Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — H1 2024 Earnings Presentation
159 slides from Novo Nordisk A/s Class B's earnings presentation, Aug 7, 2024
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation First six months of 2024 Novo Nordisk – a focused healthcare company Investor presentation First six months of 2024 ABIGAIL CONIAH AbigailRAFAEL lives withVALVERDE obesity RafaelUnited lives with obesity Kingdom Mexico
Slide 2: Agenda
2 Investor presentation First six months of 2024 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 2024 Novo Nordisk® Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2023 and Form 20-F, which both were filed with the SEC in January 2024 in
Slide 4: Strategic Aspirations 2025 | Highlights first six months of 2024
4 Investor presentation First six months of 2024 Novo Nordisk® Strategic Aspirations 2025 |Highlights first six months of 2024 Light blue indicates developments in Q2 2024 Progress towards zero environmental impact Further raise innovation bar for Diabetes treatment • Overall CO2e emissions1 increas
Slide 5: Sales growth of 25% driven by both operating units
5 Investor presentation First six months of 2024 Novo Nordisk® Sales growth of 25% driven by both operating units Reported geographic sales split for first six months of 2024 Reported therapy area sales and growth for first six months of 2024 Insulin GLP-1 Other diabetes North America Operations Int
Slide 6: Diabetes value market leadership reached 34.1%
6 Investor presentation First six months of 2024 Novo Nordisk® Diabetes value market leadership reached 34.1% Diabetes value market leadership expansion Novo Nordisk global diabetes value market shares driven by the GLP-1 franchise 60% Diabetes GLP-1 Insulin 54.8% 56.0% 54.1% Diabetes care sales gre
Slide 7: International Operations diabetes care sales growth is driven by GLP-1 performance
7 Investor presentation First six months of 2024 Novo Nordisk® International Operations diabetes care sales growth is driven by GLP-1 performance Reported Diabetes care sales and growth per IO geography GLP-1 patients and value market share in IO DKK Number of Class growth ~15% Value Insulin GLP-1 G
Slide 8: GLP-1 class continues to grow in the US
8 Investor presentation First six months of 2024 Novo Nordisk® GLP-1 class continues to grow in the US US GLP-1 weekly NBRx prescriptions US GLP-1 TRx market share Weekly NBRx TRx share Total GLP-1 SUs scripts (‘000s) (millions) Class growth: >10% 90 80% 7 6 60% 56.1% 5 60 48.4% 4 40% 3 27.9% 30 2 2
Slide 9: Gradual increase of supply reflected in US obesity prescription development
9 Investor presentation First six months of 2024 Novo Nordisk® Gradual increase of supply reflected in US obesity prescription development Branded AOM NBRx in the US1 Branded AOM TRx in the US1 NBRx scripts (‘000s) TRx scripts (‘000s) 80 400 352 62 60 300 The US • The supply of the lower dose 201 st
Slide 10: Rare disease sales decreased by 3%
10 Investor presentation First six months of 2024 Novo Nordisk® Rare disease sales decreased by 3% Reported Rare disease sales Rare disease sales performance DKK Rare disease sales decrease is driven by: billion Growth at CER • 14% sales decline in IO 10 -3% -2% -9% 41% -4% -8% • 13% sales increase
Slide 11: Main part of the FRONTIER 2 trial with Mim8 completed
11 Investor presentation First six months of 2024 Novo Nordisk® Main part of the FRONTIER 2 trial with Mim8 in people with Haemophilia A has been completed Phase 3 trial, FRONTIER 2 trial in 254 adults & adolescents with HA Trial design • Novel and accelerated development programme No PPX Mim8 PPX O
Slide 12: Mim8 demonstrated superior reduction of treated bleeding episodes in FRONTIER 2
12 Investor presentation First six months of 2024 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 c
Slide 13: Final pivotal phase 3 trial with once-weekly IcoSema successfully completed
13 Investor presentation First six months of 2024 Novo Nordisk® Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 1 - IcoSema vs Insulin icodec in subjects with T2D COMBINE 1 headline trial results Change in HbA1C Change in body weight N=1291 Mean baseline HbA1c: 8.
Slide 14: R&D milestones
14 Investor presentation First six months of 2024 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q2 2024 Q3 2024 Q4 2024 Diabetes care Insulin Icodec ✓ EU/JP/CN approval US CRL received FLOW (CKD, Sema 1.0 mg) ✓ EU submission CN submission JP submission IcoSema ✓ Ph
Slide 15: Financial results – in the first six months of 2024
15 Investor presentation First six months of 2024 Novo Nordisk® Financial results – in the first six months of 2024 First six First six Change Change In DKK million months of 2024 months of 2023 (reported) (CER) Sales 133,409 107,667 24% 25% Gross profit 113,219 91,629 24% 24% Gross margin 84.9% 85.
