Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Q1 2025 Earnings Presentation
173 slides from Novo Nordisk A/s Class B's earnings presentation, May 7, 2025
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation First three months of 2025 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation First three months of 2025 Novo Nordisk® Progress on Strategic Aspirations 2025 Agenda Agenda Commercial execution Innovation and therapeutic focus Financials
Slide 3: Forward-looking statements
3 Investor presentation First three months of 2025 Novo Nordisk® Forward-looking statements Novo Nordisk’s statutory Annual Report 2024, Form 20-F, any quarterly financial reports, investor presentations and written information released, shown, or oral statements made, to the public in the future by
Slide 4: Strategic Aspirations 2025 Highlights
4 Investor presentation First three months of 2025 Novo Nordisk® Strategic Aspirations 2025|Highlights first three months of 2025 Light blue indicates developments in Q1 2025 Further raise innovation bar for Diabetes treatment Progress towards zero environmental impact • Once-weekly IcoSema submitte
Slide 5: Executive Management as of April 2025
5 Investor presentation First three months of 2025 Novo Nordisk® Executive Management as of 3 April 2025 Lars Fruergaard Jørgensen1 President and CEO Quality, IT & International Product & Portfolio Finance, Legal & US Operations People, Research & CMC & Product Development Environmental Operations S
Slide 6: Sales growth of 18% driven by both operating units
6 Investor presentation First three months of 2025 Novo Nordisk® Sales growth of 18% driven by both operating units Reported geographic sales split for first quarter 2025 Reported therapy area sales and growth for first quarter 2025 DKK Insulin GLP-1 diabetes Other diabetes DKK US Operations Interna
Slide 7: Novo Nordisk has almost tripled its global GLP-1 patient reach in 3 years
7 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk has almost tripled its global GLP-1 patient reach in 3 years Global number of patients on GLP-1s across diabetes and obesity Novo Nordisk GLP-1 patient reach Patients • Ongoing scaling efforts has supported (millions) almo
Slide 8: Diabetes GLP-1 class continues to grow in the US
8 Investor presentation First three months of 2025 Novo Nordisk® Diabetes GLP-1 class continues to grow in the US US GLP-1 diabetes weekly NBRx prescriptions US GLP-1 diabetes TRx market share Weekly NBRx TRx share Total GLP-1 SUs scripts (‘000s) (millions) Class growth >15% 80% 7 90 6 60% 50% 5 60
Slide 9: US branded anti-obesity medication market continues to expand
9 Investor presentation First three months of 2025 Novo Nordisk® US branded anti-obesity medication market continues to expand, while compounded GLP-1 volumes have increased Branded AOM TRx SU in the US1 Branded AOM class grew 160%2 TRx SU (‘000s) GLP-1 compounding 600 562 • Compounded GLP-1 volumes
Slide 10: International Operations sales growth driven by GLP-1 Diabetes and Obesity care
10 Investor presentation First three months of 2025 Novo Nordisk® International Operations sales growth driven by GLP-1 Diabetes and Obesity care Reported GLP-1 Diabetes care sales and growth for first quarter 2025 Reported Obesity care sales and growth for first quarter 2025 DKK Growth at CER DKK W
Slide 11: Total GLP-1 class leadership in International Operations continues
11 Investor presentation First three months of 2025 Novo Nordisk® Total GLP-1 class leadership in International Operations continues Total GLP-1 patients1 and volume market share in IO IO total GLP-1 performance Volume Patients market share Total class growth >30% (millions) Diabetes GLP-1 80% Thous
Slide 12: Rare disease sales increased by 3%
12 Investor presentation First three months of 2025 Novo Nordisk® Rare disease sales increased by 3% Reported Rare disease sales Rare disease sales performance DKK Rare disease sales increased by 3%: billion Growth at CER • Sales in International Operations increased by 5% 6 3% -1% -10% 27% -5% 14%
Slide 13: CagriSema demonstrated 15.7% weight loss in REDEFINE 2
13 Investor presentation First three months of 2025 Novo Nordisk® CagriSema demonstrated 15.7% weight loss in REDEFINE 2 REDEFINE 2 trial with 1,206 people with obesity or overweight and T2D1 Weight loss2 in the REDEFINE 2 trial Mean baseline body weight: 102.2 kg CagriSema 2.4/2.4 mg R Change in bo
Slide 14: REDEFINE 11 expected to start in Q2 2025
14 Investor presentation First three months of 2025 Novo Nordisk® REDEFINE 11 expected to start in Q2 2025 to further explore weight loss potential of CagriSema CagriSema phase 3 development programme in Obesity Next steps in the REDEFINE programme • 3,417 participants REDEFINE 4 REDEFINE 1 • 68-wee
Slide 15: Oral sema 25mg submitted to US as first oral GLP-1 in obesity
15 Investor presentation First three months of 2025 Novo Nordisk® Oral sema 25 mg submitted to US as first oral GLP-1 in obesity, with overall efficacy and safety profile similar to Wegovy® Weight loss1 in the OASIS 4 trial Efficacy Mean baseline body weight: 105.9 kg • Oral sema 25 mg demonstrated
Slide 16: R&D milestones
16 Investor presentation First three months of 2025 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q1 2025 Q2 2025 H2 2025 Diabetes care CagriSema (2.4 mg/2.4 mg) Phase 3 results (REIMAGINE 3) Oral/Sc. amycretin Phase 2 results OW GIP/GLP-1 Phase 2 results Obesity c
Slide 17: Financial results – in the first three months of 2025
17 Investor presentation First three months of 2025 Novo Nordisk® Financial results – in the first three months of 2025 First three First three Change Change In DKK million months of 2025 months of 2024 (reported) (CER) Sales 78,087 65,349 19% 18% Gross profit 65,197 55,433 18% 16% Gross margin 83.5
Slide 18: Financial outlook for 2025
18 Investor presentation First three months of 2025 Novo Nordisk® Financial outlook for 2025 Expectations Expectations 7 May 2025 5 February 2025 Sales growth – at CER 13% to 21% 16% to 24% Sales growth - reported Around 3 percentage points lower Around 3 percentage points higher Operating profit gr
Slide 19: Strategic aspirations 2025
19 Investor presentation First three months of 2025 Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation bar for Diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for Obesi
Slide 20: Investor contact information
20 Investor presentation First three months of 2025 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen Novo Nordisk A/S under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock In
Slide 21: Appendix
21 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk corporate strategy Diabetes care GLP-1 Insulin Appendix Obesity care Rare disease Cardiovascular & Emerging Therapy Areas Regional information Financials and Product Supply Sustainability
Slide 22: Novo Nordisk Corporate Strategy
22 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk Corporate Strategy Diabetes Obesity Strengthen leadership by Strengthen leadership through offering innovative medicines market development and by and driving patient offering innovative medicines outcomes and driving pat
Slide 23: Diabetes and obesity remain the key priority areas in the corporate strategy
