Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — H1 2017 Earnings Presentation
110 slides from Novo Nordisk A/s Class B's earnings presentation, Aug 9, 2017
Slide 1: Investor presentation First six months of 2017
Slide 1 Investor presentation First six months of 2017 Manato Ohara, diagnosed with type 1 diabetes Kanagawa, Japan
Slide 2: Agenda
Investor presentation First six months of 2017 Slide 2 Agenda Highlights and key events Sales update R&D update Financials and outlook
Slide 3: Forward-looking statements
Investor presentation First six months of 2017 Slide 3 Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the company’s Annual Report 2016 and Form 20-F, which are both filed with the SEC in February 2017 in continu
Slide 4: Highlights – First six months of 2017
Investor presentation First six months of 2017 Slide 4 Highlights – First six months of 2017 Sales development • Sales increased by 4% in Danish kroner and 3% in local currencies • North America Operations grew by 2% and accounted for 32% share of growth in local currencies • International Operation
Slide 5: Sales growth is primarily driven by the US, Region Europe and Region China
Investor presentation First six months of 2017 Slide 5 Sales growth is primarily driven by the US, Region Europe and Region China Sales as reported – First six months of 2017 Growth analysis – First six months of 2017 Region Region Latin America Local currencies Growth Share of growth Japan & Korea
Slide 6: Sales growth is driven by new-generation insulin and Victoza
Investor presentation First six months of 2017 Slide 6 Sales growth is driven by new-generation insulin and Victoza® Sales as reported – First six months of 2017 Growth analysis – First six months of 2017 Human growth hormone Local currencies Growth Share of growth (27%) Other biopharmaceuticals New
Slide 7: Basal insulin market penetration with Tresiba is supported by Xultophy launches
Investor presentation First six months of 2017 Slide 7 Basal insulin market penetration with Tresiba® is supported by Xultophy® launches Tresiba® value share of basal insulin segment Combined value share of Tresiba® and in selected countries outside the US Xultophy® in selected countries Switzerland
Slide 8: Increasing total basal insulin market share in the US
Investor presentation First six months of 2017 Slide 8 Increasing total basal insulin market share in the US Weekly TRx volume market shares in the US Tresiba® launch in the US Tresiba® Levemir® NN Total Basal • Tresiba® New-to-Brand Prescriptions market share of Basal volume glargine U100 glargine
Slide 9: Continued GLP-1 market volume growth of more than 25% in the US
Investor presentation First six months of 2017 Slide 9 Continued GLP-1 market volume growth of more than 25% in the US US GLP-1 market development US GLP-1 market monthly TRx US GLP-1 volume market share MAT Total TRx MAT volume GLP-1 TRx Victoza® exenatide GLP-1 TRx Victoza® exenatide GLP-1 TRx Gro
Slide 10: Broad market access across the diabetes portfolio expected to be maintained in the US for 2018
Investor presentation First six months of 2017 Slide 10 Broad market access across the diabetes portfolio expected to be maintained in the US for 2018 Current level of unrestricted market access for key Novo Nordisk diabetes products in the US US formulary negotiations and 2018 pricing Unrestricted
Slide 11: Semaglutide in obesity demonstrated an adjusted average weight loss of 13.8%
Investor presentation First six months of 2017 Slide 11 Semaglutide in obesity demonstrated an adjusted average weight loss of 13.8% with the highest dose in phase 2 trial Semaglutide in obesity phase 2 trial design Key results and next steps Patients Adjusted for completed2 discontinuation3 Placebo
Slide 12: Key development milestones reached
Investor presentation First six months of 2017 Slide 12 Key development milestones reached • Data from the DEVOTE trial submitted in the US and the EU for a label update of Tresiba ® • The US application for including SWITCH trials in the Tresiba® label to be reviewed in the context of the DEVOTE tr
Slide 13: Significant regulatory news flow in 2017
Investor presentation First six months of 2017 Slide 13 Significant regulatory news flow in 2017 Results available Regulatory milestone Project Q1 2017 Q2 2017 Q3 2017 Q4 2017 US & EU submission of DEVOTE data1 √ Tresiba® EU SWITCH approval √ SUSTAIN 7 US regulatory decision Once-weekly semaglutide
Slide 14: Financial results – first six months 2017
Investor presentation First six months of 2017 Slide 14 Financial results – first six months 2017 DKK million Change Change H1 2017 H1 2016 (reported DKK) (local currency) Sales 57,090 54,671 4% 3% Gross profit 48,430 46,392 4% 3% Gross margin 84.8% 84.9% Sales and distribution costs 13,548 13,608 (
