Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — 9M 2017 Earnings Presentation
111 slides from Novo Nordisk A/s Class B's earnings presentation, Nov 2, 2017
Slide 1: Investor presentation First nine months of 2017
Slide 1 Investor presentation First nine months of 2017 Manato Ohara, diagnosed with type 1 diabetes Kanagawa, Japan
Slide 2: Agenda
Investor presentation First nine months of 2017 Slide 2 Agenda Highlights and key events Sales update R&D update Financials and outlook
Slide 3: Forward-looking statements
Investor presentation First nine months of 2017 Slide 3 Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the company’s Annual Report 2016 and Form 20-F, which are both filed with the SEC in February 2017 in contin
Slide 4: Highlights – First nine months of 2017
Investor presentation First nine months of 2017 Slide 4 Highlights – First nine months of 2017 Sales development • Sales increased by 2% in Danish kroner and 3% in local currencies • International Operations grew by 5% and accounted for 97% share of growth in local currencies • North America Operati
Slide 5: Executive management as of October 2017
Investor presentation First nine months of 2017 Slide 5 Executive management as of 1 October 2017 President & CEO Lars Fruergaard Jørgensen Research & Product Supply Commercial Strategy North America International Finance, Legal & Business Services Development & Corporate Affairs Operations Operatio
Slide 6: Sales growth driven by International Operations with all regions contributing to growth
Investor presentation First nine months of 2017 Slide 6 Sales growth driven by International Operations with all regions contributing to growth Sales as reported – First nine months of 2017 Growth analysis – First nine months of 2017 Region Region Latin America Local currencies Growth Share of growt
Slide 7: Sales growth derived from diabetes and obesity care, driven by Tresiba, Victoza and Saxenda
Investor presentation First nine months of 2017 Slide 7 Sales growth derived from diabetes and obesity care, driven by Tresiba®, Victoza® and Saxenda® Sales as reported – First nine months of 2017 Growth analysis – First nine months of 2017 Human growth hormone Local currencies Growth Share of growt
Slide 8: Basal insulin market penetration with Tresiba supported by Xultophy launches
Investor presentation First nine months of 2017 Slide 8 Basal insulin market penetration with Tresiba® supported by Xultophy® launches Tresiba® value market share of basal insulin Combined value market share of Tresiba® and segment in selected countries outside the US Xultophy® in selected countries
Slide 9: Total Novo Nordisk basal insulin volume market share in the US of 32%
Investor presentation First nine months of 2017 Slide 9 Total Novo Nordisk basal insulin volume market share in the US of 32% Weekly TRx volume market shares in the US Tresiba® launch in the US glargine U100 NN Total Basal Levemir® • Tresiba® New-to-Brand Prescriptions market share of Basal volume T
Slide 10: Victoza continues strong growth trajectory in the US
Investor presentation First nine months of 2017 Slide 10 Victoza® continues strong growth trajectory in the US driven by GLP-1 market volume growth of 24% US GLP-1 market development US GLP-1 market monthly TRx US GLP-1 volume market share MAT GLP-1 Total TRx Growth rate GLP-1 TRx Victoza® exenatide
Slide 11: Semaglutide demonstrates superiority to dulaglutide in SUSTAIN 7 trial
Investor presentation First nine months of 2017 Slide 11 Semaglutide demonstrates superiority to dulaglutide in SUSTAIN 7 trial on both glucose control and weight loss SUSTAIN 7 trial design Key results and next steps Sema Dula Sema Dula Semaglutide 0.5 mg 0.5 mg 0.75 mg 1.0 mg 1.5 mg 1,196 people w
Slide 12: Recent regulatory approvals obtained for Victoza, Fiasp and Tresiba
Investor presentation First nine months of 2017 Slide 12 Recent regulatory approvals obtained for Victoza®, Fiasp® and Tresiba® Victoza® CV indication Tresiba® hypoglycaemia label approved in the US Fiasp® approved in the US updated in the EU • Victoza the only type 2 • New fast-acting mealtime in
Slide 13: Other key development milestones
Investor presentation First nine months of 2017 Slide 13 Other key development milestones Semaglutide received positive 16-0 vote in favour of approval from an FDA Advisory Committee Main phase of the phase 3a trial with NovoEight® in paediatric previously untreated patients with haemophilia A compl
Slide 14: Significant regulatory news flow in 2017
Investor presentation First nine months of 2017 Slide 14 Significant regulatory news flow in 2017 Results available Regulatory milestone Project Q1 2017 Q2 2017 Q3 2017 Q4 2017 US & EU submission of Tresiba® DEVOTE data1 EU SWITCH approval EU DEVOTE FDA Advisory Committee Once-weekly semaglu
