Investor presentation First nine months of 2015 · Slide 3 5,05 4,10 3,50 4,72 11,82 11,82 Investor...

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Investor presentation

First nine months of 2015

Mexico City – part of Cities Changing Diabetes

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Agenda

Investor presentation First nine months of 2015

Highlights and key events

R&D update

Financials and outlook

Sales update

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Forward-looking statements

Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company’s Annual Report 2014 and Form 20-F, both filed with the SEC in February 2015, 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 document, 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 recall, 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.

Please also refer to the overview of risk factors in ‘Be aware of the risk’ on p 42-43 of the Annual Report 2014 on the company’s website novonordisk.com.

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 document, whether as a result of new information, future events or otherwise.

Important drug information

• Victoza® (liraglutide 1.2 mg & 1.8 mg) is approved for the management of type 2 diabetes only

• Saxenda® (liraglutide 3 mg) is approved in the US and EU for the treatment of obesity only

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Highlights – first nine months of 2015


Research and Development • US FDA approves Tresiba® and Ryzodeg® 70/30 for the treatment of diabetes in adults • SUSTAIN® 3, comparing semaglutide with once-weekly exenatide in people with type 2 diabetes, successfully completed • Based on evaluation of ADJUNCT trials, liraglutide label expansion in type 1 diabetes will currently not be pursued

Sales development • Sales increased by 23% in Danish kroner and 9% in local currencies

• North America and International Operations grew by 33% and 23% in Danish kroner, respectively • Victoza® increased by 39% in Danish kroner and continues to drive the growth of the GLP-1 market • Levemir® increased by 27% in Danish kroner and gains market share in the US despite increased competition

• Tresiba® continues to perform well in countries with similar reimbursement as insulin glargine

Financials • Operating profit growth of 51% in Danish kroner; adjusted for partial NNIT divestment, growth was 16% in local currencies • Diluted earnings per share increased 36% to 10.28 DKK per share • 2015 financial outlook:

• Sales growth is still expected to be 7-9% in local currencies (now around 13% higher in Danish kroner) • Operating profit growth is now expected around 20% in local currencies compared to 19% previously (now around 22% higher in Danish kroner)

• 2016 preliminary financial outlook in local currencies: • Sales growth is expected to be mid to high single-digit • Operating profit growth is expected to be mid to high single-digit, adjusted for the partial divestment of NNIT and

out-licensing income from the divestment of inflammation assets, both in 2015

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Growth analysis – First nine months of 2015

North America is the main contributor to growth

Sales as reported – First nine months of 2015

Local currencies Growth Share of growth

North America 10% 56%

Europe 3% 8%

International Operations 17% 27%

Region China 5% 6%

Japan & Korea 5% 3%

Total sales 9% 100%

International Operations

+23%

Region China +26%

Japan & Korea +10%

North America +33%

Europe +4%

52%

19%

14%

10%

5%

Sales of DKK 79.1 billion (+23%)


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Local currencies Growth Share of growth

New-generation insulin 137% 10%

Modern insulin 6% 32%

Human insulin 1% 1%

Victoza® 21% 36%

Other diabetes and obesity care1 4% 2%

Diabetes and obesity care 9% 81%

Haemophilia 4% 5%

Norditropin® 10% 8%

Other biopharmaceuticals2 14% 6%

Biopharmaceuticals 8% 19%

Total 9% 100%

Growth is driven by Victoza® and modern insulin

Sales as reported – First nine months of 2015 Growth analysis – First nine months of 2015

1 Predominantly oral antidiabetic products, needles and Saxenda®

2 Predominantly hormone replacement therapy

Other biopharmaceuticals +31%

7% Haemophilia

+17% 11%

Diabetes and obesity care

+24%

79%

3%

79%

10%

7% 4%

Norditropin®

+23%

Sales of DKK 79.1 billion (+23%)


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59%

7% 7%

27%

0%

20%

40%

60%

80%

100%

Source: IMS NPA MAT, August 2015

US GLP-1 market development

Source: IMS NPA MAT, August 2015

Total TRx Growth rate

0%

5%

10%

15%

20%

25%

0

1.000

2.000

3.000

4.000

5.000

6.000

Thousands

US GLP-1 market shares

exenatide Victoza®

albiglutide dulaglutide MAT GLP-1 TRx (000)

GLP-1 TRx market share

MAT volume growth rate

Victoza® maintains leadership in the faster growing US GLP-1 market

Aug 2015

Aug 2012

Aug 2012

Aug 2015


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0%

20%

40%

60%

80%

Levemir® gains US market share despite introduction of glargine U300

0,0

2,0

4,0

6,0

8,0

10,0

12,0

Note: Reported sales first nine months of 2015

Levemir® sales growth driven by strong performance in North America

North America drives strong Levemir® growth despite increased competition

68%

North America

Europe IO China Japan & Korea

DKK billion

14%

Growth in local currency

-1% 9%

6% -17%

Source: IMS MAT volume figures, August 2015

glargine U100

Levemir® NPH

Aug 2012

Aug 2015

glargine U300

0.5%

66%

24%

10%


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Key launch observations Tresiba® value share of basal insulin segment

in selected countries

Roll-out of degludec portfolio is progressing

Note: Limited IMS coverage in India Source: IMS Monthly value figures, August 2015 *Tresiba® distribution in Germany to be ceased following the negative price negotiation outcome with the German national association of statutory health insurance funds

Months from launch

• Tresiba® launched in 36 countries

• Tresiba® has shown solid penetration in markets with similar reimbursement as insulin glargine

• Penetration of Tresiba® remains modest in markets with restricted market access compared to insulin glargine

• Tresiba® to be launched in the US early 2016

• Ryzodeg® commercially launched in Mexico, India and Bangladesh

• Xultophy® launched in Switzerland, Germany, the United Kingdom and now Sweden

31%

6%

15%

8%*

3%

3%

10%

14% 16%

26%

0%

5%

10%

15%

20%

25%

30%

35%

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30

Mexico

Switzerland

Japan India Sweden Denmark

Germany Argentina Brazil

United Kingdom


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10,206

5,021

2,122

1,600 0

2.000

4.000

6.000

8.000

10.000

12.000

• Encouraging Saxenda® uptake continues

• Temporary and contracted coverage emerging earlier than expected with gradual improvements in formulary access with more than 50 million lives now covered

• The SCALE Diabetes Trial manuscript was published in the Journal of the American Medical Association (JAMA) on 18 August, 2015, highlighting key efficacy and safety data points

Note: IMS reporting for new launches may reflect data instability due to small volume and/or supplier reporting Source: IMS NPA TRx, Weekly data, 25 September 2015

Prescription volume uptake of anti-obesity medications recently launched in the US Key launch observations

Encouraging early prescription development for Saxenda®


TRx volume

Weeks from launch

Saxenda®

lorcaserin

phentermine & topiramate

naltrexone HCI & bupropion HCI

0 2 4 6 8 10 12 14 16 18 20 22 24

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Tresiba® approved in the US for glycaemic control in adults with diabetes mellitus

Competitive US label for Tresiba®


• Reduction in HbA1c confirmed to be non-inferior in all trials against all comparators

• Numerically greater FPG reduction

• Numerically lower insulin dose observed in majority of comparator trials

• Injection at any time of day

• Two concentrations enabling dosing of up to 80 and 160 units per injection, respectively

• Half-life of 25 hours and duration of action of at least 42 hours

• Day to day variability of 20%

Convenience

Safety

Efficacy

Profile

• Overall safety consistent with other insulins

• Hypoglycaemia rates for Tresiba®, but not comparators

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SUSTAIN® 3 trial design Headline results

Semaglutide 1.0 mg QW

Exenatide 2.0 mg QW

Change in HbA1c (8.4% baseline)

-1.5%* -0.9%

Proportion of patients reaching HbA1c target of <7%

67%*2 40%

Change in body weight (96 kg baseline)

-5.6 kg* -1.9 kg2

Discontinuation rate due to adverse events

9.4% 7.2%

Semaglutide shows superior HbA1c reduction and weight loss compared with exenatide once-weekly in SUSTAIN® 3

1 Inclusion criteria: Type 2 diabetes, treated with 1-2 oral antidiabetic drugs, HbA1c 7.0-10.5% (53 - 91 mmol/mol) (both inclusive) QW = Once weekly

* Statistically significantly greater compared to placebo 2 Adjusted from 66% and -1.8 kg respectively after post-trial validation


Exenatide 2.0 mg QW

0 56 weeks

813 people with type 2 diabetes1

Semaglutide 1.0 mg QW

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• Greater improvement in HbA1c and statistically significantly greater weight reduction with 1.2 mg and 1.8 mg doses of liraglutide compared with placebo

• Numerically, but not statistically significantly lower rates of severe hypoglycaemia for all doses of liraglutide compared with placebo

• A statistically significantly higher rate of confirmed symptomatic hypoglycaemia was observed among people treated with liraglutide 1.2 mg and 1.8 mg compared with placebo

• Based on a benefit/risk assessment of the two ADJUNCT trials, Novo Nordisk does currently not intend to submit an application to expand the label of liraglutide for use in type 1 diabetes

ADJUNCT ONE trial design Headline results

Based on assessment of ADJUNCT results, liraglutide label expansion in type 1 diabetes will not be pursued at present


52 weeks

1,398 people with type 1 diabetes1

1 Inclusion criteria: Type 1 diabetes as diagnosed clinically 12 months or prior to visit 1, 18 years or older, treatment with basal bolus or continuous subcutaneous insulin infusion 6 months or longer prior to visit 1, stable insulin treatment 3 months or longer prior visit 1, HbA1c 7.0-10.0% (53 - 86 mmol/mol) (both incl.)

