Slides
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z Corporate strategy Maziar Mike Doustdar President & CEO CMD26 Capital Markets Day 21 September
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z Corporate strategy2 Novo Nordisk’s statutory Annual Report 2025, Form 20-F, any quarterly financial reports, the materials displayed and other information provided (orally or in writing) at this Capital Markes Day as well as 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, research & development, 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’, ‘aspiration’, ‘ambition’, ‘upcoming’, ‘become’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning, as they relate to Novo Nordisk or our management, are intended to identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • Statements of targets, future guidance, (transition) plans, objectives, ambitions, aspirations 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. 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 environmental conditions, such as interest rate and currency exchange rate fluctuations or climate change, delay or stoppage or failure of projects related to clinical trial conduct or 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 including the risk of cybersecurity breaches (Novo Nordisk has experienced events of IT security breaches in the past), 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 certain risks that could adversely affect Novo Nordisk’s results or the accuracy of its forward-looking statements , reference is made to ‘Risks management’ in the Annual Report 2025. None of Novo Nordisk or its officers or employees accept any responsibility for the future accuracy of its forward-looking statements. 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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z Corporate strategy3 Novo has the potential to provide lasting health for millions more people Source: Diabetes atlas 11th edition. 2025; Ortner and Holzer. Milliman. 2025; Quek et al. The Lancet Gastroenterol Hepatol. 2023; World Obesity Atlas 2025 + 2026; Thomson et al. The Lancet Haematology. 2021; Yuanyuan et al. The Lancet. 2024; Cançado et al. Hematol Transfus Cell Ther. 2021; Caravaca-Fontán et al. 63rd European Renal Association Congress. 2026; Yan et al. Clin Epidemiol. 2020; Mameli et al. Endocrine. 2024; World Federation of Haemophilia Annual Global Survey. 2024; Willey et al. Nephrol Dial Transplant. 2023 People living with blood or endocrine disorders People living with liver diseases People living with cardiovascular diseases Driving change for lasting health >13 million >300 million >550 million >550 million People living with type 1 or type 2 diabetes >900 million People living with obesity
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z Corporate strategy4 Three commitments drive our strategy Drive sustainable growth Grow and diversify pipeline Deliver attractive returns
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z Corporate strategy5 The agenda for today Corporate strategy and our 2030 ambitions R&D and portfolio strategy, where to play and right to win within our therapy areas Commercial execution, product supply and financials
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z Corporate strategy6 Our experienced leadership team set to execute on our strategy Maziar Mike Doustdar1 President & CEO +30 years at Novo Hong Chow EVP, Product & Portfolio Strategy +30 years in industry Tania Sabroe EVP, People, Organisation & Corporate Affairs ~20 years at Novo Elin Jäger SVP, Strategy & Sustainability +10 years at Novo Martin Holst Lange EVP, CSO +20 years at Novo Karsten Munk Knudsen1 EVP, CFO +20 years at Novo John F. Kuckelman SVP, Group General Counsel +25 years in industry Thilde Hummel Bøgebjerg EVP, Enterprise IT & Quality ~20 years at Novo Emil Kongshøj Larsen EVP, International Operations ~20 years at Novo Kasper Bødker Mejlvang EVP, Global Manufacturing & Supply +20 years at Novo Jamey Millar EVP, US Operations +30 years in industry Christina Wetke Rauhut CEO Personal Assistant +10 years at Novo 1Registered as executive with the Danish Business Authority
