1

Novo NordiskNovo Nordisk

A focused healthcare company A focused healthcare company

Fortis Bank Biotechnology ConferenceFortis Bank Biotechnology Conference

May 13, 2002May 13, 2002

2

Forward-looking statementsForward-looking statements

This presentation contains forward-looking statements as the term is defined in the US Private This presentation contains forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 1995. Securities Litigation Reform Act of 1995.

Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations. Factors that may affect future This may cause actual results to differ materially from expectations. Factors that may affect future results include interest rate and currency exchange rate fluctuations, delay or failure of results include interest rate and currency exchange rate fluctuations, delay or failure of development projects, production problems, unexpected contract breaches or terminations, development projects, production problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, Novo Nordisk's ability to successfully market both new and existing of competing products, Novo Nordisk's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, unexpected growth in costs and expenses. governmental laws and related interpretation thereof, unexpected growth in costs and expenses.

Risks and uncertainties are further described in reports filed by Novo Nordisk with the US Risks and uncertainties are further described in reports filed by Novo Nordisk with the US Securities and Exchange Commission (SEC) including the company's Form 20-F, which was filed Securities and Exchange Commission (SEC) including the company's Form 20-F, which was filed on 26 April 2002. Novo Nordisk is under no duty to update any of the forward-looking statements on 26 April 2002. Novo Nordisk is under no duty to update any of the forward-looking statements after the date of this report or to conform such statements to actual results, unless required by law. after the date of this report or to conform such statements to actual results, unless required by law.

Novo Nordisk has the copyright to the information contained in this presentation. Novo Nordisk has the copyright to the information contained in this presentation. © 2002 Novo Nordisk A/S.© 2002 Novo Nordisk A/S.

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Agenda Agenda

Diabetes careDiabetes care

Haemostasis managementHaemostasis management

Update on the first quarter of 2002Update on the first quarter of 2002

Q&AsQ&As

4

HRTHRTGrowth hormone Growth hormone therapytherapy

Intellectual Intellectual propertyproperty

Diabetes careDiabetes care Haemostasis Haemostasis managementmanagement

PrimaryPrimarygrowth growth driversdrivers

Novo Nordisk – future key driversNovo Nordisk – future key drivers

Diabetes careDiabetes care

Secondary Secondary value value

driversdrivers

5

Diabetes - an unfolding epidemicDiabetes - an unfolding epidemic

Million people Million people with diabeteswith diabetes

Source: World Health OrganisationSource: World Health OrganisationSeptember 1998September 1998

150150

300300

20002000 20252025

6

Insulin – the ultimate diabetes therapyInsulin – the ultimate diabetes therapy -

cell

fun

ctio

n-c

ell f

un

ctio

n

Diet and Diet and exercise aloneexercise alone

Oral therapyOral therapy(66%)(66%)

Insulin Insulin therapytherapy(27%)(27%)

Oral/insulinOral/insulin(approx 7%)(approx 7%)

Time from diagnosisTime from diagnosis

Type 2 - slope

Type 2 - slope

Type 1 - Immediate need for InsulinType 1 - Immediate need for Insulin

7

The miracle of insulin

Patient J.L., December 15, 1922Patient J.L., December 15, 1922 February 15, 1923February 15, 1923

8

Strong insulin market growth driversStrong insulin market growth drivers

ObesityObesity

PopulationPopulationageage

PrevalencePrevalence

DiagnosisDiagnosis

ImprovedImproved insulinsinsulins

ImprovedImproved devicesdevices

Worldwide 5Y CAGR:Worldwide 5Y CAGR:

Value +9% (USD)Value +9% (USD)

Volume +6%Volume +6%

Source: Historic growth rates based on IMS data.Source: Historic growth rates based on IMS data.

9

The insulin business caseThe insulin business case

VolumeVolume

Number of people with diabetes Number of people with diabetes expected to double by 2025expected to double by 2025

Less than half of those affected Less than half of those affected are diagnosed are diagnosed

Ageing population and a move Ageing population and a move towards affluent lifestyle leading towards affluent lifestyle leading to increased prevalenceto increased prevalence

A drive towards intensified A drive towards intensified therapytherapy

5% annual growth5% annual growth 5% annual growth5% annual growth++

Product upgradesProduct upgrades

Conversion from human insulin Conversion from human insulin to insulin analoguesto insulin analogues

Conversion from vials and Conversion from vials and syringes to delivery systems syringes to delivery systems

