Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — FY2021 Earnings Presentation
141 slides from Novo Nordisk A/s Class B's earnings presentation, February 2022
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation Full year 2021 Morten Kruse Jacobsen (to the right), Senior Director at Novo Nordisk and married to Anders. Being a sustainable employer is a key priority for Novo Nordisk. This includes fostering a diverse and inclusive workplace. Fr
Slide 2: Agenda
2 Investor presentation Full year 2021 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 2021 Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this statutory Annual Report 2021 and Form 20-F, which are both expected to be filed with the SEC in February 2
Slide 4: Strategic Aspirations 2025 | Highlights full year 2021
4 Investor presentation Full year 2021 Novo Nordisk® Strategic Aspirations 2025 | Highlights full year 2021 Blue indicates developments in Q4 2021 Adding value to society: Diabetes care: • Medical treatment provided to 34.6 million people • Resubmission of sema 2.0 mg in the US and approval in the E
Slide 5: Sales growth of 14% driven by both operating units and all therapy areas
5 Investor presentation Full year 2021 Novo Nordisk® Sales growth of 14% driven by both operating units and by all therapy areas Reported geographic sales split for the full year 2021 Reported therapy area sales and growth for the full year 2021 DKK Insulin GLP-1 Other diabetes DKK North America Ope
Slide 6: Diabetes value market leadership increased by 0.8%-points to 30.1%
6 Investor presentation Full year 2021 Novo Nordisk® Diabetes value market leadership increased by 0.8%-points to 30.1% Novo Nordisk global diabetes value market share Diabetes value market leadership expansion driven by the GLP-1 franchise 60% Diabetes GLP-1 Insulin Diabetes care sales grew by 13%
Slide 7: International Operations diabetes sales grew across all regions
7 Investor presentation Full year 2021 Novo Nordisk® International Operations diabetes sales grew across all regions, mainly driven by GLP-1 performance Reported diabetes sales and growth per IO geography GLP-1 diabetes value market share and share of growth in IO DKK Market billion Insulin GLP-1 Gr
Slide 8: Biopharm sales grew by 4%
8 Investor presentation Full year 2021 Novo Nordisk® Biopharm sales grew by 4% driven by both North America Operations and International Operations Reported Biopharm sales Biopharm sales driven by global commercial execution DKK Growth at CER Biopharm sales growth driven by: billion 25 4% 9% 25% 25%
Slide 9: Wegovy supply update following cGMP issues at supplier
9 Investor presentation Full year 2021 Novo Nordisk® Wegovy® supply update following cGMP issues at supplier announced in December 2021 Wegovy® simplified manufacturing process Update on supply chain situation • Large global contract manufacturing organisation received a 483 letter by the US FDA rel
Slide 10: Obesity care sales grew by 55% for the full year 2021
10 Investor presentation Full year 2021 Novo Nordisk® Obesity care sales grew by 55% for the full year 2021 Reported sales split in operational units Branded AOM TRx in the US Wegovy® launch in the US DKK billion TRx count (000s) 3 42%1 3%1 55%1 90% 48 78% 41.7 2.4 40 60% 32 1.8 • ~22,000 weekly Rx
Slide 11: Novo Nordisk increased market share in the US GLP-1 diabetes segment
11 Investor presentation Full year 2021 Novo Nordisk® Novo Nordisk increased market share in the fast-growing US GLP-1 diabetes segment US GLP-1 NBRx market share US GLP-1 TRx market share NBRx share TRx share Class growth ~30% 80% 60% 53.4% 50.1% 63.9% 59.2% 43.7% 60% 40% 35.1% 44.9% 40% 34.5% 20%
Slide 12: Total Rybelsus TRx volume is steadily growing in the US
12 Investor presentation Full year 2021 Novo Nordisk® Total Rybelsus® TRx volume is steadily growing in the US Rybelsus® and SGLT-21 uptake in the US2 since respective launches ® For the full year 2021, Rybelsus® sales approaches DKK 5 billion NBRx count Rybelsus NBRx SGLT-2i NBRx TRx count ® (000s)
Slide 13: Continued progress of the pipeline with trial read outs and phase 3 starts
13 Investor presentation Full year 2021 Novo Nordisk® Continued progress of the pipeline with trial read outs and phase 3 starts during fourth quarter of 2021 Biopharm Diabetes care Sogroya® | Phase 3 trial completion Mim8 | Phase 1/2 trial interim results Icosema | Phase 3 programme initiation • Ph
Slide 14: R&D milestones for Q4 2021 and through 2022
