0 novo nordisk a focused healthcare company investor presentation february 2002

1

Novo NordiskNovo Nordisk

A focused healthcare company A focused healthcare company

Investor PresentationInvestor Presentation

February 2002February 2002

2

Forward-looking statements and webcastForward-looking statements and webcast

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

Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations. Factors that may affect future This may cause actual results to differ materially from expectations. Factors that may affect future results include interest rate and currency exchange rate fluctuations, delay or failure of results include interest rate and currency exchange rate fluctuations, delay or failure of development projects, production problems, unexpected contract breaches or terminations, development projects, production problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, Novo Nordisk's ability to successfully market both new and existing of competing products, Novo Nordisk's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, unexpected growth in costs and expenses. governmental laws and related interpretation thereof, unexpected growth in costs and expenses.

Risks and uncertainties are further described in reports filed by Novo Nordisk with the US Risks and uncertainties are further described in reports filed by Novo Nordisk with the US Securities and Exchange Commission (SEC) including the company's Form 20-F, which was filed Securities and Exchange Commission (SEC) including the company's Form 20-F, which was filed on 27 April 2001. Novo Nordisk is under no duty to update any of the forward-looking statements on 27 April 2001. Novo Nordisk is under no duty to update any of the forward-looking statements after the date of this report or to conform such statements to actual results, unless required by law. after the date of this report or to conform such statements to actual results, unless required by law.

The presentation is being webcasted and will be made available on the Novo Nordisk Internet site The presentation is being webcasted and will be made available on the Novo Nordisk Internet site www.novonordisk.com.www.novonordisk.com.

Novo Nordisk has the copyright to the information contained in this presentation. Novo Nordisk has the copyright to the information contained in this presentation. © 2002 Novo Nordisk A/S.© 2002 Novo Nordisk A/S.

3

Agenda Agenda

Novo Nordisk Novo Nordisk

Financial highlights Financial highlights

Diabetes careDiabetes care

Haemostasis managementHaemostasis management

Growth hormone therapyGrowth hormone therapy

Hormone replacement therapy Hormone replacement therapy

Financial updateFinancial update

Q&AsQ&As

4

Novo NordiskNovo Nordisk

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

Proven biotech and drug delivery capabilitiesProven biotech and drug delivery capabilities

Low exposure to patent expirationsLow exposure to patent expirations

Committed to the Triple Bottom LineCommitted to the Triple Bottom Line

Track record of delivering on promisesTrack record of delivering on promises

5

Financial highlightsFinancial highlights

Sales growth +14%Sales growth +14%

Operating profit growth +17%Operating profit growth +17%

Net profit +25%Net profit +25%

Strong performance in 2001:Strong performance in 2001:

Outlook 2002:Outlook 2002:Operating profit growth is expected to meet the long-term target of Operating profit growth is expected to meet the long-term target of 15% growth 15% growth

6

00

55

1010

1515

2020

2525

19971997 19981998 19991999 20002000 20012001

Turnover by therapyTurnover by therapy

Key

ob

serv

atio

ns:

Key

ob

serv

atio

ns:

Dia

bete

s ca

re b

usi

ne

ss

Dia

bete

s ca

re b

usi

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ss

aga

in d

eliv

eri

ng

mo

re th

an

aga

in d

eliv

eri

ng

mo

re th

an

10%

gro

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10%

gro

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Co

ntin

ued

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ong

ma

rket

C

on

tinue

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tro

ng m

ark

et

pen

etr

atio

n b

y N

ovo

Se

ven

pen

etr

atio

n b

y N

ovo

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ven®®

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nve

rsio

n fr

om

C

on

vers

ion

fro

m

No

rditr

op

inN

ord

itro

pin

®® to

No

rditr

opi

n to

No

rditr

opi

n®®

Sim

ple

Xx

Sim

ple

XxT

MT

M

DKK billionDKK billion

Haemostasis management Haemostasis management

Diabetes care Diabetes care

Growth hormone therapy Growth hormone therapy

HRTHRT

OtherOther

7

Turnover by regionTurnover by region

Key

ob

serv

atio

ns:

Key

ob

serv

atio

ns:

