Novo Nordisk A/S : Investor presentation

Novo Nordisk

a focused healthcare company

Investor presentation

First nine months of 2020

Investor presentation

First nine months of 2020

Agenda

Progress on Strategic aspirations 2025 COVID-19 update

Commercial execution Innovation and therapeutic focus Financials

Investor presentation

First nine months of 2020

Novo Nordisk®

Forward-looking statements

Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company's statutory Annual Report 2019 and Form 20-F, which are both expected to be filed with the SEC in February 2020 in continuation of the publication of the Annual Report 2019, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto,
Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures,
Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and
Statements regarding the assumptions underlying or relating to such statements.

These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance.

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk's results or the accuracy of forward-looking statements in this presentation, reference is made to the overview of risk factors in 'Managing risks to protect value' on pp 33-35 of the Annual Report 2019.

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise.

Important drug information

Victoza® is approved for the management of type 2 diabetes only
Saxenda® is approved in the USA and the EU for the treatment of obesity only

Investor presentation

First nine months of 2020

Novo Nordisk®

Strategic aspirations 2025

- Highlights first nine months of 2020

Adding value to society:

Launch of new social responsibility strategy 'Defeat Diabetes'
Expansion of US affordability offerings
Lowered ceiling price of human insulin in 76 countries

Environment:

100% renewable power across all production sites
Launch of supplier target aiming at 100% renewable power by 2030

Diabetes sales increased by 8%:

Value market share leadership expanded by 0.8%- points to 29.2%
Sales of GLP-1 increased by 29% driven by continued performance of Ozempic®

Obesity sales increased by 6% to DKK 4.2 billion

Biopharm sales increased by 4% driven by IO

Diabetes:

Insulin icodec phase 2 trial successfully completed
Rybelsus® approved in the EU, the UK and Japan

Obesity:

Sema 2.4 mg obesity phase 3 programme and AM833 + sema 2.4 mg phase 1 trial successfully completed

Biopharm:

Concizumab phase 3 reinitiated

Other serious chronic disease:

Successful completion of phase 2 trials for zilti and semaglutide in NASH

Sales increased by 7% to DKK 94.8 billion

12% sales growth in IO
2% sales growth in NAO, with 47% of US sales transformed to products launched since 2015

Operating profit increased by 7% to DKK 42.9 billion

Free cash flow increased by 27% to DKK 41.6 billion and DKK 31 billion returned to shareholders

The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo Nordisk's financial outlook or expected growth Note: Unless otherwise specified growth rates are at constant exchange rates

IO: International Operations; NAO: North America Operations; Sema: Semaglutide; NASH: Non-alcoholic steatohepatitis

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk response to COVID-19 pandemic

Novo Nordisk status across the value chain

US GLP-1 prescription development during COVID-19 pandemic

Production

R&D

Commercial

Manufacturing sites are operational
Medicines available to patients worldwide
Continuation of all clinical trials already initiated
Trial recruitment still below pre-COVID-19 levels
Some new trials initiated
Gradual recovery of patient initiations in the third quarter
Operations are running accordingly
In many markets, sales representatives are partially back in the field
Increased utilisation of digital tools

TRx count	TRx	NBRx (RHS)	NBRx count
(thousands)	(thousands)
	13 March, lockdown
			implemented in most
2,000			states	140

1,600				120

				100
1,200				80

800				60

				40
400				20

0	Nov			Oct 0
	2018			2020

TRx: Total prescriptions; NBRx: New-to-brand prescriptions; RHS: Right-hand side axis

Source: IQVIA, each data point represents 4 weeks total, Oct 2020

Investor presentation

First nine months of 2020

Novo Nordisk®

Sales growth of 7% driven by International Operations and GLP-1

Reported geographic sales split for the first nine months of 2020

DKK		Insulin		GLP-1			Other diabetes		Obesity	Biopharm


billion		Growth at CER
56
	12%


48											2%
40						International Operations

32

					11%

24

16										13%
								12%
8

0
	IO		EMEA				China	RoW		NAO

Added reported therapy area sales and growth

DKK		North America Operations		International Operations	Growth at CER

billion

		7%			-3%			29%		6%			4%
6
									37%

4
	12%

2									27%
													8%
					10%						8%
0




-2		2%			-22%							4%		-2%

-4
-6		Total1	Insulin			GLP-1	Obesity	Biopharm

1 'Other diabetes' is included in Total

IO: International Operations; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; RoW: Rest of World; NAO: North America Operations

Note: Unless otherwise specified, sales growth rates are at CER

Investor presentation

First nine months of 2020

Novo Nordisk®

Diabetes value market leadership continues to expand

Novo Nordisk global diabetes value market share

60%		Diabetes	GLP-1	Insulin
50%	48.8%			49.9%
46.7%
			44.5%
	42.4%
	44.3%
40%

30%	27.4%	28.4%		29.2%

20%	2018	2019		2020

New generation insulins include: Tresiba®, Ryzodeg®, Fiasp® and Xultophy®

CER: Constant exchange rates

Source: IQVIA MAT, Aug 2020

Note: Unless otherwise specified, sales growth are at CER

Diabetes value market leadership expansion driven by the GLP-1

and insulin franchises

GLP-1 value market share has increased by ~3%-points since 2019, driven by:

Ozempic® launched in 48 countries
Uptake of Ozempic® and launch of Rybelsus® in North America Operations

Insulin value market share has increased by 0.2%-points since 2019, driven by:

New-generationinsulins in International Operations facilitated by our Market Fit approach

Investor presentation

First nine months of 2020

Novo Nordisk®

Ozempic® and Rybelsus® continue to expand GLP-1 NBRx and TRx market leadership in the US

US GLP-1 NBRx market share

US GLP-1 TRx market size and market share

NBRx share	Ozempic®	Rybelsus®	dulaglutide	TRx share
		70%
70%		NN GLP-1	Victoza®
60%				60.2%	60%

50%					50%
40%				34.7%	40%

30%				34.5%	30%

20%				13.5%	20%

10%				12.0%	10%
0%	Jun			Oct	0%	Jun
	2019			2020		2019

Ozempic®	Rybelsus®	dulaglutide

NN GLP-1	Victoza®

Class growth around 30%

49.6%

44.3%

26.9%

22.7%

3.7%

Oct

2020

Source: NBRx-IQVIA National LRx Weekly, Sep 2020

NBRx: New-to-brand prescriptions; TRx: Total prescriptions; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

Promising Rybelsus® launch in the US with European launches underway

Launch uptake of Rybelsus® vs SGLT-2s1 in the US

NBRx count	Rybelsus®	SGLT-2s

4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 Weeks

Rybelsus® re-gaining momentum in the US

and launches in Europe are underway

In the US:

Market access now around 85% across commercial and Medicare
More than 80% of new prescriptions are new to the GLP-1 class
Direct-to-consumeradvertising initiated 21 September 2020

Outside of the US, Rybelsus® has now been launched in eight countries

1 SGLT-2s is an average of empagliflozin and canagliflozin NBRx count. Source: IQVIA Xponent, weekly, Oct 2020

NBRx: New-to-brand prescriptions

Investor presentation

First nine months of 2020

Novo Nordisk®

International Operations had double digit diabetes sales growth across all regions and expanded Novo Nordisk market share

Reported diabetes sales and growth per IO geography

Diabetes value market share and share of growth in IO

DKK billion 40

				Insulin	GLP-1	Growth at CER



13%

37%
				Geographical area


		11%

10%		35%


				12%	17%
				24%	51%
		6%

				14%	12%
IO	EMEA	China	RoW

Market	NN market share	NN share of growth
share

35%
30%			30.0%

25%
20%			22.7%
15%			Market share
10%			+0.7-pp vs. 2019

5%
0%	Aug		Aug
	2018		2020

Source: IQVIA moving annual total, spot rate, Aug 2020

IO: International operations; NN: Novo Nordisk; pp: Percentage points; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; RoW: Rest of World

Investor presentation

First nine months of 2020

Novo Nordisk®

Saxenda® sales growth of 6% is impacted by COVID-19 as fewer patients initiated treatment

Reported sales split in operational units

Novo Nordisk remains global market leader

		NAO		IO	Market share (RHS)	Growth at CER
DKK											Market
billion						42%1	6%2	share
1.6											80%
				51%1					63%
1.2											60%
0.8	64%1									40%

0.4											20%
0											0%
	Q4	Q1	Q2	Q3	Q4 Q1	Q2	Q3	Q4	Q1 Q2	Q3
	2017		2018		2019		2020

Annual growth at CER
Year-to-dategrowth at CER

EMEA: Europe, Middle East and Africa, NAO: North America operations, IO: International operations, RHS: Right hand side axis

Note: Sales growth at constant exchange rates

Global

NAO

Novo Nordisk expands market leadership to 63%
Saxenda® is now launched in 54 countries
Sales growth impacted by fewer patients initiating treatment due to COVID-19 pandemic
Sales growth of 8% driven by EMEA and Rest of World
Novo Nordisk currently has a value market share of 40% in the obesity prescription drug market
Sales growth of 4% driven by both the USA and Canada
Novo Nordisk currently has a value market share of 78% in the obesity prescription drug market

Investor presentation

First nine months of 2020

Novo Nordisk®

Biopharm sales growth of 4% driven by Norditropin® and launches of new haemophilia products

Added reported Biopharm sales (YTD 2020 vs YTD 2019)

DKK			Growth at CER
billion	4%	-7%	1%	38%	13%
0.8

0.6			Haemophilia

0.4
0.2
0.0
-0.2
-0.4
-0.6
		Novo-	Novo-	Other	Nordi-
	Total	haemo-
	Seven®	Eight®	tropin®
		philia®

Biopharm sales driven by global commercial execution

Biopharm sales growth driven by:

8% growth in International Operations
Norditropin® and launches of new haemophilia products

Haemophilia sales decreased by 2% as:

Successful Esperoct® and Refixia® launches are countering the Novoseven® sales decline

Norditropin® sales increased by 13%

Novo Nordisk is the leading company in the global human growth disorder market with a value market share of 35.3%
Driven by new indications and global roll-out of the next generation device

YTD: Year-to-date

Note: 'Other haemophilia' includes the new products Esperoct® and Refixia® as well as NovoThirteen® . Unless otherwise specified, sales growth is at constant exchange rates

Investor presentation

First nine months of 2020

Novo Nordisk®

Ziltivekimab phase 2b RESCUE trial has successfully completed

In the RESCUE trial, zilti QM showed reduction

in hsCRP at all dose levels

		placebo		ziltivekimab 7.5 mg		ziltivekimab 15 mg	ziltivikemab 30 mg

% change1	12 weeks of treatment	2
				End of treament
0%
	-5%			-3%


-20%
-40%
-60%
-80%		-77%*			*
							-79%
-100%		-88%* -92%*	-91%* -93%*

Zilti QM showed reductions in inflammation biomarkers3

Zilti QM appeared to have a safe and well-tolerated profile

Addressing the residual risk of CVD for more than 5 million patients with ASCVD, CKD, and inflammation4

The phase 3 cardiovascular outcomes trial is expected to be initiated in H2 2021

Primary endpoint was the median percent change in hsCRP, * Indicates statistical significance, p < .0001
End of treatment is defined as the average of values at week 23 and week 24
Inflammation biomarkers include: Fibrinogen, serum amyloid A, haptoglobin and NTproBNP
Inflammation is defined as c-reactive protein levels greater than 2

Zilti: Ziltivekimab; QM: Once-montly; hsCRP: High-sensitivityc-reactive protein; CVD: Cardiovascular disease; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease

Investor presentation

First nine months of 2020

Novo Nordisk®

R&D milestones for Q3 2020 through 2021

							Clinical milestones1
							Regulatory milestones1



	Project	Q3 2020	Q4 2020	2021

Diabetes		✓	SUSTAIN FORTE -		SUSTAIN FORTE -
	Ozempic®	Phase 3b initiation -
	Peripheral artery disease	Phase 3 results		US/EU submission


	Xultophy®	✓China submission
	Icodec		Phase 3 initiation
	Glucose sensitive insulin	✓Phase 1 initiation				Phase 1 results

