Investor Presentation Full Year 2021

122 Investor presentation Full year 2021 Solid sales growth driven by Diabetes and Obesity care Novo NordiskⓇ DKK billion Reported annual sales 2017-2021 CAGR¹ 4.7% Financial focus 140 14% 120 15% 16% 100 17% 16% • Focus on driving solid sales growth • Gross margin to remain broadly stable • Over time, Research & Development cost ratio to gradually increase 80 60 83% 84% 86% • Over time, Sales & Distribution cost ratio to gradually decline 84% 85% • Administration cost ratio to decline 40 20 20 0 2017 1 CAGR for 5-year period 2018 2019 Diabetes and Obesity care 2020 2021 Biopharm

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