novo nordisk a focused global healthcare company with biotech expertise investor presentation spring...

Novo NordiskNovo Nordisk

A focused global healthcare company A focused global healthcare company with biotech expertisewith biotech expertise

Investor Presentation Investor Presentation Spring 2001Spring 2001

Novo Nordisk TodayNovo Nordisk Today

Consistent, strong organic growthConsistent, strong organic growth

Focused on few therapeutic areas with large unmetFocused on few therapeutic areas with large unmetmedical needsmedical needs

Leadership in diabetes care and haemostasis Leadership in diabetes care and haemostasis managementmanagement

Strong presence in Europe and Japan, strong Strong presence in Europe and Japan, strong growth in the USgrowth in the US

Proven biotech and drug delivery capabilitiesProven biotech and drug delivery capabilities

Low exposure to patent expirationsLow exposure to patent expirations

Track record of delivering on promisesTrack record of delivering on promises

0

5

10

15

20

25

1997 1998 1999 2000

0

5

10

15

20

25

1997 1998 1999 2000

Turnover by TherapyTurnover by Therapy

DKK billionDKK billion

Key

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Key

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Coagulation disorders Coagulation disorders

Diabetes care Diabetes care

Human growth hormone Human growth hormone

HRTHRT

OtherOther

0

5

10

15

20

25

1997 1998 1999 2000

0

5

10

15

20

25

1997 1998 1999 2000

USAUSA

EuropeEurope

JapanJapan

RoWRoW

Turnover by RegionTurnover by Region

DKK billionDKK billion

Key

ob

serv

atio

ns:

Key

ob

serv

atio

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Sta

ble

un

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gro

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Long-term Financial Targets Long-term Financial Targets

Targets set out in 1996Targets set out in 1996

EBIT growth of 15% per annumEBIT growth of 15% per annum

EBIT margin of 20%EBIT margin of 20%

RONFA of 20%RONFA of 20%

Positive cash flowPositive cash flow

All targets All targets met by 2000met by 2000

Observations from 2000 Observations from 2000

EBIT growth of 37%EBIT growth of 37%

EBIT margin of 23.1%EBIT margin of 23.1%

RONFA of 27.5%RONFA of 27.5%

Free cash flow of DKK 2,712 Free cash flow of DKK 2,712 millionmillion

HRTHRTHuman growth Human growth hormonehormone

Intellectual Intellectual propertyproperty

Diabetes careDiabetes care Coagulation Coagulation disordersdisorders

PrimaryPrimarygrowth growth driversdrivers

Secondary value

drivers

Novo Nordisk – Future Key DriversNovo Nordisk – Future Key Drivers

Diabetes – an Unfolding EpidemicDiabetes – an Unfolding Epidemic

world wide will reach 300 world wide will reach 300 million by 2025million by 2025World Health Organisation, World Health Organisation, September 1998September 1998

WHO estimates that the number of diabetics WHO estimates that the number of diabetics

The cost of treating people The cost of treating people with diabetes is expected towith diabetes is expected to

Increase in the number of people Increase in the number of people with diabetes from 150 million with diabetes from 150 million tto o

220 million – 10 years from now – 220 million – 10 years from now – yearly growth of 3.9%.yearly growth of 3.9%.

Source: Amos A.., McCarty DJ, Source: Amos A.., McCarty DJ, Zimmet P: Diabet. Med. 1997; 14Zimmet P: Diabet. Med. 1997; 14

150150

220220

20002000 20102010 amount to about USD 1 trillion annually – in the amount to about USD 1 trillion annually – in the US in 2025US in 2025Dr G Bernstein, former president of ADADr G Bernstein, former president of ADA

5050

150150

00

2525

5050

7575

100100

125125

150150

175175

Estimated number Estimated number of diagnosed of diagnosed

people people with diabeteswith diabetes

Estimated number Estimated number of people with of people with

diabetesdiabetes

Increased Increased rate of rate of

diagnosis will diagnosis will lead to lead to

increased use increased use of insulinof insulin

Only about One Third are DiagnosedOnly about One Third are Diagnosed

Treatment MattersTreatment Matters

Only a small number of Only a small number of patients are in controlpatients are in control

Intensive treatment mattersIntensive treatment matters

Distrib

utio

n o

f D

istribu

tion

of

patien

tsp

atients

HbA1cHbA1c

* Measured according to * Measured according to Guidelines for Diabetes Care, IDF Europe Guidelines for Diabetes Care, IDF Europe

** According to epidemiological analysis of the UKPDS data, 1998** According to epidemiological analysis of the UKPDS data, 1998

HbA1c lowering by one HbA1c lowering by one percentage point reduces percentage point reduces

micro vascular risk by 35%**micro vascular risk by 35%**

Close to 80% are exposed to Close to 80% are exposed to

arterial or micro vascular risk*arterial or micro vascular risk*

00

2020

4040

6060

8080

100100

120120

140140

160160

180180

1995

1995

1996

1996

1997

1997

1998

1998

1999

1999

2000

2000

Long actingLong acting PremixesPremixes Short actingShort acting

More Intensive Treatment More Intensive Treatment

The share of sales of The share of sales of short-acting and pre-short-acting and pre-mixable insulin has mixable insulin has

increased increased substantiallysubstantially

Note: Numbers are all MAT Q3 Note: Numbers are all MAT Q3

+3%+3%+6%+6% +4%+4%

+7%+7%+9%+9%

24%24%

39%39%

37%37%

49%49%

32%32%

19%19%

This indicates This indicates intensive/flexible intensive/flexible

treatment is being treatment is being adaptedadapted

Mega U

nits in

Mega U

nits in

1,0001,000

0%0% 25%25% 50%50% 75%75% 100%100%

19961996

19971997

11998998

19991999

20002000

JapanJapan EuropeEurope USUS

Towards More Sophisticated DevicesTowards More Sophisticated Devices% pen users in volume split by region% pen users in volume split by region

