Investor Presentaiton

Novo Nordisk Annual Report 2023 Introducing Novo Nordisk Strategic Aspirations Risks Management Consolidated statements Additional information has resulted in periodic supply constraints and related drug shortage notifications across geographies. VictozaⓇ sales decreased by 30% measured in Danish kroner and by 28% at CER to DKK 8,664 million as the GLP-1 market is moving towards once- weekly and tablet-based treatments. The sales decline was mainly driven by North America Operations. Insulin sales Sales of insulin decreased by 9% measured in Danish kroner and by 6% at CER to DKK 48,022 million. Sales decline at CER was driven by declining sales in the US and Region China. Obesity care Sales of Obesity care products, WegovyⓇ and SaxendaⓇ, increased by 147% measured in Danish kroner and by 154% at CER to DKK 41,632 million. Sales growth was driven by both North America Operations and International Operations. WegovyⓇ has now been launched in the US, Denmark, Norway, Germany, the UK, Iceland, Switzerland and the United Arab Emirates. The volume growth of the global branded obesity market was 116% in 2023. SALES BY THERAPEUTIC AREA (DKK billion) Diabetes care Obesity care O Growth at CER 300 250 Rare Disease 16% 200 14% 7% 150 100 50 36% 0 2020 2021 2022 2023 Rare Disease Sales of Rare Disease products decreased by 16% measured in Danish kroner and by 15% at CER to DKK 17,163 million. Rare blood disorders Sales of Rare blood disorder products increased by 1% measured in Danish kroner and by 3% at CER to DKK 11,776 million driven by the extended half-life products in haemophilia B and A, partially countered by NovoSevenⓇ. Rare endocrine disorders Sales of Rare endocrine disorder products decreased by 46% measured in Danish kroner and by 47% at CER to DKK 3,836 million reflecting a reduction in manufacturing output. Novo Nordisk is working on re-establishing supply of rare endocrine disorder products. Sogroya® has now been launched in five countries, and the initial feedback from patients and physicians is encouraging. Novo Nordisk has a value market share of 19.3% (MAT) in the global human growth disorder market. Development in costs and operating profit The cost of goods sold increased by 26% measured in Danish kroner and by 28% at CER to DKK 35,765 million, resulting in a gross margin of 84.6% measured in Danish kroner compared with 83.9% in 2022. The increase in gross margin reflects a positive product mix, driven by increased sales of GLP-1-based treatments. This is partially countered by costs related to ongoing capacity expansions, a negative currency impact and lower realised prices mainly in the US and Region China. Sales and distribution costs increased by 23% measured in Danish kroner and by 26% at CER to DKK 56,743 million. The increase in costs is driven by both North America Operations and International Operations. In North America Operations, the cost increase is driven by the relaunch of WegovyⓇ and promotional activities for Ozempic®. In International Operations, the increase is mainly related to promotional activities for RybelsusⓇ as well as Obesity care market development activities. The increase in sales and distribution costs is impacted by adjustments to legal provisions. Research and development costs increased by 35% measured in Danish kroner and by 37% at CER to DKK 32,443 million reflecting increased late-stage clinical trial activity and increased early research activities compared to 2022. The acquisition of Forma Therapeutics Inc. in 2022 and Inversago Pharma also increased R&D spending. Administration costs increased by 9% measured in Danish kroner and by 11% at CER to DKK 4,855 million. Other operating income and expenses (net) was DKK 119 million compared with DKK 1,034 million in 2022, mainly driven by lower income from partnerships related to Dicerna Pharmaceuticals Inc. Operating profit increased by 37% measured in Danish kroner and by 44% at CER to DKK 102,574 million reflecting the sales growth. OPERATING PROFIT AND MARGIN (DKK billion) Operating profit (left axis) O Growth at CER 125 100 Operating profit margin (right axis) 15% 75 13% 7% 15 50 25 100% 44% 80% 60% 40% 20% 0 0% 2020 2021 2022 2023 35

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