Novo Nordisk

1

A focused healthcare company

Investor presentation – Autumn 2003

2

Agenda

• Highlights

• Diabetes care

• Haemostasis management (NovoSeven®)

• Research and development

• Financials and outlook for 2003

3

Forward-looking statements

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

Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include interest rate and currency exchange rate fluctuations, delay or failure of development projects, production problems, unexpected contract breaches or terminations, 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 products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses.

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 on 27 March 2003. Please also refer to the section 'Financial Risk Factors' in the Annual Financial Report 2002. Novo Nordisk is under no duty to update any of the forward-looking statements or to conform such statements to actual results, unless required by law.

Novo Nordisk has the copyright to the information contained in this presentation. © 2003 Novo Nordisk A/S.

4

Highlights

First nine months 2003:• Sales: +5% as reported and +15% in local currencies• Operating profit: +5%• Net profit: +20%

Outlook for 2003: • Operating profit now expected to grow by around 5%• Net profit now expected to grow by around 15%

Insulin detemir: • Approvable Letter received from the FDA in the US• Targeting a CPMP opinion around year-end in Europe

NovoSeven®:• Three studies on the use of NovoSeven® to report in Q1 2004• Positive CPMP opinion received for use of NovoSeven® for Factor VII

deficiency and Glanzmann’s thrombasthenia

5

Sales in the first nine months - by therapy and region

By therapy By region

Total DKK 19.3 billion +5% reported and +15% in local currencies

HRT-7%

Haemostasis management

(NovoSeven®)+11%

Diabetes care+4%

Growth hormone therapy

+4%

15%

5%

70%

8%

North America+8%

International Operations

0%Europe

+7%

Japan & Oceania-1% 44%

25%

16%

15%

6

Diabetes care

Sales by quarter

Ke

y o

bse

rva

tion

s•

Gro

wth

in lo

cal c

urre

ncie

s w

as 1

0%

in th

e th

ird q

uart

er. A

ll re

gion

s co

ntrib

uted

to g

row

th

•In

loca

l cur

renc

ies

insu

lin a

nd

deliv

ery

syst

ems

grew

by

12%

in th

e th

ird q

uart

er a

nd 1

7% in

the

first

ni

ne m

onth

s

•A

nalo

gues

the

mai

n gr

owth

driv

er.

Pen

etra

tion

of b

oth

Nov

oRap

id® a

nd

Nov

oMix

® c

ontin

ues

DK

K m

illio

n

2000 2001 2002 2003

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3

+3%

7

Market characteristics

• Epidemic growth in number of people with diabetes

• Worldwide diabetes prevalence 5.1%, worldwide IGT prevalence (a pre-state to diabetes) 8.2%1

• The number of people with diabetes is expected to more than double by 2030

• In Europe and the US, 10-15% of total healthcare expenditure goes to type 2 diabetes2

0

5

10

15

20

25

0 5 10 15 20 25% CAGR 2002-06 expected

% C

AG

R 1

99

8-2

00

2

Diabetes care

CNS

Infectious disease

Cancer

RespiratoryCardiovascular

Arthritis

Diabetes

A high-growth market

Source: IMS data & SG Cowen estimates 2003 1 In the age group of 20-79 years, Diabetes Atlas, IDF, Second edition2 Diabetes News, WHO

Diabetes - a growth market

8

Type 2 - slope

Out of ‘guideline’ control

HbA1c

10%

9%

8%

7%

6%

Target USTarget Europe

Source: Novo Nordisk type 2 diabetes market research, Roper Starch, ADA, EASD, IDF, AACE, Wright A., Burden et al, Diabetes Care 2002; 25:330–336, Turner RC, Cull et al, JAMA 1999; 281:2005–2012

