Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — H1 2025 Earnings Presentation
180 slides from Novo Nordisk A/s Class B's earnings presentation, Aug 6, 2025
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation First six months of 2025 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation First six months of 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 First six months of 2025 Novo Nordisk® Forward-looking statements Novo Nordisk’s statutory Annual Report 2024, Form 20-F, any quarterly financial reports, investor presentations and written information released, shown, or oral statements made, to the public in the future by o
Slide 4: Strategic Aspirations 2025: Highlights first six months of 2025
4 Investor presentation First six months of 2025 Novo Nordisk® Strategic Aspirations 2025|Highlights first six months of 2025 Light blue indicates developments in Q2 2025 Further raise innovation bar for Diabetes treatment Progress towards zero environmental impact • Ozempic® positive opinion by the
Slide 5: Sales growth of 18% driven by both operating units
5 Investor presentation First six months of 2025 Novo Nordisk® Sales growth of 18% driven by both operating units Reported geographic sales split for first six months 2025 Reported therapy area sales and growth for first six months 2025 DKK Insulin GLP-1 diabetes Other diabetes DKK US Operations Int
Slide 6: Rare disease sales increased by 15%
6 Investor presentation First six months of 2025 Novo Nordisk® Rare disease sales increased by 15% Reported Rare disease sales Rare disease sales performance DKK Rare disease sales increased by 15%: billion Growth at CER • Sales in US Operations increased by 23% 10 15% 6% -5% 9% 5% 49% • Sales in In
Slide 7: US diabetes GLP-1 class growth slowing compared to prior years
7 Investor presentation First six months of 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 market share Weekly NBRx TRx scripts Total GLP-1 SUs scripts (‘000s) (‘000s) (millions) Class growth ~15% 90
Slide 8: US branded anti-obesity medication market expansion continues, while GLP-1 compounding continues
8 Investor presentation First six months of 2025 Novo Nordisk® US branded anti-obesity medication market expansion continues, while GLP-1 compounding continues Branded AOM NBRx in the US1 Branded AOM TRx in the US1 Branded AOM class grew >160%2 NBRx scripts (‘000s) TRx scripts (‘000s) Compounding 12
Slide 9: International Operations sales growth of 19% driven by GLP-1 Diabetes and Obesity care
9 Investor presentation First six months of 2025 Novo Nordisk® International Operations sales growth of 19% driven by GLP-1 Diabetes and Obesity care Reported GLP-1 Diabetes care sales and growth for first six months 2025 Reported Obesity care sales and growth for first six months 2025 DKK Growth at
Slide 10: Total GLP-1 class market share of 71% in International Operations
10 Investor presentation First six months of 2025 Novo Nordisk® Total GLP-1 class market share of 71% in International Operations Total GLP-1 patients1 and volume market share in IO IO total GLP-1 performance Volume Patients market share Total class growth ~30% (millions) Diabetes GLP-1 80% 12 • Ryb
Slide 11: The high unmet need in diabetes and obesity and low market penetration
11 Investor presentation First six months of 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, ~7% of total estimated diabetes Less than 1% of people with obesit
Slide 12: Novo Nordisk's obesity portfolio addresses future segments and patient preferences
12 Investor presentation First six months of 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 differentiate
Slide 13: Amycretin to advance into phase 3 based on phase 1b/2a trial
13 Investor presentation First six months of 2025 Novo Nordisk® Amycretin to advance into phase 3 based on the successful completion of phase 1b/2a trial Dose response part of the amycretin sc phase 1b/2a trial Estimated body weight loss in dose response arms and 60 mg dose escalation arm1 5% amycre
Slide 14: AMAZE phase 3 development programme for amycretin
14 Investor presentation First six months of 2025 Novo Nordisk® AMAZE is a comprehensive phase 3 development programme for sc and oral amycretin expected to start in Q1 2026 Selected amycretin phase 3 trials in obesity programme Potential future trials Phase 3 development programme AMAZE 1 • 80-week
Slide 15: R&D milestones
15 Investor presentation First six months of 2025 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q2 2025 Q3 2025 Q4 2025 Diabetes care CagriSema Phase 3 results (REIMAGINE 3) Oral/Sc amycretin Phase 2 results OW GIP/GLP-1 Phase 2 results Obesity care Oral sema 25 mg
Slide 16: Financial results – in the first six months of 2025
16 Investor presentation First six months of 2025 Novo Nordisk® Financial results – in the first six months of 2025 First six First six Change Change In DKK million months of 2025 months of 2024 (reported) (CER) Sales 154,944 133,409 16% 18% Gross profit 129,208 113,219 14% 16% Gross margin 83.4% 84
Slide 17: Financial outlook for 2025
17 Investor presentation First six months of 2025 Novo Nordisk® Financial outlook for 2025 Expectations Expectations 6 August 2025 7 May 2025 Sales growth – at CER 8% to 14% 13% to 21% Sales growth - reported Around 3 percentage points lower Around 3 percentage points lower Operating profit growth –
Slide 18: Strategic aspirations 2025
18 Investor presentation First six months of 2025 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 19: Executive Management as of 7 August 2025
19 Investor presentation First six months of 2025 Novo Nordisk® Executive Management as of 7 August 2025 Maziar Mike Doustdar1 President and CEO Quality, IT & People, Product & Portfolio Finance, Legal & Research & International CMC & Product Environmental US Operations Organisation & Strategy Globa
Slide 20: Investor contact information
