Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Q3 2024 Earnings Presentation
163 slides from Novo Nordisk A/s Class B's earnings presentation, Nov 6, 2024
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation First nine months of 2024 Novo Nordisk – a focused healthcare company Investor presentation First nine months of 2024 ABIGAIL CONIAH AbigailRAFAEL lives withVALVERDE obesity RafaelUnited lives with obesity Kingdom Mexico
Slide 2: Agenda
2 Investor presentation First six months of 2024 Novo Nordisk® Progress on Strategic Aspirations 2025 Agenda Agenda Commercial execution Innovation and therapeutic focus Financials
Slide 3: Forward-looking statements
3 Investor presentation First nine months of 2024 Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2023 and Form 20-F, which both were filed with the SEC in January 2024 i
Slide 4: Strategic Aspirations 2025 | Highlights first nine months of 2024
4 Investor presentation First nine months of 2024 Novo Nordisk® Strategic Aspirations 2025 | Highlights first nine months of 2024 Light blue indicates developments in Q3 2024 Progress towards zero environmental impact Further raise innovation bar for Diabetes treatment • Overall CO2e emissions1 incr
Slide 5: Sales growth of 24% driven by both operating units
5 Investor presentation First nine months of 2024 Novo Nordisk® Sales growth of 24% driven by both operating units Reported geographic sales split for first nine months of 2024 Reported therapy area sales and growth for first nine months of 2024 Insulin GLP-1 Other diabetes North America Operations
Slide 6: Tripled global GLP-1 patient reach and 65% volume market share
6 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk has tripled its global GLP-1 patient reach and increased its GLP-1 volume market share to 65% in 3 years Global number of patients on GLP-1s across diabetes and obesity Novo Nordisk GLP-1 patient reach Number of patients •
Slide 7: Diabetes value market leadership of 33.9%
7 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes value market leadership of 33.9% Diabetes value market leadership expansion Novo Nordisk global diabetes value market shares driven by the GLP-1 franchise 60% Diabetes GLP-1 Insulin 55.6% 55.7% 54.4% 52.2% Diabetes care sales g
Slide 8: International Operations diabetes care sales growth driven by GLP-1
8 Investor presentation First nine months of 2024 Novo Nordisk® International Operations diabetes care sales growth is driven by GLP-1 performance Reported Diabetes care sales and growth per IO geography GLP-1 diabetes patients and value market share in IO DKK Number of Class growth >15% Value Insul
Slide 9: Diabetes GLP-1 class continues to grow in the US
9 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes GLP-1 class continues to grow in the US US GLP-1 diabetes weekly NBRx prescriptions US GLP-1 diabetes TRx market share Weekly NBRx TRx share Total GLP-1 SUs scripts (‘000s) (millions) 90 Class growth: >15% 80% 7 6 60% 53.9% 5 6
Slide 10: Gradual increase of supply reflected in US obesity prescriptions
10 Investor presentation First nine months of 2024 Novo Nordisk® Gradual increase of supply reflected in US obesity prescription development Branded AOM NBRx in the US1 Branded AOM TRx in the US1 NBRx scripts (‘000s) TRx scripts (‘000s) 80 450 406 400 58 350 60 The US 300 • Broad commercial formular
Slide 11: Rare disease sales increased by 3%
11 Investor presentation First nine months of 2024 Novo Nordisk® Rare disease sales increased by 3% Reported Rare disease sales Rare disease sales performance DKK Rare disease sales increase is driven by: billion Growth at CER • 21% sales increase in NAO driven by rare endocrine disorder 14 3% -1% -
Slide 12: Generating evidence with semaglutide beyond glycaemic control and weight loss
12 Investor presentation First nine months of 2024 Novo Nordisk® Generating evidence with the semaglutide molecule beyond glycaemic control and weight loss Prevalence and patient overlaps for focus areas in T2D and obesity Novo Nordisk is generating evidence to adress the unmet need FLOW ILLUSTRATIV
Slide 13: Oral semaglutide demonstrated 14% MACE reduction in SOUL
13 Investor presentation First nine months of 2023 Novo Nordisk® Oral semaglutide demonstrated a 14% reduction in risk of MACE in adults with T2D in the SOUL trial SOUL trial with 9,650 patients with T2D and CVD and/or CKD Headline results • Oral semaglutide demonstrated a 14% risk reduction in MACE
Slide 14: ESSENCE trial of semaglutide 2.4 mg in MASH
14 Investor presentation First nine months of 2024 Novo Nordisk® Part 1 of the ESSENCE trial investigated semaglutide 2.4 mg compared to placebo in people with MASH ESSENCE trial with 1,200 patients with MASH F2–F3 Primary objectives and endpoints for Part 1 and 2 Part 1 | Improvement in liver tissu
Slide 15: Semaglutide 2.4 mg improves liver fibrosis and MASH resolution in ESSENCE
15 Investor presentation First nine months of 2024 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 steat
Slide 16: R&D milestones
16 Investor presentation First nine months of 2024 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q3 2024 Q4 2024 H1 2025 Diabetes care FLOW (CKD, Sema 1.0 mg) ✓ CN submission EU/US decision IcoSema EU (✓) / CN submission JP submission STRIDE (PAD, Sema 1.0 mg) ✓ Ph
Slide 17: Financial results – first nine months of 2024
17 Investor presentation First nine months of 2024 Novo Nordisk® Financial results – in the first nine months of 2024 First nine First nine Change Change In DKK million months of 2024 months of 2023 (reported) (CER) Sales 204,720 166,398 23% 24% Gross profit 173,222 140,647 23% 24% Gross margin 84.6
Slide 18: Financial outlook for 2024
18 Investor presentation First nine months of 2024 Novo Nordisk® Financial outlook for 2024 Expectations Expectations 6 November 2024 7 August 2024 Sales growth – at CER 23% to 27% 22% to 28% Sales growth - reported Around 1 percentage point lower Around 1 percentage point lower Operating profit gro
Slide 19: Strategic aspirations 2025
19 Investor presentation First nine months of 2024 Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for obesit
Slide 20: Investor contact information
20 Investor presentation First nine months of 2024 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen Novo Nordisk A/S under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Inv
Slide 21: Appendix
21 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk corporate strategy 22 Diabetes care 34 GLP-1 42 Insulin 52 Appendix Obesity care 59 Rare disease 84 Cardiovascular & Emerging Therapy Areas 95 Regional information 108 Financials and Product Supply 140 Sustainability 156
Slide 22: Novo Nordisk Corporate Strategy
22 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk Corporate Strategy Diabetes Obesity Strengthen leadership by Strengthen leadership through offering innovative medicines market development and by and driving patient offering innovative medicines outcomes and driving pati
Slide 23: Diabetes and obesity remain key priority areas in corporate strategy
23 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes and obesity remain the key priority areas in the corporate strategy Therapy area priorities Portfolio focus Investment approach 1 Diabetes Obesity Broad and deep Key investment focus 2 CVD RBD Multiple targets in key segments
Slide 24: Innovation starts with addressing unmet needs and reaching more patients
24 Investor presentation First nine months of 2024 Novo Nordisk® Innovation starts with addressing unmet needs, improving outcomes and reaching more patients Diabetes care Obesity care 537 million people with ~15% 813 million people with ~2% of people in of people medically diabetes1 good control2 o
Slide 25: Leading positions in diabetes, obesity and haemophilia
25 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1200 #1 50% 120 #1 120% 100 #3 50% 1000 100 100% 40% 80 40% 800 80 80% 30% 60 30% 600 60
Slide 26: Sales growth of 24% driven by GLP-1 portfolio
26 Investor presentation First nine months of 2024 Novo Nordisk® Sales growth of 24%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the first Reported sales and growth breakdown for DKK by therapy nine months of 2024 the fir
Slide 27: Sales growth of 24% driven by both NAO and IO
27 Investor presentation First nine months of 2024 Novo Nordisk® Sales growth of 24%, driven by both NAO and IO with 31% and 15% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown for the first nine months of 2024 DKK billion 111.8 177.0 232.3 204.
