#1Rue de la Deca r Shirley Adelia Stewart has type 2 diabetes New Orleans, Louisiana, US edust novo nordisk - a focused healthcare company Investor presentation First three months of 2018 novo nordisk#2Agenda Highlights and key events Sales update R&D update Financials and outlook changing diabetes Investor Presentation First three months of 2018 Slide 2 novo nordisk#3Forward-looking statements Investor Presentation First three months of 2018 Slide 3 Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company's statutory Annual Report 2017 and Form 20-F, which are both filed with the SEC in February 2018 in continuation of the publication of the Annual Report 2017, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • • • Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto, Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures, Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. For an overview of some, but not all, of the risks that could adversely affect our results or the accuracy of forward-looking statements in this presentation, reference is made to the overview of risk factors in 'The Risks of Doing Business' on pp 40-43 of the Annual Report 2017. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise. Important drug information Victoza® (liraglutide 1.2 mg & 1.8 mg) is approved for the management of type 2 diabetes only SaxendaⓇ (liraglutide 3 mg) is approved in the US and EU for the treatment of obesity only novo nordisk#4Investor Presentation First three months of 2018 Slide 4 - Highlights First three months of 2018 Sales development Sales decreased by 5% in Danish kroner and increased by 5% in local currencies to DKK 26.9 billion International Operations sales were flat in Danish kroner and grew by 8% in local currencies • . • • Region Latin America sales increased by 44% in Danish kroner and increased by 73% in local currencies · Region AAMEO sales declined by 2% in Danish kroner and grew by 12% in local currencies Region China declined by 1% in Danish kroner and grew by 6% in local currencies North America Operations sales decreased by 11% in Danish kroner and increased by 3% local currencies VictozaⓇ and TresibaⓇ accounted for the largest share of growth and grew by 18% and 33% in local currencies, respectively Research and Development OzempicⓇ granted marketing authorisation by the European Commission and approved in Japan Successful completion of the first phase 3a trial, PIONEER 1, with oral semaglutide TresibaⓇ label in the USA updated to include cardiovascular safety data and 40% reduction of severe hypoglycaemic events compared to insulin glargine U100 Financials Operating profit decreased by 8% in Danish kroner and increased by 6% in local currencies to DKK 12.4 billion Net profit increased by 6% to DKK 10.8 billion Diluted earnings per share increased by 8% to 4.40 DKK per share 2018 financial outlook: changing diabetes® Sales growth is now expected to be 3-5% measured in local currencies (now around 6% lower reported) Operating profit growth is now expected to be 2-5% measured in local currencies (now around 9% lower reported) novo nordisk#5Investor Presentation First three months of 2018 Slide 5 Sales growth driven by both International Operations and North America Operations - Sales as reported – first quarter of 2018 Growth break down – first quarter of 2018 Region Region Latin America Japan & Korea (14%) +44% Local currencies Growth Share of growth North America Operations 3% 30% 4% Region China (1%) Hereof USA 3% 30% 5% International Operations 8% 70% 11% Region Region Europe 1% 2% AAMEO 11% 50% (2%) North America Operations (11%) Region AAMEO 12% 23% Region China 6% 12% Region Europe 19% Region Japan & Korea (6%) (6%) 0% Region Latin America 73% 39% Sales of DKK 26.9 billion (5%) Total sales 5% 100% AAMEO: Africa, Asia, Middle East & Oceania changing diabetes novo nordisk#6Investor Presentation First three months of 2018 Sales growth in local currencies of 5% mainly driven by VictozaⓇ and SaxendaⓇ - Sales as reported – first quarter of 2018 changing diabetes Growth Other hormone biopharmaceuticals (10%) (28%) Haemophilia 6% % (3%) Obesity 9% 2% +43% 81% Slide 6 Growth break down – first quarter of 2018 Local currencies Growth Share of growth Long-acting insulin¹ (3%) (10%) Premix insulin² Fast-acting insulin³ Human insulin 1% 2% 0% 0% 3% 4% Diabetes care (6%) GLP-14 19% 73% Other diabetes care5 5% 4% Total diabetes care 5% 73% Obesity (SaxendaⓇ) 64% 23% Diabetes care and obesity total 6% 96% Haemophilia6 7% 12% Growth disorders 0% 0% Other biopharmaceuticals? (23%) (8%) Biopharmaceuticals 1% 4% Total 5% 100% Sales of DKK 26.9 billion (5%) 1 Comprises Tresiba®, XultophyⓇ and LevemirⓇ: 2 Comprises RyzodegⓇ and NovoMix® 3 Comprises FiaspⓇ and NovoRapidⓇ; 4 Comprises OzempicⓇ and VictozaⓇ 5 Primarily Novo NormⓇ and needles; 6 Comprises NovoSeven®, NovoEight® NovoThirteenⓇ and Refixia®; 7 Primarily Vagifem® and Activelle®#7Investor Presentation First three months of 2018 Slide 7 Novo Nordisk aims for leadership in long-acting insulin and sustained leadership for fast-acting and premix insulin Long-acting insulin¹ volume market share across regions Novo Nordisk Region China Fast-acting insulin² volume market share across regions North America Operations Region Japan & Korea Premix insulin³ volume market share across regions Region Europe Region AAMEO 80% 70% 60% 50% 40% 30% 20% 10% 0% Feb 2013 80% 70% 60% 50% 40% 30% 20% 10% 0% Feb 2018 Feb 2013 Region Latin America 80% 70% 60% 50% 40% 30% 20% 10% 0% Feb Feb 2018 2013 Feb 2018 1 Long-acting insulin comprises: TresibaⓇ, Levemir®, XultophyⓇ and Insulatard® (basal human insulin). Please note that not all products are launched in all markets 2 Short-acting insulin includes: Fiasp®, NovoLog® and Mixtard® 30 (premix human insulin). Please note that not all products are launched in all markets 3 Premix insulin includes: RyzodegⓇ, NovoMix® and ActrapidⓇ (bolus human insulin). Please note that not all products are launched in all markets changing diabetes® novo nordisk#8Investor Presentation First three months of 2018 Novo Nordisk holds ~35% volume market share of the basal market in the USA Slide 8 Weekly TRX volume market shares¹ in the USA - glargine U100 Basal volume TRX MS 70% 60% 50% 40% 30% 20% 10% 0% Mar 2016 NN Total Basal TresibaⓇ LevemirⓇ glargine U300 biosimilar glargine U100 42.2% 34.8% 22.8% 11.8% 8.5% 8.4% Mar 2018 TresibaⓇ launch in the USA • TresibaⓇ TRX volume market share is now 11.8% • Main market share driver in Q1 2018 has been the formulary change at CVS part D¹ ⚫ TresibaⓇ formulary access is now estimated to be around 80%² for Commercial and Medicare Part D combined, following formulary access on United Health Care Part D ⚫ TresibaⓇ label in the USA updated to include cardiovascular safety data and 40% reduction of severe hypoglycaemic events compared to insulin glargine U100. The updated TresibaⓇ label was launched mid-April 2018 in the USA Note: The graph does not show NPH, which accounts for the residual market share Source: IQVIA weekly Xponent Plantrak, 23 March 2018 ¹Excludes Medicaid that represents ~12% of retail basal market volume and basal insulin and GLP-1 combination products such as XultophyⓇ TRX volume: Insulin volume in mega units (MU) associated with total number of prescriptions; MS: Market share Source: IQVIA weekly Xponent Plantrak, 23 March, 2018 1 CVS formulary Silverscript 2 Projected access calculated from VANTAGE FingerTip Formulary bridge February 2018, week ending 2 March 2018. novo nordisk#9Investor Presentation First three months of 2018 Slide 9 Total TRX MAT volume growth rate GLP-1 TRX volume (thousand) 35% 400 VictozaⓇ sales growth of 20% in the USA driven by GLP-1 market volume growth of ~23% USA GLP-1 market development USA GLP-1 market monthly TRX USA GLP-1 volume market share MAT GLP-1 TRx volume (million) 10 Growth rate NN GLP-1 VictozaⓇ OzempicⓇ dulaglutide GLP-1 TRX market NN GLP-1 VictozaⓇ OzempicⓇ dulaglutide exenatide albiglutide exenatide albiglutide share 100% 30% 350 8 80% 300 25% 16 250 - 20% 60% 200 44% 15% 4 150 40% 10% 37% 100 2 20% 15% 5% 50 4% 0% 0 0% Feb 2015 Feb Feb Feb Feb Feb 2018 2015 2018 2015 2018 Source: IQVIA NPA monthly, Feb 2018 changing diabetes® novo nordisk#10Investor Presentation First three months of 2018 Slide 10 First phase 3a trial with oral semaglutide, PIONEER 1, in adults with type 2 diabetes completed Reduction in HbA1c with oral semaglutide, administered once daily as a tablet vs placebo HbA1c reduction (%)¹ Reduction in body weight with oral semaglutide, administered once daily as a tablet vs placebo Weight loss (kg)¹ Oral sema Oral sema Oral sema Placebo 3 mg 7 mg 14 mg 3 mg Oral sema Oral sema Oral sema 7 mg 14 mg Placebo 0.0 0.0 -0.1% -1.0 -0.4 -1.5 kg -2.0 -0.8 -1.7 kg -0.8 % -3.0 -2.5 kg -1.2 -1.3% -4.0 -1.6 -2.0 -1.5% -4.1 kg -5.0 1 Results illustrated by using the secondary statistical method called hypothetical estimand: Treatment effect, if all participants followed the treatment without rescue medication (analysed by using Mixed Models for Repeated Measurements (MMRM)). The statistical method is consistent with e.g. the statistical method used for the SUSTAIN programme for subcutaneous semaglutide. Sema: Semaglutide novo nordisk#11Investor Presentation First three months of 2018 All 10 PIONEER trials for oral semaglutide expected to read-out during 2018 2016 2017 PIONEER 1: monotherapy² 26 weeks, n=704 PIONEER 2: vs empagliflozin² 52 weeks, n=816 PIONEER 3: vs sitagliptin² 78 weeks, n=1,860 Slide 11 Q1 2018¹ Q2 2018¹ Q3 2018¹ Q4 2018¹ PIONEER 4: vs liraglutide² 52 weeks, n=690 PIONEER 5: moderate renal impairment² 26 weeks, n=324 PIONEER 6: cardiovascular outcomes³ Event driven (>122 MACE), n=3,176 PIONEER 7: flexible dose escalation4 52 weeks, n=500 PIONEER 8: insulin add-on² 26+26 weeks, n=720 PIONEER 9: JAPAN monotherapy² 52 weeks, n=230 PIONEER 10: JAPAN OAD combination4 52 weeks, n=336 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement. Estimated timing from first patient first visit to completion of trial 2 Primary endpoint after 26 weeks of treatment by using the statistical method: Treatment policy estimand approach 3 Primary endpoint after ≥122 major adverse cardiovascular events (MACE), defined by non-fatal stroke, non-fatal myocardial infarction or CV death 4 Primary endpoint after 52 weeks of treatment by using the statistical method: Treatment policy estimand approach Note: n = approximate number of randomised people; OAD: oral anti-diabetic 52 weeks extension trial#12Investor Presentation First three months of 2018 TresibaⓇ label in the USA updated based on DEVOTE trial data Lower rates of severe hypoglycaemia demonstrated in DEVOTE trial glargine U100 TresibaⓇ • -40%* 472 -27%* 252 187 280 Slide 12 FDA approved a label update for TresibaⓇ for people with type 2 diabetes Food and Drug Administration (FDA) approved updates to the US prescribing information for TresibaⓇ to include data from the DEVOTE trial including: Cardiovascular safety based on TresibaⓇ demonstrated non-inferiority compared to insulin glargine U100 with regards to major adverse cardiovascular events¹ (MACE) with a hazard ratio of 0.91 Statistically significant 40% reduction of severe hypoglycaemic events compared to insulin glargine U100 The supplemental applications to include the two SWITCH trials have been withdrawn following interactions with FDA Subjects with one or more severe events Number of overall severe events Statistically significant Source: Marso et al. New England Journal of Medicine 2017;377:723-32 1 MACE defined as first occurrence of cardiovascular death, non-fatal myocardial infarction or non-fatal stroke changing diabetes® novo nordisk#13Investor Presentation First three months of 2018 Slide 13 Key development milestones Diabetes Obesity Biopharm . • • OzempicⓇ granted marketing authorisation by European Commission and approved in Japan Variation applications for OzempicⓇ submitted to the EMA for the devices and inclusion of SUSTAIN 7 data New drug application for RyzodegⓇ submitted to the China FDA XultophyⓇ label to include LEADER and DEVOTE data submitted to the FDA and positive opinion adopted by CHMP in the EU DUAL I Japan phase 3a trial with XultophyⓇ completed LAI287 phase 1 trials completed and phase 2 initiation expected before end of 2018 Development of PI406 to be discontinued following phase 1 results HypoPen 1513 initiated in