Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — FY2024 Earnings Presentation
164 slides from Novo Nordisk A/s Class B's earnings presentation, Feb 5, 2025
Slide 1: Novo Nordisk – a focused healthcare company
1 Investor presentation Full year 2024 Novo Nordisk – a focused healthcare company Investor presentation Full year 2024 RAFAEL VALVERDE Rafael lives with obesity Mexico
Slide 2: Agenda
2 Investor presentation Full year 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 Full year 2024 Novo Nordisk® Forward-looking statements Novo Nordisk’s statutory Annual Report 2024, Form 20-F, any quarterly financial reports, investor presentations and written information released, shown, or oral statements made, to the public in the future by or on behal
Slide 4: Strategic Aspirations 2025 | Highlights of 2024
4 Investor presentation Full year 2024 Novo Nordisk® Strategic Aspirations 2025 | Highlights of 2024 Light blue indicates developments in Q4 2024 Progress towards zero environmental impact Further raise innovation bar for Diabetes treatment • CO2e emissions1 increased by 23% compared to 2023 • EU/US
Slide 5: Sales growth of 26% driven by both operating units
5 Investor presentation Full year 2024 Novo Nordisk® Sales growth of 26% driven by both operating units Reported geographic sales split for full year 2024 Reported therapy area sales and growth for full year 2024 Insulin GLP-1 Other diabetes North America Operations International Operations DKK DKK
Slide 6: Novo Nordisk has almost tripled its global GLP-1 patient reach in 3 years
6 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk has almost tripled its global GLP-1 patient reach in 3 years Global number of patients on GLP-1s across diabetes and obesity Novo Nordisk GLP-1 patient reach Patients • Ongoing scaling efforts has supported (millions) almost a triplin
Slide 7: Diabetes value market leadership of 33.7%
7 Investor presentation Full year 2024 Novo Nordisk® Diabetes value market leadership of 33.7% Novo Nordisk global diabetes value market shares Diabetes value market leadership 60% Diabetes GLP-1 Insulin 55.1% 54.9% 54.8% Diabetes care sales grew by 20% (CER) • Global diabetes value market leadershi
Slide 8: International Operations Diabetes care sales growth is driven by GLP-1 performance
8 Investor presentation Full year 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 diabetes patients and value market share in IO DKK Patients Class growth >15% Value Insulin GLP-1 Gro
Slide 9: Diabetes GLP-1 class continues to grow in the US
9 Investor presentation Full year 2024 Novo Nordisk® Diabetes GLP-1 class continues to grow in the US US GLP-1 diabetes weekly NBRx prescriptions US GLP-1 diabetes TRx market share Weekly NBRx TRx share Total GLP-1 SUs scripts (‘000s) (millions) Class growth >15% 90 80% 7 6 60% 52.2% 5 60 45.8% 4 40
Slide 10: Gradual increase of supply reflected in US obesity prescription development
10 Investor presentation Full year 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) 80 500 450 400 60 The US 53 • Total weekly prescriptions of branded 300 AO
Slide 11: Rare disease sales increased by 9%
11 Investor presentation Full year 2024 Novo Nordisk® Rare disease sales increased by 9% Reported Rare disease sales Rare disease sales performance DKK Rare disease sales increased by 9%: billion Growth at CER • Sales in North America Operations increased by 20% 20 9% 3% 2% 24% 0% 31% • Sales in Int
Slide 12: REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema
12 Investor presentation Full year 2024 Novo Nordisk® REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema in people living with obesity or overweight Sub-header REDEFINE 1 trial design REDEFINE 1 trial with 3,417 patients with overweight or obesity1 C CagriSema 2.4 mg/2.4 mg Trial de
Slide 13: CagriSema demonstrated 22.7% weight loss in REDEFINE 1
13 Investor presentation Full year 2024 Novo Nordisk® CagriSema demonstrated 22.7% weight loss in REDEFINE 1 CagriSema demonstrated superior weight loss at week 681 CagriSema appeared to have a safe and well-tolerated profile Mean baseline body weight: 106.9 kg Observed gastrointestinal adverse even
Slide 14: Further weight loss potential to be investigated by longer trial duration
14 Investor presentation Full year 2024 Novo Nordisk® Further weight loss potential to be investigated by exploring a longer trial duration and dose re-escalation Observed weight loss by end of treatment dose in REDEFINE 11 Patients treated with the highest dose2 at end of treatment 0% • Weight loss
Slide 15: New REDEFINE trial expected to start in H1 2025
15 Investor presentation Full year 2024 Novo Nordisk® New REDEFINE trial expected to start in H1 2025 to further explore weight loss potential of CagriSema CagriSema phase 3 development programme in Obesity Next steps in the REDEFINE programme • 3,417 participants REDEFINE 2 REDEFINE 1 • 68-week vs.
