Slide 1. Investor presentation Full year Copenhagen, 3 February Shanghai part of Cities Changing Diabetes

Transcription

1 Slide Investor presentation Full year 205 Copenhagen, 3 February 206 Shanghai 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 o Nordisk s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the company s Annual Report 205 and Form 20-F, which are both filed with the SEC in February 206 in continuation of the publication of the Annual Report 205, and presentations made, written information released, or oral statements made, to the public in the future by or on behalf of o 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 o 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. o 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, 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 o Nordisk s products, introduction of competing products, reliance on information technology, o 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 Managing risks on p of the Annual Report 205. Unless required by law, o Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, 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 Full year 205 Sales development Sales increased by 22% in Danish kroner and 8% in local currencies North America and International Operations grew by 32% and 9% in Danish kroner, respectively Victoza increased by 34% in Danish kroner and continues to drive the growth of the GLP- market Levemir increased by 29% in Danish kroner and gains market share in the US despite increased competition Tresiba launched in the US and continues to perform well in countries with similar reimbursement as insulin glargine Research and Development Tresiba shows lower rate of hypoglycaemia than insulin glargine in SWITCH 2 trial in people with type 2 diabetes SUSTAIN 2 trial, comparing semaglutide vs sitagliptin in people with type 2 diabetes, successfully completed SUSTAIN 4 trial, comparing semaglutide vs insulin glargine in people with type 2 diabetes, successfully completed Financials Operating profit growth of 43% in Danish kroner; adjusted for partial NNIT divestment, growth was 4% in local currencies Diluted earnings per share increased 34% to 3.52 DKK per share 206 financial outlook: Sales growth is expected to be 5-9% measured in local currencies Operating profit growth is also expected to be 5-9% measured in local currencies, adjusted for the partial divestment of NNIT and out-licensing income from the divestment of inflammation assets, both in 205 Updated long-term financial targets The target for operating profit growth has been set at 0% A new operating margin target has not been established, as operating margin is expected to remain around 44% The targets for operating profit after tax to net operating assets and cash-to-earnings ratio remain unchanged

5 Slide 5 North America is the main contributor to growth Sales as reported Full year 205 Region China +22% Japan & Korea +% 9% 5% Growth analysis Full year 205 Local currencies Growth Share of growth North America % 62% Europe 2% 4% International Operations +9% 4% 53% North America +32% International Operations 5% 26% Region China 4% 4% Europe +3% 9% Japan & Korea 5% 4% Total sales 8% 00% Sales of DKK 07.9 billion (+22%)

6 Slide 6 Growth is driven by modern insulin and Victoza Sales as reported Full year 205 Growth analysis Full year 205 Other Norditropin +28% +20% 3% 7% 4% Haemophilia +4% 0% % 79% 79% Diabetes and obesity care +22% Sales of DKK 07.9 billion (+22%) Local currencies Growth Share of growth New-generation insulin 09% 0% Modern insulin 7% 4% Human insulin (%) (%) Victoza 8% 32% Other diabetes and obesity care 2 5% 2% Diabetes and obesity care 9% 84% Haemophilia 3 3% 4% Norditropin 8% 7% Other biopharmaceuticals 4 3% 5% Biopharmaceuticals 6% 6% Total 8% 00% Comprises Tresiba, Ryzodeg and Xultophy 2 Predominantly oral antidiabetic products, needles and Saxenda 3 Comprised oseven, oeight and othirteen 4 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 (000) 6,000 Growth rate Total TRx MAT volume growth rate 30% GLP- TRx market share 00% Victoza albiglutide exenatide dulaglutide 5,000 25% 80% 4,000 3,000 2,000 20% 5% 0% 60% 40% 56% 24%,000 5% 20% % 0 Dec 202 Dec 205 0% 0% Dec 202 8% Dec 205 Source: IMS NPA MAT, December 205 Source: IMS NPA MAT, December 205

8 Slide 8 North America drives strong Levemir growth despite increased competition DKK billion 9% Levemir sales growth driven by strong performance in North America North America -2% % 68% Growth in local currency 5% -5% Europe IO China Japan & Korea 80% 60% 40% 20% 0% Levemir has gained US market share despite introduction of glargine U glargine U300 Levemir NPH glargine U00 65% 24% 0% % 205 Note: Reported sales full year 205 Source: IMS MAT volume figures, ember 205

9 Slide 9 Roll-out of Tresiba is progressing and Tresiba is now launched in the US Key launch observations Tresiba launched in 39 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 distribution in Germany ceased in January 206 Tresiba launched in Spain in January 206 Tresiba launched in the US in January 206 Dialogue with payers regarding formulary access is ongoing and coverage is increasing Tresiba value share of basal insulin segment in selected countries Switzerland Japan Mexico 35% 30% 25% Netherlands Sweden Denmark 24% 22% UK Argentina Brazil India Greece Italy 33% 27% 20% 4% 5% 5% 2% 2% 0% 7% 5% 4% 4% 0% 3% Months from launch Note: Limited IMS coverage in India Source: IMS Monthly value figures, ember 205

10 Slide 0 Steady prescription uptake for Saxenda Prescription volume uptake of anti-obesity medications (AOM) recently launched in the US TRx Contrave Belviq Volume(000) Qsymia Saxenda Months from launch Note: IMS reporting for new launches may reflect data instability due to small volume and/or supplier reporting Source: IMS NPA TRx, weekly data, 8 January Key observations Encouraging Saxenda uptake continues in Q4 205 despite market seasonality with lower anti-obesity prescription volumes in the second half compared to the first half of the year Saxenda is now the leader in value market share at ~3% among branded AOM, and the only branded product significantly growing value in Q4 205 Saxenda has contracted coverage with multiple large pharmacy benefit managers, and is currently growing share in each account 2 Saxenda has been launched in the US, Canada, Denmark and Italy IMS NSP, Monthly data, ember IMS Xponent PlanTrak

11 Slide Tresiba shows lower rate of hypoglycaemia than insulin glargine in SWITCH 2 trial SWITCH 2 Trial design Headline results 72 people with type 2 diabetes Tresiba once daily ± OAD IGlar once daily ± OAD Tresiba once daily ± OAD IGlar once daily ± OAD Event rate per 00 patient years exposed in maintenance period Severe or BG confirmed symptomatic hypoglycemia Severe or BG symptomatic nocturnal confirmed hypoglycemia Tresiba IGlar Tresiba reduction vs IGlar % * % * Severe hypoglycaemia % Randomised : Double-blinded 6 week titration 6 week HbA c stable 6 week titration 6 week HbA c stable After 20% dose reduction if coming from previous twice-daily treatment Note: Daily injections of both Tresiba and insulin glargine evenly split between morning and evening IGlar: insulin glargine; OAD: oral anti-diabetic Severe hypoglycaemia (Full treatment period) 4 9 5% * * p < 0.00; BG: blood glucose; Note: The confirmatory secondary endpoint of proportions of subjects experiencing severe hypoglycaemia during the maintenance period did not reach statistical significance.

12 Change in HbA c (%) Investor presentation Full year 205 Slide 2 In phase 3a trials semaglutide shows best in-class potential on HbA c reduction across treatment cascade Comparison of HbA c lowering effect in SUSTAIN, 2, 3 and 4 trials % patients HbA c 7% Sema mg Sema 0.5 mg Placebo Sitagliptin 00 mg Exenatide QW Insulin glargine QD SUSTAIN SUSTAIN 2 SUSTAIN 3 SUSTAIN 4 Baseline 8.% 8.% 8.4% 8.2% * * * -.3 * % 74% 25% 78% 69% 36% 67% 40% 73% 58% * -.6 * -.2 * % * p < 0.00; QD: once daily; QW: once weekly; sema: semaglutide Source: o Nordisk on file (NN , NN , NN , NN )

13 Change in weight (kg) Investor presentation Full year 205 Slide 3 In phase 3a trials semaglutide shows best in-class weight lowering potential across treatment cascade Comparison of weight lowering effect in SUSTAIN, 2, 3 and 4 trials Sema mg Sema 0.5 mg Placebo Sitagliptin 00 mg Exenatide QW Insulin glargine QD SUSTAIN SUSTAIN 2 SUSTAIN 3 SUSTAIN 4 Baseline 92kg 89kg 96kg 93kg * -3.7 * -6. * -4.3 * -5.6 * -5.2 * -3.5 * * p < 0.00; QD: once daily; QW: once weekly; sema: semaglutide Source: o Nordisk on file (NN , NN , NN , NN )