Slide 16: Attractive capital allocation to shareholders
16 Investor presentation First six months of 2024 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion • Return of free cash flow through both share buybacks and dividends 70 • For 2023, the total dividend per share increased 5
Slide 17: Financial outlook for 2024
17 Investor presentation First six months of 2024 Novo Nordisk® Financial outlook for 2024 Expectations Expectations 7 August 2024 2 May 2024 Sales growth – at CER 22% to 28% 19% to 27% Sales growth - reported Around 1 percentage point lower In line with CER growth Operating profit growth – at CER 2
Slide 18: Strategic aspirations 2025
18 Investor presentation First six months of 2024 Novo Nordisk® Strategic aspirations 2025 • Further raise the innovation-bar for diabetes treatment therapeutic focus • Progress towards zero environmental impact • Develop a leading portfolio of superior treatment Innovation and solutions for obesity
Slide 19: Investor contact information
19 Investor presentation First six months of 2024 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 Inve
Slide 20: Appendix
20 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk corporate strategy 21 Diabetes care 33 GLP-1 41 Insulin 51 Appendix Obesity care 57 Rare disease 82 Cardiovascular & Emerging Therapy Areas 92 Regional information 105 Financials and Product Supply 137 Sustainability 152
Slide 21: Novo Nordisk Corporate Strategy
21 Investor presentation First six months of 2024 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 patie
Slide 22: Diabetes and obesity remain the key priority areas in the corporate strategy
22 Investor presentation First six months of 2024 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 I
Slide 23: Innovation starts with addressing unmet needs, improving outcomes and reaching more patients
23 Investor presentation First six months of 2024 Novo Nordisk® Innovation starts with addressing unmet needs, improving outcomes and reaching more patients Diabetes care Obesity care 537 million people with ~15% 813 million people with ~2% of people in of people medically diabetes1 good control2 ob
Slide 24: Novo Nordisk has leading positions in diabetes, obesity and haemophilia
24 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1200 #1 50% 100 #1 120% 100 #3 50% 1000 100% 40% 80 80 40% 800 80% 30% 60 60 30% 600 60%
Slide 25: Sales growth of 25%, driven by the GLP-1 portfolio
25 Investor presentation First six months of 2024 Novo Nordisk® Sales growth of 25%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the first six Reported sales and growth breakdown for DKK by therapy months of 2024 the first
Slide 26: Sales growth of 25%, driven by both NAO and IO
26 Investor presentation First six months of 2024 Novo Nordisk® Sales growth of 25%, driven by both NAO and IO with 36% and 11% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown for the first six months of 2024 DKK billion 111.8 177.0 232.3 133.4
Slide 27: Novo Nordisk holds solid patent protection and competitive advantages
27 Investor presentation First six months of 2024 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 28: Core capabilities and modalities open up new opportunities across therapy areas
28 Investor presentation First six months of 2024 Novo Nordisk® Core capabilities together with additional drug modalities open up new opportunities across therapy areas Core Novo Nordisk capabilities Modalities accelerated via partnerships & acquisitions Proteins/ Cell Small Gene siRNA Peptides/mAB
Slide 29: siRNA platform expected to deliver and mature across therapy areas
29 Investor presentation First six months of 2024 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 11 phase 1 trial
Slide 30: Phase 1 aspiration of bringing more targets from research to development faster
30 Investor presentation First six months of 2024 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 31: Partnerships and acquisitions support future research and development
31 Investor presentation First six months of 2024 Novo Nordisk® Partnerships and acquisitions support future research and development 2019 2020 2021 2022 2023 Selected acquisitions Oral formulations of Novel treatment for Novel treatments for therapeutics CVD/Rare disease metabolic diseases Novel tr
Slide 32: Pipeline supports significant growth opportunities across all four strategic focus areas
32 Investor presentation First six months of 2024 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1845 – GSI NN9541 – OW GIP/GLP-1 co-agonist NN1535 – Icosema NN1436 – Insulin Icodec2 Tresiba® NN1471
Slide 33: Diabetes care
33 Investor presentation First six months of 2024 Diabetes care Disease and market 34 GLP-1 segment 41 Insulin segment 51 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 34: Diabetes is a serious chronic disease with increasing prevalence
34 Investor presentation First six months of 2024 Novo Nordisk® Diabetes is a serious chronic disease with increasing prevalence In 2045, 784 million adults are expected to live with diabetes T2D is associated with multiple comorbidities and mortality1 Million adults 1,000 1 in 10 have 1 in 8 have M
Slide 35: Novo Nordisk is the global leader in the growing diabetes market
35 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk is the global leader in the growing diabetes market Global diabetes care reported sales Volume growing ~5% with more people using GLP-1s and SGLT-2is DKK billion Novo Nordisk value market share1 34% Estimated prescription s
Slide 36: The unmet need within diabetes care remains large
36 Investor presentation First six months of 2024 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 537 million, 40.5 million1 people are currentl
Slide 37: GLP-1s have positive effects beyond glycaemic control
37 Investor presentation First six months of 2024 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines Medications for treatment of type 2 diabetes Semaglutide has impact on several comorbidities Hypo Weight Cardiovascular effects Class Efficacy r