Slide 15: The US dollar has depreciated 8% since Q1 2017 report
Investor presentation First six months of 2017 Slide 15 The US dollar has depreciated 8% since Q1 2017 report, leading to a 4%1 negative operating profit impact USD/DKK CNY/DKK JPY/DKK GBP/DKK CAD/DKK 120 Hedged 2016 2017 Spot rate Spot rate Index (1 Jan 2016= 100) Currencies2 average3 average3 Q1 (
Slide 16: Financial outlook for 2017
Investor presentation First six months of 2017 Slide 16 Financial outlook for 2017 Expectations Previous expectations 9 August 2017 3 May 2017 Sales growth - local currencies 1% to 3% 0% to 3% Sales growth - reported Around 3 percentage points lower Around 1 percentage points higher Operating profit
Slide 17: Closing remarks
Investor presentation First six months of 2017 Slide 17 Closing remarks Solid leadership positions and continued market opportunities Promising pipeline and product launches > 27% > Novo Nordisk value market share in diabetes • The only company with a full portfolio of novel care and solid leadershi
Slide 18: Investor contact information
Investor presentation First six months of 2017 Slide 18 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 Investor Relations the New York
Slide 19: Appendix
Investor presentation First six months of 2017 Slide 19 Appendix 1. Novo Nordisk at a glance 2. Diabetes and obesity 3. Biopharmaceuticals 4. Financials 5. Sustainability
Slide 20: Novo Nordisk at a glance
Investor presentation First six months of 2017 Slide 20 Novo Nordisk at a glance Global leader in diabetes care Global insulin market leadership • A focused pharmaceutical company with leading positions Global insulin market share: 46% in diabetes, haemophilia and growth hormone Region Europe: Marke
Slide 21: Our strategic foundation remains solid and our core purpose unchanged
Investor presentation First six months of 2017 Slide 21 Our strategic foundation remains solid and our core purpose unchanged STRATEGIC PRIORITIES CORE CAPABILITIES Engineering, Deep disease Efficient Global Expand leadership in formulating, understanding large-scale commercial DIABETES leadership i
Slide 22: Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders
Investor presentation First six months of 2017 Slide 22 Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders Diabetes Haemophilia Growth disorders DKK Market value DKK Market value DKK Market value billion Novo Nordisk value market share billion Novo Nordisk value market
Slide 23: Top line growth driven by the diabetes pandemic
Investor presentation First six months of 2017 Slide 23 Top line growth driven by the diabetes pandemic Novo Nordisk reported quarterly sales International Diabetes Federation projects that by therapy 642 million people will have diabetes by 2040 DKK Diabetes and obesity Haemophilia2 Million North A
Slide 24: Novo Nordisk has a strong leadership position within the growing diabetes care market
Investor presentation First six months of 2017 Slide 24 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market Global diabetes care by treatment class value market share DKK OAD GLP-1 Insulin Novo Nordisk Sanofi Eli Lilly Merck billion Astra
Slide 25: Significant growth opportunities fuelled by strong pipeline
Investor presentation First six months of 2017 Slide 25 Significant growth opportunities fuelled by strong pipeline across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED1 LAI287 – QW basal insulin Semaglutide – QD GLP-1 Oral GLP-1 Fast-acting insulin aspart (US) Levemir® N
Slide 26: Growth opportunities supported by strong global presence in sales and manufacturing
Investor presentation First six months of 2017 Slide 26 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions1 Global manufacturing setup Kaluga, Russia (~250 FTEs) North America Operations: ~4,800 Denmark (~9,500 FTEs) • Diabetes and biopharm
Slide 27: Solid patent protection of innovative drugs
Investor presentation First six months of 2017 Slide 27 Solid patent protection of innovative drugs Novo Nordisk’s position is protected by patents and value chain setup Barriers to entry for biosimilar players Patent protection1 Unique value chain position EU/US0 Research & Development Research & 2
Slide 28: Diabetes and obesity
Investor presentation First six months of 2017 Slide 28 Diabetes and obesity
Slide 29: Diabetes – the inability to manage blood sugar levels appropriately
Investor presentation First six months of 2017 Slide 29 Diabetes – the inability to manage blood sugar levels appropriately The aim of insulin therapy is to recreate normal Facts about diabetes blood insulin profile Diabetes is a chronic disease that occurs either when the pancreas does not produce
Slide 30: Diabetes pandemic is fuelled by growing rates of obesity