10

Novo Nordisk positioned for value upgradeNovo Nordisk positioned for value upgrade

No

voR

ap

idN

ovo

Ra

pid

®®

>3

5 >

35

No

voM

ixN

ovo

Mix

®® 3

0 3

0>

15

>1

5

Fle

xPen

Fle

xPen

®®

>1

5>

15

InD

uoIn

Duo

®®

>1

0>

10

Inn

oL

etIn

no

Let

®®

>1

0>

10

Inn

ovo

Inn

ovo

®®

>2

0>

20

No

voP

en

No

voP

en ®

® J

r J

r>

25

>2

5

Number of countries Number of countries launching in 2002/2001launching in 2002/2001

#1 in Europe and Japan and #1 in Europe and Japan and #2 in the US#2 in the US

Completely new line of Completely new line of disposable devices and the disposable devices and the world’s only combined insulin world’s only combined insulin doser and glucose meterdoser and glucose meter

Rapid-acting and premixed Rapid-acting and premixed insulin analogues under roll-outinsulin analogues under roll-out

Long-acting analogue to be filed Long-acting analogue to be filed at the turn of the yearat the turn of the year

11

Expansion opportunities for Novo NordiskExpansion opportunities for Novo Nordisk

Oral Oral antidiabeticsantidiabetics

Oral drug Oral drug failuresfailures

NN622NN622(dual-acting (dual-acting sensitiser)sensitiser)

NN2211 (GLP-1)NN2211 (GLP-1)

NN1998 NN1998

(AERx(AERx®® iDMS) iDMS)

Strong market Strong market position and position and demand growthdemand growth

Significant potential Significant potential in value upgradesin value upgrades

Penetrate highly Penetrate highly competitive marketcompetitive market

Expand Expand presencepresence

Product Product upgradesupgrades

Injectable Injectable insulininsulin

Value of OAD market: Value of OAD market: >>USD 6 bnUSD 6 bn

Value of insulin market: Value of insulin market: >>USD 3 bnUSD 3 bn

12

NovoNormNovoNormTMTM/Prandin/Prandin®®

NovoNormNovoNormTMTM/Prandin/Prandin®®

NN304NN304

NN1998NN1998

NN2344NN2344

Glucose-induced Glucose-induced insulin secretioninsulin secretion

Tissue response Tissue response to insulinto insulin

Hepatic Hepatic glucose glucose productionproduction

Glucose Glucose uptakeuptake

ImpairedImpairedbeta cellbeta cellfunctionfunction

Basal hyper- Basal hyper- insulinemiainsulinemia

Post Post receptor receptor defectdefect

GlucoseGlucosetransporttransport

Insulin Insulin bindingbinding

NN414NN414Genetic

Acquired

Obesity

Age

Genetic

Acquired

Obesity

Age

Insulin deficiencyInsulin deficiency

Insulin resistanceInsulin resistance

NovoRapidNovoRapid

Type 2 Diabetes – the MetabolicType 2 Diabetes – the Metabolic SyndromeSyndrome

Insulin deficiencyInsulin deficiency

Insulin resistanceInsulin resistance

HyperglycemiaHyperglycemia

NN2211NN2211

NN2211NN2211

NN622NN622

NN622NN622Genetic

Acquired Glucotoxicity Lipotoxicity

Genetic

Acquired Glucotoxicity Lipotoxicity

NN344NN344

NovoMixNovoMix

13

Diabetes – Source of InnovationDiabetes – Source of Innovation

R&D ProjectsR&D Projects

Clinical researchClinical research

Steno Diabetes CentreSteno Diabetes Centre

Oxford Diabetes CentreOxford Diabetes Centre

Clinical research centres worldwideClinical research centres worldwideEvidence-based medicineEvidence-based medicine

NN disease mgt programmesNN disease mgt programmes

Outcomes data from > 100.000 Outcomes data from > 100.000 individuals with diabetesindividuals with diabetes

Molecular diversity & designMolecular diversity & design

Protein chemistry since ’23Protein chemistry since ’23

Medicinal chemistry since ’68Medicinal chemistry since ’68

Computational chemistry since ’75Computational chemistry since ’75

Rational drug design since ’83Rational drug design since ’83

Combinatorial chemistry since ’93Combinatorial chemistry since ’93 TrinomicsTrinomics

