Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — 9M 2020 Earnings Presentation
124 slides from Novo Nordisk A/s Class B's earnings presentation, Oct 30, 2020
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation First nine months of 2020
Slide 2: Agenda
2 Investor presentation First nine months of 2020 Novo Nordisk® Progress on Strategic aspirations 2025 COVID-19 update Agenda Agenda Commercial execution Innovation and therapeutic focus Financials
Slide 3: Forward-looking statements
3 Investor presentation First nine months of 2020 Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company’s statutory Annual Report 2019 and Form 20-F, which are bot
Slide 4: Strategic aspirations 2025 - Highlights first nine months of 2020
4 Investor presentation First nine months of 2020 Novo Nordisk® Strategic aspirations 2025 - Highlights first nine months of 2020 Diabetes: Adding value to society: • Insulin icodec phase 2 trial successfully completed • Launch of new social responsibility strategy ‘Defeat • Rybelsus® approved in th
Slide 5: Novo Nordisk response to COVID-19 pandemic
5 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk response to COVID-19 pandemic Novo Nordisk status across the value chain US GLP-1 prescription development during COVID-19 pandemic TRx count TRx NBRx (RHS) NBRx count • Manufacturing sites are operational (thousands) (thou
Slide 6: Sales growth of 7% driven by International Operations and GLP-1
6 Investor presentation First nine months of 2020 Novo Nordisk® Sales growth of 7% driven by International Operations and GLP-1 Reported geographic sales split for the first nine months of 2020 Added reported therapy area sales and growth DKK Insulin GLP-1 Other diabetes Obesity Biopharm DKK North A
Slide 7: Diabetes value market leadership continues to expand
7 Investor presentation First nine months of 2020 Novo Nordisk® Diabetes value market leadership continues to expand Novo Nordisk global diabetes value market share Diabetes value market leadership expansion driven by the GLP-1 and insulin franchises 60% Diabetes GLP-1 Insulin GLP-1 value market sha
Slide 8: Ozempic and Rybelsus continue to expand GLP-1 NBRx and TRx market leadership
8 Investor presentation First nine months of 2020 Novo Nordisk® Ozempic® and Rybelsus® continue to expand GLP-1 NBRx and TRx market leadership in the US US GLP-1 NBRx market share US GLP-1 TRx market size and market share NBRx share TRx share Ozempic® Rybelsus® dulaglutide Ozempic® Rybelsus® dulaglu
Slide 9: Promising Rybelsus launch in the US with European launches underway
9 Investor presentation First nine months of 2020 Novo Nordisk® Promising Rybelsus® launch in the US with European launches underway Launch uptake of Rybelsus® vs SGLT-2s 1 in the US Rybelsus® re-gaining momentum in the US and launches in Europe are underway ® Rybelsus SGLT-2s NBRx count In the US:
Slide 10: International Operations had double digit diabetes sales growth across all regions
10 Investor presentation First nine months of 2020 Novo Nordisk® International Operations had double digit diabetes sales growth across all regions and expanded Novo Nordisk market share Reported diabetes sales and growth per IO geography Diabetes value market share and share of growth in IO DKK Mar
Slide 11: Saxenda sales growth of 6% is impacted by COVID-19
11 Investor presentation First nine months of 2020 Novo Nordisk® Saxenda® sales growth of 6% is impacted by COVID-19 as fewer patients initiated treatment Reported sales split in operational units Novo Nordisk remains global market leader NAO IO Market share (RHS) Growth at CER DKK Market • Novo Nor
Slide 12: Biopharm sales growth of 4% driven by Norditropin and new haemophilia products
12 Investor presentation First nine months of 2020 Novo Nordisk® Biopharm sales growth of 4% driven by Norditropin® and launches of new haemophilia products Added reported Biopharm sales (YTD 2020 vs YTD 2019) Biopharm sales driven by global commercial execution DKK Growth at CER Biopharm sales grow
Slide 13: Ziltivekimab phase 2b RESCUE trial has successfully completed
13 Investor presentation First nine months of 2020 Novo Nordisk® Ziltivekimab phase 2b RESCUE trial has successfully completed In the RESCUE trial, zilti QM showed reduction in hsCRP at all dose levels placebo ziltivekimab 7.5 mg ziltivekimab 15 mg ziltivikemab 30 mg Zilti QM showed reductions in in
Slide 14: R&D milestones for Q3 2020 through 2021
14 Investor presentation First nine months of 2020 Novo Nordisk® R&D milestones for Q3 2020 through 2021 Clinical milestones1 Regulatory milestones1 Project Q3 2020 Q4 2020 2021 Diabetes ✓Phase 3b initiation – SUSTAIN FORTE – SUSTAIN FORTE – Ozempic® Peripheral artery disease Phase 3 results US/EU s
Slide 15: Financial results – First nine months of 2020
