1

Novo Nordisk

A focused healthcare company

CIBC World Markets Frontenac Institutional Investor Conference

September 2002

Director of Investor RelationsRasmus Jorgensen

2

Forward-looking statementsForward-looking statements

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

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

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

Core competencies of Novo NordiskCore competencies of Novo Nordisk

DiabetesDiabetes ProteinsProteins

Drug deliveryDrug delivery

InsulinInsulin

4

Novo Nordisk salesNovo Nordisk sales

Diabetes careDiabetes care70%70%

Haemostasis Haemostasis managementmanagement

14%14%

8%8%hGHhGH

HRTHRT6%

Note: No significant patent expirations on this side of 2010.Note: No significant patent expirations on this side of 2010.

5

HRTHRTGrowth hormone Growth hormone therapytherapy

Intellectual Intellectual propertyproperty

Diabetes careDiabetes care Haemostasis Haemostasis managementmanagement

PrimaryPrimarygrowth growth driversdrivers

Novo Nordisk – future key driversNovo Nordisk – future key drivers

Diabetes careDiabetes care

Secondary Secondary value value

driversdrivers

6

Diabetes is a growth marketDiabetes is a growth market

Number of diabetics estimated to grow 4% p.a.

Diagnosis rate will increase Some 75 million people today have diabetes without knowing it

Medicine use per diagnosed patient will increaseTreating more assertively reduces burden of late stage complications

Volume growth of at least 5% p.a. sustainableCurrent insulin market volume growth is 6-7%

7

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 exercise

alonealone

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

8

Insulin market overview Insulin market overview (MATQ1 2002 Volumes)(MATQ1 2002 Volumes)

Notes: Notes: Industrialised world only. Based on IMS data. Monthly data used for Canada. Industrialised world only. Based on IMS data. Monthly data used for Canada. Wal*Mart figures not included. Growth in Europe effected by conversion of Wal*Mart figures not included. Growth in Europe effected by conversion of formulation. formulation.

Novo NordiskNovo Nordiskmarket sharemarket share

2266%%

5588%%

7878%%

60%60%

4466%%World World

Rest of IMS world Rest of IMS world

Japan Japan

Europe Europe

USA USA

Market growth Market growth

4343%%

4848%%

4%4%

66%%

% market size % market size

100%100%

3.6%3.6%

7.9%7.9%

7.0%7.0%

7.8%7.8%

6.1%6.1%

9

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

10

The insulin business caseThe insulin business case

VolumeVolume

Number of people with diabetes Number of people with diabetes expected to double by 2025expected to double by 2025

Less than half of those affected Less than half of those affected are diagnosed are diagnosed

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

A drive towards intensified A drive towards intensified therapy and earlier diagnosistherapy and earlier diagnosis

5% annual growth5% annual growth 5% annual growth5% annual growth+

Product upgradesProduct upgrades

Conversion from human Conversion from human insulin to insulin analoguesinsulin to insulin analogues

Conversion from vials and Conversion from vials and syringes to delivery systemssyringes to delivery systems

11

Strong portfolio of new injection devicesStrong portfolio of new injection devices

New

New

New

New

12

Analogues is replacing human insulin Analogues is replacing human insulin

Strong insulin analogue Strong insulin analogue penetration continuespenetration continues

NovoRapidNovoRapid®®/NovoLog/NovoLog®® continues to increase continues to increase share in the short-acting share in the short-acting segmentsegment

NovoMixNovoMix®® 30 is being 30 is being rolled out in Europe and rolled out in Europe and will soon be launched in will soon be launched in the USthe US

Insulin analogues’ Insulin analogues’ share of insulin share of insulin

market worldwidemarket worldwide

Notes:Notes: Volumes in industrialised world IMSVolumes in industrialised world IMS

1996 1997 1998 1999 2000 2001 2002 1996 1997 1998 1999 2000 2001 2002

20%20%

13

US analogue conversion - NovoLogUS analogue conversion - NovoLog®®

Key observations:Key observations:

Market share increase Market share increase backed by continued backed by continued penetration of NovoLogpenetration of NovoLog®®

NovoLogNovoLog®® launched launched September 2001 - pump September 2001 - pump indication added in indication added in December 2001December 2001

