#1Morten Kruse Jacobsen (to the right), Senior Director at Novo Nordisk and married to Anders. Being a sustainable employer is a key priority for Novo Nordisk. This includes fostering a diverse and inclusive workplace. From January 2022, Novo Nordisk will offer a minimum of eight weeks paid parental leave to all non-birthing parents globally, regardless of gender. novo nordisk Novo Nordisk - a focused healthcare company Investor presentation Full year 2021#22 Investor presentation Full year 2021 Agenda Progress on Strategic Aspirations 2025 Commercial execution Innovation and therapeutic focus Financials#33 Investor presentation Full year 2021 Forward-looking statements Novo NordiskⓇ Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this statutory Annual Report 2021 and Form 20-F, which are both expected to be filed with the SEC in February 2022 in continuation of the publication of this Annual Report 2021, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect, 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto, Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures, Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and • Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, product recalls, unexpected contract breaches or terminations, government- mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology including the risk of cybersecurity breeches, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, and factors related to the foregoing matters and other factors not specifically identified herein. For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk's results or the accuracy of forward-looking statements in this Annual Report 2021, reference is made to the overview of risk factors in 'Risk management' of this Annual Report 2021. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this Annual Report 2021, whether as a result of new information, future events, or otherwise. Important drug information VictozaⓇ and OzempicⓇ are approved for the management of type 2 diabetes only SaxendaⓇ and WegovyⓇ are approved in the USA and the EU for the treatment of obesity only#44 Investor presentation Full year 2021 Novo NordiskⓇ Strategic Aspirations 2025 | Highlights full year 2021 Purpose and sustainability Commercial execution Adding value to society: Medical treatment provided to 34.6 million people living with diabetes in 2021 46 new vulnerability assessments conducted enabling access to insulin to ~82,000 people with diabetes Reaching 18 countries and around 32,000 children in Changing Diabetes in Children Progress towards zero environmental impact: 43% reduction in CO2 emissions compared to 2019 Evolve culture and ensure distinct core capabilities: Launch of an aspirational gender diversity target Diabetes value market share increased by 0.8 percentage point to 30.1%¹ Obesity care sales increased by 55% at CER to DKK 8.4 billion Biopharm sales increased by 4% at CER to DKK 19.2 billion therapeutic focus Innovation and Financials . • Diabetes care: Blue indicates developments in Q4 2021 Resubmission of sema 2.0 mg in the US and approval in the EU Obesity care: Approval of WegovyⓇ, sema 2.4 mg, in the US and EU Strengthen and progress biopharm pipeline • . SogroyaⓇ phase 3 programme in children with growth hormone deficiency successfully completed First Mim8 phase 1/2 trial cohorts successfully completed Other serious chronic disease: Phase 3a development initiated with ziltivekimab in CVD and semaglutide in NASH and Alzheimer's disease Acquisition of Dicerna Pharmaceuticals and its RNAi platform to be applied across therapy areas Sales growth of 14% and Operating profit growth of 13%: . . Sales in International Operations grew by 14% . Sales in the US grew by 13% with 60% of sales came from products launched since 2015 Gross margin positively impacted by continued productivity gains in Product Supply Free cash flow of DKK 29.3 billion and DKK 41 billion returned to shareholders Total dividend of DKK 10.40 per share and payout ratio of 49.6% 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; CVD: Cardiovascular disease; sema: semaglutide#55 Investor presentation Full year 2021 Sales growth of 14% driven by both operating units and by all therapy areas Reported geographic sales split for the full year 2021 Reported therapy area sales and growth for the full year 2021 North America Operations billion Growth at CER DKK billion Insulin Obesity care GLP-1 Other diabetes DKK Biopharm Growth at CER 80 14% International Operations Novo Nordisk® 160 14% 32% 1% 55% 4% 14% 140 60 60 International Operations 120 14% 100 40 40 12% 80 60 20 20 19% 11% 52% IO 3% 40 6% 14% IO 52% NAO 6% 20 25% NAO 57% -9% 0 0 ΙΟ EMEA China ROW NAO Total1 GLP-1 Insulin Obesity Biopharm 1 'Other diabetes' is included in Total IO: International Operations; China: Mainland China, Hong Kong and Taiwan; ROW: Rest of World; NAO: North America Operations Note: Unless otherwise specified, sales growth rates are at CER#66 Investor presentation Full year 2021 Diabetes value market leadership increased by 0.8%-points to 30.1% Novo Nordisk global diabetes value market share Diabetes value market leadership expansion driven by the GLP-1 franchise 60% ⚫Diabetes GLP-1 -Insulin 52.7% 50.4% 50% 47.5% 44.4% 44.3% 43.8% 40% 30% 28.6% 29.3% 30.1% • 0% 2018 2019 2020 2021 CER: Constant exchange rates; IO: International Operations; NAO: North America Operations Source: IQVIA MAT, Nov 2021 (Spot rate) Note: Sales growth rates are at CER Novo NordiskⓇ Diabetes care sales grew by 13% with global value market share increase driven by GLP-1 market share gains in both IO and NAO Insulin volume market share has decreased from 47.3% to 47.1% in the last 12 months GLP-1 value market share has increased by 2.3%-points in the last 12 months, driven by: OzempicⓇ launches and uptake in 72 countries RybelsusⓇ uptake in North America Operations and launches in International Operations#77 Investor presentation Full year 2021 Novo Nordisk® International Operations diabetes sales grew across all regions, mainly driven by GLP-1 performance Reported diabetes sales and growth per IO geography GLP-1 diabetes value market share and share of growth in IO DKK billion 60 14% 52% 45 Market ■Insulin I GLP-1 Growth at CER share NN GLP-1 market share 80% -NN GLP-1 share of growth 74.0% Geographical regions 60% 58.9% 12% 30 53.7% 40% 6% I 38% I 11% Market share +5.2-%p vs. 2020 24% 15 73% 20% 2% 85% 8% 11% 0 0% Nov Nov Nov ΙΟ EMEA China ROW 2019 2020 2021 Source: IQVIA MAT, Nov 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#88 Investor presentation Full year 2021 Biopharm sales grew by 4% driven by both North America Operations and International Operations DKK billion 25 20 20 Reported Biopharm sales Growth at CER 4% 9% 25% 25% 4% -2% • • Biopharm sales driven by global commercial execution Biopharm sales growth driven by: 6% growth in North America Operations 3% sales growth in International Operations Rare blood disorders sales increased by 9%, driven by: Uptake of launch products Esperoct® and Refixia® 15 Rare blood disorders 10 5 • Novo Eight® and NovoSevenⓇ Rare endocrine disorders sales decreased by 2% driven by: • North America Operations sales declined by 12% partly offset by sales growth in International Operations of 5% • Novo Nordisk is the leading company in the global human growth disorder market with a value market share of ~36.3% 0 Total1 Rare blood Haem. A Haem. B Novo- ! SevenⓇ disorders² Rare endocrine disorders³ 1 Total includes "Other Biopharm", which consists of primarily Vagifem® and Activelle®: 2 Comprises Novo Seven®, 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 Novo NordiskⓇ#99 Investor presentation Full year 2021 WegovyⓇ supply update following cGMP issues at supplier announced in December 2021 WegovyⓇ simplified manufacturing process ㅎ Ramp up ongoing CO H Produce Filling API Assemble Packing Freight Distribution Patients device (inhouse) (in house) 1 (inhouse) CGMP issue at CMO CGMP: Current good manufacturing practice; FDA: Food and Drug Administration; EU: European Union; CMO: Contract Manufacturing Organisation • • Update on supply chain situation Large global contract manufacturing organisation received a 483 letter by the US FDA related to cGMP issues at production site for Wegovy® syringes Deliveries and manufacturing temporarily stopped Close collaboration between CMO and Novo Nordisk to address cGMP issues as fast as possible Supply capacity in H1 2022 is now expected to be close to the TRX level seen in the fourth quarter of 2021 Application to add an additional device to the marketing authorisation for WegovyⓇ in EU Still expect to be able to meet demand in the US in the second half of 2022 Novo NordiskⓇ#1010 Investor presentation Full year 2021 Obesity care sales grew by 55% for the full year 2021 Reported sales split in operational units Branded AOM TRX in the US DKK billion TRX count (000s) 3 42%1 3%1 55% 90% 48 78% 2.4 1.8 1.2 0.6 40 60% 32 24 30% 16 8 41.7 21.9 10.0 0 0% 0 2019 2020 2021 Jan Jan Jan 2019 2020 2021 Jan 2022 INAO IO -Market share (RHS) SaxendaⓇ Branded AOM Market Growth at CER - WegovyⓇ 1 Annual growth at CER. Each TRX data points represents one week of data NAO: North America operations, IO: International operations, RHS: Right hand side axis, Rx: Prescriptions Note: Sales growth at constant exchange rates; AOM: Anti-Obesity Medications (includes Wegovy®, Saxenda®, Qsymia and Contrave), Source: IQVIA NPA - TRX data, Weekly (ending 14 January 2022) WegovyⓇ launch in the US ONCE-WEEKLY wegovy semaglutide injection 2.4 mg Novo NordiskⓇ ~22,000 weekly Rx 32 weeks after launch Commercial formulary access around more than 70%, with >70% of WegovyⓇ script new to the AOM class Commitment to the people living with obesity and potential of WegovyⓇ remain unchanged#1111 Investor presentation Full year 2021 Novo Nordisk increased market share in the fast-growing US GLP-1 diabetes segment US GLP-1 NBRx market share NBRX share 80% 59.2% 60% 40% 20% 0% Jan 2021 Ozempic® Novo NordiskⓇ US GLP-1 TRX market share TRX share Class growth ~30% 60% 53.4% 50.1% 63.9% 40% 44.9% 34.5% 20% 12.7% 43.7% 35.1% 11.1% 6.3% 7.2% 0% Jan 2022 Jan Jan 2021 2022 RybelsusⓇ dulaglutide NN GLP-1 - VictozaⓇ Source: IQVIA Xponent, Weekly (ending 7 January 2022) 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 Q4 2020 vs Q4 2021#1212 Investor presentation Full year 2021 Total RybelsusⓇ TRx volume is steadily growing in the US RybelsusⓇ and SGLT-21 uptake in the US² since respective launches NBRX count ...... (000s) RybelsusⓇ NBRX RybelsusⓇ TRX 10 8 6 4 2 2019 SGLT-2i NBRX SGLT-2i TRX TRx count (000s) 75 66 60 Time since launch (weeks) 2020 2021 91 97 103 109 45 46 30 115 2022 0 15 For the full year 2021, RybelsusⓇ sales approaches DKK 5 billion RybelsusⓇ has now been launched in 29 countries In the US: . • Successful RybelsusⓇ launch despite COVID-19 impacting the first year of launch RybelsusⓇ TRX steadily increasing, reaching +45,000 Rx per week Outside of the US: • In Japan, RybelsusⓇ has reached a 2.6% MOAD value market share following lift of the 14-day prescription limitation in December 2021 1SGLT-2i is an average of empagliflozin and canagliflozin script count. 