0 novo nordisk a/s global niche pharma with biotech expertise fall 2000

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Novo Nordisk A/SGlobal Niche Pharma with Biotech Expertise

Fall 2000

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Demerger process update

Health CareHealth Care EnzymesEnzymes

Detailed historic Detailed historic financial datafinancial data

Demerger Document, Demerger Document,

October 2000October 2000

Demerger Document Demerger Document and Prospectus,and Prospectus,

October 2000October 2000

Road showsRoad shows Aug./Sept. 2000Aug./Sept. 2000 November 2000November 2000

Extraordinary Extraordinary Gen. MeetingGen. Meeting

November 13, 2000November 13, 2000

Pure Play Pure Play ListingListing

Nov./Dec. 2000Nov./Dec. 2000

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Chief Chief ScienceScienceOfficerOfficer

MadsMadsKrogsgaardKrogsgaard

ThomsenThomsen

Novo Nordisk A/SExecutive Committee (post-demerger)

Chief of Chief of Staffs and Staffs and

QualityQuality

KåreKåreSchultzSchultz

Chief Chief FinancialFinancialOfficerOfficer

JesperJesperBrandgaardBrandgaard

Chief Chief OperatingOperating

OfficerOfficer

Lars Lars AlmblomAlmblom

JørgensenJørgensen

President & CEOPresident & CEOLars RebienLars Rebien

SørensenSørensen

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CSOCSO S&QS&QCFOCFOCOOCOO

CEOCEO

Novo Nordisk A/SExecutive Committee (post-demerger)

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A global niche pharma company

Leadership position in diabetes care

Strong market presence in haematology and growth disorders

World class pipeline in key therapeutic areas

Proven, genuine biotech expertise in R&D and access to ZymoGenetics

Drug delivery technology platform

Outstanding presence in Europe and Japan

US growth platform

Strong sales growth, significant cash flow generation, robust balance sheet.

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Diabetes Carebusiness

Growth Disorders ZymoGenetics HRT

Novo Nordisk – Key drivers

Primary Primary growth growth driversdrivers

Secondary Secondary value value

driversdrivers

NovoSeven® business

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Our ambition

• Continue to be the world’s leading diabetes care company

• Offer products and services in other areas where we can make a difference

• Grow our product pipeline through internal and external sourcing

• Build upon our biotechnology expertise and link with ZymoGenetics to harness the full potential of the genomics revolution

• Continue to improve financial performance.

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USEuropeJapanROW

Worldwide presence

Regional sales distributionRegional sales distribution

19971997 HY 2000HY 2000

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HeaHeallth Care half year 2000th Care half year 2000Turnover by therapyTurnover by therapy

% ofDKK million 2000 1999 total % chg.

Insulin and devices etc. 6,321 5,217 65% 21%NovoNorm®/Prandin™ 513 323 5% 59%

Diabetes Care, Total 6,834 5,540 70% 23%

NovoSeven® 1,034 561 11% 84%Growth Disorders 952 795 10% 20%

HRT 603 556 6% 8%

Other 246 222 3% 11%

Health Care, Total 9,669 7,674 100% 26%

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Diabetes Care

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HRT 603 556 6% 8%

Other 246 222 3% 11%



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Insulin market overview

22%

7.7%

9.1%

10.1%

12.3%

2.5%

World

RoW

J apan

Europe

USA

Novo NordiskMarket share (‘00)

Market growth (‘00/’99)

59%

80%

63%

Source: IMS MAT Q1 2000 volumes. Industrialised world only.

45%

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0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK milion

1995 1996 1997 1998 1999

Insulin sales growth outlookInsulin sales growth outlook

10% growth per year10% growth per yearExcluding pulmonaryExcluding pulmonary

What will

drive growth?

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0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

Insulin sales growth drivers 1:Increased number of diabetics

Increase in the number of diabetics from 150 million to 220 million – 10 years from now – yearly growth of 3.9%.