14 Investor presentation Full year 2021 Novo Nordisk® R&D milestones for Q4 2021 and through 2022 Clinical milestones1 Regulatory milestones1 F Project Q4 2021 H1 2022 H2 2022 Diabetes care Ozempic® 2.0 mg EU decision US decision FDC Sema – OW GIP Phase 2 initiation Phase 1 results Cagrisema T2DM Ph
Slide 15: Financial results – Full year of 2021
15 Investor presentation Full year 2021 Novo Nordisk® Financial results – Full year of 2021 Change Change Full year 2021 Full year 2020 In DKK million (reported) (CER) Sales 140,800 126,946 11% 14% Gross profit 117,142 106,014 11% Gross margin 83.2% 83.5% Sales and distribution costs (37,008) (32,92
Slide 16: Attractive capital allocation to shareholders
16 Investor presentation Full year 2021 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion 50 • The proposed total dividend per share increased 14.3% to DKK 10.40 (including interim dividend of DKK 3.50 per share paid in Augu
Slide 17: Financial outlook for 2022
17 Investor presentation Full year 2021 Novo Nordisk® Financial outlook for 2022 Expectations 2 February 2022 Sales growth – at CER 6% to 10% Sales growth - reported Around 5 percentage points higher Operating profit growth – at CER 4% to 8% Operating profit growth - reported Around 7 percentage poi
Slide 18: Strategic aspirations 2025
18 Investor presentation Full year 2021 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 environmental imp
Slide 19: Investor contact information
19 Investor presentation Full year 2021 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 Exchange under
Slide 20: Agenda Appendix
20 Investor presentation Full year 2021 Novo Nordisk® Novo Nordisk corporate strategy 21 Diabetes care 33 Obesity care 54 Agenda Appendix Biopharm 69 Other serious chronic diseases 79 Regional information 89 Financials 121 Sustainability 128
Slide 21: Novo Nordisk Corporate Strategy
Investor presentation Full year 2021 Novo Nordisk® Novo Nordisk Corporate Strategy
Slide 22: Opportunity in large unmet needs across all therapy areas
22 Investor presentation Full year 2021 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 ~650million 80%ofdiagnosedNASH patients are obese ~463million and 35%have T2DM 70%ofdiabetes ~0.5
Slide 23: Leading positions in diabetes, obesity and haemophilia
23 Investor presentation Full year 2021 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 800 #1 50% 16 #1 80% #3 100 50% 40% 80 40% 600 12 60% 30% 60 30% 400 8 40% 20% 40 20% 200 4 20% CAG
Slide 24: Continued single digit volume growth within the insulin segments
24 Investor presentation Full year 2021 Novo Nordisk® Continued single digit volume growth within the insulin segments globally Long-acting insulin Premix insulin Fast-acting insulin tMU tMU tMU 250 CAGR volume1: 4.3% 100% 160 CAGR volume1: 1.1% 100% 240 CAGR volume1: 4.4% 100% MI penetration2: 78.7
Slide 25: Sales growth of 14% at CER, driven by all therapy areas
25 Investor presentation Full year 2021 Novo Nordisk® Sales growth of 14% at CER, driven by all therapy areas and in particular the portfolio of GLP-1 treatments Novo Nordisk reported quarterly sales Reported sales for the full Reported sales and growth breakdown for DKK by therapy year 2021 the ful
Slide 26: Sales growth of 14% at CER, driven by IO and NAO
26 Investor presentation Full year 2021 Novo Nordisk® Sales growth of 14% at CER, driven by IO sales growth of 14% and 14% sales growth in NAO Historic and reported sales by geography Reported sales and growth breakdown for the full year 2021 Sales in DKK billion 107.9 126.9 140.8 Sales Share of Reg
Slide 27: Insulin sales remain important with less dependence on US insulin
27 Investor presentation Full year 2021 Novo Nordisk® Insulin sales remain important with more than 39% share of revenue but with less dependence on the US insulin sales Q4 2016 sales split Q4 2021 sales split 30% 28% 44% 61% 11% 26% IO insulin NAO insulin Other products IO: International Operations
Slide 28: Strategic aspirations including an innovation and therapeutic focus
28 Investor presentation Full year 2021 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 the Biopharm
Slide 29: Future of R&D is to increase the number of clinical assets
29 Investor presentation Full year 2021 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 focus drivin
Slide 30: Pipeline supports growth across four strategic focus areas
30 Investor presentation Full year 2021 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED SUSTAIN FORTE - Semaglutide 2.0 NN1965 – Insulin 945 NN9388 – Cagrisema NN1535 – Icosema Tresiba® mg3 NN1845 – GSI
Slide 31: Solid patent protection, high barriers to entry, collaborative innovation
