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novo Ja novo nordisk Novo Nordisk - a focused healthcare company Investor presentation Second quarter of 2026
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2 Novo Nordisk® Investor presentation Second quarter of 2026 Agenda Progress in 2026 Financials Research & development Commercial execution Agenda
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3 Novo Nordisk® Investor presentation Second quarter of 20263 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 presentation, 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 Second quarter of 2026 2026 Strategic Milestones | Q2 highlights 1Outlook is presented as adjusted sales growth and adjusted operating profit growth to exclude certain exceptional and non -recurring effects, primarily of non-cash nature to enhance transparency and comparability of underlying operating performance. CER: Constant exchange rates; EU: European Union; HF: Heart Failure; NBRx: New-to-brand prescriptions; R&D: Research and development; SDD: Single dose device; TRx: Total prescriptions; UAE: United Arab Emirates; UK: United Kingdom; US: United States Source: IQVIA Xponent, with TRx, as of 17 July 2026. TRx data for Wegovy® pill is an estimate based on internal self-pay data and IQVIA Xponent. Number of people on Wegovy ® pill is based on IQVIA and internal estimates Total US Wegovy® weekly TRx ~575k US Wegovy® pill weekly TRx ~265k, with best-in-class volume launch Wegovy® pill launched in UAE and UK Wegovy® 7.2 mg SDD launched in the UK and approved in EU Commercial execution Drive competitiveness > 46 million People on obesity & diabetes treatments ~ 1.5 million People on Wegovy® pill globally Research & Development Progress early and late-stage pipeline Obesity& • Zenagamtide phase 3 trial HF-POLARIS initiated • Triple phase 2 trial in obesity initiated • Wegovy® 7.2 mg approved in US, UK and EU • Wegovy® pill approved in UAE, UK and EU Diabetes& • Ziltivekimab ZEUS phase 3 trial completed Rare Disease • Etavopivat HIBISCUS phase 3 trial successfully completed > 5 Clinical trial initiations > 10 Regulatory approvals Adjusted sales growth of 7% at CER • Volume growth across geographies and a favourable US rebate adjustment Adjusted operating profit growth of 11% at CER Outlook raised for 20261 • Adj. sales growth of 0% to -6% at CER • Adj. operating profit growth of 0% to -6% at CER Financials Focus investments and deliver returns > 40 bDKK Generated in free cash flow > 26 bDKK Invested in R&D and commercial
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5 Novo Nordisk® Investor presentation Second quarter of 20265 0 20 40 60 80 US IO EUCAN Emerging Markets APAC Region China Insulin GLP-1 diabetes Other diabetes Obesity care Rare disease Growth at CER 0 20 40 60 80 100 Total GLP-1 diabetes Insulin Obesity care Rare disease US Operations International Operations Growth at CER International Operations Geographic adjusted sales split for second quarter 2026 DKK billion DKK billion US IO 4% -6%5%17% 10% 4% 7% 3% 0% 2% 15% 4% 6% 4% 37% 16% 12% 1% 6% Adjusted Q2 sales growth of 7% driven by GLP-1 in Obesity care volume growth, partly offset by lower realised prices Therapy area adjusted sales split for second quarter 2026 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 13% US IO IO US 10%
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6 Novo Nordisk® Investor presentation Second quarter of 20266 Continued momentum for Wegovy® pill launch • Recent real-world study demonstrates continued weight loss with the pill • 30% of TRxs are for 9 mg and 25 mg • Medicare part D access now through Bridge program0 50 100 150 200 250 300 0 5 10 15 20 25 30 Branded OM TRx after launch Wegovy® pill is the strongest US GLP-1 volume launch to-date Weeks after launch Weekly TRx (‘000s) 267 18 1Cumulative prescriptions after launch. AOM: Obesity Medications (includes Wegovy ®, Saxenda®, Zepbound®, Qsymia®, Foundayo® and Contrave®); NBRx: New-to-brand prescriptions; sc: subcutaneous; TRx: Total prescriptions; US: United States Source: Wegovy® pill user data based on internal data. Weekly TRx data for Wegovy pill is an estimate based on internal self -pay data and IQVIA Xponent reporting, as of 17 July 2026. TRx data for Wegovy® sc. and tirzepatide is based on IQVIA Xponent (reporting starts three weeks after both brand’s official US launch date due to inconsistencies in the first weeks post launch). TRx data for orforglipron is based on IQVIA NPA data as of 17 July 2026. RWE study: Michalak W. et al. ENDO, 2026, Chicago, United States, 13 -16 June 120 22 tirzepatide Wegovy® sc Wegovy® pill orforglipron More than 5 million cumulative Wegovy® pill prescriptions 30 weeks after launch1 Week 12 1 Million Week 26 4 Millon Week 30 5 Million +4 weeks
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7 Novo Nordisk® Investor presentation Second quarter of 20267 Obesity care portfolio is the key growth driver in IO • IO sales increased by 10% in Q2, driven by obesity care (+37%) • Novo Nordisk continues to be GLP-1 volume leader, with 58% market share Ongoing expansion of therapeutic options and access • Wegovy ® 7.2 mg SDD launched in the UK and approved in EU • Ozempic® 2.0 mg launched in around 10 countries • Wegovy® pill launched in UK and UAE, and approved in the EU International Operations performance driven by Wegovy® 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; UK: United Kingdom Source: Volume market share based on information licensed from IQVIA, April 2026 volume data, R3M IO GLP-1 sales for second quarter of 2026 0 5 10 15 20 25 30 IO EUCAN Emerging Markets APAC Region China Diabetes GLP-1 Obesity GLP-1 Growth at CERDKK billion Regions -11%3%24% 13% IO GLP-1 performance supported by new product launches 13%
