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Investor presentation First nine months of Novo Nordisk

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					Investor presentation




              Investor presentation
              First nine months of 2012
                                                   Investor presentation   First nine months of 2012   Slide no 2




Agenda

Introduction
by Jesper Brandgaard, CFO

Sales update
by Jesper Brandgaard, CFO

R&D update
by Mads Krogsgaard Thomsen, CSO

Financials and outlook
by Lars Green, SVP and head of Corporate Finance


Questions & answers session
                                                                                             Investor presentation                  First nine months of 2012              Slide no 3




Forward-looking statements
Novo Nordisk‟s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company‟s Annual Report 2011 and
Form 20-F, both filed with the SEC in February 2012, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk,
may contain forward-looking statements. Words such as „believe‟, „expect‟, „may‟, „will‟, „plan‟, „strategy‟, „prospect‟, „foresee‟, „estimate‟, „project‟, „anticipate‟, „can‟, „intend‟,
„target‟ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements.
Examples of such forward-looking statements include, but are not limited to:
- statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk‟s products, product research, product development, product
   introductions and product approvals as well as cooperation in relation thereto
- statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials
   and other financial measures
- statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and
- statements regarding the assumptions underlying or relating to such statements.
These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both
general and specific. Novo Nordisk cautions that a number of important factors, including those described in this document, could cause actual results to differ materially from
those contemplated in any forward-looking statements.
Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange
rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recall,
unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk‟s products, introduction of competing products,
reliance on information technology, Novo Nordisk‟s ability to successfully market current and new products, exposure to product liability and legal proceedings and
investigations, changes in governmental laws and interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing,
approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign
companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees and failure to maintain a culture of compliance.
Please also refer to the overview of risk factors in „Risk management‟ of the Annual Report 2011 available on the company‟s website: novonordisk.com.
Unless required by law Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document,
whether as a result of new information, future events or otherwise.
Important drug information
•   Tresiba® (insulin degludec) is the first basal insulin with an ultra-long duration of action. Ryzodeg® (Insulin degludec/insulin aspart) is a soluble combination of long
    acting and fast acting insulin.
•   Victoza® (liraglutide) is approved for the management of type 2 diabetes only.
                                                               Investor presentation      First nine months of 2012   Slide no 4




Highlights – first nine months of 2012
Sales development
• Sales increased by 11% in local currencies and 18% in Danish kroner:
  • North America and International Operations increased by 19% and 16% in local currencies, respectively
  • Victoza® sales grew by 64% in local currencies and sales as reported reached DKK 6.8 billion
  • Modern insulins grew by 14% in local currencies driven by NovoRapid® and Levemir®

Research and Development
• In Japan, the Ministry of Health, Labour and Welfare approved Tresiba®
• In Europe, the CHMP adopted positive opinions, recommending marketing authorisations, for Tresiba® and Ryzodeg®
• In the US, the FDA has disclosed the advisory committee meeting on 8 November 2012 will focus on the benefits of a
  lower risk of hypoglycaemia and the cardiovascular risk profile of Tresiba® and Ryzodeg®

Financials
• Reported operating profit increased 34% and diluted earnings per share increased 31%
• 2012 financial outlook updated:
   • Sales growth is now expected to be 10-12% in local currencies (previously 9-12%)
   • Operating profit growth is now expected to be 16-18% in local currencies (previously around 15%)
• Preliminary outlook for 2013 indicates high single digit growth in sales and operating profit, both in local currencies
                                                       Investor presentation      First nine months of 2012   Slide no 5




North America is the main contributor to growth
                                                                      – first nine months of 2012
                 Sales as reported                                             Growth analysis

                  Region China                           Local currencies                       Growth        Share of
                     +30%                                                                                      growth
 Japan & Korea                                           North America                              19%            64%
     +11%             9%
                                                         Europe                                      2%              4%
                 9%
                                                         International Operations                   16%            20%
                                       North America
International                    43%       +30%          Japan & Korea                               0%              0%
 Operations 14%
   +19%                                                  Region China                               17%            12%



                   25%
          Europe
           +2%

          Sales of DKK 57.1 billion
  (+18% as reported and +11% in local currencies)
                                                    Investor presentation      First nine months of 2012   Slide no 6




Growth is driven by Modern insulins and Victoza®
                                                                   – first nine months of 2012
               Sales as reported                                            Growth analysis
                                                      Local currencies                       Growth        Share of
        Norditropin® Other
                     +3%                                                                                    growth
           +14%
                       3%                             Modern insulins                            14%            54%
 NovoSeven®       8%                                  Human insulins                             (2%)          (3%)
    +5%
              11%                                     Victoza®                                   64%            45%
                                                      Protein-related sales                        2%             1%
                                                      OAD                                          1%             0%
                                                      Diabetes care                             15%            97%
                                                      NovoSeven®                                 (1%)          (1%)
                             78%                      Norditropin®                                 8%             5%
                                  Diabetes care       Other products                             (3%)          (1%)
                                     +22%
                                                      Biopharmaceuticals                          1%             3%
          Sales of DKK 57.1 billion
  (+18% as reported and +11% in local currencies)
                                                                    Investor presentation                  First nine months of 2012   Slide no 7


Growth in insulin is supported by strong underlying
growth in modern insulin and a stable market share
         Global insulin market                                         Global modern insulin volume market shares
tMU      Device penetration                           Penetration                         Novo Nordisk                 Sanofi          Eli Lilly
         Modern Insulin penetration

               CAGR volume: 7.0%
               CAGR value*: 15.2%

                                                                                                                                              46%



                                                                                                                                              35%


                     Modern insulin

                                                                                                                                              18%



                     Human insulin


  Aug                                                 Aug                   Aug                                                         Aug
  2007                                                2012                  2007                                                        2012




         Note: *In DKK. Monthly MAT, volume figures                         Note: Monthly MAT, volume figures
         Source: IMS                                                        Source: IMS
                                                                    Investor presentation          First nine months of 2012       Slide no 8


Strong underlying growth of Victoza® supported by all
regions
                                                                                   Victoza® sales split per region
                Reported Victoza® sales                                             – first nine months of 2012
DKK                                                                             North America           Europe                 Region China
billion
                                                                                Int. Operations         Japan & Korea


                                                                                                    5%1%
                                                                                                  6%




                                                                                            25%

                                                                                                                   63%




     Q4    Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1    Q2    Q3                        Sales of DKK 6.8 billion
    2009         2010                2011               2012                   (+74% as reported and +64% in local currencies)
                                                                        Investor presentation      First nine months of 2012   Slide no 9




Continued expansion of the US GLP-1 market
                                                                                       Key observations for Victoza®
                        US GLP-1 market                                                      in the US market
GLP-1 TRx scripts
(thousands)                   GLP-1 % of diabetes market value
                              of TRx retail value (right axis)            •   Victoza ® market share within the GLP-1 segment is now
                                                                              close to 59%

                                                                          •   More than 75% of lives are covered without restrictions

                                                                          •   Around two-thirds of new patients are new to treatment
                                                                              or come from OAD-only regimens
                                   Victoza®
                                                                          •   Around two-thirds of prescriptions are for the 3-pen
                                                                              pack


                                 Other GLP-1                              •   Victoza® represent only 1.3% of total prescriptions in
                                                                              the US diabetes care market

    Feb                                                          Aug
   2010                                                          2012




                    Source: IMS NPA, monthly data
                                                                                                            Investor presentation        First nine months of 2012      Slide no 10


      Victoza® continues to expand the GLP-1 class in key
      European markets
                                                   Development in key European markets following Victoza® launch
                                               Germany                                                         UK                                          France
                                       Market value*: DKK 11 billion                               Market value*: DKK 6 billion                   Market value*: DKK 7 billion
Diabetes market share (value)




                                                                                                                      Victoza®                                        Victoza®




                                                    Victoza®


                                                 Other GLP-1                                            Other GLP-1                                     Other GLP-1
                                 Jul                                       Aug               Jul                                  Aug     Jul                                    Aug
                                2009                                       2012             2009                                  2012   2009                                    2012



                                            Note: Monthly value figures
                                            *Annual value of diabetes market MAT Aug 2012
                                            Source: IMS
                                                                                        Investor presentation                        First nine months of 2012   Slide no 11


Regulatory update for Tresiba® (insulin degludec) and
Ryzodeg® (insulin degludec/insulin aspart)

                  • FDA disclosed that the advisory committee meeting on 8 November 2012 will focus on the benefits
      USA           of a lower risk of hypoglycaemia and the cardiovascular risk profile of Tresiba® and Ryzodeg®
                  • New drug applications (NDAs) submitted to the FDA on 29 September 2011

                  • On 18 October 2012, the Committee for Medicinal Products for Human Use (CHMP) adopted
      EU            positive opinions, recommending marketing authorisations, for Tresiba® and Ryzodeg®
                  • Final marketing authorisation from the European Commission is expected in two months
           • On 28 September 2012, Tresiba® was approved by the Japanese Ministry of Health, Labour and
      Japan Welfare (MHLW). Launch expected once price negotiations are completed
                  • NDA for Ryzodeg® submitted to MHLW on 9 March 2012
                  • NDAs for Tresiba® and Ryzodeg® submitted in Switzerland, Canada, South Africa, India, Australia,
                    Brazil and Russia
      Other
                  • On 25 October, Tresiba® and Ryzodeg® was approved by the The Federal Commission for the
                    protection against sanitary risk (COFEPRIS) in Mexico




       Tresiba® is the designated brand name for insulin degludec. Ryzodeg® is the designated brand name for insulin degludec/insulin aspart.
                                                                   Investor presentation          First nine months of 2012      Slide no 12


Competitive label for Tresiba® secured in Japan and
expected in Europe
               European label (expected)                                                    Japanese label
      •   Duration of action beyond 42 hours                             •   Duration of action tested up to 26 hours in Japanese patients
      •   Four times lower day-to-day variability compared to                (Duration of action shown beyond 42 hours in global trials)
          Insulin glargine                                               •   Four times lower day-to-day variability compared to
                                                                             Insulin glargine


      •   Reduction in HbA1c from baseline to end of trial was           •   Reduction in HbA1c from baseline to end of trial was
          confirmed to be non-inferior in all trials against all             confirmed to be non-inferior in all trials against all
          comparators (insulin detemir and insulin glargine)                 comparators (insulin detemir and insulin glargine)


      •   Meta analyses showing statistically significantly lower        •   Lower rate of nocturnal hypoglycaemia shown in trial
          rate of overall and nocturnal hypoglycaemia with                   comparing Tresiba® to insulin glargine in Asian patients with
          Tresiba® in a pooled analysis across patients with type 1          type 2 diabetes
          and 2 diabetes

      •   Tresiba® offer patients the possibility of adjusting the       •   As a general precaution patients who miss a dose can, due to
          time of injection, when needed                                     the pharmacodynamic characteristics of Tresiba®, take the
      •   Tresiba® will be offered in two concentrations enabling            dose as soon as practically possible
          dosing of up to 80 and 160 units per injection
                                               Investor presentation     First nine months of 2012   Slide no 13



“Once Long” trial comparing one year of treatment with
Tresiba® to insulin glargine; published in Diabetes Care
        Diabetes care paper                                   Excerpts from scientific paper
                                                 “Insulins degludec and glargine administered once daily in
                                                 combination with OADs provided similar long-term
                                                 glycemic control in insulin-naive patients with type 2
                                                 diabetes, with lower rates of nocturnal hypoglycaemia
                                                 with degludec”


                                                 ” A major concern of patients and clinicians when initiating
                                                 basal insulin as an add-on to OADs is hypoglycaemia,
                                                 particularly nocturnal hypoglycaemia”


                                                 “Participants treated with degludec reported greater
                                                 improvements in “overall physical” and “physical
                                                 functioning” scores in the SF-36 questionnaire assessing
                                                 functional health status”




       Source: Diabetes Care October 5, 2012
                                                                 Investor presentation      First nine months of 2012   Slide no 14




Other key events within Research and Development

Diabetes care
•   In a 26 week randomized extension trial in type 2 patients, once-daily Victoza® successfully improved HbA1c , and
    reduced body weight with a low risk of hypoglyceamia when added to once-daily Tresiba®
•   A phase 1 trial with OG987SC, a new oral GLP-1 analogue, has been initiated for patients with type 2 diabetes

