Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — FY2022 Earnings Presentation
164 slides from Novo Nordisk A/s Class B's earnings presentation, February 2023
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation Full year 2022 Novo Nordisk –a focused healthcare company Investor presentation Full year 2022 Erik Hageman (on the right) is one of Denmark’s longest-living people with type 1 diabetes, pictured here with his son Lars, who also has type 1 diabetes, and his grandchildren (fro
Slide 2: Agenda
2 Investor presentation Full year 2022 Novo Nordisk® Progress on Strategic Aspirations 2025 Agenda Agenda Commercial execution Innovation and therapeutic focus Financials
Slide 3: Forward-looking statements
3 Investor presentation Full year 2022 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 2022 and Form 20-F, which both were filed with the SEC in February 2023 in continua
Slide 4: Strategic Aspirations 2025 | Highlights full year 2022
4 Investor presentation Full year 2022 Novo Nordisk® Strategic Aspirations 2025 | Highlights full year 2022 Light blue indicates developments in Q4 2022 Progress towards zero environmental impact Further raise innovation bar for Diabetes treatment • Carbon emissions decreased by 29% vs 20191 • Compl
Slide 5: Sales growth of 16% driven by both operating units
5 Investor presentation Full year 2022 Novo Nordisk® Sales growth of 16% driven by both operating units Reported geographic sales split for the full year 2022 Reported therapy area sales and growth for the full year 2022 DKK Insulin GLP-1 Other diabetes DKK North America Operations International Ope
Slide 6: Diabetes value market leadership increased by 1.8%-points to 31.9%
6 Investor presentation Full year 2022 Novo Nordisk® Diabetes value market leadership increased by 1.8%-points to 31.9% Novo Nordisk global diabetes value market shares Diabetes value market leadership expansion driven by the GLP-1 franchise 60% Diabetes GLP-1 Insulin 54.9% Diabetes care sales grew
Slide 7: International Operations diabetes care sales growth is driven by GLP-1 performance
7 Investor presentation Full year 2022 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 Value billion Insulin GLP-1 Growth at CER patient
Slide 8: GLP-1 class expansion continues in the US with volume growth across our portfolio
8 Investor presentation Full year 2022 Novo Nordisk® GLP-1 class expansion continues in the US with volume growth across our portfolio in the fourth quarter of 2022 US GLP-1 weekly NBRx prescriptions US GLP-1 TRx market share Weekly NBRx Total GLP-1 scripts TRx share scripts (‘000s) (millions) 60 60
Slide 9: Obesity care sales grew by 84% in 2022 driven by both the US and IO
9 Investor presentation Full year 2022 Novo Nordisk® Obesity care sales grew by 84% in 2022 driven by both the US and IO NN sales and value market share Branded BAOM TRx in the US2 within Obesity care DKK billion TRx count (‘000s) 3%1 55%1 84%1 6 100% 70 64 5 60 The US 87% • Broad commercial formula
Slide 10: Rare disease sales increased by 1% driven by International Operations
10 Investor presentation Full year 2022 Novo Nordisk® Rare disease sales increased by 1% driven by International Operations Reported Rare disease sales Rare disease sales driven by global commercial execution DKK billion Growth at CER Rare disease sales increase is driven by: 24 1% 7% 6% 16% 6% -6%
Slide 11: First two human dose initiations with Dicerna in line with ambition
11 Investor presentation Full year 2022 Novo Nordisk® First two human dose initiations with Dicerna in line with ambition presented at Capital Markets Day 2022 First two phase 1 trials in NASH with siRNA technology initiated Novo Nordisk and Dicerna • After a productive partnership since 2019, Novo
Slide 12: R&D milestones
12 Investor presentation Full year 2022 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project H1 2023 H2 2023 Diabetes care Insulin Icodec EU/US/CN submission Oral semaglutide (25/50mg) Phase 3 results FDC semaglutide/GIP OW Phase 2 results Cagrisema T2D Phase 3a initiatio
Slide 13: Financial results – Full year of 2022
13 Investor presentation Full year 2022 Novo Nordisk® Financial results – Full year of 2022 Change Change Full year 2022 Full year 2021 In DKK million (reported) (CER) Sales 176,954 140,800 26% 16% Gross profit 148,506 117,142 27% 17% Gross margin 83.9% 83.2% Sales and distribution costs (46,217) (3
Slide 14: Step-up in CAPEX to meet demand for current and future products
14 Investor presentation Full year 2022 Novo Nordisk® Step-up in CAPEX to meet demand for current and future products CAPEX investments Ensure readiness to meet future demands DKK billion 30 ~25 24 9% 7% 7% 7% 18 • Capital expenditure is expected to be around DKK 25 5% 4% billion in 2023 12 • Invest
Slide 15: Attractive capital allocation to shareholders
15 Investor presentation Full year 2022 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion 60 • The proposed final dividend of 8.15 DKK per share, in addition to the interim dividend of 4.25 DKK per share, corresponds to full
Slide 16: Financial outlook for 2023
16 Investor presentation Full year 2022 Novo Nordisk® Financial outlook for 2023 Expectations 1 February 2023 Sales growth – at CER 13% to 19% Sales growth - reported Around 4 percentage points lower Operating profit growth – at CER 13% to 19% Operating profit growth - reported Around 5 percentage p
Slide 17: Strategic aspirations 2025
17 Investor presentation Full year 2022 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 obesity sustainab
Slide 18: Investor contact information
18 Investor presentation Full year 2022 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 Investor Relat
Slide 19: Appendix
19 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk corporate strategy 20 Diabetes care 32 GLP-1 42 Insulin 49 Appendix Obesity care 59 Rare disease 78 Other serious chronic diseases 91 Regional information 109 Financials 141 Sustainability 150
Slide 20: Novo Nordisk Corporate Strategy
20 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk Corporate Strategy Rare disease
Slide 21: Large unmet needs across all therapy areas in scope
21 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk’s opportunity is in the large unmet needs across all therapy areas in scope Diabetes care Obesity care 537m people with ~15% >764m people with ~2% of people in of people in medically diabetes1 good control2 obesity3 treated Rare dise
Slide 22: Leading positions in diabetes, obesity and haemophilia