Eu

rop

e u

p 1

6%

mai

nly

du

e

Eu

rop

e u

p 1

6%

mai

nly

du

e

to d

iab

ete

s ca

re a

nd

to d

iab

ete

s ca

re a

nd

No

voS

eve

nN

ovo

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ven®®

US

gre

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as

all

US

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sitiv

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the

JPY

Ja

pa

n d

ow

n 7

% a

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e JP

Y

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ry

and

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ry

adj

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ts h

it sa

les

adj

ust

men

ts h

it sa

les

Re

st o

f Wo

rld u

p 2

0%R

est

of W

orld

up

20%

DKK billionDKK billion

USUSUSUS

EuropeEuropeEuropeEurope

JapanJapanJapanJapan

RoWRoWRoWRoW

00

55

1010

1515

2020

2525

19971997 19981998 19991999 20002000 20012001

8

HRTHRT Intellectual Intellectual propertyproperty

Diabetes careDiabetes carePrimaryPrimarygrowth growth driversdrivers

Secondary value

drivers

Novo Nordisk – Future Key DriversNovo Nordisk – Future Key Drivers

Diabetes careDiabetes care HaemostasisHaemostasismanagementmanagement

Growth hormone Growth hormone therapytherapy

9

Diabetes care Diabetes care

Key

ob

serv

atio

ns:

Key

ob

serv

atio

ns:

Gro

wth

in 2

00

1 d

rive

n b

y G

row

th in

20

01

dri

ven

by

Pe

nfill

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nfill

®® a

nd

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voL

et a

nd

No

voL

et®®

Sa

les

of i

nsu

lin in

crea

sed

S

ale

s o

f in

sulin

incr

ease

d

by

13%

by

13%

No

voR

ap

idN

ovo

Ra

pid

®®/N

ovo

Log

/No

voL

og®® n

ow

n

ow

la

un

che

d in

mos

t ma

jor

lau

nch

ed

in m

ost m

ajo

r m

ark

ets

m

ark

ets

Sa

les

of N

ovo

No

rmS

ale

s o

f Nov

oN

orm

®®/P

ran

din

/Pra

nd

in®®

incr

eas

ed

by

29

%.

incr

eas

ed

by

29

%.

DKK DKK bbillionillion

55

1010

1515

2020

19971997 19981998 19991999 20002000 20012001

00

+14%+14%

10

Diabetes - an unfolding epidemicDiabetes - an unfolding epidemic

Million people Million people with diabeteswith diabetes

Source: World Health OrganisationSource: World Health OrganisationSeptember 1998September 1998

150150

300300

20002000 20252025

11

Insulin – the ultimate diabetes therapyInsulin – the ultimate diabetes therapy -

Ce

ll fu

nc

tio

n-C

ell

fun

cti

on

Diet and Diet and exercise aloneexercise alone

Oral therapyOral therapy(66%)(66%)

Insulin Insulin therapytherapy(27%)(27%)

Oral/insulinOral/insulin(approx 7%)(approx 7%)

Time from diagnosisTime from diagnosis

Type 2 - slope

Type 1 - Immediate need for Insulin

12

Different needs in insulin therapyDifferent needs in insulin therapy

Reluctant to accept insulin therapyReluctant to accept insulin therapy

Need simple devices and Need simple devices and treatment regimestreatment regimes

Rely on health-care professionals Rely on health-care professionals to make all treatment decisionsto make all treatment decisions

‘Passive patients’Able and willing to take control of the disease

Seek optimal control through custom-designed insulin therapy

‘Pro-active patients’

Improvedconvenience

Improved compliance

Improvedcontrol

Better outcome

Different insulin and device upgrades needed

13

Needs driving market dynamicsNeeds driving market dynamics

Note: Note: All figures are based on MAT Q3 volumes, industrialised world only. All figures are based on MAT Q3 volumes, industrialised world only.

Novo NordiskNovo Nordiskmarket share 2001market share 2001

00

2020

4040

6060

8080

100100

120120

140140

160160

180180

19961996 19971997 19981998 19991999 20002000 20012001

Meg

a Un

its in 1,000

Meg

a Un

its in 1,000

Insulin market volumeInsulin market volume

26% 39%

35%26%

39% 35%

20%20%

35% 46%

35% 46%

39%39%

52%52%

41%41%

Long-actingLong-acting

PremixedPremixed

Short-acting Short-acting

Total market growth: Total market growth: 66% CAGR since 1996% CAGR since 1996

14

0%

25%

50%

75%

100%

1987 1989 1991 1993 1995 1997 1999 2001

0%

25%

50%

75%

100%

1987 1989 1991 1993 1995 1997 1999 2001

Insulin analoguesInsulin analogues

Analogues will replace human insulin Analogues will replace human insulin

1%1%

85%85%

14%14%

Note: All figures are MAT Q3 Note: All figures are MAT Q3

Human insulinHuman insulin

Animal insulinAnimal insulin

% insulin volume by type% insulin volume by type

15

Analogues add convenience and controlAnalogues add convenience and control

Short-acting analoguesShort-acting analogues

Can be administered in connection with Can be administered in connection with the mealthe meal