Slide 28: Solid patent protection and competitive advantages
28 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk holds solid patent protection and competitive advantages Novo Nordisk’s position is protected by patents and value chain setup Novo Nordisk holds competitive advantages compared to biosimilars EU/US patent protection1 2031
Slide 29: Core capabilities and drug modalities across therapy areas
29 Investor presentation First nine months of 2024 Novo Nordisk® Core capabilities together with additional drug modalities open up new opportunities across therapy areas Core Novo Nordisk capabilities Modalities accelerated via partnerships & acquisitions Proteins/ Cell Small Gene siRNA Peptides/mA
Slide 30: siRNA platform expected to deliver across therapy areas
30 Investor presentation First nine months of 2024 Novo Nordisk® siRNA platform expected to deliver and mature across therapy areas in alignment with corporate strategy Progress with the siRNA platform Distribution of siRNA portfolio projects Phase 1 initiation ambition with siRNA 3 11 phase 1 trial
Slide 31: Phase 1 aspiration on track for 2025
31 Investor presentation First nine months of 2024 Novo Nordisk® Phase 1 aspiration of bringing more targets from research to development faster is on track for 2025 Key drivers increasing number of Number of phase 1 initiations in 2020 and aspirations towards 2025 phase 1 initiations ~3x numbers of
Slide 32: Partnerships and acquisitions support R&D
32 Investor presentation First nine months of 2024 Novo Nordisk® Partnerships and acquisitions support future research and development 2019 2020 2021 2022 2023 Selected acquisitions Oral formulations of Novel treatment for therapeutics CVD/Rare disease Novel treatments for Novel treatments for CVD/R
Slide 33: Pipeline across four strategic focus areas
33 Investor presentation First nine months of 2024 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED 1 NN1845 – GSI NN9541 – OW GIP/GLP-1 co-agonist NN9924 – Oral Semaglutide 25 and 50 mg NN1436 – Insulin
Slide 34: Diabetes care
34 Investor presentation First nine months of 2024 Diabetes care Disease and market 35 Insulin segment52 GLP-1 segment 42 Insulin segment 52 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 35: Diabetes is a serious chronic disease with increasing prevalence
35 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes is a serious chronic disease with increasing prevalence In 2045, 784 million adults are expected to live with diabetes T2D is associated with multiple comorbidities and mortality1 Million adults 1,000 1 in 10 have 1 in 8 have
Slide 36: Global leader in the growing diabetes market
36 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk is the global leader in the growing diabetes market Global diabetes care reported sales Volume growing ~5% with more people using GLP-1s and SGLT-2is DKK billion Novo Nordisk value market share1 34% Estimated prescription
Slide 37: Unmet need within diabetes care remains large
37 Investor presentation First nine months of 2024 Novo Nordisk® The unmet need within diabetes care remains large with too few patients reaching glycaemic target and treated for complications 1 in 2 adults go undiagnosed and more treated patients Of the 537 million, 40.5 million1 people are current
Slide 38: GLP-1s have positive effects beyond glycaemic control
38 Investor presentation First nine months of 2024 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines Medications for treatment of type 2 diabetes Semaglutide has impact on several comorbidities Hypo Weight Cardiovascular effects Class Efficacy
Slide 39: Innovation is the focus for strengthening diabetes leadership
39 Investor presentation First nine months of 2024 Novo Nordisk® Innovation is the focus for strengthening leadership in diabetes Approach to diabetes innovation Novo Nordisk’s product portfolio covers all three treatment segments Oral anti-diabetic Injectable GLP-1 Insulins Key products Icodec 1 On
Slide 40: Total branded diabetes market value of DKK ~443 billion
40 Investor presentation First nine months of 2024 Novo Nordisk® The total branded diabetes market has a global value of DKK ~443 billion annually DKK Global diabetes market DKK The USA billion billion 500 +21% +29% 2023 2022 Growth at CER 300 443 234 +57% 186 200 149 -28% -12% +34% 400 379 98 100 4
Slide 41: Leadership position within growing diabetes market
41 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk has a leadership position within the growing diabetes market Global diabetes market by treatment class1 Novo Nordisk remains global diabetes value Novo Nordisk market share and share of market leader growth DKK billion 500
Slide 42: GLP-1 mechanism of action and therapeutic opportunities
42 Investor presentation First nine months of 2024 Novo Nordisk® GLP-1 mechanism of action and potential therapeutic opportunities GLP-1 mechanism of action Patient overlaps for key focus areas in type 2 diabetes Creates sense of satiety in the brain Obesity UNITED STATES ONLY Type 2 diabetes ~115m
Slide 43: 56% of global GLP-1 market; penetration varies by region
43 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk has 56% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions GLP-1 market growth and Novo Nordisk market share GLP-1 share of total estimated diabetes prescriptions1 is 6.4% Million
Slide 44: SUSTAIN trials with subcutaneous semaglutide
44 Investor presentation First nine months of 2024 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 6 7 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% -0.1 -0.4 Change in -0.5 HbA1c (%) -0.8 -0.9 -1.1 * -1.1 * -1.2 * * -1.3 * -1.3 * * -1.4 * -1.4 * * * -1.5 * -1.5 * * -1.8 -
Slide 45: Semaglutide 2.0 mg s.c. SUSTAIN FORTE
45 Investor presentation First nine months of 2024 Novo Nordisk® Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Data from SUSTAIN FORTE approved in the US and the EU Semaglutide 2.0 mg showed superior
Slide 46: Sema 1.0 mg reduces kidney disease-related events in FLOW
46 Investor presentation First nine months of 2024 Novo Nordisk® Sema 1.0 mg demonstrates 24% reduction in the risk of kidney disease-related events in people with type 2 diabetes and CKD The FLOW trial evaluated semaglutide in people with T2D and CKD Testing hierarchy of primary and secondary confi
Slide 47: PIONEER programme with oral semaglutide