It is estimated that more than

2/3 of the patients are

not in control

Real-life insulin initiation

-ce

ll fu

nctio

n

Time from diagnosis

50%

9

Insulin therapy

-C

ell

fun

ctio

n

Diet and exercise alone

Oral therapy

Oral/insulin

Time from diagnosis

Type 2 - slope

Type 1 - Immediate need for insulin

Novo Nordisk’s primary market continues to be insulin

• More than 50% of Novo Nordisk’s insulin is sold to type 2 patients

• Focus on devices results in competitive edge

Insulin market trends are favourable• Earlier switch from OADs to

insulin• Intensified insulin treatment

Novo Nordisk has a secondary focus on the OAD market

Novo Nordisk’s main focus within diabetes care is insulin

Novo Nordisk provides a complete portfolio of diabetes products

10

Disposable Durable Int.BGM/DoserPumpsInhaled

Existing products

Delivering the insulin – the portfolio approach continues

FlexPen® NovoPen® 3 InDuo

Projects in development

AERx® iDMS

YesYes YesYes*

No product onmarket yetComments

Inventor andmarket leader

in segment

Inventor andmarket leader

in segment

Novo Nordisk markets only

pump approved analogue

Note: * Focused on ‘next generation pumps’

Inventor andonly

companypresent

11

Insulin market overview - volume

Source: IMS/BW. Volume data for USA, Europe, Japan, Canada, New Zealand, South Africa and Australia. Wal*Mart figures not included. Market size and share as MAT Q2 2003 and growth as MAT Q2 2003 versus MAT Q2 2002. The arrows next to the market shares illustrate the direction of change compared to MAT Q2 2002.

Novo Nordiskmarket share

59% ▲

75% ▼

48% ▲World

Japan

Europe

USA

Market

42%

47%

5%

Market size

100% 10.2%

8.1%

7.6%

6.4%

10.6%

6.7%

30% ▲17.8%

5.8%

Novo Nordisk

Growth rates

12

Market dynamics

Source: IMS/BW

Q1 2000 Q2 2003 Q1 2000 Q2 2003

Market segmentation Novo Nordisk market shares

Note: Quarterly data, volume figures

0 %

10 %

20 %

30 %

40 %

50 %

Vo

lum

e s

ha

re

Long-actingPremixShort-acting

20 %

30 %

40 %

50 %

60 %

Vo

lum

e sh

are

Long-acting

Premix

Short-acting

13

Strong development in analogues

Analogue conversion

Q1 2000 Q2 2003

27%

Source: IMS/BW

Note: Quarterly data, volume figures

0%

10%

20%

30%

40%

50%

60%

No

vo

No

rdis

k m

ark

et

sh

are

Novo Nordisk market shares

Q1 2000 Q2 2003

Human insulin

Analogues

Human insulinAnalogues

59%

20%

7%

Meg

a un

it

14

Market dynamics - the US

0 %

10 %

20 %

30 %

40 %

50 %

Vo

lum

e s

ha

re

Long-acting

PremixShort-acting

Source: IMS/BW

Q1 2000 Q2 20030 %

10 %

20 %

30 %

40 %

50 %

Vo

lum

e s

ha

re

Long-acting

PremixShort-acting

Q1 2000 Q2 2003

Market segmentation Novo Nordisk market shares

Note: Quarterly data, volume figures

15

Analogues - a key growth driver

Source: IMS/BW

Note: Quarterly data, volume figures

Short-acting segment

US

Q1 2000 Q2 2003 Q1 2000 Q2 2003

Premix segment

US

0%

10%

20%

30%

40%

50%

60%

70%

0%

5%

10%

15%

20%Analogue penetration

Novo Nordisk analoguemarket share

0%

10%

20%

30%

0%

5%

10%

15%

20%

Analogue penetration

Novo Nordisk analoguemarket share

16

.

