P1252428434TWRls

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Novo Nordisk A/SGlobal Niche Pharma with Biotech
Expertise Fall 2000
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Demerger process update
Health Care Enzymes

Detailed historic financial data Demerger Document, October 2000 Demerger Document and Prospectus,October 2000
Road shows Aug./Sept. 2000 November 2000
Extraordinary Gen. Meeting November 13, 2000
Pure Play Listing Nov./Dec. 2000
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Novo Nordisk A/S Executive Committee
(post-demerger)
President CEO Lars RebienSørensen
Chief OperatingOfficer Lars Almblom Jørgensen
Chief Science Officer Mads Krogsgaard Thomsen
Chief Financial Officer Jesper Brandgaard
Chief of Staffs and Quality Kåre Schultz
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Novo Nordisk A/S Executive Committee
(post-demerger)
CEO
COO
CSO
SQ
CFO
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A global niche pharma company

• Leadership position in diabetes care
• Strong market presence in haematology and growth
  disorders
• World class pipeline in key therapeutic areas
• Proven, genuine biotech expertise in RD and
  access to ZymoGenetics
• Drug delivery technology platform
• Outstanding presence in Europe and Japan
• US growth platform
• Strong sales growth, significant cash flow
  generation, robust balance sheet.

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Novo Nordisk Key drivers
NovoSeven business
Diabetes Carebusiness
Primary growth drivers
Secondary value drivers
Growth Disorders
ZymoGenetics
HRT
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Our ambition

• Continue to be the worlds leading diabetes care
  company
• Offer products and services in other areas where
  we can make a difference
• Grow our product pipeline through internal and
  external sourcing
• Build upon our biotechnology expertise and link
  with ZymoGenetics to harness the full potential
  of the genomics revolution
• Continue to improve financial performance.

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Worldwide presence
Regional sales distribution
1997
HY 2000
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Health Care half year 2000Turnover by therapy
ofDKK million 2000 1999 total
chg. Insulin and devices etc. 6,321 5,217 65
21 NovoNorm/Prandin 513 323 5 59 Diabetes
Care, Total 6,834 5,540 70 23 NovoSeven
1,034 561 11 84 Growth Disorders 952 795
10 20 HRT 603 556 6 8 Other 246 222 3
11 Health Care, Total 9,669 7,674
100 26
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Diabetes Care
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Health Care half year 2000Turnover by therapy
ofDKK million 2000 1999 total
chg. Insulin and devices etc. 6,321 5,217 65
21 NovoNorm/Prandin 513 323 5 59 Diabetes
Care, Total 6,834 5,540 70 23 NovoSeven
1,034 561 11 84 Growth Disorders 952 795
10 20 HRT 603 556 6 8 Other 246 222 3
11 Health Care, Total 9,669 7,674
100 26
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Insulin market overview
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Insulin sales growth outlook
10 growth per year Excluding pulmonary
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Insulin sales growth drivers 1Increased number
of diabetics
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Insulin sales growth drivers 2Increased rate of
diagnosis
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Insulin sales growth drivers 3More patients
should use insulin
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Insulin sales growth drivers 4More intensive
therapy

• The major land mark study, UKPDS),prescribed
• Early intervention
• Intensified therapy
• Use products in combination
• More patients on insulin.
• ) UKPDS UK Prospective Diabetes Study

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Insulin sales growth drivers 5Increased product
sophistication
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Insulin sales growth drivers 5Increased product
sophistication
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Insulin sales growth drivers 5Increased product
sophistication

• The industrys most comprehensive portfolio
  of insulin analogues
• Rapid acting insulin analogue launched in EU,
  approved in US
• Basal insulin analogue in phase 3
• Premixed insulin analogue approved in EU.

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The competitive scene
Insulin sophistication

• Insulin analogues

NVO
LLY AVE Rapid-acting
Marketed Marketed Ph1/Ph2 Basal
Ph3 Marketed Premix, protracted
Approved Marketed

Pulmonary insulin
NVO
LLY AVE Human short-acting
Ph2 Ph2 Ph3

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Insulin sales growth drivers 6More aggressive
US strategy

• 400 new sales reps. hired / rented during 2000
• Total number of reps. by end 2004 up to 1,000
• US insulin market size USD 1 billion
• Novo Nordisk market share 22 (vol.)
• Pen penetration 5.7 (vol.)
• 50 price premium on pen products
• US market share 21.2 in 98, 21.5 in 99 and
  22.0 MAT Q1 2000.

