Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — H1 2021 Earnings Presentation
138 slides from Novo Nordisk A/s Class B's earnings presentation, August 2021
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation First six months of 2021 Team Novo Nordisk, the world’s first all-diabetes professional cycling team, are racing on their jersey to celebrate the 100-year anniversary of the discovery of insulin
Slide 2: Agenda
2 Investor presentation First six months of 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 First six months of 2021 Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company’s statutory Annual Report 2020 and Form 20-F, which was file
Slide 4: Strategic Aspirations 2025 | Highlights first six months of 2021
4 Investor presentation First six months of 2021 Novo Nordisk® Strategic Aspirations 2025 | Highlights first six months of 2021 Blue indicates developments in Q2 2021 Adding value to society: Diabetes care: • Initiated Diabetes Compass with the WDF to improve • Ozempic® approved in China access to d
Slide 5: Sales growth of 12% driven by both operating units and all therapy areas
5 Investor presentation First six months of 2021 Novo Nordisk® Sales growth of 12% driven by both operating units and all therapy areas Reported geographic sales split for the first half of 2021 Reported therapy area sales and growth for the first half of 2021 DKK Insulin GLP-1 Other diabetes Obesit
Slide 6: Diabetes value market leadership has increased by 0.5%-points to 29.6%
6 Investor presentation First six months of 2021 Novo Nordisk® Diabetes value market leadership has increased by 0.5%-points to 29.6% 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 sale
Slide 7: Solid diabetes sales growth across all regions in International Operations
7 Investor presentation First six months of 2021 Novo Nordisk® Solid diabetes sales growth across all regions in International Operations Reported diabetes sales and growth per IO geography Diabetes value market share and share of growth in IO DKK Market billion Insulin GLP-1 Growth at CER share NN
Slide 8: Biopharm sales grew by 7% driven by both North America Operations and International Operations
8 Investor presentation First six months of 2021 Novo Nordisk® Biopharm sales grew by 7% 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 12 7%
Slide 9: Novo Nordisk increased market share in the fast-growing US GLP-1 segment
9 Investor presentation First six months of 2021 Novo Nordisk® In the last 12 months, Novo Nordisk increased market share in the fast-growing US GLP-1 segment US GLP-1 NBRx market share US GLP-1 TRx market share NBRx share TRx share Class growth ~25% 80% 60% 51.3% 48.7% 62.6% 56.5% 45.0% 60% 40% 41.
Slide 10: Rybelsus TRx volume is growing despite two commercial lockdowns in the US
10 Investor presentation First six months of 2021 Novo Nordisk® Rybelsus® TRx volume is growing despite two commercial lockdowns in the US Rybelsus® uptake in the US1 since launch In H1 2021, Rybelsus® sales were DKK 1,674 million NBRx count NBRx Restricted field force TRx count (000s) TRx (RHS) Par
Slide 11: Obesity care sales grew by 34% in the first half of 2021
11 Investor presentation First six months of 2021 Novo Nordisk® Obesity care sales grew by 34% in the first half of 2021 Reported sales split in operational units Branded AOM TRx in the US WegovyTM launch in the US DKK billion TRx count (000s) 2.4 90% 32 90% 32.0 42%1 3%1 34% 67% 1.8 24 60% 60% 1.2
Slide 12: Two phase 3 trials initiated with oral semaglutide 14 mg in Alzheimer's Disease
12 Investor presentation First six months of 2021 Novo Nordisk® Two phase 3 trials have been initiated 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 o
Slide 13: CVD presence expanded with Heartseed collaboration and Prothena ATTR amyloidosis acquisition
13 Investor presentation First six months of 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 sco
Slide 14: R&D milestones
14 Investor presentation First six months of 2021 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q2 2021 Q3 2021 Q4 2021 Q1 2022 Diabetes care ✓ SUSTAIN FORTE SUSTAIN FORTE SUSTAIN FORTE Ozempic® US resubmission EU decision US decision FDC Sema – OW GIP Phase 2 init
Slide 15: Financial results – First six months of 2021
15 Investor presentation First six months of 2021 Novo Nordisk® Financial results – First six months of 2021 First six First six Change Change In DKK million months of 2021 months of 2020 (reported) (CER) Sales 66,845 63,881 5% 12% Gross profit 55,487 53,723 3% Gross margin 83.0% 84.1% Sales and dis
Slide 16: Attractive capital allocation to shareholders
