Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Q3 2025 Earnings Presentation
138 slides from Novo Nordisk A/s Class B's earnings presentation, Nov 5, 2025
Slide 1: Novo Nordisk – a focused healthcare company
Novo Nordisk – a focused healthcare company Investor presentation First nine months of 2025 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation First nine 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 nine 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 nine months of 2025 Novo Nordisk® Strategic Aspirations 2025|Highlights first nine months of 2025 Light blue indicates developments in Q3 2025 Further raise innovation bar for Diabetes treatment • Positive EU opinion and US approval for Rybelsus® CV indication based on
Slide 5: Novo Nordisk pursues innovation-driven opportunities
5 Investor presentation First nine months of 2025 Novo Nordisk® Novo Nordisk pursues innovation-driven opportunities with synergies in our core areas Focus will remain on core therapy areas and prioritizing unmet Significant unmet need remains needs, including comorbidities >550 million ~7% ILLUSTRA
Slide 6: Novo Nordisk is transforming to meet future patient needs
6 Investor presentation First nine months of 2025 Novo Nordisk® Novo Nordisk is transforming with aim to meet future patient needs and allow for investment in growth opportunities Transformation aimed to improve agility and focus on core Organizational updates ongoing competencies • Transformation i
Slide 7: Sales growth of 15% driven by both operating units
7 Investor presentation First nine months of 2025 Novo Nordisk® Sales growth of 15% driven by both operating units Reported geographic sales split for first nine months 2025 Reported therapy area sales and growth for first nine months 2025 DKK Insulin GLP-1 diabetes Other diabetes DKK US Operations
Slide 8: International Operations sales growth of 16%
8 Investor presentation First nine months of 2025 Novo Nordisk® International Operations sales growth of 16% driven by GLP-1 in Diabetes and Obesity care Reported GLP-1 Diabetes care sales and growth for first nine months 2025 Reported Obesity care sales and growth for first nine months 2025 DKK Gro
Slide 9: Total GLP-1 class volume market share in International Operations
9 Investor presentation First nine months of 2025 Novo Nordisk® Total GLP-1 class volume market share of 68% in International Operations Total GLP-1 patients1 and volume market share in IO IO total GLP-1 performance Volume Patients market share Total class growth ~35% (millions) Diabetes GLP-1 80% 1
Slide 10: US diabetes GLP-1 class growth slowing
10 Investor presentation First nine months of 2025 Novo Nordisk® US diabetes GLP-1 class growth slowing compared to prior years US GLP-1 diabetes weekly NBRx prescriptions US GLP-1 diabetes TRx Weekly NBRx Weekly TRx Monthly Total GLP-1 scripts (‘000s) scripts (‘000s) Class growth >10% SUs (millions
Slide 11: US branded anti-obesity medication market expansion continues
11 Investor presentation First nine months of 2025 Novo Nordisk® US branded anti-obesity medication market expansion continues Branded AOM NBRx in the US1 Branded AOM TRx in the US1 Branded AOM class grew ~130%2 Weekly NBRx scripts (‘000s) 120 800 757 Commercial execution and access 700 • Cash chann
Slide 12: Proposed Metsera acquisition aligns with strategy
12 Investor presentation First nine months of 2025 Novo Nordisk® Proposed Metsera, Inc. acquisition aligns with strategy of developing innovative medicines in obesity and diabetes Obesity market expected to be driven by Metsera’s pipeline and capabilities Deal structure multiple segments and patient
Slide 13: Efruxifermin and zaltenibart complement pipeline
13 Investor presentation First nine months of 2025 Novo Nordisk® Efruxifermin and zaltenibart complement Novo Nordisk’s expertise and existing pipeline Efruxifermin is a potential best-in-class FGF21 analogue for the treatment of MASH Zaltenibart has best-in-class potential in multiple rare blood an
Slide 14: Cagrilintide 2.4 mg will be investigated in phase 3
14 Investor presentation First nine months of 2025 Novo Nordisk® Cagrilintide 2.4 mg will be investigated in RENEW phase 3 programme with potential to be the first amylin on the market Weight loss in REDEFINE 1 trial Cagrilintide phase 3 studies RENEW 1 trial design (n = 300) Mean baseline body weig
Slide 15: R&D milestones
15 Investor presentation First nine months of 2025 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q3 2025 Q4 2025 H1 2026 Diabetes care CagriSema Phase 3 results Phase 3 results Oral/Sc amycretin Phase 2 results SOUL (CVOT, Oral sema 14 mg) US approval, EU positiv
Slide 16: Financial results – Double digit sales growth
