0. Novo Nordisk A focused healthcare company CIBC World Markets Frontenac Institutional Investor Conference September Director of Investor Relations Rasmus Jorgensen

1. 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 risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations. Factors that may affect future results include interest rate and currency exchange rate fluctuations, 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, 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 26 April Novo Nordisk is under no duty to update any of the forward-looking statements after the date of this report or to conform such statements to actual results, unless required by law.
Novo Nordisk has the copyright to the information contained in this presentation.
© 2002 Novo Nordisk A/S. 13

2. Core competencies of Novo Nordisk
Proteins
Diabetes
Insulin
Drug delivery

3. Note: No significant patent expirations on this side of 2010.
Novo Nordisk sales
HRT
hGH 6% 8%
Haemostasis management
Diabetes care
14%
70%
Note: No significant patent expirations on this side of 2010.

4. Novo Nordisk – future key drivers
Diabetes care
Primary growth drivers
Haemostasis management
Diabetes care
Secondary value drivers
Growth hormone therapy
Intellectual property
HRT

5. Diabetes is a growth market
Number of diabetics estimated to grow 4% p.a.
Diagnosis rate will increase Some 75 million people today have diabetes without knowing it
Medicine use per diagnosed patient will increase Treating more assertively reduces burden of late stage complications
Volume growth of at least 5% p.a. sustainable Current insulin market volume growth is 6-7%

6. Insulin – the ultimate diabetes therapy
Diet and exercise alone
Oral therapy
(66%)
Oral/insulin
(approx 7%)
Type 2 - slope
-Cell function
Insulin therapy (27%)
Type 1 - Immediate need for Insulin
Time from diagnosis

7. Insulin market overview (MATQ1 2002 Volumes)
% market size
Market growth
Novo Nordisk
market share
USA
3.6%
26%
43%
Europe
7.9%
58%
48%
Japan
7.0%
78% 4%
Rest of IMS world
7.8%
60% 6%
World
6.1%
46%
100%
Notes: Industrialised world only. Based on IMS data. Monthly data used for Canada. Wal*Mart figures not included. Growth in Europe effected by conversion of formulation.

8. Novo Nordisk leadership in insulin therapy
Innovation within insulin therapy will continue to drive the insulin market by providing more efficacious, reproducible and convenient treatment modalities
Novo Nordisk will expand its leadership by maintaining the world’s richest insulin portfolio including new insulin analogues, new insulin formulations and new insulin delivery systems

9. The insulin business case
Volume
Number of people with diabetes expected to double by 2025
Less than half of those affected are diagnosed
Ageing population and a move towards affluent lifestyle leading to increased prevalence
A drive towards intensified therapy and earlier diagnosis
Product upgrades
Conversion from human insulin to insulin analogues
Conversion from vials and syringes to delivery systems +
5% annual growth
5% annual growth

10. Strong portfolio of new injection devices

11. Analogues is replacing human insulin
Strong insulin analogue penetration continues
NovoRapid®/NovoLog® continues to increase share in the short-acting segment
NovoMix® 30 is being rolled out in Europe and will soon be launched in the US
Insulin analogues’ share of insulin market worldwide
20%
Notes: Volumes in industrialised world IMS

12. US analogue conversion - NovoLog®
Novo Nordisk total market share (vol) in the US
NovoLog® share
Key observations:
Market share increase backed by continued penetration of NovoLog®
NovoLog® launched September pump indication added in December 2001
Launch of NovoLog®Mix 70/30 to follow this year
30%
25%
20%
15%
Novo Nordisk share of the US short-acting market
10% 5% 0%
Q1 1999
Q2 1999
Q3 1999
Q4 1999
Q1 2000
Q2 2000
Q3 2000
Q4 2000
Q1 2001
Q2 2001
Q3 2001
Q4 2001
Q1 2002
Q2 2002