16 Investor presentation First six months of 2021 Novo Nordisk® Attractive capital allocation to shareholders DKK Annual cash return to shareholders Capital allocation billion 45 • 3-year average2 cash-to-earnings ratio of ~80% • Ongoing DKK 18 billion share repurchase programme for 2021 30 18 17 15
Slide 17: Financial outlook for 2021
17 Investor presentation First six months of 2021 Novo Nordisk® Financial outlook for 2021 Expectations Expectations 4 August 2021 5 May 2021 Sales growth – at CER 10% to 13% 6% to 10% Sales growth - reported Around 4 percentage points lower Around 4 percentage points lower Operating profit growth –
Slide 18: Strategic aspirations 2025
18 Investor presentation First six months of 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 environ
Slide 19: Investor contact information
19 Investor presentation First six months of 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 Exch
Slide 20: Agenda – Appendix
20 Investor presentation First six months of 2021 Novo Nordisk® Novo Nordisk corporate strategy 21 Diabetes care 33 Obesity care 52 Agenda Appendix Biopharm 67 Other serious chronic diseases 77 Regional information 85 Financials 117 Sustainability 124
Slide 21: First six months of 2021
21 Investor presentation First six months of 2021
Slide 22: Opportunity in large unmet needs across all therapy areas in scope
22 Investor presentation First six months of 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%ofdia
Slide 23: Novo Nordisk has leading positions in diabetes, obesity and haemophilia
23 Investor presentation First six months of 2021 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 700 #1 50% 12 #1 80% #3 100 50% 600 10 40% 80 40% 60% 500 8 400 30% 60 30% 6 40% 300 20%
Slide 24: Continued single digit volume growth within the insulin segments globally
24 Investor presentation First six months of 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: 4.5% 100% 160 CAGR volume1: 1.5% 100% 240 CAGR volume1: 4.5% 100% MI penetrat
Slide 25: Sales growth of 12% at CER, driven by all therapy areas
25 Investor presentation First six months of 2021 Novo Nordisk® Sales growth of 12% 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 first six Reported sales and growth breakdown for DKK by therapy mo
Slide 26: Sales growth of 12% at CER, driven by IO and NAO
26 Investor presentation First six months of 2021 Novo Nordisk® Sales growth of 12% at CER, driven by IO sales growth of 13% and 11% sales growth in NAO Historic & reported sales by geography Reported sales and growth breakdown for the first six months of 2021 Sales in DKK billion 107.9 126.9 66.8 S
Slide 27: Insulin sales remain important with less dependence on US insulin sales
27 Investor presentation First six months of 2021 Novo Nordisk® Insulin sales remain important with more than 40% share of revenue but with less dependence on the US insulin sales Q2 2016 sales split Q2 2021 sales split 30% 30% 45% 58% 11% 25% IO insulin NAO insulin Other products IO: International
Slide 28: Strategic aspirations including an Innovation and therapeutic focus
28 Investor presentation First six months of 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
Slide 29: Future of R&D is to increase the number of clinical assets
29 Investor presentation First six months of 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 fo
Slide 30: Pipeline supports growth opportunities across four strategic focus areas
30 Investor presentation First six months of 2021 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1535 – Icosema (LAIsema) NN9388 – Cagrisema NN9924 – Oral Semaglutide 25 and 50 mg SUSTAIN FORTE - Sem
Slide 31: Solid patent protection, high barriers to entry, collaborative approach
31 Investor presentation First six months of 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 patent
Slide 32: Core capabilities provide a competitive advantage
32 Investor presentation First six months of 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 le
Slide 33: Diabetes care
Investor presentation First six months of 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 46 Diabetes care
Slide 34: Diabetes – the inability to manage blood sugar levels appropriately
34 Investor presentation First six months of 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
Slide 35: GLP-1s have positive effects beyond glycaemic control
35 Investor presentation First six months of 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 establish
Slide 36: People with diabetes have increased mortality risk
36 Investor presentation First six months of 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
Slide 37: Global diabetes prevalence is increasing
