Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — H1 2023 Earnings Presentation
166 slides from Novo Nordisk A/s Class B's earnings presentation, Aug 10, 2023
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation First six months of 2023 Novo Nordisk –a focused healthcare company Investor presentation First six months of 2023 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation First six months of 2023 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 six months of 2023 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 2022 and Form 20-F, which both were filed with the SEC in February 2023 i
Slide 4: Strategic Aspirations 2025 – Highlights first six months of 2023
4 Investor presentation First six months of 2023 Novo Nordisk® Strategic Aspirations 2025 | Highlights first six months of 2023 Light blue indicates developments in Q2 2023 Progress towards zero environmental impact Further raise innovation bar for Diabetes treatment • Carbon emissions decreased by
Slide 5: Sales growth of 30% driven by both operating units
5 Investor presentation First six months of 2023 Novo Nordisk® Sales growth of 30% driven by both operating units Reported geographic sales split for first half of 2023 Reported therapy area sales and growth for first half of 2023 DKK Insulin GLP-1 Other diabetes DKK North America Operations Interna
Slide 6: Diabetes value market leadership increased to 32.7%
6 Investor presentation First six months of 2023 Novo Nordisk® Diabetes value market leadership increased by 1.7%-points to 32.7% Novo Nordisk global diabetes value market shares Diabetes value market leadership expansion driven by the GLP-1 franchise 60% Diabetes GLP-1 Insulin 54.8% 54.1% Diabetes
Slide 7: International Operations diabetes care sales growth driven by GLP-1
7 Investor presentation First six months of 2023 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 patients and value market share in IO DKK Number of Value billion Insulin GLP-1 Growth at C
Slide 8: GLP-1 class expansion accelerates in the US
8 Investor presentation First six months of 2023 Novo Nordisk® GLP-1 class expansion accelerates in the US in the first half of 2023 with volume growth across our portfolio US GLP-1 weekly NBRx prescriptions US GLP-1 TRx market share Weekly NBRx Total GLP-1 scripts TRx share scripts (‘000s) (million
Slide 9: Obesity care sales grew by 157% in first half of 2023
9 Investor presentation First six months of 2023 Novo Nordisk® Obesity care sales grew by 157% in the first half of 2023 mainly driven by the US NN sales and volume BAOM market growth Branded AOM TRx in the US2 within Obesity care DKK billion TRx count (‘000s) 12 55%1 84%1 157%1 180 76% 75% 160 The
Slide 10: Rare disease sales decreased by 18%
10 Investor presentation First six months of 2023 Novo Nordisk® Rare disease sales decreased by 18% driven by temporary reduction in manufacturing output Reported Rare disease sales Rare disease sales driven by global commercial execution DKK billion Growth at CER Rare disease sales decrease is driv
Slide 11: SELECT will add to clinical evidence of semaglutide in obesity
11 Investor presentation First six months of 2023 Novo Nordisk® SELECT will add to the clinical evidence of semaglutide to further establish obesity as a serious chronic disease Obesity is a global epidemic SELECT adds to clinical evidence underlining obesity as a serious chronic disease affecting m
Slide 12: Semaglutide 2.4 mg showed 20% MACE reduction in SELECT
12 Investor presentation First six months of 2023 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. 2.4
Slide 13: STEP HFpEF: superior improvement in KCCQ-CSS
13 Investor presentation First six months of 2023 Novo Nordisk® Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFpEF trial Phase 3 trial STEP HFpEF with semaglutide 2.4 mg Superior improvement in KCCQ-CSS score in patients treated with
Slide 14: OASIS trial: oral semaglutide superior weight loss
14 Investor presentation First six months of 2023 Novo Nordisk® OASIS 1 trial with oral semaglutide 50 mg demonstrated superior weight loss in people with overweight or obesity vs placebo OASIS 1 enrolled 667 patients with overweight or obesity OASIS 1 showed statistically significant weight loss vs
Slide 15: Novo Nordisk has agreed to acquire Inversago Pharma
15 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk has agreed to acquire Inversago Pharma Acquisition of Inversago Pharma supports Novo Nordisk’s Inversago has multiple drug candidates affecting the peripheral aspiration within obesity and other metabolic disorders cannabin
Slide 16: R&D milestones
16 Investor presentation First six months of 2023 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q2 2023 Q3 2023 Q4 2023 Diabetes care Oral semaglutide (25/50mg) US submission EU submission Cagrisema T2D Phase 3 initiation OW GLP-1/GIP Phase 2 initiation SemaDapa ✓
Slide 17: Financial results – First six months of 2023
17 Investor presentation First six months of 2023 Novo Nordisk® Financial results – First six months of 2023 First six First six Change Change In DKK million months of 2023 months of 2022 (reported) (CER) Sales 107,667 83,296 29% 30% Gross profit 91,629 70,310 30% 32% Gross margin 85.1% 84.4% Sales
Slide 18: Attractive capital allocation to shareholders
18 Investor presentation First six months of 2023 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion • Return of free cash flow through both share buy backs and dividends 70 13 • For 2022, the total dividend per share increas
Slide 19: Financial outlook for 2023
19 Investor presentation First six months of 2023 Novo Nordisk® Financial outlook for 2023 Expectations Expectations 10 August 2023 4 May 2023 Sales growth – at CER 27% to 33% 24% to 30% Sales growth - reported Around 6 percentage points lower Around 6 percentage points lower Operating profit growth
Slide 20: Strategic aspirations 2025
20 Investor presentation First six months of 2023 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 obesity
Slide 21: Investor contact information
