Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Investor Day (September 2026)
14 slides from Novo Nordisk A/s Class B's investor day presentation, Sep 21, 2026
Slide 1: Financials
Financials Karsten Munk Knudsen CMD26 CFO, EVP, Finance, Legal & Global Solutions Capital Markets Day 21 September
Slide 2: Forward-looking statements
2 Financials Forward-looking statements Novo Nordisk’s statutory Annual Report 2025, Form 20-F, any quarterly financial reports, the materials displayed and other information provided (orally or in writing) at this Capital Markes Day as well as written information released, shown, or oral statements
Slide 3: Novo invested for the future during a period of hypergrowth
3 Financials Novo invested for the future during a period of hypergrowth Novo has experienced a period of This has enabled R&D spend to almost CAPEX peaked in 2025 exceptional growth triple since 2021 DKK billion DKK billion DKK billion 400 90 90 82 >2x 306 300 30 10x 60 60 60 200 37 141 ~3x 30 30 1
Slide 4: Near-term focus is on stabilising revenues, with the ambition of delivering 2026-30 sales CAGR in line with industry peers
4 Financials Near-term focus is on stabilising revenues, with the ambition of delivering 2026-30 sales CAGR in line with industry peers Adjusted sales trajectory New product launches and scaling of Wegovy® pill are partially offset by price and competitive pressure DKK billion ILLUSTRATIVE Wegovy® p
Slide 5: Cost initiatives are driving higher productivity and future growth
5 Financials Cost initiatives are driving higher productivity and future growth Cost discipline is maintained following restructuring Aim to increase adjusted sales per FTE DKK million ILLUSTRATIVE -13,000 FTEs (-16%) 1 6 Organisational • Continued focus on organisational and supply efficiencies cha
Slide 6: Corporate strategy is enabled by disciplined resource allocation
6 Financials Corporate strategy is enabled by disciplined resource allocation Updated corporate strategy guides resource Novo aims to grow into a larger, more Growth focused resource allocation allocation diversified company by 2035 Diabetes ILLUSTRATIVE Strengthen Invest in R&D to strengthen core a
Slide 7: Aim to keep adjusted gross margin broadly stable while navigating future pricing headwinds
7 Financials Aim to keep adjusted gross margin broadly stable while navigating future pricing headwinds Aim to keep adjusted gross margin broadly stable Expected gross margin drivers mid-term DKK billion ILLUSTRATIVE 83% Supply network optimisation and economies of scale 80 81% Broadly stable 60 59
Slide 8: While investing in key growth opportunities, we aim to gradually decrease adjusted SG&A ratio towards 2030
8 Financials While investing in key growth opportunities, we aim to gradually decrease adjusted SG&A ratio towards 2030 Adjusted SG&A ratio is expected to decline towards 2030 while Expected SG&A drivers mid-term absolute spend will slightly increase DKK billion ILLUSTRATIVE 29% 120 Cost efficiencie
Slide 9: Adjusted R&D ratio is expected to increase in order to grow and diversify the pipeline
9 Financials Adjusted R&D ratio is expected to increase in order to grow and diversify the pipeline R&D investments have almost tripled since 2021 Late-stage pipeline ambitions DKK billion ILLUSTRATIVE 17% 120 Diabetes Towards 2030 Adjusted R&D ratio Strengthen and expand ≥5 ≥5 Phase phase 33 our co
Slide 10: Targeting a broadly stable adjusted OP margin by 2030 with higher R&D spend offset by productivity gains and SG&A discipline
10 Financials Targeting a broadly stable adjusted OP margin by 2030 with higher R&D spend offset by productivity gains and SG&A discipline Aim to keep adjusted OP margin broadly stable Targeted development 2030 ILLUSTRATIVE Adjusted OP margin Adjusted gross margin - broadly stable +5%-points Adjuste
Slide 11: Solid cash flow from operations and declining CAPEX will support continued attractive free cash flow
11 Financials Solid cash flow from operations and declining CAPEX will support continued attractive free cash flow Attractive cash generation CAPEX-to-sales ratio expected to decline Free cash flow expected to increase over towards industry average time DKK billion DKK billion DKK billion ILLUSTRATI
Slide 12: Increasing free cash flow supports our ambition to maintain an attractive dividend per share
12 Financials Increasing free cash flow supports our ambition to maintain an attractive dividend per share Capital allocation priorities Disciplined capital allocation 31 consecutive years of increasing dividend per share DKK billion DKK billion 160 1 Internal growth opportunities 143 12 120 60 Main
Slide 13: Business development helps scale innovation beyond internal capabilities
13 Financials Business development helps scale innovation beyond internal capabilities Expand pipeline through value-creating bolt-on business Strong balance sheet enables Novo to pursue relevant business development development opportunities Guiding principles for business development Strong balanc
Slide 14: Deliver 2026-2030 sales CAGR in line with industry peers with a broadly stable operating margin
14 Financials 1 2 3 Deliver 2026-2030 sales CAGR in line Build a larger, more diversified Novo by 2035 Expand free cash flow and maintain an with industry peers with a broadly stable through increased R&D investment, and attractive dividend per share operating margin targeted bolt-on business develo