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									Citi Investment Research Global Health Care Conference




                                     Citi Investment Research
                                     Global Health Care
                                     Conference
                                              Citi Investment Research Global Health Care Conference                                                Slide no 2




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 2009 and Form 20-F, both filed with the SEC in February 2010, 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 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 cooperations in relation thereto,
- statements containing projections of or targets for revenues, income (or loss), earnings per share, capital expenditures, dividends, capital
structure or other net financials,
- statements of future economic performance, future actions and outcome of contingencies such as legal proceedings, and
- statements of the assumptions underlying or relating to such statements.
Forward-looking statements can be found throughout the presentation, for example in the ‘Financial guidance for 2010’.
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 related 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’ on pp 40-42 of the Annual Report 2009 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.
                Citi Investment Research Global Health Care Conference   Slide no 3




Agenda


 • Highlights for the first three months of 2010
 • Victoza® launch update
 • US health care reform
 • R&D focus on the new generation of insulins
 • Concluding remarks
                         Citi Investment Research Global Health Care Conference    Slide no 4




Highlights and key events

Market development
• Solid launch performance of Victoza® in the US and EU
• Modern insulins drive robust sales growth of 9% (11% in local currencies)
• North America and International Operations account for more than 80% of sales growth

Research and development
• New Norditropin® pen, FlexPro®, approved and launched in the US
• Degludec and DegludecPlus phase 3a recruitment on track and 7 new studies initiated
  during the first quarter of 2010
• New oral GLP-1 in phase 1 development

Financials
• Gross margin improved by 40 basis points to 80.3% (100 basis points in local currencies)
• Operating profit growth of 15% as reported (around 20% in local currencies)
• Upgraded 2010 financial guidance:
    • Now expected sales growth of 7-10% in local currencies
    • Now expected operating profit growth of more than 10% in local currencies
                                      Citi Investment Research Global Health Care Conference                                                                       Slide no 5




New study doubles estimates for diabetes
prevalence in China
     New England Journal of Medicine:                                                                       Development in estimates for
       92 million Chinese diabetics                                                                         Chinese diabetes prevalence

                                                                                                      100
• The study is based on diabetes tests of a
  representative sample of +46,000 adults




                                                                       million people with diabetes
                                                                                                       80


• Diabetes prevalence estimated at 10%                                                                 60

       • 11% among urban residents                                                                                                                                 92,4
                                                                                                       40
       • 8% among rural residents
                                                                                                       20                                 40,4          43,8
                                                                                                              23,2          24,3
• In addition another 148 million people
  were found to have pre-diabetes                                                                       0
                                                                                                               2000          2003          2007          2010        2010
                                                                                                            1st edition   2nd edition   3rd edition   4th edition New England
                                                                                                             diabetes      diabetes      diabetes      diabetes    Journal of
                                                                                                               atlas         atlas         atlas         atlas      Medicine

Note: The study was published 25 March 2010                                                            Note: IDF estimates including Hong Kong and Macao
                                                               Citi Investment Research Global Health Care Conference                      Slide no 6




                         Proteins drive value growth in the global
                         diabetes care market
                                  Global diabetes care market                                                      Global diabetes care
                                      by treatment class                                                           value market share
                                       OAD           Insulin            GLP-1
                         40                                                                          25%
                                                                                                                                               23%
                         35           Total market: CAGR 10%
Quarterly sales (bDKK)




                                                                                                     20%
                         30

                         25
                                                CAGR 13%                                             15%
                         20
                                                                                                     10%            Novo Nordisk
                         15                                                                                         Takeda
                                                                                                                    Sanofi-Aventis
                         10                     CAGR 6%                                                             Lilly
                                                                                                      5%
                                                                                                                    Merck & Co
                         5
                                                                                                                    GlaxoSmithKline
                         0                                                                            0%
                               Q4                                                 Q4                       Q4                                Q4
                              2004                                               2009                     2004                              2009

                         Note: Quarterly data, value figures                                         Note: Quarterly data, value figures
                         Source: IMS                                                                 Source: IMS
                                                                  Citi Investment Research Global Health Care Conference                     Slide no 7




                     Encouraging start for Victoza® in the US
                                        Victoza® share of GLP-1                                                        Encouraging initial
                                           market (volume)                                                              uptake in the US

                                               ®                               ®
                                        Victoza TRx                    Victoza NRx

                              25%                                                                     • Launched in February 2010
                                                                                          23%
Share of GLP-1 market (Vol)




                                                                                                      • Pipeline filling related to US launch of
                              20%                                                                       app. 250 million DKK
                                                                                                      • Key selling points include
                              15%
                                                                                                             • Efficacy (A1c reduction)
                                                                                          11%
                              10%                                                                            • Once-daily injection
                                                                                                             • Weight loss benefit
                              5%
                                                                                                      • Formulary coverage for around 90% of all
                                                                                                        lives at least at tier 3 level
                              0%
                                    1      2       3      4   5    6     7      8     9
                                                       Week since launch
                      Source: IMS, weekly data.
                      Note: Week 1 is the week ending on 12 Feb 2010.
                                                          Citi Investment Research Global Health Care Conference                                                   Slide no 8




                       Solid progress of Victoza® roll-out in EU
                                       German diabetes market                                                                           UK diabetes market
                                        (value market share)                                                                           (value market share)

                                     Victoza ®    Exenatide           GLP-1 all                                                     Victoza®         Exenatide   GLP-1 all

                                4%                                                                                           5%                                         4.9%
Diabetes market share (value)




