Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Investor Day (March 2022)
185 slides from Novo Nordisk A/s Class B's investor day presentation, Mar 3, 2022
Slide 1: Corporate strategy
Novo Nordisk® Corporate strategy Lars Fruergaard Jørgensen President and CEO 3 MARCH ANGÉLICA ORTEGA Angélica lives with obesity Mexico
Slide 2: Our purpose: Driving change to defeat diabetes
Our purpose Driving change to defeat diabetes and other serious chronic diseases MOUSTAPHA DJAMIL CISSE Moustapha lives with type 1 diabetes Senegal
Slide 3: Our Corporate Strategy
3 Corporate Strategy Novo Nordisk® Our Corporate Strategy Rare disease
Slide 4: Our Strategic Aspirations 2025
4 Corporate Strategy Novo Nordisk® Our Strategic Aspirations 2025 provide midterm direction on how we deliver on our purpose and drive growth • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of supe
Slide 5: Sales growth has accelerated since Capital Markets Day 2019
5 Corporate Strategy Novo Nordisk® Sales growth has accelerated since Capital Markets Day 2019 11% 12% 12% 8% 8% 6% 2% 5% 6% 7% 14% bDKK 150 141 100 66 50 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total Novo Nordisk sales Growth at CER Source: Company reported sales
Slide 6: Ensuring growth with and beyond semaglutide is a key priority
6 Corporate Strategy Novo Nordisk® Ensuring growth with and beyond semaglutide is a key priority ILLUSTRATIVE Maximising growth with semaglutide Ensuring growth beyond semaglutide across therapy areas
Slide 7: Agenda for today
7 Corporate Strategy Novo Nordisk® Agenda for today Timing Topic Timing Topic 09.00 – 09.15 Corporate strategy 13.10 – 13.35 Rare disease 09.15 – 09.45 Research and Early development 13.35 – 13.55 Other serious chronic diseases (CVD) Purpose and Sustainability 13.55 – 14.10 Q&A 09.45 – 10.05 ESG 14.
Slide 8: Forward-looking statements
8 Corporate Strategy Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022 in continuation of the public
Slide 9: Research & Early development
Novo Nordisk® Innovation and therapeutic focus Research & Early development Marcus Schindler CSO and EVP of Research & Early development 3 MARCH KARIN HAMBORG ALBRECHTSEN & JOHAN F. PAULSSON Research and Early development Denmark
Slide 10: Forward-looking statements
2 Innovation and therapeutic focus Research & Early development Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in
Slide 11: Strategic aspirations 2025
3 Innovation and therapeutic focus Research & Early development 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 • Being
Slide 12: Innovation starts with addressing unmet needs, improving outcomes and reaching more patients
4 Innovation and therapeutic focus Research & Early development Novo Nordisk® Innovation starts with addressing unmet needs, improving outcomes and reaching more patients Diabetes care Obesity care 537 million people with ~15% >650 million people with ~2% of people in of people in medically diabetes
Slide 13: Biology-driven and disease agnostic approach to drug discovery
5 Innovation and therapeutic focus Research & Early development Novo Nordisk® Biology-driven and disease agnostic approach to drug discovery Exploring and understanding GLP-1 biology opened Driving disease agnostic drug discovery up our ability to address more diseases within core and adjacent areas
Slide 14: A human-centric approach improves understanding of people with serious chronic disease
6 Innovation and therapeutic focus Research & Early development Novo Nordisk® A human-centric approach improves understanding of people with serious chronic disease and is key to identify new targets From: • Guided by literature or partners towards target discovery in a given disease A biological ro
Slide 15: Precision medicine drives better outcomes for a specific patient population
7 Innovation and therapeutic focus Research & Early development Novo Nordisk® Precision medicine drives better outcomes for a specific patient population From one size fits all medicine To precision medicine powered by digitalisation Integrative analysis of Patient Tailored human data stratification
Slide 16: Core capabilities and technology platforms open up new opportunities across therapy areas
8 Innovation and therapeutic focus Research & Early development Novo Nordisk® Core capabilities and additional technology platforms open up new opportunities across therapy areas Technology platforms Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy Diabetes care O
Slide 17: With the RNAi technology intracellular targets become accessible
9 Innovation and therapeutic focus Research & Early development Novo Nordisk® With the RNAi technology intracellular targets become accessible for Novo Nordisk Disease targets (expressed genes) Peptides and proteins ~5,000 extracellular targets Cell Engage on the RNAi temporary genetic ~21,000 level
Slide 18: Dicerna's RNAi technology explored beyond liver targets
10 Innovation and therapeutic focus Research & Early development Novo Nordisk® Historically, Dicerna’s RNAi technology was used for hepatocytes – now the technology is explored beyond liver targets Other cells No protein mRNA Dicer fragments Tissue enzyme siRNA mRNA specific receptor siRNA 1 2 3 4 e
Slide 19: RNAi technology expected to improve productivity and accelerate first human doses
11 Innovation and therapeutic focus Research & Early development Novo Nordisk® The addition of RNAi technology is expected to improve productivity and accelerates number of first human doses Novo Nordisk and Dicerna A platform with broad application across therapy areas • Productive partnership sinc
Slide 20: Ambition to develop a glucose-sensitive insulin
12 Innovation and therapeutic focus Research & Early development Novo Nordisk® Protein and peptide innovation is the starting point, and the ambition is to develop a glucose-sensitive insulin Designing a smart, glucose-responsive insulin Proof of principle for first to normalise glucose and reduce o
Slide 21: Oral amycretin entering phase 1
13 Innovation and therapeutic focus Research & Early development Novo Nordisk® Protein and peptide expertise combined with oral technology enables oral amycretin entering phase 1 Amycretin is a GLP-1 and amylin receptor Phase 1 single dose and multiple dose trial for co-agonist intended for oral del
Slide 22: First human dose with cell therapy in collaboration with Heartseed and others
14 Innovation and therapeutic focus Research & Early development Novo Nordisk® Potential first human dose with cell therapy in collaboration with Heartseed and others Utilise internal capabilities and disease understanding Accelerate innovation through partnerships for stem cell development Internal
Slide 23: Human data-driven decision-making with faster timelines
15 Innovation and therapeutic focus Research & Early development Novo Nordisk® Human data-driven decision-making with faster timelines to enable a robust development pipeline Speed up time to reach FHD and increase number of phase 1 assets Future R&D trends for Novo Nordisk ILLUSTRATIVE • More first
Slide 24: Closing remarks
