Investor Presentation Full Year 2021

114 Investor presentation Full year 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 DKK US net sales US rebates 180 billion ►Manufacturer US rebates, % of gross US sales (RHS) Percent of gross sales 200 75% 80% 180 Wholesaler Note: Based on reported sales RHS: Right hand side Pharmacy Patient 160 Pharmacy Benefit Manager (PBM) 120 80 60% 40% 20% 40 Employer/ Health Insurer 0 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

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