                                                                                             Diabetes market share (value)
                                                                               3.5%
                                                                                                                             4%
                                3%                                                                                                                                      3.7%

                                                                                                                             3%
                                                                               2.1%
                                2%
                                                                                                                             2%
                                                                               1.3%
                                1%                                                                                                                                      1.2%
                                                                                                                             1%


                                0%                                                                                           0%
                                     Jun Jul Aug Sep Oct Nov Dec Jan Feb                                                           Jun Jul Aug Sep Oct Nov Dec Jan Feb


                        Source: IMS, monthly data.                                                                           Source: IMS, monthly data.
                           Citi Investment Research Global Health Care Conference                         Slide no 9




Key elements of the US Health Care reform

       Elements with financial
     impact from 2010 and 2011                                          Selected additional elements

• From 2010                                                     • Medical coverage for 32 million people
      • Increased mandated Medicaid rebate                               • Health insurance mandatory
      • Medicaid pricing eligibility for                                 • Medicaid expansion
        Managed Medicaid                                                 • No exclusion based on pre-existing
                                                                           conditions
      • Increase in number of PHS*-eligible
        hospitals                                               • Changes to insurance plan limitations
                                                                         • Removal of annual and life-time caps
• From 2011
      • Industry to cover 50% of out-of-
                                                                • Diabetes specific initiatives
                                                                         • Diabetes health outcomes study
        pocket costs for Medicare part D
        patients in the donut hole                              • Follow-on-biologics legislation
      • Annual Manufacturers Fee distributed                             • Defines overall requirements for
        according to branded prescription                                  biosimilar product approvals
        product sales to government channels

                                  Estimated impact of total sales:
                                          2010: app. 1%
                                          2011: app. 2%



*Public health service
                                                Citi Investment Research Global Health Care Conference                            Slide no 10




  Degludec: a more predictable insulin with
  less day to day variation
                          Variation in effect on blood glucose of Degludec and Glargine based on phase 1 data


                                                                                                         Increasing risk of hypoglycaemia
                                                     Lantus®
                                                         Glargine
Effect on blood glucose




                                           Updated slide including reference available in
                                 Investor Presentation ’23 September - EASD presentation’ (2010)
                                     http://www.novonordisk.com/investors/download-centre/default.asp
                                                   Degludec Degludec



                                                                                                     Increasing risk of hyperglycaemia

                    0                    5                          10                            15                     20
                                                                              Hours

Source: Based on data from study NN1250-1991
                                             Citi Investment Research Global Health Care Conference                         Slide no 11




DegludecPlus: The predictability and
longevity of degludec with a bolus boost
                          DegludecPlus vs. insulin glargine and BIAsp simulation based on phase 1 data


                                        DegludecPlus                     Glargine 0.6 U/kg                  BIAsp 30

                  8
GIR (mg/kg/min)




                  6

                                 Rapid
                  4            component



                  2

                                                                    Basal component

                  0
                      0      2     4     6        8          10          12           14          16   18       20     22          24

                                                                    Time (h)
                              Citi Investment Research Global Health Care Conference                          Slide no 12




Begin™ and Boost™ are designed to explore
degludec and degludecplus in broad settings
                         Insulin treatment initiation                             Insulin treatment intensification


          Type 1                                                               • Degludec OD + NovoRapid® TID vs.
         diabetes                                                                glargine OD + NovoRapid® TID
BEGIN™




                    • Degludec OD vs. sitagliptin
          Type 2                                                              • Degludec OD + NovoRapid® TID vs.
                    • Degludec OD vs. glargine OD
         diabetes                                                               glargine OD + NovoRapid® TID
                    • Degludec 3TW vs. glargine




          Type 1                                                               • DegludecPlus OD + NovoRapid® BID
         diabetes                                                                vs. Levemir® + NovoRapid® TID
BOOST™




          Type 2    • DegludecPlus OD vs. glargine OD                         • DegludecPlus BID vs. NovoMix®30 BID
         diabetes
                       Citi Investment Research Global Health Care Conference                   Slide no 13




Closing remarks

   Solid market performance                                               Promising pipeline


• 10% annual diabetes market growth                          • Victoza® launch expands product
  driven by diabetes prevalence                                offering for early stage type 2
                                                               diabetes
• 51% insulin market share with
  leadership position in emerging                            • The only company with new
  markets                                                      generation insulins in phase 3
                                                               development
• 60% of insulin market converted to
  modern insulin                                             • Expanding franchise within
                                                               Haemophilia
• 46% and increasing modern insulin
  market share
                    Citi Investment Research Global Health Care Conference                   Slide no 14




Investor information

Share information                                             Investor Relations
Novo Nordisk’s B shares are listed
                                                              contacts
on the stock exchange in                                      Novo Nordisk A/S
                                                              Investor Relations
Copenhagen. Its ADRs are listed on                            Novo Allé, DK-2880 Bagsværd
the New York Stock Exchange under                             Fax (+45) 4444 6626
the symbol ‘NVO’. For further                                 Klaus Bülow Davidsen
company information, visit Novo                               Tel: (+45) 4442 3176
                                                              E-mail: klda@novonordisk.com
Nordisk on the internet at:
                                                              Kasper Roseeuw Poulsen
novonordisk.com                                               Tel: (+45) 4442 4471
                                                              E-mail: krop@novonordisk.com

                                                              In North America
                                                              Hans Rommer
                                                              Tel: (+1) 609 919 7937
                                                              E-mail: hrmm@novonordisk.com

								
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