Source: Amos A.., McCarty DJ, Zimmet P: Diabet. Med. 1997; 14

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2000

4000

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10000

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1995 1996 1997 1998 1999

Insulin sales growth drivers 2:Increased rate of diagnosis

Only about one third of diabetics are diagnosed

Increased rate of diagnosis leads to higher insulin sales.

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150

0

25

50

75

100

125

150

175

# of diagnosed # of diabetics

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2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

DKK million

1995 1996 1997 1998 1999

Number of diabetics using medication: 25-30 million

More patients should move to the use of insulin.

Oral products Oral/insulin Insulin

66% 7% 27%

Insulin sales growth drivers 3:More patients should use insulin

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10000

12000

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16000

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20000

DKK million

1995 1996 1997 1998 1999

The major land mark study, UKPDS*),prescribed:

Early intervention

Intensified therapy

Use products in combination

More patients on insulin.

*) UKPDS = UK Prospective Diabetes Study

Insulin sales growth drivers 4:More intensive therapy

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2000

4000

6000

8000

10000

12000

14000

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20000

DKK million

1995 1996 1997 1998 1999

Pen penetration for insulin administration

5.7%

46.2%

71.4%

79.1%

89.2%

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

Scandinavia Japan Europe RoW USA

Po

ten

tial

Source: IMS MAT Q1 2000 volumes, Industrial world only.

Insulin sales growth drivers 5:Increased product sophistication

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1995 1996 1997 1998 1999

The industry’s most comprehensive insulin device portfolio

One new device to be introduced per year.

Conventionalsyringes

Insulin pens

Electronic insulin dosers


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2000

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1995 1996 1997 1998 1999

The industry’s most comprehensive portfolio of insulin analogues

Rapid acting insulin analogue launched in EU, approved in US

Basal insulin analogue in phase 3

Premixed insulin analogue approved in EU.


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The competitive scene

Insulin analogues

NVO LLY AVE

Rapid-acting Marketed Marketed Ph1/Ph2

Basal Ph3 Marketed

Premix, protracted Approved Marketed

Pulmonary insulin

NVO LLY AVE

Human short-acting Ph2 Ph2 Ph3

Insulin sophisticationInsulin sophistication

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1995 1996 1997 1998 1999

400 new sales reps. hired / rented during 2000

Total number of reps. by end 2004 = up to 1,000

US insulin market size = USD 1 billion

Novo Nordisk market share = 22% (vol.)

Pen penetration = 5.7% (vol.)

50% price premium on pen products

US market share 21.2% in ’98, 21.5% in ’99 and 22.0% MAT Q1 2000.

Insulin sales growth drivers 6:More aggressive US strategy

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HRT 603 556 6% 8%

Other 246 222 3% 11%


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0

100

200

300

400

500

600

700

800

900

1000

DKK million

1998 1999

NovoNormNovoNorm/Prandin/Prandin as gateway as gateway to oral diabetes marketto oral diabetes market

Oral diabetes market worldwide = $3 billion and growing ~ 20% yearly

Type 2 programmes:

NN2344: 1st generation sensitiser

NN622: Dual acting sensitiser working on glucose and lipids

NN4201: Reducing glucose output from the liver

NN2211: GLP-1 analogue.

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Diabetes Care growth drivers

• Increased number of diabetics

• Higher diagnosis rate

• More patients should use insulin

• More intensive therapy

• Increased device penetration

• Conversion to analogues

• More aggressive US strategy

• New Type 2 products in pipeline.

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Diabetes Care R&D

Muscle/Fat

- Insulin sensitisers

- Insulin- Insulin mimetics- PPAR - GLUT4- TNF - PTPase.

Gut- GLP-1.

ß-cell

- PGR - PCO- GLP-1.

Brain

- GLP-1.Liver

- Hepatic enzyme inh.- PPAR- Glukokinase - Glucagon antagonists

- Insulin- Insulin mimetics.

