Presentation Fall (1)

8/3/2019 Presentation Fall (1)

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Novo Nordisk A/SGlobal Niche Pharma with Biotech Expertise

Fall 2000


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Demerger process update

Health CareHealth Care EnzymesEnzymes

Detailed historicDetailed historic

financial datafinancial data

DemergerDocument,DemergerDocument,

October 2000October 2000

DemergerDocumentDemergerDocumentand Prospectus,and Prospectus,

October 2000October 2000

Road showsRoad shows Aug./Sept. 2000Aug./Sept. 2000 November 2000November 2000

ExtraordinaryExtraordinary

Gen. MeetingGen. MeetingNovember 13, 2000November 13, 2000

Pure PlayPure Play

ListingListing

Nov./Dec. 2000Nov./Dec. 2000


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ChiefChiefScienceScienceOfficerOfficer

MadsMadsKrogsgaardKrogsgaard

ThomsenThomsen

Novo Nordisk A/SExecutive Committee (post-demerger)

ChiefofChiefofStaffs andStaffs andQualityQuality

KreKreSchultzSchultz

ChiefChiefFinancialFinancialOfficerOfficer

JesperJesperBrandgaardBrandgaard

ChiefChiefOperatingOperating

OfficerOfficer

LarsLarsAlmblomAlmblom

JrgensenJrgensen

President & CEOPresident & CEOLars RebienLars Rebien

SrensenSrensen


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CSOCSO S&QS&QCFOCFOCOOCOO

CEOCEO

Novo Nordisk A/SExecutive Committee (post-demerger)


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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 areasProven, genuine biotech expertise in R&D 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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Diabetes Carebusiness

GrowthDisordersZymoGenetics HRT

Novo Nordisk Key drivers

PrimaryPrimarygrowthgrowthdriversdrivers

NovoSevenbusiness


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Our ambition

Continue to be the worlds leading diabetescare company

Offer products and services in other areas

where we can make a difference

Grow our product pipeline through internal andexternal sourcing

Build upon our biotechnology expertise and linkwith ZymoGenetics to harness the full potentialof the genomics revolution

Continue to improve financial performance.


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US

Europe

Japan

ROW

Worldwide presence

Regional sales distributionRegional sales distribution

19971997 HY2000HY2000


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HeaHeallth Care half year2000th Care half year2000Turnover by therapyTurnover by therapy

% ofDKK million 2000 1999 total % chg.

Insulin and devices etc. 6,321 5,217 65% 21%

Novo

Norm

/Prandin 513 32

3 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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Novo

Norm

/Prandin5

13 323 5% 5

9%

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%




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Insulin market overview

22%

7.7%

9.1%

10.1%

12.3%

2.5%

World

RoW

Japan

Europe

USA

Novo NordiskMarket share (00)

Market growth(00/99)

59%

80%

63%

Source: IMS MAT Q1 2000 volumes. Industrialised world only.

45%


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0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK milion

1995 1996 1997 1998 1999

Insulin sales growth outlookInsulin sales growth outlook

10% growth peryear10% growth peryear

Excluding pulmonaryExcluding pulmonary

What willdrive growth?


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2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

Insulin sales growth drivers 1:

Increased number of diabetics

Increase inthenumber ofdiabetics from150 millionto 220 million 10 years fromnow yearly growth of3.9%.

220

150

2000 2010

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


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2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999


Increased rate of diagnosis

Onlyabout onethird ofdiabetics are diagnosed

Increased rate ofdiagnosisleads to higher insulin sales.

50

150

0

25

50

75

100

125

150

175

# ofdiagnosed # ofdiabetics


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2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

Number ofdiabetics using medication:25-30 million

More patients shouldmoveto the use of insulin.

Oral products Oral/insulin Insulin

66%

7%

27%


More patients should use insulin


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2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

Themajorland mark study, UKPDS*),prescribed:

Early interventionIntensified therapy

Use products in combination

More patients on insulin.

