Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Q1 2026 Earnings Presentation
84 slides from Novo Nordisk A/s Class B's earnings presentation, May 6, 2026
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation First three months of 2026 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation First three months of 2026 Novo Nordisk® Progress in 2026 Agenda Agenda Commercial execution Financials Research & development
Slide 3: Forward-looking statements
3 Investor presentation First three months of 2026 Novo Nordisk® Forward-looking statements Novo Nordisk’s statutory Annual Report 2025, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo N
Slide 4: 2026 Strategic Milestones | Q1 highlights
4 Investor presentation First three months of 2026 Novo Nordisk® 2026 Strategic Milestones | Q1 highlights Commercial execution Research & Development Financials Drive competitiveness Progress early and late-stage pipeline Focus investments and deliver returns >45 million >1 million 6 >10 22.4 bDKK
Slide 5: Adjusted sales growth of -4% driven by pricing headwinds, partly offset by GLP-1 volume growth
5 Investor presentation First three months of 2026 Novo Nordisk® Adjusted sales growth of -4% driven by pricing headwinds, partly offset by GLP-1 volume growth across geographies Geographic adjusted sales split for first quarter 2026 Therapy area adjusted sales split for first quarter 2026 DKK Insul
Slide 6: Wegovy pill has reached more than 1 million people since launch in the US
6 Investor presentation First three months of 2026 Novo Nordisk® Wegovy® pill has reached more than 1 million people since launch in the US Wegovy® pill Branded AOM TRx after launch Weekly TRx Wegovy® sc. Wegovy® pill 16.6% Best-in-class weight loss1 scripts (‘000s) tirzepatide orforglipron 220 ~207
Slide 7: US Wegovy brand expansion continues with FDA approval of Wegovy HD
7 Investor presentation First three months of 2026 Novo Nordisk® US Wegovy® brand expansion continues with FDA approval of Wegovy® HD 20.7% Mean weight loss in people with obesity1 >30% People achieved ≥25% weight loss1 Wegovy® HD continues the weight loss journey for patients who seek it 1Based on
Slide 8: Expanded Wegovy offerings drive NBRx acceleration in the US
8 Investor presentation First three months of 2026 Novo Nordisk® Expanded Wegovy® offerings drive NBRx acceleration in the US Branded AOM NBRx in the US Weekly NBRx scripts (‘000s) 140 120 116 100 80 62 60 40 20 0 April April 2025 Wegovy® franchise tirzepatide Other brands 2026 AOM: Anti-Obesity Med
Slide 9: International Operations performance driven by Wegovy
9 Investor presentation First three months of 2026 Novo Nordisk® International Operations performance driven by Wegovy® Obesity care sales for first quarter 2026 Commercial execution DKK Wegovy ® Saxenda® Growth at CER Performance billion 15 • Novo Nordisk continues to be weekly injectable GLP-1 vol
Slide 10: Financial results | Q1 2026
10 Investor presentation First three months of 2026 Novo Nordisk® Financial results | Q1 2026 Q1 2026 Growth Q1 2026 Growth in DKK million reported (CER) adjusted (CER) Sales 96,823 32% 70,063 (4%) Commercial investments in Wegovy® Gross profit 83,225 36% 56,465 (6%) launches Gross margin 85.9% 80.6
Slide 11: The 2026 outlook is raised driven by increased expectations for GLP-1 product sales
11 Investor presentation First three months of 2026 Novo Nordisk® The 2026 outlook is raised driven by increased expectations for GLP-1 product sales Expectations Expectations Guidance 6 May 2026 3 February 2026 -4% to -12% CER -5% to -13% CER Adj. sales growth1 in Danish kroner: ~2%-points lower in
Slide 12: R&D milestones | Q1 progress highlights
12 Investor presentation First three months of 2026 Novo Nordisk® R&D milestones| Q1 progress highlights Clinical milestones Regulatory milestones Project Q1 2026 Bringing the next wave of innovation forward Obesity& Sema 7.2 mg ✓ US approval CagriSema ✓ Phase 3b results Approved in US and EU Zenaga
Slide 13: HIBISCUS phase 3 trial explored etavopivat's potential in sickle cell disease
13 Investor presentation First three months of 2026 Novo Nordisk® HIBISCUS phase 3 trial explored etavopivat’s potential to meet a severe unmet need in sickle cell disease Sickle cell disease impacts ~8 million people globally1 HIBISCUS phase 3 trial with 385 people ≥12 years old with SCD Chronic di
Slide 14: Etavopivat is first in a new class to show significant reduction of VOC rate
14 Investor presentation First three months of 2026 Novo Nordisk® Etavopivat is first in a new class of drugs to show significant reduction of VOC rate and improvement in Hb levels in phase 3 Etavopivat successfully met both co-primary endpoints in HIBISCUS Time to first VOC (weeks) 50 ~4 months 27%
Slide 15: Triple agonist UBT251 showed up to 19.7% mean weight loss in phase 2
