Investor Presentaiton

Investor presentation First nine months of 2018 Financial results for the first nine months of 2018 and financial outlook for 2018 Slide 25 First nine months of 2018 results Updated financial outlook for 2018 DKK billion 9M 2018 Sales Gross profit Change reported DKK 82.1 (2%) 69.1 (2%) Change local currency 4% Sales growth - local currencies 4% to 5% Sales growth - reported ~4 p.p. lower Gross margin 84.2% Total operating costs¹ 33.6 3% 7% Operating profit growth - local currencies 2% to 5% Operating profit² 36.5 (6%) 2% Operating margin 44.4% Operating profit growth - reported ~7 p.p. lower Financial items (net) 0.8 Profit before income tax 37.2 (2%) Income taxes 7.1 (14%) Financial items (net) ~DKK 0.5 billion Effective tax rate 19.1% Net profit 30.1 1% Free cash flow ~DKK 29 to 33 billion Diluted earnings per share (DKK) 12.40 3% 1 Total operating costs include S&D costs, R&D costs and Administrative costs; 2 Operating profit include s Other operating income The financial outlook is based on an assumption of a continuation of the current business environment and current scope of business activities and assuming currency exchange rates remain at the level as of 26 October 2018 9M: First nine months of 2018

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