9M 2023 Financial Performance

9M 2023: Financial update Strong cash flow leading to continuous deleveraging Cash flows DKKm EBIT Adjustments for non-cash items Change in working capital Cash flows from operations 9M 2023 9M 2022 • 2,964 1,888 2,449 1,110 • (1,311) (691) 3,541 2,868 Other changes in operating activities (402) (636) Cash flows from operating activities 3,139 2,232 Cash flows from investing activities (362) (1,360) • Cash flows from operating and investing activities (free cash flow) 2,777 872 Cash flows from financing activities (2,064) 169 Net cash flow for the period 713 1,041 Net cash/(net debt) Net debt/EBITDA1) 14 1) Rolling four quarters (46) (3,021) ~0x ~0.7x Comments Cash inflow from operating activities driven by strong underlying profitability partially offset by higher working capital Cash outflow from investing activities was impacted in 2022 by a DKK ~1.1bn CVR payment triggered by the European Vyepti approval Cash outflow from financing activities driven by dividend payments and repayment of loans Continuous deleveraging as Net debt has significantly reduced to DKK 46m corresponding to ~0x Net debt/EBITDA after Q3 2023

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