#1Morten Kruse Jacobsen (to the right), Senior Director at Novo Nordisk and married to Anders. Being a sustainable employer is a key priority for Novo- Nordisk. This includes fostering a diverse and inclusive workplace. From January 2022, Novo Nordisk will offer a minimum of eight weeks paid parental leave to all non-birthing parents globally, regardless of gender. novo nordisk Novo Nordisk - a focused healthcare company Investor presentation First three months of 2022#22 Investor presentation First three months of 2022 Agenda Progress on Strategic Aspirations 2025 Commercial execution Innovation and therapeutic focus Financials#33 Investor presentation First three months of 2022 Forward-looking statements Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022 in continuation of the publication of this Annual Report 2021, this presentation, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect, 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto, Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures, • • Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and Statements regarding the assumptions underlying or relating to such statements. Novo NordiskⓇ These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, product recalls, unexpected contract breaches or terminations, government- mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology including the risk of cybersecurity breeches, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, failure to maintain a culture of compliance, and epidemics, pandemics or other public health crises, and the effects of domestic or international crises, civil unrest, war or other conflict. For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk's results or the accuracy of forward-looking statements in this Annual Report 2021, reference is made to the overview of risk factors in 'Risk management' of this Annual Report 2021. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this Annual Report 2021, whether as a result of new information, future events, or otherwise. Important drug information VictozaⓇ and OzempicⓇ are approved for the management of type 2 diabetes only SaxendaⓇ and WegovyⓇ are approved for the treatment of obesity only#4Commercial execution Purpose and sustainability (ESG) 4 Investor presentation First three months of 2022 Progress towards zero environmental impact: Strategic Aspirations 2025 | Highlights first three months 2022 • Carbon emissions increased by 46% vs first quarter of 2021 and decreased 25% vs first quarter of 2019 Adding value to society: Positive scientific opinion from EMA on human insulin with more flexible storage option without refrigeration Two months' supply of diabetes and haemophilia medication donated to the Ukrainian Ministry of Health Being recognised as a sustainable employer: Share of females in senior leadership positions has increased to 37% from 35% in the first quarter of 2021 Diabetes value market share increased by 1.2 percentage point to 30.5%¹ Obesity care sales increased by 107% at CER to DKK 3.4 billion Rare disease sales increased by 3% at CER to DKK 5.4 billion 1 MAT (Moving annual total) value market share. IO: International Operations The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. Financials therapeutic focus Innovation and . Further raise innovation bar for Diabetes treatment: Approval of OzempicⓇ 2.0 mg in the US Successful completion of first phase 3 trial with once- weekly insulin icodec Phase 1 trial with Ideal Pump insulin successfully completed Phase 1 initiated with a once-daily oral GLP-1/GIP agonist Strengthen and progress Rare disease pipeline Concizumab phase 3 trial successfully completed in people with haemophilia A and B with inhibitors Sales growth of 18% and Operating profit growth of 18%: . Sales in International Operations grew by 13% Sales in the US grew by 23% with 67% of sales coming from products launched since 2015 Gross margin positively impacted by continued productivity gains in Product Supply Free cash flow of DKK 21.6 billion and DKK 20 billion returned to