Investor presentation First six months of 2017 Slide 30 Diabetes pandemic is fuelled by growing rates of obesity US CDC data on obesity and diabetes prevalence among adults 1994 2000 2014 Obesity prevalence (BMI ≥30 kg/m2) <14.0% 14.0-17.9% 18.0-21.9% 22.0-25.9% 26.0-29.9% ≥30% Diabetes prevalence <
Slide 31: Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control
Investor presentation First six months of 2017 Slide 31 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment The worldwide challenge of glycaemic control: remains a challenge – the rule of halves Mean HbA1C in typ
Slide 32: UKPDS: Tight glycaemic control reduces risk of complications
Investor presentation First six months of 2017 Slide 32 UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications UK Prospective Diabetes Study 10 year follow-up: Risk reduction by lowering HbA1c by 1%-point Legacy effect of tight glycaemic control Diabetes- Peripheral re
Slide 33: Insulin is the ultimate care for people with diabetes
Investor presentation First six months of 2017 Slide 33 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment Distribution of patients and value across intensification treatment classes Insulin GLP-1 OAD 100% Diet and exercise 80% 37% -cell function OAD
Slide 34: The insulin market is comprised of three segments
Investor presentation First six months of 2017 Slide 34 The insulin market is comprised of three segments Insulin action profiles Global insulin volume market by segment tMU CAGR volume1: 4.5% 500 CAGR value1: 19.4% Fast-acting 450 400 40% 350 Long-acting 300 37% Premix 250 26% Premix 200 29% 150 Lo
Slide 35: Medications used for the treatment of type 2 diabetes
Investor presentation First six months of 2017 Slide 35 Medications used for the treatment of type 2 diabetes Commonly prescribed product classes for the treatment of type 2 diabetes HbA1C Hypoglycae- Weight Dosing Contraindication/ Class CVD risk change mia risk change (pr. day) undesired effects M
Slide 36: Solid position in the diabetes care market across all regions
Investor presentation First six months of 2017 Slide 36 Solid position in the diabetes care market across all regions with leading insulin market share Diabetes care value Diabetes care value Insulin volume Insulin volume Regions market composition market share market composition market share 30% 38
Slide 37: Stable global insulin volume growth
Investor presentation First six months of 2017 Slide 37 Stable global insulin volume growth Regional insulin volume growth Regional insulin volume market split North America Reg Europe Reg AAMEO Reg China North America Reg Europe Reg AAMEO Reg J&K Reg J&K Reg LATAM World Reg China Reg LATAM 30% 100%
Slide 38: Maintaining global insulin leadership across insulin classes
Investor presentation First six months of 2017 Slide 38 Maintaining global insulin leadership by sustaining modern and new-generation insulin market share Novo Nordisk global volume market share across insulin classes class volume Novo Nordisk class MS (%) tMU Human insulin1 tMU MI and NGI3 tMU Tota
Slide 39: Strong underlying insulin market growth and sustained global volume market share
Investor presentation First six months of 2017 Slide 39 Strong underlying insulin market growth and sustained global volume market share Global modern and new-generation insulin Global insulin market volume market shares Device penetration Modern insulin penetration1 Novo Nordisk Sanofi Eli Lilly tM
Slide 40: Continued global single digit volume growth within modern insulin segments
Investor presentation First six months of 2017 Slide 40 Continued global single digit volume growth within the modern insulin segments Fast-acting insulin Premix insulin Long-acting insulin Segment volume Segment volume Segment volume Levemir® share NovoRapid® market share NovoMix® market share Tres
Slide 41: Solid US market share within modern and new-generation insulin
Investor presentation First six months of 2017 Slide 41 Solid US market share within the modern and new- generation insulin segment Insulin market by segments in the US MI and NGI volume market shares in the US Device penetration Modern Insulin penetration Novo Nordisk Sanofi Eli Lilly tMU CAGR volu
Slide 42: Novo Nordisk's modern insulins maintain market share in the US
Investor presentation First six months of 2017 Slide 42 Novo Nordisk’s modern insulins maintain market share in the US insulin market US fast-acting insulin US premix insulin US long-acting insulin Segment volume Segment volume Segment volume Levemir® share NovoLog® share NovoLog® Mix 70/30 share Tr
Slide 43: US health insurance is dominated by few large commercial payers
Investor presentation First six months of 2017 Slide 43 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage US population by health insurance status In 2016 PBMs covered 266 million lives and the expected to remain stable in coming years m