15 Investor presentation First nine months of 2020 Novo Nordisk® Financial results – First nine months of 2020 First nine First nine Change Change months of months (reported) (CER) In DKK million 2020 of 2019 Sales 94,808 89,604 6% 7% Gross profit 79,495 74,948 6% Gross margin 83.8% 83.6% Sales and
Slide 16: Financial outlook for 2020
16 Investor presentation First nine months of 2020 Novo Nordisk® Financial outlook for 2020 Expectations Expectations 30 October 2020 6 August 2020 Sales growth – at CER 5% to 8% 3% to 6% Sales growth - reported Around 3 percentage points lower Around 2 percentage points lower Operating profit growt
Slide 17: Strategic aspirations 2025
17 Investor presentation First nine months of 2020 Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment • Being respected for adding value to society • Develop a leading portfolio of superior treatment solutions for obesity • Progress towards zero enviro
Slide 18: Investor contact information
18 Investor presentation First nine months of 2020 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the Novo Nordisk A/S New York Stock Exc
Slide 19: Appendix agenda
19 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk corporate strategy 20 Diabetes care 32 Obesity care 49 Agenda Appendix Biopharm & Other serious chronic diseases 59 Regional information 75 Financials 108 Sustainability 117
Slide 20: Investor presentation First nine months of 2020
20 Investor presentation First nine months of 2020
Slide 21: Large unmet needs across all therapy areas in scope
21 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk’s opportunity is in the large unmet needs across all therapy areas in scope DIABETES OBESITY HAEMOPHILIA OTHER SERIOUS CHRONIC DISEASES ~650 million 80% ofdiagnosedNASH patients are obese ~463 million and 35% have T2DM 70%
Slide 22: Leading positions in diabetes, obesity and haemophilia
22 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 700 #1 50% 12 #1 80% #2 80 50% 600 10 40% 40% 60% 60 500 8 400 30% 30% 6 40% 40 300 20%
Slide 23: Continued single digit volume growth within the insulin segments globally
23 Investor presentation First nine months of 2020 Novo Nordisk® Continued single digit volume growth within the insulin segments globally Long-acting insulin Premix insulin Fast-acting insulin tMU tMU tMU 250 100% 160 100% 200 100% CAGR volume1: 5.0% CAGR volume1: 1.0% CAGR volume1: 4.6% MI penetra
Slide 24: Sales growth of 7% at CER, driven by Diabetes and Obesity care
24 Investor presentation First nine months of 2020 Novo Nordisk® Sales growth of 7% at CER, mainly driven by the Diabetes and Obesity care segment Novo Nordisk reported quarterly sales Reported sales for the first Reported sales and growth breakdown for DKK by therapy nine months of 2020 the first n
Slide 25: Sales growth driven by IO growth of 12% and 2% in NAO
25 Investor presentation First nine months of 2020 Novo Nordisk® Sales growth of 7% at CER, driven by IO sales growth of 12% and 2% sales growth in NAO Historic sales by geography Reported sales for the first Reported sales and growth breakdown for the nine months 2020 first nine months 2020 8% 9% R
Slide 26: Insulin sales remain important with more than 40% share of revenue
26 Investor presentation First nine months of 2020 Novo Nordisk® Insulin sales remain important with more than 40% share of revenue but with less dependence on the US insulin sales Q3 2015 sales split Q3 2020 sales split 30% 30% 42% 57% 13% 28% IO insulin NAO insulin Other products
Slide 27: Strategic aspirations including an innovation and therapeutic focus
27 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk has a set of strategic aspirations including an innovation and therapeutic focus Develop a leading portfolio of Strengthen and Establish presence in Further raise the innovation superior treatment solutions for progress th
Slide 28: Future of R&D: more clinical assets with industry-leading success
28 Investor presentation First nine months of 2020 Novo Nordisk® The future of R&D is to focus on increasing the number of clinical assets while maintaining industry-leading late-stage success R&D investments will expand Increased clinical assets Industry-leading success rate1 from beyond historic f
Slide 29: Pipeline supports growth across four strategic focus areas
29 Investor presentation First nine months of 2020 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1535 – Icosema (LAIsema) NN1436 – Icodec (LAI287) Semaglutide obesity Somapacitan – QW AGHD1 Tresiba®
Slide 30: Solid patent protection, high barriers to entry, collaborative innovation
30 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk holds solid patent protection, high barriers to entry, and a collaborative approach to innovation Novo Nordisk’s position is protected Barriers to entry for biosimilar players Partnerships and acquisitions support by paten
Slide 31: Core capabilities provide a competitive advantage
31 Investor presentation First nine months of 2020 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 l
