Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — H1 2012 Earnings Presentation
94 slides from Novo Nordisk A/s Class B's earnings presentation, August 2012
Slide 1: Investor presentation at ABG SC, Copenhagen
Investor presentation Investor presentation at ABG SC, Copenhagen First six months of 2012
Slide 2: Agenda
Investor presentation First six 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 Jesper Brandgaard, CFO Questions & answers session
Slide 3: Forward-looking statements
Investor presentation First six 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 Februa
Slide 4: Highlights – first six months of 2012
Investor presentation First six months of 2012 Slide no 4 Highlights – first six months of 2012 Sales development • Sales increased by 12% in local currencies and 17% in Danish kroner: • North America and International Operations increased by 19% and 17% in local currencies, respectively • Victoza®
Slide 5: North America continues to drive sales growth
Investor presentation First six months of 2012 Slide no 5 North America continues to drive sales growth – first six months of 2012 Sales as reported Growth analysis Region China Local currencies Growth Share of +25% growth Japan & Korea North America 19% 64% +10% 8% Europe 2% 6% 9% North America Int
Slide 6: Modern insulins and Victoza continue to drive growth
Investor presentation First six months of 2012 Slide no 6 Modern insulins and Victoza® continue to drive growth – first six months of 2012 Sales as reported Growth analysis Other Local currencies Growth Share of Norditropin® (3%) growth +15% 3% Modern insulins 15% 54% NovoSeven® 7% Human insulins (1
Slide 7: Rebound in insulin sales growth rate is sustained
Investor presentation First six months of 2012 Slide no 7 Rebound in insulin sales growth rate is sustained Novo Nordisk global quarterly insulin sales Key observations MAT growth rate Growth Elements driving rebound in insulin growth rate Quarter vs. same quarter previous year rate… • Annualisation
Slide 8: Victoza continues to exhibit solid growth
Investor presentation First six months of 2012 Slide no 8 Victoza® continues to exhibit solid growth Reported Victoza® sales Victoza® H1 2012 sales split per region DKK North America Europe China billion Int. Operations Japan & Korea 5%1% 6% 26% 62% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Sales of DKK 4.3
Slide 9: Continued expansion of the US GLP-1 market
Investor presentation First six months of 2012 Slide no 9 Continued expansion of the US GLP-1 market Key observations for Victoza® US GLP-1 market expansion in the US market GLP-1 TRx scripts (thousands) GLP-1 % of diabetes market value of TRx retail value (right axis) • 70% of lives are covered wit
Slide 10: Victoza continues to expand the GLP-1 class in key European markets
Investor presentation First six 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 Diab
Slide 11: Tresiba and Ryzodeg regulatory update
Investor presentation First six months of 2012 Slide no 11 Tresiba® and Ryzodeg® regulatory update • New drug applications (NDAs) submitted to FDA on 29 September 2011 USA • FDA reviews ongoing, advisory committee meeting tentatively scheduled 8 November 2012 • NDAs submitted to EMA on 26 September
Slide 12: DUAL I, the first phase 3a trial for IDegLira, completed
Investor presentation First six months of 2012 Slide no 12 DUALTM I, the first phase 3a trial for IDegLira, a fixed ratio combination of Victoza® and Tresiba®, completed DUALTM I (NN9068-3690) trial design1 Headline results Tresiba® Victoza® IDegLira IDegLira once-daily (n=834) Baseline HbA1c 8.3% 8
Slide 13: Semaglutide selected as once-weekly GLP-1 candidate to enter phase 3
Investor presentation First six months of 2012 Slide no 13 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
Slide 14: Other key events within Research and Development
Investor presentation First six months of 2012 Slide no 14 Other key events within Research and Development Diabetes care • A phase 1 trial has been initiated for OI362GT, a new oral insulin analogue • In May, Levemir® was approved for use in children aged 2-5 years in the US • NovoMet®, the fixed-d
Slide 15: Financial results – first six months of 2012
Investor presentation First six months of 2012 Slide no 15 Financial results – first six months of 2012 DKK million H1 2012 H1 2011 Change Sales 37,219 31,694 17% Gross profit 30,392 25,478 19% Gross margin 81.7% 80.4% Sales and distribution costs 10,053 8,893 13% Percentage of sales 27.0% 28.1% Res
Slide 16: US dollar and Japanese Yen remain significantly above 2011 average
Investor presentation First six months of 2012 Slide no 16 US dollar and Japanese Yen remains significantly above 2011 average 650 Spot rates Quarterly average Annual average Currency 2011 2012 Current assumptions1 average average rate2 600 USD/DKK USD 536 579 601 550 JPY 6.73 7.28 7.67 CNY 83 91 94
Slide 17: Financial outlook 2012
Investor presentation First six months of 2012 Slide no 17 Financial outlook 2012 Expectations Previous expectations 9 August 2012 27 April 2012 Sales growth - local currencies 9-12% 8-11% Sales growth - reported Around 7 percentage points higher Around 4 percentage points higher Operating profit gr
Slide 18: Closing remarks
Investor presentation First six 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 submitted for approval • 25% market share in diabetes ca