22 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1000 #1 50% 28 #1 100% 100 #3 50% 24 800 40% 80% 80 40% 20 600 30% 16 60% 60 30% 12 40% 400 20% 40
Slide 23: Sales growth of 16%, driven by the GLP-1 portfolio
23 Investor presentation Full year 2022 Novo Nordisk® Sales growth of 16%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the full Reported sales and growth breakdown for DKK by therapy year 2022 the full year 2022 billion Sa
Slide 24: Sales growth of 16%, driven by both NAO and IO
24 Investor presentation Full year 2022 Novo Nordisk® Sales growth of 16%, driven by both NAO and IO with 21% and 13% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown DKK for the full year 2022 billion Sales Share of Regions Growth (mDKK) growth
Slide 25: Solid patent protection, high barriers to entry, collaborative innovation
25 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk holds solid patent protection, high barriers to entry, and a collaborative approach to innovation Novo Nordisk’s position is protected Barriers to entry for biosimilar players Partnerships and acquisitions support by patents and valu
Slide 26: Dicerna acquisition and RNAi technology provide access to intracellular targets
26 Investor presentation Full year 2022 Novo Nordisk® The acquisition of Dicerna Pharmaceuticals and their RNAi technology in 2021 provided access to intracellular targets Disease targets (expressed genes) Peptides and proteins ~5,000 extracellular targets Cell Engage on the RNAi temporary genetic ~
Slide 27: Core capabilities provide a competitive advantage
27 Investor presentation Full year 2022 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 ch
Slide 28: Core capabilities and technology platforms across therapy areas
28 Investor presentation Full year 2022 Novo Nordisk® Core capabilities and additional technology platforms open up new opportunities across therapy areas Technology platforms Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy Diabetes care Obesity care CVD Therapy
Slide 29: Human data-driven decision-making with faster timelines
29 Investor presentation Full year 2022 Novo Nordisk® Human data-driven decision-making with faster timelines to enable a robust development pipeline Speed up time to reach FHD and increase number of phase 1 assets Future Research & early development trends for Novo Nordisk ILLUSTRATIVE • More first
Slide 30: Pipeline supports significant growth opportunities
30 Investor presentation Full year 2022 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1845 – GSI NN9389 – FDC Sema – OW GIP NN1535 – Icosema NN8640 – Sogroya® – QW GHD3 Tresiba® NN1471 – Pumpinsulin
Slide 31: Global manufacturing setup
31 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk has a global manufacturing setup Local production All products API, fill and finish Russia API, fill and finish Fill and finish Japan Iran Algeria Fill and finish Fill and finish Product Supply value chain Research and Manufacturing
Slide 32: Diabetes care
32 Investor presentation Full year 2022 Diabetes care Disease and market 33 GLP-1 segment 42 Insulin segment 49 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 33: Diabetes – the inability to manage blood sugar levels
33 Investor presentation Full year 2022 Novo Nordisk® Diabetes – the inability to manage blood sugar levels appropriately Facts about diabetes Insulin analogue action profiles Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot e
Slide 34: GLP-1s have positive effects beyond glycaemic control
34 Investor presentation Full year 2022 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 Updated ADA/EASD diabetes treatment guidelines Hypo Weight Cardiovascular effects Lifesty
Slide 35: Diabetic population expected to increase to 784 million by 2045
35 Investor presentation Full year 2022 Novo Nordisk® People with diabetes have increased mortality risk, and the diabetic population is expected to increase to 784 million by 2045 Diabetes is associated with shorter life expectancy The number of people with diabetes is expected to and lower quality
Slide 36: Unmet need within diabetes care remains large
36 Investor presentation Full year 2022 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, 36.3 million1 people are currently treated
Slide 37: Diabetes is a chronic disease requiring treatment intensification
37 Investor presentation Full year 2022 Novo Nordisk® Diabetes is a chronic disease requiring treatment intensification over time Distribution of patients and value across treatment classes Diet and exercise 3% OAD 13% -cell function 44% 20% GLP-1 2% 9% 31% Insulin 10% 9% 27% 30% Time Patients Valu
Slide 38: GLP-1 and SGLT-2i driving value growth of diabetes care market
38 Investor presentation Full year 2022 Novo Nordisk® GLP-1 and SGLT-2i have been driving the value growth of the global diabetes care market Estimated global number of patients Estimated global diabetes value market Diabetes market dynamics • Innovation focused on oral GLP-1 CAGR: +4% CAGR: +5% and
Slide 39: Better outcomes through continued innovation and digital solutions
39 Investor presentation Full year 2022 Novo Nordisk® Better outcomes and broader reach can be accomplished through continued innovation, supported by digital solutions Novo Nordisk’s product portfolio follows the patient treatment journey • Innovation focused on oral GLP-1 Portfolio and pipeline an
Slide 40: Total branded diabetes market global value of DKK ~365 billion
40 Investor presentation Full year 2022 Novo Nordisk® The total branded diabetes market has a global value of DKK ~365 billion annually DKK Global diabetes market DKK The USA billion billion +16% +17% 400 367 2021/2022 2020/2021 Growth at CER 200 177 141 +34% 150 -12% -11% 90 302 100 64 +35% 300 +1%
Slide 41: Leadership position within the growing diabetes market
41 Investor presentation Full year 2022 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 40% 60% Market
Slide 42: GLP-1 effect dependent on blood glucose level
42 Investor presentation Full year 2022 Novo Nordisk® GLP-1 effect dependent on blood glucose level GLP-1 mechanism of action when blood Semaglutide holds a plethora of therapeutic opportunities1 sugar levels increase Diabetes FOCUS - Diabetic retinopathy outcomes trial Creates sense of satiety in t
Slide 43: 55% of the global GLP-1 market
43 Investor presentation Full year 2022 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 5% of total diabetes prescriptions use a GLP-1 with large differences across marke