Slide 38: Innovation is the focus for strengthening leadership in diabetes
38 Investor presentation First six months of 2024 Novo Nordisk® Innovation is the focus for strengthening leadership in diabetes Approach to diabetes innovation Novo Nordisk’s product portfolio covers all three treatment segments Oral anti-diabetic Injectable GLP-1 Insulins Key products Icodec 1 Onc
Slide 39: The total branded diabetes market has a global value of DKK ~443 billion
39 Investor presentation First six months of 2024 Novo Nordisk® The total branded diabetes market has a global value of DKK ~443 billion annually DKK Global diabetes market DKK The USA billion billion 500 +21% +29% 2023 2022 Growth at CER 300 443 234 +57% 186 200 149 -28% -12% +34% 400 379 98 100 44
Slide 40: Novo Nordisk has a leadership position within the growing diabetes market
40 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk has a leadership position within the growing diabetes market Global diabetes market by treatment class1 Novo Nordisk remains global diabetes value Novo Nordisk market share and share of market leader growth DKK billion 500
Slide 41: GLP-1 mechanism of action and potential therapeutic opportunities
41 Investor presentation First six months of 2024 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: Novo Nordisk has 56% of the global GLP-1 market
42 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk has 56% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions GLP-1 market growth and Novo Nordisk market share GLP-1 share of total estimated diabetes prescriptions1 is 6.3% Million p
Slide 43: SUSTAIN trials with subcutaneous semaglutide
43 Investor presentation First six months of 2024 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 6 7 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% -0.1 -0.4 Change in -0.5 HbA1c (%) -0.8 -0.9 -1.1 * -1.1 * -1.2 * * -1.3 * -1.3 * * -1.4 * -1.4 * * * -1.5 * -1.5 * * -1.8 -1
Slide 44: Semaglutide 2.0 mg s.c. brings patients needing intensification to target
44 Investor presentation First six months of 2024 Novo Nordisk® Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Data from SUSTAIN FORTE approved in the US and the EU Semaglutide 2.0 mg showed superior H
Slide 45: Sema 1.0 mg demonstrates 24% reduction in kidney disease-related events
45 Investor presentation First six months of 2024 Novo Nordisk® Sema 1.0 mg demonstrates 24% reduction in the risk of kidney disease-related events in people with type 2 diabetes and CKD The FLOW trial evaluated semaglutide in people with T2D and CKD Testing hierarchy of primary and secondary confir
Slide 46: PIONEER programme with oral semaglutide
46 Investor presentation First six months of 2024 Novo Nordisk® PIONEER programme with oral semaglutide PIONEER 1 2 3 4 5 7 8 Baseline 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% -0.1 -0.1 -0.1 Change in -0.5 -0.6 * HbA1c (%) -0.7 -0.8 * -0.8 * * -1.0 -0.9 -1.1 -1.1 * -1.1 -1.3 * * -1.4 * -1.4 * -1.3 * -1.4
Slide 47: PIONEER PLUS achieved its primary endpoint
47 Investor presentation First six months of 2024 Novo Nordisk® PIONEER PLUS achieved its primary endpoint and demonstrated statistically significant HbA1C reduction vs oral sema 14 mg Oral semaglutide 25 mg and 50 mg vs 14 mg in subjects with T2D Headline trial results Change in HbA1C Change in bod
Slide 48: Phase 2 trial for CagriSema in type 2 diabetes completed
48 Investor presentation First six months of 2024 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 bo
Slide 49: Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE
49 Investor presentation First six months of 2024 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 endpo
Slide 50: Amycretin will be tested in a phase 2 trial
50 Investor presentation First six months of 2024 Novo Nordisk® Amycretin will be tested in a phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes Phase 2 amycretin trial design Objective ILLUSTRATIVE • Demonstrate the dose-response relationship of amycretin for cha
Slide 51: Global insulin market leadership at 44.8%
51 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk global insulin market leadership at 44.8% and the global insulin volume market increased by 2.3% North America Operations Global International Operations Market growth: 2.3% Market growth: 4.5% Market growth: -6.0% Market s
Slide 52: Insulin market size and Novo Nordisk volume and value market share
52 Investor presentation First six months of 2024 Novo Nordisk® Insulin market size and Novo Nordisk volume and value market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 43% 242 -19.8% -0.5% 50% 45% 9% 40% 6% Long- -16.5% +0
Slide 53: Insulin icodec holds potential for people starting basal insulin
53 Investor presentation First six months of 2024 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 behaviour
Slide 54: Once-weekly insulin icodec in the phase 3 ONWARDS programme
54 Investor presentation First six months of 2024 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 55: Phase 3 trial programme for IcoSema in T2D, COMBINE
55 Investor presentation First six months of 2024 Novo Nordisk® Phase 3 trial programme for IcoSema in T2D, COMBINE IcoSema characteristics Focused phase 3 trial programme COMBINE 1 • Initiated in Q2 2022 Post-basal insulin • 1290 patients* previously on basal-insulin IcoSema is a fixed dose combina
Slide 56: Phase 3a trial COMBINE 3 with IcoSema successfully completed
56 Investor presentation First six months of 2024 Novo Nordisk® Phase 3a trial (COMBINE 3) with IcoSema successfully completed IcoSema vs Insulin glargine U100 and insulin apart in subjects w/T2D Headline trial results Change in HbA1C Change in body weight N=679 IcoSema ± OAD(s) Mean baseline HbA1c:
Slide 57: Obesity care