15 Investor presentation First three months of 2026 Novo Nordisk® Triple agonist UBT251 showed up to 19.7% mean weight loss in a phase 2 study in people with obesity in China Change in body weight after 24 weeks in people with obesity1 Phase 2 trials show promise in obesity & T2D in Chinese populati
Slide 16: Upcoming R&D milestones
16 Investor presentation First three months of 2026 Novo Nordisk® Upcoming R&D milestones Clinical milestones1 Regulatory milestones1 Project Q2 2026 Q3 2026 Q4 2026 Obesity& Wegovy® (FlexTouch) US decision Oral sema 25 mg (Wegovy® pill) EU decision Sema 7.2 mg EU decision (SDD) CagriSema Phase 3b i
Slide 17: Investor contact information
17 Investor presentation First three months of 2026 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 In
Slide 18: Key priorities for Novo Nordisk in 2026
18 Investor presentation First three months of 2026 Novo Nordisk® Key priorities for Novo Nordisk in 2026 Drive Strengthen Reinforce competitiveness R&D pipeline organisational focus • US Wegovy® pill • Progression of late- • Improve quality of uptake and roll out of and early-stage decisions and sp
Slide 19: Agenda Appendix
19 Investor presentation First three months of 2026 Novo Nordisk® Novo Nordisk corporate strategy Obesity& Diabetes& Agenda Appendix Rare disease Regional information Financials and Global Manufacturing & Supply Purpose & Sustainability
Slide 20: Novo Nordisk corporate strategy pursues innovation-driven opportunities
20 Investor presentation First three months of 2026 Novo Nordisk® Novo Nordisk corporate strategy pursues innovation-driven opportunities with synergies in our core areas Focus will remain on core therapy areas and prioritising unmet Significant unmet need remains needs, including comorbidities >550
Slide 21: High unmet need in diabetes and obesity and low market penetration
21 Investor presentation First three months of 2026 Novo Nordisk® The high unmet need in diabetes and obesity and low market penetration to-date makes unlocking the market a key priority Global diabetes and obesity unmet need Globally, 8% of total estimated diabetes Around 1% of people with obesity
Slide 22: Core capabilities together with additional drug modalities open up new opportunities
22 Investor presentation First three months of 2026 Novo Nordisk® Core capabilities together with additional drug modalities open up new opportunities across therapy areas Core Novo Nordisk capabilities Modalities accelerated via partnerships & acquisitions Proteins/ Small Gene siRNA Peptides/mAB Mo
Slide 23: Partnerships and acquisitions support future research and development
23 Investor presentation First three months of 2026 Novo Nordisk® Partnerships and acquisitions support future research and development 2020 – 2023 2024 2025 2026 Selected acquisitions Oral formulations Expansion of Novel treatment for of therapeutics production capacity CVD/Rare disease Novel treat
Slide 24: Pipeline supports significant growth opportunities across strategic focus areas
24 Investor presentation First three months of 2026 Novo Nordisk® Pipeline supports significant growth opportunities across strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED NN9638 – Amylin 355 NN9440 – Monlunabant NN9833 – Cagrilintide 2.4 mg NN9932 – Oral Semaglutide 25 mg1 NN9839 – Amylin 1
Slide 25: Obesity&
25 Investor presentation First three months of 2026 Novo Nordisk® Obesity& Obesity disease background Obesity innovation Obesity disease background MASH Obesity innovation MASH
Slide 26: Obesity is a serious chronic disease with a large unmet medical need
26 Investor presentation First three months of 2026 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 incr
Slide 27: Semaglutide has demonstrated an impact on comorbidities that overlap with obesity
27 Investor presentation First three months of 2026 Novo Nordisk® In clinical trials, semaglutide has demonstrated an impact on comorbidities that overlap with obesity Weight loss Disease overlap in the United States Obesity-related comorbidities UNITED STATES ONLY REDEFINE 1 (CagriSema) SELECT tria
Slide 28: Across the STEP and STEP UP trials, weight loss of up to 20.7%
28 Investor presentation First three months of 2026 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
Slide 29: In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss
29 Investor presentation First three months of 2026 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 bod
Slide 30: Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial
30 Investor presentation First three months of 2026 Novo Nordisk® Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in
Slide 31: Real world evidence confirms efficacy of Wegovy and shows MACE risk reduction of 42%
31 Investor presentation First three months of 2026 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 o
Slide 32: Oral semaglutide (Wegovy pill) approved in the US and submitted in EU