phase 1 AM833 phase 1 results completed and phase 2 initiation expected early 2019 N8-GP submitted for regulatory approval in the USA and the EU for treatment of haemophilia A Phase 1/2 multiple dose trial with subcutaneous N8-GP initiated following completion of single dose trial Worldwide license to Epi Destiny's sickle cell disease programme (EPI01) obtained NorditropinⓇ label in the USA updated with two additional indications changing diabetes novo nordisk#14R&D milestones in 2018 Project Q1 2018 TresibaⓇ XultophyⓇ DEVOTE and SWITCH² US regulatory decision DUAL I Japan Phase 3a ✓ DUAL II Japan Phase 3a ✓ FiaspⓇ OzempicⓇ Oral semaglutide EU and Japan regulatory decision PIONEER 1 data Investor Presentation First three months of 2018 Slide 14 Results available¹ Regulatory milestone Q2 2018 Q3 2018 Q4 2018 Japan submission Japan submission EU variation applications PIONEER 2, 3, 4 and 7 data PIONEER 5 and 10 data PIONEER 6, 8 and 9 data LAI287 Phase 1 data AM833 Phase 1 data N8-GP US/EU submission N9-GP Concizumab Somapacitan Diabetes Obesity Haemophilia REAL 3 Phase 2, GHD data Growth disorders 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement 2 Supplemental applications to include the two SWITCH trials have been withdrawn based on interactions with FDA GHD: Growth hormone deficiency; AGHD: Adult growth hormone deficiency Note: G530L has been removed from the overview as the project is still being evaluated in phase 1 Note: TresibaⓇ vs insulin glargine U300 trial has been postponed and is no longer expected to read-out in Q4 2018 Japan regulatory decision explorer 5 data REAL 1 (extension) Phase 3, AGHD data Japan submission explorer 4 data novo nordisk#15Investor Presentation First three months of 2018 Slide 15 Financial results - First three months of 2018 DKK million Sales Gross profit Gross margin Sales and distribution costs Percentage of sales Research and development costs Percentage of sales Administration costs Q1 2018 26,930 22,733 84.4% (6,451) 24.0% (3,321) 12.3% (864) 28,452 24,201 (6,787) (3,289) Change Change Q1 2017 (reported DKK) (local currency) (5%) 5% (6%) 85.1% (5%) 5% 23.9% 1% 5% 11.6% (913) (5%) 0% Percentage of sales 3.2% 3.2% Other operating income, net 351 278 26% Operating profit 12,448 13,490 (8%) 6% Operating margin 46.2% 47.4% Financial items (net) Profit before income tax 1,161 13,609 (486) Income taxes (2,858) 13,004 (2,848) 5% 0% Effective tax rate Net profit 10,751 21.0% 10,156 21.9% 6% Diluted earnings per share (DKK) 4.40 4.06 8% changing diabetes#16Investor Presentation First three months of 2018 Unfavourable currency impact in Q1 2018 driven by development in both hedged and unhedged currencies Hedged currencies Index (1 Jan 2017= 100) Non-hedged currencies Index (1 Jan 2017 = 100) USD/DKK CNY/DKK 110 105 100 95- 90- 85 80 JPY/DKK GBP/DKK CAD/DKK 75 RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 120 110 100 90 80 70 60 50 40 changing diabetes 1 2 2017 3 4 1 2018 Slide 16 Hedged Currencies 2017 average 2018 average² Spot Impact of a Hedging rate² 5% move³ (months) USD1 660 606 612 1,900 12 CNY1 98 96 97 330 64 JPY1 5.9 5.6 5.5 175 12 GBP1 849 845 850 95 12 CAD1 508 479 485 80 10 Non-hedged 2017 2018 Spot Currencies average average² rate² ARS¹ 0.4 0.3 0.3 TRY1 181 157 150 INR1 10.1 9.4 9.1 RUB1 11.3 10.5 10.6 BRL¹ 207 185 175 1 DKK per 100; 2 As of 25 April 2018; 3 Impact on operating profit in the next 12 months of a 5% immediate currency move. DKK million per annum; 4 Chinese Yuan traded offshore (CNH) Note: Operating profit impact of one of the non-hedged currencies appreciating 5% is in the range of DKK -15 to +50 million DOV novo nordisk#17Financial outlook for 2018 Investor Presentation First three months of 2018 Slide 17 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Financial items (net) Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 2 May 2018 3% to 5% Around 6 percentage point lower 2% to 5% Around 9 percentage point lower Gain of around DKK 1.9 billion 20% to 22% Around DKK 9.5 billion Around DKK 3 billion Around DKK 27 to 32 billion Previous expectations 1 Feb 2018 2% to 5% Around 7 percentage points lower 1% to 5% Around 10 percentage points lower Gain of around DKK 2.5 billion 20% to 22% Around DKK 9.5 billion Around DKK 3 billion Around DKK 27 to 32 billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 25 April 2018 changing diabetes® novo nordisk#18Investor Presentation First three months of 2018 Slide 18 Closing remarks Solid leadership positions and continued market opportunities 27% Novo Nordisk value market share in diabetes care and solid leadership position ~5% insulin market volume growth 45% >21% 54% Novo Nordisk insulin volume market share with leadership position across all regions GLP-1 volume market growth 38% Novo Nordisk GLP-1 volume market share with global leadership position SaxendaⓇ value market share with a global leadership in the anti obesity market Promising pipeline and product launches • The only company with a full portfolio of novel insulin and GLP-1 products • . Semaglutide portfolio offers expansion opportunity with both once-weekly OzempicⓇ and oral administration XultophyⓇ supports promising outlook for insulin and GLP-1 combination therapy • SaxendaⓇ and multiple clinical stage development projects hold potential within obesity • Broad pipeline within haemophilia Source: IQVIA MAT Feb 2018 volume and value (DKK) figures changing diabetes novo nordisk#19Investor contact information Investor Presentation First three months of 2018 Slide 19 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 the internet at: novonordisk.com 24 Jun 2018 08 Aug 2018 01 Nov 2018 01 Feb 2019 Upcoming events American Diabetes Association investor presentation Financial statement for the first six months of 2018 Financial statement for the first nine months of 2018 Financial statement for 2018 Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé, DK-2880 Bagsværd Peter Hugreffe Ankersen +45 3075 9085 [email protected] Anders Mikkelsen +45 3079 4461 Christina Kjær +45 3079 3009 [email protected] [email protected] changing diabetes novo nordisk#20Investor Presentation First three months of 2018 Slide 20 Appendix 1. Novo Nordisk at a glance 2. Insulin 21 34 3. GLP-1 diabetes 58 4. Obesity 76 5. Biopharmaceuticals & Other serious chronic diseases 85 6. Financials 97 7. Sustainable business 109 changing diabetes® novo nordisk#21Novo Nordisk at a glance Investor Presentation First three months of 2018 Slide 21 Global leader in diabetes care • A focused pharmaceutical company with leading positions in diabetes, haemophilia and growth hormone • Significant growth opportunities driven by the diabetes pandemic, fuelled by global presence and strong research • and development pipeline High barriers to entry in biologics • Operating profit growth targeting 5% yearly on average (measured in local currencies) Earnings conversion to cash targeting 90% • Cash generated returned to shareholders Global insulin market leadership Global insulin market share: 46% Region Europe: Market share 44% North America Operations: Region China: Market share 52% Region Japan & Korea: Market share 50% Market share 39% Region AAMEO: Market share 56% Region Latin America: Market share 43% Global/regional headquarter Source: IQVIA MAT Feb 2018 volume figures AAMEO: Africa, Asia, Middle East & Oceania Manufacturing R&D facility changing diabetes novo nordisk#22Investor Presentation First three months of 2018 Slide 22 Novo Nordisk strategic foundation STRATEGIC PRIORITIES Strengthen leadership in DIABETES CARE CORE CAPABILITIES Engineering, formulating, developing and delivering protein-based treatments Deep disease understanding Strengthen leadership in OBESITY CARE Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Expand into other SERIOUS CHRONIC DISEASES changing diabetes Novo Nordisk Way Efficient large-scale production of proteins Global commercial reach and leader in chronic disease care Driving change to defeat diabetes and other serious chronic conditions novo nordisk#23Investor Presentation First three months of 2018 Slide 23 Sales growth driven by the diabetes pandemic Novo Nordisk reported quarterly sales Reported sales split by product segments for first three months of 2018 by therapy Diabetes and obesity Haemophilia² Long-acting insulin NorditropinⓇ Other Human insulin Growth disorders Reported sales CAGR¹: 9.8% DKK billion 35 30 25 -2.9% 20 5.4% 15 5.7% 10 11.2% Premix insulin GLP-1 Fast-acting insulin Other diabetes and obesity Haemophilia Other biopharmaceuticals 5% 9% 1% 18% 7% 10% 10 5 0 Q1 2008 1 CAGR for 10-year period 2 Haemophilia comprises NovoSeven®, NovoThirteenⓇ, NovoEight® and Refixia® changing diabetes Q1 2018 22% 18% 9% Sales of DKK 26.9 billion (5%) novo nordisk#24Investor Presentation First three months of 2018 Slide 24 Novo Nordisk has leading positions in diabetes, haemophilia and obesity Diabetes Obesity DKK billion Market value DKK Market value Novo Nordisk value market share billion Novo Nordisk value market share DKK billion Haemophilia Market value Global market position Global market position Novo Nordisk value market share Global market position 500 400 #1 50% 10 #1 50% #2 80 50% 70 40% 00 8 40% 40% 60 300 30% 6 30% 50 30% 40 CAGR¹ value: 1.9% 200 CAGR¹ value: 15.9% 20% 4 CAGR² value: 49.1% - 20% 30 20% 20 100 10% 2 - 10% 10% 10 0% 0% 0% Feb 2013 Feb 2018 Dec 2015 Dec 2017 FY 2013 FY 2017 1 CAGR for 5-year period Source: IQVIA MAT Feb, 2018 value figures changing diabetes® Note: Value data is based on Australia, Belgium, Brazil, Canada, Chile, Denmark, Germany, Italy, Mexico, Russia, Spain, UAE, USA 2 CAGR for 2-year period Source: IQVIA MAT Dec, 2017 value figures Note: Annual sales figures for Haemophilia A, B and Bypassing agents segment. Recombinant and plasmal derived products Source: Company reports novo nordisk#25Investor Presentation First three months of 2018 Slide 25 Global diabetes prevalence is increasing and 629 million people are expected to have diabetes by 2045 Around 10% of all adults globally have diabetes The number of people with diabetes is expected to increase by 48% by 2045 North America Region China Million 800 Region Europe Region J&K Region AAMEO Region LATAM +48% 629 <4% 4-5% 5-7% 7-9% 9-12% > 12% 600 400 200 151 2000 425 2017 2045 Source: Adapted from International Diabetes Federation: Diabetes Atlas 8th Edition 2017 J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 changing diabetes® novo nordisk#26Investor Presentation First three months of 2018 Slide 26 Focus on driving global insulin growth by increasing the number of people benefitting from Novo Nordisk products Around 26 million people are currently treated Only 6% of all people with diabetes are treated with Novo Nordisk insulin and GLP-1 products with Novo Nordisk products changing diabetes® 1.4 mio treated with GLP-1 0.9 mio treated with new-generation insulin 12.5 mio treated with modern insulin 11.2 mio treated with Human insulins NN: Novo Nordisk 26 of 425 million people with diabetes are treated with NN products Source: International Diabetes Federation: Diabetes Atlas 8th Edition 2017 novo nordisk#27Investor Presentation First three months of 2018 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market by treatment class Global diabetes care value market share DKK billion 500 400 300 200 100 0 Feb 2008 OAD Slide 27 GLP-1 Insulin Novo Nordisk Sanofi - Eli Lilly J&J - Novartis AstraZeneca Merck - Takeda Boehringer Ingelheim 30% 27% Total market: CAGR¹ 15.1% Injectables: CAGR¹ 18.4% 20% 1 CAGR for 10-year period OAD: Oral Anti-diabetic Source: IQVIA MAT Feb, 2018 value figures changing diabetes® CAGR¹ 33.8% CAGR¹ 16.5% 10% CAGR¹ 11.1% 0% Feb 2018 Feb 2008 Source: IQVIA MAT Feb, 2018 value figures Feb 2018 novo nordisk#28Investor Presentation First three months of 2018 Continued single digit volume growth within the insulin segments globally Slide 28 Fast-acting insulin Segment volume Premix insulin Segment volume NovoRapidⓇ market share NovoMix® market share Long-acting insulin Segment volume TresibaⓇ share - LevemirⓇ share tMU 200 CAGR¹ volume: 5.8% MI penetration: 78.3% 100% tMU 200 CAGR¹ volume: 1.8% MI penetration: 46.3% 100% tMU CAGR¹ volume: 6.7% 100% 200 MI penetration2: 82.7% - 80% 80% 80% 160 160 160 - 60% 60% 60% 120 120 120 +40% 40% 40% 80 80 80 40 + 20% 40 20% 40 20% 0% 0% 0 0% Feb 2013 Feb 2018 Feb 2013 Feb 2018 Feb Feb 2013 2018 1 CAGR for 5-year period. 