Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — 9M 2015 Earnings Presentation
110 slides from Novo Nordisk A/s Class B's earnings presentation, Oct 29, 2015
Slide 1: Investor presentation First nine months of 2015
Slide 1 Investor presentation First nine months of 2015 Mexico City – part of Cities Changing Diabetes
Slide 2: Agenda
Investor presentation First nine months of 2015 Slide 2 Agenda Highlights and key events Sales update R&D update Financials and outlook
Slide 3: Forward-looking statements
Investor presentation First nine months of 2015 Slide 3 Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s Annual Report 2014 and Form 20-F, both filed with the SEC in February
Slide 4: Highlights – first nine months of 2015
Investor presentation First nine months of 2015 Slide 4 Highlights – first nine months of 2015 Sales development • Sales increased by 23% in Danish kroner and 9% in local currencies • North America and International Operations grew by 33% and 23% in Danish kroner, respectively • Victoza® increased b
Slide 5: North America is the main contributor to growth
Investor presentation First nine months of 2015 Slide 5 North America is the main contributor to growth Sales as reported – First nine months of 2015 Growth analysis – First nine months of 2015 Japan & Korea Local currencies Growth Share of growth Region China +10% North America 10% 56% +26% 5% 10%
Slide 6: Growth is driven by Victoza and modern insulin
Investor presentation First nine months of 2015 Slide 6 Growth is driven by Victoza® and modern insulin Sales as reported – First nine months of 2015 Growth analysis – First nine months of 2015 Other biopharmaceuticals Local currencies Growth Share of growth Norditropin® +31% New-generation insulin
Slide 7: Victoza maintains leadership in the faster growing US GLP-1 market
Investor presentation First nine months of 2015 Slide 7 Victoza® maintains leadership in the faster growing US GLP-1 market US GLP-1 market development US GLP-1 market shares MAT GLP-1 Growth rate Total TRx MAT volume GLP-1 TRx Victoza® exenatide TRx (000) growth rate market share albiglutide dulagl
Slide 8: North America drives strong Levemir growth despite increased competition
Investor presentation First nine months of 2015 Slide 8 North America drives strong Levemir® growth despite increased competition Levemir® sales growth driven by strong Levemir® gains US market share performance in North America despite introduction of glargine U300 DKK Growth in local currency Leve
Slide 9: Roll-out of degludec portfolio is progressing
Investor presentation First nine months of 2015 Slide 9 Roll-out of degludec portfolio is progressing Tresiba® value share of basal insulin segment Key launch observations in selected countries Switzerland India United Kingdom • Tresiba® launched in 36 countries Japan Sweden Germany • Tresiba® has s
Slide 10: Encouraging early prescription development for Saxenda
Investor presentation First nine months of 2015 Slide 10 Encouraging early prescription development for Saxenda® Prescription volume uptake of anti-obesity medications recently launched in the US Key launch observations TRx naltrexone HCI & bupropion HCI lorcaserin • Encouraging Saxenda® uptake cont
Slide 11: Competitive US label for Tresiba
Investor presentation First nine months of 2015 Slide 11 Competitive US label for Tresiba® Tresiba® approved in the US for glycaemic control in adults with diabetes mellitus • Half-life of 25 hours and duration of action of at least 42 hours Profile • Day to day variability of 20% • Reduction in HbA
Slide 12: Semaglutide shows superior HbA1c reduction and weight loss in SUSTAIN 3
Investor presentation First nine months of 2015 Slide 12 Semaglutide shows superior HbA1c reduction and weight loss compared with exenatide once-weekly in SUSTAIN® 3 SUSTAIN® 3 trial design Headline results Semaglutide Exenatide 1.0 mg QW 2.0 mg QW Semaglutide 1.0 mg QW Change in HbA1c 813 people -1
Slide 13: ADJUNCT results: liraglutide label expansion in type 1 diabetes not pursued
Investor presentation First nine months of 2015 Slide 13 Based on assessment of ADJUNCT results, liraglutide label expansion in type 1 diabetes will not be pursued at present ADJUNCT ONE trial design Headline results • Greater improvement in HbA1c and statistically significantly greater weight reduc
Slide 14: Key development milestones
Investor presentation First nine months of 2015 Slide 14 Key development milestones • Xultophy® (IDegLira) filed with the US FDA for regulatory review • Faster-acting insulin aspart (NN1218) completed the planned additional 26-week treatment period of the onset® 1 trial Diabetes • Phase 3a developme
Slide 15: Financial results – first nine months of 2015
Investor presentation First nine months of 2015 Slide 15 Financial results – first nine months of 2015 DKK million 9M 2015 9M 2014 Change Sales 79,051 64,221 23% Gross profit 67,471 53,658 26% Gross margin 85.4% 83.6% Sales and distribution costs 20,273 16,544 23% Percentage of sales 25.6% 25.8% Res