0

Placebo + insulin

Liraglutide 1.8 mg + insulin



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Key development milestones


• Xultophy® (IDegLira) filed with the US FDA for regulatory review

• Faster-acting insulin aspart (NN1218) completed the planned additional 26-week treatment period of the onset® 1 trial

• Phase 3a development of oral semaglutide (NN9924), a once-daily oral GLP-1 treatment, to be initiated

• Phase 2 trial initiated with semaglutide (NN9535) administered once daily for people with type 2 diabetes

• Phase 1 development successfully completed with once-weekly insulin LAI287 (NN1436)

• Phase 2 trial initiated with semaglutide (NN9536) administered once daily for treatment of obesity

• Phase 1 trial initiated with PYY (NN9747) for treatment of obesity

• Novo Nordisk acquired US research companies Calibrium LLC and MB2 LLC

Diabetes

Obesity

Other

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DKK million 9M 2015 9M 2014 Change Sales 79,051 64,221 23% Gross profit 67,471 53,658 26% Gross margin 85.4% 83.6%

Sales and distribution costs 20,273 16,544 23% Percentage of sales 25.6% 25.8%

Research and development costs 9,574 9,897 (3%) Percentage of sales 12.1% 15.4%

Administration costs 2,693 2,470 9% Percentage of sales 3.4% 3.8%

Other operating income, net 3,388 588 N/A Non-recurring income from the IPO of NNIT 2,376

Operating profit 38,319 25,335 51% Net financials (5,150) 409 N/A Profit before income tax 33,169 25,744 29% Tax 6,567 5,792 13% Effective tax rate 19.8% 22.5%

Net profit 26,602 19,952 33% Diluted earnings per share (DKK) 10.28 7.56 36% Diluted earnings per share (DKK) adjusted for NNIT IPO 9.40 7.56 24%

Financial results – first nine months of 2015


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40

60

80

100

120

140

3 1 2 4 1 3

90

95

100

105

110

115

120

125

130

135

Appreciation of key currencies against the Danish krone drive significant positive currency impact in 2015


Hedged c

urr

encie

s

Index (

1 J

an 2

014 =

100)

CNY/DKK JPY/DKK USD/DKK

Non-h

edged c

urr

encie

s

Index (

1 J

an 2

014 =

100)

2014

CAD/DKK GBP/DKK

1 DKK per 100; 2 As of 27 October 2015; 3 Operating profit in DKK million per annum; 4 USD and Chinese Yuan traded offshore (CNH) used as proxy; 5 Operating profit impact of one of the non-hedged currencies fluctuating 5% is in the range of DKK -15 to +25 million

Hedged Currencies

2014 average

2015 average2

Spot rate2

Impact of a 5% move3

Hedging (months)

USD1 562 669 678 1,800 11

CNY1 91.2 106.9 106.7 300 114

JPY1 5.32 5.54 5.60 130 12

GBP1 925 1,025 1,038 85 11

CAD1 509 529 515 70 11

Non-hedged Currencies5

2014 average

2015 average2

Spot rate2

RUB1 14.8 11.2 10.8

INR1 9.20 10.50 10.4

ARS1 0.69 0.74 0.71

BRL1 239 210 176

TRY1 257 250 235

INR/DKK ARS/DKK RUB/DKK TRY/DKK BRL/DKK

2015

2

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Financial outlook for 2015

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 27 October 2015


Sales growth - local currencies

Sales growth - reported

Operating profit growth - local currencies

Operating profit growth - reported

Net financials

Effective tax rate

Capital expenditure

Free cash flow

Expectations 29 October 2015

7-9%

Around 13 percentage points higher

Around 20%


Loss of around DKK 5.6 billion

Around 20%

Around DKK 5.0 billion


Around DKK 33-35 billion

Previous expectations 6 August 2015

Depreciation, amortisation and impairment losses

7-9%


Around 19%


Loss of around DKK 5.7 billion

Around 21%



Around DKK 33-35 billion

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Source: IMS MAT August 2015 volume and value (DKK) figures

Solid market performance Promising pipeline

Closing remarks

> > • The only company with a full portfolio of novel insulin products

• GLP-1 portfolio offers expansion opportunity with both injectable and oral administration

• Xultophy® supports promising outlook for insulin and GLP-1 combination therapy

• Saxenda® and multiple early stage development projects hold potential within obesity

• Broad pipeline within haemophilia and growth hormone disorders

• ≥10% annual diabetes care market growth driven by diabetes prevalence

• 28% market share in diabetes care and solid leadership position

• 47% insulin volume market share with leadership position across all regions

• 45% modern and new-generation insulin volume c market share

• 69% GLP-1 value market share with strong global leadership position


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Share information Investor Relations contacts

Investor contact information

Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO’. For further company information, visit Novo Nordisk on the internet at: novonordisk.com

Peter Hugreffe Ankersen +45 3075 9085 [email protected]

Daniel Bohsen +45 3079 6376 [email protected]

Melanie Raouzeos +45 3075 3479 [email protected]

Kasper Veje +45 3079 8519 [email protected]

In North America:

Frank Daniel Mersebach

+1 609 235 8567

[email protected]

Novo Nordisk A/S Investor Relations Novo Allé, DK-2880 Bagsværd

Upcoming events


19 Nov 2015 Capital Markets Day 2015

03 Feb 2016 Financial statement for 2015

18 Mar 2016 Annual General Meeting 2016

29 Apr 2016 Financial statement for the first three months of 2016

05 Aug 2016 Financial statement for the first six months of 2016

28 Oct 2016 Financial statement for the first nine months of 2016

mailto:[email protected]





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Appendix


1. Novo Nordisk at a glance

3. Biopharmaceuticals

4. Financials

2. Diabetes

5. Sustainability

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Global leader in diabetes care Global insulin market leadership

Novo Nordisk at a glance

Source: IMS MAT August, 2015 volume figures


R&D facility Manufacturing Global/regional headquarter

North America: Market share 37%

International Operations: Market share 55%

Japan & Korea: Market share 49%

Europe: Market share 47%

China: Market share 56%

Global insulin market share: 47% • A focused pharmaceutical company with leading positions

in diabetes, haemophilia and growth hormone

• Double digit top line growth driven by diabetes pandemic

• Significant growth opportunities fuelled by global

presence and strong R&D pipeline

• High barriers to entry in biologics

• Operating margin targeting 40%

• Operating profit growth targeting 15%

• Earnings conversion to cash targeting 90%

• Cash generated returned to shareholders

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Novo Nordisk works with four strategic focus areas based on five core capabilities


Core capabilities

Expand leadership

Expand leadership in DIABETES

Pursue leadership in HAEMOPHILIA

Establish presence in OBESITY

Expand leadership in GROWTH DISORDERS

Strategic focus areas

The Novo Nordisk Way

Engineering, formulating, developing and delivering protein- based treatments

Deep disease understanding

Efficient large-scale production of proteins

Building and maintaining a leading position in emerging markets

Planning and executing global launches of new products

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Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders


DKK billion

1 CAGR for 5-year period Source: IMS MAT value figures

Growth disorders Diabetes

DKK billion Novo Nordisk value market share

Global market position

Market value

1 CAGR for 5-year period Source: IMS MAT value figures

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

50

100

150

200

250

300

350

400#1

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

4

8

12

16

20#1

CAGR1 value: 15.9% CAGR1 value: 3.3%

Aug 2010

Aug 2015

Jul 2010

Jul 2015

Market value

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

10

20

30

40

50

60

70

DKK billion

Haemophilia Market value

Note: Annual sales figures for Haemophilia A,B and inhibitor segment. 1 CAGR for 5-year period Source: Company reports

#2

CAGR1 value: 4.9%

FY 2010

FY 2014

Novo Nordisk value market share


Novo Nordisk value market share


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0

100

200

300

400

500

600

0

5

10

15

20

25

30

Novo Nordisk reported quarterly sales by therapy

The number of people with diabetes according to IDF

Double digit top line growth driven by diabetes pandemic

1 CAGR for 10-year period 2 Haemophilia includes NovoSeven®, NovoThirteen® (as of Q1 2013) and NovoEight® (as of Q1 2014)

Note: 20-79 age group 1 CAGR for 14-year period Source: International Diabetes Federation: Diabetes Atlas, 2000 and 2014


DKK billion

Diabetes and obesity Haemophilia2

Norditropin® Other Million people

Reported sales CAGR1: 11.8%

10.2%

5.9%

13.1%

8.1%

2000 2014 2035E

151

387

215

99

34 29

CAGR1: 7.0%

592

10

355

146

45 33

13

Europe North America Japan & Korea

International Operations China

Q3 2005

Q3 2015

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0

50

100

150

200

250

300

350

0%

10%

20%

30%

1CAGR for 10-year period Source: IMS Monthly MAT value figures

Global diabetes care market by treatment class

Global diabetes care value market share

Novo Nordisk has a strong leadership position within the growing diabetes care market

Source: IMS Monthly MAT value figures

Aug 2005

Aug 2015

28%

GSK

Merck Eli Lilly Sanofi

Takeda

Novo Nordisk

AstraZeneca Novartis

DKK billion

OAD Insulin GLP-1

Total market: CAGR1 14.4%

CAGR1 18.1%

Injectables: CAGR1 19.6%

CAGR1 9.2%

Aug 2005

Aug 2015


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NovoEight®

NovoSeven®

NovoThirteen®/TRETTEN®

Norditropin®

Significant growth opportunities fuelled by strong R&D pipeline across all four strategic focus areas

1 Decided to initiate phase 3a trial in Q1 2016 2 Phase 2a proof-of-principle trial initiated in June 2015 3 Phase 3 initiated in adult growth hormone disorder 4 Approved in all triad markets (US, EU and Japan), unless noted 5 Approved in the US on 23 Dec 2014 and EU 23 Mar 2015

Saxenda® (US/EU5)

Semaglutide – QW GLP-1

Faster-acting insulin aspart

OI338GT – Oral insulin2

OG987GT – Oral GLP-1 OG217SC – Oral GLP-11

LATIN – T1D

OG987SC – Oral GLP-1

LAI287 – QW basal insulin

PHASE 1 PHASE 2 PHASE 3 APPROVED4

NovoRapid®

NovoMix®

Victoza®

Levemir®

NN8640 – QW GH3

NN7415 – Concizumab

N8-GP – Long-acting rFVIII

N9-GP – Long-acting rFIX

Tresiba®

Ryzodeg®

Diabetes

Obesity

Haemophilia

Growth disorders

Xultophy® (EU)

G530L – Glucagon analogue

NN9838 – Amylin analogue

OI320GT – Oral insulin

SUBMITTED

Semaglutide – QD GLP-1

Semaglutide – QD GLP-1

NN9747 – PYY analogue


Xultophy® (US)

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FTEs in sales regions1 Global manufacturing setup

Growth opportunities supported by strong global presence in both sales and manufacturing

1 FTEs represent full-time employee equivalents in Novo Nordisk’s sales regions (excludes a.o. employees in headquarter, research sites and manufacturing sites) as of October 2015 2 New Hampshire is expected to start producing during 2017


Denmark

Chartres

• Formulation & filling • Assembly • Packaging

Clayton

• Formulation & filling

• Assembly • Packaging

Montes Claros

• Formulation & filling • Assembly • Packaging


• Assembly • Packaging • Device

manufacturing

• Packaging

Koriyama

Tianjin

China: ~3,100

Japan & Korea: ~1,100

International Operations: ~5,100

North America: ~5,300

Europe: ~2,900

Total non-HQ/manufacturing FTEs: 17,5001

• Packaging

Kaluga


• Assembly • Packaging • Device

manufacturing

• API production • Formulation & filling • Assembly • Packaging • Device & needle manufacturing

New Hampshire2

• API production

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Novo Nordisk’s position is protected by patents and value chain setup

Significant barriers to entry for biosimilar players

High barriers to entry in biologics

1 List is not exhaustive of all marketed Novo Nordisk products. 2 Formulation patent expiration year 3 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 4 Assuming paediatric extension 5 Saxenda patent identical to the Victoza® patent Source: Novo Nordisk PK: Pharmacokinetic, PD: Pharmacodynamic