47 Investor presentation First nine months of 2024 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 4 5 7 8 Baseline 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% -0.1 -0.1 -0.1 Change in -0.5 -0.6 * HbA1c (%) -0.7 -0.8 * -0.8 * * -1.0 -0.9 -1.1 -1.1 * -1.1 -1.3 * * -1.4 * -1.4 * -1.3 * -1.4
Slide 48: PIONEER PLUS achieved primary endpoint
48 Investor presentation First nine months of 2024 Novo Nordisk® PIONEER PLUS achieved its primary endpoint and demonstrated statistically significant HbA1C reduction vs oral sema 14 mg Oral semaglutide 25 mg and 50 mg vs 14 mg in subjects with T2D Headline trial results Change in HbA1C Change in bo
Slide 49: CagriSema phase 2 trial in type 2 diabetes
49 Investor presentation First nine months of 2024 Novo Nordisk® Phase 2 trial for CagriSema in people with type 2 diabetes was successfully completed in Q3 2022 Exploratory phase 2a trial of CagriSema in T2D Headline trial results Cagrilintide 2.4 mg + semaglutide 2.4 mg Change in HbA1C Change in b
Slide 50: REIMAGINE phase 3 programme for CagriSema
50 Investor presentation First nine months of 2024 Novo Nordisk® Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, was initiated in Q3 2023 CagriSema characteristics Global phase 3 trial programme REIMAGINE 1 • 180 patients with T2D vs placebo • 40-week vs. placebo • Primary endp
Slide 51: Amycretin phase 2 trial in type 2 diabetes initiated
51 Investor presentation First nine months of 2024 Novo Nordisk® Amycretin phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes has been initiated Phase 2 amycretin trial design Objective ILLUSTRATIVE • Demonstrate the dose-response relationship of amycretin for cha
Slide 52: Global insulin market leadership at 44.5%
52 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk global insulin market leadership at 44.5% and the global insulin volume market increased by 4.2% North America Operations Global International Operations Market growth: 4.2% Market growth: 7.1% Market growth: -6.6% Market
Slide 53: Insulin market size and Novo Nordisk market share
53 Investor presentation First nine months of 2024 Novo Nordisk® Insulin market size and Novo Nordisk volume and value market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 43% 198 -21.5% -0.4% 50% 44% 9% 40% 6% Long- -17.1% +
Slide 54: Insulin icodec opportunity in basal insulin
54 Investor presentation First nine months of 2024 Novo Nordisk® Insulin icodec holds potential to be the insulin of choice for people living with type 2 diabetes starting basal insulin treatment Today’s global basal insulin market is sizeable The opportunity for insulin icodec bDKK Patient behaviou
Slide 55: ONWARDS programme with insulin icodec
55 Investor presentation First nine months of 2024 Novo Nordisk® Once-weekly insulin icodec appeared to be effective and to have a safe profile in the phase 3 ONWARDS programme ONWARDS 1 ONWARDS 3 ONWARDS 5 ONWARDS 2 ONWARDS 4 ONWARDS 6 BASAL INITIATION BASAL INITIATION BASAL INITIATION BASAL SWITCH
Slide 56: COMBINE phase 3 programme for IcoSema
56 Investor presentation First nine months of 2024 Novo Nordisk® Phase 3 trial programme for IcoSema in T2D, COMBINE IcoSema characteristics Focused phase 3 trial programme COMBINE 1 • Initiated in Q2 2022 Post-basal insulin • 1290 patients* previously on basal-insulin IcoSema is a fixed dose combin
Slide 57: COMBINE 3 trial with IcoSema completed
57 Investor presentation First nine months of 2024 Novo Nordisk® Phase 3a trial (COMBINE 3) with IcoSema successfully completed IcoSema vs Insulin glargine U100 and insulin apart in subjects w/T2D Headline trial results Change in HbA1C Change in body weight N=679 IcoSema ± OAD(s) Mean baseline HbA1c
Slide 58: COMBINE 1 trial with IcoSema completed
58 Investor presentation First nine months of 2024 Novo Nordisk® Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 1 - IcoSema vs Insulin icodec in subjects with T2D COMBINE 1 headline trial results Change in HbA1C Change in body weight N=1291 Mean baseline HbA1c: 8
Slide 59: Obesity care
59 59 Investor presentation First nine months of 2024 Novo Nordisk® Obesity care Obesity disease background60 background58 Obesity disease background Obesity market development65 development62 58 60 Innovation63 Innovation67 Obesity market development 62 65 Innovation 63 67 MICHAEL PETERSEN Michael
Slide 60: Obesity is a serious chronic disease with large unmet need
60 Investor presentation First nine months of 2024 Novo Nordisk® Obesity is a serious chronic disease with a large unmet medical need that impacts many aspects of a patient's life Large and increasing unmet need in obesity Obesity is associated with complications Life expectancy decreases as BMI inc
Slide 61: Wegovy launch changed the market; unmet need remains
61 Investor presentation First nine months of 2024 Novo Nordisk® With the launch of Wegovy® in 2021 a lot changed, yet the large unmet need in obesity remains Few people are treated for obesity today Key market changes since the Wegovy® launch in 2021 Million people Patients Prescribers Payers 1,000
Slide 62: Broadening focus from weight loss to improving health
62 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk is broadening focus from solely weight loss to improving health for patients with overweight or obesity Patient persistency on anti-obesity medications after 12 months Characteristics for patients on Wegovy® in the US Pati
Slide 63: Expanded affordable access to Wegovy to 55 million people
63 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk has expanded affordable care access to Wegovy® to 55 million people and SELECT is set to help improve it ~55 million people have Wegovy® coverage in the US Progress across all channels in 2023-24 People with obesity (milli
Slide 64: Anti-obesity medications mostly out-of-pocket; SELECT as lever
64 Investor presentation First nine months of 2024 Novo Nordisk® Anti-obesity medications are expected to be mostly out-of- pocket, with SELECT as key lever to improve reimbursement Majority of IO AOM sales are currently OOP Current AOM reimbursement examples SELECT could improve access to Wegovy® I
Slide 65: Global obesity market growth accelerating
65 Investor presentation First nine months of 2024 Novo Nordisk® Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth Obesity market growth and Novo Nordisk value market share Obesity market size and growth DKK billion ~114% 180% 180% 118.3 140% 114%
