A. HISTORY AND DEVELOPMENT OF THE COMPANY Novo Nordisk A/S was formed in 1989 by a merger of two Danish companies, Nordisk Gentofte A/S and Novo Industri A/S. Novo Industri A/S was the continuing company and its name was changed to Novo Nordisk A/S. The business activities of Nordisk Gentofte were established in 1923 by August Krogh, H. C. Hagedorn and A. Kongsted, and the business activities of Novo Industri A/S were established in 1925 by Harald and Thorvald Pedersen. From the beginning, the business of both companies was the production and sale of insulin for the treatment of diabetes. Novo Nordisk’s B shares are listed on Nasdaq Copenhagen (NOVO-B). Its ADRs are listed on the New York Stock Exchange (NVO). Legal name: Novo Nordisk A/S Commercial name: Novo Nordisk Date of incorporation: 28 November 1931 Legal form of the Company: A Danish public limited liability company Legislation under which the Company operates: Danish law Country of incorporation: Denmark Reference is made to ‘More information', on page 131 of our Annual Report 2025 for information on domicile. 4 Novo Nordisk Form 20-F 2025 ITEM 4 INFORMATION ON THE COMPANY Important events in 2025 Reference is made to ‘Introducing Novo Nordisk’, pages 3-11 and ‘2025 performance and 2026 outlook’, pages 14-17 of our Annual Report 2025 for a description of important events in 2025. Capital expenditure in 2025, 2024 and 2023 For capital expenditure in 2025, 2024 and 2023, reference is made to the section entitled ‘Cash flow and capital allocation’ on page 16 of our Annual Report 2025. No significant divestments took place in the period from 2023–2025. For capital expenditures expected in 2026, reference is made to pages 16-18 in the subsection ‘2026 outlook’ in our Annual Report 2025. Such expenditures are expected to be financed with cash flow from operating activities. Public takeover offers in respect of the Company’s shares No such offers occurred during 2025 or 2026 to date. B. BUSINESS OVERVIEW Reference is made to the sections '2025 at a glance' on page 7, 'Purpose, strategy and culture' on page 9 and ‘Strategic Aspirations’ on pages 12-34 of our Annual Report 2025. Novo Nordisk is a global healthcare company and a world leader in Obesity and Diabetes care. The Company manufactures and markets pharmaceutical products and services that make a significant difference to patients, the medical profession and society. Headquartered in Denmark, Novo Nordisk employs more than 69,500 employees in around 80 countries, and markets its products in approximately 170 countries. The Company has a broad product portfolio across Obesity and Diabetes care and Rare disease, including a portfolio of glucagon-like-peptide-1 (GLP-1) receptor agonists for the treatment of obesity and diabetes, and modern and human insulins for the treatment of diabetes. During 2025, there has been continued growth across all therapy areas and in many of the geographic areas in which Novo Nordisk operates. However, due to increased competition in both US and ex-US markets, Novo Nordisk has lost volume market share in the GLP-1 market places for both obesity and diabetes. During 2025, there have been periodic supply constraints for certain products in some markets, including the leading product by sales, Ozempic® for the treatment of type 2 diabetes1. However, the supply situation across products has improved throughout 2025 due to continued scaling of manufacturing capabilities. The Company markets three drugs - Saxenda® and Wegovy®, which is offered in injectable formats and Wegovy® Pill that has recently launched in the first quarter of 2026 - for the treatment of obesity. In its fifth year after launch, revenue for the GLP-1 product Wegovy®, grew 36%, to DKK 79 billion. Further, Novo Nordisk has a Rare disease portfolio consisting mainly of growth hormone and haemophilia products. On 7 August 2025, Maziar Mike Doustdar succeeded Lars Fruergaard Jørgensen as president and chief executive officer of Novo Nordisk. Mike has been with Novo Nordisk since 1992, and has been a part of executive management since 2015, heading up Novo Nordisk's International Operations. On 10 September 2025, Novo Nordisk initiated a company-wide transformation to simplify its organisation, improve the speed of decision-making, and reallocate resources towards the company’s growth opportunities in obesity and diabetes. As part of the transformation around 9,000 employees were let go globally. The transformation was largely completed by the end of 2025. On 21 October 2025, Novo