Investor Presentation Q1-Q3 2020

112 Investor presentation First nine months of 2020 Stable COGS level as percentage of sales and decreasing CAPEX level Cost of goods sold DKK billion 20 15 10 5 Capital expenditure DKK billion 25% 12 10 20% 8 15% 6 10% 4 5% 2 Novo Nordisk® 10% 8% 6% 4% 2% 0 0% 0 0% 2015 2016 2017 2018 2019 2016 2017 2018 2019 2020 ICOGS -COGS as % of sales ICAPEX -CAPEX as % of sales (RHS) Expected CAPEX COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side

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