81%81%73%73%

7%7%

Note: Numbers are all MAT Q3Note: Numbers are all MAT Q3

0%

25%

50%

75%

100%

1986 1988 1990 1992 1994 1996 1998 2000

0%

25%

50%

75%

100%

1986 1988 1990 1992 1994 1996 1998 2000

Insulin analogueInsulin analogue

Analogues to Replace Human Insulin Analogues to Replace Human Insulin

2%2%

90%90%

8%8%

Note: Numbers are all MAT Q3 Note: Numbers are all MAT Q3

Human insulinHuman insulin

Animal insulinAnimal insulin

% insulin volume split by type of insulin% insulin volume split by type of insulin

Full range of analoguesFull range of analogues

NVO LLY AVE NVO LLY AVE

Rapid-acting Rapid-acting MarketedMarketed Marketed Ph1/Ph2Marketed Ph1/Ph2

Basal Basal Ph3Ph3 Marketed Marketed

Premix, protracted Premix, protracted ApprovedApproved MarketedMarketed

One new device each yearOne new device each year

Adding Value to Volume at Novo NordiskAdding Value to Volume at Novo Nordisk

Upgrading the Upgrading the Insulin Insulin MarketMarket

Hu

man

insu

linH

um

an in

sulin

Insu

lin a

nal

og

ue

Insu

lin a

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US

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SD

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US

D 2

.0U

SD

2.0

US

D 1

.3U

SD

1.3

US

D 1

.5

Estimated averageEstimated averagetreatment cost per daytreatment cost per day

VialsVials

Pen

sP

ens

US – Positioned for GrowthUS – Positioned for Growth

New

man

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recr

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199

9 to

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(b

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dev

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5050

7070

9090

110110

130130

150150

170170

190190

MATMATQ3/95Q3/95

MATMATQ3/96Q3/96

MATMATQ3/97Q3/97

MATMATQ3/98Q3/98

MATMATQ3/99Q3/99

MATMATQ3/00Q3/00

Ind

ex M

AT

Q3.

1995

=10

0In

dex

MA

TQ

3.19

95=

100

10%10%

12%12%

14%14%

16%16%

18%18%

20%20%

22%22%

24%24%

26%26%

Insulin sales (USD)Insulin sales (USD)

Market share in MU (right-hand scale)Market share in MU (right-hand scale)

Emerging Markets Likely to Add GrowthEmerging Markets Likely to Add Growth

Increased wealth (western Increased wealth (western lifestyle) and health care lifestyle) and health care spending lead to increased spending lead to increased insulin consumptioninsulin consumption

Novo Nordisk has been Novo Nordisk has been present in markets like India present in markets like India and China for years and hold a and China for years and hold a leading position in both leading position in both marketsmarkets

00 2020 4040 6060 8080 100100 120120

ChinaChina

IndiaIndia

JapanJapan

EuropeEurope

USAUSA

Wei

gh

ted

W

eig

hte

d

ave

rag

e o

f U

SA

, av

era

ge

of

US

A,

Eu

rop

e an

d

Eu

rop

e an

d

Jap

anJa

pan

Estimated insulin consumption per cap Estimated insulin consumption per cap (USA index 100)(USA index 100)

9.3%9.3%

10.5%10.5%

10.1%10.1%

15.8%15.8%

2.9%2.9%

World World

RoW RoW

Japan Japan

Europe Europe

USA USA

Insulin Market Overview Insulin Market Overview (’99/ ’00 MAT Q3 Volumes)(’99/ ’00 MAT Q3 Volumes)

Novo NordiskNovo NordiskMarket shareMarket share

Market growth Market growth (‘(‘0000/’/’9999))

4444%%

4646%%

4%4%

66%%

% market size % market size MAT Q3.00MAT Q3.00

100%100%

Notes: Industrialised world only. Mail-order panel now included in the US figures.Notes: Industrialised world only. Mail-order panel now included in the US figures. Market growth in Europe is affected by about +4 %-point from conversion of formulation in Italy and France. Market growth in Europe is affected by about +4 %-point from conversion of formulation in Italy and France. The effect on the world market is estimated to be just above +2 percentage point.The effect on the world market is estimated to be just above +2 percentage point.

25%25%

58%58%

80%80%

61%61%

44%44%

Key Insulin Market ObservationsKey Insulin Market Observations

Volume to deliver approx 5% growthVolume to deliver approx 5% growth

Product mix adding growth of approx 5%Product mix adding growth of approx 5%

Few players with strong core Few players with strong core competencescompetences

Large-scale recombinant protein production Large-scale recombinant protein production capacitycapacity

Access to superior delivery technologyAccess to superior delivery technologyAnalogues are patentedAnalogues are patentedBranded among specialistsBranded among specialistsGlobal reachGlobal reach

Est

imat

ed

Est

imat

ed

10%

* g

row

th

10%

* g

row

th

in a

ttra

ctiv

e in

att

ract

ive

mar

ket

mar

ket

* Excluding pulmonary insulin* Excluding pulmonary insulin

Therapy:Therapy: Diet/ExerciseDiet/Exercise Oral products Oral products Oral/InsulinOral/Insulin InsulinInsulin Approx 66% Approx 66% Approx 7% Approx 27% Approx 7% Approx 27%

From Diet and Exercise to InsulinFrom Diet and Exercise to InsulinType 1:Type 1:(4 million patients*)(4 million patients*)

Type 2:Type 2:(147 million patients*)(147 million patients*)

* Estimated year 2000 incl. undiagnosed.* Estimated year 2000 incl. undiagnosed.

An estimated 25-30 million using medicationAn estimated 25-30 million using medication

Growth Opportunity in Type 2 DiabetesGrowth Opportunity in Type 2 Diabetes

Broad pipeline of innovative Broad pipeline of innovative approaches for treating Type 2 approaches for treating Type 2 diabetesdiabetes

NovoNormNovoNormTMTM/Prandin/Prandin®®

Turnover of DKK 1,087 million in 2000Turnover of DKK 1,087 million in 2000

Increased awareness on prandial glucose Increased awareness on prandial glucose regulation (PGR)regulation (PGR)

Experience in the OAD marketExperience in the OAD market

Well Well positioned for positioned for further growth further growth in USD 5.2 bn in USD 5.2 bn