Slide 32: Diabetes care
Investor presentation First nine months of 2020 STRENGTHEN LEADERSHIP by offering innovative 1. Disease and market 33 medicines and driving 2. Insulin segment 41 patient outcomes 3. GLP-1 segment 44 Diabetes care
Slide 33: Diabetes – the inability to manage blood sugar levels appropriately
33 Investor presentation First nine months of 2020 Novo Nordisk® Diabetes – the inability to manage blood sugar levels appropriately Facts about diabetes Insulin action profiles Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot
Slide 34: GLP-1s have positive effects beyond glycaemic control
34 Investor presentation First nine months of 2020 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 ADA/EASD diabetes treatment guidelines for second-line treatment with establis
Slide 35: People with diabetes have increased mortality risk
35 Investor presentation First nine months of 2020 Novo Nordisk® People with diabetes have increased mortality risk with eight years shorter life expectancy, highlighting the importance of innovation Diabetes is associated with shorter life expectancy The unmet need remains large within diabetes and
Slide 36: Global diabetes prevalence is increasing
36 Investor presentation First nine months of 2020 Novo Nordisk® Global diabetes prevalence is increasing and 700 million people are expected to have diabetes by 2045 The number of people with diabetes is expected to Of the 463 million, around 30 million1 people are currently treated increase 51% by
Slide 37: Diabetes requires treatment intensification over time
37 Investor presentation First nine months of 2020 Novo Nordisk® Diabetes is a chronic disease requiring treatment intensification over time Distribution of patients and value across treatment classes Diet and exercise 100% 5% OAD 18% -cell function 80% 44% GLP-1 13% 60% 20% 18% Insulin 40% 4% 8% 2
Slide 38: Diabetes volume growth remains solid in a USD 50 billion market
38 Investor presentation First nine months of 2020 Novo Nordisk® Diabetes volume growth remains solid with 4% growth in a large USD 50 billion diabetes market The number of treated patients1 is expected to The diabetes realised value2 is expected to grow by Key trends in diabetes grow by 4% annually
Slide 39: Branded diabetes market global value of DKK ~300 billion
39 Investor presentation First nine months of 2020 Novo Nordisk® The total branded diabetes market for the first half of 2020, annualised, had a global value of DKK ~300 billion DKK Global diabetes market DKK The USA -1% billion billion 150 143 145 350 +5% 2018/19 2019/20 -13% 295 100 +21% 300 Growt
Slide 40: Strong leadership position within the growing diabetes market
40 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk has a strong leadership position within the growing diabetes market Global diabetes market by treatment class1 Novo Nordisk remains global diabetes Novo Nordisk market share and value market leader share of growth DKK bill
Slide 41: Global insulin market leadership expanded to 46.9%
41 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk global insulin market leadership expanded to 46.9% and the global insulin volume market grew by 2.8% Global North America Operations Market growth: 2.8% International Operations Market growth: 0.2% MS: 46.9% Market growth:
Slide 42: Insulin market size and volume share of growth and market share
42 Investor presentation First nine months of 2020 Novo Nordisk® Insulin market size and volume share of growth and market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Share of growth and growth share market share Total 45% 268 2% +0.3% 80% 10% 62% 8% 60%
Slide 43: Icodec once-weekly insulin phase 2 trial results
43 Investor presentation First nine months of 2020 Novo Nordisk® Icodec, a once-weekly insulin, improved PPG control, HbA1c, and increased the number of patients reaching target in a phase 2 trial Icodec showed statistically significant Numerical improvement in HbA1c The proportion of patients on ic
Slide 44: GLP-1 effect dependent on blood glucose level
44 Investor presentation First nine months of 2020 Novo Nordisk® GLP-1 effect dependent on blood glucose level GLP-1 mechanism of action when blood Semaglutide holds a plethora of sugar levels increase therapeutic opportunities FORTE – Semaglutide 2.0 mg • Increases insulin secretion in the pancreas
Slide 45: Global GLP-1 market penetration varies across regions
45 Investor presentation First nine months of 2020 Novo Nordisk® The global GLP-1 market penetration varies across regions with Novo Nordisk having a best-in-class portfolio GLP-1 market growth and Novo Nordisk market share GLP-1 value and patient share1 of the total diabetes market 70% 24% 25% 60%
Slide 46: GLP-1 sourcing is primarily from outside the class