Slide 44: SUSTAIN trials with subcutaneous semaglutide
44 Investor presentation Full year 2022 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 -1.8 -1.5 -1
Slide 45: PIONEER programme with oral semaglutide
45 Investor presentation Full year 2022 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 * -1.4 * -1.4 -1.
Slide 46: Semaglutide 2.0 mg s.c. and high dose oral sema
46 Investor presentation Full year 2022 Novo Nordisk® Semaglutide 2.0 mg s.c. and high dose oral sema hold potential to bring patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Phase 3 trial with oral semaglutide 25 mg and 50 approved i
Slide 47: Phase 2 trial for CagriSema in type 2 diabetes completed
47 Investor presentation Full year 2022 Novo Nordisk® Phase 2 trial for CagriSema in people with type 2 diabetes has been successfully completed Exploratory phase 2a trial of CagriSema in T2D Headline trial results Cagrilintide 2.4 mg + semaglutide 2.4 mg Change in HbA1C Change in body weight Mean b
Slide 48: Fixed dose combination with GIP entered phase 2
48 Investor presentation Full year 2022 Novo Nordisk® A fixed dose combination with GIP entered phase 2 in the second half of 2021 in people with type 2 diabetes Phase 2 trial design for semaglutide in combination with GIP Inclusion criteria: • Age ≥ 18-75 years Dose ratio 1:1 Semaglutide QW + GIP
Slide 49: Global insulin market leadership at 46.7%
49 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk global insulin market leadership at 46.7% and the global insulin volume market declined by 0.9% North America Operations Global International Operations Market growth: -0.9% Market growth: -0.3% Market growth: -2.6% MS 46.7% MS: 49.6
Slide 50: Insulin market size and volume share of growth and market share
50 Investor presentation Full year 2022 Novo Nordisk® Insulin market size and volume share of growth and market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 45% 277 6.1% +0.8% 50% 47% 10% 40% 7% Long- 6.2% +1.5% 38% 139 Acti
Slide 51: Insulin icodec, once-weekly basal insulin
51 Investor presentation Full year 2022 Novo Nordisk® Insulin icodec, a basal insulin intended for once-weekly treatment, may reduce the disease burden for patients Bringing the strongest value Insulin icodec phase 3 programme completed in 2022 proposition to market Reduction of disease burden with
Slide 52: Full ONWARDS programme completed in 2022
52 Investor presentation Full year 2022 Novo Nordisk® The full ONWARDS programme with once-weekly insulin Icodec completed in 2022 ONWARDS 1 2 3 4 5 6 Basal initiation Basal switch Basal initiation Basal/Bolus Basal initiation Basal/Bolus Duration 52 weeks2 26 weeks 26 weeks 26 weeks 52 weeks 26 wee
Slide 53: ONWARDS superior HbA1c reduction vs insulin glargine U100
53 Investor presentation Full year 2022 Novo Nordisk® ONWARDS 1 met its primary endpoint and demonstrated superior HbA1c reduction compared to insulin glargine U100 Superior change in HbA1c from baseline over time 52 weeks Inclusion criteria Time since randomisation (weeks) • T2D treated with OADs*
Slide 54: ONWARDS superiority on HbA1c vs insulin degludec
54 Investor presentation Full year 2022 Novo Nordisk® ONWARDS 2 met its primary endpoint and demonstrated superiority on HbA1c reduction compared to insulin degludec Superior change in HbA1c from baseline over time 26 weeks Inclusion criteria: Time since randomisation (weeks) • T2D treated with basa
Slide 55: ONWARDS non-inferiority with no difference in hypoglycaemic events
55 Investor presentation Full year 2022 Novo Nordisk® ONWARDS 4 achieved primary endpoint of HbA1c non-inferiority with no statistically significant difference in hypoglycaemic events Change in HbA1c from baseline over time 26 weeks Overall hypoglycaemic episodes in the trial Time since randomisatio
Slide 56: ONWARDS superior HbA1c vs once-daily basal insulin analogues
56 Investor presentation Full year 2022 Novo Nordisk® ONWARDS 5 met its primary endpoint and demonstrated superior HbA1c reduction vs once-daily basal insulin analogues Superior reduction in HbA1c from baseline over time 52 weeks Highlights from the trial (includes real-world elements) Time since ra
Slide 57: ONWARDS non-inferiority vs insulin degludec
57 Investor presentation Full year 2022 Novo Nordisk® ONWARDS 6 met its primary endpoint of demonstrating non- inferiority in reducing HbA1c compared to insulin degludec Non-inferior change in HbA1c from baseline over 26 weeks Inclusion criteria Time since randomisation (weeks) • T1D treated with ba
Slide 58: Phase 3 programme COMBINE initiated with IcoSema
58 Investor presentation Full year 2022 Novo Nordisk® Phase 3 trial programme, COMBINE, has been initiated with IcoSema 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 com
Slide 59: Obesity care
59 59 Investor presentation Full year 2022 Novo Nordisk® Obesity care Obesity disease background 58 60 Obesity market development 62 64 Innovation 63 65 MICHAEL PETERSEN Michael lives with obesity Denmark
Slide 60: More than 764 million people living with obesity
60 Investor presentation Full year 2022 Novo Nordisk® More than 764 million people are living with obesity, yet the narrative is changing Obesity is a global epidemic Obesity impacts both the individual and The obesity narrative is changing affecting more than 764 million people1 society at large Me
Slide 61: Patient-centric strategy for obesity
61 Investor presentation Full year 2022 Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement, and improve market access Million people >764 million people live with obesity 800 ~10% seek help ~2% are treated with an AOM ~2.5 million seen by obesi
Slide 62: Large opportunity for activating more people with obesity
62 Investor presentation Full year 2022 Novo Nordisk® Large opportunity for activating more people with obesity to seek treatment and increasing the number of prescribers Wegovy® patient characteristics in the US 70% 81% 37.8 31% of patients new to anti- of patients are female Average BMI of patient
Slide 63: Patient access to anti-obesity medications is improving
63 Investor presentation Full year 2022 Novo Nordisk® Patient access to anti-obesity medications is improving in both the US and IO The~40 million people having access to Wegovy® is nearly the number Restricted reimbursement for Saxenda® is progressing of people with diabetes in the US (~50 million)
Slide 64: Global obesity market growth accelerating
64 Investor presentation Full year 2022 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 87% ~107% 80% 180% 24.7 0.3 60% 107% 140% 1