(+18% in (+18% in MATQ3.00) MATQ3.00)

marketmarket

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

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

Genetic

Acquired

Obesity

Age

Genetic

Acquired

Obesity

Age

Insulin deficiencyInsulin deficiency

Insulin resistanceInsulin resistance

HyperglycemiaHyperglycemia

Genetic

Acquired Glucotoxicity Lipotoxicity

Genetic




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

NN414NN414

NN4201NN4201

Genetic

Acquired

Obesity

Age

Genetic

Acquired

Obesity

Age



NovoRapidNovoRapid

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



HyperglycemiaHyperglycemia

NN2211NN2211

NN2211NN2211

NN622NN622

NN622NN622Genetic


Genetic


Diabetes PipelineDiabetes Pipeline

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

NN1215NN1215 (LABI)(LABI)

NN1998NN1998 (AERx)(AERx)

NN4201NN4201 (Hepatic glucose (Hepatic glucose regulator)regulator)

NN304NN304 (Basal analogue) (Basal analogue)

NovoMixNovoMix® 30® 30 (Premix analogue) (Premix analogue)

NN2344 NN2344 (Insulin (Insulin sensitiser)sensitiser)

NN414NN414 (Insulin secretion)(Insulin secretion)

NN622NN622 (Dual acting sensitiser)(Dual acting sensitiser)

NovoMixNovoMix® (® (other mixes)other mixes)

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

(Premix analogue)(Premix analogue)


Diabetes careDiabetes careCoagulation Coagulation

disordersdisorders


Secondary Secondary valuevalue

driversdrivers HRTHRTHuman growth Human growth

hormonehormoneIntellectual Intellectual

propertyproperty

0

500

1,000

1,500

2,000

2,500

1996 1997 1998 1999 2000

0

500

1,000

1,500

2,000

2,500

1996 1997 1998 1999 2000

DKK millionDKK million

Launched:Launched:Europe Europe Feb 1996Feb 1996

USA USA April 1999April 1999

Japan Japan May 2000May 2000

Inhibitor indication:Inhibitor indication:

Estimated market Estimated market potential USD 350 millionpotential USD 350 million

NovoSevenNovoSeven® Sales® Sales

Mechanism of Action and CharacteristicsMechanism of Action and Characteristics

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

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

Correction of coagulation Correction of coagulation within 10 minuteswithin 10 minutes

Good safety profileGood safety profile

RuptureRuptureTissue factorTissue factor FVIIa / FVIIa / NovoSeven®NovoSeven®

Growing Current IndicationGrowing Current Indication

Launch NovoSevenLaunch NovoSeven®® globally and establish a globally and establish a leadership position in congenital inhibitorleadership position in congenital inhibitortreatment viatreatment via

Superior product benefitsSuperior product benefits

Customer relationsCustomer relations

Synergies between marketsSynergies between markets

Pharma economic researchPharma economic research

Enhance NovoSevenEnhance NovoSeven®® position as first line position as first line therapy intherapy in

Hospital treatmentHospital treatment

Home treatmentHome treatment

Orthopaedic surgeryOrthopaedic surgery

Acquired haemophiliaAcquired haemophilia

Develop new formulations of NovoSevenDevelop new formulations of NovoSeven®®

Exp

and

glo

bal

E

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al

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ket

mar

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lead

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lead

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wit

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ith

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urr

ent

ind

icat

ion

ind

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ion

Surgicalbleeding

Single Factor

MultipleFactors

Spontaneousbleeding

Lack ofplatelets

Defectiveplatelets

Expanding the Use of NovoSevenExpanding the Use of NovoSeven®®

Coagulation FactorDeficiency

PlateletDisorder

GeneralHaemostasis

Haemophilia with Haemophilia with inhibitorsinhibitors

Liver transplantationsLiver transplantationsUpper gastrointestinal bleedingsUpper gastrointestinal bleedings

Liver resection Liver resection

Intra-cerebral Intra-cerebral bleedsbleeds

TraumatologyTraumatology

Vitamin K-Vitamin K-antagonistsantagonists

Bone marrow Bone marrow transplantationtransplantation


Hip replacementsHip replacements

Haemorrhagic Haemorrhagic dilution dilution coagulopathycoagulopathy

Oozing after Oozing after cardiac valve cardiac valve replacementreplacement

Colon cancer Colon cancer surgerysurgery

GlanzmannGlanzmann

Bernard-SouliersBernard-Souliers

Upper gastro- Upper gastrointestinal intestinal bleedingsbleedings

Current Current indicationindication

Von Willebrand’sVon Willebrand’s

NovosevenNovoseven®® Is Expected to Make a DifferenceIs Expected to Make a Difference

Control of bleedingsControl of bleedings

Higher rate of successHigher rate of success

Fewer complicationsFewer complications

Dry surgical fieldDry surgical field

Flexibility in timingFlexibility in timing

Less dependent on blood bankLess dependent on blood bank

PatientsPatients PayersPayers

PhysiciansPhysicians

N7 inN7 ingeneral general

haemostasishaemostasis

Higher chance of survivalHigher chance of survival

Fewer days at hospitalFewer days at hospital

Fewer infections Fewer infections

Reduced ICU and ward-daysReduced ICU and ward-days

Reduced mortalityReduced mortality

Less transfusionsLess transfusions

Towards the First General Haemostatic AgentTowards the First General Haemostatic Agent

8 studies within 6 clinical areas:8 studies within 6 clinical areas:Orthotopic liver transplantations*Orthotopic liver transplantations*

Liver resection*Liver resection*

Upper GI bleeds*Upper GI bleeds*

Liver resectionLiver resection

Reversal of anti-coagulantia Reversal of anti-coagulantia

therapytherapy

Bone marrow transplantationBone marrow transplantation

Intra-cerebral bleedsIntra-cerebral bleeds


Criteria for moving into clinical area:Criteria for moving into clinical area:

Medical needMedical need

Probability of successProbability of success

Market potentialMarket potential

Competitive situationCompetitive situation

Strategic leverageStrategic leverage

* Patients with chronic liver disease* Patients with chronic liver disease

Clinical areaClinical area Status on projectStatus on project

Building Strong Scientific EvidenceBuilding Strong Scientific Evidence

Orthotopic liver transplantation*Orthotopic liver transplantation* Ongoing Ph 2/3 projectOngoing Ph 2/3 projectLiver resectionLiver resection Exploratory Ph 2 study has been initiatedExploratory Ph 2 study has been initiated

Upper GI bleeds*Upper GI bleeds* Ph 2 study expected to start in first half 2001Ph 2 study expected to start in first half 2001Liver resection*Liver resection* Ph 2 study expected to start in first half 2001Ph 2 study expected to start in first half 2001

Reversal of anti-coagulantia therapyReversal of anti-coagulantia therapy Ph 2 study expected to start in first half 2001Ph 2 study expected to start in first half 2001Bone marrow transplantationsBone marrow transplantations Ph 2 study expected to start in first half 2001Ph 2 study expected to start in first half 2001

Intra-cerebral bleedsIntra-cerebral bleeds Exploratory Ph 2 study expected to start mid 2001Exploratory Ph 2 study expected to start mid 2001

TraumatologyTraumatology Ph 2 study expected to start by year end 2001Ph 2 study expected to start by year end 2001

* Patients with chronic liver disease. * Patients with chronic liver disease.