57 57 Investor presentation First six months of 2024 Novo Nordisk® Obesity care Obesity disease background 58 Obesity market development 62 63 Innovation 63 65 MICHAEL PETERSEN Michael lives with obesity Denmark
Slide 58: Obesity is a serious chronic disease with a large unmet medical need
58 Investor presentation First six months of 2024 Novo Nordisk® Obesity is a serious chronic disease with a large unmet medical need that impacts many aspects of a patient's life Large and increasing unmet need in obesity Obesity is associated with complications Life expectancy decreases as BMI incr
Slide 59: With the launch of Wegovy in 2021 a lot changed yet unmet need remains
59 Investor presentation First six months of 2024 Novo Nordisk® With the launch of Wegovy® in 2021 a lot changed yet the large unmet need in obesity remains Few people are treated for obesity today Key market changes since the Wegovy® launch in 2021 Million people Patients Prescribers Payers 1,000 B
Slide 60: Broadening focus from solely weight loss to improving health
60 Investor presentation First six months of 2024 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 Patie
Slide 61: Expanded affordable care access to Wegovy to ~50 million people
61 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk has expanded affordable care access to Wegovy® to ~50 million people and SELECT is set to help improve it ~50m people have Wegovy® coverage in the US Progress across all channels in 2023-24 People with obesity (millions) Co
Slide 62: Anti-obesity medications expected to be mostly out-of-pocket
62 Investor presentation First six months of 2024 Novo Nordisk® Anti-obesity medications are expected to be mostly out-of- pocket, with SELECT as key lever to improve reimbursement Majority of IO AOM sales are currently OOP Current AOM reimbursement examples SELECT could improve access to Wegovy® IN
Slide 63: Global obesity market growth has been accelerating
63 Investor presentation First six months of 2024 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 ~116% 180% 116% 180% 92.5 14.3 14
Slide 64: Semaglutide 2.4 mg impact on comorbidities that overlap with obesity
64 Investor presentation First six months of 2024 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 (CagriSema) SELECT t
Slide 65: STEP 1, 3, and 4 weight loss of 16.9% to 18.2%
65 Investor presentation First six months of 2024 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 66: In STEP 1, superior weight loss of up to 16.9%
66 Investor presentation First six months of 2024 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 67: In STEP 1, 34.8% reached ≥20% weight loss
67 Investor presentation First six months of 2024 Novo Nordisk® In STEP 1, 34.8% of patients treated with sema reached ≥20% weight loss and reported improved quality of life versus placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus place
Slide 68: In STEP 4, superior weight loss of up to 18.2%
68 Investor presentation First six months of 2024 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 • 79
Slide 69: In STEP 4, 41.2% reached ≥20% weight loss
69 Investor presentation First six months of 2024 Novo Nordisk® In STEP 4, 41.2% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life vs placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus pl
Slide 70: In STEP 5, sustained weight loss over 2 years
70 Investor presentation First six months of 2024 Novo Nordisk® In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Data from STEP 5 Clinically relevant and sustained weight loss in patients with obesity or overweight 40% of patients lost ≥ 20% of their body we
Slide 71: In STEP 8, semaglutide 2.4 mg vs liraglutide 3.0 mg
71 Investor presentation First six months of 2024 Novo Nordisk® In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg Data from STEP 8 STEP 8 observed mean change in body weight1 Mean baseline body weight: 104.5 kg 0 38.5% of patients lost ≥20% of their b
Slide 72: Semaglutide 2.4 mg showed 20% MACE reduction in SELECT
72 Investor presentation First six months of 2024 Novo Nordisk® Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD SELECT trial with 17,604 people with BMI>27 and established CVD Objective • Demonstrate that semaglutide s.c. 2.4
Slide 73: In SELECT, 37% reduction of broad composite endpoint
73 Investor presentation First six months of 2024 Novo Nordisk® In SELECT, semaglutide 2.4 mg reduced the risk of a broad composite endpoint by 37% Key results of the SELECT trial Risk reduction in broad composite endpoint 20% Cardiovascular risk reduction in 3-point MACE Semaglutide 2.4 mg reduces
Slide 74: Phase 3 trial STEP HFpEF successfully completed
74 Investor presentation First six months of 2024 Novo Nordisk® Phase 3 trial STEP HFpEF with semaglutide 2.4 mg was successfully completed in Q2 2023 STEP HFpEF trial with 529 people with obesity and HFpEF STEP HFpEF Objective: • Evaluate the effect on HF specific symptoms, physical function and bo
Slide 75: Superior improvement on KCCQ-CSS in STEP HFpEF
75 Investor presentation First six months of 2024 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 76: Phase 3a OASIS 1 trial of oral semaglutide 50 mg
76 Investor presentation First six months of 2024 Novo Nordisk® The phase 3a OASIS 1 trial investigating oral semaglutide 50 mg in people with overweight or obesity was completed in Q2 2023 OASIS 1 trial design The trial included 660 patients with overweight or obesity Objective • To investigate sup
Slide 77: Phase 3 programme for oral semaglutide 50 mg, OASIS
77 Investor presentation First six months of 2024 Novo Nordisk® Phase 3 trial programme for oral semaglutide 50 mg in overweight or obesity, OASIS Oral semaglutide characteristics Focused phase 3 trial programme OASIS 1 • 667 patients 50 mg dose • 68 week Oral semaglutide 50mg: • Primary endpoint: B
Slide 78: Oral semaglutide demonstrated superior body weight reduction in OASIS 1
