Investor Presentation First Nine Months of 2022

132 Investor presentation First nine months of 2022 NAO US health insurance is dominated by a few large commercial payers US population by health insurance status has been stable in recent years 326 5% 9% 333 7% 8% 23% 22% 18% 17% Covered lives by PBM DKK Development of Novo Nordisk rebates and net sales in the US billion 200 75% 80% All other PBM 14% Cigna Humana 3% 3% Prime 9% 150 OptumRx 20% 100 22% Express scripts 60% 40% 45% 46% 50 50 20% CVS Caremark 29% 0 0% 20171 2021 2021 2013 2015 2017 2019 2021 Managed care² Medicare Medicaid/CHIP Uninsured Public exchanges 12017 data reflect historical data through Oct 2017 2 Managed care population is slightly underestimated as only population under the age 65 is captured to avoid double counting with those eligible for Medicare. Source: Centres for Medicare and Medicaid services, office of the actuary, National Health expenditures Projections PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: Cleveland Research Net sales Rebates, % of gross sales Rebates

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