Novo Nordisk® Innovation and therapeutic focus Closing remarks Building on core capabilities and expanding beyond with new technology platforms Human data-driven decision-making with faster timelines to enable a robust development pipeline New platforms with broad application with first human dose f
Slide 25: ESG
Novo Nordisk® Purpose and sustainability ESG Camilla Sylvest EVP Commercial Strategy and Corporate Affairs Henrik Wulff EVP Product Supply, Quality & IT Monique Carter EVP People & Organisation 3 MARCH Karsten Munk Knudsen EVP and CFO RANJITH S. Ranjith lives with type 1 diabetes India
Slide 26: Forward-looking statements
2 Purpose and sustainability ESG Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022 in continuation o
Slide 27: Strategic aspirations 2025
3 Purpose and sustainability ESG 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 • Being respecte
Slide 28: ESG is an integrated part of Novo Nordisk
4 Purpose and sustainability ESG Novo Nordisk® ESG is an integrated part of Novo Nordisk Foundation ownership enables long-term focus on ESG1 responsibility has been anchored in shared value creation Articles of Associations since 2004 Novo Nordisk Foundation Institutional and private investors Novo
Slide 29: Circular for Zero strategy
5 Purpose and sustainability ESG Novo Nordisk® With the Circular for Zero strategy launched in 2019, Novo Nordisk aspires to have zero environmental impact CIRCULAR CIRCULAR CIRCULAR SUPPLY COMPANY PRODUCTS Collaboration with suppliers to Eliminate environmental Upgrade existing and design new switc
Slide 30: Net-zero emissions across the entire value chain by 2045
6 Purpose and sustainability ESG Novo Nordisk® Novo Nordisk pledges to reach net-zero emissions across the entire value chain by 2045 Reporting CO2 emissions across scopes in the Annual Report 2021 Key initiatives to reduce CO2 emissions across all three scopes 2019 total: 306t Scope 1 - Direct emis
Slide 31: Reaching more patients will increase the plastic footprint
7 Purpose and sustainability ESG Novo Nordisk® Reaching more patients will increase the plastic footprint, which Novo Nordisk has started to address Growing volumes impact Novo Nordisk’s plastic footprint Change to sustainable plastic ILLUSTRATIVE • Engage with suppliers to pursue shift to sustainab
Slide 32: Defeat Diabetes is the cornerstone of social responsibility
8 Purpose and sustainability ESG Novo Nordisk® Defeat Diabetes is the cornerstone of Novo Nordisk’s social responsibility Bend the curve of Diabetes through Provide access to affordable care for Innovate to prevention efforts with partners vulnerable patients in every country improve lives
Slide 33: Defeating diabetes by pursuing initiatives within early prevention
9 Purpose and sustainability ESG Novo Nordisk® Defeating diabetes by pursuing initiatives within early prevention Bending the curve in obesity starts with addressing childhood obesity Two-thirds of people with diabetes globally live in cities • UNICEF partnership aims to prevent childhood overweight
Slide 34: More than 5 million people reached with affordability programmes
10 Purpose and sustainability ESG Novo Nordisk® In 2021, more than 5 million people with diabetes were reached with affordability programmes 5 out of 35 million people were reached A number of focused programmes with access and affordability efforts • 3 USD ceiling price for human insulin vial offer
Slide 35: In the US, net prices have declined in the last five years
11 Purpose and sustainability ESG Novo Nordisk® In the US, net prices have declined in the last five years The US population by health insurance Net prices1 across the full Novo Nordisk coverage Insulin net prices1 have declined portfolio2 declined Index Index 7% 150 150 124 116 47% 100 100 46% 53 5
Slide 36: Barriers to access go beyond price
12 Purpose and sustainability ESG Novo Nordisk® Barriers to access go beyond price Diabetes Compass launched with Thermal solution for human insulin can iCare initiative towards strengthening World Diabetes Foundation address one key access to care barrier health infrastructure in Middle Africa • Ma
Slide 37: High engagement among growing number of employees
13 Purpose and sustainability ESG Novo Nordisk® High engagement among growing number of Novo Nordisk employees Total employee number growing coupled with a stable turnover rate Engagement score high but indicating some improvement points Employees Turnover (1000) (%) Overall engagement score1 3% Pur
Slide 38: Being a sustainable employer is key for attracting top talent
14 Purpose and sustainability ESG Novo Nordisk® Being a sustainable employer is key for attracting and retaining top talents Employer of the future • Workplace flexibility as an option • Physical presence to strengthen company culture, innovation power and beyond • Being respected for • One size doe
Slide 39: Inclusive and diverse sustainable employer
15 Purpose and sustainability ESG Novo Nordisk® The journey towards being a sustainable employer starts with being inclusive and diverse 2025 aspiration supporting Diversity and Inclusion Diversity and Inclusion aspirations Create an inclusive culture where all employees have a Men 60% 57% sense of
Slide 40: ESG integrated in reporting and remuneration and recognised externally
16 Purpose and sustainability ESG Novo Nordisk® ESG is integrated in reporting and remuneration as well as recognised externally ESG is included in integrated reporting and Reporting ESG performance in accordance Rankings by third-party agencies recognise short- and long-term remuneration with discl
Slide 41: Closing remarks
Novo Nordisk® Purpose and sustainability (ESG) Closing remarks Purpose and sustainability (ESG) is integrated in Novo Nordisk’s business Progress made for both ‘Defeat Diabetes’ and ‘Circular for Zero’ Out of 35 million people with diabetes treated by Novo Nordisk, more than 5 million were reached w
Slide 42: Diabetes care
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Diabetes care Camilla Sylvest EVP Commercial Strategy and Corporate Affairs Mike Doustdar EVP International Operations Doug Langa EVP North America Operations 3 MARCH Martin Holst Lange EVP Development SIMONE LENSBØLE Simone lives
Slide 43: Forward-looking statements
2 Commercial execution and innovation Diabetes care Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 202
Slide 44: Strategic aspirations 2025
3 Commercial execution and innovation Diabetes care 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 • Being respected f
Slide 45: Diabetes prevalence increases, yet only ~50% are diagnosed
4 Commercial execution and innovation Diabetes care Novo Nordisk® Diabetes prevalence increases, yet only ~50% of people with diabetes are diagnosed and even fewer reach HbA1c target 1 in 2 adults go undiagnosed and more treated patients In 2045, 784 million adults are expected to live with diabetes
Slide 46: Better outcomes through continued innovation, supported by digital solutions
5 Commercial execution and innovation Diabetes care Novo Nordisk® Better outcomes and broader reach can be accomplished through continued innovation, supported by digital solutions Novo Nordisk’s product portfolio follows the patient treatment journey Portfolio and pipeline High dose oral Semaglutid