NovoRapid®/NovoLog® launched NovoRapid®/NovoLog® launched

LLong-acting analoguesong-acting analogues

More predictable insulin levels More predictable insulin levels

NN304 (detemir) to be filed at the turn of NN304 (detemir) to be filed at the turn of the yearthe year

Mix analoguesMix analogues

Convenience and improved post-prandial Convenience and improved post-prandial glycaemic controlglycaemic control

NovoMixNovoMix®® to be rolled out during 2002 to be rolled out during 2002

Novo Nordisk only Novo Nordisk only company with full company with full

analogue analogue programmeprogramme

16

Largest potential in premix upgradeLargest potential in premix upgrade

The mix segment:The mix segment:

Consists mainly of people Consists mainly of people with Type 2 diabeteswith Type 2 diabetes

39% of all insulin sold are 39% of all insulin sold are mixesmixes

Novo Nordisk holds 52% Novo Nordisk holds 52% market sharemarket share

5Y CAGR of 9% in volumes.5Y CAGR of 9% in volumes.

NovoMixNovoMix®®30:30:

Improved post-prandial glycaemic Improved post-prandial glycaemic control control

Improved hypoglycaemic profile Improved hypoglycaemic profile

Improves control in oral failuresImproves control in oral failures

Simple and convenient to useSimple and convenient to use

To be launched in FlexPenTo be launched in FlexPen®® – – preferred by people with diabetes.preferred by people with diabetes.

Roll-out in 2002

17

Delivery systems will drive value growthDelivery systems will drive value growth

% device users in volume split by region% device users in volume split by region

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

19971997

19981998

19991999

20002000

20012001JapanJapan

EuropeEurope

USUS

18

Different people with different needsDifferent people with different needs

InD

uo

InD

uo

®®

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the

US

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refe

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19

Upgrading the insulin market Upgrading the insulin market

Insu

lin a

nalo

gue

Insu

lin a

nalo

gue

Hum

an in

sulin

Hum

an in

sulin

US

D 1

.5U

SD

1.5

> U

SD

2.0

> U

SD

2.0

US

D 1

.0U

SD

1.0

Estimated averageEstimated averagetreatment cost per daytreatment cost per day

VialsVials

Pen

sP

ens

US

D 1

.5U

SD

1.5

20

The insulin business caseThe insulin business case

Volume

Number of people with diabetes expected to double by 2025

Less than half of those affected are diagnosed

Ageing population and a move towards affluent lifestyle leading to increased prevalence

A drive towards intensified therapy

5% annual growth 5% annual growth+

Product upgrades

Conversion from human insulin to insulin analogues

Conversion from vials and syringes to delivery systems

21

Improved US insulin growth platformImproved US insulin growth platform

NovoLogNovoLog®® launched September 2001 launched September 2001

Pump indication added in December Pump indication added in December 20012001

Dedicated Managed Care and Trade Dedicated Managed Care and Trade team team

More than doubling of the number of More than doubling of the number of US patients in Novo Nordisk clinical US patients in Novo Nordisk clinical trialstrials

InDuoInDuo®®, InnoLet, InnoLet®®, NovoLog, NovoLog®®Mix and Mix and FlexPenFlexPen®® launches 2002 launches 2002

Novo Nordisk's US insulin Novo Nordisk's US insulin sales and volume market share sales and volume market share

00

5050

100100

150150

200200

19961996 19971997 19981998 19991999 20002000 20012001

MA

TQ

3.19

96=

100

MA

TQ

3.19

96=

100

10%10%

15%15%

20%20%

25%25%

30%30%

US sales US sales

US market share (right-hand scale)US market share (right-hand scale)

22

Expansion opportunity for Novo NordiskExpansion opportunity for Novo Nordisk

Oral Oral antidiabeticsantidiabetics

Oral drug Oral drug failuresfailures

NovoNormNovoNorm®® / / PrandinPrandin®®

NN622 – the 2NN622 – the 2ndnd generation generation sensitisersensitiser

NN2211 and NN2211 and

NN1998 (AERxNN1998 (AERx®® iDMS)iDMS)

Very strong Very strong market positionmarket position

Significant Significant potential in potential in continued value continued value upgradesupgrades