shareholders during first quarter Novo Nordisk®#55 Investor presentation First three months of 2022 Sales growth of 18% driven by both operating units and by all therapy areas Reported geographic sales split for first quarter of 2022 Reported therapy area sales and growth for first quarter of 2022 North America Operations International Operations DKK billion Insulin Obesity care I GLP-1 Other diabetes | Rare disease Growth at CER DKK billion Growth at CER 25 45 18% 45% -4% 107% 3% 13% 24% 40 20 20 35 International Operations 15 12% 30 13% NN WW 25 20 10 10 26% 15 60% IO 3% 2% 5 10 24% 1% 5 ΙΟ 63% NAO 146% NAO 3% 38% -15% 0 0 ΙΟ EMEA China ROW NAO Total¹ GLP-1 Insulin Obesity care Rare disease 1 'Other diabetes' is included in Total IO: International Operations; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; RoW: Rest of World; NAO: North America Operations Note: Unless otherwise specified, sales growth rates are at CER Novo Nordisk®#66 Investor presentation First three months of 2022 Diabetes value market leadership increased by 1.2%-points to 30.5% Novo Nordisk global diabetes value market share Diabetes value market leadership expansion driven by the GLP-1 franchise 60% ⚫Diabetes GLP-1 -Insulin 53,6% 50,8% 50% 48,3% 46,1% 44,0% 44,5% 44,1% 44,0% 40% 29,3% 30,5% • 30% 28,0% 28,8% 0% 2019 2020 2021 2022 CER: Constant exchange rates; IO: International Operations; NAO: North America Operations Source: IQVIA MAT, Feb 2022 (Spot rate) Note: Sales growth rates are at CER Diabetes care sales grew by 16% with global value market share increase driven by GLP-1 market share gains in both IO and NAO Insulin volume market share has decreased from 47.2% to 47.0% in the last 12 months GLP-1 value market share has increased by 2.8%-points in the last 12 months, driven by: OzempicⓇ launches and uptake in 72 countries RybelsusⓇ uptake in North America Operations and launches in International Operations Novo NordiskⓇ#77 Investor presentation First three months of 2022 International Operations Diabetes care sales grew across all regions, mainly driven by GLP-1 performance Reported Diabetes care sales and growth per IO geography GLP-1 patients and value market share in IO DKK billion 18 13% Number of ■Insulin I GLP-1 Growth at CER Patients (millions) 4 Novo NordiskⓇ Value market share 75% 60.1% 60% 60% 12 3 51.3% Geographical regions 15% 2 1% 38% 0% 6 27% 101% 1 4% 104% -6% 2% 0 0 ΙΟ EMEA China ROW Feb 2020 Feb 2021 45% 37.0% 36.1% 30% 22.0% 15% 2.1% 0% Feb 2022 GLP-1 patients -Victoza •OzempicⓇ -RybelsusⓇ -dulaglutide -NN GLP-1 Source: IQVIA MAT, Feb 2022 (Spot rate). Note that the market share and patient numbers are based on countries with IQVIA coverage IO: International operations; NN: Novo Nordisk; pp: Percentage points; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; RoW: Rest of World#88 Investor presentation First three months of 2022 New GLP-1 prescriptions in the US have accelerated in the first quarter of 2022 US GLP-1 weekly NBRX prescriptions Weekly NBRX scripts ('000) 40 TRX share 60% 30 20 20 10 10 0 Apr 2020 50% 48,0% 40% 30% 20% 10% Novo Nordisk® US GLP-1 TRX market share Class growth +30% Total GLP-1 scripts ('000) 3.500 54,2% 3.000 2.500 43,4% 2.000 37,0% 1.500 1.000 9,5% 500 7,8% 0 Apr 2022 0% Apr 2022 Apr 2020 dulaglutide NN GLP-1 - VictozaⓇ OzempicⓇ Rybelsus Total monthly GLP-1 scripts Source: IQVIA Xponent, Weekly (ending 8 April 2022) Each data points represents a rolling four-week average. Total GLP-1 scripts constitute all prescriptions of GLP-1 medications in the market and have the full month of March as latest available data point NBRX: New-to-brand prescriptions; TRX: Total prescriptions; NN: Novo Nordisk; Scripts: Prescriptions Note: Class growth calculated as Q1 2022 vs Q1 2021#99 Investor presentation First three months of 2022 Obesity care sales grew by 107% in the first quarter of 2022 Global market growth and market share within Obesity care Reported Obesity care sales split DKK billion 42%¹ DKK billion 3%1 55%¹ 107% 90% 3 82% 2,4 1,8 1,2 0,6 60% 3.4 2.4 2.5 1,4 2.0 0,5 0,8 