1
Novo Nordisk
A focused healthcare company
CIBC World Markets Frontenac Institutional Investor Conference
September 2002
Director of Investor RelationsRasmus Jorgensen
2
Forward-looking statementsForward-looking statements
This presentation contains forward-looking statements as the term is defined in the US This presentation contains forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 1995. Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks, uncertainties and inaccurate Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations. Factors assumptions. This may cause actual results to differ materially from expectations. Factors that may affect future results include interest rate and currency exchange rate fluctuations, that may affect future results include interest rate and currency exchange rate fluctuations, delay or failure of development projects, production problems, unexpected contract delay or failure of development projects, production problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, Novo Nordisk's ability to Nordisk's products, introduction of competing products, Novo Nordisk's ability to successfully market both new and existing products, exposure to product liability and other successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, unexpected growth in costs and expenses. thereof, unexpected growth in costs and expenses.
Risks and uncertainties are further described in reports filed by Novo Nordisk with the US Risks and uncertainties are further described in reports filed by Novo Nordisk with the US Securities and Exchange Commission (SEC) including the company's Form 20-F, which was Securities and Exchange Commission (SEC) including the company's Form 20-F, which was filed on 26 April 2002. Novo Nordisk is under no duty to update any of the forward-looking filed on 26 April 2002. Novo Nordisk is under no duty to update any of the forward-looking statements after the date of this report or to conform such statements to actual results, statements after the date of this report or to conform such statements to actual results, unless required by law. unless required by law.
Novo Nordisk has the copyright to the information contained in this presentation. Novo Nordisk has the copyright to the information contained in this presentation. © 2002 Novo Nordisk A/S.© 2002 Novo Nordisk A/S.
3
Core competencies of Novo NordiskCore competencies of Novo Nordisk
DiabetesDiabetes ProteinsProteins
Drug deliveryDrug delivery
InsulinInsulin
4
Novo Nordisk salesNovo Nordisk sales
Diabetes careDiabetes care70%70%
Haemostasis Haemostasis managementmanagement
14%14%
8%8%hGHhGH
HRTHRT6%
Note: No significant patent expirations on this side of 2010.Note: No significant patent expirations on this side of 2010.
5
HRTHRTGrowth hormone Growth hormone therapytherapy
Intellectual Intellectual propertyproperty
Diabetes careDiabetes care Haemostasis Haemostasis managementmanagement
PrimaryPrimarygrowth growth driversdrivers
Novo Nordisk – future key driversNovo Nordisk – future key drivers
Diabetes careDiabetes care
Secondary Secondary value value
driversdrivers
6
Diabetes is a growth marketDiabetes is a growth market
Number of diabetics estimated to grow 4% p.a.
Diagnosis rate will increase Some 75 million people today have diabetes without knowing it
Medicine use per diagnosed patient will increaseTreating more assertively reduces burden of late stage complications
Volume growth of at least 5% p.a. sustainableCurrent insulin market volume growth is 6-7%
7
Insulin – the ultimate diabetes therapyInsulin – the ultimate diabetes therapy -
Ce
ll fu
nc
tio
n-C
ell
fun
cti
on
Diet and Diet and exercise exercise
alonealone
Oral therapyOral therapy(66%)(66%)
Insulin Insulin therapytherapy(27%)(27%)
Oral/insulinOral/insulin(approx 7%)(approx 7%)
Time from diagnosisTime from diagnosis
Type 2 - slope
Type 1 - Immediate need for Insulin
8
Insulin market overview Insulin market overview (MATQ1 2002 Volumes)(MATQ1 2002 Volumes)
Notes: Notes: Industrialised world only. Based on IMS data. Monthly data used for Canada. Industrialised world only. Based on IMS data. Monthly data used for Canada. Wal*Mart figures not included. Growth in Europe effected by conversion of Wal*Mart figures not included. Growth in Europe effected by conversion of formulation. formulation.