Slide 15: Financial results – first nine months 2017
Investor presentation First nine months of 2017 Slide 15 Financial results – first nine months 2017 DKK million Change Change 9M 2017 9M 2016 (reported DKK) (local currency) Sales 83,704 82,208 2% 3% Gross profit 70,772 69,943 1% 2% Gross margin 84.6% 85.1% Sales and distribution costs 20,045 20,468
Slide 16: Currency impact in 2017 driven by hedged and unhedged currencies
Investor presentation First nine months of 2017 Slide 16 Currency impact in 2017 driven by development in both hedged and unhedged currencies USD/DKK CNY/DKK JPY/DKK GBP/DKK CAD/DKK 120 Hedged 2016 2017 Spot Impact of a Hedging Index (1 Jan 2016= 100) Currencies average average2 rate2 5% move3 (mont
Slide 17: Financial outlook for 2017
Investor presentation First nine months of 2017 Slide 17 Financial outlook for 2017 Expectations Previous expectations 1 November 2017 9 August 2017 Sales growth - local currencies 2% to 3% 1% to 3% Sales growth - reported Around 2 percentage points lower Around 3 percentage points lower Operating p
Slide 18: The share repurchase programme for 2017 expanded
Investor presentation First nine months of 2017 Slide 18 The share repurchase programme for 2017 expanded due to the increased expectations for cash flow generation Annual cash return to shareholders Cash return priorities DKK Share repurchase Interim dividend Dividend billion Free cash flow Free ca
Slide 19: Closing remarks
Investor presentation First nine months of 2017 Slide 19 Closing remarks Solid leadership positions and continued market opportunities Promising pipeline and product launches > 27% > Novo Nordisk value market share in diabetes • The only company with a full portfolio of novel care and solid leadersh
Slide 20: Investor contact information
Investor presentation First nine months of 2017 Slide 20 Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Novo Nordisk A/S Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on Investor Relations the New Yor
Slide 21: Appendix
Investor presentation First nine months of 2017 Slide 21 Appendix 1. Novo Nordisk at a glance 2. Diabetes and obesity 3. Biopharmaceuticals 4. Financials 5. Sustainability
Slide 22: Novo Nordisk at a glance
Investor presentation First nine months of 2017 Slide 22 Novo Nordisk at a glance Global leader in diabetes care Global insulin market leadership • A focused pharmaceutical company with leading positions in Global insulin market share: 46% diabetes, haemophilia and growth hormone Region Europe: Mark
Slide 23: Novo Nordisk strategic foundation
Investor presentation First nine months of 2017 Slide 23 Novo Nordisk strategic foundation STRATEGIC PRIORITIES CORE CAPABILITIES Engineering, Deep disease Efficient Global Expand leadership in formulating, understanding large-scale commercial DIABETES leadership in Strengthen developing production
Slide 24: Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders
Investor presentation First nine months of 2017 Slide 24 Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders Diabetes Haemophilia Growth disorders DKK Market value DKK Market value DKK Market value billion Novo Nordisk value market share billion Novo Nordisk value market
Slide 25: Top line growth driven by the diabetes pandemic
Investor presentation First nine months of 2017 Slide 25 Top line growth driven by the diabetes pandemic Novo Nordisk reported quarterly sales International Diabetes Federation projects that by therapy 642 million people will have diabetes by 2040 DKK Diabetes and obesity Haemophilia2 Million North
Slide 26: Strong leadership position within the growing diabetes care market
Investor presentation First nine months of 2017 Slide 26 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market Global diabetes care by treatment class value market share DKK OAD GLP-1 Insulin Novo Nordisk Sanofi Eli Lilly Merck billion Astr
Slide 27: Significant growth opportunities fuelled by strong pipeline
Investor presentation First nine months of 2017 Slide 27 Significant growth opportunities fuelled by strong pipeline across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED1 NN1436 – LAI287 Semaglutide – QD GLP-1 Oral semaglutide Semaglutide – QW GLP-1 Levemir® NN1406 – PI40
Slide 28: Strong global presence in both sales and manufacturing
Investor presentation First nine months of 2017 Slide 28 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions1 Global manufacturing setup North America Operations: ~4,800 Denmark (~9,500 FTEs) Kaluga, Russia (~250 FTEs) • Diabetes and biophar
Slide 29: Solid patent protection of innovative drugs
Investor presentation First nine months of 2017 Slide 29 Solid patent protection of innovative drugs Novo Nordisk’s position is protected by patents and value chain setup Barriers to entry for biosimilar players Patent protection1 Unique value chain position EU/US0 Research & Development Research &
