nordisk reported sales Million DKK billion First half of 2021 Sales (mDKK) Growth² 30% 200 Total GLP-13 1,733 69% 70 80% Long-acting insulin4 1,125 15% 30% 150 60 Premix insulin5 1,217 4% 32%1 50 GLP-1 Insulin 60% Fast-acting insulin 1,070 7% 100 202 155 119 50 NWA 2%1 Human insulin 1,367 13% 40 Total insulin 40% 4,779 10% 30 Other Diabetes care? 240 (23%) 6%1 OAD 20 Diabetes care 6,752 19% 20% Obesity care 10 642 30% (SaxendaⓇ) 0 2019 0 0% Diabetes & Obesity 7,394 20% May 2030 2045 2016 May 2021 care Population with diabetes Diabetes growth rate Biopharm³ 2,429 5% GLP-1 MS -Insulin MS OAD MS Total 9,823 16% Diabetes trend estimates based on the following International Diabetes Foundation defined regions: South & Central America, Southeast Asia International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of May 2021: Novo Nordisk 56%, Sanofi 24% and Eli Lilly 15%; Competitor GLP-1 value market shares, as of May 2021: Novo Nordisk 48%, Eli Lilly 49% and AstraZeneca 3% OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, May 2021 value figures 2 At constant exchange rates; 3 Comprises VictozaⓇ, OzempicⓇ and RybelsusⓇ; 4 Comprises TresibaⓇ, XultophyⓇ and LevemirⓇ; 5 Comprises NovoMixⓇ and RyzodegⓇ: 6 Comprises NovoRapidⓇ and Fiasp®;7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, Novo Eight® and Norditropin®#103103 Investor presentation First six months of 2021 Diabetes market share and market growth in Rest of World 20% 15% 10% 5% 0% -5% Diabetes market growth and Novo Nordisk market share Diabetes market size and growth -0% Rest of World DKK million 14% 59 0 0 59 -1 6% 0% ~6% 13.2% 14.0% -10% May May May Novo Nordisk BI Others 2018 2021 2020 May 2021 NN market share -Market growth (right axis) Novo Nordisk Competitors -NN growth (right axis) Source: IQVIA, May 2021, Value, MAT, Rest of world; NN: Novo Nordisk BI: Boehringer Ingelheim#104104 Investor presentation First six months of 2021 Insulin market size and volume market share in Rest of World Insulin market share and market size (DKK billion) Total 56% Fast- 39% 4 acting Long- acting 61% 2 Premix 80% 2 Human 64% 2 Novo Nordisk Competitors Market growth A Market share 80% 11 -3% +0.4% 60% -1% +0.5% 40% 4% +0.5% Insulin volume: market share 20% -3% +1.0% 0% May 2018 -6% +0.6% -NN market share Source: IQVIA, May 2021, LHS graph - Value, RHS Graph - Volume, MAT;; Share of growth not depicted due to too high numbers; NN: Novo Nordisk Market growth (right axis) NN growth (right axis) Rest of World 20% 57% 15% 10% 6% 5% 0% May 2021#105105 Investor presentation First six months of 2021 GLP-1 market share and market growth in Rest of World 100% 80% 60% 40% 20% 0% GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth Rest of World DKK million 86% ~17% 154 606 4,774 -52 4,066 48% 36% 17% 41.4% -36% 48.0% -20% May May May Novo Nordisk Eli Lilly Others May 2021 2020 2021 2018 NN market share NN share of growth Novo Nordisk Competitors -Market growth NN growth Source: IQVIA, May 2021, Value, MAT; NN: Novo Nordisk#106106 Investor presentation First six months of 2021 Obesity market share and market growth in Rest of World 40% 30% 20% 10% Obesity market growth and Novo Nordisk market share Obesity market size and growth Rest of World 15% DKK billion ~(1%) 2.9 0.1' 0.1 2.8 34% 10% 5% -1% 0% -5% 31% -6% 34% 0% -10% May 2018 -NN market share May May SaxendaⓇ Others May -Market growth (Right Axis) 2021 2020 2021 Source: IQVIA, May 2021, Value, MAT,; NN: Novo Nordisk#107Investor presentation First six months of 2021 bangi 400 Hangin sangle bangle novo nordisk team novo nordisk 1. US growth drivers 2. US healthcare system 108 109 3. North America operations at glance 111 North America Operations TEAM NOVO NORDISK Professional cycling team#108108 Investor presentation First six months of 2021 Innovation drives largest transition in the history of Novo Nordisk USA, turning around 70% of sales in just seven years GLP-1 Directional growth drivers and catalysts Obesity • OzempicⓇ launch RybelsusⓇ launch Victoza® LoE • WegovyTM launch • SaxendaⓇ LOE 100% Insulin Biopharm 80% Continued price pressure Competitive 60% pressure • Biosimilar competition New product launches 40% 20% 1 Modern insulin, human insulin, PrandinⓇ, devices and needles; 2 Ozempic® and Rybelsus®: 3 Tresiba®, Xultophy®, Fiasp® and follow-on brand insulin LoE: Loss of exclusivity 