Novo NordiskNovo Nordiskmarket sharemarket share
2266%%
5588%%
7878%%
60%60%
4466%%World World
Rest of IMS world Rest of IMS world
Japan Japan
Europe Europe
USA USA
Market growth Market growth
4343%%
4848%%
4%4%
66%%
% market size % market size
100%100%
3.6%3.6%
7.9%7.9%
7.0%7.0%
7.8%7.8%
6.1%6.1%
9
Novo Nordisk leadership in insulin therapy
Innovation within insulin therapy will continue to drive the insulin market by providing more efficacious, reproducible and convenient treatment modalities
Novo Nordisk will expand its leadership by maintaining the world’s richest insulin portfolio including new insulin analogues, new insulin
formulations and new insulin delivery systems
10
The insulin business caseThe insulin business case
VolumeVolume
Number of people with diabetes Number of people with diabetes expected to double by 2025expected to double by 2025
Less than half of those affected Less than half of those affected are diagnosed are diagnosed
Ageing population and a move Ageing population and a move towards affluent lifestyle towards affluent lifestyle leading to increased leading to increased prevalenceprevalence
A drive towards intensified A drive towards intensified therapy and earlier diagnosistherapy and earlier diagnosis
5% annual growth5% annual growth 5% annual growth5% annual growth+
Product upgradesProduct upgrades
Conversion from human Conversion from human insulin to insulin analoguesinsulin to insulin analogues
Conversion from vials and Conversion from vials and syringes to delivery systemssyringes to delivery systems
11
Strong portfolio of new injection devicesStrong portfolio of new injection devices
New
New
New
New
12
Analogues is replacing human insulin Analogues is replacing human insulin
Strong insulin analogue Strong insulin analogue penetration continuespenetration continues
NovoRapidNovoRapid®®/NovoLog/NovoLog®® continues to increase continues to increase share in the short-acting share in the short-acting segmentsegment
NovoMixNovoMix®® 30 is being 30 is being rolled out in Europe and rolled out in Europe and will soon be launched in will soon be launched in the USthe US
Insulin analogues’ Insulin analogues’ share of insulin share of insulin
market worldwidemarket worldwide
Notes:Notes: Volumes in industrialised world IMSVolumes in industrialised world IMS
1996 1997 1998 1999 2000 2001 2002 1996 1997 1998 1999 2000 2001 2002
20%20%
13
US analogue conversion - NovoLogUS analogue conversion - NovoLog®®
Key observations:Key observations:
Market share increase Market share increase backed by continued backed by continued penetration of NovoLogpenetration of NovoLog®®
NovoLogNovoLog®® launched launched September 2001 - pump September 2001 - pump indication added in indication added in December 2001December 2001
Launch of NovoLogLaunch of NovoLog®®Mix Mix 70/30 to follow this year70/30 to follow this year
Novo Nordisk total market share (vol) in the USNovo Nordisk total market share (vol) in the US
NovoLogNovoLog® share® share
0%0%
5%5%
10%10%
15%15%
20%20%
25%25%
30%30%
Q1
199
9Q
1 19
99
Q2
199
9Q
2 19
99
Q3
199
9Q
3 19
99
Q4
199
9Q
4 19
99
Q1
200
0Q
1 20
00
Q2
200
0Q
2 20
00
Q3
200
0Q
3 20
00
Q4
200
0Q
4 20
00
Q1
200
1Q
1 20
01
Q2
200
1Q
2 20
01
Q3
200
1Q
3 20
01
Q4
200
1Q
4 20
01
Q1
200
2Q
1 20
02
Q2
200
2Q
2 20
02
Novo Nordisk share of the Novo Nordisk share of the US short-acting marketUS short-acting market
14
OAD
NPH1-2x
NovoLog®® Mix 70/30
HumanPremix
NovoLog®® Mix 50/50
Basal-Bolus
Pumps
NovoLogNovoLog®® Mix 70/30 – simple control Mix 70/30 – simple control
Blood glucose controlBlood glucose control
Con
veni
ence
of t
hera
pyC
onve
nien
ce o
f the
rapy
15
Diabetes pipelineDiabetes pipeline
NN2211NN2211 (GLP-1 analogue)(GLP-1 analogue)
NN344NN344 (Basal analogue)(Basal analogue)
