Investor presentation London 6 February 2020 - Novo Nordisk

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Investor presentation London 6 February 2020 - Novo Nordisk
Investor presentation

                                                              London
                                                     6 February 2020

ROSHNI
Roshni is living with type 1 diabetes in India
Investor presentation London 6 February 2020 - Novo Nordisk
Investor presentation   Full year 2019   Slide
                                                                       Slide 2
                                                                             2

Agenda

Highlights

Sales update

R&D update

Financials and outlook

Strategic aspirations 2025
Investor presentation            Full year 2019                                  Slide 3

Forward-looking statements

Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company’s statutory Annual Report 2019 and
Form 20-F, which are both expected to be filed with the SEC in February 2020 in continuation of the publication of the Annual Report 2019, and written information released, or oral
statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’,
‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial
performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:
• Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research, product development, product introductions
    and product approvals as well as cooperation in relation thereto,
• Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other
    financial measures,
• Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and
• Statements regarding the assumptions underlying or relating to such statements.

These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific.
Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any
forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations,
delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recalls, unexpected contract breaches or
terminations, government-mandated or market-driven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology, Novo Nordisk’s
ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation
thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to
ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees,
and failure to maintain a culture of compliance.

For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in this presentation, reference is made to
the overview of risk factors in ‘Managing risks to protect value’ on pp 33-35 of the Annual Report 2019.

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as
a result of new information, future events or otherwise.

Important drug information
•   Victoza® is approved for the management of type 2 diabetes only
•   Saxenda® is approved in the USA and the EU for the treatment of obesity only
Investor presentation    Full year 2019                Slide 4

Strategic aspirations for 2025
- Highlights 2019

                                                                                                                                           Diabetes:
                  Patients reached with Novo Nordisk products                                                                              • Rybelsus® received approval for the treatment of type
                  increased by 3% to 30 million                                                                                              2 diabetes in the US and positive EU CHMP opinion
                                                                                                                                           • Ozempic® approved in the US for CV risk reduction
                  Access to Insulin Commitment expanded with 29                                                                            • Insulin icodec (LAI287) phase 2 trial successfully

                                                                                                                   therapeutic focus
                  middle-income countries, reaching 2.9 million patients                                                                     completed

                                                                                                                   Innovation and
 sustainability

                                                                                                                                           Obesity:
 Purpose and

                  Circular for Zero environmental strategy introduced                                                                      • AM833 phase 2 trial initiated
                                                                                                                                           Biopharm:
                                                                                                                                           • Esperoct® approved in the US, the EU and Japan for
                                                                                                                                             the treatment of haemophilia A

                  Diabetes sales increased by 4%:
                                                                                                                                           Sales increased by 6% to DKK 122.0 billion
                  • Value market share leadership expanded by 0.8%-
                                                                                                                                           • 11% and 1% growth in IO and NAO, respectively
                    point to 28.6%
                  • Sales of GLP-1 increased by 22% reflecting solid
                                                                                                                                           Operating profit increased by 6% to DKK 52.5 billion
                    launch of Ozempic®
  Commercial

                  Obesity sales increased by 42% to DKK 5.7 billion                                                                        Free cash flow of DKK 34.5 billion

                                                                                                                        Financials
  execution

                  Biopharm increased by 4% driven by key products                                                                          Total dividend of DKK 8.35 per share of DKK 0.20
                  NovoEight®, Refixia®, and Esperoct®

Note: Unless otherwise specified growth rates are at constant exchange rates; CV: Cardiovascular; IO: International operations; NAO: North America operations
Investor presentation     Full year 2019           Slide
                                                                                                                                                               Slide 5
                                                                                                                                                                     5

Sales growth of 6% at CER, driven by solid sales growth in
International Operations
                      Reported sales split for FY 2019                                                                      Growth drivers for FY 2019