	Oral semaglutide	✓Phase 1 initiation -
	25 mg and 50 mg

Obesity	Semaglutide 2.4 mg			US/EU submission/decision
	AM833 + semaglutide 2.4 mg					Phase 3 initiation

	LA-GDF15					Phase 1 results
Biopharm	Sogroya®	✓	EU decision	Japan decision
	(somapacitan, AGHD)	US decision

	Concizumab	✓Phase 3 trials reinitiated

	Mim8					Phase 1/2 results
Other serious chronic	Semaglutide NASH	✓Phase 2 results (PoC, Gilead)				Phase 3 initiation
diseases


	Ziltivekimab	✓Phase 2 results				Phase 3 initiation

1 Expected to be published in the given quarter or in the subsequent quarterly company announcement

Note: Trial initiations could be impacted by COVID-19 status. Timeline for the FGF-21 in NASH project has moved

LA-GDF:Long-acting growth differentiation factor; AGHD: Adult growth hormone deficiency; PoC: Proof of Concept; NASH: Non-alcoholic steatohepatitis

Investor presentation

First nine months of 2020

Novo Nordisk®

Financial results - First nine months of 2020

	First nine	First nine	Change	Change
	months of	months	(reported)	(CER)
In DKK million	2020	of 2019
Sales	94,808	89,604	6%	7%
Gross profit	79,495	74,948	6%
Gross margin	83.8%	83.6%
Sales and distribution costs	23,162	22,287	4%	5%
Percentage of sales	24.4%	24.9%
Research and development costs	10,979	9,836	12%	12%
Percentage of sales	11.6%	11.0%
Administration costs	2,760	2,772	0%	1%
Percentage of sales	2.9%	3.1%
Other operating income, net	354	557	(36%)

Operating profit	42,948	40,610	6%	7%
Operating margin	45.3%	45.3%
Financial items (net)	(1,820)	(3,136)	(42%)
Profit before income tax	41,128	37,474	10%
Income taxes	8,308	7,240	15%
Effective tax rate	20.2%	19.3%
Net profit	32,820	30,234	9%
Diluted earnings per share (DKK)	14.00	12.68	10%

CER: Constant exchange rates

Investor presentation

First nine months of 2020

Novo Nordisk®

Financial outlook for 2020

	Expectations	Expectations
	30 October 2020	6 August 2020
Sales growth - at CER	5% to 8%	3% to 6%
Sales growth - reported	Around 3 percentage points lower	Around 2 percentage points lower
Operating profit growth - at CER	5% to 8%	2% to 5%
Operating profit growth - reported	Around 4 percentage points lower	Around 3 percentage points lower
Financial items (net)	Loss of around DKK 1.4 billion	Loss of around DKK 1.2 billion
Effective tax rate	20% to 22%	20% to 22%
Free cash flow	DKK 34 to 39 billion	DKK 33 to 38 billion

The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 26 Oct 2020.

17 Investor presentation First nine months of 2020

Strategic aspirations 2025

Being respected for adding value to society
Progress towards zero environmental impact
Ensure distinct core capabilities and evolve culture
Strengthen Diabetes leadership - aim at global value market share of more than 1/3
Strengthen Obesity leadership and double current sales1
Secure a sustained growth outlook for Biopharm

Novo Nordisk®

Further raise the innovation-bar for diabetes treatment
Develop a leading portfolio of superior treatment solutions for obesity
Strengthen and progress the Biopharm pipeline
Establish presence in Other serious chronic diseases focusing on CVD, NASH and CKD
Deliver solid sales and operating profit growth
- Deliver 6-10% sales growth in IO
- Transform 70% of sales in the US2
Drive operational efficiencies across the value chain to enable investments in future growth assets
Deliver free cash flow to enable attractive capital allocation to shareholders

1 Based on reported sales in 2019, 2 From 2015 to 2022. IO: International Operations; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease.

18 Investor presentation First nine months of 2020

Investor contact information

Share information

Novo Nordisk's B shares are listed on the stock exchange in Copenhagen under the symbol 'NOVO B'. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'.

For further company information, visit Novo Nordisk on:

www.novonordisk.com

Upcoming events

03 Feb 2021 Financial statement for the full year of 2020

25 March 2021 Annual General Meeting

5 May 2021 Financial statement for the first three months of 2021

5 August 2021 Financial statement for the first six months of 2021

3 November 2021 Financial statement for the first nine months of 2021

Novo Nordisk®

Investor Relations contacts

Novo Nordisk A/S

Investor Relations

Novo Allé

DK-2880 Bagsværd

Daniel Muusmann Bohsen	+45 3075 2175	dabo@novonordisk.com
Valdemar Borum Svarrer	+45 3079 0301	jvls@novonordisk.com
Ann Søndermølle Rendbæk	+45 3075 2253	arnd@novonordisk.com
Mark Joseph Root	+45 3079 4211	mjhr@novonordisk.com
Kristoffer Due Berg (USA)	+1 609 235 2989	krdb@novonordisk.com

Investor presentation

First nine months of 2020

Agenda

Appendix

Novo Nordisk corporate strategy	20
Diabetes care	32
Obesity care	49
Biopharm & Other serious chronic diseases	59
Regional information	75
Financials	108
Sustainability	117

20	Investor presentation	First nine months of 2020

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk's opportunity is in the large unmet needs across all therapy areas in scope

DIABETES

OBESITY

HAEMOPHILIA

~650million

~463million

~0.5million

	~6%		~2%		~25%
Peoplewith	Peopleingood	Peoplewith	Peoplemedically	Peoplewith	Peoplebeing
diabetes	control	obesity	treated	haemophilia	treated

OTHER SERIOUS CHRONIC

DISEASES

80%ofdiagnosedNASH patientsareobese

and35%haveT2DM

70%ofdiabetespatientsdie fromatheroscleroticCVD

40%ofpatientshospitalised forheartfailurearediabetic

~50%ofthetotalCKD populationsuffersfrom diabeticnephropathy

NASH: Non-alcoholic steatohepatitis, T2DM: Type 2 diabetes mellitus, CVD: Cardiovascular disease, CKD: Chronic kidney disease

Source: International Diabetes Federation; Diabetes Atlas 9th Edition 2019, IQVIA MIDAS 2017, World Federation of Haemophilia - Annual survey 2018; Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of non-alcoholic fatty liver disease and non-alcoholic steatohepatitis among a largely middle-aged population utilising ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk has leading positions in diabetes, obesity and haemophilia

DKK		Diabetes care			DKK	Obesity care

billion				billion
700			#1	50%	12			#1
600				40%	10
500
				8
				30%
400
				6
300
			20%
				4
200
			10%
100		CAGR1 value: 12.0%		2		CAGR2 value: 10.1%
0	Aug		Aug	0%	0	Aug		Aug
	2015	Market value	2020			2018	Market value	2020
		NN value market share				NN value market share
		Global market position				Global market position

	DKK	Haemophilia

	billion
80%	80			#2	50%

60%	60				40%

40%					30%
40
					20%
20%	20		CAGR3 value: 2.0%		10%

0%	0	FY		FY	0%

		2015	Market value	2019

value market share Global market position

1 CAGR for 5-year period; 2 CAGR for 2-year period; 3 CAGR for 5-year period; Note: Annual sales figures for haemophilia A, B and bypassing agents segment. Recombinant and plasma derived products Source: Company reports, IQVIA MAT, Aug 2020

NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

Continued single digit volume growth within the insulin segments globally

tMU		Long-acting insulin			tMU		Premix insulin			tMU

250		CAGR volume1: 5.0%		100%	160		CAGR volume1: 1.0%		100%	200

		MI penetration2: 77.4%					MI penetration2: 47.7%
200				80%	120				80%	160

150				60%					60%	120
					80
100				40%					40%	80
50				20%	40				20%	40

0	Aug	Segment volume	Aug	0%	0	Aug	Segment volume	Aug	0%	0
	2015	2020			2015	®	2020
		®					NovoMix 30
		Levemir					Ryzodeg®
		®
		Tresiba					Combined
		Combined

Fast-acting insulin

	CAGR volume1: 4.6%		100%

	MI penetration2: 80.3%
				80%
				60%
				40%
				20%
Aug	Segment volume	Aug	0%
2015	NovoRapid	®	2020

	Fiasp®
	Combined

CAGR for 5-year period
Includes new-generation insulin. tMU: Thousand mega units; NN: Novo Nordisk

Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; Data is sensitive to changes in IQVIA data collection and reporting methodology.

Source: IQVIA MAT, Aug 2020 volume figures

Investor presentation

First nine months of 2020

Novo Nordisk®

Sales growth of 7% at CER, mainly driven by the Diabetes and Obesity care segment

	Novo Nordisk reported quarterly sales	Reported sales for the first
DKK	by therapy		nine months of 2020
billion
40				Other Biopharm
35		Reported sales
	CAGR1: 6.7%	Growth disorders
30			Haemophilia	1%
		(4.3%)1	6%
25			8%

20		4.3%1	Obesity	4%
	1.5%1

15		7.9%1

10
5					80%

0	Q3	Other	Q3		Diabetes care

	2010	Norditropin®	2020

Haemophilia	Sales of DKK 94.8 billion (+7%)
Diabetes and Obesity care

Reported sales and growth breakdown for

the first nine months of 2020

Therapy	Sales	Growth	Share of
	(mDKK)		growth

Long-acting insulin2	13,426	(13%)	(33%)
Premix insulin3	8,220	6%	8%
Fast-acting insulin4	14,082	(1%)	(2%)
Human insulin	7,195	8%	9%
Total insulin	42,923	(3%)	(18%)
GLP-15	30,051	29%	107%
Other Diabetes care6	3,056	(4%)	(2%)
Total Diabetes care	76,030	8%	87%
Obesity care (Saxenda®)	4,223	6%	4%

Diabetes and Obesity care	80,253	8%	91%

Haemophilia7	7,522	(2%)	(2%)
Growth disorders	5,872	13%	11%
(Norditropin®)
Other Biopharm8	1,161	1%	0%

Biopharm	14,555	3%	9%
Total	94,808	7%	100%

CAGR for 10-year period; 2 Comprises Tresiba®, Xultophy® and Levemir®; 3 Comprises Ryzodeg® and NovoMix®; 4 Comprises Fiasp® and NovoRapid®; 5 Comprises Victoza® ,Ozempic®, Rybelsus® ; 6 Primarily Novonorm®, needles and GlucaGen® HypoKit®;

Comprises NovoSeven®, NovoEight®, NovoThirteen® , Refixia®, and Esperoct®;8 Primarily Vagifem®, Activelle®, Macrilen® Note: Refixia® and NovoThirteen® are launched as Rebinyn® and TRETTEN®, respectively, in North America. Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rates

Investor presentation

First nine months of 2020

Novo Nordisk®

Sales growth of 7% at CER, driven by IO sales growth of 12% and 2% sales growth in NAO

Historic sales by geography

8%9%

9%11%

32%31%

51%50%

2015		2019
	North America	EMEA	China	RoW

Reported sales for the first	Reported sales and growth breakdown for the
nine months 2020	first nine months 2020

RoW	North America	Regions	Sales	Growth	Share of
	Operations	(mDKK)	growth
14%		International Operations	50,399	12%	83%
Region		EMEA	26,159	11%	39%
China

11%	47%	Region China	10,836	12%	19%

	RoW	13,404	13%	25%

		North America Operations	44,409	2%	17%
28%		Here of USA	41,947	2%	11%
EMEA
	Total sales	94,808	7%	100%

Sales of DKK 94.8 billion (+7%)

IO: International Operations; NAO: North American Operations; EMEA: Europe, Middle East, and Africa; RoW: Rest of World; Region China covers mainland China, Hong Kong and Taiwan.