2 Includes new-generation insulin. tMU: Thousand mega units Note: Modern insulin (MI) penetration is of total segment, ie including animal and human insulin; Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA MAT Feb, 2018 volume figures changing diabetes novo nordisk#29Investor Presentation First three months of 2018 Slide 29 Biopharm constitutes 16% of Novo Nordisk sales and a strategy has been defined to return to growth DKK billion 6 5 4 3 2 NovoSevenⓇ and Norditropin® account for 84% of Biopharm sales¹ Other biopharmaceuticals | Other haemophilia products NorditropinⓇ NovoSevenⓇ 'Return to Growth' strategy builds on organic, non-organic and organisational initiatives Return to growth in Biopharm Drive in-market brands beyond current plans and ensure successful pipeline launches Pursue licensing or acquisition of complementary assets or companies Strengthen the organisation to drive the Biopharm return to growth agenda 0 Q1 2013 1 Reported sales for the first three months of 2018 changing diabetes Q1 2018 novo nordisk#30Investor Presentation First three months of 2018 Slide 30 Novo Nordisk R&D strategy and priorities STRATEGIC PRIORITIES Strengthen leadership in DIABETES CARE Strengthen leadership in OBESITY CARE Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Expand into other SERIOUS CHRONIC DISEASES R&D PRIORITIES Develop disruptive insulin and GLP-1 based products with distinct clinical and/or delivery advantages Develop novel mechanisms that reverse the course of diabetes, act as insulin sensitisers and improve hard clinical endpoints Develop new biologics combined with GLP-1 to achieve >15% weight loss Pursue subcutaneous delivery of long-acting coagulation factors and bypassing agents Bring once-weekly growth hormone to market and expand indications Enter NASH, CVD and CKD by leveraging GLP-1 and other internal assets as well as licensing external opportunities Innovate to improve patient outcomes and drive growth CKD: Chronic kidney disease; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis changing diabetes novo nordisk#31Investor Presentation First three months of 2018 Slide 31 Significant growth opportunities fuelled by strong pipeline across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 NN1436 LAI287 NN9513 NN9030 G530L NN9838 HypoPen 1513 Amylin analogue NN9747- PYY analogue NN9277 GG-co-agonist - NN9499 FGF21 obesity NN9423 Tri-agonist 1706 NN7170 Sc N8-GP Diabetes Obesity Anti-IL-21 and liraglutide Semaglutide obesity Concizumab Somapacitan - QW GHD1 Semaglutide NASH Haemophilia SUBMITTED APPROVED Oral semaglutide N8-GP Long-acting rFVIII Levemir® Somapacitan - QW AGHD2 Growth disorders Other serious chronic diseases 1 Study conducted in growth hormone disorder 2 Study conducted in adult growth hormone disorder 3 RebinynⓇ is the brand name in the US and Refixia® in the EU QW: Once-weekly; GG: Glucagon GLP-1; Sc: Subcutaneous; QD: Once daily; GH: Growth hormone changing diabetes® NovoRapidⓇ NovoMix® Tresiba® RyzodegⓇ XultophyⓇ VictozaⓇ FiaspⓇ OzempicⓇ SaxendaⓇ NovoSevenⓇ NovoEight® NovoThirteenⓇ RebinynⓇ/RefixiaⓇ3 Norditropin® novo nordisk#32Investor Presentation First three months of 2018 Slide 32 Growth opportunities supported by strong global presence in both sales and manufacturing Employees in sales regions¹ Global manufacturing setup Denmark (~9,800 employees) Diabetes and biopharmaceutical API production Filling and packaging Moulding and assembly Tablet production Kaluga, Russia (~265 employees) Filling Assembly Packaging North America Operations: ~4,800 Region Africa, Asia, Middle-East West Lebanon, NH, USA (~180 employees) and Oceania (AAMEO): ~4,700 Biopharmaceutical API production Region China: ~3,200 Region Europe: ~2,900 Clayton, NC, USA (~1,100 employees) Region Japan & Korea: ~1,200 Region Latin America: ~940 Total non-HQ/manufacturing employees: ~18,700¹ Koriyama, Japan (~65 employees) Packaging Diabetes API production Filling Assembly Packaging of above Chartres, France (~1,100 employees) Filling Assembly Packaging Tianjin, China (~1,000 employees) Filling Assembly Packaging Montes Claros, Brazil (~1,000 employees) Filling Assembly Packaging Tizi Ouzou, Algeria (~200 employees) Tablet production 1 Employees represent full-time equivalents in Novo Nordisk's sales regions (excludes all other employees in headquarter, research sites and manufacturing sites) as of March 2018 changing diabetes® novo nordisk#33Investor Presentation First three months of 2018 Slide 33 Solid patent protection of innovative drugs Novo Nordisk's position is protected by patents and value chain setup EU patent protection¹ US patent protection¹ Barriers to entry for biosimilar players Research & Development · Need to show comparability in PK/PD trials • Strict regulatory requirements in EU and the US • Requirement for both drug and device offering Manufacturing Economies of scale for incumbents Up-front CAPEX requirements with slow return on investment OZEMPIC semaglutide injection Fiasp fast-acting insulin aspart Xultophy insulin degudec/laglutide 2031 2032 2030 2030 20282 20292 DNA originjection TRESIBA 2028 2029 insulindegudec DNA origin injection RYZODEG 2028 2029 70%sindedecand 30spart DNA anjinjection • VICTOZA Levemir® (insulin detemir) NovoMix (biphasic insulin aspart) 20233 20233 2019 2019 Expired4 Expired5 Novo Rapid (insulin aspart) norditropin Expired6 Expired7 Expired8 Expired8 1 List does not include all marketed products. 2 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. Assuming 6 months paediatric extension Expired in 2015. 5Expired in 2014. Expired in 2011. 'Expired in 2014. 8 Expired in 2017 Note: Saxenda patent identical to the VictozaⓇ patent. changing diabetes Commercialisation Large and fragmented target audience • Cost pressure from payers • On-going conversion to next generation drugs and slow market dynamics PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure novo nordisk#34Insulin TONGYUAN LIU China Tongyuan Liu has type 2 diabetes changing diabetes Parrat Investor Presentation First three months of 2018 Slide 34 1. Diabetes at a glance 35 2. Diabetes treatment classes 38 3. Insulin market segments 39 4. Novo Nordisk Diabetes product portfolio 41 5. Insulin market growth and market share 43 6. Tresiba® 56-57 novo nordisk#35Investor Presentation First three months of 2018 Diabetes - the inability to manage blood sugar levels appropriately Slide 35 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 The aim of insulin therapy is to recreate normal blood insulin profile meal-related peaks (prandial) 70T Short-lived, rapidly generated 60- 긑 50- Insulin (U/mL) 40- 20- Sustained Insulin profile (basal) • 10- • Inhibits glucose release from the liver 0- 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Fat cell Liver Pancreas Muscle 1 Time of day Breakfast Lunch Dinner changing diabetes® novo nordisk#36Investor Presentation First three months of 2018 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI ≥30 kg/m²) Diabetes prevalence US CDC data on obesity and diabetes prevalence among adults 1994 2000 2014 Slide 36 <14.0% 14.0-17.9% 18.0-21.9% 22.0-25.9% 26.0-29.9% ≥30% <4.5% 4.5-5.9% 6.0-7.4% 7.5-8.9% 9.0-10.4% ≥ 10.5% CDC: Centers for Disease Control and Prevention Source: CDC's Division of Diabetes Translation. National Diabetes Surveillance System available at http://www.cdc.gov/diabetes changing diabetes® novo nordisk#37Investor Presentation First three months of 2018 Slide 37 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment remains a challenge – the rule of halves - The worldwide challenge of glycaemic control: Mean HbA1c in type 2 diabetes All people with diabetes changing diabetes 50% are diagnosed 100% 50% 25% 50% have access to care 12% 50% get decent care 50% reach target Canada US Latin America 7.3%¹ 7.2%² 7.6%³ China 7.2-9.5%4 India 7.3-9.3%4 Japan 7.3-7.7%5 Korea 7.9-8.7%6 Russia 7.2-9.5%4 Germany Greece 6.7-9.2%7 7.1-9.7%7,8,4 Italy 7.7-8.3%4 Poland 7.3-8.9%4 Portugal 7.9-9.7%7 Romania 7.9-9.9%7 Spain 7.6-9.2%8 Sweden 7.4-8.7%7 Turkey UK 7.6-10.6%7 7.4-8.7%⁹ 1 Harris et al. Diabetes Res Clin Pract 2005;70:90-7; 2 Hoerger et.al. Diabetes Care 2008;31:81-6; 3 Lopez Stewart et al. Rev Panam Salud Publica 2007;22:12-20; 4 Valensi et al. Int J Clin Pract 2009;63(3):522-31; 5 Arai et al. J Diabetes Investig. 2012 Aug 20;3(4):396-401; 6 Ko et al. Diab Med 2007;24:55-62; 7 Oguz et al. Curr Med Res Opin 2013;29:911-20; 8 Liebl et al. Diab Ther 2012;3:e1-10; 9 Blak et al. Diab Med 2012;29:e13-20 novo nordisk#38B-cell function Investor Presentation First three months of 2018 Slide 38 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment intensification Distribution of patients and value across treatment classes Diet and exercise OAD: Oral anti-diabetic changing diabetes Time OAD GLP-1 100% Insulin GLP-1 80% 38% 68% 60% 13% 40% Insulin 5% 49% 20% 27% 0% Patients Value Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France. Value figures based on IQVIA MAT Feb, 2018 Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS OAD novo nordisk#39Investor Presentation First three months of 2018 Slide 39 The insulin market is comprised of three segments 6:00 10:00 ↑ Breakfast changing diabetes® Insulin action profiles tMU 500 Global insulin volume market by segment CAGR volume¹: 5.0% CAGR value¹: 16.4% Fast-acting 400 35% Fast-acting 34% 300 Premix 26% 200 Premix 29% Long-acting 100 40% 37% Long-acting 0 14:00 18:00 22:00 2:00 6:00 ↑ ↑ Time of day Feb 2013 Feb 2018 Lunch Dinner 1 CAGR for 5-year period. Value in DKK Source: IQVIA monthly MAT volume and value Feb 2018 (DKK) figures novo nordisk#40Investor Presentation First three months of 2018 Medications used for the treatment of type 2 diabetes Slide 40 Class HbA1c change Hypoglycae- Weight mia risk change Metformin 1.5 No Neutral Sulfonylurea 1.5 Yes Gain Commonly prescribed product classes for the treatment of type 2 diabetes Contraindication/ undesired effects Kidney, liver Essentially none CVD risk Dosing (pr. day) Minimal 2 OADs None 1 OAD TZDS 0.5-1.4 No Gain Varies 1 OAD DPP-IV inhibitors 0.6 -0.8 No Neutral TBD 1-2 OADs CHF, liver None SGLT-2 inhibitors 0.5 -0.9 No Loss GLP-1 1.0 - 2.0 No Loss Long-acting insulin 1.5-2.5 Yes Gain Fast-acting insulin 1.5-2.5 Yes Gain Genital infections, urinary tract infections GI side effects, MTC Hypoglycaemia Hypoglycaemia Note: TG and HDL: Beneficial effect on triglycerides and high-density lipoprotein cholesterol; CHF: Congestive heart failure; GI: Gastro intestinal; MTC: Medullary thyroid cancer; TZD: thiazolidinediones; OAD: Oral anti-diabetic; TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29:1963-1972; Nathan DM, et al. Diabetes Care. 2007;30:753-759; Nathan DM, et al. Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008;31:S12-S54. Wel Chol PI. 1/2008. Varies 1 OAD Varies Varies TG and HDL TG and HDL 1 injection 1-4 injections changing diabetes® novo nordisk#41Investor Presentation First three months of 2018 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment cascade¹ Overview of current and future products in Novo Nordisk's diabetes portfolio Second generation analogues First generation analogues Human insulin When basal insulin is not enough When metformin is not enough When it's time for insulin Once-daily optimisation Mealtime insulin control Slide 41 oral semaglutide OZEMPİC TRESIBA Xultophy RYZODEG Fiasp fast-acting insulin aspart semaglutide injection or VICTOZAⓇ LevemirⓇ Novo Mix® Novo Rapid or Insulatard® Mixtard® 30 ActrapidⓇ 1 Pending clinical development programmes and regulatory processes for oral semaglutide changing diabetes® novo nordisk#42Investor Presentation First three months of 2018 Slide 42 Novo Nordisk holds a broad insulin portfolio with three generations of products covering the treatment cascade Novo Nordisk product portfolio includes three generations of insulin products Commercial focus depends on market maturity and market access situation Basal insulin Mix insulin GLP & basal Bolus combination insulin Commercial focus Volume strategy Value strategy New- generation insulin New- Tresiba® RyzodegⓇ XultophyⓇ Fiasp® generation insulin Differentiation Modern insulin Levemir® NovoMixⓇ NovoLogⓇ Modern insulin Familiarity Human insulin Insulatard® Mixtard® ActrapidⓇ Human insulin Affordability changing diabetes® novo nordisk#43Investor Presentation First three months of 2018 Slide 43 Stable global insulin volume growth Regional insulin volume growth Region Europe North America Region China Region J&K 30% 25% 20% 15% 10% Regional insulin volume market split Region Europe Region J&K Region AAMEO North America Region LATAM Region China World 100% 80% 60% 40% 5% 0% Feb 2013 20% 3% 0% Feb 2018 Feb 2013 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Feb, 2018 volume figures changing diabetes® Region AAMEO Region LATAM 3% 3% 10% 21% 33% 30% Feb 2018 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Feb, 2018 volume figures novo nordisk#44Investor Presentation First three months of 2018 Strong underlying insulin market growth and sustained global volume market share Slide 44 Global modern and new-generation insulin volume market shares Sanofi - Novo Nordisk Eli Lilly Global insulin market Device penetration Modern insulin penetration¹ tMU 500 CAGR volume¹: 5.0% Penetration CAGR value¹: 16.4% 100% 60% 50% 400 80% 40% 300 60% MI and NGI² 30% 200 Market value³: DKK 223 billion - 40% 20% 100 Human insulin 20% 10% Market value²: DKK 24 billion 0 0% 0% Feb 2013 Feb 2018 1 CAGR for 5-year period; 2MI: Modern insulin. NGI: New-generation insulin 3Annual value of total insulin class Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Feb, 2018 volume and value (DKK) figures changing diabetes® Feb 2013 Note: Data is sensitive to changes in IQVIA data collection and reporting methodology, does not add up to 100% as only selected pharmaceutical companies are included Source: IQVIA monthly MAT Feb, 2018 volume figures 45% 33% 20% Feb 2018 novo nordisk#45Investor Presentation First three months of 2018 Novo Nordisk is now the market leader in the USA within the modern and new-generation insulin segment Slide 45 - Novo Nordisk Modern insulin and new-generation insulin volume market shares in the USA Sanofi Eli Lilly USA insulin market by segment Device penetration Modern Insulin penetration tMU Penetration CAGR volume¹: 2.6% 160 100% 60% CAGR value¹: 21.2% 140 50% 80% 120 Fast-acting 40% 100 60% 80 Premix 30% 40% 60 20% 40 Long-acting 20% 10% 20 0 0% 0% Feb 2013 Feb Feb 2018 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT Feb, 2018 volume and value (DKK) figures changing diabetes Source: IQVIA monthly MAT Feb, 2018 volume figures 40% 36% 24% Feb 2018 novo nordisk#46Investor Presentation First three months of 2018 Slide 46 Novo Nordisk's modern and new generation insulins maintain market share in the USA insulin market USA fast-acting insulin Segment volume USA premix insulin Segment volume USA long-acting insulin Segment volume Levemir® share NovoLogⓇ share NovoLog® Mix 70/30 share TresibaⓇ share tMU tMU tMU CAGR volume¹: 3.3% 80 MI penetration: 83.9% 100% 80 CAGR volume¹: (6.1%) MI penetration: 51.8% CAGR volume¹: 4.2% 100% 80 MI penetration: 74.7% 100% 70 70 70 - 80% 80% 80% 60 60 60 50 - 60% 50 60% 50 60% 40 40 40 30 40% 30 40% 30 40% 20 20 20 20% 20% 20% 10 10 10 0 0% 0% 0 0% 0 Feb 2013 Feb 2018 Feb Feb Feb Feb 2013 2018 2013 2018 1 CAGR for 5-year period; tMU: Thousand mega units Note: US trend data reflect changes to IQVIA data collection coverage and methodology as of January 2012. Modern insulin (MI) penetration is of total segment, ie including human insulin Source: IQVIA monthly MAT Feb, 2018 volume figures changing diabetes® novo nordisk#47Investor Presentation First three months of 2018 Slide 47 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage US population by health insurance status expected to remain stable in coming years Managed care² Public exchanges Medicare Other Medicaid Uninsured US population (million) In 2018, PBMs covered 288 million lives and the market has consolidated MedImpact All other PBMS Humana 5% Prime 3% CVS Caremark 8% 3% 31% 326 333 100% 9% 8% 80% 23% 22% 60% 18% 18% Optum Rx 22% 40% 20% 45% 44% 0% 20171 2020 28% Express Scripts 1 2017 data reflect historical data through October 2017 2 Managed care population was slightly underestimated as only population under age 65 were captured to avoid double counting with those eligible for Medicare. Source: Census.gov; Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Oct. 2017; CMS Insurance Marketplace Factsheet 2017; CDC.gov PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: Cleveland Research novo nordisk#48Investor Presentation First three months of 2018 Slide 48 Key Novo Nordisk diabetes care products remain broadly available in the USA Value market shares of key Novo Nordisk products in the USA Value market share VictozaⓇ TresibaⓇ NovoLogⓇ % share of unrestricted market access of key Novo Nordisk products in the USA Unrestricted Market access VictozaⓇ TresibaⓇ NovoLogⓇ - LevemirⓇ 80% 60% 40% 20% 0% Feb 2015 Source: IQVIA NSP Feb 2018; LevemirⓇ 100% 80% 60% 40% 20% 0% Feb 2018 Feb 2015 Feb 2018 Note: Market shares: NovoLogⓇ®: share of rapid acting insulin segment; Levemir®: share of basal insulin segment; TresibaⓇ share of basal insulin segment; VictozaⓇ: share of GLP-1 segment Source: FingerTip Formulary bridge, Feb 2018 Nomenclature and Xponent PlanTrak,; only considers bridged volume; excludes cash and mail order data; changing diabetes® Note: Unrestricted access excludes prior authorisation, step edits and other restrictions LevemirⓇ access based on FlexTouch® Pen; NovoLog® access based on FlexPen®; only considers bridged volume; TresibaⓇ launched in January 2016 novo nordisk#49Investor Presentation First three months of 2018 Slide 49 Sustained leadership position in the European modern and new-generation insulin market European insulin market by segment Device penetration CAGR volume¹: 4.3% CAGR value¹: 4.8% European modern insulin and new-generation insulin volume market shares Sanofi Novo Nordisk Eli Lilly - tMU 180 160 140 120 100 80 60 40 20 0 Feb 2013 - MI and NGI penetration Penetration 100% 60% 50% 80% Fast-acting 40% 60% 30% Premix 40% 20% Long-acting 20% 10% 0% 0% Feb 2018 Feb 2013 1 CAGR for 5-year period 2 MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Feb, 2018 volume and value (DKK) figures changing diabetes® 44% 36% 19% Feb 2018 Source: IQVIA monthly MAT Feb, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers novo nordisk#50Investor Presentation First three months of 2018 Slide 50 Stable insulin leadership position in Region AAMEO comprising Africa, Asia, Middle-East and Oceania Region AAMEO insulin market by segment - Device penetration - Region AAMEO modern and new-generation insulin volume market shares Eli Lilly Sanofi Biocon tMU 120 100 80 60 40 420 20 0 Feb 2013 CAGR volume¹: 8.0% CAGR value¹: MI and NGI penetration Novo Nordisk Penetration 5.1% 100% 70% 60% 80% Fast-acting 50% 60% 40% Premix 30% 40% 20% 20% Long-acting 10% 0% 0% Feb 2018 Feb 2013 56% 20% 14% 3% Feb 2018 1 CAGR for 5-year period. Note: IQVIA only covers the following 8 markets in AAMEO (retail data): Algeria, Egypt, India, New Zealand, Russia, Saudi Arabia, South Africa & Turkey, which together account for 82% of Novo Nordisk insulin sales in AAMEO Source: IQVIA monthly MAT Feb, 2018 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Feb, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers novo nordisk#51Investor Presentation First three months of 2018 Slide 51 Solid insulin market leadership position in Region Japan & Korea Japan & Korea insulin market by segment Japan & Korea modern and new-generation insulin volume market shares Device penetration - tMU MI and NGI penetration CAGR volume¹: 0.5% Penetration Novo Nordisk - Sanofi Eli Lilly 6 4 2 16 14 12 CAGR value¹: (4.4%) 100% 70% 60% 80% Fast-acting 50% 50% 10 8 6 4 2 0 Feb 2013 60% 40% Premix 30% 40% 20% 25% 25% Long-acting 20% 10% 0% 0% Feb 2018 Feb 2013 Feb 2018 1 CAGR for 5-year period MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT Feb, 2018 volume and value (DKK) figures changing diabetes® Source: IQVIA monthly MAT Feb, 2018 volume figures novo nordisk#52Investor Presentation First three months of 2018 Slide 52 Solid TresibaⓇ performance strengthens basal insulin market share in Japan Japanese basal value market shares TresibaⓇ NPH LevemirⓇ glargine U100 biosimilar glargine U100 - Novo Nordisk Japanese total insulin value market shares Eli Lilly - Sanofi glargine U300 NN Total Basal 80% 70% 60% 50% 40% 30% 20% 10% 0% Feb 2015 Source: IQVIA monthly MAT Feb, 2018 value figures changing diabetes 60% .51% 43% 40% 17% .17% 20% -14% 6% 2% 0% Feb 2018 Feb 2015 Source: IQVIA monthly MAT Feb, 2018 value figures 59% 24% 17% Feb 2018 novo nordisk#53Investor Presentation First three months of 2018 Slide 53 Solid volume growth in the Chinese insulin market Chinese insulin market by segment Device penetration tMU CAGR volume¹: 10.4% 55 CAGR value¹: 13.8% 50 45 40 35 30 25 20 15 10 5 0 Feb 2013 Chinese insulin volume market shares Novo Nordisk Eli Lilly Gan & Lee Tonghua Dongbao Other - Modern insulin penetration Penetration Sanofi 100% 70% 60% - 80% Fast-acting 50% 60% 40% 30% Premix 40% 20% 20% 10% Long-acting 0% 0% Feb 2018 Feb 2013 1 CAGR for 5-year period Note: IQVIA covers around 50% of the total Chinese market (hospital data) Source: IQVIA monthly MAT Feb, 2018 volume and value (DKK) figures changing diabetes® -52% 12% 12% 10% 7% 6% Feb 2018 Note: Only selected competitors shown Source: IQVIA monthly MAT Feb, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included novo nordisk#54Investor Presentation First three months of 2018 Slide 54 Continued value growth in the Chinese long-acting insulin segment Chinese insulin market by segment Chinese total insulin value market shares Device penetration Modern insulin penetration Novo Nordisk bDKK Penetration Sanofi CAGR value¹: 13.8% 10.0 100% 70% 60% 8.0 6.0 4.0 80% Fast-acting 50% Premix 60% 40% 30% 40% 20% 2.0 20% Long-acting 10% 0.0 Feb 2013 0% 0% Feb Feb 2018 2013 1 CAGR for 5-year period. Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IQVIA Rolling MAT Feb, 2018 value (DKK) figures changing diabetes® Eli Lilly Tonghua Dongbao Gan & Lee Other Note: Only selected competitors Source: IQVIA Rolling MAT Feb, 2018 value figures .49% 18% 12% 11% 6% 4% Feb 2018 novo nordisk#55Investor Presentation First three months of 2018 Slide 55 Strengthened insulin volume market share in Region Latin America tMU 15 12 9 6 3 0 Latin America insulin market by segment Device penetration Modern insulin penetration CAGR volume¹: 11.7% Penetration CAGR value¹: 10.3% Latin America modern and new-generation insulin volume shares - Novo Nordisk Eli Lilly Sanofi Feb 2013 60% 70% 60% Fast-acting Premix 50% 40% 40% 30% Long-acting 20% 20% 10% 0% 0% Feb 2018 Feb 2013 43% 30% 15% Feb 2018 1 CAGR for 5-year period Note: IMS only covers the following 4 markets in Latin America (retail data): Argentina, Brazil, Colombia, Mexico Source: IQVIA monthly MAT data Feb, 2018 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin Note: Only top-3 shown Source: IQVIA monthly MAT data Feb, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included MI: Modern insulin; NGI: New-generation insulin changing diabetes® novo nordisk#56Investor Presentation First three months of 2018 Slide 56 TresibaⓇ sets a new standard for basal insulin initiation by lowering the risk of hypoglycaemia TresibaⓇ is a leap on the innovation ladder by further reducing nocturnal hypoglycaemia 50% 53% reduction in nocturnal reduction in nocturnal hypoglycaemia¹ hypoglycaemia² TresibaⓇ has consistently demonstrated relevant reductions in severe hypoglycaemia Patients Study Hazard ratio [95% CI] 1.12 [0.68; 1.86] BEGIN New-generation insulin T1D 0.65 [0.48; 0.89]* SWITCH 1 Modern insulin Human insulin IGlar U100 T2D SWITCH 2 InsulatardⓇ Half life: 25 hours Variability: Low Half life: 12-19 hours Variability: Medium 0.74 [0.61; 0.90]* TresibaⓇ BEGIN 0.81 [0.42; 1.56] 0.54 [0.21; 1.42] 0.49 [0.26; 0.94]* DEVOTE 0.60 [0.48; 0.76]* Half life: 5-10 hours Variability: High Maintenance period Full treatment period 0.125 0.25 0.5 1 2 Favours Tresiba® Favours comparator 1 P. D. Home, A. Fritsche, S. Schinzel & M. Massi-Benedetti, Diabetes, Obesity and Metabolism 12: 772- 779, 2010 2 DEVOTE, American Diabetes Association 77th Scientific Sessions, 3-CT-SY22, June 12 2017 IGlar U100: Insulin glargine U100 * Statistically significant difference Note: Phase 3a BEGIN: Severe-third-party assistance; Phase 3b SWITCH: severe-third-party assistance and adjudicated; Phase 3b DEVOTE: severe-third-party assistance. T1D: Type 1 diabetes; T2D: Type 2 diabetes; CI: Confidence interval