20 Investor presentation First six months of 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 Inve
Slide 21: Novo Nordisk corporate strategy
21 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk corporate strategy Diabetes care GLP-1 Insulin Appendix Obesity care Rare disease Cardiovascular & Emerging Therapy Areas Regional information Financials and Product Supply Sustainability
Slide 22: Novo Nordisk Corporate Strategy
22 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk Corporate Strategy Diabetes Obesity Strengthen leadership by Strengthen leadership through offering innovative medicines market development and by and driving patient offering innovative medicines outcomes and driving patie
Slide 23: Diabetes and obesity remain the key priority areas in the corporate strategy
23 Investor presentation First six months of 2025 Novo Nordisk® Diabetes and obesity remain the key priority areas in the corporate strategy Therapy area priorities Portfolio focus Investment approach 1 Diabetes Obesity Broad and deep Key investment focus 2 CVD RBD Multiple targets in key segments I
Slide 24: Innovation starts with addressing unmet needs, improving outcomes and reaching more patients
24 Investor presentation First six months of 2025 Novo Nordisk® Innovation starts with addressing unmet needs, improving outcomes and reaching more patients Diabetes care Obesity care 589 million people with ~15% 934 million people with ~0.5% of people in of people medically diabetes1 good control2
Slide 25: Novo Nordisk has leading positions in diabetes, obesity and haemophilia
25 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1400 50% 250 100% 100 50% #1 #1 #4 40% 200 80% 80 40% 1050 30% 150 60% 60 30% 700 20% 100
Slide 26: Sales growth of 18%, driven by the GLP-1 portfolio
26 Investor presentation First six months of 2025 Novo Nordisk® Sales growth of 18%, 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 by therapy months of 2025 the first six
Slide 27: Sales growth of 18%, driven by both US Operations and IO
27 Investor presentation First six months of 2025 Novo Nordisk® Sales growth of 18%, driven by both US Operations and IO with 17% and 19% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown for first six months of 2025 DKK billion 140.8 290.4 Sales
Slide 28: Novo Nordisk holds solid patent protection and competitive advantages
28 Investor presentation First six months of 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/
Slide 29: Core capabilities and modalities open up new opportunities across therapy areas
29 Investor presentation First six months of 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/ Cell Small Gene siRNA Peptides/mAB
Slide 30: siRNA platform expected to deliver and mature across therapy areas
30 Investor presentation First six months of 2025 Novo Nordisk® siRNA platform expected to deliver and mature across therapy areas in alignment with corporate strategy Progress with the siRNA platform Distribution of siRNA portfolio projects Phase 1 initiation ambition with siRNA 3 12 phase 1 trial
Slide 31: Phase 1 aspiration of bringing more targets from research to development
31 Investor presentation First six months of 2025 Novo Nordisk® Phase 1 aspiration of bringing more targets from research to development faster is on track for 2025 Key drivers increasing number of Number of phase 1 initiations in 2020 and aspirations towards 2025 phase 1 initiations ~3x numbers of
Slide 32: Partnerships and acquisitions support future research and development
32 Investor presentation First six months of 2025 Novo Nordisk® Partnerships and acquisitions support future research and development 2019 2020 2021 2022 2023 2024 2025 Selected acquisitions Oral formulations Novel treatment for Expansion of of therapeutics CVD/Rare disease production capacity Novel
Slide 33: Pipeline supports significant growth opportunities across all four strategic focus areas
33 Investor presentation First six months of 2025 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1644 – GSI NN9541 – OW GIP/GLP-1 co-agonist NN9388 – CagriSema NN1436 – Insulin Icodec2 Tresiba® NN147
Slide 34: Diabetes care
34 Investor presentation First six months of 2025 Diabetes care Disease and market Insulin segment GLP-1 segment Insulin segment SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 35: Diabetes is a serious chronic disease with increasing prevalence worldwide
35 Investor presentation First six months of 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 associat
Slide 36: Novo Nordisk is the global leader in the growing diabetes market
36 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk is the global leader in the growing diabetes market Global diabetes care reported sales Volume growing ~6% with more people using GLP-1s and SGLT-2is DKK Novo Nordisk value market share1 32.6% billion Estimated prescription
Slide 37: Unmet need within diabetes care remains large
37 Investor presentation First six months of 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, 43.0 million1 people are treated
Slide 38: GLP-1s have positive effects beyond glycaemic control
38 Investor presentation First six months of 2025 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines 2025 ADA guidelines for pharmacologic treatment of Medications for treatment of type 2 diabetes adults with type 2 diabetes Hypo Weight Cardiova
Slide 39: Innovation is the focus for strengthening leadership in diabetes
39 Investor presentation First six months of 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 Insulins Key products Icodec 1 Onc
Slide 40: Total branded diabetes market has a global value of DKK ~523 billion
40 Investor presentation First six months of 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
Slide 41: Novo Nordisk has a leadership position within the growing diabetes market