2Rybelsus® is based on Oct 2019 focus launch. Each data points represents a rolling four-week average. Note: NBRx: New-to-brand prescriptions; RHS: Right hand side axis; HCP: Healthcare Professional; TRX: Total prescription data; MOAD: Modern oral anti-diabetics and includes SGLT-2is, DPP-IVis and Oral GLP-1. Source: IQVIA Xponent, Weekly (ending 7 January 2022) Novo NordiskⓇ#1313 Investor presentation Full year 2021 Novo NordiskⓇ Continued progress of the pipeline with trial read outs and phase 3 starts during fourth quarter of 2021 SogroyaⓇ | Phase 3 trial completion Phase 3 programme in 200 children with GHD successfully completed • REAL 4 compared efficacy and safety of once-weekly SogroyaⓇ vs daily NorditropinⓇ The trial met the primary end-point of non-inferiority in height velocity vs Norditropin® Biopharm • Mim8| Phase 1/2 trial interim results Successfully completed first cohorts of on-going phase 1/2 clinical proof of concept trial with Mim8 Appeared to have a safe and well- tolerated profile, with PK/PD properties supporting once-weekly as well as once-monthly dosing Remaining two cohorts expected to read out in Q1 2022 Diabetes care Icosema | Phase 3 programme initiation • • Icosema is a fixed dose combination of insulin icodec and semaglutide in a once weekly injection The first of three trials in the COMBINE progamme has been initiated in Q4 2021 • The objectives are to confirm efficacy and safety of icosema Expect to submit Sogroya® for regulatory approval during H1 2022 Expect to initiate Mim8 treatment during H2 2022 in on-going phase 3 trial Expect to complete phase 3a programme during 2024 GHD: Growth hormone deficiency; PK: Pharmacokinetics; PD: Pharmacodynamics#1414 Investor presentation Full year 2021 Novo NordiskⓇ R&D milestones for Q4 2021 and through 2022 Project OzempicⓇ 2.0 mg Q4 2021 EU decision Diabetes care FDC Sema OW GIP - Phase 2 initiation Cagrisema T2DM Clinical milestones¹ H1 2022 US decision Phase 1 results Regulatory milestones¹ H2 2022 Phase 2 results RybelsusⓇ IcoSema CN submission Phase 3 initiation PDS290 variant: EU decision Phase 3 initiation Phase 1 results Icodec Ideal Pump Insulin Obesity care WegovyⓇ Phase 3a results Phase 1 results EU decision CagriSema LA-GDF15 Biopharm Sogroya® (somapacitan) ✓ Phase 3 results (GHD) US/EU submission (GHD) Mim8 Phase 1/2 results² Concizumab Eclipse/NDec Nedosiran (PH)5 Other serious chronic diseases PRX004 (ATTR-CM) Phase 3a results (HWI)4 Phase 2 initiation US submission Phase 2 initiation 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement. 2 First cohorts successfully completed. 3 First patient first in Q4 2021, which is solely for baselining purposes 4 Results for haemophilia A and B expected in H2 2022. 5 Primary hyperoxaluria Note: Trial initiations could be impacted by COVID-19; GHD: Growth Hormone Deficiency; sema: semaglutide; HwI: Haemophilia with inhibitors; ATTR-CM: Transthyretin Amyloid Cardiomyopathy Phase 3 treatment³ US/JP submission (HwI)#1515 Investor presentation Full year 2021 Financial results - Full year of 2021 Novo NordiskⓇ Change Change In DKK million Sales Gross profit Gross margin Sales and distribution costs Percentage of sales Full year 2021 140,800 117,142 83.2% (37,008) 26.3% Full year 2020 (reported) (CER) 126,946 11% 14% 106,014 11% 83.5% (32,928) 12% 15% 25.9% Research and development costs (17,772) (15,462) 15% 16% Percentage of sales 12.6% 12.2% Administration costs (4,050) (3,958) 2% 4% Percentage of sales 2.9% 3.1% Other operating income and expenses 332 460 (28%) Operating profit 58,644 54,126 8% 13% Operating margin 41.7% 42.6% Financial items (net) 436 (996) Profit before income tax Income taxes 59,080 (11,323) 53,130 (10,992) 11% 3% Effective tax rate 19.2% 20.7% Net profit 47,757 42,138 13% Diluted earnings per share (DKK) 20.74 18.01 15% CER: Constant exchange rates#1616 Investor presentation Full year 2021 Attractive capital allocation to shareholders DKK billion Annual cash return to shareholders 50 40 40 30 17 15 20 20 7 8 00 10 10 22 20 20 8 16 12 13 14 0 2019 2020 Dividend Interim dividend 2021 2022E¹ Share repurchase Capital allocation Novo NordiskⓇ • The proposed total dividend per share increased 14.3% to DKK 10.40 (including interim dividend of DKK 3.50 per share paid in August 2021) • Return of free cash flow through both share buy-backs and dividends • Dividend per share increasing for 26 consecutive years • For 2022, a new share repurchase programme of up to DKK 22 billion is expected 1 For 2022, expected free cash flow is DKK 50-55 billion; 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 2022#1717 Investor presentation Full year 2021 Financial outlook for 2022 Sales growth - at CER Expectations 2 February 2022 6% to 10% Sales growth - reported Operating profit growth - at CER Operating profit growth - reported Around 5 percentage points higher 4% to 8% Around 7 percentage points higher Financial items (net) Effective tax rate Free cash flow Loss of around DKK 2.8 billion 20% to 22% DKK 50 to 55 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 28 Jan 2022 Novo NordiskⓇ#1818 Investor presentation Full year 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 therapeutic focus Innovation and Financials 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 Full year 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 1 DK-2880 Bagsværd Investor Relations contacts Novo NordiskⓇ Upcoming events 09 February 2022 Deadline for shareholder proposals to the Annual General Meeting 03 March 2022 24 March 2022 04 May 2022 04 August 2022 Capital Markets Day in Copenhagen, Denmark Annual General Meeting Financial statement for the first three months of 2022 Financial statement for the first six months of 2022 02 November 2022 Financial statement for the first nine months of 2022 Daniel Muusmann Bohsen Ann Søndermølle Rendbæk David Heiberg Landsted Jacob Martin Wiborg Rode Mark Joseph Root (USA) +45 3075 2175 +45 3075 2253 +45 3077 6915 +45 3075 5956 +1 848 213 3219 [email protected] [email protected] [email protected] [email protected] [email protected]#2020 Investor presentation Full year 2021 Appendix Novo Nordisk corporate strategy Diabetes care Obesity care Biopharm Other serious chronic diseases Regional information Financials Sustainability 21 33 54 69 79 89 121 128#21Investor presentation Full year 2021 Novo Nordisk Corporate Strategy Diabetes care Strengthen leadership by offering innovative medicines and driving patient outcomes Novo Nordisk Way Obesity care Strengthen treatment options through market development and by offering innovative medicines and driving patient outcomes Biopharm Secure a leading position by leveraging full portfolio and expanding into adjacent areas Driving change to defeat diabetes and other serious chronic diseases Sustainable business Other serious chronic diseases Establish presence by building competitive pipeline and scientific leadership Novo NordiskⓇ#2222 Investor presentation Full year 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 Full year 2021 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care DKK billion 800 600 400 Obesity care DKK billion #1 50% 16 40% 12 30% 20% 200 10% CAGR¹ value: 10.1% 0 Nov 2016 Haemophilia DKK billion #1 80% 100 Novo NordiskⓇ #3 50% 80 40% 60% 60 30% 40% 40 40 20% 20% 20 CAGR² value: 18.8% CAGR³ value: 3.0% 10% 0% 0 0% 0 0% Nov 2021 Nov Market value 2019 Market value Nov 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) 2020 Global market position 1 CAGR for 5-year period; 2 CAGR for 2-year period; 3 CAGR for 5-year period; Note: Annual sales figures for haemophilia A, B and bypassing agent segments, Recombinant and plasma derived products; Source: Company reports for haemophilia market- FY21 numbers ready by Q1'22; IQVIA MAT, Nov 2021; Note: Diabetes and Obesity care market values are based on list prices in the US. NN: Novo Nordisk#2424 Investor presentation Full year 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: 4.3% 100% 160 CAGR volume1: 1.1% 100% 240 MI penetration²: 78.7% MI penetration²: 48.6% CAGR volume1: 4.4% MI penetration²: 78.1% 100% 200 80% 80% 80% 120 160 150 60% 60% 60% 100 50 50 80 80 40% 40 20% 40% 80 60 20% 40% 20% 0 Nov 2016 0% 0 0% 0 0% Nov Nov Nov Nov Nov 2021 2016 2021 2016 2021 Ⓡ Segment volume Ⓡ Levemir Ⓡ -Tresiba Combined Segment volume -Ryzodeg Ⓡ -NovoMix® 30 -Combined Segment volume Ⓡ Fiasp NovoRapid 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, Nov 2021 volume figures#2525 Investor presentation Full year 2021 Sales growth of 14% at CER, driven by all therapy areas and in particular the portfolio of GLP-1 treatments Novo Nordisk® Novo Nordisk reported quarterly sales DKK billion 50 by therapy Reported sales CAGR1: 8.0% Reported sales for the full year 2021 Reported sales and growth breakdown for the full year 2021 Rare endocrine Therapy 40 40 Rare disorders Other Biopharm Sales (mDKK) Growth Share of growth Total GLP-12 53,597 32% 76% Long-acting insulin³ 18,064 0% 0% blood disorders 1% Premix insulin4 11,203 4% 2% (1.4%)¹ 5% Fast-acting insulin5 17,687 (1%) (1%) 30 Obesity 7% Human insulin 2.5%1 9,052 4% 2% care 6% Total insulin 56,006 1% 4% 2.7%1 Other Diabetes care 3,594 (10%) (2%) 20 9.2%¹ Total Diabetes care Obesity care7 113,197 13% 78% 8,400 55% 18% 10 Diabetes and Obesity care 121,597 15% 95% 80% Rare blood disorders 10,217 9% 5% 0 Q4 Other biopharm 2011 Rare endocrine disorders Rare blood disorders Q4 2021 Diabetes and Obesity care Sales of DKK 140.8 billion (11%) Diabetes care Rare endocrine disorders⁹ Other Biopharm 10 Biopharm 7,303 (2%) (1%) 1,683 8% 1% 19,203 4% 5% Total 140,800 14% 100% 1 CAGR for 10-year period; 2 Comprises Victoza®, Ozempic®, Rybelsus®; 3 Comprises TresibaⓇ, XultophyⓇ and Levemir®; 4 Comprises RyzodegⓇ and NovoMixⓇ; 5 Comprises FiaspⓇ and NovoRapidⓇ; 6 Primarily NovonormⓇ, needles and GlucaGen® HypoKitⓇ; 7 Comprises SaxendaⓇ and Wegovy® 8 Comprises NovoSevenⓇ, Novo Eight®, NovoThirteen®, Refixia®, and EsperoctⓇ: 9 Comprises Norditropin and Macrilen TM; 10 Primarily Vagifem® and ActivelleⓇ Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rate, except for total sales growth of 11%; Refixia® and NovoThirteenⓇ are launched as RebinynⓇ and TRETTENⓇ, respectively, in North America.