NN1998NN1998(AERx(AERx®iDMS®iDMS))
NN304NN304 (Insulin detemir) (Insulin detemir)
NN414NN414 (Beta cell rest)(Beta cell rest)
Phase 1Phase 1 Phase 2Phase 2 Phase 3Phase 3
NN2344NN2344 (Insulin sensitiser)(Insulin sensitiser)
NovoMixNovoMix®® 50 50(Premixed analogue)(Premixed analogue)
16
Novo Nordisk – future key driversNovo Nordisk – future key drivers
Diabetes careDiabetes careHaemostasisHaemostasismanagementmanagement
PrimaryPrimarygrowth growth driversdrivers
HRTHRTGrowth hormone Growth hormone therapytherapy
Intellectual Intellectual propertyproperty
Secondary Secondary value value
driversdrivers
17
Advantages of NovoSevenAdvantages of NovoSeven®®
A bleeding episode
FVIIa/NovoSeven®®
Tissue factor
Fa
ste
r h
aem
ost
asi
s le
ads
toF
ast
er
ha
emo
sta
sis
lead
s to
Fe
wer
tra
nsfu
sion
s/
Fe
wer
tra
nsfu
sion
s/
tra
nsfu
sio
n-
fre
e s
urg
ery
tra
nsfu
sio
n-
fre
e s
urg
ery
Re
duc
ed
reb
lee
din
gR
ed
uce
d re
ble
edi
ng
Fa
ste
r re
cove
ryF
ast
er
reco
very
Re
duc
ed
mor
bid
ity a
nd
Re
duc
ed
mor
bid
ity a
nd
mo
rta
lity
mo
rta
lity
Imp
rove
d q
ual
ity o
f life
Imp
rove
d q
ual
ity o
f life
18
Haemophilia Haemophilia & congenital & congenital
bleeding disordersbleeding disorders
NovoSeven® expansion projectNovoSeven® expansion project
Haemophilia with Haemophilia with inhibitorsinhibitors
Acquired haemophiliaAcquired haemophilia
FVII and FXI deficiencyFVII and FXI deficiency
GlanzmannGlanzmann
Bernard-SoulierBernard-Soulier
Other coagulation Other coagulation factor defectsfactor defects
Surgery & Intensive careSurgery & Intensive care
*) = Patients with chronic liver disease*) = Patients with chronic liver disease
Upper gastro-Upper gastro-intestinal bleeding *)intestinal bleeding *)
Orthotopic liver Orthotopic liver transplantation *)transplantation *)
Liver resection *)Liver resection *)
Reversal of anti-Reversal of anti-coagulation therapycoagulation therapy
Stem cell Stem cell transplantationtransplantation
Intra-cerebral Intra-cerebral bleedingsbleedings
Liver resectionLiver resection
TraumaTrauma
19
FFinancial resultsinancial results
Net turnoverNet turnover 12,03412,034 11,351 11,351 6 6 6,5536,553 6,0016,001 99
Operating profit Operating profit 2,8562,856 2,740 2,740 4 4 1,6061,606 1,3821,382 1616
Net financialsNet financials 99 99 241241 (59) (59) 8282 44 --
Profit before taxProfit before tax 2,9552,955 2,9812,981 (1) (1) 1,6881,688 1,3861,386 2222
Net profitNet profit 1,925 1,925 1,908 1,908 1 1 1,1011,101 887887 2424
EPS (DKK)* EPS (DKK)* 5.51 5.51 5.48 5.48 1 1 3.153.15 2.552.55 2424
* * Earnings per share on a diluted basis, ie 349.6 million shares in H1 2002 and Earnings per share on a diluted basis, ie 349.6 million shares in H1 2002 and 349.4 million Q2 2002.349.4 million Q2 2002.
DKK millionDKK million First half yearFirst half year Second quarterSecond quarter
20022002 20012001 % chg % chg 20022002 20012001 % chg% chg
20
Outlook for 2002Outlook for 2002As of August 6As of August 6thth, 2002, 2002
Expected sales growth between 6-8%Expected sales growth between 6-8%
Growth in operating profit of 5-10% is reaffirmed Growth in operating profit of 5-10% is reaffirmed
Net financial income now expected to be approximately DKK Net financial income now expected to be approximately DKK 250 million250 million
Tax rate still expected at the level of 35%Tax rate still expected at the level of 35%
Investments still expected at DKK 4.5Investments still expected at DKK 4.5 billionbillion
Share repurchasing programme of DKK 2 billion initiatedShare repurchasing programme of DKK 2 billion initiated
Above outlook is based on the assumption that Above outlook is based on the assumption that exchange and interest rates remain at the exchange and interest rates remain at the current level (6 August 2002).current level (6 August 2002).
