Slides
Page 1
Investor presentation Q3 2026
Page 2
Agenda Progress on 2030 ambitions Commercial execution Research & Development Financials Investor presentation Q3 20262
Page 3
Investor presentation Q3 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, may contain certain forward-looking statements relating to the operating, research & development, financial and sustainability performance and results of Novo and/or the industry in which it operates. Forward-looking statements can be identified by the fact that they do not relate to historical or current facts and include guidance. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘transition plan’, ‘prospect’, ‘aspiration’, ‘ambition’, ‘upcoming’, ‘become’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning, as they relate to Novo or our management, are intended to identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • Statements of targets, future guidance, (transition) plans, objectives, ambitions, aspirations or goals for future operations, including those related to operating, financial and sustainability matters, Novo’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto; • Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures; • Statements regarding future economic performance, future actions and outcome of contingencies, such as legal proceedings; and • Statements regarding the assumptions underlying or relating to such statements. By their very nature, forward-looking statements involve risks, uncertainties and assumptions, both general and specific, and actual results may differ materially from those contemplated, expressed or implied by any forward-looking statement. Factors that may affect future results include, but are not limited to, global as well as local political, economic and environmental conditions, such as interest rate and currency exchange rate fluctuations or climate change, delay or stoppage or failure of projects related to clinical trial conduct or research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo relies, shortages of supplies, including energy supplies, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo’s products, introduction of competing products, reliance on information technology including the risk of cybersecurity breaches (Novo has experienced events of IT security breaches in the past), Novo’s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, and taxation changes, including changes in tariffs and duties, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, effects of domestic or international crises, civil unrest, war or other conflict and factors related to the foregoing matters and other factors not specifically identified herein. For an overview of certain risks that could adversely affect Novo’s results or the accuracy of its forward-looking statements , reference is made to ‘Risks management’ in the Annual Report 2025. None of Novo or its officers or employees accept any responsibility for the future accuracy of its forward-looking statements. Unless required by law, Novo 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
Page 4
Drive sustainable growth 2030 ambitions | Q3 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. BLA: Biologics license application; CER: Constant exchange rates; EU: European Union; FHD: First human dose; SDD: Single dose device; US: United States Diabetes • CagriSema phase 3 trial REIMAGINE 5 successfully completed • Zenagamtide phase 3 trial AMBITION 7 initiated Obesity • CagriSema 1.0/1.0 mg delivered 21% weight loss in phase 3 trial REDEFINE 9 • Oral zenagamtide phase 3 trial AMAZE 9 initiated • Oral amylin 355 phase 2 trial initiated Blood & endocrine disorders • Frehemgo® (denecimig) positive opinion in EU and denecimig BLA review extended in US Grow and diversify pipeline obesity sales growth at CER Adjusted sales growth of 4% at CER • GLP-1 volume growth across geographies Wegovy® pill now launched in 8 markets globally Wegovy® 7.2 mg SDD now launched in 18 markets globally Ozempic® 2.0 mg launched in >10 markets ongoing phase 3 programmes Adjusted operating profit growth of 27% at CER • Favourably impacted by restructuring costs in Q3’25 Outlook raised for 20261 • Adj. sales growth of -2% to +2% at CER • Adj. operating profit growth of -2% to +2% at CER Deliver attractive returns >28 bDKK generated in free cash flow 32 bDKK generated in adjusted operating profit Investor presentation Q3 20264 47.8 million7 22%10 people on obesity & diabetes treatments FHDs initiated by end of October
Page 5
Growth recovery supported by more people treated across both diabetes and obesity 1Quarterly net additions. Based on the estimated total number of full -year people reached over a 12 -month period reported in Novo’s quarterly financial reports CER: Constant exchange rates Investor presentation Q3 20265 People added on Novo diabetes and obesity treatments by quarter1 Millions, sequential net change Q4 2025 Q1 2026 Q2 2026 Q3 2026 -4% 7% 4% CER group sales growth by quarter Year-on-year change 0.4 0.5 0.4 0.6 -0.4 -0.8 0.8 0.7 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0 -0.3 1.2 1.3 Obesity Diabetes +2.5 million net increase in people on Novo treatments -2% -4% -0.3
Page 6
0 20 40 60 US IO EUCAN Emerging Markets APAC Region China Insulin GLP-1 diabetes Other diabetes Obesity Blood & endocrine disorders Growth at CER 0 20 40 60 80 100 Total GLP-1 diabetes Insulin Obesity Blood & endocrine disorders US Operations International Operations Growth at CER International Operations Geographic adjusted sales split for Q3 2026 DKK billion DKK billion US IO 1% -7%6%18% 8% 1% 4% -10% -2% -7% -13% 8% 2% 20% 24% 22% 27% 6% 15% Adjusted Q3 sales growth of 4% driven by GLP-1 volume growth Therapy area adjusted sales split for Q3 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 -5% US IO IO US 8% Investor presentation Q3 20266
Page 7
Obesity portfolio is the key growth driver in IO • IO GLP-1 sales increased by 8% in Q3, driven by obesity (+24%) • Novo continues to be GLP-1 volume leader, with 54% market share EUCAN is the key growth region in IO • Strong performance across GLP-1 diabetes (+13%) and obesity (+47%) driven by volume growth of Ozempic® and Wegovy® • EUCAN performance negatively impacted by lower realised prices in Canada following semaglutide loss of exclusivity 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 Source: Volume market share based on information licensed from IQVIA, July 2026 volume data, R3M IO GLP-1 sales for Q3 2026 0 5 10 15 20 25 30 IO EUCAN Emerging Markets APAC Region China GLP-1 diabetes Obesity Total GLP-1 growth at CERDKK billion Regions -13%-8% 26% -25% IO GLP-1 performance supported by new launches 8% Investor presentation Q3 20267
Page 8
Investor presentation Q3 20268 Novo is expanding its oral obesity leadership in International Operations • Uptake ahead of competitor, with strong patient starts on Wegovy® pill • Next lever: longer stay time, driven by: Wegovy® pill leads oral obesity market share in UK and UAE Initial insights from Germany R4W: rolling four weeks; IO: International Operations; sc: subcutaneous; UAE: United Arab Emirates; UK: United Kingdom; US: United States Note: One pack is equivalent to one month of supply for patients. In IO, Wegovy® pill is launched in UAE, UK, Germany, Mexico , France, Poland, and Spain Source: IQVIA weekly local in -market data, week 41 2026 Wegovy® pill rollout ahead of plan in IO Launched in 7 markets in IOToday Q4 2026 H1 2027 Further launches planned Available in >20 markets ~80% ~90% Oral obesity market share (R4W) Wegovy® pill orforglipron Key priority to build oral obesity market Patient support programmes1 Clear switch guidance2 Subscription offerings3 Early encouraging uptake with limited cannibalisation of Wegovy® sc ~100k packs sold in six weeks since launch Oct 2026Jun 2026 Oct 2026Jul 2026
Page 9
Wegovy® franchise captures more than 50% of new patient starts in the US, with continued volume growth in Q3 Investor presentation Q3 20269 NBRx: New-to-brand prescriptions; sc: subcutaneous Source: Weekly data for Wegovy pill is an estimate based on internal self -pay data and IQVIA Xponent, as of 2 October 2026. NBRx data for Wegovy® sc, tirzepatide and orforglipron is based on IQVIA Xponent , as of 2 October 2026 Wegovy® pill captures 8 out of 10 new patients starting on oral obesity medicines NBRx market share Expanded patient options with Wegovy® pill & HD contribute to 2026 franchise volume growth 25% 50% 75% 100% Wegovy® pill orforglipron May 2026 Oct 2026 ~80% 2 4 6 8 Q1 2026 Q2 2026 ~3.6 ~4.1 Q3 2026 Total prescriptions (million sold units) Wegovy® pill Wegovy® sc >8 million cumulative prescriptions since launch ~20% total volume growth in Q3 versus Q2 ~10% total volume growth in Q3 versus Q2 >50% NBRx share in the obesity medication market
Page 10
Investor presentation Q3 202610 New patient starts now more than double compared to before Ozempic® pill launch in the US NBRx: New-to-brand prescription; US: United States; Note: Patients transitioning from Rybelsus® to Ozempic® pill are not counted as an NBRx Source: IQVIA Xponent, as of 2 October 2026 Ozempic® pill transition is complete, with all new patients starting directly on the brand Launch of Ozempic® pill creates opportunity to expand the oral GLP-1 type 2 diabetes market • Ozempic®'s well-known brand improves patient awareness • Commercial activities now for combined Ozempic® franchise • Potential 25 mg Ozempic® pill approval in Q4 2026 >60% of Ozempic® pill NBRx are naïve to GLP-1s 0 3 6 9 12 12 Weekly NBRx (‘000s) Jan 2025 Oct 2026 Rybelsus® Ozempic® pill Rybelsus® and Ozempic® pill +100% NBRx
Page 11
Investor presentation Q3 202611 Strong R&D momentum across therapy areas while strengthening CagriSema's launch profile 1Results published in a Novo press release 21 September 2026. 2Results available in a Novo press release 20 October 2026. CVOT: Cardiovascular outcomes trial; EU: European Union; H2H: Head-to-head; HbA1c: Haemoglobin A1c; HD: High-dose; sc: subcutaneous; US: United States Note: all clinical trial results presented on the slide are based on the efficacy estimand according to the trial protocol Project Q3 2026 Diabetes CagriSema Phase 3 results (REIMAGINE 5) Zenagamtide (sc) Phase 3 initiation (AMBITION) Obesity Amylin 355 (sc and oral) Phase 2 initiation CagriSema Phase 3 results (REDEFINE 9) Zenagamtide (sc) Phase 3 initiation (CVOT) Zenagamtide (oral) Phase 3 initiation (AMAZE 9) Blood & endocrine Frehemgo®/ denecimig EU positive opinion Latest CagriSema data reinforces its efficacy across doses and patient populations Next steps for CagriSema in Obesity • FDA regulatory decision expected in Q4 2026 • Pending decision, full US launch expected during start of 2027 • REDEFINE 11 and CagriSema HD planned readouts in H1’27 and H1’28 Q3 key R&D milestones achieved Clinical milestones Regulatory milestones REIMAGINE 51 CagriSema 1.0/1.0 mg H2H vs. tirzepatide 5 mg REDEFINE 91 CagriSema 1.0/1.0 mg Post-hoc analysis2 (from REDEFINE 1) CagriSema 2.4/2.4 mg 12.4% superior weight loss 1.71% non-inferior HbA1c reduction 21% weight loss at 68 weeks 25% weight loss for women 27% weight loss for pre- menopausal women
Page 12