13. NovoLog® Mix 70/30 – simple control
OAD
NovoLog®
Mix 70/30
Convenience of therapy
NovoLog®
Mix 50/50
Human
Premix
NPH
1-2x
Basal- Bolus
Pumps
Blood glucose control

14. Diabetes pipeline Phase 1 Phase 2 Phase 3 NN414 (Beta cell rest)
NN (Insulin sensitiser)
NN (Insulin detemir)
NN (Basal analogue)
NN (GLP-1 analogue)
NovoMix® 50 (Premixed analogue)
NN1998 (AERx®iDMS)

15. Novo Nordisk – future key drivers
Primary growth drivers
Haemostasis management
Diabetes care
Secondary value drivers
Growth hormone therapy
Intellectual property
HRT

16. Advantages of NovoSeven®
FVIIa/NovoSeven®
Faster haemostasis leads to
Fewer transfusions/ transfusion- free surgery
Reduced rebleeding
Faster recovery
Reduced morbidity and mortality
Improved quality of life
Tissue factor
A bleeding episode

17. NovoSeven® expansion project
Haemophilia & congenital bleeding disorders
Surgery & Intensive care
Upper gastro- intestinal bleeding *)
Orthotopic liver transplantation *)
Liver resection *)
Reversal of anti-coagulation therapy
Stem cell transplantation
Intra-cerebral bleedings
Liver resection
Trauma
Haemophilia with inhibitors
Acquired haemophilia
FVII and FXI deficiency
Glanzmann
Bernard-Soulier
Other coagulation factor defects
*) = Patients with chronic liver disease

18. Financial results DKK million First half year Second quarter
% chg % chg
Net turnover 12, , ,553 6,001 9
Operating profit 2,856 2, ,606 1,382 16
Net financials (59)
Profit before tax 2,955 2, (1) 1,688 1,386 22
Net profit 1,925 1, ,
EPS (DKK)*
* Earnings per share on a diluted basis, ie million shares in H and million Q

19. Outlook for 2002 As of August 6th, 2002
Expected sales growth between 6-8%
Growth in operating profit of 5-10% is reaffirmed
Net financial income now expected to be approximately DKK 250 million
Tax rate still expected at the level of 35%
Investments still expected at DKK 4.5 billion
Share repurchasing programme of DKK 2 billion initiated
Above outlook is based on the assumption that exchange and interest rates remain at the current level (6 August 2002). 5

20. Novo Nordisk A focused healthcare company CIBC World Markets Frontenac Institutional Investor Conference September Director of Investor Relations Rasmus Jorgensen

21. 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 ADRs are listed on the New York Stock Exchange under the symbol "NVO". For further company information, visit Novo Nordisk on the Internet at

22. Sales by therapy first half year 2002
Key observations:
HRT
Insulin sales growth in International Operations (IO), Europe and North America. NovoNorm® growth in Europe and IO
North America and Europe both drive growth
Growth in Europe and the US, but Japan hit by depreciation of JPY, increased competition and low market growth
Negatively affected by parallel trade within Europe and by lower market growth
hGH
(1%)
(1%)
Haemostasis management
Diabetes care
+15%
+6%
Total turnover of DKK 12,035 mn: +6%

23. Sales by region first half year 2002
Key observations:
International Operations
Weak Q1, but both insulin and NovoSeven® growth returned in Q2
+20%
NovoSeven®, insulin and hGH continue to grow.
Japan & Oceania
Europe
Growth affected by depreciation of JPY, increasing competition, price decreases and weak market development
+4%
(4%)
North America
+10%
Weak Q1, but strong Q2 growth driven by insulin and oral anti-diabetes products
Total turnover of DKK 12,035 mn: +6%

24. Diabetes care Sales by quarter Key observations:
Insulin growth primarily realised in International Operations and North America, followed by Europe
Japan & Oceania was impacted negatively by the depreciation of JPY and decreased slightly
The roll-out of NovoRapid® and NovoMix® continues - analogue sales up by 171% in 1H 2002
NovoNorm®/Prandin® growth driven by Europe and International Operations
DKK million
5,000
+ 9%
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