Slide 66: Semaglutide 2.4 mg impact on comorbidities overlapping with obesity
66 Investor presentation First nine months of 2024 Novo Nordisk® In clinical trials, semaglutide 2.4 mg has demonstrated an impact on comorbidities that overlap with obesity Weight loss Disease overlap in the United States Obesity-related comorbidities UNITED STATES ONLY REDEFINE (CagriSema) SELECT
Slide 67: Weight loss across STEP 1, 3 and 4 trials
67 Investor presentation First nine months of 2024 Novo Nordisk® Across the STEP 1, 3, and 4 trials, a weight loss of 16.9% to 18.2% was reported for people treated with semaglutide 2.4 mg STEP 1 STEP 3 STEP 4 STEP 5 STEP 2 STEP 8 Weight Weight mgmt. Sustained weight management Weight loss over 2 We
Slide 68: STEP 1 weight loss up to 16.9%
68 Investor presentation First nine months of 2024 Novo Nordisk® In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% The pivotal STEP 1 trial showed greater than 16% weight loss Data from STEP 1 % change in body weight 0 • Average age 46 Placebo: -2.4% • 74.1% women
Slide 69: STEP 1 categorical weight loss and quality of life
69 Investor presentation First nine months of 2024 Novo Nordisk® In STEP 1, 34.8% of patients treated with sema reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus plac
Slide 70: STEP 4 weight loss up to 18.2%
70 Investor presentation First nine months of 2024 Novo Nordisk® In STEP 4, people treated with semaglutide had a superior weight loss of up to 18.2% STEP 4 showed significantly greater weight loss post run-in than placebo Data from STEP 4 % change in body weight Randomisation 0 • Average age 46 • 7
Slide 71: STEP 4 categorical weight loss and quality of life
71 Investor presentation First nine months of 2024 Novo Nordisk® In STEP 4, 41.2% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life vs placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus p
Slide 72: STEP 5 sustained weight loss over 2 years
72 Investor presentation First nine months of 2024 Novo Nordisk® In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Data from STEP 5 Clinically relevant and sustained weight loss in patients with obesity or overweight 40% of patients lost ≥ 20% of their body w
Slide 73: STEP 8 semaglutide versus liraglutide
73 Investor presentation First nine months of 2024 Novo Nordisk® In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg Data from STEP 8 STEP 8 observed mean change in body weight1 Mean baseline body weight: 104.5 kg 0 38.5% of patients lost ≥20% of their
Slide 74: 20% MACE reduction in SELECT trial
74 Investor presentation First nine months of 2024 Novo Nordisk® Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD SELECT trial with 17,604 people with BMI>27 and established CVD Objective • Demonstrate that semaglutide s.c. 2.
Slide 75: SELECT reduced broad composite endpoint by 37%
75 Investor presentation First nine months of 2024 Novo Nordisk® In SELECT, semaglutide 2.4 mg reduced the risk of a broad composite endpoint by 37% Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in 3-point MACE Semaglutide 2.4 mg reduces
Slide 76: STEP HFpEF trial completed
76 Investor presentation First nine months of 2024 Novo Nordisk® Phase 3 trial STEP HFpEF with semaglutide 2.4 mg was successfully completed in Q2 2023 STEP HFpEF trial with 529 people with obesity and HFpEF STEP HFpEF Objective: • Evaluate the effect on HF specific symptoms, physical function and b
Slide 77: Superior improvement in KCCQ-CSS in STEP HFpEF
77 Investor presentation First nine months of 2024 Novo Nordisk® Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFpEF trial Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg Key highlights Mean baseline
Slide 78: OASIS 1 trial of oral semaglutide 50 mg
78 Investor presentation First nine months of 2024 Novo Nordisk® The phase 3a OASIS 1 trial investigating oral semaglutide 50 mg in people with overweight or obesity was completed in Q2 2023 OASIS 1 trial design The trial included 660 patients with overweight or obesity Objective • To investigate su
Slide 79: OASIS phase 3 programme
79 Investor presentation First nine months of 2024 Novo Nordisk® Phase 3 trial programme OASIS for oral semaglutide 50 mg in overweight or obesity Oral semaglutide characteristics Focused phase 3 trial programme OASIS 1 • 667 patients 50 mg dose • 68 week Oral semaglutide 50mg: • Primary endpoint: B
Slide 80: Oral semaglutide demonstrated superior weight reduction in OASIS 1
80 Investor presentation First nine months of 2024 Novo Nordisk® Oral semaglutide 50 mg in overweight or obesity demonstrated superior body weight reduction in the OASIS 1 phase 3 trial OASIS 1 showed significantly greater weight loss compared to placebo Categorical weight loss % at week 68 Mean bas
Slide 81: CagriSema 20-week phase 1 trial
81 Investor presentation First nine months of 2024 Novo Nordisk® In a 20-week phase 1 trial, CagriSema showed weight loss of 17% and appeared to have a safe and well tolerated profile Weight loss for different doses of CagriSema in phase 1 The GI profile appeared similar to semaglutide 2.4 monothera
Slide 82: CagriSema phase 3 programme in obesity
82 Investor presentation First nine months of 2024 Novo Nordisk® Comprehensive phase 3 programme in Obesity with CagriSema including several outcome trials Ongoing CagriSema phase 3 development programme Potential future trials within obesity • 3,400 participants Phase 3 development programme REDEFI
Slide 83: Oral and subcutaneous amycretin phase 1 trials
83 Investor presentation First nine months of 2024 Novo Nordisk® Oral amycretin phase 1 trial completed and subcutaneous amycretin phase 1 trial ongoing with expected read-out in 2025 Results from oral amycretin phase 1 on weight loss Amycretin development programme in obesity Mean baseline body wei
Slide 84: Rare disease
84 84 Investor presentation First nine months of 2024 Novo Nordisk® Rare disease Rare disease background 85 Rare disease innovation 89 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 85: RareD constitutes an attractive opportunity
85 Investor presentation First nine months of 2024 Novo Nordisk® RareD constitutes an attractive opportunity for Novo Nordisk Addressing the unmet needs The Rare disease opportunity for Novo Nordisk Patient burdens1 A strategic portfolio • Reduced life-expectancy play in specialty • Severe co-morbid
