Strategic Aspirations 2025 progress

Strategy execution progress
	Strategic Aspirations 2025	Progress
Purpose and sustainability	Progress towards zero environmental impact	Overall CO₂e emissions (scope 1, 2 and full scope 3) increased by 23% compared to 2023
	Being respected for adding value to society	Medical treatment provided to 43.0 million people living with diabetes and 2.2 million people living with obesity Reached more than 64,000 children in the Changing Diabetes^® in Children programme
	Being recognised as a sustainable employer	Share of women in senior leadership positions has increased by 0.7 percentage point to 42% compared to 2023
	Sustainable supply chain	Acquisition of Catalent by Novo Holdings and the related acquisition by Novo Nordisk of three manufacturing sites from Novo Holdings completed
Innovation and therapeutic focus	Further raise the innovation-bar for Diabetes treatment	Awiqli^® approved in the EU, Japan and China Complete Response Letter received for insulin icodec in the US Successful completion of phase 3a programme with IcoSema US approval and positive EU opinion for an update of the Ozempic^® label based on the FLOW kidney trial Submission of the SOUL cardiovascular outcomes trial and STRIDE functional outcomes trial in the US and EU
	Develop a leading portfolio of superior treatment solutions for Obesity	Phase 2 trial initiated with once-weekly GIP/GLP-1 dual agonist Phase 2a trial with monlunabant completed CagriSema demonstrated superior weight loss in the REDEFINE 1 trial Phase 3b trials, STEP UP and STEP UP T2D, with semaglutide 7.2 mg successfully completed Phase 1b/2a trial with injectable amycretin successfully completed Phase 1 trial with a tri-agonist (Triple) initiated
	Strengthen and progress the Rare disease pipeline	Phase 3a trial, FRONTIER 2, with Mim8 successfully completed in people with haemophilia A Successful completion of the phase 2 part (interim) of the etavopivat HIBISCUS phase 2/3 trial Alhemo^® (Concizumab) approved in the US and EU for the treatment of haemophilia A and B with inhibitors Alhemo^® submitted in the EU for the treatment of haemophilia A and B without inhibitors
	Establish presence in Cardiovascular & Emerging Therapy Areas focusing on CVD, MASH and CKD	Agreement to acquire Cardior Pharmaceuticals and lead asset CDR132L in phase 2 development for treatment of heart failure Phase 3 development initiated with ziltivekimab in HFpEF and AMI Phase 3 trial CLARION-CKD trial stopped as ocedurenone failed to meet primary endpoint Successful completion of part I of phase 3 trial ESSENCE with semaglutide 2.4 mg in MASH
Commercial execution	Strengthen Diabetes leadership – aim at global value market share of more than 1/3	Diabetes value market share remained unchanged at 33.7% (MAT)
	More than DKK 25 billion in Obesity sales by 2025	Obesity care sales increased by 57% (CER) to DKK 65.1 billion
	Secure a sustained growth outlook for Rare disease	Rare disease sales increased by 9% (CER) to DKK 18.6 billion
Financials	Deliver solid sales and operating profit growth	Sales growth of 26% (CER) Operating profit growth of 26% (CER), negatively impacted by impairment losses related to intangible assets
	Drive operational efficiencies across the value chain to enable investments in future growth assets	Operational leverage reflecting sales growth, when excluding impairment losses
	Deliver free cash flow to enable attractive capital allocation to shareholders	Free cash flow of DKK (14.7) billion, negatively impacted by the Catalent transaction DKK 64.3 billion returned to shareholders