Minimum clear space Minimum clear space Last text line A focused healthcare company Investor presentation – Full year 2004.

A focused healthcare company

Investor presentation – Full year 2004

2

• Introduction

• Diabetes care• Insulin – focus on analogues• Pipeline

• Biopharmaceuticals• NovoSeven®• Growth hormone• Pipeline

• Regions• North America• IO - focus on China

• Financial results

• Outlook for 2005

Agenda

3

This presentation contains forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 1995. Forward-looking statements provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘project’, ‘intend’, ‘plan’, ’believe’ and other words and terms of similar meaning in connection with a discussion of future operating or financial performance.

Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. 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, and 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 27 February 2004. Please also refer to the section Risk Management' in the Annual Report 2004. Novo Nordisk is under no duty to update any of the forward-looking statements or to conform such statements to actual results, unless required by law.

Novo Nordisk has the copyright on the information contained in this presentation. © 2005 Novo Nordisk A/S.

Forward-looking statements

4

Market development:• Gain of insulin market share continues, driven by analogues and US

performance• Solid NovoSeven® growth continues• Launch of NordiFlex® underpins the growth hormone franchise

Research and development: Encouraging clinical data from the NovoSeven® expansion programme Expansion of the NovoSeven® label in Europe on track European approval of Levemir®, US approval expected mid-2005

Financials:• Sales: +11% as reported and +15% in local currencies• Operating profit: +9% as reported 2005 operating profit growth expectations:

15% underlying Around 5% as reported

Highlights from 2004

5

0

5

10

15

20

0 5 10 15 20Expected % CAGR 2003-10

% C

AG

R 1

99

9-2

00

3

Diabetes careCNS

Infectious disease

Cancer

Respiratory

GI

Cardiovascular ArthritisGrowth hormone

5Y CAGR 31%

Million

US

D

… and NovoSeven® is on its way to becoming a blockbuster

Source: SG Cowen, IMS/BW and Novo Nordisk

A focused healthcare company within attractive therapy areas

Existing and new focus areas continue to offer attractive growth rates …

0

250

500

750

1,000

1999 2000 2001 2002 2003 2004

6

Key focus areas for 2005

Diabetes care

• Continued focus on analogue conversion as well as conversion to disposable

delivery devices

• Continuing the Levemir® roll-out

• Levemir® approval in the US

• Launch of new delivery devices (NovoPen® 4) and needles (Conical needle and

the Autocover™ needle)

Biopharmaceuticals

• Continue expanding the NovoSeven® label within congenital bleeding disorders

• Preparing for launch of NovoSeven® in new indications in Europe

• Leverage protein delivery technologies within growth hormone

• Exploiting protein competences in target therapy areas

7

Diabetes care +11%

NovoSeven® +13%

Other+7%Growth hormone

therapy +9%

Sales of DKK 29.0 billion (+11% reported and +15% in local currencies)