*) UKPDS = UK ProspectiveDiabetes Study


More intensive therapy


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0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

Pen penetrationfor insulinadministration

5.7%

46.2%

71.4%79.1%

89.2%

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

Scandinavia Japan Europe RoW USA

Potential

Source: IMS MAT Q12000 volumes, Industrial world only.


Increased product sophistication


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2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

The industrys most comprehensiveinsulin device portfolio

Onenew deviceto be introduced peryear.

Conventionalsyringes

Insulin pens

Electronic insulin dosers




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2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

The industrys most comprehensiveportfolio of insulinanalogues

Rapid acting insulinanaloguelaunched inEU,approved in US

Basal insulinanalogue in phase 3

Premixed insulinanalogueapprovedinEU.




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The competitive scene

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

Insulin sophisticationInsulin sophistication


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0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

400 new sales reps. hired / rented during 2000

Totalnumber ofreps. byend 2004= up to 1,000

US insulinmarket 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 and22.0% MAT Q1 2000.


More aggressive US strategy


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NovoNorm/Prandin 513 323 5% 59%


NovoSeven 1,034 561 11% 84%

Growth Disorders 952

795 10%20%

HRT 603 556 6% 8%

Other 246 222 3% 11%



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0

100

200

300

400

500

600

700

800

900

1000

DKK million

1998 1999

NovoNormNovoNorm/Prandin/Prandin as gatewayas gateway

to oral diabetes marketto oral diabetes market

Oral diabetes market worldwide= $3 billionand growing ~ 20%yearly

Type 2 programmes:

NN2344: 1st generation sensitiser

NN622:Dualacting sensitiser

working on glucoseand lipids

NN4201: Reducing glucose outputfromtheliver

NN2211: GLP-1a

nal

ogue.


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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 R&D

Muscle/Fat

- Insulinsensitisers

- Insulin- Insulinmimetics- PPAR K- GLUT4- TNFE- PTPase.

Gut

- GLP-1.

-cell

- PGR- PCO- GLP-1.

Brain- GLP-1.Liver

- Hepatic enzyme inh.- PPAR E- Glukokinase- Glucagon

antagonists- Insulin- Insulinmimetics.


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Development pipeline

Phase 1 Phase 2 Phase 3 Registration

NN2211(GLP-1)

NN1215(LABI)

NN1998(AERx)

NN4201(Hepatic

glucose regulator) NN703(Growth hormone secretagogue)

NN304(Basal analogue)

NovoRapid(Rapid analogue)

NovoMix(Premix analogue)

NN007(up to 4 new within a year)

NN007(Liver)

NN2344(Insulin sensitiser)

NN5492(Infertility)


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NovoSeven


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NovoSeven strategy

Develop NovoSeven to become the firstgeneral haemostatic agent

Develop a range of new clinical indications,

new products and new formulations

Expansion of production and sales forcecapacity

Price per mg to be kept unchanged Clinical Phase 2 trials on up to four new

indications will be initiated within the next year.

28


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NovoNorm/Prandin 513 323 5% 59%


NovoSeven 1,034 561 11% 84%

Growth Disorders 952

795 10%20%

HRT 603 556 6% 8%

Other 246 222 3% 11%



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NovoSevenNovoSeven sales growth outlooksales growth outlook

0

500

1000

1500

2000

2500

3000

3500

4000

1995 1996 1997 1998 1999

DKKmillion

What willdrive growth?


