Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Investor Day (June 2025)
58 slides from Novo Nordisk A/s Class B's investor day presentation, Jun 22, 2025
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation Novo Nordisk –a focused healthcare company Novo Nordisk R&D investor event 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 (from the left) Clara, E
Slide 2: Forward-looking statements
2 R&D Investor event 22 June 2025 Forward-looking statements Novo Nordisk’s statutory Annual Report 2024, Form 20-F, any quarterly financial reports, investor presentations and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk,
Slide 3: Agenda
3 Investor presentation Full year 2024 Novo Nordisk® Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludo
Slide 4: Agenda
4 Investor presentation Full year 2024 Novo Nordisk® Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludo
Slide 5: Innovation and therapeutic focus
5 R&D Investor event 22 June 2025 Today’s emphasis is on Innovation and therapeutic focus, within Diabetes and Obesity care Further raise innovation bar for Diabetes treatment therapeutic focus Develop superior treatment solutions for Obesity Innovation and Strengthen and progress Rare Disease pipel
Slide 6: Today's speakers
6 R&D Investor event 22 June 2025 Today’s speakers Karsten Munk Knudsen Martin Holst Lange Ludovic Helfgott Executive Vice President and Executive Vice President and Executive Vice President and CFO Head of Development Head of Product and Portfolio Strategy
Slide 7: Agenda
Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludovic Helfgott Amylin biology and cagrilintide Martin H
Slide 8: Diabetes is a serious chronic disease with increasing prevalence worldwide
8 R&D Investor event 22 June 2025 Diabetes is a serious chronic disease with increasing prevalence worldwide and multiple associated comorbidities In 2050, ~850 million adults are expected to live with diabetes High unmet medical need remains within T2D and the associated comorbidities1 Million adul
Slide 9: Investigating semaglutide effects beyond glucose lowering in type 2 diabetes
9 R&D Investor event 22 June 2025 Investigating semaglutide effects beyond glucose lowering in people with type 2 diabetes The FLOW trial enrolled 3,533 patients with The SOUL trial enrolled 9,650 patients with The STRIDE trial enrolled 792 patients with T2D and CKD T2D and established CVD and/or CK
Slide 10: Recently completed outcome trials FLOW, SOUL and STRIDE
10 R&D Investor event 22 June 2025 Recently completed outcome trials FLOW, SOUL and STRIDE strengthen semaglutide comorbidity evidence In FLOW, semaglutide 1.0 mg sc reduced risk In SOUL, oral semaglutide 14 mg reduced In STRIDE, semaglutide 1.0 mg sc improved of kidney endpoint by 24% risk of 3-poi
Slide 11: Semaglutide addresses four of five treatment goals in 2025 ADA guidelines
11 R&D Investor event 22 June 2025 Semaglutide now addresses four out of five treatment goals in the updated 2025 ADA guidelines GLP-1s as first line of treatment in T2D 2025 ADA guidelines for pharmacologic treatment of adults with type 2 diabetes Healthy lifestyle behaviours: Diabetes self-managem
Slide 12: Semaglutide comprehensive body of evidence in type 2 diabetes
12 R&D Investor event 22 June 2025 Semaglutide has produced a comprehensive body of evidence and clinical outcome data for a GLP-1 in type 2 diabetes Glycaemic control* MACE outcome PAD outcome 2.2%-p 26% 13% Reduction HbA1c 1 Reduction in MACE2 Improvement in MWD3 distance SUSTAIN FORTE SUSTAIN-6 S
Slide 13: Market leader in GLP-1 diabetes with growth potential
13 R&D Investor event 22 June 2025 Novo Nordisk is market leader in GLP-1 diabetes with growth potential driven by label expansions and low global penetration Globally, ~7% of total estimated diabetes prescriptions are for a GLP-1 20 Global: 7% Estimated prescriptions (in millions) • Launched in ~80
Slide 14: Agenda
Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludovic Helfgott Amylin biology and cagrilintide Martin H
Slide 15: Obesity is a serious chronic disease with large unmet medical need
15 R&D Investor event 22 June 2025 Obesity is a serious chronic disease with a large unmet medical need that requires innovative treatment options More than 1.7 billion people is living with Obesity is associated with more than 200 Life expectancy decreases as BMI increases overweight or obesity glo
Slide 16: Innovation focused on weight loss magnitude and emerging patient needs