Genomics: Incyte since ’95Genomics: Incyte since ’95

Proteomics: CPA since ’97Proteomics: CPA since ’97

Metabonomics since ’99Metabonomics since ’99

Drug target & screeningDrug target & screening

Molecular biology since ’80Molecular biology since ’80

HT screening: Amersham since ’92HT screening: Amersham since ’92

Chemoinformatics since ’95Chemoinformatics since ’95

Dundee MRC consortium since ’98Dundee MRC consortium since ’98

Ultra HT Screening since ’00Ultra HT Screening since ’00

Basic researchBasic research

Hagedorn Research InstituteHagedorn Research Institute

Oxford and Steno Diabetes CentreOxford and Steno Diabetes Centre

Academic collaborationsAcademic collaborations

ConsortiaConsortia

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Identify & Identify & clone targetclone target

Establish Establish biological biological functionfunction

High High throughput throughput screeningscreening

In vitro In vitro biological biological

profileprofile

ChemistryChemistry

In vivo In vivo diabetes diabetes modelsmodels

PLPcPLPc

Stable cell Stable cell lineslines

DiabetesDiabetesexpertiseexpertise

DiabetesDiabetesmodelsmodels

Evolution of a Diabetes Project Evolution of a Diabetes Project

15

Diabetes pipelineDiabetes pipeline

NN2211NN2211 (GLP-1 analogue)(GLP-1 analogue)

NN344NN344 (Basal analogue)(Basal analogue)

NN1998NN1998(AERx(AERx®iDMS®iDMS))

NN304NN304 (Insulin detemir) (Insulin detemir)

NN414NN414 (Insulin secretion)(Insulin secretion)

NN622NN622 (Dual-acting sensitiser)(Dual-acting sensitiser)

Phase 1Phase 1 Phase 2Phase 2 Phase 3Phase 3

NN2344NN2344 (Insulin sensitiser)(Insulin sensitiser)

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NN622: The dual acting PPARNN622: The dual acting PPAR// agonist concept agonist concept

insulininsulin

GlucoseGlucoseclearanceclearanceraterate

GlucoseGlucoseproductionproduction

++ --Inhibition of lipolysis,Inhibition of lipolysis,fat re-distributionfat re-distribution

FattyFattyacidsacids PPARPPAR

PPARPPAR

Triglycerides,Triglycerides,LDL/HDLLDL/HDL

AGGTCA N AGGTCA AGGTCA N AGGTCA Target geneTarget gene

Transcription Transcription

PPREPPRE

NucleusNucleus

RXRRXRPPARPPAR

AGGTCA N AGGTCA AGGTCA N AGGTCA Target geneTarget gene

Transcription Transcription

PPREPPRE

NucleusNucleus

RXRRXRPPARPPAR

17

Diabetic dyslipidaemia Diabetic dyslipidaemia

Type 1Type 1 Type 2 Type 2

Elevated blood glucoseElevated blood glucose xxxxxx xxxxxx

KetosisKetosis xxxx 00

Insulin resistanceInsulin resistance xx xxxxxx

HypertensionHypertension xx xxxx

ObesityObesity x x xxxxxx

Increased LDLIncreased LDL x/0x/0 x/0x/0

Increased triglycerides/FFAIncreased triglycerides/FFA 00 xxxxxx

Decreased HDLDecreased HDL 00 xxxxxx

18

NN622 – Adding lipid control to glucose regulationNN622 – Adding lipid control to glucose regulation

Key observations:Key observations:

Improves glucose toleranceImproves glucose toleranceHbA1C reduced by 1-1.5%HbA1C reduced by 1-1.5%

Improves insulin sensitivityImproves insulin sensitivityPlasma insulin reduced by 50%Plasma insulin reduced by 50%

Corrects dyslipidaemiaCorrects dyslipidaemia

Dose-dependent side effects as Dose-dependent side effects as observed with other PPAR observed with other PPAR compoundscompounds

Phase 3 ongoingPhase 3 ongoing

Eleven presentations at the Eleven presentations at the upcoming ADAupcoming ADA

Lipid controlLipid control

HDLHDL

00

1010

2020

3030

4040

% d

iffe

ren

ce f

rom

%

dif

fere

nce

fro

m

bas

elin

eb

asel

ine

NN622 - 1 mgNN622 - 1 mg

NN622 - 2 mgNN622 - 2 mg

Actos - 45 mgActos - 45 mg

Avandia - 8 mgAvandia - 8 mg

TriglyceridesTriglycerides

-80-80

-60-60

-40-40

-20-20

00

2020

% d

iffe

ren

ce f

rom

%

dif

fere

nce

fro

m

bas

elin

eb

asel

ine

Source:Source: Two NN622 phase studies including a total of 400 patients. Two NN622 phase studies including a total of 400 patients. US Patient Package Inserts for Actos and Avandia. US Patient Package Inserts for Actos and Avandia.