31 Investor presentation Full year 2021 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 patents and valu
Slide 32: Core capabilities provide a competitive advantage
32 Investor presentation Full year 2021 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 33: Diabetes care
Investor presentation Full year 2021 STRENGTHEN LEADERSHIP by offering innovative 1. Disease and market 34 medicines and driving 2. Insulin segment 42 patient outcomes 3. GLP-1 segment 44 48 Diabetes care
Slide 34: Diabetes – the inability to manage blood sugar levels
34 Investor presentation Full year 2021 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 effectivel
Slide 35: GLP-1s have positive effects beyond glycaemic control
35 Investor presentation Full year 2021 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 established ASCVC o
Slide 36: People with diabetes have increased mortality risk
36 Investor presentation Full year 2021 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 lower qual
Slide 37: Global diabetes prevalence is increasing
37 Investor presentation Full year 2021 Novo Nordisk® Global diabetes prevalence is increasing with 700 million people expected to have diabetes by 2045 The number of people with diabetes is expected to Of the 463 million, 34.6 million1 people are currently treated with increase 51% by 2045 Novo Nor
Slide 38: Diabetes is a chronic disease requiring treatment intensification
38 Investor presentation Full year 2021 Novo Nordisk® Diabetes is a chronic disease requiring treatment intensification over time Distribution of patients and value across treatment classes Diet and exercise 100% 4% OAD 16% -cell function 80% 44% GLP-1 17% 60% 1% 18% 25% Insulin 40% 4% 8% 20% 37% 2
Slide 39: Diabetes volume growth remains solid in a USD 52 billion market
39 Investor presentation Full year 2021 Novo Nordisk® Diabetes volume growth remains solid with 4% growth in a large USD 52 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 towards 20
Slide 40: Total branded diabetes market value DKK ~300 billion annually
40 Investor presentation Full year 2021 Novo Nordisk® The total branded diabetes market has a global value of DKK ~300 billion annually DKK Global diabetes market DKK The USA +4% billion billion 150 141 144 400 2020/2021 2019/2020 Growth at CER -11% +22% +7% 100 64 55 -15% 302 295 44 52 +15% 300 50
Slide 41: Strong leadership position within the growing diabetes market
41 Investor presentation Full year 2021 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 billion 60% Mar
Slide 42: Global insulin market leadership at 47.1%
42 Investor presentation Full year 2021 Novo Nordisk® Novo Nordisk global insulin market leadership at 47.1% and the global insulin volume market grew by 1.0% Global North America Operations Market growth: 1.0% International Operations Market growth: -0.6% MS: 47.1% Market growth: 1.7% MS: 38.6% MS
Slide 43: Insulin market size, volume share of growth and market share
43 Investor presentation Full year 2021 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: market growth and growth share market share Total 44% 260 -2.4% -0.5% 80% 15% 12% Long- 60% 37% 131
Slide 44: Icodec once-weekly insulin phase 2 results
44 Investor presentation Full year 2021 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 Icodec post p
Slide 45: Once-weekly insulin icodec represents a new treatment paradigm
45 Investor presentation Full year 2021 Novo Nordisk® Once-weekly insulin icodec represents a new treatment paradigm in the diabetes portfolio The phase 3 programme for insulin icodec was initiated in 2020 ONWARDS 1 970 people treatment naive, 78-week, vs. glargine U100 ONWARDS 2 520 people on basal
Slide 46: Two fixed dose combinations entered phase 2
46 Investor presentation Full year 2021 Novo Nordisk® Two fixed dose combinations entered phase 2 in the second half of 2021 in people with type 2 diabetes Phase 2 trial design for cagrilintide in combination with Phase 2 trial design for semaglutide in combination semaglutide investigated in T2D wi
Slide 47: Phase 3 trial programme COMBINE initiated with icosema
47 Investor presentation Full year 2021 Novo Nordisk® Phase 3 trial programme, COMBINE, has been initiated with icosema IcoSema characteristics Focused phase 3 trial programme COMBINE 1 • 1290 patients* previously on basal-insulin Post-basal insulin Icosema is a fixed dose combination • 52-week vs.
Slide 48: GLP-1 effect dependent on blood glucose level
48 Investor presentation Full year 2021 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 opportunities1 FORTE – Semaglutide 2.0 mg Creates sense of satiety in the brain Semaglutide s.c.
