Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Q2 2026 Earnings Presentation
85 slides from Novo Nordisk A/s Class B's earnings presentation, Aug 5, 2026
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation Second quarter of 2026 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation Second quarter of 2026 Novo Nordisk® Progress in 2026 Agenda Agenda Commercial execution Research & development Financials
Slide 3: Forward-looking statements
3 Investor presentation Second quarter of 2026 Novo Nordisk® Forward-looking statements Novo Nordisk’s statutory Annual Report 2025, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordi
Slide 4: 2026 Strategic Milestones | Q2 highlights
4 Investor presentation Second quarter of 2026 Novo Nordisk® 2026 Strategic Milestones | Q2 highlights Commercial execution Research & Development Financials Drive competitiveness Progress early and late-stage pipeline Focus investments and deliver returns > 46 million ~ 1.5 million > 10 >5 > 26 bDK
Slide 5: Adjusted Q2 sales growth of 7% driven by GLP-1 in Obesity care
5 Investor presentation Second quarter of 2026 Novo Nordisk® Adjusted Q2 sales growth of 7% driven by GLP-1 in Obesity care volume growth, partly offset by lower realised prices Geographic adjusted sales split for second quarter 2026 Therapy area adjusted sales split for second quarter 2026 DKK Insu
Slide 6: Wegovy pill is the strongest US GLP-1 volume launch to-date
6 Investor presentation Second quarter of 2026 Novo Nordisk® Wegovy® pill is the strongest US GLP-1 volume launch to-date Branded OM TRx after launch More than 5 million cumulative Wegovy® pill prescriptions 30 weeks after launch1 Weekly TRx Wegovy® sc Wegovy® pill (‘000s) tirzepatide orforglipron 3
Slide 7: International Operations performance driven by Wegovy
7 Investor presentation Second quarter of 2026 Novo Nordisk® International Operations performance driven by Wegovy® IO GLP-1 sales for second quarter of 2026 IO GLP-1 performance supported by new product launches DKK Diabetes GLP-1 Obesity GLP-1 Growth at CER billion 30 Obesity care portfolio is the
Slide 8: Encouraging Wegovy pill launch in the UK
Novo Nordisk® 8 Investor presentation Second quarter of 2026 Encouraging Wegovy® pill launch in the UK High unmet need in the UK market Market expansion in the UK following Wegovy® pill launch UK GLP-1 obesity weekly volumes Wegovy® pill Market (1,000 packs) launch share ~20 million adults in the UK
Slide 9: ZEUS provides important learnings, while Novo Nordisk remains committed to cardiovascular strategy
9 Investor presentation Second quarter of 2026 Novo Nordisk® ZEUS provides important learnings, while Novo Nordisk remains committed to advancing its cardiovascular disease strategy Phase 3 study in 6,376 participants with ASCVD and CKD Significant unmet need remains a priority ziltivekimab 15 mg sc
Slide 10: Upcoming R&D milestones
10 Investor presentation Second quarter of 2026 Novo Nordisk® Upcoming R&D milestones Clinical milestones1 Regulatory milestones1 Project Q2 2026 Q3 2026 Q4 2026 Obesity& Wegovy® (FlexTouch®) ✓ US approval Wegovy® pill ✓ EU positive opinion ✓ EU approval Wegovy® 7.2 mg (SDD) ✓ EU positive opinion ✓
Slide 11: Financial results | Q2 2026
11 Investor presentation Second quarter of 2026 Novo Nordisk® Financial results | Q2 2026 Q2 2026 Growth H1 2026 Growth adjusted (CER) adjusted (CER) in DKK million Sales 78,488 7% 148,551 2% Gross profit 61,388 2% 117,853 (2%) Commercial investments towards Wegovy® Gross margin 78.2% 79.3% S&D cost
Slide 12: The 2026 outlook is raised, driven by increased expectations for GLP-1 product sales
12 Investor presentation Second quarter of 2026 Novo Nordisk® The 2026 outlook is raised, driven by increased expectations for GLP-1 product sales Expectations Expectations Guidance 4 August 2026 6 May 2026 0% to -6% CER -4% to -12% CER Adj. sales growth1 in Danish kroner: ~1%-points lower in Danish
Slide 13: Key priorities for Novo Nordisk in 2026
13 Investor presentation Second quarter of 2026 Novo Nordisk® Key priorities for Novo Nordisk in 2026 CMD26 Drive competitiveness Strengthen R&D pipeline CAPITAL MARKETS DAY Reinforce organisational focus London • 21 September 2026
