Novo Nordisk

1

A focused healthcare companyBank of America Securities, Health Care Conference, Las Vegas – May 2004

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. 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 March 2003. Please also refer to the section ‘Financial risk factors and financial risk management' in the Annual Financial Report 2003. 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. © 2004 Novo Nordisk A/S.

3

Novo Nordisk snapshot

•C

onsi

sten

t, s

trong o

rganic

gro

wth

•Fo

cuse

d o

n f

ew

are

as

wit

h larg

e u

nm

et

needs

•Le

aders

hip

in d

iabete

s

•Est

ablis

hin

g p

latf

orm

in h

aem

ost

asi

s

•A

bili

ty t

o levera

ge o

n g

lobal opera

tions

•Str

ong p

rese

nce

in E

uro

pe a

nd Japan

•Str

ong g

row

th in t

he U

S a

nd In

tern

ati

onal O

pera

tions

•Pro

ven b

iote

ch a

nd d

rug d

eliv

ery

capabili

ties

•Lo

w e

xposu

re t

o p

ate

nt

expir

y –

goin

g o

n p

ate

nt

4

The primary growth drivers I - diabetes care

02468

101214161820

1999 2000 2001 2002 2003

5%

Volumedrivers

Valuedrivers

• Conversion from human insulin to insulin analogues

• Conversion from vials and syringes to devices

• Conversion from durable to disposable devices

• Epidemic growth in number of people with diabetes

• Only half are diagnosed• Trend towards earlier

and more intensive therapy

5%

+

Diabetes care sales

5Y CAGR 12%DKK billion

5

The primary growth drivers II - NovoSeven®

NovoSeven® sales

0

1

2

3

4

1999 2000 2001 2002 2003

5Y CAGR 31%DKK billion

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

Orthopedic surgery

Acquired haemophilia

Variceal bleedings

6

Secondary growth drivers - adding to growth

HRT

Human growth

hormone

Intellectual property

Diabetes care NovoSeven®

Novo Nordisk – Key value drivers

7

R&D strategy- based on core competences

Diabetes expertise

Protein expertise

NovoSeven® expansion

Liraglutide

balaglitazone

NN2501

AERx® iDMS

insulin analogues

hGH expansion

Drug delivery expertise

Protein Delivery

System unit (PDS)

Early stage projects

8

Solid financials and strong cash flow

In % 1999 2000 2001 2002 2003 Targets

Operating profit growth 20.3 36.5 16.6 6.5 6.8 15

Operating margin 21.5 23.1 23.6 23.7 24.1 25

Cash to earnings* 76.6 87.9 4.8 12.1 79.2 60

ROIC 15.3 22.0 23.1 20.1 19.1 25

Long-term financial targets

Returning cash to shareholders

* Long-term target defined as three-year average

Note: All numbers according to Danish GAAP

Average

17%

23%

52%

20%

0.0

1.0

2.0

3.0

4.0

1999 2000 2001 2002 2003

DK

K b

illion Dividends Share repurchase

9

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

20

03

Billion

DK

K

14Y CAGR 1

3+%

* Since the merger between Novo and Nordisk in 1989

10

Investor information

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

Peter HaahrTel (direct): (+45) 4442 1207 E-mail: pehr@novonordisk.com

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

In North America:

Christian KanstrupTel (direct): (+1) 609 919 7937 E-mail: cka@novonordisk.com

Share information

Novo 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

http://www.novonordisk.com

11

Appendix

12

Highlights - first quarter 2004

• Sales +14% measured in local currencies

• Sales of insulin analogues increased by 94% in local currencies

• NovoSeven® sales increased by 20% in local currencies

• Operating profit increased by

• 9% as reported

• More than 20% in local currencies

• Earnings per share growth of 2%

• New share repurchase programme

13

Sales first quarter 2004 - by segment and

region Diabetes care

Total DKK 4,544 billion +7% reported and +12% in local currencies

Europe +4% (+5%)

North America +11% (+28%)

Japan & Oceania +9% (+11%)

International Operations

+5% (+11%)

Biopharmaceuticals*

Total DKK 2,023 billion +13% reported and +21% in local currencies

International Operations +21% (+28%)

Europe +12% (+13%)

North America +15% (+33%)

Japan & Oceania +5% (+9%)

