Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — FY2025 Earnings Presentation
121 slides from Novo Nordisk A/s Class B's earnings presentation, Feb 4, 2026
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation Full year 2025 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation Full year 2025 Novo Nordisk® Progress on Strategic Aspirations 2025 Agenda Agenda Commercial execution Innovation and therapeutic focus Financials
Slide 3: Forward-looking statements
3 Investor presentation Full year 2025 Novo Nordisk® Forward-looking statements Novo Nordisk’s statutory Annual Report 2025, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may
Slide 4: Strategic Aspirations 2025 Highlights
4 Investor presentation Full year 2025 Novo Nordisk® Strategic Aspirations 2025|Highlights Light blue indicates developments in Q4 2025 Further raise innovation bar for Diabetes treatment Since 2019 • Sc. and oral zenagamtide phase 2 trial completed Sales growth of 10% (CER) • CagriSema phase 3 REIM
Slide 5: Executive Management changes in February 2026
5 Investor presentation Full year 2025 Novo Nordisk® Executive Management changes in February 2026 Maziar Mike Doustdar1 Thilde Hummel Bøgebjerg Hong Chow Karsten Munk Knudsen1 Martin Holst Lange President and CEO Executive vice president Executive vice president Executive vice president, Executive
Slide 6: Executive Management updates
6 Investor presentation Full year 2025 Novo Nordisk® Executive Management updates Jamey Millar Hong Chow Executive vice president Executive vice president and head of US and head of Product and operations Portfolio Strategy Effective 5 February 2026 Effective 15 February 2026
Slide 7: Sales growth of 10% driven by GLP-1 products globally
7 Investor presentation Full year 2025 Novo Nordisk® Sales growth of 10% driven by GLP-1 products globally Geographic sales split for 2025 Therapy area sales split for 2025 DKK Insulin GLP-1 diabetes Other diabetes DKK US Operations International Operations Growth at CER billion Obesity care Rare di
Slide 8: International Operations performance driven by Obesity care and GLP-1 Diabetes
8 Investor presentation Full year 2025 Novo Nordisk® International Operations performance driven by Obesity care sales growth of 73% and GLP-1 Diabetes sales growth of 7% GLP-1 Diabetes care sales and growth for 2025 Obesity care sales and growth for 2025 DKK Growth at CER DKK Wegovy ® Saxenda® Ozem
Slide 9: US diabetes GLP-1 class growth slowing compared to prior years
9 Investor presentation Full year 2025 Novo Nordisk® US diabetes GLP-1 class growth slowing compared to prior years US GLP-1 diabetes weekly NBRx prescriptions US GLP-1 diabetes TRx Weekly NBRx Weekly TRx Monthly Total scripts (‘000s) SUs (‘000s) Class growth >10% GLP-1 SUs (millions) 90 1000 8 800
Slide 10: Wegovy pill launched in the US with rapid early uptake
10 Investor presentation Full year 2025 Novo Nordisk® Wegovy® pill launched in the US as the first and best-in-class oral GLP-1 in obesity, with rapid early uptake Wegovy® pill is FDA approved with best-in- Branded AOM TRx after launch class weight loss Commercial execution Weekly TRx • Full launch
Slide 11: US branded anti-obesity medication market doubled in 2025
11 Investor presentation Full year 2025 Novo Nordisk® US branded anti-obesity medication market doubled in 2025 Branded AOM TRx in the US Weekly TRx Commercial execution and access scripts (‘000s) • Wegovy® sc. self-pay price reduced to $349 in November 2025 900 • Self-pay for Wegovy® sc. currently
Slide 12: REIMAGINE explored efficacy and safety of CagriSema in type 2 diabetes
12 Investor presentation Full year 2025 Novo Nordisk® REIMAGINE 2 explored efficacy and safety of CagriSema in people with type 2 diabetes REIMAGINE 2 trial with 2728 people with T2D Trial objective and design considerations CagriSema 2.4 mg/2.4 mg • Demonstrate superiority of CagriSema vs semagluti
Slide 13: CagriSema superior HbA1c reduction and weight loss in REIMAGINE 2
13 Investor presentation Full year 2025 Novo Nordisk® CagriSema demonstrated superior HbA1c reduction and weight loss in the REIMAGINE 2 phase 3 trial Change in HbA1c Change in body weight In REIMAGINE 3, CagriSema 2.4 mg/2.4 mg Mean baseline HbA1c: 8.2% Mean baseline body weight: 101 kg was superio
Slide 14: Zenagamtide to advance to phase 3 in T2D
14 Investor presentation Full year 2025 Novo Nordisk® Zenagamtide (amycretin) to advance to phase 3 in T2D following significant weight loss and HbA1c reduction in phase 2 Phase 2 multiple ascending dose study Maximum weight loss achieved Maximum HbA1c reduction achieved in 448 people with T2D Mean
Slide 15: R&D milestones
15 Investor presentation Full year 2025 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q4 2025 H1 2026 H2 2026 ✓ Phase 3 results (REIMAGINE 2) Diabetes& CagriSema ✓ Phase 3 results (REIMAGINE 3) Phase 3 results (REIMAGINE 1) Zenagamtide ✓ Phase 2 results Phase 3 ini
Slide 16: Financial results – full year 2025
16 Investor presentation Full year 2025 Novo Nordisk® Financial results – full year 2025 Change Change Full year 2025 Full year 2024 In DKK million (reported) (CER) Sales 309,064 290,403 6% 10% Gross profit 250,276 245,881 2% 7% Gross margin 81.0% 84.7% Sales and distribution costs (64,310) (62,101)
