Investor presentation – Full year 2004

Investor presentation – Full year 2004
A focused healthcare company Investor presentation – Full year 2004

Agenda Introduction Diabetes care Biopharmaceuticals Regions
Insulin – focus on analogues Pipeline Biopharmaceuticals NovoSeven® Growth hormone Regions North America IO - focus on China Financial results Outlook for 2005 2

Forward-looking statements
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. 13

Highlights from 2004 Market development: Research and 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

… and NovoSeven® is on its way to becoming a blockbuster
A focused healthcare company within attractive therapy areas Existing and new focus areas continue to offer attractive growth rates … … and NovoSeven® is on its way to becoming a blockbuster 250 500 750 1,000 1999 2000 2001 2002 2003 2004 20 15 Cancer 5Y CAGR 31% CNS GI Million USD Diabetes care % CAGR 10 Cardiovascular Arthritis Growth hormone Respiratory 5 Infectious disease 5 10 15 20 Expected % CAGR Source: SG Cowen, IMS/BW and Novo Nordisk 9

Key focus areas for 2005 Diabetes care Biopharmaceuticals
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 9

Key products continue to drive growth – full year 2004
Sales as reported Growth analysis Other +7% Local currencies Growth Share of growth Insulin analogues 84% 55% Human insulin and insulin-related sales 2% 7% OAD 21% 8% Diabetes care 15% 70% NovoSeven® 19% Growth hormone therapy 11% 6% Other products 5% Biopharmaceuticals 30% Growth hormone therapy % NovoSeven® +13% Diabetes care % Sales of DKK 29.0 billion (+11% reported and +15% in local currencies) 9

Analogue sales development
Insulin analogues solid analogue growth continues Analogue sales development 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 200 400 600 800 1.000 1.200 1.400 +68% Million DKK Q1 2002 Q4 2004 9

Novo Nordisk’s analogue market share
A continued increase in analogue market share… Novo Nordisk’s analogue market share Analogue penetration 0% 5% 10% 15% 20% 25% 30% Analogues 35% 7% Human insulin As can be observed from the left-hand side of this slide the conversion within this segment from human insulin towards insulin analogues is continuing in Europe, and currently approximately 42% of the insulin volumes have been converted to analogues. An interesting observation from the latest quarterly market data is also that within the segment of short-acting insulin our product NovoRapid® held a market share of 14.8% in the fourth quarter of 2002. Q1 2000 Q3 2004 Q1 2000 Q3 2004 Note: Quarterly data, volume figures Source: IMS/BW 9

… driven by NovoRapid® and FlexPen® …
NovoRapid® share of short-acting analogues Composition of NovoRapid® sales 0% 10% 20% 30% 40% 50% 28% Disposable devices Durable devices Vials 44% 28% Q1 2000 Q3 2004 Q Q Note: Quarterly data, volume figures Source: IMS/BW 9

NovoMix® share of premixed analogues Composition of NovoMix® sales
… as well as NovoMix® and FlexPen® NovoMix® share of premixed analogues Composition of NovoMix® sales 0% 10% 20% 30% 40% 50% Disposable devices Durable devices Vials 68% 19% 13% Q1 2000 Q3 2004 Q Q Note: Quarterly data, volume figures Source: IMS/BW 9

Novo Nordisk share of long-acting analogues in Europe
The European Levemir® roll-out is continuing Novo Nordisk share of long-acting analogues in Europe Key observations 0% 2% 4% 6% 8% 10% 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 2006 January 2004 November 2004 Source: IMS/BW, monthly volume data 9

Levemir® - Treat to target with less hypos and less weight gain – also in type 2 patients
Less hypoglycaemic events with Levemir® than NPH insulin Less weight gain with Levemir® than NPH insulin p < 0.05 18 47% risk reduction p < 0.001 3.5 16 + 2.8 kg 3 14 2.5 12 Change in weight from baseline to endpoint (kg) 2 Events per patient per year 10 8 1.5 + 1.2 kg 6 55% risk reduction p < 0.001 1 4 0.5 2 Overall Nocturnal Hypoglycaemia Presented at EASD 2004 as Poster 754:PS 64. NPH + OAD Insulin detemir + OAD 9