Investor presentation Q3 202612 Pipeline progressing to fuel future growth with multiple key R&D milestones going into 2027 1Expected to be published in the given quarter or in the subsequent quarterly company announcement. AMI: Acute myocardial infarction; EU: European Union; F: Fibrosis stage; MASH: Metabolic dysfunction- associated steatohepatitis; sc: subcutaneous; SCD: Sickle cell disease; US: United States Note: Expected timing and qualification of R&D and regulatory milestones for inclusion in this table are based on current ass essment, which is subject to change Project Q4 2026 H1 2027 H2 2027 Diabetes Ozempic® pill US decision (25 mg) CagriSema Phase 3 results (REDEFINE 3) UBT251 (tri-agonist) Phase 2 results Triple Phase 2 results Obesity CagriSema US decision Phase 3 results (REDEFINE 11) Cagrilintide Phase 3 initiation (high-dose) Phase 3 results (RENEW 1 & 2) Amylin 355 (sc and oral) Phase 2 results UBT251 (tri-agonist) Phase 1/2 results Triple Phase 1/2 results Oral ACSL5i Phase 1 results Blood & endocrine disorders Frehemgo® / denecimig US decision Etavopivat (SCD, Thalassemia) US and EU submission (SCD) US decision Liver diseases Oral semaglutide (MASH) US decision Efruxifermin Phase 3 safety results (F1-F4) Phase 3 results (F2-F3) Cardiovascular diseases Ziltivekimab (AMI) Phase 3 results (ARTEMIS) Consumer Rx Exploring multiple indications Clinical trial initiations Clinical milestones1 Regulatory milestones1
Page 13
Q3 2026 adjusted operating profit increased 27% to DKK 31.7 billion in DKK million Q3 2026 adjusted Growth (CER) 9M 2026 adjusted Growth (CER) Sales 79,195 4% 227,746 2% Gross profit 65,019 10% 182,872 2% Gross margin 82.1% 80.3% S&D costs (15,033) (9%) (42,107) (12%) Percentage of sales 19.0% 18.5% R&D costs (15.255) (1%) (36,998) 0% Percentage of sales 19.3% 16.2% Administrative costs (1,224) (34%) (3,673) (15%) Percentage of sales 1.5% 1.6% Other operating income and expenses (1,787) N/A (2,127) N/A Operating profit 31,720 27% 97,967 8% Operating margin 40.1% 43.0% CER: Constant exchange rates; R&D: Research and development; S&D: Sales and distribution Note: Adjusted P&L excludes certain exceptional and non- recurring effects, primarily of non-cash nature to enhance transparency and comparability of underlying operating performance. Adj. operating profit favourably impacted by restructuring costs in 2025 Commercial investments towards Wegovy® and Ozempic® portfolio R&D investments towards obesity and diabetes Net profit of DKK 16.7 billion Free cash flow of DKK 28.4 billion Investor presentation Q3 202613
Page 14
The 2026 outlook is raised, driven by increased expectations for GLP-1 product sales 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. 2Defined as net cash generated from operating activities less purchase of property, plant and equipment CER: Constant exchange rates Note: The financial outlook assumes of a continuation of the current business environment and given the current scope of busi ness activities and has been prepared assuming that currency exchange rates remain at the level as of 29 October 2026 Expectations 4 November 2026 21% to 23%Effective tax rate Around DKK 50 billionCapital Expenditure (CAPEX) -2% to +2% CER in Danish kroner: in line with CER growthAdj. sales growth1 Loss of around DKK 1.6 billionFinancial items (net) DKK 60 to 70 billionFree cash flow2 -2% to +2% CER in Danish kroner: in line with CER growthAdj. operating profit growth1 Guidance Key modelling considerations 21% to 23% Around DKK 55 billion -6% to 0% CER in Danish kroner: ~1%-points lower Loss of around DKK 1.1 billion DKK 45 to 55 billion -6% to 0% CER in Danish kroner: ~2%-points lower Expectations 4 August 2026 Investor presentation Q3 202614
Page 15
Investor presentation Q3 202615 Preparing for the next wave of growth with Frehemgo® and CagriSema launches planned in 2027 EU: European Union; SoC: Standard of care; US: United States Note: Frehemgo® (denecimig) is approved in EU. Frehemgo ® (denecimig) and CagriSema are pending regulatory approval in US. Frehemgo® aims to raise the bar in haemophilia care delivering durable bleed protection with minimal treatment burden Commercial readiness to secure a successful US launch of CagriSema early next year Ensuring speed to market from approval to launch Drive consumer efforts via Novocare® and with partners Launch across all healthcare channels Raise awareness of CagriSema ahead of launch Durable bleed protection demonstrated in FRONTIER Once weekly, once every two weeks or once monthly dosing Seamless, safe and preferred switching from SoC to Frehemgo® Global roll-out planned during 2027
Page 16
IR Full presentation
Page 17
Tabel of contents Investor presentation Corporate strategy Diabetes Obesity Cardiovascular & liver diseases Blood & endocrine disorders Regional information Finance and Global Manufacturing & Supply 17 Q3 2026
Page 18
Investor presentation Q3 202618 Novo has the potential to provide lasting health for millions more people Source: Diabetes atlas 11th edition. 2025; Ortner and Holzer. Milliman. 2025; Quek et al. The Lancet Gastroenterol Hepatol. 2023; World Obesity Atlas 2025 + 2026; Thomson et al. The Lancet Haematology. 2021; Yuanyuan et al. The Lancet. 2024; Cançado et al. Hematol Transfus Cell Ther. 2021; Caravaca-Fontán et al. 63rd European Renal Association Congress. 2026; Yan et al. Clin Epidemiol. 2020; Mameli et al. Endocrine. 2024; World Federation of Haemophilia Annual Global Survey. 2024; Willey et al. Nephrol Dial Transplant. 2023 People living with blood or endocrine disorders People living with liver diseases People living with cardiovascular diseases Driving change for lasting health >13 million >300 million >550 million >550 million People living with type 1 or type 2 diabetes >900 million People living with obesity
Page 19
Investor presentation Q3 202619 The updated corporate strategy aims to drive sustainable growth Rx: Prescription Explore consumer RxBuild out future growth enginesStrengthen and expand our core Diabetes Obesity Blood & endocrine disorders Cardiovascular diseases Liver diseases Science-led Consumer - driven Rx Best-in-class biomolecular engineering with oral peptide delivery solutions Unparalleled understanding of metabolic diseases World-class manufacturing at scale Global footprint, and trusted local healthcare relationships
Page 20
Investor presentation Q3 202620 Ambition to deliver 2026 to 2030 revenue CAGR in line with industry peers CAGR: compound annual growth rate; GLP-1: Glucagon-like peptide-1; MoA: Mechanism of action; Rx: Prescription Note: Revenue growth in line with industry peers defined as 2026 to 2030 revenue CAGR Source: IQVIA Xponent and internal estimates Situation today Strategy to deliver growth towards 2030 Grow and diversify our injectable franchise beyond semaglutide with new launches every year including CagriSema in 2027, cagrilintide in 2028, zenagamtide in 2029, and novel MoAs in 2030+ Semaglutide as foundational therapy, followed by ambitious and competitive CagriSema launch planned early 2027 Wegovy® pill has expanded the oral GLP-1 market to ~1.5 million patients within 8 months after launch Expand oral leadership and scale capacity to be able to serve 10x more people with obesity on oral GLP-1 Multiple late-stage assets in our future growth engines (Frehemgo®, etavopivat, zaltenibart) Grow our blood & endocrine business >50% by 2030 from 2026 base Unique direct-to-consumer capabilities with increasing share of business through telehealth channels Enhance Novocare®, to further expand our business, improve margins and explore consumer Rx indications
Page 21
Investor presentation Q3 202621 Novo aims to navigate semaglutide loss of exclusivity by extending today's business and building tomorrow's growth engines LoE: Loss of Exclusivity; Rx: Prescription Novo aims to grow into a larger and more diversified company by 2035 Strategy focuses on extending current franchise while launching next wave of innovation • Explore consumer Rx by leveraging scientific and commercial synergies • Build future growth engines by launching next wave of innovation within blood & endocrine, liver and cardiovascular • Fiercely compete for sema volumes in both pre- and post-LoE markets • Launch next wave of diabetes & obesity innovation, with potential multi-blockbuster launches every year through 2030 • Expand oral leadership through new oral formulations and new patents 2026 ILLUSTRATIVE Business development ObesityDiabetes Liver diseases Blood & endocrine disorders Cardiovascular diseases Consumer Rx 2035
Page 22
Investor presentation Q3 202622 External innovation is a key enabler to expand the pipeline and strengthen competencies in AI Strengthen and expand our core through new assets, technology and capacity Build out future growth engines through early and late-stage pipeline assets Explore new partnerships across consumer and AI Adding consumer partnerships Partnering with leading AI providers Note: Non exhaustive
Page 23
Investor presentation Q3 202623 We measure our performance against our 2030 ambitions 1Enter or complete, including new and current programmes CAGR: Compound annual growth rate; GLP-1: Glucagon-like peptide-1; TAs: Therapy areas; Note: All ambitions by 2030 from a 2026 baseline; revenue and margin assumptions are all based on adjusted metrics; Industry peers: Eli Lilly, AstraZeneca, Gilead, Johnson & Johnson, AbbVie, Novartis, Sanofi, Roche, GSK, Amgen, Merck & Co, B iogen, Pfizer, Bristol Myers Squibb Deliver attractive returns Drive sustainable growth Grow and diversify pipeline • Launch >5 multi-blockbusters by 2030 and deliver >150 bDKK pipeline sales in 2035 • ≥5 Phase 3 programmes in obesity and diabetes1 • ≥5 Phase 3 programmes in other TAs1 • Deliver 2026-30 revenue CAGR in line with industry peers • Scale capacity to be able to serve 10x more people with obesity on oral GLP-1 • Serve >60m patients globally by 2030 • Maintain a broadly stable operating margin • Maintain an attractive dividend per share
Page 24
Novo is applying an updated modality approach to address patient needs Prioritising modalities to build upon current leadership while making strategic investments in emerging areas Investor presentation Q3 202624 Strategy Modality Diabetes Obesity Blood & endocrine disorders Liver diseases Cardio- vascular diseases Grow Proteins & peptides Build Oligo- nucleotides Small molecules Partner Antibodies Gene therapy Preclinical/research Injectable in pipeline Oral in pipeline Solving for patient needs across multiple parameters Tolerability Comorbidities Convenience Efficacy Affordability Safety
Page 25
Investor presentation25 Pipeline supports significant growth opportunities across strategic focus areas Q3 2026 PHASE 2 Amylin 3556 Triple UBT251 (GGG tri-agonist) Triple UBT251 (GGG tri-agonist) CDR132L NDec in SCD Etavopivat in Thalassemia Zaltenibart in PNH PHASE 3 Cagrilintide Sc. zenagamtide Oral zenagamtide CagriSema Sc. zenagamtide Ziltivekimab in AMI Coramitug in ATTR-CM Efruxifermin in MASH Etavopivat in SCD Other phase 3 trials REDEFINE 11 – CagriSema REDEFINE high dose – CagriSema SUBMITTED CagriSema1 Oral semaglutide 25 mg for MASH3 Denecimig in HA4 Sogroya®5 Obesity Diabetes Cardiovascular diseases Liver diseases Blood & endocrine disorders 1Submitted in the US and China for weight management 2Submitted in the US; 3Submitted in the US, approved in China, positive CHMP opinion in the EU 4Positive CHMP opinion in EU, submitted in the US and China for HA with and without inhibitors 5Somapacitan approved in 3 out of 4 non-replacement indications 6Trials ongoing for both subcutaneous and oral. Note: Pipeline overview is non -exhaustive,Submitted highlights mainly related to the US and EU. AMI: Acute myocardial infarction; ATTR-CM: Transthyretin amyloid cardiomyopathy; CHMP: Committee for Medicinal Products for Huma n Use; GGG: GLP-1, GIP, glucagon; GLP-1: Glucagon-like peptide-1; HA: Haemophilia A; MASH: Metabolic dysfunction-associated steatohepatitis;; PNH: Paroxysmal nocturnal haemoglobinuria; Sc.: Subcutaneous; SCD: Sickle cell disease; T2D:Type 2 Diabetes; YTD: year-to-date 7 First-human-dose milestones achieved in YTD-2026. Oral semaglutide 25 mg for T2D2
