Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — 9M 2022 Earnings Presentation
165 slides from Novo Nordisk A/s Class B's earnings presentation, November 2022
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation First nine months of 2022 Novo Nordisk –a focused healthcare company Investor presentation First nine months of 2022 Morten Kruse Jacobsen (to the right), Senior Director at Novo Nordisk and married to Anders. Being a sustainable employer is a key priority for Novo Nordisk. T
Slide 2: Agenda
2 Investor presentation First nine months of 2022 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 2022 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 2021 and Form 20-F, which both were filed with the SEC in February 2022
Slide 4: Strategic Aspirations 2025 | Highlights first nine months of 2022
4 Investor presentation First nine months of 2022 Novo Nordisk® Strategic Aspirations 2025 | Highlights first nine months of 2022 Light blue indicates developments in Q3 2022 Progress towards zero environmental impact Further raise innovation bar for Diabetes treatment • Carbon emissions decreased b
Slide 5: Sales growth of 16% driven by both operating units
5 Investor presentation First nine months of 2022 Novo Nordisk® Sales growth of 16% driven by both operating units Reported geographic sales split for first nine months of 2022 Reported therapy area sales and growth for first nine months of 2022 DKK Insulin GLP-1 Other diabetes DKK North America Ope
Slide 6: Diabetes value market leadership increased by 1.7%-points to 31.6%
6 Investor presentation First nine months of 2022 Novo Nordisk® Diabetes value market leadership increased by 1.7%-points to 31.6% Novo Nordisk global diabetes value market shares Diabetes value market leadership expansion driven by the GLP-1 franchise 60% Diabetes GLP-1 Insulin 55.7% Diabetes care
Slide 7: International Operations diabetes care sales growth is driven by GLP-1 performance
7 Investor presentation First nine months of 2022 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 Value billion Insulin GLP-1 Growth at
Slide 8: GLP-1 class expansion continues in the US as new prescriptions have accelerated
8 Investor presentation First nine months of 2022 Novo Nordisk® GLP-1 class expansion continues in the US as new prescriptions have accelerated in the third quarter of 2022 US GLP-1 weekly NBRx prescriptions US GLP-1 TRx market share Weekly NBRx Total GLP-1 scripts TRx share scripts (‘000s) (million
Slide 9: Obesity care sales grew by 75% in the first nine months of 2022
9 Investor presentation First nine months of 2022 Novo Nordisk® Obesity care sales grew by 75% in the first nine months of 2022 driven by both the US and IO NN sales and value market share Global Branded AOM TRx within Obesity care DKK billion TRx count (‘000s) 3%1 55%1 75%1 5 100% 500 +63% The US 4
Slide 10: Rare disease sales increased by 2% driven by International Operations
10 Investor presentation First nine months of 2022 Novo Nordisk® Rare disease sales increased by 2% driven by International Operations Reported Rare disease sales Rare disease sales driven by global commercial execution DKK billion Growth at CER Rare disease sales increase is driven by: 18 2% 6% 6%
Slide 11: Phase 2 trial for CagriSema in type 2 diabetes successfully completed
11 Investor presentation First nine months of 2022 Novo Nordisk® Phase 2 trial for CagriSema in people with type 2 diabetes has been successfully completed Exploratory phase 2a trial of CagriSema in T2D Headline trial results Cagrilintide 2.4 mg + semaglutide 2.4 mg Change in HbA1C Change in body we
Slide 12: ONWARDS met its primary endpoint vs once-daily basal insulin analogues
12 Investor presentation First nine months of 2022 Novo Nordisk® ONWARDS 5 met its primary endpoint and demonstrated superior HbA1c reduction vs once-daily basal insulin analogues Superior reduction in HbA1c from baseline over time 52 weeks Highlights from the trial (includes real-world elements) Ti
Slide 13: Main part of the explorer8 trial with concizumab completed
13 Investor presentation First nine months of 2022 Novo Nordisk® Main part of the explorer8 trial with concizumab in people with HA or HB without inhibitors has been completed explorer8 trial design Key trial highlights 1 Maintained OnD treatment Efficacy Previously OnD treatment R • The trial met i
Slide 14: R&D milestones
14 Investor presentation First nine months of 2022 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q3 2022 Q4 2022 H1 2023 Diabetes care FDC Sema – OW GIP Phase 2 results CagriSema in T2D ✓ Phase 2 results Once weekly oral sema ✓ Phase 1 initiation Insulin Icodec ✓ P
Slide 15: Financial results – First nine months of 2022
15 Investor presentation First nine months of 2022 Novo Nordisk® Financial results – First nine months of 2022 First nine First nine Change Change In DKK million months of 2022 months of 2021 (reported) (CER) Sales 128,862 102,467 26% 16% Gross profit 108,676 85,050 28% 17% Gross margin 84.3% 83.0%
Slide 16: Financial outlook for 2022
16 Investor presentation First nine months of 2022 Novo Nordisk® Financial outlook for 2022 Expectations Expectations 2 November 2022 3 August 2022 Sales growth – at CER 14% to 17% 12% to 16% Sales growth - reported Around 10 percentage points higher Around 9 percentage points higher Operating profi
Slide 17: Strategic aspirations 2025
17 Investor presentation First nine months of 2022 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 obesit
Slide 18: Investor contact information
18 Investor presentation First nine months of 2022 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 19: Appendix
19 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk corporate strategy 20 Diabetes care 32 GLP-1 42 Insulin 49 Appendix Obesity care 58 Rare disease 77 Other serious chronic diseases 89 Regional information 107 Financials 141 Sustainability 151
Slide 20: Novo Nordisk Corporate Strategy
20 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk Corporate Strategy Rare disease
Slide 21: Opportunity in large unmet needs across all therapy areas in scope
21 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk’s opportunity is in the large unmet needs across all therapy areas in scope Diabetes care Obesity care 537m people with ~15% >764m people with ~2% of people in of people in medically diabetes1 good control2 obesity3 treate