21
Novo Nordisk
A focused healthcare company
CIBC World Markets Frontenac Institutional Investor Conference
September 2002
Director of Investor RelationsRasmus Jorgensen
22
Investor InformationInvestor Information
Investor Relations contacts:Investor Relations contacts:
Novo Nordisk A/S Novo Nordisk A/S Investor Relations Investor Relations Novo Allé Novo Allé DK 2880 BagsværdDK 2880 BagsværdDenmark Denmark Fax (+45) 4444 2314 Fax (+45) 4444 2314
Peter HaahrPeter HaahrPhone (+45) 4442 1207Phone (+45) 4442 1207 E-mail: [email protected]: [email protected]
Palle Holm Olesen Palle Holm Olesen Phone (+45) 4442 6175 Phone (+45) 4442 6175 E-mail: [email protected]: [email protected]
Rasmus JorgensenRasmus JorgensenPhonePhone (+1) 212 582 3676 (+1) 212 582 3676 E-mail: [email protected]: [email protected]
Share informationShare information
Novo Nordisk’sNovo Nordisk’s B shares are B shares are listed on the stock exchanges listed on the stock exchanges in Copenhagen and London. Its in Copenhagen and London. Its ADRs are listed on the New ADRs are listed on the New York Stock Exchange under the York Stock Exchange under the symbol "NVO". For further symbol "NVO". For further company information, visit company information, visit Novo Nordisk on the Internet at Novo Nordisk on the Internet at
http://www.novonordisk.comhttp://www.novonordisk.com
23
Sales by therapy first half year 2002Sales by therapy first half year 2002
Insulin sales growth in International Insulin sales growth in International Operations (IO), Europe and North Operations (IO), Europe and North America. NovoNormAmerica. NovoNorm®® growth in growth in Europe and IOEurope and IO
North America and Europe both drive North America and Europe both drive growthgrowth
Growth in Europe and the US, but Growth in Europe and the US, but Japan hit by depreciation of JPY, Japan hit by depreciation of JPY, increased competition and low market increased competition and low market growthgrowth
Negatively affected by parallel trade Negatively affected by parallel trade within Europe and by within Europe and by lower market growthlower market growth
Insulin sales growth in International Insulin sales growth in International Operations (IO), Europe and North Operations (IO), Europe and North America. NovoNormAmerica. NovoNorm®® growth in growth in Europe and IOEurope and IO
North America and Europe both drive North America and Europe both drive growthgrowth
Growth in Europe and the US, but Growth in Europe and the US, but Japan hit by depreciation of JPY, Japan hit by depreciation of JPY, increased competition and low market increased competition and low market growthgrowth
Negatively affected by parallel trade Negatively affected by parallel trade within Europe and by within Europe and by lower market growthlower market growth
Diabetes careDiabetes care
+6%+6%
Haemostasis Haemostasis managementmanagement
+15%+15%
(1%)(1%)
hGHhGH
HRTHRT(1%)
Key observations:Key observations:
Total turnover of DKK 12,035 mn: +6%Total turnover of DKK 12,035 mn: +6%
24
Key observations:Key observations:
Wea
k Q
1, b
ut b
oth
insu
lin a
nd
Wea
k Q
1, b
ut b
oth
insu
lin a
nd
Nov
oSev
enN
ovoS
even
®® g
row
th r
etur
ned
in Q
2 g
row
th r
etur
ned
in Q
2
Nov
oSev
enN
ovoS
even
®®,
insu
lin a
nd h
GH
,
insu
lin a
nd h
GH
co
ntin
ue t
o gr
ow.
cont
inue
to
grow
.