Slide 49: Global GLP-1 market penetration varies across regions
49 Investor presentation Full year 2021 Novo Nordisk® The global GLP-1 market penetration varies across regions with Novo Nordisk having a best-in-class marketed portfolio GLP-1 market growth and Novo Nordisk market share GLP-1 value and patient share1 of the total diabetes market 80% 31% 30% 60% 27
Slide 50: GLP-1 sourcing is primarily from outside the class
50 Investor presentation Full year 2021 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% in major
Slide 51: SUSTAIN trials with subcutaneous semaglutide
51 Investor presentation Full year 2021 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 * * -1.3 * * -1.4 -1.4 * * * -1.5 -1.5 * -1.8 -1.8 -1.5 -1.6 -
Slide 52: PIONEER programme with oral semaglutide
52 Investor presentation Full year 2021 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 -1.5
Slide 53: Semaglutide 2.0 mg s.c. and high dose oral sema
53 Investor presentation Full year 2021 Novo Nordisk® Semaglutide 2.0 mg s.c. and high dose oral sema hold potential to bring patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Phase 3 trial with oral semaglutide 25 mg and 50 mg in T2D
Slide 54: Obesity care
Investor presentation Full year 2021 STRENGTHEN TREATMENT OPTIONS THROUGH MARKET DEVELOPMENT AND BY OFFERING INNOVATIVE MEDICINES AND DRIVING PATIENT OUTCOMES 1. Obesity disease and market 55 2. Obesity market development 57 3. Innovation 58 Obesity care
Slide 55: People with obesity are at increased risk of severe comorbidities
55 Investor presentation Full year 2021 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 are Global healthcare cost related to obesity Increased risk of type 2
Slide 56: Saxenda addresses a global unmet need for weight management
56 Investor presentation Full year 2021 Novo Nordisk® Saxenda® addresses a global unmet need for medical weight management Global obesity prevalence Saxenda® launched countries Global reimbursement status 80% access in commercial channel, but due to employer opt-in, effective access is around 20% Re
Slide 57: Global obesity market share, market growth, US market
57 Investor presentation Full year 2021 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 value market share around USD 853 million DKK TRx SU mUSD/val
Slide 58: Making obesity a healthcare priority requires stakeholder engagement
58 Investor presentation Full year 2021 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 people with obes
Slide 59: STEP trials: weight loss with semaglutide 2.4 mg
59 Investor presentation Full year 2021 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 60: In STEP 1, superior weight loss of up to 16.9%
60 Investor presentation Full year 2021 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% women -4 • Ave
Slide 61: STEP 1: 34.8% reached ≥20% weight loss
61 Investor presentation Full year 2021 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 placebo in the
Slide 62: In STEP 4, superior weight loss of up to 18.2%
62 Investor presentation Full year 2021 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 -2 • 79% women
Slide 63: STEP 4: 41.2% reached ≥20% weight loss
63 Investor presentation Full year 2021 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 Sema 2.4 mg showed a statistically significant treatment difference versus placebo in the SF-3
Slide 64: STEP 5: sustained weight loss over 2 years
64 Investor presentation Full year 2021 Novo Nordisk® In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Clinically relevant and sustained weight loss in patients Data from STEP 5 with obesity or overweight % change in body weight Placebo: -0.6% 40% of patient
Slide 65: STEP 8: semaglutide vs liraglutide weight loss
65 Investor presentation Full year 2021 Novo Nordisk® In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg STEP 8 observed mean change in body weight1 Statistically significant weight loss with sema 2.4 mg vs lira 3.0 mg Mean baseline body weight: 104.5
Slide 66: Phase 3a trial of oral semaglutide 50 mg in obesity
66 Investor presentation Full year 2021 Novo Nordisk® A global phase 3a trial investigating oral semaglutide 50 mg in obesity was initiated in Q3 2021 Global trial planned to be initiated in H2 2021 Plan to include 660 patients with obesity Objective To investigate superiority of oral semaglutide 50
Slide 67: Cagrilintide phase 2 and phase 1 combination trial results
EMEA 67 Investor presentation Full year 2021 Novo Nordisk® Cagrilintide phase 2 monotherapy trial and phase 1 combination trial showed a weight loss of 10.8% and 17.1% Weight loss for cagrilintide plus lifestyle intervention1 Weight loss for cagrilintide and semaglutide in phase 12 % change in % cha
Slide 68: Novo Nordisk obesity pipeline supports efforts to close the treatment gap
68 Investor presentation Full year 2021 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 New body weight set point % 0 Established prediction Increase weight loss towards 15- of WL ou