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8 Novo Nordisk® Investor presentation Second quarter of 2026 Encouraging Wegovy® pill launch in the UK 1World obesity atlas. 2FYE patients converted from IQVIA MIDAS data UK in -market sell-in volume of GLP-1 obesity & oral AOM, May’26. 3Extrapolation based on IQVIA sell-out volume for 60% of Wegovy® pill in-market sales, Jul’26 IO: International Operations; MHRA: The Medicines and Healthcare product Regulatory Agency; MS: market share; UK: United King dom; Note: The private market in UK is highly concentrated with the top -20 providers accounting for >75% of the obesity market Source: IQVIA in-market sell-in data, Jul’26 8 High unmet need in the UK market ~20 million adults in the UK live with obesity1 Prior to Wegovy® pill launch, ~1.6 million people treated with obesity medication2 After 3 weeks, it is estimated that ~300k patients are on the Wegovy® pill3 Market expansion in the UK following Wegovy® pill launch 0 700 1,400 2,100 Wegovy® pill launch Total obesity market 25% 50% 75% 100% Novo Nordisk MS Eli Lilly MS Feb 2026 July 2026 Market share UK GLP-1 obesity weekly volumes (1,000 packs) 23% 45% 55% 77% 70% 30%
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9 Novo Nordisk® Investor presentation Second quarter of 20269 ZEUS provides important learnings, while Novo Nordisk remains committed to advancing its cardiovascular disease strategy Significant unmet need remains a priority Phase 3 study in 6,376 participants with ASCVD and CKD Key highlights • ZEUS did not meet its primary endpoint1 (HR 0.99; 95% CI: 0.88-1.11) • Treatment with ziltivekimab inhibited the IL6 pathway as reflected by reductions in free IL6 and hsCRP, respectively • Overall rates of AEs and SAEs were similar to placebo. • Serious infections occurred more frequently with ziltivekimab vs. placebo. No difference in all-cause mortality was observed • ARTEMIS and HERMES remain on track for completion in H1 2027 1Time to first occurence of 3-point MACE. MACE defined as non-fatal myocardial infarction, non-fatal stroke or CV death AE: Adverse event; AMI: Acute myocardial infarction; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disea se; CI: Confidence interval; CV: Cardiovascular; CVD: Cardiovascular; CNP: C -type natriuretic peptide; HFpEF: Heart failure with preserved ejection fraction; HR: Hazard ratio; hsCRP: high -sensitivity C-reactive protein; IL6: Interleukin-6; MACE: Major adverse cardiovascular events; SAE: Serious adverse event Source: NHANES (2013-2014, 2015-2016, 2017-2020, 2021-2023) 1:1 R ziltivekimab 15 mg sc once-monthly + SoC Placebo sc once-monthly + SoC Treatment period (event driven) 3 months follow-up >500 m people living with CVD worldwide CV stand- alone pipeline Projects Phase Ziltivekimab (ARTEMIS, AMI) Ph. 3 trial ongoing Ziltivekimab (HERMES, HFpEF) Ph. 3 trial ongoing Ziltivekimab (ATHENA, HFpEF) Ph. 3 trial ongoing Coramitug Ph. 3 trial ongoing CDR132L Ph. 2 trial ongoing NLRP3i Ph. 1 trial ongoing CNP Ph. 1 trial ongoing Zenagamtide (HF-POLARIS) Ph. 3 trial ongoing Zenagamtide (AMBIENCE, CVOT) Ph. 3 trial in Q4 2026 CagriSema (REDEFINE 3, CVOT) Ph. 3 trial ongoing Incretin CV pipeline
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10 Novo Nordisk® Investor presentation Second quarter of 2026 1Expected to be published in the given quarter or in the subsequent quarterly company announcement. 2Non-replacement indications. CagriSema: cagrilintide 2.4 mg and semaglutide 2.4 mg; CN: China; CVOT: Cardiovascular outcomes trial; EU: European Union; F: Fibrosis stage; JP: Japan; MASH: Metabolic dysfunction -associated steatohepatitis; NS: Noonan Syndrome; Sc: subcutaneous; SCD: Sickle cell disease; SDD: Single -dose device; Sema: Semaglutide; SGA: Small for Gestational Age; T2D: Type 2 diabetes; US: United States: HF: Heart Failure; HD: High-dose (7.2mg) Upcoming R&D milestones Clinical milestones1 Regulatory milestones1 Project Q2 2026 Q3 2026 Q4 2026 Obesity& Wegovy® (FlexTouch®) ✓ US approval Wegovy® pill ✓ EU positive opinion ✓ EU approval Wegovy® 7.2 mg (SDD) ✓ EU positive opinion ✓ EU approval CagriSema ✓ Phase 3b initiation (high-dose) ✓ Phase 3 results (low-dose) US decision Zenagamtide (sc) ✓ Phase 3 initiation (HF) Phase 3 initiation (CVOT) Triple agonist ✓ Phase 2 initiation Zenagamtide (oral) Phase 3 initiation Cagrilintide Phase 3 initiation (high-dose) Efruxifermin Phase 3 safety results (F1-F4) Diabetes& UBT251 (tri-agonist) ✓ Phase 2 initiation Ziltivekimab ✓ Phase 3 results (ZEUS) CagriSema ✓ Phase 3 results (REIMAGINE 4) Phase 3 initiation (REIMAGINE SWITCH) Oral sema 25 mg US decision Zenagamtide (sc) Phase 3 initiation Rare Disease Sogroya® (SGA, NS) ✓ EU positive opinion, JP approval2 Etavopivat (SCD, Thalassemia) ✓ Phase 3 results (SCD) ✓ Phase 2 results (Thalassemia) US and EU submission (SCD) Denecimig US and EU decision
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11 Novo Nordisk® Investor presentation Second quarter of 202611 Financial results | Q2 2026 in DKK million Q2 2026 adjusted Growth (CER) H1 2026 adjusted Growth (CER) Sales 78,488 7% 148,551 2% Gross profit 61,388 2% 117,853 (2%) Gross margin 78.2% 79.3% S&D costs (14,997) (13%) (27,074) (13%) Percentage of sales 19.1% 18.2% R&D costs (11,459) (2%) (21,743) 1% Percentage of sales 14.6% 14.6% Administrative costs (1,309) 0% (2,449) (1%) Percentage of sales 1.7% 1.6% Other operating income and expenses (234) N/A (340) N/A Operating profit 33,389 11% 66,247 2% Operating margin 42.5% 44.6% CER: Constant exchange rates; R&D: Research and development; S&D: Sales and distribution Note: Adjusted P&L excludes the one-off non-cash impact of reversing a provision for sales rebates of USD 4.2 billion in relation to the 340B Drug P ricing Program in the US. Commercial investments towards Wegovy® R&D investments towards obesity and diabetes Net profit of DKK 21.0 billion Free cash flow of DKK 42.5 billion
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12 Novo Nordisk® Investor presentation Second quarter of 202612 The 2026 outlook is raised, driven by increased expectations for GLP-1 product sales 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 30 July 2026 Expectations 4 August 2026 21% to 23%Effective tax rate Around DKK 55 billionCapital Expenditure (CAPEX) 0% to -6% CER in Danish kroner: ~1%-points lowerAdj. sales growth1 Loss of around DKK 1.1 billionFinancial items (net) DKK 45 to 55 billionFree cash flow3 0% to -6% CER in Danish kroner: ~2%-points lowerAdj. operating profit growth2 Guidance Key modelling considerations 21% to 23% Around DKK 55 billion -4% to -12% CER in Danish kroner: ~2%-points lower Loss of around DKK 0.6 billion DKK 36 to 46 billion -4% to -12% CER in Danish kroner: ~3%-points lower Expectations 6 May 2026 On a non-adjusted basis, the mid-point of sales and operating profit growth guidance for 2026, both at CER, would be 5% and 12%, respectively