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z Corporate strategy7 Novo is adapting to a changing environment while positioning for new growth opportunities 1US GLP-1 obesity market 2August 2026 vs August 2025 3Savings from the company-wide transformation since August 2025 FHD: First human dose; FTE: Full-time employees; FY: Full-year; GLP-1: Glucagon-like peptide-1; HCP: Health care professional; MAT: Moving annual total; R3M: Rolling three months; US: United States Note: EUCAN: covers Europe and Canada Source: Prescription data for Wegovy® pill is an estimate based on internal self -pay data and IQVIA Xponent reporting, as of 08/28/2026; IQVIA MIDAS Jul‘26 GLP-1 (MAT/R3M patients) External market shifts Future-proofing our organisation 5 FHDs already delivered in 2026 >-50% direct reports to CSO Impact already visible The Novo Way Innovate with consumers and patients at the centre – Raise our performance – Create focus and speed – Care for our people R&D reset • Combined research & development organisation • Prioritised portfolio to strategy • Progressing next wave of blockbuster launches >7m cumulative US Wegovy® pill scripts written since launch Strengthening GLP-1 market share in US1 and EUCAN Commercial reset • New dual engine sales model targeting HCPs and consumers through cash and reimbursed • Scaled and launched Wegovy® pill >10 bDKK in savings redirected to commercial and R&D3 Organisational reset • Changes to executive management team • Reduced workforce to ~66,000 FTEs -13,000 FTEs vs peak2 • New pricing and access dynamics reshaping market structure • Semaglutide loss of exclusivity ahead • Patients increasingly act as consumers • A rapidly evolving competitive landscape
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z Corporate strategy8 The updated corporate strategy aims to drive sustainable growth Rx: Prescription Explore consumer RxBuild out future growth enginesStrengthen and expand our core Diabetes Obesity Blood & endocrine disorders Cardiovascular diseases Liver diseases Science-led Consumer - driven Rx Best-in-class biomolecular engineering with oral peptide delivery solutions Unparalleled understanding of metabolic diseases World-class manufacturing at scale Global footprint, and trusted local healthcare relationships
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z Corporate strategy9 Ambition to launch >5 multi-blockbusters by 2030 and deliver combined pipeline sales of >150 bDKK1 in 2035 1>150 bDKK ambition is risk-adjusted and includes current pipeline assets AMI; Acute myocardial infarction; HD: High dose; Rx: Prescription; sema; semaglutide Note: Above is illustrative and is based on inherent uncertainty and risks associated with clinical trial outcomes, regulator y approvals and product launches ObesityDiabetes Liver diseases Blood & endocrine disorders Cardiovascular diseases Consumer Rx 2026-27: Transformation and growth 2028-2030: Maximise semaglutide and expand portfolio 2030+: Grow beyond sema Disciplined bolt-on business development strategy Expansion through new consumer Rx opportunities Wegovy® pill Wegovy® HD Awiqli® Kyinsu® Denecimig Etavopivat Coramitug ZaltenibartCagrilintide CagriSema Efruxifermin CagriSemaOzempic® pill CagriSema HD Oral zenagamtide Zenagamtide Oral zenagamtide Zenagamtide UBT251 UBT251 Triple UBT251 NDec Ziltivekimab (AMI) CDR132L Triple 3 assets in Phase 1 4 assets in Phase 1 1 asset in Phase 1 2 assets in Phase 1 1 assets in Phase 1 Multiple indications to be explored from 2027, potential launch by 2030 Cagrilintide HD Amylin 355 Oral amylin 355 Phase 1 asset overview Obesity: 1. Oral ACSL5i 2. Amylin1213 3. Next generation GLP-1 4. Recombinant GLP-1 Diabetes: 1. NNC0194-0499 2. PPIA 3. GYS2 Liver: 1. SCL25A5 CV: 1. NLRP3i 2. CNP BED: 1. Inno8 Consumer: - Need to double click post consumer rx workshop - Triple indications: HCM + PMOS + HS + MM (male sperm quality), TBD on COBD
