Novo Nordisk Investor Update: First Six Months 2025

Novo Nordisk Investor Update: First Six Months 2025

• 1. Novo Nordisk – a focused healthcare company Investor presentation First six months of 2025 RAFAEL VALVERDE Rafael lives with obesity Mexico

• 2. 2 Novo Nordisk® Investor presentation First six months of 2025 Agenda Progress on Strategic Aspirations 2025 Financials Innovation and therapeutic focus Commercial execution Agenda

• 3. 3 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk’s statutory Annual Report 2024, Form 20-F, any quarterly financial reports, investor presentations and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain certain forward-looking statements relating to the operating, financial and sustainability performance and results of Novo Nordisk and/or the industry in which it operates. Forward-looking statements can be identified by the fact that they do not relate to historical or current facts and include guidance. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘transition plan’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating, financial or sustainability performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to: • Statements of targets, future guidance, (transition) plans, objectives or goals for future operations, including those related to operating, financial and sustainability matters, Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto; • Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures; • Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings; and • Statements regarding the assumptions underlying or relating to such statements. These statements are based on current plans, estimates, opinions, views and projections. Although Novo Nordisk believes that the expectation reflected in such forward-looking statements are reasonable, there can be no assurance that such expectation will prove to be correct. By their very nature, forward-looking statements involve risks, uncertainties and assumptions, both general and specific, and actual results may differ materially from those contemplated, expressed or implied by any forward-looking statement. Factors that may affect future results include, but are not limited to, global as well as local political, economic and environmental conditions, such as interest rate and currency exchange rate fluctuations or climate change, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy supplies, product recalls, unexpected contract breaches or terminations, government-mandated or marketdriven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology including the risk of cybersecurity breaches, Novo Nordisk’s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, and taxation changes, including changes in tariffs and duties, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, the effects of domestic or international crises, civil unrest, war or other conflict and factors related to the foregoing matters and other factors not specifically identified herein. For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in the Annual Report 2024, reference is made to the overview of risk factors in ‘Risks’ of the Annual Report 2024. None of Novo Nordisk or its subsidiaries or any such person's officers, or employees accept any responsibility for the future accuracy of the opinions and forward-looking statements expressed in the Annual Report 2024, Form 20-F, any quarterly financial reports, investor presentations, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk or the actual occurrence of the forecasted developments. Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Important drug information Victoza® and Ozempic® are approved for people with type 2 diabetes only Saxenda® and Wegovy® are approved for people with overweight and obesity only Forward-looking statements

• 4. 4 Novo Nordisk® Investor presentation First six months of 2025 Strategic Aspirations 2025|Highlights first six months of 2025 Progress towards zero environmental impact • CO2e emissions1increased by 31% compared to first six months of 2024 Adding value to society • Medical treatment provided to 42.8 million people living with diabetes and 2.9 million people living with obesity Being recognised as a sustainable employer • Share of women in senior leadership positions has increased to 43% from 41% end of June 2024 Purpose andsustainability(ESG) Diabetes value market share at 32.6% (-1.4 %-p)2 Obesity care sales of DKK 38.8 billion (+58% at CER) Rare disease sales of DKK 9.5 billion (+15% at CER) Commercialexecution Sales growth of 18% (CER) Operating profit growth of 29% (CER) Free cash flow of DKK 33.6 billion and 36.5 billion returned to shareholders Financials Further raise innovation bar for Diabetes treatment • Ozempic® positive opinion by the EMA for PAD Develop superior treatment solutions for Obesity • Advancement of sc and oral amycretin to phase 3 • CagriSema phase 3b REDEFINE 11 trial initiated • Sema 7.2 mg EU submission • Septerna license agreement for oral small molecules Strengthen and progress Rare Disease pipeline • Alhemo® US approval and CMHP positive opinion Establish presence in CV & Emerging Therapy areas Innovation andtherapeutic focus • Coramitug phase 2 trial successfully completed Light blue indicates developments in Q2 2025 1Scope 1, 2 and 3;2MAT (Moving Annual Total) value market share CagriSema: cagrilintide 2.4 mg and semaglutide 2.4 mg; CER: Constant exchange rates; CO2e: CO2 equivalents; CV: Cardiovascular; EMA: European Medicines Agency; EU: European Union; JP: Japan; MASH: Metabolic dysfunction-associated steatohepatitis; PAD: Peripheral arterial disease; Sc: Subcutaneous; Sema: Semaglutide; US: United States Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth.

• 5. 5 Novo Nordisk® Investor presentation First six months of 2025 0 20 40 60 80 100 US IO EUCAN Emerging Markets APAC Region China Insulin GLP-1 diabetes Other diabetes Obesity care Rare disease Growth at CER 0 20 40 60 80 100 120 140 160 180 Total GLP-1 diabetes Insulin Obesity care Rare disease US Operations International Operations Growth at CER International Operations Reported geographic sales split for first six months 2025 DKK billion DKK billion US IO US IO 17% 16% 22% 35% 19% 17% 19% 18% 9% 10% 10% 17% -1% 4% 36% 125% 58% 23% 10% 15% Sales growth of 18% driven by both operating units Reported therapy area sales and growth for first six months 2025 1 1 ‘Other diabetes’ is included in Total APAC: Japan, Korea, Oceania and Southeast Asia; CER: Constant exchange rates; Region China: Mainland China, Hong Kong and Taiwan; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; IO: International Operations; US: United States Note: Unless otherwise specified, sales growth rates are at CER 6% US IO

• 6. 6 Novo Nordisk® Investor presentation First six months of 2025 Rare disease sales increased by 15%: • Sales in US Operations increased by 23% • Sales in International Operations increased by 10% Rare endocrine disorders sales increased by 49%: • US Operations increased by 67%, driven by Norditropin® and Sogroya® • International Operations increased by 30%, driven by Norditropin® and Sogroya® Rare blood disorders sales increased by 6%: • US Operations increased by 6% driven by increased NovoSeven® and Alhemo® sales • International Operations increased by 6% driven by increased sales of haemophilia B and Alhemo® Rare disease sales performance Rare disease sales increased by 15% 0 2 4 6 8 10 Rare blood disorders Reported Rare disease sales Total1 NovoSeven®Haem. A Rare endocrine disorders3 DKK billion Haem. B Rare blood disorders2 15% -5% 9% 5% 49% Growth at CER 6% 1Total includes “Other Rare disease”, which consists of primarily Vagifem® and Activelle® 2Comprises Sogroya® NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo® 3Primarily Norditropin® and Sogroya® CER: Constant exchange rates; Haem. A: Haemophilia A; Haem. B: Haemophilia B; IO: International operations; US: United States Note: NovoThirteen® is not shown for Rare blood disorders breakdown, only for the total bar. Unless otherwise specified, sales growth is at constant exchange rates

• 7. 7 Novo Nordisk® Investor presentation First six months of 2025 US diabetes GLP-1 class growth slowing compared to prior years Weekly NBRx scripts (‘000s) 0 30 60 90 July 2023 July 2025 TRx scripts (‘000s) Total GLP-1 SUs (millions) July 2023 July 2025 NBRx: New-to-brand prescriptions; NN: Novo Nordisk; Scripts: Prescriptions; SU: standard units; TRx: Total prescriptions; US: United States Note: Class growth calculated based on SU volume for diabetes GLP-1 as May’25-July’25 vs May’24-July’24 (Rolling 3-month average) Source: IQVIA Xponent Plantrak, NBRx and TRx data from week ending 18th July and 25th July, respectively. Each data point represents a rolling four-week average. Class growth ~15% Ozempic® Rybelsus® NN GLP-1 dulaglutide tirzepatide Total monthly GLP-1 prescriptions 686 84 184 771 690 0 2 4 6 8 0 200 400 600 800 1000 US GLP-1 diabetes weekly NBRx prescriptions US GLP-1 diabetes TRx market share

• 8. 8 Novo Nordisk® Investor presentation First six months of 2025 1 Each NBRx and TRx data point represents one week of data. IQVIA Xponent 11 Jul 2025 for NBRx and IQVIA NPA weekly, 25 Jul 2025 for TRx, including NovoCare Pharmacy TRx starting with week-ending 18 July 2025. 2Class growth based on IQVIA 25 July 2025 volume data, MAT. AOM: Anti-Obesity Medications (includes Wegovy®, Saxenda®, Zepbound®, Qsymia® and Contrave®); HFpEF: Heart failure with preserved ejection fraction; MAT: Moving annual total; TRx SU: A one-month prescription supply; US: United States NBRx scripts (‘000s) TRx scripts (‘000s) Jul 2023 Jul 2025 0.3 42 57 101 0 20 40 60 80 100 120 US branded anti-obesity medication market expansion continues, while GLP-1 compounding continues Compounding • Novo Nordisk is focused on actively preventing unlawful and unsafe compounding Commercial execution • Cash channel expanded from 4% to ~10% of TRx since January 2025 • CVS national template formulary conversion ongoing • MASH decision still expected in Q3 2025 • Wegovy® supply available to meet demand in US Branded AOM NBRx in the US1 Branded AOM TRx in the US1 Branded AOM class grew >160%2 Saxenda tirzepatide ® Wegovy® Branded AOM market 0 100 200 300 400 500 600 700 800 Jul 2023 Jul 2025 2 713 282 419

• 9. 9 Novo Nordisk® Investor presentation First six months of 2025 International Operations sales growth of 19% driven by GLP-1 Diabetes and Obesity care 1No comparator for first six months 2025 APAC: Japan, Korea, Oceania and Southeast Asia; CER: Constant exchange rates; China: Mainland China, Hong Kong and Taiwan; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; IO: International Operations Reported Obesity care sales and growth for first six months 2025 0 4 8 12 16 20 24 28 32 IO EUCAN Emerging Markets APAC Region China Ozempic Rybelsus Victoza DKK billion Growth at CER 10% Reported GLP-1 Diabetes care sales and growth for first six months 2025 0 4 8 12 16 IO EUCAN Emerging Markets APAC Region China DKK Wegovy Saxenda billion Growth at CER 125% Regions 15% 13% 11% -11% Regions 64% 157% 361% N/A%1 ® ® ® ® ®

• 10. 10 Novo Nordisk® Investor presentation First six months of 2025 Total GLP-1 class market share of 71% in International Operations 41% 17% 14% 11% 71% 25% 8% 0 2 4 6 8 10 12 0% 20% 40% 60% 80% Thousands GLP-1 patients Ozempic Rybelsus dulaglutide tirzepatide² Novo Nordisk³ Eli Lilly Wegovy Volume market share Patients Total class growth ~30% (millions) May 2023 May 2025 1GLP-1 patients across Diabetes and Obesity care 2 In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for Diabetes and Obesity in most launched countries 3Includes Victoza® and Saxenda® IO: International Operations; JP: Japan Note: Market share and patient numbers are based on countries with IQVIA coverage. GLP-1 class growth calculated as Mar’24-May’24 vs Mar’25-May’25 (Rolling 3-month average) Source: LHS: IQVIA MAT, May 2025 (Spot rate). Volume packs are converted into full-year patients based on WHO assumptions for average daily doses; Market values are based on the list prices. RHS: International Diabetes Federation: Diabetes Atlas 11th edition, 2025, World Obesity Atlas 2024 Total GLP-1 patients1 and volume market share in IO GLP-1 patients (LHS) Diabetes GLP-1 • Rybelsus® launched in more than 40 countries • Ozempic® launched in around 80 countries with promotional focus resumed, reflecting improved supply Obesity • Wegovy® launched in around 35 countries • MASH indication submitted in JP in May 2025 • Semaglutide 7.2 mg submitted in EU in July 2025 • Roll-out of Wegovy® in additional countries expected in H2 2025 IO total GLP-1 performance ® ® ®

• 11. 11 Novo Nordisk® Investor presentation First six months of 2025 The high unmet need in diabetes and obesity and low market penetration to-date makes unlocking the market a key priority • >550 million people live with diabetes globally, with over 90% outside of the US1 • >900 million people with obesity globally, with around 90% outside of the US2 1Diabetes Atlas 11th edition, 2025, including Type 1 and Type 2 Diabetes. 2 NHANES (2013-2014, 2015-2016, 2017-2020, 2021-2023), UN World Population Prospects report, WHO, IDF World Diabetes Atlas, World Obesity Atlas and PADAWA Analysis. 3Based on IQVIA MIDAS, May 2025 data - In ex-US countries, tirzepatide is categorised under GLP-1 diabetes only in IQVIA data, despite having indications for diabetes and obesity in most launched countries in IQVIA. APAC: Japan, Korea, Oceania and Southeast Asia; AOM: Anti-Obesity Medications; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; Region China: Mainland China, Hong Kong and Taiwan; US: United States. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions. It is possible for a patient to have a prescription for more than one diabetes treatment. Global diabetes and obesity unmet need Globally, ~7% of total estimated diabetes prescriptions are for a GLP-1 Less than 1% of people with obesity globally are treated with branded AOMs 0 4 8 12 16 20 2022 2023 2024 2025 Estimated prescriptions (in millions) 3 US EUCAN Emerging Markets APAC Region China 19% 9% 3% 3% Global: 7% 3% Million people 934 0 250 500 750 1,000 Obesity prevalence2 Est. patients currently on branded AOMs3 ~4 US Rest of world

• 12. 12 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk’s obesity portfolio addresses the future segments and patient preferences of the obesity market Examples of future patient segments BMI 35–40 BMI 40–45 BMI 45–50 + Age and gender differences + Lifestyle considerations + ORC clinical profiles MASH OA CVD HF Addressing unmet needs across patient segments via a focus on weight loss and differentiated clinical profiles1 Amycretin sc and oral Cagrilintide Semaglutide sc and oral CagriSema Tri-agonists ILLUSTRATIVE Weight loss Safety and tolerability Differentiated clinical profiles across co-morbidities Differentiated treatment goals across patient profiles 1 Illustrative, not exhaustive of full obesity pipeline BMI: Body mass index; CVD: Cardiovascular disease; HF: Heart failure; MASH: Metabolic Dysfunction-Associated Steatohepatitis; OA: Osteoarthritis; ORC: Obesity related comorbidities; Sc: Subcutaneous

• 13. 13 Novo Nordisk® Investor presentation First six months of 2025 1NN9490-7613. Dahl K et al., Lancet 2025, 406(10499):149-162. In total, 125 participants were randomized to sc amycretin (n=101) or placebo (n=24). Dose escalation arm examined multiple ascending doses of once-weekly sc amycretin up to 60 mg, and dose response arm examined multiple ascending doses up to a 12-week maintenance dose of 20 mg, 5 mg and 1.25 mg. AUC: Area Under the Curve; BMI: Body mass index; cmax: maximum (peak) plasma concentration; HbA1c: Haemoglobin A1C ; MAD: Multiple ascending dose; Sc: Subcutaneous; tmax: time to reach maximum (peak) plasma concentration Note: Amycretin is a unimolecular GLP-1 and amylin receptor agonist.. Dose response part of the amycretin sc phase 1b/2a trial Dose escalation Treatment maintenance Placebo amycretin sc 1.25 mg amycretin sc 5 mg amycretin sc 20 mg 7:4:4:1 R 0 8-24 20-36 3 weeks follow-up Week Amycretin to advance into phase 3 based on the successful completion of phase 1b/2a trial Trial objective • Investigate safety, tolerability, pharmacokinetics and efficacy of amycretin sc in participants with overweight or obesity Endpoints • Primary: Number of treatment emergent adverse events • Secondary: Relative change in body weight, AUC, cmax, tmax Estimated body weight loss in dose response arms and 60 mg dose escalation arm1 Change in body weight (%) Time since randomisation 20 weeks 28 weeks 36 weeks 36 weeks 2.0% -9.7% 2.3% -16.2% 1.9% -22.0% -1.1% -24.3% -25% -20% -15% -10% -5% 0% 5% Placebo 1.25 mg Amycretin 1.25 mg Placebo 5 mg Amycretin 5 mg Placebo 20 mg Amycretin 20 mg Placebo 60 mg Amycretin 60 mg

• 14. 14 Novo Nordisk® Investor presentation First six months of 2025 AMAZE is a comprehensive phase 3 development programme for sc and oral amycretin expected to start in Q1 2026 Phase 3 development programme • Evaluate multiple maintenance doses • Evaluate subcutaneous and oral route of administration • Evaluate key obesity related comorbidities Potential to investigate the benefits of amycretin across obesity related comorbidities, such as: Potential future trials 2026 2027 • 80-week vs. placebo (incl. 52-week ext. phase) • Primary endpoint: Weight loss AMAZE 1 WL in Obesity • 80-week vs. placebo • Primary endpoint: Weight loss AMAZE 2 WL in T2D • 80-week vs. placebo • Co-primary endpoint: AHI/WL AMAZE 3 OSA • 80-week vs. tirzepatide • Co-primary endpoint: WOMAC/WL AMAZE 5 Knee OA 2028 • 72-week vs. Placebo • Primary endpoint: Weight loss AMAZE 9 Oral amycretin Obstructive sleep apnea ASCVD Heart failure CKD Knee Osteoarthritis AHI: apnea-hypopnea index; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; OA: Osteoarthritis; OSA: Obstructive sleep apnoea; Sc: Subcutaneous; T2D: Type 2 Diabetes; WOMAC: Western Ontario and McMaster Universities Arthritis Index; WL: Weight loss Selected amycretin phase 3 trials in obesity programme

• 15. 15 Novo Nordisk® Investor presentation First six months of 2025 R&D milestones Clinical milestones1 Regulatory milestones1 Project Q2 2025 Q3 2025 Q4 2025 Diabetes care CagriSema Phase 3 results (REIMAGINE 3) Oral/Sc amycretin Phase 2 results OW GIP/GLP-1 Phase 2 results Obesity care Oral sema 25 mg US decision Sema 7.2 mg ✓ EU submission CagriSema ✓ Phase 3 initiation (REDEFINE 11) Triple (tri-agonist) Phase 1 results Cagrilintide Phase 3 initiation Oral/Sc amycretin ✓ Advancement to phase 3 Amylin 355 Phase 1 results Rare Disease Sogroya® ✓ US submission2 ✓ JP submission2 Mim8 US submission EU submission Alhemo® ✓ US approval3 ✓ EMA positive opinion3 CETA EVOKE (AD, sema 14 mg) Phase 3 results Coramitug (ATTR-CM) ✓ Phase 2 results Phase 3 initiation Zalfermin (FGF21) ✓ Phase 2 results ESSENCE (MASH, sema 2.4 mg) ✓ JP submission US decision 1Expected to be published in the given quarter or in the subsequent quarterly company announcement. 2Non-replacement indications. 3Without inhibitors. AD: Alzheimer’s disease; ATTR-CM: Transthyretin amyloid cardiomyopathy; CagriSema: cagrilintide 2.4 mg and semaglutide 2.4 mg; CETA: Cardiovascular & emerging therapies; EMA: European Medicines Agency; EU: European Union; GIP: Gastric inhibitory polypeptide; FGF-21: Fibroblast growth factor 21; JP: Japan; MASH: Metabolic dysfunction-associated steatohepatitis; OW: once-weekly; Sema: Semaglutide; US: United States; Sc: subcutaneous

• 16. 16 Novo Nordisk® Investor presentation First six months of 2025 Financial results – in the first six months of 2025 In DKK million First six months of 2025 First six months of 2024 Change (reported) Change (CER) Sales 154,944 133,409 16% 18% Gross profit 129,208 113,219 14% 16% Gross margin 83.4% 84.9% Sales and distribution costs (32,425) (28,190) 15% 15% Percentage of sales 20.9% 21.1% Research and development costs (21,998) (24,772) (11%) (11%) Percentage of sales 14.2% 18.6% Administration costs (2,536) (2,314) 10% 11% Percentage of sales 1.6% 1.7% Other operating income and expenses (9) (163) N/A N/A Operating profit 72,240 57,780 25% 29% Operating margin 46.6% 43.3% Financial items (net) (1,402) (530) N/A N/A Profit before income tax 70,838 57,250 24% N/A Income taxes (15,301) (11,793) 30% N/A Effective tax rate 21.6% 20.6% Net profit 55,537 45,457 22% N/A Diluted earnings per share (DKK) 12.49 10.17 23% N/A CER: Constant exchange rates

• 17. 17 Novo Nordisk® Investor presentation First six months of 2025 Financial outlook for 2025 1Excluding impact from business development CER: Constant exchange rates Note: The financial outlook assumes of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 31 July 2025 Expectations 6 August 2025 Effective tax rate 21% to 23% 21% to 23% Capital Expenditure (CAPEX) Around DKK 65 billion Around DKK 65 billion Sales growth – at CER 8% to 14% 13% to 21% Expectations 7 May 2025 Operating profit growth – at CER 10% to 16% 16% to 24% Operating profit growth - reported Around 5 percentage points lower Around 5 percentage points lower Financial items (net) Gain of around DKK 1.6 billion Gain of around DKK 0.9 billion Sales growth - reported Around 3 percentage points lower Around 3 percentage points lower Free cash flow DKK 35 to 45 billion 1 DKK 56 to 66 billion

• 18. 18 Novo Nordisk® Investor presentation First six months of 2025 Strategic aspirations 2025 • Progress towards zero environmental impact • Being respected for adding value to society • Being recognised as a sustainable employer Purpose andsustainability(ESG) • Strengthen Diabetes leadership - aim at global value market share of more than 1/3 • More than 25 billion DKK in Obesity sales by 2025 • Secure a sustained growth outlook for Rare disease Commercialexecution • Deliver solid sales and operating profit growth • Drive operational efficiencies across the value chain to enable investments in future growth assets • Deliver free cash flow to enable attractive capital allocation to shareholders Financials • Further raise the innovation bar for Diabetes treatment • Develop a leading portfolio of superior treatment solutions for Obesity • Strengthen and progress the Rare disease pipeline • Establish presence in Cardiovascular & Emerging Therapy areas Innovation andtherapeutic focus Note: The strategic aspirations are not a projection of Novo Nordisk's financial outlook or expected growth.