Slide 14: Investor contact information
14 Investor presentation Second quarter of 2026 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 Invest
Slide 15: Agenda Appendix
15 Investor presentation Second quarter of 2026 Novo Nordisk® Novo Nordisk corporate strategy Obesity& Diabetes& Agenda Appendix Rare Disease Regional information Financials and Global Manufacturing & Supply Purpose & Sustainability
Slide 16: Novo Nordisk corporate strategy pursues innovation-driven opportunities
16 Investor presentation Second quarter of 2026 Novo Nordisk® Novo Nordisk corporate strategy pursues innovation-driven opportunities with synergies in our core areas Focus will remain on core therapy areas and prioritising unmet Significant unmet need remains needs, including comorbidities >550 mil
Slide 17: The high unmet need in diabetes and obesity and low market penetration
17 Investor presentation Second quarter of 2026 Novo Nordisk® The high unmet need in diabetes and obesity and low market penetration to-date makes unlocking the market a key priority Global diabetes and obesity unmet need Globally, 9% of total estimated diabetes Around ~1% of people with obesity glo
Slide 18: Core capabilities together with additional drug modalities open up new opportunities
18 Investor presentation Second quarter of 2026 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/ Small Gene siRNA Peptides/mAB Molecu
Slide 19: Partnerships and acquisitions support future research and development
19 Investor presentation Second quarter of 2026 Novo Nordisk® Partnerships and acquisitions support future research and development 2020 – 2023 2024 2025 2026 Selected acquisitions Oral formulations Expansion of Novel treatment of therapeutics production capacity for CVD Novel treatments Novel treat
Slide 20: Pipeline supports significant growth opportunities across strategic focus areas
20 Investor presentation Second quarter of 2026 Novo Nordisk® Pipeline supports significant growth opportunities across strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED NN9638 – Amylin 355 NN9440 – Monlunabant NN9833 – Cagrilintide NN9838 – CagriSema1 NN9839 – Amylin 1213 NN9662 – Triple NN94
Slide 21: Obesity&
21 Investor presentation Second quarter of 2026 Novo Nordisk® Obesity& Obesity disease background Obesity innovation Obesity disease background MASH Obesity innovation MASH
Slide 22: Obesity is a serious chronic disease with a large unmet medical need
22 Investor presentation Second quarter of 2026 Novo Nordisk® 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 increase
Slide 23: Semaglutide has demonstrated an impact on comorbidities that overlap with obesity
23 Investor presentation Second quarter of 2026 Novo Nordisk® In clinical trials, semaglutide 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 1 (CagriSema) SELECT trial My
Slide 24: Across the STEP and STEP UP trials, weight loss of up to 20.7%
24 Investor presentation Second quarter of 2026 Novo Nordisk® Across the STEP and STEP UP trials, a weight loss of up to 20.7% was reported for people treated with sc semaglutide STEP 1 STEP 3 STEP 4 STEP 5 STEP 2 STEP UP STEP UP T2D Weight Weight Sustained weight management Weight Weight Weight Wei
Slide 25: In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss
25 Investor presentation Second quarter of 2026 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 we
Slide 26: Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial
26 Investor presentation Second quarter of 2026 Novo Nordisk® Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in 3-p
Slide 27: Real world evidence confirms efficacy of Wegovy and 3-point MACE risk reduction
27 Investor presentation Second quarter of 2026 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 ob
Slide 28: Oral semaglutide (Wegovy pill) approved in the US and submitted in EU
28 Investor presentation Second quarter of 2026 Novo Nordisk® Oral semaglutide (Wegovy® pill) approved in the US and submitted in EU 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 OAS