Note: * Biopharmaceuticals sales include sales from hormone replacement therapy of DKK 342 million.Figures in () indicate growth in local currencies

14

Diabetes care

DKK billion

Key o

bserv

ati

on

s

•Sale

s +

12%

in

loca

l cu

rren

cies

•A

nalo

gues

+94%

in loca

l cu

rrenci

es,

now

acc

ounti

ng

for

20%

of

insu

lin s

ale

s

•A

nalo

gues

now

acc

ount

for

close

to 5

0%

of

insu

lin s

ale

s in

Nort

h A

meri

ca

•Le

vem

ir®

launch

ed in

Sw

itze

rland

Human insulin and insulin-related sales

OADsAnalogues

+7%

0

1

2

3

4

5

Q1 02 Q3 02 Q1 03 Q3 03 Q1 04

15

Number of people diagnosed with diabetes in the US

Epidemic growth - at an increasing diagnostic rate

Projected developmentNumber of people with diabetes

Million

s

Source: WHO and Harris MI et al. Diabetes Care. 1998;21:518-524.

0

50

100

150

200

250

300

US Japan Europe Rest ofWorld

20002030

0

2

4

6

8

10

12

14

1958 1966 1974 1982 1990 1998

16

Type 2 - slope

Diagnosed - but not adequately treated

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

17

Novo Nordisk - devoted to improving control

1920 1940 1960 1980 2000

Start insulin production

First long-acting insulin (zinc protamine)

NPH insulin formulated (Neutral Protamine Hagedorn)

Recombinant human insulinNovoRapid®

NovoMix® 30

Levemir®

First human premixed insulin

World’s first purified insulin

NovoPen®, first insulin delivery system

InDuo®/Innovo®

FlexPen®InnoLet®

18

Insulin market overview - volume

Note: Wal*Mart figures not included. Market size and share as MAT Q4 2003 and growth as MAT Q4 2003 versus MAT Q4 2002. The arrows next to the market shares illustrate the direction of change compared to MAT Q4 2002. Source: IMS/BW

Novo Nordiskmarket share

31% ▲

58% ▲

76% -

49% ▲World

Japan

Europe

USA

Market

40%

49%

5%

Market size

100% 11.2%

11.4%

9.9%

15.4%

7.4%

12.0%

9.1%

5.3%

Novo Nordisk

Growth rates

19

Q1 2000 Q4 2003

Source: IMS/BW

Note: Quarterly data, volume figures

Novo Nordisk’s short-acting market share development

Share of short-acting analogue segment

Share of total short-acting segment

Key observations:

• In Europe NovoRapid® has 19% of the total short-acting segment

• NovoLog® has 15% of the total short-acting segment in the US

• Analogue conversion:

• 45% in Europe

• 61% in the US

Analogues driving the market share in short-acting insulins

0 %

10 %

20 %

30 %

40 %

50 %

20

Q1 2000

Share of premix analogue segment

Q4 2003

Share of total premix segment

Source: IMS/BW

Note: Quarterly data, volume figures

Novo Nordisk’s premix market share development Key observations:

• In Europe NovoMix® 30 has 6% of the total premixed segment

• NovoLog® Mix has 5% of the total premixed segment in the US

• Analogue conversion:

• 16% in Europe

• 24% in the US

Analogues driving the premix insulin market share

0 %

10 %

20 %

30 %

40 %

50 %

60 %

21

Device penetration continues - adding to growth

Device penetration

Q1 2000 Q4 2003 Q1 2000

InnoLet® 8%

Share of disposable segment

Q4 2003

FlexPen® 19%

Source: IMS/BW

Note: Quarterly data, volume figures

Vials

Durable devices

Disposable devices

42%

35%

23%

Overall disposable market share 66%

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

58%

14%

28%

22

The insulin business case

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

Vials

Du

rab

les

Dis

posa

ble

s

Improving convenience, compliance and control

Animal insulin

Human insulin

Insulin analogues

23

Pipeline update - diabetes care

• Positive opinion received for Levemir® from CPMP in Europe

• Expected launch in key European markets during H2 2004

• Phase 3 safety study AERx® iDMS interim analysis

• No adverse effect on any measure of pulmonary safety

• Meal-related blood glucose regulation in type 1 patients was not satisfactory compared to NovoRapid®