23 Investor presentation First three months of 2025 Novo Nordisk® Diabetes and obesity remain the key priority areas in the corporate strategy Therapy area priorities Portfolio focus Investment approach 1 Diabetes Obesity Broad and deep Key investment focus 2 CVD RBD Multiple targets in key segments
Slide 24: Innovation starts with addressing unmet needs
24 Investor presentation First three months of 2025 Novo Nordisk® Innovation starts with addressing unmet needs, improving outcomes and reaching more patients Diabetes care Obesity care 589 million people with ~15% 813 million people with ~0.5% of people in of people medically diabetes1 good control
Slide 25: Novo Nordisk has leading positions in diabetes, obesity and haemophilia
25 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1400 50% 250 100% 100 50% #1 #1 #4 40% 200 80% 80 40% 1050 30% 150 60% 60 30% 700 20% 1
Slide 26: Sales growth of 18%, driven by the GLP-1 portfolio
26 Investor presentation First three months of 2025 Novo Nordisk® Sales growth of 18%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the first Reported sales and growth breakdown for by therapy three months of 2025 the first
Slide 27: Sales growth of 18%, driven by both US and IO
27 Investor presentation First three months of 2025 Novo Nordisk® Sales growth of 18%, driven by both US and IO with 17% and 19% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown for first three months of 2025 DKK billion 140.8 290.4 Sales Share o
Slide 28: Novo Nordisk holds solid patent protection and competitive advantages
28 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk holds solid patent protection and competitive advantages Novo Nordisk’s position is protected by patents and value chain setup Novo Nordisk holds competitive advantages compared to biosimilars EU/US patent protection1 203
Slide 29: Core capabilities together with additional drug modalities open up new opportunities
29 Investor presentation First three months of 2025 Novo Nordisk® Core capabilities together with additional drug modalities open up new opportunities across therapy areas Core Novo Nordisk capabilities Modalities accelerated via partnerships & acquisitions Proteins/ Cell Small Gene siRNA Peptides/m
Slide 30: siRNA platform expected to deliver and mature across therapy areas
30 Investor presentation First three months of 2025 Novo Nordisk® siRNA platform expected to deliver and mature across therapy areas in alignment with corporate strategy Progress with the siRNA platform Distribution of siRNA portfolio projects Phase 1 initiation ambition with siRNA 3 12 phase 1 tria
Slide 31: Phase 1 aspiration of bringing more targets from research to development faster
31 Investor presentation First three months of 2025 Novo Nordisk® Phase 1 aspiration of bringing more targets from research to development faster is on track for 2025 Key drivers increasing number of Number of phase 1 initiations in 2020 and aspirations towards 2025 phase 1 initiations ~3x numbers o
Slide 32: Partnerships and acquisitions support future research and development
32 Investor presentation First three months of 2025 Novo Nordisk® Partnerships and acquisitions support future research and development 2019 2020 2021 2022 2023 2024 2025 Selected acquisitions Oral formulations Novel treatment for Expansion of of therapeutics CVD/Rare disease production capacity Nov
Slide 33: Pipeline supports significant growth opportunities across all four strategic focus areas
33 Investor presentation First three months of 2025 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1644 – GSI NN9541 – OW GIP/GLP-1 co-agonist NN9388 – CagriSema NN1436 – Insulin Icodec2 Tresiba® NN1
Slide 34: Diabetes care
34 Investor presentation First three months of 2025 Diabetes care Disease and market Insulin segment GLP-1 segment Insulin segment SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 35: Diabetes is a serious chronic disease with increasing prevalence worldwide
35 Investor presentation First three months of 2025 Novo Nordisk® Diabetes is a serious chronic disease with increasing prevalence worldwide In 2050, 853 million adults are expected to live with diabetes T2D is associated with multiple comorbidities and mortality1 Million adults 1 in 9 have 1 in 8 h
Slide 36: Novo Nordisk is the global leader in the growing diabetes market
36 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk is the global leader in the growing diabetes market Global diabetes care reported sales Volume growing ~6% with more people using GLP-1s and SGLT-2is DKK Novo Nordisk value market share1 33.3% billion Estimated prescripti
Slide 37: The unmet need within diabetes care remains large
37 Investor presentation First three months of 2025 Novo Nordisk® The unmet need within diabetes care remains large with too few patients reaching glycaemic target and treated for complications 1 in 2 adults go undiagnosed and more treated patients Of the 589 million, 43.0 million1 people are treate
Slide 38: GLP-1s have positive effects beyond glycaemic control
38 Investor presentation First three months of 2025 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines Medications for treatment of type 2 diabetes Semaglutide has impact on several comorbidities Hypo Weight Cardiovascular effects Class Efficacy
Slide 39: Innovation is the focus for strengthening leadership in diabetes
39 Investor presentation First three months of 2025 Novo Nordisk® Innovation is the focus for strengthening leadership in diabetes Approach to diabetes innovation Novo Nordisk’s product portfolio covers all three treatment segments Oral anti-diabetic Injectable GLP-1 Insulins Key products Icodec 1 O
Slide 40: The total branded diabetes market has a global value of DKK ~523 billion annually
40 Investor presentation First three months of 2025 Novo Nordisk® The total branded diabetes market has a global value of DKK ~523 billion annually DKK Global diabetes market DKK The USA billion billion 600 +21% +19% 2023 2024 Growth at CER 277 523 300 +24% 233 500 184 200 +45% 148 +5% 435 -48% 100
Slide 41: Novo Nordisk has a leadership position within the growing diabetes market
41 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk has a leadership position within the growing diabetes market Global diabetes market by treatment class1 Novo Nordisk remains global diabetes value Novo Nordisk market share and share of market leader growth DKK billion 60
Slide 42: GLP-1 mechanism of action and potential therapeutic opportunities
42 Investor presentation First three months of 2025 Novo Nordisk® GLP-1 mechanism of action and potential therapeutic opportunities GLP-1 mechanism of action Patient overlaps for key focus areas in type 2 diabetes Creates sense of satiety in the brain Obesity UNITED STATES ONLY Type 2 diabetes ~115m
Slide 43: Novo Nordisk has 54% of the global GLP-1 market
43 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk has 54% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions GLP-1 market growth and Novo Nordisk market share GLP-1 share of total estimated diabetes prescriptions1 is 6.8% Million
Slide 44: SUSTAIN trials with subcutaneous semaglutide