21 Investor presentation First six months of 2023 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 Inve
Slide 22: Appendix
22 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk corporate strategy 23 Diabetes care 36 GLP-1 45 Insulin 53 Appendix Obesity care 58 Rare disease 82 Other serious chronic diseases 95 Regional information 113 Financials 143 Sustainability 152
Slide 23: Novo Nordisk Corporate Strategy
23 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk Corporate Strategy Rare disease
Slide 24: Large unmet needs across all therapy areas in scope
24 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk’s opportunity is in the large unmet needs across all therapy areas in scope Diabetes care Obesity care 537m people with ~15% >764m people with ~2% of people in of people in medically diabetes1 good control2 obesity3 treated
Slide 25: Leading positions in diabetes, obesity and haemophilia
25 Investor presentation First six months of 2023 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% 50 #1 100% 100 #3 50% 1000 40 80% 40% 80 40% 800 30% 30 60% 60 30% 600 20% 20
Slide 26: Sales growth of 30%, driven by GLP-1 portfolio
26 Investor presentation First six months of 2023 Novo Nordisk® Sales growth of 30%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the first six Reported sales and growth breakdown for DKK by therapy months of 2023 the first
Slide 27: Sales growth driven by both NAO and IO
27 Investor presentation First six months of 2023 Novo Nordisk® Sales growth of 30%, driven by both NAO and IO with 44% and 17% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown for the first six months of 2023 Total in DKK billion 111.8 177.0 107
Slide 28: Solid patent protection, competitive advantages and collaborative innovation
28 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk holds solid patent protection, competitive advantages and a collaborative approach to innovation Novo Nordisk’s position is protected Novo Nordisk holds competitive advantages Partnerships and acquisitions support by patent
Slide 29: Dicerna acquisition and RNAi technology
29 Investor presentation First six months of 2023 Novo Nordisk® The acquisition of Dicerna Pharmaceuticals and their RNAi technology in 2021 provided access to intracellular targets Disease targets (expressed genes) Peptides and proteins ~5,000 extracellular targets Cell Engage on the RNAi temporary
Slide 30: First human dose initiations with Dicerna
30 Investor presentation First six months of 2023 Novo Nordisk® First two human dose initiations with Dicerna in Q4 2022 in line with ambition presented at Capital Markets Day 2022 First two phase 1 trials in NASH with siRNA technology initiated Novo Nordisk and Dicerna • After a productive partners
Slide 31: Core capabilities provide competitive advantage
31 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk’s core capabilities provide a competitive advantage to continue to defeat diabetes Engineering, formulating, Efficient large-scale Global commercial reach and Deep disease developing and delivering production of proteins le
Slide 32: Technology platforms across therapy areas
32 Investor presentation First six months of 2023 Novo Nordisk® Core capabilities and additional technology platforms open up new opportunities across therapy areas Technology platforms Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy Diabetes care Obesity care CV
Slide 33: Human data-driven decision-making with faster timelines
33 Investor presentation First six months of 2023 Novo Nordisk® Human data-driven decision-making with faster timelines to enable a robust development pipeline Speed up time to reach FHD and increase number of phase 1 assets Future Research & early development trends for Novo Nordisk ILLUSTRATIVE •
Slide 34: Pipeline supports growth across four focus areas
34 Investor presentation First six months of 2023 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1845 – GSI NN9388 – Cagrisema NN1535 – Icosema NN1436 – Insulin Icodec Tresiba® NN1471 – Pumpinsulin N
Slide 35: Global manufacturing setup
35 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk has a global manufacturing setup Local production All products API, fill and finish Russia API, fill and finish Fill and finish Japan Iran Algeria Fill and finish Fill and finish Product Supply value chain Research and Manu
Slide 36: Diabetes care
36 Investor presentation First six months of 2023 Diabetes care Disease and market 37 GLP-1 segment 45 Insulin segment 53 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 37: Diabetes – inability to manage blood sugar levels
37 Investor presentation First six months of 2023 Novo Nordisk® Diabetes – the inability to manage blood sugar levels appropriately Facts about diabetes Insulin analogue action profiles Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the bod
Slide 38: GLP-1s positive effects beyond glycaemic control
38 Investor presentation First six months of 2023 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control and treatment guidelines now reflect the CV risk benefits Medications for treatment of type 2 diabetes Updated ADA/EASD diabetes treatment guidelines Hypo Weight Cardiovascular effec
Slide 39: Diabetes mortality risk and population growth
39 Investor presentation First six months of 2023 Novo Nordisk® People with diabetes have increased mortality risk, and the diabetic population is expected to increase to 784 million by 2045 Diabetes is associated with shorter life expectancy The number of people with diabetes is expected to and low
Slide 40: Unmet need within diabetes care remains large
40 Investor presentation First six months of 2023 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, 36.3 million1 people are currentl
Slide 41: Diabetes requires treatment intensification over time
41 Investor presentation First six months of 2023 Novo Nordisk® Diabetes is a chronic disease requiring treatment intensification over time Distribution of estimated prescriptions1 and value across treatment classes Diet and exercise 3% OAD 11% -cell function 50% 21% GLP-1 3% 13% 36% Insulin 13% 0.