Launch of NovoLogLaunch of NovoLog®®Mix Mix 70/30 to follow this year70/30 to follow this year

Novo Nordisk total market share (vol) in the USNovo Nordisk total market share (vol) in the US

NovoLogNovoLog® share® share

0%0%

5%5%

10%10%

15%15%

20%20%

25%25%

30%30%

Q1

199

9Q

1 19

99

Q2

199

9Q

2 19

99

Q3

199

9Q

3 19

99

Q4

199

9Q

4 19

99

Q1

200

0Q

1 20

00

Q2

200

0Q

2 20

00

Q3

200

0Q

3 20

00

Q4

200

0Q

4 20

00

Q1

200

1Q

1 20

01

Q2

200

1Q

2 20

01

Q3

200

1Q

3 20

01

Q4

200

1Q

4 20

01

Q1

200

2Q

1 20

02

Q2

200

2Q

2 20

02

Novo Nordisk share of the Novo Nordisk share of the US short-acting marketUS short-acting market

14

OAD

NPH1-2x

NovoLog®® Mix 70/30

HumanPremix

NovoLog®® Mix 50/50

Basal-Bolus

Pumps

NovoLogNovoLog®® Mix 70/30 – simple control Mix 70/30 – simple control

Blood glucose controlBlood glucose control

Con

veni

ence

of t

hera

pyC

onve

nien

ce o

f the

rapy

15

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 (Beta cell rest)(Beta cell rest)

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

NN2344NN2344 (Insulin sensitiser)(Insulin sensitiser)

NovoMixNovoMix®® 50 50(Premixed analogue)(Premixed analogue)

16

Novo Nordisk – future key driversNovo Nordisk – future key drivers

Diabetes careDiabetes careHaemostasisHaemostasismanagementmanagement

PrimaryPrimarygrowth growth driversdrivers

HRTHRTGrowth hormone Growth hormone therapytherapy

Intellectual Intellectual propertyproperty

Secondary Secondary value value

driversdrivers

17

Advantages of NovoSevenAdvantages of NovoSeven®®

A bleeding episode

FVIIa/NovoSeven®®

Tissue factor

Fa

ste

r h

aem

ost

asi

s le

ads

toF

ast

er

ha

emo

sta

sis

lead

s to

Fe

wer

tra

nsfu

sion

s/

Fe

wer

tra

nsfu

sion

s/

tra

nsfu

sio

n-

fre

e s

urg

ery

tra

nsfu

sio

n-

fre

e s

urg

ery

Re

duc

ed

reb

lee

din

gR

ed

uce

d re

ble

edi

ng

Fa

ste

r re

cove

ryF

ast

er

reco

very

Re

duc

ed

mor

bid

ity a

nd

Re

duc

ed

mor

bid

ity a

nd

mo

rta

lity

mo

rta

lity

Imp

rove

d q

ual

ity o

f life

Imp

rove

d q

ual

ity o

f life

18

Haemophilia Haemophilia & congenital & congenital

bleeding disordersbleeding disorders

NovoSeven® expansion projectNovoSeven® expansion project

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

*) = 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

Intra-cerebral Intra-cerebral bleedingsbleedings

Liver resectionLiver resection

TraumaTrauma

19

FFinancial resultsinancial results

Net turnoverNet turnover 12,03412,034 11,351 11,351 6 6 6,5536,553 6,0016,001 99

Operating profit Operating profit 2,8562,856 2,740 2,740 4 4 1,6061,606 1,3821,382 1616

Net financialsNet financials 99 99 241241 (59) (59) 8282 44 --

Profit before taxProfit before tax 2,9552,955 2,9812,981 (1) (1) 1,6881,688 1,3861,386 2222

Net profitNet profit 1,925 1,925 1,908 1,908 1 1 1,1011,101 887887 2424

EPS (DKK)* EPS (DKK)* 5.51 5.51 5.48 5.48 1 1 3.153.15 2.552.55 2424

* * Earnings per share on a diluted basis, ie 349.6 million shares in H1 2002 and Earnings per share on a diluted basis, ie 349.6 million shares in H1 2002 and 349.4 million Q2 2002.349.4 million Q2 2002.