41 Investor presentation First six months of 2025 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 600.
Slide 42: GLP-1 mechanism of action and potential therapeutic opportunities
42 Investor presentation First six months of 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 ~
Slide 43: Novo Nordisk has 52% of the global GLP-1 market
43 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk has 52% 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 7.1% Million p
Slide 44: SUSTAIN trials with subcutaneous semaglutide
44 Investor presentation First six months of 2025 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 45: Semaglutide 2.0 mg s.c. brings patients needing intensification to target
45 Investor presentation First six months of 2025 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 46: PIONEER programme with oral semaglutide
46 Investor presentation First six months of 2025 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 47: PIONEER PLUS achieved its primary endpoint
47 Investor presentation First six months of 2025 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 48: Semaglutide has produced a comprehensive body of evidence in type 2 diabetes
48 Investor presentation First six months of 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 dista
Slide 49: Phase 2 trial for CagriSema in type 2 diabetes completed in Q3 2022
49 Investor presentation First six months of 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 bo
Slide 50: REIMAGINE phase 3 programme for CagriSema in type 2 diabetes
50 Investor presentation First six months of 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 endpo
Slide 51: Amycretin phase 2 trial in people with type 2 diabetes initiated
51 Investor presentation First six months of 2025 Novo Nordisk® Amycretin phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes has been initiated Phase 2 amycretin trial design Objective ILLUSTRATIVE • Demonstrate the dose-response relationship of amycretin for chan
Slide 52: Global insulin volume market leadership at 43.3%
52 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk global insulin volume market leadership at 43.3% and the global insulin volume market increased by 1.8% Global Market growth: 1.8% Market share: 43.3% EUCAN MS gain/loss1: -1.6%-p Market growth: -0.1% Sales growth: 0% Inter
Slide 53: Insulin market size and Novo Nordisk volume and value market share
53 Investor presentation First six months of 2025 Novo Nordisk® Insulin market size and Novo Nordisk volume and value market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 42% 169 -5.3% -1.1% 50% 43% 9% 40% 6% Long- -4.0% +1.0
Slide 54: Insulin icodec holds potential for people starting basal insulin
54 Investor presentation First six months of 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
Slide 55: Once-weekly insulin icodec in the ONWARDS programme
55 Investor presentation First six months of 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
Slide 56: Phase 3 trial programme for IcoSema in T2D, COMBINE
56 Investor presentation First six months of 2025 Novo Nordisk® Phase 3 trial programme for IcoSema in T2D, COMBINE IcoSema characteristics Focused phase 3 trial programme COMBINE 1 • Initiated in Q2 2022 Post-basal insulin • 1290 patients* previously on basal-insulin IcoSema is a fixed dose combina
Slide 57: Phase 3a trial (COMBINE 3) with IcoSema completed
57 Investor presentation First six months of 2025 Novo Nordisk® Phase 3a trial (COMBINE 3) with IcoSema successfully completed IcoSema vs Insulin glargine U100 and insulin apart in subjects w/T2D Headline trial results Change in HbA1C Change in body weight N=679 IcoSema ± OAD(s) Mean baseline HbA1c:
Slide 58: Final pivotal phase 3 trial with IcoSema completed
58 Investor presentation First six months of 2025 Novo Nordisk® Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 1 - IcoSema vs Insulin icodec in subjects with T2D COMBINE 1 headline trial results Change in HbA1C Change in body weight N=1291 Mean baseline HbA1c: 8.
Slide 59: Development pipeline addresses unmet need in diabetes care
59 Investor presentation First six months of 2025 Novo Nordisk® Development pipeline addresses unmet need in diabetes care by further raising the innovation bar Further raise the innovation bar Diabetes development pipeline1 Project Phase Our key focus areas GLP-1 diabetes2 Marketed Long-acting insu
Slide 60: Obesity care
60 60 Investor presentation First six months of 2025 Novo Nordisk® Obesity care Obesity disease background background58 Obesity disease background Obesity market development development62 58 Innovation63 Innovation Obesity market development 62 Innovation 63 MICHAEL PETERSEN Michael lives with obesi
Slide 61: Obesity is a serious chronic disease with a large unmet medical need
61 Investor presentation First six months of 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 increa
Slide 62: Innovation focused on weight loss magnitude and emerging patient needs
62 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk’s innovation is focused on addressing weight loss magnitude as well as emerging patient needs and comorbidities Building a leading portfolio Addressing unmet needs across patient segments via differentiated clinical profile
Slide 63: With the launch of Wegovy in 2021 a lot changed
63 Investor presentation First six months of 2025 Novo Nordisk® With the launch of Wegovy® in 2021 a lot changed, yet the large unmet need in obesity remains Few people are treated for obesity today Key market changes since the Wegovy® launch in 2021 Million people Patients Prescribers Payers 1,000
Slide 64: Broadening focus from solely weight loss to improving health
64 Investor presentation First six months of 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 Patie
Slide 65: Broad and affordable access to 55 million people with obesity for Wegovy
65 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk has broad and affordable access to 55 million people with obesity for Wegovy® ~55 million people with obesity have Wegovy® coverage in the US Progress across all channels in early 2025 People with obesity (millions) Commerc
Slide 66: Anti-obesity medications mostly out-of-pocket, with SELECT as key lever
66 Investor presentation First six months of 2025 Novo Nordisk® Anti-obesity medications are expected to be mostly out-of- pocket, with SELECT as key lever to improve reimbursement Majority of IO AOM sales are currently OOP Current AOM reimbursement examples SELECT could improve access to Wegovy® IN