Gro
wth
aff
ecte
d by
dep
reci
atio
n G
row
th a
ffec
ted
by d
epre
ciat
ion
of J
PY
, in
crea
sing
com
petit
ion,
of
JP
Y,
incr
easi
ng c
ompe
titio
n,
pric
e de
crea
ses
and
wea
k pr
ice
decr
ease
s an
d w
eak
mar
ket
deve
lopm
ent
mar
ket
deve
lopm
ent
Wea
k Q
1, b
ut s
tron
g Q
2 W
eak
Q1,
but
str
ong
Q2
grow
th d
riven
by
insu
lin
grow
th d
riven
by
insu
lin
and
oral
ant
i-dia
bete
s an
d or
al a
nti-d
iabe
tes
prod
ucts
pr
oduc
ts
EuropeEurope
+4%+4%
InternationalInternationalOperationsOperations
+20%+20%
North North AmericaAmerica
+10%+10%
Japan Japan & Oceania& Oceania
(4%)(4%)
Sales by region first half year 2002Sales by region first half year 2002
Total turnover of DKK 12,035 mn: +6%Total turnover of DKK 12,035 mn: +6%
25
Diabetes care Diabetes care
SSales by quarterales by quarter
Key
obs
erva
tions
:K
ey o
bser
vatio
ns:
Insu
lin g
row
th p
rimar
ily r
ealis
ed in
In
sulin
gro
wth
prim
arily
rea
lised
in
Inte
rnat
iona
l Ope
ratio
ns a
nd N
orth
In
tern
atio
nal O
pera
tions
and
Nor
th
Am
eric
a, f
ollo
wed
by
Eur
ope
Am
eric
a, f
ollo
wed
by
Eur
ope
Japa
n &
Oce
ania
was
impa
cted
Ja
pan
& O
cean
ia w
as im
pact
ed
nega
tivel
y by
the
dep
reci
atio
n of
ne
gativ
ely
by t
he d
epre
ciat
ion
of
JPY
and
dec
reas
ed s
light
ly
JPY
and
dec
reas
ed s
light
ly
The
rol
l-out
of
Nov
oRap
id®
and
T
he r
oll-o
ut o
f N
ovoR
apid
® a
nd
Nov
oMix
® c
ontin
ues
- an
alog
ue
Nov
oMix
® c
ontin
ues
- an
alog
ue
sale
s up
by
171%
in 1
H 2
002
sale
s up
by
171%
in 1
H 2
002
Nov
oNor
m®
/Pra
ndin
® g
row
th
Nov
oNor
m®
/Pra
ndin
® g
row
th
driv
en b
y E
urop
e an
d In
tern
atio
nal
driv
en b
y E
urop
e an
d In
tern
atio
nal
Ope
ratio
nsO
pera
tions
DKK millionDKK million
1999 2000 2001 20021999 2000 2001 2002
00
500500
1,0001,000
1,5001,500
2,0002,000
2,5002,500
3,0003,000
3,5003,500
4,0004,000
4,5004,500
5,0005,000
Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2
+ 9%+ 9%
26
Haemostasis management (NovoSevenHaemostasis management (NovoSeven®®) )
Ke
y o
bse
rva
tion
s:K
ey
obs
erv
atio
ns:
Gro
wth
in N
ort
h A
me
rica
G
row
th in
No
rth
Am
eric
a
con
tinu
es
con
tinu
es
So
lid Q
2 g
row
th in
S
olid
Q2
gro
wth
in
Eu
rop
e, p
art
ly d
ue
to la
rge
Eu
rop
e, p
art
ly d
ue
to la
rge
sin
gle
ord
ers
in s
eve
ral
sin
gle
ord
ers
in s
eve
ral
Eu
rop
ean
cou
ntr
ies
Eu
rop
ean
cou
ntr
ies
Pa
n E
uro
pe
an
Pa
n E
uro
pe
an
Ha
em
ato
logy
Bu
sin
ess
H
ae
ma
tolo
gy B
usi
ne
ss
Un
it n
ow e
sta
blis
hed
Un
it n
ow e
sta
blis
hed
1999 2000 2001 20021999 2000 2001 2002
00
100100
200200
300300
400400
500500
600600
700700
800800
900900
Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2
DKK millionDKK million
SSales by quarterales by quarter
+ 20%+ 20%
27
Growth hormone therapyGrowth hormone therapy
DKK millionDKK million
SSales by quarterales by quarter
1999 2000 2001 20021999 2000 2001 2002
Ke
y o
bse
rva
tion
s:K
ey
obs
erv
atio
