Novo Nordisk A focused global healthcare company with biotech expertise Investor Presentation August 2001

1
Novo NordiskA focused global healthcare
company with biotech expertise Investor
PresentationAugust 2001
2
Novo Nordisk today

• Consistent, strong organic growth
• Focused on few therapeutic areas with large unmet
  medical needs
• Leadership in diabetes and most extensive
  diabetes pipeline in the industry
• Becoming an established player in general
  haemostasis management
• Proven biotech and drug delivery capabilities
• Strong intellectual property portfolio
• Low exposure to patent expirations
• Track record of delivering on promises

3
Novo Nordisk Future Key Drivers
Coagulation disorders
Primarygrowth drivers
Diabetes care
Secondary valuedrivers
Human growth hormone
Intellectual property
HRT
4
Turnover by Therapy first half year 2001
Key observations
HRT
Growth driven by sales of insulin and continued
growth in sales of NovoNorm /Prandin High
growth in the US supported by increasing sales in
Europe and Rest of World Solid growth in Europe,
but Japan hit by stock adjustments end of 2000
and depreciation of JPY Growth in Europe
supported by US launch by Pharmacia in Q2/Q3
2000
hGH
(15)
(6)
Coagulation disorders
(45)
Diabetes care
(16)
Total turnover of DKK 11,351 mn (17)
5
Turnover by Region first half year 2001
Key observations
Strong insulin market growth and continued
penetration of NovoSeven.
RoW
(16)
Increasing insulin market share and strong
penetration of NovoSeven
Japan
Europe
(-2)
(18)
Depreciation of JPY and stock adjustments in Q4
2000
USA
NovoSeven and diabetes care partly fuelled
byNovoNorm tender orders in Russia
(38)
Total turnover of DKK 11,351 mn (17)
6
Novo Nordisk Future Key Drivers
Coagulation disorders
Primarygrowth drivers
Diabetes care
Secondary valuedrivers
Human growth hormone
Intellectual property
HRT
7
Novo Nordisk - Diabetes care

• Building on more than 75 years of experience
  within diabetes
• Dominant position in insulin markets of Europe
  and Japan solid growth in the US
• More than 2,000 RD employees dedicated to
  diabetes, representing approximately ¾ of RD
  resources
• Most complete portfolio of new insulins
• Leadership in protein drug delivery one new
  device per year
• Most comprehensive diabetes Type 2 pipeline in
  the industry

8
Diabetes an unfolding epidemic
"There is no such thing as mild diabetes, Type 2
is a killer. (Professor Eberhard Standl,
executive chairman of the Diabetes Research
Institute in Munich) The prevalence of diabetes
rose from 4.9 in 1990 to 6.5 in 1998 an
increase of 33 (US Center for Disease Control)
Low rate of diagnosis
In Europe and the US, 10-15 of total healthcare
expenditure goes on type 2 diabetes in the UK
this amounts to 2bn a year (Diabetes News, WHO)
Approx 65
Approx 10-20
Industrialised Developing countries
countries
9
Towards more intensive/flexible treatment
Novo Nordiskmarket share 2001
Insulin market volume
6
8
8
39
3
5
Short-acting
Mega Units in 1,000
25 39 36
52
19 33 47
Premixed
Short-acting market growth 11.5 CAGR since
1996 Premixed market growth 9.3 CAGR since
1996 Long-acting market growth 0.4 CAGR since
1996
41
Long-acting
Note All figures are based on MAT Q1 volumes,
industrialised world only.
10
Insulin market overview(01/ 00 MAT Q1 Volumes)
Novo Nordisk market share
Market growth (01/00)
market size
USA
0.8
43
26
Europe
11.8
57
47
Japan
9.1
80
4
RoW
4.0
6
60
World
6.2
100
45
Notes Industrialised world only. WalMart
figures not included. Growth in Europe
effected 1 point by conversion of formulation.