16 Investor presentation First nine months of 2025 Novo Nordisk® Financial results – Double digit sales growth; Operating profit impacted by restructuring costs of 9bDKK First nine First nine Change Change In DKK million months of 2025 months of 2024 (reported) (CER) Sales 229,920 204,720 12% 15% Gr
Slide 17: Financial outlook for 2025
17 Investor presentation First nine months of 2025 Novo Nordisk® Financial outlook for 2025 Expectations Most recent expectations 5 November 2025 communicated Sales growth – at CER 8 to 11% 8% to 14%1 Sales growth - reported Around 4 percentage points lower Around 3 percentage points lower1 Operatin
Slide 18: Strategic aspirations 2025
18 Investor presentation First nine months of 2025 Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation bar for Diabetes treatment • Deliver solid sales and operating profit growth therapeutic focus • Develop a leading portfolio of superior treatment Innovation and • Drive operati
Slide 19: Investor contact information
19 Investor presentation First nine 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 Inv
Slide 20: Novo Nordisk corporate strategy
20 Investor presentation First nine 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 21: Novo Nordisk Corporate Strategy
21 Investor presentation First nine 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 pati
Slide 22: Diabetes and obesity remain the key priority areas
22 Investor presentation First nine 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 23: Innovation starts with addressing unmet needs
23 Investor presentation First nine 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% 934 million people with ~0.5% of people in of people medically diabetes1 good control2
Slide 24: Novo Nordisk has leading positions in diabetes, obesity and haemophilia
24 Investor presentation First nine 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 1.400 50% 300 120% 100 50% #1 #1 #4 1.200 250 100% 40% 80 40% 1.000 200 80% 800 30% 60 3
Slide 25: Total Global GLP-1 diabetes and branded obesity market share
25 Investor presentation First nine months of 2025 Novo Nordisk® Total Global GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 100% 100% billion ~39% 189 0 935 80% 80% 74 672 60% 50% 60% 39% 40% 40% ~19% 59%
Slide 26: Solid patent protection and competitive advantages
26 Investor presentation First nine 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 2031
Slide 27: Core capabilities and modalities across therapy areas
27 Investor presentation First nine 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/ Small Gene siRNA Peptides/mAB Mol
Slide 28: siRNA platform expected to deliver and mature
28 Investor presentation First nine 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 trial
Slide 29: Phase 1 aspiration is on track for 2025
29 Investor presentation First nine 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 of
Slide 30: Partnerships and acquisitions support future R&D
30 Investor presentation First nine months of 2025 Novo Nordisk® Partnerships and acquisitions support future research and development 2020 2021 2022 2023 2024 2025 Selected acquisitions Oral formulations Novel treatment for Expansion of Late-stage FGF21 analogue of therapeutics CVD/Rare disease Nov
Slide 31: Partnerships and acquisitions support future R&D
31 Investor presentation First nine months of 2025 Novo Nordisk® Partnerships and acquisitions support future research and development 2020 2021 2022 2023 2024 2025 Selected acquisitions Oral formulations Novel treatment for Expansion of Late-stage FGF21 analogue of therapeutics CVD/Rare disease Nov
Slide 32: Pipeline supports growth across four focus areas
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 Icodec3 Tresiba® NN1471 – Pumpsulin NN9506 – FUSE1 NN9838 – CagriSema NN
Slide 33: Pipeline supports growth across four focus areas
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 Icodec3 Tresiba® NN1471 – Pumpsulin NN9506 – FUSE1 NN9838 – CagriSema NN
Slide 34: Diabetes care
34 Investor presentation First nine months of 2025 Diabetes care Disease and market GLP-1 segment Insulin segment SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 35: Diabetes is a serious chronic disease
35 Investor presentation First nine months of 2025 Novo Nordisk® Diabetes is a serious chronic disease with increasing prevalence worldwide and multiple associated comorbidities In 2050, ~850 million adults are expected to live with diabetes High unmet medical need remains within T2D and the associa
Slide 36: Novo Nordisk is the global leader in the growing diabetes market
36 Investor presentation First nine 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 31.6% billion Estimated prescriptio