Slide 65: STEP 1, 3 and 4 weight loss with semaglutide 2.4 mg
65 Investor presentation Full year 2022 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 Weight mgmt.
Slide 66: STEP 1 weight loss of up to 16.9%
66 Investor presentation Full year 2022 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 -2 Placebo: -2.4% • 74.1% women • Averag
Slide 67: STEP 1 categorical weight loss and quality of life
67 Investor presentation Full year 2022 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 Sema 2.4 mg showed a statistically significant treatment difference versus placebo in the IWQoL-L
Slide 68: STEP 4 weight loss of up to 18.2%
68 Investor presentation Full year 2022 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 -2 • 79% women
Slide 69: STEP 4 categorical weight loss and quality of life
69 Investor presentation Full year 2022 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 Sema 2.4 mg showed a statistically significant treatment difference versus placebo in the SF-3
Slide 70: STEP 5 sustained weight loss over 2 years
70 Investor presentation Full year 2022 Novo Nordisk® In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Clinically relevant and sustained weight loss in patients Data from STEP 5 with obesity or overweight % change in body weight Placebo: -0.6% 40% of patient
Slide 71: STEP 8 semaglutide vs liraglutide
71 Investor presentation Full year 2022 Novo Nordisk® In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg STEP 8 observed mean change in body weight1 Statistically significant weight loss with sema 2.4 mg vs lira 3.0 mg Mean baseline body weight: 104.5
Slide 72: Phase 3a OASIS trial with oral semaglutide 50 mg
72 Investor presentation Full year 2022 Novo Nordisk® The phase 3a OASIS trial investigating oral semaglutide 50 mg in obesity initiated in Q3 2021 and expected to complete in H1 2023 Global trial planned was started in H2 2021 Plan to include 660 patients with obesity Objective To investigate super
Slide 73: 20-week phase 1 trial of CagriSema
73 Investor presentation Full year 2022 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 monotherapy Change i
Slide 74: CagriSema phase 3 programme REDEFINE initiated
74 Investor presentation Full year 2022 Novo Nordisk® The CagriSema phase 3 programme, REDEFINE, was initiated in the fourth quarter of 2022 REDEFINE 1 trial design REDEFINE 2 trial design CagriSema 2.4 mg/2.4 mg1 N = 3400 N=1200 Cagrilintide 2.4 mg1 CagriSema 2.4 mg/2.4 mg1 R R Semaglutide 2.4 mg1
Slide 75: SELECT cardiovascular outcomes trial
75 Investor presentation Full year 2022 Novo Nordisk® The SELECT cardiovascular outcomes trial expected to complete in the middle of 2023 Objective Demonstrate that semaglutide s.c. 2.4 mg OW lowers the incidence MACE vs. placebo when both added to standard of care in subjects with established CV di
Slide 76: SELECT addresses comorbidities improved with weight management
76 Investor presentation Full year 2022 Novo Nordisk® The cardiovascular trial, SELECT, addresses many comorbidities that can be improved with weight management Improvements per weight loss bracket Weight loss (%) 30 >15% 20 10-15% 5-10% 10 0-5% 0 Hypertension X Dislipidaemia X Kidney disease X Card
Slide 77: Oral amycretin entered phase 1 in Q2 2022
77 Investor presentation Full year 2022 Novo Nordisk® Oral amycretin entered phase 1 in Q2 2022, combining protein and peptide expertise with oral technology Amycretin is a GLP-1 and amylin receptor Phase 1 single dose and multiple dose trial for co-agonist intended for oral delivery oral amycretin
Slide 78: Rare disease
78 78 Investor presentation Full year 2022 Novo Nordisk® Rare disease Rare Raredisease diseasebackground background 76 79 Rare Raredisease diseaseinnovation innovation 79 82 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 79: Building upon a 40-year legacy in Rare disease
79 Investor presentation Full year 2022 Novo Nordisk® Building upon a 40-year legacy to capture the Rare disease strategic opportunity A strategy anchored in Rare blood and endocrine disorders Three strategic horizons towards 2030 Hemato-renal Lysosomal storage disorders Today Long-term Haemoglobino
Slide 80: Rare disease sales increased by 1%
80 Investor presentation Full year 2022 Novo Nordisk® Rare disease sales increased by 1%, driven by commercial execution and key brands Esperoct® and Refixia® NovoSeven® and Norditropin® Rare disease franchise is sustaining growth DKK account for ~75% of Rare disease sales DKK billion billion 25 25
Slide 81: Haemophilia: severe unmet needs but a competitive market
81 Investor presentation Full year 2022 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 +7% 40 30 -2% 20 +9% 10 0 2017 2021 2017 2021 2017 2021 Haemophilia with inhibitors Haemophili
Slide 82: Explorer 7 trial of concizumab
82 Investor presentation Full year 2022 Novo Nordisk® Explorer 7 trial evaluated safety and efficacy of concizumab in 132 haemophilia A and B patients with inhibitors Concizumab binds TFPI, enabling Explorer 7 trial design thrombin generation and clot formation Concizumab 1) Maintained OnD treatment
Slide 83: Concizumab reduced bleeds in patients with inhibitors