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Health Care half year 2000Turnover by therapy
ofDKK million 2000 1999 total
chg. Insulin and devices etc. 6,321 5,217 65
21 NovoNorm/Prandin 513 323 5 59 Diabetes
Care, Total 6,834 5,540 70 23 NovoSeven
1,034 561 11 84 Growth Disorders 952 795
10 20 HRT 603 556 6 8 Other 246 222 3
11 Health Care, Total 9,669 7,674
100 26
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NovoNorm?/Prandin? as gateway to oral diabetes
market

• Oral diabetes market worldwide 3 billion and
  growing 20 yearly
• Type 2 programmes
• NN2344 1st generation sensitiser
• NN622 Dual acting sensitiser working on glucose
  and lipids
• NN4201 Reducing glucose output from the liver
• NN2211 GLP-1 analogue.

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Diabetes Care growth drivers

• Increased number of diabetics
• Higher diagnosis rate
• More patients should use insulin
• More intensive therapy
• Increased device penetration
• Conversion to analogues
• More aggressive US strategy
• New Type 2 products in pipeline.

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Diabetes Care RD
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Development pipeline
Phase 1
Phase 2
Phase 3
Registration

• NN2211(GLP-1)

• NN1998(AERx)

• NN304 (Basal analogue)

• NovoMix (Premix analogue)

• NN2344(Insulin sensitiser)

• NN1215 (LABI)

• NovoRapid(Rapid analogue)

• NN007(Liver)

• NN4201(Hepatic glucose regulator)

• NN622(Dual acting insulin sensitiser)

• NN703(Growth hormone secretagogue)

• NN5492(Infertility)

• NN007 (up to 4 new within a year)

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NovoSeven
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NovoSeven strategy

• Develop NovoSeven to become the first general
  haemostatic agent
• Develop a range of new clinical indications, new
  products and new formulations
• Expansion of production and sales force capacity
• Price per mg to be kept unchanged
• Clinical Phase 2 trials on up to four new
  indications will be initiated within the next
  year.

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Health Care half year 2000Turnover by therapy
ofDKK million 2000 1999 total
chg. Insulin and devices etc. 6,321 5,217 65
21 NovoNorm/Prandin 513 323 5 59 Diabetes
Care, Total 6,834 5,540 70 23 NovoSeven
1,034 561 11 84 Growth Disorders 952 795
10 20 HRT 603 556 6 8 Other 246 222 3
11 Health Care, Total 9,669 7,674
100 26
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NovoSeven sales growth outlook
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NovoSeven sales growth drivers 1Existing
haemophilia indication
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NovoSeven sales growth drivers 2Liver
indication in Phase 3
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NovoSeven sales growth drivers 3New expansion
strategy
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Development pipeline
Phase 1
Phase 2
Phase 3
Registration

• NN2211(GLP-1)

• NN1998(AERx)

• NN304 (Basal analogue)

• NovoMix (Premix analogue)

• NN2344(Insulin sensitiser)

• NN1215 (LABI)

• NovoRapid(Rapid analogue)

• NN007(Liver)

• NN4201(Hepatic glucose regulator)

• NN622(Dual acting insulin sensitiser)

• NN703(Growth hormone secretagogue)

• NN5492(Infertility)

• NN007 (up to 4 new within a year)

