First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 101 Higher profitability in the biopharmaceuticals segment driven by lower COGS and S&D costs Diabetes & Obesity P&L - full year 2017 DKK billion 100 -16% -27% Biopharmaceuticals P&L – full year 2017 Sales ratios DKK billion Sales ratios 30 80 60 60 40 T 20 20 24 -14% -12% 18 -15% -14% -3% +1% 41% 12 -3% +3% 56% Sales COGS S&D R&D Admin OOI OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit S&D: Sales and distribution cost; R&D: research and development cost; Admin: administrative cost changing diabetes 6 Sales COGS S&D R&D Admin ΟΟΙ OP novo nordisk

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