Efficacy and Safety of Oral Semaglutide Versus Liraglutide and Versus Placebo in Subjects With Type 2 Diabetes Mellitus

Inclusion Criteria:

- Informed consent obtained before any trial-related activities. Trial-related
activities are any procedures that are carried out as part of the trial, including
activities to determine suitability for the trial

- Male or female, age above or equal to 18 years at the time of signing informed
consent. For Japan only: Male or female, age at least 20 years at the time of signing
informed consent

- Diagnosed with type 2 diabetes mellitus for at least 90 days prior to day of
screening.

- HbA1c (glycosylated haemoglobin) of 7.0-9.5 % (53-80.3 mmol/mol) (both inclusive)

- Stable daily dose of metformin (above or equal to 1500 mg or maximum tolerated dose as
documented in the subject medical record) alone or in combination with a stable daily
dose of a SGLT-2 (sodium-glucose co-transporter-2) inhibitor for at least 90 days
prior to day of screening (fixed-dose combinations are allowed)

Exclusion Criteria:

- Female who is pregnant, breast-feeding or intends to become pregnant or is of
child-bearing potential and not using an adequate contraceptive method (adequate
contraceptive measure as required by local regulation or practice).For certain
specific countries: Additional specific requirements apply

- Any disorder, which in the investigator's opinion might jeopardise subject's safety or
compliance with the protocol

- Family or personal history of Multiple Endocrine Neoplasia Type 2 (MEN 2) or Medullary
Thyroid Carcinoma (MTC)

- History of pancreatitis (acute or chronic)

- History of major surgical procedures involving the stomach and potentially affecting
absorption of trial product (e.g. subtotal and total gastrectomy, sleeve gastrectomy,
gastric bypass surgery)

- Any of the following: myocardial infarction (MI), stroke or hospitalisation for
unstable angina or transient ischaemic attack within the past 180 days prior to the
day of screening

- Subjects presently classified as being in New York Heart Association (NYHA) Class IV

- Planned coronary, carotid or peripheral artery revascularisation known on the day of
screening

- Subjects with ALT (alanine aminotransferase) above 2.5 × upper normal limit (UNL)

- Renal impairment defined as estimated Glomerular Filtration Rate (eGFR) below 60
mL/min/1.73 m^2 as per Chronic Kidney Disease Epidemiology Collaboration formula
(CKD-EPI)

- Treatment with any medication for the indication of diabetes or obesity other than
stated in the inclusion criteria in a period of 90 days before the day of screening.
An exception is short-term insulin treatment for acute illness for a total of below or
equal to 14 days

- Proliferative retinopathy or maculopathy requiring acute treatment. Verified by fundus
photography or dilated fundoscopy performed within 90 days prior to randomisation

- History or presence of malignant neoplasms within the last 5 years (except basal and
squamous cell skin cancer and carcinoma in situ)

- History of diabetic ketoacidosis