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NovoSevenÒ Market segmentation for bleedings
Coagulation Factor Deficiency
Platelet Disorder
General Haemostasis
Single Factor
Multiple Factors
Surgical bleeding
Spontaneous bleeding
Lack of Platelets
Defective Platelets
Vitamin K-antagonists
Vitamin K-antagonistsReversal of oral
anti-coagulant therapy Estimated no. of
potential targeted severe bleeding episodes per
year 600,000
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NovoSevenÒ Market segmentation for bleedings
Coagulation Factor Deficiency
Platelet Disorder
General Haemostasis
Single Factor
Multiple Factors
Surgical bleeding
Spontaneous bleeding
Lack of Platelets
Defective Platelets
Vitamin K-antagonists
Bone marrow transplantation
Bone marrow transplantation Estimated no. of
potential targeted severe bleeding episodes per
year 13,000
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NovoSevenÒ Market segmentation for bleedings
Coagulation Factor Deficiency
Platelet Disorder
General Haemostasis
Single Factor
Multiple Factors
Surgical bleeding
Spontaneous bleeding
Lack of Platelets
Defective Platelets
Intra-cerebral bleeds
Vitamin K-antagonists
Bone marrow transplantation
Intra-cerebral bleeds20-30 of strokes are
intra-cerebral bleeds Estimated no. of potential
targeted severe bleeding episodes per year
200,000
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NovoSevenÒ Market segmentation for bleedings
Coagulation Factor Deficiency
Platelet Disorder
General Haemostasis
Single Factor
Multiple Factors
Surgical bleeding
Spontaneous bleeding
Lack of Platelets
Defective Platelets
Intra-cerebral bleeds
Vitamin K-antagonists
Bone marrow transplantation
Traumatology/traffic accidents
Traumatology / traffic accidents Estimated no.
of potential targeted severe bleeding episodes
per year 100,000- 400,000
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NovoSevenÒ Market segmentation for bleedings
Coagulation Factor Deficiency
Platelet Disorder
General Haemostasis
Single Factor
Multiple Factors
Surgical bleeding
Spontaneous bleeding
Lack of Platelets
Defective Platelets
Glanzmann Bernard-Souliers
Intra-cerebral bleeds Traumatology/traffic
accidents
Hip replacements Haemorrhagic dilution
coagulopathy Oozing after cardiac valve
replacement Colon Cancer surgery
Vitamin K-antagonists
Bone marrow transplantation
Gunshot wounds Upper gastro- intestinal
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Profitable organic growth
Billion DKK
Margin
) 1999 excluding restructuring costs of DKK
350 million
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Financial resultsHealth Care
chg.DKK million 1999 1998
1997 1998-99
Net turnover 16,423 13,647 12,585 20 Operating
profit 3,527 2,933 2,440 20 of
sales 21.5 21.5 19.4 Operating profit
adjusted ) 3,877 2,933 2,440 32 of
sales 23.6 21.5 19.4 EBITDA adjusted
) 4,820 3,919 3,315 23 of
sales 29.3 28.7 26.3
)
1999 excluding restructuring costs of DKK 350
million
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Financial results first half yearHealth Care
DKK million 2000 1999 chg.
Net turnover 9,669 7,674 26 Operating profit
2,271 1,671 36 of sales
23.5 21.8 EBITDA 2,784 2,137 30 of
sales 28.8 27.8
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Balance sheetHealth Care
DKK million 1999 1998 1997
Capital expenditures 1,362 1,767 1,950 of
sales 8.3 12.9 15.5 Fixed assets 10,284 9,870
9,244 of sales 62.6 72.3 73.4 Stocks
and trade debtors 6,496 6,044 5,982 of
sales 39.6 44.3 47.5
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ZymoGenetics

• Approximately 275 people, hereof 200 scientists
• Using bio-informatics to discover novel gene
  sequences
• First to file on approx. 15 of US patents filed
  on plausible protein therapeutics from Dec.
  1993 to Aug. 1998.
• Pipeline includes preclinical projects in the
  areas of immunology and oncology
• No current projects expected to the reach market
  before 2007-2010
• Active dialog with accredited biotech investors
  is taking place.

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Triple Bottom Line
Economically viable
Environmentally sound
Socially responsible
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Human Resources

• Performance culture
• Transparent recognition and incentive scheme
• Performance linked stock option programme for
  gt300 managers
• Development plans and bonus linked appraisal
  systems for most employees
• Preferred employer
• Customer focus
• All employees to meet a person with diabetes this
  year
• Globalisation
• Growth in number of employees mainly outside
  Denmark.

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Global Niche Pharma company with Biotech
Expertise
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NovoSeven business
Diabetes business

• Peak sales potential for current indication
  USD 300 million
• Peak sales potential for liver indication (Phase
  3) USD 150 - 250 million
• Strategy for entry into the Platelet Disorder
  general General Haemostasis areas
• Phase 2 studies on up to four new indications to
  be initiated
• Patent protection until 2007-11.

Primary growth drivers
Secondary value drivers

• Growth Disorders

• ZymoGenetics

• HRT

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No major patent expirations
of 1999 sales with patents expiring in 2000-2004
Source Aros Securities Research and Novo Nordisk
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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 2 May 2000. In
addition to the risk factors described in the
company's Form 20-F, the economic situation in
Asia, Russia and Latin America could have an
adverse impact on unit sales and/or prices,
including currency exchange rates, in 2000. The
total group sales in Asia (excluding Japan),
Russia and Latin America were approximately DKK 2
billion in 1999 corresponding to 10 of total
group sales.
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Global Niche Pharma company with Biotech
Expertise
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Appendix
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Key e-business activities
Expanding our leadership position to the web

• New diabetes professional portal connecting
• NOVOALERT
• International Diabetes Monitor
• Web-based retinopathy service and much more....
• HaemophiliaForum
• Product specific sites for all key products
• B2C sales of devices, e-procurement, B2B
  sales/order, web-based clinical trials
• Reinventing corporate and affiliate sites
• Dedicated e-business unit to drive it.

