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Novo Nordisk – a focused healthcare company Investor presentation Full year 2025 RAFAEL VALVERDE Rafael lives with obesity Mexico
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2 Novo Nordisk® Investor presentation Full year 2025 Agenda Progress on Strategic Aspirations 2025 Financials Innovation and therapeutic focus Commercial execution Agenda
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3 Novo Nordisk® Investor presentation Full year 20253 Novo Nordisk’s statutory Annual Report 2025, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain certain forward-looking statements relating to the operating, financial and sustainability performance and results of Novo Nordisk and/or the industry in which it operates. Forward-looking statements can be identified by the fact that they do not relate to historical or current facts and include guidance. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘transition plan’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of sim ilar meaning in connection with any discussion of future operating, financial or sustainability performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • Statements of targets, future guidance, (transition) plans, objectives or goals for future operations, including those related to operating, financial and sustainability matters, Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto; • Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures; • Statements regarding future economic performance, future actions and outcome of contingencies, such as legal proceedings; and • Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates, opinions, views and projections. Although Novo Nordisk believes that the expectation reflected in such forward-looking statements are reasonable, there can be no assurance that such expectation will prove to be correct. By their very nature, forward -looking statements involve risks, uncertainties and assumptions, both general and specific, and actual results may differ materially from those contemplated, expressed or implied by any forward-looking statement. Factors that may affect future results include, but are not limited to, global as well as local political, economic and envir onmental conditions, such as interest rate and currency exchange rate fluctuations or climate change, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy supplies, product recalls, unexpected contract breaches or terminations, government-mandated or market- driven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology in cluding the risk of cybersecurity breaches, Novo Nordisk’s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, and taxation changes, including changes in tariffs and duties, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, effects of domestic or international crises, civil unrest, war or other conflict and factors related to the foregoing matters and other factors not specifically identified herein. For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forw ard-looking statements in this Annual Report 2025, reference is made to the overview of risk factors in ‘Risks’ in the Annual Report 2025. None of Novo Nordisk or its subsidiaries or any such person's officers, or employees accept any responsibility for the future accuracy of the opinions expressed in the Annual Report 2025, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk or the actual occurrence of the forecasted developments. Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements
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4 Novo Nordisk® Investor presentation Full year 20254 Strategic Aspirations 2025|Highlights Progress towards zero environmental impact • CO2e emissions2 increased by 16% compared to 2024 Adding value to society • Medical treatment provided to 45.6 million people • Unlocked access to obesity treatment for 3.6 million people living with obesity Purpose and Sustainability (ESG) Diabetes value market share at 30.1% (-3.6 %-p)1 Obesity care sales of DKK 82.3 billion (+31% at CER) Rare disease sales of DKK 19.6 billion (+9% at CER) Commercial execution Sales growth of 10% (CER) Operating profit growth of 6% (CER) Operational leverage reflecting sales growth when excluding restructuring costs Free cash flow of DKK 29 billion and 52 billion returned to shareholders via dividends Financials Further raise innovation bar for Diabetes treatment • Sc. and oral zenagamtide phase 2 trial completed • CagriSema phase 3 REIMAGINE-2 & 3 trials completed Develop superior treatment solutions for Obesity • Akero acquisition closed including phase 3 MASH asset • Wegovy® pill approved in the US • Triple agonist UBT251 phase 1a/2b trial initiated • CagriSema US submission • Sema 7.2 US submission and positive CHMP opinion Strengthen and progress Rare Disease pipeline • Decenimig (Mim8) US and EU submission • Zaltenibart MASP-3 inhibitor acquisition closed Innovation and therapeutic focus Light blue indicates developments in Q4 2025 1MAT (Moving Annual Total) value market share; 2Scope 1, 2 and 3 CER: Constant exchange rates; CHMP: Committee for Medicinal Products for Human Use; CO 2e: CO2 equivalents; EU: European Union; MASH: Metabolic dysfunction -associated steatohepatitis; MASP-3: Mannan-binding lectin-associated serine protease-3; OP: Operating profit; T2D: Type 2 Diabetes; Sc.: Subcutaneous; Sema: semaglutide; US: United States Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth. Since 2019 Rare disease sustained growth Denecimig (Mim8) & etavopivat Sales & Operating profit >2x Obesity care sales +76 bDKK People treated +16m with diabetes and obesity treatments
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Novo Nordisk® Investor presentation Full year 20255 Executive Management changes in February 2026 1Registered as executive with the Danish Business Authority CEO: chief executive officer; CFO: chief financial officer; CMC: Chemistry, Manufacturing and Control; CSO: chief scientific officer; IT: information Technology; US: United States Karsten Munk Knudsen1 Executive vice president, CFO and head of Finance, Legal and Global Solutions Martin Holst Lange Executive vice president, CSO and head of Research and Development Maziar Mike Doustdar1 President and CEO Emil Kongshøj Larsen Executive vice president and head of International Operations Jamey Millar Executive vice president and head of US operations Effective 5 February 2026 Hong Chow Executive vice president and head of Product and Portfolio Strategy Effective 15 February 2026 Kasper Bødker Mejlvang Executive vice president and head of CMC and Product Supply Thilde Hummel Bøgebjerg Executive vice president and head of Enterprise IT and Quality John F. Kuckelman Senior Vice President, Group General Counsel, Global Legal, IP and Security Elin Jäger Senior Vice President, Chief of Staff to CEO and head of Corporate Strategy and Sustainability Tania Sabroe Executive vice president and head of People, Organisation and Corporate Affairs
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6 Novo Nordisk® Investor presentation Full year 2025 Executive Management updates Hong Chow Executive vice president and head of Product and Portfolio Strategy Effective 15 February 2026 Jamey Millar Executive vice president and head of US operations Effective 5 February 2026
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7 Novo Nordisk® Investor presentation Full year 20257 0 40 80 120 160 200 US IO EUCAN Emerging Markets APAC Region China Insulin GLP-1 diabetes Other diabetes Obesity care Rare disease Growth at CER 0 50 100 150 200 250 300 350 Total GLP-1 diabetes Insulin Obesity care Rare disease US Operations International Operations Growth at CER International Operations Geographic sales split for 2025 DKK billion DKK billion US IO US IO 8% 25%8%16% 14% 8% 14% 10% 5% 7% 6% 2% -2% -1% 15% 73% 31% 7% 10% 9% Sales growth of 10% driven by GLP-1 products globally Therapy area sales split for 2025 1 1‘Other diabetes’ is included in Total APAC: Japan, Korea, Oceania and Southeast Asia; CER: Constant exchange rates; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; IO: International Operations; Region China: Mainland China, Hong Kong and Taiwan; US: United States 5% US IO
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8 Novo Nordisk® Investor presentation Full year 20258 International Operations performance driven by Obesity care sales growth of 73% and GLP-1 Diabetes sales growth of 7% APAC: Japan, Korea, Oceania and Southeast Asia; CER: Constant exchange rates; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; IO: International Operations; Region China: Mainland China, Hong Kong and Taiwan Obesity care sales and growth for 2025 0 10 20 30 40 50 60 IO EUCAN Emerging Markets APAC Region China Ozempic Rybelsus VictozaDKK billion Growth at CER 7% GLP-1 Diabetes care sales and growth for 2025 0 5 10 15 20 25 30 35 IO EUCAN Emerging Markets APAC Region China Wegovy SaxendaDKK billion Growth at CER 73% Regions 10%1%12% -5% Regions 122%59%62% N/A% ® ® ® ® ®
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9 Novo Nordisk® Investor presentation Full year 20259 US diabetes GLP-1 class growth slowing compared to prior years Weekly NBRx scripts (‘000s) 0 30 60 90 Jan 2026 Weekly TRx SUs (‘000s) Monthly Total GLP-1 SUs (millions) NBRx: New-to-brand prescriptions; NN: Novo Nordisk; Scripts: Prescriptions; SU: standard units; TRx: Total prescriptions; US: United States Note: Class growth calculated based on SU volume for diabetes GLP -1 as Nov’25-Jan’26 vs Nov’24-Jan’25 (Rolling 3-month average) Source: IQVIA Xponent Plantrak, NBRx and TRx data from week ending 09 Jan and 16 Jan 2026, respectively. Each data point represents a rolling four -week average. Class growth >10% Ozempic® Rybelsus® dulaglutideNN GLP-1 tirzepatide Total monthly GLP-1 prescriptions 0 2 4 6 8 0 200 400 600 800 1000 US GLP-1 diabetes weekly NBRx prescriptions US GLP-1 diabetes TRx Jan 2024 Jan 2025 Jan 2026 Jan 2024 Jan 2025
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10 Novo Nordisk® Investor presentation Full year 202510 Wegovy® pill launched in the US as the first and best-in-class oral GLP-1 in obesity, with rapid early uptake 1If all people adhered to treatment, Wharton S, et al. N Engl J Med. 2025; 393:1077-1087. 2CV death, non-fatal MI, or non-fatal stroke. Supported with data from the STEP trial programme and the PIONEER PLUS trial. AOM: Anti-Obesity Medications (includes Wegovy ®, Saxenda®, Zepbound®, Qsymia® and Contrave®); DTC: Direct-to-consumer; MACE: Major adverse cardiovascular events; Sc.: subcutaneous; TRx: Total prescriptions; US: United States Source: TRx data for Wegovy pill is an estimate based on internal self -pay data and IQVIA NPA reporting. Self-pay refers to prescriptions filled through NovoCare® Pharmacy, retail and telehealth pharmacies. TRx data for Wegovy® sc. and tirzepatide for obesity management is based on IQVIA XPT. Note: Due to inconsistencies in the first weeks post launch, reporting starts three weeks a fter both brand’s official US launch date. Weight loss1 16.6% OASIS 4 20% MACE reduction2 SELECT Wegovy® pill is FDA approved with best-in- class weight loss Commercial execution • Full launch since 5 January with DTC promotion ongoing • Cash prices from $149 - $299 via self-pay • Total weekly TRx of ~50k as of 23 January, of which ~45k is via self-pay Access • Commercial formulary access progressing • Available through NovoCare® Pharmacy and via telehealth partners including Ro, LifeMD and Weight Watchers • Broadly available through over 70,000 retail pharmacies including CVS, Costco and Amazon Pharmacy Branded AOM TRx after launch Weekly TRx scripts (‘000s) 0 3 6 Weeks after launch 9 12 10 20 30 40 50 60 70 ~50 ~11 ~60 tirzepatideWegovy® sc. Wegovy® Pill
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11 Novo Nordisk® Investor presentation Full year 2025 Weekly TRx scripts (‘000s) AOM: Anti-Obesity Medications (includes Wegovy ®, Saxenda®, Zepbound®, Qsymia® and Contrave®); CMMI: Center for Medicare and Medicaid; CNPV: Commissioner’s National Priority Voucher; FDA: Food and Drug Administration; MAT: Moving annual total; Sc.: subcutaneous; TRx SU: A one -month prescription supply; US: United States Source: Each TRx data point represents one week of data. IQVIA Xponent 02 Jan 2026 for NBRx and IQVIA NPA weekly, 23 Jan 2026 for TRx, including Wegovy ® sc. NovoCare Pharmacy TRx starting with week-ending 18 July 2025. TRx data for Wegovy ® pill is an estimate based on internal self-pay data and IQVIA NPA reporting. Class growth based on IQVIA NPA 09 Jan 2026 volume data, MAT. Self-pay refers to prescriptions filled through NovoCare® Pharmacy, retail and telehealth pharmacies. Commercial execution and access • Wegovy® sc. self-pay price reduced to $349 in November 2025 • Self-pay for Wegovy® sc. currently ~30% of TRx for week ending 23 January • Access in Medicare Part D via CMMI pilot anticipated mid-year Obesity portfolio expansion • Sema 7.2 mg submitted to FDA in November 2025 under CNPV pilot programme • CagriSema submitted to FDA in December 2025 US branded anti-obesity medication market doubled in 2025 Branded AOM TRx in the US tirzepatideWegovy® sc. Branded AOM marketWegovy® Pill 0 100 200 300 400 500 600 700 800 900 Jan 2025 ~50 Jan 2026 735 469 233 To be updated with latest data point
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12 Novo Nordisk® Investor presentation Full year 2025 REIMAGINE 2 explored efficacy and safety of CagriSema in people with type 2 diabetes Trial objective and design considerations • Demonstrate superiority of CagriSema vs semaglutide and cagrilintide on HbA1c in participants with T2D • ~40% of participants were using an SGLT2i before initiating the trial Primary endpoint: • Change in HbA1c (%-point) from baseline to week 68 vs semaglutide Secondary endpoints: • Change in body weight (%) • Achievement of ≥10%, ≥15% and ≥20% weight loss REIMAGINE 2 trial with 2728 people with T2D SGLT2i: SGLT2 inhibitor; T2D: Type 2 Diabetes REIMAGINE 2 Company Announcement No 2 / 2026 8:8:8:8:2:2 Placebo cagrilintide 2.4 mg CagriSema 2.4 mg/2.4 mg 7-week follow-up Dose escalation Treatment maintenance 8-160Week 52-60 68 R CagriSema 1.0 mg/1.0 mg semaglutide 2.4 mg semaglutide 1.0 mg
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13 Novo Nordisk® Investor presentation Full year 2025 CagriSema demonstrated superior HbA1c reduction and weight loss in the REIMAGINE 2 phase 3 trial In REIMAGINE 3, CagriSema 2.4 mg/2.4 mg was superior to placebo • Investigated CagriSema as add-on to basal insulin vs placebo in T2D • CagriSema 2.4 mg/2.4 mg showed 2.33%- points HbA1c reduction and 11.97% change in body weight at 40 weeks • CagriSema appeared to have a safe and well-tolerated profile Next steps • REIMAGINE 1 readout anticipated Q1 2026 • REDEFINE 3 CVOT trial ongoing • Novo Nordisk will approach authorities to discuss the regulatory pathway for CagriSema in T2D following these results CVOT: Cardiovascular outcome trial; T2D: Type 2 Diabetes; WL: Weight loss Note: Results based on the efficacy estimand according to the trial protocol, regardless of dose modification. Results are s tatistically significant and superior compared to semaglutide (2.4 mg), estimated mean. REIMAGINE 2 Company Announcement No 2 / 2026. REIMAGINE 3 Company Announcement No. 4 / 2026. Change in body weightChange in HbA1c Mean baseline body weight: 101 kgMean baseline HbA1c: 8.2% 43% achieved WL ≥15% with CagriSema CagriSema appeared to have a safe and well-tolerated profile -1.91%-p -1.76%-p -0.16%-p CagriSema 2.4 mg/2.4 mg semaglutide 2.4 mg -14.2% -10.2% -4.0%-p
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14 Novo Nordisk® Investor presentation Full year 2025 Trial objective and endpoints • Investigate the efficacy, safety and PK of OW sc. and OD oral zenagamtide vs placebo in people with T2D • Primary endpoint: Change in HbA1c (%- point) from baseline to week 36 • Secondary: Change in body weight (%, kg) Zenagamtide program next steps • AMBITION phase 3 programme in T2D to start in H2 2026 • AMAZE phase 3 programme in obesity to start in Q1 2026 • Exploring doses up to 40 mg in phase 3 Mean baseline body weight Sc.: 99.2 kg Oral: 101.1 kg Zenagamtide (amycretin) to advance to phase 3 in T2D following significant weight loss and HbA1c reduction in phase 2 CGM: Continuous glucose monitoring; PK: Pharmacokinetics; Sc.: Subcutaneous; T2D: Type 2 Diabetes; OD: Once daily; OW: Once w eekly Note: Results published in Company A nnouncement No 38 / 2025 Maximum weight loss achieved Maximum HbA1c reduction achievedPhase 2 multiple ascending dose study in 448 people with T2D -14.5% -2.6% -10.1% -2.5% Mean baseline HbA1c Sc: 7.8% Oral: 8.0% -1.8%-p -0.2%-p -1.5%-p -0.4%-p Up to 89.1% achieved HbA1c < 7% Up to 77.6% achieved HbA1c < 7% Sc. zenagamtide Sc. placebo Oral zenagamtide Oral placebo
