Investor presentation First nine months of 2015

Transcription

1 Slide Investor presentation First nine months of 25 Mexico City part of Cities Changing Diabetes

2 Slide 2 Agenda Highlights and key events Sales update R&D update Financials and outlook

3 Slide 3 Forward-looking statements Novo Nordisk s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company s Annual Report 24 and Form 2-F, both filed with the SEC in February 25, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forwardlooking 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 document, could cause actual results to differ materially from those contemplated in any forwardlooking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including 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, product recall, 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, 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, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. Please also refer to the overview of risk factors in Be aware of the risk on p of the Annual Report 24 on the company s website novonordisk.com. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise. Important drug information Victoza (liraglutide.2 mg &.8 mg) is approved for the management of type 2 diabetes only Saxenda (liraglutide 3 mg) is approved in the US and EU for the treatment of obesity only

4 Slide 4 Highlights first nine months of 25 Sales development Sales increased by 23% in Danish kroner and 9% in local currencies North America and International Operations grew by 33% and 23% in Danish kroner, respectively Victoza increased by 39% in Danish kroner and continues to drive the growth of the GLP- market Levemir increased by 27% in Danish kroner and gains market share in the US despite increased competition Tresiba continues to perform well in countries with similar reimbursement as insulin glargine Research and Development US FDA approves Tresiba and Ryzodeg 7/3 for the treatment of diabetes in adults SUSTAIN 3, comparing semaglutide with once-weekly exenatide in people with type 2 diabetes, successfully completed Based on evaluation of ADJUNCT trials, liraglutide label expansion in type diabetes will currently not be pursued Financials Operating profit growth of 5% in Danish kroner; adjusted for partial NNIT divestment, growth was 6% in local currencies Diluted earnings per share increased 36% to.28 DKK per share 25 financial outlook: Sales growth is still expected to be 7-9% in local currencies (now around 3% higher in Danish kroner) Operating profit growth is now expected around 2% in local currencies compared to 9% previously (now around 22% higher in Danish kroner) 26 preliminary financial outlook in local currencies: Sales growth is expected to be mid to high single-digit Operating profit growth is expected to be mid to high single-digit, adjusted for the partial divestment of NNIT and out-licensing income from the divestment of inflammation assets, both in 25

5 Slide 5 North America is the main contributor to growth Sales as reported First nine months of 25 Region China +26% International Operations +23% Europe +4% 4% Japan & Korea +% % 9% 5% 52% North America +33% Growth analysis First nine months of 25 Local currencies Growth Share of growth North America % 56% Europe 3% 8% International Operations 7% 27% Region China 5% 6% Japan & Korea 5% 3% Total sales 9% % Sales of DKK 79. billion (+23%)

6 Slide 6 Growth is driven by Victoza and modern insulin Sales as reported First nine months of 25 Growth analysis First nine months of 25 Other biopharmaceuticals Norditropin +3% +23% 3% 7% 4% Haemophilia +7% % % 79% 79% Diabetes and obesity care +24% Sales of DKK 79. billion (+23%) Local currencies Growth Share of growth New-generation insulin 37% % Modern insulin 6% 32% Human insulin % % Victoza 2% 36% Other diabetes and obesity care 4% 2% Diabetes and obesity care 9% 8% Haemophilia 4% 5% Norditropin % 8% Other biopharmaceuticals 2 4% 6% Biopharmaceuticals 8% 9% Total 9% % Predominantly oral antidiabetic products, needles and Saxenda 2 Predominantly hormone replacement therapy

7 Slide 7 Victoza maintains leadership in the faster growing US GLP- market US GLP- market development US GLP- market shares MAT GLP- TRx () 6. Growth rate Total TRx MAT volume growth rate 25% GLP- TRx market share % Victoza albiglutide exenatide dulaglutide % 5% % 5% % 8% 6% 4% 2% % 22 59% 27% 7% 7% 25 Source: IMS NPA MAT, ust 25 Source: IMS NPA MAT, ust 25

8 Slide 8 North America drives strong Levemir growth despite increased competition DKK billion 2,, 8, 6, Levemir sales growth driven by strong performance in North America 4% Growth in local currency 8% 6% 4% Levemir gains US market share despite introduction of glargine U3 glargine U3 Levemir NPH glargine U 66% 4, 2,, North America -% 9% 68% 6% -7% Europe IO China Japan & Korea 2% % 22 24% %.5% 25 Note: Reported sales first nine months of 25 Source: IMS MAT volume figures, ust 25

9 Slide 9 Roll-out of degludec portfolio is progressing Key launch observations Tresiba launched in 36 countries Tresiba has shown solid penetration in markets with similar reimbursement as insulin glargine Penetration of Tresiba remains modest in markets with restricted market access compared to insulin glargine Tresiba to be launched in the US early 26 Ryzodeg commercially launched in Mexico, India and Bangladesh Xultophy launched in Switzerland, Germany, the United Kingdom and now Sweden Tresiba value share of basal insulin segment in selected countries 35% 3% 25% 2% 5% Switzerland Japan Mexico India Sweden Denmark 5% Note: Limited IMS coverage in India Source: IMS Monthly value figures, ust 25 * Tresiba distribution in Germany to be ceased following the negative price negotiation outcome with the German national association of statutory health insurance funds United Kingdom Germany Argentina Brazil 3% 26% 4% 6% % 8% * % 5% 6% 3% % 3% Months from launch

10 Slide Encouraging early prescription development for Saxenda Prescription volume uptake of anti-obesity medications recently launched in the US TRx volume naltrexone HCI & bupropion HCI phentermine & topiramate lorcaserin Saxenda,26 5,2 2,22, Weeks from launch Key launch observations Encouraging Saxenda uptake continues Temporary and contracted coverage emerging earlier than expected with gradual improvements in formulary access with more than 5 million lives now covered The SCALE Diabetes Trial manuscript was published in the Journal of the American Medical Association (JAMA) on 8 ust, 25, highlighting key efficacy and safety data points Note: IMS reporting for new launches may reflect data instability due to small volume and/or supplier reporting Source: IMS NPA TRx, Weekly data, 25 September 25

11 Slide Competitive US label for Tresiba Tresiba approved in the US for glycaemic control in adults with diabetes mellitus Profile Half-life of 25 hours and duration of action of at least 42 hours Day to day variability of 2% Efficacy Reduction in HbA c confirmed to be non-inferior in all trials against all comparators Numerically greater FPG reduction Numerically lower insulin dose observed in majority of comparator trials Safety Overall safety consistent with other insulins Hypoglycaemia rates for Tresiba, but not comparators Convenience Injection at any time of day Two concentrations enabling dosing of up to 8 and 6 units per injection, respectively

12 Slide 2 Semaglutide shows superior HbA c reduction and weight loss compared with exenatide once-weekly in SUSTAIN 3 SUSTAIN 3 trial design Headline results Semaglutide. mg QW Exenatide 2. mg QW 83 people with type 2 diabetes Semaglutide. mg QW Exenatide 2. mg QW Change in HbA c (8.4% baseline) Proportion of patients reaching HbA c target of <7% Change in body weight (96 kg baseline) -.5% * -.9% 67% *2 4% -5.6 kg * -.9 kg 2 56 weeks Discontinuation rate due to adverse events 9.4% 7.2% Inclusion criteria: Type 2 diabetes, treated with -2 oral antidiabetic drugs, HbA c 7.-.5% (53-9 mmol/mol) (both inclusive) QW = Once weekly * Statistically significantly greater compared to placebo 2 Adjusted from 66% and -.8 kg respectively after post-trial validation

13 Slide 3 Based on assessment of ADJUNCT results, liraglutide label expansion in type diabetes will not be pursued at present,398 people with type diabetes ADJUNCT ONE trial design Liraglutide.8 mg + insulin Liraglutide.2 mg + insulin Headline results Greater improvement in HbA c and statistically significantly greater weight reduction with.2 mg and.8 mg doses of liraglutide compared with placebo Numerically, but not statistically significantly lower rates of severe hypoglycaemia for all doses of liraglutide compared with placebo Liraglutide.6 mg + insulin Placebo + insulin 52 weeks Inclusion criteria: Type diabetes as diagnosed clinically 2 months or prior to visit, 8 years or older, treatment with basal bolus or continuous subcutaneous insulin infusion 6 months or longer prior to visit, stable insulin treatment 3 months or longer prior visit, HbA c 7.-.% (53-86 mmol/mol) (both incl.) A statistically significantly higher rate of confirmed symptomatic hypoglycaemia was observed among people treated with liraglutide.2 mg and.8 mg compared with placebo Based on a benefit/risk assessment of the two ADJUNCT trials, Novo Nordisk does currently not intend to submit an application to expand the label of liraglutide for use in type diabetes

