Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Q1 2024 Earnings Presentation
159 slides from Novo Nordisk A/s Class B's earnings presentation, May 2, 2024
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation First three months of 2024 Novo Nordisk – a focused healthcare company Investor presentation First three months of 2024 ABIGAIL CONIAH RAFAEL VALVERDE Abigail lives with obesity Rafael lives with obesity United Kingdom Mexico
Slide 2: Agenda
2 Investor presentation First three months of 2024 Novo Nordisk® Progress on Strategic Aspirations 2025 Agenda Agenda Commercial execution Innovation and therapeutic focus Financials
Slide 3: Forward-looking statements
3 Investor presentation First three months of 2024 Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2023 and Form 20-F, which both were filed with the SEC in January 2024
Slide 4: Strategic Aspirations 2025 – Highlights first three months of 2024
4 Investor presentation First three months of 2024 Novo Nordisk® Strategic Aspirations 2025 |Highlights first three months of 2024 Light blue indicates developments in Q1 2024 Progress towards zero environmental impact Further raise innovation bar for Diabetes treatment • Overall CO2e emissions (sco
Slide 5: Sales growth of 24% driven by both operating units
5 Investor presentation First three months of 2024 Novo Nordisk® Sales growth of 24% driven by both operating units Reported geographic sales split for first quarter of 2024 Reported therapy area sales and growth for first quarter of 2024 DKK Insulin GLP-1 Other diabetes DKK North America Operations
Slide 6: Diabetes value market leadership reached 34%
6 Investor presentation First three months of 2024 Novo Nordisk® Diabetes value market leadership reached 34% Novo Nordisk global diabetes value market shares Diabetes value market leadership expansion driven by the GLP-1 franchise 60% Diabetes GLP-1 Insulin 55.3% 53.7% 54.5% Diabetes care sales gre
Slide 7: International Operations diabetes care sales growth is driven by GLP-1 performance
7 Investor presentation First three months of 2024 Novo Nordisk® International Operations diabetes care sales growth is driven by GLP-1 performance Reported Diabetes care sales and growth per IO geography GLP-1 patients and value market share in IO DKK Number of Class growth >20% Value billion Insul
Slide 8: GLP-1 class continues to grow in the US
8 Investor presentation First three months of 2024 Novo Nordisk® GLP-1 class continues to grow in the US US GLP-1 weekly NBRx prescriptions US GLP-1 TRx market share Weekly NBRx TRx share Total GLP-1 SUs scripts (‘000s) (millions) 90 Class growth: ~15% 80% 7 6 60% 55.8% 5 60 46.4% 4 40% 3 30 24.5% 2
Slide 9: Gradual increase of supply reflected in US Obesity prescription development
9 Investor presentation First three months of 2024 Novo Nordisk® Gradual increase of supply reflected in US Obesity prescription development Branded AOM NBRx in the US2 Branded AOM TRx in the US2 NBRx count (‘000s) TRx count (‘000s) 80 240 227 63 180 132 The US 40 32 120 • The supply of the lower do
Slide 10: Rare disease sales decreased by 3%
10 Investor presentation First three months of 2024 Novo Nordisk® Rare disease sales decreased by 3% Reported Rare disease sales Rare disease sales performance DKK Rare disease sales decrease is driven by: billion Growth at CER • 20% sales increase in North America Operations positively 10 -3% -4% -
Slide 11: Wegovy approved in the US for cardiovascular risk reduction
11 Investor presentation First three months of 2024 Novo Nordisk® Wegovy® approved in the US for cardiovascular risk reduction in people with established CVD and obesity or overweight Label expansion for Wegovy® based on data from the SELECT trial CV indication: Reduce the risk of MACE in adults wit
Slide 12: Novo Nordisk has agreed to acquire Cardior to strengthen cardiovascular pipeline
12 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk has agreed to acquire Cardior to strengthen cardiovascular pipeline Acquisition of Cardior supports aspirations within CETA Cardior mainly developed therapies for heart function improvement Novo Nordisk acquired Cardior P
Slide 13: R&D milestones
13 Investor presentation First three months of 2024 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q1 2024 Q2 2024 H2 2024 Diabetes care Insulin Icodec ✓ EU CHMP positive opinion EU Decision/FDA Ad Comm JP/CN/US decision IcoSema ✓ Phase 3 results Phase 3 results EU
Slide 14: Financial results – in the first three months of 2024
14 Investor presentation First three months of 2024 Novo Nordisk® Financial results – in the first three months of 2024 First three First three Change Change In DKK million months of 2024 months of 2023 (reported) (CER) Sales 65,349 53,367 22% 24% Gross profit 55,433 45,185 23% 25% Gross margin 84.8
Slide 15: Financial outlook for 2024
15 Investor presentation First three months of 2024 Novo Nordisk® Financial outlook for 2024 Expectations Expectations 2 May 2024 31 January 2024 Sales growth – at CER 19% to 27% 18% to 26% Sales growth - reported In line with CER growth Around 1 percentage point lower Operating profit growth – at C
Slide 16: Strategic aspirations 2025
16 Investor presentation First three months of 2024 Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for obesi
Slide 17: Investor contact information
17 Investor presentation First three months of 2024 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen Novo Nordisk A/S under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock In
Slide 18: Appendix
18 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk corporate strategy 19 Diabetes care 31 GLP-1 39 Insulin 49 Appendix Obesity care 55 Rare disease 80 Cardiovascular & Emerging Therapy Areas 91 Regional information 105 Financials and Product Supply 137 Sustainability 152
Slide 19: Novo Nordisk Corporate Strategy
19 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk Corporate Strategy Diabetes Obesity Strengthen leadership by Strengthen leadership through offering innovative medicines market development and by and driving patient offering innovative medicines outcomes and driving pat
Slide 20: Diabetes and obesity remain the key priority areas in the corporate strategy
20 Investor presentation First three months of 2024 Novo Nordisk® Diabetes and obesity remain the key priority areas in the corporate strategy Therapy area priorities Portfolio focus Investment approach 1 Diabetes Obesity Broad and deep Key investment focus 2 CVD RBD Multiple targets in key segments
Slide 21: Innovation starts with addressing unmet needs, improving outcomes and reaching more patients
21 Investor presentation First three months of 2024 Novo Nordisk® Innovation starts with addressing unmet needs, improving outcomes and reaching more patients Diabetes care Obesity care 537 million people with ~15% 813 million people with ~2% of people in of people medically diabetes1 good control2
Slide 22: Novo Nordisk has leading positions in diabetes, obesity and haemophilia
22 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1200 #1 50% 80 #1 120% 100 #3 50% 1000 100% 40% 80 40% 60 800 80% 30% 60 30% 600 40 60%
Slide 23: Sales growth of 24%, driven by the GLP-1 portfolio