Slide 30: Diabetes and obesity
Investor presentation First nine months of 2017 Slide 30 Diabetes and obesity
Slide 31: Diabetes – the inability to manage blood sugar levels appropriately
Investor presentation First nine months of 2017 Slide 31 Diabetes – the inability to manage blood sugar levels appropriately The aim of insulin therapy is to recreate normal Facts about diabetes blood insulin profile Diabetes is a chronic disease that occurs either when the pancreas does not produce
Slide 32: Diabetes pandemic is fuelled by growing rates of obesity
Investor presentation First nine months of 2017 Slide 32 Diabetes pandemic is fuelled by growing rates of obesity US CDC data on obesity and diabetes prevalence among adults 1994 2000 2014 Obesity prevalence (BMI ≥30 kg/m2) <14.0% 14.0-17.9% 18.0-21.9% 22.0-25.9% 26.0-29.9% ≥30% Diabetes prevalence
Slide 33: Poor diagnosis rates, lack of access to optimal treatment remain global problems
Investor presentation First nine months of 2017 Slide 33 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment The worldwide challenge of glycaemic control: remains a challenge – the rule of halves Mean HbA1C in ty
Slide 34: UKPDS: Tight glycaemic control reduces risk of complications
Investor presentation First nine months of 2017 Slide 34 UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications UK Prospective Diabetes Study 10-year follow-up: Risk reduction by lowering HbA1c by 1%-point Legacy effect of tight glycaemic control Diabetes- Peripheral r
Slide 35: Insulin is the ultimate care for people with diabetes
Investor presentation First nine months of 2017 Slide 35 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment Distribution of patients and value across intensification treatment classes Insulin GLP-1 OAD 100% Diet and exercise 80% 37% -cell function OAD
Slide 36: The insulin market is comprised of three segments
Investor presentation First nine months of 2017 Slide 36 The insulin market is comprised of three segments Insulin action profiles Global insulin volume market by segment tMU CAGR volume1: 4.4% 500 CAGR value1: 17.9% Fast-acting 450 400 34% 350 Fast-acting 300 34% Premix 250 26% 200 Premix 29% 150 L
Slide 37: Medications used for the treatment of type 2 diabetes
Investor presentation First nine months of 2017 Slide 37 Medications used for the treatment of type 2 diabetes Commonly prescribed product classes for the treatment of type 2 diabetes HbA1C Hypoglycae- Weight Dosing Contraindication/ Class CVD risk change mia risk change (pr. day) undesired effects
Slide 38: Solid position in the diabetes care market across all regions
Investor presentation First nine months of 2017 Slide 38 Solid position in the diabetes care market across all regions with leading insulin market share Diabetes care value Diabetes care value Insulin volume Insulin volume Regions market composition market share market composition market share 31% 3
Slide 39: Stable global insulin volume growth
Investor presentation First nine months of 2017 Slide 39 Stable global insulin volume growth Regional insulin volume growth Regional insulin volume market split North America Reg Europe Reg AAMEO Reg China North America Reg Europe Reg J&K Reg AAMEO Reg J&K Reg LATAM World Reg China Reg LATAM 100% 3%
Slide 40: Maintaining global insulin leadership
Investor presentation First nine months of 2017 Slide 40 Maintaining global insulin leadership by sustaining modern and new-generation insulin market share Novo Nordisk global volume market share across insulin classes class volume Novo Nordisk class MS (%) tMU Human insulin1 tMU Modern and new- tMU
Slide 41: Strong underlying insulin market growth and sustained global volume market share
Investor presentation First nine months of 2017 Slide 41 Strong underlying insulin market growth and sustained global volume market share Global modern and new-generation insulin Global insulin market volume market shares Device penetration Modern insulin penetration1 Novo Nordisk Sanofi Eli Lilly t
Slide 42: Continued global single digit volume growth within modern insulin segments
Investor presentation First nine months of 2017 Slide 42 Continued global single digit volume growth within the modern insulin segments Fast-acting insulin Premix insulin Long-acting insulin Segment volume Segment volume Segment volume Levemir® share NovoRapid® market share NovoMix® market share Tre
Slide 43: Novo Nordisk is now the market leader in the US modern insulin segment
Investor presentation First nine months of 2017 Slide 43 Novo Nordisk is now the market leader in the US within the modern and new-generation insulin segment Modern insulin and new-generation insulin US insulin market by segment volume market shares in the US Device penetration Modern Insulin penetr
