Investor Presentation: First Nine Months of 2020

109 Investor presentation First nine months of 2020 Solid sales growth driven by Diabetes and Obesity care DKK billion 120 Reported annual sales 2015-2019 CAGR¹ 2.5% 17% 100 17% 16% 21% 20% 80 Financial focus Novo NordiskⓇ • Focus on driving solid sales growth • Gross margin to remain broadly stable • Over time, Research & Development cost ratio to gradually increase • Over time, Sales & Distribution cost ratio to gradually decline 60 79% 80% 83% 84% 84% 40 • Administration cost ratio to decline 20 20 0 2015 1 CAGR for 5-year period 2016 2017 Diabetes and Obesity care 2018 2019 ■■■Biopharm

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