Page 26
Diabetes
Page 27
Investor presentation Q3 202627 Diabetes remains one of the largest growing chronic disease markets driven by a high disease burden and continued unmet need 1Characterised by BMI ≥30 kg/m² HbA1c: Haemoglobin A1c; T1D: Type 1 diabetes; T2D: Type 2 diabetes; US: United States Source: Diabetes atlas 11th edition. 2025; Kacha G, et al. Diabetes Res Clin Pract . 2025; Ezzatvar Y, et al. Front Endocrinol. 2025; Hu G, et al. Obesity. 2023 Diabetes prevalence is projected to increase globally through 2050 Significant unmet need continues to persist despite substantial therapeutic innovation and a high standard of care >50% of people with T2D do not achieve HbA1c targets In the US, >58% of adults with diabetes have obesity1 Diabetes is associated with reduced life expectancy: ~5 years for people with T2D and >10 years with T1D Diabetes was responsible for 3.4 million deaths in 2024 0 250 500 750 1,000 Million adults 2024 2050 589 ~1 in 9 adults 853 ~1 in 8 adults ~+10 million adults with diabetes per year
Page 28
Investor presentation Q3 202628 Type 2 diabetes represents a large, progressive disease with high unmet need and low GLP-1 treatment rate 1The annual patients on GLP-1 refers to the June 2026 (moving annual total) figure CV: Cardiovascular; GLP-1: Glucagon-like peptide-1; T2D: Type 2 diabetes Source: Diabetes atlas 11th edition, 2025; Stafford LK, Gage A, Xu YY, et al. Lancet Diabetes Endocrinol. 2025; J.P. Morgan G lobal Research. 2026; IQVIA MIDAS 57% of adults with T2D are diagnosed, yet GLP-1s reach only 7% of these1 Addressing diabetes-related comorbidities will be critical to improving health outcomes as the diabetes population grows 589 333 0 200 400 600 Diabetes prevalence Diagnosed with T2D Annual patients on GLP-1 ~23 ~57% ~7% Opportunity to intervene earlier Oral therapies and next-generation treatments have the potential to enable earlier intervention and broaden adoption across the T2D patient journey Newly diagnosed Low disease burden Fast progressors Advanced in disease Elderly and frail Often asymptomatic Rising glucose levels, weight and CV risk Beyond first-line therapy Increased weight, CV and kidney risk Complications and comorbidities Million adults
Page 29
Investor presentation Q3 202629 Novo is uniquely positioned to sustain leadership in diabetes, aiming to drive expansion of novel treatments GLP-1: Glucagon-like peptide-1; GSI: Glucose sensitive insulin; MoA : Mechanism of action; siRNA: Small interfering RNA Scientific depth Portfolio breadth Scalable operation Global discovery, development and manufacturing network • Commercial presence in >170 countries • Serving >41 million diabetes patients Pioneers in GLP-1 and amylin biology Novel MoAs in clinical development Clinical development excellence >100 years of diabetes leadership Insulin Incretin Innovating with new platforms and combos Combo Amylin CagriSema Zenagamtide + >10 well established brands TriplesGSI siRNA
Page 30
HbA1c: Haemoglobin A1c; GLP-1: Glucagon-like peptide-1; NBRx: New-to-brand prescription; T2D: Type 2 diabetes; US: United States Note: Patients transitioning from Rybelsus® to Ozempic® pill are not counted as an NBRx Source: Aroda et al. The Lancet. 2023; IQVIA Xponent, week ending 8/21/2026; IQVIA LRx NBRx, data from launch through week ending 8/21/2026 Ozempic® pill, the world’s first oral GLP-1 approved for type 2 diabetes, is launched under new brand with higher dose optionality In PIONEER PLUS, Ozempic® pill demonstrated dose-dependent improvements in HbA1c reduction and weight loss, supporting the potential of higher doses in T2D Next steps for Ozempic® pill Investor presentation Q3 2026 -0% -1% -2% -3% HbA1c change from baseline (%) 14 mg 25 mg 50 mg -1.5% -1.9% -2.2% -0% -2% -4% -6% -8% -10% Change in body weight (%) 14 mg 25 mg 50 mg -4.5% -7.0% -9.2% Launched in 47 markets under the brand name Rybelsus® Higher dosages of Ozempic® pill (25 mg), pending regulatory decision in the US by Q4 2026 Mean baseline HbA1c 9.0% Mean baseline body weight: 96.4 kg Oral GLP-1 diabetes market Ozempic® pill is currently the only approved oral GLP-1 for the use of T2D Since rebranding to Ozempic® pill, US NBRx has increased, with >60% of NBRx being naïve to GLP-1s 30
Page 31
*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 Investor presentation Q3 202631
Page 32
Investor presentation Q3 202632 Novo aspires to be the lifelong partner of choice for people living with type 2 diabetes DRC: Diabetes-related comorbidity; HbA1c: Haemoglobin A1c; MoA: Mechanism of action The partner of choice will increasingly be defined by clinical outcomes and treatment experiences beyond HbA1c The diabetes pipeline is positioned to address evolving patient needs beyond HbA1c over the short, medium and long term HbA1c Weight loss DRCs Convenience Novel MoAs Disease modifying Tolerability 2027 2028 2029 2030+
Page 33
Investor presentation Q3 202633 CagriSema delivers attractive HbA1c lowering and meaningful weight loss of more than 14% in T2D 1Estimated proportions based on on-treatment without rescue observation period CV: Cardiovascular; GLP-1: Glucagon-like peptide-1; HbA1c: Haemoglobin A1c; MACE: Major adverse cardiovascular event; sema: semaglutide; T2D: type 2 diabetes; WL: Weight loss Note: All estimates on are based on the efficacy estimand according to the trial protocol Source: Aroda V, et al. Lancet Diabetes Endocrinol. 2026; Buse JB, et al. Lancet Diabetes Endocrinol. 2026; Rosenstock J, et al. Lanc et. 2026; Perkovic V, et al. N Engl J Med. 2024; Marso SP, et al. N Engl J Med. 2016 Combining the innovation of GLP-1 and amylin Superior weight loss vs sema 14.2% weight loss Superior HbA1c control 1.8-2.3%-p reduction in HbA1c Categorical weight loss 43% ≥ 15% weight loss reduction Building on semaglutide’s proven foundation Reduction in kidney disease progression 24% reduction in major kidney disease events1 Best in class CV protection 26% reduction in MACE Patient-years of real-world exposure >50 million years
Page 34
REIMAGINE pivotal trials tested CagriSema versus semaglutide, cagrilintide and placebo in people with type 2 diabetes Q3 2026 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 34 Investor presentation
Page 35
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 Q3 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 -1.9 -1.8 -1.8 -1.5 -0.8 0.1 -2.0 -1.5 -1.0 -0.5 0.0 35 -1.5 -7.5 -8.4 -10.2 -12.0 -14.2
Page 36
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 Q3 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 HbA 1c: 8.8% -1.8 -1.5 -0.1 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 -2.3 -2.1 -0.7 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 CagriSema 2.4 mg CagriSema 1.0 mg Placebo 36
Page 37
Investor presentation Q3 202637 REIMAGINE 5 demonstrated that CagriSema delivers a highly competitive profile for patients living with T2D, even at low doses 1Based on the efficacy estimand according to the trial protocol. BMI: Body mass index; CVOT: Cardiovascular outcome trial; HbA 1c: Haemoglobin A1c; T2D: Type 2 diabetes Source: REIMAGINE 5; IQVIA Midas year -to-date 2026 In REIMAGINE 51, CagriSema 1.0/1.0 mg demonstrated superior weight loss and non-inferior HbA1c reduction vs tirzepatide 5 mg Next steps on CagriSema in T2D • Redefine 3 (CVOT) is expected to read-out during H2 2027 • Submission during H2 2027 with expected launch during 2028 • Phase 3 CagriSema high-dose has been initiated in Q2 2026 • Explores weight loss in people living with obesity with and without T2D -12.42% -9.12% -4% -8% -12% CagriSema 1.0/1.0 mg Tirzepatide 5mg Mean baseline BMI: 37.2 kg/m2 Mean baseline HbA1c: 8.1% -1.71% -1.67% -1.0% -2.0% CagriSema 1.0/1.0 mg Tirzepatide 5mg ~50% of global tirzepatide volumes are ≤5 mg Change in body weight (%) HbA1c change from baseline (%)
Page 38
Investor presentation Q3 202638 CagriSema significantly reduced pain among patients with T2D and painful diabetic peripheral neuropathy 1Based on the efficacy estimand according to the trial protocol. pDPN: Painful diabetic peripheral neuropathy; PI -NRS: Pain intensity-numeric rating scale; SoC: Standard of care; T2D: Type 2 diabetes Source: Pop-Busui R, et al. ADA. 2022; Ziegler D, et al. J Diabetes Investig. 2021; Schuster NM, et al. Pain Med. 2026; Dworkin RH, et al. J Pain. 2008 Painful diabetic peripheral neuropathy is a serious & disabling complication of T2D >20% of the US patients with pDPN initiate opioid treatments (in addition to SoC) to release pain pDPN causes burning, tingling, stabbing pain, or extreme sensitivity Painful diabetic peripheral neuropathy is the result of nerve damage caused by diabetes -1.0 -2.0 -3.0 PI-NRS change from baseline CagriSema 2.4/2.4 mg Placebo -2.4 -1.3 Mean baseline PI-NRS score: 6.4, n=141 of patients living with diabetes are affected by pDPN ~25% Additional benefits and next steps for Novo in pDPN Phase 21 demonstrated robust & clinically meaningful pain reduction on top of SoC >53% of the patients with CagriSema reached ≥30% reduction in pain Patients on CagriSema significantly improved quality of life and sleep Safety and tolerability on par with previous CagriSema trials Next steps in pDPN • Novo plans to initiate phase 3 trials in pDPN across the portfolio during 2027
Page 39
Investor presentation Q3 202639 In a 36-week phase 2 trial, zenagamtide demonstrated significant weight loss and HbA1c reduction in a T2D population 1Based on the efficacy estimand according to the trial protocol 2consistent with incretin and amylin-based therapies HbA1c: Haemoglobin A1c; H2H: Head-to-head; T2D: Type 2 diabetes Note: Results published in Company Announcement No 38 / 2025. High dose includes zenagamtide 20 mg and 40 mg doses. 4Low dose includes zenagamtide 1.25 mg and 5 mg. Expected timing and qualification of R&D and regulatory milestones for inclusion in this table are based on current assessment, which is subject to change Zenagamtide in T2D has entered phase 3 with the AMBITION programme 2026 2027 2029 AMBITION 1 Monotherapy AMBITION 2 Add on to insulin AMBITION 3 Semaglutide H2H high dose AMBITION 4 Semaglutide H2H low dose 2028 AMBITION 8 Oral formulation Zenagamtide appeared to have a safe and well-tolerated profile2 No weight loss plateau was observed at week 36 Next steps • AMBITION phase 3 development programme has been initiated • Expected readout during 2028 gating for potential T2D launch in 2029 Maximum weight loss achieved1 Mean baseline bodyweight: 99.2 kg Maximum HbA1c reduction achieved1 Mean baseline HbA1c: 7.8% 0% -1.0% -2.0% Zenagamtide Placebo -1.8% -0.2% -0% -6% -12% -18% 0 4 12 20 28 36 36* -14.6% -2.1% Zenagamtide Placebo Time since randomisation (weeks) Change in body weight (%) HbA1c change from baseline (%)
Page 40
Obesity
Page 41
0 12 4 8 16 2021 2022 2023 2024 2025 0 0 1 3 8 Investor presentation Q3 202641 The global obesity market is rapidly expanding yet remains nascent with a large and growing unmet need BMI: Body mass index; GLP-1: Glucagon-like peptide-1; IO: International operations; OM: Obesity medication; US: United States Note: Obesity defined as BMI ≥30 Source: World Obesity Atlas 2025 & 2026; Phelps NH et al. The Lancet. 2024; Horn et al. Postgrad Med. 2022; IQVIA Xponent as of Aug 2026 & MIDAS as of Jul 2026 The addressable market continues to expand as obesity prevalence grows With treatment penetration <2% the obesity market has a long growth runway Obesity is associated with more than 200 different complications 942 0 400 800 1.200 1.600 2025 2035 1.230 +31% Adults with obesity (million) Million patients treated with GLP-1 obesity medication US IO .