Slide 17: Continued attractive capital allocation to shareholders
17 Investor presentation Full year 2025 Novo Nordisk® Continued attractive capital allocation to shareholders 2025 capital allocation in line with Novo Nordisk priorities Total of DKK 52 billion returned via dividends in 2025 142 bDKK • For 2025, total dividend per share increased 2.6% to DKK 11.701
Slide 18: Financial outlook for 2026
18 Investor presentation Full year 2025 Novo Nordisk® Financial outlook for 2026 Full year expectations 3 February 2026 Guidance -5% to -13% CER Adj. sales growth1 in Danish kroner: ~3%-points lower -5% to -13% CER Adj. operating profit growth2 in Danish kroner: ~5%-points lower On a non-adjusted ba
Slide 19: CMD26 Capital Markets Day
19 Investor presentation Full year 2025 Novo Nordisk® CMD26 CAPITAL MARKETS DAY London • 21 September 2026
Slide 20: Investor contact information
20 Investor presentation Full year 2025 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen Novo Nordisk A/S under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Investor Relat
Slide 21: Novo Nordisk corporate strategy
21 Investor presentation Full year 2025 Novo Nordisk® Novo Nordisk corporate strategy Obesity& Diabetes& Agenda Appendix Rare disease Regional information Financials and Product Supply Sustainability
Slide 22: Corporate strategy pursues innovation-driven opportunities in core areas
22 Investor presentation Full year 2025 Novo Nordisk® Novo Nordisk corporate strategy pursues innovation-driven opportunities with synergies in our core areas Focus will remain on core therapy areas and prioritizing unmet Significant unmet need remains needs, including comorbidities >550 million ~7%
Slide 23: Leading positions in diabetes, obesity and haemophilia
23 Investor presentation Full year 2025 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1.400 50% 350 100% 100 50% #1 #1 #4 1.200 300 40% 80% 80 40% 1.000 250 30% 200 60% 60 30% 800 600 1
Slide 24: Global GLP-1 diabetes and branded obesity market share and growth
24 Investor presentation Full year 2025 Novo Nordisk® Total Global GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 100% 100% billion ~34% 213 994 0 80% 80% 40 742 60% 60% 47% 34% 40% 40% 16% ~9% 59% 61% 20%
Slide 25: Solid patent protection and competitive advantages
25 Investor presentation Full year 2025 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 2031/322 Resear
Slide 26: Core capabilities and modalities across therapy areas
26 Investor presentation Full year 2025 Novo Nordisk® Core capabilities together with additional drug modalities open up new opportunities across therapy areas Core Novo Nordisk capabilities Modalities accelerated via partnerships & acquisitions Proteins/ Small Gene siRNA Peptides/mAB Molecules Ther
Slide 27: Partnerships and acquisitions support future R&D
27 Investor presentation Full year 2025 Novo Nordisk® Partnerships and acquisitions support future research and development 2020 2021 2022 2023 2024 2025 Selected acquisitions Oral formulations Novel treatment for Expansion of Late-stage FGF21 analogue of therapeutics CVD/Rare disease Novel treatmen
Slide 28: Pipeline supports growth across four strategic focus areas
28 Investor presentation Full year 2025 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED 3 NN9638 – Amylin 355 NN9440 – Monlunabant NN9833 – Cagrilintide 2.4 mg NN9932 – Oral Semaglutide 25 mg Tresiba® N
Slide 29: Obesity&
29 Investor presentation Full year 2025 Novo Nordisk® Obesity& Obesity disease background Obesity disease background Obesity market development MASH Obesity market development MASH
Slide 30: Obesity is a serious chronic disease with large unmet need
30 Investor presentation Full year 2025 Novo Nordisk® Obesity is a serious chronic disease with a large unmet medical need that requires innovative treatment options More than 1.7 billion people is living with Obesity is associated with more than 200 Life expectancy decreases as BMI increases overwe
Slide 31: High unmet need and low market penetration
31 Investor presentation Full year 2025 Novo Nordisk® The high unmet need in diabetes and obesity and low market penetration to-date makes unlocking the market a key priority Global diabetes and obesity unmet need Globally, ~8% of total estimated diabetes Less than 1% of people with obesity globally
Slide 32: Broadening focus from weight loss to improving health
32 Investor presentation Full year 2025 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 Patients remain
Slide 33: Reimbursed Wegovy access for around 50 million people in the US
33 Investor presentation Full year 2025 Novo Nordisk® With injectable Wegovy® Novo Nordisk has reimbursed access to around 50 million people with obesity in the US ~50 million people with obesity have injectable Wegovy® coverage in Progress across all channels in early 2026 the US People with obesit
Slide 34: Global obesity market growth accelerating
34 Investor presentation Full year 2025 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 100% 200% ~85% 285.6 80% 160% 92.0 51% 141.
