Investor Presentation - First Six Months of 2021

110 Investor presentation First six months of 2021 The US healthcare system is complex and rebates paid by Novo Nordisk have increased significantly over the years. Illustrative example of the US healthcare system Development of Novo Nordisk rebates and net sales in the USA NAO Product flow Payment flow Rebates/discounts flow US net sales DKK US rebates Percent of 180 billion - US rebates, % of gross US sales (RHS) gross sales Manufacturer 180 74% 80% 160 70% Wholesaler 140 Pharmacy Benefit Manager (PBM) 60% 120 180 100 50% Pharmacy 80 40% 60 30% Employer / 40 20% Health Insurer 20 10% 0 0% Patient 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note: Based on reported sales RHS: Right hand side

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