Investor Presentation Q1-Q3 2020

115 Investor presentation First nine months of 2020 Currency development of hedged and non-hedged currencies in the first nine months of 2020 Novo Nordisk® I Avg. 9M 2020 vs. 9M 2019 Exp. Avg FY 2020 vs. FY 2019 Hedged currencies 9M 2019 avg. 9M 2020 avg. Spot rate² Impact of a 5% move4 Hedging (months) 2% USD2 664 663 630 1,900 11 0% CNY2 97 95 94 450 65 JPY2 6.1 6.2 6.0 -2% 150 12 CAD2 500 491 478 130 9 -4% GBP2 USD/DKK CNY/DKK JPY/DKK CAD/DKK GBP/DKK 845 843 820 100 10 10% 0% -10% -20% -30% -40% RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK Non-hedged 9M 2019 9M 2020 currencies avg. avg. Spot rate³ ARS² 0.2 0.1 0.1 TRY² 118 99 78 INR² 9.5 8.9 8.5 RUB2 10.2 9.4 8.2 BRL2 171 133 112 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 26 October 2020; 2 DKK per 100; 3 Spot rate as of 26 October 2020; 4 Impact on operating profit in the next 12 months of a 5% immediate currency move. DKK million per annum; 5 Chinese Yuan traded offshore (CNH) Note: Operating profit impact of one of the non-hedged currencies appreciating 5% is in the range of DKK +10 to +50 million

View entire presentation