Investor Presentation Q1 2018

Investor Presentation First three months of 2018 Slide 33 Solid patent protection of innovative drugs Novo Nordisk's position is protected by patents and value chain setup EU patent protection¹ US patent protection¹ Barriers to entry for biosimilar players Research & Development · Need to show comparability in PK/PD trials • Strict regulatory requirements in EU and the US • Requirement for both drug and device offering Manufacturing Economies of scale for incumbents Up-front CAPEX requirements with slow return on investment OZEMPIC semaglutide injection Fiasp fast-acting insulin aspart Xultophy insulin degudec/laglutide 2031 2032 2030 2030 20282 20292 DNA originjection TRESIBA 2028 2029 insulindegudec DNA origin injection RYZODEG 2028 2029 70%sindedecand 30spart DNA anjinjection • VICTOZA Levemir® (insulin detemir) NovoMix (biphasic insulin aspart) 20233 20233 2019 2019 Expired4 Expired5 Novo Rapid (insulin aspart) norditropin Expired6 Expired7 Expired8 Expired8 1 List does not include all marketed products. 2 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. Assuming 6 months paediatric extension Expired in 2015. 5Expired in 2014. Expired in 2011. 'Expired in 2014. 8 Expired in 2017 Note: Saxenda patent identical to the VictozaⓇ patent. changing diabetes Commercialisation Large and fragmented target audience • Cost pressure from payers • On-going conversion to next generation drugs and slow market dynamics PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure novo nordisk

View entire presentation