Nordisk announced that the Board of Directors had decided to convene an Extraordinary General Meeting to elect new members of the Board of Directors of Novo Nordisk. This Extraordinary General Meeting was held on 14 November 2025, and led to the election of Lars Rebien Sørensen to serve as Chair of the Board of Directors for a period until the next Annual General Meeting in 2026. Cees de Jong was elected as Vice Chair of the Board of Directors, and Britt Meelby Jensen and Stephan Engels were elected as members of the Board of Directors. On 9 December 2025, Novo Nordisk acquired Akero Therapeutics Inc. (“Akero”), a clinical-stage company developing transformational treatments for patients with serious metabolic diseases, including metabolic dysfunction-associated steatohepatitis (MASH). Akero’s lead product candidate, efruxifermin (EFX), is currently being evaluated in three ongoing Phase 3 clinical studies. The acquisition is aligned with Novo Nordisk’s strategy of focusing on patients living with obesity and diabetes, and related comorbidities such as MASH. Novo Nordisk has acquired all outstanding shares of common stock and common stock equivalents of Akero for 54 USD per share in 1 Product indications described in this Form 20-F are composite summaries of the major indications approved in the product’s principal markets. Not all indications are necessarily available in each of the markets in which the products are approved. The summaries presented herein for the purpose of financial reporting do not substitute for careful consideration of the full labelling approved in each market. 5 Novo Nordisk Form 20-F 2025 ITEM 4 INFORMATION ON THE COMPANY cash (or aggregated value of 4.7 billion USD) and a non-transferable Contingent Value Right (“CVR”). Each CVR entitles its holder to an additional payment of 6 USD per share in cash (or aggregated value of 0.5 billion USD) upon US regulatory approval of Akero’s lead candidate, EFX, for the treatment of compensated cirrhosis due to MASH. Segment information Novo Nordisk is engaged in the discovery, development, manufacturing and marketing of pharmaceutical products and has two business segments: (i) Obesity and Diabetes care and (ii) Rare disease. Effective 1 January 2025, Novo Nordisk reorganised its geographical areas. Reference is made to Note 2.2 ‘Segment information’ in the consolidated financial statements in our Annual Report 2025. Seasonality Sales of individual products in individual markets may be subject to fluctuations from quarter to quarter. However, the Company’s consolidated operating results have not been subject to significant seasonality. Raw materials The impact on the overall profitability of Novo Nordisk from variations in raw material prices is unlikely to be significant. Currently, there is no raw material supply shortage that is expected to significantly impact the Company’s ability to supply any significant market. Market and competition Novo Nordisk’s pharmaceutical products are marketed and distributed through subsidiaries, distributors and independent agents each responsible for specific geographic areas. The Company’s financial reporting is divided into two operation units, US Operations (covering the United States) and International Operations. International Operations cover the following Regions: EUCAN (covering Europe and Canada), Emerging Markets (covering mainly Latin America, Middle East, and Africa), APAC (covering Japan, Korea, Oceania and Southeast Asia) and Region China (covering Mainland China, Hong Kong and Taiwan). For 2025, the Company's most important markets in terms of sales were the United States, China, Canada, Japan, and the major European countries. Due to the increasing number of people with diabetes, the global pharmaceutical market for treatment of diabetes continues to grow. Several of the major international pharmaceutical companies have entered the diabetes market, specifically in the area of oral products for the treatment of type 2 diabetes. In the global diabetes market, Novo Nordisk and Eli Lilly are the most significant companies measured by market share. The market for anti-obesity medications, primarily GLP-1s, continues to grow and expand, driven by innovative treatments coming to the market and the significant unmet medical need for safe and efficacious treatment options. Novo Nordisk and Eli Lilly are the most significant companies measured by market share, but several major international pharmaceutical companies and smaller biotech companies have anti-obesity medications