Slide 69: Biopharm
Investor presentation Full year 2021 SECURE A LEADING POSITION BY LEVERAGING FULL PORTFOLIO AND EXPANDING INTO ADJACENT AREAS 1. Rare blood disorders 71 2. Rare endocrine disorders 73 3. Biopharm innovation 74 Biopharm
Slide 70: Biopharm sustained growth outlook supported by innovation
70 Investor presentation Full year 2021 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 Bringing Ensu
Slide 71: Haemophilia is a rare disease with severe unmet medical needs
71 Investor presentation Full year 2021 Novo Nordisk® Haemophilia is a rare disease with severe unmet medical needs and the market is highly competitive Number of Low diagnosis and treatment rates DKK Sales of recombinant haemophilia products people (000) within haemophilia billion 500 40 400 30 300
Slide 72: Biopharm sales growth of 4% driven by commercial execution
72 Investor presentation Full year 2021 Novo Nordisk® Biopharm sales growth of 4% driven by commercial execution and key brands Esperoct® and Refixia® NovoSeven® and Norditropin® Added sales within rare blood disorders driven by new account for ~75% of Biopharm sales launches DKK DKK billion billion
Slide 73: Norditropin is the market leader on the growth hormone market
73 Investor presentation Full year 2021 Novo Nordisk® Norditropin® is the market leader on the growth hormone market Historic reported sales Norditropin® value leadership maintained Continue frequent launches with new for Norditropin® despite increasing competition indications and device upgrades De
Slide 74: Scientific excellence ensures an innovative and competitive pipeline
74 Investor presentation Full year 2021 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 2022 therapy phases Non-invasive Concizu
Slide 75: Phase 3 programme investigating concizumab for haemophilia
75 Investor presentation Full year 2021 Novo Nordisk® Phase 3 programme on-going investigating concizumab for haemophilia A and B irrespective of inhibitor status Phase 3 trials with data expected during 2022 Arm 1: No prophylaxis Exp7 and Exp8: On-demand treatment Characteristics Arm 2: Concizumab
Slide 76: Mim8 bispecific antibody for haemophilia A prophylaxis
76 Investor presentation Full year 2021 Novo Nordisk® Next-generation FVIII Mimetic, Mim8, is a bispecific antibody for s.c. prophylaxis treatment in people with haemophilia A Thrombin generation assay Thromboelastography Characteristics 400 HA plasma + FVIII • Strong activity at site of bleeding 15
Slide 77: Somapacitan completed phase 3 for GHD
77 Investor presentation Full year 2021 Novo Nordisk® Once-weekly, biodegradable somapacitan has successful completed phase 3 for GHD and is approved for AGHD indication Phase 2 trial in GHD with 1-year efficacy and safety Somapacitan 16 * 11.5 14 Albumin binding side 10.01 chain securing 9.7 Growth
Slide 78: Novo Nordisk and 2seventy bio join forces in genome editing
78 Investor presentation Full year 2021 Novo Nordisk® Novo Nordisk and 2seventy bio join forces in next-generation TM genome editing for children and adult patients with haemophilia A Potential curative treatment in 2seventy bio™/Novo Nordisk’s joint haemophilia A approach • megaTAL: Proprietary, p
Slide 79: Other serious chronic diseases
Investor presentation Full year 2021 79 ESTABLISH PRESENCE BY BUILDING COMPETITIVE PIPELINE AND SCIENTIFIC LEADERSHIP 1. The unmet needs 80 2. Cardiovascular disease 81 3. Non-alcoholic steatohepatitis 84 4. Stem cells 87 Other serious chronic diseases
Slide 80: Novo Nordisk is expanding into other serious chronic diseases
80 Investor presentation Full year 2021 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 Available t
Slide 81: Ambition within cardiovascular disease
81 Investor presentation Full year 2021 Novo Nordisk® Novo Nordisk’s ambition within cardiovascular disease In-licensing/acquisition of mid-stage assets License agreement/partnership At least one product launched between 2024-2028 targeting atherosclerotic cardiovascular disease or heart failure wit
Slide 82: Ziltivekimab phase 2b RESCUE trial completed
82 Investor presentation Full year 2021 Novo Nordisk® Ziltivekimab phase 2b RESCUE trial was 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 •ZiltiIn QM the RESCUE showed reductions tr
Slide 83: CVD presence expanded with Heartseed and Prothena
83 Investor presentation Full year 2021 Novo Nordisk® CVD presence has been expanded with the Heartseed collaboration and Prothena ATTR amyloidosis acquisition Novo Nordisk CVD ambition: New partnerships and acquisitions to support ambition Company Type of agreement Key asset Treatment scope Expecte
Slide 84: NASH is a progressive disease with no existing treatment
84 Investor presentation Full year 2021 Novo Nordisk® NASH is a progressive disease with no existing treatment and low diagnosis rates today NASH-Cirrhosis F4 NASH F3 NASH F3 NASH NASHF2 F2 NASH F1 NASH F1 Dead cell Inflamed/dying remnants hepatocyte Scar Inflamed/dying Excessive collagen tissue hep