44 Investor presentation First three months of 2025 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 6 7 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% -0,1 -0,4 Change in -0,5 HbA1c (%) -0,8 -0,9 -1,1 * -1,1 * -1,2 * * -1,3 * -1.3 * * -1,4 * -1,4 * * * -1,5 * -1,5 * * -1,8
Slide 45: Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target
45 Investor presentation First three months of 2025 Novo Nordisk® Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Data from SUSTAIN FORTE approved in the US and the EU Semaglutide 2.0 mg showed superior
Slide 46: Sema 1.0 mg demonstrates 24% reduction in kidney disease-related events
46 Investor presentation First three months of 2025 Novo Nordisk® Sema 1.0 mg demonstrates 24% reduction in the risk of kidney disease-related events in people with type 2 diabetes and CKD The FLOW trial evaluated semaglutide in people with T2D and CKD Testing hierarchy of primary and secondary conf
Slide 47: PIONEER programme with oral semaglutide
47 Investor presentation First three months of 2025 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 4 5 7 8 Baseline 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% -0,1 -0,1 -0,1 Change in -0,5 -0,6 * HbA1c (%) -0,7 -0,8 * -0,8 * * -1,0 -0,9 -1,1 -1,1 * -1,1 -1,3 * * -1,4 * -1,4 * -1,3 * -1,
Slide 48: PIONEER PLUS achieved its primary endpoint
48 Investor presentation First three months of 2025 Novo Nordisk® PIONEER PLUS achieved its primary endpoint and demonstrated statistically significant HbA1C reduction vs oral sema 14 mg Oral semaglutide 25 mg and 50 mg vs 14 mg in subjects with T2D Headline trial results Change in HbA1C Change in b
Slide 49: Phase 2 trial for CagriSema in people with type 2 diabetes completed in Q3 2022
49 Investor presentation First three months of 2025 Novo Nordisk® Phase 2 trial for CagriSema in people with type 2 diabetes was successfully completed in Q3 2022 Exploratory phase 2a trial of CagriSema in T2D Headline trial results Cagrilintide 2.4 mg + semaglutide 2.4 mg Change in HbA1C Change in
Slide 50: Phase 3 trial programme with CagriSema in type 2 diabetes
50 Investor presentation First three months of 2025 Novo Nordisk® Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, was initiated in Q3 2023 CagriSema characteristics Global phase 3 trial programme REIMAGINE 1 • 180 patients with T2D vs placebo • 40-week vs. placebo • Primary end
Slide 51: Amycretin phase 2 trial with oral and subcutaneous administration
51 Investor presentation First three months of 2025 Novo Nordisk® Amycretin phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes has been initiated Phase 2 amycretin trial design Objective ILLUSTRATIVE • Demonstrate the dose-response relationship of amycretin for ch
Slide 52: Novo Nordisk global insulin volume market leadership
52 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk global insulin volume market leadership at 43.5% and the global insulin volume market increased by 2.9% Global Market growth: 2.9% Market share: 43.5% EUCAN MS gain/loss1: -1.6%-p Market growth: 0.2% Sales growth: 3% Inte
Slide 53: Insulin market size and Novo Nordisk volume and value market share
53 Investor presentation First three months of 2025 Novo Nordisk® Insulin market size and Novo Nordisk volume and value market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 43% 169 -18.3% -0.7% 50% 44% 9% 40% 6% Long- -14.0%
Slide 54: Insulin icodec holds potential to be the insulin of choice
54 Investor presentation First three months of 2025 Novo Nordisk® Insulin icodec holds potential to be the insulin of choice for people living with type 2 diabetes starting basal insulin treatment Today’s global basal insulin market is sizeable The opportunity for insulin icodec bDKK Patient behavio
Slide 55: Once-weekly insulin icodec appeared to be effective and safe in ONWARDS programme
55 Investor presentation First three months of 2025 Novo Nordisk® Once-weekly insulin icodec appeared to be effective and to have a safe profile in the phase 3 ONWARDS programme ONWARDS 1 ONWARDS 3 ONWARDS 5 ONWARDS 2 ONWARDS 4 ONWARDS 6 BASAL INITIATION BASAL INITIATION BASAL INITIATION BASAL SWITC
Slide 56: Phase 3 trial programme for IcoSema in T2D, COMBINE
56 Investor presentation First three months of 2025 Novo Nordisk® Phase 3 trial programme for IcoSema in T2D, COMBINE IcoSema characteristics Focused phase 3 trial programme COMBINE 1 • Initiated in Q2 2022 Post-basal insulin • 1290 patients* previously on basal-insulin IcoSema is a fixed dose combi
Slide 57: Phase 3a trial (COMBINE 3) with IcoSema successfully completed
57 Investor presentation First three months of 2025 Novo Nordisk® Phase 3a trial (COMBINE 3) with IcoSema successfully completed IcoSema vs Insulin glargine U100 and insulin apart in subjects w/T2D Headline trial results Change in HbA1C Change in body weight N=679 IcoSema ± OAD(s) Mean baseline HbA1
Slide 58: Final pivotal phase 3 trial with once-weekly IcoSema successfully completed
58 Investor presentation First three months of 2025 Novo Nordisk® Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 1 - IcoSema vs Insulin icodec in subjects with T2D COMBINE 1 headline trial results Change in HbA1C Change in body weight N=1291 Mean baseline HbA1c:
Slide 59: Development pipeline addresses unmet need in diabetes care
59 Investor presentation First three months of 2025 Novo Nordisk® Development pipeline addresses unmet need in diabetes care by further raising the innovation bar Further raise the innovation bar Diabetes development pipeline1 Project Phase Our key focus areas GLP-1 diabetes2 Marketed Long-acting in
Slide 60: Obesity care
60 60 Investor presentation First three months of 2025 Novo Nordisk® Obesity care Obesity disease background background58 Obesity disease background Obesity market development development62 58 Innovation63 Innovation Obesity market development 62 Innovation 63 MICHAEL PETERSEN Michael lives with obe
Slide 61: Obesity is a serious chronic disease with a large unmet medical need
61 Investor presentation First three months of 2025 Novo Nordisk® Obesity is a serious chronic disease with a large unmet medical need that impacts many aspects of a patient's life Large and increasing unmet need in obesity Obesity is associated with complications Life expectancy decreases as BMI in
Slide 62: With the launch of Wegovy in 2021 a lot changed
62 Investor presentation First three months of 2025 Novo Nordisk® With the launch of Wegovy® in 2021 a lot changed, yet the large unmet need in obesity remains Few people are treated for obesity today Key market changes since the Wegovy® launch in 2021 Million people Patients Prescribers Payers 1,00
Slide 63: Novo Nordisk is broadening focus from solely weight loss
63 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk is broadening focus from solely weight loss to improving health for patients with overweight or obesity Patient persistency on anti-obesity medications after 12 months Characteristics for patients on Wegovy® in the US Pat
Slide 64: Novo Nordisk has broad and affordable access to 55 million people with obesity
64 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk has broad and affordable access to 55 million people with obesity for Wegovy® ~55 million people with obesity have Wegovy® coverage in the US Progress across all channels in early 2025 People with obesity (millions) Comme