Slide 44: Modern and new generation insulins maintain market share in the US
Investor presentation First nine months of 2017 Slide 44 Novo Nordisk’s modern and new generation insulins maintain market share in the US insulin market US fast-acting insulin US premix insulin US long-acting insulin Segment volume Segment volume Segment volume Levemir® share NovoLog® share NovoLog
Slide 45: US health insurance is dominated by few large commercial payers
Investor presentation First nine months of 2017 Slide 45 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage US population by health insurance status In 2016, PBMs covered 266 million lives and expected to remain stable in coming years the
Slide 46: Sustained leadership position in the European insulin market
Investor presentation First nine months of 2017 Slide 46 Sustained leadership position in the European modern and new-generation insulin market European modern insulin and new-generation European insulin market by segment insulin volume market shares Device penetration MI and NGI penetration Novo No
Slide 47: Stable leadership position in Region AAMEO
Investor presentation First nine months of 2017 Slide 47 Stable leadership position in Africa, Asia, Middle-East and Oceania (Region AAMEO) Region AAMEO modern and new-generation Region AAMEO insulin market by segment insulin volume market shares Device penetration MI and NGI penetration Novo Nordis
Slide 48: Solid market leadership position in Japan & Korea
Investor presentation First nine months of 2017 Slide 48 Solid market leadership position in Japan & Korea Japan & Korea modern and new-generation Japan & Korea insulin market by segment insulin volume shares Device penetration MI and NGI penetration Novo Nordisk Sanofi Eli Lilly tMU CAGR volume1: 0
Slide 49: Solid Tresiba performance strengthens basal insulin market share in Japan
Investor presentation First nine months of 2017 Slide 49 Solid Tresiba® performance strengthens basal insulin market share in Japan Japanese basal value market shares Japanese total insulin value market shares Tresiba® Levemir® glargine U100 glargine U300 Novo Nordisk Eli Lilly Sanofi NPH biosimilar
Slide 50: Solid growth in the Chinese insulin market
Investor presentation First nine months of 2017 Slide 50 Solid growth in the Chinese insulin market Chinese insulin market by segment Chinese insulin volume market shares Device penetration Modern insulin penetration Novo Nordisk Eli Lilly Tonghua Dongbao tMU CAGR volume1: 11.3% Penetration Sanofi G
Slide 51: Continued growth in the long-acting insulin segment
Investor presentation First nine months of 2017 Slide 51 Continued growth in the long-acting insulin segment Chinese insulin market by segment Chinese total insulin value market shares Device penetration Modern insulin penetration Novo Nordisk Eli Lilly Tonghua Dongbao bDKK Penetration Sanofi Gan &
Slide 52: Strengthened insulin volume market share in Latin America
Investor presentation First nine months of 2017 Slide 52 Strengthened insulin volume market share in Latin America Latin America modern and new-generation Latin America insulin market by segment insulin volume shares Device penetration Modern insulin penetration Novo Nordisk Eli Lilly Sanofi tMU CAG
Slide 53: GLP-1 effect dependent on level of blood glucose
Investor presentation First nine months of 2017 Slide 53 GLP-1 effect dependent on level of blood glucose GLP-1 mechanism of action when blood GLP-1 lowers blood glucose in patients sugar levels increase with type 2 diabetes • Increases insulin secretion in the pancreas Glucose Type 2 diabetes patie
Slide 54: The GLP-1 segment accounts for 11% of global diabetes market value
Investor presentation First nine months of 2017 Slide 54 The GLP-1 segment accounts for 11% of global diabetes market value GLP-1 value and patient share of the total Global GLP-1 market diabetes market GLP-1 value Victoza® dulaglutide Share of total Share of total GLP-1 value share of total diabete
Slide 55: Strong GLP-1 volume growth in all regions
Investor presentation First nine months of 2017 Slide 55 Strong GLP-1 volume growth in all regions Regional GLP-1 volume growth Regional GLP-1 volume market split North America Region Europe Region China North America Region Europe Region AAMEO Region J&K Region AAMEO Region LATAM World Region China
Slide 56: GLP-1 segment in North America
Investor presentation First nine months of 2017 Slide 56 The GLP-1 segment accounts for 13% of total diabetes care market value in North America North America GLP-1 market Key observations for Victoza® in the US market GLP-1 value Victoza® dulaglutide Share of total in bDKK exenatide other diabetes
Slide 57: GLP-1 segment in Europe