25. Haemostasis management (NovoSeven®)
Key observations:
Growth in North America continues
Solid Q2 growth in Europe, partly due to large single orders in several European countries
Pan European Haematology Business Unit now established
Sales by quarter
DKK million
+ 20%
900
800
700
600
500
400
300
200
100 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9

26. Growth hormone therapy
Key observations:
Norditropin® SimpleXx® still growing in Europe and the US
Growth in Japan affected by depreciation of JPY, a mandatory price reduction as well as increased competition in general and a relatively slow market development
Sales and marketing team under restructuring in Japan 
Sales by quarter
DKK million
700
600
- 1%
500
400
300
200
100 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

27. Hormone replacement therapy
Key observations:
Lack of growth primarily due to increased parallel trade within Europe, but also lower market growth
Low-dose sequential product, Novofem™, will be launched in Europe during 2002
The termination of the Women’s Health Initiative study (WHI) increases market uncertainty, but will most likely favour low-dose products
Sales by quarter
DKK million
450
400
- 4%
350
300
250
200
150
100 50 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

28. Improved postprandial control vs lispromix 25
-10%
-17%
S-glucose excursion0-5h (mmol/l h)
This was an open labeled, randomized single dose trial of 61 type 2 diabetes. Novomix 20 and Mix25 were injected immediately before a test meal, and BHI30 was injected 15 min before a test meal. The primary target of analysis was serum glucose excursion 0-5 h after meal.
This trial demonstrates that NovoMix30 improves postprandial glycemic control compared with both Mix25 and BHI30 in subjects with type 2 diabetes
Hermansen K et al. Diabetes Care 2002;25:

29. Insulin detemir – simply better
Detemir compared with NPH :
Significantly less within-subject variability
Relative decrease in body weight
Significantly less nocturnal hypoglycaemic events
Produces a smoother nocturnal glucose profile
The duration of action of detemir is 20 hours at a therapeutically relevant dose of 0.4 U/kg.
Within-subject variability of
pharmacokinetics
AUC0-24h,
CV insulin conc.
(%)
Cmax
CV (%)
Insulin detemir 13 20
NPH insulin 26 37
Reduction
51%
45%
Duration of Action, Pharmacodynamic Profile and Between-Subject Variability of Insulin Detemir in Subjects with Type 1 Diabetes
THOMAS R. PIEBER, JOHANNES PLANK, EVELYN GOERZER, ROMANA SOMMER, ANDREA WUTTE, FRANK SINNER, MANFRED BODENLENZ, LARS ENDAHL, EBERHARD DRAEGER, MILAN ZDRAVKOVIC. Graz, Austria and Bagsvaerd, Denmark.
Insulin detemir represents a new class of soluble, basal insulin analogues with a protracted, predictable and flat pharmacodynamic profile. The objective of this double-blind, six-period crossover study was to investigate the pharmacodynamic profile and duration of action for five s.c. doses of insulin detemir, and one s.c. dose of NPH. A total of twelve subjects with type 1 diabetes (C-peptide ≤0.03 nmol/L) were randomized to one s.c. dose of NPH (0.3 IU/kg; 1 IU = 6 nmol) and five s.c. dose levels of insulin detemir (0.1, 0.2, 0.4, 0.8, 1.6 U/kg; 1 U = 24 nmol). The study was carried out as a 24 h isoglycemic clamp, where plasma glucose (PG) was kept at 7.2 mM (as described by Lepore et al. Diabetes 2000; 49: ). In the run-in period this was accomplished by insulin infusion. After trial drug administration insulin infusion was gradually reduced and withdrawn when PG < 6.9 mM. The clamp was stopped when PG > 11.1 mM or after 24 hours. Duration of action was defined as the time from 50% reduction of i.v. insulin infusion to PG > 8.3 mM or after 24 hours. Mean glucose infusion rate (GIR) profiles for 0.3 IU/kg NPH showed a peak around 6-8 hours, followed by a marked decline. Based on AUC(GIR), the insulin detemir dose comparable to 0.3 IU/kg NPH was found to be between 0.2 U/kg and 0.4 U/kg. However, at these doses the GIR profiles obtained with insulin detemir were both flatter and less variable in comparison to the NPH profiles. Assessment of endogenous glucose production (EGP) and peripheral glucose uptake (Rd) indicated that insulin detemir may have a more pronounced effect on EGP and a lesser effect on Rd compared to NPH. Duration of action for insulin detemir was dose dependent, and at the higher dose levels the clamp was terminated after 24 h despite a substantial GIR. At 0.4 U/kg of insulin detemir the average GIR was around 1 mg/kg/min, and at this therapeutically relevant dose, duration of action was 20 h. Finally, there was a lower between-subject variation for insulin detemir in duration of action, AUC(GIR) and max(GIR) compared to NPH. In conclusion, this study shows that insulin detemir provides a flat, and protracted pharmacodynamic profile, with a high degree of between-subject predictability.
p-value
<0.001
0.001
Significantly lower within-subject variability

