Investor Presentaiton

Investor presentation First three months of 2017 Slide 29 Solid patent protection of innovative drugs Novo Nordisk's position is protected by patents and value chain setup Patent protection¹ Xultophy insulin degi.dec/raglutide Unique value chain position Research & Development EU/US Fiasp 20302 fast-acting insulin aspart 20293 (rDNA argininection TRESIBA 2028/29 Manufacturing insulin degludex [DNA original injection RYZODEG 70% insulin delude and 30% insulat 2028/29 2018/19 Commercialisation Barriers to entry for biosimilar players Research & Development Need to show comparability in PK/PD trials Strict regulatory requirements in EU and the US • Requirement for both drug and device offering Manufacturing . Economies of scale for incumbents Up-front CAPEX requirements with slow return on investment ONA Levemir (insulin detemir) NovoMix (biphasic insulin aspart) Novo Rapid (insulin aspart) VICTOZA norditropin exp 2015/172 20172/172 20234/235 2017/172 History of protein engineering Highly efficient, flexible and capital intensive manufacturing Global commercial footprint 1 List does not include all marketed Novo Nordisk products. 2 Formulation patent expiration year 3 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 4 Assuming paediatric extension. 5 Saxenda patent identical to the VictozaⓇ patent. Source: Novo Nordisk Commercialisation Large and fragmented target audience Cost pressure from payers On-going conversion to next generation drugs and slow market dynamics PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure changing diabetes® novo nordisk

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