under development. In the US, the once-weekly GLP-1 product, Wegovy®, has been the leading anti-obesity medication for years measured by total weekly prescriptions, but this position was overtaken by a competing GLP-1 based product in the beginning of 2025. The use of GLP-1 as a treatment option for people with type 2 diabetes has continued to increase resulting in significant growth of the GLP-1 market. Novo Nordisk and Eli Lilly are the most significant companies in the global GLP-1 market measured by market share. In February 2018, Novo Nordisk launched the once-weekly GLP-1 product, Ozempic®, for the treatment of adults with type 2 diabetes in the United States and Canada. Since then, Ozempic® has become a market leading product and the Company's best performing product by sales, with global sales of more than DKK 127 billion in 2025. In the US, Ozempic® has been the leading GLP-1 for type 2 diabetes for years measured by total weekly prescriptions, but this position was overtaken by a competing GLP-1 based product during 2025. The global branded obesity market doubled by volume in 2025. Wegovy® has been launched in the United States and more than 50 other countries outside the United States. Over the course of 2024 and 2025, driven by drug shortage notifications on the US market, compounding pharmacies have introduced unapproved copies of Novo Nordisk’s anti-obesity GLP-1 products. Compounding of a drug experiencing drug shortage is permitted in the US. However, following the resolution of the GLP-1 shortage, compounding has illicitly continued. Novo Nordisk strongly opposes this, and is working to prevent the compounding of its GLP-1 products. Market conditions within the pharmaceutical industry continue to change, including efforts by both private and governmental entities to reduce or control costs generally and in specific therapeutic areas. Most of the countries in which Novo Nordisk sells insulin and GLP-1 subsidise or control pricing. In most markets insulin and GLP-1 products are prescription drugs. 6 Novo Nordisk Form 20-F 2025 ITEM 4 INFORMATION ON THE COMPANY In recent years, there has been a general trend in the United States of pharmacy benefit managers managing the cost of obesity and diabetes care to exert pressure on the price of Novo Nordisk’s and competitors' products. Furthermore, 2025 saw the finalisation of the second round of negotiations with the US administration on Medicare Part D drug prices under the Inflation Reduction Act. Included in these negotiations were semaglutide based products Ozempic®, Rybelsus® and Wegovy® from Novo Nordisk. The negotiated price for the products in Medicare Part D will go into effect in 2027. During 2025, Novo Nordisk announced an agreement with the U.S. Administration to expand access to GLP-1s to more Americans at a lower cost. Under the "Most favoured nations" agreement, semaglutide medicines, including Wegovy® and Ozempic®, will see expanded patient access and improved affordability in 2026 through U.S. Medicare Part D and Medicaid and in the direct-to-patient self-pay channel. Medicare Part D coverage for obesity medicines is expected to be enabled through a pilot programme designed to cover a majority of Part D beneficiaries, with implementation expected to begin around mid-2026. Patents To maintain and expand competitiveness, Novo Nordisk strives for the strongest possible protection for those inventions that are created during the development of new products. Novo Nordisk anticipates that the expiration of certain patents could impact sales starting in 2026. However, through continued investments in research and development, Novo Nordisk strives to bring novel and innovative products to the market and thereby sustain strong patent protection in the future, as new generations of products replace currently marketed products. For patent information on all Novo Nordisk’s marketed products, reference is made to the section ‘Patent status for products with marketing authorisation' on page 25 in our Annual Report 2025. For key products with recent patent expiration or with patent expiration occurring within the coming years, geographic sales splits are provided and factors that may influence the potential impact of competitive product launches are discussed. Sales of key products with recent or upcoming patent expiration: Total sales in 2025 (in DKK million) US Operations International Operations Hereof Product EUCAN Emerging Markets APAC Region China Victoza® 3,020 471 2,549 694 1,050 204 601 Saxenda® 3,241 268 