Slide 47: GLP-1 and SGLT-2i driving value growth of global diabetes care market
6 Commercial execution and innovation Diabetes care Novo Nordisk® GLP-1 and SGLT-2i have been driving the value growth of the global diabetes care market Estimated global number of patients Estimated global diabetes value market Diabetes market dynamics • Continued strong growth momentum in CAGR: +4
Slide 48: Use of GLP-1 treatments has increased globally
7 Commercial execution and innovation Diabetes care Novo Nordisk® Use of GLP-1 treatments has increased globally, yet only ~6 7 million people treated ~6 million people, 3% of diabetes prescriptions, use a GLP-1 with large differences across markets Million people Global: 3% 7 6 5 8% 4 3 1% 2 1% 3%
Slide 49: Progress towards reaching more than 1/3 of diabetes value market
8 Commercial execution and innovation Diabetes care Novo Nordisk® Novo Nordisk progresses towards strategic aspiration of reaching more than 1/3 of the diabetes value market Diabetes care sales Progress made towards Strategic Aspiration DKK billion Value market share 120 6% 4% 4% 8% 13% 80% Thousand
Slide 50: Diabetes care sales in IO driven by GLP-1 and insulin
9 Commercial execution and innovation Diabetes care Novo Nordisk® Diabetes care sales in IO driven by both GLP-1 and insulin Diabetes care sales and growth in IO Must-win battles for IO Drive insulin sales and patient base DKK billion 5% 6% 10% 11% 14% 60 Thousands 50 37.7% 69.3% NN basal value NN m
Slide 51: Region China remains a key strategic opportunity
10 Commercial execution and innovation Diabetes care Novo Nordisk® Region China remains a key strategic opportunity Region China is a large market with Outcome of VBP insulin in China Opportunities and strategic priorities ~140 million people living with diabetes • Price cuts ~40-50% as a result of
Slide 52: Few patients treated with GLP-1s in International Operations
11 Commercial execution and innovation Diabetes care Novo Nordisk® Despite uptake of GLP-1s, few patients are treated in International Operations A fraction of diabetes prescriptions are GLP-1s GLP-1 increases as part of Ozempic® sales in IO in million DKK (% of total diabetes market) the diabetes v
Slide 53: Rybelsus has only just started in IO, with Japan biggest opportunity
12 Commercial execution and innovation Diabetes care Novo Nordisk® Rybelsus® has only just started to be commercially available in IO with Japan being the biggest opportunity Strong start for Rybelsus® in Japan’s DKK 20 billion MOAD market Rybelsus® is Novo Nordisk’s entry into 55% of the diabetes m
Slide 54: Ozempic and Rybelsus driving growth in North America Operations
13 Commercial execution and innovation Diabetes care Novo Nordisk® Ozempic® and Rybelsus® are driving the diabetes care sales growth in North America Operations Diabetes care sales and growth in North America Operations North America Operations has been on a journey of: DKK billion 60 6% 2% 3% 5% 12
Slide 55: Ozempic driving growth in GLP-1 class
14 Commercial execution and innovation Diabetes care Novo Nordisk® Ozempic® is driving growth in the GLP-1 class, which is still a small proportion of the US diabetes market US GLP-1 NBRx market share 32% ~8% NBRx share of diabetes market of diabetes ~30% GLP-1 volume value is GLP-1 prescriptions ar
Slide 56: Ozempic launch helped change US treatment paradigm
15 Commercial execution and innovation Diabetes care Novo Nordisk® Ozempic® launch has helped drive the changing treatment paradigm in the US 15% intensifies with non-generic treatment Ozempic® launch increases the use of GLP-1 More than 60% of patients choose Novo within 18 months of starting metfo
Slide 57: Rybelsus is well-positioned in a competitive OAD market
16 Commercial execution and innovation Diabetes care Novo Nordisk® Rybelsus® is well-positioned in a competitive OAD market Positioning Rybelsus® earlier Rybelsus® is capturing new patients US OAD market is ~100 bDKK in the treatment cascade in the modern OAD market >90% of people starting on Rybels
Slide 58: Raising the innovation-bar for diabetes treatment
17 Commercial execution and innovation Diabetes care Novo Nordisk® Raising the innovation-bar for diabetes treatment Further raise the innovation bar for Development pipeline diabetes treatment 2022 2023 2024 2025 US regulatory Semaglutide 2.0 mg, QW GLP-1 • Unmet need within diabetes remain large f
Slide 59: Sema 2.0 mg showed superior HbA1c reduction
18 Commercial execution and innovation Diabetes care Novo Nordisk® Sema 2.0 mg showed superior HbA1c reduction and additional weight reduction with similar number of GI AEs vs sema 1.0 mg Semaglutide 2.0 mg showed a statistically significant Additional efficacy and safety parameters HbA1c reduction
Slide 60: Insulin icodec once-weekly basal insulin
19 Commercial execution and innovation Diabetes care Novo Nordisk® Insulin icodec, a basal insulin intended for once-weekly treatment, may reduce the disease burden for patients Bringing the strongest value proposition to market Insulin icodec phase 3 programme expected to complete during 2022 ONWAR
Slide 61: Exploring semaglutide beyond lowering blood glucose
20 Commercial execution and innovation Diabetes care Novo Nordisk® Exploring semaglutide to address the unmet needs of people with diabetes, beyond lowering blood glucose FOCUS SOUL Diabetic retinopathy outcomes trial Cardiovascular outcomes trial Semaglutide 1.0 mg, injectable + standard of care Se
Slide 62: CagriSema in phase 2 for type 2 diabetes
21 Commercial execution and innovation Diabetes care Novo Nordisk® Fixed dose combination with semaglutide and cagrilintide currently investigated in phase 2 with completion in 2022 Phase 2 trial design for CagriSema Role of amylin analogues in diabetes treatment Randomisation Amylin is a naturally
Slide 63: Closing remarks
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Closing remarks Number of people with diabetes continues to increase GLP-1 treatments are driving the growth of the diabetes care market, yet only 3% of prescriptions Insulin icodec has the potential to reduce the disease burden a
Slide 64: Obesity care
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Obesity care Camilla Sylvest EVP Commercial Strategy and Corporate Affairs Henrik Wulff Product Supply, Quality & IT Doug Langa EVP North America Operations Mike Doustdar 3 MARCH EVP International Operations Martin Holst Lange EVP
Slide 65: Forward-looking statements
2 Commercial execution and innovation Obesity care Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022
Slide 66: Strategic aspirations 2025
3 Commercial execution and innovation Obesity care Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for obesit
Slide 67: More than 650 million people living with obesity
4 Commercial execution and innovation Obesity care Novo Nordisk® More than 650 million people are living with obesity, yet the narrative is changing Obesity is a global epidemic Obesity impacts both the individual and The obesity narrative is changing affecting more than 650 million people1 society
Slide 68: Patient-centric strategy for obesity