16 R&D Investor event 22 June 2025 Novo Nordisk’s innovation is focused on addressing weight loss magnitude as well as emerging patient needs and comorbidities Building a leading portfolio Addressing unmet needs across patient segments via differentiated clinical profiles Our key focus areas ILLUSTR
Slide 17: Pipeline of diverse treatment options for obesity
17 R&D Investor event 22 June 2025 Novo Nordisk is advancing a pipeline of diverse treatment options for obesity Building a leading portfolio Obesity development pipeline Our key focus areas Project Phase Wegovy® (semaglutide 2.4 mg) Marketed Body weight loss oral semaglutide (25 mg) Submitted in US
Slide 18: Real world evidence confirms efficacy of Wegovy
18 R&D Investor event 22 June 2025 Novo Nordisk® Real world evidence confirms efficacy of Wegovy® and shows 3-point MACE risk reduction of 42% SHAPE study showed 1-year real-world weight loss in patients with SCORE study showed 42% lower relative risk of 3-point MACE in overweight or obesity treated
Slide 19: US FDA decision for MASH and heart failure expected in H2 2025
19 R&D Investor event 22 June 2025 Novo Nordisk® US FDA decision for the treatment of MASH and Heart failure expected in second half of 2025 Semaglutide 2.4 mg demonstrated superior improvement in both Semaglutide reduces the risk of time to first composite outcome of liver fibrosis and MASH resolut
Slide 20: STEP UP: semaglutide 7.2 mg achieved 20.7% weight loss
20 R&D Investor event 22 June 2025 Novo Nordisk® In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss and around one third of participants achieved ≥25% weight loss STEP UP enrolled 1,407 people with obesity1 Weight loss for semaglutide 7.2 mg in STEP UP trial Mean baseline body weight: 113.0 k
Slide 21: STEP UP safety and tolerability
21 R&D Investor event 22 June 2025 Novo Nordisk® In STEP UP, sema 7.2 mg appeared to have a safe and well- tolerated profile, broadly comparable with sema 2.4 mg semaglutide 7.2 mg semaglutide 2.4 mg Placebo (n = 1004) (n = 201) (n = 201) n % n % n % Adverse events 878 87.5 169 84.1 156 77.6 Serious
Slide 22: Wegovy established benefits with label expansions submitted
22 R&D Investor event 22 June 2025 Novo Nordisk® Wegovy® has established benefits to address unmet needs, with further maintenance dose and label expansions submitted Only few people globally are treated with Semaglutide sc weight loss and proven health benefits in obesity anti obesity medications t
Slide 23: Oral semaglutide submitted in the US
23 R&D Investor event 22 June 2025 Novo Nordisk® Oral semaglutide 25 submitted in the US with efficacy and safety profile broadly similar to Wegovy® OASIS 4 trial enrolled 306 people with overweight or obesity1 Weight loss for oral semaglutide 25 mg in OASIS 4 trial Mean baseline body weight: 105.9
Slide 24: Oral semaglutide lowered cardiovascular risk factors in OASIS 4
24 R&D Investor event 22 June 2025 Novo Nordisk® Oral sema 25 mg significantly lowered cardiovascular risk factors waist circumference and hsCRP compared to placebo in OASIS 4 Change in waist circumference at week 64 Change in hsCRP from baseline to week 64 Change in systolic blood pressure at week
Slide 25: OASIS 4 gastrointestinal adverse events
25 R&D Investor event 22 June 2025 Novo Nordisk® In OASIS 4, gastrointestinal adverse events appeared to be transient with a gastrointestinal discontinuation rate of 3.4% Oral semaglutide 25 mg appeared to have a safe and well-tolerated profile in OASIS 4, with majority of adverse events being gastr
Slide 26: Oral semaglutide 25 mg expected first oral GLP-1 in obesity
26 R&D Investor event 22 June 2025 Novo Nordisk® Oral semaglutide 25 mg is expected to be the first oral GLP-1 in obesity Only few people globally are treated with Oral semaglutide to expand Novo Nordisk’s obesity offering, initially on the US market anti obesity medications today Oral semaglutide 2
Slide 27: Agenda
Novo Nordisk® Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludovic Helfgott Amylin biology and cagrili
Slide 28: Investigating amylin biology across research and development
28 R&D Investor event 22 June 2025 Novo Nordisk® Novo Nordisk is investigating the promising amylin biology across different projects in both research and development Amylin’s multifactorial effects Amylin analogues have different profile Novo Nordisk amylin pipeline based on backbone and receptor s
Slide 29: Cagrilintide 2.4 mg achieved 11.8% weight loss in REDEFINE 1
29 R&D Investor event 22 June 2025 Novo Nordisk® Cagrilintide 2.4 mg achieved 11.8% weight loss in the REDEFINE 1 trial with a 1.3% discontinuation rate due to GI adverse events Weight loss for cagrilintide 2.4 mg in REDEFINE 1 trial cagrilintide 2.4 mg Placebo Mean baseline body weight: 106.9 kg 0
