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

NOVO NORDISK A/S

(NOVO B)
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Novo Nordisk A/S : Investor presentation

10/30/2020 | 12:30pm EST

Novo Nordisk

  • a focused healthcare company

Investor presentation

First nine months of 2020

2

Investor presentation

First nine months of 2020

Agenda

Agenda

Progress on Strategic aspirations 2025 COVID-19 update

Commercial execution Innovation and therapeutic focus Financials

3

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

4

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

5

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

6

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

7

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

8

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

9

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

0

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

10

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

35

30

25

20

15

10

5

0

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

11

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

  1. Annual growth at CER
  2. 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

IO

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

12

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

13

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

  1. Primary endpoint was the median percent change in hsCRP, * Indicates statistical significance, p < .0001
  2. End of treatment is defined as the average of values at week 23 and week 24
  3. Inflammation biomarkers include: Fibrinogen, serum amyloid A, haptoglobin and NTproBNP
  4. 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

14

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

15

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

16

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

19

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

21

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

22

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

  1. 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

23

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

  1. CAGR for 5-year period
  2. 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

24

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%

  1. 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®;
  1. 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

25

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

26

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%

30%

42%

57%

13%

28%

IO insulin NAO insulin Other products

27

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

%

0

5

Today's marketed

treatment options

10

Semaglutide 2.4 mg

15

20

Pipeline

25

Bariatric surgery

30

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

28

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%

0%

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

29

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

30

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

2028/29

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

31

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

33

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

34

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)

35

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

36

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

0

+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

37

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

38

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).

39

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

50

0

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

50

0

DKK billion

150

100

50

0

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

40

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

  1. 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
  2. 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

41

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)

42

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

43

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

44

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

45

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

46

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%

0%

Metformin

SU

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

47

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

48

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

50

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

  1. Attempt to manage weight through lifestyle modification or surgery
  2. 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

51

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

52

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.

53

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

54

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

55

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

56

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:

57

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

  1. 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
  2. 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.

58

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

%

0

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

15

Provide data applicable for

individualised treatment

20

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

60

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

61

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

0

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

40

30

20

10

0

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

62

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

0

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

63

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%

6

3

0

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

Norditropin® value leadership maintained

despite increasing competition

40%

35.3%

30%

20%

10%

0%

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

64

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

65

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

66

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

67

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

68

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

70

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

71

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

72

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

73

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

  1. Analysis included patients with fibrosis stage 1, 2 or 3 at baseline
  2. 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.

74

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

76

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%

8%

6%

4%

2%

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

  1. Diabetes market share NN Diabetes SOG Market growth
    NN Diabetes growth

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

77

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%

5%

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

78

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®

79

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%

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

80

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

81

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

30

14

~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

82

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

83

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

0

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%

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; EMEA: Europe, Middle East and Africa

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®

84

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%

9%

0%

-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

85

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

86

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

87

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%

0%

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

88

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

89

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

90

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

91

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

92

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

  1. 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;
  1. Comprises primarily NovoSeven®, NovoEight® and Norditropin®

93

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

94

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

11

5%

+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

95

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

96

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

98

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%

0%

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

99

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

8%

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