Note: Numbers do not add up to 100% due to rounding; Growth at Constant exchange rates

Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rates

Investor presentation

First nine months of 2020

Novo Nordisk®

Insulin sales remain important with more than 40% share of revenue but with less dependence on the US insulin sales

Q3 2015 sales split

Q3 2020 sales split

30%

42%

57%

13%

28%

IO insulin NAO insulin Other products

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk has a set of strategic aspirations including an innovation and therapeutic focus

Further raise the innovation bar for diabetes treatment

InsulinGLP-1

Curative
treatment
Glucose-sensitive	Oral GLP-1
Insulin	analogue
Once-weekly	Weekly GLP-1
	analogue
Long-	GLP-1
acting	analogue
Insulin	Native GLP-1
analogue

Develop a leading portfolio of superior treatment solutions for obesity

5	Today's marketed
treatment options

10
	Semaglutide 2.4 mg
15
20
	Pipeline
25
Bariatric surgery

Strengthen and	Establish presence in
progress the Biopharm	Other serious
pipeline	chronic diseases
Curative	CVD	CKD

therapy
Non-invasive
therapy
Mim8
Concizumab
Esperoct®
Refixia®	NASH	Stem Cells

NovoEight®

NovoThirteen®

NovoSeven®

Weight loss over time

CVD: Cardiovascular disease; CKD: Chronic kidney disease; NASH: Non-alcoholic steatohepatitis

Investor presentation

First nine months of 2020

Novo Nordisk®

The future of R&D is to focus on increasing the number of clinical assets while maintaining industry-leadinglate-stage success

R&D investments will expand

Increased clinical assets

Industry-leading success rate1 from

beyond historic focus	Pipeline	driving R&D investment

		Assets
Diabetes	Obesity

Success Rate

100%

any phase to market

	ILLUSTRATIVE
Biopharm	Devices

NASH	Stem Cells

CVDCKD

2019		Future
	Phase 1	Phase 3

	Phase 2	Submission

ILLUSTRATIVE

80%

60%

40%

20%

Phase 1	Phase 2	Phase 3 Submission
Novo		Industry	Industry	Future

Nordisk		range	average

NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease; CKD: Chronic kidney disease. 1Probabilities of success to market were calculated using substances entering phase between 2008 and 2014 and year of assessment 2017. Source: CMR International, 2017

Investor presentation

First nine months of 2020

Novo Nordisk®

Pipeline supports significant growth opportunities across all four strategic focus areas

PHASE 1	PHASE 2	PHASE 3	SUBMITTED
NN1535 - Icosema (LAIsema)	NN1436 - Icodec (LAI287)	Semaglutide obesity	Somapacitan - QW AGHD1
NN1965 - Insulin 965	NN9838 - Amylin AM833	SELECT - Semaglutide 2.4 mg in
obesity CVOT

NN1147 - Insulin 147	EX2020 - Macrilen, GHD5	Somapacitan - QW GHD2
NN9389 - QW Sema + GIP	NN9931 - Semaglutide NASH	Concizumab
NN1845 - Glucose sensitive	NN9931 - Gilead NASH	SUSTAIN FORTE - Semaglutide 2.0 mg
insulin

NN9775 - PYY 1875 analogue	NN6018 - Ziltivekimab	SOUL - Oral semaglutide CVOT
NN9215 - LA-GDF15		FLOW - Semaglutide 1.0 mg in
	chronic kidney disease

NN9838 - AM833 and Sema		FOCUS - Semaglutide 1.0 mg in
	diabetic retinopathy

NN7769 - Mim8 (Phase 1/2)
NN7533 - Eclipse
NN9500 - FGF-21 NASH
NN6434 - PCSK9i
NN6177 - GG-co-agonist4
STT-5058 - STATEN, ApoC3 mAb

APPROVED

Tresiba®

Xultophy®

Levemir®

Ryzodeg®

NovoMix®

Fiasp®

NovoRapid®

Victoza®

Ozempic®

Rybelsus®3

Saxenda®

NovoSeven®

NovoEight®

NovoThirteen®

Refixia®/Rebinyn®

Norditropin®

Sogroya®6

Diabetes	Obesity	Haemophilia	Growth Disorders	Other serious chronic diseases

1 Study conducted in adult growth hormone disorder; 2 Study conducted in growth hormone disorders; 3 Approved in the US, the EU, and Japan; submitted in Canada; 4 Study conducted in NASH; 5 Novo Nordisk only holds the commercial rights in North America; 6 Approved in the US

LAIsema: Long-acting insulin combined with semaglutide; PYY: Peptide YY; QW: Once-weekly; GG: Glucagon GLP-1; mAb: monocolonal antibody; GDF15: Growth differentiation factor 15; Sema: Semaglutide; FGF-21: Fibroblast growth factor 21; LAI: Long-acting

insulin; AGHD: Adult growth hormone disease; GHD: Growth hormone disorder; lira: Liraglutide; Note: the obesity co-agonist and tri-agonist projects have been terminated

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk holds solid patent protection, high barriers to entry, and a collaborative approach to innovation

Novo Nordisk's position is protected by patents and value chain setup

EU/US patent

protection1

20312

Barriers to entry for biosimilar players

Research & Development

•	Need to show comparability in PK/PD trials
•	Strict regulatory requirements in the EU and the US

Partnerships and acquisitions support

future R&D

20312,3

20304

2034/322

2028/29

2027/282

2023

•	Requirement for both drug and device offering

Manufacturing

Economies of scale
Up-frontCAPEX requirements with slow return on investment

Commercialisation

Large and fragmented target audience
Cost pressure from payers
On-goingconversion to next-generation drugs and slow market dynamics

siRNA treatments

Novel treatments for CVD

Combination treatments for

NASH

Gene editing for haemophilia

1 List does not include all marketed products. 2 Current estimates; 3 Tablet formulation and once-daily treatment regimen are protected by additional patents expiring in 2031-2034;4 Formulation patent; active ingredient patent has expired; Saxenda® patent identical to Victoza® patent. PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure; siRNA: Silencing ribonucleic acid; NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk's core capabilities provide a competitive advantage to continue to defeat diabetes

Engineering, formulating,	Efficient large-scale	Global commercial reach and	Deep disease
developing and delivering	production of proteins	leader in chronic disease care	understanding
protein-based treatments

Today: Oral solutions to	Today: The world's
differentiate from	largest producer of
competition	insulin and GLP-1
Tomorrow: Expand oral	Tomorrow: Expand capacity by
platforms and transformational	completion of the US diabetes
medicines via Novo Nordisk stem	API facility and continued
cell platform	efficiency gains

Today: Global reach and	Today: Provide value and
Ozempic® was the fastest	outcomes beyond HbA1c
blockbuster in diabetes	for diabetes
Tomorrow: Continued rollout of	Tomorrow: Normalise living with
injectable diabetes portfolio and	diabetes supported by digital
launch of Rybelsus®	solutions

API: Active pharmaceutical ingredient

Investor presentation

First nine months of 2020

STRENGTHEN LEADERSHIP

by offering innovative	1.	Disease and market	33

medicines and driving	2.	Insulin segment	41

patient outcomes	3. GLP-1 segment	44

Diabetes care

Investor presentation

First nine months of 2020

Novo Nordisk®

Diabetes - the inability to manage blood sugar levels appropriately

Facts about diabetes

Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin produced by the pancreas

Primary classifications:

Type 1 diabetes: Complete insulin deficiency due to destruction of beta- cells in the pancreas

Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency

Insulin:

Facilitates uptake of blood sugar into cells
Inhibits glucose release from the liver

Fat cell

LiverPancreas

Insulin action profiles

Fast-acting

Premix

Long-acting

6:00	10:00	14:00	18:00	22:00	2:00	6:00
					Time of day
	Breakfast	Lunch	Dinner

Muscle

Investor presentation

First nine months of 2020

Novo Nordisk®

GLP-1s have positive effects beyond glycaemic control and treatment guidelines now reflect the CV risk benefits

Medications for treatment of type 2 diabetes

Class	HbA1C	Hypoglycaemia	Weight	CV risk
change
	change	risk	reduction
Metformin	1.5	No	Neutral	Minimal

Sulfonylurea	1.5	Yes	Gain	None

ADA/EASD diabetes treatment guidelines for second-line

treatment with established ASCVC or CKD

First-line therapy is metformin and lifestyle management.

If HbA1c above target, proceed as below

NO Without

Established ASCVD or CKDestablished ASCVD or CKD

YES

TZDs	0.5 - 1.4	No	Gain	Varies
DPP-IV inhibitors		No	Neutral	Neutral
0.6 - 0.8

SGLT-2 inhibitors	0.5 - 0.9	No	Loss	Varies

GLP-1	1.0 - 1.8	No	Loss	Varies

Long-acting insulin	1.5 - 2.5	Yes	Gain	TG and HDL
Fast-acting insulin	1.5 - 2.5	Yes	Gain	TG and HDL

ASCVD predominates

GLP-1		SGLT-2
	with proven CVD
with proven CVD
	benefit*,
benefit*
	if eGFR adequate

	EITHER/OR

If HbA1c above target

If further intensification is required or patient is now unable to tolerate GLP-1 and/or SGLT-2, choose agents demonstrating CV safety…

HF OR CKD

predominant

*Proven CVD benefit means it has label indication of reducing CVD events. For GLP-1 strongest evidence for liraglutide>semaglutide>exenatide extended release. For SGLT-2 evidence modestly stronger for empagliflozin>canagliflozin. ASCVD: atherosclerotic cardiovascular disease; CKD: chronic kidney disease; CV: cardiovascular; CVD: cardiovascular disease; CVOT: cardiovascular outcome trial; DPP-4: dipeptidyl peptidase-4 inhibitor; eGFR: estimated glomerular filtration rate; GLP-1:glucagon-likepeptide-1 receptor agonist; HF: heart failure; SGLT-2: sodium glucose co-transporter-2 inhibitor

Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29: 1963-1972; Nathan DM, et al. 2007;30:753- 759; Nathan DM, et al. Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008; 31:S12-S54. WelChol PI. 1/2008. Management of Hyperglycemia in Type 2 Diabetes, 2018. A Consensus Report by the American Diabetes Association (ADA) and the European Association for the Study of Diabetes (EASD)

Investor presentation

First nine months of 2020

Novo Nordisk®

People with diabetes have increased mortality risk with eight years shorter life expectancy, highlighting the importance of innovation

Diabetes is associated with shorter life expectancy			The unmet need remains large within diabetes
	and lower quality of life
						Untreated (million)

			463		Treated with competitors' products (million)

	•	Life expectancy 8 years shorter1		Treated with Novo Nordisk' products (million)



	Diabetes •	Driven by 200% increased risk of all		101

		cause mortality1

70% of people with diabetes die from

CVD	atherosclerotic CVD2	183

	• 150% increase in risk of stroke3	56

Organs	• Higher likelihood of neuropathy,
retinopathy, limb amputation, cancer
	and cognitive dysfunction4

				24
	30				3

Diabetic	Other OAD	Insulin Branded OAD	GLP-1
population5

1 Diabetes Care 2017 Mar; 40 (3): 338-345;2 https://www.who.int/cardiovascular_diseases/en/; 3 https://www.diabetes.org/diabetes/complications/stroke.; CVD: Cardiovascular disease; OAD: Oral anti-diabetic;

4Diabetes Care2005 Jan;28(1):164-1765 IDF diabetes world atlas, 2017, 8th edition

Investor presentation

First nine months of 2020

Novo Nordisk®

Global diabetes prevalence is increasing and 700 million people are expected to have diabetes by 2045

Million

The number of people with diabetes is expected to

increase 51% by 2045

Of the 463 million, around 30 million1 people are currently treated

with Novo Nordisk diabetes products

800

700

600

500

400

300

200

100

+51%

579

463

700

1.9 mio treated with GLP-1

2.4 mio treated with new-generation insulin

mio treated13.0 mio treated with generationmodern insulin

treated with

10.9 mio treated with human insulins

2019		2030	2045
	EMEA	Region China		RoW	North America

treated with

Source: International Diabetes Federation: Diabetes Atlas 1st Edition 2000 and Diabetes Atlas 9th Edition 2019	1 In addition to the above-mentioned product classes, oral anti-diabetics constitutes the remainder of people treated with Novo
EMEA: Europe, Middle East, Africa; RoW: Asia Pacific, Latin America;	Nordisk products

Investor presentation

First nine months of 2020

Novo Nordisk®

Diabetes is a chronic disease requiring treatment intensification over time

β-cell function

Distribution of patients and value across treatment classes

Diet and exercise

			100%							5%

	OAD

			80%			44%			18%

	GLP-1								13%


			60%
							18%			20%

		Insulin	40%
				4%


							8%
			20%			26%			43%

			0%
Time				Patients				Value

					Insulin		GLP-1	SGLT2i	DPP-IV		Traditional OADs

Note: Patient distribution across treatment classes is indicative and based on data for the USA, Germany and France. Other OADs covers: metformin, sulfonylurea, thiazolidinediones.

Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS; value figures based on IQVIA MAT, Aug 2020

OAD: Oral anti-diabetic

Investor presentation

First nine months of 2020

Novo Nordisk®

Diabetes volume growth remains solid with 4% growth in a large USD 50 billion diabetes market

The number of treated patients1 is expected to	The diabetes realised value2 is expected to grow by
grow by 4% annually towards 2026	3% annually towards 2026
CAGR: +4%	CAGR: +3%

	ILLUSTRATIVE

		ILLUSTRATIVE
206M	50bn

2019		2026		2019	2026
	Other OAD		DPP-4i		SGLT-2i	GLP-1	Insulin

Key trends in diabetes

Innovation focused on oral GLP-1 and combinations
Biosimilar competition and loss of exclusivity
Diabetes technology with digital health
Patients outcome beyond glucose control
Evolving payer dynamics and market access hurdles
Access and affordability of medicine

1 Patient data: Novo Nordisk forecast; 2 Value data: 2018 data based on company reported sales and 2025 is based on a projection of diabetes market realised sales;

Note: GLP-1+basal insulin combination sales are included in insulin; Other OAD includes metformin, SU and TZDs; DPP-4i+SGLT-2i products are included in the SGLT-2i group. Growth rates are compound annual growth rates (CAGR).

Investor presentation

First nine months of 2020

Novo Nordisk®

The total branded diabetes market for the first half of 2020, annualised, had a global value of DKK ~300 billion

DKK billion

350

300

250

200

150

100

Global diabetes market

+5%	2018/19	2019/20

276	295	Growth at CER

		-3%
	130 128

					24%
							-2%
						73
					60	60
				58		19%
								28	34
Total	Insulin	GLP-1	DPP-IV	SGLT-2

DKK billion 150

100

DKK billion

150

100

									The USA
		-1%

143 145

						-13%
							+21%
					61	54
						54			-13%
					43					+3%
										23	21
												15	16
		Total	Insulin	GLP-1	DPP-IV	SGLT-2
								Rest of world
	+12%

134 150
						+6%
													+4%
					69	73
									+33%		37	39		+37%
										19
								14	13	18

		Total	Insulin	GLP-1	DPP-IV	SGLT-2

2018/19: Covers the four quarters from Q3 2018 to Q2 2019, except for Boehringer Ingelheim share of Trajenta which covers full year; 20182019/20: Covers the four quarters from Q3 2019 to Q2 2020, except for Boehringer Ingelheim share of Trajenta which

covers full year 2019; Note: Constant exchange rates between periods and Boehringer Ingelheim's regional split is based on regional split from 2019 Annual report for prescription medicine; Source: Company reported sales

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk has a strong leadership position within the growing diabetes market

Global diabetes market by treatment class1	Novo Nordisk remains global diabetes
	value market leader

DKK
billion
350	Market CAGR2: 8.5%			35%	29%
300						30%

250			CAGR: 6.7%		25%

200			CAGR: 192.7%		20%
150			CAGR: 29.5%		15%
100			CAGR: 0.4%		10%
50						5%
0						0%	Aug
14FY	15FY	16FY	17FY	18FY	19FY	Aug
2010	2020

						Novo Nordisk	Takeda
	Insulin	GLP-1	SGLT2	DPP-4		Sanofi	Eli Lilly
						Merck	BI
						AstraZeneca	Novartis
						J&J

Novo Nordisk market share and

share of growth

60%
50%
40%		36%
30%		29%
20%

10%
0%
Aug		Aug
2017	NN market share	2020

NN share of growth

Data is based on company reported sales from Sanofi, Eli Lilly, AstraZeneca, GSK, Novartis, Johnson & Johnson, and Merck. Data does not include generic metformin, sulphonylureas or thiazolidinedione
CAGR for 5-year period

OAD: Oral anti-diabetic; NN: Novo Nordisk ; Source: IQVIA MAT, Aug 2020 value figures Note: IQVIA data can be inflated due to use of list prices in the US ; BI: Boehringer Ingelheim

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk global insulin market leadership expanded to 46.9% and the global insulin volume market grew by 2.8%

Global

North America Operations		Market growth: 2.8%	International Operations
	Market growth: 0.2%		MS: 46.9%	Market growth: 3.8%
	MS: 39.6%		MS gain/loss1: 0.4%-p	MS: 49.7%
	MS gain/loss1: -0.3%-p		Sales growth: -3%	MS gain/loss1: 0.6%-p
	Sales growth: -22%			Sales growth: 10%

USA

Market growth: 0.2%

MS: 39.5%

MS gain/loss1: -0.6%-p

Sales growth: -23%

Source: IQVIA MAT, Aug 2020 volume figures

Note: Sales growth for first nine months of 2020 at constant exchange rates; Market shares are for Novo Nordisk and market growth for the total insulin market

1MS gain/loss compared with Aug 2019 reported MS

EMEA: Europe, Middle East, Africa; MS: Market share; RoW: Asia Pacific; Latin America;

	Region China
	Market growth: 5.1%
	MS: 49.5%
	MS gain/loss1: -0.6%-p
EMEA	Sales growth: 14%
RoW
Market growth: 2.7%
MS: 47.2%	Market growth: 6.2%
MS gain/loss1: 0.4%-p	MS: 57.0%
Sales growth: 6%	MS gain/loss1: 1.1%-p
	Sales growth: 12%

NN market share NN share of growth Market growth (right axis) NN growth (right axis)

Investor presentation

First nine months of 2020

Novo Nordisk®

Insulin market size and volume share of growth and market share

	Insulin market share and market size (DKK billion)		Market	Market
									growth	share
Total			45%				268	2%	+0.3%
Long-		38%	133			4%	+0.0%
Acting

Fast-		53%	93				0.1%	+1.3%
Acting

		66%
Premix		18							-3.1%	+0.7%
		36%
Human		24			Novo Nordisk		Competitors		0.8%	-0.8%

Insulin volume: Share of growth and

market share

80%			10%
60%		62%	8%

		47%	6%
40%
			4%
20%			2%

0%	Aug	Aug	0%
	2017	2020

Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT, all countries; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

Icodec, a once-weekly insulin, improved PPG control, HbA1c, and increased the number of patients reaching target in a phase 2 trial

Icodec showed statistically significant

Numerical improvement in HbA1c

The proportion of patients on icodec

post prandial blood glucose control

over 26 weeks

reaching HbA1c targets was higher

FPG

Icodec

Glargine U100

Change

Icodec

Glargine U100

Proportion

Icodec

Glargine U100

(mmol/L)

in HbA1c

of patients

9		0.0							100%
*	*

8		-0.2								72% 68%
	-0.4							75%

7		-0.6									49%
		-0.8							50%
6									39%
	-1.0
					-1.15

								25%
5		-1.2					-1.33
	-1.4


4		-1.6							0%
		0	4	8	12	16	20	26		< 7.0%	≤ 6.5%
					Weeks						HbA1c target

*Statistically significant at week 26

PPG: Post-prandial control; FPG: Fasting plasma glucose

Investor presentation

First nine months of 2020

Novo Nordisk®

GLP-1 effect dependent on blood glucose level

GLP-1 mechanism of action when blood

sugar levels increase

Increases insulin secretion in the pancreas
Reduces glucagon secretion in the liver
Slows gastric emptying in the gut
Creates sense of satiety in the brain

Brain

Liver

Gut

Pancreas

Diabetes

CVD

Obesity

NASH

CKD

Brain

disorders

Semaglutide holds a plethora of

therapeutic opportunities FORTE - Semaglutide 2.0 mg

Semaglutide s.c. ~961 patients, T2D

FOCUS - Diabetic retinopathy outcomes trial

Semaglutide s.c; ~1,500 patients, T2D ≥10 years

SOUL - Cardiovascular outcomes trial

Oral semaglutide; ~9,600 patients, T2D, established CVD or

CKD

SELECT - Cardiovascular outcomes trial

Semaglutide 2.4 mg, ~17,500 patients with obesity and without diabetes, event driven

Semaglutide in NASH

Semaglutide s.c.; phase 2 trials

FLOW - Chronic kidney disease outcomes trial

Semaglutide 1.0 mg; ~3,200 patients, T2D, moderate to severe CKD

Investigator initiated trials

Alzheimer's disease
Parkinson's disease

S.c: Subcutaneous; T2D: Type 2 diabetes; CVD: Cardiovascular disease; CKD: Chronic kidney disease

Investor presentation

First nine months of 2020

Novo Nordisk®

The global GLP-1 market penetration varies across regions with Novo Nordisk having a best-in-class portfolio

GLP-1 market growth and Novo Nordisk market share

GLP-1 value and patient share1 of the total diabetes market

70%			25%

60%		57.7%
50%		47.6%	20%


40%		38.6%	15%
30%			10%

20%
10%			5%

0%	Aug	Aug	0%
	2017	2020
	NN market share	NN share of growth
	Market growth	NN growth

24%

20%

14%

	7%	5%	7%

		2%

World	North	EMEA Region	RoW
	America	China

GLP-1 value share of total diabetes

GLP-1 patient share of total diabetes

Source: 1Patient share based on data for the USA, the UK, Germany and France only. IQVIA MAT value, Aug 2020; EMEA: Europe, Middle East, Africa; RoW: Rest of World

Investor presentation

First nine months of 2020

Novo Nordisk®

GLP-1 sourcing is primarily from outside the class but GLP-1s are still typically used after failure on other products

US 'line of usage' across product classes

100%

80%

60%

40%

20%

Metformin

DPP-4i

SGLT-2i

GLP-1

Share of patients on OADs achieving

HbA1c below 7% in major European countries

HbA1c >7%

43%

57%

HbA1c <7%

GLP-1 source of business

(new-to-brand prescription market share)

Insulin and Treatment

GLP-1 naive

5% 5%

Insulin

25%

50%

11%

GLP-1OAD

1st 2nd 3rd 4th 5th

Note: Data based on data from France, Germany, the UK and the USA only

OAD: Oral anti-diabetic (includes but is not limited to DPP-IV,SGLT-2, metformin and sulfonylurea)

Source: IQVIA Disease Analyser (France, Germany and the UK) and IQVIA LRx (USA), Jun 2018

Investor presentation

First nine months of 2020

Novo Nordisk®

SUSTAIN trials with subcutaneous semaglutide

SUSTAIN	1	2	3	4	5		6		7
Baseline	8.1%	8.1%	8.3%	8.2%	8.4%		8.7%		8.2%

							-0.1
			-0.5					-0.4
Change in
				-0.8
HbA1c (%)				-0.9			-1.1		-1.1
			-1.3		-1.2
				-1.8-1.4	-1.4			-01
		-1.5	-1.5
	-1.6	-1.6	-1.6		-1.8-1.5
					1.2
Baseline	92 kg	89 kg	96 kg	93 kg	92 kg		92 kg		95 kg

		-1					-1.4	-0.7

			-1.9	-1.9
Change in								-2.3

									-3.0
weight (kg)					-3.5	-3.7		-3.6
	-3.7
		-4.3
	-4.5			-5.2		-4.9			-4.6

				-5.6
			-6.1		-6.4			-6.5

	semaglutide 1.0 mg	semaglutide 0.5 mg	placebo	sitagliptin 100 mg	exenatide ER	glargine U100	dulaglutide 1.5 mg	dulaglutide 0.75 mg