Novo Nordisk - a clear competitive edge

Positioned to capture the growth

Profitable manufacturing of insulin requires

economies of scale and know-how

Analogue conversion resulting in insulin

market going back on patent

Delivery systems, a key differentiating factor and

a key competitive advantage

Being profitable in the insulin market requires the right infrastructure

Novo Nordisk has 80 years of

experience with insulin production

Novo Nordisk is the only company with a full range of analogue products

Novo Nordisk is the market leader

and innovator within devices

Novo Nordisk has extensive

collaborations with key opinion

leaders, healthcare authorities etc

17

The insulin business case

Volumedrivers

Valuedrivers

• Conversion from human insulin to insulin analogues

• Conversion from vials and syringes to devices

• Conversion from durable to disposable devices

• Epidemic growth in number of people with diabetes

• One third are diagnosed• Trend towards earlier and

more intensive therapy

10%+

18

Haemostasis management - NovoSeven®

Ke

y o

bse

rva

tion

s•

Gro

wth

in lo

cal c

urre

ncie

s of

20%

in

the

third

qua

rter

. All

regi

ons

cont

ribut

ed to

the

grow

th

•F

or th

e fir

st n

ine

mon

ths

sale

s gr

ew b

y 25

% in

loca

l cur

renc

ies

•E

urop

e an

d N

orth

Am

eric

a th

e m

ain

grow

th d

river

s

•S

ales

gro

wth

con

tinue

s to

ben

efit

from

incr

ease

d in

vest

igat

iona

l us

e

Sales by quarter+11%

0

100

200

300

400

500

600

700

800

900

1,000

Q1 Q3 Q1 Q3 Q1 Q3

DK

K m

illio

n

Q1

2000 2001 2002 2003Q3

19

Existing indication - still some growth potential

In total approximately 3,500 congenital inhibitor patients in the developed world.

In addition there are close to 1,000 patients with acquired haemophilia

Inhibitor patients require first-line treatment with NovoSeven®

• 2 bleeds per month• 2-3 doses/bleed• 90 micrograms/kg

As well as additional treatment + Surgical intervention

Estimated cost per inhibitor patient per year: = DKK 1-2 million*

Total market sizex 3,500 patients at DKK 1-2 million ~ DKK 5-6 billion

* A non-inhibitor haemophilia A patient: Yearly cost of treatment around DKK 800,000.Journal of Medical Economics 2002; 5

Distribution of inhibitor patients

North America

63%

Europe31%

Japan & Oceania

6%

20

Towards a general haemostatic agent

Marketed indication

NovoSeven®Identify and

capture value-

creating

opportunities

early

Congenital bleeding disorders

Intracerebral haemorrhage

Upper gastro-intestinal bleeding

Stem cell transplantation

Liver transplantation

Trauma

Other indications

Liver resection

21

Compound Phase Status Next update

NovoRapid® 30 Mix

(in Japan)

Approved To be launched in Q1

2004

Q1 2004

Insulin detemir Filed • Approvable Letter

received from the FDA

• In the EU, CPMP opinion

is targeted around year-

end

Q1 2004

Q1 2004

NN414 Phase 2 Discontinued NA

Pipeline update - diabetes care

22

Pipeline update - biopharmaceuticals

Compound/Indication Phase Status Next update

NovoSeven®

Factor VII deficiency Filed in EU Positive CPMP opinion Q1 2004

Glanzmann’s thrombasthenia Filed in EU Positive CPMP opinion Q1 2004

Liver transplantation Phase 2 Enrolment completed Q1 2004

Trauma Phase 2 Enrolment completed Q1 2004

Stem cell transplantation Phase 2 Enrolment completed Q1 2004

Intracerebral haemorrhage Phase 2 Enrolment ongoing H2 2004

Growth hormone

Small for Gestational Age Approved* Launch ongoing NA

NordiFlex® & NordiLet® Approved Launch ongoing NA

* In EU

23

Insulin detemir - an update

Current status in US

• Approvable Letter received

• Average FDA approval time for industry: 19-23 months**

• FDA has performed pre-approval inspection of the insulin detemir manufacturing facilities, with few minor observations

Outlook for US

• Discussions with the FDA are scheduled to clarify whether available clinical data may be adequate for approval, or additional clinical data will be required

Current status in Europe

• Filed November 2002

• Median EMEA CP approval time for industry: 16-17 months*

Outlook for Europe

• Novo Nordisk is now finalising answers to remaining questions on preclinical data and process documentation

• A CPMP opinion is targeted around year-end

NovoLog® and NovoRapid® experience

NovoLog®: FDA approval time: 21 months

NovoRapid®: EU approval time: 13 months

* Source: CMR international, 2001-2002

** Source: FDA Pink Sheets, 2001-2002

24

Financials

25

Financial results

* EPS on a fully-diluted basis.