Slide 44: Maintained leadership position in the European insulin market
Investor presentation First six months of 2017 Slide 44 Maintained leadership position in the European modern and new-generation insulin market European insulin market by segments European MI and NGI volume market shares Device penetration MI and NGI penetration Novo Nordisk Sanofi Eli Lilly tMU CAG
Slide 45: Stable leadership position in Region AAMEO
Investor presentation First six months of 2017 Slide 45 Stable leadership position in Africa, Asia, Middle-East and Oceania (Region AAMEO) Region AAMEO MI and NGI volume market Region AAMEO insulin market by segments shares Device penetration MI and NGI penetration Novo Nordisk Sanofi Eli Lilly Bioc
Slide 46: Solid market leadership position in Japan & Korea
Investor presentation First six months of 2017 Slide 46 Solid market leadership position in Japan & Korea Japan & Korea insulin market by segments Japan & Korea MI and NGI volume shares Device penetration MI and NGI penetration Novo Nordisk Eli Lilly Sanofi tMU CAGR volume : 0.4% 1 Penetration 16 CA
Slide 47: Solid Tresiba performance strengthens basal insulin market share in Japan
Investor presentation First six months of 2017 Slide 47 Solid Tresiba® performance strengthens basal insulin market share in Japan Japanese basal value market shares Japanese total insulin value market shares Tresiba® Levemir® NN Total Basal NPH Novo Nordisk Eli Lilly Sanofi glargine U100 Glargine U
Slide 48: Solid growth in the Chinese insulin market
Investor presentation First six months of 2017 Slide 48 Solid growth in the Chinese insulin market Chinese insulin market by segments Chinese insulin volume market shares Device penetration Modern Insulin penetration Novo Nordisk Eli Lilly Tonghua Dongbao tMU CAGR volume1: 12.1% Penetration Sanofi G
Slide 49: Continued expansion of the modern insulin market in China
Investor presentation First six months of 2017 Slide 49 Continued expansion of the modern insulin market in China Chinese insulin market by segments Chinese total insulin value market shares Device penetration Modern Insulin penetration Novo Nordisk Sanofi Eli Lilly bDKK Penetration Gan & Lee Tonghu
Slide 50: Strengthened insulin volume market share in Latin America
Investor presentation First six months of 2017 Slide 50 Strengthened insulin volume market share in Latin America Latin America insulin market by segments Latin America MI and NGI volume shares Device penetration MI and NGI penetration Novo Nordisk Eli Lilly Sanofi tMU CAGR volume : 13.4% 1 Penetrat
Slide 51: GLP-1 effect dependent on level of blood glucose
Investor presentation First six months of 2017 Slide 51 GLP-1 effect dependent on level of blood glucose − which reduces risk of hypoglycaemia compared to insulin GLP-1 mechanism of action when blood GLP-1 lowers blood glucose in patients sugar levels increase with type 2 diabetes • Increases insuli
Slide 52: The GLP-1 segment accounts for 11% of total diabetes market value
Investor presentation First three months of 2017 Slide 52 The GLP-1 segment accounts for 11% of the total diabetes market value GLP-1 value and patient share of the total Global GLP-1 market diabetes market GLP-1 value Victoza® other Share of total Share of total GLP-1 value share of total diabetes
Slide 53: Strong GLP-1 volume growth in all regions
Investor presentation First six months of 2017 Slide 53 Strong GLP-1 volume growth in all regions Regional GLP-1 volume growth Regional GLP-1 volume market split North America Region Europe Region China North America Region Europe Region AAMEO Region J&K Region AAMEO Region LATAM World Region China
Slide 54: GLP-1 segment accounts for 13% of diabetes care market in North America
Investor presentation First six months of 2017 Slide 54 The GLP-1 segment accounts for 13% of the total diabetes care market in North America North America GLP-1 market Key observations for Victoza® in the US market GLP-1 value Victoza® other Share of total in bDKK dulaglutide exenatide diabetes car
Slide 55: GLP-1 segment accounts for around 10% of diabetes care market in Europe
Investor presentation First six months of 2017 Slide 55 The GLP-1 segment accounts for around 10% of the total diabetes care market in Europe European GLP-1 market Victoza® value market share in Europe GLP-1 value Victoza® other Share of total GLP-1 value Victoza® other in bDKK dulaglutide exenatide
Slide 56: GLP-1 segment accounts for more than 2% of market in Region AAMEO
Investor presentation First six months of 2017 Slide 56 The GLP-1 segment accounts for more than 2% of the total diabetes care market in Region AAMEO Region AAMEO GLP-1 market Victoza® value market share in Region AAMEO GLP-1 value Victoza® lixisenatide Share of total GLP-1 value Victoza® lixisenati