14 Slide 4 Key development milestones Diabetes Obesity Haemophilia Other Phase 3b trial initiated comparing Xultophy (IDegLira) (NN9068) with insulin glargine in 04-week study Faster-acting insulin aspart (NN28) filed for regulatory approval in the EU and the US for the treatment of type and 2 diabetes Phase trial initiated with a liver-preferential prandial insulin (NN406) LATIN TD (NN92) discontinued in phase 3 development Phase 2 trial iniated with Anti-IL 2 and liraglutide in people with recent onset type diabetes (NN9828) OG987GT (NN9926) and OG987SC (NN9927) discontinued in phase development following the decision to enter phase 3a with oral semaglutide o Nordisk files for regulatory approval of long-acting factor IX, N9-GP (NN7999) in the EU for the treatment of haemophilia B o Nordisk completes 3b extension trial mentor 2 with rfxiii, othirteen o Nordisk plans to initiate a phase 2 clinical programme in 2H 206 to investigate semaglutide for the treatment of non-alcoholic steatohepatitis (NASH)

15 Slide 5 Strong R&D newsflow expected to continue in 206 Results available Project Past 3 months Within 3 months Within 6 months In ~6-9 months In ~9-2 months SWITCH 2 Tresiba SWITCH DEVOTE SUSTAIN 2 Once-weekly semaglutide SUSTAIN 4 SUSTAIN 5 SUSTAIN 6 Victoza LEADER OI338GT Amylin analogue N9-GP Phase 2a Phase US submission Xultophy FDA regulatory decision Glucagon 530L Phase Diabetes Obesity Haemophilia Note: Indicated timeline as of financial release for full year 205 on 3 February 206

16 Slide 6 Financial results Full year 205 DKK million Change Sales 07,927 88,806 22% Gross profit 9,739 74,244 24% Gross margin 85.0% 83.6% Sales and distribution costs 28,32 23,223 22% Percentage of sales 26.2% 26.2% Research and development costs 3,608 3,762 (%) Percentage of sales 2.6% 5.5% Administration costs 3,857 3,537 9% Percentage of sales 3.6% 4.0% Other operating income, net 3, N/A Non-recurring income from the IPO of NNIT 2,376 - Operating profit 49,444 34,492 43% Net financials (5,96) (396) N/A Profit before income tax 43,483 34,096 28% Tax 8,623 7,65 3% Effective tax rate 9.8% 22.3% Net profit 34,860 26,48 32% Diluted earnings per share (DKK) % Diluted earnings per share (DKK) adjusted for partial divestment of NNIT %

17 Non-hedged currencies Index ( Jan 204 = 00) Hedged currencies Index ( Jan 204 = 00) Investor presentation Full year 205 Slide 7 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 204 Currencies average 205 average 2 Spot rate 2 Impact of a 5% move 3 Hedging (months) USD ,000 2 CNY JPY GBP 925, CAD RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK Non-hedged 204 Currencies average 205 average 2 Spot rate 2 RUB INR ARS BRL TRY DKK per 00; 2 As of 0 February 206; 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 -0 to +30 million

18 Slide 8 Financial outlook for 206 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 3 February % Around percentage point lower 5-9% Around percentage point lower Loss of around DKK.3 billion 20-22% Around DKK 7.0 billion Around DKK 3.0 billion 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 0 February 206

19 Slide 9 Long-term financial targets are based on the pursuit of double digit growth for the diabetes care franchise DKK billion Reported o Nordisk diabetes care sales by treatment class Insulin GLP- CAGR.2% Other diabetes care Expected future growth drivers for o Nordisk s diabetes care franchise Volume growth Market share gain Continued underlying growth of the global insulin market Market share gains driven by best in-class insulin portfolio 40 Value upgrade Continued upgrade from older generations of insulin GLP- franchise Continued expansion of the GLP- market and launch of once-weekly GLP- CAGR in local currencies for

20 Slide 20 Updated long-term financial targets Performance against long-term financial targets Average Result Previous Target 2 Updated Target Operating profit growth 23% Operating profit growth in local currencies 3 5% 43% 4% 5% 0% Operating margin 40% 46% 40% N/A 4 Operating profit after tax to net operating assets % 49% 25% 25% Cash to earnings (three year average) 97% 97% 90% 90% Note: The targets have been revised based on an assumption of a continuation of the current business environment Simple average of reported figures ; 2 The long-term financial targets were last updated in connection with the 202 annual results; 3 Adjusted for the partial divestment of NNIT in 205; 4 A new target has not been established, as operating margin is expected to remain around 44%

21 Slide 2 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes DKK billion Annual cash return to shareholders E Note: Dividends are allocated to the year of dividend pay. For 206 expected free cash flow is DKK billion. Share repurchase programmes run for 2 months starting February until end January of the following year Proposed dividend and introduction of interim dividend Free cash flow Share repurchase Dividend Board of Directors to propose 28.0% increase in dividend to DKK 6.40 per share of DKK 0.20 at Annual General Meeting on 8 March 206 Proposal corresponds to a payout ratio of 46.6% Adjusted for the partial divestment of NNIT the payout ratio is 50.0% Board of Directors to propose introduction of interim biannual dividends at the Annual General Meeting on 8 March 206 Subject to final approval, o Nordisk intends to introduce the first interim dividend in August 206

22 Slide 22 Closing remarks Solid market performance Promising pipeline > 0% annual diabetes care market growth driven The only company with a full portfolio of novel by diabetes prevalence insulin products 28% 47% 45% c 67% 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 Semaglutide 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 ember 205 volume and value (DKK) figures

23 Slide 23 Investor contact information Share information o 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 o Nordisk on the internet at: novonordisk.com Upcoming events 8 Mar 206 Annual General Meeting Apr 206 Financial statement for the first three months of Aug 206 Financial statement for the first six months of 206 Investor Relations contacts o Nordisk A/S Investor Relations o Allé, DK-2880 Bagsværd Peter Hugreffe Ankersen phak@novonordisk.com Daniel Bohsen dabo@novonordisk.com Melanie Raouzeos mrz@novonordisk.com Kasper Veje kpvj@novonordisk.com 28 Oct 206 Financial statement for the first nine months of 206

24 Slide 24 Appendix. o Nordisk at a glance 2. Diabetes 3. Biopharmaceuticals 4. Financials 5. Sustainability

25 Slide 25 o Nordisk at a glance Global leader in diabetes care A focused pharmaceutical company with leading positions in diabetes, haemophilia and growth hormone Pursuit of double digit top line growth for diabetes care franchise driven by diabetes pandemic Significant growth opportunities fuelled by global presence and strong R&D pipeline High barriers to entry in biologics Operating profit growth targeting 0% Global insulin market leadership Global insulin market share: 47% North America: Market share 38% Europe: Market share 47% International Operations: Market share 55% Japan & Korea: Market share 49% China: Market share 55% Earnings conversion to cash targeting 90% Cash generated returned to shareholders Global/regional headquarter Manufacturing R&D facility Source: IMS MAT ember, 205 volume figures

26 Slide 26 o Nordisk works with four strategic focus areas based on five core capabilities Strategic priorities Core capabilities Expand leadership in DIABETES Establish presence in OBESITY Pursue leadership in HAEMOPHILIA Engineering, formulating, developing and delivering proteinbased treatments Deep disease understanding Efficient large-scale production of proteins Planning and executing global launches of new products Building and maintaining a leading position in emerging markets Driving change to defeat diabetes and other serious chronic conditions Expand leadership in GROWTH DISORDERS The o Nordisk Way

27 Slide 27 o Nordisk has leading positions in diabetes, haemophilia and growth disorders DKK billion Diabetes Market value o Nordisk value market share Global market position # CAGR for 5-year period Source: IMS MAT ember, 205 value figures 40% 35% 5% 0% DKK billion Growth disorders Market value o Nordisk value market share 30% 30% % 25% % 20% 6 30 CAGR value: 6.2% 5% CAGR value: 4.9% 5% 2 CAGR value: 2.8% 20 0% 0% DKK billion FY 200 Haemophilia Market value o Nordisk value market share 40% 35% 5% 0% Note: Annual sales figures for Haemophilia A,B and inhibitor segment CAGR for 5-year period Source: Company reports Global market position #2 FY Global market position # CAGR for 5-year period Source: IMS MAT ember, 205 value figures % 35% 30% 25% 20% 5% 0% 5% 0%