Investor presentation First nine months of 2017 Slide 57 The GLP-1 segment accounts for around 10% of total diabetes care market value in Europe European GLP-1 market Victoza® value market share in Europe GLP-1 value Victoza® dulaglutide Share of total GLP-1 value Victoza® dulaglutide in bDKK exenat
Slide 58: GLP-1 segment in Region AAMEO
Investor presentation First nine months of 2017 Slide 58 The GLP-1 segment accounts for 2% of total diabetes care market value in Region AAMEO Region AAMEO GLP-1 market Victoza® value market share in Region AAMEO GLP-1 value Victoza® dulaglutide Share of total GLP-1 value Victoza® dulaglutide in bDK
Slide 59: GLP-1 segment in China
Investor presentation First nine months of 2017 Slide 59 The GLP-1 segment accounts for around 1% of the total diabetes care market value in China China GLP-1 market Victoza® value market share in China GLP-1 value Victoza® exenatide Share of total GLP-1 value Victoza® exenatide in bDKK diabetes car
Slide 60: GLP-1 segment in Japan & Korea
Investor presentation First nine months of 2017 Slide 60 The GLP-1 segment accounts for around 4% of the total diabetes care market in Japan & Korea Japan & Korea GLP-1 market Victoza® value market share in Japan & Korea GLP-1 value Victoza® dulaglutide Share of total GLP-1 value Victoza® dulaglutid
Slide 61: Strong Victoza market leadership in Latin America
Investor presentation First nine months of 2017 Slide 61 Strong Victoza® market leadership in Latin America Latin America GLP-1 market Victoza® value market share in Latin America GLP-1 value Victoza® dulaglutide Share of total GLP-1 value Victoza® dulaglutide in bDKK exenatide other diabetes care m
Slide 62: Victoza maintains a 14% value market share
Investor presentation First nine months of 2017 Slide 62 Victoza® maintains a 14% value market share in the GLP-1, SGLT-2 and DPP-IV segment Segment value Share of segment value growth Segment value market shares DKK Victoza® Other GLP-1 SGLT-2 DPP-IV billion 220 100% 100% 200 11% 13% 180 80% 80% CA
Slide 63: Key Novo Nordisk diabetes care products remain broadly available in the US
Investor presentation First nine months of 2017 Slide 63 Key Novo Nordisk diabetes care products remain broadly available in the US Value market shares of key % share of unrestricted market access of key Novo Nordisk products in the US Novo Nordisk products in the US Value market Victoza® NovoLog® L
Slide 64: Product portfolio covers the type 2 diabetes treatment cascade
Investor presentation First nine months of 2017 Slide 64 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment cascade1 Overview of current and future products in Novo Nordisk’s diabetes portfolio When basal insulin is not enough When When it's time metformin is for
Slide 65: R&D pipeline: Diabetes, obesity and other areas
Investor presentation First nine months of 2017 Slide 65 R&D pipeline: Diabetes, obesity and other areas Product/project Type Indication Status (phase) 1 2 3 Filed Appr. Semaglutide (NN9535) Once-weekly GLP-1 analogue Type 2 Oral semaglutide (NN9924) Once-daily oral GLP-1 analogue Type 2 Semaglutide
Slide 66: Tresiba demonstrated CV safety and reduced severe hypoglycaemia in DEVOTE
Investor presentation First nine months of 2017 Slide 66 Tresiba® demonstrated CV safety and reduced severe hypoglycaemia risk vs insulin glargine U100 in DEVOTE trial Non-inferiority of Tresiba® vs insulin glargine U100 was confirmed for time to first MACE Key results and next step Patients with an
Slide 67: Tresiba shows lower rate of hypoglycaemia in SWITCH trials
Investor presentation First nine months of 2017 Slide 67 Tresiba® shows lower rate of hypoglycaemia than insulin glargine U100 in SWITCH trials SWITCH 1 – type 1 diabetes SWITCH 2 – type 2 diabetes Hypoglycaemic Hypoglycaemic Tresiba® glargine U100 events per 100 PYE events per 100 PYE -30%* 3,000 -
Slide 68: Victoza reduced major adverse cardiovascular events in LEADER
Investor presentation First nine months of 2017 Slide 68 Victoza® statistically significantly reduced the risk of major adverse cardiovascular events in the LEADER trial 13% reduction in 3-point MACE with Victoza® compared with placebo Key results Patients1 with an Victoza® placebo • Superiority of
Slide 69: Semaglutide reduced major cardiovascular events by 26% in SUSTAIN 6
Investor presentation First nine months of 2017 Slide 69 Semaglutide significantly reduced the risk of major cardiovascular events with 26% vs placebo in SUSTAIN 6 Semaglutide demonstrated 26% reduction in composite CV outcome compared with placebo Key results and next step Patients with an semaglut
Slide 70: Semaglutide reduction in HbA1c vs comparators in phase 3a trials