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z Corporate strategy10 Ambition to deliver 2026 to 2030 revenue CAGR in line with industry peers CAGR: compound annual growth rate; GLP-1: Glucagon-like peptide-1; MoA: Mechanism of action; Rx: Prescription Note: Revenue growth in line with industry peers defined as 2026 to 2030 revenue CAGR Source: IQVIA Xponent and internal estimates Situation today Strategy to deliver growth towards 2030 Grow and diversify our injectable franchise beyond semaglutide with new launches every year including CagriSema in 2027, cagrilintide in 2028, zenagamtide in 2029, and novel MoAs in 2030+ Semaglutide as foundational therapy, followed by ambitious and competitive CagriSema launch planned early 2027 Wegovy® pill has expanded the oral GLP-1 market to ~1.5 million patients within 8 months after launch Expand oral leadership and scale capacity to be able to serve 10x more people with obesity on oral GLP-1 Multiple late-stage assets in our future growth engines (Frehemgo®, etavopivat, zaltenibart) Grow our blood & endocrine business >50% by 2030 from 2026 base Unique direct-to-consumer capabilities with increasing share of business through telehealth channels Enhance Novocare®, to further expand our business, improve margins and explore consumer Rx indications
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z Corporate strategy11 Novo aims to navigate semaglutide loss of exclusivity by extending today's business and building tomorrow's growth engines LoE: Loss of Exclusivity; Rx: Prescription Novo aims to grow into a larger and more diversified company by 2035 Strategy focuses on extending current franchise while launching next wave of innovation • Explore consumer Rx by leveraging scientific and commercial synergies • Build future growth engines by launching next wave of innovation within blood & endocrine, liver and cardiovascular • Fiercely compete for sema volumes in both pre- and post-LoE markets • Launch next wave of diabetes & obesity innovation, with potential multi-blockbuster launches every year through 2030 • Expand oral leadership through new oral formulations and new patents 2026 ILLUSTRATIVE Business development ObesityDiabetes Liver diseases Blood & endocrine disorders Cardiovascular diseases Consumer Rx 2035
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z Corporate strategy12 External innovation is a key enabler to expand the pipeline and strengthen competencies in AI Strengthen and expand our core through new assets, technology and capacity Build out future growth engines through early and late-stage pipeline assets Explore new partnerships across consumer and AI Adding consumer partnerships Partnering with leading AI providers Note: Non exhaustive
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z Corporate strategy13 We measure our performance against our 2030 ambitions 1Enter or complete, including new and current programmes CAGR: Compound annual growth rate; GLP-1: Glucagon-like peptide-1; TAs: Therapy areas; Note: All ambitions by 2030 from a 2026 baseline; revenue and margin assumptions are all based on adjusted metrics; Industry peers: Eli Lilly, AstraZeneca, Gilead, Johnson & Johnson, AbbVie, Novartis, Sanofi, Roche, GSK, Amgen, Merck & Co, B iogen, Pfizer, Bristol Myers Squibb Deliver attractive returns Drive sustainable growth Grow and diversify pipeline • Launch >5 multi-blockbusters by 2030 and deliver >150 bDKK pipeline sales in 2035 • ≥5 Phase 3 programmes in obesity and diabetes1 • ≥5 Phase 3 programmes in other TAs1 • Deliver 2026-30 revenue CAGR in line with industry peers • Scale capacity to be able to serve 10x more people with obesity on oral GLP-1 • Serve >60m patients globally by 2030 • Maintain a broadly stable operating margin • Maintain an attractive dividend per share
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z R&D strategy Martin Holst Lange CSO, EVP, Research & Development Mishal Patel GVP, AI & Digital Innovation CMD26 Capital Markets Day 21 September
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z R&D strategy2 Novo Nordisk’s statutory Annual Report 2025, Form 20-F, any quarterly financial reports, the materials displayed and other information provided (orally or in writing) at this Capital Markes Day as well as 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, research & development, 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’, ‘aspiration’, ‘ambition’, ‘upcoming’, ‘become’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning, as they relate to Novo Nordisk or our management, are intended to identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • Statements of targets, future guidance, (transition) plans, objectives, ambitions, aspirations 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. 