• Further analysis of all clinical data before initiation of additional clinical studies

• Phase 3 trials on liraglutide still expected to begin H2 2004

• Construction of new factory aimed at producing liraglutide initiated

24

Superior treatment with Levemir® and NovoRapid® versus human insulin regimen

-0.8 ±2.4 kg

0.1 ±2.0 kg

-1

1 0

Better effect with fewer side

effects

0.9

2.1

1

3

28.6

11.1

5

15 10

Change in Hb1Ac

-0.5

-0.28 -0.5

0.5

0

p < 0.001p < 0.001 p < 0.001

p < 0.001

Hypoglycaemia allNocturnal hypoglycaemiaChange in body weight

Levemir®/NovoRapid®

Human insulin

Source: Diabetologia (2004) 47:622-629. Study design: 18-week study, 1:1 randomised, open-labelled, parallel trial, 595 patients with type 1 diabetes mellitus received insulin detemir or NPH insulin in the morning and at bedtime in combination with mealtime insulin aspart or regular human insulin respectively.

25

Levemir® launch in Europe - completing the analogue portfolio

Levemir® observations:• Positive CPMP opinion obtained in

the EU• Levemir® launched in Switzer-

land in Q1 2004• To be launched in key European

markets in H2 2004Q1 2000 Q4 2003

Long-acting

Premix

Short-acting

Segmentation - Europe

29%

40%

31%

31%

42%

27%

Source: IMS/BW

Note: Quarterly data, volume figures

26

Biopharmaceuticals

Key observations:

• Sales +21% in local currencies

• Solid performance of NovoSeven® and growth hormone therapy

• Share of growth:

•NovoSeven®: 51%

•Growth hormone: 20%

•Hormone replacement therapy: 23%

DKK billion

Growth hormone

Hormone replacement therapy and other

NovoSeven®

+13%

0

0.5

1

1.5

2

2.5

Q1 02 Q3 02 Q1 03 Q3 03 Q1 04

27

NovoSeven®

DKK Million

Key o

bserv

ati

on

s

•Solid

overa

ll sa

les

gro

wth

•+

20%

in loca

l cu

rrenci

es

•G

row

th d

riven b

y f

urt

her

penetr

ati

on into

the a

cquir

ed

haem

ophili

a s

egm

en

t as

well

a

perc

eiv

ed incr

ease

in

invest

igati

onal use

•Sale

s in

Euro

pe t

o s

om

e e

xte

nt

aff

ect

ed

by s

evere

ble

edin

g

ep

isodes

dem

and

ing a

hig

her

than

usu

al usa

ge o

f N

ovoSeven®

+11%

0

200

400

600

800

1,000

1,200

Q1 02 Q3 02 Q1 03 Q3 03 Q1 04

28

Pipeline update - biopharmaceuticals

• NovoSeven®:

• The phase 2 study in intracerebral haemorrhage to report mid-2004

• A phase 2 study on the use of NovoSeven® in connection with variceal bleeding in patients with advanced cirrhosis initiated

• Phase 3 on the use of NovoSeven® in trauma still expected to start towards the end of the year

• Stem cell transplantation study discontinued

• Additional NovoSeven® studies to be initiated later this year

• Active Site Inhibited Seven (ASIS) for treatment of Acute Respiratory Distress Syndrome discontinued. Other areas of use for ASIS are being evaluated

• Phase 2 study on the use of growth hormone in complicated fractures showed a significant acceleration of fracture healing and Novo Nordisk is currently evaluating further development within this area

29

Efforts in expansion of NovoSeven® are extensive

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

Orthopedic surgery

Acquired haemophilia

Variceal bleeding

s

30

NovoSeven® in trauma - less transfusions and fewer complications

rFVIIa reduces the need for transfusion in trauma

Note: Data on blunt trauma victims. MOF: Multiple Organ Failure, ARDS: Acute Respiratory Distress Syndrome Source: Data presented at World Congress on Trauma, Shock, Inflammation and Sepsis, March 2004.

