Slide Investor presentation Full year 24 Mexico City part of Cities Changing Diabetes
Slide 2 Agenda Highlights and key events Sales update R&D update Financials and outlook
Slide 3 Forward-looking statements o Nordisk s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company s Annual Report 24 and Form 2-F, both filed with the SEC in February 25, and written information released, or oral statements made, to the public in the future by or on behalf of o Nordisk, may contain forwardlooking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project, anticipate, can, intend, target and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: Statements of targets, plans, objectives or goals for future operations, including those related to 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 document, could cause actual results to differ materially from those contemplated in any forwardlooking statements. Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recall, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for 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 Be aware of the risk on p 42-43 of the Annual Report 24 on the company s website novonordisk.com, as of 3 February 25. 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 document, whether as a result of new information, future events or otherwise. Important drug information Victoza (liraglutide.2 mg &.8 mg) is approved for the management of type 2 diabetes only Saxenda (liraglutide 3 mg) is approved in the US for the treatment of obesity only
Slide 4 Highlights full year 24 Sales development Sales increased by 8% in local currencies and 6% in Danish kroner North America, International Operations and Region China grew by %, 4% and 3% in local currencies, respectively Modern insulin increased by % in local currencies driven by solid Levemir growth Victoza increased by 6% in local currencies and continues to drive the growth of the GLP- market Tresiba continues to perform well in countries with similar market access as insulin glargine Research and Development DEVOTE recruitment completed and the required number of MACE for the interim analysis accumulated Saxenda (liraglutide 3 mg) approved for the treatment of obesity in the US and received positive CHMP opinion in Europe Phase 3b trial with Xultophy shows benefits for people with type 2 diabetes inadequately controlled on insulin glargine Phase 3a trial with faster-acting insulin aspart shows effective lowering of HbA c Financials Operating profit increased 3% in local currencies and diluted earnings per share increased 8% 25 financial outlook: Sales growth expected to be 6-9% in local currencies (around 2% higher as reported) Operating profit growth around in local currencies (around 9% higher as reported) % increase in dividend to DKK 5. per share of DKK.2 proposed
Slide 5 North America is the main contributor to growth Sales as reported full year 24 Region China +3% International Operations +4% 4% Japan & Korea (8%) 9% 5% 49% North America +% Growth analysis full year 24 Local currencies Growth Share of growth North America % 6% Europe % International Operations 4% 25% Region China 3% 4% Europe 23% Japan & Korea (%) (%) Total sales 8% Sales of DKK 88.8 billion (+6%)
Slide 6 Growth is driven by modern insulin and Victoza Sales as reported full year 24 Other Norditropin +6% +6% 3% 7% 4% oseven (%) % 79% 79% Diabetes care +7% Sales of DKK 88.8 billion (+6%) Growth analysis full year 24 Local currencies Growth Share of growth New-generation insulin n/a 8% Modern insulin % 6% Human insulin (3%) (5%) Protein-related products Victoza 6% 27% OAD (22%) (7%) Diabetes care 9% 84% oseven Norditropin 9% Other biopharmaceuticals 7% 7% Biopharmaceuticals 6% 6% Total 8%
Slide 7 Victoza maintains leadership in the US GLP- market US GLP- market development US GLP- market shares MAT GLP- TRx () 5, Growth rate Total TRx MAT volume growth rate 25% GLP- TRx market share Victoza albiglutide exenatide dulaglutide 4, 2 8 66% 3, 5% 6 2, 4 33%, 2 24 5% 2 2.3%.2% 24 Source: IMS NPA Monthly, 24 Source: IMS NPA Monthly, 24
Slide 8 North America drives strong Levemir performance aided by continued market share gains in the US DKK billion Levemir sales growth driven by strong performance in North America 38% Growth in local currency Levemir market share and device penetration in the US modern basal insulin segment Market share 25% Levemir device penetration Levemir market share Device penetration 7 8 % 2 6 6 4 % 68% 5% 5 2 9% 42% -2% 5% 4 North America Europe IO China Japan & Korea 2 22 23 24 3 Note: Reported sales full year 24 Source: IMS MAT volume figures
Slide 9 Tresiba continues to perform well in countries with similar market access as insulin glargine Tresiba value market share in basal insulin segment in selected markets 3 25% 2 5% 5% Switzerland Japan Mexico 2% 6% 6% 3% 6% 25% 26% 5% 2% 2% 3 5 7 9 3 5 7 9 2 Months from launch Note: Limited IMS coverage in India Source: IMS Monthly value figures, 24 India Sweden Denmark Netherlands United Kingdom Germany Argentina Brazil Key launch observations Tresiba grows share of basal insulin market steadily in countries with reimbursement similar to insulin glargine Penetration of Tresiba remains modest in markets with restricted market access compared to insulin glargine Tresiba has been launched in 23 countries, recently in Brazil, Slovakia, Chile, Russia and Italy Ryzodeg commercially launched in Mexico in September and recently in India with encouraging early feedback Xultophy launched in Switzerland as first country
Slide Decision to submit interim analysis to the FDA still expected during the first half of 25 7,644 people with type 2 diabetes currently on OADs or insulin DEVOTE (EX25-48) trial design Tresiba (blinded vial) + standard of care Insulin glargine (blinded vial) + standard of care Oct 23 Early 25 H2 26 Status and next steps Recruitment completed and data for interim analysis accumulated Access to interim data is restricted to a small team. o Nordisk management does not have access to the data Decision during the first half of 25 whether to submit the result of this interim analysis to the FDA or whether to await completion of the trial Interim analysis Final analysis The trial is now expected to be completed in the second half of 26 (previously between Oct 26 and Oct 27) Key inclusion criteria: Age 5 years at screening with established CV disease or chronic kidney disease or Age 6 years at screening with risk factors for CV disease. Treatment with one or more oral or injectable anti-diabetic drug(s). Insulin naïve with HbAc 7. and eligible for insulin treatment or insulin treated with HbAc 7. or HbAc < 7. and current insulin treatment corresponding to at least 2IU of basal insulin. OAD: Oral Anti-Diabetic drug; HR: Hazard Ratio; MACE: Major Adverse Cardiovascular Event.