23 Investor presentation First three months of 2024 Novo Nordisk® Sales growth of 24%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the first Reported sales and growth breakdown for DKK by therapy quarter of 2024 the first
Slide 24: Sales growth of 24%, driven by both NAO and IO
24 Investor presentation First three months of 2024 Novo Nordisk® Sales growth of 24%, driven by both NAO and IO with 35% and 11% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown for the first quarter of 2024 DKK billion 111.8 177.0 232.3 65.3 Sa
Slide 25: Novo Nordisk holds solid patent protection and competitive advantages
25 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk holds solid patent protection and competitive advantages Novo Nordisk’s position is protected by patents and value chain setup Novo Nordisk holds competitive advantages compared to biosimilars EU/US patent protection1 203
Slide 26: Core capabilities and modalities across therapy areas
26 Investor presentation First three months of 2024 Novo Nordisk® Core capabilities together with additional drug modalities open up new opportunities across therapy areas Core Novo Nordisk capabilities Modalities accelerated via partnerships & acquisitions Proteins/ Cell Small Gene siRNA Peptides/m
Slide 27: siRNA platform expected to deliver and mature across therapy areas
27 Investor presentation First three months of 2024 Novo Nordisk® siRNA platform expected to deliver and mature across therapy areas in alignment with corporate strategy Progress with the siRNA platform Distribution of siRNA portfolio projects Phase 1 initiation ambition with siRNA 3 11 phase 1 tria
Slide 28: Phase 1 aspiration of bringing more targets from research to development faster
28 Investor presentation First three months of 2024 Novo Nordisk® Phase 1 aspiration of bringing more targets from research to development faster is on track for 2025 Key drivers increasing number of Number of phase 1 initiations in 2020 and aspirations towards 2025 phase 1 initiations ~3x numbers o
Slide 29: Partnerships and acquisitions support future research and development
29 Investor presentation First three months of 2024 Novo Nordisk® Partnerships and acquisitions support future research and development 2019 2020 2021 2022 2023 Selected acquisitions Oral formulations of Novel treatment for Novel treatments for therapeutics CVD/Rare disease metabolic diseases Novel
Slide 30: Pipeline supports significant growth opportunities across all four strategic focus areas
30 Investor presentation First three months of 2024 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1845 – GSI NN9541 – OW GIP/GLP-1 co-agonist NN1535 – Icosema NN1436 – Insulin Icodec Tresiba® NN1471
Slide 31: Diabetes care
31 Investor presentation First three months of 2024 Diabetes care Disease and market 32 GLP-1 segment 39 Insulin segment 49 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 32: Diabetes is a serious chronic disease with increasing prevalence
32 Investor presentation First three months of 2024 Novo Nordisk® Diabetes is a serious chronic disease with increasing prevalence In 2045, 784 million adults are expected to live with diabetes T2D is associated with multiple comorbidities and mortality1 Million adults 1,000 1 in 10 have 1 in 8 have
Slide 33: Novo Nordisk is the global leader in the growing diabetes market
33 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk is the global leader in the growing diabetes market Global diabetes care reported sales Volume growing ~5% with more people using GLP-1s and SGLT-2is DKK billion Novo Nordisk value market share1 34% Estimated prescription
Slide 34: The unmet need within diabetes care remains large
34 Investor presentation First three months of 2024 Novo Nordisk® The unmet need within diabetes care remains large with too few patients reaching glycaemic target and treated for complications 1 in 2 adults go undiagnosed and more treated patients Of the 537 million, 40.5 million1 people are curren
Slide 35: GLP-1s have positive effects beyond glycaemic control
35 Investor presentation First three months of 2024 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines Medications for treatment of type 2 diabetes Semaglutide has impact on several comorbidities Hypo Weight Cardiovascular effects Class Efficacy
Slide 36: Innovation is the focus for strengthening leadership in diabetes
36 Investor presentation First three months of 2024 Novo Nordisk® Innovation is the focus for strengthening leadership in diabetes Approach to diabetes innovation Novo Nordisk’s product portfolio covers all three treatment segments Oral anti-diabetic Injectable GLP-1 Insulins Key products Icodec 1 O
Slide 37: The total branded diabetes market has a global value of DKK ~443 billion
37 Investor presentation First three months of 2024 Novo Nordisk® The total branded diabetes market has a global value of DKK ~443 billion annually DKK Global diabetes market DKK The USA billion billion 500 +21% +29% 2023 2022 Growth at CER 300 443 234 +57% 186 200 149 -28% -12% +34% 400 379 98 100
Slide 38: Novo Nordisk has a leadership position within the growing diabetes market
38 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk has a leadership position within the growing diabetes market Global diabetes market by treatment class1 Novo Nordisk remains global diabetes value Novo Nordisk market share and share of market leader growth DKK billion 50
Slide 39: GLP-1 mechanism of action and potential therapeutic opportunities
39 Investor presentation First three months of 2024 Novo Nordisk® GLP-1 mechanism of action and potential therapeutic opportunities GLP-1 mechanism of action Patient overlaps for key focus areas in type 2 diabetes Creates sense of satiety in the brain Obesity UNITED STATES ONLY Type 2 diabetes ~115m
Slide 40: Novo Nordisk has 55% of the global GLP-1 market
40 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk has 55% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions GLP-1 market growth and Novo Nordisk market share GLP-1 share of total estimated diabetes prescriptions1 is 6.2% Million
Slide 41: SUSTAIN trials with subcutaneous semaglutide
41 Investor presentation First three months of 2024 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 -0.4 Change in -0.5 HbA1c (%) -0.8 -0.9 -1.1 * -1.1 * -1.2 * * -1.3 * -1.3 * * -1.4 * -1.4 * * * -1.5 * -1.5 * * -1.8
Slide 42: Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target
42 Investor presentation First three months of 2024 Novo Nordisk® Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Data from SUSTAIN FORTE approved in the US and the EU Semaglutide 2.0 mg showed superior
Slide 43: Sema 1.0 mg demonstrates 24% reduction in kidney disease-related events
43 Investor presentation First three months of 2024 Novo Nordisk® Sema 1.0 mg demonstrates 24% reduction in the risk of kidney disease-related events in people with type 2 diabetes and CKD The FLOW trial evaluated semaglutide in people with T2D and CKD Testing hierarchy of primary and secondary conf
Slide 44: PIONEER programme with oral semaglutide
44 Investor presentation First three months of 2024 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 -0.6 * HbA1c (%) -0.7 -0.8 * -0.8 * * -1.0 -0.9 -1.1 -1.1 * -1.1 -1.3 * * -1.4 * -1.4 * -1.3 * -1.
