Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — FY2023 Earnings Presentation
163 slides from Novo Nordisk A/s Class B's earnings presentation, Jan 31, 2024
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation First six months of 2023 Novo Nordisk –a focused healthcare company Investor presentation Full year 2023 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation Full year 2023 Novo Nordisk® Progress on Strategic Aspirations 2025 Agenda Agenda Commercial execution Innovation and therapeutic focus Financials
Slide 3: Forward-looking statements
3 Investor presentation Full year 2023 Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2023 and Form 20-F, which both were filed with the SEC in January 2024 in continuat
Slide 4: Strategic Aspirations 2025 | Highlights full year 2023
4 Investor presentation Full year 2023 Novo Nordisk® Strategic Aspirations 2025 | Highlights full year 2023 Light blue indicates developments in Q4 2023 Progress towards zero environmental impact Further raise innovation bar for Diabetes treatment • Carbon emissions decreased by 34% vs 20191 • FLOW
Slide 5: Sales growth of 36% driven by both operating units
5 Investor presentation Full year 2023 Novo Nordisk® Sales growth of 36% driven by both operating units Reported geographic sales split for the full year 2023 Reported therapy area sales and growth for the full year 2023 DKK Insulin GLP-1 Other diabetes DKK North America Operations International Ope
Slide 6: Diabetes value market leadership reached 33.8%
6 Investor presentation Full year 2023 Novo Nordisk® Diabetes value market leadership reached 33.8% Novo Nordisk global diabetes value market shares Diabetes value market leadership expansion driven by the GLP-1 franchise 60% Diabetes GLP-1 Insulin 54.9% 54.8% Diabetes care sales grew by 29% (CER) w
Slide 7: International Operations diabetes care sales growth is driven by GLP-1 performance
7 Investor presentation Full year 2023 Novo Nordisk® International Operations diabetes care sales growth is driven by GLP-1 performance Reported Diabetes care sales and growth per IO geography GLP-1 patients and value market share in IO DKK Number of Value billion Insulin GLP-1 Growth at CER patient
Slide 8: GLP-1 class expansion in the US in 2023
8 Investor presentation Full year 2023 Novo Nordisk® GLP-1 class expansion in the US in 2023 US GLP-1 weekly NBRx prescriptions US GLP-1 TRx market share Weekly NBRx Total GLP-1 SUs TRx share scripts (‘000s) (millions) Class growth: >30% 90 80% 7 6 60% 53.5% 5 60 43.6% 4 40% 3 30 24.2% 2 20% 21.6% 6
Slide 9: Obesity care sales grew by 154% in 2023 mainly driven by the US
9 Investor presentation Full year 2023 Novo Nordisk® Obesity care sales grew by 154% in 2023 mainly driven by the US NN sales and volume BAOM market growth Branded AOM TRx in the US2 within Obesity care DKK billion TRx count (‘000s) 55%1 84%1 154%1 160 15 120% 116% 147 The US 12 95% • The supply of
Slide 10: Rare disease sales decreased by 15% driven by reduction in manufacturing output
10 Investor presentation Full year 2023 Novo Nordisk® Rare disease sales decreased by 15% driven by reduction in manufacturing output Reported Rare disease sales Rare disease sales driven by global commercial execution DKK billion Growth at CER Rare disease sales decrease is driven by: 20 -15% 3% 6%
Slide 11: Phase 3a trial with IcoSema successfully completed
11 Investor presentation Full year 2023 Novo Nordisk® Phase 3a trial with IcoSema successfully completed IcoSema vs Insulin glargine U100 and insulin apart in subjects w/T2D Headline trial results Change in HbA1C Change in body weight N=679 IcoSema ± OAD(s) Mean baseline HbA1c: 8.3% Mean baseline bo
Slide 12: R&D milestones
12 Investor presentation Full year 2023 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q4 2023 H1 2024 H2 2024 Diabetes care Icodec EU/JP/CN/US decision IcoSema Phase 3 results FLOW kidney outcomes trial Phase 3 results STRIDE Phase 3 results SOUL CVOT Phase 3 resul
Slide 13: Financial results – Full year of 2023
13 Investor presentation Full year 2023 Novo Nordisk® Financial results – Full year of 2023 Change Change 2023 2022 In DKK million (reported) (CER) Sales 232,261 176,954 31% 36% Gross profit 196,496 148,506 32% 37% Gross margin 84.6% 83.9% Sales and distribution costs (56,743) (46,217) 23% 26% Perce
Slide 14: Step-up in CAPEX to meet demand for current and future products
14 Investor presentation Full year 2023 Novo Nordisk® Step-up in CAPEX to meet demand for current and future products CAPEX investments Ensure readiness to meet future demands DKK billion 48 ~45 42 11% 36 9% 7% 7% 7% 30 5% 26 4% • Capital expenditure is expected to be around DKK 45 24 billion in 202
Slide 15: Attractive capital allocation to shareholders
15 Investor presentation Full year 2023 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion • Return of free cash flow through both share buybacks and dividends 70 • For 2023, the total dividend per share increased 51.6% to DK
Slide 16: Financial outlook for 2024
16 Investor presentation Full year 2023 Novo Nordisk® Financial outlook for 2024 Expectations 31 January 2024 Sales growth – at CER 18% to 26% Sales growth - reported Around 1 percentage point lower Operating profit growth – at CER 21% to 29% Operating profit growth - reported Around 2 percentage po
Slide 17: Strategic aspirations 2025
17 Investor presentation Full year 2023 Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for obesity sustainab
Slide 18: Investor contact information
18 Investor presentation Full year 2023 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen Novo Nordisk A/S under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Investor Relat
Slide 19: Appendix
19 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk corporate strategy 20 Diabetes care 34 GLP-1 43 Insulin 51 Appendix Obesity care 56 Rare disease 80 Cardiovascular & Emerging Therapy Areas 93 Regional information 111 Financials 141 Sustainability 149
Slide 20: Novo Nordisk Corporate Strategy
20 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk Corporate Strategy Diabetes Obesity Strengthen leadership by Strengthen leadership through offering innovative medicines market development and by and driving patient offering innovative medicines outcomes and driving patient outcome
Slide 21: Opportunity in large unmet needs across all therapy areas
21 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk’s opportunity is in the large unmet needs across all therapy areas in scope Diabetes care Obesity care 537m people with ~15% >764m people with ~2% of people in of people medically diabetes1 good control2 obesity3 treated Rare disease
Slide 22: Leading positions in diabetes, obesity and haemophilia
22 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1200 #1 50% 80 #1 120% 100 #3 50% 1000 100% 40% 80 40% 60 800 80% 30% 60 30% 600 40 60% 20% 40 20%
Slide 23: Sales growth of 36%, driven by the GLP-1 portfolio
23 Investor presentation Full year 2023 Novo Nordisk® Sales growth of 36%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the full Reported sales and growth breakdown for DKK by therapy year 2023 the full year 2023 billion Sa
Slide 24: Sales growth driven by both NAO and IO
24 Investor presentation Full year 2023 Novo Nordisk® Sales growth of 36%, driven by both NAO and IO with 54% and 16% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown for the full year 2023 Total in DKK billion 111.8 177.0 232.3 Sales Share of Re
Slide 25: Solid patent protection and competitive advantages