SpontaneousSpontaneousbleedingbleeding

Single Single FactorFactor

MultipleMultipleFactorsFactors

SurgicalSurgicalbleedingbleeding

Lack ofLack ofplateletsplatelets

DefectiveDefectiveplateletsplatelets

Coagulation FactorCoagulation FactorDeficiencyDeficiency

PlateletPlateletDisorderDisorder

GeneralGeneralHaemostasisHaemostasis

Expanding the Use of NovosevenExpanding the Use of Novoseven®®

Haemophilia with Haemophilia with inhibitorsinhibitors

Liver transplantationsLiver transplantationsUpper gastrointestinal bleedingsUpper gastrointestinal bleedings




Vitamin K-Vitamin K-antagonistsantagonists

Bone marrow Bone marrow transplantationtransplantation


Hip replacementsHip replacements

Haemorrhagic Haemorrhagic dilution dilution coagulopathycoagulopathy

Oozing after Oozing after cardiac valve cardiac valve replacementreplacement

Colon cancer Colon cancer surgerysurgery

GlanzmannGlanzmann

Bernard-SouliersBernard-Souliers

Upper gastro- Upper gastrointestinal intestinal bleedingsbleedings

Current Current indicationindication

Von Willebrand’sVon Willebrand’s

Patients with Patients with chronic liver chronic liver diseasedisease


Diabetes careDiabetes care Coagulation Coagulation disorderdisorder





propertyproperty

Human growth hormone Human growth hormone

2,500

0

500

1,000

1,500

2,000

1996 1997 1998 1999 2000

NorditropinNorditropin®®SimpleXxSimpleXx™™::

Launched:Launched:

EU: EU: April 1999April 1999

Japan: Japan: JulyJuly 2000 2000

USAUSA: : Oct. 2000Oct. 2000


Co

nv

ers

ion

ra

te b

y Q

3 2

00

0C

on

ver

sio

n r

ate

by

Q3

20

00

EuropeEuropeLaunch Q1 1999Launch Q1 1999

Market share has Market share has increasedincreased

JapanJapanLaunch Q2 2000Launch Q2 2000

Share of new Share of new patients has patients has increasedincreased

USAUSALaunch Q4 2000Launch Q4 2000

0%0% 20%20% 40%40% 60%60% 80%80% 100%100%

NorditropinNorditropin®® NorditropinNorditropin®® SimpleXx SimpleXxTMTM

Europe:Europe:

Japan:Japan:

Conversion to NorditropinConversion to Norditropin®®SimpleXxSimpleXxTMTM



disordersdisorders





propertyproperty

Hormone Replacement Therapy (HRT)Hormone Replacement Therapy (HRT)

ActivelleActivelleTMTM - the best low- - the best low-dose product in the fast-dose product in the fast-growing continuous growing continuous combined segmentcombined segment

Further geographic Further geographic expansion of Activelleexpansion of ActivelleTMTM

Out-licensed to Out-licensed to Pharmacia in the USPharmacia in the US

0

200

400

600

800

1,000

1,200

1,400

1996 1997 1998 1999 2000

0

200

400

600

800

1,000

1,200

1,400

1996 1997 1998 1999 2000


Maximising the Potential within HRTMaximising the Potential within HRT

Trends in HRTTrends in HRT

Low-dose products are Low-dose products are increasingly favouredincreasingly favoured

Women demand ‘no period’ Women demand ‘no period’ therapytherapy

Direct-to-Consumer marketing is Direct-to-Consumer marketing is increasing with focus on increasing with focus on lifestyle aspectslifestyle aspects

Act

ivel

leA

ctiv

elle

TM

T

M

po

siti

on

ed t

o

po

siti

on

ed t

o

ben

efit

fro

m

ben

efit

fro

m

tren

ds

tren

ds



disorderdisorder





propertyproperty

A total of 2,102 valid A total of 2,102 valid patents by year-end 2000patents by year-end 2000

First filing for 77 new First filing for 77 new inventions during 2000inventions during 2000

233 patents issued to 233 patents issued to Novo Nordisk during 2000 Novo Nordisk during 2000 alone mostly related to alone mostly related to diabetes and devicesdiabetes and devices

Three major settlements Three major settlements on Novo Nordisk patents on Novo Nordisk patents within the last 12 monthswithin the last 12 months

Novo Nordisk will Novo Nordisk will continue to enforce continue to enforce patents patents pro-activelypro-actively

A Strong Portfolio of Intellectual PropertyA Strong Portfolio of Intellectual Property

0

500

1,000

1,500

2,000

2,500

1991 1994 1997 2000

0

500

1,000

1,500

2,000

2,500

1991 1994 1997 2000

Patents by year-endPatents by year-end

0%

20%

40%

60%

0%

20%

40%

60%

Source: ArosMaizels Research and Novo NordiskSource: ArosMaizels Research and Novo Nordisk

% of 1999 sales with patents expiring in 2000-2004% of 1999 sales with patents expiring in 2000-2004

No Major Patent ExpirationsNo Major Patent Expirations

FinancialsFinancials

Key Financials for 2000 Key Financials for 2000

Net turnoverNet turnover 20,81120,811 16,423 16,423 2727

Operating profit as reported Operating profit as reported 4,8164,816 3,527 3,527 3737