• 19. 19 Novo Nordisk® Investor presentation First six months of 2025 Executive Management as of 7 August 2025 Maziar Mike Doustdar1 President and CEO Thilde Hummel Bøgebjerg Executive vice president and head of Quality, IT and Environmental Affairs Quality, IT & Environmental Affairs Henrik Wulff Executive vice president and head of CMC and Product Supply CMC & Product Supply Ludovic Helfgott Executive vice president and head of Product and Portfolio Strategy Emil Kongshøj Larsen Executive vice president and head of International Operations International Operations Product & Portfolio Strategy Karsten Munk Knudsen1 Executive vice president, CFO and head of Finance, Legal and Global Solutions Finance, Legal & Global Solutions Martin Holst Lange Executive vice president, CSO and head of Research and Development Research & Development Dave Moore Executive vice president and head of US Operations US Operations Tania Sabroe Executive vice president and head of People, Organisation and Corporate Affairs People, Organisation & Corporate Affairs 1Registered as executive with the Danish Business Authority CEO: chief executive officer; CFO: chief financial officer; CMC: Chemistry, Manufacturing and Control; CSO: chief scientific officer; US: United States

• 20. 20 Novo Nordisk® Investor presentation First six months of 2025 Investor contact information Share information Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO’. For further company information, visit Novo Nordisk on: www.novonordisk.com Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Alle 1 DK-2880 Bagsværd 5 November 2025 Financial results for the first nine months of 2025 4 February 2026 Financial statement for 2025 Upcoming events Jacob Martin Wiborg Rode +45 3075 5956 jrde@novonordisk.com Sina Meyer +45 3079 6656 azey@novonordisk.com Max Ung +45 3077 6414 mxun@novonordisk.com Alex Bruce +45 3444 2613 axeu@novonordisk.com Christoffer Sho Togo Tullin +45 3079 1471 cftu@novonordisk.com Frederik Taylor Pitter (USA) +1 609 613 0568 fptr@novonordisk.com

• 21. 21 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk corporate strategy Diabetes care GLP-1 Insulin Obesity care Rare disease Cardiovascular & Emerging Therapy Areas Regional information Financials and Product Supply Sustainability Appendix

• 22. 22 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk Corporate Strategy Rare disease Diabetes Obesity Cardiovascular & emerging therapy areas Strengthen leadership by offering innovative medicines and driving patient outcomes Secure a leading position by leveraging full portfolio and expanding into adjacent areas Establish position in cardiovascular disease and build a presence in emerging therapy areas Strengthen leadership through market development and by offering innovative medicines and driving patient outcomes

• 23. 23 Novo Nordisk® Investor presentation First six months of 2025 Diabetes and obesity remain the key priority areas in the corporate strategy Broad and deep Key investment focus Multiple targets in key segments Invest to build competitive pipelines Selective, based on potential and synergies Targeted investment allocation Opportunistic and trigger-based Targeted investment allocation 1 2 3 4 AD: Alzheimer’s disease, CKD: Chronic kidney disease, CVD: Cardiovascular disease, MASH: Metabolic dysfunction-associated steatohepatitis, PD: Parkinson’s disease, RBD: Rare blood disorders, RED: Rare endocrine disorders Therapy area priorities Portfolio focus Investment approach Diabetes Obesity CVD RBD MASH RED CKD AD/PD

• 24. 24 Novo Nordisk® Investor presentation First six months of 2025 Innovation starts with addressing unmet needs, improving outcomes and reaching more patients 1 International Diabetes Federation: Diabetes Atlas 11th edition, 2025; 2Real-world studies indicate between 30-55% of patients reach HbA1c target <7% .e.g. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4388968/, taking 42.5% in good control of treated people; 3NHANES (2013-2014, 2015-2016, 2017-2020, 2021-2023), UN World Population Prospects report, WHO, IDF World Diabetes Atlas, World Obesity Atlas and PADAWA Analysis; 4IQVIA as of Nov’24 5WFH annual survey 2020 (120 of 147 countries responded): Prevalence by calculating expected number of patients using 20.9 per 100.000 in haemophilia - Identified patients as proxy for receiving some sort of treatment; 6WHO. Cardiovascular Diseases 2023; 7Chris J Kapelios et al Cardiac Failure Review 2023;9:e14.; 8Younossi ZM et al. Hepatology. 2023;77:1335-1347; 9Kovesdy CP. Epidemiology of chronic kidney disease: an update 2022. Kidney Int Suppl (2011). 2022 Apr;12(1):7-11 BAOM: Branded Anti Obesity Medication; CKD: Chronic kidney disease; CVD: Cardiovascular disease; HFpEF: Heart failure with preserved ejection fraction; MASH: Metabolic dysfunction-associated steatohepatitis; WHO: World Health Organization Rare disease Haemophilia Diabetes care Obesity care Cardiovascular & emerging therapy areas >250 million people affected by MASH8 32% of global deaths caused by CVD6 >30 million people affected by HFpEF7 >800 million people affected by CKD9 589 of people in good control2 ~15% million people with diabetes1 934 of people medically treated with BAOM4 ~0.5% million people with obesity3 0.6 of people being treated ~35% million people with haemophilia5

• 25. Novo Nordisk® 25 Investor presentation First six months of 2025 Novo Nordisk has leading positions in diabetes, obesity and haemophilia 0% 10% 20% 30% 40% 50% 0 350 700 1050 1400 Market value NN value market share (RHS) 0% 20% 40% 60% 80% 100% 0 50 100 150 200 250 Market value NN value market share (RHS) Diabetes care Obesity care May 2020 May 2023 May 2025 CAGR1 value: 14.6% CAGR2 value: 128.5% DKK billion DKK billion Global market position #1 #1 May 2025 Global market position 1CAGR for 5-year period 2 CAGR for 2-year period 3 CAGR for 5-year period NN: Novo Nordisk; RHS: Right-hand side Note: Annual sales figures for haemophilia A, B and bypassing agent segments, plasma derived products excluded Feiba® Source: Company reports for haemophilia market; IQVIA MAT, May 2025; Note: Market values are based on the list prices Haemophilia DKK billion FY 2020 FY 2024 CAGR3 value: 3.3% #4 Global market position 0% 10% 20% 30% 40% 50% 0 20 40 60 80 100 Market value NN value market share (RHS) CAGR3 value: 3.3%

• 26. Novo Nordisk® 26 Investor presentation First six months of 2025 Sales growth of 18%, driven by the GLP-1 portfolio for diabetes and obesity treatment Therapy Sales (mDKK) Growth Share of growth Injectable GLP-1 2 66,592 10% 27% Rybelsus® 11,348 5% 3% Total GLP-1 77,940 10% 30% Total insulin3 27,743 4% 4% Other Diabetes care4 927 -16% -1% Total Diabetes care 106,610 8% 33% Obesity care5 38,796 58% 62% Diabetes and Obesity care 145,406 18% 95% Rare blood disorders6 6,017 6% 1% Rare endocrine disorders7 2,732 49% 4% Other Rare disease8 789 4% 0% Rare disease 9,538 15% 5% Total 154,944 18% 100% Reported sales and growth breakdown for the first six months of 2025 69% 25% 4% 2% 0% Reported sales for the first six months of 2025 Other rare disease Rare blood disorders Rare endocrine disorders Obesity care 0 10 20 30 40 50 60 70 80 90 Other rare disease Rare endocrine disorders Rare blood disorders Diabetes and Obesity care Novo Nordisk reported quarterly sales by therapy DKK billion Q2 2015 Q2 2025 Reported sales CAGR1: 11.1% 12.8%1 2.7%1 -2.6%1 -8.9%1 Sales of DKK 154.9 billion (~18%) Diabetes care 1CAGR for 10-year period 2Comprises Victoza®, Ozempic® 3Comprises Awiqli®, Tresiba®, Xultophy®, Levemir®, Ryzodeg®, NovoMix®, Fiasp®, NovoRapid® and human insulin 4Primarily Novonorm®, needles and GlucaGen® HypoKit® 5Comprises Saxenda® and Wegovy® 6Comprises NovoSeven®, NovoEight®, NovoThirteen® , Refixia®, Esperoct® and Alhemo® 7Comprises Norditropin® and Sogroya® 8Primarily Vagifem® and Activelle® Note: Sales numbers are reported in Danish kroner; Growth is at constant exchange rate; Refixia® and NovoThirteen® are launched as Rebinyn® and TRETTEN®, respectively, in the US

• 27. Novo Nordisk® 27 Investor presentation First six months of 2025 Sales growth of 18%, driven by both US Operations and IO with 17% and 19% sales growth respectively Regions Sales (mDKK) Growth Share of growth International Operations 67,665 19% 46% EUCAN 31,212 16% 19% Emerging Markets 16,334 22% 13% APAC 10,209 35% 12% Region China 9,910 6% 2% US Operations 87,279 17% 54% Total sales 154,944 18% 100% Reported sales and growth breakdown for first six months of 2025 Historic and reported sales by geography 140.8 DKK billion 45% 58% 23% 20% 12% 9% 10% 6% 11% 6% US EUCAN Emerging Markets APAC Region China 2021 2024 290.4 APAC: Japan, Korea, Oceania and Southeast Asia; China: Mainland China, Hong Kong and Taiwan; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; IO: International Operations; US: United States Note: Numbers may not add up to 100% due to rounding; Growth at Constant exchange rates; Sales numbers are reported in Danish kroner Source: Quarterly company announcement

• 28. 28 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk holds solid patent protection and competitive advantages Novo Nordisk’s position is protected by patents and value chain setup Novo Nordisk holds competitive advantages compared to biosimilars 2036/34 2028/29 2028/29 20304 EU/US patent protection1 2028/29 2027/28 2034/322 2031/322 2031/20322,3 Research & Development • Need to show comparability in PK/PD trials • Strict regulatory requirements in the EU and the US • Requirement for both drug and device offering Manufacturing • Economies of scale • Upfront CAPEX requirements with delayed ROI • Decades of experience with high volume production of core yeast and mammalian API platforms Commercialisation • Large and fragmented target audience • Cost pressure from payers • On-going conversion to next-generation drugs and slow market dynamics 1List does not include all marketed products 2Current estimates. Wegovy® patent identical to Ozempic® patent 3Tablet formulation and once-daily treatment regimen are protected by additional patents expiring in 2031-2034 4Formulation patent; active ingredient patent has expired API: Active pharmaceutical ingredient; CAPEX: Capital expenditure; PD: Pharmacodynamic; PK: Pharmacokinetic; ROI: Return on investment

• 29. Novo Nordisk® 29 Investor presentation First six months of 2025 Core capabilities together with additional drug modalities open up new opportunities across therapy areas CKD: Chronic kidney disease; CVD: Cardiovascular disease; mAB: Monoclonal antibody; MASH: Metabolic dysfunction-associated steatohepatitis; RBD: Rare blood disorders; RED: Rare endocrine disorders; siRNA: Small interfering ribonucleic acid Note: Currently active means Novo Nordisk is currently pursuing research projects, while exploratory indicates active early exploration activities and/or partnerships initiated Active pipeline Exploratory Core Novo Nordisk capabilities Modalities accelerated via partnerships & acquisitions Therapy areas Diabetes CVD Obesity RED CKD MASH RBD siRNA Proteins/ Peptides/mAB Cell Therapy Gene Therapy Small Molecules

• 30. 30 Novo Nordisk® Investor presentation First six months of 2025 Distribution of siRNA portfolio projects Phase 1 initiation ambition with siRNA CVD: Cardiovascular disease; MASH: Metabolic dysfunction-associated steatohepatitis; RBD: Rare blood disorders; RED: Rare endocrine disorders; siRNA: Small interfering ribonucleic acid Note: A project is defined when a target is identified and assigned team ask for resources to evaluate proof of concept Diabetes and Obesity CVD and MASH RBD and RED Other projects … phase 1 initiations on average per year across disease areas with the siRNA platform is on track 3 siRNA platform expected to deliver and mature across therapy areas in alignment with corporate strategy Progress with the siRNA platform 12 phase 1 trial initiations with GalXCTM since 2017 RivflozaTM the first Novo Nordisk siRNA drug, approved in 2023 3 phase 1 trial initiations with GalXC-PlusTM More than 50% of upcoming phase 1 trials expected to be with GalXC-PlusTM

• 31. 31 Novo Nordisk® Investor presentation First six months of 2025 Phase 1 aspiration of bringing more targets from research to development faster is on track for 2025 Key drivers increasing number of phase 1 initiations Number of phase 1 initiations in 2020 and aspirations towards 2025 5 2020 2024 2025 ~3x numbers of assets Phase 1 initiations achieved Achieved Aspiration AI: Artificial intelligence Increased investments across portfolio Target discovery engine delivers targets that are relevant to human disease Leverage AI/digital capabilities throughout drug discovery process Early pipeline growth delivers more phase 1 opportunities

• 32. 32 Novo Nordisk® Investor presentation First six months of 2025 Partnerships and acquisitions support future research and development Selected acquisitions Selected licenses Novel treatments for metabolic diseases Novel treatments for CVD/Rare disease Oral formulations of therapeutics Novel treatments for CVD/Rare disease Novel treatment for CVD/Rare disease Novel treatment for metabolic diseases siRNA treatments Novel treatment for CVD/Rare disease Novel treatment for CVD/Rare disease Novel treatment for CVD/Rare disease TransCon Technology for CVD/metabolic diseases Novel treatments for CVD Expansion of production capacity CVD: Cardiovascular Disease; siRNA: Small interfering RNA Note: Deal flow from 2019-2025Q1. Selection based on deal size 2019 2020 2021 2022 2023 2024 2025 Novel treatments for metabolic diseases Oral small molecule for obesity and cardiometabolic diseases GLP-1/GIP/Glucagon triple receptor agonist for

• 33. 33 Novo Nordisk® Investor presentation First six months of 2025 PHASE 1 PHASE 2 PHASE 3 SUBMITTED APPROVED NN1644 – GSI NN9541 – OW GIP/GLP-1 co-agonist NN9388 – CagriSema NN1436 – Insulin Icodec2 Tresiba® NN1471 – Pumpsulin NN9506 – FUSE10 NN9924 – Oral Semaglutide 25 and 50 mg1 NN1535 – Icosema1 Xultophy® NN9041 – DNA Immunotherapy NN9440 – Monlunabant NN9838 – CagriSema SOUL – Oral semaglutide 14.0 mg CVOT6 Awiqli®5 NN9490 – Sc. Amycretin NN9490 – Sc. Amycretin NN9932 – Oral Semaglutide 25 and 50 mg8STRIDE – Semaglutide 1.0 mg in PAD Levemir® NN9487 – Oral Amycretin NN9487 – Oral Amycretin NN9536 – Semaglutide 7.2 mg1 STEP HFpEF – Semaglutide 2.4 mg7 Ryzodeg® NN9638 – Amylin 355 NN9440 – Monlunabant NN6535 – Oral Semaglutide 14.0 mg in AD NN9931 – Semaglutide 2.4 mg in MASH9 NovoMix® NN9839 – Amylin 1213 NN9505 – FUSE10 NN6018 – Ziltivekimab in ASCVD NN7415 – Concizumab, HA/HB3Fiasp® NN9662 – Triple NN6706 – CDR132L NN6018 – Ziltivekimab in HFpEF NovoRapid® NN9559 – UBT251 (GGG tri-agonist) NN6019 – ATTR Cardiomyopathy NN6018 – Ziltivekimab in AMI Rybelsus® NN6582 – LXR(a) in MASH NN7533 – NDec in SCD NN7769 – Mim8 in HA Ozempic® NN6581 – MARC1 in MASH NN7536 – Etavopivat in Thalassemia NN7535 – Etavopivat in SCD Victoza® NN9003 – Stem Cells in HF Other PHASE 3 trials Wegovy® NN9001 – Stem Cells in PD FOCUS – Semaglutide 1.0 mg in diabetic retinopathy Saxenda® NN6022 – Ventus NLRP3i in CVD NovoSeven® NN6537 – CNP in HF NovoEight® NN6705 – NLRP3 in MASH Esperoct® NN7442 – Inno8 NovoThirteen® NN7614 – TMPRSS6 RNAi Refixia® Alhemo®11 Rivfloza®4 Norditropin® Sogroya® Pipeline supports significant growth opportunities across all four strategic focus areas Diabetes care Obesity care Rare blood disorders Rare endocrine disorders Cardiovascular & Emerging therapy areas 1Submitted to EMA 2CRL received in the US 3Submitted to EU for HA/HB 4Approved for PH1 by FDA 5Approved in the EU, China, Canada, Australia, Switzerland and Japan 6Submitted in US and EU 7Re-submitted in US with data from FLOW and SOUL in January 2025. STEP HFpEF label update reflected in EU label based on positive CHMP opinion received in Q3 2024 8Submitted in US for 25 mg 9Submitted in US, Japan and EU 10In collaboration with GE Healthcare 11Approved in US for HwI and HA/HB and EU for HwI AATLD: Alpha-1 Antitrypsin Deficiency-associated Liver Disease; AD: Alzheimer’s Disease; ANGPTL3: Angiopoietin-like protein 3; AMI: Acute myocardial infarction; ASCVD: Atherosclerotic Cardiovascular Disease; ATTR: Transthyretin amyloidosis; CKD: chronic kidney disease; CVOT: Cardiovascular outcome trial; FGF-21: Fibroblast growth factor 21; GHD: Growth hormone disorder; GSI: Glucose Sensitive Insulin; HA: Haemophilia A; HF: Heart failure; HFpEF: heart failure with preserved ejection fraction; HwI: Haemophilia with inhibitors; LXR(a): Liver X receptor alpha; MARC1: Mitochondrial amidoxime reducing component 1; MASH: Metabolic dysfunction-associated steatohepatitis; MDS: myelodysplastic syndrome; OM: Once monthly; OW: Once weekly; PAD: Peripheral arterial disease; PD: Parkinson’s Disease; PH: Primary hyperoxaluria; SC: Subcutaneous; SCD: Sickle cell disease; Sema: Semaglutide

• 34. 34 Investor presentation First six months of 2025 SIMONE LENSBØLE Simone lives with type 2 diabetes Denmark Diabetes care Insulin segment Insulin segment GLP-1 segment Disease and market

• 35. 35 Novo Nordisk® Investor presentation First six months of 2025 Diabetes is a serious chronic disease with increasing prevalence worldwide and multiple associated comorbidities 1ADA. Diabetes Care 2022;45:S1-S264; 2Cosentino F, et al. EJH 2020;41(2):255–323 APAC: Japan, Korea, Oceania and Southeast Asia; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; Region China: Mainland China, Hong Kong and Taiwan; T2D: Type 2 diabetes; US: United States Source: Diabetes Atlas 11th edition, 2025 In 2050, ~850 million adults are expected to live with diabetes High unmet medical need remains within T2D and the associated comorbidities1 Chronic kidney disease: up to ~40% of people with T2D affected2 Peripheral artery disease: >200 million people affected globally of which 20- 30% have T2D Cardiovascular disease: >30% people with T2D affected Mortality: 8 years shorter life expectancy Million adults 1 in 9 have diabetes 1 in 8 have diabetes 0 200 400 600 800 1,000 2011 2024 2050 366 589 853 US EUCAN Emerging Markets APAC Region China

• 36. 36 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk is the global leader in the growing diabetes market 1Based on IQVIA MAT, May 2025; 22025 does not add to 100% due to rounding CAGR: Compound annual growth rate; DPP-4i: Dipeptidyl peptidase 4 inhibitor; OAD: Oral anti-diabetic; SGLT-2i: sodium-glucose co-transporter-2 inhibitor; SU: Sulfonylurea; Trad.: Traditional; TZD: Thiazolidinedione Note: GLP-1 + basal insulin combination sales are included in insulin; Traditional OADs include metformin, SU and TZDs Source: Company reported sales for insulin, GLP-1, SGLT-2i and DPP-4i, 2024 vs 2023; Estimated patient share, IQVIA MAT, Feb 2025 20% 17% 7% 8% 17% 14% 12% 55% 46% 3% 2021 2024 DKK billion CAGR: 0 200 400 2021 2022 2023 2024 +19% 3-year CAGR Insulin DPP-4i SGLT-2i GLP-1 Novo Nordisk value market share1 32.6% Traditional OAD Estimated prescription share per treatment category2 Global diabetes care reported sales Volume growing ~6% with more people using GLP-1s and SGLT-2is

• 37. 37 Novo Nordisk® Investor presentation First six months of 2025 The unmet need within diabetes care remains large with too few patients reaching glycaemic target and treated for complications Source: Diabetes prevalence and diagnosed are based on Diabetes Atlas 11th edition, 2025; Treated is based on IQVIA patient data; real-world studies indicate between 30-55% of patients reach HbA1c target <7% .e.g. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4388968/ 1 in 2 adults go undiagnosed and more treated patients should reach their HbA1C target 10.9 mio treated with human insulins 13.9 mio treated with GLP-1 6.3 mio treated with new-generation insulin 11.3 mio treated with modern insulin 10.4 mio treated with human insulins Of the 589 million, 43.0 million1 people are treated with Novo Nordisk diabetes products 1 In addition to the above-mentioned product classes, other diabetes care constitutes the remainder of people treated with Novo Nordisk products; Estimated number for full-year 2024 (total available in Novo Nordisk Annual Report 2024) Source: Novo Nordisk Annual Report 2024 (WHO designated daily dose methodology is applied to convert sales into patients reach) 589 m 43m Prevalence Diagnosed Treated Reach target Treated for complications Prevalence Novo Nordisk products

• 38. 38 Novo Nordisk® Investor presentation First six months of 2025 GLP-1s have positive effects beyond glycaemic control reflected in the treatment guidelines Class Efficacy Hypo risk Weight change Cardiovascular effects ASCVD HF Metformin High No Neutral Potential Benefit Neutral Sulfonylurea High Yes Gain Neutral Neutral TZDs High No Gain Potential Benefit Increased risk DPP-IV inhibitors Intermediate No Neutral Neutral Potential risk SGLT-2 inhibitors Intermediate No Loss Benefit Benefit GLP-1 High No Loss Benefit/ Neutral1 Neutral Long-acting insulin High Yes Gain Neutral Neutral Fast-acting insulin High Yes Gain Neutral Neutral Medications for treatment of type 2 diabetes 1Benefit: dulaglutide, liraglutide, semaglutide; Neutral: exenatide once weekly, lixisenatide; 2eGFR < 60 mL/min/1.73 m2 OR albuminuria (ACR ≥ 3.0 mg/mmol (30mg/g)). Repeat measurement is required to confirm CKD; 3 If additional CV/kidney risk reduction/management of other metabolic comorbidities/glycemic lowering is needed ADA: American Diabetes Association; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; CVD: Cardiovascular disease; EASD: European Association for the Study of Diabetes; FDA: The US Food and Drug Administration; HbA1c: Haemoglobin A1C HF: Heart failure; HFrEF; Heat failure with reduced ejection fraction; HFpEF: Heart failure with preserved ejection fraction; Hypo: Hypoglycaemia; MASH: Metabolic dysfunction-associated steatohepatitis; MASLD: metabolic dysfunctionassociated steatotic liver disease; TZDs: Thiazolidinediones; T2D: Type 2 Diabetes; US: United States Source: Adapted from: “Standards of Medical Care in Diabetes – 2022” Supplement 1, p.133; diabetes.org. American Diabetes Association. GLP-1 as first line treatment and part of Ozempic® label 2025 ADA guidelines for pharmacologic treatment of adults with type 2 diabetes Goal: Cardiovascular and kidney risk reduction in high-risk T2D patients2 ASCVD or indicators of high CVD risk HF with documented HFrEF or HFpEF Chronic kidney disease Healthy lifestyle behaviours: Diabetes self-management education and support Glycaemic management Weight management Goal: Achievement and maintenance of weight and glycemic goals MASLD or MASH3

• 39. 39 Novo Nordisk® Investor presentation First six months of 2025 Innovation is the focus for strengthening leadership in diabetes Novo Nordisk’s product portfolio covers all three treatment segments Oral anti-diabetic Injectable GLP-1 Insulins Icodec1 Once-weekly insulin Key products Sc amycretin Pipeline 2 Mature products 1Currently under regulatory approval; 2Pipeline references phase 2 ready and phase 3 assets 3Oral semaglutide 25 mg submitted in US GIP: Gastric inhibitory polypeptide; HbA1c: Haemoglobin A1C; OW: Once-weekly; Sc: Subcutaneous Expand focus beyond HbA1c to cardiometabolic and renal outcomes Continue exploring preventative and curative treatments CagriSema Oral amycretin OW GLP-1/GIP Oral semaglutide 25/50 mg3 Approach to diabetes innovation IcoSema1

• 40. 40 Novo Nordisk® Investor presentation First six months of 2025 The total branded diabetes market has a global value of DKK ~523 billion annually 435 91 208 36 100 523 105 265 28 125 0 100 200 300 400 500 600 Total Insulin GLP-1 DPP-4i SGLT-2i 2023 2024 233 27 148 13 44 277 40 184 6 46 0 100 200 300 Total Insulin GLP-1 DPP-4i SGLT-2i 202 64 59 24 56 247 66 81 21 79 0 100 200 300 Total Insulin GLP-1 DPP-4i SGLT-2i DKK billion DKK billion DKK billion +21% +18% +28% -24% +26% Global diabetes market The USA Outside the USA +19% +24% -48% +5% +24% +6% +38% -11% +44% Growth at CER +45% Note: The segment value is based on reported figures, whilst the market growth is under constant exchange rate (CER). For Novo Nordisk the diabetes growth includes Insulin and GLP-1, excluding ‘other diabetes care’. Source: Company announcements as of Q4 2024; 2024 data based on Q1 2024 to Q4 2024 and 2023 data based on Q1 2023 to Q4 2023

• 41. 41 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk has a leadership position within the growing diabetes market Novo Nordisk remains global diabetes value market leader Global diabetes market by treatment class1 Novo Nordisk market share and share of growth 0.00 100.00 200.00 300.00 400.00 500.00 600.00 Thousands 2020 2021 2022 DKK billion 2023 2024 GLP-1 SGLT-2i Insulin DPP-4i CAGR: CAGR: CAGR: CAGR: Market CAGR: 13% 33% 17% 9% 5% 0% 20% 40% 60% NN market share NN share of growth Market growth (right axis) NN growth (right axis) May 2025 May 2022 28% -2% 28% -13% 21% 36% 31% H2 2021 13% 21% 35% 31% H1 2022 14% 23% 30% 32% H2 2022 14% 24% 29% 33% H1 2023 13% 25% 27% 34% H2 2023 16% 25% 26% 34% H1 2024 17% 25% 24% 34% H2 2024 H1 2025 33% 28% 23% 14% 17% Company A Company B Others Novo Nordisk 1Data is based on company reported sales. Data does not include Galvus and generic metformin, sulphonylureas or thiazolidinedione NN: Novo Nordisk Source: IQVIA May 2025 value figures Note: IQVIA data can be inflated due to use of list prices. Due to contractual obligations competitor names are not disclosed. Company A and B represent actual companies

• 42. 42 Novo Nordisk® Investor presentation First six months of 2025 GLP-1 mechanism of action and potential therapeutic opportunities GLP-1 mechanism of action Creates sense of satiety in the brain Reduces glucose release from the liver Slows gastric emptying Increases insulin secretion in the pancreas Brain Pancreas Liver GLP-1 Stomach Patient overlaps for key focus areas in type 2 diabetes Type 2 diabetes ~35m CKD (stage 3+)2 ~17m UNITED STATES ONLY ASCVD1 ~21m Obesity ~115m 84m 9m 15m 1m 4m 2m 1m 5m 6m 5m 2m 2m 1m 1m 3m 1Myocardial infarction, stroke and coronary heart disease 2eGFR <60 ml/min/1.73m2 3On top of cardiovascular standard of care ADA: American Diabetes Association; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; CV: Cardiovascular; EASD: European Association for the Study of Diabetes; HbA1c: Haemoglobin A1C; HF: Heart failure; HFrEF; Heart failure with reduced ejection fraction; HFpEF: Heart failure with preserved ejection fraction Note: Prevalence overlaps have been estimated on patient-level data from NHANES. Post-estimation adjustments have been undertaken to match certain key metrics as reported by publicly available sources. Numbers are rounded Source: NHANES (waves 2003-2004, 2013-2014, 2015-2016 and 2017-2020); UN World Population Prospects 2022; International Diabetes Federation: Diabetes Atlas 10th edition, 2021; World Obesity Atlas 2023