Slide 86: Rare disease strategy since 2019
86 Investor presentation First nine months of 2024 Novo Nordisk® Executing on new strategy since 2019 with near-term focus on next generation launches The Rare disease strategy Focus on succeeding with launches from the core 2025+ Strategic focus areas Expand from core 2022-2025 Succeed with launche
Slide 87: Rare disease sales increased by 3%
87 Investor presentation First nine months of 2024 Novo Nordisk® Rare disease sales increased by 3% NovoSeven® and Norditropin® Global Rare disease franchise account for ~64% of Rare disease sales DKK DKK billion billion 25 1% 4% 1% -15% 3% 1% 4% 1% -15% 3% 25 20 6% 20 15 8 15 7 7 8 10 10 6 5 12 12
Slide 88: Haemophilia: severe unmet needs but competitive market
88 Investor presentation First nine months of 2024 Novo Nordisk® Haemophilia is a rare disease with severe unmet medical needs but the market is highly competitive Recombinant haemophilia product sales DKK billion 50 40 -34% 30 20 -2.8% +35% 10 0 2019 2023 2019 2023 2019 2023 Haemophilia with inhibi
Slide 89: Concizumab reduced bleeds in Explorer trial
89 Investor presentation First nine months of 2024 Novo Nordisk® In the Explorer 7 trial, concizumab reduced the number of bleeds in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Key highlights Efficacy 100 Median Mean • Median ABR was 0
Slide 90: Interim Mim8 phase 1/2 data
90 Investor presentation First nine months of 2024 Novo Nordisk® Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Mim8 pharmacokinetic properties support Higher potency of Mim8 vs emicizumab weekly and monthly dosing enabling a low dosing volume 3
Slide 91: FRONTIER 2 trial with Mim8 completed main part
91 Investor presentation First nine months of 2024 Novo Nordisk® Main part of the FRONTIER 2 trial with Mim8 in people with Haemophilia A has been completed in Q2 2024 Phase 3 trial, FRONTIER 2 trial in 254 adults & adolescents with HA Trial design • Novel and accelerated development programme No PP
Slide 92: Mim8 reduced treated bleeding episodes in FRONTIER 2
92 Investor presentation First nine months of 2024 Novo Nordisk® Once-weekly and once-monthly Mim8 demonstrated superior reduction of treated bleeding episodes in the FRONTIER 2 trial Annualised bleeding rate per patient group FRONTIER 2 safety and next steps No PPX Coagulation factor PPX No safety
Slide 93: ~19% value market share in human growth disorder market
93 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk has a value market share of ~19% in the global human growth disorder market Novo Nordisk value market share in the competitive hGH market A portfolio offering across markets Value MS% Sogroya® strategy • Once-weekly effica
Slide 94: Sogroya approved for paediatric growth hormone deficiency
94 Investor presentation First nine months of 2024 Novo Nordisk® Sogroya® is approved for paediatric growth hormone deficiency in US, EU and Japan Phase 3a trial results in children with GHD Key highlights Efficacy ETD (95% CI) = -0.5 (-1.1 ; 0.2) • Non-inferiority versus Norditropin® for the primar
Slide 95: Cardiovascular & Emerging Therapies
95 Investor presentation First nine months of 2024 Cardiovascular & Emerging Therapies The unmet needs 96 Cardiovascular disease 97 The unmet needs 96 MASH Cardiovascular disease 101 97 Alzheimer’s disease105 MASH 101 Alzheimer’s disease 105
Slide 96: Expanding into cardiovascular and emerging therapy areas
96 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk is expanding into Cardiovascular and emerging therapy areas New therapeutic areas have unmet medical needs Patient overlaps between Novo Nordisk core therapy areas Therapy area Unmet need Obesity UNITED STATES ONLY Type 2
Slide 97: Focused approach in cardiovascular disease
97 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk has a focused approach in cardiovascular disease Focus areas within cardiovascular disease Atherosclerotic cardiovascular disease Heart failure Heart failure with Transthyretin Systemic Uncontrolled and Dyslipidaemia prese
Slide 98: ZEUS trial with ziltivekimab
98 Investor presentation First nine months of 2024 Novo Nordisk® ZEUS trial with ziltivekimab aims to validate the link between hsCRP and major adverse cardiovascular events Results from the phase 2 trial RESCUE with ziltivekimab Phase 3 CVOT trial ZEUS with ziltivekimab 12 weeks from randomisation
Slide 99: Ziltivekimab phase 3 programme
99 Investor presentation First nine months of 2024 Novo Nordisk® Ziltivekimab phase 3 development programme targets high unmet need populations within CVD Atherosclerosis and chronic kidney disease HFmrEF and HFpEF Acute myocardial infarction n = 6,200 n = 5,600 n = 10,000 Ziltivekimab 15 mg sc + So
Slide 100: Heart failure disease modifying and curative treatments
100 Investor presentation First nine months of 2024 Novo Nordisk® For patients with heart failure, the goal is to bring disease modifying and curative treatments to the market Heart failure at a glance Pipeline includes potential disease modifying and curative treatments Symptom relief Disease modif
Slide 101: MASH shares large patient population with core therapy areas
101 Investor presentation First nine months of 2024 Novo Nordisk® Metabolic dysfunction-associated steatohepatitis shares a large patient population with Novo Nordisk’s core therapy areas New therapeutic areas have high unmet medical needs Patient overlap between Novo Nordisk core therapy areas and
Slide 102: Semaglutide as therapeutic foundation in MASH
102 Investor presentation First nine months of 2024 Novo Nordisk® MASH is a progressive disease and semaglutide could be the therapeutic foundation Semaglutide showed resolution of MASH with no worsening of Phase 3a ESSENCE trial in MASH fibrosis versus placebo in the phase 2 trial Proportion of pat
Slide 103: Focus on F2-F4c MASH: awareness, referrals, diagnosis
103 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk will focus on F2-F4c with commercial efforts related to awareness, referrals and diagnosis ~22 million people are expected to live with Focus areas to establish presence in MASH MASH referrals to hepatologists in the US M
Slide 104: Partnerships to enhance MASH diagnosis