Slide 16: Appreciation of key currencies against the Danish krone
Investor presentation First nine months of 2015 Slide 16 Appreciation of key currencies against the Danish krone drive significant positive currency impact in 2015 USD/DKK CNY/DKK JPY/DKK GBP/DKK CAD/DKK 135 Index (1 Jan 2014 = 100) Hedged 2014 2015 Spot Impact of a Hedging 130 Currencies average av
Slide 17: Financial outlook for 2015
Investor presentation First nine months of 2015 Slide 17 Financial outlook for 2015 Expectations Previous expectations 29 October 2015 6 August 2015 Sales growth - local currencies 7-9% 7-9% Sales growth - reported Around 13 percentage points higher Around 14 percentage points higher Operating profi
Slide 18: Closing remarks
Investor presentation First nine months of 2015 Slide 18 Closing remarks Solid market performance Promising pipeline >≥10% annual diabetes care market growth driven •> • The only company with a full portfolio of novel by diabetes prevalence insulin products • 28% market share in diabetes care and so
Slide 19: Investor contact information
Investor presentation First nine months of 2015 Slide 19 Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Novo Nordisk A/S Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on Investor Relations the New Yor
Slide 20: Appendix
Investor presentation First nine months of 2015 Slide 20 Appendix 1. Novo Nordisk at a glance 2. Diabetes 3. Biopharmaceuticals 4. Financials 5. Sustainability
Slide 21: Novo Nordisk at a glance
Investor presentation First nine months of 2015 Slide 21 Novo Nordisk at a glance Global leader in diabetes care Global insulin market leadership • A focused pharmaceutical company with leading positions Global insulin market share: 47% Europe: in diabetes, haemophilia and growth hormone Market shar
Slide 22: Four strategic focus areas based on five core capabilities
Investor presentation First nine months of 2015 Slide 22 Novo Nordisk works with four strategic focus areas based on five core capabilities Strategic focus areas Core capabilities Engineering, Deep Efficient Planning Building formulating, disease large-scale and Expand leadership and developing unde
Slide 23: Leading positions in diabetes, haemophilia and growth disorders
Investor presentation First nine months of 2015 Slide 23 Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders Diabetes Haemophilia Growth disorders DKK Market value DKK Market value DKK Market value billion Novo Nordisk value market share billion Novo Nordisk value market
Slide 24: Double digit top line growth driven by diabetes pandemic
Investor presentation First nine months of 2015 Slide 24 Double digit top line growth driven by diabetes pandemic Novo Nordisk reported quarterly sales The number of people with diabetes by therapy according to IDF Diabetes and obesity Haemophilia2 North America Europe Japan & Korea DKK Million Nord
Slide 25: Strong leadership position within the growing diabetes care market
Investor presentation First nine months of 2015 Slide 25 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market Global diabetes care by treatment class value market share DKK GLP-1 Insulin OAD Novo Nordisk Sanofi Merck Eli Lilly billion Astr
Slide 26: Growth opportunities fuelled by strong R&D pipeline
Investor presentation First nine months of 2015 Slide 26 Significant growth opportunities fuelled by strong R&D pipeline across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED4 OG987GT – Oral GLP-1 OG217SC – Oral GLP-11 Faster-acting insulin aspart Xultophy® (US) Levemir® O
Slide 27: Strong global presence in both sales and manufacturing
Investor presentation First nine months of 2015 Slide 27 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions1 Global manufacturing setup • API production North America: ~5,300 • Formulation & filling • Assembly Kaluga • Packaging • Packaging
Slide 28: High barriers to entry in biologics
Investor presentation First nine months of 2015 Slide 28 High barriers to entry in biologics Novo Nordisk’s position is protected Significant barriers to entry by patents and value chain setup for biosimilar players Patent protection1 Unique value chain position EU/US0 Research & Development Researc
Slide 29: Long-term financial targets
Investor presentation First nine months of 2015 Slide 29 Long-term financial targets Performance against long-term financial targets Average Result Target2 2009-20131 2014 Operating profit growth 21% 10% 15% Operating profit growth in local currencies 18% 13% Operating margin 34% 39% 40% Operating p
Slide 30: Diabetes and obesity
Investor presentation First nine months of 2015 Slide 30 Diabetes and obesity
Slide 31: Diabetes – the inability to manage blood sugar levels appropriately