Biopharmaceuticals
•   NovoThirteen® for the treatment of patients with congenital FXIII A-subunit deficiency, approved by the European
    Commission
•   Turoctocog alfa, a recombinant coagulation factor VIII, was submitted for regulatory approval in Europe and in the US
•   Development of vatreptacog alfa discontinued in September following analysis of phase 3a data
•   New administration system, reducing the number of dosing steps for patients, approved for NovoSeven®
•   A phase 2a trial with rFXIII has been initiated for the treatment of patients with ulcerative colitis
•   A phase 2a trial with Anti-IL-21, a human monoclonal antibody, has been initiated for the treatment of patients with
    rheumatoid arthritis
•   A phase 1 trial with Anti-IL-21 has been initiated for the treatment of patients with systemic lupus erythematosus
                                                            Investor presentation          First nine months of 2012   Slide no 15




Financial results – first nine months of 2012
DKK million                                     First nine months 2012              First nine months 2011              Change
Sales                                                  57,064                              48,226                          18%
Gross profit                                           46,752                              38,759                          21%
Gross margin                                             81.9%                               80.4%
      Sales and distribution costs                     15,352                              13,617                          13%
      Percentage of sales                                26.9%                               28.2%

      Research and development costs                    7,687                                6,876                         12%
      Percentage of sales                                13.5%                               14.3%

      Administration costs                              2,321                                2,322                        (0%)
      Percentage of sales                                 4.1%                                4.8%

      Licence fees and other operating income             510                                  349                         46%
Operating profit                                       21,902                              16,293                          34%
Net financials                                         (1,543)                               (179)
Profit before income tax                               20,359                              16,114                          26%
Tax                                                     4,682                                3,706
Effective tax rate                                       23.0%                               23.0%

Net profit                                             15,677                              12,408                          26%
EPS, diluted (DKK)                                      28.32                                21.66                         31%
Full-time employees (end of the period)                33,501                              32,016                           5%
                                                                                 Investor presentation                  First nine months of 2012         Slide no 16


US dollar and Japanese Yen remain well above 2011
average
          650                        Spot rates       Quarterly average     Annual average               Currency                       2011    2012    Current
                                                                                                         assumptions1                   average average rate2
          600
USD/DKK




                                                                                                         USD                                536       580         578

          550                                                                                            JPY                                6.73     7.32        7.23
                                                                                                         CNY                                  83          92       92
          500
                                                                                                         GBP                                859       917         931
                                                                                                         1)   DKK per 100
          450                                                                                            2)   As of 26 October 2012
                Q110   Q210   Q310    Q410    Q111   Q211   Q311   Q411   Q112    Q212    Q312



           8                                                                                             Key                   Annual impact on            Extent of
                                                                                                         invoicing             operating profit of a 5%    hedging
                                                                                                         currencies            movement in currency3       (months)
           7
                                                                                                         USD                                        875X          110
JPY/DKK




                                                                                                         JPY                                        200X          120
           6                                                                                             CNY                                        110X          114
                                                                                                         GBP                                        80X           110
           5                                                                                             3)   DKK million
                Q110   Q210   Q310    Q410    Q111   Q211   Q311   Q411   Q112    Q212    Q312           4)   USD used as proxy
                                                                                                  Investor presentation                        First nine months of 2012   Slide no 17




Financial outlook 2012
                                                                      Expectations                                                        Previous expectations
                                                                    31 October 2012                                                          9 August 2012

Sales growth - local currencies                                               10-12%                                                                             9-12%

Sales growth - reported                              Around 6 percentage points higher                                                 Around 7 percentage points higher

Operating profit growth - local
                                                                              16-18%                                                                      Around 15%
currencies
Operating profit growth -
                                                    Around 11 percentage points higher                                                Around 12 percentage points higher
reported

Net financials                                     Expense of around DKK 1,700 million                                               Expense of around DKK 1,950 million

Effective tax rate                                                         Around 23%                                                                     Around 23%

Capital expenditure                                                Around DKK 3.5 billion                                                         Around DKK 3.5 billion

Depreciation, amortisation and
                                                                   Around DKK 2.9 billion                                                         Around DKK 2.9 billion
impairment losses

Free cash flow                                                     Around DKK 19 billion                                                          Around DKK 19 billion

                 The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business
                 activities and has been prepared assuming that currency exchange rates remain at the level as of 26 Oct 2012
                                                                                           Investor presentation       First nine months of 2012   Slide no 18




Closing remarks

          Solid market performance                                                                                 Promising pipeline

 • +10% annual diabetes care market growth                                                     • The only company with two new generation
   driven by diabetes prevalence1                                                                insulins approaching the market

 • 25% market share in diabetes care and                                                       • GLP-1 portfolio offers expansion opportunity
   expanding leadership position                                                                 within type 1 and 2 diabetes

 • 49% insulin volume market share with                                                        • IDegLira supports promising outlook for
   leadership position across all regions                                                        insulin and GLP-1 combination therapy

 • 46% modern insulin volume market share                                                      • Liraglutide holds potential within the
                                                                                                 treatment of obesity
 • 66% GLP-1 value market share and
   expanding leadership position                                                               • Expanding pipelines within haemophilia and
                                                                                                 inflammation




            Source: IMS, MAT Aug 2012 value and volume figures
            1) Aug 2012 vs. Aug 2011 value figures for GLP-1 and insulin (OADs excluded)
                                                               Investor presentation       First nine months of 2012   Slide no 19




Investor information

Share information                                                Investor Relations contacts

Novo Nordisk‟s B shares are listed on the stock exchange in      Novo Nordisk A/S
Copenhagen under the symbol „NOVO B‟. Its ADRs are listed on     Investor Relations
the New York Stock Exchange under the symbol „NVO‟. For          Novo Allé, DK2880 Bagsværd
further company information, visit Novo Nordisk on the           Fax (+45) 4444 6626
internet at:
                                                                 Kasper Roseeuw Poulsen
novonordisk.com                                                  Tel: (+45) 4442 4303
                                                                 E-mail: krop@novonordisk.com

                                                                 Frank Daniel Mersebach
                                                                 Tel: (+45) 4442 0604
                                                                 E-mail: fdni@novonordisk.com

                                                                 Lars Borup Jacobsen
                                                                 Tel: (+45) 3075 3479
                                                                 E-mail: lbpj@novonordisk.com

                                                                 In North America:

                                                                 Jannick Lindegaard
                                                                 Tel: (+1) 609-786-4575
                                                                 E-mail: jlis@novonordisk.com
                               Investor presentation   First nine months of 2012   Slide no 20




Appendix



 1. Novo Nordisk at a glance

 2. Diabetes

 3. Biopharmaceuticals

 4. Financials
                                                       Investor presentation                  First nine months of 2012    Slide no 21




Novo Nordisk at a glance

               The core equity story                                  Global leader in diabetes care
                                                                              Global insulin market share: 49%
• A focused pharmaceutical company with leading
  positions in diabetes, haemophilia and hGH
                                                                                          Europe:
• Double digit top line growth, driven by diabetes                                    Market share 51%
                                                             North America:
  pandemic                                                  Market share 42%
                                                                                                                     Japan & Korea:
                                                                                                                    Market share 53%
• Significant growth opportunities fuelled by global
                                                                                                                  China:
  presence and strong R&D pipeline                                                                           Market share 61%
• High barriers to entry in biologics
• Operating profit growth targeting 15%                                                  International Operations:
                                                                                            Market share 58%
• Operating profit after tax to net operating assets
  targeting 90%
• Earnings conversion to cash targeting 90%
• Cash generated is returned to shareholders
                                                             Global/regional headquarter                Manufacturing      R&D facility




                                                               Note: Monthly MAT, insulin volume
                                                               Source: IMS
                                                                                                               Investor presentation                                              First nine months of 2012   Slide no 22


Novo Nordisk’s strategic focus is based on a set of core
capabilities
    Therapeutic area                              Core capabilities                                                                                                                   Strategic priorities
                                                                                                                                                                                      Expand leadership in




                                                                                                                                             positions in emerging markets
      Diabetes care




                                                  Deep disease understanding
                                                                                                                                                                                          diabetes care




                                                                               Fast and flexible large scale
                                                                                                                                                                             Expand leadership




                                                                                                                                              Build and maintain leading
                                                                                                                 Global launch preparation
                       Designing and developing




                                                   and strong relationships


                                                                                 biologics manufacturing
                                                                                                                                                                                        Establish presence




                          protein analogues
        Obesity




                                                                                                                      and execution
                                                                                                                                                                                            in obesity

                                                                                                                                                                                        Achieve leadership
      Haemophilia
                                                                                                                                                                                          in haemophilia

                                                                                                                                                                                         Expand leadership
    Growth disorders
                                                                                                                                                                                        in growth hormone

                                                                                                                                                                                        Establish presence
      Inflammation
                                                                                                                                                                                         in inflammation
                                                                                  Investor presentation             First nine months of 2012         Slide no 23


Novo Nordisk has leading positions in diabetes,
haemophilia and growth disorders
                Diabetes                                           Haemophilia                                    Growth hormone deficiency
DKK           Market value                         DKK                Market value                              DKK                 Market value
billion       Novo Nordisk market share            billion            Novo Nordisk market share                 billion             Novo Nordisk market share
              Global market position                                  Global market position                                        Global market position
                                                                                                                                                             #1
                                            #1
                                                                     CAGR value DKK: 6.7%



                                                                                                         #2




            CAGR value DKK: 12.5%                                   CAGR value DKK: 6.7%                                         CAGR value DKK: 4.8%




     Aug                                    Aug         FY                                                FY        Aug                                      Aug
     2007                                   2012       2006                                              2011       2007                                     2012



                                                        Note: Annual sales figures for Haemophilia A,B
                  Note: MAT value figures               and inhibitor segment                                        Note: MAT value figures
                  Source: IMS                           Source: Company reports                                      Source: IMS
                                                                       Investor presentation                      First nine months of 2012     Slide no 24


Double digit top line growth driven by diabetes
pandemic
          Novo Nordisk reported quarterly                                          The number of people with diabetes
                 sales by therapy                                                          according to IDF
DKK                                                                     Million                North America                 Europe            China
billion   Diabetes care   Haemophilia     Growth disorders   Other      people
                                                                                               Int. Operations               Japan & Korea
                                                                                                                                              552


                              Reported sales
                              CAGR: 11.9%

                                                                                                           CAGR:
                                                                                                           8.4%                      366       336

                                  5.1%
                                                                                                               285
                                  10.1%
                                                                                                                                     203
                                  9.0%
                                                                                          151
                                                                                                                                               130
                                                                                                                                      90
                                  13.1%                                                                                                        15
                                                                                                                                      14
                                                                                                                                      32       38
                                                                                                                                      27       33
    Q3                                                           Q3
   2002                                                         2012                     2000                   2010                2011      2030E



                                                                                  Note: 20-79 age group
                                                                                  Source: International Diabetes Foundation: Diabetes
                                                                                  Atlas, 2000, 2010 and 2011. Novo Nordisk calculations
                                                                Investor presentation                   First nine months of 2012         Slide no 25


Novo Nordisk continues to expand leadership position
within diabetes care
            Global diabetes care market                                                     Global diabetes care
                by treatment class                                                          value market share
DKK
billion                                                                                   Novo Nordisk             Lilly            BMS
                           GLP-1         Insulin   OAD
                                                                                          Takeda                   Merck            Novartis
                                                                                          Sanofi                   GSK
                                                                                                                                                  25%
                               Total market:
                                CAGR 9.4%

                                Injectables:
                                CAGR 14.7%




                                CAGR 13.5%




                                 CAGR 5.5%



     Aug                                                 Aug           Aug                                                                        Aug
     2002                                                2012          2002                                                                       2012




               Note: Monthly MAT, value figures                          Note: Monthly MAT, value figures
               Source: IMS                                               Source: IMS
                                                                                         Investor presentation                        First nine months of 2012   Slide no 26


Diabetes pandemic is fuelled by growing rates of
obesity
                   US CDC data on obesity and diabetes prevalence among adults
                                               1994                                                2000                                       2010

  Obesity
  (BMI ≥30 kg/m2)



                                   No Data               <14.0%              14.0-17.9%                18.0-21.9%                 22.0-25.9%          >26.0%