Slide 35: Semaglutide impact on comorbidities overlapping with obesity
35 Investor presentation Full year 2025 Novo Nordisk® In clinical trials, semaglutide has demonstrated an impact on comorbidities that overlap with obesity Weight loss Disease overlap in the United States Obesity-related comorbidities UNITED STATES ONLY REDEFINE 1 (CagriSema) SELECT trial Myocardia
Slide 36: STEP and STEP UP trials weight loss up to 20.7%
36 Investor presentation Full year 2025 Novo Nordisk® Across the STEP and STEP UP trials, a weight loss of up to 20.7% was reported for people treated with sc semaglutide STEP 1 STEP 3 STEP 4 STEP 5 STEP 2 STEP UP STEP UP T2D Weight Weight Sustained weight management Weight Weight Weight Weight mana
Slide 37: STEP UP: semaglutide 7.2 mg achieved 20.7% weight loss
37 Investor presentation Full year 2025 Novo Nordisk® In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss and around one third of participants achieved ≥25% weight loss STEP UP enrolled 1,407 people with obesity1 Weight loss for semaglutide 7.2 mg in STEP UP trial Mean baseline body weight: 11
Slide 38: STEP 1: weight loss of up to 16.9%
38 Investor presentation Full year 2025 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 • Average B
Slide 39: STEP 4: weight loss of up to 18.2%
39 Investor presentation Full year 2025 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 • 79% women •
Slide 40: Semaglutide 20% MACE reduction in SELECT
40 Investor presentation Full year 2025 Novo Nordisk® Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in 3-point MAC
Slide 41: Real world evidence confirms efficacy of Wegovy
41 Investor presentation Full year 2025 Novo Nordisk® Real world evidence confirms efficacy of Wegovy® and shows 3-point MACE risk reduction of 42% SHAPE study showed 1-year real-world weight loss in patients with SCORE study showed 42% lower relative risk of 3-point MACE in overweight or obesity tr
Slide 42: Oral semaglutide (Wegovy pill) approved in the US
42 Investor presentation Full year 2025 Novo Nordisk® Oral semaglutide (Wegovy® pill) approved in the US and submitted in EU with efficacy and safety profile broadly similar to Wegovy® OASIS 4 trial enrolled 306 people with overweight or obesity1 Weight loss for oral semaglutide 25 mg in OASIS 4 tri
Slide 43: REDEFINE 1 first pivotal phase 3 trial of CagriSema
43 Investor presentation Full year 2025 Novo Nordisk® REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema in people living with overweight or obesity REDEFINE 1 enrolled 3,417 people with overweight or obesity1 Baseline characteristics in REDEFINE 1 CagriSema 2.4 mg semaglutide 2.4 m
Slide 44: REDEFINE 1: CagriSema 22.7% mean weight loss
44 Investor presentation Full year 2025 Novo Nordisk® In REDEFINE 1, CagriSema achieved 22.7% mean weight loss and more than 40% of participants achieved ≥25% weight loss Higher body weight reduction with CagriSema compared Categorical weight loss after 68 weeks of treatment to mono components and p
Slide 45: Further weight loss potential with longer duration and re-escalation
45 Investor presentation Full year 2025 Novo Nordisk® Further weight loss potential to be investigated by exploring a longer trial duration and dose re-escalation Observed weight loss by end of treatment dose in REDEFINE 11 Patients treated with the highest dose2 at end of treatment 0% • Weight loss
Slide 46: Body composition analysis in REDEFINE
46 Investor presentation Full year 2025 Novo Nordisk® Body composition analysis in REDEFINE 1 showed more than two-thirds body fat mass loss with CagriSema Total body fat mass loss from baseline to week 68 Total body lean soft-tissue mass loss from baseline to week 68 Mean at baseline: 47.4 kg Mean
Slide 47: Treat to target analysis of CagriSema
47 Investor presentation Full year 2025 Novo Nordisk® Treat to target analysis of CagriSema in REDEFINE 1 demonstrates that 41.4% of participants achieve BMI < 27 Proportion of participants with BMI <27 Proportion of participants with a Waist-to- Proportion of participants with BMI <27 kg/m2 at week
Slide 48: CagriSema reductions in cardiovascular risk factors
48 Investor presentation Full year 2025 Novo Nordisk® CagriSema achieved superior reductions in cardiovascular risk factors vs both mono components and placebo in REDEFINE 1 Change in waist circumference at week 68 Change in systolic blood pressure at week 68 Change in hsCRP from baseline to week 68