25 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk holds solid patent protection and competitive advantages Novo Nordisk’s position is protected by patents and value chain setup Novo Nordisk holds competitive advantages compared to biosimilars EU/US patent protection1 2031/322 Resear
Slide 26: Partnerships and acquisitions support future R&D
26 Investor presentation Full year 2023 Novo Nordisk® Partnerships and acquisitions support future research and development 2019 2020 2021 2022 2023 Selected acquisitions Oral formulations of Novel treatment for Novel treatments for therapeutics CVD/Rare disease metabolic diseases Novel treatments f
Slide 27: Dicerna acquisition and RNAi technology
27 Investor presentation Full year 2023 Novo Nordisk® The acquisition of Dicerna Pharmaceuticals and their RNAi technology in 2021 provided access to intracellular targets Disease targets (expressed genes) Peptides and proteins ~5,000 extracellular targets Cell Engage on the RNAi temporary genetic ~
Slide 28: First two human dose initiations with Dicerna
28 Investor presentation Full year 2023 Novo Nordisk® First two human dose initiations with Dicerna in Q4 2022 in line with ambition presented at Capital Markets Day 2022 First two phase 1 trials in MASH with siRNA technology initiated Novo Nordisk and Dicerna • After a productive partnership since
Slide 29: Core capabilities provide a competitive advantage
29 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk’s core capabilities provide a competitive advantage to continue to defeat diabetes Engineering, formulating, Efficient large-scale Global commercial reach and Deep disease developing and delivering production of proteins leader in ch
Slide 30: Technology platforms across therapy areas
30 Investor presentation Full year 2023 Novo Nordisk® Core capabilities and additional technology platforms open up new opportunities across therapy areas Technology platforms Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy Diabetes care Obesity care CVD Therapy
Slide 31: Faster timelines to enable a robust development pipeline
31 Investor presentation Full year 2023 Novo Nordisk® Human data-driven decision-making with faster timelines to enable a robust development pipeline Speed up time to reach FHD and increase number of phase 1 assets Future Research & early development trends for Novo Nordisk ILLUSTRATIVE • More first
Slide 32: Pipeline across four strategic focus areas
32 Investor presentation Full year 2023 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1845 – GSI NN9506 – GELA NN1535 – Icosema NN1436 – Insulin Icodec Tresiba® NN1471 – Pumpinsulin NN9440 – INV-202
Slide 33: Global manufacturing setup
33 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk has a global manufacturing setup Local production All products API, fill and finish Russia API, fill and finish Fill and finish Japan Iran Algeria Fill and finish Fill and finish Product Supply value chain Research and Manufacturing
Slide 34: Diabetes care
34 Investor presentation Full year 2023 Diabetes care Disease and market 35 GLP-1 segment 43 Insulin segment 51 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 35: Diabetes – inability to manage blood sugar levels
35 Investor presentation Full year 2023 Novo Nordisk® Diabetes – the inability to manage blood sugar levels appropriately Facts about diabetes Insulin analogue action profiles Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot e
Slide 36: GLP-1s have positive effects beyond glycaemic control
36 Investor presentation Full year 2023 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control and treatment guidelines now reflect the CV risk benefits Medications for treatment of type 2 diabetes Updated ADA/EASD diabetes treatment guidelines Hypo Weight Cardiovascular effects Lifesty
Slide 37: Increased mortality risk and growing diabetic population
37 Investor presentation Full year 2023 Novo Nordisk® People with diabetes have increased mortality risk, and the diabetic population is expected to increase to 784 million by 2045 Diabetes is associated with shorter life expectancy The number of people with diabetes is expected to and lower quality
Slide 38: Unmet need within diabetes care remains large
38 Investor presentation Full year 2023 Novo Nordisk® The unmet need within diabetes care remains large with too few patients reaching glycaemic target and treated for complications 1 in 2 adults go undiagnosed and more treated patients Of the 537 million, 40.5 million1 people are currently treated
Slide 39: Diabetes requires treatment intensification over time
39 Investor presentation Full year 2023 Novo Nordisk® Diabetes is a chronic disease requiring treatment intensification over time Distribution of estimated prescriptions1 and value across treatment classes Diet and exercise 3% OAD 9% -cell function 49% 22% GLP-1 3% 13% 40% Insulin 14% 0.7% 5% 23% 1
Slide 40: Continued innovation supported by digital solutions
40 Investor presentation Full year 2023 Novo Nordisk® Better outcomes and broader reach can be accomplished through continued innovation, supported by digital solutions Novo Nordisk’s product portfolio follows the patient treatment journey • Innovation focused on oral GLP-1 Portfolio and pipeline an
Slide 41: Total branded diabetes market value
41 Investor presentation Full year 2023 Novo Nordisk® The total branded diabetes market has a global value of DKK ~420 billion annually DKK Global diabetes market DKK The USA billion billion 500 +21% +17% 2022/2023 2021/2022 Growth at CER 300 215 419 175 +41% 200 400 -25% 129 +39% 363 90 -18% 100 42
Slide 42: Leadership position within growing diabetes market
42 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk has a leadership position within the growing diabetes market Global diabetes market by treatment class1 Novo Nordisk remains global diabetes value Novo Nordisk market share and share of market leader growth DKK billion 500 Market CAG
Slide 43: GLP-1 mechanism of action and therapeutic opportunities
43 Investor presentation Full year 2023 Novo Nordisk® GLP-1 mechanism of action and potential therapeutic opportunities GLP-1 mechanism of action when blood Semaglutide holds a plethora of therapeutic opportunities1 sugar levels increase FOCUS - Diabetic retinopathy outcomes trial Diabetes Creates s
Slide 44: 55% of the global GLP-1 market
44 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk has 55% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions GLP-1 market growth and Novo Nordisk market share GLP-1 share of total estimated diabetes prescriptions1 is 6% Million prescriptions
Slide 45: SUSTAIN trials with subcutaneous semaglutide
45 Investor presentation Full year 2023 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 6 7 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% -0.1 -0.4 Change in -0.5 HbA1c (%) -0.8 -0.9 -1.1 * -1.1 * -1.2 * * -1.3 * -1.3 * * -1.4 * -1.4 * * * -1.5 * -1.5 * * -1.8 -1.8 -1.5 -1
Slide 46: Semaglutide 2.0 mg s.c. SUSTAIN FORTE
46 Investor presentation Full year 2023 Novo Nordisk® Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Data from SUSTAIN FORTE approved in the US and the EU Semaglutide 2.0 mg showed superior HbA1c reduc
Slide 47: PIONEER programme with oral semaglutide
47 Investor presentation Full year 2023 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 4 5 7 8 Baseline 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% -0.1 -0.1 -0.1 Change in -0.5 -0.6 * HbA1c (%) -0.7 -0.8 * -0.8 * * -1.0 -0.9 -1.1 -1.1 * -1.1 -1.3 * * -1.4 * -1.4 * -1.3 * -1.4 * -1.4 -1.