Statistically significant; SUSTAIN 1: QW sema vs placebo in drug-naïve people with T2D; SUSTAIN 2: QW sema vs sitagliptin 100 mg QD in people with T2D added to 1-2 OADs; SUSTAIN 3: QW sema vs QW exenatide ER 2.0 mg in people with T2D added to 1-2 OADs; SUSTAIN 4: QW sema vs QD insulin glargine in people with T2D added to 1-2 OADs; SUSTAIN 5: QW sema vs placebo in people with T2D added to insulin; SUSTAIN 6: QW sema vs placebo, added to standard-of-care; SUSTAIN 7: QW sema vs QW dulaglutide 75 mg and 150 mg in people with T2D added to 1-2 OADs: ER: Extended-release; QW: once weekly; QD: once daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics

Investor presentation

First nine months of 2020

Novo Nordisk®

PIONEER programme with oral semaglutide

PIONEER	1		2	3	4	5	7	8
Baseline	8.0%		8.1%	8.3%	8.0%	8.0%	8.3%	8.2%

		-0.1			-0.1	-0.1
Change in				-0.5			-0.7	-0.6
HbA1c (%)
-0.8			-0.8				-1.0
		-0.9	-1.1	-1.1

	-1.3			-1.1	-1.3		-1.4	-1.4
		-1.4	-1.4

	88 kg		92kg	91 kg	94 kg	91 kg	89 kg	0.6
Baseline		86 kg

				-0.7	-0.7	-1.1	-0.8	-1.0
	-1.7	-1.5		-1.2

			-2.2
Change in	-2.5					-2.9	-2.9
			-3.2
weight (kg)				-3.3
		-4.2-3.8	-3.7
	-4.1				-4.3
		-4.7

oral semaglutide 3 mg

oral semaglutide 7 mg

oral semaglutide 14 mg

placebo

sitagliptin 100 mg

empagliflozin 25 mg

Victoza® 1.8 mg

Note: PIONEER 9 and PIONEER 10 were Japanese studies and PIONEER 6 was a CV safety study. * Statistically significant based on the hypothetical treatment policy; PIONEER 1: QD oral sema vs placebo in people with T2D treated with diet and exercise only;

PIONEER 2: QD oral sema vs empagliflozin 25 mg in people with T2D; PIONEER 3: QD oral sema vs sitagliptin 100 mg in people with T2D; PIONEER 4: QD oral sema vs Victoza® 1.8 mg and placebo in people with T2D; PIONEER 5: QD oral sema vs placebo in people

with T2D and moderate renal impairment; PIONEER 7: QD oral sema using a flexible dose adjustment based on clinical evaluation vs sitagliptin 100 mg in people with T2D; PIONEER 8: Effects of QD oral sema vs placebo in people with long duration of T2D

treated with insulin ER: Extended-release; QW: once weekly; QD: once daily; oral sema: oral semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics; CV: Cardiovascular

Investor presentation First nine months of 2020

STRENGTHEN TREATMENT OPTIONS

THROUGH MARKET DEVELOPMENT

AND BY OFFERING INNOVATIVE

MEDICINES AND DRIVING PATIENT

OUTCOMES

1. Obesity disease and market	50

2. Obesity market development	52


3. Innovation	53

Obesity care

Investor presentation

First nine months of 2020

Novo Nordisk®

People with obesity are at an increased risk of developing severe comorbidities that are life-threatening and costly for society

Diabetes

CVD

Heart

failure

Sleep

apnoea

Osteo-

arthritis

Increased risk of type 2 diabetes

Increased risk of CVD

Increased risk of heart failure

Increased severity of sleep apnoea

Increased risk of osteoarthritis

Only 2% of the 650 million people with obesity

are treated with prescription medication

650 million people with obesity

Visit the doctor

Discussion and
evaluation of
next steps Actively
managed1	2% treated2

Global healthcare cost related to obesity

expected to increase by 50% by 2025

		USD ~1.2


	USD ~1.0	trillion
USD ~0.8	trillion
trillion

2017 2020 2025

CVD: Cardiovascular disease; AOM: Anti-obesity medication, TRx SU Volume.

The figure illustrates some of the intervention points to treat obesity with prescription medication

Attempt to manage weight through lifestyle modification or surgery
2% of people with obesity are estimated to be treated with anti-obesity medication

Source: World Obesity Federation, 2017; IQVIA Xponent MAT, May 2020 and NSP MAT, May 2020; IQVIA MIDAS 2017

Investor presentation

First nine months of 2020

Novo Nordisk®

Saxenda® addresses a global unmet need for medical weight management

Global obesity prevalence

Saxenda® launched countries

Global reimbursement status

<10% <10-19.9%<20-29.9%>30%

Saxenda® now launched in 54 countries

70% access in commercial channel, but due to employer opt-in, effective access is around 20%

Reimbursement in IO is predominantly out-of-pocket

NICE has recommended Saxenda® for use by NHS in select patient populations

~60% coverage by private insurance, 20% of which includes restricted/unrestricted coverage

Saxenda® reimbursed April 2020 in selected patient groups

NAO: North America Operations; IO: International Operations; EMEA: Europe, Middle East, Africa; RoW: Rest of World;

CER: Constant exchange rates

Investor presentation

First nine months of 2020

Novo Nordisk®

Global obesity market share, market growth, and US volume and value market

Obesity market growth and Novo Nordisk	Obesity market size and growth	US obesity care market remains small at
market share		around USD 853 million

			DKK				TRx SU		mUSD/value
80%		60%	billion	~3%			market share		market share
				100		900

			10	1		10
	63%	50%


60%		40%					80
								600
							60
40%		30%
		~18%

		20%					40		300
					63%
20%
3%		55%			20
	10%

0%	NN market share	0%	Aug	Saxenda®	Others	Aug	0	Volume	0	Value

	Market growth (right axis)		2019			2020	Generic	Other branded AOM	Saxenda®

Source: IQVIA, Aug 2020, Value MAT, all countries; IQVIA Xponent MAT, May 2020 and NSP MAT, May 2020.

Investor presentation

First nine months of 2020

Novo Nordisk®

Making obesity a healthcare priority requires stakeholder engagement

Market maturity

HCPs take action by referring or managing obesity as any other chronic disease

Stigma is socially unacceptable

Willingness to pay for chronic obesity care

Treatment guidelines in place

PwO seek medical support

Obesity recognised as a serious chronic disease

Healthcare system funds obesity prevention

Future

Addressing market development barriers

Activate people with obesity to seek treatment
TruthAboutWeight
Social media awareness campaigns
Engage more and stable HCP's
Medical journals and congresses ReThinkObesity
Ensure access to care

Increased quality of life for patients Long-term benefits for healthcare stystems

Develop a leading portfolio of superior treatment solutions

PwO: People with obesity; HCP: Healthcare professional

Investor presentation

First nine months of 2020

Novo Nordisk®

Across the STEP 1, 3, and 4 trials, a weight loss of 16.9% to 18.2% was reported for people treated with semaglutide 2.4 mg

	STEP 1	STEP 3	STEP 4		STEP 2
	Weight	Weight management	Sustained weight management	Weight management with
	management	with IBT	From initiation	From randomisation	T2DM
Baseline body			to 68 weeks	to 68 weeks1
105.3	105.8	107.2	96.1	99.8
weight (kg)

	10	Sema	Placebo	Sema	IBT	Sema	Placebo	Sema	Placebo	Sema	Placebo
				+ IBT					6.5
from baseline	5
0
-5		-2.4								-3.1
BW(%)				-5.0		-5.2

	-10							-8.8*		-10.6*
Change	in
	-15
	-20	-16.9*		-17.6*		-18.2 *

1 The primary endpoint was measured as the change in weight from randomisation (after a 20-weekrun-in) to week 68.

*Statistically significant, based on the trial product estimand (secondary statistical approach): treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies

IBT: Intensive behavioural therapy; Sema: Semaglutide; BW: Body weight; T2D: Type 2 diabetes

Investor presentation

First nine months of 2020

Novo Nordisk®

In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9%

The pivotal STEP 1 trial showed greater than 16% weight loss

change in body weight

0
-2										Placebo: -2.4%
-4
-6
-8
-10
-12
-14
-16
-18									Semaglutide: -16.9%
-20

0	4	8	12	16	20	28	36	44	52	60	68
					Time since initiation (weeks)

Data from STEP 1

Average age 46
74.1% women
Average BMI - 37.9 kg/m2

Improvements in lipid profiles as well as C-reactive protein

Semaglutide improved health-related quality of life as measured by SF-36 and IWQoL-lite-CT

Change in body weight in % depicts observed means since time of randomisation; trial product estimand.

BMI: body mass index; SF-36: Short Form (36) Health Survey; IWQoL-lite-CT: Impact of Weight on Quality of Life-Lite questionnaire

Investor presentation

First nine months of 2020

Novo Nordisk®

In STEP 1, 34.8% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life versus placebo

Categorical weight loss

Proportion of patients

100%		92.4%			Sema 2.4 mg			Placebo

80%		74.8%

60%				54.8%
40%		33.1%				34.8%

20%			11.8%

				5.0%	2.0%

0%
	≥5%	≥10%		≥15%			≥20%

Weight loss

Descriptive statistic only. Based on the on-treatment data, i.e. data for subjects that are on-treatment at week 68 Sema: semaglutide

Sema 2.4 mg showed a statistically significant treatment difference

versus placebo in the IWQoL-Lite-CT PRO

IQWoL-Lite-CT				ETD [95% CI]

Physical function				9.43 [7.50 : 11.35] *

Physical									9.14 [7.31 : 10.96] *


Psychological									10.50 [8.81 : 12.19] *


Total									10.02 [8.42 : 11.62] *
	Favours placebo		Favours semaglutide

-2	0	2	4	6	8	10	12	14

statistically significant; p-values other than physical function were not controlled for multiplicity

PRO: patient reported outcome; CI: confidence interval, ETD: estimated treatment difference, IWQoL-Lite-CT: Impact of Weight on Quality of Life- lite:

Investor presentation

First nine months of 2020

Novo Nordisk®

The AM833 phase 2 monotherapy trial and phase 1 combination with semaglutide trial decreased weight by 10.8% and 17.1%

Weight loss for AM833 plus lifestyle intervention1

change in body weight

0			Mean baseline: 107.4 kg
-4
-8
				- 10.8%
-12
0		Weeks		26

AM833	AM833	AM833	AM833	AM833
0.3mg	0.6mg	1.2mg	2.4mg	4.5mg
Placebo	Lira
	3.0mg

Weight loss for AM833 and semaglutide in phase 12

change in body weight

0		Mean baseline: 95.1 kg
-4
-8		- 9.5%

-12
-16		- 17.1%

-20
0	Weeks	20

AM833 0.3 mg	AM833 0.16 mg	AM833 0.6 mg	AM833 1.2 mg	AM833 2.4 mg
sema 2.4 mg	sema 2.4 mg	sema 2.4 mg	sema 2.4 mg	sema 2.4 mg
sema 2.4 mg

Lifestyle intervention is defined as counselling for a reduced-calorie diet and increased physical activity. Data is based on the trial product estimand: treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies
Data are observed means, 20 week phase 1b trial dosing increments with semaglutide and AM833 once-weekly with a 16 week dose-escalation regimen. Data is based on the trial product estimand.