Slide 30: Agenda
Novo Nordisk® Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludovic Helfgott Amylin biology and cagrili
Slide 31: REDEFINE 1 first pivotal phase 3 trial of CagriSema
31 R&D Investor event 22 June 2025 Novo Nordisk® REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema in people living with overweight or obesity REDEFINE 1 enrolled 3,417 people with overweight or obesity1 Baseline characteristics in REDEFINE 1 CagriSema 2.4 mg semaglutide 2.4 mg R c
Slide 32: REDEFINE 1: CagriSema 22.7% mean weight loss
32 R&D Investor event 22 June 2025 Novo Nordisk® In REDEFINE 1, CagriSema achieved 22.7% mean weight loss and more than 40% of participants achieved ≥25% weight loss Higher body weight reduction with CagriSema compared Categorical weight loss after 68 weeks of treatment to mono components and placeb
Slide 33: Body composition analysis in REDEFINE
33 R&D Investor event 22 June 2025 Novo Nordisk® Body composition analysis in REDEFINE 1 showed more than two-thirds body fat mass loss with CagriSema Total body fat mass loss from baseline to week 68 Total body lean soft-tissue mass loss from baseline to week 68 Mean at baseline: 47.4 kg Mean at ba
Slide 34: CagriSema dose modification as people approach normal BMI
34 R&D Investor event 22 June 2025 Novo Nordisk® CagriSema dose modification mainly occur as people approach normal BMI range Dose modification and development of mean BMI for participants Average gastrointestinal adverse events per year for participants on CagriSema 2.4mg versus <2.4 mg at end of t
Slide 35: Treat to target analysis of CagriSema in REDEFINE
35 R&D Investor event 22 June 2025 Novo Nordisk® Treat to target analysis of CagriSema in REDEFINE 1 demonstrates that 41.4% of participants achieve BMI < 27 Proportion of participants with BMI <27 Proportion of participants with a Waist-to- Proportion of participants with BMI <27 kg/m2 at week 68 h
Slide 36: CagriSema reductions in cardiovascular risk factors
36 R&D Investor event 22 June 2025 Novo Nordisk® CagriSema achieved superior reductions in cardiovascular risk factors vs both mono components and placebo in REDEFINE 1 Change in waist circumference at week 68 Change in systolic blood pressure at week 68 Change in hsCRP from baseline to week 68 Mean
Slide 37: REDEFINE 1 safety and tolerability
37 R&D Investor event 22 June 2025 Novo Nordisk® In REDEFINE 1, CagriSema appeared to have a safe and well- tolerated profile CagriSema 2.4 mg semaglutide 2.4 mg cagrilintide 2.4 mg Placebo (n = 2106) (n = 302) (n = 302) (n = 705) n % n % n % n % Adverse events 1943 92.3 271 89.7 254 84.1 580 82.3 S
Slide 38: CagriSema gastrointestinal adverse events
38 R&D Investor event 22 June 2025 Novo Nordisk® Gastrointestinal adverse events with CagriSema were mostly mild-to-moderate in severity and led to 3.6% discontinuations CagriSema 2.4 mg semaglutide 2.4 mg cagrilintide 2.4 mg Placebo (n = 2106) (n = 302) (n = 302) (n = 705) n % n % n % n % Gastroint
Slide 39: REDEFINE 2: CagriSema 15.7% mean weight loss
39 R&D Investor event 22 June 2025 Novo Nordisk® In REDEFINE 2, CagriSema achieved 15.7% mean weight loss and more than 29% of participants achieved ≥20% weight loss REDEFINE 2 enrolled 1,206 people with obesity or Weight loss for CagriSema in REDEFINE 2 trial overweight and T2D1 Mean baseline body
Slide 40: REDEFINE 2: HbA1c reduction of 2.1%-p
40 R&D Investor event 22 June 2025 Novo Nordisk® In REDEFINE 2, CagriSema achieved a HbA1c reduction of 2.1%-p, and more than 80% of participants achieved HbA1c target <6.5% Higher HbA1c reduction with CagriSema compared to placebo More participants achieved the HbA1c target with CagriSema compared
Slide 41: REDEFINE 2: time in range more than doubled
41 R&D Investor event 22 June 2025 Novo Nordisk® In REDEFINE 2, time in range more than doubled for CagriSema, reaching 86.8% at week 68 Longer time in range1 for CagriSema compared to placebo CagriSema improved glycemic control and had a low incidence of hypoglycemia CagriSema 2.4 mg Placebo 100% 2
Slide 42: REDEFINE 2 safety and tolerability
42 R&D Investor event 22 June 2025 Novo Nordisk® In REDEFINE 2, CagriSema appeared to have a safe and well- tolerated profile CagriSema 2.4 mg Placebo (n = 904) (n = 302) n % n % Adverse events 815 90.2 258 85.4 Serious adverse events 94 10.4 39 12.9 Fatal adverse events 4 0.4 0 Gastrointestinal adv
Slide 43: REDEFINE 11 explores further weight loss potential
43 R&D Investor event 22 June 2025 Novo Nordisk® REDEFINE 11 explores further weight loss potential of CagriSema through dose re-escalation and longer trial duration REDEFINE 11 plans to enrol 600 people with obesity Trial objective • Confirm superiority of CagriSema 2.4 mg vs placebo on body weight