Slide 49: REDEFINE 2: CagriSema 15.7% mean weight loss
49 Investor presentation Full year 2025 Novo Nordisk® In REDEFINE 2, CagriSema achieved 15.7% mean weight loss and more than 29% of participants achieved ≥20% weight loss REDEFINE 2 enrolled 1,206 people with obesity or Weight loss for CagriSema in REDEFINE 2 trial overweight and T2D1 Mean baseline
Slide 50: REDEFINE 2: HbA1c reduction of 2.1%-p
50 Investor presentation Full year 2025 Novo Nordisk® In REDEFINE 2, CagriSema achieved a HbA1c reduction of 2.1%-p, and more than 80% of participants achieved HbA1c target <6.5% Higher HbA1c reduction with CagriSema compared to placebo More participants achieved the HbA1c target with CagriSema comp
Slide 51: CagriSema pivotal trials completed, additional trials ongoing
51 Investor presentation Full year 2025 Novo Nordisk® CagriSema successfully completed pivotal trials and with additional trials ongoing to investigate even further potential Selected CagriSema phase 3 development trials in Obesity Pivotal trials REDEFINE 3 • CagriSema showed substantial weight loss
Slide 52: Cagrilintide 2.4 mg achieved 11.8% weight loss
52 Investor presentation Full year 2025 Novo Nordisk® Cagrilintide 2.4 mg achieved 11.8% weight loss in the REDEFINE 1 trial with a 1.3% discontinuation rate due to GI adverse events Weight loss for cagrilintide 2.4 mg in REDEFINE 1 trial cagrilintide 2.4 mg Placebo Mean baseline body weight: 106.9
Slide 53: Zenagamtide to advance into phase 3
53 Investor presentation Full year 2025 Novo Nordisk® Zenagamtide to advance into phase 3 based on the successful completion of phase 1b/2a trial Dose response part of the zenagamtide sc phase 1b/2a trial Estimated body weight loss in dose response arms and 60 mg dose escalation arm1 5% zenagamtide
Slide 54: AMAZE phase 3 programme for zenagamtide
54 Investor presentation Full year 2025 Novo Nordisk® AMAZE is a comprehensive phase 3 development programme for sc and oral zenagamtide expected to start in Q1 2026 Selected zenagamtide phase 3 trials in obesity programme Potential future trials Phase 3 development programme AMAZE 1 • 80-week vs. p
Slide 55: Obesity portfolio addresses future patient segments
55 Investor presentation Full year 2025 Novo Nordisk® Novo Nordisk’s obesity portfolio addresses the future segments and patient preferences of the obesity market Addressing unmet needs across patient segments via a focus on weight loss and Examples of future patient segments differentiated clinical
Slide 56: Semaglutide superior in liver fibrosis and MASH resolution in ESSENCE
56 Investor presentation Full year 2025 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 steatohepatitis
Slide 57: Akero acquisition closed including efruxifermin
57 Investor presentation Full year 2025 Novo Nordisk® Akero acquisition closed including Efruxifermin, a potential best- in-class FGF21 analogue for the treatment of MASH Improvement in fibrosis with no worsening of MASH at 96 Efruxifermin (EFX) is a long-acting FGF21 analogue weeks in SYMMETRY phas
Slide 58: Phase 3 programme ongoing for efruxifermin
58 Investor presentation Full year 2025 Novo Nordisk® Phase 3 clinical development programme on-going to deliver on the potential of efruxifermin SYNCHRONY phase 3 development programme On-going SYNCHRONY phase 3 programme • Trials ongoing with readouts expected over coming years SYNCHRONY Primary e
Slide 59: Portfolio of treatment solutions for obesity
59 Investor presentation Full year 2025 Novo Nordisk® Novo Nordisk is continuing the development of a portfolio of treatment solutions for obesity and associated comorbidities Building a leading portfolio Obesity development pipeline Project Phase Body weight loss Saxenda® (liraglutide 3.0 mg) Marke
Slide 60: Diabetes&
60 Investor presentation Full year 2025 Diabetes& Disease and market Insulin segment GLP-1 segment Cardiovascular disease Insulin segment Cardiovascular disease SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 61: Diabetes is a serious chronic disease with increasing prevalence
61 Investor presentation Full year 2025 Novo Nordisk® Diabetes is a serious chronic disease with increasing prevalence worldwide and multiple associated comorbidities In 2050, ~850 million adults are expected to live with diabetes High unmet medical need remains within T2D and the associated comorbi