Slide 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
Slide 2 People inadequately controlled on insulin glargine benefit from switching to Xultophy in phase 3b trial 557 people with type 2 diabetes, currently on insulin glargine + metformin DUAL TM V trial design Xultophy + metformin Insulin glargine + metformin : randomisation Primary end-point: HbA c reduction 26 weeks Headline results Xultophy Insulin glargine Baseline HbA c 8.4% 8.2% HbA c reduction.8% *.% % reaching HbA c target of 7% 72% * 47% Weight change -.4 kg * +.8 kg Confirmed and nocturnal hypoglycaemia Lower rate * n/a Inclusion criteria: Type 2 diabetes, 7. HbA c., BMI 4 kg/m 2, age 8 years and insulin glargine dose 2-5 units * Xultophy statistically significantly better than insulin glargine
Slide 3 Phase 3a trial with faster-acting insulin aspart shows effective lowering of HbA c 323 people with type 2 diabetes, currently on basal insulin onset 3 trial design Basal insulin optimisation Faster-acting insulin aspart (TID) + basal insulin + metformin Basal insulin + metformin -8 8 weeks Run in : randomisation of patients above target Primary end-point: HbA c change from baseline Results achieved by randomised patients Further improved HbA c from 7.9 % to 6.8% in the fasteracting insulin + basal insulin arm Treatment difference in HbA C of.9 % compared to patients continuing with basal therapy Overall improvement in post-meal glucose parameters As expected, higher rate of hypoglycaemia and more weight gain with bolus insulin therapy compared with continued basal therapy Previously reported safety and tolerability profile confirmed Inclusion criteria: Type 2 diabetes, once daily basal insulin 3 months, HbAc 7.5-9.5% (metformin group) or 7.5%-9. (metformin + other OAD group), BMI 4. kg/m 2. 236 people randomised.. TID: Three times a day
Slide 4 Key development milestones SUSTAIN 5, the last trial in the global phase 3a programme for semaglutide (NN9535) initiated Oral GLP-, OG27GT (NN9928) discontinued in phase Phase development initiated with long-acting amylin analogue (NN9838) for the treatment of obesity Completion of phase 3a paediatric trial with N8-GP (NN788) in children with haemophilia A Phase 3 development for AGHD with once-weekly growth hormone (NN864) initiated Adults with growth hormone deficiency
Slide 5 Timing of upcoming key R&D milestones Results available Project Within ~3 months In ~3-6 months In ~6-9 months In ~9-2 months In ~2-5 months Tresiba Oral GLP- Resubmission decision on DEVOTE interim data Phase 2a Faster-acting onset 2 insulin aspart onset Saxenda SCALE extension data LATIN TD ADJUNCT ONE TM ADJUNCT TWO TM SUSTAIN SUSTAIN 3 Semaglutide SUSTAIN 2 SUSTAIN 4 SUSTAIN 5 SUSTAIN 6 Victoza LEADER Note: Indicated timeline as of full year financial release 24
Slide 6 Financial results full year 24 DKK million 24 23 Change Sales 88,86 83,572 6% Gross profit 74,244 69,432 7% Gross margin 83.6% 83.% Sales and distribution costs 23,223 23,38 (%) Percentage of sales 26.2% 28. Research and development costs 3,762,733 7% Percentage of sales 5.5% 4. Administration costs 3,537 3,58 % Percentage of sales 4. 4.2% Other operating income, net 77 682 3% Operating profit 34,492 3,493 Net financials (396),46 N/A Profit before income tax 34,96 32,539 5% Tax 7,65 7,355 Effective tax rate 22.3% 22.6% Net profit 26,48 25,84 5% Diluted earnings per share (DKK).7 9.35 8%
Non-hedged currencies Index ( Jan 24 = ) Hedged currencies Index ( Jan 24 = ) Slide 7 Recent appreciation of the US dollar against the Danish krone will provide positive currency impact for 25 4 3 2 9 8 USD/DKK CNY/DKK JPY/DKK GBP/DKK CAD/DKK Hedged 23 Currencies average 24 average 2 Spot rate 2 Impact of a 5% move 3 Hedging (months) USD 562 562 659,6 CNY 9.3 9.2 5.6 26 4 JPY 5.77 5.32 5.6 5 2 GBP 878 925 997 8 CAD 545 59 529 6 6 4 2 8 6 4 RUB/DKK INR/DKK 2 3 4 ARS/DKK BRL/DKK 2 3 4 23 24 TRY/DKK Non-hedged 23 Currencies 5 average 24 average 2 Spot rate 2 RUB 7.6 4.8 9.7 INR 9.62 9.2.73 ARS.3.69.76 BRL 26 239 254 TRY 296 257 278 DKK per ; 2 As of 27 Jan 25; 3 Operating profit in DKK million per annum; 4 USD used as proxy; 5 Operating profit impact of one of the non-hedged currencies fluctuating 5% is in the range of DKK 5-3 million
Slide 8 Financial outlook for 25 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Net financials Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 3 Jan 25 6-9% Around 2% percentage points higher Around Around 9% percentage points higher Loss of around DKK 5 billion Around 22% Around DKK 5. billion Around DKK 3. billion DKK 29-3 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 Jan 25.
Slide 9 Long-term financial targets Performance against long-term financial targets Average Result 29-23 24 Target 2 Operating profit growth Operating profit growth in local currencies 2% 8% 3% 5% Operating margin 34% 39% 4 Operating profit after tax to net operating assets 77% % 25% Cash to earnings (three years average) 8% 93% 9 Note: The long term financial targets are based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain stable Simple average of reported figures 29-23; 2 The long-term financial targets were last updated in connection with the FY22 Financial Release
Slide 2 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes DKK billion 35 3 25 2 5 5 Annual cash return to shareholders 2 6 Free cash flow 2 4 8 5 5 2 3 2 22 23 24 25E Share repurchase programmes have enabled continued reduction in share capital Share repurchase Dividend DKK Share capital million CAGR -2.7% 6 55 5 45 4 35 3 58-3% -2% -4% -2% 56 55 53 52 2 22 23 24 25E Note: 25 dividend and share repurchase programme pending approval at the Annual General Meeting. Dividends are allocated to the year of dividend pay. For 25 expected free cash flow is DKK 29-3 billion. Note: Share repurchase programmes run for 2 months starting February until end January of the following year.
Slide 2 Closing remarks Solid market performance > 2% annual diabetes care market growth driven by diabetes prevalence 27% market share in diabetes care and solid leadership position 47% insulin volume market share with leadership position across all regions 46% modern and new-generation insulin volume c market share 72% GLP- value market share with strong global leadership position Promising pipeline The only company with a full portfolio of novel insulin products GLP- portfolio offers expansion opportunity within type and 2 diabetes Xultophy supports promising outlook for insulin and GLP- combination therapy Saxenda holds potential within obesity Promising pipeline within haemophilia and growth hormone disorders Source: IMS MAT 24 value and volume figures
Slide 22 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 9 Mar 25 Annual General Meeting and Shareholder Meeting 3 Apr 25 Financial statement for the first three months of 25 6 Aug 25 Financial statement for the first six months of 25 Investor Relations contacts o Nordisk A/S Investor Relations o Allé, DK-288 Bagsværd Kasper Roseeuw Poulsen +45 379 433 krop@novonordisk.com Jannick Lindegaard Denholt +45 379 859 jlis@novonordisk.com Daniel Bohsen +45 379 6376 dabo@novonordisk.com Melanie Raouzeos +45 375 3479 mrz@novonordisk.com 29 Oct 25 Financial statement for the first nine months of 25 3 Feb 26 Financial statement for 25 In North America: Frank Daniel Mersebach + 69 235 8567 fdni@novonordisk.com
Slide 23 Appendix. o Nordisk at a glance 2. Diabetes 3. Biopharmaceuticals 4. Financials
Slide 24 o Nordisk at a glance The core equity story A focused pharmaceutical company with leading positions in diabetes, haemophilia and growth hormone Double digit top line growth driven by diabetes pandemic Significant growth opportunities fuelled by global presence and strong R&D pipeline High barriers to entry in biologics Operating margin targeting 4 Operating profit growth targeting 5% Global leader in diabetes care Global insulin market share: 47% North America: Market share 37% Europe: Market share 48% International Operations: Market share 55% Japan & Korea: Market share 49% China: Market share 58% Earnings conversion to cash targeting 9 Cash generated returned to shareholders Global/regional headquarter Manufacturing R&D facility Source: IMS MAT 24 volume figures