Slide 48: PIONEER PLUS achieved its primary endpoint
48 Investor presentation Full year 2023 Novo Nordisk® PIONEER PLUS achieved its primary endpoint and demonstrated statistically significant HbA1C reduction vs oral sema 14 mg Oral semaglutide 25 mg and 50 mg vs 14 mg in subjects with T2D Headline trial results Change in HbA1C Change in body weight O
Slide 49: CagriSema phase 2 trial in type 2 diabetes
49 Investor presentation Full year 2023 Novo Nordisk® Phase 2 trial for CagriSema in people with type 2 diabetes was successfully completed in Q3 2022 Exploratory phase 2a trial of CagriSema in T2D Headline trial results Cagrilintide 2.4 mg + semaglutide 2.4 mg Change in HbA1C Change in body weight
Slide 50: CagriSema REIMAGINE phase 3 programme
50 Investor presentation Full year 2023 Novo Nordisk® Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, was initiated in Q3 2023 CagriSema characteristics Global phase 3 trial programme REIMAGINE 1 • 180 patients with T2D vs placebo • 40-week vs. placebo • Primary endpoint: HbA1c
Slide 51: Global insulin market leadership at 45.4%
51 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk global insulin market leadership at 45.4% and the global insulin volume market declined by 2% North America Operations Global International Operations Market growth: -2.0% Market growth: -1.5% Market growth: -3.7% MS 45.4% MS: 48.0%
Slide 52: Insulin market size and market share
52 Investor presentation Full year 2023 Novo Nordisk® Insulin market size and Novo Nordisk volume and value market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 44% 256 -7.6% -0.7% 50% 45% 9% 40% 6% Long- -7.9% -0.7% 37% 129
Slide 53: Once-weekly insulin icodec
53 Investor presentation Full year 2023 Novo Nordisk® Once-weekly insulin icodec, a basal insulin intended for once- weekly treatment, may reduce the disease burden for patients Bringing the strongest value Insulin icodec phase 3 programme has been completed proposition to market ONWARDS 1 984 peopl
Slide 54: Insulin icodec ONWARDS phase 3 programme
54 Investor presentation Full year 2023 Novo Nordisk® Once-weekly insulin icodec appeared to be effective and to have a safe profile in the phase 3 ONWARDS programme ONWARDS 1 ONWARDS 3 ONWARDS 5 ONWARDS 2 ONWARDS 4 ONWARDS 6 BASAL INITIATION BASAL INITIATION BASAL INITIATION BASAL SWITCH BASAL/BOLU
Slide 55: Phase 3 trial programme for IcoSema, COMBINE
55 Investor presentation Full year 2023 Novo Nordisk® Phase 3 trial programme for IcoSema in T2D, COMBINE IcoSema characteristics Focused phase 3 trial programme COMBINE 1 • Initiated in Q2 2022 Post-basal insulin • 1290 patients* previously on basal-insulin IcoSema is a fixed dose combination • 52-
Slide 56: Obesity care
56 56 Investor presentation Full year 2023 Novo Nordisk® Obesity care Obesity disease background 58 57 Obesity market development 62 61 Innovation 63 62 MICHAEL PETERSEN Michael lives with obesity Denmark
Slide 57: More than 764 million people living with obesity
57 Investor presentation Full year 2023 Novo Nordisk® More than 764 million people are living with obesity, yet the narrative is changing Obesity is a global epidemic Obesity impacts both the individual and The obesity narrative is changing affecting more than 764 million people1 society at large Me
Slide 58: Patient-centric strategy for obesity
58 Investor presentation Full year 2023 Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement, and improve market access Million people >764 million people live with obesity 800 ~10% seek help ~2% are treated with an AOM ~2.5 million seen by obesi
Slide 59: Opportunity to activate more people with obesity
59 Investor presentation Full year 2023 Novo Nordisk® Large opportunity for activating more people with obesity to seek treatment and increasing the number of prescribers Wegovy® patient characteristics in the US 75% 80% 38 32% of patients new to anti- of patients are female Average BMI of patients
Slide 60: Patient access to anti-obesity medications is improving
60 Investor presentation Full year 2023 Novo Nordisk® Patient access to anti-obesity medications is improving in both the US and IO The ~50 million people having access to Wegovy® demonstrates the Restricted reimbursement for Saxenda® is progressing recognition of Obesity as a chronic disease EXAMPL
Slide 61: Global obesity market growth accelerating
61 Investor presentation Full year 2023 Novo Nordisk® Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth Obesity market growth and Novo Nordisk value market share Obesity market size and growth DKK billion 183% 180% ~164% 180% 65.4 1.2 140% 140% 164
Slide 62: STEP trials weight loss with semaglutide 2.4 mg
62 Investor presentation Full year 2023 Novo Nordisk® Across the STEP 1, 3, and 4 trials, a weight loss of 16.9% to 18.2% was reported for people treated with semaglutide 2.4 mg STEP 1 STEP 3 STEP 4 STEP 5 STEP 2 STEP 8 Weight Weight mgmt. Sustained weight management Weight loss over 2 Weight mgmt.