Slide 45: PIONEER PLUS achieved its primary endpoint
45 Investor presentation First three months of 2024 Novo Nordisk® PIONEER PLUS achieved its primary endpoint and demonstrated statistically significant HbA1C reduction vs oral sema 14 mg Oral semaglutide 25 mg and 50 mg vs 14 mg in subjects with T2D Headline trial results Change in HbA1C Change in b
Slide 46: Phase 2 trial for CagriSema in type 2 diabetes completed
46 Investor presentation First three months of 2024 Novo Nordisk® Phase 2 trial for CagriSema in people with type 2 diabetes was successfully completed in Q3 2022 Exploratory phase 2a trial of CagriSema in T2D Headline trial results Cagrilintide 2.4 mg + semaglutide 2.4 mg Change in HbA1C Change in
Slide 47: REIMAGINE phase 3 programme with CagriSema in type 2 diabetes
47 Investor presentation First three months of 2024 Novo Nordisk® Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, was initiated in Q3 2023 CagriSema characteristics Global phase 3 trial programme REIMAGINE 1 • 180 patients with T2D vs placebo • 40-week vs. placebo • Primary end
Slide 48: Amycretin phase 2 trial in type 2 diabetes
48 Investor presentation First three months of 2024 Novo Nordisk® Amycretin will be tested in a phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes Phase 2 amycretin trial design Objective ILLUSTRATIVE • Demonstrate the dose-response relationship of amycretin for c
Slide 49: Novo Nordisk global insulin market leadership at 45%
49 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk global insulin market leadership at 45% and the global insulin volume market declined by 1% North America Operations Global International Operations Market growth: -0.8% Market growth: 0% Market growth: -3.1% Market share
Slide 50: Insulin market size and Novo Nordisk volume and value market share
50 Investor presentation First three months of 2024 Novo Nordisk® Insulin market size and Novo Nordisk volume and value market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 44% 242 -12% -0.7% 50% 45% 9% 40% 6% Long- -11% -0.5
Slide 51: Insulin icodec holds potential to be the insulin of choice
51 Investor presentation First three months of 2024 Novo Nordisk® Insulin icodec holds potential to be the insulin of choice for people living with type 2 diabetes starting basal insulin treatment Today’s global basal insulin market is sizeable The opportunity for insulin icodec bDKK Patient behavio
Slide 52: Once-weekly insulin icodec in the phase 3 ONWARDS programme
52 Investor presentation First three months of 2024 Novo Nordisk® Once-weekly insulin icodec appeared to be effective and to have a safe profile in the phase 3 ONWARDS programme ONWARDS 1 ONWARDS 3 ONWARDS 5 ONWARDS 2 ONWARDS 4 ONWARDS 6 BASAL INITIATION BASAL INITIATION BASAL INITIATION BASAL SWITC
Slide 53: Phase 3 trial programme for IcoSema in T2D, COMBINE
53 Investor presentation First three months of 2024 Novo Nordisk® Phase 3 trial programme for IcoSema in T2D, COMBINE IcoSema characteristics Focused phase 3 trial programme COMBINE 1 • Initiated in Q2 2022 Post-basal insulin • 1290 patients* previously on basal-insulin IcoSema is a fixed dose combi
Slide 54: Phase 3a trial COMBINE 3 with IcoSema successfully completed
54 Investor presentation First three months of 2024 Novo Nordisk® Phase 3a trial (COMBINE 3) with IcoSema successfully completed IcoSema vs Insulin glargine U100 and insulin apart in subjects w/T2D Headline trial results Change in HbA1C Change in body weight N=679 IcoSema ± OAD(s) Mean baseline HbA1
Slide 55: Obesity care
55 55 Investor presentation First three months of 2024 Novo Nordisk® Obesity care Obesity disease background 58 56 Obesity market development 62 61 Innovation 63 62 MICHAEL PETERSEN Michael lives with obesity Denmark
Slide 56: Obesity is a serious chronic disease with a large unmet medical need
56 Investor presentation First three months of 2024 Novo Nordisk® Obesity is a serious chronic disease with a large unmet medical need that impacts many aspects of a patient's life Large and increasing unmet need in obesity Obesity is associated with complications Life expectancy decreases as BMI in
Slide 57: With the launch of Wegovy in 2021 a lot changed yet the unmet need remains
57 Investor presentation First three months of 2024 Novo Nordisk® With the launch of Wegovy® in 2021 a lot changed yet the large unmet need in obesity remains Few people are treated for obesity today Key market changes since the Wegovy® launch in 2021 Million people Patients Prescribers Payers 1,000
Slide 58: Broadening focus from solely weight loss to improving health
58 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk is broadening focus from solely weight loss to improving health for patients with overweight or obesity Patient persistency on anti-obesity medications after 12 months Characteristics for patients on Wegovy® in the US Pat
Slide 59: Expanded affordable care access to Wegovy to ~50 million people
59 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk has expanded affordable care access to Wegovy® to ~50 million people and SELECT is set to help improve it ~50m people have Wegovy® coverage in the US Progress across all channels in 2023 People with obesity (millions) Com
Slide 60: Anti-obesity medications expected to be mostly out-of-pocket
60 Investor presentation First three months of 2024 Novo Nordisk® Anti-obesity medications are expected to be mostly out-of- pocket, with SELECT as key lever to improve reimbursement Majority of IO AOM sales are currently OOP Current AOM reimbursement examples SELECT could improve access to Wegovy®
Slide 61: Global obesity market growth has been accelerating
61 Investor presentation First three months of 2024 Novo Nordisk® Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth Obesity market growth and Novo Nordisk value market share Obesity market size and growth DKK billion 155% ~168% 180% 180% 80.8 9.2 1
Slide 62: Semaglutide 2.4 mg impact on comorbidities that overlap with obesity
62 Investor presentation First three months of 2024 Novo Nordisk® In clinical trials, semaglutide 2.4 mg has demonstrated an impact on comorbidities that overlap with obesity Weight loss Disease overlap in the United States Obesity-related comorbidities UNITED STATES ONLY REDEFINE (CagriSema) SELECT
Slide 63: Weight loss of 16.9% to 18.2% across STEP 1, 3 and 4