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13 Novo Nordisk® Investor presentation Second quarter of 2026 Key priorities for Novo Nordisk in 2026 Drive competitiveness Reinforce organisational focus Strengthen R&D pipeline CMD26 CAPITAL MARKETS DAY London • 21 September 2026
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14 Novo Nordisk® Investor presentation Second quarter of 202614 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 21 September 2026 Capital Markets Day 2026 4 November 2026 Financial results for the first nine months of 2026 3 February 2027 Financial statement for 2026 Upcoming events Michael Novod +45 3075 6050 nvno@novonordisk.com Sina Meyer +45 3079 6656 azey@novonordisk.com Ida Schaap Melvold +45 3077 5649 idmg@novonordisk.com Alex Bruce +45 3444 2613 axeu@novonordisk.com Christoffer Togo Solgaard-Tullin +45 3079 1471 cftu@novonordisk.com Mads Berner Bruun +45 3075 2936 mbbz@novonordisk.com Frederik Taylor Pitter (USA) +1 609 613 0568 fptr@novonordisk.com
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15 Novo Nordisk® Investor presentation Second quarter of 2026 Agenda Novo Nordisk corporate strategy Obesity& Diabetes& Rare Disease Regional information Financials and Global Manufacturing & Supply Purpose & Sustainability Appendix
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16 Novo Nordisk® Investor presentation Second quarter of 2026 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; IQVIA MIDAS, May 2026 data Focus will remain on core therapy areas and prioritising unmet needs, including comorbidities ILLUSTRATIVE Transformation includes sharpening existing strategy • Intensified R&D in core therapy areas including obesity, diabetes and related comorbidities • Optimised 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 ~9% 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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17 Novo Nordisk® Investor presentation Second quarter of 2026 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, May 2026 data 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, 9% of total estimated diabetes prescriptions are for a GLP-1 Around ~1% of people with obesity globally are treated with branded AOMs 0 4 8 12 16 20 24 2024 2025 Estimated prescriptions (in millions)3 US EUCAN Emerging Markets APAC Region China 21% 13% 4% 4% Global: 9% 3% Million people 934 0 250 500 750 1,000 Obesity prevalence2 Est. patients currently on NN branded AOMs ~5 US 2026 APAC EUCAN Region China Emerging Markets
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Novo Nordisk® 18 Investor presentation Second quarter of 2026 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 disorders; 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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19 Novo Nordisk® Investor presentation Second quarter of 2026 Partnerships and acquisitions support future research and development Selected acquisitionsSelected licenses Novel treatments for metabolic diseases Novel treatments for Rare disease Oral formulations of therapeutics Novel treatments for CVD Novel treatment for metabolic diseases siRNA treatments Novel treatment for CVD Novel treatment for metabolic diseases 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 2019-2026Q2. Selection based on deal size 2020 – 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 2026 Advanced AI capabilities
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20 Novo Nordisk® Investor presentation Second quarter of 2026 Pipeline supports significant growth opportunities across strategic focus areas PHASE 1 PHASE 2 PHASE 3 SUBMITTED NN9638 – Amylin 355 NN9440 – Monlunabant NN9833 – Cagrilintide NN9838 – CagriSema1 NN9839 – Amylin 1213 NN9662 – Triple NN9490 – Sc. zenagamtide NN9931 – Semaglutide 2.4 mg for MASH2 NN4005 – SLC25A5 in MASH NN9487 – Oral zenagamtide NN9062 – Efruxifermin in MASH Oral semaglutide 25 mg for MASH3 NN6989 – Oral ACSL5i NN9559 – UBT251 (GGG tri-agonist) NN9388 – CagriSema NN7769 – Denecimig in HA4 NN9695 – GLP-1 analogue NN9489 – Sc. zenagamtide NN6018 – Ziltivekimab in ASCVD and CKD Concizumab®5 NN1644 – GSI NN9487 – Oral zenagamtide NN6018 – Ziltivekimab in HFpEF Sogroya®6 NN6537 – CNP in HF NN6706 – CDR132L NN6018 – Ziltivekimab in AMI NN9733 – GYS2 GalXC NN9663 – Triple NN6019 – Coramitug in ATTR Cardiomyopathy NNC16790001 NN9559 – UBT251 (GGG tri-agonist) NN7535 – Etavopivat in SCD NNC0497-0040 NN7533 – NDec in SCD Other phase 3 trials NLRP3 inhibitor NN7536 – Etavopivat in Thalassemia REDEFINE 11 – Cagrisema NN7442 – Inno8 NN9064 – Zaltenibart PNH REDEFINE high dose - CagriSema FOCUS – Sema 1.0 mg in diabetic retinopathy 1Submitted in the US for weight management 2Submitted in EU and China, approved in UK and Japan 3Submitted in the US 4Submitted in the EU, US, and China for HA with and without inhibitors 5Submitted a paediatric label extension application to the US FDA, EMA, and Japan for Alhemo® 6Submitted for regulatory approval of Turner Syndrome in the EU, US and Japan AMI: Acute myocardial infarction; ASCVD: Atherosclerotic Cardiovascular Disease; ATTR: Transthyretin amyloidosis; CKD: Chroni c kidney disease; HA: Haemophilia A; HF: Heart failure; HFpEF: heart failure with preserved ejection fraction ; MASH: Metabolic dysfunction-associated steatohepatitis; Sc.: Subcutaneous; SCD: Sickle cell disease; Sema: semaglutide; T2D: Type 2 diabetes Diabetes&Obesity& Rare blood disorders Rare endocrine disorders Project progression since last quarter Project terminated since last quarter
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21 Novo Nordisk® Investor presentation Second quarter of 2026 MASH MASH Obesity innovation Obesity innovation Obesity disease background Obesity disease background Obesity&