28 Slide 28 Double digit top line growth driven by diabetes pandemic DKK billion o Nordisk reported quarterly sales by therapy Q Diabetes and obesity Haemophilia 2 Reported sales CAGR :.8% 7.3% 0.2% 7.2% 3.% Norditropin Other Q4 205 Diabetes Atlas 7 th Edition projects that 642 million people will have diabetes by 2040 Million people North America China CAGR : 7.0% 5 45 Europe Japan & Korea International Operations E CAGR for 0-year period 2 Haemophilia includes oseven, othirteen (as of Q 203) and oeight (as of Q 204) Note: age group CAGR for 5-year period Source: International Diabetes Federation: Diabetes Atlas st and 7 th Edition, 2000 and 205 (Regional breakdown does not reflect the o Nordisk regional breakdown entirely)

29 Slide 29 o 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 o Nordisk AstraZeneca Sanofi artis Merck Takeda Eli Lilly GSK Total market: CAGR 4.% Injectables: CAGR 9.7% 30% 20% 28% CAGR 8.2% 0% 50 CAGR 8.0% % CAGR for 0-year period Source: IMS Monthly MAT ember, 205 value figures Source: IMS Monthly MAT ember, 205 value figures

30 Slide 30 Significant growth opportunities fuelled by strong R&D pipeline across all four strategic focus areas PHASE PHASE 2 PHASE 3 SUBMITTED APPROVED 5 LAI287 QW basal insulin OG27SC Oral GLP- Semaglutide QW GLP- Xultophy (US) Levemir OI320GT Oral insulin OI338GT Oral insulin 2 N8-GP Long-acting rfviii Faster-acting insulin aspart orapid NN9748 PYY analogue Semaglutide QD GLP- Somapacitan QW GH 3 N9-GP - Long-acting rfix (EU) 4 omix Tresiba G530L Glucagon analogue Anti-IL-2 and liraglutide NN9838 Amylin analogue NN9747 PYY analogue NN9709 Dual agonist Semaglutide QD GLP- Ryzodeg Xultophy (EU) NN745 Concizumab Victoza Saxenda oseven oeight othirteen Norditropin Diabetes Obesity Haemophilia Growth disorders Decided to initiate phase 3a trial in Q Phase 2a proof-of-principle trial initiated in June Phase 3 initiated in adult growth hormone disorder 4 Submitted to the to the European Medicines Agency in January 206; Submission with the US Food and Drug Administration expected H Approved in all triad markets (US, EU and Japan), unless noted

31 Slide 3 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions Global manufacturing setup North America: ~5,300 Europe: ~2,800 West Lebanon, NH, USA (~20) 2 Biopharmaceutical API production Denmark (~9,00 FTEs) Diabetes and biopharmaceutical API production Filling Moulding and assembly Packaging Kaluga, Russia (~200 FTEs) Filling Assembly Packaging Koriyama, Japan (~70 FTEs) International Operations: ~5,00 Japan & Korea: ~,000 China: ~3,300 Clayton, NC, USA (~750 FTEs) 3 Diabetes API production Filling Assembly Packaging of above Montes Claros, Brazil (~900 FTEs) Chartres, France (~,00 FTEs) Filling Assembly Packaging Packaging Tianjin, China (~,000 FTEs) Filling Moulding and Assembly Packaging Total non-hq/manufacturing FTEs: 7,500 Filling Assembly Packaging FTEs represent full-time employee equivalents in o Nordisk s sales regions (excludes a.o. employees in headquarter, research sites and manufacturing sites) as of 3 December New Hampshire facility is currently under establishment 3 Establishment of diabetes API facility at site Clayton expected to commence in 206

32 Slide 32 High barriers to entry in biologics o Nordisk s position is protected by patents and value chain setup List is not exhaustive of all marketed o Nordisk products. 2 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 3 Formulation patent expiration year 4 Assuming paediatric extension 5 Saxenda patent identical to the Victoza patent Source: o Nordisk Patent protection EU/US / / /9 2 exp 205/ / / /7 3 exp/exp Unique value chain position Research & Development Manufacturing Commercialisation History of protein engineering Highly efficient, flexible and capital intensive manufacturing Global commercial footprint 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 PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure

33 Slide 33 Diabetes and obesity

34 Insulin ( µ U/ ml ) Investor presentation Full year 205 Slide 34 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 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 :00 0:00 4:00 8:00 22:00 2:00 6:00 Time of day Diabetes fact sheet N 32, WHO, October Polonsky et al. J Clin Invest 988;8: Breakfast Lunch Dinner

35 Insulin ( µ U/ ml ) Investor presentation Full year 205 Slide 35 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 70 Short-lived, rapidly generated meal-related peaks (prandial) Inhibits glucose release from the liver Fat cell Sustained Insulin profile (basal) Liver Pancreas 0 Muscle 0 6:00 0:00 4:00 8:00 22:00 2:00 6:00 Time of day Breakfast Lunch Dinner Polonsky et al. J Clin Invest 988;8:442 48

36 Slide 36 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI 30 kg/m 2 ) US CDC data on obesity and diabetes prevalence among adults No Data <4.0% % % % >26.0% Diabetes prevalence No Data <4.5% % % % >9.0% CDC: Centers for Disease Control and Prevention Source: CDC s Division of Diabetes Translation. National Diabetes Surveillance System available at

37 Slide 37 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 00% Canada 7.3 US 7.2% 2 Latin America 7.6% 3 China % 4 India % 4 Japan % 5 Korea % 6 Russia % 4 50% are diagnosed 50% have access to care 50% 25% 2% 50% get decent care 50% reach target Germany % 7 Greece % 7,8,4 Italy % 4 Poland % 4 Portugal % 7 Romania % 7 Spain % 8 Sweden % 7 Turkey % 7 UK % 9 Harris et al. Diabetes Res Clin Pract 2005;70:90 7; 2 Hoerger et.al. Diabetes Care 2008;3:8 6; 3 Lopez Stewart et al. Rev Panam Salud Publica 2007;22:2 20; 4 Valensi et al. Int J Clin Pract 2009;63(3):522-3; 5 Arai et al. J Diabetes Investig. 202 Aug 20;3(4):396-40; 6 Ko et al. Diab Med 2007;24:55 62; 7 Oguz et al. Curr Med Res Opin 203;29:9 20; 8 Liebl et al. Diab Ther 202;3:e 0; 9 Blak et al. Diab Med 202;29:e3-20

38 Incidence risk (%) Investor presentation Full year 205 Slide 38 UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications Risk reduction by lowering HbA c by %-point 0 Diabetesrelated death Myocardial infarction Microvascular complications Peripheral vascular disease UKPDS 0 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< % * Statistically significant improvement Source: UKPDS, Stratton et al. BMJ 2000; vol. 32:405 2 Source: NEJM, vol. 359, Oct 2008

39 -cell function Investor presentation Full year 205 Slide 39 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 00% OAD GLP- 80% 60% Insulin 40% 20% Time 0% 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 ember 205 Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas

40 Slide 40 The insulin market is comprised of three segments Insulin action profiles 6:00 0:00 4:00 8:00 22:00 2:00 6:00 Time of day Breakfast Lunch Dinner Fast-acting Premix Long-acting tmu Global insulin volume market by segment 36% 30% 34% 200 CAGR volume : 4.8% CAGR value : 9.6% Fast-acting Premix Long-acting 39% 27% 34% 205 CAGR for 5-year period. Value in DKK Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 202 Source: IMS Monthly MAT volume and value ember (DKK) figures

41 Slide 4 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; TZD: thiazolidinediones; OAD: Oral antidiabetic; TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29: ; Nathan DM, et al. Diabetes Care. 2007;30: ; Nathan DM, et al. Diabetes Care. 2008;3: ADA. Diabetes Care. 2008;3:S2-S54. WelChol PI. /2008.