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15 Novo Nordisk® Investor presentation Full year 2025 1Expected to be published in the given quarter or in the subsequent quarterly company announcement. 2Non-replacement indications. 3Without inhibitors. 4Using the asset name Concizumab CagriSema: cagrilintide 2.4 mg and semaglutide 2.4 mg; CN: China; EU: European Union; JP: Japan; SCD: Sickle cell disease; Sc: subcutaneous; SDD: Single -dose device; Sema: Semaglutide; T2D: Type 2 Diabetes; US: United States R&D milestones Clinical milestones1 Regulatory milestones1 Project Q4 2025 H1 2026 H2 2026 Diabetes& CagriSema ✓ Phase 3 results (REIMAGINE 3) ✓ Phase 3 results (REIMAGINE 2) Phase 3 results (REIMAGINE 1) Zenagamtide ✓ Phase 2 results Phase 3 initiation Insulin Icodec (T2D) US decision UBT251 (tri-agonist) Phase 2 initiation Oral sema formulation upgrade ✓ US decision Ziltivekimab Phase 3 results (ZEUS) Obesity& Oral sema 25 mg (Wegovy® pill) ✓ US decision EU decision Sema 7.2 mg ✓ US submission ✓ EU positive opinion US decision EU decision (SDD) CagriSema ✓ US submission Phase 3b results (REDEFINE 4) US decision Phase 3b initiation (high-dose) UBT251 (tri-agonist) ✓ Phase 1b/2 initiation Zenagamtide Phase 3 initiation Cagrilintide ✓ Phase 3 initiation Phase 3 initiation (high-dose) Rare Disease Denecimig (Mim8) ✓ EU submission JP submission US, EU decision Sogroya® ✓ CN approval US, EU decision2 Etavopivat (SCD) Phase 2/3 results (HIBISCUS)
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16 Novo Nordisk® Investor presentation Full year 202516 Financial results – full year 2025 In DKK million Full year 2025 Full year 2024 Change (reported) Change (CER) Sales 309,064 290,403 6% 10% Gross profit 250,276 245,881 2% 7% Gross margin 81.0% 84.7% Sales and distribution costs (64,310) (62,101) 4% 7% Percentage of sales 20.8% 21.4% Research and development costs (52,039) (48,062) 8% 10% Percentage of sales 16.8% 16.6% Administration costs (5,969) (5,276) 13% 16% Percentage of sales 1.9% 1.8% Other operating income and expenses (300) (2,103) N/A N/A Operating profit 127,658 128,339 (1%) 6% Operating margin 41.3% 44.2% Financial items (net) 2,882 (1,148) N/A N/A Profit before income tax 130,540 127,191 3% N/A Income taxes (28,106) (26,203) 7% N/A Effective tax rate 21.5% 20.6% Net profit 102,434 100,988 1% N/A Diluted earnings per share (DKK) 23.03 22.63 2% N/A CER: Constant exchange rates
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17 Novo Nordisk® Investor presentation Full year 2025 Capital allocation priorities 1. Internal growth opportunities: R&D and production capacity 2. Attractive annual dividend 3. Business development to enhance R&D pipeline 4. Flexible share buybacks • For 2025, total dividend per share increased 2.6% to DKK 11.701 • 30th consecutive year of increasing dividend per share • Final dividend for 2025 will be paid in March 2026 • New 12-month share buyback programme of up to DKK 15 billion initiated • Total cash return to shareholders in 2026 expected to exceed DKK 60 billion2 Continued attractive capital allocation to shareholders 1Including interim dividend of DKK 3.75 per share paid in August 2025. 2Based on proposed 2025 ordinary dividend to be paid in March 2026, share buyback programme in 2026 of up to 15 bDKK and 2026 interim dividend paid at least on 2025 level. BD: Business development; CAPEX: Capital expenditure Note: Share repurchase programme runs for 12 months starting in February 2026. The total programme may be reduced in size if significant business development opportunities arise during the purchase period. 2025 capital allocation in line with Novo Nordisk priorities 102 60 17 52 30 Net cash from operating activities 2025 capital allocation Net profit Non-cash adj. 119 bDKK 142 bDKK CAPEX Dividend BD Total of DKK 52 billion returned via dividends in 2025 2026 share buyback programme
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18 Novo Nordisk® Investor presentation Full year 202518 Financial outlook for 2026 1Excludes the one-off non-cash impact of reversing a provision for sales rebates of USD 4.2 billion in relation to the 340B Drug Pricing Program in the US; 2Excludes exceptional and non-recurring items exceeding 1 bDKK related to effects from major legal matters (incl. 340B provision reversal), as well as major impairment losses; 3Defined as net cash generated from operating activities less purchase of property, plant and equipment CER: Constant exchange rates Note: The financial outlook assumes of a continuation of the current business environment and given the current scope of busi ness activities and has been prepared assuming that currency exchange rates remain at the level as of 29 January 2026 Full year expectations 3 February 2026 21% to 23%Effective tax rate Around DKK 55 billionCapital Expenditure (CAPEX) -5% to -13% CER in Danish kroner: ~3%-points lower Adj. sales growth1 Gain of around DKK 2.3 billionFinancial items (net) DKK 35 to 45 billionFree cash flow3 -5% to -13% CER in Danish kroner: ~5%-points lower Adj. operating profit growth2 Guidance Key modelling considerations On a non-adjusted basis, the mid-point of sales and operating profit growth guidance for 2026, both at CER, would be -1% and 11%, respectively
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19 Novo Nordisk® Investor presentation Full year 202519 London • 21 September 2026 CMD26 CAPITAL MARKETS DAY
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20 Novo Nordisk® Investor presentation Full year 202520 Investor contact information Share information Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO’. For further company information, visit Novo Nordisk on: www.novonordisk.com Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Alle 1 DK-2880 Bagsværd 26 March 2026 Annual General meeting 6 May 2026 Financial results for the first three months of 2026 5 August 2026 Financial results for the first six months of 2026 21 September 2026 Capital Markets Day 2026 4 November 2026 Financial results for the first nine months of 2026 Upcoming events Michael Novod +45 3075 6050 nvno@novonordisk.com Jacob Martin Wiborg Rode +45 3075 5956 jrde@novonordisk.com Sina Meyer +45 3079 6656 azey@novonordisk.com Max Ung +45 3077 6414 mxun@novonordisk.com Alex Bruce +45 3444 2613 axeu@novonordisk.com Christoffer Sho Togo Tullin +45 3079 1471 cftu@novonordisk.com Frederik Taylor Pitter (USA) +1 609 613 0568 fptr@novonordisk.com
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21 Novo Nordisk® Investor presentation Full year 2025 Agenda Novo Nordisk corporate strategy Obesity& Diabetes& Rare disease Regional information Financials and Product Supply Sustainability Appendix
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22 Novo Nordisk® Investor presentation Full year 2025 Novo Nordisk corporate strategy pursues innovation-driven opportunities with synergies in our core areas AOM: Anti-obesity medication; CVD: Cardiovascular; CKD: Chronic kidney disease; MASH: Metabolic dysfunction -associated steatohepatitis; T1D: Type 1 diabetes; T2D: Type 2 diabetes; Source: Csaba P.Kovesdy et al.Kidney International Supplements, NHANES (2013 -2014, 2015-2016, 2017-2020, 2021-2023), UN World Population Prospects report, WHO, IDF World Diabetes Atlas, World Obesity Atlas and PADAWA Analysis; Focus will remain on core therapy areas and prioritizing unmet needs, including comorbidities ILLUSTRATIVE Transformation includes sharpening existing strategy • Intensified R&D in core therapy areas including obesity, diabetes and related comorbidities • Optimized commercial execution activities to address and lead in evolving marketplace • Focused R&D and commercial efforts in Rare Disease Significant unmet need remains >550 million People living with T1D or T2D ~7% Diabetes prescriptions are for a GLP-1 >900 million People living with obesity ~1% People with obesity treated with branded AOMs ~250 million People living with MASH >500 million People living with CVD >800 million People living with CKD Diabetes CVD as comorbidity CKD as comorbidity MASH as comorbidity Obesity & Overweight Rare Disease
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Novo Nordisk® 23 Investor presentation Full year 2025 Novo Nordisk has leading positions in diabetes, obesity and haemophilia 0% 10% 20% 30% 40% 50% - 200 400 600 800 1,000 1,200 1,400 Market value NN value market share (RHS) 0% 20% 40% 60% 80% 100% 0 50 100 150 200 250 300 350 Market value NN value market share (RHS) Diabetes care Obesity care Nov 2020 Nov 2023 Nov 2025 CAGR1 value: 14.8% CAGR2 value: 106.6% DKK billion DKK billion Global market position #1 #1 Nov 2025 Global market position 1CAGR for 5-year period 2 CAGR for 2-year period 3 CAGR for 5-year period NN: Novo Nordisk; RHS: Right-hand side Note: Annual sales figures for haemophilia A, B and bypassing agent segments, plasma derived products excluded Feiba® Source: Company reports for haemophilia market; IQVIA MAT, Nov 2025; Note: Market values are based on the list prices HaemophiliaDKK billion FY 2020 FY 2024 CAGR3 value: 3.3% #4 Global market position 0% 10% 20% 30% 40% 50% 0 20 40 60 80 100 Market value NN value market share (RHS) CAGR3 value: 3.3%
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24 Novo Nordisk® Investor presentation Full year 2025 Total Global GLP-1 diabetes and branded obesity market share and growth 47% 16% 34% 9% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 59% 56% Company A 57% Novo Nordisk Others Nov 2025 59% CompetitorsNovo Nordisk 61% 59% Nov 2022 Nov 2025 Nov 2024 DKK billion 58% 47% 742 40 213 0 994 ~9% ~34% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2025, Value, MAT
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25 Novo Nordisk® Investor presentation Full year 2025 Novo Nordisk holds solid patent protection and competitive advantages Novo Nordisk’s position is protected by patents and value chain setup Novo Nordisk holds competitive advantages compared to biosimilars 2036/34 2028/29 2028/29 20304 EU/US patent protection1 2028/29 2027/28 2034/322 2031/322 2031/20322,3 Research & Development • Need to show comparability in PK/PD trials • Strict regulatory requirements in the EU and the US • Requirement for both drug and device offering Manufacturing • Economies of scale • Upfront CAPEX requirements with delayed ROI • Decades of experience with high volume production of core yeast and mammalian API platforms Commercialisation • Large and fragmented target audience • Cost pressure from payers • On-going conversion to next-generation drugs and slow market dynamics 1List does not include all marketed products 2Current estimates. Wegovy® patent identical to Ozempic® patent 3Tablet formulation and once-daily treatment regimen are protected by additional patents expiring in 2031 -2034 4Formulation patent; active ingredient patent has expired API: Active pharmaceutical ingredient; CAPEX: Capital expenditure; PD: Pharmacodynamic; PK: Pharmacokinetic; ROI: Return on i nvestment
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Novo Nordisk® 26 Investor presentation Full year 2025 Core capabilities together with additional drug modalities open up new opportunities across therapy areas CKD: Chronic kidney disease; CVD: Cardiovascular disease; mAB: Monoclonal antibody; MASH: Metabolic dysfunction -associated steatohepatitis; RBD: Rare blood disorders; RED: Rare endocrine di sorders; siRNA: Small interfering ribonucleic acid Note: Currently active means Novo Nordisk is currently pursuing research projects, while exploratory indicates active early exploration activities and/or partnerships initiated Active pipeline Exploratory Core Novo Nordisk capabilities Modalities accelerated via partnerships & acquisitions Therapy areas Diabetes& (incl. CVD/CKD) Obesity& (incl. MASH) RED RBD Small Molecules Proteins/ Peptides/mAB siRNA Gene Therapy
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27 Novo Nordisk® Investor presentation Full year 2025 Partnerships and acquisitions support future research and development Selected acquisitionsSelected licenses Novel treatments for metabolic diseases Novel treatments for CVD/Rare disease Oral formulations of therapeutics Novel treatments for CVD/Rare disease Novel treatment for metabolic diseases siRNA treatments Novel treatment for CVD/Rare disease Novel treatment for CVD/Rare disease TransCon Technology for CVD/metabolic diseases Novel treatments for CVD Expansion of production capacity CVD: Cardiovascular Disease; siRNA: Small interfering RNA Note: Deal flow from 2019-2025Q1. Selection based on deal size 2020 2021 2022 2023 2024 2025 Oral small molecule for obesity and cardiometabolic diseases GLP-1/GIP/Glucagon triple receptor agonist for Late-stage FGF21 analogue efruxifermin for MASH Late-stage MASP-3 inhibitor zaltenibart for rare blood and kidney disorders
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28 Novo Nordisk® Investor presentation Full year 2025 PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN9638 – Amylin 355 NN9440 – Monlunabant NN9833 – Cagrilintide 2.4 mg NN9932 – Oral Semaglutide 25 mg3 Tresiba® NN9839 – Amylin 1213 NN9662 – Triple NN9062 – Efruxifermin in MASH NN9536 – Semaglutide 7.2 mg4 Xultophy® NN4005 – SLC25A5 in MASH NN9490 – Sc. Zenagamtide NN9388 – CagriSema NN9838 – CagriSema5 Awiqli®7 NN1644 – GSI NN9487 – Oral Zenagamtide NN6018 – Ziltivekimab in ASCVD and CKD NN1436 – Insulin Icodec1 Levemir® NN6022 – Ventus NLRP3i in CVD NN9559 – UBT251 (GGG tri-agonist) NN6018 – Ziltivekimab in HFpEF NN1535 – Icosema2 Ryzodeg® NN6537 – CNP in HF NN9490 – Sc. Zenagamtide NN6018 – Ziltivekimab in AMI NN7769 – Denecimig in HA6 NovoMix® NN9733 – GYS2 GaIXC NN9487 – Oral Zenagamtide NN6019 – Coramitug in ATTR Cardiomyopathy Fiasp® NN7442 – Inno8 NN6706 – CDR132L NN7535 – Etavopivat in SCD NovoRapid® NN7533 – NDec in SCD Other PHASE 3 trials Rybelsus®8 NN7536 – Etavopivat in Thalassemia REDEFINE 11 – Cagrisema Ozempic® NN9064 – Zaltenibart FOCUS – Semaglutide 1.0 mg in diabetic retinopathy Victoza® Kyinsu®9 Wegovy® pill Wegovy®10 Saxenda® NovoSeven® NovoEight® Esperoct® NovoThirteen® Refixia® Alhemo® Rivfloza®11 Norditropin® Sogroya® Pipeline supports significant growth opportunities across all four strategic focus areas Diabetes&Obesity& Rare blood disorders Rare endocrine disorders 1Resubmitted for T2D in the US. A 26 -week phase 3b trial has been initiated 2Approved for T2D in EU under the brand name Kyinsu® 3Submitted in the EU 4Submitted to EMA and to the FDA using the Commissioner’s National Priority Voucher (CNPV) program 5Submitted in the US for weight management 6Submitted in the EU and in the US for HA with and without inhibitors 7Approved in the EU, China, Canada, Australia, Switzerland and Japan 8Rybelsus CV indication, based on SOUL, approved in the US and has received positive CHMP opinion in the EU 9Kyinsu® approved in the EU for the treatment of type 2 diabetes 10Wegovy is now approved in the US for MASH while the EMA CHMP adopted a positive opinion semaglutide 2.4 mg for the treatment of MASH in adults with moderate to advanced liver fibrosis (consistent with stages F2 -F3 fibrosis) 11Approved for primary hyperoxaluria type 1 (PH1) in the US AMI: Acute myocardial infarction; ASCVD: Atherosclerotic Cardiovascular Disease; ATTR: Transthyretin amyloidosis; GSI: Glucos e Sensitive Insulin; HA: Haemophilia A; HF: Heart failure; HFpEF: heart failure with preserved ejection fraction ; MASH: Metabolic dysfunction-associated steatohepatitis; Sc.: Subcutaneous; SCD: Sickle cell disease; T2D: Type 2 diabetes
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29 Novo Nordisk® Investor presentation Full year 2025 MASH MASH Obesity market development Obesity market development Obesity disease background Obesity disease background Obesity&