14 Slide 4 Key development milestones Diabetes Xultophy (IDegLira) filed with the US FDA for regulatory review Faster-acting insulin aspart (NN28) completed the planned additional 26-week treatment period of the onset trial Phase 3a development of oral semaglutide (NN9924), a once-daily oral GLP- treatment, to be initiated Phase 2 trial initiated with semaglutide (NN9535) administered once daily for people with type 2 diabetes Phase development successfully completed with once-weekly insulin LAI287 (NN436) Obesity Phase 2 trial initiated with semaglutide (NN9536) administered once daily for treatment of obesity Phase trial initiated with PYY (NN9747) for treatment of obesity Other Novo Nordisk acquired US research companies Calibrium LLC and MB2 LLC

15 Slide 5 Financial results first nine months of 25 DKK million 9M 25 9M 24 Change Sales 79,5 64,22 23% Gross profit 67,47 53,658 26% Gross margin 85.4% 83.6% Sales and distribution costs 2,273 6,544 23% Percentage of sales 25.6% 25.8% Research and development costs 9,574 9,897 (3%) Percentage of sales 2.% 5.4% Administration costs 2,693 2,47 9% Percentage of sales 3.4% 3.8% Other operating income, net 3, N/A Non-recurring income from the IPO of NNIT 2,376 Operating profit 38,39 25,335 5% Net financials (5,5) 49 N/A Profit before income tax 33,69 25,744 29% Tax 6,567 5,792 3% Effective tax rate 9.8% 22.5% Net profit 26,62 9,952 33% Diluted earnings per share (DKK) % Diluted earnings per share (DKK) adjusted for NNIT IPO %

16 Non-hedged currencies Index ( Jan 24 = ) Hedged currencies Index ( Jan 24 = ) Investor presentation First nine months of 25 Slide 6 Appreciation of key currencies against the Danish krone drive significant positive currency impact in USD/DKK CNY/DKK JPY/DKK GBP/DKK CAD/DKK Hedged 24 Currencies average 25 average 2 Spot rate 2 Impact of a 5% move 3 Hedging (months) USD ,8 CNY JPY GBP 925,25,38 85 CAD RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK Non-hedged 24 Currencies 5 average 25 average 2 Spot rate 2 RUB INR ARS BRL TRY DKK per ; 2 As of 27 October 25; 3 Operating profit in DKK million per annum; 4 USD and Chinese Yuan traded offshore (CNH) used as proxy; 5 Operating profit impact of one of the nonhedged currencies fluctuating 5% is in the range of DKK -5 to +25 million

17 Slide 7 Financial outlook for 25 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Net financials Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 29 October % Around 3 percentage points higher Around 2% Around 22 percentage points higher Loss of around DKK 5.6 billion Around 2% Around DKK 5. billion Around DKK 2.9 billion Around DKK billion Previous expectations 6 ust % Around 4 percentage points higher Around 9% Around 23 percentage points higher Loss of around DKK 5.7 billion Around 2% Around DKK 5. billion Around DKK 3. billion Around DKK billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 27 October 25

18 Slide 8 Closing remarks Solid market performance Promising pipeline > % annual diabetes care market growth driven The only company with a full portfolio of novel by diabetes prevalence insulin products 28% 47% 45% c 69% market share in diabetes care and solid leadership position insulin volume market share with leadership position across all regions modern and new-generation insulin volume market share GLP- value market share with strong global leadership position GLP- portfolio offers expansion opportunity with both injectable and oral administration Xultophy supports promising outlook for insulin and GLP- combination therapy Saxenda and multiple early stage development projects hold potential within obesity Broad pipeline within haemophilia and growth hormone disorders Source: IMS MAT ust 25 volume and value (DKK) figures

19 Slide 9 Investor contact information Share information Novo Nordisk s B shares are listed on the stock exchange in Copenhagen under the symbol NOVO B. Its ADRs are listed on the New York Stock Exchange under the symbol NVO. For further company information, visit Novo Nordisk on the internet at: novonordisk.com Upcoming events 9 Nov 25 Capital Markets Day 25 3 Feb 26 Financial statement for 25 8 Mar 26 Annual General Meeting 26 Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé, DK-288 Bagsværd Peter Hugreffe Ankersen phak@novonordisk.com Daniel Bohsen dabo@novonordisk.com Melanie Raouzeos mrz@novonordisk.com Kasper Veje kpvj@novonordisk.com 29 Apr 26 Financial statement for the first three months of Financial statement for the first six months of Oct 26 Financial statement for the first nine months of 26 In North America: Frank Daniel Mersebach fdni@novonordisk.com

20 Slide 2 Appendix. Novo Nordisk at a glance 2. Diabetes 3. Biopharmaceuticals 4. Financials 5. Sustainability

21 Slide 2 Novo Nordisk at a glance Global leader in diabetes care A focused pharmaceutical company with leading positions in diabetes, haemophilia and growth hormone Double digit top line growth driven by diabetes pandemic Significant growth opportunities fuelled by global presence and strong R&D pipeline High barriers to entry in biologics Operating margin targeting 4% Operating profit growth targeting 5% Global insulin market leadership Global insulin market share: 47% North America: Market share 37% Europe: Market share 47% International Operations: Market share 55% Japan & Korea: Market share 49% China: Market share 56% Earnings conversion to cash targeting 9% Cash generated returned to shareholders Global/regional headquarter Manufacturing R&D facility Source: IMS MAT ust, 25 volume figures

22 Slide 22 Novo Nordisk works with four strategic focus areas based on five core capabilities Strategic focus areas Core capabilities Expand leadership in DIABETES Establish presence in OBESITY Engineering, formulating, developing and delivering proteinbased treatments Deep disease understanding Efficient Planning Expand large-scale leadership and production executing of proteins global launches of new products Building and maintaining a leading position in emerging markets Pursue leadership in HAEMOPHILIA Expand leadership in GROWTH DISORDERS The Novo Nordisk Way

23 Slide 23 Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders DKK billion CAGR for 5-year period Source: IMS MAT value figures Diabetes 25 % Haemophilia % Jul 2 Growth disorders Market value Novo Nordisk value market share DKK billion Market value Novo Nordisk value market share DKK billion Market value Novo Nordisk value market share Global market position Global market position Global market position 4% 7 4% 2 4% # #2 # 35% 6 35% 35% 6 3% 3% 3% 5 CAGR value: 5.9% 25% 25% 2 25% 4 2% 2% 2% 3 5% 5% 8 CAGR value: 4.9% CAGR value: 3.3% 5% 2 % % % 4 5% 5% 5% FY 2 Note: Annual sales figures for Haemophilia A,B and inhibitor segment. CAGR for 5-year period Source: Company reports FY 24 CAGR for 5-year period Source: IMS MAT value figures Jul 25 %

24 Slide 24 Double digit top line growth driven by diabetes pandemic DKK billion Novo Nordisk reported quarterly sales by therapy Q3 25 Diabetes and obesity Haemophilia 2 Reported sales CAGR :.8% 8.%.2% 5.9% 3.% Norditropin CAGR for -year period 2 Haemophilia includes NovoSeven, NovoThirteen (as of Q 23) and NovoEight (as of Q 24) Other Q3 25 Million people The number of people with diabetes according to IDF North America China CAGR : 7.% E Note: 2-79 age group CAGR for 4-year period Source: International Diabetes Federation: Diabetes Atlas, 2 and 24 Europe Japan & Korea International Operations

25 Slide 25 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market by treatment class Global diabetes care value market share DKK billion GLP- Insulin OAD Novo Nordisk AstraZeneca Sanofi Novartis Merck Takeda Eli Lilly GSK Total market: CAGR 4.4% Injectables: CAGR 9.6% 3% 2% 28% 5 CAGR 8.% % 5 CAGR 9.2% % CAGR for -year period Source: IMS Monthly MAT value figures Source: IMS Monthly MAT value figures

26 Slide 26 Significant growth opportunities fuelled by strong R&D pipeline across all four strategic focus areas PHASE PHASE 2 PHASE 3 SUBMITTED APPROVED 4 OG987GT Oral GLP- OG27SC Oral GLP- Faster-acting insulin aspart Xultophy (US) Levemir OG987SC Oral GLP- OI338GT Oral insulin 2 Semaglutide QW GLP- NovoRapid LAI287 QW basal insulin Semaglutide QD GLP- LATIN TD NovoMix OI32GT Oral insulin Semaglutide QD GLP- N8-GP Long-acting rfviii Tresiba G53L Glucagon analogue N9-GP Long-acting rfix Ryzodeg NN9838 Amylin analogue NN864 QW GH 3 Xultophy (EU) NN9747 PYY analogue NN745 Concizumab Victoza Saxenda (US/EU 5 ) NovoSeven NovoEight NovoThirteen /TRETTEN Norditropin Diabetes Obesity Haemophilia Growth disorders Decided to initiate phase 3a trial in Q 26 2 Phase 2a proof-of-principle trial initiated in June 25 3 Phase 3 initiated in adult growth hormone disorder 4 Approved in all triad markets (US, EU and Japan), unless noted 5 Approved in the US on 23 Dec 24 and EU 23 Mar 25