Investor presentation First nine months of 2017 Slide 70 Semaglutide demonstrated a statistically significant reduction in HbA1c vs comparators in the phase 3a trials Comparison of HbA1c lowering effect in phase 3a SUSTAIN trials Sema 1 mg Sema 0.5 mg Placebo1 Sitagliptin 100 mg Exenatide QW Insulin
Slide 71: Semaglutide reduction in weight vs comparators in phase 3a trials
Investor presentation First nine months of 2017 Slide 71 Semaglutide demonstrated a statistically significant reduction in weight vs comparators the the phase 3a trials Comparison of weight reductions in phase 3a SUSTAIN trials Sema 1 mg Sema 0.5 mg Placebo1 Sitagliptin 100 mg Exenatide QW Insulin g
Slide 72: Phase 2 trial with semaglutide for NASH
Investor presentation First nine months of 2017 Slide 72 Phase 2 trial with semaglutide for NASH initiated in November 2016 Once-daily semaglutide vs. placebo in patients with NASH trial design Phase 2 trial purpose and endpoints • Purpose: To compare the effects of semaglutide Semaglutide 0.4 mg sc
Slide 73: Competitive Tresiba label across all three triad markets
Investor presentation First nine months of 2017 Slide 73 Competitive Tresiba® label across all three triad markets Tresiba® label characteristics in triad markets US Europe Japan • Duration of action up to 26 hours in • Half-life of 25 hours and duration of • Duration of action beyond 42 hours Japan
Slide 74: Competitive labels for Xultophy in both the US and EU
Investor presentation First nine months of 2017 Slide 74 Competitive labels for Xultophy® in both the US and EU US – Xultophy® 100/3.6 Europe - Xultophy® • Adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes mellitus inadequately controlled on basal • Xultophy® i
Slide 75: Competitive labels for Fiasp in both the US and EU
Investor presentation First nine months of 2017 Slide 75 Competitive labels for Fiasp® in both the US and EU US – Fiasp® Europe - Fiasp® • Postmeal dosing • Postmeal dosing Dosing • Method of administration (SC, IV) • Method of administration (SC, CSII (pump), IV) • Hypoglycaemia may occur earlier c
Slide 76: Xultophy has documented strong efficacy across the treatment cascade
Investor presentation First nine months of 2017 Slide 76 Xultophy® has documented strong efficacy across the treatment cascade Xultophy® key clinical results DUAL I DUAL II DUAL III DUAL IV DUAL V DUAL VI1 DUAL VII Add-on to Add-on to Switch from GLP- Add-on to SU ± Switch from Once vs. twice IDegLi
Slide 77: Oral semaglutide reduced HbA1c and body weight in phase 2 trial
Investor presentation First nine months of 2017 Slide 77 Oral semaglutide reduced HbA1c and body weight in a 26-week phase 2 trial in type 2 diabetes HbA1c reduction from a mean baseline of 7.9% Weight loss from a mean base line of 92 kg Placebo Sema 2.5 mg Sema 5 mg Sema 10 mg Sema 20 mg Sema 40 mg
Slide 78: PIONEER trials for oral semaglutide
Investor presentation First nine months of 2017 Slide 78 PIONEER trials for oral semaglutide 2016 2017 2018 PIONEER 1: monotherapy 26 weeks, n=704 PIONEER 2: vs empagliflozin 52 weeks, n=816 PIONEER 3: vs sitagliptin 78 weeks, n=1,860 PIONEER 4: vs liraglutide 52 weeks, n=690 PIONEER 5: moderate ren
Slide 79: Liver-preferential meal time insulin analogue
Investor presentation First nine months of 2017 Slide 79 Liver-preferential meal time insulin analogue has potential to reduce hypoglycaemia and weight gain Rationale and expected benefits of The liver is important for insulin action physiologically distributed insulin sc insulin sc liver-preferenti
Slide 80: Significant unmet need in obesity management
Investor presentation First nine months of 2017 Slide 80 Significant unmet need in obesity management Insufficient treatment options Significant gaps in obesity treatment Mean 100% weight loss All people with obesity Bariatric surgery High Medium Anti-obesity medication with weight loss of 5-10% Low
Slide 81: Small but growing market for anti-obesity medication in the US
Investor presentation First nine months of 2017 Slide 81 Small but growing market for anti-obesity medication in the US Total anti-obesity market value The US obesity burden AOM value • Cost of obesity to health care systems of USD 147 billion in mUSD annually with continued growth1 700 600 • Around
Slide 82: Continued global roll-out of Saxenda
Investor presentation First nine months of 2017 Slide 82 Continued global roll-out of Saxenda® Saxenda® value share of anti-obesity medications in selected countries The global obesity potential Mexico Australia USA Canada Germany Italy Brazil Denmark Saxenda® and obesity pipeline Spain • Saxenda® i
Slide 83: Steady prescription uptake for Saxenda in the US
Investor presentation First nine months of 2017 Slide 83 Steady prescription uptake for Saxenda® in the US Prescription volume uptake of anti-obesity medications (AOM) recently launched in the US Key observations TRx Contrave® Belviq® • Saxenda® is the leader in value market share at ~53% Volume (00