Slide 22: Leading positions in diabetes, obesity and haemophilia
22 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1000 #1 50% 24 #1 100% 100 #3 50% 20 800 40% 80% 80 40% 16 600 30% 60% 60 30% 12 400 20%
Slide 23: Sales growth of 16%, driven by the GLP-1 portfolio
23 Investor presentation First nine months of 2022 Novo Nordisk® Sales growth of 16%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the first Reported sales and growth breakdown for DKK by therapy nine months of 2022 the fir
Slide 24: Sales growth driven by both NAO and IO
24 Investor presentation First nine months of 2022 Novo Nordisk® Sales growth of 16%, driven by both NAO and IO with 22% and 11% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown DKK for the first nine months of 2022 billion Sales Share of Regions
Slide 25: Solid patent protection, high barriers to entry, collaborative approach
25 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk holds solid patent protection, high barriers to entry, and a collaborative approach to innovation Novo Nordisk’s position is protected Barriers to entry for biosimilar players Partnerships and acquisitions support by paten
Slide 26: Dicerna acquisition and RNAi technology provide access to intracellular targets
26 Investor presentation First nine months of 2022 Novo Nordisk® The acquisition of Dicerna Pharmaceuticals and their RNAi technology in 2021 provided access to intracellular targets Disease targets (expressed genes) Peptides and proteins ~5,000 extracellular targets Cell Engage on the RNAi temporar
Slide 27: Core capabilities provide a competitive advantage
27 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk’s core capabilities provide a competitive advantage to continue to defeat diabetes Engineering, formulating, Efficient large-scale Global commercial reach and Deep disease developing and delivering production of proteins l
Slide 28: Core capabilities and technology platforms open new opportunities
28 Investor presentation First nine months of 2022 Novo Nordisk® Core capabilities and additional technology platforms open up new opportunities across therapy areas Technology platforms Proteins / Peptides Oligonucleotides / RNAi Stem cells Genome editing / Gene therapy Diabetes care Obesity care C
Slide 29: Human data-driven decision-making with faster timelines
29 Investor presentation First nine months of 2022 Novo Nordisk® Human data-driven decision-making with faster timelines to enable a robust development pipeline Speed up time to reach FHD and increase number of phase 1 assets Future Research & early development trends for Novo Nordisk ILLUSTRATIVE •
Slide 30: Pipeline supports growth across four strategic focus areas
30 Investor presentation First nine months of 2022 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1845 – GSI NN9389 – FDC Sema – OW GIP NN1535 – Icosema NN8640 – Sogroya® – QW GHD3 Tresiba® NN1471 –
Slide 31: Global manufacturing setup
31 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk has a global manufacturing setup Local production All products API, fill and finish Russia API, fill and finish Fill and finish Japan Iran Algeria Fill and finish Fill and finish Product Supply value chain Research and Man
Slide 32: Diabetes care
32 Investor presentation First nine months of 2022 Diabetes care Disease and market 33 GLP-1 segment 42 Insulin segment 49 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 33: Diabetes – the inability to manage blood sugar levels
33 Investor presentation First nine months of 2022 Novo Nordisk® Diabetes – the inability to manage blood sugar levels appropriately Facts about diabetes Insulin action profiles Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot
Slide 34: GLP-1s have positive effects beyond glycaemic control
34 Investor presentation First nine months of 2022 Novo Nordisk® GLP-1s have positive effects beyond glycaemic control and treatment guidelines now reflect the CV risk benefits Medications for treatment of type 2 diabetes Updated ADA/EASD diabetes treatment guidelines Hypo Weight Cardiovascular effe
Slide 35: Diabetes mortality risk and expected growth in population
35 Investor presentation First nine months of 2022 Novo Nordisk® People with diabetes have increased mortality risk, and the diabetic population is expected to increase to 784 million by 2045 Diabetes is associated with shorter life expectancy The number of people with diabetes is expected to and lo
Slide 36: Unmet need within diabetes care remains large
36 Investor presentation First nine months of 2022 Novo Nordisk® The unmet need within diabetes care remains large with too few patients reaching target and treated for complications 1 in 2 adults go undiagnosed and more treated patients Of the 537 million, 34.6 million1 people are currently treated
Slide 37: Diabetes requires treatment intensification over time
37 Investor presentation First nine months of 2022 Novo Nordisk® Diabetes is a chronic disease requiring treatment intensification over time Distribution of patients and value across treatment classes Diet and exercise 4% OAD 14% -cell function 44% GLP-1 19% 2% 9% 29% Insulin 10% 9% 28% 32% Time Pa
Slide 38: GLP-1 and SGLT-2i driving value growth of diabetes care market
38 Investor presentation First nine months of 2022 Novo Nordisk® GLP-1 and SGLT-2i have been driving the value growth of the global diabetes care market Estimated global number of patients Estimated global diabetes value market Diabetes market dynamics • Innovation focused on oral GLP-1 CAGR: +4% CA
Slide 39: Better outcomes through continued innovation and digital solutions
39 Investor presentation First nine months of 2022 Novo Nordisk® Better outcomes and broader reach can be accomplished through continued innovation, supported by digital solutions Novo Nordisk’s product portfolio follows the patient treatment journey • Innovation focused on oral GLP-1 Portfolio and
Slide 40: Total branded diabetes market valued at DKK ~350 billion
40 Investor presentation First nine months of 2022 Novo Nordisk® The total branded diabetes market has a global value of DKK ~350 billion annually DKK Global diabetes market DKK The USA billion billion 400 +14% +14% 200 2021/2022 2020/2021 Growth at CER 164 346 136 150 +32% -11% 81 292 100 +26% 300