0.1 1.6 30% 2,0 1,9 1,9 1,7 1,6 0 0% 2019 2020 2021 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 NAO IO -Market share (RHS) SaxendaⓇ WegovyⓇ Growth at CER 1 Annual growth at CER. NAO: North America operations, IO: International operations, RHS: Right hand side axis, Note: Sales growth at constant exchange rates; Novo NordiskⓇ#1010 Investor presentation First three months of 2022 During the first quarter, weekly prescriptions of WegovyⓇ in the US exceeded 20,000 TRX count (000s) 48 4 20 40 32 24 24 16 8 0 Jan 2019 Jan 2020 Branded AOM TRX in the US Jan 2021 44.5 лучш 24.8 10.2 SaxendaⓇ WegovyⓇ Branded AOM Market Each TRX data points represents one week of data NAO: North America operations, IO: International operations, RHS: Right hand side axis, Rx: Prescriptions AOM: Anti-Obesity Medications (includes WegovyⓇ, SaxendaⓇ, Qsymia and Contrave), Source: IQVIA NPA - TRX data, weekly (ending 08 April 2022) WegovyⓇ in the US Novo NordiskⓇ • • ONCE-WEEKLY wegovy® semaglutide injection 2.4 mg Commercial formulary access around 80% The three lowest dose strengths of WegovyⓇ are currently not available Contract manufacturer has reinitiated commercial production Novo Nordisk expects to make WegovyⓇ available in the US during second half of 2022 Jan 2022 Apr 2022 .#1111 Investor presentation First three months of 2022 Rare disease sales grew by 3% driven by both North America Operations and International Operations Reported Rare disease sales Growth at CER DKK billion 6 3% 9% 10% Rare disease sales driven by global commercial execution Rare disease sales growth driven by: 18% 8% -8% . 3% growth in North America Operations . 3% sales growth in International Operations 5 4 3 Rare blood disorders 2 1 Rare blood disorders sales increased by 9%, driven by: • NovoSevenⓇ • Uptake of launch products EsperoctⓇ and Refixia® Rare endocrine disorders sales decreased by 8% driven by: • North America Operations sales declined by 20% • Novo Nordisk is the leading company in the global human growth disorder market with a value market share of ~36.4% 0 Total1 Rare blood Haem. A Haem. B Novo- ! SevenⓇ disorders² Rare endocrine disorders³ 1 Total includes "Other Rare disease", which consists of primarily Vagifem® and Activelle®: 2 Comprises NovoSeven®, Novo Eight®, Esperoct®, Refixia® and NovoThirteenⓇ; 3 Primarily Norditropin®. Note: NovoThirteenⓇ is not shown for Rare blood disorders. Haem. A: Haemophilia A; Haem. B: Haemophilia B; Unless otherwise specified, sales growth is at constant exchange rates Novo NordiskⓇ#1212 Investor presentation First three months of 2022 Semaglutide 2.0 mg label reflects superior HbA1c reduction with similar number of GI side-effects as semaglutide 1.0 mg Profile Results reflected in the approved label for OzempicⓇ 2.0 mg Approved for treatment of type 2 diabetes in adults Reduce the risk of major adverse cardiovascular events in adults with type 2 diabetes and established cardiovascular disease OZEMPİC® (semaglutide) injection For Single Patient Use Only 8 mg/3 mL (2.68 mg/mL) Prefilled pen Pen delivers doses in 2 mg increments only For subcutaneous use only Use OZEMPIC once weekly NDC QLED 4772-11 List: 47211 OZEMPIC® (semaglutide) injection For Single Patient Use Only Pen delivers doses in NDC 0169-4772-12 List 477212 OZEMPİC (Injection -0- 0ma novo nordisk Efficacy • Safety Novo NordiskⓇ Statistically significant HbA1c reduction of 2.1%* in SUSTAIN FORTE Weight reduction of 6.4 kg* in SUSTAIN FORTE Appears to have a safe and well-tolerated profile • Similar number of gastrointestinal side-effects as OzempicⓇ 1.0 mg Overall withdrawal rate below 4% GI: gastrointestinal *Based on the treatment policy estimand. When using the trial product estimand, there was a statistically significant reduction in HbA1c of 2.2% and statistically significant reduction in body weight of 6.9 kg. Note: OzempicⓇ package and pen based on intended presentation#1313 Investor presentation First three months of 2022 ONWARDS 2 completed as the first of six trials in the phase 3 programme for once-weekly insulin icodec The