Slide 16: In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss
16 Investor presentation Full year 2024 Novo Nordisk® In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss STEP UP trial with 1,407 people with obesity1 Weight loss2 in the STEP UP trial Mean baseline body weight: 113.0 kg Change in body weight (%) semaglutide 7.2 mg -2.4% R semaglutide 2.4 mg
Slide 17: Phase 1b/2a trial with subcutaneous amycretin completed
17 Investor presentation Full year 2024 Novo Nordisk® The phase 1b/2a trial with subcutaneous amycretin was successfully completed in people with overweight or obesity Proof of concept part1 of the sc. amycretin phase 1b/2a trial Weight loss2 in proof of concept part Mean baseline body weight: 92.7
Slide 18: Portfolio of treatment solutions for obesity
18 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk is continuing the development of a portfolio of treatment solutions for obesity Building a leading portfolio Obesity development pipeline Project Phase Our key focus areas Saxenda® (liraglutide 3.0 mg) Marketed Wegovy® (semaglutide 2
Slide 19: R&D milestones
19 Investor presentation Full year 2024 Novo Nordisk® R&D milestones Clinical milestones1 Regulatory milestones1 Project Q4 2024 H1 2025 H2 2025 Diabetes care FLOW (CKD, Sema 1.0 mg) ✓ EU positive opinion ✓ US approval CagriSema (2.4 mg/2.4 mg) Phase 3 results SOUL (CVOT, Oral sema 14 mg) ✓ US submi
Slide 20: Financial results – full year 2024
20 Investor presentation Full year 2024 Novo Nordisk® Financial results – full year 2024 Change Change Full year 2024 Full year 2023 In DKK million (reported) (CER) Sales 290,403 232,261 25% 26% Gross profit 245,881 196,496 25% 26% Gross margin 84.7% 84.6% Sales and distribution costs (62,101) (56,7
Slide 21: Attractive capital allocation to shareholders
21 Investor presentation Full year 2024 Novo Nordisk® Attractive capital allocation to shareholders Annual cash return to shareholders Capital allocation DKK billion • For 2024, the total dividend per share increased 21.3% to DKK 11.40 70 (including interim dividend of DKK 3.50 per share paid in Aug
Slide 22: Financial outlook for 2025
22 Investor presentation Full year 2024 Novo Nordisk® Financial outlook for 2025 Expectations 5 February 2025 Sales growth – at CER 16% to 24% Sales growth - reported Around 3 percentage points higher Operating profit growth – at CER 19% to 27% Operating profit growth - reported Around 5 percentage
Slide 23: Strategic aspirations 2025
23 Investor presentation Full year 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 sustainab
Slide 24: Investor contact information
24 Investor presentation Full year 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 Investor Relat
Slide 25: Appendix
25 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk corporate strategy 26 Diabetes care 38 GLP-1 46 Insulin 56 Appendix Obesity care 63 Rare disease 88 Cardiovascular & Emerging Therapy Areas 99 Regional information 113 Financials and Product Supply 144 Sustainability 158
Slide 26: Novo Nordisk Corporate Strategy
26 Investor presentation Full year 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 patient outcome
Slide 27: Diabetes and obesity remain key priority areas in the corporate strategy
27 Investor presentation Full year 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 Invest to b
Slide 28: Innovation starts with addressing unmet needs
28 Investor presentation Full year 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 ~0.5% of people in of people medically diabetes1 good control2 obesity3 t
Slide 29: Leading positions in diabetes, obesity and haemophilia
29 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes care Obesity care Haemophilia DKK DKK DKK billion billion billion 1400 50% 160 120% 100 50% #1 #1 #3 100% 40% 80 40% 1050 120 80% 30% 60 30% 700 80 60% 20% 40 20% 40
Slide 30: Sales growth of 26%, driven by the GLP-1 portfolio
