Strategy and Focus - Novo Nordisk focuses on innovation-driven opportunities within core therapeutic areas[9, 13] - The company's strategy centers on leading in Obesity, Diabetes, and related comorbidities[10, 14] Market Needs and Opportunities - There is a significant unmet need within Diabetes, with >550 million people living with T1D or T2D and ~7% of diabetes prescriptions are for a GLP-1[11, 15] - A significant unmet need exists within Obesity, with >900 million people living with obesity and only ~2% are treated with branded Anti-Obesity Medications (AOMs)[11, 15] - Select related comorbidities include >800 million people living with MASH, 250 million with CVD, and >500 million with CKD[11, 15] Key Priorities for 2026 - Accelerate commercial execution, including the launch of Wegovy® pill in the US and roll out of semaglutide 7.2 mg, and expand Direct-to-Patient and cash channels[18] - Reinforce organizational focus through organizational set-up & culture coming out of transformation and resource allocation towards growth opportunities[18] - Strengthen the R&D pipeline by progressing late-stage pipeline and bringing several new obesity & diabetes assets into the clinic[18] Forward-Looking Statements - The company's statements may contain forward-looking statements relating to operating, financial, and sustainability performance[3] - These statements are based on current plans, estimates, opinions, views, and projections, but actual results may differ materially due to risks, uncertainties, and assumptions[4]

Financial Performance & Strategic Aspirations - For the first nine months of 2025, Novo Nordisk reported sales growth of 15% at Constant Exchange Rates (CER)[11] - Operating profit growth was 10% at CER, impacted by restructuring costs of 9 billion DKK[11, 68] - The company anticipates annualised savings of approximately 8 billion DKK for reinvestment in future growth[17] - Novo Nordisk is transforming with aim to meet future patient needs and allow for investment in growth opportunities[16] Market & Therapeutic Focus - Obesity care sales reached 59.9 billion DKK, reflecting a 41% increase at CER[11] - Rare disease sales amounted to 14.3 billion DKK, a 13% increase at CER[11] - Diabetes value market share stood at 31.6%, a decrease of 2.3 percentage points[11] - The company aims to strengthen its diabetes leadership, targeting a global value market share exceeding one-third[72] Pipeline & Innovation - Novo Nordisk is progressing its pipeline, including US approval for Rybelsus® CV indication and Wegovy® MASH indication[11] - The company agreed to acquire Akero, including a phase 3 MASH asset, and proposed the acquisition of Metsera, Inc for up to 10 billion USD[11, 47] - Cagrilintide 2.4 mg will be investigated in RENEW phase 3 programme with potential to be the first amylin on the market[58]

Acquisition Overview - Novo Nordisk is set to acquire Akero Therapeutics Inc to enhance its portfolio in diabetes, obesity, and related comorbidities [2, 10] - The acquisition includes Akero's lead asset, Efruxifermin (EFX), for $47 billion USD at closing, plus a contingent value right (CVR) of $05 billion USD [14] - This acquisition aligns with Novo Nordisk's strategy to develop innovative medicines for people living with diabetes, obesity, and associated comorbidities [10, 14] Efruxifermin (EFX) Potential - Efruxifermin is highlighted as a potential first- and best-in-class asset in MASH (metabolic dysfunction-associated steatohepatitis) [14] - EFX is the only asset with demonstrated efficacy for F4 (cirrhosis) in MASH [26] - Phase 2 HARMONY trial results in F2-F3 patients showed 49% improvement in fibrosis with no worsening of MASH, and 37% MASH resolution with no worsening of fibrosis [18] - Phase 2 SYMMETRY trial results in F4 patients showed 29% improvement in fibrosis with no worsening of MASH, and 42% MASH resolution with no worsening of fibrosis [18] MASH Market and Unmet Needs - There is a significant unmet need across MASH stages, particularly for patients living with cirrhosis (F4) [15, 26] - Semaglutide 24 mg (Wegovy) is approved in the US for patients with moderate to advanced liver fibrosis (F2-F3) but not with cirrhosis (F4), creating an opportunity for EFX [17] - MASH affects over 250 million people globally, with prevalence growing [17] Clinical Development - A Phase 3 clinical development program (SYNCHRONY) is ongoing to deliver on the potential of efruxifermin [22, 24] - The SYNCHRONY program includes trials for F1-F4 stages, focusing on safety & tolerability, fibrosis improvement, and disease progression [23]