63 Investor presentation First three months of 2024 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 5 STEP 2 STEP 8 Weight Weight mgmt. Sustained weight management Weight loss over 2 W
Slide 64: In STEP 1, superior weight loss of up to 16.9%
64 Investor presentation First three months of 2024 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 Data from STEP 1 % change in body weight 0 • Average age 46 Placebo: -2.4% • 74.1% women
Slide 65: In STEP 1, 34.8% reached ≥20% weight loss
65 Investor presentation First three months of 2024 Novo Nordisk® In STEP 1, 34.8% of patients treated with sema reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus pla
Slide 66: In STEP 4, superior weight loss of up to 18.2%
66 Investor presentation First three months of 2024 Novo Nordisk® In STEP 4, people treated with semaglutide had a superior weight loss of up to 18.2% STEP 4 showed significantly greater weight loss post run-in than placebo Data from STEP 4 % change in body weight Randomisation 0 • Average age 46 •
Slide 67: In STEP 4, 41.2% reached ≥20% weight loss
67 Investor presentation First three months of 2024 Novo Nordisk® In STEP 4, 41.2% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life vs placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus
Slide 68: In STEP 5, weight loss sustained over 2 years
68 Investor presentation First three months of 2024 Novo Nordisk® In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Data from STEP 5 Clinically relevant and sustained weight loss in patients with obesity or overweight 40% of patients lost ≥ 20% of their body
Slide 69: In STEP 8, semaglutide 17.1% vs liraglutide 6.6%
69 Investor presentation First three months of 2024 Novo Nordisk® In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg Data from STEP 8 STEP 8 observed mean change in body weight1 Mean baseline body weight: 104.5 kg 0 38.5% of patients lost ≥20% of their
Slide 70: Semaglutide 2.4 mg showed 20% MACE reduction in SELECT
70 Investor presentation First three months of 2024 Novo Nordisk® Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD SELECT trial with 17,604 people with BMI>27 and established CVD Objective • Demonstrate that semaglutide s.c. 2
Slide 71: Superior KCCQ-CSS improvement in STEP HFpEF
71 Investor presentation First three months of 2024 Novo Nordisk® Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFpEF trial Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg Key highlights Mean baselin
Slide 72: In SELECT, 37% risk reduction in broad composite endpoint
72 Investor presentation First three months of 2024 Novo Nordisk® In SELECT, semaglutide 2.4 mg reduced the risk of a broad composite endpoint by 37% Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in 3-point MACE Semaglutide 2.4 mg reduce
Slide 73: Phase 3 trial STEP HFpEF successfully completed
73 Investor presentation First three months of 2024 Novo Nordisk® Phase 3 trial STEP HFpEF with semaglutide 2.4 mg was successfully completed in Q2 2023 STEP HFpEF trial with 529 people with obesity and HFpEF STEP HFpEF Objective: • Evaluate the effect on HF specific symptoms, physical function and
Slide 74: Phase 3a OASIS 1 trial of oral semaglutide 50 mg
74 Investor presentation First three months of 2024 Novo Nordisk® The phase 3a OASIS 1 trial investigating oral semaglutide 50 mg in people with overweight or obesity was completed in Q2 2023 OASIS 1 trial design The trial included 660 patients with overweight or obesity Objective • To investigate s
Slide 75: Phase 3 programme for oral semaglutide 50 mg, OASIS
75 Investor presentation First three months of 2024 Novo Nordisk® Phase 3 trial programme for oral semaglutide 50 mg in overweight or obesity, OASIS Oral semaglutide characteristics Focused phase 3 trial programme OASIS 1 • 667 patients 50 mg dose • 68 week Oral semaglutide 50mg: • Primary endpoint:
Slide 76: Oral semaglutide demonstrated superior weight reduction in OASIS 1
76 Investor presentation First three months of 2024 Novo Nordisk® Oral semaglutide 50 mg in overweight or obesity demonstrated superior body weight reduction in the OASIS 1 phase 3 trial OASIS 1 showed significantly greater weight loss compared to placebo Categorical weight loss % at week 68 Mean ba
Slide 77: 20-week phase 1 trial of CagriSema
77 Investor presentation First three months of 2024 Novo Nordisk® In a 20-week phase 1 trial, CagriSema showed weight loss of 17% and appeared to have a safe and well tolerated profile Weight loss for different doses of CagriSema in phase 1 The GI profile appeared similar to semaglutide 2.4 monother
Slide 78: Comprehensive phase 3 programme in obesity with CagriSema
78 Investor presentation First three months of 2024 Novo Nordisk® We are planning a comprehensive phase 3 programme in Obesity with CagriSema including several outcome trials Ongoing CagriSema phase 3 development programme Potential future trials within obesity • 3,400 participants Phase 3 developme
Slide 79: Oral and subcutaneous amycretin phase 1 trials
79 Investor presentation First three months of 2024 Novo Nordisk® Oral amycretin phase 1 trial completed and subcutaneous amycretin phase 1 trial ongoing with expected read-out in 2025 Results from oral amycretin phase 1 on weight loss Amycretin development programme in obesity Mean baseline body we
Slide 80: Rare disease
80 80 Investor presentation First three months of 2024 Novo Nordisk® Rare disease Rare disease background 81 Rare disease innovation 85 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 81: RareD constitutes an attractive opportunity for Novo Nordisk
81 Investor presentation First three months of 2024 Novo Nordisk® RareD constitutes an attractive opportunity for Novo Nordisk Addressing the unmet needs The Rare disease opportunity for Novo Nordisk Patient burdens1 A strategic portfolio • Reduced life-expectancy play in specialty • Severe co-morbi
Slide 82: Executing on new strategy since 2019
82 Investor presentation First three months of 2024 Novo Nordisk® Executing on new strategy since 2019 with near-term focus on next generation launches The Rare disease strategy Focus on succeeding with launches from the core 2025+ Strategic focus areas Expand from core 2022-2025 Succeed with launch
Slide 83: Rare disease sales decreased by 3%