Slide 41: Leadership position within the growing diabetes market
41 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk has a leadership position within the growing diabetes market Novo Nordisk remains global diabetes value Novo Nordisk market share and share of Global diabetes market by treatment class1 market leader growth DKK billion 40%
Slide 42: GLP-1 effect dependent on blood glucose level
42 Investor presentation First nine months of 2022 Novo Nordisk® GLP-1 effect dependent on blood glucose level GLP-1 mechanism of action when blood Semaglutide holds a plethora of therapeutic opportunities1 sugar levels increase Diabetes FOCUS - Diabetic retinopathy outcomes trial Creates sense of s
Slide 43: 56% of the global GLP-1 market
43 Investor presentation First nine months of 2022 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 4% of total diabetes prescriptions use a GLP-1 with large differences a
Slide 44: Ozempic launch has helped drive changing treatment paradigm in the US
44 Investor presentation First nine months of 2022 Novo Nordisk® Ozempic® launch has helped drive the changing treatment paradigm in the US 15% intensify with non-generic treatment Ozempic® launch increases the use of GLP-1 More than 60% of patients choose Novo within 18 months of starting metformin
Slide 45: SUSTAIN trials with subcutaneous semaglutide
45 Investor presentation First nine months of 2022 Novo Nordisk® SUSTAIN trials with subcutaneous semaglutide SUSTAIN 1 2 3 4 5 6 7 Baseline 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% -0.1 -0.4 Change in -0.5 HbA1c (%) -0.8 -0.9 -1.1 * -1.1 * -1.2 * * -1.3 * -1.3 * * -1.4 * -1.4 * * * -1.5 * -1.5 * * -1.8 -
Slide 46: PIONEER programme with oral semaglutide
46 Investor presentation First nine months of 2022 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: Semaglutide 2.0 mg s.c. and high dose oral sema
47 Investor presentation First nine months of 2022 Novo Nordisk® Semaglutide 2.0 mg s.c. and high dose oral sema hold potential to bring patients needing treatment intensification to target Phase 3 trial, SUSTAIN FORTE, completed and label application Phase 3 trial with oral semaglutide 25 mg and 50
Slide 48: Fixed dose combination with GIP in phase 2
48 Investor presentation First nine months of 2022 Novo Nordisk® A fixed dose combination with GIP entered phase 2 in the second half of 2021 in people with type 2 diabetes Phase 2 trial design for semaglutide in combination with GIP Inclusion criteria: • Age ≥ 18-75 years Dose ratio 1:1 Semaglutid
Slide 49: Global insulin market leadership at 46.8%
49 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk global insulin market leadership at 46.8% and the global insulin volume market grew by 0.5% North America Operations Global International Operations Market growth: 0.5% Market growth: 1.2% Market growth: -1.4% MS 46.8% MS:
Slide 50: Insulin market size and volume share
50 Investor presentation First nine months of 2022 Novo Nordisk® Insulin market size and volume share of growth and market share Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share Total 44% 273 5.4% +0.3% 50% 47% 10% 40% 7% Long- 5.3% +0.6% 3
Slide 51: Insulin icodec once-weekly treatment
51 Investor presentation First nine months of 2022 Novo Nordisk® Insulin icodec, a basal insulin intended for once-weekly treatment, may reduce the disease burden for patients Bringing the strongest value Insulin icodec phase 3 programme completed in 2022 proposition to market Reduction of disease b
Slide 52: Full ONWARDS programme completed in 2022
52 Investor presentation First nine months of 2022 Novo Nordisk® The full ONWARDS programme with once-weekly insulin Icodec completed in 2022 ONWARDS 1 2 3 4 5 6 Basal initiation Basal switch Basal initiation Basal/Bolus Basal initiation Basal/Bolus Duration 52 weeks2 26 weeks 26 weeks 26 weeks 52 w
Slide 53: ONWARDS superior HbA1c reduction vs insulin glargine U100
53 Investor presentation First nine months of 2022 Novo Nordisk® ONWARDS 1 met its primary endpoint and demonstrated superior HbA1c reduction compared to insulin glargine U100 Superior change in HbA1c from baseline over time 52 weeks Inclusion criteria Time since randomisation (weeks) • T2D treated
Slide 54: ONWARDS superiority on HbA1c vs insulin degludec
54 Investor presentation First nine months of 2022 Novo Nordisk® ONWARDS 2 met its primary endpoint and demonstrated superiority on HbA1c reduction compared to insulin degludec Superior change in HbA1c from baseline over time 26 weeks Inclusion criteria: Time since randomisation (weeks) • T2D treate
Slide 55: ONWARDS non-inferiority with no difference in hypoglycaemic events
55 Investor presentation First nine months of 2022 Novo Nordisk® ONWARDS 4 achieved primary endpoint of HbA1c non-inferiority with no statistically significant difference in hypoglycaemic events Change in HbA1c from baseline over time 26 weeks Overall hypoglycaemic episodes in the trial Time since r
Slide 56: ONWARDS non-inferiority vs insulin degludec
56 Investor presentation First nine months of 2022 Novo Nordisk® ONWARDS 6 met its primary endpoint of demonstrating non- inferiority in reducing HbA1c compared to insulin degludec Non-inferior change in HbA1c from baseline over 26 weeks Inclusion criteria Time since randomisation (weeks) • T1D trea
Slide 57: COMBINE phase 3 programme with IcoSema
57 Investor presentation First nine months of 2022 Novo Nordisk® Phase 3 trial programme, COMBINE, has been initiated with IcoSema 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 fix
Slide 58: Obesity care
58 58 Investor presentation First nine months of 2022 Novo Nordisk® Obesity care Obesity disease background 58 59 Obesity market development 62 63 Innovation 63 64 MICHAEL PETERSEN Michael lives with obesity Denmark
Slide 59: More than 764 million people are living with obesity
59 Investor presentation First nine months of 2022 Novo Nordisk® More than 764 million people are living with obesity, yet the narrative is changing Obesity is a global epidemic Obesity impacts both the individual and The obesity narrative is changing affecting more than 764 million people1 society