42 Slide 42 Sustained double-digit growth in insulin market DKK billion Global insulin market growth 86 bdkk CAGR: 4.8% 33 bdkk CAGR: 4.9% CAGR: 9.6% 92 bdkk 2 bdkk The fundamental growth drivers of the insulin market Volume 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 Volume contribution Mix/price contribution 205 CAGR for 5-year period Source: IMS Monthly MAT ember, 205 value figures

43 Slide 43 Solid insulin volume growth in key regions o Nordisk regions Market value size & growth Market volume composition Volume market shares North America 0.4 3% 43% % 39% % 62% 38% Europe % 3% % 40% 2% 53% 47% International Operations % 2% 0.6 3% 24% 45% 45% 55% Region China % 23% 7.0 5% 2% 64% 45% 55% Japan & Korea 4.3 0% 5% % 38% 5% 49% 204 bdkk Volume growth IMS market value figures reflect list prices and do not account for rebates 2 IMS only covers part of the channels in China and International Operations. 3 Measured in DKK Source: IMS ember 204 & 205 Monthly MAT volume and value (DKK) figures Mix/price growth bdkk Fast-acting Premix Long-acting 26% o Nordisk Others

44 Slide 44 Stable global insulin volume growth 35% 30% 25% 20% 5% 0% 5% 0% Regional insulin volume growth North America China Europe Int. Operations Japan & Korea World Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT ember, 205 volume figures 4.8% % 80% 60% 40% 20% 0% Regional insulin volume market split 200 North America Europe China Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT ember, 205 volume figures Int. Operations Japan & Korea 9% 22% 3% 35% 3% 205

45 Slide 45 Maintaining insulin leadership by sustaining modern insulin market share o Nordisk volume market share across insulin classes o Nordisk class MS (%) tmu Human insulin tmu Modern insulin 3 tmu Total insulin Market value 2 : DKK 2 billion 00% 80% Market value 2 : DKK 90 billion 00% 80% Market value 2 : DKK 2 billion class volume 00% 80% 50 60% % % 00 40% % % 50 20% 00 20% 00 20% % % % 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 ember, 205 value and volume figures

46 Slide 46 Strong underlying insulin market growth and steady market share development tmu Global insulin market Global modern insulin 3 volume market shares Device penetration Modern insulin penetration o Nordisk Sanofi Eli Lilly Penetration CAGR volume 2 : 4.8% 00% 60% CAGR value 2 : 9.6% 80% 50% 45% 60% 40% 35% Modern insulin 30% 40% 20% 9% Human insulin 20% 0% 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 ember, 205 volume and value (DKK) figures 205 0% 0% Includes new generation insulin Note: Data is sensitive to changes in IMS data collection and reporting methodology, does not add up to 00% due to other players Source: IMS Monthly MAT ember, 205 volume figures 205

47 Slide 47 o Nordisk s modern insulins continue strong performance within their respective segments tmu Fast-acting insulin Segment volume orapid market share CAGR volume: 5.% MI penetration: 77.% 00% 80% tmu Premix insulin Segment volume omix market share CAGR volume: 2.6% MI penetration: 48.0% 00% 80% tmu Long-acting insulin Segment volume Levemir market share CAGR volume: 6.% MI/NG penetration: 80.3% 00% 80% 20 60% 20 60% 20 60% 80 40% 80 40% 80 40% 40 20% 40 20% 40 20% % % % 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 ember, 205 volume figures

48 Slide 48 Still a significant potential for o Nordisk on the US modern insulin market tmu 40 US insulin market by segments Device penetration 2 CAGR volume :.7% CAGR value : 27.5% Modern Insulin penetration Penetration 00% US modern insulin volume market shares o Nordisk Sanofi Eli Lilly 60% Fast-acting Premix Long-acting 80% 60% 40% 20% 50% 40% 30% 20% 0% 4% 39% 20% % 0% CAGR for 5-year period 2 US trend data reflect changes to IMS data collection coverage and methodology as of January 202 Source: IMS Monthly MAT ember, 205 volume and value (DKK) figures Source: IMS Monthly MAT ember, 205 volume figures

49 Slide 49 o Nordisk s modern insulins have gained market share in expanding US insulin market US fast-acting insulin US premix insulin US long-acting insulin tmu Segment volume olog market share CAGR volume : 2.9% MI penetration: 84.0% 00% 80% 60% tmu Segment volume omix market share CAGR volume : (7.9%) MI penetration: 58.0% 00% 80% 60% Segment volume Levemir market share tmu 70 CAGR volume : 3.4% 00% MI penetration: 89.0% 60 80% % % 20% % 20% % 20% % % % CAGR for 5-year period Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 202. Modern insulin (MI) penetration is of total segment, i.e. including human insulin Source: IMS Monthly MAT ember, 205 volume figures

50 Slide 50 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage US Population by health insurance status expected to remain stable in coming years Managed care Medicare Medicaid Uninsured Public exchanges Other US population (million) % 3% 3% 3% 4% 5% 9% 80% 5% 8% In 205 PBMs covered 245 million lives and the market has consolidated Prime MedImpact Humana 4% 9% All other PBMs 2% 9% 3% Express Scripts 60% 40% 20% 0% 5% 6% 52% 5% E Note: Medicaid expansion and Public Exchange estimates are based on implementation of existing Affordable Care Act. Medicaid Rx figures do not include dual eligibles covered in Part D or CHIP. Exchanges include Public Exchanges only; Private Exchanges are part of Managed Care; Centers for Medicare and Medicaid Services Office of the Actuary, Congressional Budget Office (CBO), National Association of State Budget Officers (NASBO), US Census and HSG estimates Source: Adapted from Health Strategies Group 205 report United Healthcare Group (OptumRx) & Catamaran 2% 24% CVS Health 205 chart reflects current year contractual status as of ember 205; estimates based on press releases and public information. PBM: Pharmacy Benefit Manager Note: Cover sall main channels (Managed Care, Medicare Part D and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Source: Health Strategies Group

51 Slide 5 Sustained leadership position on the European modern insulin market tmu European insulin market by segments 200 Device penetration CAGR volume : 2.3% CAGR value : 3.8% Fast-acting Premix Long-acting CAGR for 5-year period 2 Includes new generation insulin Source: IMS Monthly MAT ember, 205 volume and value (DKK) figures Modern Insulin penetration 2 Penetration 00% % 60% 40% 20% 0% 60% 50% 40% 30% 20% 0% 0% 200 European modern insulin 3 volume market shares o Nordisk Sanofi 3 Includes new generation insulin Source: IMS Monthly MAT ember, 205 volume figures, numbers do not add up to 00% due to smaller insulin manufacturers Eli Lilly 47% 34% 8% 205

52 Slide 52 Stable leadership position in International Operations International Operations insulin market by segments Device penetration Modern Insulin penetration 2 International Operations insulin volume market shares o Nordisk Sanofi Eli Lilly Biocon tmu 50 CAGR volume :.6% CAGR value : 8.7% Penetration 00% 70% Fast-acting Premix Long-acting % 60% 40% 20% 0% 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 ember, 205 volume and value (DKK) figures 60% 50% 40% 30% 20% 0% 0% 200 Note: Only top-4 shown Source: IMS Monthly MAT ember, 205 volume figures, numbers do not add up to 00% due to smaller insulin manufacturers 55% 8% 8% 3% 205

53 Slide 53 Sustained leadership position in the Chinese insulin market tmu Chinese insulin market by segments 200 Device penetration CAGR volume : 5.5% CAGR value : 25.4% CAGR for 5-year period Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IMS Monthly MAT ember, 205 volume and value (DKK) figures Modern Insulin penetration Fast-acting Premix Long-acting Penetration 00% % 60% 40% 20% 0% 70% 60% 50% 40% 30% 20% 0% 0% Chinese insulin volume market shares 200 o Nordisk Shanghai Fosun Note: Only top-5 shown Source: IMS Monthly MAT ember, 205 volume figures, numbers do not add up to 00% due to smaller insulin manufacturers Sanofi Eli Lilly Tonghua Dongbao 55% 4% 9% 9% 6% 205

54 Slide 54 Expanding market leadership position in Japan tmu 4 Japanese insulin market by segments Device penetration CAGR volume : -0.4% CAGR value : -2.2% Modern Insulin penetration 2 Penetration 00% Japanese modern insulin volume market shares o Nordisk Sanofi Eli Lilly 70% Fast-acting 80% 60% 60% 50% 40% 50% Premix Long-acting 40% 20% 30% 20% 0% 27% 23% % 0% CAGR for 5-year period 2 Includes next generation insulin Source: IMS Monthly MAT ember, 205 volume and value (DKK) figures Source: IMS Monthly MAT ember, 205 volume figures