Slide 37: The unmet need within diabetes care remains large
37 Investor presentation First nine 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 treated
Slide 38: GLP-1s have positive effects beyond glycaemic control
38 Investor presentation First nine months of 2025 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines 2025 ADA guidelines for pharmacologic treatment of Medications for treatment of type 2 diabetes adults with type 2 diabetes Hypo Weight Cardiov
Slide 39: Innovation is the focus for strengthening leadership in diabetes
39 Investor presentation First nine 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 Icodec1 Onc
Slide 40: The total branded diabetes market has a global value
40 Investor presentation First nine 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 4
Slide 41: GLP-1 mechanism of action and therapeutic opportunities
41 Investor presentation First nine 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 42: Total Global diabetes GLP-1 market share and growth
42 Investor presentation First nine months of 2025 Novo Nordisk® Total Global diabetes GLP-1 market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 100% 100% billion ~21% 95 1 673 80% 80% 23 554 60% 49% 60% 40% 21% 40% ~8% 59% 61% 20% 20% 56% 57% 5
Slide 43: SUSTAIN trials with subcutaneous semaglutide
43 Investor presentation First nine months of 2025 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 5 7 FORTE Baseline 8.1% 8.1% 8.4% 8.2% 8.9% 0,0 -0,1 -0,5 Change in HbA1c (%) -1,1 -1,3 * -1,4 * -1,3 * -1,6* -1,5 -1,5 * * -1,6 * -1,8 * -1,8 * -1,9 -2,2* Baseline 92 kg 89 kg 9
Slide 44: PIONEER programme with oral semaglutide
44 Investor presentation First nine months of 2025 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 8 PLUS Baseline 8.0% 8.1% 8.3% 8.2% 9.0% -0,1 0,0 -0,5 -0,6 * Change in -0,8* -0,8 -0,9 -1,0* HbA1c (%) -1,1* -1,3* -1,4* -1,4* -1,4 * -1,5* -1,5 -1,9* -2,2* 0,6 Baseline 88 kg 92 k
Slide 45: Semaglutide evidence and clinical outcome data
45 Investor presentation First nine months of 2025 Novo Nordisk® Semaglutide has produced a comprehensive body of evidence and clinical outcome data for a GLP-1 in type 2 diabetes Glycaemic control* MACE outcome PAD outcome 2.2%-p 26% 13% Reduction HbA1c 1 Reduction in MACE2 Improvement in MWD3 dist
Slide 46: Phase 2 trial for CagriSema in type 2 diabetes
46 Investor presentation First nine 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 b
Slide 47: Phase 3 trial programme with CagriSema
47 Investor presentation First nine 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 endp
Slide 48: Amycretin phase 2 trial in type 2 diabetes
48 Investor presentation First nine 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 cha
Slide 49: Insulin icodec holds potential for type 2 diabetes
49 Investor presentation First nine 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 behaviou
Slide 50: Once-weekly insulin icodec ONWARDS programme
50 Investor presentation First nine 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 SWITCH
Slide 51: Final pivotal phase 3 trial with once-weekly IcoSema
51 Investor presentation First nine months of 2025 Novo Nordisk® Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 3 headline trial results IcoSema vs Insulin glargine U100 and insulin aspart in subjects w/T2D Change in HbA1C Change in body weight Mean baseline HbA1
Slide 52: Development pipeline addresses unmet need in diabetes care
52 Investor presentation First nine 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 ins
Slide 53: Obesity care
53 53 Investor presentation First nine months of 2025 Novo Nordisk® Obesity care Obesity disease background 58 Obesity market development 62 Innovation 63 MICHAEL PETERSEN Michael lives with obesity Denmark
Slide 54: Obesity is a serious chronic disease with large unmet need
54 Investor presentation First nine months of 2025 Novo Nordisk® Obesity is a serious chronic disease with a large unmet medical need that requires innovative treatment options More than 1.7 billion people is living with Obesity is associated with more than 200 Life expectancy decreases as BMI incre
Slide 55: High unmet need in diabetes and obesity
55 Investor presentation First nine months of 2025 Novo Nordisk® The high unmet need in diabetes and obesity and low market penetration to-date makes unlocking the market a key priority Global diabetes and obesity unmet need Globally, ~7% of total estimated diabetes Less than 1% of people with obesi
Slide 56: Broadening focus from weight loss to improving health
56 Investor presentation First nine 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 Pati
Slide 57: Affordable access to 55 million people