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22 Novo Nordisk® Investor presentation Second quarter of 2026 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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23 Novo Nordisk® Investor presentation Second quarter of 2026 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 7.2 mg) 20.7% weight loss1 OASIS 4 (Wegovy® pill) 16.6% weight loss1 Disease overlap in the United States 1Trial product estimand; 2Myocardial 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 ASCVD2 ~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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24 Novo Nordisk® Investor presentation Second quarter of 2026 -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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25 Novo Nordisk® Investor presentation Second quarter of 2026 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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26 Novo Nordisk® Investor presentation Second quarter of 2026 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 composite 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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27 Novo Nordisk® Investor presentation Second quarter of 2026 • 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 (Semaglutid e Effects on Cardiovascular Outcomes in People with Overweight 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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28 Novo Nordisk® Investor presentation Second quarter of 2026 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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29 Novo Nordisk® Investor presentation Second quarter of 2026 Wegovy® pill has a differentiated label in the US 1Efficacy estimand. 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. 3Per semaglutide FDA Prescribing Information. 4Per orforglipron FDA Prescribing Information. *Maximum dosage 9 mg OD of orforglipron. †Do not exceed simvastatin 20 mg OD. ‡For 30 days after initiation and for 30 days after each dose escalation. CYP3A4: Cytochrome P450 3A; DDI: Drug–drug interaction; FDA: US Food and Drug Administration; MACE: Major adverse cardiovascular events; OATP1B: Organic anion transporting polypeptide 1B; OD: Once -daily; US: United States Note: The information presented reflects selected attributes of the listed products. The US FDA -approved Prescribing Information for each product contains complete and comprehensive information. Wegovy® pill Differences in oral GLP-1 DDI restrictions and population use in US labels No drug-drug interaction restrictions3 Patient-years of real-world exposure ~50 million MACE reduction220% Best-in-class weight loss116.6% DDI/population use oral semaglutide3 orforglipron4 Strong CYP3A4 inhibitors No interaction Dose restriction* Avoid concomitant use of CYP3A4 + OATP1B inhibitors Strong CYP3A4 inducers No interaction Avoid concomitant use Moderate CYP3A4 inducers No interaction Monitor Simvastatin No interaction Dose restriction† Levothyroxine Monitor No interaction Oral contraceptives guidance No interaction Use non-oral or barrier method‡ Severe hepatic impairment No significant differences Not recommended
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30 Novo Nordisk® Investor presentation Second quarter of 2026 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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31 Novo Nordisk® Investor presentation Second quarter of 2026 *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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32 Novo Nordisk® Investor presentation Second quarter of 2026 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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33 Novo Nordisk® Investor presentation Second quarter of 2026 *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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34 Novo Nordisk® Investor presentation Second quarter of 2026 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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35 Novo Nordisk® Investor presentation Second quarter of 2026 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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36 Novo Nordisk® Investor presentation Second quarter of 2026 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 • US decision on CagriSema submission in obesity expected in Q4 2026 • Potential to leverage semaglutide CV effect. In REDEFINE 3 exploring potential complementary amylin effects • REDEFINE 9 exploring lower maintenance doses completed • REDEFINE 11 initiated to explore further weight loss potential • Phase 3b trial with CagriSema high-dose initiated in Q2 2026 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 9 Maintenance doses 1.0 and 1.7 mg REDEFINE 11 WL in Obesity • 7,000 participants • Primary endpoint: 3-point MACE • 300 participants • 64-week vs. placebo • Primary endpoint: Weight loss 2025 2026 • 600 participants • 80-week vs. placebo • Primary endpoint: Weight loss CagriSema high-dose WL in Obesity
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37 Novo Nordisk® Investor presentation Second quarter of 2026 Next steps: • Phase 3 programme was initiated 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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38 Novo Nordisk® Investor presentation Second quarter of 2026 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 has advanced 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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39 Novo Nordisk® Investor presentation Second quarter of 2026 The AMAZE and AMBITION phase 3 programmes are designed to explore the potential of zenagamtide in obesity and diabetes 1AMAZE 4 has also been initiated to investigate zenagamtide in people with obesity and sleep apnoea. 2AMAZE 6 has also been initiated to investigate zenagamtide in people with obesity and knee OA 3High dose includes zenagamtide 20 mg and 40 mg doses. 