Investor presentation Full year 2016

Transcription

1 Slide Investor presentation Full year 26 Manato Ohara, diagnosed with type diabetes Kanagawa, Japan

2 Slide 2 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 26 and Form 2-F, which are both filed with the SEC in February 27 in continuation of the publication of the Annual Report 26, and 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 Risk Management on pp 4-43 of the Annual Report 26. 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

3 Slide 3 Highlights Full year 26 Sales development Sales increased by 6% in local currencies and 4% in Danish kroner North America grew by 4% in local currencies and accounted for 4% share of growth in local currencies Latin America and Region China grew by 28% and 2% in local currencies, respectively Tresiba now accounts for 47% share of growth in local currencies Research and Development Tresiba demonstrated CV non-inferiority and reduced severe hypoglycaemia risk vs insulin glargine U in DEVOTE trial FDA approval received for Xultophy /3.6 in the US Xultophy showed significant reduction of hypoglycaemic events and weight loss in DUAL VII vs basal-bolus Fast-acting insulin aspart approved in the EU and Canada, class II resubmission of NDA in the US expected within 3 months Financials Adjusted operating profit increased by 6% in local currencies Diluted earnings per share adjusted for the partial divestment of NNIT increased by 9% to 4.96 DKK per share 9% increase in total dividend to DKK 7.6 per share of DKK.2 proposed (including interim dividend of DKK 3. paid in August 26) New share repurchase programme of up to DKK 6 billion to be executed during the coming 2 months 27 financial outlook: Reported sales growth is expected to be -6% (around 2% lower in local currencies) Reported operating profit growth is expected to be around -5% (around 2% lower in local currencies) Adjusted operating profit account for partial divestment of NNIT and out-licensing of assets for inflammatory disorders, both in 25

4 Slide 4 New regional structure introduced January 27. All regions contributed to local currency sales growth in 26 Sales as reported full year 26 Region AAMEO +3% Region Japan & Korea +5% Region China +6% Region Europe (%) 9% 9% Region Latin America (3%) 3% 6% 53% Sales of DKK.8 billion (+4%) North America Operations +4% Growth analysis full year 26 Local currencies Growth Share of growth North America Operations 4% 4% Hereof USA 4% 37% International Operations 7% 59% Region Europe 2% 5% Region AAMEO 7% 4% Region China 2% 9% Region Japan & Korea 4% 3% Region Latin America 28% 8% Total sales 6% AAMEO: Africa, Asia, Middle East & Oceania Note: Figures above reflect the new regional sales split, as illustrated in FY26 Company Announcement (appendix 9). Full year 26 reported sales for historic regional sales split: USA: 57,94 mdkk (+4% reported growth) Europe: 2,682 mdkk (-% reported growth) International Operations: 4,5 mdkk (+2% reported growth) Region China:,458 mdkk (+6% reported growth) Pacific: 9,396 mdkk (+ reported growth) AAMEO: Africa, Asia, Middle East & Oceania Note: Figures above reflect the new regional sales split, as illustrated in FY 26 Company Announcement (appendix 9). Local sales growth and share of growth (SOG) for historic regional sales split: USA: +4% (SOG: 37%) Europe: +2% (SOG: 5%) International Operations: +4% (SOG: 32%) Region China: +2% (SOG: 9%) Pacific: +5% (SOG: 7%)

5 Slide 5 Sales growth is driven by new-generation insulin and Victoza Sales as reported full year 26 Growth analysis full year 26 Haemophilia (2%) Norditropin +2% 3% 8% 7% 9% % Other biopharmaceuticals (7%) 79% 8 Sales of DKK.8 billion (+4%) Diabetes and obesity care +4% Note: Norditropin sales growth in the full year 26 is derived primarily from the US and reflects a positive non-recurring adjustment to rebates in the Medicaid patient segment Local currencies Growth Share of growth New-generation insulin 22% 5% Modern insulin (3%) (25%) Human insulin 2% 4% Victoza 2% 36% Other diabetes and obesity care 2 26% 2% - Hereof Saxenda 245% 9% Diabetes and obesity care 6% 87% Haemophilia 3 (%) Norditropin 4% 8% Other biopharmaceuticals 4 (6%) (4%) Biopharmaceuticals 4% 3% Total 6% Comprises Tresiba, Xultophy and Ryzodeg 2 Primarily onorm, needles and Saxenda 3 Comprises oseven, oeight and othirteen 4 Primarily Vagifem and Activelle

6 Slide 6 Roll-out of new-generation insulin portfolio continuing Key launch observations Tresiba launched in 52 countries with solid penetration in markets with similar reimbursement as insulin glargine Tresiba value share of basal insulin segment in selected countries, excluding the USA Switzerland Japan Mexico Netherlands Spain Denmark UK Argentina Brazil India Greece Italy Ryzodeg launched in Switzerland, Mexico, India, Bangladesh, Japan, Russia, Lebanon, South Africa, Nepal and now the Netherlands Xultophy launched in Switzerland, the United Kingdom, Sweden, Hungary, Greece, Cyprus and now Czech Republic, France and the Netherlands % 39% 3 29% 24% 2% 7% 8% 9% 4% 4% Months from launch Note: Limited IMS coverage in India Source: IMS Monthly value figures, ember 26

7 Slide 7 Increasing total market share of the basal insulin franchise in the US Basal NBRx MS Weekly US NBRx volume market shares Jan 26 Tresiba Levemir NN Total Basal glargine U glargine U3 biosimilar glargine U Note: The graph does not show NPH, which accounts for the residual market share Source: IMS weekly data, 3 January 27, excludes Medicaid NBRx: New-to-brand prescriptions; MS: Market share Dec 26 38% 35% 23% 5% 9% Tresiba launch in the US Full commercial launch in January 26 following specialist engagement in Q4 25 Tresiba volume market share reached 5.5% by the end of 26 Recent increase in Tresiba and Levemir uptake following commercial formulary changes for CVS in the basal insulin segment Tresiba U2 accounts for nearly 8 of total Tresiba volume Wide formulary access has been obtained with around 75% access for patients in commercial channels and Medicare part D combined Source: IMS weekly data, 3 January 27, excludes Medicaid

8 Slide 8 Victoza maintains leadership in the faster growing US GLP- market US GLP- market development MAT GLP- TRx (million) Total TRx Growth rate MAT volume growth rate 26 35% 3 25% 2 5% 5% US GLP- market TRx volume GLP- TRx volume (million) Victoza albiglutide exenatide dulaglutide 26 US GLP- market shares GLP- TRx market share Victoza albiglutide exenatide dulaglutide 5 25% 8% 7% 26 Source: IMS NPA monthly, ember 26

9 Slide 9 Fast-acting insulin aspart approved in the EU and Canada, resubmission of the NDA in the US within three months Regulatory decisions and next steps Fiasp vs orapid EU label characteristics Fiasp (fast-acting insulin aspart) received marketing authorisation in Europe and Canada Next step: Expected to be launched in the first European countries and Canada in H 27 Efficacy Pharmacokinetics Fiasp HbA c reduction of -.32% compared orapid of -.5% in type diabetes patients Fiasp -h PPG reduction of -.29 mmol/l Fiasp twice as fast as orapid Twice as much insulin available during first 3 minutes with Fiasp Review and discussion with FDA completed, following the Complete Response Letter (CRL) in October 26 Next step: Class II resubmission of the NDA for fast-acting insulin aspart in the US expected within the next three months Safety Specific populations Overall safety of Fiasp consistent with orapid Hypoglycaemia may occur earlier compared to other mealtime insulins Fiasp approved for pregnancy and pumps as orapid Paediatric use not yet approved for Fiasp and more limited geriatric use vs orapid NDA: New drug application PPG: Postprandial glucose; SC: Subcutaneous