#2626 Investor presentation Full year 2021 Sales growth of 14% at CER, driven by IO sales growth of 14% and 14% sales growth in NAO Historic and reported sales by geography Sales in DKK billion Reported sales and growth breakdown for the full year 2021 Novo NordiskⓇ 107.9 126.9 140.8 Regions Sales (mDKK) Growth Share of growth 8% 14% 14% 9% International Operations 73,537 14% 51% 11% 11% EMEA 37,706 12% 23% 30% 27% 27% Region China 16,019 11% 9% ROW 19,812 19% 19% North America Operations 67,263 14% 49% 53% 48% 48% Here of USA 63,009 13% 44% Total sales 140,800 14% 100% 2015 North America 2020 2021 EMEA Region 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 Full year 2021 Insulin sales remain important with more than 39% share of revenue but with less dependence on the US insulin sales 44% Q4 2016 sales split IO: International Operations; NAO: North American Operations 26% 30% Q4 2021 sales split 28% 61% 11% IO insulin NAO insulin Other products Novo NordiskⓇ#2828 Investor presentation Full year 2021 Novo Nordisk has a set of strategic aspirations including an Innovation and therapeutic focus 8+ Further raise the innovation bar for diabetes treatment Develop a leading portfolio of superior treatment solutions for obesity Strengthen and progress the Biopharm pipeline Establish presence in Other serious chronic diseases Insulin % GLP-1 0 Curative treatment 5 Glucose-sensitive Insulin Oral GLP-1 analogue 10 15 Once-weekly Weekly GLP-1 analogue 20 Long- GLP-1 acting 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 CVD Curative therapy Non-invasive therapy Concizumab Esperoct Refixia® NovoEight® NovoThirteenⓇ NovoSeven® CKD NASH Stem Cells Novo NordiskⓇ#2929 Investor presentation Full year 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. Probabilities 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 Full year 2021 Novo NordiskⓇ Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 NN1965 - Insulin 945 NN1845 - GSI NN1471 - Ideal Pump Insulin NN9041 - DNA Immunotherapy NN9215 LA-GDF15 NN9838 Cagrisema NN7533 Eclipse NN6434 PCSK9i - NN6019 PR0004 ATTR Cardiomypathy NN-TBD DCR-AUD Diabetes care PHASE 2 NN9388 - Cagrisema NN9389 FDC Sema - OW GIP NN9838 Cagrilintide NN9775 PYY 1875 analogue - NN9931 Gilead NASH - NN9500 FGF-21 NASH NN6435 Oral PCSK9i NN-TBD Belcesiran Obesity care PHASE 3 NN1535 Icosema ― NN9924 Oral Semaglutide 25 and 50 mg NN1436 Icodec - NN9932 Oral Semaglutide 50mg obesity NN9931 Semaglutide NASH NN6535 Semaglutide in AD NN6018 Ziltivekimab EX2020 Macimorelin, GHD¹ NN8640 Sogroya® - QW GHD2 NN-TBD - Nedosiran NN7415 Concizumab NN7769 Mim8 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 Rare blood disorders APPROVED SUBMITTED SUSTAIN FORTE - Semaglutide 2.0 mg3 TresibaⓇ XultophyⓇ LevemirⓇ Ryzodeg Ⓡ NovoMixⓇ FiaspⓇ Rare endocrine disorders NovoRapidⓇ RybelsusⓇ OzempicⓇ®4 VictozaⓇ WegovyⓇ4 SaxendaⓇ NovoSevenⓇ Novo Eight® EsperoctⓇ NovoThirteenⓇ 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 Approved in the EU and submitted the US (Resubmitted on 28 May 2021); 4 includes sema 2.0 mg; 5 Approved in the EU, the US and Japan, for adult growth hormone disorder; PYY: Peptide YY; mAb: monocolonal antibody; GDF15: Growth differentiation factor 15; Sema: Semaglutide; FGF-21: Fibroblast growth factor 21; 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; AUD: Alcohol use disorder TBD: NN Project IDs are pending for the assets Nedosiran, Belcesiran, DCR-AUD#3131 Investor presentation Full year 2021 Novo NordiskⓇ Novo Nordisk holds solid patent protection, high barriers to entry, and a collaborative approach to innovation Novo Nordisk's position is protected by patents and value chain setup OZEMPIC® semaglutide injection RYBELSUS® semaglutide tablets Fiasp® fast-acting insulin aspart esperoct turoctocog alfa pegol Xultophy insulin degludec/liraglutide EU/US patent protection1 2031/322 2031/20322,3 20304 2034/322 • 2028/29 • [rDNA origin] injection TRESIBA 2028/29 insulin degludec [rDNA origin] injection 2028/29 RYZODEG 70% insulin degludec and 30% insulin aspart [rDNA origin injection refixia® VICTOZAⓇ liraglutide injection 2027/28 20235 Barriers to entry for biosimilar players Research & Development Need to show comparability in PK/PD trials Strict regulatory requirements in the EU and the US Requirement for both drug and device offering Manufacturing Economies of scale Up-front CAPEX requirements with slow return on investment Commercialisation Large and fragmented target audience Cost pressure from payers On-going conversion to next-generation drugs and slow market dynamics Partnerships and acquisitions support future R&D siRNA treatments Dicerna™ Oral formulations of therapeutics Combination treatments for NASH GILEAD Gene editing for haemophilia Fmisphere seventybio Novel treatments for CVD CORVIDIA Precision Cardiovascular Therapeutic of prothena Heartseed 1 List does not include all marketed products. 2 Current estimates. WegovyⓇ patent identical to OzempicⓇ patent; 3 Tablet formulation and once-daily treatment regimen are protected by additional patents expiring in 2031-2034; 4 Formulation patent; active ingredient patent has expired; 5 SaxendaⓇ patent identical to VictozaⓇ patent. PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure; siRNA: Silencing ribonucleic acid; NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease#3232 Investor presentation Full year 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 баво Ро Today: Oral solutions to differentiate from competition Tomorrow: Expand oral platforms and transformational medicines via Novo Nordisk stem cell platform Efficient large-scale production of proteins 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 Global commercial reach and leader in chronic disease care |.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Ⓡ Deep disease understanding 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 Full year 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 48 Diabetes care YASMIN FIEDLER Yasmin has type 1 diabetes Germany#3434 Investor presentation Full year 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 Liver Pancreas Muscle Insulin action profiles Novo NordiskⓇ Fast-acting Premix Long-acting Fat cell 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Time of day Breakfast Lunch Dinner#3535 Investor presentation Full year 2021 Novo NordiskⓇ Class HbA1c change Hypoglycaemia Weight risk change 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 Sulfonylurea 1.5 Yes Gain None YES 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 *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 Full year 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 CVD • 70% of people with diabetes die from atherosclerotic CVD² • 150% increase in risk of stroke³ • Higher likelihood of neuropathy, Organs retinopathy, limb amputation, cancer and cognitive dysfunction4 183 35 Diabetic population5 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, 2019, 9th edition#3737 Investor presentation Full year 2021 Novo NordiskⓇ Global diabetes prevalence is increasing with 700 million people. expected to have diabetes by 2045 The number of people with diabetes is expected to increase 51% by 2045 Of the 463 million, 34.6 million¹ people are currently treated with Novo Nordisk diabetes products Million 800 600 400 200 0 +51% 579 J 463 700 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 3.9 mio treated with GLP-1 3.7 mio treated with new-generation insulin 13.0 mio treated with modern insulin 12.3 mio treated with human insulins 1 In addition to the above-mentioned product classes, oral anti-diabetics constitutes the remainder of people treated with Novo Nordisk products; Estimated number for full-year 2021. Source: Novo Nordisk Annual Report 2021#3838 B-cell function Investor presentation Full year 2021 Diabetes is a chronic disease requiring treatment intensification over time Diet and exercise Time Distribution of patients and value across treatment classes 100% OAD GLP-1 4% 16% 80% 44% 17% 1% 60% 25% 18% Insulin 40% 4% 8% 20% 37% 26% 0% Patients Insulin GLP-1 Inj. DPP-IV Value Oral GLP-1 Trad. OAD SGLT-2i Note: Patient distribution across treatment classes is indicative and based on data for the USA, Germany, France. Other OADs cover: metformin, sulfonylurea, thiazolidinediones. Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS; value figures based on IQVIA MAT, Nov 2021 OAD: Oral anti-diabetic Novo NordiskⓇ#3939 Investor presentation Full year 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 2025 209m CAGR: +4% ILLUSTRATIVE The diabetes realised value2 is expected to grow by 4% annually towards 2025 $ 52bn CAGR: +3% CAGR: +4% excl. DPP-4i 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 2025 Other OAD DPP-4i SGLT-2i 2020 GLP-1 Insulin . Patients' outcome beyond glucose control Evolving payer dynamics and market access hurdles • 2025 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 Full year 2021 The total branded diabetes market has a global value of DKK ~300 billion annually DKK billion 400 Global diabetes market DKK The USA +4% billion 150 141 144 2020/2021 2019/2020 ☐ Growth at CER -11% +22% 100 +7% 64 52 55 -15% 302 295 44 +15% 50 300 16 20 17 16 0 Total Insulin GLP-1 DPP-IV SGLT-2 200 DKK Outside the USA -3% +8% billion 125 117 +26% 161 151 150 +3% 90 -5% 100 75 +23% +0% 53 59 100 73 73 +37% +32% 42 36 37 39 50 26 20 25 19 0 Total 0 Insulin GLP-1 DPP-IV SGLT-2 Total Insulin GLP-1 DPP-IV SGLT-2 Source: Company announcements as of Q3 2021; 2020/2021 data based on Q4 2020 to Q3 2021 and 2019/2020 data based on Q4 2019 to Q3 2020 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 Full year 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 DKK billion 300 200 100 Market CAGR²: 8.7% 30% CAGR: 0.4% CAGR: 17.7% 20% CAGR: 24.9% 10% CAGR: (3.2%) 60% 30% 40% 20% Novo NordiskⓇ 39% 30% 0 0% 0% Nov Nov Nov 15FY 16FY 17FY 18FY 19FY 20FY 2011 2021 2018 Nov 2021 Insulin GLP-1 SGLT-2 DPP-4 Novo Nordisk Sanofi Merck Astra Zeneca -J&J -Takeda Eli Lilly BI -Novartis -NN market share -NN share of growth 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, Nov 2021 value figures Note: IQVIA data can be inflated due to use of list prices in the US#4242 Investor presentation Full year 2021 Novo Nordisk global insulin market leadership at 47.1% and the global insulin volume market grew by 1.0% North America Operations Market growth: -0.6% MS: 38.6% MS gain/loss¹: -1.0%-p Sales growth: -9% Global Market growth: 1.0% MS: 47.1% MS gain/loss¹: -0.1%-p Sales growth: 1% International Operations Market growth: 1.7% MS: 50.3% MS gain/loss: 0.1%-p Sales growth: 6% USA Market growth: -0.6% MS: 38.1% MS gain/loss¹: -1.3%-p Sales growth: -9% Source: IQVIA MAT, Nov 2021 volume figures Note: Sales growth for full year 2021 at constant exchange rates; Market shares are for Novo Nordisk and market growth for the total insulin market 1MS gain/loss compared with Nov 2020 reported MS EMEA: Europe, Middle East and Africa; MS: Market share; ROW: Asia Pacific; Latin America; MS: Market Share EMEA Market growth: 0.1% MS: 47.6% MS gain/loss': 0.0%-p Sales growth: 2% ROW Market growth: 2.8% MS: 57.2% MS gain/loss: 0.1%-p Sales growth: 11% Region China Market growth: 6.0% MS: 50.9% MS gain/loss: 0.3%-p Sales growth: 8% Novo NordiskⓇ#4343 Investor presentation Full year 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% 89 88 Acting 68% Premix 17 34% Human 23 131 Novo Nordisk Competitors Market growth A Market share 260 -2.4% -0.5% 80% Insulin volume: market growth and market share Novo NordiskⓇ 15% 12% 60% -1.4% -0.6% 47.1% 9% 40% -2.6% -0.4% 6% 20% 3% -5.7% +1.9% 0% 0% Nov Nov 2018 2021 -NN market share -5.1% -1.3% Source: IQVIA, Nov 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 Full year 2021 Glargine U100 Change 9 * * in HbA1c 8 7 16 M 0.0 -0.2 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 over 26 weeks Glargine U100 Proportion of patients 100% Icodec Glargine U100 Novo NordiskⓇ -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 Weeks < 7.0% ≤ 6.5% HbA1c target *Statistically significant at week 26 PPG: Post-prandial control; FPG: Fasting plasma glucose#4545 Investor presentation Full year 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 4 520 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. glargine + aspart ONWARDS 5 1,100 