2,973 1,444 1,238 263 28 Wegovy® 79,106 51,015 28,091 15,383 6,100 5,812 796 Ozympic® 127,089 88,467 38,622 22,774 7,235 3,214 5,399 Rybelsus® 22,093 8,833 13,260 7,065 2,061 3,514 620 Patent situation of key Obesity and Diabetes care products Today, biosimilar and/or interchangeable versions of insulin can be approved in the United States via the 351(k) pathway. In the EU, a biosimilar pathway and guidelines are available for insulins, and the guideline for biosimilar products issued in Japan is also relevant for insulin. A biosimilar to NovoRapid®/NovoLog® produced by a competitor was launched in 2020. An interchangeable biosimilar for NovoRapid®/NovoLog® produced by a competitor was approved in July 2021. Furthermore, biosimilar insulins are being developed in China by local competitors. The total sales of Victoza® were DKK 3,020 million in 2025 (DKK 5,482 million in 2024). The compound patent for Victoza® has expired. In Japan, the drug compound patent expired in 2022; in the US and Germany, the drug compound patent expired in 2023. The drug compound patent expired in China in 2017 and in 2023 a biosimilar version of Victoza® was approved in China. Novo Nordisk has received notifications from several manufacturers that they have filed Abbreviated New Drug Applications (ANDAs) for generic versions of Victoza®, Saxenda®, Ozempic®, Wegovy®, and Rybelsus®, respectively. The ANDAs contain Paragraph IV certifications to obtain approval to engage in the commercial manufacture, use or sale of such products before the expiration of some or all of the patents currently listed for those products in the Orange Book. Novo Nordisk filed complaints for patent infringement against these manufacturers. Novo Nordisk has entered into settlement agreements with several manufacturers that have filed ANDAs for Victoza®. Consequently, these manufacturers were licensed to launch a generic version of Victoza® as of June 22, 2024. Teva launched an authorised generic 7 Novo Nordisk Form 20-F 2025 ITEM 4 INFORMATION ON THE COMPANY version of Victoza® in June 2024, and Hikma Pharmaceuticals PLC launched its generic liraglutide product in December 2024. Moreover, Novo Nordisk has entered into settlement agreements regarding the US patent litigation matters for Saxenda®. Novo Nordisk has now also entered into settlement agreements with Alvogen Inc. (Alvogen), Rio Biopharmaceuticals Inc. (Rio), Sun Pharmaceutical Industries Limited (Sun), Dr. Reddy’s Laboratories, Ltd. (DRL), Mylan Pharmaceuticals Inc. (Mylan), Zydus Pharmaceuticals Inc. (Zydus) and Apotex Inc. (Apotex) regarding the US patent litigation for Ozempic®. All terms of the agreements are confidential. All agreements are subject to review by the US Federal Trade Commission and the US Department of Justice. In March 2023, Mylan filed an IPR challenging the validity of a patent which claims a method of treating type 2 diabetes using 1 mg of semaglutide, and the Patent Trial and Appeal Board instituted an IPR proceeding. After the institution decision, Sun, DRL, and Apotex moved to join the IPR and those motions were granted. In October 2024, Novo Nordisk settled with Mylan, Sun, DRL, and Apotex prior to the IPR hearing. All terms of the agreements are confidential. All agreements are subject to review by the US Federal Trade Commission and the US Department of Justice. In China, Novo Nordisk´s semaglutide compound patent was subject to invalidation actions and was upheld by the Beijing IP Court in November 2023. This decision was appealed to the Supreme People's Court where the patent was upheld in December 2025, thereby recognising the validity of Novo Nordisk´s semaglutide compound patent. Novo Nordisk will continue to defend its intellectual property associated with liraglutide and semaglutide, including through litigation. The total sales of obesity care products (Saxenda® and Wegovy®) were DKK 82,347 million in 2025 (DKK 65,146 million in 2024), of which the majority of the sales comes from Wegovy®. The drug compound patent for Saxenda® (liraglutide) has expired in all countries. Compound patent expiry in the US for the semaglutide branded products - Ozempic®, Rybelsus®, and Wegovy® - is 2032. For additional information, reference is made to the section 'Patent status for products with marketing authorisation' on page 25 of our Annual Report 2025. Impact of regulation As a pharmaceutical company, Novo Nordisk depends on government approvals related to production, development, marketing and reimbursement of its products. Important regulatory