Slide 62: Global leader in the growing diabetes market
62 Investor presentation Full year 2025 Novo Nordisk® Novo Nordisk is the global leader in the growing diabetes market Global diabetes care reported sales Volume growing ~8% with more people using GLP-1s and SGLT-2is DKK Novo Nordisk value market share1 30.1% billion Estimated prescription share per
Slide 63: Unmet need within diabetes care remains large
63 Investor presentation Full year 2025 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 589 million, 42.0 million1 people are treated with shoul
Slide 64: GLP-1s have positive effects beyond glycaemic control
Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines 2026 ADA guidelines for pharmacologic treatment of Medications for treatment of type 2 diabetes adults with type 2 diabetes Hypo Weight Cardiovascular effects Class Efficacy Healthy lifestyle be
Slide 65: Innovation is the focus for strengthening leadership in diabetes
65 Investor presentation Full year 2025 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 Insulins1 Emerging biologies Key products Ex
Slide 66: Total branded diabetes market value DKK ~523 billion
66 Investor presentation Full year 2025 Novo Nordisk® The total branded diabetes market has a global value of DKK ~523 billion annually DKK Global diabetes market DKK The USA billion billion 600 +21% +19% 2023 2024 Growth at CER 277 523 300 +24% 233 500 184 200 +45% 148 +5% 435 -48% 100 44 46 27 40
Slide 67: GLP-1 mechanism of action and therapeutic opportunities
67 Investor presentation Full year 2025 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 ~35m Brain
Slide 68: Global diabetes GLP-1 market share and growth
68 Investor presentation Full year 2025 Novo Nordisk® Total Global diabetes GLP-1 market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 100% 100% billion ~20% 120 0 709 80% 80% 588 0 60% 60% 46% 40% 20% 40% 0% 59% 61% ~0% 20% 20% 56% 57% 55% 46% 0
Slide 69: SUSTAIN trials with subcutaneous semaglutide
69 Investor presentation Full year 2025 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 5 7 FORTE Baseline 8.1% 8.1% 8.4% 8.2% 8.9% 0,0 -0,1 -0,5 Change in HbA1c (%) -1,1 -1,3 * -1,4 * -1,3 * -1,6* -1,5 -1,5 * * -1,6 * -1,8 * -1,8 * -1,9 -2,2* Baseline 92 kg 89 kg 92 kg 95 kg
Slide 70: PIONEER programme with oral semaglutide
70 Investor presentation Full year 2025 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 8 PLUS Baseline 8.0% 8.1% 8.3% 8.2% 9.0% -0,1 0,0 -0,5 -0,6 * Change in -0,8* -0,8 -0,9 -1,0* HbA1c (%) -1,1* -1,3* -1,4* -1,4* -1,4 * -1,5* -1,5 -1,9* -2,2* 0,6 Baseline 88 kg 92 kg 91 kg 86
Slide 71: Semaglutide evidence and clinical outcome data in type 2 diabetes
71 Investor presentation Full year 2025 Novo Nordisk® Semaglutide has produced a comprehensive body of evidence and clinical outcome data for a GLP-1 in type 2 diabetes Glycaemic control* MACE outcome PAD outcome 2.2%-p 26% 13% Reduction HbA1c 1 Reduction in MACE2 Improvement in MWD3 distance SUSTAI
Slide 72: Phase 2 CagriSema trial in type 2 diabetes
72 Investor presentation Full year 2025 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 body weight
Slide 73: REIMAGINE phase 3 programme for CagriSema in T2D
73 Investor presentation Full year 2025 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 endpoint: HbA1c
Slide 74: Zenagamtide phase 2 trial design in type 2 diabetes
74 Investor presentation Full year 2025 Novo Nordisk® Zenagamtide (amycretin) phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes Phase 2 zenagamtide trial design Objective ILLUSTRATIVE • Demonstrate the dose-response relationship of zenagamtide for change in HbA1c
Slide 75: Insulin icodec potential in basal insulin treatment
75 Investor presentation Full year 2025 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 behaviour 100% 80 1
Slide 76: Insulin icodec ONWARDS phase 3 programme
76 Investor presentation Full year 2025 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 BASAL/BOLU
Slide 77: Final pivotal IcoSema trial completed
77 Investor presentation Full year 2025 Novo Nordisk® Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 3 headline trial results IcoSema vs Insulin glargine U100 and insulin aspart in subjects w/T2D Change in HbA1C Change in body weight Mean baseline HbA1c: 8.3% Mea
Slide 78: Focused approach in cardiovascular disease