Investor presentation First nine months of 2015 Slide 31 Diabetes – the inability to manage blood sugar levels appropriately Facts about diabetes Insulin secretion profile Diabetes is a chronic disease that occurs either when the 70 pancreas does not produce enough insulin or when the body cannot ef
Slide 32: Insulin – a hormone enabling blood sugar to enter cells
Investor presentation First nine months of 2015 Slide 32 Insulin – a hormone enabling blood sugar to enter cells The aim of insulin therapy is to recreate normal Insulin enables glucose to become energy blood insulin profile 70 Short-lived, rapidly generated • Facilitates uptake of blood sugar into
Slide 33: Diabetes pandemic is fuelled by growing rates of obesity
Investor presentation First nine months of 2015 Slide 33 Diabetes pandemic is fuelled by growing rates of obesity US CDC data on obesity and diabetes prevalence among adults 1994 2000 2013 Obesity prevalence (BMI ≥30 kg/m2) No Data <14.0% 14.0-17.9% 18.0-21.9% 22.0-25.9% >26.0% Diabetes prevalence N
Slide 34: Poor diagnosis rates and glycaemic control remain global problems
Investor presentation First nine months of 2015 Slide 34 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment The worldwide challenge of glycaemic control: remains a challenge – the rule of halves mean HbA1C in ty
Slide 35: UKPDS: Tight glycaemic control reduces risk of complications
Investor presentation First nine months of 2015 Slide 35 UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications UKPDS 10 year follow-up: Risk reduction by lowering HbA1c by 1%-point Legacy effect of tight glycaemic control Diabetes- Peripheral related Myocardial Microv
Slide 36: Insulin is the ultimate care for people with diabetes
Investor presentation First nine months of 2015 Slide 36 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment Distribution of patients and value across intensification treatment classes Insulin GLP-1 OAD 100% Diet and exercise 80% -cell function OAD GLP
Slide 37: The insulin market is comprised of three segments
Investor presentation First nine months of 2015 Slide 37 The insulin market is comprised of three segments Insulin action profiles Global insulin volume market by segment tMU CAGR volume1: 5.1% Fast-acting CAGR value1: 19.6% 450 400 350 34% 300 Fast-acting 34% Premix 250 200 27% Premix 30% 150 Long-
Slide 38: Medications used for the treatment of type 2 diabetes
Investor presentation First nine months of 2015 Slide 38 Medications used for the treatment of type 2 diabetes Commonly prescribed products for the treatment of type 2 diabetes HbA1C Hypo- Weight CVD risk Dosing Contraindication/ Class change glycaemia change factors (pr. day) undesired effects Metf
Slide 39: Sustained double-digit growth in insulin market
Investor presentation First nine months of 2015 Slide 39 Sustained double-digit growth in insulin market Global insulin market growth The fundamental growth drivers Aug 2010 – Aug 2015 of the insulin market DKK Volume billion CAGR: CAGR: 14.5%1 19.3%1 • Rising prevalence of diabetes 200 • Growing ov
Slide 40: Solid insulin volume growth in key regions
Investor presentation First nine months of 2015 Slide 40 Solid insulin volume growth in key regions Novo Nordisk Market Market volume Volume market regions value size & growth composition shares 102.1 3% 43% 149.2 39% Fast-acting Novo Nordisk 50% North America 63% 37% Premix Others 11% Long-acting 2
Slide 41: Stable global insulin volume growth
Investor presentation First nine months of 2015 Slide 41 Stable global insulin volume growth Regional insulin volume growth Regional insulin volume market split North America Europe Int. Operations North America Europe Int. Operations China Japan & Korea World China Japan & Korea 35% 100% 9% 30% 80%
Slide 42: Maintaining insulin leadership by sustaining modern insulin market share
Investor presentation First nine months of 2015 Slide 42 Maintaining insulin leadership by sustaining modern insulin market share Novo Nordisk volume market share across insulin classes Novo Nordisk class MS (%) class volume tMU Human insulin1 tMU Modern insulin3 tMU Total insulin 450 100% 450 100%
Slide 43: Strong underlying insulin market growth and steady market share development
Investor presentation First nine months of 2015 Slide 43 Strong underlying insulin market growth and steady market share development Global insulin market Global modern insulin1 volume market shares Device penetration Modern insulin penetration1 Novo Nordisk Sanofi Eli Lilly tMU Penetration 500 100%
Slide 44: Modern insulins continue strong performance within their segments
Investor presentation First nine months of 2015 Slide 44 Novo Nordisk’s modern insulins continue strong performance within their respective segments Fast-acting insulin Premixed insulin Long-acting insulin Segment volume Segment volume Segment volume NovoRapid® market share NovoMix® market share Lev