83 Investor presentation First three months of 2024 Novo Nordisk® Rare disease sales decreased by 3%, driven by reduction in manufacturing output NovoSeven® and Norditropin® Global Rare disease franchise DKK account for ~66% of Rare disease sales DKK billion billion 25 1% 4% 1% -15% -3% 1% 4% 1% -15
Slide 84: Haemophilia is a rare disease with severe unmet needs
84 Investor presentation First three months of 2024 Novo Nordisk® Haemophilia is a rare disease with severe unmet medical needs but the market is highly competitive Recombinant haemophilia product sales DKK billion 50 40 -34% 30 20 -2.8% +35% 10 0 2019 2023 2019 2023 2019 2023 Haemophilia with inhib
Slide 85: Concizumab reduced bleeds in the Explorer trial
85 Investor presentation First three months of 2024 Novo Nordisk® In the Explorer 7 trial, concizumab reduced the number of bleeds in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Key highlights Efficacy 100 Median Mean • Median ABR was 0
Slide 86: Interim Mim8 phase 1/2 PK/PD data
86 Investor presentation First three months of 2024 Novo Nordisk® Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Mim8 pharmacokinetic properties support Higher potency of Mim8 vs emicizumab weekly and monthly dosing enabling a low dosing volume
Slide 87: Mim8 phase 1/2 safety and exploratory efficacy
87 Investor presentation First three months of 2024 Novo Nordisk® In the phase 1/2 trial, Mim8 appeared to have a well tolerated safety profile and read out with exploratory efficacy Low number of patients with treated bleeds after cohort 1 Mim8 safety characteristics Adverse events 10 Patients with
Slide 88: Phase 3 FRONTIER 2 trial with Mim8
88 Investor presentation First three months of 2024 Novo Nordisk® Phase 3 trial FRONTIER 2 with Mim8 in haemophilia A is expected to read out during the first half of 2024 FRONTIER 2 trial in >250 adults & adolescents with haemophilia A About Mim8 and the phase 3 trial programme No PPX Mim8 PPX OW/O
Slide 89: Value market share of ~19% in global human growth disorder market
89 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk has a value market share of ~19% in the global human growth disorder market Novo Nordisk value market share in the competitive hGH market A portfolio offering across markets Value MS% Sogroya® strategy • Once-weekly effic
Slide 90: Sogroya approved for paediatric growth hormone deficiency
90 Investor presentation First three months of 2024 Novo Nordisk® Sogroya® is approved for paediatric growth hormone deficiency in US, EU and Japan Phase 3a trial results in children with GHD Key highlights Efficacy ETD (95% CI) = -0.5 (-1.1 ; 0.2) • Non-inferiority versus Norditropin® for the prima
Slide 91: Cardiovascular & Emerging Therapies
91 Investor presentation First three months of 2024 Cardiovascular & Emerging Therapies The unmet needs 92 Cardiovascular disease 93 MASH 98 Alzheimer’s disease 102
Slide 92: Expanding into Cardiovascular and emerging therapy areas
92 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk is expanding into Cardiovascular and emerging therapy areas New therapeutic areas have unmet medical needs Patient overlaps between Novo Nordisk core therapy areas Therapy area Unmet need Obesity UNITED STATES ONLY Type 2
Slide 93: Focused approach in cardiovascular disease
93 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk has a focused approach in cardiovascular disease Focus areas within cardiovascular disease Atherosclerotic cardiovascular disease Heart failure Heart failure with Transthyretin Systemic Uncontrolled and Dyslipidaemia pres
Slide 94: ZEUS trial with ziltivekimab
94 Investor presentation First three months of 2024 Novo Nordisk® ZEUS trial with ziltivekimab aims to validate the link between hsCRP and major adverse cardiovascular events Results from the phase 2 trial RESCUE with ziltivekimab Phase 3 CVOT trial ZEUS with ziltivekimab 12 weeks from randomisation
Slide 95: Ziltivekimab phase 3 development programme
95 Investor presentation First three months of 2024 Novo Nordisk® Ziltivekimab phase 3 development programme targets high unmet need populations within CVD Atherosclerosis and chronic kidney disease HFmrEF and HFpEF Acute myocardial infarction n = 6,200 n = 5,600 n = 10,000 Ziltivekimab 15 mg sc + S
Slide 96: Acquisition of ocedurenone moves into uncontrolled hypertension
96 Investor presentation First three months of 2024 Novo Nordisk® With the acquisition of ocedurenone, Novo Nordisk moves into uncontrolled hypertension Uncontrolled hypertension BLOCK-CKD Phase 2 Results 12 weeks after randomisation Unmet need: Hypertension is leading risk factor for 0 cardiovascul
Slide 97: Heart failure disease modifying and curative treatments
97 Investor presentation First three months of 2024 Novo Nordisk® For patients with heart failure, the goal is to bring disease modifying and curative treatments to the market Heart failure at a glance Pipeline includes potential disease modifying and curative treatments Symptom relief Disease modif
Slide 98: MASH shares a large patient population with core therapy areas
98 Investor presentation First three months of 2024 Novo Nordisk® Metabolic dysfunction-associated steatohepatitis shares a large patient population with Novo Nordisk’s core therapy areas New therapeutic areas have high unmet medical needs Patient overlap between Novo Nordisk core therapy areas and
Slide 99: MASH and semaglutide phase 2 and ESSENCE trial
99 Investor presentation First three months of 2024 Novo Nordisk® MASH is a progressive disease and semaglutide could be the therapeutic foundation Semaglutide showed resolution of MASH with no worsening of Phase 3a ESSENCE trial in MASH fibrosis versus placebo in the phase 2 trial Proportion of pat
Slide 100: Focus on F2-F4c with commercial efforts in MASH
100 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk will focus on F2-F4c with commercial efforts related to awareness, referrals and diagnosis ~22 million people are expected to live with Focus areas to establish presence in MASH MASH referrals to hepatologists in the US
Slide 101: Partnerships to enhance diagnosis in MASH
101 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk enters partnerships to enhance diagnosis in MASH Partnerships across relevant non-invasive tests Novo Nordisk supports NIT for MASH screening and diagnosis Blood test Clinical guideline development recommending screening