78 Investor presentation First six months of 2024 Novo Nordisk® Oral semaglutide 50 mg in overweight or obesity demonstrated superior body weight reduction in the OASIS 1 phase 3 trial OASIS 1 showed significantly greater weight loss compared to placebo Categorical weight loss % at week 68 Mean base
Slide 79: 20-week phase 1 trial of CagriSema
79 Investor presentation First six months of 2024 Novo Nordisk® In a 20-week phase 1 trial, CagriSema showed weight loss of 17% and appeared to have a safe and well tolerated profile Weight loss for different doses of CagriSema in phase 1 The GI profile appeared similar to semaglutide 2.4 monotherap
Slide 80: Comprehensive phase 3 programme in obesity with CagriSema
80 Investor presentation First six months of 2024 Novo Nordisk® We are planning a comprehensive phase 3 programme in Obesity with CagriSema including several outcome trials Ongoing CagriSema phase 3 development programme Potential future trials within obesity • 3,400 participants Phase 3 development
Slide 81: Oral and subcutaneous amycretin phase 1 trials
81 Investor presentation First six months of 2024 Novo Nordisk® Oral amycretin phase 1 trial completed and subcutaneous amycretin phase 1 trial ongoing with expected read-out in 2025 Results from oral amycretin phase 1 on weight loss Amycretin development programme in obesity Mean baseline body weig
Slide 82: Rare disease
82 82 Investor presentation First six months of 2024 Novo Nordisk® Rare disease Rare disease background 83 Rare disease innovation 87 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 83: RareD constitutes an attractive opportunity for Novo Nordisk
83 Investor presentation First six months of 2024 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-morbidi
Slide 84: Executing on new strategy since 2019
84 Investor presentation First six months of 2024 Novo Nordisk® Executing on new strategy since 2019 with near-term focus on next generation launches The Rare disease strategy Focus on succeeding with launches from the core 2025+ Strategic focus areas Expand from core 2022-2025 Succeed with launches
Slide 85: Rare disease sales decreased by 3%
85 Investor presentation First six months of 2024 Novo Nordisk® Rare disease sales decreased by 3% NovoSeven® and Norditropin® Global Rare disease franchise account for ~63% of Rare disease sales DKK DKK billion billion 25 1% 4% 1% -15% -3% 1% 4% 1% -15% -3% 25 20 6% 20 15 8 15 7 7 8 10 10 5 12 12 1
Slide 86: Haemophilia: severe unmet needs but a highly competitive market
86 Investor presentation First six months of 2024 Novo Nordisk® Haemophilia is a rare disease with severe unmet medical needs but the market is highly competitive Recombinant haemophilia product sales DKK billion 50 40 -34% 30 20 -2.8% +35% 10 0 2019 2023 2019 2023 2019 2023 Haemophilia with inhibit
Slide 87: In Explorer trial, concizumab reduced bleeds
87 Investor presentation First six months of 2024 Novo Nordisk® In the Explorer 7 trial, concizumab reduced the number of bleeds in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Key highlights Efficacy 100 Median Mean • Median ABR was 0 f
Slide 88: Interim Mim8 phase 1/2 PK/PD data
88 Investor presentation First six months of 2024 Novo Nordisk® Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Mim8 pharmacokinetic properties support Higher potency of Mim8 vs emicizumab weekly and monthly dosing enabling a low dosing volume 30
Slide 89: Mim8 phase 1/2 safety and exploratory efficacy
89 Investor presentation First six months of 2024 Novo Nordisk® In the phase 1/2 trial, Mim8 appeared to have a well tolerated safety profile and read out with exploratory efficacy Low number of patients with treated bleeds after cohort 1 Mim8 safety characteristics Adverse events 10 Patients with b
Slide 90: Value market share of ~19% in global human growth hormone market
90 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk has a value market share of ~19% in the global human growth disorder market Novo Nordisk value market share in the competitive hGH market A portfolio offering across markets Value MS% Sogroya® strategy • Once-weekly efficac
Slide 91: Sogroya approved for paediatric growth hormone deficiency
91 Investor presentation First six months of 2024 Novo Nordisk® Sogroya® is approved for paediatric growth hormone deficiency in US, EU and Japan Phase 3a trial results in children with GHD Key highlights Efficacy ETD (95% CI) = -0.5 (-1.1 ; 0.2) • Non-inferiority versus Norditropin® for the primary
Slide 92: Cardiovascular & Emerging Therapies
92 Investor presentation First six months of 2024 Cardiovascular & Emerging Therapies The unmet needs 93 Cardiovascular disease 94 MASH 98 Alzheimer’s disease 102
Slide 93: Expanding into Cardiovascular and emerging therapy areas
93 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk is expanding into Cardiovascular and emerging therapy areas New therapeutic areas have unmet medical needs Patient overlaps between Novo Nordisk core therapy areas Therapy area Unmet need Obesity UNITED STATES ONLY Type 2 d
Slide 94: Focused approach in cardiovascular disease
94 Investor presentation First six months of 2024 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 preser
Slide 95: ZEUS trial with ziltivekimab
95 Investor presentation First six months of 2024 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 I
Slide 96: Ziltivekimab phase 3 development programme
96 Investor presentation First six months of 2024 Novo Nordisk® Ziltivekimab phase 3 development programme targets high unmet need populations within CVD Atherosclerosis and chronic kidney disease HFmrEF and HFpEF Acute myocardial infarction n = 6,200 n = 5,600 n = 10,000 Ziltivekimab 15 mg sc + SoC
Slide 97: Heart failure: disease modifying and curative treatments
97 Investor presentation First six months of 2024 Novo Nordisk® For patients with heart failure, the goal is to bring disease modifying and curative treatments to the market Heart failure at a glance Pipeline includes potential disease modifying and curative treatments Symptom relief Disease modifyi