Slide 45: NovoRapid remains the preferred modern fast-acting insulin
Investor presentation First nine months of 2015 Slide 45 NovoRapid® remains the preferred modern fast-acting insulin in all key markets Fast-acting insulin market by volume Example of NovoRapid® promotional sales aid1 Share of total Segment volume growth ® insulin market NovoRapid Other modern Other
Slide 46: Continued growth potential for NovoMix in premix insulin segment
Investor presentation First nine months of 2015 Slide 46 Continued growth potential for NovoMix® in the premix insulin segment in key markets Premix insulin market by volume Example of NovoMix® promotional sales aid1 ® Share of total NovoMix Segment volume growth insulin market Other modern insulin
Slide 47: Solid growth potential for Tresiba in long-acting insulin segment
Investor presentation First nine months of 2015 Slide 47 Solid growth potential for Tresiba® in the long-acting insulin segment Basal insulin market by volume Example of Levemir® promotional sales aid1 ® ® Share of total Tresiba Levemir insulin market Other modern insulin Others 60% Segment volume g
Slide 48: Potential on the US modern insulin market
Investor presentation First nine months of 2015 Slide 48 Still a significant potential for Novo Nordisk on the US modern insulin market US insulin market by segments US modern insulin volume market shares Device penetration Modern Insulin penetration Novo Nordisk Sanofi Eli Lilly tMU CAGR volume1: 1
Slide 49: Modern insulins have gained market share in US
Investor presentation First nine months of 2015 Slide 49 Novo Nordisk’s modern insulins have gained market share in expanding US insulin market US fast-acting insulin US premixed insulin US long-acting insulin Segment volume Segment volume Segment volume NovoLog® market share NovoMix® market share L
Slide 50: Leadership position on the European modern insulin market
Investor presentation First nine months of 2015 Slide 50 Sustained leadership position on the European modern insulin market European modern insulin1 European insulin market by segments volume market shares Device penetration Modern Insulin penetration2 Novo Nordisk Sanofi Eli Lilly tMU CAGR volume1
Slide 51: Stable leadership position in International Operations
Investor presentation First nine months of 2015 Slide 51 Stable leadership position in International Operations International Operations insulin International Operations insulin market by segments volume market shares Device penetration Modern Insulin penetration2 Novo Nordisk Sanofi Eli Lilly tMU C
Slide 52: Leadership position in the Chinese insulin market
Investor presentation First nine months of 2015 Slide 52 Sustained leadership position in the Chinese insulin market Chinese insulin market by segments Chinese insulin volume market shares Device penetration Modern Insulin penetration Novo Nordisk Sanofi Eli Lilly Shanghai Fosun Tonghua Dongbao tMU
Slide 53: Expanding market leadership position in Japan
Investor presentation First nine months of 2015 Slide 53 Expanding market leadership position in Japan Japanese insulin market by segments Japanese modern insulin volume market shares Device penetration Modern Insulin penetration2 Novo Nordisk Sanofi Eli Lilly tMU CAGR volume1: -0.3% Penetration 14
Slide 54: Tresiba performance strengthens insulin market share in Japan
Investor presentation First nine months of 2015 Slide 54 Promising Tresiba® performance strengthens total insulin market share in Japan Japanese basal value market shares Japanese total insulin value market shares glargine Tresiba® Levemir® NPH Novo Nordisk Sanofi Eli Lilly NN Total Basal 80% 80% 57
Slide 55: GLP-1 effect dependent on level of blood glucose
Investor presentation First nine months of 2015 Slide 55 GLP-1 effect dependent on level of blood glucose − which reduces risk of hypoglycaemia GLP-1 mechanism of action when blood GLP-1 lowers blood glucose in patients sugar levels increase with type 2 diabetes • Increases insulin secretion in the
Slide 56: Victoza position in the global DPP-IV, GLP-1 and SGLT-2 segment
Investor presentation First nine months of 2015 Slide 56 Victoza® has a strong position in the global DPP-IV, GLP-1 and SGLT-2 segment Segment value Share of segment value growth Segment value market shares DKK Victoza® Other GLP-1 SGLT-2 DPP-IV billion 140 CAGR1 value: 37.6% 100% 80% 130 17% 14% 12
Slide 57: Victoza has a strong leadership in the global GLP-1 market
Investor presentation First nine months of 2015 Slide 57 Victoza® has a strong leadership in the global GLP-1 market North America constitutes the majority Global GLP-1 market of the GLP-1 value market1 Share of total GLP-1 sales in bDKK (right axis) North America Europe International Operations dia
Slide 58: The US GLP-1 market continues to expand
