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Investor Presentaiton

Investor presentation Full year 2018 Slide 109 Higher profitability in the biopharmaceuticals segment driven by lower S&D costs DKK Diabetes & Obesity P&L - full year 2018 billion 100 -16% -28% Biopharmaceuticals P&L – full year 2018 DKK Sales ratios billion 25 Sales ratios 80 60 60 40 20 20 -16% -17% -14% -4% +3% 52% -13% 15 -3% +1% 40% 10 Sales COGS S&D R&D Admin OOI OP 5 Sales COGS S&D R&D Admin ΟΟΙ OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit; S&D: Sales and distribution costs; R&D: Research and development costs; Admin: Administrative costs changing diabetes® novo nordisk

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