0% NAO Relative sales composition - 57% transformation complete 2015 Biopharm Mature insulin¹ 2022 Victoza® Obesity New GLP-1 launches² New insulin launches³ 30%#109109 Investor presentation First six months of 2021 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage The US population by health insurance status expected to remain stable in coming years Managed Care Medicaid Public exchanges Covered lives by PBM in 2021 All other PBMS Medicare Uninsured Other 14% 326 333 Cigna CVS Caremark 100% 3% 29% 9% Humana 8% 3% 80% 23% 22% Prime 9% 60% 18% 18% 40% 45% 44% 20% 20% 22% OptumRx 0% 2017 2020 Express Scripts NAO 12017 data reflect historical data through Oct 2017 2 Managed care population is slightly underestimated as only population under the age 65 is captured to avoid double counting with those eligible for Medicare. Source: Census.gov; Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Oct 2017; CMS Insurance Marketplace Fact sheet 2017; CDC.gov PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: Cleveland Research#110110 Investor presentation First six months of 2021 The US healthcare system is complex and rebates paid by Novo Nordisk have increased significantly over the years. Illustrative example of the US healthcare system Development of Novo Nordisk rebates and net sales in the USA NAO Product flow Payment flow Rebates/discounts flow US net sales DKK US rebates Percent of 180 billion - US rebates, % of gross US sales (RHS) gross sales Manufacturer 180 74% 80% 160 70% Wholesaler 140 Pharmacy Benefit Manager (PBM) 60% 120 180 100 50% Pharmacy 80 40% 60 30% Employer / 40 20% Health Insurer 20 10% 0 0% Patient 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note: Based on reported sales RHS: Right hand side#111111 Investor presentation First six months of 2021 North America Operations at a glance. NAO Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Million DKK billion First half of 2021 70 13% 600 70% Total GLP-13 Sales (mDKK) 15,850 Growth² 24% 60 18% 500 60% Long-acting insulin 3,369 (13%) 50 50% Premix insulin5 275 2% 400 36%1 GLP-1 WA 40 Fast-acting insulin 3,300 (8%) 40% Human insulin 739 30 56 48 20 10 0 2019 56 63 83 300 (11%) 30% Total insulin 7,683 (11%) 2%1 Insulin 200 Other Diabetes care? 492 20% (8%) Diabetes care 24,025 9% 100 11%1 OAD 10% Obesity care8 2,046 27% 0 0% May 2030 2045 2016 Population with diabetes Diabetes growth rate GLP-1 MS Insulin MS May 2021 OAD MS Diabetes & Obesity 26,071 11% care Biopharm⁹ Total 3,790 12% 29,861 11% International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019 1 CAGR calculated for 5-year period Competitor insulin value market shares, as of May 2021: Novo Nordisk 42%, Eli Lilly 30% and Sanofi 27%; Competitor GLP-1 value market shares, as of May 2021: Novo Nordisk 51%, Eli Lilly 44% and AstraZeneca 5% OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, May 2021 value figures 2 At constant exchange rates; 3 Comprises Victoza®, Ozempic®, and RybelsusⓇ; 4 Comprises TresibaⓇ, XultophyⓇ and LevemirⓇ; 5 Comprises NovoMix®; 6 Comprises FiaspⓇ and NovoRapidⓇ; 7 Comprises Novo NormⓇ and needles; 8 Comprises SaxendaⓇ and WegovyTM 9 Comprises primarily NovoSeven®, NovoEight® Esperoct®, NovoThirteen®, Refixia®, Norditropin®, VagifemⓇ and Activelle®#112112 Investor presentation First six months of 2021 Diabetes market share and market growth in North America Operations. Diabetes market growth and Novo Nordisk market share 50% DKK Diabetes market size and growth -5% billion 10 01 6 8 463 40% 30% 20% 34% 32% ~5% NAO 487 10% 5% 32% 32% 5% 0% May -NN market share NN share of growth May May Novo Nordisk BI Others May 2018 2021 2020 2021 -Market growth NN growth Novo Nordisk Competitors Source: IQVIA, May 2021, value, MAT; NN: Novo Nordisk#113113 Investor presentation First six months of 2021 Novo Nordisk volume market shares in the three insulin segments NAO USA long-acting insulin USA premix insulin USA fast-acting insulin tMU tMU tMU 100 80% 80 80% 80 100% CAGR volume1: 1.0% MI penetration²: 66.8% CAGR volume¹: (6.9%) MI penetration: 48.1% CAGR volume1: 1.8% MI penetration: 83.7% 80% 80 60% 60 60 60% 60 60 60 40 40 20 20 0 40% 40 40 20% 20 40% 40 20% 20 0% 0 May May 2021 2016 0% 0 May May May 2016 2021 2016 Segment volume Tresiba -Levemir Segment volume Ⓡ Combined NovoLog Mix share 70/30 1 CAGR for 5-year period; 2 