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 environmental conditions, such as interest rate and currency exchange rate fluctuations or climate change, delay or stoppage or failure of projects related to clinical trial conduct or 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 including the risk of cybersecurity breaches (Novo Nordisk has experienced events of IT security breaches in the past), 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 certain risks that could adversely affect Novo Nordisk’s results or the accuracy of its forward-looking statements , reference is made to ‘Risks management’ in the Annual Report 2025. None of Novo Nordisk or its officers or employees accept any responsibility for the future accuracy of its forward-looking statements. 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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z R&D strategy3 The research & development 2030 ambition is to expand, develop and secure approval of a leading portfolio at speed 1Enter or complete, including new and current programmes FHD: First Human Dose; OM: Obesity medication Note: Above is subject to inherent uncertainty and risks associated with clinical trial outcomes, regulatory approvals and product launches 2026-2030 research & development ambition Consistently deliver high- quality clinical assets Accelerate development Maintain therapy area leadership Focus pipeline towards therapy area growth drivers average from FHD to submission for obesity and diabetes peptides phase 3 programmes across therapy areas1 ≥10 R&D leadership in OMs across peptide orals and injectables #1 Streamlined organisation End-to-end AI and data science Timely feedback of clinical and market insights External innovation Key research & development enablers Unparalleled understanding of metabolic diseases annual first human doses >15 ≤5 year
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z R&D strategy4 1FHD planned to start in 2026, subject to attrition 2Starting Q3 2026. 3Not exhaustive. ACSL5i: Acyl-CoA synthetase 5 inhibitor; AMI: Acute myocardial infarction; ATTR -CM: Transthyretin amyloid cardiomyopathy; CNP: C -type natriuretic peptide; CVD: Cardiovascular disease; FGF21: Fibroblast growth factor 21; FHD: First human dose; GLP -1: Glucagon-like peptide-1; GYS2: Glycogen synthase 2; HD: High dose; MASH: Metabolic dysfunction-associated steatohepatitis; NLRP3i: NLRP3 inflammasome inhibitor; PNH: Paroxysmal noct urnal haemoglobinuria; PPIA: Peptidylprolyl Isomerase A; QW: Once weekly; Rx: Prescription; SLC25A5: Solute Carrier Family 25 Member 5 Note: Trials in progress includes active trials in phase 1-4 between first patient first visit and last patient last visit incl. non -interventional studies and disease area studies. Slide represents development status as of September 2026 and not exhaustive of Novo’s pipeline Strengthen and expand Build out future growth engines Phase 1 Phase 2 Phase 3 SubmittedPlanned FHD1Novo strategy Explorative CagriSema Obesity Triple Type 2 diabetes UBT251 Type 2 diabetes CagriSema Type 2 diabetes Zenagamtide Type 2 diabetes GYS2 Type 2 diabetes PPIA Type 2 diabetes NNC0194-0499 Type 1 diabetes Cagrilintide Obesity Zenagamtide Obesity Oral zenagamtide Obesity CagriSema HD Obesity Triple Obesity UBT251 Obesity Amylin 3552 Obesity Oral amylin 3552 Obesity 6 assets Obesity 2 assets Type 2 diabetes Denecimig Haemophilia A Somapacitan Non-replacement Etavopivat Sickle cell disease Efruxifermin MASH NDec Sickle cell disease Etavopivat Thalassemia Zaltenibart PNH Inno8 Haemophilia SLC25A5 MASH2 assets Inflammation in CVD 1 asset MASH Ziltivekimab (AMI) CVD Coramitug ATTR-CM Oral semaglutide MASH CDR132L Chronic heart failure CNP Heart failure NLRP3i Inflammation in CVD Multiple indications planned for 20273 ~3x R&D investments since 2021 15 obesity and diabetes assets in development 127 trials in progress ≥1 potential blockbuster launch annually Novo has a broad and deep pipeline designed to meet 2030 ambitions and fuel future growth Obesity Diabetes Cardiovascular diseases Liver diseases Blood & endocrine disorders Consumer Rx Oral ACSL5i Obesity Amylin 1213 Obesity Next generation GLP-1 Obesity Recombinant GLP-1 Obesity
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z Research & development innovation approach applies balanced biology risk to an emerging landscape of patient needs Balancing established and innovative biologies to drive value Solving for patient needs across multiple parameters R&D strategy Foundational biology • Deep biology understanding • Core mechanisms of action • Faster timelines Transformational biology • Novel mechanisms of action • Breakthrough innovation • Potential for step-change value Tolerability Comorbidities Convenience Efficacy Affordability Safety Disease modification Experience optimisation ~50% high-risk ~50% low-risk Portfolio biology 5