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Insulin detemir versus NPH insulinInsulin detemir versus NPH insulinNight-time glucose profileInsulin detemir versus NPH insulinInsulin detemir versus NPH insulinNight-time glucose profile

Treatment:Treatment: Insulin detemirInsulin detemir NPH insulinNPH insulin

BG (mM)BG (mM)

N = 21N = 21

N = 52N = 52

55

66

77

88

99

1010

1111

1212

11pm11pm 3am3am 7am7am

J. L. Selam et al. :Oral presentation EASD 2001J. L. Selam et al. :Oral presentation EASD 2001

Findings:Findings: PPredictable glucose profiles over night with detemirredictable glucose profiles over night with detemir

Insulin detemir showed reduced Insulin detemir showed reduced variability compared to NPHvariability compared to NPH

20

Insulin detemir versus NPH insulinInsulin detemir versus NPH insulin

Hypoglycaemic events:Hypoglycaemic events: reduced for insulin detemir at all timesreduced for insulin detemir at all times

Hermansen et al. Diabetes Care 2001;24:296-301Hermansen et al. Diabetes Care 2001;24:296-301

36%36%

39%39%

26%26%

62%62%

5050

4040

3030

2020

1010

00

NPH insulinNPH insulin

Insulin detemirInsulin detemir

Time Time unknownunknown22:30-8:0022:30-8:00 8:00-12:008:00-12:00 12:00-22:0012:00-22:00

Nu

mb

er o

f ep

iso

des

Nu

mb

er o

f ep

iso

des

Findings:Findings: Statistatically fewer hypoglycaemic eventsStatistatically fewer hypoglycaemic events

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Strong presence at ADAStrong presence at ADAProjectProject StageStage Number of Number of

presentations*presentations*

Basic researchBasic research Pre-clinicalPre-clinical 55

NN414 (Insulin secretion)NN414 (Insulin secretion) Phase 1Phase 1 88

NN2211 (GLP-1 analogue)NN2211 (GLP-1 analogue) Phase 2Phase 2 77

NN1998 (Pulmonary insulin)NN1998 (Pulmonary insulin) Phase 2Phase 2 55

NN622 (Dual-acting sensitiser)NN622 (Dual-acting sensitiser) Phase 3Phase 3 1111

NN304 (Basal insulin analogue)NN304 (Basal insulin analogue) Phase 3Phase 3 55

NovoMixNovoMix®® (Premixed insulin analogue) (Premixed insulin analogue) Phase 3/ Phase 3/ approvedapproved

55

NovoRapidNovoRapid®®/NovoLog/NovoLog®® (Meal-related (Meal-related insulin analogue)insulin analogue)

MarketedMarketed 88

Insulin delivery systemsInsulin delivery systems Approved/ Approved/ MarketedMarketed

88

NovoNormNovoNorm®®/Prandin/Prandin®® MarketedMarketed 66

* will become available in the ADA abstract book* will become available in the ADA abstract book

22

Novo Nordisk – future key driversNovo Nordisk – future key drivers

Diabetes careDiabetes careHaemostasisHaemostasismanagementmanagement

PrimaryPrimarygrowth growth driversdrivers

Secondary Secondary valuevalue

driversdrivers HRTHRT Intellectual Intellectual

propertypropertyGrowth hormone Growth hormone

therapytherapy

23

The key advantages of NovoSevenThe key advantages of NovoSeven®® are: are:

Injury site selective activation of platelets Injury site selective activation of platelets creates high local thrombin generation creates high local thrombin generation which secures a tight fibrin clotwhich secures a tight fibrin clot

Efficacy independent of inhibitor titerEfficacy independent of inhibitor titer

Effective during & after surgeryEffective during & after surgery

Low thrombogenicityLow thrombogenicity

Good safety profileGood safety profile

Home treatmentHome treatment

Attractive cost/benefit ratioAttractive cost/benefit ratio

Advantages of NovoSevenAdvantages of NovoSeven®®

A bleeding episode

FVIIa/NovoSeven®®

Tissue factor

24

Beyond haemophilia treatmentBeyond haemophilia treatment

HaemostasisHaemostasisManagementManagement

NovoSevenNovoSeven®® in bleeding conditions in bleeding conditions Coagulation factor deficienciesCoagulation factor deficiencies