32 Investor presentation First three months of 2026 Novo Nordisk® Oral semaglutide (Wegovy® pill) approved in the US and submitted in EU with efficacy and safety profile broadly similar to Wegovy® OASIS 4 trial enrolled 306 people with overweight or obesity1 Weight loss for oral semaglutide 25 mg in
Slide 33: REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema
33 Investor presentation First three months of 2026 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 semag
Slide 34: In REDEFINE 1, CagriSema achieved 22.7% mean weight loss
34 Investor presentation First three months of 2026 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 comp
Slide 35: Body composition analysis in REDEFINE showed more than two-thirds body fat mass loss
35 Investor presentation First three months of 2026 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: 4
Slide 36: Treat to target analysis of CagriSema in REDEFINE
36 Investor presentation First three months of 2026 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 k
Slide 37: CagriSema achieved superior reductions in cardiovascular risk factors
37 Investor presentation First three months of 2026 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 baselin
Slide 38: In REDEFINE 2, CagriSema achieved 15.7% mean weight loss
38 Investor presentation First three months of 2026 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 Me
Slide 39: In REDEFINE 2, CagriSema achieved HbA1c reduction of 2.1%-p
39 Investor presentation First three months of 2026 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 Ca
Slide 40: CagriSema successfully completed pivotal trials with additional trials ongoing
40 Investor presentation First three months of 2026 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
Slide 41: Cagrilintide 2.4 mg achieved 11.8% weight loss in REDEFINE 1
41 Investor presentation First three months of 2026 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 we
Slide 42: Zenagamtide has advanced into phase 3 after phase 1b/2a trial
42 Investor presentation First three months of 2026 Novo Nordisk® Zenagamtide has advanced into phase 3 based on the successful completion of phase 1b/2a trial Dose response part of the zenagamtide sc phase 1b/2a trial Estimated body weight loss in dose response arms and 60 mg dose escalation arm1 5
Slide 43: AMAZE is a comprehensive phase 3 programme for zenagamtide
43 Investor presentation First three months of 2026 Novo Nordisk® AMAZE is a comprehensive phase 3 development programme for sc and oral zenagamtide Selected zenagamtide phase 3 trials in obesity programme Potential future trials Phase 3 development programme AMAZE 1 • 84-week vs. placebo (incl. 52-
Slide 44: Obesity portfolio addresses future segments and patient preferences
44 Investor presentation First three months of 2026 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 differentia
Slide 45: Semaglutide 2.4 mg improves liver fibrosis and MASH resolution in ESSENCE
45 Investor presentation First three months of 2026 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 stea
Slide 46: Akero acquisition closed including Efruxifermin for MASH
46 Investor presentation First three months of 2026 Novo Nordisk® Akero acquisition closed including Efruxifermin, a potential best- in-class FGF21 analogue for the treatment of MASH Improvement in fibrosis with no worsening of MASH at 96 Efruxifermin (EFX) is a long-acting FGF21 analogue weeks in S
Slide 47: Phase 3 programme on-going to deliver on efruxifermin potential
47 Investor presentation First three months of 2026 Novo Nordisk® Phase 3 clinical development programme on-going to deliver on the potential of efruxifermin SYNCHRONY phase 3 development programme On-going SYNCHRONY phase 3 programme • Trials ongoing with readouts expected over coming years SYNCHRO
Slide 48: Portfolio of treatment solutions for obesity and comorbidities
48 Investor presentation First three months of 2026 Novo Nordisk® Novo Nordisk is continuing the development of a portfolio of treatment solutions for obesity and associated comorbidities Building a leading portfolio Obesity development pipeline Project Phase Saxenda® (liraglutide 3.0 mg) Marketed B
Slide 49: Diabetes&
49 Investor presentation First three months of 2026 Diabetes& Diabetes innovation Disease and market Cardiovascular disease Diabetes innovation Cardiovascular disease SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 50: Diabetes is a serious chronic disease with increasing prevalence worldwide
50 Investor presentation First three months of 2026 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 Volume growing ~8% with more people using GLP-1s and SGLT
Slide 51: GLP-1s have positive effects beyond glycaemic control
51 Investor presentation First three months of 2026 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines 2026 ADA guidelines for pharmacologic treatment of Patient overlaps for key focus areas in type 2 diabetes adults with type 2 diabetes Healthy
