Investor Presentation - First Nine Months of 2016

Highlights - Investor presentation First nine months of 2016 Slide 4 First nine months of 2016 Sales development Sales increased by 6% in local currencies and 4% in Danish kroner • USA grew by 6% in local currencies and accounted for 44% share of growth in local currencies International Operations and Region China grew by 13% and 11% in local currencies, respectively TresibaⓇ increased by 187% in local currencies and accounted for 33% share of growth in local currencies Research and Development . Semaglutide significantly reduced the risk of major cardiovascular events with 26% vs placebo in the SUSTAIN 6 trial Updated R&D strategy including a raised innovation threshold for R&D projects specifically within diabetes Financials Adjusted¹ operating profit increased by 7% in local currencies Diluted earnings per share adjusted for the partial divestment of NNIT increased by 22% to 11.50 DKK per share 2016 financial outlook: ● • Sales growth is now expected to be 5-6% measured in local currencies (around 2% lower in reported currencies) Adjusted¹ operating profit growth is now expected to be 5-7% measured in local currencies (around 2% lower in reported currencies) 2017 preliminary financial outlook in local currencies: • • Sales growth is expected to be low single digit Operating profit growth is expected to be flat to low single digit Updated long-term financial targets A new target for operating profit growth has been set at 5% on average while the two other targets remain unchanged Organisational Lars Rebien Sørensen retires as CEO effective 1 January 2017; Lars Fruergaard Jørgensen appointed as successor Global reduction of workforce by approximately 1,000 employees 1 Adjusted operating profit account for partial divestment of NNIT and out-licensing of assets for inflammatory disorders, both in 2015

View entire presentation