37 Investor presentation First six months of 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, 32.8 million1 people are currently treated with increase 51% by 204
Slide 38: Diabetes is a chronic disease requiring treatment intensification
38 Investor presentation First six months of 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% 5% OAD 17% -cell function 80% 44% GLP-1 16% 60% 23% 18% Insulin 40% 4% 8% 20
Slide 39: Diabetes volume growth remains solid in a large diabetes market
39 Investor presentation First six months of 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
Slide 40: Total branded diabetes market has a global value of DKK ~300 billion
40 Investor presentation First six months of 2021 Novo Nordisk® The total branded diabetes market has a global value of DKK ~300 billion annually DKK Global diabetes market DKK The USA 0% billion billion 150 146 139 350 +4% 2019/2020 2020/2021 Growth at CER 100 -14% +17% 294 292 300 57 47 52 59 -13%
Slide 41: Strong leadership position within the growing diabetes market
41 Investor presentation First six months of 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 billi
Slide 42: Global insulin market leadership expanded to 47.3%
42 Investor presentation First six months of 2021 Novo Nordisk® Novo Nordisk global insulin market leadership expanded to 47.3% and the global insulin volume market grew by 2.2% Global North America Operations Market growth: 1.6% International Operations Market growth: -0.3% MS: 47.3% Market growth:
Slide 43: Insulin market size and volume share of growth and market share
43 Investor presentation First six months of 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: Share of growth and growth share market share Total 44% 257 -5.5% -0.7% 80% 15% 13% Long-
Slide 44: Icodec improved PPG control and HbA1c in a phase 2 trial
44 Investor presentation First six months of 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 Ico
Slide 45: Once-weekly insulin icodec represents a new treatment paradigm
45 Investor presentation First six months of 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 peopl
Slide 46: GLP-1 effect dependent on blood glucose level
46 Investor presentation First six months of 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 Semaglu
Slide 47: Global GLP-1 market penetration varies across regions
47 Investor presentation First six months of 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 70% 28%
Slide 48: GLP-1 sourcing is primarily from outside the class
48 Investor presentation First six months of 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%
Slide 49: SUSTAIN trials with subcutaneous semaglutide
49 Investor presentation First six months of 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 -01 -1.4 -1.4 -1.5 -1.5 -1.8 -1.8 -1.5 -1.6 -1.6 -1.6 1.2 92
Slide 50: PIONEER programme with oral semaglutide
50 Investor presentation First six months of 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 0.6 88 kg 92kg
Slide 51: Semaglutide 2.0 mg s.c. and high dose oral sema
51 Investor presentation First six months of 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
Slide 52: Obesity care
Investor presentation First six months of 2021 STRENGTHEN TREATMENT OPTIONS THROUGH MARKET DEVELOPMENT AND BY OFFERING INNOVATIVE MEDICINES AND DRIVING PATIENT OUTCOMES 1. Obesity disease and market 53 2. Obesity market development 54 3. Innovation 56 Obesity care
Slide 53: People with obesity at increased risk of severe comorbidities
53 Investor presentation First six months of 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
Slide 54: Saxenda addresses a global unmet need for weight management
54 Investor presentation First six months of 2021 Novo Nordisk® Saxenda® addresses a global unmet need for medical weight management Global obesity prevalence Saxenda® launched countries Global reimbursement status 70% access in commercial channel, but due to employer opt-in, effective access is aro
Slide 55: Global obesity market share, market growth, and US volume and value
55 Investor presentation First six months of 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 S
Slide 56: Making obesity a healthcare priority requires stakeholder engagement
56 Investor presentation First six months of 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
Slide 57: STEP 1, 3, and 4 trials weight loss with semaglutide 2.4 mg
57 Investor presentation First six months of 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 Wei
Slide 58: In STEP 1, superior weight loss of up to 16.9%
58 Investor presentation First six months of 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% wome