Page 42
Investor presentation Q3 202642 Novo is uniquely positioned to shape the future obesity market Market size Unlocking the obesity market Selective reimbursement Price elasticity Consumer centric ecosystem Obesity beyond weight loss Quality of weight-loss Route and frequency of administration Economies of scale Self-pay and e-health Increased competition Cardio-metabolism Liver disease From weight-loss to health management Obesity recognised as a disease Weight- loss potency Expansion into comorbidities and adjacencies Market growth Differentiation Time
Page 43
Investor presentation Q3 202643 Winning in obesity requires meeting the distinct needs and preferences of healthcare professionals, patients, and consumers HCP: Healthcare professional Influencing key decision maker Traditional patient journeyConsumer journey Patient Comorbidity outcomes Pharmaceutical promotion NOT EXHAUSTIVE HCP Payers Healthcare professional AI Telehealth Media & social media NOT EXHAUSTIVE Consumer Key decision maker in treatment initiation HCP Consumer Changing of decision-making power Adapting the go-to market strategy
Page 44
Investor presentation Q3 202644 Obesity care will increasingly be shaped by unmet needs, and Novo aims to serve across all segments Magnitude of weight loss 32% seek highest possible results for healthy weight loss Obesity related comorbidities 40% have >1 comorbidity and seek to improve health 24% have concerns about drug interactions Tolerability 38% have concerns about gastro-intestinal side effects 33% stop treatment due to side effects Convenience and frequency >50% prefer oral treatment Speed 30% want to see early results to stay motivated on their journey Quality 29% are concerned about losing too much muscle mass Affordability >50% are hesitant to initiate or terminates treatment due to cost Source: Novo consumer monitor 2026, global market research (~37,000 people with obesity)
Page 45
Investor presentation Q3 202645 Innovation across modalities targets at least one blockbuster launch per year towards 2030 ACSL5i: Acyl-CoA synthetase 5 inhibitor; HD: High dose; GLP -1: Glucagon-like peptide-1; ORC: Obesity-related comorbidities; QM: Once-monthly Note: Expected timing and qualification of R&D, commercial and regulatory milestones for inclusion in this table are based on current assessment, which is subject to change Key differentiators to unlock patient segments Affordability Magnitude Quality Speed TolerabilityORCs Convenience 2027 2028 2029 2030/2030+ Cagrilintide CagriSema CagriSema HD Oral zenagamtide Zenagamtide UBT251 Oral ACSL5i Amylin 355 Oral high-yield GLP-1 Thermostable GLP-1 QM GLP-1 Cagrilintide HD Next generation GLP-1 Potential launch timing Rich pipeline with numerous shots on goal across all key segments
Page 46
-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 Investor presentation46 Q3 2026
Page 47
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: Wharton S, et al. Once-weekly semaglutide 7.2 mg in adults with obesity (STEP UP): a randomised, controlled, phase 3b tr ial. Lancet Diabetes Endocrinol. 2025;13(11):949-963. 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 -20.7 -17.5 -2.4 -25 -20 -15 -10 -5 0 0 8 16 24 32 40 48 56 64 72 72* 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% Investor presentation Q3 202647
Page 48
Oral semaglutide (Wegovy® pill) launched in 8 countries 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 -16.6 -2.7 -20 -15 -10 -5 0 0 8 16 24 32 40 48 56 64 64* oral semaglutide 25 mg Placebo Categorical weight loss with oral sema 25 mg ≥15% WL reduction ≥20% WL reduction 56.1% 34.4% Investor presentation Q3 202648
Page 49
Investor presentation Q3 202649 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 Cox propor tional hazards model with treatment as categorical fixed factor Numerical risk reduction of CV death115% Sustained weight loss for 4 years 9.4% Risk reduction of heart failure endpoint 218% Risk reduction of kidney endpoint 22% Risk reduction on all cause death 219% Risk reduction of developing diabetes 373% 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 • 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
Page 50
Investor presentation Q3 202650 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
Page 51
Investor presentation Q3 202651 CagriSema builds on Wegovy® foundational therapy with complementary amylin biology AMYR: Amylin receptor; CTR: Calcitonin receptor; GLP -1: Glucagon-like peptide-1; GLP-1R: Glucagon analogue-1 receptor; MACE: Major adverse cardiovascular event; MASH: metabolic dysfunction- associated steatohepatitis Source: Lincoff AM, et al. N Engl J Med. 2023; Sanyal AJ, et. N Engl J Med. 2025; Garvey WT et al. New Engl J Med 2025; Novo data on file Building on the Wegovy® heritage Complementary effects of GLP-1 and amylin biologies CagriSema has the potential to pioneer the GLP-1 + amylin receptor agonist class Extensive physician experience >50 million patient-years of real-world exposure Proven semaglutide benefits 20% reduction in MACE 37% improved fibrosis & 63% MASH resolution Semaglutide Cagrilintide AMYR CTR GLP-1R Potential first in class 23% weight-loss, with potential for more 1 in 5 patients reach ≥30% weight loss ~25% weight loss in women with obesity 2x improved physical function Preserved muscle strength during weight-loss seen in REDEFINE programme
Page 52
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: Garvey WT, et al; REDEFINE 1. N Engl J Med. 2025;393(7):635 -647 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 -22.7 -16.1 -11.8 -2.3 -25 -20 -15 -10 -5 0 0 4 8 12 16 20 28 36 44 52 60 68 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 Investor presentation Q3 202652
Page 53
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: Davies MJ, et al; REDEFINE 2. N Engl J Med. 2025;393(7):648 -659 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 -15.7 -3.1 -20 -15 -10 -5 0 0 4 8 12 16 20 28 36 44 52 60 68 68* CagriSema 2.4 mg Placebo Categorical weight loss CagriSema 2.4 mg arm ≥15% WL reduction ≥20% WL reduction 51.6% 29.2% Investor presentation Q3 202653
Page 54
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: Davies MJ, et al; REDEFINE 2. N Engl J Med. 2025;393(7):648 -659 More participants achieved the HbA1c target with CagriSema compared to placebo Change in HbA1c (%-points) Time since randomisation (weeks) Mean baseline HbA1c: 8.0% -2.1 0.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0 8 20 36 52 68 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 Investor presentation Q3 202654
Page 55
Investor presentation Q3 202655 Even at lower doses, CagriSema confirmed to have a highly attractive weight loss profile with just two titration steps 1REDEFINE 9, the 1.0 mg/1.0mg CagriSema dose weight-loss at 68 weeks was 20.95%. 1.7 mg/1.7mg CagriSema dose weight-loss at 68 weeks was 20.75% 2Estimated means from the efficacy estimand 3Discontinuation due to any adverse events occurred in 4.9% of people receiving CagriSema 1.0 mg/1.0 mg, 2.9% receiving 1.7 mg/1.7 mg, and 4.9% receiving placebo DXA: Dual-energy X-ray absorptiometry; HD: High dose; GLP-1: Glucagon-like peptide-1; MRI: Magnetic resonance imaging; US: Unite d States Source: Data on file, REDEFINE 9; Garvey WT et al. New Engl J Med. 2025 In REDEFINE 9, CagriSema demonstrated weight loss of 21% with 1.0/1.0 mg dose at 68 weeks1 -25% -20% -15% -10% -5% 0% 0 4 8 12 16 20 28 36 44 52 60 68 -21% -2% 682 CagriSema 1.0/1.0 mg Placebo Time since randomisation (weeks) The ongoing CagriSema development programme further investigates amylin's potential to influence weight loss quality • xx • CagriSema US decision for weight management expected in fourth quarter of 2026 • REDEFINE 11 readout in first quarter of 2027 • CagriSema HD expected readout in first half of 2028 • RAMBO: Effect on bone by imaging, biopsies and biomarkers • REDEFINE 3: Post-hoc analysis of fracture risk • RASMUS: Effect on muscle biology by imaging, biopsies, biomarker and function tests • REDEFINE 8: Full body composition (DXA, MRI and biomarkers) and muscle strength assessment • Discontinuation for any adverse events was 4.9%, similar to placebo3 • The REDEFINE 9 protocol allowed for flexible dosing Change in body weight (%)
Page 56
Investor presentation Q3 202656 Cagrilintide has potential to be first-in-class amylin monotherapy in obesity 1Estimated means from the efficacy estimand GLP-1: Glucagon-like peptide-1; T2D: Type 2 diabetes Note: Expected timing and qualification of R&D, commercial and regulatory milestones for inclusion in this table are based on current assessment, which is subject to change Source: Garvey WT et al. New Engl J Med. 2025 Weight loss for cagrilintide 2.4 mg in the REDEFINE 1 trial -15% -10% -5% 0% 0 4 12 20 36 52 68 -12% -2% 681 Cagrilintide 2.4 mg Placebo Time since randomisation (weeks) RENEW 1 RENEW 2 RENEW Optimize RENEW Optimize T2D 20292026 20282027 First in class Once-weekly amylin monotherapy Differentiated biology vs GLP-1 Meaningful double-digit weight loss ~33% achieved ≥15% weight loss REDEFINE 1 12% weight loss Differentiated tolerability REDEFINE 1 2.6% discontinuation rate 1/3 of vomiting vs GLP-1 RENEW Phase 3 ongoing 2028 Expected launch Amylin biology activates both amylin and calcitonin receptors Cagrilintide’s differentiated amylin-based biology is expected to expand into a new patient pool and set a new standard for tolerability Change in body weight (%)
Page 57
Investor presentation Q3 202657 Zenagamtide aims to be first- and best-in-class GLP-1 and amylin dual agonist across injectable and oral formats GLP-1: Glucagon-like peptide-1; HF: Heart failure Note: Data shown for weight loss is if all people adhered to treatment, estimated means. Expected timing and qualification of R&D and regulatory milestones for inclusion in this table are based on current assessment, which is subject to change Gasiorek A et al. Lancet 2025; Dahl K et al. Lancet 2025 Zenagamtide demonstrates compelling weight loss in both subcutaneous and oral formats in obese patients Future clinical development of oral and injectable zenagamtide across obesity-related complications -13.0% -24.0% -20% -10% 0% 12 weeks 36 weeks Change in body weight (%) Phase 1 Oral zenagamtide Phase 1b/2a Zenagamtide Weight management Sleep apnoea Weight management Cardiovascular outcome trial Heart failure outcome trial 203120302026 2027 20292028 AMAZE 1 & 2 AMAZE 3 & 4 AMAZE 9 (Oral) AMBIENCE HF-Polaris AMAZE 5 & 6 Knee osteoarthritis • Biologics License Application for oral zenagamtide submission supported by bridging data • Linked to the extensive subcutaneous AMAZE programme through exposure-response modelling • The ongoing AMAZE 9 trial evaluates five maintenance doses: 6 mg, 12 mg, 25 mg, 50 mg and 2x 50 mg Oral zenagamtide bridging strategy • Majority of adverse events were gastrointestinal, and the majority were mild to moderate in severity • In the AMAZE programme, gradual dose-escalation are implemented to minimise the occurrence gastrointestinal side effects Duration:
Page 58
Investor presentation Q3 202658 Three highly differentiated oral therapies, addressing diverse patient needs in weight management ACSL5i: Acyl-CoA synthetase 5 inhibitor; GLP-1: Glucagon-like peptide-1 Note: Expected timing and qualification of R&D and regulatory milestones for inclusion in this table are based on current ass essment, which is subject to change Gasiorek A et al. Lancet. 2025 Oral zenagamtide Oral ACSL5i Potential for 10-15% weight loss and Improved tolerability versus GLP-1 Non-GLP-1 oral small molecule Oral and injectable formulations in phase 3 -13% 12 weeks 2x 50 mg 50 mg 25 mg 12 mg 6 mg Placebo Phase 3: AMAZE 9Phase 1 Oral amylin 355 Oral amylin 355 Placebo R n = 170 26 weeks Positioned for GLP-1-intolerant patients & add-on to other obesity medications Potential 1st and best in class unimolecular oral dual agonist Potential 1st and best in class oral amylin Positioned for meaningful double-digit weight loss & tolerability Phase 3: Potential launch in 2029 Phase 2: Potential launch in 2030 Phase 1: Potential launch in 2030/30+ ACSL5i molecule is highly scalable
Page 59
Investor presentation Q3 202659 UBT251 is the next-generation incretin positioned for a high efficacy play while targeting different needs in obesity UBT251 combines high efficacy with an attractive tolerability profile across diverse obesity needs UBT251 demonstrated weight loss of up to 19.7% in a Chinese phase 2 trial after 24 weeks 0 4 8 12 16 20 24 -20% -15% -10% -5% 0% Change in body weight (%) -13.6% -16.2% -19.7% -18.7% -2.0% UBT251 2.0 mg UBT251 4.0 mg UBT251 4.0 mg1 UBT251 6.0 mg Placebo 2.0 mg 4.0 mg 6.0 mg Placebo Incidence of TEAEs 92.3% 88.0% Discontinuations due to AEs 0% 4% 0% 0% Next steps • Phase 1b/2a obesity trial expected to readout in first half of 2027 • Phase 3 in weight-management expected to be initiated mid 2027 Potential future indications to be investigated Sleep apnoea MASH In the Chinese phase 2 trial, UBT251 demonstrated a safety and tolerability profile consistent with incretin-based therapies Time since randomisation (weeks) 1Initial dose 1.0 mg AE: Adverse events; GIP: Glucose -dependent insulinotropic polypeptide; GLP -1 Glucagon-like peptide-1; MASH: metabolic dysfunctio n-associated steatohepatitis; TEAE: Treatment emergent adverse event Note: UBT251 is a GLP-1/GIP/Glucagon triple agonist; Results based on the efficacy estimand according to the trial protocol, regardless of dose modification; Expected timing and qualification of R&D and regulatory milestones for inclusion in this table are based on current assessment, which is subject to change Zhou Z et al. ADA 86th Scientific Sessions. 2026
Page 60
Investor presentation Q3 202660 Oral ACSL5i combines a novel mechanism of action with the potential for convenient, well-tolerated oral weight management 1Data generated by Lexicon. ACSL5i: Acyl-CoA synthetase 5 inhibitor; DIO: Dietary-induced mice; GLP-1: Glucagon-like peptide-1; PYY: Peptide YY; sema: semaglutide Source: Griffin, et al. Molecular Metabolism, 2024; Powell, et al. Journal of the Endocrine Society, 2026 Acyl-CoA synthetase 5 is a non-incretin pathway Oral ACSL5i reduces bodyweight in DIO mice with additive effects to semaglutide1 Profile potential of oral ACSL5i is differentiated over multiple parameters Novel mechanism of action Improved tolerability vs GLP-1s No titration steps Once-daily oral small molecule No dosing restrictions Potential for combination -40% -30% -20% -10% 0% Dose 1 Dose 2 Sema Dose 1 + sema Dose 2 + sema -5% -13% -21% -24% -33% Phase 1 study under Lexicon partnership expected to be completed in H1 2027 Change in bodyweight (%)ACSL5 inhibition triggers ileal brake biology, leading to: • Slowed fat absorption • Enhanced release of incretin and PYY • Delayed gastric emptying • Reduced food intake ACSL5i Incretin +PYY release Food intake Gastric emptying
Page 61
Cardiovascular & liver diseases
Page 62
Investor presentation Q3 202662 The cardiometabolic franchise provides a natural platform for expansion into cardiovascular and liver disease 1Selected guidelines and consensus documents. Recommendations vary by patient population and indication AACE: American Association of Clinical Endocrinology; AASLD: American Association for the Study of Liver Diseases ; ADA: American Diabetes Association; CV: Cardiovascular; EASD: European Association for the Study of Diabetes; EASL: European Association for the Study of the Liver; EASO: European Association for the Study of Obesity; ESC: European Society of Cardiology; GCP: General Practitioner; GLP -1: Glucagon-like peptide 1; GP: General practitioner; IDF: International Diabetes Federation; MASH: Metabolic dysfunction- associated steatohepatitis; NICE: National Institute for Health and Care Excellence Source: Quek et al. The Lancet Gastroenterology & Hepatology. 2023.; EASL-EASD-EASO CPG. et al, J Hepatol. 2024 MASH management increasingly aligns across diabetes, obesity, and hepatology guidelines Treatment decisions increasingly reflecting the link between metabolic health and cardiovascular risk Strengthen and expand core Diabetes Obesity >47m patients treated by Novo today Leading guidelines emphasize CV outcomes1 IDF NICE AACE ADA ESC / EASD Diabetes Canada ADA / EASD Shared patient focusCardiologists Endocrinologist Shared patient focusHepatologist / Gastroenterologist Endocrinologist / GP EASO EASD EASL GLP-1 treatment recommended for MASH1 ADA/EASD AASLD
Page 63
Investor presentation Q3 202663 Novo’s strategic focus on cardiovascular disease addresses a large and growing unmet need ASCVD: Atherosclerotic cardiovascular disease; CAGR: Compounded annual growth rate; CVD: Cardiovascular disease Source: Ortner and Holzer. Milliman. 2025; Visible Alpha cardiovascular consensus forecasts (September 2026); Kazi et al. Circulation. 2024; Global Burden of Cardiovasc ular Diseases and Risks 2023 Collaborators. JACC. 2025 The prevalence of cardiovascular disease is projected to nearly double by 2050, reaching more than 1.1 billion people The ASCVD and heart failure market is already large and expected to grow at a double-digit CAGR over the next decade 0 300 600 900 ASCVD Heart failure Other CVD 406 765 60 74 133 298 2025 2050 Key segments targeted by Novo 123 247 113 123 247 113 123 247 113 123 247 113 100 200 300 400 22 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 145 148 168 198 228 258 285 322 339 361 +11% CAGR ASCVD Heart failure Cardiovascular disease is the leading cause of mortality globally Net sales, DKK billionMillion adults
Page 64
Investor presentation Q3 202664 Novo is well-positioned to address the high unmet need in cardiovascular disease 1As per approved label in the US AMI; Acute myocardial infarction; ASCVD: Atherosclerotic cardiovascular disease; CAGR: Compounded annual growth rate; CNP: C -type natriuretic peptide; CVD: Cardiovascular disease; CVOT: Cardiovascular outcome trial; MACE: Major adverse cardiovascular ev ent; NLRP3i: NLRP3 inflammasome inhibitor Combining patient scale, trial expertise and market access to address CVD Novo is building a broad and differentiated early and late-stage pipeline within CVD Reduced risk of MACE in label1 CoramitugZiltivekimab (AMI) Heart failureASCVD CDR132L CNP NLRP3i New assets Expertise running large-scale CVOTs Novo currently treats >47 million people living with elevated cardiovascular risk Relationships with payers, prescribers and health systems
Page 65
46 94 131 46 94 131 0 50 100 150 200 250 11 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 57 67 82 103 130 160 182 198 212 225 Investor presentation Q3 202665 MASH represents a large, rapidly expanding opportunity with a high unmet need, particularly in the advanced stages of disease 1The distribution of fibrosis stages are all derived from Quek et al. (2023) based on our global MASH population of >300 milli on people ALD: Alcohol-related liver disease; CAGR: Compounded annual growth rate; MASH: Metabolic dysfunction- associated steatohepatitis; metALD: metabolic and alcohol-associated liver disease Source: Quek et al. The Lancet Gastroenterol Hepatol. 2023 ; Visible Alpha hepatology consensus forecasts (August 2026); Martin et al. Transplantation. 2026 The hepatology market is expected to grow with a +17% CAGR in the next decade, largely driven by MASH MASH Other +17% CAGR The global burden of MASH is prominent with high unmet need, particularly in the F4 cirrhosis segment1 Stage All-cause mortality risk Million people living with MASH F1 F2 F3 F4c X3.4 ~20% progress from F3 to F4 within 2 years >63 >35>80 >5 >42,000 Liver transplants annually Efruxifermin is the only asset showing F4 fibrosis regression in phase 2 Net sales, DKK billion
Page 66
Investor presentation Q3 202666 Novo is well-positioned to address the high unmet need in liver disease Combining patient scale, trial expertise and market access to address liver disease Building a late-stage MASH portfolio that targets a broad spectrum of unmet needs in Steatotic Liver Disease (SLD) Strategic partnerships to advance MASH diagnosis MASH is highly comorbid with obesity and type 2 diabetes Relationships with payers, prescribers and health systems F4c ALD/ metALDF0-F1 F2 F3 Wegovy® MASH Wegovy® pill MASH UBT251 Efruxifermin Entry into MASH Oral entry into MASH Higher WL efficacy Late-stage MASH, F4 ALD GLP-1 FGF-21 Novel MoAs • SCL25A5 • IL-11Ri ALD: Alcohol-related liver disease; FGF21: Fibroblast growth factor 21; IL-11Ri: Interleukin-11 receptor inhibitor; MASH: Metabolic dysfunction- associated steatohepatitis; metALD: metabolic and alcohol-associated liver disease; SLC25A5: Solute Carrier Family 25 Member 5; WL: Weight loss