55 Slide 55 Promising Tresiba performance strengthens total insulin market share in Japan Japanese basal value market shares Tresiba Levemir NN Total Basal NPH glargine glargine U300 biosimilar glargine 80% Japanese total insulin value market shares o Nordisk Sanofi Eli Lilly 80% 60% 48% 60% 55% 40% 20% 42% 33% 8% 5% 3% 2% 40% 20% 24% 2% 0% % Source: IMS Monthly ember 205 value figures Source: IMS Monthly ember 205 value figures

56 Slide 56 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;40:205 Type 2 diabetes patients, no GLP- Type 2 diabetes patients, with GLP- Healthy controls receiving saline Breakfast Lunch Snack 8.00

57 Slide 57 The 8% GLP- share of the global diabetes care market is increasing with opportunities for further penetration GLP- value in bdkk Global GLP- market CAGR value : 38.6% Share of total diabetes care market Victoza Other GLP % 8% 6% 4% 2% 0% Victoza sales and GLP- value market share of total diabetes care market DKK billion % North America 9% GLP- share of diabetes care market 2% % 2% Europe IO China Japan & Korea CAGR for 5-year period Source: IMS Monthly MAT ember, 205 value figures (DKK) Source: o Nordisk reported sales for Full Year 205 and IMS ember, 205 data

58 Slide 58 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: 36.6% 00% 80% 60% 40% 6% 3% 80% 60% 40% % 20% 5% % 203 vs 204 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 ember 205 value figures 204 vs 205 0%

59 Slide 59 The US GLP- market continues to expand GLP- TRx scripts (000) 500 US GLP- market GLP- % of diabetes care market 0% Key observations for Victoza in the US market Victoza volume market share within the GLP- segment is 56% 400 8% Roughly 67% of commercial and roughly 79% of Medicare Part D lives are covered without restrictions Victoza albiglutide 6% 4% Around 64% of new patients are new to treatment or from OAD-only regimens Dec 200 exenatide Source: IMS TRx retail value, monthly NPA data, December 205 dulaglutide Dec 205 2% 0% Close to 70% of prescriptions are for the 3-pen pack Victoza represents.7% of total prescriptions in the US diabetes care market IMS monthly NPA data, December Fingertip Formulary, ember IMS Monthly LRx Weekly, September, 205

60 Slide 60 Key o Nordisk diabetes care products remain broadly available in the US Value market share 80% 60% 40% 20% Value market shares of key o Nordisk products in the US Victoza olog Levemir 00% 80% 60% 40% 20% % unrestricted market access of key o Nordisk products in the US Unrestricted Market access Victoza olog Levemir 0% Aug Source: IMS NSP Monthly Custom Feed, ember 205; data displayed as MAT value share Note: Market shares: olog : share of rapid acting insulin segment; Levemir : share of basal insulin segment; Victoza : share of GLP- segment 0% 200 Source: FingerTip Formulary, ember 205 Note: Unrestricted access excludes prior authorisation, step edits and other restrictions Levemir access based on FlexTouch Pen; olog access based on FlexPen 205

61 Slide 6 R&D pipeline: Diabetes and obesity Product/project Type Indication Status (phase) 2 3 Filed Appr. Xultophy (NN9068) 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 OG27SC (NN9924) 2 Long-acting once-daily oral GLP- analogue Type 2 OI338GT (NN953) 3 Long-acting oral basal insulin analogue Type 2 Semaglutide QD (NN9535) Once-daily GLP- analogue Type 2 Anti-IL-2 and liraglutide (NN9828) Immuno-metabolic combination of Anti-IL-2 and liraglutide Type Dual-agonist (NN9709) A GLP-/GIP dual agonist Type 2 OI320GT (NN957) Long-acting oral basal insulin analogue Type 2 LAI287 (NN436) Long-acting once-weekly basal insulin analogue Type +2 Prandial (NN406) Liver-preferential prandial insulin Type +2 Semaglutide QD (NN9536) Once-daily GLP- analogue Obesity G530L (NN9030) Glucagon analogue Obesity NN9838 Long-acting amylin analogue Obesity PYY (NN9747) Peptide YY analogue Obesity Approved in EU on 8 Sep Decided to initiate phase 3a trial in Q Phase 2a trial initiated June 205.

62 Slide 62 o Nordisk current and future product portfolio covers the type 2 diabetes treatment flow Overview of current and future products in o Nordisk s diabetes portfolio When metformin is not enough When it's time for insulin Once-daily optimisation When basal insulin is not enough Mealtime insulin control Second generation analogues First generation analogues semaglutide or or Faster acting insulin aspart Human insulin Insulatard Mixtard 30 Actrapid Pending clinical development programmes and regulatory processes for semaglutide and faster-acting insulin aspart

63 Slide 63 o Nordisk s growth opportunities are supported by numerous planned launches within the coming years Tresiba Launch country segment volume as share of global segment volume 203 & E 207E 208E Ryzodeg Xultophy Faster-acting insulin aspart 0% 0% 20% 30% 40% 50% 60% 70% 80% 90% Source: IMS volume figures September 205 and o Nordisk launch plans % of global segment volume

64 Slide 64 Competitive Tresiba label across all three triad markets Tresiba label characteristics in triad markets US Europe Japan Profile Half-life of 25 hours and duration of action of at least 42 hours Day to day variability of 20% Duration of action beyond 42 hours Four times lower day-to-day variability vs insulin glargine Duration of action up to 26 hours in Japanese patients Four times lower day-to-day variability vs insulin glargine Efficacy Non-inferior HbA c reduction Numerically greater FPG reduction Numerically lower insulin dose Non-inferior HbA c reduction Numerically greater FPG reduction Non-inferior HbA c reduction Numerically greater FPG reduction Safety Overall safety consistent with insulin Hypoglycaemia rates for Tresiba, but not comparator Overall safety consistent with insulin Lower rate of overall and nocturnal hypoglycaemia Overall safety consistent with insulin Lower rate of nocturnal hypoglycaemia in Asian subjects Convenience Injection any time of day Up to 80 and 60 units per injection Adjusting injection time when needed Up to 80 and 60 units per injection In case of missed dose take as soon as possible Observed in majority of the trials

65 Slide 65 US Tresiba label reflects the distinctly different product features compared to competitor basal insulins glargine U00 glargine U300 Duration of action At least 42 hours 2 Up to 24 hours 3 Up to 36 hours 4 Administration and dosing Once daily at any time of day 5 Numerically lower dose needed vs glargine U00 8 Once daily at any time of day, at the same time every day 6 Once daily at any time during the day, at the same time every day 7 Higher dose needed vs glargine U00 9 Pen device 600 units/pen 0 60 units max per injection 0 No push button extension 300 units/pen 80 units max per injection Push button extension 450 units/pen 80 units max per injection Push button extension In-use time 56 days at room temperature 28 days at room temperature 42 days at room temperature Note: Comparison based on US Package Inserts (PI) for listed products, not based on head to head comparisons. Based on Glucose Infusion Rate (GIR) data from euglycemic clamp studies; 2 Tresiba PI section 2.2; 3 glargine U00 PI section 2.2; 4 glargine U300 PI section 2.2; 5 Tresiba PI Highlights section; 6 glargine U00 PI Highlights section; 7 glargine U300 PI Highlights section; 8 Tresiba PI section 4; 9 glargine U300 PI section 4.; 0 Tresiba U200 PI

66 Slide 66 SWITCH trial ongoing with Tresiba vs insulin glargine to further assess hypoglycaemia profile in type diabetes Trial designs Purpose and endpoints 446 people with type diabetes Tresiba once daily x IAsp IGlar once daily x IAsp Tresiba once daily x IAsp IGlar once daily x IAsp Purpose To document hypoglycaemia benefit in type diabetes Primary confirmatory endpoint Severe or BG confirmed symptomatic hypoglycaemic events in HbA c maintenance period Secondary confirmatory endpoints Severe or BG confirmed symptomatic nocturnal hypoglycaemic events in HbA c maintenance period Proportion of subjects with severe hypoglycaemic events in HbA c maintenance period Randomised : Double-blinded 6 week titration 6 week HbA c stable 6 week titration 6 week HbA c stable After 20% dose reduction if coming from previous twice-daily treatment Note: Daily injections of both Tresiba and insulin glargine evenly split between morning and evening IGlar: insulin glargine; IAsp: insulin aspart