5 Commercial execution and innovation Obesity care Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people live with obesity 650 ~10% seek help ~2% are treated with an AOM ~2.5 million seen
Slide 69: Patient-centric strategy for obesity
6 Commercial execution and innovation Obesity care Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people live with obesity 650 ~10% seek help ~2% are treated with an AOM ~2.5 million seen
Slide 70: Patient-centric strategy for obesity
7 Commercial execution and innovation Obesity care Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people live with obesity 650 ~10% seek help ~2% are treated with an AOM ~2.5 million seen
Slide 71: Patient-centric strategy for obesity
8 Commercial execution and innovation Obesity care Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people live with obesity 650 ~10% seek help ~2% are treated with an AOM ~2.5 million seen
Slide 72: Patient-centric strategy for obesity
9 Commercial execution and innovation Obesity care Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement and improve market access Millon people >650 million people live with obesity 650 ~10% seek help ~2% are treated with an AOM ~2.5 million seen
Slide 73: Expect to meet US Wegovy demand in second half of 2022
10 Commercial execution and innovation Obesity care Novo Nordisk® The expectation is to be able to meet US demand for Wegovy® in the second half of 2022 Wegovy® simplified manufacturing process Restart of manufacturing on track • Production expected to be initiated in the second quarter Ramp up ongo
Slide 74: Wegovy has the potential to unlock the obesity market
11 Commercial execution and innovation Obesity care Novo Nordisk® Wegovy® has the potential to unlock the obesity market Branded AOM TRx in the US 2021 US Obesity care sales TRx count (000s) DKK billion FY 2021 growth 57% (CER) 48 5.6 4.9 4.8 +21.1% 40 4.0 32 3.3 3.2 3.2 24 2.4 16 1.6 8 0.8 0 0.0 Ja
Slide 75: Large opportunity for activating more people with obesity
12 Commercial execution and innovation Obesity care Novo Nordisk® There remains a large opportunity for activating more people with obesity to seek treatment Despite the early success of Wegovy®, Wegovy® patient characteristics in the US activating patients remains the focus 75% • 81% Female • Avera
Slide 76: Wegovy prescribers have surpassed Saxenda
13 Commercial execution and innovation Obesity care Novo Nordisk® The number of physicans prescribing Wegovy® has already surpassed Saxenda® Total number of prescribers has Current Wegovy® prescribers Prescriber engagement already surpassed Saxenda® Prescribers (in 000s) Dedicated sales force and me
Slide 77: Wegovy reached more than 70% commercial formulary access
14 Commercial execution and innovation Obesity care Novo Nordisk® Wegovy® has reached more than 70% commercial formulary access within six months of launch Wegovy® Patient Access Pathway Improving patient access remains the focus People with obesity1 ~20 million people today with Wegovy® commercial
Slide 78: In IO, only a fraction of people with obesity are treated
15 Commercial execution and innovation Obesity care Novo Nordisk® In IO, only a fraction of people with obesity visit the doctor, let alone are treated with a pharmacotherapy Of the >550 million people with obesity Saxenda® sales per region since 2019 Initiatives driving patient reach in IO, few are
Slide 79: Physicians engaged in obesity care characterised by mindset
16 Commercial execution and innovation Obesity care Novo Nordisk® Physicians engaged in Obesity care are best characterised by mindset rather than specialty Prescribers differ depending on the Supporting obesity clinics across Healthcare provider reach country and region IO geographies Expand and ed
Slide 80: In IO, obesity sales mostly out of pocket, reimbursement improving
17 Commercial execution and innovation Obesity care Novo Nordisk® In IO, Obesity care sales will continue to be mostly out of pocket, but reimbursement is improving The majority of Saxenda® sales are Restricted reimbursement for Saxenda® is Focus will be to increase innovation out of pocket progress
Slide 81: Developing a portfolio of superior treatment solutions for obesity
18 Commercial execution and innovation Obesity care Novo Nordisk® Novo Nordisk is developing a portfolio of superior treatment solutions for obesity Building a competitive portfolio Pipeline overview Bariatric surgery levels Pipeline products 2022 2023 2024 2025 +20% CagriSema Oral Amycretin SELECT
Slide 82: CagriSema showed weight loss of 17% in phase 1
19 Commercial execution and innovation Obesity care 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 monothe
Slide 83: CagriSema phase 3 programme REDEFINE
20 Commercial execution and innovation Obesity care Novo Nordisk® The CagriSema phase 3 programme, REDEFINE, is expected to begin in second half of 2022 REDEFINE 1 trial design REDEFINE 2 trial design CagriSema 2.4 mg/2.4 mg1 Cagrilintide 2.4 mg1 CagriSema 2.4 mg/2.4 mg1 N = 2500 N=800 Semaglutide 2
Slide 84: SELECT trial addresses many comorbidities
21 Commercial execution and innovation Obesity care Novo Nordisk® The cardiovascular trial, SELECT, addresses many comorbidities that can be improved with weight management Improvements per weight loss bracket Weight loss (%) 30 >15% 20 10-15% 5-10% 10 0-5% 0 Hypertension X Dislipidaemia X Kidney di
Slide 85: SELECT interim analysis expected in Q3 2022
22 Commercial execution and innovation Obesity care Novo Nordisk® The interim analysis for the SELECT trial is expected to be conducted in the third quarter of 2022 SELECT trial with 17,500 people with obesity Background of interim analysis Semaglutide 2.4 mg • Number of MACE events for interim anal
Slide 86: Commercial strategic aspiration for Obesity care as communicated in 2019
23 Commercial execution and innovation Obesity care Novo Nordisk® The commercial strategic aspiration for Obesity care as communicated in 2019 • Strengthen Diabetes leadership - aim at global value market share of more than 1/3 • Strengthen Obesity leadership and double current sales1 Commercial exe
Slide 87: Aspiration now more than DKK 25 billion in sales by 2025
24 Commercial execution and innovation Obesity care Novo Nordisk® The aspiration is now more than DKK 25 billion in sales by 2025 Strategic Aspiration of DKK billion 30 30 >25 >25 20 20 bDKK 10 8 10 8 6 Obesity care sales 0 0 20192021 2021 2025E2025E by 2025 Novo Nordisk Obesity care sales Note: The
Slide 88: Closing remarks
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Closing remarks Large unmet medical need within obesity and Wegovy® holds potential to unlock market Expectation to meet US Wegovy® demand in H2 2022 Pipeline positions Novo Nordisk for continued leadership SELECT interim analysis
Slide 89: Rare disease
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Rare disease Ludovic Helfgott EVP Rare disease Martin Holst Lange EVP Development 3 MARCH SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 90: Forward-looking statements
2 Commercial execution and innovation Rare disease Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022