• 43. 43 Novo Nordisk® Investor presentation First six months of 2025 0 50 100 150 200 250 Thousands Novo Nordisk has 52% of the global GLP-1 market, while GLP-1 penetration of diabetes volume varies across regions GLP-1 share of total estimated diabetes prescriptions1is 7.1% 52% 34% 24% 14% 0% 20% 40% 60% 80% NN market share NN share of growth Market growth NN growth May 2022 May 2025 GLP-1 market growth and Novo Nordisk market share 2020 2025 Global: 7.1% 1The estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into fullyear patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions Source: IQVIA MAT volume (Spot rate), May 2025; Market values are based on the list prices GLP-1 share of estimated diabetes prescriptions Global: 2.1% Million prescriptions1 GLP-1 SGLT-2i DPP-4i Insulin Trad. OAD Source: IQVIA MAT value (spot rate), May 2025; Market values are based on the list prices

• 44. 44 Novo Nordisk® Investor presentation First six months of 2025 SUSTAIN trials with subcutaneous semaglutide Baseline SUSTAIN Change in HbA1c (%) Change in weight (kg) Baseline 1 2 3 4 5 6 7 semaglutide 1.0 mg semaglutide 0.5 mg placebo sitagliptin 100 mg exenatide ER glargine U100 dulaglutide 1.5 mg dulaglutide 0.75 mg -1.6 -1.6 -1.5 -1.5 -1.3 -0.9 -0.5 -1.6 -1.8 -1.4 -1.8 -1.2 -1.4 -1.1 -1.5 -0.8 -0.1 -0.4 -1.3 -1.1 -4.5 -6.1 -5.6 -3.7 -4.3 -1.9 -1 -1.9 -5.2 -6.4 -4.9 -6.5 -3.5 -3.7 -3.6 -4.6 1.2 -1.4 -0.7 -3.0 -2.3 8.1% 8.1% 8.3% 8.2% 8.4% 8.7% 8.2% 92 kg 89 kg 96 kg 93 kg 92 kg 92 kg 95 kg * * * * * * * * * * * * * * * * * * * * * * * * * * * *Statistically significant; SUSTAIN 1: QW sema vs placebo in drug-naïve people with T2D; SUSTAIN 2: QW sema vs sitagliptin 100 mg QD in people with T2D added to 1-2 OADs; SUSTAIN 3: QW sema vs QW exenatide ER 2.0 mg in people with T2D added to 1–2 OADs; SUSTAIN 4: QW sema vs QD insulin glargine in people with T2D added to 1-2 OADs; SUSTAIN 5: QW sema vs placebo in people with T2D added to insulin; SUSTAIN 6: QW sema vs placebo, added to standard-of-care; SUSTAIN 7: QW sema vs QW dulaglutide 75 mg and 150 mg in people with T2D added to 1–2 OADs: ER: Extended-release; QW: once-weekly; QD: once-daily; sema: semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics

• 45. 45 Novo Nordisk® Investor presentation First six months of 2025 Semaglutide 2.0 mg s.c. brings patients needing treatment intensification to target Estimand Trial product estimand Treatment policy estimand Once-weekly semaglutide 2.0 mg 1.0 mg 2.0 mg 1.0 mg HbA1c reduction 2.2%* 1.9% 2.1%* 1.9% Body weight reduction (kg) -6.9* -6.0 -6.4 -5.6 HbA1c < 7.0%1 68% 58% Phase 3 trial, SUSTAIN FORTE, completed and label application approved in the US and the EU Semaglutide 2.0 mg showed superior HbA1c reduction with more patients reaching target1 versus semaglutide 1.0 mg Semaglutide 2.0 mg appeared to have a safe and well-tolerated profile Gastrointestinal adverse events were similar for semaglutide 1.0 mg and 2.0 mg Data from SUSTAIN FORTE Label expansion application approved in the US, JP and the EU 1ADA recommended treatment target *Statistically significant S.c.: subcutaneous

• 46. 46 Novo Nordisk® Investor presentation First six months of 2025 Baseline PIONEER Change in HbA1c (%) Change in weight (kg) Baseline 1 2 3 4 5 7 8 oral semaglutide 3 mg oral semaglutide 7 mg oral semaglutide 14 mg placebo sitagliptin 100 mg empagliflozin 25 mg Victoza® 1.8 mg -0.8 -0.5 -1.3 -1.1 -1.5 -1.4 -1.4 -0.1 -0.9 -0.8 -0.6 -1.0 -1.3 -1.1 -1.4 -1.4 -0.1 -0.1 -0.7 -1.1 * -1.7 -1.2 -2.5 -2.2 -4.1 -4.2 -3.3 -1.5 -3.8 -0.7 -1.3 -3.0 -4.7 -3.7 -2.9 -4.1 -0.7 -1.1 -0.8 0.6 -3.2 8.0% 8.1% 8.3% 8.0% 8.0% 8.3% 8.2% 88 kg 92kg 91 kg 94 kg 91 kg 89 kg 86 kg * * * * * * * * * * * * * * * * * * * * PIONEER programme with oral semaglutide ER: Extended-release; QW: once-weekly; QD: once-daily; oral sema: oral semaglutide; T2D: type 2 diabetes, OAD: oral anti-diabetics; CV: Cardiovascular Note: PIONEER 9 and PIONEER 10 were Japanese studies and PIONEER 6 was a CV safety study. * Statistically significant based on the trial product estimand; PIONEER 1: QD oral sema vs placebo in people with T2D treated with diet and exercise only; PIONEER 2: QD oral sema vs empagliflozin 25 mg in people with T2D; PIONEER 3: QD oral sema vs sitagliptin 100 mg in people with T2D; PIONEER 4: QD oral sema vs Victoza® 1.8 mg and placebo in people with T2D; PIONEER 5: QD oral sema vs placebo in people with T2D and moderate renal impairment; PIONEER 7: QD oral sema using a flexible dose adjustment based on clinical evaluation vs sitagliptin 100 mg in people with T2D; PIONEER 8: Effects of QD oral sema vs placebo in people with long duration of T2D treated with insulin

• 47. 47 Novo Nordisk® Investor presentation First six months of 2025 PIONEER PLUS achieved its primary endpoint and demonstrated statistically significant HbA1C reduction vs oral sema 14 mg Oral semaglutide 25 mg and 50 mg vs 14 mg in subjects with T2D 1:1:1 R 68 weeks 5 weeks follow-up Oral semaglutide 50 mg Oral semaglutide 25 mg Oral semaglutide 14 mg Headline trial results -1.5% -1.9%* -2.2%* Oral semaglutide 14 mg Oral semaglutide 50mg Oral semaglutide 25mg Change from baseline (%) Mean baseline HbA1c: 9.0% Change in HbA1C Change in body weight Mean baseline body weight: 96.4 kg -4.5 -7.0* -9.2* Change from baseline (kg) All doses of oral semaglutide appeared to have safe and well-tolerated profile Primary endpoint: • Change from baseline to week 52 in HbA1c Secondary endpoint: • Change from baseline to week 52 in body weight Inclusion criteria (1,606 participants): • Type 2 Diabetes • HbA1c 8.0 - 10.5% • BMI ≥25 kg/m2 • Stable dose of 1-3 OADs (metformin, SU, SGLT-2i or DPP-4i1) *Statistically significant/superior vs oral semaglutide 14 mg; 1DPP-4i terminated at randomization T2D: Type 2 diabetes; HbA1c: Glycated haemoglobin; BMI: Body Mass Index; OADs: Oral antidiabetic drugs; SU: Sulfonylurea; SGLT-2i; Sodium-glucose cotransporter-2 inhibitors; DPP-4i: dipeptidyl peptidase-4 inhibitors Note: Trial product estimands shown; Trial objective: To compare the safety and efficacy of 25 and 50 mg oral semaglutide with 14 mg oral semaglutide once daily in people with type 2 diabetes

• 48. 48 Novo Nordisk® Investor presentation First six months of 2025 *Trial product estimand; 1P. Frias, SUSTAIN FORTE, Lancet, 2021 (9):563-574; 2Steven P Marsoe, SUSTAIN-6, N Engl J Med 2016;375:1834-1844; 3Marc P Bonaca, STRIDE:, Lancet, 2025 ;405(10489):1580-1593; 4Vlado Perkovic et al, FLOW, N Engl J Med 2024;391:109-121; 5Vanita R Aroda, PIONEER PLUS, Lancet 2023 402(10403):693-704; 6Darren K. McGuire, SOUL, N Engl J Med 2025;392:2001-2012 HbA1c: Haemoglobin A1C; MACE: Major adverse cardiovascular events; MWD: Maximum walking distance; PAD: Peripheral artery disease; Sc: Subcutaneous; T2D: Type 2 Diabetes; %-p: Percentage points Semaglutide has produced a comprehensive body of evidence and clinical outcome data for a GLP-1 in type 2 diabetes 26% Reduction in MACE2 MACE outcome SUSTAIN-6 24% Reduction in Major Kidney Disease Events4 Kidney outcome FLOW 20% Reduced risk of all-cause death4 All-cause mortality FLOW 2.2%-p Reduction HbA1c 1 Glycaemic control* SUSTAIN FORTE 7.2% Reduction in body weight1 Body weight* SUSTAIN FORTE 13% Improvement in MWD3 distance PAD outcome STRIDE 7.0/9.8% Weight loss5 Body weight* PIONEER PLUS 1.9/2.2%-p Reduction HbA1c 5 Glycaemic control* PIONEER PLUS 14% Reduction in MACE6 MACE outcome SOUL Semaglutide sc 1.0 and 2.0 mg Oral semaglutide 14, 25 and 50 mg

• 49. 49 Novo Nordisk® Investor presentation First six months of 2025 Phase 2 trial for CagriSema in people with type 2 diabetes was successfully completed in Q3 2022 Primary endpoint: Change from baseline (week 0) to week 32 in HbA1c Inclusion criteria (92 people): • Type 2 diabetes • HbA1c 7.5–10.0% • Metformin +/- SGLT2i • BMI ≥27 kg/m2 Exploratory phase 2a trial of CagriSema in T2D Dose escalation 16 weeks Treatment maintenance 16 weeks Follow up 5 weeks Cagrilintide 2.4 mg + semaglutide 2.4 mg Semaglutide 2.4 mg + placebo R Cagrilintide 2.4 mg + placebo 1:1:1 Headline trial results Change in HbA1C Change in body weight -0.93% -1.79% -2.18% In the trial, CagriSema appeared to have a safe and well-tolerated profile Mean baseline body weight: 106 kg Change from baseline (%) Cagrilintide 2.4 mg OW Semaglutide 2.4 mg OW CagriSema (2.4 mg semaglutide and 2.4 mg cagrilintide) -8.1% -5.1% -15.6% Mean baseline HbA1c: 8.4% T2D: Type 2 diabetes, BMI: body mass index; HbA1c: Glycosylated haemoglobin; OW: Once-weekly Note: Trial product estimands shown; Trial objective: To compare the effect of co-administered (separate injections) semaglutide and cagrilintide versus semaglutide in subjects with T2D inadequately controlled on metformin with or without SGLT2 inhibitor

• 50. 50 Novo Nordisk® Investor presentation First six months of 2025 Phase 3 trial programme with CagriSema in type 2 diabetes, REIMAGINE, was initiated in Q3 2023 2023 2024 2025 2026 • 180 patients with T2D • 40-week vs. placebo • Primary endpoint: HbA1c REIMAGINE 1 vs placebo • 2700 patients with T2D, MET +/- SGLT-2i • 68-week vs. semaglutide, cagrilintide and placebo • Primary endpoint: HbA1c and bodyweight REIMAGINE 2 FDC trial • 7000 patients1 • Event driven • Primary endpoint: 3-point MACE REDEFINE 3 CVOT – shared with obesity programme CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and semaglutide 2.4 mg CagriSema characteristics Global phase 3 trial programme Phase 3a programme with CagriSema in T2D: • Aims to confirm efficacy and safety across four global trials • Expected completion during 2025/2026 • 270 patients with T2D, Basal insulin +/- MET • 40-week vs. placebo • Primary endpoint: HbA1c REIMAGINE 3 Add-on to insulin • 1000 patients with T2D, MET +/- SGLT-2i • 68-week vs. tirzepatide • Primary endpoint: HbA1c and bodyweight REIMAGINE 4 H2H vs tirzepatide 165% of patients with T2D, 35% without T2D FDC: Fixed dose combination; T2D: Type 2 Diabetes; H2H: Head-to-head; CVOT: Cardiovascular outcomes trial; 3P: Three point; MACE: Major adverse cardiovascular event; MET: Metformin; SGLT-2i: sodium-glucose co-transporter-2 inhibitor Note: CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg

• 51. 51 Novo Nordisk® Investor presentation First six months of 2025 Amycretin phase 2 trial with oral and subcutaneous administration in people with type 2 diabetes has been initiated Objective • Demonstrate the dose-response relationship of amycretin for change in HbA1c from baseline in participants with type 2 diabetes Proposed key endpoints • Change in HbA1c (%-point) from baseline • Relative change in body weight (%) from baseline Treatment period Follow-up R OW sc amycretin Placebo oral OD oral amycretin Placebo sc ILLUSTRATIVE Phase 2 amycretin trial design HbA1c: Haemoglobin A1C; OD: Once-daily; OW: Once-weekly; sc: Subcutaneous

• 52. 52 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk global insulin volume market leadership at 43.3% and the global insulin volume market increased by 1.8% Market growth: 1.8% Market share: 43.3% MS gain/loss1: -1.6%-p Sales growth: 0% Emerging Markets Market growth: 2.4% Market share: 51.8% MS gain/loss1: -0.0%-p Sales growth: 15% Region China Market growth: 4.9% Market share: 40.2% MS gain/loss1: -0.9%-p Sales growth: 27% Market growth: 1.7% Market share: 46.9% MS gain/loss1: -0.9%-p Sales growth: -2% International Operations Global US Operations Market growth: 2.0% Market share: 30.1% MS gain/loss1: -4.8%-p Sales growth: 9% EUCAN Market growth: -0.1% Market share: 45.1% MS gain/loss1: -0.3%-p Sales growth: -8% APAC Market growth: 0.7% Market share: 53.7% MS gain/loss1: -2.6%-p Sales growth: -3% 1MS gain/loss compared with May 2024 reported MS APAC: Japan, Korea, Oceania and Southeast Asia; Emerging Markets: mainly Latin America, Middle East and Africa; EUCAN: Europe and Canada; MS: Market share; Region China: Mainland China, Hong Kong and Taiwan; US: United States Market values are based on the list prices Note: Sales growth for the Q2 2025 at constant exchange rates; Market shares are for Novo Nordisk, market growth for total insulin market Source: IQVIA MAT, May 2025 volume figures

• 53. 53 Novo Nordisk® Investor presentation First six months of 2025 43% 2% -2% -9% -6% -3% 0% 3% 6% 9% 0% 10% 20% 30% 40% 50% NN market share Market growth (right axis) NN growth (right axis) 42% FastActing Total 39% LongActing 43% 62% Premix 31% Human 169 97 57 15 15 Novo Nordisk Competitors -5.3% -1.1% -4.0% +1.0% -9.1% -4.6% 2.2% +1.3% -4.2% +1.4% May 2022 Market growth Δ Market share Insulin market share and market size (DKK billion) Insulin volume: Market share Insulin market size and Novo Nordisk volume and value market share May 2025 NN: Novo Nordisk Note: LHS graph – Value, RHS Graph - Volume, MAT, all countries; Share of growth not depicted due to too high numbers ; Market values are based on the list prices Source: IQVIA, May 2025

• 54. 54 Novo Nordisk® Investor presentation First six months of 2025 51 49 40 47 0 20 40 60 80 bDKK 2021 2022 2023 2024 Insulin icodec reduces basal insulin inj. from 7 to 1 per week Many patients delay insulin initiation >2 years due to dosing frequency HCP and patient preference for once-weekly treatments Dynamic segment is the main opportunity 70% 100% 19% 11% Static New to basal Switches Basal insulin 1 IQVIA MAT, May 2025 HCP: Heath care professional; Inj.: Injections Source: Company reported sales; Novo Nordisk market research Insulin icodec holds potential to be the insulin of choice for people living with type 2 diabetes starting basal insulin treatment Today’s global basal insulin market is sizeable The opportunity for insulin icodec Patient behaviour Novo Nordisk volume market share1: ~28%

• 55. 55 Novo Nordisk® Investor presentation First six months of 2025 -1.55% -1.57% -1.68% -0.93% -1.16% -0.47% -1.35% -1.36% -1.31% -0.71% -1.18% -0.51% 0.30 0.31 0.19 0.73 5.64 19.93 0.16 0.15 0.14 0.27 5.62 10.37 522 (Full trial: 78 weeks) 26 52 26 26 262 (Full trial: 52 weeks) 8.5% 8.5% 8.9% 8.1% 8.3% 7.6% ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Estimated change from baseline in HbA1c (%) Hypoglycaemia event rates1 ONWARDS 1 BASAL INITIATION ONWARDS 2 BASAL SWITCH ONWARDS 3 BASAL INITIATION ONWARDS 4 BASAL/BOLUS SWITCH ONWARDS 5 BASAL INITIATION ONWARDS 6 BASAL/BOLUS SWITCH Trial duration (weeks) Baseline HbA1c (%) Non-inferiority confirmed Superiority confirmed Insulin-naïve type 2 diabetes Insulin-treated type 2 diabetes Type 1 diabetes Once-weekly insulin icodec Once-daily insulin glargine U100 Once-daily insulin degludec Once-daily basal insulins * * * * * In people with type 2 diabetes: No statistical difference in estimated hypoglycaemia events Once-weekly insulin icodec appeared to be effective and to have a safe profile in the phase 3 ONWARDS programme *Statistically significant. 1 Severe or clinically significant hypoglycaemia events (blood glucose <3 mmol/L) per patient year, included for end of trial/end main phase in-trial. 2 Duration refers to trial main phase. ONWARDS 1: QW insulin icodec vs QD insulin glargine U100 both with non-insulin anti-diabetic treatment in insulin-naïve people with T2D; ONWARDS 2: QW insulin icodec vs QD insulin degludec in people with T2D switching from a QD insulin; ONWARDS 3: QW insulin icodec vs QD insulin degludec in insulin-naïve people with T2D; ONWARDS 4: QW insulin icodec vs QD insulin degludec both with mealtime insulin in people with T2D treated with basal and bolus insulin; ONWARDS 5: QW insulin icodec vs QD basal insulin with an app providing dosing recommendation in insulin-naïve people with T2D; ONWARDS 6: QW insulin icodec vs QD insulin degludec both with mealtime insulin in people with T1D T1D: Type 1 diabetes; T2D: Type 2 diabetes. Note: Overview refers to primary end-points in main phases of trials

• 56. 56 Novo Nordisk® Investor presentation First six months of 2025 Phase 3 trial programme for IcoSema in T2D, COMBINE IcoSema is a fixed dose combination of insulin icodec and semaglutide • Simple and convenient once-weekly injection IcoSema characteristics Focused phase 3 trial programme Phase 3a programme with IcoSema • Aims to confirm efficacy and safety across three global trials • All pivotal trials successfully completed • Novo Nordisk submitted for regulatory approval in H2 2024 in the EU COMBINE 3 Basal insulin intensification COMBINE 2 Post-GLP-1 COMBINE 1 Post-basal insulin COMBINE 4 Post OAD Trial ongoing • Initiated in Q4 2021 • 680 patients* previously on basal insulin • 52-week vs. insulin glargine + insulin aspart • Prim. endpoint: HbA1c non-inferiority • Sec. endpoint: Weight / hypo superiority • Initiated in Q2 2022 • 680 patients* previously on GLP-1 RA • 52-week vs. semaglutide 1.0 mg • Primary endpoint: HbA1c superiority • Initiated in Q2 2022 • 1290 patients* previously on basal-insulin • 52-week vs. insulin icodec • Prim. endpoint: HbA1c superiority • Sec. endpoint: Weight / hypo superiority 2021 2022 2023 2024 • Initiated in Q1 2024 • 475 patients* previously on at least 2 OADs • 40-week vs. OD insulin glargine • Primary endpoint: HbA1c superiority *Patients with Type 2 Diabetes Mellitus OD: once daily

• 57. 57 Novo Nordisk® Investor presentation First six months of 2025 Phase 3a trial (COMBINE 3) with IcoSema successfully completed IcoSema vs Insulin glargine U100 and insulin apart in subjects w/T2D 1:1 R 52 weeks 5 weeks follow-up IcoSema ± OAD(s) IGlar + IAsp ± OAD(s) Primary endpoint: • Change in HbA1c from baseline to week 53 Confirmatory secondary endpoints: • Change in body weight from baseline to week 52 • Number of hypoglycaemic1 episodes from baseline to week 57 IcoSema IGlar + IAsp Hypoglycaemic episodes1 (rate per patient year) 0.26* 2.18 Injections per year ~52 ~1450 Safety: IcoSema appeared to have safe and well-tolerated profile Headline trial results -1.5% -1.4% IcoSema IGlar + Iasp Change from baseline (%) Mean baseline HbA1c: 8.3% Change in HbA1C Change in body weight Mean baseline body weight: 85.8 kg 3.2 -3.6* Change from baseline (kg) N=679 *Statistically significant/superior vs. Insulin glargine U100 and insulin apart. 1 Level 2 and 3 hypoglycaemic episodes with blood glucose below 3.0 mmol/L T2D: Type 2 diabetes; HbA1c: Glycated haemoglobin; BMI: Body Mass Index; OADs: Oral antidiabetic drugs. Note: Trial objective: To confirm efficacy and compare safety of once weekly IcoSema compared with daily insulin glargine combined with insulin apart, both treatment arms with or without OADs in participants with T2D inadequately controlled with daily basal insulin

• 58. 58 Novo Nordisk® Investor presentation First six months of 2025 Final pivotal phase 3 trial with once-weekly IcoSema successfully completed COMBINE 1 - IcoSema vs Insulin icodec in subjects with T2D 1:1 R 52 weeks 5 weeks follow-up IcoSema ± OAD(s) Insulin icodec ± OAD(s) Primary endpoint: • Change in HbA1c from baseline to week 52 Secondary endpoints: • Change in body weight from baseline to week 52 • Number of level 2 or 3 hypoglycaemic1 episodes from baseline to week 57 IcoSema Insulin icodec Hypoglycaemic episodes1 (rate per patient year) 0.14 0.63 Safety: IcoSema appeared to have safe and well-tolerated profile COMBINE 1 headline trial results -0.9% -1.6%* IcoSema Insulin icodec Change from baseline (%) Mean baseline HbA1c: 8.2% Change in HbA1C Change in body weight Mean baseline body weight: 84.5 kg 1.9 Change from baseline (kg) -3.7* N=1291 *Statistically significant/superior vs. Insulin icodec. Data shown for HbA1c and body weight is the treatment policy estimand 1 Level 2 and 3 hypoglycaemic episodes on-treatment observation period. HbA1c: Glycated haemoglobin; IcoSema: a combination of basal insulin icodec and semaglutide; OADs: Oral antidiabetic drugs; R: Randomisation; T2D: Type 2 diabetes; Trial objective: To confirm efficacy and compare safety of once weekly IcoSema compared with once weekly insulin icodec, both treatment arms with or without OADs in participants with T2D inadequately controlled with daily basal insulin

• 59. 59 Novo Nordisk® Investor presentation First six months of 2025 Development pipeline addresses unmet need in diabetes care by further raising the innovation bar Further raise the innovation bar Diabetes development pipeline1 Our key focus areas Diabetes Project Phase GLP-1 diabetes2 Marketed Long-acting insulins3 Marketed Premix insulins4 Marketed Fast-acting insulins5 Marketed Awiqli®6 Marketed Icosema Submitted SOUL (oral semaglutide 14.0 mg CVOT) Submitted STRIDE7(semaglutide 1.0 mg in PAD) Submitted oral semaglutide8(25 mg and 50 mg) Phase 3 completed CagriSema (2.4 mg/2.4 mg) Phase 3 ongoing sc. amycretin OW and oral OD Phase 2 ongoing monlunabant Phase 2 ongoing OW GIP/GLP-1 Phase 2 ongoing FUSE9 - Peripheral focused ultrasound Phase 2 to be initiated GSI Phase 1 ongoing DNA immunotherapy Phase 1 ongoing Pumpsulin Phase 1 ongoing 1Human insulins and other diabetes care not included in development pipeline overview 2 Includes Rybelsus®, Ozempic®, and Victoza® 3Includes Tresiba®, Xultophy®, and Levemir® 4Includes Ryzodeg® and NovoMix® 5Includes Fiasp® and NovoRapid® 6Launched in five countries in IO 7EMA adopted a positive opinion for an updated Ozempic® label based on STRIDE data 8Submitted to EMA 9 In collaboration with GE Healthcare CB1R: Cannabinoid receptor 1; CKD: Chronic Kidney Disease; CVOT: Cardiovascular Outcome Trial; GIP: Gastric inhibitory polypeptide; GSI: Glucose Sensitive Insulin; OD: Once-daily; OW: Once-weekly; Sc.: Subcutaneous Address significant unmet need Continued generation of outcomes data Develop next-generation treatments

• 60. 60 Novo Nordisk® Investor presentation First six months of 2025 Obesity care MICHAEL PETERSEN Michael lives with obesity Denmark Innovation63 Innovation 63 Obesity market development62 Obesity market development 62 Obesity disease background58 Obesity disease background 58 60 Investor presentation First six months of 2025 Obesity care MICHAEL PETERSEN Michael lives with obesity Denmark Innovation Innovation Obesity market development Obesity market development Obesity disease background Obesity disease background