Slide 25 o Nordisk works with four strategic focus areas based on five core capabilities Strategic focus areas Core capabilities Expand leadership in DIABETES Establish presence in OBESITY Engineering, formulating, developing and delivering proteinbased treatments Deep disease understanding Efficient Planning Expand large-scale leadership and production executing of proteins global launches of new products Building and maintaining a leading position in emerging markets Pursue leadership in HAEMOPHILIA Expand leadership in GROWTH DISORDERS o Nordisk Way and the Triple Bottom Line business principle
Slide 26 o Nordisk has leading positions in diabetes, haemophilia and growth disorders DKK billion 3 25 2 5 5 29 CAGR for 5-year period Source: IMS MAT value figures Diabetes Market value o Nordisk value market share Global market position # 35% 3 25% 2 24 DKK billion 7 6 5 4 Growth hormone disorders DKK billion CAGR for 5-year period Source: IMS MAT value figures Market value o Nordisk value market share Global market position 5% 3 5% CAGR value: 3.4% 8 CAGR value: 8.6% CAGR value: 4.6% 2 4 5% 5% FY 28 Haemophilia Market value o Nordisk value market share 35% 3 25% 2 FY 23 Note: Annual sales figures for Haemophilia A,B and inhibitor segment. CAGR for 5-year period Source: Company reports Global market position #2 2 6 2 29 # 35% 3 25% 2 5% 5% 24
Slide 27 Double digit top line growth driven by diabetes pandemic DKK billion 3 25 2 5 5 o Nordisk reported quarterly sales by therapy Q4 24 CAGR for -year period Diabetes care oseven Reported sales CAGR : 2. 7.9%.8% 8.% 3. Norditropin Other Q4 24 Million people 6 5 4 3 2 The number of people with diabetes according to IDF North America China CAGR : 7. 387 25 5 46 99 3 34 45 29 33 2 24 235E Note: 2-79 age group CAGR for 4-year period Source: International Diabetes Federation: Diabetes Atlas, 2 and 24 Europe Japan & Korea International Operations 592 355
Slide 28 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 3 25 Total market: CAGR 2.% 3 27% 2 Injectables: CAGR 7.3% 2 5 CAGR 6. 5 CAGR 7.% 24 24 24 24 CAGR for -year period Source: IMS Monthly MAT value figures Source: IMS Monthly MAT value figures
Slide 29 Significant growth opportunities fuelled by strong R&D pipeline in diabetes, obesity and biopharmaceuticals PHASE PHASE 2 PHASE 3 SUBMITTED APPROVED 2 OG987GT Oral GLP- OG27SC Oral GLP- Faster-acting insulin aspart Levemir OG987SC Oral GLP- Semaglutide QW GLP- orapid LAI287 QW basal insulin LATIN Type diabetes omix LAI338 QD basal insulin N8-GP Long-acting rfviii Tresiba (EU/Japan) OI338GT Oral insulin N9-GP Long-acting rfix Ryzodeg (EU/Japan) G53L Glucagon analogue NN864 Once-weekly GH Xultophy (EU 3 ) NN9838 Amylin analogue Victoza NN745 Concizumab Saxenda (US 4 ) oseven oeight othirteen /TRETTEN Norditropin Diabetes Obesity Haemophilia Growth hormone First Phase 2a trial to be initiated H 25 2 Approved in all triad markets (US, EU and Japan), unless noted 3 Approved in Europe on 8 Sep 24 4 Approved in the US on 23 Dec 24, positive CHMP opinion on 22 Jan 25
Slide 3 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions North America: ~5,5 Europe: ~2,8 Global manufacturing setup API production Formulation & filling Kaluga Assembly 2 Packaging Filling & Device & needle manufacturing formulation Packaging Denmark International Operations: ~4,6 Japan & Korea: ~, China: ~2,9 Total non-hq/manufacturing FTEs: 7, Clayton Formulation & filling Assembly Packaging Montes Claros Formulation & filling Assembly Packaging Chartres Formulation & filling Assembly Packaging Koriyama Packaging Tianjin Formulation & filling Assembly Packaging Device manufacturing FTEs represent full-time employee equivalents in o Nordisk s sales regions (excludes a.o. employees in headquarter, research sites and manufacturing sites) as of December 24 2 Kaluga is expected to start producing during 25
Slide 3 High barriers to entry in biologics o Nordisk s position is protected by patents and value chain setup Patent protection Unique value chain position Significant barriers to entry for biosimilar players EU/US 228 32 228/3 2 228/3 2 28/9 2 24-5/7 22 27 2 /7 2 223/23 42 27/7 2 exp/exp 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 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 List is not exhaustive of 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 Saxenda patent identical to the Victoza patent Source: o Nordisk PK: Pharmacokinetic, PD: Pharmacodynamics
Slide 32 Diabetes and obesity
Insulin ( µ U/ ml ) Slide 33 Diabetes the inability to manage blood sugar levels appropriately Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces 7 6 Insulin secretion profile Primary classifications 2 : Type diabetes: Complete insulin deficiency due to destruction of beta-cells in pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency 5 4 3 2 6: : 4: 8: 22: 2: 6: Time of day Diabetes fact sheet N 32, WHO, October 23 2 Polonsky et al. J Clin Invest 988;8:442 48 Breakfast Lunch Dinner
Insulin ( µ U/ ml ) Slide 34 Insulin a hormone enabling blood sugar to enter cells Insulin enables glucose to become energy The aim of insulin therapy is to recreate normal blood insulin profile Facilitates uptake of blood sugar into cells 7 Short-lived, rapidly generated meal-related peaks (prandial) Inhibits glucose release from the liver 6 5 Fat cell 4 3 2 Sustained Insulin profile (basal) Liver Pancreas Muscle 6: : 4: 8: 22: 2: 6: Time of day Breakfast Lunch Dinner Polonsky et al. J Clin Invest 988;8:442 48
Slide 35 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 994 2 2 No Data <4. 4.-7.9% 8.-2.9% 22.-25.9% >26. Diabetes prevalence No Data <4.5% 4.5-5.9% 6.-7.4% 7.5-8.9% >9. CDC: Centers for Disease Control and Prevention Source: CDC s Division of Diabetes Translation. National Diabetes Surveillance System available at http://www.cdc.gov/diabetes
Slide 36 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 5 US 7.2% 6 Latin America 7.6% China 7.2-9.5% 8 India 7.3-9.3% 8 Japan 7.3 7.7% 4 Korea 7.9 8.7% 3 Russia 7.2-9.5% 8 5 are diagnosed 5 have access to care 5 25% 2% 5 get decent care 5 reach target Germany 6.7-9.2% 2 Greece 7. 9.7% 2,7,8 Italy 7.7-8.3% 8 Poland 7.3-8.9% 8 Portugal 7.9-9.7% 2 Romania 7.9-9.9% 2 Spain 7.6-9.2% 7 Sweden 7.4-8.7% 2 Turkey 7.6-.6% 2 UK 7.4-8.7% 9 Lopez Stewart et al. Rev Panam Salud Publica 27;22:2 2; 2 Oguz et al. Curr Med Res Opin 23;29:9 2; 3 Ko et al. Diab Med 27;24:55 62; 4 Arai et al. J Diabetes Investig. 22 Aug 2;3(4):396-4; 5 Harris et al. Diabetes Res Clin Pract 25;7:9 7; 6 Hoerger et.al. Diabetes Care 28;3:8 6; 7 Liebl et al. Diab Ther 22;3:e ; 8 Valensi et al. Int J Clin Pract 29;63(3):522-3; Blak et al. Diab Med 22;29:e3-2
Incidence risk (%) Slide 37 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 pts. 997 27 Microvascular disease 25 24 2 3 2% * 4% Diabetes-related death Myocardial infarction 7 6 5 4 37% * All-cause mortality 6 3 5 * p<. 43% * Statistically significant improvement Source: UKPDS, Stratton et al. BMJ 2; vol. 32:45 2 Source: NEJM, vol. 359, Oct 28
-cell function Slide 38 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment intensification Distribution of patients and value across treatment classes Insulin GLP- OAD Diet and exercise OAD GLP- 8 6 Insulin 4 2 Time Patients Value OAD: Oral Anti-diabetic Drugs Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France. Value figures based on IMS MAT 24 Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas
Slide 39 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 4 35 3 25 2 5 5 Global insulin volume market by segment tmu CAGR volume : 5.8% 45 CAGR value : 7.2% 33% 3% 36% 29 Fast-acting Premix Long-acting 34% 28% 38% CAGR for 5-year period. Value in DKK Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume and value (DKK) figures 24
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.5 -.4 No Gain Variable OAD CHF, liver DPP-IV inhibitors.6 -.8 No Neutral TBD -2 OAD None SGLT-2 inhibitors.5 -.9 No Loss TBD OAD Genital infections, urinary tract infections GLP-. - 2. No Loss TBD Varies GI side effects, MTC Long-acting insulin.5-2.5 Yes Gain TG and HDL injection Hypoglycaemia Fast-acting insulin.5-2.5 Yes Gain TG and HDL -4 injections Hypoglycaemia Note: TG and HDL: Beneficial effect on triglycerides and HDL cholesterol; CHF: Congestive heart failure; GI: Gastro intestinal; MTC: Medullary thyroid cancer. TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 26; 29:963-972; Nathan DM, et al. Diabetes Care. 27;3:753-759; Nathan DM, et al. Diabetes Care. 28;3:73-75. ADA. Diabetes Care. 28;3:S2-S54. WelChol PI. /28.