Slide 91: Strategic aspirations 2025
3 Commercial execution and innovation Rare disease Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for obesit
Slide 92: Building upon a 40-year legacy in Rare disease
4 Commercial execution and innovation Rare disease Novo Nordisk® Building upon a 40-year legacy to capture the Rare disease strategic opportunity for Novo Nordisk Rare disease at a glance – a key strategic pillar of Novo Nordisk Looking ahead A significant and 14% 16% 4% 47% robust business pillar S
Slide 93: Evolution and transformation of the Rare disease unit
5 Commercial execution and innovation Rare disease Novo Nordisk® Behind the renaming are ongoing efforts since 2019 to support the evolution and transformation of the Rare disease unit A strategy anchored in Rare blood and endocrine disorders Three strategic horizons towards 2030 Hemato-renal Lysoso
Slide 94: Rare disease is delivering on sustained growth aspiration
6 Commercial execution and innovation Rare disease Novo Nordisk® Rare disease is delivering on the sustained growth aspiration Rare disease franchise is back to growth With key products in current portfolio as growth drivers DKK billion DKK billion 4% 1% 4% 20 36.5% value MS 0.3 0.3 (+3.7%p vs 2019)
Slide 95: Competitive late-stage Rare disease pipeline
7 Commercial execution and innovation Rare disease Novo Nordisk® Driving change and addressing the unmet need within Rare disease with a competitive late-stage pipeline Strengthening and progressing Rare disease development pipeline the Rare disease pipeline 2022 2023 2024 2025 • Better individual p
Slide 96: Once-weekly Sogroya phase 3 trial REAL
8 Commercial execution and innovation Rare disease Novo Nordisk® Once-weekly Sogroya® was investigated in children with growth hormone deficiency in the phase 3 trial, REAL Objective • To compare the efficacy and safety of once-weekly somapacitan vs Norditropin® on longitudinal growth in children wi
Slide 97: Sogroya phase 3 trial successfully completed
9 Commercial execution and innovation Rare disease Novo Nordisk® Sogroya® phase 3 trial successfully completed with aspirational target product profile achieved Phase 3a trial results in children with GHD Key highlights Efficacy ETD (95% CI) = -0.5 (-1.1 ; 0.2) • Non-inferiority versus Norditropin®
Slide 98: Sogroya opportunity within growth disorders
10 Commercial execution and innovation Rare disease Novo Nordisk® Within Rare endocrine disorders, Sogroya® would be an opportunity for patients with growth disorders Novo Nordisk leadership in competitive hGH market A portfolio offering across markets DKK Value Billion MS% Sogroya® launches 20 36.5
Slide 99: Competitive late-stage Rare disease pipeline
11 Commercial execution and innovation Rare disease Novo Nordisk® Driving change and addressing the unmet need within Rare disease with a competitive late-stage pipeline Strengthening and progressing Rare disease development pipeline the Rare disease pipeline 2022 2023 2024 2025 • Better individual
Slide 100: Explorer 7 trial of concizumab
12 Commercial execution and innovation Rare disease Novo Nordisk® Explorer 7 trial evaluated safety and efficacy of concizumab in 132 haemophilia A and B patients with inhibitors Concizumab binds TFPI, enabling Explorer 7 trial design thrombin generation and clot formation Concizumab 1) Maintained O
Slide 101: Concizumab reduced bleeds in patients with inhibitors
13 Commercial execution and innovation Rare disease 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 102: Mim8 phase 1/2 trial
14 Commercial execution and innovation Rare disease Novo Nordisk® Mim8 was investigated in a combined phase 1/2 trial Mim8 is a bispecific antibody with strong Single dose in healthy trial participants and 12 week2 multiple dose activity at site of bleeding haemophilia A patients with/without inhibi
Slide 103: Mim8 PK/PD data supporting once-monthly profile
15 Commercial execution and innovation Rare disease Novo Nordisk® Mim8 phase 1/2 trial reads out with PK/PD data supporting a once-monthly profile and improved dosing Mim8 pharmacokinetic properties support Higher potency of Mim8 vs emicizumab weekly and monthly dosing enabling a low dosing volume 3
Slide 104: Mim8 safe and well tolerated with exploratory efficacy
16 Commercial execution and innovation Rare disease Novo Nordisk® In the phase 1/2 trial, Mim8 appeared to have a safe and well tolerated profile and read out with exploratory efficacy Low number of patients with treated bleeds after cohort 1 Mim8 safety summary in phase 1/2 trial Patients with blee
Slide 105: Accelerated phase 3 programme for Mim8
17 Commercial execution and innovation Rare disease Novo Nordisk® Accelerated phase 3 programme towards establishing Mim8 as a once-monthly treatment reducing burden of care FRONTIER 2: Mim8 phase 3 pivotal trial Trial design • Novel and accelerated design minimising time from phase 2 into phase 3,
Slide 106: Haemophilia is a competitive market with severe unmet need
18 Commercial execution and innovation Rare disease Novo Nordisk® Haemophilia is a competitive market, but with a severe unmet medical need where no single therapy is right for every patient Overview of the global haemophilia market Market dynamics 2021 Market size1 CAGR 2016-2021 (DKK billion) (%)
Slide 107: Concizumab and Mim8 complement the existing portfolio
19 Commercial execution and innovation Rare disease Novo Nordisk® Concizumab and Mim8 to complement the existing portfolio and aim to add to the individualisation of patient care Novo Nordisk Rare disease is well-placed with market expected to remain Novo Nordisk’s future offerings to answer increas
Slide 108: Early pipeline for next wave of innovative assets
20 Commercial execution and innovation Rare disease Novo Nordisk® In the early pipeline, efforts are ongoing to ensure next wave of innovative assets as treatments for severe conditions A large and growing space of rare diseases exists Well-positioned to further utilise competencies across RBD and R
Slide 109: Closing remarks
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Closing remarks The Rare disease franchise is delivering on the sustained growth aspiration Competitive late-stage pipeline with Sogroya®, concizumab and Mim8 Efforts are ongoing to ensure next wave of innovative assets within Rar
Slide 110: Cardiovascular disease
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Cardiovascular disease Martin Holst Lange EVP Development Camilla Sylvest EVP Commercial Strategy and Corporate Affairs 3 MARCH
Slide 111: Forward-looking statements
2 Commercial execution and innovation Cardiovascular disease Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in Feb
Slide 112: Strategic aspirations 2025
3 Commercial execution and innovation Cardiovascular disease 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
Slide 113: Patient overlaps guide focused approach in CVD
4 Commercial execution and innovation Cardiovascular disease Novo Nordisk® Large patient overlaps between diabetes, obesity and CVD have guided our focused approach in CVD Population overlap between T2D, obesity and CVD Focused approach in CVD Atherosclerosis Heart failure ASCVD + HF High Inflammati