27 Slide 27 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions Global manufacturing setup North America: ~5,3 Europe: ~2,9 API production New Hampshire 2 API production Formulation & filling Assembly Kaluga Packaging Packaging Device & needle manufacturing Denmark International Operations: ~5, Japan & Korea: ~, China: ~3, Total non-hq/manufacturing FTEs: 7,5 Clayton Formulation & filling Assembly Packaging Montes Claros Formulation & filling Assembly Packaging Chartres Formulation & filling Assembly Packaging Koriyama Packaging Tianjin Formulation & filling Assembly Packaging Device manufacturing FTEs represent full-time employee equivalents in Novo Nordisk s sales regions (excludes a.o. employees in headquarter, research sites and manufacturing sites) as of October 25 2 New Hampshire is expected to start producing during 27

28 Slide 28 High barriers to entry in biologics Novo Nordisk s position is protected by patents and value chain setup Patent protection EU/US / / /9 2 exp 25/ / / /7 2 exp/exp List is not exhaustive of all marketed Novo Nordisk products. 2 Formulation patent expiration year 3 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 4 Assuming paediatric extension 5 Saxenda patent identical to the Victoza patent Source: Novo Nordisk Unique value chain position Research & Development Manufacturing Commercialisation History of protein engineering Highly efficient, flexible and capital intensive manufacturing Global commercial footprint PK: Pharmacokinetic, PD: Pharmacodynamic Significant barriers to entry for biosimilar players Research & Development Need to show comparability in PK/PD trials Strict regulatory requirements in EU and US Requirement for both drug and device offering Manufacturing Significant economies of scale with incumbents Significant up-front CAPEX requirements with slow return on investment Commercialisation Large and fragmented target audience Cost pressure from payers On-going conversion to next generation drugs and slow market dynamics

29 Slide 29 Long-term financial targets Performance against long-term financial targets Average Result Target 2 Operating profit growth Operating profit growth in local currencies 2% 8% % 3% 5% Operating margin 34% 39% 4% Operating profit after tax to net operating assets 77% % 25% Cash to earnings (three years average) 8% 93% 9% Note: The long term financial targets are based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain stable Simple average of reported figures 29-23; 2 The long-term financial targets were last updated in connection with the FY22 Financial Release

30 Slide 3 Diabetes and obesity

31 Insulin ( µ U/ ml ) Investor presentation First nine months of 25 Slide 3 Diabetes the inability to manage blood sugar levels appropriately Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces 7 6 Insulin secretion profile Primary classifications 2 : Type diabetes: Complete insulin deficiency due to destruction of beta-cells in pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency : : 4: 8: 22: 2: 6: Time of day Diabetes fact sheet N 32, WHO, October 23 2 Polonsky et al. J Clin Invest 988;8: Breakfast Lunch Dinner

32 Insulin ( µ U/ ml ) Investor presentation First nine months of 25 Slide 32 Insulin a hormone enabling blood sugar to enter cells Insulin enables glucose to become energy The aim of insulin therapy is to recreate normal blood insulin profile Facilitates uptake of blood sugar into cells 7 Short-lived, rapidly generated meal-related peaks (prandial) Inhibits glucose release from the liver 6 5 Fat cell Sustained Insulin profile (basal) Liver Pancreas Muscle 6: : 4: 8: 22: 2: 6: Time of day Breakfast Lunch Dinner Polonsky et al. J Clin Invest 988;8:442 48

33 Slide 33 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI 3 kg/m 2 ) US CDC data on obesity and diabetes prevalence among adults No Data <4.% % % % >26.% Diabetes prevalence No Data <4.5% % % % >9.% CDC: Centers for Disease Control and Prevention Source: CDC s Division of Diabetes Translation. National Diabetes Surveillance System available at

34 Slide 34 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment remains a challenge the rule of halves The worldwide challenge of glycaemic control: mean HbA C in type 2 diabetes All people with diabetes % Canada US 7.2% 6 Latin America 7.6% China % 8 India % 8 Japan % 4 Korea % 3 Russia % 8 5% are diagnosed 5% have access to care 5% 25% 2% 5% get decent care 5% reach target Germany % 2 Greece % 2,7,8 Italy % 8 Poland % 8 Portugal % 2 Romania % 2 Spain % 7 Sweden % 2 Turkey % 2 UK % 9 Lopez Stewart et al. Rev Panam Salud Publica 27;22:2 2; 2 Oguz et al. Curr Med Res Opin 23;29:9 2; 3 Ko et al. Diab Med 27;24:55 62; 4 Arai et al. J Diabetes Investig. 22 2;3(4):396-4; 5 Harris et al. Diabetes Res Clin Pract 25;7:9 7; 6 Hoerger et.al. Diabetes Care 28;3:8 6; 7 Liebl et al. Diab Ther 22;3:e ; 8 Valensi et al. Int J Clin Pract 29;63(3):522-3; 9 Blak et al. Diab Med 22;29:e3-2

35 Incidence risk (%) Investor presentation First nine months of 25 Slide 35 UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications Risk reduction by lowering HbA c by %-point Diabetesrelated death Myocardial infarction Microvascular complications Peripheral vascular disease UKPDS year follow-up: Legacy effect of tight glycaemic control Relative risk reduction of intensive vs. conventional treatment (%) SU/Insulin SU/Insulin treated patientes Microvascular disease % * 4% Diabetes-related death Myocardial infarction % * All-cause mortality * p<. 43% * Statistically significant improvement Source: UKPDS, Stratton et al. BMJ 2; vol. 32:45 2 Source: NEJM, vol. 359, Oct 28

36 -cell function Investor presentation First nine months of 25 Slide 36 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment intensification Distribution of patients and value across treatment classes Insulin GLP- OAD Diet and exercise % OAD GLP- 8% 6% Insulin 4% 2% Time % Patients Value OAD: Oral Anti-diabetic Drugs Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France. Value figures based on IMS MAT ust 25 Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas

37 Slide 37 The insulin market is comprised of three segments Insulin action profiles 6: : 4: 8: 22: 2: 6: Time of day Breakfast Lunch Dinner Fast-acting Premix Long-acting tmu Global insulin volume market by segment 34% 3% 36% 2 CAGR volume : 5.% CAGR value : 9.6% Fast-acting Premix Long-acting 34% 27% 39% 25 CAGR for 5-year period. Value in DKK Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 22 Source: IMS Monthly MAT volume and value (DKK) figures

38 Slide 38 Medications used for the treatment of type 2 diabetes Class Commonly prescribed products for the treatment of type 2 diabetes HbA C change Hypoglycaemia Weight change CVD risk factors Dosing (pr. day) Contraindication/ undesired effects Metformin.5 No Neutral Minimal 2 OADs Kidney, liver Sulfonylurea.5 Yes Gain None OAD Essentially none TZDs No Gain Variable OAD CHF, liver DPP-IV inhibitors No Neutral TBD -2 OAD None SGLT-2 inhibitors No Loss TBD OAD Genital infections, urinary tract infections GLP No Loss TBD Varies GI side effects, MTC Long-acting insulin Yes Gain TG and HDL injection Hypoglycaemia Fast-acting insulin Yes Gain TG and HDL -4 injections Hypoglycaemia Note: TG and HDL: Beneficial effect on triglycerides and HDL cholesterol; CHF: Congestive heart failure; GI: Gastro intestinal; MTC: Medullary thyroid cancer. TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 26; 29: ; Nathan DM, et al. Diabetes Care. 27;3: ; Nathan DM, et al. Diabetes Care. 28;3: ADA. Diabetes Care. 28;3:S2-S54. WelChol PI. /28.

39 Slide 39 Sustained double-digit growth in insulin market DKK billion Global insulin market growth bdkk 66 CAGR: 5.% 33 bdkk CAGR: 4.5% CAGR: 9.3% 84 bdkk bdkk Volume The fundamental growth drivers of the insulin market Rising prevalence of diabetes Growing overweight and obesity prevalence Ageing of populations Rising diagnosis rates and treatment rates Intensification of insulin regimens Value Conversion to modern insulin and new-generation insulin Continued device penetration 2 Volume contribution Mix/price contribution 25 CAGR for 5-year period Source: IMS Monthly MAT value figures

40 Slide 4 Solid insulin volume growth in key regions Novo Nordisk regions North America Europe Market value size & growth 2. 3% 43% % 3% % 39% 2% Market volume composition 39% % 4% Volume market shares Fast-acting 63% 37% Premix Long-acting 53% 47% Novo Nordisk Others International Operations 9. 3% 4%.7 3% 47% 23% 45% 55% Region China 5. 7% 22% 6.6 4% 2% 65% 44% 56% Japan & Korea 4.3 % 3% % 38% 5% 49% 24 bdkk Volume growth Mix/price growth 2 25 bdkk 26% IMS only covers part of the channels in China and International Operations. 2 Measured in DKK. Source: IMS ust 24 & 25 Monthly MAT volume and value (DKK) figures