46 Investor presentation First nine months of 2020 Novo Nordisk® GLP-1 sourcing is primarily from outside the class but GLP-1s are still typically used after failure on other products US ‘line of usage’ across product classes Share of patients on OADs achieving GLP-1 source of business HbA1c below 7
Slide 47: SUSTAIN trials with subcutaneous semaglutide
47 Investor presentation First nine months of 2020 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 6 7 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% Baseline -0.1 -0.4 -0.5 Change in HbA1c (%) -0.8 -0.9 -1.1 -1.1 -1.2 -1.3 -01 -1.4 -1.4 -1.5 -1.5 -1.8 -1.8 -1.5 -1.6 -1.6 -1.6 1.2 9
Slide 48: PIONEER programme with oral semaglutide
48 Investor presentation First nine months of 2020 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 4 5 7 8 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% Baseline -0.1 -0.1 -0.1 Change in -0.5 -0.6 -0.7 HbA1c (%) -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 0.6 88 kg 92kg
Slide 49: Obesity care
Investor presentation First nine months of 2020 STRENGTHEN TREATMENT OPTIONS THROUGH MARKET DEVELOPMENT AND BY OFFERING INNOVATIVE MEDICINES AND DRIVING PATIENT OUTCOMES 1. Obesity disease and market 50 2. Obesity market development 52 3. Innovation 53 Obesity care
Slide 50: People with obesity at increased risk of severe comorbidities
50 Investor presentation First nine months of 2020 Novo Nordisk® People with obesity are at an increased risk of developing severe comorbidities that are life-threatening and costly for society Only 2% of the 650 million people with obesity Global healthcare cost related to obesity are treated with
Slide 51: Saxenda addresses a global unmet need for medical weight management
51 Investor presentation First nine months of 2020 Novo Nordisk® Saxenda® addresses a global unmet need for medical weight management Global obesity prevalence Saxenda® launched countries Global reimbursement status 70% access in commercial channel, but due to employer opt-in, effective access is ar
Slide 52: Global obesity market share, market growth, and US market
52 Investor presentation First nine months of 2020 Novo Nordisk® Global obesity market share, market growth, and US volume and value market Obesity market growth and Novo Nordisk Obesity market size and growth US obesity care market remains small at market share around USD 853 million DKK TRx SU mUS
Slide 53: Making obesity a healthcare priority requires stakeholder engagement
53 Investor presentation First nine months of 2020 Novo Nordisk® Making obesity a healthcare priority requires stakeholder engagement HCPs take action by referring or managing Addressing market development barriers obesity as any other chronic disease Stigma is socially unacceptable • Activate peopl
Slide 54: STEP trials: weight loss with semaglutide 2.4 mg
54 Investor presentation First nine months of 2020 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 2 Weight Weight management Sustained weight management Weight management with managem
Slide 55: In STEP 1, semaglutide weight loss of up to 16.9%
55 Investor presentation First nine months of 2020 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 -2 Placebo: -2.4% • 74.1% wom
Slide 56: In STEP 1, 34.8% reached ≥20% weight loss
56 Investor presentation First nine months of 2020 Novo Nordisk® In STEP 1, 34.8% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Sema 2.4 mg showed a statistically significant treatment difference versus plac
Slide 57: AM833 phase 2 and combination with semaglutide phase 1 trials
57 Investor presentation First nine months of 2020 Novo Nordisk® The AM833 phase 2 monotherapy trial and phase 1 combination with semaglutide trial decreased weight by 10.8% and 17.1% Weight loss for AM833 plus lifestyle intervention1 Weight loss for AM833 and semaglutide in phase 12 % change in % c
Slide 58: Obesity pipeline supports efforts to close the treatment gap
58 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk obesity pipeline supports efforts to close the treatment gap Innovation curve Novo Nordisk’s current pipeline is closing the treatment gap Body weight set-point and counter regulation % 0 Normalised weight Increase weight
Slide 59: Biopharm
Investor presentation First nine months of 2020 SECURE A LEADING POSITION BY LEVERAGING FULL PORTFOLIO AND EXPANDING INTO ADJACENT AREAS 1. Haemophilia 61 2. Growth hormone disorders 62 3. Biopharm innovation 64 Biopharm
Slide 60: Biopharm sustained growth outlook supported by innovation
60 Investor presentation First nine months of 2020 Novo Nordisk® Biopharm sustained growth outlook is supported by innovation and utilisation of core capabilities Internal and external innovation to drive Core capabilities within research and long-term growth development to drive long-term growth Br
Slide 61: Haemophilia is a rare disease with severe unmet medical needs