                                 Insulin                 GLP-1                    Other diabetes
                                                                                                      International Operations sales growth of 11% at
                                 Obesity                 Biopharm                 Growth at CER
DKK                                                                                                   CER supported by all regions
billion                                                                                               •   Increasing sales across all therapy areas
70      11%                                                                                     1%    •   Broad innovative portfolio of products and new
                                                                                                          product launches
60                                                                                                    •   Solid commercial execution applying a Market Fit
                                                                                                          approach
50                                International Operations regions
                                                                                                      •   Underlying demographic trends across IO countries
40
                                                                                                      North America Operations sales increased by 1%
30                        7%                                                                          at CER
20                                     14%                                                            •   Sales growth in GLP-1 (+19%), Obesity (+28%),
                                                     12%
                                                                                                          and Biopharm (+2%), offset by declining insulin
10                                                                 5%           24%                       sales (-16%)

  0
            IO        Region Region Region Region Region                                        NAO
                      Europe AAMEO China    J&K   LATAM
IO: International Operations; AAMEO: Africa, Asia, Middle East & Oceania; J&K: Japan & Korea;
LATAM: Latin America; NAO: North America Operations; FY: Full year
Investor presentation      Full year 2019          Slide
                                                                                                                                               Slide 6
                                                                                                                                                     6

Sales growth of 6% at CER, driven by GLP-1, Obesity, and
Biopharm, partly offset by declining US insulin sales
    Added reported sales and growth per therapy area and                                                     Growth drivers for FY 2019
                   operational unit at CER
                            International Operations    North America Operations
                                                                                   •     Novo Nordisk expands global diabetes value market
DKK                                                     Growth at CER
                                                                                         leadership by 0.8%-point to 28.6%
billion                                        Therapy areas
12                                                                                 •     Global insulin volume market share increased 0.2%-
              6%                 -3%          22%        42%           4%                point to 46.5%
10
                                                                                   •     Novo Nordisk expands GLP-1 market leadership by
    8                                                                                    1.3%-points to 47.5% value market share
             11%

    6                                         32%                                  •     Saxenda® now launched in 46 countries

                                                                                   •     Biopharm sales increased 4%, at CER, driven by new
    4
                                              19%        73%
                                                                                         products and both operating units
              1%                                                       5%
    2                             7%

    0
                                 -16%                    28%           2%
-2
            Total              Insulin       GLP-1     Obesity     Biopharm
                     1

1“Other diabetes“ is included in Total                                             Source: IQVIA MAT, Nov 2019
CER: Constant exchange rates
Investor presentation          Full year 2019                    Slide
                                                                                                                                                                  Slide 7
                                                                                                                                                                        7

Ozempic® and Rybelsus® US launches have increased Novo Nordisk
GLP-1 NBRx market share, resulting in TRx market leadership
                   USA GLP-1 NBRx market share                                              USA GLP-1 TRx market growth and market share

                                         NN GLP-1                 Ozempic®   Rybelsus®                                  NN GLP-1      Ozempic®    dulaglutide    other
                                         dulaglutide              Victoza®   other
Weekly                                                                                   TRx volume
                                                                                                                                                           TRx share
NBRx share                                                                               (million)
60%                                                                           56.6%      2.0                                                                     80%
                                                                                                                                          Market growth: 32%1
50%
                                                                                         1.5                                                                     60%
40%                                                                           36.8%
                                                                                                                                                        46.8%
30%                                                                           36.4%      1.0                                                                     40%
                                                                                                                                                        44.9%
20%                                                                           13.3%                                                                     20.6%
                                                                                         0.5                                                                     20%
10%                                                                             7.1%                                                                     8.3%
                                                                                6.4%
 0%                                                                                      0.0                                                                     0%
         Jan                                                                     Dec            Jan                                                        Dec
        2019                                                                    2019           2019                                                       2019

Source: NBRx-IQVIA National LRx Weekly, week ending 27 Dec 2019                          Source: TRx-IQVIA Xponent, Dec 2019
NBRx: New-to-brand prescriptions                                                         TRx: Total prescriptions
                                                                                         1 Q4 2019 vs. Q4 2018
Investor presentation     Full year 2019                       Slide
                                                                                                                                                                                   Slide 8
                                                                                                                                                                                         8

  Strong GLP-1 sales growth in IO driven by Ozempic® launch
  uptake in Europe and GLP-1 portfolio across regions
   GLP-1 value market share and share of growth in select                                                             Reported GLP-1 sales, growth, and share of
                 European launch markets                                                                                     regional growth per region
                                                     NN market share             NN share of growth                                        GLP-1 growth at CER       GLP-1 share of growth
                                                                                                         DKK
 Market                                                                                                  billion
 Share                                                                                                             32%
                                           1st European