4Low dose includes zenagamtide 1.25 mg and 5 mg AHI: apnea-hypopnea index; H2H: Head-to-head; HbA1c: Haemoglobin A1C; HF: heart failure; H2H: head-to-head; MACE: Major adverse cardiovascular events; OA: Osteoarthritis; OSA: Obstructive sleep apnoea; Sema: Semaglutide; SoC: Standar d of care; T2D: Type 2 Diabetes; WOMAC: Western Ontario and McMaster Universities Arthritis Index; WL: Weight loss Note: The project timelines are directional 2026 2027 2028 Selected zenagamtide phase 3 trials in obesity programme 2026 2027 2028 Selected zenagamtide phase 3 trials in diabetes programme • 84-week vs. placebo (52-week ext. phase) • Primary endpoint: Weight loss AMAZE 1 WL in Obesity • 84-week vs. placebo • Primary endpoint: Weight loss AMAZE 2 WL in T2D • 80-week vs. placebo • Co-primary endpoint: AHI/WL AMAZE 3 OSA1 • 80-week vs. placebo • Co-primary endpoint: WOMAC/WL AMAZE 5 Knee OA2 • 76-week vs. placebo • Primary endpoint: Weight loss AMAZE 9 Oral zenagamtide • 44-week vs placebo • Primary endpoint: HbA1c AMBITION 1 Monotherapy • 52-week vs placebo • Primary endpoint: HbA1c AMBITION 2 Add on to insulin • 60-week vs sema 1.0 mg • Primary endpoint: HbA1c AMBITION 3 H2H high dose3 • Up to 165-weeks vs. placebo • Primary endpoint: Time to first composite HF endpoint HF Polaris Add on to SoC
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40 Novo Nordisk® Investor presentation Second quarter of 2026 *Initial dose of 1.0 mg; 1Results based on the efficacy estimand according to the trial protocol, regardless of dose modification Note: Novo Nordisk A/S entered an exclusive license agreement with United Biotechnology for UBT251 in March 2025. Under the a greement, Novo Nordisk obtained exclusive worldwide rights (excluding Chinese mainland, Hong Kong, Macau, and Taiwan) to develop, manufacture and commercialise UBT251. United Biotechnology retained the rights for UBT251 in Chinese mainland, Hong Kong, Macau and Taiwan. Source: Zhou Z et al. ADA 86th Scientific Sessions 2026, New Orleans, United States, 5 –8 June 2026 UBT251 achieved up to 19.7% mean weight loss and more than 48% of participants achieved ≥20% weight loss in phase 2 Mean change in body weight1 Mean baseline body weight 92.2 kg ≥20% body weight reduction after 24 weeks1 -13.6 -16.2 -19.7 -18.7 -2.0 -25 -20 -15 -10 -5 0 0 4 8 12 16 20 24 UBT251 2.0 mg UBT251 4.0 mg UBT251 4.0 mg* UBT251 6.0 mg Placebo Time since randomisation (weeks) Change in body weight (%) 48.4 0 25 50 UBT251 2.0 mg UBT251 4.0 mg UBT251 4.0 mg* UBT251 6.0 mg Placebo 19.0 24.0 48.0 0 % of participants UBT251 improved body weight, body mass index, and waist circumference vs placebo
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41 Novo Nordisk® Investor presentation Second quarter of 2026 AE: Adverse event; GI: Gastrointestinal; TEAE: Treatment -emergent adverse event; T2D: Type 2 diabetes Note: Novo Nordisk A/S entered an exclusive license agreement with United Biotechnology for UBT251 in March 2025. Under the agreeme nt, Novo Nordisk obtained exclusive worldwide rights (excluding Chinese mainland, Hong Kong, Macau, and Taiwan) to develop, manufacture and commercialise UBT251. United Biotechnology retained the rights for UBT251 in Chinese mainland, Hong Kong, Macau and Taiwan. Source: Zhou Z et al. ADA 86th Scientific Sessions 2026, New Orleans, United States, 5 –8 June 2026 UBT251 appeared to have a safe and well-tolerated profile and is now in a phase 1b/2a global obesity study • No significant dose-related trend on the overall TEAE incidence in the UBT251 arms • The most common adverse events were gastrointestinal • The vast majority of GI AEs were mild to moderate and diminished over time, consistent with incretin-based therapies UBT251 is being investigated in a global Phase 1b/2a study Trial objectives • Investigate safety, tolerability and dose-response of UBT251 in participants with overweight or obesity • Compare the effect of different doses of UBT251 vs. placebo on relative change in body weight Next steps • Obesity data expected in H1 2027 • Global phase 2 trial in T2D initiated in Q2 2026 2.0 mg (n=51) Total 4.0 mg (n=50) 6.0 mg (n=54) Placebo (n=50) Incidence of TEAEs 92.3% 88.0% Discontinuations due to AEs 0% 4% 0% 0% Part B: multiple ascending dose 5 dose arms Part A: multiple ascending dose 0Week 28 UBT251 safety and tolerability was consistent with incretin-based therapies ILLUSTRATIVE
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42 Novo Nordisk® Investor presentation Second quarter of 2026 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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43 Novo Nordisk® Investor presentation Second quarter of 2026 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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44 Novo Nordisk® Investor presentation Second quarter of 2026 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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45 Novo Nordisk® Investor presentation Second quarter of 2026 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® HD (semaglutide 7.2 mg) Marketed Wegovy® (semaglutide 2.4 mg)1 Marketed Wegovy® pill (semaglutide 25 mg)2 Marketed CagriSema (2.4 mg/2.4 mg) Submitted in the US Cagrilinitide Phase 3 ongoing Sc zenagamtide Phase 3 ongoing Efruxifermin Phase 3 ongoing Oral zenagamtide Phase 3 to be initiated Monlunabant Project terminated UBT251 (GGG tri-agonist) Phase 2 ongoing Triple (tri-agonist) Phase 1b/2 ongoing Amylin 355 Phase 1 ongoing Amylin 1213 Phase 1 ongoing Oral ACSL5i Phase 1 ongoing GLP-1 analogue Phase 1 ongoing SLC25A5 in MASH 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 MoA: Mode of action; 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 46 Investor presentation Second quarter of 2026 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark Diabetes& Diabetes innovation Diabetes innovation Disease and market Cardiovascular disease Cardiovascular disease