61 Investor presentation First nine months of 2020 Novo Nordisk® Haemophilia is a rare disease with severe unmet medical needs and the market is highly competitive Low diagnosis and treatment rates Sales of recombinant haemophilia products Number of within haemophilia DKK billion people (000) 500 40
Slide 62: Biopharm sales growth of 4% driven by NovoSeven and Norditropin
62 Investor presentation First nine months of 2020 Novo Nordisk® Biopharm sales growth of 4% driven by solid commercial execution with key brands being NovoSeven® and Norditropin® NovoSeven® and Norditropin® account for 80% of Biopharm sales Added sales in the haemophilia product portfolio DKK DKK b
Slide 63: Norditropin sales growth of 13%
63 Investor presentation First nine months of 2020 Novo Nordisk® Solid commercial execution is driving 13% Norditropin® sales growth in the first nine months of 2020 Historic reported sales Norditropin® value leadership maintained Continue frequent launches with new for Norditropin® despite increasi
Slide 64: Innovation in haemophilia
64 Investor presentation First nine months of 2020 Novo Nordisk® Scientific excellence ensures an innovative and competitive pipeline with therapeutic solutions for severe conditions More than 35 years of innovation Biopharm pipeline Curative Current 2018 2019 2020 ……… 2021 ….. therapy phases Non-in
Slide 65: Phase 3 programme on-going investigating concizumab
65 Investor presentation First nine months of 2020 Novo Nordisk® Phase 3 programme on-going investigating concizumab for haemophilia A and B irrespective of inhibitor status Phase 3 trials with data expected first half of 2021 Arm 1: No prophylaxis Exp7 and Exp8: Characteristics and next steps On-de
Slide 66: Next-generation FVIII mimetic Mim8
66 Investor presentation First nine months of 2020 Novo Nordisk® Next-generation FVIII mimentic, Mim8, is a bispecific antibody for SC prophylaxis treatment in people with haemophilia A Thrombin generation assay Thromboelastography Characteristics • Strong activity at site of bleeding 400 HA plasma
Slide 67: Once-weekly somapacitan in phase 3 for GHD
67 Investor presentation First nine months of 2020 Novo Nordisk® Once-weekly, biodegradable somapacitan has entered phase 3 for GHD and is approved in the US for AGHD indication Phase 2 trial in GHD with 1-year efficacy and safety Somapacitan 16 * 11.5 14 10.01 9.7 Growth hormone with a Albumin bind
Slide 68: Novo Nordisk and bluebird bio join forces in genome editing
68 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk and bluebird bio join forces in next-generation genome editing for children and adult patients with haemophilia A Potential curative treatment in bluebird bio/Novo Nordisk’s joint haemophilia A approach • megaTAL: Proprie
Slide 69: Other serious chronic diseases
Investor presentation First nine months of 2020 69 ESTABLISH PRESENCE BY BUILDING COMPETITIVE PIPELINE AND SCIENTIFIC LEADERSHIP 1. The unmet needs 70 2. Cardiovascular disease 71 3. Non-alcoholic steatohepatitis 73 4. Stem cells 74 Other serious chronic diseases
Slide 70: Expanding into other serious chronic diseases
70 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk is expanding into other serious chronic diseases Serious chronic diseases are often associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs Estimated patients
Slide 71: Ambition within cardiovascular disease
71 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk’s ambition within cardiovascular disease In-licensing/acquisition of mid-stage assets At least one product launched between 2024-2028 targeting atherosclerotic cardiovascular disease or heart failure with a highly innovati
Slide 72: Acquisition of Corvidia Therapeutics supports cardiovascular ambition
72 Investor presentation First nine months of 2020 Novo Nordisk® Acquisition of Corvidia Therapeutics supports Novo Nordisk’s ambition within cardiovascular disease Data from a phase 2a trial using ziltivekimab Trial design of the phase 2b (RESCUE) in CKD stage 5 patients with inflammation Placebo Z
Slide 73: Semaglutide showed significant improvements in NASH resolution
73 Investor presentation First nine months of 2020 Novo Nordisk® Semaglutide showed significant improvements in NASH resolution and could play a role in preventing disease progression Semaglutide showed resolution of NASH with no worsening of fibrosis versus placebo in the phase 2 trial1 Proportion
Slide 74: Stem cell platform potential to solve unmet needs
74 Investor presentation First nine months of 2020 Novo Nordisk® The stem cell platform has the potential to solve unmet needs for people with serious chronic diseases STEM CELL TECHNOLOGY Parkinson’s disease Differentiate Treatment Patient Collaboration with Lund University Cell bank of Blastocyst
Slide 75: International Operations
Investor presentation First nine months of 2020 1. International Operations growth 76 2. International Operations at a glance 78 3. EMEA 83 4. Region China 88 5. RoW 92 International Operations