Slide 65: Anti-obesity medications are expected to be mostly out-of-pocket
65 Investor presentation First three months of 2025 Novo Nordisk® Anti-obesity medications are expected to be mostly out-of- pocket, with SELECT as key lever to improve reimbursement Majority of IO AOM sales are currently OOP Current AOM reimbursement examples SELECT could improve access to Wegovy®
Slide 66: Global obesity market growth has been accelerating
66 Investor presentation First three months of 2025 Novo Nordisk® Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth Obesity market growth and Novo Nordisk value market share Obesity market size and growth DKK billion 200% 200% ~146% 192.6 160% 146%
Slide 67: Semaglutide 2.4 mg has demonstrated an impact on comorbidities
67 Investor presentation First three months of 2025 Novo Nordisk® In clinical trials, semaglutide 2.4 mg has demonstrated an impact on comorbidities that overlap with obesity Weight loss Disease overlap in the United States Obesity-related comorbidities UNITED STATES ONLY REDEFINE 1 (CagriSema) SELE
Slide 68: Across the STEP and STEP UP trials, weight loss of up to 20.7%
68 Investor presentation First three months of 2025 Novo Nordisk® Across the STEP and STEP UP trials, a weight loss of up to 20.7% was reported for people treated with sc semaglutide STEP 1 STEP 3 STEP 4 STEP 5 STEP 2 STEP UP STEP UP T2D Weight Weight Sustained weight management Weight Weight Weight
Slide 69: In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss
69 Investor presentation First three months of 2025 Novo Nordisk® In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss STEP UP trial with 1,407 people with obesity1 Weight loss2 in the STEP UP trial Mean baseline body weight: 113.0 kg Change in body weight (%) semaglutide 7.2 mg -2,4% R semaglu
Slide 70: In STEP 1, semaglutide had superior weight loss of up to 16.9%
70 Investor presentation First three months of 2025 Novo Nordisk® In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% The pivotal STEP 1 trial showed greater than 16% weight loss Data from STEP 1 % change in body weight 0 • Average age 46 Placebo: -2.4% • 74.1% women
Slide 71: In STEP 1, 34.8% reached ≥20% weight loss
71 Investor presentation First three months of 2025 Novo Nordisk® In STEP 1, 34.8% of patients treated with sema reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus pla
Slide 72: In STEP 4, superior weight loss of up to 18.2%
72 Investor presentation First three months of 2025 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 •
Slide 73: In STEP 4, 41.2% reached ≥20% weight loss
73 Investor presentation First three months of 2025 Novo Nordisk® In STEP 4, 41.2% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life vs placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus
Slide 74: In STEP 5, semaglutide sustained weight loss over 2 years
74 Investor presentation First three months of 2025 Novo Nordisk® In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Data from STEP 5 Clinically relevant and sustained weight loss in patients with obesity or overweight 40% of patients lost ≥ 20% of their body
Slide 75: In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1%
75 Investor presentation First three months of 2025 Novo Nordisk® In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg Data from STEP 8 STEP 8 observed mean change in body weight1 Mean baseline body weight: 104.5 kg 0 38.5% of patients lost ≥20% of their
Slide 76: Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial
76 Investor presentation First three months of 2025 Novo Nordisk® Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD SELECT trial with 17,604 people with BMI>27 and established CVD Objective • Demonstrate that semaglutide s.c. 2
Slide 77: In SELECT, risk reduced by 37% in a broad composite endpoint
77 Investor presentation First three months of 2025 Novo Nordisk® In SELECT, semaglutide 2.4 mg reduced the risk of a broad composite endpoint by 37% Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in 3-point MACE Semaglutide 2.4 mg reduce
Slide 78: Phase 3 trial STEP HFpEF successfully completed in Q2 2023
78 Investor presentation First three months of 2025 Novo Nordisk® Phase 3 trial STEP HFpEF with semaglutide 2.4 mg was successfully completed in Q2 2023 STEP HFpEF trial with 529 people with obesity and HFpEF STEP HFpEF Objective: • Evaluate the effect on HF specific symptoms, physical function and
Slide 79: Semaglutide 2.4 mg demonstrated superior improvement on KCCQ-CSS
79 Investor presentation First three months of 2025 Novo Nordisk® Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFpEF trial Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg Key highlights Mean baselin
Slide 80: Oral semaglutide 50 mg demonstrated superior body weight reduction in OASIS 1
80 Investor presentation First three months of 2025 Novo Nordisk® Oral semaglutide 50 mg in overweight or obesity demonstrated superior body weight reduction in the OASIS 1 phase 3 trial OASIS 1 trial design OASIS 1 showed significantly greater weight loss compared to placebo The trial included 660
Slide 81: Phase 3 trial programme OASIS for oral semaglutide 50 mg
81 Investor presentation First three months of 2025 Novo Nordisk® Phase 3 trial programme OASIS for oral semaglutide 50 mg in overweight or obesity Oral semaglutide characteristics Focused phase 3 trial programme OASIS 1 • 667 patients 50 mg dose • 68 week Oral semaglutide 50mg: • Primary endpoint:
Slide 82: In a 20-week phase 1 trial, CagriSema showed weight loss of 17%
82 Investor presentation First three months of 2025 Novo Nordisk® In a 20-week phase 1 trial, CagriSema showed weight loss of 17% and appeared to have a safe and well tolerated profile Weight loss for different doses of CagriSema in phase 1 The GI profile appeared similar to semaglutide 2.4 monother
Slide 83: REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema
83 Investor presentation First three months of 2025 Novo Nordisk® REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema in people living with obesity or overweight Sub-header REDEFINE 1 trial design REDEFINE 1 trial with 3,417 patients with overweight or obesity1 C CagriSema 2.4 mg/2.4
Slide 84: CagriSema demonstrated 22.7% weight loss in REDEFINE 1
84 Investor presentation First three months of 2025 Novo Nordisk® CagriSema demonstrated 22.7% weight loss in REDEFINE 1 CagriSema demonstrated superior weight loss at week 681 CagriSema appeared to have a safe and well-tolerated profile Mean baseline body weight: 106.9 kg Observed gastrointestinal
Slide 85: Further weight loss potential to be investigated
85 Investor presentation First three months of 2025 Novo Nordisk® Further weight loss potential to be investigated by exploring a longer trial duration and dose re-escalation Observed weight loss by end of treatment dose in REDEFINE 11 Patients treated with the highest dose2 at end of treatment 0% •
Slide 86: Phase 1b/2a trial with subcutaneous amycretin successfully completed