Page 67
Investor presentation Q3 202667 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 22.5% 0% 25% 50% 75% 100% Placebo Sema 2.4 mg 37.0%* Proportion of patients 34.1% 0% 25% 50% 75% 100% Placebo Sema 2.4 mg 62.9%* Proportion of patients Addressing unmet need in MASH
Page 68
Investor presentation Q3 202668 Efruxifermin brings first and best-in-class potential antifibrotic efficacy, with ability to reverse cirrhosis in advanced disease (F4c) 1Statistically significant versus placebo (p<0.05) ALD: Alcohol-related liver disease; EFX: efruxifermin; MASH: metabolic dysfunction-associated steatohepatitis; RW: Real world Note: Improvement in fibrosis refers to ≥1 fibrosis stage improvement; All results shown are Intention to Treat population wi th all missing week 96 biopsies treated as non -responders, missing biopsy Source: Noureddin et al. The Lancet 2025; Noureddin et al. N Engl J Med 2025 Efruxifermin is currently the only treatment to show significant fibrosis regression in patients with compensated cirrhosis (F4c) Efruxifermin will be positioned for MASH F4c with potential for expansion into ALD Phase 2 SYMMETRY results in F4c patients Phase 2 HARMONY results in F2-F3 patients 29% improvement in fibrosis with no worsening in MASH 42% MASH resolution with no worsening of fibrosis 11% 21% 11% 21% 11% 21% 0% 10% 20% 30% Placebo n=61 EFX 28 mg n=57 EFX 50 mg n=63 29%1 49% improvement in fibrosis with no worsening in MASH 37% MASH resolution with no worsening of fibrosis SYNCHRONY RW (F1-F4c) SYNCHRONY HISTOLOGY (F2-F3) 2026 2027 SYNCHRONY phase 3 programme Fibrosis regression (%) SYNCHRONY OUTCOME (F4) ALD clinical development during 2027
Page 69
Investor presentation Q3 202669 Combining oral GLP-1 and PCSK9i could accelerate entry into traditional CV risk factors through proven mechanisms CV: Cardiovascular; FHD: First human dose; GLP-1: Glucagon-like peptide-1; LDL-C: Low-density lipoprotein cholesterol; mmol/L: m illimoles per litre; PCSK9i: PCSK9 inhibitor; sema: semaglutide; US: United States Source: Koren et al. The Lancet Diabetes & Endocrinology. 2024. Oral PCSK9i demonstrated superior LDL lowering versus placebo in phase 2 Oral PCSK9i/GLP-1 holds potential to bring additional CV benefits by lowering LDL First human dose will be initiated in 2027, potential to launch already in early 2030s -32% -45% -62% -60% -32% -45% -62% -60% -0% -20% -40% -60% -80% 6% Oral PCSK9i 15 mg Oral PCSK9i 40 mg Oral PCSK9i 100 mg Placebo Evolocumab Mean baseline LDL-C 2.7 mmol/L Co-formulated oral PCSK9i/GLP-1 is a novel once daily oral combination of two peptide-based therapies Proven sema biology Successful PCSK9 Phase 2 Novel oral combination • Combining two well known assets derisks clinical development • Exploring both oral and injectable formulations • Phase 1 bioavailability study to be initiated in 2027 • Optionality to go straight to phase 3 to prioritising speed-to-market Change in LDL-C (%)
Page 70
Investor presentation Q3 202670 In heart failure, coramitug offers a differentiated mechanism of action currently in phase 3 development for ATTR-CM ATTR-CM: Transthyretin amyloid cardiomyopathy; NYHA: New York Heart Association; TTR: transthyretin Coramitug is an antibody designed to deplete amyloid deposits and thereby reverse ATTR-CM Today Coramitug Amyloid deposits accumulate in the heart Leading to progressive cardiac dysfunction, worsening clinical outcome and premature mortality Current standard of care TTR stabilisers Stabilise circulating TTR Slow formation of new amyloid ! Do not directly clear existing deposits Holds the potential to Reverse disease pathology Improve cardiac function Benefit NYHA class I-IV patients TTR depleterTTR silencers Reduce circulating TTR Slow formation of new amyloid ! Do not directly clear existing deposits
Page 71
Investor presentation Q3 202671 Coramitug’s mechanism of action has the potential to address important unmet needs in heart failure ATTR-CM: Transthyretin amyloid cardiomyopathy; CV: Cardiovascular; IV: Intravenous; NT-proBNP: N-terminal pro–B-type natriuretic peptide; Q4W: 4-week dosing; SoC: Standard of care; TTR: transthyretin Source: Shaw PD, et al. ISPOR. 2026; Fontana et al. Circulation. 2026 In the dose-finding phase 2 study, coramitug demonstrated solid biological and cardiac activity with disease reversing potential The phase 3 CleopATTRa study with coramitug is ongoing 1:1 R SoC + Coramitug IV Q4W SoC + placebo IV Q4W Treatment period (event driven) Trial objective • To reduce CV mortality and recurrent CV events in patients with ATTR-CM on top of standard of care Next steps for coramitug • Phase 3 results expected in 2029 with potential launch by the turn of this decade 0 52 0.0 1.0 1.2 1.4 1.6 NT-proBNP ratio to baseline 1.17 0.85 1.63 Coramitug 10 mg/kg Coramitug 60 mg/kg Placebo Key takeaways from phase 2 Coramitug significantly reduced NT-proBNP, a validated biomarker of cardiac stress Coramitug is the first TTR depleter to demonstrate a statistically significant reduction in NT-proBNP from baseline, highlighting its potential to reverse disease progression >80% of patients were receiving current standard of care Time since randomisation (weeks)
Page 72
Blood & endocrine disorders
Page 73
Investor presentation Q3 202673 The blood & endocrine therapy area is an evolution of the rare disease legacy, and a key pillar of Novo’s strategy 1Internal Novo data, excluding hormone replacement therapy 2Illustrative - 2030 ambition is over 50% sales growth vs 2026 baseline CER: Constant exchange rate; HCP: Healthcare professional; IO: International Operations; US: United States Note: The ambition does not constitute Novo’s financial outlook or guidance on growth or performance Novo is positioned to lead in blood and endocrine disorders and adjacencies Rare disease business has built a foundation for growth towards 2030 ambition Very high unmet need Strong legacy and biology expertise Assets positioned to become standard of care Global relationships with HCPs, patients and organisations Broadened indications People treated in 2025 vs 2024 1+40% 11 9 11 9 11 9 11 9 11 9 11 9 0 5 10 15 20 2025 2030 ambition2 DKK billion 9% >+50% from 2026 Rare disease sales Strong pipeline generation Etavopivat Zaltenibart IO US Ambition Growth at CER
Page 74
Investor presentation Q3 202674 The four focus areas of blood & endocrine disorders have clear leadership parameters aHUS: Atypical haemolytic uremic syndrome; C3G: C3 glomerulopathy; GH: Growth hormone; GHD: Growth hormone deficiency; HwI: Haemo philia with inhibitors; IgAN: IgA nephropathy; Non-GHD: Non–growth hormone deficiency; PNH: Paroxysmal nocturnal haemoglobinuria Source: Evaluate Pharma; Thomson et al. The Lancet Haematology. 2021; Yuanyuan et al. The Lancet. 2024; Cançado et al. Hematol Transfus Cell Ther. 2021; Caravaca-Fontán et al. 63rd European Renal Association (ERA) Congress. 2026; Yan et al. Clin Epidemiol . 2020; Mameli et al. Endocrine. 2024; World Federation of Haemophilia Annual Global Survey. 2024; Willey et al. Nephrol Dial Transplant. 2023 Haemoglobinopathies Gain leadership • Opportunity to fill therapy gap in sickle cell disease and thalassemia • Estimated market of >$4B in 2032 • Aim: Gain leadership with next-generation blockbuster therapy etavopivat and NDec Haemophilia Maintain leadership • Unmet need for reduction in breakthrough bleeds • Estimated market of >$19B in 2032 • Aim: Launch denecimig as best-in-class with blockbuster potential Haemato-renal Build a leading portfolio • Overlapping disease pathophysiology and biology enables rapid indication expansion • Estimated market of >$17B in 2032 • Aim: Build presence with zaltenibart in targeted indications Endocrine disorders Expand leadership • Opportunity to expand market and long- acting GH leadership with new indications • Estimated market of >$3B in 2032 • Aim: Maximise value through strategic launches and expansion to non-GHDs ~850,000 patients >2 million patients ~10 million patients ~1 million patients
Page 75
Investor presentation Q3 202675 Denecimig combines best-in-class profile with superior patient experience for treating haemophilia A ABR: Annual bleeding rate; BLA: Biologics license application; CHMP: Committee for Medicinal Products for Human Use; EU: European Union; US: United States Source: Østergaard H, Blood 2021; Lentz SR, et al. 2024; Lund J et al., Res Pract Thromb Haemost. 2026; Windyga J et al. Oral OC 02.4 International Society on Thrombosis and Haemostasis 2026; Carcao M et al. Oral OC 02.5 International Society on Thrombosis and Haemostasis 2026. Hermans C, et al. J Thromb Haemost. 2026 Denecimig combines best-in-class profile with superior patient experience for treating haemophilia A Next steps for denecimig • 2026: regulatory decisions • Positive European CHMP opinion received 17 September 2026 • First EU launches turn of the year • US BLA review ongoing • 2027: continued launches • Broad roll-out expected • US launch in H1 2027 pending regulatory decision • Additional indication exploration ongoing Denecimig is optimised for potency • >15x potency vs emicizumab • 42% Factor VIIIa bioequivalence • Thrombin normalisation Dosing regimen flexibility • Once weekly, once every two weeks or once monthly dosing • First true once-monthly FVIIIa mimetic Preferred administration • Consistent low volume in an easy-to-use pen • Device preference vs emicizumab Superior bleed protection • 70-90% of patients experienced zero treated bleeds • ABRs significantly reduced vs prior clotting factor prophylaxis Improved treatment outcomes Superior treatment experience
Page 76
Investor presentation Q3 202676 Etavopivat’s best-in-class profile supports blockbuster potential in sickle cell disease 1Hb response defined as >1g/dL at week 24 (%) vs placebo. Adjusted rate difference of 41.2% versus placebo Hb: Haemoglobin; SCD: Sickle cell disease; VOC: Vaso -occlusive crisis Source: HIBISCUS Company Announcement No 26 / 2026 Etavopivat has potential to be best-in- class disease-modifying therapy in SCD Etavopivat is first in a new class of drugs to show significant reduction of VOC rate and improvement in Hb levels in phase 3 Annualised VOC reduction 27% Hb response with treatment1 48.7% Detailed HIBISCUS data to be presented at American Society of Haematology in December Additional insights and secondary endpoints: Etavopivat appeared to be well tolerated 70% of people in the trial were on hydroxyurea Substantially reduced risk of blood transfusions with etavopivat Time to first VOC was delayed by ~4 months Once-daily, oral small molecule therapy Etavopivat is a pyruvate kinase-R activator, with potential to improve red blood cell health by: • Reducing oxidative damage • Reducing haemolysis Acquired with Forma Therapeutics in 2022