Slide 98: MASH shares a large patient population with core therapy areas
98 Investor presentation First six months of 2024 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 MA
Slide 99: MASH is progressive and semaglutide could be the foundation
99 Investor presentation First six months of 2024 Novo Nordisk® MASH is a progressive disease and semaglutide could be the therapeutic foundation Semaglutide showed resolution of MASH with no worsening of Phase 3a ESSENCE trial in MASH fibrosis versus placebo in the phase 2 trial Proportion of patie
Slide 100: Focus on F2-F4c with awareness, referrals and diagnosis
100 Investor presentation First six months of 2024 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 101: Partnerships to enhance diagnosis in MASH
101 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk enters partnerships to enhance diagnosis in MASH Partnerships across relevant non-invasive tests Novo Nordisk supports NIT for MASH screening and diagnosis Blood test Clinical guideline development recommending screening f
Slide 102: Alzheimer's disease patient journey and key barriers
102 Investor presentation First six months of 2024 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 Limited
Slide 103: Rationale for phase 3 development of semaglutide in Alzheimer's
103 Investor presentation First six months of 2024 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 104: evoke and evoke+ trials ongoing
104 Investor presentation First six months of 2024 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 semaglutid
Slide 105: North America Operations
105 Investor presentation First six months of 2024 Novo Nordisk® North America Operations USA NAOhealth care growth system drivers 107 128 USA health care system 129 NAO at a glance 109 NAO at a glance 131
Slide 106: North America Operations growth has accelerated in recent years
106 Investor presentation First six months of 2024 Novo Nordisk® North America Operations growth has accelerated in recent years North America Operations reported sales per therapy area 0% 3% 1% 3% 14% 21% 54% 36% DKK billion 150 +5% CAGR 137 100 91 80 67 58 57 60 61 50 0 2017 2018 2019 2020 2021 20
Slide 107: US health insurance is dominated by a few large commercial payers
NAO 107 Investor presentation First six months of 2024 Novo Nordisk® US health insurance is dominated by a few large commercial payers US population by health insurance status has Covered lives by PBM Development of Novo Nordisk rebates been stable in recent years and net sales in the US DKK 326 333
Slide 108: In the US, net prices have declined in the last five years
108 Investor presentation First six months of 2024 Novo Nordisk® In the US, net prices have declined in the last five years The US population by health insurance Insulin net prices1 have declined Net prices1 across the full Novo Nordisk coverage portfolio2 declined 120 120 7% 100 100 80 80 47% 46% 6
Slide 109: North America Operations at a glance
NAO 109 Investor presentation First six months of 2024 Novo Nordisk® North America Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk reported sales market share Million DKK Sales H1 2024 Growth2 billion (mDKK) 70 10% Injectable GLP-13 44,338 4
Slide 110: Diabetes market share and market growth in North America Operations
NAO 110 Investor presentation First six months of 2024 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 DKK billion ~12% 50% 48.3% 50% 17 900 31 45 807 40% 40% 35.6% 30% 30% 16.4% 20
Slide 111: GLP-1 market share and market growth in North America Operations
NAO 111 Investor presentation First six months of 2024 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 billion 70% 80% ~32% 46 467 69 -1 60% 60% 354 60% 54% 50% 37% 40% ~37% 40% 54% 32%
Slide 112: Insulin market size and volume market share in North America Operations
NAO 112 Investor presentation First six months of 2024 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 growth1 share 80% 20% Total 41% 162 -24% -1.4% 15% 60% 10% Lo
Slide 113: Obesity market share and market growth in North America Operations
NAO 113 Investor presentation First six months of 2024 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 120% 260% billion ~137% 83.7 100% 220% 137% 14.4 81% 180% 80% 10.8 140% 34.0
Slide 114: International Operations
Novo Nordisk® 114 114 114 Investor presentation First six months of 2024 International Operations International IO at a glanceOperations 115 107 Region EMEA China 121 112 Region China EMEA 117 127 Rest of World 122 132
Slide 115: Growth momentum increased driven by demographics and full product portfolio
115 Investor presentation First six months of 2024 Novo Nordisk® Growth momentum has increased driven by demographics and utilisation of full product portfolio Historic sales growth in IO Growth momentum in IO International Operations is diverse and covers 190 markets % Value % >487m 16% live with d
Slide 116: International Operations at a glance
116 Investor presentation First six months of 2024 Novo Nordisk® International Operations at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million DKK Nordisk market share billion MS Sales 19% H1 2024 Growth2 (mDKK) 17% Injectable GLP-13 16,748 9% 600 250 100%
Slide 117: Diabetes market share and market growth in International Operations
117 Investor presentation First six months of 2024 Novo Nordisk® Diabetes market share and market growth in International Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK billion 120% 40% ~9% 7 3 238 8 219 30% 80% 43.5% 20% 13.8% 40% 28.4% 10% ~14%
Slide 118: GLP-1 market share and market growth
118 Investor presentation First six months of 2024 Novo Nordisk® GLP-1 market share and market growth GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth DKK billion 100% 80% ~25% 2 0 55 77% 9 80% 69% 60% 44 60% 29% 40% 40% 61% 69% 65% 25% 20% 67% 60% 20% 56% ~29% 60% 55%
Slide 119: Insulin market size and share in International Operations