83 Investor presentation Full year 2022 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 for concizu
Slide 84: Explorer8 trial main part completed
84 Investor presentation Full year 2022 Novo Nordisk® Main part of the explorer8 trial with concizumab in people with HA or HB without inhibitors has been completed explorer8 trial design Key trial highlights 1 Maintained OnD treatment Efficacy Previously OnD treatment R • The trial met its primary
Slide 85: Interim Mim8 phase 1/2 PK/PD data
85 Investor presentation Full year 2022 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 300 Mim8 con
Slide 86: Mim8 phase 1/2 safety and exploratory efficacy
86 Investor presentation Full year 2022 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 bleeds per
Slide 87: Pivotal phase 3 trial with Mim8 initiated
87 Investor presentation Full year 2022 Novo Nordisk® The pivotal phase 3 trial with Mim8 was initiated in Q4 2022 Trial design FRONTIER 2: Mim8 phase 3 pivotal trial in ~260 adults & adolescents • Novel and accelerated design minimising time from phase 2 into phase 3. Dosing started in Q4 2022 No P
Slide 88: Norditropin market leader; Sogroya an opportunity
88 Investor presentation Full year 2022 Novo Nordisk® While Norditropin® is the market leader within GHD market, Sogroya® represents an opportunity for patients Novo Nordisk leadership in competitive hGH market A portfolio offering across markets DKK Value billion MS% Sogroya® launches 20 50% • Once
Slide 89: Sogroya phase 3 trial successfully completed
89 Investor presentation Full year 2022 Novo Nordisk® Sogroya® phase 3 trial successfully completed with aspirational target product profile achieved 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 pri
Slide 90: Partnership with 2seventy bio in genome editing
90 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk and 2seventy bio extend partnership in next- generation genome editing for people with haemophilia A Lifelong correction via a unique modality Mode of action Potentially lifelong correction of FVIII deficiency Normal Double strand FV
Slide 91: Other serious chronic diseases
91 Investor presentation Full year 2022 Other serious chronic diseases The unmet needs 92 Cardiovascular disease 93 Non-alcoholic steatohepatitis 96 Alzheimer’s disease 103 Stem cells 106
Slide 92: Expanding into other serious chronic diseases
92 Investor presentation Full year 2022 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 Estimated patients • Patients
Slide 93: Patient overlaps guide focused approach in CVD
93 Investor presentation Full year 2022 Novo Nordisk® Large patient overlaps between diabetes, obesity, and CVD have guided the focused approach in CVD Population overlap between T2D, obesity and CVD Focused approach in CVD Atherosclerosis Heart failure ASCVD + HF Inflammation-driven Heart failure T
Slide 94: Late-stage CVD pipeline
94 Investor presentation Full year 2022 Novo Nordisk® Innovative late-stage CVD pipeline provides opportunities to make a difference for many patients Focus areas Examples of unmet needs in CVD pipeline Near-term Category Broader indications Stand-alone CVD Leverage broader CV indications to establi
Slide 95: Ziltivekimab phase 2b RESCUE trial completed
95 Investor presentation Full year 2022 Novo Nordisk® Ziltivekimab phase 2b RESCUE trial was 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 • In the RESCUE trial, zilti QM showed redu
Slide 96: NASH is a progressive disease with no existing treatment
96 Investor presentation Full year 2022 Novo Nordisk® NASH is a progressive disease with no existing treatment and low diagnosis rates today NASH-Cirrhosis F4 NASH F3 NASH F3 NASH NASHF2 F2 NASH F1 NASH F1 Dead cell Inflamed/dying remnants hepatocyte Scar Inflamed/dying Excessive collagen tissue hep
Slide 97: ZEUS trial with ziltivekimab
97 Investor presentation Full year 2022 Novo Nordisk® ZEUS trial with ziltivekimab aims to validate the link between inflammation and major adverse cardiovascular events Phase 3 CVOT trial ZEUS with ziltivekimab Objective • To investigate the cardiovascular benefit of ziltivekimab in the Investigate
Slide 98: Ziltivekimab aspires to address unmet need in over 5 million people
98 Investor presentation Full year 2022 Novo Nordisk® Ziltivekimab aspires to address an unmet need in more than 5 million people Ziltivekimab aspires to reduce MACE in Sub-header Critical (can be success factors to commercialise removed) ziltivekimab Sub-header (can be removed) people with ASCVD an
Slide 99: NASH patient journey and barriers
99 Investor presentation Full year 2022 Novo Nordisk® NASH patient journey underscores key barriers to overcome for Novo Nordisk to be successful ~22 million people are expected Hurdles to live with NASH F2-F4c by 2030 25 Low disease No Inadequate patient No treatment prognostic awareness Few patien
Slide 100: Support for non-invasive tests for NASH diagnosis
100 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk is supporting use of non-invasive tests for NASH diagnosis Development and adoption of non-invasive tests (NITs) Novo Nordisk activities supporting non-invasive tests in NASH diagnosis Real world • Linking biomarkers and liver histo