Use of rFVIIa indicates fewer complications after 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 in

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

patients alive

0 5 10 15 20 25 30 35 40 45 50

Placebo (n=59)

P= 0.019

0

5

10

15

20

25

30

MOF ARDS 30-daymortality

Placebo rFVIIa

Perc

en

t of

pati

en

ts

n=7

n=3

n=12

n=3

n=22

n=17

31

Getting ready to start phase 3 in trauma

Conference Month/year

WCTSIS √ 03/2004

ISICEM √ 03/2004

WCA √ 04/2004

ASS 06/2004

AAST 09/2004

ACS 10/2004

Blood transfusion in traumaNumber of trauma victims receiving blood transfusions

Note: WCTSIS: World Congress on Trauma, Shock, Inflammation and Sepsis. ISICEM: International Symposium on Intensive Care and Emergency Medicine. WCA: World Congress of Anaesthesiologists. ASSAM: American Shock Society Annual Meeting. AAST: American Association for the Surgery of Trauma. ACS: The 90th Annual Clinical Congress of the American College of Surgeons

Presenting the data

0

50,000

100,000

150,000

200,000

250,000

300,000

ReceivingRBC

Receivingmore than 2 RBC bags

Receivingmore than 8 RBC bags

Nu

mb

er

of

vic

tim

s

32

Intracerebral haemorrhage - next to

report

Placebo n = 100

rFVIIa 40 µg/kgn = 100

rFVIIa 80 µg/kgn = 100

rFVIIa 160 µg/kgn = 100

EfficacyChange in ICH volume

SafetyIncidence of

thrombo-embolic events

Major endpoints at 24

hours

Note: Timing of CT scans: Screening CT Scan (Within 3 hours of symptom onset), 24 hrs post dose, 72 hrs post dose. Follow-up at 2, 3, 15, and 90 days

Intracerebral haemorrhage:

10-15% of all cases of strokes are intracerebral bleedings (ICH)

Estimated more than 100,000 cases per year in the Western world

No real treatment options

Study design

Baseline CT scan &

randomisation

33

Still increasing awareness of NovoSeven®

Source: Literature search in Medline, Embase and Biosis for articles and abstracts mentioning NovoSeven®, Niastase; Factor VIIa; FVIIa; recombinant Factor VIIa and rFVIIa

Articles and abstracts*Patients enrolled in clinical programmes

0

500

1,000

1,500

2,000

2,500

2000 2001 2002 20030

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1988 1993 1998 2003

34

Financial results

35

Financial results

DKK million Q1 2004 Q1 2003 % change

Sales 6,567 6,056 8

Operating profit 1,516 1,397 9

Net financials 87 234 (63)

Profit before tax 1,603 1,631 (2)

Net profit 1,074 1,073 0

EPS (DKK)* 3.16 3.11 2

* EPS on a fully-diluted basis.

36

5.0

6.0

7.0

8.0

9.0

Currency exposureEffect of 5%

depreciation on full-year operating profit*

(DKK million)USD -210JPY -130GBP -75USD rel. -50

* currency hedging income is recorded as financial income

avg = 6.59

avg = 6.30

2002 2003 2004

avg = 5.68

avg = 7.88

USD

JPY

YTD 2004 avg = 5.61

YTD 2004 avg = 6.01

37

New share repurchase programme initiated

In % 1999 2000 2001 2002 2003 Targets

Operating profit growth 20.3 36.5 16.6 6.5 6.8 15

Operating margin 21.5 23.1 23.6 23.7 24.1 25

Cash to earnings* 76.6 87.9 4.8 12.1 79.2 60

ROIC 15.3 22.0 23.1 20.1 19.1 25

Long-term financial targets

Returning cash to shareholders

*Long-term target defined as three-year average

Note! All numbers according to Danish GAAP

Average

17%

23%

52%

20%

0.0

1.0

2.0

3.0

4.0

1999 2000 2001 2002 2003

DK

K b

illion Dividends Share repurchase

38

Outlook for 2004

Note: Above outlook is based on the assumption that exchange and interest rates remain at the current level (27 April 2004)

• Sales growth expectations:

• Double digit in local currencies

• Close to 10% as reported

• Operating profit growth expectations:

• 15% underlying

• Around 5% as reported

• Net financial expenses expected at DKK 100 million

• Tax rate of 33%

• Investments at around DKK 3 billion

• Free cash flow around DKK 3 billion

Key currency ratesDKK

per 1002003

average

USD 659

JPY 5.68

GBP 1075

Current rate*

626

5.70

1121

* As of 27 April 2004

2004

ytd avg

601

5.61

1101

Note: Transition to IFRS financial reporting from 2004

39

Novo Nordisk snapshot

•C

onsi

sten

t, s

trong o

rganic

gro

wth

•Fo

cuse

d o

n f

ew

are

as

wit

h larg

e u

nm

et

needs

•Le

aders

hip

in d

iabete

s ca

re

•Est

ablis

hin

g p

latf

orm

in h

aem

ost

asi

s

•A

bili

ty t

o levera

ge o

n g

lobal opera

tions

•Str

ong p

rese

nce

in E

uro

pe a

nd Japan

•Str

ong g

row

th in t

he U

S a

nd In

tern

ati

onal O

pera

tions

•Pro

ven b

iote

ch a

nd d

rug d

eliv

ery

capabili

ties

•Lo

w e

xposu

re t

o p

ate

nt

expir

y –

goin

g o

n p

ate

nt

40

Investor information

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

Peter HaahrTel (direct): (+45) 4442 1207 E-mail: pehr@novonordisk.com

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

In North America:

Christian KanstrupTel (direct): (+1) 609 919 7937 E-mail: cka@novonordisk.com

Share information

Novo 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

41

Sales by region - first quarter 2004

Europe +6%

North America +13%

Japan & Oceania

+8%

International Operations

+8%

Sales of DKK 6.6 billion (+8% reported and +14% in local currencies)

Key o

bserv

ati

on

s

•Euro

pe

•+

7%

in loca

l cu

rrenci

es

•N

ort

h A

meri

ca

•+

30%

in loca

l cu

rrenci

es

•In

tern

ati

onal O

pera

tions

•+

14%

in loca

l cu

rrenci

es

•Ja

pan

& O

ceania

•+

11%

in loca

l cu

rrenci

es

42

International Operations

Sales by region - currency impact

Europe

North America

Japan & Oceania

Total

Growth in local currencies Growth in Danish kroner

8

8

8

13

6

14

11

14

30

7

0 5 10 15 20 25 30

43

European analogue conversion - NovoRapid®

Short-acting segment in Europe

Q1 2000 Q4 2003

Short-acting human insulin

Short-actinginsulin analogues

Q1 2000

NovoRapid® market share 19%

Share of short-acting segment

Q4 2003

45%

Humalog market share 25%

Source: IMS/BW

Note: Quarterly data, volume figures

22%

0 %

5 %

10 %

15 %

20 %

25 %

30 %

44

US analogue conversion - NovoLog®

Short-acting segment in the US

Q1 2000 Q4 2003

Short-acting human insulin

Short-actinginsulin analogues

61%

Q1 2000

NovoLog® market share 15%

Share of short-acting segment

Q4 2003

Humalog market share 46%

33%

Source: IMS/BW

Note: Quarterly data, volume figures

0 %

10 %

20 %

30 %

40 %

50 %

45

Device penetration continues - Adding to growth

Device penetration

Q1 2000 Q4 2003 Q1 2000

Durable devices

Share of segment

Q4 2003

Disposable devices

Source: IMS/BW

Note: Quarterly data, volume figures

Vials

Durable devices

Disposable devices

42%

35%

23%

50 %

55 %

60 %

65 %

70 %

75 %

80 %

46

Insulin segmentation - Europe and the US

Europe US

Q1 1998 Q4 2003Q1 1998 Q4 2003

Source: IMS/BW

Note: Quarterly data, volume figures

0%

10%

20%

30%

40%

50%

Long-acting

Premix

Short-acting

0%

10%

20%

30%

40%

50%

Long-actingPremixShort-acting

47

Novo Nordisk’s market share since Lantus launch

Total insulin(MU)

Month of Lantus launch

February 2004

US 26% 34%

Europe 57% 58%

Germany 44% 46%

UK 67% 64%

Europe(Novo Nordisk’s share of segment)