people, insulin naïve using app-based dosing recommendations, 52-week ONWARDS 6 2020 Note: Trial conclusion indicated by last patient last visit (LPLV) 580 people, type 1 diabetes using bolus insulin, 52-week, vs. degludec 2021 2022 Novo NordiskⓇ#4646 Investor presentation Full year 2021 Novo NordiskⓇ Two fixed dose combinations entered phase 2 in the second half of 2021 in people with type 2 diabetes Phase 2 trial design for cagrilintide in combination with with T2D 10.5% ⚫ Met +/- SGLT2i semaglutide investigated in T2D Randomisation (1:1:1) 90 participants ↓ • HbA1c 7.5- Cagrilintide OW + Semaglutide OW •BMI >27 kg/m2 Cagrilintide OW + placebo OW Semaglutide OW + placebo OW --+------- Dose escalation 16 weeks Treatment maintenance FU 5 16 weeks weeks Phase 2 trial design for semaglutide in combination ~500 participants with T2D Age ≥ 18-75 years ⚫ BMI: 25-39.9 kg/m2 ⚫HbA1c: 7.0-10.0% Diet/exercise + metformin with GIP Dose ratio 1:1 Semaglutide OW + GIP OW Placebo Dose ratio 1:3 Semaglutide OW + GIP OW Placebo Dose ratio 1:5 Semaglutide OW + GIP OW Placebo Dose ratio 1:9 Semaglutide + GIP OW Placebo GIP OW Semaglutide OW Dose escalation 10 weeks Maintenance period 24 weeks FU 5 weeks Trial objective: Compare the effect on glycaemic control and body weight of cagrilintide in combination with semaglutide vs semaglutide in patients with T2D Primary endpoint: Change in HbA1c (%-point) Next steps: 37-week trial was initiated in Q3 2021 Trial objective: Compare the effect on glycaemic control and body weight of semaglutide in combination with GIP vs semaglutide and vs GIP Primary endpoint: Change from baseline to week 34 in HbA1c (%-point) Next steps: 39-week trial was initiated in Q4 2021 T2D: Type 2 diabetes; HbA₁: Haemoglobin A1c; BMI: Body mass index; FU: Follow-up; OAD: Oral anti-diabetic; GIP: Gastric inhibitory peptide; OW: Once-weekly#4747 Investor presentation Full year 2021 Phase 3 trial programme, COMBINE, has been initiated with icosema IcoSema characteristics 名 Icosema is a fixed dose combination of insulin icodec and semaglutide • Simple and convenient once weekly injection کی COMBINE 1 Post-basal insulin COMBINE 2 Post-GLP-1 Phase 3a programme with icosema initiated in Q4 2021 • Aims to confirm efficacy and safety • across three global trials Expected completion during 2024 COMBINE 3 Basal insulin intensification *Patients with Type 2 Diabetes Mellitus . • . • Focused phase 3 trial programme • • • • 1290 patients* previously on basal-insulin 52-week vs. insulin icodec Prim. endpoint: HbA₁ superiority Sec. endpoint: Weight and hypo superiority 680 patients* previously on GLP-1 RA 52-week vs. semaglutide 1.0mg Primary endpoint: HbA1c superiority 680 patients* previously on basal insulin 52-week vs. insulin glargine + insulin aspart Prim. endpoint: HbA1c non-inferiority Sec. endpoint: Weight and hypo superiority 2021 2022 2023 2024 Novo NordiskⓇ#4848 Investor presentation Full year 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 Pancreas Increases insulin secretion in the pancreas NASH CKD Brain disorders 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 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; NASH: Non-alcoholic steatohepatitis#4949 Investor presentation Full year 2021 Novo NordiskⓇ The global GLP-1 market penetration varies across regions with Novo Nordisk having a best-in-class marketed portfolio 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share GLP-1 value and patient share¹ of the total diabetes market 30% 60% 27% 53% 20% 38% 31% 18% The 32% 9% 10% 7% 6% 3% 3% 1% 0% 0% World Nov Nov North EMEA Region 2018 2021 America China NN market share NN share of growth ■GLP-1 value share of total diabetes Market growth NN growth ■GLP-1 patient share of total diabetes 1% 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), Nov 2021#5050 Investor presentation Full year 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% 0% Metformin US 'line of usage' across product classes Share of patients on OADs achieving HbA1c below 7% in major European countries 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% 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 Novo NordiskⓇ#5151 Investor presentation Full year 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* -1.3 * -1.4* -1.4* -1.5 -1.5* -1.6 -1.6* -1.8 -1.8-1.5 -1.6* 1.2 92 kg 89 kg 96 kg 93 kg 92 kg 92 kg 95 kg Baseline -1 -1.9 -1.9 -1.4 -0.7 Change in weight (kg) -3.7* -4.5* -4.3 * semaglutide 1.0 mg -6.1* semaglutide 0.5 mg -5.6 placebo -5.2* -3.5 -3.7* * -4.9 sitagliptin 100 mg -6.4* exenatide ER glargine U100 * -3.6 -6.5* dulaglutide 1.5 mg -4.6* -2.3 -3.0 dulaglutide 0.75 mg * Statistically significant; SUSTAIN 1: QW sema vs placebo in drug-naïve people with T2D; SUSTAIN 2: QW sema vs sitagliptin 100 mg QD in people with T2D added to 1-2 OADS; SUSTAIN 3: QW sema vs QW exenatide ER 2.0 mg in people with T2D added to 1-2 OADS; SUSTAIN 4: QW sema vs QD insulin glargine in people with T2D added to 1-2 OADS; SUSTAIN 5: QW sema vs placebo in people with T2D added to insulin; SUSTAIN 6: QW sema vs placebo, added to standard-of-care; SUSTAIN 7: QW sema vs QW dulaglutide 75 mg and 150 mg in people with T2D added to 1-2 OADS: ER: Extended-release; QW: once weekly; QD: once daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics Novo NordiskⓇ#5252 Investor presentation Full year 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 HbA1c (%) -0.5 -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* -1.5* 88 kg 92kg 91 kg 94 kg Baseline 0.6 91 kg 89 kg 86 kg Change in weight (kg) -1.7 -1.5 -2.5 -0.7 * -1.2 -2.2 -3.3* -0.7 -4.1* -3.8 -4.2 -4.7 oral semaglutide 3 mg oral semaglutide 7 mg oral semaglutide 14 mg placebo -1.1 -0.8 * -1.3 -3.2 -2.9* * -3.0 -3.7 -4.1* 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#5353 Investor presentation Full year 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 submitted US¹ and approved in the EU Phase 3 trial with oral semaglutide 25 mg and 50 mg in T2D has been initiated 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 Objective • 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 application submitted in US and approved in EU 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 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#54Investor presentation Full year 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 55 57 58 Obesity care BJARNE LYNDERUP Bjarne lives with obesity Denmark AT novo nordisk#5555 Investor presentation Full year 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#5656 Investor presentation Full year 2021 SaxendaⓇ addresses a global unmet need for medical weight management Global obesity prevalence SaxendaⓇ launched countries Global reimbursement status Novo NordiskⓇ 80% 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 <10% <10-19.9% <20-29.9% >30% SaxendaⓇ now launched in 65 countries + SaxendaⓇ reimbursed on April 2020 in selected patient groups Note: Wegovy has been launched in the US (June 2021). 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)#5757 Investor presentation Full year 2021 Novo NordiskⓇ Global obesity market share, market growth, and US volume and value market Obesity market growth and Novo Nordisk 80% 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% 73% ~45% 100 900 13.4 0.1 60% 40% 4.2 9.2 40% 15% 20% 20% 0% Nov 2018 NN market share 0% 67% ~67% 88 80 600 60 60 40 40 78% 20 -20% 0 Nov Nov 2021 2020 NN Obesity Care Others Nov 2021 Market growth (right axis) Source: IQVIA, Nov 2021 Value MAT, all countries; IQVIA Xponent Volume MAT, May 2020 and NSP MAT, May 2020; NN: Novo Nordisk; AOM:. Volume 300 0 Generic Other branded AOM Value Ⓡ Saxenda#5858 Investor presentation Full year 2021 Market maturity 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 Treatment guidelines in place Obesity recognised as a serious chronic disease Willingness to pay for chronic obesity care PWO seek medical support Healthcare system funds obesity prevention Future PWO: People with obesity; HCP: Healthcare professional Addressing market development barriers • Activate people with obesity to seek treatment Truth AboutWeight launched in 47 countries Social media awareness campaigns Engage more and stable HCP's Medical journals and congresses ReThinkObesity launched in 48 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Ⓡ#5959 Investor presentation Full year 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 -8 8 6420246% -2.4 -6 -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 * P-value <0.0001, based on the trial product estimand (secondary statistical approach): treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies IBT: Intensive behavioural therapy; Sema: Semaglutide; Lira: Liraglutide; BW: Body weight; T2D: Type 2 diabetes; Mgmt.: Management -10.6 * -17.1 * -1.8#6060 Investor presentation Full year 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 Novo NordiskⓇ Improvements in lipid profiles as well as C-reactive protein Semaglutide improved health-related quality of life as measured by SF-36 and IWQOL-lite-CT#6161 Investor presentation Full year 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;#6262 Investor presentation Full year 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 Randomisation Data from STEP 4 0 -2 -4 -6 -8 ≈ 46% -10 I I Placebo: -5.2% -12 -10.5% -14 -16 I -18 I Semaglutide: -18.2% -20 0 4 8 12 16 20 24 28 36 44 52 60 68 88 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand; BMI: body mass index • • Average age 46 79% women Average BMI - 38.4 kg/m² Novo NordiskⓇ Trial highlights that obesity is a chronic disease requiring sustained treatment Improvements on a panel of cardiovascular risk markers#6363 Investor presentation Full year 2021 Novo NordiskⓇ In STEP 4, 41.2% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life vs 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% 60% 50.0% 40% 20% 0% ≥5% ≥10% ≥15% ≥20% Weight loss H 20.9% 9.8% 65.5% 41.2% Role-physical Bodily pain General health Vitality Social functioning Role-emotional Mental health 5.1% Physical component summary Mental component summary 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#6464 Investor presentation Full year 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 Semaglutide: -16.7% 08 16 24 32 40 48 56 64 72 80 88 96 104 Time since initiation (weeks) Change in body weight in % depicts observed means since time of randomisation; trial product estimand; mean body weight: 106.0 kg Novo NordiskⓇ Semaglutide appeared to have a safe and well-tolerated profile Improvements in lipid profiles as well as C-reactive protein#6565 Investor presentation Full year 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 -10 S % change in body weight -5 -10 -6.6 -1.8 -15 -15 Sema 2.4 mg Lira 3.0 mg -17.1* Placebo -20 -20 05 10 15 20 25 30 35 40 45 50 55 60 65 68 Time since Initiation (Weeks) Sema 2.4 mg Lira 3.0 mg Placebo 1 Observed data for the on-treatment period; *p-value <0.0001 vs lira 3.0 mg; % change in body weight measured as change from baseline Data shown is the trial product estimand; Sema: semaglutide; Lira: liraglutide#6666 Investor presentation Full year 2021 A global phase 3a trial investigating oral semaglutide 50 mg in obesity was initiated in Q3 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 investigate superiority of oral semaglutide 50 mg vs. placebo on weight loss in people with overweight or obesity Primary endpoint . Change in body weight from baseline (%) 68 weeks 7 weeks follow-up • 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Ⓡ#6767 Investor presentation Full year 2021 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 Weight loss for cagrilintide and semaglutide in phase 1² % change in body weight 0 -4 0 Mean baseline: 107.4 kg -4 -8 Mean baseline: 95.1 kg - 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 20 17.1% 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.