Investor presentation First nine months of 2015 Slide 58 The US GLP-1 market continues to expand US GLP-1 market Key observations for Victoza® in the US market GLP-1 TRx scripts GLP-1 % of diabetes care market • Victoza® market share within the GLP-1 segment is 59%1 (thousands) 500 8% • Roughly 67%
Slide 59: Key diabetes care products remain broadly available in the US
Investor presentation First nine months of 2015 Slide 59 Key Novo Nordisk diabetes care products remain broadly available in the US Value market shares of key % unrestricted market access of key Novo Nordisk products in the US Novo Nordisk products in the US Value market Victoza® NovoLog® Levemir® U
Slide 60: Victoza maintains GLP-1 leadership in key European markets
Investor presentation First nine months of 2015 Slide 60 Victoza® maintains GLP-1 class leadership position in key European markets Development in key European markets following Victoza® launch Victoza® exenatide lixisenatide dulaglutide Germany UK France 14% Market value1: DKK 13 billion 14% Market
Slide 61: Strong Victoza position in the GLP-1 segment across all markets
Investor presentation First nine months of 2015 Slide 61 Strong Victoza® position in the GLP-1 segment across all markets GLP-1 market by value Example of Victoza® promotional sales aid1 Share of total Victoza ® exenatide albiglutide diabetes care market lixisenatide dulaglutide GLP-1 value growth 1
Slide 62: R&D pipeline: Diabetes and obesity
Investor presentation First nine months of 2015 Slide 62 R&D pipeline: Diabetes and obesity Product/project Type Indication Status (phase) 1 2 3 Filed Appr. Tresiba® (NN1250)1 New-generation once-daily basal insulin analogue Type 1+2 Ryzodeg® (NN5401)1 Co-formulation of insulin degludec and insulin
Slide 63: Product portfolio covers the type 2 diabetes treatment flow
Investor presentation First nine months of 2015 Slide 63 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment flow1 Type 2 diabetes progression and Novo Nordisk ideal treatment flow Diet & OAD’s GLP-1 Insulin initiation Optimisation Intensification exercise Metformi
Slide 64: BEGIN phase 3a programme confirms profile of insulin degludec
Investor presentation First nine months of 2015 Slide 64 BEGIN® phase 3a programme confirms stable and efficacious profile of insulin degludec Tresiba® OD vs insulin glargine OD1 results from BEGIN phase 3a trial Profile • Basal insulin with flatter, less variable profile and a doubling in half-life
Slide 65: Two SWITCH trials ongoing with Tresiba vs insulin glargine
Investor presentation First nine months of 2015 Slide 65 Two SWITCH trials ongoing with Tresiba® vs insulin glargine to further assess hypoglycaemia profile Trial designs Purpose and endpoints Purpose IDeg once daily IDeg once daily SWITCH 1 446 people • NN1250-3995: To document hypoglycaemia benefi
Slide 66: Improvement in early glucose lowering with faster-acting insulin aspart
Investor presentation First nine months of 2015 Slide 66 Improvement in early glucose lowering with faster-acting insulin aspart vs insulin aspart in phase 1 trial PD: Mean GIR profiles (0–30 minutes) for PD: Mean GIR profiles (0–30 minutes) for faster-acting insulin aspart vs insulin aspart insulin
Slide 67: Phase 3a trials of faster-acting insulin aspart vs NovoRapid
Investor presentation First nine months of 2015 Slide 67 Phase 3a trials comparing faster-acting insulin aspart with NovoRapid® shows potential benefits Trial design Headline results Faster-acting insulin aspart (MT) • Greater improvement of HbA1c with mealtime faster-acting insulin 1,290 people asp
Slide 68: Competitive European label for Xultophy
Investor presentation First nine months of 2015 Slide 68 Competitive European label for Xultophy® Xultophy® is indicated for the treatment of adults with type 2 diabetes in combination with oral glucose-lowering agents • Xultophy® is a fixed combination product consisting of insulin degludec and lir
Slide 69: Xultophy has documented strong efficacy across the treatment cascade
Investor presentation First nine months of 2015 Slide 69 Xultophy® has documented strong efficacy across the treatment cascade Xultophy® key clinical results DUAL® I DUAL® II DUAL® III DUAL® IV DUAL® V Add-on to Add-on to Switch from GLP-1 Add-on to SU ± Switch from insulin metformin ± Pio metformin
Slide 70: SUSTAIN phase 3a programme for semaglutide
Investor presentation First nine months of 2015 Slide 70 SUSTAIN® phase 3a programme to support a broad competitive label for semaglutide1 2013 2014 2015 2016 SUSTAIN® 1: Monotherapy 30 weeks, n= 400 SUSTAIN® 2: Semaglutide vs sitagliptin 56 weeks, n= 1,200 SUSTAIN® 3: Semaglutide vs exenatide once-
Slide 71: Semaglutide superior to placebo in SUSTAIN 1
Investor presentation First nine months of 2015 Slide 71 Semaglutide shows superior HbA1c reduction and weight loss compared with placebo in SUSTAIN® 1 trial SUSTAIN® 1 trial design Headline results 0.5 mg 1.0 mg Placebo semaglutide semaglutide Semaglutide 0.5 mg Change in HbA1c 388 drug- -1.5%* -1.