Slide 42: Better outcomes through innovation and digital solutions
42 Investor presentation First six months of 2023 Novo Nordisk® Better outcomes and broader reach can be accomplished through continued innovation, supported by digital solutions Novo Nordisk’s product portfolio follows the patient treatment journey • Innovation focused on oral GLP-1 Portfolio and p
Slide 43: Total branded diabetes market ~DKK 395 billion
43 Investor presentation First six months of 2023 Novo Nordisk® The total branded diabetes market has a global value of DKK ~395 billion annually DKK Global diabetes market DKK The USA billion billion 500 +18% 2022/2023 2021/2022 Growth at CER 300 +15% 199 200 +33% 394 152 400 -17% 109 +49% 74 -8% 2
Slide 44: Leadership position within growing diabetes market
44 Investor presentation First six months of 2023 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 45: GLP-1 effect dependent on blood glucose level
45 Investor presentation First six months of 2023 Novo Nordisk® GLP-1 effect dependent on blood glucose level GLP-1 mechanism of action when blood Semaglutide holds a plethora of therapeutic opportunities1 sugar levels increase Diabetes FOCUS - Diabetic retinopathy outcomes trial Creates sense of sa
Slide 46: 54% of global GLP-1 market
46 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk has 54% 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 5% Million pre
Slide 47: SUSTAIN trials with subcutaneous semaglutide
47 Investor presentation First six months of 2023 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 -1
Slide 48: Semaglutide 2.0 mg s.c. brings patients to target
48 Investor presentation First six months of 2023 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 H
Slide 49: PIONEER programme with oral semaglutide
49 Investor presentation First six months of 2023 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 50: PIONEER PLUS achieved primary endpoint
50 Investor presentation First six months of 2023 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 bod
Slide 51: CagriSema phase 2 trial in type 2 diabetes
51 Investor presentation First six months of 2023 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 bo
Slide 52: REIMAGINE phase 3 programme for CagriSema
52 Investor presentation First six months of 2023 Novo Nordisk® Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, is expected to initiate in Q3 2023 CagriSema characteristics Global phase 3 trial programme REIMAGINE 1 • 180 patients with T2D vs placebo • 40-week vs. placebo • Pri
Slide 53: Global insulin market leadership at 45.7%
53 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk global insulin market leadership at 45.7% and the global insulin volume market declined by 1.9% North America Operations Global International Operations Market growth: -1.9% Market growth: -1.5% Market growth: -3.0% MS 45.7
Slide 54: Insulin market size and share
54 Investor presentation First six months of 2023 Novo Nordisk® Insulin market size and volume share of growth and market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 44% 270 0.6% +0.1% 50% 46% 10% 40% 7% Long- -0.0% +0.9% 3
Slide 55: Once-weekly insulin icodec
55 Investor presentation First six months of 2023 Novo Nordisk® Once-weekly Insulin icodec, a basal insulin intended for once- weekly treatment, may reduce the disease burden for patients Bringing the strongest value Insulin icodec phase 3 programme has been completed proposition to market ONWARDS 1
Slide 56: ONWARDS phase 3 programme results
56 Investor presentation First six months of 2023 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 57: COMBINE phase 3 programme with IcoSema
57 Investor presentation First six months of 2023 Novo Nordisk® Phase 3 trial programme, COMBINE, has been initiated with IcoSema 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 fixe
Slide 58: Obesity care
58 58 Investor presentation First six months of 2023 Novo Nordisk® Obesity care Obesity disease background 58 59 Obesity market development 62 63 Innovation 63 64 MICHAEL PETERSEN Michael lives with obesity Denmark
Slide 59: More than 764 million people living with obesity
59 Investor presentation First six months of 2023 Novo Nordisk® More than 764 million people are living with obesity, yet the narrative is changing Obesity is a global epidemic Obesity impacts both the individual and The obesity narrative is changing affecting more than 764 million people1 society a
Slide 60: Patient-centric strategy in obesity
60 Investor presentation First six months of 2023 Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement, and improve market access Million people >764 million people live with obesity 800 ~10% seek help ~2% are treated with an AOM ~2.5 million see
Slide 61: Large opportunity for activating more people with obesity
61 Investor presentation First six months of 2023 Novo Nordisk® Large opportunity for activating more people with obesity to seek treatment and increasing the number of prescribers Wegovy® patient characteristics in the US 77% 81% 37.5 30% of patients new to anti- of patients are female Average BMI
Slide 62: Patient access to anti-obesity medications improving
62 Investor presentation First six months of 2023 Novo Nordisk® Patient access to anti-obesity medications is improving in both the US and IO The ~45 million people having access to Wegovy® is nearly the number Restricted reimbursement for Saxenda® is progressing of people with diabetes in the US (~
