Novo Nordisk A/S : Open the Q1 2024 investor presentation

Novo Nordisk

• a focused healthcare company

Investor presentation

First three months of 2024

ABIGAIL CONIAH

Abigail lives with obesity

United Kingdom

2

Investor presentation

First three months of 2024

Agenda

Agenda

Progress on Strategic Aspirations 2025 Commercial execution

Innovation and therapeutic focus Financials

3	Investor presentation	First three months of 2024	Novo Nordisk®

Forward-looking statements

Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the statutory Annual Report 2023 and Form 20-F, which both were filed with the SEC in January 2024 in continuation of the publication of the Annual Report 2023, this presentation, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect, 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

• Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto,
• Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures,
• Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and
• Statements regarding the assumptions underlying or relating to such statements.

These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, such as interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy supplies, product recalls, unexpected contract breaches or terminations, government- mandated or market-driven price decreases for Novo

Nordisk's products, introduction of competing products, reliance on information technology including the risk of cybersecurity breaches, Novo Nordisk's ability to successfully market current and new

products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, the effects of domestic or international crises, civil unrest, war or other conflict and factors related to the foregoing matters and other factors not specifically identified herein.

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk's results or the accuracy of forward-looking statements in the Annual Report 2023, reference is made to the overview of risk factors in 'Risk Management' of the Annual Report 2023.

Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of the Annual Report 2023, whether as a result of new information, future events, or otherwise.

Important drug information

Victoza® and Ozempic® are approved for the management of type 2 diabetes only

Saxenda® and Wegovy® are approved for the treatment of obesity only

4	Investor presentation	First three months of 2024	Novo Nordisk®

Strategic Aspirations 2025 |Highlights first three months of 2024

	Progress towards zero environmental impact
	• Overall CO2e emissions (scope 1, 2 and 3) increased by
		32% compared to the first three months of 2023
	Adding value to society
	• Medical treatment to 41.8 million people with diabetes
andPurpose sustainability (ESG)		and obesity
•	Reached more than 54,000 children in the Changing
		Diabetes® in Children programme
	Being recognised as a sustainable employer
	• Share of women in senior leadership positions has
		increased to 41% from 39% in 2023

	Diabetes value market share increased by 1.8%-points
	to 34.0%1
Commercial execution	Obesity care sales of DKK 11.0 billion (+42% at CER)
Rare disease sales of DKK 4.4 billion (-3%at CER)

1MAT (Moving annual total) value market share CER: Constant exchange rates; CV: Cardiovascular

Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth

Light blue indicates developments in Q1 2024

		Further raise innovation bar for Diabetes treatment
		• Awiqli®, once weekly insulin icodec, recommended for
		approval in the EU
	therapeuticfocus	• Completion of FLOW trial with semaglutide 1.0 mg
Innovationand	• Completion of COMBINE 2 trial with IcoSema
Develop superior treatment solutions for obesity
• Approval of Wegovy® label expansion in the US based on
SELECT cardiovascular outcomes trial
		Establish presence in CV & emerging therapy areas
		• Acquisition of Cardior Pharmaceuticals

	Sales growth of 24% (CER) and operating profit growth
	of 30% (CER)
	Operational leverage reflecting sales growth
Financials	Free cash flow of DKK 5.0 billion and DKK 31.4 billion
returned to shareholders

5	Investor presentation	First three months of 2024	Novo Nordisk®

Sales growth of 24% driven by both operating units

Reported geographic sales split for first quarter of 2024

DKK			Insulin				GLP-1			Other diabetes
billion			Obesity care			Rare disease			Growth at CER
50
40			35%
										International Operations
30
					11%
20
										13%
10																	8%
												7%
0
		NAO	IO					EMEA	China	RoW

Reported therapy area sales and growth for first quarter of 2024

DKK				North America Operations			International Operations
billion				Growth at CER
100			24%		32%				9%			42%		-3%
80
60
				11%
40
								IO		5%
						22%				IO	35%
20				35%				NAO		23%		NAO	44%	IO	-18%
0						37%									NAO	20%
			Total		GLP-1		Insulin Obesity care Rare disease

1'Other diabetes' is included in Total

IO: International Operations; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; RoW: Rest of World; NAO: North America Operations; CER: Constant exchange rates

Note: Unless otherwise specified, sales growth rates are at CER

6	Investor presentation	First three months of 2024	Novo Nordisk®

Diabetes value market leadership reached 34%

60%

50%

40%

30%

0%

Novo Nordisk global diabetes value market shares

	Diabetes	GLP-1	Insulin
	53.7%		54.5%	55.3%
50.8%
43.8%	43.8%		44.3%	43.6%

30.5% 32.2%34.0%

29.2%

2021

2022

2023

2024

Diabetes value market leadership expansion

driven by the GLP-1 franchise

Diabetes care sales grew by 24% (CER) with global value

market share increase driven by market share gains in both IO and NAO.