10 Slide Significant regulatory news flow in 27 Project Past 3 months Within 3 months In ~3-6 months In ~6-9 months In ~9-2 months Tresiba Once-weekly semaglutide Victoza Xultophy Fast-acting insulin aspart Semaglutide obesity N9-GP Concizumab DEVOTE data Variation application in EU US and EU submission US regulatory approval EU regulatory approval Phase data Japan submission Class II resubmission in the US CHMP opinion US & EU submission of DEVOTE data US label update decision for SWITCH US regulatory decision Results available EU label update decision for SWITCH SUSTAIN 7 phase 3b data US label update decision for LEADER Phase 2 data Regulatory milestone US regulatory decision CHMP opinion EU label update decision for LEADER Somapacitan REAL phase 3a data Diabetes Obesity Haemophilia Growth disorders Note: Indicated timeline as of financial release for full year 27 on 2 February Study conducted in adult growth hormone disorder

11 Slide Financial results full year 26 DKK million FY 26 FY 25 Change Sales,78 7,927 4% Gross profit 94,597 9,739 3% Gross margin 84.6% 85. Sales and distribution costs (28,377) (28,32) Percentage of sales 25.4% 26.2% Research and development costs (4,563) (3,68) 7% Percentage of sales % Administration costs (3,962) (3,857) 3% Percentage of sales 3.5% 3.6% Other operating income, net 737 3,482 N/A Non-recurring income - 2,376 Operating profit 48,432 49,444 (2%) Operating profit adjusted for non-recurring income,2 48,432 46,69 4% Financial items (net) (634) (5,96) (89%) Profit before income tax 47,798 43,483 Tax (9,873) (8,623) 4% Effective tax rate 2.7% 9.8% Net profit 37,925 34,86 9% Diluted earnings per share (DKK) % Diluted earnings per share (DKK) adjusted for partial divestment of NNIT % Non-recurring income comprises the partial divestment of NNIT (DKK 2,376 million) in 25 2 Non-recurring income comprises the out-licensing of assets for inflammatory disorders (DKK 449 million) in 25

12 Slide 2 Financial outlook for 27 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Financial items (net) Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 2 Feb 27 - to 4% Around 2 percentage points higher -2% to 3% Around 2 percentage points higher Loss of around DKK 2.4 billion 2-23% Around DKK. 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 January 27

13 Slide 3 Closing remarks Solid leadership positions and continued market opportunities Promising pipeline and product launches > 27% o Nordisk value market share in diabetes The only company with a full portfolio of novel care and solid leadership position insulin and GLP- products ~4% insulin market volume growth 45% o Nordisk insulin volume market share with leadership position across all regions >2 GLP- volume market growth 6 o Nordisk GLP- volume market share with strong global leadership position 5 countries successfully launched Saxenda Semaglutide portfolio offers expansion opportunity with both injectable and oral administration Xultophy supports promising outlook for insulin and GLP- combination therapy Saxenda and multiple clinical stage development projects hold potential within obesity Broad pipeline within haemophilia and growth hormone disorders Source: IMS MAT ember 26 volume and value (DKK) figures

14 Slide 4 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 23 Mar 27 Annual General Meeting 27 3 May 27 Financial statement for the first three months of 27 9 Aug 27 Financial statement for the first half of Financial statement for the first nine months of 27 Investor Relations contacts o Nordisk A/S Investor Relations o Allé, DK-288 Bagsværd Peter Hugreffe Ankersen phak@novonordisk.com Melanie Raouzeos mrz@novonordisk.com Hanna Ögren haoe@novonordisk.com Anders Mikkelsen armk@novonordisk.com In North America: Kasper Veje kpvj@novonordisk.com

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

16 Slide 6 o Nordisk at a glance Global leader in diabetes care A focused pharmaceutical company with leading positions in diabetes, haemophilia and growth hormone Significant growth opportunities driven by the diabetes pandemic, fuelled by global presence and strong R&D pipeline High barriers to entry in biologics Operating profit growth targeting 5% on average Earnings conversion to cash targeting 9 Cash generated returned to shareholders Global insulin market leadership Global insulin market share: 46% North America Operations: Market share 37% Region Latin America: Market share 4% Region Europe: Market share 45% Region China: Market share 54% Region AAMEO: Market share 57% Region Japan & Korea: Market share 49% Global/regional headquarter Manufacturing R&D facility Source: IMS MAT ember 26 volume figures

17 Slide 7 o Nordisk works with four strategic focus areas based on five core capabilities STRATEGIC PRIORITIES CORE CAPABILITIES Expand leadership in Expand DIABETES leadership in DIABETES Pursue leadership in OBESITY Pursue leadership in OBESITY Pursue leadership in Pursue HAEMOPHILIA leadership in HAEMOPHILIA Expand leadership in Expand leadership in GROWTH DISORDERS GROWTH DISORDERS Engineering, formulating, developing and delivering protein-based 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 o Nordisk Way

18 Slide 8 o Nordisk has leading positions in diabetes, haemophilia and growth disorders DKK billion Diabetes Market value DKK Market value DKK Market value o Nordisk value market share billion o Nordisk value market share billion o Nordisk value market share Global market position Global market position Global market position # #2 # Haemophilia 3 5 Growth disorders CAGR value: 7.7% 2 CAGR value:.9% CAGR value: 4.6% FY 2 FY CAGR for 5-year period Source: IMS MAT ember, 26 value figures Note: Annual sales figures for Haemophilia A, B and inhibitor segment CAGR for 5-year period Source: Company reports CAGR for 5-year period Source: IMS MAT ember, 26 value figures

19 Slide 9 Top line growth driven by the diabetes pandemic DKK billion o Nordisk reported quarterly sales by therapy FY 26 Diabetes and obesity Haemophilia 2 Reported sales CAGR :.9% 2.9% 9.4% 6.7% 2.% Norditropin CAGR for -year period 2 Haemophilia includes oseven, othirteen (as of Q 23) and oeight (as of Q 24) Other FY 26 International Diabetes Federation projects that 642 million people will have diabetes by 24 Million people North America Reg China CAGR : 7. 5 Reg Europe Reg J&K 45 Reg AAMEO Reg LATAM E Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: 2-79 age group CAGR for 5-year period Source: International Diabetes Federation: Diabetes Atlas st and 7 th Edition, 2 and 25

20 Slide 2 o Nordisk has a strong leadership position within the growing diabetes care market DKK billion Global diabetes care market by treatment class OAD GLP- Insulin o Nordisk AstraZeneca Global diabetes care value market share Sanofi artis Eli Lilly Takeda Merck GSK Total market: CAGR 5.% Injectables: CAGR 9.4% CAGR 8. CAGR.3% % 26 CAGR for -year period OAD: Oral Anti-diabetic Source: IMS Monthly MAT ember, 26 value figures Source: IMS Monthly MAT ember, 26 value figures