104 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk enters partnerships to enhance diagnosis in MASH Partnerships across relevant non-invasive tests Novo Nordisk supports NIT for MASH screening and diagnosis Blood test Clinical guideline development recommending screening
Slide 105: Alzheimer's disease patient journey and barriers
105 Investor presentation First nine months of 2024 Novo Nordisk® Alzheimer’s disease patient journey is complex and underscores key barriers to overcome for Novo Nordisk to be successful Significant and growing Hurdles unmet need Million 80 Early symptoms Complex tests and Lack of prognostic Limite
Slide 106: Data supporting semaglutide in Alzheimer's disease
106 Investor presentation First nine months of 2024 Novo Nordisk® Entering phase 3 development of semaglutide in Alzheimer’s disease was based on a number of data points Real world evidence trials Randomised controlled trials Pre-clinical studies Four RWE studies show reduced risk of 53% lower risk
Slide 107: evoke and evoke+ trials ongoing
107 Investor presentation First nine months of 2024 Novo Nordisk® evoke and evoke+ trials are ongoing with expected completion in 2025 evoke and evoke+ trials have been initiated with 1,840 patients in each trial with a total of 3,680 patients 3 mg 7 mg 14 mg oral semaglutide QD 14 mg oral semagluti
Slide 108: North America Operations
108 Investor presentation First nine months of 2024 Novo Nordisk® North America Operations USA health care system 110 NAO growth drivers128 USA NAOhealth care growth system drivers USA health care system129 110 128 NAO at a glance USA health care system 112 129 NAO at a glance NAO at a glance131 112
Slide 109: North America Operations growth has accelerated
109 Investor presentation First nine months of 2024 Novo Nordisk® North America Operations growth has accelerated in recent years North America Operations reported sales per therapy area 0% 3% 1% 3% 14% 21% 54% 31% DKK billion 150 137 +11% CAGR 123 100 91 67 58 57 60 61 50 0 2017 2018 2019 2020 2021
Slide 110: US health insurance dominated by a few large payers
NAO 110 Investor presentation First nine months of 2024 Novo Nordisk® US health insurance is dominated by a few large commercial payers US population by health insurance status has Covered lives by PBM Development of Novo Nordisk rebates been stable in recent years and net sales in the US DKK 326 33
Slide 111: US net prices have declined in last five years
111 Investor presentation First nine months of 2024 Novo Nordisk® In the US, net prices have declined in the last five years The US population by health insurance Insulin net prices1 have declined Net prices1 across the full Novo Nordisk coverage portfolio2 declined 120 120 7% 100 100 80 80 47% 46%
Slide 112: North America Operations at a glance
NAO 112 Investor presentation First nine months of 2024 Novo Nordisk® North America Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk reported sales market share Million DKK Sales Q3 2024 Growth2 billion (mDKK) 70 10% Injectable GLP-13 65,929
Slide 113: Diabetes market share and growth in NAO
NAO 113 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes market share and market growth in North America Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion ~8% 50% 50% 16 912 29 20 44.9% 847 40% 40% 35.4% 30% 30% 20% 20%
Slide 114: GLP-1 market share and growth in NAO
NAO 114 Investor presentation First nine months of 2024 Novo Nordisk® GLP-1 market share and market growth in North America Operations GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 70% 80% ~25% 39 492 61% 60 -1 60% 394 60% 54% 50% 40% 29% ~29% 40% 54% 53%
Slide 115: Insulin market size and share in NAO
NAO 115 Investor presentation First nine months of 2024 Novo Nordisk® Insulin market size and volume market share in North America Operations Insulin market share and market size (DKK billion) - Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 40% 140 -31% -1.7% 15% 60% 10% L
Slide 116: Obesity market share and growth in NAO
NAO 116 Investor presentation First nine months of 2024 Novo Nordisk® Obesity market share and market growth in North America Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK 120% 260% billion ~129% 108.6 100% 220% 28.1 72% 180% 80% 10.8 140% 60% 129%
Slide 117: International Operations
Novo Nordisk® 117 117 117 Investor presentation First nine months of 2024 International Operations International Operations 118 IO at a glance107 Region China124 International IO at a glanceOperations 118 107 EMEA112 Region EMEA China 124 112 Region China117 EMEA130 Region China EMEA 117 130 Rest of
Slide 118: Growth momentum in IO driven by demographics and portfolio
118 Investor presentation First nine months of 2024 Novo Nordisk® Growth momentum has increased driven by demographics and utilisation of full product portfolio Historic sales growth in IO Growth momentum in IO International Operations is diverse and covers 190 markets % Value % >487m 16% live with
Slide 119: International Operations at a glance
119 Investor presentation First nine months of 2024 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million DKK Nordisk market share billion MS Sales 19% Q3 2024 Growth2 (mDKK) 17% Injectable GLP-13 24,639 5% 600 250 100
Slide 120: Diabetes market share and growth in IO
120 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion 80% 40% ~10% 10 245 7 6 223 30% 30.8% 40% 20% 28.1% 11.0% 10% 10.0% ~
Slide 121: GLP-1 market share and growth
121 Investor presentation First nine months of 2024 Novo Nordisk® GLP-1 market share and market growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 100% 80% ~22% 4 0 58 6 80% 67% 47 60% 60% 58% 40% 40% 22% 61% 67% 65% 20% 69% 60% 20% 56% ~19% 19% 60% 55%
Slide 122: Insulin market size and share in IO
122 Investor presentation First nine months of 2024 Novo Nordisk® Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 11.9% 0.5% 80% 10% Total 52% 58
Slide 123: Obesity market share and growth in IO
123 Investor presentation First nine months of 2024 Novo Nordisk® Obesity market share and market growth in International Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion ~24% 9.7 0.0 78% 90% 1.9 80% 7.8 60% 60% 40% 78% 33% 73% 30% ~33% 20% 54
Slide 124: Region China at a glance
Region China 124 Investor presentation First nine months of 2024 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million Nordisk market share DKK billion MS 200 Q3 2024 Sales Growth2 6% (mDKK) 14% 30 100% 160 Injectable GLP-13 5,558