Slide 60: Patient-centric strategy to activate people with obesity
60 Investor presentation First nine months of 2022 Novo Nordisk® Patient-centric strategy designed to activate more people with obesity, drive HCP engagement, and improve market access Million people >764 million people live with obesity 800 ~10% seek help ~2% are treated with an AOM ~2.5 million se
Slide 61: Large opportunity for activating more people with obesity
61 Investor presentation First nine months of 2022 Novo Nordisk® Large opportunity for activating more people with obesity to seek treatment and increasing the number of prescribers Wegovy® patient characteristics in the US 75% 81% 38.8 38% of patients new to anti- of patients are female Average BMI
Slide 62: Patient access to AOM is improving
62 Investor presentation First nine months of 2022 Novo Nordisk® Patient access to AOM is improving with around 80% commercial formulary access in the US and 16 countries in IO Wegovy® Patient Access Pathway in NAO Restricted reimbursement for Saxenda® is progressing People with obesity1 EXAMPLES BM
Slide 63: Global obesity market growth accelerating
63 Investor presentation First nine months of 2022 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 86% ~110% 80% 180% 22.8 148% 0.3
Slide 64: Weight loss across STEP 1, 3 and 4 trials
64 Investor presentation First nine months of 2022 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 We
Slide 65: STEP 1 weight loss of up to 16.9%
65 Investor presentation First nine months of 2022 Novo Nordisk® In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% The pivotal STEP 1 trial showed greater than 16% weight loss Data from STEP 1 % change in body weight 0 • Average age 46 -2 Placebo: -2.4% • 74.1% wom
Slide 66: STEP 1 categorical weight loss and quality of life
66 Investor presentation First nine months of 2022 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 Sema 2.4 mg showed a statistically significant treatment difference versus placebo in
Slide 67: STEP 4 weight loss of up to 18.2%
67 Investor presentation First nine months of 2022 Novo Nordisk® In STEP 4, people treated with semaglutide had a superior weight loss of up to 18.2% STEP 4 showed significantly greater weight loss post run-in than placebo Data from STEP 4 % change in body weight Randomisation 0 • Average age 46 -2
Slide 68: STEP 4 categorical weight loss and quality of life
68 Investor presentation First nine months of 2022 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 Sema 2.4 mg showed a statistically significant treatment difference versus placebo
Slide 69: STEP 5 sustained weight loss over 2 years
69 Investor presentation First nine months of 2022 Novo Nordisk® In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Clinically relevant and sustained weight loss in patients Data from STEP 5 with obesity or overweight % change in body weight Placebo: -0.6% 40%
Slide 70: STEP 8 semaglutide vs liraglutide
70 Investor presentation First nine months of 2022 Novo Nordisk® In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg STEP 8 observed mean change in body weight1 Statistically significant weight loss with sema 2.4 mg vs lira 3.0 mg Mean baseline body wei
Slide 71: OASIS trial with oral semaglutide 50 mg in obesity
71 Investor presentation First nine months of 2022 Novo Nordisk® The phase 3a OASIS trial investigating oral semaglutide 50 mg in obesity initiated in Q3 2021 and expected to complete in H1 2023 Global trial planned was started in H2 2021 Plan to include 660 patients with obesity Objective To invest
Slide 72: CagriSema phase 1 weight loss of 17%
72 Investor presentation First nine months of 2022 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 monothera
Slide 73: CagriSema REDEFINE phase 3 programme
73 Investor presentation First nine months of 2022 Novo Nordisk® The CagriSema phase 3 programme, REDEFINE, was initiated in the fourth quarter of 2022 REDEFINE 1 trial design REDEFINE 2 trial design CagriSema 2.4 mg/2.4 mg1 N = 3400 N=1200 Cagrilintide 2.4 mg1 CagriSema 2.4 mg/2.4 mg1 R R Semagluti
Slide 74: SELECT cardiovascular outcomes trial
74 Investor presentation First nine months of 2022 Novo Nordisk® The SELECT cardiovascular outcomes trial expected to complete in the middle of 2023 Objective SELECT trial with 17,500 people with obesity Demonstrate that semaglutide 2.4 mg lowers the incidence of MACE vs placebo Semaglutide 2.4 mg P
Slide 75: SELECT addresses comorbidities improved with weight management
75 Investor presentation First nine months of 2022 Novo Nordisk® The cardiovascular trial, SELECT, addresses many comorbidities that can be improved with weight management Improvements per weight loss bracket Weight loss (%) 30 >15% 20 10-15% 5-10% 10 0-5% 0 Hypertension X Dislipidaemia X Kidney dis
Slide 76: Oral amycretin entering phase 1
76 Investor presentation First nine months of 2022 Novo Nordisk® Protein and peptide expertise combined with oral technology enables oral amycretin entering phase 1 Amycretin is a GLP-1 and amylin receptor Phase 1 single dose and multiple dose trial for co-agonist intended for oral delivery oral amy
Slide 77: Rare disease
77 77 Investor presentation Investor presentation First nine First months nine of 2022 months of 2022 Novo Nordisk® Rare disease Rare disease background 76 78 Rare disease innovation 79 81 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 78: Building on a 40-year legacy in Rare disease
78 Investor presentation First nine months of 2022 Novo Nordisk® Building upon a 40-year legacy to capture the Rare disease strategic opportunity A strategy anchored in Rare blood and endocrine disorders Three strategic horizons towards 2030 Hemato-renal Lysosomal storage disorders Today Long-term H
Slide 79: Rare disease sales increased by 2%
79 Investor presentation First nine months of 2022 Novo Nordisk® Rare disease sales increased by 2%, driven by commercial execution and key brands Esperoct® and Refixia® NovoSeven® and Norditropin® Rare disease franchise is back to growth DKK account for ~76% of Rare disease sales DKK billion billio
Slide 80: Haemophilia: severe unmet needs in a competitive market
80 Investor presentation First nine months of 2022 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 +7% 40 30 -2% 20 +9% 10 0 2017 2021 2017 2021 2017 2021 Haemophilia with inhibitors