78 Investor presentation Full year 2025 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 preserved ejecti
Slide 79: ZEUS trial with ziltivekimab
79 Investor presentation Full year 2025 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 Investigate
Slide 80: Ziltivekimab phase 3 development programme
80 Investor presentation Full year 2025 Novo Nordisk® Ziltivekimab phase 3 development programme targets high unmet need populations within CVD Atherosclerosis and chronic kidney disease HFmrEF and HFpEF Acute myocardial infarction n = 6,400 n = 5,600 n = 10,000 Ziltivekimab 15 mg sc + SoC Ziltiveki
Slide 81: Diabetes& development pipeline
81 Investor presentation Full year 2025 Novo Nordisk® Development pipeline addresses unmet need in diabetes& by further raising the innovation bar Further raise the innovation bar Diabetes& development pipeline1 Project Phase GLP-1 diabetes2 Marketed Address significant unmet need Long-acting insuli
Slide 82: Rare disease
82 82 Investor presentation Full year 2025 Novo Nordisk® Rare disease Rare disease background Rare disease innovation SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 83: Rare disease an attractive opportunity for Novo Nordisk
83 Investor presentation Full year 2025 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-morbidities and c
Slide 84: Rare disease sales increased by 9%
84 Investor presentation Full year 2025 Novo Nordisk® Rare disease sales increased by 9% Reported Rare disease sales Rare disease sales performance DKK Rare disease sales increased by 9%: billion Growth at CER • Sales in US Operations increased by 7% 24 9% 2% 1% 11% -5% 24% • Sales in International
Slide 85: Rare disease sales increased 9% by end of 2025
85 Investor presentation Full year 2025 Novo Nordisk® Rare disease sales increased 9% by end of 2025 NovoSeven® and Norditropin® Global Rare disease franchise account for ~60% of Rare disease sales DKK DKK billion billion 25 4% 1% -15% 9% 9% 4% 1% -15% 9% 9% 25 20 6% 20 15 7 15 7 9 7 8 10 10 5 12 13
Slide 86: Denecimig (Mim8) reduction of bleeding episodes in FRONTIER 2
86 Investor presentation Full year 2025 Novo Nordisk® Once-weekly and once-monthly denecimig (Mim8) demonstrated superior reduction of treated bleeding episodes in FRONTIER 2 Annualised bleeding rate per patient group FRONTIER 2 safety and next steps No PPX Coagulation factor PPX No safety concerns
Slide 87: Growth Hormone sales 30% of rare disease sales
87 Investor presentation Full year 2025 Novo Nordisk® Growth Hormone sales contribute to 30% of total rare disease sales by end of 2025 Norditropin® and Sogroya® total hGH sales A portfolio offering across markets Sales bDKK Sogroya® strategy 7 7 • Once-weekly efficacious treatment on par with Nordi
Slide 88: Rare Disease development pipeline
88 Investor presentation Full year 2025 Novo Nordisk® Rare Disease pipeline is leveraging our core expertise to serve more patients through internal and external innovation Strengthen and progress pipeline Rare Disease development pipeline Project Phase Our key focus areas Rare Blood Disorders marke
Slide 89: US Operations
89 Investor presentation Full year 2025 Novo Nordisk® US Operations US health care system US health NAO care drivers growth system USA health care system129 128 US at a glance USA health care system 129 US at a glance NAO at a glance 131
Slide 90: US healthcare mix of private and public insurance
NAO 90 Investor presentation Full year 2025 Novo Nordisk® US healthcare is a mix of private and public health insurance, dominated by a few large PBMs US health insurance enrollment and US PBMs market shares Development of Novo Nordisk rebates uninsured and net sales in the US DKK All Other PBMs bil
Slide 91: US Operations at a glance
NAO 91 Investor presentation Full year 2025 Novo Nordisk® US Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk full year 2025 reported sales market share Million DKK billion 50 12% Sales Full year 2025 Growth2 (mDKK) 45 62% 80% Injectable GLP-
Slide 92: Diabetes market share and growth in US Operations
NAO 92 Investor presentation Full year 2025 Novo Nordisk® Diabetes market share and market growth in US Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion ~6% 50% 50% 74 958 907 -9 40% -14 40% 31% 30% 30% 20% 20% 6% 10% 10% -4% 0% 35% ~-4% 31%
Slide 93: GLP-1 diabetes market share and growth in US Operations