86 Investor presentation First three months of 2025 Novo Nordisk® The phase 1b/2a trial with subcutaneous amycretin was successfully completed in people with overweight or obesity Proof of concept part1 of the sc. amycretin phase 1b/2a trial Weight loss2 in proof of concept part Mean baseline body w
Slide 87: Oral amycretin phase 1 and subcutaneous phase 1b/2a trials completed
87 Investor presentation First three months of 2025 Novo Nordisk® Oral amycretin phase 1 and subcutaneous phase 1b/2a trials have been completed Results from oral amycretin phase 1 on weight loss Amycretin development programme in obesity Mean baseline body weight: ~89 kg, n = 16 3 Phase 1: -1.1 Cha
Slide 88: Developing a portfolio of treatment solutions for obesity
88 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk is continuing the development of a portfolio of treatment solutions for obesity Building a leading portfolio Obesity development pipeline Project Phase Our key focus areas Saxenda® (liraglutide 3.0 mg) Marketed Wegovy® (s
Slide 89: Rare disease
89 89 Investor presentation First three months of 2025 Novo Nordisk® Rare disease Rare disease background Rare disease innovation SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 90: RareD constitutes an attractive opportunity for Novo Nordisk
90 Investor presentation First three months of 2025 Novo Nordisk® RareD constitutes an attractive opportunity for Novo Nordisk Addressing the unmet needs The Rare disease opportunity for Novo Nordisk Patient burdens1 A strategic portfolio • Reduced life-expectancy play in specialty • Severe co-morbi
Slide 91: Executing on new strategy since 2019 with near-term focus on next generation launches
91 Investor presentation First three months of 2025 Novo Nordisk® Executing on new strategy since 2019 with near-term focus on next generation launches The Rare disease strategy Focus on succeeding with launches from the core 2025+ Strategic focus areas Expand from core 2022-2025 Succeed with launch
Slide 92: Rare disease sales increased 9% by end of 2024
92 Investor presentation First three months of 2025 Novo Nordisk® Rare disease sales increased 9% by end of 2024 NovoSeven® and Norditropin® Global Rare disease franchise account for ~64% of Rare disease sales DKK DKK billion billion 25 1% 4% 1% -15% 9% 1% 4% 1% -15% 9% 25 20 6% 20 15 7 15 7 7 7 8 1
Slide 93: In the Explorer trial, concizumab reduced the number of bleeds
93 Investor presentation First three months of 2025 Novo Nordisk® In the Explorer 7 trial, concizumab reduced the number of bleeds in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Key highlights Efficacy 100 Median Mean • Median ABR was 0
Slide 94: Interim data from Mim8 phase 1/2 show PK/PD profiles support weekly to monthly dosing
94 Investor presentation First three months of 2025 Novo Nordisk® Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Mim8 pharmacokinetic properties support Higher potency of Mim8 vs emicizumab weekly and monthly dosing enabling a low dosing volume
Slide 95: Main part of the FRONTIER 2 trial with Mim8 completed
95 Investor presentation First three months of 2025 Novo Nordisk® Main part of the FRONTIER 2 trial with Mim8 in people with Haemophilia A has been completed in Q2 2024 Phase 3 trial, FRONTIER 2 trial in 254 adults & adolescents with HA Trial design • Novel and accelerated development programme No P
Slide 96: Mim8 demonstrated superior reduction of treated bleeding episodes
96 Investor presentation First three months of 2025 Novo Nordisk® Once-weekly and once-monthly Mim8 demonstrated superior reduction of treated bleeding episodes in the FRONTIER 2 trial Annualised bleeding rate per patient group FRONTIER 2 safety and next steps No PPX Coagulation factor PPX No safety
Slide 97: Growth hormone sales contribute to 27% of total rare disease sales
97 Investor presentation First three months of 2025 Novo Nordisk® Growth Harmone sales contribute to 27% of total rare disease sales by end of 2024 Norditropin® and Sogroya® total hGH sales A portfolio offering across markets Sales bDKK Sogroya® strategy 7 7 • Once-weekly efficacious treatment on pa
Slide 98: Sogroya is approved for paediatric growth hormone deficiency
98 Investor presentation First three months of 2025 Novo Nordisk® Sogroya® is approved for paediatric growth hormone deficiency in US, EU and Japan Phase 3a trial results in children with GHD Key highlights Efficacy ETD (95% CI) = -0.5 (-1.1 ; 0.2) • Non-inferiority versus Norditropin® for the prima
Slide 99: Rare Disease pipeline is leveraging our core expertise
99 Investor presentation First three months of 2025 Novo Nordisk® Rare Disease pipeline is leveraging our core expertise to serve more patients through internal and external innovation Strengthen and progress pipeline Rare Disease development pipeline Project Phase Our key focus areas Rare Blood Dis
Slide 100: Cardiovascular & Emerging Therapies
100 Investor presentation First three months of 2025 Cardiovascular & Emerging Therapies The unmet needs Cardiovascular disease The unmet needs MASH Cardiovascular disease Alzheimer’s disease MASH Alzheimer’s disease
Slide 101: Novo Nordisk is expanding into Cardiovascular and emerging therapy areas
101 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk is expanding into Cardiovascular and emerging therapy areas New therapeutic areas have unmet medical needs Patient overlaps between Novo Nordisk core therapy areas Therapy area Unmet need Obesity UNITED STATES ONLY Type
Slide 102: Novo Nordisk has a focused approach in cardiovascular disease
102 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk has a focused approach in cardiovascular disease Focus areas within cardiovascular disease Atherosclerotic cardiovascular disease Heart failure Heart failure with Transthyretin Systemic Uncontrolled and Dyslipidaemia pre
Slide 103: ZEUS trial with ziltivekimab aims to validate the link between hsCRP and MACE
103 Investor presentation First three months of 2025 Novo Nordisk® ZEUS trial with ziltivekimab aims to validate the link between hsCRP and major adverse cardiovascular events Results from the phase 2 trial RESCUE with ziltivekimab Phase 3 CVOT trial ZEUS with ziltivekimab 12 weeks from randomisatio
Slide 104: Ziltivekimab phase 3 development programme targets high unmet need populations
104 Investor presentation First three months of 2025 Novo Nordisk® Ziltivekimab phase 3 development programme targets high unmet need populations within CVD Atherosclerosis and chronic kidney disease HFmrEF and HFpEF Acute myocardial infarction n = 6,200 n = 5,600 n = 10,000 Ziltivekimab 15 mg sc +
Slide 105: For heart failure, goal is disease modifying and curative treatments
105 Investor presentation First three months of 2025 Novo Nordisk® For patients with heart failure, the goal is to bring disease modifying and curative treatments to the market Heart failure at a glance Pipeline includes potential disease modifying and curative treatments Symptom relief Disease modi
Slide 106: MASH shares a large patient population with core therapy areas
106 Investor presentation First three months of 2025 Novo Nordisk® Metabolic dysfunction-associated steatohepatitis shares a large patient population with Novo Nordisk’s core therapy areas New therapeutic areas have high unmet medical needs Patient overlap between Novo Nordisk core therapy areas and