Slide 4 o Nordisk is the market leader in the insulin and GLP- segments Key products represent more than 75% of sales within diabetes care Brand name Type 24 Sales care sales 2 Percent of diabetes Patent expiration orapid Fast-acting insulin 7.4 bdkk (+5%) 25% EU: 27 3 US: 27 3 omix Premixed insulin 9.9 bdkk (+4%) 4% EU: 24-5 US: 27 3 Levemir Long-acting insulin 4.2 bdkk (+25%) 2 EU: 28 US: 29 Victoza Long-acting GLP- agonist 3.4 bdkk (+6%) 9% EU: 223 US: 223 Reported sales full year 24 and growth in local currencies compared to full year 23 2 Based on full year 24 sales 3 Formulation patent. The molecule patent for orapid expired in EU and the US. The omix molecule patent expired in the US
Slide 42 Sustained double-digit growth in insulin market DKK billion 6 4 2 8 6 4 2 Global insulin market growth 29 24 7 bdkk 66 29 CAGR: 5.8% 3 bdkk Volume contribution CAGR:.4% CAGR: 7.2% 55 bdkk Mix/price contribution 56 39 bdkk 24 CAGR for 5-year period Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT value figures Volume The fundamental growth drivers of the insulin market Rising prevalence of diabetes Growing overweight and obesity prevalence Ageing of populations Rising diagnosis rates and treatment rates Intensification of insulin regimens Value Conversion to modern insulin and new-generation insulin Continued device penetration Favourable net pricing
Slide 43 Solid insulin volume growth in key regions o Nordisk regions North America Europe Market value size & growth 83. 2% 3 9.7 25.9 2% % 26.8 5 38% 22% Market volume composition 38% 2% 4 Volume market shares Fast-acting 63% 37% Premix Long-acting 52% 48% o Nordisk Others International Operations 9.2 9% -6% 9.5 3% 46% 23% 45% 55% Region China 4.7 3% 5.4 3% 2% 66% 42% 58% Japan & Korea 4.6-7% 4.3 34% 38% 5% 49% 23 bdkk Volume growth IMS only covers part of the channels in China and International Operations. 2 Measured in DKK Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS 23 & 24 Monthly MAT volume and value (DKK) figures Mix/price growth 2 24 bdkk 28%
Slide 44 Stable global insulin volume growth 4 35% 3 25% 2 5% 5% 24 Regional insulin volume growth North America China Europe Int. Operations Japan & Korea World 4. 54. 4. Note: China growth rate in 28-29 impacted by change in reporting methodology Int. Operations growth rate in 2 impacted by inclusion of Russia not previously reported US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume figures 4. 24 8 6 4 2 Regional insulin volume market split 24 North America Europe China Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume figures Int. Operations Japan & Korea 8% 2% 4% 36% 3% 24
Slide 45 Maintaining insulin leadership by sustaining modern insulin market share 45 4 35 3 25 2 5 5 o Nordisk volume market share across insulin classes o Nordisk class MS (%) tmu Human insulin tmu Modern insulin 3 tmu Total insulin 29 Market value 2 : DKK 8 billion 24 8 6 4 2 45 4 35 3 25 2 5 5 29 Includes animal insulin. 2 Annual value of total insulin class. 3 Includes new generation insulin Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS, Monthly MAT value and volume figures Market value 2 : DKK 37 billion 24 8 6 4 2 45 4 35 3 25 2 5 5 29 Market value 2 : DKK 56 billion class volume 24 8 6 4 2
Slide 46 Strong underlying insulin market growth and steady market share development tmu 5 4 3 2 Global insulin market Global modern insulin volume market shares Device penetration Modern insulin penetration o Nordisk Sanofi Eli Lilly Penetration CAGR volume 2 : 5.8% 6 CAGR value 2 : 7.2% 8 5 46% 6 4 35% Modern insulin 3 4 2 8% Human insulin 2 29 24 Includes new generation insulin 2 CAGR for 5-year period. Value in DKK Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume figures 29 Includes new generation insulin Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume figures 24
Slide 47 o Nordisk s modern insulins continue strong performance within their respective segments tmu 8 6 4 2 8 6 4 2 Fast-acting insulin 29 Segment volume orapid market share CAGR volume: 6. MI penetration: 76% 24 8 6 4 2 tmu 8 6 4 2 8 6 4 2 29 Premixed insulin Segment volume omix market share CAGR volume: 3.5% MI penetration: 48% Long-acting insulin CAGR for 5-year period Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; NG: new generation; US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume figures 24 8 6 4 2 tmu 8 6 4 2 8 6 4 2 29 Segment volume Levemir market share CAGR volume: 7.% MI/NG penetration: 79% 24 8 6 4 2
Slide 48 orapid remains the preferred modern fast-acting insulin in all key markets Fast-acting insulin market by volume Example of orapid promotional sales aid Share of total insulin market 6 orapid Human insulin Other modern insulin Segment volume growth 4 2% 3% % 4% 2 3% North America Europe IO Japan & Korea Region China Global Note: Segment volume growth 24 vs 23. US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22. IO: International Operations. Human insulin includes animal insulin Source: IMS MAT 24 volume figures Picture of sales aid is not intended for promotional purposes Source: orapid Summary of Product Characteristics
Slide 49 Continued growth potential for omix in the premix insulin segment in key markets Share of total insulin market 8 Premix insulin market by volume Example of omix promotional sales aid omix Human insulin Other modern insulin Segment volume growth 6 6% 4 2-8% -3% -9% % North America Europe IO Japan & Korea Region China Global Note: Segment volume growth 24 vs 23. US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22. IO: International Operations. Human insulin includes animal insulin Source: IMS MAT 24 volume figures Picture of sales aid is not intended for promotional purposes Source: omix Summary of Product Characteristics
Slide 5 Solid growth potential for Levemir in the long-acting insulin segment Share of total insulin market 6 Basal insulin market by volume Example of Levemir promotional sales aid 4% Tresiba Levemir Other modern insulin Human insulin Segment volume growth 4 5% 7% 5% 2 5% North America Europe IO Japan & Korea Region China Global Note: Segment volume growth 24 vs 23. US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22. IO: International Operations. Human insulin includes animal insulin Source: IMS MAT 24 volume figures Picture of sales aid is not intended for promotional purposes Sources: Blonde L. et al. Diabetes, Obesity and Metabolism 29; Hermansen K. et al. Diabetes Care 26; Levemir EU Summary of Product Characteristics, April 22; Philis- Tsimikas A. et al. Clinical Therapeutics 26; Rosenstock J et al. Diabetologia 28; IMS Worldwide Data Q3 22; Reimer T. et al. Clinical Therapeutics 28
Slide 5 Still a significant potential for o Nordisk on the US modern insulin market tmu 4 2 8 6 4 2 29 US insulin market segments Device penetration CAGR volume : 2.6% CAGR value : 23.9% CAGR for 5-year period. Value in DKK 2 US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22 Source: IMS Monthly MAT volume and value (DKK) figures 2 Fast-acting Premix Long-acting Modern Insulin penetration Penetration 24 8 6 4 2 6 5 4 3 2 US modern insulin volume market shares 29 Source: IMS Monthly MAT volume figures o Nordisk Sanofi Eli Lilly 42% 38% 2 24