ONWARDS 2 phase 3a trial has been completed Insulin icodec ± non-insulin anti-diabetic drugs R 1:1 Insulin degludec ± non-insulin anti-diabetic drugs Objective To confirm the efficacy (non-inferiority on HbA₁) and safety of once weekly insulin icodec in subjects with type 2 diabetes treated with basal only insulin Primary endpoint Change in HbA₁ from baseline to week 26 26 weeks Inclusion criteria • T2D treated with basal insulin ± OADs* + GLP-1 s.c. 8 Included 526 people with type 2 diabetes • Age ≥18 years HbA1c 7-10% • BMI ≤ 40 kg/m2 *Pre-trial all OADs including oral GLP-1s are allowed but SU and glinides are to be discontinued at randomisation T2D: Type 2 diabetes; OAD: Oral anti Diabetics; s.c.: subcutaneous; BMI: Body-mass index, SU: Sulfonylurea Novo NordiskⓇ#1414 Investor presentation First three months of 2022 ONWARDS 2 met its primary endpoint as well as demonstrated superiority on HbA₁c reduction compared to insulin degludec Change from baseline (%) Superior change in HbA1c from baseline over time 26 weeks 0,0 -0,4 -0,8 -1,2 Η Η 0 2 4 6 8 10 12 14 16 18 20 22 24 26 -0.71%* -0.93%* • Safety Key highlights Insulin icodec appeared to have a safe and well-tolerated profile In the trial, there was no statistical difference in estimated hypoglycaemia events • Potential Completion of remaining five ONWARDS trials expected during the remainder of 2022 ONWARDS 2 results support our belief that insulin icodec has the potential to improve the quality of life for people living with diabetes Weeks -Once-weekly insulin icodec -Once-daily insulin degludec Note: Overall baseline HbA1c of 8.13% * Lines are based on observed data where the value denoted after 26 week is estimated mean value 26 derived based on multiple imputation Novo NordiskⓇ#1515 Investor presentation First three months of 2022 Concizumab reduced the number of bleeds in adults and adolescents with inhibitors in the Explorer 7 trial 100 Annualised bleeding rate per patient group Median Mean Key highlights Annualised Bleeding Rate (ABR) 90 40 40 30 20 20 10 9.8 OnD treatment PPX treatment PPX treatment 0 PPX treatment HWI (Group 1) Novo NordiskⓇ • Efficacy • • Median ABR was 0 for concizumab prophylaxis treatment, compared to 9.8 in the on-demand treatment group Estimated mean ABR was 1.7 for concizumab prophylaxis treatment, compared to 11.8 in the on-demand treatment group For patients on concizumab prophylaxis, 64% had 0 bleeds in Group 2 Safety Concizumab appeared to have a safe and well tolerated profile Next steps US submission for inhibitor indications expected later in 2022 Explorer 8 in non-inhibitor patients is ongoing US submission for non-inhibitor indications (HA/HB), and EU submission in all indications, expected in 2023 HWI (Group 2) HAWI (Groups 1-4) HBWI (Groups 1-4) • . Primary endpoint Note: The box represents Q1-Q3 (25th to 75th percentile). Whiskers are illustrative for 5th and 95th percentile. HA: Haemophilia A; HB: Haemophilia B; HAWI: Haemophilia A with inhibitors, HBwI: Haemophilia B with inhibitors; OnD: On-demand; PPX: Prophylaxis; ABR: Annualised bleeding rate#1616 Investor presentation First three months of 2022 R&D milestones for 2022 Diabetes care Project OzempicⓇ 2.0 mg FDC Sema - OW GIP CagriSema T2DM RybelsusⓇ Icodec Novo NordiskⓇ Clinical milestones1 Q1 2022 US decision Q2 2022 Q3 2022 Regulatory milestones¹ Q4 2022 Phase 1 results Phase 2 results Ideal Pump insulin Phase 1 results Oral GLP-1/GIP agonist Phase 1 initiation < Obesity care SELECT CVOT Rare disease CagriSema LA-GDF15 Sogroya® (somapacitan) Mim8 Concizumab Eclipse/Ndec Other serious chronic diseases PRX004 (ATTR-CM) CN submission Phase 3a results Phase 1 results Potential interim analysis Phase 3 initiation Phase 1 results US/EU/JP submission (GHD) Phase 1/2 results Phase 3 treatment² Phase 3a results (HWI) ✓ US submission (HwI) Phase 2 initiation Phase 2 initiation Phase 3a results (HA/HB) 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement. 