21 Slide 2 Significant growth opportunities fuelled by strong R&D pipeline across all four strategic focus areas PHASE PHASE 2 PHASE 3 SUBMITTED APPROVED LAI287 QW basal insulin Semaglutide QD GLP- OG27SC Oral GLP- Fast-acting insulin aspart (US) Levemir NN46 Mealtime insulin G53S Glucagon analogue NN9838 Amylin analogue Anti-IL-2 and liraglutide Semaglutide QD GLP- N8-GP Long-acting rfviii Somapacitan QW GH 2 Semaglutide QW GLP- orapid N9-GP - Long-acting rfix omix Tresiba NN9747 PYY analogue NN9277 GG-co-agonist NN9499 FGF2 obesity NN745 Concizumab Ryzodeg Xultophy (EU & US) Victoza Fiasp (EU) Saxenda oseven oeight othirteen Norditropin Diabetes Obesity Haemophilia Growth disorders Approved in all triad markets (US, EU and Japan), unless noted 2 Study conducted in adult growth hormone disorder GG: Glucagon GLP-

22 Slide 22 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions Global manufacturing setup North America Operations: ~5, Denmark (~9,7 FTEs) Kaluga, Russia (~24 FTEs) Region Africa, Asia, Middle-East and Oceania (AAMEO): ~4,7 West Lebanon, NH, USA (~5) 2 Biopharmaceutical API production Diabetes and biopharmaceutical API production Filling Moulding and assembly Packaging Filling Assembly Packaging Region China: ~3, Koriyama, Japan (~7 FTEs) Packaging Region Europe: ~2,7 Region Japan & Korea: ~, Region Latin America: ~8 Clayton, NC, USA (~82 FTEs) Diabetes API production Filling Assembly Packaging of above Montes Claros, Brazil (~93 FTEs) Chartres, France (~, FTEs) Filling Assembly Packaging Tianjin, China (~, FTEs) Filling Moulding and Assembly Packaging Total non-hq/manufacturing FTEs: ~7,3 Filling Assembly Packaging FTEs represent full-time equivalents in o Nordisk s sales regions (excludes all other employees in headquarter, research sites and manufacturing sites) as of January 27 2 New Hampshire facility is currently under establishment

23 Slide 23 Solid patent protection of innovative drugs o Nordisk s position is protected by patents and value chain setup Patent protection Unique value chain position Barriers to entry for biosimilar players EU/US / / /9 2 exp 25/ / / /7 2 Research & Development Manufacturing Commercialisation History of protein engineering Highly efficient, flexible and capital intensive manufacturing Global commercial footprint Research & Development Need to show comparability in PK/PD trials Strict regulatory requirements in EU and the US Requirement for both drug and device offering Manufacturing Economies of scale for incumbents 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 List does not include all marketed o 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: o Nordisk PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure

24 Slide 24 Diabetes and obesity

25 Insulin ( µ U/ ml ) Investor presentation Full year 26 Slide 25 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 The aim of insulin therapy is to recreate normal blood insulin profile 7 6 Short-lived, rapidly generated meal-related peaks (prandial) Primary classifications: Type diabetes: Complete insulin deficiency due to destruction of beta-cells in the pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency Insulin: Facilitates uptake of blood sugar into cells Inhibits glucose release from the liver Sustained Insulin profile (basal) Fat cell 6: : 4: 8: 22: 2: 6: Time of day Liver Pancreas Breakfast Lunch Dinner Muscle

26 Slide 26 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 < % % % % 3 Diabetes prevalence <4.5% % % % 9.-.4%.5% CDC: Centers for Disease Control and Prevention Source: CDC s Division of Diabetes Translation. National Diabetes Surveillance System available at

27 Slide 27 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 7.3 US 7.2% 2 Latin America 7.6% 3 China % 4 India % 4 Japan % 5 Korea % 6 Russia % 4 5 are diagnosed 5 have access to care 5 25% 2% 5 get decent care 5 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 25;7:9 7; 2 Hoerger et.al. Diabetes Care 28;3:8 6; 3 Lopez Stewart et al. Rev Panam Salud Publica 27;22:2 2; 4 Valensi et al. Int J Clin Pract 29;63(3):522-3; 5 Arai et al. J Diabetes Investig. 22 Aug 2;3(4):396-4; 6 Ko et al. Diab Med 27;24:55 62; 7 Oguz et al. Curr Med Res Opin 23;29:9 2; 8 Liebl et al. Diab Ther 22;3:e ; 9 Blak et al. Diab Med 22;29:e3-2

28 Incidence risk (%) Investor presentation Full year 26 Slide 28 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 patients 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

29 -cell function Investor presentation Full year 26 Slide 29 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 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 26 Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas

30 Slide 3 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 37% 29% 34% 2 CAGR volume : 4.6% CAGR value : 2.3% Long-acting Premix Fast-acting 4 26% 34% 26 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 ember 26 (DKK) figures

31 Slide 3 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 Varies 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 Varies 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. 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.

32 Slide 32 Solid position in the diabetes care market across all regions with leading insulin market share Regions Diabetes care value market composition Diabetes care value market share Insulin volume market composition Insulin volume market share North America 3 % 58% 7% 29% 52% 38% 63% 37% Region Europe 43% 48% 72% 28% 4% 4% 9% 55% 45% Region AAMEO 54% 43% 2% 76% 24% 25% 26% 49% 43% 57% Region China 47% % 52% 69% 3% 6% 2% 63% 46% 54% Region Japan & Korea 8 6% 3% 89% % 38% 38% 23% 5% 49% Region Latin America 68% 27% 4% 84% 6% 74% 9% 7% 59% 4% AAMEO: Africa, Asia, Middle-East and Oceania IMS only covers part of the channels in AAMEO and Region China Source: IMS ember, 26 Monthly MAT volume and value (DKK) figures Insulin GLP- OAD o Nordisk Others Fast-acting Premix Long-acting o Nordisk Others

33 Slide 33 Stable global insulin volume growth 3 25% 2 5% 5% 2 Regional insulin volume growth North America Reg Europe Reg AAMEO Reg China Reg J&K Reg LATAM World Regional insulin volume market split North America Reg China 2 Reg Europe Reg J&K Reg AAMEO Reg LATAM 3% 3% 9% 2 34% 3% 26 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT ember, 26 volume figures Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT ember, 26 volume figures

34 Slide 34 Maintaining global insulin leadership by sustaining modern insulin market share 5 4 o Nordisk global volume market share across insulin classes class volume tmu Human insulin tmu Modern insulin 3 tmu Market value 2 : DKK 25 billion Market value 2 : DKK 26 billion 5 4 o Nordisk class MS (%) Total insulin Market value 2 : DKK 24 billion 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, 26 value and volume figures

35 Slide 35 Strong underlying insulin market growth and sustained global volume market share tmu Global insulin market Device penetration Modern insulin penetration CAGR volume 2 : 4.6% CAGR value 2 : 2.3% Modern insulin Human insulin Penetration Global modern insulin 3 volume market shares o Nordisk Sanofi Eli Lilly % 4 35% 3 2 9% 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, 26 volume and value (DKK) figures 3 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 ember, 26 volume figures

36 Slide 36 Continued single digit volume growth within the modern insulin segments tmu 2 6 Fast-acting insulin Segment volume orapid market share CAGR volume: 5.% MI penetration: 77.5% 8 tmu 2 6 Premix insulin Segment volume omix market share CAGR volume: 2.% MI penetration: 46.8% 8 tmu 2 6 Long-acting insulin Segment volume Levemir market share CAGR volume: 6. MI penetration 2 : 8.6% CAGR for 5-year period 2 Includes new-generation Insulin Note: Modern insulin (MI) penetration is of total segment, ie including animal and human insulin; Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT ember, 26 volume figures