Local currencies Growth Share of growth

Insulin analogues 84% 55%

Human insulin and insulin-related sales

2% 7%

OAD 21% 8%

Diabetes care 15% 70%

NovoSeven® 19% 19%

Growth hormone therapy 11% 6%

Other products 11% 5%

Biopharmaceuticals 15% 30%

Sales as reported Growth analysis

Key products continue to drive growth – full year 2004

8

Key o

bserv

ati

on

s

•G

row

th in f

ourt

h q

uart

er

of

75

%

in loca

l cu

rrenci

es

•G

row

th o

f 8

4%

in loca

l cu

rrenci

es

for

full

year

20

04

•Str

ong N

ovoR

apid

® a

nd

NovoM

ix®

30

mark

et

share

gain

s in

all

regio

ns

•A

nalo

gue g

row

th d

riven b

y

Nort

h A

meri

ca a

nd E

uro

pe

•Euro

pean r

oll-

out

of

Levem

ir®

co

ntr

ibute

s to

the s

olid

gro

wth

Q12002

Q42004

Analogue sales development

Million

DK

K

+68%

Insulin analogues - solid analogue growth continues

0

200

400

600

800

1.000

1.200

1.400

9Source: IMS/BW

Note: Quarterly data, volume figures

Q12000

Q32004

Q12000

Q32004

Analogue penetrationNovo Nordisk’s analogue

market share

Analogues

Human insulin

35%

7%

A continued increase in analogue market share…

0%

5%

10%

15%

20%

25%

30%

10Source: IMS/BW

Note: Quarterly data, volume figures

Q1 2000

Q3 2004

Composition of NovoRapid® sales

Q12000

Q32004

NovoRapid® share of short-acting analogues

Disposable devicesDurable devicesVials

… driven by NovoRapid® and FlexPen® …

28%

44%

28%

0%

10%

20%

30%

40%

50%

11Source: IMS/BW

Note: Quarterly data, volume figures

Q1 2000

Q3 2004

Q12000

Q32004

NovoMix® share of premixed analogues Composition of NovoMix® sales

Disposable devicesDurable devicesVials

… as well as NovoMix® and FlexPen®

68%

19%

13%0%

10%

20%

30%

40%

50%

12

Source: IMS/BW, monthly volume data

Novo Nordisk share of long-acting analogues in Europe

January2004

November2004

The European Levemir® roll-out is continuing

Key observations

•Le

vem

ir®

launch

ed in 1

0

Euro

pean c

ountr

ies

•C

onti

nued r

oll-

out

in 2

00

5

•Le

vem

ir®

has

by N

ovem

ber

20

04

obta

ined 9

% o

f lo

ng-a

ctin

g

analo

gues

in E

uro

pe

•A

mendm

ent

file

d w

ith t

he F

DA

in

Dece

mber

– appro

val expect

ed

mid

-20

05

•Subm

issi

on in Japan e

xpect

ed

earl

y 2

00

6

0%

2%

4%

6%

8%

10%

13

Less hypoglycaemic events with Levemir® than NPH insulin

Levemir® - Treat to target with less hypos and less weight gain – also in type 2 patients

Presented at EASD 2004as Poster 754:PS 64.

47% risk reduction p < 0.001

Events

per

pati

ent

per

year

55% risk reduction p < 0.001

0

2

4

6

8

10

12

14

16

18

Overall Nocturnal Hypoglycaemia

NPH + OAD Insulin detemir + OAD

Less weight gain with Levemir® than NPH insulin

0

p < 0.05

+ 1.2 kg

+ 2.8 kg

0.5

1

1.5

2

2.5

3

3.5

Change in w

eig

ht

from

base

line t

o e

ndpoin

t (k

g)

14

0%

10%

20%

30%

40%

50%

60%

Novo NordiskEli LillyAventis

10% growth in Novo Nordisk’s insulin franchise looks set to continue

IMS world insulin market shares, value

Q12002

Q32004

MAT Q32004

Volume and value size of the IMS world insulin market

MAT Q32000

22.4

bn

DK

K 34.4

bn

DK

K

157

tMU 200

tMU

CAGR

Volume:6.1%

Value:11.3%*

* Value growth in DKK, subject to currency fluctuations

Source: IMS/BW

Note: Quarterly data

15

R&D pipeline update- diabetes care

• Insulin

• Amended New Drug Application related to Levemir® filed with the FDA just before Christmas 2004. US marketing approval expected mid-2005

• NovoMix® 50 & 70 filed in Europe. Approval expected later in 2005

• NovoMix® 50 filed in Japan

• Restructuring transaction with Aradigm Corporation related to the AERx® insulin Diabetes Management System (iDMS) completed

• GLP-1• The liraglutide phase 2b study was initiated in January 2005. The phase 3

clinical trial to be initiated around the turn of 2005/6

• Supportive offerings• Launch in 2005 of NovoPen® 4 and new needles to underpin Novo Nordisk

device leadership

• Novo Nordisk and Medtronic Inc to develop the world’s first prefilled cartridge for use with Paradigm®, Medtronic’s external insulin pump