Slide 72: Oral peptide delivery challenges and solutions
Investor presentation First nine months of 2015 Slide 72 Oral peptide delivery − the gastro-intestinal route poses many challenges to absorption of intact macromolecules Challenges Solutions 1. Breakdown of drug in the 1. Stabilisation of peptide backbone stomach/gastrointestinal tract and side chai
Slide 73: Positive results for phase 2 trial with oral semaglutide
Investor presentation First nine months of 2015 Slide 73 Positive results for phase 2 trial with oral semaglutide Phase 2 trial design Headline results • From a baseline HbA1c of 7.9% people achieved the following Oral semaglutide 2.5 mg (QD) improvements: Oral semaglutide 5 mg (QD) • Oral semagluti
Slide 74: Liraglutide adjunct to insulin in ADJUNCT TWO trial
Investor presentation First nine months of 2015 Slide 74 Liraglutide as adjunct to insulin therapy leads to greater HbA1c reduction and weight loss in ADJUNCT TWO trial ADJUNCT TWO trial design1 Headline results • Greater improvement in HbA1c between 0.2% and 0.3% for people with type 1 diabetes com
Slide 75: Long-acting insulin LAI287 intended for once-weekly dosing
Investor presentation First nine months of 2015 Slide 75 Long-acting insulin LAI287 intended for once-weekly dosing Glucose Infusion Rate vs. time (predicted mean Glucose at steady Infusion state) Rate vs. Time Key observations (Predicted Mean) 18 nmol/kg LAI287, 18 nmol/kg • The peak-to-trough rati
Slide 76: Obesity burden in the US
Investor presentation First nine months of 2015 Slide 76 Obesity burden in the US Incidence of obesity in the US Comments to the US obesity burden • Cost of obesity to health care systems of USD 147 billion Obese Over- annually2 with continued growth Million weight Class I Class II Class III TOTAL p
Slide 77: Significant unmet need in obesity management
Investor presentation First nine months of 2015 Slide 77 Significant unmet need in obesity management Insufficient treatment options Significant gaps in obesity treatment Mean weight loss 100% All people with obesity Bariatric surgery High Medium Anti-obesity medication 30% with weight loss of Peopl
Slide 78: Small but growing market for anti-obesity medication in the US
Investor presentation First nine months of 2015 Slide 78 Small but growing market for anti-obesity medication in the US Value of US obesity market remains small Few people treated with AOM in US, but recent compared to diabetes market, but it is growing launches have contributed to market growth USD
Slide 79: Saxenda demonstrated weight loss in all SCALE trials
Investor presentation First nine months of 2015 Slide 79 Saxenda® demonstrated weight loss in all SCALE® trials Overview of weight loss (%) in the SCALE® programme Saxenda® Placebo % patients with ≥5% weight loss Obesity & Pre-diabetes2 Diabetes3 Sleep Apnoea4 Maintenance1,5 (56 weeks and n=3,731) (
Slide 80: Competitive US label for Saxenda
Investor presentation First nine months of 2015 Slide 80 Competitive US label for Saxenda® Saxenda® approved in the US for chronic weight management in individuals with a BMI ≥30, or ≥27 in the presence of at least one weight-related comorbidity1 • GLP-1 receptor agonist – a physiological regulator
Slide 81: Saxenda targeted at patients with BMI ≥35 and comorbidities
Investor presentation First nine months of 2015 Slide 81 Saxenda® targeted at patients with BMI ≥35 and weight- related comorbidities Focused patient profile Market approach Saxenda® aspiration Clear patient segmentation All people Focused prescriber with BMI ≥30 targeting Build the market Diagnosed
Slide 82: Biopharmaceuticals
Investor presentation First nine months of 2015 Slide 82 Biopharmaceuticals
Slide 83: Haemophilia: Location of bleedings and the consequences
Investor presentation First nine months of 2015 Slide 83 Haemophilia: Location of bleedings and the consequences Locations Consequences of bleedings • Bleeding in the joint space causes a strong inflammatory reaction which predisposes to further bleeding Head and neck Nose and gums • Inadequate or d
Slide 84: Haemophilia is a rare disease with severe unmet medical needs
Investor presentation First nine months of 2015 Slide 84 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B Low diagnosis and treatment rates and haemophilia with inhibitors within haemophilia Thousand Average percentage of people people with haem