37 Slide 37 Solid US modern insulin market share US insulin market by segments Device penetration Modern Insulin penetration US modern insulin volume market shares o Nordisk Sanofi Eli Lilly tmu Premix CAGR volume : 2.% CAGR value : 28.4% Fast-acting Long-acting Penetration % 38% 22% CAGR for 5-year period Source: IMS Monthly MAT ember, 26 volume and value (DKK) figures Source: IMS Monthly MAT ember, 26 volume figures

38 Slide 38 o Nordisk s modern insulins maintain market share in the US insulin market Segment volume olog market share tmu 8 CAGR volume : 2.9% MI penetration: US fast-acting insulin tmu US premix insulin Segment volume olog Mix 7/3 market share CAGR volume : (6.%) MI penetration: 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, ie including human insulin Source: IMS Monthly MAT ember, 26 volume figures US long-acting insulin Segment volume Levemir market share tmu CAGR volume 8 : 3.7% MI penetration: 8.8%

39 Slide 39 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 2 Medicare Medicaid Uninsured Public exchanges Other US population (million) % 6% 8% 8% 22% 22% 7% 8% 47% 44% In 26 PBMs covered 266 million lives and the market has consolidated Prime United Healthcare Group (OptumRx) & Catamaran MedImpact Humana 4% 2% 3% 8% 24% All other PBMs 26% 32% Express Scripts CVS Health 26 Data reflect historical data in Jan 26 2 Managed care population was slightly underestimated as only population under age 65 were captured to avoid double counting with those eligible for Medicare. Source: Congressional Budget Office Health Insurance Coverage ; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection ; Medicaid and CHIP Enrollment Report Jan. 26 PBM: Pharmacy Benefit Manager Note: Covers all 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: Cleveland Research PBM Intelligence 26

40 Slide 4 Maintained leadership position in the European modern insulin market tmu European insulin market by segments 2 Device penetration CAGR volume : 2.4% CAGR value : 3.2% Fast-acting Premix Long-acting CAGR for 5-year period 2 Includes new-generation insulin Source: IMS Monthly MAT ember, 26 volume and value (DKK) figures Modern Insulin penetration 2 Penetration European modern insulin 3 volume market shares o Nordisk Sanofi 3 Includes new-generation insulin Source: IMS Monthly MAT ember, 26 volume figures, numbers do not add up to due to smaller insulin manufacturers Eli Lilly 45% 35% 8% 26

41 Slide 4 Stable leadership position in Africa, Asia, Middle-East and Oceania (AAMEO) tmu AAMEO insulin market by segments 2 Device penetration CAGR volume : 9.3% CAGR value : 6.8% Modern Insulin penetration 2 Fast-acting Premix Long-acting Penetration 26 CAGR for 5-year period. 2 Includes new generation insulin. Note: IMS only covers the following 8 markets in AAMEO (retail data): Algeria, Egypt, India, New Zealand, Russia, Saudi Arabia, South Africa & Turkey Source: IMS Monthly MAT ember, 26 volume and value (DKK) figures AAMEO insulin volume market shares o Nordisk 2 Sanofi Eli Lilly Source: IMS Monthly MAT ember, 26 volume figures, numbers do not add up to due to smaller insulin manufacturers Biocon 57% 2 4% 3% 26

42 Slide 42 Solid market leadership position in Japan & Korea tmu Japan & Korea insulin market by segments 2 Device penetration CAGR volume :.3% CAGR value : (.6%) CAGR for 5-year period 2 Includes new-generation insulin Source: IMS Monthly MAT ember, 26 volume and value (DKK) figures Modern Insulin penetration 2 Fast-acting Premix Long-acting Penetration Japan & Korea modern insulin volume market shares o Nordisk Source: IMS Monthly MAT ember, 26 volume figures Eli Lilly Sanofi 48% 26% 25% 26

43 Slide 43 Solid Tresiba performance strengthens basal insulin market share in Japan Japanese basal value market shares Tresiba Levemir NN Total Basal NPH glargine U glargine U3 biosimilar glargine 23 49% 39% 27% 2% % 8% 3% Japanese total insulin value market shares 23 o Nordisk Eli Lilly Sanofi 57% 24% 9% 26 Source: IMS Monthly ember, 26 value figures Source: IMS Monthly ember, 26 value figures

44 Slide 44 Solid growth in the Chinese insulin market tmu Chinese insulin market by segments 2 Device penetration CAGR volume : 3.6% CAGR value : 2.5% CAGR for 5-year period Note: IMS covers around 5 of the total Chinese market (hospital data) Source: IMS Monthly MAT ember, 26 volume and value (DKK) figures Modern Insulin penetration Fast-acting Premix Long-acting Penetration Chinese insulin volume market shares 2 o Nordisk Sanofi Eli Lilly Tonghua Dongbao Gan & Lee United Lab Note: Only selected competitors shown Source: IMS Monthly MAT ember, 26 volume figures, numbers do not add up to due to smaller insulin manufacturers not included 54% 3% 9% 6% 5% 2% 26

45 Slide 45 Continued expansion of the modern insulin market in China bdkk 8 Chinese insulin market by segments Device penetration Modern Insulin penetration CAGR value Penetration : 2.5% Chinese total insulin value market shares o Nordisk Sanofi Eli Lilly Gan & Lee Tonghua Dongbao United Lab Fast-acting Premix Long-acting % 7% 2% 6% % CAGR for 5-year period Note: IMS covers around 5 of the total Chinese market (hospital data) Source: IMS Rolling MAT ember, 26 value (DKK) figures Note: Only selected competitors Source: IMS Rolling MAT ember, 26 value figures, numbers do not add up to due to smaller insulin manufacturers not included

46 Slide 46 Strengthened insulin volume market share in Latin America tmu 5 Latin America insulin market by segments Device penetration CAGR volume : 4.8% CAGR value :.5% Modern Insulin penetration Penetration 6 Latin America insulin volume market shares 7 o Nordisk Eli Lilly Sanofi 2 9 Fast-acting Premix % 6 3 Long-acting % 5% 2 26 CAGR for 5-year period Note: IMS only covers the following 4 markets in LATAM (retail data): Argentina, Brazil, Colombia, Mexico Source: IMS Monthly MAT ember, 26 volume and value (DKK) figures 2 Note: Only top-3 shown Source: IMS Monthly MAT ember, 26 volume figures, numbers do not add up to due to smaller insulin manufacturers not included 26

47 Slide 47 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.

48 Slide 48 The 9% GLP- share of the global diabetes care market is increasing, opportunities for further penetration remain GLP- value in bdkk 5 Global GLP- market Share of total diabetes care market Victoza sales and GLP- value market share of total diabetes care market bdkk 5 % GLP- share of diabetes care market 4 CAGR value : 36.9% 8% 2 3 Victoza 6% Exenatide Dulaglutide Other 26 4% 2% 6 3 North America Reg Europe 2% 3% 4% Reg AAMEO Reg J&K Reg LATAM % Reg China CAGR for 5-year period Source: IMS Monthly MAT ember, 26 value figures (DKK) Reg: Region; AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America Source: o Nordisk reported sales for full year 26 and IMS ember, 26 data