Slide 67: Global obesity market growth accelerating with Novo Nordisk capturing majority
67 Investor presentation First six months of 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 200% 200% ~142% 228.1 160% 142% 1
Slide 68: Semaglutide 2.4 mg impact on comorbidities that overlap with obesity
68 Investor presentation First six months of 2025 Novo Nordisk® In clinical trials, semaglutide 2.4 mg has demonstrated an impact on comorbidities that overlap with obesity Weight loss Disease overlap in the United States Obesity-related comorbidities UNITED STATES ONLY REDEFINE 1 (CagriSema) SELECT
Slide 69: STEP and STEP UP trials: weight loss up to 20.7%
69 Investor presentation First six months of 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 W
Slide 70: In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss
70 Investor presentation First six months of 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
Slide 71: In STEP 1, weight loss of up to 16.9%
71 Investor presentation First six months of 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 •
Slide 72: In STEP 1, 34.8% reached ≥20% weight loss
72 Investor presentation First six months of 2025 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 73: In STEP 4, weight loss of up to 18.2%
73 Investor presentation First six months of 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
Slide 74: In STEP 4, 41.2% reached ≥20% weight loss
74 Investor presentation First six months of 2025 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 75: In STEP 5, weight loss sustained over 2 years
75 Investor presentation First six months of 2025 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 76: In STEP 8, semaglutide 2.4 mg 17.1% vs liraglutide 6.6%
76 Investor presentation First six months of 2025 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 77: Semaglutide 2.4 mg showed 20% MACE reduction in SELECT
77 Investor presentation First six months of 2025 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 78: In SELECT, risk reduced for a broad composite endpoint by 37%
78 Investor presentation First six months of 2025 Novo Nordisk® In SELECT, semaglutide 2.4 mg reduced the risk of a broad composite endpoint by 37% Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in 3-point MACE Semaglutide 2.4 mg reduces
Slide 79: STEP HFpEF trial completed in Q2 2023
79 Investor presentation First six months of 2025 Novo Nordisk® Phase 3 trial STEP HFpEF with semaglutide 2.4 mg was successfully completed in Q2 2023 STEP HFpEF trial with 529 people with obesity and HFpEF STEP HFpEF Objective: • Evaluate the effect on HF specific symptoms, physical function and bo
Slide 80: Superior improvement on KCCQ-CSS vs placebo in STEP HFpEF
80 Investor presentation First six months of 2025 Novo Nordisk® Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFpEF trial Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg Key highlights Mean baseline
Slide 81: Real world evidence confirms efficacy of Wegovy
81 Investor presentation First six months of 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
Slide 82: Oral semaglutide submitted in the US
82 Investor presentation First six months of 2025 Novo Nordisk® Oral semaglutide 25 submitted in the US 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 trial Mean baseline body
Slide 83: Phase 3 OASIS programme for oral semaglutide 50 mg
83 Investor presentation First six months of 2025 Novo Nordisk® Phase 3 trial programme OASIS for oral semaglutide 50 mg in overweight or obesity Oral semaglutide characteristics Focused phase 3 trial programme OASIS 1 • 667 patients 50 mg dose • 68 week Oral semaglutide 50mg: • Primary endpoint: BW
Slide 84: 20-week phase 1 trial of CagriSema showed 17% weight loss
84 Investor presentation First six months of 2025 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 85: REDEFINE 1: first pivotal phase 3 trial for CagriSema
85 Investor presentation First six months of 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 semaglu
Slide 86: REDEFINE 1: CagriSema achieved 22.7% mean weight loss
86 Investor presentation First six months of 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 compon
Slide 87: Further weight loss potential via longer duration and dose re-escalation
87 Investor presentation First six months of 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% • W
Slide 88: Body composition analysis in REDEFINE
88 Investor presentation First six months of 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.
Slide 89: Treat to target analysis of CagriSema in REDEFINE
89 Investor presentation First six months of 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/
Slide 90: CagriSema reductions in cardiovascular risk factors
90 Investor presentation First six months of 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
Slide 91: REDEFINE 2: CagriSema achieved 15.7% mean weight loss
91 Investor presentation First six months of 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
Slide 92: REDEFINE 2: HbA1c reduction of 2.1%-p
92 Investor presentation First six months of 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 Cagr
Slide 93: CagriSema pivotal trials completed, additional trials ongoing
93 Investor presentation First six months of 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 w
Slide 94: Cagrilintide 2.4 mg achieved 11.8% weight loss in REDEFINE 1
94 Investor presentation First six months of 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 weig
Slide 95: Phase 1b/2a trial with subcutaneous amycretin completed
95 Investor presentation First six months of 2025 Novo Nordisk® The phase 1b/2a trial with subcutaneous amycretin was successfully completed in people with overweight or obesity Proof of concept part1 of the sc. amycretin phase 1b/2a trial Weight loss2 in proof of concept part Mean baseline body wei
Slide 96: Oral amycretin phase 1 and subcutaneous phase 1b/2a completed
96 Investor presentation First six months of 2025 Novo Nordisk® Oral amycretin phase 1 and subcutaneous phase 1b/2a trials have been completed Results from oral amycretin phase 1 on weight loss Amycretin development programme in obesity Mean baseline body weight: ~89 kg, n = 16 3 Phase 1: -1.1 Chang
Slide 97: Continuing development of a portfolio of treatment solutions for obesity