Slide 63: Global obesity market growth accelerating
63 Investor presentation First six months of 2023 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 ~108% 180% 180% 41.6 0.1 128% 140
Slide 64: STEP 1, 3 and 4 weight loss results
64 Investor presentation First six months of 2023 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 Wei
Slide 65: STEP 1: weight loss up to 16.9%
65 Investor presentation First six months of 2023 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 66: STEP 1: categorical weight loss and quality of life
66 Investor presentation First six months of 2023 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 place
Slide 67: STEP 4: weight loss up to 18.2%
67 Investor presentation First six months of 2023 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
Slide 68: STEP 4: categorical weight loss and quality of life
68 Investor presentation First six months of 2023 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 pl
Slide 69: STEP 5: weight loss sustained over 2 years
69 Investor presentation First six months of 2023 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 we
Slide 70: STEP 8: semaglutide vs liraglutide
70 Investor presentation First six months of 2023 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 b
Slide 71: OASIS 1 trial design
71 Investor presentation First six months of 2023 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 super
Slide 72: OASIS 1: superior body weight reduction
72 Investor presentation First six months of 2023 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 base
Slide 73: OASIS phase 3 trial programme
73 Investor presentation First six months of 2023 Novo Nordisk® Phase 3 trial programme for oral semaglutide 50 mg in overweight or obesity, OASIS Oral semaglutide characteristics Focused phase 3 trial programme OASIS 1 • 667 patients 50 mg dose • 68 week Oral semaglutide 50mg: • Primary endpoint: B
Slide 74: CagriSema 20-week phase 1 trial
74 Investor presentation First six months of 2023 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 monotherap
Slide 75: REDEFINE phase 3 programme for CagriSema
75 Investor presentation First six months of 2023 Novo Nordisk® The CagriSema phase 3 programme, REDEFINE, was initiated in the Q4 2022 REDEFINE 1 trial design REDEFINE 2 trial design CagriSema 2.4 mg/2.4 mg1 N = 3400 N=1200 Cagrilintide 2.4 mg1 CagriSema 2.4 mg/2.4 mg1 R R Semaglutide 2.4 mg1 Place
Slide 76: SELECT addresses comorbidities improved by weight management
76 Investor presentation First six months of 2023 Novo Nordisk® The cardiovascular trial, SELECT, addresses many comorbidities that can be improved with weight management Improvements per weight loss bracket Weight loss (%) 30 >15% 20 10-15% 5-10% 10 0-5% 0 Hypertension X Dislipidaemia X Kidney dise
Slide 77: STEP HFpEF trial completed
77 Investor presentation First six months of 2023 Novo Nordisk® Phase 3 trial STEP HFpEF with semaglutide 2.4 mg has been 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 a
Slide 78: STEP HFpEF: KCCQ-CSS improvement
78 Investor presentation First six months of 2023 Novo Nordisk® Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg Key highlights Mean baseline KCCQ-CSS score: 56.7 Pri
Slide 79: STEP HFpEF: body weight reduction
79 Investor presentation First six months of 2023 Novo Nordisk® Semaglutide 2.4 mg demonstrated superior reduction on the other primary endpoint of body weight vs placebo Clinically relevant and sustained weight loss in patients treated with Key highlights semaglutide 2.4 mg Mean baseline body weigh
Slide 80: STEP HFpEF-DM trial in regulatory submission
80 Investor presentation First six months of 2023 Novo Nordisk® The ongoing STEP HFpEF-DM trial is to be included in the regulatory submission STEP HFpEF-DM trial with 610 people with obesity, HFpEF and T2D Trial design and next steps Dual primary endpoints: • Change in KCCQ from baseline to week 52
Slide 81: Oral amycretin entered phase 1
81 Investor presentation First six months of 2023 Novo Nordisk® Oral amycretin entered phase 1 in Q2 2022, combining protein and peptide expertise with oral technology Amycretin is a GLP-1 and amylin receptor Phase 1 single dose and multiple dose trial for co-agonist intended for oral delivery oral
Slide 82: Rare disease
82 82 Investor presentation First six months of 2023 Novo Nordisk® Rare disease Rare Raredisease diseasebackground background 76 83 Rare Raredisease diseaseinnovation innovation 79 86 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 83: Building on 40-year legacy in rare disease
83 Investor presentation First six months of 2023 Novo Nordisk® Building upon a 40-year legacy to capture the Rare disease strategic opportunity A strategy anchored in Rare blood and endocrine disorders Three strategic horizons towards 2030 Long-term Expand from core Medium-term Succeed with next- S
Slide 84: Rare disease sales decreased by 18%
84 Investor presentation First six months of 2023 Novo Nordisk® Rare disease sales decreased by 18%, impacted by Norditropin® supply constraints NovoSeven® and Norditropin® Global Rare disease franchise DKK account for ~70% of Rare disease sales DKK billion billion 25 25 1% 4% 1% -18% 1% 4% 1% -18%
Slide 85: Haemophilia: unmet needs but competitive market
85 Investor presentation First six months of 2023 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 +15% 40 30 20 -0.1% +31% 10 0 2018 2022 2018 2022 2018 2022 Haemophilia with inhibit