41 Slide 4 Stable global insulin volume growth 35% 3% 25% 2% 5% % 5% % Regional insulin volume growth North America China Europe Int. Operations Japan & Korea World 2,,, Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT volume figures 5.2% 25 % 8% 6% 4% 2% % Regional insulin volume market split 2 North America Europe China Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT volume figures Int. Operations Japan & Korea 9% 22% 3% 35% 3% 25

42 Slide 42 Maintaining insulin leadership by sustaining modern insulin market share Novo Nordisk volume market share across insulin classes Novo Nordisk class MS (%) tmu Human insulin tmu Modern insulin 3 tmu Total insulin 2 Market value 2 : DKK 2 billion 25 % 8% 6% 4% 2% % Includes animal insulin 2 Annual value of total insulin class 3 Includes new generation insulin Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS, Monthly MAT value and volume figures Market value 2 : DKK 78 billion 25 % 8% 6% 4% 2% % Market value 2 : DKK 99 billion class volume 25 % 8% 6% 4% 2% %

43 Slide 43 Strong underlying insulin market growth and steady market share development tmu Global insulin market Global modern insulin volume market shares Device penetration Modern insulin penetration Novo Nordisk Sanofi Eli Lilly Penetration CAGR volume 2 : 5.% % 6% CAGR value 2 : 9.6% 8% 5% 45% 6% 4% 35% Modern insulin 3% 4% 2% 9% Human insulin 2% % 2 Includes new generation insulin. 2 CAGR for 5-year period Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT volume and value (DKK) figures 25 % % 2 Includes new generation insulin Note: Data is sensitive to changes in IMS data collection and reporting methodology, does not add up to % due to other players Source: IMS Monthly MAT volume figures 25

44 Slide 44 Novo Nordisk s modern insulins continue strong performance within their respective segments tmu Fast-acting insulin Segment volume NovoRapid market share CAGR volume: 5.4% MI penetration: 76.7% 2 25 % 8% 6% 4% 2% % tmu Premixed insulin Segment volume NovoMix market share CAGR volume: 2.8% MI penetration: 48.% 25 % 8% 6% 4% 2% % tmu Long-acting insulin 2 Segment volume Levemir market share CAGR volume: 6.4% MI/NG penetration: 8.% 25 % 8% 6% 4% 2% % CAGR for 5-year period Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; NG: new generation; Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT volume figures

45 Slide 45 NovoRapid remains the preferred modern fast-acting insulin in all key markets 6% Fast-acting insulin market by volume Share of total insulin market Segment volume growth NovoRapid Other modern Other Example of NovoRapid promotional sales aid 4% 4% 3% % 6% 2% 2% 9% % North America Europe IO Japan & Korea Region China Global Note: Segment volume growth ust 25 vs 24. IO: International Operations. Human insulin incl. animal insulin Source: IMS MAT ust 25 volume figures Picture of sales aid is not intended for promotional purposes Source: NovoRapid Summary of Product Characteristics

46 Slide 46 Continued growth potential for NovoMix in the premix insulin segment in key markets Share of total insulin market 8% 6% 4% 2% Premix insulin market by volume -7% NovoMix Segment volume growth Other modern insulin Others -3% 9% -9% 5% 2% Example of NovoMix promotional sales aid % North America Europe IO Japan & Korea Region China Global Note: Segment volume growth ust 25 vs 24. IO: International Operations. Human insulin incl. animal insulin Source: IMS MAT ust 25 volume figures Picture of sales aid is not intended for promotional purposes Source: NovoMix Summary of Product Characteristics

47 Slide 47 Solid growth potential for Tresiba in the long-acting insulin segment Share of total insulin market 6% 4% Basal insulin market by volume 4% Tresiba Levemir Other modern insulin Others Segment volume growth 5% 5% 7% 6% Example of Levemir promotional sales aid 2% 6% % North America Europe IO Japan & Korea Region China Global Note: Segment volume growth ust 25 vs 24. IO: International Operations. Human insulin incl. animal insulin Source: IMS MAT ust 25 volume figures Picture of sales aid is not intended for promotional purposes Sources: Blonde L. et al. Diabetes, Obesity and Metabolism 29; Hermansen K. et al. Diabetes Care 26; Levemir EU Summary of Product Characteristics, April 22; Philis-Tsimikas A. et al. Clinical Therapeutics 26; Rosenstock J et al. Diabetologia 28; IMS Worldwide Data Q3 22; Reimer T. et al. Clinical Therapeutics 28

48 Slide 48 Still a significant potential for Novo Nordisk on the US modern insulin market tmu US insulin market by segments Device penetration CAGR volume :.9% CAGR value : 27.5% 2 Fast-acting Premix Long-acting Modern Insulin penetration Penetration % 25 8% 6% 4% 2% % 6% 5% 4% 3% 2% % % US modern insulin volume market shares 2 Novo Nordisk Sanofi Eli Lilly 4% 39% 2% 25 CAGR for 5-year period 2 US trend data reflect changes to IMS data collection coverage and methodology as of January 22 Source: IMS Monthly MAT volume and value (DKK) figures Source: IMS Monthly MAT volume figures

49 Slide 49 Novo Nordisk s modern insulins have gained market share in expanding US insulin market US fast-acting insulin US premixed insulin US long-acting insulin tmu Segment volume NovoLog market share CAGR volume : 3.2% MI penetration: 83.8% % 8% 6% tmu Segment volume NovoMix market share CAGR volume : (7.7%) MI penetration: 57.8% % 8% 6% Segment volume Levemir market share tmu 7 CAGR volume : 3.8% % MI penetration: 89.3% 6 8% 5 4 6% 3 2 4% 2% 3 2 4% 2% 3 2 4% 2% 2 25 % % 2 25 % CAGR for 5-year period Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 22. Modern insulin (MI) penetration is of total segment, i.e. including human insulin Source: IMS Monthly MAT volume figures

50 Slide 5 Sustained leadership position on the European modern insulin market tmu European insulin market by segments 2 Device penetration CAGR volume : 2.4% CAGR value : 3.8% Fast-acting Premix Long-acting CAGR for 5-year period 2 Includes new generation insulin Source: IMS Monthly MAT volume and value (DKK) figures Modern Insulin penetration 2 Penetration % 25 8% 6% 4% 2% % 6% 5% 4% 3% 2% % % 2 European modern insulin volume market shares Novo Nordisk Sanofi Includes new generation insulin Source: IMS Monthly MAT volume figures, numbers do not add up to % due to smaller insulin manufacturers Eli Lilly 47% 34% 8% 25

51 Slide 5 Stable leadership position in International Operations tmu International Operations insulin market by segments Device penetration CAGR volume : 2.6% CAGR value :.7% Fast-acting Premix Long-acting Modern Insulin penetration 2 Penetration % 25 8% 6% 4% 2% % CAGR for 5-year period. 2 Includes new generation insulin. Note: IMS only covers the following 3 markets in IO (retail data): Algeria, Argentina, Australia, Brazil, Colombia, Egypt, India, Mexico, NZ, Russia, Saudi Arabia, South Africa & Turkey Source: IMS Monthly MAT volume and value (DKK) figures. 7% 6% 5% 4% 3% 2% % % 2 International Operations insulin volume market shares Novo Nordisk Sanofi Note: Only top-4 shown Source: IMS Monthly MAT volume figures, numbers do not add up to % due to smaller insulin manufacturers Eli Lilly Biocon 55% 9% 8% 3% 25

52 Slide 52 Sustained leadership position in the Chinese insulin market tmu Chinese insulin market by segments Device penetration CAGR volume : 6.% CAGR value : 26.3% CAGR for 5-year period Note: IMS covers around 5% of the total Chinese market (hospital data) Source: IMS Monthly MAT volume and value (DKK) figures Modern Insulin penetration Fast-acting Premix Long-acting Penetration % 25 8% 6% 4% 2% % 7% 6% 5% 4% 3% 2% % % Chinese insulin volume market shares 2 Novo Nordisk Shanghai Fosun Note: Only top-5 shown Source: IMS Monthly MAT volume figures, numbers do not add up to % due to smaller insulin manufacturers Sanofi Eli Lilly Tonghua Dongbao 56% 4% % 8% 6% 25

53 Slide 53 Expanding market leadership position in Japan tmu 4 Japanese insulin market by segments Device penetration CAGR volume : -.3% CAGR value : -.4% Modern Insulin penetration 2 Penetration % Japanese modern insulin volume market shares Novo Nordisk Sanofi Eli Lilly 7% 2 8 Fast-acting 8% 6% 6% 5% 4% 5% Premix Long-acting 4% 2% 3% 2% % 27% 23% 2 25 % % 2 25 CAGR for 5-year period 2 Includes next generation insulin Source: IMS Monthly MAT volume and value (DKK) figures Source: IMS Monthly MAT volume figures

54 Slide 54 Promising Tresiba performance strengthens total insulin market share in Japan 8% Japanese basal value market shares glargine Tresiba Levemir NPH NN Total Basal Japanese total insulin value market shares Novo Nordisk Sanofi Eli Lilly 8% 6% 57% 6% 55% 4% 42% 3% 4% 25% 2% % 22 9% 4% 25 2% % 22 2% 25 Source: IMS Monthly ust 25 value figures Source: IMS Monthly ust 25 value figures

55 Slide 55 GLP- effect dependent on level of blood glucose which reduces risk of hypoglycaemia GLP- mechanism of action when blood sugar levels increase Increases insulin secretion in the pancreas Reduces glucagon secretion in the liver Slows gastric emptying in the gut Creates sense of satiety in the brain Liver Brain Pancreas Gut Glucose (mmol/l) GLP- lowers blood glucose in patients with type 2 diabetes Time Source: Rachman et al. Diabetologia 997;4:25 Type 2 diabetes patients, no GLP- Type 2 diabetes patients, with GLP- Healthy controls receiving saline Breakfast Lunch Snack 8.