Slide 57: GLP-1 segment accounts for around 4% of market in Japan & Korea
Investor presentation First six months of 2017 Slide 57 The GLP-1 segment accounts for around 4% of the total diabetes care market in Japan & Korea Japan & Korea GLP-1 market Victoza® value market share in Japan & Korea GLP-1 value Victoza® other Share of total GLP-1 value Victoza® other in bDKK dul
Slide 58: Strong market leadership of Victoza in Latin America
Investor presentation First six months of 2017 Slide 58 Strong market leadership of Victoza ® in Latin America Latin America GLP-1 market Victoza® value market share in Latin America GLP-1 value Victoza® other Share of total GLP-1 value Victoza® other in bDKK dulaglutide exenatide diabetes care mark
Slide 59: Victoza maintains a 14% value market share in GLP-1, SGLT-2 and DPP-IV
Investor presentation First six months of 2017 Slide 59 Victoza® maintains a 14% value market share in the GLP-1, SGLT-2 and DPP-IV segment Segment value Share of segment value growth Segment value market shares DKK Victoza® Other GLP-1 SGLT-2 DPP-IV billion 220 100% 100% 200 13% 12% 180 80% 80% CAG
Slide 60: Key Novo Nordisk diabetes care products remain broadly available in the US
Investor presentation First six months of 2017 Slide 60 Key Novo Nordisk diabetes care products remain broadly available in the US Value market shares of key % share of unrestricted market access of key Novo Nordisk products in the US Novo Nordisk products in the US Value market Victoza® NovoLog® Le
Slide 61: Current and future product portfolio covers the type 2 diabetes treatment flow
Investor presentation First six months of 2017 Slide 61 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment flow1 Overview of current and future products in Novo Nordisk’s diabetes portfolio When basal insulin is not enough When When it's time metformin is for insu
Slide 62: R&D pipeline: Diabetes, obesity and other areas
Investor presentation First six months of 2017 Slide 62 R&D pipeline: Diabetes, obesity and other areas Product/project Type Indication Status (phase) 1 2 3 Filed Appr. Fast-acting insulin aspart (NN1218)1 New formulation of insulin aspart Type 1+2 Semaglutide (NN9535) Once-weekly GLP-1 analogue Typ
Slide 63: Tresiba demonstrated CV safety and reduced severe hypoglycaemia in DEVOTE trial
Investor presentation First six months of 2017 Slide 63 Tresiba® demonstrated CV safety and reduced severe hypoglycaemia risk vs insulin glargine U100 in DEVOTE trial Non-inferiority of Tresiba® vs insulin glargine U100 was confirmed for time to first MACE Key results and next step Tresiba® • Non-in
Slide 64: Tresiba shows lower rate of hypoglycaemia in SWITCH trials
Investor presentation First six months of 2017 Slide 64 Tresiba® shows lower rate of hypoglycaemia than insulin glargine U100 in SWITCH trials SWITCH 1 – type 1 diabetes SWITCH 2 – type 2 diabetes Hypoglycaemic Hypoglycaemic Tresiba® glargine U100 events per 100 PYE events per 100 PYE -30%* 3,000 -1
Slide 65: Fast-acting insulin aspart approved in the EU and Canada
Investor presentation First six months of 2017 Slide 65 Fast-acting insulin aspart approved in the EU and Canada, regulatory decision by FDA expected Q4 2017 Regulatory decisions and next steps Fiasp® vs NovoRapid® EU label characteristics • Fiasp® HbA1c reduction of -0.32% compared Efficacy NovoRap
Slide 66: Victoza reduced risk of major adverse cardiovascular events in LEADER
Investor presentation First six months of 2017 Slide 66 Victoza® statistically significantly reduced the risk of major adverse cardiovascular events in the LEADER trial 13% reduction in 3-point MACE with Victoza® compared with placebo Key results Patients1 with an Victoza® Placebo • Superiority of V
Slide 67: Semaglutide reduced risk of major cardiovascular events by 26% in SUSTAIN 6
Investor presentation First six months of 2017 Slide 67 Semaglutide significantly reduced the risk of major cardiovascular events with 26% vs placebo in SUSTAIN 6 Semaglutide demonstrated 26% reduction in composite CV outcome compared with placebo Key results and next step Patients with an semagluti
Slide 68: Semaglutide demonstrated reduction in HbA1c vs comparators in phase 3a trials
Investor presentation First six months of 2017 Slide 68 Semaglutide demonstrated a statistically significant reduction in HbA1c vs comparators in the phase 3a trials Comparison of HbA1c lowering effect in phase 3a SUSTAIN trials Sema 1 mg Sema 0.5 mg Placebo** Sitagliptin 100 mg Exenatide QW Insulin
Slide 69: Semaglutide demonstrated reduction in weight vs comparators in phase 3a trials
Investor presentation First six months of 2017 Slide 69 Semaglutide demonstrated a statistically significant reduction in weight vs comparators the the phase 3a trials Comparison of weight reductions in phase 3a SUSTAIN trials Sema 1 mg Sema 0.5 mg Placebo** Sitagliptin 100 mg Exenatide QW Insulin g