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk obesity pipeline supports efforts to close the treatment gap

Innovation curve

Body weight set-point and counter regulation

Novo Nordisk's current pipeline is closing the treatment gap

Maturation of innovation

Weight loss prediction for patient groups

Oral product

20-30% weight loss

Normalised weight

Increase weight loss towards 15-
Today's marketed
5
30%	treatment options
Investigate product
10
combinations	Semaglutide 2.4 mg

Provide data applicable for

individualised treatment

Pipeline

Targeted treatment solutions

Saxenda®

10-15% weight loss

Today

25
Bariatric surgery

30

Weight loss over time

1 Long-term Drug Treatment for Obesity: A Systematic and Clinical Review; Susan Z. Yanovski, MD; Jack A. Yanovski, MD, PHD JAMA.2014; 311(1):74-86.2 Treatment of Obesity: Weight Loss and Bariatric Surgery; Bruce M. Wolfe, Elizaveta Kvach and Robert H. Eckel; Circulation Research. 2016; 118:1844-1855

Investor presentation

First nine months of 2020

SECURE A LEADING POSITION BY

LEVERAGING FULL PORTFOLIO AND

EXPANDING INTO ADJACENT AREAS

	1. Haemophilia	61

	2. Growth hormone disorders	62


	3. Biopharm innovation	64
	Biopharm

Investor presentation

First nine months of 2020

Novo Nordisk®

Biopharm sustained growth outlook is supported by innovation and utilisation of core capabilities

Internal and external innovation to drive	Core capabilities within research and
long-term growth	development to drive long-term growth

Bringing	Ensuring future	Exploring new	Leveraging
internal	growth by	technologies by	deep biological
innovation to	leveraging	utilising added	understanding
market by	external	research	for future
pipeline	innovation	platforms	growth
progression

Investor presentation

First nine months of 2020

Novo Nordisk®

Haemophilia is a rare disease with severe unmet medical needs and the market is highly competitive

Low diagnosis and treatment rates

Number ofwithin haemophilia people (000)

500

400

300

200

100


People with	Diagnosed	Inhibitor
haemophilia
		Haemophilia A	Haemophilia B

Note: The inhibitor segment includes acquired haemophilia patients, patients with low titre inhibitors or with transient inhibitors, and patients on immune tolerance induction.

Source: World Federation of Haemophilia (WFH) - Annual survey 2018; WFH: Closing the gap - achieving optimal care, Haemophilia 2012.

Sales of recombinant haemophilia products

DKK billion

2015	2019	2015	2019	2015	2019
Haemophilia	Haemophilia A		Haemophilia B
with inhibitors
	NovoSeven®		NovoEight®			Refixia®/Rebinyn®


		Advate/Adynovate			Idelvion
	Coagil VII

	Obizur1		Kogenate/Kovaltry/Jivi			Rixubis

	Feiba2		Xyntha/Refacto			Alprolix

	Hemlibra3		Eloctate/Elocta			Benefix

Helixate/Afstyla

Hemlibra

1 Obizur only indicated for acquired haemophilia; 2 Plasma-derived;3 Part of the Hemlibra sales is used for treatment of haemophilia A patients in 2019

Source: Company reported sales and Evaluate

Investor presentation

First nine months of 2020

Novo Nordisk®

Biopharm sales growth of 4% driven by solid commercial execution with key brands being NovoSeven® and Norditropin®

		NovoSeven® and Norditropin®
DKK		account for 80% of Biopharm sales

billion
25	6%	4%

20			-16%	-1%	4%



15						4%


10
5

2015

2016

2017

2018

2019

9M 2020

Added sales in the haemophilia product portfolio

DKK
billion
7.7
				7.5
9M 2019	NovoSeven®	NovoEight®	Other	9M 2020

	NovoSeven®		Other haemophilia products

	Norditropin®		Other biopharm


			Growth at CER

Note: Company reported sales; CER: Constant exchange rates

Investor presentation

First nine months of 2020

Novo Nordisk®

Solid commercial execution is driving 13% Norditropin® sales growth in the first nine months of 2020

Historic reported sales

for Norditropin®

DKK billion

9	8%		14%		-22%		7%		2%		13%

2015 2016 2017 2018 2019 9M Norditropin® Growth at CER 2020

Norditropin® value leadership maintained

despite increasing competition

40%	35.3%

30%

20%

10%

Aug	Novo Nordisk	Pfizer	Aug

2015	Eli Lilly	Roche	2020

	Merck Kgaa	Sandoz

	Other

Continue frequent launches with new

indications and device upgrades

Device portfolio

	Current	Towards
	launches	2022
Noonan syndrome,	16	30
EU device upgrades

Note: Company reported sales; CER: Constant exchange rates

Note: IQVIA, MAT value DKK, Aug 2020

Investor presentation

First nine months of 2020

Novo Nordisk®

Scientific excellence ensures an innovative and competitive pipeline with therapeutic solutions for severe conditions

Innovation in haemophilia

1986

More than 35 years of innovation

Curative therapy

Non-invasive therapy

Mim8

Concizumab

Esperoct®

Refixia®

NovoEight®

NovoThirteen®

NovoSeven®

TodayFuture

Biopharm pipeline

Current	2018	2019	2020	………2021 …..
phases

Phase 3a			Concizumab
		HA and HB1
Phase 3a			Concizumab
		HAwI/HBwI1

Phase 1		EPI01 (SCD)
Phase 1/2			Mim8
Phase 3			Somapacitan GHD
Phase 2			Somapacitan SGA

1 The convizumab phase 3 programme was resumed in August 2020.

SCD: Sickle-cell disease; SGA: Short of gestational age; HwI: Haemophilia A or B patients with inhibitors; SGA: small for gestational age; GHD: Growth hormone deficiency

Investor presentation

First nine months of 2020

Novo Nordisk®

Phase 3 programme on-going investigating concizumab for haemophilia A and B irrespective of inhibitor status

Phase 3 trials with data expected first half of 2021

Exp7 and Exp8: On-demandtreatment

Exp7 and Exp8:

Phase 2 patients on concizumab prophylaxis

Exp7 (with inhibitors): Prophylaxis with bypassing or on-demand

Exp8 (without inhibitors): Prophylaxis with factor replacement or on-demand

Arm 1: No prophylaxis

Arm 2: Concizumab

prophylaxis

Arm 3: Concizumab

prophylaxis

Arm 4: Concizumab

prophylaxis

Main part:

24 weeks treatment

Extension with

concizumab prophylaxis

Extension:

Up to 136 weeks treatment

Characteristics and next steps

High affinity, humanised monoclonal IgG4 antibody
First-in-classanti-TFPI boosting the initiation phase to restore haemostasis
Delivered once-daily in a convenient Flextouch® pen
Safe and well-tolerated in phase 2 and efficacy comparable to factor replacement

Investor presentation

First nine months of 2020

Novo Nordisk®

Next-generation FVIII mimentic, Mim8, is a bispecific antibody for SC prophylaxis treatment in people with haemophilia A

			Thrombin generation assay			Thromboelastography
	400	HA plasma + FVIII					150				HA

(nM)	300						(min)

Peak			Mim8				-time	100			emicizumab1
200
Thrombin						Clottime, R
100				emicizumab1	50	Mim8


						HA		Normal control

	0							0
		0.1	1	10	100	1000		0.01	0.1	1	10	100	1000
			Antibody (nM)						Antibody (nM)

Mim8 potently stimulates FX activation resulting in efficacious haemostasis in vitro and in vivo

Mim8 effectively stops severe bleeds in mouse models

Characteristics

Strong activity at site of bleeding
Minimised target binding in circulation
Delivered in an innovative device

Phase 1/2 trial

Initiated in January 2020
Phase 1 is a single ascending dose part with 40 treated people
Phase 2 is a multiple ascending dose part with 32 treated people
Trial investigates safety, tolerability, PK/PD of single sc injections

1 Sequence-identical-analogue (SIA) of the FVIII-mimicking bispecific antibody emicizumab; PK: pharmacokinetics; PD: pharmacodynamics; SC: subcutaneous

Investor presentation

First nine months of 2020

Novo Nordisk®

Once-weekly, biodegradable somapacitan has entered phase 3 for GHD and is approved in the US for AGHD indication

Phase 2 trial in GHD with 1-year efficacy and safety

Somapacitan

		16			*
		14			11.5
					10.01
		12		9.7		Growth hormone with a	Albumin binding side
	velocityheight
Mean	(cm/year)				single amino acid	chain securing
	7.8

		10				substitution	reversible binding to

		8							endogenous albumin
						Next steps
		6
							Somapacitan in children (GHD)
		4
						•	Phase 3 trial (REAL 4) has been initiated

		2					•	Somapacitan dose 0.16 mg/kg/week
		0						Somapacitan in children (SGA)
						•	Phase 2 trial (REAL 5) has been initiated
			0.04	0.08	0.16	0.034
				Somapacitan in adults (AGHD)

				Somapacitan		Norditropin®	•	Has been approved in the US under tradename
				(mg/kg/week)		(mg/day)		Sogroya®
							•	Has been submitted in the EU and Japan

Data are mean height velocity (cm/year) ± SD at week (wk) 52. Doses are mg/kg/time. * Denotes statistical significance difference compared to once-daily Norditropin®. GHD: Growth hormone deficiency; AGHD: Adult-onset growth hormone deficiency; FDA: Food and Drug Administration; EMA; European Medicines Agency; 1Value was 9.8 for the full analysis set. Value of 10.0 is from a post-hoc analysis that excluded 4 visits of one patient who discontinued prematurely at week 6

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk and bluebird bio join forces in next-generation genome editing for children and adult patients with haemophilia A

Potential curative treatment in

haemophilia A

mRNA-basedmegaTAL™-driven gene editing
Highly specific and efficient way to silence, edit or insert genetic components.
Allows for gene editing in all age groups

bluebird bio/Novo Nordisk's joint

approach

megaTAL™: Proprietary, patented technology, broad IP
Correcting FVIII-clotting factor deficiency
Potential lifelong effect
Possibility to explore additional therapeutic targets

AAV: Adenovirus vector; BDD: B-domain deleted; hFVIII: human factor VIII; LNP: Lipid nanoparticle; mRNA: messenger ribonucleic acid; TAL: transcription activator-like.

Investor presentation

First nine months of 2020

ESTABLISH PRESENCE BY BUILDING

COMPETITIVE PIPELINE AND

SCIENTIFIC LEADERSHIP

	1. The unmet needs	70


	2. Cardiovascular disease	71


	3. Non-alcoholic steatohepatitis	73

	4. Stem cells		74

Other serious

chronic diseases

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk is expanding into other serious chronic diseases

Serious chronic diseases are often associated with diabetes and obesity	New therapeutic areas represent patient populations with high
	unmet medical needs

• 70% of people with diabetes die

CVD		from atherosclerotic CVD
•	40% of people hospitalised for

		heart failure have diabetes

NASH	• 80% of people with NASH live with
obesity and 35% have diabetes

40% of people with diabetes have
CKD diabetic nephropathy and 50% have obesity

	Estimated patients	Number of related deaths
CVD	~420 million	~20 million annually
	Estimated patients	Diagnosis rate
NASH	~15-40 million1	~20%2
CKD	~200 million	~20%

1 Internal forecast comprising the USA, Europe and Japan; 2 Diagnosis rate is considered a major uncertainty to the forecast CVD: Cardiovascular disease; NASH: Non-alcoholic Steatohepatitis; CKD: Chronic kidney disease

Source: Source: Diabetes Care 2005 Jan; 28(1): 164-176; Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of nonalcoholic fatty liver disease and nonalcoholic steatohepatitis among a largely middle-aged population utilizing ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014

Investor presentation

First nine months of 2020

Novo Nordisk®

Novo Nordisk's ambition within cardiovascular disease

In-licensing/acquisition

of mid-stage assets

Accelerate internal pipeline

Subcutaneous PCSK9i - successful

phase 1 results

At least one product launched between 2024-2028targeting atherosclerotic cardiovascular disease or heart failure with a highly innovative, first to market product serving a significant unmet need in a large patient population

Investor presentation

First nine months of 2020

Novo Nordisk®

Acquisition of Corvidia Therapeutics supports Novo Nordisk's ambition within cardiovascular disease

Data from a phase 2a trial using ziltivekimab in CKD stage 5 patients with inflammation

	Placebo		Ziltivekimab
		2 mg	6 mg	20 mg

N=61	12	16	16	17

		% of patients
hsCRP<2.0	14.3	43.8	60.0	90.9*
mg/L, Week 12

Conclusions:

Ziltivekimab effectively reduces C-reactive protein (CRP) in patients with CKD on dialysis
Ziltivekimab substantially reduced markers of inflammation with a trend towards improving NT-proBNP without adversely affecting lipoprotein lipids, neutrophils or platelets