30 Investor presentation Full year 2024 Novo Nordisk® Sales growth of 26%, driven by the GLP-1 portfolio for diabetes and obesity treatment Novo Nordisk reported quarterly sales Reported sales for the full Reported sales and growth breakdown for DKK by therapy year 2024 the full year 2024 billion Sa
Slide 31: Sales growth driven by both NAO and IO
31 Investor presentation Full year 2024 Novo Nordisk® Sales growth of 26%, driven by both NAO and IO with 30% and 19% sales growth respectively Historic and reported sales by geography Reported sales and growth breakdown for full year 2024 DKK billion 111.8 290.4 Sales Share of Regions Growth (mDKK)
Slide 32: Solid patent protection and competitive advantages
32 Investor presentation Full year 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 2031/322 Resear
Slide 33: Core capabilities and additional drug modalities across therapy areas
33 Investor presentation Full year 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 Therapy M
Slide 34: siRNA platform expected to deliver across therapy areas
34 Investor presentation Full year 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 12 phase 1 trial initiation
Slide 35: Phase 1 aspiration on track for 2025
35 Investor presentation Full year 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 assets Inc
Slide 36: Partnerships and acquisitions support R&D
36 Investor presentation Full year 2024 Novo Nordisk® Partnerships and acquisitions support future research and development 2019 2020 2021 2022 2023 2024 Selected acquisitions Oral formulations of Novel treatment for Expansion of therapeutics CVD/Rare disease production capacity Novel treatments for
Slide 37: Pipeline supports growth across four strategic focus areas
37 Investor presentation Full year 2024 Novo Nordisk® Pipeline supports significant growth opportunities across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED 1 NN1644 – GSI NN9541 – OW GIP/GLP-1 co-agonist NN9924 – Oral Semaglutide 25 and 50 mg NN1436 – Insulin Icodec2 Tr
Slide 38: Diabetes care
38 Investor presentation Full year 2024 Diabetes care Disease and market 39 Insulin segment56 GLP-1 segment 46 Insulin segment 56 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark
Slide 39: Diabetes is a serious chronic disease with increasing prevalence
39 Investor presentation Full year 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 Mortality:
Slide 40: Novo Nordisk is the global leader in the growing diabetes market
40 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk is the global leader in the growing diabetes market Global diabetes care reported sales Volume growing ~6% with more people using GLP-1s and SGLT-2is DKK billion Novo Nordisk value market share1 34% Estimated prescription share per t
Slide 41: Unmet need within diabetes care remains large
41 Investor presentation Full year 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, 43.0 million1 people are currently treated
Slide 42: GLP-1s have positive effects beyond glycaemic control
42 Investor presentation Full year 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 risk ADA/EA
Slide 43: Innovation is the focus for strengthening leadership in diabetes
43 Investor presentation Full year 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 Once-weekly i
Slide 44: Total branded diabetes market global value of DKK ~443 billion
44 Investor presentation Full year 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 34 27 39
Slide 45: Leadership position within the growing diabetes market
45 Investor presentation Full year 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 Market CAG
Slide 46: GLP-1 mechanism of action and therapeutic opportunities
46 Investor presentation Full year 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 ~35m Brain
Slide 47: Novo Nordisk has 55% of the global GLP-1 market
47 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk has 55% 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 6.7% Million prescriptio
