9M 2023 Financial Performance

9M 2023: Financial update Strong revenue and profit growth Key figures DKKm Revenue Gross margin 9M 2023 9M 2022 Growth Growth (CER)1) 14,934 13,566 10% 9% 78.1% 79.6% (1.5pp) Adj. gross margin 89.3% 88.0% +1.3pp Sales and distribution (S&D) 5,297 4,740 12% 15% Administrative expenses 915 756 21% 22% Research and development (R&D) 2,481 2,849 (13%) (12%) EBITDA 4,463 3,753 19% 9% EBITDA margin 29.9% 27.7% +2.2pp Adjusted EBITDA 4,859 3,705 31% 20% Adj. EBITDA margin 32.5% 27.3% +5.2pp 12 Revenue bridge Adj. EBITDA bridge 10% (31% 9% -4% 5% 14,934 13,566 15% 4,859 20% -4% 3,705 9M 2022 Organic FX Hedging 9M 2023 1) Growth at CER does not include effects from hedging. pp: percentage points 9M 2022 Organic FX Hedging 9M 2023 Comments • • • Revenue growth is driven by the strong performance across all strategic brands additionally benefited by hedging Adj. gross margin reflects robust operational performance. Adjustments primarily relate to product rights amortization and Vyepti inventory obsolescence provisions S&D costs increase due to higher Vyepti and Rexulti AADAD sales activities Administrative expenses mainly driven by higher legal provisions for ongoing litigations, expenses from digital investments and the CEO transition R&D costs lower when compared to 9M 2022 mainly due to less ongoing clinical activities Adj. EBITDA margin reflects strong revenue performance and operating leverage

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