Slide 101: Semaglutide phase 2 NASH resolution
101 Investor presentation Full year 2022 Novo Nordisk® In phase 2, semaglutide showed significant improvements in NASH resolution Semaglutide showed resolution of NASH with no worsening of Semaglutide showed numerical improvements in fibrosis and fewer fibrosis versus placebo in the phase 2 trial1 p
Slide 102: Phase 3a ESSENCE trial in NASH
102 Investor presentation Full year 2022 Novo Nordisk® Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of NASH was initiated in Q1 2021 The phase 3a ESSENCE trial in NASH ESSENCE trial | NASH F2–F3 patients Primary objectives and endpoints for Part 1 and 2 N = 1,200 Part 1 | Improve
Slide 103: Alzheimer's disease patient journey and barriers
103 Investor presentation Full year 2022 Novo Nordisk® AD 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 Limited DMT dismissed as normal li
Slide 104: Data points behind semaglutide in Alzheimer's phase 3
104 Investor presentation Full year 2022 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 of dementia
Slide 105: Evoke and evoke+ trials ongoing
105 Investor presentation Full year 2022 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 semaglutide QD R 3 m
Slide 106: Broad potential for cell therapies
106 Investor presentation Full year 2022 Novo Nordisk® There is broad potential for cell therapies and Novo Nordisk has capabilities to explore the potential Broad potential for clinical use of cell therapies Maturing the platform to enable development of competitive cell therapies Parkinson’s disea
Slide 107: Potential first human dose with cell therapy with Heartseed
107 Investor presentation Full year 2022 Novo Nordisk® Potential first human dose with cell therapy in collaboration with Heartseed and others Utilise internal capabilities and disease understanding Accelerate innovation through partnerships for stem cell development Internal capabilities Therapeuti
Slide 108: Cell therapy trials in heart failure and Parkinson's disease
108 Investor presentation Full year 2022 Novo Nordisk® First efforts to combine Novo Nordisk and partner competencies in cell therapies start with heart failure and Parkinson’s disease TRANSCEND 1 and 2 trials to evaluate stem cells impact on Heartseed: Phase 1/2 trial in patients with severe heart
Slide 109: International Operations
Novo Nordisk® 109 109 109 Investor presentation Full year 2022 International Operations IO at a glanceOperations International 107 110 EMEA 112 116 Region China 117 121 Rest of World 122 126
Slide 110: Growth momentum driven by demographics and full product portfolio
110 Investor presentation Full year 2022 Novo Nordisk® Growth momentum has increased driven by demographics and utilisation of full product portfolio Historic growth has been in the Growth momentum in IO International Operations is diverse and covers 190 markets range of 5-10% >487m 16% live with di
Slide 111: International Operations at a glance
111 Investor presentation Full year 2022 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 Sales 19% Full year 2022 Growth2 (mDKK) 250 80% Total GLP-13 26,196 57% 17% 600 Long-actin
Slide 112: Diabetes market share and growth in International Operations
112 Investor presentation Full year 2022 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% ~14% 10 213 7 9 187 120% 30% 20% 80% 20% 14% 40% 36% 10% ~20% 26% 24% 2
Slide 113: GLP-1 market share and market growth
113 Investor presentation Full year 2022 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 80% 75% 80% ~49% 3 38 64% 9 0 60% 60% 61% 25 40% 49% 40% ~61% 61% 64% 20% 20% 60% 56% 59% 55% 0% 0% Nov Nov Nov Novo
Slide 114: Insulin market size and volume share in International Operations
114 Investor presentation Full year 2022 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 growth share -0.3% +1.0% 80% 0.15 Total 51% 62 0.12 60% L
Slide 115: Obesity market share and growth in International Operations
115 Investor presentation Full year 2022 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 ~43% 0.2 5.8 75% 75% 80% 64% 1.6 4.0 55% 43% 50% 35% 20% 64% ~75% 15% -10% 52% 48%
Slide 116: EMEA at a glance
EMEA 116 Investor presentation Full year 2022 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 Full year 2022 Growth2 (mDKK) 300 25% 120 120% Total GLP-13 43% 14,855 19% Long-acting insulin4 7,1
Slide 117: Diabetes market share and growth in EMEA
EMEA 117 Investor presentation Full year 2022 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% ~16% 17% 6 115 5 16% 5 99 15% 50% 10% 31% 25% 29% 5% ~17% 29% 29% 0% 0% Nov Nov Nov Nov
Slide 118: GLP-1 market share and growth in EMEA
EMEA 118 Investor presentation Full year 2022 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 80% 80% ~39% 2 0 25 66% 5 60% 60% 60% 18 44% 40% 39% 40% ~44% 59% 20% 20% 60% 56% 57% 58% 0% 0% Nov Nov
Slide 119: Insulin market size and volume share in EMEA
EMEA 119 Investor presentation Full year 2022 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 growth share 60% 10% Total 48% 49% 37 1.5% +0.1% 47% 7% Long- 40% 41% 19 3.7% +1.2% 40% acti
Slide 120: Obesity market share and growth in EMEA