Slide 52 o Nordisk s modern insulins have gained market share in expanding US insulin market US fast-acting insulin US premixed insulin US long-acting insulin tmu 7 6 5 4 Segment volume olog market share CAGR volume : 4.5% MI penetration: 83% 8 6 tmu 7 6 5 4 Segment volume omix market share CAGR volume : (6.8%) MI penetration: 57% 8 6 Segment volume Levemir market share tmu 7 CAGR volume : 5.% MI penetration: 89% 6 8 5 4 6 3 2 4 2 3 2 4 2 3 2 4 2 29 24-29 24 29 24 CAGR for 5-year period Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 22. Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin Source: IMS Monthly MAT volume figures
Slide 53 Sustained leadership position on the European modern insulin market tmu 8 6 4 2 8 6 4 2 European insulin market by segments 29 Device penetration CAGR volume : 2.5% CAGR value : 3.8% Fast-acting Premix Long-acting CAGR for 5-year period 2 Includes new generation insulin Source: IMS Monthly MAT volume and value (DKK) figures Modern Insulin penetration 2 Penetration 24 8 6 4 2 6 5 4 3 2 29 European modern insulin volume market shares o Nordisk Sanofi Includes new generation insulin Source: IMS Monthly MAT volume figures, numbers do not add up to due to smaller insulin manufacturers Eli Lilly 48% 33% 7% 24
Slide 54 Stable leadership position in International Operations tmu 9 8 7 6 5 4 3 2 29 International Operations insulin market by segments Device penetration CAGR volume : 5.8% CAGR value : 7. Fast-acting Premix Long-acting Modern Insulin penetration 2 Penetration 24 8 6 4 2 CAGR for 5-year period. Value in DKK 2 Includes new generation insulin Note: IMS only covers the following 3 markets in IO (retail data): Algeria, Argentina, Australia, Brazil, Colombia, Egypt, India, Mexico, NZ, Russia, Saudi Arabia, South Africa & Turkey. Source: IMS Monthly MAT volume and value (DKK) figures. 7 6 5 4 3 2 29 International Operations insulin volume market shares o Nordisk Sanofi Note: Only top-4 shown Source: IMS Monthly MAT volume figures, numbers do not add up to due to smaller insulin manufacturers Eli Lilly Biocon 55% 9% 7% 3% 24
Slide 55 Sustained leadership position on the rapidly growing Chinese insulin market tmu 35 3 25 2 5 5 29 Chinese insulin market by segments Device penetration CAGR volume : 8. CAGR value : 25.7% CAGR for 5-year period. Value in DKK Note: IMS covers around 5 of the total Chinese market (hospital data) Source: IMS Monthly MAT volume and value (DKK) figures Modern Insulin penetration Fast-acting Premix Long-acting Penetration 24 8 6 4 2 7 6 5 4 3 2 Chinese insulin volume market shares 29 o Nordisk Shanghai Fosun Sanofi Eli Lilly Tonghua Dongbao Note: Only top-5 shown Source: IMS Monthly MAT volume figures, numbers do not add up to due to smaller insulin manufacturers 58% 5% 9% 8% 5% 24
Slide 56 Stabilising market leadership position in Japan tmu 4 Japanese insulin market by segments Device penetration CAGR volume :.2% CAGR value : (.3)% Modern Insulin penetration 2 Penetration Japanese modern insulin volume market shares o Nordisk Sanofi Eli Lilly 7 2 8 6 4 2 29 Fast-acting Premix Long-acting 24 8 6 4 2 6 5 4 3 2 29 49% 28% 23% 24 CAGR for 5-year period. Value in DKK 2 Includes next generation insulin Source: IMS Monthly MAT volume and value (DKK) figures Source: IMS Monthly MAT volume figures
Slide 57 Promising Tresiba performance strengthens total insulin market share in Japan 8 Japanese basal value market shares glargine Tresiba Levemir NPH NN Total Basal Japanese total insulin value market shares o Nordisk Sanofi Eli Lilly 8 6 59% 6 55% 4 2 39% 26% 4 2 26% 9% 2 5% 24 2 24 Source: IMS Monthly 24 value figures Source: IMS Monthly 24 value figures
Slide 58 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) 8 6 4 2 8 6 4 2 GLP- lowers blood glucose in patients with type 2 diabetes 22. 2. 6.. 4. 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.
Slide 59 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 9 8 7 6 5 4 3 2 CAGR value: 38.% 8 6 4 2 22% 5% 8 6 4 2 5% 29 24 23 vs. 22 24 vs. 23 29 24 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 24 value figures
Slide 6 Victoza has a strong leadership in the global GLP- market Share of total diabetes care market 8% 7% 6% 5% 4% 3% 2% % 29 Global GLP- market GLP- sales in bdkk (right axis) CAGR value : 37. Victoza Other GLP- Exenatide Victoza 24 2 6 2 8 4 North America constitutes the majority of the GLP- value market North America Japan & Korea 22% Europe China (.4%) 4% 4% 2% 3% 73% International Operations CAGR for 5-year period Source: IMS Monthly MAT, value figures (DKK) Annual value of diabetes market 24 Source: IMS Monthly value figures (DKK)
Investor presentation First six months of 24 Slide 6 The US GLP- market continues to expand GLP- TRx scripts (thousands) 4 35 3 25 2 5 5 Feb 2 US GLP- market Source: IMS TRx retail value, monthly NPA data, 24 GLP- % of diabetes care market Victoza Other GLP- 24 8% 6% 4% 2% Key observations for Victoza in the US market Victoza market share within the GLP- segment is 66% Roughly 66% of Commercial and 8 of Medicare Part D lives are covered without restrictions 2 Around 63% of new patients are new to treatment or from OAD-only regimens 3 More than two-thirds of prescriptions are for the 3-pen pack Victoza represents.5% of total prescriptions in the US diabetes care market IMS monthly NPA data, 24 2 Fingertip Formulary, Dec 24 3 IMS Monthly LRx Weekly, Dec 26, 24
Slide 62 Key o Nordisk diabetes care products remain broadly accesible in the US Value market share 8 Value market shares of key o Nordisk products in the US Victoza olog Levemir % unrestricted market access of key o Nordisk products in the US Unrestricted Market access Victoza olog Levemir 6 8 4 6 4 2 2 29 Note: Market shares: olog =share of rapid acting insulin segment, Levemir =share of basal insulin segment, Victoza =share of GLP- segment Source: IMS NSP Monthly, 24; data displayed as MAT value share 24 29 Source: Access FingerTip Formulary, Dec 24 Note: Unrestricted access excludes prior authorisation, step edits and other restrictions 24
Diabetes market share (value) Slide 63 Victoza maintains GLP- class leadership position in key European markets 4% Development in key European markets following Victoza launch Germany Market value : DKK 3 billion 4% UK Market value : DKK 6 billion Victoza 4% exenatide lixisenatide France Market value : DKK 8 billion 2% 2% 2% 8% 8% 8% 6% 6% 6% 4% 4% 4% 2% 2% 2% Jul 29 24 Jul 29 24 Jul 29 24 MAT value of diabetes market, 24 Source: IMS Monthly value figures
Slide 64 Strong Victoza position in the GLP- segment across all markets Share of total diabetes care market 8% 27% GLP- market by value 3% Victoza exenatide albiglutide lixisenatide GLP- value growth 8% Example of Victoza promotional sales aid 6% 4% 2% -6% -2% 52% North America Europe IO Japan & Korea Region China Global Note: Segment volume growth 24 vs 23 Source: IMS MAT 24 volume figures in DKK Picture of sales aid is not intended for promotional purposes Source: Victoza Summary of Product Characteristics