Slide 85: The global haemophilia market is growing by mid-single digits
Investor presentation First nine months of 2015 Slide 85 The global haemophilia market is growing by mid-single digits Strategic positioning of Novo Nordisk’s Sales of recombinant coagulation factors haemophilia portfolio DKK NovoSeven® Coagil VII ® Xyntha®/Refacto® Benefix® Novo Nordisk billion Kog
Slide 86: NovoSeven – a unique biologic for rare bleeding disorders
Investor presentation First nine months of 2015 Slide 86 NovoSeven® − a unique biologic for the treatment of rare bleeding disorders NovoSeven® reported sales Key NovoSeven® properties DKK • Product characteristics: powder and solvent for solution billion for intravenous injection, available in mult
Slide 87: NovoEight is launched in the US, Europe and Japan
Investor presentation First nine months of 2015 Slide 87 NovoEight® is launched in the US, Europe and Japan for the treatment of people with haemophilia A Example from NovoEight® promotional campaign1 NovoEight® properties and launch performance Indications: • Treatment and prophylaxis of bleeding i
Slide 88: NovoThirteen provides efficacious and safe haemostatic coverage
Investor presentation First nine months of 2015 Slide 88 NovoThirteen®, a recombinant FXIII, provides efficacious and safe haemostatic coverage Example from NovoThirteen® NovoThirteen® properties and launch promotional campaign1 performance Indication: • Long term prophylactic treatment of bleeding
Slide 89: R&D pipeline: Haemophilia and growth disorders
Investor presentation First nine months of 2015 Slide 89 R&D pipeline: Haemophilia and growth disorders Product/project Type Indication Status (phase) 1 2 3 Filed Appr. N9-GP (NN7999) GlycoPEGylated long-acting rFIX Haemophilia B N8-GP (NN7088) GlycoPEGylated long-acting rFVIII Haemophilia A Concizu
Slide 90: Positive phase 3 results with long-acting factor IX
Investor presentation First nine months of 2015 Slide 90 Positive results from phase 3 trial with long-acting factor IX for treatment of haemophilia B N9-GP phase 1 pharmacokinetics Paradigm 2 headline results (phase 3) FIX activity rFIX pdFIX N9-GP • Median bleeding rate for patients treated on dem
Slide 91: Positive phase 3 results with long-acting factor VIII
Investor presentation First nine months of 2015 Slide 91 Positive results from phase 3 trial with long-acting factor VIII for treatment of haemophilia A N8-GP phase 1 pharmacokinetics Pathfinder 2 headline results (phase 3) FVIII activity FVIII N8-GP • Median bleeding rate for patients treated on de
Slide 92: Novo Nordisk continues to expand leadership in growth hormone market
Investor presentation First nine months of 2015 Slide 92 Novo Nordisk continues to expand leadership within growth hormone market Development in global hGH market Growth hormone volume market share DKK MAT volume kg MAT value DKK Novo Nordisk Pfizer Sandoz billion kg Eli Lilly Merck Kgaa Roche 20 10
Slide 93: Solid Norditropin sales growth
Investor presentation First nine months of 2015 Slide 93 Solid Norditropin® sales growth Norditropin® reported sales Key Norditropin® properties DKK • Product characteristics: Premixed, prefilled multi-use billion delivery systems available in multiple strengths, and stable at room temperature 2,0 C
Slide 94: Financials
Investor presentation First nine months of 2015 Slide 94 Financials
Slide 95: Sustained double digit growth throughout the last decade
Investor presentation First nine months of 2015 Slide 95 Novo Nordisk has delivered sustained double digit growth throughout the last decade Sales growth in local currencies Operating profit growth in local currencies 2005–2014 2005–2014 Sales growth Average growth Operating profit growth Average gr
Slide 96: Solid sales growth with North America, IO and China expanding
Investor presentation First nine months of 2015 Slide 96 Solid sales growth with especially North America, International Operations and Region China expanding Reported annual sales Reported annual sales split by region DKK Diabetes Biopharmaceuticals North America Europe Int. Operations billion Chin
Slide 97: Solid operating profit growth driven by diabetes
Investor presentation First nine months of 2015 Slide 97 Solid operating profit growth driven by diabetes Operating profit Operating profit therapy split DKK Operating profit Operating profit as % of sales Diabetes Biopharm billion Operating profit growth vs last year 45 Operating profit growth in l
