1

Novo Nordisk A/S

A focused healthcare companySal. Oppenheim - Investor presentation – March 2003

2

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 risks, uncertainties and inaccurate assumptions. 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 development projects, production problems, unexpected contract breaches or terminations, 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 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.

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 on 26 April 2002. 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.

Novo Nordisk has the copyright to the information contained in this presentation. © 2003 Novo Nordisk A/S.

3

Agenda

• Introduction

• Diabetes care• Insulin therapy • Novo Nordisk’s diabetes commitment outside insulin

• Biopharmaceuticals

4

Diabetes – an unfolding epidemic

370 million people with diabetes expected by 2030

Source: WHO, January 2003

# of

peo

ple

with

dia

bete

s (m

illio

n)

0

50

100

150

200

250

300

US Japan Europe Rest ofWorld

2000

2030

5

Diabetes care - Treatment matters

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

Intensive treatment mattersIntensive treatment matters

Dis

trib

uti

on

of

Dis

trib

uti

on

of

pat

ien

tsp

atie

nts

HbA1cHbA1c

* Measured according to Guidelines for Diabetes Care, IDF Europe

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

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

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

Close to 80% are exposed to

arterial or microvascular risk*

6

6.0% to 6.0% to <7.0%<7.0%

7.0% to 7.0% to <8.0%<8.0%

8.0% to 8.0% to <9.0%<9.0%

9.0% to 9.0% to <10.0%<10.0%

>10%>10%

1.4x1.4x

1.8x1.8x2.1x2.1x

2.9x2.9x

3.5x3.5xRisk of any complication relative to HbA1c below 6.0%Risk of any complication relative to HbA1c below 6.0%

Poor control leads to higher risk

Source: Adapted from UKPDS 35

7

Late stage complications represent a huge burden

Relative cost of diabetes complications* Relative cost of diabetes complications*

Macro Macro vascularvascular

Micro Micro vascularvascular

No compli- No compli- cationcation

BothBoth

1.7x1.7x2.0x2.0x

3.5x3.5x

* Cost for sociaty relative to no complication. Source: Adapted from Rhys Williams, IDF

** ADA, Diabetes Care, March 2003

Diabetes cost the US an estimated $132 billion in 2002 in medical expen-diture and lost produc-tivity**

Health care expendi-tures incurred by people with diabetes comprises 19% of total health care expenditure in the US**

8

Pharmaceutical needs in diabetes

Type 1 diabetes• Intervention in -cell destruction • Blood glucose regulation*

Type 2 diabetes• Blood glucose regulation*

• Regulation of energy balance (diabetes-associated obesity)

• Reduction of triglycerides, FFA and LDL/HDL ratio (diabetic dyslipidaemia)

* Including, but not restricted to, new pharmaceuticals

9

Novo Nordisk to leverage on growth

• Building on 80 years of experience within diabetes

• Dominant position in the European and Japanese insulin markets – solid growth in the US. Moreover, market leader in International Operations

• Around 2,500 R&D employees dedicated to diabetes, representing approximately ¾ of R&D resources

• Most complete portfolio of new insulins

• Leadership in insulin delivery systems – one new device per year

• Most comprehensive diabetes pipeline in the industry

10

The three core competences

Diabetes expertise Protein expertise Drug delivery expertise

• Protein formulation

• Device technology

• Protein discovery

• Genetic engineering

• Protein engineering, production andcharacterisation

• Protein technology IPR

• Biochemistry

• Pharmacology

• Clinical development

• External networks

• Understanding of patient needs

11

R&D strategy - based on core competences

Diabetes expertise

Protein expertise

NovoSeven® expansion

NN2211

balaglitazone

NN2501

AERx® iDMS

insulin analogues

NN414

hGH expansion

ASIS

Drug delivery expertise

Protein Delivery System unit

(PDS)

12

Diabetes R&D at Novo Nordisk - sources of innovation

Clinical research

• Steno Diabetes Centre

• Oxford Diabetes Centre

• Clinical research centres worldwideEvidence-based medicine

• NN disease mgt programmes

• Outcomes data from > 100.000 individuals with diabetes

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

Drug target & screening

• Molecular biology since ’80

• HT screening: Amersham since ’92

• Chemoinformatics since ’95

• Dundee MRC consortium since ’98

• Ultra HT Screening since ’00

Basic research

• Hagedorn Research Institute

• Oxford and Steno Diabetes Centre

• Academic collaborations

• Consortia

R&D projects

13

The miracle of insulin

Patient J.L., December 15, 1922

February 15, 1923

14

Insulin - the ultimate treatment

-C

ell f

unc

tion

Diet and exercise alone

Oral therapy(66%)

