Novo Nordisk (NOVO) investor relations material

Opening remarks and agenda

• The meeting was lawfully convened with all customary items, including three board proposals and technical amendments to the articles.

• Real-time translation and hybrid participation options were provided for inclusivity.

• Over 900 admission cards were requested, with 57% of share capital and 86% of votes represented.

Financial performance review

• 2025 saw 10% sales growth and 6% operating profit growth at constant exchange rates.

• Obesity sales exceeded DKK 75 billion, with 16 million more patients treated since 2019.

• R&D costs rose 10%, and total assets increased by DKK 77 billion to DKK 542 billion, driven by acquisitions and CapEx.

• 2026 guidance anticipates -5% to -13% adjusted sales and profit growth due to U.S. pricing pressures and loss of exclusivity in some markets.

Board and executive committee updates

• Mike Doustdar was appointed President and CEO, marking a significant leadership transition.

• The board composition changed following an extraordinary general meeting, with new members and a focus on diversity and competencies.

• Three new board members were elected, and a board observer with consumer goods expertise was appointed.

• Employee-elected board members joined for a four-year term.