#6868 Investor presentation Full year 2021 Novo Nordisk obesity pipeline supports efforts to close the treatment gap Innovation curve Novo Nordisk's current pipeline is closing the treatment gap Maturation of innovation % 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 6-8% WL Today Weight loss over time Today's marketed treatment options Semaglutide 2.4 mg (WegovyⓇ1) Pipeline Bariatric surgery *when using a trial product estimand, 1 Approved in the US and the EU 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Ⓡ#69Investor presentation Full year 2021 SECURE A LEADING POSITION BY LEVERAGING FULL PORTFOLIO AND EXPANDING INTO ADJACENT AREAS 1. Rare blood disorders 2. Rare endocrine disorders novo nordisk 71 73 3. Biopharm innovation 74 Biopharm CHRIS BOMBARDIER Chris has haemophilia B US#7070 Investor presentation Full year 2021 Novo NordiskⓇ Biopharm sustained growth outlook is supported by innovation and utilisation of core capabilities Internal and external innovation to drive long-term growth H Core capabilities within research and development to drive long-term growth 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#7171 Investor presentation Full year 2021 Haemophilia is a rare disease with severe unmet medical needs and the market is highly competitive Number of Low diagnosis and treatment rates people (000) 500 400 300 200 100 0 People with haemophilia within haemophilia Diagnosed Haemophilia A ■Haemophilia B DKK Sales of recombinant haemophilia products billion 40 30 30 20 20 10 Novo NordiskⓇ 0 Inhibitor 2016 2020 2016 2020 2016 Haemophilia with inhibitors NovoSevenⓇ Coagil VII Obizur¹ Haemophilia A EsperoctⓇ NovoEight® 2020 Haemophilia B RefixiaⓇ/RebinynⓇ Idelvion Advate/Adynovate Rixubis Kogenate/Kovaltry/Jivi Feiba² Hemlibra³ Alprolix Xyntha/Refacto Benefix Eloctate/Elocta 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#7272 Investor presentation Full year 2021 Biopharm sales growth of 4% driven by commercial execution and key brands EsperoctⓇ and Refixia® NovoSevenⓇ and NorditropinⓇ account for ~75% of Biopharm sales Added sales within rare blood disorders driven by new launches DKK billion 25 -16% -1% 4% 1% 4% 20 15 10 5 DKK billion 25% 25% 4% 10.2 9.7 0 2017 2018 2019 2020 2021 FY Haemophilia Haemophilia NovoSevenⓇ 2020 A B FY 2021 NovoSeven Ⓡ Other haemophilia products Norditropin Ⓡ Other biopharm Growth at CER Growth at CER Note: Company reported sales; CER: Constant exchange rates; 1Other haemophilia products primarily consists of Vagifem® and Activelle® Novo NordiskⓇ#7373 Investor presentation Full year 2021 NorditropinⓇ is the market leader on the growth hormone market DKK Historic reported sales for NorditropinⓇ 40% billion 14% -22% 7% 2% 8% -2% 9 30% 6 3 0 IIII 2016 2017 2018 2019 2020 2021 ■Norditropin Growth at CER Note: Company reported sales; CER: Constant exchange rates 20% 10% NorditropinⓇ value leadership maintained despite increasing competition 36.3% 0% Nov 2016 Nov Novo Nordisk ⚫Pfizer 2021 Eli Lilly Roche Merck Kgaa Sandoz -Other Note: IQVIA, MAT value DKK, Nov 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#7474 Investor presentation Full year 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 Phase 3a Phase 1 EPI01 (SCD) Phase 1/2 Phase 3 Concizumab HA and HB1 Concizumab HAWI/HBWI¹ Mim8 Phase 3 Somapacitan GHD Phase 2 Somapacitan SGA² 1986 Today Future 1 The concizumab phase 3 programme was resumed in August 2020. 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 2Phase 3 trial also on-going for indications ISS, Turner, Noon and SGA. 3 Mim8 phase 3 programme goes beyond 2022 Mim83 Novo NordiskⓇ#7575 Investor presentation Full year 2021 Phase 3 programme on-going investigating concizumab for haemophilia A and B irrespective of inhibitor status Phase 3 trials with data expected during 2022 Novo NordiskⓇ Exp7 and Exp8: On-demand treatment Arm 1: No prophylaxis Arm 2: Concizumab prophylaxis Arm 3: Concizumab prophylaxis 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 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#7676 Thrombin Peak (nM) Investor presentation Full year 2021 Novo NordiskⓇ Next-generation FVIII Mimetic, 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) 50 100 50 Mim8 emicizumab¹ Normal control 0 0 0.1 1 10 100 1000 0.01 0.1 Antibody (nM) 1 Antibody (nM) 10 | | ||||||| 100 1000 Mim8 potently stimulates FX activation resulting in efficacious haemostasis in vitro and in vivo Phase 1/2 trial Initiated in January 2020 and expect results of all cohorts in 2022 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#7777 Investor presentation Full year 2021 Novo NordiskⓇ Once-weekly, biodegradable somapacitan has successful completed 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 • • Next steps Albumin binding side chain securing Somapacitan in children (GHD) reversible binding to endogenous albumin Phase 3 trial (REAL 4) has been successfully completed 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#7878 Investor presentation Full year 2021 Novo NordiskⓇ Novo Nordisk and 2seventy 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 2seventy bio™/Novo Nordisk's joint approach A • • 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.#79Investor presentation Full year 2021 ESTABLISH PRESENCE BY BUILDING COMPETITIVE PIPELINE AND SCIENTIFIC LEADERSHIP 1. The unmet needs novo nordisk 80 2. Cardiovascular disease 81 3. Non-alcoholic steatohepatitis 4. Stem cells Other serious 84 87 chronic diseases NADIA SADI Nadia lives with NASH Denmark#8080 Investor presentation Full year 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 Diagnosis rate -20%2 -20% 1 Internal forecast comprising the USA, Europe and Japan; 2 Diagnosis rate is considered a major uncertainty to the forecast CVD: Cardiovascular disease; NASH: Non-alcoholic Steatohepatitis; CKD: Chronic kidney disease; AD: Alzheimer's Disease Sources: Alzheimer's Association report: 2020 Alzheimer's disease facts and figures, 2020 (16:391-460), Diabetes Care 2005 Jan; 28(1): 164-176; Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of nonalcoholic fatty liver disease and nonalcoholic steatohepatitis among a largely middle-aged population utilizing ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014#8181 Investor presentation Full year 2021 Novo Nordisk's ambition within cardiovascular disease In-licensing/acquisition of mid-stage assets CORVIDIA Can of prothena 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Ⓡ#8282 Investor presentation Full year 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 ziltivikemab 30 mg % change¹ 12 weeks of treatment End of treament² 0% -3% -5% -20% -40% -60% -80% -77% -100% -88%* * -92% -79% * -91%* -93%* Zilti QM showed reductions in inflammation biomarkers³ Zilti QM appeared to have a safe and well-tolerated profile Addressing the residual risk of CVD for more than 5 million patients with ASCVD, CKD, and inflammation4 The phase 3 cardiovascular outcomes trial was initiated as of Q3 2021 1 Primary endpoint was the median percent change in hsCRP, * Indicates statistical significance, p < .0001 2 End of treatment is defined as the average of values at week 23 and week 24 3 Inflammation biomarkers include: Fibrinogen, serum amyloid A, haptoglobin and NTproBNP 4 Inflammation is defined as c-reactive protein levels greater than 2 Zilti: Ziltivekimab; QM: Once-montly; hsCRP: High-sensitivity C-reactive protein; CVD: Cardiovascular disease; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease Novo Nordisk®#8383 Investor presentation Full year 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) Novo NordiskⓇ 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. The partnership and acquisition, respectively, were announced in Q2 2021#8484 Investor presentation Full year 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 Treatment rates Source: Novo Nordisk estimates 26% 32% 42% 50% 70% 90% Novo NordiskⓇ#8585 Investor presentation Full year 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, ESSENCE, 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.#8686 Investor presentation Full year 2021 Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of NASH was initiated in Q1 2021 The phase 3a ESSENCE trial in NASH ESSENCE trial | NASH F2-F3 patients N = 1,200 Semaglutide 2.4 mg sc. 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Ⓡ#8787 Investor presentation Full year 2021 The stem cell platform has the potential to solve unmet needs for people with serious chronic diseases Blastocyst السمر Pluripotent embryonic stem cells STEM CELL TECHNOLOGY Cell bank of undifferentiated stem cells Cell bank Differentiate Treatment stem cells to centres 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 ↑ ↑ ↑ Patient transplanted at treatment centres + 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#8888 Investor presentation Full year 2021 Two phase 3 trials were initiated in 2021 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#89Investor presentation Full year 2021 novo nordisk 1. International Operations growth 90 2. International Operations at a glance 92 3. EMEA 97 4. Region China 102 5. ROW 106 International Operations#9090 Investor presentation Full year 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 10% 570M live with obesity 6% 5% IO's share of revenue FY 2021 NAO 48% ΙΟ 52% 2% Historic growth has been in the range of 4-8% 14% mall 30% 20% 10% Novo NordiskⓇ Growth momentum has benefitted from the Market Fit approach 0% 2014 2021 Nov 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 25% 14% 6% Nov 2021#9191 Investor presentation Full year 2021 The medium-term growth is expected to be 6-10% annually driven by securing the base and three future growth enablers Novo NordiskⓇ 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#9292 Investor presentation Full year 2021 International Operations at a glance. Novo NordiskⓇ Million Diabetes trend DKK billion 22% 200 Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales Full year 2021 Sales (mDKK) Growth² 80% Total GLP-13 16,106 52% 600 I 26% Long-acting insulin4 11,074 13% GLP-1 150 60% Premix insulin5 10,512 4% 31%1 400 I Fast-acting insulin 10,903 3% Insulin Human insulin 7,453 3% 100 5%1 40% 637 Total insulin 39,942 6% 522 Other Diabetes care? 2,644 (10%) 200 415 50 20% Diabetes care 58,692 14% 7%1 OAD Obesity care 3,117 52% (SaxendaⓇ) 0 2019 2030 0 Nov 2045 2016 0% Diabetes & Obesity 61,809 16% Nov 2021 care Population with diabetes Diabetes growth rate Biopharm³ 11,728 3% GLP-1 MS -Insulin MS -OAD MS Total 73,537 14% 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 Nov 2021: Novo