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

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Presentation on theme: "Minimum clear space Minimum clear space Last text line A focused healthcare company Investor presentation – Full year 2004."— Presentation transcript:

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

2 Minimum clear space Minimum clear space Last text line 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 Minimum clear space Minimum clear space Last text line 3 This presentation contains forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 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 Please also refer to the section Risk Management' in the Annual Report 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 Minimum clear space Minimum clear space Last text line 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 Minimum clear space Minimum clear space Last text line Expected % CAGR % CAGR Diabetes care CNS Infectious disease Cancer Respiratory GI Cardiovascular Arthritis Growth hormone 5Y CAGR 31% Million USD … 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 … ,

6 Minimum clear space Minimum clear space Last text line 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 Minimum clear space Minimum clear space Last text line 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 currenciesGrowthShare of growth Insulin analogues84%55% Human insulin and insulin-related sales 2%7% OAD21%8% Diabetes care15%70% NovoSeven®19% Growth hormone therapy11%6% Other products11%5% Biopharmaceuticals15%30% Sales as reportedGrowth analysis Key products continue to drive growth – full year 2004

8 Minimum clear space Minimum clear space Last text line 8 Key observations Growth in fourth quarter of 75% in local currencies Growth of 84% in local currencies for full year 2004 Strong NovoRapid® and NovoMix® 30 market share gains in all regions Analogue growth driven by North America and Europe European roll-out of Levemir® contributes to the solid growth Q Q Analogue sales development Million DKK +68% Insulin analogues - solid analogue growth continues

9 Minimum clear space Minimum clear space Last text line 9 Source: IMS/BW Note: Quarterly data, volume figures Q Q Q Q Analogue penetration Novo Nordisks analogue market share Analogues Human insulin 35% 7% A continued increase in analogue market share… 0% 5% 10% 15% 20% 25% 30%

10 Minimum clear space Minimum clear space Last text line 10 Source: IMS/BW Note: Quarterly data, volume figures Q Q Composition of NovoRapid® sales Q Q NovoRapid® share of short-acting analogues Disposable devices Durable devices Vials … driven by NovoRapid® and FlexPen® … 28% 44% 28% 0% 10% 20% 30% 40% 50%

11 Minimum clear space Minimum clear space Last text line 11 Source: IMS/BW Note: Quarterly data, volume figures Q Q Q Q NovoMix® share of premixed analogues Composition of NovoMix® sales Disposable devices Durable devices Vials … as well as NovoMix® and FlexPen® 68% 19% 13% 0% 10% 20% 30% 40% 50%

12 Minimum clear space Minimum clear space Last text line 12 Source: IMS/BW, monthly volume data Novo Nordisk share of long- acting analogues in Europe January 2004 November 2004 The European Levemir® roll-out is continuing Key observations Levemir® launched in 10 European countries Continued roll-out in 2005 Levemir® has by November 2004 obtained 9% of long-acting analogues in Europe Amendment filed with the FDA in December – approval expected mid-2005 Submission in Japan expected early % 2% 4% 6% 8% 10%

13 Minimum clear space Minimum clear space Last text line 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 2004 as Poster 754:PS % risk reduction p < Events per patient per year 55% risk reduction p < OverallNocturnal Hypoglycaemia NPH + OADInsulin detemir + OAD Less weight gain with Levemir® than NPH insulin 0 p < kg kg Change in weight from baseline to endpoint (kg)

14 Minimum clear space Minimum clear space Last text line 14 10% growth in Novo Nordisks insulin franchise looks set to continue IMS world insulin market shares, value Q Q MAT Q Volume and value size of the IMS world insulin market MAT Q bn DKK 34.4 bn DKK 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 Minimum clear space Minimum clear space Last text line 15 R&D pipeline update - diabetes care Insulin Amended New Drug Application related to Levemir® filed with the FDA just before Christmas 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 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 worlds first prefilled cartridge for use with Paradigm®, Medtronics external insulin pump