Slide 98: Profitability per segment
Investor presentation First nine months of 2015 Slide 98 Profitability per segment Diabetes P&L – full year 2014 Biopharmaceuticals1 P&L – full year 2014 DKK DKK billion billion 80 80 -18% 70 70 -29% 60 60 50 50 -13% 40 40 -4% +1% 36% 30 30 -11% -15% 20 20 -15% -4% 56% +1% 10 10 0 0 Sales COGS S&D R
Slide 99: Continued decline in relative COGS with stable investment level
Investor presentation First nine months of 2015 Slide 99 Continued decline in relative COGS level combined with stable investment level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK COGS as % of sales DKK CAPEX as % of sales billion COGS billion CAPEX 15 25% 4 6% Thousands 20% 3 10 4% 15
Slide 100: Steady cash return via dividends and share repurchase programmes
Investor presentation First nine months of 2015 Slide 100 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes Share repurchase programmes have enabled Annual cash return to shareholders continued reduction in share capital DKK Free cash flow Share
Slide 101: Long term financial targets: operating profit growth and margin
Investor presentation First nine months of 2015 Slide 101 Long term financial targets: Operating profit growth and operating margin Operating profit growth Operating margin Current long term financial target Current long term financial target Previous long term financial targets Previous long term f
Slide 102: Long term financial targets: returns and cash to earnings
Investor presentation First nine months of 2015 Slide 102 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings Operating profit after tax to Cash to earnings net operating assets (three years’ average) Current long term financial target Current long te
Slide 103: Stable ownership structure
Investor presentation First nine months of 2015 Slide 103 Stable ownership structure - secured through A and B-share structure Share structure The Novo Nordisk Foundation • The Novo Nordisk Foundation is a self-governing institution Novo Nordisk Foundation that: Institutional and private • provides
Slide 104: Sustainability
Investor presentation First nine months of 2015 Slide 104 Sustainability
Slide 105: Guided by a strong values-based management system
Investor presentation First nine months of 2015 Slide 105 We are guided by a strong values-based management system with patients at the centre of everything we do The Novo Nordisk way The Triple Bottom Line business principle • Our ambition is to strengthen our leadership in diabetes. • We aspire to
Slide 106: Long term social performance targets
Investor presentation First nine months of 2015 Slide 106 Long term social performance targets Patients reached with Working the Diverse senior diabetes care products Novo Nordisk Way management teams Realised Target (2020) Realised Target Realised Target (2014) Number of people million1 Average sco
Slide 107: Treating 40 million patients with diabetes by 2020
Investor presentation First nine months of 2015 Slide 107 Treating 40 million patients with diabetes by 2020 is a long term target to be achieved by addressing needs locally Number of patients treated with To reach our target, the global strategy is Novo Nordisk’s diabetes care products translated i
Slide 108: Changing Diabetes initiatives aim at changing the rule of halves
Investor presentation First nine months of 2015 Slide 108 Changing Diabetes® initiatives aim at changing the rule of halves Prevention Diagnosis Access to care Reach target Desired outcome Initiative examples Prevent in • Changing Diabetes® in Pregnancy future generations • Changing Future Health •
Slide 109: Cities Changing Diabetes
Investor presentation First nine months of 2015 Slide 109 Cities Changing Diabetes aims to break the Rule of Halves and stop urban diabetes from ruining millions of lives Urban diabetes is on the rise Cities Changing Diabetes is our response Public-private partnerships City partners City leaders Glo
Slide 110: Long term environmental performance targets
Investor presentation First nine months of 2015 Slide 110 Long term environmental performance targets CO2 emissions from energy consumption Energy consumption Water consumption Target (not to exceed by 2014) Target (not to exceed)* Target (not to exceed)* Realised Realised Realised 1,000 tons 1,000,