ns:
No
rditr
op
in®
Sim
ple
Xx®
stil
l N
ord
itro
pin
® S
imp
leX
x® s
till
gro
win
g in
Eu
rop
e a
nd th
e U
Sg
row
ing
in E
uro
pe
and
the
US
Gro
wth
in J
ap
an a
ffect
ed
by
Gro
wth
in J
ap
an a
ffect
ed
by
dep
reci
atio
n o
f JP
Y,
dep
reci
atio
n o
f JP
Y, a
a
ma
nd
ato
ry p
rice
red
uct
ion
as
ma
nd
ato
ry p
rice
red
uct
ion
as
we
ll a
s in
cre
ase
d co
mp
etiti
on
we
ll a
s in
cre
ase
d co
mp
etiti
on
in g
ene
ral a
nd a
re
lativ
ely
in
gen
era
l and
a r
ela
tive
ly
slo
w m
ark
et d
eve
lop
me
ntsl
ow
ma
rket
dev
elo
pm
ent
Sa
les
an
d m
arke
ting
team
S
ale
s a
nd
mar
ketin
g te
am
und
er
rest
ruct
urin
g in
Ja
pan
und
er
rest
ruct
urin
g in
Ja
pan
00
100100
200200
300300
400400
500500
600600
700700
Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2
- 1%- 1%
28
Hormone replacement therapyHormone replacement therapy
DKK millionDKK million
SSales by quarterales by quarter
1999 2000 2001 20021999 2000 2001 2002
00
5050
100100
150150
200200
250250
300300
350350
400400
450450
Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2
- 4%- 4%
Ke
y o
bse
rva
tion
s:K
ey
obs
erv
atio
ns:
Lack
of
grow
th p
rimar
ily d
ue t
o La
ck o
f gr
owth
prim
arily
due
to
incr
ease
d pa
ralle
l tra
de w
ithin
in
crea
sed
para
llel t
rade
with
in
Eur
ope,
but
als
o lo
wer
mar
ket
Eur
ope,
but
als
o lo
wer
mar
ket
grow
thgr
owth
Low
-dos
e se
quen
tial p
rodu
ct,
Low
-dos
e se
quen
tial p
rodu
ct,
Nov
ofem
Nov
ofem
™™,
will
be
laun
ched
in
, w
ill b
e la
unch
ed in
E
urop
e du
ring
2002
Eur
ope
durin
g 20
02
The
ter
min
atio
n of
the
Wom
en’s
T
he t
erm
inat
ion
of t
he W
omen
’s
Hea
lth I
nitia
tive
stud
y (W
HI)
H
ealth
Ini
tiativ
e st
udy
(WH
I)
incr
ease
s m
arke
t un
cert
aint
y,
incr
ease
s m
arke
t un
cert
aint
y,
but
will
mos
t lik
ely
favo
ur lo
w-
but
will
mos
t lik
ely
favo
ur lo
w-
dose
pro
duct
sdo
se p
rodu
cts
29
Improved postprandial control vs lispromix 25Improved postprandial control vs lispromix 25
0
5
10
15
20
25
Mix 25 BIAsp 30 BHI 30
-10%-10% -17%-17%
pp < 0.05 < 0.05 pp < 0.0001 < 0.0001
S-g
luco
se e
xcu
rsio
nS
-glu
cose
exc
urs
ion
0-5h
0-5h
(m
mo
l/l h
) (
mm
ol/l
h)
Hermansen K Hermansen K et al. Diabetes Careet al. Diabetes Care 2002;25:883-888. 2002;25:883-888.
30
Insulin detemir – simply betterInsulin detemir – simply better
Detemir compared with NPH :Detemir compared with NPH :
Significantly less within-subject Significantly less within-subject variabilityvariability
Relative decrease in body Relative decrease in body weight weight
Significantly less nocturnal Significantly less nocturnal hypoglycaemic eventshypoglycaemic events
Produces a smoother Produces a smoother nocturnal glucose profilenocturnal glucose profile
The duration of action of The duration of action of detemir is 20 hours at a detemir is 20 hours at a therapeutically relevant dose therapeutically relevant dose of 0.4 U/kg. of 0.4 U/kg.