Platelet defectsPlatelet defects

General haemostasisGeneral haemostasis

Reduction of blood and plasma transfusionsReduction of blood and plasma transfusions

No product offers this safety and efficacy profileNo product offers this safety and efficacy profile

Increasing supportive data from investigational useIncreasing supportive data from investigational use

HaeHaemmophiliaophiliaTreatmentTreatment

25

Upper Upper gastrointestinal gastrointestinal

bleedings *)bleedings *)

Orthotopic liver Orthotopic liver transplantations *)transplantations *)

Liver resection *)Liver resection *)

SpontaneousSpontaneousbleedingbleeding

Single Single FactorFactor

MultipleMultipleFactorsFactors

SurgicalSurgicalbleedingbleeding

Lack ofLack ofplateletsplatelets

DefectiveDefectiveplateletsplatelets

Coagulation FactorCoagulation FactorDeficiencyDeficiency

PlateletPlateletDisorderDisorder

GeneralGeneralHaemostasisHaemostasis

Haemophilia Haemophilia with inhibitorswith inhibitors

Intra-cerebral Intra-cerebral bleedingsbleedings

TraumaTrauma

Vitamin K-Vitamin K-antagonistsantagonists

Stem cell Stem cell transplantationtransplantation

Liver resection Liver resection

*) =*) =Patients with chronic liver diseasePatients with chronic liver disease

NovoSevenNovoSeven®® indication expansions indication expansions

Current Current indicationindication

26

Haemophilia Haemophilia & congenital & congenital

bleeding disordersbleeding disorders

NovoSeven® updateNovoSeven® update

Haemophilia with Haemophilia with inhibitorsinhibitors

Acquired haemophiliaAcquired haemophilia

FVII and FXI deficiencyFVII and FXI deficiency

GlanzmannGlanzmann

Bernard-SoulierBernard-Soulier

Other coagulation Other coagulation factor defectsfactor defects

Surgery & Intensive careSurgery & Intensive care

Trauma study now initiatedTrauma study now initiated

*) = Patients with chronic liver disease*) = Patients with chronic liver disease

Upper gastro-Upper gastro-intestinal bleeding *)intestinal bleeding *)

Orthotopic liver Orthotopic liver transplantation *)transplantation *)

Liver resection *)Liver resection *)

Reversal of anti-Reversal of anti-coagulation therapycoagulation therapy

Stem cell Stem cell transplantationtransplantation

Intra-cerebral Intra-cerebral bleedingsbleedings

Liver resectionLiver resection

TraumaTrauma

Liver resection study now completedLiver resection study now completed

Unchanged estimated market potential : USD 450 millionUnchanged estimated market potential : USD 450 million

27

NovoSevenNovoSeven®® liver resection study completed liver resection study completed

• Exploratory Phase 2 study confirmed the good Exploratory Phase 2 study confirmed the good safety profile in safety profile in patients without coagulopathypatients without coagulopathy

• More than 30% reduction in number of patients More than 30% reduction in number of patients needing blood transfusion and in the observed blood needing blood transfusion and in the observed blood loss (0.05 < p < 0.1)loss (0.05 < p < 0.1)

• Options for maximising the value of this positive Options for maximising the value of this positive outcome include a larger pivotal study with optimised outcome include a larger pivotal study with optimised dosing regimendosing regimen

• First step into a potential array of surgical indicationsFirst step into a potential array of surgical indications

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First quarter 2002 in briefFirst quarter 2002 in brief

Sales up 2%Sales up 2%

Operating profit down 8%Operating profit down 8%

Full-year outlook of 5-10% operating profit Full-year outlook of 5-10% operating profit

maintainedmaintained

Analysis of first quarter’s sales shortfall carried Analysis of first quarter’s sales shortfall carried

out, corrective measures implementedout, corrective measures implemented

Key uncertainty regarding development in Key uncertainty regarding development in

European insulin market removedEuropean insulin market removed

29

Sales by therapy first quarter 2002Sales by therapy first quarter 2002

Insulin growth hit by de-stocking in Europe and timing of orders in International Operations

North America, Japan & Oceania and International Operations continue to grow

Growth in Europe and the US, but Japan hit by depreciation of JPY, increased competition and low market growth

Activelle®® growing in the US and France.