Slide 52: Total branded diabetes market has a global value of DKK ~541 billion
52 Investor presentation First three months of 2026 Novo Nordisk® The total branded diabetes market has a global value of DKK ~541 billion annually DKK Global diabetes market DKK The USA billion billion +10% +12% 600 541 2024 2025 Growth at CER 300 276 298 +17% 510 500 184 207 200 -1% -1% +47% 100 4
Slide 53: SUSTAIN trials with subcutaneous semaglutide
53 Investor presentation First three months of 2026 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 5 7 FORTE Baseline 8.1% 8.1% 8.4% 8.2% 8.9% 0.0 -0.1 -0.5 Change in HbA1c (%) -1.1 -1.3 * -1.4 * -1.3 * -1.6* -1.5 -1.5 * * -1.6 * -1.8 * -1.8 * -1.9 -2.2* Baseline 92 kg 89 kg
Slide 54: PIONEER programme with oral semaglutide
54 Investor presentation First three months of 2026 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 8 PLUS Baseline 8.0% 8.1% 8.3% 8.2% 9.0% -0.1 0.0 -0.5 -0.6 * Change in -0.8* -0.8 -0.9 -1.0* HbA1c (%) -1.1* -1.3* -1.4* -1.4* -1.4 * -1.5* -1.5 -1.9* -2.2* 0.6 Baseline 88 kg 92
Slide 55: Semaglutide has comprehensive evidence and outcome data in type 2 diabetes
55 Investor presentation First three months of 2026 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 dis
Slide 56: Most CagriSema pivotal trials completed in type 2 diabetes
56 Investor presentation First three months of 2026 Novo Nordisk® Most CagriSema pivotal trials successfully completed in type 2 diabetes with submission expected late 2027 CagriSema characteristics Global phase 3 pivotal trials CagriSema is a fixed dose combination of REIMAGINE 1 • 180 patients wit
Slide 57: CagriSema superior HbA1c reduction and weight loss in REIMAGINE 2
57 Investor presentation First three months of 2026 Novo Nordisk® CagriSema demonstrated superior HbA1c reduction and weight loss in the REIMAGINE 2 phase 3 trial Change in HbA1c Change in body weight In REIMAGINE 3, CagriSema 2.4 mg/2.4 mg Mean baseline HbA1c: 8.2% Mean baseline body weight: 101 kg
Slide 58: Zenagamtide to advance to phase 3 in T2D
58 Investor presentation First three months of 2026 Novo Nordisk® Zenagamtide (amycretin) to advance to phase 3 in T2D following significant weight loss and HbA1c reduction in phase 2 Phase 2 multiple ascending dose study Maximum weight loss achieved Maximum HbA1c reduction achieved in 448 people wi
Slide 59: Once-weekly insulin icodec in phase 3 ONWARDS programme
59 Investor presentation First three months of 2026 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 SWITC
Slide 60: Final pivotal phase 3 trial with once-weekly IcoSema completed
60 Investor presentation First three months of 2026 Novo Nordisk® Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 3 headline trial results IcoSema vs Insulin glargine U100 and insulin aspart in subjects w/T2D Change in HbA1C Change in body weight Mean baseline HbA
Slide 61: Focused approach on Diabetes& in cardiovascular disease
61 Investor presentation First three months of 2026 Novo Nordisk® Novo Nordisk has a focused approach on Diabetes& in cardiovascular disease Focus areas within cardiovascular disease Atherosclerotic cardiovascular disease Heart failure Heart failure with Transthyretin Systemic Uncontrolled and Dysli
Slide 62: ZEUS trial with ziltivekimab and hsCRP
62 Investor presentation First three months of 2026 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 63: Ziltivekimab phase 3 development programme
63 Investor presentation First three months of 2026 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 + S
Slide 64: Development pipeline addresses unmet need in diabetes&
64 Investor presentation First three months of 2026 Novo Nordisk® Development pipeline addresses unmet need in diabetes& by further raising the innovation bar Further raise the innovation bar Diabetes& development pipeline1 Project Phase Address significant GLP-1 diabetes2 Marketed unmet need Long-a
Slide 65: Rare disease
65 65 Investor presentation First three months of 2026 Novo Nordisk® Rare disease Rare disease background Rare disease innovation Rare disease innovation SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 66: RareD constitutes an attractive opportunity for Novo Nordisk
66 Investor presentation First three months of 2026 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-morbi
Slide 67: Rare disease sales increased by 9% in 2025
67 Investor presentation First three months of 2026 Novo Nordisk® Rare disease sales increased by 9% in 2025 Reported Rare disease sales Rare disease sales performance DKK Rare disease sales increased by 9%: billion Growth at CER • Sales in US Operations increased by 7% 24 9% 2% 1% 11% -5% 24% • Sal
Slide 68: Denecimig (Mim8) reduced treated bleeding episodes in FRONTIER 2
