Finansforeningens Virksomhedsdag · Slide 3Finansforeningens Virksomhedsdag 5,05 4,10 3,50 4,72 11,82 11,82 Forward-looking statements Novo Nordisk’s reports filed with or furnished

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Finansforeningens Virksomhedsdag

4 June 2015

Mexico City – part of Cities Changing Diabetes

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Agenda

1. Novo Nordisk at a glance

2. Highlights from the first three months of 2015


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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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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 under- standing

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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The number of people with diabetes according to IDF

Double digit top line growth driven by diabetes pandemic

0

100

200

300

400

500

600

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

Million people

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

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

All people with diabetes

50% are diagnosed

50% have access to care

50% get decent care

100%

50%

25%

12%

50% reach target


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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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0

50

100

150

200

250

300

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

Feb 2005

Feb 2015

27%

GSK

Merck Eli Lilly Sanofi

Takeda

Novo Nordisk

AstraZeneca Novartis

DKK billion

OAD Insulin GLP-1

Total market: CAGR1 12.9%

CAGR1 16.6%

Injectables: CAGR1 18.0%

CAGR1 7.7

Feb 2005

Feb 2015


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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: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 2012 Source: IMS Monthly MAT volume and value (DKK) figures

1 Includes new generation insulin Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 2012, does not add up to 100% due to other players Source: IMS Monthly MAT volume figures

Feb 2015

Feb 2010

Feb 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: 5.6% CAGR value2: 18.4% 45%

35%

19%

Feb 2010


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Agenda

1. Novo Nordisk at a glance

2. Highlights from the first three months of 2015


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Highlights – first three months of 2015

Sales development • Sales increased by 24% in Danish kroner and 9% in local currencies

• North America, International Operations and Region China grew by 34%, 22% and 31% in Danish kroner, respectively • Levemir® increased by 31% in Danish kroner and continues to capture market share in the US • Victoza® increased by 36% in Danish kroner and continues to drive the growth of the GLP-1 market

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

Research and Development • Tresiba® and Ryzodeg® resubmitted to the US FDA in March and accepted for review in April • Final two phase 3a trials comparing faster-acting insulin aspart with NovoRapid® successfully completed • Positive results for phase 2 trial with oral semaglutide in people with type 2 diabetes • Saxenda® approved in Europe for the treatment of obesity

Financials • Operating profit growth of 73% in Danish kroner; adjusted for partial NNIT divestment the growth was 17% in local currency • Diluted earnings per share increased 56% to 3.79 DKK per share and 3.02 DKK when adjusted for partial divestment of NNIT

2015 financial outlook: • Sales growth is now expected to be 7-9% in local currencies (around 16% higher as reported) • Operating profit growth is now expected around 17% in local currencies (around 25% higher as reported)

• 2015 share repurchase programme increased to DKK 17.5 billion primarily reflecting partial divestment of NNIT


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Changes to Executive Management

President & CEO Lars Rebien Sørensen

EVP Chief Financial

Officer

Jesper Brandgaard

Jakob Riis

EVP China, Pacific &

Marketing

Mads Krogsgaard Thomsen

EVP Chief Science

Officer

Lars Fruergaard Jørgensen

EVP Corporate

Development

EVP Europe

Jerzy Gruhn

EVP Product Supply

Henrik Wulff

EVP International Operations

Maziar Mike Doustdar

EVP US

Jesper Høiland


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Growth analysis – First three months of 2015

North America is the main contributor to growth

Sales as reported – First three months of 2015

Local currencies Growth Share of growth

North America 11% 56%

Europe 5% 11%

International Operations 12% 20%

Region China 11% 13%

Japan & Korea 0% 0%

Total sales 9% 100%

International Operations

+22%

Region China +31%

Japan & Korea +6%

North America +34%

Europe +6%

49%

20%

15%

11%

5%

Sales of DKK 25.2 billion (+24%)


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Local currencies Growth Share of growth

New-generation insulin n/a 10%

Modern insulin 8% 39%

Human insulin 0% 0%

Victoza® 18% 28%

Other diabetes care1 6% 3%

Diabetes care 9% 80%

Haemophilia2 6% 8%

Norditropin® 9% 7%

Other biopharmaceuticals 14% 5%

Biopharmaceuticals 8% 20%

Total 9% 100%

Growth is driven by modern insulin and Victoza®

Sales as reported – first three months of 2015 Growth analysis – first three months of 2015

1 Includes protein related products and OAD

2 Includes NovoSeven®, NovoEight® and NovoThirteen®

Other +30%

7% Haemophilia

+21% 11%

Diabetes care +24%

79%

3%

79%

11%

7% 3%

Norditropin®

+22%

Sales of DKK 25.2 billion (+24%)