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Networking in Novo Nordisk
Information Interaction Transaction
Intranet
Extranet
Internet
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Long acting / Basal Insulin
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NovoSevenÒ Market segmentation for bleedings
Coagulation Factor Deficiency
Platelet Disorder
General Haemostasis
Single Factor
Multiple Factors
Surgical bleeding
Spontaneous bleeding
Lack of Platelets
Defective Platelets
Haemophilia with inhibitors FVII deficiency
Haemophilia A Haemophilia B
Liver Disease Vit. K-antagonists
Hip replacements Haemorrhagic dilution
coagulopathy Oozing after cardiac valve
replacement Colon Cancer surgery Astrocytoma
surgery Meningeomas surgery Spinal Orthopaedic
surgery Arteriovenous malformations Radical
prostatectomy
Liver disease Bone marrow transplantation Acute
Myeloid leukaemia Haemorrhagic Cystitis Blast
crisis in leucemia Myelodysplastic Syndrome -
HT Invasive procedures in blood cancer
Intra-cerebral bleeds Upper gastro
intestinal Traumatology/traffic
accidents Gunshot wounds
GlanzmannBernard-Souliers
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The key impact of NovoSeven is through injury
site selective Platelet activation to ensure high
local thrombin formation which secures a tight
fibrin clot
Tissue factor - only at site of injury
FXa
In patients with haemophilia and inhibitors,
NovoSeven establish coagulation through bypassing
FVIII
Platelet activation
Thrombin activation and burst
Local activation of Platelets clot
formation with NovoSeven
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Sources of innovation Novo Nordisk Diabetes Care
RD
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45
40
35
30
25
20
15
10
5
0
ZGI
GI
Immunex
Amgen
SKB
HGS
Genentech
Schering
Millennium
Incyte
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ZymoGenetics-FibroGen Collaboration

• Research collaboration signed in July 2000
• Focused on advancing the safety and efficacy of
  tissue sealant products for wound management
• ZGI to pair its recombinant human thrombin with
  FibroGens recombinant human Type III collagen
• FibroGen is a private biotech company and leader
  in recombinant human collagen and gelatin biology.

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ZymoGenetics Soluble TACI

• Research reported in April 27, 2000 issue of
  Nature
• Novel immunosuppressive agent with therapeutic
  potential for systemic lupus erythematosus (SLE)
  and other autoimmune disorders
• Modified form of a receptor found on surface of B
  cells, and member of the TNF receptor family
• SLE affects over 200K people in the US. No new
  drug launched for SLE in nearly 40 years
• Other potential indications include, inter alia,
  Myasthenia Gravis and Rheumatoid Arthritis.

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Vision for Novo Nordisk

• The worlds leading diabetes care company
• Our aspiration is to defeat diabetes by finding
  better methods of diabetes prevention, detection
  and treatment
• We will work actively to promote collaboration
  between all parties in the health care system in
  order to achieve our common goals
• Offer products and services in other areas where
  we can make a difference
• Our research will lead to the discovery of new,
  innovative products also outside diabetes. We
  will develop and market such products ourselves
  whenever we can do it as well as or better than
  others
•  Competitive business results
• Our focus is our strength
• We will stay independent and form alliances
  whenever they serve our business purpose and the
  cause we stand for

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Our marketing strategy

• Working together with patient organisations and
  health authorities
• Examples

• The Diabetes Foundation in Spain
• Accredited education courses for GPs in
  Scandinavia and the UK
• Web Cafe and Type 2 education programme in France
• Children education project in Poland
• www.diabetes.dk

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Children Education ProjectPoland
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Triple Bottom Line
Why combine business, environment, and
stakeholders?

• To obtain trust and license to operate and
  innovate
• To attract and retain the most talented people
• To minimise risks and create possibilities
• To understand signs from stakeholders
• To be part of defining new legislation and
  requirements
• To meet rising demand from investors(e.g. Dow
  Jones/ Sustainable Group Index)

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Health Care Half Year 2000Turnover by geography
DKK million HY/00 HY/99 of total
change (HY/00) EU 3,865 3,392 40
14 Japan 1,926 1,513 20 27 USA
1,681 1,081 17 56 Rest of
World 2,197 1,688 23 30 Total
9,669 7,674 100 26
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Group financial results Half Year 2000
DKK million HY/00 HY/99
change
Net turnover 12,016 9,856 22 Operating profit
as reported 2,589 1,926 34 Operating profit
adjusted) 2,259 1,592 42 Financial
items (25) (150) - Profit before tax 2,564
1,776 44 Net profit 1,615 1,146 41 Earnings
per share (DKK) 23.04 15.98 44 Earnings per
ADS) (USD) 1.48 1.03 44 ) Excluding
Seroxat license income and one-off income in
HY/00. ) Translated for convenience at the end
of HY/00 exchange rate of USD 1 DKK 7.7895.
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Enzymes Business Half Year 2000 Financial results
DKK million HY/00 HY/99
Change
Net turnover 2,367 2,182 8 Operating
profit 318 255 25 Operating margin 13.4 11.7