  Diabetes



                                    No Data             <4.5%               4.5-5.9%                  6.0-7.4%                   7.5-8.9%            >9.0%




         Source: CDC‟s Division of Diabetes Translation. National Diabetes Surveillance System available at http://www.cdc.gov/diabetes
                                                                                                        Investor presentation                 First nine months of 2012     Slide no 27




Insulin is the ultimate care for people with diabetes
                  Progression of type 2 diabetes and                                                            Distribution of patients and value across
                      treatment intensification                                                                              treatment classes
                                                                                                                                    Tablets           GLP-1               Insulin


                  Diet and excercise
-cell function




                                                               Tablets

                                                                  GLP-1


                                                                                 Insulin




                                           Time




                       Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France.
                       Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas
                                                                                         Investor presentation             First nine months of 2012   Slide no 28


Novo Nordisk is uniquely positioned being the only
company with a full portfolio of modern insulins

                                                                                                                         Brand share
                                                                                                       Sales             of segment                Patent
  Brand name                        Type                           Launch                              2011               Aug 2012               expiration

                              Fast-acting                         EU: 1999                         12.8 bDKK                                     EU: 2017*
                                                                                                                             49%
                                insulin                           US: 2001                           (+8%)                                       US: 2017*


                                Premixed                          EU: 2002                          8.3 bDKK                                     EU: 2014-15
                                                                                                                             44%
                                 insulin                          US: 2002                           (+6%)                                       US: 2017*


                             Long-acting                          EU: 2004                          7.7 bDKK                                     EU: 2018
                                                                                                                             20%
                               insulin                            US: 2006                           (+12%)                                      US: 2019



         * Formulation patent. The molecule patent for NovoRapid® has expired in EU and will expire in 2014 in the US.
         The NovoMix® molecule patent in the US wil expire in 2014.
         Source: IMS, Monthly MAT, brand value of total segment. Reported sales 2011 (vs. 2010) in DKK billion.
                                                                                            Investor presentation         First nine months of 2012     Slide no 29


     Significant growth opportunities fuelled by strong R&D
     pipeline
                        OI338GT -                LATIN T1D -                                                                                  Tresiba® - Ultra-long-
                       Oral insulin             GLP-1 analogue                                                                                 acting basal insulin
     Diabetes care




                        OI362GT -                 OG987GT -                                                              IDegLira - GLP-1 &      Ryzodeg® - New
                       Oral insulin               Oral GLP-1                                                            basal insulin combo    combination insulin

                     FIAsp - Ultra fast           OG217SC -                                        Semaglutide -
                       acting insulin             Oral GLP-1                                     Long-acting GLP-1

                                                  OG987SC -                                                             Liraglutide 3 mg -
                                                  Oral GLP-1                                                             GLP-1 (Obesity)
Haemophlia




                                           Concizumab - Mono-                                                                N8-GP -            Turoctocog alfa -
 and hGH




                                             clonal anti-TFPI                                                           Long-acting rFVIII           rFVIII

                                               NN8640 -                                                                      N9-GP -              Catridecacog -
                                            Long-acting hGH                                                              Long-acting rFIX             rFXIII


                                            Anti-NKGDa - mAb         Anti-NKG2D - mAb
     Inflammation




                                          (Rheumatoid arthritis)     (Crohn’s disease)

                                           Anti-C5aR-215 - mAb       Anti-IL-21 - mAb
                                          (Rheumatoid arthritis)   (Rheumatoid arthritis)

                     Anti-IL-21 - mAb      Anti-C5aR-151 - mAb     Catridecacog - rFXIII         Anti-IL-20 - mAb
                     (Systemic lupus)     (Rheumatoid arthritis)    (Ulcerative colitis)       (Rheumatoid arthritis)

                                      Phase 1                                         Phase 2                               Phase 3           Regulatory reivew
                                                                                                Investor presentation                       First nine months of 2012                 Slide no 30


Growth opportunities supported by strong global
presence in both sales and manufacturing
     FTEs in sales regions excl.
   headquarter and manufacturing                                                                                Global manufacturing setup

                                                                                                                                      •   API production
North America:                                              ~4,600                                                                    •   Formulation & filling
                                                                                                                                      •   Assembly
                                                                                                                                      •   Packaging
                                                                                                                                      •   Device & needle manufacturing

Europe:                                                     ~2,700                                                                         Denmark                                       Koriyama
                                                                                                                                          Chartres                                          • Packaging
                                                                                                     Clayton                       • Formulation & filling
                                                                                                 • Formulation & filling           • Assembly                                       Tianjin
International Operations:                                   ~3,500                               • Assembly                        • Packaging                                   • Device manufacturing
                                                                                                 • Packaging                                                                     • Packaging
                                                                                                                                                                                 • Filling plant project


Japan & Korea:                                              ~1,000
                                                                                                                Montes Claros
                                                                                                             • Formulation & filling
                                                                                                             • Assembly
China:                                                      ~2,400                                           • Packaging




  Total non-HQ/manufacturing FTE’s: 14,1001


                 FTEs represent full-time employee equivalents in Novo Nordisk‟s sales regions (excludes a.o. employees in headquarter and manufacturing) as of September 2012
                                                                                  Investor presentation         First nine months of 2012    Slide no 31




High barriers to entry in biologics
          Novo Nordisk position is protected by                                                     ...and significant barriers to entry
              value chain setup, patents...                                                                  for biosimilar players
 Unique value Chain position                         Patent protection1                 Research & Development
                                                                                        • Need to show comparibility in PK/PD trials
          Research &                                                   EU/US0           • Work on clarifying requlatory guidelines in EU and US is
         Development                                                                      ongoing
                                                                      2018/192
                                                                                        • Requirement for both drug and device offering
        Manufacturing                                              2014-15/1722         Manufacturing
                                                                                        • Significant economies of scale with incumbents
                                                                      20172/172         • Significant up-front CAPEX requirements with slow return on
      Commercialization
                                                                                          investment

• History of protein                                                  2022/222
  engineering                                                                           Commercialization
• Highly efficient, flexible and                                      2017/172          • Large and fragmented target audience
  capital intensife
                                                                                        • Ongoing conversion to next generation drugs and slow
  manufaturing
                                                                       exp/exp            market dynamics
• Global commercial footprint


                  1 List is not exhaustive of all marketed Novo Nordisk produts
                  2 Formulation patent expiration year
                  Source: Novo Nordisk
                                                                                               Investor presentation        First nine months of 2012   Slide no 32


Operating profit growth targeting 15%, driven by gross
margin improvements and operational leverage
                                                                                                                   The fundamental drivers of
                      Operating profit                                                                              operating profit growth
DKK
billion                                                                                           Gross margin improvement
                      Operating profit
                      growth vs. last year
                                                                     18%                          • On-going productivity improvements of
                                                                                                    manufacturing processes
                                                   27%
                                                                                                  • Favourable product mix evolution within
                                  21%                                                               diabetes care
                 24%
          13%
                                                                                                  Operational leverage
                                                                                                  •       Economies of scale in Sales & Distribution and
                                                                                                          Administration from focus on diabetes care




                Note: 2007 and 2008 operating profit growth adjusted for the AERx® discontinuation cost
                                                                                                   Investor presentation                              First nine months of 2012   Slide no 33


Operating profit after tax to net operating assets, and
Free Cash flow to earnings both targeting 90%
    Operating profit after tax to net operating
            assets and Invested capital                                                                                                     Free cash flow
DKK                                                                                                   DKK
billion                                                                                               billion




              Note: Operating profit after tax to net operating assets is defined as operating profit after tax (using the effective tax rate) as a
              percentage of average inventories, receivables, property, plant & equipment intangible assets and deferred tax assets less non-
              interest bearing liabilities including provisions and deferred tax liabilities (where average is the sum of above assets and
              liabilities at the beginning of the year and at year-end divided by two)
                                                                                                   Investor presentation              First nine months of 2012       Slide no 34


Cash generated is returned to shareholders in form of
dividends and share buybacks
                 Dividend and payout ratio                                                                            Share repurchases programmes
DKK                                                                                 Payout            DKK               Share repurchase programme 2007-2010
                 Dividend paid                    Payout ratio
billion                                                                               ratio           billion           Expansion following Dako divestment
                                                                                                                        Expansion following ZymoGenetics divestment
                                                                                                                        Expansion include purchase in January 2012




          2.2    2.8           3.7            4.4            5.7            7.8                                 4.8        4.7         6.5          9.5        12.0      12.0




          2007   2008         2009          2010            2011          2012                                  2007       2008        2009        2010        2011      2012E




                   Note: 2007 payout ratio adjusted for the AERx® discontinuation cost and the divestment of
                   Dako‟s business activities. 2010 payout ratio adjusted for the divestment of ZymoGenetics
                   business activities.
           Investor presentation   First nine months of 2012   Slide no 35




Diabetes
                                                           Investor presentation                             First nine months of 2012          Slide no 36


Diabetes – the inability to manage blood sugar levels
appropriately
                        Definition                                                             Insulin secretion profile

‟A metabolic disorder of multiple aetiology
characterised by chronic hyperglycaemia with
disturbances of carbohydrate, fat and protein
metabolism resulting from defects in insulin                                    70
secretion, insulin action, or both.‟
                                                                                60
(WHO definition)




                                                            Insulin (µ U/ mL)
                                                                                50

                                                                                40

Primary classifications:                                                         3
                                                                                 0
                                                                                20


Type 1 diabetes: Complete insulin deficiency due                                10

to destruction of beta-cells in pancreas                                         0
                                                                                  6:00      10:00     14:00         18:00       22:00           2:00      6:00
                                                                                                                                        Time of day

Type 2 diabetes: Characterised by some degree                                            Breakfast   Lunch           Dinner


of insulin resistance and insulin deficiency


            Polonsky et al. J Clin Invest 1988;81:442–48
                                                            Investor presentation                             First nine months of 2012           Slide no 37




Insulin – a hormone enabling blood sugar to enter cells
                                                                             The aim of insulin therapy is to recreate
     Insulin enables food to become energy                                         normal blood insulin profile


•      Facilitates uptake of blood sugar into cells                     70
                                                                                     Short-lived, rapidly generated
                                                                                  meal-related insulin peaks (prandial)

                                                                        60
•      Inhibits glucose release from the liver




                                                      Insulin (µU/mL)
                                                                        50

                                                                        40

                                                                        30                                                                   Sustained
                                          Fat cell                                                                                    insulin profile (basal)
                                                                        20

                                                                        10

                                                                        0
                                                                        6:00         10:00          14:00          18:00      22:00        2:00         6:00
                                                                                                                                 Time of day
    Liver            Pancreas                                                    Breakfast        Lunch            Dinner


                                          Muscle




                                                                               Polonsky et al. J Clin Invest 1988;81:442–48
                                                                                   Investor presentation                     First nine months of 2012                  Slide no 38


The diabetes pandemic and poor glycaemic control
remain global problems
          The number of people with diabetes                                                     Differences in glycaemic control
                  according to IDF                                                                   between select countries
Million      North America                 Europe                          China
people                                                                                                               UK          Netherlands
             Int. Operations               Japan & Korea
                                                                            552                                   7.0-7.9            7.5-9.2                               Japan
                                                                                                    USA                                Germany
                                                                                                                                                                           8.9-9.4
                                                                                                                                        7.5-9.2
                                                                                                  7.5-8.6            France
                                                                                                                       7.6         Italy                                  China
                           CAGR:
                           8.4%                      366                    336                                                     7.6                                    8.8

                               285                                                                                                                     India
                                                                                     HbA1c targets worldwide
                                                     203                                US - ADA: 7.0%                                                   8.9
                                                                                        US - AACE: 6.5%
                                                                                        EU - EASD: 7.0%
            151
                                                                            130             IDF: 6.5%
                                                      90

                                                      14                    15
                                                      32                    38
                                                      27                    33


            2000                2010               2011                    2030E

                                                                                            Note: Differences in HbA1c ranges and results varies due to few countries
                                                                                            having systematic means of reporting the mean HbA1c level of their
                   Note: 20-79 age group                                                    diabetes population.
                   Source: International Diabetes Foundation: Diabetes                      Source: Map adapted from Kilpatrick et al. Current Medical Research and
                   Atlas, 2000, 2010 and 2011. Novo Nordisk calculations                    Opinion 2008; 24:2651–2661.
                                                                                         Investor presentation                        First nine months of 2012   Slide no 39