97 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk is continuing the development of a portfolio of treatment solutions for obesity Building a leading portfolio Obesity development pipeline Project Phase Our key focus areas Saxenda® (liraglutide 3.0 mg) Marketed Wegovy® (sem
Slide 98: Rare disease
98 98 Investor presentation First six months of 2025 Novo Nordisk® Rare disease Rare disease background Rare disease innovation SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 99: RareD constitutes an attractive opportunity for Novo Nordisk
99 Investor presentation First six months of 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-morbidi
Slide 100: Executing on new strategy since 2019
100 Investor presentation First six months of 2025 Novo Nordisk® Executing on new strategy since 2019 with near-term focus on next generation launches The Rare disease strategy Focus on succeeding with launches from the core 2025+ Strategic focus areas Expand from core 2022-2025 Succeed with launche
Slide 101: Rare disease sales increased 9% by end of 2024
101 Investor presentation First six months of 2025 Novo Nordisk® Rare disease sales increased 9% by end of 2024 NovoSeven® and Norditropin® Global Rare disease franchise account for ~64% of Rare disease sales DKK DKK billion billion 25 1% 4% 1% -15% 9% 1% 4% 1% -15% 9% 25 20 6% 20 15 7 15 7 7 7 8 10
Slide 102: In the Explorer trial, concizumab reduced bleeds
102 Investor presentation First six months of 2025 Novo Nordisk® In the Explorer 7 trial, concizumab reduced the number of bleeds in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Key highlights Efficacy 100 Median Mean • Median ABR was 0
Slide 103: Interim data from Mim8 phase 1/2
103 Investor presentation First six months of 2025 Novo Nordisk® Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Mim8 pharmacokinetic properties support Higher potency of Mim8 vs emicizumab weekly and monthly dosing enabling a low dosing volume 3
Slide 104: FRONTIER 2 trial with Mim8 in Haemophilia A
104 Investor presentation First six months of 2025 Novo Nordisk® Main part of the FRONTIER 2 trial with Mim8 in people with Haemophilia A has been completed in Q2 2024 Phase 3 trial, FRONTIER 2 trial in 254 adults & adolescents with HA Trial design • Novel and accelerated development programme No PP
Slide 105: Mim8 reduction of treated bleeding episodes in FRONTIER 2
105 Investor presentation First six months of 2025 Novo Nordisk® Once-weekly and once-monthly Mim8 demonstrated superior reduction of treated bleeding episodes in the FRONTIER 2 trial Annualised bleeding rate per patient group FRONTIER 2 safety and next steps No PPX Coagulation factor PPX No safety
Slide 106: Growth Hormone sales contribute 27% of rare disease sales
106 Investor presentation First six months of 2025 Novo Nordisk® Growth Hormone sales contribute to 27% of total rare disease sales by end of 2024 Norditropin® and Sogroya® total hGH sales A portfolio offering across markets Sales bDKK Sogroya® strategy 7 7 • Once-weekly efficacious treatment on par
Slide 107: Sogroya approved for paediatric growth hormone deficiency
107 Investor presentation First six months of 2025 Novo Nordisk® Sogroya® is approved for paediatric growth hormone deficiency in US, EU and Japan Phase 3a trial results in children with GHD Key highlights Efficacy ETD (95% CI) = -0.5 (-1.1 ; 0.2) • Non-inferiority versus Norditropin® for the primar
Slide 108: Rare Disease pipeline leveraging core expertise
108 Investor presentation First six months of 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 Diso
Slide 109: Cardiovascular & Emerging Therapies
109 Investor presentation First six months of 2025 Cardiovascular & Emerging Therapies The unmet needs Cardiovascular disease The unmet needs MASH Cardiovascular disease Alzheimer’s disease MASH Alzheimer’s disease
Slide 110: Expanding into Cardiovascular and emerging therapy areas
110 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk is expanding into Cardiovascular and emerging therapy areas New therapeutic areas have unmet medical needs Patient overlaps between Novo Nordisk core therapy areas Therapy area Unmet need Obesity UNITED STATES ONLY Type 2
Slide 111: Focused approach in cardiovascular disease
111 Investor presentation First six months of 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 prese
Slide 112: ZEUS trial with ziltivekimab
112 Investor presentation First six months of 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
Slide 113: Ziltivekimab phase 3 development programme
113 Investor presentation First six months of 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 + So
Slide 114: Heart failure: disease modifying and curative treatments
114 Investor presentation First six months of 2025 Novo Nordisk® For patients with heart failure, the goal is to bring disease modifying and curative treatments to the market Heart failure at a glance Pipeline includes potential disease modifying and curative treatments Symptom relief Disease modify
Slide 115: MASH shares a large patient population with core therapy areas
115 Investor presentation First six months of 2025 Novo Nordisk® Metabolic dysfunction-associated steatohepatitis shares a large patient population with Novo Nordisk’s core therapy areas New therapeutic areas have high unmet medical needs Patient overlap between Novo Nordisk core therapy areas and M
Slide 116: Part 1 of the ESSENCE trial in people with MASH
116 Investor presentation First six months of 2025 Novo Nordisk® Part 1 of the ESSENCE trial investigated semaglutide 2.4 mg compared to placebo in people with MASH ESSENCE trial with 1,200 patients with MASH F2–F3 Primary objectives and endpoints for Part 1 and 2 Part 1 | Improvement in liver tissu
Slide 117: Semaglutide 2.4 mg improves fibrosis and MASH resolution in ESSENCE
117 Investor presentation First six months of 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 steat
Slide 118: Focus on F2-F4c with awareness, referrals and diagnosis
118 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk will focus on F2-F4c with commercial efforts related to awareness, referrals and diagnosis ~22 million people are expected to live with Focus areas to establish presence in MASH MASH referrals to hepatologists in the US MA
Slide 119: Partnerships to enhance diagnosis in MASH
119 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk enters partnerships to enhance diagnosis in MASH Partnerships across relevant non-invasive tests Novo Nordisk supports NIT for MASH screening and diagnosis Blood test Clinical guideline development recommending screening f