Slide 29: Wegovy pill has a differentiated label in the US
29 Investor presentation Second quarter of 2026 Novo Nordisk® Wegovy® pill has a differentiated label in the US Wegovy® pill Differences in oral GLP-1 DDI restrictions and population use in US labels 16.6% Best-in-class weight loss1 DDI/population use oral semaglutide3 orforglipron4 Dose restriction
Slide 30: In REDEFINE 1, CagriSema achieved 22.7% mean weight loss
30 Investor presentation Second quarter of 2026 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 componen
Slide 31: Body composition analysis in REDEFINE showed body fat mass loss with CagriSema
31 Investor presentation Second quarter of 2026 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
Slide 32: Treat to target analysis of CagriSema in REDEFINE
32 Investor presentation Second quarter of 2026 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
Slide 33: CagriSema achieved superior reductions in cardiovascular risk factors
33 Investor presentation Second quarter of 2026 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
Slide 34: In REDEFINE 2, CagriSema achieved 15.7% mean weight loss
34 Investor presentation Second quarter of 2026 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 b
Slide 35: In REDEFINE 2, CagriSema achieved HbA1c reduction of 2.1%-p
35 Investor presentation Second quarter of 2026 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 CagriS
Slide 36: CagriSema successfully completed pivotal trials with additional trials ongoing
36 Investor presentation Second quarter of 2026 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 wei
Slide 37: Cagrilintide 2.4 mg achieved 11.8% weight loss in REDEFINE 1
37 Investor presentation Second quarter of 2026 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
Slide 38: Zenagamtide has advanced into phase 3 after phase 1b/2a trial
38 Investor presentation Second quarter of 2026 Novo Nordisk® Zenagamtide has advanced into phase 3 based on the successful completion of phase 1b/2a trial Dose response part of the zenagamtide sc phase 1b/2a trial Estimated body weight loss in dose response arms and 60 mg dose escalation arm1 5% ze
Slide 39: AMAZE and AMBITION phase 3 programmes for zenagamtide
39 Investor presentation Second quarter of 2026 Novo Nordisk® The AMAZE and AMBITION phase 3 programmes are designed to explore the potential of zenagamtide in obesity and diabetes Selected zenagamtide phase 3 trials in obesity programme Selected zenagamtide phase 3 trials in diabetes programme AMAZ
Slide 40: UBT251 achieved up to 19.7% mean weight loss in phase 2
40 Investor presentation Second quarter of 2026 Novo Nordisk® UBT251 achieved up to 19.7% mean weight loss and more than 48% of participants achieved ≥20% weight loss in phase 2 Mean change in body weight1 ≥20% body weight reduction after 24 weeks1 Mean baseline body weight 92.2 kg 0 50 48.0 48.4 -2
Slide 41: UBT251 appeared safe and well-tolerated, now in phase 1b/2a
41 Investor presentation Second quarter of 2026 Novo Nordisk® UBT251 appeared to have a safe and well-tolerated profile and is now in a phase 1b/2a global obesity study UBT251 safety and tolerability was consistent with UBT251 is being investigated in a global Phase 1b/2a study incretin-based therap
Slide 42: Semaglutide 2.4 mg improves liver fibrosis and MASH resolution in ESSENCE
42 Investor presentation Second quarter of 2026 Novo Nordisk® Semaglutide 2.4 mg demonstrates superior improvement in both liver fibrosis and MASH resolution in the ESSENCE trial Improvement in fibrosis with no worsening Resolution of steatohepatitis with no Addressing unmet need in MASH in steatohe
Slide 43: Akero acquisition closed including efruxifermin for MASH
43 Investor presentation Second quarter of 2026 Novo Nordisk® Akero acquisition closed including efruxifermin, a potential best- in-class FGF21 analogue for the treatment of MASH Improvement in fibrosis with no worsening of MASH at 96 Efruxifermin (EFX) is a long-acting FGF21 analogue weeks in SYMME
Slide 44: Phase 3 clinical development programme on-going for efruxifermin
