Investor Presentaiton

Investor presentation Full year 2018 The US healthcare system is complex and rebates paid by Novo Nordisk have increased significantly in recent years Illustrative example of the Product flow US healthcare system Payment flow Development of Novo Nordisk rebates and net sales in the US Rebates/discounts flow Billion DKK 120 380 Wholesaler I Manufacturer Pharmacy Patient 100 80 Pharmacy Benefit Manager (PBM) 64 40 60 Employer / Health Insurer 20 Slide 58 Rebates 80% 60% 40% 20% 0 0% 2012 2013 2014 2015 2016 2017 2018 US net sales US rebates US rebates, % of US gross sales Note: Based on reported sales novo nordisk

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