16 Minimum clear space Minimum clear space Last text line 16 Biopharma growth opportunities

17 Minimum clear space Minimum clear space Last text line 17 NovoSeven® sales development Q Q Million DKK +25% Key observations Growth in fourth quarter of 32% in local currencies Growth of 19% in local currencies for full year 2004 Growth driven by North America, Europe and International Operations Growth driven by investigational use, acquired haemophilia and elective surgery Growth in International Operations impacted by quarterly fluctuations NovoSeven® - growth continues

18 Minimum clear space Minimum clear space Last text line 18 Further development of NovoSeven® within congenital bleeding disorders Optimise the label in different regions as much as possible Glanzmanns and FVII deficiency approved in the EU in January 2004 Acquired haemophilia approved in Japan in November 2004 New studies initiated High dose Prophylactic study New convenient device-kit to be launched Continue the expansion outside the US and Europe Approved indications USEUJapan Congenital haemophilia with inhibitors - Spontaneous bleeds - Surgery Acquired haemophilia-++ FVII deficiency-+- Glanzmanns thrombasthenia-+-

19 Minimum clear space Minimum clear space Last text line 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 Trauma patients receiving RBC Trauma patients receiving more than 8 units of RBC Europe US Japan

20 Minimum clear space Minimum clear space Last text line 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) Percent of patients RBC units within 48 hours Percent of patients Placebo (n=59) P= NovoSeven® proof-of-concept

21 Minimum clear space Minimum clear space Last text line 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 ICH population Less pts that receive OAT Less CT scan > 3h Europe US Japan

22 Minimum clear space Minimum clear space Last text line 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 Q NovoSeven® proof-of-concept Modified Rankin scale at Day % 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 Minimum clear space Minimum clear space Last text line 23 Norditropin® sales development Q Q Million DKK +11% Growth hormone - progress continues in Europe and North America Key observations Growth in fourth quarter of 15% in local currencies Growth of 11% in local currencies for full year 2004 Growth driven by Europe and North America, roll-out of NordiFlex® continues Sales development in Japan stable supported by the launch of NordiFlex®

24 Minimum clear space Minimum clear space Last text line 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 Q ICH Regulatory dossier expected to be submitted to EMEA by mid-2005 A global phase 3 trial to be initiated in Q Congenital segment Acquired haemophilia approved in Japan. Filing in the US in H 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 Minimum clear space Minimum clear space Last text line 25 The regional mix

26 Minimum clear space Minimum clear space Last text line 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 GrowthShare of growth Europe6%18% North America32%51% International Operations 21%22% Japan & Oceania9% Growth analysis Sales as reported Sales by region - full year 2004

27 Minimum clear space Minimum clear space Last text line 27 Q Q North America sales development Key observations Growth in fourth quarter of 25% in local currencies, 15% as reported Growth of 32% in 2004 in local currencies Growth driven by insulin analogues and NovoSeven® Around 1/3 of total analogue sales derived from North America Around 1/2 of total NovoSeven® sales derived from North America North America - a key driver of Novo Nordisk growth Index local currency +25%

28 Minimum clear space Minimum clear space Last text line 28 Key observations Expanded sales force of 800 diabetes care specialists in place Corporate branding activities resulting in increased awareness Formulary coverage increased to 80% Launch of large-scale clinical trial – INITIATE Plus involving 6,000 patients Expansion of the insulin production facility in Clayton, North Carolina Haematology research unit to be established in New Jersey North America - a key driver of Novo Nordisk growth Novo Nordisks US insulin market share Q Q Source: IMS/BW Note: Quarterly data 0% 10% 20% 30% 40% Value Volume

29 Minimum clear space Minimum clear space Last text line 29 Q Q International Operations sales development Index local currency International Operations - a key driver of Novo Nordisk growth Key observations Growth in fourth quarter of 33% in local currencies, 26% as reported Growth of 21% in 2004 in local currencies Sales comprise 17% of total Novo Nordisk sales Growth is driven by human insulin and insulin-related sales; however, also insulin analogues and NovoSeven® are adding to growth Quarterly sales fluctuate due to tender orders and purchaser requirements +33%