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30 Novo Nordisk® Investor presentation Full year 2025 Obesity is a serious chronic disease with a large unmet medical need that requires innovative treatment options 1Prospective Studies Collaboration, Whitlock G, Lewington S, et al. Body -mass index and cause-specific mortality in 900,000 adults: collaborative analyses of 57 prospective studies. Lancet. 2009 AOM: Anti-obesity medication; BMI: Body mass index; RoW: Rest of world; ACC: American College of Cardiology Source: NHANES (2013-2014, 2015-2016, 2017-2020, 2021-2023), UN World Population Prospects report, WHO, IDF World Diabetes Atlas , World Obesity Atlas and PADAWA Analysis Today • Few treatment options available: <1% of global obese population on a branded AOM • 2025 ACC clinical guidance for weight management in patients where treatment may provide CV benefit More than 1.7 billion people is living with overweight or obesity globally Obesity is associated with more than 200 different complications Life expectancy decreases as BMI increases 792 442 205 171 63 0 250 500 750 1,000 48 27-30 30-35 30 35-40 23 40+ 840 505 235 194 Million people Cardiovascular Metabolic Mechanical BMI categories US RoW Likelihood of reaching age 70 per BMI group from a baseline age of 461 Normal BMI 80% BMI 35–40 60% BMI 40–50 50%
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31 Novo Nordisk® Investor presentation Full year 2025 The high unmet need in diabetes and obesity and low market penetration to-date makes unlocking the market a key priority • >550 million people live with diabetes globally, with over 90% outside of the US1 • >900 million people with obesity globally, with around 90% outside of the US2 1Diabetes Atlas 11th edition, 2025, including Type 1 and Type 2 Diabetes. 2 NHANES (2013-2014, 2015-2016, 2017-2020, 2021-2023), UN World Population Prospects report, WHO, IDF World Diabetes Atlas, World Obesity Atlas and PADAWA Analysis. 3Based on IQVIA MIDAS, Nov 2025 data - In ex-US countries, tirzepatide is categorised under GLP -1 diabetes only in IQVIA data, despite having indications for diabetes and obesity in most launched countries in IQVIA. APAC: Japan, Korea, Oceania and Southeast Asia; AOM : Anti-Obesity Medications; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; Region China : Mainland China, Hong Kong and Taiwan; US: United States. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full -year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions. It is possible for a patient to have a prescription for more than one diabetes treatment. Global diabetes and obesity unmet need Globally, ~8% of total estimated diabetes prescriptions are for a GLP-1 Less than 1% of people with obesity globally are treated with branded AOMs 0 4 8 12 16 20 2022 2023 2024 2025 Estimated prescriptions (in millions)3 US EUCAN Emerging Markets APAC Region China 20% 12% 3% 3% Global: 8% 3% Million people 934 0 250 500 750 1,000 Obesity prevalence2 Est. patients currently on branded AOMs3 ~4 US Rest of world
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32 Novo Nordisk® Investor presentation Full year 2025 78% female Average of 48 yearsAge Average BMI of 37 Patients on Wegovy® with type 2 diabetes diagnosis: 7% Novo Nordisk is broadening focus from solely weight loss to improving health for patients with overweight or obesity Characteristics for patients on Wegovy® in the USPatient persistency on anti-obesity medications after 12 months 21% 32% 0% 25% 50% 75% 100% 12 Months Patients remaining on treatment (%) Saxenda® Wegovy® With comorbidities: ≥1: 75% ≥2: 51% ≥3: 31% Average Wegovy® stay time >6 months2 1Hichborn, et al. (2018). Improving patient adherence through data -driven insights. McKinsey & Company; 2 Average Wegovy® stay time >6 months despite supply constraints based on real world data, patient cohort included those initiating therapy between Oct ’21 and Mar ’22, followed for 1 year; AOM: Anti-obesity medications; BMI: Body mass index; HbA1c: Haemoglobin A1c; HIV: Human Immunodeficiency Virus; US: United State s Source: IQVIA LAAD, AOM Rx, 12 months ending November 2024 ; Real world evidence based on prescription data Persistency for other chronic diseases1 (after 12 months) • Asthma ~40% • Psoriasis ~30% • Diabetes: ~50% • HIV ~50% ≈ 86% naïve to AOM treatment
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33 Novo Nordisk® Investor presentation Full year 2025 With injectable Wegovy® Novo Nordisk has reimbursed access to around 50 million people with obesity in the US Prevalence ~40.0 ~10.0 Access Full-year patients on NN AOMs in 2025 110.0 ~50.0 ~ 2.5 million 60.0 20.0 30.0 ~50 million people with obesity have injectable Wegovy® coverage in the US Progress across all channels in early 2026 Commercial Medicaid and other Medicare Part D People with obesity (millions) ✓ Formulary access and employer opt-in remain stable ✓ > 80% of patients pay $50 or less per prescription ✓ Federal coverage: Examples include DoD, and Indian Health service ✓ Medicaid states: All 50 states programs cover Wegovy® for CV indication, with some (23) covering MASH • Potential AOM coverage in Part D via CMMI pilot programs, expected to start as early as around middle of 2026 • CMS allows reimbursement in Part D for AOMs with a CV and MASH indications Commercial Medicaid and other Medicare Part D AOM: Anti-obesity medications; CMS: Center for Medicare and Medicaid Services; CV: Cardiovascular disease; DoD: Department of Defence; MASH: Metabolic dysfunction -associated steatohepatitis Source: Novo Nordisk Annual Report 2025, Internal analysis as per Q1 2026
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34 Novo Nordisk® Investor presentation Full year 2025 Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth Obesity market growth and Novo Nordisk value market share 51% 85% 38% 0% 40% 80% 120% 160% 200% 0% 20% 40% 60% 80% 100% NN market share Market growth (right axis) NN Growth (right axis) Nov 2022 Nov 2025 Obesity market size and growth DKK billion 68% Nov 2024 39.5 NN Obesity care 92.0 Others 141.1 51% Nov 2025 154.1 285.6 ~85% ~38% Novo Nordisk Others Note: Value MAT, all countries; Share of growth not depicted due to high growth; Market values are based on the list prices Source: IQVIA, Nov 2025
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35 Novo Nordisk® Investor presentation Full year 2025 In clinical trials, semaglutide has demonstrated an impact on comorbidities that overlap with obesity Hypertens ion Myocardia l infarction† Stroke † Heart failure Obesity-related comorbidities SELECT trial 20% MACE risk reduction STEP HFpEF trial KCCQ-CSS score ETD: 7.8 (semaglutide 2.4 mg vs placebo) Knee osteoarthritis trial 41.7 WOMAC pain score reduction Hypertens ion Myocardia l infarction† Stroke † Heart failure Weight loss REDEFINE 1 (CagriSema) 22.7% weight loss1 STEP UP trial (Semaglutide) 20.7% weight loss1 OASIS 4 (Wegovy® pill) 16.6% weight loss2 Disease overlap in the United States 1Trial product estimand; 2Treatment policy estimand; 3Myocardial infarction, stroke and coronary heart disease; ASCVD: Atherosclerotic cardiovascular disease; MACE: Major adverse cardiovascular events; ETD: Estimated treatment difference; HFpEF: Heart failure with preserved ejection fraction ; HFmrEF: Heart Failure with Mid-Range Ejection Fraction; WOMAC: The Western Ontario and McMaster University Osteoarthritis index . Note: Prevalence overlaps are estimated on patient -level data from NHANES. Post-estimation adjustments have been undertaken to match certain key metrics as reported by publicly available sources. Numbers are rounded Source: NHANES (waves 2003 -2004, 2013-2014, 2015-2016 and 2017-2020); UN World Population Prospects 2022; International Diabetes Federation: Diabetes Atlas 10 th edition, 2021; World Obesity Atlas 2023 T2D ~35m HFpEF/HFmrEF ~4m ASCVD3 ~21m Obesity ~115m 10m88m 16m <0.5m 0.5m4m 0.5m 0.5m7m 5m 0.5m 3m0.5m 0.5m1m UNITED STATES ONLY
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36 Novo Nordisk® Investor presentation Full year 2025 -16.9 -2.4 -17.6 -5.0 -5.2 -8.8 6.5 -16.7 -0.6 -10.6 -3.1 -17.5 -2.4 -14.1 -10.7 -3.6 -18 -9 0 9 Change from baseline in BW (%) * Across the STEP and STEP UP trials, a weight loss of up to 20.7% was reported for people treated with sc semaglutide Sema 2.4 mg Baseline body weight, kg PlaceboSema 2.4 mg + IBT Placebo PlaceboPlacebo Sema 2.4 mg Sema 2.4 mg Sema 2.4 mg *** * After 20 weeksAfter 68 weeks IBT STEP 1 Weight management STEP 3 Weight management with IBT STEP 4 Sustained weight management STEP 2 Weight management with T2D 105.3 105.8 107.2 96.1 99.8 STEP 5 Weight management over 2 years PlaceboSema 2.4 mg * 106.0 STEP UP Weight management 113.0 PlaceboSema 7.2 mg Sema 2.4 mg 110.1 PlaceboSema 7.2 mg Sema 2.4 mg STEP UP T2D Weight management with obesity and T2D -20.7* *P-value <0.0001, based on the trial product estimand (secondary statistical approach): treatment effect if all people adhered to treatment and did not initiate other anti -obesity therapies BW: Body weight; IBT: Intensive behavioural therapy; Lira: Liraglutide; Mgmt.: Management; SC: subcutaneous; Sema: Semaglutide; T2D: Type 2 diabetes -18.2
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37 Novo Nordisk® Investor presentation Full year 2025 In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss and around one third of participants achieved ≥25% weight loss R semaglutide 7.2 mg semaglutide 2.4 mg Placebo Dose escalation Treatment maintenance 200Week 72 STEP UP enrolled 1,407 people with obesity1 5:1:1 9 weeks follow-up *Estimated means. 1BMI: ≥ 30 kg/m2. Excludes diabetes diagnosis or HbA1c ≥ 6.5% BMI: Body mass index; HbA1c: Haemoglobin A1C; Sema: Semaglutide; WL: Weight loss Note: data shown is trial product estimands Source: Novo Nordisk data on file Trial objective • Confirm superiority of sema 7.2 mg vs placebo Co-primary endpoint • Relative change in body weight (%) from baseline to 72 weeks • Achievement of ≥ 5% weight loss Weight loss for semaglutide 7.2 mg in STEP UP trial Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 113.0 kg -25 -20 -15 -10 -5 0 0 8 16 24 32 40 48 56 64 72 72* -20.7 -17.5 -2.4 semaglutide 7.2 mg semaglutide 2.4 mg Placebo Categorical weight loss with sema 7.2 mg ≥20% WL reduction ≥25% WL reduction 50.9% 33.2%
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38 Novo Nordisk® Investor presentation Full year 2025 • Average age 46 • 74.1% women • Average BMI - 37.9 kg/m2 Improvements in lipid profile as well as C-reactive protein Semaglutide improved health-related quality of life as measured by SF-36 and IWQoL-lite-CT Data from STEP 1The pivotal STEP 1 trial showed greater than 16% weight loss Placebo: -2.4% Semaglutide 2.4 mg: -16.9% 0 -20 -16 -12 -8 -4 0 Time since initiation (weeks) 4 8 12 16 20 28 36 44 52 60 68 % change in body weight In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% BMI: body mass index; SF-36: Short Form (36) Health Survey; IWQoL-lite-CT: Impact of Weight on Quality of Life-Lite questionnaire Notes: Change in body weight in % depicts observed means since time of randomisation; trial product estimand.
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39 Novo Nordisk® Investor presentation Full year 2025 • Average age 46 • 79% women • Average BMI – 38.4 kg/m2 Trial highlights that obesity is a chronic disease requiring sustained treatment Improvements on a panel of cardiovascular risk markers Data from STEP 4STEP 4 showed significantly greater weight loss post run-in than placebo % change in body weight In STEP 4, people treated with semaglutide had a superior weight loss of up to 18.2% Placebo: -5.2% Semaglutide 2.4 mg: -18.2% 0 -20 -16 -12 -8 -4 0 Time since initiation (weeks) 4 8 12 16 20 24 28 36 44 52 6860 Randomisation -10.5% Change in body weight in % depicts observed means since time of randomisation; trial product estimand; BMI: body mass index
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40 Novo Nordisk® Investor presentation Full year 2025 Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD Safety The safety profile of sc semaglutide 2.4 mg in SELECT was similar to that observed in previous clinical trials with semaglutide 1Not statistically significant; 2Not tested for superiority; 373% risk reduction of developing HbA1c >= 48 mmol/mol (6.5 %) for semaglutide 2.4 mg vs placebo; BMI: Body mass index; CI: Confidence interval; CV: Cardiovascular; CVD: Cardiovascular Disease; HR: Hazard ratio; MACE: Major adverse cardiovascular events; sc.: Subcutaneous; UA: Unstable angina Note: Efficacy analyses based on treatment policy estimand; treatment effect regardless of treatment adherence and changes in background medication. Cumulative incidences of the compo site MACE primary endpoint and broad composite endpoint were estimated using the Aalen –Johansen method accounting for non -CV death as competing risk. HRs was estimated using C ox proportional hazards model with treatment as categorical fixed factor Numerical risk reduction of CV death115% Sustained weight loss for 4 years9.4% Risk reduction of heart failure endpoint218% Risk reduction of kidney endpoint22% Risk reduction on all cause death219% Risk reduction of developing diabetes373% Time Primary endpoint MACE Broad composite endpoint 1 year 115 people 20 people 4 years 45 people 9 people 20% Cardiovascular risk reduction in 3-point MACE Number needed to treat to prevent one additional event • Other death • Cardiovascular death • Coronary revascularisation • Myocardial infarction • Stroke • Hospitalisation for heart failure • Hospitalisation for UA • 5-point Nephropathy • Diabetes 37% Semaglutide 2.4 mg reduces the risk of a broad composite endpoint including: Key results of the SELECT trial Risk reduction in broad composite endpoint
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41 Novo Nordisk® Investor presentation Full year 2025 • The SHAPE study included 6,794 patients treated with Wegovy® and 3,122 with tirzepatide • In a real-world setting, a 2.4%-point weight loss difference between Wegovy® and tirzepatide was seen Real world evidence confirms efficacy of Wegovy® and shows 3-point MACE risk reduction of 42% MACE; Major adverse cardiovascular events Note: 3-point MACE outcome consisting of: cardiovascular death, non -fatal myocardial infarction, non-fatal stroke Sources: Ng, C.D., Divino, V., Wang, J. et al. Real -World Weight Loss Observed With Semaglutide and Tirzepatide in Patients with Overweight or Obesity and Without Type 2 Diabetes (SHAPE). Adv Ther 42, 5468 –5480 (2025), Smolderen KG et al. ”Lower risk of cardiovascular events in patients initiated on semaglutide 2.4 mg in the real-world: Results from the SCORE study (Semaglutide Effects on Cardiovascular Outcomes in People with Overweigh t or Obesity in the Real World)”. Diabetes Obes Metab. 2025; 27(11) SHAPE study showed 1-year real-world weight loss in patients with overweight or obesity treated with Wegovy® and tirzepatide -15% -10% -5% 0% -14.1% -16.5% Wegovy® Tirzepatide Change in body weight (%) SCORE study showed 42% lower relative risk of 3-point MACE in patients using Wegovy® in routine clinical care vs non-users • The SCORE study included 9,321 patients treated with Wegovy® and 18,642 non-users • In the SELECT study, semaglutide 2.4 mg demonstrated an 20% risk reduction in 3-point MACE Cumulative incidence (%) Time since study start (months) Wegovy® users Non-users 0% 2% 4% 6% 0 3 6 9 12 15 19 21 24 27 30
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42 Novo Nordisk® Investor presentation Full year 2025 Oral semaglutide (Wegovy® pill) approved in the US and submitted in EU with efficacy and safety profile broadly similar to Wegovy® *Estimated means 1BMI: ≥ 30 kg/m2 or ≥ 27 kg/m2 and ≥1 comorbidity. Excludes diabetes diagnosis or HbA1c ≥ 6.5% BMI: Body mass index; HbA1c: Haemoglobin A1C; Sema: Semaglutide; US: United States; WL: Weight loss Note: Trial also included lifestyle intervention, with a 500 kcal/day deficit diet and 150 min/week physical activity. Data shown i s trial product estimands Source: Wharton S, et al. Oral Semaglutide at a Dose of 25 mg in Adults with Overweight or Obesity. N Engl J Med 2025; 393:1077 -1087 R Oral semaglutide 25 mg Placebo2:1 Dose escalation Treatment maintenance 640Week 7 weeks follow-up OASIS 4 trial enrolled 306 people with overweight or obesity1 Trial objective • Confirm superiority of once-daily oral semaglutide 25 mg vs placebo Co-primary endpoint • Relative change in body weight (%) from baseline to 64 weeks • Achievement of ≥ 5% weight loss Weight loss for oral semaglutide 25 mg in OASIS 4 trial Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 105.9 kg -20 -15 -10 -5 0 0 8 16 24 32 40 48 56 64 64* -16.6 -2.7 oral semaglutide 25 mg Placebo Categorical weight loss with oral sema 25 mg ≥15% WL reduction ≥20% WL reduction 56.1% 34.4%