Penetrate highly Penetrate highly competitive marketcompetitive market

Expand Expand presencepresence

Product Product upgradesupgrades

Value of OAD marketValue of OAD market: : USD 6.2 bnUSD 6.2 bn

Value of insulin marketValue of insulin market: : USD 3.1 bnUSD 3.1 bn

Injectable Injectable insulininsulin

23

Pulmonary delivery increases acceptabilityPulmonary delivery increases acceptability

Same efficacy as injections (Phase 2 study)Same efficacy as injections (Phase 2 study)

Low variability - via electronic breath controlLow variability - via electronic breath control

Easy dosing - due to one strength insulin stripEasy dosing - due to one strength insulin strip

Flexible dosing – due to one unit incrementsFlexible dosing – due to one unit increments

Earlier Earlier initiation of initiation of

insulin treatmentinsulin treatment

24

NN622 – Adding lipid control to glucose regulationNN622 – Adding lipid control to glucose regulation

Key observations:Key observations:

Improves glucose toleranceImproves glucose toleranceHbA1C reduced by 1-1.5%HbA1C reduced by 1-1.5%

Improves insulin sensitivityImproves insulin sensitivityPlasma insulin reduced by 50%Plasma insulin reduced by 50%

Corrects dyslipidaemiaCorrects dyslipidaemia

Dose-dependent side effects as Dose-dependent side effects as observed with other PPAR observed with other PPAR compoundscompounds

Phase 3 ongoingPhase 3 ongoing

Lipid controlLipid control

HDLHDL

00

1010

2020

3030

4040

% d

iffe

ren

ce f

rom

%

dif

fere

nce

fro

m

bas

elin

eb

asel

ine

NN622 - 1 mgNN622 - 1 mg

NN622 - 2 mgNN622 - 2 mg

Actos - 45 mgActos - 45 mg

Avandia - 8 mgAvandia - 8 mg

TriglyceridesTriglycerides

-80-80

-60-60

-40-40

-20-20

00

2020

% d

iffe

ren

ce f

rom

%

dif

fere

nce

fro

m

bas

elin

eb

asel

ine

Source:Source: Two NN622 phase studies including a total of 400 patients. Two NN622 phase studies including a total of 400 patients. US Patient Package Inserts for Actos and Avandia. US Patient Package Inserts for Actos and Avandia.

25

Diabetes pipelineDiabetes pipeline

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

NN344NN344 (Basal analogue)(Basal analogue)

NN1998NN1998(AERx(AERx®iDMS®iDMS))

NN304NN304 (Insulin detemir) (Insulin detemir)

NN414NN414 (Insulin secretion)(Insulin secretion)

NN622NN622 (Dual-acting sensitiser)(Dual-acting sensitiser)

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

NN2344NN2344 (Insulin sensitiser)(Insulin sensitiser)

26


Diabetes careDiabetes careHaemostasisHaemostasismanagementmanagement

PrimaryPrimarygrowth growth driversdrivers

Secondary Secondary valuevalue

driversdrivers HRTHRT Intellectual Intellectual

propertypropertyGrowth hormone Growth hormone

therapytherapy

27

Haemostasis management (NovoSevenHaemostasis management (NovoSeven®®))

Gro

wth

dri

ven

by:

Gro

wth

dri

ven

by:

US

pen

etr

atio

nU

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ene

tra

tion

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ea

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pro

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cre

ase

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rodu

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ne

ssa

wa

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ess

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ea

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use

for

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ical

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cre

ase

d u

se fo

r su

rgic

al

pro

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res

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inh

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s fo

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hib

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pat

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cqu

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d P

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with

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mop

hili

ah

aem

oph

ilia

DKK billion

00

0.0.55

11..00

11..55

22..00

22..55

33..00

33..55

19971997 19981998 19991999 20002000 20012001

+36%+36%

28

Advantages of NovoSevenAdvantages of NovoSeven®®

A bleeding episode

FVIIa/NovoSeven®®

Tissue factor

Fas

ter

hae

mo

stas

is l

ead

s to

Fas

ter

hae

mo

stas

is l

ead

s to

Fe

wer

tra

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s/ tr

ans

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ans

fusi

on-

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reb

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ed

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Fa

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r re

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ast

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reco

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Re

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ed

mor

bid

ity a

nd m

ort

ality

Re

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ed

mor

bid

ity a

nd m

ort

ality

Imp

rove

d q

ual

ity o

f life

Imp

rove

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ual

ity o

f life

29

Haemophilia Haemophilia & congenital & congenital

bleeding disordersbleeding disorders

NovoSevenNovoSeven®® - driven by medical needs - driven by medical needs

Haemophilia with Haemophilia with inhibitorsinhibitors

Acquired haemophiliaAcquired haemophilia

FVII and FXI deficiencyFVII and FXI deficiency

GlanzmannGlanzmann

Bernard-SoulierBernard-Soulier

Other coagulation Other coagulation factor defectsfactor defects

Surgery & Intensive careSurgery & Intensive care

Estimated market potential of Estimated market potential of approx USD 450 millionapprox USD 450 million