Mar 2002 Feb 2004

Source: IMS/BW

Note: Quarterly data, volume figures

40%

45%

50%

55%

60%

65%

70%

Long-acting

Premix

Short-acting

48

Novo Nordisk gaining market share

Source: IMS/BW, quarterly data

Novo Nordisk’s insulin market share

IMS world

Q1 2000 Q4 2003

Volume

Value

20%

30%

40%

50%

60%

49

US headquarters

US manufacturingClayton

Novo Nordisk in the US

US sales, marketing, etc Princeton

Number of employees 365 employees, filling and packaging of insulin

636

993 1,0141,143

1,457

2000 2001 2002 2003 2004

50

Contracted hormone

therapy sales force

A focused sales organisation

Diabetes care: Diabetes Care Specialists

Institutional Diabetes Care SpecialistsStrategic Account Executives

Field Trainers

Biopharmaceuticals: Sales Managers

Diabetes care sales force

0100200300400500600700800900

2000 2001 2002 2003 2004

Biopharmaceuticals sales force

0

5

10

15

20

25

30

35

40

2000 2001 2002 2003 2004

51

Diabetes care - expansion strategy paying off

Q1 2000 Q4 2003Overall market shareAnalogue market share

Premix market shareShort-acting market share

Long-acting market share

Novo Nordisk’s US insulin market shares

Q1 2000 Q4 2003

Source: IMS/BW

Note: Quarterly data, volume figures

0%

5%

10%

15%

20%

25%

30%

35%

20%

25%

30%

35%

40%

45%

52

US pen penetration

Q4 2001 Q4 2002 Q4 2003

Diabetes care - expansion strategy paying off

Novo Nordisk’s pen market shares

Source: IMS/BW

Note: Quarterly data, volume figures

0% 5% 10% 15% 20%

Premix

Short-acting

Long-acting

Total

0% 20% 40% 60%

Premix

Short-acting

Long-acting

Total

53

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 in people without diabetes and people with type 2 diabetes

54

NovoSeven® - a unique mechanism of action

NovoSeven® directly

activates factor X on the surface

of the locally activated platelets

55

HRT

DKK Million

Key o

bserv

ati

on

s

•+

31%

in loca

l cu

rrenci

es

•Posi

tive u

nderl

yin

g m

ark

et

share

develo

pm

ent

•Sale

s gro

wth

posi

tively

im

pact

ed

by t

he c

hange in d

istr

ibuti

on

setu

p in t

he U

S.

Adju

sted h

ere

fo

re s

ale

s decl

ined b

y 1

4%

in

loca

l cu

rrenci

es

•In

th

e r

egio

ns

outs

ide N

ort

h

Am

eri

ca s

ale

s decl

ined b

y 2

2%

in

line w

ith t

he o

vera

ll co

ntr

act

ion

of

the m

ark

et

+23%

0

100

200

300

400

500

Q1 02 Q3 02 Q1 03 Q3 03 Q1 04

56

Partnering for growth

Partner Product/Project Type Year estab

Medarex Human antibodies Research and licence 2000

BioVision Peptide targets Research and licence 2001

TransTech Pharma Diabetes targets Research and licence 2001

RE&D VUFB Chemistry & project collaboration Research and licence 2001

Atugen Antisense technology Research and licence 2001

ZymoGenetics IL20 and IL-21 Licence 2001

Incyte Genomics Human genome database Research and licence 2002

Tripos Inc Computerised compound modelling Research 2002

Neose Pharmaceuticals Proteins Research/technology 2002+2003

Morphotek High yield expression of proteins Research technology 2003

Transition Therapeutics Islet neogenesis therapy 2003

MannKind Biopharmaceuticals

Pulmonary formulation of therapeutic protein

2003

Innate immuno-modulatory antibodies targeting natural killer (NK) cells

Research and license 2003

Entelos Predictive biosimulation Research technology 2003

Genaissance Pharmaceuticals

HAPTM Technology Research technology 2003

57

Going on patent

Patent expirations*

Source: Nordea Securities and Novo Nordisk A/S.

Novo

Nord

isk

Novo Nordisk is going on patent

Note: * % of MAT Q1, 2003 sales with patents expiring in 2002-2006

36%34%

32%

29%26%

18% 17%15%

13%

3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

BM

S

Taked

a

Bayer

Merc

k

Pfi

zer

GS

K

Novartis

Eli L

illy

Aven

tis

0%

25%

50%

75%

100%

2003

2004

2005

2006

2007

2008

2009

2010

On patent Off patent