Slide 102: Alzheimer's disease patient journey and key barriers
102 Investor presentation First three months of 2024 Novo Nordisk® Alzheimer’s disease patient journey is complex and underscores key barriers to overcome for Novo Nordisk to be successful Significant and growing Hurdles unmet need Million 80 Early symptoms Complex tests and Lack of prognostic Limit
Slide 103: Data points behind phase 3 semaglutide in Alzheimer's disease
103 Investor presentation First three months of 2024 Novo Nordisk® Entering phase 3 development of semaglutide in Alzheimer’s disease was based on a number of data points Real world evidence trials Randomised controlled trials Pre-clinical studies Four RWE studies show reduced risk of 53% lower risk
Slide 104: evoke and evoke+ trials ongoing
104 Investor presentation First three months of 2024 Novo Nordisk® evoke and evoke+ trials are ongoing with expected completion in 2025 evoke and evoke+ trials have been initiated with 1,840 patients in each trial with a total of 3,680 patients 3 mg 7 mg 14 mg oral semaglutide QD 14 mg oral semaglut
Slide 105: North America Operations
105 Investor presentation years of of First three months 2024 2024 Novo Nordisk® North America Operations USA NAOhealth care growth system drivers 107 128 USA health care system 129 NAO at a glance 109 NAO at a glance 131
Slide 106: North America Operations growth has accelerated
NAO 106 Investor presentation First three months of 2024 Novo Nordisk® North America Operations growth has accelerated North America Operations reported sales growth per therapy area DKK billion 1% 3% 14% 21% 54% 150 137 120 91 90 67 60 61 60 30 0 2019 2020 2021 2022 2023 GLP-1 Insulin Other diabete
Slide 107: US health insurance is dominated by a few large commercial payers
NAO 107 Investor presentation First three months of 2024 Novo Nordisk® US health insurance is dominated by a few large commercial payers US population by health insurance status Development of Novo Nordisk rebates Covered lives by PBM has been stable in recent years DKK and net sales in the US 326 3
Slide 108: In the US, net prices have declined in the last five years
108 Investor presentation First three months of 2024 Novo Nordisk® In the US, net prices have declined in the last five years The US population by health insurance Net prices1 across the full Novo coverage Insulin net prices1 have declined Nordisk portfolio2 declined 120 120 7% 100 100 80 80 47% 46%
Slide 109: North America Operations at a glance
NAO 109 Investor presentation First three months of 2024 Novo Nordisk® North America Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk reported sales Novo Nordisk market share Million DKK Sales MS Q1 2024 Growth2 billion (mDKK) 70 10% Injectable GLP-13 21,
Slide 110: Diabetes market share and growth in North America Operations
NAO 110 Investor presentation First three months of 2024 Novo Nordisk® Diabetes market share and market growth in North America Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK 50% 50% billion ~18% 55 20 889 45% 60 755 40% 35% 40% 30% 30% 24% 20% 20
Slide 111: GLP-1 market share and growth in North America Operations
NAO 111 Investor presentation First three months of 2024 Novo Nordisk® GLP-1 market share and market growth in North America Operations GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 70% 80% ~44% 64 446 -1 75 60% 54% 55% 60% 309 50% 46% 44% ~46% 40% 40% 54
Slide 112: Insulin market size and share in North America Operations
NAO 112 Investor presentation First three months of 2024 Novo Nordisk® Insulin market size and volume market share in North America Operations Insulin market share and market size (DKK billion) - Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 41% 185 -14% -1.1% 15% 60% Long
Slide 113: Obesity market share and growth in North America Operations
NAO 113 Investor presentation First three months of 2024 Novo Nordisk® Obesity market share and market growth in North America Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK 120% 260% billion 180% ~195% 68.8 100% 220% 5.7 90% 180% 80% 10.8 194% 140%
Slide 114: International Operations
Novo Nordisk® 114 114 114 Investor presentation First three months of 2024 International Operations International IO at a glanceOperations 115 107 Region EMEA China 121 112 Region China EMEA 117 127 Rest of World 122 132
Slide 115: Growth momentum increased driven by demographics and full portfolio
115 Investor presentation First three months of 2024 Novo Nordisk® Growth momentum has increased driven by demographics and utilisation of full product portfolio Historic sales growth in IO Growth momentum in IO International Operations is diverse and covers 190 markets % Value % >487m 16% live with
Slide 116: International Operations at a glance
116 Investor presentation First three months of 2024 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million DKK Nordisk market share billion MS Sales 19% Q1 2024 Growth2 (mDKK) 17% Injectable GLP-13 7,999 13% 600 250 10
Slide 117: Diabetes market share and growth in International Operations
117 Investor presentation First three months of 2024 Novo Nordisk® Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion 160% 40% ~7% 7 0 232 8 216 120% 30% 80% 20% 15% 53% 40% 7% 10% ~15%
Slide 118: GLP-1 market share and market growth
118 Investor presentation First three months of 2024 Novo Nordisk® GLP-1 market share and market growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 100% 80% ~27% 2 0 52 10 87% 80% 70% 60% 41 60% 39% 40% 29% 40% 61% 70% 65% 20% 65% 60% 20% 56% ~40% 60% 5
Slide 119: Insulin market size and share in International Operations
119 Investor presentation First three months of 2024 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 Δ Market Insulin volume: Market share growth1 share -5.5% 0% 80% 10% Total 51% 57 7
Slide 120: Obesity market share and growth in International Operations
120 Investor presentation First three months of 2024 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 billion ~24% 8.4 90% 100% -0.1 75% 1.6 6.8 70% 70% 50% 35% 40% 30% 75% 23% ~35%
Slide 121: Region China at a glance
Region China 121 Investor presentation First three months of 2024 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million Nordisk market share DKK billion MS 200 Sales Q1 2024 Growth2 6% (mDKK) 14% 30 100% 160 Injectable GLP-13 1,34