Slide 76: Growth momentum driven by demographics and Market Fit approach
76 Investor presentation First nine months of 2020 Novo Nordisk® Growth momentum has increased driven by demographics and the Market Fit approach International Operations is diverse and Historic growth has been in the Growth momentum has benefitted from covers 190 markets range of 4-6% the Market Fi
Slide 77: Medium-term growth expected to be 6-10% annually
77 Investor presentation First nine months of 2020 Novo Nordisk® The medium-term growth is expected to be 6-10% annually driven by securing the base and three future growth enablers Sales have increased by 5% since 2013, while ILLUSTRATIVE Secure the sales base by leveraging biopharm and portfolio o
Slide 78: International Operations at a glance
78 Investor presentation First nine months of 2020 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million DKK Nordisk market share First nine months Sales billion Growth2 2020 (mDKK) 22% 700 200 80% Long-acting insulin3
Slide 79: Diabetes market share and market growth in International Operations
79 Investor presentation First nine months of 2020 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 ~9% 30% 30% 7 171 4 3 157 23% 20% 13% 10% 12% ~13% 22.0% 22.7% 0% Aug
Slide 80: Insulin market size and share in International Operations
80 Investor presentation First nine months of 2020 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: Share of growth and growth share market share 5% +0.8% 80% 1
Slide 81: GLP-1 market share and market growth
81 Investor presentation First nine months of 2020 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 80% billion ~31% 2 18 60% 3 0 60% 14 53% 40% 37% ~37% 31% 20% 52.7% 50.3% 0% Aug Aug Aug Novo Nordisk Eli Lilly Oth
Slide 82: Obesity market share and market growth in International Operations
82 Investor presentation First nine months of 2020 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 ~1% 4 4 0 50% 60% 39% 50% 40% 40% 30% 30% 20% ~12% 20% 10% 10% 40% 10% 36
Slide 83: EMEA at a glance
83 Investor presentation First nine months of 2020 Novo Nordisk® EMEA at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK First nine months Sales billion Growth2 2020 (mDKK) 250 31% 100 80% Long-acting insulin3 4,916 12% 200 28% P
Slide 84: Diabetes market share and market growth in EMEA
84 Investor presentation First nine months of 2020 Novo Nordisk® Diabetes market share and market growth in EMEA Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK 40% ~9% 34% billion 3 91 3 2 83 20% 9% 0% ~12% 26.8% 27.4% -20% Aug Aug Aug Novo Nordisk BI Others
Slide 85: Insulin market size and volume market share in EMEA
85 Investor presentation First nine months of 2020 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 growth share 80% 12% Total 47% 37 3% +1.0% 10% 60% 8% Long- 38% 18 6% +1.7% acting 47%
Slide 86: GLP-1 market share and market growth in EMEA
86 Investor presentation First nine months of 2020 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 80% DKK ~30% billion 1 13 54% 2 0 50% 34% 10 20% 30% ~34% -10% 54.4% 52.9% -40% Aug Aug Aug Novo Nordisk Eli Li
Slide 87: Obesity market share and market growth in EMEA
87 Investor presentation First nine months of 2020 Novo Nordisk® Obesity market share and market growth in EMEA Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion ~8% 70% 65% 50% 0.9 0.9 0.1 60% 40% 50% 30% ~14% 40% 30% 20% 20% 65% 62% 10% 10% 8% 0% 0% Aug
Slide 88: Region China at a glance
88 Investor presentation First nine months of 2020 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK First nine months Sales Growth2 billion 2020 (mDKK) 250 25 100% 8% Long-acting insulin3 1,120 39% 21
Slide 89: Diabetes market share and market growth in Region China
89 Investor presentation First nine months of 2020 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK ~11% 40% billion 1 21 1 0 36% 19 30% 29% 20% 14% 10% ~14% 11% 28.5% 27.8% 0% Aug Aug Aug N
Slide 90: Insulin market size and share in Region China
90 Investor presentation First nine months of 2020 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 growth share 80% 50% Total 47% 11 13% -0.3% 40% 17% 60% Lon
Slide 91: GLP-1 market share and market growth in Region China
91 Investor presentation First nine months of 2020 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 ~56% billion 0.0 0.0 0.6 100% 92% 0.2 80% 0.4 60% ~56% 56% 92% 40% 56% 92% 20% 0% Aug NN market sha
Slide 92: Rest of World at a glance
92 Investor presentation First nine months of 2020 Novo Nordisk® Rest of World at a glance Diabetes trend Diabetes market by value and Novo Nordisk reported sales Novo Nordisk market share Million DKK First nine months Sales billion Growth2 2020 (mDKK) 30% 200 Long-acting insulin3 1,554 8% 70 80% Pr
Slide 93: Diabetes market share and market growth in Rest of World