Slide 86: Explorer 7 trial of concizumab
86 Investor presentation First six months of 2023 Novo Nordisk® Explorer 7 trial evaluated safety and efficacy of concizumab in 132 haemophilia A and B patients with inhibitors Concizumab binds TFPI, enabling Explorer 7 trial design thrombin generation and clot formation Concizumab 1) Maintained OnD
Slide 87: Concizumab reduced bleeds in patients with inhibitors
87 Investor presentation First six months of 2023 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 f
Slide 88: Explorer 8 main part completed
88 Investor presentation First six months of 2023 Novo Nordisk® Main part of the Explorer 8 trial with concizumab in people with HA or HB without inhibitors has been completed Explorer 8 trial design Key trial highlights 1 Maintained OnD treatment Efficacy Previously OnD treatment R • The trial met
Slide 89: Mim8 phase 1/2 PK/PD data
89 Investor presentation First six months of 2023 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 30
Slide 90: Mim8 safety and exploratory efficacy
90 Investor presentation First six months of 2023 Novo Nordisk® In the phase 1/2 trial, Mim8 appeared to have a well tolerated safety profile and read out with exploratory efficacy Low number of patients with treated bleeds after cohort 1 Mim8 safety characteristics Adverse events 10 Patients with b
Slide 91: Pivotal phase 3 trial with Mim8
91 Investor presentation First six months of 2023 Novo Nordisk® The pivotal phase 3 trial with Mim8 was initiated in Q4 2022 Trial design FRONTIER 2: Mim8 phase 3 pivotal trial in ~260 adults & adolescents • Novel and accelerated design minimising time from phase 2 into phase 3. Dosing started in Q4
Slide 92: Norditropin leads GHD market; Sogroya opportunity
92 Investor presentation First six months of 2023 Novo Nordisk® While Norditropin® is the market leader within GHD market, Sogroya® represents an opportunity for patients Novo Nordisk leadership in competitive hGH market A portfolio offering across markets Value MS% Sogroya® strategy • Once-weekly e
Slide 93: Sogroya approved for paediatric GHD
93 Investor presentation First six months of 2023 Novo Nordisk® Sogroya® was approved for paediatric growth hormone deficiency in US, EU and Japan in Q2 2023 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
Slide 94: Partnership with 2seventy bio in genome editing
94 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk and 2seventy bio extend partnership in next- generation genome editing for people with haemophilia A Lifelong correction via a unique modality Mode of action Potentially lifelong correction of FVIII deficiency Normal Double
Slide 95: Other serious chronic diseases
95 Investor presentation First six months of 2023 Other serious chronic diseases The unmet needs 96 Cardiovascular disease 98 Non-alcoholic steatohepatitis 102 Alzheimer’s disease 107 Stem cells 110
Slide 96: Expanding into other serious chronic diseases
96 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk is expanding into other serious chronic diseases Serious chronic diseases are associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs Estimated patients • Patie
Slide 97: Patient overlaps guide focused approach in CVD
97 Investor presentation First six months of 2023 Novo Nordisk® Large patient overlaps between diabetes, obesity, and CVD have guided the focused approach in CVD Population overlap between T2D, obesity and CVD Focused approach in CVD ILLUSTRATIVE Atherosclerosis Heart failure ASCVD + HF ASCVD Heart
Slide 98: Late-stage CVD pipeline
98 Investor presentation First six months of 2023 Novo Nordisk® Innovative late-stage CVD pipeline provides opportunities to make a difference for many patients Focus areas Examples of unmet needs in CVD pipeline Near-term Category Broader indications Stand-alone CVD Leverage broader CV indications
Slide 99: Ziltivekimab phase 2b RESCUE trial
99 Investor presentation First six months of 2023 Novo Nordisk® Ziltivekimab phase 2b RESCUE trial was successfully completed In the RESCUE trial, ziltivekimab QM showed reduction in hsCRP at all dose levels 2 % change1 0% 12 weeks of treatment End of treatment • In the RESCUE trial, Data from zilti
Slide 100: ZEUS trial with ziltivekimab
100 Investor presentation First six months of 2023 Novo Nordisk® ZEUS trial with ziltivekimab aims to validate the link between inflammation and major adverse cardiovascular events Phase 3 CVOT trial ZEUS with ziltivekimab Objective • To investigate the cardiovascular benefit of ziltivekimab in the
Slide 101: Ziltivekimab unmet need in over 5 million people
101 Investor presentation First six months of 2023 Novo Nordisk® Ziltivekimab aspires to address an unmet need in more than 5 million people in patients with ASCVD, CKD and inflammation Ziltivekimab aspires to reduce MACE in Sub-header Critical (can be success factors to commercialise removed) zilti
Slide 102: NASH is progressive with no approved treatment
102 Investor presentation First six months of 2023 Novo Nordisk® NASH is a progressive disease with no approved treatment and low diagnosis rates today NASH-Cirrhosis F4 NASH F3 NASH F3 NASH NASHF2 F2 NASH F1 NASH F1 Dead cell Inflamed/dying remnants hepatocyte Scar Inflamed/dying Excessive collagen
Slide 103: NASH patient journey and barriers