49 Slide 49 Strong GLP- volume growth across the regions Regional GLP- volume growth North America Region Europe Region J&K Region AAMEO Region China Region LATAM J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT ember, 26 volume figures World 23.7% Regional GLP- volume market split North America Region China 23 Region Europe Region J&K Region AAMEO Region LATAM J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT ember, 26 volume figures 3% % 4% 6% 39% 47% 26

50 Slide 5 The GLP- segment accounts for % of the total diabetes care market in North America GLP- value in bdkk North America GLP- market Victoza dulaglutide albiglutide exenatide CAGR value : 4.6% Share of total diabetes care market 2% 8% 6% Key observations for Victoza in the US market Victoza value market share within the GLP- segment is 56% Around 85% of commercial and around 9 of Medicare Part D lives are covered without restrictions Around 65% of new patients are new to treatment or from OAD-only regimens 5 5 4% 2% Close to 7 of prescriptions are for the higher dose.8 mg (3-pen pack) 2 26 CAGR for 5-year period Source: IMS Monthly MAT ember, 26 value figures (DKK) IMS monthly NPA data, ember 26

51 Slide 5 The GLP- segment accounts for of the total diabetes care market in Europe GLP- value in bdkk European GLP- market Victoza dulaglutide CAGR value : 2.5% CAGR for 5-year period Source: IMS Monthly MAT ember, 26 value figures (DKK) lixisenatide exenatide Share of total diabetes care market 26 8% 6% 4% 2% Victoza value market share in Europe GLP- value market share 2 Source: IMS Monthly MAT ember, 26 value figures (DKK) Victoza dulaglutide exenatide lixisenatide 66% 7% 4% 3% 26

52 Slide 52 The GLP- segment accounts for around 2% of the total diabetes care market in AAMEO GLP- value in bdkk AAMEO GLP- market Victoza lixisenatide exenatide dulaglutide Share of total diabetes care market Victoza value market share in AAMEO GLP- value market share Victoza lixisenatide exenatide dulaglutide.5.4 CAGR value : 43. 3% 8.3 2% 6 55%.2. % % 6% CAGR for 5-year period AAMEO: Africa, Asia, the Middle East and Oceania Source: IMS Monthly MAT ember, 26 value figures (DKK) Source: IMS Monthly MAT ember, 26 value figures (DKK)

53 Slide 53 The GLP- segment accounts for around 4% of the total diabetes care market in Japan & Korea GLP- value in bdkk Japan & Korea GLP- market Victoza lixisenatide CAGR for 5-year period Source: IMS Monthly MAT ember, 26 value figures (DKK) exenatide dulaglutide CAGR value : 25. Share of total diabetes care market 26 4% 3% 2% % Victoza value market share in Japan & Korea GLP- value market share Source: IMS Monthly MAT ember, 26 value figures (DKK) Victoza lixisenatide exenatide dulaglutide 6 3% 2 7% 26

54 Slide 54 The GLP- segment accounts for around 4% of the total diabetes care market in Latin America GLP- value in bdkk Latin America GLP- market Victoza lixisenatide exenatide dulaglutide CAGR value : 24.3% Share of total diabetes care market 7% 6% 5% 4% Victoza value market share in Latin America GLP- value market share 8 6 Victoza lixisenatide exenatide dulaglutide 89%.2. 3% 2% % 4 2 2% 7% 2% CAGR for 5-year period Source: IMS Monthly MAT ember, 26 value figures (DKK) Source: IMS Monthly MAT ember, 26 value figures (DKK)

55 Slide 55 Victoza maintains 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: 32.5% 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 26 value figures 3% 3% 24 vs vs % 26

56 Slide 56 Key o Nordisk diabetes care products remain broadly available in the US Value market share 8 Value market shares of key o Nordisk products in the US % unrestricted market access of key o Nordisk products in the US Victoza olog Levemir Unrestricted Victoza olog Levemir Market access Tresiba Jan Jan 24 Dec 26 Source: IMS NSP ember 26; data displayed as MAT value share Note: Market shares: olog : share of rapid acting insulin segment; Levemir : share of basal insulin segment; Tresiba share of basal insulin segment; Victoza : share of GLP- segment Source: Unrestricted access based on Market volume, December 26 Note: Unrestricted access excludes prior authorisation, step edits and other restrictions Levemir access based on FlexTouch Pen; olog access based on FlexPen ; only considers bridged volume; Tresibe launched in January 26

57 Slide 57 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 oral semaglutide semaglutide or or Human insulin Insulatard Mixtard 3 Actrapid Pending clinical development programmes and regulatory processes for oral semaglutide and semaglutide

58 Slide 58 R&D pipeline: Diabetes, obesity and other areas Product/project Type Indication Status (phase) 2 3 Filed Appr. Xultophy /Xultophy /3.6 (NN968) Combination of insulin degludec and liraglutide Type 2 Fast-acting insulin aspart (NN28) New formulation of insulin aspart Type +2 Semaglutide (NN9535) Once-weekly GLP- analogue Type 2 OG27SC (NN9924) Long-acting once-daily oral GLP- 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 LAI287 (NN436) Long-acting once-weekly basal insulin analogue Type +2 Mealtime insulin (NN46) Liver-preferential mealtime insulin Type +2 PYY diabetes (NN9748) Peptide YY analogue Type +2 Semaglutide QD (NN9536) Once-daily GLP- analogue Obesity G53S (NN93) Glucagon analogue Obesity AM833 (NN9838) Long-acting amylin analogue Obesity GG-co-agonist (NN9277) Glucagon GLP- co-agonist Obesity PYY obesity (NN9747) Peptide YY analogue Obesity FGF2 Obesity (NN9499) Fibroblast growth factor 2 analogue Obesity Semaglutide NASH (NN993) Long-acting once-daily GLP- analogue NASH Approved in EU on Jan 27

59 Slide 59 Victoza statistically significantly reduced the risk of major adverse cardiovascular events in the LEADER trial 3% reduction in 3-point MACE with Victoza compared with placebo Patients with an event (%) Hazard ratio = % CI (.78;.97) p<. for non-inferiority 5 p=. for superiority Key results Victoza Placebo Superiority of Victoza vs placebo was confirmed for time to first MACE in people with type 2 diabetes at high CV risk Victoza reduced the MACE risk by 3%, driven by 22% reduction in CV mortality, 2% reduction in non-fatal myocardial infarctions and % reduction in non-fatal stroke, compared with placebo when added to standard of care 5 Victoza reduced all-cause mortality by 5% respectively, compared with placebo when added to standard of care Time from randomisation (months) Inclusion criteria: Adults above 5 years with type 2 diabetes and established CV disease, above 6 years with multiple CV factors, HbA C 7. MACE: major adverse cardiovascular events; 3-point MACE comprises cardiovascular death, non-fatal myocardial infarction and non-fatal stroke; CI: two-sided confidence interval The result was consistent across sensitivity analyses Victoza appeared to have a safe and well tolerated profile, generally consistent with previous studies for Victoza CV: Cardiovascular