93 Investor presentation First nine months of 2020 Novo Nordisk® Diabetes market share and market growth in Rest of World Diabetes market growth and Novo Nordisk market share Diabetes market size and growth ~8% 20% 2 59 1 1 14% 55 15% 13% 10% 8% 5% 0% -5% ~14% 12.7% 13.3% -10% Aug Aug Aug Novo Nordi
Slide 94: Insulin market size and volume market share in Rest of World
94 Investor presentation First nine months of 2020 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 growth share 80% 20% Total 56% 11 5% +1.2% 60% 57% 15% Fast- 4% +0.6% 38% 4 ac
Slide 95: GLP-1 market share and market growth in Rest of World
95 Investor presentation First nine months of 2020 Novo Nordisk® GLP-1 market share and market growth in Rest of World GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth ~31% 80% DKK 0.5 4.2 47% billion 0.6 -0.1 60% 3.2 42% 40% 30% 20% ~47% 0% 42.4% 37.7% -20% Aug Aug Aug
Slide 96: Obesity market share and market growth in Rest of World
96 Investor presentation First nine months of 2020 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 ~(1%) 40% 25% billion 2.9 0.1 2.9 31% 20% 30% 15% 20% 10% 5% 10% ~10% 0% 28% 31% -1% 0% -5%
Slide 97: North America Operations
Investor presentation First nine months of 2020 1. US growth drivers 98 2. US healthcare system 99 3. North America operations at glance 102 North America Operations
Slide 98: Innovation drives largest transition in the history of Novo Nordisk USA
98 Investor presentation First nine months of 2020 Novo Nordisk® Innovation drives largest transition in the history of Novo Nordisk USA, turning around 70% of sales in just seven years Directional growth drivers and catalysts Relative sales composition – 47% transformation complete 100% GLP-1 Obesi
Slide 99: US insulin net prices have declined, yet affordability remains a struggle
99 Investor presentation First nine months of 2020 Novo Nordisk® US insulin net prices have declined in recent years, yet some patients still struggle with affordability The US population by health List price and net price Novo Nordisk insulin affordability insurance coverage development for NovoLog
Slide 100: US health insurance dominated by few large commercial payers
100 Investor presentation First nine months of 2020 Novo Nordisk® US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage The US population by health insurance status expected to remain In 2018, PBMs covered 288 million lives and the market ha
Slide 101: US healthcare system is complex and rebates have increased
101 Investor presentation First nine months of 2020 Novo Nordisk® The US healthcare system is complex and rebates paid by Novo Nordisk have increased significantly over the years Illustrative example of the Development of Novo Nordisk rebates US healthcare system and net sales in the USA US net sale
Slide 102: North America Operations at a glance
102 Investor presentation First nine months of 2020 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 First nine months Sales billion Growth2 2020 (mDKK) 70 13% 500 70% Long-a
Slide 103: Diabetes market share and market growth in North America Operations
103 Investor presentation First nine months of 2020 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 50% DKK ~13% billion 19 471 15 20 417 40% 37% 32% 30% 20% 16% ~16% 10% 13% 30.8%
Slide 104: Volume market shares in the three insulin segments
104 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk volume market shares in the three insulin segments USA long-acting insulin USA premix insulin USA fast-acting insulin tMU tMU tMU 100 80% 80 80% 80 100% CAGR volume1: 1.6% CAGR volume1: (6.9%) CAGR volume1: 2.2% MI penetr
Slide 105: Insulin market size and share in North America Operations
105 Investor presentation First nine months of 2020 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 growth share 60% 10% Total 43% 210 1% +0.1% 50% 8% Long- 40% 6% 39
Slide 106: GLP-1 market share and market growth in North America Operations
106 Investor presentation First nine months of 2020 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 ~40% billion 14 117 60% 57% 0 19 49% 84 40% 40% ~49% 20% 49.4% 46.3% 0% Aug NN market
Slide 107: Obesity market share and market growth in North America Operations
107 Investor presentation First nine months of 2020 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 ~5% 100% 350% billion 311% 6 6 1 300% 80% 78% 250% ~21% 60% 200% 150% 40% 78% 10
Slide 108: Financials agenda
Investor presentation First nine months of 2020 1. Profit and loss, capital allocation 109 2. Currencies 114 3. Ownership structure 116
Slide 109: Solid sales growth driven by Diabetes and Obesity care
109 Investor presentation First nine months of 2020 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2015-2019 Financial focus DKK billion CAGR1 2.5% 120 17% • Focus on driving solid sales growth 100 17% 16% 21% 20% • Gross margin to remain broadly stable 80
Slide 110: Solid operating profit growth driven by Diabetes care