• Global diabetes value market share increased by 1.8%-points to 34.0%
• Exceeded strategic aspiration for 2025 by achieving a global diabetes market value of more than 1/3
• Novo Nordisk continues to be the global market leader in the GLP-1 segment with a 55.3% value market share
• Estimated global GLP-1 share of total diabetes prescriptions is 6.2%

CER: Constant exchange rates; IO: International Operations; NAO: North America Operations

Note: Sales growth rates are at CER

Source: IQVIA MAT, Feb 2024 (Spot rate); Volume growth based on Moving Annual Total (MAT); Market values are based on the list prices

7	Investor presentation	First three months of 2024	Novo Nordisk®

International Operations diabetes care sales growth is driven by GLP-1 performance

Reported Diabetes care sales and growth per IO geography		GLP-1 patients and value market share in IO
DKK					Number of				Value
					Class growth >20%
billion		Insulin		GLP-1 Growth at CER	patients (millions)			market share

25

20

15

10

5

0

	12%
		Geographical regions
	22%
				10%
				18%					18%
					11%
	5%
								38%
						10%
				1%
					14%			1%
	IO	EMEA	China	RoW

8			70.0%	75%
6
			47.2%	50%
4
			23.7%	25%
2			15.1%
			7.7%
0	GLP-1 patients	Ozempic ®	4.8%	0%
Feb	Feb
2022	Victoza ®	Rybelsus ®	2024
	dulaglutide	tirzepatide

NN GLP-1

IO: International Operations; NN: Novo Nordisk; EMEA: Europe, Middle East and Africa; China: Mainland China, Hong Kong and Taiwan; RoW: Rest of World; CER: Constant exchange rates Note that the market share and patient numbers are based on countries with IQVIA coverage. GLP-1 class growth calculated as Dec'23-Feb'24 vs Dec'22-Feb'23 (Rolling 3-month average) Source: IQVIA MAT, Feb 2024 (Spot rate). Volume packs are converted into full-year patients based on WHO assumptions for average daily doses; Market values are based on the list prices

8	Investor presentation	First three months of 2024	Novo Nordisk®

GLP-1 class continues to grow in the US

US GLP-1 weekly NBRx prescriptions			US GLP-1 TRx market share
Weekly NBRx				TRx share		Total GLP-1 SUs
scripts ('000s)						(millions)
90				80%		Class growth: ~15%	7
							6
60				60%		55.8%	5
				40%		46.4%	4
						3
						24.5%
30
						2
				20%
					19.1%
						1
						6.9%
0			March	0%		2.5%	0
March			March		March
2022			2024	2022		2024
Ozempic®	Rybelsus®	Victoza®	NN GLP-1	dulaglutide	tirzepatide	Total monthly GLP-1 scripts

NBRx: New-to-brand prescriptions; TRx: Total prescriptions; NN: Novo Nordisk; Scripts: Prescriptions; US: United States; SU: standard units

Note: Class growth calculated based on SU volume for diabetes GLP-1 as Q1 2024 vs Q1 2023

Source: IQVIA Xponent Plantrak, NBRx/TRx data from week ending 29 March 2024. Each data point represents a rolling four-week average.

9	Investor presentation	First three months of 2024	Novo Nordisk®

Gradual increase of supply reflected in US Obesity prescription development

Branded AOM NBRx in the US2

Branded AOM TRx in the US2

NBRx count ('000s)		TRx count ('000s)
80			240		227
		63	180
					132	The US
			120
40		32			• The supply of the lower dose
					82	strengths has been restricted since
					May 2023 to safeguard continuity of
		27	60			care
				• Novo Nordisk started gradually
						increasing the supply of the lower
		1	0		1	dose strengths in January 2024
0			• Broad commercial formulary access
	April	April	April		April	has been achieved for Wegovy®
	2022	2024	2022		2024
	Saxenda®	Branded AOM market	Wegovy®	tirzepatide

1 Annual growth at CER. Each NBRx and TRx data points represents one week of data; 2 IQVIA weekly, 12 April 2024

CER: Constant exchange rates; TRx: Total Prescriptions; AOM: Anti-Obesity Medications (includes Wegovy®, Saxenda®, Zepbound®, Qsymia® and Contrave®)

Note: Sales growth at constant exchange rates.

10	Investor presentation	First three months of 2024	Novo Nordisk®

Rare disease sales decreased by 3%

Reported Rare disease sales

Rare disease sales performance

DKK
					Growth at CER
billion
10	-3%		-4%			-8%		36%			-6%		1%

8

6

Rare blood disorders

4
2
0	Total1	Rare	Haem.	Haem.	Novo-	Rare
		blood	A	B	Seven®	endocrine
		disorders2				disorders3

Rare disease sales decrease is driven by:

• 20% sales increase in North America Operations positively impacted by gross-to-net adjustments
• 18% sales decline in International Operations

Rare blood disorders sales decreased by 4%, driven by:

• Driven by NovoSeven® and haemophilia A, partially countered by increased haemophilia B sales

Rare endocrine disorders sales increased by 1% driven by:

• Sales for Norditropin® increased by 38% in NAO, impacted by gross-to-net adjustments, and decreased by 52% in IO
• Sogroya® has now been launched in five countries

1Total includes "Other Rare disease", which consists of primarily Vagifem® and Activelle®; 2Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia® and NovoThirteen®; 3 Primarily Norditropin® CER: Constant exchange rates; Haem. A: Haemophilia A; Haem. B: Haemophilia B; NAO: North America operations; IO: International operations

Note: NovoThirteen® is not shown for Rare blood disorders breakdown, only for the total bar. Unless otherwise specified, sales growth is at constant exchange rates.