Nordisk 50%, Sanofi 27% and Eli Lilly 14%; Competitor GLP-1 value market shares, as of Nov 2021: Novo Nordisk 59%, Eli Lilly 38% and AstraZeneca 3%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Nov 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 Novo Seven®, Novo Eight® NovoThirteenⓇ, Refixia®, Esperoct®, Norditropin®, Vagifem® and ActivelleⓇ#9393 Investor presentation Full year 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% 20% -6% 3 2 186 6 175 140% 16% 14% 110% 12% 80% 50% 20% -10% Nov -NN market share 2018 -NN share of growth -Market growth (Right axis) Source: IQVIA, Nov 2021, Value, MAT, all countries; NN: Novo Nordisk; AZ: Astra Zeneca 54% 8% 25% 6% 4% 23% ~14% 25% Nov 0% Nov Novo Nordisk AZ Others Nov 2021 2020 2021 Novo Nordisk Competitors Novo NordiskⓇ#9494 Investor presentation Full year 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 37% Fast- acting 60% 16 Premix 78% 9 29 29 48% Human 8 Novo Nordisk Competitors 62 80.0% 62 1.9% +1.0% 60.0% 4.1% +1.9% 40.0% 1.5% +0.3% Insulin volume: Share of growth and market share 20.0% 2.9% +1.9% 0.0% Nov -5.6% -0.7% 2018 NN market share Source: IQVIA, Nov 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Ⓡ 15.0% 12.0% 50.3% 9.0% 6.0% 1.9% 3.0% 1.7% 0.0% Nov 2021 -Market growth (Right Axis) NN growth (Right Axis)#9595 Investor presentation Full year 2021 GLP-1 market share and market growth 80% 60% 40% 20% GLP-1 market growth and Novo Nordisk market share 0% Nov 2018 DKK 74% 80% billion 59% 60% 19 47% 40% 34% 20% 54% GLP-1 market size and growth -34% 2 50 0 Novo NordiskⓇ 25 25 ~47% 59% 0% Nov 2021 Nov 2020 Novo Nordisk Eli Lilly Others Nov 2021 Novo Nordisk Competitors NN growth (Right Axis) NN market share Market growth (Right Axis) Source: IQVIA, Nov 2021, Value MAT, all countries; NN: Novo Nordisk -NN share of growth#9696 Investor presentation Full year 2021 Obesity market share and market growth in International Operations 80% 60% 40% 20% Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion -21% 90% 0.6 3.4 60% 52% 42% 30% 21% 0% 45% 4.1 ~42% 52% 0% -30% Nov 2018 NN market share Nov Nov SaxendaⓇ Others Nov -Market growth (Right axis) 2021 2020 2021 NN Growth (Right axis) Source: IQVIA, Nov 2021, Value MAT, all countries Novo NordiskⓇ#9797 Investor presentation Full year 2021 EMEA at a glance EMEA Million Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales 250 DKK billion 31% 100 Full year 2021 Sales (mDKK) Growth² 80% Total GLP-13 10,209 38% 200 28% I 80 00 GLP-1 Long-acting insulin4 6,729 6% 30%¹ 60% Premix insulin5 2,879 3% 150 223 100 171 134 50 60 40 Fast-acting insulin 6,454 0% 60 Human insulin 3%1 Insulin 2,152 (8%) 40% Total insulin 18,214 2% 40 Other Diabetes care? 713 1% 20 OAD 20% Diabetes care 29,136 12% 20 10%1 Obesity care 1,809 66% (SaxendaⓇ) 0 2019 0 0% 2030 2045 Nov 2016 Nov 2021 Diabetes & Obesity 30,945 14% care Population with diabetes Diabetes growth rate Biopharm³ 6,761 3% GLP-1 MS -Insulin MS -OAD MS Total 37,706 12% Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019; EMEA: Europe, Middle East and Africa 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Nov 2021: Novo Nordisk 48%, Sanofi 32% and Eli Lilly 16%; Competitor GLP-1 value market shares, as of Nov 2021: Novo Nordisk 58%, Eli Lilly 38% and AstraZeneca 3%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Nov 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Ⓡ#9898 Investor presentation Full year 2021 Diabetes market share and market growth in EMEA 80% 60% 40% 20% 0% Diabetes market growth and Novo Nordisk market share -20% Nov 2018 Diabetes market size and growth EMEA DKK -8% 20% billion 2 99 3 2 92 15% 42% 29% 10% 12% 8% 5% ~12% 29% 28% 0% Nov 2021 Nov Novo Nordisk AZ Others Nov 2020 2021 Novo Nordisk Competitors -NN market share -Market growth (right axis) NN share of growth NN growth (right axis) Source: IQVIA, Nov 2021, Value, MAT, EMEA: Europe, Middle East and Africa; NN: Novo Nordisk; AZ- Astra Zeneca#9999 Investor presentation Full year 2021 Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Total 48% Long- acting 40% Fast- 56% 12 acting 74% Premix 3 44% Human 3 18 Market growth A Market share Insulin volume: market share 80% 37 -1.2% +0.8% 60% 0.3% +1.5% EMEA 15% 12% 9% 47.6% 40% 6% 0.3% -0.3% 20% -4% +1.9% 0% Nov 2018 -11% -0.6% NN market share 3% 0% -3% Nov 2021 Novo Nordisk Competitors Source: IQVIA, Nov 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)#100100 Investor presentation Full year 2021 GLP-1 market share and market growth in EMEA 80% 50% 20% -10% GLP-1 market growth and Novo Nordisk market share -40% Nov 2018 NN market share Market growth (right axis) GLP-1 market size and growth EMEA 60% 69% DKK billion -31% 1 18 3 0 58% 14 39% 40% 31% 20% 55% -39% 58% 0% Nov 2021 Nov 2020 Novo Nordisk Eli Lilly Others Nov 2021 -NN share of growth Novo Nordisk Competitors NN growth (right axis) Source: IQVIA, Nov 2021, Value, MAT, EMEA: Europe, Middle East and Africa; NN: Novo Nordisk#101101 Investor presentation Full year 2021 Obesity market share and market growth in EMEA 80% 60% 40% 20% Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion -37% 50% 1.4 73% 0.0 37% 40% 0.4 1.0 30% -54% 20% 10% 65% EMEA 73% 0% 0% Nov 2018 Nov -NN market share 2021 Market Growth (right axis) Nov 2020 SaxendaⓇ Others Nov 2021 Source: IQVIA, Nov 2021, Value, MAT; EMEA: Europe, Middle East and Africa; NN: Novo Nordisk#102102 Investor presentation Full year 2021 Region China at a glance. Region China Million 250 Diabetes trend Diabetes market by value and Novo Nordisk market share Novo Nordisk reported sales DKK billion 25 8% 21% Full year 2021 Sales (mDKK) Growth² 100% Total GLP-13 1,847 73% 200 20 GLP-1 20 Long-acting insulin4 2,080 38% 80% I 62%¹ Premix insulin5 5,224 5% 150 15 60% Fast-acting insulin6 2,288 7% Insulin Human insulin 212 100 197 10 163 2,692 (1%) 110 13%1 40% Total insulin 12,284 8% Other Diabetes care? 50 1,432 5 20% (10%) 8%1 OAD Diabetes care 15,563 11% 0 2019 0 0% Nov 2030 2045 2016 Nov 2021 Obesity care (SaxendaⓇ) Diabetes & Obesity care 61 N/A 15,624 11% Population with diabetes Diabetes growth rate GLP-1 MS -Insulin MS -OAD MS Biopharm³ 395 (11%) Total 16,109 11% 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 Nov 2021: Novo Nordisk 49%, Sanofi 17%, Gan & Lee 13% and Eli Lilly 8%; Competitor GLP-1 value market shares, as of Nov 2021: Novo Nordisk 74% and Eli Lilly 18% OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Nov 2021 value figures 2 At constant exchange rates; 3 Comprises VictozaⓇ and OzempicⓇ; Comprises Tresiba®, XultophyⓇ and LevemirⓇ: 5 Comprises NovoMix® and RyzodegⓇ: 6 Comprises NovoRapidⓇ; 7 Comprises Novo NormⓇ and needles; 8 Comprises primarily NovoSeven®, Novo Eight® and NorditropinⓇ 4#103103 Investor presentation Full year 2021 Diabetes market share and market growth in Region China 70% 50% 30% 10% Diabetes market growth and Novo Nordisk market share -10% Nov 2018 Diabetes market size and growth -5% 1 DKK billion 50% 1 24 40% 33% 30% 20% 16% 10% 5% 30% -16% -1 Region China 25 25 33% 0% Nov Nov Novo Nordisk AZ Others Nov 2021 2020 2021 Novo Nordisk Competitors NN market share -NN growth (right axis) Market growth (right axis) Source: IQVIA, Nov 2021, Value, MAT, NN: Novo Nordisk#104104 Investor presentation Full year 2021 Insulin market size and volume share of growth and market share in Region China Region China Insulin market share and market size (DKK billion) Market growth A Market share Insulin volume: market share 80% 50% 14 11.6% +1.8% Total 49% 24% Long- acting 81% Fast- acting 2 Premix 80% 4 39% Human 3 6 Novo Nordisk Competitors Source: IQVIA, Nov 2021, LHS graph - Value, RHS Graph - Volume, MAT; NN: Novo Nordisk 40% 60% 55% 17.6% +5.7% 51% 30% 40% 20% 15.4% +0.1% 20% 7% 10% 12.2% +1.8% 0% 0% Nov Nov NN market share 2018 2021 -NN share of growth -1.5% -3.4% Market growth (right axis) -NN growth (right axis)#105105 Investor presentation Full year 2021 GLP-1 market share and market growth in Region China Region China 120% 80% 40% 0% Nov GLP-1 market growth and Novo Nordisk market share 2018 NN market share NN Share of Growth -Market growth (right axis) Source: IQVIA, Nov 2021, Value, MAT; NN: Novo Nordisk GLP-1 market size and growth 160% DKK million 120% 105% 74% 80% 694 68% 40% 90% ~105% 233 70 1,426 429 ~68% 74% 0% Nov Nov Novo Nordisk Eli Lilly Others Nov 2021 2020 2021 Novo Nordisk Competitors#106106 Investor presentation Full year 2021 Rest of World at a glance. Rest of World Diabetes trend Million Diabetes market by value and Novo Nordisk market share DKK billion 30% Novo Nordisk reported sales Full year 2021 Sales (mDKK) Growth² 200 Total GLP-13 4,050 85% 80% Long-acting insulin4 2,265 17% 30% 150 60 Premix insulin5 2,409 3% 31%1 GLP-1 60% Fast-acting insulin 2,161 6% 40 100 202 155 119 50 40 1%1 Insulin Human insulin 2,609 19% 40% Total insulin 9,444 11% Other Diabetes care? 499 (23%) 20 5%1 OAD 20 Diabetes care 13,993 24% 20% Obesity care 1,247 32% (SaxendaⓇ) 0 2019 0 0% Diabetes & Obesity 15,240 24% 2030 2045 Nov 2016 Nov 2021 care Population with diabetes Diabetes growth rate Biopharm³ 4,572 5% GLP-1 MS -Insulin MS OAD MS Total 19,812 19% 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 Nov 2021: Novo Nordisk 57%, Sanofi 24% and Eli Lilly 14%; Competitor GLP-1 value market shares, as of Nov 2021: Novo Nordisk 57%, Eli Lilly 41% and AstraZeneca 2% OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Nov 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 Esperoct®, Refixia ®, NovoSevenⓇ, Novo Eight® and NorditropinⓇ#107107 Investor presentation Full year 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 -10% Nov 2018 NN market share NN growth (right axis) Diabetes market size and growth ~4% Rest of World 25% DKK million 16% 20% 2 1 62 60 20% -1 15% 10% 4% 5% 0% ~20% 14% 16% -5% Nov Nov Novo Nordisk BI Others Nov 2021 2020 2021 Novo Nordisk Competitors -Market growth (right axis) Source: IQVIA, Nov 2021, value, MAT, Rest of world; NN: Novo Nordisk BI: Boehringer Ingelheim#108108 Investor presentation Full year 2021 Insulin market size and volume market share in Rest of World Insulin market share and market size (DKK billion) Total 57% Fast- 40% 5 acting Long- acting 62% 2 Premix 81% 2 Human 65% 2 Novo Nordisk Competitors Market growth A Market share 80% 11 +1.2% +1.1% 60% 4.9% +1.6% Insulin volume: market share Rest of World 20% 57% 15% 40% 10% -1.2% +1.1% 20% 5% 0% +1.4% 3% 0% 0% Nov Nov -2.1% +1.6% 2018 -NN market share 2021 Market growth (right axis) NN growth (right axis) Source: IQVIA, Nov 2021; LHS graph - Value, RHS Graph - Volume, MAT; Share of growth not depicted due to too high numbers; NN: Novo Nordisk#109109 Investor presentation Full year 2021 GLP-1 market share and market growth in Rest of World 110% 70% 30% GLP-1 market growth and Novo Nordisk market share -10% Nov 2018 NN market share GLP-1 market size and growth Rest of World 80% 98% 13% DKK million ~32% 1.387 101 5.2 -72 60% 4.2 57% 40% 32% ~73% 20% 57% 44% 0% Nov 2021 Nov 2020 Novo Nordisk Eli Lilly Others Nov 2021 NN share of growth Novo Nordisk Competitors -Market growth (right axis)—NN growth (right axis) Source: IQVIA, Nov 2021, Value, MAT; NN: Novo Nordisk#110110 Investor presentation Full year 2021 Obesity market share and market growth in Rest of World 50% 40% 30% 