Slide 59: STEP 1: 34.8% reached ≥20% weight loss
59 Investor presentation First six months of 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 place
Slide 60: In STEP 4, superior weight loss of up to 18.2%
60 Investor presentation First six months of 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 •
Slide 61: STEP 4: 41.2% reached ≥20% weight loss
61 Investor presentation First six months of 2021 Novo Nordisk® In STEP 4, 41.2% 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 place
Slide 62: STEP 5: weight loss sustained over 2 years
62 Investor presentation First six months of 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%
Slide 63: STEP 8: semaglutide 2.4 mg versus liraglutide 3.0 mg
63 Investor presentation First six months of 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 weig
Slide 64: Phase 3a trial of oral semaglutide 50 mg in obesity
64 Investor presentation First six months of 2021 Novo Nordisk® A global phase 3a trial investigating oral semaglutide 50 mg in obesity will be initiated H2 2021 Global trial planned to be initiated in H2 2021 Plan to include 660 patients with obesity Objective To confirm superiority of oral semaglu
Slide 65: Cagrilintide phase 2 and phase 1 combination trial results
65 Investor presentation First six months of 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
Slide 66: Obesity pipeline supports efforts to close the treatment gap
66 Investor presentation First six months of 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
Slide 67: Biopharm
Investor presentation First six months of 2021 SECURE A LEADING POSITION BY LEVERAGING FULL PORTFOLIO AND EXPANDING INTO ADJACENT AREAS 1. Rare blood disorders 68 2. Rare endocrine disorders 71 3. Biopharm innovation 72 Biopharm
Slide 68: Biopharm growth outlook supported by innovation and core capabilities
68 Investor presentation First six months of 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 Bri
Slide 69: Haemophilia is a rare disease with severe unmet medical needs
69 Investor presentation First six months of 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 Sales of recombinant haemophilia products DKK billion people (000) within haemophilia 500 40
Slide 70: Biopharm sales growth of 7% driven by commercial execution
70 Investor presentation First six months of 2021 Novo Nordisk® Biopharm sales growth of 7% driven by solid commercial execution with key brands being Esperoct® and Refixia® NovoSeven® and Norditropin® account for ~80% of Biopharm sales Added sales within rare blood disorders DKK DKK billion billion
Slide 71: Commercial execution driving Norditropin sales growth
71 Investor presentation First six months of 2021 Novo Nordisk® Solid commercial execution is driving Norditropin® sales growth Historic reported sales Norditropin® value leadership maintained Continue frequent launches with new for Norditropin® despite increasing competition indications and device
Slide 72: Innovation in haemophilia pipeline
72 Investor presentation First six months of 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-invasi
Slide 73: Phase 3 programme investigating concizumab for haemophilia A and B
73 Investor presentation First six months of 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 first half of 2022 Arm 1: No prophylaxis Exp7 and Exp8: On-demand treatment Characteristics a
Slide 74: Mim8 bispecific antibody for haemophilia A
74 Investor presentation First six months of 2021 Novo Nordisk® Next-generation FVIII mimentic, 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
Slide 75: Once-weekly somapacitan in phase 3 for GHD and approved for AGHD
75 Investor presentation First six months of 2021 Novo Nordisk® Once-weekly, biodegradable somapacitan has entered 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 10.01 9.7 Growth hormone with a Albumin binding side 12
Slide 76: Novo Nordisk and bluebird bio join forces in genome editing
76 Investor presentation First six months of 2021 Novo Nordisk® Novo Nordisk and bluebird bio join forces in next-generation genome editing for children and adult patients with haemophilia A Potential curative treatment in bluebird bio/Novo Nordisk’s joint haemophilia A approach • megaTAL: Propriet
Slide 77: Other serious chronic diseases
Investor presentation First six months of 2021 77 ESTABLISH PRESENCE BY BUILDING COMPETITIVE PIPELINE AND SCIENTIFIC LEADERSHIP 1. The unmet needs 78 2. Cardiovascular disease 79 3. Non-alcoholic steatohepatitis 81 4. Stem cells 84 Other serious chronic diseases
Slide 78: Expanding into other serious chronic diseases
78 Investor presentation First six months of 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 A