Slide 48: SUSTAIN trials with subcutaneous semaglutide
48 Investor presentation Full year 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 -1.8 -1.5 -1
Slide 49: Semaglutide 2.0 mg s.c. brings patients to target
49 Investor presentation Full year 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 HbA1c reduc
Slide 50: Sema 1.0 mg reduces risk of kidney disease-related events
50 Investor presentation Full year 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 confirmatory end
Slide 51: PIONEER programme with oral semaglutide
51 Investor presentation Full year 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 * -1.4 -1.
Slide 52: PIONEER PLUS achieved its primary endpoint
52 Investor presentation Full year 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 body weight O
Slide 53: Phase 2 trial for CagriSema in type 2 diabetes
53 Investor presentation Full year 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 body weight
Slide 54: Phase 3 programme REIMAGINE initiated
54 Investor presentation Full year 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 endpoint: HbA1c
Slide 55: Amycretin phase 2 trial in type 2 diabetes initiated
55 Investor presentation Full year 2024 Novo Nordisk® Amycretin phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes has been initiated Phase 2 amycretin trial design Objective ILLUSTRATIVE • Demonstrate the dose-response relationship of amycretin for change in HbA1
Slide 56: Global insulin market leadership at 44%
56 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk global insulin market leadership at 44% and the global insulin volume market increased by 2.6% North America Operations Global International Operations Market growth: 2.6% Market growth: 4.1% Market growth: -1.9% Market share: 44.0%
Slide 57: Insulin market size and Novo Nordisk market share
57 Investor presentation Full year 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% 176 -23.8% -0.3% 50% 44% 9% 40% 6% Long- -18.6% +2.7% 40% 10
Slide 58: Insulin icodec potential for basal insulin treatment
58 Investor presentation Full year 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 100% 80 1
Slide 59: Insulin icodec ONWARDS phase 3 programme
59 Investor presentation Full year 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 BASAL/BOLU
Slide 60: Phase 3 trial programme for IcoSema, COMBINE
60 Investor presentation Full year 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 combination • 52-
Slide 61: COMBINE 3 trial with IcoSema completed
61 Investor presentation Full year 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: 8.3% Mean
Slide 62: COMBINE 1 pivotal trial with IcoSema completed
62 Investor presentation Full year 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: 8.2% Mean ba
Slide 63: Obesity care
63 63 Investor presentation Full year 2024 Novo Nordisk® Obesity care Obesity disease background64 background58 Obesity disease background Obesity market development69 development62 58 64 Innovation63 Innovation71 Obesity market development 62 69 Innovation 63 71 MICHAEL PETERSEN Michael lives with
Slide 64: Obesity is a serious chronic disease with large unmet need
64 Investor presentation Full year 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 increases Adul
Slide 65: Since Wegovy launch in 2021 large unmet need remains
65 Investor presentation Full year 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 Before NAO
Slide 66: Broadening focus from weight loss to improving health
66 Investor presentation Full year 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 Patients remain
Slide 67: Expanded affordable access to Wegovy for 55 million people
67 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk has expanded affordable care access to Wegovy® to 55 million people and SELECT is set to help improve it ~55 million people have Wegovy® coverage in the US Progress across all channels in 2023-24 People with obesity (millions) Commer
Slide 68: Anti-obesity medications mostly out-of-pocket, SELECT key lever
68 Investor presentation Full year 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® INDICATIVE W
Slide 69: Global obesity market growth accelerating
69 Investor presentation Full year 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 200% 200% ~131% 153.3 160% 160% 46.0 131% 1
Slide 70: Semaglutide 2.4 mg impact on comorbidities that overlap with obesity
70 Investor presentation Full year 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 1 (CagriSema) SELECT trial Myo
Slide 71: STEP 1, 3 and 4 weight loss with semaglutide 2.4 mg
71 Investor presentation Full year 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 Weight mgmt.
Slide 72: STEP 1 superior weight loss up to 16.9%
72 Investor presentation Full year 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 • Average B
Slide 73: STEP 1 categorical weight loss and quality of life
73 Investor presentation Full year 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 placebo in the
Slide 74: STEP 4 superior weight loss up to 18.2%