Net profitNet profit 3,0873,087 2,001 2,001 5454

Earnings per share (DKK)Earnings per share (DKK) 44.20 44.20 27.98 27.98 5858

Free cash flowFree cash flow 2,7122,712 1,5331,533 7777

DKK million DKK million 20002000 19991999 % change % change

Margin DevelopmentMargin Development

Note: EBIT margin as reportedNote: EBIT margin as reported

00

10001000

20002000

30003000

40004000

50005000

60006000

70007000

19971997 19981998 19991999 20002000

DK

K m

illio

nD

KK

mill

ion

R&D costsR&D costsS&D costsS&D costsAdm. costsAdm. costs

00

10001000

20002000

30003000

40004000

50005000

60006000

19971997 19981998 19991999 20002000

DK

K m

illio

nD

KK

mill

ion Production costsProduction costs Development in gross- andDevelopment in gross- and

EBIT-margin 1997-2000EBIT-margin 1997-2000

65%

67%

69%

71%

73%

75%

77%

79%

1997 1998 1999 2000

10%

12%

14%

16%

18%

20%

22%

24%

Gross margin (left-hand scale)

EBIT-margin (right-hand scale)

65%

67%

69%

71%

73%

75%

77%

79%

1997 1998 1999 2000

10%

12%

14%

16%

18%

20%

22%

24%

Gross margin (left-hand scale)

EBIT-margin (right-hand scale)

17

.4%

17

.4%

27

.9%

27

.9% 12

.1%

12

.1%

16

.3%

16

.3% 9.0

%9

.0%

30

.1%

30

.1%

Long-term Financial Targets Long-term Financial Targets

New financial targets New financial targets



ROIC of 25% (post-tax) per annumROIC of 25% (post-tax) per annum

Cash to earnings of 60%Cash to earnings of 60%

Targets set out in 1996Targets set out in 1996



RONFA of 20% per annumRONFA of 20% per annum

Positive cash flowPositive cash flow

All reached All reached by 2000by 2000

Balancing Balancing growth and valuegrowth and value

Focus on Shareholder Value Focus on Shareholder Value

Split of shares – effective as of 4 April 2001Split of shares – effective as of 4 April 2001 1 B share (nom DKK 10) 1 B share (nom DKK 10) 5 B shares (nom DKK 2 each)5 B shares (nom DKK 2 each) 1 ADS (nom DKK 5) 1 ADS (nom DKK 5) 2.5 ADSs (nom DKK 2 each)2.5 ADSs (nom DKK 2 each)

Reduction in share capital corresponding to 6% of the total capitalReduction in share capital corresponding to 6% of the total capital

Share buy-back programme part of the strategyShare buy-back programme part of the strategy

Shareholder value driven management incentive programmesShareholder value driven management incentive programmes

Top management have all invested equal to one year’s gross salary in Top management have all invested equal to one year’s gross salary in Novo Nordisk sharesNovo Nordisk shares

Four options received on each purchase of Novo Nordisk shares Four options received on each purchase of Novo Nordisk shares

Annual option programme based on performance continuesAnnual option programme based on performance continues

Increasing Dividend per ShareIncreasing Dividend per Share

0

2

4

6

8

10

12

14

1997 1998 1999 2000

0

2

4

6

8

10

12

14

1997 1998 1999 2000

Dividend per share Dividend per share

of DKK 13.25 of DKK 13.25

in 2000in 2000

Increased 64% from Increased 64% from 1999 to 2000 1999 to 2000 adjusting for adjusting for Novozymes A/SNovozymes A/S

DKK per shareDKK per share

20%20%

23%23%

29%29%

Payout ratio = 30%Payout ratio = 30%

Note: Note: Historic dividends are split between Novozymes and Novo Nordisk (HC) based on Historic dividends are split between Novozymes and Novo Nordisk (HC) based on share of share of total total earningsearnings..

Novozymes’ Novozymes’ share of dividendshare of dividend

Estimated market potential for Estimated market potential for current NovoSeven® indication current NovoSeven® indication of USD 350 million of USD 350 million

Entering 6 new clinical areas with Entering 6 new clinical areas with 8 new studies in 20018 new studies in 2001

Strategy for making NovoSeven® Strategy for making NovoSeven® the first general haemostatic the first general haemostatic agentagent

Moving towards haemostasis Moving towards haemostasis managementmanagement

Patent protection in Europe and Patent protection in Europe and the US until 2011the US until 2011

Patent protection in Japan until Patent protection in Japan until 20072007

PrimaryPrimarygrowthgrowthdriversdrivers


driversdrivers

Novo Nordisk – Key DriversNovo Nordisk – Key Drivers

World leader with steady growthWorld leader with steady growth for 77 years for 77 years

2/3 of business (insulin) growing2/3 of business (insulin) growing >10% p.a. >10% p.a.

Growth platform in the USGrowth platform in the US

The most comprehensive insulin and The most comprehensive insulin and insulin device portfolio in the industry insulin device portfolio in the industry – one new device per year– one new device per year

Sensitisers (NN2344 and NN622)Sensitisers (NN2344 and NN622)

Reduction of glucose output from Reduction of glucose output from the liver (NN4201)the liver (NN4201)

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

Insulin secretion (NN414)Insulin secretion (NN414)

Diabetes careDiabetes care Coagulation disordersCoagulation disorders

HRTHRTHuman growth Human growth


propertyproperty

Novo Nordisk – Positioned for GrowthNovo Nordisk – Positioned for Growth

Well Well positioned positioned to capture to capture

future future growthgrowth

Consistent, strong organic growthConsistent, strong organic growth

Focused on a few therapeutic areas with large Focused on a few therapeutic areas with large unmet medical needsunmet medical needs

Leadership position in diabetes care and Leadership position in diabetes care and haemostasis managementhaemostasis management

Strong presence in Europe and Japan, Strong presence in Europe and Japan, strong growth in USstrong growth in US

Proven biotech and drug delivery capabilitiesProven biotech and drug delivery capabilities

Low exposure to patent expirationsLow exposure to patent expirations

Track record of delivering on promisesTrack record of delivering on promises

Forward-looking StatementsForward-looking Statements

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

Such forward-looking statements are subject to risk and uncertainties that Such forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially from expectations, including may cause actual results to differ materially from expectations, including unexpected developments in the international currency exchange and unexpected developments in the international currency exchange and securities markets, government-mandated or market-driven price decreases securities markets, government-mandated or market-driven price decreases for Novo Nordisk's products in the company's major markets and the for Novo Nordisk's products in the company's major markets and the introduction of competing products within Novo Nordisk's core businesses introduction of competing products within Novo Nordisk's core businesses