Slide 79: Ambition within cardiovascular disease
79 Investor presentation First six months of 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 f
Slide 80: Ziltivekimab phase 2b RESCUE trial completed
80 Investor presentation First six months of 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 Zilti QM showed reductions in inf
Slide 81: Semaglutide showed improvements in NASH resolution
81 Investor presentation First six months of 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 •
Slide 82: NASH is a progressive disease with no existing treatment
82 Investor presentation First six months of 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
Slide 83: Phase 3a ESSENCE trial with semaglutide 2.4 mg in NASH
83 Investor presentation First six months of 2021 Novo Nordisk® Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of NASH has been initiated The phase 3a ESSENCE trial in NASH has been initiated ESSENCE trial | NASH F2–F3 patients Primary objectives and endpoints for Part 1 and 2 N =
Slide 84: Stem cell platform potential for serious chronic diseases
84 Investor presentation First six months of 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 P
Slide 85: International Operations
Investor presentation First six months of 2021 1. International Operations growth 86 2. International Operations at a glance 88 3. EMEA 93 4. Region China 98 5. RoW 102 International Operations
Slide 86: Growth momentum increased by demographics and Market Fit approach
86 Investor presentation First six months of 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 4-6% the Market Fit
Slide 87: Medium-term growth expected at 6-10% annually
87 Investor presentation First six months of 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 port
Slide 88: International Operations at a glance
88 Investor presentation First six months of 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 First half of 2021 Growth2 22% (mDKK) 700 200 80% Total GLP-13 7,527 46% 60
Slide 89: Diabetes market share and growth in International Operations
89 Investor presentation First six months of 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 170% billion ~2% 3 2 176 173 -2 140% 110% 80% 92% 50% 24% ~9% 20% 9% 22.5% 24.0
Slide 90: Insulin market in International Operations
90 Investor presentation First six months of 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 -0.5% +0.8% 80%
Slide 91: GLP-1 market share and market growth
91 Investor presentation First six months of 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% billion 73% ~25% 1 21 3 0 60% 17 56% 40% 34% ~34% 20% 25% 56.1% 52.1% 0% May May May Novo Nordisk Eli Lilly Othe
Slide 92: Obesity market in International Operations
92 Investor presentation First six months of 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 ~2% 3.9 4.0 0.2 50% 60% 43% 50% 40% 40% 30% 30% 20% 20% ~12% 10% 2% 43% 10
Slide 93: EMEA at a glance
EMEA 93 Investor presentation First six months of 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 First half of 2021 Growth2 250 (mDKK) 31% 100 80% Total GLP-13 4,961 36% 200 28% Long-acti
Slide 94: Diabetes market share and growth in EMEA
EMEA 94 Investor presentation First six months of 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 ~4% 80% billion 1 0 93 90 2 60% 50% 40% 28% 20% 7% 0% 4% ~7% 27.3% 28.1% -20% May May May Novo
Slide 95: Insulin market size and share in EMEA
EMEA 95 Investor presentation First six months of 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% 36 -4% +0.7% 13% 11% 60% Long- 39% 18 -1% +1.5% 9% a
Slide 96: GLP-1 market share and growth in EMEA
EMEA 96 Investor presentation First six months of 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 ~25% 69% billion 1 15 2 50% 0 50% 57% 12 40% 32% 20% 30% 25% ~32% 20% -10% 56.8% 10% 53.8% -40%
Slide 97: Obesity market share and growth in EMEA
EMEA 97 Investor presentation First six months of 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 ~12% 80% 50% 1.1 0.0 67% 1.0 0.1 70% 40% 60% 50% 30% ~22% 40% 30% 20% 12% 67% 20% 62% 10%
Slide 98: Region China at a glance
China 98 Investor presentation First six months of 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 First half of 2021 Growth2 billion (mDKK) 250 25 100% GLP-1 8% Total GLP-13 833 68% 21% 2
Slide 99: Diabetes market share and growth in Region China
China 99 Investor presentation First six months of 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 billion ~1% 70% 1 24 1 24 60% -1 50% 40% 32% 30% 20% 18% ~18% 10% 27.8% 32.4% 1% 0% M
Slide 100: Insulin market in Region China