Slide 85: Semaglutide showed significant improvements in NASH resolution
85 Investor presentation Full year 2021 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 • NASH reso
Slide 86: Phase 3a ESSENCE trial in NASH
86 Investor presentation Full year 2021 Novo Nordisk® Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of NASH was initiated in Q1 2021 The phase 3a ESSENCE trial in NASH ESSENCE trial | NASH F2–F3 patients Primary objectives and endpoints for Part 1 and 2 N = 1,200 Part 1 | Improves
Slide 87: Stem cell platform potential to solve unmet needs
87 Investor presentation Full year 2021 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 Pluripotent
Slide 88: Phase 3 trials with oral semaglutide in Alzheimer's Disease
88 Investor presentation Full year 2021 Novo Nordisk® Two phase 3 trials were initiated in 2021 with oral semaglutide 14 mg in Alzheimer’s Disease Alzheimer’s Disease 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 sem
Slide 89: International Operations
Investor presentation Full year 2021 1. International Operations growth 90 2. International Operations at a glance 92 3. EMEA 97 4. Region China 102 5. RoW 106 International Operations
Slide 90: Growth momentum increased driven by demographics and Market Fit approach
90 Investor presentation Full year 2021 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 4-8% the Market Fit approach
Slide 91: Medium-term growth expected to be 6-10% annually
91 Investor presentation Full year 2021 Novo Nordisk® The medium-term growth is expected to be 6-10% annually driven by securing the base and three future growth enablers Sales increased by 5% from 2013-2018, while medium-term growth is Secure the sales base by leveraging biopharm and portfolio of e
Slide 92: International Operations at a glance
92 Investor presentation Full year 2021 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million DKK Nordisk market share Sales billion Full year 2021 Growth2 22% (mDKK) 200 80% Total GLP-13 16,106 52% 600 26% Long-acting
Slide 93: Diabetes market share and growth in International Operations
93 Investor presentation Full year 2021 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 ~6% 170% 20% 6 3 2 186 175 140% 16% 14% 110% 12% 80% 54% 8% 50% 25% 6% ~14% 4% 20
Slide 94: Insulin market in International Operations
94 Investor presentation Full year 2021 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 1.9% +1.0% 80.0% 15.0% To
Slide 95: GLP-1 market share and market growth
95 Investor presentation Full year 2021 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% 80% billion 74% ~34% 2 25 5 0 59% 60% 60% 19 47% 40% 40% 34% ~47% 20% 20% 59% 54% 0% 0% Nov Nov Nov Novo Nordisk Eli Lilly
Slide 96: Obesity market in International Operations
96 Investor presentation Full year 2021 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 ~21% 4.1 80% 90% 0.6 3.4 60% 60% 52% 42% 40% 30% 21% ~42% 20% 0% 52% 45% 0% -30% Nov
Slide 97: EMEA at a glance
EMEA 97 Investor presentation Full year 2021 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 2021 Growth2 250 (mDKK) 31% 100 80% Total GLP-13 10,209 38% 200 28% Long-acting insulin4 6
Slide 98: Diabetes market share and growth in EMEA
EMEA 98 Investor presentation Full year 2021 Novo Nordisk® Diabetes market share and market growth in EMEA Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK ~8% 80% 20% billion 2 99 3 2 92 60% 15% 42% 40% 29% 10% 12% 20% 8% 5% ~12% 0% 28% 29% -20% 0% Nov Nov No
Slide 99: Insulin market size and share in EMEA
EMEA 99 Investor presentation Full year 2021 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% 15% Total 48% 37 -1.2% +0.8% 12% 60% Long- 40% 18 0.3% +1.5% 9% acting 47.6%
Slide 100: GLP-1 market share and growth in EMEA
EMEA 100 Investor presentation Full year 2021 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% 60% DKK ~31% 69% billion 1 18 3 0 50% 58% 14 39% 40% 31% 20% ~39% 20% -10% 58% 55% -40% 0% Nov Nov Nov Novo Nord
Slide 101: Obesity market share and growth in EMEA
EMEA 101 Investor presentation Full year 2021 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 ~37% 80% 50% 1.4 73% 0.0 37% 40% 0.4 60% 1.0 30% ~54% 40% 20% 73% 20% 10% 65% 0% 0% Nov Nov Nov Sa
Slide 102: Region China at a glance
Region China 102 Investor presentation Full year 2021 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 2021 Growth2 billion (mDKK) 250 25 100% 8% Total GLP-13 1,847 73% 21% 200 GLP-1 L
Slide 103: Diabetes market share and growth in Region China
Region China 103 Investor presentation Full year 2021 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 ~5% billion 1 25 70% 50% 1 24 -1 40% 50% 33% 30% 30% 20% 16% ~16% 10% 10% 33% 5% 30% -1
Slide 104: Insulin market in Region China
Region China 104 Investor presentation Full year 2021 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 49% 14 11.6% +1.8% 24% 60% 55
Slide 105: GLP-1 market share and growth in Region China