44 Investor presentation Second quarter of 2026 Novo Nordisk® Phase 3 clinical development programme on-going to deliver on the potential of efruxifermin SYNCHRONY phase 3 development programme On-going SYNCHRONY phase 3 programme • Trials ongoing with readouts expected over coming years SYNCHRONY P
Slide 45: Portfolio of treatment solutions for obesity and comorbidities
45 Investor presentation Second quarter of 2026 Novo Nordisk® Novo Nordisk is continuing the development of a portfolio of treatment solutions for obesity and associated comorbidities Building a leading portfolio Obesity development pipeline Project Phase Saxenda® (liraglutide 3.0 mg) Marketed Body
Slide 46: Diabetes&
46 Investor presentation Second quarter of 2026 Diabetes& Diabetes innovation Disease and market Cardiovascular disease Diabetes innovation Cardiovascular disease SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 47: Diabetes is a serious chronic disease with increasing prevalence worldwide
47 Investor presentation Second quarter of 2026 Novo Nordisk® 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 Volume growing ~8% with more people using GLP-1s and SGLT-2is
Slide 48: GLP-1s have positive effects beyond glycaemic control
48 Investor presentation Second quarter of 2026 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines 2026 ADA guidelines for pharmacologic treatment of Patient overlaps for key focus areas in type 2 diabetes adults with type 2 diabetes Healthy lif
Slide 49: The total branded diabetes market has a global value of DKK ~541 billion
49 Investor presentation Second quarter of 2026 Novo Nordisk® The total branded diabetes market has a global value of DKK ~541 billion annually DKK Global diabetes market DKK The USA billion billion +10% +12% 600 541 2024 2025 Growth at CER 300 276 298 +17% 510 500 184 207 200 -1% -1% +47% 100 40 38
Slide 50: SUSTAIN trials with subcutaneous semaglutide
50 Investor presentation Second quarter of 2026 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 5 7 FORTE Baseline 8.1% 8.1% 8.4% 8.2% 8.9% 0.0 -0.1 -0.5 Change in HbA1c (%) -1.1 -1.3 * -1.4 * -1.3 * -1.6* -1.5 -1.5 * * -1.6 * -1.8 * -1.8 * -1.9 -2.2* Baseline 92 kg 89 kg 92 k
Slide 51: PIONEER programme with oral semaglutide
51 Investor presentation Second quarter of 2026 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 8 PLUS Baseline 8.0% 8.1% 8.3% 8.2% 9.0% -0.1 0.0 -0.5 -0.6 * Change in -0.8* -0.8 -0.9 -1.0* HbA1c (%) -1.1* -1.3* -1.4* -1.4* -1.4 * -1.5* -1.5 -1.9* -2.2* 0.6 Baseline 88 kg 92 kg 9
Slide 52: Semaglutide evidence and clinical outcome data in type 2 diabetes
52 Investor presentation Second quarter of 2026 Novo Nordisk® 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 distanc
Slide 53: Most CagriSema pivotal trials completed in type 2 diabetes
53 Investor presentation Second quarter of 2026 Novo Nordisk® Most CagriSema pivotal trials successfully completed in type 2 diabetes with submission expected late 2027 CagriSema characteristics Global phase 3 pivotal trials CagriSema is a fixed dose combination of REIMAGINE 1 • 180 patients with T2
Slide 54: REIMAGINE pivotal trials tested CagriSema in type 2 diabetes
54 Investor Relations Second quarter of 2026 Novo Nordisk® REIMAGINE pivotal trials tested CagriSema versus semaglutide, cagrilintide and placebo in people with type 2 diabetes semaglutide 1.0 mg/2.4 mg REIMAGINE 1 compares CagriSema vs REIMAGINE 2 compares CagriSema vs sema REIMAGINE 3 compares Cag
Slide 55: CagriSema superior HbA1c reduction and weight loss in REIMAGINE 2
55 Investor Relations Second quarter of 2026 Novo Nordisk® CagriSema demonstrated superior HbA1c reduction and weight loss in the REIMAGINE 2 phase 3 trial CagriSema demonstrated superior weight loss vs semaglutide1 CagriSema demonstrated superior HbA1c reduction vs semaglutide1 Mean baseline body w
Slide 56: CagriSema superior HbA1c reduction and weight loss in REIMAGINE 1 and 3
56 Investor Relations Second quarter of 2026 Novo Nordisk® CagriSema demonstrated superior HbA1c reduction and weight loss in both REIMAGINE 1 and 3 phase 3 trials CagriSema demonstrated superior weight loss vs placebo in both CagriSema demonstrated superior HbA1c reduction vs placebo in REIMAGINE 1