Insulin growth hit by de-stocking in Europe and timing of orders in International Operations

North America, Japan & Oceania and International Operations continue to grow

Growth in Europe and the US, but Japan hit by depreciation of JPY, increased competition and low market growth

Activelle®® growing in the US and France.

Diabetes careDiabetes care

+2%+2%

Haemostasis Haemostasis managementmanagement

+10%+10%

(2%)(2%)

hGHhGH

HRTHRT+2%

Key observations:Key observations:

Total turnover of DKK 5,481 mn: +2%Total turnover of DKK 5,481 mn: +2%

30

FFinancial results first quarterinancial results first quarter

Net turnoverNet turnover 5,4815,481 5,350 5,350 2 2

Operating profit Operating profit 1,2501,250 1,358 1,358 (8) (8)

Net financialsNet financials 1717 237237 (93)(93)

Profit before taxProfit before tax 1,2671,267 1,5951,595 (21)(21)

Net profitNet profit 824824 1,021 1,021 (19)(19)

Earnings per share (DKK) - dilutedEarnings per share (DKK) - diluted 2.36 2.36 2.93 2.93 (19) (19)

DKK millionDKK million 20022002 20012001 % change % change

31

Outlook for 2002Outlook for 2002

Expected sales growth between 7-10%Expected sales growth between 7-10%

Growth in operating profit of 5-10% expected Growth in operating profit of 5-10% expected

Net financial income is expected to be approximately DKK 150 millionNet financial income is expected to be approximately DKK 150 million

Tax rate expected at the level of 35%Tax rate expected at the level of 35%

Investments expected at DKK 4.5Investments expected at DKK 4.5 billionbillion

Slightly negative free cash flowSlightly negative free cash flow

Above outlook is based on the assumption that Above outlook is based on the assumption that exchange and interest rates remain at the current level exchange and interest rates remain at the current level (30 April 2002).(30 April 2002).

32

Entered 7 new clinical areas Entered 7 new clinical areas with 8 new studies with 8 new studies

Three Phase 2 studies to be Three Phase 2 studies to be reported on in 2002reported on in 2002

Estimated market potential Estimated market potential for NovoSevenfor NovoSeven®® within within haemophilia and congenital haemophilia and congenital bleeding disorders of USD bleeding disorders of USD 450 million 450 million

Patent protection in Europe Patent protection in Europe and the US until 2011, in and the US until 2011, in Japan until 2008Japan until 2008

PrimaryPrimarygrowthgrowthdriversdrivers

Secondary Secondary valuevalue

driversdrivers

Novo Nordisk – key driversNovo Nordisk – key drivers

Insulin market growing >10% paInsulin market growing >10% pa

In process of launching the most In process of launching the most comprehensive portfolio of comprehensive portfolio of insulin and insulin devicesinsulin and insulin devices

Expansion opportunity in faster Expansion opportunity in faster growing Oral Anti-Diabetes growing Oral Anti-Diabetes market with dual-acting sensitiser market with dual-acting sensitiser NN622, currently in Phase 3NN622, currently in Phase 3

Strong diabetes pipeline Strong diabetes pipeline including GLP-1 analogue including GLP-1 analogue (NN2211) and pumonary insulin(NN2211) and pumonary insulin

Diabetes careDiabetes care Haemostasis managementHaemostasis management

HRTHRTGrowth hormone Growth hormone

therapytherapyIntellectual Intellectual

propertyproperty

33

Investor InformationInvestor Information

Investor Relations contacts:Investor Relations contacts:

Novo Nordisk A/S Novo Nordisk A/S Investor Relations Investor Relations Novo Allé Novo Allé DK 2880 BagsværdDK 2880 BagsværdDenmark Denmark Fax (+45) 4444 2314 Fax (+45) 4444 2314

Peter HaahrPeter HaahrPhone (+45) 4442 1207Phone (+45) 4442 1207 E-mail: pehr@novonordisk.comE-mail: pehr@novonordisk.com

Palle Holm Olesen Palle Holm Olesen Phone (+45) 4442 6175Phone (+45) 4442 6175 E-mail: phoo@novonordisk.comE-mail: phoo@novonordisk.com

Rasmus JorgensenRasmus JorgensenPhonePhone (+1) 212 867 0123 (+1) 212 867 0123 E-mail: rrhj@novonordisk.comE-mail: rrhj@novonordisk.com