Slide 70: Phase 2 trial with semaglutide for NASH initiated in November 2016
Investor presentation First six months of 2017 Slide 70 Phase 2 trial with semaglutide for NASH initiated in November 2016 Once-daily semaglutide vs. placebo in patients with NASH trial design Phase 2 trial purpose and endpoints • Purpose: To compare the effects of semaglutide Semaglutide 0.4 mg sc
Slide 71: Competitive Tresiba label across all three triad markets
Investor presentation First six months of 2017 Slide 71 Competitive Tresiba® label across all three triad markets Tresiba® label characteristics in triad markets US Europe Japan • Duration of action up to 26 hours in • Half-life of 25 hours and duration of • Duration of action beyond 42 hours Japane
Slide 72: Competitive labels for Xultophy in both the US and EU
Investor presentation First six months of 2017 Slide 72 Competitive labels for Xultophy® in both the US and EU US – Xultophy® 100/3.6 Europe - Xultophy® • Adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes mellitus inadequately controlled on basal • Xultophy® is
Slide 73: Xultophy has documented strong efficacy across the treatment cascade
Investor presentation First six months of 2017 Slide 73 Xultophy® has documented strong efficacy across the treatment cascade Xultophy® key clinical results DUAL I DUAL II DUAL III DUAL IV DUAL V DUAL VI1 DUAL VII Add-on to Add-on to Switch from Add-on to SU Switch from Once vs. IDegLira metformin ±
Slide 74: Oral semaglutide reduced HbA1c and body weight in phase 2 trial
Investor presentation First six months of 2017 Slide 74 Oral semaglutide reduced HbA1c and body weight in a 26- week phase 2 trial in type 2 diabetes HbA1c reduction from a mean baseline of 7.9% Weight loss from a mean base line of 92 kg Placebo Sema 2.5 mg Sema 5 mg Sema 10 mg Sema 20 mg Sema 40 mg
Slide 75: PIONEER trials for oral semaglutide
Investor presentation First six months of 2017 Slide 75 PIONEER trials for oral semaglutide 2016 2017 2018 PIONEER 1: monotherapy 26 weeks, n=704 PIONEER 2: vs empagliflozin 52 weeks, n=816 PIONEER 3: vs sitagliptin 78 weeks, n=1,860 PIONEER 4: vs liraglutide 52 weeks, n=690 PIONEER 5: moderate rena
Slide 76: Liver-preferential meal time insulin analogue has potential to reduce hypoglycaemia
Investor presentation First six months of 2017 Slide 76 Liver-preferential meal time insulin analogue has potential to reduce hypoglycaemia and weight gain Rationale and expected benefits of The liver is important for insulin action physiologically distributed insulin sc insulin sc liver-preferentia
Slide 77: Significant unmet need in obesity management
Investor presentation First six months of 2017 Slide 77 Significant unmet need in obesity management Insufficient treatment options Significant gaps in obesity treatment Mean 100% weight loss All people with obesity Bariatric surgery High Medium Anti-obesity medication 30% with weight loss of People
Slide 78: Small but growing market for anti-obesity medication in the US
Investor presentation First six months of 2017 Slide 78 Small but growing market for anti-obesity medication in the US Total anti-obesity market moving- annual market value The US obesity burden AOM value • Cost of obesity to health care systems of USD 147 billion in mUSD annually with continued gro
Slide 79: Continued global roll-out of Saxenda and an evolving obesity portfolio
Investor presentation First six months of 2017 Slide 79 Continued global roll-out of Saxenda® and an evolving obesity portfolio Saxenda® value share of anti-obesity medications in selected countries The global obesity potential Mexico Australia USA Canada Germany Italy Brazil Denmark Saxenda® and ob
Slide 80: Steady prescription uptake for Saxenda in the US
Investor presentation First six months of 2017 Slide 80 Steady prescription uptake for Saxenda® in the US Prescription volume uptake of anti-obesity medications (AOM) recently launched in the US Key observations TRx Contrave® Belviq® • Saxenda® has been launched in 19 markets including the Volume (0
Slide 81: Saxenda targeted at patients with BMI ≥35 and weight-related comorbidities
Investor presentation First six months of 2017 Slide 81 Saxenda® targeted at patients with BMI ≥35 and weight-related comorbidities Saxenda® market approach Saxenda® launch execution Aspiration Focus on patients with BMI Clear patient ≥35 with weight-related segmentation comorbidities Focus on curre
Slide 82: Competitive US label for Saxenda
Investor presentation First six months of 2017 Slide 82 Competitive US label for Saxenda® Saxenda® approved in the US for chronic weight management in individuals with a BMI ≥30, or ≥27 in the presence of at least one weight-related comorbidity1 • GLP-1 receptor agonist – a physiological regulator o