Research & Development

Manufacturing

Commercialisation

Unique value chain position Patent protection1

2018/192

exp 2015/1722

20172/172

20234/2352

2017/172

exp/exp

EU/US0

• History of protein engineering

• Highly efficient, flexible and capital intensive manufacturing

• Global commercial footprint

• Need to show comparability in PK/PD trials

• Strict regulatory requirements in EU and US

• Requirement for both drug and device offering

Research & Development

• Significant economies of scale with incumbents

• Significant up-front CAPEX requirements with slow return on investment

Manufacturing

Commercialisation

• Large and fragmented target audience

• Cost pressure from payers

• On-going conversion to next generation drugs and slow market dynamics

2028/292

2028/292

202932

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Average 2009-20131

Result

2014 Target2

Operating profit growth

Operating profit growth in local currencies

21%

18%

10%

13%

15%

Operating margin 34% 39% 40%

Operating profit after tax to net operating assets 77% 101% 125%

Cash to earnings (three years’ average) 108% 93% 90%

Performance against long-term financial targets

Note: The long term financial targets are 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 stable 1 Simple average of reported figures 2009-2013; 2 The long-term financial targets were last updated in connection with the FY2012 Financial Release

Long-term financial targets


5,05

4,10

3,50

4,72

11,82 11,82

Diabetes and obesity


5,05

4,10

3,50

4,72

11,82 11,82

Facts about diabetes Insulin secretion profile

Diabetes – the inability to manage blood sugar levels appropriately

1 Diabetes fact sheet N˚312, WHO, October 2013 2 Polonsky et al. J Clin Invest 1988;81:442–48


Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces1

Primary classifications2:

Type 1 diabetes: Complete insulin deficiency due to destruction of beta-cells in pancreas

Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency

6:00

0

10

20

30

40

50

60

70

10:00 14:00 18:00

Insulin (

µ U

/ m

L )

22:00 2:00 6:00

Time of day

Breakfast Lunch Dinner

5,05

4,10

3,50

4,72

11,82 11,82

Insulin enables glucose to become energy The aim of insulin therapy is to recreate normal

blood insulin profile

Insulin – a hormone enabling blood sugar to enter cells

Polonsky et al. J Clin Invest 1988;81:442–48


Liver Pancreas

Muscle

Fat cell

• Facilitates uptake of blood sugar into cells

• Inhibits glucose release from the liver

6:00

0

10

20

30

40

50

60

70

10:00 14:00 18:00

Insulin (

µ U

/ m

L )

22:00 2:00 6:00

Short-lived, rapidly generated meal-related peaks (prandial)

Sustained Insulin profile (basal)

Time of day


5,05

4,10

3,50

4,72

11,82 11,82

US CDC data on obesity and diabetes prevalence among adults

CDC: Centers for Disease Control and Prevention Source: CDC’s Division of Diabetes Translation. National Diabetes Surveillance System available at http://www.cdc.gov/diabetes

Diabetes pandemic is fuelled by growing rates of obesity


Obesity prevalence (BMI ≥30 kg/m2)

Diabetes prevalence

No Data <14.0% 14.0-17.9% 18.0-21.9% 22.0-25.9% >26.0%

No Data <4.5% 4.5-5.9% 6.0-7.4% 7.5-8.9% >9.0%

1994 2000 2013

5,05

4,10

3,50

4,72

11,82 11,82

Diagnosis and optimal treatment remains a challenge – the rule of halves

The worldwide challenge of glycaemic control: mean HbA1C in type 2 diabetes

Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems

1 Lopez Stewart et al. Rev Panam Salud Publica 2007;22:12–20; 2 Oguz et al. Curr Med Res Opin 2013;29:911–20; 3 Ko et al. Diab Med 2007;24:55–62; 4 Arai et al. J Diabetes Investig. 2012 Aug 20;3(4):396-401; 5 Harris et al. Diabetes Res Clin Pract 2005;70:90–7; 6 Hoerger et.al. Diabetes Care 2008;31:81–6; 7 Liebl et al. Diab Ther 2012;3:e1–10; 8 Valensi et al. Int J Clin Pract 2009;63(3):522-31; 9Blak et al. Diab Med 2012;29:e13-20


50% reach target 50% reach target

All people with diabetes

50% are diagnosed

50% have access to care

50% get decent care

100%

50%

25%

12%

Canada 7.35

US 7.2%6

Latin America 7.6%1

China 7.2-9.5%8

India 7.3-9.3%8

Japan 7.3–7.7%4

Korea 7.9–8.7%3

Russia 7.2-9.5%8

Germany 6.7-9.2%2

Greece 7.1–9.7%2,7,8

Italy 7.7-8.3%8

Poland 7.3-8.9%8

Portugal 7.9-9.7%2

Romania 7.9-9.9%2

Spain 7.6-9.2%7

Sweden 7.4-8.7%2

Turkey 7.6-10.6%2

UK 7.4-8.7%9

5,05

4,10

3,50

4,72

11,82 11,82

Risk reduction by lowering HbA1c by 1%-point UKPDS 10 year follow-up:

Legacy effect of tight glycaemic control

UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications

Source: UKPDS, Stratton et al. BMJ 2000; vol. 321:405–12 Source: NEJM, vol. 359, Oct 2008


In

cid

en

ce r

isk (

%)

–21%*

–14%

–37%*

–43%* *p<0.0001 –50

–40

–30

–20

–10

0

Diabetes-related death

Myocardial infarction

Microvascular complications

Peripheral vascular disease

Relative risk reduction of intensive vs. conventional treatment (%)

25 24 Microvascular disease

16 15 Myocardial infarction

6 13 All-cause mortality

SU/Insulin 1997 2007

10 17 Diabetes-related death

SU/Insulin treated patientes

Statistically significant improvement

5,05

4,10

3,50

4,72

11,82 11,82

Progression of type 2 diabetes and treatment intensification

Distribution of patients and value across treatment classes

Insulin is the ultimate care for people with diabetes

OAD: Oral Anti-diabetic Drugs

Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France. Value figures based on IMS MAT August 2015 Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas


-c

ell f

un

cti

on

Time

Diet and exercise

OAD

GLP-1

Insulin

OAD GLP-1 Insulin

Patients Value 0%

20%

40%

60%

80%

100%

5,05

4,10

3,50

4,72

11,82 11,82

0

50

100

150

200

250

300

350

400

450

Insulin action profiles

The insulin market is comprised of three segments


Time of day

6:00 10:00 14:00 18:00 22:00 2:00 6:00


Long-acting

Premix

Fast-acting

Global insulin volume market by segment

1 CAGR for 5-year period. Value in DKK Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 2012 Source: IMS Monthly MAT volume and value (DKK) figures

CAGR volume1: 5.1% CAGR value1: 19.6%

36%

30%

34%

34%

27%

39%

Aug 2010

Fast-acting

Premix

Long-acting

tMU

Aug 2015

5,05

4,10

3,50

4,72

11,82 11,82

Commonly prescribed products for the treatment of type 2 diabetes

Class HbA1C

change

Hypo-

glycaemia

Weight

change

CVD risk

factors

Dosing

(pr. day)

Contraindication/ undesired effects

Metformin 1.5 No Neutral Minimal 2 OADs Kidney, liver

Sulfonylurea 1.5 Yes Gain None 1 OAD Essentially none

TZDs 0.5 - 1.4 No Gain Variable 1 OAD CHF, liver

DPP-IV inhibitors 0.6 - 0.8 No Neutral TBD 1-2 OAD None

SGLT-2 inhibitors 0.5 - 0.9 No Loss TBD 1 OAD Genital infections, urinary

tract infections

GLP-1 1.0 - 2.0 No Loss TBD Varies GI side effects, MTC

Long-acting insulin 1.5 - 2.5 Yes Gain TG and HDL 1 injection Hypoglycaemia

Fast-acting insulin 1.5 - 2.5 Yes Gain TG and HDL 1-4 injections Hypoglycaemia

Note: TG and HDL: Beneficial effect on triglycerides and HDL cholesterol; CHF: Congestive heart failure; GI: Gastro intestinal; MTC: Medullary thyroid cancer. TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29:1963-1972; Nathan DM, et al. Diabetes Care. 2007;30:753-759; Nathan DM, et al. Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008;31:S12-S54. WelChol PI. 1/2008.

Medications used for the treatment of type 2 diabetes


5,05

4,10

3,50

4,72

11,82 11,82

The fundamental growth drivers of the insulin market

Sustained double-digit growth in insulin market


Volume

• Rising prevalence of diabetes

• Growing overweight and obesity prevalence

• Ageing of populations

• Rising diagnosis rates and treatment rates

• Intensification of insulin regimens

Value

• Conversion to modern insulin and new-generation insulin

• Continued device penetration

1 CAGR for 5-year period Source: IMS Monthly MAT value figures

Global insulin market growth Aug 2010 – Aug 2015

DKK billion

66

139

0

50

100

150

200

81 bDKK

199 bDKK

33 bDKK

84 bDKK

Aug 2010

Aug 2015

Volume contribution

Mix/price contribution

CAGR: 5.1%1

CAGR: 14.5%1

CAGR: 19.3%1

5,05

4,10

3,50

4,72

11,82 11,82

1IMS only covers part of the channels in China and International Operations. 2 Measured in DKK. Source: IMS August 2014 & 2015 Monthly MAT volume and value (DKK) figures

Solid insulin volume growth in key regions

Novo Nordisk regions

Market value size & growth

Market volume composition

Volume market shares

North America

Europe

International Operations1

Region China1

Japan & Korea

2014 bDKK

Volume growth

Mix/price growth2

2015 bDKK

102.1 3% 43% 149.2

26.4 3% 3% 27.8

9.0 13% 4% 10.7

4.3 0% 3% 4.5

5.1 7% 22% 6.6

Novo Nordisk

Others Premix

Fast-acting

Long-acting

44% 56%

51% 49%

45% 55%

53% 47%

63% 37%

65%

14% 21%

36%

26%

38%

30%

47%

23%

39%

21%

40%

50%

11%

39%


5,05

4,10

3,50

4,72

11,82 11,82

0%

5%

10%

15%

20%

25%

30%

35%

0,00 0,00 0,00

Millions

Regional insulin volume growth Regional insulin volume market split

Stable global insulin volume growth

Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT volume figures

0%

20%

40%

60%

80%

100%

World

Aug 2010

Aug 2015

Aug 2010

Aug 2015

9%

22%

3%

35%

31%

North America Int. Operations

China Japan & Korea

Europe North America Int. Operations

China Japan & Korea

Europe


5.2%

Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT volume figures

5,05

4,10

3,50

4,72

11,82 11,82

0%

20%

40%

60%

80%

100%

0

50

100

150

200

250

300

350

400

450

Th

ou

san

ds

0%

20%

40%

60%

80%

100%

0

50

100

150

200

250

300

350

400

450

Thousands

0%

20%

40%

60%

80%

100%

0

50

100

150

200

250

300

350

400

450

Thousands

Novo Nordisk volume market share across insulin classes

1 Includes animal insulin 2 Annual value of total insulin class 3 Includes new generation insulin Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS, Monthly MAT value and volume figures

