Investor Presentation Q1-Q3 2020

101 Investor presentation First nine months of 2020 The US healthcare system is complex and rebates paid by Novo Nordisk have increased significantly over the years. Illustrative example of the US healthcare system Development of Novo Nordisk rebates and net sales in the USA US net sales US rebates Product flow Payment flow Rebates/discounts flow DKK Percent of billion US rebates, % of gross sales (RHS) gross sales 180 160 80% Manufacturer 71% 140 70% 120 60% Wholesaler Pharmacy Benefit Manager (PBM) 100 50% 180 80 40% Pharmacy 60 30% 40 20% Employer / Health Insurer 20 10% 0 0% 2012 2013 2014 2015 2016 2017 2018 2019 Patient Note: Based on reported sales RHS: Right hand side Novo Nordisk®

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