Slide 120: Alzheimer's disease patient journey is complex
120 Investor presentation First six months of 2025 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 Few pat
Slide 121: Phase 3 semaglutide in Alzheimer's based on a number of data points
121 Investor presentation First six months of 2025 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 122: evoke and evoke+ trials ongoing
122 Investor presentation First six months of 2025 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 123: CETA clinical pipeline has expanded
123 Investor presentation First six months of 2025 Novo Nordisk® CETA clinical pipeline has expanded, leveraging internal and external innovation and synergies Addressing significant unmet needs Cardiovascular and emerging therapy areas development pipeline Cardiovascular disease Therapy area Projec
Slide 124: US Operations
124 Investor presentation First six months of 2025 Novo Nordisk® US Operations US health care system NAO growth drivers128 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 glance131 NAO at a glance 131
Slide 125: US healthcare is a mix of private and public health insurance
NAO 125 Investor presentation First six months of 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 Oth
Slide 126: US Operations at a glance
NAO 126 Investor presentation First six months of 2025 Novo Nordisk® US Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk H1 2025 reported sales market share Million DKK billion 50 12% Sales H1 2025 Growth2 (mDKK) 45 62% 80% Injectable GLP-13
Slide 127: Diabetes market share and market growth in US Operations
NAO 127 Investor presentation First six months of 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 ~8% 50% 50% 5 949 50 882 12 40% 40% 33.8% 30% 30% 20% 20% 18.3% 7.6% 10% 10%
Slide 128: GLP-1 market share and market growth in US Operations
NAO 128 Investor presentation First six months of 2025 Novo Nordisk® GLP-1 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 70% 80% ~23% 65 1 560 38 60% 457 60% 50% 50% 37% 40% 40% 23% ~16% 20% 50% 30% 53% 16%
Slide 129: Insulin market size and volume market share in US Operations
NAO 129 Investor presentation First six months of 2025 Novo Nordisk® Insulin market size and volume market share in US Operations Insulin market share and market size (DKK billion) - Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 37% 103 -10.9% -3.4% 15% 60% 10% Long- 38% 6
Slide 130: Obesity market share and market growth in US Operations
NAO 130 Investor presentation First six months of 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 120% 260% billion ~149% 206.9 100% 220% 149% 180% 78.9 80% 10.8 140% 54% 60% 100% 44.8 6
Slide 131: International Operations
Novo Nordisk® 131 131 131 Investor presentation First six months of 2025 International Operations International Operations International IO at a glanceOperations IO at a glance107 EUCAN 107 EUCAN EMEA112 Emerging Markets EMEA 112 Emerging Markets Region China117 APAC Region China 117 Rest of World12
Slide 132: International Operations at a glance
132 Investor presentation First six months of 2025 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk H1 2025 reported Nordisk market share sales Million DKK billion MS Sales 47% H1 2025 Growth2 (mDKK) 61% Injectable GLP-13 21,319 8% 600
Slide 133: Diabetes market share and growth in International Operations
133 Investor presentation First six months of 2025 Novo Nordisk® Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion 80% 40% ~13% 25 306 6 6 270 30% 40% 29.1% 20% 13.5% 10% ~7% 15.2% 24%
Slide 134: GLP-1 market share and market growth
134 Investor presentation First six months of 2025 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% ~30% 15 1 90 80% 5 60% 69 62% 60% 40% 40% 30% 61% 65% 62% 20% 74% 60% 20% 56% ~9% 22% 60% 55% 9% 0
Slide 135: Insulin market size and share in International Operations
135 Investor presentation First six months of 2025 Novo Nordisk® Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 80% 10% Total 51% 66 4.8% -0.3% 4
Slide 136: Obesity market share and growth in International Operations
136 Investor presentation First six months of 2025 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 ~89% 21.2 120% 150% -0.1 115% 89% 120% 90% 10.1 90% 11.2 60% 89% 89% 60%
Slide 137: EUCAN at a glance
EMEA 137 Investor presentation First six months of 2025 Novo Nordisk® EUCAN at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk H1 2025 reported Nordisk market share sales Million DKK billion MS Sales 80 H1 2025 Growth2 (mDKK) 100% Injectable GLP-13 11,261 13% 3% 60 33% 150 Ryb
Slide 138: Diabetes market share and market growth in EUCAN
EMEA 138 Investor presentation First six months of 2025 Novo Nordisk® Diabetes market share and market growth in EUCAN Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion ~16% 75% 35% 14 157 30% 4 4 135 25% 50% 33.3% 20% 16.3% 15% 25% 10% ~8% 17.0% 5% 36%
Slide 139: GLP-1 market share and market growth in EUCAN
EMEA 139 Investor presentation First six months of 2025 Novo Nordisk® GLP-1 market share and market growth in EUCAN GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 120% 60% billion ~32% 10 57 0 90% 4 63% 43 40% 32% 60% 28% 20% ~12% 59% 30% 63% 61% 74% 56% 57% 59% 1
Slide 140: Insulin market size and volume market share in EUCAN
EMEA 140 Investor presentation First six months of 2025 Novo Nordisk® Insulin market size and volume market share in EUCAN Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 60% 10% Total 49% 48% 49% 33 -0.6% +0.0% 45% 5% Long- 19 40% 46% -0
Slide 141: Obesity market share and market growth in EUCAN
EMEA 141 Investor presentation First six months of 2025 Novo Nordisk® Obesity market share and market growth in EUCAN Obesity market growth and Novo Nordisk market share DKK Obesity market size and growth billion ~84% 140% 100% 12.3 0.0 84% 90% 120% 80% 94% 5.6 100% 70% 93% 60% 80% 6.7 50% 60% 94% 4
Slide 142: Emerging Markets at a glance
Rest of World 142 Investor presentation First six months of 2025 Novo Nordisk® Emerging Markets at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk H1 2025 reported sales market share Million Sales DKK H1 2025 Growth2 MS (mDKK) 400 billion 80% Injectable G
Slide 143: Diabetes market share and growth in Emerging Markets
Rest of World 143 Investor presentation First six months of 2025 Novo Nordisk® Diabetes market share and market growth in Emerging Markets Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 50% 50% ~13% 5 62 40% 40% 0 55 1 30% 27.3% 30% 13.4% 20% 20% 12.