Slide 114: Leveraging diabetes and obesity experience to build presence in CVD
5 Commercial execution and innovation Cardiovascular disease Novo Nordisk® Novo Nordisk will leverage experiences within diabetes and obesity with the aim to build a presence within CVD Current indications T2D Near-term indications Future indications Type 2 diabetes Broader indications (towards 2025
Slide 115: Broad CVD pipeline leveraging internal and external innovation
6 Commercial execution and innovation Cardiovascular disease Novo Nordisk® Broad pipeline leveraging internal and external innovation Establishing a presence in CVD Cardiovascular disease pipeline overview Ambition: 2022 2023 2024 2025 Ziltivekimab Phase 3 in inflammatory pathogenesis At least one p
Slide 116: ZEUS trial with ziltivekimab
7 Commercial execution and innovation Cardiovascular disease 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 rand
Slide 117: Heart failure disease modifying and curative treatments
8 Commercial execution and innovation Cardiovascular disease 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 Dise
Slide 118: Room for innovation with high unmet need in CVD
9 Commercial execution and innovation Cardiovascular disease Novo Nordisk® There is still room for innovation with a high unmet need in CVD Percentage of total deaths in 2019 16% Other CVD 11% 6% 5% 4% 3% 3% 3% 3% 2% Atherosclerotic Stroke Chronic Lower Neonatal Trachea, Alzheimer Diarrhoeal Diabete
Slide 119: Innovative late-stage CVD pipeline
10 Commercial execution and innovation Cardiovascular disease Novo Nordisk® An innovative late-stage CVD pipeline provides opportunities to make a difference for many patients Focus areas Examples of unmet needs in CVD pipeline Near-term Category Broader indications Stand-alone CVD Leverage broader
Slide 120: Ziltivekimab aspires to address unmet need in more than 5 million people
11 Commercial execution and innovation Cardiovascular disease Novo Nordisk® Ziltivekimab aspires to address an unmet need in more than 5 million people Ziltivekimab aspires to reduce MACE in Sub-header Critical (can be success removed) factors to commercialise Sub-header ziltivekimab (can be removed
Slide 121: Closing remarks
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Closing remarks Entering a growing market with a clear strategy and focus to build a presence in CVD High unmet needs and new innovations are required to help improve treatment outcomes Pre-launch activities are initiated and ongo
Slide 122: Research technologies and drug discovery
Novo Nordisk® Innovation and therapeutic focus Research technologies and drug discovery Marcus Schindler CSO and EVP of Research & Early development Lars Fogh Iversen SVP Global research technologies Karin Conde-Knape 3 MARCH SVP Global drug discovery
Slide 123: Forward-looking statements
2 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with
Slide 124: Strategic aspirations 2025
3 Innovation and therapeutic focus Research technologies and drug discovery 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
Slide 125: Core capabilities and technology platforms across therapy areas
4 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® Core capabilities and additional technology platforms open up new opportunities across therapy areas Technology platforms Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy Dia
Slide 126: Broad potential for cell therapies
5 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® There is broad potential for cell therapies and Novo Nordisk has capabilities to explore the potential Maturing the platform to enable development of Broad potential for clinical use of cell therapies competiti
Slide 127: Cell therapies in heart failure and Parkinson's disease
6 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® First efforts to combine Novo Nordisk and partner competencies in cell therapies start with heart failure and Parkinson’s disease TRANSCEND 1 and 2 trials to evaluate stem cells impact on Heartseed: Phase 1/2 t
Slide 128: Protein engineering know-how combined with AI
7 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® Combining deeply rooted protein engineering know-how with AI paves the way forward to the new drug formats Same deeply rooted protein engineering know-how enables Next-generation protein engineering is AI based
Slide 129: Partnership with 2seventy bio in genome editing for haemophilia A
8 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® Novo Nordisk and 2seventy bio extend partnership in next- generation genome editing for people with haemophilia A Lifelong correction via a unique modality Mode of action Potentially lifelong correction of FVII
Slide 130: Preclinical proof-of-concept for FVIII gene editing
9 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® Preclinical mouse proof-of-concept achieved for the FVIII gene editing project between 2seventy bio and Novo Nordisk Lifelong correction via a unique modality Preclinical PoC for FVIII expression after in vivo
Slide 131: Human-centric novel target identification in cardiometabolic space
10 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® Driving human-centric novel target identification in the cardiometabolic space to address residual risk Functional assays Genetics • Biomarker strategy • Genetics (+PheWAS) • Patient selection • Tissue/plasma
Slide 132: Understanding multiple factors in development of obesity
11 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® Understanding the multiple factors playing a role in the development of obesity Discovery Discovery of novel Lifestyle & physical Clinical data Artificial obesity targets for activity Intelligence patient sub-
Slide 133: Human-centric approach with core competencies and technology platforms
12 Innovation and therapeutic focus Research technologies and drug discovery Novo Nordisk® A human-centric approach to drug discovery combined with core competencies and technology platforms drive future innovation Explore biology Human-centric approach Precision medicine Core competencies and techn
Slide 134: Closing remarks
Novo Nordisk® Innovation and therapeutic focus Closing remarks Proteins and peptides remain a key investment and development area New technology platforms are synergistic extension of the proteins and peptides stronghold Driving novel target identification within major cardiometabolic diseases
Slide 135: Region EMEA
1 Novo Nordisk® Commercial execution Region EMEA Andrzej Popkowski Senior Vice President Frederik Kier Senior Vice President 3 MARCH
Slide 136: Forward-looking statements
2 Commercial execution Region EMEA Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022 in continuation
Slide 137: Diverse region with many people living with diabetes and obesity
3 Commercial execution Region EMEA Novo Nordisk® A diverse region with a large number of people living with diabetes and obesity Region EMEA People with diabetes and obesity2 Diabetes market value and NN market share Million DKK billion Market share ILLUSTRATIVE 100 8%1 80% GLP-1 GLP-1 80 30%1 +65%
Slide 138: Region EMEA sales growth