EMEA 120 Investor presentation Full year 2022 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 ~78% 120% 120% 2.4 0.1 102% 100% 100% 82% 1.0 80% 80% 78% 1.4 60% 60% ~102% 82% 40% 40% 79% 75% 20
Slide 121: Region China at a glance
Region China 121 Investor presentation Full year 2022 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK Sales Full year 2022 Growth2 billion (mDKK) 200 30 100% 6% Total GLP-13 3,737 88% 14% GLP-1 160 2
Slide 122: Diabetes market share and growth in Region China
Region China 122 Investor presentation Full year 2022 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 50% 50% ~7% 1 1 27 26 0 40% 40% 32% 30% 30% 20% 20% ~4% 7% 33% 33% 10% 10% 32%
Slide 123: GLP-1 market share and growth in Region China
Region China 123 Investor presentation Full year 2022 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 billion 160% 160% ~114% 1 0 3 114% 120% 120% 1 88% 80% 80% 64% 1 ~88% 40% 57% 40% 64.4% 67% 63%
Slide 124: Insulin market size and share in Region China
Region China 124 Investor presentation Full year 2022 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 growth share 80% 50% Total 52% 13 -11.0% +2.9% 40% 60% L
Slide 125: Region China remains a key strategic opportunity
Region China 125 Investor presentation Full year 2022 Novo Nordisk® Region China remains a key strategic opportunity Region China is a large market with Outcome of VBP insulin in China Opportunities and strategic priorities ~140 million people living with diabetes Large growing diabetes market • Pri
Slide 126: Rest of World at a glance
Rest of World 126 Investor presentation Full year 2022 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 DKK Sales Full year 2022 Growth2 21% billion (mDKK) 300 Total GLP-13 7,604 78% 80 80%
Slide 127: Diabetes market share and growth in Rest of World
Rest of World 127 Investor presentation Full year 2022 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 20% billion 20% 55% ~13% 45% 3 70 4 2 15% 62 43% 35% 10% 25% 13% 15% 5% 5% ~43% 20% 1
Slide 128: GLP-1 market share and growth in Rest of World
Rest of World 128 Investor presentation Full year 2022 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 110% 160% 100% ~61% 4 0 9 90% 0 107% 120% 73% 70% 6 80% 50% 61% 73% 40% ~107% 66% 62%
Slide 129: Insulin market size and share in Rest of World
Rest of World 129 Investor presentation Full year 2022 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 growth share 80% 20% Total 58% 12 7.7% +1.2% 15% 42% 60% 57% Long– 10% 5 1
Slide 130: Obesity market share and growth in Rest of World
Rest of World 130 Investor presentation Full year 2022 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 60% 30% ~25% 3.4 25% 0.1 50% 20% 0.6 2.7 40% 51% 50% 10% 30% 20% 0% 10% ~51% 50%
Slide 131: North America Operations
131 Investor presentation Full year 2022 Novo Nordisk® North America Operations NAO growth drivers 128 USA health care system 133 USA health care system 129 NAO at a glance 134 NAO at a glance 131
Slide 132: North America Operations growth has accelerated
NAO 132 Investor presentation Full year 2022 Novo Nordisk® North America Operations growth has accelerated North America Operations reported sales growth per therapy area DKK billion 3% 1% 3% 14% 21% 100 91 80 67 60 61 41 60 57 40 20 0 2018 2019 2020 2021 2022 GLP-1 Insulin Other diabetes Obesity ca
Slide 133: US health insurance dominated by a few large commercial payers
NAO 133 Investor presentation Full year 2022 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 billion 326 333 3
Slide 134: North America Operations at a glance
NAO 134 Investor presentation Full year 2022 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 Full year 2022 Growth2 billion (mDKK) 70 10% 800 80% Total GLP-13 57,175 3
Slide 135: Diabetes market share and growth in North America Operations
NAO 135 Investor presentation Full year 2022 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% billion ~34% 59 704 41% 51 38% 40% 68 34% 526 30% 34% 20% 10% ~41% 34% 33% 32% 3
Slide 136: GLP-1 market share and growth in North America Operations
NAO 136 Investor presentation Full year 2022 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% ~65% 47 269 71% -1 65% 60 60% 60% 163 56% 50% 54% 40% ~71% 40% 54% 53% 50% 51
Slide 137: Total Rybelsus TRx volume steadily growing in the US
NAO 137 Investor presentation Full year 2022 Novo Nordisk® Total Rybelsus® TRx volume is steadily growing in the US Rybelsus® and SGLT-2i1 uptake in the US2 since respective launches In the full year 2022, Rybelsus® sales account for 24% share of growth of NAO sales TRx count (000s) • Successful Ryb
Slide 138: Volume market shares in the three insulin segments
NAO 138 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk volume market shares in the three insulin segments Long-acting insulin Premix insulin Fast-acting insulin tMU MS tMU MS tMU MS 100 80% 80 80% 80 100% CAGR volume1: -0.3% CAGR volume1: -7.7% CAGR volume1: 1.5% MI penetration2: 65
Slide 139: Insulin market size and share in North America Operations
NAO 139 Investor presentation Full year 2022 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 growth share 60% 12% Total 43% 215 8.1% +0.8% 8% Long- 40% 38% 38% 110 7.