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Development pipeline

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

NN622(Dual acting insulin sensitiser)

NN2211(GLP-1)

NN1215 (LABI)

NN1998(AERx)

NN4201(Hepatic glucose regulator)

NN703(Growth hormone secretagogue)

NN304 (Basal analogue)

NovoRapid®®

(Rapid analogue)

NovoMix®®

(Premix analogue)

NN007 (up to 4 new within a year)

NN007(Liver)

NN2344(Insulin sensitiser)

NN5492(Infertility)

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NovoSeven®®

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NovoSeven®® strategy

• Develop NovoSeven®® to become the first general haemostatic agent

• Develop a range of new clinical indications, new products and new formulations

• Expansion of production and sales force capacity

• Price per mg to be kept unchanged

• Clinical Phase 2 trials on up to four new indications will be initiated within the next year.

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HRT 603 556 6% 8%

Other 246 222 3% 11%


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NovoSevenNovoSeven®® sales growth outlook sales growth outlook

0

500

1000

1500

2000

2500

3000

3500

4000

1995 1996 1997 1998 1999

DKK million

What will drive growth?

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0

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1995 1996 1997 1998 1999

DKK million

NovoSevenNovoSeven®® sales growth drivers 1: sales growth drivers 1:

Existing haemophilia indicationExisting haemophilia indication

1999 sales = DKK 1.3 billion ~ USD 165 million

Peak sales potential = USD 300 million

Launch in Japan 11 May 2000NovoSeven®

Market segmentation for bleedings

Coagulation Factor Deficiency

Haemophilia with inhibitors

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1995 1996 1997 1998 1999

DKK million


Liver indication in Phase 3Liver indication in Phase 3

Peak sales potential = USD 150-250 million

# of patients = 1.7 million liver patients with coagulopathy

# of spontaneous upper GI bleeds = 170,000

# of orthotopic liver transplantations = 8,000

# of other invasive procedures = 600,000

NovoSeven® Market segmentation for bleedings



Liver disease

Expansion into liver segment

Liver transplantation programme ongoing

Further studies for liver patients to be initiated:

Upper GI bleeds Liver resection

Liver transplantation programme ongoing

Further studies for liver patients to be initiated:

Upper GI bleeds Liver resection

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0

500

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1995 1996 1997 1998 1999

DKK million

A range of potential indications have been identified and analysed

Our strategy for expansion into the Platelet disorder and general general haemostasis area is now in place

NovoSeven® Market segmentation for bleedings


Platelet Disorder General Haemostasis


Liver disease


New expansion strategyNew expansion strategy

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Development pipeline

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

NN622(Dual acting insulin sensitiser)

NN2211(GLP-1)

NN1215 (LABI)

NN1998(AERx)

NN4201(Hepatic glucose regulator) NN703

(Growth hormone secretagogue)

NN304 (Basal analogue)

NovoRapid®®

(Rapid analogue)

NovoMix®®

(Premix analogue)

NN007 (up to 4 new within a year)

NN007(Liver)

NN2344(Insulin sensitiser)

NN5492(Infertility)

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Coagulation FactorCoagulation FactorDeficiencyDeficiency

Platelet DisorderPlatelet Disorder General General HaemostasisHaemostasis

Single Single FactorFactor

MultipleMultipleFactorsFactors

SurgicalSurgicalbleedingbleeding

SpontaneousSpontaneousbleedingbleeding

Lack ofLack ofPlateletsPlatelets

DefectiveDefectivePlateletsPlatelets

NovoSeven



Liver Disease Liver disease

Vitamin K-antagonists

Vitamin K-antagonistsReversal of oral anti-coagulant therapy

Estimated no. of potential targeted severe bleeding episodes per year: 600,000

Vitamin K-antagonistsReversal of oral anti-coagulant therapy


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NovoSeven



Liver Disease Liver disease


Bone marrow transplantation





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NovoSeven



Liver Disease Liver disease Intra-cerebral bleeds


Bone marrow transplantation Intra-cerebral bleeds

20-30% of strokes are intra-cerebral bleeds


Intra-cerebral bleeds20-30% of strokes are intra-cerebral bleeds


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NovoSeven





Bone marrow transplantation Traumatology/

traffic accidentsTraumatology / traffic accidents

Estimated no. of potential targeted severe bleeding episodes per year: 100,000- 400,000