20% 10% Obesity market growth and Novo Nordisk market share 0% Nov 2018 Obesity market size and growth 20% DKK billion 42% 2.4 0.3 14% 10% 0% -10% 36% Rest of World ~14% 2.7 0.1 ~32% 42% -20% -NN market share Nov Nov SaxendaⓇ Others Nov -Market growth (Right Axis) 2021 2020 2021 Source: IQVIA, Nov 2021, Value, MAT; NN: Novo Nordisk#111Investor presentation Full year 2021 bangi 400 Hangin sangle bangle novo nordisk team novo nordisk 1. US growth drivers 2. US healthcare system 3. North America operations at glance North America Operations 112 113 115 TEAM NOVO NORDISK Professional cycling team#112112 Investor presentation Full year 2021 Innovation drives largest transition in the history of Novo Nordisk USA, turning around 70% of sales in just seven years Directional growth drivers and catalysts 100% GLP-1 Obesity Insulin Biopharm 80% • OzempicⓇ launch RybelsusⓇ launch Victoza® LoE • WegovyⓇ launch • SaxendaⓇ LOE 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 - 60% transformation complete ILLUSTRATIVE 2015 Biopharm Mature insulin¹ 2022 Victoza® Obesity New GLP-1 launches² New insulin launches³ 30%#113113 Investor presentation Full year 2021 Medicare Uninsured 333 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage The US population by health insurance status has been stable in ■Managed Care Medicaid/CHIP recent years Public exchanges 326 Covered lives by PBM in 2021 All other PBMS 14% Cigna CVS Caremark 100% 3% 29% 9% Humana 8% 3% 80% 23% 22% Prime 9% 60% 18% 17% 40% 45% 46% 20% 20% 22% OptumRx 0% 1 2017 2021 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: Centres for Medicare and Medicaid services, office of the actuary, National Health expenditures Projections PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: Cleveland Research#114114 Investor presentation Full year 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 DKK US net sales US rebates 180 billion ►Manufacturer US rebates, % of gross US sales (RHS) Percent of gross sales 200 75% 80% 180 Wholesaler Note: Based on reported sales RHS: Right hand side Pharmacy Patient 160 Pharmacy Benefit Manager (PBM) 120 80 60% 40% 20% 40 Employer/ Health Insurer 0 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021#115115 Investor presentation Full year 2021 North America Operations at a glance. NAO WA 30 56 56 48 20 10 0 2019 2030 Diabetes trend in population Diabetes market by value and Novo Nordisk market share Million DKK billion 70 13% 600 60 18% 50 40 Novo Nordisk reported sales Full year 2021 Sales (mDKK) Growth² 80% Total GLP-13 37,491 25% Long-acting insulin4 6,990 (15%) 60% Premix insulin5 691 6% 400 GLP-1 36%¹ Fast-acting insulin 6,784 (6%) 40% Human insulin 1,599 8% 63 Total insulin 16,064 (9%) Insulin 2%1 200 Other Diabetes care? 950 (10%) 20% Diabetes care 54,505 12% 12%1 OAD Obesity care8 5,283 57% 0 0% Nov 2045 2016 Population with diabetes Diabetes growth rate GLP-1 MS Insulin MS Nov 2021 OAD MS Diabetes & Obesity 59,788 15% care Biopharm⁹ Total 7,475 6% 67,263 14% 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 Nov 2021: Novo Nordisk 42%, Eli Lilly 30% and Sanofi 27%; Competitor GLP-1 value market shares, as of Nov 2021: Novo Nordisk 52%, Eli Lilly 45% and AstraZeneca 4% OAD: Oral anti-diabetic; MS: Market Share; Source: IQVIA MAT, Nov 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 Wegovy ® 9 Comprises primarily NovoSeven®, NovoEight® Esperoct®, NovoThirteenⓇ, Refixia®, Norditropin®, VagifemⓇ and Activelle®#116116 Investor presentation Full year 2021 Diabetes market share and market growth in North America Operations NAO Diabetes market growth and Novo Nordisk market share Diabetes market size and growth 50% DKK ~10% billion 15 525 15 17 477 40% 30% 20% 10% 36% 32% 11% 10% 32% ~11% 32% 0% Nov -NN market share NN share of growth Nov Nov Novo Nordisk Lilly Others Nov 2018 2021 2020 2021 -Market growth NN growth Novo Nordisk Competitors Source: IQVIA, Nov 2021, value, MAT; NN: Novo Nordisk#117117 Investor presentation Full year 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: 0.8% MI penetration²: 66.0% CAGR volume1: (7.0%) MI penetration: 47.9% CAGR volume1: 1.9% MI penetration: 83.5% 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 Nov Nov 2021 2016 0% 0 Nov Nov Nov 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, Nov 2021 volume figures NN: Novo Nordisk Segment volume Ⓡ Fiasp 60% 40% 20% 0% Nov 2021 Ⓡ -NovoRapid NN combined#118118 Investor presentation Full year 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% Fast- 51% 73 acting 58% Premix 102 27% Human 15 Novo Nordisk Competitors Note: Insulin market numbers do not reflect rebates. See slide 114. NAO Market growth A Market share Insulin volume: market share 60% 12% 198 -3.7% -1.1% -2.8% -1.2% 40% -3.4% -0.7% 20% -14% +0.1% 0% Nov 2018 NN market share -4.8% -1.6% Source: IQVIA, Nov 2021, LHS graph - Value, RHS Graph - Volume, MAT, all countries. Share of growth not depicted due to too high numbers; NN: Novo Nordisk 8% 39% 4% -1% 0% -3% -4% Nov 2021 -Market growth (right axis) NN growth (right axis)#119119 Investor presentation Full year 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 -31% 18 DKK billion 58% 22 52% 124 36% 31% 50% ~36% NAO 163 -2 52% 0% Nov 2018 NN market share NN share of growth Nov Nov Novo Nordisk Eli Lilly Others Nov 2020 2021 2021 Market growth -NN growth Novo Nordisk Competitors Source: IQVIA, Nov 2021, value, MAT; NN: Novo Nordisk#120120 Investor presentation Full year 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% Nov 2018 NN market share -NN Growth -Market growth (right axis) Obesity market size and growth DKK billion 89% -58% 9.3 0.1 70% 3.6 58% 50% 5.9 30% 80% 10% ~75% NAO 89% -10% Nov Nov NN Obesity care Others Νον 2021 2020 2021 Source: IQVIA, Nov 2021, value, MAT, all countries; Share of growth not depicted due to too high numbers; NN: Novo Nordisk#121FINANCIALS 000 1. Profit and loss, capital allocation 2. Currencies 122 126 novo nordisk#122122 Investor presentation Full year 2021 Solid sales growth driven by Diabetes and Obesity care Novo NordiskⓇ DKK billion Reported annual sales 2017-2021 CAGR¹ 4.7% Financial focus 140 14% 120 15% 16% 100 17% 16% • Focus on driving solid sales growth • Gross margin to remain broadly stable • Over time, Research & Development cost ratio to gradually increase 80 60 83% 84% 86% • Over time, Sales & Distribution cost ratio to gradually decline 84% 85% • Administration cost ratio to decline 40 20 20 0 2017 1 CAGR for 5-year period 2018 2019 Diabetes and Obesity care 2020 2021 Biopharm#123123 Investor presentation Full year 2021 Solid operating profit growth driven by Diabetes care Operating profit DKK billion 70 Percent of sales 60% 60 50 40 20 IN WO 50% 40% 30% 30 1% -4% 11% 3% 8% 20% 78% 10 5% 3% 6% 7% 13% 10% 0 0% 2017 2019 2020 2021 2018 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 22% 84% 2017 2021 Diabetes and Obesity care Biopharm 16% Novo NordiskⓇ#124Higher profitability in the biopharm segment driven by lower S&D costs 124 Investor presentation Full year 2021 Novo NordiskⓇ Diabetes and Obesity care P&L - full year 2021 Biopharm P&L - full year 2021 DKK billion DKK billion 140 -16% Sales ratios 20 20 -22% Sales ratios 120 -28% -17% 100 15 -11% 60 80 60 60 -13% -3% 10 0% 41% -3% +1% 47% 40 40 20 20 5 0 0 Sales COGS S&D R&D Admin ΟΟΙ OP Sales COGS S&D R&D Admin ΟΟΙ OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit; S&D: Sales and distribution costs; R&D: Research and development costs; Admin: Administrative costs#125125 Investor presentation Full year 2021 Stable COGS level as percentage of sales Novo NordiskⓇ Cost of goods sold DKK billion Capital expenditure DKK billion 25 25% 14 10% 12 20 20 20% 8% 10 15 15% 6% 8 6 10 10% 4% 4 5 5% 2% 2 0 0% 0 0% 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2022 COGS -COGS as % of sales (RHS) ICAPEX -CAPEX as % of sales (RHS) Expected CAPEX COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side#126126 Investor presentation Full year 2021 Currency impact on Novo Nordisk's P/L Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's P&L statement The currency effect on e.g. operating profit growth is the difference between the reported growth and the operating profit growth at CER Key currencies account for around 65-85% of the total currency exposure No hedging effects are included in the operating profit Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day Cost of goods sold Gross profit Sales and distribution costs. Note: Example is based on Annual Report 2021 Novo NordiskⓇ DKK million 2021 2020 Income statement Net sales 140,800 (23,658) 126,946 (20,932) • 117,142 106,014 (37,008) (32,928) Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged, as of Annual Report 2021: USD 12 months JPY 12 months • Research and development costs (17,772) (15,462) CAD 9 months Administrative costs (4,050) (3,958) GBP 11 months Other operating income and expenses 332 460 • CNY 0 months Operating profit 58,644 -54,126 iFinancial income 2,887 1,628 Financial expenses (2,451) (2,624) Profit before income taxes 59,080 53,130 Income taxes (11,323) (10,992) NET PROFIT 47,757 42,138 Basic earnings per share (DKK) 20.79 18.05 Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging and the effect from currency gain/losses of balances in non-hedged currencies Hedging costs are the interest rate differentials between DKK and hedged currencies Diluted earnings per share (DKK) 20.74 18.01#127127 Investor presentation Full year 2021 Operating profit expected to be positively impacted by currencies in 2022, partly countered by net financials Avg. 2021 vs. 2020 Exp. Avg FY 2022 vs. FY 2021¹ 10% 6% 2% Hedged -2% -6% -10% USD/DKK CNY/DKK JPY/DKK CAD/DKK GBP/DKK 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 28 January 2022 . Novo NordiskⓇ FY 2021 Negative impact on operating profit of DKK 2.3 billion Foreign exchange net gain of DKK 0.3 billion FY 2022 outlook Estimated positive impact on operating profit around 7%- points • Estimated loss of around DKK 2.8 billion on net financials: Mainly related to the US dollar Reflecting a higher estimated avg. US dollar in 2022 vs. FY2021 Hedging costs#128investor presentation month of 20 Sustainability 顾 novo nordisk 1. Sustainable business 129 2. Environmental responsibility 131 3. Social responsibility 133 4. Governance 138#129129 Investor presentation Full year 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 Socially responsible Institutional and private investors Novo Holdings A/S 76.7% of votes 28.1% of capital 537 million A shares (nominal value DKK 107 million) 23.3% of votes 71.9% of capital Novo Nordisk Way Driving change to defeat diabetes and other serious chronic diseases Environmentally responsible Sustainable business Financially responsible 1,773 million B shares (nominal value DKK 355 million) Novo Nordisk A/S With the Novo Nordisk Way guiding our behavior NN: Novo Nordisk. Note: In the Annual Report 2021 information on international standards, commitments and recommendations, which Novo Nordisk adheres to can be found. Note: Figures for votes and capital are as of 5 November 2021#130130 Investor presentation Full year 2021 Novo NordiskⓇ 2021 statement of ESG performance Environmental performance Resources Energy consumption for