74 Investor presentation Full year 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% women •
Slide 75: STEP 4 categorical weight loss and quality of life
75 Investor presentation Full year 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 placebo in t
Slide 76: STEP 5 sustained weight loss over 2 years
76 Investor presentation Full year 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 weight Place
Slide 77: STEP 8 semaglutide versus liraglutide
77 Investor presentation Full year 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 body weight
Slide 78: 20% MACE reduction in the SELECT trial
78 Investor presentation Full year 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 mg OW low
Slide 79: SELECT reduced risk of broad composite endpoint by 37%
79 Investor presentation Full year 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 the risk o
Slide 80: STEP HFpEF phase 3 trial completed
80 Investor presentation Full year 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 body weight
Slide 81: Superior improvement on KCCQ-CSS in STEP HFpEF
81 Investor presentation Full year 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 KCCQ-CSS s
Slide 82: OASIS 1 trial with oral semaglutide 50 mg
82 Investor presentation Full year 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 superiority o
Slide 83: Phase 3 programme OASIS for oral semaglutide
83 Investor presentation Full year 2024 Novo Nordisk® Phase 3 trial programme OASIS for oral semaglutide 50 mg in overweight or obesity Oral semaglutide characteristics Focused phase 3 trial programme OASIS 1 • 667 patients 50 mg dose • 68 week Oral semaglutide 50mg: • Primary endpoint: BW % • Semag
Slide 84: OASIS 1 superior body weight reduction
84 Investor presentation Full year 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 baseline body
Slide 85: 20-week phase 1 trial of CagriSema
85 Investor presentation Full year 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 monotherapy Change i
Slide 86: Oral and subcutaneous amycretin trials completed
86 Investor presentation Full year 2024 Novo Nordisk® Oral amycretin phase 1 and subcutaneous phase 1b/2a trials have been completed Results from oral amycretin phase 1 on weight loss Amycretin development programme in obesity Mean baseline body weight: ~89 kg, n = 16 3 Phase 1: -1.1 Change in body
Slide 87: Rare disease
87 87 Investor presentation Full year 2024 Novo Nordisk® Rare disease Rare disease background 88 Rare disease innovation 92 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada
Slide 88: Rare disease an attractive opportunity for Novo Nordisk
88 Investor presentation Full year 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-morbidities and c
Slide 89: Executing on new strategy since 2019
89 Investor presentation Full year 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 from core
Slide 90: Rare disease sales increased by 9%
90 Investor presentation Full year 2024 Novo Nordisk® Rare disease sales increased by 9% NovoSeven® and Norditropin® Global Rare disease franchise account for ~64% of Rare disease sales DKK DKK billion billion 25 1% 4% 1% -15% 9% 1% 4% 1% -15% 9% 25 20 6% 20 15 8 15 7 7 8 9 10 10 5 12 12 13 3% 5 9 9
Slide 91: Haemophilia unmet needs but highly competitive market
91 Investor presentation Full year 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 inhibitors Haemop
Slide 92: Explorer trial concizumab reduced bleeds
92 Investor presentation Full year 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 for concizu
Slide 93: Mim8 phase 1/2 PK/PD interim data
93 Investor presentation Full year 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 300 Mim8 con
Slide 94: FRONTIER 2 trial with Mim8 completed
94 Investor presentation Full year 2024 Novo Nordisk® Main part of the FRONTIER 2 trial with Mim8 in people with Haemophilia A has been completed in Q2 2024 Phase 3 trial, FRONTIER 2 trial in 254 adults & adolescents with HA Trial design • Novel and accelerated development programme No PPX Mim8 PPX
Slide 95: Mim8 reduction of treated bleeding episodes
95 Investor presentation Full year 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 concerns we
Slide 96: ~19% value market share in growth disorder market
96 Investor presentation Full year 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 efficacious treat
Slide 97: Sogroya approved for paediatric growth hormone deficiency
97 Investor presentation Full year 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 endpoint,
Slide 98: Cardiovascular & Emerging Therapies
98 Investor presentation Full year 2024 Cardiovascular & Emerging Therapies The unmet needs 99 The unmet needs Cardiovascular disease 100 99 MASH Cardiovascular disease 104 100 Alzheimer’s disease109 MASH 104 Alzheimer’s disease 109
Slide 99: Expanding into Cardiovascular and emerging therapy areas
99 Investor presentation Full year 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 diabetes ~1
Slide 100: Focused approach in cardiovascular disease