Source: Ratner et al. Diabetes Obes Metab 2013; Lane et al. Diabetologia 2016;59; Wysham et al. Diabetologia 2016; DEVOTE, American Diabetes Association 77th Scientific Sessions, 3-CT-SY22, June 12 2017#57Investor Presentation First three months of 2018 Competitive TresibaⓇ label across the USA, Europe and Japan Profile Slide 57 TresibaⓇ label characteristics in the USA, Europe and Japanese markets USA Europe • Half-life of 25 hours and duration of action of at least 42 hours • Duration of action beyond 42 hours • Four times lower day-to-day Japan Duration of action up to 26 hours in Japanese patients Day to day variability of 20% variability vs insulin glargine Efficacy Safety Convenience • . Non-inferior HbA1c reduction Numerically greater FPG reduction Numerically lower insulin dose¹ Overall safety consistent with insulin Hypoglycaemia rates for TresibaⓇ, but not comparator • Injection any time of day Up to 80 and 160 units per injection • Non-inferior HbA1c reduction . Numerically greater FPG reduction • • Overall safety consistent with insulin Lower rate of overall and nocturnal hypoglycaemia Adjusting injection time when needed Up to 80 and 160 units per injection 1 Observed in majority of the trials changing diabetes® • Four times lower day-to-day variability vs insulin glargine • Non-inferior HbA1c reduction • Numerically greater FPG reduction • . Overall safety consistent with insulin Lower rate of nocturnal hypoglycaemia in Asian subjects In case of missed dose take as soon as possible novo nordisk#58Investor Presentation First three months of 2018 Slide 58 GLP-1 1. GLP-1 treatment 59 2. GLP-1 market growth and market share 60 3. VictozaⓇ market share 4. GLP-1 vs OAD 62 63 REN YANXIA Ren has type 2 diabetes China 5. VictozaⓇ value growth and market share 64 6. GLP-1 pipeline 7. OzempicⓇ 8. GLP-1 market value in Regions 9. SUSTAIN 65 66 40 67 73-75 novo nordisk#59Investor Presentation First three months of 2018 Slide 59 GLP-1 effect dependent on level of blood glucose GLP-1 mechanism of action when blood sugar levels increase Increases insulin secretion in the pancreas • Reduces glucagon secretion in the liver • Slows gastric emptying in the gut • Creates sense of satiety in the brain Brain GLP-1 lowers blood glucose in patients with type 2 diabetes Type 2 diabetes patients, no GLP-1 Type 2 diabetes patients, with GLP-1 Healthy controls receiving saline Glucose (mmol/L) 18 16 14 12 10 8 6 GLP-1 4 Liver Gut 2 Breakfast Lunch Snack 0 22.00 02.00 06.00 10.00 14.00 18.00 Time changing diabetes Pancreas Source: Rachman et al. Diabetologia 1997;40:205-11 novo nordisk#60Investor Presentation First three months of 2018 The GLP-1 segment accounts for 12% of the global diabetes care market value Slide 60 Global GLP-1 market GLP-1 value in bDKK VictozaⓇ exenatide dulaglutide Ozempic® other Share of total diabetes care market market GLP-1 value and patient share of the total diabetes care market Share of total diabetes care GLP-1 value share of total diabetes GLP-1 patient share¹ of total diabetes 70 10% 20% 60 8% 15% CAGR value¹: 34.0% 15% 50 12% 6% 11% 40 10% 30 4% 7% 5% 20 5% 5% 5% 2% 3% 10 1% 0 0% 0% Feb 2013 Feb 2018 World North Reg America EU Reg Reg Reg Reg AAMEO J&K LATAM China 1 CAGR for 5-year period Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) changing diabetes® Reg: Region; AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America. 1 Patient share is indicative and based on data for US, UK, Germany and France only. Source: Value data; IQVIA monthly MAT Feb, 2018. Patient data; IQVIA Disease Analyser (DE, FR, UK), QuintilesIQVIA LRX (USA), Feb 2018#61Investor Presentation First three months of 2018 Slide 61 Strong GLP-1 volume growth in all regions Regional GLP-1 volume growth North America Region China Region Europe Region J&K 70% 60% 50% 40% 30% 20% 10% 0% Feb 2015 Regional GLP-1 volume market split Region Europe Region J&K Region AAMEO Region LATAM North America Region China - World 100% 80% 60% J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IQVIA monthly MAT Feb, 2018 volume figures changing diabetes® 22% 40% 20% 0% Feb 2018 Feb 2015 Region AAMEO Region LATAM 3% 8% 1% 4% 38% J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IQVIA monthly MAT Feb, 2018 volume figures 46% Feb 2018 novo nordisk#62Investor Presentation First three months of 2018 Slide 62 VictozaⓇ maintains a 14% value market share in the GLP-1, SGLT-2 and DPP-IV segment Segment value Share of segment value growth Segment value market shares 100 50 DKK billion 250 100% 12% 12% 200 80% CAGR¹ value: 26.4% 150 60% 40% VictozaⓇ Other GLP-1 SGLT-2 DPP-IV 100% 80% 60% 40% VictozaⓇ: 14% 20% 20% 0% 0% Feb 2013 Feb 2018 2016 vs 2017 2017 vs Feb 2018 2013 Feb 2018 1 CAGR for 5-year period Note: Segment only includes DPP-IV, GLP-1 & SGLT-2. Other oral anti-diabetic agents and insulin excluded Source: IQVIA MAT Feb, 2018 value figures changing diabetes® novo nordisk#63Investor Presentation First three months of 2018 Slide 63 GLP-1 patients primarily switch from OADs and untapped potential is large with many OAD patients not in control GLP-1 source of business (new-to-brand prescription market share) Insulin and Treatment Share of patients on OADs achieving HbA1c below 7% in major European countries GLP-1 naive 5% 5% Insulin 29% 51% GLP-1 9% OAD HbA1c >7% 43% 57% Note: Data based on data from France, Germany, UK and 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 UK) and IQVIA (formerly IMS) LRX (USA), Sep 2017 Note: Data based on data from France, Germany and UK only Source: IQVIA Disease Analyser (France, Germany and UK), Sep 2017 HbA1c <7% novo nordisk#64Investor Presentation First three months of 2018 Slide 64 Significant growth in GLP-1 market with leading market share for VictozaⓇ Global GLP-1 market value and share of total diabetes care market value exenatide Novo Nordisk GLP-1 value market share leading in all regions except Japan & Korea ☐ Novo Nordisk GLP-1 value market share VictozaⓇ DKK billion albiglutide1 70 60 50 exenatide launch 40 30 20 10 2005 dulaglutide lixisenatide GLP-1 share of total diabetes care market DKK billion FDA/EMA statement on 14% 60 47% pancreatic safety³ 12% 50 Dulaglutide Article on launch 10% pancreatic safety 40 of incretins² - 8% 30 VICTOZA - 6% liraglutide injection 20 - 4% - 2% 10 57% 38% 73% 47% 72% 0% 0 2009 2013 2014 2018 North America Region Region Region Region Europe J&K LATAM AAMEO Region China 1 Manufacturing and sale of albiglutide to be discontinued by Jul 2018 2 Butler et al, Marked Expansion of Exocrine and Endocrine Pancreas With Incretin Therapy in Humans With Increased Exocrine Pancreas Dysplasia and the Potential for Glucagon-Producing Neuroendocrine Tumors, Diabetes, Vol. 62, Jul 2013' 3 Egan et al, Pancreatic Safety of Incretin-Based Drugs - FDA and EMA Assessment, The New England Journal of Medicine 370;9, 27 Feb 2014 Source: IQVIA MIDAS, monthly data, Feb 2018 (Note: IQVIA data does not adequately capture rebates resulting in an overstatement of market value) FDA: US Food and Drug Administration; EMA: European Medicines Agency AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America Source: Reported sales until Feb 2018; IQVIA MIDAS, Feb 2018 novo nordisk#65Investor Presentation First three months of 2018 Ambition for OzempicⓇ to become leading weekly GLP-1, with daily GLP-1 use shifting to oral semaglutide Promotional focus to shift from VictozaⓇ towards OzempicⓇ as market access emerges Aim for OzempicⓇ and oral semaglutide to replace VictozaⓇ as market leaders Commercial focus changing diabetes VICTOZA liraglutide injection Illustrative OZEMPİC semaglutide injection OzempicⓇ market access Prescription volume VICTOZAⓇ liraglutide injection OZEMPİC semaglutide injection Time 1 Victoza patent expiry expected in 2022/2023 in most markets Slide 65 Illustrative oral semaglutide VictozaⓇ patent expiry¹ novo nordisk#66Investor Presentation First three months of 2018 Slide 66 OZEMPIC approved in the USA and in the EU Profile OzempicⓇ label in the USA • Adjunct to diet and exercise to improve glycaemic control Two therapeutic dosages, 0.5 mg and 1 mg • Reduction in HbA1c vs comparators¹ Efficacy Conve- nience Safety Reduction in body weight vs comparators¹ Administered once-weekly To be launched in the OzempicⓇ pen Retinopathy wording similar to insulin labels Cardiovascular safety with number of MACE events in clinical section² 1 Statistically significant reduction compared to comparators: placebo, sitagliptin, exenatide extended- release and insulin glargine U100 (phase 3a SUSTAIN trial programme) 2In SUSTAIN 6, there were 108 MACE events with OzempicⓇ compared to 146 events with placebo, equivalent to an event rate of 6.6% with OzempicⓇ and 8.9% with placebo Trial Patients CV data from SUSTAIN 6 trial in OzempicⓇ EU label Reference to CV results in indication MACE Kaplan-Meier OzempicⓇ label VictozaⓇ label SUSTAIN 6 LEADER 9,340 3,297 Included Included HR: 0.741 HR: 0.872 Included Included 195% confidence interval [0.58;0.95]. 295% confidence interval [0.78;0.97] CV: Cardiovascular; MACE: Major adverse cardiovascular events; HR: Hazard ratio changing diabetes® novo nordisk#67Investor Presentation First three months of 2018 The GLP-1 segment accounts for 15% of total diabetes care market value in North America Slide 67 North America GLP-1 market GLP-1 value in bDKK VictozaⓇ dulaglutide OzempicⓇ other exenatide Share of total diabetes care . 60 market 14% Key observations for Victoza® in the US market VictozaⓇ value market share within the GLP-1 segment is 54%¹ 50 12% CAGR value¹: 38.0% Around 80% of Commercial and around 90% of Medicare Part D GLP-1 market volume is covered without restrictions² 10% 40 8% 30 . Around 93% of new patients who start on VictozaⓇ transition from outside of GLP-1 segment³ 6% 20 4% • 10 2% Around 71% of prescriptions are for the higher dose 1.8 mg4 0 0% Feb Feb 2013 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) changing diabetes Source: IQVIA NSP monthly, MAT Feb 2018 FingerTip Formulary bridge/ February 2018 Nomenclature and Xponent PlanTrak using week-ending 2 March 2018; only considers bridged volume; excludes cash and mail order data; 1. 2. 3. IQVIA SOB, week ending 23 March 2018 4. IQVIA weekly NPA, week ending 30 March 2018 novo nordisk#68Investor Presentation First three months of 2018 Slide 68 The GLP-1 segment accounts for around 11% of total diabetes care market value in Europe GLP-1 value in bDKK European GLP-1 market VictozaⓇ exenatide VictozaⓇ value market share in Europe VictozaⓇ exenatide - dulaglutide other 87654321 0 Feb 2013 ▪dulaglutide Share of total other GLP-1 value diabetes care market share market 10% 100% CAGR value¹: 21.2% 8% 80% +6% 60% + 4% 40% - 2% 20% 0% 0% Feb 2018 Feb 2013 1 CAGR for 5-year period. Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) changing diabetes® 57% 28% 12% 2% Feb 2018 Source: IQVIA monthly MAT Feb, 2018 value figures (DKK), market share does not add up to 100% due to rounding novo nordisk#69Investor Presentation First three months of 2018 Slide 69 The GLP-1 segment accounts for 3% of total diabetes care market value in Region AAMEO GLP-1 value in bDKK Region AAMEO GLP-1 market VictozaⓇ exenatide VictozaⓇ value market share in Region AAMEO VictozaⓇ exenatide ▪dulaglutide lixisenatide dulaglutide Share of total lixisenatide diabetes care GLP-1 value market share market 0.6 3% 100% 0.5 CAGR value¹: 25.5% 80% 0.4 - 2% 60% 0.3 40% 0.2 1% 20% 0.1 0.0 0% 0% Feb 2013 Feb 2018 Feb 2013 1 CAGR for 5-year period AAMEO: Africa, Asia, the Middle East and Oceania Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) changing diabetes Source: IQVIA monthly MAT Feb, 2018 value figures (DKK), ), market share does not add up to 100% due to rounding .47% 34% -19% 1% Feb 2018 novo nordisk#70Investor Presentation First three months of 2018 The GLP-1 segment accounts for around 1% of the total diabetes care market value in Region China Slide 70 GLP-1 value in bDKK China GLP-1 market VictozaⓇ exenatide Share of total diabetes care GLP-1 value VictozaⓇ value market share in China VictozaⓇ exenatide market share market 100% 0.20 2.0% CAGR value¹: 28.9% 0.15 80% 1.5% 72% 60% - 0.10 - 1.0% 40% 0.05 + 0.5% 27% 20% 0.00 Feb 2013 0.0% 0% Feb 2018 Feb 2013 Feb 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) changing diabetes® Source: IQVIA monthly MAT Feb, 2018 value figures (DKK), market share does not add up to 100% due to rounding novo nordisk#71Investor Presentation First three months of 2018 The GLP-1 segment accounts for around 5% of the total diabetes care market in Region Japan & Korea Japan & Korea GLP-1 market Slide 71 VictozaⓇ value market share in Japan & Korea GLP-1 value in bDKK VictozaⓇ exenatide dulaglutide Share of total other diabetes care market GLP-1 value VictozaⓇ market share exenatide dulaglutide other 1.6 3% 100% 1.4 CAGR value¹: 21.0% 80% 1.2 2% 1.0 60% 0.8 40% 53% 38% 0.6 1% 0.4 20% 0.2 0.0 0% 0% Feb 2013 Feb Feb 2018 2013 5% 4% Feb 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) changing diabetes® Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) novo nordisk#72Investor Presentation First three months of 2018 Slide 72 Strong VictozaⓇ market leadership in Region Latin America Latin America GLP-1 market VictozaⓇ value market share in Latin America GLP-1 value in bDKK VictozaⓇ exenatide dulaglutide Share of total other GLP-1 value diabetes care market share VictozaⓇ exenatide dulaglutide other market 100% 1 0.7 7% 0.6 6% CAGR value¹: 6.7% 80% 73% 0.5 5% 60% 0.4 4% 0.3 3% 40% 0.2 2% 20% 0.1 1% 0.0 0% 0% Feb 2013 Feb 2018 Feb 2013 26% 1% 0% Feb 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) changing diabetes® Source: IQVIA monthly MAT Feb, 2018 value figures (DKK) novo nordisk#73Investor Presentation First three months of 2018 SUSTAIN phase 3a trials with semaglutide successfully completed SUSTAIN Baseline UT 1 2 3 4 5 8.1% 8.1% 8.3% 8.2% 0.0 -0.5 8.4% -0.1 6 8.7% Change in HbA1c (%) -1.3 -1.5 -1.6 -1.6 -1.5 * -0.9 -0.8 -1.2 -1.6 * -0.4 -1.1 -1.4 -1.4 -1.8 Baseline 92 kg 89 kg 96 kg 93 kg 1.2 92 kg 92 kg -1.0 -1.4 -0.6 -1.9 -1.9 Change in weight (kg) -3.7 -4.5 -3.5 -4.3 -5.2 -5.6 -6.1 -3.7 -3.6 -4.9 * semaglutide 1 mg semaglutide 0.5 mg Placebo¹ sitagliptin 100 mg -6.4 exenatide ER glargine U100 * Statistically significant; 1 SUSTAIN 1: Once-weekly semaglutide versus placebo in drug-naïve subjects with type 2 diabetes; SUSTAIN 5: Once-weekly semaglutide versus placebo in subjects with type. 2 diabetes added to insulin; SUSTAIN 6: Once-weekly semaglutide versus placebo, added to standard-of-care ER: Extended-release Slide 73 novo nordisk#74Investor Presentation First three months of 2018 Semaglutide demonstrated superiority on both glucose control and weight loss vs dulaglutide in SUSTAIN 7 trial HbA1c (%) 8.5 8.0 7.5 7.0 6.5 Slide 74 dulaglutide 0.75 mg dulaglutide 1.5 mg semaglutide 0.5 mg semaglutide 1.0 mg Weight loss (kg) 0.0 -2.0 7.1% -4.0 6.9% 6.7%* -6.0 6.4%* -2.3 kg -3.0 kg -4.6 kg* -6.5 kg* 0.0 -8.0 0 4 8 12 16 20 Weeks 24 28 32 36 40 0 4 8 12 16 20 24 28 32 36 40 Weeks * p-value <0.0001 Note: Inclusion criteria: Male or female, age ≥18 years, stable treatment with metformin, HbA1c 7.0-10.5%; from a mean baseline of 8.2% HbA1c changing diabetes® novo nordisk#75Investor Presentation First three months of 2018 Slide 75 Oral semaglutide reduced HbA1c and body weight in a 26-week phase 2 trial in type 2 diabetes HbA1c reduction from a mean baseline of 7.9% Placebo HbA1c (%) 8.0 Weight loss from a mean base line of 92 kg Sema 20 mg Sema 40 mg Sema 2.5 mg - Sema 5 mg Sema 10 mg Weight loss (kg) 0.0 Sema 1 mg sc 7.5 7.0 6.5 6.0 0.0 0 2 -2.0 -4.0 -6.0 -8.0 6 8 10 12 14 16 18 20 22 24 26 Time (weeks) 0 2 6 10 12 14 16 18 20 22 24 26 Time (weeks) Inclusion criteria: Type 2 diabetes; 7.0% HbA1c 9.5%; treatment with diet and exercise with or without metformin; sc: subcutaneous; sema: semaglutide changing diabetes® novo nordisk#76Obesity Investor Presentation First three months of 2018 Slide 76 1. Obesity as a chronic disease 77 2. Obesity treatment 78 3. SaxendaⓇ 4. Obesity pipeline 80 82 5. STEP and SELECT 84 novo nordisk#77Investor Presentation First three months of 2018 Slide 77 Obesity is a chronic disease that requires treatment The set-point theory portrays how metabolic changes affect the ability to lose weight Weight gain Set- point Increased appetite and slowing of metabolism Diet and exercise to reduce weight • The body fights weight loss for people with obesity The body "remembers" its highest body weight and defends this body weight as the "new normal weight" • During weight loss, changes occur in appetite-regulating hormones, which increase hunger • New New set- point set- point Hormone levels signal change to keep weight up If people with obesity do not eat enough, the hormones trigger the body to conserve energy • Changes in hormones persist for at least 5-10 years following weight loss changing diabetes® novo nordisk#78Investor Presentation First three months of 2018 Slide 78 Treatment rate is low and an increase requires a change of mindset and physician engagement Only 2% of the 650 million people with obesity are treated with prescription medication 650 million people with obesity Key barriers to effective obesity management Mindset Few prescribers engaged Belief that obesity is self-inflicted Focus on acute weight loss rather than chronic weight management Physicians not equipped to engage in and treat obesity Visit the doctor Discussion and evaluation of next steps Actively managed¹ access 2% treated² Note: 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: IQVIA MIDAS 2017 changing diabetes Limited patient Funding and reimbursement a hurdle for physicians and patients novo nordisk#79Investor Presentation First three months of 2018 Slide 79 The healthcare cost associated with obesity expected to increase Global healthcare costs related to obesity expected to increase by 50% by 2025 +50% USD ~0.8 trillion USD ~1.0 trillion USD ~1.2 trillion • • • • Increase in healthcare costs primarily driven by obesity-related comorbidities Today, 650 million people have obesity globally By 2025, ~1 billion people are expected to have obesity If left untreated, by 2025, the costs of treating complications of obesity is expected to reach USD ~550 billion in the US and USD ~1.2 trillion globally The increased healthcare costs are primarily driven by obesity-related comorbidities such as type 2 diabetes and cardiovascular disease 2017 Source: World Obesity Federation, 2017 changing diabetes 2020 2025 Source: WHO, October 2017; World Obesity Federation, 2017 novo nordisk#80Investor Presentation First three months of 2018 Slide 80 SaxendaⓇ now launched in 25 countries SaxendaⓇ value share of anti-obesity medications in selected countries Mexico Germany 100% 80% 60% Australia Italy USA Brazil UAE 85% Canada DKK Denmark million 48% Countries with highest SaxendaⓇ sales in 20171 SaxendaⓇ value market share SaxendaⓇ volume market share Spain 2,400 3% 86% 2,000 73% 1,600 48% 50% 1,200 800 400 26% 4% 83% 75% 12% 69% 38% 5% USA Brazil Canada Australia UAE 40% 38% 30% 21% 20% 13% 9% 0% 0 5 10 15 20 25 30 Source: IQVIA Dec 2017 Months from Launch Note: The market for anti-obesity medication varies significantly in size between countries changing diabetes 1 Reported sales for the full year 2017 Source: IQVIA MIDAS, Dec 2017#81Investor Presentation First three months of 2018 Slide 81 SaxendaⓇ has rapidly grown value market share, but market development efforts are required to expand the market Despite strong SaxendaⓇ growth, US obesity care market remains small at USD ~740 million Novo Nordisk is investing in overcoming the barriers preventing effective obesity care Current state Key initiatives SaxendaⓇ Other branded AOM Generic AOM TRX market share mUSD/value market share 100% 800 7% Mindset 80% 600 43% 60% 82% 400 40% Few prescribers engaged 200 50% 20% 0% Limited patient Volume Value access AOM: Anti-obesity medication; TRx: Total prescriptions Source: IQVIA NPA and NSP moving annual total through February 2018 changing diabetes® Acute weight loss focus with SaxendaⓇ stay- time ~5 months Advocate for chronic treatment through partnerships Less than 3,000 physicians write ≥10 AOM prescriptions per month Only 2 in 5 of ~95 million adults with obesity have access to reimbursed medication Launch obesity educator programme Obtain Medicare coverage through support of "Treat and Reduce Obesity Act" novo nordisk#82Investor Presentation First three months of 2018 The obesity pipeline consists of projects addressing both appetite reduction and energy expenditure How to address obesity from a medical perspective Slide 82 Novo Nordisk obesity products and pipeline Projects: Status: 2018 expected: SaxendaⓇ Launched Weight reduction by reducing food intake increasing energy expenditure Weight reduction by semaglutide - QW GLP-1 Phase 2 Phase 3 - G530L glucagon analogue¹ Phase 1b Phase 1b AM833 amylin analogue Phase 1b Phase 2 ready PYY1562 - PYY analogue Phase 1b Phase 1b² NN9499 FGF21 obesity³ Phase 1a Phase 1b NN9277-GG-co-agonist Phase 1a Phase 1b NN9423 - Tri-agonist 1706 Phase 1a Phase 1b Appetite reduction Energy expenditure changing diabetes Impact on metabolic changes to increase lipid and glucose metabolism Appetite reduction Appetite reduction and energy expenditure 1 Phase 1 in combination with liraglutide and phase 2 planned in combination with semaglutide 2 Phase 1b completed with monotherapy, phase 1b in combination with semaglutide planned for 2018 3 FGF21 potentially also targets appetite reduction Phase 1a: Single-dose trials; Phase 1b: Multiple-dose trials QW: Once-weekly novo nordisk#83Investor Presentation First three months of 2018 Slide 83 Semaglutide demonstrated unprecedented weight loss in phase 2 obesity trial 16.2% weight reduction with the highest semaglutide dose in phase 2 obesity trial Change in body weight (%) -5 -10 -15 sema 0.05 mg sema 0.2 mg sema 0.4 mg sema 0.1 mg sema 0.3 mg lira 3.0 mg Placebo 16.2% Key results and next steps • Participants in the highest dose arms continued to lose weight over the duration of the trial as the response curve did not plateau in the highest dose arm • Nearly two out of three patients experienced a weight loss of 10% or more with the highest dose of semaglutide • • 80% of patients completed the trial Once-daily semaglutide had a well-tolerated safety profile, with the most common adverse events being gastrointestinal Next steps: Phase 3 programme STEP and cardiovascular outcomes study SELECT to be initiated in 2018 -20 0 8 12 16 20 28 36 44 52 Weeks Note: All treatment arms are adjunct to diet and exercise QD: Once-daily; sema: Semaglutide; lira: Liraglutide changing diabetes® novo nordisk#84Investor Presentation First three months of 2018 Slide 84 Phase 3a programme STEP and CV outcomes study SELECT with semaglutide 2.4 mg in obesity to be initiated Semaglutide in obesity phase 3a programme, STEP, expected to include ~4,500 patients¹ 2018 2019 2020 Cardiovascular outcomes study, SELECT, planned for semaglutide in obesity STEP 1: Weight loss 1,950 patients, 68 weeks STEP 2: T2D non-insulin patients 1,200 patients, 68 weeks STEP 3: Maximising weight loss 600 patients, 68 weeks STEP 4: Maintained weight loss 900 patients, 68 weeks H Expected phase 3a programme completion: 2020 Semaglutide 2.4 mg sc QW ~17,500 people with obesity¹ Placebo Event-driven Completion: Pre-defined number of events 1 Inclusion criteria: Male or female, age ≥18 years, BMI: ≥30 kg/m² or ≥27 kg/m² and ≥1 comorbidity Note: All treatment arms are adjunct to diet and exercise CV: Cardiovascular; T2D: Type 2 diabetes 1 Inclusion criteria: Male or female >45 years, BMI >27 kg/m², myocardial infarction or stroke >60 days, HbA1c <6.5% QW: Once-weekly; sc: Subcutaneous novo nordisk#85Investor Presentation First three months of 2018 Slide 85 Biopharm and other chronic areas LIAM CLEMENS Liam has haemophilia A USA changing diabetes® 1. Biopharm at a glance 86 2. Haemophilia a rare disease 87 3. Haemophilia market 88 4. NovoSevenⓇ 89 5. NovoEight® 6. RefixiaⓇ/RebinynⓇ 90 91 7. N8-GP 92 8. Growth Hormone market 93 9. Other chronic disease 95-96 novo nordisk#86Investor Presentation First three months of 2018 Slide 86 Biopharm R&D efforts reflect Novo Nordisk's commitment to satisfy unmet patient needs Aim to develop subcutaneous haemophilia products and long-acting growth hormone Novo Nordisk Biopharm portfolio Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Pursue bolt-on opportunities Pursue subcutaneous delivery of long-acting coagulation factors and bypassing agents Bring long-acting growth hormone somapacitan to market and expand indications Identify bolt-on acquisition or in-licensing opportunities in adjacent disease area changing diabetes® Haemophilia Growth hormone Research/ preclinical Phase 1/2 N8-GP sc concizumab Phase 3 N8-GP IV somapacitan¹ NovoEight® Refixia® NovoThirteenⓇ Approved/ Launched Norditropin® NovoSevenⓇ 1 Somapacitan is currently in phase 3 for adult growth hormone deficiency and phase 2 for growth hormone deficiency in children Note: NovoThirteenⓇ and Refixia® are the brand names in the majority of countries, whereas these products are marketed as TRETTENⓇ and RebinynⓇ respectively in the US sc: Subcutaneous; IV: Intravenous novo nordisk#87Investor Presentation First three months of 2018 Slide 87 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B and haemophilia with inhibitors Low diagnosis and treatment rates within haemophilia Average percentage of people with haemophilia Number of people (000) 500 Haemophilia A 400 Haemophilia B App. 350,000 patients App. 70,000 patients 300 45% 200 Inhibitor segment app. 3,500-4,000 patients 100 15% 6% 3% Prophylactic Pristine joints Note: The inhibitor segment represents people with haemophilia and high titre inhibitors to their normal replacement treatment Source: Estimates based on prevalence data in literature (Stonebraker JS et al. Haemophilia. 