Traumatology / traffic accidents

Estimated no. of potential targeted severe bleeding episodes per year: 100,000- 400,000

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NovoSeven




Traumatology/traffic accidents



Hip replacements

Haemorrhagic dilution coagulopathy

Oozing after cardiac valve replacement

Colon Cancer surgery

Gunshot wounds

Upper gastro- intestinal

Glanzmann

Bernard-Souliers

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0

5

10

15

20

'90 '91 '92 '93 '94 '95 '96 '97 '98 '990%

10%

20%

30%

40%

Turnover

Operating margin *)

Profitable organic growth

Billion DKK Margin

*) 1999 excluding restructuring costs of DKK 350 million

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Financial resultsHealth Care

Net turnover 16,423 13,647 12,585 +20%

Operating profit 3,527 2,933 2,440 +20%% of sales 21.5% 21.5% 19.4%

Operating profit adjusted *) 3,877 2,933 2,440 +32% % of sales 23.6% 21.5% 19.4%

EBITDA adjusted *) 4,820 3,919 3,315 +23% % of sales 29.3% 28.7% 26.3%

*) 1999 excluding restructuring costs of DKK 350 million

% chg.DKK million 1999 1998 1997 1998-99

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Financial results first half yearHealth Care

DKK million 2000 1999 % chg.

Net turnover 9,669 7,674 +26%

Operating profit 2,271 1,671 +36%% of sales 23.5% 21.8%

EBITDA 2,784 2,137 +30% % of sales 28.8% 27.8%

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Balance sheetHealth Care

Capital expenditures 1,362 1,767 1,950 % of sales 8.3% 12.9% 15.5%

Fixed assets 10,284 9,870 9,244 % of sales 62.6% 72.3% 73.4%

Stocks and trade debtors 6,496 6,044 5,982 % of sales 39.6% 44.3% 47.5%

DKK million 1999 1998 1997

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ZymoGenetics

• Approximately 275 people, hereof 200 scientists

• Using bio-informatics to discover novel gene sequences

• First to file on approx. 15% of US patents filed on “plausible protein therapeutics” from Dec. 1993 to Aug. 1998.

• Pipeline includes preclinical projects in the areas of immunology and oncology

• No current projects expected to the reach market before 2007-2010

• Active dialog with accredited biotech investors is taking place.

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Environmentallysound

Socially responsible

Economically viable

Triple Bottom Line

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Human Resources

• Performance culture– Transparent recognition and incentive scheme

– Performance linked stock option programme for >300 managers

– Development plans and bonus linked appraisal systems for most employees

– Preferred employer

• Customer focus– All employees to meet a person with diabetes this year

• Globalisation– Growth in number of employees mainly outside Denmark.

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Global Niche Pharma company

with Biotech Expertise

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NovoSeven® business

Peak sales potential for current indication = USD 300 million

Peak sales potential for liver indication (Phase 3) = USD 150 - 250 million

Strategy for entry into the Platelet Disorder & general General Haemostasis areas

Phase 2 studies on up to four new indications to be initiated

Patent protection until 2007-11.

Primary Primary growth growth driversdrivers

World leader

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

Steady growth for 76 years

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

Expansion strategy in the US

Sensitiser and liver programmes

NN2211 (GLP-1 analogue).