 80%
                                               launch
                                                                                                         9         35%
                                                                                                                                             International Operations regions

                                                                                              61.4%
                                                                                                                                    31%
 60%
                                                                                                         6
                                                                                              60.0%                                 76%

 40%

                                                                                                         3                                  15%               70%    55%         14%
 20%
                                                                                                                                             7%               26%    31%         29%

   0%                                                                                                    0
            Nov                                                                                   Nov               IO           Region    Region        Region     Region       Region
            2017                                                                                  2019                           Europe    AAMEO         China      LATAM       Japan &
                                                                                                                                                                                 Korea
Source: IQVIA 3 months rolling value, Nov 2019
SoG: Share of growth
Countries included: Belgium, Czech Republic, Denmark, Finland, France, Hungary, Ireland, Italy,           IO: International Operations
Luxembourg, Netherlands, Norway, Slovakia, Spain, Sweden, Switzerland and the UK
Investor presentation             Full year 2019    Slide
                                                                                                                                                             Slide 9
                                                                                                                                                                   9

Global rollout and promotional activities drive 42% at CER,
Saxenda® sales growth for 2019
            Reported sales split in operational units                                                   Novo Nordisk remains global market leader

                   International Operations               North America Operations                      • Novo Nordisk expands market leadership to 56%
DKK                                                                                  Market
                   Growth at CER                          Value market share                              value market share from 48%

                                                                                               Global
billion                                                                              Share
                                                                      42%
                                                                                                        • Saxenda® is now launched in 46 countries
1.6
                                                                                                        • Continued investments in market development
                                            51%                             56%       60%                 activities
1.2
                                                                                                        • Sales growth of 73% driven by all regions
                   64%
                                                                                      40%               • Novo Nordisk currently has a value market share of

                                                                                               IO
0.8                                                                                                       36% in the obesity market

                                                                                      20%
0.4
                                                                                                        • Sales growth of 28% driven by both the USA and

                                                                                               NAO
                                                                                                          Canada
0.0                                                                                   0%
        Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                                                             • Novo Nordisk currently has a value market share of
                                                                                                          70% in the obesity market
           2017         2018       2019
Note: Numbers in the graph are reported quarterly sales                                       Source: IQVIA monthly, Nov 2019
CER: Constant exchange rates                                                                  Note: Growth rates are at CER
                                                                                              IO: International Operations; NAO: North America Operations
Investor presentation               Full year 2019   Slide
                                                                                                                                                                    Slide10
                                                                                                                                                                         10

Solid commercial execution and new product launches drive 4%,
at CER, Biopharm sales growth
   Increase in reported Biopharm sales across products                                                Biopharm sales driven by global commercial execution

DKK                                        Growth at CER                                              Biopharm sales growth driven by 5% in International
billion                                                                                               Operations and by 2% in North America Operations
              4%              0%             10%             81%             2%              6%
1.2
                                                                                                      Haemophilia sales increased by 4% driven by
1.0                                                                                                   • Continued global rollout of NovoEight®, Refixia® ,and
                                                                                                        Esperoct®
0.8                                                                                                   • Stable NovoSeven® sales, reflecting the solid position in a
                                                                                                        competitive market
0.6

0.4                                    Haemophilia                                                    Novo Nordisk retains global market leadership in the
                                                                                                      human growth disorder market with a 33% value
0.2                                                                                                   market share

0.0
            Total            Novo-       NovoEight®        Other           Nordi-         Other
                            Seven®                         haemo-          tropin®        Biopharm
                                                           philia

Note: ‘Other haemophilia’ includes Esperoct®, NovoThirteen® and Refixia®; ‘Other Biopharm’ includes   Note: Sales growth reported at constant exchange rates
primarily Vagifem® and Activelle®
Investor presentation                   Full year 2019                          Slide
                                                                                                                                                                                                              Slide11
                                                                                                                                                                                                                   11

Ozempic® receives CV risk reduction indication in the US, Rybelsus®
receives CV safety label update in the US and positive CHMP opinion
                                                                                                                                                                              15             MACE