CCmaxmax
CV (%)CV (%)
AUCAUC0-24h,0-24h,
CV insulin CV insulin concconc.. (%)(%)
Insulin detemirInsulin detemir 1313 2020
NPH insulinNPH insulin 2626 3737
ReductionReduction 51%51% 45%45%
p-p-valuevalue <0.001<0.001 0.0010.001
Significantly lower within-subject variabilitySignificantly lower within-subject variability
Within-subject variability of Within-subject variability of pharmacokineticspharmacokinetics
31
-0.5-0.5
00
0.50.5
11
1.51.5
Insulin Insulin detemirdetemir
NPHNPH
Change in Weight Change in Weight ((Kg) over 12 Kg) over 12
monthsmonths
-1.7 Kg-1.7 Kg
E. Standl et al. Abstract number 467 ADA 2002E. Standl et al. Abstract number 467 ADA 2002
Body weight control with insulin detemirBody weight control with insulin detemir
p = 0.002p = 0.002
32
AERxAERx®® s.c.s.c.
Hb
AH
bA
1c1c
(%)
(%
)
HbAHbA1c1c mean profiles, ITT population, mean profiles, ITT population, mean mean ±± 2 SEM2 SEM
Our inhaled insulin – Now in Phase 3Our inhaled insulin – Now in Phase 3
77
7.57.5
88
8.58.5
99
ADA 2002ADA 2002
-0.74%-0.74% -0.74%-0.74%
HbAHbA1c1c(%) reduction(%) reduction Key observations from Phase 2:Key observations from Phase 2:
Deep lung deposition of aerosolsDeep lung deposition of aerosols
““Breath Check”, one unit Breath Check”, one unit increments, highly reproducible increments, highly reproducible deliverydelivery
Rapid-acting profile, one unit Rapid-acting profile, one unit increments and patient-friendly increments and patient-friendly featuresfeatures
Glycemic control equal to that of Glycemic control equal to that of intensive treatment with s.c. intensive treatment with s.c. human insulinhuman insulin
Lower tendency of hypoglycemic Lower tendency of hypoglycemic eventsevents
No major safety or No major safety or technical issuestechnical issues
33
NN2211 - The first once daily GLP-1 derivativeNN2211 - The first once daily GLP-1 derivative
No or low hypoglycaemic risk
Glycaemic control sustained over 3 months
Maximum effect on blood glucose in 1 week
Weight control
One daily injection
ß-cell mass increase in animal models
34
Currency exposureCurrency exposure
6
7
8
9
2001 avg = 8.32
2001 avg = 6.85
2000 2001 2002
Effect of 5% Effect of 5% appreciation on appreciation on
operating profit* operating profit* (DKK million)(DKK million)
JPYJPY +140+140
USDUSD +110+110
GBPGBP +50+50
* * ie before hedging.ie before hedging.
1H 2002 avg = 6.39
1H 2002 avg = 8.29
Aug 5 Apr 30DKK per USD 7.55 8.25 (8.5%)DKK per 100 JPY 6.34 6.43 (1.4%)
35
SalesSales by therapy in first half year 2002 by therapy in first half year 2002
DKK millionDKK million 20022002 20012001 % of total% of total % chg% chg ((20022002))
Insulin etcInsulin etc 7,6117,611 7,1697,169 6363 66
OADOAD** 801801 769769 77 44
Diabetes care, totalDiabetes care, total 8,4128,412 7,9387,938 70 70 66
Haemostasis managementHaemostasis management 1,7261,726 1,4991,499 14 14 1515
Growth hormone therapyGrowth hormone therapy 998998 1,011 1,011 8 8 (1) (1)
HRTHRT 684684 692692 6 6 (1) (1)
OtherOther 214214 211211 22 11
TotalTotal 12,03412,034 11,35111,351 100100 66
* Oral antidiabetes products (OAD) include NovoNorm®/Prandin® as well as * Oral antidiabetes products (OAD) include NovoNorm®/Prandin® as well as
GlucoFormin GlucoFormin® ® (generic metformin) sales by Biobrás in 1H 2002.(generic metformin) sales by Biobrás in 1H 2002.