Diabetes pandemic is fuelled by growing rates of
obesity
                   US CDC data on obesity and diabetes prevalence among adults
                                               1994                                                2000                                       2010

  Obesity
  (BMI ≥30 kg/m2)



                                   No Data               <14.0%              14.0-17.9%                18.0-21.9%                 22.0-25.9%          >26.0%




  Diabetes



                                    No Data             <4.5%               4.5-5.9%                  6.0-7.4%                   7.5-8.9%            >9.0%




         Source: CDC‟s Division of Diabetes Translation. National Diabetes Surveillance System available at http://www.cdc.gov/diabetes
                                                                                           Investor presentation                  First nine months of 2012     Slide no 40


UKPDS: Tight glycaemic control reduces risk of micro-
and macro-vascular complications
                                                                                                         UKPDS 10 year follow-up:
                     Risk reduction by lowering HbA1c by 1%                                        Legacy effect of tight glycaemic control
                           Diabetes-                         Peripheral
                            related Myocardial Microvascular vascular                                        Relative risk reduction of intensive vs.
                             death   infarction complications disease                                             conventional treatment (%)
                       0
                                                                                                      SU/Insulin
                                                                                                   SU/Insulin treated pts.                      1997          2007

                     –10
Incidence risk (%)




                                                                                                   Microvascular disease                          25          24

                     –20                    –14%
                                                                                                   Diabetes-related death                        10           17
                           –21%*
                     –30
                                                                                                   Myocardial infarction                         16           15

                     –40
                                                               –37%*                               All-cause mortality                            6           13

                            *p<0.0001                                              –43%*
                     –50                                                                                   Statistically significant improvement




                                Source: UKPDS, Stratton et al. BMJ 2000; vol. 321:405–12           Source: NEJM, vol. 359, Oct 2008
                                                                                                        Investor presentation                 First nine months of 2012     Slide no 41




Insulin is the ultimate care for people with diabetes
                  Progression of type 2 diabetes and                                                            Distribution of patients and value across
                      treatment intensification                                                                              treatment classes
                                                                                                                                    Tablets           GLP-1               Insulin


                  Diet and excercise
-cell function




                                                               Tablets

                                                                  GLP-1


                                                                                 Insulin




                                           Time




                       Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France.
                       Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas
                                                                                                Investor presentation                        First nine months of 2012             Slide no 42




Medications used for the treatment of type 2 diabetes

                     Commonly prescribed products for the treatment of type 2 diabetes

                                HbA1C                   Hypo-                     Weight                 CVD risk                   Dosing                 Diabetes co-morbidity/
       Class
                               change                 glycaemia                   change                  factors                  (pr. day)                  contraindication
    Metformin                      1.5                        No                  Neutral                  Minimal                   2 OADs                              Kidney, liver

   Sulfonylureas                   1.5                       Yes                     Gain                    None                    1 OADs                        Essentially none

       TZDs                    0.5 - 1.4                      No                     Gain                 Variable                   1 OADs                              CHF*, liver
 DPP-IV inhibitors
                               0.6 - 0.8                      No                  Neutral                     TBD                    1 OADs                                 None
   (sitagliptin)
GLP-1 (liraglutide)            1.0 - 2.0                      No                     Loss                     TBD                 1 injection                               MTC*

Long-acting insulin            1.5 - 2.5                     Yes                     Gain             TG and HDL*                 1 injection                               None

Rapid-acting insulin           1.5 - 2.5                     Yes                     Gain             TG and HDL*               1-4 injections                              None



                *TG and HDL: Beneficial effect on triglycerides and HDL cholesterol. CHF: Congestive heart failure. MTC: Medullary thyroid cancer. TBD: to be defined.
                Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29:1963-1972; Nathan DM, et al. Diabetes Care. 2007;30:753-759; Nathan DM, et al.
                Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008;31:S12-S54. WelChol PI. 1/2008. GLP-1 (liraglutide) data is based on global phase 3 data
                for liraglutide plus US prescribing information.
                                                                Investor presentation                       First nine months of 2012         Slide no 43


The injectable segment is the key driver of growth in
the global diabetes care market
            Global diabetes care market                                                     Global diabetes care
                by treatment class                                                          value market share
DKK
billion                                                                                   Novo Nordisk                 Lilly            BMS
                           GLP-1         Insulin   OAD
                                                                                          Takeda                       Merck            Novartis
                                                                                          Sanofi                       GSK
                                                                                                                                                      25%
                               Total market:
                                CAGR 9.4%

                                Injectables:
                                CAGR 14.7%




                                CAGR 13.5%




                                 CAGR 5.5%



     Aug                                                 Aug           Aug                                                                            Aug
     2002                                                2012          2002                                                                           2012




               Note: Monthly MAT, value figures                          Note: Monthly MAT, value figures
               Source: IMS                                               Source: IMS
                                                                       Investor presentation    First nine months of 2012   Slide no 44




Sustained double-digit insulin market growth
           Global insulin market growth                                               The fundamental growth drivers
                    2007-2012                                                               of the insulin market
DKK
                                                   CAGR:       CAGR:
billion
                                                    8%*        15%*
                                                                        Volume
                                                   28                   • Prevalence of diabetes
                           CAGR:                  bDKK                  • Rising diagnosis rates and treatment rates
                            7%*
                                                                        • Intensification of insulin regimens
                           26
                          bDKK                                          • Growing BMI
                                                                        • Increased life-length
                                                                106
                                                               bDKK
                                                                        Value
           52
          bDKK                                                          • Conversion to new generations of insulin
                                                                        • Device penetration
                                                                        • Price changes
          Aug             Volume                 Mix/price     Aug
          2007          contribution            contribution   2012




                 *: CAGR from Aug 2007 to Aug 2012
                 Source: IMS, Monthly MAT, value figures
                                                                                      Investor presentation                     First nine months of 2012         Slide no 45




Solid insulin growth across diverse regions
  Novo Nordisk                                   Market                                              Market volume                            Volume market
    regions                                value size & growth                                        composition                                 shares
                                                                                                                 15%                Basal                         Novo Nordisk
                                       53.4            4%            18%            64.5                             48%
  North America                                                                                                37%                  Fast-acting       58%
                                                                                                                                                            42%   Rest
                                                                                                                                    Premix


                                       24.3            2%             1%            25.1                       25% 39%
     Europe                                                                                                                                           49% 51%
                                                                                                                36%


  International                         6.3           12%            -0%            7.0                         19%
                                                                                                                                                      42%
   Operations                                                                                                  27% 54%                                      58%



                                        5.1            0%            10%            5.6
  Japan & Korea                                                                                                30% 36%
                                                                                                                                                      46% 54%
                                                                                                                 34%

                                                                     16%            3.5                          14%
                                                      17%
  Region China                          2.6
                                                                                                              21%                                     39%
                                                                                                                    65%                                     61%

                                       2011         Volume        Mix/price        2012
                                       bDKK         growth         growth          bDKK

           Note: Aug 2011 & 2012 Monthly MAT data. Value data measured in DKK. Market composition and market share data are measured on volume MAT.
           *: IMS only cover part of the channels in China and International Operations
           Source: IMS
                                                                                        Investor presentation                   First nine months of 2012   Slide no 46




Global insulin volume growth remains at around 5%

         Regional insulin volume growth                                                         Regional insulin volume market shares
             North America               China                                                               IO                      North America          Region China
                                                                                                             Europe                  Japan & Korea
             Europe                      International Operations
                                                                                                                                                                     6%
             Japan & Korea               World
                                                                                                                                                                    17%


                                                                                                                                                                     4%


                                                                                                                                                                    38%




                                                                                                                                                                    35%


                                                                                   5.0%


  Aug                                                                            Aug            Aug                                                                 Aug
  2002                                                                           2012           2002                                                                2012



             Note: Monthly MAT, volume figures. China growth rate in 2008-2009
             impacted by change in methodology.                                                  Note: Monthly MAT, volume figures
             Source: IMS                                                                         Source: IMS
                                                                Investor presentation                  First nine months of 2012   Slide no 47




The insulin market is comprised of three segments

               Action profiles of insulins                           Global insulin volume market by segments
                                                                  tMU

                                                                                                       CAGR volume: 7.0%
                                             Fast acting                                               CAGR value*: 15.2%


                                                                                                                                        33%

                                                                                                              Fast acting

                                                                         32%
                                                 Premix                                                                                 29%
                                                                                                                Premix
                                                                         34%


                                             Long acting                                                     Long acting
                                                                                                                                        38%
                                                                         34%


                                                                        Aug                                                               Aug
6:00     10:00      14:00   18:00    22:00     2:00     6:00
                                                                        2007                                                              2012
                                                  Time of day

       Breakfast   Lunch    Dinner
                                                                         Note: *in DKK. Monthly MAT, volume figures
                                                                         Source: IMS
                                                                                             Investor presentation      First nine months of 2012     Slide no 48


Maintaining insulin leadership by sustaining modern
insulin market share
                                   Novo Nordisk volume market share across insulin classes
tMU                                                      Novo Nordisk segment MS (%)                   Segment volume

                Human insulin                                                         Modern insulin                                   Total insulin
         Market value*: DKK 17 billion                                         Market value*: DKK 89 billion                  Market value*: DKK 106 billion




      Aug                                 Aug                           Aug                                Aug           Aug                              Aug
      2007                                2012                          2007                               2012          2007                             2012




                    *Annual value of total insulin segment
                    Source: IMS, Monthly MAT value and volume figures
                                                                                         Investor presentation             First nine months of 2012   Slide no 49


Novo Nordisk is uniquely positioned being the only
company with a full portfolio of modern insulins

                                                                                                                         Brand share
                                                                                                       Sales             of segment                Patent
  Brand name                        Type                           Launch                              2011               Aug 2012               expiration

                              Fast-acting                         EU: 1999                         12.8 bDKK                                     EU: 2017*
                                                                                                                             49%
                                insulin                           US: 2001                           (+8%)                                       US: 2017*


                                Premixed                          EU: 2002                          8.3 bDKK                                     EU: 2014-15
                                                                                                                             44%
                                 insulin                          US: 2002                           (+6%)                                       US: 2017*


                             Long-acting                          EU: 2004                          7.7 bDKK                                     EU: 2018
                                                                                                                             20%
                               insulin                            US: 2006                           (+12%)                                      US: 2019



         * Formulation patent. The molecule patent for NovoRapid® has expired in EU and will expire in 2014 in the US.
         The NovoMix® molecule patent in the US wil expire in 2014.
         Source: IMS, Monthly MAT, brand value of total segment. Reported sales 2011 (vs. 2010) in DKK billion.
                                                                                                     Investor presentation                            First nine months of 2012       Slide no 50


Novo Nordisk modern insulin performance within the
respective segments
             Long-acting insulin                                              Rapid-acting insulin                                                           Premixed insulin
tMU               Segment volume                                  tMU                     Segment volume                                   tMU                     Segment volume
                  Levemir®                                                                NovoRapid®                                                               NovoMix®
                  market share                                                            market share                                                             market share


              CAGR volume: 9.0%                                                    CAGR volume: 7.9%                                                            CAGR volume: 3.9%
              MI penetration: 75%                                                  MI penetration: 74%                                                          MI penetration: 46%




      Aug                                  Aug                           Aug                                         Aug                              Aug                              Aug
      2007                                 2012                          2007                                        2012                             2007                             2012




                    Note: Monthly MAT, volume figures. Modern insulin (MI) penetration is of total segment, i.e. including animal and human insulin
                    Source: IMS
                                                                         Investor presentation                  First nine months of 2012   Slide no 51


Still a significant potential for Novo Nordisk on the US
modern insulin market
         US insulin market by segments                                         US modern insulin volume market shares
             Modern insulin penetration
tMU                                                        Penetration                       Novo Nordisk                   Sanofi           Eli Lilly
             Device penetration
                   CAGR volume: 6.5%
                   CAGR value*: 20.9%



                                                                                                                                                   44%

                         Fast acting                                                                                                               38%



                           Premix

                                                                                                                                                   18%



                        Long acting



  Aug                                                      Aug                   Aug                                                          Aug
  2007                                                     2012                  2007                                                         2012