Maintaining insulin leadership by sustaining modern insulin market share

Aug 2010

Aug 2015

Aug 2010

Aug 2015

Aug 2010

Aug 2015

Novo Nordisk class MS (%) class volume

Human insulin1

Market value2: DKK 20 billion

Modern insulin3


Total insulin


tMU tMU tMU


5,05

4,10

3,50

4,72

11,82 11,82

0%

10%

20%

30%

40%

50%

60%

Global insulin market Global modern insulin1 volume market shares

Strong underlying insulin market growth and steady market share development

1 Includes new generation insulin. 2 CAGR for 5-year period Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT volume and value (DKK) figures

1 Includes new generation insulin Note: Data is sensitive to changes in IMS data collection and reporting methodology, does not add up to 100% due to other players Source: IMS Monthly MAT volume figures


Aug 2015

Aug 2010

Aug 2015

Eli Lilly Novo Nordisk Sanofi

0%

20%

40%

60%

80%

100%

0

100

200

300

400

500

Modern insulin1

Human insulin

tMU Penetration

Device penetration Modern insulin penetration1

CAGR volume2: 5.0% CAGR value2: 19.6% 45%

35%

19%

Aug 2010

5,05

4,10

3,50

4,72

11,82 11,82

0%

20%

40%

60%

80%

100%

0

20

40

60

80

100

120

140

160

180

Novo Nordisk’s modern insulins continue strong performance within their respective segments

1 CAGR for 5-year period Note: Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin; NG: new generation; Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT volume figures


Fast-acting insulin Long-acting insulin

tMU Levemir® market share Segment volume

NovoRapid® market share Segment volume

NovoMix® market share Segment volume

tMU tMU

0%

20%

40%

60%

80%

100%

0

20

40

60

80

100

120

140

160

180

0%

20%

40%

60%

80%

100%

0

20

40

60

80

100

120

140

160

180

Aug 2010

Aug 2015

Aug 2010

Aug 2015

Aug 2010

Aug 2015

Premixed insulin

CAGR1 volume: 6.4% MI/NG penetration:

80.0%

CAGR1 volume: 5.4% MI penetration: 76.7%

CAGR1 volume: 2.8% MI penetration: 48.1%

5,05

4,10

3,50

4,72

11,82 11,82

0%

20%

40%

60%

NovoRapid Other modern Other

Example of NovoRapid® promotional sales aid1

NovoRapid® remains the preferred modern fast-acting insulin in all key markets

1 Picture of sales aid is not intended for promotional purposes Source: NovoRapid® Summary of Product Characteristics


Fast-acting insulin market by volume

4% 1% 3%

20% 9%

6%

North America

Europe IO Japan & Korea

Region China

Global

® Share of total insulin market

Segment volume growth

Note: Segment volume growth August 2015 vs 2014. IO: International Operations. Human insulin incl. animal insulin Source: IMS MAT August 2015 volume figures

5,05

4,10

3,50

4,72

11,82 11,82

Example of NovoMix® promotional sales aid1

Continued growth potential for NovoMix® in the premix insulin segment in key markets

1 Picture of sales aid is not intended for promotional purposes Source: NovoMix® Summary of Product Characteristics



Premix insulin market by volume

0%

20%

40%

60%

80%

NovoMixOther modern insulinOthers

North America


Region China

-7%

-9% -3%

9%

5%

2%

® Share of total insulin market


Global

5,05

4,10

3,50

4,72

11,82 11,82

Example of Levemir® promotional sales aid1

Solid growth potential for Tresiba® in the long-acting insulin segment

1 Picture of sales aid is not intended for promotional purposes Sources: Blonde L. et al. Diabetes, Obesity and Metabolism 2009; Hermansen K. et al. Diabetes Care 2006; Levemir® EU Summary of Product Characteristics, April 2012; Philis-Tsimikas A. et al. Clinical Therapeutics 2006; Rosenstock J et al. Diabetologia 2008; IMS Worldwide Data Q3 2012; Reimer T. et al. Clinical Therapeutics 2008



Basal insulin market by volume

0%

20%

40%

60%

Tresiba LevemirOther modern insulin Others

4%

7% 5%

15%

16%


6%

North America


Region China

Global

Share of total insulin market

® ®

5,05

4,10

3,50

4,72

11,82 11,82

0%

10%

20%

30%

40%

50%

60%

US insulin market by segments US modern insulin volume market shares

Still a significant potential for Novo Nordisk on the US modern insulin market

1 CAGR for 5-year period 2 US trend data reflect changes to IMS data collection coverage and methodology as of January 2012 Source: IMS Monthly MAT volume and value (DKK) figures Source: IMS Monthly MAT volume figures


Modern Insulin penetration Device penetration

Aug 2010

Aug 2015

Aug 2010

Aug 2015


0%

20%

40%

60%

80%

100%

0

20

40

60

80

100

120

140

tMU Penetration CAGR volume1: 1.9% CAGR value1: 27.5%

39%

41%

20%

2

Fast-acting

Long-acting

Premix

5,05

4,10

3,50

4,72

11,82 11,82

0%

20%

40%

60%

80%

100%

0

10

20

30

40

50

60

70

Novo Nordisk’s modern insulins have gained market share in expanding US insulin market

1 CAGR for 5-year period Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 2012. Modern insulin (MI) penetration is of total segment, i.e. including human insulin Source: IMS Monthly MAT volume figures

US long-acting insulin

tMU Levemir® market share Segment volume

0%

20%

40%

60%

80%

100%

0

10

20

30

40

50

60

70 CAGR volume1: 3.8% MI penetration: 89.3%

Aug 2010

Aug 2015

0%

20%

40%

60%

80%

100%

-

10

20

30

40

50

60

70

0

US fast-acting insulin

NovoLog® market share Segment volume

NovoMix® market share Segment volume

tMU tMU

US premixed insulin

CAGR volume1: 3.2% MI penetration: 83.8%

CAGR volume1: (7.7%) MI penetration: 57.8%

Aug 2010

Aug 2015

Aug 2015

Aug 2010


5,05

4,10

3,50

4,72

11,82 11,82

0%

10%

20%

30%

40%

50%

60%

0%

20%

40%

60%

80%

100%

0

20

40

60

80

100

120

140

160

180

European insulin market by segments European modern insulin1

volume market shares

Sustained leadership position on the European modern insulin market

1 CAGR for 5-year period 2 Includes new generation insulin Source: IMS Monthly MAT volume and value (DKK) figures

Modern Insulin penetration2 Device penetration

Aug 2010

Aug 2015


Fast-acting

Long-acting

tMU Penetration

Premix

47%

34%

18%

1 Includes new generation insulin Source: IMS Monthly MAT volume figures, numbers do not add up to 100% due to smaller insulin manufacturers

CAGR volume1: 2.4% CAGR value1: 3.8%


Aug 2015

Aug 2010

5,05

4,10

3,50

4,72

11,82 11,82

0%

10%

20%

30%

40%

50%

60%

70%

0%

20%

40%

60%

80%

100%

0

10

20

30

40

50

60

70

80

90

100

International Operations insulin market by segments

International Operations insulin volume market shares

Stable leadership position in International Operations

Note: Only top-4 shown Source: IMS Monthly MAT volume figures, numbers do not add up to 100% due to smaller insulin manufacturers

Device penetration


Aug 2015

Biocon

1 CAGR for 5-year period. 2 Includes new generation insulin. Note: IMS only covers the following 13 markets in IO (retail data): Algeria, Argentina, Australia, Brazil, Colombia, Egypt, India, Mexico, NZ, Russia, Saudi Arabia, South Africa & Turkey Source: IMS Monthly MAT volume and value (DKK) figures.

55%

18%

19%

Aug 2010

3%

Sanofi Novo Nordisk

Fast-acting

Long-acting

Premix

Aug 2015

Eli Lilly Modern Insulin penetration2

Aug 2010


5,05

4,10

3,50

4,72

11,82 11,82

0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

30

35

40

Chinese insulin market by segments Chinese insulin volume market shares

Sustained leadership position in the Chinese insulin market

1 CAGR for 5-year period Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IMS Monthly MAT volume and value (DKK) figures

Note: Only top-5 shown Source: IMS Monthly MAT volume figures, numbers do not add up to 100% due to smaller insulin manufacturers

Modern Insulin penetration Device penetration


Fast-acting

Long-acting

Premix

Aug 2015

0%

10%

20%

30%

40%

50%

60%

70%


Shanghai Fosun Tonghua Dongbao

56%

6%

14%

10%

8%

Aug 2010

Aug 2015

Aug 2010


5,05

4,10

3,50

4,72

11,82 11,82

0%

10%

20%

30%

40%

50%

60%

70%

0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

14

Japanese insulin market by segments Japanese modern insulin volume market shares

Expanding market leadership position in Japan

1 CAGR for 5-year period 2 Includes next generation insulin Source: IMS Monthly MAT volume and value (DKK) figures Source: IMS Monthly MAT volume figures

Device penetration Eli Lilly Novo Nordisk Sanofi

tMU Penetration CAGR volume1: -0.3% CAGR value1: -1.4%

Fast-acting

Long-acting

Premix

Aug 2010

Aug 2015

50%

27%

23%

Aug 2010

Aug 2015

Modern Insulin penetration2


5,05

4,10

3,50

4,72

11,82 11,82

0%

20%

40%

60%

80%

Japanese basal value market shares Japanese total insulin value market shares

Promising Tresiba® performance strengthens total insulin market share in Japan

Source: IMS Monthly August 2015 value figures Source: IMS Monthly August 2015 value figures


Aug 2012

Aug 2015

Tresiba®

NN Total Basal

glargine Levemir® NPH

42%

57%

30%

9% 4%

0%

20%

40%

60%

80%


Aug 2012

Aug 2015

55%

20%

25%

5,05

4,10

3,50

4,72

11,82 11,82

GLP-1 mechanism of action when blood sugar levels increase

GLP-1 lowers blood glucose in patients with type 2 diabetes

GLP-1 effect dependent on level of blood glucose − which reduces risk of hypoglycaemia

Source: Rachman et al. Diabetologia 1997;40:205–11


• Increases insulin secretion in the pancreas

• Reduces glucagon secretion in the liver

• Slows gastric emptying in the gut

• Creates sense of satiety in the brain

Pancreas

Liver

Brain

Gut

Glucose (mmol/L)