• 61. 61 Novo Nordisk® Investor presentation First six months of 2025 Obesity is a serious chronic disease with a large unmet medical need that requires innovative treatment options 1Prospective Studies Collaboration, Whitlock G, Lewington S, et al. Body-mass index and cause-specific mortality in 900,000 adults: collaborative analyses of 57 prospective studies. Lancet. 2009 AOM: Anti-obesity medication; BMI: Body mass index; RoW: Rest of world; ACC: American College of Cardiology Source: NHANES (2013-2014, 2015-2016, 2017-2020, 2021-2023), UN World Population Prospects report, WHO, IDF World Diabetes Atlas, World Obesity Atlas and PADAWA Analysis Today • Few treatment options available: <1% of global obese population on a branded AOM • 2025 ACC clinical guidance for weight management in patients where treatment may provide CV benefit More than 1.7 billion people is living with overweight or obesity globally Obesity is associated with more than 200 different complications Life expectancy decreases as BMI increases 792 442 205 171 63 0 250 500 750 1,000 48 27-30 30-35 30 35-40 23 40+ 840 505 235 194 Million people Cardiovascular Metabolic Mechanical BMI categories US RoW Likelihood of reaching age 70 per BMI group from a baseline age of 461 Normal BMI 80% BMI 35–40 60% BMI 40–50 50%

• 62. 62 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk’s innovation is focused on addressing weight loss magnitude as well as emerging patient needs and comorbidities Addressing unmet needs across patient segments via differentiated clinical profiles Weight loss ILLUSTRATIVE Safety and tolerability Differentiated clinical profiles across co-morbidities Differentiated treatment goals across patient profiles Building a leading portfolio Body weight loss Co-morbidity impact Composition of weight loss Safety and tolerability Dosing frequency Our key focus areas

• 63. 63 Novo Nordisk® Investor presentation First six months of 2025 With the launch of Wegovy® in 2021 a lot changed, yet the large unmet need in obesity remains 934 0 200 400 600 800 1,000 Obesity prevalence Full-year patients on NN AOMs in 20241 2.2 Million people Key market changes since the Wegovy® launch in 2021 Patients Prescribers Payers Before After Few people are treated for obesity today Needs to be activated Low adherence eg due to tolerability, affordability and treatment expectations Decision-maker with consumer like behaviour Increasing adherence as barriers are addressed, but still not chronic care Consider treating obesity Sporadic local guidelines Treat obesity Sporadic local guidelines US: Limited willingness to cover AOMs IO: Mostly out-of-pocket US: Good commercial coverage IO: Mostly out of pocket, but increased levels of reimbursement 1The number represents the estimated full-year patients reached with Novo Nordisk products as outlined in the 2024 Annual Report AOM: Anti-obesity medications; IO: International Operations; NN: Novo Nordisk; US: United States Source: NHANES (2013-2014, 2015-2016, 2017-2020, 2021-2023), UN World Population Prospects report, WHO, IDF World Diabetes Atlas, World Obesity Atlas and PADAWA Analysis, Novo Nordisk Annual Report 2024

• 64. 64 Novo Nordisk® Investor presentation First six months of 2025 ≈ 86% naïve to AOM treatment 78% female Age Average of 48 years Average BMI of 37 Patients on Wegovy® with type 2 diabetes diagnosis: 7% Novo Nordisk is broadening focus from solely weight loss to improving health for patients with overweight or obesity Characteristics for patients on Wegovy® Patient persistency on anti-obesity medications after 12 months in the US 21% 32% 0% 25% 50% 75% 100% 12 Months Patients remaining on treatment (%) Saxenda® Wegovy® With comorbidities: ≥1: 75% ≥2: 51% ≥3: 31% Average Wegovy® stay time >6 months2 1Hichborn, et al. (2018). Improving patient adherence through data-driven insights. McKinsey & Company; 2 Average Wegovy® stay time >6 months despite supply constraints based on real world data, patient cohort included those initiating therapy between Oct ’21 and Mar ’22, followed for 1 year; AOM: Anti-obesity medications; BMI: Body mass index; HbA1c: Haemoglobin A1c; HIV: Human Immunodeficiency Virus; US: United States Source: IQVIA LAAD, AOM Rx, 12 months ending November 2024; Real world evidence based on prescription data Persistency for other chronic diseases1 (after 12 months) • Asthma ~40% • Psoriasis ~30% • Diabetes: ~50% • HIV ~50%

• 65. 65 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk has broad and affordable access to 55 million people with obesity for Wegovy® 60.0 20.0 30.0 Prevalence ~40.0 ~15.0 Access Full-year patients on NN AOMs in 2024 110.0 ~55.0 Less than 2 million ~55 million people with obesity have Wegovy® coverage in the US Progress across all channels in early 2025 Commercial Medicaid and other Medicare Part D People with obesity (millions) ✓ Broad formulary access and continued employer opt-in ✓ > 85% of patients pay $50 or less per prescription ✓ Federal coverage: Examples include DoD, veteran affairs, and Indian Health service ✓ Medicaid states: Coverage of Wegovy® for CV patients continues to grow; >30 states programs cover Wegovy® • Reimbursement of AOMs for obesity still prohibited by law • CMS now allowing reimbursement in Part D for AOMs with a CV indication Commercial Medicaid and other Medicare Part D AOM: Anti-obesity medications; CMS: Center for Medicare and Medicaid Services; CV: Cardiovascular disease; DoD: Department of Defence Source: Novo Nordisk Annual Report 2024, Internal analysis as per Q1 2025

• 66. 66 Novo Nordisk® Investor presentation First six months of 2025 Anti-obesity medications are expected to be mostly out-ofpocket, with SELECT as key lever to improve reimbursement AOM: Anti-obesity medication; BMI: Body mass index; CH: Switzerland; COL: Columbia; IO: International Operations; OOP: Out-of-pocket; ORC: Obesity-related comorbidity; UK: United Kingdom Note: Break-down of IO AOM sales is an estimate and cover both Saxenda® and Wegovy® Majority of IO AOM sales are currently OOP Current AOM reimbursement examples SELECT could improve access to Wegovy® 20% 80% Out-of-pocket sales Restricted reimbursement sales BMI ≥30 with two ORCs BMI ≥28 with ≥1 ORC or BMI ≥35 Wegovy® reimbursed Leverage SELECT to expand or improve market access Wegovy® not reimbursed Use SELECT to open or re-open reimbursement negotiations Out-of-pocket Increase willingness to pay in out-of-pocket markets BMI ≥35 or BMI ≥ 30 with ORC 15 countries have selected reimbursement for Saxenda® UK COL CH INDICATIVE

• 67. 67 Novo Nordisk® Investor presentation First six months of 2025 Global obesity market growth has been accelerating with Novo Nordisk capturing the majority of growth Obesity market growth and Novo Nordisk value market share 57% 142% 72% 0% 40% 80% 120% 160% 200% 0% 40% 80% 120% 160% 200% NN market share Market growth (right axis) NN Growth (right axis) May 2022 May 2025 Obesity market size and growth DKK billion 81% May 2024 54.9 NN Obesity care 78.9 Others 57% May 2025 94.4 228.1 ~142% ~72% Novo Nordisk Others Note: Value MAT, all countries; Share of growth not depicted due to high growth; Market values are based on the list prices Source: IQVIA, May 2025

• 68. 68 Novo Nordisk® Investor presentation First six months of 2025 In clinical trials, semaglutide 2.4 mg has demonstrated an impact on comorbidities that overlap with obesity Hypertens ion Myocardia l infarction† Stroke † Heart failure Obesity-related comorbidities SELECT trial 20% MACE risk reduction STEP HFpEF trial KCCQ-CSS score ETD: 7.8 (semaglutide 2.4 mg vs placebo) Knee osteoarthritis trial 41.7 WOMAC pain score reduction Hypertens ion Myocardia l infarction† Stroke † Heart failure Weight loss REDEFINE 1 (CagriSema) 22.7% weight loss1 STEP 1 trial (Wegovy®) 16.9% weight loss1 SCALE 1 trial (Saxenda®) 7.4% weight loss2 Disease overlap in the United States 1Trial product estimand; 2Treatment policy estimand; 3Myocardial infarction, stroke and coronary heart disease; ASCVD: Atherosclerotic cardiovascular disease; MACE: Major adverse cardiovascular events; ETD: Estimated treatment difference; HFpEF: Heart failure with preserved ejection fraction; HFmrEF: Heart Failure with Mid-Range Ejection Fraction; WOMAC: The Western Ontario and McMaster University Osteoarthritis index. Note: Prevalence overlaps are estimated on patient-level data from NHANES. Post-estimation adjustments have been undertaken to match certain key metrics as reported by publicly available sources. Numbers are rounded Source: NHANES (waves 2003-2004, 2013-2014, 2015-2016 and 2017-2020); UN World Population Prospects 2022; International Diabetes Federation: Diabetes Atlas 10th edition, 2021; World Obesity Atlas 2023 T2D ~35m HFpEF/HFmrEF ~4m ASCVD3 ~21m Obesity ~115m 88m 10m 16m <0.5m 4m 0.5m 0.5m 7m 0.5m 5m 0.5m 3m 0.5m 0.5m 1m UNITED STATES ONLY

• 69. 69 Novo Nordisk® Investor presentation First six months of 2025 -16.9 -2.4 -17.6 -5.0 -5.2 -8.8 6.5 -16.7 -0.6 -10.6 -3.1 -17.5 -2.4 -14.1 -10.7 -3.6 -18 -9 0 9 Change from baseline in BW (%) * Across the STEP and STEP UP trials, a weight loss of up to 20.7% was reported for people treated with sc semaglutide Sema 2.4 mg Baseline body weight, kg Sema Placebo 2.4 mg + IBT Placebo Sema Placebo Placebo 2.4 mg Sema 2.4 mg Sema 2.4 mg * * * * After 68 weeks After 20 weeks IBT STEP 1 Weight management STEP 3 Weight management with IBT STEP 4 Sustained weight management STEP 2 Weight management with T2D 105.3 105.8 107.2 96.1 99.8 STEP 5 Weight management over 2 years Sema Placebo 2.4 mg * 106.0 STEP UP Weight management 113.0 Sema Placebo 7.2 mg Sema 2.4 mg 110.1 Sema Placebo 7.2 mg Sema 2.4 mg STEP UP T2D Weight management with obesity and T2D -20.7* *P-value <0.0001, based on the trial product estimand (secondary statistical approach): treatment effect if all people adhered to treatment and did not initiate other anti-obesity therapies BW: Body weight; IBT: Intensive behavioural therapy; Lira: Liraglutide; Mgmt.: Management; SC: subcutaneous; Sema: Semaglutide; T2D: Type 2 diabetes -18.2

• 70. 70 Novo Nordisk® Investor presentation First six months of 2025 In STEP UP, semaglutide 7.2 mg achieved 20.7% weight loss and around one third of participants achieved ≥25% weight loss R semaglutide 7.2 mg semaglutide 2.4 mg Placebo Dose escalation Treatment maintenance Week 0 20 72 STEP UP enrolled 1,407 people with obesity1 5:1:1 9 weeks follow-up *Estimated means. 1BMI: ≥ 30 kg/m2 . Excludes diabetes diagnosis or HbA1c ≥ 6.5% BMI: Body mass index; HbA1c: Haemoglobin A1C; Sema: Semaglutide; WL: Weight loss Note: data shown is trial product estimands Source: Novo Nordisk data on file Trial objective • Confirm superiority of sema 7.2 mg vs placebo Co-primary endpoint • Relative change in body weight (%) from baseline to 72 weeks • Achievement of ≥ 5% weight loss Weight loss for semaglutide 7.2 mg in STEP UP trial Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 113.0 kg -25 -20 -15 -10 -5 0 0 8 16 24 32 40 48 56 64 72 72* -20.7 -17.5 -2.4 semaglutide 7.2 mg semaglutide 2.4 mg Placebo Categorical weight loss with sema 7.2 mg ≥20% WL reduction ≥25% WL reduction 50.9% 33.2%

• 71. 71 Novo Nordisk® Investor presentation First six months of 2025 • Average age 46 • 74.1% women • Average BMI - 37.9 kg/m2 Improvements in lipid profile as well as C-reactive protein Semaglutide improved health-related quality of life as measured by SF-36 and IWQoL-lite-CT The pivotal STEP 1 trial showed greater than 16% weight loss Data from STEP 1 Placebo: -2.4% Semaglutide 2.4 mg: -16.9% 0 -20 -16 -12 -8 -4 0 Time since initiation (weeks) 4 8 12 16 20 28 36 44 52 60 68 % change in body weight In STEP 1, people treated with semaglutide had a superior weight loss of up to 16.9% BMI: body mass index; SF-36: Short Form (36) Health Survey; IWQoL-lite-CT: Impact of Weight on Quality of Life-Lite questionnaire Notes: Change in body weight in % depicts observed means since time of randomisation; trial product estimand.

• 72. 72 Novo Nordisk® Investor presentation First six months of 2025 In STEP 1, 34.8% of patients treated with sema reached ≥20% weight loss and reported improved quality of life versus placebo 92.4% 74.8% 54.8% 33.1% 34.8% 11.8% 5.0% 2.0% 0% 20% 40% 60% 80% 100% ≥5% ≥10% ≥15% ≥20% Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus placebo in the IWQoL-Lite-CT PRO -2 0 2 4 6 8 10 12 14 16 18 20 Physical function Favours placebo Favours semaglutide Total Physical Psychological IQWoL-Lite-CT ETD [95% CI] 9.43 [7.50 : 11.35] * 9.14 [7.31 : 10.96] * 10.50 [8.81 : 12.19] * 10.02 [8.42 : 11.62] * Proportion of patients Weight loss Semaglutide 2.4 mg Placebo Descriptive statistic only. Based on the on-treatment data, i.e. data for people that are on-treatment at week 68 * statistically significant; p-values other than physical function were not controlled for multiplicity PRO: patient reported outcome; CI: confidence interval, ETD: estimated treatment difference, IWQoL-Lite-CT: Impact of Weight on Quality of Life-lite;

• 73. 73 Novo Nordisk® Investor presentation First six months of 2025 • Average age 46 • 79% women • Average BMI – 38.4 kg/m2 Trial highlights that obesity is a chronic disease requiring sustained treatment Improvements on a panel of cardiovascular risk markers STEP 4 showed significantly greater weight loss post run-in than placebo Data from STEP 4 % change in body weight In STEP 4, people treated with semaglutide had a superior weight loss of up to 18.2% Placebo: -5.2% Semaglutide 2.4 mg: -18.2% 0 -20 -16 -12 -8 -4 0 Time since initiation (weeks) 4 8 12 16 20 24 28 36 44 52 60 68 Randomisation -10.5% Change in body weight in % depicts observed means since time of randomisation; trial product estimand; BMI: body mass index

• 74. 74 Novo Nordisk® Investor presentation First six months of 2025 Favours placebo Favours semaglutide SF-36 scores ETD [95% CI] -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Physical functioning Role-physical Bodily pain General health Vitality Social functioning Role-emotional Mental health Physical component summary Mental component summary 2.46 [1.59 : 3.32] * 1.44 [0.42 : 2.47] * 2.23 [-0.06 : 4.53] 1.86 [0.73 : 3.00] * 4.31 [1.61 : 7.02] * 2.41 [0.07 : 4.76] * 1.64 [0.52 : 2.76] * 2.93 [1.80 : 4.06] * 1.68 [0.64 : 2.72] * 3.44 [2.28 : 4.60] * In STEP 4, 41.2% of patients treated with semaglutide reached ≥20% weight loss and reported improved quality of life vs placebo Categorical weight loss Semaglutide 2.4 mg showed a statistically significant treatment difference versus placebo in the SF-36 patient reported outcome 90.5% 80.8% 65.5% 41.2% 50.0% 20.9% 9.8% 5.1% 0% 20% 40% 60% 80% 100% ≥5% ≥10% ≥15% ≥20% Proportion of patients Weight loss Semaglutide 2.4 mg Placebo Descriptive statistics only. Based on the on-treatment data, i.e. data for people that are on-treatment at week 68 * statistically significant; p-values other than physical functioning were not controlled for multiplicity CI: confidence interval, ETD: estimated treatment difference, Sema: semaglutide, SF-36: Short Form (36) Health Survey

• 75. 75 Novo Nordisk® Investor presentation First six months of 2025 40% of patients lost ≥ 20% of their body weight Semaglutide appeared to have a safe and well-tolerated profile Improvements in lipid profiles as well as Creactive protein In STEP 5, people treated with semaglutide 2.4 mg sustained their weight loss over 2 years Placebo: -0.6% Semaglutide 2.4 mg: -16.7% % change in body weight Data from STEP 5 Clinically relevant and sustained weight loss in patients with obesity or overweight Change in body weight in % depicts observed means since time of randomisation; trial product estimand; mean body weight: 106.0 kg

• 76. 76 Novo Nordisk® Investor presentation First six months of 2025 In STEP 8, semaglutide 2.4 mg showed weight loss of 17.1% compared to 6.6% with liraglutide 3.0 mg STEP 8 observed mean change in body weight1 -20 -15 -10 -5 0 % change in body weight Mean baseline body weight: 104.5 kg 68 Placebo: -1.8% Semaglutide 2.4 mg: -17.1%* Liraglutide 3.0 mg: -6.6% Time since Initiation (Weeks) Data from STEP 8 38.5% of patients lost ≥20% of their body weight with semaglutide 2.4 mg vs 6.0% with liraglutide 3.0 mg Liraglutide and semaglutide both appeared to have a safe and well-tolerated profile Statistical significant improvements in systolic BP and CRP with semaglutide 2.4 mg vs liraglutide 3.0 mg 1Observed data for the on-treatment period; *p-value <0.0001 vs lira 3.0 mg; % change in body weight measured as change from baseline Data shown is the trial product estimand; Sema: Semaglutide; Lira: Liraglutide

• 77. 77 Novo Nordisk® Investor presentation First six months of 2025 Semaglutide 2.4 mg showed 20% MACE reduction in the SELECT trial for people with overweight or obesity and established CVD SELECT trial with 17,604 people with BMI>27 and established CVD Semaglutide 2.4 mg 1:1 Placebo R Event driven 5 weeks follow-up Objective • Demonstrate that semaglutide s.c. 2.4 mg OW lowers the incidence MACE vs. placebo when both added to standard of care in subjects with established CV disease and overweight or obesity. Headline results • Semaglutide 2.4 mg demonstrated an 20% reduction in MACE Safety • In the trial, once-weekly subcutaneous semaglutide 2.4 mg appeared to have a safe and well-tolerated profile, as seen with previous trials investigating semaglutide 2.4 mg Next steps • In March 2024, Wegovy® was approved in the US for CV risk reduction in people with overweight or obesity and established CVD • In July 2024, Wegovy® was approved in the EU for CV risk reduction in people with overweight or obesity and established CVD Primary endpoint • Time from randomisation to first occurrence of 3-point MACE1 Secondary confirmatory endpoints Time from randomisation to first occurrence of: • CV death • HF composite endpoint • All-cause death 1MACE includes non-fatal myocardial infarction, non-fatal stroke, and cardiovascular death. MACE: Major adverse cardiovascular events; HF: Heart failure; CV: Cardiovascular; CVD: Cardiovascular Disease; OW: Once-weekly; s.c.: Subcutaneous; BMI: Body mass index

• 78. 78 Novo Nordisk® Investor presentation First six months of 2025 In SELECT, semaglutide 2.4 mg reduced the risk of a broad composite endpoint by 37% Safety The safety profile of sc semaglutide 2.4 mg in SELECT was similar to that observed in previous clinical trials with semaglutide 1Not statistically significant; 2Not tested for superiority; 373% risk reduction of developing HbA1c >= 48 mmol/mol (6.5 %) for semaglutide 2.4 mg vs placebo; BMI: Body mass index; CI: Confidence interval; CV: Cardiovascular; CVD: Cardiovascular Disease; HR: Hazard ratio; MACE: Major adverse cardiovascular events; sc.: Subcutaneous; UA: Unstable angina Note: Efficacy analyses based on treatment policy estimand; treatment effect regardless of treatment adherence and changes in background medication. Cumulative incidences of the composite MACE primary endpoint and broad composite endpoint were estimated using the Aalen–Johansen method accounting for non-CV death as competing risk. HRs was estimated using Cox proportional hazards model with treatment as categorical fixed factor Numerical risk 15% reduction of CV death1Sustained weight loss for 4 years 9.4% Risk reduction of heart failure endpoint2 18% Risk reduction of kidney endpoint 22% Risk reduction on all cause death2 19% Risk reduction of developing diabetes3 73% Time Primary endpoint MACE Broad composite endpoint 1 year 115 people 20 people 4 years 45 people 9 people 20% Cardiovascular risk reduction in 3-point MACE Number needed to treat to prevent one additional event • Other death • Cardiovascular death • Coronary revascularisation • Myocardial infarction • Stroke • Hospitalisation for heart failure • Hospitalisation for UA • 5-point Nephropathy • Diabetes 37% Semaglutide 2.4 mg reduces the risk of a broad composite endpoint including: Key results of the SELECT trial Risk reduction in broad composite endpoint

• 79. 79 Novo Nordisk® Investor presentation First six months of 2025 Phase 3 trial STEP HFpEF with semaglutide 2.4 mg was successfully completed in Q2 2023 Objective: • Evaluate the effect on HF specific symptoms, physical function and body weight compared with placebo Dual primary endpoints: • Change in KCCQ from baseline to week 52 • Change in body weight from baseline to week 52 Key secondary endpoints: • Change in 6MWD from baseline to week 52 • Composite endpoint (all cause death, HHF, KCCQ, 6MWD) from baseline to week 52 Inclusion criteria: • BMI ≥30 kg/m2 • NYHA II-IV • Ejection fraction ≥45% Semaglutide 2.4 mg + SoC Placebo + SoC 1:1 R Dose escalation 16 weeks Treatment maintenance 36 weeks Follow up 5 weeks STEP HFpEF trial with 529 people with obesity and HFpEF STEP HFpEF R: Randomisation; HF: Heart Failure; HFpEF: Heart Failure with preserved ejection fraction; SoC: Standard of care; KCCQ: Kansas City Cardiomyopathy Questionnaire; 6MWD: 6-min walking distance; HHF: Heart failure hospitalization; NYHA: New York Heart Association classification

• 80. 80 Novo Nordisk® Investor presentation First six months of 2025 Semaglutide 2.4 mg demonstrated superior improvement on the primary endpoint of KCCQ-CSS vs placebo in the STEP HFpEF trial 16.6 8.7 0 5 10 15 20 0 20 36 52 52* Semaglutide 2.4mg Placebo Change in KCCQ-CSS (score) Time since randomisation (weeks) Superior improvement in KCCQ-CSS score in patients treated with semaglutide 2.4 mg Primary endpoints: • KCCQ-CSS estimated treatment difference between semaglutide 2.4 mg and placebo of 7.8 Key highlights Mean baseline KCCQ-CSS score: 56.7 Clinicians’ assessments of clinical change1: • Small: ±5 points • Moderate-to-large: ±10 points • Large-to-very large: ±20 points Patients’ self-classifications of improvements1: • Minimal clinically important difference for ‘little improvement’: 4.5 points KCCQ in perspective 1Spertus JA, et al. JACC State-of-the-Art Review. J Am Coll Cardiol. 2020 Nov 17;76(20):2379-2390. Note: Data shown is the treatment policy estimand. *Lines are based on observed data where the value denoted after 52 weeks is estimated mean value derived based on multiple imputation KCCQ-CSS: Kansas City Cardiomyopathy Questionnaire Clinical summary score

• 81. 81 Novo Nordisk® Investor presentation First six months of 2025 • The SHAPE study included 6,794 patients treated with Wegovy® and 3,122 with tirzepatide • In a real-world setting, a 2.4%-point weight loss difference between Wegovy® and tirzepatide was seen Real world evidence confirms efficacy of Wegovy® and shows 3-point MACE risk reduction of 42% MACE; Major adverse cardiovascular events Note: 3-point MACE outcome consisting of: cardiovascular death, non-fatal myocardial infarction, non-fatal stroke Source: Novo Nordisk data on file SHAPE study showed 1-year real-world weight loss in patients with overweight or obesity treated with Wegovy® and tirzepatide -15% -10% -5% 0% -14.1% -16.5% Wegovy® Tirzepatide Change in body weight (%) SCORE study showed 42% lower relative risk of 3-point MACE in patients using Wegovy® in routine clinical care vs non-users • The SCORE study included 9,321 patients treated with Wegovy® and 18,642 non-users • In the SELECT study, semaglutide 2.4 mg demonstrated an 20% risk reduction in 3-point MACE Cumulative incidence (%) Time since study start (months) Wegovy® users Non-users 0% 2% 4% 6% 0 3 6 9 12 15 19 21 24 27 30

• 82. 82 Novo Nordisk® Investor presentation First six months of 2025 82 Oral semaglutide 25 submitted in the US with efficacy and safety profile broadly similar to Wegovy® *Estimated means 1BMI: ≥ 30 kg/m2 or ≥ 27 kg/m2 and ≥1 comorbidity. Excludes diabetes diagnosis or HbA1c ≥ 6.5% BMI: Body mass index; HbA1c: Haemoglobin A1C; Sema: Semaglutide; US: United States; WL: Weight loss Note: Trial also included lifestyle intervention, with a 500 kcal/day deficit diet and 150 min/week physical activity. Data shown is trial product estimands Source: Novo Nordisk data on file R Oral semaglutide 25 mg Placebo 2:1 Dose escalation Treatment maintenance Week 0 64 7 weeks follow-up OASIS 4 trial enrolled 306 people with overweight or obesity1 Trial objective • Confirm superiority of once-daily oral semaglutide 25 mg vs placebo Co-primary endpoint • Relative change in body weight (%) from baseline to 64 weeks • Achievement of ≥ 5% weight loss Weight loss for oral semaglutide 25 mg in OASIS 4 trial Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 105.9 kg -20 -15 -10 -5 0 0 8 16 24 32 40 48 56 64 64* -16.6 -2.7 oral semaglutide 25 mg Placebo Categorical weight loss with oral sema 25 mg ≥15% WL reduction ≥20% WL reduction 56.1% 34.4%

• 83. 83 Novo Nordisk® Investor presentation First six months of 2025 Phase 3 trial programme OASIS for oral semaglutide 50 mg in overweight or obesity Oral semaglutide characteristics Focused phase 3 trial programme Oral semaglutide 50mg: • Semaglutide tablets in overweight or obesity • Once daily tablet Phase 3a programme with oral semaglutide 50 mg • Aims to confirm efficacy and safety • Oral semaglutide 25 mg submitted to the US FDA OASIS 1 50 mg dose OASIS 2 EAST ASIA OASIS 3 China OASIS 4 25 mg dose • 667 patients • 68 week • Primary endpoint: BW % • 198 patients incl. T2D • 68 week • Primary endpoint: BW % • 200 patients incl. T2D • 44 week • Primary endpoint: BW % • 300 patients • 64 week • Primary endpoint: BW % 2022 2023 2024 2025 BW: Body weight; T2D: Type 2 diabetes

• 84. 84 Novo Nordisk® Investor presentation First six months of 2025 In a 20-week phase 1 trial, CagriSema showed weight loss of 17% and appeared to have a safe and well tolerated profile The GI profile appeared similar to semaglutide 2.4 monotherapy Cagri 0.16 mg, Sema 2.4 mg Placebo, Sema 2.4 mg Cagri 0.3 mg, Sema 2.4 mg Cagri 0.6 mg, Sema 2.4 mg Cagri 1.2 mg, Sema 2.4 mg Cagri 2.4 mg, Sema 2.4 mg Cagri 4.5 mg, Sema 2.4 mg n=12 n=12 n=12 n=12 n=12 n=11 n=24 N (%) N (%) N (%) N (%) N (%) N (%) N (%) AEs 11 (92) 12 (100) 11 (92) 12 (100) 12 (100) 11 (100) 23 (96) SAEs1 0 0 0 1 (8) 0 0 0 AEs leading to withdrawal 1 (8) 0 0 1 (8) 0 0 0 GI disorders 7 (58) 10 (83) 7 (58) 10 (83) 11 (92) 9 (82) 19 (79) Follow-up Time since first dosing (days) -15 -10 0 -5 0 14 28 42 56 70 84 98 112 126 140 Change in body weight Last dosing Weight loss for different doses of CagriSema in phase 1 1The serious adverse event was meningitis CagriSema: Cagrilintide in combination with semaglutide; Cagri: Cagrilintide; Sema: semaglutide; SAE: Serious adverse events; GI: Gastro-intestinal; Change in body weight is analysed using a mixed model for repeated measurements, where all changes from baseline in body weight measurements enter as the dependent variables and treatment, visit and baseline body weight enter as fixed effects. Treatment and baseline body weight are nested within visit. Source: Adapted from Enebo et al. Lancet. 2021 May 8;397(10286):1736-1748.