China 100 Investor presentation First six months of 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 48% 13 12% +1.6% 21% 57% 4
Slide 101: GLP-1 market share and growth in Region China
China 101 Investor presentation First six months of 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 DKK million ~79% 48 970 100% 60 85% 316 80% 60% 78% 545 ~63% 40% 85% 62% 93% 20% 0% May May May N
Slide 102: Rest of World at a glance
Rest of World 102 Investor presentation First six months of 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 First half of 2021 Growth2 (mDKK) 30% 200 Total GLP-13 1,733 69% 70 80%
Slide 103: Diabetes market share and growth in Rest of World
Rest of World 103 Investor presentation First six months of 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% ~0% DKK million 15% 14% 59 0 0 59 -1 10% 6% 5% 0% 0% -5% ~6% 13.2% 14.0% -1
Slide 104: Insulin market in Rest of World
Rest of World 104 Investor presentation First six months of 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 56% 11 -3% +0.4% 60% 57% 15% Fast- -1
Slide 105: GLP-1 market share and growth in Rest of World
Rest of World 105 Investor presentation First six months of 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 100% DKK million ~17% 86% 606 154 4,774 80% -52 4,066 48% 60% 40% 36% 20% 17% ~36% 48.0%
Slide 106: Obesity market in Rest of World
Rest of World 106 Investor presentation First six months of 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 40% 15% billion ~(1%) 2.9 0.1 0.1 2.8 34% 10% 30% 5% 20% -1% 0% ~6% 10% -5% 31
Slide 107: North America Operations
Investor presentation First six months of 2021 1. US growth drivers 108 2. US healthcare system 109 3. North America operations at glance 111 North America Operations
Slide 108: Innovation drives largest transition in history of Novo Nordisk USA
NAO 108 Investor presentation First six months of 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 – 57% transformation complete 100% GLP-1 O
Slide 109: US health insurance dominated by few large commercial payers
NAO 109 Investor presentation First six months of 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 expected to remain Covered lives by PBM in 2021 stable in coming years Ma
Slide 110: US healthcare system is complex and rebates have increased
NAO 110 Investor presentation First six months of 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 US net s
Slide 111: North America Operations at a glance
NAO 111 Investor presentation First six months of 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 First half of 2021 Growth2 (mDKK) 70 13% 600 70% Total G
Slide 112: Diabetes market share and growth in North America Operations
NAO 112 Investor presentation First six months of 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 ~5% billion 10 6 487 463 8 40% 34% 30% 32% 20% ~5% 10% 5% 32% 32% 5% 0
Slide 113: Volume market shares in the three insulin segments
NAO 113 Investor presentation First six months of 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: 1.0% CAGR volume1: (6.9%) CAGR volume1: 1.8% MI pen
Slide 114: Insulin market size and share in North America Operations
NAO 114 Investor presentation First six months of 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% 10% Total 42% 198 -7% -1.2% 50% 8% Long- 39% 6
Slide 115: GLP-1 market share and growth in North America Operations
NAO 115 Investor presentation First six months of 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 ~25% billion 13 138 59% 17 60% -1 51% 110 40% 31% ~31% 25% 20% 50.8% 48.6% 0% May N
Slide 116: Obesity market share and growth in North America Operations
NAO 116 Investor presentation First six months of 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 ~(3%) 100% 20% 6.2 0.3 6.0 0.5 83% 80% 10% ~7% 60% 40% 75% 83% 0% -3%
Slide 117: Profit and loss, capital allocation; Currencies
Investor presentation First six months of 2021 1. Profit and loss, capital allocation 118 2. Currencies 123
Slide 118: Solid sales growth driven by Diabetes and Obesity care
118 Investor presentation First six months of 2021 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2016-2020 Financial focus DKK billion CAGR1 2.6% 120 17% 15% • Focus on driving solid sales growth 100 20% 17% 16% • Gross margin to remain broadly stable 80
Slide 119: Solid operating profit growth driven by Diabetes care
119 Investor presentation First six months of 2021 Novo Nordisk® Solid operating profit growth driven by Diabetes care Operating profit Operating profit split per franchise DKK billion 60 60% 50 50% 40 40% 19% 28% 30 30% 20 4% 1% -4% 11% 3% 20% 72% 81% 10 6% 5% 3% 6% 7% 10% 0 0% 2016 2017 2018 2019
Slide 120: Higher profitability in the biopharm segment
