1 Novo Nordisk A focused global healthcare company with biotech expertise Investor Presentation August 2001

2 Novo Nordisk today Consistent, strong organic growth Focused on few therapeutic areas with large unmet medical needs Leadership in diabetes and most extensive diabetes pipeline in the industry Becoming an established player in general haemostasis management Proven biotech and drug delivery capabilities Strong intellectual property portfolio Low exposure to patent expirations Track record of delivering on promises

3 HRT HRT Human growth hormone Intellectual property Diabetes care Coagulation disorders Primary growth drivers Secondary value drivers Novo Nordisk – Future Key Drivers

4 Turnover by Therapy first half year 2001 Growth driven by sales of insulin and continued growth in sales of NovoNorm® /Prandin® High growth in the US supported by increasing sales in Europe and Rest of World Solid growth in Europe, but Japan hit by stock adjustments end of 2000 and depreciation of JPY Growth in Europe supported by US launch by Pharmacia in Q2/Q Growth driven by sales of insulin and continued growth in sales of NovoNorm® /Prandin® High growth in the US supported by increasing sales in Europe and Rest of World Solid growth in Europe, but Japan hit by stock adjustments end of 2000 and depreciation of JPY Growth in Europe supported by US launch by Pharmacia in Q2/Q Diabetes care (+16%) Coagulationdisorders (+45%) (+6%) hGH HRT (+15%) Key observations: Total turnover of DKK 11,351 mn (+17%)

5 Key observations: Turnover by Region first half year 2001 Strong insulin market growth and continued penetration of NovoSeven®. Increasing insulin market share and strong penetration of NovoSeven® Depreciation of JPY and stock adjustments in Q NovoSeven® and diabetes care partly fuelled by NovoNorm® tender orders in Russia Europe (+18%) RoW (+16%) USA (+38%) Japan (-2%) Total turnover of DKK 11,351 mn (+17%)

6 HRT HRT Human growth hormone Intellectual property Diabetes care Coagulation disorders Primary growth drivers Secondary value drivers Novo Nordisk – Future Key Drivers Diabetes care

7 Novo Nordisk - Diabetes care Building on more than 75 years of experience within diabetes Dominant position in insulin markets of Europe and Japan – solid growth in the US More than 2,000 R&D employees dedicated to diabetes, representing approximately ¾ of R&D resources Most complete portfolio of new insulins Leadership in protein drug delivery – one new device per year Most comprehensive diabetes Type 2 pipeline in the industry

8 Diabetes – an unfolding epidemic Industrialised Developing Industrialised Developing countries countries countries countries Low rate of diagnosis Approx 65% Approx 10-20% "There is no such thing as mild diabetes, Type 2 is a killer.” (Professor Eberhard Standl, executive chairman of the Diabetes Research Institute in Munich) The prevalence of diabetes rose from 4.9% in 1990 to 6.5% in 1998 – an increase of 33% (US Center for Disease Control) In Europe and the US, 10-15% of total healthcare expenditure goes on type 2 diabetes; in the UK this amounts to £2bn a year (Diabetes News, WHO)

9 Towards more intensive/flexible treatment Short-acting market growth: 11.5% CAGR since 1996 Premixed market growth: 9.3% CAGR since 1996 Long-acting market growth: 0.4% CAGR since 1996 Note: All figures are based on MAT Q1 volumes, industrialised world only. Novo Nordisk market share Mega Units in 1,000 Insulin market volume 25% 39% 36% 19% 33% 47% +6% +8% +8% +3% +5% 39% 52% 41% Long-acting Premixed Short-acting

10 6.2% 4.0% 9.1% 11.8% 0.8% World RoW Japan Europe USA Insulin market overview (’01/ ’00 MAT Q1 Volumes) Novo Nordisk market share Market growth (‘01/’00) 43% 47% 4% 4% 6%6%6%6% % market size 100% Notes: Industrialised world only. Wal*Mart figures not included. Growth in Europe effected +1% point by conversion of formulation. 26% 57% 80% 60% 45%

11 Upgrading the insulin market Device penetration Insulin analogue penetration 100% 100% 0% (+50% premium) (+30% premium) Increasing turnover per patient USA Japan Europe

12 Key insulin market observations Volume No of people with diabetes expected to double by 2025 Increased diagnosis rate Intensified therapy Product upgrades Insulin analogues Insulin delivery systems Adding 5% to annual growth +

13 Insulin etc Key observations: Growth of 13% in H vs H In the US sales growth primarily driven by tenders and Wal*Mart NovoLog ® and InDuo TM on track for US launch this year Sales in Europe benefiting from high market growth InnoLet ® being rolled out 0 1,000 2,000 3,000 4,000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 DKK million %