NAO 93 Investor presentation Full year 2025 Novo Nordisk® GLP-1 diabetes market share and market growth in US Operations GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 80% 80% ~14% 79 583 70% -1 509 60% 60% -4 50% 46% 40% 40% 14% 20% 30% 20% ~-2% 0% 53% 46
Slide 94: Obesity market share and growth in US Operations
NAO 94 Investor presentation Full year 2025 Novo Nordisk® Obesity market share and market growth in US Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK 100% 250% billion ~85% 259.5 80% 200% 91.9 10.8 60% 150% 46% 140.0 27.5 40% 100% 95% 93% 92% 85% 20
Slide 95: International Operations
Novo Nordisk® 95 95 95 Investor presentation Full year 2025 International Operations IO at a glance107 International Operations IO at a glance 107 EUCAN EMEA112 EMEA 112 Emerging Markets Region China117 Region China 117 APAC Rest of World122 Rest of World 122 Region China
Slide 96: International Operations at a glance
96 Investor presentation Full year 2025 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk full year 2025 reported sales Nordisk market share Million DKK 47% billion MS Sales Full year 2025 Growth2 (mDKK) 61% Injectable GLP-13 41,171 6% 6
Slide 97: IO GLP-1 diabetes and branded obesity market share
97 Investor presentation Full year 2025 Novo Nordisk® Total IO GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 100% 100% ~63% 41 1 152 80% 80% 63% 16 60% 60% 93 55% 40% 40% 28% 61% 65% 56% 55% 60% 2
Slide 98: EUCAN at a glance
EMEA 98 Investor presentation Full year 2025 Novo Nordisk® EUCAN at a glance Diabetes market by value and Novo Novo Nordisk full year 2025 reported sales Diabetes trend Nordisk market share Million DKK Sales billion MS Full year 2025 Growth2 80 (mDKK) Injectable GLP-13 23,468 14% 3% 200 100% 33% Ryb
Slide 99: EUCAN GLP-1 market share and growth
99 Investor presentation Full year 2025 Novo Nordisk® Total EUCAN GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 100% 100% billion ~71% 30 100 0 80% 80% 71% 12 60% 60% 59 55% 40% 40% 29% ~28% 59% 28% 61% 2
Slide 100: Emerging Markets at a glance
Rest of World 100 Investor presentation Full year 2025 Novo Nordisk® Emerging Markets at a glance Diabetes market by value and Novo Nordisk Diabetes trend in population Novo Nordisk full year 2025 reported sales market share Million Sales DKK Full year 2025 Growth2 billion MS (mDKK) 400 80% Injectab
Slide 101: Emerging Markets GLP-1 market share and growth
Rest of World 101 Investor presentation Full year 2025 Novo Nordisk® Total Emerging Markets GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share DKK GLP-1 market size and growth billion 100% 100% ~47% 1 28 6 80% 80% 2 52% 19 60% 60% 40% 47% 40%
Slide 102: APAC at a glance
EMEA 102 Investor presentation Full year 2025 Novo Nordisk® APAC at a glance Diabetes market by value and Novo Diabetes trend Novo Nordisk full year 2025 reported sales Nordisk market share Million DKK 55% Sales billion MS Full year 2025 Growth2 300 (mDKK) Injectable GLP-13 3,418 2% 80 100% Rybelsus
Slide 103: APAC GLP-1 market share and growth
103 Investor presentation Full year 2025 Novo Nordisk® Total APAC GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 100% 150% ~88% 6 18 0 80% 120% 88% 2 60% 90% 10 51% 40% 60% 33% ~33% 59% 61% 20% 30%
Slide 104: Region China at a glance
Region China 104 Investor presentation Full year 2025 Novo Nordisk® Region China at a glance Diabetes market by value and Novo Diabetes trend Nordisk market share Novo Nordisk full year 2025 reported sales Million DKK Sales billion MS Full year 2025 Growth2 (mDKK) 200 14% Injectable GLP-13 6,000 -8%
Slide 105: Region China remains a key market
105 Investor presentation Full year 2025 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 11% 11% -6% 11%
Slide 106: China GLP-1 market share and growth
Region China 106 Investor presentation Full year 2025 Novo Nordisk® Total China GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 100% 140% billion ~4% 0 0 6 83% 120% 5 0 75% 100% 80% 50% 60% ~7% ~83% ~81% 40
Slide 107: Financials and Product Supply
107 107 Investor presentation Full year 2025 Novo Nordisk® Financials and Product Supply Profit Profit andand loss, loss, resourceallocation resource allocation 144 Product supply 147 Product supply 14 Product supply Margin Capital development & capital allocation allocation 153 Currencies Currencie
Slide 108: Solid sales growth driven by Diabetes and Obesity care