Includes new-generation insulin. tMU: Thousand mega units Source: IQVIA monthly MAT, May 2021 volume figures NN: Novo Nordisk Segment volume Ⓡ Fiasp 60% 40% 20% 0% May 2021 -NovoRapid NN combined#114114 Investor presentation First six months of 2021 Insulin market size and volume market share in North America Operations Total Insulin market share and market size (DKK billion) Long- acting 37% 42% 102 Fast- 51% 72 acting 58% Premix 8 28% Human 15 Novo Nordisk Competitors Note: Insulin market numbers do not reflect rebates. See slide 103. NAO Market growth A Market share Insulin volume: market share 60% 10% 198 -7% -1.2% 8% 50% 39% 6% -5% -1.5% 40% 30% -9% -0.4% 20% 4% 2% 0% 0% 10% -17% -0.5% 0% May 2018 NN market share -2% -2% -4% May 2021 -6% -0.9% Source: IQVIA, May 2021, LHS graph - Value, RHS Graph - Volume, MAT, all countries. Share of growth not depicted due to too high numbers; NN: Novo Nordisk -Market growth (right axis) NN growth (right axis)#115115 Investor presentation First six months of 2021 GLP-1 market share and market growth in North America Operations GLP-1 market growth and Novo Nordisk market share 60% 40% 20% GLP-1 market size and growth -25% 13 DKK billion 59% 17 51% 110 31% 25% 48.6% ~31% NAO 138 -1 50.8% 0% May 2018 NN market share NN share of growth May May 2020 2021 Market growth -NN growth Novo Nordisk Novo Nordisk Eli Lilly Others Competitors May 2021 Source: IQVIA, May 2021, value, MAT; NN: Novo Nordisk#116116 Investor presentation First six months of 2021 Obesity market share and market growth in North America Operations Obesity market growth and Novo Nordisk market share 100% 80% 60% 40% 20% 0% May NN market share 2018 -NN Growth Market growth (right axis) Obesity market size and growth DKK billion ~(3%) 20% 6.2 0.3 0.5 6.0 83% 10% 0% 75% -3% ~7% 83% 7% -10% May May SaxendaⓇ Others May 2021 2020 2021 Source: IQVIA, May 2021, value, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk NAO#117FINANCIALS 000 1. Profit and loss, capital allocation 2. Currencies 118 123 novo nordisk#118118 Investor presentation First six months of 2021 Solid sales growth driven by Diabetes and Obesity care DKK billion 120 Reported annual sales 2016-2020 CAGR¹ 2.6% 15% 17% 17% 100 20% 16% 80 Financial focus Novo NordiskⓇ • Focus on driving solid sales growth • Gross margin to remain broadly stable • Over time, Research & Development cost ratio to gradually increase 60 80% 83% 85% • Over time, Sales & Distribution cost ratio to gradually decline 84% 84% 40 • Administration cost ratio to decline 20 20 0 2016 1 CAGR for 5-year period 2017 2018 Diabetes and Obesity care 2019 2020 Biopharm#119119 Investor presentation First six months of 2021 Solid operating profit growth driven by Diabetes care Operating profit DKK billion 60 50 40 30 60% 50% 40% 30% 20 20 4% 1% -4% 11% 3% 20% 72% 10 6% 5% 3% 6% 7% 10% 0 0% 2016 2017 2018 2019 2020 Operating profit Operating profit as % of sales Reported operating profit growth Operating profit growth at CER *CER: Constant exchange rates Operating profit split per franchise 28% 81% 2016 2020 Diabetes and Obesity care Biopharm 19% Novo NordiskⓇ#120Higher profitability in the biopharm segment driven by lower S&D costs 120 Investor presentation First six months of 2021 Novo NordiskⓇ Diabetes and Obesity care P&L - full year 2020 Biopharm P&L - full year 2020 DKK DKK billion 120 billion -16% 100 -28% Sales ratios 20 -17% Sales ratios -16% 15 60 -10% 80 -3% +1% 55% 60 60 40 40 20 20 -13% -3% 10 0% 40% 5 0 0 Sales COGS S&D R&D Admin ΟΟΙ OP Sales COGS S&D R&D Admin ΟΟΙ OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit; S&D: Sales and distribution costs; R&D: Research and development costs; Admin: Administrative costs#121121 Investor presentation First six months of 2021 Stable COGS level as percentage of sales Cost of goods sold DKK billion 25 20 20 15 10 5 Capital expenditure DKK billion 25% 12 10 20% 8 15% 6 10% 4 5% 2 Novo NordiskⓇ 10% 8% 6% 4% 2% 0 0% 0 0% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2021 ICOGS -COGS as % of sales ICAPEX -CAPEX as % of sales (RHS) Expected CAPEX COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side#122122 Investor presentation First six months of 2021 Currency impact on Novo Nordisk's P/L Note 2020 2019 Novo NordiskⓇ Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: USD 11 months CNY 5 months 22 