Slide 140: Obesity market share and growth in North America Operations
NAO 140 Investor presentation Full year 2022 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 100% 94% 220% billion ~103% 18.9 180% 0.1 80% 115% 140% 60% 9.5 100% 103% 9.3 40% 94% 9
Slide 141: Financials
141 141 141 Investor presentation Full year 2022 Novo Nordisk® Financials Profit and loss, capital allocation 139 142 Currencies 145 148
Slide 142: Solid sales growth driven by Diabetes and Obesity care
142 Investor presentation Full year 2022 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2018-2022 Expected development towards 2025 DKK billion Gross margin Remain broadly stable 12% +12%1 14% Gradually decline enabled by S&D cost ratio attractive sales gr
Slide 143: Solid operating profit growth driven by Diabetes care
143 Investor presentation Full year 2022 Novo Nordisk® Solid operating profit growth driven by Diabetes care Operating profit Operating profit split by franchise DKK -4% 11% 3% 8% 28% Percent billion of sales 3% 6% 7% 13% 15% 80 60% 10% 20% 60 40% 40 80% 90% 20% 20 0 0% 2018 2019 2020 2021 2022 2018
Slide 144: Resource allocation guided by investing in future growth
144 Investor presentation Full year 2022 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 2030 ILLUSTRATIVE Waves of gr
Slide 145: Net profit converted to cash and returned to shareholders
145 Investor presentation Full year 2022 Novo Nordisk® Net profit has been converted to cash and returned to shareholders Cash conversion and allocation (2022) Strategic capital allocation priorities DKK billion Business development investments to enhance R&D pipeline 70 CAPEX investments to meet de
Slide 146: Rare disease segment has lower profitability
146 Investor presentation Full year 2022 Novo Nordisk® Rare disease segment has lower profitability driven by higher investments in R&D including the acquisition of Forma in 2022 Diabetes and Obesity care P&L – full year 2022 Rare disease P&L – full year 2022 DKK DKK billion billion 200 Sales ratios
Slide 147: Stable COGS as percentage of sales, step-up in CAPEX
147 Investor presentation Full year 2022 Novo Nordisk® Stable COGS as percentage of sales, while there is a step-up in CAPEX to meet current and future demands Cost of goods sold Capital expenditure DKK DKK billion billion 30 30% 25 10% 20 8% 20 20% 15 6% 10 4% 10 10% 5 2% 0 0% 0 0% 2018 2019 2020 2
Slide 148: Currency impact on Novo Nordisk's P/L
148 Investor presentation Full year 2022 Novo Nordisk® Currency impact on Novo Nordisk’s P/L Operational currency impact Financial currency impact • All movements in currencies will directly impact the • All gain/losses from hedging contracts are included in individual reported functional lines of t
Slide 149: Operating profit expected to be negatively impacted by currencies in 2023
149 Investor presentation Full year 2022 Novo Nordisk® Operating profit expected to be negatively impacted by currencies in 2023, partly countered by net financials Avg. FY 2022 vs. Avg. FY 2021 Exp. Avg FY 2023 1vs. FY 2022 20% FY 2022 • Positive impact on operating profit of DKK 7.6 10% billion He
Slide 150: Purpose & Sustainability
150 Investor presentation Full year 2022 Novo Nordisk® Purpose & Sustainability Sustainable business 148 151 Environmental responsibility 150 154 Social responsibility 153 156 Governance 158 161 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 151: Long-term value driven by purpose and responsible business
151 Investor presentation Full year 2022 Novo Nordisk® Long-term value to society is driven by a strong sense of purpose and by being a responsible business Foundation ownership enables long-term focus on ESG1 responsibility has been anchored in shared value creation Articles of Associations since 2
Slide 152: 2022 statement of ESG performance
152 Investor presentation Full year 2022 Novo Nordisk® 2022 statement of ESG performance 2022 2021 2020 Resources Energy consumption for operations (1,000 GJ) 3,677 3,387 3,191 Share of renewable power for production sites 100% 100% 100% Water consumption for production sites (1,000 m3) 3,918 3,488
Slide 153: Circular for Zero environmental aspiration
153 153 Investor presentation Full year 2022 Novo Nordisk® With Circular for Zero, Novo Nordisk aspires to have zero environmental impact Environmental aspirations Circular products Upgrade existing and design new products based on circular principles and solve the end-of-life product waste challeng
Slide 154: Pledge to reach net-zero emissions by 2045
154 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk pledges to reach net-zero emissions across the entire value chain by 2045 CO2 emissions from scopes 1, 2 and 3 for full year 2022 Key initiatives to reduce CO2 emissions across all three scopes 1,000 tonnes CO2 Scope 1 - Direct emis
Slide 155: Addressing the plastic footprint
155 Investor presentation Full year 2022 Novo Nordisk® Reaching more patients will increase the plastic footprint, a challenge Novo Nordisk has started to address Growing volumes impact Novo Nordisk’s plastic footprint Change to sustainable plastic ILLUSTRATIVE • Engage with suppliers to pursue shif
Slide 156: Social responsibility: prevention, access and innovation
156 Investor presentation Full year 2022 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation …accelerating …providing access to …innovating to prevention to affordable care for vulnerable improve lives… bend the curve… patients in ev
Slide 157: More than 5 million people reached with access initiatives
157 Investor presentation Full year 2022 Novo Nordisk® In 2022, more than 5 million people with diabetes were reached with access and affordability initiatives 5.5 out of 36.3 million people were reached A number of focused programmes (as of full year 2022) with access and affordability initiatives
Slide 158: In the US, net prices have declined in the last five years
158 Investor presentation Full year 2022 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 150 150 7% 120 120 106 100 101 100 47% 90 90
Slide 159: Barriers to access go beyond price
159 Investor presentation Full year 2022 Novo Nordisk® Barriers to access go beyond price Diabetes Compass launched with Thermal solution for human insulin can iCare initiative towards strengthening World Diabetes Foundation address one key access to care barrier health infrastructure in Middle Afri
Slide 160: Sustainable employer: inclusive and diverse
160 Investor presentation Full year 2022 Novo Nordisk® The journey towards being a sustainable employer starts with being inclusive and diverse 2025 aspiration supporting Diversity and Inclusion Driving an inclusive and diverse workplace Diversity & Inclusion aspirational targets: • Create an inclus
Slide 161: Structure in place to ensure corporate governance
161 Investor presentation Full year 2022 Novo Nordisk® Structure in place to ensure corporate governance Rules and Regulations Governance structure Assurance measures Shareholders A and B share structure Danish and foreign laws and Audit financial data and review regulations social and environmental
Slide 162: Novo Nordisk has a sustainable tax approach
162 Investor presentation Full year 2022 Novo Nordisk® Novo Nordisk has a sustainable tax approach Sustainable tax approach approved by the BoD Corporate income taxes by region – three year average in DKK billion 1 | Commercially driven Corporate Region IP rights1 Production2 Sales3 income taxes • B
Slide 163: ESG integrated in reporting and remuneration
163 Investor presentation Full year 2022 Novo Nordisk® ESG is integrated in reporting and remuneration as well as recognised externally ESG is included in integrated reporting and We strive to adhere to sustainability ESG rankings by third-party agencies short- and long-term remuneration frameworks
Slide 164: Investor contact information
164 Investor presentation Full year 2022 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 Relations New York