Page 77
Investor presentation Q3 202677 Novo aims to establish etavopivat as a new standard of care in sickle cell disease while expanding into other haemoglobinopathies SCD: Sickle cell disease Commercial priorities for etavopivat Future development of etavopivat Phase 3b HIBISCUS 2 trial ongoing, with data expected in late 2028 First regulatory filing for etavopivat expected in Q4 2026 Thalassemia phase 3 expected to start in 2028 Etavopivat is the foundation on which Novo will bring long-term presence in SCD Reframe the perception of SCD from an acute, episodic illness to a chronic, progressive and life-threatening disease Elevate global understanding of SCD Advance broad adoption with flexible models as mono- or add-on therapy Establish etavopivat as standard of care Expand access through government and global health partnerships Expand patient access
Page 78
Investor presentation Q3 202678 Phase 3-ready opportunity in PNH for zaltenibart, with adjacent haemato-renal disorders providing further optionality aHUS: Atypical haemolytic uremic syndrome; C3G: C3 glomerulopathy; C5i: C5 inhibitors; CKD: Chronic kidney disease; Hb: Haemoglob in; IgAN: IgA nephropathy; MASP-3: mannan-binding lectin-associated serine protease 3; MoA: Mechanism of action; PNH: paroxysmal nocturnal haemoglobinuria Source: Analysis of data from BlueMatter, Orphan.net, Truven CCAE, AMER, TriNetX and literature review from 2022 -2024; Risitno AM et al. Front. Immunol. 2019 Attractive market with strong growth potential and strategic fit for Novo Zaltenibart has pipeline-in-a-drug potential in haemato-renal disorders Lead programme in paroxysmal nocturnal haemoglobinuria • Intra- and extravascular haemolysis leading to high morbidity and mortality if untreated • >1/3 of patients fail to achieve Hb normalization on standard of care Phase 1 and 2 studies completed in PNH • Demonstrated clinical effect in treatment naïve and C5i suboptimal responders • Phase 1b/2a open-label study showed zaltenibart was safe and well-tolerated • Phase 3 study in PNH expected mid-2027 • Further exploration in IgAN ongoing Acquired from Omeros Corp. in 2025 Novel MoA inhibits MASP-3, a proximal activator for alternative complement pathway Potential to more effectively inhibit complement activation and lead to better disease control Investigated in PNH and IgAN as potential best-in-class therapy Research in complement-mediated diseases since 2022 Global footprint in haemophilia, haemoglobinopathies and CKD Prevalence per million of selected haemato-renal disorders: PNH IgANaHUS ~16 ~600~10 9-12 C3G Haematology Renal
Page 79
US Operations
Page 80
Investor presentation Q3 202680 Clear strategy is in place to support sales growth in US Operations over the mid- to long term CVOT: Cardiovascular outcome trial; GLP-1: Glucagon-like peptide-1; MASH: Metabolic dysfunction-associated steatohepatitis; US: United States Note: ‘Medicare Part D Bridge’ refers to a short -term demonstration run by Centers for Medicare & Medicaid Services that will provide eligible Medicare Part D beneficiaries with access to certain GLP -1 drugs between July 1, 2026, and December 31, 2027 Operational priorities to deliver on the strategy Key strategic priorities across the corporate strategy in US Operations Expand access and affordability across therapy areas Build differentiated commercial competencies and expand Novocare® Ensure competitive launches Drive performance focused culture Cardiovascular diseases Leverage CVOT data and experience Prepare for coramitug launch Liver diseases Drive uptake of Wegovy® for MASH Prepare for efruxifermin launch Blood & endocrine disorders Successfully launch denecimig Establish etavopivat as preferred therapy in sickle cell disease Diabetes Drive Ozempic® uptake by reinforcing differentiated outcomes Leverage Ozempic® pill Obesity Expand Wegovy® franchise, win the oral segment Successfully launch CagriSema, first GLP-1+amylin combination Drive uptake in Medicare Part D Bridge programme
Page 81
Filled NBRx rate for GLP-1 T2D Investor presentation Q3 202681 Novo continues efforts to improve reimbursed access in obesity GLP-1: Glucagon-like peptide-1; NBRx: New-to-brand prescription; OM: Obesity medication; PA: Prior authorization; Rx: Prescripti on; T2D: Type 2 diabetes Source: IQVIA LAAD data; IQVIA Analysis, commercial only, new written claims with 30*- day look forward Commercial obesity medication coverage is inferior to other chronic disease areas, with access being cumbersome for many Novo continues to work on securing long-term durable access and reimbursement in both private and public channels Gradual reimbursement of select populationsPredictability on volume Continue to provide clinical and real-world evidence Demonstrate value Obesity medication cost trend remains the challenge for payers Cost Price Volume= x 100 Written NBRx OM not covered PA/Step Edit/Other Abandoned Rx Filled NBRx GLP-1 T2D ~35 ~55 NBRx Ensure competitive and sustainable net pricing Address unit economics Explore alternative access models Secure long-term obesity medication access in Medicare Part D
Page 82
Investor presentation Q3 202682 Wegovy® pill drives market expansion, supported by real-world evidence of sustained weight loss after six months 1Based on last 12 weeks, as of week ending 8/28/2026 BMI: Body mass index; GLP-1: Glucagon-like peptide-1; MS: Market share; TRx: Total prescriptions Note: WeGoTogether® is Novo’s patient support app for Wegovy® users; Ro® is a direct -to-patient telehealth company Source: Real-world weight loss data from WeGoTogether® and Ro®; Wharton et al, N Engl J Med. 2025 Sep 18;393(11):1077 -1087; Wegovy® pill user data based on internal Novo data; T otal Rx based on internal self-pay data and IQVIA Xponent reporting Insights from WeGoTogether® and Ro® show real-world weight loss with Wegovy® pill is higher than the clinical evidence Wegovy® pill uptake continues to be primarily driven by market expansion ~80% are naïve to GLP-1 obesity medications ~70% female Average age of ~50 years Average BMI of ~35 User ~30% of TRx for the 9 and 25 mg dose >7 million prescriptions year-to-date ~90% of prescriptions are self-payRx Oral obesity medications now capture ~30% MS1 of the total marketMS Change in body weight (%) -1.7% -5.3% -10.4% -2.3% -5.9% -11.8% -2.9% -6.7% -11.5% 1 month 3 months 6 months OASIS 4 trial Ro® WeGoTogether® 0% -6% -12% Ro® WeGoTogether®
Page 83
Investor presentation Q3 202683 US Operations is set to execute on up to 12 potential launches over the next 5 years 1Expected launch of Fibrosis stage 4 indication US: United States Note: Expected timing and qualification of R&D, commercial and regulatory milestones for inclusion in this table are based on assessment made as part of Novo CMD26, which are subject to change The future US portfolio is expected to expand patient reach across all therapeutic areas Asset 2027 2028 2029 2030 Diabetes Ozempic® pill 25 mg CagriSema Zenagamtide Oral zenagamtide Obesity CagriSema Cagrilintide Zenagamtide Oral zenagamtide Blood & endocrine disorders Denecimig Etavopivat Liver diseases Efruxifermin Cardiovascular diseases Coramitug Launch Launch Launch Launch Launch timings are indicative and subject to change Launch Launch Launch1 Launch Launch Launch Launch Launch
Page 84
International operations
Page 85
Ambitious Wegovy® pill roll-out in a rapidly expanding oral obesity market Continued significant growth contribution from injectable GLP-1s expected Pricing and competitive pressures in LoE markets International Operations aims to be key contributor for overall Novo growth towards 2030 and beyond Investor presentation Q3 202685 Strategic playbook in IO UNLOCK ACCESS to increase reach in LoE markets EXPAND new channels and launches DIFFERENTIATE semaglutide Near-term Long-term + + - + GLP-1: Glucagon-like peptide-1; IO: International Operations; LoE: Loss of exclusivity Note: Expected timing and qualification of R&D, infrastructural, operational, commercial and regulatory milestones, results o r events stated in this presentation are based on current assessments, which are subject to change 2026 2030+ Multi-engine growth Aim to grow through European LoE with >10 expected product launches in coming years Leadership in a substantial oral GLP-1 market New growth engines from blood & endocrine disorders Steady upgrade of the insulin portfolio
Page 86
Investor presentation Q3 202686 IO has delivered double-digit growth over recent years, mainly driven by GLP-1s in EUCAN CAGR: Compound annual growth rate; CER: Constant exchange rates; GLP-1: Glucagon-like peptide-1; IO: International Operations Note: Other diabetes care includes primarily NovoNorm®, needles and GlucaGen® HypoKit®; APAC: Covers Japan, Korea, Oceania and Southeast Asia; EM: Emerging Markets, covers mainly Latin America, Middle East and A frica; EUCAN: Covers Europe and Canada; Region China: Covers mainland China, Hong Kong and Taiwan Source: Novo data on file and company announcements from 2021 to Q2 2026 Obesity sales have been driving the strong growth momentum over recent years EUCAN is the key growth region in IO 0 40 80 120 160 2021 2022 2023 2024 2025 +15% CAGR GLP-1 diabetes Other diabetes care Insulin Obesity Blood & endocrine disorders 5% -3% -1% 40% 0 40 80 120 160 2021 2022 2023 2024 2025 Region EUCAN Region EM Region APAC Region China DKK billion H1 2026 CER growth 0% 7% -7% 20% 8% H1 2026 CER growth 8%IO IO DKK billion
Page 87