Slide 65 R&D pipeline: Diabetes and obesity Product/project Type Indication Status (phase) 2 3 Filed Appr. Tresiba (NN25) New-generation once-daily basal insulin analogue Type +2 Ryzodeg (NN54) Co-formulation of insulin degludec and insulin aspart Type +2 Xultophy (NN968) 2 Combination of insulin degludec and liraglutide Type 2 Faster-acting insulin aspart (NN28) New formulation of insulin aspart Type +2 Semaglutide (NN9535) Once-weekly GLP- analogue Type 2 LATIN TD (NN92) Once-daily GLP- analogue Type OG27SC (NN9924) Long-acting once-daily oral GLP- analogue Type 2 OG987GT (NN9926) Long-acting once-daily oral GLP- analogue Type 2 OG987SC (NN9927) Long-acting once-daily oral GLP- analogue Type 2 LAI287 (NN436) Long-acting once-weekly basal insulin analogue Type +2 LAI338 (NN438) Long-acting once-daily basal insulin anlagoue Type +2 OI338GT (NN953) 3 Long-acting oral basal insulin analogue Type +2 Saxenda (NN822) 4 Once-daily GLP- analogue Obesity G53L (NN93) el glucagon analogue Obesity NN9838 el long-acting amylin analogue Obesity Approved in EU, Japan and a number of other markets. 2 Approved in EU on 8 Sep 24. 3 First Phase 2a trial to be initiated H 25. 4 Approved in US on 23 Dec 24 and positive CHMP opinion in EU on 22 Jan 25
Slide 66 o Nordisk current and future product portfolio covers the type 2 diabetes treatment flow Type 2 diabetes progression and o Nordisk ideal treatment flow Diet & exercise OAD s GLP- Insulin initiation Optimisation Intensification Metformin OR OR Pending clinical development programmes and regulatory processes for Xultophy, semaglutide and faster-acting insulin aspart
Slide 67 BEGIN phase 3a programme confirms stable and efficacious profile of insulin degludec Tresiba OD vs insulin glargine OD results from BEGIN phase 3a trial Profile Basal insulin with flatter, less variable profile and a doubling in half-life Efficacy Improved fasting glucose control Less impact of missed dose Safety Lower rate of overall hypoglycaemia Lower rate of nocturnal hypoglycaemia Convenience Dosing flexibility, enabling administration at any time on any day Reduced injection volume (U2) one injection for all Superior pen with easy-touch dosing mechanism OD: once-daily Based on trial NN25-3579, NN25-3586, NN25-3668, NN25-3672, NN25-377, NN25-3582 and NN25-3583
Slide 68 Competitive European label for Xultophy Xultophy is indicated for the treatment of adults with type 2 diabetes in combination with oral glucose-lowering agents Profile Xultophy is a fixed combination product consisting of insulin degludec and liraglutide having complementary mechanisms of action to improve glycaemic control Administered as dose steps: One dose step contains unit of insulin degludec and.36 mg of liraglutide Efficacy On average HbA c reduction of.9% from baseline to end of trial confirmed to be superior against all comparators 2 On average 2.7 kg weight loss from baseline in patients inadequately controlled on basal insulin Convenience Once-daily administration at any time of the day, preferably at the same time of the day The pre-filled pen can provide from up to 5 dose steps in one injection Safety Lower rates of confirmed hypoglycaemia than with insulin degludec in patients on metformin +/- pioglitazone Fewer experienced gastrointestinal side effects than patients treated with liraglutide Source: DUAL TM I (NN968-3697), DUAL TM II (NN968-392) 2 Insulin degludec, liraglutide and placebo
Slide 69 Xultophy key clinical results document strong efficacy across the treatment cascade DUAL I Add-on to metformin ± Pio n = 833 Xultophy key clinical results DUAL IV Add-on to SU ± metformin n = 289 DUAL III Switch from GLP- n = 292 DUAL II Add-on to metformin ± basal insulin n = 99 Mean trial start HbA c (%) 8.3 7.9 7.8 8.7 Mean trial end HbA c (%) 6.4 6.4 6.4 6.9 HbA c change (%) -.9 -.45 -.3 -.9 % to target < 7% (%) 8.6 79.2 75.3 6.3 % to target < 6.5% (%) 69.7 64. 63. 45.2 Confirmed hypoglycaemia (Episodes per PYE) 8.2 35.7 282 53.4 Weight change (kg) -.5 +.5 +2. -2.7 Note: Typical confirmed hypoglycaemia event rates for treatment with basal insulin are 42-369 episodes per PYE (based on insulin glargine event rates from trials NN25-3586, 3579 and 3672 where the FPG target and hypoglycaemia definition is similar to the DUAL trials. For DUAL V data, see slide 2 Source: o Nordisk Trial IDs: DUAL TM I (NN968-3697), DUAL TM II (NN968-392), DUAL TM III (NN968-385), DUAL TM IV (NN968-395)
HbA c reduction (%) Weight loss (kg) Slide 7 In a phase 2 trial, semaglutide dose dependently reduced HbA c and body weight from baseline Baseline HbA c reduction in 2 week phase 2 trial. -.3 -.5 -.8 -. -.3 -.5 -.8-2. - Placebo. mg.2 mg.4 mg.8 mg.8 mg T.6 mg T.2 mg.8 mg -.5 -.58 -.9* -.** Semaglutide 8. 8.2 8.2 8. 8.2 8. 8. -.44** -.46** -.69** # -.8 Victoza 8. 8. -.34 *p<.5 vs. placebo; **p<. vs. placebo; #Semaglutide.6 mg T superior to Victoza.2 mg and.8 mg; data are LS means Source: Nauck et al. EASD 22: Oral presentation 2 (trial 9535-82). -. - 2. - 3. - 4. - 5. - Weight loss in 2 week phase 2 trial Placebo. mg.2 mg.4 mg.8 mg.8 mg T.6 mg T.2 mg.8 mg -.2 -.8 -. -2. Semaglutide Baseline 9.5 89.5 86.3 87. 86.2 85. 84.9-3.4* -3.6** -4.8** -.9 Victoza 9.5 84.9-2.6 *p<.; **p<...8 mg T/.6 mg T superior to Victoza.8 mg and.8 mg/.8 mg T/.6 mg T superior to Victoza.2 mg (based on unadjusted means); Baseline values for information only: data are model-adjusted for baseline weight. Data are LS means, FAS LOCF (ANOVA)
Slide 7 SUSTAIN phase 3a programme to support a broad competitive label for semaglutide 23 24 25 26 SUSTAIN : Monotherapy 3 weeks, n= 4 SUSTAIN 2: Semaglutide vs. sitagliptin 56 weeks, n=,2 SUSTAIN 6: Long-term outcomes trial Min. 4 weeks, n=3,2 SUSTAIN 3: Semaglutide vs. exenatide once-weekly 56 weeks, n= 8 SUSTAIN 4: Semaglutide vs. insulin glargine 3 weeks, n=, SUSTAIN 5: Add-on to basal insulin 3 weeks, n=4 In the SUSTAIN phase 3a programme,.5 mg and. mg doses of semaglutide are being tested in people with type 2 diabetes. Note: Estimated timing of trials as listed on www.clinicaltrials.gov excl. data analysis; n= approximate no of randomised patients
Glucose infusion rate (mg/kg*min) Glucose infusion rate (mg/kg*min) Slide 72 Improvement in early glucose lowering with faster-acting insulin aspart vs insulin aspart in phase trial PD: Mean GIR profiles ( 3 minutes) for faster-acting insulin aspart vs insulin aspart Faster-acting insulin aspart Insulin aspart PD: Mean GIR profiles ( 3 minutes) for insulin aspart vs human insulin Insulin aspart Human insulin 8 6 AUC GIR, 3 min ratio [95% CI] faster aspart / insulin aspart.48 [.3; 2.2] 8 6 AUC GIR, 3 min ratio [95% CI] IAsp / human insulin.38 [.78; 2.89] 4 4 2 2 5 5 2 25 3 Nominal time (min) 5 5 2 25 3 Nominal time (min) Source: Haahr et al. ADA 24, Abstract number 9-P Source: o Nordisk data on file