14 Insulin remains the ultimate treatment Years from randomisation Adapted from UK Prospective Diabetes Study (UKPDS) Group. Diabetes. 1995; 44:  -Cell function ( % of healthy ) Diet and exercise Oral products (approx 66%) Oral/insulin (approx 7%) Insulin (approx 27%)

15 NovoNorm ® /Prandin ® Key observations: Growth of 50% in H vs H In Europe NovoNorm ® continued to penetrate nicely First half 2001 effected by tender orders in Russia and stock piling in the US First move into Oral Anti Diabetics (OAD) DKK million Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 +49%

MATQ1.1996=100 Growth opportunities in OAD Sales development in USD CAGR: 26% No of treated patients CAGR: 13% Growth in USD 5.8 bn OAD market Key observations Novo Nordisk Experience in the OAD market from NovoNorm ® /Prandin ® Novartis partner on NN622 for North America Broad pipeline of innovative approaches for Type 2 diabetes

17 Diabetes pipeline NN2211 (GLP-1 analogue) NN1215 (LABI) NN1215 (LABI) NN1998 (AERx) NN4201 (Hepatic glucose regulator) NN304 (Basal analogue) NN414 (Insulin secretion) NN622 (Dual-acting sensitiser) Phase 1 Phase 2 Phase 3 NN2344 (Insulin sensitiser)

18 Attractive late stage diabetes pipeline Note: Expected profiles

19 Novo Nordisk – Future Key Drivers Diabetes care Coagulation disorders Primary growth drivers Secondary value drivers HRT HRT Human growth hormone Intellectual property

20 Coagulation disorders (NovoSeven ® ) Key observations: Growth of 45% in H vs H Increased use for patients with acquired haemophilia and for surgical procedures Increased investigational use Impact from temporary shortage of FVIII products Estimated peak sales of USD 350 million within current indication DKK million Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 +31%

21 The key advantages of NovoSeven ® are: Injury site selective activation of platelets creates high local thrombin generation which secures a tight fibrin clot Efficacy independent of inhibitor titer Effective during & after surgery Low thrombogenicity Good safety profile Home treatment Attractive cost/benefit ratio Advantages of NovoSeven ® A bleeding episode ® FVIIa/NovoSeven ® Tissue factor

22 Beyond haemophilia treatment HaemostasisManagement NovoSeven ® in bleeding conditions Coagulation factor deficiencies Platelet defects General haemostasis Reduction of blood and plasma transfusions No product offers this safety and efficacy profile Increasing supportive data from investigational use NovoSeven ® is a science-driven product Haemophilia Treatment

23 Spontaneousbleeding Single SingleFactorMultipleFactorsSurgicalbleeding Lack of plateletsDefectiveplatelets Coagulation Factor Deficiency Platelet Disorder General Haemostasis Haemophilia with inhibitors Upper gastrointestinal bleedings *) Orthotopic liver transplantations *) Liver resection *) Intra-cerebral bleedings Traumatology Vitamin K- antagonists Stem cell transplantation Liver resection *) =Patients with chronic liver disease NovoSeven ® indication expansions

24 Clinical areaStatus on project Building Strong Scientific Evidence Orthotopic liver transplantation*Ongoing Ph 2/3 project Upper GI bleeds*Ph 2 study has been initiated Liver resection*Ph 2 study has been initiated Liver resectionExploratory Ph 2 study has been initiated Bone marrow transplantationsPh 2 study has been initiated Intra-cerebral bleedsExploratory Ph 2 study has been initiated Reversal of anti-coagulantia therapyPh 2 study expected to start later this year TraumatologyPh 2 study expected to start by year end 2001 * Patients with chronic liver disease.  

25 Novo Nordisk – Future Key Drivers Diabetes care Coagulation disorder Primary growth drivers Secondary value drivers Human growth hormone Intellectual property HRT HRT

26 Key observations: Growth of 6% in H vs H Japan negatively impacted by inventory adjustments in Q and the depreciation of JPY Market share gains from continued roll-out of Norditropin® SimpleXx® in Europe Human growth hormone sales Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 DKK million +8%

27 Novo Nordisk – Future Key Drivers Diabetes care Coagulation disorder Primary growth drivers Secondary value drivers Intellectual property HRT HRT Human growth hormone

28 Key observations: Growth of 15% in H vs H Activelle TM and Vagifem® main contributors to growth in Europe Growth in the US positively affected by Phamacia launching Activella TM and Vagifem® in Q2/Q Hormone Replacement Therapy Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 DKK million +13%