bodies include the US Food and Drug Administration, the European Medicines Agency, China's National Medical Products Administration and the Japanese Ministry of Health, Labour and Welfare. Treatment guidelines from non-governmental organisations such as the European Association for the Study of Diabetes and the American Diabetes Association may also impact the Company. Disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 Pursuant to Section 13(r) of the Securities Exchange Act of 1934 "("Section 13("r)"), Novo Nordisk is obliged to disclose if, during 2025, it or any of its affiliates engaged in certain Iran-related activities or transactions with persons designated under Executive Order 13224 or Executive Order 13382, or dealt with the Government of Iran (“GOI”). Novo Nordisk conducts limited business relating to pharmaceutical products and devices pertaining to chronic and rare disease care in Iran, which is permitted under the US sanctions against Iran. Set forth below is a description of the activities and transactions by Novo Nordisk’s subsidiaries that are required to be disclosed pursuant to Section 13(r). Novo Nordisk’s US subsidiaries and US person employees are not involved in any of Novo Nordisk’s activities in Iran. However, the United States maintains broad exceptions that permit the commercial sale and export of medicine and medical devices to Iran or the Government of Iran. Similar exceptions, like those encompassed in section 11 of Executive Order 13902, are also in place for the manufacturing of medicine and medical devices for use in Iran. Novo Nordisk Pars (“NN Pars”), a wholly-owned subsidiary of Novo Nordisk A/S located in Iran, contracts with a number of companies that may be owned or controlled by the GOI to distribute its products. NN Pars also sponsors educational programmes and congresses organised by GOI-controlled medical universities, and hosts and/or engages as scientific delegates or lecturers/speakers health care professionals employed by these medical universities at similar programmes in Iran and other locations. Additionally, NN Pars makes donations to GOI-controlled public health organisations focusing on diabetes awareness and policy. NN Pars receives payments from, and makes payments to, Iranian banks (some of which may be GOI-owned or controlled) relating to the sales of pharmaceutical products and devices. NN Pars makes payments incidental to its ordinary business activities to Iranian government entities and entities that are or may be GOI-owned or controlled, such as taxes, customs fees, insurance, product registration fees and telecommunications services expenses. 8 Novo Nordisk Form 20-F 2025 ITEM 4 INFORMATION ON THE COMPANY In 2016, NN Pars purchased land from a GOI-owned or controlled holding company in order to construct a manufacturing facility in Iran. The facility opened and officially started production in August 2020 and is being used for assembly and packaging of medical pens for use in Iran. NN Pars purchases utility services from a GOI-owned or controlled entity. Novo Nordisk’s gross revenue related to transactions with GOI-owned or controlled entities in 2025 was not in excess of 1% of Group sales. Novo Nordisk does not allocate its net profit on a country-by-country or activity-by-activity basis, other than as set forth in Novo Nordisk’s consolidated financial statements prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB); however, Novo Nordisk estimates that its net profit attributable to the transactions with the GOI discussed above would not exceed a de minimis percentage of the Group’s total net profit in 2025. The purpose of Novo Nordisk’s Iran-related activities is to provide access to important and essential pharmaceutical products to patients suffering from chronic diseases and haemophilia, and to improve the healthcare of the Iranian people in accordance with Novo Nordisk’s access to care strategy. For that purpose, and because Novo Nordisk has determined that its activities comply with all applicable laws, Novo Nordisk intends to continue these activities (including local production of these products in Iran). C. ORGANISATIONAL STRUCTURE For information regarding the organisational structure and securities exchange listings of Novo Nordisk A/S, the controlling shareholder Novo Holdings A/S and the Novo Nordisk Foundation and the ownership structure of Novo Nordisk A/S, reference is made to the sections ‘Corporate Governance’ on pages 39-40 and ‘Shares and capital structure’ on pages 18-19 of our Annual