16

Biopharma growth opportunities

17

NovoSeven® sales development

Q12002

Q42004

Million

DK

K

+25%

Key o

bserv

ati

on

s

•G

row

th in f

ourt

h q

uart

er

of

32

% in

loca

l cu

rrenci

es

•G

row

th o

f 1

9%

in loca

l cu

rrenci

es

for

full

year

20

04

•G

row

th d

riven b

y N

ort

h A

meri

ca,

Euro

pe a

nd Inte

rnati

onal

Opera

tions

•G

row

th d

riven b

y invest

igati

onal

use

, acq

uir

ed h

aem

ophili

a a

nd

ele

ctiv

e s

urg

ery

•G

row

th in Inte

rnati

onal O

pera

tions

impact

ed b

y q

uart

erl

y fl

uct

uati

ons

NovoSeven® - growth continues

0

200

400

600

800

1.000

1.200

18

Further development of NovoSeven® within congenital bleeding disorders

Op

tim

ise t

he lab

el in

diff

ere

nt

reg

ion

s a

s m

uch

as p

ossib

le

•G

lanzm

ann’s

and F

VII d

efici

ency

appro

ved in t

he E

U in January

2

00

4

•A

cquir

ed h

aem

ophili

a a

ppro

ved in

Japan in N

ovem

ber

20

04

•N

ew

stu

die

s in

itia

ted

•H

igh d

ose

•Pro

phyla

ctic

stu

dy

•N

ew

convenie

nt

devic

e-k

it t

o b

e

launch

ed

•C

onti

nue t

he e

xpansi

on o

uts

ide

the U

S a

nd E

uro

pe

Approved indications

US EU Japan

Congenital haemophilia with inhibitors

- Spontaneous bleeds

- Surgery+

-

+

+

+

+

Acquired haemophilia - + +

FVII deficiency - + -

Glanzmann’s thrombasthenia - + -

19

Trauma – population characteristics

• Blunt trauma constitutes more than 80% of all trauma cases

• Bleeding is the major cause of death in trauma

• In EU 45,000 trauma victims receive more than one unit of RBC transfusion

• Anaesthesiologists and trauma surgeons are key decision-makers in the EU

Trauma population (x 1000) Key observations

0

100

200

300

400

Trauma patientsreceiving RBC

Trauma patientsreceiving morethan 8 units of

RBC

EuropeUSJapan

20

NovoSeven® in trauma

• Significant reduction in RBC transfusion requirements

• Reduction of reported co-morbidities like ARDS and MOF

• No safety concerns identified:– Adverse event rates not

different from placebo– Low frequency of thrombo-

embolic events reported: no difference between groups

NovoSeven® reduces the need for transfusion in blunt trauma

rFVIIa (n=52)

Perc

en

t of

pati

en

ts

0

10

20

30

40

50

60

70

80

90

100

RBC units within 48 hours

0 5 10 15 20 25 30 35 40 45 50

Perc

en

t of

pati

en

ts

0

10

20

30

40

50

60

70

80

90

100

0 5 10 15 20 25 30 35 40 45 50

Placebo (n=59)

P= 0.019

NovoSeven® proof-of-concept

21

Intracerebral haemorrhage (ICH) – population characteristics

• ICH causes 10-15% of US/EU stroke cases

• ICH is the deadliest form of stroke

• No medical or surgical therapy has shown benefit

• Some 30,000 patients are eligible for NovoSeven® treatment in the EU

• Emergency room staff and neurologists are primary target groups

ICH population (x 1000) Key observations

0

100

200

300

ICHpopulation

Less ptsthat

receiveOAT

Less CTscan > 3h

EuropeUSJapan

22

NovoSeven® in ICH

• Significant, dose-dependent reduction in haematoma growth

• Reduction in death/severe disability as measured by the modified Rankin scale

• No increase in the incidence of fatal or severely disabling thrombo-embolic events