                                                                                                                                                           Patients with an
                                                                                                  Ozempic® is indicated for1:

                                                                                                                                                              event (%)
                                                                                                  • Adults with type 2 diabetes                                               10
                                                                                                                                                                                                Placebo: 8.9%
                                                                                                  • Reducing the risk of major
                                                  Cardiovascular
                                                                                                    adverse cardiovascular
                                                  indication in the US                                                                                                         5
                                                                                                    events in adults with type 2
                                                                                                    diabetes and established                                                                  Semaglutide: 6.6%
                                                                                                                                                                               0
                                                                                                    cardiovascular disease
                                                                                                                                                                                   0   4   8   12   16   20    24
                                                                                                                                                                                           Months

                                                                                                  The proportion of patients who                                 SOUL Cardiovascular Outcomes trial
                                                                                                  experienced at least one MACE
                                                                                                  was 3.8% with Rybelsus® and                                                          Oral sema 14 mg + SOC
                                                  Cardiovascular                                  4.8% with placebo
                                                                                                                                                             9,642
                                                                                                                                                            people
                                                  update in the US                                                                                         with type 2
                                                                                                                                                            diabetes                   Placebo + SOC
                                                                                                  Non-inferiority was established,
                                                                                                  with a hazard ratio equal to 0.79                                                          Event-driven
                                                                                                  [95% CI: 0.57, 1.11]

                                                                                                  Rybelsus® is indicated as
                                                  Positive CHMP                                   monotherapy when metformin is
                                                  opinion in the EU                               considered inappropriate for the
                                                                                                  treatment of type 2 diabetes1
CV: Cardiovascular; CVD: Cardiovascular disease; MACE: Major adverse cardiovascular event;   1   Abbreviated version of the approved product information
Investor presentation               Full year 2019                             Slide 12

Insulin icodec (LAI287) phase 2 and icosema (LAIsema) phase 1
trials successfully completed
  Insulin icodec (LAI287), a novel once-weekly insulin                                Icosema (LAIsema), a combination of once-weekly
             analog, versus insulin glargine                                                icodec and once-weekly semaglutide

                    1                                                                             2
                        Icodec (weekly) + metformin ± DPP-4i
247 people                                                                     30 people
                        (+ daily placebo)                                                             Icosema                          Sema                       Icodec
with type 2   1:1                                                              with type 2
 diabetes                                                                       diabetes
                        Insulin glargine U100 (daily) + metformin ± DPP-4i
                        (+ weekly placebo)
                                                                                                        5 weeks         1-4 week        5 weeks        1-4 week   5 weeks
                                                                                                           PK           washout            PK          washout       PK

Results                                                                        Details
• Change in HbA1c from baseline: insulin icodec, -1.33%-points                 • Investigated safety, tolerability and pharmacokinetics
  vs. insulin glargine U100, -1.15%-points
                                                                               • Following the completion of the phase 1 trial, icosema is now
• Low rates of hypoglycaemic events for both arms                                being evaluated for further clinical trial development
• No unexpected safety events
• Phase 3 initiation planned for second half of 2020

              1A phase 2, double-blinded and treat-to-target trial
                                                                                  2A phase 1 trial with only one of six possible treatment sequences shown
              PK: Pharmacokinetics                                                Sema: Semaglutide; PK: Pharmacokinetics
              Note: Insulin icodec is the international non-proprietary name      Note: Icosema is the international non-proprietary name
Investor presentation               Full year 2019                                 Slide 13

R&D milestones in 2020                                                                                                                      Clinical milestones1              Regulatory milestones1

             Project                                 Q1 2020                                   Q2 2020                                      Q3 2020                                 Q4 2020

            Ozempic®
                                               CV label indication
                                               China submission
                                                                          ✓✓                                                                                                   SUSTAIN FORTE –
                                                                                                                                                                                Phase 3 results

            Xultophy®                                                                                                                China submission

              Icodec                             Phase 2 results          ✓                                                                                 Phase 3 initiation
         Rybelsus®                              CV label update           ✓          EU commission decision                                                       ✓
     (Oral semaglutide)                        EU CHMP decision           ✓             JP PMDA decision