             Note: * in DKK. Monthly MAT, volume figures                         Note: Monthly MAT, volume figures
             Source: IMS                                                         Source: IMS
                                                                         Investor presentation                  First nine months of 2012   Slide no 52


Maintaining the solid leadership position on the
European modern insulin market
         EU insulin market by segments                                         EU modern insulin volume market shares
             Modern insulin penetration
tMU                                                        Penetration                       Novo Nordisk                    Sanofi            Eli Lilly
             Device penetration


                    CAGR volume: 3.6%
                    CAGR value*: 4.8%                                                                                                                50%


                          Fast acting



                                                                                                                                                     30%

                             Premix
                                                                                                                                                     18%



                          Long acting



  Aug                                                      Aug                   Aug                                                          Aug
  2007                                                     2012                  2007                                                         2012




             Note: * in DKK. Monthly MAT, volume figures                         Note: Monthly MAT, volume figures
             Source: IMS                                                         Source: IMS
                                                                                     Investor presentation                  First nine months of 2012        Slide no 53


Stable leadership position on the rapidly growing
Chinese insulin market
         China insulin market by segments                                                       China insulin volume market shares
               Modern insulin penetration                                                               Novo Nordisk                 Sanofi             Eli Lilly
tMU                                                                    Penetration
               Device penetration                                                                       Shanghai Fosun               Tonghua Dongbao


                     CAGR volume: 23.3%
                                                                                                                                                                      61%
                     CAGR value*: 36.3%




                                                    Fast acting




                                                      Premix


                                                                                                                                                                      14%
                                                                                                                                                                      10%
                                                                                                                                                                       6%
                                                   Long acting                                                                                                         5%

  Aug                                                                   Aug                  Aug                                                               Aug
  2007                                                                  2012                 2007                                                              2012



              Note: * in DKK. Monthly MAT, volume figures. IMS only covers
              14% of the total Chinese market (hospital data).                               Note: Monthly MAT, volume figures. Only top-5 shown
              Source: IMS                                                                    Source: IMS
                                                                                         Investor presentation                  First nine months of 2012   Slide no 54




Stable leadership position in International Operations
         International Operations insulin                                                               International Operations insulin
                market by segments                                                                            volume market shares
               Modern insulin penetration                                                                      Novo Nordisk                     Sanofi
tMU                                                                       Penetration
               Device penetration                                                                              Eli Lilly                        Biocon


                       CAGR volume: 13.8%
                       CAGR value*: 16.4%
                                                                                                                                                                     58%


                                                  Fast acting




                                                    Premix

                                                                                                                                                                     18%
                                                                                                                                                                     14%

                                                 Long acting
                                                                                                                                                                     3%
  Aug                                                                      Aug                   Aug                                                          Aug
  2007                                                                     2012                  2007                                                         2012

              Note: *in DKK. Monthly MAT, volume figures. IMS only covers the
              following 12 markets in IO (retail data): Algeria, Argentina, Australia,
              Brazil, Colombia, Egypt, India, Mexico, NZ, Saudi Arabia, South Africa &
              Turkey.                                                                            Note: Monthly MAT, volume figures. Only top-4 shown
              Source: IMS                                                                        Source: IMS
                                                                          Investor presentation                  First nine months of 2012   Slide no 55




Sustained leadership position in Japan

         Japan insulin market by segments                                     Japan modern insulin volume market shares
               Modern insulin penetration                                                Novo Nordisk                    Sanofi              Eli Lilly
tMU                                                         Penetration
               Device penetration



                     CAGR volume: 2.4%
                     CAGR value*: 12.0%
                                                                                                                                                         51%
                         Fast acting




                                                                                                                                                         25%
                            Premix                                                                                                                       24%




                         Long acting

  Aug                                                       Aug                   Aug                                                           Aug
  2007                                                      2012                  2007                                                          2012




              Note: * in DKK. Monthly MAT, volume figures                         Note: Monthly MAT, volume figures
              Source: IMS                                                         Source: IMS
                                                  Investor presentation        First nine months of 2012   Slide no 56




Assessment of the insulin industry
• Suppliers                                 Resistor            Enabler for biosimilar competitor            Driver

      Uniqueness of suppliers               High                                                                 Low
• Customers
      Size of target audience               Large                                                              Small
      Administration of drug                Patients                                                       Physicians
      Cost pressure from payers             Low                                                                  High
• Entrants
      Intellectual property                 Strong                                                             Weak
      Regulatory hurdles                    High                                                                Low
      CAPEX required                        Large                                                              Small
      Manufacturing economies of scale      Large                                                              Small
• Substitutes
      Automatic substitution for insulins   Low                                                                 High
• Competition
      Size and growth of the market         Small                                                              Large
      Costs per treatment                   Low                                                                 High
      Duration of treatment                 Chronic                                                          Episodic
      Device complexity                     High                                                                 Low
      Competitive activity of incumbents    High                                                                 Low
      Assets specificity to drug            High                                                                 Low



             Source: Novo Nordisk
                                                  Investor presentation                  First nine months of 2012          Slide no 57


GLP-1 effect dependent on level of blood glucose -
which reduces risk of hypoglycaemia
    When blood sugar levels increase then GLP-1       GLP-1 lowers blood glucose in patients with
                 does the following:                               type 2 diabetes

                                                                                Type 2 diabetes patients, no GLP-1
•     Increases insulin secretion                         Glucose
                                                         (mmol/L)               Type 2 diabetes patients, with GLP-1
                                                         18                     Healthy controls receiving saline
•     Reduces glucagon secretion
                                                         16
•     Slows gastric emptying                             14
                                                         12
•     Creates sense of satiety
                                                         10
                           Brain
                                                          8
                                                          6
                                                          4
                                                          2                                   Breakfast                 Snack
                                                                                                                Lunch
                                                          0
                                                              22.00        02.00         06.00       10.00         14.00        18.00
           Liver                     Gut
                                                                                                  Time




                          Pancreas
                                                           Source: Rachman et al. Diabetologia 1997;40:205–11
                                                   Investor presentation   First nine months of 2012   Slide no 58


Victoza®, the only once-daily human GLP-1 analogue
for type 2 diabetes
          Characteristics of Victoza®

•   Reduces blood glucose levels with a very low
    risk of hypoglycaemia

•   13 hours half-life allows for once-daily
    dosing

•   Reduces weight

•   Reduces systolic blood pressure

•   97% amino acid homology to human GLP-1
    reduces antibody formation
                                                                                                            Investor presentation                  First nine months of 2012      Slide no 59




      The global GLP-1 market continues to expand
                                Victoza® is driving the expansion of                                                North America constitutes the majority of
                                      the global GLP-1 market                                                              the GLP-1 value market*
                                              GLP-1 sales in bDKK (right axis)                     DKK
                                                                                                                             North America                      Europe          China
                                                                                                  billion
                                                                                                                              Int. Operations                   Japan & Korea

                                                                                                                                               4%
                                                                                                                                             5%
Diabetes market share (value)




                                                 CAGR value*: 32.6%




                                                                                           Victoza®
                                                                                                                                 24%



                                                                                                                                                                         67%

                                                                             Other GLP-1



                                Aug                                                             Aug
                                2007                                                            2012




                                                                                                                    *Annual value of diabetes market Aug 2012
                                       Source: IMS Monthly MAT, *value figures (DKK)                                Source: IMS, Monthly value data (DKK)
                                                                        Investor presentation     First nine months of 2012   Slide no 60




Continued expansion of the US GLP-1 market
                                                                                       Key observations for Victoza®
                        US GLP-1 market                                                      in the US market
GLP-1 TRx scripts
(thousands)                   GLP-1 % of diabetes market value
                              of TRx retail value (right axis)            •   77% of lives are covered without restrictions

                                                                          •   Victoza® now represents 1.3% of total prescriptions in
                                                                              the US diabetes care market

                                                                          •   Victoza ® market share within the GLP-1 segment is now
                                                                              close to 59%
                                   Victoza®
                                                                          •   Around two-thirds of new patients are new to treatment
                                                                              or come from OAD-only regimens


                                 Other GLP-1                              •   Around two-thirds of prescriptions are for the 3-pen
                                                                              pack

      Feb                                                        Aug
     2010                                                        2012




                    Source: IMS NPA, monthly data
                                                                                                            Investor presentation        First nine months of 2012      Slide no 61


      Victoza® continues to expand the GLP-1 class in key
      European markets
                                                   Development in key European markets following Victoza® launch
                                               Germany                                                         UK                                          France
                                       Market value*: DKK 11 billion                               Market value*: DKK 6 billion                   Market value*: DKK 7 billion
Diabetes market share (value)




                                                                                                                      Victoza®                                        Victoza®




                                                    Victoza®


                                                 Other GLP-1                                            Other GLP-1                                     Other GLP-1
                                 Jul                                       Aug               Jul                                  Aug     Jul                                    Aug
                                2009                                       2012             2009                                  2012   2009                                    2012



                                            Note: Monthly value figures
                                            *Annual value of diabetes market MAT Aug 2012
                                            Source: IMS
                                                                                               Investor presentation    First nine months of 2012   Slide no 62


Semaglutide selected as Novo Nordisk’s once-weekly
GLP-1 candidate to enter phase 3
                 Comparison of HbA1c reductions
                        over 12 weeks                                                                            Summary and conclusions
                            Semaglutide                   Liraglutide
                                                                                                 • 12-week, randomised, double-blind, placebo-controlled
 Baseline       8.1   8.2    8.2       8.1      8.2      8.1       8.1      8.0      8.1
                                                                                                   phase 2 trial in 411 people with type 2 diabetes
            -
                                                                                                 • Semaglutide dose dependently and highly efficaciously
            -                                                                                      reduced both HbA1c and body weight
            -                                                                                    • GI side effects increased with dose, but events were
HbA1c (%)




            -                                                                                      generally mild or moderate and improved by titration
            -                                                                                    • Semaglutide overall appeared to have a safe profile
            -                                                                                    • Phase 3 programme will include more than 8,000
            -                                                                                      patients

            -

            -




                       Note: *p<0.05 vs. placebo, **P<0.001 vs. placebo, #Semaglutide 1.6 mg
                       T superior to liralugtide 1.2 mg and 1.8 mg, data are LS means, T:
                       semaglutide doses titrated in weekly increments of 0.4 mg
                       Source: Adapted from Nauck et al. EASD 2012 presentation abstract
                                                              Investor presentation         First nine months of 2012       Slide no 63




R&D pipeline: Diabetes and obesity
Compound                 Type                                                    Indication        Status (phase)
                                                                                                    1      2     3      Filed Appr.
Tresiba®   (NN1250)      Ultra-long-acting basal insulin                         Type 1+2

Ryzodeg® (NN5401)        Ultra-long-acting basal insulin with a bolus boost Type 1+2

IDegLira (NN9068)        GLP-1 and basal insulin combination                     Type 2

Semaglutide (NN9535)     Once-weekly GLP-1 analogue                              Type 2

OI338GT (NN1953)         Oral insulin analogue                                   Type 1+2

OI362GT (NN1954)         Oral insulin analogue                                   Type 1+2

OG217SC (NN9924)         Long-acting oral GLP-1 analogue                         Type 2

OG987GT (NN9926)         Long-acting oral GLP-1 analogue                         Type 2

OG987SC (NN9927)         Long-acting oral GLP-1 analogue                         Type 2

FIAsp (NN1218)           Ultra fast-acting insulin analogue                      Type 1+2

LATIN T1D (NN9211)       GLP-1 analogue                                          Type 1

Liraglutide 3 mg (NN8022) Once-daily GLP-1 analogue                              Obesity
                                                                                                     Investor presentation                           First nine months of 2012         Slide no 64