67 Slide 67 Real-world data for Tresiba confirms strong clinical profile and enables uptake Study design Danderyd Diabetes Clinic Levemir N=3 357 people with type diabetes Insulin glargine N=26 An independent, prospective, open-label, single-armed, observational study 0 Tresiba 20 weeks 2 The study followed 347 consecutive type diabetes patients who switched to Tresiba from existing insulins according to predefined switching criteria such as twice daily injection, HbA c outside acceptable levels or unstable glucose and/or repeated hypoglycaemic events. A total of 0 patients were on human insulin and continuous subcutaneous insulin infusion 2 Median follow-up time Study aim and key results Study aim: Exploring whether the higher cost of insulin degludec compared with insulin detemir or insulin glargine is justified by improved clinical outcomes Key results (all statistically significant) mean reduction in HbA c from 8.5% to 8.2% median reduction of 2% of total insulin dose reduction of hypoglycaemic events of 22% and reduction of nocturnal hypoglycaemic events of 56% Conclusion: Insulin degludec was clinically useful and economically justifiable for the patients with type diabetes Controlled studies are needed to confirm these benefits in a larger sample of real-world patients Source: Changes in HbA c, insulin dose and incidence of hypoglycaemia in patients with type diabetes after switching to insulin degludec in an outpatient setting: an observational study, Lena Landstedt-Hallin, CMRO, 8 June 205

68 Slide 68 Faster-acting insulin aspart provides superior glucose control vs orapid in onset trial Creating a new formulation that satisfies an unmet medical need Faster-acting insulin aspart is an innovative formulation of insulin aspart: Vitamin B3 (nicotinamide) added to increase early absorption Naturally occurring amino acid (arginine) added to obtain stability HbA c reduction in onset trial after 26 weeks HbA c reduction (%) Faster aspart (pm) Faster aspart (mt) orapid (mt) Faster-acting insulin aspart is intended to address unmet medical need: Faster absorption mimics physiological insulin action profile A better profile for pump and future closed loop systems * Time (weeks) Concentration many times below recommended dietary daily intake * p<0.05; pm: post-meal; mt: meal-time Source: o Nordisk on file (NN )

69 Glucose Infusion Rate (mg/kg/min) Investor presentation Full year 205 Slide 69 Insulin LAI287 offers potential for once-weekly dosing LAI287 pharmacodynamic profile is compatible Glucose Infusion Rate vs. Time with once-weekly (Predicted Mean) dosing Glucose 8 Infusion nmol/kg Rate Insulin glargine IGlar 0.4 U/kg (mg/kg/min) 5 4 LAI287 Key results of phase trial The trial evaluated short term efficacy and safety during five weeks of treatment LAI287 showed dose-dependent exposure and a variability comparable to that of insulin degludec 3 Terminal half-life of 85 hours supporting a once-weekly dosing regimen Time (days) Time (days) 203-Oct-25T:20:20 E:/Project/NN436/NN /current/Splus/Final/09_MultipleDoseComparison.ssc LAI287 generally appeared safe and well tolerated, with most frequent adverse event being hypoglycaemia The side effects observed in the phase trial will be further investigated Note: pharmacokinetic simulation Source: o Nordisk on file (NN ) 48 people with type 2 diabetes, multiple dose, dose escalation trial

70 Slide 70 Oral insulin OI338GT has the potential to control blood glucose similar to modern insulins Phase headline results Three clinical pharmacology trials in a total of 8 healthy volunteers and people with type 2 diabetes Dose-dependent glucodynamic effects similar to that of therapeutically relevant subcutaneous doses of insulin glargine at steady state exposure OI338GT appeared to have a safe and well tolerated profile 50 insulin naïve people with type 2 diabetes Phase 2a study design OI338GT + met ± DPP-IV Insulin glargine + met ± DPP-IV Placebo 0 8 weeks Source: o Nordisk data on file (NN ; NN ; NN ) Inclusion criteria: Subjects diagnosed (clinically) with type 2 diabetes mellitus for at least 80 days prior to the day of screening; age of 8-70 years (both inclusive) and BMI of kg/m 2 (both inclusive)

71 Slide 7 Liver-preferential prandial insulin analogue has potential to reduce hypoglycaemia and weight gain The liver is important for insulin action sc insulin Liver: Glucose production sc liver-preferential prandial insulin Endogenous insulin Rationale and expected benefits of physiologically distributed insulin Rationale Elevated hepatic glucose release drives overall higher PPG in people with type 2 diabetes compared to healthy individuals >50% of endogenous insulin secretion is cleared by the liver Insulinisation of peripheral tissues with current insulin analogues is higher than for endogenous insulin Muscle: Glucose uptake sc: subcutaneous Fat: Glucose uptake Potential benefits Mimics physiology of insulin distribution secreted from pancreas Less hypoglycaemia Less weight gain Next steps Phase trial with liver-preferential prandial insulin (NN406) to be initiated in Q4 205 PPG: post prandial glucose Woerle HJ et al. Am J Physiol Endocrinol Metab 2006;290:E67 E77

72 Slide 72 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 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 50 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

73 Slide 73 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 00 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: o 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 00 PYE) Weight change (kg)

74 Slide 74 SUSTAIN phase 3a programme to support a broad competitive label for semaglutide SUSTAIN : Monotherapy 30 weeks, n= 400 SUSTAIN 2: Semaglutide vs sitagliptin 56 weeks, n=,200 SUSTAIN 6: Long-term outcomes trial Min. 04 weeks, n=3,200 SUSTAIN 3: Semaglutide vs exenatide once-weekly 56 weeks, n= 800 SUSTAIN 4: Semaglutide vs insulin glargine 30 weeks, n=,000 SUSTAIN 5: Add-on to basal insulin 30 weeks, n=400 In the SUSTAIN phase 3a programme, 0.5 mg and.0 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

75 Slide 75 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

76 Slide 76 Oral semaglutide dose dependently reduced HbA c and body weight in a 26-week phase 2 trial in type 2 diabetes HbA c reduction from a mean baseline of 7.9% HbA c (%) 8.0 Weight loss from a mean base line of 92 kg Placebo Sema 2.5 mg Sema 5 mg Sema 0 mg Sema 20 mg Sema 40 mg Sema mg sc Weight loss (kg) Time (weeks) Time (weeks) Inclusion criteria: Type 2 diabetes; 7.0% HbA c 9.5%; treatment with diet and exercise with or without metformin; sc: subcutaneous; sema: semaglutide Source: o Nordisk on file (NN )

77 Slide 77 Anti-IL 2 in combination with liraglutide is an alternative approach for the treatment of type diabetes 304 newly diagnosed people with type diabetes Phase 2 trial design Anti-IL-2 + liraglutide.8 mg Placebo + liraglutide.8 mg Anti-IL-2 + placebo Placebo + placebo Rationale for Anti-IL 2 and liraglutide combination product for TD Anti-IL 2 plays an important role in autoimmunity with potential effect on immune disorder Effector cells (T and B lymphocytes and natural killer cells) Pro-inflammatory cytokines Autoantibodies Chemokines Matrix metalloproteinase (MMPs) Week Dosing Observation GLP- receptor agonist may promote beta-cell recovery Decrease beta-cell stress/apoptosis Stimulate beta-cell neogenesis Expansion of beta-cell mass in rodent models Inclusion criteria: Subjects diagnosed as type diabetes for not more than 2 weeks prior to randomisation; age 8-45 (both inclusive) Note: If liraglutide.8 mg is not tolerated.2 mg is administered. ANTI-IL: interleukin Source: NN TD: type diabetes; MOA: mode of action