Slide 63: STEP 1 weight loss of up to 16.9%
63 Investor presentation Full year 2023 Novo Nordisk® In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% The pivotal STEP 1 trial showed greater than 16% weight loss Data from STEP 1 % change in body weight 0 • Average age 46 Placebo: -2.4% • 74.1% women • Average B
Slide 64: STEP 1 categorical weight loss and quality of life
64 Investor presentation Full year 2023 Novo Nordisk® In STEP 1, 34.8% of patients treated with sema reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus placebo in the
Slide 65: STEP 4 weight loss of up to 18.2%
65 Investor presentation Full year 2023 Novo Nordisk® In STEP 4, people treated with semaglutide had a superior weight loss of up to 18.2% STEP 4 showed significantly greater weight loss post run-in than placebo Data from STEP 4 % change in body weight Randomisation 0 • Average age 46 • 79% women •
Slide 66: STEP 4 categorical weight loss and quality of life
66 Investor presentation Full year 2023 Novo Nordisk® In STEP 4, 41.2% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life vs placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus placebo in t
Slide 67: STEP 5 sustained weight loss over 2 years
67 Investor presentation Full year 2023 Novo Nordisk® In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Data from STEP 5 Clinically relevant and sustained weight loss in patients with obesity or overweight 40% of patients lost ≥ 20% of their body weight Place
Slide 68: STEP 8 versus liraglutide 3.0 mg
68 Investor presentation Full year 2023 Novo Nordisk® In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg Data from STEP 8 STEP 8 observed mean change in body weight1 Mean baseline body weight: 104.5 kg 0 38.5% of patients lost ≥20% of their body weight
Slide 69: OASIS 1 trial of oral semaglutide 50 mg
69 Investor presentation Full year 2023 Novo Nordisk® The phase 3a OASIS 1 trial investigating oral semaglutide 50 mg in people with overweight or obesity was completed in Q2 2023 OASIS 1 trial design The trial included 660 patients with overweight or obesity Objective • To investigate superiority o
Slide 70: Oral semaglutide 50 mg OASIS 1 weight reduction
70 Investor presentation Full year 2023 Novo Nordisk® Oral semaglutide 50 mg in overweight or obesity demonstrated superior body weight reduction in the OASIS 1 phase 3 trial OASIS 1 showed significantly greater weight loss compared to placebo Categorical weight loss % at week 68 Mean baseline body
Slide 71: OASIS phase 3 trial programme
71 Investor presentation Full year 2023 Novo Nordisk® Phase 3 trial programme for oral semaglutide 50 mg in overweight or obesity, OASIS Oral semaglutide characteristics Focused phase 3 trial programme OASIS 1 • 667 patients 50 mg dose • 68 week Oral semaglutide 50mg: • Primary endpoint: BW % • Sema
Slide 72: CagriSema 20-week phase 1 trial
72 Investor presentation Full year 2023 Novo Nordisk® In a 20-week phase 1 trial, CagriSema showed weight loss of 17% and appeared to have a safe and well tolerated profile Weight loss for different doses of CagriSema in phase 1 The GI profile appeared similar to semaglutide 2.4 monotherapy Change i
Slide 73: CagriSema REDEFINE phase 3 programme
73 Investor presentation Full year 2023 Novo Nordisk® The CagriSema phase 3 programme, REDEFINE, was initiated in the Q4 2022 REDEFINE 1 trial design REDEFINE 2 trial design CagriSema 2.4 mg/2.4 mg1 N = 3400 N=1200 Cagrilintide 2.4 mg1 CagriSema 2.4 mg/2.4 mg1 R R Semaglutide 2.4 mg1 Placebo1 21:3:3
Slide 74: SELECT trial 20% MACE reduction
74 Investor presentation Full year 2023 Novo Nordisk® Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD SELECT trial with 17,604 people with BMI>27 and established CVD Objective • Demonstrate that semaglutide s.c. 2.4 mg OW low
Slide 75: SELECT addresses many comorbidities
75 Investor presentation Full year 2023 Novo Nordisk® The cardiovascular trial, SELECT, addresses many comorbidities that can be improved with weight management Improvements per weight loss bracket Weight loss (%) 30 >15% 20 10-15% 5-10% 10 0-5% 0 Hypertension X Dislipidaemia X Kidney disease X Card
Slide 76: STEP HFpEF phase 3 trial completed
76 Investor presentation Full year 2023 Novo Nordisk® Phase 3 trial STEP HFpEF with semaglutide 2.4 mg was successfully completed in Q2 2023 STEP HFpEF trial with 529 people with obesity and HFpEF STEP HFpEF Objective: • Evaluate the effect on HF specific symptoms, physical function and body weight
Slide 77: Superior improvement on KCCQ-CSS in STEP HFpEF
77 Investor presentation Full year 2023 Novo Nordisk® Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFpEF trial Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg Key highlights Mean baseline KCCQ-CSS s
Slide 78: STEP HFpEF-DM trial completed
78 Investor presentation Full year 2023 Novo Nordisk® The STEP HFpEF-DM trial was successfully completed in Q4 2023 and is to be included in the regulatory submission STEP HFpEF-DM trial with 610 people with obesity, HFpEF and T2D Trial design and next steps Dual primary endpoints: • Change in KCCQ
Slide 79: Oral amycretin phase 1 trial
79 Investor presentation Full year 2023 Novo Nordisk® Oral amycretin phase 1 trial was successfully completed in Q1 2024 Amycretin is a GLP-1 and amylin receptor Phase 1 single dose and multiple dose trial for co-agonist intended for oral delivery oral amycretin in obesity initiated in 2022 People l
Slide 80: Rare disease
80 80 Investor presentation Full year 2023 Novo Nordisk® Rare disease Rare Raredisease diseasebackground background 76 81 Rare Raredisease diseaseinnovation innovation 79 84 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 81: Building on a 40-year legacy in Rare disease
81 Investor presentation Full year 2023 Novo Nordisk® Building upon a 40-year legacy to capture the Rare disease strategic opportunity A strategy anchored in Rare blood and endocrine disorders Three strategic horizons towards 2030 Long-term Expand from core Medium-term Succeed with next- Short-term
Slide 82: Rare disease sales decreased by 15%
82 Investor presentation Full year 2023 Novo Nordisk® Rare disease sales decreased by 15%, driven by reduction in manufacturing output NovoSeven® and Norditropin® Global Rare disease franchise DKK account for ~66% of Rare disease sales DKK billion billion 25 25 1% 4% 1% -15% 1% 4% 1% -15% 20 20 6% 8
Slide 83: Haemophilia: unmet needs and competitive market