Investor presentation Q3 202687 The unmet need remains large in IO, while the GLP-1 market continues to grow rapidly GLP-1 remains a highly attractive market The GLP-1 market is growing rapidly, while insulin is a more mature market EUCAN is the largest value market, while treatment rates remain low GLP-1 continues to be a fast-growing market, particularly within obesity GLP-1 obesity and diabetes markets are broadly same size GLP-1 potential remains significant given continued low treatment rates of total GLP-1 market value in IO comes from EUCAN 60 103 102 0 30 60 90 120 Insulin GLP-1 diabetes GLP-1 obesity 0 1,000 0% 2% 4% 6% APAC 27 bDKK Region China 6 bDKK EM 34 bDKK EUCAN 138 bDKK % Growth rate vs last year T2D and obesity population in millions +4% +135% GLP-1 treatment rate1 Value market size, DKK billion Bubble size: Value market size1, DKK billion 1GLP-1 diabetes and obesity GLP-1: Glucagon-like peptide-1; IO: International Operations; MAT: moving annual total; GLP -1: Glucagon-like peptide-1; TA: Therapy area; T2D: type 2 diabetes Note: APAC: Covers Japan, Korea, Oceania and Southeast Asia; EM: Emerging Markets, covers mainly Latin America, Middle East a nd Africa; EUCAN: Covers Europe and Canada; Region China: Covers mainland China, Hong Kong and Taiwan; The overlap between T2D and obesity is excluded across markets Source: IQVIA MIDAS Jul’26 GLP-1 (MAT/R3M patients) and Novo internal estimates; US NHANES survey, World Obesity Atlas 2025 and Diabetes Atlas 11th edition 2025, UN world population +36% ~65%
Page 88
Investor presentation Q3 202688 Early loss of exclusivity is managed by focusing on expanding the segment and scaling with partners GLP-1: Glucagon-like peptide-1; IO: International Operations; LoE: loss of exclusivity; NEDL: national essential drug list Note: Major late LoE markets mainly include Europe, Oceania, Japan and Mexico Source: Novo data on file While prices are declining in the early LoE markets, Novo focuses on expanding volumes 2026 Negative low-single digit impact on IO growth in 2026Impact Saving cards programme Mitigating actions Dynamics Market volumes increase -50% to -70% price decline 2027 Expand segment with competitive pricing Scale with partners 2nd brands and partners Semaglutide data protection beyond 2029 + Annualised impact from 2026 LoE countries expected in 2027 - Competitive pressure in China Improve coverage of lower-tier hospitals with NEDL inclusion - Weekly injectable GLP-1 diabetes sales growth is driven by the late LoE markets H1 2025 H1 2026 +8% Early LoE markets Late LoE markets Weekly injectable GLP-1 diabetes sales Growth vs H1’25 -15% +32% Win initiations Extend stay time 2.0 mg
Page 89
Investor presentation Q3 202689 IO aims to execute on more than 10 new product launches through 2030 IO: International Operations; sc: Subcutaneous Note: Expected timing and qualification of R&D, infrastructural, operational, commercial and regulatory milestones, results o r events stated in this presentation are based on assessments made as part of Novo CMD26, which are subject to change The future IO portfolio is expected to expand patient reach across therapeutic areas Launch reflects the first potential country for each asset Timings are indicative and subject to change Assets 2026 2027 2028 2029 2030 Diabetes Ozempic® 2.0 mg CagriSema Awiqli® Kyinsu® Zenagamtide (sc/oral) Obesity Wegovy® 7.2 mg Wegovy® pill CagriSema Zenagamtide (sc/oral) Cagrilintide Blood & endocrine disorders Frehemgo® Etavopivat Launch Launch Launch Launch Launch Launch Launch Launch Launch Launch Launch Launch Additional growth engines Upgrade of the insulin portfolio • Expect to launch Awiqli® and Kyinsu® in >40 markets by end of 2027 Innovation within blood & endocrine disorders • Expect to launch Frehemgo® in >20 markets by end of 2027
Page 90
Global Manufacturing & Supply and Financials
Page 91
Investor presentation Q3 202691 Novo’s manufacturing capabilities provide a competitive advantage API: Active pharmaceutical ingredient; GLP-1: Glucagon-like peptide-1; MAT: Moving annual total Source: Insulin and GLP-1 diabetes patient reach is based on MAT ex -factory Novo volumes and WHO’s Defined Daily Dose; Obesity patient reach based on MAT ex-factory Novo volumes and internal daily doses; Global volume market share based on IQVIA, MAT Jun 26 Decades of expertise in large-scale manufacturing World-leading scale in insulin and GLP-1 manufacturing Large yeast-based production network with significant scale advantages built on 100+ years of experience In-house engineering, process expertise and continuous yield optimisation accelerated by AI Industry leading product quality and manufacturing reliability Building new capabilities within synthetic manufacturing through acquisition Across Novo’s API sites globally, average capacity has increased more than 3x compared to original design capacity 25 20 0 10 20 30 40 50 Million patients on Novo products in first half of 2026 Insulin GLP-1 diabetes and obesity #1 ~41% #1 Global market position Global volume market share ~51%
Page 92
Investor presentation Q3 202692 Manufacturing network is fit for future demand API: Active pharmaceutical ingredient Note: Overview reflecting strategic sites only Fill and finish sites 11 Tablet sites 3 >25 partnerships Denmark, 6 sites API, fill, finish and tablet China Fill and finish Italy Fill and finish Brazil Fill and finish France Fill and finish Belgium Fill and finish Ireland Tablet United States, 5 sites API, fill, finish and tablet API sites 7
Page 93
Investor presentation Q3 202693 Strong foundation for future growth and value creation CAPEX: Capital expenditure; E: Expected; GMS: Global Manufacturing & Supply Source: Novo data on file From capacity build-out to network optimisation and value creation CAPEX-to-sales ratio expected to decline towards industry average GMS supports both Novo’s R&D and commercial efforts Build Capacity expansion Ramp Bring assets online Optimise Productivity and network optimisation R&D Clinical trial supply and launch readiness Commercial Reliable supply and competitive costs 6 12 26 47 60 0 30 60 90 2021 2025 2030E ~50 DKK billion CAPEX Expected CAPEX ILLUSTRATIVE CAPEX Decreasing
Page 94
24 59 0 20 40 60 80 100 83% 2021 81% 2025 2030E Investor presentation Q3 202694 Renewed focus on productivity to sustain cost competitiveness API: Active pharmaceutical ingredient; COGS: Cost of goods sold; E: Expected; opt.: Optimisation; SNAC: salcaprozate sodium (absortion enhancer) Note: The estimates do not constitute Novo’s financial outlook or guidance on growth or performance; Next-gen SNAC refers to bioavailability improvements with next generati on(s) of the technology Source: Novo data on file Ambition to keep adjusted gross margin broadly stable Continuous focus on lowering unit cost and improving productivity Optimised Wegovy® pill COGS API optimisation Economies of scale and optimisations across facilitiesIncreasing efficiency eg deploying AI to accelerate automation and reduce scrap Formulation New oral pill formulations with improved efficiency Supply network optimisation Right sizing 2026 API upscale Next-gen SNAC Yield & cost opt. 2030 DKK billions DKK billion ILLUSTRATIVE COGS Potential savingsAdj. margin Adj. COGS Broadly stable ILLUSTRATIVE
Page 95
Adjusted gross margin - broadly stable Protect with yield improvements, scale and productivity Adjusted R&D ratio - increase Reinvest in priority pipeline and LoE strategy Adjusted SG&A ratio – gradually decline Invest behind multiple blockbuster launches and drive increasing revenue per FTE Investor presentation Q3 202695 Targeting a broadly stable adjusted OP margin by 2030 with higher R&D spend offset by productivity gains and SG&A discipline FTE: Full-time employee; LoE: Loss of exclusivity; OP: Operating profit; SG&A: Selling, general and administrative expenses Note: The estimates do not constitute Novo’s financial outlook or guidance on growth or performance. Industry peers: Eli Lilly, AstraZeneca, Gilead, Johnson & Johnson, AbbVie, Novartis, Sanofi, Roche, GSK, Amgen, Merck & Co, B iogen, Pfizer, Bristol Myers Squibb. Source: Evaluate Pharma data (adjusted OP margin for peer average) and Novo data on file Aim to keep adjusted OP margin broadly stable Targeted development 2030 41% 36% +5%-points Adjusted OP margin Adjusted OP margin Broadly stable Peer average 2025 2030E ILLUSTRATIVE
Page 96
Investor presentation Q3 202696 Increasing free cash flow supports our ambition to maintain an attractive dividend per share BD: Business development; CAPEX: Capital expenditure Source: Novo annual reports Capital allocation priorities Disciplined capital allocation 31 consecutive years of increasing dividend per share 1 Internal growth opportunities 2 Maintain attractive dividend per share 3 BD investments to enhance R&D pipeline 4 Flexible share buybacks 0 4 8 12 1995 2025 Total dividend per share DKK billion DKK billion 0 40 80 120 160 6 19 24 19 2021 60 30 52 1 2025 69 143 CAPEX BD Dividends Share buy-backs
Page 97
Investor presentation Q3 202697 Business development helps scale innovation beyond internal capabilities 1At year-end 2025, Novo’s net debt/EBITDA was 0.64x EBITDA: Earnings before interest, taxes, depreciation, and amortization; IRR: Internal rate of return; MoA: Mechanism of action; ROIC: Return on invested capital Note: Moody’s Rating upgraded Novo’s rating to Aa3 in 22 Jan 2025 and S&P Global Ratings upgraded to AA on 19 May 2025 Source: Moody’s and S&P Global issuer rating Expand pipeline through value-creating bolt-on business development Strong balance sheet enables Novo to pursue relevant business development opportunities Strategic fit Scientific rationale Financial attractiveness Therapy area strategic fit including unmet need Attractive peak sales, valuation/ROIC/IRR Novel targets and differentiated MoA, supported by compelling biology Net debt-to-EBITDA ratio ~0.7x1 Strong balance sheet Aa3 Top 3 pharma credit rating AA Guiding principles for business development Bolt-on business development remain the strategic priority
Page 98
Investor presentation Q3 202698 Share information Investor relations contacts Novo Nordisk A/S Investor Relations Novo Alle 1 DK 2880 Bagsvaerd 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 Max Ung +45 3077 6414 mxun@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 Alex Bruce (USA) +1 640 230 0276 axeu@novonordisk.com Novo’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 more information, visit www.novonordisk.com 3 February 2027 Full-year 2026 financial results 18 March 2027 Annual General meeting 5 May 2027 Financial results Q1 2027 4 August 2027 Financial results Q2 2027 3 November 2027 Financial results Q3 2027 Upcoming events Investor contact information