Insulin therapy(27%)

Oral/insulin(7%)

Time from diagnosis

Type 2 - slope

Type 1 - Immediate need for insulin

15

Novo Nordisk leadership in insulin therapy

Innovation within insulin therapy will continue to drive the insulin market by providing more efficacious, reproducible and convenient treatment modalities

Novo Nordisk will expand its leadership by maintaining the world’s richest insulin portfolio including new insulin analogues, new insulin

formulations and new insulin delivery systems

16

Novo Nordisk Eli Lilly Aventis

Short-acting Marketed Marketed Phase 3

Long- acting Filed ? Marketed

Premix Marketed Marketed

Novo Nordisk to be the first company with a full range of insulin analogues

Novo Nordisk leadership in insulin therapy

17

p < 0.05

-10%

p < 0.001

-17%

NovoMix® 30 - the premix analogue of choice

Hermansen K et al. Diabetes Care 2002;25:883-888.

12

13

14

15

16

17

18

19

20

21

Humalog® Mix 25 NovoMix® 30 BHI 30

Ser

um

glu

cose

exc

urs

ion

0-5h (

mm

ol/l

h)

18

Profile of the ideal basal insulin

Desirable properties:Solubility

• Soluble at neutral pH• Mixable with other insulins

Absorption• Predictable

Glucose lowering effect• Peakless with low variability

Safety profile• Low risk of hypoglycaemia at

all times

Injection site• No local reactions

Limitations of current insulins:Solubility

• Most current basal insulins require re-suspension

Absorption• Highly variable

Glucose lowering effect• Not predictable

Safety profile• Risk of hypoglycaemia

Injection site• Injection pain with acidic

insulin

19

Devices important to Novo Nordisk

• facilitate intensification & initiation

total insulin market

market share

profitability

• differentiation• clear competitive

advantage

• leverage price premiums

• more profitable than vials

Part of NN VisionLeadership, commitment, care, control

20

Modern insulin pens and dosers

Control ComplianceSimple & Convenient

21

AERx® iDMS- Pulmonary insulin administration

• Pulmonary insulin opportunity• Non-invasive insulin delivery• Mainly poorly controlled Type 2 diabetes patients• Expanded insulin sales

• Product requirements• Accuracy, precision, dose adjustment• Patient friendly device interface• Scaleable manufacturing

• Aradigm is the ideal partner• Liquid insulin formulation • Breath control• Increment of single insulin units• Performance monitoring

22

Novo Nordisk’s diabetes commitment outside insulin

Time horizon

Val

ue

+ Insulin detemir and future devices

Intensified - NovoRapid®

+ AERx® iDMS (NN1998)

+ NN2211

+ Balaglitazone (NN2344)

+ New superior OADs(eg NN414; NN2501)

+ New proteins and concepts

+ FlexPen®

Convenience - NovoMix®

• Development of balaglitazone (NN2344) continues

• Benefit/risk assessment supports further development

• NN414 has concluded phase 1

• NN2501 (glucagon antagonist) has entered phase 1

• Phase 2 data on NN2211 in H1 2003

23

Type 2 diabetes – the metabolic syndrome

NovoNormNovoNormTMTM//PrandinPrandin®®

NovoNormNovoNormTMTM/Prandin/Prandin®®

NN304NN304

NN1998NN1998

NN2344NN2344

Glucose-induced Glucose-induced insulin secretioninsulin secretion

Tissue response Tissue response to insulinto insulin

Hepatic Hepatic glucose glucose productionproduction

Glucose Glucose uptakeuptake

ImpairedImpairedbeta cellbeta cellfunctionfunction

Basal hyper- Basal hyper- insulinemiainsulinemia

Post Post receptor receptor defectdefect

GlucoseGlucosetransporttransport

Insulin Insulin bindingbinding

NN414NN414

Genetic

Acquired

Obesity

Age

Genetic

Acquired

Obesity

Age

InsulinInsulindeficiencydeficiency

NovoRapidNovoRapid

InsulinInsulinresistanceresistance

HyperglycemiaHyperglycemia

NN2211NN2211

NN2211NN2211

Genetic

Acquired Glucotoxicity Lipotoxicity

Genetic

Acquired Glucotoxicity Lipotoxicity

NN344NN344

NovoMixNovoMixNN2501NN2501

24

NN2211- to report phase 2 data in H1 2003

The first once-daily human GLP-1 analogue

• Glucose dependent insulin secretion

• Glucose dependent glucagon inhibition

• Appetite suppression

• Possible beta cell rescue 00

22

44

66

88

1010

1212

1414

44 66 88 1010 1212Glucose (mmol/L)Glucose (mmol/L)