Slide 107: Part 1 of the ESSENCE trial investigated semaglutide 2.4 mg
107 Investor presentation First three months of 2025 Novo Nordisk® Part 1 of the ESSENCE trial investigated semaglutide 2.4 mg compared to placebo in people with MASH ESSENCE trial with 1,200 patients with MASH F2–F3 Primary objectives and endpoints for Part 1 and 2 Part 1 | Improvement in liver tis
Slide 108: Semaglutide 2.4 mg demonstrates superior improvement in liver fibrosis and MASH resolution
108 Investor presentation First three months of 2025 Novo Nordisk® Semaglutide 2.4 mg demonstrates superior improvement in both liver fibrosis and MASH resolution in the ESSENCE trial Improvement in fibrosis with no worsening Resolution of steatohepatitis with no Addressing unmet need in MASH in ste
Slide 109: Novo Nordisk will focus on F2-F4c with commercial efforts
109 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk will focus on F2-F4c with commercial efforts related to awareness, referrals and diagnosis ~22 million people are expected to live with Focus areas to establish presence in MASH MASH referrals to hepatologists in the US
Slide 110: Novo Nordisk enters partnerships to enhance diagnosis in MASH
110 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk enters partnerships to enhance diagnosis in MASH Partnerships across relevant non-invasive tests Novo Nordisk supports NIT for MASH screening and diagnosis Blood test Clinical guideline development recommending screening
Slide 111: Alzheimer's disease patient journey is complex
111 Investor presentation First three months of 2025 Novo Nordisk® Alzheimer’s disease patient journey is complex and underscores key barriers to overcome for Novo Nordisk to be successful Significant and growing Hurdles unmet need Million 80 Early symptoms Complex tests and Lack of prognostic Few p
Slide 112: Entering phase 3 development of semaglutide in Alzheimer's disease
112 Investor presentation First three months of 2025 Novo Nordisk® Entering phase 3 development of semaglutide in Alzheimer’s disease was based on a number of data points Real world evidence trials Randomised controlled trials Pre-clinical studies Four RWE studies show reduced risk of 53% lower risk
Slide 113: evoke and evoke+ trials ongoing with expected completion in 2025
113 Investor presentation First three months of 2025 Novo Nordisk® evoke and evoke+ trials are ongoing with expected completion in 2025 evoke and evoke+ trials have been initiated with 1,840 patients in each trial with a total of 3,680 patients 3 mg 7 mg 14 mg oral semaglutide QD 14 mg oral semaglut
Slide 114: CETA clinical pipeline has expanded
114 Investor presentation First three months of 2025 Novo Nordisk® CETA clinical pipeline has expanded, leveraging internal and external innovation and synergies Addressing significant unmet needs Cardiovascular and emerging therapy areas development pipeline Cardiovascular disease Therapy area Proj
Slide 115: US Operations
115 Investor presentation First three months of 2025 Novo Nordisk® US Operations US health care system NAO growth drivers128 US health NAO care drivers growth system USA health care system129 128 US at a glance USA health care system 129 US at a glance NAO at a glance131 NAO at a glance 131
Slide 116: US Operations growth has accelerated in recent years
116 Investor presentation First three months of 2025 Novo Nordisk® US Operations growth has accelerated in recent years US Operations reported sales per therapy area 0% 2% 0% 3% 13% 19% 55% 31% DKK billion 200 167 150 +17% CAGR 128 100 85 57 58 63 56 54 50 0 2017 2018 2019 2020 2021 2022 2023 2024 I
Slide 117: US healthcare is a mix of private and public health insurance
NAO 117 Investor presentation First three months of 2025 Novo Nordisk® US healthcare is a mix of private and public health insurance, dominated by a few large PBMs US health insurance enrollment and US PBMs market shares Development of Novo Nordisk rebates uninsured and net sales in the US DKK All O
Slide 118: US Operations at a glance
NAO 118 Investor presentation First three months of 2025 Novo Nordisk® US Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk Q1 2025 reported sales market share Million DKK billion 50 12% First three months of Sales Growth2 2025 (mDKK) 45 62% 8
Slide 119: Diabetes market share and market growth in US Operations
NAO 119 Investor presentation First three months of 2025 Novo Nordisk® Diabetes market share and market growth in US Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion ~7% 50% 50% 13 932 28 34,5% 873 17 40% 40% 30% 30% 20% 29,8% 20% 10% 5,8% 1
Slide 120: GLP-1 market share and market growth in US Operations
NAO 120 Investor presentation First three months of 2025 Novo Nordisk® GLP-1 market share and market growth in US Operations GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 70% 80% ~23% 48 1 537 52 60% 437 52% 60% 50% 52% 40% 40% 23% ~23% 20% 52% 30% 23% 52
Slide 121: Insulin market size and volume market share in US Operations
NAO 121 Investor presentation First three months of 2025 Novo Nordisk® Insulin market size and volume market share in US Operations Insulin market share and market size (DKK billion) - Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 38% 116 -28.0% -3.1% 15% 60% 10% Long- 39%
Slide 122: Obesity market share and market growth in US Operations
NAO 122 Investor presentation First three months of 2025 Novo Nordisk® Obesity market share and market growth in US Operations Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK 120% 260% billion ~155% 175.3 100% 220% 180% 61.9 80% 155% 10.8 140% 60% 61% 44.8 100%
Slide 123: International Operations
Novo Nordisk® 123 123 123 Investor presentation First three months of 2025 International Operations International Operations International IO at a glanceOperations IO at a glance107 EUCAN 107 EUCAN EMEA112 Emerging Markets EMEA 112 Emerging Markets Region China117 APAC Region China 117 Rest of World
Slide 124: Growth momentum has increased driven by demographics and full product portfolio
124 Investor presentation First three months of 2025 Novo Nordisk® Growth momentum has increased driven by demographics and utilisation of full product portfolio International Operations is diverse and covers 190 markets Growth momentum in IO >550m Value % live with diabetes 40% 30% >600m 30% live w
Slide 125: International Operations at a glance
125 Investor presentation First three months of 2025 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk Q1 2025 reported Nordisk market share sales Million DKK billion MS First three months Sales 47% Growth2 of 2025 (mDKK) 61% Injectable
Slide 126: Diabetes market share and market growth in International Operations
126 Investor presentation First three months of 2025 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 80% 40% ~13% 21 289 7 6 255 30% 40% 19.7% 20% 29.5% 10% 13.2% ~8% 24
Slide 127: GLP-1 market share and market growth
127 Investor presentation First three months of 2025 Novo Nordisk® GLP-1 market share and market growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 100% 80% ~26% 11 1 80 80% 5 60% 64 65% 60% 30% 40% 40% 61% 75% 65% 26% 20% 60% 20% 56% ~11% 60% 55% 11% 0