Slide 83: Novel obesity compounds in phase 1 development
Investor presentation First six months of 2017 Slide 83 Novel obesity compounds in phase 1 development may have complimentary modes of action Key features of compounds in phase 1 development for obesity G530S – NN9838 – NN9499 – NN9747 – PYY NN9277 – GG- NN9423 – Tri- Compound Glucagon Amylin FGF21
Slide 84: Biopharmaceuticals
Investor presentation First six months of 2017 Slide 84 Biopharmaceuticals
Slide 85: Haemophilia: Location of bleedings and the consequences
Investor presentation First six months of 2017 Slide 85 Haemophilia: Location of bleedings and the consequences Locations Consequences of bleedings • Bleeding in the joint space causes a strong inflammatory reaction which predisposes to further bleeding Head and neck Nose and gums • Inadequate or de
Slide 86: Haemophilia is a rare disease with severe unmet medical needs
Investor presentation First six months of 2017 Slide 86 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B Low diagnosis and treatment rates and haemophilia with inhibitors within haemophilia Number of Average percentage of people people (000) wit
Slide 87: Global haemophilia market is growing by high-single digit
Investor presentation First six months of 2017 Slide 87 Global haemophilia market is growing by high-single digit Strategic positioning of Novo Nordisk’s Sales of recombinant coagulation factors haemophilia portfolio NovoSeven® Recombinate®/Advate® Idelvion® Novo Nordisk Coagil VII® Kogenate®/Helixa
Slide 88: NovoSeven − a unique biologic for rare bleeding disorders
Investor presentation First six months of 2017 Slide 88 NovoSeven® − a unique biologic for the treatment of rare bleeding disorders NovoSeven® reported quarterly sales Key NovoSeven® properties DKK • Product characteristics: powder and solvent for solution billion for intravenous injection, availabl
Slide 89: NovoEight is launched in the US, Europe and Japan
Investor presentation First six months of 2017 Slide 89 NovoEight® is launched in the US, Europe and Japan for the treatment of people with haemophilia A Example from NovoEight® promotional campaign1 NovoEight® properties and launch performance Indications: • Treatment and prophylaxis of bleeding in
Slide 90: R&D pipeline: Haemophilia and growth disorders
Investor presentation First six months of 2017 Slide 90 R&D pipeline: Haemophilia and growth disorders Product/project Type Indication Status (phase) 1 2 3 Filed Appr. N9-GP (NN7999) GlycoPEGylated long-acting rFIX Haemophilia B N8-GP (NN7088)1 GlycoPEGylated long-acting rFVIII Haemophilia A Concizu
Slide 91: N9-GP once-weekly reduces median bleeding rate in phase 3 trial
Investor presentation First six months of 2017 Slide 91 N9-GP administered once-weekly reduces median bleeding rate to 1.0 episode per year in phase 3 trial N9-GP phase 1 pharmacokinetics Paradigm 2 headline results (phase 3) FIX activity rFIX pdFIX N9-GP • Steady-state half life of 110 hours (IU/mL
Slide 92: N8-GP every fourth day reduces median bleeding rate in phase 3 trial
Investor presentation First six months of 2017 Slide 92 N8-GP administered every fourth day reduces median bleeding rate to 1.3 episode per year in phase 3 trial N8-GP phase 1 pharmacokinetics Pathfinder 2 headline results (phase 3) FVIII activity FVIII N8-GP • PK documented single dose half-life of
Slide 93: Novo Nordisk maintains leadership within human growth hormone market
Investor presentation First six months of 2017 Slide 93 Novo Nordisk maintains leadership within human growth hormone market Development in global human growth hormone market Human growth hormone volume market share DKK MAT volume kg MAT value DKK Novo Nordisk Pfizer Sandoz billion kg Eli Lilly Merc
Slide 94: Solid Norditropin sales growth
Investor presentation First six months of 2017 Slide 94 Solid Norditropin® sales growth Norditropin® reported quarterly sales Key Norditropin® properties DKK • Product characteristics: Premixed, prefilled multi-use billion CAGR1 3.3% delivery systems available in multiple strengths, and stable 2.5 a
Slide 95: Financials
Investor presentation First six months of 2017 Slide 95 Financials
Slide 96: Sales have been growing by 11% on average throughout the last decade
Investor presentation First six months of 2017 Slide 96 Sales have been growing by 11% on average throughout the last decade Sales growth in local currencies Operating profit growth in local currencies 2007–2016 2007–2016 Sales growth Average growth Operating profit growth Average growth 30% 30% 18%
Slide 97: Solid sales growth driven by the US