4 Commercial execution Region EMEA Novo Nordisk® Region EMEA is managing a base of insulin and Rare disease while driving growth with GLP-1 and obesity Region EMEA sales growth Share of growth DKK billion 5% 5% 10% 9% 12% 100% 45 4% 18% 0% 30 70% 15 7% 0 2017 2018 2019 2020 2021 2020-2021 Insulin GL
Slide 139: Ozempic share of growth has increased since 2019
5 Commercial execution Region EMEA Novo Nordisk® Ozempic® share of growth has increased significantly since 2019, driven by strong commercial execution GLP-1 value share of growth by brand in EMEA Ozempic® is tracking towards being the most used GLP-1 in EMEA Share of growth (value) GLP-1 volume mar
Slide 140: Modern OAD market a large opportunity for Rybelsus
6 Commercial execution Region EMEA Novo Nordisk® Modern OAD market represents a large opportunity, Rybelsus® is progressing with key launches to come Rybelsus® uptake across launched countries Rybelsus® launched in 24 countries in Region EMEA Value market share • Rybelsus® uptake : • Launch uptakes
Slide 141: Obesity market growing but few treated in EMEA
7 Commercial execution Region EMEA Novo Nordisk® The obesity market is growing, yet only a fraction of people with obesity in Region EMEA are treated with a medication Of the ~240 million people with obesity1 in Growing obesity market2 driven Novo Nordisk is investing in building EMEA, only ~350 tho
Slide 142: Initiatives across EMEA to increase treatment rates
8 Commercial execution Region EMEA Novo Nordisk® Investments and initiatives are in place across Region EMEA to increase treatment rates and preparing for Wegovy® launches Improve reimbursement and partnerships Activating patients Engaging physicians Driving awareness across Region EMEA Digital HCP
Slide 143: Closing remarks
9 Novo Nordisk® Commercial execution Closing remarks Region EMEA is a diverse region with many individual market dynamics Ozempic® is tracking towards becoming the most used GLP-1 in EMEA The MOAD market represents a large opportunity with more Rybelsus® launches still to come Obesity represents a l
Slide 144: NASH and Alzheimer's disease
Novo Nordisk® Commercial execution / Innovation and therapeutic focus NASH and Alzheimer’s disease Martin Holst Lange EVP Development Camilla Sylvest EVP Commercial Strategy and Corporate Affairs 3 MARCH NADIA SADI Nadia lives with NASH Denmark
Slide 145: Forward-looking statements
2 Commercial execution and innovation NASH and Alzheimer's disease Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC
Slide 146: Strategic aspirations 2025
3 Commercial execution and innovation NASH and Alzheimer's disease 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 solu
Slide 147: NASH and Alzheimer's disease pipeline overview
4 Commercial execution and innovation NASH and Alzheimer's disease Novo Nordisk® NASH and Alzheimer’s disease pipeline overview Establishing a presence in NASH and AD Pipeline overview 2022 2023 2024 2025 NASH: • Address an unmet need with no currently available treatment FGF-21 NASH Phase 2 Segment
Slide 148: Semaglutide improved NASH resolution in phase 2
5 Commercial execution and innovation NASH and Alzheimer's disease Novo Nordisk® In phase 2, semaglutide showed significant improvements in NASH resolution Semaglutide showed resolution of NASH with no worsening of Semaglutide showed numerical improvements in fibrosis and fewer fibrosis versus place
Slide 149: Phase 3 ESSENCE trial in NASH
6 Commercial execution and innovation NASH and Alzheimer's disease Novo Nordisk® Following phase 2 data and breakthrough therapy designation, one phase 3 trial is expectedly needed for regulatory submission Phase 3a ESSENCE trial in NASH Primary objectives and endpoints for Part 1 and 2 ESSENCE tria
Slide 150: Supporting use of non-invasive tests for diagnosis
7 Commercial execution and innovation NASH and Alzheimer's disease Novo Nordisk® Novo Nordisk is supporting use of non-invasive tests for diagnosis Development and adoption of non-invasive tests (NITs) Novo Nordisk activities supporting non-invasive tests in NASH diagnosis Real world • Linking bioma
Slide 151: NASH patient journey and key barriers
8 Commercial execution and innovation NASH and Alzheimer's disease Novo Nordisk® NASH patient journey underscores key barriers to overcome for Novo Nordisk to be successful ~22 million people are expected Hurdles to live with NASH F2-F4c by 2030 25 Low disease No Inadequate patient No treatment prog
Slide 152: Data points supporting phase 3 of semaglutide in Alzheimer's
9 Commercial execution and innovation NASH and Alzheimer's disease 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
Slide 153: Evoke and evoke+ trials ongoing
10 Commercial execution and innovation NASH and Alzheimer's disease 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 m
Slide 154: AD patient journey and key barriers
11 Commercial execution and innovation NASH and Alzheimer's disease Novo Nordisk® AD 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 No DMT
Slide 155: Closing remarks
Novo Nordisk® Commercial execution / Innovation and therapeutic focus Closing remarks NASH and Alzheimer’s disease impact millions of people globally Too often the diseases go undiagnosed and have no or limited treatment options Semaglutide is investigated in specific patient populations for treatme
Slide 156: IO and NAO
Novo Nordisk® Financials IO and NAO Mike Doustdar EVP International Operations Doug Langa EVP North America Operations 3 MARCH
Slide 157: Strategic aspirations 2025
2 Strategic aspiration 2025 IO and NAO 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 • Being re
Slide 158: International Operations continues its growth trajectory
3 Financials IO and NAO Novo Nordisk® International Operations (IO) continues its growth trajectory IO reported sales growth per therapy area IO sales break-down by geography DKK billion % of sales 5% 7% 11% 10% 14% 74 Focus 74 66 62 •Ozempic® growth 55 51% •Rybelsus® launch 54 •Develop obesity mark
Slide 159: IO challenges and opportunities
4 Financials IO and NAO Novo Nordisk® Amongst the challenges, IO has identified several opportunities Challenges Increasing pricing Macroeconomic and Intensifying competition pressures political instability Opportunities Further GLP-1 market growth Building the Digitalisation and in China and beyond
Slide 160: IO committed to 6-10% growth aspiration
5 Financials IO and NAO Novo Nordisk® IO remains committed to its strategic aspiration of 6-10% growth Growing double digits every year since 2019 Driving market growth via a market-fit approach ILLUSTRATIVE 6-10% Driving GLP-1 growth 5% Expand Obesity care Expand insulin sales and patient base Prep
Slide 161: North America Operations has returned to growth
6 Financials IO and NAO Novo Nordisk® North America Operations has returned to growth North America Operations reported sales growth per therapy area DKK billion 0% 3% 1% 3% 14% 67 60 61 58 57 2017 2018 2019 2020 2021 Insulin GLP-1 Rare disease Obesity care Other diabetes Growth at CER CER: Constant
Slide 162: NAO risks and opportunities