57 Investor presentation First nine months of 2025 Novo Nordisk® Novo Nordisk has 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) Commercial 110.0
Slide 58: Global obesity market growth has been accelerating
58 Investor presentation First nine 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 100% 200% ~122% 262.2 122% 80% 1
Slide 59: Semaglutide 2.4 mg and comorbidities overlap with obesity
59 Investor presentation First nine 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) SELEC
Slide 60: Across the STEP and STEP UP trials
60 Investor presentation First nine 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 61: In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss
61 Investor presentation First nine months of 2025 Novo Nordisk® In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss and around one third of participants achieved ≥25% weight loss STEP UP enrolled 1,407 people with obesity1 Weight loss for semaglutide 7.2 mg in STEP UP trial Mean baseline body
Slide 62: In STEP 1, semaglutide had superior weight loss
62 Investor presentation First nine 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 63: In STEP 4, semaglutide had superior weight loss
63 Investor presentation First nine 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 • 7
Slide 64: Semaglutide 2.4 mg showed 20% MACE reduction
64 Investor presentation First nine 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 Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in
Slide 65: Semaglutide 2.4 mg improved KCCQ-CSS in STEP HFpEF
65 Investor presentation First nine 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 baseline
Slide 66: Real world evidence confirms efficacy of Wegovy
66 Investor presentation First nine months of 2025 Novo Nordisk® Real world evidence confirms efficacy of Wegovy® and shows 3-point MACE risk reduction of 42% SHAPE study showed 1-year real-world weight loss in patients with SCORE study showed 42% lower relative risk of 3-point MACE in overweight or
Slide 67: Oral semaglutide 25 mg submitted in the US
67 Investor presentation First nine months of 2025 Novo Nordisk® Oral semaglutide 25 submitted in the US with efficacy and safety profile broadly similar to Wegovy® OASIS 4 trial enrolled 306 people with overweight or obesity1 Weight loss for oral semaglutide 25 mg in OASIS 4 trial Mean baseline bod
Slide 68: REDEFINE 1 was the first pivotal phase 3 trial
68 Investor presentation First nine months of 2025 Novo Nordisk® REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema in people living with overweight or obesity REDEFINE 1 enrolled 3,417 people with overweight or obesity1 Baseline characteristics in REDEFINE 1 CagriSema 2.4 mg semagl
Slide 69: In REDEFINE 1, CagriSema achieved 22.7% mean weight loss
69 Investor presentation First nine months of 2025 Novo Nordisk® In REDEFINE 1, CagriSema achieved 22.7% mean weight loss and more than 40% of participants achieved ≥25% weight loss Higher body weight reduction with CagriSema compared Categorical weight loss after 68 weeks of treatment to mono compo
Slide 70: Further weight loss potential to be investigated
70 Investor presentation First nine 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 71: Body composition analysis in REDEFINE
71 Investor presentation First nine months of 2025 Novo Nordisk® Body composition analysis in REDEFINE 1 showed more than two-thirds body fat mass loss with CagriSema Total body fat mass loss from baseline to week 68 Total body lean soft-tissue mass loss from baseline to week 68 Mean at baseline: 47
Slide 72: Treat to target analysis of CagriSema in REDEFINE
72 Investor presentation First nine months of 2025 Novo Nordisk® Treat to target analysis of CagriSema in REDEFINE 1 demonstrates that 41.4% of participants achieve BMI < 27 Proportion of participants with BMI <27 Proportion of participants with a Waist-to- Proportion of participants with BMI <27 kg
Slide 73: CagriSema reductions in cardiovascular risk factors
73 Investor presentation First nine months of 2025 Novo Nordisk® CagriSema achieved superior reductions in cardiovascular risk factors vs both mono components and placebo in REDEFINE 1 Change in waist circumference at week 68 Change in systolic blood pressure at week 68 Change in hsCRP from baseline
Slide 74: In REDEFINE 2, CagriSema achieved 15.7% mean weight loss
74 Investor presentation First nine months of 2025 Novo Nordisk® In REDEFINE 2, CagriSema achieved 15.7% mean weight loss and more than 29% of participants achieved ≥20% weight loss REDEFINE 2 enrolled 1,206 people with obesity or Weight loss for CagriSema in REDEFINE 2 trial overweight and T2D1 Mea
Slide 75: In REDEFINE 2, CagriSema achieved a HbA1c reduction
