Investor Presentation Q1 2018

Investor Presentation First three months of 2018 Slide 15 Financial results - First three months of 2018 DKK million Sales Gross profit Gross margin Sales and distribution costs Percentage of sales Research and development costs Percentage of sales Administration costs Q1 2018 26,930 22,733 84.4% (6,451) 24.0% (3,321) 12.3% (864) 28,452 24,201 (6,787) (3,289) Change Change Q1 2017 (reported DKK) (local currency) (5%) 5% (6%) 85.1% (5%) 5% 23.9% 1% 5% 11.6% (913) (5%) 0% Percentage of sales 3.2% 3.2% Other operating income, net 351 278 26% Operating profit 12,448 13,490 (8%) 6% Operating margin 46.2% 47.4% Financial items (net) Profit before income tax 1,161 13,609 (486) Income taxes (2,858) 13,004 (2,848) 5% 0% Effective tax rate Net profit 10,751 21.0% 10,156 21.9% 6% Diluted earnings per share (DKK) 4.40 4.06 8% changing diabetes

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