*) = Patients with chronic liver disease*) = Patients with chronic liver disease

Upper gastro-Upper gastro-intestinal bleeding *)intestinal bleeding *)

Orthotopic liver Orthotopic liver transplantation *)transplantation *)

Liver resection *)Liver resection *)

Reversal of anti-Reversal of anti-coagulation therapycoagulation therapy

Stem cell Stem cell transplantationtransplantation

Liver resectionLiver resection

Intra-cerebral Intra-cerebral bleedingsbleedings

TraumaTrauma

Upper gastro-Upper gastro-intestinal bleeding *)intestinal bleeding *)

Orthotopic liver Orthotopic liver transplantation *)transplantation *)

Liver resection *)Liver resection *)

Reversal of anti-Reversal of anti-coagulation therapycoagulation therapy

Stem cell Stem cell transplantationtransplantation

Liver resectionLiver resection

Intra-cerebral Intra-cerebral bleedingsbleedings

TraumaTrauma

30




driversdrivers

Intellectual Intellectual propertyproperty HRTHRT

HaemostasisHaemostasismanagementmanagement


31

Growth hormone therapy Growth hormone therapy


0 0

0.0.55

11..00

11..55

22..00

22..55

19971997 19981998 19991999 20002000 20012001

+3%+3%

Key

ob

serv

atio

ns:

Key

ob

serv

atio

ns:

Gro

wth

ou

tsid

e Ja

pa

n w

as

22

%G

row

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les

in J

apa

n d

ep

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JPY

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of

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32

19981998 200120012000200019991999

0%0%

4%4%

8%8%

12%12%

16%16%

Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3

Europe and US delivering growthEurope and US delivering growth

Key

ob

serv

atio

ns:

Key

ob

serv

atio

ns:

Gro

win

g fa

ste

r th

an

the

G

row

ing

fast

er

tha

n th

e

ma

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t in

mo

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oun

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sm

ark

et i

n m

ost

co

untr

ies

File

d in

the

EU

for

tre

atm

ent

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d in

the

EU

for

tre

atm

ent

of i

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bo

rn s

mal

l du

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o

f in

fan

ts b

orn

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all d

ue

to

gro

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re

tard

atio

n d

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Novo Nordisk hGH Novo Nordisk hGH market share in Europemarket share in Europe

NorditropinNorditropin®® NorditropinNorditropin®® SimpleXxSimpleXx®®

20%20%

33




driversdrivers

Intellectual Intellectual propertyproperty

HRTHRT



34

Hormone replacement therapy (HRT)Hormone replacement therapy (HRT)


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00

0.0.22

0.0.44

0.0.66

0.0.88

11..00

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11..44

11..66

19971997 19981998 19991999 20002000 20012001

+10%+10%

35




driversdrivers

Intellectual Intellectual propertyproperty

HRTHRT



36

Key observations 2001:Key observations 2001:320 patents issued to Novo 320 patents issued to Novo Nordisk during 2001Nordisk during 2001

First filing for 104 new First filing for 104 new inventions during 2001inventions during 2001

Recent IP activities:Recent IP activities:Insulin analogue settlement Insulin analogue settlement with Aventiswith Aventis

ZymoGenetics IPOZymoGenetics IPO

Value creating Intellectual PropertyValue creating Intellectual Property

00

500500

1,0001,000

1,5001,500

2,0002,000

2,5002,500

19961996 19971997 19981998 19991999 20002000 20012001

Issued PatentsIssued Patents

37

Source: Nordea SecuritiesSource: Nordea Securities

% of 2000 sales with patents expiring in 2001-2005% of 2000 sales with patents expiring in 2001-2005