Slide 81: Explorer 7 trial of concizumab
81 Investor presentation First nine months of 2022 Novo Nordisk® Explorer 7 trial evaluated safety and efficacy of concizumab in 132 haemophilia A and B patients with inhibitors Concizumab binds TFPI, enabling Explorer 7 trial design thrombin generation and clot formation Concizumab 1) Maintained On
Slide 82: Concizumab reduced bleeds in patients with inhibitors
82 Investor presentation First nine months of 2022 Novo Nordisk® In the Explorer 7 trial, concizumab reduced the number of bleeds in adults and adolescents with inhibitors Explorer 7 trial results: Annualised bleeding rate per patient group Key highlights Efficacy 100 Median Mean • Median ABR was 0
Slide 83: Mim8 phase 1/2 PK/PD interim data
83 Investor presentation First nine months of 2022 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 3
Slide 84: Mim8 safety and exploratory efficacy
84 Investor presentation First nine months of 2022 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
Slide 85: Pivotal phase 3 trial with Mim8
85 Investor presentation First nine months of 2022 Novo Nordisk® The pivotal phase 3 trial with Mim8 was initiated in Q4 2022 Trial design FRONTIER 2: Mim8 phase 3 pivotal trial in ~260 adults & adolescents • Novel and accelerated design minimising time from phase 2 into phase 3 with phase 3 dosing
Slide 86: Norditropin market leader; Sogroya opportunity
86 Investor presentation First nine months of 2022 Novo Nordisk® While Norditropin® is the market leader within GHD market, Sogroya® represents an opportunity for patients Novo Nordisk leadership in competitive hGH market A portfolio offering across markets DKK Value billion MS% Sogroya® launches 20
Slide 87: Sogroya phase 3 trial completed
87 Investor presentation First nine months of 2022 Novo Nordisk® Sogroya® phase 3 trial successfully completed with aspirational target product profile achieved Phase 3a trial results in children with GHD Key highlights Efficacy ETD (95% CI) = -0.5 (-1.1 ; 0.2) • Non-inferiority versus Norditropin®
Slide 88: Partnership with 2seventy bio in genome editing
88 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk and 2seventy bio extend partnership in next- generation genome editing for people with haemophilia A Lifelong correction via a unique modality Mode of action Potentially lifelong correction of FVIII deficiency Normal Doubl
Slide 89: Other serious chronic diseases
89 Investor presentation First nine months of 2022 Other serious chronic diseases The unmet needs 90 Cardiovascular disease 91 Non-alcoholic steatohepatitis 94 Alzheimer’s disease 101 Stem cells 104
Slide 90: Expanding into other serious chronic diseases
90 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk is expanding into other serious chronic diseases Serious chronic diseases are often associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs Estimated patients
Slide 91: Patient overlaps guide focused approach in CVD
91 Investor presentation First nine months of 2022 Novo Nordisk® Large patient overlaps between diabetes, obesity, and CVD have guided the focused approach in CVD Population overlap between T2D, obesity and CVD Focused approach in CVD Atherosclerosis Heart failure ASCVD + HF Inflammation-driven Hear
Slide 92: Late-stage CVD pipeline
92 Investor presentation First nine months of 2022 Novo Nordisk® Innovative late-stage CVD pipeline provides opportunities to make a difference for many patients Focus areas Examples of unmet needs in CVD pipeline Near-term Category Broader indications Stand-alone CVD Leverage broader CV indications
Slide 93: Ziltivekimab phase 2b RESCUE trial
93 Investor presentation First nine months of 2022 Novo Nordisk® Ziltivekimab phase 2b RESCUE trial was successfully completed In the RESCUE trial, zilti QM showed reduction in hsCRP at all dose levels placebo ziltivekimab 7.5 mg ziltivekimab 15 mg ziltivikemab 30 mg •ZiltiIn QM the RESCUE showed re
Slide 94: NASH is a progressive disease with no existing treatment
94 Investor presentation First nine months of 2022 Novo Nordisk® NASH is a progressive disease with no existing treatment and low diagnosis rates today NASH-Cirrhosis F4 NASH F3 NASH F3 NASH NASHF2 F2 NASH F1 NASH F1 Dead cell Inflamed/dying remnants hepatocyte Scar Inflamed/dying Excessive collagen
Slide 95: ZEUS trial with ziltivekimab
95 Investor presentation First nine months of 2022 Novo Nordisk® ZEUS trial with ziltivekimab aims to validate the link between hsCRP and major adverse cardiovascular events Phase 3 CVOT trial ZEUS with ziltivekimab Objective Investigate CV benefit in 6,200 patients • To investigate the cardiovascul
Slide 96: Ziltivekimab addresses unmet need in more than 5 million people
96 Investor presentation First nine months of 2022 Novo Nordisk® Ziltivekimab aspires to address an unmet need in more than 5 million people Ziltivekimab aspires to reduce MACE in Sub-header Critical (can be success factors to commercialise removed) ziltivekimab Sub-header (can be removed) people wi
Slide 97: NASH patient journey and key barriers
97 Investor presentation First nine months of 2022 Novo Nordisk® NASH patient journey underscores key barriers to overcome for Novo Nordisk to be successful ~22 million people are expected Hurdles to live with NASH F2-F4c by 2030 25 Low disease No Inadequate patient No treatment prognostic awareness
Slide 98: Support for non-invasive tests for NASH diagnosis
98 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk is supporting use of non-invasive tests for NASH diagnosis Development and adoption of non-invasive tests (NITs) Novo Nordisk activities supporting non-invasive tests in NASH diagnosis Real world • Linking biomarkers and l
Slide 99: Semaglutide phase 2 NASH resolution
99 Investor presentation First nine months of 2022 Novo Nordisk® In phase 2, semaglutide showed significant improvements in NASH resolution Semaglutide showed resolution of NASH with no worsening of Semaglutide showed numerical improvements in fibrosis and fewer fibrosis versus placebo in the phase
Slide 100: ESSENCE phase 3a trial in NASH