100 Investor presentation Full year 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 preserved eject
Slide 101: ZEUS trial with ziltivekimab
101 Investor presentation Full year 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 Investigat
Slide 102: Ziltivekimab phase 3 development programme
102 Investor presentation Full year 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 Ziltivek
Slide 103: Disease modifying and curative treatments for heart failure
103 Investor presentation Full year 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 modifying Curati
Slide 104: MASH shares large patient population with core therapy areas
104 Investor presentation Full year 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 MASH UNITED
Slide 105: ESSENCE trial in MASH
105 Investor presentation Full year 2024 Novo Nordisk® Part 1 of the ESSENCE trial investigated semaglutide 2.4 mg compared to placebo in people with MASH ESSENCE trial with 1,200 patients with MASH F2–F3 Primary objectives and endpoints for Part 1 and 2 Part 1 | Improvement in liver tissue (histolo
Slide 106: Semaglutide improves liver fibrosis and MASH resolution
106 Investor presentation Full year 2024 Novo Nordisk® Semaglutide 2.4 mg demonstrates superior improvement in both liver fibrosis and MASH resolution in the ESSENCE trial Improvement in fibrosis with no worsening Resolution of steatohepatitis with no Addressing unmet need in MASH in steatohepatitis
Slide 107: Focus on F2-F4c MASH with awareness, referrals and diagnosis
107 Investor presentation Full year 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 MASH F2-F4c
Slide 108: Partnerships to enhance diagnosis in MASH
108 Investor presentation Full year 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 for MASH in
Slide 109: Alzheimer’s disease patient journey and barriers
109 Investor presentation Full year 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 DMT dismi
Slide 110: Data supporting semaglutide in Alzheimer’s disease
110 Investor presentation Full year 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 of dementia
Slide 111: evoke and evoke+ trials ongoing
111 Investor presentation Full year 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 semaglutide QD R 3 m
Slide 112: North America Operations
112 Investor presentation Full year 2024 Novo Nordisk® North America Operations USA health care system 114 NAO growth drivers128 USA NAOhealth care growth system drivers USA health care system129 114 128 NAO at a glance USA health care system 115 129 NAO at a glance NAO at a glance131 115 NAO at a g
Slide 113: North America Operations growth has accelerated
113 Investor presentation Full year 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% 30% DKK billion 200 178 150 +17% CAGR 137 100 91 61 67 58 57 60 50 0 2017 2018 2019 2020 2021 2022 2
Slide 114: US health insurance dominated by few large payers
NAO 114 Investor presentation Full year 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 billion 5
Slide 115: North America Operations at a glance
NAO 115 Investor presentation Full year 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 billion 70 Sales 10% Full year 2024 Growth2 (mDKK) 60 11% 80% Injectable GLP-13
Slide 116: Diabetes market share and growth in North America
NAO 116 Investor presentation Full year 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 ~6% 50% 50% 14 927 21 19 873 40% 39% 40% 35% 30% 30% 20% 20% 7% 10% 10% ~7%
Slide 117: GLP-1 market share and growth in North America
NAO 117 Investor presentation Full year 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% ~23% 41 521 58% 58 0 60% 60% 422 54% 50% 40% 40% 26% ~26% 23% 20% 54% 30% 53%
Slide 118: Insulin market size and share in North America
NAO 118 Investor presentation Full year 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 39% 118 -34% -2.% 15% 60% 10% Long- 39% 69
Slide 119: Obesity market share and growth in North America
NAO 119 Investor presentation Full year 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 ~143% 141.4 100% 220% 180% 46.0 80% 10.8 66% 140% 60% 143% 37.0 100%
Slide 120: International Operations
Novo Nordisk® 120 120 120 Investor presentation Full year 2024 International Operations International Operations 121 IO at a glance107 Region China127 International IO at a glanceOperations 121 107 EMEA112 Region EMEA China 127 112 Region China117 EMEA133 Region China EMEA 117 133 Rest of World122 R
Slide 121: Growth momentum increased in International Operations
121 Investor presentation Full year 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 % sales growth at CER Value % >487m 19% l
Slide 122: International Operations at a glance
122 Investor presentation Full year 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% Full year 2024 Growth2 (mDKK) 17% Injectable GLP-13 32,741 6% 600 250 100% Ry
Slide 123: Diabetes market share and growth in International Operations
123 Investor presentation Full year 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 80% 40% ~12% 15 253 6 6 226 30% 40% 23% 20% 28% 10% 12% ~10% 10% 24% 28% 28% 25%