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0

500

1000

1500

2000

2500

3000

3500

4000

1995 1996 1997 1998 1999

DKKmillion

NovoSevenNovoSeven sales growth drivers 1:sales growth drivers 1:

Existing haemophilia indicationExisting haemophilia indication

1999 sales = DKK 1.3 billion ~ USD 165 million

Peak sales potential = USD 300 million

Launch in Japan 11 May 2000

NovoSevenMarket segmentationfor bleedings

CoagulationFactor

Deficiency

Haemophiliawith inhibitors


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0

500

1000

1500

2000

2500

3000

3500

4000

1995 1996 1997 1998 1999

DKKmillion


Liver indication in Phase 3Liver indication in Phase 3

Peak sales potential = USD 150-250 million

# ofpatients = 1.7 millionliver patients with coagulopathy

# ofspontaneous upper GI bleeds = 170,000

# oforthotopic livertransplantations = 8,000# ofother invasive procedures = 600,000


CoagulationFactorDeficiency


Liverdisease

Expansion into liver segment

Livertransplantationprogramme ongoing

Further studies forliverpatients to be initiated:

Upper GI bleeds

Liver resection


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0

500

1000

1500

2000

2500

3000

3500

4000

1995 1996 1997 1998 1999

DKKmillion

A range ofpotential indications have beenidentified and analysed

Our strategyforexpansion into the Plateletdisorderand general generalhaemostasisarea is now in place


CoagulationFactorDeficiency

PlateletDisorder GeneralHaemostasis


Liverdisease


New expansion strategyNew expansion strategy


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Development pipeline

Phase 1 Phase 2 Phase 3 Registration

NN622(Dual acting insulin sensitiser)

NN2211(GLP-1)

NN1215(LABI)

NN1998(AERx)

NN4201(Hepatic

glucose regulator) NN703(Growth hormone secretagogue)

NN304(Basal analogue)

NovoRapid(Rapid analogue)

NovoMix(Premix analogue)

NN007

(up to 4 new within a year)

NN007(Liver)

NN2344(Insulin sensitiser)

NN5492(Infertility)


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Coagulation FactorCoagulation Factor

DeficiencyDeficiency

Platelet DisorderPlatelet Disorder GeneralGeneral

HaemostasisHaemostasis

SingleSingleFactorFactor

MultipleMultipleFactorsFactors

SurgicalSurgicalbleedingbleeding

SpontaneousSpontaneousbleedingbleeding

Lack ofLack ofPlateletsPlatelets

DefectiveDefectivePlateletsPlatelets

NovoSeven

Market segmentation for bleedings

Haemophilia withinhibitors

LiverDisease Liver disease

Vitamin K-antagonists

Vitamin K-antagonistsReversal oforalanti-coagulanttherapy

Estimated no. ofpotentialtargeted severe bleedingepisodes peryear: 600,000


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NovoSeven



LiverDisease Liver disease


Bonemarrowtransplantation

Bonemarrow transplantation

Estimated no. ofpotentialtargeted severe bleedingepisodes peryear: 13,000


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NovoSeven



LiverDisease Liver disease Intra-cerebralbleeds


Bonemarrowtransplantation Traumatology/

traffic accidents

Traumatology / traffic accidents

Estimated no. ofpotentialtargeted severe bleedingepisodes peryear: 100,000- 400,000


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NovoSeven



LiverDisease Liver disease Intra-cerebralbleeds

Traumatology/traffic accidents



Hip replacements

Haemorrhagicdilutioncoagulopathy

Oozing aftercardiac valvereplacement

Colon Cancersurgery

Gunshot wounds

Upper gastro-intestinal

Glanzmann

Bernard-Souliers


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0

5

10

15

20

'90 '91 '92 '93 '94 '95 '96 '97 '98 '99

0%

10%

20%

30%

40%

Turnover

Operating margin *)

Profitable organic growth

BillionDKK Margin

*) 1999 excluding restructuring costs ofDKK 350 million


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Financial resultsHealth Care

Netturnover 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 profitadjusted *) 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 ofDKK 350 million

% chg.DKK million 1999 1998 1997 1998-99


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Financial results first half yearHealth Care

DKK million 2000 1999 % chg.

Netturnover 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

Capitalexpenditures 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%

DKK million 1999 1998 1997


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ZymoGenetics

Approximately 275 people, hereof200 scientists

Using bio-informatics to discover novel genesequences

First to file on approx. 15% of US patents filed onplausible protein therapeutics from Dec. 1993 toAug. 1998.