10% growth in Novo Nordisk’s insulin franchise looks set to continue
Volume and value size of the IMS world insulin market IMS world insulin market shares, value 22.4 bn DKK 34.4 bn DKK 157 tMU 200 tMU CAGR Volume: 6.1% Value: 11.3%* MAT Q3 2000 MAT Q3 2004 Q1 2002 Q3 2004 * Value growth in DKK, subject to currency fluctuations Note: Quarterly data Source: IMS/BW

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 world’s first prefilled cartridge for use with Paradigm®, Medtronic’s external insulin pump

Biopharma growth opportunities

NovoSeven® sales development
NovoSeven® growth continues NovoSeven® sales development 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 200 400 600 800 1.000 1.200 +25% Million DKK Q1 2002 Q4 2004 9

Optimise the label in different regions as much as possible
Further development of NovoSeven® within congenital bleeding disorders Optimise the label in different regions as much as possible Glanzmann’s 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 US EU Japan Congenital haemophilia with inhibitors Spontaneous bleeds Surgery + - Acquired haemophilia FVII deficiency Glanzmann’s thrombasthenia 9

Trauma – population characteristics
Trauma population (x 1000) Key observations 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 100 200 300 400 Trauma patients receiving RBC receiving more than 8 units of RBC Europe US Japan

NovoSeven® in trauma NovoSeven® reduces the need for transfusion in blunt trauma NovoSeven® proof-of-concept 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 100 100 90 90 80 80 70 70 60 60 P= 0.019 Percent of patients Percent of patients 50 50 rFVIIa (n=52) 40 40 Placebo (n=59) 30 30 20 20 10 10 5 5 10 10 15 15 20 20 25 25 30 30 35 35 40 40 45 45 50 50 RBC units within 48 hours

Intracerebral haemorrhage (ICH) – population characteristics
ICH population (x 1000) Key observations 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 100 200 300 ICH population Less pts that receive OAT Less CT scan > 3h Europe US Japan

Modified Rankin scale at Day 90 NovoSeven® proof-of-concept
NovoSeven® in ICH Modified Rankin scale at Day 90 NovoSeven® proof-of-concept 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 Q1 2005 160 μg/kg 80 μg/kg 40 μg/kg Placebo 100% 80% 60% 40% 20% 0% mRS 0-1 (none) mRS 2-3 (moderate) mRS 4-5 (severe) mRS 6 (dead)

Norditropin® sales development
Growth hormone progress continues in Europe and North America Norditropin® sales development 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® 200 400 600 800 +11% Million DKK Q1 2002 Q4 2004 9

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 Q2 2005 ICH Regulatory dossier expected to be submitted to EMEA by mid-2005 A global phase 3 trial to be initiated in Q2 2005 Congenital segment Acquired haemophilia approved in Japan. Filing in the US in H1 2005 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

The regional mix

Sales by region - full year 2004
Sales as reported Growth analysis Japan & Oceania % Europe % Local currencies Growth Share of growth Europe 6% 18% North America 32% 51% International Operations 21% 22% Japan & Oceania 9% International Operations % North America +20% Sales of DKK 29.0 billion (+11% reported and +15% in local currencies) 9

North America sales development
North America - a key driver of Novo Nordisk growth 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 50 100 150 200 250 +25% Index local currency Q1 2002 Q4 2004 9

Novo Nordisk’s US insulin market share
North America - a key driver of Novo Nordisk growth Novo Nordisk’s US insulin market share 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 0% 10% 20% 30% 40% Value Volume Q1 2000 Q3 2004 Note: Quarterly data Source: IMS/BW 9