119 Investor presentation First six months of 2024 Novo Nordisk® Insulin market size and volume share of growth and market share in International Operations Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth1 share -1.6% 0.4% 80% 10% Total 51% 57 7
Slide 120: Obesity market share and market growth in International Operations
120 Investor presentation First six months of 2024 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 ~19% 8.8 -0.1 1.5 80% 76% 90% 7.4 60% 60% 40% 29% 76% 30% 71% ~29% 20% 54
Slide 121: Region China at a glance
Region China 121 Investor presentation First six months of 2024 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Million Nordisk market share DKK billion MS 200 H1 2024 Sales Growth2 6% (mDKK) 14% 30 100% 160 Injectable GLP-13 3,576
Slide 122: Region China remains a key market for Novo Nordisk
122 Investor presentation First six months of 2024 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 17% Re
Slide 123: Wegovy launch expected to address unmet need in Region China
123 Investor presentation First six months of 2024 Novo Nordisk® Wegovy® launch is expected to address the high unmet need for anti-obesity medications in Region China High unmet need for anti-obesity medications in mainland China Wegovy® launch expected to be out-of-pocket initially Million people
Slide 124: Diabetes market share and market growth in Region China
Region China 124 Investor presentation First six months of 2024 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share Diabetes market size and growth DKK 40% 40% billion ~-3% 32.7% 0 1 26 25 0 30% 20% 20% 5.3% 0% 10% 2.6% ~-5% 32%
Slide 125: GLP-1 market share and market growth in Region China
Region China 125 Investor presentation First six months of 2024 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 160% 160% billion 149% ~11% 1 0 5 120% 120% 4 0 79% 80% 80% ~24% ~79% 24% 66.9% 67% 40
Slide 126: Insulin market size and share in Region China
Region China 126 Investor presentation First six months of 2024 Novo Nordisk® Insulin market size and volume share of growth and market share in Region China Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: market share growth1 share 80% 60% Total 52% 9 -3.5% -0.7%
Slide 127: EMEA at a glance
EMEA 127 Investor presentation First six months of 2024 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 H1 2024 Growth2 MS (mDKK) 300 25% Injectable GLP-13 8,465 0% 150 100% 19% Rybelsus® 3,325
Slide 128: Diabetes market share and market growth in EMEA
EMEA 128 Investor presentation First six months of 2024 Novo Nordisk® Diabetes market share and market growth in EMEA Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 75% 20% ~12% 4 137 5 13.6% 5 122 15% 50% 34.2% 11.8% 10% 25% 30.0 5% ~14% 30% 30% 0%
Slide 129: GLP-1 market share and market growth in EMEA
EMEA 129 Investor presentation First six months of 2024 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 DKK billion 90% 90% ~27% 3 0 37 5 62% 29 60% 60% 60% 27% 30% 30% ~26% 59% 62% 61% 27% 62% 56% 57% 59% 0% 0
Slide 130: Insulin market size and volume market share in EMEA
EMEA 130 Investor presentation First six months of 2024 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 growth1 share 60% 10% Total 48% 49% 37 -0.6% +0.9% 47% 5% Long- 20 40% 42% 0.2% +0
Slide 131: Obesity market share and market growth in EMEA
EMEA 131 Investor presentation First six months of 2024 Novo Nordisk® Obesity market share and market growth in EMEA Obesity market growth and Novo Nordisk market share DKK Obesity market size and growth billion ~48% 150% 120% 5.3 0.0 100% 120% 1.7 80% 3.6 91% 90% 48% 60% 91% 60% ~56% 56% 40% 86% 30
Slide 132: Rest of World at a glance
Rest of World 132 Investor presentation First six months of 2024 Novo Nordisk® Rest of World at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk Novo Nordisk reported sales market share Million Sales DKK H1 2024 Growth2 21% MS (mDKK) 300 billion Injectable GLP-13 4,707
Slide 133: Diabetes market share and market growth in Rest of World
Rest of World 133 Investor presentation First six months of 2024 Novo Nordisk® Diabetes market share and market growth in Rest of World Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion 25% 24% 55% ~5% 45% 3 1 76 20% 72 0 35% 15% 18% 25% 10% 15% 5% 5% 5
Slide 134: GLP-1 market share and market growth in Rest of World
Rest of World 134 Investor presentation First six months of 2024 Novo Nordisk® GLP-1 market share and market growth in Rest of World GLP-1 market growth and Novo Nordisk market share DKK GLP-1 market size and growth billion 150% 160% ~24% 130% 3 13 117% 120% 0 0 110% 11 90% 86% 80% 70% 36% 86% 76% 5
Slide 135: Insulin market size and volume market share in Rest of World
Rest of World 135 Investor presentation First six months of 2024 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 growth1 share 80% 20% Total 59% 11 -3.3% +0.2% 15% 60% 57% Long–
Slide 136: Obesity market share and market growth in Rest of World
Rest of World 136 Investor presentation First six months of 2024 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 billion 80% 40% -8% 3.8 30% 0.2 3.5 60% 54% 0.1 20% 40% 10% 20% 0% -8% -12% 56
Slide 137: Financials and Product Supply
137 137 Investor presentation First six months of 2024 Novo Nordisk® Financials and Product Supply Profit and loss, resource allocation 139 Product supply 141 Margin development & capital allocation 148 Currencies 151
Slide 138: Solid sales growth driven by Diabetes and Obesity care
138 Investor presentation First six months of 2024 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2019-2023 DKK billion, % of total sales 6% 7% 14% 16% 36% 232 7% 177 12% 141 122 127 14% 16% 15% 93% 88% 85% 86% 84% 2019 2020 2021 2022 2023 Diabetes and Obe
Slide 139: Solid operating profit growth driven by diabetes and obesity care