DKK millionDKK million First half yearFirst half year Second quarterSecond quarter

20022002 20012001 % chg % chg 20022002 20012001 % chg% chg

20

Outlook for 2002Outlook for 2002As of August 6As of August 6thth, 2002, 2002

Expected sales growth between 6-8%Expected sales growth between 6-8%

Growth in operating profit of 5-10% is reaffirmed Growth in operating profit of 5-10% is reaffirmed

Net financial income now expected to be approximately DKK Net financial income now expected to be approximately DKK 250 million250 million

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

Investments still expected at DKK 4.5Investments still expected at DKK 4.5 billionbillion

Share repurchasing programme of DKK 2 billion initiatedShare repurchasing programme of DKK 2 billion initiated

Above outlook is based on the assumption that Above outlook is based on the assumption that exchange and interest rates remain at the exchange and interest rates remain at the current level (6 August 2002).current level (6 August 2002).

21

Novo Nordisk

A focused healthcare company

CIBC World Markets Frontenac Institutional Investor Conference

September 2002

Director of Investor RelationsRasmus Jorgensen

22

Investor InformationInvestor Information

Investor Relations contacts:Investor Relations contacts:

Novo Nordisk A/S Novo Nordisk A/S Investor Relations Investor Relations Novo Allé Novo Allé DK 2880 BagsværdDK 2880 BagsværdDenmark Denmark Fax (+45) 4444 2314 Fax (+45) 4444 2314

Peter HaahrPeter HaahrPhone (+45) 4442 1207Phone (+45) 4442 1207 E-mail: pehr@novonordisk.comE-mail: pehr@novonordisk.com

Palle Holm Olesen Palle Holm Olesen Phone (+45) 4442 6175 Phone (+45) 4442 6175 E-mail: phoo@novonordisk.comE-mail: phoo@novonordisk.com

Rasmus JorgensenRasmus JorgensenPhonePhone (+1) 212 582 3676 (+1) 212 582 3676 E-mail: rrhj@novonordisk.comE-mail: rrhj@novonordisk.com

Share informationShare information

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

http://www.novonordisk.comhttp://www.novonordisk.com

23

Sales by therapy first half year 2002Sales by therapy first half year 2002

Insulin sales growth in International Insulin sales growth in International Operations (IO), Europe and North Operations (IO), Europe and North America. NovoNormAmerica. NovoNorm®® growth in growth in Europe and IOEurope and IO

North America and Europe both drive North America and Europe both drive growthgrowth

Growth in Europe and the US, but Growth in Europe and the US, but Japan hit by depreciation of JPY, Japan hit by depreciation of JPY, increased competition and low market increased competition and low market growthgrowth

Negatively affected by parallel trade Negatively affected by parallel trade within Europe and by within Europe and by lower market growthlower market growth

Insulin sales growth in International Insulin sales growth in International Operations (IO), Europe and North Operations (IO), Europe and North America. NovoNormAmerica. NovoNorm®® growth in growth in Europe and IOEurope and IO

North America and Europe both drive North America and Europe both drive growthgrowth

Growth in Europe and the US, but Growth in Europe and the US, but Japan hit by depreciation of JPY, Japan hit by depreciation of JPY, increased competition and low market increased competition and low market growthgrowth

Negatively affected by parallel trade Negatively affected by parallel trade within Europe and by within Europe and by lower market growthlower market growth

Diabetes careDiabetes care

+6%+6%

Haemostasis Haemostasis managementmanagement

+15%+15%

(1%)(1%)

hGHhGH

HRTHRT(1%)

Key observations:Key observations:

Total turnover of DKK 12,035 mn: +6%Total turnover of DKK 12,035 mn: +6%

24

Key observations:Key observations:

Wea

k Q

1, b

ut b

oth

insu

lin a

nd

Wea

k Q

1, b

ut b

oth

insu

lin a

nd

Nov

oSev

enN

ovoS

even

®® g

row

th r

etur

ned

in Q

2 g

row

th r

etur

ned

in Q

2

Nov

oSev

enN

ovoS

even

®®,

insu

lin a

nd h

GH

,

insu

lin a

nd h

GH

co

ntin

ue t

o gr

ow.

cont

inue

to

grow

.