120 Investor presentation First six months of 2021 Novo Nordisk® Higher profitability in the biopharm segment driven by lower S&D costs Diabetes and Obesity care P&L – full year 2020 Biopharm P&L – full year 2020 DKK DKK billion billion 120 -16% Sales ratios 20 -17% Sales ratios 100 -28% -16% 15 80
Slide 121: Stable COGS level as percentage of sales
121 Investor presentation First six months of 2021 Novo Nordisk® Stable COGS level as percentage of sales Cost of goods sold Capital expenditure DKK DKK billion billion 25 25% 12 10% 10 20 20% 8% 8 15 15% 6% 6 10 10% 4% 4 5 5% 2% 2 0 0% 0 0% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2021 COG
Slide 122: Currency impact on Novo Nordisk's P/L
122 Investor presentation First six months of 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 functio
Slide 123: Currencies are negatively impacting operating profit
123 Investor presentation First six months of 2021 Novo Nordisk® Currencies are negatively impacting operating profit 1 Avg. H1 2021 vs. Avg. H1 2020 Exp. Avg FY 2021 vs. FY 2020 6% H1 2021 2% • Negative impact on operating profit of DKK 3.0 billion Hedged -2% • Foreign exchange net gain of DKK 1.0
Slide 124: Sustainability
124 Novo Nordisk® 12 Investor presentation First three 4 months of 2021 Sustainability 1. Sustainable business 125 2. Environmental responsibility 127 3. Social responsibility 129 4. Governance 133
Slide 125: Long-term value to society driven by purpose and responsible business
125 Investor presentation First six months of 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 Financial, environmental and social responsibility anchored still support
Slide 126: 2020 assured sustainability performance on key metrics
126 Investor presentation First six months of 2021 Novo Nordisk® 2020 assured sustainability performance on key metrics 2020 2019 2018 Resources Energy consumption for operations (1,000 GJ) 3,191 2,993 3,099 Share of renewable power for production sites 100% 76% 77% Environmental Water consumption f
Slide 127: Circular for Zero environmental impact
127 Investor presentation First six months of 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 ch
Slide 128: Progressing towards zero CO2 emissions
128 Investor presentation First six months of 2021 Novo Nordisk® Progressing towards zero CO2 emissions by addressing emissions in and beyond production Mapping CO2 emissions is the CO2 emissions from operations & Activities to meet zero CO2 from operations first step in finding solutions transport
Slide 129: Social responsibility: prevention, access and innovation
129 Investor presentation First six months of 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… pati
Slide 130: Providing access to affordable care for vulnerable patients
130 Investor presentation First six months of 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 Partnerships are essential to requires a multi-faceted approach and actions reach v
Slide 131: US insulin net prices have declined in recent years
131 Investor presentation First six months of 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 insulin affordability insurance coverage NovoLog® vial
Slide 132: Defeating diabetes starts by taking preventive measures
132 Investor presentation First six months of 2021 Novo Nordisk® Defeating diabetes starts by taking preventive measures Global obesity burden is part of the cause for rising Strengthen prevention by focusing diabetes prevalence for both adults and children on health inequality in cities The global
Slide 133: Aspiration to be a sustainable workplace
133 Investor presentation First six months of 2021 Novo Nordisk® The aspiration is to be a sustainable workplace Organise to win by accelerating Grow our people and be a Drive cultural evolution to be diversity and inclusion talent incubator an employer for the future Aspiring for balanced gender An
Slide 134: Diversity and inclusion is a key focus area
134 Investor presentation First six months of 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 min
Slide 135: Structure in place to ensure corporate governance
135 Investor presentation First six months of 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 env
Slide 136: Novo Nordisk has a sustainable tax approach
136 Investor presentation First six months of 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
Slide 137: Global Business Ethics Code of Conduct
137 Investor presentation First six months of 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 a
Slide 138: Purpose driven culture supported by facilitation
138 Investor presentation First six months of 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 org