Trial design of the phase 2b (RESCUE)

		7.5 mg Q4W (66 patients)

CKD stage	15 mg Q4W (66 patients)

3-5 hsCRP

>2 mg/L	30 mg Q4W (66 patients)

		Placebo Q4W (66 patients)

		24-week treatment

Primary endpoint

Reduction of inflammation measured as reduction in C-reactive protein

Purpose/timing

Determine a dose for a potential phase 3 CVOT

Source: https://www.ahajournals.org/doi/10.1161/circ.140.suppl_1.13727.

hsCRP: High sensitivity C-reactive protein; CKD: chronic kidney disease; NT-proBNP:N-terminal-pro hormone BNP; Q4W: intravenously every 4 weeks; CVOT: cardiovascular outcomes trial

Investor presentation

First nine months of 2020

Novo Nordisk®

Semaglutide showed significant improvements in NASH resolution and could play a role in preventing disease progression

Semaglutide showed resolution of NASH with no worsening of
Proportion	fibrosis versus placebo in the phase 2 trial1	•	NASH resolution without worsening of

of patients					fibrosis is one of two critical endpoints
100%					defined by the FDA and EMA2
80%				• For prevention of NASH disease progression,
		66.7% *		NASH resolution could be the more relevant
				endpoint
60%	47.3% *		*	• To date, semaglutide NASH results are
	46.9%
		arguably the most convincing NASH

40%					resolution data shown

22.9%				• Semaglutide in NASH was granted
20%					Breakthrough Therapy designation in the US
0%				• Phase 3 programme expected to begin in
				2021
Placebo	0.1 mg	0.2 mg	0.4 mg

*statistically significant at 72 weeks (p<0.05 vs placebo). Based on a complete case analysis using people with an evaluable biopsy at end of trial

Analysis included patients with fibrosis stage 1, 2 or 3 at baseline
FDA guidance on developing treatment for NASH: "Noncirrhotic Non-alcoholic Steatohepatitis With Liver Fibrosis: Developing Drugs for Treatment Guidance for Industry". EMA guidance on developing treatment for NASH: "Reflection paper on regulatory requirements for the development of medicinal products for chronic non-infectious liver diseases (PBC, PSC, NASH)"
NASH: non-alcoholic steatohepatitis.

Investor presentation

First nine months of 2020

Novo Nordisk®

The stem cell platform has the potential to solve unmet needs for people with serious chronic diseases

STEM CELL TECHNOLOGY

Cell bank of

Differentiate

Treatment

Patient

Blastocyst

Pluripotent

transplanted at

undifferentiated

stem cells to

centres

embryonic

stem cells

specific cell

treatment centres

stem cells

types

PartnersPartners

COMPLEMENTARY COMPETENCIES

Parkinson's disease

Collaboration with Lund University and partnership with Biolamina

Type 1 diabetes Encapsulation device in collaboration with universities

Chronic kidney disease

Partnership with Mayo Clinic

GMP-grade production capability in US facility utilising Novo Nordisk's core CMC capabilities

Ethical stem cell practices

IP positions on differentiation protocols

Academic collaborations with stem

cell technology experts

Dry age-related macular degeneration Partnership with Biolamina

Chronic heart failure

Partnership with Biolamina

Investor presentation

First nine months of 2020

1.	International Operations growth	76


2.	International Operations at a glance	78


3. EMEA	83


4. Region China	88


5. RoW	92

International Operations

Investor presentation

First nine months of 2020

Novo Nordisk®

Growth momentum has increased driven by demographics and the Market Fit approach

International Operations is diverse and

covers 190 markets

430M live with diabetes

570M live with obesity

IO's share of revenue 9M 2020

NAO 47%

53% IO

14%

12%

10%

Historic growth has been in the

range of 4-6%

12%

20139M

Growth rate range	2020

Growth momentum has benefitted from

the Market Fit approach

40%
30%			30%

20%			23%
			13%
10%
			9%
0%	Aug	Market Fit	Aug

	2017	approach	2020
	introduced

Diabetes market share NN Diabetes SOG Market growth
NN Diabetes growth

NAO: North America Operations; IO: International Operations; SOG: Share of Growth

Investor presentation

First nine months of 2020

Novo Nordisk®

The medium-term growth is expected to be 6-10% annually driven by securing the base and three future growth enablers

Sales have increased by 5% since 2013, while	ILLUSTRATIVE
medium-term growth is expected to be 6-10%

6-10%


2013	2014	2015	2016	2017	2018	2025
		Future growth drivers		Base sales with mature therapy areas

Secure the sales base by leveraging biopharm and portfolio of short-acting and premix insulin

Drive additional growth through three future growth enablers

Establish basal market leadership

Drive GLP-1 market growth

Expand the obesity market

Investor presentation

First nine months of 2020

International Operations at a glance

		Diabetes trend			Diabetes market by value and Novo
Million				DKK	Nordisk market share
700		22%		billion
		200				80%

600		26%
500				150		29%1	GLP-1	60%

400				100			Insulin	40%
300			637		4%1
	522
200	415
		50				20%

100						9%1	OAD
0	2019	2030	2045	0	Aug		Aug	0%
		2015		2020
		Population with diabetes
				GLP-1 MS	Insulin MS	OAD MS
		Diabetes growth rate

Novo Nordisk®

Novo Nordisk reported sales

First nine months	Sales	Growth2
2020	(mDKK)

Long-acting insulin3	7,590	14%
Premix insulin4	7,799	8%
Fast-acting insulin5	8,170	8%
Human insulin	5,872	8%
Total insulin	29,431	10%
GLP-16	8,087	37%
Other Diabetes care7	2,250	(12%)
Diabetes care	39,768	13%
Obesity care	1,611	8%
(Saxenda®)

Diabetes & Obesity	41,379	12%
care

Biopharm8	9,020	8%

Total	50,399	12%

Diabetes trend estimates based on the following International Diabetes Foundation defined regions: Africa, Europe, Middle East and North Africa, South and Central America, South East Asia and Western Pacific Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019

1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Aug 2020: Novo Nordisk 49%, Sanofi 29% and Eli Lilly 15%; Competitor GLP-1 value market shares, as of Aug 2020: Novo Nordisk 52%, Eli Lilly 43% and AstraZeneca 5%; OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures

2 At Constant exchange rates; 3 Comprises Tresiba®, Xultophy® and Levemir®; 4 Comprises Ryzodeg® and NovoMix®; 5 Comprises Fiasp® and NovoRapid®; 6 Comprises Victoza® and Ozempic®; 7 Comprises NovoNorm® and needles; 8 Comprises primarily NovoSeven®, NovoEight®, NovoThirteen®, Refixia®, Norditropin®, Vagifem® and Activelle®

Investor presentation

First nine months of 2020

Novo Nordisk®

Diabetes market share and market growth in International Operations

Diabetes market growth and Novo Nordisk market share

30%

20%	23%

	13%

10%

12%

0% Aug	NN market share	NN share of growth	Aug
2017	Market growth	NN growth	2020

Diabetes market size and growth

DKK		~9%
billion		7	171
	4	3
157

				~13%
						22.7%
22.0%


Aug	Novo Nordisk	BI		Others	Aug
2019			Novo Nordisk		Competitors	2020

Source: IQVIA, Aug 2020, Value, MAT, all countries; NN: Novo Nordisk; BI: Boehringer Ingelheim

Investor presentation

First nine months of 2020

Novo Nordisk®

Insulin market size and volume share of growth and market share in International Operations

	Insulin market share and market size (DKK billion)		Market	Market
									growth	share
Total			49%			59	5%	+0.8%

Long-		35%	27				7%	+1.2%
Acting

Fast-		59%	15				6%	+0.9%
acting

Premix	75%	8						4%	+1.4%
		49%
Human			8						-1.1%	-0.3%
					Novo Nordisk		Competitors

Insulin volume: Share of growth and

market share

80%			10%
60%		66%	8%

		50%	6%
40%
			4%
20%			2%

0%	Aug	Aug	0%
	2017	2020
	NN market share	NN share of growth
	Market growth	NN growth

Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT, all countries; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

GLP-1 market share and market growth

	GLP-1 market growth and Novo Nordisk market share
80%
60%	60%

	53%
40%	37%

31%

20%

0% Aug	NN market share	NN share of growth	Aug
2017	2020
	Market growth	NN growth

GLP-1 market size and growth

DKK

billion~31%

218

		~37%
50.3%				52.7%

Aug	Novo Nordisk	Eli Lilly	Others	Aug
2019	Novo Nordisk	Competitors	2020

Source: IQVIA, Aug 2020, Value, MAT, all countries; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

Obesity market share and market growth in International Operations

Obesity market growth and Novo Nordisk market share

Obesity market size and growth

						DKK		~1%
						billion
								4
						4	0
50%					60%

40%				39%	50%

30%					40%

					30%
20%					20%			~12%

10%				10%	10%	36%			40%


0%	Aug	NN market share	Market growth	Aug	0%	Aug	Saxenda®	Others	Aug
	2017			2020		2019			2020

Source: IQVIA, Aug 2020, Value MAT, all countries

Investor presentation

First nine months of 2020

Novo Nordisk®

EMEA at a glance

Diabetes trend

Diabetes market by value and Novo

Novo Nordisk reported sales

Million
250	31%

DKK billion

Nordisk market share

First nine months	Sales	Growth2
2020	(mDKK)

200	28%
150
100	223
171

50	134

2019 2030 2045

Population with diabetes Diabetes growth rate

100				80%
80		27%1	GLP-1	60%

60		4%1	Insulin
		40%
40
20		11%1	OAD	20%

0	Aug		Aug	0%
	2015		2020
	GLP-1 MS	Insulin MS	OAD MS

Long-acting insulin3	4,916	12%
Premix insulin4	2,275	(1%)
Fast-acting insulin5	4,968	6%
Human insulin	1,823	0%
Total insulin	13,982	6%
GLP-16	5,547	35%
Other Diabetes care7	547	(31%)
Diabetes care	20,076	11%
Obesity care	834	8%
(Saxenda®)

Diabetes & Obesity	20,910	11%
care

Biopharm8	5,249	10%
Total	26,159	11%

1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of Aug	2 At constant exchange rates; 3 Comprises Tresiba®, Xultophy® and Levemir®; 4
2020: Novo Nordisk 47%, Sanofi 33% and Eli Lilly 16%; Competitor GLP-1 value market	Comprises Ryzodeg® and NovoMix®; 5 Comprises Fiasp® and NovoRapid®; 6
shares, as of Aug 2020: Novo Nordisk 54%, Eli Lilly 41% and AstraZeneca 5%; OAD: Oral	Comprises Victoza® and Ozempic®; 7 Comprises NovoNorm® and needles; 8
anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures	Comprises primarily NovoSeven®, NovoEight®, NovoThirteen®, Refixia®,
	Norditropin®, Vagifem® and Activelle®

Investor presentation

First nine months of 2020

Novo Nordisk®

Diabetes market share and market growth in EMEA

Diabetes market growth and Novo Nordisk market share

40%	34%

20%

-20%
Aug	Aug
2017	2020
		NN market share	NN share of growth

		Market growth (right axis)	NN growth (right axis)

	Diabetes market size and growth
DKK		~9%
billion		3	91
3	2

83

				~12%
						27.4%
26.8%


Aug	Novo Nordisk	BI		Others	Aug
2019							2020
			Novo Nordisk		Competitors

Source: IQVIA, Aug 2020, Value, MAT; NN: Novo Nordisk; BI- Boehringer Ingelheim

Investor presentation

First nine months of 2020

Novo Nordisk®

Insulin market size and volume market share in EMEA

Insulin market share and market size (DKK billion)

Total	47%			37
Long-	38%	18
acting

Fast-	56%	11
acting

	71%
Premix	4
	44%
Human	4
			Novo Nordisk		Competitors

Market Market

growth share

3% +1.0%

6% +1.7%

4% +0.9%

-0.6%+1.6%

-8% -0.7%

	Insulin volume: market share
80%				12%
				10%
60%				8%
			47%	6%
40%				4%
			4%	2%
20%				0%
				-2%
0%	Aug		Aug	-4%
	2017	NN market share	2020
		Market growth (right axis)