29 Novo Nordisk – Future Key Drivers Diabetes care Coagulation disorder Primary growth drivers Secondary value drivers HRT HRT Human growth hormone Intellectual property

30 Source: Nordea Securities % of 2000 sales with patents expiring in No major patent expirations 0% 10% 20% 30% 40% 50% 60% AstraZ. S-Plough Merck Eli Lilly Pfizer Aventis BMS GSK Roche Novartis Pharmacia J&J AHP Abbott Amgen Novo Nordisk No significant patent expirations on this side of 2010 *) Products in pipeline protected until after 2015 *) Except NovoSeven ® in Japan, which expires in 2007

31 Financials

32 Financial results first half year 2001 Net turnover11,3519, Operating profit as reported 2,7402, Operating profit adjusted *) 2,4451, Financial items241 6 N/A Profit before tax2,9812, Net profit1,908 1, Earnings per share (DKK) Earnings per ADS (USD)** ) * ) Excluding non-recurring items such as Seroxat® licence income and one-off settlements of patent disputes ** ) Translated for convenience at the end of June 2001 at the exchange rate of USD 100 = DKK DKK million % change

33 Updated outlook for 2001 Growth in operating profit of 15% is expected Net financial income is expected to be approx DKK 300 million Tax rate expected at 36% Investments expected to be approx DKK 3.5 billion Above outlook is based on the assumption that exchange and interest rates remain at the current level (7 August 2001) Cancellation of 22.5 million treasury B shares (6% of share capital) effective August 2001

34 Long-term Financial Targets Financial targets EBIT growth of 15% per annum EBIT margin of 25% ROIC of 25% (post-tax) per annum Cash to earnings of 60% Balancing growth and value Observations from 2000 EBIT growth of 37% EBIT margin of 23.1% ROIC (post-tax) of 22.3% Cash earnings ratio of 87.9%

35 Estimated market potential for current NovoSeven® indication of USD 350 million Entering 6 new clinical areas with 8 new studies in 2001 Strategy for making NovoSeven® the first general haemostatic agent Patent protection in Europe and the US until 2011, in Japan until 2007 Primary growth drivers Secondary value drivers Novo Nordisk – Key Drivers World leader with steady growth for more than 75 years 2/3 of business (insulin) growing >10% pa Growth platform in the US The most comprehensive insulin and insulin device portfolio – one new device per year Sensitisers (NN622 and NN2344) GLP-1 analogue (NN2211) Diabetes care Coagulation disorders HRT HRT Human growth hormone Intellectual property

36 Forward-looking statements This presentation contains forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 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 27 April 2001.

37 Investor Information Investor Relations contacts: Novo Nordisk A/S Investor Relations Novo Allé DK­2880 Bagsværd Denmark Fax (+45) Peter Haahr Phone (+45) Palle Holm Olesen Phone (+45) Rasmus Jorgensen Phone (+1) Share information Novo Nordisk’s B shares are listed on the stock exchanges in Copenhagen and London. Its ADSs are listed on the New York Stock Exchange under the symbol "NVO". For further company information, visit Novo Nordisk on the Internet at

38 Appendix

39 Increasing focus on Shareholder Value Steady increase in payout ratio from 20% in 1997 to 30% in 2000 Annual option programme based on performance initiated 1998, covers 350 key employees, 350,000 options have been granted 2 share buy-back programmes since 1995, both of DKK 3 billion Demerger of Novozymes in 2000 In connection with the demerger top-19 management have all invested equal to one year’s gross salary in Novo Nordisk shares, and have received four options for each share purchased 1 to 5 split of shares April 2001 and 1 to 2 split January % reduction in share capital effectuated August 2001 Share buy-back programme part of the strategy

40 Turnover by therapy first half year 2001 DKK million % of total % change (H1 2001) Insulin etc7,1696, NovoNorm®/Prandin® Diabetes care, total7,9386, Coagulation disorders*1,4991, Human growth hormone1, HRT Other Total11,3519, * NovoSeven ®

41 Turnover by region first half year 2001 DKK million % of total % change (H1 2001) Europe 5,5484, USA 2,3881, Japan1,8831, Rest of world1,5321, Total 11,3519,

42 Profit & Loss DKK million Net turnover 13,64716,42320,811 Y/Y growth +8.4%+20.3%+26.7% Gross profit 9,89612,19615,767 EBIT2,9333,5274,816 EBIT-margin21.5%21.5%23.1% Net finance Pre-tax profit 3,1763,3494,840 Tax rate 36.5%40.3%36.2% Net profit 2,0162,0013,087