These and other risks and uncertainties, are further described in reports filed These and other risks and uncertainties, are further described in reports filed with the US Securities and Exchange Commission (SEC) by Novo Nordisk with the US Securities and Exchange Commission (SEC) by Novo Nordisk and readily available to the public, including the company's Form 20-F, which and readily available to the public, including the company's Form 20-F, which was filed on 2 was filed on 2 MayMay 20002000. . A Form 20-F for 2000 will be filed by the end of A Form 20-F for 2000 will be filed by the end of June 2001June 2001

Estimated market potential for Estimated market potential for current NovoSeven® indication current NovoSeven® indication of USD 350 million of USD 350 million

Entering 6 new clinical areas with Entering 6 new clinical areas with 8 new studies in 20018 new studies in 2001

Strategy for making NovoSeven® Strategy for making NovoSeven® the first general haemostatic the first general haemostatic agentagent

Moving towards haemostasis Moving towards haemostasis managementmanagement

Patent protection in Europe and Patent protection in Europe and the US until 2011the US until 2011

Patent protection in Japan until Patent protection in Japan until 20072007

PrimaryPrimarygrowthgrowthdriversdrivers


driversdrivers

Novo Nordisk – Key DriversNovo Nordisk – Key Drivers

World leader with steady growthWorld leader with steady growth for 77 years for 77 years

2/3 of business (insulin) growing2/3 of business (insulin) growing >10% p.a. >10% p.a.

Growth platform in the USGrowth platform in the US

The most comprehensive insulin and The most comprehensive insulin and insulin device portfolio in the industry insulin device portfolio in the industry – one new device per year– one new device per year

Sensitisers (NN2344 and NN622)Sensitisers (NN2344 and NN622)

Reduction of glucose output from Reduction of glucose output from the liver (NN4201)the liver (NN4201)

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

Insulin secretion (NN414)Insulin secretion (NN414)

Diabetes careDiabetes care Coagulation disordersCoagulation disorders

HRTHRTHuman growth Human growth


propertyproperty

AppendixAppendix

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: [email protected]: [email protected]

Palle Holm Olesen Palle Holm Olesen Phone (+45) 4442 6175Phone (+45) 4442 6175 E-mail: [email protected]: [email protected]

Rasmus Holm-JørgensenRasmus Holm-JørgensenPhonePhone (+1) 212 867 0123 (+1) 212 867 0123 E-mail: [email protected]: [email protected]

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 ADSs are listed on the New York ADSs 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 World Wide Web at the World Wide Web at

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

The Vision of Novo NordiskThe Vision of Novo Nordisk

We will be the world’s leading diabetes care companyWe will be the world’s leading diabetes care company

Our aspiration is to defeat diabetes by finding better Our aspiration is to defeat diabetes by finding better methods of diabetes prevention, detection and treatmentmethods of diabetes prevention, detection and treatment

We will work actively to promote collaboration between We will work actively to promote collaboration between all parties in the healthcare system in order to achieve all parties in the healthcare system in order to achieve our common goalsour common goals

Our focus is our strength. We will stay independent and Our focus is our strength. We will stay independent and form alliances whenever they serve our business form alliances whenever they serve our business purpose and the cause we stand forpurpose and the cause we stand for

Profit & Loss 1998-2000Profit & Loss 1998-2000

DKK millionDKK million 19981998 19991999 20002000

Net turnoverNet turnover 13,64713,647 16,42316,423 20,81120,811

Y/Y growthY/Y growth +8.4%+8.4% +20.3%+20.3% +26.7%+26.7%

Gross profitGross profit 9,8969,896 12,19612,196 15,76715,767

EBITEBIT 2,9332,933 3,5273,527 4,8164,816

EBIT-marginEBIT-margin 21.5%21.5% 21.5%21.5% 23.1%23.1%

Net financeNet finance 243243 -178-178 2424

Pre-tax profitPre-tax profit 3,1763,176 3,3493,349 4,8404,840

Tax rateTax rate 36.5%36.5% 40.3%40.3% 36.2%36.2%

Net profitNet profit 2,0162,016 2,0012,001 3,0873,087

DKK million DKK million 20002000 19991999 % of total % of total 2000 2000 % change % change

Insulin etcInsulin etc 13,49113,491 11,04911,049 6565 2222NovoNormNovoNorm®®/Prandin™/Prandin™ 1,0871,087 728728 55 4949

Diabetes Care, TotalDiabetes Care, Total 14,57814,578 11,77711,777 7070 2424

Coagulation disorders*Coagulation disorders* 2,2702,270 1,3131,313 1111 7373Growth disordersGrowth disorders 2,1072,107 1,7211,721 1010 2222

HRTHRT 1,3061,306 1,1301,130 66 1616

OtherOther 550550 482482 33 1414

TotalTotal 20,81120,811 16,42316,423 100100 2727

* NovoSeven* NovoSeven®®

TTurnover by Therapy 2000 and 1999urnover by Therapy 2000 and 1999

DKK millionDKK million 19981998 19991999 20002000

Fixed assetsFixed assets 12,53412,534 10,57610,576 12,06512,065

StocksStocks 3,2533,253 3,5833,583 3,9723,972

DebtorsDebtors 4,8954,895 5,4815,481 4,7114,711

Cash and current inv.Cash and current inv. 1,4761,476 3,4423,442 3,8453,845

Total assetsTotal assets 22,15822,158 23,08223,082 24,59324,593

Shareholder’s fundsShareholder’s funds 15,28715,287 15,18515,185 15,73815,738

ProvisionsProvisions 1,1211,121 1,2581,258 1,4931,493

Long-term debtLong-term debt 997997 1,0071,007 950950

Short-term debtShort-term debt 4,7534,753 5,6325,632 6,4126,412

Total liabilitiesTotal liabilities 22,15822,158 23,08223,082 24,59324,593

Balance Sheet 1998-2000Balance Sheet 1998-2000

Characteristics of the OAD MarketCharacteristics of the OAD Market

Low but increasing awareness Low but increasing awareness among decision makersamong decision makers