11
Upgrading the insulin market
100
Increasing turnover per patient
Insulin analogue penetration
(30 premium)
USA
Europe
Japan
0
100
Device penetration
(50 premium)
12
Key insulin market observations

• Volume
• No of people with diabetes expected to double by
  2025
• Increased diagnosis rate
• Intensified therapy

• Product upgrades
• Insulin analogues
• Insulin delivery systems

Adding 5 to annual growth
Adding 5 to annual growth

13
Insulin etc

• Key observations
• Growth of 13 in H1 2001 vs H1 2000
• In the US sales growth primarily driven by
  tenders and WalMart
• NovoLog and InDuoTM on track for US launch this
  year
• Sales in Europe benefiting from high market
  growth
• InnoLet being rolled out

DKK million
4,000
11
3,000
2,000
1,000
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
1999 2000 2001
14
Insulin remains the ultimate treatment
Diet and exercise
Oral products (approx 66)
?-Cell function ( of healthy )
60
40
Insulin (approx 27)
20
Oral/insulin (approx 7)
0
0
1
2
3
4
5
6
Years from randomisation
Adapted from UK Prospective Diabetes Study
(UKPDS) Group. Diabetes. 1995 441249-1258.
15
NovoNorm /Prandin

• Key observations
• Growth of 50 in H1 2001 vs H1 2000
• In Europe NovoNorm continued to penetrate
  nicely
• First half 2001 effected by tender orders in
  Russia and stock piling in the US
• First move into Oral Anti Diabetics (OAD)

DKK million
500
49
400
300
200
100
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
1999 2000 2001
16
Growth opportunities in OAD
Growth in USD 5.8 bn OAD market
Key observations Novo Nordisk
350
Sales development in USD CAGR 26

• Experience in the OAD market from NovoNorm
  /Prandin
• Novartis partner on NN622 for North America
• Broad pipeline of innovative approaches for Type
  2 diabetes

300
250
200
MATQ1.1996100
150
No of treated patients CAGR 13
100
50
0
1996
1997
1998
1999
2000
2001
17
Diabetes pipeline
Phase 1
Phase 2
Phase 3

• NN1998 (AERx)

• NN304 (Basal analogue)

• NN414 (Insulin secretion)

• NN4201 (Hepatic glucose regulator)

• NN2344 (Insulin sensitiser)

• NN1215 (LABI)

• NN622 (Dual-acting sensitiser)

• NN2211 (GLP-1 analogue)

18
Attractive late stage diabetes pipeline
Note Expected profiles
19
Novo Nordisk Future Key Drivers
Coagulation disorders
Primarygrowth drivers
Diabetes care
Secondary valuedrivers
Human growth hormone
Intellectual property
HRT
20
Coagulation disorders (NovoSeven)

• Key observations
• Growth of 45 in H1 2001 vs H1 2000
• Increased use for patients with acquired
  haemophilia and for surgical procedures
• Increased investigational use
• Impact from temporary shortage of FVIII products
• Estimated peak sales of USD 350 million within
  current indication

DKK million
1.000
31
750
500
250
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
1999 2000 2001
21
Advantages of NovoSeven
FVIIa/NovoSeven
Tissue factor
22
Beyond haemophilia treatment

• NovoSeven in bleeding conditions
• Coagulation factor deficiencies
• Platelet defects
• General haemostasis
• Reduction of blood and plasma transfusions
• No product offers this safety and efficacy
  profile
• Increasing supportive data from investigational
  use
• NovoSeven is a science-driven product