56 Slide 56 Victoza has a strong position in the global DPP-IV, GLP- and SGLT-2 segment DKK billion Segment value Share of segment value growth Segment value market shares Victoza Other GLP- SGLT-2 DPP-IV CAGR value: 37.6% 25 % 8% 6% 4% 2% % 7% 4% 23 vs vs. 25 8% 6% 4% 2% % 2 5% 25 CAGR for 5-year period Note: Segment only includes DPP-IV, GLP- & SGLT-2. Other oral anti-diabetic agents and insulin excluded Source: IMS MAT ust 25 value figures

57 Slide 57 Victoza has a strong leadership in the global GLP- market Share of total diabetes care market 8% 7% 6% 5% 4% 3% 2% % % 2 CAGR for 5-year period, Source: IMS Monthly MAT, value figures (DKK) Global GLP- market GLP- sales in bdkk (right axis) CAGR value : 39.8% Victoza Other GLP North America constitutes the majority of the GLP- value market North America Japan & Korea 8% Annual value of diabetes market ust 25 Source: IMS Monthly value figures (DKK) Europe China (.4%) 2% 2% 4% 4% 77% International Operations

58 Slide 58 The US GLP- market continues to expand GLP- TRx scripts (thousands) US GLP- market Victoza exenatide Source: IMS TRx retail value, monthly NPA data, ust 25 GLP- % of diabetes care market albiglutide dulaglutide 25 8% 6% 4% 2% % Key observations for Victoza in the US market Victoza market share within the GLP- segment is 59% Roughly 67% of Commercial and roughly 79% of Medicare Part D lives are covered without restrictions 2 Around 66% of new patients are new to treatment or from OAD-only regimens 3 More than two-thirds of prescriptions are for the 3-pen pack Victoza represents.6% of total prescriptions in the US diabetes care market IMS monthly NPA data, ust 25 2 Fingertip Formulary, September 25 3 IMS Monthly LRx Weekly, September, 25

59 Slide 59 Key Novo Nordisk diabetes care products remain broadly available in the US Value market share 8% 6% 4% 2% Value market shares of key Novo Nordisk products in the US Victoza NovoLog Levemir % 8% 6% 4% 2% % unrestricted market access of key Novo Nordisk products in the US Unrestricted Market access Victoza NovoLog Levemir % 2 25 Source: IMS NSP Monthly Custom Feed, ust 25; data displayed as MAT value share Note: Market shares: NovoLog =share of rapid acting insulin segment, Levemir =share of basal insulin segment, Victoza =share of GLP- segment % Sep 2 Source: FingerTip Formulary, September 25 Note: Unrestricted access excludes prior authorisation, step edits and other restrictions Levemir access based on FlexTouch Pen; NovoLog access based on FlexPen Sep 25

60 Diabetes market share (value) Investor presentation First nine months of 25 Slide 6 Victoza maintains GLP- class leadership position in key European markets 4% Development in key European markets following Victoza launch Germany Market value : DKK 3 billion 4% Victoza UK Market value : DKK 7 billion exenatide 4% lixisenatide dulaglutide France Market value : DKK 8 billion 2% 2% 2% % % % 8% 8% 8% 6% 6% 6% 4% 4% 4% 2% 2% 2% % 2 25 % 2 25 % 2 25 MAT value of diabetes market, ust 25 Source: IMS Monthly value figures

61 Slide 6 Strong Victoza position in the GLP- segment across all markets Share of total diabetes care market % 8% 59% GLP- market by value 7% Victoza exenatide albiglutide lixisenatide dulaglutide GLP- value growth 47% Example of Victoza promotional sales aid 6% 4% 2% % 34% 4% % North America Europe IO Japan & Korea Region China Global Source: IMS MAT ust 25 vs MAT ust 24 figures in value Picture of sales aid is not intended for promotional purposes Source: Victoza Summary of Product Characteristics

62 Slide 62 R&D pipeline: Diabetes and obesity Product/project Type Indication Status (phase) 2 3 Filed Appr. Tresiba (NN25) New-generation once-daily basal insulin analogue Type +2 Ryzodeg (NN54) Co-formulation of insulin degludec and insulin aspart Type +2 Xultophy (NN968) 2 Combination of insulin degludec and liraglutide Type 2 Faster-acting insulin aspart (NN28) New formulation of insulin aspart Type +2 Semaglutide (NN9535) Once-weekly GLP- analogue Type 2 LATIN TD (NN92) Once-daily GLP- analogue Type OG27SC (NN9924) 3 Long-acting once-daily oral GLP- analogue Type 2 OI338GT (NN953) 4 Long-acting oral basal insulin analogue Type 2 Semaglutide QD (NN9535) Once-daily GLP- analogue Type 2 OG987GT (NN9926) Long-acting once-daily oral GLP- analogue Type 2 OG987SC (NN9927) Long-acting once-daily oral GLP- analogue Type 2 OI32GT (NN957) 5 Long-acting oral basal insulin analogue Type 2 LAI287 (NN436) Long-acting once-weekly basal insulin analogue Type +2 Saxenda (NN822) 6 Once-daily GLP- analogue Obesity Semaglutide QD (NN9536) Once-daily GLP- analogue Obesity G53L (NN93) Glucagon analogue Obesity NN9838 Long-acting amylin analogue Obesity PYY (NN9747) Peptide YY analogue Obesity Approved in the US 25 September Approved in EU on 8 Sep Decided to initiate phase 3a trial in Q 26 4 Phase 2a trial initiated June First Phase trial initiated June Approved in US on 23 Dec 24 and in EU on 23 March 25

63 Slide 63 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment flow Type 2 diabetes progression and Novo Nordisk ideal treatment flow Diet & exercise OAD s GLP- Insulin initiation Optimisation Intensification Metformin OR OR Pending clinical development programmes and regulatory processes for semaglutide and faster-acting insulin aspart

64 Slide 64 BEGIN phase 3a programme confirms stable and efficacious profile of insulin degludec Tresiba OD vs insulin glargine OD results from BEGIN phase 3a trial Profile Basal insulin with flatter, less variable profile and a doubling in half-life Efficacy Improved fasting glucose control Less impact of missed dose Safety Lower rate of overall hypoglycaemia Lower rate of nocturnal hypoglycaemia Convenience Dosing flexibility, enabling administration at any time on any day Reduced injection volume (U2) one injection for all Superior pen with easy-touch dosing mechanism OD: once-daily Based on trial NN , NN , NN , NN , NN25-377, NN and NN

65 SWITCH 2 SWITCH Investor presentation First nine months of 25 Slide 65 Two SWITCH trials ongoing with Tresiba vs insulin glargine to further assess hypoglycaemia profile Trial designs Purpose and endpoints 446 people with type diabetes IDeg once daily x IAsp IGlar once daily x IAsp IDeg once daily x IAsp IGlar once daily x IAsp Purpose NN : To document hypoglycaemia benefit in type diabetes NN : To solidify hypoglycaemia benefit in type 2 diabetes 668 people with type 2 diabetes Randomised : Double-blinded IDeg once daily ± metformin IGlar once daily ± metformin 6 week washout HbA c < 7 6 week HbA c stable IDeg once daily ± metformin IGlar once daily ± metformin 6 week washout HbA c < 7 6 week HbA c stable Primary confirmatory endpoint Severe or BG confirmed symptomatic hypoglycaemic events in HbA c stable period Secondary confirmatory endpoints Severe or BG confirmed symptomatic nocturnal hypoglycaemic events in HbA c stable period Proportion of subjects with severe hypoglycaemic events in HbA c stable period From pre-treatment Note: IDeg=insulin degludec; IGlar=insulin glargine

66 Glucose infusion rate (mg/kg*min) Glucose infusion rate (mg/kg*min) Investor presentation First nine months of 25 Slide 66 Improvement in early glucose lowering with faster-acting insulin aspart vs insulin aspart in phase trial PD: Mean GIR profiles ( 3 minutes) for faster-acting insulin aspart vs insulin aspart Faster-acting insulin aspart Insulin aspart PD: Mean GIR profiles ( 3 minutes) for insulin aspart vs human insulin Insulin aspart Human insulin 8 6 AUC GIR, 3 min ratio [95% CI] faster aspart / insulin aspart.48 [.3; 2.2] 8 6 AUC GIR, 3 min ratio [95% CI] IAsp / human insulin.38 [.78; 2.89] Nominal time (min) Nominal time (min) Source: Haahr et al. ADA 24, Abstract number 9-P Source: Heise T et al. Diabet Obes Metab 25; DOI:./dom.2468 [Epub ahead of print]

