Investor Presentaiton

147 Investor presentation Full year 2022 Stable COGS as percentage of sales, while there is a step-up in CAPEX to meet current and future demands DKK billion 30 20 20 10 Cost of goods sold 30% DKK billion 25 25 20 20 20% 15 10 10% 5 Capital expenditure Novo NordiskⓇ 10% 8% 6% 4% 2% 0 0% 0 0% 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2023 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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