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43 Novo Nordisk® Investor presentation Full year 2025 REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema in people living with overweight or obesity REDEFINE 1 enrolled 3,417 people with overweight or obesity1 1BMI: ≥ 30 kg/m2 or ≥ 27 kg/m2 and ≥1 comorbidity. Excludes diabetes diagnosis or HbA1c ≥ 6.5% BMI: Body mass index; HbA1c: Haemoglobin A1C Note: CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg R 7 weeks follow-up 21:3:3:7 Placebo semaglutide 2.4 mg cagrilintide 2.4 mg CagriSema 2.4 mg Dose escalation Treatment maintenance 160Week 68 Trial objective and design considerations • Confirm superiority of CagriSema 2.4 mg vs placebo, cagrilintide 2.4 mg and semaglutide 2.4 mg • Flexible trial protocol allowing dose modifications Co-primary endpoint • Relative change in body weight (%) from baseline to 68 weeks • Achievement of ≥ 5% weight loss Baseline characteristics in REDEFINE 1 Female/Male 67.6/32.4% Mean age 47 years White/Black/Asian/Other 72.0/5.5/18.5/4.0% Mean BMI 37.9 kg/m2 Mean body weight 106.9 kg Mean waist circumference 114.7 cm Mean HbA1c 5.5%
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44 Novo Nordisk® Investor presentation Full year 2025 In REDEFINE 1, CagriSema achieved 22.7% mean weight loss and more than 40% of participants achieved ≥25% weight loss Categorical weight loss after 68 weeks of treatment *Estimated means Cagri: cagrilintide; sema: semaglutide Note: data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file Higher body weight reduction with CagriSema compared to mono components and placebo Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 106.9 kg -25 -20 -15 -10 -5 0 0 4 8 12 16 20 28 36 44 52 60 68 -22.7 -16.1 -11.8 -2.3 68* 0 25 50 CagriSema sema cagri 40.4% 16.2% 6.0% % of participants CagriSema sema cagri 23.1% 9.4% 1.3% ≥25% body weight reduction ≥ 30% body weight reductionCagriSema 2.4 mg sema 2.4 mg cagri 2.4 mg Placebo 57% 71% 83% % Patients on highest dose at end of trial
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45 Novo Nordisk® Investor presentation Full year 2025 Patients treated with the highest dose2 at end of treatment • Weight loss: 12.7% at week 20, 22.2% at week 68 • Tolerability: Average GI AEs per year of 1.9 o Mean BMI of 30.4 with average dose of 2.4 mg at EoT • Investigate further weight potential e.g. by longer study duration Patients treated with lower doses3 at end of treatment • Weight loss: 15.9% at week 20, 25.2% at week 68 • Tolerability: Average GI AEs per year of 4.0 o Mean BMI of 26.5 with average dose of 1.1 mg at EoT • Dose reductions due to: e.g. GI AEs and BMI of lower normal range • Investigate further weight loss potential e.g. by dose re-escalation • REDEFINE 11 initiated to explore further weight loss potential Further weight loss potential to be investigated by exploring a longer trial duration and dose re-escalation Change in body weight (%) Observed weight loss by end of treatment dose in REDEFINE 11 2.4 mg CagriSema EoT< 2.4 mg CagriSema EoT -30% -25% -20% -15% -10% -5% 0% 0 10 20 30 40 50 60 70 Time since randomisation (weeks) 1Patients are included while on treatment defined until first treatment pause (no trial product for 14 days). A post -hoc analysis of REDEFINE 1. 2Highest dose: 2.4 mg/2.4 mg CagriSema. 3Lower doses: <2.4mg/2.4mg CagriSema. AE: Adverse events; BMI: Body mass index; CagriSema 2.4mg/2.4mg: cagrilintide 2.4 mg and semaglutide 2.4 mg; GI: Gastrointestinal; EoT: End of treatment. 68 -15.9% -12.7% -25.2% -22.2%
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46 Novo Nordisk® Investor presentation Full year 2025 *Significantly more weight loss vs placebo DXA: dual x-ray absorptiometry Note: data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file, CagriSema and placebo DXA subpopulation shown Body composition analysis in REDEFINE 1 showed more than two-thirds body fat mass loss with CagriSema Total body fat mass loss from baseline to week 68 Total body lean soft-tissue mass loss from baseline to week 68 -50 -40 -30 -20 -10 0 -35.7%* -5.7% Change from baseline (%) -50 -40 -30 -20 -10 0 -14.4%* -4.2% Change from baseline (%) 67% of total weight loss 33% of total weight loss CagriSema 2.4 mg n = 154 Placebo n = 55 Mean at baseline: 47.4 kg Mean at baseline: 58.1 kg CagriSema demonstrated an improved body composition at week 68 compared to baseline, with a relative increase of lean soft- tissue mass and decrease of fat mass compared to total body weight
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47 Novo Nordisk® Investor presentation Full year 2025 Treat to target analysis of CagriSema in REDEFINE 1 demonstrates that 41.4% of participants achieve BMI < 27 BMI: Body mass index; WHtR; Waist-to-height ratio Note: Data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg; BMI and WHtR indicators of achieving a low 10-year ORC risk, Busetto, Obes Facts 2024;17(suppl 1):7– 515 ECO, GC4.158 Source: Novo Nordisk data on file participants in group (%) 0 10 20 30 40 50 41.4 22.5 13.4 3.8 +38%-p CagriSema 2.4 mg semaglutide 2.4 mg cagrilintide 2.4 mg Placebo 0 10 20 30 40 50 36.0 22.1 11.5 5.0 +31%-p 0 10 20 30 40 50 29.4 16.4 8.2 1.9 +28%-p Proportion of participants with BMI <27 kg/m2 at week 68 Proportion of participants with a Waist-to- height ratio <0.53 at week 68 Proportion of participants with BMI <27 kg/m2 and WHtR <0.53 at week 68 Participants in group (%) Participants in group (%)
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48 Novo Nordisk® Investor presentation Full year 2025 *Statistically significant vs semaglutide 2.4 mg, cagrilintide 2.4 mg, and placebo; BP: Blood pressure; hsCRP: high-sensitivity C-reactive protein; mmHg: Millimetres of mercury; SBP: Systolic blood pressure Note: REDEFINE 1 data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file CagriSema achieved superior reductions in cardiovascular risk factors vs both mono components and placebo in REDEFINE 1 Change in waist circumference at week 68 Change in systolic blood pressure at week 68 Change in hsCRP from baseline to week 68 -20 -15 -10 -5 0 -19.4* -15.1 -11.0 -3.9 Waist circumference (cm) change from baseline -12 -10 -8 -6 -4 -2 0 -10.9* -8.8 -5.0 -2.1 Systolic BP (mmHg) change from baseline -70 -60 -50 -40 -30 -20 -10 0 -68.9%* -55.4% -41.0% -16.0% hsCRP (%) change from baseline CagriSema 2.4 mg semaglutide 2.4 mg cagrilintide 2.4 mg Placebo Mean baseline waist circumference: 114.7 cm Mean baseline SBP: 127.1 mmHg Mean baseline hsCRP: 5.5 mg/L
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49 Novo Nordisk® Investor presentation Full year 2025 In REDEFINE 2, CagriSema achieved 15.7% mean weight loss and more than 29% of participants achieved ≥20% weight loss REDEFINE 2 enrolled 1,206 people with obesity or overweight and T2D1 *Estimated means. 1BMI: ≥ 27 kg/m2 and T2D with HbA1c ≤ 10%. 0-3 OADs (no GLP-1 in the last 90 days, no insulin) OAD: Oral anti-diabetic; T2D: Type 2 diabetes; WL: Weight loss Note: data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file R CagriSema 2.4 mg Placebo3:1 Dose escalation Treatment maintenance 160Week 68 7 weeks follow-up Trial objective and design considerations • Confirm superiority of CagriSema 2.4 mg vs placebo • Flexible trial protocol allowing dose modifications Co-primary endpoint • Relative change in body weight (%) from baseline to 68 weeks • Achievement of ≥ 5% weight loss Weight loss for CagriSema in REDEFINE 2 trial Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 102.2 kg -20 -15 -10 -5 0 0 4 8 12 16 20 28 36 44 52 60 68 68* -15.7 -3.1 CagriSema 2.4 mg Placebo Categorical weight loss CagriSema 2.4 mg arm ≥15% WL reduction ≥20% WL reduction 51.6% 29.2%
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50 Novo Nordisk® Investor presentation Full year 2025 In REDEFINE 2, CagriSema achieved a HbA1c reduction of 2.1%-p, and more than 80% of participants achieved HbA1c target <6.5% *Estimated means HbA1c: Haemoglobin A1C Note: data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file More participants achieved the HbA1c target with CagriSema compared to placebo Change in HbA1c (%-points) Time since randomisation (weeks) Mean baseline HbA1c: 8.0% -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0 8 20 36 52 68 -2.1 0.0 68* CagriSema 2.4 mg Placebo Higher HbA1c reduction with CagriSema compared to placebo Achievement of HbA1c target ≤ 6.5% after 68 weeks 0 20 40 60 80 100 CagriSema 2.4 mg Placebo 81.0% 12.1% % of participants
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51 Novo Nordisk® Investor presentation Full year 2025 CagriSema successfully completed pivotal trials and with additional trials ongoing to investigate even further potential Pivotal trials • CagriSema showed substantial weight loss of 22.7% • More than 40% of patients achieving BMI < 27 • Superior reductions in several CV risk factors • CagriSema appeared to have a safe and well-tolerated profile with overall low discontinuation rates Further development • First regulatory submission expected in Q1 2026 • Potential to leverage semaglutide CV effect. In REDEFINE 3 exploring potential complementary amylin effects. • REDEFINE 9 to explore lower maintenance doses • REDEFINE 11 initiated to explore further weight loss potential Portfolio • Pending approvals, US obesity portfolio to include CagriSema, Wegovy® and oral semaglutide 25 mg CV: Cardiovascular; CVOT: Cardiovascular Outcomes Trial; H2H: Head-to-Head; MACE: Major adverse cardiovascular event; T2D: Type 2 Diabetes; US: United States; WL: Weight Loss Note: The CagriSema phase 3 development programme also includes REDEFINE 5 (weight loss trial in East Asia with 330 participa nts) and REDEFINE 6 (weight loss trial in China with 300 participants). CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Selected CagriSema phase 3 development trials in Obesity REDEFINE 3 CVOT REDEFINE 4 H2H vs tirzepatide REDEFINE 9 Maintenance doses 1.0 and 1.7 mg • 7,000 participants • Primary endpoint: 3-point MACE • 800 participants • 84-week vs. tirzepatide • Primary endpoint: Weight loss • 300 participants • 64-week vs. placebo • Primary endpoint: Weight loss 2024 2025 2026 REDEFINE 11 WL in Obesity • 600 participants • 80-week vs. placebo • Primary endpoint: Weight loss
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52 Novo Nordisk® Investor presentation Full year 2025 Next steps: • Phase 3 programme expected to start in Q4 2025 Potential of cagrilintide: • Once-weekly sc treatment aims to provide effective weight management with a favorable tolerability compared to GLP-1s Cagrilintide 2.4 mg achieved 11.8% weight loss in the REDEFINE 1 trial with a 1.3% discontinuation rate due to GI adverse events AE: Adverse events; GI: Gastrointestinal; Sc: Subcutaneous; T2D: Type 2 diabetes Note: data shown is trial product estimands Source: Novo Nordisk data on file Weight loss for cagrilintide 2.4 mg in REDEFINE 1 trial Mean baseline body weight: 106.9 kg cagrilintide 2.4 mg (n = 302) Placebo (n = 705) n % n % Gastrointestinal AEs 165 54.6 287 40.7 Nausea Diarrhoea Vomiting Constipation 72 47 21 63 23.8 15.6 7.0 20.9 93 91 31 87 13.2 12.9 4.4 12.3 • In the trial, cagrilintide 2.4 mg appeared to have a safe and well- tolerated profile • 1.3% discontinuation rate due to gastrointestinal adverse eventsChange in body weight (%) Time since randomisation (weeks) -15 -10 -5 0 0 4 8 12 16 20 28 36 44 52 60 68 68* -11.8 -2.3 cagrilintide 2.4 mg Placebo
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53 Novo Nordisk® Investor presentation Full year 2025 1NN9490-7613. Dahl K et al., Lancet 2025, 406(10499):149-162. In total, 125 participants were randomized to sc zenagamtide (n=101) or placebo (n=24). Dose escalation arm examined multiple ascending doses of once -weekly sc zenagamtide up to 60 mg, and dose response arm examined multiple ascending doses up to a 12 -week maintenance dose of 20 mg, 5 mg and 1.25 mg. AUC: Area Under the Curve; BMI: Body mass index; cmax: maximum (peak) plasma concentration; HbA1c: Haemoglobin A1C ; MAD: Multiple ascending dose; Sc: Subcutaneous; tmax: time to reach maximum (peak) plasma concentration Note: Zenagamtide is a unimolecular GLP-1 and amylin receptor agonist.. Dose response part of the zenagamtide sc phase 1b/2a trial Dose escalation Treatment maintenance Placebo zenagamtide sc 1.25 mg zenagamtide sc 5 mg zenagamtide sc 20 mg 7:4:4:1 R 8-240 20-36 3 weeks follow-up Week Zenagamtide to advance into phase 3 based on the successful completion of phase 1b/2a trial Trial objective • Investigate safety, tolerability, pharmacokinetics and efficacy of zenagamtide sc in participants with overweight or obesity Endpoints • Primary: Number of treatment emergent adverse events • Secondary: Relative change in body weight, AUC, cmax, tmax Estimated body weight loss in dose response arms and 60 mg dose escalation arm1 Change in body weight (%) Time since randomisation 20 weeks 28 weeks 36 weeks 36 weeks -25% -20% -15% -10% -5% 0% 5% 2.0% -9.7% 2.3% -16.2% 1.9% -22.0% -1.1% -24.3% Placebo 1.25 mg Zenagamtide 1.25 mg Placebo 5 mg Zenagamtide 5 mg Placebo 20 mg Zenagamtide 20 mg Placebo 60 mg Zenagamtide 60 mg
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54 Novo Nordisk® Investor presentation Full year 2025 AMAZE is a comprehensive phase 3 development programme for sc and oral zenagamtide expected to start in Q1 2026 Phase 3 development programme • Evaluate multiple maintenance doses • Evaluate subcutaneous and oral route of administration • Evaluate key obesity related comorbidities Potential to investigate the benefits of zenagamtide across obesity related comorbidities, such as: Potential future trials 2026 2027 • 80-week vs. placebo (incl. 52-week ext. phase) • Primary endpoint: Weight loss AMAZE 1 WL in Obesity • 80-week vs. placebo • Primary endpoint: Weight loss AMAZE 2 WL in T2D • 80-week vs. placebo • Co-primary endpoint: AHI/WL AMAZE 3 OSA • 80-week vs. placebo • Co-primary endpoint: WOMAC/WL AMAZE 5 Knee OA 2028 • 72-week vs. Placebo • Primary endpoint: Weight loss AMAZE 9 Oral zenagamtide Obstructive sleep apnea Heart failureASCVD CKD Knee Osteoarthritis AHI: apnea-hypopnea index; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; OA: Osteoarthritis; OSA: Obstructive sleep apnoea ; Sc: Subcutaneous; T2D: Type 2 Diabetes; WOMAC: Western Ontario and McMaster Universities Arthritis Index; WL: Weight loss Selected zenagamtide phase 3 trials in obesity programme
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55 Novo Nordisk® Investor presentation Full year 2025 Novo Nordisk’s obesity portfolio addresses the future segments and patient preferences of the obesity market Examples of future patient segments BMI 35–40 BMI 40–45 BMI 45–50 + Age and gender differences + Lifestyle considerations + ORC clinical profiles OA HF CVD MASH Addressing unmet needs across patient segments via a focus on weight loss and differentiated clinical profiles1 Zenagamtide sc and oral Cagrilintide Semaglutide sc and oral CagriSema Tri-agonists ILLUSTRATIVE Weight loss Safety and tolerability Differentiated clinical profiles across co-morbidities Differentiated treatment goals across patient profiles 1Illustrative, not exhaustive of full obesity pipeline BMI: Body mass index; CVD: Cardiovascular disease; HF: Heart failure; MASH: Metabolic Dysfunction -Associated Steatohepatitis; OA: Osteoarthritis; ORC: Obesity related comorbidities; Sc: Subcutaneous
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56 Novo Nordisk® Investor presentation Full year 2025 Headline results • The trial achieved its primary endpoints • In the trial, semaglutide 2.4 mg appeared to have a safe and well-tolerated profile Unmet need in MASH remains • ~16 million live with F2-F4c MASH1 in US • Only one approved treatment Next steps • Approved in the US and CHMP positive opinion received in EU • Part 2 of the ESSENCE trial will continue, completion expected in 2029 *Statistically significant 1NHANES (waves 2003-2004, 2013-2014, 2015-2016 and 2017-2020); UN World Population Prospects 2022; International Diabetes Federat ion: Diabetes Atlas 10th edition, 2021; World Obesity Atlas 2023 F: Fibrosis stage; Sema: Semaglutide; MASH: c Semaglutide 2.4 mg demonstrates superior improvement in both liver fibrosis and MASH resolution in the ESSENCE trial Improvement in fibrosis with no worsening in steatohepatitis Resolution of steatohepatitis with no worsening of fibrosis 0% 20% 40% 60% 80% 100% Placebo Sema 2.4 mg 37.0%* 22.5% Proportion of patients 0% 20% 40% 60% 80% 100% Placebo Sema 2.4 mg 62.9%* 34.1% Proportion of patients Addressing unmet need in MASH