Slide 57: REIMAGINE trials confirm the potential of CagriSema in T2D
57 Investor Relations Second quarter of 2026 Novo Nordisk® The REIMAGINE trials confirm the potential of CagriSema in T2D, offering strong weight loss and superior HbA1c reduction CagriSema combines GLP-1 with the innovation of amylin Next steps • REDEFINE 3 (CVOT) is expected to read- Glycaemic con
Slide 58: Zenagamtide to advance to phase 3 in T2D
58 Investor presentation Second quarter of 2026 Novo Nordisk® Zenagamtide (amycretin) to advance to phase 3 in T2D following significant weight loss and HbA1c reduction in phase 2 Phase 2 multiple ascending dose study Maximum weight loss achieved Maximum HbA1c reduction achieved in 448 people with T
Slide 59: Once-weekly insulin icodec in the phase 3 ONWARDS programme
59 Investor presentation Second quarter of 2026 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 SWITCH BA
Slide 60: Final pivotal phase 3 trial with once-weekly IcoSema completed
60 Investor presentation Second quarter of 2026 Novo Nordisk® Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 3 headline trial results IcoSema vs Insulin glargine U100 and insulin aspart in subjects w/T2D Change in HbA1C Change in body weight Mean baseline HbA1c:
Slide 61: Focused approach on Diabetes& in cardiovascular disease
61 Investor presentation Second quarter of 2026 Novo Nordisk® Novo Nordisk has a focused approach on Diabetes& in cardiovascular disease Focus areas within cardiovascular disease Atherosclerotic cardiovascular disease Heart failure Heart failure with Transthyretin Systemic Uncontrolled and Dyslipida
Slide 62: Ziltivekimab phase 3 development programme targets unmet need in CVD
62 Investor presentation Second quarter of 2026 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 = 6,400 n = 5,600 n = 10,000 Ziltivekimab 15 mg sc + SoC Z
Slide 63: Development pipeline addresses unmet need in Diabetes&
63 Investor presentation Second quarter of 2026 Novo Nordisk® Development pipeline addresses unmet need in Diabetes& by further raising the innovation bar Further raise the innovation bar Diabetes& development pipeline1 Project Phase Address significant GLP-1 diabetes2 Marketed unmet need Insulins3
Slide 64: Rare disease
64 64 Investor presentation Second quarter of 2026 Novo Nordisk® Rare disease Rare disease background Rare disease innovation Rare disease innovation SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 65: RareD constitutes an attractive opportunity for Novo Nordisk
65 Investor presentation Second quarter of 2026 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-morbiditi
Slide 66: Rare disease sales increased by 9% in 2025
66 Investor presentation Second quarter of 2026 Novo Nordisk® Rare disease sales increased by 9% in 2025 Reported Rare disease sales Rare disease sales performance DKK Rare disease sales increased by 9%: billion Growth at CER • Sales in US Operations increased by 7% 24 9% 2% 1% 11% -5% 24% • Sales i
Slide 67: Denecimig demonstrated superior reduction of bleeding episodes in FRONTIER 2
67 Investor presentation Second quarter of 2026 Novo Nordisk® Once-weekly and once-monthly denecimig (Mim8) demonstrated superior reduction of treated bleeding episodes in FRONTIER 2 Annualised bleeding rate per patient group FRONTIER 2 safety and next steps No PPX Coagulation factor PPX No safety c
Slide 68: HIBISCUS phase 3 trial of etavopivat in sickle cell disease
68 Investor presentation Second quarter of 2026 Novo Nordisk® HIBISCUS phase 3 trial explored etavopivat’s potential to meet a severe unmet need in sickle cell disease Sickle cell disease impacts ~8 million people globally1 HIBISCUS phase 3 trial with 385 people ≥12 years old with SCD Chronic diseas
Slide 69: Etavopivat shows significant reduction of VOC rate and improved Hb levels
69 Investor presentation Second quarter of 2026 Novo Nordisk® Etavopivat is first in a new class of drugs to show significant reduction of VOC rate and improvement in Hb levels in phase 3 Etavopivat successfully met both co-primary endpoints in HIBISCUS Time to first VOC (weeks) 50 ~4 months 27% 48.