110 Investor presentation First nine months of 2020 Novo Nordisk® Solid operating profit growth driven by Diabetes care Operating profit Operating profit split per franchise DKK billion 60 60% 50 50% 40 40% 19% 28% 30 30% 20 35% 4% 1% -4% 11% 20% 72% 81% 10 13% 6% 5% 3% 6% 10% 0 0% 2015 2016 2017 20
Slide 111: Higher profitability in the biopharm segment
111 Investor presentation First nine months of 2020 Novo Nordisk® Higher profitability in the biopharm segment driven by lower S&D costs Diabetes and Obesity care P&L – full year 2019 Biopharm P&L – full year 2019 DKK DKK billion billion 120 Sales ratios 20 -20% Sales ratios -16% 100 -28% -16% 15 80
Slide 112: Stable COGS level and decreasing CAPEX level
112 Investor presentation First nine months of 2020 Novo Nordisk® Stable COGS level as percentage of sales and decreasing CAPEX level Cost of goods sold Capital expenditure DKK DKK billion billion 20 25% 12 10% 10 20% 8% 15 8 15% 6% 10 6 10% 4% 4 5 5% 2% 2 0 0% 0 0% 2015 2016 2017 2018 2019 2016 201
Slide 113: Cash return to shareholders in 2020
113 Investor presentation First nine months of 2020 Novo Nordisk® Cash return to shareholders in 2020 Annual cash return to shareholders Cash return priorities DKK billion • Share repurchase programme of up to DKK 17 billion to be executed 45 during 12 months, starting 5 February 2020 • Total progra
Slide 114: Currency impact on Novo Nordisk's P/L
114 Investor presentation First nine months of 2020 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 the individual reported functi
Slide 115: Currency development of hedged and non-hedged currencies
115 Investor presentation First nine months of 2020 Novo Nordisk® Currency development of hedged and non-hedged currencies in the first nine months of 2020 1 Hedged 9M 2019 9M 2020 Impact of a Hedging Avg. 9M 2020 vs. 9M 2019 Exp. Avg FY 2020 vs. FY 2019 currencies avg. avg. Spot rate2 5% move4 (mon
Slide 116: Stable ownership structure
116 Investor presentation First nine months of 2020 Novo Nordisk® Stable ownership structure - secured through A and B-share structure Share structure The Novo Nordisk Foundation Novo Nordisk Foundation • The Novo Nordisk Foundation is a self-governing institution that Institutional and private inve
Slide 117: Sustainability
Investor presentation First nine months of 2020 117 117 Novo Nordisk® Sustainability 1. Sustainable business 118 2. Social responsibility 119 3. Environmental responsibility 124
Slide 118: Delivering on our purpose
118 Investor presentation First nine months of 2020 Novo Nordisk® Delivering on our purpose Novo Nordisk is committed By sustainable business, we mean Guided by the Novo Nordisk Way The Novo Nordisk Way guides how we lead a sustainable business. It sets Integrating sustainability into every directio
Slide 119: Social responsibility is core to Novo Nordisk
119 119 Investor presentation First nine months of 2020 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation We are driving change to defeat diabetes by… …accelerating …providing access to affordable care …innovating to prevention to
Slide 120: Providing access to affordable care is a key priority
120 120 Investor presentation First nine months of 2020 Novo Nordisk® Providing access to affordable care is a key priority for Novo Nordisk Product quality and patient safety is material Access to insulin commitment strengthened 30.0 million 2.9 million people Novo Nordisk guarantees to make low-pr
Slide 121: Affordability programmes to increase support to patients
121 121 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk offers affordability programmes to increase support to patients inside and outside the system Increase support for patients inside the Expand support for patients outside insurance system the system Supporting Afforda
Slide 122: Cities Changing Diabetes aims at breaking the Rule of Halves
122 Investor presentation First nine months of 2020 Novo Nordisk® Cities Changing Diabetes aims at breaking the ‘Rule of Halves’ by tackling urban diabetes through partnerships Global partnership platform to develop At present more than 25 partner cities an approach to fight urban diabetes with 150+
Slide 123: Healthy, engaging and inclusive workplace
123 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk offers a healthy, engaging and inclusive workplace with development opportunities for employees Employee health, safety and engagement Novo Nordisk is committed to building are key focus areas for management a diverse and
Slide 124: Zero negative environmental impact, Circular for Zero strategy
124 Investor presentation First nine months of 2020 Novo Nordisk® Novo Nordisk has set a bold ambition to have zero negative environmental impact, executed through Circular for Zero strategy Focus on circular principles related to waste, resource Progress towards 2030 target of zero emissions from u