12

8

6

0

22.00 02.00 06.00 10.00 14.00

10

4

14

16

Time

2 Breakfast Lunch Snack

18.00

18

Type 2 diabetes patients, no GLP-1

Healthy controls receiving saline

Type 2 diabetes patients, with GLP-1

5,05

4,10

3,50

4,72

11,82 11,82

DPP-IV SGLT-2 Victoza® Other GLP-1

Share of segment value growth Segment value market shares

0102030405060708090

100110120130140

1 CAGR for 5-year period Note: Segment only includes DPP-IV, GLP-1 & SGLT-2. Other oral anti-diabetic agents and insulin excluded Source: IMS MAT August 2015 value figures

Victoza® has a strong position in the global DPP-IV, GLP-1 and SGLT-2 segment

17% 14%

0%

20%

40%

60%

80%

100%

Segment value

DKK billion

0%

20%

40%

60%

80%

Aug 2010

Aug 2015

Aug 2010

Aug 2015

CAGR1 value: 37.6%

15%

2014 vs. 2015

2013 vs. 2014


5,05

4,10

3,50

4,72

11,82 11,82

0

5

10

15

20

25

30

0%

1%

2%

3%

4%

5%

6%

7%

8%

Global GLP-1 market North America constitutes the majority

of the GLP-1 value market1

Victoza® has a strong leadership in the global GLP-1 market

1 CAGR for 5-year period, Source: IMS Monthly MAT, value figures (DKK)

1 Annual value of diabetes market August 2015 Source: IMS Monthly value figures (DKK)


Europe North America

Japan & Korea

International Operations

China (0.4%)

4% 4%

Aug 2015

18%

77%

GLP-1 sales in bDKK (right axis)

Victoza®

Aug 2010

CAGR value1: 39.8%

Share of total diabetes care market

Other GLP-1

2% 2%

5,05

4,10

3,50

4,72

11,82 11,82

• Victoza® market share within the GLP-1 segment is 59%1

• Roughly 67% of Commercial and roughly 79% of Medicare Part D lives are covered without restrictions2

• Around 66% of new patients are new to treatment or from OAD-only regimens3

• More than two-thirds of prescriptions are for the 3-pen pack1

• Victoza® represents 1.6% of total prescriptions in the US diabetes care market1

Source: IMS TRx retail value, monthly NPA data, August 2015

US GLP-1 market Key observations for Victoza® in the US market

0%

2%

4%

6%

8%

0

50

100

150

200

250

300

350

400

450

500

The US GLP-1 market continues to expand

1 IMS monthly NPA data, August 2015 2 Fingertip Formulary, September 2015 3 IMS Monthly LRx Weekly, September, 2015

GLP-1 % of diabetes care market GLP-1 TRx scripts (thousands)

Victoza®

exenatide


albiglutide

dulaglutide

Aug 2015

Aug 2010

5,05

4,10

3,50

4,72

11,82 11,82

0%

20%

40%

60%

80%

Value market shares of key Novo Nordisk products in the US

Source: IMS NSP Monthly Custom Feed, August 2015; data displayed as MAT value share Note: Market shares: NovoLog®=share of rapid acting insulin segment, Levemir®=share of basal insulin segment, Victoza®=share of GLP-1 segment

Aug 2010

Aug 2015

Value market share

Victoza® NovoLog® Levemir®

0%

20%

40%

60%

80%

100%

% unrestricted market access of key Novo Nordisk products in the US

Source: FingerTip Formulary, September 2015 Note: Unrestricted access excludes prior authorisation, step edits and other restrictions Levemir® access based on FlexTouch® Pen; NovoLog® access based on FlexPen®

Sep 2010

Sep 2015

Unrestricted Market access

Victoza® NovoLog® Levemir®

Key Novo Nordisk diabetes care products remain broadly available in the US


5,05

4,10

3,50

4,72

11,82 11,82

Development in key European markets following Victoza® launch

0%

2%

4%

6%

8%

10%

12%

14%

1 MAT value of diabetes market, August 2015 Source: IMS Monthly value figures

Victoza® maintains GLP-1 class leadership position in key European markets

Germany Market value1: DKK 13 billion

UK Market value1: DKK 7 billion

France Market value1: DKK 8 billion

Aug 2010

Aug 2015

Aug 2010

Aug 2015

Aug 2010

Aug 2015

Dia

bete

s m

arket

sh

are (

valu

e)

lixisenatide Victoza® exenatide


dulaglutide

0%

2%

4%

6%

8%

10%

12%

14%

0%

2%

4%

6%

8%

10%

12%

14%

5,05

4,10

3,50

4,72

11,82 11,82

0%

2%

4%

6%

8%

10%

Victoza exenatide albiglutidelixisenatide dulaglutide

Example of Victoza® promotional sales aid1

Strong Victoza® position in the GLP-1 segment across all markets

1 Picture of sales aid is not intended for promotional purposes Source: Victoza® Summary of Product Characteristics

GLP-1 market by value

Source: IMS MAT August 2015 vs MAT August 2014 figures in value

North America


Region China

59%

34%

17%

10%

40%

GLP-1 value growth

47%

Global

® Share of total diabetes care market


5,05

4,10

3,50

4,72

11,82 11,82

R&D pipeline: Diabetes and obesity

1 Approved in the US 25 September 2015. 2 Approved in EU on 18 Sep 2014. 3 Decided to initiate phase 3a trial in Q1 2016 4 Phase 2a trial initiated June 2015. 5 First Phase 1 trial initiated June 2015. 6 Approved in US on 23 Dec 2014 and in EU on 23 March 2015


Product/project Type Indication Status (phase)

1 2 3 Filed Appr.

Tresiba® (NN1250)1 New-generation once-daily basal insulin analogue Type 1+2

Ryzodeg® (NN5401)1 Co-formulation of insulin degludec and insulin aspart Type 1+2

Xultophy® (NN9068)2 Combination of insulin degludec and liraglutide Type 2

Faster-acting insulin aspart (NN1218) New formulation of insulin aspart Type 1+2

Semaglutide (NN9535) Once-weekly GLP-1 analogue Type 2

LATIN T1D (NN9211) Once-daily GLP-1 analogue Type 1

OG217SC (NN9924)3 Long-acting once-daily oral GLP-1 analogue Type 2

OI338GT (NN1953)4 Long-acting oral basal insulin analogue Type 2

Semaglutide QD (NN9535) Once-daily GLP-1 analogue Type 2

OG987GT (NN9926) Long-acting once-daily oral GLP-1 analogue Type 2

OG987SC (NN9927) Long-acting once-daily oral GLP-1 analogue Type 2

OI320GT (NN1957)5 Long-acting oral basal insulin analogue Type 2

LAI287 (NN1436) Long-acting once-weekly basal insulin analogue Type 1+2

Saxenda® (NN8022)6 Once-daily GLP-1 analogue Obesity

Semaglutide QD (NN9536) Once-daily GLP-1 analogue Obesity

G530L (NN9030) Glucagon analogue Obesity

NN9838 Long-acting amylin analogue Obesity

PYY (NN9747) Peptide YY analogue Obesity

5,05

4,10

3,50

4,72

11,82 11,82

OR

Optimisation

Type 2 diabetes progression and Novo Nordisk ideal treatment flow

1 Pending clinical development programmes and regulatory processes for semaglutide and faster-acting insulin aspart

Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment flow1


Metformin

OAD’s GLP-1 Insulin initiation Intensification

OR

Diet & exercise

5,05

4,10

3,50

4,72

11,82 11,82

Tresiba® OD vs insulin glargine OD1 results from BEGIN phase 3a trial

OD: once-daily

1 Based on trial NN1250-3579, NN1250-3586, NN1250-3668, NN1250-3672, NN1250-3770, NN1250-3582 and NN1250-3583

BEGIN® phase 3a programme confirms stable and efficacious profile of insulin degludec


• Improved fasting glucose control

• Less impact of missed dose

• Lower rate of overall hypoglycaemia

• Lower rate of nocturnal hypoglycaemia

• Dosing flexibility, enabling administration at any time on any day

• Reduced injection volume (U200) – one injection for all

• Superior pen with easy-touch dosing mechanism

• Basal insulin with flatter, less variable profile and a doubling in half-life

Convenience

Safety

Efficacy

Profile

5,05

4,10

3,50

4,72

11,82 11,82

Trial designs Purpose and endpoints

Two SWITCH trials ongoing with Tresiba® vs insulin glargine to further assess hypoglycaemia profile

1 From pre-treatment Note: IDeg=insulin degludec; IGlar=insulin glargine


IDeg once daily + 2-4 x IAsp 446 people

with type 1 diabetes

16 week washout1 HbA1c< 7

16 week HbA1c stable

16 week washout1 HbA1c< 7

16 week HbA1c stable

Purpose

• NN1250-3995: To document hypoglycaemia benefit in type 1 diabetes

• NN1250-3998: To solidify hypoglycaemia benefit in type 2 diabetes

Primary confirmatory endpoint

• Severe or BG confirmed symptomatic hypoglycaemic events in HbA1c stable period

Secondary confirmatory endpoints

• Severe or BG confirmed symptomatic nocturnal hypoglycaemic events in HbA1c stable period

• Proportion of subjects with ≥ 1 severe hypoglycaemic events in HbA1c stable period

Randomised 1:1 Double-blinded

668 people with type 2 diabetes

SW

IT

CH

1

SW

IT

CH

2

IGlar once daily + 2-4 x IAsp

IGlar once daily + 2-4 x IAsp

IDeg once daily + 2-4 x IAsp

IDeg once daily ± metformin

IGlar once daily ± metformin

IGlar once daily ± metformin

IDeg once daily ± metformin

5,05

4,10

3,50

4,72

11,82 11,82

PD: Mean GIR profiles (0–30 minutes) for faster-acting insulin aspart vs insulin aspart

PD: Mean GIR profiles (0–30 minutes) for insulin aspart vs human insulin

Improvement in early glucose lowering with faster-acting insulin aspart vs insulin aspart in phase 1 trial

Source: Haahr et al. ADA 2014, Abstract number 910-P

Source: Heise T et al. Diabet Obes Metab 2015; DOI: 10.1111/dom.12468 [Epub ahead of print]


Faster-acting insulin aspart

Insulin aspart

AUCGIR,0–30 min ratio [95% CI] faster aspart / insulin aspart

1.48 [1.13; 2.02]

Glu

co

se i

nfu

sio

n r

ate

(m

g/

kg

*m

in)

0

2

4

6

8

10

0

Nominal time (min)

5 10 15 20 25 30

AUCGIR,0–30 min ratio [95% CI] IAsp / human insulin

1.38 [0.78; 2.89]

Glu

co

se i

nfu

sio

n r

ate

(m

g/

kg

*m

in)

