Investor Presentation Q1-Q3 2020

16 Investor presentation First nine months of 2020 Financial outlook for 2020 Expectations 30 October 2020 5% to 8% Expectations 6 August 2020 3% to 6% Sales growth - at CER Sales growth - reported Operating profit growth - at CER Operating profit growth - reported Financial items (net) Around 3 percentage points lower 5% to 8% Around 4 percentage points lower Loss of around DKK 1.4 billion Around 2 percentage points lower 2% to 5% Around 3 percentage points lower Loss of around DKK 1.2 billion Effective tax rate Free cash flow 20% to 22% DKK 34 to 39 billion 20% to 22% DKK 33 to 38 billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 26 Oct 2020. Novo NordiskⓇ

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