Share informationShare information

Novo Nordisk’sNovo Nordisk’s B shares are listed B shares are listed on the stock exchanges in on the stock exchanges in Copenhagen and London. Its Copenhagen and London. Its ADRs are listed on the New York ADRs are listed on the New York Stock Exchange under the symbol Stock Exchange under the symbol "NVO". For further company "NVO". For further company information, visit Novo Nordisk on information, visit Novo Nordisk on the Internet at the Internet at

http://www.novonordisk.comhttp://www.novonordisk.com

34

Appendix slidesAppendix slides

35

SalesSales by therapy in first quarter by therapy in first quarter

DKK millionDKK million 20022002 20012001 % of total% of total % change% change ((20022002))

Insulin etcInsulin etc 3,4863,486 3,3993,399 6464 3 3

NovoNormNovoNorm®®/Prandin/Prandin®® 350350 355355 66 (1)(1)

Diabetes care, totalDiabetes care, total 3,8343,834 3,7543,754 70 70 2 2

Haemostasis management*Haemostasis management* 800800 730730 15 15 10 10

Growth hormone therapyGrowth hormone therapy 450450 457 457 8 8 (2) (2)

HRTHRT 335335 327327 6 6 2 2

OtherOther 6262 8282 11 (24)(24)

TotalTotal 5,4815,481 5,3505,350 100100 22

* NovoSeven* NovoSeven®®

36

Sales by region in first quarterSales by region in first quarter

DKK millionDKK million 20022002 20012001 % of total% of total % change% change ((20022002))

Europe Europe 2,406 2,406 2,4102,410 44 44 (0) (0)

North AmericaNorth America 1,3541,354 1,2161,216 2525 1111

Japan & OceaniaJapan & Oceania 879879 916916 16 16 (4) (4)

International OperationsInternational Operations 842842 808808 1515 44

Total Total 5,4815,481 5,3505,350 100100 22

37

Diabetes care Diabetes care

SSales by quarterales by quarterDKK millionDKK million

00

500500

1,0001,000

1,5001,500

2,0002,000

2,5002,500

3,0003,000

3,5003,500

4,0004,000

4,5004,500

5,0005,000

Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1

1999 2000 2001 20021999 2000 2001 2002

38

00

5050

100100

150150

200200

250250

300300

350350

400400

450450

Hormone replacement therapyHormone replacement therapy

DKK millionDKK millionSSales by quarterales by quarter

Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1

1999 2000 2001 20021999 2000 2001 2002

39

’’In-market’ salesIn-market’ sales

GrowthGrowthcompared to previous yearcompared to previous year

Q1 Q1 20012001

Q2 Q2 20012001

Q3 Q3 20012001

Q4 Q4 20012001

Jan/Feb Jan/Feb 20022002

Total market growth:Total market growth:

VolumeVolume

ValueValue

6%6%

12%12%

9%9%

14%14%

9%9%

11%11%

9%9%

13%13%

8%8%

12%12%

Novo Nordisk growth:Novo Nordisk growth:

VolumeVolume

ValueValue

5%5%

8%8%

8%8%

10%10%

7%7%

8%8%

8%8%

11%11%

7%7%

12%12%

Insulin sales in Europe – ‘in-market’ sales’Insulin sales in Europe – ‘in-market’ sales’

Source: IMS ‘company market data’. Preliminary information for Jan/Feb 2002Source: IMS ‘company market data’. Preliminary information for Jan/Feb 2002

Note: ‘In market data’ reflects sale of insulin products from the wholesalers to the pharmacists. Note: ‘In market data’ reflects sale of insulin products from the wholesalers to the pharmacists.

40

Insulin de-stocking in Europe – the supply chain Insulin de-stocking in Europe – the supply chain

Novo NordiskNovo NordiskPatientPatient

WholesalersWholesalers- Approx 1,200- Approx 1,200

in Europein Europe

Local Local wholesalers’wholesalers’

inventory and inventory and parallel importers parallel importers

PharmacistsPharmacists- Estimated - Estimated

150,000 in Europe150,000 in Europe

’’ex-ex-factory’ factory’

salessales

’’In-market’In-market’ sales sales

PatientPatientpaymentpayment

Sales bookedSales bookedat Novo Nordiskat Novo Nordisk

41

Insulin sales in emerging markets Insulin sales in emerging markets

Strong underlying demand for insulinStrong underlying demand for insulin

Less than expected sales of insulin due to Less than expected sales of insulin due to timingtiming

Timing issues with no loss of market shareTiming issues with no loss of market share