Haemostasis Management
Haemophilia Treatment
23
NovoSeven indication expansions
Coagulation Factor Deficiency
PlateletDisorder
GeneralHaemostasis
Spontaneous bleeding
Single Factor
Multiple Factors
Surgical bleeding
Lack of platelets
Defective platelets
Haemophilia with inhibitors
Intra-cerebral bleedingsTraumatology
Upper gastrointestinal bleedings )
Orthotopic liver transplantations ) Liver
resection )
Stem cell transplantation
Liver resection
Vitamin K-antagonists
) Patients with chronic liver disease
24
Building Strong Scientific Evidence
Clinical area Status on project
Orthotopic liver transplantation Ongoing Ph 2/3
project Upper GI bleeds Ph 2 study has been
initiated Liver resection Ph 2 study has been
initiated Liver resection Exploratory Ph 2
study has been initiated Bone marrow
transplantations Ph 2 study has been
initiatedIntra-cerebral bleeds Exploratory Ph 2
study has been initiated Reversal of
anti-coagulantia therapy Ph 2 study expected to
start later this year Traumatology Ph 2 study
expected to start by year end 2001
?
?
Patients with chronic liver disease.
25
Novo Nordisk Future Key Drivers
Coagulation disorder
Primarygrowth drivers
Diabetes care
Secondary valuedrivers
Human growth hormone
Intellectual property

HRT
26
Human growth hormone sales

• Key observations
• Growth of 6 in H1 2001 vs H1 2000
• Japan negatively impacted by inventory
  adjustments in Q4 2000 and the depreciation of
  JPY
• Market share gains from continued roll-out of
  Norditropin SimpleXx in Europe

DKK million
700
600
8
500
400
300
200
100
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
1999 2000 2001
27
Novo Nordisk Future Key Drivers
Coagulation disorder
Primarygrowth drivers
Diabetes care
Secondary valuedrivers
Intellectual property
Human growth hormone
HRT

28
Hormone Replacement Therapy

• Key observations
• Growth of 15 in H1 2001 vs H1 2000
• ActivelleTM and Vagifem main contributors to
  growth in Europe
• Growth in the US positively affected by Phamacia
  launching ActivellaTM and Vagifem in Q2/Q3 2000

DKK million
400
13
300
200
100
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
1999 2000 2001
29
Novo Nordisk Future Key Drivers
Coagulation disorder
Primarygrowth drivers
Diabetes care
Secondary valuedrivers
Human growth hormone
Intellectual property
HRT
30
No major patent expirations
60
of 2000 sales with patents expiring in 2001-2005
50
40
30
20
10
0
JJ
AHP
BMS
GSK
AstraZ.
Pfizer
Abbott
Merck
Roche
Amgen
Eli Lilly
Aventis
Novartis
S-Plough
Pharmacia
Novo Nordisk
Source Nordea Securities
) Except NovoSeven in Japan, which expires in
2007
31
Financials
32
Financial results first half year 2001
DKK million 2001 2000 change
Net turnover 11,351 9,669 17 Operating profit
as reported 2,740 2,271 21 Operating profit
adjusted) 2,445 1,941 26Financial
items 241 6 N/A Profit before
tax 2,981 2,277 31 Net profit 1,908 1,420
34 Earnings per share (DKK) 5.48 4.04 36
Earnings per ADS (USD)) 0.62 0.46 36 )
Excluding non-recurring items such as Seroxat
licence income and one-off settlements of
patent disputes ) Translated for convenience
at the end of June 2001 at the exchange rate of
USD 100 DKK 878.98
33
Updated outlook for 2001

• Growth in operating profit of 15 is expected
• Net financial income is expected to be approx DKK
  300 million
• Tax rate expected at 36
• Investments expected to be approx DKK 3.5 billion
• Above outlook is based on the assumption that
  exchange and interest rates remain at the current
  level (7 August 2001)
• Cancellation of 22.5 million treasury B shares
  (6 of share capital) effective August 2001

34
Long-term Financial Targets

• Financial targets
• EBIT growth of 15 per annum
• EBIT margin of 25
• ROIC of 25 (post-tax) per annum
• Cash to earnings of 60

• Observations from 2000
• EBIT growth of 37
• EBIT margin of 23.1
• ROIC (post-tax) of 22.3
• Cash earnings ratio of 87.9