Region China 105 Investor presentation Full year 2021 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 160% DKK million ~105% 70 1,426 233 120% 120% 105% 429 74% 80% 80% 694 ~68% 68% 74% 40% 40% 90% 0% 0
Slide 106: Rest of World at a glance
Rest of World 106 Investor presentation Full year 2021 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 Sales billion Full year 2021 Growth2 (mDKK) 30% 200 Total GLP-13 4,050 85% 80% Long-acting insu
Slide 107: Diabetes market share and growth in Rest of World
Rest of World 107 Investor presentation Full year 2021 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 20% 25% ~4% DKK million 16% 15% 20% 2 1 62 60 20% -1 10% 15% 5% 10% 0% 4% 5% -5% 0% ~20%
Slide 108: Insulin market size and share in Rest of World
Rest of World 108 Investor presentation Full year 2021 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 57% 11 +1.2% +1.1% 60% 57% 15% Fast- 4.9% +1.6%
Slide 109: GLP-1 market share and growth in Rest of World
Rest of World 109 Investor presentation Full year 2021 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 110% 80% DKK 98% million ~32% 73% 1.387 101 5.2 -72 60% 70% 4.2 57% 40% 32% ~73% 30% 20% 57% 44% -
Slide 110: Obesity market share and growth in Rest of World
Rest of World 110 Investor presentation Full year 2021 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 50% 20% billion ~14% 2.7 0.1 42% 2.4 0.3 40% 14% 10% 30% 0% 20% ~32% -10% 10% 42% 36% 0%
Slide 111: North America Operations
Investor presentation Full year 2021 1. US growth drivers 112 2. US healthcare system 113 3. North America operations at glance 115 North America Operations
Slide 112: Innovation drives largest transition in history of Novo Nordisk USA
NAO 112 Investor presentation Full year 2021 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 – 60% transformation complete ILLUSTRATIVE 100% GLP-
Slide 113: US health insurance dominated by few large commercial payers
NAO 113 Investor presentation Full year 2021 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 has been stable in Covered lives by PBM in 2021 recent years 2 Managed Care Medicar
Slide 114: US healthcare system is complex and rebates have increased
NAO 114 Investor presentation Full year 2021 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 Product Payment Re
Slide 115: North America Operations at a glance
NAO 115 Investor presentation Full year 2021 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 billion Full year 2021 Growth2 (mDKK) 70 13% 600 80% Total GLP-13 37,491 2
Slide 116: Diabetes market share and growth in North America Operations
NAO 116 Investor presentation Full year 2021 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 ~10% billion 15 525 15 17 477 40% 36% 32% 30% 20% 11% ~11% 10% 10% 32% 32% 0% No
Slide 117: Volume market shares in the three insulin segments
NAO 117 Investor presentation Full year 2021 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: 0.8% CAGR volume1: (7.0%) CAGR volume1: 1.9% MI penetration2:
Slide 118: Insulin market size and share in North America Operations
NAO 118 Investor presentation Full year 2021 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% 12% Total 42% 198 -3.7% -1.1% 8% Long- 39% 37% 102 -2.8%
Slide 119: GLP-1 market share and growth in North America Operations
NAO 119 Investor presentation Full year 2021 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 ~31% billion 18 163 60% 58% 22 -2 52% 124 40% 36% 31% ~36% 20% 52% 50% 0% Nov NN market share
Slide 120: Obesity market share and growth in North America Operations
NAO 120 Investor presentation Full year 2021 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 billion ~58% 100% 9.3 89% 0.1 70% 80% 3.6 58% 50% 5.9 60% ~75% 30% 40% 89% 10% 80% 20%
Slide 121: Profit and loss, capital allocation; Currencies
Investor presentation Full year 2021 1. Profit and loss, capital allocation 122 2. Currencies 126
Slide 122: Solid sales growth driven by Diabetes and Obesity care
122 Investor presentation Full year 2021 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2017-2021 Financial focus DKK billion CAGR1 4.7% 140 14% • Focus on driving solid sales growth 120 15% 16% • Gross margin to remain broadly stable 100 17% 16% • Over ti
Slide 123: Solid operating profit growth driven by Diabetes care
123 Investor presentation Full year 2021 Novo Nordisk® Solid operating profit growth driven by Diabetes care Operating profit Operating profit split per franchise DKK Percent billion of sales 70 60% 60 50% 50 16% 40% 40 22% 30% 30 1% -4% 11% 3% 8% 20% 20 78% 84% 10 5% 3% 6% 7% 13% 10% 0 0% 2017 2018
Slide 124: Higher profitability in the biopharm segment
124 Investor presentation Full year 2021 Novo Nordisk® Higher profitability in the biopharm segment driven by lower S&D costs Diabetes and Obesity care P&L – full year 2021 Biopharm P&L – full year 2021 DKK DKK billion billion 140 -16% Sales ratios 20 -22% Sales ratios 120 -28% -17% 100 15 -11% 80 -