83 Investor presentation Full year 2023 Novo Nordisk® Haemophilia is a rare disease with severe unmet medical needs but the market is highly competitive Recombinant haemophilia product sales DKK billion 50 +15% 40 30 20 -0.1% +31% 10 0 2018 2022 2018 2022 2018 2022 Haemophilia with inhibitors Haemop
Slide 84: Explorer 7 trial of concizumab
84 Investor presentation Full year 2023 Novo Nordisk® Explorer 7 trial evaluated safety and efficacy of concizumab in 132 haemophilia A and B patients with inhibitors Concizumab binds TFPI, enabling Explorer 7 trial design thrombin generation and clot formation Concizumab 1) Maintained OnD treatment
Slide 85: Concizumab reduced bleeds in Explorer trial
85 Investor presentation Full year 2023 Novo Nordisk® In the Explorer 7 trial, concizumab reduced the number of bleeds in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Key highlights Efficacy 100 Median Mean • Median ABR was 0 for concizu
Slide 86: Explorer 8 trial with concizumab
86 Investor presentation Full year 2023 Novo Nordisk® Main part of the Explorer 8 trial with concizumab in people with HA or HB without inhibitors has been completed Explorer 8 trial design Key trial highlights 1 Maintained OnD treatment Efficacy Previously OnD treatment R • The trial met its primar
Slide 87: Mim8 phase 1/2 PK/PD interim data
87 Investor presentation Full year 2023 Novo Nordisk® Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Mim8 pharmacokinetic properties support Higher potency of Mim8 vs emicizumab weekly and monthly dosing enabling a low dosing volume 300 Mim8 con
Slide 88: Mim8 safety and exploratory efficacy
88 Investor presentation Full year 2023 Novo Nordisk® In the phase 1/2 trial, Mim8 appeared to have a well tolerated safety profile and read out with exploratory efficacy Low number of patients with treated bleeds after cohort 1 Mim8 safety characteristics Adverse events 10 Patients with bleeds per
Slide 89: Pivotal phase 3 trial with Mim8
89 Investor presentation Full year 2023 Novo Nordisk® The pivotal phase 3 trial with Mim8 was initiated in Q4 2022 Trial design FRONTIER 2: Mim8 phase 3 pivotal trial in ~260 adults & adolescents • Novel and accelerated design minimising time from phase 2 into phase 3. Dosing started in Q4 2022 No P
Slide 90: ~19% value market share in growth hormone disorder
90 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk has a value market share of ~19% in the global human growth disorder market Novo Nordisk value market share in the competitive hGH market A portfolio offering across markets Value MS% Sogroya® strategy • Once-weekly efficacious treat
Slide 91: Sogroya approved for paediatric GHD
91 Investor presentation Full year 2023 Novo Nordisk® Sogroya® was approved for paediatric growth hormone deficiency in US, EU and Japan in Q2 2023 Phase 3a trial results in children with GHD Key highlights Efficacy ETD (95% CI) = -0.5 (-1.1 ; 0.2) • Non-inferiority versus Norditropin® for the prima
Slide 92: Partnership with 2seventy bio in genome editing
92 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk and 2seventy bio extend partnership in next- generation genome editing for people with haemophilia A Lifelong correction via a unique modality Mode of action Potentially lifelong correction of FVIII deficiency Normal Double strand FV
Slide 93: Cardiovascular & Emerging Therapies
93 Investor presentation Full year 2023 Cardiovascular & Emerging Therapies The unmet needs 94 Cardiovascular disease 96 MASH 100 Alzheimer’s disease 105 Stem cells 108
Slide 94: Expanding into other serious chronic diseases
94 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk is expanding into other serious chronic diseases Serious chronic diseases are associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs Estimated patients • Patients with A
Slide 95: Patient overlaps guide focused approach in CVD
95 Investor presentation Full year 2023 Novo Nordisk® Large patient overlaps between diabetes, obesity, and CVD have guided the focused approach in CVD Population overlap between T2D, obesity and CVD Focused approach in CVD ILLUSTRATIVE Atherosclerosis Heart failure ASCVD + HF ASCVD Heart failure Tr
Slide 96: Late-stage CVD pipeline
96 Investor presentation Full year 2023 Novo Nordisk® Innovative late-stage CVD pipeline provides opportunities to make a difference for many patients Focus areas Examples of unmet needs in CVD pipeline Near-term Category Broader indications Stand-alone CVD Leverage broader CV indications to establi
Slide 97: Ziltivekimab phase 2b RESCUE trial
97 Investor presentation Full year 2023 Novo Nordisk® Ziltivekimab phase 2b RESCUE trial was successfully completed In the RESCUE trial, ziltivekimab QM showed reduction in hsCRP at all dose levels 2 % change1 0% 12 weeks of treatment End of treatment • In the RESCUE trial, Data from zilti RESCUE QM
Slide 98: ZEUS trial with ziltivekimab
98 Investor presentation Full year 2023 Novo Nordisk® ZEUS trial with ziltivekimab aims to validate the link between inflammation and major adverse cardiovascular events Phase 3 CVOT trial ZEUS with ziltivekimab Objective • To investigate the cardiovascular benefit of ziltivekimab in the Investigate
Slide 99: Ziltivekimab unmet need in ASCVD, CKD and inflammation
99 Investor presentation Full year 2023 Novo Nordisk® Ziltivekimab aspires to address an unmet need in more than 5 million people in patients with ASCVD, CKD and inflammation Ziltivekimab aspires to reduce MACE in Sub-header Critical (can be success factors to commercialise removed) ziltivekimab Sub
Slide 100: MASH is a progressive disease with no approved treatment
100 Investor presentation Full year 2023 Novo Nordisk® MASH is a progressive disease with no approved treatment and low diagnosis rates today MASH-Cirrhosis F4 MASH F3 NASH F3 MASH NASH F2 F2 MASH F1 NASH F1 Dead cell Inflamed/dying remnants hepatocyte Scar Inflamed/dying Excessive collagen tissue h
Slide 101: MASH patient journey and key barriers
101 Investor presentation Full year 2023 Novo Nordisk® MASH patient journey underscores key barriers to overcome for Novo Nordisk to be successful ~22 million people are expected Hurdles to live with MASH F2-F4c by 2030 Global patients (in millions) 25 Low disease No Inadequate patient No treatment
Slide 102: Supporting non-invasive tests for MASH diagnosis