Slide 84: Saxenda targeted at patients with BMI ≥35 and comorbidities
Investor presentation First nine months of 2017 Slide 84 Saxenda® targeted at patients with BMI ≥35 and weight-related comorbidities Saxenda® market approach Saxenda® launch execution Aspiration Focus on patients with BMI Clear patient ≥35 with weight-related segmentation comorbidities Focus on curr
Slide 85: Competitive label for Saxenda
Investor presentation First nine months of 2017 Slide 85 Competitive label for Saxenda® US – Saxenda® Europe - Saxenda® • Approved for chronic weight mgmt. in individuals with a BMI≥30, or • Approved for weight management in individuals with a BMI≥30, or ≥27 in the presence of at least one weight re
Slide 86: Novel obesity compounds in phase 1 development
Investor presentation First nine months of 2017 Slide 86 Novel obesity compounds in phase 1 development may have complimentary modes of action Key features of compounds in phase 1 development for obesity G530S – NN9838 – NN9499 – NN9747 – PYY NN9277 – GG- NN9423 – Tri- Compound Glucagon Amylin FGF21
Slide 87: Biopharmaceuticals
Investor presentation First nine months of 2017 Slide 87 Biopharmaceuticals
Slide 88: Haemophilia: Location of bleedings and the consequences
Investor presentation First nine months of 2017 Slide 88 Haemophilia: Location of bleedings and the consequences Locations Consequences of bleedings • Bleeding in the joint space causes a strong inflammatory reaction which predisposes to further bleeding Head and neck Nose and gums • Inadequate or d
Slide 89: Haemophilia is a rare disease with severe unmet medical needs
Investor presentation First nine months of 2017 Slide 89 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B Low diagnosis and treatment rates and haemophilia with inhibitors within haemophilia Number of Average percentage of people people (000) wi
Slide 90: Global haemophilia market is growing by high-single digit
Investor presentation First nine months of 2017 Slide 90 Global haemophilia market is growing by high-single digit Strategic positioning of Novo Nordisk’s Sales of recombinant coagulation factors haemophilia portfolio NovoSeven® Recombinate®/Advate® Idelvion® Novo Nordisk Coagil VII® Kogenate®/Helix
Slide 91: NovoSeven − a unique biologic for rare bleeding disorders
Investor presentation First nine months of 2017 Slide 91 NovoSeven® − a unique biologic for the treatment of rare bleeding disorders NovoSeven® reported quarterly sales Key NovoSeven® properties DKK • Product characteristics: powder and solvent for solution billion for intravenous injection, availab
Slide 92: NovoEight is launched in the US, Europe and Japan
Investor presentation First nine months of 2017 Slide 92 NovoEight® is launched in the US, Europe and Japan for the treatment of people with haemophilia A Example from NovoEight® promotional campaign1 NovoEight® properties and launch performance Indications: • Treatment and prophylaxis of bleeding i
Slide 93: R&D pipeline: Haemophilia and growth disorders
Investor presentation First nine months of 2017 Slide 93 R&D pipeline: Haemophilia and growth disorders Product/project Type Indication Status (phase) 1 2 3 Filed Appr. N8-GP (NN7088)1 GlycoPEGylated long-acting rFVIII Haemophilia A Concizumab (NN7415)2 Monoclonal anti-TFPI Haemophilia A, B and with
Slide 94: N8-GP reduces median bleeding rate in phase 3 trial
Investor presentation First nine months of 2017 Slide 94 N8-GP administered every fourth day reduces median bleeding rate to 1.3 episode per year in phase 3 trial N8-GP phase 1 pharmacokinetics Pathfinder 2 headline results (phase 3) FVIII activity FVIII N8-GP • PK documented single dose half-life o
Slide 95: Novo Nordisk maintains leadership within human growth hormone market
Investor presentation First nine months of 2017 Slide 95 Novo Nordisk maintains leadership within human growth hormone market Development in global human growth hormone market Human growth hormone volume market share DKK MAT volume kg MAT value DKK Novo Nordisk Pfizer Sandoz billion kg Eli Lilly Mer
Slide 96: Solid Norditropin sales growth
Investor presentation First nine months of 2017 Slide 96 Solid Norditropin® sales growth Norditropin® reported quarterly sales Key Norditropin® properties DKK • Product characteristics: Premixed, prefilled multi-use billion delivery systems available in multiple strengths, and stable CAGR1 2.2% 2.5
Slide 97: Financials
Investor presentation First nine months of 2017 Slide 97 Financials
Slide 98: Sales have been growing by 11% on average throughout the last decade
Investor presentation First nine months of 2017 Slide 98 Sales have been growing by 11% on average throughout the last decade Sales growth in local currencies Operating profit growth in local currencies 2007–2016 2007–2016 Sales growth Average growth Operating profit growth Average growth 30% 30% 18