Slide 125: Stable COGS level as percentage of sales
125 Investor presentation Full year 2021 Novo Nordisk® Stable COGS level as percentage of sales Cost of goods sold Capital expenditure DKK DKK billion billion 25 25% 14 10% 12 20 20% 8% 10 15 15% 8 6% 6 4% 10 10% 4 5 5% 2% 2 0 0% 0 0% 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2022 COGS COGS
Slide 126: Currency impact on Novo Nordisk's P/L
126 Investor presentation Full year 2021 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 functional lines
Slide 127: Operating profit expected to be positively impacted by currencies in 2022
127 Investor presentation Full year 2021 Novo Nordisk® Operating profit expected to be positively impacted by currencies in 2022, partly countered by net financials 1 Avg. 2021 vs. 2020 Exp. Avg FY 2022 vs. FY 2021 10% 6% FY 2021 2% • Negative impact on operating profit of DKK 2.3 billion Hedged -2%
Slide 128: Sustainability
Novo Nordisk® 12 Investor presentation First three 8 months of 2021 Sustainability 1. Sustainable business 129 2. Environmental responsibility 131 3. Social responsibility 133 4. Governance 138
Slide 129: Long-term value to society driven by purpose and responsible business
129 Investor presentation Full year 2021 Novo Nordisk® Long-term value to society is driven by a strong sense of purpose and by being a responsible business Foundation ownership allows for long-term strategies, while still Financial, environmental and social responsibility anchored in Articles suppo
Slide 130: 2021 statement of ESG performance
130 Investor presentation Full year 2021 Novo Nordisk® 2021 statement of ESG performance 2021 2020 2019 Resources Energy consumption for operations (1,000 GJ) 3,387 3,191 2,993 Share of renewable power for production sites 100% 100% 76% Environmental Water consumption for production sites (1,000 m3)
Slide 131: Circular for Zero environmental impact aspiration
131 Investor presentation Full year 2021 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 challenge to
Slide 132: Progressing towards zero CO2 emissions
132 Investor presentation Full year 2021 Novo Nordisk® Progressing towards zero CO2 emissions by addressing emissions in and beyond production Scope 1, 2 and 3 emissions included CO2 emissions from operations & Activities to meet zero CO2 from operations and in Annual Report 2021 transport declined
Slide 133: Social responsibility: prevention, access and innovation
133 Investor presentation Full year 2021 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 134: Providing access to affordable care for vulnerable patients
134 Investor presentation Full year 2021 Novo Nordisk® Providing access to affordable care for vulnerable patients in every country Finding solutions to improve care for vulnerable patients in every country requires a Partnerships are essential to reach multi-faceted approach and actions vulnerable
Slide 135: US insulin net prices have declined in recent years
135 Investor presentation Full year 2021 Novo Nordisk® US insulin net prices have declined in recent years, but vulnerable patients rely on our affordability offerings The US population by health Net price development for Novo Nordisk Novo Nordisk insulin affordability offerings in insurance coverag
Slide 136: Defeating diabetes starts by taking preventive measures
136 Investor presentation Full year 2021 Novo Nordisk® Defeating diabetes starts by taking preventive measures Global obesity burden is part of the cause for rising diabetes Strengthen prevention by focusing on prevalence for both adults and children health inequality in cities The global obesity Be
Slide 137: Diversity and inclusion is a key focus area
137 Investor presentation Full year 2021 Novo Nordisk® Diversity and inclusion is a key focus area for Novo Nordisk Novo Nordisk is committed to building Driving an inclusive and diverse workplace a diverse and inclusive culture • Launch of gender diversity target aspiring to achieve a minimum of Al
Slide 138: Structure in place to ensure corporate governance
138 Investor presentation Full year 2021 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 139: Novo Nordisk has a sustainable tax approach
139 Investor presentation Full year 2021 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 140: Global Business Ethics Code of Conduct
140 Investor presentation Full year 2021 Novo Nordisk® Global Business Ethics Code of Conduct based on the Novo Nordisk Way Novo Nordisk Way Business ethics compliance framework “We never compromise on quality and business ethics” Identify • Trends such as increased focus on anti-bribery and anti-co
Slide 141: Purpose driven culture supported by facilitation
141 Investor presentation Full year 2021 Novo Nordisk® A purpose driven culture is supported by facilitation to safeguard Novo Nordisk values Facilitation purpose Facilitations – Ensure we walk the talk • A systematic approach to follow up on how the Novo Nordisk Way is embedded in the organisation