Slide 19: Investor information
Investor presentation First six 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 Stoc
Slide 20: Appendix
Investor presentation First six months of 2012 Slide no 20 Appendix 1. Novo Nordisk at a glance 2. Diabetes 3. Biopharmaceuticals 4. Financials
Slide 21: Novo Nordisk at a glance
Investor presentation First six months of 2012 Slide no 21 Novo Nordisk at a glance The core equity story Global leader in diabetes care Global insulin market share: 50% • A focused pharmaceutical company with leading positions in diabetes, haemophilia and hGH Europe: • Double digit top line growth,
Slide 22: Strategic focus is based on a set of core capabilities
Investor presentation First six 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
Slide 23: Leading positions in diabetes, haemophilia and growth disorders
Investor presentation First six 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
Slide 24: Double digit top line growth driven by diabetes pandemic
Investor presentation First six 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 continues to grow DKK Million billion Diabetes care Haemophilia Growth disorders Other people North
Slide 25: Continues to expand leadership position within diabetes care
Investor presentation First six 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 Sanof
Slide 26: Diabetes pandemic is fuelled by growing rates of obesity
Investor presentation First six 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
Slide 27: Insulin is the ultimate care for people with diabetes
Investor presentation First six 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 G
Slide 28: Only company with a full portfolio of modern insulins
Investor presentation First six 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 May 2012 expiration Fast-acting EU: 1999 12.8 bDKK EU: 2017* 48% insulin US:
Slide 29: Significant growth opportunities fuelled by strong R&D pipeline
Investor presentation First six months of 2012 Slide no 29 Significant growth opportunities fuelled by strong R&D pipeline Diabetes care OI338GT – LATIN T1D - Semaglutide – Tresiba® - Ultra-long- Oral insulin GLP-1 analogue Long-acting GLP-1 acting basal insulin OI362GT – OG987GT – IDegLira - GLP-1
Slide 30: Strong global presence in sales and manufacturing
Investor presentation First six 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: ~4,300 • Formulation & filling • As
Slide 31: High barriers to entry in biologics
Investor presentation First six 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
Slide 32: Operating profit growth targeting 15%
Investor presentation First six 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 yea
Slide 33: Operating profit after tax to net operating assets, and free cash flow targeting 90%
Investor presentation First six 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
Slide 34: Cash returned to shareholders in dividends and share buybacks
Investor presentation First six 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 Ex
Slide 35: Diabetes
Investor presentation First six months of 2012 Slide no 35 Diabetes
Slide 36: Diabetes – the inability to manage blood sugar levels
Investor presentation First six 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 m
Slide 37: Insulin – a hormone enabling blood sugar to enter cells
Investor presentation First six 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 gener
Slide 38: Diabetes pandemic and poor glycaemic control remain global problems
Investor presentation First six 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 continues to grow between select countries Million people North America Europe China UK Netherlands I
Slide 39: Diabetes pandemic is fuelled by growing rates of obesity
Investor presentation First six 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
Slide 40: UKPDS: Tight glycaemic control reduces risk of complications
Investor presentation First six 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 Microvasc
Slide 41: Insulin is the ultimate care for people with diabetes
Investor presentation First six 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 G
Slide 42: Medications used for the treatment of type 2 diabetes
Investor presentation First six 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) contraindicatio
Slide 43: Continues to expand leadership position within diabetes care
Investor presentation First six months of 2012 Slide no 43 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 Sanof
Slide 44: Sustained double-digit insulin market growth
Investor presentation First six 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 billion CAGR: CAGR: Volume 7.2%* 14.3%* • Prevalence of diabetes 23.4 CAGR: bDKK • Rising diagnosis
Slide 45: Solid insulin growth across diverse regions
Investor presentation First six months of 2012 Slide no 45 Solid insulin growth across diverse regions Market Market volume Novo Nordisk volume value size & growth composition market share 15% Basal Novo Nordisk 50.8 4% 10% 57.9 North America 37% 48% Fast-acting 58% 42% Rest Premix 24.1 2% 1% 24.9 2
Slide 46: Global insulin volume growth remains above 5%
Investor presentation First six months of 2012 Slide no 46 Global insulin volume growth remains above 5% Regional insulin volume growth Regional insulin volume market shares North America China IO North America China Europe Japan & Korea Europe International Operations 6% Japan & Korea World 17% 4%