78 Slide 78 More than 20 million people in the US have a BMI above 35 with either pre-diabetes or CV related comorbidities Incidence of obesity in the US (million people) Comorbidity status BMI Class I BMI Obesity Class II BMI Class III BMI 40+ Total No CV comorbidities CV comorbidities The US obesity burden Cost of obesity to health care systems of USD 47 billion annually with continued growth 5 Around 35% of the US adult population (over 20 years) have obesity (BMI>30) 6 Only around 30% of all obesity cases in the US were diagnosed in Pre-diabetes Type 2 diabetes In 200, only 3 million people in the US or around 3% of the adult population with obesity were treated with anti-obesity medication 8 Total Normal blood glucose without hypertension and/or dyslipidemia 2 Normal blood glucose with hypertension and/or dyslipidaemia 3 Impaired Fasting Glucose with or without hypertension and/or dyslipidaemia 4 Type 2 diabetes with or without hypertension and/or dyslipidaemia Source: NHANES + revised 20 CDC estimates and based on US population 205. Only includes population age 20+. Distribution between obese groups on market map based on NHANES data (including only measured and not self reported BMI and also measured not self-reported diabetes status) 5 Finkelstein et al. Health Affairs 28, no. 5 (2009): w Flegal, KM. JAMA. 202;307(5): Doi:0.00/jama Ma et al. Obesity (Silver Spring) 2009;7: Obesity. Decision resources, Inc. December 200:38

79 Low Medium High Investor presentation Full year 205 Slide 79 Significant unmet need in obesity management Insufficient treatment options All people with obesity 00% Mean weight loss Significant gaps in obesity treatment Bariatric surgery People diagnosed 30% Anti-obesity medication with weight loss of 5-0% People Rx treated * Source: Diagnosis rate, Practice Fusion March 204 & Treatment rate, Understanding the Treatment Dynamics of the Obesity Market, IMS Database (NPA), August 204 *Rx=prescription, i.e. treated with anti-obesity medication (AOM) 4% Diet and exercise Low Medium High Complexity of treatment

80 Slide 80 Small but growing market for anti-obesity medication in the US USD million Value of US obesity market remains small, but it is growing Note: 205 is MAT ember 205 Source: IMS NSP Monthly, ember 205 Few people treated with AOM in US, but recent launches have contributed to market growth TRx volume (thousands), Jun 200 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, December 205 Saxenda launch Dec 205

81 Slide 8 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) 0.2% 2.6% 2.0%.6% 5.9% 5.7% 6.2% 8.0% 63.2% 27.% 49.9% 3.8% 46.3% 8.5% 50.5% 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 204; 57 (Suppl ): Abstract 904-OR at EASD 204; 3 Davies M, Diabetologia 204; 57 (Suppl ): Abstract 39-OR at EASD 204; 4 Wadden et al. Int J Obes (Lond). 203;37:443-5; 5 Blackman A, Diabetologia 204; 57 (Suppl ): Abstract 84-OR at EASD 204

82 Slide 82 Competitive US label for Saxenda Saxenda approved in the US for chronic weight management in individuals with a BMI 30, 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 0 lose weight and in 3 people lose more than 0% 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

83 Slide 83 Saxenda targeted at patients with BMI 35 and weight-related comorbidities Saxenda market approach Clear patient segmentation Focused prescriber targeting Clear product value proposition Saxenda launch execution Focus on patients with BMI 35 with weight-related comorbidities Focus on current prescribers of anti-obesity medication and GLP- Strengthened by 3-year clinical data Aspiration Build the market Focus on engaging prioritised payers and employers Formulary coverage emerging with more than 50 million lives now covered BMI: body mass index Potential lives covered, based on employer opt-ins

84 Slide 84 Semaglutide once daily phase 2 dose-finding trial in obesity is designed to optimise treatment outcomes Once daily semaglutide phase 2 trial design 935 people with obesity without diabetes semaglutide 0.05 mg semaglutide 0. mg semaglutide 0.2 mg semaglutide 0.3 mg semaglutide 0.4 mg semaglutide 0.3 mg fast escalation semaglutide 0.4 mg fast escalation placebo liraglutide 3 mg weeks Key inclusion criteria: Male or female 8 years, BMI: 30 kg/m 2, Stable body weight (<5 kg change) 90 days Note: Once daily subcutaneous dosing in all arms, 4-week escalation steps in main arms, 2-week escalation steps in fast escalation arms Phase 2 trial purpose and endpoints Purpose To assess and compare the dose response of five doses of QD sc semaglutide versus placebo in inducing and maintaining weight loss after 52 weeks To investigate two different dose escalation regimens Trial design Randomised, controlled, double-blinded Diet and exercise counselling in all arms Primary endpoint Relative change from baseline in body weight at 52 weeks Examples of secondary endpoints Proportion of subjects with weight loss of 5% or 0% of baseline body weight at 52 weeks Results from phase 2 trial expected in 207 QD: once daily; sc: subcutaneous

85 Slide 85 Long-acting obesity compounds in phase development may have complimentary modes of action Key features of compounds in phase development for obesity Compound G530L Glucagon analogue NN9838 Amylin analogue NN9747 PYY analogue Administration Once-daily subcutaneous injection in combination with liraglutide Once-daily subcutaneous injection Once-daily subcutaneous injection Mode of action Stimulation of energy expenditure and satiety promoting a negative energy balance Reduced food intake, thought primarily to be mediated by amylin receptors located in the area postrema Reduced food intake via selective stimulation of the Y2 receptor Clinical development status Phase initiated Sep 204 Safety/PK of single ascending doses 60 overweight /obese people Expected completion H2 206 Phase initiated Dec 204 Safety/PK of single ascending doses 58 overweight/obese people Expected completion H 206 Phase initiated Oct 205 Safety/PK of single and multiple doses 20 overweight/obese people Expected completion H 207 PK: pharmacokinetic

86 Slide 86 Biopharmaceuticals

87 Slide 87 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

88 Slide 88 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 Number of people (000) 500 Average percentage of people with haemophilia Haemophilia A App. 350,000 patients Haemophilia B App. 70,000 patients % Inhibitor segment app. 3,500-4,000 patients % 6% 3% 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. 200; 6: 20-32), World Federation of Haemophilia Annual Global Survey 202, UDC database in the US Source: World Federation of Haemophilia Annual Global Survey 202 0

89 Slide 89 The global haemophilia market is growing by mid-single digits DKK billion Sales of recombinant coagulation factors oseven Coagil VII Xyntha /Refacto Benefix CAGR : 6% CAGR for 5-year period Source: Company reported sales for 204 Kogenate /Helixate Recombinate /Advate CAGR : 6% CAGR : 9% rfviia rfviii rfix Strategic positioning of o Nordisk s haemophilia portfolio o Nordisk compound Status Strategic position oseven Launched Maintain market leadership oeight Launched Establish presence in a competitive market place N8-GP Phase 3 2 Contribute to market conversion N9-GP Phase 3 3 Establish new treatment paradigm othirteen Launched Launch first recombinant product 2 Submission of N8-GP expected 207/208 pending expansion of production capacity 3 Submitted to the to the European Medicines Agency in January 206; Submission with the US Food and Drug Administration expected H 206

90 Slide 90 oseven a unique biologic for the treatment of rare bleeding disorders DKK billion Q4 200 oseven reported sales CAGR 5.3% Q4 205 Key oseven properties Product characteristics: powder and solvent for solution for intravenous injection, available in multiple doses, stable at room temperature MixPro administration system launched in 203 Indications: treatment of spontaneous and surgical bleedings in: Haemophilia A or B patients with inhibitors Acquired haemophilia Congenital FVII deficiency Glanzmann s thrombasthenia 2 CAGR for 5-year period 2 Only indicated in Europe and the US

91 Slide 9 oeight is launched in the US, Europe and Japan for the treatment of people with haemophilia A Example from oeight promotional campaign oeight properties and launch performance Indications: Treatment and prophylaxis of bleeding in patients with congenital factor VIII deficiency for all age groups 2 Key product characteristics: Reliability: No inhibitor development in PTPs in one of the largest pivotal trial programmes of any approved rfviii (n=23) 2,3 Purity and safety: First rfviii to use a 20nm filter in its purification process 4 Portability: Room temperature stability with storage at 30 degrees celsius 2 Launch status: oeight is available in the US, Japan and 5 European countries Picture is not intended for promotional purposes Sources: 2 oeight Summary of Product Characteristics. 3 Iorio A et al., Blood 202; 20(4): oeight Prescribing Information

92 Slide 92 othirteen, a recombinant FXIII, provides efficacious and safe haemostatic coverage Example from othirteen promotional campaign othirteen 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: othirteen is the only recombinant product for prophylaxis othirteen is well tolerated and has low volume dosing othirteen effectively prevents bleeds and provides a convenient once-monthly regimen Launch status: othirteen is available in 0 countries Picture is not intended for promotional purposes Source: European Medicines Agency, summary of opinion (post-authorisation) 23 January 204. othirteen Summary of product characteristics.