Slide 144: GLP-1 market share and growth in Emerging Markets
Rest of World 144 Investor presentation First six months of 2025 Novo Nordisk® GLP-1 market share and market growth in Emerging Markets GLP-1 market growth and Novo Nordisk market share DKK GLP-1 market size and growth billion 100% 140% 90% ~28% 120% 1 17 2 80% 70% 100% 13 0 56% 60% 80% 50% 28% 60%
Slide 145: Insulin market size and share in Emerging Markets
Rest of World 145 Investor presentation First six months of 2025 Novo Nordisk® Insulin market size and volume market share in Emerging Markets Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 52% 14 7.4% +1.3% 15% 60% 52% 10%
Slide 146: Obesity market share and growth in Emerging Markets
Rest of World 146 Investor presentation First six months of 2025 Novo Nordisk® Obesity market share and market growth in Emerging Markets Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion 140% 122% 80% 72% 72% 70% 6.2 120% 0.0 60% 100% 50% 2.6 80% 77% 40%
Slide 147: APAC at a glance
EMEA 147 Investor presentation First six months of 2025 Novo Nordisk® APAC at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk H1 2025 reported sales Nordisk market share Million DKK Sales 55% billion H1 2025 Growth2 MS (mDKK) 300 Injectable GLP-13 1,814 2% 60 100% 54% Rybelsus
Slide 148: Diabetes market share and market growth in APAC
EMEA 148 Investor presentation First six months of 2025 Novo Nordisk® Diabetes market share and market growth in APAC Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion ~7% 30% 30% 3 55 52 0 1 20% 20% 17.9% 7.1% 10% 10% 0% 1.1% ~1% 19% 18% 0% -10% May Ma
Slide 149: GLP-1 market share and market growth in APAC
EMEA 149 Investor presentation First six months of 2025 Novo Nordisk® GLP-1 market share and market growth in APAC GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 180% 120% ~47% 3 0 10 150% 90% 120% 7 0 90% 60% 47% 60% ~5% 59% 61% 54% 30% 76% 54% 56% 57% 30
Slide 150: Insulin market size and share in APAC
EMEA 150 Investor presentation First six months of 2025 Novo Nordisk® Insulin market size and volume market share in APAC Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 60% 10% Total 58% 48% 49% 7 7.3% -1.6% 54% 41% 5% Long- 40% 3 5.6% -
Slide 151: Obesity market share and market growth in APAC
EMEA 151 Investor presentation First six months of 2025 Novo Nordisk® Obesity market share and market growth in APAC Obesity market growth and Novo Nordisk market share DKK Obesity market size and growth billion ~198% 350% 315% 250% 2.8 199% 0.0 300% 200% 250% 150% 200% 1.9 150% 100% 89% 100% 0.9 50
Slide 152: Region China at a glance
Region China 152 Investor presentation First six months of 2025 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk H1 2025 reported sales Nordisk market share Million DKK billion MS Sales H1 2025 Growth2 200 14% (mDKK) 64% 40 100% Injectable GLP-13 3
Slide 153: Region China remains a key market for Novo Nordisk
153 Investor presentation First six months of 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 12% 11
Slide 154: Wegovy launched in Nov 2024 in Region China
CFTU: OK no changes 154 Investor presentation First six months of 2025 Novo Nordisk® Wegovy® was launched in Nov 24 and is expected to address the high unmet need for anti-obesity medications in Region China High unmet need for anti-obesity medications in mainland China Wegovy® launch out-of-pocket
Slide 155: Diabetes market share and growth in Region China
Region China 155 Investor presentation First six months of 2025 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK 40% 40% billion ~13% 31.7% 2 32 1 1 28 30% 13.5% 20% 20% 8.1% 0% 10% ~8% 33%
Slide 156: GLP-1 market share and growth in Region China
Region China 156 Investor presentation First six months of 2025 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 275% 140% billion ~-2% 250% 6 0 120% 0 5 225% 0 200% 100% 175% 80% 150% 60% 125% 35% 1
Slide 157: Insulin market size and share in Region China
Region China 157 Investor presentation First six months of 2025 Novo Nordisk® Insulin market size and volume share of growth and market share in Region China Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: market share growth1 share 80% 60% Total 50% 11 17.3% -2.4%
Slide 158: Financials and Product Supply
158 158 Investor presentation First six months of 2025 Novo Nordisk® Financials and Product Supply Profit and loss, resource allocation 144 Profit and loss, resource allocation 14 Product supply 147 Product supply 14 Margin development & capital allocation 153 Currencies 156
Slide 159: Solid sales growth driven by Diabetes and Obesity care
159 Investor presentation First six months of 2025 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2019-2024 DKK billion, % of total sales 6% 7% 14% 16% 36% 26% 290 6% 232 7% 177 12% 141 122 127 94% 14% 16% 15% 93% 88% 85% 86% 84% 2019 2020 2021 2022 2023 2
Slide 160: Solid operating profit growth
160 Investor presentation First six months of 2025 Novo Nordisk® Solid operating profit growth Operating profit DKK 11% 3% 8% 28% 37% 25% % billion of sales 6% 7% 13% 15% 44% 26% 140 80% 120 60% 100 80 40% 60 40 20% 20 0 0% 2019 2020 2021 2022 2023 2024 Operating profit Reported operating profit gro
Slide 161: Resource allocation guided by investing in future growth
161 Investor presentation First six months of 2025 Novo Nordisk® Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2032 Waves of growt