36
Sales by region in first half year 2002Sales by region in first half year 2002
DKK millionDKK million 20022002 20012001 % of total% of total % %
chgchg ((20022002))
Europe Europe 5,214 5,214 5,0305,030 43 43 4 4
North AmericaNorth America 2,8522,852 2,6012,601 2424 1010
Japan & OceaniaJapan & Oceania 1,9981,998 2,0792,079 17 17
(4)(4)
International OperationsInternational Operations 1,9701,970 1,6411,641 1616 2020
Total Total 12,03412,034 11,35111,351 100100 66
37
’’In-market’ salesIn-market’ sales
Growth compared to previous yearsGrowth compared to previous years
Q2 Q2 20012001
Q3 Q3 20012001
Q4Q420012001
Jan/Jan/Feb Feb 20022002
Q1 Q1 20022002
YTD YTD May May 20022002
Total market growth:Total market growth:
VolumeVolume
ValueValue
9%9%
13%13%
9%9%
11%11%
9%9%
13%13%
8%8%
12%12%
5%5%
9%9%
6%6%
10%10%
Novo Nordisk growth:Novo Nordisk growth:
VolumeVolume
ValueValue
9%9%
11%11%
8%8%
9%9%
9%9%
12%12%
8%8%
13%13%
5%5%
10%10%
6%6%
10%10%
Insulin sales in Europe – ‘in-market’ salesInsulin sales in Europe – ‘in-market’ sales
Source: Source: Based on IMS ‘brand market data’. Preliminary information for YTD May 2002Based on IMS ‘brand market data’. Preliminary information for YTD May 2002
Note: Note: ‘In market data’ reflects sale of insulin products from the wholesalers to the ‘In market data’ reflects sale of insulin products from the wholesalers to the pharmacists. pharmacists.
38
European analogue conversion - NovoRapidEuropean analogue conversion - NovoRapid®®
Short-acting segment in EuropeShort-acting segment in Europe
Q2 1996Q2 1996 Q1 2002Q1 2002
Short-acting human insulinShort-acting human insulin
37%37%Short-actingShort-acting
insulin analoguesinsulin analogues
Short-acting human insulinShort-acting human insulin
June 2000June 2000
NovoRapidNovoRapid®® market share market share
12.3%*12.3%*
Humalog market Humalog market share 26.5%*share 26.5%*
* IMS ‘brand’ volume market share of short-acting insulin. * IMS ‘brand’ volume market share of short-acting insulin. Preliminary information for Apr/May 2002Preliminary information for Apr/May 2002
Share of short-acting segmentShare of short-acting segment
May 2002May 2002
37%37%
* IMS ‘brand’ vol. market share of short-acting insulin. * IMS ‘brand’ vol. market share of short-acting insulin.
39
Corrective measures Corrective measures
Enhanced focus on analogue conversionEnhanced focus on analogue conversion
NovoRapidNovoRapid®® to be backed by NovoMix to be backed by NovoMix® 30® 30
Consolidation of European managementConsolidation of European management
Strategic changes implemented in JapanStrategic changes implemented in Japan
Dedicated cross-functional NorditropinDedicated cross-functional Norditropin®® SimpleXx SimpleXx®®
sales teamsales team
Several upcoming clinical trialsSeveral upcoming clinical trials
Cost-containment programme targeting areas not Cost-containment programme targeting areas not
affecting key production, sales or R&D activitiesaffecting key production, sales or R&D activities
Improved control measures Improved control measures
Slide from Q1 / 02 Slide from Q1 / 02 conference callconference call
40
Status on NN622 Status on NN622
Current clinical trials stopped and new planned Current clinical trials stopped and new planned studies postponedstudies postponed
Tumour mechanism studies initiatedTumour mechanism studies initiated
Several possible outcomes of mechanism studiesSeveral possible outcomes of mechanism studiesMechanism not of human relevanceMechanism not of human relevance
Mechanism of human relevanceMechanism of human relevance
Mechanism unresolvedMechanism unresolved
Renewed ragaglitazar assessment Q1 2003Renewed ragaglitazar assessment Q1 2003
The decision to suspend the clinical development of The decision to suspend the clinical development of ragaglitazar will not impact Novo Nordisk’s ragaglitazar will not impact Novo Nordisk’s expectations for the financial results for 2002expectations for the financial results for 2002
Slide from 22 July Slide from 22 July conference callconference call
41
Selected volume market share developmentSelected volume market share development
Month of Month of Lantus launchLantus launch
February February 20022002
May May 20022002
USAUSA 26%26% 26%26% 27%27%
EuropeEurope 57%57% 57%57% 57%57%
GermanyGermany 44%44% 42%42% 43%43%Basal segmentBasal segment 51%51% 37%37% 36%36%
Short-actingShort-acting 42%42% 43%43% 45%45%
Mix-segmentMix-segment 43%43% 44%44% 45%45%
Source: Based on IMS data.Source: Based on IMS data.