Investor presentation First six months of 2017 Slide 97 Solid sales growth driven by the US Reported annual sales 2012-2016 Reported annual sales split by region DKK North America Region Europe Diabetes Biopharmaceuticals Region AAMEO billion Region China Region J&K Region LATAM 120 CAGR1 9.4% Thous
Slide 98: Victoza accounts for 20% of total sales in first six months of 2017
Investor presentation First six months of 2017 Slide 98 Victoza® accounts for 20% of total sales in the first six months of 2017 Reported sales split by product segments for Reported sales split by selected key products the first six months of 2017 for the first six months of 2017 New-Generation Ins
Slide 99: Solid operating profit growth driven by diabetes
Investor presentation First six months of 2017 Slide 99 Solid operating profit growth driven by diabetes Operating profit Operating profit therapy split DKK Operating profit Operating profit as % of sales Diabetes Biopharm billion Reported operating profit growth 60 Operating profit growth in local
Slide 100: Higher profitability in the biopharmaceuticals segment
Investor presentation First six months of 2017 Slide 100 Higher profitability in the biopharmaceuticals segment driven by lower COGS and S&D Diabetes & Obesity P&L – full year 2016 Biopharmaceuticals P&L – full year 2016 DKK DKK billion billion 100 30 -15% 80 -28% 24 -12% -17% 60 18 -13% -12% -4% +1
Slide 101: Stable COGS level as % of sales and increasing CAPEX level
Investor presentation First six months of 2017 Slide 101 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK COGS as % of sales DKK CAPEX as % of sales billion COGS billion CAPEX 20 25% 8 8% Thousands 7 7% 20% 15 6 6% 15% 5 5% 10 4 4%
Slide 102: Long term financial targets: Operating profit growth and operating margin
Investor presentation First six months of 2017 Slide 102 Long term financial targets: Operating profit growth and operating margin Operating profit growth Operating margin New long term financial target1 Previous long term financial targets 40% Previous long term financial targets 45% 30% 30% 20% 15
Slide 103: Long term financial targets: Operating profit after tax and cash to earnings
Investor presentation First six months of 2017 Slide 103 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings Operating profit after tax to Cash to earnings net operating assets (three year average) New long term financial target1 New long term financi
Slide 104: Key assumptions supporting the long term financial target
Investor presentation First six months of 2017 Slide 104 Key assumptions supporting the long term financial target of an average of 5% operating profit growth1 Expected future sales drivers Expected future cost drivers • Continued underlying 3-4% volume growth • 1-3 percentage points decline expecte
Slide 105: Organic growth enables steady cash return to shareholders
Investor presentation First six months of 2017 Slide 105 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes Cash return priorities and business Annual cash return to shareholders development activities DKK Share repurchase Interim dividend Dividen
Slide 106: Stable ownership structure
Investor presentation First six months of 2017 Slide 106 Stable ownership structure - secured through A and B-share structure Share structure The Novo Nordisk Foundation • The Novo Nordisk Foundation is a self-governing institution Novo Nordisk Foundation that: Institutional and private • provides a
Slide 107: Sustainability
Investor presentation First six months of 2017 Slide 107 Sustainability The Novo Nordisk Way The Triple Bottom Line Business Principle Financially responsible Socially Environmentally responsible responsible We build on the purpose set by our founders and live by their The Triple Bottom Line Princip
Slide 108: 2016 performance towards achieving long-term sustainability goals
Investor presentation First six months of 2017 Slide 108 2016 performance towards achieving long-term sustainability goals Working the Novo Nordisk Share of renewable power for Way1 production Operating profit growth Scale Realised Target % Realised Target3 Growth Realised Target4 5 100 35% Previous
Slide 109: Cities Changing Diabetes aims to break the 'Rule of Halves'
Investor presentation First six months of 2017 Slide 109 Cities Changing Diabetes aims to break the ‘Rule of Halves’ and stop urban diabetes from ruining millions of lives Global partnerships to develop an approach Eight partner cities are addressing to fight urban diabetes the threat of urban diabe
Slide 110: Novo Nordisk is committed to the continued development of its employees
Investor presentation First six months of 2017 Slide 110 Novo Nordisk is committed to the continued development of its employees Employee health and safety and engagement Novo Nordisk is committed to building a are key focus areas for management diverse and inclusive organisation Management All mana