Slide 162: Manufacturing scale and expertise within biologics is a competitive advantage
162 Investor presentation First six months of 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
Slide 163: Active pharmaceutical ingredient sites in Denmark and the US
163 Investor presentation First six months of 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 / Asse
Slide 164: Fill-finish footprint expanded from 11 to 14 sites
164 Investor presentation First six months of 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 Catalent (Brussels) Fill-finish Fill,
Slide 165: Significant step-up in CAPEX investments across the value chain
165 Investor presentation First six months of 2025 Novo Nordisk® Significant step-up in CAPEX investments across the full value chain to enable growth for current and future products CAPEX investments Several large investments announced since 2021 DKK billion Announced Site Scope Investment 80 16% 2
Slide 166: Catalent fill-finish sites expected to add capacity from 2026
166 Investor presentation First six months of 2025 Novo Nordisk® Catalent fill-finish sites are expected to start adding additional capacity from 2026 Successfully closed the acquisition of three fill-finish sites The acquisition will help expand capacity faster • Will help reach more patients with
Slide 167: Investments across the manufacturing value chain to increase patient reach
167 Investor presentation First six months of 2025 Novo Nordisk® Investments across the full manufacturing value chain to significantly increase patient reach towards 2030 ILLUSTRATIVE Capacity developments in the coming years ~40m patients API Filling / Assembly and production tabletting packaging
Slide 168: Expected margin developments in the coming years
168 Investor presentation First six months of 2025 Novo Nordisk® Expected margin developments in the coming years compared to 2023 are reflecting strategic resource allocation Gross S&D R&D Administration Operating margin cost ratio cost ratio cost ratio margin Broadly stable but Gradually increase
Slide 169: Capital allocation allows investing while maintaining shareholder returns
169 Investor presentation First six months of 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
Slide 170: Attractive capital allocation to shareholders
170 Investor presentation First six months of 2025 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion • For 2024, the total dividend per share increased 21.3% to 11.40 DKK, 70 comprised of an interim dividend of 3.50 DKK paid
Slide 171: Two decades of consistent cash distribution to shareholders
171 Investor presentation First six months of 2025 Novo Nordisk® Two decades of consistent cash distribution to shareholders Share buybacks and dividends (bDKK) Total dividends per share (DKK) 80 20 ~570 billion DKK returned to shareholders since 2003 64 62 60 49 11.4 41 40 39 9.4 10 36 37 35 35 30
Slide 172: Net financials expected to be positively impacted by currencies in 2025
172 Investor presentation First six months of 2025 Novo Nordisk® Net financials expected to be positively impacted by currencies in 2025 – offset by currency impact on operating profit 1 Avg. FY 2024 vs. avg. FY 2023 Exp. avg FY 2025 vs. FY 2024 FY 2024 0% • Negative FX impact on operating profit of
Slide 173: Purpose & Sustainability
173 Investor presentation First six months of 2025 Novo Nordisk® Purpose & Sustainability Sustainable business 148 Environmental responsibility 150 Social responsibility Social responsibility 153 Governance Ethics and compliance 158 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 174: Being a responsible business drives long-term value
174 Investor presentation First six months of 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 Novonesi
Slide 175: Ambition is zero environmental impact
175 Investor presentation First six months of 2025 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity 2024 Emissions increased due to 2020 ReMedTM, Novo Nordisk’s • Committed to start making growth and CAPEX plastic take-back programme nature-relate
Slide 176: Social responsibility: prevention, access and innovation
176 Investor presentation First six months of 2025 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation Prevention Access Innovation • Cities Changing Diabetes to build • ~8 million people reached • Transformative treatments to health
Slide 177: Integrating ethics and compliance into every aspect of our business
177 Investor presentation First six months of 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 approve
Slide 178: 2024 statement of ESG performance
178 Investor presentation First six months of 2025 Novo Nordisk® 2024 statement of ESG performance Units 2024 2023 2022 Essential sustainability topics Patients reached with Diabetes and Obesity care products Number in millions 45.2 41.6 36.9 Vulnerable patients reached with Diabetes care products1
Slide 179: More than 8.4 million people reached with access and affordability initiatives
179 Investor presentation First six months of 2025 Novo Nordisk® In 2024, more than 8.4 million people with diabetes were reached with access and affordability initiatives 8.4 out of 45.2 million people were reached A number of focused programmes (as of full year 2024) with access and affordability
Slide 180: Investor contact information
180 Investor presentation First six months of 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