Report 2025. Companies in the Novo Nordisk Group are listed in the section ‘Companies in the Novo Nordisk Group’ on page 113 of our Annual Report 2025. D. PROPERTY, PLANTS AND EQUIPMENT The Company has its headquarters in Bagsværd, Denmark. The supply capacity has gradually increased, including the capacity for meeting growing demand in the future. Our main products are; Awiqli®, Fiasp®, Levemir®, Norditropin® NovoLog®/ NovoRapid®, NovoLog Mix®/ NovoMix®, NovoSeven®, Ozempic®, Rybelsus®, Ryzodeg®, Saxenda®, Tresiba®, Victoza®, Wegovy® and Xultophy®. Reference is made to the sections ‘Capital expenditures in 2025, 2024 and 2023’ under Item 4 for more information about the current expansion programmes. For the nature of the Company’s property, plant and equipment, as of 31 December 2025 and 2024, reference is made to Note 3.3 ‘Property, plant and equipment’ in the consolidated financial statements in our Annual Report 2025. The major production facilities owned by the Company are located at a number of sites in Denmark, and internationally in the United States, France, China and Brazil. There are no material encumbrances on the properties; however, the facilities in Tianjin, China are constructed on land where the remaining term of the leases is 28 and 32 years. Active pharmaceutical ingredient (API) production is located in Denmark, primarily in Kalundborg and with secondary locations in Hillerød and Gentofte, both in Denmark, as well as in New Hampshire and North Carolina, United States, respectively. The following table sets forth certain information regarding our major production sites. MAJOR PRODUCTION FACILITIES Size of production area (square metres) Major Production Activities Kalundborg, Denmark 168,300 Active pharmaceutical ingredients for obesity and diabetes as well as products for Diabetes care Active pharmaceutical ingredients for haemophilia Products for Rare disease Hillerød, Denmark 156,900 Durable devices and components for disposable devices Products for obesity and diabetes Active pharmaceutical ingredients for haemophilia Bagsværd, Denmark 111,200 Products for obesity and diabetes Clayton, North Carolina, United States 89,000 Active pharmaceutical ingredients for obesity and diabetes (purification) Products for obesity and diabetes Gentofte, Denmark 62,900 Active pharmaceutical ingredients for glucagon and growth hormone therapy Products for growth hormone therapy, glucagon and haemophilia 9 Novo Nordisk Form 20-F 2025 ITEM 4 INFORMATION ON THE COMPANY Tianjin, China 67,200 Products for diabetes Production of durable devices Måløv, Denmark 60,900 Products for hormone replacement therapy Products for oral antidiabetic treatment Products for oral diabetes treatment Chartres, France 60,200 Products for diabetes Montes Claros, Brazil 56,200 Products for diabetes Gel production for active pharmaceutical ingredients Bloomington, Indiana, United States 28,200 Products for obesity and diabetes Contract manufacturing organisation (CMO) related activities Anagni, Italy 22,400 Products for obesity and diabetes CMO related activities Brussels, Belgium 18,000 Products for obesity and diabetes CMO related activities In December 2021, the Company announced the investment in construction of a new purification facility and a new recovery facility as well as rebuilding of one existing fermentation facility at the production site in Kalundborg, Denmark. The investment will establish additional capacity for manufacturing active pharmaceutical ingredients. The facilities are expected to increase the production area with approximately 59,900 square metres. The facilities are expected to be operational during 2027 and the expected amount of expenditures is DKK 22.3 billion with realised spend of DKK 20.3 billion as of 31 December 2025. The facilities will be financed by cash flow from operating activities. In June 2022, the Company announced its investment in an expansion of an existing facility at the production site in Hjørring, Denmark. The investment will increase the capacity for production of NovoFine® Plus needles and is expected to increase the production area by 5,900 square metres. The expansion is expected to be finalised during 2026. The expected amount of expenditures is approximately DKK 550 million with realised spend of DKK 525 million as of 31 December 2025. The expansion will be financed by cash flow from operating activities. In November 2022, the Company announced its investment in the expansion of its clinical manufacturing facilities in Bagsværd, Denmark. The