0

2

4

6

8

10

0 Nominal time (min)

5 10 15 20 25 30

Insulin aspart

Human insulin

5,05

4,10

3,50

4,72

11,82 11,82

• Greater improvement of HbA1c with mealtime faster-acting insulin aspart and similar HbA1c improvement when dosed post-meal

• Statistically larger improvements in 1- and 2-hour PPG increments with meal-time faster-acting insulin aspart

• Similar overall rate of hypoglycaemia for all treatment groups, with a higher rate within first hour after meal if dosed at mealtime

1 Inclusion criteria: Type 1 diabetes, optimised on Levemir®. 1,143 people randomised

2 Inclusion criteria: Type 2 diabetes, optimised on basal insulin and OAD; HbA1c of 7.5-9.5%. 689 people randomised MT: Mealtime; PM: Post-meal

Trial design Headline results

Phase 3a trials comparing faster-acting insulin aspart with NovoRapid® shows potential benefits

Note: Previously reported safety and tolerability profiles of insulin aspart confirmed PPG: Postprandial glucose


Faster-acting insulin aspart (MT)

NovoRapid® (MT)

-8 0 Run-in 26

weeks

Faster-acting insulin aspart (PM)

Faster-acting insulin aspart (MT)

1,290 people with type 1 diabetes1

52 weeks

NovoRapid® (MT)

26

-8 0 Run-in

• Similar reduction of HbA1c in both treatment groups

• Statistically larger improvement in 1-hour PPG increment with faster-acting insulin aspart and numerically larger reduction for 2-hour PPG increment

• Similar overall rate of hypoglycaemia, with a higher rate of hypoglycaemia for faster-acting insulin aspart within first two hours after meal

On

set®

1

On

set®

2


5,05

4,10

3,50

4,72

11,82 11,82

Xultophy® is indicated for the treatment of adults with type 2 diabetes in combination with oral glucose-lowering agents

1 Source: DUAL® I (NN9068-3697), DUAL® II (NN9068-3912)

2 Insulin degludec, liraglutide and placebo

Competitive European label for Xultophy®


• Lower rates of confirmed hypoglycaemia than with insulin degludec in patients on metformin +/- pioglitazone

• Fewer experienced gastrointestinal side effects than patients treated with liraglutide

• On average HbA1c reduction of 1.9%1 from baseline to end of trial confirmed to be superior against all comparators2

• On average 2.7 kg weight loss from baseline in patients inadequately controlled on basal insulin

• Once-daily administration at any time of the day, preferably at the same time of the day

• The pre-filled pen can provide from 1 up to 50 dose steps in one injection

• Xultophy® is a fixed combination product consisting of insulin degludec and liraglutide having complementary mechanisms of action to improve glycaemic control

• Administered as dose steps: One dose step contains 1 unit of insulin degludec and 0.036 mg of liraglutide

Convenience

Efficacy

Profile

Safety

5,05

4,10

3,50

4,72

11,82 11,82

Xultophy® key clinical results

Note: Typical confirmed hypoglycaemia event rates for treatment with basal insulin are 142-369 episodes per 100 PYE (based on insulin glargine event rates from trials NN1250-3586, 3579 and 3672) where the FPG target and hypoglycaemia definition is similar to the DUAL trials Source: Novo Nordisk Trial IDs: DUAL® I (NN9068-3697), DUAL® II (NN9068-3912), DUAL® III (NN9068-3851), DUAL® IV (NN9068-3951), DUAL® V (NN9068-3952)

Xultophy® has documented strong efficacy across the treatment cascade


DUAL® I Add-on to

metformin ± Pio n = 833

DUAL® II Add-on to

metformin ± basal insulin

n = 199

DUAL® III Switch from GLP-1

n = 292

DUAL® IV Add-on to SU ±

metformin n = 289

DUAL® V Switch from insulin

glargine n = 557

Mean trial start HbA1c (%) 8.3 8.7 7.8 7.9 8.4

Mean trial end HbA1c (%) 6.4 6.9 6.4 6.4 6.6

HbA1c change (%) -1.9 -1.9 -1.3 -1.45 -1.8

% to target < 7% (%) 80.6 60.3 75.3 79.2 71.6

% to target < 6.5% (%) 69.7 45.2 63.0 64.0 55.4

Confirmed hypoglycaemia (Episodes per 100 PYE)

180.2 153.4 282 351.7 343.3

Weight change (kg) -0.5 -2.7 +2.0 +0.5 -1.4

5,05

4,10

3,50

4,72

11,82 11,82

SUSTAIN® phase 3a programme to support a broad competitive label for semaglutide1

1 In the SUSTAIN® phase 3a programme, 0.5 mg and 1.0 mg doses of semaglutide are being tested in people with type 2 diabetes. Note: Estimated timing of trials as listed on www.clinicaltrials.gov excl. data analysis; n= approximate no of randomised patients


2013 2014 2015 2016

SUSTAIN® 1: Monotherapy 30 weeks, n= 400

SUSTAIN® 2: Semaglutide vs sitagliptin 56 weeks, n= 1,200

SUSTAIN® 3: Semaglutide vs exenatide once-weekly 56 weeks, n= 800

SUSTAIN® 4: Semaglutide vs insulin glargine 30 weeks, n=1,000

SUSTAIN® 5: Add-on to basal insulin 30 weeks, n=400

SUSTAIN® 6: Long-term outcomes trial Min. 104 weeks, n=3,200

5,05

4,10

3,50

4,72

11,82 11,82

SUSTAIN® 1 trial design Headline results

0.5 mg

semaglutide 1.0 mg

semaglutide Placebo

Change in HbA1c (8.1% baseline)

-1.5%* -1.6%* 0.0%

Proportion of patients reaching HbA1c target of <7%

74%* 72%*1 25%

Change in body weight (92 kg baseline)

-3.7 kg*1 -4.5 kg*1 -1.0 kg

Discontinuation rate due to adverse events

6% 5% 2%

Semaglutide shows superior HbA1c reduction and weight loss compared with placebo in SUSTAIN® 1 trial

1 Inclusion criteria: Type 2 diabetes, treated with diet and exercise at least 30 days before screening, HbA1c 7.0-10.0% (53 - 86 mmol/mol) (both inclusive)

*Statistically significantly greater compared to placebo 1 Adjusted from 73%, -1.8kg and -4.6kg respectively after post-trial validation


Placebo

Semaglutide 0.5 mg

0 30 weeks

388 drug-naïve people with type 2 diabetes1

Semaglutide 1.0 mg

5,05

4,10

3,50

4,72

11,82 11,82

Oral peptide delivery − the gastro-intestinal route poses many challenges to absorption of intact macromolecules


Challenges

1. Breakdown of drug in the stomach/gastrointestinal tract

2. Passage across the gut barrier into the circulation

3. Ensuring a long circulation half-life

Solutions

1. Stabilisation of peptide backbone and side chain

2. Tablet formulation including carrier and/or coating

3. Engineered systemic protraction mechanism

5,05

4,10

3,50

4,72

11,82 11,82

• From a baseline HbA1c of 7.9% people achieved the following improvements: • Oral semaglutide: 0.7% to 1.9% (dose dependent) • Sc semaglutide: 1.9% • Oral placebo: 0.3%

• From a baseline of 92 kg people experienced a comparable weight loss of 6.5 kg with subcutaneous and the highest doses of oral semaglutide versus 1 kg for placebo

• Semaglutide appeared to have a safe and well-tolerated

profile; the most common adverse events were transient nausea and vomiting

• Phase 3 decision to be made after consultations with

regulatory authorities and commercial assessment 1 Key inclusion criteria: People with type 2 diabetes treated with diet and exercise and/or on a stable dose of metformin; HbA1c 7.0-9.5% (both inclusive); BMI 25-40 (both inclusive). 2 Fast and slow escalation arms T2DM: Type 2 diabetes; Sc: Subcutaneous; QD: Once daily; QW: Once weekly

Phase 2 trial design Headline results

Positive results for phase 2 trial with oral semaglutide

Oral placebo (QD)

Sc semaglutide 1.0 mg (QW)

0 26 weeks

632 T2DM patients diabetes drug naïve or on metformin1


Oral semaglutide 2.5 mg (QD)

Oral semaglutide 5 mg (QD)



Oral semaglutide 40 mg (QD)2

5,05

4,10

3,50

4,72

11,82 11,82

• Greater improvement in HbA1c between 0.2% and 0.3% for people with type 1 diabetes compared with no improvement for people with type 1 diabetes treated with placebo

• Weight loss of between 2 kg and 5 kg from mean baseline of 84 kg versus stable weight development with placebo

• No difference in severe hypoglycaemia or nocturnal symptomatic hypoglycaemia for any of the doses. However, a higher rate of symptomatic hypoglycaemia was observed among people treated with liraglutide 1.2 mg compared to people treated with placebo

• Liraglutide appeared to have a safe and well-tolerated profile

ADJUNCT TWO trial design1 Headline results

Liraglutide as adjunct to insulin therapy leads to greater HbA1c reduction and weight loss in ADJUNCT TWO trial


26


1 Capped insulin defined as upper limit on total daily insulin dose corresponding to pre-trial average total daily insulin dose

2 Inclusion criteria: Type 1 diabetes as diagnosed clinically 12 mths or prior to visit 1, 18 years or older, treatment with basal bolus or Continuous Subcutaneous Insulin Infusion 6 mths or longer prior to visit 1, stable insulin treatment 3 mths or longer prior visit 1, HbA1c 7.0-10.0% (53 - 86 mmol/mol) (both incl.)