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57 Novo Nordisk® Investor presentation Full year 2025 Akero acquisition closed including Efruxifermin, a potential best- in-class FGF21 analogue for the treatment of MASH 1HARMONY, Noureddin et al. The Lancet 2025; 2SYMMETRY, Noureddin et al. N Engl J Med 2025; *statistically significant versus placebo (p<0.05) EFX: efruxifermin; F: fibrosis stage; FGF21: fibroblast growth factor 21; MASH: metabolic dysfunction -associated steatohepatitis Note: Improvement in fibrosis refers to ≥1 fibrosis stage improvement; All results shown are Intention to Treat (ITT) populat ion with all missing week 96 biopsies treated as non-responders, missing biopsy Improvement in fibrosis with no worsening of MASH at 96 weeks in SYMMETRY phase 2b trial (F4)Efruxifermin (EFX) is a long-acting FGF21 analogue • Prolonged half-life makes EFX suitable for once-weekly subcutaneous administration • FGF21 agonists are emerging as a promising non-incretin mechanism of action in MASH clinical development Phase 2 HARMONY results in F2-F3 patients1 Phase 2 SYMMETRY results in F4 patients2 11% 21% 0% 5% 10% 15% 20% 25% 30% Placebo n=61 EFX 28 mg n=57 EFX 50 mg n=63 29%* EFX appeared generally safe and well tolerated in phase 2 trials 49% Improvement in fibrosis with no worsening in MASH 37% MASH resolution with no worsening of fibrosis 29% Improvement in fibrosis with no worsening in MASH 42% MASH resolution with no worsening of fibrosis EFX only treatment to show statistically significant fibrosis regression in patients with compensated cirrhosis (F4)
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58 Novo Nordisk® Investor presentation Full year 2025 Phase 3 clinical development programme on-going to deliver on the potential of efruxifermin On-going SYNCHRONY phase 3 programme • Trials ongoing with readouts expected over coming years • Potential to be first-in-class treatment, with expected launch before the end of the decade Exploring further development opportunities • Further optimisation of SYNCHRONY trial programme • Investigate potential combinations with current GLP-1 portfolio • Investigate potential for additional indications F: fibrosis stage; FGF21: fibroblast growth factor 21; MASH: metabolic dysfunction -associated steatohepatitis; Wk: weeks Note: Timelines are illustrative; Fibrosis improvement refers to ≥1 fibrosis stage improvement SYNCHRONY Real World F1-F4 Primary endpoint: Safety & tolerability • 700 participants • 52 weeks, 50 mg Primary endpoint: Fibrosis improvement and no worsening of MASH 52 wk • 1,650 participants • 52/240 weeks, 28 and 50 mg Co-Primary endpoint: Time from randomization to first occurrence of composite of clinical events (disease progression) Fibrosis improvement and no worsening of MASH 96 wk • 1,150 participants • ~260 weeks, 50 mg SYNCHRONY Histology F2-F3 SYNCHRONY Outcomes F4 Completed Completed 2024 2030 SYNCHRONY phase 3 development programme
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59 Novo Nordisk® Investor presentation Full year 2025 Novo Nordisk is continuing the development of a portfolio of treatment solutions for obesity and associated comorbidities Building a leading portfolio Obesity development pipeline Obesity& Project Phase Saxenda® (liraglutide 3.0 mg) Marketed Wegovy® (semaglutide 2.4 mg)1 Marketed Wegovy® pill (semaglutide 25 mg)2 Marketed Semaglutide (7.2 mg)3 Submitted in EU and US CagriSema (2.4 mg/2.4 mg) Submitted in the US Cagrilinitide (2.4 mg) Phase 3 ongoing Zenagamtide Phase 3 to be initiated Monlunabant Phase 2 ongoing UBT251 (GGG tri-agonist) Phase 2 ongoing Triple (tri-agonist) Phase 1b/2 ongoing Amylin 355 Phase 1 ongoing Amylin 1213 Phase 1 ongoing Efruxifermin Phase 3 ongoing SLC25A5 Phase 1 ongoing 1Wegovy is now approved in the US for MASH while the EMA CHMP adopted a positive opinion semaglutide 2.4 mg for the treatment of MASH in adults with moderate to advanced liver fibrosis (consistent with stages F2 -F3 fibrosis) 2Marketed in the US and submitted in the EU 3Submitted to EMA and to the FDA using the Commissioner’s National Priority Voucher (CNPV) program CB1R: Cannabinoid receptor 1; GIP: Gastric inhibitory polypeptide; OD: Once -daily; OW: Once-weekly; Sc.: Subcutaneous Body weight loss Composition of weight loss Safety and tolerability Dosing frequency Aim for effect on resolution of MASH and improvement or no worsening of fibrosis Prioritise multi-MoA anti- fibrotics in F3-F4c to secure a best-in-class profile
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Light 60 Investor presentation Full year 2025 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark Diabetes& Insulin segment Insulin segment GLP-1 segment Disease and market Cardiovascular disease Cardiovascular disease
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61 Novo Nordisk® Investor presentation Full year 2025 Diabetes is a serious chronic disease with increasing prevalence worldwide and multiple associated comorbidities 1ADA. Diabetes Care 2022;45:S1-S264; 2Cosentino F, et al. EJH 2020;41(2):255–323 APAC: Japan, Korea, Oceania and Southeast Asia; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; Region China: Mainland China, Hong Kong and Taiwan; T2D: Type 2 diabetes; US: United States Source: Diabetes Atlas 11 th edition, 2025 In 2050, ~850 million adults are expected to live with diabetes High unmet medical need remains within T2D and the associated comorbidities1 Chronic kidney disease: up to ~40% of people with T2D affected2 Peripheral artery disease: >200 million people affected globally of which 20- 30% have T2D Cardiovascular disease: >30% people with T2D affected Mortality: 8 years shorter life expectancy Million adults 1 in 9 have diabetes 1 in 8 have diabetes 0 200 400 600 800 1,000 2011 2024 2050 366 589 853 US EUCAN Emerging Markets APAC Region China
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62 Novo Nordisk® Investor presentation Full year 2025 Novo Nordisk is the global leader in the growing diabetes market 1Based on IQVIA MAT, Nov 2025; 22024 does not add to 100% due to rounding CAGR: Compound annual growth rate; DPP-4i: Dipeptidyl peptidase 4 inhibitor; OAD: Oral anti-diabetic; SGLT-2i: sodium-glucose co-transporter-2 inhibitor; SU: Sulfonylurea; Trad.: Traditional; TZD: Thiazolidinedione Note: GLP-1 + basal insulin combination sales are included in insulin; Traditional OADs include metformin, SU and TZDs Source: Company reported sales for insulin, GLP -1, SGLT-2i and DPP-4i, 2024 vs 2023; Estimated patient share, IQVIA MAT, Feb 202 5 20% 17% 7% 8% 17% 14% 12% 55% 46% 3% 2021 2024 DKK billion CAGR: 0 200 400 2021 2022 2023 2024 +19% 3-year CAGR Insulin DPP-4i SGLT-2i GLP-1 Novo Nordisk value market share1 30.1% Traditional OAD Estimated prescription share per treatment category2 Global diabetes care reported sales Volume growing ~8% with more people using GLP-1s and SGLT-2is
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63 Novo Nordisk® Investor presentation Full year 2025 The unmet need within diabetes care remains large with too few patients reaching glycaemic target and treated for complications Source: Diabetes prevalence and diagnosed are based on Diabetes Atlas 11 th edition, 2025; Treated is based on IQVIA patient data; real-world studies indicate between 30-55% of patients reach HbA1c target <7% .e.g. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4388968/ 1 in 2 adults go undiagnosed and more treated patients should reach their HbA1C target Of the 589 million, 42.0 million1 people are treated with Novo Nordisk diabetes products 1In addition to the above-mentioned product classes, other diabetes care constitutes the remainder of people treated with Novo Nordisk products; Estimated number for full-year 2025 (total available in Novo Nordisk Annual Report 2025) Source: Novo Nordisk Annual Report 2025 (WHO designated daily dose methodology is applied to convert sales into patients reac h) 589 m 42m Prevalence Diagnosed Treated Reach target Treated for complications Prevalence Novo Nordisk products 7.0 mio patient treated with new-generation insulin 8.2 mio treated with human insulins 10.5 mio treated with modern insulin 15.3 mio patients treated with GLP-1
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Novo Nordisk® GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines Class Efficacy Hypo risk Weight change Cardiovascular effects ASCVD HF Metformin High No Neutral Potential Benefit Neutral Sulfonylurea High Yes Gain Neutral Neutral TZDs High No Gain Potential Benefit Increased risk DPP-IV inhibitors Intermediate No Neutral Neutral Potential risk SGLT-2 inhibitors Intermediate No Loss Benefit Benefit GLP-1 High No Loss Benefit/ Neutral2 Benefit/Neutral Dual GLP-1/GIP High No Loss Neutral Benefit Long-acting insulin High Yes Gain Neutral Neutral Fast-acting insulin High Yes Gain Neutral Neutral Medications for treatment of type 2 diabetes 1MASLD/MASH benefit for Ozempic® in the ADA SoC 2026 guidelines, not yet in the label. 2Benefit: dulaglutide, liraglutide, semaglutide; Neutral: exenatide once weekly, lixisenatide; 3eGFR < 60 mL/min/1.73 m2 OR albuminuria (ACR ≥ 3.0 mg/mmol (30mg/g)). Repeat measurement is required to confirm CKD; 4If additional CV/kidney risk reduction/management of other metabolic comorbidities/glycemic lowering is needed ADA: American Diabetes Association; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; CVD: Cardiova scular disease; EASD: European Association for the Study of Diabetes; FDA: The US Food and Drug Administration; HbA 1c: Haemoglobin A1C HF: Heart failure; HFrEF; Heat failure with reduced ejection fraction; HFpEF: Heart failure with preserved ejection fraction; Hypo: Hypoglycaemia; MASH: Metabolic dysfunction-associated steatohepatitis; MASLD: metabolic dysfunction- associated steatotic liver disease; TZDs: Thiazolidinediones; T2D: Type 2 Diabetes; US: United States Source: Adapted from: “Standards of Medical Care in Diabetes – 2022” Supplement 1, p.133; diabetes.org. American Diabetes Associ ation. GLP-1 as first line treatment and part of Ozempic® label1 2026 ADA guidelines for pharmacologic treatment of adults with type 2 diabetes Goal: Cardiovascular and kidney risk reduction in high-risk T2D patients3 ASCVD or indicators of high CVD risk HF with documented HFrEF or HFpEF Chronic kidney disease Healthy lifestyle behaviours: Diabetes self-management education and support Glycaemic management Weight management Goal: Achievement and maintenance of weight and glycemic goals MASLD or MASH4
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65 Novo Nordisk® Investor presentation Full year 2025 Innovation is the focus for strengthening leadership in diabetes Novo Nordisk’s product portfolio covers all three treatment segments Oral anti-diabetic Injectable GLP-1 Insulins1 Key products Sc zenagamtide Pipeline2 Mature products 1Awiqli (insulin Icodec) is currently under regulatory approval in the US. Awiqli is approved and launched in Canada, Germany, Japan and Italy for the treatment of both T1D and T2D as well as in China for the treatment of T2D; 2Kyinsu (IcoSema) is approved for T2D in the EU; 2Pipeline references phase 2 ready and phase 3 assets; 4Oral semaglutide 25 mg approved in US for the treatment of Obesity GIP: Gastric inhibitory polypeptide; HbA 1c: Haemoglobin A1C; OW: Once-weekly; Sc: Subcutaneous; T1D: Type 1 diabetes; T2D: Type 2 diabetes Expand focus beyond HbA1c to cardiometabolic and renal outcomes Continue exploring preventative and curative treatments CagriSema Oral zenagamtide Oral semaglutide 25/50 mg4 Approach to diabetes innovation GYS2 GAiCX Emerging biologies
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66 Novo Nordisk® Investor presentation Full year 2025 The total branded diabetes market has a global value of DKK ~523 billion annually 435 91 208 36 100 523 105 265 28 125 0 100 200 300 400 500 600 Total Insulin GLP-1 DPP-4i SGLT-2i 2023 2024 233 27 148 13 44 277 40 184 6 46 0 100 200 300 Total Insulin GLP-1 DPP-4i SGLT-2i 202 64 59 24 56 247 66 81 21 79 0 100 200 300 Total Insulin GLP-1 DPP-4i SGLT-2i DKK billion DKK billion DKK billion +21% +18% +28% -24% +26% Global diabetes market The USA Outside the USA +19% +24% -48% +5% +24% +6% +38% -11% +44% Growth at CER +45% Note: The segment value is based on reported figures, whilst the market growth is under constant exchange rate (CER). For Nov o Nordisk the diabetes growth includes Insulin and GLP -1, excluding ‘other diabetes care’. Source: Company announcements as of Q4 2024; 2024 data based on Q1 2024 to Q4 2024 and 2023 data based on Q1 2023 to Q4 2023
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67 Novo Nordisk® Investor presentation Full year 2025 GLP-1 mechanism of action and potential therapeutic opportunities GLP-1 mechanism of action Creates sense of satiety in the brain Reduces glucose release from the liver Slows gastric emptyingLiver Stomach Patient overlaps for key focus areas in type 2 diabetes Type 2 diabetes ~35m CKD (stage 3+)2 ~17m UNITED STATES ONLY ASCVD1 ~21m Obesity ~115m 9m84m 15m 1m 2m4m 1m 6m5m 5m 2m 2m 1m 1m 3m 1Myocardial infarction, stroke and coronary heart disease 2eGFR <60 ml/min/1.73m2 3On top of cardiovascular standard of care ADA: American Diabetes Association; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; CV: Cardiovas cular; EASD: European Association for the Study of Diabetes; HbA 1c: Haemoglobin A1C; HF: Heart failure; HFrEF; Heart failure with reduced ejection fraction; HFpEF: Heart failure with preserved ejection fraction Note: Prevalence overlaps have been estimated on patient -level data from NHANES. Post-estimation adjustments have been undertake n to match certain key metrics as reported by publicly available sources. Numbers are rounded Source: NHANES (waves 2003 -2004, 2013-2014, 2015-2016 and 2017-2020); UN World Population Prospects 2022; International Diabetes Federation: Diabetes Atlas 10 th edition, 2021; World Obesity Atlas 2023 Increases insulin secretion in the pancreas Pancreas Brain GLP-1
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68 Novo Nordisk® Investor presentation Full year 2025 Total Global diabetes GLP-1 market share and growth 46% 0% 20% 0% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 59% 56% Company A 57% Novo Nordisk Others Nov 2025 59% CompetitorsNovo Nordisk 61% 59% Nov 2022 Nov 2025 Nov 2024 DKK billion 55% 46% 588 0 120 0 709 ~0% ~20% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2025, Value, MAT
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69 Novo Nordisk® Investor presentation Full year 2025 SUSTAIN trials with subcutaneous semaglutide Baseline SUSTAIN Change in HbA1c (%) Change in weight (kg) Baseline 1 2 5 7 FORTE *Statistically significant; SUSTAIN 1: QW sema vs placebo in drug-naïve people with T2D; SUSTAIN 2: QW sema vs sitagliptin 100 mg QD in people with T2D added to 1-2 OADs; SUSTAIN 5: QW sema vs placebo in people with T2D added to insulin; SUSTAIN 7: QW sema vs QW dulaglutide 75 mg and 150 mg in people with T2D added to 1 –2 OADs; SUSTAIN FORTE: QW sema 2.0 mg vs. QW sema 1.0 mg in people with T2D added to 1-2 OADs ER: Extended-release; QW: once-weekly; QD: once-daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics -1,6* -1,5 * 0,0 -1,6 * -1,3 * -0,5 -1,8 * -1,4 * -0,1 -1,8 * -1,5 * -1,3 * -1,1 -2,2* -1,9 Semaglutide 2.0 mg Semaglutide 1.0 mg Semaglutide 0.5 mg Sitagliptin 100 mg Dulaglutide 1.5 mg Dulaglutide 0.75 mg Placebo -4,5 * -3,7 * -1,0 -6,1 * -4,3 * -1,9 -6,4 * -3,7 * -1,4 -6,5 * -4,6 * -3,0 -2,3 -6,9* -6,0 8.1% 8.1% 8.4% 8.2% 8.9% 92 kg 89 kg 92 kg 95 kg 99 kg
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70 Novo Nordisk® Investor presentation Full year 2025 -4,1* -2,5* -1,7 -1,5 -4,2 -3,8 -3,3* -2,2* -1,2* -0,7 -4,1 * -3,0* -1,3 * 0,6 -9,2* -7,0* -4,5 Baseline PIONEER Change in HbA1c (%) Change in weight (kg) PIONEER programme with oral semaglutide QD: once-daily; oral sema: oral semaglutide; T2D: type 2 diabetes *Statistically significant based on the trial product estimand; PIONEER 1: QD oral sema vs placebo in people with T2D treated with diet and exercise only ; PIONEER 2: QD oral sema vs empagliflozin 25 mg in people with T2D; PIONEER 3: QD oral sema vs sitagliptin 100 mg in people with T2D; PIONEER 8: Effects of QD oral sema vs placebo in people with long duration of T2D treated with insulin; PIONEER PLUS: QD oral sema 14 mg vs QD oral sema 25 mg and 50 mg in people with T2D 1 2 3 8 PLUS -1,5* -1,4* -1,4* -0,8 -1,4 * -0,6 * -2,2* -1,9* -1,3* -0,8* -0,1 -0,9 -1,1* -0,5 -1,0* 0,0 -1,5 Oral semaglutide 50 mg Oral semaglutide 25 mg Oral semaglutide 14 mg Oral semaglutide 7 mg Oral semaglutide 3 mg Empagliflozin 25 mg Sitagliptin 100 mg Placebo 8.0% 8.1% 8.3% 8.2% 9.0% Baseline 88 kg 92 kg 91 kg 86 kg 96 kg