Diabetes business

Secondary Secondary value value

driversdrivers Growth Disorders ZymoGenetics HRT

Novo Nordisk – Key driversNovo Nordisk – Key drivers

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0%

20%

40%

60%

No major patent expirations

% of 1999 sales with patents expiring in 2000-2004

Source: Aros Securities Research and Novo Nordisk

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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 risk and uncertainties that may cause actual results to differ materially from expectations, including unexpected developments in the international currency exchange and securities markets, government-mandated or market-driven price decreases for Novo Nordisk's products in the company's major markets and the introduction of competing products within Novo Nordisk's core businesses.

These and other risks and uncertainties, are further described in reports filed with the US Securities and Exchange Commission (SEC) by Novo Nordisk and readily available to the public, including the company's Form 20-F, which was filed on 2 May 2000.

In addition to the risk factors described in the company's Form 20-F, the economic situation in Asia, Russia and Latin America could have an adverse impact on unit sales and/or prices, including currency exchange rates, in 2000. The total group sales in Asia (excluding Japan), Russia and Latin America were approximately DKK 2 billion in 1999 corresponding to 10% of total group sales.

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Global Niche Pharma company

with Biotech Expertise

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Appendix

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Key e-business activities

• New diabetes professional portal connecting:– NOVOALERT

– International Diabetes Monitor

– Web-based retinopathy service and much more....

• HaemophiliaForum

• Product specific sites for all key products

• B2C sales of devices, e-procurement, B2B sales/order, web-based clinical trials

• Reinventing corporate and affiliate sites

• Dedicated e-business unit to drive it.

Expanding our leadership position to the web

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Information Interaction Transaction

Intranet +++ ++ +

Extranet ++ + +

Internet +++ ++

Networking in Novo Nordisk

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Long acting / Basal Insulin

NPH/NPL HOE901 NN304

Number of injections 1 or 2 1 1 or 2

Soluble no yes yes

Mixable yes no yes

Neutral Ph yes no yes

Effect on HbA1c 1 1 1

Intra patient variability 1 >1 <1

Injection site reactions low higher low

Nocturnal Hypoglycaemia 1 1x NPH less less

2x NPH same

Overall rate of Hypoglycaemia 1 1 <1

IGF binding 1 6 <1

Mitogenicity 1 7.5 <1

(* Expected profile, but not proved yet

(*

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FVII deficiency

Haemophilia A

Haemophilia B

Liver Disease

Vit. K-antagonists

Hip replacements

Haemorrhagic dilution coagulopathy

Oozing after cardiac valve replacement

Colon Cancer surgery

Astrocytoma surgery

Meningeomas surgery

Spinal Orthopaedic surgery

Arteriovenous malformations

Radical prostatectomy

Liver disease


Acute Myeloid leukaemia

Haemorrhagic Cystitis

Blast crisis in leucemia

Myelodysplastic Syndrome - HT

Invasive procedures in blood cancer

Intra-cerebral bleeds

Upper gastro intestinal

Traumatology/traffic accidents

Gunshot wounds









NovoSeven


Glanzmann

Bernard-Souliers

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The key impact of NovoSeven is through injury site selective Platelet activation to ensure high local

thrombin formation which secures a tight fibrin clot

In patients with haemophilia and inhibitors, NovoSeven establish coagulation through bypassing FVIII

(NovoSeven®)rFVIIa

Activation of Platelets without NovoSeven®

Tissue factor- only at site of injury

FXa

Platelet activation

Thrombin activation and burst

Local activation of Platelets & clot formation with NovoSeven®

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Sources of innovation Novo Nordisk Diabetes Care R&D

R&DProjects

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

Basic research• Hagedorn Research Institute• Oxford and Steno Diabetes Centres• Academic collaborations• Consortiums

Drug targets & screening• Molecular biology since ‘80• HT screening: Amersham since ‘92• Chemoinformatics since ’95• Dundee MRC consortium since ‘98• Ultra HT screening since ‘00

Clinical research• Steno Diabetes Centre• Oxford Diabetes Centre• Clinical research centres worldwide

Evidence-based medicine• NN disease mgt programmes• Outcomes data from > 100,000 individuals with diabetes