67 Onset 2 Onset Investor presentation First nine months of 25 Slide 67 Phase 3a trials comparing faster-acting insulin aspart with NovoRapid shows potential benefits,29 people with type diabetes 88 people with type 2 diabetes 2 Run-in -8 Run-in -8 Trial design Faster-acting insulin aspart (MT) Faster-acting insulin aspart (PM) NovoRapid (MT) Faster-acting insulin aspart (MT) NovoRapid (MT) 52 weeks 26 weeks Inclusion criteria: Type diabetes, optimised on Levemir.,43 people randomised 2 Inclusion criteria: Type 2 diabetes, optimised on basal insulin and OAD; HbA c of %. 689 people randomised MT: Mealtime; PM: Post-meal 26 Headline results Greater improvement of HbA c with mealtime faster-acting insulin aspart and similar HbA c improvement when dosed post-meal Statistically larger improvements in - and 2-hour PPG increments with meal-time faster-acting insulin aspart Similar overall rate of hypoglycaemia for all treatment groups, with a higher rate within first hour after meal if dosed at mealtime Similar reduction of HbA c in both treatment groups Statistically larger improvement in -hour PPG increment with faster-acting insulin aspart and numerically larger reduction for 2- hour PPG increment Similar overall rate of hypoglycaemia, with a higher rate of hypoglycaemia for faster-acting insulin aspart within first two hours after meal Note: Previously reported safety and tolerability profiles of insulin aspart confirmed PPG: Postprandial glucose

68 Slide 68 Competitive European label for Xultophy Xultophy is indicated for the treatment of adults with type 2 diabetes in combination with oral glucose-lowering agents Profile Xultophy is a fixed combination product consisting of insulin degludec and liraglutide having complementary mechanisms of action to improve glycaemic control Administered as dose steps: One dose step contains unit of insulin degludec and.36 mg of liraglutide Efficacy On average HbA c reduction of.9% from baseline to end of trial confirmed to be superior against all comparators 2 On average 2.7 kg weight loss from baseline in patients inadequately controlled on basal insulin Convenience Once-daily administration at any time of the day, preferably at the same time of the day The pre-filled pen can provide from up to 5 dose steps in one injection Safety Lower rates of confirmed hypoglycaemia than with insulin degludec in patients on metformin +/- pioglitazone Fewer experienced gastrointestinal side effects than patients treated with liraglutide Source: DUAL I (NN ), DUAL II (NN ) 2 Insulin degludec, liraglutide and placebo

69 Slide 69 Xultophy has documented strong efficacy across the treatment cascade DUAL I Add-on to metformin ± Pio n = 833 Xultophy key clinical results DUAL II Add-on to metformin ± basal insulin n = 99 DUAL III Switch from GLP- n = 292 DUAL IV Add-on to SU ± metformin n = 289 Note: Typical confirmed hypoglycaemia event rates for treatment with basal insulin are episodes per PYE (based on insulin glargine event rates from trials NN , 3579 and 3672) where the FPG target and hypoglycaemia definition is similar to the DUAL trials Source: Novo Nordisk Trial IDs: DUAL I (NN ), DUAL II (NN ), DUAL III (NN ), DUAL IV (NN ), DUAL V (NN ) DUAL V Switch from insulin glargine n = 557 Mean trial start HbA c (%) Mean trial end HbA c (%) HbA c change (%) % to target < 7% (%) % to target < 6.5% (%) Confirmed hypoglycaemia (Episodes per PYE) Weight change (kg)

70 Slide 7 SUSTAIN phase 3a programme to support a broad competitive label for semaglutide SUSTAIN : Monotherapy 3 weeks, n= 4 SUSTAIN 2: Semaglutide vs sitagliptin 56 weeks, n=,2 SUSTAIN 6: Long-term outcomes trial Min. 4 weeks, n=3,2 SUSTAIN 3: Semaglutide vs exenatide once-weekly 56 weeks, n= 8 SUSTAIN 4: Semaglutide vs insulin glargine 3 weeks, n=, SUSTAIN 5: Add-on to basal insulin 3 weeks, n=4 In the SUSTAIN phase 3a programme,.5 mg and. mg doses of semaglutide are being tested in people with type 2 diabetes. Note: Estimated timing of trials as listed on excl. data analysis; n= approximate no of randomised patients

71 Slide 7 Semaglutide shows superior HbA c reduction and weight loss compared with placebo in SUSTAIN trial SUSTAIN trial design Headline results Semaglutide.5 mg.5 mg. mg semaglutide semaglutide Placebo 388 drugnaïve people with type 2 diabetes Semaglutide. mg Placebo Change in HbA c (8.% baseline) Proportion of patients reaching HbA c target of <7% Change in body weight (92 kg baseline) -.5% * -.6% *.% 74% * 72% * 25% -3.7 kg * -4.5 kg * -. kg 3 weeks Discontinuation rate due to adverse events 6% 5% 2% Inclusion criteria: Type 2 diabetes, treated with diet and exercise at least 3 days before screening, HbA c 7.-.% (53-86 mmol/mol) (both inclusive) * Statistically significantly greater compared to placebo Adjusted from 73%, -.8kg and -4.6kg respectively after post-trial validation

72 Slide 72 Oral peptide delivery the gastro-intestinal route poses many challenges to absorption of intact macromolecules Challenges. Breakdown of drug in the stomach/gastrointestinal tract 2. Passage across the gut barrier into the circulation 3. Ensuring a long circulation half-life Solutions. Stabilisation of peptide backbone and side chain 2. Tablet formulation including carrier and/or coating 3. Engineered systemic protraction mechanism

73 Slide 73 Positive results for phase 2 trial with oral semaglutide 632 T2DM patients diabetes drug naïve or on metformin Phase 2 trial design Oral semaglutide 2.5 mg (QD) Oral semaglutide 5 mg (QD) Oral semaglutide mg (QD) Oral semaglutide 2 mg (QD) Oral semaglutide 4 mg (QD) 2 Oral placebo (QD) Sc semaglutide. mg (QW) 26 weeks Headline results From a baseline HbA c of 7.9% people achieved the following improvements: Oral semaglutide:.7% to.9% (dose dependent) Sc semaglutide:.9% Oral placebo:.3% From a baseline of 92 kg people experienced a comparable weight loss of 6.5 kg with subcutaneous and the highest doses of oral semaglutide versus kg for placebo Semaglutide appeared to have a safe and well-tolerated profile; the most common adverse events were transient nausea and vomiting Phase 3 decision to be made after consultations with regulatory authorities and commercial assessment Key inclusion criteria: People with type 2 diabetes treated with diet and exercise and/or on a stable dose of metformin; HbA c % (both inclusive); BMI 25-4 (both inclusive). 2 Fast and slow escalation arms T2DM: Type 2 diabetes; Sc: Subcutaneous; QD: Once daily; QW: Once weekly

74 Slide 74 Liraglutide as adjunct to insulin therapy leads to greater HbA c reduction and weight loss in ADJUNCT TWO trial 835 people with type diabetes 2 ADJUNCT TWO trial design Liraglutide.8 mg + capped insulin Liraglutide.2 mg + capped insulin Liraglutide.6 mg + capped insulin Liraglutide placebo + capped insulin Headline results Greater improvement in HbA c between.2% and.3% for people with type diabetes compared with no improvement for people with type diabetes treated with placebo Weight loss of between 2 kg and 5 kg from mean baseline of 84 kg versus stable weight development with placebo No difference in severe hypoglycaemia or nocturnal symptomatic hypoglycaemia for any of the doses. However, a higher rate of symptomatic hypoglycaemia was observed among people treated with liraglutide.2 mg compared to people treated with placebo Screening -2 4 Week Capped insulin defined as upper limit on total daily insulin dose corresponding to pre-trial average total daily insulin dose 2 Inclusion criteria: Type diabetes as diagnosed clinically 2 mths or prior to visit, 8 years or older, treatment with basal bolus or Continuous Subcutaneous Insulin Infusion 6 mths or longer prior to visit, stable insulin treatment 3 mths or longer prior visit, HbA c 7.-.% (53-86 mmol/mol) (both incl.) 26 Liraglutide appeared to have a safe and well-tolerated profile

75 Glucose Infusion Rate (mg/kg/min) Rate (mg/kg/min) Investor presentation First nine months of 25 Slide 75 Long-acting insulin LAI287 intended for once-weekly dosing 5 Glucose Infusion Rate vs. time (predicted mean at steady state) 8 nmol/kg IGlar.4 U/kg Glucose Infusion Rate vs. Time (Predicted Mean) LAI287, 8 nmol/kg Insulin glargine,.4 U/kg Key observations The peak-to-trough ratios for Glucose Infusion Rate are comparable for ultra-long-acting insulin LAI287 and oncedaily insulin glargine (approx. 65% for both) 4 Half-life deemed adequate for once-weekly dosing Time (days) Time (days) 7 23-Oct-25T:2:2 E:/Project/NN436/NN /current/Splus/Final/9_MultipleDoseComparison.ssc Note: Pharmacokinetic simulation