Phase 3a programmes for Tresiba® and Ryzodeg®
completed in less than 18 months
                                                                BEGINTM and BOOSTTM timeline
        NN1250-3579: 12 mth vs. IGlar, T2 (N=1030)
        NN1250-3582: 12 mth vs. IGlar, T2 (N=1006)
        NN1250-3583: 12 mth vs. IGlar, T1 (N=629)
                             NN1250-3668: 6 mth vs. IGlar, T2 (N=687)
                                                       NN1250-3580: 6 mth vs. sitagliptin, T2 (N=458)
                                                                    NN1250-3586: 6 mth vs. IGlar, T2 (N=435)
                                                                    NN1250-3585: 6 mth vs. IDet, T1 (N=456)
                                                                                 NN1250-3672: 6 mth vs. IGlar, T2 (N=460)
                                                                                 NN1250-3718: 6 mth 3TW vs. IGlar OD, T2 (N=467)
                                                                    NN1250-3724: 6 mth 3TW vs. IGlar OD, T2 (N=460)
                                                                                 NN1250-3770: 6 mth vs. IGlar, T1 (N=493)*
                                                                                                                       NN1250-3839: 4 mth IGlar OD to 3TW, T2 (N=143)
 NN5401-3594: 6 mth vs. IDet, T1 (N=548)
                              NN5401-3592: 6 mth vs. BIAsp30, T2 (N=447)
                                                        NN5401-3590: 6 mth vs. IGlar, T2 (N=530)
  Tresiba® : BEGINTM (~7,000 pts.)                      NN5401-3593: 6 mth vs. IGlar, T2 (N=465)
  Ryzodeg®: BOOSTTM (~3,000 pts.)                                    NN5401-3597: 6 mth vs. BIAsp30, T2 (N=424)



 Aug      Sep      Oct          Nov         Dec          Jan          Feb          Mar          Apr          May          Jun          Jul          Aug      Sep      Oct        Nov       Dec
                 2009                                                                                                          2010


                Note: Timing of trials as listed on www.clinicaltrials.gov excl. additional patient follow-up and data analysis required before results
                were available. T1: type 1 diabetes. T2: type 2 diabetes. N: patients randomised. *Excluding 6 months extension.
                                                                          Investor presentation                   First nine months of 2012   Slide no 65


BEGINTM and BOOSTTM confirm the profiles of Tresiba®
and Ryzodeg®
           Tresiba® OD vs insulin glargine OD1                                   Ryzodeg® BD vs NovoMix® BD2

           •   Basal insulin with flatter, less variable profile and             •    First basal-prandial combination product of
               a doubling in half-life                                                two insulin analogues – mimics physiology




           •   Improved fasting glucose control                                  •    Improved fasting glucose control
           •   Less impact of missed dose                                        •    Faster achievement of titration target
                                                                                 •    Reduction in daily insulin consumption


           •   Lower rate of overall hypoglycaemia                               •    Lower rate of overall hypoglycaemia
           •   Lower rate of nocturnal hypoglycaemia                             •    Lower rate of nocturnal hypoglycaemia




           •   Dosing flexibility, enabling administration at any                •    No re-suspension needed
               time on any day                                                   •    Superior pen with easy-touch dosing
           •   Reduced injection volume (U200) - 1 inj. for all                       mechanism
           •   Superior pen with easy-touch dosing mechanism




       1) Based on trial NN1250-3579, NN1250-3586, NN1250-3668, NN1250-
       3672, NN1250-3770, NN1250-3582 and NN1250-3583.                               2) Based on trial NN5401-3592 and NN5401-3597
                                                                                                         Investor presentation                       First nine months of 2012         Slide no 66


Meta-analysis across type 1 and type 2 diabetes trials
confirms hypoglycaemic profile of insulin degludec
                                                              Confirmed hypoglycaemia                                                              Nocturnal hypoglycaemia

                                                                                                                                        Total period
Subjects                                        Total period                          Maintenance period2                                                                Maintenance period2
                                                                                                                                         Rate ratio
                                          Rate ratio (IDeg/IGlar)                    Rate ratio (IDeg/IGlar)                                                            Rate ratio (IDeg/IGlar)
                                                                                                                                       (IDeg/IGlar)


                                                       0.83                                       0.75                                      0.68                                   0.62
T2DM
                                                   [0.74; 0.94]                               [0.66; 0.87]                              [0.57; 0.82]                           [0.49; 0.78]

                                                       0.83                                       0.72                                      0.64                                   0.51
T2DM insulin-naïve
                                                   [0.70; 0.98]                               [0.58; 0.88]                              [0.48; 0.86]                           [0.36; 0.72]

                                                       1.10                                       1.02                                      0.83                                   0.75
T1DM
                                                   [0.96; 1.26]                               [0.88; 1.19]                              [0.69; 1.00]                           [0.60; 0.94]

                                                       0.91                                       0.84                                      0.74                                   0.68
T1DM+T2DM1
                                                   [0.83; 0.99]                               [0.75; 0.93]                              [0.65; 0.85]                           [0.58; 0.80]

   = statistical significance




                         Note: Full analysis set; 1 The pooled analysis was the primary endpoint; 2 From 16 weeks onwards; [ ] = 95% confidence intervals; Hypoglycaemia was
                         defined as rates of self-reported confirmed hypoglycaemia (plasma glucose <3.1mmol/L or severe hypoglycaemia requiring assistance) and nocturnal
                         confirmed hypoglycaemia (00:01-05:59 incl.). IDeg: insulin degludec, IGlar: insulin glargine, T2DM: type 2 diabetes, T1DM: type 1 diabetes
                         Source: Ratner et al. ADA 2012, Poster 387
                                                                                                  Investor presentation                         First nine months of 2012            Slide no 67




Tresiba® and Ryzodeg® phase 3b trials – published trials
Trial ID      Trial arms                                              Trial Purpose                                                               Participants          Duration      LPLV
              IDeg OD + met (stepwise titration) vs.
NN1250-3846                                                           Define clinical use of IDeg by testing titration algorithm                  N = 222, T2           26 weeks      Dec 2011
              IDeg OD + met (simple titration)
NN1250-3923   IDeg U100 OD vs. IDeg U200 OD                           Compare efficacy and safety                                                 N = 373, T2           22 weeks      Jan 2012
              IDeg OD + Met + Liraglutide vs.
NN1250-3948                                                           Compare efficacy and safety                                                 N = 413, T2           26 weeks      Jul 2012
              IDeg OD + Met + IAsp
NN1250-3874   IDeg OD + IAsp vs. IGlar OD + IAsp                      Compare pharmacodynamic profiles using CGM                                  N = 24, T1            12 weeks      Nov 2012
              IDeg OD + IAsp (s.c.) vs.
NN1250-4000                                                           Estimate absolute biovailability after s.c. administration                  N = 18, Healthy       30 hours      Aug 2012
              IDeg OD + IAsp (i.v.)
NN1250-3999   IDeg OD + IAsp vs. IGlar OD + Iasp                      Compare effect of exercise on blood glucose levels                          N = 40, T1            30 minutes    H1 2013e

NN1250-3561   IDeg OD + IAsp vs. IDet OD/BID + IAsp                   Demonstrate efficacy and safety of IDeg in children                         N = 346, T1           52 weeks      H2 2013e
              IDeg OD + lira 1.8mg + met vs.
NN1250-3944                                                           Label expansion Tresiba® add-on to Victoza®                                 N = 320, T2           41 weeks1     H2 2013e
              Placebo + lira 1.8mg + met
NN1250-3943   IDeg U200 OD + met vs. IGlar OD + met                   Compare efficacy, safety and Quality of life                                N = 144, T2           48 weeks2     H2 2013e

Trial ID      Trial arms                                              Trial Purpose                                                               Participants          Duration      LPLV
              IDegAsp OD + met (simple titration) vs.                 Define clinical use of IDegAsp by testing titration
NN5401-3844                                                                                                                                       N = 270, T2           26 weeks      Apr 2012
              IDegAsp OD + met (stepwise titration)                   algorithm
              IDegAsp BID + met vs.
NN5401-3940                                                           Compare efficacy and safety                                                 N = 394, T2           26 weeks      H2 2012e
              BIasp 30 BID + met
              IDegAsp OD +/- OAD (simple titration) vs.               Define clinical use of IDegAsp by testing titration
NN5401-3941                                                                                                                                       N = 270, T2           26 weeks      H2 2013e
              IDegAsp OD +/- OAD (stepwise titration )                algorithm


                 Note: N = number of expected participants in the trial, T1 = people with type 1 diabetes, T2 = people with type 2 diabetes, LPLV = Last Patient Last
                 Visit, i.e. indicating finalisation of the trial. OD: once-daily, BID: twice-daily
                 1) NN1250-3944: 41 weeks consists of a 15 weeks run-in period followed by 26 weeks treatment.
                 2) NN1250-3943: 48 weeks consists of a 16 weeks run-in period followed by two 16 week treatment periods
                                                                                               Investor presentation                         First nine months of 2012              Slide no 68




IDegLira phase 3 trial programme – published trials
Trial ID      Phase                  Trial arms                    Trial Purpose                                                               Participants             Duration     LPLV
                                     IDegLira vs.
NN9068-3697   3a                     IDeg vs.                      Pivotal                                                                     N = 1663, T2             52 weeks1    H1 2013e
                                     liraglutide
                                     IDegLira vs.
NN9068-3912   3a                                                   Pivotal                                                                     N = 382, T2              26 weeks     H1 2013e
                                     IDeg
                                     IDegLira vs.                  Demonstrate efficacy and safety of switching from GLP-1
NN9068-3851   3b                                                                                                                               N = 429, T2              26 weeks     H2 2013e
                                     Pre-trial GLP-1               to IDegLira
                                     IDegLira vs.                  Demonstrate efficacy and safety of IDegLira as add-on
NN9068-3951   3b                                                                                                                               N = 429, T2              26 weeks     H2 2013e
                                     Placebo                       therapy to Sulphonylureas




               Note: N = number of expected participants in the trial, T1 = people with type 1 diabetes, T2 = people with type 2 diabetes, LPLV = Last Patient Last
               Visit, i.e. indicating finalisation of the trial. OD: once-daily, BID: twice-daily
               1) NN9068-3697: 52 weeks in total, including 26 weeks extension period. Data from first 26 weeks reported in connection with Q2 2012 financial release
                                                                                                 Investor presentation                    First nine months of 2012       Slide no 69


In a 26-week trial, IDegLira successfully lowered HbA1c
while reducing weight and the risk of hypoglycaemia
      DUALTM I (NN9068-3690) trial design1                                                                                          Headline results

                                                                                                                                     Tresiba®                Victoza®     IDegLira
                 IDegLira once-daily (n=834)
                                                                                                    Baseline HbA1c                      8.3%                  8.3%         8.3%
 1,663
 people                                                                                             End of trial HbA1c                  6.9%                  7.0%         6.4%
  with           Victoza® once-daily (n=415)
 type 2
diabetes
                                                                                                    % reaching HbA1c
                                                                                                                                         65%                   61%          81%
                                                                                                    target of 7%
                 Tresiba once-daily (n=414)                                                         % reaching HbA1c
                                                                                                                                         48%                   41%          70%
                                                                                                    target of 6.5%

           0                                                                          26            Weight change                     +1.5 kg                -3.0 kg       -0.5 kg
                                                                                     weeks
           Open label                                                                               Confirmed
                                                                                                                                          Low                Very low       Low
           Primary end-point: HbA1c reduction                                                       hypoglycaemia
           Secondary end-points: Hypoglycaemic events, body weight, change in PPG and
           insulin dose                                                                                 = statistically significantly better than Tresiba® and Victoza®

                                                                                                        = statistically significantly better than Tresiba®



                  1Inclusion criteria: Type 2 diabetes, age +18-years, previous treatment with
                  metformin or metformin + Pioglitazone, BMI: <40 kg/m2, HbA1c: 7-10%
                                                   Investor presentation      First nine months of 2012   Slide no 70




Liraglutide 3.0mg phase 3a trial programme in obesity

        Trial                         Arms                             Duration                       Status

                         •   Liraglutide 3 mg (n=210)              56 weeks + 12                   Completed
SCALETM-Maintenance
                         •   Placebo (n=210)                       weeks follow-up                 in Q3 2010


                                                                   56 weeks + 12
                         •   Liraglutide 3 mg (n=2400)                                              Expected
 SCALETM-Obesity and                                               weeks follow-up
                                                                                                   completion
    Pre-diabetes         •   Placebo (n=1200)                        and 2 year
                                                                                                   in H1 2013
                                                                     extension
                         •   Liraglutide 3 mg (n=400)
                                                                                                    Expected
                                                                   56 weeks + 12
  SCALETM-Diabetes       •   Liraglutide 1.8 mg (n=200)                                            completion
                                                                   weeks follow-up
                                                                                                   in H1 2013
                         •   Placebo (n=200)