        Sema+OW GIP                             Phase 1 initiation          √                                                                                      ✓
                                                                                                                                                                   ✓
          Semaglutide                                                                                                   ✓
                                                                                                                Phase 3 results                                    ✓
        Amylin - AM833                                                                     Phase 2 results

           LA-GDF 15                                                                                                                                                             Phase 1 results

       Obesity Projects2                                                                   Phase 1 results

               Mim8                           Phase 1/2 initiation        ✓
           Somapacitan
                (AGHD)                            JP submission                                                                       US/EU decision
                                                                                                                                      Phase 2 results
      Semaglutide NASH                                                                     Phase 2 results
                                                                                                                                            (PoC, Gilead)          ✓
         FGF-21 NASH                                                                                                                 Phase 2 initiation

              PCSK9i                                                                       Phase 1 results
     Diabetes             Obesity              Haemophilia               Growth disorders                  Other serious chronic diseases
1Expected to be published in the given quarter or in the subsequent quarterly company announcement; Obesity projects include GG-co-agonist and Tri-agonist 1706
                                                                                                  2

Sema: Semaglutide; GIP: Gastric inhibitory polypeptide; EU: European Union; JP PMDA: Japanese Pharmaceutical and Medical Devices Agency; OW: Once-weekly; AGHD: Adult growth hormone deficiency; PoC: Proof
of Concept
Investor presentation   Full year 2019            Slide
                                                                                                   Slide14
                                                                                                        14

Financial results – Full year 2019

                                                                             Change     Change
In DKK million                      2019               2018                (reported)    (CER)
Sales                               122,021           111,831                  9%         6%
Gross profit                        101,933            94,214                  8%
Gross margin                           83.5%                84.2%

   Sales and distribution costs      31,823             29,397                    8%     6%
   Percentage of sales                 26.1%                26.3%
   Research and development costs    14,220             14,805                  (4%)     (6%)
   Percentage of sales                 11.7%                13.2%
   Administration costs               4,007               3,916                   2%     1%
   Percentage of sales                 3.3%                   3.5%
 Other operating income, net            600              1,152                 (48%)
Operating profit                     52,483             47,248                  11%      6%
Operating margin                       43.0%                42.2%
Financial items (net)               (3,930)                367
Profit before income tax             48,553             47,615                    2%
Income taxes                          9,602              8,987                    7%
Effective tax rate                     19.8%                18.9%
Net profit                           38,951             38,628                    1%
Diluted earnings per share (DKK)      16.38               15.93                   3%

CER: Constant exchange rates
Investor presentation     Full year 2019              Slide 15

Expected cash return to shareholders in 2020 and long-term
financial targets have been met
                  Annual cash return to                                                  Cash return priorities                    Novo Nordisk has met its long-
                     shareholders
                                                                                                                                       term financial targets
                 Share               Interim
                                                     Dividend
DKK              repurchase          dividend

billion          Free cash flow      Free cash flow guidance
                                                                           • For 2019, the proposed total dividend                          Cash Conversion
45                                                                           increased 2.5% to DKK 8.35 per share                         (three-year average)
                                                                             including interim dividend of DKK 3.00                            Target: 85%
                                                                             per share paid in August 2019.                                     2019: 86%

30                                                     17                  • For 2020, a new share repurchase
            17                15        15                                                                                                        OPAT/NOA
                                                                             programme of up to DKK 17 billion is
                                                                                                                                                  Target: 80%
                                                                             expected
                                                                                                                                                   2019: 98%
15           7                7          7
                                                                           • Total programme may be reduced in
                                                       13                    size if significant bolt-on acquisition               Average operating profit growth
            11                12        12
                                                                             opportunities arise during 2020                                 Target: 5%
     0                                                                                                                                    2016-2019: 4.9%
                                                                1
          2017            2018        2019          2020E

 1For 2020, expected free cash flow is DKK 36-41 billion.
 Note: Share repurchase programmes run for 12 months starting Feb until end-Jan of the following year.
Investor presentation               Full year 2019                                   Slide
                                                                                                                                                                                                                 Slide16
                                                                                                                                                                                                                      16