Slide 99: Solid sales growth driven by the US
Investor presentation First nine months of 2017 Slide 99 Solid sales growth driven by the US Reported annual sales 2012-2016 Reported annual sales split by region DKK Diabetes Biopharmaceuticals North America Region Europe Region AAMEO billion Region China Region J&K Region LATAM 120 CAGR1 9.4% Thou
Slide 100: Victoza accounts for 20% of total sales in the first nine months of 2017
Investor presentation First nine months of 2017 Slide 100 Victoza® accounts for 20% of total sales in the first nine months of 2017 Reported sales split by product segments for Reported sales split by selected key products the first nine months of 2017 for the first nine months of 2017 New-generatio
Slide 101: Solid operating profit growth driven by diabetes
Investor presentation First nine months of 2017 Slide 101 Solid operating profit growth driven by diabetes Operating profit Operating profit therapy split DKK Operating profit Operating profit as % of sales Diabetes Biopharm billion Reported operating profit growth 60 Operating profit growth in loca
Slide 102: Higher profitability in the biopharmaceuticals segment
Investor presentation First nine months of 2017 Slide 102 Higher profitability in the biopharmaceuticals segment driven by lower COGS and S&D Diabetes & Obesity P&L – full year 2016 Biopharmaceuticals P&L – full year 2016 DKK DKK billion Sales ratios billion Sales ratios 100 30 -15% 80 -28% 24 -12%
Slide 103: Stable COGS level as % of sales and increasing CAPEX level
Investor presentation First nine months of 2017 Slide 103 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK COGS as % of sales DKK CAPEX as % of sales billion COGS billion CAPEX 20 25% 8 8% Thousands 7 7% 20% 15 6 6% 15% 5 5% 10 4 4%
Slide 104: Long term financial targets: Operating profit growth and operating margin
Investor presentation First nine months of 2017 Slide 104 Long term financial targets: Operating profit growth and operating margin Operating profit growth Operating margin New long term financial target1 Previous long term financial targets 40% Previous long term financial targets 45% 30% 30% 20% 1
Slide 105: Long term financial targets: Operating profit after tax and cash to earnings
Investor presentation First nine months of 2017 Slide 105 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings Operating profit after tax to Cash to earnings net operating assets (three year average) New long term financial target1 New long term financ
Slide 106: Key assumptions supporting the long term financial target
Investor presentation First nine months of 2017 Slide 106 Key assumptions supporting the long term financial target of an average of 5% operating profit growth1 Expected future sales drivers Expected future cost drivers • Continued underlying 3-4% volume growth • 1-3 percentage points decline expect
Slide 107: Stable ownership structure
Investor presentation First nine months of 2017 Slide 107 Stable ownership structure - secured through A and B-share structure Share structure The Novo Nordisk Foundation • The Novo Nordisk Foundation is a self-governing institution Novo Nordisk Foundation that: Institutional and private • provides
Slide 108: Sustainability
Investor presentation First nine months of 2017 Slide 108 Sustainability The Novo Nordisk Way The Triple Bottom Line Business Principle Financially responsible Socially Environmentally responsible responsible We build on the purpose set by our founders and live by their The Triple Bottom Line Princi
Slide 109: 2016 performance towards achieving long-term sustainability goals
Investor presentation First nine months of 2017 Slide 109 2016 performance towards achieving long-term sustainability goals Working the Share of renewable Novo Nordisk Way1 power for production Operating profit growth Scale Realised Target % Realised Target3 Growth Realised Target4 5 100 35% Previou
Slide 110: Cities Changing Diabetes aims to break the 'Rule of Halves'
Investor presentation First nine months of 2017 Slide 110 Cities Changing Diabetes aims to break the ‘Rule of Halves’ and stop urban diabetes from ruining millions of lives Global partnerships to develop an approach Eight partner cities are addressing to fight urban diabetes the threat of urban diab
Slide 111: Novo Nordisk is committed to the continued development of its employees
Investor presentation First nine months of 2017 Slide 111 Novo Nordisk is committed to the continued development of its employees Employee health and safety and engagement Novo Nordisk is committed to building a are key focus areas for management diverse and inclusive organisation Management All man