                         •   Liraglutide 3 mg (n=154)                                               Expected
                                                                    32 weeks + 2
SCALETM-Sleep   apnoea                                                                             completion
                         •   Placebo (n=154)                       weeks follow-up
                                                                                                   in H2 2013
                                                                                                                             Investor presentation       First nine months of 2012   Slide no 71


  In a 56-week trial, liraglutide 3 mg promoted weight
  maintenance and additional weight loss in obese adults
                                                                                                                                               Conclusions on the
                                     Change in body weight by week                                                                          SCALETM-Maintenance trial
                                     Run-in                     Treatment period                          Follow-up                • Subjects lost >5% (6 kg) during 12 week hypo-
                            7                                                                                                        caloric diet and exercise before randomisation
                            6
                            5                                                  Liraglutide 3.0 mg
                                                                                                                                   • Liraglutide 3.0 mg provided further weight loss
Change in body weight (%)




                            4                                                  Placebo
                            3                                                                                                        (6.1% or 6kg vs. 0.1% or 0.2kg placebo) over
                            2                                                                                                        56 weeks
                            1
                            0
                            -1
                                                                                                                                   • 51% of individuals on liraglutide 3.0 mg lost ≥
                            -2                                                                                                       5% of body weight on top of diet and exercise,
                            -3                                                                                                       compared to 22% of individuals on placebo
                            -4
                            -5
                                                                                                                                   • More than 1 in 4 of individuals on liraglutide 3.0
                            -6
                            -7
                                                                                                                                     mg lost ≥ 10% of body weight on top of diet
                            -8                                                                                                       and exercise, compared to 6% of individuals on
                                 -14-10 -6 -2 2 6 10 14 18 22 26 30 34 38                   44    50    56 60 64 68                  placebo
                                                      Time (weeks)


                                              Note: 75% of liraglutide- and 70% of placebo-treated individuals completed week 56
                                              Refer to important drug information in “Forward-looking Statements”
                                              Source: Woo et al. EASD 2011; 78-O (Trial: SCALETM -Maintenance)
                     Investor presentation   First nine months of 2012   Slide no 72




Biopharmaceuticals
                                                                                Investor presentation   First nine months of 2012   Slide no 73


Biopharmaceuticals – global leadership in select,
high-value disease areas
   Haemophilia                                                    Growth Hormone
                                                                                                              Inflammation
   with inhibitors                                                    Therapy

 2011 sales: DKK 8.3 billion                                      2011 sales: DKK 5.0 billion                   2011 sales: DKK 0
 Global market position: #1                                       Global market position: #2             Global market position: n.a.



 NovoSeven® –                                                   Norditropin® –                           Novo Nordisk is
 The leading                                                    The only liquid room-                    organically building an
 recombinant treatment                                          temperature stable                       inflammation franchise
 for acute bleeds in                                            human growth hormone
 inhibitor patients                                             in a prefilled device




            Note: Markets positions based on 2011 full year sales figures
                                           Investor presentation   First nine months of 2012   Slide no 74


Haemophilia: Location of bleedings and the
consequences

    Head and neck                           •    Bleeding in the joint space causes a strong
                           Nose and gums
                                                 inflammatory reaction which predisposes to
                                                 further bleeding
                                Joints

                                            •    Inadequate or delayed treatment of repeated
                     Gut          Joints         joint bleeds results in a “target joint”

                    Kidneys                 •    The joint is tense, swollen and extremely
                                                 painful, and the mobility is restricted

         Muscles                            •    Eventually the cartilage erodes completely and
                              Joints             permanent joint damage (arthropathy) occurs

                                            •    Treatment of arthropathy is orthopaedic surgery

                              Joints
                                                                                   Investor presentation                        First nine months of 2012      Slide no 75


Haemophilia – a significant market suited for Novo
Nordisk’s core strengths within human proteins
  Number of people with haemophilia A
  and B and haemophilia with inhibitors                                                        Sales of recombinant coagulation factors
                                                                                     USD                  Novoseven®                 Xyntha®/Refacto®              Benefix®
                                                                                     billion
                                                                                     5                    Kogenate®/Helixate®                   Recombinate®/Advate®


                                                                                                                                 CAGR: 8%
                                                                                     4

    Haemophilia A
                                                Haemophilia B
                                                                                     3
 App. 300,000 patients
                                         App. 80,000 patients
                                                                                     2
                                                                                          CAGR: 11%
                    Inhibitor segment
                   App. 5,500 patients                                               1                                                                      CAGR: 6%


                                                                                     0
                                                                                          2006         2011                     2006     2011               2006     2011
          Source: Estimates based on prevalence data in literature (Stonebraker                  rFVIIa                             rFVIII                     rFIX
          JS et al. Haemophilia. 2010; 16: 20-32), World Federation of
          Haemophilia – Annual Global Survey 2009, UDC database in the US

          Haemophilia A and B patient estimates represent those characterised as
          „severe‟ and „moderate‟. The inhibitor segment represents those with
          non-transient anti-bodies.                                                           Source: Company reported sales
                                   Investor presentation                First nine months of 2012   Slide no 76


NovoSeven® - a unique biologic for the treatment of a
rare bleeding disorders
           Reported sales                            Key NovoSeven® properties
DKK
billion
                                    • Product characteristics: powder and
                CAGR 8.6%             solvent for solution for i.v. injection, available
                                      in multiple doses, stable at room-temperature
                                    • Indications: treatment of spontaneous and
                                      surgical bleedings in:
                                            •     Haemophilia A or B patients with
                                                  inhibitors
                                            •     Acquired haemophilia
                                            •     Congenital FVII deficiency
                                            •     Glanzmann‟s thrombasthenia*
     Q3                      Q3
    2007                    2012




                                            *Only indicated in Europe
                                                    Investor presentation        First nine months of 2012   Slide no 77




Characteristics of the haemophilia market
 • Suppliers                                    Resistor           Enabler for biosimilar competitor         Driver

        Uniqueness of suppliers              High                                                                     Low
 • Customers
        Size of target audience              Large                                                                Small
        Administration of drug               Patients                                                         Physicians
        Cost pressure from payers            Low                                                                      High
 • Entrants
        Intellectual property                Strong                                                               Weak
        Regulatory hurdles                   High                                                                     Low
        CAPEX required                       Large                                                                Small
        Manufacturing economies of scale     Large                                                                Small
 • Substitutes
        Automatic substitution               Low                                                                      High
 • Competition
        Size and growth of the market        Small                                                                Large
        Costs per treatment                  Low                                                                      High
        Duration of treatment                Chronic                                                            Episodic
        Device complexity                    High                                                                     Low
        Competitive activity of incumbents   High                                                                     Low
        Assets specificity to drug           High                                                                     Low




               Source: Novo Nordisk
                                                                                              Investor presentation     First nine months of 2012   Slide no 78


Core capabilities are applied within haemophilia to
expand the product portfolio




                                        development
                                                                Plasma-                                  Recombinant FVIIa            Recombinant FVIIa




                                           Market
  Factor VIIa                                                   derived                                                                   analogues
                                                                FVIIa*




                                        development
                                                         Plasma-derived                                        Recombinant               Longer-acting

                                           Market
  Factor VIII                                                FVIII*                                               FVIII                   recombinant
                                                                                                                                             FVIII
                                        development


                                                             Plasma-                                      Recombinant FIX*               Longer-acting
                                           Market




   Factor IX                                               derived FIX*                                                                 recombinant FIX
                                        development




                                                           Plasma-derived                                     Recombinant                     New
                                           Market




  Factor XIII                                                  FXIII*                                            FXIII                     indications


                                                                                                                Time




          * Novo Nordisk is currently not participating in this generation of products or projects
                                                                                           Investor presentation            First nine months of 2012      Slide no 79




R&D pipeline: Haemophilia and hGH

Compound                          Type                                                          Indication                        Status (phase)
                                                                                                                                       1     2     3    Filed Appr.

Catridecacog* (NN1841)            rFXIII                                                        Congenital FXIII deficiency

Turoctocog alfa (NN7008) rFVIII                                                                 Haemophilia A

N9-GP (NN7999)                    Long-acting rFIX derivative                                   Haemophilia B

N8-GP (NN7088)                    Long-acting rFVIII derivative                                 Haemophilia A

Concizumab (NN7415)               Monoclonal anti-TFPI                                          Haemophilia A and B

NN8640                            Long-acting human growth hormone Growth disorder




              * Catridecacog approved in Europe and Canada under the brand names NovoThirteen® and Tretten®, respectively
                                                                                                Investor presentation                  First nine months of 2012   Slide no 80


In a phase 1 trial turoctocog alfa showed bioequivalence
with existing rFVIII product
          PK profile of rFVIII products from
                     phase 1 trial                                                                    Key results from phase 3a trial programme
FVIII
(IU/mL)                                                                                           •   Positive safety profile with no patients developing an
1.2
                                                                                                      inhibitor and only few adverse events reported
                               turoctocog alfa                    Advate®                         •   A high success rate observed in both treatment of
                                                                                                      bleeds and in reduction of number of bleeds
1.0
                                                                                                  •   100% success rate in preventing bleeds during surgery
                                                                                                      in both children and adults
0.8



0.6                                                                                                                  Phase 3a trial programme

0.4                                                                                               •   Open label, one arm trial, involving 140 previously
                                                                                                      treated adult patients
0.2                                                                                               •   Open label, one arm trial, involving 70 previously
                                                                                                      treated paediatric patients
 0
                                                                                                  •   Extension trial to both adult and paediatric phase 3a
      0   4   8   12      16      20      24      28      32      36      40      44      48          trials
                                 Time (hours)


                  Source: adapted from Martinowitz et al, Bioequivalence between two
                  serum-free recombinant factor VIII preparations (N8 and ADVATE) – an
                  open-label, sequential dosing pharmacokinetic study in patients with severe            Source: Novo Nordisk 2011 full year Company
                  haemophilia A, Haemophilia (2011), 17, 854–859                                         Announcement, 2 February 2012
                                                                                               Investor presentation                     First nine months of 2012           Slide no 81


In a phase 1 trial the pharmacokinetic profile of
N8-GP* supported less frequent dosing
          PK profile of N8-GP compared with
                 other rFVIII product                                                                            Key results from phase 1 trial
FVIII
(U/mL or IU/mL)
                                                                                                 • N8-GP was well tolerated at single iv doses up to 75
2.5                                                                                                U/kg
                                             25 IU/kg previous FVIII product
                                             25 U/kg N8-GP                                       • N8-GP appeared safe with no patients developing
2.0                                          50 IU/kg previous FVIII product                       inhibitors or binding antibodies
                                             50 U/kg N8-GP

                                             75 IU/kg previous FVIII product                     • The mean terminal half-life of N8-GP was 18.4 hours,
1.5                                          75 U/kg N8-GP                                         equal to a 1.6-fold prolongation compared with previous
                                                                                                   FVIII products
1.0
                                                                                                                     Phase 3a trial programme

0.5
                                                                                                 • Open label, two arm trial (on-demand and prophylaxis)
                                                                                                   involving 132 participants1

 0
                                                                                                 • Open label, one arm surgery trial, involving 18 patients
      0     20    40        60        80      100            120        140        160             is2
                                 Time (hours)


                  *N8-GP is internal designation for NN7088, a long-acting rFVIII
                  N8-GP was measured with standard chromogenic assay using N8-GP as
                  calibrator (U/mL)                                                                     Source: 1) ClinicalTrials.gov: NCT01480180, 2) ClinicalTrials.gov:
                  Source: Pathfinder™ - Data on file NN7088-3776, Tiede et al. WFH July 2012            NCT01489111
                                                                                                   Investor presentation                First nine months of 2012   Slide no 82


Based on phase 1 data N9-GP* appears to have a very
long acting profile
                  PK profile of FIX products                                                                         Key results from phase 1 trial
FIX
(IU/mL)                                                                                              • N9-GP was well tolerated
0.8                                                                                                  • N9-GP appeared safe with no patients developing
                             NN7999              rFIX             pdFIX
0.7
                                                                                                       inhibitors
                                                                                                     • The mean terminal half-life of N9-GP was 93 hours,
0.6
                                                                                                       equal to a 5-fold prolongation compared with previous
0.5
                                                                                                       FVIII products
0.4
                                                                                                                          Phase 3a trial programme
0.3
                                                                                                     • Blinded two arm trial (on-demand and prophylaxis),
0.2                                                                                                    involving more than 50 patients
0.1                                                                                                  • Open labe,l surgery trial, involving more than 10 surgeries
0.0                                                                                                  • Open label, two arm paediatrictrial (on-demand and
      0   10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170                                   prophylaxis), involving more than 20 patients
                            Time (hours)