• Data to be published in leading medical journal in Q1 2005

NovoSeven® proof-of-conceptModified Rankin scale at Day 90

100% 80% 60% 40% 20% 0%

160 μg/kg

80 μg/kg

40 μg/kg

Placebo

mRS 6 (dead)mRS 4-5 (severe)

mRS 0-1 (none) mRS 2-3 (moderate)

23

Norditropin® sales development

Q12002

Q42004

Million

DK

K

+11%

Growth hormone - progress continues in Europe and North America

Key o

bserv

ati

on

s

•G

row

th in f

ourt

h q

uart

er

of

15

% in

loca

l cu

rrenci

es

•G

row

th o

f 1

1%

in loca

l cu

rrenci

es

for

full

year

20

04

•G

row

th d

riven b

y E

uro

pe a

nd

Nort

h A

meri

ca, ro

ll-out

of

Nord

iFle

x®

conti

nues

•Sale

s develo

pm

ent

in Japan s

table

su

pport

ed b

y t

he launch

of

Nord

iFle

x®

0

200

400

600

800

24

R&D pipeline update- biopharmaceuticals

• NovoSeven®

• Trauma

• Regulatory dossier for blunt trauma submitted to EMEA early January 2005

• Trial targeting the US to be initiated in Q2 2005

• ICH

• Regulatory dossier expected to be submitted to EMEA by mid-2005

• A global phase 3 trial to be initiated in Q2 2005

• Congenital segment

• Acquired haemophilia approved in Japan. Filing in the US in H1 2005

• Growth hormone

• Norditropin® approved in the US for treatment of severe growth hormone deficiency in adults

• Following analysis of the commercial viability of the use of Norditropin® in complicated fractures, further clinical development has been discontinued

• HRT

• Ultra-low-dose continuous-combined therapy in phase 3 development

25

The regional mix

26

Europe +6%

North America +20%

Japan & Oceania +7%

International Operations

+15%

Sales of DKK 29.0 billion (+11% reported and +15% in local currencies)

