Investor Presentation H1 2023

137 Investor presentation First six months of 2023 US health insurance is dominated by a few large commercial payers US population by health insurance status NAO has been stable in recent years 326 333 5% 7% All other PBM 9% Covered lives by PBM DKK Development of Novo Nordisk rebates and net sales in the US billion 300 75% 80% 9% 8% 25% Express Scripts/Cigna 60% 23% 22% Humana 3% 200 Prime 9% 18% 17% 40% OptumRx 20% IngenioRx 100 5% 20% 45% 46% CVS Caremark 29% 0 0% 2021 20171 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 Source: Novo Nordisk Annual Report 2022 2022 2014 2016 2018 2020 2022 Net sales Rebates, % of gross sales Rebates

View entire presentation