Insu

lin S

ecr

etio

n R

ate

Insu

lin S

ecr

etio

n R

ate

PlaceboPlaceboNN2211

Healthy ControlsHealthy Controls

NN2211 normalises beta cell sensitivity to glucose in type 2 diabetes

25

Diabetes care pipeline

Compound Type Indication Phase

Insulin detemir (NN304) Insulin Type 1+2 diabetes Filed EU+US

NovoMix® 50 and 70 Insulin Type 1+2 diabetes Phase 3

AERx® iDMS (NN1998) Insulin Type 1+2 diabetes Phase 3

Balaglitazone (NN2344) OAD Type 2 diabetes Phase 2

NN2211 GLP-1 analogue Type 2 diabetes Phase 2

NN414 OAD Type 1+2 diabetes Phase 1

NN344 Insulin Type 1+2 diabetes Phase 1

NN2501 OAD Type 2 diabetes Phase 1

26

Biopharmaceuticals - outside diabetes care

• Phase 2 with ASIS* in acute respiratory distress syndrome (ARDS) initiated

• Growth hormone expansion programme

• EU approval is expected in first half of 2003 for SGA/IUGR**

• Phase 2 in complicated fractures initiated

Life-cycle management

Time horizon

Val

ue

Norditropin® SimpleXx® - growth disorders

NovoSeven® - haemophilia

+ hGH - SGA/IUGR

+ New indications

+ New formulations

+ New devices

+ New areas

+ NovoSeven® expansion

+ ASIS

+ hGH - complicated fractures

* Active Site Inhibited Seven** Small for Gestational Age / Intra Uterine Growth Retardation

27

Biopharmaceuticals - pipeline outside diabetes care

Compound Indication Phase

Growth hormone IUGR/SGA Filed in EU

Growth hormone Complicated fractures Phase 2

NovoSeven® Hepatectomy Phase 2

NovoSeven® Liver transplantation Phase 2

NovoSeven® Trauma Phase 2

NovoSeven® Stem cell transplantation Phase 2

NovoSeven® ICH* Phase 2

ASIS ARDS Phase 2

* Intra-cerebral haemorrhage

28

NovoSeven® - current business

Key observations

• Penetration increases as confidence in NovoSeven® increases

• Increased treatment intensity and earlier onset of treatment

• Increased confidence in elective surgery with NovoSeven®

• Awareness creation within acquired haemophilia progressesConfidence/Awareness

Pe

netration

Elective surgery within haemophilia

Acquired haemophilia

Spontaneous bleedings in congenital haemophilia

29

Beyond haemophilia treatment

HaemostasisManagement

HaemophiliaTreatment

30

NovoSeven® - the expansion programme

General haemostatic agent

Elective surgery Bleeding in emergencies

Hepatectomy

Liver transplantation

Intra-cerebral haemorrhage

Stem cell transplantation

Upper gastrointestinal

bleedings

Trauma

31

Increasing awareness - NovoSeven®

Articles and abstracts*

0

1000

2000

3000

4000

5000

6000

7000

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

Ac

cu

lula

ted

nu

mb

er

0

500

1000

1500

1999 2000 2001 2002

Ac

cu

mu

late

d n

um

be

r

Patients enrolled in clinical programmes

* Source: Literature search in Medline, Embase and Biosis for articles and abstracts mentioning NovoSeven®,

Niastase; Factor VIIa; fVIIa; recombinant Factor VIIa and rfVIIa

32

Pipeline reporting - development

H1 2003

H2 2003

H1 2004

Compound Indication EventGrowth hormone IUGR/SGA Approval*

NN2211 (GLP-1 analogue) Type 2 diabetes Phase 2 data

NovoSeven® Hepatectomy in cirrhotics Phase 2 data

NovoSeven® Liver transplantation Phase 2 data

NovoMix® 50 and 70 Type 1+2 diabetes Filing

NovoSeven® Trauma Phase 2 data

NovoSeven® Stem cell transplantation Phase 2 data

NovoSeven® ICH Phase 2 data

Insulin detemir Type 1+2 diabetes Approval**

Growth hormone Complicated fractures Phase 2 data

ASIS ARDS Phase 2 data

* In Europe** In Europe and US

33

Low exposure to patent expiration

Accumulated % of 2002 Novo Nordisk sales with patents

expiring

0

5

10

15

20

25

30

35

40

2003

2004

2005

2006

2007

2008

2009

2010

2011

0

5

10

15

20

25

30

35

40

Bay

er

GS

K

Tak

eda

Pfi

zer

Mer

ck

No

vart

is

BM

S

Ave

nti

s

Eli

Lil

ly

% of 2001 sales with patents expiring in 2002-2006

Source: Nordea Securities and Novo Nordisk A/S.

