Investor Presentation Q1-Q3 2020

114 Investor presentation First nine months of 2020 Currency impact on Novo Nordisk's P/L Novo NordiskⓇ Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's P&L statement The currency effect on e.g. operating profit growth is the difference between the reported growth and the operating profit growth at CER Key currencies account for around 65-85% of the total currency exposure No hedging effects are included in the operating profit Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day PROFIT AND LOSS 2019 2018 (Amounts are in DKK million, except for earnings per share and dividend per share) Net sales Gross profit Gross margin- 122,021 111,831 101.933 83.5% • USD 9 months 94,214 84.2% Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: Sales and distribution costs Percentage of sales 31,823 29,397 • CNY 7 months 26.1% 26.3% • JPY 12 months Research and development costs 14,220 14,805 • CAD 9 months Percentage of sales 11.7% 13.2% . GBP 10 months Administrative costs 4,007 3,916 Percentage of sales 3.3% 3.5% Other operating income, net 600 1152 Operating profit 52,483 47,248 Operating margin 43.0% 42.2% Financial items (net) (3,930) Profit before income taxes 48,553 47,615 Income taxes 9,602 8,987 Effective tax rate 19.8% 18.9% Net profit 38,951 Net profit margin 31.9% 38,628 34.5% 367 . Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging and the effect from currency gain/losses of balances in non-hedged currencies Hedging costs are the interest rate differentials between DKK and hedged currencies Note: Example is based on Annual Report 2019

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