43 DKK million Fixed assets 12,53410,57612,065 Stocks3,2533,5833,972 Debtors4,8955,4814,711 Cash and current inv. 1,4763,4423,845 Total assets 22,15823,08224,593 Shareholder’s funds 15,28715,18515,738 Provisions1,1211,2581,493 Long-term debt 9971, Short-term debt 4,7535,6326,412 Total liabilities 22,15823,08224,593 Balance Sheet

44 Margin Development Note: EBIT margin as reported DKK million R&D costs S&D costs Adm. costs DKK million Production costs Development in gross- and EBIT-margin % 27.9% 12.1% 16.3% 9.0% 30.1%

45 Therapy:Diet/Exercise Oral productsOral/InsulinInsulin Therapy:Diet/Exercise Oral productsOral/InsulinInsulin Approx 66% Approx 7% Approx 27% Approx 66% Approx 7% Approx 27% From diet and exercise to insulin Type 1: (4 million patients*) Type 2: (147 million patients*) * Estimated year 2000 incl. undiagnosed. An estimated million using medication An estimated million using medication

Normal Type 2 diabetes Insulin Secretion (pmol/min) Kilde: O'MEARA et al. Am. J. Medicine, 1990; 89. Insulin Secretion in Normal People and People with Type 2 Diabetes

47 NovoNorm TM /Prandin ® NN304 NN1998 NN2344 Glucose-induced insulin secretion Tissue response to insulin Hepaticglucoseproduction Glucoseuptake Impaired beta cell function Basal hyper- insulinemia Postreceptordefect Glucosetransport Insulinbinding NN414 NN4201 Genetic Acquired Obesity Age Genetic Acquired Obesity Age Insulin deficiency Insulin resistance NovoRapid Type 2 Diabetes – the Metabolic Syndrome Insulin deficiency Insulin resistance Hyperglycemia NN2211 NN2211 NN622 NN622 Genetic Acquired Glucotoxicity Lipotoxicity Genetic Acquired Glucotoxicity Lipotoxicity

48 The key advantages of NovoSeven ® are: Injury site selective activation of platelets creates high local thrombin generation which secures a tight fibrin clot Efficacy independent of inhibitor titer Effective during & after surgery Low thrombogenicity Good safety profile Home treatment Attractive cost/benefit ratio Advantages of NovoSeven ® A bleeding episode ® FVIIa/NovoSeven ® Tissue factor The key advantages of NovoSeven ® are: Injury site selective activation of platelets creates high local thrombin generation which secures a tight fibrin clot Efficacy independent of inhibitor titer Effective during & after surgery Low thrombogenicity Good safety profile Home treatment Attractive cost/benefit ratio TF-Bearing Cell Activated Platelet Platelet Va Va TF Xa X II Thrombin VVa II X Xa VIIIa IX X Xa II IXa IXa Thrombin Thrombin TF

49 Studies aimed at expanding the indication Orthotopic liver transplantions*) Reduce bleeding, leading to fewer transfusions and thereby reducing post-operative complications Liver resections*) Fast induction of haemostasis and hopefully allow for transfusion-free surgery Upper gastrointestinal bleedings*) Faster haemostasis and reduce re-bleeding episodes Liver resections in patients with no coagulation disorders Fast induction of haemostasis and hopefully allow for transfusion-free surgery Intra-cerebral bleedings Fast haemostasis, reduced mortality and morbidity, thus increased quality of life Reversal of anticoagulation therapy (vitamin K-antagonists) Faster haemostasis and reduced number of transfusions, leading to faster recovery Stem cell/bone marrow transplantations Faster haemostasis, reduced mortality and number of transfusions. Fewer patients with platelet antibodies Traumatology Faster haemostasis, reduced mortality and number of transfusions. Fewer multi-organ failures and thereby less surgery and faster recovery Expected benefits of NovoSeven® New clinical area targeted *) Patients with chronic liver disease

50 NovoSeven - Cost-Utility Study TreatmentUsual% OutcomecarerFVIIareduction Retreatments (N)60.592% Bleeds (N)281835% Major bleeds (N)151219% Painful episodes (N)121112% Duration of painful episodes (h) % Delay from onset to treatment (h)37684% Days off school372533% Days w/ wheelchair/sling/crutches963563% Lost carer time (h) % Intensity of pain (pain scale 1-5)4324% ER visits (N)4167% Inpatient stays (N) % Ekert H, et al. Haemophilia. 2001;7:

51 Triple Bottom Line EnvironmentallysoundSociallyResponsible Economicallyviable