7 Financials IO and NAO Novo Nordisk® NAO is actively managing risks while focusing on realising the opportunities Challenges Healthcare reform Intensifying competition Increasing pricing and 340B and patent expiration pressures Opportunities Further GLP-1 Obesity care market Offerings in new market
Slide 163: NAO aspiration of transforming 70% of US sales by 2022
8 Financials IO and NAO Novo Nordisk® NAO remains committed to its strategic aspiration of transforming 70% of US sales by 2022 The strategic aspiration is to transform 70% of sales Strategy Framework for North America Operations 100% Maximise the 80% semaglutide molecule 60% 40% FY 2021: 60% Aspira
Slide 164: Closing remarks
Novo Nordisk® Financials Closing remarks IO and NAO are delivering on their strategic aspirations Continued growth in IO and accelerated growth in NAO in 2021 Strategies in place to deliver future growth
Slide 165: Product Supply and Financials
Novo Nordisk® Financials Product Supply and Financials Henrik Wulff EVP Product Supply, Quality & IT Karsten Munk Knudsen EVP and CFO 3 MARCH
Slide 166: Forward-looking statements
2 Financials Product Supply and Financials Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2021 and Form 20-F, which both were filed with the SEC in February 2022 in cont
Slide 167: Strategic aspirations 2025
3 Financials Product Supply and Financials 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 • Bein
Slide 168: Global manufacturing setup
4 Financials Product Supply and Financials Novo Nordisk® Novo Nordisk has a global manufacturing setup Local production All products API, fill, tablet and pack Russia API, fill, tablet and pack Fill and pack Japan Iran Algeria Fill and pack Fill and pack Product Supply value chain Research and Manuf
Slide 169: Production volumes increased significantly in recent years
5 Financials Product Supply and Financials Novo Nordisk® Production volumes have increased significantly in recent years Active pharmaceutical ingredient (API) Ozempic® devices Development in volume of semaglutide API (kg) Development in volume of devices (millions) ~4x ~3x Compared Compared to 2019
Slide 170: Investing for growth and a diversified pipeline
6 Financials Product Supply and Financials Novo Nordisk® Product Supply is investing for growth and a diversified pipeline CAPEX investments Ensure readiness to meet future demands DKK billion Insulin Icodec 15 9% Icosema Diabetes 7% care 7% Oral semaglutide (25 and 50mg) 5% CVOTs (e.g. SOUL, SELECT
Slide 171: Manufacturing strategy principles
7 Financials Product Supply and Financials Novo Nordisk® Manufacturing strategy principles 1 2 3 Processes Ensure sufficient capacity Maintain highest quality Drive constant improvements Continue expanding internal capacity High compliance level Production development close to R&D Build device flexi
Slide 172: Wegovy supply chain now and in the future
8 Financials Product Supply and Financials Novo Nordisk® Wegovy® supply chain now and in the future Denmark Global Global API production Filling Assembly and pack • Already in operation (DK) Single-dose device: Single-dose device • Reallocation of internal production in • Already in operation (US) D
Slide 173: Driving operational efficiencies
9 Financials Product Supply and Financials Novo Nordisk® Product Supply is driving operational efficiencies in line with strategic aspiration A key focus remains to continuously lower unit costs Key levers to remain competitive Index ILLUSTRATIVE 100 Economies of scale, technology API upgrades and s
Slide 174: Resource allocation guided by investing in future growth
10 Financials Product Supply and Financials Novo Nordisk® Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2030 ILLUSTRATIVE Waves of
Slide 175: Attractive performance versus peers
11 Financials Product Supply and Financials Novo Nordisk® Attractive performance Sales growth (CER) Operating margin Cash returned to shareholders Total cash return to net income +3%-points +7%-points +17%-points 9% 42% 88% 35% 71% 6% Peer group Peer group Peer group average1 average1 average1 Avera
Slide 176: Two decades of consistent cash distribution to shareholders
12 Financials Product Supply and Financials Novo Nordisk® Two decades of consistent cash distribution to shareholders Net cash distribution to shareholders (bDKK) Total dividend per share (DKK) 50 20 ~400 billion DKK returned to shareholders since 2001 41 40 39 37 36 35 35 30 30 27 10.4 24 9.1 10 8.
Slide 177: Net profit converted to cash and returned to shareholders
13 Financials Product Supply and Financials Novo Nordisk® Net profit has been converted to cash and returned to shareholders Cash conversion and allocation (2021) Strategic capital allocation priorities DKK billion 48 Business development investments to enhance R&D pipeline 48 50 (100%) (100%) CAPEX
Slide 178: Commercial investments mainly towards GLP-1 and obesity care
14 Financials Product Supply and Financials Novo Nordisk® Commercial investments (S&D) mainly allocated towards GLP-1 and obesity care to drive sales growth towards 2025 Strategic resource allocation towards 2025 Investment levels towards 2025 • Sustained investment levels towards 2025 Insulin Susta
Slide 179: Step-up in R&D investments to expand and diversify pipeline
15 Financials Product Supply and Financials Novo Nordisk® Step-up in R&D investments to expand and diversify pipeline R&D ratio expected to gradually increase R&D investments towards 2025 ILLUSTRATIVE + Research 12.6% Increase driven by: Target discovery, biology & early development Expected increas
Slide 180: Efficiencies are driven across the value chain
16 Financials Product Supply and Financials Novo Nordisk® Efficiencies are driven across the value chain Global Business Services in India Competitive sourcing Administration costs FTEs Savings in bDKK (indirect spend) Administration costs to sales ratio 2,400 1.7 9% 8.3% 1.4 1.2 6% 1.0 1,000 0.6 2.
Slide 181: Summary of expected developments towards 2025
17 Financials Product Supply and Financials Novo Nordisk® Summary of expected developments towards 2025 Gross S&D R&D Administration Operating margin cost ratio cost ratio cost ratio margin Remain broadly Gradually decline Gradually increase Decline driven by Remain broadly stable enabled by attract
Slide 182: Closing remarks
Novo Nordisk® Financials Closing remarks Growth focused resource allocation Increased CAPEX investment for future growth and R&D pipeline Consistent financial discipline enables an attractive capital allocation to shareholders Operating margin broadly stable towards 2025
Slide 183: Closing remarks
Novo Nordisk® Closing remarks Lars Fruergaard Jørgensen President and CEO 3 MARCH LEONARDO BARRERA Leonardo lives with type 1 diabetes Mexico
Slide 184: Updated strategic aspirations 2025
2 Closing Novo Nordisk® Updated 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 • Being respected for adding va
Slide 185: Preparing for sustainable growth with and beyond semaglutide
3 Closing Novo Nordisk® Preparing for sustainable growth with and beyond semaglutide ILLUSTRATIVE Maximising growth across therapy areas Ensuring growth beyond semaglutide • Driving GLP-1 growth in diabetes care with • Successfully developing late stage clinical semaglutide pipeline • Unlocking the