60 Slide 6 Tresiba shows lower rate of hypoglycaemia than insulin glargine U in SWITCH trials filed in H2 26 Hypoglycaemic events per PYE 3, SWITCH type diabetes -% * SWITCH 2 type 2 diabetes Hypoglycaemic Tresiba glargine U events per PYE -3 3 * 2,5 2,,5 2,463 2, % * -46%, 5 Severe or BG confirmed symptomatic events -36% * -35% * Severe or BG confirmed symptomatic nocturnal events Severe events Note: The prevalence of hypoglycaemia is measured during the maintenance period; Blood glucose confirmed hypoglycaemia is defined as <56 mg/dl (<3. mmol/l); The confirmatory secondary endpoint of proportions of subjects experiencing severe hypoglycaemia during the maintenance period did not reach statistical significance in the SWITCH 2 trial. * Statistically significant; BG: Blood glucose; PYE: Patient years exposed 5 Severe or BG confirmed symptomatic events 94 Severe or BG confirmed symptomatic nocturnal events Severe events

61 Slide 6 Semaglutide significantly reduced the risk of major cardiovascular events with 26% vs placebo in SUSTAIN 6 Semaglutide demonstrated 26% reduction in composite CV outcome compared with placebo Patients with an event (%) 5 5 semaglutide Hazard ratio =.74 (95% CI:.58;.95) Events: 8 semaglutide; 46 placebo p<. for non-inferiority p=.2 for superiority* placebo Key results and next step Non-inferiority of semaglutide compared to placebo was confirmed for time to first MACE in people with type 2 diabetes Semaglutide reduced the risk of MACE by 26% driven by reductions of non-fatal stroke by 39%* and non-fatal MI by 26% Semaglutide significantly reduced the risk of nephropathy while increasing the risk of retinopathy complications Weeks Next step: o Nordisk expect to submit an NDA for semaglutide to regulatory authorities in Q4 26 Note: p-value is two-sided, pooled data reported for both semaglutide and placebo MACE: Major adverse cardiovascular event; 3-point MACE comprises cardiovascular death, non-fatal myocardial infarction and non-fatal stroke; CI: Confidence interval * No adjustment for multiple tests * P-value <. NDA: New drug application

62 Change in HbA c (%) Investor presentation Full year 26 Slide 62 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, 4 and 5 trials % patients HbA c 7% Sema mg Sema.5 mg Placebo Sitagliptin mg Exenatide QW Insulin glargine QD SUSTAIN SUSTAIN 2 SUSTAIN 3 SUSTAIN 4 Baseline 8.% 8.% 8.4% 8.2% SUSTAIN 5 8.4% * * * -.3 * -.5 * -.6 * -.2 * * % 74% 25% 78% 69% 36% 67% 4 73% 58% 38% * 79% 6% % * p <.; QD: once daily; QW: once weekly; sema: semaglutide Source: o Nordisk on file (NN , NN , NN , NN , NN )

63 Change in weight (kg) Investor presentation Full year 26 Slide 63 In phase 3a trials semaglutide shows best in-class weight lowering potential across treatment cascade Comparison of weight lowering effect in SUSTAIN, 2, 3, 4 and 5 trials Sema mg Sema.5 mg Placebo Sitagliptin mg Exenatide QW Insulin glargine QD Baseline SUSTAIN 92kg SUSTAIN 2 89kg SUSTAIN 3 96kg SUSTAIN 4 93kg SUSTAIN 5 92kg * -3.7 * -6. * -4.3 * * -5.2 * * * -6.4 * * p <.; QD: once daily; QW: once weekly; sema: semaglutide Source: o Nordisk on file (NN , NN , NN , NN , NN )

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 2 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 8 and 6 units per injection Adjusting injection time when needed Up to 8 and 6 units per injection In case of missed dose take as soon as possible Observed in majority of the trials

65 Slide 65 Competitive labels for Xultophy in both the US and EU US Xultophy /3.6 Europe - Xultophy Indication Profile Efficacy Convenience Safety Adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes mellitus inadequately controlled on basal insulin (less than 5 units daily) or liraglutide (less than or equal to.8 mg daily) A combination of insulin degludec and liraglutide Administered as units: Each Xultophy /3.6 dosage unit contains unit of insulin degludec and.36 mg of liraglutide HbAc reduction of.7% from baseline to end of trial with an estimated treatment difference of -.5 vs Insulin glargine U Weight gain when converting from liraglutide of 2 kg Once-daily administration at same time each day with or without food The pen delivers doses from to 5 units with each injection Hypoglycaemia is the most common adverse reaction Gastrointestinal adverse reactions may occur more frequently at the beginning of therapy and diminish within a few days or weeks on continued treatment Xultophy is indicated for the treatment of adults with type 2 diabetes in combination with oral glucose-lowering agents Fixed combination product consisting of insulin degludec and liraglutide. Administered as dose steps: dose step contains unit of insulin degludec and.36 mg of liraglutide On average HbA c reduction of.9% from baseline to end of trial confirmed to be superior against all comparators On average 2.7 kg weight loss from baseline in patients inadequately controlled on basal insulin 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 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 ), DUAL III (NN ), DUAL IV (NN ), DUAL V (NN968-49) p<.

66 Slide 66 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 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) 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

67 Slide 67 Fast-acting insulin aspart provides superior glucose control vs orapid in onset trial Creating a new formulation that satisfies an unmet medical need Fast-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 (%) Fast aspart (pm) Fast aspart (mt) orapid (mt) Fast-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 often below recommended dietary daily intake * p<.5; pm: post-meal; mt: meal time Source: o Nordisk on file (NN )

68 Slide 68 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

69 Slide 69 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. Weight loss from a mean base line of 92 kg Placebo Sema 2.5 mg Sema 5 mg Sema mg Sema 2 mg Sema 4 mg Sema mg sc Weight loss (kg) Time (weeks) Time (weeks) Inclusion criteria: Type 2 diabetes; 7. HbA c 9.5%; treatment with diet and exercise with or without metformin; sc: subcutaneous; sema: semaglutide

70 Slide 7 Initiation of PIONEER trials for oral semaglutide PIONEER 3: vs sitagliptin 78 weeks, n=, PIONEER : monotherapy 26 weeks, n=74 PIONEER 2: vs empagliflozin 52 weeks, n=86 PIONEER 4: vs liraglutide 52 weeks, n=69 PIONEER 5: moderate renal impairment 26 weeks, n=324 PIONEER 6: cardiovascular outcomes Event driven (>22 MACE), n=3,76 PIONEER 7: flexible dose escalation 52 weeks, n=5 PIONEER 8: insulin add-on weeks, n=72 PIONEER 9: JAPAN monotherapy 52 weeks, n=23 PIONEER : JAPAN OAD combination 52 weeks, n=336 Note: Preliminary estimated timing of trials from first patient first visit (FPFV) to last patient last visit (LPLV), n = approximate number of randomised people; MACE: Major Cardiovascular Events; OAD: oral anti-diabetic

71 Slide 7 Anti-IL 2 in combination with liraglutide is an alternative approach for the treatment of type diabetes 34 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 54 8 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 Orphan drug designation granted for the treatment of type diabetes with residual beta cell function in January 27 TD: Type diabetes; MOA: Mode of action

72 Glucose Infusion Rate (mg/kg/min) Investor presentation Full year 26 Slide 72 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.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) 23-Oct-25T:2:2 E:/Project/NN436/NN /current/Splus/Final/9_MultipleDoseComparison.ssc LAI287 generally appeared safe and well tolerated, with most frequent adverse events being hypoglycaemia The side effects observed in the phase trial will be further investigated Note: Pharmacokinetic simulation