Sales shortfall especially in India, Russia Sales shortfall especially in India, Russia and Braziland Brazil

Part of sales shortfall expected to be Part of sales shortfall expected to be regained in the second half of this yearregained in the second half of this year

42

European analogue conversion - NovoRapidEuropean analogue conversion - NovoRapid®®

Q1

20

00

Q1

20

00

March 2000March 2000

NovoRapidNovoRapid®® market market share 11.0%*share 11.0%*

Humalog market Humalog market share 26.7%*share 26.7%*

* IMS ‘brand’ volume market share of short-acting insulin. * IMS ‘brand’ volume market share of short-acting insulin. Preliminary information for Jan/Feb 2002Preliminary information for Jan/Feb 2002

Share of short-acting segmentShare of short-acting segment Novo Nordisk share of short-acting Novo Nordisk share of short-acting analogue segmentanalogue segment

February 2002February 2002 Q3

20

00

Q3

20

00

Q4

20

00

Q4

20

00

Q1

20

01

Q1

20

01

Q2

20

00

Q2

20

00

Q2

20

01

Q2

20

01

Q3

20

01

Q3

20

01

Q4

20

01

Q4

20

01

Fe

b

Fe

b

20

2002

02

Ja

n 2

00

2J

an

20

02

28%28%

7%7%

* IMS ‘brand’ volume market share of * IMS ‘brand’ volume market share of short-acting analogue insulin. short-acting analogue insulin. Preliminary information for Jan/Feb 2002Preliminary information for Jan/Feb 2002

43

Luxembourg Luxembourg FinlandFinland

Analogues in Europe – the conversion continuesAnalogues in Europe – the conversion continues

2001200120002000

NovoRapidNovoRapid®® market share 11.0%* market share 11.0%*

Launch of NovoRapidLaunch of NovoRapid®®

Switzerland Switzerland Holland Holland Austria Austria IrelandIreland

Italy Italy NorwayNorway

France France BelgiumBelgium

* IMS ‘brand’ volume market share of short-acting insulin* IMS ‘brand’ volume market share of short-acting insulin

UK UK GermanyGermanyDenmarkDenmark

Roll-out of NovoMixRoll-out of NovoMix® ® during 2002during 2002

FranceFrance

UKUKNetherlandsNetherlands

IrelandIrelandGermanyGermanyDenmarkDenmarkAustriaAustria

SwitzerlandSwitzerlandItalyItaly

PolandPolandSwedenSweden

SpainSpainFinlandFinlandBelgiumBelgiumNorwayNorway

44

Selected volume market share developmentSelected volume market share development

Month of Lantus Month of Lantus launchlaunch

February 2002February 2002

USAUSA 26%26% 26%26%

EuropeEurope 57%57% 57%57%

GermanyGermany 44%44% 42%42%Basal segmentBasal segment 51%51% 37%37%

Short-actingShort-acting 42%42% 43%43%

Mix-segmentMix-segment 43%43% 44%44%

Source: Based on IMS data.Source: Based on IMS data.

45

Investor InformationInvestor Information

Investor Relations contacts:Investor Relations contacts:

Novo Nordisk A/S Novo Nordisk A/S Investor Relations Investor Relations Novo Allé Novo Allé DK 2880 BagsværdDK 2880 BagsværdDenmark Denmark Fax (+45) 4444 2314 Fax (+45) 4444 2314

Peter HaahrPeter HaahrPhone (+45) 4442 1207Phone (+45) 4442 1207 E-mail: pehr@novonordisk.comE-mail: pehr@novonordisk.com

Palle Holm Olesen Palle Holm Olesen Phone (+45) 4442 6175Phone (+45) 4442 6175 E-mail: phoo@novonordisk.comE-mail: phoo@novonordisk.com

Rasmus JorgensenRasmus JorgensenPhonePhone (+1) 212 867 0123 (+1) 212 867 0123 E-mail: rrhj@novonordisk.comE-mail: rrhj@novonordisk.com

Share informationShare information

Novo Nordisk’sNovo Nordisk’s B shares are listed B shares are listed on the stock exchanges in on the stock exchanges in Copenhagen and London. Its Copenhagen and London. Its ADRs are listed on the New York ADRs are listed on the New York Stock Exchange under the symbol Stock Exchange under the symbol "NVO". For further company "NVO". For further company information, visit Novo Nordisk on information, visit Novo Nordisk on the Internet at the Internet at

http://www.novonordisk.comhttp://www.novonordisk.com