Local currencies

Growth Share of growth

Europe 6% 18%

North America 32% 51%

International Operations

21% 22%

Japan & Oceania 9% 9%

Growth analysisSales as reported

Sales by region - full year 2004

27

Q12002

Q42004

North America sales development

Key o

bserv

ati

on

s

•G

row

th in f

ourt

h q

uart

er

of

25

% in

loca

l cu

rrenci

es,

15

% a

s re

port

ed

•G

row

th o

f 3

2%

in 2

00

4 in loca

l cu

rrenci

es

•G

row

th d

riven b

y insu

lin a

nalo

gues

and N

ovoSeven®

•A

round 1

/3 o

f to

tal analo

gue s

ale

s deri

ved f

rom

Nort

h A

meri

ca

•A

round 1

/2 o

f to

tal N

ovoSeven®

sa

les

deri

ved f

rom

Nort

h A

meri

ca

North America- a key driver of Novo Nordisk growth

Ind

ex local cu

rren

cy

+25%

0

50

100

150

200

250

28

Key o

bserv

ati

on

s

•Expanded s

ale

s fo

rce o

f 8

00

dia

bete

s ca

re s

peci

alis

ts in p

lace

•C

orp

ora

te b

randin

g a

ctiv

itie

s re

sult

ing in incr

ease

d a

ware

ness

•Fo

rmula

ry c

overa

ge incr

ease

d t

o

80

%

•La

unch

of

larg

e-s

cale

clin

ical tr

ial –

INIT

IATE P

lus

involv

ing 6

,00

0

pati

ents

•Expansi

on o

f th

e insu

lin p

roduct

ion

faci

lity in C

layto

n,

Nort

h C

aro

lina

•H

aem

ato

logy r

ese

arc

h u

nit

to b

e

est

ablis

hed in N

ew

Jers

ey

North America- a key driver of Novo Nordisk growth

Novo Nordisk’s US insulin market share

Q12000

Q32004

Source: IMS/BW

Note: Quarterly data

0%

10%

20%

30%

40%ValueVolume

29

Q12002

Q42004

International Operations sales development

Ind

ex local cu

rren

cy

International Operations- a key driver of Novo Nordisk growth

Key o

bserv

ati

on

s

•G

row

th in f

ourt

h q

uart

er

of

33

% in

loca

l cu

rrenci

es,

26

% a

s re

port

ed

•G

row

th o

f 2

1%

in 2

00

4 in loca

l cu

rrenci

es

•Sale

s co

mpri

se 1

7%

of

tota

l N

ovo

Nord

isk

sale

s

•G

row

th is

dri

ven b

y h

um

an insu

lin

and insu

lin-r

ela

ted s

ale

s; h

ow

ever,

als

o insu

lin a

nalo

gues

and

NovoSeven®

are

addin

g t

o g

row

th

•Q

uart

erl

y s

ale

s fluct

uate

due t

o

tender

ord

ers

and p

urc

hase

r re

quir

em

ents

+33%

0

50

100

150

200

250

30

International Operations- China, a future driver of growth

Q12002

Q42004

China sales development

Key o

bserv

ati

on

s

•1

6%

of

sale

s in

Inte

rnati

onal

Opera

tions,

gro

win

g b

y 4

9%

in 2

00

4

in loca

l cu

rrenci

es

•Som

e 9

0%

of

all

insu

lin s

old

in

devic

es

•W

ell-

est

ablis

hed r

ela

tionsh

ips

wit

h

auth

ori

ties

and h

ealt

hca

re

org

anis

ati

ons

•R

apid

ly e

xpandin

g o

rganis

ati

on,

aro

und 1

00

em

plo

yees

in 2

00

0,

now

m

ore

than 6

00

•Lo

cal R

&D

centr

e f

ocu

sing o

n e

arl

y-

stage p

rote

in r

ese

arc

h

Ind

ex local cu

rren

cy +54%

0

50

100

150

200

250

300

350

400

450

31

Financials

32

Financial results

* EPS on a fully diluted basis.** Dividend per share. Proposed dividend for 2004

Sales 29,031 26,158 11 7,944 7,111 12

Operating profit 6,980 6,422 9 1,855 1,731 7

Net financials 477 954 (50) 285 406 (30)

Profit before tax 7,457 7,376 1 2,140 2,137 0

Net profit 5,013 4,833 4 1,462 1,395 5

EPS (DKK)* 14.83 14.15 5 4.37 4.11 6

Dividend (DKK)** 4.80 4.40 9 - - -

DKK million Full year Fourth quarter

2004 2003 % change 2004 2003 % change

Financial results

33

Strong gross margin development impacted by currencies

Gross margin analysis

Key o

bserv

ati

on

s

•Pro

duct

and g

eogra

phic

al m

ix

posi

tively

im

pact

ing g

ross

marg

in

•Pro

duct

ivit

y g

ain

s co

ntr

ibuti

ng

posi

tively

to t

he d

evelo

pm

ent

•C

hange in H

RT s

et-

up in t

he U

S

contr

ibute

s posi

tively

in 2

00

3/0

4

•C

urr

enci

es

negati

vely

im

pact

ing t

he

gro

ss m

arg

in

•G

ross

marg

in im

pact

ed b

y

impair

ments

•C

onti

nued c

onvers

ion t

o a

nalo

gues

to u

nderp

in d

evelo

pm

ent

in g

ross

m

arg

in g

oin

g f

orw

ard

* Impairment impact includes change of threshold for capitalising investments in 2003

-2,0%

-1,0%

0,0%

1,0%

2,0%

2002 2003 2004Reported change Currency impactImpairment impact* Underlying change

34

5.0

6.0

7.0

8.0

9.0

* currency hedging income is recorded as financial income

avg = 6.59

avg = 6.30

avg = 5.68

avg = 7.88

USD

JPY

avg = 5.54

avg = 5.99

-280-130 -80 -70

Currency exposure

Effect of 5% depreciation on full-year operating profit

in 2005* (DKK million)