No major patent expirationsNo major patent expirations

0%0%

10%10%

20%20%

30%30%

40%40%

50%50%

60%60%

Ast

raZ

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S-P

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f 20

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38

FinancialsFinancials

39

FFinancial results full yearinancial results full year

Net turnoverNet turnover 23,77623,776 20,811 20,811 1414

Operating profit Operating profit 5,6145,614 4,816 4,816 1717

Net financialsNet financials 416416 24 N/A 24 N/A

Profit before taxProfit before tax 6,0306,030 4,840 4,840 2525

Net profitNet profit 3,8653,865 3,087 3,087 2525

Earnings per share (DKK) - dilutedEarnings per share (DKK) - diluted 11.10 11.10 8.82 8.82 26 26

DKK millionDKK million 20012001 20002000 % change % change

40

Development in operational costsDevelopment in operational costs

Share of Share of turnoverturnover

0%0%

10%10%

20%20%

30%30%

19971997 19981998 19991999 20002000 20012001

15%15%

17%17%

19%19%

21%21%

23%23%

25%25%

Production costsProduction costs S&D costsS&D costs R&D costsR&D costs Adm. costsAdm. costs

Operating margin (right-hand scale)Operating margin (right-hand scale)

29

%2

9%

28

%2

8%

17

%1

7%

12

%1

2%

25

%2

5% 3

0%

30

%

17

%1

7%

8%

8%

41

Currency exposureCurrency exposure

5

6

7

8

9

10

2001 average = 8.3

2001 average = 6.9

DKK per USD

DKK per 100 JPY

1999 2000 2001

6 Feb: 8.6

6 Feb: 6.4

Effect of 5% Effect of 5% appreciation on appreciation on

operating profit* operating profit* (DKK million)(DKK million)

JPYJPY +140+140

USDUSD +110+110

GBPGBP +50+50

* * ie before hedging activities.ie before hedging activities.

42

Long-term Financial Targets Long-term Financial Targets

Financial targets Financial targets

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

EBIT margin of 25%EBIT margin of 25%

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

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

2001 results 2001 results

EBIT growth of 16.6%EBIT growth of 16.6%

EBIT margin of 23.6%EBIT margin of 23.6%

ROIC of 23.1% ROIC of 23.1% (post-tax)(post-tax)

Cash to earnings ratio of 56.4%Cash to earnings ratio of 56.4%

43

Outlook for 2002Outlook for 2002

Growth in operating profit expected to meet long-term Growth in operating profit expected to meet long-term target of 1target of 155%%

Net financial income is expected to be approx DKK 150 Net financial income is expected to be approx DKK 150 millionmillion

Tax rate expected at the level of 35%Tax rate expected at the level of 35%

Investments expected at DKK 4.5Investments expected at DKK 4.5 billionbillion

Above outlook is based on the assumption that exchange Above outlook is based on the assumption that exchange and interest rates remain at the current level and interest rates remain at the current level (7 February 2002).(7 February 2002).

44

Commitment to the Triple Bottom LineCommitment to the Triple Bottom Line

WHO model for improving access WHO model for improving access to health in developing countries:to health in developing countries: LEADLEAD

LLeadership in eadership in EEducation and ducation and AAccess to ccess to DDiabetes Careiabetes Care

Projects on national diabetes strategies, Projects on national diabetes strategies, behavioural aspects and local fact-findingbehavioural aspects and local fact-finding

Insulin prices in least developedInsulin prices in least developed countries countries less than 20% of prices in the US, Europe less than 20% of prices in the US, Europe and Japanand Japan

The World Diabetes FoundationThe World Diabetes Foundation

Development of national health Development of national health strategies strategies

Building of national healthcare Building of national healthcare capacity capacity

Best possible pricingBest possible pricing

Additional fundingAdditional funding

45

Estimated market potential Estimated market potential for NovoSevenfor NovoSeven®® within within haemophilia and congenital haemophilia and congenital bleeding disorders of USD bleeding disorders of USD 450 million 450 million

Entering 7 new clinical areas Entering 7 new clinical areas with 8 new studies with 8 new studies

Patent protection in Europe Patent protection in Europe and the US until 2011, in and the US until 2011, in Japan until 2008Japan until 2008

PrimaryPrimarygrowthgrowthdriversdrivers


driversdrivers

Novo Nordisk – Key DriversNovo Nordisk – Key Drivers

World leader with steady growthWorld leader with steady growth for more than 75 years for more than 75 years

2/3 of business (insulin) growing2/3 of business (insulin) growing >10% pa >10% pa

Growth platform in the USGrowth platform in the US

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

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

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

Diabetes careDiabetes care Haemostasis managementHaemostasis management

HRTHRTGrowth Hormone Growth Hormone

TherapyTherapyIntellectual Intellectual

propertyproperty

0 novo nordisk a focused healthcare company investor presentation february 2002

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