2.1.2.2 126,945 20,932 122 021 20.088 • 106.014 101.933 Sales and distribution costs 22 32,928 31.823 Research and development costs 22,23 15,462 14220 • JPY 12 months Administrative costs 22 3.958 4,007 Other operating income, net 22.25 460 600 • 54,126 52,483 Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's P&L statement The currency effect on e.g. operating profit growth is the difference between the reported growth and the operating profit growth at CER Key currencies account for around 65-85% of the total currency exposure No hedging effects are included in the operating profit Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day DKK million Income statement Net sales Cost of goods sold Gross profit Operating profit Net profit Note: Example is based on Annual Report 2020 Financial income ¡Financial expenses 4.9 2624 Profit before income taxes 53,130 Income taxes 2.6 10,992 42,138 3,995 48,553 9,602 38,951 Earnings per share Basic earnings per share (DKK) 4.1 18.05 16.41 Diluted eamings per share (DKK) 4.1 18.01 16.38 CAD 9 months GBP 10 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#123123 Investor presentation First six months of 2021 Currencies are negatively impacting operating profit I Avg. H1 2021 vs. Avg. H1 2020 Exp. Avg FY 2021' vs. FY 2020 6% 2% Hedged -2% -6% -10% USD/DKK CNY/DKK JPY/DKK CAD/DKK GBP/DKK Novo NordiskⓇ H1 2021 Negative impact on operating profit of DKK 3.0 billion • Foreign exchange net gain of DKK 1.0 billion FY 2021 Outlook Estimated negative impact on operating profit around 5%-points Estimated gain of around DKK 0.7 billion on hedging: 5% -10% Non- hedged -25% -40% • RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 30 July 2021 • Mainly related to the US dollar • Reflecting lower than 12 months hedging period • Hedging costs Non-hedged currencies#124investor presentation 4 month of 20 Sustainability 顾 novo nordisk 1. Sustainable business 125 2. Environmental responsibility 127 3. Social responsibility 129 4. Governance 133#125125 Investor presentation First six months of 2021 Novo NordiskⓇ Long-term value to society is driven by a strong sense of purpose and by being a responsible business Foundation ownership allows for long-term strategies, while still supporting agile responses to changing circumstances Novo Nordisk Foundation Financial, environmental and social responsibility anchored in Articles of Association and NNWay guides behaviour Socially responsible Institutional and private investors Novo Holdings A/S 76.8% of votes 28.3% of capital 23.2% of votes 71.7% of capital A shares 537 million shares Novo Nordisk A/S B shares 1,773 million shares Environmentally responsible Novo Nordisk Way Driving change to defeat diabetes and other serious chronic diseases Sustainable business Triple Bottom Line anchored in the Articles of Association in 2004 NN: Novo Nordisk. Note: In the Annual Report 2020 information on international standards, commitments and recommendations, which Novo Nordisk adheres to can be found. Note: Figures for votes and capital are as of 7 May 2021 Financially responsible#126126 Investor presentation First six months of 2021 2020 assured sustainability performance on key metrics Novo NordiskⓇ 2020 2019 2018 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) Emissions and waste CO2 emissions from operations and transportation (1,000 tonnes) Waste from production sites (1,000 tonnes) Patients Patients reached with NN's Diabetes care products (est. in millions) 3,191 2,993 3,099 100% 76% 77% 3,368 3,149 3,101 170 306 278 141 124 142 32.8 30.0 29.2 - Hereof reached via the NN Access to Insulin Commitment (est. in millions) 3.2 2.9 0.3 Children reached through CDIC (cumulative) 28,296 25,695 22,876 Donations and other contributions (DKK million) 158 105 103 Employees Social Employees (FTE) 45,323 43,258 43,202 88 performance Employee turnover 7.9% 11.4% 11.7% Employee engagement N/A1 91% 91% Frequency of occupational accidents (number per million working hours) 1.3 2.2 2.4 Other Animals purchased for research 50,036 49,637 65,593 Gender in mgmt. (ratio men:women) 59:41 60:40 60:40 Gender in Board of Directors (ratio men:women) 62:38 62:38 67:33 Relevant employees trained in business ethics 99% 99% 99% Business ethics reviews Facilitations of the NNWay Supplier audits 32 34 33 26 32 63 177 236 294 Governance performance Product recalls 0 4 3 Failed inspections 0 0 0 Company trust (scale 0-100) 80.6 78.2 84.5 Total tax contribution (DKK million) 26,376 27,527 25,825 Breaches of environmental regulatory limit values 15 16 27 1 Due to COVID-19, the annual employee engagement survey was replaced with more frequent and dynamic surveys tailored to local needs to ensure a continuous check-in with employees through-out 2020. Note: A voluntary assurance report from an independent external auditor for ESG performance is included in the Annual Report 2020.