• 85. 85 Novo Nordisk® Investor presentation First six months of 2025 REDEFINE 1 was the first pivotal phase 3 trial to explore CagriSema in people living with overweight or obesity REDEFINE 1 enrolled 3,417 people with overweight or obesity1 1BMI: ≥ 30 kg/m2 or ≥ 27 kg/m2 and ≥1 comorbidity. Excludes diabetes diagnosis or HbA1c ≥ 6.5% BMI: Body mass index; HbA1c: Haemoglobin A1C Note: CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg R 7 weeks follow-up 21:3:3:7 Placebo semaglutide 2.4 mg cagrilintide 2.4 mg CagriSema 2.4 mg Dose escalation Treatment maintenance Week 0 16 68 Trial objective and design considerations • Confirm superiority of CagriSema 2.4 mg vs placebo, cagrilintide 2.4 mg and semaglutide 2.4 mg • Flexible trial protocol allowing dose modifications Co-primary endpoint • Relative change in body weight (%) from baseline to 68 weeks • Achievement of ≥ 5% weight loss Baseline characteristics in REDEFINE 1 Female/Male 67.6/32.4% Mean age 47 years White/Black/Asian/Other 72.0/5.5/18.5/4.0% Mean BMI 37.9 kg/m2 Mean body weight 106.9 kg Mean waist circumference 114.7 cm Mean HbA1c 5.5%

• 86. 86 Novo Nordisk® Investor presentation First six months of 2025 In REDEFINE 1, CagriSema achieved 22.7% mean weight loss and more than 40% of participants achieved ≥25% weight loss Categorical weight loss after 68 weeks of treatment *Estimated means Cagri: cagrilintide; sema: semaglutide Note: data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file Higher body weight reduction with CagriSema compared to mono components and placebo Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 106.9 kg -25 -20 -15 -10 -5 0 0 4 8 12 16 20 28 36 44 52 60 68 -22.7 -16.1 -11.8 -2.3 68* 0 25 50 CagriSema sema cagri 40.4% 16.2% 6.0% % of participants CagriSema sema cagri 23.1% 9.4% 1.3% ≥25% body weight reduction ≥ 30% body weight reduction CagriSema 2.4 mg sema 2.4 mg cagri 2.4 mg Placebo 57% 71% 83% % Patients on highest dose at end of trial

• 87. 87 Novo Nordisk® Investor presentation First six months of 2025 Patients treated with the highest dose2 at end of treatment • Weight loss: 12.7% at week 20, 22.2% at week 68 • Tolerability: Average GI AEs per year of 1.9 o Mean BMI of 30.4 with average dose of 2.4 mg at EoT • Investigate further weight potential e.g. by longer study duration Patients treated with lower doses3 at end of treatment • Weight loss: 15.9% at week 20, 25.2% at week 68 • Tolerability: Average GI AEs per year of 4.0 o Mean BMI of 26.5 with average dose of 1.1 mg at EoT • Dose reductions due to: e.g. GI AEs and BMI of lower normal range • Investigate further weight loss potential e.g. by dose re-escalation Further weight loss potential to be investigated by exploring a longer trial duration and dose re-escalation Change in body weight (%) Observed weight loss by end of treatment dose in REDEFINE 11 < 2.4 mg CagriSema EoT 2.4 mg CagriSema EoT -30% -25% -20% -15% -10% -5% 0% 0 10 20 30 40 50 60 70 Time since randomisation (weeks) 1Patients are included while on treatment defined until first treatment pause (no trial product for 14 days). A post-hoc analysis of REDEFINE 1. 2Highest dose: 2.4 mg/2.4 mg CagriSema. 3Lower doses: <2.4mg/2.4mg CagriSema. AE: Adverse events; BMI: Body mass index; CagriSema 2.4mg/2.4mg: cagrilintide 2.4 mg and semaglutide 2.4 mg; GI: Gastrointestinal; EoT: End of treatment. 68 -15.9% -12.7% -25.2% -22.2%

• 88. 88 Novo Nordisk® Investor presentation First six months of 2025 *Significantly more weight loss vs placebo DXA: dual x-ray absorptiometry Note: data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file, CagriSema and placebo DXA subpopulation shown Body composition analysis in REDEFINE 1 showed more than two-thirds body fat mass loss with CagriSema Total body fat mass loss from baseline to week 68 Total body lean soft-tissue mass loss from baseline to week 68 -50 -40 -30 -20 -10 0 -35.7%* -5.7% Change from baseline (%) -50 -40 -30 -20 -10 0 -14.4%* -4.2% Change from baseline (%) 67% of total weight loss 33% of total weight loss CagriSema 2.4 mg n = 154 Placebo n = 55 Mean at baseline: 47.4 kg Mean at baseline: 58.1 kg CagriSema demonstrated an improved body composition at week 68 compared to baseline, with a relative increase of lean softtissue mass and decrease of fat mass compared to total body weight

• 89. 89 Novo Nordisk® Investor presentation First six months of 2025 Treat to target analysis of CagriSema in REDEFINE 1 demonstrates that 41.4% of participants achieve BMI < 27 BMI: Body mass index; WHtR; Waist-to-height ratio Note: Data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg; BMI and WHtR indicators of achieving a low 10-year ORC risk, Busetto, Obes Facts 2024;17(suppl 1):7– 515 ECO, GC4.158 Source: Novo Nordisk data on file participants in group (%) 0 10 20 30 40 50 41.4 22.5 13.4 3.8 +38%-p CagriSema 2.4 mg semaglutide 2.4 mg cagrilintide 2.4 mg Placebo 0 10 20 30 40 50 36.0 22.1 11.5 5.0 +31%-p 0 10 20 30 40 50 29.4 16.4 8.2 1.9 +28%-p Proportion of participants with BMI <27 kg/m2 at week 68 Proportion of participants with a Waist-toheight ratio <0.53 at week 68Proportion of participants with BMI <27 kg/m2 and WHtR <0.53 at week 68 Participants in group (%)Participants in group (%)

• 90. 90 Novo Nordisk® Investor presentation First six months of 2025 *Statistically significant vs semaglutide 2.4 mg, cagrilintide 2.4 mg, and placebo; BP: Blood pressure; hsCRP: high-sensitivity C-reactive protein; mmHg: Millimetres of mercury; SBP: Systolic blood pressure Note: REDEFINE 1 data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file CagriSema achieved superior reductions in cardiovascular risk factors vs both mono components and placebo in REDEFINE 1 Change in waist circumference at week 68 Change in systolic blood pressure at week 68 Change in hsCRP from baseline to week 68 -20 -15 -10 -5 0 -19.4* -15.1 -11.0 -3.9 Waist circumference (cm) change from baseline -12 -10 -8 -6 -4 -2 0 -10.9* -8.8 -5.0 -2.1 Systolic BP (mmHg) change from baseline -70 -60 -50 -40 -30 -20 -10 0 -68.9%* -55.4% -41.0% -16.0% hsCRP (%) change from baseline CagriSema 2.4 mg semaglutide 2.4 mg cagrilintide 2.4 mg Placebo Mean baseline waist circumference: 114.7 cm Mean baseline SBP: 127.1 mmHg Mean baseline hsCRP: 5.5 mg/L

• 91. 91 Novo Nordisk® Investor presentation First six months of 2025 In REDEFINE 2, CagriSema achieved 15.7% mean weight loss and more than 29% of participants achieved ≥20% weight loss REDEFINE 2 enrolled 1,206 people with obesity or overweight and T2D1 *Estimated means. 1BMI: ≥ 27 kg/m2 and T2D with HbA1c ≤ 10%. 0-3 OADs (no GLP-1 in the last 90 days, no insulin) OAD: Oral anti-diabetic; T2D: Type 2 diabetes; WL: Weight loss Note: data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file R CagriSema 2.4 mg Placebo 3:1 Dose escalation Treatment maintenance Week 0 16 68 7 weeks follow-up Trial objective and design considerations • Confirm superiority of CagriSema 2.4 mg vs placebo • Flexible trial protocol allowing dose modifications Co-primary endpoint • Relative change in body weight (%) from baseline to 68 weeks • Achievement of ≥ 5% weight loss Weight loss for CagriSema in REDEFINE 2 trial Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: 102.2 kg -20 -15 -10 -5 0 0 4 8 12 16 20 28 36 44 52 60 68 68* -15.7 -3.1 CagriSema 2.4 mg Placebo Categorical weight loss CagriSema 2.4 mg arm ≥15% WL reduction ≥20% WL reduction 51.6% 29.2%

• 92. 92 Novo Nordisk® Investor presentation First six months of 2025 In REDEFINE 2, CagriSema achieved a HbA1c reduction of 2.1%-p, and more than 80% of participants achieved HbA1c target <6.5% *Estimated means HbA1c: Haemoglobin A1C Note: data shown is trial product estimands. CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Source: Novo Nordisk data on file More participants achieved the HbA1c target with CagriSema compared to placebo Change in HbA1c (%-points) Time since randomisation (weeks) Mean baseline HbA1c: 8.0% -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0 8 20 36 52 68 -2.1 0.0 68* CagriSema 2.4 mg Placebo Higher HbA1c reduction with CagriSema compared to placebo Achievement of HbA1c target ≤ 6.5% after 68 weeks 0 20 40 60 80 100 CagriSema 2.4 mg Placebo 81.0% 12.1% % of participants

• 93. 93 Novo Nordisk® Investor presentation First six months of 2025 CagriSema successfully completed pivotal trials and with additional trials ongoing to investigate even further potential Pivotal trials • CagriSema showed substantial weight loss of 22.7% • More than 40% of patients achieving BMI < 27 • Superior reductions in several CV risk factors • CagriSema appeared to have a safe and well-tolerated profile with overall low discontinuation rates Further development • First regulatory submission expected in Q1 2026 • Potential to leverage semaglutide CV effect. In REDEFINE 3 exploring potential complementary amylin effects. • REDEFINE 9 to explore lower maintenance doses • REDEFINE 11 initiated to explore further weight loss potential Portfolio • Pending approvals, US obesity portfolio to include CagriSema, Wegovy® and oral semaglutide 25 mg CV: Cardiovascular; CVOT: Cardiovascular Outcomes Trial; H2H: Head-to-Head; MACE: Major adverse cardiovascular event; T2D: Type 2 Diabetes; US: United States; WL: Weight Loss Note: The CagriSema phase 3 development programme also includes REDEFINE 5 (weight loss trial in East Asia with 330 participants) and REDEFINE 6 (weight loss trial in China with 300 participants). CagriSema is a fixed dose combination of injectable cagrilintide 2.4 mg and injectable semaglutide 2.4 mg Selected CagriSema phase 3 development trials in Obesity REDEFINE 3 CVOT REDEFINE 4 H2H vs tirzepatide REDEFINE 9 Maintenance doses 1.0 and 1.7 mg • 7,000 participants • Primary endpoint: 3-point MACE • 800 participants • 84-week vs. tirzepatide • Primary endpoint: Weight loss • 300 participants • 64-week vs. placebo • Primary endpoint: Weight loss 2024 2025 2026 REDEFINE 11 WL in Obesity • 600 participants • 80-week vs. placebo • Primary endpoint: Weight loss

• 94. 94 Novo Nordisk® Investor presentation First six months of 2025 Next steps: • Phase 3 programme expected to start in Q4 2025 Potential of cagrilintide: • Once-weekly sc treatment aims to provide effective weight management with a favorable tolerability compared to GLP-1s Cagrilintide 2.4 mg achieved 11.8% weight loss in the REDEFINE 1 trial with a 1.3% discontinuation rate due to GI adverse events AE: Adverse events; GI: Gastrointestinal; Sc: Subcutaneous; T2D: Type 2 diabetes Note: data shown is trial product estimands Source: Novo Nordisk data on file Weight loss for cagrilintide 2.4 mg in REDEFINE 1 trial Mean baseline body weight: 106.9 kg cagrilintide 2.4 mg (n = 302) Placebo (n = 705) n % n % Gastrointestinal AEs 165 54.6 287 40.7 Nausea Diarrhoea Vomiting Constipation 72 47 21 63 23.8 15.6 7.0 20.9 93 91 31 87 13.2 12.9 4.4 12.3 • In the trial, cagrilintide 2.4 mg appeared to have a safe and welltolerated profile • 1.3% discontinuation rate due to gastrointestinal adverse events Change in body weight (%) Time since randomisation (weeks) -15 -10 -5 0 0 4 8 12 16 20 28 36 44 52 60 68 68* -11.8 -2.3 cagrilintide 2.4 mg Placebo

• 95. 95 Novo Nordisk® Investor presentation First six months of 2025 The phase 1b/2a trial with subcutaneous amycretin was successfully completed in people with overweight or obesity Safety • Profile of amycretin was consistent with incretin-based therapies Next steps • Novo Nordisk is now planning further clinical development of amycretin in adults with overweight or obesity 1BMI: ≥ 27-39.9 kg/m2. Excludes diabetes diagnosis or HbA1c ≥ 6.5% 2Based on the trial product estimand Amycretin is a unimolecular GLP-1 and amylin receptor agonist; AUC: Area Under the Curve; cmax: maximum (peak) plasma concentration; sc.: subcutaneous; tmax: time to reach maximum (peak) plasma concentration Dose escalation Treatment maintenance Weight loss2 Proof of concept part in proof of concept part 1 of the sc. amycretin phase 1b/2a trial Objective • Objective: Investigate safety, tolerability, pharmacokinetics and efficacy of amycretin in participants with overweight or obesity Endpoints • Primary: Number of treatment emergent adverse events • Secondary: Relative change in body weight, AUC, cmax, tmax -9.7% -16.2% -22.0% 1.9-2.3% Mean baseline body weight: 92.7 kg Change in body weight (%) Placebo amycretin 1.25 mg amycretin 5 mg amycretin 20 mg 7:4:4:1 R 0 8-24 20-36 Placebo amycretin 1.25 mg (20 weeks) amycretin 5 mg (28 weeks) amycretin 20 mg (36 weeks) 3 weeks follow-up Week

• 96. 96 Novo Nordisk® Investor presentation First six months of 2025 Oral amycretin phase 1 and subcutaneous phase 1b/2a trials have been completed Phase 1: ✓ Oral amycretin phase 1 completed in 2024 ✓ Subcutaneous amycretin phase 1b/2a completed in 2025 Next steps: • Novo Nordisk is now planning further clinical development of amycretin in adults with overweight or obesity Results from oral amycretin phase 1 on weight loss Amycretin development programme in obesity Change in body weight (%) Time since randomisation (weeks) Mean baseline body weight: ~89 kg, n = 16 -13.1 0 4 8 12 -15 -12 -9 -6 -3 0 3 -1.1 Oral amycretin Placebo

• 97. 97 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk is continuing the development of a portfolio of treatment solutions for obesity Building a leading portfolio Obesity development pipeline Body weight loss Co-morbidity impact Composition of weight loss Safety and tolerability Dosing frequency Our key focus areas Obesity Project Phase Saxenda® (liraglutide 3.0 mg) Marketed Wegovy® (semaglutide 2.4 mg) Marketed oral semaglutide (25 mg) Submitted in US semaglutide 7.2 mg Submitted in EU CagriSema (2.4 mg/2.4 mg) Pivotal phase 3 completed cagrilinitide Phase 3 planning monlunabant Phase 2 ongoing sc. amycretin OW and oral OD Phase 3 to be initiated FUSE1 - Peripheral focused ultrasound Phase 2 to be initiated UBT2512(GGG tri-agonist) Phase 1b completed Triple (tri-agonist) Phase 1 ongoing amylin 355 Phase 1 ongoing amylin 1213 Phase 1 ongoing LX9851 (small molecule) Phase 1 to be initiated 1 In collaboration with GE Healthcare 2Pending customary closing conditions CB1R: Cannabinoid receptor 1; GIP: Gastric inhibitory polypeptide; OD: Once-daily; OW: Once-weekly; Sc.: Subcutaneous

• 98. 98 Novo Nordisk® Investor presentation First six months of 2025 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada Investor presentation First six months of 2025 SIERRA CLARK Sierra lives with Glanzmann-Thrombasthenia Canada Rare disease Rare disease innovation Rare disease background

• 99. 99 Novo Nordisk® Investor presentation First six months of 2025 RareD constitutes an attractive opportunity for Novo Nordisk 1Editorial, The Lancet Diabetes & Endocrinology. 2019; 7(2)75 Note: RareD is Novo Nordisk’s rare disease unit Addressing the unmet needs The Rare disease opportunity for Novo Nordisk A platform to spearhead new trends A strategic portfolio play in specialty care Few patients, high unmet need Specialised healthcare base Specialised scientific and commercial teams An integrated unit From research to commercial, RareD is operating as an integrated unit within Novo Nordisk, with dedicated resources, to provide agility and flexibility Integrated therapeutic solutions adding diagnostics, digital, data, device and drug (5D) Innovative access pathways New operating models • Reduced life-expectancy • Severe co-morbidities and impaired quality of life • Long diagnostic lead-times • Broken continuum of care and strong inequalities Patient burdens1 A longstanding legacy Since 1980s in haemophilia Since 1970s in growth disorders

• 100. 100 Novo Nordisk® Investor presentation First six months of 2025 Executing on new strategy since 2019 with near-term focus on next generation launches PPx: Prophylaxis; RBD: Rare blood disorders; RED: Rare endocrine disorders; sPPH: Severe postpartum haemorrhage Note: Alhemo® is the brand name for concizumab The Rare disease strategy Focus on succeeding with launches from the core 2019-2022 Maximise current portfolio 2025+ Expand from core REBINYN PPx sPPH Alhemo® New disease areas via accelerated internal and external innovation Haemoglobinopathies (NDec, etavopivat) New RBD/RED Gene therapy/Cell therapy 2022-2025 Succeed with launches from core Mim8 Out of the 350 million+ rare disease patients globally1, RareD focuses on a total addressable pool of 20 million (6% of total) today Strategic focus areas

• 101. 101 Novo Nordisk® Investor presentation First six months of 2025 IO US Rare disease sales increased 9% by end of 2024 1% 4% 1% 3% 6% Growth at CER 12 12 13 10 10 7 7 7 7 8 0 5 10 15 20 25 2022 DKK billion 2020 2021 -15% 2023 1Other rare blood disorders primarily consists of NovoEight®, Esperoct®, Refixia® and NovoThirteen® 2Other Rare disease products primarily consists of Vagifem® and Activelle® 3Rare endocrine disorders primarily consists of Primarily Norditropin® and Sogroya® CER: Constant exchange rates Note: Company reported sales 9% 2024 NovoSeven® and Norditropin® account for ~64% of Rare disease sales Global Rare disease franchise 0 5 10 15 20 25 2020 2021 DKK billion 2022 2023 NovoSeven® Other rare blood disorders1 Rare endocrine disorders3 Other Rare disease2 Growth at CER 1% 4% 1% -15% 2024 9%

• 102. 102 Novo Nordisk® Investor presentation First six months of 2025 In the Explorer 7 trial, concizumab reduced the number of bleeds in adults and adolescents with inhibitors Efficacy • Median ABR was 0 for concizumab prophylaxis treatment, compared to 9.8 in the on-demand treatment group • Estimated mean ABR was 1.7 for concizumab prophylaxis treatment, compared to 11.8 in the on-demand treatment group • For patients on concizumab prophylaxis, 64% had 0 bleeds in Group 2 Safety • Concizumab appeared to have a safe and well tolerated profile Status • Approved in: Canada (HAwI/HBwI), Australia (HAwI/HBwI & HA/HB), Switzerland (HAwI/HBwI), Japan (HAwI/HBwI & HA/HB), EU (HAwI/HBwI) and US (HAwI/HBwI) under brand name Alhemo® • Alhemo® submitted in the EU for the treatment of haemophilia A and B Explorer 7 trial results: Annualised bleeding rate per patient group Key highlights Primary endpoint 10 20 30 40 90 100 0 OnD treatment HwI (Group 1) PPX treatment HwI (Group 2) PPX treatment HBwI (Groups 1-4) Annualised Bleeding Rate (ABR) 0 9.8 0 0 Median Mean PPX treatment HAwI (Groups 1-4) HA: Haemophilia A; HB: Haemophilia B; HAwI: Haemophilia A with inhibitors, HBwI: Haemophilia B with inhibitors; HwI: Haemophilia with inhibitors; OnD: On-demand; PPX: Prophylaxis; ABR annualised bleeding rate Note: The box represents Q1-Q3 (25th to 75th percentile). Whiskers are 5th and 95th percentile.