108 Investor presentation Full year 2025 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2020-2025 DKK billion, % of total sales 7% 14% 16% 36% 26% 10% 309 290 6% 6% 232 7% 177 141 12% 127 94% 94% 14% 15% 93% 88% 85% 86% 2020 2021 2022 2023 2024 2025 Diabet
Slide 109: Solid operating profit growth
109 Investor presentation Full year 2025 Novo Nordisk® Solid operating profit growth Operating profit DKK % billion 7% 13% 15% 44% 26% 6% of sales 140 80% 120 60% 100 80 40% 60 40 20% 20 0 0% 2020 2021 2022 2023 2024 2025 Operating profit Operating profit as % of sales Operating profit growth at CER
Slide 110: Manufacturing scale and expertise is a competitive advantage
110 Investor presentation Full year 2025 Novo Nordisk® Manufacturing scale and expertise within biologics is a competitive advantage for Novo Nordisk The world’s largest manufacturer of insulin and GLP-11 Novo Nordisk competitive advantages in manufacturing Million patients on NN products in 2024 De
Slide 111: Strategic API sites based in Denmark and the US
111 Investor presentation Full year 2025 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 / Assembly and D
Slide 112: Fill-finish global footprint expanded to 14 sites
112 Investor presentation Full year 2025 Novo Nordisk® Fill-finish | The global footprint has expanded from 11 to 14 sites with the closing of the Catalent acquisition in December 2024 Tablet1 65sites sites Fill,tablet Fill, tabletand andfinish finish Fill-finish Fill, tablet and finish Fill-finish
Slide 113: CAPEX investments across the full value chain
113 Investor presentation Full year 2025 Novo Nordisk® CAPEX investments across the full value chain to enables growth for current and future products CAPEX investments Several large investments announced since 2021 DKK billion Announced Site Scope Investment 19% 80 2021 Kalundborg Full value chain
Slide 114: Capital allocation balances investment and shareholder returns
114 Investor presentation Full year 2025 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 Internal g
Slide 115: Net financials impacted by currencies in 2026
115 Investor presentation Full year 2025 Novo Nordisk® Net financials expected to be positively impacted by currencies in 2026 – offset by currency impact on operating profit 1 Avg. FY 2025 vs. avg. FY 2024 Exp. avg FY 2026 vs. FY 2025 FY 2025 0% • Negative FX impact on operating profit of 8.4 bDKK
Slide 116: Purpose & Sustainability
116 Investor presentation Full year 2025 Novo Nordisk® Purpose & Sustainability Sustainable Sustainable business business 148 Environmental Environmental responsibility responsibility 150 Social responsibility Social Social responsibility responsibility 153 Ethics and and compliance Governance Ethic
Slide 117: Being a responsible business drives long-term value
117 Investor presentation Full year 2025 Novo Nordisk® Being a responsible business drives long-term value Ownership structure creates long-term value Commitment to lead a sustainable business1 Novo Nordisk Foundation • Key objective: To provide a stable basis for Novo Nordisk and Novonesis Institut
Slide 118: Ambition is zero environmental impact
118 Investor presentation Full year 2025 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity Emissions increased due to Nature roadmap approved and Relative plastic footprint 2024 2025 expansion activities and raw 2025 decreased by 5% from 2024 imple
Slide 119: Social responsibility: prevention, access and affordability
119 Investor presentation Full year 2025 Novo Nordisk® Social responsibility is core to Novo Nordisk with initiatives focusing on prevention, access and affordability Prevention Access & Affordability • Expanded the Cities for Better Health (CBH) network to build • 7.1 million vulnerable populations
Slide 120: Integrating ethics and compliance into the business
120 Investor presentation Full year 2025 Novo Nordisk® Integrating ethics and compliance into every aspect of our business Ethics and compliance are at the core of Novo Nordisk Steps taken to strengthen ethics and compliance setup Communication: Letters shared with HCPs reinforcing approved indicati
Slide 121: Investor contact information
121 Investor presentation Full year 2025 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Novo Nordisk A/S Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the Investor Relations New York