#127127 Investor presentation First six months of 2021 With Circular for Zero, Novo Nordisk aspires to have zero environmental impact circular zero Current environmental impact Environmental aspirations CO₂ emissions 1.3 million tonnes (2019) Waste Resources -500 million prefilled Everything Novo plastic pens produced Nordisk purchases every year 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 Note: Total CO2 emissions for 2020 are not finalised before first half of 2021#128Novo NordiskⓇ Progressing towards zero CO2 emissions by addressing emissions in and beyond production Mapping CO2 emissions is the first step in finding solutions CO₂ emissions from operations & transport declined 44% in 2020 Tons (1,000) 100 2019 2020 Activities to meet zero CO₂ from operations 2 and transportation by 2030 target 128 Investor presentation First six months of 2021 Operations & transport¹ Suppliers -20% 80 60 60 60 -80% 40 40 20 20 Offices & laboratories • Local action plans are made to switch to renewable power Company cars . • Committing to EV100 to support use of electric transport Business flights and product distribution Utilisation of digital solutions Encourage suppliers to commit to renewable Production² . power targets 57% decline in 2020 due to renewable heat & steam in Kalundborg, DK and wind and solar power in strategic production sites 0 cars Offices & Company Business Product Production laboratories flights distribution 1 In 2019, CO2 emissions from operations & transport totalled 306,000 tons and business flights CO2 emissions are included in suppliers. 2 Achieved 100% renewable power across production sites in 2020. Note: Offices & laboratories includes affiliates, R&D and Global Shared Service Centre; EV100 is launching by Climate Group and members aim at making electric vehicles the new normal by 2030; 2020 total CO2 emissions are not finalised before first half of 2021 Total CO2 emissions were ~1.3 million tons in 2019#129129 Investor presentation First six months of 2021 Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation ...accelerating prevention to bend the curve... ...providing access to affordable care for vulnerable patients in every country... and thereby help society rise to one of its biggest challenges ...innovating to improve lives... Novo NordiskⓇ#130130 Investor presentation First six months of 2021 Novo NordiskⓇ Providing access to affordable care for vulnerable patients in every country Finding solutions to improve care for vulnerable patients in every country requires a multi-faceted approach and actions Identifying vulnerable populations globally Map vulnerable patient based on: 。 Minority, migrant or displaced populations 。 Low socioeconomic status or limited resources o Underserved populations Analysis completed in 21 affiliates in 2020 and by end-2021 in 2/3 of affiliates Implementation of action plan to be • done within a year of analysis completion ⚫ . ONCD The NCO antip Affordable human insulin in low- & middle-income countries As of 1 August 2020, ceiling price reduced to 3 USD per human insulin vial in 76 low and middle income countries Access to Insulin Commitment is promise of low-cost human insulin, reaching est. 3.2 million in 2020 and avg. price of 2.9 USD/vial Expanding Changing Diabetes® in Children programme No child should die from type 1 diabetes with the ambition to reach 100,000 children by 2030 MITE Partnerships are essential to reach vulnerable patients GENEVE ICRC + iii In 2020, 28,296 children were reached across 14 countries and in 2021 Ghana was added as the 15th country DANISH RED CROSS Donations to World Diabetes Foundation and Novo Nordisk Haemophilia Foundation Chronic Care in Humanitarian Crises Note: Changing Diabetes in Children is a public-private partnership between the International Society for Pediatric and Adolescent Diabetes, the World Diabetes Foundation, Roche and Novo Nordisk.