No

vo N

ord

isk

34

Key growth drivers

Novo Nordisk sales*

• Leadership in diabetes care

• NovoSeven® expanding into general haemostasis

• Strong IP portfolio with low exposure to patent expirations

0

5

10

15

20

25

19

89

19

91

19

93

19

95

19

97

19

99

20

01

Bil

lio

n D

KK

13Y CAGR 13+%

* Since the merger between Novo and Nordisk in 1989

35

Appendix slides

36

Highlights

Sales 2002 • +6% as reported and +11% in local currencies for the full year• +4% as reported and +11% in local currencies for the fourth quarter

Operating profit 2002• +7%; revised target for the year met• +8% for the fourth quarter

Outlook 2003• Sales up more than 5% reported or 13% in local currencies• Operating profit will grow towards 5% reported or close to 20% in local currencies• Net profit to grow towards 10%

37

North America+12%

International Operations

+21%

Europe+3%

Japan & Oceania-6%

43%

24%

17%

16%

Sales in 2002 - by therapy and region

HRT-6%

Haemostasis management

+17%

Diabetes care+6%

Growth hormone therapy

-2%

14%

5%

70%

8%

By therapy By region

Total DKK 25.2 billion +6% reported and +11% in local currencies

38

Sales by therapy

DKK million 2002 2001 % of total % change (2002)

Insulin etc 16,034 15,223 64 5

OAD* 1,631 1,401 6 16

Diabetes care, total 17,665 16,624 70 6

Haemostasis management 3,621 3,096 14 17

Growth hormone therapy 2,131 2,164 9 (2)

HRT 1,342 1,435 5 (6)

Other 428 457 2 (6)

Total 25,187 23,776 100 6

* Oral antidiabetic products (OAD) include NovoNorm®/Prandin® as well as

Glucoformin® (metformin) sales by Biobrás in full year 2002.

39

Sales by region

DKK million 2002 2001 % of total %

change (2002)

Europe 10,880 10,553 43 3

North America 5,913 5,277 24 12

Japan & Oceania 4,239 4,498 17 (6)

International Operations 4,155 3,448 16 21

Total 25,187 23,776 100 6

40

-20 -10 0 10 20 30 40

% growth in DKK % growth in local currencies

Diabetes care

Haemostasis management

HRT

Growth hormone therapy

Total

-20 -10 0 10 20 30 40

Diabetes care

Haemostasis management

Growth hormone therapy

HRT

Total

Full year Fourth quarter

116

2217

4-2

-5-6

116

125

2517

-1-8

-14-15

114

Sales by therapy - currency impact

41

-20 -10 0 10 20 30 40

Europe

North America

Japan & Oceania

International Operations

Total sales

Sales by region - currency impact

-20 -10 0 10 20 30 40

% growth in DKK % growth in local currencies

Europe

North America

Japan & Oceania

International Operations

Total sales

Full year Fourth quarter

43

1812

2-6

3421

116

-1-2

25 13

0-9

4429

114

42

5%10%

5%9%

Q1 2002

Growth compared to previous years

7%9%

6%9%

Q32002

4%8%

9%12%

8%9%

9%12%

Novo Nordisk growth:• Volume• Value

Q2 2002

Q42001

Q3 2001

Q2 2001

4%7%

9%13%

9%11%

9%14%

Total market growth:• Volume• Value

’In-market’ sales

Insulin sales in Europe - ‘in-market’ sales

Note: Data based on IMS. ‘In-market data’ reflects sale of insulin products from the wholesalers to the pharmacists.

43

European analogue conversion - NovoRapid®

Short-acting segment in Europe

Q4 1996 Q3 2002

Short-acting human insulin

Short-actinginsulin analogues

Dec 2000

NovoRapid® market share 14.6%*

Humalog market share 26.7%*

Share of short-acting segment

Nov 2002

41%

Note: Data based on IMS

44

US analogue conversion - NovoLog®

Short-acting segment in the US

Q4 1996 Q3 2002

Short-acting human insulin

Short-actinginsulin analogues

54%

Dec 2001

NovoRapid® market share 7.4%*

Share of short-acting segment

Nov 2002

Humalog market share 49.3%*

Note: Data based on IMS

45

Launch of NovoMix® 30 - still in progress

0

100

200

300

400

500

600

700

800

900

1 3 5 7 9

11

13

15

NovoMix® 30

NovoRapid®

LisproMix 25

Share of segment in Europe (volume)