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z Novo is applying an updated modality approach to address patient needs Prioritising modalities to build upon current leadership while making strategic investments in emerging areas R&D strategy Strategy Modality Diabetes Obesity Blood & endocrine disorders Liver diseases Cardio- vascular diseases Grow Proteins & peptides Build Oligo- nucleotides Small molecules Partner Antibodies Gene therapy Preclinical/research Injectable in pipeline Oral in pipeline 6 Solving for patient needs across multiple parameters Tolerability Comorbidities Convenience Efficacy Affordability Safety Disease modification Experience optimisation
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z Clinical Chemistry Biology Submission R&D strategy7 AI is leveraged to improve speed, success and productivity across the research & development value chain Powered by >30 strategic partnerships+ Increasing quality of decisions Evaluating more molecules and targets, with AI-enabled prioritisation Faster, standardised execution Simplifying and automating core processes >3x improved target hit rate by prioritising genes found in virtual assays more molecules tested on average>3x 4 weeks in a DMTA cycle less time on site selection and population analyses90% Select achievements in 2026 2026 – 2030 R&D ambition proprietary data and models faster clinical study report generation10x phase 3 programmes across therapy areas1 ≥10 annual first human doses >15 1Enter or complete, including new and current programmes DMTA: Design-Make-Test-Analyse Note: Achievements are representative of use cases; Select strategic partnerships are shown and not exhaustive Source: Novo data on file
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z R&D strategy8 AI-enabled active learning accelerated the design of a once- monthly amylin with faster and fewer cycles DMTA: Design-Make-Test-Analyse; EC50: Half maximal effective concentration; ML: Machine Learning Human and machine learning design was applied to optimise once-monthly amylin analogues Proof of concept for a scalable, AI-enabled drug design model Goal • Discover a once-monthly amylin with competitive in vitro potency Method • Combine human-designed sequences with ML-assisted design in an active-learning loop • Accelerate time to lead with 4-week design-make-test-analyse cycles Human-in-the-loop Machine learning-in-the-loop R1 R2 RnRounds ILLUSTRATIVE Molecules tested in vitro Relative EC50 ILLUSTRATIVE Round 1 Round 2 Round 3 ~2000 Pre-clinical asset identified with key outputs: -50% time to candidate ~2000 molecules tested ~60% fewer DMTA cycles +500-fold potency
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z First human dose studies have accelerated in 2026, including multiple novel obesity assets with potential for differentiation 2026 on track to have more FHDs vs 2018-2025 average ALK7 receptor inhibitor • ALK7 antagonist • Potential for improved quality of weight loss • FHD anticipated in Q4 2026 QM GLP-1 • Utilises next generation of half-life extension technology • Potential for maintenance therapy • FHD anticipated in Q4 2026, with next-generation candidates to follow Thermostable GLP-1 Oral high-yield GLP-1 • Potential for highly scalable GLP-1 without need for cold chain • Oral and injectable optionality • FHD anticipated in Q4 2026 1Subject to attrition ALK7: Activin receptor-like kinase 7; FHD: First human dose; GLP-1: Glucagon-like peptide-1; MoA: Mechanism of action; QM: Once monthly Note: Potential positioning is subject to change based on data and attrition. First human doses planned in 2026, with potential for submission by the end of the decade Tolerability Convenience Weight loss quality Novel MoA Affordability Convenience 2018- 2025 average 2026 2027- 2030 2030+ ~101 >15/year >20/year 6.5 Planned Completed Ambition First human dose studies R&D strategy9