• 103. 103 Novo Nordisk® Investor presentation First six months of 2025 Interim data from Mim8 phase 1/2 show that PK/PD profiles support weekly to monthly low volume dosing Higher potency of Mim8 vs emicizumab enabling a low dosing volume Mim8 pharmacokinetic properties support weekly and monthly dosing • The PD marker, peak thrombin generation, increased with Mim8 dose • In-vitro exposure-response curves in haemophilia A-like plasma show a 15-fold higher potency of Mim8 compared to emicizumab Mim8 concentration (μg/mL) Peak thrombin (nmol/L) Drug plasma concentration (μg/mL) 0 100 200 300 15-fold Mim8 in-vitro Emicizumab in-vitro 0.01 0.1 1 10 100 1000 • Mim8 concentration profiles increased with dose • Mean concentrations at steady state were comparable for Cohort 3 (weekly dosing) and Cohort 4 (monthly dosing) The peak thrombin plot represents in-vitro data: human plasma samples from the healthy participants of the SAD cohort were made HA-like with anti-FVIII antibodies, and spiked with different concentrations of Mim8 or commercially available emicizumab. PK: Pharmacokinetics; PD: Pharmacodynamics; QW: Once-weekly; QM: once-monthly Reference: FRONTIER 1, 12-week main phase cohort 1-5. Chowdary P, et al. FRONTIER1: A Phase 1/2 Dose Escalation Study of a Novel Factor VIIIa Mimetic Bispecific Antibody, Mim8, for Evaluation of Safety, Pharmacokinetics, and Efficacy. Abstract presented at ISTH 2022; Windyga J, et al. Mim8 is associated with improved thrombin generation vs. emicizumab in patients with haemophilia A, with and without inhibitors. Abstract presented at ISTH 2022; Novo Nordisk data on file

• 104. 104 Novo Nordisk® Investor presentation First six months of 2025 Trial design • Novel and accelerated development programme Trial objective • For people with no prior PPX, the objective was to demonstrate superiority of Mim8 PPX vs no PPX • For people with prior factor PPX, the objective was to demonstrate non-inferiority of Mim8 PPX vs coagulation factor PPX in run-in period Key trial endpoints • ABR for treated bleeds over 26 weeks of treatment • Overall safety of Mim8 PPX including occurrence of anti-Mim8 antibodies and injection site reactions Main part of the FRONTIER 2 trial with Mim8 in people with Haemophilia A has been completed in Q2 2024 Phase 3 trial, FRONTIER 2 trial in 254 adults & adolescents with HA Main phase 26 weeks Extension phase 26 weeks Run-in (PPX only) 26-52 weeks Mim8 PPX OM Mim8 PPX OM Mim8 PPX OW 1:1 Coagulation factor PPX HA + HAwI 1:1:1 No PPX HA + HAwI Mim8 PPX OW Mim8 PPX OW Mim8 PPX OM Mim8 PPX OM No PPX Mim8 PPX OW/OM Mim8 PPX OW R R ABR: Annual bleeding rate; HA: Haemophilia A; HAwI: Haemophilia A with inhibitors; OW: Once weekly; OM: Once monthly; PPX: Prophylaxis; R: Randomisation.

• 105. 105 Novo Nordisk® Investor presentation First six months of 2025 Next steps • First submission expected in 2025 5-12% of patients with injection site reactions across arms No evidence of neutralising antiMim8 antibodies Once-weekly and once-monthly Mim8 demonstrated superior reduction of treated bleeding episodes in the FRONTIER 2 trial Annualised bleeding rate per patient group FRONTIER 2 safety and next steps No thromboembolic events observed No safety concerns were observed No PPX Coagulation factor PPX 15.8 0.5 0.2 No PPX Mim8 OW Mim8 OM 4.8 2.5 Run-in Mim8 OW 3.1 1.8 Run-in Mim8 OM Estimated mean ABR Estimated mean ABR 97% 99% 48% 43% % Relative reduction % Proportion of patients with zero treated bleeds 0% 86% 95% - 66% - 65% ABR: annualised bleeding rate; OW: Once weekly; OM: Once monthly; PPX: Prophylaxis Note: Rounded numbers

• 106. 106 Novo Nordisk® Investor presentation First six months of 2025 Growth Hormone sales contribute to 27% of total rare disease sales by end of 2024 Norditropin® and Sogroya® total hGH sales A portfolio offering across markets Sogroya® strategy • Once-weekly efficacious treatment on par with Norditropin® • Simple and easy-to-use device • Phase 3 trials toward broad range of indications (e.g. SGA, Turner, Noonan, ISS) to expand the market • Approved for GHD in US, EU and Japan Norditropin® strategy • Apply a market-fit approach to support specific markets and patient groups • Broad label across eight indications Sales bDKK 7 1 7 3 4 2021 2022 2023 2024 5 4 0 0 7 0 7 hGH: Human growth hormone; SGA: Small for gestational age, ISS; Idiopathic short stature Note: Company reported sales Norditrophin Sogroya

• 107. 107 Novo Nordisk® Investor presentation First six months of 2025 Sogroya® is approved for paediatric growth hormone deficiency in US, EU and Japan Efficacy • Non-inferiority versus Norditropin® for the primary endpoint, height velocity, at week 52 was confirmed • IGF-I SDS, bone age and glucose metabolism were all similar between Sogroya® (somapacitan) and Norditropin® Safety and tolerability • Overall, the safety profile of somapacitan appeared to be similar to the well-known safety profile of daily GHD treatment • No local tolerability issues were identified Other treatment parameters • Significantly reduced treatment burden1 compared to Norditropin® Status • Adult GHD: Approved by the US, EU and JP • Paediatric GHD: Approved by the US, EU and JP Phase 3a trial results in children with GHD Key highlights Height velocity (cm/year) ETD (95% CI) = -0.5 (-1.1 ; 0.2) 11.7 11.2 10.0 12.5 2.5 7.5 0.0 5.0 Norditropin® somapacitan 1Measured using patient reported outcome TB-CGHD-P (Treatment burden measure - child growth hormone deficiency – parent) ETD: Estimated treatment difference; IGF-I SDS: Insulin growth factor-1 standard deviation score; GHD: Growth hormone deficiency; IGF-I SDS: Insulin growth factor-1 standard deviation score; US: United States; EU: European Union; JP: Japan

• 108. 108 Novo Nordisk® Investor presentation First six months of 2025 Rare Disease pipeline is leveraging our core expertise to serve more patients through internal and external innovation Strengthen and progress pipeline Rare Disease development pipeline Our key focus areas Rare Disease 1 Includes NovoSeven®, NovoEight®, NovoThirteen® 2Includes Norditropin® and Sogroya® Project Phase Rare Blood Disorders marketed products1 Marketed Rare Endocrine Disorders marketed products2 Marketed Refixia® in Rare Blood Disorders Marketed Esperoct® in Rare Blood Disorders Marketed Alhemo® (concizumab-mtci) in Rare Blood Disorders Marketed Rivfloza® (nedosiran) in Rare Blood Disorders Marketed Mim8 in Rare Blood Disorders Expected submission H2 2025 Etavopivat in Sickle Cell Disease Phase 3 ongoing Etavopivat in Thalassemia Phase 2 ongoing NDec in Sickle Cell Disease Phase 2 ongoing Inno8 in Rare Blood Disorders Phase 1 ongoing TMPRSS6 in Rare Blood Disorders Phase 1 ongoing Faster global patient recruitment Selective expansion from core: • From haemophilia to rare blood disorders • From growth disorders to rare endocrine disorders Accelerate pipeline with internal and external innovation Explore all Novo Nordisk technology platforms

• 109. 109 Investor presentation First six months of 2025 Cardiovascular & Emerging Therapies Cardiovascular disease Cardiovascular disease The unmet needs The unmet needs MASH Alzheimer’s diseaseMASH Alzheimer’s disease

• 110. 110 Novo Nordisk® Investor presentation First six months of 2025 Therapy area Unmet need 32% of global deaths caused by CVD1 >250 million people affected by MASH2 >800 million people affected by CKD3 ~70 million people are living with AD worldwide4 MASH CKD Novo Nordisk is expanding into Cardiovascular and emerging therapy areas 1WHO: Cardiovascular Diseases 2023; 2Csaba P. Kovesdy et al.Kidney International Supplements. 2022; 12: 7-11; 3WHO: Dementia key facts 2021; 4Alzheimer’s Association report: 2020 Alzheimer’s disease facts and figures, 2020 (16:391-460); 5Myocardial infarction, stroke and coronary heart disease AD: Alzheimer’s disease; ASCVD: Atherosclerotic cardiovascular disease; CKD: Chronic kidney disease; CVD: Cardiovascular disease; MASH: Metabolic dysfunction-associated steatohepatitis; PD: Parkinson’s disease; WHO: World Health Organization Note: Prevalence overlaps have been estimated on patient-level data from NHANES. Post-estimation adjustments have been undertaken to match certain key metrics as reported by publicly available sources. Numbers are rounded Source: NHANES (waves 2003-2004, 2013-2014, 2015-2016 and 2017-2020); UN World Population Prospects 2022; International Diabetes Federation: Diabetes Atlas 10th edition, 2021; World Obesity Atlas 2023 1 2 4 3 UNITED STATES ONLY Type 2 diabetes ~35m Heart failure ~7m ASCVD5 ~21m Obesity ~115m 88m 10m 16m 0.5m 3m 0.5m 1m 6m 1m 5m 1m 3m 1m 1m 1m CVD AD/PD New therapeutic areas have unmet medical needs Patient overlaps between Novo Nordisk core therapy areas

• 111. 111 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk has a focused approach in cardiovascular disease Dyslipidaemia Systemic inflammation Uncontrolled and resistant hypertension Heart failure with preserved ejection fraction Transthyretin amyloid cardiomyopathy Atherosclerotic cardiovascular disease Heart failure Globally, one third of ischemic heart disease is attributable to high cholesterol1 Around half of ASCVD patients estimated to have residual inflammatory risk2 Hypertension is a leading risk factor for CVD, HF, CKD and premature death3 1WHO: Cardiovascular Diseases (Cholestorol); 2Ridker et. al, J Am Coll 2018;72:3320-3333; 3WHO: Cardiovascular Diseases (Hypertension); 4Chioncel O et al. Eur J Heart Fail 2017; 19; 1574; 5Singh A. et al. J Am Coll Cardiol 2017; 69:750-759 ASCVD: Atherosclerotic disease; ATTR-CM: Transthyretin amyloid cardiomyopathy; CKD: Chronic kidney disease; CVD: Cardiovascular disease; HF: Heart Failure; HFpEF: Heart failure with preserved ejection fraction; WHO: World Health Organization HFpEF is associated with high morbidity and mortality4 ATTR-CM is a progressive, lifethreatening disease5 Focus areas within cardiovascular disease

• 112. 112 Novo Nordisk® Investor presentation First six months of 2025 Results from the phase 2 trial RESCUE with ziltivekimab Phase 3 CVOT trial ZEUS with ziltivekimab ZEUS trial with ziltivekimab aims to validate the link between hsCRP and major adverse cardiovascular events * Statistically significant; 1Inclusion criteria: Age ≥18 years, History of ASCVD, eGFR ≥15 and <60 mL/min/1.73 m2, Serum hsCRP ≥2 mg/L 1 MACE includes CV death, non-fatal MI or non-fatal stroke, Expanded MACE includes: (CV death, non-fatal MI, non-fatal stroke or hospitalisation for unstable angina pectoris requiring urgent coronary revascularisation) hsCRP: High-sensitivity C-reactive protein; CVOT: Cardiovascular outcome trial; CV: Cardiovascular; sc: Subcutaneous; SoC: Standard of care; HF: Heart failure; CKD: Chronic kidney disease Source: Ridker PM, et al., IL-6 inhibition with ziltivekimab in patients at high atherosclerotic risk (RESCUE): a double-blind, randomised, placebo-controlled, phase 2 trial, 17 May 2021 Investigate CV benefit in 6,200 patients 1:1 R ziltivekimab 15 mg sc once-monthly + SoC Placebo sc once-monthly + SoC Treatment period (event driven) 13 weeks follow-up Primary endpoint Secondary endpoints -4% -77% -88% -100% -92% -75% -50% -25% 0% hsCRP median change from baseline (%) 12 weeks from randomisation Placebo Ziltivekimab 7.5 mg Ziltivekimab 15 mg Ziltivekimab 30 mg • Time to the first occurrence of 3-point MACE1 • Time to first occurrence of expanded MACE1 • Number of hospitalisations for HF or urgent HF visit • Time to occurrence of all-cause mortality • Time to first occurrence of a composite CKD endpoint * * *

• 113. 113 Novo Nordisk® Investor presentation First six months of 2025 Ziltivekimab phase 3 development programme targets high unmet need populations within CVD CVD: Cardiovascular disease; HF: Heart failure; MACE: Major adverse cardiovascular event; sc: Subcutaneous; SoC: Standard of care; HFmrEF: Heart failure with mildly reduced ejection fraction; HFpEF: Heart failure with preserved ejection fraction Atherosclerosis and chronic kidney disease 1:1 R Ziltivekimab 15 mg sc + SoC Placebo sc + SoC Event driven ∼ 4 years HFmrEF and HFpEF 1:1 R Ziltivekimab 15 mg sc + SoC Placebo sc + SoC Event driven ∼ 4 years Acute myocardial infarction R Ziltivekimab 15 mg sc + SoC Placebo sc + SoC Event driven ∼ 2.5 years Primary Endpoint: Time to the first occurrence of • Cardiovascular death • Hospitalisation for heart failure • Urgent heart failure visit Primary Endpoint: Time to the first occurrence of 3-point MACE • Cardiovascular death • Non-fatal myocardial infarction • Non-fatal stroke 2021 2023 2024 n = 6,400 n = 5,600 n = 10,000 1:1 ~2026 ~2027 ~2027 Primary Endpoint: Time to the first occurrence of 3-point MACE • Cardiovascular death • Non-fatal myocardial infarction • Non-fatal stroke

• 114. 114 Novo Nordisk® Investor presentation First six months of 2025 Systolic dysfunction (HFrEF) • Impaired contractility • Stretched and thin ventricle Diastolic dysfunction (HFpEF) • Impaired filling capacity • Stiff and thick ventricle Heart failure at a glance For patients with heart failure, the goal is to bring disease modifying and curative treatments to the market ATTR-CM: Transthyretin Amyloid Cardiomyopathy, iPSC: Induced pluripotent stem cells; HF: Heart failure Symptom relief Disease modifying Curative Pipeline includes potential disease modifying and curative treatments Today’s marketed treatments A monoclonal antibody designed to deplete the amyloid placks associated with ATTR–CM in a niche population Coramitug Heartseed • HS-001 use iPSC-derived cardiomyocytes to treat HF • The cells are treated in a solution to enhance survival and/or engrafment

• 115. 115 Novo Nordisk® Investor presentation First six months of 2025 Therapy area Unmet need 32% of global deaths caused by CVD1 >250 million people affected by MASH2 >800 million people affected by CKD3 ~70 million people are living with AD worldwide4 Metabolic dysfunction-associated steatohepatitis shares a large patient population with Novo Nordisk’s core therapy areas 1WHO: Cardiovascular Diseases 2023; 2Csaba P. Kovesdy et al.Kidney International Supplements. 2022; 12: 7-11; 3WHO Dementia key facts 2021; 4Alzheimer’s Association report: 2020 Alzheimer’s disease facts and figures, 2020 (16:391-460) AD: Alzheimer’s disease; CKD: Chronic Kidney disease; CVD: Cardiovascular disease; MASH: Metabolic dysfunction-associated steatohepatitis; PD: Parkinson’s disease; WHO: World Health Organization Note: Prevalence overlaps have been estimated on patient-level data from NHANES. Post-estimation adjustments have been undertaken to match certain key metrics as reported by publicly available sources. Numbers are rounded Source: NHANES (waves 2003-2004, 2013-2014, 2015-2016 and 2017-2020); UN World Population Prospects 2022; International Diabetes Federation: Diabetes Atlas 10th edition, 2021; World Obesity Atlas 2023 UNITED STATES ONLY Obesity ~117m Type 2 diabetes ~36m MASH ~16m 13m 17m 87m 5m 8m 2m 1m MASH CKD 1 2 4 3 CVD AD/PD New therapeutic areas have high unmet medical needs Patient overlap between Novo Nordisk core therapy areas and MASH

• 116. 116 Novo Nordisk® Investor presentation First six months of 2025 F: Fibrosis stage; MASH: Metabolic dysfunction-associated steatohepatitis; QW: once-weekly; R: randomisation; SoC: standard of care (GLP-1RAs disallowed); MELD: Model for End-stage Liver Disease Part 1 of the ESSENCE trial investigated semaglutide 2.4 mg compared to placebo in people with MASH ESSENCE trial with 1,200 patients with MASH F2–F3 Fixed follow-up Semaglutide 2.4 mg sc OW + SoC Placebo sc OW + SoC R Structure Part 1 72 weeks 240 weeks Part 2 Biopsy H2 2024 Biopsy Primary objectives and endpoints for Part 1 and 2 Part 1 | Improvement in liver tissue (histology) Two binary histology endpoints at week 72 in 800 patients: • Resolution of MASH and no worsening of liver fibrosis • Improvement in liver fibrosis and no worsening of MASH Part 2 | Reduction of liver-related clinical events Composite endpoint at week 240 in 1,200 patients: • Histological progression to cirrhosis • Death (all cause) • Liver-induced MELD score ≥ 15 • Liver transplant • Hepatic decompensation events

• 117. 117 Novo Nordisk® Investor presentation First six months of 2025 Headline results • The trial achieved its primary endpoints • In the trial, semaglutide 2.4 mg appeared to have a safe and well-tolerated profile Unmet need in MASH remains • ~16 million live with F2-F4c MASH1 in US • Only one approved treatment Next steps • Submitted for regulatory approval in the EU and US in Q1 2025 - FDA priority review granted in the US • Part 2 of the ESSENCE trial will continue, completion expected in 2029 *Statistically significant 1NHANES (waves 2003-2004, 2013-2014, 2015-2016 and 2017-2020); UN World Population Prospects 2022; International Diabetes Federation: Diabetes Atlas 10th edition, 2021; World Obesity Atlas 2023 F: Fibrosis stage; Sema: Semaglutide; MASH: Metabolic dysfunction-associated steatohepatitis Semaglutide 2.4 mg demonstrates superior improvement in both liver fibrosis and MASH resolution in the ESSENCE trial Improvement in fibrosis with no worsening in steatohepatitis Resolution of steatohepatitis with no worsening of fibrosis 22.5% 0% 20% 40% 60% 80% 100% Placebo Sema 2.4 mg 37.0%* Proportion of patients 34.1% 0% 20% 40% 60% 80% 100% Placebo Sema 2.4 mg 62.9%* Proportion of patients Addressing unmet need in MASH

• 118. 118 Novo Nordisk® Investor presentation First six months of 2025 • Awareness Recognise liver health as additional risk factor and increase patient screening at scale • Referrals Ensure high risk patient referral and support guideline changes • Diagnosis Ensure sequential NITs are used in diagnosis • Treatment Semaglutide as foundation; Liverspecific MoAs as add-on in F2-F3c; Multi-MoA anti-fibrotics in F3-F4c Novo Nordisk will focus on F2-F4c with commercial efforts related to awareness, referrals and diagnosis 0 5 10 15 20 25 Prevalence Diagnosed Access Hepatologists + Primary care physicians >100k GI HCPs ~15k CVRM HCPs ~60k 1Estes C, Modelling the epidemic of non-alcoholic fatty liver disease demonstrates an exponential increase in burden of disease, Hepatology, 2018 CVRM: Cardiovascular, renal, metabolic; F: Fibrosis stage; (F0-F1: no or mild fibrosis; F2 significant fibrosis; F3-4 advanced fibrosis); GI: Gastrointestinal; HCPs: Healthcare professionals; MASH: Metabolic dysfunction-associated steatohepatitis; MoA: Mode of action; NIT: Non-invasive tests Note: Advanced fibrosis (F3-4) defined as per Kleiner DE. Hepatology. 2005;41:1313–21 and Brunt EM. Hepatology. 2011;53: 810–20. Million ~22 million people are expected to live with MASH F2-F4c by 20301 Focus areas to establish presence in MASH MASH referrals to hepatologists in the US

• 119. 119 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk enters partnerships to enhance diagnosis in MASH AACE: American Association of Clinical Endocrinologists; ADA: American Diabetes Association; ELF: Enhanced liver fibrosis; FDA: The US Food and Drug Administration; FIB-4: Fibrosis-4; MASH: Metabolic dysfunction-associated steatohepatitis; MRI-PDFF: Magnetic resonance imaging proton density fat fraction; MRE: Magnetic resonance elastography; NITs: Non-invasive tests; NIS4: Non-invasive biomarker panel; OW: Once-weekly; SWE: Shear wave elastography; TE: Transient elastography Partnerships across relevant non-invasive tests Novo Nordisk supports NIT for MASH screening and diagnosis Scan SWE MRE/MRI-PDFF Liver MultiScan TE FibroScan Blood test Pro-C3 ELF test OW Liver Blood test score NIS4 FIB-4 Fibro Sure Clinical guideline development recommending screening for MASH in type 2 diabetes Engaging with larger diagnostic companies to ensure NIT capacity Engaging in consortia (Litmus, Nimble, Liver Forum) Disease education activities to enable screening, diagnosis and evidence generation

• 120. 120 Novo Nordisk® Investor presentation First six months of 2025 Alzheimer’s disease patient journey is complex and underscores key barriers to overcome for Novo Nordisk to be successful AD: Alzheimer’s disease; QD: Once-daily; MCI: mild cognitive impairment; DMT: Disease-modifying treatment; PCP: primary care physicians; NITs: Non-invasive diagnostics; HCP: Healthcare professional Note: MCI and Mild dementia in the graph are both due to AD. Source: Alzheimer’s Association report: 2020 Alzheimer’s disease facts and figures, 2020 (16:391-460) AD prevalence Early symptoms dismissed as normal ageing Lack of prognostic markers and simple tests Limited DMT options Complex tests and limited screening/ diagnosing skills Significant and growing Hurdles unmet need 0 20 40 60 80 Prevalence Diagnosed patients Eligible patients MCI Mild dementia Million Market preparation priorities • Evidence to better understand the • impact of delaying disease progression • role of neuroinflammation in disease progression Evidence generation • Larger number of AD patients expected to enter the system • May lead to significant bottlenecks and delay to patient care Support healthcare system preparedness • Support NITs development, e.g. blood-based/digital biomarkers • Increase AD education and access to screening tools for PCPs and HCP insight Increase diagnosis rate Few patients receiving diagnosis High expected investment level Low expected investment level

• 121. 121 Novo Nordisk® Investor presentation First six months of 2025 Entering phase 3 development of semaglutide in Alzheimer’s disease was based on a number of data points Real world evidence trials Randomised controlled trials Pre-clinical studies Four RWE studies show reduced risk of dementia or AD with GLP-1 Danish registry1 • 11% lower risk of dementia per year of GLP-1 exposure TRUVEN claims database1 • 31% lower risk of dementia after >2 years of GLP-1 exposure Danish registry2 • 42% lower odds of dementia after GLP-1 exposure FAERS (FDA database)3 • 64% lower odds of Alzherimer’s disease after liraglutide exposure 53% lower risk of dementia diagnosis with liraglutide/semaglutide in NN’s CVOTs in T2D4 Less decline in cerebral glucose metabolism (FDG-PET) with liraglutide in AD5 Reduced incidence of major adverse CV events in T2D with semaglutide incl. stroke6 Systemic anti-inflammatory effects with semaglutide7,8 Short-term memory improvement with liraglutide in people with obesity9 Reduced cognitive decline with dulaglutide in patients with T2D10 Improved memory function with GLP-1 11 incl. semaglutide12 Reduced phospho-tau accumulation13 Reduced neuroinflammation with GLP-1 14,15 incl. semaglutide16 Reduced atherosclerosis with liraglutide and semaglutide17 Systemic anti-inflammatory effects with semaglutide17 1NN data on file, Danish register: Dementia cases based on diagnosis (ICD10) or treatment (anticholinesterases, memantine) codes; TRUVEN: Dementia cases based on SNOMED ids for all diagnoses (ICD-10) or treatment (anticholinesterases, memantine); 2Wium-Andersen IK et al. Eur J Endocrinol. 2019;181(5):499-507; 3Akimoto H et al. Am J Alzheimers Dis Other Demen. 2020;35:1-11; 4Ballard et al. Presented online at the Alzheimer’s Association International Conference (AAIC), 27–31 July 2020; 5Gejl M et al. Front Aging Neurosci 2016;8:108; 6Husain M et al. Diabetes Obes Metab 2020;22:442–451; 7Aroda VR et al. Diabetes Care 2019;42:1724–1732; 8Rodbard HW et al. Diabetes Care 2019;42:2272–2281; 9Vadini F et al. Int J Obes (Lond) 2020;44:1254–1263; 10Cukierman-Yaffe T et al. Lancet Neurol 2020;19:582–590 11Hansen HH et al. J Alzheimers Dis 2015;46:877–888; 12Preliminary data in NN ongoing pre-clinical studies; 13Hansen HH et al. Brain Res 2016;1634:158–170; 14Brundin L et al. Nature Med 2018;24:900–902; 15Yun SP et al. Nature Med 2018;24:931–938; 16Secher A et al. Oral presentation at Virtual Alzheimer’s Disease/Parkinson’s Disease International Conference, 9–14 March 2021; 17Rakipovski G et al. JACC Basic Transl Sci 2018;3:844–857 AD: Alzheimer’s disease; CI: confidence interval; RWE: Real world evidence

• 122. 122 Novo Nordisk® Investor presentation First six months of 2025 evoke and evoke+ trials are ongoing with expected completion in 2025 Objective To confirm superiority of oral semaglutide vs placebo on the change in cognition and function in people with early Alzheimer’s disease Primary endpoint Change in the Clinical Dementia Rating – Sum of Boxes (CDR-SB) score from baseline to end of 104 weeks of treatment Inclusion criteria • Early Alzheimer’s disease (mild cognitive impairment or mild dementia) • Mini-Mental State Examination (MMSE) ≥ 22/30 • Age between 55-85 years • evoke+ has at least 20% with small vessel pathology evoke and evoke+ trials have been initiated with 1,840 patients in each trial with a total of 3,680 patients Confirmatory endpoints N=1840 0 4 8 104 Treatment period Follow-up Week 3 mg 7 mg 14 mg oral semaglutide QD 14 mg oral semaglutide QD 3 mg 7 mg 14 mg placebo QD 14 mg placebo QD 156 161 1:1 R AD: Alzheimer’s disease; QD: Once-daily; MCI: mild cognitive impairment; QD: once-daily. Note: CDR-SB ratings are utilising in six domains are summed to provide a clinical measure = Sum of Boxes. These are: memory, orientation, judgment and problem solving, community affairs, home and hobbies, personal care. CDR-SB Scores range from 0 to 18 with higher scores representing greater impairment