Slide 47: The insulin market is comprised of three segments
Investor presentation First six 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: 7.1% Fast acting CAGR value*: 14.3% 33% Fast acting 32% Premix 30% Premix 34% Long acting Long acting 37%
Slide 48: Maintaining insulin leadership by sustaining modern insulin market share
Investor presentation First six months of 2012 Slide no 48 Maintaining insulin leadership by sustaining modern insulin market share Novo Nordisk volume market share across insulin classes Novo Nordisk Sanofi Eli Lilly Class % of total market Human insulin Modern insulin Total insulin Market value*:
Slide 49: Only company with a full portfolio of modern insulins
Investor presentation First six 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 May 2012 expiration Fast-acting EU: 1999 12.8 bDKK EU: 2017* 48% insulin US:
Slide 50: Modern insulins' performance within their segments
Investor presentation First six months of 2012 Slide no 50 Novo Nordisk modern insulins’ performance within their respective segments Long-acting Rapid-acting Premixed modern insulin modern insulin modern insulin Segment volume Market Segment volume Market Segment volume Market tMU tMU tMU Levemir®
Slide 51: Potential on the US modern insulin market
Investor presentation First six 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 C
Slide 52: Leadership position on the European modern insulin market
Investor presentation First six 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
Slide 53: Leadership position on the Chinese insulin market
Investor presentation First six 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
Slide 54: Leadership position in International Operations
Investor presentation First six 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 penetratio
Slide 55: Sustained leadership position in Japan
Investor presentation First six 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: 2.6% CAGR value*: 10.9
Slide 56: Assessment of the insulin industry
Investor presentation First six 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 p
Slide 57: GLP-1 effect dependent on level of blood glucose
Investor presentation First six 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 G
Slide 58: Victoza, the only once-daily human GLP-1 analogue
Investor presentation First six 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 • Redu
Slide 59: The global GLP-1 market continues to expand
Investor presentation First six 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 billio
Slide 60: R&D pipeline: Diabetes and obesity
Investor presentation First six months of 2012 Slide no 60 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 (N
Slide 61: Phase 3a programmes for Tresiba and Ryzodeg completed in less than 18 months
Investor presentation First six months of 2012 Slide no 61 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) NN12
Slide 62: BEGIN and BOOST confirm the profiles of Tresiba and Ryzodeg
Investor presentation First six months of 2012 Slide no 62 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 doublin
Slide 63: Meta-analysis confirms hypoglycaemic profile of insulin degludec
Investor presentation First six months of 2012 Slide no 63 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 R
Slide 64: Tresiba and Ryzodeg current phase 3b trials
Investor presentation First six months of 2012 Slide no 64 Tresiba® and Ryzodeg® current phase 3b trials Tresiba® Trial ID Comparator Purpose Participants Duration LPLV NN1250-3874 Insulin glargine Compare pharmacodynamics profiles using CGM N = 24, T1 12 weeks H2 2012 NN1250-3561 Levemir®+NovoRapid
Slide 65: Liraglutide 3 mg phase 3a programme in obesity
Investor presentation First six months of 2012 Slide no 65 Liraglutide 3 mg phase 3a 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
Slide 66: Liraglutide 3 mg promoted weight maintenance and additional weight loss
Investor presentation First six months of 2012 Slide no 66 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 k
Slide 67: Biopharmaceuticals
Investor presentation First six months of 2012 Slide no 67 Biopharmaceuticals
Slide 68: Biopharmaceuticals – global leadership in select, high-value disease areas
Investor presentation First six months of 2012 Slide no 68 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 G
Slide 69: Haemophilia: Location of bleedings and the consequences
Investor presentation First six months of 2012 Slide no 69 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 repeate
Slide 70: Haemophilia – a significant market suited for Novo Nordisk
Investor presentation First six months of 2012 Slide no 70 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®/Refac
Slide 71: NovoSeven – a unique biologic for a rare bleeding disorder
Investor presentation First six months of 2012 Slide no 71 NovoSeven® - a unique biologic for the treatment of a rare bleeding disorders Reported sales Key NovoSeven® properties DKK billion • Product characteristics: powder and CAGR 10.2% solvent for solution for i.v. injection, available in multipl
Slide 72: Characteristics of the haemophilia market
Investor presentation First six months of 2012 Slide no 72 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
Slide 73: Core capabilities applied within haemophilia to expand the product portfolio