Financial outlook for 2020

                                                                                                                                              Expectations
                                                                                                                                               5 Feb 2020
 Sales growth – at CER                                                                                                                            3% to 6%

 Sales growth - reported                                                                                                     Around 1 percentage point higher

 Operating profit growth – at CER                                                                                                                 1% to 5%

 Operating profit growth - reported                                                                                          Around 1 percentage point higher

 Financial items (net)                                                                                                          Loss of around DKK 1.5 billion

 Effective tax rate                                                                                                                            20% to 22%

 Capital expenditure                                                                                                                  Around DKK 6.5 billion
 Depreciation, amortisation and
 impairment losses                                                                                                                      Around DKK 5 billion

 Free cash flow                                                                                                                          DKK 36 to 41 billion

The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates
remain at the level as of 31 January 2020.
CER: Constant exchange rates
Investor presentation   Full year 2019                                   Slide 17

 Strategic aspirations for 2025
 - Milestones expected for 2020
                                                                                                                                        Diabetes:
                                                                                                                                        • Sema FORTE phase 3 results due Q4 2020
                                                                                                                                        • Insulin icodec phase 3 initiation due in the second
                   Expansion of the US affordability offerings                                                                            half of 2020
                                                                                                                                        Obesity:
                   Utilise solar energy power across all US operations                                                                  • Semaglutide obesity phase 3 results due mid-2020

                                                                                                                therapeutic focus
                                                                                                                Innovation and
                                                                                                                                        • Amylin phase 2 results
  sustainability

                                                                                                                                        Biopharm:
  Purpose and

                   100% renewable power in 2020 for all production
                   sites                                                                                                                • Mim8 phase 1/2 initiated
                                                                                                                                        • Somapacitan regulatory feedback from the FDA/EMA
                                                                                                                                          for the treatment of AGHD
                                                                                                                                        Other serious chronic diseases:
                                                                                                                                        • Phase 2 readouts from two NASH trials

                   Expand diabetes market leadership led by launches                                                                    Sales growth expected to be 3-6%
                   and penetration of Ozempic®, Rybelsus®, and new-                                                                     (reported: around 1 percentage point higher)
                   generation insulin
                                                                                                                                        Operating profit growth expected to be 1-5%
                   Strengthen Obesity leadership with continued global                                                                  (reported: around 1 percentage point higher)
                   rollout and penetration of Saxenda®
  Commercial

                                                                                                                                        Free cash flow in the range of DKK 36-41 billion

                                                                                                                    Financials
  execution

                   Continued launches of key Biopharm products
                   Refixia® and Esperoct® support sustained growth outlook                                                              DKK 17 billion share repurchase programme

Note: Outlook as of 5 February 2020; Unless otherwise specified growth rates are at constant exchange rates; FDA: Food and Drug Administration; EMA: European Medicines Agency; AGHD: Adult growth hormone
disease; NASH: Non-alcoholic steatohepatitis; New-generation insulin: Tresiba®, Xultophy®, Ryzodeg®, Fiasp®
Investor presentation     Full year 2019                 Slide
                                                                                                                                      Slide18
                                                                                                                                           18

Investor contact information

                   Share information                                                Investor Relations contacts
Novo Nordisk’s B shares are listed on the stock exchange in          Novo Nordisk A/S
Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on         Investor Relations
the New York Stock Exchange under the symbol ‘NVO’.                  Novo Allé
                                                                     DK-2880 Bagsværd
For further company information, visit Novo Nordisk on:
www.novonordisk.com
                                                                     Peter Hugreffe Ankersen       +45 3075 9085      phak@novonordisk.com
                      Upcoming events
                                                                     Valdemar Borum Svarrer        +45 3079 0301      jvls@novonordisk.com
26 Mar 2020 Annual General Meeting
                                                                     Ann Søndermølle Rendbæk +45 3075 2253            arnd@novonordisk.com
06 May 2020 Financial statement for the first three months of 2020

06 Aug 2020 Financial statement for the first six months of 2020     Mark Joseph Root              +45 3079 4211      mjhr@novonordisk.com

30 Oct 2020 Financial statement for the first nine months of 2020    Kristoffer Due Berg (USA)     +1 609 235 2989 krdb@novonordisk.com
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