Sales development in Europe (MU)

0%

2%

4%

6%

8%

10%

12%

14%

16%

1 3 5 7 9

11

13

15

NovoMix® 30

NovoRapid®

LisproMix 25

Quarters from launch Quarters from launch

Note: Data based on IMS

46

Novo Nordisk market share since Lantus launch

Total insulin(MU)

Month of Lantus launch

November 2002

USA 26% 28%

Europe 57% 57%

Germany 44% 44%

UK 67% 67%

Germany

30

35

40

45

50

Sep-01 Apr-02 Nov-02

Vo

lum

e s

ha

re

Basal

Premix

Short-acting

* Oct-02 MS in the basal impacted by hoarding of Lantus in anticipation of the Nov-02 price increase.

*

Note: Data based on IMS

47

Novo Nordisk regaining strength in Germany

30

35

40

45

Insu

lin v

olu

me

shar

e

Novo Nordisk

Aventis

* Oct-02 MS impacted by hoarding of Lantus in anticipation of the Nov-02 price increase.

*

*

Germany, volume

30

35

40

45

Insu

lin

valu

e s

hare

Novo Nordisk

Aventis

Germany, value

Sep 2001 Nov 2002 Sep 2001 Nov 2002

*

*

Note: Data based on IMS

48

Insulin segmentation - Europe and the US

20

25

30

35

40

45

50

Sep-01 Apr-02 Nov-02

Vo

lum

e s

ha

re

Europe

20

25

30

35

40

45

50

Sep-01 Apr-02 Nov-02

Vo

lum

e s

ha

re

BasalPremixShort-acting

US

Note: Data based on IMS

49

0600

Normal

Type 2 diabetes

1000 1400 1800 2200 0200 0600

800

700

600

500

400

300

200

100

Insu

lin

Sec

reti

on

(p

mo

l/m

in)

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

Insulin secretion in normal people and people with type 2 diabetes

50

-0.5

0

0.5

1

1.5

Insulin detemir (NN304)

NPH

Change in weight (Kg) over 12 months

-1.7 Kg

Source: E. Standl et al. Abstract number 467 ADA 2002

No weight gain with insulin detemir

Body weight control with insulin detemir

p = 0.002

Type 1 diabetes

NovoMix® 30 provides improved postprandial control

0

5

10

15

20

25

lispromix 25 BIAsp 30 BHI 30

-10% -17%

p < 0.05 p < 0.0001

S-g

luco

se e

xcu

rsio

n0-

5h (

mm

ol/l

h)

Source: Hermansen K et al. Diabetes Care 2002;25:883-888.

52

Advantages of NovoSeven®

A bleeding episode

FVIIa/NovoSeven®®

Tissue factor

Fas

ter

haem

osta

sis

lead

s to

•F

ew

er tr

ans

fusi

ons

/ tr

ans

fusi

on

- fr

ee

su

rger

y

•R

ed

uce

d re

ble

edi

ng

•F

ast

er

reco

very

•R

ed

uce

d m

orb

idity

and

mo

rtal

ity

•Im

pro

ved

qu

ality

of l

ife

53

Growth hormone therapy

Ke

y o

bse

rva

tion

s

•S

ales

dec

reas

ed b

y 1%

in

loca

l cur

renc

ies

in t

he f

ourt

h qu

arte

r as

a r

esul

t of

low

er

sale

s in

Jap

an

•In

Eur

ope,

Nor

th A

mer

ica

and

Inte

rnat

iona

l Ope

ratio

ns

grow

th is

driv

en b

y N

ordi

trop

in®

Sim

pleX

x®.

0

500

1000

1500

2000

2500

1998 1999 2000 2001 20021997

DKK billion

54

HRT

Ke

y o

bse

rva

tion

s

•S

ales

in lo

cal c

urre

ncie

s de

crea

sed

by 1

4% in

the

fou

rth

quar

ter

•S

ales

in E

urop

e de

crea

sed

by

24%

, re

flect

ing

incr

ease

d pa

ralle

l tr

adin

g an

d lo

wer

ove

rall

dem

and

for

trea

tmen

t w

ith h

orm

one

repl

acem

ent

prod

ucts

•T

he o

vera

ll m

arke

t de

man

d w

as

nega

tivel

y in

fluen

ced

by a

re

cent

ly p

ublis

hed

US

stu

dy o

f an

othe

r co

mpa

ny’s

pro

duct

0

400

800

1200

1600

1998 1999 2000 2001 20021997

DKK billion