2010; 16: 20-32), World Federation of Haemophilia - Annual Global Survey 2012, UDC database in the US changing diabetes People with Diagnosed Treated haemophilia Source: World Federation of Haemophilia - Annual Global Survey 2016 novo nordisk#88Investor Presentation First three months of 2018 Slide 88 Global haemophilia market is growing by high-single digit Sales of recombinant coagulation factors RecombinateⓇ/Advate® NovoSevenⓇ Coagil VII® ObizurⓇ1 KogenateⓇ/HelixateⓇ Strategic positioning of Novo Nordisk's haemophilia portfolio Feiba® XynthaⓇ/RefactoⓇ Eloctate® NovoEight® Idelvion® RixubisⓇ Novo Nordisk compound Status Strategic position AlprolixⓇ Benefix® NovoSevenⓇ Launched Maintain market leadership NovoEight® Launched Establish presence in a competitive market place Submitted³ Contribute to market conversion 40 DKK billion 35 30 N8-GP 25 CAGR²: 3% CAGR²: 5% CAGR²: 9% 20 15 10 5 0 2013 2017 rFVIIa 2013 2017 2013 2017 rFVIII rFIX 1 ObizurⓇ only indicated for acquired haemophilia 2 CAGR for 5-year period changing diabetes® Refixia®/ RebinynⓇ Approved 4 Contribute to new treatment paradigm NovoThirteenⓇ Launched Launch first recombinant product 3 Submitted in the USA and the EU in Q1 2018 4 Refixia® is the brand name for N9-GP in the EU, and RebinynⓇ is the brand name in the US novo nordisk#89Investor Presentation First three months of 2018 Slide 89 ~50% of historic NovoSevenⓇ sales exposed to competition, but opportunities remain in other indications Estimated NovoSevenⓇ sales by indication¹ CHWI PPX (A&B) CHWI surgery (A&B) CHWI on demand (A&B) Other indications² Challenge ~15% ~25% ~50% Haemophilia A PPx and on demand sales exposed ~10% to competitive entry) ~50% NovoSevenⓇ sales of DKK 9.2 billion³ Opportunities and challenges for NovoSevenⓇ franchise Roche's Emicizumab launched recently, leading to intensified competition in the segment for haemophilia A with inhibitors Opportunities . • • Maintain position as preferred agent for all bleeds including breakthrough bleeds for patients on prophylactic treatment Improving diagnosis and treatment of select indications outside of haemophilia A with inhibitors with special focus on acquired haemophilia Drive development of NovoSevenⓇ franchise in underdeveloped Chinese market following inclusion on National Drug Reimbursement List 1 Based on internal Novo Nordisk estimate 2 Other indications include areas like acquired haemophilia, Glanzmann's thrombastenia and congenital FVII deficiency 3 Reported sales for full year 2017 CHWI: Congenital haemophilia with inhibitors; PPx: Prophylaxis; A&B: Haemophilia A and B novo nordisk#90Investor Presentation First three months of 2018 Slide 90 NovoEight® volumes continue to grow despite increasing penetration of long-acting FVIII products Novo Eight® roll-out continues and the number of patients has steadily increased Estimated number of patients¹ 2,000 1,500 1,000 500 Number of launch countries Number of patients 2014 2015 2016 2017² Novo Eight® has potential to increase volume share in select segments and markets Competitive positioning for NovoEight® • • • Temperature stabilty at high room temperature and best-in- class portability Uptake driven by Novo Nordisk's strong customer focus and company recognition within the haemophilia community Continued volume growth especially in less mature markets with tender opportunities, despite increasing penetration of long-acting FVIII products Next generation Global roll-out of NovoEight® and N8-GP to pave the way for subcutaneous N8-GP 1 Novo Nordisk estimated accumulated patient number 2 Novo Nordisk estimated accumulated patient number as of October 2017 FVIII: Coagulation factor VIII novo nordisk#91Investor Presentation First three months of 2018 Slide 91 Strong growth among long-acting haemophilia B products as Refixia®/RebinynⓇ is set for launch in the EU and the USA Reported recombinant FIX sales RefixiaⓇ/RebinynⓇ launched in first countries Sales (USD million) 1,400 1,200 1,000 800 600 400 200 0 2011 Benefix® AlprolixⓇ CAGR: 10.1%¹ IdelvionⓇ • Launched in the first EU countries in 2017 • Launched in the USA in February 2018 2017 • RefixiaⓇ/RebinynⓇ offers a unique clinical profile that brings factor levels into the non-haemophilia range for adults and adolescents • Dialogue ongoing with the FDA and EMA to establish path forward to obtain routine prophylaxis indication in the USA and complete paediatric indication in Europe to include children younger than 12 years old 1 CAGR for 6-year period FIX: Coagulation factor IX Source: Company reports (Does not include RixubisⓇ as sales are not reported separately). changing FDA: US Food and Drug Administration; EMA: European Medicines Agency rFIX: Recombinant coagulation factor IX diabetes® novo nordisk#92Investor Presentation First three months of 2018 Slide 92 N8-GP administered every fourth day reduces median bleeding rate to 1.3 episode per year in phase 3 trial N8-GP phase 1 pharmacokinetics FVIII activity (IU/mL) FVIII - N8-GP · • • • • Pathfinder 2 headline results (phase 3) PK documented single dose half-life of 18.4 hours and mean trough level before next dose of 3% Patients on every fourth day prophylaxis (50 IU/kg) had a median ABR of 1.3 95% of mild to moderate bleeds managed with 1-2 doses N8-GP appeared to have a safe and well tolerated profile One patient developed inhibitors, as expected in a population of previously treated haemophilia A patients Pathfinder 2 extension trial results 1.2 Dose 50 IU/kg (n=8) 1.0 One stage clot assay 0.8 0.6 0.4 0.2 0.0 • 24 48 72 Time (h) 96 120 144 168 • 55 patients with ≤2 bleeds during 6 months in the main phase were randomised 2:1 to either once-weekly (75 IU/ kg) or every fourth day (50 IU/kg) treatment for 180 days¹ Patients in both treatment arms had a median ABR of 0 Next steps • Expansion of production capacity; US/EU submission Q1 2018 Source: Tiede et al. J Thromb Haemot. 2013;11:670-675 changing diabetes® PK: Pharmacokinetic; ABR: Annualised bleeding rate; IU: International unit 1 Prophylaxis 75 IU/kg every 7 days (n=38) or prophylaxis 50 IU/kg every 4 days (n=17) novo nordisk#93Investor Presentation First three months of 2018 Slide 93 Novo Nordisk maintains leadership within growth disorder Development in global growth disorder market DKK billion 20 15 10 5 0 Feb 2013 MAT volume kg CAGR volume¹: 14.3% CAGR value DKK¹: 18.8% 1 CAGR for 5-year period Source: IQVIA monthly MAT Feb, 2018 volume figures and value (DKK) figures changing diabetes® Growth disorder volume market share MAT value DKK kg 100 35% 30% 80 25% 60 20% 40 15% 10% 20 5% 0 0% Feb Feb 2018 2013 Novo Nordisk Eli Lilly Source: IQVIA monthly MAT Feb, 2018 volume figures Pfizer Merck Kgaa Sandoz 27% Feb 2018 novo nordisk#94Investor Presentation First three months of 2018 Slide 94 Phase 3 extension trial in adults and phase 2 trial in children for once-weekly somapacitan to conclude in 2018 Somapacitan IGF-1 levels similar to daily Norditropin® in REAL 1 phase 3 AGHD trial Cumulative frequency 100% 80% 60% 40% 20% Baseline Placebo NorditropinⓇ somapacitan Phase 3a AGHD trial succesfully completed, phase 2 GHD read-out expected in 2018 REAL 1: Phase 3a, naïve AGHD Objective: Efficacy (truncal fat %)/safety __ REAL 3: Phase 2, GHD Objective: Dose finding (height velocity)/safety Completed trial Ongoing trial ¡Extension trial> Trial in planning REAL 4: Phase 3, GHD Objective: Efficacy (height velocity)/safety REAL 5: Phase 3, SGA Objective: Efficacy (height velocity)/safety 0% -3 -2 -1 0 1 2 3 2016 2017 2018 2019 IGF-1 standard deviation score IGF-1: Insulin-like growth factor 1; AGHD: Adult growth hormone deficiency Source: Novo Nordisk data on file; REAL 1, NN8640-4054 changing diabetes® Note: Filing for first indication (AGHD) expected in 2018 GHD: Growth hormone deficiency; SGA: Small for gestational age 2020 2021 novo nordisk#95Investor Presentation First three months of 2018 Slide 95 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 CVD 70% of people with diabetes die from atherosclerotic CVD 40% of people hospitalised for heart failure have diabetes Estimated patients CVD ~420 million Number of related deaths ~20 million annually Estimated patients Diagnosis rate NASH 80% of people with NASH are obese and 35% have diabetes NASH ~15-40 million 1 CKD ~200 million ~20%2 ~20% CKD 40% of people with diabetes have diabetic nephropathy and 50% are obese CVD: Cardiovascular disease; NASH: Non-alcoholic Steatohepatitis; CKD: Chronic kidney disease Source: Diabetes Care 2005 Jan; 28(1): 164-176 changing diabetes 1 Internal forecast comprising US, Europe and Japan 2 Diagnosis rate is considered a major uncertainty to the forecast Source: 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#96Investor Presentation First three months of 2018 Slide 96 Trials in obesity and other serious chronic disease areas building on the semaglutide molecule Planned or ongoing trials with semaglutide addressing other serious chronic diseases Ongoing phase 2 trial with daily semaglutide vs placebo in patients with NASH semaglutide Obesity NASH CVD CKD semaglutide 0.4 mg sc QD 372 patients¹ semaglutide 0.2 mg sc QD semaglutide 0.1 mg sc QD Placebo 0.1, 0.2 or 0.4 mg Liver biopsy (recent or new) 72 weeks Liver biopsy Next steps: Phase 2 trial expected to complete 2020 CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease changing diabetes® 1 Inclusion criteria: Histological confirmation of NASH, BMI 25-45 kg/m², NASH fibrosis stage 2 or 3, Histological NAFLD Activity Score ≥ 4 mg: Milligram; sc: Subcutaneous; QD: Once-daily; MR: Magnetic resonance; NAFLD: Non-alcoholic fatty liver disease novo nordisk#97Financials changing diabetes Investor Presentation First three months of 2018 Slide 97 1. Sales growth 98 2. Operating Profit growth 100 3. Cost distribution 101 4. COGS & CAPEX as percent of sales 102 5. Cash return to shareholders 6. Currency impact 7. Ownership structure novo nordisk 104 105 108#98Investor Presentation First three months of 2018 Slide 98 Solid sales growth driven by diabetes care Reported annual sales 2013-2017 Reported annual sales split by region DKK billion North America Diabetes Biopharmaceuticals Region China Region Europe Region J&K Region AAMEO Region LATAM 120 100 CAGR¹ 7.5% 17% 20% 3% 3% 6% 5% 9% 10% 21% 11% 11% 80 21% 22% 19% 83% 24% 60 80% 79% 79% 40 78% 47% 52% 20 0 2013 2014 2015 2016 2017 2013 2017 1 CAGR for 5-year period changing diabetes AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan and Korea; LATAM: Latin America novo nordisk#99Investor Presentation First three months of 2018 VictozaⓇ accounts for 22% of total sales in first three months of 2018 Slide 99 Reported currencies Sales Q1 2018 (mDKK) Sales split Sales full year 2017 (mDKK) Sales split TresibaⓇ 1,755 7% 7,327 7% LevemirⓇ 2,780 10% 14,118 13% NovoRapidⓇ 4,695 17% 20,025 18% NovoMix® 2,501 9% 10,257 9% VictozaⓇ 5,989 22% 23,173 21% SaxendaⓇ 770 3% 2,562 2% Diabetes care and Obesity¹ 22,608 84% 92,877 83% NovoSevenⓇ 2,154 8% 9,206 8% NorditropinⓇ 1,481 5% 6,655 6% Biopharmaceuticals¹ 4,322 16% 18,819 17% Total¹ 26,930 100% 111,696 100% 1 Values are higher than the sum of the total elements listed due to residual values from products not listed changing diabetes® novo nordisk#100Investor Presentation First three