USD

JPY

GBP

USD rel

2002 2003 2004 2005

YTDavg = 5.48

YTDavg = 5.67

35

Note: Above outlook is based on the assumption that exchange and interest rates remain at the current level (26 January 2005)

• Sales growth expectations:

• 10%-15% in local currencies

• Around 10% as reported

• Operating profit growth expectations:

• 15% underlying

• Around 5% as reported

• Net financial expenses expected at DKK 100 million

• Tax rate expected to be 32%

• Investments close to DKK 4 billion*

• Free cash flow of more than DKK 2 billion

Key currency ratesDKK

per 1002004

average

USD 599 JPY 5.54 GBP 1097

Current rate*

5725.531074

* As of 26 January 2005

2005 ytd avg

5675.481063

Outlook for 2005

*Capital expenditure includes purchase of fixed assets from Aradigm Corporation of approximately DKK 300 million related to the transfer of the AERx® iDMS project to Novo Nordisk

36

• Leadership in diabetes care with full portfolio of insulin analogues

• NovoSeven® expanding into critical bleeding

• Expanding the presence in North America

• Continued growth in International Operations driven by China

• Low exposure to patent expirations

• Strong IP portfolio

Key growth driversgoing forward

Balancing growth and

value

Novo Nordisk going forward

37

Investor Relations contactsNovo Nordisk A/S Investor Relations Novo Allé, DK 2880 BagsværdFax (+45) 4443 6633

Mogens Thorsager JensenTel (direct): (+45) 4442 7945 E-mail: [email protected]

Palle Holm Olesen Tel (direct): (+45) 4442 6175 E-mail: [email protected]

In North America

Christian KanstrupTel (direct): (+1) 609 919 7937 E-mail: [email protected]

Share informationNovo Nordisk’s B shares are listed on the stock exchanges in Copenhagen and London. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO’. For further company information, visit Novo Nordisk on the internet at:

novonordisk.com

Investor Information

38

Appendices

39

0600

People without diabetes

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

40

Type 2 - slope

Note: Study on type 2 patients. Number of patients according to HbA1c level

% o

f su

bje

cts

0

20

40

60

80

100

OAD treated

Insulin treated

>9% 8%–9% 7%–8% <7%

38 27

20

15

27

22

19

32

HbA1c

Only 1/3 are at goalInsulin is the ultimate treatment

Source: HDS Omnibus Study, fall 2003

-C

ell

funct

ion

Diet and exercise alone

Oral therapy

Oral/insulin

Time from diagnosis

Type 1 - Immediate need for insulin Insulin

Diagnosed

- but not adequately treated

41

Insulin is the ultimate treatment

Key observations

• A clear focus on the need for intensifying treatment of diabetes, both via the use of OADs and insulin

• The number of type 2 patients using insulin is outgrowing the number of type 1 patients

• In 2004, in Europe more than 80% of all insulin consumed by type 2 patients compared to 70% in 1997

• An increasing focus on post-prandial glucose regulation

Insulin is the ultimate treatment

-C

ell f

un

cti

on

Time from diagnosis

Diet and exercise

OADs

Insulin

42

Insulin is the ultimate treatment… - also for type 2 patients

Share of type 2 patients using insulin in Europe

Type of insulin regimen for type 2 patients – Europe

Source: Roper Starch 2004

0%

10%

20%

30%

2000 2002 2004

0%

20%

40%

60%

80%

100%

2000 2002 2004

IntensiveConventional

43

Novo Nordisk is the only company offering the full range of analogues

Con

ven

ien

ce

Meeting physiological need for control

Analogues

supported by

strong device

portfolio

44

0,5

10

2

27

Insulin detemir(Levemir®)

Insulin glargine(Lantus)