75 Investor presentation First nine months of 2025 Novo Nordisk® In REDEFINE 2, CagriSema achieved a HbA1c reduction of 2.1%-p, and more than 80% of participants achieved HbA1c target <6.5% Higher HbA1c reduction with CagriSema compared to placebo More participants achieved the HbA1c target with Cag
Slide 76: CagriSema successfully completed pivotal trials
76 Investor presentation First nine months of 2025 Novo Nordisk® CagriSema successfully completed pivotal trials and with additional trials ongoing to investigate even further potential Selected CagriSema phase 3 development trials in Obesity Pivotal trials REDEFINE 3 • CagriSema showed substantial
Slide 77: Cagrilintide 2.4 mg achieved 11.8% weight loss
77 Investor presentation First nine months of 2025 Novo Nordisk® Cagrilintide 2.4 mg achieved 11.8% weight loss in the REDEFINE 1 trial with a 1.3% discontinuation rate due to GI adverse events Weight loss for cagrilintide 2.4 mg in REDEFINE 1 trial cagrilintide 2.4 mg Placebo Mean baseline body wei
Slide 78: Amycretin to advance into phase 3
78 Investor presentation First nine months of 2025 Novo Nordisk® Amycretin to advance into phase 3 based on the successful completion of phase 1b/2a trial Dose response part of the amycretin sc phase 1b/2a trial Estimated body weight loss in dose response arms and 60 mg dose escalation arm1 5% amycr
Slide 79: AMAZE phase 3 development programme
79 Investor presentation First nine months of 2025 Novo Nordisk® AMAZE is a comprehensive phase 3 development programme for sc and oral amycretin expected to start in Q1 2026 Selected amycretin phase 3 trials in obesity programme Potential future trials Phase 3 development programme AMAZE 1 • 80-wee
Slide 80: Obesity portfolio addresses future segments
80 Investor presentation First nine months of 2025 Novo Nordisk® Novo Nordisk’s obesity portfolio addresses the future segments and patient preferences of the obesity market Addressing unmet needs across patient segments via a focus on weight loss and Examples of future patient segments differentiat
Slide 81: Continuing development of obesity solutions
81 Investor presentation First nine 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® (se
Slide 82: Continuing development of obesity solutions
82 Investor presentation First nine 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® (se
Slide 83: Rare disease
83 83 Investor presentation First nine months of 2025 Novo Nordisk® Rare disease Rare disease background Rare disease innovation SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 84: RareD constitutes an attractive opportunity
84 Investor presentation First nine 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-morbid
Slide 85: Rare disease sales increased by 13%
85 Investor presentation First nine months of 2025 Novo Nordisk® Rare disease sales increased by 13% Reported Rare disease sales Rare disease sales performance DKK Rare disease sales increased by 13%: billion Growth at CER • Sales in US Operations increased by 14% 16 13% 5% 2% 16% -1% 37% • Sales in
Slide 86: Rare disease sales increased 9% by end of 2024
86 Investor presentation First nine 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 10
Slide 87: Mim8 reduced bleeding episodes in FRONTIER 2
87 Investor presentation First nine 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 88: Growth Hormone sales contribute to 27% of rare disease sales
88 Investor presentation First nine months of 2025 Novo Nordisk® Growth Hormone 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 par
Slide 89: Rare Disease pipeline
89 Investor presentation First nine 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 Diso
Slide 90: Cardiovascular & Emerging Therapies
90 Investor presentation First nine months of 2025 Cardiovascular & Emerging Therapies The unmet needs Cardiovascular disease MASH Alzheimer’s disease
Slide 91: Expanding into Cardiovascular and emerging therapy areas
91 Investor presentation First nine 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 Obesity UNITED STATES ONLY Type 2 diabetes Therapy area Un
Slide 92: Focused approach in cardiovascular disease
92 Investor presentation First nine 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 prese
Slide 93: ZEUS trial with ziltivekimab
93 Investor presentation First nine 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 randomisation
Slide 94: Ziltivekimab phase 3 development programme
94 Investor presentation First nine 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 = 6,400 n = 5,600 n = 10,000 Ziltivekimab 15 mg sc + So
Slide 95: MASH shares a large patient population with core therapy areas
95 Investor presentation First nine 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 M