Net turnover 19,333 18,479 5 6,703 6,445 4

Operating profit 4,575 4,374 5 1,636 1,518 8

Net financials 739 123 501 77 24 221

Profit before tax 5,314 4,497 18 1,713 1,542 11

Net profit 3,507 2,928 20 1,130 1,003 13

EPS (DKK)* 10.18 8.38 21 3.30 2.87 15

DKK million First nine months Third quarter

2003 2002 % change 2003 2002 % change

26

Currency impact - first nine months of 2003

Growth in local currencies Growth in Danish kroner

International Operations

Europe

North America

Japan & Oceania

Total

Therapy area Region

Diabetes care

Haemostasis management

Growth hormone therapy

Hormone replace- ment therapy

Total5

-7

4

11

4

15

-3

14

25

15

-10 -5 0 5 10 15 20 25 30

5

-1

0

8

7

15

10

16

28

9

-5 0 5 10 15 20 25 30

27

Currency exposure

Effect of 5% depreciation on full-

year operating profit* (DKK million)

USD -160

JPY -130

GBP -75* currency hedging income

is recorded as financial income

5,25

5,75

6,25

6,75

7,25

7,75

8,25

8,75

avg = 8.32

avg = 6.85

2001 2002 2003

avg = 6.30

avg = 7.88

USD

JPY

YTD 2003 avg = 5.67

YTD 2003 avg = 6.65

28

Outlook for 2003

Note: Above outlook is based on the assumption that exchange and interest rates remain at the current level (27 October 2003)

• Operating profit now expected to grow by around 5%

• Net financial income still expected at DKK 900 million

• Tax rate of 34%

• Net profit now expected to grow by around 15%

Key currency ratesDKK

per 1002002

average

USD 788

JPY 6.30

GBP 1182

Current rate*

633

5.83

1072

* As of 27 October 2003

2003 ytd avg

666

5.67

1076

29

Key growth drivers

Novo Nordisk sales*• Leadership in diabetes care

with full portfolio of insulin analogues

• NovoSeven® expanding into general haemostasis

• Strong IP portfolio with low exposure to patent expirations

Bil

lio

n D

KK

13Y CAGR 13+%

* Since the merger between Novo and Nordisk in 1989

0

5

10

15

20

25

19

89

19

91

19

93

19

95

19

97

19

99

20

01

30

Investor Information

Investor Relations contactsNovo Nordisk A/S Investor Relations Novo Allé, DK 2880 BagsværdFax (+45) 4443 6633

Peter HaahrTel (direct): (+45) 4442 1207 E-mail: pehr@novonordisk.com

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

Christian KanstrupTel (direct): (+45) 4443 7801 E-mail: cka@novonordisk.com

Investor Relations Office USTel (direct): (+1) 609 919 7846

Share information

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

http://www.novonordisk.com

31

Sales by therapy - first nine months of 2003

DKK million 2003 2002 % of total % change (2003)

Insulin and delivery systems 12,495 11,725 65 7

Oral antidiabetic drugs 1,050 1,242 5 (15)

Diabetes care, total 13,545 12,967 70 4

Haemostasis management 2,934 2,635 15 11

Growth hormone therapy 1,613 1,553 8 4

HRT 932 1,007 5 (7)

Other 309 317 2 (3)

Total 19,333 18,479 100 5

32

DKK million 2003 2002 % of total %

change (2003)

Europe 8,578 8,030 44 7

North America 4,741 4,409 25 8

International Operations 2,995 2,991 15 0

Japan & Oceania 3,019 3,049 16 (1)