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71 Novo Nordisk® Investor presentation Full year 2025 *Trial product estimand; 1P. Frias, SUSTAIN FORTE, Lancet, 2021 (9):563-574; 2Steven P Marsoe, SUSTAIN-6, N Engl J Med 2016;375:1834-1844; 3Marc P Bonaca, STRIDE:, Lancet, 2025 ;405(10489):1580-1593; 4Vlado Perkovic et al, FLOW, N Engl J Med 2024;391:109-121; 5Vanita R Aroda, PIONEER PLUS, Lancet 2023 402(10403):693 -704; 6Darren K. McGuire, SOUL, N Engl J Med 2025;392:2001-2012 HbA1c: Haemoglobin A1C; MACE: Major adverse cardiovascular events; MWD: Maximum walking distance; PAD: Peripheral artery disease; Sc: Subcutaneous; T2D: Type 2 Diabetes; % -p: Percentage points Semaglutide has produced a comprehensive body of evidence and clinical outcome data for a GLP-1 in type 2 diabetes 26% Reduction in MACE2 MACE outcome SUSTAIN-6 24% Reduction in Major Kidney Disease Events4 Kidney outcome FLOW 20% Reduced risk of all-cause death4 All-cause mortality FLOW 2.2%-p Reduction HbA1c 1 Glycaemic control* SUSTAIN FORTE 7.2% Reduction in body weight1 Body weight* SUSTAIN FORTE 13% Improvement in MWD3 distance PAD outcome STRIDE 7.0/9.8% Weight loss5 Body weight* PIONEER PLUS 1.9/2.2%-p Reduction HbA1c 5 Glycaemic control* PIONEER PLUS 14% Reduction in MACE6 MACE outcome SOUL Semaglutide sc 1.0 and 2.0 mg Oral semaglutide 14, 25 and 50 mg
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72 Novo Nordisk® Investor presentation Full year 2025 Phase 2 trial for CagriSema in people with type 2 diabetes was successfully completed in Q3 2022 Primary endpoint: Change from baseline (week 0) to week 32 in HbA1c Inclusion criteria (92 people): • Type 2 diabetes • HbA1c 7.5–10.0% • Metformin +/- SGLT2i • BMI ≥27 kg/m2 Exploratory phase 2a trial of CagriSema in T2D Dose escalation 16 weeks Treatment maintenance 16 weeks Follow up 5 weeks Cagrilintide 2.4 mg + semaglutide 2.4 mg Semaglutide 2.4 mg + placebo Cagrilintide 2.4 mg + placebo R 1:1:1 Headline trial results Change in HbA1C Change in body weight -0.93% -1.79% -2.18% In the trial, CagriSema appeared to have a safe and well-tolerated profile Mean baseline body weight: 106 kg Change from baseline (%) Cagrilintide 2.4 mg OW Semaglutide 2.4 mg OW CagriSema (2.4 mg semaglutide and 2.4 mg cagrilintide) -8.1% -5.1% -15.6% Mean baseline HbA1c: 8.4% T2D: Type 2 diabetes, BMI: body mass index; HbA1c: Glycosylated haemoglobin; OW: Once -weekly Note: Trial product estimands shown; Trial objective: To compare the effect of co-administered (separate injections) semaglutide and cagrilintide versus semaglutide in subjects with T2D inadequately controlled on metformin with or without SGLT2 inhibitor
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73 Novo Nordisk® Investor presentation Full year 2025 Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, was initiated in Q3 2023 2023 2024 20262025 • 180 patients with T2D • 40-week vs. placebo • Primary endpoint: HbA1c REIMAGINE 1 vs placebo • 2700 patients with T2D, MET +/- SGLT-2i • 68-week vs. semaglutide, cagrilintide and placebo • Primary endpoint: HbA1c and bodyweight REIMAGINE 2 FDC trial • 7000 patients1 • Event driven • Primary endpoint: 3-point MACE REDEFINE 3 CVOT – shared with obesity programme CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and semaglutide 2.4 mg CagriSema characteristics Global phase 3 trial programme Phase 3a programme with CagriSema in T2D: • Aims to confirm efficacy and safety across four global trials • Expected completion during 2025/2026 • 270 patients with T2D, Basal insulin +/- MET • 40-week vs. placebo • Primary endpoint: HbA1c REIMAGINE 3 Add-on to insulin • 1000 patients with T2D, MET +/- SGLT-2i • 68-week vs. tirzepatide • Primary endpoint: HbA1c and bodyweight REIMAGINE 4 H2H vs tirzepatide 165% of patients with T2D, 35% without T2D FDC: Fixed dose combination; T2D: Type 2 Diabetes; H2H: Head -to-head; CVOT: Cardiovascular outcomes trial; 3P: Three point; MACE : Major adverse cardiovascular event; MET: Metformin; SGLT -2i: sodium-glucose co-transporter-2 inhibitor Note: CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg
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74 Novo Nordisk® Investor presentation Full year 2025 Zenagamtide (amycretin) phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes Objective • Demonstrate the dose-response relationship of zenagamtide for change in HbA1c from baseline in participants with type 2 diabetes Endpoints • Change in HbA1c (%-point) from baseline • Relative change in body weight (%) from baseline Treatment period Follow-up R OW sc zenagamtide Placebo oral OD oral zenagamtide Placebo sc ILLUSTRATIVE Phase 2 zenagamtide trial design HbA1c: Haemoglobin A1C; OD: Once-daily; OW: Once-weekly; sc: Subcutaneous
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75 Novo Nordisk® Investor presentation Full year 2025 51 49 40 47 0 20 40 60 80 bDKK 2021 2022 2023 2024 Insulin icodec reduces basal insulin inj. from 7 to 1 per week Many patients delay insulin initiation >2 years due to dosing frequency HCP and patient preference for once-weekly treatments Dynamic segment is the main opportunity70% 100% 19% 11% Static New to basal Switches Basal insulin 1IQVIA MAT, Nov 2025 HCP: Heath care professional; Inj.: Injections Source: Company reported sales; Novo Nordisk market research Insulin icodec holds potential to be the insulin of choice for people living with type 2 diabetes starting basal insulin treatment Today’s global basal insulin market is sizeable The opportunity for insulin icodec Patient behaviour Novo Nordisk volume market share1: ~28%
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76 Novo Nordisk® Investor presentation Full year 2025 -1.55% -1.57% -1.68% -0.93% -1.16% -0.47% -1.35% -1.36% -1.31% -0.71% -1.18% -0.51% 0.30 0.31 0.19 0.73 5.64 19.93 0.16 0.15 0.14 0.27 5.62 10.37 522 (Full trial: 78 weeks) 26 52 26 26 262 (Full trial: 52 weeks) 8.5% 8.5% 8.9% 8.1% 8.3% 7.6% ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Estimated change from baseline in HbA1c (%) Hypoglycaemia event rates1 ONWARDS 1 BASAL INITIATION ONWARDS 2 BASAL SWITCH ONWARDS 3 BASAL INITIATION ONWARDS 4 BASAL/BOLUS SWITCH ONWARDS 5 BASAL INITIATION ONWARDS 6 BASAL/BOLUS SWITCH Trial duration (weeks) Baseline HbA1c (%) Non-inferiority confirmed Superiority confirmed Insulin-naïve type 2 diabetes Insulin-treated type 2 diabetes Type 1 diabetes Once-weekly insulin icodec Once-daily insulin glargine U100 Once-daily insulin degludec Once-daily basal insulins * * * * * In people with type 2 diabetes: No statistical difference in estimated hypoglycaemia events Once-weekly insulin icodec appeared to be effective and to have a safe profile in the phase 3 ONWARDS programme *Statistically significant. 1 Severe or clinically significant hypoglycaemia events (blood glucose <3 mmol/L) per patient yea r, included for end of trial/end main phase in-trial. 2 Duration refers to trial main phase. ONWARDS 1: QW insulin icodec vs QD insulin glargine U100 both with non-insulin anti-diabetic treatment in insulin-naïve people with T2D; ONWARDS 2: QW insul in icodec vs QD insulin degludec in people with T2D switching from a QD insulin; ONWARDS 3: QW insulin icodec vs QD insulin degludec in insulin-naïve people with T2D; ONWARDS 4: QW insulin icodec vs QD insulin degludec both with mealtime insulin in people with T2D treated with basal and bolus insulin; ONWARDS 5: QW insulin icodec vs QD basal insulin with an app providing dosing recommendation in insulin -naïve people with T2D; ONWARDS 6: QW insulin icodec vs QD insulin degludec both with mealtime insulin in people with T1D T1D: Type 1 diabetes; T2D: Type 2 diabetes. Note: Overview refers to primary end -points in main phases of trials
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77 Novo Nordisk® Investor presentation Full year 2025 Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 3 headline trial results Change from baseline (%) Mean baseline HbA1c: 8.3% Change in HbA1C Change in body weight Mean baseline body weight: 85.8 kgChange from baseline (kg) COMBINE 1 - IcoSema vs Insulin icodec in subjects with T2D 1:1 R 52 weeks 5 weeks follow-up IcoSema ± OAD(s) Insulin icodec ± OAD(s) N=1291 *Statistically significant. Data shown for HbA1c and body weight is the treatment policy estimand. HbA1c: Glycated haemoglobin; IAsp: Insulin aspart; IcoSema: a combination of basal insulin icodec and semaglutide; IGlar: Insulin Glargine U100; OADs: Oral antidiabetic drugs; R: Randomisation; T2D: Type 2 diabetes; IcoSema vs Insulin glargine U100 and insulin aspart in subjects w/T2D 1:1 R 52 weeks 5 weeks follow-up IcoSema ± OAD(s) IGlar + IAsp ± OAD(s) N=679 -3.6* 3.2 COMBINE 1 headline trial results Mean baseline HbA1c: 8.2% Change in HbA1C Change in body weight Mean baseline body weight: 84.5 kg -1.5% -1.4% Change from baseline (%)-1.6%* -0.9% IcoSema IGlar + IaspChange from baseline (kg)-3.7* 1.9 IcoSema Insulin icodec
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78 Novo Nordisk® Investor presentation Full year 2025 Novo Nordisk has a focused approach in cardiovascular disease Dyslipidaemia Systemic inflammation Uncontrolled and resistant hypertension Heart failure with preserved ejection fraction Transthyretin amyloid cardiomyopathy Atherosclerotic cardiovascular disease Heart failure Globally, one third of ischemic heart disease is attributable to high cholesterol1 Around half of ASCVD patients estimated to have residual inflammatory risk2 Hypertension is a leading risk factor for CVD, HF, CKD and premature death3 1WHO: Cardiovascular Diseases (Cholestorol); 2Ridker et. al, J Am Coll 2018;72:3320-3333; 3WHO: Cardiovascular Diseases (Hypertension); 4Chioncel O et al. Eur J Heart Fail 2017; 19; 1574; 5Singh A. et al. J Am Coll Cardiol 2017; 69:750-759 ASCVD: Atherosclerotic disease; ATTR-CM: Transthyretin amyloid cardiomyopathy; CKD: Chronic kidney disease; CVD: Cardiovascular disease; HF: Heart Failure; HFpEF: Heart failure with preserved ejection fraction; WHO: World Health Organization HFpEF is associated with high morbidity and mortality4 ATTR-CM is a progressive, life- threatening disease5 Focus areas within cardiovascular disease
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79 Novo Nordisk® Investor presentation Full year 2025 Results from the phase 2 trial RESCUE with ziltivekimab Phase 3 CVOT trial ZEUS with ziltivekimab ZEUS trial with ziltivekimab aims to validate the link between hsCRP and major adverse cardiovascular events * Statistically significant; 1 Inclusion criteria: Age ≥18 years, History of ASCVD, eGFR ≥15 and <60 mL/min/1.73 m2, Serum hsCRP ≥2 mg/L 1 MACE includes CV death, non-fatal MI or non-fatal stroke, Expanded MACE includes: (CV death, non-fatal MI, non-fatal stroke or hospitalisation for unstable angina pectoris requiring urgent coronary revascularis ation) hsCRP: High-sensitivity C-reactive protein; CVOT: Cardiovascular outcome trial; CV: Cardiovascular; sc: Subcutaneous; SoC: Standard of care; HF: Heart failure; CKD: Chronic kidney disease Source: Ridker PM, et al., IL-6 inhibition with ziltivekimab in patients at high atherosclerotic risk (RESCUE): a double -blind, randomised, placebo-controlled, phase 2 trial, 17 May 2021 Investigate CV benefit in 6,200 patients 1:1 R Ziltivekimab 15 mg sc once-monthly + SoC Placebo sc once-monthly + SoC Treatment period (event driven) 13 weeks follow-up Primary endpoint Secondary endpoints -4% -77% -88% -92%-100% -75% -50% -25% 0% hsCRP median change from baseline (%) 12 weeks from randomisation Placebo Ziltivekimab 7.5 mg Ziltivekimab 15 mg Ziltivekimab 30 mg • Time to the first occurrence of 3-point MACE1 • Time to first occurrence of expanded MACE1 • Number of hospitalisations for HF or urgent HF visit • Time to occurrence of all-cause mortality • Time to first occurrence of a composite CKD endpoint * * *
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80 Novo Nordisk® Investor presentation Full year 2025 Ziltivekimab phase 3 development programme targets high unmet need populations within CVD CVD: Cardiovascular disease; HF: Heart failure; MACE: Major adverse cardiovascular event; sc: Subcutaneous; SoC: Standard of care; HFmrEF: Heart failure with mildly reduced ejection fraction; HFpEF: Heart failure with preserved ejection fraction Atherosclerosis and chronic kidney disease 1:1 R Ziltivekimab 15 mg sc + SoC Placebo sc + SoC Event driven ∼ 4 years HFmrEF and HFpEF 1:1 R Ziltivekimab 15 mg sc + SoC Placebo sc + SoC Event driven ∼ 4 years Acute myocardial infarction R Ziltivekimab 15 mg sc + SoC Placebo sc + SoC Event driven ∼ 2.5 years Primary Endpoint: Time to the first occurrence of • Cardiovascular death • Hospitalisation for heart failure • Urgent heart failure visit Primary Endpoint: Time to the first occurrence of 3-point MACE • Cardiovascular death • Non-fatal myocardial infarction • Non-fatal stroke 2021 2023 2024 n = 6,400 n = 5,600 n = 10,000 1:1 ~2026 ~2027 ~2027 Primary Endpoint: Time to the first occurrence of 3-point MACE • Cardiovascular death • Non-fatal myocardial infarction • Non-fatal stroke
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81 Novo Nordisk® Investor presentation Full year 2025 Development pipeline addresses unmet need in diabetes& by further raising the innovation bar Further raise the innovation bar Diabetes& development pipeline1 Diabetes& Project Phase GLP-1 diabetes2 Marketed Long-acting insulins3 Marketed Premix insulins4 Marketed Fast-acting insulins5 Marketed Awiqli®6 Marketed Kyinsu®10 Approved CagriSema (2.4 mg/2.4 mg) Phase 3 ongoing Zenagamtide Phase 3 to be initiated GSI Phase 1 ongoing GYS2 GaIXC Phase 1 ongoing Ziltivekimab, HFpEF, AMI, ASCVD and CKD Phase 3 ongoing Coramitug, ATTR-Cardiomyopathy Phase 3 ongoing CDR132L, Heart failure Phase 2 ongoing NLRP3i, CVD Phase 1 ongoing CNP, Heart failure Phase 1 ongoing 1Human insulins and other diabetes care not included in development pipeline overview 2Includes Rybelsus®, Ozempic®, and Victoza® 3Includes Tresiba®, Xultophy®, and Levemir® 4Includes Ryzodeg® and NovoMix® 5Includes Fiasp® and NovoRapid® 6Launched in five countries in IO 7EMA adopted a positive opinion for an updated Ozempic ® label based on STRIDE data 8Submitted to EMA 9In collaboration with GE Healthcare 10Approved for T2D in the EU CB1R: Cannabinoid receptor 1; CKD: Chronic Kidney Disease; CVOT: Cardiovascular Outcome Trial; GIP: Gastric inhibitory polype ptide; GSI: Glucose Sensitive Insulin; OD: Once -daily; OW: Once-weekly; PAD: Peripheral arterial disease; Sc.: Subcutaneous Address significant unmet need Continued generation of outcomes data Develop next-generation treatments Pursue innovative mechanisms of action Combine internal and external innovation
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82 Novo Nordisk® Investor presentation Full year 2025 82 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada Investor presentation Full year 2025 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada Rare disease Rare disease innovation Rare disease background
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83 Novo Nordisk® Investor presentation Full year 2025 RareD constitutes an attractive opportunity for Novo Nordisk 1Editorial, The Lancet Diabetes & Endocrinology. 2019; 7(2)75 Note: RareD is Novo Nordisk’s rare disease unit Addressing the unmet needs The Rare disease opportunity for Novo Nordisk A platform to spearhead new trends A strategic portfolio play in specialty care Few patients, high unmet need Specialised healthcare base Specialised scientific and commercial teams An integrated unit From research to commercial, RareD is operating as an integrated unit within Novo Nordisk, with dedicated resources, to provide agility and flexibility Integrated therapeutic solutions adding diagnostics, digital, data, device and drug (5D) Innovative access pathways New operating models • Reduced life-expectancy • Severe co-morbidities and impaired quality of life • Long diagnostic lead-times • Broken continuum of care and strong inequalities Patient burdens1 A longstanding legacy Since 1980s in haemophilia Since 1970s in growth disorders