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z R&D strategy10 Oral ACSL5i combines a novel mechanism of action with the potential for convenient, well-tolerated oral weight management 1Data generated by Lexicon. ACSL5i: Acyl-CoA synthetase 5 inhibitor; DIO: Dietary-induced mice; GLP-1: Glucagon-like peptide-1; PYY: Peptide YY; sema: semaglutide Source: Griffin, et al. Molecular Metabolism, 2024; Powell, et al. Journal of the Endocrine Society, 2026 Acyl-CoA synthetase 5 is a non-incretin pathway Oral ACSL5i reduces bodyweight in DIO mice with additive effects to semaglutide1 Profile potential of oral ACSL5i is differentiated over multiple parameters Novel mechanism of action Improved tolerability vs GLP-1s No titration steps Once-daily oral small molecule No dosing restrictions Potential for combination -40% -30% -20% -10% 0% Dose 1 Dose 2 Sema Dose 1 + sema Dose 2 + sema -5% -13% -21% -24% -33% Phase 1 study under Lexicon partnership expected to be completed in H1 2027 Change in bodyweight (%)ACSL5 inhibition triggers ileal brake biology, leading to: • Slowed fat absorption • Enhanced release of incretin and PYY • Delayed gastric emptying • Reduced food intake ACSL5i Incretin +PYY release Food intake Gastric emptying
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z R&D strategy11 The patient reach of our core modalities is expanding with innovative oral delivery technology 1Illustrative. 2Wegovy® pill 25 mg vs Wegovy ® injectable 2.4 mg based on the trial product estimand from OASIS 4 trial and STEP trials ACSL5i: Acyl-CoA synthetase 5 inhibitor; GLP-1: Glucagon-like peptide-1; NLRP3i: NLRP3 inflammasome inhibitor; sema: semaglutide; SNAC: salcaprozate sodium (absorption enhancer); zena: zenagamtide SNAC technology has established Novo as a leader in oral biologics Novo has an advanced oral pipeline and is building to compete in small molecules Modality Preclinical/ research Phase 1 Phase 2 Phase 3 Submitted/ approved Proteins & peptides Small molecules Wegovy® pill Oral zena Oral ACSL5i Ozempic® pill NLRP3i EtavopivatNDec Obesity Cardiovascular diseasesDiabetes Blood & endocrine disorders Liver diseases First to market oral GLP-1 peptide Injection-like weight loss efficacy2 Future oral innovation Formulation patent into the late 2030s SNAC generation optimisation1 Time Plasma concentration 3rd 2nd 1st Oral sema External partnerships Ultra-stable peptides Intestinal delivery SNAC optimisation Inno8 Oral amylin 355 Etavopivat
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z Explorative consumer Rx indications are being pursued based on scientific and commercial synergies Consumer Rx joins patient needs with consumer drive Select therapy areas under exploration1 Assets in scope for consumer Rx indications1 1Not exhaustive MoA: Mechanism of action; Rx: Prescription Consumer Rx indications are explored from a premise of scientific evidence and degree of consumer-like decision-making Full assessment of pipeline ongoing Immune-mediated inflammatory diseases Pain and addiction Women’s health Men’s health Consumer/ patient pull Scientific rationale Unmet need R&D strategy12 Incretins and amylins Other MoAs Anti- inflammatory assets
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z R&D strategy13 Novo will continue to expand and strengthen the pipeline via external innovation GYS2: Glycogen synthase 2; PPIA: Peptidylprolyl Isomerase A; SNAC: salcaprozate sodium (absortion enhancer) Note: SYNCHRONY refers to efruxifermin development programme Select examples and milestones Pursuing value-creating bolt-on acquisitions supported by the science Strategic fit Novel targets Differentiated mechanisms of action SNAC technology • Wegovy® pill and Ozempic® pill approvals • Oral zenagamtide phase 3 initiated Etavopivat • Phase 3 HIBISCUS results UBT251 • Phase 2 results in Chinese population • Phase 1b/2a initiated Efruxifermin • Phase 3 SYNCHRONY real-world results GYS2 and PPIA • Phase 1 trials initiated Oral biologics Diabetes Blood & endocrine disorders Liver diseases Obesity
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z R&D strategy14 1 3 R&D set up to deliver >5 multi blockbusters by 2030, with anticipated annual approvals across therapy areas in coming years 2 Rapidly expanding our pipeline value by, significant step up in FHDs, full range of modalities, oral treatment leadership and continued external innovation Significant changes in our R&D set-up and AI capabilities to deliver at quality and pace FHD: First human dose