Investor Presentation Full Year 2021

125 Investor presentation Full year 2021 Stable COGS level as percentage of sales Novo NordiskⓇ Cost of goods sold DKK billion Capital expenditure DKK billion 25 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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