76 Slide 76 Obesity burden in the US Incidence of obesity in the US Comments to the US obesity burden Million people Overweight BMI Class I BMI Obese Class II BMI Class III BMI 4+ TOTAL Cost of obesity to health care systems of USD 47 billion annually 2 with continued growth Around 35% of the US adult population (over 2 years) are clinically obese (BMI>27) 3 Normal Glucose Pre- Diabetes Type 2 diabetes 39 7 x x9 74 x7 x6 x4 x4 22 Only around 23% of all obesity cases in the US were diagnosed in 2 3 In 2, only 3 million people in the US or around 3% of the adult obese population were treated with anti-obesity medication 4 TOTAL Impaired Fasting Glucose Source: NHANES and revised 2 CDC estimates 2 Finkelstein et al. Health Affairs 28, no. 5 (29): w Flegal, KM. JAMA. 22;37(5): Doi:./jama Obesity. Decision resources, Inc. December 2:38

77 Low Medium High Investor presentation First nine months of 25 Slide 77 Significant unmet need in obesity management Insufficient treatment options All people with obesity % Mean weight loss Significant gaps in obesity treatment Bariatric surgery People diagnosed 3% Anti-obesity medication with weight loss of 5-% People Rx treated * Source: Diagnosis rate, Practice Fusion March 24 & Treatment rate, Understanding the Treatment Dynamics of the Obesity Market, IMS Database (NPA), ust 24 *Rx=prescription, i.e. treated with anti-obesity medication (AOM) 4% Diet and exercise Low Medium High Complexity of treatment

78 Slide 78 Small but growing market for anti-obesity medication in the US Value of US obesity market remains small compared to diabetes market, but it is growing USD million Note: 25 is MAT ust 25 Source: IMS NSP Monthly, ust 25 Few people treated with AOM in US, but recent launches have contributed to market growth TRx volume (thousands) Jun 2 Generic TRx volume AOM TRx volume Phentermine and topiramate launch Lorcaserin launch Branded TRx volume Naltrexone HCI and bupropion HCI launch Note: Phentermine and topiramate is the fixed combination; naltrexone HCI and bupropion HCI is the second fixed dosed combination to market. AOM: anti-obesity medication Source: IMS NPA Monthly, ust 25 Saxenda launch 25

79 Slide 79 Saxenda demonstrated weight loss in all SCALE trials Overview of weight loss (%) in the SCALE programme Saxenda Placebo % patients with 5% weight loss Obesity & Pre-diabetes 2 (56 weeks and n=3,73) Diabetes 3 (56 weeks and n=846) Sleep Apnoea 4 (32 weeks and n=359) Maintenance,5 (56 weeks and n= 422).2% 2.6% 2.%.6% 5.9% 5.7% 6.2% 8.% 63.2% 27.% 49.9% 3.8% 46.3% 8.5% 5.5% 2.8% Note: Observed means, last observation carried forward (LOCF) at end of trial. N=number of randomised participants Trial includes 2 week run-in period before randomization Source: 2 Fujioka K et al, Diabetologia 24; 57 (Suppl ): Abstract 94-OR at EASD 24; 3 Davies M, Diabetologia 24; 57 (Suppl ): Abstract 39-OR at EASD 24; 4 Wadden et al. Int J Obes (Lond). 23;37:443-5; 5 Blackman A, Diabetologia 24; 57 (Suppl ): Abstract 84-OR at EASD 24

80 Slide 8 Competitive US label for Saxenda Saxenda approved in the US for chronic weight management in individuals with a BMI 3, or 27 in the presence of at least one weight-related comorbidity Profile GLP- receptor agonist a physiological regulator of appetite and calorie intake Saxenda is the first and only GLP- receptor agonist approved for weight management Effect on body weight 9 in lose weight and in 3 people lose more than % of their body weight 2 Average weight loss of 9.2% in completers at one year 2 Effect on comorbidities Improvements in cardiometabolic risk factors such as hypertension and dyslipidaemia Safety Boxed warning on thyroid C-cell tumours Precautions on acute pancreatitis, acute gallbladder disease, serious hypoglycaemia 3, heart rate increase, renal impairment, hypersensitivity and suicidal ideation Examples include hypertension, type 2 diabetes and dyslipidemia. 2 Saxenda US Package Information. 3 When used with an insulin secretagogue

81 Slide 8 Saxenda targeted at patients with BMI 35 and weightrelated comorbidities Focused patient profile Market approach Clear patient segmentation Saxenda aspiration All people with BMI 3 Diagnosed with obesity Focused prescriber targeting Clear product value proposition Build the market Treated with Saxenda Treated for obesity Focus on engaging prioritised payers and employers

82 Slide 82 Biopharmaceuticals

83 Slide 83 Haemophilia: Location of bleedings and the consequences Head and neck Muscles Locations Nose and gums Joints Gut Joints Kidneys Joints Consequences of bleedings Bleeding in the joint space causes a strong inflammatory reaction which predisposes to further bleeding Inadequate or delayed treatment of repeated joint bleeds results in a target joint The joint is tense, swollen and extremely painful and the mobility is restricted Eventually the cartilage erodes completely and permanent joint damage (arthropathy) occurs Treatment of arthropathy is orthopaedic surgery Joints

84 Slide 84 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B and haemophilia with inhibitors Low diagnosis and treatment rates within haemophilia Haemophilia A App. 35, patients Inhibitor segment app. 3,5-4, patients Haemophilia B App. 7, patients Thousand people 45 Average percentage of people with haemophilia People with Diagnosed Treated Prophylactic Pristine joints haemophilia Note: The inhibitor segment represents people with haemophilia and high titre inhibitors to their normal replacement treatment Source: Estimates based on prevalence data in literature (Stonebraker JS et al. Haemophilia. 2; 6: 2-32), World Federation of Haemophilia Annual Global Survey 22, UDC database in the US Source: World Federation of Haemophilia Annual Global Survey % 5% 6% 3%

85 Slide 85 The global haemophilia market is growing by mid-single digits DKK billion Sales of recombinant coagulation factors NovoSeven Coagil VII Xyntha /Refacto Benefix CAGR : 6% CAGR for 5-year period Source: Company reported sales for 24 Kogenate /Helixate Recombinate /Advate CAGR : 6% CAGR : 9% rfviia rfviii rfix Strategic positioning of Novo Nordisk s haemophilia portfolio Novo Nordisk compound Status Strategic position NovoSeven Launched Maintain market leadership NovoEight Launched Establish presence in a competitive market place N8-GP Phase 3 Contribute to market conversion N9-GP Phase 3 2 Establish new treatment paradigm NovoThirteen Launched Launch first recombinant product Submission of N8-GP expected 27/28 pending expansion of production capacity 2 Submission expected in 25

86 Slide 86 NovoSeven a unique biologic for the treatment of rare bleeding disorders DKK billion 3, 2,5 2,,5,,5, Q2 2 NovoSeven reported sales CAGR 2.5% Q2 25 Key NovoSeven properties Product characteristics: powder and solvent for solution for intravenous injection, available in multiple doses, stable at room temperature MixPro administration system launched in 23 Indications: treatment of spontaneous and surgical bleedings in: Haemophilia A or B patients with inhibitors Acquired haemophilia Congenital FVII deficiency Glanzmann s thrombasthenia CAGR for 5-year period Only indicated in Europe and the US

87 Slide 87 NovoEight is launched in the US, Europe and Japan for the treatment of people with haemophilia A Example from NovoEight promotional campaign NovoEight properties and launch performance Indications: Treatment and prophylaxis of bleeding in patients with congenital factor VIII deficiency for all age groups Key product characteristics: Reliability: No inhibitor development in PTPs in one of the largest pivotal trial programmes of any approved rfviii (n=23),2 Purity and safety: First rfviii to use a 2nm filter in its purification process 3 Portability: Room temperature stability with storage at 3 degrees celsius Launch status: NovoEight is available in the US, Japan and eleven European countries Picture is not intended for promotional purposes Sources: NovoEight Summary of Product Characteristics. 2 Iorio A et al., Blood 22; 2(4): NovoEight Prescribing Information

88 Slide 88 NovoThirteen, a recombinant FXIII, provides efficacious and safe haemostatic coverage Example from NovoThirteen promotional campaign NovoThirteen properties and launch performance Indication: Long term prophylactic treatment of bleeding in adult and paediatric patients with congenital factor XIII A-subunit deficiency Key product characteristics: NovoThirteen is the only recombinant product for prophylaxis NovoThirteen is well tolerated and has low volume dosing NovoThirteen effectively prevents bleeds and provides a convenient once-monthly regimen Launch status: NovoThirteen is available in ten countries Picture is not intended for promotional purposes Source: European Medicines Agency, summary of opinion (post-authorisation) 23 January 24. NovoThirteen Summary of product characteristics.