International Operations sales development
International Operations - a key driver of Novo Nordisk growth International Operations sales development 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 50 100 150 200 250 +33% Index local currency Q1 2002 Q4 2004 9

China sales development
International Operations - China, a future driver of growth 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 50 100 150 200 250 300 350 400 450 +54% Index local currency Q1 2002 Q4 2004

Financials

Financial results Financial results
DKK million Full year Fourth quarter % change % change Sales 29, , ,944 7,111 12 Operating profit 6,980 6, ,855 1,731 7 Net financials (50) (30) Profit before tax 7,457 7, ,140 2,137 0 Net profit 5,013 4, ,462 1,395 5 EPS (DKK)* Dividend (DKK)** * EPS on a fully diluted basis. ** Dividend per share. Proposed dividend for 2004

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 -2,0% -1,0% 0,0% 1,0% 2,0% 2002 2003 2004 Reported change Currency impact Impairment impact* Underlying change * Impairment impact includes change of threshold for capitalising investments in 2003

Currency exposure USD JPY 2002 2003 2004 2005
avg = 7.88 Effect of 5% depreciation on full-year operating profit in 2005* (DKK million) USD USD JPY GBP USD rel avg = 6.59 -280 -130 -80 -70 JPY avg = 5.99 * currency hedging income is recorded as financial income YTD avg = 5.67 avg = 6.30 As you have seen, currencies do impact our result. We do, however, hedge our main currencies so that we short term are able compensate somewhat for the negative impact on operating profit. At the end of the first half, Novo Nordisk had hedged future expected cash flows related to the US dollar and the Japanese yen 18 months ahead, whereas the British pound was hedged 9 months ahead. These hedging periods are more or less unchanged compared to our first quarter announcement. YTD avg = 5.48 avg = 5.68 avg = 5.54 2002 2003 2004 2005

Outlook for 2005 Key currency rates 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 100 2004 average USD 599 JPY 5.54 GBP 1097 Current rate* 572 5.53 1074 * As of 26 January 2005 2005 ytd avg 567 5.48 1063 Note: Above outlook is based on the assumption that exchange and interest rates remain at the current level (26 January 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 5

Key growth drivers going forward
Novo Nordisk going forward Key growth drivers going forward 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 Balancing growth and value

Investor Information Share information Novo Nordisk’s B shares are listed on the stock exchanges in Copenhagen and London. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO’. For further company information, visit Novo Nordisk on the internet at: novonordisk.com 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)

Appendices

Insulin secretion 800 People without diabetes 700 Type 2 diabetes 600
500 Insulin Secretion (pmol/min) 400 300 200 100 0600 1000 1400 1800 2200 0200 0600 Source: O'MEARA et al. Am. J. Medicine, 1990; 89.

Insulin is the ultimate treatment
Diagnosed but not adequately treated Insulin is the ultimate treatment Only 1/3 are at goal Diet and exercise alone 100 27 32 Oral therapy 80 Type 2 - slope -Cell function 15 Oral/insulin 60 19 % of subjects 20 40 22 Type 1 - Immediate need for insulin Insulin 20 38 27 Time from diagnosis OAD treated Insulin treated HbA1c >9% 8%–9% 7%–8% <7% Note: Study on type 2 patients. Number of patients according to HbA1c level Source: HDS Omnibus Study, fall 2003

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 -Cell function Insulin OADs Diet and exercise Time from diagnosis

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 0% 10% 20% 30% 2000 2002 2004 0% 20% 40% 60% 80% 100% 2000 2002 2004 Intensive Conventional Source: Roper Starch 2004

Analogues supported by strong device portfolio
Novo Nordisk is the only company offering the full range of analogues Analogues supported by strong device portfolio Convenience Novo Nordisk ønsker som ledende diabetes selskab, at kunne imødegå alle disse behov via mage forskellige produkter. Som det ser her er – eller vi inden for en rum tid – være I stand til at møde disse behov med vores analog portefølje. Supperteret at vores stærke leveringssystemer Meeting physiological need for control