30. Body weight control with insulin detemir
Change in Weight (Kg) over 12 months
p = 0.002
-1.7 Kg
1.5 1
NPH
0.5
Insulin detemir
Long-term Efficacy and Safety of Insulin Detemir in Subjects with Type 1 Diabetes. Favorable Weight Development and Risk Reduction of Nocturnal Hypoglycemia
EBERHARD STANDL, ANTHONY ROBERTS, HANNE LANG, Munich, Germany; Ashford, Australia; Bagsvaerd, Denmark
Insulin detemir is a soluble basal insulin analog with neutral pH and a unique mechanism of protraction providing a smooth and predictable action profile. This trial compared the safety and efficacy of insulin detemir and NPH insulin in adult subjects with type 1 diabetes. The trial was a multi-center, multinational, open-label, parallel-group, 6-month extension study of a 6-month randomized, comparative study of insulin detemir and NPH insulin. All subjects were on a basal (twice-daily)-bolus regimen with human soluble insulin as meal related insulin: 288 subjects were exposed to trial medication in the extension trial (154 on insulin detemir and 134 on NPH insulin; 184 males and 104 females; mean (SD) age: 41.6 (12.9) years). A total of 252 subjects (134 on insulin detemir, 118 on NPH insulin) completed the 12 month treatment period. Similar glycemic control as measured by HbA1c, 9-point blood glucose profiles and fasting plasma glucose was observed in the two treatment groups after 12 months of treatment. HbA1c values of 7.9% and 7.8% were found for insulin detemir and NPH insulin, respectively. Insulin detemir showed a trend towards lower risk of hypoglycemia during the night (relative risk (detemir/NPH) = 0.71, p=0.067). A weight loss of 0.3 kg was observed in the insulin detemir group, while a 1.4 kg weight gain was observed in the NPH insulin group, resulting in a significant and clinically relevant difference between groups after 12 months of treatment (1.7 kg, p=0.002). The proportion of subjects with serious adverse events during 12 months was lower in the insulin detemir group (9.1% versus 13.4%). In conclusion, insulin detemir and NPH insulin provided similar glycemic control and comparable safety profiles after 1 year of treatment. The favorable development in weight and the trend towards lower risk of nocturnal hypoglycemia in the insulin detemir group indicate promising potential of this new basal insulin analog.
-0.5
E. Standl et al. Abstract number 467 ADA 2002

