Investor Presentation Full Year 2017

Investor Presentation Full year 2017 Slide 103 Solid operating profit growth driven by diabetes Operating profit DKK billion Operating profit - Operating profit as % of sales Operating profit therapy split Diabetes Biopharm Reported operating profit growth 60 Operating profit growth in local currencies 60% 50 50% 40 40% 27% 22% 30 30% 20 20% 73% 78% 7% 10% 35% 4% 1% 10 10% 15% 13% 13% 6% 5% 0 0% * 2013 2014 2015 2016* 2017 2013 2017 * Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes® novo nordisk

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