• 123. 123 Novo Nordisk® Investor presentation First six months of 2025 CETA clinical pipeline has expanded, leveraging internal and external innovation and synergies Addressing significant unmet needs Cardiovascular and emerging therapy areas development pipeline CETA Therapy area Project Phase Cardiovascular disease Ziltivekimab, ASCVD and CKD Phase 3 ongoing Ziltivekimab, HFpEF Phase 3 ongoing Ziltivekimab, AMI Phase 3 ongoing Coramitug, ATTR-Cardiomyopathy Phase 2 completed CDR132L, Heart failure Phase 2 ongoing NLRP3i, Atherosclerosis Phase 1 ongoing CNP, Heart failure Phase 1 ongoing Stem Cells, Heart failure Phase 1 ongoing MASH ESSENCE (semaglutide 2.4 mg), F2-F3c Submitted in EU/US LXR(a), F2-F3c Phase 1 ongoing MARC1, F3-F4c Phase 1 ongoing NLRP3, MASH Phase 1 ongoing AD/PD EVOKE (semaglutide 14 mg), AD Phase 3 ongoing Stem Cells, Parkinson’s disease Phase 1 ongoing AD: Alzheimer's Disease; AMI: Acute Myocardial infarction; ASCVD; Atherosclerotic Cardiovascular Disease; CETA: Cardiovascular & Emerging Therapy Areas; CKD: chronic Kidney disease; F: Fibrosis stage; F4c: Compensated cirrhosis; HFpEF: Heart failure with preserved ejection fraction; LXR(a): Liver X receptor alpha; MARC1: Mitochondrial amidoxime reducing component 1; MoA: Mode of action; MASH: Metabolic dysfunction-associated steatohepatitis; PD: Parkinson Disease, sema: semaglutide Cardiovascular disease Pursue innovative mechanisms of action Combine internal and external innovation MASH Aim for effect on resolution of MASH and improvement or no worsening of fibrosis Prioritise multi-MoA antifibrotics in F3-F4c to secure a best-in-class profile Alzheimer’s disease Opportunistic trial to slow clinical progression in people with early AD

• 124. Novo Nordisk® Investor presentation First six months of 2025 US Operations NAO at a glance131 NAO at a glance 131 USA health care system129 USA health care system 129 NAO growth drivers128 NAO growth drivers 128 124 Investor presentation First six months of 2025 US health care system US health care system US at a glance US at a glance

• 125. Novo Nordisk® Investor presentation First six months of 2025 NAO 125 52% 50% 15% 16% 21% 24% 4% 4% 8% 6% 2019 2023 27% 5% 23% 3% 7% 30% 5% 2024 DKK billion Private Health Insurance1 Medicare Medicaid Other Public2 Uninsured MedImpact Healthcare Systems CVS Health UHG/OptumRx Humana Pharmacy Solutions Cigna All Other PBMs + Cash Pay 59% 64% 69% 71% 74% 75% 75% 74%69% 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0 100 200 300 400 2016 2018 2020 2022 2024 Net sales Rebates, % of gross sales Rebates US health insurance enrollment and uninsured US PBMs market shares Development of Novo Nordisk rebates and net sales in the US US healthcare is a mix of private and public health insurance, dominated by a few large PBMs 1Private insurance includes employer sponsored insurance, health exchanges, and direct purchase insurance by individuals 2Other Public includes health insurance coverage provided by the Department of Veterans Affairs and the Department of Defense Source: Centers for Medicare & Medicaid Services, National Health Expenditure, Historical Data. Historical | CMS (table 22) PBM: Pharmacy Benefit Manager; UHG: UnitedHealth Group Source: Drug Channels Institute research and estimates. Calculated based on total equivalent prescription claims. 2024 data from The 2025 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers Source: Novo Nordisk Annual Report 2024 Prime Therapeutics

• 126. Novo Nordisk® Investor presentation First six months of 2025 NAO 126 0% 20% 40% 60% 80% 0 300 600 900 GLP-1 MS Insulin MS US Operations at a glance 24 39 43 0 5 10 15 20 25 30 35 40 45 50 2011 2024 2050 Population with diabetes Diabetes growth rate 62% 12% Million OAD May 2020 May 2025 DKK billion 38.8%1 -13.1%1 15.9%1 GLP-1 Insulin Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk H1 2025 reported sales H1 2025 Sales (mDKK) Growth2 Injectable GLP-1 3 45,273 12% Rybelsus® 4,671 -10% Total GLP-1 49,944 9% Total insulin4 8,081 17% Other Diabetes care5 81 -23% Diabetes care 58,106 10% Obesity care6 24,899 36% Diabetes & Obesity care 83,005 17% Rare disease7 4,274 23% Total 87,279 17% Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 1CAGR calculated for 5-year period Competitor insulin value market shares, as of May 2025: Novo Nordisk 37%, Others 63%; Competitor GLP-1 value market shares, as of May 2025: Novo Nordisk 50%, Others 50%. OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, May 2025 value figures 2At constant exchange rates 3Comprises Victoza® , Ozempic® 4Comprises Tresiba®, Xultophy®, Levemir®, NovoMix®, Fiasp®, Ryzodeg® and NovoRapid® 5Comprises NovoNorm® and needles 6Comprises Saxenda® and Wegovy® 7Comprises primarily NovoSeven®, NovoEight® , Esperoct®, NovoThirteen®, Refixia®, Norditropin®, Vagifem® and Activelle®

• 127. Novo Nordisk® Investor presentation First six months of 2025 NAO 127 33.8% 18.3% 7.6% 4.0% 0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% 50% NN market share NN share of growth Market growth(right axis) NN growth(right axis) Diabetes market share and market growth in US Operations Diabetes market growth and Novo Nordisk market share Diabetes market size and growth 32% May 2022 May 2025 May 2024 32% Novo Nordisk Company A Others May 2025 Novo Nordisk Competitors DKK billion 35% 34% 882 12 50 5 949 ~4% ~8% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, May 2025, value, MAT

• 128. Novo Nordisk® Investor presentation First six months of 2025 NAO 128 GLP-1 market share and market growth in US Operations 50% 37% 23% 16% 0% 20% 40% 60% 80% 20% 30% 40% 50% 60% 70% NN market share NN share of growth Market growth(right axis) NN growth(right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth May 2022 May 2025 May 2024 May 2025 Novo Nordisk Company A Others Novo Nordisk Competitors DKK billion 53% 50% 457 38 65 1 560 ~16% ~23% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, May 2025, value, MAT

• 129. Novo Nordisk® Investor presentation First six months of 2025 NAO 129 30% -15% -20% -15% -10% -5% 0% 5% 10% 15% 20% 0% 20% 40% 60% 80% NN market share Market growth (right axis) NN growth (right axis) -2% Market growth1 Δ Market share -3.4% - -10.9% -8.1% +0.8% -14.4% -8.5% -17.6% -8.7% -10.7% -0.6% Insulin volume: Market share May 2022 May 2025 Total Longacting 38% Premix Fastacting 38 37% 38% 36% 18% Human 103 62 4 9 Novo Nordisk Competitors Insulin market share and market size (DKK billion) 1Market growth is YTD current vs YTD previous year NN: Novo Nordisk; Note: Insulin market numbers do not reflect rebates. Share of growth not depicted due to too high numbers. Market values are based on the list prices Source: IQVIA, May 2025, LHS graph – Value, RHS Graph - Volume, MAT, all countries Insulin market size and volume market share in US Operations

• 130. Novo Nordisk® Investor presentation First six months of 2025 NAO 130 54% 67% 149% -20% 20% 60% 100% 140% 180% 220% 260% 0% 20% 40% 60% 80% 100% 120% NN market share Market growth (right axis) NN growth (right axis) Obesity market growth and Novo Nordisk market share Obesity market size and growth 82% 92% May 2022 May 2025 93% May 2024 91% May 2025 10.8 95% NN Obesity care Others DKK billion 81% 44.8 78.9 54% 83.1 206.9 ~67% ~149% NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, May 2025, value, MAT, all countries Obesity market share and market growth in US Operations

• 131. 131 Novo Nordisk® Investor presentation First six months of 2025 131 International Operations EMEA112 EMEA 112 IO at a glance107 IO at a glance 107 Rest of World122 Rest of World 122 Region China117 Region China 117 131 Investor presentation First six months of 2025 International Operations Emerging Markets Emerging Markets APAC APAC EUCAN EUCAN International Operations International Operations Region China Region China

• 132. 132 Novo Nordisk® Investor presentation First six months of 2025 0% 20% 40% 60% 80% 100% 0 50 100 150 200 250 300 GLP-1 MS Insulin MS International Operations at a glance 343 551 810 0 200 400 600 2011 2024 2050 Population with diabetes Diabetes trend May 2020 May 2025 Diabetes market by value and Novo Nordisk market share Diabetes growth rate 61% 47% Novo Nordisk H1 2025 reported sales Insulin Million DKK billion GLP-1 40%1 1%1 8%1 OAD MS H1 2025 Sales (mDKK) Growth2 Injectable GLP-1 3 21,319 8% Rybelsus® 6,677 20% Total GLP-1 27,996 10% Total insulin4 19,662 -1% Other Diabetes care5 846 -15% Diabetes care 48,504 5% Obesity care6 13,897 125% Diabetes & Obesity care 62,401 19% Rare disease7 5,264 10% Total 67,665 19% Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of May 2025: Novo Nordisk 51%, Others 49%; Competitor GLP-1value market shares, as of May 2025: Novo Nordisk 63%, Other 37%; OAD: Oral anti-diabetic; MS: Market share; Note: Market values are based on the list prices; Source: IQVIA MAT, May 2025 value figures 2 At Constant exchange rates; 3 Comprises Victoza® , Ozempic®; 4 Comprises Tresiba®, Xultophy®, Levemir®, Ryzodeg®, NovoMix®, Fiasp®, Awiqli®, Ryzodeg® and NovoRapid®; 5 Comprises NovoNorm® and needles; 6 Obesity care comprises Saxenda® and Wegovy®; 7 Comprises primarily NovoSeven®, NovoEight® , NovoThirteen®, Refixia®, Esperoct®, Norditropin®, Vagifem® and Activelle®

• 133. 133 Novo Nordisk® Investor presentation First six months of 2025 29.1% 15.2% 13.5% 6.6% 0% 10% 20% 30% 40% 0% 40% 80% NN market share NN share of growth Market growth (right axis) NN growth (right axis) Diabetes market growth and Novo Nordisk market share 24% 25% Diabetes market share and market growth in International Operations Diabetes market size and growth DKK billion 24% Others May 2024 Novo Nordisk Company A May2025 Novo Nordisk Competitors 25% May 2022 May 2025 ~13% 31% 29% 270 6 6 25 306 ~7% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. Market values are based on the list prices Source: IQVIA, May 2025, Value MAT

• 134. 134 Novo Nordisk® Investor presentation First six months of 2025 GLP-1 market share and market growth 62% 22% 30% 9% 0% 20% 40% 60% 80% 0% 20% 40% 60% 80% 100% NN market share NN share of growth Market growth (Right Axis) NN growth (Right Axis) 55% 60% GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 56% 61% Novo Nordisk Competitors Novo Nordisk 60% Company A Others 65% May 2024 May 2025 May 2022 May 2025 DKK billion ~30% 74% 62% 69 5 15 1 90 ~9% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. Market values are based on the list prices Source: IQVIA, May 2025, Value MAT, all countries

• 135. 135 Novo Nordisk® Investor presentation First six months of 2025 Insulin market size and volume share of growth and market share in International Operations 47% 3% 1% -8% -5% -2% 1% 4% 7% 10% 0% 20% 40% 60% 80% NN market share Market growth (Right Axis) NN growth (Right Axis) 4.8% -0.3% 3.0% +0.2% 3.8% -0.7% 11.6% -1.0% 9.4% -1.2% May 2022 May 2025 Human 51% LongActing Total Premix 56% 42% Fastacting 70% 50% 66 35 19 11 6 Novo Nordisk Competitors Market growth1 Δ Market share Insulin market share and market size (DKK billion) Insulin volume: Market share 1Market growth is YTD current vs YTD previous year NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, May 2025, LHS graph – Value, RHS Graph - Volume, MAT, all countries

• 136. 136 Novo Nordisk® Investor presentation First six months of 2025 Obesity market share and market growth in International Operations 89% 89% 115% 0% 30% 60% 90% 120% 150% 0% 30% 60% 90% 120% NN market share Market growth (right axis) NN growth (right axis) Obesity market growth and Novo Nordisk market share 46% Obesity market size and growth May 2022 May 2025 48% 54% May 2024 May 2025 Novo Nordisk Others DKK billion 48% 46% 54% 78% 10.1 89% 11.2 -0.1 21.2 ~115% ~89% Note: Market values are based on the list prices Source: IQVIA, May 2025, Value MAT, all countries

• 137. 137 Novo Nordisk® Investor presentation First six months of 2025 EMEA 0% 20% 40% 60% 80% 100% 0 50 100 150 GLP-1 MS Insulin MS EUCAN at a glance 38 50 51 0 20 40 60 80 2011 2024 2050 Population with diabetes Diabetes trend May 2020 May 2025 Diabetes market by value and Novo Nordisk market share Diabetes growth rate 33% 3% Novo Nordisk H1 2025 reported sales Million DKK billion 38%1 2%1 GLP-1 Insulin 14%1 OAD MS H1 2025 Sales (mDKK) Growth2 Injectable GLP-1 3 11,261 13% Rybelsus® 3,734 23% Total GLP-1 14,995 15% Total insulin4 6,361 -5% Other Diabetes care5 263 -5% Diabetes care 21,619 8% Obesity care6 7,060 64% Diabetes & Obesity care 28,679 18% Rare disease7 2,533 1% Total 31,212 16% EUCAN: Europe and Canada Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of May 2025: Novo Nordisk 49%, Others 51%; Competitor GLP-1 value market shares, as of May 2025: Novo Nordisk 63%, Others 37%. OAD: Oral anti-diabetic; MS: Market share; Note: Market values are based on the list prices; Source: IQVIA May 2025 value figures 2 At Constant exchange rates; 3 Comprises Victoza® , Ozempic®; 4 Comprises Tresiba®, Xultophy®,Levemir®,Ryzodeg®,Awiqli®,NovoMix®,Fiasp® and NovoRapid®; 5 Comprises NovoNorm® and needles; 6 Obesity care comprises Saxenda® and Wegovy®; 7 Comprises primarily NovoSeven®, NovoEight® , NovoThirteen®, Esperoct®, Refixia®, Norditropin®, Vagifem® and Activelle®

• 138. 138 Novo Nordisk® Investor presentation First six months of 2025 EMEA Diabetes market share and market growth in EUCAN 33.3% 17.0% 16.3% 7.7% 0% 5% 10% 15% 20% 25% 30% 35% 0% 25% 50% 75% NN market share NN share of growth Market growth (right axis) NN growth (right axis) Diabetes market growth and Novo Nordisk market share Diabetes market size and growth Novo Nordisk Competitors May 2024 May 2025 May NN Company A Others 2022 May 2025 DKK billion 36% 33% 135 4 4 14 157 ~8% ~16% EUCAN: Europe and Canada; IO: International Operations; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, May 2025, Value, MAT

• 139. 139 Novo Nordisk® Investor presentation First six months of 2025 EMEA GLP-1 market share and market growth in EUCAN 63% 28% 32% 12% 0% 20% 40% 60% 0% 30% 60% 90% 120% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 59% 56% Company A 57% Novo Nordisk Others May 2025 59% Novo Nordisk Competitors 61% 59% May 2022 May 2025 May 2024 DKK billion 74% 63% 43 4 10 0 57 ~12% ~32% EUCAN: Europe and Canada; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, May 2025, Value, MAT

• 140. 140 Novo Nordisk® Investor presentation First six months of 2025 EMEA Insulin market size and volume market share in EUCAN 45% 0% 0% -10% -5% 0% 5% 10% 0% 20% 40% 60% NN market share Market growth (right axis) NN growth (right axis) 40% 48% -0.6% +0.0% -0.7% +0.3% -0.5% -0.2% -0.3% +0.1% 1.5% -1.9% May 2022 May 2025 40% Total 49% Longacting Fastacting Premix Human 44% 49% 46% 53% 2 33 58% 19 12 2 Novo Nordisk Competitors Market growth1 Δ Market share Insulin market share and market size (DKK billion) Insulin volume: Market share 1Market growth is YTD current vs YTD previous year EUCAN: Europe and Canada; NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, May 2025 LHS graph – Value, RHS Graph - Volume, MAT

• 141. 141 Novo Nordisk® Investor presentation First six months of 2025 EMEA Obesity market share and market growth in EUCAN 94% 93% 84% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 20% 40% 60% 80% 100% 120% 140% NN market share NN Growth Market growth (right axis) Obesity market growth and Novo Nordisk market share Obesity market size and growth May 2022 May 2025 Novo Nordisk Others May 2024 May 2025 DKK billion 90% 5.6 0.0 94% 6.7 12.3 ~93% ~84% EUCAN: Europe and Canada; NN: Novo Nordisk Note: Market values are based on the list prices Source: IQVIA, May 2025, Value, MAT

• 142. 142 Novo Nordisk® Investor presentation First six months of 2025 Rest of World Emerging Markets at a glance 102 178 321 0 100 200 300 400 2011 2024 2050 Population with diabetes Diabetes growth rate 75% 80% 0% 20% 40% 60% 80% 100% 0 10 20 30 40 50 60 70 GLP-1 MS Insulin MS 51%1 4%1 12%1 May 2020 May 2025 DKK billion Million 1 CAGR calculated for last 5-year period Competitor insulin value market shares, as of May 2025: Novo Nordisk 52%, Others 48%; Competitor GLP-1 value market shares, as of May 2025: Novo Nordisk 56%, Others 44%. OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, May 2025 value figures 2 At constant exchange rates; 3 Comprises Victoza®, Ozempic®; 4 Comprises Tresiba®, Xultophy®,Levemir®,Awiqli®,NovoMix®,Ryzodeg®, NovoRapid® and Fiasp®; 5 Comprises NovoNorm® and needles; 6 Comprises Saxenda® and Wegovy®; 7Comprises primarily Esperoct® , Refixia ® ,NovoSeven®, NovoEight® and Norditropin® GLP-1 Insulin OAD MS Diabetes trend in population Diabetes market by value and Novo Nordisk market share Novo Nordisk H1 2025 reported sales H1 2025 Sales (mDKK) Growth2 Injectable GLP-1 3 5,138 14% Rybelsus® 1,066 8% Total GLP-1 6,204 13% Total insulin4 5,357 2% Other Diabetes care5 144 -1% Diabetes care 11,705 7% Obesity care6 3,260 157% Diabetes & Obesity care 14,965 24% Rare disease7 1,369 6% Total 16,334 22% Emerging Markets: mainly Latin America, Middle East and Africa Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025

• 143. 143 Novo Nordisk® Investor presentation First six months of 2025 Rest of World Diabetes market share and market growth in Emerging Markets 27.3% 13.4% 12.5% 5.8% 0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% 50% NN market share NN Share of Growth Market growth (right axis) NN growth (right axis) Diabetes market growth and Novo Nordisk market share Diabetes market size and growth May 2022 May 2025 May Company A Others 2024 Novo Nordisk May 2025 Novo Nordisk Competitors DKK billion 29% 27% 55 1 0 5 62 ~6% ~13% Emerging Markets: mainly Latin America, Middle East and Africa; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. Rest of world Market values are based on the list prices Source: IQVIA, May 2025, value, MAT

• 144. 144 Novo Nordisk® Investor presentation First six months of 2025 Rest of World GLP-1 market share and market growth in Emerging Markets 56% 11% 28% 5% 0% 20% 40% 60% 80% 100% 120% 140% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 45% 62% May 2022 May 2025 48% May 2024 May 2025 66% Novo Nordisk Competitors 62% Novo Nordisk Others 76% Company A DKK billion 68% 56% 13 0 2 1 17 ~5% ~28% Emerging Markets: mainly Latin America, Middle East and Africa; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company.; Market values are based on the list prices Source: IQVIA, May 2025, value, MAT

• 145. 145 Novo Nordisk® Investor presentation First six months of 2025 Rest of World Insulin market size and volume market share in Emerging Markets 52% 3% -15% -10% -5% 0% 5% 10% 15% 20% 0% 20% 40% 60% 80% NN market share Market growth (right axis) NN growth (right axis) 3% 7.4% +1.3% 3.6% +0.2% 12.4% +2.5% 12.2% +1.0% 12.8% +1.7% 67% 52% 4 Total Long– acting 37% Premix Fastacting 76% Human 75% 14 8 2 1 Novo Nordisk Competitors Market growth1 Δ Market share Insulin market share and market size (DKK billion) Insulin volume: Market share May 2022 May 2025 1Market growth is YTD current vs YTD previous year Emerging Markets: mainly Latin America, Middle East and Africa; NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers;; Market values are based on the list prices Source: IQVIA, May 2025; LHS graph – Value, RHS Graph - Volume, MAT

• 146. 146 Novo Nordisk® Investor presentation First six months of 2025 Rest of World Obesity market share and market growth in Emerging Markets 77% 122% 72% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% -20% 0% 20% 40% 60% 80% 100% 120% 140% NN market share NN Growth Market growth (Right Axis) Obesity market growth and Novo Nordisk market share Obesity market size and growth 37% 43% May 2022 May 2025 38% 44% 43% May 2024 54% May 2025 Novo Nordisk Others DKK billion 59% 2.6 0.0 77% 3.6 6.2 122% 72% Emerging Markets: mainly Latin America, Middle East and Africa; NN: Novo Nordisk Note: Market values are based on the list prices Source: IQVIA, May 2025, value, MAT

• 147. 147 Novo Nordisk® Investor presentation First six months of 2025 EMEA 0% 20% 40% 60% 80% 100% 0 20 40 60 GLP-1 MS Insulin MS APAC at a glance 112 172 267 0 100 200 300 2011 2024 2050 Population with diabetes Diabetes trend May 2020 May 2025 Diabetes market by value and Novo Nordisk market share Diabetes growth rate 54% 55% Novo Nordisk H1 2025 reported sales Million DKK billion 26%1 -2%1 GLP-1 Insulin 0%1 OAD MS H1 2025 Sales (mDKK) Growth2 Injectable GLP-1 3 1,814 2% Rybelsus® 1,761 22% Total GLP-1 3,575 11% Total insulin4 2,754 -3% Other Diabetes care5 138 0% Diabetes care 6,467 4% Obesity care6 2,715 361% Diabetes & Obesity care 9,182 37% Rare disease7 1,027 22% Total 10,209 35% APAC: Japan, Korea, Oceania and Southeast Asia Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 1 CAGR calculated for 5-year period; Competitor insulin value market shares, as of May 2025: Novo Nordisk 58%, Others 42%; Competitor GLP-1 value market shares, as of May 2025: Novo Nordisk 54%, Others 46%. OAD: Oral anti-diabetic; MS: Market share; Note: Market values are based on the list prices; Source: IQVIA May 2025 value figures 2 At Constant exchange rates; 3 Comprises Victoza® , Ozempic®; 4 Comprises Tresiba®, Xultophy®,Levemir®,Ryzodeg®,Awiqli®,NovoMix®,Fiasp® and NovoRapid®; 5 Comprises NovoNorm® and needles; 6 Obesity care comprises Saxenda® and Wegovy®; 7 Comprises primarily NovoSeven®, NovoEight® , NovoThirteen®, Esperoct®, Refixia®, Norditropin®, Vagifem® and Activelle®

• 148. 148 Novo Nordisk® Investor presentation First six months of 2025 EMEA 17.9% 7.1% 1.1% -10% 0% 10% 20% 30% 0% 10% 20% 30% NN market share Market growth (right axis) NN growth (right axis) Diabetes market growth and Novo Nordisk market share Diabetes market size and growth Novo Nordisk Competitors May 2024 May 2025 May NN Company A Others 2022 May 2025 DKK billion 19% 18% 52 0 1 3 55 ~1% ~7% Diabetes market share and market growth in APAC APAC: Japan, Korea, Oceania and Southeast Asia; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, May 2025, Value, MAT

• 149. 149 Novo Nordisk® Investor presentation First six months of 2025 EMEA 54% 8% 47% 5% 0% 30% 60% 90% 120% 0% 30% 60% 90% 120% 150% 180% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 59% 56% Company A 57% Novo Nordisk Others May 2025 59% Novo Nordisk Competitors 61% 59% May 2022 May 2025 May 2024 DKK billion 76% 54% 7 0 3 0 10 ~5% ~47% GLP-1 market share and market growth in APAC APAC: Japan, Korea, Oceania and Southeast Asia; NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company; Market values are based on the list prices Source: IQVIA, May 2025, Value, MAT