Slide 124: GLP-1 market share and market growth
124 Investor presentation Full year 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% ~24% 7 1 62 5 80% 50 60% 64% 60% 40% 40% 40% 24% 61% 65% 64% 20% 69% 60% 20% 56% ~14% 60% 14% 55% 0% 0% Nov
Slide 125: Insulin market size and share in International Operations
125 Investor presentation Full year 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 12.8% 0.5% 80% 10% Total 52% 59 7% 60% 4% L
Slide 126: Obesity market share and growth in International Operations
126 Investor presentation Full year 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 ~48% 11.9 82% 0.0 80% 90% 3.9 8.0 60% 66% 60% 40% 82% 30% ~66% 48% 74% 20% 54% 48%
Slide 127: Region China at a glance
Region China 127 Investor presentation Full year 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 Full year 2024 Sales Growth2 6% (mDKK) 14% 30 100% 160 Injectable GLP-13 6,737 13%
Slide 128: Region China remains a key market
128 Investor presentation Full year 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 12% 11% 11% -6%
Slide 129: Wegovy launched in Region China in Nov 24
129 Investor presentation Full year 2024 Novo Nordisk® Wegovy® was launched in Nov 24 and 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 out-of-pocket initially Million people 200 N
Slide 130: Diabetes market share and growth in Region China
Region China 130 Investor presentation Full year 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 ~-13% 33% 1 28 1 1 25 30% 20% 15% 20% 13% 0% 10% ~-15% 32% 33% 0% -20%
Slide 131: GLP-1 market share and growth in Region China
Region China 131 Investor presentation Full year 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 200% 160% billion ~3% 165% 0 5 5 160% 0 0 120% 120% 80% 80% 80% ~7% ~80% ~77% 66.9% 40% 67% 63%
Slide 132: Insulin market size and share in Region China
Region China 132 Investor presentation Full year 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 53% 10 51.9% +1.4% 41% 40% L
Slide 133: EMEA at a glance
EMEA 133 Investor presentation Full year 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 Full year 2024 Growth2 MS (mDKK) 300 25% Injectable GLP-13 17,423 6% 150 100% 19% Rybelsus® 7,136 6
Slide 134: Diabetes market share and growth in EMEA
EMEA 134 Investor presentation Full year 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 ~15% 75% 20% 11 148 5 128 3 15% 15% 50% 9% 10% 25% 29% 5% 18% ~9% 30% 29% 0% 0% Nov Nov Nov NN
Slide 135: GLP-1 market share and growth in EMEA
EMEA 135 Investor presentation Full year 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% ~28% 6 1 43 3 33 60% 56% 60% 30% 30% 30% ~13% 59% 61% 56% 28% 63% 56% 57% 59% 13% 0% 0% Nov Nov
Slide 136: Insulin market size and share in EMEA
EMEA 136 Investor presentation Full year 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 49% 48% 49% 37 4.1% +0.8% 47% 5% Long- 21 40% 42% 3.4% +1.0% 40%
Slide 137: Obesity market share and growth in EMEA
EMEA 137 Investor presentation Full year 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 ~61% 150% 120% 7.0 0.0 100% 120% 2.6 93% 80% 4.3 90% 61% 60% 93% 60% ~68% 68% 40% 89% 30% 20% 0% 0
Slide 138: Rest of World at a glance
Rest of World 138 Investor presentation Full year 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 Full year 2024 Growth2 21% MS (mDKK) 300 billion Injectable GLP-13 8,581 3%
Slide 139: Diabetes market share and growth in Rest of World
Rest of World 139 Investor presentation Full year 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% 2 1 2 77 20% 73 35% 15% 25% 10% 10% 15% 5% 5% 5% 23% ~10%
Slide 140: GLP-1 market share and growth in Rest of World
Rest of World 140 Investor presentation Full year 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 130% 120% ~21% 1 0 15 110% 2 81% 12 90% 80% 70% 69% 50% 40% 81% 76% 84% 66% 21% ~18% 6
Slide 141: Insulin market size and share in Rest of World
Rest of World 141 Investor presentation Full year 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 58% 11 3.2% -1.0% 15% 60% 55% Long– 10% 47% 6
Slide 142: Obesity market share and growth in Rest of World
Rest of World 142 Investor presentation Full year 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% 33% 68% 5.0 0.0 30% 60% 33% 1.3 20% 3.7 61% 40% 10% 20% 0% 68% 61% 54% 0
Slide 143: Financials and Product Supply
143 143 Investor presentation Full year 2024 Novo Nordisk® Financials and Product Supply Profit and loss, resource allocation 144 Profit and loss, resource allocation 14 Product supply 147 Product supply 14 Margin development & capital allocation 153 Currencies 156 Currencies 15
Slide 144: Solid sales growth driven by Diabetes and Obesity care
144 Investor presentation Full year 2024 Novo Nordisk® Solid sales growth driven by Diabetes and Obesity care Reported annual sales 2019-2024 DKK billion, % of total sales 6% 7% 14% 16% 36% 26% 290 6% 232 7% 177 12% 141 122 127 94% 14% 16% 15% 93% 88% 85% 86% 84% 2019 2020 2021 2022 2023 2024 Diabet
Slide 145: Solid operating profit growth