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64%

3%

2%

30%

0%

20%

40%

60%

80%

100%

Source: IMS NPA MAT, Feb 2015

US GLP-1 market development

Source: IMS NPA MAT, Feb 2015

Victoza® maintains leadership in the US GLP-1 market

Feb 2015

Feb 2012

Feb 2012

Total TRx Growth rate

0%

5%

10%

15%

20%

25%

0

1,000

2,000

3,000

4,000

5,000

Thousands

US GLP-1 market shares

exenatide Victoza®

albiglutide dulaglutide

Feb 2015

MAT GLP-1 TRx (000)

GLP-1 TRx market share

MAT volume growth rate


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Levemir® market share and device penetration in the US modern basal insulin segment

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Note: Reported sales first three months of 2015

Levemir® sales growth driven by strong performance in North America

North America drives strong Levemir® performance aided by continued market share gains in the US

68%

North America

Europe IO China Japan & Korea

DKK billion

21%

Growth in local currency

0% 6%

15% -31%

0%

5%

10%

15%

20%

25%

30%

30%

40%

50%

60%

70%

80%

Feb 2015

Market share

Feb 2014

Feb 2013

Feb 2012

Device penetration

0%

Levemir® market share Levemir® device penetration

Source: IMS MAT volume figures


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Key launch observations Tresiba® value share of basal insulin segment

in selected countries

Roll-out of degludec portfolio progressing well

Note: Limited IMS coverage in India Source: IMS Monthly value figures, Feb 2015

Months from launch

• Tresiba® launched in 27 countries, recently in Colombia, Libya, Finland and the United Arab Emirates

• 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

• Ryzodeg® commercially launched in Mexico and India, and now also in Bangladesh

• Xultophy® launched in Switzerland as first country

15%

27%

27%

13%

8% 3%

2%

7%

8%

4%

0% 0%

5%

10%

15%

20%

25%

30%

1 3 5 7 9 11 13 15 17 19 21 23 25

Mexico

Switzerland

Japan India Sweden Denmark

Germany Argentina Brazil Netherlands

United Kingdom


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DKK million Q1 2015 Q1 2014 Change Sales 25,200 20,343 24% Gross profit 21,326 16,877 26% Gross margin 84.6% 83.0%

Sales and distribution costs 6,147 5,086 21% Percentage of sales 24.4% 25.0%

Research and development costs 3,250 3,168 3% Percentage of sales 12.9% 15.6%

Administration costs 854 805 6% Percentage of sales 3.4% 4.0%

Other operating income, net 2,782 215 N/A Hereof non-recurring income from the IPO of NNIT 2,376

Operating profit 13,857 8,033 73% Net financials (1,372) 268 N/A Profit before income tax 12,485 8,301 50% Tax 2,609 1,843 42% Effective tax rate 20.9% 22.2%

Net profit 9,876 6,458 53% Diluted earnings per share (DKK) 3.79 2.43 56% Diluted earnings per share (DKK) adjusted for NNIT IPO 3.02 2.43 24%

Financial results – first three months of 2015


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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 32-34 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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Source: IMS MAT Feb 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 within type 1 and 2 diabetes

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

• Saxenda® holds potential within obesity

• Promising pipeline within haemophilia and growth hormone disorders

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

• 27% 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

Kasper Roseeuw Poulsen +45 3079 4303 [email protected]

Daniel Bohsen +45 3079 6376 [email protected]

Melanie Raouzeos +45 3075 3479 [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

07 Jun 2015 Investor and analyst event in connection with ADA

06 Aug 2015 Financial statement for the first six months of 2015

29 Oct 2015 Financial statement for the first nine months of 2015

03 Feb 2016 Financial statement for 2015

Upcoming events


mailto:[email protected]




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Backup


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Significant news flow from late-stage diabetes and obesity pipeline

Note: Indicated timeline as of financial release of first three months of 2015 on 30 Apr

Project Past 3 months Within 3 months In ~3-6 months In ~6-9 months

Oral GLP-1 Phase 2

Tresiba®

Faster-acting insulin aspart

LATIN T1D ADJUNCT TWO™

ADJUNCT ONE™

Results available

In ~9-12 months

Semaglutide

SUSTAIN™ 1

SUSTAIN™ 3

SUSTAIN™ 2

SUSTAIN™ 4

SUSTAIN™ 5

Victoza®

SUSTAIN™ 6

LEADER™

Saxenda® SCALE™ extension data

US resubmission √

onset® 2 √

onset® 1 √

√

SWITCH 1

SWITCH 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 Apr 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 30 Apr 2015

7-9%

Around 16 percentage points higher

Around 17%


Loss of around DKK 6 billion

Around 21%

Around DKK 5.0 billion


Around DKK 32-34 billion

Previous expectations 30 Jan 2015

Depreciation, amortisation and impairment losses

6-9%


Around 10%


Loss of around DKK 5 billion

Around 22%



Around DKK 29-31 billion


Documents

Finansforeningens Virksomhedsdag · Slide 3Finansforeningens Virksomhedsdag 5,05 4,10 3,50 4,72 11,82 11,82 Forward-looking statements Novo Nordisk’s reports filed with or furnished