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47 Novo Nordisk® Investor presentation Second quarter of 2026 Diabetes is a serious chronic disease with increasing prevalence worldwide and multiple associated comorbidities 1ADA. Diabetes Care 2022;45:S1-S264 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; Estimated patient share, IQVIA MAT, Feb 2026 In 2050, ~850 million adults are expected to live with diabetes Volume growing ~8% with more people using GLP-1s and SGLT-2is 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 20% 16% 8% 8% 20%14% 12% 55% 44% 3% 2021 2025 Estimated prescription share per treatment category Trad. OAD DPP-4i SGLT-2i GLP-1 Insulin
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Novo Nordisk® Investor presentation Second quarter of 202648 GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines 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 glycaemic goals MASLD or MASH4 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
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49 Novo Nordisk® Investor presentation Second quarter of 2026 The total branded diabetes market has a global value of DKK ~541 billion annually 510 105 252 28 125 541 101 285 27 127 0 100 200 300 400 500 600 Total Insulin GLP-1 DPP-4i SGLT-2i 2024 2025 276 40 184 6 46 298 38 207 9 44 0 100 200 300 Total Insulin GLP-1 DPP-4i SGLT-2i 234 66 68 21 79 243 63 79 18 83 0 100 200 300 Total Insulin GLP-1 DPP-4i SGLT-2i DKK billion DKK billion DKK billion +10% -1% +18% +1% +5% Global diabetes market The USA Outside the USA +12% +17% +47% -1% +7% -1% +19% -13% +8% Growth at CER -1% 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 2025; 2025 data based on Q1 2025 to Q4 2025 and 2024 data based on Q1 2024 to Q4 2024
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50 Novo Nordisk® Investor presentation Second quarter of 2026 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 * -1.6 * -1.3 * -1.8 * -1.4 * -1.8 * -1.5 * -1.3 * -2.2* 0.0 -0.5 -0.1 -1.1 -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 * -6.1 * -4.3 * -6.4 * -3.7 * -6.5 * -4.6 * -6.9* -1.0 -1.9 -1.4 -3.0 -2.3 -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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51 Novo Nordisk® Investor presentation Second quarter of 2026 -4.1* -2.5* -3.3* -2.2* -1.2* -4.1 * -3.0* -1.3 * -9.2* -7.0* -1.7 -1.5 -4.2 -3.8 -0.7 0.6 -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 T2 D 1 2 3 8 PLUS -1.5* -1.3* -0.8* -1.4* -1.4* -1.1* -1.4 * -1.0* -0.6 * 0.0 -2.2* -1.9* -0.1 -0.9 -0.5 -0.8 -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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52 Novo Nordisk® Investor presentation Second quarter of 2026 *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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53 Novo Nordisk® Investor presentation Second quarter of 2026 Most CagriSema pivotal trials successfully completed in type 2 diabetes with submission expected late 2027 2024 2025 20272026 CagriSema characteristics Global phase 3 pivotal trials CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and semaglutide 2.4 mg Phase 3a programme with CagriSema in T2D: • Aims to confirm efficacy and safety across four global trials Next steps • REIMAGINE 1, 2, and 3 are completed • Pending REDEFINE 3, Novo Nordisk will approach authorities to discuss the regulatory pathway for CagriSema in T2D • 180 patients with T2D • 40-week vs. placebo • Primary endpoint: HbA1c REIMAGINE 1 vs placebo • 2700 pts with T2D, MET +/- SGLT-2i • 68-week vs. semaglutide, cagrilintide and placebo • Primary endpoint: HbA1c and WL REIMAGINE 2 FDC trial • 7000 patients1 • Event driven • Primary endpoint: 3-point MACE REDEFINE 3 CVOT – shared with obesity programme • 270 patients with T2D, Basal insulin +/- MET • 40-week vs. placebo • Primary endpoint: HbA1c REIMAGINE 3 Add-on to insulin 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; Pts: patients Note: CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg
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Novo Nordisk® REIMAGINE pivotal trials tested CagriSema versus semaglutide, cagrilintide and placebo in people with type 2 diabetes Second quarter of 2026Investor Relations BMI: Body mass index; HbA1c: Haemoglobin A1C; sema: semaglutide; SGLT2i: Sodium-glucose co-transporter 2 inhibitors; T2D: Type 2 diabetes Source: Aroda V., Jain A., & Rosenstock J. ADA 86th Scientific Sessions 2026, New Orleans, United States, 5 –8 June 2026 REIMAGINE 1 compares CagriSema vs placebo in HbA1c from baseline to week 40 REIMAGINE 2 compares CagriSema vs sema in HbA1c from baseline to week 68 REIMAGINE 3 compares CagriSema vs placebo in HbA1c from baseline to week 40 n 189 Dose escalation 12 weeks follow-up Treatment maintenance Dose escalation Week 7 weeks follow-up Treatment maintenance 160 68 Dose escalation 7 weeks follow-up Treatment maintenance 2,713 Placebo cagrilintide 2.4 mg CagriSema 1.0 mg and 2.4 mg semaglutide 1.0 mg and 2.4 mg Inadequately controlled with metformin, with or without SGLT2i Female 42.9% Mean BMI 35.1 kg/m2 Mean body weight 100.9 kg Week 160 40 CagriSema 2.4 mg CagriSema 1.0 mg Placebo Inadequately controlled with diet and exercise alone Female 45.5% Mean BMI 35.2 kg/m2 Mean body weight 101.3 kg Week 160 40 n 274 CagriSema 2.4 mg CagriSema 1.0 mg Placebo Treated with basal insulin with or without metformin Female 42.2% Mean BMI 31.6 kg/m2 Mean body weight 88.2 kg n semaglutide 1.0 mg/2.4 mg 54
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Novo Nordisk® 1Based on the efficacy estimand according to the trial protocol, regardless of dose modification 2Estimated proportions based on on-treatment without rescue observation period. HbA1c: Haemoglobin A1C; WL: weight loss Source: Jain A. ADA 86th Scientific Sessions 2026, New Orleans, United States, 5 –8 June 2026 CagriSema demonstrated superior HbA1c reduction and weight loss in the REIMAGINE 2 phase 3 trial Investor Relations Second quarter of 2026 Change in HbA1c (%-points) Mean baseline HbA1c: 8.2% CagriSema demonstrated superior weight loss vs semaglutide1 Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 100.9 kg -15 -10 -5 0 0 8 16 28 36 44 52 60 68 681 Categorical weight loss CagriSema 2.4 mg2 ≥15% WL reduction ≥20% WL reduction 42.8% 23.7% CagriSema demonstrated superior HbA1c reduction vs semaglutide1 CagriSema 2.4 mg CagriSema 1.0 mg cagrilintide 2.4 mg semaglutide 2.4 mg semaglutide 1.0 mg Placebo -2.0 -1.5 -1.0 -0.5 0.0 -1.9 -1.8 -1.8 -1.5 -0.8 0.1 55 -1.5 -7.5 -8.4 -10.2 -12.0 -14.2