Balancing growth and value
35
Novo Nordisk Key Drivers
Diabetes care
Coagulation disorders

• Estimated market potential for current NovoSeven
  indication of USD 350 million
• Entering 6 new clinical areas with 8 new studies
  in 2001
• Strategy for making NovoSeven the first general
  haemostatic agent
• Patent protection in Europe and the US until
  2011, in Japan until 2007

• World leader with steady growth for more than 75
  years
• 2/3 of business (insulin) growing gt10 pa
• Growth platform in the US
• The most comprehensive insulin and insulin device
  portfolio one new device per year
• Sensitisers (NN622 and NN2344)
• GLP-1 analogue (NN2211)

Primarygrowthdrivers
Secondary valuedrivers
Human growth hormone
Intellectual property
HRT
36
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
risk and uncertainties that may cause actual
results to differ materially from expectations,
including unexpected developments in the
international currency exchange and securities
markets, government-mandated or market-driven
price decreases for Novo Nordisk's products in
the company's major markets and the introduction
of competing products within Novo Nordisk's core
businesses. These and other risks and
uncertainties are further described in reports
filed 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 was filed on 27 April 2001.
37
Investor Information

• Investor Relations contactsNovo Nordisk A/S
  Investor Relations Novo Allé DK2880
  BagsværdDenmark
• Fax [phone]. Peter HaahrPhone (45)
  4442 1207 E-mail pehr_at_novonordisk.com
• Palle Holm Olesen
  Phone [phone] E-mail
  phoo_at_novonordisk.com
• Rasmus JorgensenPhone (1) 212 867 0123
  E-mail rrhj_at_novonordisk.com

Share informationNovo Nordisks B shares are
listed on the stock exchanges in Copenhagen and
London. Its ADSs 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
38
Appendix
39
Increasing focus on Shareholder Value

• Steady increase in payout ratio from 20 in 1997
  to 30 in 2000
• Annual option programme based on performance
  initiated 1998, covers 350 key employees,
  350,000 options have been granted
• 2 share buy-back programmes since 1995, both of
  DKK 3 billion
• Demerger of Novozymes in 2000
• In connection with the demerger top-19 management
  have all invested equal to one years gross
  salary in Novo Nordisk shares, and have received
  four options for each share purchased
• 1 to 5 split of shares April 2001 and 1 to 2
  split January 1997
• 6 reduction in share capital effectuated August
  2001
• Share buy-back programme part of the strategy

40
Turnover by therapy first half year 2001
DKK million 2001 2000 of total
change (H1 2001) Insulin
etc 7,169 6,321 63 13 NovoNorm/Prandin 769 5
13 7 50 Diabetes care, total 7,938 6,834
70 16 Coagulation disorders 1,499 1,034
13 45 Human growth hormone 1,011 952
9 6 HRT 692 603 6 15 Other 211 246 2 -1
4 Total 11,351 9,669 100 17
NovoSeven
41
Turnover by region first half year 2001
DKK million 2001 2000 of total
change (H1 2001) Europe
5,548 4,684 49 18 USA 2,388 1,736 21 38
Japan 1,883 1,926 17 -2 Rest of
world 1,532 1,323 13 16 Total 11,351 9,669 100
17
42
Profit Loss 1998-2000
DKK million 1998 1999 2000
Net turnover 13,647 16,423 20,811
Y/Y growth 8.4 20.3 26.7
Gross profit 9,896 12,196 15,767
EBIT 2,933 3,527 4,816
EBIT-margin 21.5 21.5 23.1
Net finance 243 -178 24
Pre-tax profit 3,176 3,349 4,840
Tax rate 36.5 40.3 36.2
Net profit 2,016 2,001 3,087
43
Balance Sheet 1998-2000
DKK million 1998 1999 2000
Fixed assets 12,534 10,576 12,065
Stocks 3,253 3,583 3,972
Debtors 4,895 5,481 4,711
Cash and current inv. 1,476 3,442 3,845
Total assets 22,158 23,082 24,593
Shareholders funds 15,287 15,185 15,738
Provisions 1,121 1,258 1,493
Long-term debt 997 1,007 950
Short-term debt 4,753 5,632 6,412
Total liabilities 22,158 23,082 24,593
44
Margin Development
6000
Development in gross- andEBIT-margin 1997-2000
Production costs
5000
4000
DKK million
3000
2000
1000
0
1997
1998
1999
2000
7000
RD costs
6000
SD costs
Adm. costs
5000
4000
DKK million
30.1
3000
2000
Note EBIT margin as reported
27.9
16.3
17.4
1000
9.0
12.1
0
1997
1998
1999
2000
45
From diet and exercise to insulin
Type 1 (4 million patients) Type 2 (147
million patients)
Therapy Diet/Exercise Oral
products Oral/Insulin Insulin Approx
66 Approx 7 Approx 27
An estimated 25-30 million using medication