Total 19,333 18,479 100 5

Sales by region - first nine months of 2003

33

Diabetes – an unfolding epidemic

370 million people with diabetes expected by 2030

Source: WHO, January 2003

# of

peo

ple

with

dia

bete

s (m

illio

n)

0

50

100

150

200

250

300

US Japan Europe Rest ofWorld

2000

2030

34

Insulin - the ultimate treatment

-C

ell f

unc

tion

Diet and exercise alone

Oral therapy(66%)

Insulin therapy(27%)

Oral/insulin(7%)

Time from diagnosis

Type 2 - slope

Type 1 - Immediate need for Insulin

35

Adding value to volume – key to delivering high growth

Hum

an in

sulin

(73%

)

Vials (47%)

Dur

able

s

(32

%)

Dis

posa

bles

(2

1%)

Insu

lin a

nalo

gues

(27%

)

Source: IMS/BW

Note: IMS World, Q2 2003, volume figures

Impr

oved

con

trol

Improved accuracy and compliance

36

Insulin segmentation - Europe and the US

Europe US

Source: IMS/BW

Q3 1997 Q2 2003Q3 1997 Q2 20030%

10%

20%

30%

40%

50%

Vo

lum

e sh

are

Long-acting

Premix

Short-acting

0%

10%

20%

30%

40%

50%

Vo

lum

e s

ha

re

Long-acting

Premix

Short-acting

37

Launch of NovoMix® 30 - still in progress

Share of segment in Europe (volume)

Sales development in Europe (MU)

Quarters from launch Quarters from launch

Source: IMS/BW

0

200

400

600

800

1,000

1,200

1,400

1 3 5 7 9

11 13 15

NovoMix® 30

NovoRapid®

LisproMix 250%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

1 3 5 7 9

11 13 15

NovoMix® 30

NovoRapid®

LisproMix 25

38

Novo Nordisk market share since Lantus launch

Total insulin(MU)

Month of Lantus launch

August 2003

US 26% 33%

Europe 57% 58%

Germany 44% 45%

UK 67% 65%

Europe

Source: IMS/BW

Jan 2002 August 200340%

45%

50%

55%

60%

65%

70%

Vo

lum

e s

ha

re

Long-acting

Premix

Short-acting

39

Lantus impact?- volume

Source: IMS/BW

Months since Lantus launch

90

95

100

105

110

115

120

125

130

1 6 11 16 21 26 31 36

Ind

ex -

Mo

nth

of

lau

nch

eq

ual

s 10

0 Novo Nordisk Indexedmarket share Germany

Novo Nordisk Indexedmarket share UK

Novo Nordisk Indexedmarket share US

40

Source: IMS/BW

Months since Lantus launch

Lantus impact?- value

90

95

100

105

110

115

120

125

130

1 6 11 16 21 26 31 36

Ind

ex -

Mo

nth

of

lau

nch

eq

ual

s 10

0

Novo Nordisk Indexedmarket share Germany

Novo Nordisk Indexedmarket share UK

Novo Nordisk Indexedmarket share US

41

Growth hormone therapy

Sales by quarter

DK

K m

illio

n

0

100

200

300

400

-3%

500

600

700

Ke

y o

bse

rva

tion

s

•G

row

th in

loca

l cur

renc

ies

of 5

%

for

the

third

qua

rter

. N

orth

Am

eric

a th

e m

ain

grow

th d

river

•G

row

th f

or t

he f

irst

nine

mon

ths

4% r

epor

ted

or 1

4% in

loca

l cu

rren

cies

•M

ore

than

90%

of

sale

s is

N

ordi

trop

in®

Sim

pleX

x®.