Slide 125: Region China remains a key market
125 Investor presentation First nine months of 2024 Novo Nordisk® Region China remains a key market for Novo Nordisk and the established presence offers growth opportunities Region China is the largest market within IO Novo Nordisk Region China sales VBP implementation DKK billion initiated 20 17% R
Slide 126: Wegovy launch to address unmet need in Region China
126 Investor presentation First nine months of 2024 Novo Nordisk® Wegovy® launch is expected to address the high unmet need for anti-obesity medications in Region China High unmet need for anti-obesity medications in mainland China Wegovy® launch expected to be out-of-pocket initially Million people
Slide 127: Diabetes market share and growth in Region China
Region China 127 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK 40% 40% billion ~-9% 32.7% 1 1 27 25 1 30% 20% 10.4% 20% 9.2% 0% 10% ~-10% 3
Slide 128: GLP-1 market share and growth in Region China
Region China 128 Investor presentation First nine months of 2024 Novo Nordisk® GLP-1 market share and market growth in Region China GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 200% 160% billion ~5% 164% 0 5 4 160% 0 0 120% 120% 80% 79% 80% ~12% ~79% ~75% 66.9%
Slide 129: Insulin market size and share in Region China
Region China 129 Investor presentation First nine months of 2024 Novo Nordisk® Insulin market size and volume share of growth and market share in Region China Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: market share growth1 share 80% 60% Total 52% 10 50.5% +0.1
Slide 130: EMEA at a glance
EMEA 130 Investor presentation First nine months of 2024 Novo Nordisk® EMEA at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK Sales billion Q3 2024 Growth2 MS (mDKK) 300 25% Injectable GLP-13 12,443 -2% 150 100% 19% Rybelsus® 5,
Slide 131: Diabetes market share and growth in EMEA
EMEA 131 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes market share and market growth in EMEA Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion ~13% 75% 20% 7 142 5 125 4 10.1% 15% 50% 12.8% 10% 25% 29.4% 23.7% 5% ~10% 30% 29% 0
Slide 132: GLP-1 market share and growth in EMEA
EMEA 132 Investor presentation First nine months of 2024 Novo Nordisk® GLP-1 market share and market growth in EMEA GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 90% 90% ~24% 4 0 39 3 32 59% 60% 60% 43% 25% 30% 30% ~17% 59% 61% 59% 63% 56% 57% 59% 17% 0%
Slide 133: Insulin market size and share in EMEA
EMEA 133 Investor presentation First nine months of 2024 Novo Nordisk® Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 60% 10% Total 48% 49% 37 2.0% +1.0% 47% 5% Long- 20 40% 42% 0.4% +0
Slide 134: Obesity market share and growth in EMEA
EMEA 134 Investor presentation First nine months of 2024 Novo Nordisk® Obesity market share and market growth in EMEA Obesity market growth and Novo Nordisk market share DKK Obesity market size and growth billion ~51% 150% 120% 6.1 0.0 100% 120% 2.0 92% 80% 4.0 90% 60% 51% 92% 60% ~57% 40% 57% 88% 3
Slide 135: Rest of World at a glance
Rest of World 135 Investor presentation First nine months of 2024 Novo Nordisk® Rest of World at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk reported sales market share Million Sales DKK Q3 2024 Growth2 21% MS (mDKK) 300 billion Injectable GLP-13 6,63
Slide 136: Diabetes market share and growth in Rest of World
Rest of World 136 Investor presentation First nine months of 2024 Novo Nordisk® Diabetes market share and market growth in Rest of World Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth 24% billion 25% 55% ~5% 45% 2 1 1 76 20% 73 35% 15% 25% 14% 10% 15% 5% 5%
Slide 137: GLP-1 market share and growth in Rest of World
Rest of World 137 Investor presentation First nine months of 2024 Novo Nordisk® GLP-1 market share and market growth in Rest of World GLP-1 market growth and Novo Nordisk market share DKK GLP-1 market size and growth billion 150% 160% ~21% 130% 2 0 14 98% 0 120% 11 110% 90% 85% 80% 70% 85% 76% 50% 2
Slide 138: Insulin market size and share in Rest of World
Rest of World 138 Investor presentation First nine months of 2024 Novo Nordisk® Insulin market size and volume market share in Rest of World Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 58% 11 0.4% -0.6% 15% 60% 57% Long–
Slide 139: Obesity market share and growth in Rest of World
Rest of World 139 Investor presentation First nine months of 2024 Novo Nordisk® Obesity market share and market growth in Rest of World Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion 80% 40% -5% 3.8 0.1 3.6 30% 0.1 60% 56% 20% 40% 10% 20% 0% -5% 56% -7
Slide 140: Financials and Product Supply
140 140 Investor presentation First nine months of 2024 Novo Nordisk® Financials and Product Supply Profit and loss, resource allocation 142 Profit and loss, resource allocation 142 Product supply 144 Product supply 144 Margin development & capital allocation 152 Margin development capital allocatio
Slide 141: Solid sales growth driven by Diabetes and Obesity care
141 Investor presentation First nine months of 2024 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2019-2023 DKK billion, % of total sales 6% 7% 14% 16% 36% 232 7% 177 12% 141 122 127 14% 16% 15% 93% 88% 85% 86% 84% 2019 2020 2021 2022 2023 Diabetes and Ob
Slide 142: Solid operating profit growth
142 Investor presentation First nine months of 2024 Novo Nordisk® Solid operating profit growth driven by diabetes and obesity care Operating profit Operating profit split by franchise DKK 11% 3% 8% 28% 37% Percent billion of sales 6% 7% 13% 15% 44% 120 60% 3% 19% 100 80 40% 60 97% 81% 40 20% 20 0 0
Slide 143: Resource allocation guided by investing in future growth
143 Investor presentation First nine months of 2024 Novo Nordisk® Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2032 Waves of grow
Slide 144: Product supply step-up in investments and employees
144 Investor presentation First nine months of 2024 Novo Nordisk® Product supply has continued step-up in investments and employees to support growth Patient reach has accelerated since 2021 Product supply has expanded to enable the current growth Million patients on NN products 2021 2023 50 ~16,000
Slide 145: Manufacturing scale and biologics expertise as competitive advantage
