Investor Presentation

144 Investor presentation First six months of 2022 Stable COGS level as percentage of sales DKK billion 25 Cost of goods sold Capital expenditure DKK billion Novo NordiskⓇ 25% 14 10% 12 20 20 20% 8% 10 15 15% 6% 8 6 10 10% 4% 4 5 5% 2% 2 0 0% 0 0% 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2022 COGS -COGS as % of sales (RHS) ICAPEX CAPEX as % of sales (RHS) Expected CAPEX COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side

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