103 Investor presentation First six months of 2023 Novo Nordisk® NASH patient journey underscores key barriers to overcome for Novo Nordisk to be successful ~22 million people are expected Hurdles to live with NASH F2-F4c by 2030 Global patients (in millions) 25 Low disease No Inadequate patient No
Slide 104: Supporting non-invasive tests for NASH diagnosis
104 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk is supporting use of non-invasive tests for NASH diagnosis Development and adoption of non-invasive tests (NITs) Novo Nordisk activities supporting non-invasive tests in NASH diagnosis Real world Liver biopsy NITs • Linkin
Slide 105: Phase 2 semaglutide NASH resolution
105 Investor presentation First six months of 2023 Novo Nordisk® In phase 2, semaglutide showed significant improvements in NASH resolution Semaglutide showed resolution of NASH with no worsening of Semaglutide showed numerical improvements in fibrosis and fewer fibrosis versus placebo in the phase
Slide 106: ESSENCE phase 3a trial in NASH
106 Investor presentation First six months of 2023 Novo Nordisk® Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of NASH was initiated in Q1 2021 The phase 3a ESSENCE trial in NASH Primary objectives and endpoints for Part 1 and 2 Part 1 | Improves liver histology vs placebo ESSENCE
Slide 107: Alzheimer's disease patient journey and barriers
107 Investor presentation First six months of 2023 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 Limited
Slide 108: Data supporting semaglutide in Alzheimer's
108 Investor presentation First six months of 2023 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 o
Slide 109: evoke and evoke+ trials ongoing
109 Investor presentation First six months of 2023 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 semaglutid
Slide 110: Potential for cell therapies
110 Investor presentation First six months of 2023 Novo Nordisk® There is broad potential for cell therapies and Novo Nordisk has capabilities to explore the potential Broad potential for clinical use of cell therapies Maturing the platform to enable development of competitive cell therapies Parkins
Slide 111: First human dose with cell therapy with Heartseed
111 Investor presentation First six months of 2023 Novo Nordisk® First human dose with cell therapy in collaboration with Heartseed and others achieved in Q1 2023 Utilise internal capabilities and disease understanding Accelerate innovation through partnerships for stem cell development Internal cap
Slide 112: Cell therapy trials in heart failure and Parkinson's
112 Investor presentation First six months of 2023 Novo Nordisk® First efforts to combine Novo Nordisk and partner competencies in cell therapies start with heart failure and Parkinson’s disease TRANSCEND 1 and 2 trials to evaluate stem cells impact on Heartseed: Phase 1/2 trial in patients with sev
Slide 113: International Operations
Novo Nordisk® 113 113 113 Investor presentation First six months of 2023 International Operations IO at a glanceOperations International 107 114 EMEA 112 120 Region China 117 125 Rest of World 122 130
Slide 114: Growth momentum in International Operations
114 Investor presentation First six months of 2023 Novo Nordisk® Growth momentum has increased driven by demographics and utilisation of full product portfolio Historic growth has been in the Growth momentum in IO International Operations is diverse and covers 190 markets range of 5-10% >487m 16% li
Slide 115: International Operations at a glance
115 Investor presentation First six months of 2023 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 Sales 19% First half of 2023 Growth2 (mDKK) 17% Injectable GLP-13 15,531 46% 600
Slide 116: Diabetes market share and growth in IO
116 Investor presentation First six months of 2023 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 160% 40% ~9% 8 3 219 8 200 120% 30% 80% 20% 15% 41% 40% 10% 9% ~15% 27
Slide 117: GLP-1 market share and growth in IO
117 Investor presentation First six months of 2023 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% ~43% 3 44 11 80% 0 80% 56% 60% 31 60% 67% 40% 43% 40% 61% 67% 65% 20% 60% 20% 56% ~56% 61% 60% 55%
Slide 118: Insulin market in International Operations
118 Investor presentation First six months of 2023 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 growth share -9.0% +0.2% 80% 10% Total 51% 58 7
Slide 119: Obesity market share and growth in IO
119 Investor presentation First six months of 2023 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 ~50% 0.1 7.0 90% 82% 90% 69% 2.2 70% 60% 4.7 50% 50% 30% 30% 69% ~82% 0%
Slide 120: EMEA at a glance
EMEA 120 Investor presentation First six months of 2023 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 First half of 2023 Growth2 (mDKK) 300 25% Injectable GLP-13 8,434 36% 150 100% 19% Rybels
Slide 121: Diabetes market in EMEA
EMEA 121 Investor presentation First six months of 2023 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 75% 20% ~15% 17% 5 122 6 5 106 15% 50% 15% 33… 10% 25% 30% 5% ~17% 29% 30% 0% 0% May
Slide 122: GLP-1 market in EMEA
EMEA 122 Investor presentation First six months of 2023 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 80% 80% ~38% 69% 3 29 6 0 62% 60% 60% 21 44% 40% 38% 40% ~44% 59% 62% 61% 20% 20% 56% 57% 59%
Slide 123: Insulin market in EMEA
EMEA 123 Investor presentation First six months of 2023 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 growth share 60% 10% Total 48% 49% 37 -0.4% -0.6% 47% 5% Long- 40% 41% 19 2.6% +0.