100 Investor presentation First nine months of 2022 Novo Nordisk® Phase 3a trial ESSENCE with semaglutide 2.4 mg for the treatment of NASH was initiated in Q1 2021 The phase 3a ESSENCE trial in NASH ESSENCE trial | NASH F2–F3 patients Primary objectives and endpoints for Part 1 and 2 N = 1,200 Part
Slide 101: AD patient journey and key barriers
101 Investor presentation First nine months of 2022 Novo Nordisk® AD 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 No DMT dismissed as nor
Slide 102: Data points behind semaglutide Alzheimer's phase 3
102 Investor presentation First nine months of 2022 Novo Nordisk® Entering phase 3 development of semaglutide in Alzheimer’s disease was based on a number of data points Real world evidence trials Randomised controlled trials Pre-clinical studies Four RWE studies show reduced risk of 53% lower risk
Slide 103: Evoke and evoke+ trials
103 Investor presentation First nine months of 2022 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 104: Potential for cell therapies
104 Investor presentation First nine months of 2022 Novo Nordisk® There is broad potential for cell therapies and Novo Nordisk has capabilities to explore the potential Broad potential for clinical use of cell therapies Maturing the platform to enable development of competitive cell therapies Parkin
Slide 105: First human dose with cell therapy with Heartseed
105 Investor presentation First nine months of 2022 Novo Nordisk® Potential first human dose with cell therapy in collaboration with Heartseed and others Utilise internal capabilities and disease understanding Accelerate innovation through partnerships for stem cell development Internal capabilities
Slide 106: Cell therapy in heart failure and Parkinson's disease
106 Investor presentation First nine months of 2022 Novo Nordisk® First efforts to combine Novo Nordisk and partner competencies in cell therapies start with heart failure and Parkinson’s disease TRANSCEND 1 and 2 trials to evaluate stem cells impact on Heartseed: Phase 1/2 trial in patients with se
Slide 107: International Operations
Novo Nordisk® 107 107 107 Investor presentation First nine months of 2022 International Operations IO at a glanceOperations International 107 110 EMEA 112 115 Region China 117 120 Rest of World 122 125
Slide 108: Growth momentum driven by demographics and full portfolio
108 Investor presentation First nine months of 2022 Novo Nordisk® Growth momentum has increased driven by demographics and utilisation of full product portfolio Historic growth has been in the Growth momentum in IO International Operations is diverse and covers 190 markets range of 4-8% 14% >487m 14
Slide 109: IO committed to 6-10% growth aspiration
109 Investor presentation First nine months of 2022 Novo Nordisk® IO remains committed to its strategic aspiration of 6-10% growth driven by securing the base and three future growth enablers Growing double digits every year since 2019 Driving market growth via a market-fit approach ILLUSTRATIVE 6-1
Slide 110: International Operations at a glance
110 Investor presentation First nine months of 2022 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 First nine months Sales 19% Growth2 of 2022 (mDKK) 250 80% Total GLP-13 18,886
Slide 111: Diabetes market share and growth in International Operations
111 Investor presentation First nine months of 2022 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 ~14% 10 207 billion 160% 40% 6 10 182 120% 30% 21% 80% 20% 14% 38% 40% 10% ~2
Slide 112: GLP-1 market share and growth in International Operations
112 Investor presentation First nine months of 2022 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 ~48% billion 3 34 80% 73% 80% 8 0 63% 60% 60% 61% 23 40% 48% 40% ~61% 61% 63% 20% 20% 60% 56% 57% 55% 0% 0% Aug Au
Slide 113: Insulin market in International Operations
113 Investor presentation First nine months of 2022 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 growth share 3.6% +1.0% 80% 15% Total 51% 63 1
Slide 114: Obesity market in International Operations
114 Investor presentation First nine months of 2022 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 ~39% 0.2 5.3 75% 68% 75% 1.3 61% 3.8 55% 39% 45% 35% 15% 61% ~68% 15% 50
Slide 115: EMEA at a glance
EMEA 115 Investor presentation First nine months of 2022 Novo Nordisk® EMEA at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK First nine months Sales billion Growth2 of 2022 (mDKK) 300 25% 120 120% Total GLP-13 10,661 39% 19% Lo
Slide 116: Diabetes market share and growth in EMEA
EMEA 116 Investor presentation First nine months of 2022 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% ~15% 18% 6 111 4 5 96 15% 15% 50% 34% 10% 29% 25% 5% ~18% 28% 29% 0% 0% Aug
Slide 117: GLP-1 market share and growth in EMEA
EMEA 117 Investor presentation First nine months of 2022 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 80% 80% ~39% 2 23 66% 4 0 60% 60% 60% 17 45% 39% 40% 40% ~45% 59% 20% 20% 60% 56% 57% 58% 0%
Slide 118: Insulin market in EMEA
EMEA 118 Investor presentation First nine months of 2022 Novo Nordisk® Insulin market size and volume market share in EMEA Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share 60% 10% Total 48% 49% 37 2.3% +0.3% 48% 7% Long- 40% 41% 19 4.1% +1.
Slide 119: Obesity market in EMEA
EMEA 119 Investor presentation First nine months of 2022 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 ~76% 120% 120% 2.2 0.1 101% 100% 100% 81% 0.9 80% 80% 1.2 76% 60% 60% ~101% 81% 40% 40%
Slide 120: Region China at a glance
Region China 120 Investor presentation First nine months of 2022 Novo Nordisk® Region China at a glance Diabetes trend Diabetes market by value and Novo Novo Nordisk reported sales Nordisk market share Million DKK First nine months of Sales Growth2 billion 2022 (mDKK) 200 30 100% 6% Total GLP-13 2,7
Slide 121: Diabetes market in Region China
Region China 121 Investor presentation First nine months of 2022 Novo Nordisk® Diabetes market share and market growth in Region China Diabetes market growth and Novo Nordisk market share DKK Diabetes market size and growth billion ~13% 50% 50% 2 28 1 1 25 40% 40% 33% 30% 30% 20% 20% 13% ~11% 32% 33
Slide 122: GLP-1 market in Region China
Region China 122 Investor presentation First nine months of 2022 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 billion 160% 160% ~117% 1 0 3 117% 120% 120% 1 80% 71% 80% 1 63% ~71% 40% 40% 67% 62.