months of 2018 Slide 100 Solid operating profit growth driven by diabetes Operating profit DKK billion Operating profit - Operating profit as % of sales Operating profit therapy split Diabetes Biopharm Reported operating profit growth 60 Operating profit growth in local currencies 60% 50 50% 40 40% 27% 22% 30 30% 20 20% 73% 78% 7% 10% 35% 4% 1% 10 10% 15% 13% 13% 6% 5% 0 0% * 2013 2014 2015 2016* 2017 2013 2017 * Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes® novo nordisk#101Investor Presentation First three months of 2018 Slide 101 Higher profitability in the biopharmaceuticals segment driven by lower COGS and S&D costs Diabetes & Obesity P&L - full year 2017 DKK billion 100 -16% -27% Biopharmaceuticals P&L – full year 2017 Sales ratios DKK billion Sales ratios 30 80 60 60 40 T 20 20 24 -14% -12% 18 -15% -14% -3% +1% 41% 12 -3% +3% 56% Sales COGS S&D R&D Admin OOI OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit S&D: Sales and distribution cost; R&D: research and development cost; Admin: administrative cost changing diabetes 6 Sales COGS S&D R&D Admin ΟΟΙ OP novo nordisk#102Investor Presentation First three months of 2018 Slide 102 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK billion COGS as % of sales COGS DKK billion CAPEX Expected CAPEX CAPEX as % of sales - 20 25% 12 20% 15 10 15% 8- 10 6- 10% 4- 5% 2 0 0% 2013 2014 2015 2016 2017 10% 8% 6% 4% 2% 0% 2014 2015 2016 2017 2018E 2019E 2020E changing diabetes novo nordisk#103Investor Presentation First three months of 2018 Slide 103 Long-term financial targets support focus on profitable growth, capital allocation and cash conversion 00 Operating profit growth in 20% local currencies Current long-term financial target¹ Previous long-term financial targets Operating profit after tax to net operating assets Current long-term financial target¹ Cash to earnings (three-year average) Current long-term financial target¹ 15% 10% 5% 175% 120% 150% 100% 125% 80% 100% 60% 75% 40% 50% 25% 20% 0% 0% 2013 2014 2015 2016 2017 0% 2013 2014 2015 2016 2017 2011-2012-2013- 2014- 2015- 2013 2014 2015 2016 2017 1 Long-term target established in connection with the Q3 2016 report. The target of an average operating profit growth of 5% is an average for the period of 4-5 years, with 2015 as the base year. Operating profit after tax to net operating assets target unchanged at 125% and Cash to earnings (three year average) target unchanged at 90% Note: The long-term financial targets are based on an assumption of a continuation of the current business environment; 2015 and 2016 figures are adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes novo nordisk#104Investor Presentation First three months of 2018 Slide 104 Cash return to shareholders in 2018 Annual cash return to shareholders DKK billion Share repurchase Free cash flow Interim dividend Dividend Free cash flow guidance 45 40 35 15 30 17 25 14 17 20 15 7.6 15 7.4 10 16 5 12 13 11 12 0 2014 2015 2016 2017 2018E* *Interim dividend for 2018 to be determined. For illustration only. Note: For 2018 expected free cash flow is DKK 27-32 billion. Share repurchase programmes run for 12 months starting February until end January of the following year. changing diabetes® Cash return priorities . Share repurchase programme of up to DKK 14 billion to be executed during the coming 12 months • Total programme may be reduced in size if significant product in-licensing or bolt-on acquisition opportunities arise during 2018 For 2017, the total dividend increased to DKK 7.85 per share of DKK 0.20 (including interim dividend of DKK 3.00 paid in August 2017) Dividend distributed twice a year as interim dividend in August and final dividend following Annual General Meeting in March of the following year novo nordisk#105Investor Presentation First three months of 2018 Slide 105 Currency impact on Novo Nordisk's P/L PROFIT AND LOSS 2017 2016 Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's profit and loss statement The currency effect on e.g. operating profit growth is the difference between the reported and the local operating profit growth Key currencies account for around 75-85% of the total currency exposure No hedging effects are included in the operating profit DKK million Net sales changing diabetes® Gross profit Gross margin 111,696 94,064 84.2% 111,780 94,597 84.6% Sales and distribution costs 28,340 28,377 Percentage of sales 25.4% 25.4% Research and development costs 14,014 14,563 Percentage of sales 12.5% 13.0% Administrative costs 3,784 3,962 Percentage of sales 3.4% 3.5% Other operating income, net 1,041 737 Non-recurring income from the partial divestment of NNIT A/S Operating profit 48,967 Operating margin 43.8% 8,432 43.3% Operating margin adjusted for the partial divestment of NNIT A/S <--00.8% 43.3% Net financials (287) Profit before income taxes-- 48,680 (634) 47,798 Income taxes Effective tax rate 10,550 21.7% Net profit 38,130 37,925 Net profit margin 34.1% 33.9% Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: • USD 12 months . CNY 6 months • JPY 12 months • GBP 12 months • CAD 10 months 9,873 20.7% Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging (interest differential) and the effect from currency gain/losses of balances in non-hedged currencies. novo nordisk#106Investor Presentation First three months of 2018 Slide 106 Currency impact on operating profit Operational currency impact Operational currency impact in 2017 . The operational currency impact is the difference between e.g. operating profit growth in reported currency (Danish kroner) and operating profit growth in local currencies In 2017 the operating profit was: In Danish kroner: In local currencies: Currency impact: 48,967 million 50,737 million -1,770 million Estimation of operational currency impact from key currencies • Novo Nordisk guides on currency sensitivity of key currencies in quarterly announcements Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day Key currencies account for around 75-85% of the currency exposure Estimation of operational currency impact from other currencies Significant changes in other currencies will additionally impact the operational currency in exposure In 2017, the depreciation of the ARS and TRY had an additional negative impact on the operational currency exposure. Key currencies Avg FX rate 2016 Avg FX rate %-change 2017 Yearly impact of 5% change (mDKK) Estimated impact from key currencies USD 6.733 6.602 -1.9% 2,100 -816 CNY 1.013 0.976 -3.7% 320 -235 JPY 6.200 5.884 -5.1% 200 -204 GBP 9.121 8.496 -6.9% 90 -123 CAD 5.081 5.084 0.0% 80 1 -1.378 Total estimated currency impact from key currencies in 2017 ARS 0.5 0.4 -20.0% TRY 223 181 -18.8% INR 10.0 10.1 1.0% RUB 10.1 11.3 11.9% BRL 195 207 6.2% Total currency impact from other currencies in 2017 (residual) Total currency impact in 2017 -392 -1,770 charaging act on operating profit for next 12 month. Estimates reflected in Annual Report 2017 diabetes novo nordisk#107Investor Presentation First three months of 2018 Slide 107 Key currency development 2017 vs 2018 Average FX rates¹ Q1 2017 Q1 2018 Q1 Change Q2 2017 Q2² 2018 Q2 Change Q3 2017 Q3 2018 Q3 Change Q4 2017 Q4 2018 Q4 Change FY 2017 FY 2018³ FY Change USD/DKK 698 606 -13% 676 610 -10% 633 612 -3% 632 612 -3% 660 610 -8% JPY/DKK 6.1 5.6 -8% 6.1 5.6 -8% 5.7 5.6 -2% 5.6 5.6 0% 5.9 5.60 -5% GBP/DKK 865 843 -3% 864 853 -1% 829 853 3% 839 853 2% 849 850 0% CNY/DKK 101 95 -6% 98 46 97 -2% 95 97 2% 96 97 46 1% 98 96 -1% CAD/DKK 527 480 -9% 502 475 -5% 505 474 -6% 498 474 -5% 508 476 -6% Note: Spot rates as per 25 April 2018 ¹DKK per 100 1Q2 average is calculated as realised exchange rates from 1 April 2018 to 25 April 2018 + current spot rate applied from 25 April 2018 to 30 June 2018 3FY 2018 average is calculated as realised exchange rates from 1 January 2018 to 25 April 2018 + spot rate applied from 25 April 2018 to 30 June 2018 changing diabetes® novo nordisk#108Investor Presentation First three months of 2018 Slide 108 Stable ownership structure - secured through A and B-share structure Share structure Novo Nordisk Foundation Novo Holdings A/S 76.2% of votes 28.5% of capital Institutional and private investors 23.8% of votes 71.5% of capital The Novo Nordisk Foundation The Novo Nordisk Foundation is a self-governing institution that: • provides a stable basis for Novo Nordisk • supports scientific, humanitarian and social purposes • All strategic and operational matters are governed by the board and management of Novo Nordisk . Overlapping board memberships ensure that the Novo Nordisk Foundation and Novo Nordisk share vision and strategy A shares 537m shares B shares 1,913m shares Novo Nordisk A/S Note: As of 24 April 2018. Treasury shares are included in the capital but have no voting rights changing diabetes novo nordisk#109Sustainability changing diabetes® Investor Presentation First three months of 2018 Slide 109 1. Novo Nordisk Way and Triple Bottom line 110 2. Employee Heath and Safety 111 3. Business Environment 112 4. Novo Nordisk on Natural Resources 113 novo nordisk#110Sustainable business Investor Presentation First three months of 2018 Slide 110 The Novo Nordisk Way The Triple Bottom Line Business Principle Financially responsible Patients We build on the purpose set by our founders and live by their values: The Novo Nordisk Way sets the direction and unites us around a common purpose in the pursuit of our aspirations: Driving change to defeat diabetes and other serious chronic diseases Socially responsible Environmentally responsible The Triple Bottom Line Principle, anchored in the Articles of Association, guides how we do business responsibly and how we make decisions that consider the interests of stakeholders and the long-term interests of our shareholders changing diabetes® novo nordisk#111Investor Presentation First three months of 2018 Slide 111 Novo Nordisk offers a healthy, engaging and inclusive workplace with development opportunities for employees Employee health and safety and engagement are key focus areas for management Novo Nordisk is committed to building a diverse and inclusive organisation N42,700 FTE employees 90% sustainable engagement score 11.0% employee turnover 2.7 accidents with absence per million working hours All managers Management appointments¹ Sr. Managers Men 61% 60% 59% 57% 85% 86% Women 39% 40% 41% 43% 2013 2017 2013 2017 15% 14% 2013 2017 Note: Full social statements to be found in Novo Nordisk Annual Report 2017 changing diabetes 1 All appointments to management positions, incl. internal promotions and external hires, ex. NNIT novo nordisk#112Investor Presentation First three months of 2018 Slide 112 Shaping and adapting to conditions in the business environment Enhancing access to affordable, high quality insulin is a key priority 5 million people with diabetes treated at cost below USD 0.16 per day 6 product recalls O failed inspections Cities Changing Diabetes works to bend the curve on urban diabetes UCL H Steno Diabetes Center Copenhagen C40 CITIES CLIMATE LEADERSHIP GROUP 103 million DKK donations to World Diabetes Foundation and Novo Nordisk Haemophilia Foundation 27.7 million patients reached with diabetes care products Note: Full social statements to be found in Novo Nordisk Annual Report 2017 changing diabetes • • novo nordisk Map the challenge in cities across the world with 11 cities enrolled Share learnings and best practices on how to bend the diabetes curve, by preventing rise in obesity Drive action plans with local partners and experts to act as a catalyst for meaningful action Initiate new cross-sector partnerships, eg on climate and health novo nordisk#113Investor Presentation First three months of 2018 Slide 113 Novo Nordisk prioritises minimisation in use of non-depletable or scarce natural resources Least possible use of resources, lower emissions and less waste are priorities On track to have all production sites run 100% on renewable power by 2020 Target - Realised Slight decrease in water and energy consumption for production since 2016 to water stress 93% of water consumption is in 120% areas not subject 100% 80% 60% 2% decrease in CO2 emissions from production since 2016 96% of total waste is recycled, 40% used for biogas or recovered as energy for heat 20% and power production 0% 2013 2014 2015 2016 2017 Note: Full social statements to be found in Novo Nordisk Annual Report 2017 changing diabetes novo nordisk