145 Investor presentation First nine months of 2024 Novo Nordisk® Manufacturing scale and expertise within biologics is a competitive advantage for Novo Nordisk The world’s largest manufacturer of insulin and GLP-1 Novo Nordisk competitive advantages in manufacturing Million patients on NN products
Slide 146: Strategically important API sites in Denmark and the US
146 Investor presentation First nine months of 2024 Novo Nordisk® Active pharmaceutical ingredient | The strategically important sites in Novo Nordisk are based in Denmark and the US 3 sites API production 2 sites API production Product supply value chain Research and Manufacturing API Filling / Ass
Slide 147: Fill-finish footprint expected to expand from 11 to 14 sites
147 Investor presentation First nine months of 2024 Novo Nordisk® Fill-finish | The global footprint is expected to expand from 11 to 14 sites with the acquisition of the three Catalent sites Tablet1 65sites sites Fill,tablet Fill, tabletand andfinish finish Catalent (Brussels) Fill-finish Fill, tab
Slide 148: Step-up in CAPEX investments across value chain
148 Investor presentation First nine months of 2024 Novo Nordisk® Significant step-up in CAPEX investments across the full value chain to enable growth for current and future products CAPEX investments Several large investments announced since 2021 DKK billion Announced Site Scope Investment 60 2021
Slide 149: Catalent fill-finish sites to add capacity from 2026
149 Investor presentation First nine months of 2024 Novo Nordisk® Catalent fill-finish sites are expected to start adding additional capacity from 2026 The three Catalent fill-finish sites The acquisition will help expand capacity faster • Will help reach more patients with current and future treatm
Slide 150: Investments to increase patient reach towards 2030
150 Investor presentation First nine months of 2024 Novo Nordisk® Investments across the full manufacturing value chain to significantly increase patient reach towards 2030 ILLUSTRATIVE Capacity developments in the coming years ~40m patients API Filling / Assembly and production tabletting packaging
Slide 151: Expected margin developments compared to 2023
151 Investor presentation First nine months of 2024 Novo Nordisk® Expected margin developments in the coming years compared to 2023 are reflecting strategic resource allocation Gross S&D R&D Administration Operating margin cost ratio cost ratio cost ratio margin Broadly stable but Gradually increase
Slide 152: Capital allocation priorities
152 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk’s capital allocation allows for investing in the business while maintaining attractive shareholder returns Strategic capital allocation priorities Stable dividend pay-out ratio despite increased CAPEX and BD DKK billion 1
Slide 153: Two decades of consistent cash distribution to shareholders
153 Investor presentation First nine months of 2024 Novo Nordisk® Two decades of consistent cash distribution to shareholders Share buybacks and dividends (bDKK) Total dividends per share (DKK) 80 20 ~500 billion DKK returned to shareholders since 2003 62 60 49 41 40 39 9.4 10 36 37 35 35 30 6.2 27
Slide 154: Attractive capital allocation to shareholders
154 Investor presentation First nine months of 2024 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion • Return of free cash flow through both share buybacks and dividends 70 • For 2023, the total dividend per share increased
Slide 155: Operating profit expected to be impacted by currencies in 2024
155 Investor presentation First nine months of 2024 Novo Nordisk® Operating profit expected to be negatively impacted by currencies in 2024 1 Avg. FY 2023 vs. Avg. FY 2022 Exp. Avg FY 2024 vs. FY 2023 FY 2023 10% • Negative FX impact on operating profit of 5.0 bDKK • Positive FX impact on net financ
Slide 156: Purpose & Sustainability
156 Investor presentation First nine months of 2024 Novo Nordisk® Purpose & Sustainability Sustainable business 148 157 Environmental responsibility 150 158 Social responsibility 153 159 Governance Ethics and compliance 158 160 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 157: Being a responsible business drives long-term value
157 Investor presentation First nine months of 2024 Novo Nordisk® Being a responsible business drives long-term value Ownership structure creates long-term value Commitment to lead a sustainable business1 Novo Nordisk Foundation • Key objective: To provide a stable basis for Novo Nordisk and Novones
Slide 158: Ambition is zero environmental impact
158 Investor presentation First nine months of 2024 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity 2023 Emissions increased due to 2020 ReMedTM, Novo Nordisk’s • Committed to start making growth and CAPEX plastic take-back programme nature-relat
Slide 159: Social responsibility: prevention, access and innovation
159 Investor presentation First nine months of 2024 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation Prevention Access Innovation • Cities Changing Diabetes to build • ~7 million people reached • Transformative treatments to healt
Slide 160: Integrating ethics and compliance into business
160 Investor presentation First nine months of 2024 Novo Nordisk® Integrating ethics and compliance into every aspect of our business Ethics and compliance are at the core of Novo Nordisk Steps taken to strengthen ethics and compliance setup Communication: Letters shared with HCPs reinforcing approv
Slide 161: 2023 statement of ESG performance
161 Investor presentation First nine months of 2024 Novo Nordisk® 2023 statement of ESG performance 2023 2022 2021 Energy consumption for operations (1,000 GJ) 3784 3,677 3,387 Share of renewable power for production sites 100% 100% 100% Scope 1 emissions (1,000 tonnes CO2e)1 78 76 77 Environmental
Slide 162: 6.7 million people reached with access and affordability initiatives
162 Investor presentation First nine months of 2024 Novo Nordisk® In 2023, more than 6.7 million people with diabetes were reached with access and affordability initiatives 6.7 out of 40.5 million people were reached A number of focused programmes (as of full year 2023) with access and affordability
Slide 163: Investor contact information
163 Investor presentation First nine months of 2024 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Novo Nordisk A/S Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the Investor Relation