68 Investor presentation First three months of 2026 Novo Nordisk® Once-weekly and once-monthly denecimig (Mim8) demonstrated superior reduction of treated bleeding episodes in FRONTIER 2 Annualised bleeding rate per patient group FRONTIER 2 safety and next steps No PPX Coagulation factor PPX No safe
Slide 69: Rare Disease pipeline leveraging core expertise
69 Investor presentation First three months of 2026 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 Dis
Slide 70: Regional information
70 Investor presentation First three months of 2026 Novo Nordisk® Regional information Regional information
Slide 71: US healthcare is a mix of private and public insurance, dominated by large PBMs
NAO 71 Investor presentation First three months of 2026 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 Ot
Slide 72: Obesity key growth driver with global branded obesity volume market growing 84%
72 Investor presentation First three months of 2026 Novo Nordisk® Obesity continues to be key growth driver for Novo Nordisk with global branded obesity volume market growing 84% Global Obesity market growth: 84% Obesity Q1 sales: 20,912 mDKK EUCAN Obesity Q1 sales growth: 22% Obesity market growth:
Slide 73: Financials and Global Manufacturing & Supply
73 Investor presentation First three months of 2026 Novo Nordisk® Financials and Global Manufacturing & Supply Product supply Product supply Capital allocation Capital allocation
Slide 74: Manufacturing scale and expertise within biologics is a competitive advantage
74 Investor presentation First three months of 2026 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 75: Active pharmaceutical ingredient sites in Denmark and the US
75 Investor presentation First three months of 2026 Novo Nordisk® Active pharmaceutical ingredient | The strategically important sites in Novo Nordisk are based in Denmark and the US 3 sites API production 2 sites API production Product supply value chain Research and Manufacturing API Filling / Ass
Slide 76: Fill-finish global footprint expanded from 11 to 14 sites
76 Investor presentation First three months of 2026 Novo Nordisk® Fill-finish | The global footprint has expanded from 11 to 14 sites with the closing of the Catalent acquisition in December 2024 Tablet1 65sites sites Fill,tablet Fill, tabletand andfinish finish Fill-finish Fill, tablet and finish F
Slide 77: CAPEX investments across the full value chain
77 Investor presentation First three months of 2026 Novo Nordisk® CAPEX investments across the full value chain to enables growth for current and future products CAPEX investments Several large investments announced since 2021 DKK billion Announced Site Scope Investment 19% 80 2021 Kalundborg Full v
Slide 78: Continued attractive capital allocation to shareholders
78 Investor presentation First three months of 2026 Novo Nordisk® Continued attractive capital allocation to shareholders 2025 capital allocation in line with Novo Nordisk priorities Total of DKK 52 billion returned via dividends in 2025 142 bDKK • For 2025, total dividend per share increased 2.6% t
Slide 79: Purpose & Sustainability
79 Investor presentation Firstyear Full three 2025 months of 2026 Novo Nordisk® Purpose & Sustainability Sustainable Sustainable business business 148 Environmental Environmental responsibility responsibility 150 Social responsibility Social Social responsibility responsibility 153 Ethics and and co
Slide 80: Being a responsible business drives long-term value
80 Investor presentation First three months of 2026 Novo Nordisk® Being a responsible business drives long-term value Ownership structure creates long-term value Commitment to lead a sustainable business1 Novo Nordisk Foundation • Key objective: To provide a stable basis for Novo Nordisk and Novones
Slide 81: Novo Nordisk's ambition is zero environmental impact
81 Investor presentation First three months of 2026 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity Emissions increased due to Nature roadmap approved and Relative plastic footprint 2024 2025 expansion activities and raw 2025 decreased by 5% from
Slide 82: Social responsibility focusing on prevention, access and affordability
82 Investor presentation First three months of 2026 Novo Nordisk® Social responsibility is core to Novo Nordisk with initiatives focusing on prevention, access and affordability Prevention Access & Affordability • Expanded the Cities for Better Health (CBH) network to build • 7.1 million vulnerable
Slide 83: Integrating ethics and compliance into every aspect of our business
83 Investor presentation First three months of 2026 Novo Nordisk® Integrating ethics and compliance into every aspect of our business Ethics and compliance are at the core of Novo Nordisk Steps taken to strengthen ethics and compliance setup Communication: Letters shared with HCPs reinforcing approv
Slide 84: Investor contact information
84 Investor presentation First three months of 2026 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 In