First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 102 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK billion COGS as % of sales COGS DKK billion CAPEX Expected CAPEX CAPEX as % of sales - 20 25% 12 20% 15 10 15% 8- 10 6- 10% 4- 5% 2 0 0% 2013 2014 2015 2016 2017 10% 8% 6% 4% 2% 0% 2014 2015 2016 2017 2018E 2019E 2020E changing diabetes novo nordisk

View entire presentation