Investor Presentation Q1-Q3 2020

98 Investor presentation First nine months of 2020 Innovation drives largest transition in the history of Novo Nordisk USA, turning around 70% of sales in just seven years Directional growth drivers and catalysts 100% GLP-1 Obesity Insulin Biopharm 80% • OzempicⓇ launch RybelsusⓇ launch Victoza® LoE • Semaglutide obesity launch • Continued price pressure Competitive 60% pressure • SaxendaⓇ LOE • Biosimilar competition New product launches 40% 20% 1 Modern insulin, human insulin, PrandinⓇ, devices and needles; 2 OzempicⓇ and RybelsusⓇ; 3 Tresiba®, Xultophy®, FiaspⓇ and follow-on brand insulin LoE: Loss of exclusivity 0% 90 Novo Nordisk® Relative sales composition - 47% transformation complete 30% 2015 Biopharm Obesity Mature insulin¹ New GLP-1 launches² 2022 Victoza® New insulin launches³

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