Pipeline includes preclinical projects in the areas ofimmunology and oncology

No current projects expected to the reach marketbefore 2007-2010

Active dialog with accredited biotech investors istaking place.


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Environmentally

sound

Socially

responsible

Economicallyviable

Triple Bottom Line


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Human Resources

Performance culture Transparent recognition and incentive scheme

Performance linked stock option programme for >300 managers

Development plans and bonus linked appraisal systems for mostemployees

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

Peak sales potential for

current indication

= USD 300 million

Peak sales potential for liver

indication (Phase 3)

= USD 150 - 250 millionStrategy 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.

PrimaryPrimarygrowthgrowthdriversdrivers

World leader

2/3 of business (insulin)

growing >10%

Steady growth for76 years

The most comprehensive insulinand insulin device portfolio in the

industry one new device per

year

Expansion strategy in the US

Sensitiser and liver programmes

NN2211 (GLP-1 analogue).

Diabetes business

GrowthDisordersZymoGenetics HRT

Novo Nordisk Key driversNovo Nordisk Key drivers


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0%

20%

40%

60%

AstraZe

neca

EliL

illy

Scherin

g-Pl

.

Merck

Roch

eBM

S

Aven

tis

Novo

Nordisk

No major patent expirations

% of1999 sales with patents expiring in 2000-2004

Source: Aros Securities Research andN

ovoN

ordisk


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Forward-looking statements

This presentation contains forward-looking statements as the term is defined in the USPrivate Securities Litigation Reform Act of1995.

Such forward-looking statements are subject to risk and uncertainties that may causeactual results to differ materially from expectations, including unexpecteddevelopments in the international currency exchange and securities markets,government-mandated ormarket-driven price decreases for Novo Nordisk's productsin the company's major markets and the introduction of competing products withinNovo Nordisk's core businesses.

These and other risks and uncertainties, are further described in reports filed with theUS Securities and Exchange Commission (SEC) by Novo Nordisk and readily availableto 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 economicsituation in Asia, Russia and Latin America could have an adverse impact on unit salesand/or prices, including curr ency exchange rates, in 2000. The total group sales inAsia (excluding Japan), Russia and Latin America were approximately DKK 2 billion in1999 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

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, B2Bsales/order, web-based clinical trials

Reinventing corporate and affiliate sites

Dedicated e-business unit to drive it.

Expanding our leadership position to the web


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Information Interaction Transaction

Intranet +++ ++ +

Extranet ++ + +

Internet +++ ++

Networking in Novo Nordisk


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Long acting / Basal Insulin

NPH/NPL HOE901 NN304

Number of injections 1 or 2 1 1 or 2

Soluble no yes yes

Mixable yes no yes

Neutral Ph yes no yes

Effect on HbA1c 1 1 u1

Intra patient variability 1 >1


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FVII deficiency

Haemophilia A

Haemophilia B

LiverDisease

Vit. K-antagonists

Hip replacements

Haemorrhagicdilutioncoagulopathy

Oozing after cardiacvalve replacement

Colon Cancer

surgery

Astrocytoma surgery

Meningeomas surgery

Spinal Orthopaedic

surgery

Arteriovenous

malformations

Radical prostatectomy

Liver disease


Acute Myeloid

leukaemia

Haemorrhagic Cystitis

Blast crisis in leucemia

Myelodysplastic

Syndrome - HT

Invasive procedures in

blood cancer

Intra-cerebralbleeds

Upper gastrointestinal

Traumatology/traffic accidents

Gunshot wounds











NovoSeven


Glanzmann

Bernard-Souliers


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The key impact ofNovoSeven is through injury site

selective Platelet activation to ensure high local

thrombin formation which secures a tight fibrin clot

In patients withhaemophilia

and inhibitors, NovoSevenestablish coagulationthrough bypassing FVIII

(NovoSeven)

rFVIIa

Activation of Platelets

withoutNovoSeven

Tissue factor

-only at site of injury

FXa

Platelet activation

Thrombin activation and burst

Local activation of Platelets &

clot formation with NovoSeven


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Sources of innovationNovo Nordisk Diabetes Care R&D