Low degree of diagnosisLow degree of diagnosis

Need for educationNeed for education

Low focus on pharmacoeconomicsLow focus on pharmacoeconomics

Mainly GP drivenMainly GP driven

Chronic and complicated Chronic and complicated diseasedisease

Serious late-stage Serious late-stage complicationscomplications

Age-adjusted death rate Age-adjusted death rate increasingincreasing

Novo Nordisk products/projectsNovo Nordisk products/projects

NovoNorm™/Prandin®NovoNorm™/Prandin®

NN622 (currently in Phase 2)NN622 (currently in Phase 2)





The OAD Market and PGRThe OAD Market and PGR

OAD market continues to grow stronglyOAD market continues to grow stronglyThe number of treated patients increased by 8.5% in MATQ3.2000The number of treated patients increased by 8.5% in MATQ3.2000

The OAD market increased 18.3% to USD 5.2 bn in MATQ3.2000The OAD market increased 18.3% to USD 5.2 bn in MATQ3.2000

New treatment options fuel an increase in New treatment options fuel an increase in combination therapycombination therapy

Growing acceptance in both US and EU, that both insulin secretion Growing acceptance in both US and EU, that both insulin secretion and insulin resistance defects need to be treated and insulin resistance defects need to be treated

Sensitiser growth has leveled off in US – uptake is limited in EuropeSensitiser growth has leveled off in US – uptake is limited in Europe

Strong support for post-prandial blood glucose Strong support for post-prandial blood glucose (PPG) control(PPG) control

PPG is an independent risk factor for cardiovascular diseasePPG is an independent risk factor for cardiovascular disease

ADA consensus meeting held in January 2001 ADA consensus meeting held in January 2001

Formation of the Diabetic-cardiovascular Initiative (DCVD)Formation of the Diabetic-cardiovascular Initiative (DCVD)

06000600

NormalNormal

Type 2 diabetesType 2 diabetes

10001000 14001400 18001800 22002200 02000200 06000600

800800

700700

600600

500500

400400

300300

200200

100100

Insu

lin

Sec

reti

on

(p

mo

l/m

in)

Insu

lin

Sec

reti

on

(p

mo

l/m

in)

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

Insulin Secretion in Normal People and People with Type 2 DiabetesInsulin Secretion in Normal People and People with Type 2 Diabetes

Positive Outlook for NovoNormPositive Outlook for NovoNormTMTM/Prandin/Prandin®®

Strong support for post-prandial blood glucose (PPG) controlStrong support for post-prandial blood glucose (PPG) controlPPG is an independent risk factor for cardiovascular diseasePPG is an independent risk factor for cardiovascular disease

ADA consensus meeting January 2001 ADA consensus meeting January 2001

Formation of the Diabetic-cardiovascular Initiative (DCVD)Formation of the Diabetic-cardiovascular Initiative (DCVD)

Strengthening of clinical profile in progressStrengthening of clinical profile in progressTrials with NovoNormTrials with NovoNormTMTM/Prandin/Prandin®® in combo and comparison to in combo and comparison to sensitisers ongoingsensitisers ongoing

Other trials in progress to broaden utilisationOther trials in progress to broaden utilisation

Over 25 publications in support of NovoNormOver 25 publications in support of NovoNormTMTM/Prandin /Prandin ®® in 2000 in 2000

Insulin etc

NovoRapidNovoRapid®®/NovoLog/NovoLog®®::

EU: EU: Roll out ongoingRoll out ongoing

US: US: Launch H2 2001Launch H2 2001

Japan: Japan: Filed Filed

New innovative devices:New innovative devices:

InnovoInnovo®®: : EU and JapanEU and Japan

InnoLetInnoLet®®: : EUEU1,0001,000

2,0002,000

3,0003,000

4,0004,000

Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4


19971997 19981998 19991999 20002000

SSales by quarterales by quarter

Characteristics of the Insulin MarketCharacteristics of the Insulin Market

Both Type 1 and Type 2 diabetesBoth Type 1 and Type 2 diabetes

Mainly specialist driven, Mainly specialist driven, but GPs very important in the USbut GPs very important in the US

Few players, large volumesFew players, large volumes

Inexpensive and reimbursed Inexpensive and reimbursed treatmenttreatment

Cumbersome with multiple daily Cumbersome with multiple daily injections and glucose monitoringinjections and glucose monitoring

Patients start too late on insulinPatients start too late on insulin

Devices increasingly importantDevices increasingly important

Need for education on importanceNeed for education on importanceof treating more assertivelyof treating more assertively

Novo Nordisk products/projectsNovo Nordisk products/projects

Insulin productsInsulin products

Actrapid®, Insulatard®, Actrapid®, Insulatard®, Monotard®, Mixtard®, Monotard®, Mixtard®, Ultratard®, Velosulin®, Ultratard®, Velosulin®, Novolin®, NovoRapid®, Novolin®, NovoRapid®, NovoMix® (registration), NovoMix® (registration), NN304 (Phase 3), NN304 (Phase 3), LABI (Phase 1)LABI (Phase 1)

Type of deviceType of device

Vials, NovoPen®, NovoLet®, Vials, NovoPen®, NovoLet®, PenMate™, Innovo®, InnoLet®, PenMate™, Innovo®, InnoLet®, AERx/NN1998 (Phase 2)AERx/NN1998 (Phase 2)

””New Device Each Year”New Device Each Year”

AERx NN1998 – Pulmonary InsulinAERx NN1998 – Pulmonary Insulin

Pulmonary Insulin OpportunityPulmonary Insulin OpportunityNon-invasive insulin deliveryNon-invasive insulin delivery

Mainly poorly controlled Type 2 diabetes patientsMainly poorly controlled Type 2 diabetes patients

Expanded insulin salesExpanded insulin sales

Product RequirementsProduct RequirementsAccuracy, precision, dose adjustmentAccuracy, precision, dose adjustment

Patient friendly device interfacePatient friendly device interface

Scaleable manufacturingScaleable manufacturing

Aradigm is the Optimal PartnerAradigm is the Optimal PartnerLiquid insulin formulation Liquid insulin formulation

Breath controlBreath control

Increments of single insulin unitsIncrements of single insulin units

Performance monitoringPerformance monitoring

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

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

ßß-cell -cell

- PGR - PGR - PCO- PCO- GLP-1.- GLP-1.