Investor presentation First six months of 2012 Slide no 73 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
Slide 74: R&D pipeline: Haemophilia and hGH
Investor presentation First six months of 2012 Slide no 74 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 Ha
Slide 75: Vatreptacog alfa phase 2 data shows very low treatment failure rate
Investor presentation First six months of 2012 Slide no 75 Vatreptacog alfa1 phase 2 data shows very low treatment failure rate Comparison of treatment failure2 rate between Vatreptacog alfa and rFVIIa Summary and conclusions Treatment failure rate • Vatreptacog alfa was well-tolerated at all doses
Slide 76: Profile of turoctocog alfa, a recombinant FVIII
Investor presentation First six months of 2012 Slide no 76 Profile of turoctocog alfa, a recombinant FVIII Phase 1 data shows bioequivalence between Key results from the phase 3a trial turoctocog alfa and existing rFVIII product programme for turoctocog alfa Mean plasma concentration versus time Tri
Slide 77: Phase 3a pharmacokinetic profile of N8-GP supports less frequent dosing
Investor presentation First six months of 2012 Slide no 77 In a phase 3a trial the pharmacokinetic profile of N8-GP* supports less frequent dosing Mean PK profiles comparing N8-GP with previous FVIII product Summary and conclusions • N8-GP was well tolerated at single iv doses up to 75 U/kg 2.5 25 I
Slide 78: N9-GP appears to have a very long acting profile
Investor presentation First six months of 2012 Slide no 78 Based on phase 1 data N9-GP* appears to have a very long acting profile Phase 3a trial programme PK profile of FIX products (normalised to 50 U/kg) (paradigm™ 2) FIX (U/mL) • Design: 0.8 • Uncontrolled three arm trial Treatment • NN7999 on-d
Slide 79: NovoThirteen provides efficacious and safe haemostatic coverage
Investor presentation First six months of 2012 Slide no 79 NovoThirteen® (catridecacog), a recombinant FXIII, provides efficacious and safe haemostatic coverage FXIII activity levels in mentor™1 trial Summary and conclusions • Catridecacog was effective in preventing bleeding after Berichrom FXIII A
Slide 80: Stable market position in the human growth hormone market
Investor presentation First six months of 2012 Slide no 80 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 Eli Lilly Roche MAT Value DKK (right a
Slide 81: Solid Norditropin sales growth
Investor presentation First six months of 2012 Slide no 81 Solid Norditropin® sales growth Reported Norditropin® sales Key Norditropin® properties DKK billion 1.5 • Product characteristics: Premixed, prefilled CAGR 9.3% multi-use delivery systems available in multiple strengths, some stable at room-
Slide 82: R&D pipeline: Inflammation
Investor presentation First six months of 2012 Slide no 82 R&D pipeline: Inflammation Compound 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-C5aR-151 (NN8209) Monoclonal a
Slide 83: Inflammation well suited to leverage core capabilities
Investor presentation First six months of 2012 Slide no 83 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 dis
Slide 84: Financial performance
Investor presentation First six months of 2012 Slide no 84 Financial performance
Slide 85: Solid sales growth driven by North America and International Operations
Investor presentation First six months of 2012 Slide no 85 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%
Slide 86: Solid operating profit growth driven by diabetes
Investor presentation First six months of 2012 Slide no 86 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
Slide 87: Profitability per segment
Investor presentation First six months of 2012 Slide no 87 Profitability per segment Diabetes P&L, 2011 Biopharmaceuticals P&L, 2011 DKK DKK billion billion 60 60 -21% 50 50 -33% 40 40 30 30 -13% 20 -5% 20 -11% +1% 29% -16% -20% 10 10 -5% +1% 49% 0 0 Sales COGS S&D R&D Admin OOI OP Sales COGS S&D R&
Slide 88: Continued gross margin improvement with stable investment level
Investor presentation First six months of 2012 Slide no 88 Continued gross margin improvement combined with stable investment level COGS CAPEX DKK DKK billion billion COGS COGS as % of sales CAPEX CAPEX as % of sales 12 25% 4 6% 10 20% 3 8 4% 15% 6 2 10% 4 2% 1 5% 2 0 0% 0 0% 2007 2008 2009 2010 201
Slide 89: Growing profits converted into free cash flow
Investor presentation First six months of 2012 Slide no 89 Growing profits converted into free cash flow Net profit Free cash flow (absolute) DKK DKK billion DKK billion
Slide 90: Long-term financial targets
Investor presentation First six months of 2012 Slide no 90 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 ta
Slide 91: Long term financial targets: Operating profit growth and operating margin
Investor presentation First six months of 2012 Slide no 91 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
Slide 92: Long term financial targets: Operating profit after tax to net operating assets, cash to earnings
Investor presentation First six months of 2012 Slide no 92 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 fin
Slide 93: Cash returned to shareholders in dividends and share buybacks
Investor presentation First six months of 2012 Slide no 93 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 Ex
Slide 94: Stable ownership structure
Investor presentation First six months of 2012 Slide no 94 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