Estimated year 2000 incl. undiagnosed.
46
Insulin Secretion in Normal People and People
with Type 2 Diabetes
800
Normal
700
Type 2 diabetes
600
500
400
Insulin Secretion (pmol/min)
300
200
100
0600
1000
1400
1800
2200
0200
0600
Kilde O'MEARA et al. Am. J. Medicine, 1990 89.
47
Type 2 Diabetes the Metabolic Syndrome
Genetic Acquired Glucotoxicity Lipotoxicity
Insulin deficiency
Insulin deficiency
Impaired beta cell function
Hepatic glucose production
Glucose-induced insulin secretion
Post receptor defect
Hyperglycemia
Tissue response to insulin
Glucose uptake
Basal hyper- insulinemia
Glucose transport
Insulin resistance
Insulin resistance
Insulin binding
Genetic Acquired Obesity Age
48
Advantages of NovoSeven
FVIIa/NovoSeven
Tissue factor
49
Studies aimed at expanding the indication
Expected benefits of NovoSeven
New clinical area targeted
Orthotopic liver transplantions) Reduce bleeding, leading to fewer transfusions and thereby reducing post-operative complications
Liver resections) Fast induction of haemostasis and hopefully allow for transfusion-free surgery
Upper gastrointestinal bleedings) Faster haemostasis and reduce re-bleeding episodes
Liver resections in patients with no coagulation disorders Fast induction of haemostasis and hopefully allow for transfusion-free surgery
Intra-cerebral bleedings Fast haemostasis, reduced mortality and morbidity, thus increased quality of life
Reversal of anticoagulation therapy (vitamin K-antagonists) Faster haemostasis and reduced number of transfusions, leading to faster recovery
Stem cell/bone marrow transplantations Faster haemostasis, reduced mortality and number of transfusions. Fewer patients with platelet antibodies
Traumatology Faster haemostasis, reduced mortality and number of transfusions. Fewer multi-organ failures and thereby less surgery and faster recovery
) Patients with chronic liver disease
50
NovoSeven - Cost-Utility Study
Treatment Usual Outcome care rFVIIa reductio
n Retreatments (N) 6 0.5 92 Bleeds
(N) 28 18 35 Major bleeds (N) 15 12 19 Painful
episodes (N) 12 11 12 Duration of painful
episodes (h) 131 19 85 Delay from onset to
treatment (h) 37 6 84 Days off
school 37 25 33 Days w/ wheelchair/sling/crutches
96 35 63 Lost carer time (h) 121 36 70 Intensit
y of pain (pain scale 1-5) 4 3 24 ER visits
(N) 4 1 67 Inpatient stays (N) 2 1.75 13
Ekert H, et al. Haemophilia. 20017279-285.
51
Triple Bottom Line
Economically viable
Environmentally sound
Socially Responsible