Slide 122: Region China remains a key market
122 Investor presentation First three months of 2024 Novo Nordisk® Region China remains a key market for Novo Nordisk and the established presence offers growth opportunities Region China is the largest market within IO Novo Nordisk Region China sales VBP implementation DKK billion initiated 20 17%
Slide 123: Wegovy launch to address unmet need in Region China
123 Investor presentation First three months of 2024 Novo Nordisk® Wegovy® launch is expected to address the high unmet need for anti-obesity medications in Region China High unmet need for anti-obesity medications in mainland China Wegovy® launch expected to be out-of-pocket initially Million peopl
Slide 124: Diabetes market share and growth in Region China
Region China 124 Investor presentation First three months of 2024 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK 40% 40% billion ~-4% 32% 26 1 25 0 30% -1 20% 20% -4% 0% 10% ~-4% -4% 32% 3
Slide 125: GLP-1 market share and growth in Region China
Region China 125 Investor presentation First three months of 2024 Novo Nordisk® GLP-1 market share and market growth in Region China GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 160% 160% billion ~25% 1 0 5 124% 120% 120% 0 4 80% 78% 80% ~46% ~78% 46% 66.9% 67%
Slide 126: Insulin market size and share in Region China
Region China 126 Investor presentation First three months of 2024 Novo Nordisk® Insulin market size and volume share of growth and market share in Region China Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: market share growth1 share 80% 60% Total 51% 9 -21.8% -1.
Slide 127: EMEA at a glance
EMEA 127 Investor presentation First three months of 2024 Novo Nordisk® EMEA at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK Sales billion Q1 2024 Growth2 MS (mDKK) 300 25% Injectable GLP-13 4,319 6% 150 100% 19% Rybelsus® 1,6
Slide 128: Diabetes market share and growth in EMEA
EMEA 128 Investor presentation First three months of 2024 Novo Nordisk® Diabetes market share and market growth in EMEA Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 75% 20% ~11% 5 3 132 6 16% 119 15% 50% 44% 11% 10% 25% 30% 5% ~16% 29% 30% 0% 0% Fe
Slide 129: GLP-1 market share and growth in EMEA
EMEA 129 Investor presentation First three months of 2024 Novo Nordisk® GLP-1 market share and market growth in EMEA GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 90% 90% ~30% 2 0 35 6 70% 63% 27 60% 60% 35% 30% 30% ~35% 30% 59% 63% 61% 56% 57% 61% 59% 0%
Slide 130: Insulin market size and share in EMEA
EMEA 130 Investor presentation First three months of 2024 Novo Nordisk® Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 60% 10% Total 48% 49% 37 -1.1% +0.3% 47% 5% Long- 40% 41% 19 0.6%
Slide 131: Obesity market share and growth in EMEA
EMEA 131 Investor presentation First three months of 2024 Novo Nordisk® Obesity market share and market growth in EMEA Obesity market growth and Novo Nordisk market share DKK Obesity market size and growth billion ~50% 150% 120% 4.8 0.0 100% 120% 1.6 90% 80% 3.2 90% 51% 60% 60% ~61% 90% 61% 40% 85%
Slide 132: Rest of World at a glance
Rest of World 132 Investor presentation First three months of 2024 Novo Nordisk® Rest of World at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk reported sales Novo Nordisk market share Million Sales DKK Q1 2024 (mDKK) Growth2 21% billion MS 300 Injectable GLP-13 2,3
Slide 133: Diabetes market share and growth in Rest of World
Rest of World 133 Investor presentation First three months of 2024 Novo Nordisk® Diabetes market share and market growth in Rest of World Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 25% 24% 55% ~6% 45% 3 2 75 20% 71 -1 35% 15% 25% 10% 22% 15% 5% 5
Slide 134: GLP-1 market share and growth in Rest of World
Rest of World 134 Investor presentation First three months of 2024 Novo Nordisk® GLP-1 market share and market growth in Rest of World GLP-1 market growth and Novo Nordisk market share DKK GLP-1 market size and growth billion 150% 160% ~30% 130% 3 121% 13 120% -1 0 110% 10 90% 86% 80% 70% 45% 86% 76
Slide 135: Insulin market size and share in Rest of World
Rest of World 135 Investor presentation First three months of 2024 Novo Nordisk® Insulin market size and volume market share in Rest of World Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 59% 11 -4.5% +0.8% 15% 42% 60% 58%
Slide 136: Obesity market share and growth in Rest of World
Rest of World 136 Investor presentation First three months of 2024 Novo Nordisk® Obesity market share and market growth in Rest of World Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion 80% 40% -1% 3.6 3.6 0.0 0.1 30% 60% 55% 20% 40% -1% 10% 20% 0% 1% 54
Slide 137: Financials and Product Supply
137 137 137 Investor presentation First three months of 2024 Novo Nordisk® Financials and Product Supply Profit and loss, resource allocation 139 Product supply 142 Margin development & capital allocation 149 Currencies 152
Slide 138: Solid sales growth driven by Diabetes and Obesity care
138 Investor presentation First three months of 2024 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2019-2023 DKK billion, % of total sales 6% 7% 14% 16% 36% 232 7% 177 12% 141 122 127 14% 16% 15% 93% 88% 85% 86% 84% 2019 2020 2021 2022 2023 Diabetes and O
Slide 139: Solid operating profit growth driven by diabetes and obesity care
139 Investor presentation First three months of 2024 Novo Nordisk® Solid operating profit growth driven by diabetes and obesity care Operating profit Operating profit split by franchise DKK 11% 3% 8% 28% 37% Percent billion of sales 6% 7% 13% 15% 44% 120 60% 3% 19% 100 80 40% 60 97% 81% 40 20% 20 0
Slide 140: Resource allocation guided by investing in future growth
140 Investor presentation First three months of 2024 Novo Nordisk® Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2032 Waves of gro
Slide 141: Product supply step-up in investments and employees
141 Investor presentation First three months of 2024 Novo Nordisk® Product supply has continued step-up in investments and employees to support growth Patient reach has accelerated since 2021 Product supply has expanded to enable the current growth Million patients on NN products 2021 2023 50 ~16,00