Novo Nordisk offers the optimal insulin …
Convenience-based treatment NovoMix® 30 - The ideal starter insulin Intensified treatment Levemir® - The ideal basal insulin 0,5 10 2 27 Insulin detemir (Levemir®) Insulin glargine (Lantus) # of events per year Percentage of patients with HbA1c < 7% Mean prandial blood glucose increment 40% 66% 0% 20% 60% 80% 97 129 20 40 60 80 100 120 140 mg/dl Hypoglycaemia (too low blood sugar) Hyperglycaemia (too high blood sugar) NovoMix® 30 Insulin glargine 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 Source: Diabetes, Vol 53, June 2004

… in all segments With small differences in label, the delivery system is very important % of patients feeling device will result in better compliance Claims NovoLog®/ NovoRapid® Humalog Apidra Pump use √ Type 2 pump data No data Predictability vs HI *) Twice as fast as HI Defined duration of action 3-5 hrs Defined time to peak action 1-3 hrs Mixing with NPH PPG (vs HI) Post-prandial dosing (√ EU) Decrease in severe hypo vs HI 74 11 FlexPen® Lilly NPH pen Aventis' prefilled pen # in % *) HI = human insulin Source: Diabetes, Vol 52, September 2003, Biochemical and Biophysical Research Communications 310 (2003), & Novo Nordisk

Solid insulin market growth - volume
Market size Growth rates Novo Nordisk market share Market Novo Nordisk USA 1.7% 33% ▲ 39% 10.4% Europe 6.4% 58% - 51% 5.6% Japan 7.7% 75% - 5% 7.2% World 4.5% 49% ▲ 100% 7.2% 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

Analogue penetration Short-acting segment
European analogue conversion NovoRapid® Analogue penetration Short-acting segment Share of short-acting segment 0% 5% 10% 15% 20% 25% 30% Humalog Human insulin NovoRapid® 45% Analogues As can be observed from the left-hand side of this slide the conversion within this segment from human insulin towards insulin analogues is continuing in Europe, and currently approximately 42% of the insulin volumes have been converted to analogues. An interesting observation from the latest quarterly market data is also that within the segment of short-acting insulin our product NovoRapid® held a market share of 14.8% in the fourth quarter of 2002. 21% Q1 2000 Q3 2004 Q1 2000 Q3 2004 Note: Quarterly data, volume figures Source: IMS/BW 9

Analogue penetration Premixed segment
European analogue conversion NovoMix® 30 Analogue penetration Premixed segment Share of premixed segment 0% 5% 10% 15% Human insulin Humalog Mix 25 20% NovoMix® As can be observed from the left-hand side of this slide the conversion within this segment from human insulin towards insulin analogues is continuing in Europe, and currently approximately 42% of the insulin volumes have been converted to analogues. An interesting observation from the latest quarterly market data is also that within the segment of short-acting insulin our product NovoRapid® held a market share of 14.8% in the fourth quarter of 2002. 2% Analogues Q1 2000 Q3 2004 Q1 2000 Q3 2004 Note: Quarterly data, volume figures Source: IMS/BW 9

Analogue penetration Short-acting segment
US analogue conversion NovoLog® Analogue penetration Short-acting segment Share of short-acting segment 0% 10% 20% 30% 40% 50% 60% 70% Humalog Human insulin 63% 33% Analogues As can be observed from the left-hand side of this slide the conversion within this segment from human insulin towards insulin analogues is continuing in Europe, and currently approximately 42% of the insulin volumes have been converted to analogues. An interesting observation from the latest quarterly market data is also that within the segment of short-acting insulin our product NovoRapid® held a market share of 14.8% in the fourth quarter of 2002. NovoLog® Q1 2000 Q2 2004 Q1 2000 Q3 2004 Note: Quarterly data, volume figures Source: IMS/BW 9