LiverLiver- Hepatic enzyme inh- Hepatic enzyme inh- PPAR- PPAR- Glucokinase - Glucokinase - Glucagon - Glucagon antagonists antagonists

- Insulin- Insulin- Insulin mimetics.- Insulin mimetics.

Muscle/FatMuscle/Fat

- Insulin - Insulin sensitiserssensitisers

- Insulin- Insulin- Insulin mimetics- Insulin mimetics- PPAR - PPAR - GLUT4- GLUT4- TNF - TNF - PTPase.- PTPase.

BrainBrain

- GLP-1.- GLP-1.

Diabetes – a Metabolic Syndrome Diabetes – a Metabolic Syndrome

GutGut- GLP-1.- GLP-1.

00

200200

400400

600600

800800

Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4

DKK millionDKK million Inhibitor indication:Inhibitor indication:

Estimated market Estimated market potential ofpotential of

USD 350 millionUSD 350 million

LaunchedLaunched

EU: EU: Feb Feb 19961996

USAUSA: : April April 19199999

Japan: Japan: May May 20002000

19971997 19981998 19991999 20002000

SaSales by quarterles by quarter

Coagulation Disorders (NovoSeven®)Coagulation Disorders (NovoSeven®)

19961996 19971997 19981998 19991999 20002000AustriaAustriaBelgiumBelgiumDenmarkDenmarkFinlandFinlandFranceFranceGermanyGermanyGreeceGreeceIrelandIrelandItalyItalyLuxembourgLuxembourgNetherlandsNetherlandsNorwayNorwayPortugalPortugalSpainSpainSwedenSwedenSwitzerlandSwitzerlandUKUKBahrainBahrainKuwaitKuwait

BrazilBrazilBulgariaBulgariaCroatiaCroatiaCyprusCyprusCzech Rep Czech Rep Hong KongHong KongIsraelIsraelJordanJordanMaltaMaltaNewZealandNewZealandRomaniaRomaniaSlovakiaSlovakiaS AfricaS AfricaYugoslaviaYugoslavia

HungaryHungaryLithuaniaLithuaniaPolandPolandSingaporeSingaporeSloveniaSloveniaS KoreaS KoreaTaiwanTaiwanThailandThailand

AustraliaAustraliaBosniaBosniaCanadaCanadaCosta RicaCosta RicaUSAUSA

ArgentinaArgentinaGuatamalaGuatamalaJapanJapanRussiaRussia

50 Countries

50 Countries

Orange = not yet launchedOrange = not yet launched

Registration StatusRegistration Status

Novoseven® Mechanism of ActionNovoseven® Mechanism of Action

(NovoSeven(NovoSeven®®))rFVIIarFVIIa

Activation of platelets Activation of platelets without NovoSevenwithout NovoSeven®®

Tissue factorTissue factor - only at site of injury- only at site of injury

FXaFXa

Platelet activationPlatelet activation

Thrombin activation and burstThrombin activation and burst

Local activation of platelets Local activation of platelets && clot formation withclot formation with NovoSevenNovoSeven®®

The key impact of The key impact of NovoSeven® is through NovoSeven® is through injury site selective platelet injury site selective platelet activation to ensure high activation to ensure high local thrombin formation local thrombin formation which secures a tight fibrin which secures a tight fibrin clotclot

Est number of orthotopic liver transplantationsEst number of orthotopic liver transplantations: : 8,0008,000

Est number of bleeding episodes: Est number of bleeding episodes: 6.0006.000

Est no of potential targeted severe bleeding episodes Est no of potential targeted severe bleeding episodes per year: per year: 100,000- 400,000100,000- 400,000

Est no of potential targeted severe bleeding episodes Est no of potential targeted severe bleeding episodes per year: per year: 200,000200,000



Est number of spontaneous upper GI bleeds: Est number of spontaneous upper GI bleeds: 170,000170,000

Liver resection*Liver resection*



Bone marrow Bone marrow transplanttransplant

Reversal of anti-Reversal of anti-coagulant therapycoagulant therapy

Upper GI bleeds*Upper GI bleeds*

Orthotopic liver Orthotopic liver transplantation*transplantation*

Estimated Number of Bleeding EpisodesEstimated Number of Bleeding EpisodesClinical areaClinical area

* Patients with chronic liver disease* Patients with chronic liver disease

‘‘E’-commerce : Background & Strategy E’-commerce : Background & Strategy

We will utilise our device leadership to build a We will utilise our device leadership to build a platform for future e-commerce activitiesplatform for future e-commerce activities

Increasing focus on empowered patients & DTCIncreasing focus on empowered patients & DTC

Multiple retail/distribution formats developingMultiple retail/distribution formats developing

Strict regulation of pharma sales/distributionStrict regulation of pharma sales/distribution

Unique opportunity to gain experience with devicesUnique opportunity to gain experience with devices

Opportunities of gaining efficencies B2B & B2COpportunities of gaining efficencies B2B & B2C

Triple Bottom LineTriple Bottom Line

Environmentally Environmentally soundsound

Socially Socially ResponsibleResponsible

EconomicallyEconomicallyviableviable

Triple Bottom Line (continued)Triple Bottom Line (continued)

To obtain trust and licence to operate and innovate To obtain trust and licence to operate and innovate

To attract and retain the most talented peopleTo attract and retain the most talented people

To minimise risks and create possibilities To minimise risks and create possibilities

To understand signs from stakeholdersTo understand signs from stakeholders

To be part of defining new legislation and requirementsTo be part of defining new legislation and requirements

To meet rising demand from investorsTo meet rising demand from investors(eg Dow Jones/ Sustainable Group Index)(eg Dow Jones/ Sustainable Group Index)

Why combine business, environment, and Why combine business, environment, and stakeholders?stakeholders?

novo nordisk a focused global healthcare company with biotech expertise investor presentation spring...

Documents

strong growth

ebit growth

yearly growth

strong organic growth

diabetes business

stable underlying growth

president of ada slide

number of people