Slide 96: Semaglutide 2.4 mg improvement in MASH in ESSENCE
96 Investor presentation First nine 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 steat
Slide 97: Focus on F2-F4c with commercial efforts
97 Investor presentation First nine 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 MA
Slide 98: Alzheimer’s disease patient journey is complex
98 Investor presentation First nine 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 pat
Slide 99: Entering phase 3 development in Alzheimer’s disease
99 Investor presentation First nine 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 o
Slide 100: Evoke and evoke+ trials
100 Investor presentation First nine 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 semagluti
Slide 101: CETA clinical pipeline has expanded
101 Investor presentation First nine 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 Proje
Slide 102: US Operations
102 Investor presentation First nine months of 2025 Novo Nordisk® US Operations US health NAO care drivers growth system 128 USA health care system 129 US at a glance NAO at a glance 131
Slide 103: US healthcare is a mix of private and public insurance
NAO 103 Investor presentation First nine 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 Ot
Slide 104: US Operations at a glance
NAO 104 Investor presentation First nine months of 2025 Novo Nordisk® US Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk 9M 2025 reported sales market share Million DKK billion 50 12% Sales 9M 2025 Growth2 (mDKK) 45 62% 80% Injectable GLP-13
Slide 105: Diabetes market share and growth in US Operations
NAO 105 Investor presentation First nine 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% 64 956 894 1 -3 40% 40% 32,7% 30% 30% 20% 20% 6,9% 10% 10% ~0% 0
Slide 106: GLP-1 diabetes market share in US Operations
NAO 106 Investor presentation First nine months of 2025 Novo Nordisk® GLP-1 diabetes 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 80% 80% ~19% 73 573 70% 0 19 482 60% 60% 48% 50% 40% 40% 30% 19% ~7% 20% 20%
Slide 107: Obesity market share in US Operations
NAO 107 Investor presentation First nine 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 100% 250% billion ~124% 239.9 80% 200% 124% 93.9 10.8 60% 150% 48% 38.7 40% 100% 107.3
Slide 108: International Operations
Novo Nordisk® 108 108 108 Investor presentation First nine months of 2025 International Operations International IO at a glanceOperations 107 EUCAN EMEA 112 Emerging Markets Region China 117 APAC Rest of World 122 Region China
Slide 109: International Operations at a glance
109 Investor presentation First nine months of 2025 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk 9M 2025 reported sales Nordisk market share Million DKK billion MS Sales 47% 9M 2025 Growth2 (mDKK) 61% Injectable GLP-13 31,290 7% 600
Slide 110: Total IO GLP-1 diabetes and branded obesity market share
110 Investor presentation First nine months of 2025 Novo Nordisk® Total IO GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 100% 100% ~47% 22 1 122 80% 80% 16 64% 83 60% 60% 47% 40% 40% 41% 61% 65% 6
Slide 111: EUCAN at a glance
EMEA 111 Investor presentation First nine months of 2025 Novo Nordisk® EUCAN at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk 9M 2025 reported sales Nordisk market share Million DKK Sales billion MS 9M 2025 Growth2 80 (mDKK) Injectable GLP-13 17,103 16% 100% 3% 33% Rybelsus®
Slide 112: Total EUCAN GLP-1 market share and growth
112 Investor presentation First nine months of 2025 Novo Nordisk® Total EUCAN GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 100% 100% billion ~48% 15 77 0 80% 80% 65% 11 60% 60% 52 48% 40% 40% 42% ~27% 59
Slide 113: Emerging Markets at a glance
Rest of World 113 Investor presentation First nine months of 2025 Novo Nordisk® Emerging Markets at a glance Diabetes market by value and Novo Nordisk Diabetes trend in population Novo Nordisk 9M 2025 reported sales market share Million Sales DKK 9M 2025 Growth2 billion MS (mDKK) 400 80% Injectable
Slide 114: Total Emerging Markets GLP-1 market share and growth
Rest of World 114 Investor presentation First nine months of 2025 Novo Nordisk® Total Emerging Markets GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share DKK GLP-1 market size and growth billion 100% 100% ~42% 1 24 3 80% 80% 3 60% 17 60% 60%
Slide 115: APAC at a glance
EMEA 115 Investor presentation First nine months of 2025 Novo Nordisk® APAC at a glance Diabetes market by value and Novo Novo Nordisk 9M 2025 reported sales Diabetes trend Nordisk market share Million DKK Sales 55% billion MS 9M 2025 Growth2 300 (mDKK) Injectable GLP-13 2,586 3% 60 100% 54% Rybelsu
Slide 116: Total APAC GLP-1 market share and growth