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84 Novo Nordisk® Investor presentation Full year 202584 Rare disease sales increased by 9%: • Sales in US Operations increased by 7% • Sales in International Operations increased by 10% Rare endocrine disorders sales increased by 24%: • US Operations increased by 24%, driven by Norditropin® and Sogroya® • International Operations increased by 23%, driven by Norditropin® and Sogroya® Rare blood disorders sales increased by 2%: • US Operations decreased by 5% driven by decreased sale in NovoSeven®. • International Operations increased by 7% driven by increased sales of haemophilia B and NovoThirtheen® Rare disease sales performance Rare disease sales increased by 9% 0 4 8 12 16 20 24 Rare blood disorders Reported Rare disease sales Total1 Novo- Seven® Haem. A Rare endocrine disorders3 DKK billion Haem. B Rare blood disorders2 9% 1% 11% -5% 24% Growth at CER 2% 1Total includes “Other Rare disease”, which consists of primarily Vagifem® and Activelle® 2Comprises Sogroya® NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo® 3Primarily Norditropin® and Sogroya® CER: Constant exchange rates; Haem. A: Haemophilia A; Haem. B: Haemophilia B; IO: International operations; US: United States Note: NovoThirteen® is not shown for Rare blood disorders breakdown, only for the total bar. Unless otherwise specified, sales growth is at const ant exchange rates
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85 Novo Nordisk® Investor presentation Full year 202585 USIO Rare disease sales increased 9% by end of 2025 4% 1% -15% 3% 6% Growth at CER 12 13 10 10 11 7 7 7 8 9 0 5 10 15 20 25 2023 DKK billion 2021 2022 9% 2024 1Other rare blood disorders primarily consists of NovoEight®, Esperoct®, Refixia® and NovoThirteen® 2Other Rare disease products primarily consists of Vagifem® and Activelle® 3Rare endocrine disorders primarily consists of Primarily Norditropin® and Sogroya® CER: Constant exchange rates Note: Company reported sales 9% 2025 NovoSeven® and Norditropin® account for ~60% of Rare disease sales Global Rare disease franchise 0 5 10 15 20 25 20222021 DKK billion 20242023 NovoSeven® Other rare blood disorders1 Rare endocrine disorders3 Other Rare disease2 Growth at CER 4% 1% -15% 9% 2025 9%
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86 Novo Nordisk® Investor presentation Full year 2025 Status • Denecimig submitted for regulator approval in the EU and the US 5-12% of patients with injection site reactions across arms No evidence of neutralising denecimig antibodies Once-weekly and once-monthly denecimig (Mim8) demonstrated superior reduction of treated bleeding episodes in FRONTIER 2 Annualised bleeding rate per patient group FRONTIER 2 safety and next steps No thromboembolic events observed No safety concerns were observedNo PPX Coagulation factor PPX No PPX Mim8 OW Mim8 OM 15.8 0.5 0.2 Run-in Mim8 OW 4.8 2.5 Run-in Mim8 OM 3.1 1.8 Estimated mean ABR Estimated mean ABR 97% 99% 48% 43% % Relative reduction % Proportion of patients with zero treated bleeds 0% 86% 95% - 66% 65%- ABR: annualised bleeding rate; OW: Once weekly; OM: Once monthly; PPX: Prophylaxis Note: Rounded numbers
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87 Novo Nordisk® Investor presentation Full year 2025 Growth Hormone sales contribute to 30% of total rare disease sales by end of 2025 Norditropin® and Sogroya® total hGH sales A portfolio offering across markets Sogroya® strategy • Once-weekly efficacious treatment on par with Norditropin® • Simple and easy-to-use device • Phase 3 trials toward broad range of indications (e.g. SGA, Turner, Noonan, ISS) to expand the market • Approved for GHD in US, EU and Japan Norditropin® strategy • Apply a market-fit approach to support specific markets and patient groups • Broad label across eight indications Sales bDKK 7 1 2 7 3 4 4 0 2021 0 2022 0 2023 2024 7 7 4 5 2025 6 hGH: Human growth hormone; SGA: Small for gestational age, ISS; Idiopathic short stature Note: Company reported sales Norditrophin Sogroya
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88 Novo Nordisk® Investor presentation Full year 2025 Rare Disease pipeline is leveraging our core expertise to serve more patients through internal and external innovation Strengthen and progress pipeline Rare Disease development pipeline Our key focus areas Rare Disease 1Includes NovoSeven®, NovoEight®, NovoThirteen® 2Includes Norditropin® and Sogroya® 2Pending customary closing conditions Project Phase Rare Blood Disorders marketed products1 Marketed Rare Endocrine Disorders marketed products Marketed Refixia® in Rare Blood Disorders Marketed Esperoct® in Rare Blood Disorders Marketed Alhemo® (concizumab-mtci) in Rare Blood Disorders Marketed Rivfloza® (nedosiran) in Rare Blood Disorders Marketed Decenimig in Rare Blood Disorders Submitted in US and EU Etavopivat in Sickle Cell Disease Phase 3 ongoing Etavopivat in Thalassemia Phase 2 ongoing NDec in Sickle Cell Disease Phase 2 ongoing Zaltenibart in Rare Blood and Kidney Disorders2 Phase 2 ongoing Inno8 in Rare Blood Disorders Phase 1 ongoing Faster global patient recruitment Selective expansion from core: • From haemophilia to rare blood disorders • From growth disorders to rare endocrine disorders Accelerate pipeline with internal and external innovation Explore all Novo Nordisk technology platforms
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Novo Nordisk® Investor presentation Full year 2025 US Operations NAO at a glance 131 USA health care system129 USA health care system 129 NAO growth drivers 128 89 Investor presentation Full year 2025 US health care system US health care system US at a glance US at a glance
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Novo Nordisk® Investor presentation Full year 2025 NAO 90 51% 52% 16% 16% 21% 22% 4% 4%8% 7% 2020 2024 27% 5% 23% 3% 7% 30% 5% 2024 DKK billion Private Health Insurance1 Medicare Medicaid Other Public2 Uninsured MedImpact Healthcare Systems CVS Health UHG/OptumRx Humana Pharmacy Solutions Cigna All Other PBMs + Cash Pay Rebates, % of gross salesNet sales Rebates US health insurance enrollment and uninsured US PBMs market shares Development of Novo Nordisk rebates and net sales in the US US healthcare is a mix of private and public health insurance, dominated by a few large PBMs 1Private insurance includes employer sponsored insurance, health exchanges, and direct purchase insurance by individuals 2Other Public includes health insurance coverage provided by the Department of Veterans Affairs and the Department of Defense Source: Centers for Medicare & Medicaid Services, National Health Expenditure, Historical Data. Historical | CMS (table 22) PBM: Pharmacy Benefit Manager; UHG: UnitedHealth Group Source: Drug Channels Institute research and estimates. Calculated based on total equivalent prescription claims. 2024 data from The 2025 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers Source: Novo Nordisk Annual Report 2024 Prime Therapeutics 74% 75% 75% 74% 69% 0 50 100 150 200 250 300 350 400 2020 2021 2022 2023 2024 2025 70%
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Novo Nordisk® Investor presentation Full year 2025 NAO 91 0% 20% 40% 60% 80% 0 200 400 600 800 1,000 GLP-1 MS Insulin MS US Operations at a glance 24 39 43 0 5 10 15 20 25 30 35 40 45 50 2011 2024 2050 Population with diabetes Diabetes growth rate 62% 12% Million OAD Nov 2022 Nov 2025 DKK billion 30.3%1 -23.0%1 9.3%1 GLP-1 Insulin Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk full year 2025 reported sales Full year 2025 Sales (mDKK) Growth2 Injectable GLP-13 88,938 8% Rybelsus® 8,833 -15% Total GLP-1 97,771 5% Total insulin4 15,234 2% Other Diabetes care5 139 -32% Diabetes care 113,144 5% Obesity care6 51,283 15% Diabetes & Obesity care 164,427 8% Rare disease7 8,739 7% Total 173,166 8% Source: International Diabetes Federation: Diabetes Atlas 11 th edition, 2025 1CAGR calculated for 3 year period Competitor insulin value market shares, as of Nov 2025: Novo Nordisk 36%, Others 64%; Competitor GLP-1 value market shares, as of Nov 2025: Novo Nordisk 46%, Others 54%. OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, Nov 2025 value figures 2At constant exchange rates 3Comprises Victoza® , Ozempic® 4Comprises Tresiba®, Xultophy®, Levemir®, NovoMix®, Fiasp®, Ryzodeg® and NovoRapid® 5Comprises NovoNorm® and needles 6Comprises Saxenda® and Wegovy® 7Comprises primarily NovoSeven®, NovoEight® , Esperoct®, NovoThirteen®, Refixia®, Norditropin®, Vagifem® and Activelle®
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Novo Nordisk® Investor presentation Full year 2025 NAO 92 31% 6% -4% -10% 0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% 50% NN market share Market growth(right axis) NN growth(right axis) Diabetes market share and market growth in US Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth 32% Nov 2022 Nov 2025 32% Nov 2024 32% Novo Nordisk Company A Others Nov 2025CompetitorsNovo Nordisk DKK billion 35% 31% 907 -14 74 -9 958 ~-4% ~6% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2025, value, MAT
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Novo Nordisk® Investor presentation Full year 2025 NAO 93 GLP-1 diabetes market share and market growth in US Operations 46% 14% -2% -20% 0% 20% 40% 60% 80% 0% 10% 20% 30% 40% 50% 60% 70% 80% NN market share Market growth(right axis) NN growth(right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth Nov 2022 Nov 2025 Nov 2024 Nov 2025 Novo Nordisk Company A Others CompetitorsNovo Nordisk DKK billion 53% 46% 509 -4 79 -1 583 ~-2% ~14% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company ; Market values are based on the list prices Source: IQVIA, Nov 2025, value, MAT
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Novo Nordisk® Investor presentation Full year 2025 NAO 94 46% 30% 85% 0% 50% 100% 150% 200% 250% 0% 20% 40% 60% 80% 100% NN market share Market growth (right axis) NN growth (right axis) Obesity market growth and Novo Nordisk market share Obesity market size and growth 82% 92% Nov 2022 Nov 2025 93% Nov 2024 91% Nov 2025 10.8 95% NN Obesity care Others DKK billion 65% 27.5 91.9 46% 140.0 259.5 ~30% ~85% NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, Nov 2025, value, MAT, all countries Obesity market share and market growth in US Operations
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95 Novo Nordisk® Investor presentation Full year 2025 95 International Operations EMEA112 EMEA 112 IO at a glance107 IO at a glance 107 Rest of World122 Rest of World 122 Region China117 Region China 117 95 Investor presentation Full year 2025 International Operations International Operations EUCAN Emerging Markets APAC Region China
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96 Novo Nordisk® Investor presentation Full year 2025 0% 20% 40% 60% 80% 100% 0 50 100 150 200 250 300 350 400 GLP-1 MS Insulin MS International Operations at a glance 343 551 810 0 200 400 600 2011 2024 2050 Population with diabetes Diabetes trend Nov 2022 Nov 2025 Diabetes market by value and Novo Nordisk market share Diabetes growth rate 61% 47% Novo Nordisk full year 2025 reported sales Insulin Million DKK billion GLP-1 -1%1 7%1 OAD MS Full year 2025 Sales (mDKK) Growth2 Injectable GLP-13 41,171 6% Rybelsus® 13,260 9% Total GLP-1 54,431 7% Total insulin4 37,903 -2% Other Diabetes care5 1,631 -12% Diabetes care 93,965 3% Obesity care 31,064 73% Diabetes & Obesity care 125,029 14% Rare disease7 10,869 10% Total 135,898 14% Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 1 CAGR calculated for 3-year period; Competitor insulin value market shares, as of Nov 2025: Novo Nordisk 51%, Others 49%; Competitor GLP-1value market shares, as of Nov 2025: Novo Nordisk 46%, Other 54%; OAD: Oral anti-diabetic; MS: Market share; Note: Market values are based on the list prices; Source: IQVIA MAT, Nov 2025 value figures 2 At Constant exchange rates; 3 Comprises Victoza® , Ozempic®; 4 Comprises Tresiba®, Xultophy®, Levemir®, Ryzodeg®, NovoMix®, Fiasp®, Awiqli®, Ryzodeg® and NovoRapid®; 5 Comprises NovoNorm® and needles; 6 Obesity care comprises Saxenda® and Wegovy®; 7 Comprises primarily NovoSeven®, NovoEight® , NovoThirteen®, Refixia®, Esperoct®, Norditropin®, Vagifem® and Activelle® 41%1
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97 Novo Nordisk® Investor presentation Full year 2025 Total IO GLP-1 diabetes and branded obesity market share and growth 55% 28% 63% 25% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% NN market share NN share of growth Market growth (Right Axis) NN growth (Right Axis) 55% 60% GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 56% 61% CompetitorsNovo Nordisk Novo Nordisk 60% Company A Others 65% Nov 2024 Nov 2025 Nov 2022 Nov 2025 DKK billion ~63% 72% 55% 93 16 41 1 152 ~25% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. Market values are based on the list prices Source: IQVIA, Nov 2025, Value MAT
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98 Novo Nordisk® Investor presentation Full year 2025 EMEA 0% 20% 40% 60% 80% 100% 0 50 100 150 200 GLP-1 MS Insulin MS EUCAN at a glance 38 50 51 0 20 40 60 80 2011 2024 2050 Population with diabetes Diabetes trend Nov 2022 Nov 2025 Diabetes market by value and Novo Nordisk market share Diabetes growth rate 33% 3% Novo Nordisk full year 2025 reported sales Million DKK billion 42%1 -1%1 GLP-1 Insulin 11%1 OAD MS Full year 2025 Sales (mDKK) Growth2 Injectable GLP-13 23,468 14% Rybelsus® 7,065 4% Total GLP-1 30,533 12% Total insulin4 12,910 -4% Other Diabetes care5 519 -6% Diabetes care 43,962 6% Obesity care6 16,827 62% Diabetes & Obesity care 60,789 17% Rare disease7 5,302 4% Total 66,091 16% EUCAN: Europe and Canada Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 1 CAGR calculated for 3-year period; Competitor insulin value market shares, as of Nov 2025: Novo Nordisk 49%, Others 51%; Competitor GLP -1 value market shares, as of Nov 2025: Novo Nordisk 46%, Others 54%. OAD: Oral anti -diabetic; MS: Market share; Note: Market values are based on the list prices; Source: IQVIA Nov 2025 value figures 2 At Constant exchange rates; 3 Comprises Victoza® , Ozempic®; 4 Comprises Tresiba®, Xultophy®,Levemir®,Ryzodeg®,Awiqli®,NovoMix®,Fiasp® and NovoRapid®; 5 Comprises NovoNorm® and needles; 6 Obesity care comprises Saxenda® and Wegovy®; 7 Comprises primarily NovoSeven®, NovoEight® , NovoThirteen®, Esperoct®, Refixia®, Norditropin®, Vagifem® and Activelle®
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99 Novo Nordisk® Investor presentation Full year 2025 Total EUCAN GLP-1 diabetes and branded obesity market share and growth 55% 29% 71% 28% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 59% 56% Company A 57% Novo Nordisk Others Nov 2025 59% CompetitorsNovo Nordisk 61% 59% Nov 2022 Nov 2025 Nov 2024 DKK billion 73% 55% 59 12 30 0 100 ~28% ~71% EUCAN: Europe and Canada; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2025, Value, MAT
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100 Novo Nordisk® Investor presentation Full year 2025 Rest of World Emerging Markets at a glance 102 178 321 0 100 200 300 400 2011 2024 2050 Population with diabetes Diabetes growth rate 75% 80% 0% 20% 40% 60% 80% 100% 0 10 20 30 40 50 60 70 80 GLP-1 MS Insulin MS 47%1 0%1 12%1 Nov 2022 Nov 2025 DKK billion Million 1 CAGR calculated for last 3-year period Competitor insulin value market shares, as of Nov 2025: Novo Nordisk 51%, Others 49%; Competitor GLP-1 value market shares, as of Nov 2025: Novo Nordisk 39%, Others 61%. OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, Nov 2025 value figures 2 At constant exchange rates; 3 Comprises Victoza®, Ozempic®; 4 Comprises Tresiba®, Xultophy®,Levemir®,Awiqli®,NovoMix®,Ryzodeg®, NovoRapid® and Fiasp®;5 Comprises NovoNorm® and needles; 6 Comprises Saxenda® and Wegovy®; 7Comprises primarily Esperoct® , Refixia ® ,NovoSeven®, NovoEight ® and Norditropin® GLP-1 Insulin OAD MS Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk full year 2025 reported sales Full year 2025 Sales (mDKK) Growth2 Injectable GLP-13 8,285 1% Rybelsus® 2,061 2% Total GLP-1 10,346 1% Total insulin4 9,746 -6% Other Diabetes care5 261 -2% Diabetes care 20,353 -3% Obesity care6 7,338 59% Diabetes & Obesity care 27,691 9% Rare disease7 2,745 6% Total 30,436 8% Emerging Markets: mainly Latin America, Middle East and Africa Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025
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101 Novo Nordisk® Investor presentation Full year 2025 Rest of World 52% 22% 47% 15% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 45% 62% Nov 2022 Nov 2025 48% Nov 2024 Nov 2025 66% CompetitorsNovo Nordisk 62% Novo Nordisk Others 76% Company A DKK billion 66% 52% 19 2 6 1 28 ~15% ~47% Emerging Markets: mainly Latin America, Middle East and Africa; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. ; Market values are based on the list prices Source: IQVIA, Nov 2025, value, MAT Total Emerging Markets GLP-1 diabetes and branded obesity market share and growth