Slide 124: Obesity market in EMEA
EMEA 124 Investor presentation First six months of 2023 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 ~81% 120% 120% 3.2 99% 0.1 100% 100% 86% 1.3 80% 80% 81% 1.7 60% 60% ~99% 86% 40% 40% 78
Slide 125: Region China at a glance
Region China 125 Investor presentation First six months of 2023 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK First half of Sales billion Growth2 2023 (mDKK) 200 6% Injectable GLP-13 3,051 95% 14%
Slide 126: Diabetes market in Region China
Region China 126 Investor presentation First six months of 2023 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 40% 40% ~10% 28 1 32% 25 30% -1 -2 20% 20% -10% 0% ~13% 10% 33% 32% -
Slide 127: GLP-1 market in Region China
Region China 127 Investor presentation First six months of 2023 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 billion 160% 160% ~91% 0 0 4 2 116% 120% 120% 91% 80% 80% 80% 2 71% ~116% 71.1% 66.9%
Slide 128: Insulin market in Region China
Region China 128 Investor presentation First six months of 2023 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 growth share 80% 60% Total 52% 9 -38.9% +2.1%
Slide 129: Region China remains a key strategic opportunity
Region China 129 Investor presentation First six months of 2023 Novo Nordisk® Region China remains a key strategic opportunity Region China is a large market with Outcome of VBP insulin in China Opportunities and strategic priorities ~140 million people living with diabetes Large growing diabetes ma
Slide 130: Rest of World at a glance
Rest of World 130 Investor presentation First six months of 2023 Novo Nordisk® Rest of World at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk reported sales Novo Nordisk market share Million DKK Sales First half of 2023 Growth2 21% (mDKK) 300 billion Injectable GLP-
Slide 131: Diabetes market in Rest of World
Rest of World 131 Investor presentation First six months of 2023 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 billion 25% 55% 21% ~9% 45% 4 2 1 72 20% 66 35% 15% 32% 25% 10% 15% 9% 5% 5
Slide 132: GLP-1 market in Rest of World
Rest of World 132 Investor presentation First six months of 2023 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 110% 108% 160% ~43% 3 11 90% 0 0 79% 120% 70% 8 70% 80% 50% 43% 79% 76% 40%
Slide 133: Insulin market in Rest of World
Rest of World 133 Investor presentation First six months of 2023 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 growth share 80% 20% Total 59% 12 2.6% +0.9% 15% 43% 60% 58% Lon
Slide 134: Obesity market in Rest of World
Rest of World 134 Investor presentation First six months of 2023 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% ~31% 3.8 31% 0.1 30% 0.8 60% 64% 2.9 56% 20% 40% 10% 20% 0% ~6
Slide 135: North America Operations
135 Investor presentation First six months of 2023 Novo Nordisk® North America Operations NAO growth drivers 128 USA health care system 137 USA health care system 129 NAO at a glance 138 NAO at a glance 131
Slide 136: North America Operations growth has accelerated
NAO 136 Investor presentation First six months of 2023 Novo Nordisk® North America Operations growth has accelerated North America Operations reported sales growth per therapy area DKK billion 1% 3% 14% 21% 44% 100 91 80 67 60 61 59 60 40 20 0 2019 2020 2021 2022 H1 2023 GLP-1 Insulin Other diabetes
Slide 137: US health insurance dominated by few large payers
NAO 137 Investor presentation First six months of 2023 Novo Nordisk® US health insurance is dominated by a few large commercial payers US population by health insurance status Development of Novo Nordisk rebates Covered lives by PBM has been stable in recent years DKK and net sales in the US billion
Slide 138: North America Operations at a glance
NAO 138 Investor presentation First six months of 2023 Novo Nordisk® North America Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk reported sales Novo Nordisk market share Million DKK First half of Sales Growth2 billion 2023 (mDKK) 70 10% Injectable GLP-
Slide 139: Diabetes market in North America Operations
NAO 139 Investor presentation First six months of 2023 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 50% billion ~35% 53 803 41% 77 40% 38% 80 35% 593 34% 30% 20% 10% ~41% 34%
Slide 140: GLP-1 market in North America Operations
NAO 140 Investor presentation First six months of 2023 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% ~74% 74% 75 352 -1 70% 60% 76 60% 52% 202 50% 51% ~70% 40% 40% 52%
Slide 141: Insulin market in North America Operations
NAO 141 Investor presentation First six months of 2023 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 growth share 60% 12% Total 42% 212 3.7% +0.4% 8% Long- 40% 38%
Slide 142: Obesity market in North America Operations
NAO 142 Investor presentation First six months of 2023 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 100% 97% 220% billion ~125% 34.7 180% 0.0 80% 136% 140% 10.8 60% 19.3 100% 40
Slide 143: Financials
143 143 143 Investor presentation First six months of 2023 Novo Nordisk® Financials Profit and loss, capital allocation 139 144 Currencies 145 150
Slide 144: Solid sales growth driven by Diabetes and Obesity care
144 Investor presentation First six months of 2023 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2018-2022 Expected development towards 2025 DKK billion Gross margin Remain broadly stable 12% +12%1 14% Gradually decline enabled by S&D cost ratio attractiv
Slide 145: Solid operating profit growth driven by Diabetes care
145 Investor presentation First six months of 2023 Novo Nordisk® Solid operating profit growth driven by Diabetes care Operating profit Operating profit split by franchise DKK -4% 11% 3% 8% 28% Percent billion of sales 3% 6% 7% 13% 15% 80 60% 10% 20% 60 40% 40 80% 90% 20% 20 0 0% 2018 2019 2020 2021
Slide 146: Resource allocation guided by investing in future growth
146 Investor presentation First six months of 2023 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 2030 ILLUSTRATIVE W
Slide 147: Net profit converted to cash and returned to shareholders
147 Investor presentation First six months of 2023 Novo Nordisk® Net profit has been converted to cash and returned to shareholders Cash conversion and allocation (2022) Strategic capital allocation priorities DKK billion Business development investments to enhance R&D pipeline 70 CAPEX investments