Slide 123: Insulin market in Region China
Region China 123 Investor presentation First nine months of 2022 Novo Nordisk® Insulin market size and volume share of growth and market share in Region China Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: market share growth share 80% 50% Total 51% 14 3.9% +2.2%
Slide 124: Region China remains a key strategic opportunity
Region China 124 Investor presentation First nine months of 2022 Novo Nordisk® Region China remains a key strategic opportunity Region China is a large market with Outcome of VBP insulin in China Opportunities and strategic priorities ~140 million people living with diabetes Large growing diabetes m
Slide 125: Rest of World at a glance
Rest of World 125 Investor presentation First nine months of 2022 Novo Nordisk® Rest of World at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk reported sales Million Novo Nordisk market share First nine months Sales DKK Growth2 of 2022 (mDKK) 21% billion 300 Total G
Slide 126: Diabetes market in Rest of World
Rest of World 126 Investor presentation First nine months of 2022 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 20% 19% 55% ~13% 45% 3 68 4 1 15% 60 43% 35% 10% 25% 13% 15% 5% 5%
Slide 127: GLP-1 market in Rest of World
Rest of World 127 Investor presentation First nine months of 2022 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 110% 160% ~62% 98% 3 0 8 90% 116% 0 120% 70% 70% 5 80% 62% 50% 69.6% 66% 40
Slide 128: Insulin market in Rest of World
Rest of World 128 Investor presentation First nine months of 2022 Novo Nordisk® Insulin market size and volume market share in Rest of World Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share 80% 20% Total 58% 12 7.3% +1.5% 15% 41% 60% 57% Lo
Slide 129: Obesity market in Rest of World
Rest of World 129 Investor presentation First nine months of 2022 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 50% 47% 30% ~21% 3.1 0.1 41% 40% 0.4 20% 2.6 21% 30% 10% 20% 0% 10% ~
Slide 130: North America Operations
130 Investor presentation First nine months of 2022 Novo Nordisk® North America Operations NAO growth drivers 128 131 USA health care system 129 132 NAO at a glance 131 134
Slide 131: NAO committed to transforming 70% of US sales by 2022
NAO 131 Investor presentation First nine months of 2022 Novo Nordisk® NAO remains committed to its strategic aspiration of transforming 70% of US sales by 2022 The strategic aspiration is to transform 70% of sales Strategy Framework for North America Operations ILLUSTRATIVE 100% Maximise the 80% sem
Slide 132: US health insurance dominated by a few large payers
NAO 132 Investor presentation First nine months of 2022 Novo Nordisk® US health insurance is dominated by a few large commercial payers US population by health insurance status Development of Novo Nordisk rebates Covered lives by PBM has been stable in recent years DKK and net sales in the US billio
Slide 133: North America Operations growth has accelerated
NAO 133 Investor presentation First nine months of 2022 Novo Nordisk® North America Operations growth has accelerated North America Operations reported sales growth per therapy area DKK billion 3% 1% 3% 14% 22% 67 64 60 61 57 41 2018 2019 2020 2021 9M 2022 GLP-1 Insulin Other diabetes Obesity care R
Slide 134: North America Operations at a glance
NAO 134 Investor presentation First nine months of 2022 Novo Nordisk® North America Operations at a glance Diabetes trend in population Diabetes market by value and Novo Nordisk reported sales Novo Nordisk market share Million DKK First nine months Sales Growth2 billion of 2022 (mDKK) 70 10% 800 80%
Slide 135: Diabetes market in North America Operations
NAO 135 Investor presentation First nine months of 2022 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 50% billion ~27% 49 642 36 39% 54 40% 503 33% 30% 33% 27% 20% 10% ~33% 33
Slide 136: GLP-1 market in North America Operations
NAO 136 Investor presentation First nine months of 2022 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% ~53% 33 230 61% -1 49 60% 63% 60% 150 55% 50% 53% 40% ~63% 40% 55%
Slide 137: Total Rybelsus TRx volume steadily growing in the US
NAO 137 Investor presentation First nine months of 2022 Novo Nordisk® Total Rybelsus® TRx volume is steadily growing in the US Rybelsus® and SGLT-2i1 uptake in the US2 since respective launches In first nine months of 2022, Rybelsus® sales account for 21% share of growth of NAO sales TRx count (000s
Slide 138: Volume market shares in three insulin segments
NAO 138 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk volume market shares in the three insulin segments tMU Long-acting insulin tMU Premix insulin tMU Fast-acting insulin 100 80% 80 80% 80 100% CAGR volume1: 0.2% CAGR volume1: -7.4% CAGR volume1: 1.8% MI penetration2: 6
Slide 139: Insulin market in North America Operations
NAO 139 Investor presentation First nine months of 2022 Novo Nordisk® Insulin market size and volume market share in North America Operations Insulin market share and market size (DKK billion) Market Δ Market Insulin volume: Market share growth share 60% 12% Total 42% 209 5.9% +0.1% 8% Long- 40% 38%
Slide 140: Obesity market in North America Operations
NAO 140 Investor presentation First nine months of 2022 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 100% 94% 220% billion ~149% 17.5 173% 180% 0.1 80% 140% 60% 149% 10.4 100% 4
Slide 141: Financials
141 141 141 Investor presentation First nine months of 2022 Novo Nordisk® Financials Profit and loss, capital allocation 139 142 Currencies 145 148
Slide 142: Solid sales growth driven by Diabetes and Obesity care
142 Investor presentation First nine months of 2022 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2017-2021 Expected development towards 2025 DKK billion 150 14% Gross margin Remain broadly stable +4.7%1 14% 15% 16% 15% 17% 16% 16% Gradually decline enabl
Slide 143: Solid operating profit growth driven by Diabetes care
143 Investor presentation First nine months of 2022 Novo Nordisk® Solid operating profit growth driven by Diabetes care Operating profit Operating profit split by franchise DKK Percent billion of sales 1% -4% 11% 3% 8% 70 60% 5% 3% 6% 7% 13% 16% 22% 60 50% 50 40% 40 30% 30 84% 78% 20% 20 10 10% 0 0%
Slide 144: Resource allocation guided by investing in future growth
144 Investor presentation First nine months of 2022 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 2030 ILLUSTRATIVE
Slide 145: Net profit converted to cash and returned to shareholders
145 Investor presentation First nine months of 2022 Novo Nordisk® Net profit has been converted to cash and returned to shareholders Cash conversion and allocation (2021) Strategic capital allocation priorities DKK billion Business development investments to enhance R&D pipeline 48 48 CAPEX investme