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0

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10

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20

25

30

35

40

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HGSZGI

GenentechGI

ScheringSKB

MillenniumImmunex

IncyteAmgen

First First Patent Patent Filing Dates on Plausible Filing Dates on Plausible Therapeutic Proteins: 12/93 to 8/98Therapeutic Proteins: 12/93 to 8/98

ZYMOGENETICS

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ZymoGenetics-FibroGen Collaboration

• Research collaboration signed in July 2000

• Focused on advancing the safety and efficacy of tissue sealant products for wound management

• ZGI to pair its recombinant human thrombin with FibroGen’s recombinant human Type III collagen

• FibroGen is a private biotech company and leader in recombinant human collagen and gelatin biology.

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ZymoGenetics – Soluble TACI

• Research reported in April 27, 2000 issue of Nature

• Novel immunosuppressive agent with therapeutic potential for systemic lupus erythematosus (SLE) and other autoimmune disorders

• Modified form of a receptor found on surface of B cells, and member of the TNF receptor family

• SLE affects over 200K people in the US. No new drug launched for SLE in nearly 40 years

• Other potential indications include, inter alia, Myasthenia Gravis and Rheumatoid Arthritis.

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Vision for Novo Nordisk

• The world’s leading diabetes care company– Our aspiration is to defeat diabetes by finding better methods of diabetes

prevention, detection and treatment– We will work actively to promote collaboration between all parties in the health

care system in order to achieve our common goals

• Offer products and services in other areas where we can make a difference

– Our research will lead to the discovery of new, innovative products also outside diabetes. We will develop and market such products ourselves whenever we can do it as well as or better than others

• Competitive business results– Our focus is our strength– We will stay independent and form alliances whenever they serve our

business purpose and the cause we stand for

64

Our marketing strategy Working together with patient

organisations and health authorities

Examples:• The Diabetes Foundation in Spain

• Accredited education courses for GPs in Scandinavia and the UK

• Web Cafe and Type 2 education programme in France

• Children education project in Poland

• www.diabetes.dk

65

Children Education ProjectPoland

Centrally developed education package

&

30 participants at the train-the-trainer

workshop

Managing 9000 children with diabetes

17 Workshops for239 paediatricians

and nurses

66

Triple Bottom Line

• To obtain trust and license to operate and innovate

• To attract and retain the most talented people

• To minimise risks and create possibilities

• To understand signs from stakeholders

• To be part of defining new legislation and requirements

• To meet rising demand from investors(e.g. Dow Jones/ Sustainable Group Index)

Why combine business, environment, and stakeholders?Why combine business, environment, and stakeholders?

67

Health Care Half Year 2000Turnover by geography

DKK million HY/00 HY/99 % of total %

change (HY/00)

EU 3,865 3,392 40 14

Japan 1,926 1,513 20 27

USA 1,681 1,081 17 56

Rest of World 2,197 1,688 23 30

Total 9,669 7,674 100 26

68

Group financial results Half Year 2000

Net turnover 12,016 9,856 22

Operating profit as reported 2,589 1,926 34Operating profit adjusted*) 2,259 1,592 42

Financial items (25) (150) -Profit before tax 2,564 1,776 44Net profit 1,615 1,146 41

Earnings per share (DKK) 23.04 15.98 44 Earnings per ADS**) (USD) 1.48 1.03 44

*) Excluding Seroxat® license income and one-off income in HY/00.

**) Translated for convenience at the end of HY/00 exchange rate of USD 1 = DKK 7.7895.

DKK million HY/00 HY/99 % change

69

Enzymes Business Half Year 2000 Financial results

Net turnover 2,367 2,182 8

Operating profit 318 255 25

Operating margin 13.4% 11.7%

DKK million HY/00 HY/99 % Change

0 novo nordisk a/s global niche pharma with biotech expertise fall 2000

Documents

diabetes care slide

market growth

insulin sales growth

growth disorders952795

yearly growth

insulin sales growth

health care half year

higher insulin sales