Con

tinui

ng

stro

ng p

enet

ratio

n in

all

mar

kets

•In

crea

sing

mar

ket

shar

e in

bot

h th

e U

S a

nd E

urop

e

2001 2002 2003

Q1 Q3 Q1 Q3 Q1 Q3

42

HRT

Sales by quarter

DK

K m

illio

n

0

100

200

300

400 12%

Ke

y o

bse

rva

tion

s

•H

RT

sal

es in

crea

sed

by 2

0% in

lo

cal c

urre

ncie

s in

the

thi

rd q

uart

er

•A

djus

ted

for

the

chan

ge in

set

-up

in t

he U

S,

sale

s de

clin

ed b

y 11

%

in t

he q

uart

er in

loca

l cur

renc

ies

•N

ovo

Nor

disk

’s lo

w-d

ose

port

folio

ha

s be

nefit

ed f

rom

the

cha

nges

in

the

mar

ket

•U

ncer

tain

ty a

bout

the

mar

ket

deve

lopm

ent

rem

ains

hig

h

2001 2002 2003

Q1 Q3 Q1 Q3 Q1 Q3

43

• The most effective product for treatment of haemophilia with inhibitors

• The only recombinant product, that is, no substitutable recombinant products

• Fewer transfusions/transfusion-free surgery

• Reduced re-bleeding

• Faster recovery

• Reduced morbidity and mortality

• Improved quality of life

NovoSeven®

- a life-saving product…

44

NovoSeven® - a unique mechanism of action

NovoSeven® directly

activates factor X on

the surface of the locally activated platelets

45

NovoSeven® - current business

Key observations

• Penetration increases as confidence in NovoSeven® increases

• Increased treatment intensity and earlier onset of treatment

• Increased confidence in elective surgery with NovoSeven®

• Awareness creation within acquired haemophilia progressesConfidence/Awareness

Pe

netration

Elective surgery within haemophilia

Acquired haemophilia

Spontaneous bleedings in congenital haemophilia

46

Segmentation and targeting

Introduce& build

confidence

First-lineposition in

haemophiliaIntensive care

Surgery

Acquiredhaemophilia

Haemophilia Treatment Centres HaematologistsInternists

Intensive care Anaesthesiologists

Newphysician

groups

47

Low exposure to patent expiration

Accumulated % of 2002 Novo Nordisk sales with

patents expiring

% of 2001 sales with patents expiring in 2002-2006

Source: Nordea Securities and Novo Nordisk.

No

vo N

ord

isk0

5

10

15

20

25

30

35

40

2003

2004

2005

2006

2007

2008

2009

2010

2011

0

5

10

15

20

25

30

35

40

Bay

er

GS

K

Tak

eda

Pfi

zer

Mer

ck

No

vart

is

BM

S

Ave

nti

s

Eli

Lill

y

48

0600

People without diabetes

Type 2 diabetes

1000 1400 1800 2200 0200 0600

800

700

600

500

400

300

200

100

Insu

lin

Sec

reti

on

(p

mo

l/m

in)

Source: O'MEARA et al. Am. J. Medicine, 1990; 89.

Insulin secretion in people without diabetes and people with type 2 diabetes

49

Diabetes care pipeline

Compound Type Indication Phase

Insulin detemir Insulin Type 1+2 diabetes Filed EU+US

NovoMix® 50 and 70 Insulin Type 1+2 diabetes Phase 3

AERx® iDMS (NN1998) Insulin Type 1+2 diabetes Phase 3

Liraglutide (NN2211) GLP-1 analogue Type 2 diabetes Phase 2

Balaglitazone (NN2344) OAD Type 2 diabetes Phase 2

NN344 Insulin Type 1+2 diabetes Phase 1

NN2501 OAD Type 2 diabetes Phase 1

50

Biopharmaceuticals - pipeline outside diabetes care

Compound Indication Phase

NovoSeven® Liver transplantation Phase 2

NovoSeven® Trauma Phase 2

NovoSeven® Stem cell transplantation Phase 2

NovoSeven® Intracerebral haemorrhage Phase 2

NovoSeven® Upper gastro-intestinal bleeding Phase 2

Growth hormone Complicated fractures Phase 2

ASIS* ARDS Phase 2

* ASIS - Active Site Inhibited Seven/ARDS - Acute Respiratory Distress Syndrome