Investor Presentation Q1 2023

134 Investor presentation First three months of 2023 Solid sales growth driven by Diabetes and Obesity care DKK billion Reported annual sales 2018-2022 +12%1 14% 15% 16% 16% 12% 88% 86% 84% 85% 84% 2018 2019 2020 Rare disease 2021 Diabetes and Obesity care 1 CAGR for 5-year period S&D: Sales and distribution; R&D: Research and development Note: The outlined expected developments are aspirations and not long-term financial targets 2022 السمر لام Expected development towards 2025 Gross margin Remain broadly stable Novo NordiskⓇ S&D cost ratio Gradually decline enabled by attractive sales growth R&D cost ratio 8 88 Administration cost ratio Gradually increase to expand and diversify pipeline Decline driven by efficiency gains Operating margin Remain broadly stable

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