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Novo Nordisk® 1Based on the efficacy estimand according to the trial protocol, regardless of dose modification. HbA1c: Haemoglobin A1C; WL: weight loss Source: Aroda V. & Rosenstock J. ADA 86th Scientific Sessions 2026, New Orleans, United States, 5 –8 June 2026 CagriSema demonstrated superior HbA1c reduction and weight loss in both REIMAGINE 1 and 3 phase 3 trials Investor Relations Second quarter of 2026 Change in HbA1c (%-points) REIMAGINE 1 Mean baseline HbA1c: 7.8% CagriSema demonstrated superior weight loss vs placebo in both REIMAGINE 1 and 31 CagriSema demonstrated superior HbA1c reduction vs placebo in both REIMAGINE 1 and 31 Change in body weight, (%) CagriSema 2.4 mg CagriSema 1.0 mg Placebo REIMAGINE 1 Mean baseline body weight: 101.3 kg -13.8% -11.8% -1.4% REIMAGINE 3 Mean baseline body weight: 88.2 kg -12.0% -10.4% 1.1% REIMAGINE 3 Mean baseline HbA1c: 8.8% -2.5 -2.0 -1.5 -1.0 -0.5 0.0 -1.8 -1.5 -0.1 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 -2.3 -2.1 -0.7 CagriSema 2.4 mg CagriSema 1.0 mg Placebo 56
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Novo Nordisk® The REIMAGINE trials confirm the potential of CagriSema in T2D, offering strong weight loss and superior HbA1c reduction • REDEFINE 3 (CVOT) is expected to read- out in second half of 2027 • Regulatory pathway for CagriSema T2D and obesity in EU pending REDEFINE 3 • CagriSema HD has been initiated in Q2 2026, exploring weight loss in people living with obesity with and without T2D Next steps *Based on the efficacy estimand according to the trial protocol, regardless of dose modification. **Estimated proportions based on on-treatment without rescue observation period. 1Jain A. ADA 86th Scientific Sessions 2026; Aroda V. & Rosenstock J. ADA 86th Scientific Sessions 2026, New Orleans, United States, 5 –8 June 2026 2Steven P Marsoe, SUSTAIN-6, N Engl J Med 2016;375:1834-1844 3Vlado Perkovic et al, FLOW, N Engl J Med 2024;391:109-121 CV: Cardiovascular; CVOT: cardiovascular outcomes trial; HbA 1c: Haemoglobin A1C; HD: high dose; T2D: type 2 diabetes Investor Relations Second quarter of 202657 1.8-2.3%-p Reduction HbA1c 1 Superior HbA1c control* Glycaemic control Weight loss CagriSema combines GLP-1 with the innovation of amylin Building on semaglutide’s proven foundation 14.2% Weight loss1 Superior weight loss vs semaglutide* 42.8% ≥15% WL reduction1 Categorical weight loss** 26% MACE reduction2 Best in class CV protection CV protection 24% Reduction in Major Kidney Disease Events3 Superior reduction in kidney disease progression ~50 million years Patient-years of real- world exposure Kidney outcome Safety
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58 Novo Nordisk® Investor presentation Second quarter of 2026 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 initiated 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 we ekly Note: Results published in Company Announcement 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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59 Novo Nordisk® Investor presentation Second quarter of 2026 -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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60 Novo Nordisk® Investor presentation Second quarter of 2026 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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61 Novo Nordisk® Investor presentation Second quarter of 2026 Novo Nordisk has a focused approach on Diabetes& 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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62 Novo Nordisk® Investor presentation Second quarter of 2026 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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63 Novo Nordisk® Investor presentation Second quarter of 2026 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 Insulins3 Marketed Awiqli®4 Marketed Kyinsu®5 Approved CagriSema (2.4 mg/2.4 mg) Phase 3 completed Ziltivekimab, HFpEF, AMI, ASCVD and CKD Phase 3 ongoing Coramitug, ATTR-Cardiomyopathy Phase 3 ongoing Zenagamtide Phase 3 to be initiated CDR132L, Heart failure Phase 2 ongoing Triple Phase 2 ongoing UBT251 (GGG tri-agonist) Phase 2 ongoing GSI Phase 1 completed GYS2 GalXC Phase 1 ongoing NNC16790001 Phase 1 ongoing NNC0497-0040 Phase 1 ongoing NLRP3 inhibitor 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®, Levemir®, Ryzodeg® NovoMix®, Fiasp®, and NovoRapid® 4Launched in several countries in IO 5Approved for T2D in the EU, China, and Japan AMI: Acute myocardial infarction; ATTR: Transthyretin amyloidosis; CKD: Chronic Kidney Disease; CVD: Cardiovascular disease; CVOT: Cardiovascular Outcome Trial; GSI: Glucose Sensitive Insulin; HF: Heart failure; HFpEF: heart failure with preserved ejection fraction; OW: Once-weekly; 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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64 Novo Nordisk® Investor presentation Second quarter of 2026 64 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada Investor presentation Second quarter of 2026 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada Rare disease Rare disease innovation Rare disease innovation Rare disease background
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65 Novo Nordisk® Investor presentation Second quarter of 2026 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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66 Novo Nordisk® Investor presentation Second quarter of 202666 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 NovoThirteen® Rare disease sales performance Rare disease sales increased by 9% in 2025 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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67 Novo Nordisk® Investor presentation Second quarter of 2026 Status • Denecimig submitted for regulatory 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; Mim8: denecimig; OW: Once weekly; OM: Once monthly; PPX: Prophylaxis Note: Rounded numbers. Mancuso ME et al. N Engl J Med. 2026; 394:1696-1709.