Slide 128: Insulin market size in International Operations
128 Investor presentation First three months of 2025 Novo Nordisk® Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 80% 10% Total 51% 64 10.4% +0.1
Slide 129: Obesity market share and market growth in International Operations
129 Investor presentation First three months of 2025 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 ~79% 0.0 17.3 120% 120% 103% 87% 7.6 90% 90% 9.7 60% 79% 60% 87% ~103%
Slide 130: EUCAN at a glance
EMEA 130 Investor presentation First three months of 2025 Novo Nordisk® EUCAN at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk Q1 2025 reported Nordisk market share sales Million DKK billion MS First three months Sales 80 Growth2 of 2025 (mDKK) 150 100% Injectable GLP-13 5,1
Slide 131: Diabetes market share and market growth in EUCAN
EMEA 131 Investor presentation First three months of 2025 Novo Nordisk® Diabetes market share and market growth in EUCAN Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion ~14% 75% 35% 10 149 5 30% 131 4 25% 50% 34.2% 20% 13.7% 15% 25% 10% 21.5% ~8% 8.2%
Slide 132: GLP-1 market share and market growth in EUCAN
EMEA 132 Investor presentation First three months of 2025 Novo Nordisk® GLP-1 market share and market growth in EUCAN GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 120% 60% ~23% 6 51 4 0 90% 42 40% 67% 60% 38% 20% ~12% 67% 59% 30% 23% 74% 61% 56% 57% 59%
Slide 133: Insulin market size and volume market share in EUCAN
EMEA 133 Investor presentation First three months of 2025 Novo Nordisk® Insulin market size and volume market share in EUCAN Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 60% 10% Total 49% 48% 49% 33 1.4% +0.4% 46% 5% Long- 19 40% 46% 1
Slide 134: Obesity market share and market growth in EUCAN
EMEA 134 Investor presentation First three months of 2025 Novo Nordisk® Obesity market share and market growth in EUCAN Obesity market growth and Novo Nordisk market share DKK Obesity market size and growth billion ~83% 140% 120% 10.6 0.1 120% 100% 83% 93% 4.8 100% 80% 80% 92% 5.8 60% 60% 94% ~93% 4
Slide 135: Emerging Markets at a glance
Rest of World 135 Investor presentation First three months of 2025 Novo Nordisk® Emerging Markets at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk Q1 2025 reported sales market share Million First three months of Sales DKK 2025 Growth2 MS (mDKK) 400 bil
Slide 136: Diabetes market share and market growth in Emerging Markets
Rest of World 136 Investor presentation First three months of 2025 Novo Nordisk® Diabetes market share and market growth in Emerging Markets Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 50% 50% ~16% 6 53 40% 40% 46 1 1 30% 26.2% 30% 15.8% 20% 11,6%
Slide 137: GLP-1 market share and market growth in Emerging Markets
Rest of World 137 Investor presentation First three months of 2025 Novo Nordisk® GLP-1 market share and market growth in Emerging Markets GLP-1 market growth and Novo Nordisk market share DKK GLP-1 market size and growth billion 120% 140% ~45% 120% 1 14 100% 3 100% 80% 0 10 80% 54% 60% 60% 45% 40% 7
Slide 138: Insulin market size in Emerging Markets
Rest of World 138 Investor presentation First three months of 2025 Novo Nordisk® Insulin market size and volume market share in Emerging Markets Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 80% 20% Total 52% 12 5.9% +1.3% 15% 60% 10% L
Slide 139: Obesity market share and market growth in Emerging Markets
Rest of World 139 Investor presentation First three months of 2025 Novo Nordisk® Obesity market share and market growth in Emerging Markets Obesity market growth and Novo Nordisk market share Obesity market size and growth DKK billion 120% 70% 106% 58% 58% 4.8 100% 60% 0.0 50% 80% 1.8 40% 60% 3.0 30
Slide 140: APAC at a glance
EMEA 140 Investor presentation First three months of 2025 Novo Nordisk® APAC at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk Q1 2025 reported sales Nordisk market share Million DKK First three months Sales 55% billion Growth2 MS of 2025 (mDKK) 300 Injectable GLP-13 884 7% 6
Slide 141: Diabetes market share and market growth in APAC
EMEA 141 Investor presentation First three months of 2025 Novo Nordisk® Diabetes market share and market growth in APAC Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion ~5% 30% 30% 1 1 53 51 0 20% 20% 18.3% 4.7% 10% 10% 2.4% 0% ~2% 19% 18% 0% -10% Feb
Slide 142: GLP-1 market share and market growth in APAC
EMEA 142 Investor presentation First three months of 2025 Novo Nordisk® GLP-1 market share and market growth in APAC GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 180% 120% ~35% 2 0 9 150% 90% 0 7 120% 90% 20% 60% 62% 60% ~9% 35% 59% 76% 62% 61% 30% 56% 5
Slide 143: Insulin market size and volume market share in APAC
EMEA 143 Investor presentation First three months of 2025 Novo Nordisk® Insulin market size and volume market share in APAC Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share 60% 10% Total 59% 48% 49% 6.9% -1.9% 55% 7 43% 5% Long- 40% 3 5.3%
Slide 144: Obesity market share and market growth in APAC
EMEA 144 Investor presentation First three months of 2025 Novo Nordisk® Obesity market share and market growth in APAC Obesity market growth and Novo Nordisk market share DKK Obesity market size and growth billion ~123% 350% 140% 2.0 123% 0.0 300% 193% 120% 250% 100% 200% 80% 1.1 150% 60% 100% 40% 0
Slide 145: Region China at a glance
Region China 145 Investor presentation First three months of 2025 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk Q1 2025 reported sales Nordisk market share Million DKK billion MS First three months of Sales Growth2 200 14% 2025 (mDKK) 64% 30 100
Slide 146: Region China remains a key market for Novo Nordisk
146 Investor presentation First three months of 2025 Novo Nordisk® Region China remains a key market for Novo Nordisk and the established presence offers growth opportunities Region China is the largest market within IO Novo Nordisk Region China sales VBP implementation DKK billion initiated 20 12%
Slide 147: Wegovy launched in Nov 2024 in Region China
CFTU: OK no changes 147 Investor presentation First three months of 2025 Novo Nordisk® Wegovy® was launched in Nov 24 and is expected to address the high unmet need for anti-obesity medications in Region China High unmet need for anti-obesity medications in mainland China Wegovy® launch out-of-pocke
Slide 148: Diabetes market share and market growth in Region China
Region China 148 Investor presentation First three months of 2025 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 40% 40% billion ~-23% 31.9% 3 33 1 30% 22.9% 2 27 20% 19.3% 20% 0% 10% ~-19
Slide 149: GLP-1 market share and market growth in Region China
Region China 149 Investor presentation First three months of 2025 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 225% 140% billion ~7% 200% 0 0 6 120% 5 175% 0 100% 150% 125% 80% 129% 100% 60% 81%
Slide 150: Insulin market size in Region China
Region China 150 Investor presentation First three months of 2025 Novo Nordisk® Insulin market size and volume share of growth and market share in Region China Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: market share growth1 share 80% 60% Total 50% 12 48.5% -1.