Slide 73 Faster-acting insulin aspart phase 3a programme for onset 23 24 25 onset : basal-bolus insulin therapy 26+26 weeks, n=,95 onset 2: basal-bolus insulin therapy 26 weeks, n=676 onset 3: bolus intensification 8 weeks, n=236 onset 4: insulin pump compatibility 6 weeks, n=3 Type diabetes Type 2 diabetes Note: Estimated timing of trials as listed on www.clinicaltrials.gov excl. data analysis; n= approximate number of randomised patients
Events per PDE Slide 74 Positive effects of liraglutide as adjunct therapy to insulin in type diabetes were observed in a phase trial Key results from phase trial Hypoglycaemic episodes during CGM 2 Reduction in insulin dose at same HbA c Significant body weight loss No significant change in overall hypoglycaemia Reduction in hypoglycaemic episodes during CGM No unexpected safety or tolerability issues Liraglutide.6 mg (n=) Liraglutide.8 mg (n=9) Liraglutide.2 mg (n=2) Placebo (n=35) 2. p=.9 p=.44 p=.52-3% -35% -39%.5..5.4...7.8.3..6 mg.2 mg.8 mg Compared to the relevant placebo group CGM: Continuous Glucose Monitoring 2 Interstitial glucose 3.9 mmol/l PDE: Person Days of Exposure Source: EASD 23 oral presentation #3, Simon Heller et al
Slide 75 ADJUNCT phase 3a programme for LATIN TD liraglutide as adjunct therapy to insulin in type diabetes ADJUNCT phase 3a programme Global clinical phase 3 program in type diabetes with more than 2, patients Designed to demonstrate efficacy and safety of liraglutide as adjunct therapy to insulin in type diabetes ADJUNCT phase 3a trials and design 23 24 25 ADJUNCT ONE : Liraglutide versus placebo as adjunct to insulin, 52 weeks, n=,4 Trials will seek to demonstrate: o o Lower HbA c or decrease in insulin dose Lower body weight and/or lower number of hypoglycaemic episodes ADJUNCT TWO TM : Liraglutide versus placebo as adjunct to insulin 2, 26 weeks, n=8 ADJUNCT ONE TM : Treat-to-target trial with no upper limit on total daily insulin dose 2 ADJUNCT TWO TM : Upper limit on total daily insulin dose corresponding to pre-trial average total daily insulin dose
Slide 76 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
Change in HbA c (%) Change in body weight (Kg) Slide 77 Proof of principle achieved in phase trial with oral semaglutide (OG27SC).5 -.5 HbA c reduction is comparable with sc semaglutide at similar exposure Placebo, type 2 diabetes (n=6) Oral semaglutide (OG27SC), high dose, type 2 diabetes (n=) Body weight reduction is comparable with sc semaglutide at similar exposure -2-4 Placebo, type 2 diabetes (n=6) Oral semaglutide (OG27SC), high dose, type 2 diabetes (n=) Oral semaglutide (OG27SC), high dose, healthy (n=32) -. -.5-2. 2 4 6 8 2 4 6 8 Time (weeks) Sc: Subcutaneous. Note: High dose = 4 mg, which was the only dose tested in people with type 2 diabetes Source: o Nordisk, data on file. -6-8 Time (weeks)
Slide 78 Oral semaglutide (OG27SC) phase 2 trial 6 T2DM patients diabetes drug naïve or on metformin Phase 2 trial design Semaglutide tablet 2.5 mg (QD) Semaglutide tablet 5 mg (QD) Semaglutide tablet mg (QD) Semaglutide tablet 2 mg (QD) Semaglutide tablet 4 mg (QD) Slow dose escalation Fast dose escalation Placebo Sc semaglutide. mg (QW) 26 weeks Key inclusion criteria: People with type 2 diabetes treated with diet and exercise and/or on a stable dose of metformin; HbA c 7.-9.5% (both inclusive); BMI 25-4 (both inclusive); T2DM: Type 2 diabetes; Sc: Subcutaneous QD: once daily; QW: once weekly Phase 2 trial objective and endpoints Trial objective To examine the dose range, escalation and efficacy of semaglutide tablets in subjects with type 2 diabetes Primary endpoint Change in HbA c from baseline to end of treatment Secondary endpoints Body weight Safety and tolerability Clinical pharmacology trials Additional clinical pharmacology trials will be conducted in parallel to support a global phase 3 start To investigate exposure in special populations and to investigate drug/drug interactions
Glucose Infusion Rate (mg/kg/min) Rate (mg/kg/min) 2 3 4 5 6 Slide 79 Long-acting insulin LAI287 intended for once-weekly dosing 5 Glucose Infusion Rate vs. time (predicted mean at steady state) 8 nmol/kg IGlar.4 U/kg Glucose Infusion Rate vs. Time (Predicted Mean) LAI287, 8 nmol/kg Insulin glargine,.4 U/kg Key observations The peak-to-trough ratios for Glucose Infusion Rate are comparable for ultra-long-acting insulin LAI287 and oncedaily insulin glargine (approx. 65% for both) 4 Half-life deemed adequate for once-weekly dosing 3 2 2 3 4 5 6 2 4 6 Time (days) Time (days) 7 23-Oct-25T:2:2 E:/Project/NN436/NN436-3955/current/Splus/Final/9_MultipleDoseComparison.ssc Note: Pharmacokinetic simulation
Slide 8 Obesity burden in the US Incidence of obesity in the US Comments to the US obesity burden Million people Overweight BMI 25-29.9 Class I BMI 3-34.9 Obese Class II BMI 35-39.9 Class III BMI 4+ TOTAL Cost of obesity to health care systems of USD 47 billion annually 2 with continued growth Around 35% of the US adult population (over 2 years) are clinically obese (BMI>27) 3 Normal Glucose 39 7 x7-62 Only around 23% of all obesity cases in the US were diagnosed in 2 3 Pre- Diabetes 34 2 x9 74 T2DM x7 x6 x4 x4 22 In 2, only 3 million people in the US or around 3% of the adult obese population were treated with weight loss medication 4 TOTAL 8 44 2 3 58 Impaired Fasting Glucose Source: NHANES and revised 2 CDC estimates 2 Finkelstein et al. Health Affairs 28, no. 5 (29): w822-83 3 Flegal, KM. JAMA. 22;37(5): Doi:./jama.22.39 4 Obesity. Decision resources, Inc. December 2:38
Slide 8 Small but growing market for anti-obesity medication in the US Value of the US obesity market remains small compared to the US diabetes market DKK million 2,,5, 5 Note: 24 is MAT 24 Source: IMS NSP data 29 2 2 22 23 24 Few people treated with AOM in US, but recent launches have contributed to market growth TRx volume (thousands), 8 6 4 2 2 AOM TRx Volume Phentermine TRx volume Lorcaserin launch Phentermine and topiramate 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, 24 Naltrexone HCI and bupropion HCI launch 24
Slide 82 Saxenda demonstrated weight loss in all SCALE trials Overview of weight loss (%) in the SCALE programme Saxenda Placebo % patients with 5% weight loss Obesity & Pre-diabetes 2 (56 weeks and n=3,73) Diabetes 3 (56 weeks and n=846) Sleep Apnoea 4 (32 weeks and n=359) Maintenance,5 (56 weeks and n= 422).2% 2.6% 2..6% 5.9% 5.7% 6.2% 8. 63.2% 27.% 49.9% 3.8% 46.3% 8.5% 5.5% 2.8% Note: Observed means, last observation carried forward (LOCF) at end of trial. N=number of randomised participants Trial includes 2 week run-in period before randomization Source: 2 Fujioka K et al, Diabetologia 24; 57 (Suppl ): Abstract 94-OR at EASD 24; 3 Davies M, Diabetologia 24; 57 (Suppl ): Abstract 39-OR at EASD 24; 4 Wadden et al. Int J Obes (Lond). 23;37:443-5; 5 Blackman A, Diabetologia 24; 57 (Suppl ): Abstract 84-OR at EASD 24