NN growth (right axis)

Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT, Europe, Middle East & Africa, Share of growth not depicted due to too high numbers; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

GLP-1 market share and market growth in EMEA

GLP-1 market growth and Novo Nordisk market share

80%

54%

50%

34%

20%

30%

-10%

-40%
Aug	Aug
2017	2020
		NN market share	NN share of growth

		Market growth (right axis)	NN growth (right axis)

	GLP-1 market size and growth
DKK	~30%
billion
1	13

	2	0
10

		~34%
52.9%				54.4%

Aug	Novo Nordisk	Eli Lilly	Others	Aug
2019				2020

Novo Nordisk		Competitors

Source: IQVIA, Aug 2020, Value, MAT, Europe, Middle East & Africa; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

Obesity market share and market growth in EMEA

Obesity market growth and Novo Nordisk market share

Obesity market size and growth

70%

60%

50%

40%

30%

20%

10%

65%

			8%
Aug	NN Market Share	Market Growth	Aug
2017	2020

	DKK		~8%
50%	billion		0.9

0.9	0.1

40%
30%			~14%
20%
	62%			65%
10%

0%	Aug	Saxenda®	Others	Aug

	2019			2020

Source: IQVIA, Aug 2020, Value, MAT, Europe, Middle East & Africa; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

Region China at a glance

	Diabetes trend			Diabetes market by value and Novo
Million					Nordisk market share
			DKK
250				billion
	8%		25				100%
	21%

200
			20				80%
						GLP-1

150				15		42%1		60%
100		197	212	10		9%1	Insulin	40%

163
50				5		10%1	OAD	20%

0		2030	2045	0	Aug		Aug	0%
2019			2015		2020
Population with diabetes
		GLP-1 MS	Insulin MS	OAD MS
Diabetes growth rate

Novo Nordisk reported sales

First nine months	Sales	Growth2
2020	(mDKK)


Long-acting insulin3	1,120	39%
Premix insulin4	3,662	13%
Fast-acting insulin5	1,563	18%
Human insulin	2,178	2%
Total insulin	8,523	14%
GLP-16	799	24%
Other Diabetes care7	1,204	(5%)
Diabetes care	10,526	12%
Obesity care	6	(17%)
(Saxenda®)

Biopharm8	304	19%

Total	10,836	12%

Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019

1 CAGR calculated for last 5-year period	2 At constant exchange rates; 3 Comprises Tresiba® and Levemir®; 4 Comprises
Competitor insulin value market shares, as of Aug 2020: Novo Nordisk 47%, Sanofi	NovoMix®;5 Comprises NovoRapid®; 6 Comprises Victoza®; 7 Comprises
19%, Gan & Lee 13% and Eli Lilly 10%; Competitor GLP-1 value market shares, as of	NovoNorm® and needles; 8 Comprises primarily NovoSeven®, NovoEight® and
Aug 2020: Novo Nordisk 92% and AstraZeneca 3%	Norditropin®
OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures

Investor presentation

First nine months of 2020

Novo Nordisk®

Diabetes market share and market growth in Region China

Diabetes market growth and Novo Nordisk market share

40%

36%

30%

29%

20%

		14%
10%
		11%
0%	Aug	Aug
	2017	2020
	NN market share	NN share of growth
	Market growth (right axis)	NN growth (right axis)

	Diabetes market size and growth
DKK	~11%	1	21
billion
0
19

				~14%
					28.5%
27.8%

Aug	Novo Nordisk	Merck	Others	Aug
2019						2020
			Novo Nordisk		Competitors

Source: IQVIA, Aug 2020, Value, MAT, NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

Insulin market size and volume share of growth and market share in Region China

Insulin market share and market size (DKK billion)

Total			47%	11
	17%
Long-			4
acting

	80%
Fast-	1
acting

Premix	77%	3
Human	44%		2
			Novo Nordisk		Competitors

Market Market

growth share

13% -0.3%

19% +1.9%

17% +0.3%

11% +0.2%

5% -2.5%

Insulin volume: market share
80%			50%
60%			40%
	50%
		30%

40%
		37%	20%
20%		4%	10%

0% Aug	NN market share	Aug	0%
2017	2020
NN share of growth

Market growth (right axis)

NN growth (right axis)

Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

GLP-1 market share and market growth in Region China

GLP-1 market growth and Novo Nordisk market share

100%				92%
80%
60%
40%				56%

				56%
20%
0%	Aug	NN market share	Market growth	Aug
	2017	2020
	NN growth (right axis)

GLP-1 market size and growth

DKK		~56%
billion
	0.0	0.0	0.6
	0.2

0.4
		~56%
				92%
92%
Aug	Novo Nordisk	Eli Lilly	Others	Aug
2019	Novo Nordisk	Competitors	2020

Source: IQVIA, Aug 2020, Value, MAT; Share of growth not depicted due to too high numbers; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Rest of World at a glance

		Diabetes trend				Diabetes market by value and
Million				DKK	Novo Nordisk market share

		30%		billion
200
			70					80%

150		30%		60			32%1	GLP-1
			50			60%
							Insulin

							2%1
				40
100			202					40%
		30
		155

	119						OAD
50			20			7%1	20%

				10
0	2019	2030	2045	0	Aug		Aug	0%
		2015		2020
	Population with diabetes
				GLP-1 MS	Insulin MS	OAD MS
	Diabetes growth rate

Novo Nordisk®

Novo Nordisk reported sales

First nine months	Sales	Growth2
2020	(mDKK)

Long-acting insulin3	1,554	8%
Premix insulin4	1,862	11%
Fast-acting insulin5	1,639	5%
Human insulin	1,871	25%
Total insulin	6,926	12%
GLP-16	1,741	51%
Other Diabetes care7	499	(2%)
Diabetes care	9,166	17%
Obesity care	771	7%
(Saxenda®)

Diabetes & Obesity	9,937	16%
care

Biopharm8	3,467	5%

Total	13,404	13%

Diabetes trend estimates based on the following International Diabetes Foundation defined regions: South & Central America, Southeast Asia

International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 9th Edition 2019

1 CAGR calculated for last 5-year period

Competitor insulin value market shares, as of Aug 2020: Novo Nordisk 56%, Sanofi

24% and Eli Lilly 16%; Competitor GLP-1 value market shares, as of Aug 2020: Novo Nordisk 42%, Eli Lilly 53% and AstraZeneca 4%

OAD: Oral anti-diabetic; MS: Market share; Source: IQVIA MAT, Aug 2020 value figures

At constant exchange rates 3 Comprises Tresiba®, Xultophy® and Levemir®; 4 Comprises NovoMix® and Ryzodeg®; 5 Comprises NovoRapid®; 6 Comprises Victoza® and Ozempic®;7 Comprises NovoNorm® and needles;

Comprises primarily NovoSeven®, NovoEight® and Norditropin®

Investor presentation

First nine months of 2020

Novo Nordisk®

Diabetes market share and market growth in Rest of World

Diabetes market growth and Novo Nordisk market share

20%
	14%
15%	13%

10%
5%	8%

0%
-5%
-10%Aug	Aug
2017	2020
NN market share	Market growth (right axis)

NN growth (right axis)

		Diabetes market size and growth
		~8%	2	59
	1	1
55

				~14%
						13.3%
12.7%


Aug	Novo Nordisk	BI		Others	Aug
2019							2020
			Novo Nordisk		Competitors

Source: IQVIA, Aug 2020, Value, MAT, Rest of world; NN: Novo Nordisk BI: Boehringer Ingelheim

Investor presentation

First nine months of 2020

Novo Nordisk®

Insulin market size and volume market share in Rest of World

Insulin market share and market size (DKK billion)

Market	Market	Insulin volume: market share
growth	share

Total		56%
Fast-	38%	4
acting

Long-	60%	2
acting

Premix	80%	2
Human	63%	2
			Novo Nordisk	Competitors

+1.2%

4% +0.6%

6% +0.7%

5% +2.1%

4% 1.6%

80%		20%
60%	57%	15%

40%	8%	10%

	6%
20%		5%

0%			0%
Aug		Aug
2017	NN market share	2020

		Market growth (right axis)

		NN growth (right axis)

Source: IQVIA, Aug 2020, LHS graph - Value, RHS Graph - Volume, MAT; ; Share of growth not depicted due to too high numbers; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

GLP-1 market share and market growth in Rest of World

GLP-1 market growth and Novo Nordisk market share

80%
60%	47%

40%	42%

	30%
20%
0%
-20%Aug	Aug
2017	2020
NN market share	NN share of growth
Market growth (right axis)	NN growth (right axis)

		GLP-1 market size and growth
		~31%
DKK		0.5	4.2
billion	0.6	-0.1
3.2

~47%

37.7%						42.4%


Aug	Novo Nordisk	Eli Lilly		Others	Aug
2019						2020
			Novo Nordisk		Competitors

Source: IQVIA, Aug 2020, Value, MAT; NN: Novo Nordisk

Investor presentation

First nine months of 2020

Novo Nordisk®

Obesity market share and market growth in Rest of World

Obesity market growth and Novo Nordisk market share

40%				25%
			31%	20%
30%
				15%
20%				10%
				5%
10%
				0%
			-1%
0%	Aug	NN market share	Aug	-5%
	2017	Market growth (Right Axis)	2020

		Obesity market size and growth
DKK	~(1%)
billion
2.9			2.9
		0.1

		~10%
28%			31%
Aug	Saxenda®	Others	Aug
2019			2020

Source: IQVIA, Aug 2020, Value, MAT,; NN: Novo Nordisk

Investor presentation

First nine months of 2020

	1.	US growth drivers	98


	2. US healthcare system	99

North America	3.	North America operations at glance	102

Operations

Investor presentation

First nine months of 2020

Novo Nordisk®

Innovation drives largest transition in the history of Novo Nordisk USA, turning around 70% of sales in just seven years

Directional growth drivers and catalysts

	GLP-1			Obesity			Insulin			Biopharm

•	Ozempic® launch		•	Semaglutide obesity		•	Continued price		•	Competitive
•	Rybelsus® launch			launch			pressure			pressure
	•	Saxenda® LoE		•	Biosimilar		•	New product
•	Victoza® LoE
					competition			launches

Relative sales composition - 47% transformation complete

100%

80%

60%

40%

30%

20%

2015		2022
Biopharm	Mature insulin1		Victoza®

Obesity	New GLP-1		New insulin

	launches2		launches3

1 Modern insulin, human insulin, Prandin®, devices and needles; 2 Ozempic® and Rybelsus®; 3 Tresiba®, Xultophy®, Fiasp® and follow-on brand insulin LoE: Loss of exclusivity

Investor presentation

First nine months of 2020

Novo Nordisk®

US insulin net prices have declined in recent years, yet some patients still struggle with affordability

The US population by health	List price and net price	Novo Nordisk insulin affordability
insurance coverage	development for NovoLog® vial	offerings in the US
Private insurance schemes	Uninsured		List price1	Net price1

Government insurance schemes

44%

48%

333 million people

Note: Government insurance schemes cover Medicare, Medicaid and public exchanges - some of these with high deductibles

Source: Census.gov; Congressional Budget Office Health Insurance Coverage 2016- 2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Oct 2017; CMS Insurance Marketplace Fact sheet 2017; CDC.gov

• Follow-onbrand fast-acting (Novolog®) and premix

600

insulin (Novolog® Mix) with 50% list price discount vs.

branded versions

500

•

My$99Insulin 30-day supply of a combination of Novo

Nordisk insulin products (up to 3 vials or 2 packs of

400

pens) for USD 99

• Patient Assistance Program free diabetes medication

300

to people in need, annual income <400% above

government defined poverty. Program expanded

200

during COVID-19 outbreak if job loss and limited

coverage

MarketScreener Homepage > Equities > NASDAQ OMX COPENHAGEN > Novo Nordisk A/S NOVO B DK0060534915

NOVO NORDISK A/S

Novo Nordisk A/S : Investor presentation

Send by mail :