Investor Presentation

129 Investor presentation First six months of 2022 US health insurance is dominated by few large commercial payers NAO US population by health insurance status has been stable in recent years 326 333 5% 7% 9% 8% 23% 22% 18% 17% Covered lives by PBM DKK billion Development of Novo Nordisk rebates and net sales in the US 200 All other PBM 14% Cigna 3% 3% 150 Humana 9% Prime 100 OptumRx 20% 75% 80% 70% 60% 50% 40% 30% 50 20% 45% 46% Express scripts 22% 10% 0 0% 20171 2021 2013 2015 2017 2019 2021 Managed care² Uninsured Medicare CVS Caremark 29% Public exchanges Net sales Rebates Rebates, % of gross sales Medicaid/CHIP 2021 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

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