• 150. 150 Novo Nordisk® Investor presentation First six months of 2025 EMEA Insulin market size and volume market share in APAC 54% 0% -5% -10% -5% 0% 5% 10% 0% 20% 40% 60% NN market share Market growth (right axis) NN growth (right axis) 40% 48% 7.3% -1.6% 5.6% -0.5% 9.3% -3.3% 7.7% -2.0% 5.7% -4.3% May 2022 May 2025 40% Total 49% Longacting Fastacting Premix Human 61% 58% 41% 55% 1 7 78% 3 2 3 Novo Nordisk Competitors Market growth1 Δ Market share Insulin market share and market size (DKK billion) Insulin volume: Market share 1Market growth is YTD current vs YTD previous year APAC: Japan, Korea, Oceania and Southeast Asia; NN: Novo Nordisk Note: Share of growth not depicted due to too high numbers; Market values are based on the list prices Source: IQVIA, May 2025 LHS graph – Value, RHS Graph - Volume, MAT

• 151. 151 Novo Nordisk® Investor presentation First six months of 2025 EMEA 89% 315% 199% -50% 0% 50% 100% 150% 200% 250% -50% 0% 50% 100% 150% 200% 250% 300% 350% NN market share NN Growth Market growth (right axis) Obesity market growth and Novo Nordisk market share Obesity market size and growth May 2022 May 2025 Novo Nordisk Others May 2024 May 2025 DKK billion 64% 1.9 0.0 89% 0.9 2.8 ~315% ~198% Obesity market share and market growth in APAC APAC: Japan, Korea, Oceania and Southeast Asia; NN: Novo Nordisk Note: Market values are based on the list prices Source: IQVIA, May 2025, Value, MAT

• 152. 152 Novo Nordisk® Investor presentation First six months of 2025 Region China 0% 20% 40% 60% 80% 100% 0 10 20 30 40 GLP-1 MS Insulin MS Region China at a glance Note: Region China covers mainland China, Hong Kong, and Taiwan Source: International Diabetes Federation: Diabetes Atlas 11th edition, 2025 92 151 171 0 40 80 120 160 200 2011 2024 2050 Population with diabetes Diabetes trend May 2020 May 2025 Diabetes market by value and Novo Nordisk market share Diabetes growth rate 64% Novo Nordisk H1 2025 reported sales Million 1CAGR calculated for last 5-year period Competitor insulin value market shares, as of May 2025: Novo Nordisk 50%, Others 50%; Competitor GLP-1 value market shares, as of May 2025: Novo Nordisk 81% and Others 19% OAD: Oral anti-diabetic; MS: Market Share; Note: Market values are based on list prices; Source: IQVIA MAT, May 2025 value figures 2 At constant exchange rates; 3 Comprises Victoza® and Ozempic®; 4 Comprises Tresiba®, Xultophy®, Levemir®, NovoMix®, Awiqli®, Ryzodeg®, NovoRapid®; 5Comprises NovoNorm® and needles; 6Comprises Wegovy® & Saxenda® ; 7Comprises primarily NovoSeven®, NovoEight® and Norditropin® 14% 58%1 0%1 6%1 GLP-1 Insulin OAD DKK billion MS H1 2025 Sales (mDKK) Growth2 Injectable GLP-1 3 3,106 -12% Rybelsus® 116 7% Total GLP-1 3,222 -11% Total insulin4 5,190 3% Other Diabetes care5 301 -31% Diabetes care 8,713 -4% Obesity care6 862 0% Diabetes & Obesity care 9,575 4% Rare disease7 335 93% Total 9,910 6%

• 153. 153 Novo Nordisk® Investor presentation First six months of 2025 0 5 10 15 20 DKK billion 2019 2020 2021 2022 2023 2024 GLP-1 Insulin Other diabetes care Obesity care Rare disease 12% 11% 11% -6% 52.6% Insulin market share1 79.6% GLP-1 market share1 84% 16% 2024 IO sales Region China Rest of IO 11% Region China is the largest market within IO Novo Nordisk Region China sales Growth at CER 1Only mainland China CER: Constant exchange rates; IO: International Operations; VBP: Volume-based procurement Note: Region China covers mainland China, Hong Kong, and Taiwan Sources: NN reported sales; IQVIA MAT CHPA data, Nov 2024 VBP implementation initiated 13% Region China remains a key market for Novo Nordisk and the established presence offers growth opportunities

• 154. 154 Novo Nordisk® Investor presentation First six months of 2025 Wegovy® launch strategy • Volume-capped launch • Out-of-pocket market is initial focus of launch Access strategy • Achieve hospital listing for Wegovy® at selected hospitals • Explore commercial health insurance for selected sub-populations 184 55 1 0 50 100 150 200 Million people PwO in China Seek help on AOM treatment High unmet need for anti-obesity medications in mainland China Wegovy® launch out-of-pocket initially Nov 2024 Launched in mainland China AOM: Anti-obesity medication; PwO: People with obesity Note: Obesity in China defined as BMI ≥ 28; Region China covers mainland China, Hong Kong, and Taiwan Source: Lancet Diabetes Endocrinol 2021, Goldman Sachs Global investment research, Data from 2019 CFTU: OK no changes Wegovy® was launched in Nov 24 and is expected to address the high unmet need for anti-obesity medications in Region China

• 155. 155 Novo Nordisk® Investor presentation First six months of 2025 Region China Diabetes market share and market growth in Region China 31.7% 13.5% 8.1% -20% 0% 20% 40% 0% 10% 20% 30% 40% NN market share Market growth (right axis) NN growth (right axis) Diabetes market growth and Novo Nordisk market share Diabetes market size and growth Novo Nordisk Competitors May 2024 May 2025 May NN Company A Others 2022 May 2025 DKK billion 33% 32% 28 1 1 2 32 ~8% ~13% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company. Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Source: IQVIA, May 2025, Value, MAT

• 156. 156 Novo Nordisk® Investor presentation First six months of 2025 Region China GLP-1 market share and market growth in Region China 81% 35% -2% 1% -20% 0% 20% 40% 60% 80% 100% 120% 140% 0% 25% 50% 75% 100% 125% 150% 175% 200% 225% 250% 275% NN market share NN share of growth Market growth (right axis) NN growth (right axis) GLP-1 market growth and Novo Nordisk market share GLP-1 market size and growth 89% 67% Others 85% Novo Nordisk Company A 63% 66.7% May 2025 May 2024 66.9% May 2022 May 2025 Novo Nordisk Competitors DKK billion ~79% ~82% 6 0 0 0 5 ~1% ~-2% NN: Novo Nordisk Note: Due to contractual obligations competitor names are not disclosed. Company A represents an actual company.; Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Source: IQVIA, May 2025, Value, MAT

• 157. 157 Novo Nordisk® Investor presentation First six months of 2025 Region China Insulin market size and volume share of growth and market share in Region China 40% 12% 10% -40% -20% 0% 20% 40% 60% -40% 0% 40% 80% NN market share Market growth (right axis) NN growth (right axis) May 2022 May 2025 Insulin volume: market share 17.3% -2.4% 15.3% +2.8% 8.9% -10.8% 20.5% -2.4% 19.3% -1.5% Premix Total 50% 35% 48% 67% Fastacting Long– acting 24% Human 11 5 2 5 1 Novo Nordisk Competitors Market growth1 Δ Market share Insulin market share and market size (DKK billion) 1Market growth is YTD current vs YTD previous year NN: Novo Nordisk; Note: Region China covers Mainland China, Taiwan, and Hong Kong; Market values are based on the list prices Source: IQVIA, May 2025, LHS graph – Value, RHS Graph - Volume, MAT

• 158. 158 Novo Nordisk® Investor presentation First six months of 2025 Financials and Product Supply 158 Product supply 14 Product supply 147 Profit and loss, resource allocation 14 Profit and loss, resource allocation 144 Margin development & capital allocation 153 Currencies 156 Investor presentation First six months of 2025 Profit and loss, resource allocation Product supply Margin development & capital allocation Currencies

• 159. Novo Nordisk® 159 Investor presentation First six months of 2025 Solid sales growth driven by Diabetes and Obesity care 16% 84% 2019 15% 85% 2020 14% 86% 2021 12% 88% 2022 7% 93% 2023 6% 94% 2024 122 127 141 177 232 290 Reported annual sales 2019-2024 Diabetes and Obesity care Rare disease Group sales growth at CER 6% 7% 14% 16% 36% DKK billion, % of total sales CER: Constant exchange rates 26%

• 160. Novo Nordisk® 160 Investor presentation First six months of 2025 Operating profit Solid operating profit growth 0% 20% 40% 60% 80% 0 20 40 60 80 100 120 140 2019 2020 2021 DKK billion 2023 % of sales 2022 Operating profit as % of sales Operating profit Reported operating profit growth Operating profit growth at CER 11% 6% 3% 7% 8% 13% 28% 15% 37% 44% 2024 25% 26% CER: Constant exchange rates

• 161. Novo Nordisk® 161 Investor presentation First six months of 2025 Corporate strategy guides resource allocation Expected primary sales growth drivers towards 2032 Resource allocation in Novo Nordisk is guided by investing in future growth while delivering attractive shareholder returns CETA: Cardiovascular and emerging therapy areas; RBD: Rare blood disorders Rare disease Diabetes Obesity Cardiovascular & emerging therapy areas Strengthen leadership Secure a leading position Establish position in cardiovascular disease Strengthen leadership Focus on driving sustained sales growth • Build obesity care market • Expand manufacturing capacity • Expand R&D pipeline ILLUSTRATIVE 2022 2027 2032 Waves of growth Diabetes GLP-1 Obesity RBD CETA Early pipeline

• 162. 162 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk competitive advantages in manufacturing Manufacturing scale and expertise within biologics is a competitive advantage for Novo Nordisk 1 In addition to the above-mentioned product classes, other diabetes care constitutes the remainder of people treated with Novo Nordisk products API: Active pharmaceutical ingredient; NN: Novo Nordisk Sources: Volume market share and position based on IQVIA Moving Annual Total (MAT), Nov 2024 (Spot rate); Novo Nordisk Annual Report 2024 High volume installed capacity for biologics Decades of experience with high volume production of core yeast and mammalian API platforms The world’s largest manufacturer of insulin and GLP-1 1 API scalability and yield optimisation driven by continuous production technology In-house expertise in the development and manufacturing of devices 28 14 2 0 10 20 30 40 50 Million patients on NN products in 2024 Insulin GLP-1 Diabetes GLP-1 Obesity #1 ~44% #1 ~64% Global market position Global volume market share #1 ~70%

• 163. 163 Novo Nordisk® Investor presentation First six months of 2025 Active pharmaceutical ingredient | The strategically important sites in Novo Nordisk are based in Denmark and the US 3 sites API production 2 sites API production Product supply value chain Assembly and packaging Research and Development Manufacturing development API production Filling / tableting Distribution (cold chain) Patients

• 164. 164 Novo Nordisk® Investor presentation First six months of 2025 5 sites Fill, tablet and finish 6 sites Fill-finish | The global footprint has expanded from 11 to 14 sites with the closing of the Catalent acquisition in December 2024 1The Alkermes transaction (Dec 2023): Expected to close in mid-2024 API: Active pharmaceutical ingredient Note: There are local production facilities in Algeria, Iran, Japan, and Russia New sites following closing of the Catalent transaction in December 2024 Fill-finish Fill, tablet and finish Fill-finish Fill-finish Catalent (Anagni) Catalent (Bloomington) Fill-finish Fill-finish Catalent (Brussels) Fill-finish Product supply value chain Assembly and packaging Research and Development Manufacturing development API production Filling / tableting Distribution (cold chain) Patients Tablet1

• 165. Novo Nordisk® 165 Investor presentation First six months of 2025 Significant step-up in CAPEX investments across the full value chain to enable growth for current and future products CAPEX investments Several large investments announced since 2021 API: Active pharmaceutical ingredient; CAPEX: Capital expenditures; CETA: Cardiovascular and emerging therapy areas Note: Investment figures have been rounded 6 12 26 47 ~65 16% 0 20 40 60 80 DKK billion 2021 22 11% 23 24 25E 2027E 4% 8% CAPEX Expected CAPEX CAPEX to sales ratio Announced Site Scope Investment 2021 December Kalundborg Denmark Full value chain (mostly API) 17 bDKK 2022 November Bagsværd Denmark Clinical API 5 bDKK 2023 June Hillerød Denmark API for OSCD 16 bDKK 2023 November Kalundborg Denmark Full value chain (mostly API) 42 bDKK 2023 November Chartres France Fill/finish 16 bDKK 2023 December Athlone Ireland Oral portfolio 1 bDKK 2024 June Clayton US Fill/finish 27 bDKK 2024 December Odense Denmark 9 bDKK Typical construction timelines: API: 5+ years | Fill-finish: 3+ year Clinical API Mainly API Mainly API Oral portfolio API for CETA Fill-Finish Low double-digit CAPEX to sales ratio expected Fill-Finish Not specified

• 166. Novo Nordisk® 166 Investor presentation First six months of 2025 Catalent fill-finish sites are expected to start adding additional capacity from 2026 • Will help reach more patients with current and future treatments • Enables faster expansion of manufacturing capacity at scale, while providing future optionality and flexibility • The three sites are fully operational and employ >3,000 people • The acquisition is expected to gradually increase Novo Nordisk's fill-finish capacity from 2026 and onwards Successfully closed the acquisition of three fill-finish sites The acquisition will help expand capacity faster Bloomington site (Indiana, US) Brussels site (Belgium) Anagni site (Italy) Novo Nordisk will honour all customer obligations at these sites US: United States The acquisition of the three sites was completed on the 18th Dec

• 167. 167 Novo Nordisk® Investor presentation First six months of 2025 Investments across the full manufacturing value chain to significantly increase patient reach towards 2030 ILLUSTRATIVE 2023 2030 ~40m patients Assembly and packaging API production Filling / tabletting Capacity developments in the coming years 1923 API: Active Pharmaceutical Ingredient

• 168. Novo Nordisk® 168 Investor presentation First six months of 2025 Expected margin developments in the coming years compared to 2023 are reflecting strategic resource allocation R&D: Research and development; S&D: Sales and distribution Note: The outlined expected developments are aspirations and not long-term financial targets Gradually decline driven by topline growth Gradually increase to expand and diversify pipeline Decline driven by efficiency gains Increase Broadly stable but decline incl. Catalent transaction Expected development Expected development with Catalent transaction S&D cost ratio R&D cost ratio Administration cost ratio Operating margin Gross margin

• 169. Novo Nordisk® 169 Investor presentation First six months of 2025 Internal growth opportunities: R&D and PS investments Attractive annual dividend BD investments to enhance R&D pipeline Flexible share buybacks to distribute excess cash Novo Nordisk’s capital allocation allows for investing in the business while maintaining attractive shareholder returns BD: Business development; CAPEX: Capital expenditure; E: Estimated; PS: Product supply; R&D: Research and development Note: All numbers except for pay-out ratio are based on cash flow statement. Pay-out ratio calculated as total dividends for the year as a percentage of net profit for the same year Strategic capital allocation priorities 1 2 3 4 Stable dividend pay-out ratio despite increased CAPEX and BD DKK billion 0 40 80 120 160 200 2021 2022 2023 2024 Pay-out ratio Share buyback BD Dividend Acquisition of Catalent sites CAPEX ~50%

• 170. 170 Novo Nordisk® Investor presentation First six months of 2025 • For 2024, the total dividend per share increased 21.3% to 11.40 DKK, comprised of an interim dividend of 3.50 DKK paid in August 2024 and a final dividend of 7.90 DKK paid in April 2025 • For 2025, the interim dividend of 3.75 DKK per share will be paid in August 2025 • Following Novo Nordisk’s capital allocation principles, no share buyback programme has been initiated for 2025. Annual cash return to shareholders Capital allocation Attractive capital allocation to shareholders DKK billion 2022 2023 2024 2025E Interim Dividend Dividend Share Repurchase 24 30 20 16 18 29 35 10 13 16 17 0 10 20 30 40 50 60 70 Note: An authorization to the Board of Directors to buy back shares of up to a total nominal amount of 44,650,000 DKK was granted at the Annual General Meeting in March 2025. The authorization is valid until the Annual General Meeting in 2026.

• 171. Novo Nordisk® 171 Investor presentation First six months of 2025 Two decades of consistent cash distribution to shareholders 0.8 1.0 1.4 1.8 2.3 2.5 3.2 3.8 3.9 4.1 4.2 4.6 5.2 9.4 0 20 40 60 80 0 10 20 0.2 2003 0.2 0.3 0.4 0.5 0.6 2024 3 3 5 5 7 8 10 13 2011 20 24 27 30 39 36 16 35 37 41 49 62 64 35 Total pay-out1 Total dividend per share2 ~570 billion DKK returned to shareholders since 2003 1Dividends and share buybacks in the year of pay-out; 2Reflects year of earnings Source: Novo Nordisk annual Reports Share buybacks and dividends (bDKK) Total dividends per share (DKK) 6.2 11.4

• 172. Novo Nordisk® 172 Investor presentation First six months of 2025 Net financials expected to be positively impacted by currencies in 2025 – offset by currency impact on operating profit -8% -4% 0% USD/DKK CNY/DKK JPY/DKK Avg. FY 2024 vs. avg. FY 2023 Exp. avg FY 2025 vs. FY 2024 -12% -6% 0% CAD/DKK AUD/DKK BRL/DKK MXN/DKK KRW/DKK Hedged Nonhedged 1 FY 2024 • Negative FX impact on operating profit of 1.1 bDKK • Negative FX impact on net financials of 1.0 bDKK • Net foreign exchange loss of 2.1 bDKK FY 2025 outlook • Currency impact on operating profit is expected to be around -5%-points • Net financial items is expected to be a gain of around 1.6 bDKK mainly driven by: • FX - Gains on USD hedging contracts • Partially offset by net interest expenses relating to funding of the three fill and finish sites acquired from Catalent 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 31 July 2025 USD: United States Dollar; DKK: Danish Kroner; CNY: Chinese Yuan Renminbi; JPY: Japanese Yen; CAD: Canadian Dollar; AUD: Australian Dollar; BRL: Brazilian Real; MXN: Mexican Peso; KRW: Korean Won

• 173. Novo Nordisk® 173 Investor presentation First six months of 2025 RANJITH S. Ranjith lives with type 1 diabetes India Purpose & Sustainability Environmental responsibility 150 Sustainable business 148 Governance 158 Social responsibility 153 173 Investor presentation First six months of 2025 RANJITH S. Ranjith lives with type 1 diabetes India Purpose & Sustainability Environmental responsibility Sustainable business Ethics and compliance Social responsibility Social responsibility

• 174. Novo Nordisk® 174 Investor presentation First six months of 2025 Being a responsible business drives long-term value 77.3% Votes 28.1% Capital Institutional and private investors – B3 shares Novo Holdings – A2 and B3 shares 22.7% Votes 71.9% Capital Novo Nordisk A/S Novo Nordisk Foundation • Key objective: To provide a stable basis for Novo Nordisk and Novonesis • Aims to improve public health and promote societal sustainability • Awarded grants for more than 10 bDKK in 2024 Ownership structure creates long-term value Commitment to lead a sustainable business1 1Environmental, Social and Governance responsibility has been anchored in Articles of Association since 2004; 2Consists of 1,075 million shares; 3Consists of 3,390 million shares Note: Ownership structure as of 30 June 2025

• 175. 175 Novo Nordisk® Investor presentation First six months of 2025 Novo Nordisk’s ambition is zero environmental impact 1Since 2020 2As TNFD early adopter, Novo Nordisk has committed to report according to TNFD by 2025 CAPEX: Capital expenditure; NN: Novo Nordisk; TNFD: Taskforce on Nature-related Financial Disclosures CO2 emissions Plastic Biodiversity 2020 ReMedTM, Novo Nordisk’s plastic take-back programme initiated 2023 2+ million used NN pens returned1 2023 Lilly, Sanofi and Merck joined the initiative in Denmark • Committed to start making nature-related disclosures • Nature and biodiversity strategy being developed • Novo Nordisk early adopter of TNFD2 2024 Emissions increased due to growth and CAPEX investments 2030 Target: Zero emissions from own operations and transportation 2045 Target: Net zero emissions across full value chain

• 176. 176 Novo Nordisk® Investor presentation First six months of 2025 Prevention • Cities Changing Diabetes to build healthier environments in cities • Partnership with UNICEF to reduce childhood obesity • Obesity transformational prevention unit created in 2023 • ~8 million people reached through our initiatives in 2024 • Aspen partnership to produce human insulin for Africa • Changing Diabetes® in Children to provide care in low-and middle-income countries Access • Transformative treatments to raise the innovation bar Innovation Social responsibility is core to Novo Nordisk and initiatives focus on prevention, access and innovation

• 177. 177 Novo Nordisk® Investor presentation First six months of 2025 Integrating ethics and compliance into every aspect of our business HCP: Health care professional, KOL: Key opinion leader Ethics and compliance are at the core of Novo Nordisk Steps taken to strengthen ethics and compliance setup Training: Enhanced training and processes around KOL engagements, HCPs, partners, patients etc Communication: Letters shared with HCPs reinforcing approved indication included in product label Resources: Dedicated obesity ethics, legal and compliance teams established to further increase compliance when launching Wegovy® Core elements of our compliance set-up We never compromise on quality and ethics Trends, monitoring and risk management Audits Global Code of Conduct Mandatory ethics training

• 178. Novo Nordisk® Investor presentation First six months of 2025 Units 2024 2023 2022 Essential sustainability topics Patient protection and quality of life Patients reached with Diabetes and Obesity care products Number in millions 45.2 41.6 36.9 Vulnerable patients reached with Diabetes care products1 Number in millions 8.4 8.8 - Children reached through Changing Diabetes® in Children programme (cumulative) Number 64,743 52,249 41,033 Product recalls Number 3 2 3 Failed inspections Number 0 0 0 Climate change Scope 1 GHG emissions 1,000 tonnes CO2e 85 78 76 Scope 2 GHG emissions (market-based) 1,000 tonnes CO2e 16 15 16 Scope 3 GHG emissions2 1,000 tonnes CO2e 2,160 1,743 - Resource use and circular economy Plastic footprint (absolute) Tonnes 15,654 - - Plastic footprint per patient Kg/patient 0.35 - - Own workforce Employees (headcount) – excluding Catalent3 Number 74,156 64,319 55,185 Gender in senior leadership positions % men: women 58:42 59:41 61:39 Rate of recordable work-related accidents for own workforce4 Accidents per million hours worked 1.2 1.3 1.3 Employees reporting symptoms of stress % 13.8 13.8 13.8 Employees reporting symptoms of work-related physical pain % 6.8 7.1 7.8 Important sustainability topics Business conduct Substantiated cases reported within accounting issues, fraud and business ethics matters via the Compliance Hotline5 Number 242 221 227 Animals purchased for research Number 49,284 56,508 79,750 Water Total Water consumption 1000 m3 630 - - Pollution Total amount of substances of very high concern that leave facilities Tonnes 1 - - Total amount of substances of concern that leave facilities Tonnes 10 - - 178 2024 statement of ESG performance 12023 figure has been restated 22023 figure has been restated 3Total headcount of 77,349 in the Consolidated Financial Statement. The variance of 3,913 employees is due to Catalent Employees not included 42023 and 2022 figures have been restated 52023 and 2022 figures have been restated

• 179. Novo Nordisk® Investor presentation First six months of 2025 In 2024, more than 8.4 million people with diabetes were reached with access and affordability initiatives 8.4 out of 45.2 million people were reached with access and affordability initiatives A number of focused programmes (as of full year 2024) Patients reached in 2024 45.2 Million patients Patients reached with NN diabetes and obesity care products US affordability offerings • Patients treated with our Diabetes products increased 6% from 40.5 million in 2023 to 43 million in 2024 primarily driven by the increase in Diabetes GLP-1-based products • Patients reached with Obesity treatments increased from 1.1 million in 2023 to 2.2 million in 2024 primarily driven by the launch of Wegovy® in +10 additional countries in International Operations • In 2024, 80% of US patients with insurance coverage for Ozempic® or Wegovy® paid USD 25 or less for each prescription, and almost 90% of US patients paid USD 50 or less. • Continued commitment of long-standing patient assistance program to support eligible patients. Vulnerable patients reached Changing Diabetes® in Children1 • 64,743 children reached at the end of 2024 across 30 countries • More than half of the 12,494 newly enrolled children reached through expansion in Asian countries mainly India, Pakistan, Indonesia and Malaysia • Vulnerable patients treated with our Diabetes care products decreased 5% from 8.8 million in 2023 to 8.4 million in 2024 due to fewer vulnerable patients reached through human insulin tender sales and access and affordability initiatives. Vulnerable patients reached 8.4 179 1Changing Diabetes® in Children is a public-private partnership between the International Society for Paediatric and Adolescent Diabetes, the World Diabetes Foundation, Roche, and Novo Nordisk

• 180. 180 Novo Nordisk® Investor presentation First six months of 2025 Investor contact information Share information Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO’. For further company information, visit Novo Nordisk on: www.novonordisk.com Access the full investor presentation here: Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé 1 DK-2880 Bagsværd Jacob Martin Wiborg Rode +45 3075 5956 jrde@novonordisk.com Sina Meyer +45 3079 6656 azey@novonordisk.com Max Ung +45 3077 6414 mxun@novonordisk.com Alex Bruce +45 3444 2613 axeu@novonordisk.com Christoffer Sho Togo Tullin +45 3079 1471 cftu@novonordisk.com Frederik Taylor Pitter (USA) +1 609 613 0568 fptr@novonordisk.com