Analogue penetration Premixed segment
US analogue conversion NovoLog® Mix 70/30 Analogue penetration Premixed segment Share of premixed segment 0% 5% 10% 15% 20% 25% 30% Humalog Mix 25 Human insulin 25% As can be observed from the left-hand side of this slide the conversion within this segment from human insulin towards insulin analogues is continuing in Europe, and currently approximately 42% of the insulin volumes have been converted to analogues. An interesting observation from the latest quarterly market data is also that within the segment of short-acting insulin our product NovoRapid® held a market share of 14.8% in the fourth quarter of 2002. NovoLog® Mix 70/30 0% Analogues Q1 2000 Q3 2004 Q1 2000 Q3 2004 Note: Quarterly data, volume figures Source: IMS/BW 9

Note: Quarterly data, volume figures
Insulin segmentation - Europe and the US Europe 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 Q1 2000 Q3 2004 Q1 2000 Q3 2004 Note: Quarterly data, volume figures Source: IMS/BW

Improving convenience, compliance and control
The insulin business case Improving convenience, compliance and control Volume growth drivers: Epidemic growth Increased life expectancy Increasing awareness leading to increasing diagnosis rate Earlier switches from tablets to insulin Insulin is the ultimate treatment Vials Durables Disposables Insulin analogues Human insulin Animal insulin

NovoSeven® - a unique mechanism of action
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

NovoSeven® - expanding into general haemostasis
Congenital clotting disorders Bleedings in emergencies High single-dose Trauma FVII deficiency Intracerebral haemorrhage Acquired haemophilia Prophylaxis TBI Glanzmann’s UGI Variceal bleedings Orthopaedic surgery Liver transplantation Cardiac surgery Hepatectomy Our sencond value driver is NovoSeven, which is a recombinant version of the koagulation factor 7a originally developed for treating haemophilia patients with inhibitors towards their traditional treatment. Even since lanch NovoSeven has shown impressive growth rates. Having been on the market since 96 in Europe, 99 in the US we are reaching saturation of the market for the existing indication, hence growth going forward has to be derived for increased investigational use of NovoSeven and eventually new indications. That why we are very pleaseed with the clinical data we have gotten from our NovoSeven expansion programme during the past 6 months, especially the result from the trial on the use of NovoSreven in trauma where we saw a statistically significant reduction in the need for blod transfusions as well as a trend towards lower mortality – a parameter the trial not was designed to show statistical significance on...In terms of upcoming events we will report from the study on the use of NovoSeven in ICH mid 2004. Spinal surgery Critical bleedings in elective surgery

Research and development
Leveraging our core competences Commer- cialisation Research and development 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

Structured business model
Target identification and validation Commer- cialisation Research Development Novo Nordisk or sourcing from biotech and academia Novo Nordisk Novo Nordisk Novo Nordisk Diabetes Haemostasis Inflammation Cancer Novo Nordisk and pharma partner Novo Nordisk and biotech partner Novo Nordisk and partner Out-licensing/ divest

Leveraging our core competences
Deciding which new areas to pursue: - based on competences and unmet need Insight into the biological disease mechanisms Therapeutic advantage of protein over NCE Unmet need justifies early stage R&D project Strong IP platform can be established Disease severity allows for injection acceptance A specialist sales force can handle the sales effort Long-term growth outlook must be attractive

Immunotherapy of cancer and inflammation fulfils the criteria
Leveraging our core competences Immunotherapy of cancer and inflammation fulfils the criteria Novo Nordisk expertise in immunological research (linked to type 1 diabetes) NCEs generally lack efficacy or selectivity Significant need: fatal or debilitating diseases Rich in patentable protein opportunities Disease-modifying potential of proteins Highly specialised fields with data-driven sales Immunotherapy is poised to become a high growth area

Leveraging our core competences
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 Diabetes Cancer Haemostasis Inflammation Growth deficiency

HRT – flattening out HRT sales development 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 100 200 300 400 500 -8% Million DKK Q1 2002 Q4 2004 9

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