Slide 142: Manufacturing scale and expertise within biologics is a competitive advantage
142 Investor presentation First three months of 2024 Novo Nordisk® Manufacturing scale and expertise within biologics is a competitive advantage for Novo Nordisk The world’s largest manufacturer of insulin and GLP-1 Novo Nordisk competitive advantages in manufacturing Million patients on NN products
Slide 143: Active pharmaceutical ingredient sites in Denmark and the US
143 Investor presentation First three months of 2024 Novo Nordisk® Active pharmaceutical ingredient | The strategically important sites in Novo Nordisk are based in Denmark and the US 3 sites API production 2 sites API production Product supply value chain Research and Manufacturing API Filling / As
Slide 144: Fill-finish global footprint expected to expand from 11 to 14 sites
144 Investor presentation First three months of 2024 Novo Nordisk® Fill-finish | The global footprint is expected to expand from 11 to 14 sites with the acquisition of the three Catalent sites Tablet1 65sites sites Fill,tablet Fill, tabletand andfinish finish Catalent (Brussels) Fill-finish Fill, ta
Slide 145: Step-up in CAPEX investments across the full value chain
145 Investor presentation First three months of 2024 Novo Nordisk® Significant step-up in CAPEX investments across the full value chain to enable growth for current and future products CAPEX investments Several large investments announced since 2021 DKK billion Announced Site Scope Investment 60 Low
Slide 146: Catalent fill-finish sites expected to add capacity from 2026
146 Investor presentation First three months of 2024 Novo Nordisk® Catalent fill-finish sites are expected to start adding additional capacity from 2026 The three Catalent fill-finish sites The acquisition will help expand capacity faster • Will help reach more patients with current and future treat
Slide 147: Investments to increase patient reach towards 2030
147 Investor presentation First three months of 2024 Novo Nordisk® Investments across the full manufacturing value chain to significantly increase patient reach towards 2030 ILLUSTRATIVE Capacity developments in the coming years ~40m patients API Filling / Assembly and production tabletting packagin
Slide 148: Expected margin developments in the coming years
148 Investor presentation First three months of 2024 Novo Nordisk® Expected margin developments in the coming years compared to 2023 are reflecting strategic resource allocation Gross S&D R&D Administration Operating margin cost ratio cost ratio cost ratio margin Broadly stable but Gradually increas
Slide 149: Capital allocation allows investing while maintaining shareholder returns
149 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk’s capital allocation allows for investing in the business while maintaining attractive shareholder returns Strategic capital allocation priorities Stable dividend pay-out ratio despite increased CAPEX and BD DKK billion
Slide 150: Two decades of consistent cash distribution to shareholders
150 Investor presentation First three months of 2024 Novo Nordisk® Two decades of consistent cash distribution to shareholders Share buybacks and dividends (bDKK) Total dividends per share (DKK) 80 20 ~500 billion DKK returned to shareholders since 2003 62 60 49 41 40 39 9.4 10 36 37 35 35 30 6.2 27
Slide 151: Currency impact on operating profit expected in 2024
151 Investor presentation First three months of 2024 Novo Nordisk® Operating profit expected to be positively impacted by currencies in 2024, but countered by net financials 1 Avg. FY 2023 vs. Avg. FY 2022 Exp. Avg FY 2024 vs. FY 2023 FY 2023 • Negative FX impact on operating profit of -5.0 10% bDKK
Slide 152: Purpose & Sustainability
152 Investor presentation First three months of 2024 Novo Nordisk® Purpose & Sustainability Sustainable business 148 153 Environmental responsibility 150 154 Social responsibility 153 155 Governance Ethics and compliance 158 156 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 153: Being a responsible business drives long-term value
153 Investor presentation First three months of 2024 Novo Nordisk® Being a responsible business drives long-term value Ownership structure creates long-term value Commitment to lead a sustainable business1 Novo Nordisk Foundation • Key objective: To provide a stable basis for Novo Nordisk and Novone
Slide 154: Ambition is zero environmental impact
154 Investor presentation First three months of 2024 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity 2023 Emissions increased due to 2020 ReMedTM, Novo Nordisk’s • Committed to start making growth and CAPEX plastic take-back programme nature-rela
Slide 155: Social responsibility: prevention, access and innovation
155 Investor presentation First three months of 2024 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation Prevention Access Innovation • Cities Changing Diabetes to build • ~7 million people reached • Transformative treatments to heal
Slide 156: Integrating ethics and compliance into every aspect of our business
156 Investor presentation First three months of 2024 Novo Nordisk® Integrating ethics and compliance into every aspect of our business Ethics and compliance are at the core of Novo Nordisk Steps taken to strengthen ethics and compliance setup Communication: Letters shared with HCPs reinforcing appro
Slide 157: 2023 statement of ESG performance
157 Investor presentation First three months of 2024 Novo Nordisk® 2023 statement of ESG performance 2023 2022 2021 Energy consumption for operations (1,000 GJ) 3784 3,677 3,387 Share of renewable power for production sites 100% 100% 100% Scope 1 emissions (1,000 tonnes CO2e)1 78 76 77 Environmental
Slide 158: More than 6.7 million people reached with access and affordability initiatives
158 Investor presentation First three months of 2024 Novo Nordisk® In 2023, more than 6.7 million people with diabetes were reached with access and affordability initiatives 6.7 out of 40.5 million people were reached A number of focused programmes (as of full year 2023) with access and affordabilit
Slide 159: Investor contact information
159 Investor presentation First three months of 2024 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Novo Nordisk A/S Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the Investor Relatio