89 Slide 89 R&D pipeline: Haemophilia and growth disorders Product/project Type Indication Status (phase) N9-GP (NN7999) GlycoPEGylated long-acting rfix Haemophilia B 2 3 Filed Appr. N8-GP (NN788) GlycoPEGylated long-acting rfviii Haemophilia A Concizumab (NN745) Monoclonal anti-tfpi Haemophilia A, B and with inhibitors NN864 Once-weekly human growth hormone Growth disorder Phase 3 initiated in AGHD

90 Slide 9 Positive results from phase 3 trial with long-acting factor IX for treatment of haemophilia B FIX activity (IU/mL) N9-GP phase pharmacokinetics Paradigm 2 headline results (phase 3) rfix Dose normalised 5 IU/kg (N=5) One stage clot assay pdfix Time (h) N9-GP 68 Median bleeding rate for patients treated on demand was 5.6 episodes per year Patients on prophylactic treatment had a median bleeding rate of 2.9 and. episodes per year when treated with doses of U/kg and 4 U/kg, respectively Among patients receiving 4 U/kg: 99% of bleeding episodes were treated with only one infusion Two thirds of patients experienced complete resolution of bleeding in their target joints Steady-state half-life of hours N9-GP appeared to have a safe and well tolerated profile with no patients developing inhibitors Source: Novo Nordisk data on file Source: Negrier et al. Blood. 2;5:

91 Slide 9 Positive results from phase 3 trial with long-acting factor VIII for treatment of haemophilia A FVIII activity (IU/mL) N8-GP phase pharmacokinetics Pathfinder 2 headline results (phase 3) Dose 5 IU/kg (N=8) One stage clot assay FVIII N8-GP Median bleeding rate for patients treated on demand was 3.9 episodes per year Patients on prophylactic treatment had a median bleeding rate of.3 per year Pharmacokinetic documented single dose half-life of 8.4 hours Mean trough level of 8% N8-GP appeared to have a safe and well tolerated profile One patient developed an FVIII inhibitor, which is in-line with expectations for a population of previously treated haemophilia A patients Time (h) 68 Source: Novo Nordisk data on file Source: Tiede et al. J Thromb Haemot. 23;:67-675

92 Slide 92 Novo Nordisk continues to expand leadership within growth hormone market DKK billion Development in global hgh market MAT volume kg MAT value DKK kg Growth hormone volume market share Novo Nordisk Pfizer Sandoz Eli Lilly Merck Kgaa Roche % 3% 25% 32% 5 CAGR volume : 5.8% CAGR value DKK : 4.8% % 5% % 5% 2 25 % 2 25 CAGR for 5-year period Source: IMS Monthly MAT volume figures and value (DKK) figures Source: IMS Monthly MAT volume figures

93 Slide 93 Solid Norditropin sales growth DKK billion 2,,5,,5 Norditropin reported sales CAGR 8.4% Key Norditropin properties Product characteristics: Premixed, prefilled multi-use delivery systems available in multiple strengths, and stable at room temperature Expanded indications: GHD, GHDA, Noonan Syndrome, Turner Syndrome, SGA indication, Idiopathic short stature Easy to use FlexPro device Medical and Clinical support programmes Patient support programmes, Q3 2 Q3 25 CAGR for 5-year period

94 Slide 94 Financials

95 Slide 95 Novo Nordisk has delivered sustained double digit growth throughout the last decade Sales growth in local currencies Operating profit growth in local currencies Sales growth Average growth Operating profit growth Average growth 3% 3% 2% 2% 9% 2% % % % % Note: Numbers for 27 and 28 are adjusted for the impact of the discontinuation of pulmonary insulin projects

96 Slide 96 Solid sales growth with especially North America, International Operations and Region China expanding DKK billion % Reported annual sales 76% Diabetes CAGR 9.9% 78% Biopharmaceuticals 78% 79% Reported annual sales split by region North America Europe Int. Operations China Japan & Korea 9% 6% 9% 2% 4% 3% 23% 39% 49% 2 24 CAGR for 4-year period Note: China was separated as an independent sales region in connection with the release of 2 full year results

97 Slide 97 Solid operating profit growth driven by diabetes DKK billion % Operating profit Operating profit Operating profit as % of sales Operating profit growth vs last year Operating profit growth in local currencies 4% 8% 32% 7% % 6% 22% 2% 5% 3% % 2% % % Operating profit therapy split Diabetes 36% 64% 74% 2 24 Biopharm 26%

98 Slide 98 Profitability per segment Diabetes P&L full year 24 Biopharmaceuticals P&L full year 24 DKK billion % -29% -3% -4% +% 36% Sales COGS S&D R&D Admin OOI OP DKK billion % -5% -5% -4% 56% +% Sales COGS S&D R&D Admin OOI OP Excluding inflammation

99 Slide 99 Continued decline in relative COGS level combined with stable investment level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK billion COGS as % of sales COGS DKK billion CAPEX as % of sales CAPEX 5 25% 4 6% 2% 5% 3 4% 2 5 % 5% 2% % %

100 Slide Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes DKK billion Annual cash return to shareholders 2 6 Free cash flow Share repurchase Dividend Expanded share repurchase E Based on improved outlook for free cash flow generation primarily related to partial divestment of NNIT Note: Dividends are allocated to the year of dividend pay. For 25 expected free cash flow is DKK billion. Share repurchase programmes run for 2 months starting February until end January of the following year Share repurchase programmes have enabled continued reduction in share capital DKK million CAGR -2.7% Share capital -3% -2% -4% -2%

101 Slide Long term financial targets: Operating profit growth and operating margin Operating profit growth Operating margin 35% Current long term financial target Previous long term financial targets 45% Current long term financial target Previous long term financial targets 3% 25% 2% 3% 5% % 5% 5% % % Note: The long term financial targets are based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain stable

102 Slide 2 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings 4% Operating profit after tax to net operating assets Current long term financial target Previous long term financial targets 4% Cash to earnings (three years average) Current long term financial target Previous long term financial targets 2% 2% % % 8% 8% 6% 6% 4% 4% 2% 2% % % Note: The long term financial targets are based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain stable

103 Slide 3 Stable ownership structure - secured through A and B-share structure Novo Nordisk Foundation Novo A/S 74.9% of votes 27.% of capital Share structure Institutional and private investors 25.% of votes 73.% of capital The Novo Nordisk Foundation The Novo Nordisk Foundation is a self-governing institution that: provides a stable basis for Novo Nordisk supports scientific, humanitarian and social purposes All strategic and operational matters are governed by the board and management of Novo Nordisk Overlapping board memberships ensure that the Novo Nordisk Foundation and Novo Nordisk share vision and strategy A shares 537m shares B shares 2,63m shares Novo Nordisk A/S Note: Treasury shares are included in the capital but have no voting rights

104 Slide 4 Sustainability

105 Slide 5 We are guided by a strong values-based management system with patients at the centre of everything we do The Novo Nordisk way The Triple Bottom Line business principle Our ambition is to strengthen our leadership in diabetes. We aspire to change possibilities in haemophilia and other serious chronic conditions. Our key contribution is to discover and develop innovative biological medicines and make them accessible to patients throughout the world. Our business philosophy is one of balancing financial, social and environmental considerations

106 Slide 6 Long term social performance targets Patients reached with Working the Diverse senior diabetes care products Novo Nordisk Way management teams Realised Target (22) Realised Target Realised Target (24) Number of people million Average score 2 % of management teams Novo Nordisk estimate 2 Average score in annual employee survey (-5) 3 All senior management teams must comply with the target to be diverse in terms of gender and nationality or explain why this has not yet been achievable

107 Slide 7 Treating 4 million patients with diabetes by 22 is a long term target to be achieved by addressing needs locally Number of patients treated with Novo Nordisk s diabetes care products To reach our target, the global strategy is translated into local action plans Million people

108 Slide 8 Changing Diabetes initiatives aim at changing the rule of halves Prevention Diagnosis Access to care Reach target Desired outcome Initiative examples Prevent in future generations Drive awareness and policy Expand access to affordable care Improve health outcomes Changing Diabetes in Pregnancy Changing Future Health World Diabetes Day Cities Changing Diabetes Leadership Forums Team Novo Nordisk LDC pricing policy Working poor base of pyramid Changing Diabetes in Children DAWN2 Changing Diabetes barometer Training of HCPs

109 Slide 9 Cities Changing Diabetes aims to break the Rule of Halves and stop urban diabetes from ruining millions of lives Urban diabetes is on the rise Cities Changing Diabetes is our response Public-private partnerships City partners Steno Diabetes Center Global fight against urban diabetes City leaders University College London México City Tianjin Map the challenge in selected cities Share learning and best practices on how to break the Rule of Halves Implement action plans with local partners Copenhagen Shanghai Houston