R&DProjects

Molecular diversity & design Protein chemistry since 23 Medicinal chemistry since 68 Computational chemistry since 75 Rational drug design since 83

Combinatorial chemistry since 93

Trinomics Genomics: Incyte since 95 Proteomics: CPA since 97 Metabonomics since 99

Basic research Hagedorn Research Institute Oxford and Steno Diabetes Centres Academic collaborations Consortiums

Drug targets & screening Molecular biology since 80

HT screening: Amersham since 92 Chemoinformatics since 95 Dundee MRC consortium since 98 UltraHT screening since 00

Clinical research Steno Diabetes Centre Oxford Diabetes Centre Clinical research centres worldwide

Evidence-based medicine NN diseasemgt programmes Outcomes datafrom > 100,000

individuals with diabetes


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0

5

10

15

20

25

30

35

40

45

HGSZGI

GenentechGI

ScheringSKB

MillenniumImmunex

IncyteAmgen

FirstFirst PatentPatentFiling Dates on PlausibleFiling Dates on PlausibleTherapeutic Proteins: 12/93 to 8/98Therapeutic Proteins: 12/93 to 8/98

ZYMOGENETICS


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ZymoGenetics-FibroGen Collaboration

Research collaboration signed in July 2000

Focused on advancing the safety andefficacy of tissue sealant products for wound

management

ZGI to pair its recombinant human thrombinwith FibroGens recombinant human Type IIIcollagen

FibroGen is a private biotech company andleader in recombinant human collagen andgelatin biology.


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ZymoGenetics Soluble TACI

Research reported in April 27, 2000 issue ofNature

Novel immunosuppressive agent with therapeuticpotential for systemic lupus erythematosus (SLE)

and other autoimmune disorders

Modified form of a receptor found on surface of Bcells, and member of the TNF receptor family

SLE affects over200K people in the US. No newdrug launched for SLE in nearly 40 years

Other potential indications include, inter alia,Myasthenia Gravis and Rheumatoid Arthritis.


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Vision forNovo 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 thehealth care system in order to achieve our common goals

Offer products and services in other areaswhere we can make a difference

Our research will lead to the discovery of new, innovative products alsooutside diabetes. We will develop and market such products ourselveswhenever 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 ourbusiness purpose and the cause we stand for


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Our marketing strategy

Working togetherwith 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 educationprogramme in France

Children education project in Poland

www.diabetes.dk


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Children Education ProjectPoland

Centrally developededucation package

&

30 participants atthe

train-the-trainerworkshop

Managing 9000 childrenwith diabetes

17 Workshops for239 paediatricians

and nurses


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Triple Bottom Line

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 andrequirements

To meet rising demand from investors(e.g. Dow Jones/ Sustainable Group Index)

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


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Health Care HalfYear2000Turnover by geography

DKK million HY/00 HY/99 % oftotal % 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 ofWorld 2,197 1,688 23 30

Total 9,669 7,674 100 26


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Group financial resultsHalfYear2000

Netturnover 12,016 9,856 22

Operating profitas reported 2,589 1,926 34

Operating profit adjusted*)

2,259 1,592 42

Financial items (25) (150) -

Profit beforetax 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 Seroxatlicense incomeand one-off income inHY/00.

**) Translated for convenienceattheend ofHY/00 exchange rate ofUSD 1 = DKK 7.7895.

DKK million HY/00 HY/99 % change


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Enzymes Business HalfYear2000Financial results

Netturnover 2,367 2,182 8

Operating profit 318 255 25

Operating margin 13.4%

11.7%

DKK million HY/00 HY/99 % Change

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