102 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk is supporting use of non-invasive tests for MASH diagnosis Development and adoption of non-invasive tests (NITs) Novo Nordisk activities supporting non-invasive tests in MASH diagnosis Real world Liver biopsy NITs • Linking biomarke
Slide 103: Semaglutide phase 2 MASH resolution
103 Investor presentation Full year 2023 Novo Nordisk® In phase 2, semaglutide showed significant improvements in MASH resolution Semaglutide showed resolution of MASH with no worsening of Semaglutide showed numerical improvements in fibrosis and fewer fibrosis versus placebo in the phase 2 trial1 p
Slide 104: Phase 3a ESSENCE trial in MASH
104 Investor presentation Full year 2023 Novo Nordisk® Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of MASH was initiated in Q1 2021 The phase 3a ESSENCE trial in MASH Primary objectives and endpoints for Part 1 and 2 Part 1 | Improves liver histology vs placebo ESSENCE trial | M
Slide 105: Alzheimer's disease patient journey and barriers
105 Investor presentation Full year 2023 Novo Nordisk® Alzheimer’s disease patient journey is complex and underscores key barriers to overcome for Novo Nordisk to be successful Significant and growing Hurdles unmet need Million 80 Early symptoms Complex tests and Lack of prognostic Limited DMT dismi
Slide 106: Data supporting semaglutide in Alzheimer's disease
106 Investor presentation Full year 2023 Novo Nordisk® Entering phase 3 development of semaglutide in Alzheimer’s disease was based on a number of data points Real world evidence trials Randomised controlled trials Pre-clinical studies Four RWE studies show reduced risk of 53% lower risk of dementia
Slide 107: evoke and evoke+ trials
107 Investor presentation Full year 2023 Novo Nordisk® evoke and evoke+ trials are ongoing with expected completion in 2025 evoke and evoke+ trials have been initiated with 1,840 patients in each trial with a total of 3,680 patients 3 mg 7 mg 14 mg oral semaglutide QD 14 mg oral semaglutide QD R 3 m
Slide 108: Potential for cell therapies
108 Investor presentation Full year 2023 Novo Nordisk® There is broad potential for cell therapies and Novo Nordisk has capabilities to explore the potential Broad potential for clinical use of cell therapies Maturing the platform to enable development of competitive cell therapies Parkinson’s disea
Slide 109: First human dose with cell therapy with Heartseed
109 Investor presentation Full year 2023 Novo Nordisk® First human dose with cell therapy in collaboration with Heartseed and others achieved in Q1 2023 Utilise internal capabilities and disease understanding Accelerate innovation through partnerships for stem cell development Internal capabilities
Slide 110: Cell therapy trials in heart failure and Parkinson's
110 Investor presentation Full year 2023 Novo Nordisk® First efforts to combine Novo Nordisk and partner competencies in cell therapies start with heart failure and Parkinson’s disease TRANSCEND 1 and 2 trials to evaluate stem cells impact on Heartseed: Phase 1/2 trial in patients with severe heart
Slide 111: International Operations
Novo Nordisk® 111 111 111 Investor presentation Full year 2023 International Operations IO at a glanceOperations International 107 112 EMEA 112 118 Region China 117 123 Rest of World 122 128
Slide 112: Growth momentum driven by demographics and full portfolio
112 Investor presentation Full year 2023 Novo Nordisk® Growth momentum has increased driven by demographics and utilisation of full product portfolio Historic sales growth in IO Growth momentum in IO International Operations is diverse and covers 190 markets % Value % >487m 16% live with diabetes 30
Slide 113: International Operations at a glance
113 Investor presentation Full year 2023 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million DKK Nordisk market share billion MS Sales 19% Full year 2023 Growth2 (mDKK) 17% Injectable GLP-13 31,228 41% 600 250 100% R
Slide 114: Diabetes market share and growth in IO
114 Investor presentation Full year 2023 Novo Nordisk® Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion 160% 40% ~6% 7 218 8 207 -3 120% 30% 80% 20% 66% 14% 40% 10% 6% ~14% 28% 24% 28%
Slide 115: GLP-1 market share and growth in IO
115 Investor presentation Full year 2023 Novo Nordisk® GLP-1 market share and market growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 120% 80% ~29% 10 0 47 0 100% 97% 60% 36 80% 71% 60% 44% 40% 40% 29% 61% 71% 65% 20% 60% 64% 56% ~44% 20% 60% 55% 0% 0
Slide 116: Insulin market in International Operations
116 Investor presentation Full year 2023 Novo Nordisk® Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share -9.0% +0.1% 80% 10% Total 51% 55 7% 60% Lon
Slide 117: Obesity market in International Operations
117 Investor presentation Full year 2023 Novo Nordisk® Obesity market share and market growth in International Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion ~34% 7.3 90% 100% 0.0 72% 1.9 70% 5.5 55% 70% 50% 40% 30% 34% 72% ~55% 10% 62% 10%
Slide 118: EMEA at a glance
EMEA 118 Investor presentation Full year 2023 Novo Nordisk® EMEA at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK Sales billion Full year 2023 Growth2 MS (mDKK) 300 25% Injectable GLP-13 16,493 28% 150 100% 19% Rybelsus® 4,232
Slide 119: Diabetes market share and growth in EMEA
EMEA 119 Investor presentation Full year 2023 Novo Nordisk® Diabetes market share and market growth in EMEA Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 75% 20% ~10% 17% 11 120 5 109 15% -5 50% 49% 10% 10% 31% 25% 5% ~17% 29% 31% 0% 0% Nov Nov Nov
Slide 120: GLP-1 market share and growth in EMEA
EMEA 120 Investor presentation Full year 2023 Novo Nordisk® GLP-1 market share and market growth in EMEA GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 90% 90% ~28% 85% 1 30 6 0 65% 24 60% 60% 40% 30% 30% ~40% 59% 65% 61% 28% 56% 57% 60% 59% 0% 0% Nov Nov
Slide 121: Insulin market in EMEA
EMEA 121 Investor presentation Full year 2023 Novo Nordisk® Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 60% 10% Total 48% 49% 35 -1.8% +0.2% 47% 5% Long- 40% 41% 19 0.3% +0.3% 40% ac
Slide 122: Obesity market share and growth in EMEA
EMEA 122 Investor presentation Full year 2023 Novo Nordisk® Obesity market share and market growth in EMEA Obesity market growth and Novo Nordisk market share DKK Obesity market size and growth billion ~70% 150% 120% 3.6 0.0 100% 120% 1.5 70% 80% 90% 2.1 89% 60% 86% 60% ~86% 89% 40% 30% 82% 20% 0% 0
Slide 123: Region China at a glance