Slide 44: CagriSema pivotal trials completed, additional trials ongoing
44 R&D Investor event 22 June 2025 Novo Nordisk® CagriSema successfully completed pivotal trials and with additional trials ongoing to investigate even further potential Selected CagriSema phase 3 development trials in Obesity Pivotal trials REDEFINE 3 • CagriSema showed substantial weight loss of 2
Slide 45: Agenda
Novo Nordisk® Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludovic Helfgott Amylin biology and cagrili
Slide 46: Phase 1b/2a trial with subcutaneous amycretin completed
46 R&D Investor event 22 June 2025 Novo Nordisk® The phase 1b/2a trial with subcutaneous amycretin was successfully completed in people with overweight or obesity Dose response part of the amycretin sc phase 1b/2a trial Trial objective • Investigate safety, tolerability, pharmacokinetics and efficac
Slide 47: Amycretin safety profile consistent with incretin-based therapies
47 R&D Investor event 22 June 2025 Novo Nordisk® The safety profile of amycretin was consistent with other incretin-based therapies, with most AEs being gastrointestinal Amycretin Amycretin Amycretin Amycretin Placebo Placebo Placebo Placebo 60 mg 20 mg 5 mg 1.25 mg (n = 5) (n = 5) (n = 4) (n = 4) (
Slide 48: Subcutaneous amycretin weight loss vs placebo
48 R&D Investor event 22 June 2025 Novo Nordisk® Subcutaneous amycretin achieved significantly higher weight loss compared to placebo in phase 1b/2a trial Weight loss in dose response part Weight loss in multiple ascending dose part 10 5 -1.1 5 1.9 0 Change in body weight (%) Change in body weight (
Slide 49: AMAZE phase 3 development programme for amycretin
49 R&D Investor event 22 June 2025 Novo Nordisk® AMAZE is a comprehensive phase 3 development programme for sc and oral amycretin expected to start in Q1 2026 Selected amycretin phase 3 trials in obesity programme Potential future trials Phase 3 development programme AMAZE 1 • 80-week vs. placebo (i
Slide 50: Agenda
50 Investor presentation Full year 2024 Novo Nordisk® Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Lud
Slide 51: Pipeline of diverse treatment options for obesity
51 R&D Investor event 22 June 2025 Novo Nordisk® Novo Nordisk is advancing a pipeline of diverse treatment options for obesity Building a leading portfolio Obesity development pipeline Our key focus areas Project Phase Wegovy® (semaglutide 2.4 mg) Marketed Body weight loss oral semaglutide (25 mg) S
Slide 52: Early obesity pipeline assets explore triagonism and novel mechanisms
52 R&D Investor event 22 June 2025 Novo Nordisk® Early obesity pipeline assets explore triagonism and novel mechanisms of action Phase 1 readout in H2 2025 Expected phase 1 initiations during 2026 Tri-agonist New tri-agonist UBT251 New small molecule LX9851 • Once-weekly injectable targeting GLP- •
Slide 53: Agenda
Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludovic Helfgott Amylin biology and cagrilintide Martin H
Slide 54: Global obesity prevalence close to 1 billion adults
54 R&D Investor event 22 June 2025 Global obesity prevalence is close to 1 billion adults, with many related comorbidities and a significant medical unmet need Global overweight and obesity prevalence by BMI category Disease overlap between obesity and selected comorbidities 1,000 US UNITED STATES O
Slide 55: Obesity market driven by multiple segments and patient preferences
55 R&D Investor event 22 June 2025 Obesity market to be driven by multiple segments and patient preferences, reflecting the focus of Novo Nordisk's portfolio Addressing unmet needs across patient segments via a focus on weight loss and Examples of future patient segments differentiated clinical prof
Slide 56: Key take-aways
Key take-aways High unmet need in diabetes remains, with low global penetration rates Recent data adds further to semaglutide body of evidence Obesity is a complex disease with high an unmet need and expected to require many different treatment options Further Wegovy® label expansions expected in H2
Slide 57: Agenda
Agenda Introduction Karsten Munk Knudsen Diabetes Semaglutide outcome trials Martin Holst Lange Semaglutide comorbidity data and ADA guidelines Martin Holst Lange / Ludovic Helfgott Obesity Injectable and oral semaglutide Martin Holst Lange / Ludovic Helfgott Amylin biology and cagrilintide Martin H
Slide 58: Investor contact information
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 Relations Exchange under the symbol ‘NVO’. Novo Alle 1 DK-2