116 Investor presentation First nine months of 2025 Novo Nordisk® Total APAC GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 100% 150% ~84% 4 15 0 80% 120% 57% 2 60% 90% 8 40% 84% 60% 40% ~40% 59% 6
Slide 117: Region China at a glance
Region China 117 Investor presentation First nine months of 2025 Novo Nordisk® Region China at a glance Diabetes market by value and Novo Diabetes trend Nordisk market share Novo Nordisk 9M 2025 reported sales Million DKK Sales billion MS 9M 2025 Growth2 (mDKK) 200 14% 64% Injectable GLP-13 4,773 -1
Slide 118: Region China remains a key market
118 Investor presentation First nine 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% 1
Slide 119: Total China GLP-1 market share and growth
Region China 119 Investor presentation First nine months of 2025 Novo Nordisk® Total China GLP-1 diabetes and branded obesity market share and growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK 100% 140% billion ~-0% 120% 5 0 0 5 82% 0 75% 100% 80% 50% 60% 40%
Slide 120: Financials and Product Supply
120 120 Investor presentation First nine months of 2025 Novo Nordisk® Financials and Product Supply Profit and loss, resource allocation 144 Product supply 147 Margin development & capital allocation 153 Currencies 156
Slide 121: Solid sales growth driven by Diabetes and Obesity care
121 Investor presentation First nine 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 122: Solid operating profit growth
122 Investor presentation First nine months of 2025 Novo Nordisk® Solid operating profit growth Operating profit DKK % billion 6% 7% 13% 15% 44% 26% of sales 140 80% 120 60% 100 80 40% 60 40 20% 20 0 0% 2019 2020 2021 2022 2023 2024 Operating profit Operating profit as % of sales Operating profit gr
Slide 123: Manufacturing scale and expertise within biologics
123 Investor presentation First nine 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 products
Slide 124: Active pharmaceutical ingredient
124 Investor presentation First nine 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 / Ass
Slide 125: Fill-finish
125 Investor presentation First nine 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 Tablet 65sites sites Fill,tablet Fill, tabletand andfinish finish Fill-finish Fill, tablet and finish Fi
Slide 126: Significant step-up in CAPEX investments
126 Investor presentation First nine 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 127: Investments across the full manufacturing value chain
127 Investor presentation First nine 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 packaging
Slide 128: Expected margin developments in the coming years
128 Investor presentation First nine months of 2025 Novo Nordisk® CMD24 | 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
Slide 129: Capital allocation allows for investing in the business
129 Investor presentation First nine 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 1
Slide 130: Attractive capital allocation to shareholders
130 Investor presentation First nine months of 2025 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion • For 2024, the total dividend per share increased 21.3% to 11.40 DKK, 70 comprised of an interim dividend of 3.50 DKK pai
Slide 131: Two decades of consistent cash distribution
131 Investor presentation First nine 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 30
Slide 132: Net financials expected to be positively impacted by currencies
132 Investor presentation First nine 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 o
Slide 133: Purpose & Sustainability
133 Investor presentation First nine months of 2025 Novo Nordisk® Purpose & Sustainability Sustainable business 148 Environmental responsibility 150 Social responsibility 153 Ethics and compliance Governance 158 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 134: Being a responsible business drives long-term value
134 Investor presentation First nine 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 Novones
Slide 135: Ambition is zero environmental impact
135 Investor presentation First nine 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-relat
Slide 136: Social responsibility is core to Novo Nordisk
136 Investor presentation First nine months of 2025 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation Prevention Access & Affordability Innovation • Cities Changing Diabetes to build • ~8 million people reached • Transformative tre
Slide 137: Integrating ethics and compliance into every aspect
137 Investor presentation First nine 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 approv
Slide 138: Investor contact information
138 Investor presentation First nine 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 Relation