Investor Presentaiton

Investor presentation Full year 2018 Slide 113 Currency impact on Novo Nordisk's P/L Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's profit and loss statement The currency effect on e.g. operating profit growth is the difference between the reported and the local operating profit growth Key currencies account for around 65-85% of the total currency exposure No hedging effects are included in the operating profit DKK million Net sales Gross profit Note: Example is based on Annual Report 2018 changing diabetes EXAMPLE 2018 2017 INCOME STATEMENT 111,831 111,696 Gross margin 94,214 84.2% 94,064 84.2% Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: • USD 11 months Sales and distribution costs 29.397 28.340 • CNY 6 months Percentage of sales 26.3% 25.4% • JPY 12 months Research and development costs 14,305 14,014 • GBP 11 months Percentage of sales 13.2% 12.556 • CAD 9 months Administrative costs 3.916 3,784 Percentage of sales 3.5% 34% Other operating income, net 1,152 Operating profit 47.248 Operating margin 42.2 % 1,041 48,967 43.0% Financial items (net) 367 (287) Profit before income taxes 47,615 40,600 Income taxes Effective tax rate 0,987 10.9% 10,550 21.7% Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging (interest differential) and the effect from currency gain/losses of balances in non-hedged currencies. Net profit 38,628 38,130 Net profit margin 34.5% 34.198 novo nordisk

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