* ** ** Slide 83 Saxenda is associated with statistically significant weight loss in people with type 2 diabetes in phase 3 trial -2 Statistically significant largest reduction in 5 and 23% of Saxenda patients loose 5% weight with Saxenda or > of body weight respectively Change in body weight (%) Placebo Victoza Saxenda -2. 4 Saxenda Victoza Placebo % subjects 6 OR: 6.8 *** OR:.84 ** OR: 3.69 *** OR: 7. *** 5 OR:.85 * OR: 3.84 ** -4-6 -4.6-5.9 3 2-8 8 6 24 32 4 48 56 Weeks Note: Baseline weight 6 kg. FAS, fasting visit data only. Lines are observed means (±SE). Diamonds are means last observation carried forward (LOCF). Statistical analysis is ANCOVA. * p<.5, ** p<.. Source: Davies et al. ADA 24. Abstract number: 97-OR 5% weight loss Note: Proportions are observed means, FAS-LOCF. Estimates are from a logistic regression model using FAS-LOCF. * p<.5, ** p<., *** p<.. Source: Davies et al. ADA 24. Abstract number: 97-OR > weight loss
Slide 84 Saxenda sales will come from a small segment of people with obesity US example Patient funnel ~7 million people with obesity ~.7 million people on antiobesity medication 2 Market approach Clear patient segmentation Focused prescriber targeting Clear product value proposition Saxenda aspiration Capture share of people currently treated Contribute to market expansion Estimated number of people with BMI>27 with comorbidities and class I,II and III in key markets 2 Patient year equivalents Sep 22-Sep 23
Slide 85 Biopharmaceuticals
Slide 86 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
Slide 87 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B and haemophilia with inhibitors Low diagnosis and treatment rates within haemophilia Haemophilia A App. 35, patients Inhibitor segment app. 3,5-4, patients Haemophilia B App. 7, patients Thousand people 45 Average percentage of people with haemophilia People with Diagnosed Treated Prophylactic Pristine joints Note: The inhibitor segment represents people with haemophilia and high titre inhibitors haemophilia to their normal replacement treatment Source: Estimates based on prevalence data in literature (Stonebraker JS et al. Haemophilia. 2; 6: 2-32), World Federation of Haemophilia Annual Global Survey 22, UDC database in the US Source: World Federation of Haemophilia Annual Global Survey 22 4 35 3 25 2 5 5 45% 5% 6% 3%
Slide 88 The global haemophilia market is growing by mid-single digits DKK billion 3 25 2 5 5 Sales of recombinant coagulation factors oseven Coagil VII Xyntha /Refacto Benefix CAGR : 7% 28 23 28 23 28 23 rfviia rfviii rfix CAGR for 5-year period Source: Company reported sales for 23 Kogenate /Helixate Recombinate /Advate CAGR : 5% CAGR : 7% 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 Contribute to market conversion N9-GP Phase 3 2 Establish new treatment paradigm othirteen Launched Launch first recombinant choice Submission of N8-GP expected 27/28 pending expansion of production capacity 2 Submission expected in 25
Slide 89 oseven a unique biologic for the treatment of rare bleeding disorders DKK billion 3. 2.5 2..5..5. Q4 29 oseven reported sales CAGR 7.9% Q4 24 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 Acquired haemophilia Congenital FVII deficiency Glanzmann s thrombasthenia CAGR for 5-year period Only indicated in Europe and the US
Slide 9 oeight is launched in 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 Key product characteristics: Reliability: No inhibitor development in largest pivotal trial programme of any approved rfviii (n=23),2 Purity and safety: First rfviii to use a 2nm filter in its purification process 3 Portability: Room temperature stability with storage at 3 degrees celsius Launch status: oeight has been launched in 8 countries: Japan, Germany, Denmark, Switzerland, Austria, Netherlands, Sweden and France Picture is not intended for promotional purposes Sources: oeight Summary of Product Characteristics. 2 Iorio A et al., Blood 22; 2(4): 72 727. 3 oeight Prescribing Information.
Slide 9 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 effective 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 has been launched in nine countries Picture is not intended for promotional purposes Source: European Medicines Agency, summary of opinion (post-authorisation) 23 January 24. othirteen Summary of product characteristics.
Slide 92 R&D pipeline: Haemophilia and growth disorders Product/project Type Indication Status (phase) N9-GP (NN7999) GlycoPEGylated long-acting rfix Haemophilia B 2 3 Filed Appr. N8-GP (NN788) GlycoPEGylated long-acting rfviii Haemophilia A Concizumab (NN745) Monoclonal anti-tfpi Haemophilia A, B and with inhibitors NN864 Once-weekly human growth hormone Growth disorder
Slide 93 Positive results from phase 3 trial with long-acting factor IX for treatment of haemophilia B FIX activity (IU/mL).2..8.6.4.2. N9-GP phase pharmacokinetics Source: Negrier et al. Blood. 2;5:2693-27 rfix Dose normalised 5 IU/kg (N=5) One stage clot assay pdfix 24 48 72 96 2 44 Time (h) N9-GP 68 Paradigm 2 headline results (phase 3) Median bleeding rate for patients treated on demand was 5.6 episodes per year Patients on prophylactic treatment had a median bleeding rate of 2.9 and. episodes per year when treated with doses of U/kg and 4 U/kg, respectively Among patients receiving 4 U/kg: 99% of bleeding episodes were treated with only one infusion Two thirds of patients experienced complete resolution of bleeding in their target joints Steady-state half-life of hours N9-GP appeared to have a safe and well tolerated profile with no patients developing inhibitors Source: o Nordisk data on file
Slide 94 Positive results from phase 3 trial with long-acting factor VIII for treatment of haemophilia A FVIII activity (IU/mL).2..8.6.4.2 N8-GP phase pharmacokinetics Dose 5 IU/kg (N=8) One stage clot assay FVIII N8-GP Pathfinder 2 headline results (phase 3) Median bleeding rate for patients treated on demand was 3.9 episodes per year Patients on prophylactic treatment had a median bleeding rate of.3 per year Pharmacokinetic documented single dose half-life of 8.4 hours Mean trough level of 8% N8-GP appeared to have a safe and well tolerated profile One patient developed an FVIII inhibitor, which is in-line with expectations for a population of previously treated haemophilia A patients. 24 48 72 96 2 44 Time (h) 68 Source: Tiede et al. J Thromb Haemot. 23;:67-675 Source: o Nordisk data on file
Slide 95 o Nordisk continues to expand leadership within growth hormone market Development in global hgh market Growth hormone volume market share DKK billion MAT volume kg MAT value DKK kg o Nordisk Eli Lilly Pfizer Merck Kgaa Sandoz Roche 2 8 35% 3 33% 5 6 25% CAGR volume : 5.8% CAGR value DKK : 2.2% 4 2 5% 5 2 5% 29 24 29 24 CAGR for 5-year period. Value in DKK Source: IMS Monthly MAT value and volume figures Source: IMS Monthly MAT volume figures
Slide 96 Solid Norditropin sales growth DKK billion 2..5..5 Norditropin reported sales CAGR 9.% 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 29 Q4 24 CAGR for 5-year period
Slide 97 Financials