investment will establish additional capacity in R&D for the manufacturing of active pharmaceutical ingredients to supply the Company’s global clinical trials. The expansion is expected to increase the production area with 7,000 square metres and it is expected to be finalised in 2026. The expected amount of expenditures is DKK 9.2 billion with realised spend of DKK 8.2 billion as of 31 December 2025. The expansion will be financed by cash flow from operating activities. In June 2023, the Company announced its investment in expanding an existing API production facility in Hillerød, Denmark. The facility is expected to be operational during 2028 and its production area expected to be increased by 65,000 square metres. The expected amount of expenditures for this facility is approximately DKK 15.9 billion with realised spend of DKK 10.7 billion as of 31 December 2025. The facility will be financed by cash flow from operating activities. In November 2023, the Company announced its investment in the expansion of its API production facility in Kalundborg, Denmark. The facility is expected to be fully operational during 2029 and its production area expected to be 170,000 square metres. The expected amount of expenditures for this facility is approximately DKK 49.6 billion with realised spend of DKK 23.1 billion as of 31 December 2025. The facility will be financed by cash flow from operating activities. In November 2023, the Company announced the investment in an expansion of an existing facility at the production site in Chartres, France. The investment will significantly increase the capacity of the manufacturing site, adding aseptic production and finished production processes and an extension of the current Quality Control Laboratory. The facility is expected to be gradually finalised from 2026 to 2028 and its production area expected to be 51,100 square metres. The expected amount of expenditures for this facility is approximately DKK 16.9 billion with realised spend of DKK 6.8 billion as of 31 December 2025. The facility will be financed by cash flow from operating activities. In March 2024, the Company announced the investment in an expansion of an existing facility at the production site in Tianjin, China. The investment will significantly increase the capacity of the manufacturing site, adding aseptic production. The facility is expected to be fully operational during 2028 and its production area expected to be 25,000 square metres. The expected amount of expenditures for this facility is approximately DKK 4.1 billion with realised spend of DKK 2.1 billion as of 31 December 2025. The facility will be financed by cash flow from operating activities. 10 Novo Nordisk Form 20-F 2025 ITEM 4 INFORMATION ON THE COMPANY In June 2024, the Company announced the investment in an expansion of an existing facility at the production site in the US in Clayton, North Carolina. The investment will significantly increase the capacity of the manufacturing site, adding aseptic production and finished production processes. The facility is expected to be fully operational during 2029 and its production area is expected to be 130,000 square metres. The expected amount of expenditures for this facility is approximately DKK 27.0 billion with realised spend of DKK 13.4 billion as of 31 December 2025. The facility will be financed by cash flow from operating activities. In November 2024, the Company announced the investment in an expansion of an existing facility at the production site in Hillerød, Denmark. The investment will significantly increase the capacity of QC facilities. The facility is expected to be fully operational during 2027 and its production area is expected to be 53,000 square metres. The expected amount of expenditures for this facility is approximately DKK 2.9 billion with realised spend of DKK 0.7 billion as of 31 December 2025. The facility will be financed by cash flow from operating activities. In December 2024, the Company announced the investment of a newly established facility in Odense, Denmark. The investment will significantly increase the capacity of the manufacturing site, adding aseptic production and finished production processes. The facility is expected to be fully operational during 2027 and its production area is expected to be 40,000 square metres. The expected amount of expenditures for this facility is approximately DKK 8.5 billion with realised spend of DKK 3.6 billion as of 31 December 2025. The facility will be financed by cash flow from operating activities.