73 Slide 73 Liver-preferential meal time 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 >5 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 mealtime insulin (NN46) initiated PPG: post prandial glucose Woerle HJ et al. Am J Physiol Endocrinol Metab 26;29:E67 E77

74 Slide 74 More than 2 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 4+ 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 2 years) have obesity (BMI>3) 6 Only around 3 of all obesity cases in the US were diagnosed in 29 7 Pre-diabetes Type 2 diabetes In 2, 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: 29-2 NHANES + revised 2 CDC estimates and based on US population 25. Only includes population age 2+. 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 (29): w Flegal, KM. JAMA. 22;37(5): Doi:./jama Ma et al. Obesity (Silver Spring) 29;7: Obesity. Decision resources, Inc. December 2:38

75 Low Medium High Investor presentation Full year 26 Slide 75 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), August 24 *Rx=prescription, ie treated with anti-obesity medication (AOM) 4% Diet and exercise Low Medium High Complexity of treatment

76 Slide 76 Small but growing market for anti-obesity medication in the US AOM Market Value has grown quickly in recent years, fuelled by branded treatment uptake AOM value in musd Few people treated with AOM, but in recent years launches have fuelled market growth Generic TRx volume AOM TRx volume Branded TRx volume 7 6 5, 8 Phentermine and topiramate launch Lorcaserin launch Saxenda launch Naltrexone HCI and bupropion HCI launch Note: Values are shown in terms of Moving-Annual-Total ending ember Source: IMS NSP Monthly, ember 26 Note: Phentermine and topiramate is a fixed combination; naltrexone HCI and bupropion HCI is the second fixed dosed combination to market. AOM: anti-obesity medication Source: IMS NPA Monthly, ember 26

77 Slide 77 Steady prescription uptake for Saxenda in the US Prescription volume uptake of anti-obesity medications (AOM) recently launched in the US TRx Contrave Belviq Volume () Qsymia Saxenda Key observations Saxenda has been launched in 5 markets, including the US, Canada, Denmark, Italy, Australia, Mexico, Germany, Belgium, Brazil, Israel, Sweden, the Netherlands, Spain, UAE and Russia Saxenda is the leader in value market share at ~56% among branded AOM in the US While competitors have recently reduced their promotional efforts, o Nordisk remains confident in the long-term obesity market growth and the evolving o Nordisk obesity portfolio Source: IMS NPA TRx, monthly, ember 26 Source: IMS NSP, Monthly data, ember 26

78 Slide 78 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 5 million lives covered BMI: body mass index Potential lives covered, based on employer opt-ins

79 Slide 79 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

80 Slide 8 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.5 mg semaglutide. mg semaglutide.2 mg semaglutide.3 mg semaglutide.4 mg semaglutide.3 mg fast escalation semaglutide.4 mg fast escalation placebo liraglutide 3 mg weeks Key inclusion criteria: Male or female 8 years, BMI: 3 kg/m 2, Stable body weight (<5 kg change) 9 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 once-daily 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 of baseline body weight at 52 weeks Results from phase 2 trial communicated in Q 27 QD: once-daily; sc: subcutaneous

81 Slide 8 Long-acting obesity compounds in phase development may have complimentary modes of action Compound Key features of compounds in phase development for obesity G53S Glucagon analogue NN9838 Amylin analogue NN9747 PYY analogue NN9499 FGF2 analogue NN9277 GG-coagonist Admin Once-daily sc injection in combination with liraglutide Once-daily sc injection Once-daily sc injection Once-daily sc injection Once-weekly sc injection Mode of action Stimulation of energy expenditure and satiety Reduced food intake, primarily to be mediated by amylin receptors Reduced food intake via selective stimulation of the Y2 receptor FGF2-induced weight loss presumed to be driven by energy expenditure Stimulation of energy expenditure and satiety Phase trial status Expected completion 27 Expected completion 28 Expected completion 29 Expected completion 28 Expected completion 28 PK: pharmacokinetic; SC: Subcutaneous

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 Locations

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 Number of people () Average percentage of people with haemophilia 5 Haemophilia A App. 35, patients Haemophilia B App. 7, patients % Inhibitor segment app. 3,5-4, patients 2 5% 6% 3% 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 People with haemophilia Diagnosed Treated Prophylactic Pristine joints Source: World Federation of Haemophilia Annual Global Survey 22

85 Slide 85 Global haemophilia market is growing by mid-single digit Sales of recombinant coagulation factors oseven Recombinate /Advate Rixubis Coagil VII Kogenate /Helixate Alprolix Obizur Xyntha /Refacto Benefix Eloctate DKK billion oeight CAGR 2 : 4% CAGR 2 : 7% CAGR 2 : 3% 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 3 Contribute to market conversion N9-GP Filed 4 Establish new treatment paradigm rfviia rfviii rfix Obizur only indicated for acquired haemophilia 2 CAGR for 5-year period othirteen Launched Launch first recombinant product 3 Submission of N8-GP expected 28 pending expansion of production capacity 4 Submitted to the to the European Medicines Agency in January 26; Submitted to the US Food and Drug Administration in May 26

86 Slide 86 oseven a unique biologic for the treatment of rare bleeding disorders DKK billion oseven reported quarterly sales CAGR 3.6% 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 23 Indications: treatment of spontaneous and surgical bleedings in: Haemophilia A or B patients with inhibitors..5. Q4 2 Q4 26 Acquired haemophilia Congenital FVII deficiency Glanzmann s thrombasthenia 2 CAGR for 5-year period 2 Only indicated in Europe and the US

87 Slide 87 oeight is launched in the US, Europe and Japan for the treatment of people with haemophilia A Example from oeight promotional campaign Picture is not intended for promotional purposes 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 2nm filter in its purification process 4 Portability: Room temperature stability with storage at 3 degrees celsius 2 Launch status: oeight is available in the US, EU, Japan Regulatory approval in 43 countries Commercial or technical launch in 26 countries 2 oeight Summary of Product Characteristics. 3 Iorio A et al., Blood 22; 2(4): oeight Prescribing Information PTP: Previously treated patient

88 Slide 88 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 approved in Australia, Bahrain, Brazil, Canada, Colombia, EU, Iceland, Israel, Japan, Kuwait, Oman, Qatar, Saudi Arabia, Switzerland, and the US Picture is not intended for promotional purposes Source: European Medicines Agency, summary of opinion (post-authorisation) 23 January 24. othirteen 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) 2 Monoclonal anti-tfpi Haemophilia A, B and with inhibitors Somapacitan (NN864) 3 Once-weekly human growth hormone Growth disorder Submitted to the to the European Medicines Agency in January 26 and the US Food and Drug Administration in May 26 2 Phase b trial completed 3 Phase 3 completed in Adult Growth Hormone Deficiency (AGHD)

90 Slide 9 N9-GP administered once weekly reduces median bleeding rate to. episode per year in phase 3 trial 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) rfix: Recombinant factor IX; pdfix: plasma-derived factor IX Source: Negrier et al. Blood. 2;5: N9-GP 68 Steady-state half-life of 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. episode per year when treated with 4 IU/kg Among patients receiving 4 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 European Medicines Agency in January 26 and to the US Food and Drug Administration in May 26