Gro

wth

aff

ecte

d by

dep

reci

atio

n G

row

th a

ffec

ted

by d

epre

ciat

ion

of J

PY

, in

crea

sing

com

petit

ion,

of

JP

Y,

incr

easi

ng c

ompe

titio

n,

pric

e de

crea

ses

and

wea

k pr

ice

decr

ease

s an

d w

eak

mar

ket

deve

lopm

ent

mar

ket

deve

lopm

ent

Wea

k Q

1, b

ut s

tron

g Q

2 W

eak

Q1,

but

str

ong

Q2

grow

th d

riven

by

insu

lin

grow

th d

riven

by

insu

lin

and

oral

ant

i-dia

bete

s an

d or

al a

nti-d

iabe

tes

prod

ucts

pr

oduc

ts

EuropeEurope

+4%+4%

InternationalInternationalOperationsOperations

+20%+20%

North North AmericaAmerica

+10%+10%

Japan Japan & Oceania& Oceania

(4%)(4%)

Sales by region first half year 2002Sales by region first half year 2002

Total turnover of DKK 12,035 mn: +6%Total turnover of DKK 12,035 mn: +6%

25

Diabetes care Diabetes care

SSales by quarterales by quarter

Key

obs

erva

tions

:K

ey o

bser

vatio

ns:

Insu

lin g

row

th p

rimar

ily r

ealis

ed in

In

sulin

gro

wth

prim

arily

rea

lised

in

Inte

rnat

iona

l Ope

ratio

ns a

nd N

orth

In

tern

atio

nal O

pera

tions

and

Nor

th

Am

eric

a, f

ollo

wed

by

Eur

ope

Am

eric

a, f

ollo

wed

by

Eur

ope

Japa

n &

Oce

ania

was

impa

cted

Ja

pan

& O

cean

ia w

as im

pact

ed

nega

tivel

y by

the

dep

reci

atio

n of

ne

gativ

ely

by t

he d

epre

ciat

ion

of

JPY

and

dec

reas

ed s

light

ly

JPY

and

dec

reas

ed s

light

ly

The

rol

l-out

of

Nov

oRap

id®

and

T

he r

oll-o

ut o

f N

ovoR

apid

® a

nd

Nov

oMix

® c

ontin

ues

- an

alog

ue

Nov

oMix

® c

ontin

ues

- an

alog

ue

sale

s up

by

171%

in 1

H 2

002

sale

s up

by

171%

in 1

H 2

002

Nov

oNor

m®

/Pra

ndin

® g

row

th

Nov

oNor

m®

/Pra

ndin

® g

row

th

driv

en b

y E

urop

e an

d In

tern

atio

nal

driv

en b

y E

urop

e an

d In

tern

atio

nal

Ope

ratio

nsO

pera

tions

DKK millionDKK million

1999 2000 2001 20021999 2000 2001 2002

00

500500

1,0001,000

1,5001,500

2,0002,000

2,5002,500

3,0003,000

3,5003,500

4,0004,000

4,5004,500

5,0005,000

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

+ 9%+ 9%

26

Haemostasis management (NovoSevenHaemostasis management (NovoSeven®®) )

Ke

y o

bse

rva

tion

s:K

ey

obs

erv

atio

ns:

Gro

wth

in N

ort

h A

me

rica

G

row

th in

No

rth

Am

eric

a

con

tinu

es

con

tinu

es

So

lid Q

2 g

row

th in

S

olid

Q2

gro

wth

in

Eu

rop

e, p

art

ly d

ue

to la

rge

Eu

rop

e, p

art

ly d

ue

to la

rge

sin

gle

ord

ers

in s

eve

ral

sin

gle

ord

ers

in s

eve

ral

Eu

rop

ean

cou

ntr

ies

Eu

rop

ean

cou

ntr

ies

Pa

n E

uro

pe

an

Pa

n E

uro

pe

an

Ha

em

ato

logy

Bu

sin

ess

H

ae

ma

tolo

gy B

usi

ne

ss

Un

it n

ow e

sta

blis

hed

Un

it n

ow e

sta

blis

hed

1999 2000 2001 20021999 2000 2001 2002

00

100100

200200

300300

400400

500500

600600

700700

800800

900900

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

DKK millionDKK million

SSales by quarterales by quarter

+ 20%+ 20%

27

Growth hormone therapyGrowth hormone therapy

DKK millionDKK million

SSales by quarterales by quarter

1999 2000 2001 20021999 2000 2001 2002

Ke

y o

bse

rva

tion

s:K

ey

obs

erv

atio

ns:

No

rditr

op

in®

Sim

ple

Xx®

stil

l N

ord

itro

pin

® S

imp

leX

x® s

till

gro

win

g in

Eu

rop

e a

nd th

e U

Sg

row

ing

in E

uro

pe

and

the

US

Gro

wth

in J

ap

an a

ffect

ed

by

Gro

wth

in J

ap

an a

ffect

ed

by

dep

reci

atio

n o

f JP

Y,

dep

reci

atio

n o

f JP

Y, a

a

ma

nd

ato

ry p

rice

red

uct

ion

as

ma

nd

ato

ry p

rice

red

uct

ion

as

we

ll a

s in

cre

ase

d co

mp

etiti

on

we

ll a

s in

cre

ase

d co

mp

etiti

on

in g

ene

ral a

nd a

re

lativ

ely

in

gen

era

l and

a r

ela

tive

ly

slo

w m

ark

et d

eve

lop

me

ntsl

ow

ma

rket

dev

elo

pm

ent

Sa

les

an

d m

arke

ting

team

S

ale

s a

nd

mar

ketin

g te

am

und

er

rest

ruct

urin

g in

Ja

pan

und

er

rest

ruct

urin

g in

Ja

pan  

 

00

100100

200200

300300

400400

500500

600600

700700

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

- 1%- 1%

28

Hormone replacement therapyHormone replacement therapy

DKK millionDKK million

SSales by quarterales by quarter

1999 2000 2001 20021999 2000 2001 2002

00

5050

100100

150150

200200

250250

300300

350350

400400

450450

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

- 4%- 4%

Ke

y o

bse

rva

tion

s:K

ey

obs

erv

atio

ns:

Lack

of

grow

th p

rimar

ily d

ue t

o La

ck o

f gr

owth

prim

arily

due

to

incr

ease

d pa

ralle

l tra

de w

ithin

in

crea

sed

para

llel t

rade

with

in

Eur

ope,

but

als

o lo

wer

mar

ket

Eur

ope,

but

als

o lo

wer

mar

ket

grow

thgr

owth

Low

-dos

e se

quen

tial p

rodu

ct,

Low

-dos

e se

quen

tial p

rodu

ct,

Nov

ofem

Nov

ofem

™™,

will

be

laun

ched

in

, w

ill b

e la

unch

ed in

E

urop

e du

ring

2002

Eur

ope

durin

g 20

02

The

ter

min

atio

n of

the

Wom

en’s

T

he t

erm

inat

ion

of t

he W

omen

’s

Hea

lth I

nitia

tive

stud

y (W

HI)

H

ealth

Ini

tiativ

e st

udy

(WH

I)

incr

ease

s m

arke

t un

cert

aint

y,

incr

ease

s m

arke

t un

cert

aint

y,

but

will

mos

t lik

ely

favo

ur lo

w-

but

will

mos

t lik

ely

favo

ur lo

w-

dose

pro

duct

sdo

se p

rodu

cts

29

Improved postprandial control vs lispromix 25Improved postprandial control vs lispromix 25

0

5

10

15

20

25

Mix 25 BIAsp 30 BHI 30

-10%-10% -17%-17%

pp < 0.05 < 0.05 pp < 0.0001 < 0.0001

S-g

luco

se e

xcu

rsio

nS

-glu

cose

exc

urs

ion

0-5h

0-5h

(m

mo

l/l h

) (

mm

ol/l

h)

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

30

Insulin detemir – simply betterInsulin detemir – simply better

Detemir compared with NPH :Detemir compared with NPH :

Significantly less within-subject Significantly less within-subject variabilityvariability

Relative decrease in body Relative decrease in body weight weight

Significantly less nocturnal Significantly less nocturnal hypoglycaemic eventshypoglycaemic events

Produces a smoother Produces a smoother nocturnal glucose profilenocturnal glucose profile

The duration of action of The duration of action of detemir is 20 hours at a detemir is 20 hours at a therapeutically relevant dose therapeutically relevant dose of 0.4 U/kg. of 0.4 U/kg.