Slide 70: Rare Disease pipeline leveraging core expertise
70 Investor presentation Second quarter of 2026 Novo Nordisk® Rare Disease pipeline is leveraging our core expertise to serve more patients through internal and external innovation Strengthen and progress pipeline Rare Disease development pipeline Project Phase Our key focus areas Rare Blood Disorde
Slide 71: Regional information
71 Investor presentation Second quarter of 2026 Novo Nordisk® Regional information Regional information
Slide 72: US healthcare is a mix of private and public insurance dominated by large PBMs
NAO 72 Investor presentation Second quarter of 2026 Novo Nordisk® US healthcare is a mix of private and public health insurance, dominated by a few large PBMs US health insurance enrollment and US PBMs market shares Development of Novo Nordisk rebates uninsured and net sales in the US DKK All Other
Slide 73: Obesity key growth driver with global branded obesity volume market growing 81%
73 Investor presentation Second quarter of 2026 Novo Nordisk® Obesity continues to be key growth driver for Novo Nordisk with global branded obesity volume market growing 81% Global Obesity market growth: 81% Obesity Q2 sales: 23,152 mDKK EUCAN Obesity Q2 sales growth: 16% CER Obesity market growth:
Slide 74: Financials and Global Manufacturing & Supply
74 Investor presentation Second quarter of 2026 Novo Nordisk® Financials and Global Manufacturing & Supply Product supply Product supply Capital allocation Capital allocation
Slide 75: Manufacturing scale and expertise within biologics is a competitive advantage
75 Investor presentation Second quarter of 2026 Novo Nordisk® Manufacturing scale and expertise within biologics is a competitive advantage for Novo Nordisk The world’s largest manufacturer of insulin and GLP-11 Novo Nordisk competitive advantages in manufacturing Million patients on NN products in
Slide 76: Active pharmaceutical ingredient sites in Denmark and the US
76 Investor presentation Second quarter of 2026 Novo Nordisk® Active pharmaceutical ingredient | The strategically important sites in Novo Nordisk are based in Denmark and the US 3 sites From CMD24 API production 2 sites API production Product supply value chain Research and Manufacturing API Fillin
Slide 77: Fill-finish footprint expanded to 14 sites
77 Investor presentation Second quarter of 2026 Novo Nordisk® Fill-finish | The global footprint has expanded from 11 to 14 sites with the closing of the Catalent acquisition in December 2024 Tablet1 65sites sites Fill,tablet Fill, tabletand andfinish finish From CMD24 Fill-finish Fill, tablet and f
Slide 78: CAPEX investments across the full value chain
78 Investor presentation Second quarter of 2026 Novo Nordisk® CAPEX investments across the full value chain to enables growth for current and future products CAPEX investments Several large investments announced since 2021 DKK billion Announced Site Scope Investment 19% 80 2021 Kalundborg Full value
Slide 79: Continued attractive capital allocation to shareholders
79 Investor presentation Second quarter of 2026 Novo Nordisk® Continued attractive capital allocation to shareholders 2025 capital allocation in line with Novo Nordisk priorities Total of DKK 52 billion returned via dividends in 2025 142 bDKK • For 2025, total dividend per share increased 2.6% to DK
Slide 80: Purpose & Sustainability
80 Investor presentation Second quarter of 2026 Novo Nordisk® Purpose & Sustainability Sustainablebusiness Sustainable business 148 Environmentalresponsibility Environmental responsibility 150 Social responsibility Socialresponsibility Social responsibility 153 Ethics and andcompliance Governance Et
Slide 81: Being a responsible business drives long-term value
81 Investor presentation Second quarter of 2026 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 Novonesis I
Slide 82: Novo Nordisk's ambition is zero environmental impact
82 Investor presentation Second quarter of 2026 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity Emissions increased due to Nature roadmap approved and Relative plastic footprint 2024 2025 expansion activities and raw 2025 decreased by 5% from 202
Slide 83: Social responsibility is core to Novo Nordisk
83 Investor presentation Second quarter of 2026 Novo Nordisk® Social responsibility is core to Novo Nordisk with initiatives focusing on prevention, access and affordability Prevention Access & Affordability • Expanded the Cities for Better Health (CBH) network to build • 7.1 million vulnerable popu
Slide 84: Integrating ethics and compliance into every aspect of our business
84 Investor presentation Second quarter of 2026 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 approved i
Slide 85: Investor contact information
85 Investor presentation Second quarter of 2026 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 Invest