31. Our inhaled insulin – Now in Phase 3
HbA1c(%) reduction
Key observations from Phase 2:
Deep lung deposition of aerosols
“Breath Check”, one unit increments, highly reproducible delivery
Rapid-acting profile, one unit increments and patient-friendly features
Glycemic control equal to that of intensive treatment with s.c. human insulin
Lower tendency of hypoglycemic events
No major safety or technical issues
-0.74%
-0.74% 9
8.5
HbA1c (%) 8
7.5 7
AERx®
s.c.
HbA1c mean profiles, ITT population,
mean
2 SEM
ADA 2002

32. NN2211 - The first once daily GLP-1 derivative
No or low hypoglycaemic risk
Glycaemic control sustained over 3 months
Maximum effect on blood glucose in 1 week
Weight control
One daily injection
ß-cell mass increase in animal models

33. Effect of 5% appreciation on operating profit* (DKK million)
Aug 5 Apr 30
DKK per USD (8.5%)
DKK per 100 JPY (1.4%)
Currency exposure
Effect of 5% appreciation on operating profit* (DKK million)
2001 avg = 8.32
1H avg = 8.29
JPY +140
USD +110
GBP +50
1H avg = 6.39
2001 avg = 6.85
* ie before hedging.

34. Sales by therapy in first half year 2002
DKK million % of total % chg (2002)
Insulin etc 7,611 7,
OAD*
Diabetes care, total 8,412 7,
Haemostasis management 1,726 1,
Growth hormone therapy , (1)
HRT (1)
Other
Total 12,034 11,
* Oral antidiabetes products (OAD) include NovoNorm®/Prandin® as well as GlucoFormin® (generic metformin) sales by Biobrás in 1H 2002. 9

35. Sales by region in first half year 2002
DKK million % of total % chg
(2002)
Europe 5,214 5,
North America 2,852 2,
Japan & Oceania 1,998 2, (4)
International Operations 1,970 1,
Total 12,034 11, 9

36. Insulin sales in Europe – ‘in-market’ sales
Growth compared to previous years
Q2 2001
Q3 2001
Q4 2001
Jan/ Feb 2002
Q1 2002
YTD May 2002
Total market growth:
Volume
Value 9%
13%
11% 8%
12% 5% 6%
10%
Novo Nordisk growth:
Source: Based on IMS ‘brand market data’. Preliminary information for YTD May 2002
Note: ‘In market data’ reflects sale of insulin products from the wholesalers to the pharmacists. 9

37. European analogue conversion - NovoRapid®
Share of short-acting segment
Short-acting segment in Europe
Humalog market share 26.5%*
Short-acting human insulin
Short-acting human insulin
NovoRapid® market share 12.3%*
37%
37%
Short-acting insulin analogues
June 2000
May 2002
Q2 1996
Q1 2002
* IMS ‘brand’ volume market share of short-acting insulin. Preliminary information for Apr/May 2002
* IMS ‘brand’ vol. market share of short-acting insulin. 9

38. Slide from Q1 / 02 conference call
Corrective measures
Slide from Q1 / 02 conference call
Enhanced focus on analogue conversion
NovoRapid® to be backed by NovoMix® 30
Consolidation of European management
Strategic changes implemented in Japan
Dedicated cross-functional Norditropin® SimpleXx® sales team
Several upcoming clinical trials
Cost-containment programme targeting areas not affecting key production, sales or R&D activities
Improved control measures 9

39. Slide from 22 July conference call
Status on NN622
Slide from 22 July conference call
Current clinical trials stopped and new planned studies postponed
Tumour mechanism studies initiated
Several possible outcomes of mechanism studies
Mechanism not of human relevance
Mechanism of human relevance
Mechanism unresolved
Renewed ragaglitazar assessment Q1 2003
The decision to suspend the clinical development of ragaglitazar will not impact Novo Nordisk’s expectations for the financial results for 2002

40. Selected volume market share development
Month of Lantus launch
February 2002
May
USA
26%
27%
Europe
57%
Germany
44%
42%
43%
Basal segment
51%
37%
36%
Short-acting
45%
Mix-segment
Source: Based on IMS data.