CCmaxmax

CV (%)CV (%)

AUCAUC0-24h,0-24h,

CV insulin CV insulin concconc.. (%)(%)

Insulin detemirInsulin detemir 1313 2020

NPH insulinNPH insulin 2626 3737

ReductionReduction 51%51% 45%45%

p-p-valuevalue <0.001<0.001 0.0010.001

Significantly lower within-subject variabilitySignificantly lower within-subject variability

Within-subject variability of Within-subject variability of pharmacokineticspharmacokinetics

31

-0.5-0.5

00

0.50.5

11

1.51.5

Insulin Insulin detemirdetemir

NPHNPH

Change in Weight Change in Weight ((Kg) over 12 Kg) over 12

monthsmonths

-1.7 Kg-1.7 Kg

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

Body weight control with insulin detemirBody weight control with insulin detemir

p = 0.002p = 0.002

32

AERxAERx®® s.c.s.c.

Hb

AH

bA

1c1c

(%)

(%

)

HbAHbA1c1c mean profiles, ITT population, mean profiles, ITT population, mean mean ±± 2 SEM2 SEM

Our inhaled insulin – Now in Phase 3Our inhaled insulin – Now in Phase 3

77

7.57.5

88

8.58.5

99

ADA 2002ADA 2002

-0.74%-0.74% -0.74%-0.74%

HbAHbA1c1c(%) reduction(%) reduction Key observations from Phase 2:Key observations from Phase 2:

Deep lung deposition of aerosolsDeep lung deposition of aerosols

““Breath Check”, one unit Breath Check”, one unit increments, highly reproducible increments, highly reproducible deliverydelivery

Rapid-acting profile, one unit Rapid-acting profile, one unit increments and patient-friendly increments and patient-friendly featuresfeatures

Glycemic control equal to that of Glycemic control equal to that of intensive treatment with s.c. intensive treatment with s.c. human insulinhuman insulin

Lower tendency of hypoglycemic Lower tendency of hypoglycemic eventsevents

No major safety or No major safety or technical issuestechnical issues

33

NN2211 - The first once daily GLP-1 derivativeNN2211 - The first once daily GLP-1 derivative

No or low hypoglycaemic risk

Glycaemic control sustained over 3 months

Maximum effect on blood glucose in 1 week

Weight control

One daily injection

ß-cell mass increase in animal models

34

Currency exposureCurrency exposure

6

7

8

9

2001 avg = 8.32

2001 avg = 6.85

2000 2001 2002

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.ie before hedging.

1H 2002 avg = 6.39

1H 2002 avg = 8.29

Aug 5 Apr 30DKK per USD 7.55 8.25 (8.5%)DKK per 100 JPY 6.34 6.43 (1.4%)

35

SalesSales by therapy in first half year 2002 by therapy in first half year 2002

DKK millionDKK million 20022002 20012001 % of total% of total % chg% chg ((20022002))

Insulin etcInsulin etc 7,6117,611 7,1697,169 6363 66

OADOAD** 801801 769769 77 44

Diabetes care, totalDiabetes care, total 8,4128,412 7,9387,938 70 70 66

Haemostasis managementHaemostasis management 1,7261,726 1,4991,499 14 14 1515

Growth hormone therapyGrowth hormone therapy 998998 1,011 1,011 8 8 (1) (1)

HRTHRT 684684 692692 6 6 (1) (1)

OtherOther 214214 211211 22 11

TotalTotal 12,03412,034 11,35111,351 100100 66

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

GlucoFormin GlucoFormin® ® (generic metformin) sales by Biobrás in 1H 2002.(generic metformin) sales by Biobrás in 1H 2002.

36

Sales by region in first half year 2002Sales by region in first half year 2002

DKK millionDKK million 20022002 20012001 % of total% of total % %

chgchg ((20022002))

Europe Europe 5,214 5,214 5,0305,030 43 43 4 4

North AmericaNorth America 2,8522,852 2,6012,601 2424 1010

Japan & OceaniaJapan & Oceania 1,9981,998 2,0792,079 17 17

(4)(4)

International OperationsInternational Operations 1,9701,970 1,6411,641 1616 2020

Total Total 12,03412,034 11,35111,351 100100 66

37

’’In-market’ salesIn-market’ sales

Growth compared to previous yearsGrowth compared to previous years

Q2 Q2 20012001

Q3 Q3 20012001

Q4Q420012001

Jan/Jan/Feb Feb 20022002

Q1 Q1 20022002

YTD YTD May May 20022002

Total market growth:Total market growth:

VolumeVolume

ValueValue

9%9%

13%13%

9%9%

11%11%

9%9%

13%13%

8%8%

12%12%

5%5%

9%9%

6%6%

10%10%

Novo Nordisk growth:Novo Nordisk growth:

VolumeVolume

ValueValue

9%9%

11%11%

8%8%

9%9%

9%9%

12%12%

8%8%

13%13%

5%5%

10%10%

6%6%

10%10%

Insulin sales in Europe – ‘in-market’ salesInsulin sales in Europe – ‘in-market’ sales

Source: Source: Based on IMS ‘brand market data’. Preliminary information for YTD May 2002Based on IMS ‘brand market data’. Preliminary information for YTD May 2002

Note: Note: ‘In market data’ reflects sale of insulin products from the wholesalers to the ‘In market data’ reflects sale of insulin products from the wholesalers to the pharmacists. pharmacists.

38

European analogue conversion - NovoRapidEuropean analogue conversion - NovoRapid®®

Short-acting segment in EuropeShort-acting segment in Europe

Q2 1996Q2 1996 Q1 2002Q1 2002

Short-acting human insulinShort-acting human insulin

37%37%Short-actingShort-acting

insulin analoguesinsulin analogues

Short-acting human insulinShort-acting human insulin

June 2000June 2000

NovoRapidNovoRapid®® market share market share

12.3%*12.3%*

Humalog market Humalog market share 26.5%*share 26.5%*

* IMS ‘brand’ volume market share of short-acting insulin. * IMS ‘brand’ volume market share of short-acting insulin. Preliminary information for Apr/May 2002Preliminary information for Apr/May 2002

Share of short-acting segmentShare of short-acting segment

May 2002May 2002

37%37%

* IMS ‘brand’ vol. market share of short-acting insulin. * IMS ‘brand’ vol. market share of short-acting insulin.

39

Corrective measures Corrective measures

Enhanced focus on analogue conversionEnhanced focus on analogue conversion

NovoRapidNovoRapid®® to be backed by NovoMix to be backed by NovoMix® 30® 30

Consolidation of European managementConsolidation of European management

Strategic changes implemented in JapanStrategic changes implemented in Japan

Dedicated cross-functional NorditropinDedicated cross-functional Norditropin®® SimpleXx SimpleXx®®

sales teamsales team

Several upcoming clinical trialsSeveral upcoming clinical trials

Cost-containment programme targeting areas not Cost-containment programme targeting areas not

affecting key production, sales or R&D activitiesaffecting key production, sales or R&D activities

Improved control measures Improved control measures

Slide from Q1 / 02 Slide from Q1 / 02 conference callconference call

40

Status on NN622 Status on NN622

Current clinical trials stopped and new planned Current clinical trials stopped and new planned studies postponedstudies postponed

Tumour mechanism studies initiatedTumour mechanism studies initiated

Several possible outcomes of mechanism studiesSeveral possible outcomes of mechanism studiesMechanism not of human relevanceMechanism not of human relevance

Mechanism of human relevanceMechanism of human relevance

Mechanism unresolvedMechanism unresolved

Renewed ragaglitazar assessment Q1 2003Renewed ragaglitazar assessment Q1 2003

The decision to suspend the clinical development of The decision to suspend the clinical development of ragaglitazar will not impact Novo Nordisk’s ragaglitazar will not impact Novo Nordisk’s expectations for the financial results for 2002expectations for the financial results for 2002

Slide from 22 July Slide from 22 July conference callconference call

41

Selected volume market share developmentSelected volume market share development

Month of Month of Lantus launchLantus launch

February February 20022002

May May 20022002

USAUSA 26%26% 26%26% 27%27%

EuropeEurope 57%57% 57%57% 57%57%

GermanyGermany 44%44% 42%42% 43%43%Basal segmentBasal segment 51%51% 37%37% 36%36%

Short-actingShort-acting 42%42% 43%43% 45%45%

Mix-segmentMix-segment 43%43% 44%44% 45%45%

Source: Based on IMS data.Source: Based on IMS data.