Slide 146: Higher profitability in Rare disease segment
146 Investor presentation First nine months of 2022 Novo Nordisk® Higher profitability in the Rare disease segment driven by lower S&D costs Diabetes and Obesity care P&L – full year 2021 Rare disease P&L – full year 2021 DKK DKK billion billion 140 -16% Sales ratios 20 -22% Sales ratios 120 -28% -1
Slide 147: Stable COGS level as percentage of sales
147 Investor presentation First nine months of 2022 Novo Nordisk® Stable COGS level as percentage of sales Cost of goods sold Capital expenditure DKK DKK billion billion 25 25% 14 10% 12 20 20% 8% 10 15 15% 8 6% 10 10% 6 4% 4 5 5% 2% 2 0 0% 0 0% 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2022
Slide 148: Currency impact on Novo Nordisk's P/L
148 Investor presentation First nine months of 2022 Novo Nordisk® Currency impact on Novo Nordisk’s P/L Operational currency impact Financial currency impact • All movements in currencies will directly impact the • All gain/losses from hedging contracts are included in individual reported functional
Slide 149: Attractive capital allocation to shareholders
149 Investor presentation First nine months of 2022 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion 50 • Return of free cash flow through both share buy-backs and dividends 40 • For 2022, the interim dividend of DKK 4.25 p
Slide 150: Currency impact on operating profit in 2022
150 Investor presentation First nine months of 2022 Novo Nordisk® Operating profit expected to be positively impacted by currencies in 2022, partly countered by net financials Avg. 9M 2022 vs. Avg. 9M 2021 Exp. Avg FY 20221 vs. FY 2021 20% 9M 2022 10% • Positive impact on operating profit of DKK 6.5
Slide 151: Purpose & Sustainability
151 Investor presentation First nine months of 2022 Novo Nordisk® Purpose & Sustainability Sustainable business 148 152 Environmental responsibility 150 154 Social responsibility 153 157 Governance 158 162 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 152: Long-term value driven by purpose and responsible business
152 Investor presentation First nine months of 2022 Novo Nordisk® Long-term value to society is driven by a strong sense of purpose and by being a responsible business Foundation ownership enables long-term focus on ESG1 responsibility has been anchored in shared value creation Articles of Associati
Slide 153: 2021 statement of ESG performance
153 Investor presentation First nine months of 2022 Novo Nordisk® 2021 statement of ESG performance 2021 2020 2019 Resources Energy consumption for operations (1,000 GJ) 3,387 3,191 2,993 Share of renewable power for production sites 100% 100% 76% Environmental Water consumption for production sites
Slide 154: Circular for Zero environmental impact
154 154 Investor presentation First nine months of 2022 Novo Nordisk® With Circular for Zero, Novo Nordisk aspires to have zero environmental impact Environmental aspirations Circular products Upgrade existing and design new products based on circular principles and solve the end-of-life product was
Slide 155: Net-zero emissions across value chain by 2045
155 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk pledges to reach net-zero emissions across the entire value chain by 2045 Reporting CO2 emissions across scopes in the Company Announcement 9M 2022 Key initiatives to reduce CO2 emissions across all three scopes 9M 2019 t
Slide 156: Plastic footprint challenge
156 Investor presentation First nine months of 2022 Novo Nordisk® Reaching more patients will increase the plastic footprint, a challenge Novo Nordisk has started to address Growing volumes impact Novo Nordisk’s plastic footprint Change to sustainable plastic ILLUSTRATIVE • Engage with suppliers to
Slide 157: Social responsibility: prevention, access and innovation
157 Investor presentation First nine months of 2022 Novo Nordisk® Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation …accelerating …providing access to …innovating to prevention to affordable care for vulnerable improve lives… bend the curve… pat
Slide 158: More than 5 million people reached with affordability programmes
158 Investor presentation First nine months of 2022 Novo Nordisk® In 2021, more than 5 million people with diabetes were reached with affordability programmes 5 out of 35 million people were reached A number of focused programmes (as of full year 2021) with access and affordability efforts • 3 USD c
Slide 159: US net prices have declined in the last five years
159 Investor presentation First nine months of 2022 Novo Nordisk® In the US, net prices have declined in the last five years The US population by health insurance Net prices1 across the full Novo Nordisk coverage Insulin net prices1 have declined portfolio2 declined Index Index 7% 150 150 124 116 47
Slide 160: Barriers to access go beyond price
160 Investor presentation First nine months of 2022 Novo Nordisk® Barriers to access go beyond price Diabetes Compass launched with Thermal solution for human insulin can iCare initiative towards strengthening World Diabetes Foundation address one key access to care barrier health infrastructure in
Slide 161: Sustainable employer, inclusive and diverse
161 Investor presentation First nine months of 2022 Novo Nordisk® The journey towards being a sustainable employer starts with being inclusive and diverse 2025 aspiration supporting Diversity and Inclusion Driving an inclusive and diverse workplace Diversity & Inclusion aspirational targets: • Creat
Slide 162: Corporate governance structure
162 Investor presentation First nine months of 2022 Novo Nordisk® Structure in place to ensure corporate governance Rules and Regulations Governance structure Assurance measures Shareholders A and B share structure Danish and foreign laws and Audit financial data and review regulations social and en
Slide 163: Sustainable tax approach
163 Investor presentation First nine months of 2022 Novo Nordisk® Novo Nordisk has a sustainable tax approach Sustainable tax approach approved by the BoD Corporate income taxes by region – three year average in DKK billion 1 | Commercially driven Corporate Region IP rights1 Production2 Sales3 incom
Slide 164: ESG integrated in reporting and remuneration
164 Investor presentation First nine months of 2022 Novo Nordisk® ESG is integrated in reporting and remuneration as well as recognised externally ESG is included in integrated reporting and Reporting on ESG performance is in ESG rankings by third-party agencies short- and long-term remuneration acc
Slide 165: Investor contact information
165 Investor presentation First nine months of 2022 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