A Research Study to Find Out How Semaglutide Works in the Kidneys Compared to Placebo, in People With Type 2 Diabetes and Chronic Kidney Disease (the REMODEL Trial)

Inclusion Criteria:

• Male or female.

• Age above or equal to 18 years at the time of signing informed consent.

• Diagnosed with T2D (type 2 diabetes) greater than or equal to 180 days prior to theday of screening.

• HbA1c (glycated haemoglobin) below or equal to 9.0 percent (below or equal to 75mmol/mol).

• Depending on biopsy/non-biopsy population:

1. For subjects in the non-biopsy population: Serum creatinine-based eGFR greaterthan or equal to 30 and below or equal to 75 mL/min/1.73 m^2(CKD-EPI).

2. For subjects in the biopsy sub-population: Serum creatinine-based eGFR greaterthan or equal to 40 and below or equal to 75 mL/min/1.73 m^2(CKD-EPI).

• UACR ( Urinary albumin-to-creatinine ratio ) greater than or equal to 20 and below 5000 mg/g.

• Treatment with maximum labelled or tolerated dose of a renin-angiotensin-aldosteronesystem (RAAS) blocking agent including an angiotensin converting enzyme (ACE)inhibitor or angiotensin II receptor blocker (ARB)) unless such treatment iscontraindicated or not tolerated.Treatment dose must be stable for at least 28 daysprior to screening.

Exclusion Criteria:

• Use of any glucagon-like peptide 1 receptor agonist (GLP-1 RA) within 30 days priorto screening.

• A prior solid organ transplant or awaiting solid organ transplant.

• Myocardial infarction, stroke, hospitalisation for unstable angina pectoris ortransient ischaemic attack within 180 days prior to the day of screening.

• Presence or history of malignant neoplasms (other than basal or squamous cell skincancer, in situ carcinomas of the cervix, or in situ prostate cancer) within 5 yearsprior to the day of screening.

• Congenital or hereditary kidney diseases including polycystic kidney disease,autoimmune kidney diseases including glomerulonephritis or congenital urinary tractmalformations.

• Uncontrolled and potentially unstable diabetic retinopathy or maculopathy. Verifiedby a fundus examination performed within the past 90 days prior to screening or inthe period between screening and Visit 2. Pharmacological pupil-dilation is arequirement unless using a digital fundus photography camera specified fornon-dilated examination.

• Treatment with systemic anti-inflammatory or immunosuppressant drugs within 90 daysprior to screening. Stable treatment with acetylsalicylic acid for prevention ofcardiovascular events and occasional use of propionic acid derivatives drugs (e.g.ibuprofen) is allowed.

• Any contraindication for MRI according to standard checklist used in clinicalroutine, including claustrophobia or metallic foreign bodies, metallic implants,internal electrical devices, or permanent makeup/tattoos that cannot be declared MRcompatible.

• Combination use of an ACE (angiotensin-converting enzyme) inhibitor and an ARB (angiotensin II receptor blockers).