93 Slide 93 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 (NN7088) GlycoPEGylated long-acting rfviii Haemophilia A Concizumab (NN745) Monoclonal anti-tfpi Haemophilia A, B and with inhibitors Somapacitan (NN8640) 2 Once-weekly human growth hormone Growth disorder Submitted to the to the European Medicines Agency in January 206; Submission with the US Food and Drug Administration expected H 206; 2 Phase 3 initiated in AGHD

94 Slide 94 N9-GP administered once weekly reduces median bleeding rate to.0 episode per year in phase 3 trial FIX activity (IU/mL) N9-GP phase pharmacokinetics Paradigm 2 headline results (phase 3) rfix Dose normalised 50 IU/kg (N=5) One stage clot assay pdfix Time (h) N9-GP 68 Steady-state half-life of 0 hours Median bleeding rate for patients treated on demand was 5.6 episodes per year Patients on once-weekly prophylactic treatment had a median bleeding rate of.0 episode per year when treated with 40 IU/kg Among patients receiving 40 IU/kg: 99% of bleeding episodes treated with only one infusion Two thirds of patients experienced complete resolution of bleeding into target joints N9-GP appeared to have a safe and well tolerated profile with no patients developing inhibitors Next steps N9-GP Submitted to the to the European Medicines Agency in January 206. Submission with the US Food and Drug Administration expected H 206 Source: Negrier et al. Blood. 20;5: Source: o Nordisk Company Announcement, 7 May 203

95 Slide 95 N8-GP administered every fourth day reduces median bleeding rate to.3 episode per year in phase 3 trial FVIII activity (IU/mL) N8-GP phase pharmacokinetics Pathfinder 2 headline results (phase 3) Dose 50 IU/kg (n=8) One stage clot assay Source: Tiede et al. J Thromb Haemot. 203;: FVIII Time (h) N8-GP 68 PK documented single dose half-life of 8.4 hours and mean trough level before next dose of 8% Patients on every fourth day prophylaxis (50 IU/kg) had a median ABR of.3 95% of mild to moderate bleeds managed with -2 doses N8-GP appeared to have a safe and well tolerated profile One patient developed inhibitors, as expected in a population of previously treated haemophilia A patients Pathfinder 2 extension trial results 2 55 patients with 2 bleeds during 6 months in the main phase were randomised 2: to either once-weekly (75 IU/ kg) or every fourth day (50 IU/kg) treatment for 80 days 3 Patients in both treatment arms had a median ABR of 0 Next steps Expansion of production capacity; US/EU submission 208 PK: pharmacokinetic; ABR: annualised bleeding rate; IU: international unit Source: o Nordisk Company Announcement, 9 March 204; 2 o Nordisk Company Announcement, 8 ember prophylaxis 75 IU/kg every 7 days (n=38) or prophylaxis 50 IU/kg every 4 days (n=7)

96 Slide 96 o 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 o Nordisk Pfizer Sandoz Eli Lilly Merck Kgaa Roche % 32% % 25% 0 5 CAGR volume : 4.2% CAGR value DKK : 2.8% % 5% 0% 5% % CAGR for 5-year period Source: IMS Monthly MAT ember, 205 volume figures and value (DKK) figures Source: IMS Monthly MAT ember, 205 volume figures

97 Slide 97 Solid Norditropin sales growth DKK billion Norditropin reported sales CAGR 0.7% 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 0.0 Q4 200 Q4 205 CAGR for 5-year period

98 Slide 98 Financials

99 Slide 99 o 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 30% 30% 20% 20% 9% 2% 0% 0% 0% % Note: Numbers for 2007 and 2008 are adjusted for the impact of the discontinuation of pulmonary insulin projects; Number for 205 is adjusted for the non-recurring income related to the partial divestment of NNIT with the dotted component representing this income; average is calculated excluding the effect of the 205 non-recurring income.

100 Thousands Investor presentation Full year 205 Slide 00 Solid sales growth with especially North America, International Operations and Region China expanding DKK billion % Reported annual sales Diabetes Biopharmaceuticals CAGR 2.9% 79% 78% 78% 76% Reported annual sales split by region North America Europe Int. Operations China Japan & Korea 9% 5% 8% 9% 4% 4% 9% 29% 53% 40% CAGR for 4-year period

101 Slide 0 Solid operating profit growth driven by diabetes DKK billion Operating profit Operating profit therapy split Operating profit Operating profit as % of sales Operating profit growth vs last year Operating profit growth in local currencies 60% 43% 50% Diabetes Biopharm % 32% 7% 0% 40% 30% 20% 65% 35% 72% 28% 0 22% 20% 5% 3% 2% 0% % numbers exclude the impact on operating profit resulting from the non-recurring income related to the partial divestment of NNIT

102 Slide 02 Profitability per segment Diabetes P&L full year 205 Biopharmaceuticals P&L full year 205 DKK billion DKK billion % -29% -2% -4% +% 40% % -5% -4% -4% +% 57% Sales COGS S&D R&D Admin OOI OP 0 Sales COGS S&D R&D Admin OOI OP Excluding inflammation

103 Slide 03 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% 6 6% 20% 5 5% 0 5% 4 4% 3 3% 5 0% 2 2% 5% % % %

104 Slide 04 Limited future productivity gains expected, reflecting an increasing level of manufacturing complexity and maturity After significant improvements, reductions in unit costs of mature products are declining Index orapid/omix FlexPen orapid/omix Penfill Human Insulin Penfill Levemir FlexPen Victoza The complexity of molecules by number of API sidechain production steps is increasing Number of process steps NN8640 Once-weekly growth hormone Semaglutide 40 Tresiba N8-GP/N9-GP Levemir Victoza API: active pharmaceutical ingredient

105 Slide 05 Long term financial targets: Operating profit growth and operating margin Operating profit growth Operating margin New long term financial target Previous long term financial targets Previous long term financial targets 35% 30% 45% 25% 20% 30% 5% 0% 5% 5% 0% New Target 0% No Target Note: The long term financial targets are based on an assumption of a continuation of the current business environment A new target for operating margin has not been established

106 Slide 06 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings 60% 40% 20% 00% 80% 60% 40% 20% 0% Operating profit after tax to net operating assets New long term financial target Previous long term financial targets 40% 20% 00% Cash to earnings (three year average) 0% New Target 80% 60% 40% 20% New long term financial target Previous long term financial targets New Target Note: The long term financial targets are based on an assumption of a continuation of the current business environment

107 Slide 07 Stable ownership structure - secured through A and B-share structure o Nordisk Foundation o A/S 75.0% of votes 27.0% of capital Share structure Institutional and private investors 25.0% of votes 73.0% of capital The o Nordisk Foundation The o Nordisk Foundation is a self-governing institution that: provides a stable basis for o Nordisk supports scientific, humanitarian and social purposes All strategic and operational matters are governed by the board and management of o Nordisk Overlapping board memberships ensure that the o Nordisk Foundation and o Nordisk share vision and strategy A shares 537m shares B shares 2,063m shares o Nordisk A/S Note: Treasury shares are included in the capital but have no voting rights

108 Slide 08 Sustainability

109 Slide 09 We are guided by a strong values-based management system with patients at the centre of everything we do The o 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

110 Slide 0 Long term social performance targets Patients reached with Working the diabetes care products o Nordisk Way Number of people Realised Target (2020) Realised Target million Average score o Nordisk estimate 2 Average score in annual employee survey (-5)

111 Slide Treating 40 million patients with diabetes by 2020 is a long term target to be achieved by addressing needs locally Number of patients treated with o Nordisk s diabetes care products To reach our target, the global strategy is translated into local action plans Million people

112 Slide 2 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 o Nordisk LDC pricing policy Working poor base of pyramid Changing Diabetes in Children DAWN2 Changing Diabetes barometer Training of HCPs

113 Slide 3 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