#131131 Investor presentation First six months of 2021 Novo NordiskⓇ US insulin net prices have declined in recent years, but vulnerable patients rely on our affordability offerings The US population by health insurance coverage Private insurance schemes | Government insurance schemes 48% 8% Uninsured Net price development for NovoLogⓇvial Net price¹ Index 200 180 160 44% 140 . 120 115 100 80 60 40 20 333 million people 0 2001 2004 2007 2010 2013 2016 2019 Novo Nordisk insulin affordability offerings in the US Follow-on brand fast-acting (NovologⓇ) and premix insulin (Novolog® Mix) with 50% list price discount vs branded versions My$99Insulin 30-day supply of a combination of Novo Nordisk insulin products (up to 3 vials or 2 packs of pens) for USD 99 • Patient Assistance Program free diabetes medication to people in need, annual income <400% above government defined poverty. Program expanded during COVID-19 outbreak ⚫ Human insulin for about USD25/vial at national pharmacies, including Walmart and CVS Immediate supply a short-term, immediate-need program offering free insulin for those at risk of rationing Note: Government insurance schemes cover Medicare, Medicaid and public exchanges, some of these with high deductibles Source: Census.gov; Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrolment Dashboard; CMS Health Insurance Enrolment Projection 2015-2025; Medicaid and CHIP Enrolment Report Oct 2017; CMS Insurance Marketplace Fact sheet 2017; CDC.gov¹ Adjusted for inflation • Co-pay Savings Cards providing USD -250 million in assistance in 2019 • In 2020, more than 1 million people reached#132132 Investor presentation First six months of 2021 Defeating diabetes starts by taking preventive measures Novo NordiskⓇ Global obesity burden is part of the cause for rising diabetes prevalence for both adults and children The global obesity burden 120m 650m Adults living with obesity Children living with obesity Bend the global obesity curve • Anti-obesity market is mainly an out-of-pocket market, but progress is being made in reimbursement for adults . • . Changing Obesity is our commitment to prevention, recognition and care within obesity novo nordisk in support of unicef UNICEF partnership to help prevent childhood overweight and obesity worldwide¹ by enhancing knowledge and awareness with initial focus on Latin America and the Caribbean Medium-term goal of enrolling >500,000 children in Latin America by 2023 1 UNICEF does not endorse any company, product, brand or service. Note: An extensive overview of specific actions taken within Cities Changing Diabetes can be found here: https://www.citieschanging diabetes.com/ • Strengthen prevention by focusing on health inequality in cities Today's challenge: Two-thirds of people with diabetes globally live in cities and it is 8 increasing Expanding the reach with engaged cities in Cities Changing Diabetes Today, 36 cities are enrolled in Cities Changing Diabetes, totalling 200+ million citizens In November 2020, Urban Diabetes Action Framework was launched, helping city practitioners to develop impactful public health interventions Launch of Prevention Accelerator inviting start-ups to submit ideas for how to predict or prevent obesity#133133 Investor presentation First six months of 2021 The aspiration is to be a sustainable workplace Organise to win by accelerating diversity and inclusion Novo NordiskⓇ Grow our people and be a talent incubator Drive cultural evolution to be an employer for the future Aspiring for balanced gender representation at all managerial levels An organisation that consistently grows talent to fuel the internal talent pool and strengthen the pipeline An organisation where new generations entering the workforce can thrive, innovate and perform to the full extent of their capabilities#134134 Investor presentation First six months of 2021 Diversity and inclusion is a key focus area for Novo Nordisk Novo Nordisk is committed to building a diverse and inclusive culture All managers Sr. Managers¹ • . . Novo NordiskⓇ Driving an inclusive and diverse workplace Launch of gender diversity target aspiring to achieve a minimum of 45% women and 45% men in senior leadership positions by the end of 2025 Aspiring for balanced gender