30 Minimum clear space Minimum clear space Last text line 30 International Operations - China, a future driver of growth Q Q China sales development Key observations 16% of sales in International Operations, growing by 49% in 2004 in local currencies Some 90% of all insulin sold in devices Well-established relationships with authorities and healthcare organisations Rapidly expanding organisation, around 100 employees in 2000, now more than 600 Local R&D centre focusing on early- stage protein research Index local currency +54%

31 Minimum clear space Minimum clear space Last text line 31 Financials

32 Minimum clear space Minimum clear space Last text line 32 Financial results * EPS on a fully diluted basis. ** Dividend per share. Proposed dividend for 2004 Sales29,031 26, ,9447,11112 Operating profit 6,980 6,422 91,8551,7317 Net financials (50)285406(30) Profit before tax7,4577,376 12,1402,1370 Net profit5,0134,833 41,4621,3955 EPS (DKK)* Dividend (DKK)** DKK million Full year Fourth quarter % change % change Financial results

33 Minimum clear space Minimum clear space Last text line 33 Strong gross margin development impacted by currencies Gross margin analysis Key observations Product and geographical mix positively impacting gross margin Productivity gains contributing positively to the development Change in HRT set-up in the US contributes positively in 2003/04 Currencies negatively impacting the gross margin Gross margin impacted by impairments Continued conversion to analogues to underpin development in gross margin going forward * Impairment impact includes change of threshold for capitalising investments in ,0% -1,0% 0,0% 1,0% 2,0% Reported changeCurrency impact Impairment impact*Underlying change

34 Minimum clear space Minimum clear space Last text line 34 * 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 = Currency exposure Effect of 5% depreciation on full-year operating profit in 2005* (DKK million) USD JPY GBP USD rel YTD avg = 5.48 YTD avg = 5.67

35 Minimum clear space Minimum clear space Last text line 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 rates DKK per average USD599 JPY5.54 GBP1097 Current rate* * As of 26 January ytd avg 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 Minimum clear space Minimum clear space Last text line 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 drivers going forward Balancing growth and value Novo Nordisk going forward

37 Minimum clear space Minimum clear space Last text line 37 Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé, DK­2880 Bagsværd Fax (+45) Mogens Thorsager Jensen Tel (direct): (+45) Palle Holm Olesen Tel (direct): (+45) In North America Christian Kanstrup Tel (direct): (+1) Share information Novo Nordisks 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 Minimum clear space Minimum clear space Last text line 38 Appendices

39 Minimum clear space Minimum clear space Last text line People without diabetes Type 2 diabetes Insulin Secretion (pmol/min) Source: O'MEARA et al. Am. J. Medicine, 1990; 89. Insulin secretion

40 Minimum clear space Minimum clear space Last text line 40 Type 2 - slope Note: Study on type 2 patients. Number of patients according to HbA1c level % of subjects OAD treated Insulin treated >9% 8%–9% 7%–8% <7% HbA1c Only 1/3 are at goal Insulin is the ultimate treatment Source: HDS Omnibus Study, fall Cell function Diet and exercise alone Oral therapy Oral/insulin Time from diagnosis Type 1 - Immediate need for insulin Insulin Diagnosed - but not adequately treated

41 Minimum clear space Minimum clear space Last text line 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 -Cell function Time from diagnosis Diet and exercise OADs Insulin

42 Minimum clear space Minimum clear space Last text line 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 % 10% 20% 30% % 20% 40% 60% 80% 100% Intensive Conventional

43 Minimum clear space Minimum clear space Last text line 43 Novo Nordisk is the only company offering the full range of analogues Convenience Meeting physiological need for control Analogue s supported by strong device portfolio

44 Minimum clear space Minimum clear space Last text line 44 0, Insulin detemir (Levemir®) Insulin glargine (Lantus) # of events per year Intensified treatment Levemir® - 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 treatment NovoMix® 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® , glargine 0.55 Mean prandial blood glucose increment NovoMix® 30 Insulin glargine 40% 66% 0% 20% 40% 60% 80% mg/dl Novo Nordisk offers the optimal insulin …