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68 Novo Nordisk® Investor presentation Second quarter of 2026 HIBISCUS phase 3 trial explored etavopivat’s potential to meet a severe unmet need in sickle cell disease Trial objective and design considerations • Investigate the efficacy and safety of etavopivat 400 mg in adults and adolescents with SCD • Co-primary endpoints: Annualised VOC rate reduction (%), haemoglobin response >1g/dL at week 24 (%) vs placebo • 70% of participants in the trial were on hydroxyurea 1GBD 2021 Sickle Cell Disease Collaborators, Lancet Haematol., 2023; 2Crizanlizumab was approved by the FDA in 2019 and EU in 2020 and withdrawn from EU markets in 2023. Voxelotor was approved by the FDA in 2019 and withdrawn globally in 2024. Two gene therapies were approved in 2023. PKR: Pyruvate kinase-R; QD: Once-daily; SCD: Sickle cell disease HIBISCUS Company Announcement No 26 / 2026 Sickle cell disease impacts ~8 million people globally1 HIBISCUS phase 3 trial with 385 people ≥12 years old with SCD R Etavopivat 400 mg Placebo1:1 0Week 52 Chronic disease with lifelong, multi-organ burden and severe impact on quality of life • Characterized by haemolytic anemia and vaso- occlusive crisis (VOC) events • Life expectancy reduced by ~30 years Available therapies are underutilised and offer partial benefit Limited options available, with four approvals in >25 years2 Etavopivat is designed to improve red blood cell health via PKR activation • Mechanism addresses two pathways at once • QD oral that can be used with standard of care
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69 Novo Nordisk® Investor presentation Second quarter of 2026 • Time to first VOC was delayed by ~4 months • Risk of blood transfusion was significantly reduced with etavopivat • Etavopivat appeared to be well tolerated Next steps • HIBISCUS2 phase 3b trial ongoing • First regulatory filing for etavopivat expected in Q4 2026 Etavopivat is first in a new class of drugs to show significant reduction of VOC rate and improvement in Hb levels in phase 3 1Hb response defined as >1g/dL at week 24 (%) vs placebo. Adjusted rate difference of 41.2% versus placebo. Hb: Haemoglobin; VOC: Vaso-occlusive crisis HIBISCUS Company Announcement No 26 / 2026 Etavopivat successfully met both co-primary endpoints in HIBISCUS Time to first VOC (weeks) Annualized VOC reduction 27% Hb response with treatment1 48.7% 0 10 20 30 40 50 Placebo Etavopivat 20.9 38.4 ~4 months delay
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70 Novo Nordisk® Investor presentation Second quarter of 2026 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® Project Phase Rare Blood Disorders marketed products1 Marketed Rare Endocrine Disorders marketed products2 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 Denecimig in Rare Blood Disorders Submitted in major markets Etavopivat in Sickle Cell Disease Phase 3 completed Etavopivat in Thalassemia Phase 2 completed NDec in Sickle Cell Disease Phase 2 completed Zaltenibart PNH Phase 2 completed Inno8 in Rare Blood Disorders Phase 1b 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 Second quarter of 202671 Regional information Regional information
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Novo Nordisk® Investor presentation Second quarter of 2026 NAO 72 51% 52% 16% 16% 21% 22% 4% 4%8% 7% 2020 2024 26% 5% 23% 3% 7% 31% 5% 2025 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 (NHE Tables - table 22) PBM: Pharmacy Benefit Manager; UHG: UnitedHealth Group Source: Drug Channels Institute research and estimates. Calculated based on total equivalent prescription claims. 2025 data from The 2026 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers Source: Novo Nordisk Annual Report 2025 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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73 Novo Nordisk® Investor presentation Second quarter of 2026 Obesity continues to be key growth driver for Novo Nordisk with global branded obesity volume market growing 81% Global Obesity market growth: 81% Obesity Q2 sales: 23,152 mDKK Obesity Q2 sales growth: 16% CER Emerging Markets Obesity market growth: 55% Obesity Q2 sales: 2,474 mDKK Obesity Q2 sales growth: 45% CER International Operations Obesity market growth: 71% Obesity Q2 sales: 10,328 mDKK Obesity Q2 sales growth: 37% CER US Operations Obesity market growth: 87% Obesity Q2 sales: 12,824 mDKK Obesity Q2 sales growth: 4% CER EUCAN Obesity market growth: 82% Obesity Q2 sales: 5,908 mDKK Obesity Q2 sales growth: 52% CER APAC Obesity market growth: 53% Obesity Q2 sales: 1,611 mDKK Obesity Q2 sales growth: -9% 1MG gain/loss compared with Feb 2025 reported MG APAC: Japan, Korea, Oceania and Southeast Asia; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; MG: Market growth; MS: Market share; NN: Novo Nordisk; Region China: Mainland China, Hong Kong and Taiwan; US: United States Note: Sales growth for the Q2 2026 at constant exchange rates Source: IQVIA MAT, May 2026 volume figures Region China Obesity market growth: N/A Obesity Q2 sales: 335 mDKK Obesity Q2 sales growth: 104% CER
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74 Novo Nordisk® Investor presentation Second quarter of 2026 Financials and Global Manufacturing & Supply Capital allocation Capital allocation Product supply Product supply
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75 Novo Nordisk® Investor presentation Second quarter of 2026 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 26 15 4 0 10 20 30 40 50 Million patients on NN products in 2025 Insulin GLP-1 Diabetes GLP-1 Obesity
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76 Novo Nordisk® Investor presentation Second quarter of 2026 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 From CMD24
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77 Novo Nordisk® Investor presentation Second quarter of 2026 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 From CMD24
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Novo Nordisk® 78 Investor presentation Second quarter of 2026 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 2026 March Athlone Ireland Oral portfolio 3 bDKKTypical 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 Oral Portfolio
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Novo Nordisk® 79 Investor presentation Second quarter of 2026 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 was paid in March 2026 • A 12-month share buyback programme of up to DKK 15 billion was initiated in February 2026 • Total cash return to shareholders in 2026 expected to exceed DKK 60 billion2, including an interim dividend of DKK 3.75 per share, that will be paid in August 2026 Continued attractive capital allocation to shareholders 1Including interim dividend of DKK 3.75 per share paid in August 2025. 2Based on 2025 ordinary dividend paid in March 2026, share buyback programme in 2026 of up to DKK 15 billion and 2026 interim dividend of DKK 3.75 per share. 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 and dividend
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Novo Nordisk® 80 Investor presentation Second quarter of 2026 RANJITH S. Ranjith lives with type 1 diabetes India Purpose & Sustainability Environmental responsibility 150 Sustainable business 148 Governance 158 Social responsibility 153 80 Investor presentation Second quarter of 2026 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® 81 Investor presentation Second quarter of 2026 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 30 June 2026.
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Novo Nordisk® 82 Investor presentation Second quarter of 2026 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® 83 Investor presentation Second quarter of 2026 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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84 Novo Nordisk® Investor presentation Second quarter of 2026 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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85 Novo Nordisk® Investor presentation Second quarter of 2026 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 21 September 2026 Capital Markets Day 2026 4 November 2026 Financial results for the first nine months of 2026 3 February 2027 Financial statement for 2026 Upcoming events Michael Novod +45 3075 6050 nvno@novonordisk.com Sina Meyer +45 3079 6656 azey@novonordisk.com Ida Schaap Melvold +45 3077 5649 idmg@novonordisk.com Alex Bruce +45 3444 2613 axeu@novonordisk.com Christoffer Togo Solgaard-Tullin +45 3079 1471 cftu@novonordisk.com Mads Berner Bruun +45 3075 2936 mbbz@novonordisk.com Frederik Taylor Pitter (USA) +1 609 613 0568 fptr@novonordisk.com