representation at all managerial levels Anchoring diversity and inclusion targets in short-term and long-term incentive programmes Men 59% 59% 86% 76% • Local action plans in all areas . Ensure inclusive leadership Women 41% 41% • 14% 24% 2015 2020² 2015 2020 1 Senior Managers defined as executive vice presidents and senior vice presidents Note: Full social statements to be found in Novo Nordisk Annual Report 2020 • • Aspiration of 50/50 gender split in talent programmes and succession lists New recruitment guidelines to ensure diverse slate of candidates Focus on posting job opportunities both internally and externally#135135 Investor presentation First six months of 2021 Structure in place to ensure corporate governance Rules and Regulations Danish and foreign laws and regulations Governance structure Shareholders A and B share structure Board of Directors² Nine shareholder-elected and four employee-elected board members Assurance measures Audit financial data and review social and environmental data (internal and external) Corporate governance standards¹ Chairmanship Audit Committee Nomination Committee Remuneration Committee R&D Committee Facilitation (internal) Articles of Association Novo Nordisk Way 1 The corporate governance standards designated by Nasdaq Copenhagen and New York Stock Exchange 2 In 2020, the Board of Directors met eight times Executive Management Organisation Quality audit and inspections (internal and external) Novo NordiskⓇ#136136 Investor presentation First six months of 2021 Novo Nordisk has a sustainable tax approach Novo NordiskⓇ Sustainable tax approach approved by the BoD 1 | Commercially driven Business structures driven by commercial considerations Pay taxes where value is generated Effective tax rate of 20 - 22% for 2021 2 | Responsible No artificial structures or tax havens Transfer pricing principles compliant with OECD guidelines Advanced pricing agreements covering >65% of revenues 3 | Transparent Open about tax practices and maintain cooperative relationships with tax authorities Tax approach published on novonordisk.com • Total tax contribution in 2020 around DKK 26 billion Corporate income taxes by region - three year average in DKK billion Region IP rights¹ Production² Sales³ Corporate income taxes International Operations 8.4 - Denmark 7.2 0.9 - EMEA (excl. Denmark) - Region China - Rest of World North America Operations - The US Total Share of category 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 2018-2020 ㅎㅎ 0.2 0.1 1.5 1.4 9.9#137137 Investor presentation First six months of 2021 Global Business Ethics Code of Conduct based on the Novo Nordisk Way Novo Nordisk Way "We never compromise on quality and business ethics" Identify Identify Trends and risks Report Employee training Business ethics reviews Implement Code of Conduct and guidelines Verify Monitor, audit, and compliance hotline Establish and Train Mindset and behaviour Novo NordiskⓇ • Business ethics compliance framework Trends such as increased focus on anti-bribery and anti-corruption legislation Risks include improper product promotion, corruption, undue influence, and use of third party representatives Implement • Novo Nordisk Business Ethics Code of Conduct reflects the steps taken to protect the company and its partners Establish and Train In 2020, 99% of relevant employees were trained in business ethics Verify • In 2020, 32 business ethics audits were performed Report Detailed reporting to Executive Management, Audit Committee, and information is included in the Annual Report#138138 Investor presentation First six months of 2021 Novo NordiskⓇ A purpose driven culture is supported by facilitation to safeguard Novo Nordisk values Facilitation purpose Safeguarding the Novo Nordisk values and license to operate ①Providing proactive assurance Driving compliance 8 88 Inclusive leadership Facilitations - Ensure we walk the talk A systematic approach to follow up on how the Novo Nordisk Way is embedded in the organisation Facilitations have been done consistently since 1997 Novo Nordisk conducts around 30 facilitations of management areas every year with interviews of >1,000 employees Eighty-five percent of facilitated areas are Novo Nordisk Way champions Actions are taken to resolve identified issues Facilitation supports cultural coaching and evolution of Novo Nordisk way culture