139 Investor presentation First six months of 2024 Novo Nordisk® Solid operating profit growth driven by diabetes and obesity care Operating profit Operating profit split by franchise DKK 11% 3% 8% 28% 37% Percent billion of sales 6% 7% 13% 15% 44% 120 60% 3% 19% 100 80 40% 60 97% 81% 40 20% 20 0 0%
Slide 140: Resource allocation guided by investing in future growth
140 Investor presentation First six months of 2024 Novo Nordisk® Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2032 Waves of growt
Slide 141: Product supply step-up in investments and employees to support growth
141 Investor presentation First six months of 2024 Novo Nordisk® Product supply has continued step-up in investments and employees to support growth Patient reach has accelerated since 2021 Product supply has expanded to enable the current growth Million patients on NN products 2021 2023 50 ~16,000
Slide 142: Manufacturing scale and expertise within biologics is a competitive advantage
142 Investor presentation First six months of 2024 Novo Nordisk® Manufacturing scale and expertise within biologics is a competitive advantage for Novo Nordisk The world’s largest manufacturer of insulin and GLP-1 Novo Nordisk competitive advantages in manufacturing Million patients on NN products i
Slide 143: Active pharmaceutical ingredient sites in Denmark and the US
143 Investor presentation First six months of 2024 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 / Asse
Slide 144: Fill-finish global footprint expected to expand from 11 to 14 sites
144 Investor presentation First six months of 2024 Novo Nordisk® Fill-finish | The global footprint is expected to expand from 11 to 14 sites with the acquisition of the three Catalent sites Tablet1 65sites sites Fill,tablet Fill, tabletand andfinish finish Catalent (Brussels) Fill-finish Fill, tabl
Slide 145: Significant step-up in CAPEX investments across the value chain
145 Investor presentation First six months of 2024 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 60 2021
Slide 146: Catalent fill-finish sites expected to add capacity from 2026
146 Investor presentation First six months of 2024 Novo Nordisk® Catalent fill-finish sites are expected to start adding additional capacity from 2026 The three Catalent fill-finish sites The acquisition will help expand capacity faster • Will help reach more patients with current and future treatme
Slide 147: Investments to significantly increase patient reach towards 2030
147 Investor presentation First six months of 2024 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 148: Expected margin developments in the coming years
148 Investor presentation First six months of 2024 Novo Nordisk® Expected margin developments in the coming years compared to 2023 are reflecting strategic resource allocation Gross S&D R&D Administration Operating margin cost ratio cost ratio cost ratio margin Broadly stable but Gradually increase
Slide 149: Capital allocation allows investing while maintaining shareholder returns
149 Investor presentation First six months of 2024 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 150: Two decades of consistent cash distribution to shareholders
150 Investor presentation First six months of 2024 Novo Nordisk® Two decades of consistent cash distribution to shareholders Share buybacks and dividends (bDKK) Total dividends per share (DKK) 80 20 ~500 billion DKK returned to shareholders since 2003 62 60 49 41 40 39 9.4 10 36 37 35 35 30 6.2 27 2
Slide 151: Operating profit expected to be slightly negatively impacted by currencies
151 Investor presentation First six months of 2024 Novo Nordisk® Operating profit expected to be slightly negatively impacted by currencies in 2024 1 Avg. FY 2023 vs. Avg. FY 2022 Exp. Avg FY 2024 vs. FY 2023 FY 2023 10% • Negative FX impact on operating profit of 5.0 bDKK • Positive FX impact on ne
Slide 152: Purpose & Sustainability
152 Investor presentation First six months of 2024 Novo Nordisk® Purpose & Sustainability Sustainable business 148 153 Environmental responsibility 150 154 Social responsibility 153 155 Governance Ethics and compliance 158 156 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 153: Being a responsible business drives long-term value
153 Investor presentation First six months of 2024 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 Novonesi
Slide 154: Ambition is zero environmental impact
154 Investor presentation First six months of 2024 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity 2023 Emissions increased due to 2020 ReMedTM, Novo Nordisk’s • Committed to start making growth and CAPEX plastic take-back programme nature-relate
Slide 155: Social responsibility: prevention, access and innovation
155 Investor presentation First six months of 2024 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation Prevention Access Innovation • Cities Changing Diabetes to build • ~7 million people reached • Transformative treatments to health
Slide 156: Integrating ethics and compliance into every aspect of our business
156 Investor presentation First six months of 2024 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 approve
Slide 157: 2023 statement of ESG performance
157 Investor presentation First six months of 2024 Novo Nordisk® 2023 statement of ESG performance 2023 2022 2021 Energy consumption for operations (1,000 GJ) 3784 3,677 3,387 Share of renewable power for production sites 100% 100% 100% Scope 1 emissions (1,000 tonnes CO2e)1 78 76 77 Environmental S
Slide 158: More than 6.7 million people reached with access and affordability initiatives
158 Investor presentation First six months of 2024 Novo Nordisk® In 2023, more than 6.7 million people with diabetes were reached with access and affordability initiatives 6.7 out of 40.5 million people were reached A number of focused programmes (as of full year 2023) with access and affordability
Slide 159: Investor contact information
159 Investor presentation First six months of 2024 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 Relations