Slide 148: Rare disease segment has lower profitability
148 Investor presentation First six months of 2023 Novo Nordisk® Rare disease segment has lower profitability driven by higher investments in R&D including the acquisition of Forma in 2022 Diabetes and Obesity care P&L – full year 2022 Rare disease P&L – full year 2022 DKK DKK billion billion 200 Sa
Slide 149: Step-up in CAPEX to meet demand
149 Investor presentation First six months of 2023 Novo Nordisk® Step-up in CAPEX to meet demand for current and future products CAPEX investments Ensure readiness to meet future demands DKK billion 30 ~25 24 9% 7% 7% 7% 18 • Capital expenditure is expected to be around DKK 25 5% 4% billion in 2023
Slide 150: Currency impact on Novo Nordisk's P/L
150 Investor presentation First six months of 2023 Novo Nordisk® Currency impact on Novo Nordisk’s P/L Operational currency impact Financial currency impact • All movements in currencies will directly impact the • All gain/losses from hedging contracts are included in individual reported functional
Slide 151: Operating profit impacted by currencies in 2023
151 Investor presentation First six months of 2023 Novo Nordisk® Operating profit expected to be negatively impacted by currencies in 2023, partly countered by net financials 1 Avg. FY 2022 vs. Avg. FY 2021 Exp. Avg FY 2023 vs. FY 2022 FY 2022 • Positive FX impact on operating profit of 7.6 bDKK 10%
Slide 152: Purpose & Sustainability
152 Investor presentation First six months of 2023 Novo Nordisk® Purpose & Sustainability Sustainable business 148 153 Environmental responsibility 150 156 Social responsibility 153 158 Governance 158 163 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 153: Long-term value driven by purpose and responsible business
153 Investor presentation First six months of 2023 Novo Nordisk® Long-term value to society is driven by a strong sense of purpose and by being a responsible business Foundation ownership enables long-term focus on ESG1 responsibility has been anchored in shared value creation Articles of Associatio
Slide 154: 2022 statement of ESG performance
154 Investor presentation First six months of 2023 Novo Nordisk® 2022 statement of ESG performance 2022 2021 2020 Resources Energy consumption for operations (1,000 GJ) 3,677 3,387 3,191 Share of renewable power for production sites 100% 100% 100% Water consumption for production sites (1,000 m3) 3,
Slide 155: Circular for Zero environmental aspiration
155 155 Investor presentation First six months of 2023 Novo Nordisk® With Circular for Zero, Novo Nordisk aspires to have zero environmental impact Environmental aspirations Circular products Upgrade existing and design new products based on circular principles and solve the end-of-life product wast
Slide 156: Net-zero emissions across value chain by 2045
156 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk pledges to reach net-zero emissions across the entire value chain by 2045 Emissions from Scope 1, 2 and 31 Key initiatives to reduce CO2 emissions across all three scopes 1,000 tonnes CO2 Scope 11 - Direct emissions from o
Slide 157: Addressing the plastic footprint
157 Investor presentation First six months of 2023 Novo Nordisk® Reaching more patients will increase the plastic footprint, a challenge Novo Nordisk has started to address Growing volumes impact Novo Nordisk’s plastic footprint Change to sustainable plastic ILLUSTRATIVE • Engage with suppliers to p
Slide 158: Social responsibility: prevention, access and innovation
158 Investor presentation First six months of 2023 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation …accelerating …providing access to …innovating to prevention to affordable care for vulnerable improve lives… bend the curve… pati
Slide 159: Access and affordability initiatives reached 5 million people
159 Investor presentation First six months of 2023 Novo Nordisk® In 2022, more than 5 million people with diabetes were reached with access and affordability initiatives 5.5 out of 36.3 million people were reached A number of focused programmes (as of full year 2022) with access and affordability in
Slide 160: US net prices have declined in five years
160 Investor presentation First six months of 2023 Novo Nordisk® In the US, net prices have declined in the last five years The US population by health insurance Net prices1 across the full Novo coverage Insulin net prices1 have declined Nordisk portfolio2 declined 150 150 7% 120 120 106 100 101 100
Slide 161: Barriers to access go beyond price
161 Investor presentation First six months of 2023 Novo Nordisk® Barriers to access go beyond price Diabetes Compass launched with Thermal solution for human insulin can iCare initiative towards strengthening World Diabetes Foundation address one key access to care barrier health infrastructure in M
Slide 162: Sustainable employer: inclusive and diverse
162 Investor presentation First six months of 2023 Novo Nordisk® The journey towards being a sustainable employer starts with being inclusive and diverse 2025 aspiration supporting Diversity and Inclusion Driving an inclusive and diverse workplace Diversity & Inclusion aspirational targets: • Create
Slide 163: Structure to ensure corporate governance
163 Investor presentation First six months of 2023 Novo Nordisk® Structure in place to ensure corporate governance Rules and Regulations Governance structure Assurance measures Shareholders A and B share structure Danish and foreign laws and Audit financial data and review regulations social and env
Slide 164: Sustainable tax approach
164 Investor presentation First six months of 2023 Novo Nordisk® Novo Nordisk has a sustainable tax approach Sustainable tax approach approved by the BoD Corporate income taxes by region – three year average in DKK billion 1 | Commercially driven Corporate Region IP rights1 Production2 Sales3 income
Slide 165: ESG integrated in reporting and recognised externally
165 Investor presentation First six months of 2023 Novo Nordisk® ESG is integrated in reporting and remuneration as well as recognised externally ESG is included in integrated reporting and We strive to adhere to sustainability ESG rankings by third-party agencies short- and long-term remuneration f
Slide 166: Investor contact information
166 Investor presentation First six months of 2023 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