2 First patient first visit in Q4 2021, which is solely for baselining purposes Note: Trial initiations could be impacted by COVID-19; GHD: Growth Hormone Deficiency; sema: semaglutide; HwI: Haemophilia with inhibitors; ATTR-CM: Transthyretin Amyloid Cardiomyopathy; CVOT: Cardiovascular Outcomes Trial#1717 Investor presentation First three months of 2022 Financial results - First three months of 2022 Novo NordiskⓇ In DKK million Sales Gross profit Gross margin Sales and distribution costs Percentage of sales Research and development costs Percentage of sales First three months of 2022 42,031 First three months of 2021 33,804 Change Change (reported) (CER) 24% 18% 35,114 83.5% (10,183) 24.2% 27,993 25% 18% 82.8% (8,256) 23% 18% 24.4% (5,206) (3,944) 32% 29% 12.4% 11.7% Administration costs (970) (932) 4% 2% Percentage of sales 2.3% 2.8% Other operating income and expenses 392 121 224% 204% Operating profit 19,147 14,982 28% 18% Operating margin 45.6% 44.3% Financial items (net) (1,228) 956 Profit before income tax 17,919 15,938 12% Income taxes (3,709) (3,315) 12% Effective tax rate 20.7% 20.8% Net profit 14,210 12,623 13% Diluted earnings per share (DKK) 6.22 5.45 CER: Constant exchange rates#1818 Investor presentation First three months of 2022 Financial outlook for 2022 Sales growth - at CER Expectations 29 April 2022 10% to 14% Expectations 2 Feb 2022 6% to 10% Sales growth - reported Operating profit growth - at CER Operating profit growth - reported Around 7 percentage points higher 9% to 13% Around 11 percentage points higher Around 5 percentage points higher 4% to 8% Around 7 percentage points higher Financial items (net) Effective tax rate Free cash flow Loss of around DKK 4.1 billion 20% to 22% DKK 55 to 60 billion Loss of around DKK 2.8 billion 20% to 22% DKK 50 to 55 billion Note: Changes since last highlighted in bold The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 28 April 2022 Novo NordiskⓇ#19Commercial execution 19 Investor presentation First three months of 2022 Strategic aspirations 2025 Purpose and sustainability (ESG) • Progress towards zero environmental impact Being respected for adding value to society Being recognised as a sustainable employer Strengthen Diabetes leadership - aim at global value market share of more than 1/3 More than 25 billion DKK in Obesity sales by 2025 Secure a sustained growth outlook for Rare disease Financials Innovation and therapeutic focus · . • • Further raise the innovation-bar for diabetes treatment Develop a leading portfolio of superior treatment solutions for obesity Strengthen and progress the Rare disease pipeline Establish presence in Other serious chronic diseases focusing on CVD, NASH and CKD Deliver solid sales and operating profit growth • Deliver 6-10% sales growth in IO • Transform 70% of sales in the US1 1 From 2015 to 2022, 70% of sales to come from products launched from 2015. IO: International Operations; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease. Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. Drive operational efficiencies across the value chain to enable investments in future growth assets Deliver free cash flow to enable attractive capital allocation to shareholders Novo NordiskⓇ#2020 Investor presentation First three months of 2022 Investor contact information Share information Novo Nordisk's B shares are listed on the stock exchange in Copenhagen under the symbol 'NOVO B'. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For further company information, visit Novo Nordisk on: www.novonordisk.com Novo Nordisk A/S Investor Relations Novo Allé 1 DK-2880 Bagsværd Investor Relations contacts 05 June 2022 04 August 2022 Upcoming events ADA Investor event Financial statement for the first six months of 2022 02 November 2022 Financial statement for the first nine months of 2022 01 February 2023 Financial statement 2022 Daniel Muusmann Bohsen Ann Søndermølle Rendbæk David Heiberg Landsted Jacob Martin Wiborg Rode Mark Joseph Root (USA) Novo NordiskⓇ +45 3075 2175 +45 3075 2253 +45 3077 6915 +45 3075 5956 +1 848 213 3219 [email protected] [email protected] [email protected] [email protected] [email protected]