Region China 123 Investor presentation Full year 2023 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK Sales Full year 2023 Growth2 billion MS (mDKK) 200 6% Injectable GLP-13 6,077 78% 14% 30 GLP-1 10
Slide 124: Diabetes market in Region China
Region China 124 Investor presentation Full year 2023 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 40% 40% ~-10% 32% 28 0 -1 25 30% -2 20% 20% 0% ~-11% 10% -10% 32% 32% -11% 0% -
Slide 125: GLP-1 market in Region China
Region China 125 Investor presentation Full year 2023 Novo Nordisk® GLP-1 market share and market growth in Region China GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 160% 160% ~39% 1 0 5 0 120% 120% 108% 3 80% 77% 80% 65% ~65% ~77% 66.9% 67% 40% 40% 63%
Slide 126: Insulin market in Region China
Region China 126 Investor presentation Full year 2023 Novo Nordisk® Insulin market size and volume share of growth and market share in Region China Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: market share growth1 share 80% 60% Total 51% 8 -33.6% -1.1% 40% 40% L
Slide 127: Region China remains a key strategic opportunity
Region China 127 Investor presentation Full year 2023 Novo Nordisk® Region China remains a key strategic opportunity Region China is a large market with Outcome of VBP insulin in China Opportunities and strategic priorities ~140 million people living with diabetes Large growing diabetes market • Pri
Slide 128: Rest of World at a glance
Rest of World 128 Investor presentation Full year 2023 Novo Nordisk® Rest of World at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk reported sales Novo Nordisk market share Million Sales DKK Full year 2023 (mDKK) Growth2 21% billion MS 300 Injectable GLP-13 8,658 45
Slide 129: Diabetes market in Rest of World
Rest of World 129 Investor presentation Full year 2023 Novo Nordisk® Diabetes market share and market growth in Rest of World Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 25% 55% 23% ~4% 45% 3 1 73 20% 70 -1 35% 15% 25% 10% 22% 15% 5% 4% 5% 20% ~22
Slide 130: GLP-1 market in Rest of World
Rest of World 130 Investor presentation Full year 2023 Novo Nordisk® GLP-1 market share and market growth in Rest of World GLP-1 market growth and Novo Nordisk market share DKK GLP-1 market size and growth billion 150% 160% ~29% 130% 3 121% 12 120% -1 0 110% 9 90% 84% 80% 70% 47% 84% 76% 50% 66% 40%
Slide 131: Insulin market in Rest of World
Rest of World 131 Investor presentation Full year 2023 Novo Nordisk® Insulin market size and volume market share in Rest of World Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 59% 11 -4.2% +1.1% 15% 42% 60% 58% Long– 10% 5
Slide 132: Obesity market in Rest of World
Rest of World 132 Investor presentation Full year 2023 Novo Nordisk® Obesity market share and market growth in Rest of World Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion 80% 40% ~11% 3.7 0.0 3.4 0.4 56% 30% 60% 11% 20% 40% 10% 20% 24% 0% ~24% 56% 54%
Slide 133: North America Operations
133 Investor presentation Full year 2023 Novo Nordisk® North America Operations NAO growth drivers 128 USA health care system 135 USA health care system 129 NAO at a glance 136 NAO at a glance 131
Slide 134: North America Operations growth has accelerated
NAO 134 Investor presentation Full year 2023 Novo Nordisk® North America Operations growth has accelerated North America Operations reported sales growth per therapy area DKK billion 1% 3% 14% 21% 54% 150 137 120 91 90 67 60 61 60 30 0 2019 2020 2021 2022 2023 GLP-1 Insulin Other diabetes Obesity ca
Slide 135: US health insurance dominated by large payers
NAO 135 Investor presentation Full year 2023 Novo Nordisk® US health insurance is dominated by a few large commercial payers US population by health insurance status Development of Novo Nordisk rebates Covered lives by PBM has been stable in recent years DKK and net sales in the US 326 333 billion 5
Slide 136: North America Operations at a glance
NAO 136 Investor presentation Full year 2023 Novo Nordisk® North America Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk reported sales Novo Nordisk market share Million DKK Sales MS Full year 2023 Growth2 billion (mDKK) 70 10% Injectable GLP-13 73,154 5
Slide 137: Diabetes market in North America Operations
NAO 137 Investor presentation Full year 2023 Novo Nordisk® Diabetes market share and market growth in North America Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK 50% billion ~23% 26 869 43% 69 70 40% 35% 705 30% 30% 20% 23% 10% ~30% 35% 32% 34% 3
Slide 138: GLP-1 market in North America Operations
NAO 138 Investor presentation Full year 2023 Novo Nordisk® GLP-1 market share and market growth in North America Operations GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 70% 80% ~56% 74 420 56% 55% 79 60% -1 60% 269 50% 53% 52% ~55% 40% 40% 53% 54% 30% 20
Slide 139: Insulin market in North America Operations
NAO 139 Investor presentation Full year 2023 Novo Nordisk® Insulin market size and volume market share in North America Operations Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 60% 12% Total 42% 199 -7.3% -0.9% 8% Long- 40% 4% 37% 101 -
Slide 140: Obesity market in North America Operations
NAO 140 Investor presentation Full year 2023 Novo Nordisk® Obesity market share and market growth in North America Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK 120% 260% billion ~203% 57.8 100% 220% 1.3 96% 180% 80% 10.8 211% 140% 37.5 60% 203% 10
Slide 141: Financials
141 141 141 Investor presentation Full year 2023 Novo Nordisk® Financials Profit and loss, capital allocation 139 142 Currencies 145 147
Slide 142: Solid sales growth driven by Diabetes and Obesity care
142 Investor presentation Full year 2023 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2019-2023 Expected development towards 2025 DKK billion 7% Gross margin Remain broadly stable +17% Gradually decline enabled by 12% S&D cost ratio attractive sales grow
Slide 143: Solid operating profit growth driven by Diabetes care
143 Investor presentation Full year 2023 Novo Nordisk® Solid operating profit growth driven by Diabetes care Operating profit Operating profit split by franchise DKK 11% 3% 8% 28% 37% Percent billion of sales 6% 7% 13% 15% 44% 120 60% 3% 19% 100 80 40% 60 97% 81% 40 20% 20 0 0% 2019 2020 2021 2022 2
Slide 144: Resource allocation guided by growth and shareholder returns
144 Investor presentation Full year 2023 Novo Nordisk® Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2030 Diabetes Obesity ILLUSTR