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102 Novo Nordisk® Investor presentation Full year 2025 EMEA 0% 20% 40% 60% 80% 100% 0 20 40 60 80 GLP-1 MS Insulin MS APAC at a glance 112 172 267 0 100 200 300 2011 2024 2050 Population with diabetes Diabetes trend Nov 2022 Nov 2025 Diabetes market by value and Novo Nordisk market share Diabetes growth rate 54% 55% Novo Nordisk full year 2025 reported sales Million DKK billion 39%1 -6%1 GLP-1 Insulin -2%1 OAD MS Full year 2025 Sales (mDKK) Growth2 Injectable GLP-13 3,418 2% Rybelsus® 3,514 19% Total GLP-1 6,932 10% Total insulin4 5,345 -3% Other Diabetes care5 263 -7% Diabetes care 12,540 4% Obesity care6 6,075 122% Diabetes & Obesity care 18,615 26% Rare disease7 2,098 18% Total 20,713 25% APAC: Japan, Korea, Oceania and Southeast Asia Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 1 CAGR calculated for 3-year period; Competitor insulin value market shares, as of Nov 2025: Novo Nordisk 57%, Others 43%; Competitor GLP -1 value market shares, as of Nov 2025: Novo Nordisk 39%, Others 61%. OAD: Oral anti-diabetic; MS: Market share; Note: Market values are based on the list prices; Source: IQVIA Nov 2025 value figures 2 At Constant exchange rates; 3 Comprises Victoza® , Ozempic®; 4 Comprises Tresiba®, Xultophy®,Levemir®,Ryzodeg®,Awiqli®,NovoMix®,Fiasp® and NovoRapid®; 5 Comprises NovoNorm® and needles; 6 Obesity care comprises Saxenda® and Wegovy®; 7 Comprises primarily NovoSeven®, NovoEight® , NovoThirteen®, Esperoct®, Refixia®, Norditropin®, Vagifem® and Activelle®
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103 Novo Nordisk® Investor presentation Full year 2025 51% 27% 88% 33% 0% 30% 60% 90% 120% 150% 0% 20% 40% 60% 80% 100% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 59% 56% Company A 57% Novo Nordisk Others Nov 2025 59% CompetitorsNovo Nordisk 61% 59% Nov 2022 Nov 2025 Nov 2024 DKK billion 72% 51% 10 2 6 0 18 ~33% ~88% Total APAC GLP-1 diabetes and branded obesity market share and growth APAC: Japan, Korea, Oceania and Southeast Asia ; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, Nov 2025, Value, MAT
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104 Novo Nordisk® Investor presentation Full year 2025 Region China 0% 20% 40% 60% 80% 100% 0 10 20 30 40 GLP-1 MS Insulin MS Region China at a glance Note: Region China covers mainland China, Hong Kong, and Taiwan Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 92 151 171 0 40 80 120 160 200 2011 2024 2050 Population with diabetes Diabetes trend Nov 2022 Nov 2025 Diabetes market by value and Novo Nordisk market share Diabetes growth rate 64% Novo Nordisk full year 2025 reported sales Million 1CAGR calculated for last 3-year period Competitor insulin value market shares, as of Nov 2025: Novo Nordisk 52%, Others 48%; Competitor GLP-1 value market shares, as of Nov 2025: Novo Nordisk 83% and Others 17% OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, Nov 2025 value figures 2 At constant exchange rates; 3 Comprises Victoza® and Ozempic®; 4 Comprises Tresiba®, Xultophy®, Levemir®, NovoMix®, Awiqli®, Ryzodeg®, NovoRapid®; 5Comprises NovoNorm® and needles; 6Comprises Wegovy® & Saxenda® ; 7Comprises primarily NovoSeven®, NovoEight® and Norditropin® 14% 20%1 -2%1 9%1 GLP-1 Insulin OAD DKK billion MS Full year 2025 Sales (mDKK) Growth2 Injectable GLP-13 6,000 -8% Rybelsus® 620 27% Total GLP-1 6,620 -5% Total insulin4 9,902 5% Other Diabetes care5 588 -22% Diabetes care 17,110 0% Obesity care6 824 182% Diabetes & Obesity care 17,934 3% Rare disease7 724 84% Total 18,658 5%
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105 Novo Nordisk® Investor presentation Full year 2025 0 5 10 15 20 DKK billion 20252020 2021 2022 2023 2024 GLP-1 Insulin Other diabetes care Obesity care Rare disease 11% 11% -6% 11% 51.8% Insulin market share1 83.1% GLP-1 market share1 86% 14% 2025 IO sales Region China Rest of IO 13% Region China is the largest market within IO Novo Nordisk Region China sales Growth at CER 1Only mainland China CER: Constant exchange rates; IO: International Operations; VBP: Volume -based procurement Note: Region China covers mainland China, Hong Kong, and Taiwan Sources: NN reported sales; IQVIA MAT CHPA data, Nov 2024 VBP implementation initiated 5% Region China remains a key market for Novo Nordisk and the established presence offers growth opportunities
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106 Novo Nordisk® Investor presentation Full year 2025 Region China Total China GLP-1 diabetes and branded obesity market share and growth 83% 7% 0% 20% 40% 60% 80% 100% 120% 140% 0% 25% 50% 75% 100% NN market share NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 89% 67% Others 85% Novo Nordisk Company A 63% 66.7% Nov 2025 Nov 2024 66.9% Nov 2022 Nov 2025 CompetitorsNovo Nordisk DKK billion ~81% ~83% 5 0 0 0 6 ~7% ~4% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. ; Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Source: IQVIA, Nov 2025, Value, MAT
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107 Novo Nordisk® Investor presentation Full year 2025 Financials and Product Supply 107 Product supply 14 Product supply 147 Profit and loss, resource allocation 144 Margin development & capital allocation 153 Currencies 156 Investor presentation Full year 2025 Profit and loss, resource allocation Product supply Margin development & capital allocation Currencies Profit and loss, resource allocation Product supply Capital allocation Currencies
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108 Novo Nordisk® Investor presentation Full year 2025 Solid sales growth driven by Diabetes and Obesity care 15% 85% 2020 14% 86% 2021 12% 88% 2022 7% 93% 2023 6% 94% 2024 127 141 177 232 290 2025 94% 6% 309 Reported annual sales 2020-2025 Rare diseaseDiabetes and Obesity care Group sales growth at CER 7% 14% 16% 26%36% DKK billion, % of total sales CER: Constant exchange rates 10%
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109 Novo Nordisk® Investor presentation Full year 2025 Operating profit Solid operating profit growth 0% 20% 40% 60% 80% 0 20 40 60 80 100 120 140 20212020 2022 DKK billion 2024 % of sales 2023 Operating profit as % of salesOperating profit Operating profit growth at CER 7% 13% 15% 44% 26% 2025 6% CER: Constant exchange rates
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110 Novo Nordisk® Investor presentation Full year 2025 Novo Nordisk competitive advantages in manufacturing Manufacturing scale and expertise within biologics is a competitive advantage for Novo Nordisk 1In addition to the above-mentioned product classes, other diabetes care constitutes the remainder of people treated with Novo No rdisk products API: Active pharmaceutical ingredient; NN: Novo Nordisk Sources: Volume market share and position based on IQVIA Moving Annual Total (MAT), Nov 2025 (Spot rate); Novo Nordisk Annual Report 2024 High volume installed capacity for biologics Decades of experience with high volume production of core yeast and mammalian API platforms The world’s largest manufacturer of insulin and GLP-11 API scalability and yield optimisation driven by continuous production technology In-house expertise in the development and manufacturing of devices 27 15 4 0 10 20 30 40 50 Million patients on NN products in 2024 Insulin GLP-1 Diabetes GLP-1 Obesity #1 ~43% #1 ~53% Global market position Global volume market share #1 ~60%
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111 Novo Nordisk® Investor presentation Full year 2025 Active pharmaceutical ingredient | The strategically important sites in Novo Nordisk are based in Denmark and the US 3 sites API production 2 sites API production Product supply value chain Assembly and packaging Research and Development Manufacturing development API production Filling / tableting Distribution (cold chain) Patients
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112 Novo Nordisk® Investor presentation Full year 2025 5 sites Fill, tablet and finish 6 sites Fill, tablet and finish Fill-finish | The global footprint has expanded from 11 to 14 sites with the closing of the Catalent acquisition in December 2024 1The Alkermes transaction (Dec 2023): API: Active pharmaceutical ingredient Note: There are local production facilities in Algeria, Iran, Japan, and Russia New sites following closing of the Catalent transaction in December 2024 Fill-finish Fill-finish Fill, tablet and finish Fill-finish Fill-finish Fill-finish Fill-finish Product supply value chain Assembly and packaging Research and Development Manufacturing development API production Filling / tableting Distribution (cold chain) Patients Tablet1
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Novo Nordisk® 113 Investor presentation Full year 2025 CAPEX investments across the full value chain to enables growth for current and future products CAPEX investments Several large investments announced since 2021 API: Active pharmaceutical ingredient; CAPEX: Capital expenditures; CETA: Cardiovascular and emerging therapy areas Note: Investment figures have been rounded DKK billion Announced Site Scope Investment 2021 December Kalundborg Denmark Full value chain (mostly API) 17 bDKK 2022 November Bagsværd Denmark Clinical API 5 bDKK 2023 June Hillerød Denmark API for OSCD 16 bDKK 2023 November Kalundborg Denmark Full value chain (mostly API) 42 bDKK 2023 November Chartres France Fill/finish 16 bDKK 2023 December Athlone Ireland Oral portfolio 1 bDKK 2024 June Clayton US Fill/finish 27 bDKK 2024 December Odense Denmark 9 bDKK Typical construction timelines: API: 5+ years | Fill-finish: 3+ year Clinical API Mainly API Mainly API Oral Portfolio Mainly API Fill-Finish Fill-Finish Finished Production 6 12 26 47 60 4% 8% 11% 16% 19% 0 20 40 60 80 2021 2022 2023 2024 2025 2026E ~55 CAPEX to sales ratio CAPEX Expected CAPEX
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Novo Nordisk® 114 Investor presentation Full year 2025 Internal growth opportunities: R&D and PS investments Attractive annual dividend BD investments to enhance R&D pipeline Flexible share buybacks to distribute excess cash Novo Nordisk’s capital allocation allows for investing in the business while maintaining attractive shareholder returns BD: Business development; CAPEX: Capital expenditure; E: Estimated; PS: Product supply; R&D: Research and development Note: All numbers except for pay -out ratio are based on cash flow statement. Pay -out ratio calculated as total dividends for the year as a percentage of net profit for the same year Strategic capital allocation priorities 1 2 3 4 Stable dividend pay-out ratio despite increased CAPEX and BD DKK billion 0 40 80 120 160 200 2022 2023 2024 2025 Pay-out ratio Share buyback Intangible assets and BD Dividend CAPEX ~50%
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Novo Nordisk® 115 Investor presentation Full year 2025 Net financials expected to be positively impacted by currencies in 2026 – offset by currency impact on operating profit -8% -4% 0% USD/DKK CNY/DKK JPY/DKK Avg. FY 2025 vs. avg. FY 2024 Exp. avg FY 2026 vs. FY 2025 -12% -6% 0% CAD/DKK AUD/DKK BRL/DKK MXN/DKK GBP/DKK Hedged Non- hedged 1 FY 2025 • Negative FX impact on operating profit of 8.4 bDKK • Positive FX impact on net financials of 6 bDKK • Net foreign exchange loss of 2.4 bDKK FY 2026 outlook • Currency impact on operating profit is expected to be around -5%-points • Net financial items is expected to be a gain of around 2.3 bDKK mainly driven by: • FX gains related to USD hedging contracts. • Partially offset by net interest expenses related to funding of three fill sites acquired from Catalent and funding of the acquisition of Akero. 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 29 January 2026 USD: United States Dollar; DKK: Danish Kroner; CNY: Chinese Yuan Renminbi; JPY: Japanese Yen; CAD: Canadian Dollar; AUD: Aust ralian Dollar; BRL: Brazilian Real; MXN: Mexican Peso; GBP: Pound sterling
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Novo Nordisk® 116 Investor presentation Full year 2025 RANJITH S. Ranjith lives with type 1 diabetes India Purpose & Sustainability Environmental responsibility 150 Sustainable business 148 Governance 158 Social responsibility 153 116 Investor presentation Full year 2025 RANJITH S. Ranjith lives with type 1 diabetes India Purpose & Sustainability Environmental responsibility Sustainable business Ethics and compliance Social responsibility Social responsibility Sustainable business Environmental responsibility Social responsibility Ethics and compliance
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Novo Nordisk® 117 Investor presentation Full year 2025 Being a responsible business drives long-term value 77.3% Votes 28.1% Capital Institutional and private investors – B3 shares Novo Holdings – A2 and B3 shares 22.7% Votes 71.9% Capital Novo Nordisk A/S Novo Nordisk Foundation • Key objective: To provide a stable basis for Novo Nordisk and Novonesis • Aims to improve public health and promote societal sustainability • Awarded grants for around 12 bDKK in 2025 Ownership structure creates long-term value Commitment to lead a sustainable business1 1Environmental, Social and Governance responsibility has been anchored in Articles of Association since 2004; 2Consists of 1,075 million shares; 3Consists of 3,390 million shares Note: Ownership structure as of 31 December 2025
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Novo Nordisk® 118 Investor presentation Full year 2025 Novo Nordisk’s ambition is zero environmental impact Biodiversity CO2 emissions Plastic 2025 Relative plastic footprint decreased by 5% from 2024 2025 ReMedTM scaled up to national level in DK and UK, and available in five other markets 2033 Target: Reduce relative plastic footprint 30% by 2033 compared to 2024 2025 Emissions increased due to expansion activities and raw material supply 2030 Target: Zero scope 1 and 2 emissions 2033 Target: Reduce scope 3 emissions by 33% compared to 2024 2045 Target: Net-zero emissions 2024 Nature roadmap approved and implementation in process 2025 More than 10% of glucose sourced from regenerative agriculture 2033 Ambition: halt the loss of nature 2045 Ambition: become nature positive
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Novo Nordisk® 119 Investor presentation Full year 2025 Prevention • Expanded the Cities for Better Health (CBH) network to build healthier environments in 54 cities • Improved child health outcomes through holistic interventions in six cities through CBH’s Childhood Obesity Prevention initiative • UNICEF partnership benefitted more than 450,000 children from local programmatic activities • 7.1 million vulnerable populations reached with diabetes care products across initiatives • Changing Diabetes® in Children provided care in low- and middle-income countries reaching more than 81,900 children since 2009 • Improved access to care through our Health Equity Business Models, such as iCare Access & Affordability Social responsibility is core to Novo Nordisk with initiatives focusing on prevention, access and affordability
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120 Novo Nordisk® Investor presentation Full year 2025 Integrating ethics and compliance into every aspect of our business HCP: Health care professional, KOL: Key opinion leader Steps taken to strengthen ethics and compliance setupEthics and compliance are at the core of Novo Nordisk Training: Enhanced training and processes around KOL engagements, HCPs, partners, patients etc Communication: Letters shared with HCPs reinforcing approved indication included in product label Resources: Dedicated obesity ethics, legal and compliance teams established to further increase compliance when launching Wegovy® Core elements of our compliance set-up We never compromise on quality and ethics Trends, monitoring and risk management AuditsGlobal Code of Conduct Mandatory ethics training
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121 Novo Nordisk® Investor presentation Full year 2025 Investor contact information Share information Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO’. For further company information, visit Novo Nordisk on: www.novonordisk.com Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé 1 DK-2880 Bagsværd Michael Novod +45 3075 6050 nvno@novonordisk.com Jacob Martin Wiborg Rode +45 3075 5956 jrde@novonordisk.com Sina Meyer +45 3079 6656 azey@novonordisk.com Max Ung +45 3077 6414 mxun@novonordisk.com Alex Bruce +45 3444 2613 axeu@novonordisk.com Christoffer Sho Togo Tullin +45 3079 1471 cftu@novonordisk.com Frederik Taylor Pitter (USA) +1 609 613 0568 fptr@novonordisk.com