45 Minimum clear space Minimum clear space Last text line 45 ClaimsNovoLog®/ NovoRapid® HumalogApidra Pump use Type 2 pump dataNo data Predictability vs HI *)No data Twice as fast as HINo data Defined duration of action 3-5 hrsNo data Defined time to peak action 1-3 hrsNo data Mixing with NPH PPG (vs HI)No data Post-prandial dosing( EU) Decrease in severe hypo vs HI 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), & Novo Nordisk *) HI = human insulin FlexPen®Lilly NPH penAventis' prefilled pen # in % … in all segments

46 Minimum clear space Minimum clear space Last text line 46 Solid insulin market growth - volume Note: Wal*Mart figures not included. Market size and share as MAT Q and growth as MAT Q versus MAT Q The arrows next to the market shares illustrate the direction of change compared to MAT Q Source: IMS/BW Novo Nordisk market share 33% 58% - 75% - 49% World Japan Europe USA Market 39% 51% 5% Market size 100% 7.2% 5.6% 10.4% 4.5% 7.7% 6.4% 1.7% Novo Nordisk Growth rates

47 Minimum clear space Minimum clear space Last text line 47 Source: IMS/BW Note: Quarterly data, volume figures Q Q Q Q Analogue penetration Short-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%

48 Minimum clear space Minimum clear space Last text line 48 Source: IMS/BW Note: Quarterly data, volume figures Q Q Q Q Analogue penetration Premixed segment Analogues Human insulin 20% 2% Share of premixed segment Humalog Mix 25 NovoMix ® European analogue conversion - NovoMix® 30 0% 5% 10% 15%

49 Minimum clear space Minimum clear space Last text line 49 Source: IMS/BW Note: Quarterly data, volume figures Q Q Q Q Analogue penetration Short-acting segment Analogues Human insulin 63% 33% Share of short-acting segment Humalog NovoLog ® US analogue conversion - NovoLog® 0% 10% 20% 30% 40% 50% 60% 70%

50 Minimum clear space Minimum clear space Last text line 50 Source: IMS/BW Note: Quarterly data, volume figures Q Q Q Q Analogue penetration Premixed 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 Minimum clear space Minimum clear space Last text line 51 Europe US Q Q Q Q Source: IMS/BW Note: Quarterly data, volume figures Insulin segmentation - Europe and the US 0% 10% 20% 30% 40% 50% 60% Long-acting Premix Short-acting 0% 10% 20% 30% 40% 50% 60% Long-acting Premix Short-acting

52 Minimum clear space Minimum clear space Last text line 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 Disposables Improving convenience, compliance and control Vials Durables Animal insulin Human insulin Insulin analogues The insulin business case

53 Minimum clear space Minimum clear space Last text line 53 NovoSeven® - a unique mechanism of action A bleeding episode ® FVIIa/NovoSeven® Tissue factor Faster haemostasis leads to Fewer transfusions / transfusion- free surgery Reduced rebleeding Faster recovery Reduced morbidity and mortality Improved quality of life

54 Minimum clear space Minimum clear space Last text line 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 Glanzmanns FVII deficiency Orthopaedic surgery Acquired haemophilia Variceal bleedings TBI Cardiac surgery NovoSeven® - expanding into general haemostasis

55 Minimum clear space Minimum clear space Last text line 55 Research and development Commer- cialisation Production 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 Minimum clear space Minimum clear space Last text line 56 Target identification and validation ResearchDevelopment Commer- cialisation Diabetes Haemostasis Inflammation Cancer Novo Nordisk or sourcing from biotech and academia Novo Nordisk Novo Nordisk and biotech partner Novo Nordisk Novo Nordisk and pharma partner Out- licensing/ divest Novo Nordisk and partner Structured business model

57 Minimum clear space Minimum clear space Last text line 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 Minimum clear space Minimum clear space Last text line 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 Minimum clear space Minimum clear space Last text line 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 Minimum clear space Minimum clear space Last text line 60 HRT sales development Q Q Million DKK -8% HRT – flattening out Key observations Sales declined by 4% in local currencies in the fourth quarter Growth of 17% in local currencies for full year 2004 Sales positively impacted by the change in distribution set-up in the US Adjusted for the change in distribution set-up, sales declined by 7%, primarily due to a continued depressed European market


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