operations (1,000 GJ) Share of renewable power for production sites Water consumption for production sites (1,000 m³) Breaches of environmental regulatory limit values Emissions and waste CO2 emissions from operations and transportation (1,000 tonnes) Waste from production sites (1,000 tonnes) Patients Patients reached with Novo Nordisk's Diabetes care products (est. in millions) - Hereof reached via the Novo Nordisk Access to Insulin Commitment (est. in millions)1 2021 2020 2019 3,387 3,191 2,993 100% 100% 76% 3,488 3,368 3,149 12 15 16 174 170 306 181 141 124 34.6 32.8 30.0 1.7 3.2 2.9 Total tax contribution (DKK million) - Hereof children reached through Changing Diabetes in Children (cumulative) Societies Donations and other contributions (DKK million) 31,846 28,296 25,695 32,593 92 26,376 27,527 158 105 Social People & Employees performance Employees (total) 48,478 45,323 43,258 Employee turnover 11.0% 7.9% 11.4% Employee engagement² 84% N/A N/A Frequency of occupational accidents (number per million working hours) 1.3 1.3 2.2 Gender in mgmt. (ratio men:women) 57:43 59:41 60:40 Gender in senior mgmt. (ratio men:women) 64:36 65:35 67:33 Gender in Board of Directors (ratio men:women) 67:33 62:38 62:38 Governance processes Relevant employees trained in business ethics 98% 99% 99% Governance Performance Business ethics reviews Supplier audits Product recalls Failed inspections 37 32 34 253 177 236 1 0 4 0 0 Values and Trust Facilitations of the Novo Nordisk Way 34 26 32 Company reputation (scale 0-100)³ Animals purchased for research 82.6 N/A N/A 47,879 50,036 49,637 1 During 2020, the ceiling price was lowered from USD 4 to USD 3 which affects the comparability of 2021 and prior years. 2 In 2021, the engagement survey was entirely redesigned to support Novo Nordisk's strategic goals. As a result, comparison to previous surveys is not appropriate. 3 Company reputation replaces company trust in order to capture more dimensions of how we are perceived by our external stakeholders. ESG: Environmental, Social and Governance#131131 Investor presentation Full year 2021 With Circular for Zero, Novo Nordisk aspires to have zero environmental impact circular zero Current environmental impact Waste Resources CO2 emissions 174,00 tonnes in scope 1, 2, 3 (2021)1 600+ million prefilled plastic pens produced Everything Novo Nordisk purchases every year Environmental aspirations Circular products Upgrade existing and design new products based on circular principles and solve the end-of-life product waste challenge to close the resource loop Circular company Eliminate environmental footprint from operations and drive a circular transition across the company aspiring for zero environmental impact Circular supply Proactive collaboration with suppliers to embed circular thinking for reduced environmental impact across the value chain and switch towards circular sourcing and procurement 'Novo Nordisk's reporting of scope 3 emissions is currently limited to product distribution and business flights. This means that the data shown do not include a significant proposition of the scope 3 emission form our value chain#132Progressing towards zero CO2 emissions by addressing emissions in and beyond production Scope 1, 2 and 3 emissions included in Annual Report 2021 CO2 emissions from operations & transport declined 43% in 2021 vs 2019 132 Investor presentation Full year 2021 Tonnes (1,000) 100 77,000 tonnes 16,000 tonnes 81,000 tonnes of CO2 of CO2 of CO2 80 60 60 50 40 40 20 20 2019 2020 2021 Novo NordiskⓇ Activities to meet zero CO2 from operations and transportation by 2030 target Offices & laboratories Local action plans to switch to more 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 power targets Production² 54% decline in 2021 vs 2019 due to renewable heat & steam in Kalundborg, DK and wind and solar power in strategic production sites At Climate Week NYC in 2021, Novo Nordisk was awarded the RE100 Key Collaborator Award for work in accelerating the global transition to 100% renewable energy 0 Scope 1 Scope 2 Scope 3 Offices & laboratories Company cars Business Product Production flights distribution 1Novo Nordisk's reporting of scope 3 emissions is currently limited to product distribution and business flights. This means that the data shown do not include a significant proposition of the scope 3 emission form our value chain 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#133133 Investor presentation Full year 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Ⓡ#134134 Investor presentation Full year 2021 Providing access to affordable care for vulnerable patients in every country . Novo NordiskⓇ Finding solutions to improve care for vulnerable patients in every country requires a multi-faceted approach and actions Partnerships are essential to reach vulnerable patients Identifying vulnerable populations globally Map vulnerable patient based on: 。 Minority, migrant or displaced populations 。 Low socioeconomic status or limited resources 。 Underserved populations 46 new vulnerability assessments have been conducted, totalling 67 overall, reaching 82,000 people 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 a promise of low-cost human insulin, reaching est. 1.7 million in 2021 and avg. price of 2.3 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 GENEVE ICRC + iii In 2021, nearly 32,000 children reached as four countries were added, totalling 18 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.#135135 Investor presentation Full year 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 7% Uninsured Net price development for Novo Nordisk products US Product portfolio¹ %, Change vs. Prior year 2017 2018 2019 2020 2021 • • Novo Nordisk insulin affordability offerings in the US 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 NNPI unbranded biologics fast-acting (NovologⓇ) and premix insulin (Novolog® Mix) with 50% list price discount vs branded versions 46% List Price change - Avg² Net Price change - Avg² 6.9% 5.0% 5.5% 2.3% 2.0% -9.0% -8.6% -13.2% -16.9% -12.3% Human insulin for about USD25/vial at national pharmacies, including Walmart and CVS 47% Total US Insulin portfolio %, Change vs. Prior year 2017 2018 2019 2020 2021 • Patient Assistance Program free diabetes medication to people in need, annual income <400% above government defined poverty. Program 333 million people List Price change - Avg² Net Price change - Avg² -13.5% expanded during COVID-19 outbreak 6.3% 4.5% 4.4% 0.2% -14.8% -17.4% -27.7% -10.2% 0.0% • Immediate supply a short-term, immediate-need program offering free insulin for those at risk of rationing • Co-pay Savings Cards providing USD -100 million in assistance in 2021 for insulin to patients Note: Government insurance schemes cover Medicare, Medicaid and public exchanges, some of these with high deductibles Source: Centres for Medicare and Medicaid services, office of the actuary, National Health expenditures Projections; 1 NN US Product portfolio is inclusive of Diabetes, Obesity and Biopharm products; 2% change represents a sale weighted average list and net price for the respective calendar year compared to the sales weighted average list and net price for the prior year and is not reflective of the magnitude of individual list price actions • In 2021, more than 1 million people reached#136136 Investor presentation Full year 2021 Defeating diabetes starts by taking preventive measures Global obesity burden is part of the cause for rising diabetes prevalence for both adults and children Strengthen prevention by focusing on health inequality in cities Novo NordiskⓇ 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/ • 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, 41 cities are enrolled in Cities Changing Diabetes, totalling 220+ 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#137137 Investor presentation Full year 2021 Diversity and inclusion is a key focus area for Novo Nordisk Novo Nordisk is committed to building a diverse and inclusive culture . All leaders Sr. leadership¹ Men 60% 57% 69% 64% . Women 40% 43% 31% 36% 2017 2021 2017 2021 1 Senior leadership defined as executive vice presidents, senior vice presidents, corporate vice presidents and vice presidents Note: Full social statements to be found in Novo Nordisk Annual Report 2021 Driving an inclusive and diverse workplace Novo NordiskⓇ • 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 Local action plans in all areas • Ensure inclusive leadership • • 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#138138 Investor presentation Full year 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 Assurance measures Board of Directors² Nine shareholder-elected and four employee-elected board members Audit financial data and review social and environmental data (internal and external) Corporate governance standards¹ Chairmanship Audit Committee Nomination Committee Remuneration Committee R&D Committee Facilitation (internal) Articles of Association Novo Nordisk Way 1 The corporate governance standards designated by Nasdaq Copenhagen and New York Stock Exchange 2 In 2021, the Board of Directors met eleven times Executive Management Organisation Quality audit and inspections (internal and external) Novo NordiskⓇ#139139 Investor presentation Full year 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 32 billion Corporate income taxes by region - three year average in DKK billion - EMEA (excl. Denmark) Region IP rights Production² Sales³ Corporate income taxes International Operations 9.3 - Denmark 8.0 0.6 0.4 0.3 1.3 1.2 10.6 - Region China - Rest of World North America Operations - The US Total Share of category 1 Intellectual property rights based on sales from where intellectual property rights are located, 2 Production based on production employees in the region, ³ Sales based on the location of the customer. OECD: The Organisation for Economic Co-operation and Development Note: All figures and graphs are average 2019-2021#140140 Investor presentation Full year 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 1 with the remaining 2% missing due to employees being on leave 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 2021, 98% of relevant employees were trained in business ethics¹ Verify • In 2021, 37 business ethics audits were performed Report Detailed reporting to Executive Management, Audit Committee, and information is included in the Annual Report#141141 Investor presentation Full year 2021 Novo NordiskⓇ A purpose driven culture is supported by facilitation to safeguard Novo Nordisk values Facilitation purpose Facilitations - Ensure we walk the talk A systematic approach to follow up on how the Novo Nordisk Way is embedded in the organisation Safeguarding . Facilitations have been done consistently since 1997 the Novo Nordisk values and license to operate • In 2021, a total of 34 unites were facilitated and more than 1,600 employees individually interviewed Providing proactive assurance Driving compliance 8 Inclusive leadership The 2021 process continues to show a good level of adherence to the Novo Nordisk Way and ten essentials Actions are taken to resolve identified issues Facilitation supports cultural coaching and evolution of Novo Nordisk way culture