Investor Presentaiton

Highlights Investor Presentation First six months of 2018. Slide 4 - First six months of 2018 Sales development Sales decreased by 5% in Danish kroner and increased by 4% in local currencies to DKK 54.3 billion International Operations sales increased by 1% in Danish kroner and grew by 8% in local currencies • • • . Region AAMEO sales increased by 1% in Danish kroner and grew by 15% in local currencies Region Latin America sales increased by 19% in Danish kroner and grew by 46% in local currencies Region China increased by 2% in Danish kroner and grew by 6% in local currencies North America Operations sales decreased by 10% in Danish kroner and was unchanged in local currencies The GLP-1 diabetes franchise increased by 14% in local currencies and accounted for 77% share of growth Research and Development Successful completion of additional four phase 3a trials, PIONEER 2, 3, 4 and 7, with oral semaglutide OzempicⓇ label updated in the EU to reflect updated device offering Updated CVOT plans for OzempicⓇ and oral semaglutide to use a bridging strategy between SUSTAIN 6 and PIONEER 6 trials Four phase 3a STEP trials with injectable semaglutide 2.4 mg for people with obesity initiated Positive results from phase 2 trial with somapacitan in children with growth hormone deficiency Financials Operating profit decreased by 8% in Danish kroner and increased by 4% in local currencies to DKK 24.7 billion Net profit increased by 5% to DKK 21.1 billion Diluted earnings per share increased by 7% to 8.66 DKK per share 2018 financial outlook: • • Sales growth is still expected to be 3-5% measured in local currencies (now around 5% lower reported) Operating profit growth is still expected to be 2-5% measured in local currencies (now around 7% lower reported) An interim dividend of DKK 3.00 per share of DKK 0.20 will be paid in August 2018

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