91 Slide 9 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 5 IU/kg (n=8) One stage clot assay Source: Tiede et al. J Thromb Haemot. 23;: FVIII N8-GP Time (h) PK documented single dose half-life of 8.4 hours and mean trough level of 3% Patients on every fourth day prophylaxis (5 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 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 (5 IU/kg) treatment for 8 days Patients in both treatment arms had a median ABR of Next steps Expansion of production capacity; US/EU submission 28 PK: Pharmacokinetic; ABR: Annualised bleeding rate; IU: International unit Prophylaxis 75 IU/kg every 7 days (n=38) or prophylaxis 5 IU/kg every 4 days (n=7)

92 Slide 92 o Nordisk maintains leadership within human growth hormone (hgh) market DKK billion Development in global hgh market MAT volume kg CAGR volume : 4.3% CAGR value DKK :.9% MAT value DKK kg % 3 25% 2 5% 5% Growth hormone volume market share o Nordisk Pfizer Sandoz Eli Lilly Merck Kgaa Roche CAGR for 5-year period Source: IMS Monthly MAT ember, 26 volume figures and value (DKK) figures Source: IMS Monthly MAT ember, 26 volume figures

93 Slide 93 Solid Norditropin sales growth DKK billion Norditropin reported quarterly sales CAGR.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. Q4 2 Q4 26 CAGR for 5-year period GHD: Growth Hormone Deficiency; GHDA: Growth Hormone Deficiency in Adults; SGA: Small for Gestational Age

94 Slide 94 Financials

95 Slide 95 o Nordisk has delivered sustained growth throughout the last decade 3 Sales growth in local currencies Operating profit growth in local currencies Sales growth Average growth Operating profit growth Average growth 8% 2 2 % Note: Numbers for 27 and 28 are adjusted for the impact of the discontinuation of pulmonary insulin projects; Numbers for 25 and 26 are adjusted for the nonrecurring income related to the partial divestment of NNIT with the dotted component representing this income; average is calculated excluding the effect of the 25 nonrecurring income.

96 Thousands Investor presentation Full year 26 Slide 96 Solid sales growth and expanding share of sales from the US DKK billion % Reported annual sales Diabetes Biopharmaceuticals CAGR 9.4% 8 79% 79% 78% Reported annual sales split by region North America Region China 25% 44% Region Europe Region J&K 8% 6% 8% 9% % Region AAMEO Region LATAM 9% 53% CAGR for 5-year period AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan and Korea; LATAM: Latin America

97 Slide 97 Modern insulin and Victoza comprise around 6 of total sales in the full year 26 Reported sales split by product segments the full year 26 Sales of DKK.8 billion (+6%) Reported sales split by selected key products the full year 26 New Generation Insulin Modern Insulin Human Insulin Reported currencies Sales (mdkk) Sales split GLP- Diabetes Other Diabetes and Obesity Care Tresiba 4,56 4% Haemophilia Human Growth Hormone Other Biopharmaceuticals Levemir 7,83 5% 3% orapid 9,945 8% 8% 4% omix,482 9% 9% Victoza 2,46 8% 5% 43% Saxenda,577 % 8% Diabetes and obesity care 88,949 8 oseven 9,492 8% Norditropin 8,77 8% Biopharmaceuticals 22,83 2 Total,78 Values are higher than the sum of the total elements listed due to residual values from products not listed

98 Slide 98 Solid operating profit growth driven by diabetes DKK billion 6 Operating profit Operating profit Operating profit as % of sales Reported operating profit growth Operating profit growth in local currencies 6 Operating profit therapy split Diabetes Biopharm % 25% % 7% 35% 2 5% 3% 3% 4% 6% % 75% * * * Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 25

99 Slide 99 Profitability per segment Diabetes & Obesity P&L full year 26 Biopharmaceuticals P&L full year 26 DKK billion DKK billion -5% % -2% -3% 42% +% % -7% -3% -4% +% 54% 2 6 Sales COGS S&D R&D Admin OOI OP Sales COGS S&D R&D Admin OOI OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit

100 Slide Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK billion COGS as % of sales COGS DKK billion CAPEX as % of sales CAPEX 2 25% 8 8% % 6% 5% 5 5% 4 4% 3 3% 5 5% 2 2% %

101 Slide Long term financial targets: Operating profit growth and operating margin Operating profit growth New long term financial target Previous long term financial targets 45% 3 Operating margin Previous long term financial targets 5% Note: The long term financial targets are based on an assumption of a continuation of the current business environment; 25 and 26 figures are adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 25 New long term target established in connection with the Q3 26 report No Target 2 2 The target for operating margin was discontinued in connection with the updated longterm financial targets in Q4 25

102 Slide 2 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings Operating profit after tax to net operating assets New long term financial target Previous long term financial targets Cash to earnings (three year average) New long term financial target Previous long term financial targets Note: The long term financial targets are based on an assumption of a continuation of the current business environment New long term target established in connection with the Q3 26 report

103 Slide 3 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes DKK billion Annual cash return to shareholders Share repurchase Interim dividend Dividend Free cash flow Free cash flow guidance E * Cash return priorities and business development activities Cash return priorities Dividend to match pharma peer-group Dividend distributed twice a year as interim in August and final in connection with the Annual General Meeting in March the following year Share repurchase to cover at least remaining cash flow The total programme may be reduced in size, if significant product in-licensing or bolt-on acquisition opportunities are undertaken during 27 Business development activities External academic and business collaborations Bolt-on within Biopharm and adjacent disease areas Ramp-up in internal organisational capabilities * Interim dividend for 27 not decided. For illustration only. Note: Dividends are allocated to the year of dividend pay. For 27 expected free cash flow is DKK billion. Share repurchase programmes run for 2 months starting February until end January of the following year.

104 Slide 4 Stable ownership structure - secured through A and B-share structure o Nordisk Foundation o A/S 75.4% of votes 27.5% of capital Share structure Institutional and private investors 24.6% of votes 72.5% 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 2,3m shares o Nordisk A/S Note: Treasury shares are included in the capital but have no voting rights

105 Slide 5 Sustainability The o Nordisk Way The Triple Bottom Line Business Principle Financially responsible We build on the purpose set by our founders and live by their values: The o Nordisk Way sets the direction and unites us around a common purpose in the pursuit of our aspirations Socially responsible Environmentally responsible The Triple Bottom Line Principle guides how we do business responsibly and how we make decisions that consider the interests of stakeholders and the long-term interests of our shareholders

106 Slide 6 26 performance towards achieving long-term sustainability goals Patients reached with Working the o Share of renewable diabetes care products Nordisk Way 2 power for production Operating profit growth Realised Realised Realised Realised Million Target 4 Scale Target % Target 4 Growth Previous Target % Target o Nordisk estimate 2 Average score in annual employee survey (-5) 3 25 and 26 adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 25 4 Target to be met by 22 5 Target updated in connection with the Q3 26 earnings statement % 2 5% %

107 Slide 7 Cities Changing Diabetes aims to break the Rule of Halves and stop urban diabetes from ruining millions of lives Global partnerships to develop an approach to fight urban diabetes Eight partner cities are addressing the threat of urban diabetes Copenhagen City Leaders Rome Map the challenge in selected cities Share learning and best practices on how to break the Rule of Halves Drive action plans with local partners Identify opportunities for actions beyond the health sector Mexico City Johannesburg 2/3 of people living with diabetes live in urban areas Houston Shanghai Tianjin Urban diabetes: Type 2 diabetes in cities Vancouver