Research Study Comparing a New Medicine Semaglutide to Liraglutide in People With Type 2 Diabetes

Inclusion Criteria: - Male or female, age 18 years or older at the time of signing informedconsent - Diagnosed with type 2 diabetes mellitus - HbA1c of 7.0-11.0 % (53 - 97 mmol/mol) (both inclusive) - Stable daily dose(s) including any of the following anti-diabeticdrug(s) or combination regimens 90 days prior to the day of screening: a) Biguanides (metformin above or equal to 1500 mg or maximum tolerated dose documented in the subject'smedical record). b) Sulphonylureas (above or equal to half of the maximum approved doseaccording to local label or maximum tolerated dose as documented in subject medicalrecord). c) SGLT-2 inhibitors (above or equal to half of the maximum approved doseaccording to local label or maximum tolerated dose as documented in subject medical record)

Exclusion Criteria: - Family or personal history of multiple endocrine neoplasia type 2 ormedullary thyroid carcinoma. Family is defined as a first degree relative - History orpresence of pancreatitis (acute or chronic) - History of diabetic ketoacidosis - Any of thefollowing: myocardial infarction, stroke, hospitalization for unstable angina or transientischaemic attack within the past 180 days prior to the day of screening - Subjectspresently classified as being in New York Heart Association (NYHA) Class IV - Plannedcoronary, carotid or peripheral artery revascularisation known on the day of screening -Renal impairment measured as estimated Glomerular Filtration Rate (eGFR) value of below 30ml/min/1.73 sqm as defined by KDIGO 2012 classification - Impaired liver function, definedas ALT above or equal to 2.5 times upper normal limit at screening - Proliferativeretinopathy or maculopathy requiring acute treatment. Verified by fundus photography ordilated fundoscopy performed within the past 90 days prior to randomisation