                    *N9-GP is internal designation for NN7088, a long-acting recombinant FIX
                    derivative.
                    Source: Adapted from Negrier et al. Enhanced pharmacokinetic properties of
                    a glycoPEGylated recombinant factor IX: a first human dose trial in patients
                    with hemophilia B. Blood 2011                                                           Source ClinicalTrials.gov
                                                                                                  Investor presentation     First nine months of 2012   Slide no 83


NovoThirteen® (catridecacog), a recombinant FXIII,
provides efficacious and safe haemostatic coverage
 FXIII activity levels in mentor™ phase 1 trial                                                                   Key results from phase 1 trial
Berichrom FXIII
Activity (%)                                                                                        • Catridecacog was effective in preventing bleeding after
                                         10% lower target level
                                                                                                      once-monthly dosing for 12 months
100
                                                                                                    • Annual frequency of bleeds requiring treatment was
 90
                                                                                                      0.138 (vs. 2.91 for historical controls)
 80
                                                                                                    • Treatment with catridecacog was generally safe with
 70

 60
                                                                                                      only transient, non-neutralising antibody formation
 50
                                                                                                      being reported in few patients
 40

 30

 20

 10

  0
               0   4   8     12 16 20 24 28 32                     36    40     44    48     52
      Screening                Weeks since first dose




                   Source: Inbal et al, Recombinant factor XIII: a safe and novel treatment for
                   congenital factor XIII deficiency. Blood, 119(22) 5111-5117, 2012
                                                                       Investor presentation                   First nine months of 2012      Slide no 84


Novo Nordisk maintains stable market position in the
human growth hormone market
            Development in global hGH market                                   Growth hormone volume market share
                  MAT volume kg (left axis)                                                           Pfizer                   Novo Nordisk
kg                                                              bDKK
                  MAT Value DKK (right axis)                                                          Eli Lilly                Roche
                                                                        40%
                                                                                                      Merck Kgaa               Sandoz

                                                                        35%


                                                                        30%

                           CAGR volume: 3.5%                            25%
                           CAGR value DKK: 4.8%                                                                                                         24%

                                                                        20%

                                                                        15%


                                                                        10%


                                                                          5%


                                                                          0%
     Aug                                                      Aug              Aug                                                               Aug
     2007                                                     2012             2007                                                              2012




                 Note: Monthly MAT value and volume figures                     Note: Monthly MAT, volume figures
                 Source: IMS                                                    Source: IMS
                                                  Investor presentation     First nine months of 2012   Slide no 85




Solid Norditropin® sales growth

             Reported Norditropin® sales                           Key Norditropin® properties
DKK
billion
1.5
                                                   • Product characteristics: Premixed, prefilled
                       CAGR 10.6%                    multi-use delivery systems available in
                                                     multiple strengths, some stable at room-
                                                     temperature
1.0
                                                   • Expanded indications: GHD, GHDA, Noonan
                                                     Syndrome, Turner Syndrome, SGA indication
                                                   • Medical and Clinical support programmes
0.5
                                                   • Patient support programmes



0.0
       Q3                                   Q3
      2007                                 2012
                                                     Investor presentation   First nine months of 2012       Slide no 86




R&D pipeline: Inflammation
                         Type                  Indication                          Status (phase)
                                                                              1     2a    2b    3    Filed   Appr.
Anti-IL-20 (NN8226)      Monoclonal antibody   Rheumatoid arthritis

Anti-NKG2D (NN8555)      Monoclonal antibody   Crohn‟s disease

Anti-IL-21 (NN8828)      Monoclonal antibody   Rheumatoid arthritis

Catridecacog (NN8717)    rFXIII                Ulcerative colitis

Anti-C5aR-151 (NN8209)   Monoclonal antibody   Rheumatoid arthritis

Anti-NKG2A (NN8765)      Monoclonal antibody   Rheumatoid arthritis

Anti-C5aR-215 (NN8210)   Monoclonal antibody   Rheumatoid arthritis

Anti-IL-21 (NN8828)      Monoclonal antibody   Systemic Lupus
                                                Investor presentation        First nine months of 2012   Slide no 87


Inflammation well suited to leverage Novo Nordisk’s
core capabilities
                                                     Protein focus
                                                     • Mainstay of modern anti-inflammatory
                                                        therapies
 Immunology focus                                    • Novo Nordisk core competence
 • Direct pathogenic mechanism           Protein
   for all autoimmune diseases        therapeutics                      Chronic diseases
 • Well-validated bio-                                                  • Patient recruitment at
   pharmaceutical approach                                                 hospitals/specialty clinics
 • Immunology base at Novo          Inflammation                        • Safety and efficacy assessment
   Nordisk                                                              • Specialist sales force
                                                                        • Quality of Life considerations
                                 Immune         Chronic                 • Delivery devices
                                  system        Disease                 • Alternative routes of
                                                                           administration
                                                                        • Lifecycle management
                                                                        • Long product lifecycles
                        Investor presentation   First nine months of 2012   Slide no 88




Financial performance
                                                            Investor presentation           First nine months of 2012       Slide no 89


Solid sales growth driven by North America and
International Operations
                Reported annual sales                                Reported annual sales split by region
DKK
                Diabetes         Biopharmaceuticals
billion                                                                        North America           Europe           China
                                                                               Int. Operations         Japan
                           CAGR 9.7%


                                                                              17%                                 14%
                                                                                                                  8%
                                                                              11%
                                                                                                                  9%


                                                                              39%                                 29%




          71%     72%          73%        73%         75%
                                                                              33%                                 40%
                                                                                               Investor presentation            First nine months of 2012    Slide no 90




Solid operating profit growth driven by diabetes

                      Operating profit                                                                         Operating profit therapy split
DKK
billion                                                                                                                   Diabetes                    Biopharm

                      Operating profit                               18%
                      growth vs. last year

                                                   27%


                                  21%
                 24%
          13%
                                                                                                          54%             46%               65%             35%




                                                                                                                   2007                            2011




                Note: 2007 and 2008 operating profit growth adjusted for the AERx® discontinuation cost
                                                 Investor presentation      First nine months of 2012     Slide no 91




Profitability per segment

             Diabetes P&L, 2011                                 Biopharmaceuticals P&L, 2011
DKK                                                DKK
billion                                            billion


          -21%


                 -33%




                        -13%

                               -5%                                -11%
                                     +1%   29%                           -16%
                                                                                -20%
                                                                                           -5%      +1%       49%
                         Investor presentation   First nine months of 2012   Slide no 92


Continued gross margin improvement combined with
stable investment level
          COGS                                    CAPEX
DKK                        DKK
billion                    billion
                               Investor presentation      First nine months of 2012   Slide no 93




Growing profits converted into free cash flow

          Net profit                              Free cash flow (absolute)
DKK                              DKK
billion                  DKK     billion
                                                                                              Investor presentation                         First nine months of 2012      Slide no 94




Long-term financial targets

                           Performance against long-term financial targets

                                                                                  Average                            Result                      Previous               Updated
                                                                                2007-2011**                          2011                         targets               targets

Operating profit growth                                                                 20%                             18%                           15%                15%*


Operating margin                                                                        29%                             34%                           35%               35%*

Operating profit after tax to net operating
                                                                                        51%                             78%                           70%               90%*
assets (previously ROIC)

Cash to earnings (three years’ average)                                                105%                           113%                            90%               90%*




             The long term financial targets are based on an assumption of a continuation of the current business environment and given the current scope of
             business activities and has been prepared assuming that currency exchange rates remain at the level as of 30 January, 2012.
             *The previous target level assumed that proposed accounting rules regarding treatment of operating leases, the draft International Financial
             Reporting Standard „Leases‟ (ED/2010/09), would have been implemented in the near future. However, the implementation has now been
             postponed and the actual content is currently unclear and as such, this assumption no longer applies.
             **Simple average of reported figures 2007-2011.
                                                                                                Investor presentation                         First nine months of 2012          Slide no 95



Long term financial targets:
Operating profit growth and operating margin

             Operating profit growth                                                                                                 Operating margin
                New long term financial target                                                                                  New long term financial target
30%             Previous long term financial targets                                               40%                          Previous long term financial targets


                                                                                                   35%
25%

                                                                                                   30%
20%
                                                                                                   25%

15%                                                                                                20%


                                                                                                   15%
10%

                                                                                                   10%

5%
                                                                                                     5%


0%                                                                                                   0%
      2007    2008            2009            2010            2011            New                               2007            2008            2009            2010      2011    New target
                                                                             target



              Note: Excl. cost related to discontinuation of all pulmonary activities in 2007 and 2008. The long term financial targets are based on an assumption of a
              continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency
              exchange rates remain at the level as of 30 January 2012
                                                                                               Investor presentation                         First nine months of 2012         Slide no 96



Long term financial targets:
Operating profit after tax to net operating assets, and cash to earnings
        Operating profit after tax to net                                                                                         Cash to earnings
                operating assets                                                                                                (three years’ average)
                New long term financial target                                                                                    New long term financial target
                Previous long term financial targets                                                                              Previous long term financial targets
100%                                                                                              140%

90%
                                                                                                  120%
80%

70%                                                                                               100%

60%
                                                                                                    80%
50%
                                                                                                    60%
40%

30%                                                                                                 40%

20%
                                                                                                    20%
10%

 0%                                                                                                  0%
       2007     2008           2009            2010           2011            New                                2007           2008            2009           2010     2011       New
                                                                            target*                                                                                               target

              Note: The long term financial targets are based on an assumption of a continuation of the current business environment and given the current scope of
              business activities and has been prepared assuming that currency exchange rates remain at the level as of 30 January 2012.

              * The previous target level assumed that proposed accounting rules regarding treatment of operating leases, the draft International Financial Reporting
              Standard „Leases‟ (ED/2010/09), would have been implemented in the near future. However, the implementation has now been postponed and the
              actual content is currently unclear and as such, this assumption no longer applies
                                                                                                   Investor presentation              First nine months of 2012       Slide no 97


Cash generated is returned to shareholders in form of
dividends and share buybacks
                 Dividend and payout ratio                                                                            Share repurchases programmes
DKK                                                                                 Payout            DKK               Share repurchase programme 2007-2010
                 Dividend paid                    Payout ratio
billion                                                                               ratio           billion           Expansion following Dako divestment
                                                                                                                        Expansion following ZymoGenetics divestment
                                                                                                                        Expansion include purchase in January 2012




          2.2    2.8           3.7            4.4            5.7            7.8                                 4.8        4.7         6.5          9.5        12.0      12.0




          2007   2008         2009          2010            2011          2012                                  2007       2008        2009        2010        2011      2012E




                   Note: 2007 payout ratio adjusted for the AERx® discontinuation cost and the divestment of
                   Dako‟s business activities. 2010 payout ratio adjusted for the divestment of ZymoGenetics
                   business activities.
                                                                                          Investor presentation   First nine months of 2012   Slide no 98


Stable ownership structure
- secured through A and B-share structure

                     Share structure                                                                    The Novo Nordisk Foundation

   Novo Nordisk                                                                            • The Novo Nordisk Foundation is a self-
    Foundation                                  Institutional and
                                                                                             governing institution that:
                                                private investors                             • provides a stable basis for Novo Nordisk
     Novo A/S                                                                                 • supports scientific, humanitarian and
                                                                                                social purposes
   72.7% of votes                                27.3% of votes
  25.5% of capital                              74.5% of capital                           • All strategic and operational matters are
                                                                                             governed by the board and management of
                                                                                             Novo Nordisk

   Novo Nordisk                                    Novo Nordisk                            • Overlapping board memberships ensure
     A-shares                                        B-shares
                                                                                             that the Novo Nordisk Foundation and Novo
   107m shares                                      453m shares                              Nordisk share vision and strategy




            Note: The figures relating to number of votes and share capital do not take
            treasury shares (own shares) held by Novo Nordisk into account

				
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