# o

f even

ts p

er

year

Intensified treatmentLevemir® - The ideal basal insulin

Source: Diabetes, Vol 53, June 2004

Hypoglycaemia (too low blood sugar)

Hyperglycaemia (too high blood sugar)

Percentage of patients with HbA1c < 7%

Convenience-based treatmentNovoMix® 30 - The ideal starter insulin

Source: Data presented at ADA 2004 involving 233 insulin naive patients in an open-label 28-week study. Total daily insulin dose: NovoMix® 30 0.82, glargine 0.55

Mean prandial blood glucose increment

NovoMix® 30Insulin glargine

40%

66%

0%

20%

40%

60%

80%

97

129

0

20

40

60

80

100

120

140

mg

/dl

Novo Nordisk offers the optimal insulin …

45

Claims NovoLog®/NovoRapid®

Humalog Apidra

Pump use √ √ √

Type 2 pump data √ No data No data

Predictability vs HI *) √ √ No data

Twice as fast as HI √ No data No data

Defined duration of action

3-5 hrs No data No data

Defined time to peak action

1-3 hrs No data No data

Mixing with NPH √ √ √

PPG (vs HI) No data √ √

Post-prandial dosing (√ EU) √ √

Decrease in severe hypo vs HI

No data No data √

% of patients feeling device will result in better

compliance

With small differences in label, the delivery system is very important

Source: Diabetes, Vol 52, September 2003, Biochemical and Biophysical Research Communications 310 (2003), www.fda.gov & Novo Nordisk

*) HI = human insulin

74

11

0

FlexPen® Lilly NPH pen Aventis'prefilled pen

# in

%

… in all segments

46

Solid insulin market growth- volume

Note: Wal*Mart figures not included. Market size and share as MAT Q3 2004 and growth as MAT Q3 2004 versus MAT Q3 2003. The arrows next to the market shares illustrate the direction of change compared to MAT Q3 2003. Source: IMS/BW

Novo Nordiskmarket share

33% ▲

58% -

75% -

49% ▲World

Japan

Europe

USA

Market

39%

51%

5%

Market size

100% 7.2%

7.2%

5.6%

10.4%

4.5%

7.7%

6.4%

1.7%

Novo Nordisk

Growth rates

47Source: IMS/BW

Note: Quarterly data, volume figures

Q12000

Q32004

Q12000

Q32004

Analogue penetrationShort-acting segment

Analogues

Human insulin

45%

21%

Share of short-acting segment

Humalog

NovoRapid®

European analogue conversion - NovoRapid®

0%

5%

10%

15%

20%

25%

30%

48Source: IMS/BW

Note: Quarterly data, volume figures

Q12000

Q32004

Q12000

Q32004

Analogue penetrationPremixed segment

Analogues

Human insulin

20%

2%

Share of premixed segment

Humalog Mix 25

NovoMix®

European analogue conversion - NovoMix® 30

0%

5%

10%

15%

49Source: IMS/BW

Note: Quarterly data, volume figures

Q12000

Q22004

Q12000

Q32004

Analogue penetrationShort-acting segment

Analogues

Human insulin63%

33%

Share of short-acting segment

Humalog

NovoLog®

US analogue conversion - NovoLog®

0%

10%

20%

30%

40%

50%

60%

70%

50Source: IMS/BW

Note: Quarterly data, volume figures

Q12000

Q32004

Q12000

Q32004

Analogue penetrationPremixed segment

Analogues

Human insulin

25%

0%

Share of premixed segment

Humalog Mix 25

NovoLog® Mix 70/30

US analogue conversion - NovoLog® Mix 70/30

0%

5%

10%

15%

20%

25%

30%

51

Europe US

Q12000

Q32004

Q12000

Q32004

Source: IMS/BW

Note: Quarterly data, volume figures

Insulin segmentation - Europe and the US

0%

10%

20%

30%

40%

50%

60%

Long-actingPremixShort-acting

0%

10%

20%

30%

40%

50%

60%

Long-acting

Premix

Short-acting

52

Volume growth drivers:

• Epidemic growth

• Increased life expectancy

• Increasing awareness leading to increasing diagnosis rate

• Earlier switches from tablets to insulin

• Insulin is the ultimate treatment

Dis

posa

ble

s

Improving convenience, compliance and control

Vials

Dura

ble

s

Animal insulin

Human insulin

Insulin analogues

The insulin business case

53

NovoSeven® - a unique mechanism of action

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

54

Critical bleedings in elective surgery

Congenital clotting disorders Bleedings in

emergencies

Intracerebral haemorrhage

Trauma

UGI

Prophylaxis

High single-dose

Liver transplantation

Spinal surgery

Hepatectomy

Glanzmann’s

FVII deficiency

Orthopaedic surgery

Acquired haemophilia

Variceal bleedings

TBI

Cardiac surgery

NovoSeven® - expanding into general haemostasis

55

Research and developmentCommer-

cialisationProduction

• Protein capabilities from laboratory bench to large-scale production

• Leader within protein delivery

• Strong protein IP platform

• Expertise within immunobiology

• Large network with universities and other centres of excellence

• Science-driven culture

• International R&D set-up

• A leading protein producer

• Production track record within three expression systems

• Yeast

• Bacterial

• Mammalian

• Leader in construction of protein manufac-turing facilities

• Protein leadership

• Significant insight into management of chronic diseases

• History of specialist relationship building

• Proven lifecycle management capabilities

• Global sales force

Leveraging our core competences

56

Target identification and validation

Research DevelopmentCommer-cialisation

Diabetes Haemostasis Inflammation

Cancer

Novo Nordisk or sourcing

from biotech and academia

Novo Nordisk

Novo Nordisk and

biotech partner

Novo Nordisk

Novo Nordisk

Novo Nordisk and

pharma partner

Out-licensing/

divest

Novo Nordisk and partner

Structured business model

57

1. Insight into the biological disease mechanisms

2. Therapeutic advantage of protein over NCE

3. Unmet need justifies early stage R&D project

4. Strong IP platform can be established

5. Disease severity allows for injection acceptance

6. A specialist sales force can handle the sales effort

7. Long-term growth outlook must be attractive

Deciding which new areas to pursue: - based on competences and unmet need

Leveraging our core competences

58

Immunotherapy of cancer and inflammation fulfils the criteria

1. Novo Nordisk expertise in immunological research (linked to type 1 diabetes)

2. NCEs generally lack efficacy or selectivity

3. Significant need: fatal or debilitating diseases

4. Rich in patentable protein opportunities

5. Disease-modifying potential of proteins

6. Highly specialised fields with data-driven sales

7. Immunotherapy is poised to become a high growth area

Leveraging our core competences

59

Key observations

• Biotech platform explored within immunotherapy

• R&D networks established

• Eight targets outside established areas being investigated

– One in phase 1/2 and seven in

preclinical phase

– # of targets expected to increase

over the next year

• Targets meet upfront defined criteria

• Novo Nordisk established as a partner of choice in focus areas

Cancer

Diabetes

Haemostasis

Growth deficiency

Inflammation

Leveraging our core competences

60

HRT sales development

Q12002

Q42004

Million

DK

K

-8%

HRT – flattening out

Key o

bserv

ati

on

s

•Sale

s decl

ined b

y 4

% in loca

l cu

rrenci

es

in t

he f

ourt

h q

uart

er

•G

row

th o

f 1

7%

in loca

l cu

rrenci

es

for

full

year

20

04

•Sale

s posi

tively

im

pact

ed b

y t

he

change in d

istr

ibuti

on s

et-

up in

the U

S

•A

dju

sted f

or

the c

hange in

dis

trib

uti

on s

et-

up, sa

les

decl

ined b

y 7

%, pri

mari

ly d

ue t

o

a c

onti

nued d

epre

ssed E

uro

pean

mark

et

0

100

200

300

400

500