Slide 145: Net profit converted to cash and returned to shareholders
145 Investor presentation Full year 2023 Novo Nordisk® Net profit has been converted to cash and returned to shareholders Cash conversion and allocation (2023) Strategic capital allocation priorities DKK billion Business development investments to enhance R&D pipeline (100%) CAPEX investments to mee
Slide 146: Rare disease segment has lower profitability
146 Investor presentation Full year 2023 Novo Nordisk® Rare disease segment has lower profitability driven by higher investments in R&D Diabetes and Obesity care P&L – full year 2023 Rare disease P&L – full year 2023 DKK DKK billion billion Sales ratios 20 Sales ratios 240 -14% -31% 200 -24% 15 160
Slide 147: Currency impact on Novo Nordisk's P/L
147 Investor presentation Full year 2023 Novo Nordisk® Currency impact on Novo Nordisk’s P/L Operational currency impact Financial currency impact • All movements in currencies will directly impact the • All gain/losses from hedging contracts are included in individual reported functional lines of t
Slide 148: Operating profit impacted by currencies in 2024
148 Investor presentation Full year 2023 Novo Nordisk® Operating profit expected to be negatively impacted by currencies in 2024, partly countered by net financials 1 Avg. FY 2023 vs. Avg. FY 2022 Exp. Avg FY 2024 vs. FY 2023 FY 2023 • Negative FX impact on operating profit of -5.0 10% bDKK • Positi
Slide 149: Purpose & Sustainability
149 Investor presentation Full year 2023 Novo Nordisk® Purpose & Sustainability Sustainable business 148 150 Environmental responsibility 150 153 Social responsibility 153 155 Governance 158 160 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 150: Long-term value driven by purpose and responsible business
150 Investor presentation Full year 2023 Novo Nordisk® Long-term value to society is driven by a strong sense of purpose and by being a responsible business Foundation ownership enables long-term focus on ESG1 responsibility has been anchored in shared value creation Articles of Associations since 2
Slide 151: 2023 statement of ESG performance
151 Investor presentation Full year 2023 Novo Nordisk® 2023 statement of ESG performance 2023 2022 2021 Energy consumption for operations (1,000 GJ) 3784 3,677 3,387 Share of renewable power for production sites 100% 100% 100% Scope 1 emissions (1,000 tonnes CO2e)1 78 76 77 Environmental Scope 2 emi
Slide 152: Circular for Zero environmental aspiration
152 152 Investor presentation Full year 2023 Novo Nordisk® With Circular for Zero, Novo Nordisk aspires to have zero environmental impact Environmental aspirations Circular products Upgrade existing and design new products based on circular principles and solve the end-of-life product waste challeng
Slide 153: Net-zero emissions across value chain by 2045
153 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk pledges to reach net-zero emissions across the entire value chain by 2045 Emissions from scope 1, 2 and 31 Key initiatives to reduce CO2 emissions across all three scopes 1,000 tonnes CO2 Scope 11 - Direct emissions from own sources
Slide 154: Plastic footprint challenge
154 Investor presentation Full year 2023 Novo Nordisk® Reaching more patients will increase the plastic footprint, a challenge Novo Nordisk has started to address Growing volumes impact Novo Nordisk’s plastic footprint Change to sustainable plastic ILLUSTRATIVE • Engage with suppliers to pursue shif
Slide 155: Social responsibility: prevention, access and innovation
155 Investor presentation Full year 2023 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation …accelerating …providing access to …innovating to prevention to affordable care for vulnerable improve lives… bend the curve… patients in ev
Slide 156: 6.7 million people reached with access initiatives
156 Investor presentation Full year 2023 Novo Nordisk® In 2023, more than 6.7 million people with diabetes were reached with access and affordability initiatives 6.7 out of 40.5 million people were reached A number of focused programmes (as of full year 2023) with access and affordability initiative
Slide 157: Net prices have declined in the US
157 Investor presentation Full year 2023 Novo Nordisk® In the US, net prices have declined in the last five years The US population by health insurance Net prices1 across the full Novo coverage Insulin net prices1 have declined Nordisk portfolio2 declined 110 110 7% 100 100 90 90 80 80 47% 70 70 60
Slide 158: Barriers to access go beyond price
158 Investor presentation Full year 2023 Novo Nordisk® Barriers to access go beyond price Diabetes Compass launched with Thermal solution for human insulin can iCARE initiative towards strengthening World Diabetes Foundation in 2021 address one key access to care barrier health infrastructure in Mid
Slide 159: Sustainable employer: inclusive and diverse
159 Investor presentation Full year 2023 Novo Nordisk® The journey towards being a sustainable employer starts with being inclusive and diverse 2025 aspiration supporting Diversity and Inclusion Driving an inclusive and diverse workplace Diversity & Inclusion aspirational targets: • Create an inclus
Slide 160: Corporate governance structure
160 Investor presentation Full year 2023 Novo Nordisk® Structure in place to ensure corporate governance Rules and Regulations Governance structure Assurance measures Shareholders A and B share structure Danish and foreign laws and Audit financial data and review regulations social and environmental
Slide 161: Sustainable tax approach
161 Investor presentation Full year 2023 Novo Nordisk® Novo Nordisk has a sustainable tax approach Sustainable tax approach approved by the BoD Corporate income taxes by region – three year average in DKK billion 1 | Commercially driven Corporate Region IP rights1 Production2 Sales3 income taxes • B
Slide 162: ESG integrated in reporting and remuneration
162 Investor presentation Full year 2023 Novo Nordisk® ESG is integrated in reporting and remuneration as well as recognised externally ESG is included in integrated reporting We strive to adhere to sustainability ESG rankings by third-party agencies and short- and long-term remuneration frameworks
Slide 163: Investor contact information
163 Investor presentation Full year 2023 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Novo Nordisk A/S Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the Investor Relations New York