145 Investor presentation Full year 2024 Novo Nordisk® Solid operating profit growth Operating profit DKK 11% 3% 8% 28% 37% 25% % billion of sales 6% 7% 13% 15% 44% 26% 140 80% 120 60% 100 80 40% 60 40 20% 20 0 0% 2019 2020 2021 2022 2023 2024 Operating profit Reported operating profit growth Operat
Slide 146: Resource allocation guided by investing in future growth
146 Investor presentation Full year 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 growth ILLUSTRA
Slide 147: Manufacturing scale and expertise in biologics
147 Investor presentation Full year 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-11 Novo Nordisk competitive advantages in manufacturing Million patients on NN products in 2024 De
Slide 148: Strategically important API sites in Denmark and the US
148 Investor presentation Full year 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 / Assembly and D
Slide 149: Fill-finish footprint expanded from 11 to 14 sites
149 Investor presentation Full year 2024 Novo Nordisk® Fill-finish | The global footprint has expanded from 11 to 14 sites with the closing of the Catalent acquisition in December 2024 Tablet1 65sites sites Fill,tablet Fill, tabletand andfinish finish Catalent (Brussels) Fill-finish Fill, tablet and
Slide 150: Step-up in CAPEX investments across the value chain
150 Investor presentation Full year 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 80 16% 2021 Kalund
Slide 151: Catalent fill-finish sites to add capacity from 2026
151 Investor presentation Full year 2024 Novo Nordisk® Catalent fill-finish sites are expected to start adding additional capacity from 2026 Successfully closed the acquisition of three fill-finish sites The acquisition will help expand capacity faster • Will help reach more patients with current an
Slide 152: Investments to increase patient reach towards 2030
152 Investor presentation Full year 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 1923 2023
Slide 153: Expected margin developments in coming years
153 Investor presentation Full year 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 to Gradual
Slide 154: Capital allocation balances investment and shareholder returns
154 Investor presentation Full year 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 Internal g
Slide 155: Two decades of consistent cash distribution to shareholders
155 Investor presentation Full year 2024 Novo Nordisk® Two decades of consistent cash distribution to shareholders Share buybacks and dividends (bDKK) Total dividends per share (DKK) 80 20 ~570 billion DKK returned to shareholders since 2003 64 62 60 49 11.4 41 40 39 9.4 10 36 37 35 35 30 6.2 27 24
Slide 156: Currency impact on operating profit in 2025
156 Investor presentation Full year 2024 Novo Nordisk® Operating profit expected to be positively impacted by currencies in 2025 - offset by net financials 1 Avg. FY 2024 vs. Avg. FY 2023 Exp. Avg FY 2025 vs. FY 2024 FY 2024 10% • Negative FX impact on operating profit of 1.1 bDKK • Negative FX impa
Slide 157: Purpose & Sustainability
157 Investor presentation Full year 2024 Novo Nordisk® Purpose & Sustainability Sustainable business 148 158 Environmental responsibility 150 159 Social responsibility 153 160 Governance Ethics and compliance 158 161 RANJITH S. Ranjith lives with type 1 diabetes India
Slide 158: Being a responsible business drives long-term value
158 Investor presentation Full year 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 Novonesis Institut
Slide 159: Ambition is zero environmental impact
159 Investor presentation Full year 2024 Novo Nordisk® Novo Nordisk’s ambition is zero environmental impact CO2 emissions Plastic Biodiversity 2024 Emissions increased due to 2020 ReMedTM, Novo Nordisk’s • Committed to start making growth and CAPEX plastic take-back programme nature-related disclosu
Slide 160: Social responsibility: prevention, access and innovation
160 Investor presentation Full year 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 • ~8 million people reached • Transformative treatments to healthier enviro
Slide 161: Integrating ethics and compliance into the business
161 Investor presentation Full year 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 approved indicati
Slide 162: 2024 statement of ESG performance
162 Investor presentation Full year 2024 Novo Nordisk® 2024 statement of ESG performance Units 2024 2023 2022 Essential sustainability topics Patients reached with Diabetes and Obesity care products Number in millions 45.2 41.6 36.9 Vulnerable patients reached with Diabetes care products1 Number in
Slide 163: 8.4 million people reached with access and affordability initiatives
163 Investor presentation Full year 2024 Novo Nordisk® In 2024, more than 8.4 million people with diabetes were reached with access and affordability initiatives 8.4 out of 45.3 million people were reached A number of focused programmes (as of full year 2024) with access and affordability initiative
Slide 164: Investor contact information
164 Investor presentation Full year 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 New York