0 Week 4 -2

Screening

Liraglutide placebo + capped insulin

Liraglutide 1.8 mg + capped insulin



5,05

4,10

3,50

4,72

11,82 11,82

Glucose Infusion Rate vs. Time (Predicted Mean)

Time (days)

Glu

cose

Infu

sio

n R

ate

(m

g/k

g/m

in)

0 2 4 6

01

23

45

6 18 nmol/kgIGlar 0.4 U/kg

2013-Oct-25T11:20:20 E:/Project/NN1436/NN1436-3955/current/Splus/Final/09_MultipleDoseComparison.ssc

Glucose Infusion Rate vs. time (predicted mean at steady state) Key observations

Long-acting insulin LAI287 intended for once-weekly dosing

Note: Pharmacokinetic simulation


• The peak-to-trough ratios for Glucose Infusion Rate are comparable for ultra-long-acting insulin LAI287 and once-daily insulin glargine (approx. 65% for both)

• Half-life deemed adequate for once-weekly dosing

LAI287, 18 nmol/kg

Insulin glargine, 0.4 U/kg

Glu

co

se I

nfu

sio

n R

ate

(m

g/

kg

/m

in)

1

0

3

2

5

4

0 2 4 6

Time (days)

5 1 3

Time (days)

7

5,05

4,10

3,50

4,72

11,82 11,82

1 Impaired Fasting Glucose Source: NHANES and revised 2011 CDC estimates

Incidence of obesity in the US Comments to the US obesity burden

Obesity burden in the US

2 Finkelstein et al. Health Affairs 28, no. 5 (2009): w822-831 3 Flegal, KM. JAMA. 2012;307(5): Doi:10.1001/jama.2012.39 4 Obesity. Decision resources, Inc. December 2010:38


• Cost of obesity to health care systems of USD 147 billion annually2 with continued growth

• Around 35% of the US adult population (over 20 years) are clinically obese (BMI>27)3

• Only around 23% of all obesity cases in the US were diagnosed in 20103

• In 2010, only 3 million people in the US or around 3% of the adult obese population were treated with anti-obesity medication4

Million people

Over-weight BMI 25-29.9

Obese

TOTAL Class I BMI 30-34.9

Class II BMI 35-39.9

Class III BMI 40+

Normal Glucose

39 17 x7 - 62

Pre-Diabetes1

34 21 10 x9 74

Type 2 diabetes

x7 x6 x4 x4 22

TOTAL 80 44 21 13 158

5,05

4,10

3,50

4,72

11,82 11,82

Insufficient treatment options Significant gaps in obesity treatment

Significant unmet need in obesity management

Source: Diagnosis rate, Practice Fusion March 2014 & Treatment rate, Understanding the Treatment Dynamics of the Obesity Market, IMS Database (NPA), August 2014 *Rx=prescription, i.e. treated with anti-obesity medication (AOM)

All people with obesity

People diagnosed

People Rx treated*

100%

30%

4%

Complexity of treatment Low Medium High

Low

H

igh

Mediu

m

Anti-obesity medication with weight loss of

5-10%

Diet and exercise

Bariatric surgery

Mean weight loss


5,05

4,10

3,50

4,72

11,82 11,82

Naltrexone HCI and

bupropion HCI

launch

0

200

400

600

800

1.000

Generic TRx volume Branded TRx volume

AOM TRx volume

Value of US obesity market remains small compared to diabetes market, but it is growing

Few people treated with AOM in US, but recent launches have contributed to market growth

Small but growing market for anti-obesity medication in the US

Note: 2015 is MAT August 2015 Source: IMS NSP Monthly, August 2015

Note: Phentermine and topiramate is the fixed combination; naltrexone HCI and bupropion HCI is the second fixed dosed combination to market. AOM: anti-obesity medication Source: IMS NPA Monthly, August 2015

TRx volume (thousands)

Phentermine and topiramate

launch

Lorcaserin

launch

USD million

Saxenda® launch

Jun 2010

Aug 2015

0

50

100

150

200

250

300

350

400

2009 2010 2011 2012 2013 2014 2015


5,05

4,10

3,50

4,72

11,82 11,82

Overview of weight loss (%) in the SCALE® programme

Note: Observed means, last observation carried forward (LOCF) at end of trial. N=number of randomised participants

1Trial includes 12 week run-in period before randomization Source: 2Fujioka K et al, Diabetologia 2014; 57 (Suppl 1): Abstract 904-OR at EASD 2014; 3Davies M, Diabetologia 2014; 57 (Suppl 1): Abstract 39-OR at EASD 2014; 4Wadden et al. Int J Obes (Lond). 2013;37:1443-51; 5Blackman A, Diabetologia 2014; 57 (Suppl 1): Abstract 184-OR at EASD 2014

Saxenda® demonstrated weight loss in all SCALE® trials


Saxenda® Placebo % patients with ≥5% weight loss

2.0%

5.9%

0.2%

6.2%

1.6%

5.7%

Maintenance1,5

(56 weeks and n= 422) Diabetes3

(56 weeks and n=846) Obesity & Pre-diabetes2 (56 weeks and n=3,731)

Sleep Apnoea4

(32 weeks and n=359)

2.6%

8.0%

63.2% 27.1% 49.9% 13.8% 50.5% 21.8% 46.3% 18.5%

5,05

4,10

3,50

4,72

11,82 11,82

Saxenda® approved in the US for chronic weight management in individuals with a BMI ≥30, or ≥27 in the presence of at least one weight-related comorbidity1

1 Examples include hypertension, type 2 diabetes and dyslipidemia. 2 Saxenda® US Package Information. 3 When used with an insulin secretagogue

Competitive US label for Saxenda®


• Improvements in cardiometabolic risk factors such as hypertension and dyslipidaemia

• Boxed warning on thyroid C-cell tumours

• Precautions on acute pancreatitis, acute gallbladder disease, serious hypoglycaemia3, heart rate increase, renal impairment, hypersensitivity and suicidal ideation

Profile

Safety

Effect on body weight

Effect on comorbidities

• GLP-1 receptor agonist – a physiological regulator of appetite and calorie intake

• Saxenda® is the first and only GLP-1 receptor agonist approved for weight management

• 9 in 10 lose weight and 1 in 3 people lose more than 10% of their body weight2

• Average weight loss of 9.2% in completers at one year2

5,05

4,10

3,50

4,72

11,82 11,82

Saxenda® targeted at patients with BMI ≥35 and weight-related comorbidities

All people with BMI ≥30

Treated with Saxenda®

Treated for obesity

Diagnosed with obesity

Saxenda® aspiration Market approach Focused patient profile

Clear product value proposition

Focused prescriber targeting

Focus on engaging prioritised payers and employers

Clear patient segmentation

Build the market


5,05

4,10

3,50

4,72

11,82 11,82

Biopharmaceuticals


5,05

4,10

3,50

4,72

11,82 11,82

Locations Consequences of bleedings

Haemophilia: Location of bleedings and the consequences


• Bleeding in the joint space causes a strong inflammatory reaction which predisposes to further bleeding

• Inadequate or delayed treatment of repeated joint bleeds results in a “target joint”

• The joint is tense, swollen and extremely painful and the mobility is restricted

• Eventually the cartilage erodes completely and permanent joint damage (arthropathy) occurs

• Treatment of arthropathy is orthopaedic surgery

Nose and gums

Joints

Gut

Kidneys

Head and neck

Joints

Joints

Muscles

Joints

5,05

4,10

3,50

4,72

11,82 11,82

Number of people with haemophilia A and B and haemophilia with inhibitors

Low diagnosis and treatment rates within haemophilia

Haemophilia is a rare disease with severe unmet medical needs

Note: The inhibitor segment represents people with haemophilia and high titre inhibitors to their normal replacement treatment Source: Estimates based on prevalence data in literature (Stonebraker JS et al. Haemophilia. 2010; 16: 20-32), World Federation of Haemophilia – Annual Global Survey 2012, UDC database in the US Source: World Federation of Haemophilia – Annual Global Survey 2012


Haemophilia A

App. 350,000 patients

Haemophilia B

App. 70,000 patients

Inhibitor segment app. 3,500-4,000

patients

Average percentage of people with haemophilia

0

50

100

150

200

250

300

350

400

450

People with

haemophilia

Diagnosed Treated Prophylactic Pristine joints

45%

15%

3% 6%

Thousand people

5,05

4,10

3,50

4,72

11,82 11,82

Novo Nordisk compound

Status Strategic position

NovoSeven® Launched Maintain market leadership

NovoEight® Launched Establish presence in a competitive market place

N8-GP Phase 31 Contribute to market conversion

N9-GP Phase 32 Establish new treatment paradigm

NovoThirteen® Launched Launch first recombinant product

Sales of recombinant coagulation factors Strategic positioning of Novo Nordisk’s

haemophilia portfolio

The global haemophilia market is growing by mid-single digits

1 CAGR for 5-year period Source: Company reported sales for 2014

1 Submission of N8-GP expected 2017/2018 pending expansion of production capacity 2 Submission expected in 2015


0

5

10

15

20

25

30

2009 2014 2009 2014 2009 2014

DKK billion

rFVIIa rFVIII rFIX

CAGR1: 6%

CAGR1: 6%

CAGR1: 9%

NovoSeven® Xyntha®/Refacto®

Kogenate®/Helixate® Recombinate®/Advate®

Coagil VII® Benefix®

5,05

4,10

3,50

4,72

11,82 11,82

0,0

0,5

1,0

1,5

2,0

2,5

3,0

1 CAGR for 5-year period

NovoSeven® reported sales Key NovoSeven® properties

NovoSeven® − a unique biologic for the treatment of rare bleeding disorders

1 Only indicated in Europe and the US


• Product characteristics: powder and solvent for solution

for intravenous injection, available in multiple doses, stable

at room temperature

• MixPro® administration system launched in 2013

• Indications: treatment of spontaneous and surgical

bleedings in:

• Haemophilia A or B patients with inhibitors

• Acquired haemophilia

• Congenital FVII deficiency

• Glanzmann’s thrombasthenia1

Q2 2010

Q2 2015

DKK billion

CAGR1 2.5%

5,05

4,10

3,50

4,72

11,82 11,82

Indications:

• Treatment and prophylaxis of bleeding in patients with congenital factor VIII deficiency for all age groups1

Key product characteristics:

• Reliability: No inhibitor development in PTPs in one of the largest pivotal trial programmes of any approved rFVIII (n=213)1,2

• Purity and safety: First rFVIII to use a 20nm filter in its purification process3

• Portability: Room temperature stability with storage at 30 degrees celsius1

Launch status:

• NovoEight® is available in the US, Japan and eleven European countries

1Picture is not intended for promotional purposes

Example from NovoEight® promotional campaign1 NovoEight® properties and launch performance

NovoEight® is launched in the US, Europe and Japan for the treatment of people with haemophilia A

Sources:1 NovoEight® Summary of Product Characteristics. 2 Iorio A et al., Blood 2012; 120(4): 720 – 727. 3 NovoEight® Prescribing Information


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1Picture is not intended for promotional purposes

Example from NovoThirteen® promotional campaign1

NovoThirteen® properties and launch performance

NovoThirteen®, a recombinant FXIII, provides efficacious and safe haemostatic coverage

Source: European Medicines Agency, summary of opinion (post-authorisation) 23 January 2014. NovoThirteen® Summary of product characteristics.


Indication:

• Long term prophylactic treatment of bleeding in adult and paediatric patients with congenital factor XIII A-subunit deficiency

Key product characteristics:

• NovoThirteen® is the only recombinant product for prophylaxis

• NovoThirteen® is well tolerated and has low volume dosing

• NovoThirteen® effectively prevents bleeds and provides a convenient once-monthly regimen

Launch status: • NovoThirteen® is available in ten countries

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R&D pipeline: Haemophilia and growth disorders

1 Phase 3 initiated in AGHD


Product/project Type Indication Status (phase)

1 2 3 Filed Appr.