Slide 151: Financials and Product Supply
151 151 Investor presentation First three months of 2025 Novo Nordisk® Financials and Product Supply Profit and loss, resource allocation 144 Profit and loss, resource allocation 14 Product supply 147 Product supply 14 Margin development & capital allocation 153 Currencies 156 Currencies 15
Slide 152: Solid sales growth driven by Diabetes and Obesity care
152 Investor presentation First three months of 2025 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2019-2024 DKK billion, % of total sales 6% 7% 14% 16% 36% 26% 290 6% 232 7% 177 12% 141 122 127 94% 14% 16% 15% 93% 88% 85% 86% 84% 2019 2020 2021 2022 2023
Slide 153: Solid operating profit growth
153 Investor presentation First three months of 2025 Novo Nordisk® Solid operating profit growth Operating profit DKK 11% 3% 8% 28% 37% 25% % billion of sales 6% 7% 13% 15% 44% 26% 140 80% 120 60% 100 80 40% 60 40 20% 20 0 0% 2019 2020 2021 2022 2023 2024 Operating profit Reported operating profit g
Slide 154: Resource allocation guided by investing in future growth
154 Investor presentation First three months of 2025 Novo Nordisk® Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2032 Waves of gro
Slide 155: Manufacturing scale and expertise within biologics is a competitive advantage
155 Investor presentation First three months of 2025 Novo Nordisk® Manufacturing scale and expertise within biologics is a competitive advantage for Novo Nordisk The world’s largest manufacturer of insulin and GLP-11 Novo Nordisk competitive advantages in manufacturing Million patients on NN product
Slide 156: Active pharmaceutical ingredient | The strategically important sites
156 Investor presentation First three months of 2025 Novo Nordisk® Active pharmaceutical ingredient | The strategically important sites in Novo Nordisk are based in Denmark and the US 3 sites API production 2 sites API production Product supply value chain Research and Manufacturing API Filling / As
Slide 157: Fill-finish | The global footprint has expanded to 14 sites
157 Investor presentation First three months of 2025 Novo Nordisk® Fill-finish | The global footprint has expanded from 11 to 14 sites with the closing of the Catalent acquisition in December 2024 Tablet1 65sites sites Fill,tablet Fill, tabletand andfinish finish Catalent (Brussels) Fill-finish Fill
Slide 158: Significant step-up in CAPEX investments across the value chain
158 Investor presentation First three months of 2025 Novo Nordisk® Significant step-up in CAPEX investments across the full value chain to enable growth for current and future products CAPEX investments Several large investments announced since 2021 DKK billion Announced Site Scope Investment 80 16%
Slide 159: Catalent fill-finish sites expected to add capacity from 2026
159 Investor presentation First three months of 2025 Novo Nordisk® Catalent fill-finish sites are expected to start adding additional capacity from 2026 Successfully closed the acquisition of three fill-finish sites The acquisition will help expand capacity faster • Will help reach more patients wit
Slide 160: Investments across the manufacturing value chain to increase patient reach
160 Investor presentation First three months of 2025 Novo Nordisk® Investments across the full manufacturing value chain to significantly increase patient reach towards 2030 ILLUSTRATIVE Capacity developments in the coming years ~40m patients API Filling / Assembly and production tabletting packagin
Slide 161: Expected margin developments in the coming years
161 Investor presentation First three months of 2025 Novo Nordisk® Expected margin developments in the coming years compared to 2023 are reflecting strategic resource allocation Gross S&D R&D Administration Operating margin cost ratio cost ratio cost ratio margin Broadly stable but Gradually increas
Slide 162: Capital allocation allows investing while maintaining shareholder returns
162 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk’s capital allocation allows for investing in the business while maintaining attractive shareholder returns Strategic capital allocation priorities Stable dividend pay-out ratio despite increased CAPEX and BD DKK billion
Slide 163: Attractive capital allocation to shareholders
163 Investor presentation First three months of 2025 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion • The final dividend of 7.90 DKK per share, in addition to the interim 70 dividend of DKK 3.50 DKK per share paid in Augu
Slide 164: Two decades of consistent cash distribution to shareholders
164 Investor presentation First three months of 2025 Novo Nordisk® Two decades of consistent cash distribution to shareholders Share buybacks and dividends (bDKK) Total dividends per share (DKK) 80 20 ~570 billion DKK returned to shareholders since 2003 64 62 60 49 11.4 41 40 39 9,4 10 36 37 35 35 3
Slide 165: Net financials expected to be positively impacted by currencies in 2025
165 Investor presentation First three months of 2025 Novo Nordisk® Net financials expected to be positively impacted by currencies in 2025 – offset by currency impact on operating profit 1 Avg. FY 2024 vs. avg. FY 2023 Exp. avg FY 2025 vs. FY 2024 FY 2024 0% • Negative FX impact on operating profit
Slide 166: Purpose & Sustainability
166 Investor presentation First three months of 2025 Novo Nordisk® Purpose & Sustainability Sustainable business 148 Environmental responsibility 150 Social responsibility Social responsibility 153 Governance Ethics and compliance 158 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 167: Being a responsible business drives long-term value
167 Investor presentation First three months of 2025 Novo Nordisk® Being a responsible business drives long-term value Ownership structure creates long-term value Commitment to lead a sustainable business1 Novo Nordisk Foundation • Key objective: To provide a stable basis for Novo Nordisk and Novone
Slide 168: Novo Nordisk's ambition is zero environmental impact
168 Investor presentation First three months of 2025 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity 2024 Emissions increased due to 2020 ReMedTM, Novo Nordisk’s • Committed to start making growth and CAPEX plastic take-back programme nature-rela
Slide 169: Social responsibility is core to Novo Nordisk
169 Investor presentation First three months of 2025 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation Prevention Access Innovation • Cities Changing Diabetes to build • ~8 million people reached • Transformative treatments to heal
Slide 170: Integrating ethics and compliance into every aspect of our business
170 Investor presentation First three months of 2025 Novo Nordisk® Integrating ethics and compliance into every aspect of our business Ethics and compliance are at the core of Novo Nordisk Steps taken to strengthen ethics and compliance setup Communication: Letters shared with HCPs reinforcing appro
Slide 171: 2024 statement of ESG performance
171 Investor presentation First three months of 2025 Novo Nordisk® 2024 statement of ESG performance Units 2024 2023 2022 Essential sustainability topics Patients reached with Diabetes and Obesity care products Number in millions 45.2 41.6 36.9 Vulnerable patients reached with Diabetes care products
Slide 172: In 2024, more than 8.4 million people with diabetes were reached
172 Investor presentation First three months of 2025 Novo Nordisk® In 2024, more than 8.4 million people with diabetes were reached with access and affordability initiatives 8.4 out of 45.2 million people were reached A number of focused programmes (as of full year 2024) with access and affordabilit
Slide 173: Investor contact information
173 Investor presentation First three months of 2025 Novo Nordisk® Investor contact information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the stock exchange in Novo Nordisk A/S Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the Investor Relatio