Investor Presentation - First Six Months of 2021

121 Investor presentation First six months of 2021 Stable COGS level as percentage of sales Cost of goods sold DKK billion 25 20 20 15 10 5 Capital expenditure DKK billion 25% 12 10 20% 8 15% 6 10% 4 5% 2 Novo NordiskⓇ 10% 8% 6% 4% 2% 0 0% 0 0% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2021 ICOGS -COGS as % of sales ICAPEX -CAPEX as % of sales (RHS) Expected CAPEX COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side

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