N9-GP (NN7999) GlycoPEGylated long-acting rFIX Haemophilia B

N8-GP (NN7088) GlycoPEGylated long-acting rFVIII Haemophilia A

Concizumab (NN7415) Monoclonal anti-TFPI Haemophilia A, B and with inhibitors

NN86401 Once-weekly human growth hormone Growth disorder

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Source: Novo Nordisk data on file

N9-GP phase 1 pharmacokinetics Paradigm 2 headline results (phase 3)

Positive results from phase 3 trial with long-acting factor IX for treatment of haemophilia B

Source: Negrier et al. Blood. 2011;115:2693-2701


• Median bleeding rate for patients treated on demand was 15.6 episodes per year

• Patients on prophylactic treatment had a median bleeding rate of 2.9 and 1.0 episodes per year when treated with doses of 10 U/kg and 40 U/kg, respectively

• Among patients receiving 40 U/kg:

• 99% of bleeding episodes were treated with only one infusion

• Two thirds of patients experienced complete resolution of bleeding in their target joints

• Steady-state half-life of 110 hours

• N9-GP appeared to have a safe and well tolerated profile with no patients developing inhibitors

Dose normalised 50 IU/kg (N=15) One stage clot assay

1.2

1.0

0.8

0.6

0.4

0.2

0.0

FIX activity (IU/mL)

N9-GP pdFIX rFIX

168 0 24 48 72 96 120 144

Time (h)

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N8-GP

Source: Novo Nordisk data on file

N8-GP phase 1 pharmacokinetics Pathfinder 2 headline results (phase 3)

Positive results from phase 3 trial with long-acting factor VIII for treatment of haemophilia A

Source: Tiede et al. J Thromb Haemot. 2013;11:670-675


FVIII activity (IU/mL)

168

1.2

1.0

0.8

0.6

0.4

0.2

0.0

0 24 48 72 96 120 144

FVIII

Dose 50 IU/kg (N=8) One stage clot assay

Time (h)

• Median bleeding rate for patients treated on demand was 30.9 episodes per year

• Patients on prophylactic treatment had a median bleeding rate of 1.3 per year

• Pharmacokinetic documented single dose half-life of 18.4 hours

• Mean trough level of 8%

• N8-GP appeared to have a safe and well tolerated profile

• One patient developed an FVIII inhibitor, which is in-line with expectations for a population of previously treated haemophilia A patients

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Development in global hGH market Growth hormone volume market share

Novo Nordisk continues to expand leadership within growth hormone market


Source: IMS Monthly MAT volume figures and value (DKK) figures Source: IMS Monthly MAT volume figures

Aug 2010

Aug 2015

32%

0%

5%

10%

15%

20%

25%

30%

35%

Sandoz

Roche Eli Lilly

Novo Nordisk Pfizer

Merck Kgaa

0

20

40

60

80

100

0

5

10

15

20

Thousands

Aug 2010

Aug 2015

CAGR volume1: 5.8% CAGR value DKK1: 4.8%

MAT value DKK MAT volume kg kg

DKK billion


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0,0

0,5

1,0

1,5

2,0

Norditropin® reported sales Key Norditropin® properties

Solid Norditropin® sales growth



CAGR1 8.4%

• Product characteristics: Premixed, prefilled multi-use

delivery systems available in multiple strengths, and stable

at room temperature

• Expanded indications: GHD, GHDA, Noonan Syndrome,

Turner Syndrome, SGA indication, Idiopathic short stature

• Easy to use FlexPro® device

• Medical and Clinical support programmes

• Patient support programmes

DKK billion

Q3 2010

Q3 2015

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Financials


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0%

10%

20%

30%

2005 20140%

10%

20%

30%

2005 2014

Sales growth in local currencies 2005–2014

Operating profit growth in local currencies 2005–2014

Novo Nordisk has delivered sustained double digit growth throughout the last decade

Note: Numbers for 2007 and 2008 are adjusted for the impact of the discontinuation of pulmonary insulin projects


12%

Sales growth Average growth Operating profit growth Average growth

19%

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Reported annual sales Reported annual sales split by region

Solid sales growth with especially North America, International Operations and Region China expanding


Note: China was separated as an independent sales region in connection with the release of 2010 full year results


Europe North America Int. Operations

Japan & Korea China

Biopharmaceuticals Diabetes

0

10

20

30

40

50

60

70

80

90

100

1 2 3 4 5

Th

ou

san

ds

2010 2011 2012 2013 2014

CAGR1 9.9%

75% 76%

78% 78%

79%

2010 2014

39%

31%

49%

23%

14%

6%

21%

9% 9%

DKK billion

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0%

10%

20%

30%

40%

0

5

10

15

20

25

30

35

40

45

1 2 3 4 5

Operating profit Operating profit therapy split

Solid operating profit growth driven by diabetes


Diabetes Biopharm

2010 2014

26%

74% 64%

36%

27% 18%

32%

10% 7%

Operating profit growth vs last year

Operating profit as % of sales Operating profit

2010 2011 2012 2013 2014

Operating profit growth in local currencies

16% 22% 20% 15% 13%

DKK billion

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Diabetes P&L – full year 2014 Biopharmaceuticals1 P&L – full year 2014

Profitability per segment

1 Excluding inflammation


0

10

20

30

40

50

60

70

80

Sales COGS S&D R&D Admin OOI OP

-18%

-29%

-13%

-4% 36% +1%

0

10

20

30

40

50

60

70

80

Sales COGS S&D R&D Admin OOI OP

-11% -15% -15% -4% 56% +1%

DKK billion

DKK billion

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0%

5%

10%

15%

20%

25%

0

5

10

15

Th

ou

san

ds

Cost of Goods Sold (COGS) Capital Expenditure (CAPEX)

Continued decline in relative COGS level combined with stable investment level


2010 2011 2012 2013 2014 0%

2%

4%

6%

0

1

2

3

4

1 2 3 4 52010 2011 2012 2013 2014

COGS as % of sales CAPEX as % of sales

COGS CAPEX DKK billion

DKK billion

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6 8 10 12 13

12 12

14 15 15

2.5

0

5

10

15

20

25

30

35

2011 2012 2013 2014 2015E

Annual cash return to shareholders Share repurchase programmes have enabled

continued reduction in share capital

Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes

1 Based on improved outlook for free cash flow generation primarily related to partial divestment of NNIT

Note: Dividends are allocated to the year of dividend pay. For 2015 expected free cash flow is DKK 33-35 billion. Share repurchase programmes run for 12 months starting February until end January of the following year

580 560 550 530 520

300

350

400

450

500

550

600

2011 2012 2013 2014 2015

DKK billion

DKK million

0

Share capital CAGR -2.7%

-3% -2%

-4% -2%


Share repurchase Dividend Free cash flow

Expanded share repurchase1

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Operating profit growth Operating margin

Long term financial targets: Operating profit growth and operating margin

Note: The long term financial targets are 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 stable


Current long term financial target

Previous long term financial targets



0%

5%

10%

15%

20%

25%

30%

35%

2010 2011 2012 2013 2014 0%

15%

30%

45%

2010 2011 2012 2013 2014

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Operating profit after tax to net operating assets

Cash to earnings (three years’ average)

Long term financial targets: Operating profit after tax to net operating assets and cash to earnings

Note: The long term financial targets are 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 stable


0%

20%

40%

60%

80%

100%

120%

140%

0%

20%

40%

60%

80%

100%

120%

140%





2010 2011 2012 2013 2014 2010 2011 2012 2013 2014

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Note: Treasury shares are included in the capital but have no voting rights

Share structure The Novo Nordisk Foundation

Stable ownership structure - secured through A and B-share structure


• The Novo Nordisk Foundation is a self-governing institution that: • provides a stable basis for Novo Nordisk • supports scientific, humanitarian and social purposes

• All strategic and operational matters are governed by the board and management of Novo Nordisk

• Overlapping board memberships ensure that the Novo Nordisk Foundation and Novo Nordisk share vision and strategy

Novo Nordisk A/S

Novo Nordisk Foundation Institutional and private

investors Novo A/S

A shares

537m shares

B shares

2,063m shares

74.9% of votes

27.0% of capital

25.1% of votes

73.0% of capital

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Sustainability


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The Novo Nordisk way The Triple Bottom Line business principle

We are guided by a strong values-based management system with patients at the centre of everything we do


• Our ambition is to strengthen our leadership in diabetes.

• We aspire to change possibilities in haemophilia and other serious chronic conditions.

• Our key contribution is to discover and develop innovative biological medicines and make them accessible to patients throughout the world.

• Our business philosophy is one of balancing financial, social and environmental considerations

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Patients reached with diabetes care products

Long term social performance targets

Diverse senior management teams

Working the Novo Nordisk Way


Realised Target (2020) Realised Target Realised Target (2014)

1 Novo Nordisk estimate 2 Average score in annual employee survey (1-5) 3 All senior management teams must comply with the target to be diverse in terms of gender and nationality or explain why this has not yet been achievable

Number of people million1 Average score2 % of management teams3

0

1

2

3

4

5

0

10

20

30

40

50

60

0

20

40

60

80

100

2010 2014 2010 2014 2010 2014

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Number of patients treated with Novo Nordisk’s diabetes care products

To reach our target, the global strategy is translated into local action plans

Treating 40 million patients with diabetes by 2020 is a long term target to be achieved by addressing needs locally


0

10

20

30

40

50

2014 2020

24

40

Million people

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Changing Diabetes® initiatives aim at changing the rule of halves


Prevention

Diagnosis Access to care Reach target Desired outcome

Initiative examples

Prevent in future generations

• Changing Diabetes® in Pregnancy

• Changing Future Health

Drive awareness and policy

• World Diabetes Day

• Cities Changing Diabetes®

• Leadership Forums

• Team Novo Nordisk

Expand access to affordable care

• LDC pricing policy

• Working poor – base of pyramid

• Changing Diabetes® in Children

Improve health outcomes

• DAWN2

• Changing Diabetes® barometer

• Training of HCPs

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Urban diabetes is on the rise Cities Changing Diabetes is our response


City leaders

University College London

Steno Diabetes Center

Public-private partnerships

Global fight against urban

diabetes

• Map the challenge in selected cities

• Share learning and best practices on how to break the ‘Rule of Halves’

• Implement action plans with local partners

City partners

México City

Copenhagen Houston

Tianjin

Shanghai

Cities Changing Diabetes aims to break the Rule of Halves and stop urban diabetes from ruining millions of lives

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0

1

2

3

4

1,000,000 GJ

CO2 emissions from energy consumption

Long term environmental performance targets

Water consumption Energy consumption


Realised

Target (not to exceed by 2014) Realised

Target (not to exceed)* Realised

Target (not to exceed)*

* From 2007 to 2011 the target was set as an accumulated reduction over four years from a 2007 baseline

0

50

100

150

200

250

0

1

2

3

41,000,000 m3 1,000 tons

2010 2014 2010 2014 2010 2014

Investor presentation First nine months of 2015 · Slide 3 5,05 4,10 3,50 4,72 11,82 11,82 Investor...

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